Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 2, 2023, the Board of Directors (the "Board") of Power Americas
Resource Group Ltd. (the "Company") elected Mr. Kumar Elumalai as an independent
member to the Company's Board of Directors, to serve until the next annual
meeting of the Corporation or until his respective successor is duly appointed.
Mr. Elumalai is a Practicing Chartered Accountant and Fellow Member of the
Institute of Chartered Accountants of India (ICAI) and founder of a Chartered
Accountant Firm N. Naresh and Co, located in Chennai, Tamil Nadu, India. Since
2007, Mr. Elumalai has been a Practicing Chartered Accountant with N. Naresh and
Co., located in Chennai, Tamil Nadu, India., an accountancy firm of which he was
also a founder. N. Naresh and Co. is a leading chartered accountancy firm
rendering comprehensive professional services which include audit, management
consultancy, tax consultancy, accounting services, Stock audit services. Mr.
Elumalai specializes in taxation with over 25 years of professional services
experience, during this time, he has handled a wide range of assignments across
direct tax, indirect tax matters as well as cross border transactions and has
developed strong relationships with senior client stakeholders. He has
extensively worked with large domestic companies and multinational in setting up
or rationalizing business models and nationwide distribution structures,
including cross border trade flows and setting up operations in India.
Additionally, he is a member of the Board of Directors of Orscheln Technologies
Private Limited, (a US Based Company), located in Chennai, Tamil Nadu, India
since 2017.
The board of directors of the Company has affirmatively determined that Mr.
Elumalai meets the applicable standards for an independent director under both
the rules of the New York Stock Exchange and Rule 10A-3 under the Securities
Exchange Act of 1934. Mr. Elumalai will not be compensated by the Company for
his services as a director and he has not entered into an employment agreement
with the Company.
Other than the foregoing, Mr. Elumalai is not party to any arrangement or
understanding with any person pursuant to which he was appointed as a director,
nor is either party to any transactions required to be disclosed under Item
404(a) of Regulation S-K involving the Company.
A copy of the Company's press release announcing Mr. Elumalai's election is
attached hereto as Exhibit 99.1 and incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release dated February 2, 2023.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
Document)
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