Board Changes and Corporate Update

Mercantile Ports & Logistics Ltd

13 May 2026

 

Mercantile Ports & Logistics Limited

("MPL" or the "Company")

Board Changes and Corporate Update

Mercantile Ports & Logistics Limited (AIM: MPL), the owner and developer of the Karanja Port and Logistics facility in Navi Mumbai, India, is pleased to announce the appointment of Marty Martin to the Board of Directors of MPL, subject to completion of the customary regulatory processes.

Marty Martin is a former senior United States intelligence and national security official with an extensive career spanning approximately three decades in the U.S. intelligence community, including the Central Intelligence Agency ("CIA"), U.S. Army Special Forces, and broader national security operations. Mr. Martin served as a Senior Intelligence Service Executive within the CIA and held multiple senior operational and leadership positions globally.

During his career, Mr. Martin worked under four U.S. Presidents and played a significant role in some of the most sensitive national security and counterterrorism operations undertaken by the United States following the events of September 11, 2001. He was involved in leading elements of the CIA's global operations and held senior operational leadership roles across the Middle East and other strategically important regions.

Mr. Martin also served as Chief of Station for the CIA's Near East Division between 2004 and 2007, overseeing significant operational activity and large-scale strategic programmes during a critical period for U.S. foreign policy and national security operations. His background provides the Company with deep expertise in international strategic affairs, geopolitical risk assessment, and global stakeholder engagement.

At the same time, the Company announces that Karanpal Singh has informed the Board that he wishes to step down from the Board of Directors, with Hunch's interests continuing to be represented on the Board by Amit Dutta. The Board thanks Mr. Singh for his contribution to the Company and for his continued support of the Company.

Mr Martin's appointment is expected to support the Company at this important time as it continues to pursue all available legal remedies in relation to its Karanja asset. The additions to the Board will also help it evaluate strategic opportunities outside India that may offer a more stable investment environment, lower jurisdictional complexity, and attractive long-term upside for shareholders.

As previously announced, the Company has formally challenged the decision of the Committee of Creditors ("CoC") approving the resolution plan relating to Karanja Terminal & Logistics Private Limited ("KTPL").

The National Company Law Tribunal ("NCLT"), Mumbai Bench, has now issued notice in the proceedings and directed the respondents to file their replies. The matter has been listed for further hearing on 8 June 2026.

The Company believes the listing of the matter before the NCLT represents an important step in ensuring that the serious issues raised by MPL in relation to the CoC process and the approval of the resolution plan are properly examined.

The Company continues to maintain that the process surrounding the approval of the resolution plan has been fundamentally flawed and remains committed to pursuing all available legal remedies to protect shareholder interests and recover value for stakeholders.

Jeremy Warner Allen, Chairman of MPL, commented:

"On behalf of the Board, I would like to sincerely thank Karanpal for his contribution and support to the Company during what has been an exceptionally challenging and important period for MPL."

Pavan Bakhshi, Managing Director of MPL, commented:

"We would like to thank Karanpal for his contribution to the Company. At the same time, we are extremely pleased to welcome Marty Martin to the Board. Marty brings decades of experience at the highest levels of U.S. intelligence, geopolitical strategy and international operations, having worked under four U.S. Presidents.

His appointment comes at a time when the Company continues to aggressively pursue every available avenue to protect shareholder interests and challenge what we believe has been a deeply troubling process surrounding our Karanja asset in Mumbai.

We also believe that there are substantial opportunities for MPL outside India in jurisdictions where international investors can deploy capital with greater transparency, predictability and investor alignment. Marty's international strategic experience will be invaluable as the Company evaluates those opportunities while continuing the fight for our existing asset base."

Stefan Passantino, Non-Executive Director of MPL, commented:

"Marty Martin's appointment significantly strengthens the Board at an important time for MPL. His experience at the highest levels of the U.S. intelligence and national security community brings valuable geopolitical and strategic expertise to the Company."

Enquiries:

MPL	c/o Cavendish [phone]
Cavendish Capital Markets Limited (Nomad and Broker)	Stephen Keys [phone]

 

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