Stove Kraft Limited announced that at its board meeting held on May 29, 2023, has approved the appointment of Mr. Avinash Gupta (holding DIN 02783217) and Mr. Natrajan Ramakrishna (holding DIN 06597041) as Independent Directors of the Company for a term of five years with effect from 29 May 2023 to 28 May 2028, subject to the approval of shareholders. The company also informed that the tenure of Mr. Lakshmikant Gupta (holding DIN 07637212) will come to an end on 31 May 2023 and he will cease to be Chairperson and Independent Director of the Company with effect from close of business hours on 31 May 2023. The Board has placed on record its appreciation for the valuable services and support provided by Mr. Gupta as Chairman of the Company.

The Board has appointed Mrs. Shuba Rao Mayya (holding DIN 08193276), Independent Director as new Chairperson of the Company with effect from 01 June 2023. Mr. Avinash Gupta, (holding DIN 02783217), is a highly experienced, execution-focused senior leader with a strong, global background and brings more than 3 decades of experience and a vast network of business relationships. Avinash has worked extensively in financial services including M&A, equity and debt financing, private equity placement and advisory across the EMENA and Asia.

Prior to joining Dun & Bradstreet in 2021, he worked with Rabo Equity Advisors where he was the Managing Director since 2018. Over the years, he has held various leadership positions including recently as Head of Deloitte India's Financial Advisory Services business. He has worked in senior positions across geographies and products in various institutions such as HSBC, UBS, Barings, Citibank, Falcon Capital, and Alpen Capital.

In his initial years in the USA, he also worked as an equity analyst covering the Oil Services sector at Wedbush Morgan Securities (Los Angeles) and Howard Weil (New Orleans). Mr. Gupta has an MBA from the A.B. Freeman School of Business, Tulane University (Deans List with full fellowship) and a B.Tech. in Mechanical Engineering from the Indian Institute of Technology, BHU Varanasi.

He is member of the National Executive Committees of Federation of Indian Chambers of Commerce and Industry (FICCI) and Associated Chambers of Commerce and Industry of India (ASSOCHAM). A qualified Chartered Accountant, Mr. Natrajan Ramakrishna (holding DIN 06597041) has an experience of over forty years in the accounting profession focusing mainly on Generally Accepted Accounting Principles (GAAP), IFRS, IndAS and Auditing. His areas of core competencies include Board and Corporate Governance Consulting, Financial Reporting, laying down Culture & Values Frameworks, Risk Management frameworks and Operational Excellence.

He has extensive knowledge and experience in handling cultural integration. Having worked with some large International Accounting firms he has gained immense experience with boards and committees as to laying down policy frameworks relating to Business Resilience and Continuity Planning. He has a proven track record of work spread over various sectors focusing on Information Technology, Financial Services, FMCG Companies and Telecom.

He has been a speaker at several conferences and professional forums.