BSE - Corporate Announcement

Please note that pursuant to allotment of Equity Shares to newly defined Promoters as per the Resolution Plan approved by Hon'ble National Company Law Tribunal ('NCLT'), Ahmedabad Bench under section 31 of Insolvency and Bankruptcy Code, 2016 for revival of the Company, the shareholding of Promoters constitutes to more than 75% of total shareholding of the Company. However, pursuant to Regulation 30 of SEBI Listing Regulations read with SEBI Notification SEBI/LAD-NRO/GN/2021/02- dated January 08, 2021, we hereby undertake to make necessary arrangements after completion of the Lock-in period on the shares allotted to newly defined Promoters as per the approved Resolution Plan and shall take all required steps to comply with the minimum public shareholding requirements as per Rule 19 (2) and Rule 19A of the Securities Contracts (Regulation) Rules, 1957, Regulation 31 of SEBI (ICDR) Regulations, 2018 and Regulations 38 of SEBI Listing Regulations (as amended from time to time).