Lykis Limited has reclassified Mr. Nadir Dhorlia from the promoter category to the public category following the completion of an open offer by M/s. Parshav Vatika LLP on May 20, 2026. The reclassification is effective immediately and complies with Regulation 31A(10)(ii) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This change follows the acquisition of shares by the acquirer, along with M/s. K8 Products LLP (PAC 1) and M/s Tidagela Ventures Private Limited (PAC 2), who have now been classified as the promoters of the company.

Reclassification Details

The intent to reclassify Mr. Nadir Dhorlia was initially disclosed in the Letter of Offer dated March 6, 2026. As per the filing, Mr. Dhorlia currently holds 0% shareholding in the company. The reclassification is subject to specific confirmations provided by the promoter under Regulation 31A(3)(b) of the Listing Regulations.

Regulatory Confirmations

The reclassified promoter confirmed that they do not hold more than 10% of the total voting rights in the company and do not exercise direct or indirect control over its affairs. Additionally, they have no special rights through formal or informal arrangements and will not be represented on the Board of Directors or act as Key Managerial Personnel for three years from the date of reclassification. The promoter also confirmed they are not a willful defaulter per RBI guidelines nor a fugitive economic offender.

Company Compliance Undertakings

Lykis Limited undertook that it is compliant with the Minimum Public Shareholding requirements under Regulation 38 of the Listing Regulations. The company confirmed that its equity shares are not suspended from trading by stock exchanges and that there are no outstanding dues payable to SEBI, stock exchanges, or depositories.

The following table details the reclassification:

Lykis Limited announced the outcome of its board meeting held on May 25, 2026. The board accepted the resignations of three key personnel and approved the appointment of two new directors to the company.

Resignations

The board approved the resignation of Mr. Nadir Dhrolia from the position of Managing Director, effective June 1, 2026. Mr. Dhrolia cited pursuing alternate career opportunities outside the organization as the reason for his departure.

Mr. Amit Mallawat resigned from the position of Independent Director with effect from May 15, 2026. In his resignation letter, Mr. Mallawat stated that pre-occupation and other professional commitments prevented him from devoting sufficient time to his duties.

Ms. Darshana Sawant resigned from the position of Company Secretary & Compliance Officer, effective May 9, 2026. She decided to pursue career opportunities outside the organization.

Appointments

To fill the vacancies, the board appointed Mr. Jitendra Kumar Ranka as an Additional Director in the Executive Category, effective May 25, 2026. Mr. Ranka brings over 15 years of experience in the real estate business and securities market.

Additionally, the board appointed Mr. Nishant Bajaj as an Additional Director in the Non-Executive Category, effective May 25, 2026. Mr. Bajaj is a Law Graduate and a Member of the Institute of Company Secretaries of India (ICSI), with experience in advisory and compliance services.

Summary of Changes

The following table summarizes the changes in the company's leadership: