PFC Independent Director Resigned Ahead of West Bengal Elections
New Delhi: Power Finance Corporation (PFC), the state-owned Maharatna power sector lender, announced a significant change to its Board of Directors following the resignation of Shri Bhaskar Bhattacharya from his position as an Independent Director. In a regulatory filing submitted to the BSE and NSE on April 2, 2026, the company revealed that Bhattacharya tendered his resignation via email on April 1, 2026. The move comes as a strategic step for the director, who is transitioning from corporate governance to active politics.
PFC Independent Director: From corporate governance to active politics
According to his resignation letter, Bhattacharya has been selected as a candidate for the upcoming West Bengal Assembly elections, representing the Serampore Constituency. He cited the need to avoid any potential "conflict of interest" between his role at the government-owned corporation and his political candidacy as the sole reason for his departure."As you know that I have been selected as a candidate of forthcoming Assembly Election in West Bengal from Serampore Constituency, I hereby resign from my existing post of Independent Director, just to avoid any conflict of interest," Bhattacharya stated in his communication to the Chairman and Managing Director of PFC. He further confirmed that there are no other material reasons for his resignation.
Shri Bhaskar Bhattacharya had been serving as a part-time Non-Official Director on the PFC Board. His most recent re-appointment, sanctioned by the Ministry of Power, had commenced on May 13, 2025, for a one-year term.In his farewell message, Bhattacharya expressed gratitude to the President of India and the PFC Board for the opportunity to serve the Maharatna company. "I extend my gratitude to the Board of Directors including other Independent Directors for their support in all respects," he noted.
PFC confirmed that the resignation has been recorded in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company is expected to move toward appointing a successor to fill the vacancy in due course, subject to government notifications.