Pennar Industries Limited at its Board Meeting held on May 27, 2019, approved resignation of Dr. Sita Vanka with effect from 27 May, 2019. The company announced reconstitution of the composition of the Audit Committee with the following members hence forth: Mr. B Kamalaker Rao as Chairman and Non- Executive Independent Director; Mr. C Parthasarathy as Member and Non- Executive Independent Director; Mr. Varun Chawla as Member and Non- Executive Independent Director; and Mr. Eric James Brown as Member and Non- Executive Non- Independent Director. The company constitution of Allotment Committee for issuance of Equity Shares pursuant to Scheme of Amalgamation of Pennar Industries Limited with the members: Mr. Aditya Rao as Chairman; Mr. K Lavanya Kumar as Member; and Mr. P V Rao as Member.

The company also announced formation of wholly owned subsidiary in Germany.