Mahindra and Mahindra Financial Services today said its Chairman Bharat Doshi has stepped down from his position and also as board member of the company following his nomination to the central board of the Reserve Bank.
"This move is in view of his recent nomination as a director on the central board of RBI to avoid any conflict of interest and to be consistent with the principles of good governance," Mahindra Finance said in a statement.
"Bharat has been an integral part of the Mahindra growth story and a solid pillar of the Group for over 40 years," said Mahindra Group Chairman Anand Mahindra in the statement.
Doshi was a member of the board of directors of Mahindra Finance from March 1992 and its chairman from April 2008.
He will, however, remain as chairman of Mahindra Intertrade Ltd and trustee of the K C Mahindra Education Trust and the Mahindra Foundation, it said.
He will also continue on the board of governors of the Mahindra United World College of India, the company added.
