MPS Limited has disclosed receiving an assessment order from the Income Tax Department under Section 143(3) of the Income-tax Act, 1961, for Assessment Year 2024-25. The company made this disclosure on 27 March 2026 in compliance with Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Assessment Details and Tax Demand

The Income Tax Department's Assessment Unit issued the assessment order and accompanying demand notice dated 23 March 2026, which the company received on 24 March 2026. Following scrutiny proceedings, the returned income was assessed at a higher amount, resulting in a significant tax demand.

Reasons for Assessment Variations

The variations in assessed income primarily arise from specific areas of disagreement between the company and tax authorities. The assessment order includes certain additions and disallowances based on differences in interpretation of particular transactions and outstanding balances.

Key areas of variation include:

• Differences in interpretation of specific transactions relating to withholding tax
• Outstanding creditor balances treatment
• These adjustments led to variation in assessed income and consequent demand

Company's Response and Expected Impact

MPS Limited has conducted a detailed internal evaluation of the assessment order and accompanying demand notice. The company believes it has strong factual grounds regarding the matters raised in the assessment and is preparing its legal response.

Compliance and Disclosure

The company acknowledged that the disclosure was made subsequent to detailed internal evaluation, with the delay being inadvertent and unintentional. MPS Limited has assured that appropriate measures have been instituted to ensure timely disclosures going forward. The company remains committed to maintaining highest standards of corporate governance and compliance with all applicable laws and regulations.

The disclosure was made in accordance with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated 30 January 2026, with Company Secretary & Compliance Officer Raman Sapra confirming the accuracy and completeness of the information provided.

MPS Pharmaa Limited (formerly Advik Laboratories Limited) successfully conducted its independent directors meeting for the Financial Year 2025-26 on March 25, 2026, in accordance with regulatory requirements. The meeting demonstrates the company's commitment to maintaining robust corporate governance standards and regulatory compliance.

Meeting Details and Regulatory Compliance

The independent directors meeting was held pursuant to Regulation 25(3) of the Securities and Exchange Board of India (LODR) Regulations, 2015, read with Schedule IV of the Companies Act, 2013. The session took place at the company's corporate office located at 703, Arunachal Building, 19, Barakhamba Road, Connaught Place, New Delhi-110001.

Key Agenda Items and Deliberations

The independent directors present at the meeting transacted specific business items as mandated by regulatory guidelines. The meeting focused on critical governance aspects that ensure effective board oversight and operational transparency.

The directors addressed two primary areas of evaluation:

• Performance Review: Comprehensive assessment of non-independent directors and overall board effectiveness
• Information Flow Assessment: Evaluation of quality, quantity, and timeliness of information exchange between company management and the board

Corporate Governance Framework

This independent directors meeting represents a crucial component of MPS Pharmaa Limited's corporate governance framework. The regulatory requirement ensures that independent directors can evaluate board performance and management effectiveness without the presence of executive directors, promoting transparency and accountability in corporate decision-making.

The company has notified both BSE Limited and Ahmedabad Stock Exchange Limited about the meeting outcome, maintaining compliance with listing obligations. Company Secretary Pooja Chuni signed the official communication to the stock exchanges, confirming the successful completion of the independent directors meeting and its compliance with all applicable regulations.