Rubicon Research Limited's Board of Directors conducted a comprehensive meeting on February 3, 2026, addressing multiple strategic and governance matters in compliance with SEBI Listing Regulations. The company formally disclosed these developments through regulatory filings to BSE (Scrip Code: 544578) and NSE (Scrip Symbol: RUBICON).

Board Composition Changes

The board approved significant changes to its composition, implementing both new appointments and noting departures. On the recommendation of the Nomination and Remuneration Committee, the board approved the appointment of Dr. Pradnya Saravade as Additional Independent Woman Director.

Dr. Saravade brings extensive governance and administrative experience as a former Indian Police Service officer. She holds MBBS and MS (General Surgery) degrees and has served in various leadership positions including heading the Maharashtra Railway Police, working with the Securities and Exchange Board of India (SEBI) for three years, and serving as Joint Managing Director of Maharashtra State Police Housing Corporation Limited. She has also worked with the Central Bureau of Investigation (CBI) for four years and has been awarded the Indian Police Medal for Distinguished Services.

Director Resignation

Simultaneously, the board noted the resignation of Mr. Anand Agarwal (DIN: 06481297) as Non-Executive Director, nominated by General Atlantic Singapore RR Pte Ltd. His resignation became effective from the close of business on February 3, 2026, due to other pressing commitments.

Secretarial Auditor Appointment

Following the Audit Committee's recommendation, the board approved the appointment of M/s. BNP & Associates, Practicing Company Secretaries, as the company's Secretarial Auditor.

BNP & Associates is a peer-reviewed firm established in October 2014, specializing in secretarial audit, corporate advisory services, and compliance management. The firm maintains four partners, one associate partner, and 15 executive team members, including eight qualified Company Secretaries.

Subsidiary Merger Approval

The board granted in-principle approval for the merger of KIA Health Tech Private Limited, a wholly-owned subsidiary, with Rubicon Research Limited. This strategic decision aims to achieve operational synergies between the entities.

KIA Health Tech was incorporated on July 19, 2021, to establish a pharmaceuticals manufacturing facility in Aurangabad. The merger will involve no cash consideration since KIA Health Tech is wholly-owned by Rubicon Research. Upon completion, all shares held by Rubicon Research in KIA Health Tech will be automatically cancelled without affecting the parent company's shareholding pattern.

Regulatory Compliance and Meeting Details

The Board meeting commenced at 3:00 PM (IST) and concluded at 4:30 PM (IST) on February 3, 2026. All decisions were made in accordance with SEBI Listing Regulations and the SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/2024/0155. The company filed detailed disclosures with BSE and NSE under Regulation 30 requirements. The merger plan remains subject to board approval of the scheme of arrangement, various regulatory approvals, and other administrative formalities.

Rubicon research Limited has notified stock exchanges about GST inspection proceedings initiated by authorities at its offices in Thane and Ambernath on January 30, 2026. The company filed the intimation under Regulation 30 of SEBI listing regulations to keep investors informed about the regulatory development.

Inspection Details and Timeline

The GST authorities commenced the inspection proceedings under Section 67 of the Maharashtra Goods and Services Tax Act, 2017. The inspection covered the company's offices located in Thane and Ambernath, with authorization presented to company officials at approximately 11:15 a.m. on January 30, 2026.

Company Response and Operations

Rubicon Research Limited stated it is extending full cooperation to the GST officials and providing all requisite information and clarifications. The company emphasized that its business operations continued as usual and were not impacted due to the inspection proceedings.

The management highlighted the company's commitment to maintaining high standards of compliance with all applicable laws and regulations, including prompt payment of applicable taxes. This stance reflects the company's approach to regulatory adherence across its operations.

Expected Impact Assessment

Based on initial assessment, the company does not reasonably expect the outcome of these proceedings to have any material impact on its financials or operations. This preliminary evaluation suggests the inspection is likely part of routine regulatory oversight rather than indicating specific compliance concerns.

Regulatory Compliance

The notification was filed under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders. The company secretary and compliance officer Deepashree Tanksale signed the intimation, maintaining proper corporate governance protocols during the regulatory process.