Marksans Pharma Ltd. — Board/Management Information 2022

May 30, 2022

·t· Marksans Pharma Ltd.

BSE Limited

Corporate Relation Department PhirozeJeejeeboi Towers, Dalal Street, Mumbai - 400001. Scrip Code: 524404

National Stock ExchangeofIndia Limited Listing Department Exchange Plaza, C-l, Block-G, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051. Symbol: MARKSANS

Sub: Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015 - Change of Statutory Auditors

This is with reference to our earlier letter dated 12[th] May, 2022 informing the Exchange about the letter received from Mis. Bhuta Shah & Co. LLP, Chartered Accountants, (Firm Registration No. WI00I00), conveying their intention to resign as Statutory Auditors of the Company after issuing Audit Reports for the quarter and financial year ended on 31st March, 2022. We have now received letter from Mis. Bhuta Shah & Co. LLP dated 30[th] May, 2022 formally tendering their' resignation which will become effective from the closing hour of 30[th] May, 2022 and on issue of the above audit reports.

The copy of the resignation letter dated 30[th] May, 2022 as received from Mis. Bhuta Shah & Co. LLP alongwith the required information in Annexure - A is attached herewith.

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMDI/114/2019 dated October 18, 2019, we wish to inform that based on recommendation of the Audit Committee, the Board of Directors of the Company at its meeting held today i.e. 30[th] May, 2022 noted and accepted the resignation of Mis. Bhuta Shah & Co. LLP effective from the closing hour of 30[t][h] May, 2022.

Please be informed that Mis Bhuta Shah & Co. LLP have confirmed that neither they have any sort of dispute nor have any concern regarding providing of information by the Management of the Company for the purpose of carrying out audit procedures. Further, be informed that the Statutory Auditors have completed all the audit assignments of the Company pertaining to , every quarter, half year and financial year ended on March 31, 2022.

www.marksanspharma.com

Marksans Pharma Ltd.

11th Floor, "GRANDEUR", Opp. Gundecha Symphony, Veera Desai Extension Road, Oshiwara, Andheri (W), Mumbai - 400 053 • Tel.: +91 224001 2000 • Fax: +91-22 4001 2011 E-mail: info@marksanspharma.com

·t· Marksans Pharma Ltd.

Pursuant to the applicable provisions of Companies Act, 2013 read with SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, the Board of Directors at its meeting held today i.e. 30[th] May, 2022, based on recommendation of the Audit Committee and subject to approval of shareholders of the Company in the next General Meeting, has approved appointment of M S K A & Associates as the Statutory Auditors of the Company to fill the casual vacancy caused by resignation of Mis. Bhuta Shah & Co. LLP to hold office until the conclusion of the 30[th] Annual General Meeting of the Company scheduled to be held later this year.

Details with respect to resignation/ change in Auditors of the Company as required under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, SEBI Circular CIR/CFD/CMD/4/2015 dated September 09, 2015 and CIR/CFD/CMDl/114/2019 dated October 18,2019 are annexed herewith.

Yours faithfully, ForMa1r~a :d ;&

HarshavardhanPanigrahi Company Secretary

www.marksanspharma.com

I Marksans Pharma Ltd. i 11th Floor, "GRANDEUR", Opp. Gundecha Symphony, Veera Desai Extension Road, Oshiwara, Andheri (W), Mumbai • 400 053 • Tel.: +91 224001 2000 • Fax: ~91·22 4001 2011 E-mail: info@marksanspharma.com I !

Sr. No	Particulars	Details
l.	Name of Auditor	Mis. Bhuta Shah & Co. LLP
2. 3. 4	Reason for Change viz., appointment, resignation, removal, death or otherwise Effective Date of resignation Brief profile (in case of appointment)	Resignation 31 51 May, 2022 Not Applicable

Sr. No	Particulars	Particulars	Details
l.	Name of Auditor		Mis. Bhuta Shah & Co. LLP
2. 3. 4	Reason for Change viz., appointment, resignation, removal, death or otherwise Effective Date of resignation Brief profile (in case of appointment)		Resignation 31 51 May, 2022 Not Applicable
Sr. No	Particulars	Details
l.	Name of Auditor	M S K A & Associates
2.	Reason for Change viz., appointment, resignation, removal, death or otherwise	Appointment to fill casual vacancy
3.	Effective Date of Appointment	31 51 May, 2022
4	Brief profile	Established in 1978, M S K A & Associates is an Indian partnership firm registered with the Institute of Chartered Accountants of India (lCAI) and the PCAOB (US Public Company Accountancy , Oversight Board). M S K A & Associates offers a wide range of services in Audit Assurance, Tax and Advisory domain led by industry experts with deep knowledge pockets and driven by a commitment, to deliver - quality services to all clients. It has over 1200+ professionals working across various cities in India (Ahmedabad, Bengaluru, Chennai, Goa, Gurugram, Hyderabad, Kolkata, Mumbai, Kochi, Pune).

www.marksanspharma.com

Marksans Pharma Ltd.

11th Floor, "GRANDEUR", Opp. Gundecha Symphony, Veera Desai Extension Road, Oshiwara, Andheri (W), Mumbai - 400 053 • Tel.: +91 224001 2000 • Fax: +91-22 4001 2011 E-mail: info@marksanspharma.com

901/902, Regent Chambers, Nariman Point, Mumbai – 400 021. T : +91 22 4343 9191 /+91 22 2283 2626 F : +91 22 2283 2727 bhutashah.com

BHUTA SHAH & CO LLP CHARTERED ACCOUNTANTS

Date: 30[th] May 2022

To

The Board of Directors

Marksans Pharma Limited 11th Floor, Grandeur Veera Desai Extension Road Oshiwara, Andheri (West) Mumbai -- 400053

Sub: Resignation as Statutory Auditors of Marksans Pharma Limited

Dear Sir,

This is in continuation to our earlier letter dated May 12, 2022 wherein we had expressed our intention to resign as Statutory Auditors of Marksans Pharma Limited (‘the Company’).

Please be informed that we have completed our audit of the accounts of the Company for the quarter and financial year ended on 31[st] March, 2022 and will issue our Audit Reports on 30[th] May, 2022, the date of the Board of Directors’ meeting for approval of financial statements.

We hereby formally tender our resignation as Statutory Auditors of the Company which will become effective at the closing hour of 30[th] May, 2022 and on our issuing the Audit Reports for the quarter and financial year ended on 31[st] March, 2022 for the reason mentioned hereunder:

• Due to our preoccupation in other assignments and voluminous audit related work involved.

It is hereby clarified that our firm neither have any sort of dispute nor have any concern regarding providing of information by the Management of the Company for the purpose of carrying out audit procedures. Please note that we have completed all the audit assignments of the Company pertaining to every quarter, half year and financial year ended on March 31, 2022.

As per the requirement of the Companies Act, 2013, we shall be forwarding the copy of the ADT- 3, as filed with ROC, in due course.

Please find the information required under SEBI circular CIR/CFD/CMD1/114/2019 dated 18 October 2019 annexed hereto as Annexure - A.

Thanking you. Yours faithfully,

Firm Regn. No. 101474W / W100100

For Bhuta Shah & Co. LLP Chartered Accountants

BHUTA SHAH & CO LLP CHARTERED ACCOUNTANTS

Annexure - A

Disclosure of information from the statutory auditor upon resignation

Sr. No		Particulars		Details
1.		Name of the listed entity/ ~~subsidiary~~	~~material~~	Marksans Pharma Limited
2.		Details of the statutory auditor
		a. Name		M/s. Bhuta Shah & Co. LLP
		b. Address		901/902, Regent Chambers, Nariman Point, Mumbai–400 021.
		c. Phone number		+91 22 4343 9191 /+91 22 2283 2626
		d. Email		Ketan.kataliya@bhutashah.com
3.		Details of association with the listed entity/ ~~material subsidiary~~
		a. Date on which the statutory auditor was appointed		27thSeptember, 2018
		b. Date on which the term of the statutory auditor was scheduled to expire		On the conclusion of the 31stAnnual General Meeting schedule to be held in the year 2023.
		c. Prior to resignation, the latest audit report/limited review report submitted by the auditor and date of its submission		Limited Review Report for the three (3) quarters ended 30thJune, 2021, 30thSeptember, 2021 & 31st December, 2021 have been submitted on 11thAugust, 2021, 10th November, 2021 and 11thFebruary, 2022 respectively. Audit Report for fourth quarter and financial year ended 31stMarch, 2022 would be submitted on the date on which the Board of Directors will approve the Financial Statement for the financial year ended 31stMarch, 2022.
4.		Detailed reasons for resignation		Due to our preoccupation in other assignments and voluminous audit related work involved
5.		In case of any concerns, efforts made by the auditor prior to resignation (including approaching the Audit Committee/Board of Directors along with the date of communication made to the Audit Committee/Board of Directors)		Our firm neither have any sort of dispute nor have any concern regarding providing of information by the Management of the Company for the purpose of carrying out audit procedures. We have completed all the audit assignments of the Company pertaining to every quarter, half year and financial year ended on March 31, 2022.

BHUTA SHAH & CO LLP CHARTERED ACCOUNTANTS

6.	In case the information requested by the auditor was not provided, then following shall be disclosed	NA
	a. Whether the inability to obtain sufficient appropriate audit evidence was due to a management-imposed limitation or circumstances beyond the control of the management
	b. Whether the lack of information would have significant impact on the financial statements/results
	c. Whether the auditor has performed alternative procedures to obtain appropriate evidence for the purposes of audit/limited review as laid down in SA 705 (Revised_)_
	d. Whether the lack of information was prevalent in the previous reported financial statements/results. If yes, on what basis the previous audit/limited review reports were issued
7.	Any other facts relevant to the resignation	Nil

Declaration

1. We hereby confirm that the information given in this letter and its attachments is correct and complete.

2. We hereby confirm that there is no other material reason other than those provided above for my resignation/ resignation of my firm.

Yours Faithfully,

For Bhuta Shah & Co. LLP

Chartered Accountants Firm Regn. No 101474W/ W100100

KETAN J Digitally signed by KETAN J KATALIYA KATALIYA Date: 2022.05.30 17:46:04 +05'30'

Ketan Kataliya Partner Membership No. 165186

Date: 30[th] May, 2022 Place: Mumbai