Dhanvarsha Finvest Limited at its board meeting held on October 15, 2019 approved appointment of Mr. Rakesh Sethi as Additional Director in the capacity of an Independent Director for a period of 5 years with effect from October 15, 2019, subject to the approval of the shareholders of the Company; appointment of Mr. Rakesh Sethi as the Chairperson of the Board of Directors with effect from October 15, 2019; and resignation of Mr. Nimir Kishore Mehta as Director and Chairperson with effect from close of business hours on October 15, 2019. Mr. Rakesh Sethi is a professional banker with over 38 years of experience in Banking. He started his banking career in 1978 as a probationary officer with Andhra Bank and was elevated to the position of General Manager in 2006. Mr. Sethi was subsequently appointed by the Government of India as Executive Director with Punjab National Bank ("PNB") from January 1, 2011 to March 11, 2014. Mr. Sethi was Chairman and Managing Director of Allahabad Bank from March 12, 2014 to April 30, 2017.