Max Financial Services Limited has informed the Exchange regarding 'Re-appointment of M/s MGC & KNAV Global Risk Advisory LLP as Internal Auditors of the Company for the financial year 2026-27'.
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Max Financial Services Limited's Board meeting on May 12, 2026 approved four key items. First, Mr. Mitsuru Yasuda resigned as Non-Executive Non-Independent Director due to internal re-assignment at Mitsui Sumitomo Insurance Company Ltd (MSI), effective from close of business on May 12, 2026. Second, Mr. Toru Nakabayashi was appointed as Additional Director (Non-Executive Non-Independent) effective May 13, 2026, nominated by MSI to replace Mr. Yasuda - he brings over 20 years of insurance experience across Japan, Indonesia, and Malaysia, including senior roles at MSIG Group. Third, Mr. V. Krishnan's term as Manager (KMP) was extended for 2 years from July 1, 2026, subject to shareholder approval. Fourth, M/s MGC & KNAV Global Risk Advisory LLP was re-appointed as Internal Auditors for FY 2026-27.
The changes indicate continuity in the MSI partnership with a seamless director replacement bringing international insurance expertise. The KMP extension and internal auditor re-appointment suggest stable management and governance controls, which is positive for operational consistency.