Mahindra & Mahindra (M&M) has stated that Anand Mahindra will continue to be at the helm of the company till November 11, 2021 instead of April 1, 2020 as the company had announced earlier.
The decision was made after market regulator the Securities & Exchange Board of India (SEBI) recently extended its deadline to top listed companies to split the posts of Chairman and Managing Director by two years, till April 2022.
It may be recalled that earlier, the SEBI had directed the top 500 listed entities by market capitalization to split the roles of Chairman and Managing Director, in order to improve the corporate governance structure of listed companies.
In its latest regulatory filing to stock exchanges, M&M has stated that “Anand Mahindra will continue as the Executive Chairman of the Company up to November 11, 2021. Dr Pawan Goenka and Dr Anish Shah would continue to report to Anand Mahindra”.
“The Governance, Nomination and Remuneration Committee ('GNRC') and the Board of Directors of the Company, have unanimously requested Anand Mahindra to continue as the Executive Chairman till his original term of appointment as approved by the Shareholders of the Company i.e. up to November 11, 2021...”
“..In deference to the wishes of the GNRC and Board, Anand Mahindra has acceded to the request to continue as the Executive Chairman till his original term of appointment,” the company stated in the filing.