Jubilant Pharmova Limited informed that the Board of Directors of the Company has, at its meeting held on, May 29, 2023, inter-alia, considered and approved the following important changes in the board and key managerial personnel of the company based on the recommendations of Nomination & Remuneration Committee. These changes reflect commitment to effective succession planning and ensuring a smooth transition of responsibilities. The details of changes are as follows: - Mr. Hari S. Bhartia (DIN: 00010499), presently Co-Chairman & Managing Director has decided to step down from the position of Managing Director of the Company effective closing business hours of May 31, 2023 and he shall continue as Co-Chairman, Non- Executive Director on the Board of the company, thereby providing his invaluable insights and guidance to the board, ensuring a smooth transition and maintaining continuity in business operations of the company.

The Board has expressed its deepest gratitude for the outstanding leadership, strategic vision and significant contribution to the company during his tenue as Managing Director. Appointment of Mr. Priyavrat Bhartia (DIN: 00020603) as Managing Director effective June 01, 2023. He has served as a Non-Executive Director on the Board of the company since May, 2017.

He has demonstrated strong leadership capabilities, strategic acumen, deep business and industry understanding and provide strategic commitment to the Company's long term vision. The appointment is for a period of 3 years, subject to the approval of shareholders. Further, he is appointed as Key Managerial Personnel under the provisions of the Companies Act, 2013.

Appointment of Mr. Arjun Shanker Bhartia (DIN: 03019690) as Joint Managing Director effective June 01, 2023. He has served as a Non-Executive Director on the Board of the company since May 2017. He has deep understanding of the Company's business and industry, and shall provide direction for strategy execution.

The appointment is for a period of 3 years, subject to the approval of shareholders. Further, he is appointed as Key Managerial Personnel under the provisions of the Companies Act, 2013.