Laxmi Organic Industries Limited announced that at the board meeting held on July 1, 2024, approved the resignation of Ms. Tanushree Bagrodia as Chief Financial Officer, Effective September 2, 2024. Further, based on the recommendations of the Nomination and Remuneration Committee, the Board has approved the appointment of MR. MAHADEO KARNIK as Chief Financial Officer of the Company, effective September 3, 2024. Mr. Mahadeo Karnik is a seasoned finance professional with over 28 years of post- qualification experience, boasting a wealth of knowledge and expertise in financial analysis, capital markets, corporate taxation, mergers, and acquisitions.

He is renowned for his strategic acumen and has played a pivotal role in spearheading company-wide initiatives aimed at developing and implementing enhanced business models and profitable market-beating growth strategies. Throughout his career, Mr. Mahadeo has been instrumental in driving numerous automation and digitization projects crucial for organizational success. Graduating with a BCom degree from Mumbai University in 1993 and earning his Chartered Accountancy (wherein he ranked 34th nationally) and Cost Accounting qualifications in 1996, Mr. Mahadeo has continually demonstrated a commitment to excellence in his academic pursuits and professional endeavours.

Mr. Mahadeo's illustrious career has seen him hold esteemed positions in various organizations, including Abbott Healthcare, Perkin Elmer India Private Limited, Roche Diagnostics India Private Limited, International Bestfoods Limited, and United Phosphorus. Mr. Mahadeo's leadership in finance has been characterized by strategic foresight, operational excellence, and a steadfast commitment to driving sustainable growth. He possesses a proven track record of success, complemented by his collaborative approach and high emotional intelligence, which positions him as a valuable asset capable of navigating complex financial landscapes and delivering impactful results in dynamic environments.

With a strong domain proximity and significant manufacturing experience, Mr. Mahadeo has effectively led teams to drive cost efficiencies and enhance commercial operations. While he may not have directly led investor relations, his strategic communication skills and adept stakeholder management have earned him widespread recognition. Renowned for his humility, collaborative nature, and high emotional intelligence, Mr. Mahadeo is well- equipped to lead in diverse cultural contexts and drive transformation in dynamic environments.