PDS Limited has dissolved its step-down subsidiary, Design COE USA Inc, effective July 22, 2026, as part of an ongoing initiative to streamline its corporate structure by eliminating non-operational entities. The company informed the stock exchanges on July 24, 2026, that the dissolution removes a redundant entity from its organizational chart without impacting financial performance, as the subsidiary held no active business operations.

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Abhishekh Kanoi, Group General Counsel & Company Secretary, signed the intimation submitted to the National Stock Exchange of India Limited and BSE Limited. The move aligns with broader corporate governance efforts to reduce administrative overhead associated with dormant subsidiaries.

Subsidiary Details

Design COE USA Inc was incorporated in the State of Delaware, USA. It was held by PDS Far East USA Inc, another step-down subsidiary of PDS Limited also registered in Delaware. The dissolution marks the complete cessation of the entity's legal existence.

Financial Impact Assessment

PDS Limited confirmed that the dissolution carries no material impact on its consolidated financial position. In the last financial year, Design COE USA Inc reported nil turnover and nil net worth. Consequently, it contributed 0% to the company's consolidated turnover and consolidated net worth.

As there were no active operations, no sale agreement was entered into, and no consideration was received for the dissolution. The transaction does not fall within related-party transaction definitions nor does it constitute a slump sale or amalgamation. Compliance with Schedule III of the SEBI Listing Regulations and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, has been adhered to through this disclosure.

PDS Limited has informed stock exchanges that it transferred 409 equity shares, representing 2% of the share capital of DBS Lifestyle India Private Limited ("DBS Lifestyle"), on July 23, 2026. Following this transfer, the company's shareholding in DBS Lifestyle reduced to approximately 49% of its equity share capital, resulting in DBS Lifestyle ceasing to be a subsidiary and being reclassified as an associate of PDS Limited with effect from July 23, 2026. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Cascading Impact on Step-Down Subsidiaries

The cessation of control over DBS Lifestyle triggered a broader restructuring of PDS Limited's subsidiary structure. Suri Overseas Private Limited and Pangram Brands Global Private Limited, which were indirect step-down subsidiaries of PDS Limited through DBS Lifestyle, have also ceased to be step-down subsidiaries of the company as of July 23, 2026. Additionally, Pangram Celebrity Brands Private Limited has ceased to be a subsidiary of PDS Limited owing to the reduction in the company's indirect shareholding therein. In view of PDS Limited's continuing direct equity holding of 28.7% in Pangram Celebrity Brands Private Limited, it shall henceforth be classified as an associate of the company.

Transaction Details and Buyer Information

The consideration received from the sale of the 409 equity shares of DBS Lifestyle was ₹82,51,575 (~USD 85,486.32). The shares were transferred to Mr. Bhawnish Suri, residing at A-161 Third Floor, New Friends Colony, South Delhi, Delhi, 110057, India. The transferee is not a member of the Promoter and/or Promoter Group of PDS Limited. The transaction has been confirmed to be a related party transaction conducted at arm's length.

Financial Contribution of Affected Entities

The following table presents the financial details of the affected entities as disclosed in Annexure I filed with the exchanges:

No Material Impact on Financials

PDS Limited has clarified that the aforesaid transaction is not expected to have any material impact on its financial position, business operations, or financial performance. The transaction does not fall outside a Scheme of Arrangement under Regulation 37A of the SEBI LODR Regulations, and no slump sale provisions are applicable. The disclosure was signed by Abhishekh Kanoi, Group General Counsel & Company Secretary of PDS Limited.