L&T Finance Proposes Board Restructuring and Entry into Digital Payments

L&T Finance has initiated a postal ballot seeking shareholder approval to appoint three new directors and expand its business operations into the Prepaid Payment Instruments (PPI) sector.

Reader Takeaway: Leadership continuity is strengthened through senior appointments, while a potential foray into digital wallets signals future growth.

What just happened

The company has put forth four resolutions for shareholder approval. These include the appointment of Mr. Sachinn Joshi as Whole-Time Director, Mr. Raju Dodti as Whole-Time Director, and Mr. Prashant Kumar as an Independent Director. Additionally, the company is seeking permission to amend its Memorandum of Association to officially conduct PPI business, including mobile and digital wallets.

Why this matters

The appointment of Mr. Joshi (formerly CFO) and Mr. Dodti (formerly COO) as Whole-Time Directors underscores the company’s focus on management stability. The proposed entry into the PPI business represents a strategic shift toward digitizing its payment offerings, which requires regulatory clearance from the Reserve Bank of India.

Board and Remuneration

The board appointments carry specific terms and compensation structures. Mr. Sachinn Joshi is slated for a two-year term with a fixed salary of Rs 3.63 crore. Mr. Raju Dodti is appointed for three years with a fixed pay of Rs 3.55 crore. Mr. Prashant Kumar will serve as an Independent Director for five years.

What to track next

The e-voting window opens on September 7, 2026, and concludes on October 6, 2026. Results of this postal ballot are scheduled to be declared on October 7, 2026. Following shareholder approval, the company will proceed to seek necessary operational licenses from the RBI to launch its PPI services.