Maple Infrastructure Trust has submitted its corporate governance report for the quarter ended December 31, 2025, to BSE Limited in compliance with Regulation 26K of Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014. The report was filed on January 21, 2026, by Vikas Prakash, Company Secretary and Compliance Officer of Maple Infra InvIT Investment Manager Private Limited.

Board Composition and Leadership Structure

The Investment Manager's board comprises seven directors with a balanced composition of independent and non-independent members. The board structure demonstrates compliance with regulatory requirements for infrastructure investment trusts.

The board maintains four independent directors out of seven total members, ensuring adequate independent oversight. Louis-Marie St-Maurice serves as Chairman and is confirmed to be unrelated to any managing director or CEO.

Committee Structure and Governance

The trust operates six specialized committees to ensure comprehensive governance oversight. Each committee has appointed regular chairpersons and maintains appropriate composition as per SEBI regulations.

Key Committees:

• Audit Committee: Chaired by Parthasarathy Vankipuram Srinivasa (Independent Director)
• Nomination & Remuneration Committee: Chaired by Shalini Kalsi Kamath (Independent Director)
• Risk Management Committee: Chaired by Louis Marie St-Maurice (Non-Independent Director)
• Stakeholders Relationship Committee: Chaired by Anil Chaudhry (Independent Director)
• Corporate Social Responsibility Committee: Chaired by Chirdeep Singh Bagga (Non-Independent Director)
• InvIT Committee: Chaired by Chirdeep Singh Bagga (Non-Independent Director)

Board and Committee Meeting Activity

During the quarter ended December 31, 2025, the board conducted three meetings with full quorum maintained throughout. The meeting schedule included sessions on October 14, November 12 (two separate meetings), and December 10, 2025.

Committee activity during the quarter included meetings of the Audit Committee, Risk Management Committee, and InvIT Committee. The Audit Committee met on November 12, 2025, with three directors present including two independent directors. The Risk Management Committee also convened on November 12, 2025, with three directors present including one independent director.

Regulatory Compliance and Affirmations

The trust confirmed full compliance with SEBI (Infrastructure Investment Trusts) Regulations, 2014, across all governance aspects. All committee compositions align with regulatory requirements, and committee members have been briefed on their powers, roles, and responsibilities. The report for the previous quarter ended September 30, 2025, was presented to the Board of Directors at their November 12, 2025 meeting, while the current quarter report will be placed before the board at the next scheduled meeting.

The corporate governance report is also available on the trust's website at www.maplehighways.com , ensuring transparency and accessibility for stakeholders.

Industry body MAIT has categorically rejected reports suggesting that smartphone and electronics manufacturers would be forced to share proprietary source code with Indian authorities, calling such claims "incorrect and misleading". The clarification comes amid heightened scrutiny of India's cybersecurity regulations following international reports about potential mandatory source code disclosure requirements.

MeitY's Clear Guidance Framework

In an official statement, the industry association emphasized that the Ministry of Electronics and Information Technology (MeitY) has not mandated compulsory source code disclosure. MAIT highlighted that the Office Memorandum issued on June 18, 2025, provides definitive guidance that supersedes all earlier drafts, interpretations, and informal discussions on the cybersecurity testing issue.

Industry Association's Position

MAIT clarified that internal documents referenced in recent media reports were intended solely for member-level deliberations and should not be interpreted as advocacy for mandatory source code sharing or regulatory enforcement. The association stressed that these documents do not represent official policy positions or regulatory requirements.

The industry body expressed confidence that MeitY's guidance addresses cybersecurity testing concerns without compromising intellectual property rights, aligning with established global industry practices.

Support for ITSAR Amendments

Backing MeitY's amendments to the Indian Telecommunication Security Assurance Requirements (ITSAR), MAIT stated that the revised framework successfully strikes a balance between national security assurance and protection of proprietary technologies. This balance addresses concerns that have been repeatedly raised by global electronics manufacturers operating in the Indian market.

The association's endorsement of the amended framework reflects industry confidence in the government's approach to cybersecurity regulation while maintaining competitive business environments for international technology companies.