Camlin Fine Sciences Limited has informed stock exchanges about a significant update regarding its mandatory tender offer for Vinpai shares, announcing a postponement of the filing timeline and a strategic decision to maintain Vinpai's market listing.

Tender Offer Timeline Adjustment

The company has postponed the filing of its simplified cash tender offer (OPAS) for remaining Vinpai shares from the originally planned end of February 2026 to early May 2026. This delay stems from administrative constraints specific to Indian foreign exchange regulations and the scheduled publication of Vinpai's 2025 annual financial statements on April 16, 2026.

Current Ownership Structure

Following the block acquisition completed on November 27, 2025, and subsequent convertible bond conversion, Camlin Fine Sciences has established a dominant position in Vinpai. The block acquisition involved purchasing a majority stake from significant shareholders at Euro 3.60 per share, representing 78.68% of share capital and 84.89% of voting rights.

Strategic Decision on Listing Status

In a notable strategic shift, Camlin Fine Sciences has announced its decision not to implement a squeeze-out procedure for Vinpai shares from the Euronext Growth Paris market. This decision reflects the company's broader European restructuring plans and desire to promote synergies among its European subsidiaries.

The company cited several benefits of maintaining Vinpai's listing:

• Retention of market visibility
• Continued access to financial markets
• Support for debt restructuring initiatives
• Financing flexibility for future European development projects

Regulatory Compliance and Documentation

The postponed filing will allow Vinpai's 2025 annual financial statements to be incorporated into the OPAS documentation and the independent expert's report. The tender offer will be filed pursuant to Articles 234-2 and 235-2 of the General Regulation of the French Stock Markets Authority, maintaining the same price structure as the original block acquisition.

European Expansion Strategy

Camlin Fine Sciences, described as a leading Indian group in shelf life solutions for flavour and health & wellness ingredients, is examining feasible options for restructuring its European operations. The decision to maintain Vinpai's listing aligns with the company's strategy to strengthen its presence in Europe and create operational synergies among its European subsidiaries.

Camlin Fine Sciences Limited has received a significant order from tax authorities regarding Input Tax Credit (ITC) violations spanning multiple financial years. The company disclosed this development through a regulatory filing dated March 16, 2026, in compliance with SEBI listing regulations.

Order Details and Financial Impact

The Additional Commissioner from the Office of the Commissioner of CGST & Central Excise, Palghar Commissionerate, has issued an order demanding substantial amounts from the company. The order addresses violations related to ineligible ITC claims on trade payables that remained outstanding for more than 180 days.

Legal Framework and Violations

The order has been issued under Section 74 of the CGST Act 2017, read with Section 20 of the IGST Act 2017 and relevant provisions of the MGST Act 2017. The violations identified include contraventions of multiple sections:

• Section 16, Section 41, and Section 155 of the Central Goods and Service Tax Act 2017
• Rule 37 of CGST Rules 2017
• Section 122(2)(b) of CGST Act 2017 for penalty imposition

Timeline and Scope

The violations cover a significant period from FY2019-20 to FY2022-23, specifically relating to the availment of ineligible Input Tax Credit on trade payables that remained outstanding for more than 180 days. This extended timeline suggests a comprehensive audit by the tax authorities.

Company Response and Next Steps

Camlin Fine Sciences has stated that there is no material impact on the financial, operational, or other activities of the company due to this order. The management has examined the order and is in the process of filing an appeal against the decision.

The company received the order on March 16, 2026, and has promptly disclosed the information to stock exchanges as required under Regulation 30 of SEBI listing regulations. This transparency demonstrates the company's commitment to regulatory compliance despite the challenging circumstances.