Protean e-gov technologies Limited has announced a key senior management appointment, naming Mr. Mitesh Shah as Executive Vice President (Chief Information Officer) effective March 5, 2026. The appointment was formally approved by the company's Board of Directors through a circular resolution on March 4, 2026.

Appointment Details

The company has made this disclosure in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The appointment represents a strategic addition to the senior management team as the company continues to strengthen its technology leadership.

Professional Background

Mr. Mitesh Shah brings substantial expertise to his new role, with over 3 decades of rich experience in driving innovation, digital transformation and IT modernization. His professional background spans multiple critical sectors including Banking, Financial Services and Consulting, positioning him well to lead the company's technology initiatives.

Key Areas of Expertise

Mr. Shah's domain expertise encompasses several strategic technology areas:

• Retail & Wholesale Banking: Extensive experience in banking sector technology solutions
• Payments: Deep knowledge of payment systems and financial technology
• Core Systems: Expertise in fundamental IT infrastructure and systems
• Cloud Technology: Experience with cloud-based solutions and migration
• Cybersecurity: Knowledge of security frameworks and risk management

Strategic Impact

The appointment reflects the company's focus on strengthening its technology leadership capabilities. Mr. Shah has demonstrated a strong track record of aligning IT strategy with business objectives, leading large-scale digital initiatives and building high-performing teams. His extensive experience in digital transformation initiatives is expected to support the company's ongoing technology modernization efforts.

Regulatory Compliance

The appointment disclosure has been made in accordance with SEBI regulations, specifically under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also complied with the detailed disclosure requirements as specified in SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.

Protean e-gov technologies has received approval from the National Company Law Tribunal (NCLT) Mumbai Bench for its composite scheme of arrangement involving a demerger with Protean Infosec Services Limited. The tribunal pronounced the demerger order as 'allowed' during an open court hearing held on February 27, 2026.

NCLT Approval Details

The approval covers the composite scheme of arrangement between Protean Infosec Services Limited (the demerged company) and Protean eGov Technologies Limited (the resulting company), along with their respective shareholders and creditors. The scheme has been sanctioned under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013.

Regulatory Compliance and Next Steps

The company has informed both BSE Limited and National Stock Exchange of India Limited about this development under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This notification follows an earlier communication dated May 21, 2025, indicating the ongoing nature of this corporate restructuring process.

Documentation Process

Protean eGov Technologies is currently in the process of obtaining a certified copy of the NCLT order. The company has committed to submitting this certified copy to the stock exchanges once it becomes available. This step is crucial for completing the regulatory compliance requirements associated with the approved scheme.

Corporate Structure Impact

The approved composite scheme of arrangement will result in the demerger of Protean Infosec Services Limited into Protean eGov Technologies Limited. This restructuring affects both companies' shareholders and creditors as outlined in the scheme that received tribunal approval. The development marks a significant milestone in the corporate reorganization process that has been under consideration since mid-2025.