Hariyana Ship Breakers Limited announced that the board of directors of the company has, in its meeting held on March 27, 2018, approved following changes in the directors and Key Managerial Personnel ('KMP') of the company: Mr. Shantisarup Reniwal presently serving as an executive director on the board of the company, has been appointed as the managing director of the company, for a period of five years with effect from March 28, 2018, subject to the approval of shareholders and such other approvals, as may be necessary. Mr. Rakesh Shantisarup Reniwal will step down from the position of the Managing Director of the company, with effect from closing hours of March 27, 2018 and consequently, he will cease to be one of the KMP of the company. The board has appointed Mr. Rakesh Shantisarup Reniwal as an Additional Director with effect from March 28, 2018, proposed to be appointed as an Executive Director, liable to retire by rotation, subject to the approval of the shareholders of the Company at the upcoming AGM.

In view of his vast knowledge and varied experience and the immense value that Rakesh Shantisarup Reniwal brings to the board, the board appointed Mr. Rakesh Reniwal as an additional director with effect from March 28, 2018, proposed to be appointed as an executive director, liable to retire by rotation, subject to the approval of the shareholders of the company at the upcoming AGM. Mr. Rajeev Shantisarup Reniwal has resigned from the post of chief financial officer of the company due to his pre-occupations and inability to devote time to the affairs of the company. Rajeev Shantisarup Reniwal will step down with effect from closing hours of March 27, 2018 and will therefore cease to be one of the KMP of the company.

Consequently, the board has approved the appointment of Mr. Rakesh Shantisarup Reniwal as the chief financial officer of the company, to be one of the KMP of the company, with effect from March 28, 2018.