The Board of Directors of Magma Fincorp Limited at their meeting held May 31, 2021 approved appointment of Mr. Adar Poonawalla as an Additional Director in the capacity of Non-Executive Director and designated as the Chairman of the company with effect from 1 June 2021, subject to the approval of the shareholders. Appointment of Mr. Abhay Bhutada as an Additional Director in the capacity of Managing Director of the company with effect from 1 June 2021 for a period of 5 years, subject to the approval of the shareholders. Re-designated Mr. Sanjay Chamria as Executive Vice Chairman with effect from 1 June 2021. Mr. Raj Kumar Kapoor, Chief Internal Auditor (CIA) of the Company has opted for an early retirement and has offered to step down as the CIA of the Company with effect from close of the business hours of 31 May 2021.