Apeejay Surrendra Park Hotels Ltd Directors Report

To,

The Members

Your Directors are pleased to present the Thirty Seventh (37 th ) Annual Report on your Companys operations and performance together with the audited financial statements and the Auditors Report thereon for the financial year ended March 31, 2025.

BUSINESS OVERVIEW Financial highlights

The performance of the Company for the financial year ended March 31, 2025 on standalone and consolidated basis is summarised below:

INR in Crores

Particulars	As on March 31,	2025	As on March 31,	2024
	Consolidated	Standalone	Consolidated	Standalone
Revenue from operations	631.45	605.33	578.97	555.29
Other Income	21.90	25.34	12.74	13.00
Total revenues	653.35	630.67	591.71	568.29
Profit before Finance Charges, Tax & Depreciation (EBIDTA) including OCI	226.42	222.00	205.24	198.31
Finance Costs	(16.54)	(15.11)	(66.04)	(65.41)
Depreciation	(61.77)	(58.64)	(50.54)	(48.34)
Profit before tax	148.11	148.25	88.66	84.56
Exceptional Items	-	-	-	-
Profit/(Loss) for the year	83.60	84.93	68.77	65.78
Total comprehensive income for the year, net of tax	82.64	83.98	67.01	64.07

Indias hospitality and tourism sector experienced a significant growth in the year 2024-25, fuelled by increased foreign tourist arrivals, domestic travel and government initiatives. Your Company achieved the highest EBIDTA of INR 226.42 Crores to be among the best performing in the country. The Company reported a net profit of INR 83.60 Crores in comparison with a net profit of INR 68.77 Crores in the previous year.

The consolidated total income for the year ending March 31, 2025 was at INR 653.35 Crores against INR 591.71 Crores of the previous year.

The Company retained its leadership position in occupancy and RevPAR. The revenue from Food & Beverages increased by 6.15% from INR 250.88 Crores for FY24 to INR 266.30 Crores for FY25.

Share capital

The authorised share capital of the Company as on March 31, 2025 stood at INR 35,00,00,000 (Rupees Thirty-Five Crore Only) divided into 35,00,00,000 (Thirty-Five Crore) equity shares of face value of INR 1/- each (Rupees One Only).

As on March 31, 2025, the issued, subscribed and paid-up equity share capital of our Company stood at INR 21,33,74,246 (Rupees Twenty-One Crore Thirty- Three Lakh Seventy-Four Thousand Two Hundred Forty-Six Only) divided into 21,33,74,246 (Twenty- One Crore Thirty-Three Lakh Seventy-Four Thousand Two Hundred Forty-Six Crore) equity shares of face value of INR 1/- each (Rupees One Only).

There has been no change in the paid-up share capital of the Company from March 31, 2025 till the date of this Report.

The entire shareholding of the Company is held in dematerialised form.

Dividend

As per Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the Listing Regulations), the top 1000 listed companies based on the market capitalisation shall formulate a dividend distribution policy. Accordingly, the Dividend Distribution Policy was adopted by the Board of Directors of the Company to set out the parameters and circumstances that will be taken into account by

the Board in determining the distribution of dividend to its shareholders and / or retaining profits earned by the Company. The dividend distribution policy is available on the Companys website at .

In line with the above policy, your Directors have recommended a final dividend of INR 0.50 (i.e. 50%) per equity share of INR 1 each for the financial year ended March 31, 2025, subject to approval of members at the ensuing Annual General Meeting (AGM). The proposed dividend payout based on the outstanding number of shares as on the date of this report, will amount to approx. INR 106.687 million.

The record date for the purpose of payment of final dividend for the FY 2024-25, will be Friday, September 19, 2025. In view of the applicable provisions of the Income Tax Act, 1961, dividend paid or distributed by the Company shall be taxable in the hands of the shareholders. Your Company shall, accordingly make the payment of the final dividend after deduction of tax at source.

Change in nature of business

There was no change in the business of Company and its Subsidiary Companies during the Financial Year 2024-25.

Material changes & commitments

There were no material changes or commitments affecting financial position of the Company occurring between the dates of financial statement & the Boards Report.

Transfer to reserves

During the year, the Company has not transferred any amount to General Reserve.

Deposits

During the financial year, the Company did not accept any deposits, including from public under Chapter V of the Act. Further, no amount of principal or interest was outstanding as on the balance sheet closure date.

Transfer of amount to investor education and protection fund

There are no unclaimed dividends during the past seven years. Therefore, the Company was not required to transfer any amount and/or shares to the Investor Education and Protection Fund.

Loans, guarantees or investments

Particulars of loans given, investment made, guarantees given, if any, and the purpose for which the loan or guarantee and investment is proposed to be utilised are provided in the Notes to Financial Statement.

Board committees and meetings of the board & board committees

In compliance with the statutory requirements and best practices, the Company has constituted various committees viz. Audit & Risk Management Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, and Corporate Social Responsibility (CSR) Committee.

Apart from the above Committees, the Company has also formulated operating Committee viz. Committee of Directors to handle day to day operational matters of the Company.

During the year under review, all the recommendations made by the Committees of the Board, including the Audit Committee, were accepted by the Board.

The Board of Directors met five times during the financial year 2024-25. A detailed update on the Board, its composition, governance of various Board Committees including their detailed charters and terms of reference, number of Board and Committee meetings held during FY 2024-25 and attendance of the Directors thereat, is provided in the Report on Corporate Governance, which forms part of this Annual Report.

During the financial year 2024-25, the Company held five Board Meetings on April 26, 2024, May 28, 2024, August 14, 2024, November 11, 2024 and February 08, 2025 respectively.

Auditors and auditors report

Statutory auditors

In terms of the provisions of Section 139 of the Act, the members of the Company at the 34 th Annual General Meeting (AGM) held on September 29, 2022, approved the re-appointment of M/s S.R. Batliboi & Co. LLP, Chartered Accountants (Firm Registration No. 301003E / E-300005), as the statutory auditors of the Company for a second term of five consecutive years to hold office until the conclusion of the 39 th AGM of the Company to be held in the year 2027.

Further, they are qualified to continue as Statutory Auditors of the Company and satisfy the independence criteria in terms of the applicable provisions of the Act and Code of Ethics issued by the Institute of Chartered Accountants of India.

Statutory auditors report

The Board has duly examined the Statutory Auditors Report to the financial statements, which are selfexplanatory. The clarifications, wherever necessary, have been included in the Notes to financial statements section of this Annual Report. The report does not contain any observation, disclaimer, qualification, or adverse remarks.

The auditors have not reported any fraud u/s 143(12) of the Act, and therefore, no details are required to be disclosed under Section 134(3)(ca) of the Act.

Secretarial auditor

In accordance with the provisions of Section 204 of the Act, the Company had appointed Mr. Arup Kumar Roy, Practicing Company Secretary, Kolkata as Secretarial Auditor for the Financial Year ended March 31, 2025.

The Secretarial Auditor has submitted his report to the Board of Directors on the compliance of the Company to all the applicable provisions. The Secretarial Audit Report does not contain any qualification, reservation or adverse remarks. The Secretarial Auditors Report forms part of this Report and marked as Annexure-A.

Further, in terms of the regulatory requirements, Mr. Arup Kumar Roy, Practicing Company Secretary, has issued the Annual Secretarial Compliance Report, confirming compliance by the Company of the applicable SEBI regulations and circulars/guidelines issued thereunder.

Pursuant in term of recent amendment in Regulation 24A of the SEBI Listing Regulations, the Board of Directors of the Company at their meeting held on May 26, 2025, approved the appointment of M/s Sushil Tiwari & Associates, Practicing Company Secretary, as the Secretarial Auditors of the Company for a term of five consecutive years commencing from the financial year 2025-26 to hold office until the conclusion of the 42 nd AGM of the Company to be held in the year 2030, subject to approval of the shareholders in the ensuing Annual General Meeting. The necessary resolution for the appointment of M/s Sushil Tiwari & Associates, Practicing Company Secretary, forms part of the Notice convening the forthcoming Annual General Meeting.

Internal auditors

Pursuant to the provisions of Section 138 of the Act, the Company has appointed M/s. Ray Das & Gupta (Firm Registration No. 316182E), Chartered Accountants and M/s S S Kothari Mehta & Co. LLP, Chartered Accountants as the Internal Auditors for Financial Year 2024-25 for conducting internal audit of the Company.

Cost auditors

Maintenance of cost records as specified by the Central Government under Section 148 (1) of the Act is not applicable to the Company.

Subsidiaries, associates and joint ventures

As on March 31, 2025, the Company has three Subsidiaries, namely, Apeejay Charter Private Limited, Apeejay Hotels & Restaurants Private Limited and Apeejay North-West Hotels Private Limited.

Pursuant to Section 129(3) of the Act, read with Rule 5 of Companies (Accounts) Rules, 2014, a statement containing salient features of financial statements of subsidiaries in prescribed form AOC-1, is annexed to the consolidated financial statements of the Company which forms part of this Annual Report. The said statement also provides the details of performance and financial position of each subsidiary, associate and joint venture and their contribution to the overall performance of the Company.

The Company does not have any joint venture company or an associate company as on March 31, 2025.

In terms of the requirement of Section 136 of the Act, the financial statements of each of the subsidiary companies are available on the Companys website at .

The audited financial statements of each subsidiary, associate and joint venture companies are available for inspection at the Companys registered office. The physical copies of annual financial statements of the subsidiary companies will also be made available to the members of the Company upon request.

The Policy for determining material subsidiaries of the Company is also provided on the Companys website at . Details of material subsidiaries of the Company as per Regulation 16(1)(c) of Listing Regulations are disclosed in the Report of Corporate Governance forming part of this Annual Report.

Directors & key managerial personnel

Appointment, re-appointment and resignation

During the Financial Year, the following changes took place in the Board:

Appointments and re-appointments

Ms. Priya Paul (DIN: 00051215), Whole Time Director of the Company, retires by rotation at the forthcoming Annual General Meeting and being eligible offer

herself for re-appointment and an appropriate resolution has also been included as part of the Notice convening the forthcoming Annual General Meeting. The Board, on the recommendation of the Nomination and Remuneration Committee, recommended her reappointment at the ensuing AGM.

Ms. Priya Paul, Whole Time Director of the Company, completed her present term on May 31, 2025. The Board at its meeting held on February 08, 2025 based on the recommendation of the Nomination and Remuneration Committee and subject to the approval of shareholders, has re-appointed Ms. Priya Paul as the Whole Time Director of the Company for a further term of five (5) years with effect from June 01, 2025. Approval of shareholders was obtained by Postal Ballot by way of E-Voting, which concluded on May 04, 2025 and Scrutinisers Report was submitted on May 06, 2025.

The Board at its meeting held on February 08, 2025 based on the recommendation of the Nomination and Remuneration Committee and subject to the approval of shareholders, appointed Mr. Ranjit Kumar Pachnanda (DIN: 03358887) as an Independent Director of the Company for a term of five (5) years with effect from February 15, 2025. Approval of shareholders was obtained by Postal Ballot by way of E-Voting, which concluded on May 04, 2025 and Scrutinisers Report was submitted on May 06, 2025.

Retirement and resignation

Mr. Debanjan Mandal (DIN: 00469622), Independent Director, retired from the Board with effect from the close of business hours on February 20, 2025, upon completion of his second term of office. The Board placed on record its appreciation for the immense benefit the Company has gained from Mr. Mandal as a mentor and a guide to the Company and for giving his valuable time despite his busy schedule and contributing to the successful IPO of the Company.

During the Financial Year, there was no change in the Key Managerial Personnel.

In the opinion of the Board, all the directors, including the aforesaid directors, possess the requisite qualifications, experience, expertise, proficiency and hold high standards of integrity.

Brief resume, nature of expertise, disclosure of relationships between directors inter-se, details of directorships and Committee membership held in other companies of the Directors proposed to be appointed/ re-appointed, along with their shareholding in the Company, as stipulated under Secretarial Standard- 2 and Regulation 36 of the Listing Regulations, is appended as an Annexure to the Notice of the ensuing AGM.

Key managerial personnel (KMP)

Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of the Company as on March 31, 2025, are:

1. Mr. Vijay Dewan, Managing Director;

2. Ms. Priya Paul, Whole Time Director;

3. Mr. Atul Khosla, Chief Financial Officer; and

4. Ms. Shalini Keshan, Company Secretary and Compliance Officer.

Credit rating

As on the date of this report, ICRA Limited rated the Long-Term Rating to [ICRA]A+ (Stable), Long term - Fund-based working capital rating to [ICRA]A+, and Short Term -Non-Fund Based limit rating to [ICRA]A1. Further, ICRA Limited rated the Long term/Short term - Unallocated limit to [ICRA]A+ (Stable)/[ICRA]A1.

Annual declarations from independent directors

Pursuant to Section 149(7) of the Act, the Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Act, as amended, read with Rules framed thereunder and Regulation 16(1) (b) of the Listing Regulations. In terms of Regulation 25(8) of the Listing Regulations the Independent Directors have confirmed that they are not aware of any circumstance or situation which exists or may be reasonably anticipated that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence and that they are independent of the management.

The Independent Directors have also confirmed that they have complied with the Companys Code of Conduct and that they are registered on the databank of Independent Directors maintained by the Indian Institute of Corporate Affairs. The Directors have further confirmed that they are not debarred from holding the office of director under any SEBI order or any other such authority.

The Board is of the opinion that all the Independent Directors are persons of integrity and possess relevant expertise and experience and their continued association as Directors will be of immense benefit and in the best interest of the Company.

The Board of Directors of the Company have taken on record the aforesaid declaration and confirmation submitted by the Independent Directors.

Nomination, remuneration and board diversity policy

The Board of Directors recognises that diversity in background, gender, age, geographical representation, skills, knowledge and viewpoints enhances decision-making and supports long-term sustainable growth. We are committed to fostering an inclusive boardroom culture and maintaining a composition that reflects the diversity of the global community we serve.

In line with Section 178 of the Companies Act and the SEBI Listing Regulations, the Board has implemented a Policy on Nomination, Remuneration and Board Diversity. This policy outlines the principles for appointing Directors, Key Managerial Personnel (KMPs), Senior Management and other designated employees, along with guidelines for their remuneration structure and related disclosures.

During the reporting year, the Company undertook a thorough review of this Policy to ensure that the remuneration framework for Non-Executive Independent Directors aligns with leading global standards. The Policy can be accessed at .

Familiarisation programme

In terms of Regulation 25(7) of the Listing Regulations, the Company familiarises its Directors about their role and responsibilities at the time of their appointment through a formal letter of appointment. The format of the letter of appointment/re-appointment is available on our website at .

Annual board evaluation

In terms of the provisions of Section 178 of the Act read with Rules issued thereunder and Regulation 19 read with Part D of Schedule II of the Listing Regulations, the Board of Directors in consultation with Nomination and Remuneration Committee has formulated a framework for evaluation of the Board, Board Committees and Individual Directors including the Independent Directors, Chairman and Managing Director & Chief Executive Officer.

During the financial year, customised questionnaires were distributed to all Board members, and their responses were analysed. The results were discussed by the Board, and recommendations from the evaluation process were considered to enhance the Boards effectiveness. A detailed update on the Board Evaluation is included in the Corporate Governance report within this Annual Report.

Employee stock option plan

As on March 31, 2025, the Company has Employee Stock Option Plan 2023 in place to retain the talented employees with the approval of Shareholders of the Company. The said scheme is in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (ESOP Regulations). The Nomination and Remuneration Committee monitors the Companys ESOP scheme.

Pursuant to the provisions of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, a disclosure with respect to ESOP Plan of the Company as on March 31, 2025, is available on the website of the Company at .

During the previous year, there were no material changes in the aforesaid ESOP Scheme of the Company and the ESOP scheme is in compliance with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. A certificate from Mr. Arup Kumar Roy, Practicing Company Secretary, Kolkata, certifying that the scheme(s) are implemented in accordance with the ESOP Regulations and the resolutions passed by the Members of the Company, are available for inspection by the Members in electronic mode and copies of the same will also be available for inspection at the registered office of the Company and during the AGM.

Vigil mechanism

The Company has a Vigil Mechanism - a Whistle Blower Policy in place for its Directors and employees to report concerns and issues in accordance with Section 177(9) of the Companies Act, 2013. In terms of the said Policy, the directors and employees of the Company can make protected disclosures through a letter to the Ethics Counsellor or to the Chairman of the Audit & Risk Management Committee. The Whistle Blower Policy of the Company is disclosed on the Companys website at .

During the year ended on March 31, 2025, the Company did not receive any complaint under the scheme.

Corporate social responsibility

Your Company is committed to creating long-term sustainable value by aligning social initiatives with business objectives. Since inception, giving back to the communities that support our growth has been a priority.

In accordance with the provisions of Section 135 of the Act read with the Companies (Corporate Social

Responsibility Policy) Rules, 2014, the Company has in place a Corporate Social Responsibility Policy recommended by Corporate Social Responsibility (CSR) Committee and approved by the Board. The Policy is available on the website of the Company at .

In terms of applicable provisions of Section 135 of the Act, the Company was obligated to contribute an amount of INR 0.35 Crores towards CSR activities during FY 2024-25.

The details of the Policy and the Annual Report on Corporate Social Responsibility (CSR) activities for the financial year 2024-25 are given in the statement attached to this Report and marked as Annexure-B.

The details pertaining to the composition, meetings and terms of reference of the CSR Committee are included in the Report on Corporate Governance which forms part of the Annual Report.

Internal financial control

As required under Section 134(3)(q) of the Companies Act 2013 read with Rule 8(5)(viii) of Companies (Accounts) Rules, 2014, the Company has in place proper and adequate internal financial control system commensurate with the size, scale, complexity and nature of its business operations. Proper policies and procedures are adopted ensuring the orderly and efficient conduct of business, including safeguarding of its assets, prevention and detection of errors and frauds, accuracy and completeness of the accounting records and timely preparation of reliable financial information and the same is reviewed at regular intervals depending upon situation of business of the Company. The Companys management has assessed the effectiveness of the Companys internal financial control over financial reporting as of March 31, 2025. The Statutory Auditors of the Company have, in their Report on Internal Financial Control, certified that the same are adequate in all material respects.

Present internal financial control measures are tested over time and no material reportable weakness in the design or operation was observed. The Internal financial controls of the Company have been further discussed in detail in the Management Discussion & Analysis section.

Risk management

The Company has in place a mechanism to identify, evaluate and mitigate the operational, strategic and external environment risks to key business objectives. The Company fulfils its legal requirements as per the statute in monitoring and mitigating the risks through

regular review of its overall operations and improving work place safety continues to be the top priority. As of now, the Directors do not envisage any element of risk which may threaten the existence of the Company.

The Board of Directors has constituted the Audit & Risk Management Committee to identify key risks across the Company and prioritise relevant action plans to mitigate these risks. The Risk Management framework is reviewed periodically by the Board and the Audit & Risk Management Committee.

The details pertaining to the composition, meetings and terms of reference of the Risk Management Committee are included in the Report on Corporate Governance which forms part of the Annual Report.

Conservation of energy, technology absorption, foreign exchange earnings and outgo

The details of energy conservation, technology absorption and foreign exchange earnings and outgo as required under Section 134(3) of the Companies Act, 2013, read with the Rule 8 of Companies (Accounts) Rules, 2014 is annexed herewith as Annexure-C to this report.

Maintenance of cost records and cost audit

The Central Government has not mandated maintenance of cost records in respect of products / services of the Company under Section 148(1) of the Companies Act, 2013 and accordingly such accounts and records are not required to be maintained.

Significant and / or material orders, if any

During the year, no significant and/or material order was passed by any Regulator, any Court in India or any Tribunal impacting the going concern status and the Companys operations in future.

Adherence to the secretarial standards

During the financial year 2024-25, the Company has complied with the applicable provisions of the Secretarial Standards (SS-1 and SS-2) relating to Meetings of the Board of Directors and General Meetings issued by the Institute of Company Secretaries of India and notified by Ministry of Corporate Affairs in terms of the provisions of Section 118 of the Act.

Particulars of employees

Disclosures relating to remuneration of Directors and Employees u/s 197(12) of the Companies Act, 2013 read with Rule 5(1), 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed as Annexure-D to this report.

Related party transactions

All transactions with Related Parties, as defined under the Companies Act, 2013, were entered into in the ordinary course of business and on an arms length basis and do not attract the provisions of Section 188 of the Act. During the year, the Company had not entered into any contract / arrangement / transactions with Related Parties which could be considered as material. Thus, disclosure in Form AOC- 2 is not required.

In accordance with Indian Accounting Standards (Ind AS-24), the details of Related Party Transactions are set out in the Notes to the Standalone & Consolidated Financial Statements.

A detailed note on the procedure adopted by the Company in dealing with contracts and arrangements with Related Parties is provided in the Report on Corporate Governance, which forms part of the Annual Report.

The Policy on the Related Party Transactions is available on the website of the Company at .

Extract of annual return

As required pursuant to Section 92(3) of the Companies Act, 2013 read with rules made thereunder, the Annual Return of the Company in Form MGT-7 has been placed on the website of the Company, .

The Annual Return will be electronically submitted to the Registrar of Companies within the timelines prescribed under the Act.

Dematerialisation of shares

The Equity Shares of the Company are registered with National Securities Depository Ltd. (NSDL) & Central Depository Services (India) Limited (CDSL) for having the facility of Dematerialisation of shares and its ISIN is INE988S01028.

Business responsibility and sustainability report

In accordance with the Regulation 34(2)(f) of the Listing Regulations read with SEBI Circular no.

SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated May 10, 2021, the Business Responsibility & Sustainability Report (BRSR) for the Financial Year 2024-25, describing the initiatives taken by the Company from environmental, social and governance perspective forms part of the Annual Report.

Management discussion and analysis report

Pursuant to Regulation 34(2)(e) of the Listing Regulations, a detailed Management Discussion and Analysis Report for the Financial Year under review is presented in a separate section, forming part of the Annual Report.

Corporate governance

The Company is committed to maintain the highest standard of corporate governance and adopting the best corporate governance practices adhering to the provisions of the Listing Regulations. A detailed report on the Corporate Governance pursuant to the requirements of the Listing Regulations forms part of the Annual Report.

A certificate from the Statutory Auditors of the Company, S.R. Batliboi & Co. LLP, Chartered Accountants, confirming compliance of conditions of corporate governance as stipulated in the Listing Regulations is annexed as Annexure-E to this report.

Prevention of sexual harassment at workplace

The Company has in place the requisite Internal Complaints Committee as envisaged in the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 for providing a redressal mechanism pertaining to sexual harassment of employees at workplace. Six complaints were received and disposed off within the statutory period.

Further, details regarding the policy, including the details of the complaints received and disposed-off are provided in the Report on Corporate Governance and Business Responsibility & Sustainability Report, which forms part of this Annual Report.

Statement containing additional information as required under schedule V of the act

A statement containing additional information, as required under Clause IV of Section II of Part II of Schedule V of the Companies Act, 2013, is provided in the Report on Corporate Governance, which forms part of this Integrated Annual Report.

Directors responsibility statement

Pursuant to Section 134(5) of the Companies Act,

2013, the Directors to the best of their knowledge and

belief confirm that;

I. in preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanations relating to material departures;

II. the Directors had selected 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 at the end of the financial year and of the profit of the company for that period;

III. t he Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of this Act for safeguarding the assets of the Company and for detecting fraud and other irregularities;

IV. the Directors had prepared the annual accounts on a going concern basis;

V. the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate & operating effectively; and

VI. the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Other disclosures

There is no proceeding pending under the Insolvency and Bankruptcy Code, 2016.

There was no instance of onetime settlement with any Bank or Financial Institution.

The Company does not have any holding company.

The Managing Director & CEO and the Chairperson of the Company do not receive any remuneration or commission from the subsidiary companies.

The other disclosures not commented upon in this report, pursuant to Section 134 of the Companies Act, 2013 read with rules, are not applicable to the Company for the financial year under review.

Appreciation

The Board wishes to place on record its sincere appreciation and gratitude to the Government of India and State Governments, various Government Agencies and Regulatory Authorities, Banks, other business associates, vendors and the valued customers for their continued support and confidence in the Company. Your Directors also take this opportunity to thank all employees for sharing the Companys vision and philosophy and for their commitment, dedication and co-operation.