Websol Energy System has submitted additional details to BSE regarding the resignation of Independent Director Mrs. Ritu S. Jain, following regulatory requirements under SEBI (LODR) Regulations, 2015. The resignation became effective on April 8, 2025.

Resignation Timeline and Legal Framework

The resignation process followed a specific timeline governed by statutory requirements:

According to Section 168(2) of the Companies Act, 2013, a director's resignation takes effect from the date the company receives notice or the date specified by the director, whichever is later. In this case, the effective date was April 8, 2025, when the company formally received the resignation intimation.

Reasons for Resignation

Mrs. Ritu S. Jain, holding DIN: 00534451, cited specific reasons for her departure from the board:

• Time constraints preventing her from fulfilling her role effectively
• Professional commitments that limited her availability
• Belief that stepping down was in the best interests of both the company and herself

In her resignation letter, Mrs. Jain confirmed that there were no other material reasons for her resignation beyond those mentioned, in accordance with Regulation 30 of SEBI (LODR) Regulations, 2015.

Management Response and Delay Explanation

The company explained the delay in filing the resignation details, stating that management initially engaged in discussions with Mrs. Jain regarding her continuation as an Independent Director. The management valued her expertise and the contributions she could bring to the company's board.

However, due to her professional commitments and time constraints, Mrs. Jain conveyed her inability to continue in the role and requested the management to accept her resignation. After thorough discussions, the management accepted her decision.

Regulatory Compliance

The company confirmed that Mrs. Ritu S. Jain was not holding any directorship in any other listed company on the date of her resignation. This confirmation was provided through a formal declaration and supported by Director's Master Data from the MCA portal.

The filing was made pursuant to SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, with the company ensuring all required documentation, including the resignation letter, was properly submitted to the stock exchange.

Corporate Governance Impact

Mrs. Jain expressed gratitude to her fellow board members for their continuous support and guidance during her tenure. She acknowledged that serving as a board member of Websol Energy System Limited was a privilege, indicating a positive working relationship despite her departure.

The company has assured stakeholders that all material information will be communicated in due course, maintaining transparency in its corporate governance practices.

Websol Energy System Limited's promoter group has created fresh encumbrances on shares worth 1.84% of the company's total share capital as security for borrowing loans. The disclosure was made on March 11, 2026, in compliance with Regulation 31 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Fresh Share Pledges Created

The promoter group created pledges on a total of 12.00 million shares on March 10, 2026. The encumbrances were distributed across three key promoter entities as security for borrowing loans.

Updated Promoter Holdings and Encumbrances

Following the creation of these fresh pledges, the promoter group's total holdings and encumbered positions have been updated. S L Industries Pvt Ltd maintains the largest stake among the promoter entities.

Regulatory Compliance

The disclosure was made in accordance with SEBI regulations governing substantial acquisition of shares and takeovers. The company's shares are listed on both the National Stock Exchange of India Limited and BSE Limited. All pledges were created as security arrangements for borrowing loans, representing standard corporate financing practices.

The encumbrances involve pledge arrangements with two different entities - Merlin Projects Limited and Ellenbarrie Industrial Gases Limited, indicating diversified financing sources for the promoter group's borrowing requirements.