Change - Announcement of Cessation::CESSATION OF DR. BHUPENDRA KUMAR MODI AS EXECUTIVE CHAIRMAN AND GROUP CHIEF EXECUTIVE OFFICER

Issuer & Securities

Issuer/ Manager
DIGILIFE TECHNOLOGIES LIMITED
Securities
DIGILIFE TECHNOLOGIES LIMITED - SG1BD0000008 - BAI
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
16-Jun-2023 19:14:02
Status
New
Announcement Sub Title
CESSATION OF DR. BHUPENDRA KUMAR MODI AS EXECUTIVE CHAIRMAN AND GROUP CHIEF EXECUTIVE OFFICER
Announcement Reference
SG230616OTHRDPKJ
Submitted By (Co./ Ind. Name)
Chada Anitha Reddy
Designation
EXECUTIVE DIRECTOR
Description (Please provide a detailed description of the event in the box below)
Cessation of Dr. Bhupendra Kumar Modi ("Dr. Modi") as Executive Chairman and Group Chief Executive Officer

This announcement has been reviewed by the Company's sponsor, Prime Partners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Mr. Shervyn Essex, 16 Collyer Quay, #10-00 Collyer Quay Centre, Singapore 049318, sponsorship@ppcf.com.sg.

Additional Details

Name Of Person
Dr. Bhupendra Kumar Modi
Age
74
Is effective date of cessation known?
Yes
If yes, please provide the date
23/06/2023
Detailed Reason (s) for cessation
Dr. Modi was appointed as the Non-Executive Director and Chairman with effect from 6 March 2020 subsequently with effect from 19 April 2022, he has been re-designated as Executive Chairman and Group CEO. As announced by the Company on 19 April 2022, Dr Modi was appointed as the Group CEO to provide stability to the organization as the Group was in the midst of critical business transition period. Dr Modi has informed the Company that since the business operations of the Company is stable now, he considers it is the right time for him to step down as the Chairman and Group CEO and bring in existing senior professional management to take the Company forward. He has also been pre-occupied with other personal commitments and as such he is of the view that he will not be able to devote sufficient time to oversee the Company's day to day affairs. He will continue to be the controlling and largest shareholder of the Company at this point.

In light of the above, the Company is currently in the process of revamping and refreshing the Board and management and will be announcing further updates in due course. The Company would like to express its gratitude and appreciation towards Dr. Modi's valuable contributions to the board and management during his tenure. After having interviewed Dr. Modi and to the best of its knowledge, the Company's Sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that save as disclosed in this announcement, there are no other material reasons for the cessation of Dr. Modi as the Executive Chairman and Group CEO.
Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting?
No
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
No
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
19/04/2022
Does the AC have a minimum of 3 members (taking into account this cessation)?
No
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
1
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
3
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Chairman and Group Chief Executive Officer
Role and responsibilities
Executive
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Dr. Modi is the major shareholder of Digilife Technologies Limited, holding 57.19% interest in Company. He is the father of Mr. Dilip Modi, the substantial shareholder of the Company where he hold deemed interests of the Company through S Global Innovation Centre Pte. Ltd. and Smart Bharat Private Limited and husband of Mrs. Veena Modi, the substantial shareholder of the Company where he hold deemed interest of the Company through Smart Bharat Private Limited.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Direct Interest - 804,634 ordinary shares in the Company

Deemed interest - 6,851,086 ordinary shares in the Company
Past (for the last 5 years)
1. Smart Co. Holding Pte. Ltd.
2. Spice Global Pte. Ltd.
3. Smart Health City Pte. Ltd.
4. Saket City Hospitals Limited
5. Organicell Regenerative Medicine, Inc.
Present
1. Stradbroke Investments Pte. Ltd.
2. Hylf Pte. Ltd.
3. Modi Fountainlife Private Limited
4. Fountainlife Newyork LLC