Tata Capital Limited appointed Mandar Joshi as Head - Treasury, effective October 1, 2026. The board approved the appointment on September 9, 2026, following the recommendation of the Nomination and Remuneration Committee.

Joshi succeeds Kiran Joshi, who is superannuating from the company on September 30, 2026. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Appointment Details

Mr. Mandar Joshi brings over 20 years of leadership experience in treasury and corporate strategy within the financial services sector. He has been associated with Tata Capital since 2007 and currently serves as Executive Vice President – Treasury.

His tenure at the company includes shaping liability strategy, raising funds across domestic and international markets, and managing key institutional relationships. Prior to joining Tata Capital, he worked with Tata Motors Limited.

Educational Background

Joshi holds a Post Graduate Diploma in Management (Finance and Strategy) from the Indian Institute of Management, Calcutta. He also possesses a Bachelor's degree in Mechanical Engineering from Sardar Patel College of Engineering, Mumbai.

Additionally, he is a Fulbright Scholar in Leadership and Innovation from Carnegie Mellon University. He has completed leadership programs from Harvard Business School and the Indian School of Business.

Tata Capital shareholders approved all ten resolutions put forward at the company's 35th Annual General Meeting (AGM) held on August 19, 2026. The meeting, conducted through video conferencing and other audio-visual means, saw unanimous support from the promoter and promoter group for every item on the agenda.

The most significant strategic approvals included a special resolution for the issuance of Non-Convertible Debentures (NCDs) on a private placement basis and the ratification of the company's Employee Stock Options Scheme (ESOP). Additionally, shareholders ratified the extension of ESOP benefits to employees of the holding or subsidiary companies. These moves signal management's intent to leverage capital markets for funding while aligning long-term employee incentives.

Voting Dynamics

The voting results reveal distinct patterns between institutional and non-institutional public shareholders. While the promoter group cast 100% of its votes in favor of all resolutions, public institutional investors showed notable dissent on governance-related matters.

For the ratification of the ESOP scheme (Resolution 8), public institutional investors voted against the proposal with 25.63% of their polled votes. Similarly, for the extension of ESOP benefits to group companies (Resolution 9), institutional dissent stood at 25.39%. Despite this opposition, the resolutions passed comfortably due to overwhelming support from the promoter group and non-institutional public shareholders.

Note: Promoter group abstained from voting on the related-party transaction with Tata Consultancy Services Limited as per regulatory requirements.

Governance and Audits

The meeting also addressed standard governance matters. Shareholders re-appointed Saurabh Agrawal as a director following his retirement by rotation. The resolution received 99.97% support from those who voted, though it faced slightly higher opposition from public institutional investors (0.42% against) compared to routine financial statements.

M/s. T.P. Ostwal & Associates LLP was appointed as one of the Joint Statutory Auditors for the upcoming financial year. This appointment was approved with 99.98% support across all shareholder categories.

What the Numbers Show

A clear divergence exists in shareholder sentiment regarding employee compensation versus capital allocation. While institutional investors opposed the ESOP ratifications by over 25%, they voted unanimously in favor of the NCD issuance and the material related-party transaction with Tata Consultancy Services Limited. This suggests that institutional holders may have specific concerns regarding dilution or the structure of the ESOP plan, while remaining fully aligned with the company's financing strategy and core business partnerships. The promoter group's consistent 100% support across all items underscores strong internal alignment on both operational and strategic directions.