Please find attached disclosure under Regulation 30 w.r.t. resignation of Statutory Auditors of the Company.

November 11, 2026 BSE Limited National Stock Exchange of India Limited Corporate Relationship Department, Exchange Plaza, 5th Floor, 1st Floor, New Trading Ring, Plot No. C/1, G- Block Rotunda Building, P.J. Towers, Bandra Kurla Complex, Bandra (E), Dalal Street, Fort, Mumbai - 400 001 Mumbai – 400051 BSE Scrip Code: 509874 NSE Symbol: SHALPAINTS ISIN: INE849C01026 Dear Sir/Madam, Sub: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) – Resignation of Statutory Auditor of the Company Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Part A of Schedule III of the said Regulations, this is to inform you that, M/s. Walker Chandiok & Co. LLP, Chartered Accountants (Firm Registration No. 001076N/N500013) vide letter dated November 11, 2026, have tendered their resignation as Statutory Auditor of the Company with effect from Wednesday, November 11, 2026, expressing their inability to continue as the Statutory Auditors of the Company because of the proposed share swap transaction announced by the Company in September 2026, Shalimar Paints Limited is expected to become the holding company of Hella Infra Market Limited, subject to completion of the transaction and receipt of requisite approvals. The firm is not currently the auditor of Hella Infra Market Limited, a significant portion of the enlarged group would fall outside their scope of audit coverage. Consequently, they would not be able to achieve the requisite level of group audit coverage in accordance with the applicable regulatory requirements and their firm's internal policies. The resignation has been tendered after completion and submission of the Limited Review Report dated October 28, 2026 for the Quarter ended September 30, 2026. There have been no concerns raised by the resigning Statutory Auditors with respect to the management of the Company. The reasons for their resignation, as communicated by them in their resignation letter, shall be placed before the Audit Committee and the Board of Directors for their noting and consideration. The views of the Audit Committee, if any, shall be disclosed in accordance with applicable SEBI regulations and circulars. The disclosure required under Regulation 30 of the Listing Regulations, read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 is enclosed as Annexure A and Annexure B comprises the copy of the resignation letter along with the prescribed SEBI format containing the requisite details of the resignation. You are requested to kindly take the above information on records. Thanking You, Yours faithfully, For Shalimar Paints Limited Snehal Saboo Company Secretary & Compliance Officer Membership No. A49811 Encl.: As above Annexure A The requisite details in terms of SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 are as below: Sr. No. Particulars Details 1 Name of Statutory Auditor M/s. Walker Chandiok & Co. LLP, Chartered Accountants 2 Reason for change viz. Resignation appointment, re- appointment, resignation, removal, death or otherwise 3 Date of appointment/re- November 11, 2026 appointment/cessation (as applicable) & term of appointment/re-appointment 4 Brief profile (in case of Not Applicable appointment) 5 Disclosure of relationships Not Applicable between directors (in case of appointment of a director) Annexure B Walker Chandiok & Co LLP 42nd Floor, The Board of Directors Building Commerz III, Shalimar Paints Limited International Business Park, Stainless Centre, 4th Floor, Oberoi Garden City, Plot No. 50, Sector 32, Gurugram, Off Western Express Highway, Haryana, India, 122001 Goregaon (East), Mumbai-400063 T +91 22 6626 2699 For the kind attention of Mr. Kuldip Raina, Managing Director Dear Sirs, We, Walker Chandiok & Co LLP (“the firm”), were appointed as statutory auditors of Shalimar Paints Limited (“the Company”) at the Annual General Meeting (“AGM”) held on 29 September 2022, for a period of five years, commencing from the conclusion of 120th AGM till the conclusion of 125th AGM, in accordance with the provisions of the Companies Act, 2013. We have, in the electronic communication dated 6 November 2026 with the Board of Directors of the Company, in accordance with Standards on Auditing (SA) 260 (Revised) ‘Communication with Those Charged with Governance’, communicated regarding the insufficiency of our direct audit participation in consolidated operations, to be able to act as the principal auditor of the Company, as required by SA 600 ‘Using the work of another auditor’ following effectuation of the proposed transaction. In accordance with Standards on Auditing and as per Firm’s policy for continuance of our engagement, we are withdrawing from the engagement and hereby tender our resignation from the office of statutory auditor of the Company. Information from the auditor in the format as specified in Annexure A to the Securities and Exchange Board of India's Master Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30 January 2026 (the 'Circular') is annexed herewith. We take this opportunity to reiterate our appreciation for the co-operation extended to us by your organization. Should you require any assistance in the future, please feel free to contact us. Yours faithfully, For Walker Chandiok & Co LLP Chartered Accountants Firm’s Registration No:001076N/N500013 M AYANK Digitally signed by MAYANK JAIN J AIN Date: 2026.11.11 10:32:43 +05'30' Mayank Jain Partner Membership No: 512495 Place: Mumbai Date: 11 November 2026 Chartered Accountants Walker Chandiok & Co LLP is registered with limited liability with identification Offices in Ahmedabad, Bengaluru, Bhubaneswar, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Guwahati, Hyderabad, Indore, number AAC-2085 and has its registered Jaipur, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India Annexure A Format of information to be obtained from the Statutory Auditor upon resignation 1. Name of the listed entity/material subsidiary: Shalimar Paints Limited 2. Details of the statutory auditor: a. Name: Walker Chandiok & Co LLP b. Address: 42nd Floor, Building Commerz III, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai - 400063, Maharashtra, India c. Phone number: +91 22 6626 2600 d. Email: Mayank.Jain1@WalkerChandiok.IN 3. Details of association with the listed entity/ material subsidiary: a. Date on which the statutory auditor was appointed: 29 September 2022 b. Date on which the term of the statutory auditor was scheduled to expire: Till the conclusion of 125th Annual General Meeting to be held in the year 2027. c. Prior to resignation, the latest audit report/limited review report submitted by the auditor and date of its submission: We have issued Independent Auditor’s Review Report dated 28 October 2026 on the Unaudited Financial Results for the quarter and period ended 30 September 2026 4. Detailed reasons for resignation: Insufficiency of our direct audit participation in consolidated operations, to be able to act as the principal auditor of the Company, as required by SA 600 ‘Using the work of another auditor’. 5. In case of any concerns, efforts made by the auditor prior to resignation (including approaching the Audit Committee/Board of Directors along with the date of communication made to the Audit Committee/Board of Directors): Not applicable 6. In case the information requested by the auditor was not provided, then following shall be disclosed – The below points (a) to (d) are Not Applicable. a. Whether the inability to obtain sufficient appropriate audit evidence was due to a management- imposed limitation or circumstances beyond the control of the management. b. Whether the lack of information would have signi [Showing first 8,000 characters — download PDF for full document]