We enclose herewith the written reasoned recommendation approved by the Committee of Independent Directors at its meeting held on January 27 2022 in relation to the delisting offer pursuant to Regulation 28 of the SEBI Delisting Regulations and the recommendation is published on January 28 2022.We are also forwarding a copy of above recommendation to Emkay Global Financial Services Limited the Manager to the Delisting Offer.Request to kindly take the above on record in terms of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 and the SEBI Delisting Regulations.