With reference to the above subject and Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD1/162/2019 dated December 24, 2019, we hereby confirm that there is no deviation or variation in the use of proceeds from the preferential issue of 58,08,080 fully convertible warrants, from the objects as stated in the Explanatory Statement to the Notice of the Extraordinary General Meeting held on November 05, 2022. A statement confirming that there is no deviation or variation in the utilisation of these proceeds, duly reviewed and approved by the Audit Committee at its meeting held today i.e. Saturday May 20, 2023 is enclosed.