Indian Card Clothing Company Limited (the "Company") has announced key changes to its executive leadership team. On April 29, 2025, the Company's Board of Directors convened a meeting during which they discussed and approved two significant changes within the senior management team, in line with the requirements set forth by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Resignation of Dr. Sriram Swaminathan as CFO

The Board acknowledged the resignation of Dr. Sriram Swaminathan, the Chief Financial Officer (CFO) and whole-time key managerial personnel of the Company. Dr. Swaminathan's resignation was primarily due to personal reasons and a desire to explore new opportunities. His resignation will take effect at the close of working hours on April 29, 2025. Dr. Swaminathan expressed his gratitude to the Company for the support and opportunities provided during his tenure. In his resignation letter, he also wished the Company continued success.

The resignation of Dr. Swaminathan is compliant with the SEBI Listing Regulations, which mandate disclosure of changes in key managerial personnel in the listed companies.

Appointment of Mr. Sanjeevkumar Karkamkar as CFO

In line with Dr. Swaminathan's resignation, the Nomination & Remuneration Committee and the Audit Committee approved the appointment of Mr. Sanjeevkumar Karkamkar as the new Chief Financial Officer (CFO) of the Company. His appointment will be effective from April 30, 2025.

Mr. Karkamkar is an experienced professional with a background in Finance, Company Law, Taxation, and Administration. He has an impressive career spanning over 45 years, having worked in various capacities with several renowned organizations. His expertise spans various industries, including engineering, finance, and leasing, and he currently serves on the board of various companies within the Multi-Act Group. Mr. Karkamkar joined The Indian Card Clothing Company Limited as an Executive Director on August 14, 2024.

The appointment of Mr. Karkamkar as the CFO marks a new chapter for the company, with his wealth of experience expected to play a pivotal role in the future growth and financial governance of the Company.

Compliance with SEBI Listing Regulations

Both the resignation of Dr. Sriram Swaminathan and the appointment of Mr. Karkamkar comply with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The details required under these regulations, including the reasons for the change and the effective dates, have been disclosed in the formal Annexure A, attached with this filing.

Conclusion

The leadership changes are an important part of The Indian Card Clothing Company Limited's ongoing efforts to strengthen its governance and ensure continuity in its operations. The Company remains committed to maintaining transparency and complying with the regulatory requirements outlined by the Stock Exchanges and SEBI.

The company has expressed its gratitude to Dr. Swaminathan for his contributions over the years and welcomes Mr. Karkamkar in his new role.

For further information or inquiries, please contact the Company Secretary or the designated representatives.

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