Thomas Cook (India) Limited announced that based on recommendation of the Nomination & Remuneration Committee, the Board of Directors have approved relinquishment by Mrs. Kishori Udeshi from the position of Chairperson of the Board and her re-designation as a Non-Executive Independent Director of the Company with effect from November 30, 2022 for the remainder of her term of office. Mrs. Kishori Udeshi was re-appointed as Independent Director for a term of five years commencing from September 16, 2019 to September 15, 2024 or till such earlier date to conform with the Company's Policy on Corporate Governance, as per the Shareholders resolution passed in Annual General Meeting dated 9th August, 2019. The Board of Directors in its meeting held on May 27, 2021, has appointed Mrs. Kishori Udeshi, Independent Director as the Chairperson of the Board and General Meetings with effect from 29th May, 2021, to proactively comply with the provisions of Securities and Exchange Board of India [Listing Obligations & Disclosures Requirements] Regulations, 2015, as amended, in respect of separate role of Chairman and Managing Director/Manager.

However, due to personal reasons, Mrs. Kishori Udeshi, vide letter dated November 21, 2022, has sought relinquishment from her position as the Chairperson of the Board of Company. She will continue to function as the `Non- Executive Independent Director' on the Board of the Company and will guide and support the Management in its pursuits. Mrs. Kishori Udeshi has an M.A. Degree in Economics from Bombay University.

She moved on to a professional career in central banking and became the first woman to be appointed as Deputy Governor of the Reserve Bank of India. She was the first Executive Director of the RBI to be nominated on the Board of State Bank of India. As Deputy Governor, one of her portfolios was the regulation and supervision of the banking and non-banking sector.

She represented the RBI on the Core Principles Liaison Group and the Core Principles Working Group on Capital, of the Basel Committee on Banking Supervision, set up by the Bank for International Settlements, Switzerland. As Deputy Governor she was on the Board of SEBI, NABARD, Exim Bank and was the Chairman of Bharatiya Reserve Bank Note Mudran (Pvt.) Ltd., Bangalore as also Chairman of the Deposit Insurance and Credit Guarantee Corporation. In 2006 the Reserve Bank of India appointed her as Chairman of The Banking Codes and Standards Board of India.

She demitted this office in December 2011. She was a Member of the Financial Sector Legislative Reforms Commission chaired by Justice SriKrishna, set up by the Government of India. Mrs. Udeshi is currently a Director of Haldyn Glass Limited, ION Exchange (India) Limited, Shriram Transport Finance Company Limited and others.

The board also approved re-designation of Mr. Madhavan Menon as Chairman & Managing Director of the Board and the Company with effect from November 30, 2022 for the remainder of his term of office. Mr. Madhavan Menon was re-appointed as Chairman and Managing Director for term of five years with effect from March 1, 2020 to February 28, 2025 as per the Shareholders resolution passed in Annual General Meeting dated September 11, 2020. The Board of Directors in its meeting held on 27th May, 2021, has re-designated Mr. Madhavan Menon as the Managing Director with effect from 29th May, 2021, proactively complying with the provisions of Securities and Exchange Board of India [Listing Obligations & Disclosures Requirements] Regulations, 2015, as amended, in respect of separate role of Chairman and Managing Director/Manager.

With the approval of the Board, Mr. Madhavan Menon is appointed as the Chairman of the Board and re-designate him as `Chairman & Managing Director' of the Company with effect from November 30, 2022. Madhavan Menon, joined Thomas Cook India in 2000 as the Executive Director responsible for the Foreign Exchange business and stepped up to the position of Managing Director in January 2006; Chairman & Managing Director in January 2016. Madhavan completed his MBA from George Washington University and undergraduate degree from American University of Beirut.

Madhavan has a varied background, having commenced his career in Banking at Grindlays Bank, Citibank and Emirates Bank and in Birla Sun Life Asset Management Company. Madhavan is a Member on the Board of Thomas Cook (India) Ltd. and holds Directorships in the various subsidiaries of the company. He is also the Chairman of the Fairfax India Charitable Foundation that focusses on bringing down the cost of treating kidney related ailments in the country.

During his tenure, Thomas Cook India has made several acquisitions, making it the largest travel and travel related services company in India and has expanded the global foot print of the Group to cover 21 countries across 4 continents, with operations in Australia, China, ASEAN, South Asia, Middle East, Southern Africa, Eastern Africa and North America.