Ballarpur Industries Ltd Directors Report

Dear Members,

Your Directors have the pleasure in presenting the Board Report of Ballarpur Industries Limited ("Company"), along with the audited financial statements, for the financial year ended March 31, 2026 ("Period under review"). The consolidated performance of the Company and its subsidiaries has been referred to wherever required.

Successful Implementation of Resolution Plan

The Honble National Company Law Tribunal, Mumbai Bench ("NCLT"), vide its order dated March 31, 2023, approved the Resolution Plan submitted by Finquest Financial Solutions Private Limited ("SRA"/ "FFSPL") under Section 31 of the Insolvency and Bankruptcy Code, 2016 ("IBC"), and the obligations of SRA & its affiliates has successfully complied by infusion of Total Financial Outlay from June 12, 2023 to June 11, 2026 for distribution of funds to the creditors in terms of the approved resolution plan, the detailed progress report on Implementation of Resolution Plan is being submitted before NCLT by the SRA.

Financial Performance

The financial performance of your Company for the financial year ended March 31,2026, is given below:

(Rs. in Lakh)

Particulars	Standalone		Consolidated
	2025-26	2024-25	2025-26	2024-25
Revenue from Operations	7697.08	1857.96	7697.08	1857.96
Other Income	95.90	205.17	4804.53	15,437.17
Less: Expenses	(16451.09)	(3,004.94)	(21,235.94)	16,734.58
EBIDTA	(8658.11)	(941.81)	(8734.33)	(560.56)
Less: Finance Cost	(5792.49)	(4,287.50)	(17761.64)	(19424.50)
Less: Depreciation	(770.77)	(1,037.66)	(770.77)	(1037.67)
Profit/(Loss) before Exceptional Items and Taxes	(15221.37)	(6,266.97)	(27266.74)	(19,901.61)
Share of Profit/(Loss) in Associate and Joint Venture			(3431.58)	(4,381.68)
Exceptional Items	1754.62	(408.73)	1754.62	(408.73)
Profit / (Loss) before Tax	(13,446.75)	(6,675.70)	(28,943.70)	(24,692.02)
Less: Tax	-	-	-	-
Profit/(Loss) After Tax	(13,446.75)	(6,675.70)	(28,943.70)	(24,692.02)
Profit/ (loss) from discontinued operations before tax
Less: Tax expense on discontinue operations
Net profit/ (loss) from discontinue operations after tax
Net profit/ (loss) after tax	(13,446.75)	(6,675.70)	(28,943.70)	(24,692.02)

Material changes and commitments affecting financial position between the end of the financial year and date of the report

No material changes and commitments have occurred after the closure of the FY 2026 till the date of this Report, which would affect the financial position of your Company.

Transfer to Reserves

No amount was proposed to be transferred to reserves during the period under review.

Dividend

The Directors have not recommended any dividend on the equity shares of the Company for the financial year ended March 31,2026.

Operations

A detailed review of the operations and performance of the Company and its subsidiaries is provided in the chapter on Management Discussion and Analysis in this Annual Report.

Changes in the nature of business

There has been no change in the nature of business and operations of the Company during the year under review.

Share Capital

During the year under review, there was no change in the Authorised and Paid-up Share Capital of the Company.

As on March 31, 2026, the Authorised Share Capital of the Company stood at ^400,00,00,000 comprising 25,50,00,000 equity shares of ^10 each and 14,50,00,000 preference shares of ^100 each.

As on 31st March, 2026, the paid-up Equity Share Capital of the Company stood at ^55,00,00,000/- comprising 5,50,00,000 equity shares of ^10/- each and paid-up Preference Share Capital of the Company stood at ^108,00,00,000/- comprising 108,00,000 preference shares of ^100/- each.

Management Discussion and Analysis Report

The information on the affairs of the Company is provided in the Management Discussion and Analysis Report in accordance with the SEBI Listing Regulations. This report is presented as a separate section, forming part of the Annual Report.

Corporate Governance

Pursuant to Regulation 34(3) read together with Schedule V of the SEBI Listing Regulations, the Company has prepared Corporate Governance Report which forms part of this Report,

marked as Annexure - VI. As per Para C and E of Schedule V of the SEBI Listing Regulations, the Company has obtained two certificates from M/s Viral Sanghavi & Associates, Company Secretaries (a) Certificate on Non-Disqualification of Directors; and (b) Certificate on the compliance of the conditions of the Corporate Governance. These certificates forms part of this Report, marked as Annexure - VII and Annexure - VIII respectively.

The Chief Executive Officer and the Chief Financial Officer have given their certificate as required under Regulation 17(8) read with Part B of Schedule II of the SEBI Listing Regulations regarding the Annual Financial Statements of the Company for the year ended on March 31, 2026, which forms part of this Report, marked as Annexure - IX

Business Responsibility and Sustainability Report (BRSR)

In accordance with Regulation 34(2)(f) of the Listing Regulations, only top one thousand listed entities based on market capitalization are mandated to prepare BRSR and accordingly, the same is not applicable to the Company.

Details of subsidiary/ joint ventures/ associate companies & Consolidation of Accounts

The Company has 1 Indian subsidiary Avantha Agritech Limited (AAL) which was formerly BILT Tree Tech Limited. AAL is a direct subsidiary. In the last few years excess availability of wood in the market resulted in a substantial reduction of wood prices and consequently, the farmers have been shifting away from growing wood to other crops and horticulture plants. In view of the same AAL sold part of its Agroforestry Business.

The Company also has five foreign subsidiaries. Of these, three are based in The Netherlands: (i) Ballarpur International Holdings B.V. (BIH), (ii) BILT Paper B.V. (BPBV), and (iii) Ballarpur Speciality Paper Holdings B.V. (BSPH), (iv) One step- down subsidiary BILT General Trading (FZE) is based in the UAE, (v) one step-down subsidiary Mirabelle Trading Pte. Ltd. Based in Singapore (Struck-off by Accounting and Corporate Regulatory Authority of Singapore on 31.05.2026).

The following updates are extremely important to be noted by the Members of the Company:

a. The Financial Statements of 2 step down foreign subsidiaries (Mirabelle Trading Pte. Ltd. and Bilt Graphic Trading FZE) and 1 domestic subsidiary (Avantha Agritech Ltd) which have a total assets base of Rs. 67,542 lakhs and which are material to the group are unaudited.

b. One of the foreign subsidiaries, Ballarpur Speciality Paper Holdings B.V. has fully written off its investment in BILT General Trading FZE, UAE ("BGT") in Financial Year 2019-20 as BGT does not carry on any operations and there is no intention to carry on the business in future also the license of BGT has expired.

The performance and financial position of each subsidiary and joint venture are detailed in the ‘Statement containing salient features of the financial statement of subsidiaries, associate companies/joint ventures in Form AOC-1, pursuant to Section 129 of the Act which is enclosed as Annexure-I to this Boards Report.

Particulars of loans, guarantees or investments

Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 form part of the notes to the financial statements provided in this Annual Report.

Deposits

The Company has not accepted any deposits from the public, falling within the ambit of Section 73 of the Companies Act,

2013, and the Companies (Acceptance of Deposits) Rules,

2014.

Corporate Social Responsibility (CSR)

As per the criteria mentioned in Sub-Section (1) of Section 135 of Companies Act, 2013, the Company is not required to constitute CSR committee. Also, provisions relating to formulation of CSR (Corporate Social Responsibility) Policy are not applicable to the Company.

Annual Return

In accordance with the requirements under Section 92(3) and Section 134(3)(a) of the Act and the applicable rules, the annual return in Form No. MGT-7 as on March 31,2026 will be available on the website of the Company www.biltpaper.in

Board & Its Committees

Board

The Company has an optimum combination of executive, nonexecutive and independent directors, including an independent woman director. As on March 31,2026, the Board is comprised of a Executive Chairman, 1 (one) Executive Director, 1 (One) Non-Executive Non-Independent Director and 3 (Three) Non-Executive Independent Directors including 1 (one) Woman Director

Committee(s) of Board

Pursuant to various requirements under the Act and the SEBI Listing Regulations, the Board of Directors has constituted Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee. The details of composition, terms of reference, number of meetings held during the year, attendance there at and other details pertaining to these committees are mentioned in the Corporate Governance Report.

Meetings and Postal Ballot

The Board of Directors met 7 (seven) times during the year under review i.e., April 16, 2025, May 26, 2025, June 17, 2025, August 7, 2025, November 11,2025, December 31,2025 and February 13, 2026, as against the statutory requirement of at least four meetings. The requisite quorum was present at all the Board Meetings. The maximum time gap between any two meetings was not more than one hundred and twenty days.

During the year under review, no Extraordinary General Meeting of the members was held and no special resolutions were passed through postal ballot.

Detailed information on the Meetings of the Board, its Committees, Postal Ballot and the AGM is included in the Report on Corporate Governance, which forms part of this Annual Report.

Meetings of Independent Directors

The Independent Directors met during the year under review, on February 13, 2026. The Meeting was conducted without presence of the Whole-time Director(s), the Non-Executive Non-Independent Director, Chief Financial Officer or any other management personnel to enable the Independent Directors to discuss matters pertaining to, inter-alia, review of performance of Non-Independent Directors and the Board as a whole, review the performance of the Chairman of the Company, assess the quality, quantity and timeliness of flow of information between the management & the Board and its Committees and free flow discussion on any matter that is necessary for the Board to effectively and reasonably perform their duties.

Directors and Key Managerial Personnel Appointment of Directors

Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors, at its meeting held on August 7, 2025, appointed Mr. Alok Prakash (DIN: 06913561) as the Whole Time Director of the Company and on November 11,2025, appointed Ms. Shweta Jain (DIN: 07872968) as the Non-Executive Independent Director of the Company.

Cessation

During the year under review, Mr. Yeddala Kesava Reddy (DIN: 10586100) - Whole-time Director of the Company and Ms. Runel Saxena (DIN: 10424170) - Non-Executive Independent Director of the Company ceased to be the directors of the Company with effect from July 31, 2025, and July 30, 2025, respectively.

Re-appointment of directors retiring by rotation

In accordance with the applicable provisions of Section 152 of the Act, Mr. Parashiva Murthy B S (DIN: 00011584), retires by rotation at the forthcoming Annual General Meeting of the Company. Being eligible, Mr. Parashiva Murthy B S (DIN: 00011584) has offered himself for reappointment as Director. Brief particulars of Mr. Parashiva Murthy B S (DIN: 00011584) as required under the Secretarial Standard on General Meetings issued by ICSI have been provided in the notice of the AGM of the Company.

Declaration by Independent Directors of the Company

The Company has received declarations under section 149 of the Act and Regulation 16 of the SEBI Listing Regulations from Mr Kulandaipaian Thangaraju, Mr Panchapakesan Swaminathan and Ms Shweta Jain, Independent Directors and have also confirmed that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence. Further, the Board after taking these declarations / disclosures on record and acknowledging the veracity of the same, concluded that the Independent Directors hold highest standards of integrity and possess the relevant proficiency, expertise and experience to qualify and continue as Independent Directors of the Company and are Independent of the Management of the Company.

Key Managerial Personnel

Pursuant to the provisions of Section 203 of the Act read with the rules made thereunder, Mr. Hardik Bharat Patel, Whole Time Director, Mr. Alok Prakash, Whole Time Director & Chief Executive Officer, Mr. Anil Manohar Lal Mehta, Chief Financial Officer and Ms. Surbhi Dinesh Chachada, Company Secretary are the whole-time key managerial personnel of the Company as on March 31,2026.

Nomination & Remuneration Policy

The Board, on the recommendation of its Nomination & Remuneration Committee, has framed a policy for selection and appointment of Directors, Key Managerial Personnel and Senior Management and their remuneration. The salient features of the Nomination & Remuneration Policy are outlined in the Corporate Governance Report, which forms part of this Annual Report.

Performance evaluation at Board

A formal annual evaluation has been made by the Board of its own performance, Chairman of the Board, its Committee(s) and individual Director(s). The performance evaluation has been done by the entire Board of Directors, excluding the Director being evaluated. Various evaluation techniques are used to assess the performance of the Directors. The Directors have participated in this evaluation process. The Independent Directors in their separate meeting have also evaluated the performance of the Chairman of the Company, NonIndependent Directors and the Board as a whole.

Directors Responsibility Statement

Pursuant to Section 134(3)(c) of the Companies Act, 2013 in relation to Financial Statements of the Company for the year ended March 31,2026, the Board of Directors state that:

• In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

• The Directors had selected such accounting policies and applied them consistently and made judgements 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 and loss of the Company for that period;

• The Directors had 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;

• The Directors had prepared the annual accounts on a going concern basis;

• The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

• 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.

Adequacy of internal financial controls

The Company has in place adequate the Internal Financial Controls commensurate with the business operations of the

Company which are operating effectively. Your 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, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial disclosure.

Auditors and Auditors Reports

Statutory auditor

Pursuant to the terms of the approved resolution plan, the New Board had appointed M/s. Batliboi & Purohit, Chartered Accountants (Firm Registration No. 101048W) as the Statutory Auditors of the Company for a term of 5 years, who shall hold office from conclusion of Eightieth Annual General Meeting till conclusion of Eighty Fifth Annual General Meeting of the Company, to audit the financial statements of the Company.

Auditors Qualifications / Disclaimer of Opinion

M/s Batliboi & Purohit, have made disclaimer of opinion in their report on the consolidated financial statements and qualifications on the standalone financial statements of the Company for the financial year ended March 31, 2026. However, the Auditors have not reported any frauds to the Audit Committee as prescribed under Section 143(12) of the Companies Act, 2013.

The following are the Boards responses to the same:

1. Qualification: The National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange (BSE) Ltd have imposed fines on the Parent for delays in compliance pertaining to various regulations under the Listing Regulations. These fines pertain to the financial period from June 30, 2020 to September 30, 2024. The Parent has submitted waiver applications to both stock exchanges and as a result the NSE has waived off SOP fines for noncompliance till March 31, 2023, vide their letter ref: NSE/LIST/SOP/1123 dated October 9, 2024. According to the Listing Regulations, a penalty of Rs. 5,000 per day per stock exchange is imposed for non-adoption of financial results. The Parent has filed an Interlocutory Application (IA) before the Honble National Company Law Tribunal (NCLT), Mumbai Bench seeking an extension/exemption for statutory filings which includes the quarterly & yearly financial statements for the year ended March 31, 2026. The aforesaid IA is currently pending with the NCLT for which the Parent is hopeful of obtaining relief and accordingly has not made provision for the same in their books of accounts. Consequently, the loss for the year ended March 31, 2026, has been understated, and the reserves and surplus overstated to that extent. Our opinion was also modified in respect of this matter for the quarter ended March 31,2025, June 30, 2025, September 30, 2025, and December 2025.

Management Response: The delay in the submission of the audited consolidated financial statement was not due to any intentional non-compliance on the part of the Parent. The availability of certain crucial documents was a challenge, and despite our best efforts to expedite the process, the finalization of financials was delayed. As

mentioned above, the management of the parent have filed an Interlocatory Application (IA) before Hon. National Company Law Tribunal (NCLT), Mumbai Bench for providing extention/ exemption for statutory filings which includes un-audited financial results for the quarter and year ended March 31, 2026. The aforesaid IA is pending with NCLT and Parent is quite optimistic to get the relief. Consequent to receiving the affirmation from NCLT the Parent shall further seek the waiver of the aforesaid penalty from NSE which the company anticipates waiver from the respective Stock Exchange. The imposition of this fine under the current scenario appears to be disproportionate, considering the unique complications and the challenges posed due to non-availability of data from the Erstwhile Promoters / Resolution Professional of the Parent. Charging such a significant penalty under these circumstances would be unfair to the Parent, as the delays were purely procedural and unintended. In light of this, the Parents management is hopeful that the NSE will favorably consider their waiver request, and thus, no provision has been made for the penalty in books. The Parent Management firmly believe that the Parent has acted in good faith, and with due diligence, and the imposition of this penalty is not reflective of any negligence or disregard for compliance on our part.

2. Qualification: One of the foreign subsidiary Ballarpur Speciality Paper Holdings B.V. has fully written off its investment in BILT General Trading FZE, UAE ("BGT") in financial year 2019-20 as BGT does not carry on any operations and there is no intention to carry on the business in future and also the license of BGT was expired. Since, the financial Statements of BGT for year ended March 31, 2026 are not available with Parents Management, therefore the opening balances of balance sheet from FY 2018-19 have been considered for preparation of Consolidated Financial Statements for the year ended March 31,2026. As a result, the consequential impact, if any, on the Consolidated Financial Statements is not ascertainable. (Refer note no. 55 & 56 to the Consolidated Financial Statements)

Management Response: One of the foreign subsidiary Ballarpur Speciality Paper Holdings B.V. has fully written off its investment in BILT General Trading FZE, UAE ("BGT") in financial year 2019-20 as BGT does not carry on any operations and there is no intention to carry on the business in future and also the license of BGT was expired.

3. Qualification: The year ended March 31,2026 financial statements of 1 step down foreign subsidiary (Mirabelle Trading Pte. Ltd) and 1 domestic subsidiary (Avantha Agritech Limited) are not available and therefore, the opening balances of balance sheet from FY 2019-20 have been considered in the preparation of the Consolidated Financial Statements for the year ended March 31,2026. As a result, the consequential impact, if any, on the Consolidated Financial Statements is not ascertainable. (Refer note no. 56 to the Consolidated Financial Statements)

Management Response: Pursuant to commencement of CIRP, the board of directors of the parent stands suspended and the management of the parent vested with

the RP. The RP is expected to make every endeavor to protect and preserve the value of the property of the parent and manage the operations of the parent as a going concern.

The CIRP process of the Parent has been concluded, and Ballarpur Industries Limited ("BILT/Parent") has been acquired by Finquest Financial Solutions Private Limited on an "as-is where-is" basis, pursuant to a resolution plan approved by the Honble NCLT vide order dated 31st March 2023. The Closing Date in terms of the Resolution Plan occurred on 12th June 2023 and a new Board of Directors have been appointed vide resolution dated 12th June 2023.

Further it may be noted that the Current Directors of the parent have adopted the aforesaid financial statements in good faith with the sole objective of fulfilling statutory compliances without incurring any responsibility or liability for the same or any part thereof. The Current Directors / Key Managerial Personnel of the Parent have, in this regard, relied solely and exclusively on the books, papers, records and other information, documents, clarifications, representations, communications, notices &/or certifications (collectively, "Books & Records") handed over and furnished to them by or on behalf of the RP and/or the respective subsidiaries/associates.

4. Qualification: The Consolidated Financial Statements includes the Groups share of profit (including other comprehensive income) amounting to Rs. 765 lakhs in respect of one of the step- down subsidiaries of an associate, namely BGPPL. The audited financial statements of BGPPL for the year ended March 31, 2026 were not made available to us and, accordingly, the Groups share of profit (including other comprehensive income) has been considered based solely on the unsigned provisional Statement of Profit & Loss statement provided by the management of BGPPL. Consequently, we are unable to obtain sufficient appropriate audit evidence in respect of the financial information of the said entity considered in the Consolidated Financial Statements. Accordingly, we are unable to determine whether any adjustments might have been necessary in respect of the financial position and results of operations of the entity included in the Consolidated Financial Statements of the group. (Refer note no 56 to the Consolidated Financial Statements)

Management Response: Parent have made efforts to get audited financial information from all subsidiaries and associates but there is lack of required financial data and information from the management of such subsidiaries and associates which is creating obstacles in finalizing the consolidated financial statement of BILT.

Hence, the new management of Parent is of the view that the best approach would be to finalise the consolidated financial statement of BILT based on available information.

Secretarial auditor

The Board had appointed M/s Viral Sanghavi & Associates,

Company Secretaries (Firm Registration No.: 3130), to

conduct Secretarial Audit of the Company for the financial

year 2025-26. The Secretarial Audit Report for the Financial Year 2025-26 is annexed to this report as Annexure-III.

The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

Cost Auditor

Bahadur Murao & Co., Cost Accountants, New Delhi (Firm Registration No. 000008) were appointed as the Cost Auditors of the Company, to carry out the cost audit in relation to the financial year ending March 31,2026.

Further, the Company is required to maintain cost records as required under Section 148(1) of the Companies Act, 2013 and the Cost Audit Report confirms that such accounts and records are being made and maintained by the Company, despite the absence of production activities during the period under review.

Internal Auditor

The Board had appointed M/s. Todarwal & Todarwal LLP, Chartered Accountants, (Firms Registration No. 111009W/W100231) Mumbai as the Internal Auditors of the company to conduct Internal Audit of records maintained by the Company for the Financial Year 2025-26.

Particulars of contracts or arrangements made with related parties

As per Note 35 of the audited financial statements of the company on standalone basis for the financial year 2025-26, all the transactions with related parties entered during the review period were in the ordinary course of business. The details of material contracts, arrangements or transactions with related parties which require disclosure in Form AOC-2, is annexed to this report as Annexure-II.

Particulars of employees

Information required under Section 197(12) of the Companies Act, 2013, read with Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, is annexed with this Annual Report as Annexure-IV.

Compliance with the Code of Conduct

All Directors, Key Managerial Personnel and Senior Management Personnel of the Company have confirmed compliance with the Code of Conduct applicable to the Directors and employees of the Company. The CEO has given the certificate as required under Regulation 34(3) read with Part D of Schedule V of the SEBI Listing Regulations regarding compliance with the Code of Conduct of the Company for the year ended on March 31,2026, which forms part of this Report, marked as ‘Annexure - X.

Disclosure Under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("POSH Act")

Your Company has in place a comprehensive Policy in accordance with the provisions of POSH Act and Rules made thereunder. The Policy has been widely communicated internally and is placed on the Companys intranet portal. The Company ensures that no employee is disadvantaged by way of gender discrimination. Your Company has complied with the provisions relating to the constitution of the Internal

Complaints Committee under the POSH Act to redress complaints received regarding sexual harassment and has conducted adequate POSH training during FY 2026. No POSH complaints were reported during the year under review.

Conservation of Energy, Research & Development, Technology Absorption and Foreign Exchange Earnings and Outgo

The details of Energy Conservation, Research and Development, Technology Absorption and Foreign Exchange Earnings and Outgo as required under Section 134(3)(m) of the Companies Act, 2013, read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is attached as Annexure-V to this Boards Report.

Secretarial standards

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India.

Listing on stock exchanges

The Companys shares are listed on BSE Limited and the National Stock Exchange of India Limited.

Investor Education and Protection Fund (IEPF)

As per the information made available to the New Board, during the period under review the Company was not required to transfer any amount towards the fund.

Business Risk Management

The Company has a risk management mechanism in place to manage uncertainties through identification, analysis, assessment, implementing and monitoring to reduce the impact of risks to the business which is discussed in detail in the Management Discussion and Analysis section of this Annual Report.

Significant/ Material Orders passed by Regulators

Effect of Approval of the Resolution Plan

Pursuant to NCLT order dated March 31,2023, under Section

31 of the IBC, on approval of the resolution plan for the

Company, below provisions shall be:

• The terms of the Resolution Plan shall be binding on the Company, its employee, members, creditors, including the central government, any state government or any local authority to whom debt of the payment of dues arise under any law, guarantors, and other stakeholder involved in the resolution plan.

• Any licence, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority, associated with resolution plan, shall not be suspended or terminated during the subsistence of the remaining period of such grants or rights, if the Company complies with the obligations in respect of the remaining period of such grants or rights.

• Unless otherwise provided in the resolution plan, any claim, against the Company and its assets under any other law for the time being in force, prior to the date of approval, shall be extinguished.

• No proceedings shall be continued or instituted against the Company or its assets on the basis of such claims, including proceedings for assessment of the claims.

Hence, any claim for period prior to NCLT order of 31.03.2023

not admitted by the RP, is deemed to have been extinguished

in terms of the approved resolution plan.

Statutory Committees

The Corporate Governance Report may be referred for details on Statutory Committees.

For and on behalf of the Board of Directors Sd/-

Hardik Bharat Patel Chairman & Whole Time Director DIN:00590663

Date: August 10, 2026 Place: Mumbai