Change in Director / Key Managerial Personnel

  • Nature of change: Appointment of Additional Director designated as Nominee Director
  • Name and DIN: Mr. Mahtabuzzaman (DIN not disclosed in the data)
  • Effective date: 22nd May 2026, subject to approval of members via postal ballot
  • Tenure: He shall be liable to retire by rotation
  • Profile and qualifications: Mr. Mahtabuzzaman has over 36 years of experience in the life insurance industry. He began his career with Life Insurance Corporation of India (LIC) in 1989 as a Direct Recruit Officer and rose to the position of Executive Director in 2022. He has worked across different parts of India handling responsibilities in almost all areas of life insurance operations and marketing. He also worked on deputation with IRDAI for three years, gaining regulatory experience. He is a Science graduate, Fellow of the Insurance Institute of India, holds a Diploma in Health Insurance, and completed a one-year Post Graduate Executive Programme from IIM Ahmedabad.
  • Compensation: As a Non-Executive Nominee Director, he is entitled to sitting fees and commission for attending Board meetings
  • Eligibility confirmation: He is not debarred from holding office of Director by virtue of any SEBI order or any other Adjudicating Authority
  • Relationship with other directors: No relationship between Directors (certified by BIS details)
  • Previous KMP: The disclosure does not mention who held the position earlier or the nature of their exit

Key Financial or Operational Approvals

No financial results, fundraising, acquisitions, capital infusion, business restructuring, or dividend declarations were mentioned in this disclosure.

Strategic or Business Context

No business outlook, risk commentary, demand trends, regulatory developments, segment-wise insights, restructuring actions, cost measures, expansion plans, or capex announcements were disclosed.

Any Other Material Information

  • Board meeting details: The Board meeting commenced at 03:10 p.m. and concluded at 08:30 p.m. on 22nd May 2026
  • Regulatory compliance: Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, following SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13th July 2023
  • Updated board composition: As of 22nd May 2026, the Board consists of:
  • Mr. Ashwin C Shroff (Executive Chairman)
  • Mr. Ravi A Shroff (Managing Director)
  • Mr. Hrishit A Shroff (Executive Director)
  • Dr. Meena Galliara (Non-Executive Independent Director)
  • Mr. Ninad Gupte (Non-Executive Independent Director)
  • Mr. Shekhar Khanolkar (Non-Executive Independent Director)
  • Mr. Rajesh Varma (Non-Executive Independent Director)
  • Mr. Vihang Virkar (Non-Executive Independent Director)
  • Mr. Mahtabuzzaman (Non-Executive Nominee Director)
  • Company details: BSE Scrip Code: 500650; NSE Scrip Code: EXCELINDUS