GOVERNANCE

Progressing with
responsible governance

Corporate Governance at Mahindra Accelo Limited, formerly known as Mahindra Intertrade Limited (MAL), is dedicated to creating and enhancing long-term sustainable value for all stakeholders. We recognise stakeholders as partners in our success and are committed to maximising their value. Our stakeholders include regulators, employees, customers, vendors, investors, and society as a whole.

We believe that effective Corporate Governance Practices form the solid foundation upon which enduring commercial enterprises are built. Our organisation’s culture and mindset are the driving forces behind good governance practices. We have a strong leadership team that upholds and exemplifies effective Corporate Governance Practices, which are deeply rooted in our Company’s culture and ethos.

Our commitment to ethical business conduct, integrity, and adherence to values strengthens and maintains stakeholders’ trust. Transparency, fairness, and ethical governance practices have always been the cornerstone of our Company. We strive to uphold the highest standards of ethical and responsible conduct throughout our organisation.

At Mahindra Accelo, we understand that Corporate Governance is about fostering valuable relationships and trust with all stakeholders. We consider our stakeholders as vital partners in our journey, including customers, local communities, employees, suppliers and distributors, trade unions, NGOs, investors and shareholders, as well as government and regulatory authorities. We remain dedicated to maximising stakeholder value and ensuring their trust is upheld in everything we do.

For effective implementation of the Corporate Governance Practices, our Company has a well-defined policy framework inter-alia, consisting of the following:

  • Codes of Conduct for Directors and Employees of our Company
  • Whistle Blower Policy
  • Policy on Prevention of Sexual Harassment
  • Anti-Bribery and Anti-Corruption (ABAC) Policy
  • Policy on Gift and Entertainment
  • Corporate Social Responsibility Policy
  • Safety, Occupational Health and Environment Policy
  • Policy on Appointment/Removal of Directors and Senior Management Personnel
  • Policy on the remuneration of Directors, Key Managerial Personnel and other Employees

In 2021, we won the ‘Best Governed Company’ award in the Unlisted Segment, Medium Category, at the 21st edition of the Institute of Company Secretaries of India (ICSI) National Awards. This recognition continues to validate our ‘Best-in-Class’ Corporate Governance Practices and reflects our transparent and ethical dealings with all stakeholders across the entire value chain.

A report on the Company’s Corporate Governance for the FY 2022-23 forms part of our Company’s Annual Report.

Board of Directors

Mr. Bharat Doshi

Chairman

Mr. Sumit Issar

Managing Director

Mr. Parag Shah

Non-Executive and Non-Independent Director

Mr. Mohit Kapoor

Non-Executive and Non-Independent Director

Ms. Ami Goda

Non-Executive and Non-Independent Director

Mr. Sudhir Mankad

Non-Executive and Independent Director (upto 22nd June, 2022)

Dr. Punita Kumar-Sinha

Non-Executive and Independent Director

Mr. Ashok Kumar Barat

Non-Executive and Independent Director

Mr. Ranjan Pant

Non-Executive and Non-Independent Director (w.e.f. 23rd June, 2022)

Vice Admiral Anil Kumar Chopra (Retd.)

Non-Executive and Independent Director
(w.e.f. 23rd June 2022)

Mr. Bharat Doshi
Chairman

is a former Executive Director and Group CFO of Mahindra and Mahindra Limited. He was also the Chairman of Mahindra and Mahindra Financial Services Limited from 2008 to 2016. He was nominated as a Director on the Central Board of Directors of the Reserve Bank of India in March 2016, for a period of four years. He is the Chairman of the Board of Mahindra Accelo Limited (formerly known as Mahindra Intertrade Limited), since December 2006, Director on the Board of Mahindra Holdings Limited, member of Board of Governors of the Mahindra United World College of India, Mahindra Foundation (USA) and Mahindra Foundation (UK). He is also one of the trustees of Mahindra Foundation, K. C. Mahindra Education Trust and Lalit Doshi Memorial Foundation. He was an Independent Director on the Boards of both Dr. Reddy’s Laboratories Limited. (2016 to 2021) and Godrej Consumer Products Limited (2001 to 2019).

He also serves on the Advisory Board of Excellence Enablers, an organisation committed to promoting corporate governance in India. He is also a member of the Global Leadership Council of LeapFrog Investments, one of the leading impact investing firms. He served as the President of the Bombay Chamber of Commerce and Industry for the year 2009-10. Mr. Doshi is a Fellow Member of the Institute of Chartered Accountants of India and the Institute of Company Secretaries of India and holds a Master’s degree in Law from Mumbai University, India. He is an alumnus of Harvard Business School (PMD) and a Fellow of the Salzburg Seminar on ‘Asian Economies: Regional and Global Relationships’.

Mr. Sumit Issar
Managing Director

is the Managing Director (MD) of Mahindra Accelo Limited (formerly known as Mahindra Intertrade Limited) and Mahindra Steel Service Center Limited. He is also a Board member of Mahindra Auto Steel Pvt. Ltd. and Mahindra MiddleEast Electrical Steel Service Centre (FZC).

Sumit is a Mechanical Engineer (Hons.) from Birla Institute of Technology and a post-graduate in Marketing with over 21 years of experience in Sales, Marketing, Sourcing and Supply chain management.

Sumit has also attended Mahindra Universe programme at the Harvard Business School. He has completed Mahindra Group’s 18-month long Future Leadership Program (FLP) at IMD Lausanne, Yale School of Management and MLU Nashik along with a General Management Program at IIM Bangalore for M&M.

Sumit started his career as a Graduate Engineer Trainee in 1995 with M&M Ltd. He has been associated with various roles including – Sales and operations, Product development, Sourcing, Supply chain management and Business development since then.

Sumit has played a critical role in forming joint ventures with potential global partnerships. He has been a key member of the leadership team and has played a pivotal role in transforming Mahindra Intertrade to a multi-vertical steel solutions company, leading to his position as Managing Director of Mahindra Accelo Limited (formerly known as Mahindra Intertrade Limited) and Mahindra Steel Service Centre Limited in October 2015.

He was awarded CEO with HR orientation award at Malaysia Best Employer Brand Awards 2016 and Next Generation Leader Award 2016 at Manufacturing Today Awards 2016.

Sumit has played a pivotal role in successfully forming CERO (Mahindra MSTC Recycling Private Limited), a joint venture between Mahindra Accelo Limited (formerly known as Mahindra Intertrade Limited) and MSTC (a Government of India enterprise under the Ministry of Steel) to establish India’s first authorised vehicle recycling facility at Greater Noida. This facility is India’s first in organised sector, fully compliant with environmental norms and focusses on pollution-free recycling.

In his free time, he likes to watch movies and is an avid follower of cricket. Sumit lives in Mumbai with his wife, Rashi and their two daughters.

Mr. Parag Shah
Non-Executive and Non-Independent Director

is Head, Mahindra Accelo and a member of Group Executive Boards of the Mahindra Group. He is also the Member of Group Sustainability Council. In a career spanning 22+ years, Parag has held various positions within the Mahindra Group. He has extensive experience in building new businesses, start-ups, turn arounds, joint ventures and mergers and acquisitions.

Parag is a Director on the Boards of several companies such as Mahindra Accelo Limited (Formerly known as Mahindra Intertrade Limited), Mahindra Marine Private Limited, Mahindra Waste to Energy Solutions Limited, New Delhi Centre for Sight Limited, The Indian and Eastern Engineer Company Private Limited and PSL Media & Communications Limited. He is a member of the Group Diversity Council. He is the Group lead for business representation in Israel. He is also an Independent Director on the Board of HDFC Asset Management Company Limited.

Prior to his current assignment, Parag was the Managing Partner of Mahindra Partners, the USD 1 billion Private Equity and Venture Capital division of the Group responsible for incubation, turnaround and investments in several sectors like Cleantech, Retail, Boat Manufacturing, Consulting, Media, Healthcare, Conveyor Systems, AI and Analytics.

Parag holds a BS Degree in Computer Engineering from the Illinois Institute of Technology with special electives in Psychology and Manufacturing Technology. He is also a graduate of the General Management Program from Harvard Business School.

Parag has been recognised by the Economic Times and Spencer Stuart as India’s Top 40 Business Leaders under the age of 40. He was also featured by India Today as part of the ‘Leaders of Tomorrow’ in their anniversary issue. Parag has been an Executive Committee Member of the CII National Committee on Private Equity and Venture Capital, FICCI Solar Energy Task Force, CII National Committee on Renewable Energy, American Alumni Association in addition to other external associations. He is part of the CII National Healthcare Council. He is also an angel investor and is on the advisory board of Trustees of The IndUS Entrepreneurs, Mumbai (TiE).

Parag is affiliated with various NGO associations such as Sabarkanta Relief Committee and S&G Charitable Trust. He has also been a Founder Director of ‘Executives Without Borders’, an NGO based in USA.

Mr. Mohit Kapoor
Non-Executive and Non-Independent Director

is the Group Chief Technology Officer at the Mahindra Group. Mohit is responsible for driving the Group’s ambitious digital transformation agenda, working closely with the Group businesses and by leveraging emerging technologies to create new business models and transform customer experiences across the diverse set of companies. Mohit is a part of the Group Executive Board and is a Director on the Board of Mahindra Accelo Limited (Formerly known as Mahindra Intertrade Limited) and Bristlecone India Limited. Mohit also chairs the AI and digital tech committee at FICCI. Mohit joined the Mahindra Group in October 2020 from DBS Bank where he was the Head of Technology Optimisation and Head of Asia Hub at Hyderabad. He led the development of digital banking capabilities focussing on technology innovation across Data/AI, Cloud and DevOps, amongst other deep engineering areas. Mohit brings with him 30+ years of experience in Global Technology and Operations with the last 17 years in Banking and financial services industry. Prior to joining DBS, he was the Chief Technology Officer for Bank of America’s global business services across the world and the CIO for Mphasis before that. Mohit is an Electronics Engineer with Advanced Management and Leadership certification from Cornell and Georgia Tech.

Ms. Ami Goda
Non-Executive and Non-Independent Director

in her current role leads Financial Planning and Analysis for the overall Mahindra Group. Ami joined the Mahindra Group in 2020. She has extensive experience spanning 17 years, primarily in all facets of Finance. She has held positions of responsibility in Business Finance, Commercial Finance, Supply Chain Finance, Pricing, Deal structuring and Financial Planning. Prior to joining M&M, she was with General Electric (GE) where she was responsible for the USD 1 billion Equipment and Services business for Onshore. Wind Asia region. During her 14 years at GE, she has worked across multiple business environmental Financial services, Healthcare, Transportation, Renewables Onshore and across geographies – Asia, Growth markets and India. She serves on the Boards of several Mahindra Group companies in India as well as overseas. Ami holds an MBA degree from Narsee Monjee Institute of Management Studies, Mumbai.

Mr. Sudhir Mankad,
IAS (Retd.)
Non-Executive and Independent Director (upto 22nd June, 2022)

has served in senior positions, both with the Government of India and the Government of Gujarat. He holds a Master’s degree in History from the University of Delhi. His last assignment was as Chief Secretary, Government of Gujarat. Additionally, he has served as a Director/Chairman on the Board of several cement, power, fertiliser and finance companies. He is associated with several educational institutions and NGOs. He served as a Director on the Central Board of Reserve Bank of India from 2016-2020. Mr. Sudhir Mankad has served as a Non-Executive Chairman of GIFT City project from 2007 to 2023.

Dr. Punita Kumar - Sinha
Non-Executive and Independent Director

is a PhD and CFA, who has focussed on investment management and governance roles during her 30-year career. Ms. Kumar-Sinha has been investing in emerging markets since the late 1980s and pioneered some of the first foreign investments in the Indian subcontinent in the early 1990s.

She serves as an Independent Director and Chairs Audit, Stakeholders Relationship, and Risk Committees for many Boards. Ms. Kumar-Sinha Chairs IIT Delhi’s Investment Advisory Board. Currently, she is the Founding Partner, Pacific Paradigm Advisors, an independent investment advisory firm focussed on Asia, and a Senior Advisor to companies in India and North America. She is also Co-Founder of ParadigmARQ, an India-focussed quantitative AIF. Prior to this, Ms. Kumar-Sinha was a Senior Managing Director of Blackstone and the Head & Chief Investment Officer of Blackstone Asia Advisors. Prior to joining Blackstone, Ms. Kumar-Sinha was a Managing Director and Senior Portfolio Manager at Oppenheimer Asset Management Inc. and CIBC World Markets, where she also managed India and Asia funds. She has also worked at Batterymarch (a Legg Mason company), Standish Ayer & Wood (a BNY Mellon company), JP Morgan, and IFC/World Bank.

Ms. Kumar-Sinha is frequently featured in the media and at global conferences as an expert commentator on Asian capital markets and women’s issues. Ms. Kumar-Sinha has a PhD and a Master of Finance from the Wharton School, University of Pennsylvania. She received her undergraduate degree in Chemical Engineering with Distinction from the Indian Institute of Technology (IIT), New Delhi. She is an MBA and is a CFA charterholder. Ms. Kumar-Sinha is a member of CFA Institute, has been a member of the CFA Society Boston and India, a TiE Charter Member, and a member of the Council on Foreign Relations. Ms. Kumar-Sinha has been awarded the Distinguished Alumni Award from IIT Delhi. She has also been awarded the ‘Best Woman Director’ in 2016 by Asian Centre for Corporate Governance and Sustainability. She has been listed in BW Business World’s ‘Top 100 Most Influential Women in India’ in 2023, 2022 and 2021.

Mr. Ashok Kumar Barat
Non-Executive and Independent Director

an Independent Director, is a Fellow of the Institute of Chartered Accountants of India and of the Institute of Company Secretaries of India, Associate of the Institute of Chartered Accountants of England and Wales and CPA, Australia. He has held responsible and senior leadership positions in various Indian and multinational organisations, both in India and overseas. He is on the Board of other companies and advises businesses on governance, performance and strategy.

Mr. Ranjan Pant
Non-Executive and Non-Independent Director (w.e.f. 23rd June, 2022)

is a CEO Advisor, Global Strategy & Change Management consultant with over 30 years experience. In the last two decades, he has been a Board Director of several major companies.

He earned a Bachelor in Mechanical Engineering Honours from BITS, Pilani and an MBA in Finance from The Wharton School, University of Pennsylvania.

Pant began his career at Bain & Co., a Consulting firm, where he led the energy and utilities practice. He was also a director of internal consulting at General Electric. Pant has multi-Industry hands on implementation and Board experience, examples:

Strategic: Portfolio Strategy, Pricing based Valuation, Capital Investment timing, Customer as Net Promoter;

Operations: Post Merger Integration, Manufacturing productivity, Supplier Value Managed Relationships, Parts count simplification, New Product Introduction (NPI) speed, Crossfunctional NPI co-location;

Corporate: Role of Conglomerate corporate centre, Corporate Venture Capital;

Human Resources: Senior Leadership transition, CEO Compensation;

Digital: Platform business model, Artificial Intelligence product development;

Board Director Committees: Shareholder, Nomination, Compensation, Audit, CSR

Pant is and has been a Board Director in leading companies, such as, HDFC Life, DSP Blackrock, Schneider Electric President Systems, BHEL. Pant is on the Board of Governors of the Indian Institute of Management Indore (IIM-Indore), where he Chairs the Personnel Committee.

He has, for several years, been a member of the jury panel for K C Mahindra Education Trust scholarships for post graduate studies for Indian students. He is also on the governing Board of Mahindra University (Hyderabad).

Vice Admiral Anil Chopra
PVSM, AVSM (RETD.)
Non-Executive and Independent Director (w.e.f. 23rd June 2022)

Commissioned into the Indian Navy in 1975, Vice Admiral Anil Chopra rendered forty years of distinguished service in uniform.

He has the unique distinction of having been the Commander-in-Chief of both the combatant commands of the Indian Navy, i.e. the Western Naval Command, and the Eastern Naval Command; as well as being the Director General of the Indian Coast Guard for three years in the immediate aftermath of the 2008 Mumbai terror attacks.

At sea, Admiral Chopra commanded the Western Fleet, the Navy’s principal strike formation; the aircraft carrier, INS Viraat; the destroyer, INS Rajput; and the missile corvette, INS Kuthar.

As Assistant Chief of Naval Staff, he was responsible for the Navy’s Future Force development, and its long-term Perspective and Financial Planning. As a Member of the Defence Acquisition Council, chaired by the Defence Minister, he was involved with formulation of policies for the development of India’s defence industrial base in the private and public sectors.

Whilst in service, he was the Chairman of three national bodies – the Offshore Security Coordination Committee; the Maritime Search and Rescue Board; and the Oil Spill Disaster Contingency Board. He has also been on the Board of Goa Shipyard, Ltd; and the Patron of the Sea Cadet Corps.

After retiring from active service, Admiral Chopra was a Member of the National Security Advisory Board, which provides inputs on multifarious security issues to the apex National Security Council(NSC).

Admiral Chopra has been a Distinguished Fellow with a number of think-tanks including ORF, Gateway House, the Delhi Policy Group and the Vivekananda International Foundation. He has also been on the Governing Council of the United Services Institution, the National Maritime Foundation, and the Mahindra Leadership University.

The admiral was posted abroad to Europe and the US on several assignments, including a year as a Senior Fellow at the US Atlantic Council in Washington. He speaks and writes extensively on strategic affairs and has been active in India’s strategic dialogues with a number of countries, notably France, EU, Japan and the US.

Admiral Chopra is an Independent Director on the Board’s of Mahindra Accelo Limited (Formerly known as Mahindra Intertrade Limited) and its Subsidiaries, Mahindra Steel Service Centre Limited and Mahindra Auto Steel Private Limited.

He is a graduate of National Defence College, New Delhi; the Naval War College, Mumbai; the Defence Services Staff College, Wellington; and the National Defence Academy, Khadakvasla; and an alumnus of the Lawrence School, Lovedale; the Sherwood College, Nainital; and the La Martiniare College, Lucknow. He obtained his Bachelor of Science degree from the Jawaharlal Nehru University, and his Masters and M.Phil in Defence Studies from Chennai University.

For his distinguished service, he was awarded the Param Vishisht Seva Medal (PVSM) in 2013 and the Ati Vishisht Seva Medal (AVSM) in 2007, by the President of India.

Management team

Mr. Vijay Arora
Chief Operating Officer

Mr. Vijay Arora, Chief Operating Officer at Mahindra Accelo (Mahindra Accelo Limited and its subsidiaries), is also a Director in Mahindra Steel Service Centre Limited, Mahindra MSTC Recycling Private Limited (CERO Recycling – India’s first auto recycling company), Mahindra Electrical Steel Private Limited, and a member of the Senior Leadership Team at Mahindra Accelo (Mahindra Intertrade Limited and its subsidiary companies). With 30+ years of experience in handling various portfolios covering strategy, manufacturing, projects, and business excellence, he has played a key role in setting up and spearheading all the new initiatives that our Company has ventured into: Power Transformers, Electrical Stampings, Automotive Blanking and Distribution Transformers, among others. Driven by passion with a penchant for innovation and advancements in IT, he has distinguished achievements in scaling up businesses and promoting excellence in systems and processes. Presently, he is spearheading CERO, which is the most ambitious project of foray into automotive recycling, and it is the first of its kind in India. He is also leading its diversification into the e-commerce space. As part of the Senior Leadership Team, he played a vital role in making Mahindra Accelo Limited (formerly known as Mahindra Intertrade Limited) one of India’s ‘Great places to work’, ranking 3rd in the mid-size segment within the top companies in India in 2022.

On the personal front, he loves reading, travelling, and exploring new places. Digital technology and innovation fascinate him, and he is always looking forward to new challenges in life.

Mr. Diwakar Srivastava
VP – Commercial (Service Centres)

Mr. Diwakar Srivastava, VP (Commercial), is a Professional Accountant with 36 years of rich and varied experience within the Group. His career spans accounts, sales, accounts, logistics, indirect taxation, commercial, statutory compliance and industrial relations. Diwakar is well-versed in SAP and has good experience in crisis management at production facilities.

Currently, Mr. Diwakar holds the responsibility of Commercial and Industrial Relations for Mahindra Accelo Group.

Ms. Nora Bhatia
VP – Human Resources and Corp. Administration

Ms. Nora Bhatia, VP (Human Resources and Corp. Administration), has over two decades of experience in Human Resources, encompassing mature businesses and the start-up ecosystem. She is a recipient of the ‘HR Professional of the Year’ award at the Middle East HR Leadership Awards, in addition to being awarded Asia’s Best Employer Brand Award. Nora is a CII HR Assessor for the CII National HR Excellence Model. She is a Marshall Goldsmith certified coach. She holds a Master’s degree in HR from NMIMS and a Bachelor’s degree in Commerce from the University of Mumbai.

Mr. Saroj Kumar Khuntia
Chief Financial Officer

Mr. Saroj Kumar Khuntia (Chief Financial Officer) is a Chartered Accountant with 21+ years of varied experience in strategic planning, fund raising, capital allocation, new business setup, mergers and acquisitions, taxation, risk management, compliance, and internal controls, among others. He has been associated with the M&M Group for the last 12.5 years, and currently holds the position of Chief Financial Officer of Mahindra Accelo Limited (formerly known as Mahindra Intertrade Limited) and Mahindra Auto Steel Private Limited, since August 2020. Before joining Mahindra Accelo, he had been the Chief Financial Officer at Mahindra Electric Mobility Limited (Bengaluru), since July 2017. Prior to Mahindra Electric, he was a CFO at Mahindra Retail Private Limited, where he played a key role in the demerger of a division of the business and restructuring with a common brand with FirstCry.com.

Apart from the Mahindra Group, Mr. Saroj has worked with Hindustan Lever Limited, Harman International, Dairy Farm International, and Ikanos Communications Private Limited.

Ms. Romali M. Malvankar
Company Secretary

Ms. Romali M. Malvankar (B. Com, ACS and LL.M) is the Company Secretary of Mahindra Accelo Limited (formerly known as Mahindra Intertrade Limited) and its subsidiary company, Mahindra Steel Service Centre Limited. She is an Associate Member of the Institute of the Company Secretaries of India, a Commerce graduate, and has completed her Master’s in Business Laws from Mumbai University. She started her career at Mahindra and Mahindra Limited as a Management trainee and thereafter worked as a Consultant, Company Secretary of IMP Powers Limited (Listed on BSE and NSE), worked with Sun Pharmaceutical Industries Limited (where she was responsible for corporate secretarial compliances of the Listed entity), and with KGK Group of Companies. She has an overall corporate professional experience of 14 years in handling compliances under various Corporate Laws, including the SEBI regulations, Companies Act, FEMA regulations, and RBI guidelines, among others, coordinating and conducting the Board and General Meetings, maintaining corporate secretarial records, undertaking statutory filings, managing secretarial/compliance audits, ensuring good corporate governance practices, and liaisoning with regulatory and statutory authorities, including the Ministry of Corporate Affairs, SEBI, Stock Exchanges, Registrar of Companies, and Depositories, among others. She was bestowed with the Governance Professional Award 2021 at the 21st ICSI National Award for Excellence in Corporate Governance.

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