Swarnsarita Jewels India Limited has successfully concluded its Independent Directors meeting that was held on March 30, 2026, at 1:00 PM IST at the company's registered office located at Office No. 104, First Floor, 17/19, Swarn House, Dhanji Street, Zaveri Bazaar Mumbai-400003. The meeting, which ran until 3:45 PM IST, addressed critical governance matters as previously scheduled.

Meeting Outcomes and Key Decisions

The Independent Directors successfully completed their comprehensive review agenda during the meeting session. The directors focused on essential governance evaluation processes that are fundamental to effective board oversight.

Governance Framework Implementation

The concluded meeting demonstrates the company's commitment to maintaining robust corporate governance standards. The Independent Directors successfully executed their oversight responsibilities by:

• Director Performance Evaluation: Completed comprehensive review of Non-Independent Directors' performance in their fiduciary duties
• Information Flow Analysis: Assessed the quality and timeliness of information flow between the company, management, and board members required for effective decision-making
• Board Effectiveness Review: Ensured proper evaluation mechanisms are in place for ongoing governance improvements

Regulatory Compliance and Communication

Company Secretary and Compliance Officer Deepak Suthar communicated the meeting outcomes to BSE Limited under the company's scrip code 526365. The notification fulfills the company's disclosure obligations under Regulation 30, ensuring transparency with stakeholders and regulatory authorities.

Corporate Governance Milestone

The successful completion of this Independent Directors meeting represents an important milestone in the company's governance calendar. The meeting outcomes reinforce the effectiveness of the company's independent oversight mechanisms and demonstrate ongoing commitment to best practices in corporate governance and board evaluation processes.

Swarnsarita Jewels India Limited has received formal endorsement from its Independent Directors Committee (IDC) for the ongoing open offer, with recommendations published in leading newspapers on March 30, 2026. The IDC unanimously declared the offer price of ₹32.15 per equity share as fair and reasonable under SEBI regulations.

IDC Recommendations and Regulatory Compliance

The Committee of Independent Directors, chaired by Deep Shailesh Lakhani, conducted a comprehensive review and unanimously approved the open offer recommendations during their meeting held on March 28, 2026. The IDC consists of three independent directors with no equity holdings or trading history in the company.

Open Offer Structure and Timeline

The voluntary offer is being made by three acquirers from the Chordia family along with Swarnsarita Jewellers Private Limited as the Person Acting in Concert (PAC). The offer targets up to 47,94,987 fully paid-up equity shares, representing 22.97% of the company's voting share capital, at an offer price of ₹32.15 per equity share.

Acquirer Details and Current Holdings

The offer is being made by Mahendra Madanlal Chordia (Acquirer 1), Asha M. Chordia (Acquirer 2), and Sunny Mahendra Chordia (Acquirer 3), along with Swarnsarita Jewellers Private Limited as the PAC. Currently, the acquirers and PAC collectively hold 1,08,62,613 equity shares, representing 52.03% of the voting share capital.

IDC Assessment and Independence Verification

The IDC confirmed that none of its members have any relationship with the acquirers or PAC, nor have they traded in any securities of the target company or PAC during the 12 months preceding the public announcement or thereafter. The committee reviewed the Public Announcement dated January 22, 2026, Detailed Public Statement dated January 30, 2026, and Letter of Offer dated March 18, 2026.

Newspaper Publication and Market Communication

The IDC recommendations were published across multiple newspapers to ensure wide dissemination among shareholders. The publications included Business Standard in English and Hindi editions (all editions) and Navshakti in Marathi (Mumbai edition), ensuring comprehensive market coverage.

Financial Arrangements and Implementation

The acquirers have established firm financial arrangements with a cash escrow account opened with Yes Bank Limited, containing ₹4,00,00,000 representing 25.95% of the maximum consideration payable. Mark Corporate Advisors Private Limited serves as the Manager to the Offer, while MUFG Intime India Private Limited acts as the Registrar. The offer will be implemented through BSE Limited's acquisition window during normal trading hours.