In furtherance to our corporate announcement dated December 29, 2022, and pursuant to Regulation 30 (7) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform and update you that the Company, on February 17, 2023, entered into a memorandum of settlement under Section 2(p) read with Section 18(1) of the Industrial Disputes Act, 1947, and the rules made thereunder, with the 'Dharmarajya-Kamagar Karmachari Mahasangh" a registered trade union of the Company at its API Manufacturing Facility located at Plot No. L-6, M.I.D.C. Taloja, Navi Mumbai, Maharashtra, which was observing strike from January 3, 2023 ('Memorandum of Settlement').