Subsequent to our letter dated November 28, 2025, we hereby inform you that in continuation of the directions of the Board of Directors, a comprehensive legal opinion has been obtained ....
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This is a follow-up to Raunaq International's earlier disclosure dated November 28, 2025. At that time, the Board had directed the management to obtain an independent legal opinion on the citizenship status of Mr. Surinder Paul Kanwar, the company's Chairman and Managing Director. The legal opinion has now been obtained and reviewed by the Board at its meeting held on January 23, 2026. Based on this opinion, the Board concluded that the authority to determine Mr. Kanwar's citizenship status lies exclusively with the Central Government. Until the Central Government issues any contrary direction, Mr. Kanwar will continue to be regarded as a citizen of India and will continue discharging his duties as Chairman and Managing Director. The company has stated it will keep the stock exchanges informed of any material developments.
The leadership uncertainty around the CMD's citizenship has been provisionally resolved in his favor, which removes a key governance overhang and is likely to be viewed positively by shareholders. Investors should, however, watch for any future action by the Central Government on this matter, which could alter the current position.