The Committee of Independent Directors of Shah Foods Limited met on 08.05.2026 to evaluate the open offer by acquirers Mr. Ankit Jalan and Mr. Anuj Jalan to acquire up to 60,61,900 equity shares of the company. Following a detailed review of all relevant offer documents, the committee formally concluded that the open offer is fair and reasonable.

Open Offer Details

The open offer pertains to the acquisition of equity shares representing 26.00% of Shah Foods Limited's existing equity and voting share capital. The key parameters of the offer are outlined below:

Persons Acting in Concert (PACs)

The acquirers are supported by the following persons acting in concert:

• PAC-1: Jalan Sarees Private Limited
• PAC-2: Ritu Jalan
• PAC-3: Daivik Jalan
• PAC-4: Prachi Jalan
• PAC-5: Ankit Jalan HUF
• PAC-6: Anuj Jalan HUF
• PAC-7: Radhika Jalan

Key Offer Documents Reviewed

The Committee of Independent Directors discussed, analysed, and reviewed the following documents before arriving at its conclusion:

Committee's Conclusion

After a thorough review of all offer-related documents, the Committee of Independent Directors of Shah Foods Limited concluded that the open offer is fair and reasonable. The outcome was communicated to BSE Limited by Mr. Advait Satyavikas Joshi, Chairman of the Committee of Independent Directors (DIN: 07637069), from Ahmedabad on 08.05.2026.

Shah Foods Limited has fulfilled its quarterly compliance obligations by submitting the mandatory certificate under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31st March 2026. The submission was made to BSE Limited on 08th April 2026, demonstrating the company's adherence to regulatory requirements.

Regulatory Compliance Details

The certificate was submitted pursuant to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. This regulation mandates listed companies to provide quarterly confirmations regarding the proper handling of securities received for dematerialization.

Certificate Confirmation by Registrar

Bigshare Services Private Limited, serving as the Registrar and Share Transfer Agent for Shah Foods Limited, issued the compliance certificate on 08th April 2026. The certificate confirms several key compliance aspects:

• All securities received from depository participants for dematerialization up to 31st March 2026 were properly confirmed to the depositories
• Securities comprised in the certificates have been listed on the stock exchange where earlier issued securities are listed
• Security certificates received for dematerialization were mutilated and cancelled after due verification by the depository participant
• Names of depositories were substituted in the register of members as registered owners within the prescribed 15-day timeframe

Corporate Information

Shah Foods Limited operates from its registered office at 301, Sarthik Square, Nr. Shapath - 3, S. G. Highway, Bodakdev, Ahmedabad - 380054, Gujarat. The company maintains its corporate identification number as L27200GJ1982PLC005071 and can be contacted at shahfoods.ahmedabad@gmail.com .

The certificate was digitally signed by Managing Director Hemakshi Manan Patel (DIN: 07297442) and countersigned by Akash Shamal as the authorized signatory from Bigshare Services Private Limited. This quarterly submission ensures Shah Foods Limited remains compliant with SEBI's depositories regulations and maintains transparency in its securities handling processes.