Sigma Solve Limited has formally reconstituted its key board committees following the resignation of two directors, as confirmed during a board meeting held on March 18, 2026. The company disclosed these developments to stock exchanges under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Meeting and Regulatory Compliance

The board meeting was conducted virtually from 06:15 p.m. to 06:30 p.m. IST on March 18, 2026, with Managing Director Prakash Ratilal Parikh chairing the proceedings. The meeting formally approved the reconstitution of three critical committees to ensure continued governance oversight following recent director departures.

Director Resignations Background

The committee reconstitution follows the confirmed resignations of Mr. Sharmeel Sanjay Gandhi (DIN: 07659873) as Independent Director and Mr. Nitin Pramukhlal Patel (DIN: 08370120) as Non-Executive Director, both effective March 16, 2026. Both directors cited preoccupation with other work commitments as their reason for departure.

Reconstituted Committee Structure

The board approved the reconstitution of three key committees, maintaining compliance with regulatory requirements for independent director participation across all governance functions.

Audit Committee

Nomination & Remuneration Committee

Stakeholders Relationship Committee

Additional Corporate Actions

The board also approved changing the dividend account name from "Sigma Solve Dividend account for the Financial year 2025-2026" to "Unpaid/ Unclaimed Dividend account Sigma solve Limited for the Financial year 2025-2026" to ensure proper nomenclature compliance with regulatory standards.

Regulatory Confirmations

Both resigned directors have confirmed they are not debarred from holding directorship positions by virtue of any SEBI order or other regulatory authority. Neither director currently holds directorship in any other listed entity. The company has fulfilled all mandatory disclosure requirements under SEBI regulations and NSE Circular NSE/CML/2018/02 dated June 20, 2018, ensuring complete transparency in the transition process.

Sigma Solve Limited has submitted its quarterly compliance report to the stock exchanges, disclosing deviations in the utilization of IPO proceeds for the quarter ended December 31, 2025. The filing, made under Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, was reviewed by the company's Audit Committee on January 13, 2026.

IPO Fund Utilization Overview

The company's IPO, conducted on October 15, 2020, raised ₹495.45 lakhs. The current quarter's report shows the utilization status across different objectives:

Shareholder-Approved Deviation

The reported deviation of ₹31.57 lakhs relates to unutilized funds from public issue expenses. The company obtained shareholder approval through a special resolution passed on September 19, 2022, at its 12th Annual General Meeting to reallocate this amount for general corporate purposes.

Quarterly Fund Status

The company confirmed that there has been no variation in the utilized amount of ₹265.45 lakhs compared to the previous quarter ended September 30, 2025. This amount covers:

• Investment in subsidiary operations
• Public issue expenses
• General corporate purposes
• Unutilized amount allocated for general corporate purposes

Regulatory Compliance

The deviation statement was signed by Managing Director Prakash Ratilal Parikh (DIN: 03019773) and submitted to both the National Stock Exchange of India Limited and BSE Limited. The company noted that no monitoring agency oversight applies to this fund utilization, and the Audit Committee provided no additional comments after its review.

The filing demonstrates Sigma Solve's adherence to regulatory disclosure requirements while managing its IPO proceeds in accordance with shareholder-approved modifications to the original fund utilization plan.