Appointment and change in designation of Directors
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At the 34th Annual General Meeting held on 14 July 2025, shareholders approved several board changes. Mr. Ali Thonikkadavath was redesignated from Non-Executive Director to Independent Director for a 5-year term (30 May 2025 to 29 May 2030). Three new Independent Directors were appointed: Mr. Rishin Rasheed (operations and strategy leader), Mr. Ambramoli Purushothaman (former SBI officer with 34 years of banking experience), and Mr. Sivadas Chettoor (39 years of audit and tax consultancy experience). Shareholders also approved the continuation of Mr. Mohammed Kutty Arikuzhiyil as a director after he turns 75 in December 2025. The newly appointed directors are confirmed as not debarred by SEBI or any other authority.
The company has strengthened its board with three new independent directors bringing expertise in banking, audit, taxation, and operations. This could improve governance oversight. However, the continuation of an existing director beyond age 75, approved via special resolution, may attract some governance attention from investors.