Lumax Industries Limited at its meeting on March 29, 2023, accepted the resignation of Mr. Shruti Kant Rustagi from the position of Chief Financial Officer of the Company consequent upon his transfer to Group Corporate Materials Function, with effect from the close of business hours of March 31, 2023. The Board placed on record its sincere appreciation for the contribution and services rendered by Mr. Shruti Kant Rustagi during their tenure as CFO of the Company respectively. Reason for change- Mr. Shruti Kant Rustagi has been associated with the Company for more than 15 years and has had a tremendous contribution in the growth of the Company.

As a part of strategic talent management agenda and to augment capability and capacity of Group Corporate Material Function, the Management has decided to move Mr. Shruti Kant Rustagi from the position of Chief Financial Officer ("CFO") to a new role in Group Corporate Materials Function from April 01, 2023. Hence, he has submitted his resignation from the position of CFO with effect from the close of business hours of March 31, 2023. The company also announced appointment of Mr. Ravi Teltia as the Vice President and Chief Financial Officer designated as Key Managerial Personnel of the Company with effect from April 1, 2023.

The said appointment is based on the recommendation of the Nomination and Remuneration Committee and Audit Committee of the Company. Reason for change- Mr. Ravi Teltia has been appointed as Vice President and Chief Financial Officer designated as Key Managerial Personnel of the Company with effect from April 1, 2023. Terms of appointment as recommended by the Nomination and Remuneration Committee and Audit Committee approved by the Board of Directors, from time to time.

Mr. Teltia is a qualified Chartered Accountant (2002 batch) and has an illustrious career with over 20 years of rich experience in the areas of Plant and Corporate Finance, Strategic Planning and Forecasting, Treasury Management, Internal Audit, Cost Analysis & Control. He has been previously associated with Phillips, Tata Chemicals, Surya Roshni and most recently as CFO at NRB Bearings Ltd.