Fusion Finance Limited, a prominent player in the financial services sector, has announced significant changes to its top leadership. The company's Board of Directors has approved the appointment of Sanjay Garyali as the new Managing Director & Chief Executive Officer, effective September 30, 2025. This move comes as Devesh Sachdev steps down from his position as Managing Director due to personal reasons.

Leadership Transition

Sanjay Garyali, who has been serving as the company's CEO since March 2025, brings over 28 years of experience in the finance industry to his new role. Prior to joining Fusion Finance, Garyali led the Urban Finance business at L&T Finance, where he successfully managed a portfolio worth INR 40,000.00 crore, encompassing Two-Wheeler, Consumer Loans, and Mortgages.

Garyali's appointment is part of Fusion Finance's strategy to strengthen its executive leadership team and prepare for the next phase of growth. His expertise in retail financial markets and deep understanding of key industry drivers are expected to be valuable assets for the company.

Devesh Sachdev's Continued Involvement

While stepping down from the Managing Director position, Devesh Sachdev will continue to serve as a director on the company's Board. The Board has expressed its deep appreciation for Sachdev's visionary leadership and invaluable contribution in building and growing Fusion Finance since its inception as a founder.

Additional Appointment

In a move to further strengthen its governance structure, Fusion Finance has also appointed Gautam Munjal as the Head of Internal Audit, effective September 30, 2025. Munjal brings over 26 years of experience across leading financial institutions in the BFSI sector, with expertise in Risk Based Internal Audit, Risk Management, Operations, Customer Experience, and Technology-driven business processes.

Executive Profiles

Sanjay Garyali

• Over 28 years of experience in the finance industry
• Previously led the Urban Finance business at L&T Finance
• Managed a portfolio worth INR 40,000.00 crore
• Expertise in shaping policies, developing infrastructure, and creating distribution networks
• Spearheaded the development of a 5th generation credit engine
• Holds an MBA from Panjab University and a Bachelor of Engineering from BV College of Engineering Pune

Gautam Munjal

• Over 26 years of experience in the BFSI sector
• Held senior leadership roles at Hero Housing Finance Ltd., PNB Housing Finance Ltd., and other major financial institutions
• Expertise in Risk Based Internal Audit, Risk Management, and Technology-driven business processes
• Holds a master's degree in finance from Punjab University
• Advanced certifications including Strategic Business Management from Harvard University and Leadership Development from IIM Calcutta

These leadership changes mark a significant milestone for Fusion Finance as it positions itself for future growth and enhanced governance in the competitive financial services landscape.

Fusion Finance has received a favorable resolution to its GST proceedings, with authorities dropping the case that initially involved a Rs 2.84 crore demand. The company received an order dated December 20, 2025, from the Joint Commissioner Corporate Circle, Varanasi, Uttar Pradesh, dropping the proceedings under section 73 of the CGST Act with nil demand.

Background of the GST Notice

The company had previously received a show cause notice on September 26, 2025, from the Joint Commissioner Corporate Circle in Varanasi, Uttar Pradesh. The notice was issued under section 73 of the Central Goods and Services Tax (CGST) Act, directing the company to pay a total of Rs 2.84 crore.

Allegations and Resolution

The original show cause notice had alleged that Fusion Finance claimed excess Input Tax Credit (ITC) and failed to reverse ITC as per rules 42/43 of the CGST Act, 2017, during the period from April 2021 to March 2022. However, the recent order has concluded these proceedings favorably for the company.

Current Status and Impact

According to the company's regulatory disclosure, no action is required following the order dropping the proceedings. The GST Authority has concluded the matter with nil demand, effectively resolving the Rs 2.84 crore notice that was initially raised.

Regulatory Compliance

Fusion Finance has disclosed this positive development to both the National Stock Exchange of India Limited and BSE Limited in compliance with Regulation 30 of the SEBI Listing Regulations. The company's earlier confidence in having adequate legal grounds to substantiate its position appears to have been vindicated with this favorable outcome.

This resolution eliminates any potential financial impact from the original GST proceedings and provides clarity for investors and stakeholders who had been monitoring this regulatory matter.