Mr. K. Narasimha Murthy, an Independent Director of Max Financial Services Limited, is set to retire from the Board effective March 29, 2026, upon the completion of his initial five-year term. A subsequent proposal for his re-appointment for a second term was not approved by shareholders at the Annual General Meeting held on September 18, 2025, as the required 75% majority was not achieved. The Board acknowledged his valuable contributions.
Cessation of Independent Director Tenure
Max Financial Services Limited has formally announced the retirement of Mr. K. Narasimha Murthy (DIN: 00023046) from his position as an Independent Director. This retirement is effective at the close of business hours on March 29, 2026, marking the completion of his tenure.
Review of Re-appointment Proposal
Mr. Murthy was initially appointed for a five-year term commencing March 30, 2021, and concluding on March 29, 2026. Following a recommendation from the Nomination and Remuneration Committee, the Board had approved his re-appointment for a second term of five years (March 30, 2026, to March 29, 2031).
However, this proposed re-appointment required shareholder approval via a special resolution at the 37th Annual General Meeting held on September 18, 2025. Shareholders did not approve the resolution, as only 66.77% of the total votes were cast in favour, falling short of the necessary 75% requisite majority for passing a special resolution.
Details of Cessation
The official details regarding the change in directorship are as follows:
- Reason for Change: Retirement upon completion of his term as an Independent Director.
- Effective Date: The cessation of office occurs at the close of business hours on March 29, 2026.
The Board and Management expressed their sincere appreciation for the valuable contributions made by Mr. K. Narasimha Murthy during his association with the Company.
Source: BSE
