Suryoday Small Finance Bank Limited has strengthened its board governance by appointing two seasoned financial industry veterans as Independent Directors. The bank's Board of Directors, in their meeting held on March 12, 2026, approved the appointment of Mr. Sunil Satyapal Gulati and Mr. Alok Sethi as Additional Directors under the Independent category, effective immediately.

Board Appointments and Terms

The appointments were made based on recommendations from the Nomination and Remuneration Committee of the Board. Both directors have been appointed as Additional Directors with effect from March 12, 2026, and will hold office until the date of the next General Meeting of the Bank or three months from the date of appointment, whichever is earlier.

Subject to shareholder approval, both directors have also been appointed as Independent Directors for a period of five consecutive years starting March 12, 2026, and will not be liable to retire by rotation.

Director Profiles and Experience

Mr. Sunil Satyapal Gulati (DIN: 00016990) brings over three decades of global banking experience across investment banking, corporate finance, relationship management, risk management, and corporate strategy. He currently serves as Chairman and Independent Director on multiple boards including SBI Mutual Fund Trustee Company, Merisis Advisors, and Arthan Finance.

Until March 2024, he was Chairman of Fincare Small Finance Bank, which merged with AU Small Finance Bank. His previous executive roles include Chief Risk Officer at RBL Bank (2010-2016), Group President at Yes Bank (2006-2010), and senior positions at GE Commercial Finance and ING Group. He holds a B.Tech from IIT Delhi and is a Gold Medalist from IIM Ahmedabad.

Mr. Alok Sethi (DIN: 00277481) is a senior global executive with extensive experience in asset management operations and technology. He served as Executive Vice President and Head of Global Operations and Technology at Franklin Templeton, where he led worldwide operations for a global asset manager overseeing $1.7 trillion in assets.

Over his four-decade career, Mr. Sethi has led multi-country operating model transformations, major M&A integrations, and large technology initiatives in highly regulated environments. He spent over 21 years with Franklin Templeton across the United States, India, and Dubai, and currently serves as a Senior Advisor to the firm. He is a Chartered Accountant and holds a B.Com (Hons) from Delhi University.

Shareholding and Compliance

Both newly appointed directors hold equity stakes in the bank, with Mr. Gulati holding 22,000 equity shares and Mr. Sethi holding 20,000 equity shares as of the appointment date. The bank has confirmed that neither director is related to any existing directors of the bank.

The bank has also confirmed that both directors are not debarred or disqualified from holding the office of Independent Director by virtue of any order from the Securities and Exchange Board of India or any other regulatory authority, in accordance with BSE and NSE circulars dated June 20, 2018.

Regulatory Compliance

The appointments have been made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure has been filed with both the National Stock Exchange of India Limited and BSE Limited, and will be made available on the bank's website for stakeholder access.

Suryoday Small Finance Bank shareholders have rejected the bank's proposal to raise funds up to ₹1,000 crore through various financial instruments. The postal ballot results announced on March 02, 2026, revealed that the fund raising resolution received only 60.51% votes in favor, falling short of the required 75% majority for special resolutions.

Postal Ballot Results Overview

The e-voting process concluded on February 28, 2026, with results scrutinized by Ms. Dhara Gala, Practicing Company Secretary. Out of 99,866 total shareholders on the record date of January 23, 2026, the voting participation was significant across different categories:

Fund Raising Proposal Details

The rejected proposal sought shareholder approval for raising funds through multiple instruments including equity shares, equity-linked securities, warrants, and other eligible securities. The bank had planned various methods such as preferential allotment, qualified institutions placement, private placement, and rights issue.

Director Reappointment Approved

In contrast to the fund raising rejection, shareholders overwhelmingly approved the reappointment of Mr. Krishna Prasad Nair as Non-Executive Independent Director with 99.68% votes in favor. His new term will commence after July 21, 2026, for a period of three years.

Strong Opposition from Public Shareholders

The voting pattern revealed significant opposition from public shareholders, particularly institutional investors who voted 92.80% against the fund raising proposal. While the promoter group supported the resolution with 100% votes in favor, public institutions and non-institutional shareholders expressed strong dissent, ultimately leading to the proposal's failure.

Current Financial Position

Despite the fund raising rejection, the bank maintains robust capital adequacy ratios that exceed regulatory requirements. As previously disclosed, the bank's CRAR stands at 21.90% against the regulatory requirement of 15.00%, and Tier I Capital Ratio at 21.00% versus the required 7.50%, indicating strong financial health and adequate capitalization for current operations.