Manappuram Finance Limited has informed the Exchange about Resignation of Director/KMP/SMP
MANAPPURAM · price
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Manappuram Finance Limited announced the resignation of 6 Non-Executive Independent Directors on May 5, 2026. The resigning directors are: Mr. Abhijit Sen, Ms. Pratima Ram, Ms. V P Seemandini, Mr. T C Suseel Kumar, Mr. E K Bharat Bhushan, and Dr. Sankaran Nair Rajagopal. All resignations are pursuant to a securities subscription agreement and shareholders' agreement dated March 20, 2025, between the company, BC Asia Investments XXV Limited, BC Asia Investments XIV Limited, V.P. Nandakumar, Sushama Nandakumar and certain promoter group members. The company has agreed to reconstitute its Board as per the terms of this agreement. All directors confirmed there are no other material reasons for their resignation. This represents a significant board restructuring triggered by a prior investment agreement.
Six independent directors resigning simultaneously represents a major board reconstitution, reducing independent oversight at the company. This is a contractual board refresh driven by a shareholder agreement with institutional investors BC Asia Investments and the promoter group, which could signal changes in governance dynamics and strategic direction.