Change in Management

Mahindra & Mahindra Financial Services Limited announced a change in its Board of Directors. Mr. Ashwani Ghai, a Non-Executive (Non-Independent) Director representing Life Insurance Corporation of India (LIC), ceased his directorship effective June 22, 2026. He is succeeded by Mr. Krishna Kumar Sukumaran Nair as a Non-Executive (Non-Independent) Director, also representing LIC, effective June 23, 2026, pending member approval. Mr. Nair brings over 36 years of managerial expertise from LIC, having served in key roles including Executive Director – Corporate Governance and Chief Compliance Officer. This appears to be a routine replacement by a major institutional shareholder.