Cupid Breweries and Distilleries Limited announced a significant business development on December 30, 2025, following a high-level meeting with the Hon'ble Chief Minister of Goa. The meeting focused on the company's expansion plans and regulatory requirements for establishing manufacturing operations in the state.

Key Discussion Points

The management team presented four critical business initiatives during the meeting with the Chief Minister:

Regulatory Framework and Expansion Strategy

The company emphasized that the discussions were constructive and focused on facilitating the proposed initiatives within the applicable regulatory framework. This indicates a collaborative approach between Cupid Breweries and Distilleries Limited and the Goa state government toward establishing manufacturing operations in the region.

The meeting addressed both the parent company's direct manufacturing ambitions and the operational status of its subsidiary, Forte Spirits Private Limited. The subsidiary already holds an existing license, and discussions covered the commencement of its commercial operations along with securing additional brewery licensing.

Business Development Implications

The engagement with Goa's Chief Minister represents a strategic move by Cupid Breweries and Distilleries Limited to expand its manufacturing footprint in one of India's key markets for alcoholic beverages. The comprehensive nature of the discussions, covering land acquisition, multiple product categories, and subsidiary operations, suggests a substantial expansion plan.

Future Disclosures

The company has committed to making appropriate disclosures in accordance with applicable laws as and when there are material developments regarding these initiatives. This regulatory filing was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders about significant business developments.

Cupid Breweries And Distilleries Limited has successfully concluded its postal ballot process, with shareholders overwhelmingly approving the appointment of new auditors. The company had earlier announced significant changes to its auditing team following resignations and discontinuations of previous auditors.

Postal Ballot Results

The e-voting for the postal ballot commenced on November 22, 2025 (09:00 A.M. IST) and concluded on December 21, 2025 (05:00 P.M. IST). Mrs. Bhumika Shah, Proprietor of M/s. Bhumika & Co. (ACS: 37321, CP No.: 19635), served as the scrutinizer for the postal ballot process.

Key Appointments Approved

The Board had approved the following appointments on November 18, 2025:

Reasons for Changes

Statutory Auditor: The appointment of M/s. MMRS & Co. fills the casual vacancy created by the resignation of M/s. H. Rajen & Co.

Internal Auditor: M/s. R Narsihma and Associates replaces M/s. H. M. Shah & Co., which was discontinued due to engagement in services inconsistent with auditor independence requirements.

Terms of Appointment

• Statutory Auditor: M/s. MMRS & Co. will hold office until the conclusion of the 40th Annual General Meeting
• Internal Auditor: M/s. R Narsihma and Associates will serve for the remainder of the financial year 2025-26

Profile of New Auditors

M/s. MMRS & Co. (Statutory Auditor) is a peer-reviewed partnership firm of Chartered Accountants with extensive experience in various types of audits, including statutory, internal, concurrent, and stock audits. The firm has expertise in company law compliance, forensic accounting, business valuations, and mergers & acquisitions.

M/s. R Narsihma and Associates (Internal Auditor) brings experience in Accounting, Auditing, Taxation (Direct Tax and GST), and provides Consultancy and Virtual CFO services. The firm offers end-to-end accounting, monthly financial closings, and statutory compliance services across diverse sectors including Construction & Real Estate, Banking, Healthcare, and IT.

These appointments reflect Cupid Breweries and Distilleries Limited's commitment to maintaining robust financial oversight and ensuring compliance with regulatory requirements. The overwhelming shareholder approval demonstrates confidence in the new auditing arrangements.