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Falguni Nayar Family Trust, along with Persons Acting in Concert, has confirmed that they have not created any encumbrance or pledge on shares of FSN E-Commerce Ventures Limited during the financial year ending March 31, 2025. As of that date, no shares held by them are encumbered or pledged. This assures shareholders that promoter holdings remain free of any liens, supporting confidence in the promoter’s stake stability.