CARE Ratings Limited

Date: 17[th] December 2025 SE/2025-26/89

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To,

The General Manager The National Stock Exchange of India Ltd. The Corporate Relation Department Listing Department BSE Limited Exchange Plaza Phiroze Jeejeebhoy Towers Bandra Kurla Complex 14[th] Floor, Dalal Street Bandra (East) Mumbai 400 001 Mumbai 400 051 Scrip Code: 534804 Scrip Code: CARERATING

Dear Sir/ Madam,

SUB: NEWSPAPER ADVERTISEMENT WITH RESPECT TO COMPLETION OF DISPATCH OF

NOTICE OF THE POSTAL BALLOT

Pursuant to the Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please find enclosed copy of the newspaper advertisements pertaining to completion of dispatch of Notice of the Postal Ballot to the Members of the Company. The advertisements were published in Business Standard (English Edition) and Navshakti (Marathi Edition) newspapers on 17[th] December 2025.

The above information is also available on the Company’s website at www.careedge.in.

You are requested to kindly take the above information on record.

Thanking you,

Yours faithfully,

For CARE Ratings Limited

MANOJ Digitally signed by MANOJ KUMAR CV KUMAR CV Date: 2025.12.17 12:32:26 +05'30'

Manoj Kumar CV Company Secretary & Compliance Officer

Encl: As Above

Phone: +91-22-6754 3456 • Email: [email protected] • www.careedge.in

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4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022.

CIN-L67190MH1993PLC071691

COMPANIES 3

MUMBAI | WEDNESDAY, 17 DECEMBER 2025

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Apple exports record $2 bn iPhones in Nov

surajeet das gupta New Delhi, 16 December part of Dixon Technologies. Till FY25, Apple’s exports orig- Facts & Figures India’s smartphone exports have benefited since the same enjoy a slight inated from three factories — two in n The figure accounts for 75 per cent of the advantage in tariffs over China. ChiApple Inc clocked a new record of Tamil Nadu, and one in Karnataka. In total smartphone exports in November nese smartphone exports are subject exporting iPhones worth $2 billion FY26, Apple has expanded iPhone n In first eight months of FY26, smartphone to 10 per cent fentanyl tariffs imposed from India in November this year. production by adding two new facexports are estimated to have hit $18.7 by the US government. This is the highest value of exports by tories — one each in Tamil Nadu and billion , an increase of 43 per cent over According to the industry, serious the Cupertino-headquartered comKarnataka. Of the five factories curthe same period of FY25 efforts are underway in China to pany in a month for 2025-26 (FY26). rently producing iPhones, Tata opernegotiate fentanyl tariffs to zero over n India is set to become the secondAs a result, total iPhone exports in ates three plants, and Foxconn two. the next few months. This would the first eight months of FY26 have According to industry estimates, largest exporter of mobile phones mean that India’s cost disability of crossed $14 billion. All companies total smartphone exports for the overtaking Vietnam by the end of FY26 between 12 per cent and 14 per cent that are part of the productionApril-November 2025 period reached n Before the PLI scheme was announced, vis-à-vis China can make India linked incentive (PLI) scheme $18.7 billion. This export figure is a India exported smartphones to the uncompetitive, at least where exports submit their monthly figures to the whopping 43 per cent higher than the tune of $3 billion to US are concerned. government. $13 billion smartphone exports from India currently ranks third after Apple’s iPhone exports in NovemIndia recorded in the corresponding China and Vietnam in terms of smartber constitute nearly 75 per cent of the period of FY25. jumped to $24.1 billion in FY25. At the already ended for Samsung, and it will phone exports and second in terms of total smartphone exports from the India’s smartphone exports have current pace, smartphone exports come to a close for Apple’s vendors by total mobile production. country amounting to $2.7 billion in steadily increased each year after the from India are expected to end FY26 March 2026. By FY26, India is expected to the month. The remaining 25 per cent PLI scheme was announced in 2020. closer to $28 billion, according to A vast majority of iPhone exports become the second-largest exporter of was contributed by Samsung (around Before the scheme, India exported estimates by the government and from India, according to Apple’s chief mobile phones, crossing Vietnamese $432 million), Padget ($48 million), smartphones to the tune of $3 billion. stakeholders. executive officer (CEO) Tim Cook, are exports, which are currently domiand third-party exporters. Padget is Within a four-year period, this figure The PLI scheme, however, has directed to the US market. Currently, nated by Samsung.

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NCLT Mumbai okays demerger of Vedanta into 5 distinct entities

bhavini mishra turned down. The tribunal held that, at the New Delhi, 16 December first motion stage, its role was confined to issuing procedural directions and that such The Mumbai Bench of the National Comobjections were premature. Subsequently, pany Law Tribunal (NCLT) on Tuesday the tribunal directed meetings of sharegave its approval to Vedanta Limited’s holders and creditors of the demerged demerger proposal, clearing the way for the entities, and ordered Vedanta to notify group to reorganise its operations into five statutory and sectoral regulators such as the distinct, sector-specific entities. The deciSecurities and Exchange Board of India sion was delivered by Judicial Member (Sebi), regional director (western region), Nilesh Sharma and Technical Member the Registrar of Companies, the income tax Charanjeet Singh. A detailed order is yet to department, and other relevant authorities. be uploaded on the NCLT website. Group recast After clearance at the first motion Allowing the scheme of arrangement n The tribunal sanctioned the stage, SEPCO moved an intervention under Sections 230 to 232 of the Companies application relating to disputes with TalAct, the tribunal sanctioned the separation separation of four group companies — wandi Sabo Power Limited. The tribunal Vedanta Aluminium Metal, Talwandi of four group companies — Vedanta Alulater recorded that it had taken on file a Sabo Power, Malco Energy and minium Metal, Talwandi Sabo Power, settlement agreement dated September 11, Vedanta Iron and Steel Malco Energy, and Vedanta Iron and Steel 2025 between the parties and allowed the — together with their shareholders and n The scheme of arrangement was restructuring process to move forward. creditors. Vedanta had unveiled the allowed under Sections 230–232 of At the final hearing, the Registrar of restructuring in 2023, outlining plans to the Companies Act Companies and the regional director divide its Indian businesses into five inden Residual Vedanta will continue to informed the tribunal that Vedanta’s pendently listed companies: Vedanta Aluhold zinc and silver businesses via responses had addressed their concerns minium, Vedanta Oil and Gas, Vedanta Hindustan Zinc and that no objections remained. The MinPower, Vedanta Iron and Steel, and a istry of Petroleum and Natural Gas had restructured Vedanta Ltd. The residual earlier sought disclosures on the financial Vedanta entity will continue to hold the demerger between September 29 and position of the oil and gas business postzinc and silver businesses through HinOctober 13, 2023. The bench also took demerger, including details of hydrocardustan Zinc, and function as a platform for note of observation letters issued by the bon assets and liabilities. incubating new technologies and venNational Stock Exchange (NSE) on July Vedanta submitted that all regulatory tures. At the first motion stage, the tribu30, 2024 and by BSE on July 31, 2024, both requirements had been met, and informed nal had, by an order dated November 21, of which recorded no adverse comments the tribunal that Sebi had approved the 2024, reviewed the design and commeron the scheme. revised scheme after its earlier disclosurecial rationale of the proposal, noting that An objection raised during the initial related concerns were resolved. The tributhe boards of Vedanta Ltd and the resulthearing by a party asserting creditor claims nal had reserved its decision on November ing companies had approved the against one of Vedanta’s power units was 12 and pronounced the order on Tuesday.

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SIM-BINDING DIKTAT

Tech cos warn of disruption for consumers

bs reporter

New Delhi, 16 December

App-based communication services providers and Indian tel - cos are at loggerheads over the SIM-binding directions issued by the department of telecom, which are to be complied with by the end of February 2026. The Internet and Mobile Association of India (IAMAI), representing over 750 digital services players operating in the country, has asked the communications ministry to withdraw directions issued to bind SIMs with the device on gro u - nds that implementation would lead to disruption for millions of individual and business users. In a letter to the ministry sent last week, seen by Business Standard , the industry body has suggested that a technical working group with all stakeholders be created to evaluate the technical feasibility of the mandate besides the cost, user-impact and potential alternatives. The directions issued by the department of telecom (DoT) on November 28 mandated app-based communication services such as WhatsApp, Telegram and Signal to ensure continuous SIM-binding for platforms that provide appbased communication services in India and use mobile numbers for identification or service delivery. The directions also mandated compulsory sixhourly logouts for web and desktop versions of these applications. The DoT has also asked the apps to bar users without active SIM cards from accessing their services. IAMAI said in the letter that mandatory log-outs will ad - versely impact many business owners and MSMEs that rely on web-based messaging applications throughout the workday to coordinate with customers, suppliers, and internal teams.

Delhi HC seeks replies from DGCA, Centre on pilot unions’ contempt plea over fatigue rules

bhavini mishra Thereafter, in April 2025, while disposNew Delhi, 16 December IndiGo flight crisis: PIL ing of connected petitions filed by pilot filed seeking direction bodies, the court noted that the process of The Delhi High Court on Tuesday sought a notifying CAR 2024 had begun. response from the Directorate General of for compensation The airlines were directed to submit Civil Aviation (DGCA) and the Centre to a A public interest litigation (PIL) has their fatigue management schemes to the contempt petition filed by pilot unions been filed in the Delhi High Court DGCA within three weeks, while pilot alleging that the aviation regulator diluted seeking to direct the Centre and associations were given liberty to seek legal court-mandated fatigue norms by grantIndiGo to pay four times the comremedies in case of non-compliance. ing relaxations to airlines. pensation of the full ticket price to In November 2025, the FIP initiated Justice Amit Sharma issued a notice to all passengers whose tickets were contempt proceedings, alleging that the the DGCA and the Centre in a plea by the cancelled during November and DGCA had acted in breach of the assurFederation of Indian Pilots (FIP) and the December after the new Flight Duty ances given to the court. Indian Pilots Guild (IPG). The court fixed Time Limitation (FDTL) rollout. According to petitioners, the regulator the matter for further hearing in April The petition further sought to granted extensions or relaxations to sev2026. The case is related to the proceedings initiate a ‘class action suit’ according eral airlines and approved fatigue managebefore the high court over the enforcement to the provisions of the Consumer ment schemes that departed from CAR of flight duty time limitation (FDTL) stanProtection Act against IndiGo for 2024 and the agreed timelines. dards, which are intended to address pilot the suffering and damage caused to They referred to alleged relaxations fatigue and enhance flight safety. the passengers. pti granted in October 2025 to carriers such as In February 2025, Justice Tara Vitasta Air India, IndiGo, SpiceJet, Alliance Air, Ganju had taken on record an affidavit Akasa Air, and cargo operators, including from the DGCA outlining a phased schedsions were to come into force by July 1, and Blue Dart Aviation and QuikJet. ule for implementing the revised FDTL the remaining seven were to be impleThe unions contend that these devinorms under the Civil Aviation Requiremented from November 1. The court ations were allowed without any excepment (CAR) 2024. recorded that the authorities would be tional circumstances and posed risks to According to the undertaking, 15 provibound by these timelines. pilot alertness and passenger safety.

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11 marathi.freepressjournal.in

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A. H«.	HO©Xma Am{U gh-HO©Xma ¶m§Mo Zmd/ HO© ’mB©b H«/ emIoMo Zmd	JhmU Rodboë¶m {‘iHVrMm nÎmm	‘mJUr gyMZoà‘mUo EHyU WH~mHs (a¸‘ é. ‘Ü¶o)	‘mJUr gyMZm Omar Hoë`mMr VmarI
1	{dZmoX {dÇb gnHmi/ E_EM0170610002484/ nZdob	JQ H«: 85/19, B_maVrMo Zmd: lr _hmbú_r ao{gSoÝgr, Ka H«: B_maV H«. 19/106, _Obm H«: 1bm _Obm, b°ÊS_mH©: VidSo Jmd, Jmd: VidSo, {RHmU: HO©V (am¶JS (_hmamîQ´)), VmbwHm: HO©V, amÁ¶: _hmamîQ´, {nZ HmoS: 410201	4,58,040/-	20.11.2025
2	**_m¶m {dZm¶H Sm	Jao/ {dZm¶H ¶moJmOr Sm	Jao/ E_EM0170610002648/ nZdob**	nwîn gXZ, Ka H«: 603, _Obm H«: 6dm _Obm, ßbm°Q H«: 55, go³Qa dmS© H«: 18, b°ÊS_mH©: ‘mZgamoda aoëdo ñWmZHmOdi, Jmd: Hm_moRo, {RHmU: Hm_moRo, VmbwHm: nZdob, amÁ¶: _hmamîQ´, {nZ HmoS: 410209
3	{edam_ e§Ha Xm§JSr/ O¶lr {edam_ Xm§JSr/ E_EM0040610005032/ Zdr _w§~B©	JQ H«: 148/3, B_maVrMo Zmd: {h_mb¶ Hm°åßbo³g, B_maV H«. 7, Ka H«: 202, _Obm H«: 2am, ßbm°Q H«: qdJ 30, b°ÊS_mH©: Jmd nmfmUo, Jmd: nmfmUo, {RHmU: HO©V (am¶JS (_hmamîQ´)), VmbwHm: HO©V, amÁ¶: _hmamîQ´, {nZ HmoS: 410201	4,76,484/-	20.11.2025
4	gmJa O¶d§V dam§So/ bú_r O¶d§V dam§So/ E_EM0040610007931 Zdr _w§~B©	JQ H«: 76/1, 76/2, 78, 81/2, B_maVrMo Zmd: AmpË‘¶ hmB©Q²g, Ka H«: gr-206, _Obm H«: 2am _Obm, ßbm°Q H«: à. Zm, añË¶mMo Zmd: gmo{Zdbr Jmd, go³Qa dmS© H«: à. Zm, b°ÊS_mH©: Ádob {dîQmOdi, Jmd: gmo{Zdbr, {RHmU: A§~aZmW, VmbwHm: RmUo, amÁ¶: _hmamîQ´, {nZ HmoS: 421503	21,40,429/-	01.12.2025
5	gwZrb gwIXod qgJ/ E_EM0170610008228/ nZdob	JQ H«: 37/1~r, B_maVrMo Zmd: O¶ JUoe ao{gSoÝgr, Ka H«: 206, Obm H«: 2am _Obm, ßbm°Q H«: à. Zm., añË¶mMo Zmd: à. Zm., añVm H«.: à. Zm., go³Qa dmS© H«: à. Zm., b°ÊS_mH©: hZw_mZ §{XamOdi, Jmd: niñno, {RHmU: nZdob eha,VmbwHm: nZdob,amÁ¶: _hmamîQ´,{nZ HmoS: 410206	19,70,662/-	01.12.2025
6	Mm§X HwVw~wÔrZ eoI/ E_EM0170610001548/ nZdob	JQ H«: 38/2, B_maVrMo Zmd: H{ne AnmQ©_	Q, Ka H«: E-101, Obm H«: 1bm _Obm, go³Qa dmS© H«: nmbrXodS, b°ÊS _mH©: hm°Qob gmB© g«mQOdi, Jmd: gwHmnya, {RHmU: nZdob eha, VmbwHm: nZdob, amÁ¶: _hmamîQ´, {nZ HmoS: 410206	5,46,443/-
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8	g§Xoe O¶d§V gmd§V/ gwJ§Ym O¶d§V gmd§V/ E_EM0040610006056/ Zdr _w§~B©	JQ H«: 148/3, B_maVrMo Zmd: {h_mb¶ Hm°åßbo³g, Ka H«: 203, qdJ H«: 1, _Obm H«: 1, b°ÊS_mH©: nmfmUo, Jmd: nmfmUo, {RHmU: dm§JUr, VmbwHm: HO©V, amÁ¶: _hmamîQ´, {nZ HmoS: 412213	12,96,507/-	01.12.2025
9	_pÀN§Ð ~mOramd bmoI§So/ H{dVm ~mOramd bmoI§So/ ¶_wZm~mB© ~mOramd bmoI§So/ E_EM0040610003243/ Zdr _w§~B©	E-2 àHma, Ka H«: 11, _Obm H«: Vi _Obm, go³Qa dmS© H«: 21, b°ÊS_mH©: Am¶grEb emioOdi, Jmd: Vw^}, {RHmU: Vw^}, VmbwHm: RmUo, amÁ¶: _hmamîQ´, {nZ HmoS: 400703	7,10,532/-	01.12.2025
10	gmd§V M§ÐHm§V AmË‘mam_/ E_EM0040600-105958/ Zdr _w§~B©	B_maVrMo Zmd: d¡îUdr, Ka H«: 102, ßbm°Q H«: 49, go³Qa dmS© H«: go³Qa 20, b°ÊS_mH©: go³Qa 20, Jmd: Eoamobr, {RHmU: Eoamobr, VmbwHm: Zdr _w§~B©, amÁ¶: _hmamîQ´, {nZ HmoS: 400708	1,35,342/-	01.12.2025
11	**JUoe _méVr ~	Tmar/ gwZrVm JUoe ~	Tmar/ E_EM0490610002848/ Zoao-nZdob**	JQ H«: ßbm°Q H«. 266, B_maVrMo Zmd: ìhr {Zdmg, Ka H«: 101, _Obm H«: 1bm, ßbm°Q H«: 266, añË¶mMo Zmd: nwînH ZJa, añVm H«: à.Zm., go³Qa dmS© H«: Ama-3, b°ÊS_mH©: go³Qa Ama3 Odi, Jmd: dSKa, {RHmU: nZdob eha, VmbwHm: nZdob, amÁ¶: _hmamîQ´, {nZ HmoS: 410206

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