Spacenet enterprises India Limited has announced the cessation of its Independent Director Mr. Prathipati Parthasarathi, effective 29th April, 2026, following the completion of his five-year term. The announcement was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Director Term Details

Mr. Prathipati Parthasarathi, holding Director Identification Number (DIN) 00004936, was originally appointed as an Independent Director of the company for a term of five consecutive years commencing from 30th April, 2021. His current term expired on 29th April, 2026, marking the natural conclusion of his directorship tenure.

Reappointment Process

The company had placed a proposal for Mr. Parthasarathi's reappointment as an Independent Director before the shareholders through a postal ballot process. However, the shareholders did not approve the reappointment proposal, resulting in his cessation from the board upon completion of his present term.

Regulatory Compliance Details

The company has provided comprehensive disclosure details as required under SEBI regulations:

Corporate Governance Impact

The cessation represents a routine corporate governance matter where an Independent Director's term has concluded without shareholder approval for renewal. Mr. Parthasarathi also holds directorship in String Metaverse Limited, as disclosed in the regulatory filing. The company has confirmed that there are no other material reasons associated with the cessation beyond the completion of term and non-approval of reappointment.

Compliance Framework

The announcement was signed by Company Secretary and Compliance Officer Monish Jaiswal, ensuring adherence to the regulatory framework governing director cessations. The disclosure fulfills the company's obligations under Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Spacenet Enterprises India Limited has successfully completed the sale of equity shares in String Metaverse Limited through the offer for sale mechanism. The company, being a promoter group entity in String Metaverse Limited, sold 30,00,000 equity shares of face value Rs.10/- each on April 21 and 22, 2026, representing 2.58% of the total issued and paid-up equity share capital of String Metaverse Limited.

Transaction Details

The offer for sale was conducted through the stock exchange mechanism in accordance with SEBI Circular No. SEBI/HO/CFD/PoD2/P/CIR/2023/18 dated February 3, 2023. The transaction was undertaken to achieve the minimum public shareholding requirements as prescribed under Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, and Regulation 38 of SEBI (LODR) Regulations, 2015.

Shareholding Impact

Following the completion of the offer for sale, the shareholding of Spacenet Enterprises India Limited as Promoter Group in String Metaverse Limited has reduced significantly. The promoter group holding now stands at 2.03% of the paid-up equity share capital, down from the previous 4.61%.

Regulatory Compliance

The transaction has been executed in compliance with SEBI regulations for achieving minimum public shareholding norms. The company has submitted the necessary documentation to the National Stock Exchange of India Limited, with the disclosure signed by Monish Jaiswal, Company Secretary and Compliance Officer of Spacenet Enterprises India Limited. The information was formally communicated to the exchange on April 24, 2026.