Background

This disclosure is in continuation of the company's intimation dated August 25, 2026, regarding the resignation of M/s. SGPS & Associates, Chartered Accountants (Firm Registration No. 132946W), as Statutory Auditors effective from August 24, 2026.

Audit Committee Meeting Details

The Audit Committee meeting was held on August 27, 2026, to deliberate upon the reasons and matters communicated by the outgoing Statutory Auditors in connection with their resignation.

Reasons for Resignation Stated by Auditors

  • Consequent upon listing of equity shares on the SME Platform of BSE Limited, the scope, responsibilities and regulatory requirements increased
  • Enhanced professional time, resource allocation and continuing involvement required
  • Outgoing auditors proposed revision in professional remuneration commensurate with enhanced scope
  • Despite discussions, mutually acceptable revision in professional remuneration could not be concluded
  • Existing professional commitments and resource-allocation constraints cited due to level of professional time and resources required for listed-entity audit engagement

Concerns Reported by Auditors

  • Confirmation that resignation was based solely on commercial, professional and resource-allocation considerations
  • No issues relating to non-availability of information or explanations sought
  • No lack of cooperation from Management reported
  • No fraud or suspected fraud reported
  • No other material concern requiring reporting under applicable regulatory framework
  • No other material reason for resignation beyond disclosed reasons

Audit Committee Deliberations and Views

  • Committee considered resignation letter dated August 24, 2026
  • Reviewed information and declarations furnished in prescribed Annexure 21
  • Considered clarifications placed before the Committee by Management
  • Concluded that reasons for resignation are commercial, professional and resource-allocation considerations
  • Specifically noted enhanced scope post-listing, inability to agree on revised remuneration, and resource-allocation constraints
  • Confirmed no other concerns reported by outgoing auditors

Committee Actions and Recommendations

  • Took note of the resignation
  • Communicated views to Management
  • Advised Management to ensure completion of applicable statutory and regulatory compliances
  • Recommended ensuring orderly transition of statutory audit engagement

Place and Date

Vadodara, August 27, 2026