Praveg Limited has announced the resignation of Mr. Keyoor Madhusudan Bakshi from his position as Independent Director, effective from the close of business hours on February 28, 2026. The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Resignation Details

Mr. Keyoor Madhusudan Bakshi (DIN: 00133588) tendered his resignation through a letter dated February 28, 2026, marking the end of his first five-year term as Independent Director. The resignation coincides with the natural expiration of his tenure as an Independent Director of the company.

Stated Reasons for Non-Reappointment

In his resignation letter, Mr. Bakshi explained that due to his advancing age and other commitments, he does not wish to seek re-appointment for a second term of five consecutive years. The company has confirmed that there are no material reasons for his resignation other than those mentioned in his resignation letter.

Other Directorships

Mr. Bakshi currently holds directorships in other listed entities, demonstrating his continued involvement in corporate governance:

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 read with Para A(7B) of Part A of Schedule III of the SEBI LODR Regulations. The company has also referenced compliance with SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Mr. Bakshi confirmed in his resignation letter that there are no other material reasons requiring disclosure under the regulatory framework, and expressed appreciation for the support and cooperation extended by the Board of Directors, Management, and stakeholders during his association with the company.

Praveg Limited has officially received the Letter of Award (LoA) on February 25, 2026, from the Government of Meghalaya Directorate of Tourism for a prestigious luxury cottage resort development project. The company announced this significant milestone through a regulatory filing under SEBI Regulation 30.

Project Award Details

The comprehensive development project has been awarded under the Design, Build, Finance, Operate and Transfer (DBFOT) mode on a Public-Private Partnership basis. The project specifications demonstrate the substantial scope of this tourism infrastructure development:

Regulatory Compliance and Disclosure

Praveg Limited has fulfilled its regulatory obligations by informing BSE Limited about the contract award through proper disclosure channels. The company's filing indicates that the broad consideration or size of the contract is "not determinable at this stage," suggesting the revenue model may be based on operational performance over the concession period.

Strategic Significance and Management Commentary

Dr. CA Vishnu Patel, Chairman and Managing Director of Praveg Limited, expressed satisfaction with the project award, stating that it aligns with the company's strategy to expand eco-responsible luxury hospitality offerings across emerging destinations. He emphasized that the development will contribute to tourism growth, employment generation, and regional economic development while creating long-term value for stakeholders.

Business Impact and Growth Strategy

This project reinforces Praveg's asset-light concession-driven growth model and expands its portfolio of sustainable luxury hospitality assets across India. The 30-year concession period provides substantial operational tenure, allowing for long-term planning and investment recovery while supporting Meghalaya's tourism infrastructure development goals.