Manappuram Finance Board Approves Key Leadership Changes and Director Appointments
Manappuram Finance Limited announced significant governance updates following its Board of Directors meeting held on May 5, 2026. The Board approved changes in senior management roles, noted several resignations, and welcomed multiple new directors.The company confirmed that on and from April 21, 2026, the Investors, identified as BC Asia Investments XXV Limited and BC Asia Investments XIV Limited, acquired control and became 'promoters' of the Company, alongside existing promoters. Furthermore, the amended and restated articles of association, approved by shareholders on April 16, 2025, became effective, along with the special rights for the Investors, V.P. Nandakumar, and Sushama Nandakumar.
Changes in Key Managerial and Board Designations
The Board approved several changes affecting key leadership roles. Dr. Sumitha Nandan’s designation was changed from Executive Director to Executive Director and Vice-Chairperson of the Board, effective May 5, 2026.Regarding finance leadership, Mrs. Bindu A.L transitioned from Chief Financial Officer to Head, Finance Center of Excellence and AI, and consequently ceased to be Key Managerial Personnel of the Company. Mr. Buvanesh Tharashankar will assume the role of Chief Financial Officer of the Company with effect from May 5, 2026, while continuing his capacity as Group Chief Financial Officer and a Key Managerial Personnel.
Director Resignations
Effective May 5, 2026, the Board noted the resignations of six directors:- Mr. Abhijit Sen (Non-Executive Independent Director)
- Ms. Pratima Ram (Non-Executive Independent Director)
- Ms. V P Seemandini (Non-Executive Independent Director)
- Mr. T C Suseel Kumar (Non-Executive Independent Director)
- Mr. Edodiyil Kunhiraman Bharat Bhushan (Non-Executive Independent Director)
- Mr. Sankaran Nair Rajagopal (Non-Executive Independent Director)
New Director Appointments
The Board approved the appointment of two Additional Non-Executive Non-Independent Directors nominated by the Investors: Mr. Rishi Mandawat and Mr. Ashish Arvind Kotecha, subject to shareholder approval.The Board also approved the appointment of four Additional Non-Executive Independent Directors, each for a term of five consecutive years, effective May 5, 2026, subject to the approval of the members of the Company:
- Ms. Rosemary Sebastian
- Mr. Rajesh Kumar Rathanchand
- Mr. Vijayaraghavan Balaji
- Mr. Rakesh Induprasad Bhatt
The newly appointed directors and their backgrounds are detailed below:
| Name | Role | Term | Key Expertise Highlights |
|---|---|---|---|
| Ms. Rosemary Sebastian | Additional Non-Executive Independent Director | 5 years | Former central banker with 40+ years of professional track record, including serving as Executive Director of the Reserve Bank of India. |
| Mr. Rajesh Kumar Rathanchand | Additional Non-Executive Independent Director | 5 years | Seasoned financial services executive with over 32 years of experience, including serving as Managing Director & CEO of TransUnion CIBIL Ltd. |
| Mr. Vijayaraghavan Balaji | Additional Non-Executive Independent Director | 5 years | Seasoned leader with over three decades of experience across banking, insurance, telecommunications, and manufacturing. |
| Mr. Rakesh Induprasad Bhatt | Additional Non-Executive Independent Director | 5 years | Senior leader with 32+ years of experience in financial services and technology industry. |
For reference, the roles of the newly appointed Additional Non-Executive and Non-Independent Directors are:
| Director Name | Appointment Type | Nomination Source |
|---|---|---|
| Mr. Rishi Mandawat | Additional Non-Executive Non-Independent Director | Nominated by the Investors |
| Mr. Ashish Arvind Kotecha | Additional Non-Executive Non-Independent Director | Nominated by the Investors |
MANAPPURAM Stock Price Movement
As of 10:53 AM, shares of Manappuram Finance Limited are slipping by 0.21% in live trading, currently hovering at ₹304.5. The stock is seeing significant activity, with 8.09 million shares trading hands in the live market.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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