G V Electricals Ltd Directors Report

Except as disclosed below, as on the date of this Red Herring Prospectus, none of our Directors and Key
Managerial Personnel hold any Equity Shares in our Company:

Our Articles of Association do not require our directors to hold any qualification shares.

All the Directors may be deemed to be interested to the extent of remuneration and reimbursement of expenses
payable to them under the Articles and to the extent of remuneration paid to them for services rendered as an
officer or employee of the Company. For further details, please refer to Chapter titled "Our Management"
beginning on page 179 of this Red Herring Prospectus.

Our Directors may also be regarded as interested to the extent of their shareholding and dividend payable thereon,
if any and to the extent of Equity Shares, if any held by them in our Company or held by their relatives. Further
our Director are also interested to the extent of unsecured loans, if any, given by them to our Company or by their
relatives or by the companies/ firms in which they are interested as directors/ Members/ Partners. Further our
Directors are also interested to the extent of loans, if any, taken by them or their relatives or taken by the
companies/ firms in which they are interested as Directors/ Members/ Partners and for the details of Personal
Guarantee given by Directors towards Financial facilities of our Company please refer to "Statement of Financial
Indebtedness" on page 249 of this Red Herring Prospectus.

As on the date of this Red Herring Prospectus, except for Jawed Akhtar, Sunil Lakshman Vatsa and Furquan
Akhtar, the Promoters of our Company, none of our other Directors and Key Managerial Personnel are interested
in the promotion of our Company. For further details, see "Our Promoters and Promoter Group" on page 191.

Except as Disclosed in Chapter "Our Business" on page 144, Our directors do not have any interest in any property
acquired by our Company in a period of two years before filing of this Red Herring Prospectus or proposed to be
acquired by us as on date of filing the Red Herring Prospectus.

The changes in our Board in the last three years immediately preceding the date of this Red Herring Prospectus
are as follows:

In addition to the applicable provisions of the Companies Act, 2013, provisions of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 and SEBI (ICDR) Regulations, 2018 will be applicable to our
Company immediately upon the listing of our Companys Equity Shares on the SME platform of BSE (BSE
SME). The requirements pertaining to the composition of the Board of Directors and the constitution of the
committees such as the Audit Committee, Stakeholders Relationship Committee and Nomination & Remuneration
Committee as applicable on us have been complied with.

Our Board has been constituted in compliance with the Companies Act, 2013 and in accordance with the best
practices in corporate governance. Our Board functions either as a full board or through various committees
constituted to oversee specific operational areas. The executive management provides our Board with detailed
reports on its performance periodically.

Our Board of Directors consist of five directors of which two are Independent Directors and we have one woman
director on the Board. The constitution of our Board is in compliance with Section 149 of the Companies Act,
2013.

Our Company has formed an Audit Committee, vide Board Resolution dated January 15, 2026, as per the
applicable provisions of Section 177 of the Companies Act, 2013 read with rule 6 of the companies (Meeting of
board and its power) Rules, 2014 and Regulation 18 of SEBI Listing Regulations. The Audit Committee comprises
following members:

The committee shall meet at least four times in a year and not more than one hundred and twenty days shall elapse
between any two meetings. The quorum for the meeting shall be either two members or one third of the members
of the committee, whichever is higher but there shall be presence of minimum two Independent members at each
meeting. The Chairman of the Audit Committee shall attend the Annual General Meeting of our Company to
answer shareholder queries.

The Audit Committee shall have powers, including the following:

a) to investigate any activity within its terms of reference;

b) to seek information from any employee;

c) to obtain outside legal or other professional advice;

d) to secure attendance of outsiders with relevant expertise, if it considers necessary as may be prescribed
under the Companies Act, 2013 (together with the rules thereunder) and SEBI Listing Regulations; and

The Role of Audit Committee together with its powers as per Part C of Schedule II of SEBI Listing Regulation
and Companies Act, 2013 shall be as under:

1. Overseeing the Companys financial reporting process and disclosure of its financial information to ensure
that its financial statements are correct, sufficient and credible;

2. Recommending to the Board for the appointment, re-appointment, replacement, remuneration and terms of
appointment of the statutory auditors of the Company;

3. Reviewing and monitoring the statutory auditors independence and performance and effectiveness of audit
process;

4. Approving payments to the statutory auditors for any other services rendered by the statutory auditors;

5. Reviewing, with the management, the annual financial statements and auditors report thereon before
submission to the Board for approval, with particular reference to:

a. Matters required to be included in the Directors Responsibility Statement to be included in the
Boards report in terms of clause (c) of sub-section 3 of Section 134 of the Companies Act;

b. Changes, if any, in accounting policies and practices and reasons for the same;

c. Major accounting entries involving estimates based on the exercise of judgment by management;

d. Significant adjustments made in the financial statements arising out of audit findings;

e. Compliance with listing and other legal requirements relating to financial statements;

f. Disclosure of any related party transactions; and

g. Qualifications and modified opinions in the draft audit report.

6. Reviewing, with the management, the quarterly, half-yearly and annual financial statements before
submission to the Board for approval;

7. Reviewing, with the management, the statement of uses/ application of funds raised through an Issue (public
Offer, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated
in the offer document/ prospectus/ notice and the report submitted by the monitoring agency monitoring the

utilization of proceeds of a public or rights issue and making appropriate recommendations to the Board to
take up steps in this matter. This also includes monitoring the use/application of the funds raised through the
proposed initial public issue by the Company;

8. Approval or any subsequent modifications of transactions of the Company with related parties and omnibus
approval for related party transactions proposed to be entered into by the Company subject to such conditions
as may be prescribed;

9. Scrutiny of inter-corporate loans and investments;

10. Valuation of undertakings or assets of the Company, wherever it is necessary;

11. Evaluation of internal financial controls and risk management systems;

12. Establishing a vigil mechanism for directors and employees to report their genuine concerns or grievances;

13. Reviewing, with the management, the performance of statutory and internal auditors and adequacy of the
internal control systems;

14. Reviewing the adequacy of internal audit function if any, including the structure of the internal audit
department, staffing and seniority of the official heading the department, reporting structure coverage and
frequency of internal audit;

15. Discussing with internal auditors on any significant findings and follow up thereon;

16. Reviewing the findings of any internal investigations by the internal auditors into matters where there is
suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the
matter to the Board;

17. Discussing with statutory auditors before the audit commences, about the nature and scope of audit as well
as post-audit discussion to ascertain any area of concern;

18. Looking into the reasons for substantial defaults in the payment to the depositors, debenture holders,
shareholders (in case of non-payment of declared dividends) and creditors;

19. Reviewing the functioning of the whistle blower mechanism;

20. Approving the appointment of the chief financial officer or any other person heading the finance function or
discharging that function after assessing the qualifications, experience and background, etc. of the candidate;

21. Reviewing the utilization of loans and/ or advances from/investment by the holding company in any
subsidiary exceeding Rs.1,000 million or 10% of the asset size of the subsidiary, whichever is lower including
existing loans / advances / investments;

22. Considering and commenting on the rationale, cost-benefits and impact of schemes involving merger,
demerger, amalgamation etc., on the Company and its shareholders;

23. Such roles as may be delegated by the Board and/or prescribed under the Companies Act, 2013 and SEBI
Listing Regulations or other applicable law.

Further, the Audit Committee shall mandatorily review the following:

1) management discussion and analysis of financial condition and results of operations;

2) statement of significant related party transactions (as defined by the audit committee), submitted by
management;

3) management letters / letters of internal control weaknesses issued by the statutory auditors;

4) internal audit reports relating to internal control weaknesses;

5) the appointment, removal and terms of remuneration of the chief internal auditor shall be subject to review
by the audit committee; and

6) statement of deviations:

a. quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted
to stock exchange(s) in terms of Regulation 32(1) of the SEBI ICDR Regulations;

Our Company has formed a Stakeholders Relationship Committee vide Board Resolution dated January 15, 2026

as per the applicable provisions of the Section 178(5) of the Companies Act, 2013 read with rule 6 of the

companies (Meeting of board and its power) rules, 2014 and Regulation 20 of SEBI Listing Regulations. The

Stakeholders Relationship Committee comprises following members:

182

The scope and function of the Committee and its terms of reference shall include the following:

The Stakeholders Relationship Committee shall continue to be in function as a committee of the Board until
otherwise resolved by the Board, to carry out the functions of the Stakeholders Relationship Committee as
approved by the Board.

The role of the Stakeholders Relationship Committee as per Part D of Schedule II of the SEBI Listing Regulations
and Companies Act, 2013 shall be as under:

1. Resolving the grievances of the security holders of the listed entity including complaints related to
transfer/transmission of shares, non-receipt of annual report, non-receipt of declared dividends, issue of
new/duplicate certificates, general meetings etc.;

2. Review of measures taken for effective exercise of voting rights by shareholders;

3. Review of adherence to the service standards adopted by the listed entity in respect of various services
being rendered by the Registrar & Share Transfer Agent;

4. Review of the various measures and initiatives taken by the listed entity for reducing the quantum of
unclaimed dividends and ensuring timely receipt of dividend warrants/ annual reports/ statutory notices
by the shareholders of the company;

5. Allotment, transfer of shares including transmission, splitting of shares, changing joint holding into
single holding and vice versa, issue of duplicate shares in lieu of those torn, destroyed, lost or defaced or
where the space at back for recording transfers have been fully utilized;

6. Formulation of procedures in line with the statutory guidelines to ensure speedy disposal of various
requests received from shareholders from time to time;

7. To issue duplicate share or other security(ies) certificate(s) in lieu of the original share/security(ies)
certificate(s) of the Company;

8. Non-receipt of share certificate(s), non-receipt of declared dividends, non-receipt of interest/ dividend
warrants, non-receipt of annual report and any other grievance/ complaints with Company or any officer
of the Company arising out in discharge of his duties;

9. Oversee the performance of the Registrar & Share Transfer Agent and also review and take note of
complaints directly received and resolved them;

10. Oversee the implementation and compliance of the Code of Conduct adopted by the Company for
prevention of Insider Trading for Listed Companies as specified in the Securities & Exchange Board of
India (Prohibition of insider Trading) Regulations, 2015 as amended from time to time;

11. Any other power specifically assigned by the Board of Directors of the Company from time to time by
way of resolution passed by it in a duly conducted Meeting; and

12. Such roles as may be delegated by the Board and/ or prescribed under the Companies Act, 2013 and
SEBI Listing Regulations or other applicable law.

Our Company has formed a Nomination and Remuneration Committee vide Board Resolution dated January 15,
2026. as per the applicable provisions of the Schedule V and other applicable provisions of the Companies Act,
2013 read with rule 6 of the companies (Meeting of board and its power) rules, 2014 and Regulation 19 of SEBI
Listing Regulations. The Nomination and Remuneration Committee comprises following members:

The scope and function of the Committee and its terms of reference shall include the following:

The Nomination and Remuneration Committee shall continue to be in function as a committee of the Board until
otherwise resolved by the Board.

The role of the Nomination and Remuneration Committee as per Part D of Schedule II of the SEBI Listing
Regulations and Companies Act, 2013 shall be as under:

1. formulating the criteria for determining qualifications, positive attributes and independence of a director
and recommend to the Board a policy relating to the remuneration of the directors, key managerial
personnel and other employees;

2. For the appointment of an independent director, the committee shall evaluate the balance of skills,
knowledge and experience on the Board and on the basis of such evaluation, prepare a description of the
role and capabilities required of an independent director. The person recommended to the board of
directors of the Company for appointment as an independent director shall have the capabilities identified
in such description. For the purpose of identifying suitable candidates, the Committee may:

Our Company has formed a Corporate Social Responsibility Committee vide Board Resolution dated January 15,
2026, as per the applicable provisions of the Section 135 of the Companies Act, 2013 and The Companies
(Corporate Social Responsibility Policy) Rules, 2014. The Corporate Social Responsibility Committee comprises
following members:

The Corporate Social Responsibility Committee shall continue to be in function as a committee of the Board until
otherwise resolved by the Board.

The committee shall meet as and when the need arises. The quorum for a meeting of the Corporate Social
Responsibility Committee shall be either two members or one third of the members of the committee, whichever
is greater, including at least one independent director in attendance. The Chairman of the Corporate Social
Responsibility Committee is entitled to attend the general Meeting of the company to furnish clarifications to the
shareholders on any matter relating to CSR Policy and Expenditure.

C. Role of Terms of Reference:

The role and responsibility of the Corporate Social Responsibility Committee shall be as follows:

(a) formulate and recommend to the Board, a "Corporate Social Responsibility Policy" which shall indicate the
activities to be undertaken by the Company as specified in Schedule VII of the Companies Act, 2013, and
the rules made thereunder, each as amended, monitor the implementation of the same from time to time,
and make any revisions therein as and when decided by the Board;

(b) review and recommend the amount of expenditure to be incurred on the activities referred to in clause

(c) monitor the Corporate Social Responsibility Policy of the Company from time to time;

(d) identifying corporate social responsibility policy partners and corporate social responsibility policy
programmes;

(e) the Corporate Social Responsibility Committee shall formulate and recommend to the Board an annual action
plan in pursuing its corporate social responsibility policy, which shall include the following:

i. the list of corporate social responsibility projects or programmes that are approved to be undertaken in areas or
subjects specified in Schedule VII of the Companies Act, 2013.

ii. the manner of execution of such projects or programmes as specified in the rules notified under the Companies
Act, 2013;

iii. the modalities of utilisation of funds and implementation schedules for the projects or programmes;

iv. monitoring and reporting mechanism for the projects or programmes; and

v. details of need and impact assessment, if any, for the projects undertaken by the Company. Provided that the
Board may alter such plan at any time during the Financial Year, as per the recommendation of its Corporate
Social Responsibility Committee, based on the reasonable justification to that effect; and

(f) any other matter as the Corporate Social Responsibility Committee may deem appropriate after approval of
the Board or as may be directed by the Board from time to time and/or as may be required under applicable law,
as and when amended from time to time.

Our Company is supported by a team of professionals having exposure to various operational aspects of our
business. A brief detail about the Key Managerial Personnel of our Company is provided below:

Sunil Lakshman Vatsa Please refer to section "Brief Profile of our Directors" beginning on page 176 of this
Red Herring Prospectus for details.

Jawed Akhtar Please refer to section "Brief Profile of our Directors" beginning on page 176 of this Red Herring
Prospectus for details.

Furquan Akhtar is the Chief Executive Officer (CEO) and Promoter of our Company. He holds a Bachelor of
Commerce (Honours) degree from Rajdhani College, University of Delhi (2024). He has been associated with our
Company since May 2025 as the Chief Financial Officer (CFO) and was appointed as the Chief Executive Officer
(CEO) of the Company with effect from May 01, 2026. He is currently responsible for leading the overall business
operations, strategic planning, growth initiatives, and management of the affairs of our Company.

Dharmendra Shahi is the Chief Financial Officer (CFO) of our Company. He holds a Bachelor of Commerce
(Honours) degree from Purvanchal University (1999) and a Post Graduate Diploma in Business Administration
with Computer Applications from Manipal IT Education (2002). He has been associated with our Company since
2004, where he initially joined as an Accounts Payable & Receivable Clerk. In 2006, he was promoted to the
position of Accounts Executive and was subsequently appointed as Senior Accountant. He has been serving as the
Chief Financial Officer (CFO) of the Company with effect from May 01, 2026. He is responsible for handling the
accounts and finance operations of our Company.

Aarti Garg is the Company Secretary and Compliance Officer of our Company. She holds a Bachelor of
Commerce (Honours) degree from the University of Delhi (2009), is a qualified Company Secretary from the
Institute of Company Secretaries of India (2011), and holds an LL.B. degree from Dr. Bhim Rao Ambedkar
University, Agra (2014). She has been associated with our Company since May 2025. She has previously worked
with NV Distilleries & Breweries Private Limited (2018 - 2025), Whiz Professionals LLP (2016 -2017), Trustline
Securities Limited (2014 -2016) and Victora Tool Engineers Private Limited (2013 -2014). She is responsible
for overseeing the secretarial and compliance functions of our Company.

In addition to Chief Financial Officer and Company Secretary & Compliance Officer of our Company, whose
details are provided in "Our Management -Key Managerial Personnel" on page 187, the details of our other
Senior Management Personnel are set forth below:

Mohammad Amir serves as Procurement and Tender Head of our Company and has been associated with the
Company since 2007. He holds a Diploma in Electrical & Electronics Engineering from the Karnataka Technical
Education Board, completed in 2004. Prior to his appointment as Procurement and Tender Head in 2022, he served
as Project Site Manager from 2007 to 2012 and thereafter as Regional Manager - Northern India Division from
2013 to 2022. He has over 18 years of experience in procurement and tender management for turnkey and
operation and maintenance projects. He is currently responsible for overseeing the procurement and tender
operations of the Company.

Roshan Kumar Thakur is the Head of Operations of our Company. He holds a Diploma in Bachelors in
Information Technology & Management from Utkal University, Bhubaneswar (2002-2006), a Polytechnic
Diploma in Electrical Engineering from IASE University, Rajasthan (2007-2009), a Diploma in Railway
Engineering from IPWE, Delhi (2013), and a Certificate in Occupational Health and Safety (IOSH, UK) (2008).
He has been associated with our Company since 2016. He has over 15 years of experience in project execution
and operational management. Prior to joining our Company, he worked as Project Site Manager with Nucleus
Engg Corp, Nagpur from 2011 to 2015. Within the organisation, he served in operations roles from January 2016
to March 2023 and has been serving as Head of Operations since 2023. He currently oversees the overall
operations of our Company.

Bindu Vatsa is the Human Resource Head of our Company. She holds a Bachelor of Architecture (B.Arch) degree
from Karnataka University (1997). She has been associated with our Company since 2019. Prior to her current
role, she served as Executive - HR and Operations at our company from 2019 to 2025. She currently oversees the
human resources function of our Company.

Nahid Naazli is the Marketing Head of our Company. She holds a Post Graduate Diploma in Business
Administration from Post Graduate Institute of Management, Calcutta (1994), a Bachelors degree in Geography
from Aligarh Muslim University (1991). She has been associated with our Company since 2023. Prior to her
current role, she served as Executive - Finance & Cost Management at our company from 2023 to 2025 and as
Executive - Projects & Accounts at West Bengal Industrial Development Corporation Ltd., Kolkata 1994-1996.
She currently oversees the marketing function of our Company.

a. All the persons named as our Key Managerial Personnel and Senior Management Personnel above are the
permanent employees of our Company

b. There is no understanding with major shareholders, customers, suppliers or any others pursuant to which any of
the above-mentioned Key Managerial Personnel and Senior Management Personnel have been recruited. None of
our KMPs and SMPs except Jawed Akhtar and Sunil Lakshman Vatsa are also part of the Board of Directors.

c. In respect of all above mentioned Key Managerial Personnel, there has been no contingent or deferred
compensation accrued for the Year ended March 2024.

d. Except for the terms set forth in the appointment letters, the Key Managerial Personnel and Senior Management
Personnel have not entered into any other contractual arrangements or service contracts (including retirement and
termination benefits) with the issuer.

e. Our Company does not have any bonus/ profit sharing plan for any of the Key Managerial Personnel and Senior
Management Personnel.

f. None of the Key Managerial Personnel and Senior Management Personnel in our Company hold any shares of
our Company as on the date of filing of this Red Herring Prospectus except:

g. Presently, we do not have ESOP/ ESPS scheme for our employees.

h. The turnover of KMPs is not high, compared to the industry to which our company belongs.

Except as mentioned below, none of the KMPs and SMPs of the Company are related to each other within the
meaning of section 2 (77) of the Companies Act, 2013.

Except as disclosed in this Red Herring Prospectus and any statutory payments made by our Company to its
officers, our Company has not paid any sum, any non-salary related amount or benefit to any of its officers or to
its employees including amounts towards super-annuation, ex-gratia/ rewards.

Except statutory benefits upon termination of employment in our Company or superannuation, no officer of our
Company is entitled to any benefit upon termination of such officers employment in our Company or
superannuation. Contributions are made by our Company towards provident fund, gratuity fund and employee
state insurance.

There have been no changes in the Key Managerial Personnel and Senior Management Personnel of our Company
during the last 3 (three) year except as stated below:

Apart from the shares held in the Company and to extent of remuneration allowed and reimbursement of expenses
incurred by them for or on behalf of the Company and to the extent of loans and advances made to or borrowed
from the Company, none of our key managerial personnel and Senior Management Personnel are interested in
our Company. For details, please refer section titled "Financial information of the Company - Annexure 34 -
Restated Statement of Related Party Transactions" beginning on page 241 of this Red Herring Prospectus.

Except as stated in "Our Business" beginning on page no 141, KMPs and SMPs do not have any interest in any
property acquired by our Company in a period of two years before filing of this Red Herring Prospectus or
proposed to be acquired by us as on date of filing the Red Herring Prospectus with RoC.

Except as stated in this section "Our Management" or the section titled "Financial information of the Company
- Annexure 34 - Restated Statement ofRelated Party Transactions" beginning on page 175 and 241 respectively
of this Red Herring Prospectus and except to the extent of shareholding in our Company, our KMPs and SMPs do
not have any other interest in our business.

Except for the terms set forth in the appointment letters, the Key Managerial Personnel and Senior Management
Personnel have not entered into any other contractual arrangements with our Company for provision of benefits
or payments of any amount upon termination of employment.

For details of unsecured loan taken from or given to our Directors/ KMPs/ SMPs and for details of transaction
entered by them in the past please refer to Summary of Related Party Transactions" page 62 of this Red Herring
Prospectus.

Jawed Akhtar, Sunil Lakshman Vatsa and Furquan Akhtar are the promoters of our Company. As on date of this
Red Herring Prospectus, our Promoters, in aggregate, holds 70,34,790 Equity shares having face value of Rs. 10
each of our Company, representing 84.97 % of the pre-Offer paid-up Equity Share capital of our Company. For
details of the build-up of the Promoters shareholding in our Company, see "Capital Structure - History of the
Equity Share Capital held by our Promoters", on page 82 of this Red Herring Prospectus.

For Brief Profile of Our Promoters, please refer to Chapter "Our Management" beginning on page 176 of this
Red Herring Prospectus for details.

Our Company undertakes that the details of Permanent Account Number, Bank Account Number(s), Aadhar Card
Number, Driving License Number and Passport Number of the Promoters will be submitted at the time of
submission of this Red Herring Prospectus to the BSE for listing of the securities of our Company on SME
Platform of BSE Limited.

Our Promoters and the members of our Promoter Group have confirmed that they have not been identified as
willful defaulter or a fraudulent borrower by the RBI or any other governmental authority. No violations of
securities laws have been committed by our Promoters or members of our Promoter Group in the past or are
currently pending against them. None of (i) our Promoters and members of our Promoter Group or persons in
control of ;(ii) the Companies with which any of our Promoters are or were associated as a promoters, director or
person in control, are debarred or prohibited from accessing the capital markets or restrained from buying, selling,
or dealing in securities under any order or directions passed for any reasons by the SEBI or any other authority or
refused listing of any of the securities issued by any such entity by any stock exchange in India or abroad.

Our Promoters have not been declared as fugitive economic offenders as defined under the SEBI (ICDR)
Regulations.

There has been no change in the control of our Company during the last five years preceding the date of this Red
Herring Prospectus.

Our Promoters are interested in our Company to the extent that (i) they are the promoters of our Company and (ii)
to the extent of their shareholding and shareholding of their relatives, from time to time, for which they are entitled
to receive dividend payable, if any and other distribution in respect of the Equity Shares held by them and their
relatives. For details regarding the shareholding of our Promoters in our Company, please see "Capital Structure"
on page 76 of this Red Herring Prospectus.

Our Promoters, who are also Directors and Key Managerial Personnel of our Company, may be deemed to be
interested to the extent of the remuneration, as per the terms of their appointment and reimbursement of expenses

payable to them for the rent, purchase and sale transactions. For details, please refer to "Annexure 34- Restated
Statement of Related Party Transactions" beginning on page 241 of this Red Herring Prospectus.

Our Promoters do not have any other interest in any property acquired by our Company in a period of two years
before filing of this Red Herring Prospectus or proposed to be acquired by us as on date of this Red Herring
Prospectus except as mentioned under the section "Our Business - Properties" and "Annexure 34 - Restated
Statement of Related Party Transactions" on page 144 and 241 respectively, of this Red Herring Prospectus.

Our Promoters have not given any material guarantee to any third party with respect to the Equity Shares as on
the date of this Red Herring Prospectus.

Further, our promoters may be interested to the extent of personal guarantees given by them in favor of the
Company, for the details of Personal Guarantee given by Promoters towards Financial facilities of our Company
please refer to "Statement of Financial Indebtedness" and " "Financial Information of Our Company" on page
249 and 195 respectively of this Red Herring Prospectus.

Our promoters have not disassociated themselves from any of the Company, Firms or other entities during the last
three years preceding the date of this Red Herring Prospectus.

Save and except as disclosed in this section titled "Our Promoter & Promoter Group" beginning on page 190 of
this Red Herring Prospectus, there are no ventures promoted by our Promoters in which they have any business
interests/ other interests.

For details on litigations and disputes involving our Promoters, please refer to the section titled "Outstanding
Litigations and Material Developments" beginning on page 279 of this Red Herring Prospectus.

Except as stated in "Annexure 34 - Restated Statement of Related Party Transactions" beginning on page 241
of this Red Herring Prospectus and as stated therein, our Promoters or any of the Promoter Group Entities do not
have any other interest in our business.

In addition to the Promoters named above, the following natural persons are part of our Promoter Group in terms
of Regulation 2(1) (pp) of the SEBI (ICDR) Regulations, 2018:

As per Regulation 2(1)(pp)(iv) of the SEBI (ICDR) Regulations, 2018, the following entities would form part of
our Promoter Group:

None of other persons forms part of promoter group for the purpose of shareholding of the Promoter Group under
Regulation 2(1)(pp)(v) of SEBI (ICDR) Regulations 2018.