Aanchal Ispat Ltd Directors Report

To the Members,

The Hon ble National Company Law Tribunal (NCLT), Kolkata Bench, admitted the application
for initiation of the Corporate Insolvency Resolution Process (CIRP) of the Company under the
Insolvency and Bankruptcy Code, 2016 (IBC) vide order dated 12th September 2023. Pursuant to
Section 17 of the IBC, the powers of the Board of Directors were suspended and vested with Mr.
Sriram Mittal, who was appointed as the Interim Resolution Professional (IRP).

Thereafter, the Committee of Creditors (CoC), in its meeting held on 11th October 2023, resolved
with 100% voting share to appoint Mr. Santanu Brahma as the Resolution Professional (RP), which
was approved by the NCLT on 17th November 2023.

In accordance with SEBI Notification No. SEBI/LAD-NRO/GN/2018/21 dated 31st May 2018, the
provisions relating to the Board of Directors and its committees under Regulations 17 to 21 of the
SEBI (LODR) Regulations, 2015 were not applicable during the CIRP.

The IRP issued a public announcement on 15th September 2023 inviting claims from creditors, and
the RP filed the list of creditors with the Adjudicating Authority on 5th October 2023. During the
CIRP, a total of 21 CoC meetings were held—3 under the IRP and 18 under the RP.

A provisional list of three eligible applicants including Mr. Mukesh Goel, Promoter and erstwhile
Director of the Corporate Debtor, was issued on 24th January 2024 and finalized on 8th February
2024., All three applicants were included in the final list on 11th March 2024.

Resolution Plans were evaluated based on the approved Evaluation Matrix and valuation summary
provided by Registered Valuers. After due consideration, the Resolution Plan submitted by Mr.
Mukesh Goel was approved unanimously (100% voting) by the CoC on 6th June 2024, in
accordance with Section 30(4) of the IBC.

The Resolution Plan was filed with NCLT on 7th June 2024 and subsequently approved by the
Hon ble NCLT on 27th March 2025 under Section 31 of the Code.

Following the approval, the Board of Directors was reconstituted on 10th April 2025 by the
Successful Resolution Applicant, and management control of the Company was transferred to the
newly constituted Board. A Monitoring Committee was also formed on 23rd April 2025 to oversee
the implementation of the approved Resolution Plan.

We hereby present 30^th Boards Report of Aanchal Ispat Limited (the Company) along with the
audited financial statements for the financial year ended March 31, 2025.

1. FINANCIAL RESULTS

In compliance with the provisions of the Companies Act, 2013 (Act), and SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (Listing Regulations) the Company has prepared its
financial statements as per Indian Accounting Standards (Ind AS) for the FY 2024-25. The highlights
of the financial results of the Company, extracted from the financial statements for the FY 2024-25 and
previous FY 2023-24, are as under:

(in lakhs
PARTICULARS	2024-2025	2023-2024
Sales and other operating Income	15130.13	10,939.05
Earnings before Interest, Tax, Depreciation & amortization (EBITDA)	(469.51)	(321.55)
Finance costs	1.56	351.46
Depreciation and amortization expenses	64.31	62.99
Profit/ (loss) before tax	(535.38)	(736.00)
a) Current Tax	-	-
b) Current Tax Expense relating to Prior Years	-	-
c) Deferred Tax	(450.53)	(129.40)
Profit/(loss) for the period	(1340.23)	(624.82)

2. RESULTS OF OPERATIONS AND STATE OF THE COMPANYS AFFAIRS:

The Companys revenue in FY 2024-25 was Rs. 15,130.13 lakhs compare to Rs. 10,939.05 lakhs in
the previous financial year. EBIDTA stood at Rs. (469.51) lakhs in FY 2024-25 compared to Rs.
(339.76) lakhs in the previous financial year. The Company reported a post-tax loss of Rs. 1340.23
lakhs in FY 2024-25 compared to a post-tax loss of Rs. 624.81 lakhs in the previous financial year.

3. TRANSFER TO RESERVES

The Company has not transferred any amount to the Reserves for the year ended 31st March, 2025.

4. DIVIDEND

The company has not recommended the payment of any dividend on equity shares for the year ended
31st March, 2025.

5. CHANGE IN THE NATURE OF BUSINESS

The company is engaged in manufacturing of a wide range of, MS Rounds & Angles, besides Trading
of Steel Products etc. There has been no change in the nature of business of the Company.

6. SHARE CAPITAL

The paid up Equity Share Capital as at March 31, 2025 stood at 20.85 cores. During the year under
review, the Company has not issued shares or convertible securities or shares with differential voting
rights nor has granted any stock options or sweat equity or warrants. As on March 31, 2025, none of
the Directors of the Company hold instruments convertible into Equity Shares of the Company.

* Pursuant to the order of the Honble NCLT and in accordance with Part-B of the approved Resolution
Plan, the share capital of the Company is to be restructured as follows:

> Cancellation of all equity shares held by the Promoters and Promoter Group;

> Reduction of the face value of equity shares from ?10/- each to W.10 each;

> Post-reduction, consolidation of equity shares to a face value of ?10/- each;

> Allotment of 26,90,723 equity shares of ?10/- each, aggregating to ?2,69,07,230/-, to Mr.
Mukesh Goel, the Successful Resolution Applicant, and his representatives, by way of equity
infusion.

After the re-structuring, the paid-up share capital of the company will be as follows:

Shareholders	No. of Shares	Share Capital (In Rs.)	Shareholding %
Promoter and Promoter Group	26,90,723	2,69,07,230	94.96
Public Shareholders	1,42,608	14,26,080	5.04
Total	28,33,331	2,83,33,310	100%

The newly constituted Board of Directors fixed 30th April 2025 as the record date for executing the
restructuring and has initiated necessary applications and statutory filings for implementation. Upon
receipt of requisite approvals, the revised share capital will be reflected across all statutory portals
and on the Companys website.

7. ANNUAL RETURN

As provided under Section 92(3) and 134(3)(a) of the Act, read with Rule 12 of Chapter VII Rules of
the Companies (Management and Administration) Amendment Rules, 2021, Annual Return in Form
MGT-7 for FY 2023-2024 is uploaded on the website of the Company i.e. www.aanchalispat.com.

8. DEPOSITS

The Company has not accepted any public deposit during the year under review and no amount against
the same was outstanding at the end of the year.

9. SUBSIDIARIES. JOINT VENTURES AND ASSOCIATE COMPANIES

The company is not having a holding or subsidiary company during the year and no other company has
become a holding/subsidiary/ joint venture.

10. SECRETARIAL STANDARDS OF ICSI

The Ministry of Corporate Affairs has mandated SS-1 and SS-2 with respect to board/committee
meetings and general meetings respectively.

11. REGULATORY STATEMENT

In conformity with the provision of regulation 34(2) (c) of SEBI (LODR), Regulations 2015, the Cash
Flow Statement for the year ended 31.03.2025 is annexed hereto. The equity shares of the Company are
listed on the BSE Ltd.

12. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS, AND OUTGO

As required under Section 134 (3) (m) of the Act read with Rule 8 of The Companies (Accounts) Rules,
2014, particulars relating to conservation of Energy, R & D, Technology absorption, and foreign
exchange earnings/outgo are separately provided in the annexure to this report as (Annexure - "A").

13. MANAGEMENTS DISCUSSION AND ANALYSIS REPORT

As per the terms of Regulation 34(2) read with Schedule V of SEBI Listing Regulations, Managements
Discussion and Analysis Report for the year under review is presented in a separate section forming
part of the Annual Report.

14. DIRECTORS AND KEY MANAGERIAL PERSONNEL

The Company was admitted into the Corporate Insolvency Resolution Process (CIRP) pursuant to the
order of the Honble National Company Law Tribunal, Kolkata Bench dated 12th September, 2023,
under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). Consequently, in accordance
with Section 17(1)(b) of the IBC, the powers of the Board of Directors were suspended and vested with
Mr. Santanu Brahma, who was appointed as the Resolution Professional (RP).

Subsequently, the Honble NCLT, Kolkata Bench, by its order dated 27th March, 2025, approved the
Resolution Plan submitted by Mr. Mukesh Goel, the Successful Resolution Applicant (SRA), under
Section 31 of the IBC. In accordance with the terms of the approved Resolution Plan, all existing
directors ceased to hold office with effect from the date of the approval, i.e., 27th March, 2025.

Accordingly, the following Directors and KMPs vacated their respective offices effective 27th March,
2025:

Sl. Name No.	DIN	Designation
1. Mr. Mukesh Goel	00555061	Managing director
2. Mr. Manoj Goel	00554986	Director
3. Ms. Nilu Nigania	08203037	Independent Director
4. Mr. Mukesh Agarwal	06954595	Independent Director
5. Ms. Shikha Jaiswal "V*1	09733093	Independent Director

Following the approval of the Resolution Plan, and in accordance with its terms, the Board of Directors
was reconstituted by the Successful Resolution Applicant on 10th April, 2025, as under:

Sl. Name and DIN of No. Directors	Designation	Date of Appointment
1 Mr. Mukesh Goel, 00555061	Managing director	10.04.2025
2 Mr. Manoj Goel, 00554986	Non-executive director	10.04.2025
3 Mr. Nilu Nigania, 08203037	Non-Executive Independent Director	10.04.2025
4 Ms. Chetna, 08981045	Non-Executive Independent Director	10.04.2025

All the above-mentioned Directors have submitted declarations confirming that they are not disqualified
from being appointed as Directors in terms of Section 164(2) of the Companies Act, 2013, read with
Rule 14(1) of the Companies (Appointment and Qualification of Directors) Rules, 2014.

Further, pursuant to Section 203 of the Companies Act, 2013, read with the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, the following personnel have been designated
as Key Managerial Personnel (KMPs) of the Company:

• Mr. Mukesh Goel - Managing Director

• Mr. Mukesh Kumar Agarwal - Chief Financial Officer

• Mr. Puspendu Kayal - Company Secretary

The reconstitution of the Board and appointment of KMPs were carried out in compliance with the
terms of the approved Resolution Plan and applicable provisions of the Companies Act, 2013 and SEBI
(LODR) Regulations, 2015.

15. RETIREMENT BY ROTATION AND SUBSEQUENT RE-APPOINTMENT

In accordance with the provisions of Section 152 and other applicable provisions, if any, of the Act
(including any statutory modification(s) or re-enactment(s) thereof for the time being in force) and the
Articles of Association of the Company, Mr. Manoj Goel, Director, is liable to retire by rotation at the
ensuing AGM and being eligible have offered himself for re-appointment. A resolution seeking
shareholders approval for his re-appointment along with other required details forms part of the Notice.

The Managing Director & CEO and Independent Directors of the Company are not liable to retire by
rotation.

16. DECLARATION BY INDEPENDENT DIRECTORS

Pursuant to the approval of the Resolution Plan submitted by Mr. Mukesh Goel, the Successful
Resolution Applicant (SRA), as approved by the Honble National Company Law Tribunal (NCLT),
Kolkata Bench vide its order dated 27th March, 2025, the SRA reconstituted the Board of Directors on
10th April, 2025. As part of the reconstitution, the following two Non-Executive Independent Directors
were appointed to ensure compliance with the statutory composition requirements:

1. Ms. Nilu Nigania (DIN: 08203037)

2. Ms. Chetna (DIN: 08981045)

The Company has received declarations from both the above-mentioned Independent Directors
confirming that they meet the criteria of independence as prescribed under Section 149(6) of the
Companies Act, 2013, read with the rules made thereunder, and Regulation 16(1) (b) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.

17. NUMBER OF MEETINGS OF THE BOARD

During the year under review, no meetings of the Board of Directors were held, as the Company was
under the Corporate Insolvency Resolution Process (CIRP) pursuant to the order of the Honble
National Company Law Tribunal (NCLT), Kolkata Bench, with effect from 12th September, 2023. Mr.
Santanu Brahma was appointed as the Resolution Professional to manage the affairs of the Company
during the CIRP period in accordance with the provisions of the Insolvency and Bankruptcy Code,
2016.

However, during the CIRP and until the approval of the Resolution Plan by the Honble NCLT, Kolkata
Bench on 27th March, 2025, the Committee of Creditors (CoC) convened a total of 21 meetings.

18. NOMINATION AND REMUNERATION POLICY

The salient features of the Nomination and Remuneration Policy of the Company are set out in the
Corporate Governance Report which forms part of this Annual Report. The said Policy of the Company,
inter alia, provides that the Nomination and Remuneration Committee shall formulate the criteria for
appointment & re-appointment of Directors on the Board of the Company and persons holding Senior
Management positions in the Company, including their remuneration and other matters as provided
under Section 178 of the Act and Listing Regulation.

19. BOARD EVALUATION

The Board of Directors of the company were suspended pursuant to the Honble NCLT, Kolkata bench
order for admission of Corporate Insolvency Resolution Process (CIRP) under the Insolvency
Bankruptcy Code, 2016 w.e.f September 12, 2023.

The Honble NCLT, Kolkata bench approved the resolution plan on 27^th March, 2025. Pursuant to the
said approval, a new Board of director has been constituted. Accordingly, the Company has adopted a
revised Board Evaluation policy with effect from 18^th of April, 2025.

Though the Company is under CIRP, the Company has developed a robust familiarization process for
the newly appointed directors with respect to their roles and responsibilities, way ahead of the
prescription of the regulatory provisions. The process has been aligned with the requirements under the
Act and other related Regulations. This process inter-alia includes providing an overview of the
Companys business model, the risks and opportunities etc. Details of the Familiarization Programme
are also available on the Companys website at http://www.aanchalispat.com/policies-
25/Performance%20Evaluation.pdf.

20. COMMITTEES

Upon approval of the Resolution Plan by the Honble NCLT on 27^th march, 2025, the Board of
Directors reconstituted its committees on 18^th April, 2025, including the Audit Committees,
Nomination and Remuneration Committee, and stakeholders Relationship Committee.

All recommendations made by the reconstituted committees during the year were approved by the
Board. A detailed note on the composition of the Board and its committees is provided in the corporate
governance report.

> AUDIT COMMITTEE

Since 12th September 2023, the powers of the Board of Directors stood suspended and were
exercised by the erstwhile Resolution Professional during the Corporate Insolvency
Resolution Process (CIRP), until the approval of the Resolution Plan by the Honble
National Company Law Tribunal (NCLT), Kolkata Bench, pursuant to its order dated 27th
March 2025.

The Audit Committee had not met in the financial year 2024-25.

However, after the closure of Financial Year 2024-25 and pursuant to the above referred
approved Resolution Plan, the Board of Directors reconstituted the Audit committee of the
Company w.e.f. 18^th April, 2025 by appointing following directors:

Name	Position Held	Designation in the Board
Ms. Nilu Nigania	Chairperson	Non-Executive Independent Director
Ms. Chetna	Member	Non-Executive Independent Director
Mr. Manoj Goel	Member	Non-Executive Director

The Audit Committee ensures an effective internal control system. The Company Secretary
of the Company is the Secretary of the Committee.

> NOMINATION AND REMUNERATION COMMITTEE

Since 12th September 2023, the powers of the Board of Directors stood suspended and were
exercised by the erstwhile Resolution Professional during the Corporate Insolvency
Resolution Process (CIRP), until the approval of the Resolution Plan by the Honble
National Company Law Tribunal (NCLT), Kolkata Bench, pursuant to its order dated 27th
March 2025.

However, after the closure of Financial Year 2024-25 and in terms of above referred
approved Resolution Plan, the Board of Directors reconstituted the Nomination and
Remuneration Committee of the Company w.e.f. 18.04.2025 by appointing following
directors:

Name	Position Held	Designation in the Board
Ms. Nilu Nigania	Chairman	Non-Executive Independent Director
Ms. Chetna	Member	Non-Executive Independent Director
Mr. Manoj Goel	Member	Non-Executive Director

The Company Secretary of the Company is the Secretary of the Committee.

> STAKEHOLDERS RELATIONSHIP COMMITTEE

Since 12th September 2023, the powers of the Board of Directors stood suspended and were
exercised by the erstwhile Resolution Professional during the Corporate Insolvency
Resolution Process (CIRP), until the approval of the Resolution Plan by the Honble
National Company Law Tribunal (NCLT), Kolkata Bench, pursuant to its order dated 27th
March 2025.

However, after the closure of Financial Year 2024-25 and in terms of above referred
approved Resolution Plan, the Board of Directors reconstituted the Nomination and
Remuneration Committee of the Company w.e.f. 18.04.2025 by appointing following
directors:

Name	Position Held	Designation in the Board
Ms. Nilu Nigania	Chairman	Non-Executive Independent Director
Mr. Mukesh Goel	Member	Executive Director
Mr. Manoj Goel	Member	Non-Executive Director

The Company Secretary of the Company is the Secretary of the Committee.

21. SEPARATE MEETING OF INDEPENDENT DIRECTORS

Due to the Corporate Insolvency Resolution Process (CIRP) there could not be any separate meeting
of the Independent Directors during the FY 2024-2025.

22. FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS

All independent directors inducted into the Board are familiarized with the operations and functioning
of the Company. The details of the training and familiarization program are provided in the Corporate
Governance report.

23. DIRECTORS RESPONSIBILITY STATEMENT

In compliance with the provisions of Section 134(5) of the Companies Act, 2013 the suspended Board
of Directors to the best of their knowledge and hereby confirm the following:

(a) in the preparation of the annual accounts for the financial year ended 31^st March 2025, the
applicable accounting standards had been followed along with proper explanation relating to
material departures;

(b) Selection of such accounting policies and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs
of the company as at 31^st March, 2025 and profit and loss account of the Company for that
period;

(c) Taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the
company and for preventing and detecting fraud and other irregularities;

(d) The annual accounts are prepared on a going concern basis; and

(e) The company had laid down internal financial controls to be followed by the company and that
such internal financial controls are adequate and were operating effectively.

(f) Devised proper systems to ensure compliance with the provisions of all applicable laws and
that such systems were adequate and operating effectively.

24. AUDITORS & AUDITORS REPORT

Statutory Auditors

M/s Rajesh Jalan & Associates, Chartered Accountants, Kolkata (Firm Registration No. 326370E), were
appointed as the Statutory Auditors of the Company for a term of five years at the 25th Annual General
Meeting held on 15th December, 2020, in accordance with the provisions of the Companies Act, 2013.

The Statutory Auditors have issued an unmodified opinion on the Financial Statements of the Company
for the financial year ended 31st March, 2025. The Auditors Report for the said financial year forms
part of this Annual Report.

The Board of Directors, based on the recommendation of the Audit Committee, will decide on the re-
appointment of M/s Rajesh Jalan & Associates as the Statutory Auditors of the Company for a further
term of five years, subject to the approval of the Members at the ensuing 30th Annual General Meeting.

A resolution for the re-appointment of the Statutory Auditors shall accordingly be included in the Notice
convening the 30th AGM for approval by the Members.

Cost Auditor

Pursuant to Section 148 of the Act, read with the Companies (Cost Records and Audit) Rules, 2014 and
amendments thereof, the Company is required to maintain cost accounting records in respect of certain
specified products, and accordingly, such accounts and records are made and maintained in the
prescribed manner. The cost accounting records maintained by the Company are required to be audited
and, accordingly, M/s. Rana Ghosh & Co were appointed Cost Auditors for FY 2024-25.

The Board of Directors to re-appoint M/s. Rana Ghosh & Co Cost Accountant, as Cost Auditors for
auditing the cost records of the Company for the financial year 2025-26. The Act mandates that the
remuneration payable to the Cost Auditor is ratified by the shareholders. Accordingly, a resolution
seeking ratification of the shareholders for the remuneration payable to the Cost Auditors for the
financial year 2025-26 is included in the Notice convening the 30^th Annual General Meeting.

Internal Auditor

The Company appointed M/s Sailesh Agarwal & Associates LLP (FRN: E300263 ) for the FY 2024-25
an Independent firm of Chartered Accountants to act as an Internal Auditor as per the suggestion of
auditors and the recommendation of the Audit Committee in the Board Meeting held on 9^th June, 2023
in order to strengthen the internal control system for the Company.

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company appointed M/s
Manisha Saraf & Associates, Practicing Company Secretaries, as its secretarial auditor to undertake the
Secretarial Audit for FY 2024-25. The Company has received consent from M/s. Manisha Saraf &
Associates to act as the auditor for conducting an audit of the secretarial records for the financial year
ending 31st March, 2025. The secretarial audit report certified by the secretarial auditors, in the specified
form MR-3 is annexed herewith and forms part of this report (Annexure -"B"). The secretarial audit
report does not contain any qualifications, reservations, or adverse remarks.

25. CODE OF CONDUCT

The Code of Conduct of Directors, KMP‘s and Senior executive of the Company is already in force and
the same has been placed on the Companys website www.aanchalispat.com and the declaration for the
affirmation with the same forms a part of this report.

26. CORPORATE GOVERNANCE

Your Company has practice sound Corporate Governance and taken necessary actions at appropriate
times for enhancing and meeting stakeholders expectations while continuing to comply with mandatory
provisions of Corporate Governance. Your Company has complied with the requirements of all
applicable regulations read with Schedule-V of SEBI Listing regulations as issued by SEBI and
amended from time to time.

A report on Corporate Governance along with certificate from M/s Rajesh Jalan & Associates, Chartered
Accountants, regarding the compliance of conditions is presented in a separate section forming part of
the Annual Report.

27. POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF REMUNERATION
AND DISCHARGE OF THEIR DUTIES

The policy of the Company on Directors appointment and remuneration, including criteria for
determining qualifications, independence, and other matters is as provided under subsection(3) of
Section 178 of the Companies Act, 2013 is available on the companys website at
www. aanchalispat. com.

28. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

The particulars of employees as required under Section 197 (12) of the Act read with Rule 5 (1)of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, (as amended) are
given in separate annexure attached hereto as (Annexure-"C" ) and forms a part of this report.

Further stating there were no such employees drawing remuneration in excess of the limits set out in
Section 197 (12) of the Companies Act, 2013 read with Rule 5(2) & 5 (3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014.

29. DETAILS OF RELATED PARTIES TRANSACTIONS PURSUANT TO SECTION 188(1) OF
THE COMPANIES ACT, 2013

During the financial year, all transactions entered into with the Related Parties as defined under the
Companies Act, 2013, were in the ordinary course of business on arms length basis and as such did not
attract provisions of Section 188 (1) of Companies Act, 2013. The company has formulated a policy on
related party transactions. Particulars of related party transactions pursuant to Section 134(3) (h) of the
Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 in Form AOC-2 is attached at
Annexure - "D". Approvals from the Audit Committee are obtained even for transactions which are in
the ordinary course of business and repetitive in nature. Further, on a quarterly basis, disclosures are
made to the Audit Committee and to the Board in its meetings. Details of related party transactions are
given in the notes to financial statements.

30. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION
186 OF THE COMPANIES ACT, 2013

Details of loans, guarantees, and investments under the provisions of Section 186 of the Act read with
the Companies (Meetings of Board and its Powers) Rules, 2014, as on 31st March, 2025, are set out in
Note 3 to the Financial Statements of the Company.

31. RISK MANAGEMENT POLICY

The risk management strategy of your Company is based on a clear understanding of various risks, and
adherence to well-laid-out risk policies and procedures that are benchmarked with industry best
practices. The Company has developed robust systems and embraced adequate practices for identifying,
measuring, and mitigating various risks - business, strategic, operational, market, credit, liquidity,
reputational and process risks - and ensuring that they are maintained within pre-defined risk appetite
levels.

32. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

The Company has not developed and implemented any Corporate Social Responsibility initiatives as
the provisions of section 135 of the Companies Act, 2013 along with Companies (Corporate Social
Responsibility Policy) Rules, 2014 as they are not applicable.

33. WHISTLE BLOWER POLICY

The Company has established an effective Whistle blower policy (Vigil mechanism) and procedures for
its Directors and employees whereby employees, directors and other stakeholders can report matters
such as generic grievances, corruption, misconduct, fraud, misappropriation of assets, and non-
compliance with code of conduct to the Company. The policy safeguards the whistle blowers to report
concerns or grievances and also provides direct access to the Chairman of the Audit Committee. During
the year under review, none of the personnel has been denied access to the Chairman of the Audit
Committee. This policy is available on Companys website www. aanchalispat. com.

34. CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING

The Company has also adopted the Code of Practice and Procedures for Fair Disclosure of Unpublished
Price Sensitive Information ("the Code") in line with the SEBI PIT Regulations.

35. INTERNAL FINANCIAL CONTROLS

The Company has adopted policies and procedures for ensuring the orderly and efficient conduct of its
business, including adherence to the Companys Policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of accounting records, and the timely
preparation of financial disclosures.

The Company has an Internal Control System commensurate with the size, scale and complexity of its
operations. These are routinely tested and certified by Statutory as well as Internal Auditor. Significant
audit observations and corrective action are reported to the Audit Committee.

The concerned executives monitors and evaluates the efficacy and adequacy of internal control system
in the Company, its compliance with operating systems, accounting procedures and policies at all
locations of the Company. Based on the report of internal audit function, process owners undertake
corrective action in their respective areas and thereby strengthen the controls. Significant audit
observations and corrective actions thereon are presented to the Audit Committee.

36. INSURANCE

The Company has taken appropriate insurance for all assets against foreseeable perils.

37. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION. PROHIBITION. AND REDRESSAL) ACT, 2013

There were no complaints pending for the redresses at the beginning of the year and no complaints
received during the financial year.

38. COURT/TRIBUNAL ORDERS

There were no instances of any significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and the Companys operations in the future.

39. MATERIAL CHANGES AFFECTING THE COMPANY

There are no material changes and commitments affecting the financial position of the Company
between the end of the financial year and the date of this report.

There has been no change in the nature of business of the Company.

40. APPRECIATION

The management thank the shareholders for their continued support and they would like to place on
record their appreciation for the dedicated services rendered by the Employees at all levels.

We thank our customers, vendors, dealers, investors, business associates and bankers for their
continued support during the year.

We place on record our appreciation of the contribution made by the employees at all levels. Our
resilience to meet challenges was made possible by their hard work, solidarity, co-operation and
support.

On behalf of the Board of Directors of

Aanchal Ispat Limited

 

Sd/-

Mukesh Goel

(Managing Director)

DIN:00555061

 

Place: Howrah

Date: 30.05.2025