Long-serving Mahindra & Mahindra group chairman, Anand Mahindra, will step down from his government to develop into the non-executive chairman from November 2021.
Mahindra had intentionally undertaken non-executive chairmanship from April 2020, compatible with market regulator Sebi’s mandate that the chairperson of the board of prime 500 listed entities is a non-executive director – additionally not incorporated with the MD or CEO. However, Sebi lengthened the deadline for the agreement to April 2022. Post his stepping down from his govt function, and it isn’t clear if he will hopefully be spending a significant part of his time within the US.
It sojourns to be seen who will take over as chairman. This April 2021, Anish Shah took over as group MD of Mahindra & Mahindra following Pawan Goenka’s retirement. In December 2019, it was concluded that Anand Mahindra would adapt to the Non-Executive Chairman of the Board of M&M with impact from April 1, 2020, to adjust to Regulation 17(1B) of the Listing Regulations.
However, in February 2020, Mahindra & Mahindra, in a substitute submitting interjected that according to the Securities and Exchange Board of India [SEBI] notification dated January 10, 2020, delaying the deadline for compliance with Regulation 17(1B) from April 1, 2020, to April 1, 2022; the Governance, Nomination, and Remuneration Committee [GNRC] and the Board of Directors of the Company have collectively requested Anand Mahindra to continue because the Executive Chairman until his unprecedented period of appointment as empowered by the Shareholders of the Company, i.e., up to November 11, 2021. Concerning the wishes of the GNRC and Board, Anand Mahindra has consented to the request to proceed because the Executive Chairman until his sole appointment period.