Viji Finance Ltd has appointed Mrs. Sejal Riddhesh Shah and Mr. Prakash Muksiya as Additional Directors to its board, effective June 24, 2026. The appointments, based on the recommendations of the Nomination and Remuneration Committee, are subject to shareholder approval. These governance changes aim to strengthen the company's oversight and strategic direction.

Mrs. Sejal Riddhesh Shah has been appointed as a Non-Executive Non-Independent Director. She holds a DIN of 11269204 and brings over ten years of experience in the insurance sector, specializing in health insurance advisory and customer relationship management. Her term extends up to the date of the ensuing Annual General Meeting (AGM) or within three months from the date of appointment, whichever is earlier. She is related to the Managing Director, being the sister of his spouse.

Mr. Prakash Muksiya has been appointed as a Non-Executive Independent Director for a term of five years, from June 24, 2026 to June 23, 2031, subject to member approval. He holds a DIN of 11786103 and is a Commerce Graduate with over 15 years of experience in managing co-operative societies, with expertise in customer relationship management and business development. He has no relationship with other directors on the board.

The board meeting, which commenced at 03.30 p.m. and concluded at 04.30 p.m. on June 24, 2026, also confirmed that neither appointee is debarred from accessing the capital market by SEBI or any other authority. The company stated that continuous disclosure regarding these appointments would be filed with the exchanges in the prescribed format.

Appointments Summary

Viji Finance Ltd has paid a fine of Rs 1,35,700 each to BSE Limited and National Stock Exchange of India Limited for alleged non-compliance with board composition norms. The penalty, inclusive of GST, was imposed for an alleged violation of Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates that the Board of Directors of the top 2000 listed entities must comprise not less than six directors.

The company received email communications regarding the fine on May 27, 2026, followed by further communication on June 15, 2026, from both exchanges. Viji Finance stated that the payment was made under protest to avoid further actions by the exchanges. The company clarified that the remittance does not constitute an admission of the alleged non-compliance and is without prejudice to its rights.

Viji Finance reserves its right to challenge the levy of the fine and intends to file an application seeking a waiver or review of the penalty before the respective stock exchanges. The company is currently in the process of submitting an appropriate response and representation regarding the matter.

Fine Details

The company disclosed that there is no material impact on its financial, operational, or other activities beyond the payment of the fine. Vijay Kothari, Chairman & Managing Director, signed the disclosure confirming the payment and the company's intent to pursue remedies.