Dhani Services Ltd Directors Report

Dear Shareholders,

The Board of Directors is pleased to present the 30^th Annual Report of the Company alongwith audited statement of accounts, for the financial year ended March 31, 2025.

During the year under review, the Company continued to strengthen its position in its key business segments: Real Estate Development,

Security Broking & Asset Reconstruction .

Despite a dynamic economic environment, the businesses demonstrated resilience, supported by strategic initiatives, robust risk management, and continued investments in technology and talent.

Real Estate Development Market Overview

The Indian real estate sector witnessed sustained growth momentum in FY 2024-25, driven by strong end-user demand, improved affordability, and structural policy support. The sector benefited from rising urbanization, preference for home ownership, particularly in Tier I and select Tier II cities.

Residential real estatesaw robust sales across mid-income and premium segments, with demand buoyed by stable interest rates, improved buyer sentiment, and continued traction in digital and flexible work models. Developers focused on timely execution and customer-centric offerings, while consolidation among organized players led to increased market transparency and trust. Commercial real estate remained resilient, supported by demand for Grade A office spaces, co-working formats, and warehousing/ logistics infrastructure. The growth of the digital economy and IT/ITeS sectors continued to models led to evolving space configurations.

The governments continued thrust on infrastructure, digitization of land records, RERA enforcement, and affordable housing initiatives contributed positively to sectoral stability and investor confidence. Furthermore, the real estate investment trust (REIT) segment saw increased participation, transparency in the commercial real estate market. enhancingliquidityand

Company Highlights

In line with our strategic approach to real estate investments we are pleased to share the below developments, that will drive growth and create long term value for all stakeholders.

SR. NO PROJECT NAME	LOCATION	TYPE	AREA (ACRES/ SQ.FT)	STATUS	KEY MILESTONES
1 INDIABULLS ESTATE & CLUB - I	SECTOR 104,	RESIDENTIAL	24 acres/60	PHASE 1 LAUNCHED	PHASE 1 LAUNCHED - Q4 FY24-25. SOLD 55% INVENTORY VALUED AT APPRX 1100 cr.
2 INDIABULLS HEIGHTS	GURUGRAM		lacs sq ft	BUILDING PLANS APPROVED.	RERA APPROVAL TO COME IN Q2 FY25-26. LAUNCH LIKELY Q3 FY25-26
3 INDIABULLS GREEN AVENUE	KHARKHOUDA, NCR	PLOTTED DEVELOPMENT	41,000 SQ. YARDS	RERA REGISTERED.	RERA REGISTRATION DONE IN Q4 FY24-25. LAUNCH LIKELY Q2 FY25-26
4 INDIABULLS TOWER	PRABHADEVI, MUMBAI	COMMERCIAL	0.6 acres / 2.6 Lacs sq.ft leaseable.	ALL STATUTORY APPROVALS RECEIVED.	CONSTRUCTION TO COMMENCE IN FY 25-26.
5 UPCOMING MIXED USE DEVELOPMENT	SECTOR 105, GURUGRAM	MIXED USE	5.9 acres / 13.6 Lacs sq.ft	APPLICATION UNDER PROCESS.	EXPECTED LAUNCH Q1 FY26-27
6 UPCOMING COMMERCIAL DEVELOPMENT	SECTOR 99 & 99A, GURUGRAM	COMMERCIAL	5 acres	PROJECT UNDER PLANNING STAGE.

Equity Broking Industry Overview

The Indian capital markets demonstrated resilience and depth during FY 2024 25, despite global macroeconomic headwinds and geopolitical uncertainties. The benchmark indices continued to perform well, supported by strong domestic economic fundamentals, corporate earnings growth, and robust retail and institutionalparticipation.

Primary markets witnessed healthy activity, with several successful IPOs across diverse sectors, reflecting investor confidence and the maturity of Indias equity ecosystem. Secondary markets also saw increased trading volumes, aided by digital platforms and improved market accessibility.

Foreign portfolio investment (FPI) flows remained positive for most of the year, driven by Indias relative macroeconomic stability, policy consistency, and growthpotential.Domesticinstitutional investors, including mutual funds and insurance companies, played a stabilizing role during periods of volatility, while retail investors continued to expand their footprint in equities through SIPs and direct market participation.

The regulatory environment remained supportive, with SEBI introducing key reforms to strengthen investor protection, enhance transparency, and promote long-term market development. Initiatives like shorter settlement cycles, streamlined disclosure norms, and greater digital integration improve operational efficiency and helped Indias capital markets are poised for continued growth, backed by economic expansion, increased formalization of savings, and ongoing regulatory evolution. Astheeconomytransitionsto a more investment-led growth model, capital markets will continue to ation, innov play infrastructure, pivotalrole and enterprise. financing Company Performance/Key Highlights.

YOY growth

o 18% in broking revenues.

o. 22%EBITDAMargin,showingresilienceandcostefficiencies

o 42% EBITDA.

o 25% ROE

o 67% ROCE.

o 23% Improvement in Liquid Ratio.

Cash flows improved considerably reflecting enhanced liquidity.

Strengthened its Capital Structure.

o Total Debt reduced by 68%

o External Debt NIL.

ARPU/month Rs 4,300/-

Mobile App Usage 56%

Key Initiatives

Transformation of the fintech business & product.

Tech-first approach with emphasis on client retention & customer experience, over high cost acquisitions.

Platform modernization experience . & Omnichannel Setting up high performance, low latency environments to support Algo Trading Strategies.

Strengthened compliance systems and conducted regular internal audits in line with SEBI requirements.

Invested in cybersecurity infrastructure to safeguard client data and ensure platform resilience.

Asset Reconstruction.

Industry Overview

The Asset Reconstruction sector in India continued to play a critical role in strengthening the financial ecosystem during With the banking system showing signs of improved asset quality and increased provisioning discipline, the focus gradually shifted value-driven frombulkacquisitions resolutions.

During the year, asset reconstruction companies (ARCs) operated in a landscape marked by evolving regulatory oversight, including the Reserve Bank of Indias emphasis on improved transparency, resolution effectiveness, and capital adequacy. The Insolvency and Bankruptcy Code (IBC) remained a key resolution channel, though ARCs also explored alternative mechanisms for recovery and settlement in collaboration withlenders.

-performing assets (NPAs) into the market moderated due to strengthened credit underwriting and recoveries at the The bank level. However, opportunitiespersisted in stressed asset segments, particularly in mid-sized corporate exposures and legacy loan books. Investor interest in the distressed asset space remained steady, supported by rising participation from alternate investment funds and global distressed asset players.

Company Highlights.

Portfolio under Management of Rs 628 cr.

Total recoveries during the year Rs 226 cr.

Feet on street strength driving relationship led collections.

Looking Ahead

The year ahead presents new opportunities. In real estate, urbanization trends and policy reforms will drive -segment housing.positioned In broking, the democratization investingand evolving fintech trends offer a vast playing field, and we plan to enhance our offerings of through AI-driven advisory, advanced charting tools, and educational platforms for new investors.

The asset reconstructionbusiness is expected to evolve with greater emphasis on operational turnaround, co-investment models, and specialized sectoral expertise. Policy clarity, strongerduediligencepractices,and the growing maturity of the stressed asset ecosystem are likely to enhance the long-term viability and impact of the ARC industry.

FINANCIAL HIGHLIGHTS (STANDALONE) highlighthe Company, for the financial year ended March 31, 2025, are as under: Thefinancial

	Year ended March 31, 2025	Year ended March 31, 2024
(Loss)/Profit before Depreciation & Amortization expenses and Tax	(5,078.69)	2,746.85
Less: Depreciation & Amortizationexpenses	14.71	21.51
(Loss)/Profit before exceptional items and tax	(5,093.40)	2,725.34
Less: Exceptional items	0.00	2,267.08
(Loss)/Profit before Tax	(5,093.40)	458.26
Less: Tax Expense	(192.84)	1,896.27
Loss for the year	(4,900.56)	(1,438.01)
Other comprehensive income (net of taxes)	(10.47)	7.89
Total comprehensive income for the year	(4,911.03)	(1,430.12)

The total revenue of the Company during the financial year ended March 31, 2025 stood at Rs. 2,507.42 lakh with a net loss of Rs. 4,900.56 lakh. The consolidated revenue of the Company stood at Rs. 48,688.32 lakh and the consolidated net loss after tax stood at Rs. 6,764.86 lakh.

DIVIDEND

The Company has not declared any dividend during the financial year 2024-25. Further, Pursuant to Regulation 43A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (" SEBI LODR Regulations"), the Dividend Distribution Policy of the

Company is available on the website of the Company at https://www.dhani.com/services/wp-content/uploads/2020/12/ivl-dividend-distribution-policy_1564992261.pdf

DIRECTORS AND KEY MANAGERIAL PERSONNEL

In compliance with applicable provisions under the Companies Act, 2013 and regulation 17(1C) of the SEBI LODR Regulations and in terms of Board authorisations dated May 17, 2024 and August 9, 2024, the shareholders of the Company on June 20, 2024, through Postal Ballot and in 29^th Annual General Meeting held on September 25, 2024, have approved the re-appointment of Mr. Divyesh B. Shah (DIN: 00010933) as Whole Time Director & Key Managerial Personnel of the Company, designated as CEO, for a period of 3 years w.e.f. April 1, 2024 to March 31, 2027 and re-appointment of Mr. Aishwarya Katoch (DIN: 00557488) as Non-Executive Independent Director of the Company for second consecutive term of 2 years effective from January 1, 2025 to December 31, 2026, respectively. The existing term of Mr. Prem Prakash Mirdha (DIN: 01352748) as Non-Executive Independent Director of the Company is upto August 10, 2025. On the recommendation of the Nomination & Remuneration Committee, the Board of directors of the Company in its meeting held on July 25, 2025 has re-appointed Mr. Mirdha as Non-Executive Independent Director of the Company for second consecutive term of 2 years effective from August 11, 2025 to August 10, 2027. All the Independent Directors have given declaration that they meet the criteria of independence laid down under Section 149 (6) of the Act, and in Regulation 16(1)(b) of SEBI LODR Regulations. The brief resume of the Directors proposed to be appointed/ reappointed, nature of their expertise in specific functional areas, terms of appointment, names of companies in which they hold directorships, memberships/ chairmanships of Board Committees, along with names of listed entities from which they in the past three years, are provided in the Notice convening the 30^th Annual General Meeting of the Company.

In compliance with the applicable regulatory provisions, the Board has recommended the re-appointment of Mr. Gurbans Singh (DIN: 06667127), who retires by rotation at the ensuing Annual General Meeting of the Company and being eligible, has offered himself for re-appointment as a director.

SHARE CAPITAL

As on March 31, 2025, the paid up share capital of the Company was Rs. 121,62,96,148.40 divided into 60,32,59,386 fully paid up equity shares of face value Rs. 2/- each and 88,88,524 partly paid-up equity shares of face value of Rs. 2/- each, paid up Rs. 1.10 each (PPS). Voting rights in respect of PPS are proportionate to the amount paid-up thereon. During the financial year 2024-25, the Company has not raised any share capital. During the current financial year and upto the date of this report, the Company has issued and allotted 12,07,200 (Twelve Lacs Seven Thousand Two Hundred) fully paid-up equity shares of face value INR 2/- each, to eligible employees upon exercise of options vested in their favour under ‘Dhani Services Limited Employees Stock Option Scheme 2008 and ‘Dhani Services Limited Employees Stock Option Scheme 2009. Consequently, the paid up share capital of the Company increased to Rs. 121,87,10,548.40 divided into 60,44,66,586 fully paid up equity shares of face value Rs. 2/- each and 88,88,524 partly paid-up equity shares of face value of Rs. 2 each, paid up Rs. 1.10 each (PPS). Voting rights in respect of PPS are proportionate

PREFERENTIAL ISSUE OF WARRANTS & UTILISATION OF PROCEEDS

During the year under review, pursuant to and in terms of shareholders approval dated January 25, 2025 and in terms of Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Company, on March 17, 2025, has issued and allotted an aggregate of 4,50,00,000 warrants, convertible into equivalent number of fully paid-up equity shares of face value of Rs. 2 each at an issue price of Rs. 90.30 (including a premium of Rs. 88.30) per equity share, to certain promoter group entities of the Company. Till the date of this report, the Company has received an aggregate of Rs. 101.59 cr. as subscription money equivalent to 25% of the Issue Price, out of which Rs. 92 cr. has been utilised till quarter ended June 30, 2025 as per stated Objects of preferential issue of Warrants and balance amount of Rs. 8.71 cr. has been deployed as per approved terms of preferential issue of Warrants and Rs. 0.88 in this regard have been submitted to the Stock Exchanges and placed cr.wasunutilised. on the website of the Company. In terms of regulatory provisions, there is no deviation in the utilization of proceeds from the stated objects and proceeds have been utilisedby the Company as per objects approved by the shareholders of the Company.

ESOP/SAR SCHEMES

During the year under review, shareholders of the Company in their 29th Annual General Meeting held on September 25, 2024, have approved the modification to Dhani Services Limited Employees Stock Option Scheme 2008 and Dhani Services Limited Employees Stock Option Scheme 2009, to extend their effectiveness from 16 years from the date of institution of the Schemes to 26 years from the date of institution of the Schemes. During the current financial year, 25 lacs Stock Options have been granted to eligible employee(s) under Dhani Services Limited Employees Stock Option Scheme 2009, at an exercise price of Rs. 66.40 against the share price of Rs. 66.38 available on NSE on the date of grant of these options. These options are convertible into fully paid-up equity shares of face value of Rs. 2/- each,uponvestingand . year exerciseconsisting of 20% options each The disclosures required to be made under SEBI Regulations and the Act read with Rule 12 of the Companies (Share Capital and Debentures) Rules, 2014, in respect of ESOP Schemes/SARs of the Company have been placed on the website of the Company www.dhani.com.

PUBLIC DEPOSITS

During the year under review, the Company has not accepted any deposits from the public, falling within the ambit of Chapter V of the Act and the Companies (Acceptance of Deposits) Rules, 2014.

LISTING WITH STOCK EXCHANGES

The fully paid up Equity Shares (ISIN: INE274G01010) and partly paid up Rights Equity Shares (ISIN: IN9274G01034) of the Company continue to remain listed at BSE Limited and National Stock Exchange of India Limited. The listing fees payable to both the exchanges for the financial year 2025-26 have been paid.

SCHEME OF ARRANGEMENT

In line with the long term business objectives of the Company to further accelerate the scaling up of the operations and to provide synergy of consolidated business operations and management and to streamline the operations of the Company and /or its identified subsidiaries to have a simplified and streamlined holding structure with pooled resources, the Board of Directors of the Company (DSL), had approved the composite Scheme of Arrangement inter-alia involving Amalgamation of the Company along with its certain subsidiary companies with and into Yaari Digital Integrated Services Limited ("Amalgamated Company" / "Resulting Company "Yaari") and subsequent automatic dissolution of Amalgamating Companies.

Under the proposed Scheme subsidiaries of the Company getting amalgamating with Yaari are Savren Medicare Limited, Auxesia Soft Solutions Limited, Gyansagar Buildtech Limited, Pushpanjli FinsolutionsLimited, Devata Tradelink Limited, Evinos Developers Limited, Milky Way Buildcon Limited, Indiabulls Consumer Products Limited, Indiabulls Infra Resources Limited, Jwala Technology Systems Private Limited, Mabon Properties Limited and Juventus Estate Limited.

The Scheme is subject to all applicable statutory and regulatory approvals, including approval from the stock exchanges, SEBI, shareholders and creditors of the company and Honble National Chandigarh bench (NCLT). Post filing the CompanyLawTribunal, Scheme with National Stock Exchange of India Limited (NSE) and BSE Limited (BSE),the Company had received the Observation Letters from BSE and NSE on March 1, 2024 and March 4, 2024, respectively. Honble Competition Commission of India (CCI) had approved the Scheme on December 19, 2023 and detailed Order of CCI has also been received. First motion application of the Scheme was approved by Honble NCLT, vide its order dated January 29, 2025. In compliance with said Order of Honble NCLT and in supervision of NCLT Nominated Chairperson, meeting of equity shareholders of Dhani Services Limited was convened on March 29, 2025 wherein the shareholders of the Company have passed the resolution with requisite majority approving the Scheme of Arrangement. In compliance with the Regulatory provisions, a joint Second Motion Petition has been filed with the Honble NCLT in April, 2025. Upon the Scheme coming into effect, the fully paid-up equity shares of Yaari will be issued to the shareholders of the Company, basis the swap ratio as mentioned in the scheme i.e.

"294 equity shares of Yaari INR 2/- each fully paid-up for every 100 equity shares of DSL of INR 2/- each fully paid-up"

"162 equity shares of Yaari INR 2/- each fully paid-up for every 100 equity shares of DSL of INR 2/- each partly paid-up. The paid-up value of partly paid-up share is 55% i.e. INR 1.1. The exchange ratio has been computed in proportion to paid up value."

CHANGE IN REGISTERED OFFICE OF THE COMPANY

Pursuant to shareholders authorization through postal ballot dated May 25, 2023 and on receipt of certificate of registration from the office of Registrar of Companies, the Registered Office of the Company was shifted, w.e.f. May 1, 2024, from NCT of Delhi at ‘1/1E, First Floor, East Patel Nagar, New Delhi-110008 to the State of Haryana at ‘5th Floor, Plot No. 108, IT Park, Udyog Vihar, Phase 1, Gurgaon-122016.

STATEMENT OF DEVIATION(S) OR VARIATION(S) PURSUANT TO REGULATION 32 OF SEBI LODR REGULATIONS

On the utilizationofproceedsofRightsIssueandofconvertibleWarrants issued on preferential basis, there was no deviation from the Objects stated for Rights Issue and Warrants issue.

INFORMATION PURSUANT TO SECTION 134 AND SECTION 197 OF THE COMPANIES ACT, 2013 READ WITH THE RELEVANT RULES AND SEBI LODR REGULATIONS

The informationrequiredtobedisclosedpursuanttoSection134 and Section 197 of the Act read with the relevant rules (to the extent applicable) and SEBI LODR Regulations, not elsewhere mentioned in this Report, are given in"Annexure A" forming part of this Report.

AUDITORS

(a) Statutory Auditors

The appointment of M/s Hem Sandeep & Co., Chartered Accountants (Registration No. 009907N) as Statutory Auditors of the Company held on September 25, Companywasapprovedinthe 29 2024, to hold office from ^th AnnualGeneral Meeting the conclusion of 29^th AGM until the conclusion of 32nd AGM to be held in the calendar year 2027, including the payment of remuneration of upto INR 53,50,000/- (Rupees Fifty Three Lacs Fifty Thousand only) plus applicable taxes and reimbursement of out of pocket expenses incurred by them in connectionwith the audit of the accounts of the Company for each financial year, during their tenure. In terms of applicable regulatory provisions, M/s Hem Sandeep & Co., Chartered Accountants have confirmed that they are eligible to hold the office of Financial Statements Managementresponse of the qualification asmentioned the Company for the financial year ended March 31, 2025, forming part of this Annual Report is as under: "The Group has recorded impairment losses resulting from decline in some of its subsidiaries businesses and assets of trusts whose financial information is included in the Consolidated Financial Results. Management intends to grow its real estate business and has, on a prudent approach, re-assessed the recoverability of certain financial assets and has accordingly, recorded provisions for impairment due to expected credit loss of Rs. 47,448.40 Lakhs (net of deferred tax) to other comprehensive income and has recorded a provision of impairment loss of Rs. 19,771.80 Lakhs (net of deferred tax) to other comprehensive income on account of impairment of certain non-financial assets for the year from April 1, 2024 to March 31, 2025. Also, there is no resultant impact on the carrying amount of the total equity, total comprehensive income, total assets and total liabilities of the Company due to this exceptional treatment".

The Notes to the Accounts referred to in the Auditors Report are self explanatory and therefore do not call for any further explanation. No frauds have been reported by the Auditors of the Company in terms of Section 143(12) of the Act.

(b) Secretarial Auditors & Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Act read with the rules made thereunder, the Company has appointed M/s Sukesh & Co., Company Secretary in practice as its Secretarial Auditors, to conduct the secretarial audit of the Company, for the Financial Year 2024-25. The Company has provided all assistance, facilities, documents, records and clarifications etc. to the Secretarial Auditors for conducting their audit. The Report of Secretarial Auditors for the Financial Year 2024-25, is annexed as "Annexure 1" and forming part of this Report. The Secretarial Audit Report is self-explanatory and therefore do not call for any further explanation. The Secretarial Compliance Report as prescribed by SEBI is annexed as "Annexure 2" and forming part of this Report. The Secretarial Audit Report of listed subsidiary and material unlisted subsidiary companies, namely, Dhani Loans and Services Limited, Indiabulls Asset Reconstruction Company Limited and Indiabulls Securities Limited (formerly Dhani Stocks Limited) are annexed as "Annexure 3", "Annexure 4" and "Annexure 5", respectively.

Pursuant to and in terms of Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 read with SEBI Notification No. SEBI/LAD-NRO/GN/2024/218 dated December 12, 2024 (SEBI Listing Regulations) and any regulatory provisions, the Board, on the proposal of the Audit Committee, has recommended for the appointment of M/s Sukesh & Co., Company Secretaries (Firm Registration No. S2014HR239100 and ICSI Peer Review Certificate No. 3473/2023) as the Secretarial Auditors of the Company for a period of 5 (Five) consecutive years, from financial year 2025-26 to FY 2029-30 for undertaking secretarial audit and issuing the Secretarial Audit Report and Annual Compliance Report for each of the financial year, during the aforesaid tenure.

Consent and confirmation have been obtained from M/s Sukesh & Co., Company Secretaries, to the effect that their appointment, if made, shall be in accordance with the conditions as prescribed in SEBI Listing Regulations. As required under the SEBI Listing Regulations, M/s Sukesh & Co., Company Secretaries, has confirmed that they hold a valid certificate issued by the Peer Review

Board of ICSI.

(c) Cost Records

The Company is not required to prepare and maintain cost records pursuant to Section 148(1) of the Act.

CORPORATE SOCIAL RESPONSIBILITY

The Company firmly believes that for an organisation to succeed in long term, it is imperative to keep the overall well-being of the society at the core of its values and purpose. Our main objective in this regard is to do meaningful work with measurable output and maximum impact on the society. The Companys vision is to contribute towards a society where quality healthcare, education and livelihood opportunities convergetocreateanequitablefutureforallfamiliesandcommunities.Corporate Social Responsibility is not mere an obligation for us but we yearn to transform Bharat into a stronger and healthier nation.

During the FY 2024-25, the Company had paid an amount of Rs. 41.39 lacs being 2% of average net profits of the Company for three immediately preceding financialyears, to Amar Charitable Trust towards effectuation activities for FY andimplementationofCSR 2024-25, on the promotion of Healthcare, Nutrition, Education or any other Annual Report on CSR Activities is given in "Annexure 6", forming part of this Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Pursuant to Regulation 34 of SEBI LODR Regulations, Managements Discussion and Analysis Report, for the year under review, is presented in a separate section forming part of this Annual Report.

CORPORATE GOVERNANCE REPORT

Pursuant to Regulation 34 of the SEBI LODR Regulations, Corporate Governance Practices followed by the Company, together with a certificate from a practicing Company Secretary confirming compliance, is presented in a separate section forming part of this Annual

Report.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

Pursuant to Regulation 34 of the SEBI LODR Regulations, Business Responsibility and Sustainability Report (BRSR) is available on the website of the Company https://www.dhani.com/services/wp-content/uploads/2025/08/BRSR-Report-FY24-25_DSL_Master-file_21.08.25pdf.

DIRECTORS RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statement in terms of Section 134 of the Act: a) that in the preparationof the annual accounts for the year ended March 31, 2025, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any; the Notes to the Financial Statements had been selected and applied consistently b) thatsuchaccountingpoliciesasmentioned and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company, as at March 31, 2025 and of the profit and loss of the Company for the year ended on that date; c) that proper and sufficient care had been taken 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 d) that the annual accounts had been prepared on a going concern basis; e) that proper internal financial controls were in place and that such financial controls were adequate and were operating effectively; and f) that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

ACKNOWLEDGEMENT

Your Company has been able to operate efficiently because of the culture of professionalism, creativity, integrity and continuous improvement in all functionalareas and the efficient utilization of all its resources for sustainable growth. Your Directors wish to place on record their appreciation of the contributionsmade and committed services rendered by the employees of the Company at various levels. Your Directors also wish to express their gratitude for the continuous assistance and support received from the investors, clients, bankers, regulatory and government authorities, during the year.

	For Dhani Services Limited
	Sd/-	Sd/-
	Gurbans Singh	Divyesh B. Shah
Place: Mumbai	Executive Chairman	Whole-time Director & CEO
Date: July 25, 2025	(DIN: 06667127)	(DIN: 00010933)