The Promoter of the Company, Veego Pharma LLC, USA, had made an application to Department
of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Government of India seeking approval
to enhance its shareholding in Somerset Limited up to 100% which is a pre-requisite to proceed
with the delisting of Equity Shares of the Company in compliance with SEBI (Delisting of Equity
Shares) Regulations, 2009.

The Department of Pharmaceuticals has informed Veego Pharma that the Government has not
acceded to the proposal as one of the conditions of the previous approval dated 16.01.2018,
which required furnishing of annual compliance of the conditions of the said approval, has not
been complied with.

Veego Pharma has since complied with the said condition by filing the annual compliance report
for the financial year 2017-18 and has commenced the process of making a fresh application
seeking Government approval for enhancing Veego’s shareholding limits up to 100°/o in Somerset
Limited.

As informed by our previous communication on February 28, 2019 the Promoter has re-affirmed
its intention to pursue the delisting proposal in compliance with the SEBI (Delisting of Equity
Shares) Regulations, 2019.

The disclosure is made pursuant to Regulation 30 of Securities and Exchange Board of
India (Listing obligations and disclosure requirements) Regulations, 2015