Kriti Industries (India) Limited has intimated the stock exchanges about the cessation of Shri Chandrasekharan Bhaskar (DIN: 00003343) as a Non-Executive Independent Director of the company, effective 12th May, 2026. The development was disclosed pursuant to Regulation 30(2) read with clause 7 of Para A of Part A of Schedule III of SEBI (LODR) Regulations, 2015, and SEBI Circular No HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026.

Reason for Cessation

The cessation is on account of the completion of tenure, as Shri Chandrasekharan Bhaskar had served two consecutive terms of 5 (five) years each as Non-Executive Independent Director, in accordance with Section 149 of the Companies Act, 2013 and Regulation 17 of SEBI (LODR) Regulations, 2015. His tenure as Independent Director was up to 11th May, 2026, and he consequently ceased to hold the position with effect from 12th May, 2026.

Disclosure Details

The company has submitted the following disclosures as required under SEBI (LODR) Regulations, 2015, read with the SEBI Master Circular dated 30th January, 2026:

Regulatory Compliance and Next Steps

Kriti Industries (India) Limited has stated that it is in the process of filing the aforesaid information in XBRL format within the stipulated time, and the same will be hosted on the company's website. The company has also requested the stock exchanges to update the Corporate Information Tab on their respective websites to reflect this change, for the benefit of investors and other stakeholders. The intimation was signed by Aditi Randhar, Company Secretary and Compliance Officer, on 12th May, 2026.

Kriti Industries (India) Limited has submitted the Monitoring Agency report of CARE Ratings Limited pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the quarter ended 31st March, 2026. The submission, dated 11th May, 2026, accompanies the company's earlier NIL Statement of Deviation filed under Regulation 32(1), and provides a comprehensive update on the utilisation of proceeds from the preferential issue. Notably, the report highlights a significant shortfall in fund receipts following the lapse of 63,69,000 warrants, which led to a revision of the overall fund objective.

Fund Raising and Warrant Lapse

The preferential issue was originally intended to raise Rs. 149.96 crore. However, warrant holders of 63,69,000 warrants did not exercise the option to convert the said warrants into equity shares within the stipulated period of 18 months from the date of allotment, i.e., on or before 26th January, 2026. Accordingly, the said warrants have lapsed and stand cancelled, and no equity shares have been allotted against them. This resulted in a shortfall of Rs. 75.71 crore in fund receipts. Consequently, the company received only Rs. 74.25 crore against the originally planned Rs. 149.96 crore, and the Board, in its meeting dated February 05, 2026, approved a revision of the overall fund objective to Rs. 74.25 crore.

The following table summarises the key issue and fund utilisation details as reported for the quarter ended 31st March, 2026:

Revised Object-Wise Fund Utilisation

Following the shortfall in fund receipts, the company revised the cost allocation across its stated objects. The working capital objective remained unchanged at Rs. 40.00 crore, while the capital expenditure for expansion was revised downward from Rs. 80.00 crore to Rs. 34.25 crore. The general corporate purpose allocation, originally set at Rs. 30.00 crore, was reduced to nil. The table below presents the original and revised cost allocations along with utilisation progress as of the quarter ended 31st March, 2026:

The working capital objective was fully completed in Q4 FY25. During the quarter ended 31st March, 2026, Rs. 0.52 crore was utilised towards capital expenditure — specifically for stamp duty, registration fees for purchase of land, and purchase of machinery — bringing the total capex utilisation to Rs. 34.25 crore, which equals the revised cost for that object. There are no unutilised proceeds as of 31st March, 2026.

Monitoring Agency Observations

CARE Ratings Limited, acting as the Monitoring Agency under the Monitoring Agency Agreement dated July 24, 2024, confirmed that all utilisation is as per the disclosures in the Board Meeting Resolution. The agency noted that the means of finance for the disclosed objects have changed due to the shortfall in fund receipts, and that the envisaged benefits from the capex plan may not fully materialise as a result. The company had onboarded a consultancy firm for setting up a new manufacturing line, and technical assistance arrangements remain in operation. No material deviation was observed over earlier monitoring agency reports. The Chartered Accountant certificate relied upon for this report was issued by M/s. M. Mehta & Co., dated May 01, 2026.

Compliance and Signatories

The Monitoring Agency report was prepared and signed by Anuja Parikh, Associate Director, CARE Ratings Limited, and submitted to the Board of Directors of Kriti Industries (India) Limited on 11th May, 2026. The company's submission to the stock exchanges was signed by Aditi Randhar, Company Secretary and Compliance Officer. The company had earlier also filed the NIL Statement of Deviation under Regulation 32(1) for the same quarter, which was signed jointly by Aditi Randhar and Rajesh Sisodia, Chief Financial Officer, on 5th May, 2026, confirming no deviation or variation in fund utilisation against the stated objects.