Board of Directors

Rajeev Dubey

Group President - HR & Corporate Services

CEO - Aftermarket Sector and

Member of the Group Executive Board of the Mahindra Group


Rajeev's key focus areas are Human Resources / Industrial Relations initiatives for the Mahindra Group, the After Market Sector of the Mahindra Group whose three CEO's report to him, Corporate Communications, Government Relations and Infrastructure.

In addition, he is on the Boards of several other Mahindra Group companies including Mahindra China Tractor, Mahindra Intertrade, Mahindra First Choice Wheels, and Mahindra Retail, and is the Chairman of Mahindra First Choice Services. He also serves as Chairman of the Sustainability and CSR Councils of the Group and is a Member of the Governing Council of the Mahindra Institute of Quality and the Corporate Governance Cell.

He joined Mahindra & Mahindra Ltd. in January 2004 after a career spanning 29 years in the Tata Group, which he joined in 1975 as a member of the TAS, the central managerial cadre of the Tata Group. He spent 21 years with Tata Steel, and the next 7 years as Managing Director and CEO, first of Tata Metaliks and then of Rallis India.

Rajeev studied Economics at St. Stephens College, Delhi University, where he was ranked first in the University, and at the Delhi School of Economics, where he received a National Scholarship. He went on to do his MBA from the Yale School of Management, USA as a J N Tata scholar, and was selected as a Distinguished Alumnus of the School.

He serves on the CII National Committee on Leadership & HR, the CII Apex Council on Affirmative Action and the CII Western Regional Council. Rajeev is a Member of the National Board of National HRD Network (NHRDN), the Chairperson of the Employer's Federation of India (EFI) Western Region, and a member of the Executive Committee of The Energy and Resources Institute (TERI) – Business Council for Sustainable Development. He serves on the Boards of the Lal Bahadur Shastri Institute of Management and Technology (LBSIMT), Magic Bus – an NGO that works with youth as well as children and the School of Inspired Leadership (SOIL).


Ramesh Iyer

Vice-Chairman and Managing Director, MMFSL

President - Financial Services Sector and

Member of the Group Executive Board of the Mahindra Group


Ramesh is the Managing Director of Mahindra & Mahindra Financial Services Limited (MMFSL), which is in the business of financial services for the last 19 years.

He has been associated with MMFSL from its inception.

Ramesh is also on the Board of other Mahindra Group Companies like Mahindra First Choice Wheels Ltd., NBS International Ltd., Mahindra Rural Housing Finance Ltd., Mahindra First Choice Services Ltd., Mahindra Business and Consulting Services Private Limited, Mahindra & Mahindra South Africa (Pty.) Ltd. and Mahindra Finance USA LLC.

He is also member of Banking & Finance Committee of the Bombay Chamber of Commerce and Industry, Member of core committee of Finance Industry Development Council (FIDC), member of Task Force of NBFCs of Federation of Indian Chambers of Commerce and Industry (FICCI). Ramesh is also co-Chairman of the Group on Finance & Leasing and Insurance of the Council of Economic Affairs set up Society of Indian Automobile Manufacturers (SIAM). He is also a member of the CII National Committee on Financial Inclusion since 2011.

Ramesh has been a recipient of many awards - Indian Achievers Award (2010) for Corporate Leadership by Indian Achievers Forum, Business Leadership Award (2010) by the Institute of Economic Studies, New Delhi, CEO with HR Orientation Award (2010) by Employer Branding Institute, CMO Asia with their Strategic Partner CMO Council, Udyog Rattan Award (2009) by the Institute of Economic Studies, New Delhi, Rashtriya Udyog Pratibha Award (2009) by the Council for Economic Growth & Research, Pune, Bhartiya Udyog Ratna Award (2009) by the National Education & Human Resource Development Organisation, Bombay.

Ramesh Iyer has also featured in Business World's special report on India's Most 'Value'able CEOs. Ramesh Iyer is ranked at No. 5 out of 65 in the Mid-Sized Companies (Revenues: Rs. 1,000 – 3,000 crore) category and at No. 6 out of 65 in the same category based on One-Year Performance. He is also ranked at No. 20 out of 100 based on MMFSL's Five Year Performance and at No. 3 out of 12 based on Ranking by Sector in the Financial Sector of the Mahindra Group.

V. Ravi

Executive Director and Chief Financial Officer of MMFSL



Ravi is also on the Board of other Mahindra Group Companies like Mahindra Rural Housing Finance Company Ltd., Mahindra Business.

Ravi is a member of the FICCI Committee on Corporate Finance. He has also been a member of the Asia Council of the Conference Board, USA and the Informal Advisory Group of the Reserve Bank of India.

Ravi is associated with the Mahindra Group for the past 21 years. He has served with Mahindra Ugine Steel Company (MUSCO) for 9 years in Treasury, Finance and Diversification Projects prior to his induction in Mahindra & Mahindra Financial Services Limited way back in 1994.

Hemant Sikka

Non-Executive Director Mahindra Insurance Brokers Limited

President CPO, Powerol & Spares Business

Member of the Group Executive Board

Hemant started his career with Maruti Suzuki in 1991 and worked in various departments responsible for supplier development.

He joined Mahindra & Mahindra Ltd. in 2000 and was inducted into the Scorpio team as Head - Supplier Technical Assistance. With the successful launch of Scorpio, Hemant was given the responsibility of Supplier Quality Head for the Automotive Sector of Mahindra Group. In 2007, Hemant became the Sourcing Head - Automotive Sector, a responsibility he executed till March 2010, when he was made the Manufacturing Head for the Automotive Division.

In Oct 2011, he was deputed to head Purchase Division of Ssangyong Motors in Korea; He established strong business relationships with Korean suppliers during this period and led the Ssangyong purchase team in reducing material costs. From April, 2012, Hemant came back to India to take charge as Chief Purchase Officer for Automotive and Farm Sectors.

Dr. Jaideep Devare

Managing Director

Mahindra Insurance Brokers Limited

Dr. Jaideep Devare is the Managing Director of Mahindra Insurance Brokers Ltd. (MIBL), and a member of the Company's Founding Team. Dr. Devare joined Mahindra & Mahindra Ltd. in 1992 in Corporate Affairs.

He has diverse experience across the various sectors of the Mahindra Group. His varied assignments include being a core team member of the Mahindra-Ford Project for setting up the joint venture with Ford Motor Company in India, Executive Associate - Office of the Managing Director of Mahindra & Mahindra Ltd., and Managing Director of Mahindra Auto Specialties Ltd., one of the first automobile companies in India to pioneer the designing and marketing of custom-made cars.

Dr. Devare holds a Ph.D in management, with a doctoral thesis on Joint Ventures in the Indian Insurance private sector. He also holds a Masters degree – Master of Management Studies (M.M.S.) with specialization in Finance, and a Bachelor of Engineering degree (B.E.) in Production Engineering.

Dr. Devare is a member of the Insurance Institute of India's (III) Committee on Research Grants.

Anjali Raina

Independent Director

Mahindra Insurance Brokers Limited


Anjali Raina is the Executive Director of the Harvard Business School India Research Centre. In her leadership role at the IRC

In her leadership role at the IRC, Anjali focuses on building and maintaining relationships with senior business leaders in the region to facilitate the work of the center in research, educational programs, community building and faculty development. The HBS IRC seeks to understand and document the emerging trends that are shaping the future of India and the region. It seeks to play a proactive role in the social transformation of India. It engages HBS faculty, shares knowledge and best practices through research and case studies with leaders who are driving India’s growth and development. In short, the IRC works to bring the best of Harvard to India and take the best of India to Harvard.

Under Anjali’s leadership, the HBS IRC has facilitated the writing of over 164 case studies on Indian Business Practice and supported half a dozen research projects. Anjali has co-authored several case studies such as Aadhaar: India’s ‘Unique Identification’ System, TeamLease: Putting India to Work (II) Legally; Pratham – Every Child in School and Learning Well; Naina Lal Kidwai: Investing in Her Country; Tech Mahindra and the Acquisition of Satyam Computers (A) as well as an HBR Article on The Ordinary Heroes of the Taj.

Since 2008, HBS IRC has run 32 executive education programs in India at the HBS style classroom in Mumbai for over 1651 business leaders on subjects ranging from Globalizing Indian enterprises, to Agri-business and held 166 lecture events covering over 10931 leaders. It has also supported the participation of 212 professors from premier Indian Business Schools in HBS’s Global Colloquium on Participant-Centered Learning which is a program that aims to help management educators improve their effectiveness through innovative teaching and course design.

The IRC also houses the Harvard University South Asia Institute (SAI) which advances teaching and research through an interfaculty initiative that brings multiple perspectives on topics related to South Asia. SAI facilitates the work of faculty and students at Harvard and in South Asia through faculty and student research grants. It also engages in outreach activities that include seminars, lectures and symposiums that are open to Harvard and the larger community.

Anjali wears several additional hats. She is a Director on the Board of Harvard Business Publishing, India, the Regional President (Western Region) of NHRDN, an Advisor to The Akanksha Foundation, Trustee to LIFE Trust, an Advisory Member on the Board of HBS Club of India, and on the Advisory Board of the Indian Business School.

Prior to joining HBS IRC Anjali spent 15 years with Citigroup India, most recently as Country Director, before which she worked for more than a decade with ANZ Grindlays Bank PLC. Anjali holds an MBA from the Indian Institute of Management, Calcutta, a bachelor's degree (Eng. Hons) from Loreto College and is an alumnus of HBS having completed the Advanced Management Program.

Jyotin Mehta

Independent Director

Mahindra Insurance Brokers Limited


Mr. Jyotin Mehta, Independent Director of the Company is a Fellow Member of Institute of Chartered Accountants of India, Institute of Company Secretaries of Indian and Chartered Institute of Management Accountants. He has versatile experience in field of Finance and is GRC professional with excellent academic credentials. He brings over 35 years of experience in the areas of corporate finance, internal audit, corporate governance, risk and controls, Company law and legal and regulatory compliance and customer service.

Mr. Mehta is also Chairman of the Audit Committee of the Company.

Mr. Mehta held leadership positions in Tata, ICICI and Shell group of companies. Mr. Mehta is a visiting faculty at various leading management schools in India, including SP Jain Institute of Management Research and Welingkar Institute of Management.

Derek J Nazareth

Director – Mahindra Insurance Brokers Limited

Managing Director – Head of Global Operations & Country Head

XL Catlin - India

Senior executive with international experience, having lived and worked in Europe, Asia and the US for global financial services organisations.

Experience in delivering significant change, business growth, start up and restructuring. 

Joined XL India in October 2014 and in May 2015 following the acquisition of Catlin, Derek was appointed the Head of Enterprise shared services & Country Head with responsibilities for the combined businesses shared services covering centres in Arizona, Kuala Lumpur, UK, Poland and India. In April 2016 appointed as Global Head of Operations & Country Head with responsibilities for the global support services of XLCatlin.

Prior to this, in 2012, Derek was appointed Head of Retail and Commercial Markets, RBS India, predominantly responsible for the divestment of the Retail and Commercial Banking businesses in India. Derek had accountability for the management of the ongoing businesses and delivery of the transfer and exit of 24 branches, 1500 employees, and 1.2m clients. He was also responsible for the divestment programme with delivery across a number of key workstreams including Finance, IT, Marketing & Communications, Client Migration, Property, Legal, Compliance and Operations.

Prior to the move to India, Derek served as Executive Vice President, Consumer & Business Banking at Citizens Financial Group based in Boston USA for 3 years from 2009. As a member of the C&BB Board he led a team supporting Retail Banking, Business Banking and Wealth Management with accountability for Strategy & Change Management, Business Operations and Assurance, Distribution Strategy, Incentives Programmes, Sales Management Information and Analysis, Sales Development, Service Development and Internal Communications & Event Management.

Derek is a graduate of Southampton University (UK), holds a degree in Physiology and Biochemistry and has attended several Harvard Business School Executive Programmes.

1.Code of Conduct_Independent Directors


2.Terms and conditions for appointment of Independent Director