With reference to the above subject and Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD1/162/2019 dated December 24, 2019, we hereby confirm that there is no deviation or variation in the use of proceeds of fund raised through Preferential allotments of 4,45,00,000 warrant out of which the balancing 3,55,00,000 warrant is pending for conversion. We hereby confirm that there is no deviation or variation in the use of proceeds of the preferential allotment from the objects stated in the Letter of Offer. A Nil Statement of Deviation, duly reviewed by the Audit Committee of the Company, is given in 'Annexure A'