Manappuram Finance Limited has announced a significant restructuring of its Board of Directors following the successful acquisition of control by BC Asia Investments XXV Limited and BC Asia Investments XIV Limited. As of May 5, 2026, the company has inducted new non-executive directors, promoted Dr. Sumitha Nandan to Vice-Chairperson, and implemented a change in senior finance leadership to support its next phase of growth under the new promoter group.
Board Restructuring and New Appointments
Following the transition of control to the new investors on April 21, 2026, Manappuram Finance Limited has reconstituted its board. The company has appointed Mr. Rishi Mandawat and Mr. Ashish Arvind Kotecha as Additional Non-Executive Non-Independent Directors. Additionally, the Board has expanded its oversight with four new Independent Directors: Ms. Rosemary Sebastian, Mr. Rajesh Kumar Rathanchand, Mr. Vijayaraghavan Balaji, and Mr. Rakesh Induprasad Bhatt, each appointed for a five-year term.
Strategic Leadership Changes
As part of its organizational evolution, Dr. Sumitha Nandan has been elevated from Executive Director to Executive Director and Vice-Chairperson, effective May 5, 2026. In the finance department, Mrs. Bindu A.L. will transition from her role as Chief Financial Officer to head the company’s Finance Center of Excellence and AI. Stepping into the role of Chief Financial Officer is Mr. Buvanesh Tharashankar, who will continue to serve as the Group Chief Financial Officer.
Resignations from the Board
The company also announced that six long-standing Non-Executive Independent Directors have stepped down from the Board, effective May 5, 2026. These outgoing directors include Mr. Abhijit Sen, Ms. Pratima Ram, Ms. V P Seemandini, Mr. T C Suseel Kumar, Mr. Edodiyil Kunhiraman Bharat Bhushan, and Mr. Sankaran Nair Rajagopal. These resignations are part of the broader board reconstitution agreed upon during the investment process.
Source: BSE
