The Board of Directors of Forbes & Company Limited at their meeting held on February 29, 2024 has considered and approved the following matters: Mr. Mahesh Tahilyani, Managing Director of the Company will demit his office as Managing Director of the Company with effect from the close of business hours on March 31, 2024. He will continue on the Board of Directors of the Company as Non-Executive, Non-Independent Director with effect from April 1, 2024 and shall be liable to retire by rotation. Pursuant to the Order dated February 9, 2024 passed by Hon'ble Mumbai Bench of National Company Law Tribunal (NCLT), the Precision Tools business will be moving to Forbes Precision Tools and Machine Parts Limited (Resulting Company) under the said Scheme and it is therefore proposed that the management and administration of the Precision Tools business will be handled and taken forward by Mr. Mahesh C Tahilyani, the current Managing Director of the Company who will move to the new demerged entity.