The Board of Directors of UPL Limited at its meeting held on 1 November, 2022 noted and approved the following changes in the Board of Directors of the Company. Accordingly, Mr. Pradeep Goyal and Dr. Reena Ramachandran have conveyed their respective decisions to step-down as independent directors of the Company. The Board has accepted the same, to be made effective from 1 December, 2022.

The letters received from the directors communicating their decision to step-down as independent directors. The Board of Directors places on record its appreciation for the services rendered by Mr. Pradeep Goyal and Dr. Reena Ramachandran and their role in raising the bar of corporate governance in the company. The Company has two Executive Directors viz.

Mr. Rajju Shroff and Mr. Arun Ashar. Mr. Rajju Shroff (Founder of UPL) who is the Chairman and Managing Director has been holding these positions for over 50 years. Mr. Rajju Shroff is the founder director of UPL Limited and responsible for building UPL as the 5 largest crop protection company in the world.

Mr. Rajju Shroff, due to advancing age (90 years) has expressed his desire to step down from his dual responsibility as Chairman and Managing Director and now wishes to devote full time for social causes and focus on improving Indian agriculture and chemical industry. Mr. Rajju Shroff will become "Chairman Emeritus" of the Board, effective from 1 December, 2022. Mr. Rajju Shroff's dedication to UPL and Indian Chemical industry is unprecedented.

His many awards are a mere testimony of his legend. He was conferred Padma Bhushan in 2021, for his contribution to the field of trade and industry. His contribution in ensuring food security for India is exemplary.

Mr. Rajju Shroff is considered as India's 'Crop Protection King'. Mr. Arun Ashar, Whole-time Director ­ Finance has been with UPL for last more than 50 years and is considered one of the strong pillars of UPL. He has been supporting treasury, finance and compliance functions and is involved in strategic corporate matters.

Mr. Ashar due to advancing age (74 years) has expressed his desire to relieve him from the responsibilities as a full-time board member. He has submitted his resignation as Director and Whole-time Director and the same has been accepted by the Board to become effective from 1 December, 2022. Mr. Anand Vora, Global CFO would assume all the current responsibilities shouldered by Mr. Arun Ashar.

The Directors also designated Mr. Jai Shroff, Non-Executive Director as the Chairman of the Board with effect from 1 December 2022. Based on the recommendation of the Nomination and Remuneration Committee, the Board appointed Mr. Raj Tiwari as an Additional Director as well as Whole-Time Director on the Board of the Company effective i.e. 1 November, 2022 for a period of 5 (five) years, subject To Approve the members. Mr. Raj Tiwari is currently the Chief Supply Chain Officer of UPL Ltd. In his role as CSCO, he is responsible for defining and delivering the Supply Chain & business strategy and providing overall leadership to Supply Chain Manufacturing for UPL global operations.

Mr. Raj Tiwari has been with UPL since 2011. He started in the role of Global leader for Manufacturing Projects & Lead for Indirect Procurement. He has been a part of the Global Supply Chain & Manufacturing leadership team at UPL.

He has been known for successfully leading change management, manufacturing transformation & large turnkey projects that enabled UPL for meeting its growth objectives. He managed the role of Head – Technical Manufacturing for India for a year before he took on the role of Chief Supply Chain Officer in 2017. Mr. Tiwari started his career with Ambuja Cements as management trainee where he worked for 14 years in varied roles of Operations, Projects, Strategic Planning and general management.

Prior to UPL, in his last assignment, he led the Operations & Projects for CEAT Tyres as Vice President. Mr. Tiwari has done his Electrical Engineering from NIT Allahabad and is an alumnus of IIM Calcutta and Harvard Business School.