In a significant corporate development, Sri Adhikari Bros. Tele Network has announced the resignation of several key directors, including independent directors and the managing director. The resignations, set to take effect on November 18, 2025, come in the wake of management changes following an open offer.

Board Restructuring

The company has disclosed that the following directors have tendered their resignations:

Reason for Resignations

According to the company's filing, all the resigning directors have cited the change in management and control of the company as the primary reason for their departure. This change is attributed to an open offer triggered under Regulation 3(1) and Regulation 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Impact on Corporate Governance

The mass resignation of directors, particularly independent directors, may have significant implications for the company's corporate governance structure. Independent directors play a crucial role in ensuring transparency and protecting shareholder interests.

Next Steps

As Sri Adhikari Bros. Tele Network faces this leadership transition, stakeholders will be keenly watching for announcements regarding new appointments to the board. The reconstitution of the board will be critical in shaping the future direction of the company.

The company has stated that it will file the necessary forms with the Registrar of Companies to give effect to these resignations. As this situation develops, shareholders and market watchers will be looking for further clarity on the company's future leadership and strategic direction.

In a significant development for Sri Adhikari Bros. Tele Network , Mr. Kurjibhai Premjibhai Rupareliya, along with Leading Leasing Finance and Investment Company Limited as Person Acting in Concert (PAC), has announced an open offer to acquire a substantial stake in the company.

Open Offer Details

The open offer aims to acquire 53,46,238 equity shares, representing 13.24% of the emerging voting share capital of Sri Adhikari Bros. Tele Network. The offer price has been set at ₹10.00 per share, aligning with the parameters prescribed by SEBI regulations.

Key Points of the Offer

• Acquirer: Mr. Kurjibhai Premjibhai Rupareliya
• Person Acting in Concert: Leading Leasing Finance and Investment Company Limited
• Target Company: Sri Adhikari Bros. Tele Network
• Offer Size: 53,46,238 equity shares (13.24% of emerging voting share capital)
• Offer Price: ₹10.00 per share
• Regulatory Framework: SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

Independent Directors' Recommendation

The Independent Directors Committee (IDC) of Sri Adhikari Bros. Tele Network has reviewed the open offer and provided their recommendations:

1. The offer price of ₹10.00 per equity share is in line with SEBI (SAST) Regulations, 2011.
2. The IDC believes the offer is fair and reasonable.
3. Shareholders are advised to independently evaluate the offer against the current market price before making a decision.

Offer Manager

Grow House Wealth Management Private Limited has been appointed as the manager to the offer. They can be contacted at:

• Address: A-606, Privilon, B/H. Iscon Temple, Ambli-Bopal Road, S.G. Highway, Ahmedabad-380054
• Tel: +91 79353 33132 / +91-79-35333682
• Email: takeover@growhousewealth.com
• Website: www.growhousewealth.com

Implications for Shareholders

This open offer provides an opportunity for Sri Adhikari Bros. Tele Network shareholders to sell their shares at a predetermined price. However, shareholders should carefully consider the offer price in relation to the current market price and their own investment goals before making a decision.

Investors and stakeholders of Sri Adhikari Bros. Tele Network should keep a close watch on further developments and announcements related to this open offer. As always, it is advisable to consult with financial advisors before making any investment decisions.

The open offer is subject to regulatory approvals and other conditions as specified in the detailed offer document. Shareholders are encouraged to read the full offer document for comprehensive information about the terms and conditions of the offer.