Date: October 27, 2026

Board Meeting Outcomes

The Board of Directors, at its meeting held on Tuesday, October 27, 2026, at 11:30 A.M. at the Corporate Office at No.148, Dr. Radhakrishnan Salai, Mylapore, Chennai 600 004 through hybrid mode, passed the following resolution:

  • RESOLVED THAT pursuant to Regulation 31A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and other applicable provisions, if any, and subject to the receipt of requisite approvals as may be required, the consent of the Board of Directors be and is hereby accorded for the reclassification of Sthitaprajna Advisors LLP, from Promoter Group Category to Public Shareholder Category.
  • RESOLVED FURTHER THAT any one Director or Company Secretary be and are hereby severally authorised to make necessary applications, filings, disclosure and take all such steps as may be necessary to give effect to this resolution including filing the application with the Stock Exchange(s) and any other regulatory authority(ies) as may be required.

Background and Context

The Company Secretary informed the Board that consequent to the completion of the transmission of shares held by late Mr. Rakesh Jhunjhunwala in accordance with the Probate and the directions of IRDAI, Mr. Utpal Hemendra Sheth was classified as one of the Promoters of the Company pursuant to Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Mr. Utpal Hemendra Sheth, being the Designated Partner and Partner of Sthitaprajna Advisors LLP, led to the classification of the said LLP as a part of the Promoter Group of Mr. Utpal Hemendra Sheth in terms of Regulation 2(1)(pp) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Mr. Utpal Hemendra Sheth ceased to be the Designated Partner and Partner of Sthitaprajna Advisors LLP with effect from August 13, 2026.

Pursuant thereto, the Company received a request letter dated September 30, 2026, from Sthitaprajna Advisors LLP, seeking its reclassification from the Promoter Group category to the Public Shareholder category. The Company intimated the same to the Stock Exchanges within the prescribed timeline of 24 hours via a previous intimation bearing reference no. SHAI/B & S/SE/123/2026-27 dated September 30, 2026.

The Board noted that the conditions for reclassification as prescribed under Regulation 31A of SEBI Listing Regulations shall be duly satisfied.

Next Steps

The Company shall take all necessary steps to process the reclassification request, including obtaining all requisite approvals, as may be applicable.