In furtherance to our letter dated November 15, 2021 with respect to the sale / disposal / alienation of entire 51% (fifty one percent) of the paid up share capital held by the Company in Max Specialty Films Limited("MSF"), a material unlisted subsidiary of the Company in two tranches, to Toppan Inc. ('Toppan'), a company incorporated under the laws of Japan and having its registered office at 1-5-1 Taito, Taito-ku, Tokyo - 110-8560, Japan, we wish to inform that the Company had on February 1, 2022, completed transfer of 1,71,89,601 (One Crore Seventy One Lakh Eighty Nine Thousand Six Hundred and One) Shares constituting 41% (Forty-One Percent) of the share capital of MSF. Accordingly, MSF had ceased to be a subsidiary of the Company effective February 1, 2022. Further, a press release being issued by the Company in respect to the above is enclosed as Annexure 'A'.