New Delhi: In a strategic career move, Bhaskar Bhattacharya has resigned from his position as an Independent Director on the Board of Power Finance Corporation Ltd (PFC) to contest the upcoming West Bengal Assembly elections from the Serampore Constituency. The resignation was submitted via email on 1 April 2026 and formally acknowledged by PFC on 2 April 2026, in line with corporate governance norms.
Board Resignation Details
Bhattacharya had been serving as a part-time Non-Official Independent Director on the PFC Board. His most recent re-appointment, sanctioned by the Ministry of Power, began on 13 May 2025 for a one-year term.
In his resignation letter, he cited avoiding any potential conflict of interest between his board responsibilities and his political candidacy as the sole reason for stepping down.
Reason for Departure: Political Candidacy
Bhattacharya stated in his communication to the Chairman and Managing Director of PFC:
“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.”
He further clarified that there were no other material reasons for his resignation, highlighting the transparency of his decision.
Leadership Transition and Farewell
In his farewell message, Bhattacharya expressed his gratitude to the President of India, the PFC Board, and his fellow Independent Directors, acknowledging their support throughout his tenure. He also thanked the company’s managerial and staff teams for their contributions in enabling smooth operations.
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 initiate the process for appointing a successor Independent Director in due course, following government notifications.
Significance of the Resignation
The departure of Bhattacharya marks a notable instance of a corporate leader transitioning to active politics, reflecting the growing trend of professionals participating in governance and public service. His resignation ensures clear separation between corporate responsibilities and electoral obligations, maintaining the integrity of PFC’s governance framework.
About Power Finance Corporation Ltd (PFC)
Power Finance Corporation Ltd (PFC) is a Maharatna company and India’s leading financial institution in the power sector. Established to provide financial support to power projects, PFC plays a key role in ensuring sustainable growth, energy security, and infrastructure development across the country. With a focus on lending, advisory, and investment in power generation and transmission, PFC remains a pillar of India’s energy financing landscape.
