Integrated Annual Report 2025-26 226 Strategic Investment Committee Report for the financial year ended 31st March 2026: Activities of the Committee during the year Frequency Recommended to the Board significant investments/divestment/financial assistance to be made/given by the Company and taking note of outstanding debt, if any E Considered, approved and granted in-principle approval for divestment/dilution of stake in the Subsidiaries/Associates of the Company and other investment of the Company E Considered, approved and recommended to the Board extension of timeline for authorising individuals to approve disbursals within already approved Investment limits E Considered and granted in-principle approval for acquisition of a company by a subsidiary of the Company and approval for entering into new business E Considered and recommended to the Board granting of in-principle approval to evaluate, undertake, implement, or consummate any strategic business option in relation to the business activities of an Associate of the Company E Noted update on Controllership and Business updates from various subsidiaries E Frequency: E Event-Based VI. SUBSIDIARY COMPANIES Regulation 16 of the SEBI LODR Regulations defines a “material subsidiary” to mean a subsidiary, whose turnover or net worth exceeds ten percent of the consolidated turnover or net worth respectively, of the listed entity and its subsidiaries in the immediately preceding accounting year. Under this definition, Mahindra & Mahindra Financial Services Limited (‘MMFSL’) continues to be a Material Listed Subsidiary of the Company, which was incorporated on 1st January 1991 having registered office at Mumbai. Further, M M Nissim & Co LLP, Chartered Accountants (Firm Registration No. 107122W/W100672) and M/s. M P Chitale & Co., Chartered Accountants (Firm Registration No. 101851W) are the Joint Statutory Auditors of MMFSL, appointed by its shareholders to hold office for a period of 3 (three) consecutive years from the conclusion of the 34th Annual General Meeting of MMFSL till the conclusion of the 37th Annual General Meeting of MMFSL to be held in the year 2027. The subsidiaries of the Company function independently, with an adequately empowered Board of Directors and adequate resources. For more effective governance, the minutes of Board Meetings of unlisted subsidiaries of the Company are placed before the Board of Directors of the Company for their review at every quarterly Meeting. In addition to the above, Regulation 24 of the SEBI LODR Regulations requires that at least one Independent Director on the Board of Directors of the listed entity shall be a Director on the Board of Directors of an unlisted material subsidiary, whether incorporated in India or not. For the purpose of this provision, material subsidiary means a subsidiary, whose turnover or net worth exceeds twenty percent of the consolidated turnover or net worth respectively, of the listed entity and its subsidiaries in the immediately preceding accounting year. There was no Subsidiary which falls under this definition of unlisted material subsidiary for the financial year ended 31st March 2026. The other requirements of Regulation 24 of the SEBI LODR Regulations with regard to Corporate Governance requirements for Subsidiary Companies have been complied with.
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