Citadel Realty & Developers Ltd Directors Report

To

The Members

Your Directors have pleasure in presenting before the Shareholders, the 65th Annual Report together with the Audited Financial Statements of the Company for the financial year ended 31st March, 2025:

1. Financial Highlights:

The Companys financial performance for the financial year under review along with previous financial years figures is given hereunder:

(Amount Rs. in lakhs except EPS)

Particulars	STANDALONE		CONSOLIDATED
	Financial Year ended 31st March, 2025	Financial Year ended 31st March, 2024	Financial Year ended 31st March, 2025	Financial Year ended 31st March, 2024
Revenue from Operations	354.29	317.10	354.29	317.10
Other income	0.88	0.98		-
Total Revenue	355.17	318.08	354.29	317.10
Expenses	38.63	26.37	38.63	26.37
EBITDA	316.54	290.73	315.66	290.73
Depreciation and Amortization		-		-
EBIT	316.54	291.71	315.66	290.73
Interest and Finance charge	158.81	138.03	158.81	138.03
Earning Before Tax (EBT)	157.73	153.68	156.85	152.70
Less: Taxation:
- Current Tax	41.01	39.70	41.01	39.70
- Deferred Tax	-	-	-	-
- Total tax expense from continuing operations	41.01	39.70	41.01	39.70
Profit/Loss After Tax	116.72	113.98	115.84	113.00
Share in the Profit of the Firm	-	-	0.66	1.72
Net profit for the period	116.72	113.98	116.50	114.72
Earning Per Share (Rs.)	1.48	1.44	1.47	1.45
Diluted Per Share (Rs.)	1.48	1.44	1.47	1.45

2. BUSINESS OVERVIEW /PROSPECTS /NATURE OF BUSINESS:

During the year under review, standalone and consolidated revenue from operations increased to Rs. 3.54 Crores, compared to Rs. 3.17 Crores in the previous year, registering an increase of 11.7%. Standalone net profit increased to Rs. 1.16 crores compared to 1.14 crores in the previous year an increase of approx. 2 %. On consolidated basis net profit increased to Rs. 1.17 Crores compared to Rs. 1.15 Crores, an increase of approx. 2%. Basic EPS also increased from Rs. 1.47 as compared to Rs. 1.45 in previous year.

There is a significant improvement in the demand for affordable housing which augurs well for the future of the Company. The Company has entered into a JV with a group Company for development of a nearby slum Project and the construction activities are yet to commence.

The Company is primarily engaged in the activities of Real Estate Development. There was no change in nature of the business of the Company, during the financial year under review.

3. DIVIDEND:

As a prudent economic measure and in order to conserve the scarce liquid resources of the Company, your Directors do not recommend any dividend on the equity shares for the financial year under review.

Post Balance Sheet date, the Company declared an interim dividend for the FY 2025-26 @5% being Re. 0.50 per equity shares of Rs. 10 each, at its Board meeting held on July 14, 2025.

4. TRANSFER TO RESERVES:

During the financial year under review no amount is proposed to be transferred to General Reserve.

5. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:

Pursuant to the provisions of Section 124 of the Companies Act, Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 read with the relevant circulars and amendments thereto, the amount of dividend remaining unpaid or unclaimed for a period of seven years from the due date is transferred to the Investor Education and Protection Fund (“IEPF”).

6. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

There were no material changes and commitments occurred during the financial year 2023-24 and between the end of the financial year and the date of the Report affecting the financial position of the Company.

7. CORPORATE GOVERNANCE:

Pursuant to Regulation 15(2) of the SEBI (Listing Obligation & Disclosure Requirement) Regulations, 2015, compliance with the provisions of Regulations 17 to 27(2) shall not be mandatory for those Companies having paid up share capital not exceeding Rs.10 crore (Rupees Ten Crores) and net worth not exceeding Rs.25 crore (Rupees Twenty-Five crores), as on the last day of the previous financial year.

Accordingly, annexing Corporate Governance Report under Regulation 27 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, is not applicable to the Company as per Regulation 15(2) of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 as the Paid up Share Capital And Net Worth of the Company as mentioned above, were less than ?10 Crore And ?25 Crore respectively as on March 31,2025.

However, to facilitate better shareholders information and as a good governance practice, a report on Corporate Governance has been annexed to this Boards Report as Annexure 4 on voluntary basis.

8. PUBLIC DEPOSITS:

The Company has not accepted any fixed deposits, covered under Chapter V of the Companies Act, 2013.

9. DETAILS OF DIRECT ORS/KMP/ APPOINTED/RESIGNED DURING THE YEAR AS PER SECTION 134(3)(Q) READ WITH RULE 8(5)(HI) OF COMPANIES (ACCOUNT) RULES,2014

During the Financial year under review:

• On the recommendation of Nomination and Remuneration Committee and the Board of Directors, Mr. Parmeet Mayur Shah (DIN: 03362384), was appointed as an additional Whole time Director by the Board of Directors of the Company w.e.f. May 9, 2024 subject to the approval of the shareholders. Subsequently, his appointment as Whole time Director was confirmed by the Shareholders through Postal Ballot on August 8, 2024.

• Mrs. Yamini Shah (DIN: 03441691), was appointed as an Independent Director by the Board of Directors of the Company w.e.f. August 13, 2024 subject to the approval of the shareholders and later her appointment was regularized by the shareholders of the Company at the 64th Annual General Meeting held on September 20, 2024.

• Mr. Priyank Girish Kumar Upadhyay (ACS: 74753) was appointed as Company Secretary and Compliance Officer of the Company w.e.f November 7, 2024 due to vacancy caused by the resignation of Mr. David Saldanha (ACS 74305) who was appointed as the Company Secretary and Compliance Officer of the Company w.e.f. August 13, 2024.

10. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)/ DECLARATION FROM INDEPENDENT DIRECTORS:

a. Composition of the Board:

The composition of the Board is in conformity with Regulation 17 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 which, inter alia, stipulates that the Board should have an optimum combination of executive and non-executive directors.

There were 6(Six) Directors on the Board of the Company as on 31st March, 2025. The Board of Directors comprises of 2(Two) Executive Director and 4(Four) Non-Executive Directors out of which 2 (Two) are Independent Directors and 2(Two) are Non-Independent Directors.

The Company has an Independent Woman Director on the Board of the Company. The Board is headed by Mr. Devendra Shrimanker, Chairperson & Non-Executive Independent Director.

As on 31st March, 2025, the Board comprised of Mr. Devendra Shrimanker(Chairperson and Non-Executive - Independent Director), Mr. Chetan Ramniklal Shah (Non-Executive - Non Independent Director), Mrs. Sonal Mayur Shah (Non- Executive - Non Independent Director), Mr. Parmeet Mayur Shah (Whole Time Director), Mrs. Yamini Anish Shah(Non-Executive - Independent Director) and Mr. Nilesh Dhankumar Dand (Executive Director, CFO and CEO).

b. Retire by Rotation

As per Provision of Companies Act, 2013, Mr. Chetan R. Shah (DIN: 00135296), a Non-Executive Director, retires by rotation at the ensuing Annual General Meeting and is eligible for re-appointment. The Board recommended his re-appointment to the shareholders of the Company at the ensuing AGM.

c. Meeting of IDs & Declaration

In accordance with the provisions of the Companies Act, 2013, a separate meeting of the Independent Directors of the Company was held on March 29, 2025.

The Company has received declarations from all the Independent Directors confirming that they met the criteria of Independence as prescribed under Section 149 (6) & (7) of the Companies Act, 2013 issued thereunder and under Regulation 16 (1) (b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

Based on the declarations and confirmations of the Independent Directors and after undertaking due assessment of the veracity of the same, the Board of Directors recorded their opinion that all the Independent Directors are independent of the Management and have fulfilled all the conditions as specified under the governing provisions of the Companies Act, 2013 and the Listing Regulations.

Further, the Independent Directors have also confirmed that they have complied with the Companys code of conduct.

d. Familiarization program for Independent Directors:

The Company has in place a familiarisation programmme for Independent Directors with regard to their role, duties and responsibilities, nature of the industry in which the Company operates, business / operating model of the Company, etc. The Board Members are provided with all necessary documents/ reports and internal policies to enable them to familiarise with the Companys procedures and practices.

Further, Presentations are also made at every Board Meeting on relevant topics/regulatory changes by the members of the management team.

e. Key Managerial Personnel:

Pursuant to the provisions of the Section 203 of the Companies Act, 2013, the Key Managerial Personnel of the Company as on March 31, 2025 are:

i. Mr. Parmeet Mayur Shah, Whole Time Director

ii. Mr. Nilesh Dhankumar Dand, Executive Director, Chief Executive Officer & Chief Financial Officer

iii. Mr. Priyank Upadhyay, Company Secretary and Compliance Officer*

Note:

*Mr. Priyank Upadhyay resigned as Company Secretary & Compliance Officer w.e.f. the closure of business hours of April 14, 2025. And Mr Raj Kukreja was appointed as the Company Secretary and Compliance Officer of the Company w.e.f. July 14, 2025. Mr. Raj Kukreja, was appointed as Company Secretary and Compliance Officer w.e.f. July 14, 2025.

Presently, Mr. Parmeet Mayur Shah, Whole Time Director, Mr. Nilesh Dhankumar Dand, Executive Director, Chief Executive Officer & Chief Financial Officer and Mr. Raj Kukreja, Company Secretary and Compliance Officer, are the Key Managerial Personnel (KMPs) of the Company.

11. PERFORMANCE EVALUATION:

The Performance Evaluation of all Directors was undertaken pursuant to the provisions of the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015. The Independent Directors of the Company have formalized the mode of carrying out such evaluation of all the Directors for the financial year under review. The Independent Directors were satisfied with the overall functioning of the Board, which displayed a high level of commitment and engagement.

12. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:

During the financial year, 5(five) meetings of the Board of Directors were held. The details of the meetings are as follows:

May 9, 2024, August 13, 2024, August 24, 2024, November 11, 2024, February 14, 2025

13. VIGIL & WHISTLE BLOWER MECHANISM AND POSH POLICY:

The Company has duly incorporated the Vigil Mechanism / Whistle Blower in the Code of Conduct for Directors and Senior Management. Each year, necessary affirmation of compliance is made and the same is informed to the Audit Committee/Board.

The said “Vigil mechanism” is hosted on the website of the Company under the head of “whistle blower mechanism”. The mechanism has necessary provisions relating to reporting the complaint of unethical /improper conduct to the Chairman of the Audit Committee and action suitable steps to investigate, safeguarding measures of the “whistle blower(s)”.

During the financial year under review, no complaints or alerts were received from any of the stakeholders that are reportable to the Chairman of the Audit Committee.

14. AUDIT COMMITTEE:

An Audit Committee of the Board of Directors is in existence in accordance with the provisions of sec 177 of the Companies Act, 2013. For matters relating to constitution, meetings and functions of the Committee, kindly refer to Corporate Governance Report forming part of this Annual Report.

15. NOMINATION AND REMUNERATION POLICY:

A Nomination and Remuneration Committee of the Board of Directors is in existence in accordance with the provisions of sec 178 of the Companies Act 2013. For matters relating to constitution, meetings and policy of the Committee, kindly refer to Corporate Governance Report forming part of this Annual Report.

16. RISK MANAGEMENT POLICY:

The Board at its Meeting undertakes periodic reviews of the potential risks and its mitigation measures in line with its corporate strategy, major plans of action setting performance objectives, monitoring implementation and corporate performance, and overseeing major capital expenditures, acquisitions and disinvestments.

17. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The Company being formed for and engaged in real estate development (Infrastructural facilities) is exempt from the provisions of Section 186 of the Companies Act, 2013 related to any loans made or any guarantees given or any securities provided by the Company. All the Investments made by the Company are within the limits prescribed under section 186 of the Act.

18. PARTICULAR OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTY:

During the financial year under review, all the contracts or arrangements with Related Party are at arms length basis and in ordinary course of business. During the year under review, the Company has not entered into any material transactions or arrangement with related party/ ies. Please refer Form AOC-2 in ‘Annexure-1.

19. MANAGERIAL REMUNERATION/ PARTICULARS OF EMPLOYEE:

The Company has no employee who receives remuneration to the extent provided in Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 for the year ended 31st March, 2025. The details required as per Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith as “Annexure 3”. However pursuant to provision of section 136(1) of the Act, this report is being sent to the shareholders excluding the information required as per Rule 5 (2) and 5 (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Any shareholder interested in obtaining a copy of the same may write to the Company Secretary and Compliance Officer either at the Registered/ Corporate Office address or by email to citadel@marathonrealtv.com.

20. DISCLOSURE RELATED TO EMPLOYEE STOCK OPTIONS PLAN:

During the financial year under review, the Company has neither approved nor granted any Stock Options under any Plan.

21. STATUTORY AUDITORS AND THEIR AUDIT REPORT:

M/s Bipin B Shah & Co. (Firm Reg. No. 101511W were re-appointed as the Statutory Auditors of the Company at its Sixtieth (60th) Annual General Meeting to hold office for a second term of five (5) consecutive years till the conclusion of the Sixty fifth (65th ) Annual General Meeting to be held in the year 2025.

The auditors report does not contain any qualification, reservation or adverse remark or disclaimer or modified opinion.

The Board of Directors of the Company (“Board”), based on the recommendation of the Audit Committee at their respective meetings held on August 26, 2025 approved the appointment of M/s. ATMS & Co. LLP, Chartered Accountants (Firm Registration No. 100164W) subject to shareholders approval, as the Statutory Auditors of the Company for their first term of five consecutive years from the conclusion of 65th Annual General Meeting to be held in year 2025 till the conclusion of the 70th Annual General Meeting to be held in the year 2030 in place of existing Auditors who are retiring by rotation due to completion of their second term of 5 years.

22. SECRETARIAL AUDITORS AND THEIR AUDIT REPORT:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed M/s. AUS and Co., Company Secretaries (Membership no.: A26485, C.P. No.: 18482) as Secretarial Auditor of the Company for FY 2024-25.

The Secretarial Audit Report for the financial year ended March 31,2025 is annexed herewith as ‘Annexure - 2 forming part of this Boards Report. The secretarial auditors report does not contain any qualification, reservation or adverse remark or disclaimer or modified opinion.

Further, pursuant to the recommendation of the Audit Committee, the Board of Directors has approved the appointment of M/s. AUS and Co., Company Secretaries (Membership no.: 26485, C.P. No.: 18482) a Peer reviewed Firm as the Secretarial Auditor of the Company for a consecutive term of 5 years commencing from Financial Year 2025-26 to 2029-30 subject to the approval of the Shareholders, to conduct secretarial audit and issue the secretarial audit report for the aforesaid periods, at such fees, plus applicable taxes as stated in the explanatory statement annexed to the Notice convening ensuing Annual General Meeting.

23. DETAILS OF FRAUD REPORTED BY AUDITORS

There were no frauds reported by the Statutory Auditors under the provisions of Section 143(12) of the Companies Act, 2013 and the Rules made there under.

24. MERGER /AMALGAMATION:

No scheme of Merger/Amalgamation is pending as on date.

25. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT (BRSR) /COMMITMENT TOWARDS SUSTAINABILITY WHILE UNDERTAKING PROJECTS:

The submission of the BRSR for the financial year under review is not applicable to the Company.

26. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES (CSR):

The Company does not meet with criteria given under section 135 (1) of the Companies Act, 2013 pertaining to CSR contribution so provisions relating to CSR is not applicable to the Company.

27. SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE

The particulars of Associates and Joint Venture have been disclosed in the Notes to the Financial Statement of the Company. During the financial year under review, the Company does not have any Subsidiary. The Company has one Joint venture namely Shree Swami Samarth Builders and Developers, LLP.

During the financial year under review, no Company has ceased or become joint venture, subsidiary, or associate company of the Company.

Pursuant to the provisions of Section 129(3) of the Act, a statement containing salient features of the financial statements of the Companys Joint Venture in Form AOC-1 is annexed to the consolidated financial statements.

28. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE:

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

29. ADEQUACY OF INTERNAL FINANCIAL CONTROLS:

The internal control commensurate with the activities is supplemented by continuous review by the management. The internal control system is designed to ensure that every aspect of the companys activity is properly monitored. At the Group level there has been an extensive exercise conducted on Internal Financial Controls. The Statutory Auditors have specifically commented on the existence of adequate Internal Financial Controls in relation to the activities of the company.

30. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 134 of the Companies Act, 2013, with respect to Directors Responsibility Statement, it is hereby confirmed that:

i. in the preparation of the annual accounts for the financial year ended March 31,2025, the applicable accounting standards have been followed and there were no material departures;

ii. 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 as on March 31, 2025 and of the loss of the Company for the year ended on that date;

iii. the Directors have 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;

iv. the Directors have prepared the annual accounts on a going concern basis;

v. the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

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

31. PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

Information pursuant to Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014

Particulars of Energy Conservation, Research and Development, Technology absorption and Foreign exchange earnings and outgo required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is mentioned hereunder.

A. Conservation of Energy:

1. Steps Taken for Conservation of Energy:

The Company assesses the ecological consequences resulting from significant energy consumption and subsequently implements essential measures to reduce these risks. However, enhancing energy efficiency relies on specific factors like property characteristics and location, adherence to local construction regulations, viable options for implementing decentralized renewable energy, the capacity to monitor energy usage, and the current inventory of buildings, among various other considerations. Optimum measures have been initiated to reduce energy consumption, as a part of our sustainable development initiatives with an intention to reap benefits like increasing resource efficiency (energy, water, and materials) and reducing the impact on human health and the environment.

B. Technology Absorption:

No Instances during the year

C. Foreign Exchange earnings & outgo

The total foreign exchange used was Rs. Nil and the total foreign exchange earned was Rs. Nil

32. ANNUAL RETURN:

In compliance with the provisions of Section 134 and 92 of the Companies Act, 2013, the Company has placed a copy of the Annual Return as on March 31, 2025 on its website at www. citadelrealty. in.

33. COST RECORDS AND COST AUDIT:

Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Companies Act, 2013 are not applicable for the business activities carried out by the Company.

34. THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONG WITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR.

No application has been made under the Insolvency and Bankruptcy Code; hence, the requirement to disclose the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at the end of the financial year is not applicable.

35. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF.

There were no valuations done for the purposes of one time settlement and for obtaining any loan from the Banks/Financial Institutions.

36. OTHERS:

a) MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Management Discussion and Analysis Report, which gives a detailed account of state of affairs of the operations of the Company forms part of this Annual Report.

b) BOARD COMMITTEES:

The Board of Directors has constituted five Committees viz.

1. Audit Committee,

2. Nomination and Remuneration Committee and

3. Stakeholders Relationship Committee.

4. Allotment Committee*

5. Operations Committee*

* Formed on July 14, 2025.

All decisions pertaining to the constitution of Committees, appointment of Members and fixing of terms of reference / role of the committees are taken by the Board of Directors.

Detailed particulars relating to the above Committees have been furnished in the Corporate Governance report for the financial year ended 31st March, 2025.

c) DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The Marathon group have in place a Policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Committee (IC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) and others are covered under this policy. During the financial year under review, no Complaints were received.

d) The Company has Complied with the Maternity Benefits Act, 1961.

e) CREDIT RATING:

There is no change in the credit rating and the same is disclosed in the Corporate Governance Report forming part of this Annual Report.

f) SECRETARIAL STANDARDS:

The Directors state that applicable secretarial standards, i.e. SS-1 and SS-2, relating to ‘Meetings of the Board of Directors and ‘General Meetings, respectively, have been duly complied with by the Company.

g) LISTING FEE:

The Annual Listing Fee for the Financial Year 2024-25 has been duly paid within the stipulated time frame to BSE Limited.

h) DEMATERIALIZATION OF SHARES:

Details of shares of the Company held in demat as well as in physical mode as on 31st March, 2025 are as under:

Particulars	Number of shares as on March 31, 2025	% of Total Issued Capital	Number of shares as on June 30, 2025	% of Total Issued Capital
Shares held in dematerialized form in CDSL	11,49,383	14.57	11,49,109	13.84
Shares held in dematerialized form in NSDL	62,40,890	79.08	66,60,241	80.19
Physical Shares	5,01,925	06.35	4,95,650	5.97
Total No. of shares	78,92,198	100	83,05,000	100

The members are aware that the Companys equity shares are under compulsory trading in dematerialized form for all categories of investors as per SEBI guidelines. The shareholders, who are holding the shares of the Company in physical mode, are requested to Demat their holding at the earliest, so as to reap the corporate benefits like Transfer, Dividends, Bonus etc., without loss of time.

h) SERVICE OF DOCUMENTS:

All documents, including the Notice and Annual Report shall be sent through electronic transmission in respect of the members whose email IDs are registered in their Demat a/c or otherwise provided by them. In compliance with the Regulation 36(1)(B) shareholder whose email is not registered with the Company shall be provide with an intimation about the date of the AGM through a physical letter.

A Member shall be entitled to request for physical copy of any such document.

37. ACKNOWLEDGMENT

The Directors take this opportunity to thank all shareholders, customers, bankers, contractors, suppliers, joint venture partners and associates of your Company for the support received from them during the financial year.

	For and behalf of the Board of Directors
	Sd/-	Sd/-
Regd. Office:	Nilesh Dhankumar Dand	Parmeet Mayur Shah
Marathon Futurex, N.M.Joshi Marg,	Executive Director, CEO & CFO	Whole Time Director
Lower Parel (W), Mumbai 400 013	DIN: 00199785	DIN: 03362384
August 26, 2025
Place: Mumbai