Punjab Communications Limited has provided a detailed clarification to the Bombay Stock Exchange regarding the timeline and process of appointing CA Deepika Arora as the company's Chief Financial Officer. The clarification, dated December 26, 2025, addresses queries raised by the exchange about the timing of the appointment notification.

Appointment Timeline and Process

The company outlined a structured appointment process that involved both government authorization and board approval. CA Deepika Arora initially assumed charge as CFO on December 22, 2025, following orders from the Department of Industries & Commerce, Government of Punjab. However, this assumption of duties was subject to formal approval by the company's Board of Directors.

Regulatory Compliance Explanation

Punjab Communications emphasized its adherence to regulatory requirements in the appointment disclosure process. The company clarified that the formal appointment occurred during the 236th Board Meeting held on December 24, 2025, where directors officially appointed CA Deepika Arora as CFO with effect from December 22, 2025.

The company specifically addressed the exchange's concern about the 12-hour notification requirement. Punjab Communications stated that the disclosure was made within 12 hours from the conclusion of the Board Meeting, which ended at 13:35 hours on December 24, 2025. This timeline demonstrates compliance with applicable regulatory requirements.

Government Orders and Corporate Governance

The clarification highlights the dual-approval process involving government entities and corporate governance structures. The appointment followed government orders from Punjab's Department of Industries & Commerce, reflecting the company's operational framework within the state's administrative structure.

Punjab Communications explained that the exchange notification was submitted only after the appointment was "duly formalized and confirmed by the Board," ensuring proper corporate governance procedures were followed before public disclosure.

Communication with Exchange

The December 26, 2025 clarification letter references the company's earlier communication dated December 24, 2025 (letter no. PCL/CS/16551), which initially informed the exchange about CA Deepika Arora's CFO appointment. The subsequent clarification was issued in response to the exchange's specific query regarding the notification timeline.

The company requested that the Bombay Stock Exchange take the clarification on record, demonstrating its commitment to maintaining transparent communication with regulatory authorities and ensuring compliance with disclosure requirements.

Punjab communications has announced the appointment of M/s Charanjit Singh Associates, Chartered Accountants, as its statutory auditors for the financial year 2025-26. The appointment follows regulatory requirements and was approved during the company's 44th Annual General Meeting held on December 22, 2025.

Regulatory Compliance and Appointment Details

The appointment was made pursuant to Section 139(5) of the Companies Act, 2013, following a directive from the Comptroller and Auditor General of India (CAG). The CAG, through its letter No./CA.V/COY/PUNJAB, PBCOMM(1)/835, specifically appointed M/s Charanjit Singh Associates as the statutory auditors for Punjab Communications Limited.

About the Appointed Audit Firm

M/s Charanjit Singh Associates is a partnership firm registered with the Institute of Chartered Accountants of India, holding Firm Registration No. 015328N. The firm operates from its office located at Third Floor, Space C, Suryakiran Building, Mall Road, Civil Lines, Ludhiana-141001, Punjab.

The audit firm brings comprehensive expertise across multiple areas of financial and compliance services:

• Corporate Audits: Statutory audit, tax audit, and internal audit services
• Banking Services: Bank audits including concurrent audit and stock audit
• Compliance Services: Accounting compliance reporting, GST advisory, and tax compliance
• Training Services: Compliance training and other allied services

Professional Standing and Affiliations

Due to their extensive experience and established reputation in the field, M/s Charanjit Singh Associates has been affiliated and empanelled with reputed organizations and statutory bodies, including the Comptroller and Auditor General of India. This empanelment demonstrates the firm's credibility and expertise in handling statutory audit requirements for government and public sector entities.

Terms of Engagement

The appointment is effective from the conclusion of the 44th Annual General Meeting and will continue until the conclusion of the next Annual General Meeting. The statutory auditors will conduct the audit of financial statements for FY2025-26 on terms and conditions as provided in the CAG letter issued in this regard.

The company has fulfilled its disclosure obligations under Regulation 30 read with Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, by informing the Bombay Stock Exchange about this appointment on December 23, 2025.