Integrated Filing-Governance



General information about company

Scrip Code 500520
NSE Symbol M&M
MSEI Symbol NOTLISTED
ISIN INE101A01026
Name of the entity Mahindra & Mahindra Limited
Date of start of financial year 01-Apr-2025
Date of end of financial year 31-Mar-2026
Reporting Quarter Yearly
Date of Quarter Ending 31-Mar-2026
Type of company Equity
Whether Annexure I (Part A) of the SEBI Circular dated December 31, 2024 related to Compliance Report on Corporate Governance is applicable to the entity? Yes
Whether Annexure I (Part B) of the SEBI Circular dated December 31, 2024 related to Investor Grievance Redressal Report is Applicable to the entity? Yes
Whether Annexure I (Part C) of the SEBI Circular dated December 31, 2024 related to Disclosure of Acquisition of Shares or Voting Rights in Unlisted Companies is Applicable to the entity? Yes
Whether Annexure I (Part D) of the SEBI Circular dated December 31, 2024 related to Disclosure of Imposition of Fine or Penalty is Applicable to the entity? No
Reason For Part D Of Annexure I Disclosure Of Imposition Of Fine Or Penalty Is Not Applicable To The Entity There were no instances which are required to be reported for the Quarter ended 31st March, 2026.
Whether Annexure I (Part E) of the SEBI Circular dated December 31, 2024 related to Disclosure of Updates to Ongoing Tax Litigations or Disputes is Applicable to the entity? Yes
Whether Annexure I (Part F) of the SEBI Circular dated December 31, 2024 related to Disclosure Of Loans / Guarantees / Comfort Letters / Securities Etc. is Applicable to the entity? Yes
Risk management committee Yes
Market Capitalisation as per immediate previous Financial Year Top 100 listed entities
Is SCORE ID Available ? Yes
SCORE Registration ID mahindra
Reason For No SCORE ID
Type of Submission New
Remarks (website dissemination)



Annexure I
Annexure I to be submitted by listed entity on quarterly basis
I. Composition of Board of Directors
Disclosure of notes on composition of board of directors explanatory PAN of any director would not be displayed on the website of Stock Exchange. Category of directors means executive/non-executive/independent/Nominee. If a director fits into more than one category write all categories separating them with hyphen. to be filled only for Independent Director. Tenure would mean total period from which Independent director is serving on Board of directors of the listed entity in continuity without any cooling off period. Notes: Tenure has been calculated for Independent Directors currently serving on the Board of Directors of the Company in number of months and days from the date of their respective appointment, post the commencement of the Companies Act, 2013, up to 31st March 2026. Includes all categories of Directorships held in listed entities. The Committee Membership count will include the count in which the Director is Committee Chairperson. Mr. Anand Gopal Mahindra transitioned to the role of Non-Executive Chairman of the Company with effect from 12th November 2021 upon completion of his tenure as the Executive Chairman of the Company, as approved by the Shareholders at the 71st Annual General Meeting of the Company held on 4th August 2017. Further, Mr. Anand Gopal Mahindra being a Promoter of the Company, is categorised as Chairperson related to the Promoter in the XBRL filing. The Shareholders of the Company, at the Seventy Eighth Annual General Meeting held on 31st July 2024, basis the recommendation of the Board of Directors, approved re-appointment of Dr. Anish Shah as the Managing Director and Chief Executive Officer designated as Group CEO and Managing Director of the Company with effect from 1st April 2025 to 31st March 2030 (both days inclusive), liable to retire by rotation and re-appointment of Mr. Rajesh Jejurikar as a Whole Time Director designated as Executive Director and CEO (Auto and Farm Sector) of the Company, for a period commencing from 1st April 2025 to 24th June 2029 (both days inclusive), liable to retire by rotation. Ms. Nisaba Godrej and Mr. M M Muthiah were appointed by the Shareholders at the 75th Annual General Meeting held on 6th August 2021 as Independent and Non-Executive Directors to hold office for a term of 5 (five) consecutive years commencing from 8th August 2020 to 7th August 2025 (both days inclusive). They were subsequently re-appointed as Independent Directors of the Company for a second term of 5 (five) consecutive years commencing from 8th August 2025 to 7th August 2030 (both days inclusive) as approved by the Shareholders at the 79th Annual General Meeting of the Company held on 31st July 2025. Ms. Shikha Sanjaya Sharma was appointed for a first term of 5 (five) consecutive years on the Board of the Company commencing from 8th August 2019 to 7th August 2024. She was subsequently re-appointed as an Independent Director of the Company for a second term of 5 (five) consecutive years commencing from 8th August 2024 to 7th August 2029 (both days inclusive) as approved by the Shareholders at the 78th Annual General Meeting of the Company held on 31st July 2024. The Shareholders of the Company at the 78th Annual General Meeting of the Company held on 31st July 2024 and pursuant to the recommendation of Board of Directors of the Company, approved the appointment of Ms. Padmasree Warrior as Independent and Non-Executive Director for a term of 5 (five) consecutive years from 17th May 2024 upto 16th May 2029 (both days inclusive), Mr. Ranjan Pant as Non-Executive and Non-Independent Director with effect from 17th May 2024 and Mr. Sat Pal Bhanoo as Non-Executive and Non- Independent Director representing LIC with effect from 17th May 2024. The Shareholders of the Company through the resolutions passed by way of Postal Ballot on 26th November 2025 and pursuant to the recommendation of Board of Directors of the Company, approved the appointment of Ms. Samina Hamied and Mr. Muthu Raju Paravasa Raju Vijay Kumar as Independent and Non-Executive Directors for a term of 5 (five) consecutive years from 7th October 2025 to 6th October 2030 (both days inclusive).
Whether the listed entity has a Regular Chairperson Yes
Whether Chairperson is related to MD or CEO No Disqualification of Directors under section 164 of the Companies Act, 2013
Sr Title (Mr / Ms) Name of the Director PAN DIN Category 1 of directors Category 2 of directors Category 3 of directors Date of Birth Whether the director is disqualified? Start Date of disqualification End Date of disqualification Details of disqualification Current status Whether special resolution passed? [Refer Reg. 17(1A) of Listing Regulations] Date of passing special resolution Initial Date of appointment Date of Re-appointment Date of cessation Tenure of director (in months) No of Directorship in listed entities including this listed entity (Refer Regulation 17A of Listing Regulations) No of Independent Directorship in listed entities including this listed entity [with reference to proviso to regulation 17A(1) & 17A(2)] Number of memberships in Audit/ Stakeholder Committee(s) including this listed entity (Refer Regulation 26(1) of Listing Regulations) No of post of Chairperson in Audit/ Stakeholder Committee held in listed entities including this listed entity (Refer Regulation 26(1) of Listing Regulations) Reason for Cessation Notes for not providing PAN Notes for not providing DIN
1 Mr. Anand Gopal Mahindra 00004695 Non-Executive - Non Independent Director Chairperson 01-May-1955 No Active NA 23-Nov-1989 12-Nov-2021 2 0 1 0
2 Mr. Anish D Shah 02719429 Executive Director Not Applicable CEO-MD 26-Dec-1969 No Active NA 01-Apr-2020 01-Apr-2025 6 0 0 0
3 Mr. Rajesh Ganesh Jejurikar 00046823 Executive Director Not Applicable 24-Jun-1964 No Active NA 01-Apr-2020 01-Apr-2025 1 0 1 0
4 Ms. Nisaba Godrej 00591503 Non-Executive - Independent Director Not Applicable 12-Feb-1978 No Active NA 08-Aug-2020 08-Aug-2025 67.24 5 2 3 0
5 Mr. M M Muthiah 07858587 Non-Executive - Independent Director Not Applicable 17-Sep-1983 No Active NA 08-Aug-2020 08-Aug-2025 67.24 3 1 4 1
6 Ms. Shikha Sanjaya Sharma 00043265 Non-Executive - Independent Director Not Applicable 19-Nov-1958 No Active NA 08-Aug-2019 08-Aug-2024 79.24 5 4 4 0
7 Ms. Padmasree Warrior 10387032 Non-Executive - Independent Director Not Applicable 22-Oct-1960 No Active NA 17-May-2024 17-May-2024 22.15 1 1 0 0
8 Mr. Ranjan Pant 00005410 Non-Executive - Non Independent Director Not Applicable 29-Jun-1959 No Active NA 17-May-2024 17-May-2024 2 1 3 3
9 Mr. Sat Pal Bhanoo 10482731 Non-Executive - Nominee Director Not Applicable 10-Dec-1965 No Active NA 17-May-2024 17-May-2024 2 0 0 0
10 Ms. Samina Hamied 00027923 Non-Executive - Independent Director Not Applicable 01-Dec-1975 No Active NA 07-Oct-2025 07-Oct-2025 5.25 1 1 0 0
11 Mr. Muthu Raju Paravasa Raju Vijay Kumar 05170323 Non-Executive - Independent Director Not Applicable 30-Sep-1969 No Active NA 07-Oct-2025 07-Oct-2025 5.25 3 3 4 2



Annexure 1

II. Composition of Committees
Disclosure of notes on composition of committees explanatory .Category of directors means executive/non-executive/independent/Nominee. if a director fits into more than one category write all categories separating them with hyphen. Mr Muthu Raju Paravasa Raju Vijay Kumar was inducted as a Member and Chairperson of the Audit Committee with effect from 7th October 2025 and as a Member of the Risk Management Committee with effect from 11th February 2026. Ms. Shikha Sharma was elevated as Chairperson on the Governance, Nomination and Remuneration Committee and Risk Management Committee with effect from 7th October 2025. Mr. M M Muthiah was inducted as a Member of the Governance, Nomination and Remuneration Committee with effect from 7th October 2025. He was appointed as Chairperson of the Stakeholders Relationship Committee with effect from 8th August 2024. Ms. Samina Hamied was inducted as a Member of the Risk Management Committee with effect from 7th October 2025 and as a Member of the Governance, Nomination and Remuneration Committee with effect from 11th February 2026.



Audit Committee Details
Whether the Audit Committee has a Regular Chairperson Yes
Sr DIN Number Name of Committee members Category 1 of directors Category 2 of directors Date of Appointment Date of Cessation Remarks
1 05170323 Muthu Raju Paravasa Raju Vijay Kumar Non-Executive - Independent Director Chairperson 07-Oct-2025
2 00043265 Shikha Sanjaya Sharma Non-Executive - Independent Director Member 08-Aug-2019
3 07858587 M M Muthiah Non-Executive - Independent Director Member 08-Aug-2024



Nomination and remuneration committee
Whether the Nomination and remuneration committee has a Regular Chairperson Yes
Sr DIN Number Name of Committee members Category 1 of directors Category 2 of directors Date of Appointment Date of Cessation Remarks
1 00043265 Shikha Sanjaya Sharma Non-Executive - Independent Director Chairperson 08-Aug-2020
2 00591503 Nisaba Godrej Non-Executive - Independent Director Member 08-Aug-2020
3 07858587 M M Muthiah Non-Executive - Independent Director Member 07-Oct-2025
4 00027923 Samina Hamied Non-Executive - Independent Director Member 11-Feb-2026



Stakeholders Relationship Committee
Whether the Stakeholders Relationship Committee has a Regular Chairperson Yes
Sr DIN Number Name of Committee members Category 1 of directors Category 2 of directors Date of Appointment Date of Cessation Remarks
1 07858587 M M Muthiah Non-Executive - Independent Director Chairperson 28-May-2022
2 00004695 Anand Gopal Mahindra Non-Executive - Non Independent Director Member 17-Nov-1992
3 00591503 Nisaba Godrej Non-Executive - Independent Director Member 08-Aug-2024



Risk Management Committee
Whether the Risk Management Committee has a Regular Chairperson Yes
Sr DIN Number Name of Committee members Category 1 of directors Category 2 of directors Date of Appointment Date of Cessation Remarks
1 00043265 Shikha Sanjaya Sharma ID Chairperson 08-Aug-2019
2 02719429 Anish D Shah ED Member 01-Apr-2020
3 00046823 Rajesh Ganesh Jejurikar ED Member 01-Apr-2020
4 00005410 Ranjan Pant NED Member 08-Aug-2024
5 00027923 Samina Hamied ID Member 07-Oct-2025
6 05170323 Muthu Raju Paravasa Raju Vijay Kumar ID Member 11-Feb-2026



Annexure 1
III. Meeting of Board of Directors
Disclosure of notes on meeting of board of directors explanatory
Sr Date(s) of meeting (Enter dates of Previous quarter and Current quarter in chronological order) Maximum gap between any two consecutive (in number of days) Notes for not providing Date Whether requirement of Quorum met (Yes/No) Total Number of Directors as on date of the meeting Number of Directors present* (All directors including Independent Director) No. of Independent Directors attending the meeting*
1 06-Oct-2025 Yes 9 8 4
2 04-Nov-2025 28 Yes 11 11 6
3 12-Nov-2025 7 Yes 11 11 6
4 11-Feb-2026 90 Yes 11 11 6
5 31-Mar-2026 47 Yes 11 11 6



Annexure 1
IV. Meeting of Committees
Disclosure of notes on meeting of committees explanatory This information has to be mandatorily given for Audit Committee and Risk Management Committee, for rest of the committees giving this information is optional. All Members of the Risk Management Committee are Board Members. The last Risk Management Committee Meeting was held on 30-07-2025.
Sr Name of Committee Date(s) of meeting (Enter dates of Previous quarter and Current quarter in chronological order) Maximum gap between any two consecutive (in number of days) Name of other committee Reson for not providing date Whether requirement of Quorum met (Yes/No) Total Number of Directors in the Committee as on date of the meeting Number of Directors Present (All Directors including Independent Director) No. of Independent Directors attending the meeting* No. of members attending the meeting (other than Board of Directors)
1 Audit Committee 03-Nov-2025 Yes 3 3 3 0
2 Audit Committee 12-Nov-2025 8 Yes 3 3 3 0
3 Audit Committee 10-Feb-2026 89 Yes 3 3 3 0
4 Audit Committee 13-Mar-2026 30 Yes 3 3 3 0
5 Audit Committee 31-Mar-2026 17 Yes 3 3 3 0
6 Nomination and remuneration committee 06-Oct-2025 Yes 2 2 2 0
7 Nomination and remuneration committee 03-Nov-2025 27 Yes 3 3 3 0
8 Nomination and remuneration committee 10-Feb-2026 98 Yes 3 3 3 0
9 Risk Management Committee 10-Feb-2026 Yes 5 5 2 0
10 Stakeholders Relationship Committee 03-Nov-2025 Yes 3 3 2 0
11 Stakeholders Relationship Committee 10-Feb-2026 98 Yes 3 2 2 0



Annexure 1
VI. Affirmations
Sr Subject Compliance status (Yes/No)
1 The composition of Board of Directors is in terms of SEBI (Listing obligations and disclosure requirements) Regulations, 2015 Yes
2 The composition of the following committees is in terms of SEBI(Listing obligations and disclosure requirements) Regulations, 2015 a. Audit Committee Yes
3 The composition of the following committees is in terms of SEBI(Listing obligations and disclosure requirements) Regulations, 2015. b. Nomination & remuneration committee Yes
4 The composition of the following committees is in terms of SEBI(Listing obligations and disclosure requirements) Regulations, 2015. c. Stakeholders relationship committee Yes
5 The composition of the following committees is in terms of SEBI(Listing obligations and disclosure requirements) Regulations, 2015. d. Risk management committee (applicable to the top 1000 listed entities) Yes
6 The committee members have been made aware of their powers, role and responsibilities as specified in SEBI (Listing obligations and disclosure requirements) Regulations, 2015. Yes
7 The meetings of the board of directors and the above committees have been conducted in the manner as specified in SEBI (Listing obligations and disclosure requirements) Regulations, 2015 Yes
8 This report and/or the report submitted in the previous quarter has been placed before Board of Directors. Yes
9 Any comments/observations/advice of Board of Directors may be mentioned here: The report for the quarter ended 31st December 2025 was presented before the Board of Directors at its Meeting held on 11th February 2026. The report for the quarter ended 31st March 2026 would be placed before the Board of Directors at its Meeting scheduled to be held in May 2026. The Company affirms that it is compliant with Regulation 27(2)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.



Annexure 1
Sr Subject Compliance status
1 Name of signatory Sailesh Kumar Daga
2 Designation Company Secretary and Compliance Officer



Details of Cyber security incidence
Whether as per Regulation 27(2)(ba) of SEBI (LODR) Regulations, 2015 there has been cyber security incidents or breaches or loss of data or documents during the quarter No
Other details of cyber security incidence or breaches or loss of data event
Number of cyber security incidence or breaches or loss of data event occurred during the quarter
Sr Date of the event Brief details of the event



Annexure II to be submitted by listed entity at the end of the financial year (for the whole of financial year)
I. Disclosure on website in terms of LODR Regulation
Sr Item Compliance status (Yes/No/NA) If status is No details of non-compliance may be given here. Web address
1.1 Details of business Yes https://www.mahindra.com/our-business
1.2 Memorandum of Association and Articles of Association Yes https://www.mahindra.com/sites/default/files/2024-06/M-and-M-MoA-and-AoA-2024.pdf
1.3 Brief profile of board of directors including directorship and full time positions in body corporates Yes https://www.mahindra.com/leadership
2 Terms and conditions of appointment of independent directors Yes https://www.mahindra.com/sites/default/files/2022-07/Independent-Directors-Terms-of-Appointment.pdf
3 Composition of various committees of board of directors Yes https://www.mahindra.com/sites/default/files/2023-02/COMMITTEES%20OF%20THE%20BOARD.pdf
4 Code of conduct of board of directors and senior management personnel Yes https://www.mahindra.com/sites/default/files/2023-02/Code%20of%20Conduct%20for%20Directors.pdf https://www.mahindra.com/sites/default/files/2023-02/Code%20of%20Conduct%20for%20Employees.pdf
5 Details of establishment of vigil mechanism or whistle blower policy Yes https://www.mahindra.com/sites/default/files/2023-02/Whistle-blower%20Policy.pdf
6 Criteria of making payments to non-executive directors Yes https://www.mahindra.com/sites/default/files/reports/investor-relations/annual-report/Integrated-Annual-Report.pdf
7 Policy on dealing with related party transactions Yes https://www.mahindra.com/sites/default/files/2022-07/Policy-on-Materiality-of-and-Dealing-with-related-party-transactions.pdf
8 Policy for determining material subsidiaries Yes https://www.mahindra.com/sites/default/files/2023-02/Policy-for-Determining-Material-Subsidiaries.pdf
9 Details of familiarization programmes imparted to independent directors Yes https://www.mahindra.com/sites/default/files/2026-04/Familiarisation%20Programmes%20conducted%20in%20FY%202026%20for%20Independent%20%26%20Non-Executive%20Directors.pdf
10 Contact information of the designated officials of the listed entity who are responsible for assisting and handling investor grievances Yes https://www.mahindra.com/sites/default/files/2025-04/ESCALATION-MATRIX-FOR-INVESTORS-GRIEVANCES.pdf
11 Email address for grievance redressal and other relevant details Yes https://www.mahindra.com/sites/default/files/2025-04/ESCALATION-MATRIX-FOR-INVESTORS-GRIEVANCES.pdf
12 Financial results Yes https://www.mahindra.com/investor-relations/regulatory-filings
13 Shareholding pattern Yes https://www.mahindra.com/investor-relations/regulatory-filings?field_report_category_target_id=13&field_date_value=All&antibot_key=svneiHham6HldybAStPZE6cxgvgme9jBivO1rGkezq8
14 Details of agreements entered into with the media companies and/or their associates NA
15.1 Schedule of analyst or institutional investor meet and presentation prepared by listed entity for analyst or institutional investor meet Yes https://www.mahindra.com/investor-relations/reports
15.2 Audio or video recordings and transcripts of post earnings/quarterly calls Yes https://www.mahindra.com/investor-relations/reports
16 New name and the old name of the listed entity NA
17 Advertisements as per regulation 47 (1) Yes https://www.mahindra.com/investor-relations/regulatory-filings
18 Credit rating or revision in credit rating obtained Yes https://www.mahindra.com/resources/Credit-Ratings.pdf
19 Separate audited financial statements of each subsidiary of the listed entity Yes https://www.mahindra.com/sites/default/files/2025-07/M%26M_Subsidiary_AR_2024-25.pdf
20 Secretarial compliance report Yes https://www.mahindra.com/sites/default/files/2025-05/ASCR2025.pdf
21 Materiality policy as per regulation 30 (4) Yes https://www.mahindra.com/sites/default/files/2025-04/Policy%20for%20Determination%20of%20Materiality%20for%20Disclosure%20of%20events%20or%20information.pdf
22 Disclosure of contact details of KMP who are authorized for the purpose of determining materiality as required under regulation 30(5) Yes https://www.mahindra.com/sites/default/files/2022-07/Contact-Details-of-KMP-Disclosure-Policy.pdf
23 Disclosures under regulation 30(8) Yes https://www.mahindra.com/investor-relations/regulatory-filings
24 Statements of deviation(s) or variations(s) as specified in regulation 32 NA
25 Dividend distribution policy as specified in regulation 43A (1) Yes https://www.mahindra.com/sites/default/files/resources/investor-reports/FY17/Governance/MM-Dividend-Distribution-Policy-29-9-2016-Final.pdf
26.1 Annual return as provided under section 92 of the Companies Act 2013 Yes https://www.mahindra.com/sites/default/files/2025-09/Annual%20Return%202024-2025.pdf
26.2 Employee benefit scheme documents framed in terms of SEBI (SBEB) regulations 2021
27 Confirmation that the above disclosures are in a separate section as specified in regulation 46(2) Yes https://www.mahindra.com/sites/default/files/2025-04/Disclosures-under-Reg-46-62-MM-URLs_PDF.pdf
28 Compliance with regulation 46(3) with respect to accuracy of disclosures on the website and timely updation Yes https://www.mahindra.com/
29 Disclosure of notes on website in terms of Listing Regulations explanatory In point 4 - Weblink is provided for Code of Conduct for Directors and Code of Conduct for Employees simultaneously. In point 6 - Criteria for making payments to Non-Executive Directors is available on Page No. 180 of the Corporate Governance Report of Annual Report 2024-25, the link of which is provided there. In point 26.2 - Weblink is provided for ESOP Annexure and ESOP Scheme simultaneously.


Text Block
Textual Information(1) In point 4 - Weblink is provided for Code of Conduct for Directors and Code of Conduct for Employees simultaneously. In point 6 - Criteria for making payments to Non-Executive Directors is available on Page No. 180 of the Corporate Governance Report of Annual Report 2024-25, the link of which is provided there. In point 26.2 - Weblink is provided for ESOP Annexure and ESOP Scheme simultaneously.



Annexure II
II. Annual Affirmations
Sr Particulars Regulation Number Compliance status (Yes/No/NA) If status is No details of non-compliance may be given here.
1 Independent director(s) have been appointed in terms of specified criteria of independence and/or eligibility 16(1)(b) Yes
2 Board Composition 17(1), 17(1A) & 17(1C), 17(1D) & 17(1E) Yes
3 Meeting Of Board Of Directors 17(2) Yes
4 Quorum of board meeting 17(2A) Yes
5 Review of Compliance Reports 17(3) Yes
6 Plans for orderly succession for appointments 17(4) Yes
7 Code of Conduct 17(5) Yes
8 Fees/compensation 17(6) Yes
9 Minimum Information 17(7) Yes
10 Compliance Certificate 17(8) Yes
11 Risk Assessment & Management 17(9) Yes
12 Performance Evaluation of Independent Directors 17(10) Yes
13 Recommendation of Board 17(11) Yes
14 Maximum number of Directorships 17A Yes
15 Composition of Audit Committee 18(1) Yes
16 Meeting of Audit Committee 18(2) Yes
17 Role of Audit Committee and information to be reviewed by the audit committee 18(3) Yes
18 Composition of nomination & remuneration committee 19(1) & (2) Yes
19 Quorum of Nomination and Remuneration Committee meeting 19(2A) Yes
20 Meeting of Nomination and Remuneration Committee 19(3A) Yes
21 Role of Nomination and Remuneration Committee 19(4) Yes
22 Composition of Stakeholder Relationship Committee 20(1), 20(2) & 20(2A) Yes
23 Meeting of Stakeholders Relationship Committee 20(3A) Yes
24 Role of Stakeholders Relationship Committee 20(4) Yes
25 Composition and role of risk management committee 21(1),(2),(3),(4) Yes
26 Meeting of Risk Management Committee 21(3A) Yes
27 Quorum of Risk Management Committee meeting 21(3B) Yes
28 Gap between the meetings of the Risk Management Committee 21(3C) Yes
29 Vigil Mechanism 22 Yes
30 Policy for related party Transaction 23(1), (1A), (5), (6), & (8) Yes
31 Prior or Omnibus approval of Audit Committee for all related party transactions 23(2), (3) Yes
32 Approval for material related party transactions 23(4) Yes
33 Disclosure of related party transactions on consolidated basis 23(9) Yes
34 Composition of Board of Directors of unlisted material Subsidiary 24(1) NA
35 Other Corporate Governance requirements with respect to subsidiary of listed entity 24(2),(3),(4),(5) & (6) Yes
36 Alternate Director to Independent Director 25(1) NA
37 Maximum Tenure 25(2) Yes
38 Appointment, Re-appointment or removal of an Independent Director through special resolution or the alternate mechanism 25(2A) Yes
39 Meeting of independent directors 25(3) & (4) Yes
40 Familiarization of independent directors 25(7) Yes
41 Declaration from Independent Director 25(8) & (9) Yes
42 Directors and Officers insurance 25(10) Yes
43 Confirmation with respect to appointment of Independent Directors who resigned from the listed entity 25(11) NA
44 Memberships in Committees 26(1) Yes
45 Affirmation with compliance to code of conduct from members of Board of Directors and Senior management personnel 26(3) Yes
46 Policy with respect to Obligations of directors and senior management 26(2) & 26(5) Yes
47 Approval of the Board and shareholders for compensation or profit sharing in connection with dealings in the securities of the listed entity 26(6) NA
48 Vacancies in respect Key Managerial Personnel 26A(1) & 26A(2), 26A(3) Yes
Any other information to be provided - Add Notes



Annexure II
III. Affirmations
Sr Particulars Compliance status (Yes/No/NA)
1 The Listed Entity has approved Material Subsidiary Policy and the Corporate Governance requirements with respect to subsidiary of Listed Entity have been complied Yes
Any other information to be provided



Annexure II
1 Name of signatory Sailesh Kumar Daga
2 Designation Company Secretary and Compliance Officer



Additional Half yearly Disclosure
Any Other Information for Disclosure of Loans / Guarantees / Comfort Letters / Securities Etc.
I. Disclosure of Loans/ guarantees/comfort letters /securities etc.refer note below
(A)Any loan or any other form of debt advanced by the listed entity directly or indirectly to
Entity Aggregate amount advanced during six months Balance outstanding at the end of six months
Promoter or any other entity controlled by them 0 0
Promoter Group or any other entity controlled by them 0 0
Directors (including relatives) or any other entity controlled by them 0 0
KMPs or any other entity controlled by them 0 0
(B) Any guarantee / comfort letter (by whatever name called) provided by the listed entity directly or indirectly, in connection with any loan(s) or any other form of debt availed By
Entity Type (guarantee, comfort letter etc.) Aggregate amount of issuance during six months Balance outstanding at the end of six months(taking into account any invocation)
Promoter or any other entity controlled by them 0 0 0
Promoter Group or any other entity controlled by them 0 0 0
Directors (including relatives) or any other entity controlled by them 0 0 0
KMPs or any other entity controlled by them 0 0 0
(C) Any security provided by the listed entity directly or indirectly, in connection with any loan(s) or any other form of debt availed by
Entity Type of security (cash, shares etc.) Aggregate value of security provided during six months Balance outstanding at the end of six months
Promoter or any other entity controlled by them 0 0 0
Promoter Group or any other entity controlled by them 0 0 0
Directors (including relatives) or any other entity controlled by them 0 0 0
KMPs or any other entity controlled by them 0 0 0
(D) Additional Information
II. Affirmations
Affirmations Compliance Status Company Remarks
All loans (or other form of debt), guarantees, comfort letters (by whatever name called) or securities in connection with any loan(s) (or other form of debt) given directly or indirectly by the listed entity to promoter(s), promoter group, director(s) (including their relatives), key managerial personnel (including their relatives) or any entity controlled by them are in the economic interest of the company. Yes
Name Amarjyoti Barua
Designation Chief Financial Officer
Place Mumbai
Date 27-Apr-2026



Signatory Details
Name of signatory Sailesh Kumar Daga
Designation of person Company Secretary and Compliance Officer
Place Mumbai
Date 27-Apr-2026


Investor Grievance Details
No. of investor complaints pending at the beginning of Quarter 1
No. of investor complaints received during the Quarter 25
No. of investor complaints disposed off during the Quarter 25
No. of investor complaints those remaining unresolved at the end of the Quarter 1


Disclosure of Acquisition of Shares or Voting Rights in Unlisted Companies-
The details of acquisition of shares or voting rights in unlisted companies during the quarter in terms of sub-para 1 of para A of Part A of Schedule III are given below
Any Other Information for Disclosure of Acquisition of Shares or Voting Rights in Unlisted Companies The Company sold its entire stake held in Blue Planet Integrated Waste Solutions Private Limited. Further investments through the subscription of shares, consequent to which the percentage holdings remain unchanged. Note i. Date of Allotment is considered as date of Acquisition Note ii. Only the Companys standalone shareholding is considered Note iii. For the date of Sale of Stake, the Company has taken the actual date of Sale Note iv. For date of Dilution of Stake, the Company has taken the date of Allotment to other parties.
Sr. No. Name of the unlisted company in which shares or voting rights have been acquired Date of acquisition Aggregate holding (% shares or voting rights) as at the end of the previous quarter % shares or voting rights acquired during the quarter Aggregate holding (% shares or voting rights) as at the end of the quarter
1 Blue Planet Integrated Waste Solutions Private Limited 02-Mar-2026 20.0 -20.0 0
2 Mahindra Electric Automobile Limited 18-Mar-2026 100 0 100
3 Mahindra Automotive Mauritius Limited 31-Mar-2026 100 0 100


Disclosure of Imposition of Fine or Penalty
The details of imposition of fine or penalty during the quarter in terms of sub-para 20 of para A of Part A of Schedule III are given below:
Any Other Information for Disclosure of Imposition of Fine or Penalty
Sr. No. Name of the authority Nature and details of the action(s) taken or order(s) passed Date of receipt of direction or order, including any ad interim or interim orders, or any other communication from the authority Details of the violation(s)/ contravention(s) committed or alleged to be committed Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible


Disclosure of Updates to Ongoing Tax Litigations or Disputes
The updates on tax litigations or disputes in terms of sub-para 8 of para B of Part A of Schedule III read with corresponding provisions of Annexure 18 of the Master Circular are given below:

Any Other Information for Disclosure of Updates to Ongoing Tax Litigations or Disputes
Sr. No. Name of the opposing party Date of initiation of the litigation / dispute Status of the litigation / dispute as per last disclosure Current status of the litigation / dispute
1 Income Tax Department 23-Sep-2022 The Company had filed an appeal before the Hon’ble High Court of Bombay against an order passed by the Income Tax Appellant Tribunal (ITAT) on certain disallowances and additions set aside to Assessing Officer pertaining to the erstwhile Mahindra Trucks and Buses Limited (since merged with Mahindra Two Wheelers Limited which in turn merged with the Company) for Assessment Year 2013-14. The Assessing Officer in Order giving effect to ITAT order decided the issues set aside in favour of the Company and hence, the appeal filed before Hon'ble Bombay High Court was withdrawn by the Company. The Hon’ble High Court of Bombay vide its Order dated 11th March 2026, has dismissed the appeal as withdrawn.
2 Additional Commissioner (ST), Intelligence I (FAC), Chennai-6 26-Dec-2024 An authorisation dated 26th December 2024, for initiating inspection / search proceedings u/s 67 of CGST Act, 2017 was issued by Additional Commissioner (ST), Intelligence-I (FAC), Chennai-6 on the Company. The same was shown to the Company’s officials on 27th December 2024 at around 12.15 p.m. wherein, the department have sought records related to below observations for the period F-19 till December, 2024 for conducting further inquiries: (i) Transactions relating to supply of goods or services including payment under Reverse Charge; (ii) Input Tax Credit claims by the Company. The Company has received orders dated 24th March 2026 and 30th March 2026. Following points are forthcoming from these orders: (i) It has been mentioned that these inquiries were inspection proceedings rather than search proceedings. Accordingly, such inspection proceedings do not necessitate disclosure under SEBI Regulations. (ii) The issues covered by the inspection proceedings have been concluded and dropped in entirety in favor of the Company for FY 19-20 & FY 20-21. The Company is expecting similar outcome for future period under litigation as well.