Trigyn Technologies Limited informed the exchanges that the company had informed dated July 6, 2018 that Trigyn Technologies Limited was appointed as Concessionaire by Nashik Municipal Smart City Development Corporation Limited (NMSCDCL) for the design, development, implementation, operation and maintenance of Smart Parking Solution for On-Street and Off-Street Parking locations in Nashik on PPP model. However, NMSCDCL informed Trigyn about the Termination of the said Concessionaire Agreement. Name of parties to the agreement: Trigyn Technologies Limited and Nashik Municipal Smart City Development Corporation Limited. Nature of the agreement: Concession agreement, including its addendum and work order. Date of execution of the agreement: Concession agreement May 21, 2018 and Work Order July 4,2018. Details of amendment and impact thereof or
reasons of termination and impact thereof: The Concession Agreement is terminated under the guise of willful and continuous
breach of Concession Agreement and RFP. The Impact of this Termination is - Trigyn is required to handover the project sites. Pay NMSCDCL the estimated termination payment amounting to INR 25,121,202.00 which includes Principal amount INR 22,239,842 + Interest amount
INR 2,881,360. Forfeit the Performance Security of Trigyn amounting to INR 11,897,273.00. However, Trigyn is in the process of challenging this Termination Notice and will invoke all the available legal remedies and challenge this incident at the appropriate forums.