UPL Limited has issued a clarification to BSE Limited regarding unusual volume movement in its scrip, responding to an inquiry received on December 15, 2025. The company addressed concerns about potential undisclosed information that could be influencing trading activity.

Company's Response to Volume Movement Inquiry

In its official communication, UPL Limited stated that it has been consistently making disclosures to stock exchanges as required under regulations. The management emphasized that there is no unpublished price-sensitive information or event that has become due for disclosure to the stock exchanges in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Compliance and Disclosure Practices

The company highlighted its adherence to regulatory requirements and transparency standards. UPL Limited confirmed that it has been complying with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and will continue to adhere to the said regulations.

Key compliance aspects mentioned include:

• Consistent disclosure practices to stock exchanges as required
• Adherence to Regulation 30 of SEBI LODR Regulations
• Commitment to continue following regulatory requirements
• Transparency in all material announcements

Market-Driven Activity Attribution

UPL Limited attributed any movement in the volume of the company's shares to market-driven factors. The management clarified that the trading activity does not stem from any internal developments or undisclosed corporate actions that would require disclosure under regulatory frameworks.

Corporate Information

The clarification was signed by Sandeep Deshmukh, Company Secretary and Compliance Officer (ACS-10946), representing UPL Limited. The company operates from Uniphos House, C.D. Marg, Khar (West), Mumbai, with its registered office located at GIDC, Vapi, Valsad, Gujarat. UPL Limited operates in the agro chemicals sector and maintains its corporate website at www.upl-ltd.com for investor communications.

Refex Industries Limited has announced the completion of Income Tax Department search operations that were conducted at its registered office and other locations associated with the Refex Group. The company informed stock exchanges on December 14 that the search operations concluded on the evening of December 13.

Search Operations Timeline

The Income Tax Department initiated search operations on December 9, targeting the company's registered office and certain other locations associated with the Refex Group. The operations spanned four days before concluding on December 13 evening.

Company's Response and Cooperation

Refex Industries emphasized that the company and its officers extended full cooperation to the authorities throughout the course of the search operations. The company furnished all information and documents sought by the Income Tax Department during the investigation period.

As of the disclosure date, the company has not received any communication, notice, or order from the Income Tax Department indicating adverse findings pursuant to the search operations. The company specifically noted that certain media reports and social media posts suggesting adverse outcomes are speculative in nature and are not supported by any official communication.

Business Operations Status

The company assured stakeholders that its business operations continue to remain unaffected and are being carried on in the normal course. Refex Industries stated that it continues to conduct its business operations without disruption despite the concluded search operations.

Regulatory Compliance and Future Disclosures

Refex Industries confirmed its commitment to maintaining the highest standards of ethical conduct and legal compliance. The company assured that it will keep the stock exchanges informed of any material developments in accordance with the applicable provisions of the SEBI Listing Regulations.

This disclosure follows the company's earlier communication dated December 12, which was titled "Clarification to a reported event or information circulated in the electronic media" regarding the search operations conducted by the Income Tax Department.

The company reiterated its full cooperation with the authorities and stated that no adverse findings have been communicated to them following the conclusion of the search operations.