SML Isuzu Limited has informed the Exchange regarding Resignation of Mr. Sanjeev Mehan as Non- Executive Independent Director of the company w.e.f. August 01, 2025.
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Mahindra & Mahindra (M&M) completed the purchase of 85,33,053 equity shares (58.96%) of SML Isuzu from Sumitomo Corporation (43.96%) and Isuzu Motors (15%) on August 1, 2025, making M&M the new promoter. Sumitomo has ceased to be the promoter. The board approved renaming the company from 'SML Isuzu Limited' to 'SML Mahindra Limited', pending MCA approval. Six new directors were appointed — including Dr. Venkataraman Srinivas as Executive Director & CEO and Mr. Vinod Kumar Sahay as Executive Director (both KMPs). Seven outgoing directors resigned, including MD & CEO Yasushi Nishikawa and four Sumitomo nominees plus one Isuzu nominee, along with two independent directors Ms. Atima Khanna and Mr. Sanjeev Mehan. All resignations are linked directly to the change in control.
This is a transformative event for shareholders: M&M's takeover brings the company under a large Indian auto conglomerate with deep commercial vehicle expertise, which could drive operational synergies and a possible re-rating of the stock. The new CEO and executive team have strong Mahindra Group and automotive backgrounds, which is positive for strategic direction, though integration risks remain.