Karma Energy Limited announced that Mr. Chetan Durgadas Mehra was appointed as the Managing Director of the Company for a period of one year with effect from December 1, 2022, post approval of the Board of Directors at their meeting held on November 10, 2022. The Board has, based on the recommendation of the Nomination and Remuneration Committee and subject to the approval of the Members, approved the appointment of Mr. Chetan Durgadas Mehra as Managing Director and Chief Executive Officer for a period of one year. Consequent to the expiry of the term of Mr. Ganesh N. Kamath, as Managing Director of the Company on November 30, 2022 and Board of Director's decision to appoint Mr. Chetan Durgadas Mehra as the Managing Director with effect from December 1, 2022 for a period of one year in succession to Mr. Ganesh N. Kamath, Mr. Chetan D. Mehra will be appointed as Managing Director after conclusion of this meeting.

A Science graduate with over 33 years' experience in Textile exports, full-fledged Money Changing, Housing and Consumer Finance, and Wind-farm /Hydro-power development, Chetan Mehra has overseen the Weizmann Group's steady growth and ensured its profitable business record. Active for over a decade in mentoring other Weizmann companies who are engaged in the renewable energy sector, he has also engineered financial and technical JVs with leading business houses for wind-farm development and manufacture of wind-electric generators. He has been responsible for financial tie-ups in the form of capital-infusion in housing finance by international financial institutions and public sector banks.

Mehra has also successfully promoted Weizmann Homes Ltd. till the divestment of its stake in favour of AIG, thelarger insurance group as well as the sale of Weizmann Forex, the money changing business to Nasdaq listed Ebix. He is the President of the Renewable Energy Developers Association of Maharashtra (REDAM), Secretary of the National Council of Indian Wind-power Association and a Governing Member of the World Institute of Sustainable Energy (WISE). With his considerable experience in the financial services and renewable energy sectors, Chetan Mehra has served on the financial services and energy sub-committees of the CII and was the Chairman of Laxmi Finance and Leasing Companies Commercial Premises Co-operative Society Ltd. which implemented the commercial project in the Bandra-Kurla complex in Mumbai.

He is also an ex-Chairman of the CII- GBC Sub-Committee for Development of Wind Energy. Qualifications: Graduate in Science. Directorships held on other Public Companies (Excluding foreign companies and Section 8 companies): Avinaya Resources Ltd; Batot Hydro Power Ltd; Weizmann Corporate Services Ltd; Weizmann Ltd; Weizmann Digital Ltd.