Mahindra & Mahindra (M&M) has just seen a big change at the top, with Anish Shah taking over as managing director and chief executive officer on April 1. But the real big change will happen in November, when Anand Mahindra transitions to the role of non-executive chairman, paving the way for Mr Shah to become the first outsider to have complete oversight of and responsibility for all group businesses. While this separation of ownership and management may not mean much for M&M, which has operated more like a federation than a conglomerate, with group companies functioning independently, Mr Shah is