In compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, and based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors at its meeting held on 18 May, 2022, has approved appointment of Mr. Chandrakant Chitalia (DIN: 05240994) as Managing Director of the Company, with effect from the conclusion of the Board Meeting held on 18 May, 2022, subject to shareholders approval at the upcoming Annual General Meeting of the Company. Further, the company informed that Board of Directors in their meeting held on 18 May, 2022, have accepted resignation of Mr. Ketu Parikh (DIN: 00185343) as Managing Director, due to personal reason and pre-occupation only, and there is no other material reasons other than what is stated above with effect from the conclusion of the Board Meeting held on 18" May, 2022. Mr. Chandrakant Chitalia and Mrs. Hasumati Chitalia has vast experience in the field of business activities of the Company.