Background and Context

The disclosure is in continuation of the company's previous intimation dated June 9, 2026, regarding board approval for voluntary delisting of equity shares under Regulation 10 of SEBI (Delisting of Equity Shares) Regulations, 2021. The company received shareholder approval on July 10, 2026, and filed applications with both exchanges for in-principle approval on the same day.

Response to Regulatory Query

On September 3, 2026, NSE raised a query regarding the period covered by the due diligence and share capital audit reports. In response, the company's Board of Directors approved the following revised reports via Circular Resolution No. 3/2026-27 on September 8, 2026:

  • Due Diligence Report dated September 7, 2026, covering period from June 9, 2024 to June 8, 2026 (1 day prior to the June 9, 2026 Board Meeting)
  • Regulation 76 Audit Report dated September 7, 2026, covering six months from December 9, 2025 to June 8, 2026
  • Regulation 76 Audit Report dated September 2, 2026, covering six months from January 10, 2026 to July 9, 2026 (1 day prior to application to exchanges)

Due Diligence Report Findings (Annexure A)

The due diligence report by Mrs. Prerana Jadhav, Peer Review Practicing Company Secretary, includes:

Shareholding Analysis:

  • Acquirer and related entities (promoters and promoter group) maintained unchanged shareholding during review period (June 9, 2024 to June 8, 2026)
  • Promoters hold 7,27,84,480 equity shares representing 74.43% of paid-up equity share capital

Top Twenty-Five Public Shareholders Analysis:

  • Detailed transaction history for each of the top 25 public shareholders during review period
  • All transactions were market purchases or sales (no off-market transactions identified)
  • The acquirer confirmed no connection with any of the top 25 public shareholders

Shareholding Pattern as on June 8, 2026:

1. Rajen Anil Shah: 1,65,000 shares (0.96%)

2. Sunil Kumar Daga: 1,06,000 shares (0.62%)

3. Jatin Ramesh Shah: 84,840 shares (0.49%)

4. Nehal Trading And Investments Private Limited: 55,000 shares (0.32%)

5. Leposhe Trading Enterprises LLP: 53,545 shares (0.31%)

6. Chandrakala: 51,728 shares (0.30%)

7. Optirational Ventures LLP: 50,500 shares (0.29%)

8. Rajan Indulal Sheth: 50,000 shares (0.29%)

9. Praveen Kumar: 47,688 shares (0.28%)

10. Nimesh Virchand Munver: 47,500 shares (0.28%)

11. Sonal D Shah: 45,500 shares (0.26%)

12. Sejal Niravbhai Mehta: 40,205 shares (0.23%)

13. Sunil K Daga: 40,000 shares (0.23%)

14. Aman Finvest Pvt Ltd.: 34,100 shares (0.20%)

15. Sanjeev Lokesh Agrawal: 33,000 shares (0.19%)

16. Suketu B Gandhi: 31,625 shares (0.18%)

17. Prahlad Kumar Oberoi: 31,110 shares (0.18%)

18. Kinjal Sanjay Morakhia: 30,400 shares (0.18%)

19. Madhu Daga: 30,000 shares (0.17%)

20. Akil Ahmad Hirani: 30,000 shares (0.17%)

21. Jindal Securities Pvt Ltd Corporate A/C: 30,000 shares (0.17%)

22. Multiplier Share & Stock Advisors Pvt Ltd.: 30,000 shares (0.17%)

23. Jai Kumar Bothra: 29,786 shares (0.17%)

24. Ishvam Portfolio Private Limited: 28,661 shares (0.17%)

25. V Santhi: 26,000 shares (0.15%)

Share Capital Audit Reports (Annexure B & C)

Regulation 76 Audit Report for December 9, 2025 to June 8, 2026:

  • Face Value: ₹10 per equity share
  • Total Issued Capital: 1,71,75,700 shares (100%)
  • Dematerialized Holdings: CDSL - 16,97,890 shares (9.89%), NSDL - 1,52,71,208 shares (89.91%)
  • Physical Holdings: 2,06,602 shares (1.20%)
  • Total: 1,71,75,700 shares (100.00%)
  • No differences between issued capital and listed capital
  • No changes in share capital during the period
  • Register of Members is updated
  • No demat/remat requests pending beyond 21 days

Regulation 76 Audit Report for January 10, 2026 to July 9, 2026:

  • Face Value: ₹10 per equity share
  • Total Issued Capital: 1,71,75,700 shares (100%)
  • Dematerialized Holdings: CDSL - 15,87,401 shares (9.25%), NSDL - 1,53,81,697 shares (89.55%)
  • Physical Holdings: 2,06,602 shares (1.20%)
  • Total: 1,71,75,700 shares (100.00%)
  • No differences between issued capital and listed capital
  • No changes in share capital during the period
  • Register of Members is updated
  • No demat/remat requests pending beyond 21 days

Company Contacts

  • Compliance Officer: Ms. Hetali Mehta, Tel: 022-40016500
  • Registrar and Share Transfer Agent: MUFG Intime India Private Limited, C-101, 1st Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai - 400 083
  • Company Secretary: Mrs. Prerana Jadhav, ACS No.: 34667, C.P. No.: 14036

Financial Impact

Financial impact not quantified in the disclosure. The reports are procedural requirements for the voluntary delisting process.