Cholamandalam Investment and Finance Company Limited announced at its board meeting held on November 11, 2020, the board approved the appointment of Mr. Vellayan Subbiah residing at No. 7, Valliammai Achi Road, Kotturpuram, Chennai 600085 as an additional director of the Company with effect from 11 November 2020. Mr. M.M. Murugappan stepped down as Chairman and as a Director of the Company effective close of business hours of 11 November 2020 as he turns 65 years of age on 12 November 2020 and wishes to pursue philanthropy and other interests as mentioned by him in his letter to the Board. The Board elected Mr. Vellayan Subbiah as the Chairman of the Board of Directors with effect from 12 November 2020.