HDB Financial Services announced the immediate resignation of Mr. Arijit Basu as Non-Executive Independent Director and Chairman on January 23, 2026. The resignation was submitted due to a conflict of interest arising from his consideration for a directorship position at an Indian bank.

Leadership Transition Details

Mr. Arijit Basu (DIN: 06907779) tendered his resignation with immediate effect on January 23, 2026. His departure also resulted in the cessation of his roles as Member/Chairman of the Nomination and Remuneration Committee and the Special Committee of the Board for Monitoring and Follow-up of cases of Frauds.

Reason for Resignation

In his resignation letter, Mr. Basu explained that he was approached to consider the position of Non-Executive Director and Chairman of a bank in India. The bank has received necessary regulatory approval and is in the process of finalizing the appointment. Given the potential conflict of interest with his role at HDB Financial Services, he decided to step down from the board.

Mr. Basu noted that he would have completed his current term at HDB Financial Services in a few months, having served for almost five years in the position.

Company's Response

HDB Financial Services placed on record its sincere appreciation to Mr. Arijit Basu for his invaluable advice, stellar guidance, and support during his tenure as Non-Executive Independent Director and Chairman. The company acknowledged his contribution to maintaining high standards in corporate governance, risk management, and performance.

Regulatory Compliance

The resignation was disclosed under Regulation 30 and 51 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Basu confirmed that there are no other material reasons for his resignation beyond those mentioned in his resignation letter, as required under Schedule III Part A Clause 7B(ii) of the SEBI Listing Regulations.

Future Outlook

In his farewell message, Mr. Basu expressed confidence in HDB Financial Services' bright future, highlighting the company's successful completion of one of the largest IPOs in the country last year. He praised the senior management for making HDB one of the largest and finest NBFCs and thanked all employees for their sincerity, commitment, and support.