In a significant development under its compliance and corporate governance framework, Mahindra Logistics Limited has formally announced the appointment of M/s. Makarand M. Joshi & Co. (MMJC), a Peer Reviewed Firm of Company Secretaries, as the Secretarial Auditor of the Company. The decision, which was taken during the 18th Annual General Meeting (AGM) held on 21st July 2025, marks a fresh five-year term of engagement that spans from 1st April 2025 to 31st March 2030.

This update, communicated to both the BSE Limited (Security Code: 540768) and the National Stock Exchange of India Ltd. (Symbol: MAHLOG), aligns with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and other applicable provisions.

Background and Regulatory Compliance

Mahindra Logistics Limited, headquartered at Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai, has been consistent in its commitment to strong governance and transparent reporting. The appointment of a new Secretarial Auditor is part of the routine but vital compliance under SEBI’s Listing Regulations and Schedule III, which mandates prompt disclosure of events that can impact investor decisions.

In a prior communication dated 21st April 2025, the Company had notified the exchanges regarding the Board’s decision to appoint MMJC as the incoming Secretarial Auditor, subject to shareholder approval at the AGM. This shareholder approval has now been secured.

Appointment Details

The core aspects of the appointment are as follows:

• Reason for Change: Appointment of Secretarial Auditor for the first term.

• Effective Date: The appointment took effect on 21st April 2025, post Board resolution, and was ratified at the AGM on 21st July 2025.

• Term of Appointment: A fixed term of five consecutive financial years, commencing from FY2025 (1 April 2025) and ending with FY2030 (31 March 2030).

About M/s. Makarand M. Joshi & Co. (MMJC)

Founded over two decades ago, MMJC has carved a niche for itself in corporate governance advisory and secretarial compliance audits. The firm is widely acknowledged for its proficiency in Secretarial Audits, Due Diligence, SEBI and FEMA compliance, and advisory services under various corporate law frameworks.

With its client base spanning banking, financial services, pharmaceuticals, FMCG, IT/telecom, and infrastructure sectors, MMJC’s appointment reflects Mahindra Logistics’ intent to associate with renowned firms that offer sector-specific compliance expertise.

The firm’s registration number is P2009MH007000, confirming its peer-reviewed status, which is a mandatory qualification under SEBI norms for Secretarial Auditors.

Why the Appointment Matters

This appointment is not merely a compliance formality but a strategic alignment with the Company’s long-term commitment to transparent, timely, and accurate regulatory disclosures. Secretarial Audits play a crucial role in assessing a company’s statutory and procedural compliance under various laws like the Companies Act, SEBI Regulations, and guidelines issued by regulatory bodies like RBI and MCA.

The findings of the secretarial audit conducted by MMJC will contribute to the Annual Secretarial Audit Report, which is a critical part of the Company’s Annual Report and Corporate Governance disclosures filed with stock exchanges and made available to shareholders.

Legal & Statutory Framework Cited

The appointment is pursuant to the following:

• Regulation 30(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

• Schedule III Part A Para A(7) of the Listing Regulations

• SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated 11 November 2024

These provisions mandate disclosure of key appointments, particularly those involving statutory and compliance responsibilities, such as auditors, directors, and key managerial personnel.

Key Highlights from Annexure I

1. Reason for Appointment:
Approval of the appointment by members at the AGM for a five-year term.

2. Term and Effective Date:
The firm’s appointment commenced on 21 April 2025 and will continue until 31 March 2030.

3. Firm Profile:
MMJC brings 25+ years of experience and caters to multiple regulated sectors, indicating a high degree of domain expertise.

4. Relationships Disclosure:
No relationships exist between MMJC and the Company’s directors, making the appointment fully compliant with independence norms.

Strategic Relevance for Mahindra Logistics

Mahindra Logistics operates in a highly regulated and competitive logistics and supply chain environment. Appointing a seasoned Secretarial Auditor like MMJC ensures the company stays aligned with evolving legal frameworks, including:

• Digital compliance filings

• Environmental, Social & Governance (ESG) disclosure mandates

• SEBI and Companies Act audit standards

• Robust compliance mechanisms to support its diversified operations

In doing so, the Company continues to demonstrate transparency, accountability, and shareholder focus.

Conclusion

The appointment of M/s. Makarand M. Joshi & Co. as Secretarial Auditor reinforces Mahindra Logistics’ commitment to sound corporate governance and legal compliance. It signals the Company’s dedication to maintaining its stature as a well-governed entity that values regulatory excellence and ethical business practices.

As Mahindra Logistics scales its operations and explores more verticals in the dynamic logistics sector, its partnership with MMJC is expected to offer strategic legal insights, improved risk identification, and proactive regulatory adherence.

The official announcement can also be accessed on the company’s corporate announcements webpage under the Secretarial section, affirming the Company's policy of public transparency.

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