Shubhalakshmi Panse resigns as PNB Housing Finance independent director

NEW DELHI: PNB Housing Finance on Tuesday said its independent director Shubhalakshmi Panse has resigned from her position in the company to continue with her role at its competitor Can Fin Homes. Shubhalakshmi Panse, who had served as managing director at Allahabad Bank from October 2012-January 2014, was appointed as independent director of PNB Housing Finance Ltd (PNBHFL) in July 2017.
"In her resignation letter dated January 5, 2021, Shubhalakshmi Panse has referred to her telecommunication with the chairman... and mentioned about the sentiments expressed by majority of the board members. Panse... had accepted independent directorship in Can Fin Homes Ltd on June 15, 2020.

"Since both the companies are competitors, Panse was required to continue the directorship with either of the two companies in view of the corporate governance principles," PNB Housing Finance said in a regulatory filing.

The chairman in his interaction with Panse had requested her to continue on the board of PNB Housing given her contribution, experience and knowledge, instead of Can Fin Homes. However, Panse expressed her desire to continue on the board of Can Fin Homes, the company added.

Shares of PNB Housing Finance were trading 0.31 per cent higher at Rs 367.65 apiece on BSE.