Protean eGov Technologies Limited has initiated a remote e-voting process to seek shareholder approval for the appointment of Mr. Ajay Rajan as Managing Director & Chief Executive Officer and Mr. Nandkumar Saravade as Non-Executive Independent Director. The postal ballot process, conducted via e-voting, is open from July 17, 2026, to August 15, 2026, with the cut-off date for eligibility set as July 10, 2026. These appointments, effective June 1, 2026, for a three-year term, aim to strengthen the company's leadership with extensive experience in banking, digital infrastructure, and cybersecurity.

Appointment Details

The Board approved the appointment of Mr. Ajay Rajan (DIN: 09756949) as Managing Director & CEO for a three-year term from June 1, 2026, to May 31, 2029. Additionally, Mr. Nandkumar Saravade (DIN: 07601861) was appointed as a Non-Executive Independent Director for a first term of three years, effective from the same date. Both directors are not liable to retire by rotation. The resolutions include an Ordinary Resolution for the appointment of Mr. Rajan as Director, a Special Resolution for his appointment as MD & CEO, and a Special Resolution for the appointment of Mr. Saravade.

Remuneration for Mr. Ajay Rajan

The Board has proposed a comprehensive remuneration package for Mr. Ajay Rajan. The Fixed Cost to Company (CTC) per annum totals ₹3,50,00,000, comprising a Basic salary of ₹1,75,00,000 and Performance Pay of ₹1,45,58,654. Retirals include a Provident Fund contribution of ₹21,00,000 and Gratuity of ₹8,41,346. Additionally, he is entitled to a one-time Upfront Sign-in Bonus of ₹1,00,00,000 and a Deferred Bonus of ₹1,40,00,000, payable in two equal tranches. Long-term incentives include Joining LTI – ESOPs and RSUs worth ₹50,00,000 each, along with performance-based ESOPs and RSUs. A target short-term incentive of ₹1,75,00,000 and a Company Car allowance of ₹33,00,000 are also part of the package.

Director Profiles

Mr. Ajay Rajan brings over 30 years of experience in corporate, digital, and transaction banking. He previously served in YES Bank’s senior management team, managing Transaction Banking & Digital Banking product units, and spearheading Government, Multinational & New Economy Businesses. Before YES Bank, he was the Global Head of Fintech at Deutsche Bank for over 21.5 years. Mr. Rajan holds a Bachelor of Commerce from Delhi University and an MBA degree.

Mr. Nandkumar Saravade is a senior strategy advisor with nearly four decades of experience in law enforcement, banking, cybersecurity, and technology management. He currently serves on the boards of Sahamati Foundation, AU Small Finance Bank, and Jio BlackRock Asset Management. He was the founding CEO of Reserve Bank Information Technology Pvt Ltd (ReBIT) and has held leadership roles at ICICI Bank, Citibank, and EY. Mr. Saravade holds engineering degrees from Government College of Engineering Aurangabad and IIT Bombay.

Shareholder Approval and E-Voting

The company has engaged National Securities Depository Limited (NSDL) as the e-voting agency. The remote e-voting period commenced at 9:00 A.M. (IST) on Friday, July 17, 2026, and will conclude at 5:00 P.M. (IST) on Saturday, August 15, 2026. Members whose names appear in the register of members or register of beneficial owners as on the cut-off date of July 10, 2026, are entitled to vote. The Postal Ballot Notice was dispatched only via email to shareholders with registered email IDs. The results of the voting will be announced on or before August 18, 2026.

Protean eGov Technologies Ltd signed a Memorandum of Understanding (MoU) with the North East Centre for Technology Application and Reach (NECTAR) on July 3, 2026, to jointly undertake projects in digital governance, ICT, and geospatial technologies. The collaboration focuses on technology-enabled socio-economic development in the North Eastern Region. The agreement combines Protean's experience in building population-scale digital public infrastructure with NECTAR's expertise in technology applications and regional development.

Partnership Details

The MoU establishes a framework for identifying and implementing transformative projects that enhance public service delivery and address last-mile development challenges. By leveraging complementary strengths, the entities aim to accelerate the adoption of innovative and scalable technology solutions for public good. The partnership will also explore opportunities in capacity building and socio-economic development through technology.

Agreement Structure

The agreement is valid for a tenure of 5 years from the date of execution. There are no shareholding arrangements or special rights, such as the appointment of directors or restrictions on capital structure, associated with this transaction. The parties are not related to the promoter or promoter group of the company.