NITCO Limited has formally announced the resignation of Mr. Bikash Jain from his position as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective from the close of business hours on March 31, 2026. The announcement was made through a regulatory filing dated March 24, 2026, addressed to both BSE Limited and the National Stock Exchange of India Limited.

Resignation Details and Timeline

Mr. Bikash Jain submitted his resignation letter on March 24, 2026, providing a week's notice before his departure date. The resignation filing was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring compliance with mandatory disclosure requirements.

Reasons for Departure

In his resignation letter addressed to the Board of Directors, Mr. Jain clearly outlined his reasons for stepping down from his role. The primary factors cited include:

• Relocation Requirements: Mr. Jain is relocating to Delhi due to family reasons
• Future Career Plans: The decision aligns with his consideration of future professional opportunities
• Personal Circumstances: Family obligations necessitating the geographical move

Regulatory Compliance and Formalities

The company has committed to completing all necessary regulatory formalities in connection with the resignation. These include:

• Filing requisite forms with the Ministry of Corporate Affairs
• Intimating stock exchanges about the leadership change
• Notifying other regulatory authorities as required under applicable laws
• Ensuring compliance with SEBI circular requirements dated January 30, 2026

Company's Response

NITCO Limited, through Chairman & Managing Director Vivek Talwar, has acknowledged Mr. Jain's contribution to the organization. The company expressed appreciation for the valuable services rendered by him during his tenure as CFO and KMP.

Impact on Senior Management

Consequent to his resignation from the CFO position, Mr. Bikash Jain will also cease to be a Senior Management Personnel of the company with effect from March 31, 2026. This represents a complete disengagement from his current roles within the organization's leadership structure.

The resignation letter demonstrates Mr. Jain's professional approach to the transition, expressing sincere appreciation and gratitude to the Board of Directors and management for their continued support, guidance, and cooperation during his tenure. He concluded by wishing the company continued success in all its future endeavors.

Nitco Limited has responded to stock exchange inquiries regarding unusual trading activity in its shares, clarifying that recent volume increases are purely market-driven phenomena. The company issued its response on March 24, 2026, addressing queries from both BSE and NSE about significant trading volume surges.

Stock Exchange Query Response

The clarification came in response to letters dated March 23, 2026, from both BSE and NSE seeking explanations for the notable increase in share trading volumes. Stock exchanges routinely monitor unusual price and volume movements to ensure market transparency and investor protection.

Company's Official Position

Nitco emphasized that all company information remains in the public domain with no pending price-sensitive disclosures. The management confirmed compliance with Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, stating no undisclosed events could impact company operations or performance.

The company specifically clarified that the volume increase in its shares is purely market-driven, with no internal factors contributing to the unusual trading activity. This statement aims to address any speculation about undisclosed corporate developments or material information.

Regulatory Compliance Commitment

Nitco reaffirmed its commitment to maintaining transparency and regulatory compliance. The company assured stakeholders of continued adherence to disclosure obligations under SEBI Listing Regulations, emphasizing timely communication of any material developments.

The clarification was signed by Vivek Prannath Talwar, Chairman and Managing Director, reinforcing the company's official stance on the matter. Such clarifications are standard practice when exchanges seek explanations for unusual market movements, ensuring investor confidence and market integrity.