Navigant Corporate Advisors Ltd (\Manager to the Offer\) has submitted to BSE a copy of Recommendations of the Committee of Independent Directors (IDC) on the Open Offer to the Shareholders of Banganga Paper Industries Ltd (\Target Company\) under regulation 26 (7) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and subsequent amendments thereto (\SEBI (SAST) Regulations\).