annual-report-FY2020

MAHINDRA & MAHINDRA LIMITED 18 Dr. Shah was President and CEO of GE Capital India from 2009-14, where he led the transformation of the business, including a turnaround of its SBI Card joint venture. His career at GE spanned 14 years, during which he held several leadership positions at GE Capital’s US and global units. As Director, Global Mortgage, Dr. Shah worked across 33 countries to drive growth and manage risk. As Senior Vice President (Marketing and Product Development) at GE Mortgage Insurance, he led various growth initiatives and played a key role in preparing the business for an IPO, as a spinoff from GE. In his initial years with GE, Dr. Shah also led Strategy, eCommerce and Sales Force Effectiveness. Dr. Shah also received GE’s prestigious Lewis Latimer Award for outstanding utilisation of Six Sigma in developing a “Digital Cockpit”. Dr. Shah also has diverse experience with global businesses beyond GE. Dr. Shah led Bank of America’s US Debit Products business, where he launched an innovative rewards program, led numerous initiatives in payment technology and worked closely with various teams across the Bank to enhance value for the customer. As a strategy consultant at Bain & Company in Boston, Dr. Shah worked across multiple industries, including Banking, Oil Rigs, Paper, Paint, Steam Boilers and Medical Equipment. His first role was with Citibank in Mumbai, where he issued Bank Guarantees and Letters of Credit as Assistant Manager, Trade Services. Dr. Anish Shah is the Deputy Managing Director and Group Chief Financial Officer of Mahindra & Mahindra Limited, Director of Mahindra and Mahindra Financial Services Limited, Mahindra Lifespace Developers Limited, Mahindra Trucks and Buses Limited, Tech Mahindra Limited and Mahindra Holidays & Resorts India Limited. Dr. Shah is a Member of the following Board Committees: Sr. No. Name of the Company Name of the Committee Position Held 1. Mahindra & Mahindra Limited Risk Management Committee Member 2. Mahindra & Mahindra Financial Services Limited Audit Committee Member Nomination and Remuneration Committee Member Strategic Investment Committee Member 3. Mahindra Lifespace Developers Limited Audit Committee Member Loans & Investment Committee Member Nomination and Remuneration Committee Member 4. Tech Mahindra Limited Investment Committee Member Risk Management Committee Member Dr. Shah holds 1,11,352 Ordinary (Equity) Shares in the Company. The appointment of Dr. Shah as an Additional Director is effective from 1 st April, 2020 and he has attended all the Board Meetings of the Company held since 1 st April, 2020 till date. The Explanatory Statement may be considered as a written Memorandum setting out terms, conditions and limits of remuneration of Dr. Anish Shah as DeputyManaging Director and Group Chief Financial Officer (from 1 st April, 2020 to 1 st April, 2021) and as the Managing Director and Chief Executive Officer (from 2 nd April, 2021 to 31 st March, 2025) in terms of section 190 of the Act. Pursuant to sections 196, 197, 198 and all other applicable provisions of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 [including any statutory modification(s) or re-enactment(s) thereof for the time being in force] read with Schedule V of the Act, the appointment of and remuneration payable to Dr. Shah is now being placed before the Members at the Annual General Meeting for their approval by way of Special Resolution. The following additional information as required by Schedule V to the Companies Act, 2013 is given below: I. General Information: (i) Nature of Industry: The Company is, inter alia, in the business of manufacture of different range of automotive vehicles, agricultural tractors, implements, industrial engines, etc. (ii) Date or expected date of commencement of commercial production: The Company was incorporated on 2 nd October, 1945 and started assembly of jeep type vehicles in the year 1949. (iii) In case of new companies, expected date of commencement of activities as per project approved by financial institutions appearing in the prospectus: Not Applicable. (iv) Financial performance based on given indicators – as per audited financial results for the year ended 31 st March, 2020: Particulars Rs. in crores Gross Turnover & Other Income 47,155.59 Net profit as per Statement of Profit & Loss (After Tax) 1,330.55 Computation of Net Profit in accordance with section 198 of the Companies Act, 2013 5,081.82 Net Worth 34,467.84 (v) Foreign investments or collaborators, if any: Not Applicable. II. Information about the appointee: (i) Background details: Refer profile Section as stated above (ii) Past remuneration during the financial year ended 31 st March, 2020: Rs. 1,305.64 lakhs (as Group President – Strategy) (iii) Recognition or awards: Refer profile Section stated above