Capital India Finance Limited announced that Dr. Harsh Kumar Bhanwala, Executive Chairman and Key Managerial Personnel (`KMP") of the Company, has resigned from his services and accordingly, shall ceased to be a KMP of the Company with effect from close of business hours of January 24, 2024. The Board of Directors of the Company ("Board") have appointed Mr. Vinod Somani, Independent Director as Non-Executive Chairman of the Board with effect from January 25, 2024. Brief profile of Mr. Somani is provided below: Mr. Somani is a fellow member of the Institute of Chartered Accountants of India.

He is a senior partner with M/s KG Somani & Co., Chartered accountants since 1986. He has been auditing the accounts of Nationalised Banks, Insurance Companies, Government and Public Sector Companies. He has a sound knowledge of Finance, Companies Act and Tax Laws.

Since M/s KG Somani & Co was registered under the SEBI Merchant Banker Category IV, he is well-versed with Merchant Banking activities. He was a member of the MOU Task Force and Expert panel of the Task Force on the Memorandum of Understanding of Central Public Sector Enterprises. Accordingly, Harsh Kumar Bhanwala's Chairmanship in the following Committees shall also be ceased with effect from January 24, 2024: Asset-Liability Committee; Risk Management Committee; Management Committee; and Investment Committee.