Update on Corporate Insolvency Resolution Process of FTF Pharma Private Limited, a Wholly Owned Subsidiary of Shilpa Medicare Limited

Shilpa Medicare Limited Corporate & Admin Office: “Shilpa House”, # 12-6-214/A-1, Hyderabad Road, Raichur – 584 135, Karnataka, India Tel: +91-8532-238704, Fax: +91-8532-238876 Email: info@vbshilpa.com, Web: www.vbshilpa.com CIN: L85110KA1987PLC008739 Date: 05 November 2026 Corporate relationship Department, National Stock Exchange of India, Limited BSE Limited, Exchange Plaza, 5th Floor, 1st Floor, Rotunda Building Plot No. C/1, G Block, Bandra-Kurla Complex, P.J Towers Dalal Street, Fort, Bandra (E), Mumbai 400001 Mumbai 400051 Stock Code: BSE – 530549 / NSE – SHILPAMED Dear Sir/Ma’am, Sub: Update on Corporate Insolvency Resolution Process of FTF Pharma Private Limited, a Wholly Owned Subsidiary of Shilpa Medicare Limited. Ref: Disclosure pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations’). Further to our intimation dated 10 September 2026, we hereby inform that The Hon'ble National Company Law Appellate Tribunal (NCLAT) vide its order dated 4.November 2026, has set aside the order dated 09 September 2026 passed by the Hon'ble National Company Law Tribunal, Ahmedabad Bench - Court II, under which the Corporate Insolvency Resolution Process (CIRP) on FTF Pharma Private Limited, a wholly owned subsidiary of the Company was directed under Section 9 of the Insolvency and Bankruptcy Code, 2016. Accordingly, the Corporate Insolvency Resolution Process initiated pursuant to the aforesaid NCLT order stands annulled. A copy of the order of the Hon’ble NCLAT dated 4 November 2026 is enclosed herewith for information and records. The requisite details as prescribed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. HO/49/14/14(7)2025- CFDPOD2/I/3762/2026 dated 30th January 2026, are enclosed herewith as Annexure A. This is for your information and records. For SHILPA MEDICARE LIMITED Ritu Tiwary Company Secretary & Compliance Officer Shilpa Medicare Limited Corporate & Admin Office: “Shilpa House”, # 12-6-214/A-1, Hyderabad Road, Raichur – 584 135, Karnataka, India Tel: +91-8532-238704, Fax: +91-8532-238876 Email: info@vbshilpa.com, Web: www.vbshilpa.com CIN: L85110KA1987PLC008739 Disclosure of events and information pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Master Circular No. HO/49/14/14(7)2025- CFDPOD2/I/3762/2026 dated 30th January 2026. Annexure A Name of the authority The Hon'ble National Company Law Appellate Tribunal (NCLAT), Delhi Nature and details of the action(s) taken or order(s) The Hon'ble NCLAT vide its order dated 4 November passed 2026, has set aside the NCLT order dated 09 September 2026 under which the Corporate Insolvency Resolution Process (CIRP) on FTF Pharma Private Limited, a wholly owned subsidiary of the Company was directed. Date of receipt of direction or order, including any 5 November, 2026 ad-interim or interim orders, or any other communication from the authority Details of the violation(s)/contravention(s) Not applicable. The order sets aside the NCLT order committed or alleged to be committed dated 09 September 2026 by the Hon'ble NCLAT. Impact on financial, operation or other activities of With the earlier order being annulled there is no the listed entity, quantifiable in monetary terms to impact on the listed entity. the extent possible. NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI Comp. App. (AT) (Ins) No. 1781 of 2026 (Arising out of the Order dated 09.09.2026 passed by the Ld. National Company Law Tribunal, Ahmedabad Bench, Court – II in C.P. (IB) No. 346 (Ahm) Of 2025] IN THE MATTER OF: Mr. Abhay Sapre (Suspended Director of FTF Pharma Private Limited) Having His Address At: B2-2102, Prestige Kensington Gardens, Near HMT Estate, Jalahali, Banglore-North, Karnataka – 560013 Email: abhaysapre1704@gmail.com …Appellant Versus 1. Immacule Lifesciences Private Limited Having its registered office at Village Thanthelwal, Ropar Road, Nalagarh, Dist. Solan, Himachal Pradesh - 174101 Email: info@immacule.in; viral@immacule.in …Respondent No.1 2. Mr. Sunil Kumar Kedia Interim Resolution Professional of FTF Pharma Private Limited IBBI/IPA-001/IP-P00028/2016-2017/10064 Having its registered office at 210-B, 21ST Century Business Center, Near Udhna Darwaja, Ring Road, Surat,Gujarat - 395002 Email: kedia_kedia@yahoo.com …Respondent No.2 Present For Appellant: Mr. Krishnendu Datta, Sr. Advocate with Mr. Gaurav H. Sethi, Mr. Rahul Kapoor, Mr. Rahul Page 1 of 27 Pawar, Mr. Yash Tandon, Mr. A. Arora, Mr. Kartik Nagpal, Advocates. For Respondent: Mr. Abhishek Anand, Mr. Karan Kohli, Ms. Palak Kalra, Advocates. Mr. Sunil Kumar Kedia, IRP. J U D G E M E N T (04 .11.2026) NARESH SALECHA, MEMBER (TECHNICAL) 1. The present appeal has been filed by the Appellant i.e., Mr. Abhay Sapre who is Suspended Director of FTF Pharma Private Limited under Section 61 of the Insolvency and Bankruptcy Code, 2016 (‘Code’) against the Order dated 09.09.2026 ("Impugned Order") passed by the Hon’ble National Company Law Tribunal, Ahmedabad Bench, Court- II (“Adjudicating Authority”) in C.P. (IB) No. 346 (AHM) OF 2025]. Immacule Lifesciences Private Limited, who is an Operational Creditor is the Respondent No.1 herein. Mr. Sunil Kumar Kedia, Interim Resolution Professional of FTF Pharma Private Limited (IBBI/IPA-001/IP-P00028/2016-2017/10064) is the Respondent No.2 herein. 2. The Appellant stated that the Corporate Debtor is a company incorporated under the Companies Act, 1956, in 2012 and is engaged primarily in pharmaceutical development and formulation research. After investing substantial time and resources in developing Phytonadione Injection, the Corporate Debtor intended to commercialise the product in the United States of Page 2 of 27 America by obtaining the requisite regulatory approval through an Abbreviated New Drug Application (“ANDA”). Since the Corporate Debtor was engaged in research activities rather than manufacturing, it approached the Operational Creditor, which was engaged in the manufacture of finished dosage products on a contractual basis. 3. The Appellant submitted that, following negotiations, the Corporate Debtor and the Operational Creditor executed a Technology Transfer Agreement (“TTA”) dated 04.05.2022 for the technology transfer and development of the finished product, namely, Phytonadione Injection having a strength of 10 mg/ml, packaged in 1 ml amber glass vials, with a commercial batch size of 50 litres and conversion costs of USD 2.8 per vial, excluding applicable GST. The consideration specified under the Agreement was Rs.3,35,00,000, excluding GST. The Appellant contended that the claims subsequently raised by the Operational Creditor arose from this Agreement and could not be considered independently of the contractual obligations, deliverables and conditions governing the payment milestones. 4. The Appellant stated that, under Clauses 4.1, 4.3 and 4.7 of the TTA, read with the relevant annexures, the parties were required to undertake the technology-transfer activities in accordance with the prescribed responsibility matrix and technology-transfer plan. The Operational Creditor was responsible for various technical and logistical activities, including vendor qualification, procurement, analytical method validation, method transfer and qualification, and Page 3 of 27 the release of the API, excipients, packaging materials and exhibit batches, without any additional cost. Although the Corporate Debtor could be required to reimburse certain expenses incurred by the Operational Creditor, such reimbursement was subject to the applicable contractual conditions, including prior written authorisation wherever stipulated. The Appellant contended that the Operational Creditor could not unilaterally incur expenditure or raise invoices contrary to the allocation of responsibilities [Showing first 8,000 characters — download PDF for full document]