Independent Director Shruti Mimani resigns with immediate effect after relatives acquire ~4% stake

Ms. Shruti Mimani has resigned as Independent Director with immediate effect (letter dated September 28, 2026).

Mon 28 Sep 2026

Director Name

Ms. Shruti Mimani

Resignation Effective Date

September 28, 2026

Position

Independent Director

Shares Acquired by Relatives

1,63,544 equity shares (approximately 4% of total voting share capital)

Acquisition Date

September 23, 2026

What happened

Ms. Shruti Mimani (DIN: 05238795) has tendered her resignation from the office of Independent Director with immediate effect, vide resignation letter dated September 28, 2026.

Why she resigned

Her relatives acquired an aggregate of 1,63,544 equity shares of the company on September 23, 2026, representing approximately 4% of the total voting share capital. With the resultant holding exceeding the permissible limit for relatives of an Independent Director, she stated she no longer fulfils the eligibility and independence requirements under the Companies Act, 2013, the rules made thereunder and applicable SEBI Regulations.

Break-up of the acquisition as stated in her letter

• Mr. Sushil Bahety — 48,544 equity shares
• Mr. Ankit Bahety — 15,000 equity shares
• Mrs. Padma Bahety — 50,000 equity shares
• Mr. Ankit Bahety HUF — 50,000 equity shares

Her confirmation

She confirms the resignation is solely on account of this change in circumstances affecting her eligibility, and that she has no other material reason for resigning from the Board. She requested the Board to complete the necessary updates with the Registrar of Companies, SEBI and the Stock Exchange(s).

What investors may note

The stated cause is an eligibility/independence issue triggered by share purchases by relatives, rather than a disagreement over the company's affairs. The company has said it will undertake the necessary statutory and regulatory compliances and updates. The intimation was signed by Mr. Sanket Rathi, Company Secretary & Chief Compliance Officer.

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