PNB Gilts Ltd announced that the Reserve Bank of India (RBI) has approved the appointment of Sh. Amit Kumar Srivastava as a Director (Non-Executive & Non-Independent) and Chairman of the Board of Directors, effective October 9, 2026.

The approval follows shareholder consent granted at the company's 30th Annual General Meeting held on September 28, 2026. The RBI conveyed its approval via communication dated October 9, 2026, completing the regulatory requirements for the appointment.

Appointment details and tenure

Sh. Amit Kumar Srivastava currently serves as Executive Director at Punjab National Bank (PNB). His appointment to the PNB Gilts board is subject to specific tenure conditions outlined in the filing.

Regulatory compliance

The appointment was initially recommended by the Nomination and Remuneration Committee and approved by the Board of Directors, subject to both shareholder and RBI approvals. The final effective date was determined by the later of the two approvals received.

Sh. Amit Kumar Srivastava will serve as Chairman from the date of receipt of the RBI approval. His tenure will continue for a period not exceeding five years, or until the date he ceases to hold the position of Executive Director in PNB, or until further orders from the Government of India, whichever occurs first.

PNB Gilts Ltd confirmed that all resolutions proposed at its 30th Annual General Meeting held on September 28, 2026, were passed with requisite majority. The company submitted the scrutinizer's report and voting results to stock exchanges on September 29, 2026.

The meeting, conducted via Video Conferencing, focused on adopting audited financial statements for FY26 and approving key corporate actions including a final dividend of ₹2 per equity share and board changes. The proceedings were chaired by Dr. Tejendra Mohan Bhasin, Independent Director and Chairman of the Nomination & Remuneration Committee.

Key resolutions and agenda items

The Board placed several ordinary business items before shareholders. The scrutinizer's report details the voting outcomes for each resolution, confirming their passage.

Voting results and participation

Voting was conducted through remote e-voting via the NSDL platform and e-voting during the virtual meeting. Remote e-voting commenced on September 24, 2026, and ended on September 27, 2026. Members participating in the virtual meeting who had not voted remotely cast their votes during the session.

The consolidated voting data reveals high approval rates across most items. For the adoption of financial statements and dividend declaration, votes in favour constituted 99.9987% of total votes casted. The reappointment of MD & CEO Pareed Sunil received 99.9986% support, while the appointment of Amit Kumar Srivastava secured 99.9985%.

Notably, the resolution regarding related party transactions saw a distinct voting pattern due to promoter exclusion rules. Since promoters are interested in this matter, they did not vote. Among public shareholders, votes in favour accounted for 99.1846% of the votes polled on outstanding shares eligible to vote, with 0.8154% against.

Management and auditor participation

Managing Director and CEO Pareed Sunil presented the management speech, providing an overview of the company's performance during FY26. The Company Secretary and Compliance Officer, Monika Kochar, confirmed that there were no qualifications or adverse remarks in the reports of the Statutory Auditors, M/s RAJ HAR GOPAL & CO and M/s K VENKATACHALAM AIYER & CO, nor in the Secretarial Audit report by M/s Pranav Kumar & Associates.

The Company Secretary also read out the comments of the Comptroller and Auditor General of India (CAG) on the financial statements, noting that these comments do not have any material impact on the company's financial position. Other directors present included Gopal Singh Gusain, Raj Kamal Verma, Rekha Jain, Anju Mittal, and Pareed Sunil.

What the Numbers Show

The voting data highlights the significant influence of the promoter group on routine corporate governance matters. For items where promoters are not interested (Items 1-5), the promoter holding of 133,333,333 shares voted unanimously in favour, constituting the vast majority of the total votes polled (133,608,670). This resulted in near-unanimous approval percentages exceeding 99.99%.

In contrast, for Item 6 (Related Party Transactions), promoters abstained from voting as per regulatory requirements. Consequently, the total votes polled dropped significantly to 275,320, representing only public shareholders. Despite this reduced base, the resolution still passed comfortably with over 99% support from public investors, indicating minimal dissent among minority shareholders regarding transactions with the promoter group.