News Stocks Max Financial Services Announces Postal Ballot for Independent Director Appointment and Remuneration ApprovalMax Financial Services Announces Postal Ballot for Independent Director Appointment and Remuneration Approval
Max Financial Services Limited has issued a postal ballot notice seeking shareholder approval for appointing Mr. Bharat Anand as Independent Director for five years from March 29, 2026, and approving his remuneration of up to Rs. 20,00,000 per annum. The remote e-voting process runs from February 20 to March 21, 2026, with results to be declared on March 23, 2026. Mr. Anand brings extensive legal and corporate governance expertise, currently serving as Partner at Khaitan & Co LLP and holding independent director positions across multiple listed companies.
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Max Financial Services Limited has announced a comprehensive postal ballot process to seek shareholder approval for critical board appointments and remuneration decisions. The company issued a formal notice dated February 11, 2026, outlining two special resolutions that require member consent through remote e-voting.
Key Resolutions for Shareholder Approval
The postal ballot encompasses two interconnected special resolutions that will shape the company's board composition and governance structure.
Independent Director Appointment
The primary resolution seeks approval for appointing Mr. Bharat Anand (DIN: 02806475) as a Non-Executive Independent Director. The Board of Directors, based on the Nomination and Remuneration Committee's recommendation, appointed him as an Additional Director (Independent) effective March 29, 2026.
| Parameter: | Details |
|---|---|
| Director Name: | Mr. Bharat Anand |
| DIN: | 02806475 |
| Appointment Date: | March 29, 2026 |
| Term Duration: | 5 consecutive years |
| Term End Date: | March 28, 2031 |
| Position Type: | Non-Executive Independent Director |
Remuneration Approval
The second resolution addresses the compensation structure for the newly appointed independent director. Shareholders will vote on approving remuneration of up to Rs. 20,00,000 per annum for Mr. Anand.
| Component: | Details |
|---|---|
| Annual Remuneration: | Up to Rs. 20,00,000 |
| Duration: | 3 years |
| Commencement: | March 29, 2026 |
| Additional Benefits: | Sitting fees of Rs. 1,00,000 per board/committee meeting |
Director Profile and Qualifications
Mr. Bharat Anand brings extensive corporate governance and legal expertise to the board. He currently serves as a Partner at Khaitan & Co LLP, Delhi, and holds independent director positions across multiple listed companies including Mankind Pharma Limited, Bharat Serums and Vaccines Limited, JK Paper Limited, Syrma SGS Technology Limited, Sandhar Technologies Limited, and Rockman Industries Limited.
Educational Background:
- Bachelor's Degree in Arts (Economics) from University of Delhi
- Bachelor's Degree in Law (Honours) from Jesus College, University of Cambridge
Professional Recognition:
- Ranked as 'Band 1' lawyer for Corporate/M&A by Chambers & Partners
- Recognized as 'Recommended Lawyer' for Corporate/M&A and Private Equity by Legal 500
- Featured in Asian Legal Business Dealmakers of Asia List for 2025
- Distinguished Practitioner for Private Equity and M&A by IFLR1000
E-Voting Process and Timeline
The company has engaged National Securities Depository Limited (NSDL) to facilitate the remote e-voting process. The voting mechanism ensures comprehensive shareholder participation while maintaining regulatory compliance.
| Timeline Component: | Date and Time |
|---|---|
| Cut-off Date: | February 13, 2026 |
| Notice Dispatch: | February 19, 2026 |
| E-voting Commencement: | February 20, 2026 at 9:00 AM (IST) |
| E-voting Conclusion: | March 21, 2026 at 5:00 PM (IST) |
| Result Declaration: | March 23, 2026 |
Regulatory Compliance and Documentation
The postal ballot process adheres to multiple regulatory frameworks including Sections 108 and 110 of the Companies Act, 2013, SEBI Listing Regulations, and various MCA circulars. The company has appointed M/s Sanjay Grover & Associates as scrutinizers, with Mr. Kapil Dev Taneja (CP No. 22944) as the primary scrutinizer and Mr. Neeraj Arora (CP No. 10781) as the alternate.
Key Compliance Aspects:
- Electronic dispatch only, following MCA Circular No. 03/2025 dated September 22, 2025
- Voting rights based on shareholding as of cut-off date
- Comprehensive documentation including explanatory statements
- Transparent scrutiny and result declaration process
Financial Context and Strategic Rationale
The company's recent financial performance shows challenges that underscore the importance of strong independent oversight. The standalone financial results indicate total revenue of Rs. 13.60 crore for 9M FY26, with a net loss after tax of Rs. 4.30 crore. The appointment aims to strengthen corporate governance during this critical period.
Shareholders can access the complete postal ballot notice on the company's website at www.maxfinancialservices.com and NSDL's e-voting portal at www.evoting.nsdl.com . The resolutions, if approved by requisite majority, will be deemed passed on March 21, 2026, the last date of the e-voting period.
Historical Stock Returns for Max Financial Services
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.24% | +5.65% | +10.92% | +11.69% | +72.50% | +110.68% |
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