Mahindra & Mahindra in a statement said that Anand Mahindra will continue to head the company until November 11, 2021, instead of April 1, 2020, as announced earlier.
The decision came in wake of SEBI extending its deadline for companies to split the posts of Chairman and Managing Director by two years until April 2022.
The company in its regulatory filing said, “Anand Mahindra will continue as the Executive Chairman of the Company upto November 11, 2021 and Dr. Pawan Goenka and Dr. Anish Shah would continue to report to him. The Governance, Nomination and Remuneration Committee (GNRC') and the Board of Directors of the Company, have unanimously requested Mr. Anand Mahindra to continue as the Executive Chairman till his original term of appointment as approved by the Shareholders of the Company i.e. upto 11th November, 2021.”
Anand Mahindra has acceded to continue in his role as Executive Chairman till his original term of appointment, the company said in the filing.
As a move to improve corporate governance structure of listed companies, SEBI had directed top 500 listed entities by market capitalization to split the roles of Chairman and Managing Director. The deadline for compliance was extended to April 1, 2020, last month.
