MPS has received a significant development in its legal dispute with the Securities and Exchange Board of India (SEBI) and other market intermediaries regarding custodial charges. The Delhi High Court has disposed of the company's writ petition with specific directions.

Court Proceedings and Outcome

The Delhi High Court disposed of MPS's writ petition against SEBI and market intermediaries regarding custodial charges. The court directed the respondents to consider the petition as a representation.

Key Relief Sought by Company

MPS had approached the court seeking comprehensive relief against what it termed as inequitable custodial charging policies. The company's primary demands included:

• Direction to create custodial charges based on trading value of shares rather than fixed amounts
• Revision of custodial charging structure for financially distressed companies
• Special consideration for companies where share value falls below nominal value
• Quashing of specific SEBI circulars dating back to 2005, 2011, and 2015
• Withdrawal of notices issued by NSE and BSE

Court's Direction and Next Steps

The court directed SEBI and other respondents to consider the writ petition as a representation and take appropriate decisions thereon, with intimation to the petitioner. This approach allows the regulatory authorities to review the company's concerns through administrative channels rather than judicial intervention.

Background of Dispute

The company had initially filed the writ petition challenging the existing custodial charge structure. MPS argued that the current policy is particularly burdensome for companies undergoing financial distress, especially where share values have declined significantly below their nominal values.

The company specifically contested SEBI circulars issued in January 2005, April 2011, and December 2015, claiming they violated fundamental principles under Articles 14 and 21 of the Constitution of India. Additionally, it sought withdrawal of notices issued by NSE and BSE.

Regulatory Compliance

MPS has maintained transparency throughout the legal proceedings, filing appropriate disclosures under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The court's direction provides the company an opportunity to have its concerns addressed through regulatory channels while maintaining the legal framework for further recourse if needed.

MPS Limited has announced a key leadership change with the resignation of its Chief People Officer (CPO), Mrs. Geetika Hans, effective December 15, 2025. The company disclosed this information to stock exchanges in compliance with regulatory requirements.

Resignation Details

Mrs. Geetika Hans tendered her resignation from the position of Chief People Officer, citing personal commitments as the reason for her departure. The resignation has been accepted by the company and becomes effective from the close of business hours on December 15, 2025.

Regulatory Compliance

The announcement was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company also referenced SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, in its disclosure to the National Stock Exchange of India Limited and BSE Limited.

Leadership Transition

In her resignation letter addressed to Rahul Arora, Chairman and CEO of MPS Limited, Mrs. Hans expressed gratitude for the opportunity to transform the HR function at the company. She acknowledged the learning experience and praised the leadership team and Board at MPS Limited. The resignation letter indicated her continued support for the organization from the sidelines.

Corporate Information

MPS Limited, with its corporate office located at A-1, Tower A, 4th Floor, Windsor IT Park, Sector 125, Noida, operates under the Corporate Identification Number L22122TN1970PLC005795. The company is listed on both NSE and BSE with ISIN: INE943D01017.

The company has fulfilled its disclosure obligations by providing the required information to stock exchanges and ensuring transparency regarding this senior management change.