Ameeta Mulla Wattal and Anjali Kaul, daughters of Late Captain Mahendra Nath Mulla, MVC instituted a trophy at Navy Children School (NCS) Delhi on March 11, 2023 in honour of their father. The trophy was instituted during a brief ceremony held at the school which was attended by VAdm Suraj Berry, Controller Personnel Services & Chairman School Management Committee (SMC), Cmde G Rambabu, Commodore (Naval Education) & Vice Chairman SMC, Col Sanjeev Wattal and select staff of the school. An amount of 1.50 lakhs and a Rolling Trophy was handed over to the school on this occasion. The award has been named as ‘Capt MN Mulla, MVC, Memorial Outstanding Student Award’ and would be awarded to two students of NCS Delhi (a boy and a girl) selected based on Clarity of Vision, Courage of Conviction and Commitment.

During the 1971 Indo-Pak war, on the night of December 9, 1971, INS Khukri was hit by torpedoes fired by an enemy submarine and sank. Having decided to abandon ship, Captain Mulla without regard to his own personal safety supervised the arrangements for rescue of his ship's company in a very cool, calm and methodical manner. Having directed as many of his men as possible to leave the ship, Captain Mulla went back to the bridge to see what further rescue operations could be performed. In doing so, Captain Mulla was last seen going down with his ship. His actions, behaviour and the example he set, has been in keeping with the highest traditions of the Service. Captain Mahendra Nath Mulla displayed conspicuous gallantry & dedication and was awarded the Maha Vir Chakra.