Change in Director / Key Managerial Personnel

Nature of change: Cessation of existing director and appointment of new director representing major shareholder.

Cessation Details:

  • Mr. Ashwani Ghai (DIN: 09733798) ceased to be Non-Executive (Non-Independent) Director effective 22nd June 2026
  • He was appointed on 23rd June 2023 representing Life Insurance Corporation of India (LIC)
  • His cessation occurred due to succession by new LIC nominee

New Appointment Details:

  • Mr. Krishna Kumar Sukumaran Nair (DIN: 11673376) appointed as Non-Executive (Non-Independent) Director
  • Effective from 23rd June 2026, representing LIC on the Board
  • Appointment is subject to approval of Members at the ensuing Annual General Meeting
  • Appointment basis nomination by LIC under section 160 of the Companies Act 2013

Profile of New Director:

  • Seasoned financial services professional with over 36 years of managerial expertise
  • Superannuated from LIC on 31st May 2026
  • Previously served as Executive Director – Corporate Governance and Chief Compliance Officer of LIC
  • Designated as Key Managerial Person by LIC Board
  • Domain expertise includes regulatory compliance, ESG matters, information technology, customer relations, business procurement and housing finance
  • Educational qualifications: B.Tech and Fellow member of Insurance Institute of India (FIII)
  • Additional qualifications: Advanced diploma in Life Insurance Underwriting and specialized diploma in Health Insurance
  • Joined LIC of India in 1989 as Direct Recruit Officer
  • Held leadership roles across LIC's Administrative and Business spectrum

Shareholding Context:

  • LIC holds 14,26,25,702 equity shares, constituting 10.26% of paid-up share capital as on 31st March 2026

Any Other Material Information

Regulatory Compliance:

  • Intimation made under Regulation 30 and 51 read with Schedule III of SEBI Listing Regulations
  • Specifically complies with Part A, Para A (7) and Part B, Para A (18) of Schedule III
  • Also complies with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 11th July 2023 (as updated)
  • Disclosure uploaded on company website at https://www.mahindrafinance.com/investor-relations/regulatory-filings