Gujarat State Financial Corporation nominated Shri Madhukar M. Asthana, Senior Divisional Manager, LIC of India, Gandhinagar Divisional Office, Gandhinagar as a Director on the Board of Directors of the Corporation in place of Shri Sanjeev Mehta. Shri Madhukar M. Astana assumed office on 23 May, 2023 and consequently Shri Sanjeev Mehta ceased to be Director of the Corporation on 22 May, 2023 (AN). Shri Madhukar M Asthana, aged 56 years, is nominated on the Board of Directors of the Corporation by Life Insurance Corporation of India pursuant to Section 10 (d) of the State Financial Corporations Act, 1951 vide letter No.

IBOIND Cell/RS dated 16.05.2023. He holds Degree in Commerce and Diploma in Management. He started his career as a direct recruit officer of 20 batch with Life Insurance Corporation of India in 1993.

He possesses of 30 years' experience in various departments of LIC of India in different capacities. Prior to joining as Senior Divisional Manager at Gandhinagar Divisional Office of LIC of India, he was holding the position of Divisional Manager, Vadodara Division. He is not holding Directorship in any other Company/Corporation!Association of Persons.

He is also not holding shares of the Corporation in his individual capacity and not related to any Director or Key Managerial Personnel of the Corporation.