Max Financial Services Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Retirement on completion of tenure of Independent Director of the Company'.
MFSL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Mr. K. Narasimha Murthy, an Independent Director, is retiring from the board of Max Financial Services at the close of business on March 29, 2026, on completion of his five-year term. The Board had recommended his re-appointment for a second five-year term, but shareholders did not approve the special resolution at the 37th AGM held on September 18, 2025 — only 66.77% voted in favour, short of the 75% required for a special resolution. The Board and Management have acknowledged his contributions during his tenure. The filing is a regulatory disclosure under SEBI Listing Regulations.
This is a routine, pre-scheduled retirement and is not a surprise event, so the market impact is likely minimal. Shareholders should note that the company will need to identify and appoint a new Independent Director to fill the vacancy, which could be disclosed in the coming months.