Laurus Labs Limited announced that at its board meeting held on April 25, 2024, have resolved as follows (Outcome): the board has noted the completion of tenure of Dr. M. Venugopala Rao as chairman of the board and independent director of the company with effect from the close of business hours of May 17, 2024, who have served as Independent Director for 2 terms (1st term of 5 years and 2nd term of 2 years); In view of completion of tenure of Dr. M. Venugopala Rao as Chairman and Independent Director of the company with effect from close of business hours of May 17, 2024, Dr. Ravindranath Kancherla, independent director of the company is appointed as non-executive chairman of the board of directors of the company with effect from May 18, 2024. Dr. Ravindranath Kancherla is an independent director of the company since May 18, 2017 and until May 17, 2027; the board has approved the appointment of Mr. Karnam Sekar as an additional director in the capacity of independent director of the company with effect from April 25, 2024 to hold the office up to the conclusion of ensuing Annual General Meeting. Dr. Ravindranath Kancherla is an independent director of the company since May 18, 2017 and is now appointed as chairman of the board of directors of the company.

Dr. Ravindranath Kancherla (69 Years) is a globally acclaimed expert in Surgical Gastroenterology and Laparoscopic Surgery. As the leader of Global Hospitals Group, he founded India's premier hospital exclusively focused on Gastroenterology and a state-of- the-art center for complex organ transplantations. His extensive surgical prowess includes liver, pancreatic, and bile duct resections, as well as advanced gastric and reconstructive coloproctology procedures.

Renowned for his surgical acumen, Dr. Kancherla has played a role in advancing the field of minimally invasive surgery. Under his guidance, over 700 surgeons have been trained in laparoscopic procedures. Mr. Karnam Sekar (63 Years) is a business leader with more than four decades of rich experience in the Financial Services industry and with extensive knowledge of Corporate Finance, Treasury Management and Stressed Asset Management.

He is currently serving on the board of Incred Financial services, Incred Prime Finance and UGRO Capital, Incred Holdings Ltd. Initially, He joined State Bank of India in 1983 as a Probationary Officer and rose to the level of Deputy Managing Director. He was selected as Managing Director of two Public Sector Banks viz., Dena Bank and Indian Overseas Bank, during very critical juncture of their history. He was the Chairman of the board of National Asset Reconstruction Company NARCL (May 2022-August 2023).

Mr. Sekar holds a B.Sc (Ag), a CAIIB, and a Diploma in Management from AIMA. He has also earned diplomas in Financial Services and participated in leadership development programmes from institutions including IIM Calcutta, ISB Hyderabad, and Kellogg's Management School, Chicago.