Ikoma Technologies Receives BSE Approval for Forfeiture of 6,23,800 Partly Paid

Ikoma Technologies Limited (formerly known as Vuenow Infratech Limited) has received forfeiture approval from BSE Limited for 6,23,800 partly paid-up equity shares of Rs. 10/- each. The company communicated this development to the stock exchange on May 12, 2026, pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Schedule III of the SEBI Listing Regulations.

Forfeiture Details

The forfeiture pertains to equity shares on which the respective holders failed to pay the balance allotment/call money. The action follows the issuance of a Last and Final Reminder-Cum-Forfeiture Notice dated October 12, 1996. The Forfeiture Approval Letter was dated May 12, 2026, and was received from BSE Limited.

The key details of the forfeiture are summarised below:

Parameter: Details Number of Shares Forfeited: 6,23,800 partly paid-up equity shares Face Value per Share: Rs. 10/- each Reason for Forfeiture: Non-payment of allotment/call monies Forfeiture Notice Date: October 12, 1996 BSE Approval Letter Date: May 12, 2026 Regulatory Basis: Regulation 30, SEBI LODR Regulations, 2015

BSE Notice

BSE Limited issued a formal notice (Notice No. 20260512-17, dated May 12, 2026) under the category "Company related" for the Equity segment, informing trading members of the exchange about the forfeiture. The notice confirmed that Ikoma Technologies Ltd. has forfeited 6,23,800 equity shares of Rs. 10/- each, which were partly paid-up due to non-payment of allotment/call monies. The distinctive numbers of the forfeited shares are detailed in the annexure accompanying the BSE notice.

Company Background

Ikoma Technologies Limited, formerly known as Vuenow Infratech Limited, is registered under CIN: L62099MH1993PLC074167. The company's registered office is located at Z1-3092, Akshar Business Park, Sector 25, Vashi, Navi Mumbai, Sanpada, Thane, Maharashtra-400703. The intimation was signed by Rahul Anandrao Bhargav, Managing Director (DIN: 08548577), on behalf of the company.

IKOMA Technologies Limited has announced significant changes in its leadership structure following a Board meeting held on April 07, 2026, with the resignation of four key personnel including the Chief Financial Officer and three Independent Directors.

Board Meeting Outcomes and Resignations

The Board of Directors, meeting via video-conferencing on April 07, 2026, approved the resignations of multiple senior personnel. The company has submitted a clarification letter to BSE dated April 09, 2026, addressing queries regarding the Board meeting outcomes.

Position Name DIN Resignation Date Chief Financial Officer Rahul Anandrao Bhargav - April 07, 2026 Non-Executive Independent Director Arvind Rangnarain Tiwari 02019838 March 05, 2026 Non-Executive Independent Director Archana Chirawawala 09721625 March 06, 2026 Non-Executive Independent Director Sanjeev Seth 10974972 March 06, 2026

CFO Resignation Details

Rahul Anandrao Bhargav submitted his resignation from the Chief Financial Officer position with immediate effect, citing personal reasons and inability to devote sufficient time to company affairs. In his resignation letter, Bhargav confirmed no pending dues, disputes, or claims between him and the company, and stated no material reasons beyond those mentioned for his departure.

Independent Directors' Governance Concerns

All three Independent Directors cited similar concerns in their resignation letters, referencing multiple communications sent to the company and Board between November 2025 and March 2026. The directors highlighted issues including:

Inadequate governance transparency

Insufficient information flow to Independent Directors

Concerns regarding statutory compliance

Issues with Board and Committee minutes circulation

Legal proceedings under Section 138 of the Negotiable Instruments Act, 1881

Committee Positions Affected

The resignations have impacted multiple Board committees:

Director Committee Roles Arvind Tiwari Chairperson - Nomination and Remuneration Committee (NRC) Archana Chirawawala Chairperson - Audit Committee; Member - NRC and Stakeholders Relationship Committee (SRC) Sanjeev Seth Chairperson - SRC; Member - Audit Committee and NRC

Regulatory Compliance and Disclosure

The company acknowledged an inadvertent omission in its initial disclosure, failing to submit the resignation letters of the personnel within prescribed timelines. IKOMA Technologies has now provided these documents to BSE and expressed regret for the delay, assuring strict compliance with applicable provisions and timely filing of requisite documents in future.

The company confirmed that all necessary disclosures under SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 have been filed, and requested the exchange to update records accordingly. The resignations represent a significant governance challenge for IKOMA Technologies Limited, formerly known as Vuenow Infratech Limited.

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