Pursuant to Section 48A of Insurance Act, 1938, ICICI Lombard General Insurance Company Limited had sought an approval from Insurance Regulatory and Development Authority of India ("IRDAI") for continuation of appointment of Mr. Vishal Mahadevia, a Non-executive, Independent Director of the company, as common director on the Board of the company and as a Director in an insurance intermediary of the company. The IRDAI vide its letter dated May 2, 2019 has advised Mr. Vishal Mahadevia to retain directorship either of the company or of the insurance intermediary. The company has received a letter from Mr. Vishal Mahadevia wherein he has communicated his option to continue as a Director on the Board of IDFC First Bank Limited, being an insurance intermediary of the Company and has extended his resignation as a Non-executive, Independent Director on the Board of the Company and from Committees on which he serve, with effect from close of business on July 16, 2019.