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<!--ANNAgreement V1.0 (10-04-2026)-->
<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2024-04-30/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Announcement_For_Agreements/2024-04-30/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Announcement_For_Agreements/2024-04-30/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-type="https://www.sebi.gov.in/xbrl/2024-04-30/in-capmkt-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2024-04-30.xsd"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">MUKTAARTS</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-12</xbrli:startDate><xbrli:endDate>2026-08-12</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">MUKTAARTS</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-12</xbrli:instant></xbrli:period></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">MUKTAARTS</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">Mukta Arts Limited</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:TypeOfAgreement contextRef="MainI">Shareholder agreements</in-capmkt:TypeOfAgreement><in-capmkt:StageOfAgreement contextRef="MainI">Others</in-capmkt:StageOfAgreement><in-capmkt:DetailsOfOtherStageOfAgreement contextRef="MainI">In the process of execution</in-capmkt:DetailsOfOtherStageOfAgreement><in-capmkt:AgreementsEnteredIntoBy contextRef="MainD">Listed Entity</in-capmkt:AgreementsEnteredIntoBy><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="MainD">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEvent contextRef="MainI">2026-08-12</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainD">17:32:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:WhetherTheListedEntityIsPartyToTheAgreement contextRef="MainD">true</in-capmkt:WhetherTheListedEntityIsPartyToTheAgreement><in-capmkt:DateOfReport contextRef="MainI">2026-08-12</in-capmkt:DateOfReport><in-capmkt:DetailsOfOtherStageOfTheAgreement contextRef="MainI">In the process of execution</in-capmkt:DetailsOfOtherStageOfTheAgreement><in-capmkt:DateOfInitialDisclosureOfTheExecutionOfTheAgreementToTheStockExchangeForOtherStageOfTheAgreement contextRef="MainI">2026-08-12</in-capmkt:DateOfInitialDisclosureOfTheExecutionOfTheAgreementToTheStockExchangeForOtherStageOfTheAgreement><in-capmkt:DetailsOfReasonAndImpactForOtherStageOfTheAgreement contextRef="MainI">NA</in-capmkt:DetailsOfReasonAndImpactForOtherStageOfTheAgreement><in-capmkt:OtherInformationForOtherStageOfTheAgreement contextRef="MainI">1. Details of the counterparties (including name and relationship with the listed entity) - &lt;BR&gt; 
Mukta A2 Cinemas Private Limited (“Mukta A2”) is a Subsidiary Company.Mr. Rajiv Malhotra, Shareholder of Mukta A2 , Mr. Sunil Shamrao Patil (“Proposed Investor”) being Investor in Mukta A2 is not related with the Company.  &lt;BR&gt; 
 &lt;BR&gt; 
2. Purpose of entering into the Agreement - &lt;BR&gt; 
To bring investment in Mukta A2, the Company and Mr. Rajiv Malhotra being the Shareholders of Mukta A2 will be entering into the Securities Subscription Agreement and Shareholders  agreement wherein the proposed Investor agrees to invest for an amount upto Rs. 10 crores.  &lt;BR&gt; 
 &lt;BR&gt; 
3. Shareholding, if any, in the entity with whom the agreement is executed  - &lt;BR&gt; 
Currently, the Company holds 70% and Mr. Rajiv Malhotra holds 30% stake in Mukta A2.  &lt;BR&gt; 
 &lt;BR&gt; 
4. Significant terms of the agreement (in brief) - &lt;BR&gt; 
The proposed investor has expressed his willingness to invest by himself or through its affiliates in Mukta A2 for an amount upto Rs. 10 crores against which Mukta A2 will issue equity shares and Compulsorily Convertible Debentures (“Securities”) to the proposed investor or any of its affiliates as may be agreed.  &lt;BR&gt; 
 &lt;BR&gt; 
5. Extent and the nature of impact on management or control of the listed entity - &lt;BR&gt; 
Post execution of the aforesaid transaction, Mukta A2 shall cease to be  Subsidiary of the Company and will become an Associate Company and  the shareholding of Mukta Arts Limited in MA2 will be diluted to  approx. between 49% to 42%. However, there is no impact on management or control of the listed entity. &lt;BR&gt; 
 &lt;BR&gt; 
6. Details and quantification of the restriction or liability imposed upon the listed entity - &lt;BR&gt; 
The Company shall not transfer any part of its shareholding in Mukta A2 to a third party without the prior written consent of the Proposed Investor. &lt;BR&gt; 
 &lt;BR&gt; 
7. Whether the said parties are related to promoter / promoter group / group companies in any manner. If yes, nature of relationship - &lt;BR&gt; 
The Company and Mukta A2 are Related Parties. Further, as on date the Proposed Investor is not Related Party of the Company and Mukta A2. &lt;BR&gt; 
 &lt;BR&gt; 
8. Whether the transaction would fall within Related Party Transactions? If yes, whether the same is done at “arm’s length”-  Transaction  may fall within Related Party Transactions and will be done at Arm’s length basis. &lt;BR&gt; 
 &lt;BR&gt; 
9. In case of issuance of shares to the parties, details of issue price, class of shares issued-	 &lt;BR&gt; 
The Company will not issue any share to any of the Parties. Mukta A2 will issue Equity Shares and Compulsorily Convertible Debentures to the proposed investors or its affiliates for an amount upto Rs. 10 crores.  &lt;BR&gt; 
 &lt;BR&gt; 
10. Any other disclosure related to such agreements, viz., details of nominee on the Board of Directors of the listed entity, potential conflict of interest arising out of such agreements, etc.;-	 &lt;BR&gt; 
No Nominee Director shall be appointed on the Board of Directors of the Company.  &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
 &lt;BR&gt; 
  &lt;BR&gt; 
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