GSB Finance Limited has announced the resignation of its Company Secretary and Compliance Officer, Ms. Payal Jain, effective February 27, 2026. The company formally communicated this development to BSE Limited through an official intimation under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulation 2015.

Resignation Details

Ms. Payal Jain, holding membership number A-73458, tendered her resignation from both positions citing personal reasons. The resignation becomes effective from the close of business hours on February 27, 2026.

Regulatory Compliance

The company has fulfilled its disclosure obligations by providing the required documentation to BSE Limited. The intimation includes a copy of the resignation letter and details mandated under SEBI circular no. CIR/CFD/CMD/4/2015 dated September 9, 2015, and SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.

Official Communication

Managing Director Vivek Kumar Singhal (DIN: 01962224) signed the official communication to the stock exchange on February 27, 2026. In her resignation letter addressed to the Board of Directors, Ms. Jain requested the company to file necessary forms with the Registrar of Companies and provide intimation to stock exchanges to formalize the resignation.

Company Information

GSB Finance Limited operates under CIN L99999MH2001PLC134193 and trades on BSE with scrip code 511543. The company is headquartered at Eco Space I.T. Park Building, Village Mogra, Old Nagardas Road, Andheri(E) Mumbai, Maharashtra.

GSB Finance Limited has successfully completed a major board restructuring exercise on February 16, 2026, regularizing four new directors and updating its constitutional documents following a management change approved by the Reserve Bank of India. The comprehensive changes were implemented through postal ballot resolutions that received strong shareholder support.

Board Appointments and Leadership Changes

The company regularized four key director appointments as part of its management restructuring:

Vivek Kumar Singhal, a Chartered Accountant with 18 years of experience in stock and capital markets, was appointed as the Managing Director. Kshitij Agrawal, holding a Masters in Computer Science with extensive financial market experience, joined as a Non-Executive Director.

Independent Directors' Expertise

The company strengthened its independent oversight with two experienced professionals. Hari Chand Mittal brings over 37 years of banking experience from Union Bank of India, where he served in various leadership positions including Field General Manager for Maharashtra under Pune Zone before retiring in July 2019. He holds a Master of Commerce degree and is a certified associate from the Indian Institute of Bankers.

Sweta Pareek, an MBA graduate with expertise in revenue management and business analytics, previously served as Revenue Executive at Hyatt Regency Kathmandu from 2022-2024. She has been appointed as Chairperson of multiple board committees including Audit, Nomination and Remuneration, and Stakeholder Relationship Committees.

Constitutional Document Updates

The company adopted new Memorandum of Association (MOA) and Articles of Association (AOA) to align with the Companies Act, 2013, replacing the previous documents based on the erstwhile Companies Act, 1956. These amendments were initially approved by the Board of Directors on January 16, 2026, subject to shareholder approval.

Postal Ballot Results and Scrutinizer Details

All six resolutions were successfully passed through postal ballot conducted from January 17, 2026, to February 16, 2026, under the supervision of scrutinizer Ashita Kaul from Ashita Kaul & Associates (CS, Membership No. 6988). The voting results demonstrated strong shareholder confidence:

The postal ballot was conducted entirely through e-voting on the platform provided by MUFG Intime India Private Limited (formerly Link Intime Private Limited), with the cut-off date set as January 09, 2026. The total number of shareholders on record date was 12,356, with the remote e-voting facility provided to eligible members holding shares as on the cut-off date.

Committee Restructuring

The new board composition includes strategic committee appointments across key governance areas. Vivek Kumar Singhal will serve as Chairperson of the Risk Management Committee and member of Audit and Stakeholder Relationship Committees. Sweta Pareek has been appointed as Chairperson of Audit, Nomination and Remuneration, and Stakeholder Relationship Committees, while Hari Chand Mittal will serve as member of Audit and Nomination and Remuneration Committees.

The management changes reflect the company's strategic direction following the change in control approved by the Reserve Bank of India, positioning GSB Finance Limited for its next phase of growth with enhanced governance and experienced leadership.