This is in continuation to our letter dated February 16, 2022 informing about the decision taken by the Board of Directors of the Company approving the draft Scheme of Arrangement under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 and the rules and regulations made thereunder, as amended, for the transfer of a specified undertaking of the Company to Mivaan Steels Limited, subject to receipt of necessary and applicable statutory & regulatory approvals. In this regard, we would like to inform you that the Company, has received observation letter with 'no adverse observations' from BSE Limited dated August 18, 2022 & observation letter with 'no objection' from the National Stock Exchange of India Limited, dated August 18, 2022, as required under Regulation 37 of the SEBI LODR Regulations, 2015 conveying ''No adverse observation/No-objection'', to the Scheme. The Scheme remains subject to applicable statutory and regulatory approvals as may be required.