Exide Industries Limited announced at the board of directors meeting held on July 18, 2016 approved the resignation of Mr. Rajesh Kapadia, chairman and non-executive independent director of the company with effect from July 15, 2016, and the company also approved the appointment of Mr. Bharat Dhirajlal Shah non-executive independent director as chairman of the company with effect from July 18, 2016. Mr. Bharat Dhirajlal Shah is an eminent personality in the Banking sector. He is one of the founder members of HDFC Bank Limited and serving as chairman of HDFC Securities Limited. He is having more than four decades of rich experience in the field of Banking, Finance Securities Market and other allied services.