PNB Housing Finance has formally announced the appointment of Mr. Ajai Kumar Shukla as its new Managing Director and Chief Executive Officer following a board meeting held on December 12, 2025. The appointment has been approved by the Board of Directors based on the recommendation of the Nomination and Remuneration Committee and post regulatory approvals.

Board Meeting Outcome

The Board of Directors of PNB Housing Finance convened on Friday, December 12, 2025, from 1:15 PM to 1:45 PM to approve key appointments. The meeting was conducted in compliance with Regulation 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Professional Profile and Experience

Mr. Ajai Kumar Shukla, aged 52 years, brings over 30 years of extensive experience in Housing and Mortgage Lending business. He holds an MBA degree and has been associated with TATA Capital Housing Finance Limited for the last 16 years, currently serving as Chief Business Officer. During his tenure at TATA Capital, he has headed various critical functions including Credit, Risk, Valuation, Digital Transformation, and Affordable Housing Finance.

Regulatory Compliance and Additional Appointments

The company has confirmed that Mr. Shukla is not debarred from holding the office of a Director by virtue of any Securities and Exchange Board of India (SEBI) Order or any other such authority. He is not related to any of the Promoters, members of the Promoter Group, or any of the Directors of the Company.

Additionally, the Board has designated Mr. Vipin Malhotra, who heads Internal Audit, as Internal Auditor of the Company effective from November 30, 2025.

Strategic Leadership Transition

This appointment marks a significant milestone in PNB Housing Finance's leadership structure, bringing experienced industry expertise to guide the company's strategic initiatives. Mr. Shukla's extensive background across leading financial institutions positions him well to drive the company's growth in the competitive housing finance sector.

PNB Housing Finance Limited , a prominent player in the Indian housing finance sector, has announced a significant change in its internal audit leadership. The company is set to transition to a new head of internal audit.

Leadership Transition

Ajay Kumar Mohanty, who served as the Head-Internal Audit & Chief of Internal Vigilance, has retired from service effective November 29, 2025. Following his superannuation, the company has appointed Vipin Malhotra to lead the Internal Audit function starting November 30, 2025.

New Appointment Details

Vipin Malhotra brings to the role over 23 years of experience in finance and audit across leading financial institutions. His impressive credentials include:

• Chartered Accountant (CA)
• Certified Internal Auditor (CIA)
• Certified Information Systems Auditor (CISA)
• Certified Fraud Examiner (CFE)

Prior to joining PNB Housing Finance, Malhotra held key positions at Yes Bank Ltd., including Head-Internal Audit (Centre of Excellence) and Chief of Internal Vigilance. His extensive experience spans roles at ICICI Bank Ltd., LIC Housing Finance Ltd., and Ashok Leyland Finance Ltd., showcasing his expertise in internal audit, risk management, and fraud prevention.

Company Financial Overview

While this leadership change is taking place, it's worth noting PNB Housing Finance's financial position. Based on the most recent balance sheet data as of March 2025:

The company has demonstrated growth in total assets and equity, indicating a strengthening financial position. However, there has been a notable decrease in investments compared to the previous year.

This leadership transition in the internal audit function comes at a time when PNB Housing Finance continues to show financial resilience and growth. The appointment of an experienced professional like Vipin Malhotra is likely aimed at further strengthening the company's internal controls and risk management practices.