Magna Electro Castings Limited announced that based on the recommendation of the Nomination and Remuneration Committee and the approval of the Audit Committee and subject to the approval of the members of the Company by means of a resolution, the Board of Directors has approved the appointment of Sri.M.Malmarugan (DIN: 09610329) as Additional Director and Executive Director of the Company for a period of 5 (five) years and remuneration payable thereof for a period of 3 (Three) years with effect from 30 May 2022. Sri.M.Malmarugan (DIN: 09610329) is not debarred from holding the office of Director by virtue of any order of the SEBI or any other statutory authority under any laws. Consequent to his appointment as Executive Director of the Company, he has resigned from the post of Chief Executive Officer (CEO) of the Company with effect from 30 May 2022.