Mahindra & Mahindra Financial Services Limited announced recommendation by the board of directors to the members, for their approval, the appointment of MR. Diwakar Gupta as an Independent Director of the company. Further to above, this is to inform and update you that the members of the Company have vide special resolution passed through Postal Ballot, which concluded i.e. 30th December 2022, approved the appointment of Mr. Diwakar Gupta as an Independent Director of the Company, for a first term of five consecutive years commencing from January 1, 2023 to December 31, 2027 (both days inclusive). The results of Postal Ballot have been filed separately. Mr. Diwakar Gupta aged 69 years, is a seasoned
Banker having over 48 years of experience in banking and financial services sector. He was associated with State Bank of India (SBI) for 39
years where he held several top executive/senior management positions and demitted office as its Managing Director and Chief Financial Officer in 2013. After his stint in SBI, he worked as a Senior Advisor (Banking Project) in Aditya Birla Nuvo Ltd. and as an Advisor in India Value Fund Advisors, a leading India-focused PE fund (since rebranded as True North). Mr. Gupta has also worked with Asian Development Bank, Manila (ADB), where he oversaw the private sector and PPP operations of the Bank across developing Asia and the pacific, and participated in the Bank's broader corporate initiatives like launching and operationalizing the biometric based National ID system of Philippines (akin to Aadhaar), and creating ADB Ventures, a donor-funded hybrid venture trust fund.