Mafatlal Industries Ltd. Enters Shareholders Agreement with Subsidiary and Shareholder

Mafatlal Industries Limited (MIL) has entered into a Shareholders Agreement with its subsidiary company, Mafatlal Apparel Exports Private Limited (MAEPL), and its existing shareholder, Mr. Sagar Birnale. The agreement outlines the rights, duties, and obligations of the parties in relation to the management and operations of MAEPL and governs the inter-se relationship of the shareholders. The agreement includes reserved matters, shareholding and transfer of shares, representations and warranties, among other terms. The agreement does not impose any direct impact on the Management or control of MIL, and no liability is imposed on MIL. The Promoter, promoter group do not have any interest in the Subsidiary Company, except to the extent of holding company’s (MIL) shareholding. The transaction is done at arm’s length. The issued share capital of MAEPL is 10000000 Equity shares of Re. 1/- each, with 51,00,000 Equity shares subscribed by MIL and 49,00,000 Equity shares subscribed by Mr. Sagar Birnale.