This is to inform you that the Board of Directors of the Company has on 30 March, 2022 noted that on 29 March, 2022, the Company has received a copy of the order passed by the Hon'ble National Company Law Tribunal, Kolkata Bench dated 3 March 2022 for the closure of the liquidation process of VISA International Limited, a shareholder of 23,787,833 Equity Shares of the Company, in terms of Regulations 45(3)(a) of Insolvency and Bankruptcy Board of India, Regulations, 2016.
In terms of the said order, VISA International Limited has been sold to Progressive Star Finance Pvt. Ltd. as a going concern. A copy of the order dated 3 March, 2022 is enclosed. Consequently, VISA International Limited has ceased to be a part of the promoter Group.