Avenue Supermarts Limited informed that Mr. Ramesh Damani (DIN: 00304347), Chairman and Independent Director of the Company shall complete his second term on the Board of the Company on 31st March, 2024. Accordingly, he will cease to be Chairman and Independent Director of the Company with effect from close of business hours on 31st March, 2024. Consequently, the Board of Directors at their meeting held 16th March, 2024, have approved the appointment of Mr. Chandrashekhar Bhave (DIN: 00059856), Independent Director as Chairman of the Company w.e.f. 1st April, 2024.

Mr. Chandrashekhar Bhave holds a graduate degree in electrical engineering from Jabalpur Engineering College. He has several years of experience in the state and central administrative services and securities regulation. Prior to joining Company, he was in the Indian administrative service and has worked in different positions with the State Government and the Central Government.

He has held the position of a senior executive director of SEBI during the years 1992 to 1996 which were the formative years of SEBI, and during which period the work of creating the regulatory infrastructure for capital markets was undertaken. He served as the chairman and managing director of NSDL during the years 1996 to 2008. He served as the chairman of SEBI during the years 2008 to 2011.

During this period, he was also the chairperson of the Asia-Pacific Regional Committee and a member of the technical and the executive committees of the International Organisation of Securities Commission. He was a member of the board of the Public Interest Oversight Board ("PIOB") during 2011-2017. PIOB is a not for profit foundation registered in Madrid, Spain.

PIOB supervises the work of the standard setting bodies of the International Federation of Accountant from the perspective of public interest. He was a trustee of the IFRS foundation based in London from 2012-2018. He is the Chairman of the Indian Institute for Human Settlements, a not for profit company established for the purpose of creating and disseminating knowledge related to human settlements in the context of urban areas.

He is a member of the board of Mahindra and Mahindra Financial Services Limited, Vistaar Financial Services Private Limited, Tejas Networks Limited, Niva Bupa Health Insurance Company Limited, Saankhya Labs Private Limited and a trustee on the board of trustees of the Independent and Public Spirited Media Foundation Trust.