Nature of change: Appointment of Non-Official (Independent) Director
Name and DIN: Shri Rakesh Bhalla (DIN: 07020164)
Effective date: 13 August 2026
Tenure: Three years until 12 August 2029 or until further orders, whichever is earlier
Profile and qualifications: Finance professional and Fellow Member of the Institute of Cost Accountants of India (CMA) with over 36 years of industry experience with SML Isuzu Ltd. (formerly Swaraj Mazda Limited). Served in various departments including Internal Audit, Taxation, Finance, and Accounts. Headed IT Department for more than five years (2007–2012) and led Procurement and Vendor Development for over five years (2019–2025). Served as Chief Financial Officer (CFO) and Chief Risk Officer (CRO) at SML Isuzu Limited until September 30, 2025. From October 2025 until May 2026, served as Advisor to the CEO at SML Mahindra. After retirement, started own company "RBAC Advisory Consortium Pvt. Ltd." for providing single-window business solutions. Current Chairman of the Chandigarh Council and Member of the National Managing Committee of ASSOCHAM. Life Member of the Institute of Materials Management (IIMM), and served as Vice President (2022-23) and Central Council Member of ICMAI.
Eligibility confirmation: Company affirms that the director is not debarred from holding office by virtue of any SEBI order or any other such authority, in compliance with NSE & BSE Circular No. NSE/CML/2018/02 & LIST/COMP/14/2018-19 respectively dated June 20, 2018
Relationship with other directors: Not related to any director of the Company
Previous position: This is a new appointment as Independent Director
Governance implications: Appointment as Independent Director brings financial expertise and risk management experience to the board
Any Other Material Information
Appointment authority: Appointment made by Ministry of Railways, Government of India, vide order no. 2026/PL/57/16 dated 13.08.2026, conveying that the President of India has appointed the director
Regulatory compliance: Declaration as per SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30th January, 2026 is enclosed as Annexure-A
Updated board composition: As of 14 August 2026, the Board consists of:
