Rubicon research Limited has strengthened its senior management team with the appointment of Ms. Avani Harish Shah as General Manager – Secretarial, Legal & Compliance and Senior Management Personnel, effective January 9, 2026. The company disclosed this appointment in compliance with Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Appointment Details

The appointment details are outlined in the company's regulatory filing:

Professional Background

Ms. Shah brings extensive corporate legal expertise to Rubicon Research Limited. Her professional journey spans over two decades in the information technology and services sector. Most recently, she served as Senior Legal Director at LTIMindtree Limited, where she handled complex legal matters for the technology services company.

Her career progression includes several notable positions:

• Senior Legal Director at LTIMindtree Limited
• Associate Director at Ramco Systems Limited
• Assistant General Counsel at Capgemini Technologies SE (Paris & India)
• Managerial positions at Essar Group and Oracle Financial Services Software
• Associate at Gordhandas and Fozdar (Advocates and Solicitors)

Educational Qualifications

Ms. Shah's academic credentials reflect her specialization in corporate law and intellectual property:

Regulatory Compliance

The appointment was formally communicated to both BSE Limited (Scrip Code: 544578) and National Stock Exchange of India Limited (Scrip Symbol: RUBICON) as required under SEBI regulations. The disclosure follows the format prescribed in SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Company Secretary and Compliance Officer Deepashree Tanksale signed the regulatory filing, confirming the appointment and ensuring all disclosure requirements were met. The information has also been made available on the company's website at www.rubicon.co.in .

Strategic Significance

The appointment of Ms. Shah as General Manager for Secretarial, Legal & Compliance represents Rubicon Research Limited's commitment to strengthening its governance framework. Her extensive experience in corporate legal matters, particularly in the technology sector, aligns with the company's operational requirements and regulatory obligations.

Rubicon Research Limited has informed stock exchanges about a significant tax demand notice received by its material step-down subsidiary AdvaGen Pharma Ltd, USA. The company disclosed this development in compliance with SEBI listing regulations on January 6, 2026.

Tax Demand Details

The subsidiary received a demand notice under Section 156 of the Income-Tax Act, 1961, from the office of Deputy Commissioner of Income Tax, Mumbai, on January 5, 2026. The notice details are summarized below:

Reason for Tax Demand

The substantial tax demand stems from the denial of a Double Taxation Avoidance Agreement (DTAA) exemption on income of ₹10.04 crores. The tax authority concluded that the 'Make Available' clause under the India-US DTAA was applicable to AdvaGen Pharma's case, resulting in the rejection of the exemption claim.

Company's Response Strategy

AdvaGen Pharma Ltd has outlined a two-pronged approach to address the tax demand:

• Appeal Filing: The subsidiary will file an appeal before the Income Tax Appellate Tribunal (ITAT)
• Stay Request: Parallel request to the Assessing Officer to stay the demand pending the ITAT decision
• Legal Confidence: Based on advice from tax advisors, the company believes its position is strong and remains confident about the merits of the case

Financial Impact

The expected financial implications on the listed company are equivalent to the total demand payable of ₹4,18,84,613. This represents a significant amount that could impact the subsidiary's financial position if the appeal is unsuccessful.

Regulatory Compliance

Rubicon Research Limited disclosed this information in compliance with Regulation 30(6) and 30(13) of SEBI Listing Regulations, along with relevant SEBI circulars. The company has declared that all information provided is true, correct, and complete to the best of their knowledge and belief.