Tata Sponge Iron Limited has informed the Exchange that in accordance with the existing terms of appointment, Mr. Suresh Thawani, Managing Director of the company, will retire with effect from April 1, 2013. Further, the board of directors of the company in its meeting held on March 29, 2013 appointed Mr. D.P. Deshpande as Additional Director as well as Managing Director of the company for a period of 3 years with effect from April 01, 2013, in place of Mr. Suresh Thawani.