Max Financial Services Limited has announced the retirement of Independent Director K. Narasimha Murthy (DIN: 00023046) upon completion of his tenure on March 29, 2026. The retirement comes after shareholders rejected the proposal for his re-appointment at the company's Annual General Meeting.

Director Tenure and Re-appointment Proposal

Murthy was initially appointed as an Independent Director for a five-year term from March 30, 2021 to March 29, 2026. Based on the recommendation of the Nomination and Remuneration Committee, the Board had approved his re-appointment for a second consecutive five-year term from March 30, 2026 to March 29, 2031, subject to shareholder approval.

Shareholder Voting Results

At the 37th Annual General Meeting held on September 18, 2025, shareholders voted on the special resolution for Murthy's re-appointment. The voting results showed insufficient support for the proposal:

The resolution fell short of the requisite 75% majority required for passing a special resolution, leading to its rejection.

Retirement Details

Following the unsuccessful re-appointment vote, Murthy will retire as an Independent Director at the close of business hours on March 29, 2026. The company has filed the necessary disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Acknowledgment

The Board and Management of Max Financial Services have extended their appreciation for Murthy's valuable contributions during his association with the company. The retirement represents a standard corporate governance process following the completion of an Independent Director's tenure and unsuccessful re-appointment approval.

The disclosure has been made pursuant to regulatory requirements and has been communicated to both BSE Limited and National Stock Exchange of India Limited as per standard compliance procedures.

Max Financial Services Limited has announced a board meeting scheduled for May 12, 2026, to consider and approve the company's audited financial results for the financial year ending March 31, 2026. The announcement was made through a formal communication to stock exchanges on March 26, 2026.

Board Meeting Details

The meeting has been convened in accordance with Regulation 29 and other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board will deliberate on both standalone and consolidated audited financial results for FY26.

Trading Window Closure

In compliance with the company's Policy on Prevention of Insider Trading and SEBI (Prohibition of Insider Trading) Regulations, 2015, Max Financial Services has announced a trading window closure. This restriction applies to all designated persons including promoters, directors, key managerial personnel, designated employees, and other connected persons.

Regulatory Compliance

The company has referenced SEBI Circular No. SEBI/HO/ISD/ISD-PoD2/P/CIR/2025/55 dated April 21, 2025, under which Permanent Account Numbers (PANs) of immediate relatives of designated persons are being tagged by depositories. This measure ensures comprehensive compliance with insider trading prevention norms.

Corporate Information

The communication was signed by Siddhi Suneja, Company Secretary & Compliance Officer, and formally submitted to both BSE Limited and National Stock Exchange of India Limited. The company's registered office is located at Bhai Mohan Singh Nagar, Village Railmajra, Tehsil Balachaur, Dist. Nawanshahr, Punjab, while its corporate office operates from Max Towers, Noida.