M&M Financial Services has announced the appointment of Mr. Krishna Kumar Sukumaran Nair as Additional Director (Non-Executive and Non-Independent), marking a strategic addition to its board leadership. The appointment was approved by the Board of Directors on April 24, 2026, following recommendation from the Nomination and Remuneration Committee.

Appointment Details

The board meeting, held on April 24, 2026, approved Mr. Nair's appointment with effect from June 23, 2026. The meeting commenced at 2:41 p.m. (IST) and concluded at 5:35 p.m. (IST).

LIC's Shareholding Position

Mr. Nair will represent Life Insurance Corporation of India on the company's board. LIC holds a significant stake in M&M Financial Services with 14,26,25,702 equity shares, constituting 10.26% of the paid-up share capital as of March 31, 2026.

Professional Background

Mr. Krishna Kumar Sukumaran Nair brings extensive financial services expertise to the board:

• Current Role: Executive Director, Corporate Governance and Chief Compliance Officer at LIC
• Experience: Over 36 years of managerial expertise in financial services
• Career Start: Joined LIC of India in 1989 as a Direct Recruit Officer
• Key Managerial Person: Designated by LIC Board

Educational Qualifications and Expertise

Domain Expertise

Mr. Nair's professional expertise spans multiple critical areas:

• Regulatory compliance and corporate governance
• ESG (Environmental, Social, and Governance) matters
• Information technology and digital transformation
• Customer relations and service excellence
• Business procurement and preservation strategies
• Housing finance operations

Regulatory Compliance

The appointment has been made in compliance with Regulation 30 and 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company will seek member approval for his appointment as Director (Non-Executive and Non-Independent Director), liable to retire by rotation, at the 36th Annual General Meeting scheduled for July 21, 2026.

Mr. Nair is not related to any other director of the company and is not debarred from holding the office of Director by virtue of any SEBI order or other regulatory authority.

Mahindra & Mahindra Financial Services Limited announced significant changes in its senior management structure following a Board meeting held on 24th April 2026. The company filed regulatory intimations under SEBI Listing Regulations regarding the cessation of Mr. Sandeep Mandrekar as Chief Business Officer-Wheels and the designation of four new Senior Management Personnel.

Chief Business Officer Resignation

Mr. Sandeep Mandrekar resigned from his position as Chief Business Officer-Wheels and Senior Management Personnel effective 24th April 2026. According to his resignation letter dated 1st December 2025, Mandrekar cited personal and professional interests outside full-time employment as the reason for his departure after a tenure of over 13 years with the company since its inception.

As per the mutual agreement, Mandrekar will continue his association with the company as a part-time consultant effective 27th April 2026, providing services related to the growth and development of the Wheels business, including capability building and mentoring leaders.

New Senior Management Appointments

Consequent to Mandrekar's cessation, four officials have been designated as Senior Management Personnel effective 25th April 2026. Their new or expanded roles will be effective from 1st May 2026.

Professional Backgrounds

Mr. Shantanu Padhye brings 34 years of experience across automobile and financial services sectors, having previously worked with Mahindra & Mahindra Limited and Tata Motors. Mr. Nitesh Rawal, with over 25 years in financial services, currently heads the Car Loans business and has spearheaded multiple strategic transformation projects focusing on customer experience, asset quality optimization, and process digitization.

Mr. Chanpreet Singh possesses over 20 years of banking and NBFC experience with extensive exposure to rural and semi-urban banking. He has successfully managed large portfolios and led transformations of geographically dispersed teams with strong P&L management experience. Mr. Pravin Kulkarni has 23+ years of experience across Banks, NBFCs, and Credit Bureau, having led various rural banking products and financial inclusion initiatives.

Board Meeting Outcomes

The Board meeting, which concluded at 5:35 p.m. IST on 24th April 2026, also addressed other significant matters including the approval of increased borrowing limits from Rs. 1,50,000 crore to Rs. 1,75,000 crore and the appointment of Mr. Krishna Kumar Sukumaran Nair as Additional Director representing Life Insurance Corporation of India.

The company has uploaded the regulatory filing on its website at mahindrafinance.com under investor relations. The 36th Annual General Meeting is scheduled for 21st July 2026, where shareholders will seek approval for various matters including the increased borrowing limits and director appointments.