Mahindra Logistics Limited ( https://scanx.trade/company/mahindra-logistic-ltd ) has announced the re-appointment of Mr. Ameet Hariani as Independent Director for a second consecutive term. The Board of Directors approved this decision during their meeting held on Thursday, 23 April 2026, following recommendations from the Nomination and Remuneration Committee.

Re-appointment Details

The re-appointment covers a second term of five consecutive years, commencing from 1 May 2027 to 30 April 2032. Mr. Hariani, who holds Director Identification Number (DIN) 00087866, will serve as Independent Director and will not be liable to retire by rotation. The appointment remains subject to approval by shareholders at the company's upcoming 19th Annual General Meeting.

Professional Background

Mr. Ameet Hariani brings extensive legal expertise to the board, holding a Bachelor of Law degree from Government Law College, Mumbai, and a Master's in Law degree from the University of Mumbai. He is a qualified Solicitor enrolled with the Bombay Incorporated Law Society and the Law Society of England and Wales. Additionally, he maintains membership with the Law Society of Singapore, the Bar Council of Maharashtra, and the Bombay Bar Association.

With over four decades of professional experience, Mr. Hariani has specialized in advising clients on corporate and commercial law, mergers and acquisitions, and real estate and real estate finance transactions. His career includes representing large organizations in international transactions, arbitrations, and prominent litigations.

Career Progression

Mr. Hariani's professional journey includes partnerships at prominent legal firms Ambubhai and Diwanji, Mumbai, and Andersen Legal India, Mumbai. Since 1991, he has served as Founder and Managing Partner of Hariani & Co. He has now transitioned to advisory practice as a senior legal counsel and also acts as an arbitrator.

Additional Contributions

Beyond his legal practice, Mr. Hariani actively contributes to the legal community as a speaker at various events and frequently writes on legal matters. He has authored a book titled "Real Estate Laws" and serves as a Trustee for Healing Touch and King George V Memorial Trust, both organizations operated by prominent doctors of Mumbai.

Board Independence

The company has confirmed that Mr. Ameet Hariani maintains independence and is not related to any other Director of the Company. He is not debarred from holding the office of director by virtue of any SEBI order or any other regulatory authority, ensuring compliance with corporate governance requirements.

The Board meeting commenced at 2:00 p.m. (IST) and concluded at 4:20 p.m. (IST) on 23 April 2026. The company has made this announcement available on its website at the corporate announcements section.

Mahindra Logistics Limited has successfully completed its Q4FY26 monitoring requirements for its rights issue proceeds, with CARE Ratings Limited confirming zero deviations from the stated objectives. The monitoring agency report, submitted on April 23, 2026, validates the company's adherence to regulatory compliance under SEBI regulations.

Rights Issue Overview

The logistics company had raised ₹749.27 crore through its rights issue conducted between July 31, 2025, and August 14, 2025. The issue was structured to address specific corporate objectives including debt repayment and general corporate purposes.

Fund Utilization Progress

During Q4FY26, Mahindra Logistics utilized ₹10.31 crore specifically for capital expenditure payments to vendors, aligning with the general corporate purposes outlined in the offer document. The company has maintained a disciplined approach to fund deployment across its stated objectives.

Regulatory Compliance Status

CARE Ratings confirmed that no deviations were observed from the previous monitoring agency report for the quarter ended December 31, 2025. The monitoring agency verified all utilization through bank statements, management certificates, and CA certificates issued by Deloitte Haskins & Sells LLP dated April 10, 2026.

Key compliance highlights include:

• Zero deviation from offer document objectives
• No material changes in financing means
• Appropriate shareholder approvals maintained
• Timely completion of debt repayment objectives

Fund Deployment Strategy

The remaining ₹86.00 crore in unutilized proceeds has been strategically deployed in fixed deposits with Kotak Mahindra Bank, earning 6.25% quarterly returns. The company maintains ₹89.87 crore in fixed deposits maturing August 28, 2026, generating ₹3.89 crore in earnings.

The board of directors confirmed that unutilized funds will be deployed for general corporate purposes as per business requirements, maintaining flexibility for future growth opportunities and operational needs.

Financial Performance Context

CARE Ratings noted in its report that the company reported a loss of ₹11.79 crore in 9MFY26 on a consolidated basis. Despite this performance indicator, the monitoring agency confirmed that fund utilization remains aligned with regulatory requirements and offer document commitments.

The monitoring report reinforces Mahindra Logistics' commitment to transparent fund management and regulatory compliance, providing stakeholders with confidence in the company's financial governance practices.