NCLT Hearing - Update

Mercantile Ports & Logistics Limited (AIM: MPL) provides an update following the hearing before the National Company Law Tribunal (“NCLT”), Mumbai Bench, on 14 August 2026 in relation to the Corporate Insolvency Resolution Process of Karanja Terminal & Logistics Private Limited (“KTLPL”).

At the hearing, counsel for MPL continued his submissions before the Tribunal, presenting in detail the chronology and evidence supporting the Company’s case that Prudent ARC Limited (“Prudent”) intervened while KTLPL’s One Time Settlement (“OTS”) remained in force and that the subsequent actions of Prudent and the lenders resulted in the deliberate frustration and ultimate destruction of the OTS process.

The Company’s submissions addressed the sequence of events that occurred while the OTS remained in force, including Prudent’s intervention after KTLPL had successfully completed the lender-led Swiss Challenge process and the subsequent actions which resulted in the OTS being terminated. The Company’s Counsel concluded his arguments and will have the chance to rebut the submissions made by the lenders’ counsels in the subsequent hearing.

Lenders / Committee of Creditors’ submissions will continue at the next hearing, which has been listed for 27 August 2026.

MPL will provide further updates to shareholders as appropriate.

Pavan Bakhshi, Managing Director of Mercantile Ports & Logistics Limited, commented:

“Today we continued putting our case and the evidence before the Tribunal in detail. We have been fighting for nearly a year to protect our asset and our shareholders from what we believe was a predetermined outcome. We will keep fighting as we have faith in the legal system.”