NDA Securities Ltd

Dear Sir/ MamWe are hereby submitting the recommendations of the committee of independent directors in terms of Regulation 26(7) of SEBI (SAST) Regulations 2011 on the open offer made by Mr. Ram Gopal Jindal along with the (PAC) Mr. Gaurav Jindal to acquire 1546575 Equity Shares constituting 26% of the paid-up equity share capital of the Target Company at a price of INR 30.59/- per fully paid up equity shares which includes interest of Rs. 2.59/- for each equity share of target company pursuant to and in compliance with amongst others Regulation 3(1) and Regulation 4 of SEBI (SAST) Regulations 2011 and subsequent amendments thereto.