AGI Greenpac Limited announced that The Securities and Exchange Board of India (SEBI) has issued an Adjudication Order no. ORDER/BM/RK/2024-25/30315 dated April 30, 2024 (Order) under Section 15-I of the SEBI Act, 1992, read with Rule 5 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995. AGI Greenpac Limited, is evaluating the Order in detail, in consultation with their legal advisors.

Nature and details of the action(s) taken, initiated or order(s) passed: SEBI has issued an Adjudication Order no. ORDER/BM/RK/2024-25/30315 dated April 30, 2024 (Order), under Section 15- I of the SEBI Act, 1992, read with Rule 5 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 against AGI Greenpac Limited (formerly HSIL Limited), imposing a penalty INR 500,000 for violation of provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations). Details of violation(s) /contravention(s) committed or alleged to be committed: SEBI has observed the following violations by the Company: Regulation 4(1)(c), (d), (e) and (h) of the LODR Regulations violated by having failed to provide accurate, adequate and explicit disclosure resulting in misrepresentation to the stock exchanges by not disclosing the information regarding approval of the Competition Commission of India ("CCI") in its disclosure dated March 16, 2023.

Regulation 30(7) of LODR Regulations read with Regulation 4(1)(e) and (h) of the LODR Regulations violated by having failed to disclose the following material developments with respect to disclosures made by the Company dated October 31, 2022 and March 16, 2023. Submission of modifications to Application filed with CCI. Show cause notice issued by CCI to the Company.

Litigation related to the aforementioned CCI Order approving the proposed combination of the Company and HNGIL. Under the Order, SEBI has specifically observed that the material available on record does not quantify any disproportionate gains or unfair advantage, if any, made by the Company, and the losses, if any, suffered by the investors due to such violations on the part of the Company, nor has it been alleged by SEBI. Date of receipt of order, including or any other communication from the authority: SEBI published the Order on its website on April 30, 2024.

However, formal communication addressed to the Company is still awaited.