Intimation under Regulation 30 of SEBI (LODR) 2015,for change in management.
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On the reaction day the stock moved 0.4 pts more than Nifty Microcap 250 and 1.4 pts more than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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GSB Finance Limited has reconstituted its board following a change in control approved by the Reserve Bank of India. Four directors have been regularized through a postal ballot: Mr. Kshitij Agrawal (Non-Executive, Non-Independent), Mr. Vivek Kumar Singhal (Executive, Non-Independent, Managing Director), Mr. Hari Chand Mittal (Non-Executive, Independent, ex-Union Bank of India FGM), and Ms. Sweta Pareek (Non-Executive, Independent, MBA Finance). All resolutions passed with overwhelming shareholder approval (over 99.99% assent on most items; 82.6% assent on director regularization items after excluding related-party votes). The company also adopted a new set of Memorandum and Articles of Association aligned with the Companies Act, 2013. Mr. Singhal holds 26.17% equity and Mr. Agrawal holds 6.53%, indicating a significant shift in controlling shareholders.
This represents a complete change of control and management at the NBFC, backed by RBI approval. Shareholders should expect new strategic direction under Mr. Singhal (CA, capital markets background) as Managing Director, and may see shifts in business focus or lending strategy. The low dissent on director appointments suggests broad shareholder acceptance.