Mahindra & Mahindra Financial Services Ltd: Outcome of Board Meeting

Mahindra & Mahindra Financial Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 25, 2011, inter alia, has pursuant to the approval of the Remuneration/Compensation Committee of the Board and subject to the approval of the Members by a Special Resolution to be obtained at the forthcoming Annual General Meeting (AGM) of the Company re-appointed Mr. Ramesh Iyer as the Managing Director of the Company for a period of 5 years with effect from April 30, 2011. The Board has also approved the commission payable to the Non-Whole-time Directors of the Company, subject to approval of the Members by a Special Resolution at the said AGM.

The Company has further informed that the Board at the said Meeting, has subject to the approval of the shareholders to be obtained by means of the Postal Ballot in accordance with Section 192A of the Companies Act, 1956 read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001, approved of the increase in the borrowing limits from Rs.15,000 crores to Rs.20,000 crores, in order to further expand its business and to meet its increased financial needs and has fixed 6th May, 2011 as the cut off date for ascertaining the list of the shareholders to whom Postal Ballot Notice and Postal Ballot Form will be sent and also for reckoning the voting rights.

The results of the Postal Ballot will be declared on or before June 14, 2011 at the Corporate Office of the Company, situated at Mahindra Towers, P. K. Kurne Chowk, Worli, Mumbai, 400 018.