Piramal Finance Limited has successfully concluded its postal ballot process, with shareholders overwhelmingly approving the appointment of four new directors to strengthen the company's board. The voting results were announced on December 23, following the completion of the e-voting period that ended on December 22.

Approved Appointments and Voting Results

All four proposed director appointments received exceptional shareholder support, with approval rates exceeding 99% across all resolutions:

Voting Process and Participation

The e-voting process was conducted through NSDL's remote voting platform from November 23 at 9:00 AM IST to December 22 at 5:00 PM IST. The voting statistics demonstrate strong shareholder participation:

Director Profiles and Expertise

The newly appointed directors bring diverse expertise to Piramal Finance's board:

Shikha Sharma serves as the Non-Executive Director, bringing her extensive experience as former CEO of Axis Bank with deep knowledge in banking and insurance sectors.

Anjali Bansal joins as Independent Director, contributing her expertise as Founding Partner of Avaana Capital and former Non-Executive Chairperson of Dena Bank.

Rajiv Mehrishi adds his distinguished administrative experience as a retired IAS officer who has served in key positions in both Union and Rajasthan governments.

Asheet Lalit Mehta brings corporate strategy expertise as Senior Partner Emeritus of McKinsey & Company with specialized knowledge in financial services.

Regulatory Compliance and Terms

The postal ballot process was conducted in compliance with Sections 108 and 110 of the Companies Act, 2013, and Regulation 44 of SEBI Listing Regulations. The company published advertisements in Business Standard (English) and Mumbai Lakshadweep (Marathi) newspapers on November 21, ensuring proper disclosure to all stakeholders.

The independent directors are appointed for a term of five consecutive years, from September 24 to September 23, 2030, subject to regulatory requirements. This board strengthening initiative positions Piramal Finance to leverage diverse perspectives and expertise for its future strategic initiatives in the financial services sector.

Piramal Finance Limited has successfully completed the amalgamation of six subsidiary companies, marking a significant corporate restructuring move. The amalgamation involves the merger of six transferor companies with Piramal Investment Advisory Services Private Limited as the transferee company.

Key Details of the Amalgamation

The amalgamation process, approved by the National Company Law Tribunal (NCLT) Mumbai Bench, has resulted in the dissolution of the following transferor entities without winding up:

1. Piramal Finance Sales and Service Private Limited
2. DHFL Holdings Limited
3. DHFL Advisory & Investments Private Limited
4. Piramal Systems & Technologies Private Limited
5. Piramal Securities Limited
6. PEL Finhold Private Limited

Legal and Regulatory Compliance

The company has followed the legal procedures for this corporate action:

• The scheme of amalgamation was initially approved by the Board of Directors.
• The NCLT Mumbai Bench approved the Scheme of Amalgamation under Section 233 of the Companies Act, 2013.
• Piramal Finance Limited filed the certified copy of the NCLT order along with the Scheme of Amalgamation with the Registrar of Companies, Mumbai.

Implications and Next Steps

This amalgamation is expected to streamline Piramal Finance's corporate structure, potentially leading to operational efficiencies and simplified management. Shareholders and stakeholders should note that:

• All transferor companies have been merged into Piramal Investment Advisory Services Private Limited.
• The company has complied with the applicable provisions of the SEBI Listing Regulations in disclosing this information.

Investors and market participants are advised to take note of this significant corporate action, as it may have implications for the company's future operations and financial reporting.

Additional Corporate Activity

Prior to the amalgamation's effective date, Piramal Finance Limited also approved the issuance of Secured, Rated, Listed, Redeemable, Non-Convertible Debentures (NCDs) on a private placement basis. This issuance, under the existing ISIN INE202B07JP8, indicates the company's ongoing efforts to manage its capital structure alongside the corporate restructuring.

As Piramal Finance Limited moves forward with its new corporate structure, stakeholders will be keen to observe how these changes impact the company's overall performance and market position in the future.