The Board of Directors of Rushil D6cor Limited at its meeting held on February 22, 2024 has accorded its approval to incorporate a Subsidiary Company ("Proposed Company") by entering into a Joint Venture Agreement with Modala Panels and Boards through it's proprietor Or. M.N. Rao (Modala) and Rushil Decor Limited (RDL) Joint Venture for the purpose of manufacturing Plywood and other allied products. The proposed shareholding of RDL & Modala group in the proposed new Joint Venture Company will be as follows: RDL: 51%.

Modala group: 49%. Both the parties have right to appoint two directors from each group and the Chairman will be from RDL. Both the parties shall have voting rights in proportion to their shareholding in the newly incorporated Company.

Standard clauses like deadlock, event of default, requirement for taking major decision etc. will be incorporated in the Joint Venture Agreement.