We wish to inform you that the board of directors of the Company met today. The Board, on the recommendation of the audit committee of the Company, inter alia approved the sale, transfer and assignment of the trademarks, recipes, all intellectual property rights, including all rights, interests, and protections associated therewith, relating to the Company's sugar boiled confectionery business to Reliance Consumer Products Limited ('RCPL'), for a consideration of Rs. 27,00,00,000/- (Rupees Twenty Seven Crore). A deed of assignment ('Deed') amongst the Company, promoters of the Company namely, Mr. Harshavardhan Bharat Doshi, Mr. Nihal Harshavardhan Doshi and Mrs. Lalan Ajay Kapadia, and RCPL has also been executed. Further, please note that the proposed transaction is subject to fulfillment of certain conditions precedent including shareholders' approval.