Mahindra & Mahindra said on Saturday that Anand Mahindra will continue to be at the helm of the company till November 11, 2021 instead of April 1, 2020 as announced earlier.
The decision was made after market regulator Sebi or Securities and Exchange Board of India extended its deadline for companies to split the posts of chairman and managing director by two years till April 2022.
"Anand Mahindra will continue as the Executive Chairman of the Company up to 11th November, 2021 and Dr Pawan Goenka and Dr Anish Shah would continue to report to Mr Anand Mahindra," the auto maker said in a regulatory filing.
"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," Mahindra & Mahindra said.
"In deference to the wishes of the GNRC and Board, Mr. Anand Mahindra has acceded to the request to continue as the Executive Chairman till his original term of appointment," the company added.
Aiming to improve the corporate governance structure of listed companies, Sebi had directed the the top 500 listed entities by market capitalisation to split the roles of chairman and managing director.
However, the deadline for compliance was extended to April 1, 2020 last month.