Intimation Under Regulation 30 Of Securities And Exchange Board Of India (LODR) Regulation, 2015

Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, we hereby inform that a Court Order has been issued in the U.K. concerning the enforcement of an invalid and expired Guarantee against the Company. This Order pertains to the Corporate Guarantees to the tune of $ 13.50 million issued by the Company in favour of two (2) Special Purpose Vehicle (SPVs) owned by a Chinese financial owner.Despite having agreed to cancel the aforesaid Corporate Guarantees and absolve the Company of any potential liability, the Chinese owner through the aforesaid SPVs proceeded against the Company almost 2 years after expiry of the Guarantee. The Company is evaluating various legal remedies available in response to the Order, including, but not limited to, appealing the Order and filing a counterclaim against the Chinese Company.

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