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India Glycols Ltd Proxy Solicitation & Information Statement 2026

Feb 20, 2026

61672_rns_2026-02-20_b21539fd-8d51-43b8-b981-bf2d23bda4d5.pdf

Proxy Solicitation & Information Statement

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IGL/SE/2025-26/83

20[th ] February, 2026

The Manager (Listing) The Manager (Listing) BSE Limited National Stock Exchange of India Limited 1[st] Floor, New Trading Ring, Exchange Plaza, C-1, Block G, Rotunda Building, P.J. Towers, Bandra Kurla Complex, Dalal Street, Bandra (East) Mumbai- 400 001 Mumbai – 400 051 Scrip Code: 500201 Symbol: INDIAGLYCO

Dear Sirs ,

  • Sub: Notice of Meeting of the Equity Shareholders of India Glycols Limited convened by the Hon'ble National Company Law Tribunal, Allahabad Bench, Prayagraj

Further to our letters bearing no. IGL/SE/2025-26/72 and IGL/SE/2025-26/82 dated 16[th] January, 2026 and 18[th] February, 2026 respectively, informing that the Hon’ble National Company Law Tribunal, Allahabad Bench at Prayagraj (“ Tribunal ”), passed Orders for convening of separate meetings of the Equity Shareholders and Unsecured Creditors of the Company through Video Conferencing, for the purpose of considering and approving the Scheme of Arrangement amongst India Glycols Limited (“ Applicant No. 1 ” / “ Demerged Company ” / “ Company ”), Ennature Biopharma Limited and IGL Spirits Limited and their respective shareholders (“ Scheme ”).

Accordingly, in terms of the Orders of the Tribunal and in compliance with the provisions of the Companies Act, 2013 (“ the Act ”) and related Rules, read with the relevant Circulars issued by the Ministry of Corporate Affairs, Regulation 30 and other provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), please find attached herewith the Notice of Meeting of the Equity Shareholders of the Company to be held on Tuesday, 24[th] March, 2026 at 11:00 A.M. (IST) through Video Conferencing (“VC”) for the purpose of considering, and if thought fit, approving the proposed Scheme.

The Notice of the Meeting along with accompanying documents is being sent through e-mail to all those Equity Shareholders whose e-mail addresses are registered with the Company/Registrar and Share Transfer Agent (“RTA”) or their respective Depository Participant and physical copies of the Notice along with Explanatory Statement is being sent through permitted mode to those Equity Shareholders whose email addresses are not available with the Company. Further the Notice, Explanatory Statement and other accompanying documents is also

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available on the Company’s website at https://www.indiaglycols.com/wpcontent/uploads/NCLT_Equityshareholders_Notice.pdf.

In pursuant to the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management & Administration) Rules, 2014 and Regulation 44 of the SEBI Listing Regulations, the facility to cast vote by electronic means on the resolution set forth in the Notice convening the Meeting is available to those Equity Shareholders, who are holding shares either in physical or in electronic form as on the cut-off date i.e. Tuesday, 17[th] March, 2026. The remote e-voting will commence on Friday, 20[th] March, 2026 (9:00 A.M.) and end on Monday, 23[rd] March, 2026 (5:00 P.M.). Detailed instructions for, inter-alia, Remote e-voting, E-Voting at the Meeting, registration of e-mail addresses of the Equity Shareholders for the Meeting and process & manner for joining the meeting through VC are provided in the ‘Notes’ to the Notice of the Meeting.

This is for your information and record.

Thanking you,

Yours truly,

For India Glycols Limited

Digitally signed by ANKUR JAIN

DN: c=IN, o=Personal, postalCode=110091, l=East Delhi, st=Delhi, street=S/O MOHINDER KUMAR JAIN FLAT NO G1 FINE HOME APARTEMENTS NEAR AHLCON PUBLIC SCHOOL MAYUR VIHAR PHASE-1 PATPARGANJ EAST DELHI DELHI- 110091, 2.5.4.20=f12d4be1c5c932a2c1642c6dad9bb0e5db224de40e1e7299308e2b62dfc73e0c, b62dfc73e0c, serialNumber=36bf2107a358d674b88b6a7f2f49ebabe2ecd54621cb28fbe 5bc6616fcae41f0, [email protected], cn=ANKUR JAIN Date: 2026.02.20 14:25:37 +05'30'Date: 2026.02.20 14:25:37 +05'30'

APARTEMENTS NEAR AHLCON PUBLIC SCHOOL MAYUR VIHAR PHASE-1 PATPARGANJ EAST DELHI DELHI- 110091, ANKUR JAIN 2.5.4.20=f12d4be1c5c932a2c1642c6dad9bb0e5db224de40e1e7299308e2b62dfc73e0c, serialNumber=36bf2107a358d674b88b6a7f2f49ebabe2ecd54621cb28fbe Ankur Jain 5bc6616fcae41f0, [email protected], cn=ANKUR JAIN Date: 2026.02.20 14:25:37 +05'30'Date: 2026.02.20 14:25:37 +05'30' Head (Legal) & Company Secretary Encl: A/a

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INDIA GLYCOLS LIMITED

CIN: L24111UR1983PLC009097

Registered Office: A-1, Industrial Area, Bazpur Road, Kashipur-244713, Distt. Udham Singh Nagar, Uttarakhand Phone: +91 5947-269000, 269500; Fax: +91 5947-275315, 269535 Website: www.indiaglycols.com; E-Mail: [email protected]

MEETING OF THE EQUITY SHAREHOLDERS OF INDIA GLYCOLS LIMITED CONVENED BY THE HON'BLE NATIONAL COMPANY LAW TRIBUNAL, ALLAHABAD BENCH, PRAYAGRAJ

NOTICE TO EQUITY SHAREHOLDERS

DETAILS OF MEETING* AND E-VOTING DETAILS OF MEETING* AND E-VOTING DETAILS OF MEETING* AND E-VOTING
Day : Tuesday
Date : 24thMarch, 2026
Time : 11:00 A.M. (IST)
Mode of Meeting and
e-voting at the Meeting
: As per the directions of the Hon’ble National Company Law Tribunal,
Allahabad Bench, Prayagraj, the meeting and e-voting shall be
conducted through video conferencing (“VC”) mode.
Cut-off date for e-voting : Tuesday, 17thMarch, 2026
Remote e-voting start
date and time
: Friday, 20thMarch, 2026 at 9:00 A.M. (IST)
Remote e-voting end
date and time
: Monday, 23rdMarch, 2026 at 5:00 P.M. (IST)

*Please note that meeting does not require physical presence of the Equity Shareholders at a common venue.

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Sr. No. INDEX Page Nos.
1. Notice convening meeting of the Equity Shareholders of India Glycols Limited
(“Notice”)
05
2. Statement under Sections 230 and 232 read with Section 102 and other applicable
provisions of the Companies Act, 2013 (“Act”), Rule 6 of the Companies
(Compromises, Arrangements and Amalgamations) Rules, 2016 (“CAA Rules”) and
Master Circular dated 20thJune, 2023 bearing reference no. SEBI/HO/CFD/POD-2/
P/CIR/2023/93 on scheme of arrangement issued by the Securities and Exchange
Board of India (“SEBI Scheme Circular”).
19
3. Annexure - 1
Scheme of Arrangement under Section 230 to 232 and other applicable provisions
of the Companies Act, 2013 amongst India Glycols Limited (“Demerged Company”
or “Company”) and Ennature Biopharma Limited (“Resulting Company 1”) and
IGL Spirits Limited (“Resulting Company 2”) and their respective Equity
Shareholders (“Scheme”).
41
4. Annexure - 2
Copy of the unaudited special purpose standalone financial statements of the
Company for the period from 1stApril, 2025 to 30thSeptember, 2025.
98
5. Annexure - 3
Copy of the special purpose audited financial statements of the Resulting Company
1 for the period from 1stApril, 2025 to 30thSeptember, 2025.
118
6. Annexure - 4
Copy of the special purpose audited financial statements of the Resulting Company
2 for the period from 1stApril, 2025 to 30thSeptember, 2025.
138
7. Annexure - 5A, 5B and 5C
Copy of the Report of the Board of Directors of the Company, the Resulting Company
1 and the Resulting Company 2 pursuant to Section 232(2)(c) of the Act, respectively.
158
8. Annexure - 6
Copy of the Share Entitlement Report dated 16thMay, 2025 of Mr. Kshitij Goel,
Registered Valuer (IBBI/RV/02/2024/15672) acting for TRC Corporate Consulting
Private Limited along with addendum to the Share Entitlement Ratio Report dated
30thMay, 2025 (“Share Entitlement Ratio Report”).
170
9. Annexure - 7
Fairness Opinion Report dated 16thMay, 2025 along with Addendum on Fairness
Opinion dated 30thMay, 2025 issued by M/s. Corporate Professionals Capital Private
Limited, (Registration No. INM000011435), an Independent SEBI registered Category
– I Merchant Banker (“Fairness Opinion”).
188
10. Annexure - 8
Accounting treatment certificates dated 16thMay, 2025 issued by M/s. K.N. Gutgutia
& Co., Chartered Accountants (Firm Registration No.: 304153E), Statutory Auditors
of the Company, the Resulting Company 1 and Resulting Company 2.
202

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Sr. No. INDEX Page Nos.
11. Annexure - 9A and 9B
No-objection letter from National Stock Exchange of India Limited (“NSE”) on 17th
November, 2025 and no adverse observation letter from BSE Limited (“BSE”) on
19thNovember, 2025.
205
12. Annexure - 10A and 10B
Complaint Reports submitted by the Company to BSE and NSE, respectively.
214
13. Annexure - 11
Details of ongoing adjudication & recovery proceedings, prosecution initiated, and
all other enforcement action taken against the Company, its promoters and directors
(as on 31stJanuary, 2026).
218
14. Annexure - 12
Information in the format prescribed for abridged prospectus pertaining to the
Resulting Company 1 as specified in Part E of Schedule VI of the Securities and
Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2018 read with SEBI Master Circular dated 9thFebruary, 2026.
225
15. Annexure - 13
Information in the format prescribed for abridged prospectus pertaining to the
Resulting Company 2 as specified in Part E of Schedule VI of the Securities and
Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2018 read with SEBI Master Circular dated 9thFebruary, 2026.
237
16. Schedule - A
Copies of Orders dated 15thJanuary, 2026 and 16thFebruary, 2026 passed by
Hon'ble National Company Law Tribunal, Allahabad Bench, Prayagraj ("Tribunal")
249

The Notice of the meeting and the statement under Sections 230 and 232 read with Section 102 and other applicable provisions of the Act and Rule 6 of the CAA Rules and Annexures thereto constitutes a single and complete set of documents and should be read together as they form an integral part of this document.

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FORM NO. CAA. 2

  • [PURSUANT TO SECTION 230 (3) OF THE COMPANIES ACT, 2013 AND RULE 6 OF THE COMPANIES (COMPROMISES, ARRANGEMENTS AND AMALGAMATIONS) RULES, 2016]

IN THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL, ALLAHABAD BENCH, PRAGYARAJ CA (CAA) No.36/ALD/2025

IN THE MATTER OF THE COMPANIES ACT, 2013;

AND

IN THE MATTER OF SECTIONS 230 TO 232

AND OTHER APPLICABLE PROVISIONS OF THE COMPANIES ACT, 2013 AND RULES FRAMED THEREUNDER

AND

IN THE MATTER OF SCHEME OF ARRANGEMENT AMONGST INDIA GLYCOLS LIMITED (“DEMERGED COMPANY” or “APPLICANT COMPANY 1” AND ENNATURE BIO PHARMA LIMITED (“RESULTING COMPANY 1” or “APPLICANT COMPANY 2”) AND IGL SPIRITS LIMITED (“RESULTING COMPANY 2” or “APPLICANT COMPANY 3”)

AND THEIR RESPECTIVE SHAREHOLDERS (hereinafter referred to as the “Scheme of Arrangement”)

INDIA GLYCOLS LIMITED, a public listed company limited by shares incorporated under the provisions of the Companies Act, 1956 under CIN L24111UR1983PLC009097 and having its registered office at A-1, Industrial Area, Bazpur Road, Kashipur, Distt. Udham Singh Nagar, Uttarakhand, India – 244713

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NOTICE OF HON’BLE NATIONAL COMPANY LAW TRIBUNAL, ALLAHABAD BENCH, PRAYAGRAJ CONVENED MEETING OF EQUITY SHAREHOLDERS OF INDIA GLYCOLS LIMITED, THE DEMERGED COMPANY / APPLICANT COMPANY 1

To,

All the Equity Shareholders of India Glycols Limited

  1. NOTICE is hereby given that in accordance with the Order dated 15[th] January, 2026 read with Order dated 16[th] February, 2026 passed by the Hon’ble National Company Law Tribunal, Allahabad Bench, Prayagraj (“Tribunal”) (“Tribunal Orders”) in the abovementioned Company Scheme Application, a meeting of the Equity Shareholders of India Glycols Limited (“the Company”), will be held on

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Tuesday, 24[th] March, 2026 at 11:00 A.M. (IST) through Video Conferencing (“VC”) for the purpose of considering and approving, the proposed Scheme of Arrangement amongst India Glycols Limited (“Company” or “Demerged Company”) and Ennature Bio Pharma Limited (“Resulting Company 1”) and IGL Spirits Limited (“Resulting Company 2”) and their respective Equity Shareholders (“Scheme”) (“Meeting”). Copies of the Tribunal Orders are enclosed as Schedule A.

  1. Pursuant to the said Tribunal Orders and as directed therein, the Meeting will be held through VC mode, in compliance with the applicable provisions of the Companies Act, 2013 (“Act”) along with Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 (“CAA Rules”) and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) read with Securities and Exchange Board of India Master Circular dated 20[th] June, 2023 bearing reference no. SEBI/HO/CFD/POD-2/P/CIR/2023/93 (“SEBI Scheme Circular”) and any applicable circulars as amended and restated from time to time, following the operational procedures (with the relevant modifications as may be required) referred to in Circular Nos. 14/2020 dated 8[th] April, 2020, No. 17/2020 dated 13[th] April, 2020, No. 22/2020 dated 15[th] June, 2020, No. 33/2020 dated 28[th] September, 2020, No. 39/2020 dated 31[st] December, 2020, No. 10/ 2021 dated 23[rd] June, 2021, No. 20/2021 dated 8[th] December, 2021, No. 3/2022 dated 5[th] May, 2022, No. 11/2022 dated 28[th] December, 2022, No. 09/2023 dated 25[th] September, 2023, No. 09/2024 dated 19[th] September, 2024, No. 03/2025 dated 22[nd] September, 2025 (“MCA Circulars”). Accordingly, at such day, date, and time the Members are requested to attend the Meeting. It may be noted that the Meeting does not require physical presence of the Equity Shareholders at the common venue.

  2. The Equity Shareholders are requested to consider, and if thought fit, to pass, with or without modification(s) the following resolution for approval of the Scheme by requisite majority as prescribed under Sections 230(1) and 230(6) read with Section 232(1) of the Act:

“RESOLVED THAT pursuant to the provisions of Section 230 and 232 of the Companies Act, 2013 (“Act”) the rules, circulars and notifications made thereunder (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force), the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (including any statutory modification(s) or re-enactment(s) and circulars issued thereof, for the time being in force) and subject to the provisions of the Memorandum and Articles of Association of the Company and subject to the approval of Hon’ble National Company Law Tribunal, Allahabad Bench, Prayagraj (“Tribunal”) and subject to such other approvals, permissions and sanctions of regulatory and other authorities, as may be necessary and subject to such conditions and modifications as may be deemed appropriate by the parties to the Scheme, at any time and for any reason whatsoever, or which may otherwise be considered necessary, desirable or as may be prescribed or imposed by the Tribunal or by any regulatory or other authorities, while granting such approvals, permissions and sanctions, which may be agreed to by the Board of Directors of the Company (hereinafter referred to as the “Board” which term shall be deemed to mean and include one or more Committee(s) constituted / to be constituted by the Board or any other person authorised by it to exercise its powers including the powers conferred by this Resolution), the arrangement embodied in the Scheme of Arrangement amongst India Glycols Limited (“Demerged Company”) and Ennature Bio Pharma Limited (“Resulting Company 1”) and IGL Spirits Limited (“Resulting Company 2”) their respective shareholders (“Scheme”), be and is hereby approved.

RESOLVED FURTHER THAT the Board be and is hereby authorized to do all such acts, deeds, matters and things, as it may, in its absolute discretion deem requisite, desirable, appropriate or

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necessary to give effect to this Resolution and effectively implement the arrangement embodied in the Scheme and to make any modifications or amendments to the Scheme at any time and for any reason whatsoever, and to accept such modifications, amendments, limitations and / or conditions, if any, which may be required and / or imposed by the Tribunal while sanctioning the arrangement embodied in the Scheme or by any authorities under law, or as may be required for the purpose of resolving any questions or doubts or difficulties that may arise including passing of such accounting entries and / or making such adjustments in the books of accounts as considered necessary in giving effect to the Scheme, as the Board may deem fit and proper, without being required to seek any further approval of the Equity Shareholders and the Equity Shareholders shall be deemed to have given their approval thereto expressly by authority under this Resolution.”

TAKE FURTHER NOTICE that in compliance with the provisions of (i) Section 230 read with Section 108 of the Act; (ii) Rule 6(3)(xi) of the CAA Rules; (iii) Rule 20 and other applicable provisions of the Companies (Management and Administration) Rules, 2014; and (iv) applicable laws, the Equity Shareholders shall have the facility and option of E-Voting on the above-said resolution for approval of the Scheme by casting their votes: (a) by remote electronic voting (“Remote e-voting”) during the period as stated below:

REMOTE E-VOTING PERIOD REMOTE E-VOTING PERIOD
Commencement of voting Friday, 20thMarch, 2026 at 9:00 A.M. (IST)
End of voting Monday, 23rdMarch, 2026 at 5:00 P.M. (IST)

or (b) through E-Voting system available at the Meeting and thereafter for 15 minutes on the conclusion of the Meeting to be held virtually on Tuesday, 24[th] March 2026 at 11:00 A.M. (IST) through VC mode (“E-Voting at the Meeting”).

The facility of appointment of proxies by the Equity Shareholders will not be available for such Meeting. However, a body corporate is entitled to appoint a representative for the purposes of participating and/or voting at the Meeting, provided the prescribed form/authorization is filed with the Company at [email protected], not later than 48 (Forty eight) hours before the start of the Meeting.

  1. A person whose name appears in the Register of Members or in the Register of Beneficiary owners maintained by the Depositories as on the Tuesday, 17[th] March, 2026 (“cut-off date”) only shall be entitled to exercise his / her / its voting rights on the resolution proposed in the Notice and attend the Meeting. A person who is not an Equity Shareholder on the cut-off date, should treat the Notice for information purpose only.

  2. TAKE FURTHER NOTICE that a copy of the Scheme, Explanatory Statement under Section 230(3) and Section 102 of the Act read with Rule 6 of the CAA Rules, and other annexures as stated in the Index are enclosed herewith. Copies of the Scheme and the Explanatory Statement can also be obtained free of charge from the Registered Office and/or the Head Office of the Company between 09:30 A.M. (IST) to 06:30 P.M. (IST) on all working days (except Saturdays, Sundays and public holidays) up to the date of the Meeting. The same may also be obtained by writing to the Company Secretary at [email protected]. A copy of this Notice and the accompanying documents can also be accessed / downloaded from the following links:

  3. (i) website of the Company at https://www.indiaglycols.com; and

  4. (ii) website of National Securities Depository Limited (“NSDL”), being the agency appointed by

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the Company to provide the E-Voting and other facilities for convening of the Meeting; at www.evoting.nsdl.com; and

  • (iii) the website of the Stock Exchanges i.e., BSE viz . www.bseindia.com and NSE viz . www.nseindia.com.

  • The Tribunal has appointed Shri L. N. Gupta, IAS(R) and Former Member NCLT as Chairperson and Shri Vinayak Varma as Alternate Chairperson of the Meeting and Shri Sumit Agrawal, CA (COP No. 405377) to be the Scrutinizer for the said Meeting.

  • The Scheme, if approved at the aforesaid Meeting, will be subject to the subsequent sanction of the Tribunal and such other approvals, permissions and sanctions of regulatory or other authorities, as may be necessary.

  • The Annexures to this Notice are provided by the management of the Company. The Chairperson has not verified the correctness and appropriateness of the contents of this Notice, Explanatory Statements and enclosures to this Notice, which is the responsibility of the Company.

Sd/(L.N. Gupta) Chairperson of the Meeting appointed by the Tribunal 18[th] February, 2026

Registered Office:

A-1, Industrial Area, Bazpur Road, Kashipur, Distt. Udham Singh Nagar, Uttarakhand, India – 244713 India Glycols Limited CIN: L24111UR1983PLC009097 Website: www.indiaglycols.com Email: [email protected] Tel.: +91 (120) 3090111/211

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Notes for the Meeting

GENERAL INSTRUCTIONS FOR ACCESSING AND PARTICIPATING IN THE MEETING THROUGH VC FACILITY AND VOTING THROUGH ELECTRONIC MEANS INCLUDING REMOTE E-VOTING

  1. Pursuant to the Tribunal Orders, the Meeting of the Equity Shareholders of the Company will be held through VC mode to transact the business set out in the Notice. Equity Shareholders attending the Meeting through VC shall be reckoned for the purpose of quorum. In terms of the Tribunal Orders, the quorum for the Meeting shall be determined as per provisions of the Companies Act, 2013. Further, in terms of the Tribunal Orders, in the event the aforesaid quorum for the Meeting is not present at the commencement of the Meeting, then the Meeting shall be adjourned by 30 minutes and thereafter, the persons present at the Meeting shall be deemed to constitute requisite quorum.

  2. Since, the Meeting is being held through VC, physical attendance of the Equity Shareholders has been dispensed with. Accordingly, the facility for appointment of proxies by the Equity Shareholders will not be available for the Meeting. Hence proxy forms and attendance slips are not annexed to this Notice.

  3. The proceedings of this Meeting shall be deemed to have been conducted at the registered office of the Company located at A-1, Industrial Area, Bazpur Road, Kashipur, Distt. Udham Singh Nagar, Uttarakhand, India - 244713 which shall be the deemed venue of the Meeting. The route map for the Meeting is not attached as the Meeting is being held through VC mode.

  4. Pursuant to provisions of Section 113 of the Act, authorized representatives of institutional/corporate Equity Shareholders may be appointed for the purpose of voting through Remote e-voting, for participation in the Meeting through VC facility and E-Voting at the Meeting. Such institutional / corporate shareholders (i.e. other than individuals / Hindu Undivided Family) are required to send a legible scanned copy (PDF / JPEG Format) of its relevant board or governing body resolution / power of attorney / authority letter etc. to the Scrutinizer by email at [email protected] and a copy marked to the Company at [email protected], at least 48 hours before the Meeting with the subject line “India Glycols Limited NCLT Convened Equity Shareholders Meeting”.

  5. The Equity Shareholders may join the Meeting through VC 15 minutes before and after the scheduled time of the commencement of the Meeting by following the procedure mentioned in the Notice. The joining link shall be kept open throughout the proceedings of the Meeting. The Equity Shareholders will be able to view the proceedings on NSDL’s E-Voting website at www.evoting.nsdl.com .

  6. In compliance with the Tribunal Orders and other applicable provisions, the Notice of this Meeting, together with accompanying documents mentioned in the Index along with process and manner of voting through electronic means and joining this Meeting through VC, is being sent through electronic mode to those Equity Shareholders of the Company whose names appears in the Register of Members/ Beneficial Owners maintained by the Depositories as on Friday, 13[th] February, 2026 and whose e- mail addresses are registered with the Company/ Depositories / Registrar and Transfer Agent (“RTA”). Physical copies of the Notice and the Explanatory Statement along with user id and password for E- Voting are being sent through registered post or speed post or courier to those Equity Shareholders whose email addresses are not available with the Company.

In terms of the directions contained in the Tribunal Orders, the Notice convening the Meeting is also being published by the Company through advertisement in the “Financial Express” in the English language and a Hindi translation thereof in “Uttar Ujala”, both having circulation in Distt. Udham Singh Nagar, Uttarakhand, India, indicating the day, date and time of the Meeting.

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To obtain copy of this Notice through electronic mode, the Equity Shareholders are requested to register/update their email IDs by following the below procedure:-

  • (i) Equity Shareholders holding shares in physical mode are requested to register/update their e-mail addresses by writing to the RTA at 179-180, DSIDC Shed, 3[rd] Floor, Okhla Industrial Area, Phase – 1 New Delhi – 110020 or e-mail at [email protected] along with the copy of the signed request letter mentioning the name, folio number and address of the Member, self-attested copy of the PAN card, self-attested copy of Aadhar Card and copy of share certificate (front & back).

  • (ii) Equity Shareholders holding shares in dematerialized mode are requested to register/ update their e-mail addresses by following the process mentioned above for Physical Holding and send 16-digit DPID & Client ID in place of Folio No. along with scanned copy of self-attested Client Master copy or consolidated Demat Account Statement.

However, for permanent registration of e-mail address, Equity Shareholders should contact their respective Depository Participants.

After successful registration of the e-mail address, a copy of the Notice along with the Remote E-voting user ID and password will be sent to your registered e-mail address.

In case of any queries/difficulties in registering the e-mail address or any other matter related to this Notice, Equity Shareholders may write to the Company at [email protected].

  1. The Company has engaged the services of National Securities Depository Limited (“NSDL”) for the purpose of providing the facility of Remote e-voting prior to the Meeting, and E-Voting at the Meeting.

  2. The Notice, Scheme, statement under Sections 230 and 232 read with Section 102 and other applicable provisions of the Act and Rule 6 of the CAA Rules and all other accompanying documents are enclosed herewith and shall be available for inspection on the Company’s website at https:// www.indiaglycols.com.

  3. Subject to the receipt of requisite majority of votes in favour of the Scheme i.e., majority in number representing three-fourth in value (as per Sections 230 to 232 of the Act), the Resolution proposed in the Notice shall be deemed to have been passed on the date of the Meeting as specified in the Notice. For this purpose, the votes cast through Remote e-voting, and E-Voting at the Meeting will be considered.

  4. The voting rights of the Equity Shareholders shall be in proportion to their share in the paid-up equity share capital of the Company as on the cut-off date, being Tuesday, 17[th] March, 2026. A person who is not a Member as on the cut-off date should treat this Notice for information only.

  5. In case of joint holders attending the Meeting, the Member whose name appears as the first holder in the order of names as per the Register of Members of the Company will be entitled to vote.

  6. Equity Shareholders can opt for only one mode of voting i.e., Remote e-voting or E-Voting system at the Meeting. However, casting of votes by Remote e-voting (prior to the Meeting) does not disentitle Equity Shareholders from attending the Meeting. However, after exercising right to vote through Remote e-voting prior to the Meeting, though Equity Shareholders may attend the Meeting but shall not be allowed to vote again at the Meeting.

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13. Voting through electronic means and joining of Meeting electronically:

  • I. In compliance with the Tribunal Orders read with provisions of Section 108 of the Act and Rule 20 of the Companies (Management and Administration) Rules, 2014, as amended and to the extent applicable, also read with Regulation 44 of SEBI Listing Regulations, as amended and MCA Circulars, the Company has provided the Equity Shareholders facility to exercise their right to vote by electronics means on the resolution set forth in the Notice convening the Meeting. The facility of casting the votes by the Equity Shareholders using an electronic voting system from a place other than venue of the Meeting (“Remote e-voting”) as well as E-Voting facility at the Meeting will be provided by National Securities Depository Limited (“NSDL”). Resolution passed by Equity Shareholders through Remote e-voting and E-Voting at the Meeting is deemed to have been passed as if the same has been passed at the Meeting.

  • II. The Remote e-voting period will commence on Friday, 20[th] March, 2026 at 9:00 A.M. (IST) and ends on Monday, 23[rd] March, 2026 at 5:00 P.M. (IST). During this period, Equity Shareholders of the Company, holding shares either in physical form or in dematerialized form, as on the cut-off date of Tuesday, 17[th] March, 2026, may cast their vote by Remote e-voting. The Remote e-voting module shall be disabled by NSDL for voting thereafter. Once the vote on a resolution is cast by the Equity Shareholders, he/she shall not be allowed to change it subsequently or cast the vote again.

  • III. The process and manner for Remote e-voting and attending Meeting are as under:

How do I vote electronically using NSDL e-Voting system?

The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are mentioned below.

Step 1: Access to NSDL e-Voting system

A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode.

  • In terms of SEBI circular dated 9[th] December, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are advised to update their mobile number and e-mail id in their demat accounts in order to access e-Voting facility.

Login method for Individual shareholders holding securities in demat mode is given below.

Type of shareholders Login Method Login Method
Individual
Shareholders holding
securities in demat
mode with NSDL.
1. For OTP based login you can click on
https://
eservices.nsdl.com/SecureWeb/evoting/evotinglogin.jsp. You
will have to enter your 8-digit DP ID,8-digit Client Id, PAN
No., Verification code and generate OTP. Enter the OTP
received on registered email id/mobile number and click on
login. After successful authentication, you will be redirected
to NSDL Depository site wherein you can see e-Voting page.
Click on company name or e-Voting service provider i.e. NSDL
and you will be redirected to e-Voting website of NSDL for
casting your vote during the remote e-Voting period or joining
virtual meeting & voting during the meeting.

11

Type of shareholders Login Method Login Method
2.
3.
4.
5.
Existing IDeAS user can visit the e-Services website of NSDL
Viz.
https://eservices.nsdl.com either on a Personal Computer
or on a mobile. On the e-Services home page click on the
“Beneficial Owner” icon under “Login” which is available under
‘IDeAS’ section, this will prompt you to enter your existing
User ID and Password. After successful authentication, you
will be able to see e-Voting services under Value added
services. Click on “Access to e-Voting” under e-Voting services
and you will be able to see e-Voting page. Click on company
name or e-Voting service provider i.e. NSDL and you will be
re-directed to e-Voting website of NSDL for casting your vote
during the remote e-Voting period or joining virtual meeting &
voting during the meeting.
If you are not registered for IDeAS e-Services, option to
register is available at
https://eservices.nsdl.com. Select
“Register Online for IDeAS Portal” or click at
https://
eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
Visit the e-Voting website of NSDL. Open web browser by
typing the following URL:
https://www.evoting.nsdl.com/ either
on a Personal Computer or on a mobile. Once the home page
of e-Voting system is launched, click on the icon “Login” which
is available under ‘Shareholder/Member’ section. A new
screen will open. You will have to enter your User ID (i.e. your
sixteen-digit demat account number hold with NSDL),
Password/OTP and a Verification Code as shown on the
screen. After successful authentication, you will be redirected
to NSDL Depository site wherein you can see e-Voting page.
Click on company name or e-Voting service provider i.e. NSDL
and you will be redirected to e-Voting website of NSDL for
casting your vote during the remote e-Voting period or joining
virtual meeting & voting during the meeting.
Shareholders/Members can also download NSDL Mobile App
“NSDL Speede” facility by scanning the QR code mentioned
below for seamless voting experience.

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Type of shareholders Login Method
Individual
Shareholders holding
securities in demat
mode with CDSL
1. Users who have opted for CDSL Easi / Easiest facility, can
login through their existing user id and password. Option will
be made available to reach e-Voting page without any further
authentication. The users to login Easi /Easiest are requested
to visit CDSL website
www.cdslindia.com and click on login
icon & New System Myeasi Tab and then use your existing
my easi username & password.
2. After successful login the Easi / Easiest user will be able to
see the e-Voting option for eligible companies where the
evoting is in progress as per the information provided by
company. On clicking the evoting option, the user will be able
to see e-Voting page of the e-Voting service provider for
casting your vote during the remote e-Voting period or joining
virtual meeting & voting during the meeting. Additionally, there
is also links provided to access the system of all e-Voting
Service Providers, so that the user can visit the e-Voting
service providers’ website directly.
3. If the user is not registered for Easi/Easiest, option to register
is available at CDSL website
www.cdslindia.com and click on
login & New System Myeasi Tab and then click on registration
option.
4. Alternatively, the user can directly access e-Voting page by
providing Demat Account Number and PAN No. from a e-
Voting link available on
www.cdslindia.com home page. The
system will authenticate the user by sending OTP on registered
Mobile & Email as recorded in the Demat Account. After
successful authentication, user will be able to see the e-Voting
option where the evoting is in progress and able to directly
access the system of all e-Voting Service Providers.
Individual
Shareholders (holding
securities in demat
mode) login through
their depository
participants
You can also login using the login credentials of your demat
account through your Depository Participant registered with NSDL/
CDSL for e-Voting facility. Upon logging in, you will be able to
see e-Voting option. Click on e-Voting option, you will be redirected
to NSDL/CDSL Depository site after successful authentication,
wherein you can see e-Voting feature. Click on company name
or e-Voting service provider i.e. NSDL and you will be redirected
to e-Voting website of NSDL for casting your vote during the
remote e-Voting period or joining virtual meeting & voting during
the meeting.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password option available at abovementioned website.

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Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository i.e. NSDL and CDSL.

Login type Helpdesk details
Individual Shareholders holding
securities in demat mode with NSDL
Members facing any technical issue in login can
contact NSDL helpdesk by sending a request at
[email protected] or call at 022 - 4886 7000
Individual Shareholders holding
securities in demat mode with CDSL
Members facing any technical issue in login can
contact CDSL helpdesk by sending a request at
[email protected] or contact at
toll free no. 1800 21 09911
  • B) Login Method for e-Voting and joining virtual meeting for shareholders other than Individual shareholders holding securities in demat mode and shareholders holding securities in physical mode.

How to Log-in to NSDL e-Voting website?

  1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.

  2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholder/Member’ section.

  3. A new screen will open. You will have to enter your User ID, your Password/OTP and a Verification Code as shown on the screen.

Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at https://eservices.nsdl.com with your existing IDEAS login. Once you log-in to NSDL eservices after using your log-in credentials, click on e-Voting and you can proceed to Step 2 i.e. Cast your vote electronically .

  1. Your User ID details are given below:
Manner of holding shares
i.e. Demat (NSDL or CDSL)
or Physical
Your User ID is:
a) For Members who hold
shares in demat account
with NSDL.
8 Character DP ID followed by 8 Digit Client ID
For example if your DP ID is IN300 and Client ID
is 12
then your user ID is IN30012**.
b) For Members who hold
shares in demat account
with CDSL.
16 Digit Beneficiary ID
For example if your Beneficiary ID is 12**
then your user ID is 12**
c) For Members holding
shares in Physical Form.
EVEN Number followed by Folio Number
registered with the company
For example if folio number is 001 and EVEN
is 101456 then user ID is 101456001

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  1. Password details for shareholders other than Individual shareholders are given below:

  2. a) If you are already registered for e-Voting, then you can user your existing password to login and cast your vote.

  3. b) If you are using NSDL e-Voting system for the first time, you will need to retrieve the ‘initial password’ which was communicated to you. Once you retrieve your ‘initial password’, you need to enter the ‘initial password’ and the system will force you to change your password.

  4. c) How to retrieve your ‘initial password’?

    • (i) If your e-mail ID is registered in your demat account or with the company, your ‘initial password’ is communicated to you on your e-mail ID. Trace the e-mail sent to you from NSDL from your mailbox. Open the e-mail and open the attachment i.e. a .pdf file. Open the .pdf file. The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in physical form. The .pdf file contains your ‘User ID’ and your ‘initial password’.

    • (ii) If your e-mail ID is not registered, please follow steps mentioned below in process for those shareholders whose e-mail ids are not registered.

  5. If you are unable to retrieve or have not received the “Initial password” or have forgotten your password:

  6. a) Click on “Forgot User Details/Password?”(If you are holding shares in your demat account with NSDL or CDSL) option available on www.evoting.nsdl.com.

  7. b) “Physical User Reset Password?” (If you are holding shares in physical mode) option available on www.evoting.nsdl.com .

  8. c) If you are still unable to get the password by aforesaid two options, you can send a request at [email protected] mentioning your demat account number/ folio number, your PAN, your name and your registered address etc.

  9. d) Members can also use the OTP (One Time Password) based login for casting the votes on the e-Voting system of NSDL.

  10. After entering your password, tick on Agree to “Terms and Conditions” by selecting on the check box.

  11. Now, you will have to click on “Login” button.

  12. After you click on the “Login” button, Home page of e-Voting will open.

Step 2: Cast your vote electronically and join Meeting on NSDL e-Voting system:

How to cast your vote electronically and join Meeting on NSDL e-Voting system?

  1. After successful login at Step 1, you will be able to see all the companies “EVEN” in which you are holding shares and whose voting cycle and Meeting is in active status.

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  1. Select “EVEN” of India Glycols Limited to cast your vote during the Remote e-Voting period and casting your vote during the Meeting. For joining virtual meeting, you need to click on “VC” link placed under “Join Meeting”.

  2. Now you are ready for E-Voting as the Voting page opens.

  3. Cast your vote by selecting appropriate options i.e. assent or dissent, verify/ modify the number of shares for which you wish to cast your vote and click on “Submit” and also “Confirm” when prompted.

  4. Upon confirmation, the message “Vote cast successfully” will be displayed.

  5. You can also take the printout of the votes cast by you by clicking on the print option on the confirmation page.

  6. Once you confirm your vote on the resolution, you will not be allowed to modify your vote.

General Guidelines for shareholders

  1. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy (PDF/JPG Format) of the relevant Board Resolution/ Authority letter etc. with attested specimen signature of the duly authorized signatory(ies) who are authorized to vote, to the Scrutinizer by e-mail to [email protected] with a copy marked to [email protected] Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) can also upload their Board Resolution/Power of Attorney/Authority Letter etc. by clicking on “Upload Board Resolution/Authority Letter” displayed under “E-Voting” tab in their login.

  2. It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential. Login to the E-voting website will be disabled upon five unsuccessful attempts to key in the correct password. In such an event, you will need to go through the “Forgot User Details/Password?” or “Physical User Reset Password? option available on www.evoting.nsdl.com to reset the password.

  3. In case of any queries, you may refer the Frequently Asked Questions (FAQs) for Shareholders and E-Voting user manual for Shareholders available at the download section of https:// www.evoting.nsdl.com or call at 022 - 4886 7000 or send a request to Ms. Pallavi Mhatre, Asst. Vice President , National Securities Depository Ltd., 3[rd] Floor, Naman Chamber, Plot C- 32, G-Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051 at the designated e-mail address: [email protected] or at telephone no. 022- 48867000.

Process for those shareholders whose e-mail ids are not registered with the depositories for procuring user id and password and registration of e mail ids for E-Voting for the resolution set out in this notice:

  1. In case shares are held in physical mode, please provide Folio No., Name of shareholder, scanned copy of the share certificate (front and back), PAN (self attested scanned copy of PAN card), AADHAR (self attested scanned copy of Aadhar Card) by e-mail to [email protected] or to the RTA at [email protected] .

  2. In case shares are held in demat mode, please provide DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary ID), Name, client master or copy of Consolidated Account statement, PAN (self attested scanned copy of PAN card), AADHAR (self attested scanned copy of Aadhar

16

Card) to [email protected] or to the RTA at [email protected] If you are an Individual shareholder holding securities in demat mode, you are requested to refer to the login method explained at step 1 (A) above i.e. Login method for E-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode.

  1. Alternatively, shareholders/members may send a request to [email protected] for procuring user id and password for E-Voting by providing above mentioned documents.

  2. In terms of SEBI circular dated 9[th] December, 2020 on E-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are required to update their mobile number and e-mail ID correctly in their demat account in order to access E-Voting facility.

Process and manner for E-voting on the day of the Meeting.

  1. The procedure for E-Voting on the day of the Meeting is same as the instructions mentioned above for Remote e-voting.

  2. Only those Members/Shareholders, who will be present in the Meeting through VC facility and have not casted their vote on the Resolutions through Remote e-Voting and are otherwise not barred from doing so, shall be eligible to vote through e-Voting system in the Meeting.

  3. Members who have voted through Remote -Voting will be eligible to attend the Meeting. However, they will not be eligible to vote at the Meeting.

  4. The details of the person who may be contacted for any grievances connected with the facility for E-Voting on the day of the Meeting shall be the same person mentioned for Remote e- voting.

Process and manner for attending the Meeting through VC:

  1. Members will be provided with a facility to attend the Meeting through VC through the NSDL E-Voting system. Equity Shareholders may access by following the steps mentioned above for Access to NSDL E-Voting system. After successful login, you can see link of “VC link” placed under “Join meeting” menu against company name. You are requested to click on VC link placed under Join Meeting menu. The link for VC will be available in Shareholder/ Member login where the EVEN of Company will be displayed. The Equity Shareholders who do not have the User ID and Password for E-Voting or have forgotten the User ID and Password may retrieve the same by following the Remote e-Voting instructions mentioned in the Notice to avoid last minute rush.

  2. Equity Shareholders who need assistance before or during the Meeting, can contact NSDL on no. at 022-4886 7000 or send a request to Ms. Pallavi Mhatre – Assistant Vice-President, NSDL at [email protected] .

  3. Equity Shareholders are encouraged to join the Meeting through Laptops for better experience.

  4. Further, Equity Shareholders will be required to allow Camera and use Internet with a good speed to avoid any disturbance during the Meeting.

  5. Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop

17

connecting via Mobile Hotspot may experience Audio/Video loss due to fluctuation in their respective network. It is therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.

  1. Equity Shareholders who would like to express their views or ask questions during the Meeting may register themselves as a speaker by sending their request from their registered e-mail address mentioning their name, demat account number/folio number, PAN, e-mail id, mobile number at [email protected] from Wednesday, 18[th] March, 2026 (9:00 A.M.) to Friday, 20[th] March, 2026 (5:00 P.M.).

  2. Those Equity Shareholders who have registered themselves as a speaker will only be allowed to express their views/ask questions during the Meeting.

  3. Equity Shareholders may submit their queries, if any, on any agenda item proposed in this Notice from Wednesday, 18[th] March, 2026 (9:00 A.M.) to Friday, 20[th] March, 2026 (5:00 P.M.) from their registered e-mail address, mentioning their name, DP ID and Client ID number/ folio number, PAN and mobile number at Company’s e-mail address at [email protected] or write to the Company’s Head Office at Plot No. 2-B, Sector-126, Distt. Gautam Budh Nagar, Noida-201304, Uttar Pradesh. These queries will be replied to by the management of the Company suitably. The Company along with Chairperson reserves the right to restrict the number of speakers depending on the availability of time at the Meeting.

  4. A person, whose name is recorded in the register of Equity Shareholders or in the register of beneficial owners maintained by the Depositories as on the cut-off date i.e. Tuesday, 17[th] March, 2026, only shall be entitled to avail the facility of Remote e-voting or E-Voting at the Meeting. Any Person who have acquired shares and become Members of the Company after the notice has been sent and holding shares as on the cut-off date, may obtain the login ID and password by sending a request at [email protected] or [email protected].

  5. Shri Sumit Agrawal, CA (COP No. 405377) has been appointed as the Scrutinizer to scrutinize the Remote e-voting process and casting voting through E-Voting system on the date of Meeting in a fair and transparent manner.

  6. The Chairperson shall, at the Meeting, at the end of discussion on the resolution on which voting is to be held, allow voting with the assistance of Scrutinizer, by use of E-Voting system for all those Equity Shareholders who are participating in the Meeting but have not cast their votes by availing the Remote e-voting facility.

  7. The Scrutinizer shall, after the conclusion of voting at the Meeting, unblock the votes cast through Remote e-voting and E-Voting system at the Meeting, in the presence of at least two witnesses not in the employment of the Company and shall make a consolidated scrutinizer’s report of the total votes cast in favour or against, invalid votes, if any, and whether the resolution has been carried or not, and such Report shall then be submitted to the Chairperson, within two working days of the conclusion of the Meeting.

  8. The Results declared along with the report of the Scrutinizer shall be placed on the website of the Company www.indiaglycols.com and on the website of NSDL www.evoting.nsdl.com and the results shall also be simultaneously communicated to the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE).

18

IN THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL, ALLAHABAD BENCH, PRAYAGRAJ

CA (CAA) No.36/ALD/2025

IN THE MATTER OF SECTIONS 230 TO 232 AND OTHER APPLICABLE PROVISIONS OF THE COMPANIES ACT, 2013

AND

IN THE MATTER OF SCHEME OF ARRANGEMENT AMONGST INDIA GLYCOLS LIMITED AND ENNATURE BIO PHARMA LIMITED AND IGL SPIRITS LIMITED AND THEIR RESPECTIVE EQUITY SHAREHOLDERS

INDIA GLYCOLS LIMITED, a public listed company limited by shares incorporated under the provisions of the Companies Act, 1956 under CIN L24111UR1983PLC009097 and having its registered office at A-1, Industrial Area, Bazpur Road, Kashipur, Distt. Udham Singh Nagar, Uttarakhand, India – 244713

) ) ) ) ) ) Company / Demerged Company

STATEMENT UNDER SECTIONS 230 AND 232 READ WITH SECTION 102 AND OTHER APPLICABLE PROVISIONS OF THE COMPANIES ACT, 2013 (“ACT”), RULE 6 OF THE COMPANIES (COMPROMISES, ARRANGEMENTS AND AMALGAMATIONS) RULES, 2016 (“CAA RULES”) AND MASTER CIRCULAR DATED 20[th] JUNE, 2023 BEARING REFERENCE NO. SEBI/HO/CFD/POD-2/P/CIR/2023/93 ON SCHEME OF ARRANGEMENT ISSUED BY THE SECURITIES AND EXCHANGE BOARD OF INDIA TO THE NOTICE OF THE MEETING OF EQUITY SHAREHOLDERS OF INDIA GLYCOLS LIMITED CONVENED PURSUANT TO ORDERS OF THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL, ALLAHABAD BENCH, PRAYAGRAJ (“TRIBUNAL”) DATED 15[th] JANUARY, 2026 AND 16[th] FEBRUARY, 2026 (“TRIBUNAL ORDERS”)

1. MEETING FOR THE SCHEME

  • 1.1. This is a statement accompanying the Notice convening the Meeting of the Equity Shareholders of India Glycols Limited (“Company”), for the purpose of their considering and approving, the proposed Scheme of Arrangement amongst India Glycols Limited (“Company” or “Demerged Company”) and Ennature Bio Pharma Limited (“Resulting Company 1”) and IGL Spirits Limited (“Resulting Company 2”) their respective Equity Shareholders (“Scheme”). The Scheme provides for: (i) demerger, transfer and vesting of the Demerged Undertakings ( as defined in the Scheme ) from the Company into the Resulting Companies on a going concern basis and issue of equity shares by the Resulting Companies to the Equity Shareholders of the Company, in consideration thereof; and (ii) reduction and cancellation of existing equity shares of the Resulting Companies held by the Demerged Company, and the consideration thereof in respect of such demerger. The Scheme also provides for various other matters consequent and incidental thereto.

  • 1.2.

  • The detailed terms of the arrangement may be referred in the Scheme, appended as ‘Annexure-1’.

  • 1.3. Capitalised terms not defined herein and used in the Notice and this Statement shall have the same meaning as ascribed to them in the Scheme.

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2. DATE, TIME AND MODE OF MEETING

Pursuant to the Tribunal Orders, the Meeting of the Equity Shareholders of the Company, will be held through video conferencing (“VC”) on Tuesday, 24[th] March, 2026 at 11:00 A.M. (IST).

3. RATIONALE AND BENEFITS OF THE SCHEME

The Demerged Company is a leading green chemical company. It has grown manifold over a number of years and currently houses four segments, namely, bio-based specialties and performance chemicals, potable spirits, ennature biopharma and bio-fuel. Given its diversified business, it has become imperative for the Demerged Company to reorient and reorganize itself in a manner that allows imparting greater focus on each of its businesses. With this repositioning, the Demerged Company is desirous of enhancing its operational efficiency. It will continue with its bio-based specialties and performance chemicals business. While each of the above businesses may be subject to industry specific risks, business cycles and operate inter alia under different market dynamics, they have a significant potential for growth and profitability.

The Scheme proposes to reorganize and segregate the shareholdings of Demerged Company in various businesses and thus proposes the demerger of Spirits and Biofuel Undertaking (as defined below) and Biopharma Undertaking (as defined below) from Demerged Company to the Resulting Companies. The demerger of the Demerged Undertakings from the Demerged Company to the Resulting Companies will result in the equity shares of the Resulting Companies (as defined below) becoming listed on the National Stock Exchange of India Limited and BSE Limited, with the Resulting Companies focusing exclusively on their respective undertakings and capable of independent valuation and participation therein by any suitable investor interested in such businesses, in the future.

The proposed restructuring pursuant to this Scheme is expected, inter alia, to result in following benefits:

  • (i) Segregation and unbundling of the Spirits and Biofuel Undertaking and Biopharma Undertaking of the Demerged Company into the Resulting Companies will offer the following benefits:

  • a. Each business will have a clear focus, leading to improved management and resource allocation for growth.

  • b. The demerger will enable independent growth for each business, attracting the right talent, offering better opportunities for employees

  • c. The demerger may create a potential to unlock value for stakeholders by drawing focused investors.

  • d. Each business will manage its capital, investments, and resources based on its specific needs, ensuring more efficient capital use.

  • e. Each business will adhere to regulations that are specific to its industry.

  • f. Separating the businesses will reduce the risk of one business affecting the others.

  • (ii) The proposed restructuring is in the interest of the Equity Shareholders , creditors, employees, and other stakeholders in each of the companies.

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4. BACKGROUND OF THE COMPANIES:

4.1 Particulars of the Demerged Company

  • 4.1.1 India Glycols Limited (“Demerged Company”) is a listed public limited company, incorporated under the Companies Act, 1956, having its registered office at A-1, Industrial Area, Bazpur Road, Kashipur, Distt. Udham Singh Nagar, Uttarakhand, India – 244713 and having Corporate Identity Number (“CIN”) L24111UR1983PLC009097 and Permanent Account Number (“PAN”) is AAACI7246P. Demerged Company was incorporated on 19[th] November, 1983. Demerged Company is engaged in the business of manufacturing and marketing of Bio-based Specialties & Performance Chemicals such as Bio-Polymers, Green Solvents, Specialty Derivatives, Industrial Gases, Potable spirits, ENA (Extra Neutral Alcohol), Ennature Biopharma and BioFuels. There has been no change in the name or registered office of Demerged Company in the immediately preceding 5 (five) years. The equity shares of the Demerged Company are listed on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”). The email address of the Company is [email protected] and website is https://www.indiaglycols.com/ .

  • 4.1.2 The summary of the objects of the Demerged Company, as per its Memorandum of Association, have been reproduced below for the perusal of the Equity Shareholders:

  • (1) “To carry on the business to manufacture, mix, produce, fabricate, formulate, prepare, extract, process, finish, import, export, buy, sell, install, survey, estimates, transport, refine, act as agents, stockists and distributors and to deal in or traffic in, either as principals or as agents of others, all types and nature of Ethylene, Acetaldehyde, Organometallics, Ethylbenzene, Ethylene Dibromide, Polyethylene, Ethyl alcohol, Ethyl chloride, Ethylene dichloride, Ethylenechlorohydrin, Ethylenamine, Ethylene Oxide, Ethylene-Ethyl acrylate copolymer, Ethylene- propylene Elastomers (Terpolymer and copolymer), Ethylene Vinyl Acetate copolymer, Diethyl ketone, Propionaldehyde, Vinyl acetate, Vinyl Toluene, Acetaldol, Acetic Acid, Acetaldehyde, Acetic Anhydride, Ethylether, Ethyl, acetate, Chloroform, Diethylamine, Ethylbromide, Glycol ethers, Ethyl hexanol, Pentaerythritol, Chloral, Peracetic Acid, Paraldehyde, Pyridine, Trimethylolpropane, Acetyl chloride, Ammonium acetate, Cellulose acetate, including its fibres, plastics and esters, Chloroacetic Acid, Butylacetate, Isopropyl acetate, Ethylene glycol, Diethylene glycol, Triethylene glycol, Polyethylene glycol, Ethoxylated alkyl phenols, Ethoxylated higher alcohols, Polyethylene glycol, fatty esters, Ethoxylated sorbitol fatty esters, Ethoxylated fatty amines & amides, Ethoxylated higher mercaptans, Poly (mixed ethylene. propylene ) glycol, Polypropylene glycol-ethoxylated, Ethylene glycol Monomethyl ether, Ethylene glycol mono-ethyl ether, Ethylene glycol monobutyl ether, Diethylene glycol monomethyl ether, Diethylene glycol monoethylether, Diethylene glycol monobutyl ether, Ethylene corbonate, Ethylene glycol dinitrate, Glyoxal, Methydioxolane, Dioxane, Ethylene glycol monomethyl ether acetate, Dibutoxyethyl phthalates, Ethylene glycol monoethyl ether acetate, Ethyldiethoxy phthalates, Diethylene glycol monobutyl ether acetate, Monoethanolamine, Acetylethanolemine, Phenylethanolamine, Phenyldiethanolamine, Polylethanolamine, Polydiethanolamines, Diethanolamine, Diethanolamine lauryl sulphate, Morpholine, Triethanolamine, Amino ethylethanolamine, Insecticides and fungicides.

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Diethylaminoethanol, Dimethylaminoethanol, Choline, Phenethyl alcohol, Alphaacetobutyrolactone, Hydroxyethylcellulose, Carboxy methylcellulose, n-butyl alcohol, Butyric acid, Dichloroethyl formal, Ethylene bromohydrin, Isethionic acid, photographic chemicals, food additives, explosives, synthetic drugs, synthetic detergents, Surface coatings, Sodium acetate and all nature of their derivates, intermediary products and other related chemicals and chemical products of any nature and kind and to utilise any waste and or by-product arising from any process of manufacturing or finishing activity of the company either carried on by it or otherwise.

  • (2) To carry on the business to manufacture, mix, produce, fabricate, formulate, prepare, extract, process, finish, import; export, buy, sell, install, survey, estimate, transport, refine, act as agents, stockists and distributors and to deal in or traffic in either as principals or as agents of others, all types of heavy organic and inorganic chemicals, alkalies, gases, sulphates, superphosphates, sulphuric acid, tannins, essences, pharmaceuticals, drugs, photographic sizing and medicinal chemicals and chemicals to be used in pigments, varnishes, adhesives, compounds, dye-stuffs, paints and colours, printing inks and drug salters, synthetic resins, paper coatings, emulsions and latexes, binders, wire enamelling, floorings speciality coatings or any other similar use.

  • (3) To carry on the business to manufacture, mix, produce, fabricate, formulate, prepare, extract, process, finish, import, export, buy sell, install, survey, estimate, transport, refine, act as agents, stockists and distributors and deal in or traffic in, either as principals or as agents of others, all types of agricultural chemicals including manures, fertilizers, rubber and carbon black.

  • (4) To carry on the business to manufacture, produce, mix, fabricate, formulate, prepare, extract, process, finish, import, export, buy, sell, install, survey, estimate, transport, refine, act as agents, stockists and distributors and deal in or traffic in, either as principals or as agents or others, all chemical, source materials, ingredients, mixtures, derivatives and compounds thereof which constitute ingredient of any of the foregoing and in production of which any of the foregoing is used and preparations or products arising from or required in the manufacture, processing, finishing, refining of any kind of chemicals.

  • (5) To import, export, produce, fabricate, buy, sell, deal in all kinds of plants and machines required in connection with the setting up of any of the factories of company and to render all types of engineering and management services on turn-key basis or otherwise ”

  • for setting up of chemical plants in any part of the world .

The copy of the Memorandum and Articles of Association of the Company can be accessed from the below mentioned link:

https://www.indiaglycols.com/wp-content/uploads/MOA_AOA_With-Certificatecompressed.pdf.

  • 4.1.3 During the last five years, there has been no change in the objects clause of the Company.

22

  • 4.1.4 The share capital of the Company as on 13[th] February, 2026 is as follows:
PARTICULARS Amount in`
Authorised Share Capital
9,00,00,000 equity shares of`5 each/- 45,00,00,000
Total 45,00,00,000
Issued, Subscribed and Paid-up Share Capital
6,70,26,765 equity shares of`5 each/- 33,51,33,825
Total 33,51,33,825
  • 4.1.5 The amount of Unsecured Creditor of the Company is ` 1,12,010.63 lakh as on 15[th] November, 2025.

  • 4.1.6 The latest annual financial statements of the Company have been audited for the financial year ended on 31[st] March, 2025. The Copy of the unaudited special purpose standalone financial statements of the Company for the period from 1[st] April, 2025 to 30[th] September, 2025 is annexed hereto as Annexure- 2.

The details of promoters and directors of the Company as on date of this Notice along with their addresses are mentioned herein below:

Sr.
No.
Name Designation/
Category
Address
Promoter & Promoter Group
1. Kashipur Holdings Limited Promoter A-1, Industrial Area, Bazpur Road,
Kashipur-244713, Distt. Uttam
Singh Nagar, Uttarakhand
2. Executors To The Estate
Of Late Sajani Devi Bhartia
Promoter
Group
9, Ashoka Road, ‘Kolkata-700027
3. Shri Uma Shankar Bhartia Promoter
Group
17, Friends Colony (West),
New Delhi – 110065
4. Smt. Jayshree Bhartia Promoter
Group
17, Friends Colony (West),
New Delhi – 110065
5. Smt. Pooja Jhaver Promoter
Group
Vaikunta, Old No. 38, New No. 46,
Kasthuri Rangan Road, Alwarpet,
Teyanampet, Chennai, Tamil
Nadu – 600018
6. Smt. Pragya Bhartia Barwale Promoter
Group
72 B,Urvashi Co-op. HSG LTD,
7th Floor, 66 Nepean Sea Road
Mumbai 400006
7. Sukhvarsha Distributors Pvt. Ltd. Promoter
Group
15/7 Jawaharlal Nehru Road,
Kolkata-700013
8. Hindustan Wires Limited Promoter
Group
3A, Shakespeare Sarani, 5thFloor,
Kolkata-700071

23

Sr.
No.
Name Designation/
Category
Address
9. Facit Commosales Private
Limited
Promoter
Group
15/7 Jawaharlal Nehru Road,
Kolkata, West Bengal, India,
700013
10. J B Commercial Company
Private Limited
Promoter
Group
3A, Shakespeare Sarani, 5thFloor,
Kolkata-700071
11. J Boseck & Co. Private Limited Promoter
Group
15/7 Jawaharlal Nehru Road,
Kolkata, West Bengal, India,
700013
12. Ajay Commercial Co. Pvt. Ltd. Promoter
Group
3A, Shakespeare Sarani, 5thFloor,
Kolkata-700071
13. Lund & Blockley Pvt. Ltd Promoter
Group
150/154 M. G Road, Kala Ghoda,
Fort, Stock Exchange, Mumbai,
Maharashtra, India-400001
Directors
1. Shri Uma Shankar Bhartia Chairman
and Managing
Director
17, Friends Colony (West),
New Delhi – 110065
2. Smt. Jayshree Bhartia Non-Executive
Director
17, Friends Colony (West),
New Delhi – 110065
3. Smt. Pragya Bhartia Barwale Whole-time
Director
72 B, Urvashi Co-op. HSG LTD,
7th Floor, 66 Nepean Sea Road
Mumbai 400006
4. Shri Ravi Kumar Independent
Director
Flat No-192, 19thFloor, Jolly Maker
Apartment-2, Opp. WTC Complex,
Cuffe Parade, Colaba, Mumbai -
400005
5. Smt. Shukla Wassan Independent
Director
D214, the Belaire, DLF City
Phase V, Gurugram - 122011
6. Shri Sushil Dutt Salwan Independent
Director
47 Pusa Road, Karol Bagh,
New Delhi -110005
7. Shri Samrat Banerjee Independent
Director
S-150, GF, GK-2,
New Delhi - 110048
8. Shri Alok Singhal Whole-time
Director
C Plus 2, Ward 24, Bazpur Road,
IGL Colony, Kashipur, Distt. Udham
Singh Nagar, Uttarakhand-244713

4.2 Particulars of the Resulting Company 1

  • 4.2.1 Ennature Bio Pharma Limited, is a public limited company, incorporated under the Companies Act, 2013, having its registered office at P. No. 4 Pharma City Selaqui, Dehradun, Uttarakhand,

24

India - 248197. Its Corporate Identity Number (“CIN”) is U24290UR2021PLC013005 and Permanent Account Number (“PAN”) is AAGCE6816R. It was incorporated on 1[st] October, 2021. The email address of the Resulting Company 1 is [email protected]. Currently, the Resulting Company 1 does not have a website.

  • 4.2.2 The summary of the objects of the Resulting Company 1, as per its Memorandum of Association, have been reproduced below for the perusal of the Equity Shareholders :

  • “To carry on the business to manufacture, mix, produce, develop, fabricate, formulate, prepare, extract, process, finish, import, export, buy, sell, install, survey, estimates, transport, refine, act as agents, stockists and distributors and to deal in, either as principals or as agents of others, all types and nature of Nutraceuticals, Phytochemicals, Nicotine & various salts, Pharmaceuticals/ oleoresin and their extracts, Luteins, shrubs, spirulina and other varieties/species of algae and its extracts, herbal remedies and natural colors, organic certified super critical fluid, Standardized Botanical extracts, natural food colors, perfumes, herbal and plant extracts, spice extracts, Active Pharmaceuticals ingredients (API) of natural plant origins, food supplements & health supplements herbs and their extracts, Hyoscine butyl bromide, Asiaticoside/ Madecassosides, Asiatic Acid, Triturated extracts of Centella Asiatica (TECA), Maxicuma (a curcumin formlulation), Madecassic acid and all nature of their derivates, intermediary products and other related chemicals and chemical products of any nature and kind by various processes including natural processing and to utilise any waste and/or by-product arising from any process of manufacturing or finishing activity of the company either carried on by it or otherwise and/or to carry out other Related Activities.

  • To carry on the business to manufacture, mix, produce, develop, fabricate, formulate, prepare, extract, process finish, import; export, buy, sell, install, survey, estimate, transport, refine, act as agents, stockists and distributors and to deal in either as principals or as agents of others, all kinds of natural products such as herbs, shrubs, medicinal plants and their products such as seeds and extracts of plants, agrochemicals, alkalies, alkaloids, gases, sulphates, superphosphates, acids, tannins, essences, drugs and drug intermediaries, enzymes, extracts, bulk drugs, pharmaceutical products, formulations etc., chemicals and chemical products (both organic and inorganic).

  • To carry on business of chemists, druggist, colourmen, importers, manufacturers, processors, producers and dealers in different kinds of medicinal, chemical, biological preparations and articles compounds, minerals water, acides, alkalies, syrups, cordials, soups and restoratives or food, tinctures, essential oils and both organic and inorganic chemicals.

  • To buy, sell, produce, import, export, manufacture and carry on business in Phytochemicals, plant actives, plant based medicinal extracts, nutritional products, herbal isolates and actives, plant based chemicals ingredients.

  • To carry on the business to manufacture, mix, produce, develop, fabricate, formulate, prepare, extract, process, finish, import, export, buy, sell, install, survey, estimates, transport, refine all kinds of cosmetics & medical preparations used in Homeopathic, Allopathic, Ayurvedic, Unani, Bio-technology, nature cure or any other medical systems

25

or branch of medicine or as beauty aid or required for and one or more of the said items and products.

  1. To carry on the business to manufacture, produce, mix, fabricate, formulate, prepare, extract, process, finish, import, export, buy, sell, install, survey, estimate, transport, refine, act as agents, stockists and distributors and deal in either as principals or as agents or others, all natural source materials, ingredients, mixtures, derivatives and compounds thereof which constitute ingredient of any of the foregoing and in production of which any of the foregoing is used and preparations or products arising from or required in the manufacture, processing, finishing, refining of any kind of chemicals.

  2. To undertake & carry on Research & Development of Bulk drugs, intermediate Chemicals etc., Pharmaceuticals formulations in all lines of medicines, medicals sciences, phyto chemicals, plant actives, plant based medicinal extracts, nutritional products, herbal isolates and actives, plant based chemicals ingredients and all the products specified above.”

  3. 4.2.3 Since the date of incorporation, there has been no change in the objects clause of the Resulting Company 1.

  4. 4.2.4 The share capital of the Resulting Company as on 13[th] February, 2026 is as follows:

PARTICULARS Amount in`
Authorised Share Capital
1,00,000 equity shares of`5 each/- 5,00,000
Total 5,00,000
Issued, Subscribed and Paid-up Share Capital
20,000 equity shares of`5 each/- 1,00,000
Total 1,00,000
  • 4.2.5 The special purpose financial statements of the Resulting Company 1 are audited for the period from 1[st] April, 2025 to 30[th] September, 2025 and the same are annexed hereto as Annexure- 3.

  • 4.2.6 The Amount of Unsecured Creditor of the Company as on 15[th] November, 2025 is Nil.

  • 4.2.7 The details of promoters and directors of the Resulting Company 1 as on the date of the Notice along with their addresses are mentioned herein below:

Sr.
No.
Name Category Address
Promoter & Promoter Group
1. India Glycols Limited Promoter A-1, Industrial Area, Bazpur Road,
Kashipur, Distt. Udham Singh
Nagar, Uttarakhand, India – 244713

26

Sr.
No.
Name Category Address
Directors
1. Shri Manish Chandra Pant Director Flat No. 401, Tower 9, Parsvnath
Panorama, Sector Tau, Near Swarn
Nagri, Gautam Budh Nagar, Greater
Noida, Uttar Pradesh - 201310
2. Shri Bhupendar Pal Singhal Director Flat No. 503-504, Tower A-2, Cleo
Country, Sector-121, Noida, Gautam
Budh Nagar, Uttar Pradesh - 201301
3. Shri Shashi Kant Shukla Director 498, Arun Vihar, Sector-28,
Noida, Gautam Budh Nagar,
Uttar Pradesh -201301

4.3 Particulars of the Resulting Company 2

  • 4.3.1 IGL Spirits Limited, a public limited company, incorporated under the Companies Act, 2013, having its registered office at A-1, Industrial Area, Bazpur Road, Kashipur, Udham Singh Nagar, Uttarakhand, India – 244713. Its Corporate Identity Number (“CIN”) is U11011UT2024PLC018229 and Permanent Account Number (“PAN”) is AAHCI9318M. It was incorporated on 25[th] November, 2024. The email address of the Resulting Company 2 is [email protected]. Currently, the Resulting Company 2 does not have a website.

  • 4.3.2 The summary of the objects of Resulting Company 2, as per its Memorandum of Association, have been reproduced below for the perusal of the Equity Shareholders :

1. To manufacture, distill, brew, ferment, blend, bottle, package, sell, export, import, distribute, and trade in both alcoholic and non-alcoholic beverages and other related products, and in respect of the same, act as agents, stockists and distributors and deal in or traffic in, either as principals or as agents of others, both in India and internationally.

2. To manufacture, bottle, package, sell, export, import, distribute, and trade in alcohol, ethanol and related chemicals, including their derivatives and byproducts, and in respect of the same, act as agents, stockists and distributors and deal in or traffic in, either as principals or as agents of others, both in India and internationally.

3. To develop, market, and promote brands, labels, and products in the alcoholic and non-alcoholic beverages and other related products and alcohol, ethanol and related chemicals, including their derivatives and byproducts including the creation and management of proprietary and third-party brands of beverages, through direct sales, retail outlets, online platforms, and through franchise, licensing, or other arrangements.

4. To set up, own, lease, or operate manufacturing plants, breweries, distilleries, bottling plants, packaging units, and warehouses, including facilities necessary for the manufacture, bottling, aging, blending, and storage of alcoholic and nonalcoholic beverages and other related products and alcohol, ethanol and related chemicals, including their derivatives and byproducts.

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5. To engage in research and development activities for the purpose of improving production processes, developing new products, and enhancing the quality, safety, and sustainability of alcoholic and non-alcoholic beverages and other related products and alcohol, ethanol and related chemicals, including their derivatives and byproducts, including innovations in flavor, preservation, and packaging.

6. To import, export, and distribute ingredients, additives, chemicals, glassware, packaging materials, and equipment required for the production and distribution of alcoholic and nonalcoholic beverages and other related products and alcohol, ethanol and related chemicals, including their derivatives and byproducts, including ingredients such as grains, fruits, botanicals, flavorings, and other materials essential for manufacturing and to establish and operate wholesale, retail, and online sales channels, both directly and through partnerships, franchises,or joint ventures, for the distribution and sale of alcoholic and non-alcoholic beverages and other related products and alcohol, ethanol and related chemicals, including their derivatives and byproducts in India and internationally.”

  • 4.3.3 Since the date of incorporation, there has been no change in the objects clause of the Resulting Company 2.

  • 4.3.4 The share capital of the Resulting Company 2 as on 13[th] February, 2026 is as follows:

PARTICULARS Amount in`
Authorised Share Capital
100,000 equity shares of`5 each/- 5,00,000
Total 5,00,000
Issued, Subscribed and Paid-up Share Capital
20,000 equity shares of`5 each/- 1,00,000
Total 1,00,000
  • 4.3.5 The special purpose financial statements of the Resulting Company 2 are audited for the period from 1[st] April, 2025 to 30[th] September, 2025 and the same are annexed hereto as Annexure -4.

  • 4.3.6 The Amount of Unsecured Creditor of Resulting Company 2 as on 15[th] November, 2025 is Nil.

  • 4.3.7 The details of promoters and directors of the Resulting Company 2 as on the date of the Notice along with their addresses are mentioned herein below:

Sr.
No.
Name Category Address
Promoter & Promoter Group
1. India Glycols Limited Promoter A-1, Industrial Area, Bazpur Road,
Kashipur, Distt. Udham Singh
Nagar, Uttarakhand, India – 244713

28

Sr.
No.
Name Category Address
Directors
2. Shri Manish Chandra Pant Director Flat No. 401, Tower 9, Parsvnath
Panorama, Sector Tau, Near Swarn
Nagri, Gautam Budh Nagar, Greater
Noida, Uttar Pradesh-201310
3. Shri Bhupendar Pal Singhal Director Flat No. 503-504, Tower A-2, Cleo
Country, Sector-121, Noida, Gautam
Budh Nagar, Uttar Pradesh - 201301
4. Shri Shashi Kant Shukla Director 498, Arun Vihar, Sector-28,
Noida, Gautam Budh Nagar,
Uttar Pradesh -201301

5. SALIENT FEATURES OF THE SCHEME

  • 5.1. The salient features of the Scheme are, inter-alia , as stated below. The capitalized terms used herein shall have the same meaning as ascribed to them in Clause 1 of Part I of the Scheme.

  • 5.2. The Scheme provides for the following:

  • 5.2.1. demerger, transfer and vesting of the Demerged Undertakings ( as defined in the Scheme ) from the Company into the Resulting Companies on a going concern basis and issue of equity shares by the Resulting Companies to the Equity Shareholders of the Company, in consideration thereof; and

  • 5.2.2. reduction and cancellation of existing equity shares of the Resulting Companies held by the Demerged Company, and the consideration thereof in respect of such demerger.

  • 5.2.3. The Scheme also provides for various other matters consequent and incidental thereto.

  • 5.3. Appointed Date as defined in the Scheme shall mean ‘Opening of business hours on 1[st] April, 2026 or such other date as may be approved by the Hon’ble Tribunal.

  • 5.4. Effective Date as defined in the Scheme shall mean the date fixed by the Board of the Demerged Company falling within 48 business hours or such other extended date as may be decided by the Board of the Demerged Company, in each case, after the date on which the last of the conditions referred to in Clause 24 hereof are complied with or waived, as applicable.

  • 5.5. The Scheme shall become effective from the Appointed Date but shall become operative from the Effective Date.

  • 5.6. Upon the Scheme coming into effect and in consideration of and subject to the provisions of this Scheme, the Resulting Companies shall, without any further application, act, deed, consent, acts, instrument or deed, issue and allot, on a proportionate basis to the shareholders of the Company whose name is recorded in the register of members and records of the depository as shareholders of the Demerged Company as on the Record Date (as defined in the Scheme), as under:

“1 (One) fully paid up equity share of ` 5 (Indian Rupees Five) each of the Resulting Company 1 (“Resulting Company 1 New Equity Shares”), credited as fully paid up for every 3 (Three) fully paid up

29

equity shares of ` 5 (Indian Rupees Five) held in the Demerged Company to the equity shareholders of the Demerged Company.”

“1 (One) fully paid up equity share of _5 (Indian Rupees Five) each of the Resulting Company 2 (“Resulting Company 2 New Equity Shares”), credited as fully paid up for every 1 (One) fully paid up equity share of_ 5 (Indian Rupees Five) held in the Demerged Company to the equity shareholders of the Demerged Company.”

  • 5.7. The equity shares of the Resulting Company 1 and Resulting Company 2 will subsequently be listed on the BSE Limited and National Stock Exchange of India Limited.

Note: The above details are the salient features of the Scheme. The Equity Shareholders are requested to read the entire text of the Scheme annexed hereto to get fully acquainted with the provisions thereof.

6. RELATIONSHIP SUBSISTING BETWEEN PARTIES TO THE SCHEME

The Company holds 100% of the issued, subscribed and paid up equity share capital of Resulting Company 1 and Resulting Company 2. In other words, the Resulting Company 1 and Resulting Company 2 are wholly owned subsidiaries of the Company.

  1. Details of capital / debt restructuring, if any: Not applicable.

8. BOARD APPROVALS

  • 8.1. The Board of Directors of the Company at its Board Meeting held on 16[th] May, 2025 unanimously approved the Scheme, as detailed below:
Name of Director Voted in favour / against / did not participate or vote
Shri Uma Shankar Bhartia Voted in favour
Smt. Jayshree Bhartia Voted in favour
Smt. Pragya Bhartia Barwale Voted in favour
Shri Ravi Kumar Voted in favour
Smt. Shukla Wassan Voted in favour
Shri Sushil Dutt Salwan Voted in favour
Shri Samrat Banerjee Voted in favour
Shri Alok Singhal Voted in favour
  • 8.2. The Board of Directors of the Resulting Company 1 at its Meeting held on 16[th] May, 2025 unanimously approved the Scheme, as detailed below:
Name of Director Voted in favour / against / did not participate or vote
Shri Manish Chandra Pant Voted in favour
Shri Bhupendar Pal Singhal Voted in favour
Shri Shashi Kant Shukla Voted in favour

30

8.3. The Board of Directors of the Resulting Company 2 at its Meeting held on 16[th] May, 2025 unanimously approved the Scheme, as detailed below:

Name of Director Voted in favour / against / did not participate or vote
Shri Manish Chandra Pant Voted in favour
Shri Bhupendar Pal Singhal Voted in favour
Shri Shashi Kant Shukla Voted in favour

9. INTEREST OF DIRECTORS, KEY MANAGERIAL PERSONNEL (KMPs) AND THEIR RELATIVES

None of the Directors, KMPs (as defined under the Act and rules framed thereunder) of the Demerged Company and the Resulting Company 1 and the Resulting Company 2 and their respective relatives (as defined under the Act and rules framed thereunder) have any interest in the Scheme except to the extent of their shareholding in the Company, if any.

10. EFFECT OF SCHEME ON STAKEHOLDERS

The effect of the Scheme on various stakeholders is summarised below:

  • 10.1. Equity Shareholders, KMPs, Promoter, Non-Promoter Shareholders and Creditors:

The effect of the Scheme on the Equity Shareholders, KMPs, promoter and non-promoter shareholders of the Demerged Company and the Resulting Company 1 and the Resulting Company 2 is given in the reports adopted by the Board of Directors of the Company and the Resulting Company 1 and the Resulting Company 2 at their respective Meetings held on 16[th] May, 2025 pursuant to the provisions of Section 232(2)(c) of the Act which are annexed hereto as Annexure 5A , 5B and 5C.

10.2. Directors

  • 10.2.1 The Scheme will have no effect on the office of existing directors of the Demerged Company and the Resulting Company 1 and the Resulting Company 2, and they will continue to be directors of the Demerged Company and the Resulting Company 1 and the Resulting Company 2, respectively, as before.

  • 10.2.2 It is clarified that the composition of the Board of Directors of the Demerged Company and the Resulting Company 1 and the Resulting Company 2 may change by appointments, retirements or resignations in accordance with the provisions of the Act, SEBI Listing Regulations and Memorandum and Articles of Association of the Demerged Company and the Resulting Company 1 and the Resulting Company 2, as may be applicable but the Scheme itself does not affect the office of the directors of the Demerged Company and the Resulting Company 1 and the Resulting Company 2.

  • 10.2.3 The effect of the Scheme on the Directors of the Demerged Company and the Resulting Company 1 and the Resulting Company 2 in their capacity as shareholders of such companies are the same as in case of other shareholders of such company, as mentioned in the aforesaid reports annexed as Annexure 5A, 5B and 5C above.

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10.3. Employees

  • 10.3.1 Upon effectiveness of the Scheme and with effect from the Appointed Date, all employees of the Demerged Company engaged in or in relation to the Demerged Undertaking shall become the employees of the Resulting Company 1 and the Resulting Company 2 on terms and conditions no less favourable than those on which they are engaged by the Demerged Company and without any interruption in service.

  • 10.3.2 Apart from the above, employees engaged in the Demerged Company and the Resulting Company 1 and the Resulting Company 2 will continue to be employees of the Demerged Company and the Resulting Company 1 and the Resulting Company 2, respectively, on the same terms and conditions, as before.

10.4. Creditors

  • 10.4.1 The creditors of the Demerged Company forming a part of the Demerged Undertakings will become creditors of the Resulting Company 1 and the Resulting Company 2, on the same terms and conditions as were applicable to the Demerged Company, post the Scheme becoming effective.

  • 10.4.2 Apart from the above, creditors of the Company and the Resulting Company will continue to be creditors of the Company and the Resulting Company, respectively, on the same terms and conditions, as before.

10.5. Debenture holders and Debenture Trustees

The Demerged Company and the Resulting Company 1 and the Resulting Company 2 have not issued any debentures, therefore, the requirement of appointing a debenture trustee does not arise.

10.6. Depositors and Deposit Trustees

The Demerged Company and the Resulting Company 1 and the Resulting Company 2 have not accepted any deposits within the meaning of the Act and Rules framed thereunder. Hence, no deposit trustees have been appointed by the said companies.

  • 10.7. There will be no adverse effect on account of the Scheme on the aforesaid stakeholders. The Scheme is proposed to the advantage of all concerned, including the said stakeholders.

11. INVESTIGATION PROCEEDINGS

The Company received a communication dated 8[th] March, 2022 from the Regional Director (North) under Section 206 (5) of Companies Act, 2013 requesting certain information and documents. The Company duly submitted the required information and documents as of now there are no proceedings pending against the Company under Companies Act 1956 or 2013.

There are no pending proceedings against Resulting Companies under Companies Act, 2013.

12. REDUCTION AND CANCELLATION OF ENTIRE PRE-SCHEME SHARE CAPITAL OF THE RESULTING COMPANY

Upon allotment of the equity shares by the Resulting Company 1 and Resulting Company 2 as consideration for the Scheme, the entire pre-Scheme paid-up share capital of the Resulting Company

32

1 and the Resulting Company 2 shall stand cancelled and reduced, without any consideration, which shall be regarded as reduction of share capital of the Resulting Company 1 and the Resulting Company 2, pursuant to Sections 230 to 232 of the Act as an integral part of the Scheme.

13. VALUATION REPORT AND FAIRNESS OPINION

  • 13.1. A copy of the share entitlement ratio report dated 16[th] May, 2025 of Mr. Kshitij Goel, Registered Valuer (IBBI/RV/02/2024/15672) acting for TRC Corporate Consulting Private Limited along with addendum to the Share Entitlement Ratio Report dated 30[th] May, 2025, is annexed hereto as Annexure6.

  • 13.2. A copy of the fairness opinion dated 16[th] May, 2025 along with Addendum on Fairness Opinion dated 30[th] May, 2025 issued by M/s. Corporate Professionals Capital Private Limited, (Registration No. INM000011435), an Independent SEBI registered Category – I Merchant Banker confirming that the share entitlement ratio mentioned in the share entitlement ratio report is fair to the shareholders of the Demerged Company from a financial point of view, is annexed hereto as Annexure 7.

14. SHAREHOLDING PATTERN

  • 14.1. The pre / post Scheme shareholding pattern of the Parties to the Scheme:

14.1.1 The Company

  • (a) The pre -Scheme shareholding pattern of the Company is as follows (based on shareholding data as on 13[th] February, 2026) :
Category No. of Equity Shares of
Face Value of`5 each
% of holding
Promoter 3,99,67,854 59.63
Public 2,70,58,911 40.37
Total 6,70,26,765 100
  • (b) There will no change in the post-Scheme shareholding pattern of the Demerged Company in terms of the Scheme.

14.1.2 The Resulting Company 1

  • (a) The pre-Scheme shareholding pattern of the Resulting Company 1 is as follows (based on shareholding data as on 13[th] February, 2026):
Category No. of Equity Shares of
Face Value of`5 each
% of holding
Promoter 19,988 99.94
Public 12 0.06
Total 20,000 100

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  • (b) The indicative post Scheme shareholding pattern of Resulting Company 1 is as follows:
Category No. of Equity Shares of
Face Value of`5 each
% of holding
Promoter 1,33,22,618 59.63
Public 90,19,637 40.37
Total 2,23,42,255 100

14.1.3 The Resulting Company 2

  • (a) The pre-Scheme shareholding pattern of the Resulting Company 2 is as follows (based on shareholding data as on 13[th] February, 2026):
Category No. of Equity Shares of
Face Value of`5 each
% of holding
Promoter 19,988 99.94
Public 12 0.06
Total 20,000 100
  • (b) The indicative post Scheme shareholding pattern of the Resulting Company 2 is as follows:
Category No. of Equity Shares of
Face Value of`5 each
% of holding
Promoter 3,99,67,854 59.63
Public 2,70,58,911 40.37
Total 6,70,26,765 100

15. PRE/ POST-SCHEME CAPITAL STRUCTURE

The pre-Scheme capital structure of the Demerged Company and the Resulting Company 1 and the Resulting Company 2 is given in Paragraph 4.2.4 and 4.3.4 above. Pursuant to the Scheme, there will be no change in the post Scheme share capital structure of the Company.

16. AUDITORS CERTIFICATE OF CONFORMITY OF ACCOUNTING TREATMENT IN THE SCHEME WITH ACCOUNTING STANDARDS

  • 16.1. The certificate dated 16[th] May, 2025, issued by M/s. K.N. Gutgutia and Co. (Firm Registration No.: 304153E ), Statutory Auditors of the Company and the Resulting Company 1 and the Resulting Company 2, confirmed that the accounting treatment stated in the Scheme is in compliance with the accounting standards prescribed under Section 133 of the Act and other generally accepted accounting principles.

  • 16.2. Further, pursuant to the Scheme, the demerger, transfer and vesting of the Demerged Undertakings from the Demerged Company into the Resulting Company 1 and the Resulting Company 2 is categorised as a “common control” transaction in terms of Indian Accounting Standards notified under Section 133 of the Act. The Demerged Company has determined to record the demerger as distribution

34

of assets and liabilities of the Demerged Undertakings at carrying values (i.e. book value) and the Resulting Company 1 and the Resulting Company 2 has determined to record the demerger as per ‘pooling of interest method’ prescribed in Indian Accounting Standards 103 – Appendix C.

  • 16.3. Copy of the said accounting treatment certificates dated 16[th] May, 2025 issued by M/s. K.N. Gutgutia and Co., Chartered Accountants (Firm Registration No.: 304153E), Statutory Auditors to the Company and the Resulting Company 1 and the Resulting Company 2 are collectively annexed hereto as Annexure- 8.

17. APPROVALS AND INTIMATIONS IN RELATION TO THE SCHEME

  • 17.1. The equity shares of the Demerged Company are listed on BSE and NSE. The Demerged Company has received No objection and No adverse observation letter(s) dated 17[th] November and 19[th] November, 2025 from NSE and BSE respectively, in terms of Regulation 37 of the Listing Regulations read with SEBI Master Circular No. SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated 20[th ] June, 2023 (“SEBI Master Circular”).

  • 17.2. A copy of the no-objection letter from NSE on 17[th] November, 2025 and no adverse observation letter from BSE on 19[th] November, 2025, are annexed hereto as Annexure 9A and 9B, respectively. Further, the Company has not received any complaint relating to the Scheme and “NIL” complaints report were filed by the Company with BSE and NSE in terms of the SEBI Master Circular, copies of which are attached as Annexure 10A and 10B respectively.

  • 17.3. As per comments contained in the said observation letters, details of ongoing adjudication & recovery proceedings, prosecution initiated and all other enforcement action taken against the Demerged Company, its promoters and directors, as submitted to the Tribunal, are attached hereto as Annexure11.

  • 17.4. Information pertaining to the Resulting Company 1 and the Resulting Company 2 involved in the Scheme in the format prescribed for abridged prospectus as specified in Part E of Schedule VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 read with SEBI Master Circular dated 9[th ] February, 2026 is attached hereto as Annexure 12 and 13.

  • 17.5. As per the directions of the Tribunal, a copy of the Scheme will be sent by the Company to the Registrar of Companies, Uttarakhand.

  • 17.6. All approvals as stated in Clause 24 (Conditions Precedent) of the Scheme, in order to give effect to the Scheme will be obtained.

18. OTHER ADDITIONAL INFORMATION AS MANDATED BY THE STOCK EXCHANGES

18.1. Cost Benefit Analysis

The Scheme is expected to provide an opportunity to improve the economic value for the companies involved in the Scheme and their stakeholders, in view of the demerger of the businesses. This is primarily on account of various costs and operational synergies which are expected to accrue to the Company on account of the Scheme and more particularly detailed out in above paragraphs. While the Scheme would lead to incurring some costs towards its implementation, however, the benefits of the Scheme over a longer period would far outweigh such costs for all the stakeholders of the Company.

  • 18.2. Disclosure conditions imposed by lenders, of any: Not Applicable

35

  • 18.3. The details of pre-Scheme and post-Scheme assets and liabilities forming part of the Demerged Company and the Resulting Company 1 and the Resulting Company 2 as on 30[th] September,2025 are as follows:

( ` in lakh)

Company Company Resulting Company 1 Resulting Company 1 Resulting Company 2 Resulting Company 2
(Pre) (Post) (Pre) (Post) (Pre) (Post)
As on 30thSep, 2025 As on 30thSep, 2025 As on 30thSep, 2025
Assets 5,74,005.16 2,45,274.23 - 73,007.04 1.00 2,55,723.03
Liabilities 3,76,259.68 1,56,106.30 0.43 22,189.07 0.24 1,97,964.98
Total 1,97,745.48 89,167.93 -0.43 50,817.97 0.76 57,758.05

18.4. Details of assets and liabilities of Demerged Undertakings as on 30[th] September, 2025 are as follows:

( ` in lakh)

Particulars Demerged
Undertaking-
Spirits and Biofuel
Demerged
Undertaking-
Bio Pharma
As on 30thSep, 2025
ASSETS
Non-current assets
Property, plant and equipment 2,06,448.03 54,312.31
Capital work-in-progress 6,336.32 2,236.74
Right-of-Use assets 7,588.54 -
Financial assets
-
Other financial assets
320.95 194.14
Other non-current assets 191.60 133.96
2,20,885.44 56,877.15
Current assets
Inventories 20,140.70 9,192.46
Financial assets
-
Trade receivables
9,420.16 5,908.00
-
Cash and cash equivalents
207.76 20.71
-
Bank balances other than cash and cash equivalents
2,798.98 1,000.00
-
Other financial assets
40.61 -
Current Tax Assets (Net) 211.27 8.69
Other current assets 2,017.11 0.03
34,836.59 16,129.89
TOTAL 2,55,722.03 73,007.04

36

( ` in lakh)

Particulars Demerged
Undertaking-
Spirits and Biofuel
Demerged
Undertaking-
Bio Pharma
As on 30thSep, 2025
EQUITY AND LIABILITIES
Equity
Equity share capital 3,096.15 1,032.05
Other equity 54,661.14 49,786.35
57,757.29 50,818.40
Liabilities
Non-current liabilities
Financial liabilities
-
Borrowings
66,376.00 -
-
Lease Liabilities
5,615.25 -
-
Other financial liabilities
3,877.06 16.82
Long term provisions 24.32 -
Deferred tax liabilities (Net) 25,872.21 6,806.46
Other non-current liabilities - 277.91
1,01,764.84 7,101.19
Current liabilities
Financial liabilities
-
Borrowings
37,310.10 6,974.33
-
Lease Liabilities
2,120.79 -
-
Trade payables
27,381.03 7,623.68
-
Other financial liabilities
28,532.09 128.60
Other current liabilities 729.83 233.26
Short term provisions 126.06 127.58
96,199.90 15,087.45
TOTAL 2,55,722.03 73,007.04

18.5. Total turnover of the Demerged Undertakings for the last financial year end:

The turnover sales (excluding other operating revenues] of the Demerged Undertaking- Bio Pharma and Demerged Undertaking- Spirits and Biofuel for FY 2024-25 stood at 11,188.67 Lakh and 421,810.56 Lakh, respectively.

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18.6. Details of accounting treatment as provided vide Statutory Auditor’s letter dated 16[th] May, 2025:

M/s. K.N. Gutgutia and Co., Chartered Accountants (Firm Registration No.: 304153E), Statutory Auditors of the Demerged Company and the Resulting Company 1 and the Resulting Company 2 have provided the accounting treatment and it is already annexed at Annexure -8.

  • 18.7. Rationale of arriving at the share entitlement ratio for Resulting Company 1 and Resulting Company 2:

A copy of the Share Entitlement Ratio Report containing the rationale of arriving at the share entitlement ratio is annexed as Annexure -6.

  • 18.8. Rationale of the Scheme and its impact on public shareholders:

The rationale and benefits arising out of the Scheme to the shareholders (including public shareholders) are mentioned in Paragraph 3 of this Explanatory Statement.

19. INSPECTION OF DOCUMENTS

In addition to the documents appended hereto, following documents will be available for inspection in the investor relations section of the website of the Company at https://www.indiaglycols.com/ compliances/ :

  • 19.1. Copy of the Tribunal Orders;

  • 19.2. Memorandum and Articles of Association of the Company and the Resulting Company 1 and the Resulting Company 2;

  • 19.3. Audited financial statements of the Demerged Company for the financial year ended as on 31[st] March, 2025 and copy of the standalone unaudited financial results of the Company as on 30[th] September, 2025;

  • 19.4. Audited financial statements of the Resulting Company 1 for the financial year ended as on 31[st] March, 2025 and a copy of special purpose audited financial statements of the Resulting Company 1 for the period from 1[st] April, 2025 to 30[th] September, 2025;

  • 19.5. Audited financial statements of the Resulting Company 2 for the financial year ended as on 31[st] March, 2025 and a copy of special purpose audited financial statements of the Resulting Company 2 for the period from 1[st] April, 2025 to 30[th] September, 2025;

  • 19.6. Copy of the Scheme;

  • 19.7. Certificate of the Statutory Auditor of the Company and the Resulting Company 1 and the Resulting Company 2, respectively, confirming that the accounting treatment prescribed under the Scheme is in compliance with Section 133 of the Act and applicable accounting standards, including clarification letters thereto; and

  • 19.8. All other documents displayed on the Demerged Company’s website i.e. https://www.indiaglycols.com/ compliances/ in terms of the SEBI Master Circular on the Scheme.

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  1. Based on the above and considering the rationale and benefits, in the opinion of the Board, the Scheme will be of advantage to, beneficial and in the interest of the Demerged Company, its Equity Shareholders and other stakeholders and the terms thereof, are fair and reasonable. The Board of Directors of the Demerged Company recommend the Scheme for approval of the Equity Shareholders.

Sd/L.N Gupta Chairperson of the Meeting appointed by the Tribunal 18[th] February, 2026

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Annexure - 7

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Corporate Professionals Capital Private Limited CIN - U74899DL2000PTC104508

D 28, South Extn. Part- I, New Delhi 110049, India �� T: +91 11 40622200 �� F: +91 11 40622201 ���

E:[email protected]

www.corporateprofessionals.com

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Corporate Professionals Capital Private Limited

CIN - U74899DL2000PTC104508 D 28, South Extn. Part- I, New Delhi 110049, India �� T: +91 11 40622200 �� F: +91 11 40622201 ��� E:[email protected]

www.corporateprofessionals.com

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Schedule-A

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