Piramal Enterprises Limited informed that Mr. Deepak Satwalekar has tendered his resignation as an Independent Director from the Board of the Company as well as its Committees, from 26th July, 2021. Mr. Satwalekar, In his resignation letter, which is enclosed herewith, has indicated that the only reason for his resignation is to avoid potential conflict of interest arising from the entity resulting post the integration of Dewan Housing Finance Corporation Limited with Piramal Capital & Housing Finance Limited, a wholly owned subsidiary of the Company, being in the same sector as the affordable housing finance company of which he is the existing Chairman. The resignation also aligns well with the Company's succession plan for the Independent Directors to revamp the Board in a phased manner keeping in mind the imminent maximum tenure guidelines as per the statutory provisions.