Pursuant to Section 10 (c) of State Financial Corporations Act, 1951, Small Industries Development Bank of India, Mumbai, vide letter dated November 10, 2022, nominated Shri. Akash Pawar, Deputy General Manager, Branch Office, SIDBI as its Nomi nee Director on the Board of Directors of Gujarat State Financial Corporation with immediate effect in place of Shri C.Y. Arun Kumar. Shri Akash Pawar complied with the formalities for joining on the Board of Directors of the Corporation on November 21, 2022 and assumed the office of Director of the Corporation with effect from that date.

Accordingly, Shri C.Y. Arun Kumar ceased to be Director on the Board of Directors of the Corporation on November 20, 2022. Shri Akash Pawar, aged 52 years, is the Deputy General Manager of Branch Office at Ahmedabad of Small Industries Development Bank of India. He holds degree of Bachelor of Technology from Lucknow University.

He joined SIDBI as Assistant Manager on 18.11 .1996. He has rich and varied experience financial sector concerning micro, small and medium scale industries and held positions as Deputy General Manager in Accounts, Branch Operations and operations of Corporate Office with SIDBI. He is not holding any equity shares of the Corporation in his personal capacity and is not related to any Key Managerial Personnel of the Corporation.

He does not hold directorship in any other company/corporation/firm/Association of Individuals.