Eastern Treads enounced its rights to acquire the equity shares
offered by Shipnext Solutions, (hereinafter mentioned as Shipnext) and decided to relinquish exercise of control over this subsidiary, Shipnext at its Board meeting held on 30 November 2021 allotted 36,50,000 equity shares each to Nash Meeran LLP and Caif Meeran LLP on private
placement basis and Eastern Treads continues its holding with 14.53%.
Consequent to this allotment Shipnext has ceased to be a subsidiary of the Company.
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