Max Financial Services Limited has announced a scheduled board meeting to review and approve its quarterly financial performance, along with implementing mandatory trading restrictions as per regulatory requirements.

Board Meeting Schedule

The company has informed stock exchanges that a Board of Directors meeting is scheduled for Wednesday, February 11, 2026. The primary agenda includes consideration and approval of unaudited financial results for both standalone and consolidated operations.

Trading Window Restrictions

In accordance with the company's insider trading prevention policy and SEBI regulations, Max Financial Services has implemented a comprehensive trading window closure. This restriction affects multiple categories of stakeholders and ensures compliance with market integrity requirements.

The trading window closure encompasses the following groups:

• Promoters and directors
• Key managerial personnel
• Designated employees
• Other connected persons

Regulatory Compliance Updates

The company has highlighted additional compliance measures following recent SEBI circulars. As per SEBI Circular No. SEBI/HO/ISD/ISD-PoD2/P/CIR/2025/55 dated April 21, 2025, depositories are now tagging Permanent Account Numbers (PANs) of immediate relatives of designated persons. This enhanced monitoring mechanism strengthens the regulatory framework for preventing insider trading activities.

Corporate Communication

The official communication was signed by Siddhi Suneja, Company Secretary and Compliance Officer, on December 26, 2025. The announcement was simultaneously submitted to both BSE Limited and National Stock Exchange of India Limited, ensuring comprehensive market disclosure as required under listing obligations.

Max Financial Services Limited has declared the results of its postal ballot conducted for the appointment of Mr. Pradeep Pant as Independent Director, with shareholders rejecting the primary resolution despite earlier Board approval and comprehensive clarifications addressing proxy advisory concerns.

Postal Ballot Results Overview

The postal ballot results, declared on December 22, 2025, revealed that shareholders did not approve Mr. Pant's appointment as Independent Director, despite receiving majority support. The voting process was conducted through remote e-voting from November 22 to December 21, 2025, under the supervision of scrutinizer M/s. Sanjay Grover Associates, Company Secretaries.

Background and Proxy Advisory Concerns

The company had initially issued a comprehensive clarification regarding the postal ballot notice after proxy advisory firms recommended voting against Pant's appointment. The firms cited concerns about his tenure aggregation across group companies, noting his current role as Independent Director at Axis Max Life Insurance Limited, a subsidiary of MFSL.

MFSL had emphasized that applicable regulations require considering the maximum tenure of Independent Directors at the entity level, not at the group level. The company stated that Mr. Pant had never held a director position at MFSL and this represented his first-time appointment to the company's Board for a five-year term from January 1, 2026, to December 31, 2030.

Remuneration Resolution Outcome

Interestingly, shareholders overwhelmingly approved the second resolution regarding payment of remuneration to Mr. Pant, with 92.93% votes in favour. However, since the primary appointment resolution failed, the remuneration approval has become non-operative, requiring no further action from the company.

Voting Participation and Process

The postal ballot process saw significant participation from shareholders, with the company's total paid-up share capital standing at ₹69.02 crore divided into 34,51,14,771 equity shares of ₹2.00 each as of the cut-off date of November 14, 2025. The scrutinizer's report confirmed that all regulatory requirements under the Companies Act, 2013, and SEBI LODR regulations were properly followed during the voting process.

Professional Background Context

Mr. Pant brings over 37 years of FMCG industry experience, having served as Executive Vice President and President of Asia Pacific and Eastern Europe, Middle East and Africa for Mondelez International until 2013. His extensive background includes leadership positions at major corporations and current roles as Founding President of Food Industry Asia and Advisory Board Member of SMU Lee Kong Chian School of Business.

The management, Nomination Remuneration Committee, and Board had believed Pant's association would benefit both management and shareholders significantly, particularly given his current contribution as an independent director of Axis Max Life Insurance Limited.