Punjab National Bank (PNB), one of India's leading public sector banks, has announced a significant extension to the tenure of its Executive Director, M. Paramasivam. The decision, communicated by the Department of Financial Services, Ministry of Finance, Government of India, extends Paramasivam's term beyond its current end date.

Extension Details

The bank informed the stock exchanges on September 16, 2025, that M. Paramasivam's term as Executive Director has been extended as follows:

Official Communication

According to the LODR (Listing Obligations and Disclosure Requirements) data provided by PNB, the extension was officially notified through a government notification:

"The Department of Financial Services, Ministry of Finance, Government of India, vide its Notification No eF.no.4/4(vi)/2024-BO.I dated 15th September, 2025, has extended the term of office of Shri M. Paramasivam, Executive Director of the Bank, beyond his currently notified term ending on 30th November, 2025 till the date of his superannuation i.e. 31st March, 2027 or until further orders, whichever is earlier."

Compliance and Transparency

PNB has submitted this information in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015, demonstrating its commitment to transparent communication with shareholders and regulatory bodies.

The extension of M. Paramasivam's tenure as Executive Director suggests a vote of confidence in his leadership and contributions to Punjab National Bank. This continuity in top management could provide stability to the bank's operations and strategic initiatives in the coming years.

Investors and stakeholders will likely be watching closely to see how this extension impacts PNB's performance and strategic direction in the competitive banking sector.

In a significant development in the high-profile Punjab National Bank (PNB) fraud case, India has provided formal assurances to Belgian authorities regarding the detention conditions for businessman Mehul Choksi, if extradited. The move comes as part of India's efforts to secure Choksi's extradition in connection with the Rs 13,000.00 crore PNB fraud case.

Arrest and Current Status

Mehul Choksi was arrested by Belgian authorities in Antwerp in April following an extradition request from India. He currently remains in custody in Belgium, with his bail plea rejected due to flight risk concerns. The extradition hearing is scheduled for the second week of September.

Assurances on Detention Conditions

The Ministry of Home Affairs has provided detailed assurances to Belgian authorities, outlining the following conditions for Choksi's potential detention:

• Housing: Barrack No. 12 of Arthur Road Jail Complex in Mumbai
• Personal Space: At least three square metres
• Facilities:
  • Adequate lighting and ventilation
  • Basic amenities
  • 24/7 access to clean water
  • Medical facilities
  • Daily exercise time exceeding one hour

These assurances aim to demonstrate India's compliance with international human rights standards, a crucial factor for Belgian courts to evaluate during the extradition process.

Background of the Case

Mehul Choksi, along with his nephew Nirav Modi and others, was booked in 2018 for alleged loan fraud at PNB's Brady House branch in Mumbai. The case, involving a staggering Rs 13,000.00 crore, has been a focal point in India's efforts to bring back fugitive economic offenders.

Implications

The formal assurances provided by India mark a significant step in the extradition process. By addressing potential concerns about detention conditions, Indian authorities are working to remove potential obstacles in the legal proceedings. The outcome of the September extradition hearing will be closely watched, as it could set a precedent for similar high-profile cases involving economic offenses and international cooperation in law enforcement.

As the case unfolds, it continues to highlight the complexities of international extradition processes and the importance of diplomatic assurances in such high-stakes legal matters.