Nikki Global Finance Ltd: Appointment of New CFO and Internal Auditor after Board Meeting

Nikki Global Finance Limited, a BSE-listed non-banking financial company with its registered office at Delhi Chambers, Delhi Gate, Daryaganj, New Delhi, has announced a significant change in its senior management on July 4, 2025.

In a duly convened Board Meeting held at its registered office on Friday from 04:15 PM to 05:00 PM, the Board of Directors approved the appointment of Mr. Gaya Prasad Gupta as the new Chief Financial Officer (CFO) and Internal Auditor of the company with effect from July 4, 2025.

This decision was made following the resignation of Mr. Sharad Pal, the outgoing CFO and Internal Auditor, who formally stepped down to pursue personal and professional goals.

The company communicated this change to BSE Limited under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring complete compliance with the SEBI guidelines for listed entities.

Details of Board Resolution

The Board Meeting on July 4, 2025, included the following key resolutions:

1. Appointment of Mr. Gaya Prasad Gupta as CFO:

   • Approved upon the recommendation of the Nomination and Remuneration Committee.

   • Mr. Gupta brings experience in trade and commerce, known for his honesty and integrity.

   • He has participated in various business activities over many years, with a clear focus on growth, competitive strategy, and regulatory compliance.

2. Appointment as Internal Auditor:

   • Based on the recommendation of the Audit Committee, Mr. Gupta will also serve as the company’s Internal Auditor.

   • This dual role aims to ensure efficient financial governance and internal controls.

3. Acceptance of Resignation of Mr. Sharad Pal:

   • The Board formally accepted Mr. Sharad Pal’s resignation from the posts of CFO and Internal Auditor.

   • His resignation letter confirmed no material reasons other than his stated personal and professional goals.

SEBI Regulation 30 Compliance

Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, requires listed companies to promptly disclose material events.

Nikki Global Finance Limited complied with this regulation by:

• Issuing an official intimation to BSE Limited.

• Providing Annexure I and Annexure II with detailed disclosures in the specified SEBI format.

• Sharing reason for change, date of appointment/resignation, brief profile, and confirmation of no other reasons in line with SEBI’s circular SEBI/HO/CFD/ CFD-PoD1/P/CIR/2023/123 dated July 13, 2023.

Annexure I Details: Appointment of Mr. Gaya Prasad Gupta

Reason for change:
Appointment of Mr. Gaya Prasad Gupta as Chief Financial Officer (CFO) and Internal Auditor.

Date of Appointment:
Effective from July 4, 2025.

Brief Profile:

• An experienced professional in trade and commerce.

• Known for honesty and integrity.

• Engaged in various business activities over many years.

• Keen interest in business growth, competition strategy, and strict compliance with law.

Disclosure of relationships between directors:

• Not Applicable.

Annexure II Details: Resignation of Mr. Sharad Pal

Name:
Mr. Sharad Pal (PAN: ASTPP0885P)

Reason for Change:

• Expressed inability to continue as CFO and Internal Auditor.

• Stated in resignation letter that the decision was made to seek better opportunities and to meet personal and professional goals.

• Confirmed there were no other reasons for the resignation.

Date of Change:

• Close of business hours on July 4, 2025.

Brief Profile:

• Not Applicable (as he resigned).

Disclosure of relationships between directors:

• Not Applicable.

Other Directorships:

• Nil.

Board of Directors’ Commitment to Transparency

The company emphasized its commitment to corporate governance by issuing this detailed disclosure.

Mr. Rajesh Kumar Pandey, the Managing Director (DIN-09745776), signed the letter to BSE, ensuring the accuracy and completeness of the disclosure.

He reaffirmed Nikki Global Finance’s responsibility to shareholders to maintain transparent communication and uphold SEBI’s requirements.

Statement by Mr. Sharad Pal

In his resignation letter dated 04.07.2025, Mr. Sharad Pal wrote:

I am writing to formally tender my resignation as Chief Financial Officer of Nikki Global Finance Limited and request to accept the same with immediate effect.
This decision was not made lightly and comes after careful consideration of my personal and professional goals. It has been an honour and privilege to serve as CFO of the company.
I remain fully committed to ensuring a smooth handover and the company's reporting obligations, in line with the standards expected of a publicly listed entity.
I would like to express my deep appreciation to the Board for the opportunity and trust placed in me over the years. I remain confident in the company’s future and look forward to seeing its continued success.
I further state that there is no material reason except those stated above.

Corporate Governance Practices at Nikki Global Finance

Nikki Global Finance has repeatedly emphasized sound corporate governance in all its disclosures and operations.

By following SEBI’s detailed disclosure formats, the company demonstrates its commitment to transparency, regulatory compliance, and shareholder trust.

This latest announcement highlights the importance of:

• Timely disclosure of material events.

• Accurate and complete board meeting records.

• Maintaining stakeholder confidence through open communication.

Importance of CFO Role

The Chief Financial Officer (CFO) is one of the most critical leadership positions in any listed company.

Responsibilities typically include:

• Managing financial strategy and planning.

• Ensuring statutory compliance with SEBI and other regulators.

• Overseeing internal controls and audit mechanisms.

• Maintaining transparency in financial reporting.

• Guiding the company’s growth strategy while ensuring financial health.

Next Steps for Nikki Global Finance

Following these changes:

• Mr. Gaya Prasad Gupta will assume charge immediately as CFO and Internal Auditor.

• He is expected to work closely with the Board, Audit Committee, and Nomination and Remuneration Committee to ensure a seamless transition.

• The company will notify shareholders of any further material developments in line with SEBI’s requirements.

Conclusion

The appointment of Mr. Gaya Prasad Gupta and the resignation of Mr. Sharad Pal mark an important leadership transition for Nikki Global Finance Limited.

By conducting a proper board process, making detailed SEBI-compliant disclosures, and communicating clearly with BSE, the company has reaffirmed its commitment to strong governance practices.

These measures are crucial for maintaining investor trust, ensuring regulatory compliance, and supporting the company’s long-term growth and stability in India’s competitive financial services sector.

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