AVATAR Industries Ltd Directors Report

1. Financial Summary:

Financial performance of the Company for the year ended 31st March, 2026, is summarized below:

(Amount Rs. in Lakhs)

Particulars	Standalone 2025-26	Standalone 2024-25	Consolidated 2025-26	Consolidated 2024-25
Revenue from Operations	0.00	0.00	10287.38	0.00
Other Income	67.58	36.32	67.58	36.32
Total Revenue	67.58	36.32	10354.97	36.32
Total Expenses	13.73	26.90	10307.13	26.90
Profit Before Tax and Prior Period Charges	53.85	9.41	47.84	9.41
Prior Period Items	0.00	0.00	0.00	0.00
Tax Expenses:
Current tax	14.50	0.85	14.50	0.85
Deferred tax	0.00	0.00	0.00	0.00
Prior Period Adjustment for Taxes	(3.98)	0.00	(3.98)	0.00
Profit After Tax	43.33	8.56	37.32	8.56

2. Highlights of the Performance:

During the financial year 2025-26, the Company recorded Other Income of 67,58,436/- as against 36,31,502/- in the previous year. The Company also reported a Profit After Tax of 43,33,188.54/- compared to 8,56,153.90/- in the previous financial year, reflecting a significant improvement in its overall financial performance.

3. Consolidated Financials:

As required under the SEBI Listing Regulations and in line with the Indian Accounting Standard (Ind AS) 110, the Consolidated Financial Statements (CFS) of the Company and its subsidiaries form part of the Annual Report and are reflected in the CFS of the Company.

4. Subsidiaries and Associates:

As on 31st March 2026, the Company had two subsidiaries, namely ASL E-Ventures Private Limited and ASL Infineon Private Limited. Pursuant to the provisions of Section 129(3) of the Companies Act, 2013, a statement containing the salient features of the financial statements of the Companys subsidiaries in Form AOC-1 is annexed to the financial statements of the Company.

Subsequent to the closure of the financial year, the Company incorporated a wholly owned subsidiary, namely AVATAR AI MindLab Private Limited, on 28th July 2026.

During the financial year under review, the Company did not have any Associate Company or Joint Venture.

5. Share Capital:

As on 31st March, 2026, the Authorized Share Capital of the Company stood at INR 11,00,00,000/- (Indian Rupees Eleven Crore only) divided into 1,10,00,000 (One Crore Ten Lakhs) Equity Shares of Rs. 10/- each. The paid-up Equity Share Capital of your company stood at Rs.10,41,70,900/- (Indian Rupees Ten Crore Forty-One Lakhs Seventy Thousand Nine Hundred only) divided into 1,10,00,000 (One Crore Ten Lakhs) Equity Shares of Rs. 10/- each.

The Company has not issued any equity shares with differential rights as to dividend, voting or otherwise, during the year under review.

The Company has not issued any sweat equity shares to its directors or employees during the period under review.

The Company has not issued any equity shares with differential rights as to dividend, voting or otherwise, during the year under review.

The Company has not issued any sweat equity shares to its directors or employees during the period under review.

6. Change in the nature of the business of the company:

During the year under review, the Company did not accept any deposits from the public within the ambit of Section 73 of the Act, and the Companies (Acceptance of Deposits) Rules, 2014 (including any statutory modification/s or re-enactment/s thereof) for the time being in force.

7. Deposits:

During the year under review, your Company neither accepted or renewed any fixed deposits nor received any deemed deposits falling within the ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

8. Dividend:

In order to conserve resources for future expansions and for growth agenda of the company, the Directors have not recommended any dividend for the financial year ended 31st March 2026.

9. Transfer to Reserve:

The Directors have not transferred any amounts to Reserves for the financial year ended 31st March, 2026.

10. Management Discussion and Analysis:

The Management Discussion and Analysis as required in terms of the Listing Regulations is annexed to the report as "Annexure II" and is incorporated herein by reference and forms an integral part of this report.

11. Change in Name of the Company

During the year under review, the name of the Company was changed from ASL Industries Limited to AVATAR Industries Limited, with effect from 6th April 2026, pursuant to the approval of the requisite authorities. The change in name reflects the Companys renewed identity and its vision for the future.

12. Declaration by independent directors:

The Company has received the necessary declaration from each Independent Director in accordance with Section 149(7) of the Act and Regulations 16(1)(b) and 25(8) of the SEBI Listing Regulations, that he/she meets the criteria of independence as laid out in Section 149(6) of the Act and Regulations 16(1)(b) of the SEBI Listing Regulations. In the opinion of the Board, there has been no change in the circumstances which may affect their status as Independent Directors of the Company and the Board is satisfied of the integrity, expertise, and experience (including proficiency in terms of Section 150(1) of the Act and applicable rules thereunder) of all Independent Directors on the Board. Further, in terms of Section 150 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, as amended, Independent Directors of the Company have included their names in the data bank of Independent Directors maintained with the Indian Institute of Corporate Affairs.

13. Familiarization Program for Independent Directors:

In compliance with the requirement of Listing Regulations, the Company has put in place a Familiarization program for Independent Directors to familiarize them with the working of the company, their roles, rights and responsibilities vis-?-vis the Company, the industry in which the company operates, business model, etc., along with updating on various amendments in the Listing Regulations and the Companies Act, 2013. The detail of the aforementioned program as required under Regulation 46 of the Listing Regulation is available on the Companys website.

In the opinion of the Board, the Independent Directors of the Company possess the integrity, requisite experience and expertise, relevant for the industry in which the Company operates. Further, all the independent directors of the Company have successfully registered with the Independent Directors databank of the Indian Institute of Corporate Affairs.

14. Board Evaluation:

The Board of Directors has carried out an annual evaluation of its own performance, Board Committees and individual directors pursuant to the provisions of the Companies Act, 2013 and the Listing Regulations. The performance of Chairperson of the Board was reviewed by the Independent Directors taking into consideration the views of the executive directors. The parameters considered were leadership ability, adherence to corporate governance practices etc. The Board evaluated its performance after seeking inputs from all the Directors on the basis of such criteria such as Board composition and structure, effectiveness of board processes, information and functioning etc. The performance of the committees was evaluated by the Board after seeking inputs from the committee members on the basis of criteria such as the composition of committees, effectiveness of committee meetings etc. The above criteria are as provided by the Guidance note on Board evaluation issued by the Securities and Exchange Board of India.

15. Non-Applicability of Indian Accounting Standards:

As per the provisions of Rule 4(1) of the Companies (Indian Accounting Standards) Rules, 2015, Companies whose shares are listed on SME exchange as referred to in Chapter XB of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, are exempted from the compulsory requirements of adoption of IND-AS w.e.f. 1st April, 2017. As your Company is listed on NSE Emerge platform, it is covered under the exempted category and is not required to comply with IND-AS for preparation of Financial Statements.

16. Board of Directors and KMP:

During the year under review, the following served as Directors and Key Managerial Personnel of the Company:

Sl. No.	Name of the Director	DIN	Designation
1.	Kiran Thakore	03140791	Non-Executive Director & Chairman
3.	Yatish Poojary	11225544	Non-Executive Independent Director
4.	Karina Jadhav	11541078	Non-Executive Independent Director
5.	Richa Rathod	10822615	Managing Director and CFO
6.	Dilip Goyal	00033590	Non-Executive Director

The Board was duly constituted during the year in accordance with the provisions of the Companies Act, 2013. Further, the following changes took place in the composition of the Board during the period under.

Board of Directors

Sl. No.	Name of the Director	Appointment/ Change in designation/ Resignation	Designation	Date
1.	Mr. Yatish Poojary	Appointment	Additional Non-Executive Independent Director	14th August, 2025
2.	Mr. Yatish Poojary	Change in Designation	Non-Executive Independent Director	27th September, 2025
3.	Ms. Shiksha Sharma	Resignation	Non-Executive Non-Independent Director	1st August, 2025
4.	Ms. Anupriya Sharma	Resignation	Non-Executive Non-Independent Director	4th October, 2025
5.	Mrs. Manali Karangutkar	Appointment	Additional Non-Executive Director	10th November, 2025
6.	Mrs. Manali Karangutkar	Resignation	Additional Non-Executive Director	12th February, 2026
7.	Mrs. Karina Jadhav	Appointment	Additional Non-Executive Independent Director	12th February, 2026

Key Managerial Personnel

Sl. No.	Name of the KMP	Appointment/ Resignation	Designation	Date
1.	Mr. Subhas Gurav	Resignation	Managing Director and Chief Financial Officer	10th November, 2025
2.	Ms. Ankita Bahety	Resignation	Company Secretary and Compliance Officer	2nd December, 2025
3.	Ms. Mansi Vora	Appointment	Company Secretary and Compliance Officer	3rd December, 2025
4.	Mrs. Richa Rathod	Appointment	Managing Director and Chief Financial Officer	23rd April, 2026

1) Meetings of the Board/Committee:

The Board meet at regular intervals to discuss and take a view on the Companys policies and strategy apart from other board matters. The notice of Board Meeting is given well in advance to all the Directors.

During the financial year ended March 31, 2026, the board of directors met Ten (10) times and board meetings were held on the following dates: 29th May 2025, 02nd August 2025, 14th August 2025, 26th August 2025, 02nd September 2025, 04th October 2025, 10th November 2025, 14th November 2025, 03rd December 2025, 12th February 2026.

Details of attendance at these meetings by the directors of the Company is as under:

Sl. No.	Name of the Directors	Entitled to Attend	Attended
1	Mr. Kiran Dilip Thakore	10	10
2	Mr. Subhash Shankar Gurav	7	7
3	Ms. Anupriya Sharma	6	6
4	Ms. Shiksha Sharma	1	1
5	Mr. Yatish Poojary	7	7
6	Ms. Manali Karangutkar	3	3
7	Mr. Dilip Goyal	10	0

b) Audit Committee:

Composition of Audit Committee as on 31st March 2026 consists of 03 (Three) Members viz Mr. Yatish Poojary (Chairman), Mr. Kiran Thakore and Mrs. Karina Jadhav (Member). The Committee formed as per the provisions of Section 177 of the Companies Act, 2013 and Regulation 18 of the SEBI Listing Regulations.

During the Financial year ended March 31, 2026 Seven (7) Meetings of the Audit Committee were held. Details of composition, committee meetings and attendance of members are as follows:

Name of Committee Members	Category	29th May 2025	02nd August 2025	26th Aug. 2025	02nd Sept. 2025	10th Nov. 2025	14th Nov. 2025	12th Feb. 2026
Mr. Yatish Poojary	Chairperson	N.A	N.A	Y	Y	Y	Y	Y
Mr. Kiran Thakore	Member	Y	Y	Y	Y	Y	Y	Y
Mrs. Karina Jadhav	Member	N.A	N.A	N.A	N.A	N.A	N.A	N.A
Ms. Anupriya Sharma	Chairperson	Y	Y	Y	Y	N.A	N.A	N.A
Ms. Shiksha Sharma	Member	Y	N.A	N.A	N.A	N.A	N.A	N.A

The Board has accepted all recommendations of Audit Committee.

Notes:

• Ms. Anupriya Sharma resigned from the position of Chairman of the Audit committee, with effect from 04th October 2025.
• Ms. Shiksha Sharma resigned from the position of member of the Audit committee, with effect from 1st August 2025.
• Mr. Yatish Poojary was appointed as a Chairman of the Audit committee with effect from 10th November 2025.
• Mrs. Karina Jadhav appointed as a member of the Audit committee with effect from 12th February 2026.

3) Nomination and Remuneration Committee:

Composition of Nomination and Remuneration Committee as on 31st March 2026 consists of 03 (Three) Members viz Mr. Yatish Poojary (Chairman), Mr. Kiran Thakore and Mrs. Karina Jadhav (Member). The Committee formed as per the provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of the SEBI Listing Regulations. During the Financial year ended March 31, 2026 Seven (7) Meetings of the Audit Committee were held. The Company has constituted Nomination and Remuneration Committee and composition of the same is as under:

Name of Committee Members	Category	02nd Aug 2025	14th Aug 2025	02nd Sept 2025	04th Oct 2025	10th Nov 2025	03rd Dec 2025	12th Feb 2026
Mr. Kiran Thakore	Member	Y	Y	Y	Y	Y	Y	Y
Mr. Yatish Poojary	Chairperson	N.A	N.A	Y	Y	Y	Y	Y
Mrs. Karina Jadhav	Member	N.A	N.A	N.A	N.A	N.A	N.A	N.A
Ms. Anupriya Sharma	Chairperson	Y	Y	Y	Y	N.A	N.A	N.A

Notes:

• Ms. Anupriya Sharma resigned from the position of Chairman of the NRC committee, with effect from 04th October 2025.
• Mr. Yatish Poojary was appointed as a Chairman of the NRC committee with effect from 10th November 2025.
• Mrs. Karina Jadhav appointed as a member of the Audit committee with effect from 12th February 2026.

d) Stakeholder Relationship Committee:

Composition of Stakeholder Relationship Committee as on 31st March 2026 consists of 03 (Three) Members viz Mr. Kiran Thakore (Chairman), Mr. Yatish Poojary and Mrs. Karina Jadhav (Member). The Committee formed as per the provisions of Section 178 of the Companies Act, 2013 and Regulation 20 of the SEBI Listing Regulations.

During the Financial year ended March 31, 2026 Four (4) Meetings of the Audit Committee were held. The Company has constituted Stakeholder Relationship Committee and composition of the same is as under:

Name of Committee Members	Category	29th May 2025	02nd September 2025	10th November 2025	14th November 2025
Mr. Kiran Thakore	Chairperson	Y	Y	Y	Y
Mr. Yatish Poojary	Member	N.A	Y	Y	Y
Mrs. Karina Jadhav	Member	N.A	N.A	N.A	N.A
Ms. Anupriya Sharma	Chairperson	Y	Y	N.A	N.A

Notes:

• Ms. Anupriya Sharma resigned from the position of Chairman of the SRC committee, with effect from 04th October 2025.
• Mr. Kiran Thakore was appointed as a Chairman of the SRC committee with effect from 10th November 2025

• Mr. Yatish Poojary was appointed as a Member of the SRC committee with effect from 02nd September 2025
• Mrs. Karina Jadhav was appointed as a Member of the SRC committee with effect from 12th February 2026

17. Code for prohibition of insider trading:

Your Company has adopted the Internal Code of conduct for Regulating, monitoring and reporting of trades by Designated persons under the Securities Exchange Board of India (Prohibition of Insider Trading) Regulation, 2015 ("Code") for prohibition of insider trading in the securities of the Company to curb the practice for dealing in the securities while having Unpublished Price Sensitive Information ("UPSI") by the Insiders of the Company.

The Code, inter alia, prohibits dealing in securities by insiders while in possession of unpublished price sensitive information. The said Code has been amended, from time to time, to give effect to the various notifications/circulars of Securities and Exchange Board of India ("SEBI") with respect to the SEBI (Prohibition of Insider Trading) Regulations, 2015. Your Company has also formulated and adopted the Policy and Procedures for inquiry in case of leak or suspected leak of Unpublished Price Sensitive Information [Under Regulation 9A (5) of Securities and Exchange Board of India (Prevention of Insider Trading) Regulations, 2015].

18. Loans & Guarantees:

During the year under review, the Company has complied with the provisions of Section 186 of the Companies Act, 2013, w.r.t any loan, guarantee, security or made any investment covered under the provisions, to any person or other body corporate.

19. Related Party Transactions:

Related party transactions, if any, that were entered into during the period ended 31st March, 2026, were on an arms length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. Accordingly, disclosure under Form AOC 2 is not applicable to the Company. None of the Directors has any pecuniary relationships or transactions vis-?-vis the Company. The details of the related party transactions as per Accounting Standard 8 are set out in Note No. 21 of the Financial Statement of the Company.

20. Internal Control Systems:

Adequate internal controls, systems, and checks are in place, commensurate with the nature of the Companys business and size. The management exercises financial control on the operations through a well-defined budget monitoring process and other standard operating procedures.

The Internal Auditors monitor and evaluate the efficacy and adequacy of internal control in the Company, and compliance with operating systems, accounting procedures and policies at all locations of the Company. Based on the reports of Internal Auditors, the management undertakes appropriate corrective action in their respective areas.

21. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo:

a) Conservation of Energy:

Sr. No. Particulars	Details
i. The step taken or impacts on conversation of energy	NIL
ii. The steps taken by the Company for utilizing alternative sources of energy	NIL
iii. The capital investment on energy conservation equipments	NIL

b) Technology Absorption, Adaptation and Innovation: During the year Company has close the operations. So, no such operations require significant import of technology.

c) Foreign Exchange Earning and Outgo: There were no Foreign Exchange Inflow and Foreign Exchange Outflow during the year under review.

22. Statutory Auditors and Auditors Report:

M/s. Nagadheep Sathyanarayana and Co., Chartered Accountants, (FRN: 0080035), were appointed as a Statutory Auditors of the Company with effect from 23rd April 2026 to fill the casual vacancy caused due to the resignation of M/s. C.P. Rawka & Co., Chartered Accountants (FRN: 000518C). The Independent Auditors Report for Financial Year 2025-26 provided by M/s. Nagadheep Sathyanarayana and Co., Chartered Accountants, (FRN: 0080035), does not contain any qualification, reservation, or adverse remark. The Independent Auditors Report is integrated in the Thirty-Fifth Annual Report.

On the recommendation of Audit Committee, the board proposed the appointment of M/s. Nagadheep Sathyanarayana and Co., Chartered Accountants, (FRN: 0080035), as the Statutory Auditors of the company for 05 (Five) consecutive financial years commencing from FY 2026-27 to FY 2030-31, subject to the approval of Shareholders in the ensuing Annual General Meeting. They have confirmed their eligibility under section 141 of the Companies Act, 2013 and the rules framed there under for appointment as Auditors of company.

23. Reporting of Frauds by Auditors:

During the year under review, the Auditors of the Company have not reported to the Audit Committee, under section 143(12) of the Companies Act, 2013, any instances of fraud committed against the Company by its Officers or Employees, the details of which would need to be mentioned in the Boards Report.

24. Secretarial Audit:

Pursuant to provisions of Section 204 of the Companies Act, M/s. Hemang Satra & Associates, has been appointed as Secretarial Auditors of the Company for the FY 2025-26. The Secretarial Auditors Report for fiscal 2026 does not contain any qualification, reservation, or adverse remark. The Secretarial Auditors Report is enclosed as "Annexure I" to the Boards Report, which forms part of this Integrated Annual Report.

25. Internal Audit & Controls:

The Company has in place adequate internal financial controls with reference to the financial statement. During the year, such controls were tested and no reportable material weakness in the design or operation was noticed. The Audit Committee of the Board periodically reviews the internal control systems with the management and Statutory Auditors. Further, M/s. KSGC & Associates, Chartered Accountants (Firm Reg. No. 021829C) acting as an Internal Auditor of the Company for Financial Year 2025-26.

26. Annual Return:

Pursuant to Notification dated 28th August, 2020 issued by the Ministry of Corporate Affairs as published in the Gazette of India on 28th August, 2020, the details forming part of the extract of Annual Return in Form MGT-9 is not required to be annexed herewith to this report. However, the Annual Return will be made available at the website of the Company at www.avatarindia.com

27. Directors Responsibility Statement:

Pursuant to the requirement under clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013 ("Act") with respect to the Directors Responsibility Statement, the Board of Directors of the Company state that:

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

b. the Directors have 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.

c. the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d. the directors have prepared the annual accounts of the Company on a going concern basis.

e. the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

28. Statement containing the particulars of employees in accordance with Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rule 2014 read with the Companies (Appointment and Remuneration of Managerial Personnel) Amendments Rules 2016:

Remuneration to Directors & KMP and the particulars of employees required to be furnished pursuant to Section 197(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed herewith as "Annexure III" to this Report.

29. Corporate Social Responsibility (CSR):

The provisions of Section 135 of the Act regarding Corporate Social Responsibility are not applicable to the Company.

30. Cost audit / cost records:

As per the Cost Audit Orders and in terms of the provisions of Section 148 and all other applicable provisions of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014, Cost Audit is not applicable to our Company.

31. Vigil Mechanism:

In pursuant to the provisions of sections 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for directors and employees to report genuine concerns has been established. The Vigil Mechanism Policy has been uploaded on the website of the Company at www.avatarindia.com. The employees of the Company are made aware of the said policy at the time of joining the Company.

32. Risk Management Policy:

The Company does not fall under the ambit of top 1000 listed entities, determined on the basis of market capitalization as at the end of the immediately preceding financial year. Hence, compliance under Regulation 21 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is not applicable. However, the Company has laid down the procedure to inform the Board about the risk assessment and minimization procedures. These procedures are reviewed by the Board annually to ensure that there is timely identification and assessment of risks, measures to mitigate them, and mechanisms for their proper and timely monitoring and reporting.

33. Listing with stock exchange:

The shares of the Company were listed on National Stock Exchange of India Limited on Small, Medium Enterprise ("SME") on 19th April, 2017.

34. Secretarial Standards:

The Company has in place proper systems to ensure compliance with the provisions of the applicable secretarial standards issued by The Institute of Company Secretaries of India and such systems are adequate and operating effectively.

35. Prevention of Sexual Harassment:

The Companys goal has always been to create an open and safe workplace for every employee to feel empowered, irrespective of gender, sexual preferences and other factors, and contribute to the best of their abilities. In line to make the workplace a safe environment, the Company has set up a policy on prevention of sexual harassment in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("POSH Act"). Further, the Company has complied with the provisions under the POSH Act relating to the framing of an anti-sexual harassment policy and the constitution of an Internal Committee.

Sr. No. Nature of Complaints	Received	Disposed-Off	Pending
1. Sexual Harassment	-	-	-
2. Workplace Discrimination	-	-	-
3. Child Labour	-	-	-
4. Forced Labour	-	-	-
5. Wages and Salary	-	-	-
6. Other HR Issues	-	-	-

36. Maternity Benefit Provided by the Company under Maternity Benefit Act 1961:

The provisions of the Maternity Benefit Act, 1961, are not applicable to the Company during the period under review.

37. Material changes and commitments affecting the financial position of the company:

During the year under review there were no material changes which would affect the financial position of the Company.

38. Transfer of Unclaimed Dividend to Investor Education and Protection Fund:

No amount of unclaimed dividend has been transferred to Investor Education and Protection Fund.

39. Disclosure with respect to demat suspense account/unclaimed suspense account:

Pursuant to Regulation 34(3) and Part F of Schedule V to the SEBI LODR, details of equity shares in the suspense account are as follows:

Particulars	Details
Aggregate number of shareholders whose shares are lying in demat suspense account at the beginning of the year.	NA
Outstanding shares in the suspense account lying at the beginning of the year	NA
Number of shareholders who approached listed entity for transfer of shares from suspense account during the year.	NA
Number of shareholders to whom shares were transferred from suspense account during the year.	NA
Aggregate number of shareholders whose share are lying in demat suspense account at the end of the year	NA
Outstanding shares in the suspense account lying at the end of the year.	NA

40. General Disclosures:

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions for the same during the year under review:

a. Issue of debentures/bonds/warrants/any other convertible securities.
b. Scheme of provision of money for the purchase of its own shares by employees or by trustees for the benefit of employees.
c. Instance of one-time settlement with any Bank or Financial Institution.
d. Application or proceedings under the Insolvency and Bankruptcy Code, 2016.
e. Significant and material orders passed by the Regulators / Courts / Tribunals which would impact the going concern status of the Company and its future operations

41. Appreciation and Acknowledgement

Your directors wish to place on record their appreciation and acknowledgement with gratitude for the support and co-operation extended by all the stakeholders of the Company including customers, vendors, bankers,

Government authorities and look forward to their continued support. The Board of Directors places on record its appreciation for the committed service of all the employees of the Company.

For and on behalf of Board of Directors of AVATAR Industries Limited (Formerly known as ASL Industries Limited)

Sd/- Kiran Thakore Chairman DIN: 03140791

Sd/- Richa Rathod Managing Director DIN: 10822615