In pursuance of our letter dated July 01, 2020, this is to inform that pursuant to the approval of the shareholders of the Company in their annual general meeting held on August 31, 2020, 82,14,000 (55.21%) Equity Shares held by the Company in Xlerate Driveline India Limited (XDIL), Wholly Owned Subsidiary Company out of its 100% stake in XDIL have been transferred by way of sale to Mr. Sachit Kanwar, Promoter and Joint Managing Director of the Company on September 17, 2020 for a total consideration of Rs. 4,00,02,180/- (Rupees Four Crores Two Thousand One Hundred Eighty Only) i.e. Rs. 4.87 per Equity Share. By virtue of the above, the Company now holds 66,63,038 (44.79%) Equity Shares in Xlerate Driveline India Limited (XDIL) and consequently, the Company ceases to be the holding Company of XDIL in terms of the provisions of Section 2(46) of the Companies Act, 2013. You are requested to kindly take the same on records.