Date: October 1, 2026

Subsidiary Closure Disclosure

Strategic Rationale and Decision

  • Denave India Private Limited, a material subsidiary of Updater Services Limited, has decided to voluntarily close its wholly owned subsidiaries:
  • Denave Europe Limited
  • Denave Korea Limited
  • The closure decision is strategic, intended to allow the group to focus on more promising opportunities
  • The process will be initiated and undertaken in accordance with applicable laws and regulatory requirements of the relevant jurisdictions

Financial Impact Assessment

  • The closure does not have any material financial impact on the books of Updater Services Limited
  • Financial contribution of the subsidiaries based on last financial year (ratios with reference to consolidated financials of listed entity):

Denave Europe Limited:

  • Turnover Contribution: INR 19.23 Million (0.07% of total turnover)
  • Net Worth Contribution: INR 18.17 Million (0.17% of net worth)

Denave Korea Limited:

  • Turnover Contribution: INR 115.50 Million (0.39% of total turnover)
  • Net Worth Contribution: INR 22.37 Million (0.22% of net worth)

Transaction Details

  • Transaction Type: Voluntary closure (not a sale/disposal agreement)
  • Expected Completion Date: Under process of voluntary closure; actual date of closure will be separately intimated upon completion
  • Consideration: Not applicable (no sale/disposal)
  • Buyer Details: Not applicable
  • Related Party Transaction: Yes, the transaction would fall within related party transactions
  • Arm's Length: The transaction is done at "arm's length"
  • Scheme of Arrangement: Not applicable
  • Slump Sale: Not applicable

Regulatory Compliance

  • Disclosure made pursuant to Regulation 30 read with Para A of Schedule III of SEBI (LODR) Regulations, 2015
  • Complies with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026
  • Annexure A containing required details is enclosed with the filing

Company Representative

  • Sandhya Saravanan, Company Secretary and Compliance Officer (Membership No. A66942) signed the disclosure

No material disclosures under the following sections:

  • KMP / Board / Auditor Changes
  • Dividend Declaration or Non-Declaration
  • Board Meeting Outcomes
  • Financial Results
  • Auditor's Report
  • Disinvestment / Strategic Actions
  • Media Release / Investor Communication