Mumbai, March 9, 2016: Mahindra & Mahindra Financial Services Limited (Mahindra Finance), one of India’s leading non-banking finance companies, today announced that Mr. Bharat Doshi has stepped down from his position as a member of the Board, and consequently as its Chairman, with immediate effect. This move is in view of his recent nomination as a Director on the Central Board of the RBI, to avoid any conflict of interest and to be consistent with the principles of good governance.
“Bharat has been an integral part of the Mahindra growth story and a solid pillar of the Group for over 40 years. He was a major player and prime mover in the creation and subsequent exponential growth of Mahindra Finance. I wish him the very best in his new role at the RBI and am confident that his wisdom and experience will benefit the nation in the years to come,” said Anand Mahindra, Chairman, Mahindra Group.
“I am delighted with Mr. Doshi’s appointment as director on the Central Board of the RBI. He has been my mentor since I joined Mahindra Finance and I will feel his absence the most. Under his guidance the company has scaled greater heights by launching new initiatives likes Mahindra Rural Housing Finance and Mahindra Insurance Brokers,” said Ramesh Iyer, Managing Director, Mahindra Finance.
From 1992 to 2013, Mr. Bharat Doshi was the Executive Director and Group CFO of Mahindra & Mahindra Ltd. He has played a critical role in laying the foundation of the Mahindra Group’s transformation into a widely diversified and financially strong federation of businesses.
Mr. Doshi has been associated with Mahindra Finance since its inception in 1991. He led the initiative of conceptualizing, establishing and then nurturing and growing Mahindra Finance far beyond the captive status it had in its formative years. He was a member of the Board of Directors of Mahindra Finance from March 1992, and it’s Chairman from April 2008.
Mr. Doshi will continue to remain the Chairman of Mahindra Intertrade Limited, and a trustee of the K.C. Mahindra Education Trust & the Mahindra Foundation. He will also continue on the Board of Governors of The Mahindra United World College of India.