M&M Financial Services has announced a key senior management appointment, naming Jaspreet Singh Chadha as Chief Business Officer - Mortgages effective February 1, 2026. The appointment was approved by the Board of Directors during their meeting held on January 28, 2026, following a recommendation from the Nomination and Remuneration Committee.

Appointment Details

The company has disclosed the appointment in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The following table summarizes the key appointment details:

Professional Background

Jaspreet Singh Chadha brings approximately 24 years of extensive experience across prominent financial institutions. His career spans multiple leading organizations including Mahindra Finance, Bajaj Finance, Citibank NA India, ICICI Bank Ltd., Birla Management Corporation, and Swaraj Mazda.

In his most recent role, Chadha has been serving as Chief Executive Officer of Mahindra Rural Housing Finance Limited (MRHFL), a subsidiary of Mahindra & Mahindra Financial Services Limited, since February 1, 2025. During his tenure at MRHFL, he has played a pivotal role in growing the mortgage business, particularly in housing loans.

Educational Qualifications

Chadha holds strong academic credentials that complement his professional experience:

• Post Graduate Diploma in Management from IIM Kozhikode
• BE (Mechanical) from Punjab University

Transition Arrangements

As part of the transition to his new role at Mahindra Finance, Chadha will be stepping down from his position as CEO of MRHFL with effect from January 31, 2026. This strategic move positions him to leverage his mortgage business expertise in his expanded role as Chief Business Officer - Mortgages at the parent company.

The appointment reflects the company's focus on strengthening its mortgage business segment by bringing in experienced leadership with proven track record in housing finance and mortgage operations.

M&M Financial Services announced that its board has given in-principle approval to evaluate a merger proposal with its subsidiary company. The decision was made during a board meeting held on January 28, 2026, marking a significant step toward potential corporate restructuring.

Board Decision Details

The board meeting, which commenced at 2:00 p.m. (IST) and concluded at 5:05 p.m. (IST), focused on evaluating the consolidation proposal. The company has authorized its management to engage various consultants, advisors, and intermediaries to facilitate the evaluation process.

Merger Proposal Structure

The proposed consolidation involves a scheme of merger by absorption of Mahindra Rural Housing Finance Limited (MRHFL) with M&M Financial Services. MRHFL is a 98.43% owned subsidiary of the parent company, making this an internal restructuring initiative.

Regulatory Compliance and Next Steps

The announcement was made pursuant to Regulation 30 and Regulation 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The in-principle approval comes with specific conditions that must be fulfilled before proceeding.

Key Conditions:

• Further evaluation by the Committee of Independent Directors
• Review and assessment by the Audit Committee of the Board
• Necessary recommendations from both committees
• Final consideration of the consolidation plan by the Board

Future Announcements

The company has committed to making necessary announcements in accordance with SEBI Listing Regulations following the completion of further evaluation and consideration of the final consolidation plan by the board. This information has been uploaded on the company's website under investor relations and regulatory filings section.

The merger evaluation represents a strategic move toward corporate consolidation, though the final decision remains pending comprehensive committee reviews and regulatory compliance procedures.