IIFL Finance announces the appointment of Mr. Bibhu Prasad Kanungo as the Chairperson of the Board, effective December 19, 2025. The company also secured approval to increase its borrowing limit from ₹35,000 Crores to ₹60,000 Crores, subject to shareholder approval. Additionally, the company has complied with an Income Tax notice, paying tax of ₹1,47,18,288 related to an Income Tax search.
Leadership Change at IIFL Finance
Mr. Bibhu Prasad Kanungo has been designated as the Chairperson of the Board of IIFL Finance, effective December 19, 2025. This appointment follows the recommendation of the Nomination and Remuneration Committee. Mr. Kanungo is a Non-Executive Independent Director (DIN: 07820090).
Increased Borrowing Capacity
The Board of Directors has approved an enhancement in the borrowing limit and limit for creation of security on the Company’s assets. The limit is set to increase from ₹35,000 Crores to ₹60,000 Crores. This is subject to the approval of the Shareholders as per Section 180 of the Companies Act, 2013.
Income Tax Compliance
IIFL Finance has responded to a notice dated October 6, 2025, under Section 158BC of the Income Tax Act, 1961, which required filing a return of income in Form ITR-B for the block period from April 1, 2018 to February 3, 2025. The company has filed its return of income and paid tax at the applicable rate, amounting to ₹1,47,18,288.
Source: BSE
