PPAP Automotive Limited has informed stock exchanges that it has not received the required confirmation from resigned independent director Ms. Celine George regarding material reasons for her resignation, despite multiple follow-up attempts.

Regulatory Compliance Follow-up

In a filing dated April 20, 2026, the company disclosed that it had requested Ms. Celine George (DIN: 02563846) to provide confirmation that there are no material reasons for her resignation other than those mentioned in her resignation letter. This request was made in compliance with Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Company's Position

The company stated that despite follow-up reminders, Ms. Celine George has not provided the requested confirmation. PPAP Automotive emphasized that it has no information or knowledge of any other material reasons for the resignation beyond those already disclosed to the stock exchanges.

Ongoing Commitment

The company has committed to updating the stock exchanges if and when the confirmation is received from Ms. Celine George. This demonstrates the company's adherence to transparency requirements under SEBI regulations.

Filing Details

The disclosure was signed by Pankhuri Agarwal, Company Secretary & Compliance Officer, and was addressed to both BSE Limited (Symbol: 532934) and The National Stock Exchange of India Limited (Symbol: PPAP). The filing serves as a follow-up to the initial resignation intimation dated April 13, 2026.

PPAP Automotive Limited has announced the reaffirmation of its credit ratings by CRISIL, maintaining its financial credibility in the automotive sector. The company informed the BSE and NSE on April 17, 2026, about this significant development under Regulation 30 of SEBI's listing obligations.

Credit Rating Details

CRISIL has reaffirmed both long-term and short-term credit ratings for the company, reflecting stable financial health and creditworthiness.

Banking Facility Distribution

The Rs.200 crore total bank loan facilities are distributed across multiple reputed banking partners, demonstrating diversified financial relationships. The facilities include various types of banking arrangements to support the company's operational and capital requirements.

Major Banking Partners and Facilities

The company maintains banking relationships with several leading financial institutions:

• ICICI Bank Limited: Largest exposure with facilities including Rs.22 crore cash credit, Rs.23.39 crore term loan, Rs.9.5 crore bank guarantee, Rs.10 crore capex letter of credit, and Rs.5 crore letter of credit
• HDFC Bank Limited: Rs.18 crore cash credit, Rs.9.94 crore term loan, and Rs.4.34 crore bank guarantee
• Axis Bank Limited: Rs.20 crore cash credit, Rs.28.14 crore term loan, and Rs.1.21 crore bank guarantee
• State Bank of India: Rs.10 crore cash credit and Rs.6.69 crore term loan
• HSBC Bank Plc: Rs.10 crore cash credit facility

Facility Breakdown by Type

The banking facilities encompass various financial instruments designed to support different business requirements:

Rating Validity and Compliance

The CRISIL rating letter, dated April 16, 2026, confirms that the ratings remain valid until March 31, 2027. The rating agency maintains continuous surveillance of all assigned ratings and reserves the right to withdraw or revise ratings based on new information or changing circumstances. The company's diverse banking relationships and maintained credit ratings demonstrate financial stability and strong relationships with the banking sector, supporting its operational and growth requirements in the automotive industry.