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Inter alia, approved:- 1. Change in leadership at Asian a. Mr. Ashutosh Kumar (DIN: 06918508) has resigned from his current position as Whole- time Director & CEO of the Company with effect from close of business hours of May 31st, 2023. However, he will continue to be associated with the Company and looking after the operations. Consequently, Mr. Ashutosh Kumar shall also cease to be the Key Managerial Personnel (?KMP?) under the provisions of Section 203 of the Companies Act, 2013 and under Regulation 30(5) for determining the materiality of any event or transaction for making the required disclosures to the Stock Exchange w.e.f. close of business hours of May 31st, 2023. Mr. Ashutosh Kumar?s resignation as Whole Time Director and CEO was accepted by the Board of Directors, and he will cease to be CEO & Whole time Director with effect from the close of business hours on 31st May, 2023. The Board placed on record its appreciation for the contribution made by him during his directorship with the Company. b. Mr. Kapil Garg (DIN: 01360843) currently a Non-Executive Director of the Company has been appointed as the Managing Director of the Company. Based on the recommendation of the Nomination & Remuneration Committee, the Board of Directors of the Company, have approved the appointment of Mr. Kapil Garg for a period of three years with effect from 1st June, 2023. The Company shall seek Member?s approval for the aforesaid appointment in due course.Accordingly, the contact details of Mr. Kapil Garg are provided below: Mr. Kapil Garg is Director of Oilmax Energy Private limited and relative of Mrs. Ritu Garg, the Promoter of the Company. Based on declarations received, we hereby inform that Mr. Kapil Garg is not debarred from holding the office of director by virtue of any SEBI order or other such authority. Mr. Kapil Garg is also not related to any of the existing Directors of the Company. 2. Appointment of Mr. Kapil Garg as Key Managerial Personnel of the Company Consequent to the appointment of Mr. Kapil Garg in the Executive position, he is also appointed as one of the Key Managerial Personnel of the Company effective 1st June, 2023.
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