Glenmark Pharmaceuticals Ltd Directors Report.

Your Directors have pleasure in presenting the 42nd Annual Report on business and operations of the Company together with the Audited Financial Statements of the Company for the Financial Year (F.Y.) ended 31 March 2020.

FiNANCiAL RESULTS

(Rs in Million)

Year ended 31 March 2019 Particulars year ended 31 March 2020
Standalone* Consolidated Standalone* Consolidated
63,048.67 98,654.68 Gross Total revenue 67,126.31 106,409.69
14,729.99 11,334.47 Profit before tax and exceptional item 15,160.90 10,632.00
16,221.12 9,249.93 Profit for the year (after tax and attributable to shareholders) 13,545.48 7,759.70
(35.38) (213.59) Other Comprehensive Income for the year (not to be reclassified to P&L) (54.22) 67.60
- 3,940.07 Other Comprehensive Income for the year (to be reclassified to P&L) - (2,524.75)
85,088.38 47,793.59 Surplus brought forward from last balance sheet 100,593.79 56,149.67
101,274.12 56,829.93 Profit available for appropriation 114,085.05 63,976.97
Appropriations:
680.33 680.33 Dividend 680.34 680.34

The Company has not transferred any amount out of the profit of the year to the General Reserves.

DiViDEND

The Board of the Company had approved the Dividend Distribution Policy on 27 October 2016 in line with Regulation 43A of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (Listing Regulations). The policy is uploaded on the Companys website at the link: https:// glenmarkpharma.com/sites/all/ themes/glenmark/pdf/governance-policies/Dividend- Distribution Policy.pdf

In line with the said Policy, the Board has recommended a Dividend of 250% ( 2.5/- per equity share of Rs 1 each) to be appropriated from the profits of the year 2019-20 subject to the approval of the Shareholders at the ensuing Annual General Meeting. The dividend will be paid in compliance with applicable Section of the Companies Act, 2013 (Act) & Listing Regulations. The dividend, if approved, will result in an outflow of Rs 705.42 million.

results of OPERATiONS

iNDiAN ACCOUNTiNG Standards (IND As)

Financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the Ind AS) as notified by the Ministry of Corporate Affairs pursuant to Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended and other relevant provisions of the Act.

On Standalone basis the Company achieved gross revenue of Rs 67,126.31 million as compared to Rs 63,048.67 million in the previous year and the Standalone operating profit before tax and exceptional item was Rs 15,160.90 million as compared to Rs 14,729.99 million in the previous year.

On Consolidated basis the Company achieved a gross revenue of Rs 106,409.69 million and the Consolidated operating profit before tax and exceptional item was Rs 10,632 million as compared to Rs 11,334.47 million in the previous year.

CORPORATE GOVERNANCE

The Company believes Corporate Governance is at the core of stakeholder satisfaction. As per Regulation 34(3) read with Schedule V of the Listing Regulations, a separate section on corporate governance practices followed by the Company, together with a certificate from the Companys Secretarial Auditor confirming compliance with the aforesaid Regulations forms an integral part of this Report.

DiRECTORS AND KEY MANAGERiAL PERSONNEL

Mr. V S Mani (DIN 01082878) retire by rotation at the ensuing Annual General Meeting and being eligible offer himself for re-appointment. The Board has recommended his re-appointment for consideration of the Shareholders.

All Independent Directors have declared that they meet the criteria of Independence as laid down under Section 149(6) of the Act and Regulation 16(b) of Listing Regulations.

CHANGE iN DESiGNATiON OF MR. RAJESH DESAi FROM NON executive DIREcTOR To iNDEPENDENT DIREcTOR:

Mr. Rajesh Desai was an employee of the Company for more than 30 years. Out of those years he was Executive Director and Chief Financial Officer of the Company for more than 15 years. He was also a Key Managerial Person under the Act. He retired from the services of the Company on 31 March 2017 and continued as Non Executive Director of the Company from 1 April 2017. He was also appointed as Member of some of the Board Committees of the Company.

As per Clause 6 (e) of Section 149 of the Act and Listing Regulations, ex-employee of the Company can be considered for appointment as an Independent Director after completion of 3 financial years, if he is not having pecuniary relationship with the Company.

On the recommendation of Nomination and Remuneration Committee, and approved by the Board at its meeting held on 26 June 2020, Mr. Rajesh Desai has been appointed as an Independent Director pursuant to Section 149 and Section 152 of the Act for a period of 5 (Five) years subject to the approval of Shareholders by passing ordinary resolution at ensuing Annual General Meeting.

Brief profile of Mr. Rajesh Desai is given in the Notice convening the 42nd Annual General Meeting of the Company for the reference of the Shareholders.

resignation OF MR. JULIO F. RIBEIRO:

Mr. Julio F. Ribeiro (DIN: 00047630), Independent Director has resigned from the Board of the Company vide his resignation letter dated 26 June 2020 due to his old age (91 years). He also ceased to be a chairman of the Audit Committee, Stakeholders Relationship Committee and Nomination & Remuneration Committee of the Board. He has confirmed that there is no other material reason for him to resign from the Board other than old age.

The Board deeply appreciated his valuable contribution and support during his term as a Non-Executive Independent Director of the Company.

key managerial personnel:

In terms of Section 203 of the Act following are the Key Managerial Personnel (KMP) of the Company:

• Mr. Glenn Saldanha - Chairman & Managing Director

• Mrs. Cherylann Pinto - Executive Director - Corporate Services

• Mr. V. S. Mani - Executive Director & Global Chief Financial Officer

• Mr. Harish Kuber - Company Secretary & Compliance Officer

subsidiaries, joint VENTURES AND associate companies

As per Section 129(3) of the Act and Listing Regulations, the Consolidated Financial Statements of the Company and all its subsidiaries for the F.Y. ended 31 March 2020 prepared in accordance with the Indian Accounting Standards (Ind AS) forms part of the Annual Report. Further, in terms of the first proviso of Section 129(3) of the Act and Rules 5 and 8(1) of the Companies (Accounts) Rules, 2014 a statement containing the salient features, performance and financial position of the subsidiaries in the prescribed Form AOC-1 is appended herewith as Annexure I to the Report.

The Audited Accounts of the subsidiaries together with its Boards Report and Auditors Report are available for inspection of Members on any working day at the Corporate Office of the Company between 11:00 a.m. to 1:00 p.m. The Company will also make available these documents upon request by any Member of the Company interested in obtaining the same.

The policy for determining material subsidiaries may be accessed on the Companys website at the link: https:// www.glenmarkpharma.com/sites/all/themes/glenmark/ pdf/governance-policies/policy_on_material_ subsidiary. pdf

TRANSFER OF COMPANYS GYNAECOLOGY BUSiNESS:

During the year, the Company had entered into Business Transfer Agreement with Integrace Private Limited for transfer Companys Gynaecology business, valued at Rs 115 crore (subject to various transaction costs and other adjustments).

DiVESTMENT OF COMPANYS VWASH FRANCHiSE:

During the year, the Company entered into definitive agreement with Hindustan Unilever Limited for divestment of VWash franchise comprising VWash Plus Intimate Hygiene Wash, VWash WOW, VWash Plus Bikini Line, VWash Plus wipes and other such assets globally including the associated trademarks, brand names and certain business contracts.

MANAGEMENT DiSCUSSiON AND ANALYSiS REPORT

The Management Discussion and Analysis Report on the operations of the Company, as required under Schedule V of Listing Regulations is provided in a separate section and forms an integral part of this report.

RELATED PARTY TRANSACTiONS

Particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Act in the prescribed Form AOC-2 is appended as Annexure II to this report.

All Related Party Transactions are placed before the Audit Committee for approval. Prior omnibus approval of the Audit Committee is obtained for the transactions which are repetitive in nature. A statement of all Related Party Transactions is placed before the Audit Committee for its review on a quarterly basis, specifying the nature, value and terms and conditions of the transactions.

The Company avails professional advisory services from the following Companies/firms in which the Director is interested:

Trilegal, a firm in which one of the Directors of the Company is a partner and the Company has paid to it Rs 11.30 million as sitting fees/professional fees.

The policy on materiality of related party transactions and dealing with related party transactions may be accessed on the Companys website at the link: https:// www.glenmarkpharma.com/sites/all/themes/glenmark/ pdf/governance-policies/policy_on_related_party_ transactions_and_its_materiality.pdf

AUDiTORS AND AUDiTORS REPORT

STATUTORY AUDiTORS:

The Auditors, M/s. Walker Chandiok & Co LLP, Chartered Accountants (ICAI Firm Registration No. 001076N/ N500013), were appointed as Auditors at the 37th Annual General Meeting held on 22 September 2015 for a term of five years i.e., till the conclusion of the 42nd Annual General Meeting of the Company, which was subject to ratification at every Annual General Meeting till 41st Annual General Meeting. M/s. Walker Chandiok & Co LLPs tenure of 5 years as Statutory Auditors concludes at this ensuing AGM. The Auditors Report does not contain any qualification, reservation or adverse remark.

The Board is in the process of appointing a new Audit firm as a Statutory Auditor. The Board will consider and recommend the appointment of new auditor for the approval of the members at the ensuing Annual General Meeting.

COST AUDiTORS:

The Board, on the recommendation of the Audit Committee, has re-appointed M/s. Sevekari, Khare & Associates (Registration No. 000084) as Cost Auditors to audit the cost records of the Company for the FY 2020-21 at a remuneration of Rs 1.76 million.

The Company has received consent from M/s. Sevekari, Khare & Associates to act as Cost Auditor for conducting the cost audit of the Company for FY ending 31 March 2021.

Pursuant to Section 148 of the Act read with The Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the cost audit records maintained by the Company are required to be audited. In terms of the provisions of the Act the remuneration payable to Cost Auditors is required to be ratified by the Shareholders at the ensuing Annual General Meeting and accordingly, a resolution seeking ratification has been included in the Notice convening the Annual General Meeting.

INTERNAL AUDiTORS:

Pursuant to the provisions of Section 138 of the Act and the Companies (Accounts) Rules, 2014, the Board of the Company has appointed M/s. R.G.N. Price & Co., to conduct internal audit for the Company.

SECRETARIAL AUDITORS:

In terms of Section 204 of the Act, the Board of the Company at its meeting held on 26 June 2020 has appointed Mr. Surjan Singh Rauthan, proprieter of M/s. S. S. Rauthan & Associates, Company Secretaries, to conduct an audit of the secretarial records for the F.Y. 2020-21.

The Company has received consent from Mr. Surjan Singh Rauthan, proprieter of M/s. S. S. Rauthan & Associates, Company Secretaries to act as the auditor for conducting audit of the Secretarial records for the F.Y. ending 31 March 2021.

The Secretarial Audit Report for the F.Y. ended 31 March 2020 is appended herewith as Annexure III to this report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remarks.

The Auditors of the Company have not reported any fraud as specified under the second proviso of Section 143(12) of the Act (including any statutory modification(s) or re-enactment(s) thereof for the time being in force).

CHANGES IN CAPITAL STRUCTURE

There was no change in paid-up share capital in the F.Y. 2019-20.

EMPLOYEE STOCK OPTIONS SCHEME 2016

At the Annual General Meeting of the Company held on 12 August 2016, the Shareholders had approved a Scheme Glenmark Pharmaceuticals Limited - Employee Stock Options Scheme 2016 ("ESOS 2016") under the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and other applicable laws, Regulations, etc. for the purpose of granting options to the permanent employees of the Company and its subsidiaries, as applicable.

At the Annual General Meeting of the Company held on 29 September 2017 the Shareholders approved the amendment to the Scheme in relation to re-pricing of the options granted from Rs 800 to Rs 600 and maximum number of options that would be granted would be

upto 1% of the paid up share capital of the Company as at 31 March 2017 i.e. Rs 282,168,156/- (282,168,156 Equity Shares of Rs 1/- each) i.e. 2,821,682 options which upon exercise would result in the issue of 2,821,682 shares of Rs 1/- each.

20,000 options were issued under ESOS 2016; 33,501 options were cancelled and no options were exercised. As of 31 March 2020, 445,913 options were outstanding.

On exercising the convertible options so granted, the paid-up equity share capital of the Company will increase by a like number of shares.

The information in compliance with Regulation 14 of the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 as amended is appended herewith as Annexure IV to this Report.

FINANCE

The Company had issued U.S. $ 200,000,000, 2.00% Resettable Onward Starting Equity-linked Securities (Bonds), U.S. $ 200,000,000, 4.5% Senior Notes (Notes) and U.S. $ 90,825,000, ECB Facility (Notes), the brief description of the same is provided herein below:

U.s. $ 200,000,000, 2.00 % resettable onward starting equity-linked SECURITIES (BONDS):

The Company had issued Bonds on 28 June 2016. The Bonds become convertible at the option of the holders of the Bonds (the "Bondholders") after 1 December 2017 and upto the close of business on 18 June 2022 into equity shares. Each Bond will be convertible at the option of the holder thereof into fully paid equity shares at the initial conversion price determined on 30 November 2017.

On 30 November 2017, the Company set the initial conversion price (i.e. the price at which the ordinary shares of the Company will be issued upon conversion of Bonds subject to any further adjustments according to conditions) at Rs 861.84 as determined in accordance with condition 6.1.3 of the Trust deed. As of 31 March 2020, none of the Bondholders have opted for the conversion option.

On 30 November 2017, the Company confirmed the fixed exchange rate as INR 64.5238 in accordance with the condition 6.1.1 (b) of the Trust Deed dated 28 June 2016 which provides that the fixed exchange rate shall be the FX rate (INR per US$ 1) based on Bloombergs "BFIX" USD/INR spot mid price rate 12.00 (Hongkong time) on 30 November 2017.

Unless previously converted, redeemed or purchased and cancelled, the Bonds will be redeemed on 28 June 2022 (Maturity Date) at 126.42% of their principal amount, together with accrued interest (if any), calculated upto but excluding the Maturity Date. The Company may, at its own discretion, redeem the Bonds in whole, but not in part, subject to satisfaction of certain conditions.

Each Bondholder has the right to require the Company to redeem in whole or in part, such Bondholders Bonds, on 28 July 2021, at a price equal to 121.78% of its outstanding principal amount of Bonds, together with interest (if any) accrued but unpaid on 28 July 2021.

The Bonds are listed on the Singapore stock exchange.

The FCC Bonds were partially bought back in October 2018 (see note below on buyback).

BUY BACK OF THE COMPANYS U.S.$200,000,000 2.00% RESETTABLE ONWARD STARTING EQUITY- LINKED SECURITIES Due 2022:

In September 2018, the Company approved the launch of buyback of FCC Bonds ("Buyback FCCBs") from existing holders of FCC Bonds ("Buyback Bondholders") and MUFG Securities Asia Limited and J. P. Morgan Securities Limited were appointed as dealer managers, on behalf of the Company to buyback FCC Bonds at a buyback price of 105% of the principal amount outstanding (being U.S.$ 262,500 for each

U.S$ 250,000 of FCC Bonds), up to an aggregate purchase price of U.S.$ 100 million plus accrued and unpaid interest per FCC Bond. In October 2018, the Company agreed to buyback U.S.$ 86.5 million in aggregate principal amount (representing 346 FCC Bonds in number of U.S$ 250,000 denomination for each FCC Bond) of the FCC Bonds. These Buyback FCCBs represented 43.25% of the aggregate FCC Bonds. On the closing/settlement date, the Company paid an aggregate purchase price of U.S.$ 90,825,000 for the Buyback FCCBs, plus accrued but unpaid interest. Following settlement, U.S.$ 113.5 million in aggregate principal amount of FCC Bonds remained outstanding. The Company undertook buyback to monetize the opportunity available to reduce the external debt. Buyback FCCBs bought back by the Company got cancelled by the Company. The remaining FCC Bonds that have not been bought back by the Company remained outstanding. The Company utilised proceeds from an unsecured External Commercial Borrowing facility of up to U.S.$100 million ("ECB Facility") from MUFG Bank, Ltd., Singapore Branch, to

refinance such FCC Bonds. The Company has obtained a Loan Registration Number ("LRN") from the Reserve Bank of India in this respect.

U.S. $ 200,000,000, 4.5% SENIoR NoTES (NoTES):

The Company issued Notes on 1 August 2016. The Notes will mature on 2 August 2021.

The interest on Notes will be payable semi-annually in arrears on 1 February and 1 August each year. The final interest payment and the payment of principal will occur on 2 August 2021.

The Notes are redeemable at any time on or after 2 August 2019, all or part of the Notes by paying the redemption price, subject to fulfilment of certain conditions. The Company, at its discretion, may redeem all or a portion of the Notes at a redemption price equal to 100% of the principal amount, plus the applicable redemption premium and accrued and unpaid interest and additional amounts, if any.

The Notes are listed on the Singapore stock exchange.

U.S. $ 90,825,000, EcB FAcILITY (NoTES):

The Company has obtained LRN from RBI to raise an ECB Facility to the extent of US$ 100 million. In October 2018, the ECB Facility for US$ 90,825,000 was raised and the proceeds were utilized for the purpose of repurchasing the FCC Bonds. The ECB Facility was raised from MUFG Bank ,Singapore with a maturity of 5 years. The interest rate for the first 3 years is 4.956% p.a and the interest for the subsequent 2 years is 5.25% p.a.

listing at stock exchanges

The Equity shares of the Company continue to be listed on BSE Limited and The National Stock Exchange of India Limited.

Bonds and 4.5% Senior Notes are listed on Singapore Exchange Limited.

conservation of energy, technology absorption, foreign exchange EARNINGS And oUTGo

The information on Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo as stipulated under Section 134(3)(m) of the Act read with Rule 8 of The Companies (Accounts) Rules, 2014 is appended herewith as Annexure V to this Report.

PARTICULARS OF EMPLOYEES

Information as required under the provisions of Section 197(12) of the Act read together with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is appended herewith as Annexure VI to this report.

The information required pursuant to Section 197(12) of the Act read with Rules 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, is appended herewith and forms part of this Report.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The report on the CSR activities undertaken by the Company in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014 including the composition of the CSR Committee is appended herewith as Annexure VII to this Report.

EXTRACT OF ANNUAL RETURN

In accordance with Section 134(3)(a) of the Act an extract of the Annual Return in Form MGT-9 is appended herewith as Annexure VIII to this report.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the provisions of Sections 134(3)(c) and 134(5) of the Act the Directors confirm that -

i. in the preparation of the annual accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures, if any;

ii. appropriate accounting policies have been selected and applied consistently and have 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 at 31 March 2020 and of the profit of the Company for the year ended 31 March 2020;

iii. proper and sufficient care has been taken for 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 annual accounts have been prepared on a going concern basis;

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

vi. proper systems have been devised to ensure compliance with the provisions of all applicable laws and such systems were adequate and operating effectively.

BOARD PERFORMANCE EVALUATION

The Company has devised a Performance Evaluation Framework and Policy, which sets out a mechanism for the evaluation of the Board and the Directors.

Performance evaluation of the Board and the Directors was carried out through an evaluation mechanism in terms of the aforesaid Performance Evaluation Framework and Policy.

familiarization PROGRAMME FOR THE Independent Directors

In compliance with the requirements of Listing Regulations, the Company has put in place a familiarization programme for the Independent Directors to familiarize them with their roles, rights and responsibilities as Directors, the working of the Company, changes in the regulatory environment, etc.

The familiarization programme may be accessed on the Companys website at the link: https://www.

glenmarkpharma.com/sites/all/themes/glenmark/pdf/ governance-policies/familiarisation_programme_for_ independent_ directors.pdf

BOARD AND COMMITTEE MEETINGS

A calendar of Board and Committee Meetings to be held during the year was circulated well in advance to the Directors. Five Board Meetings were convened and held during the year. The Board has constituted an Audit Committee with Mr. Julio F. Ribeiro* as the Chairman and Mr. Sridhar Gorthi, Mr. Milind Sarwate and

* Mr. Julio F. Ribeiro resigned on 26 June 2020 and Mr. Rajesh Desai was appointed as an Independent Director and the Chairman of Audit Committee.

Mr. Rajesh Desai as Members. There have been no instances during the year where recommendations of the Audit Committee were not accepted by the Board.

Details of the composition of the Board and its Committees and of the Meetings held and attendance of the Directors at such Meetings, are provided in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Act and Listing Regulations.

NOMiNATiON AND REMUNERATiON POLiCY

Pursuant to the provisions of Section 178(4) of the Act and Regulation 19(4) of Listing Regulations the policy on the appointment of Directors including Independent Directors, Key Managerial Personnel (KMP) and Senior Management and the policy on remuneration of the Directors, KMP and other employees provides a referendum based on which the Human Resource Management Team plans and strategizes their recruitment plans for the strategic growth of the Company. The Nomination & Remuneration Policy may be accessed on the Companys website at the link: https://www.glenmarkpharma.com/sites/all/themes/ glenmark/pdf/governance-policies/nomination_and_ remuneration_policy.pdf

GREEN iNiTiATiVE

The Ministry of Corporate Affairs had undertaken the Green Initiative in Corporate Governance by allowing paperless compliances by companies through electronic mode.

The Company supports the Green Initiative and has accordingly decided to send necessary communications to its Shareholders to their respective registered E-mail addresses.

The Company appeals to you, its Shareholders, who are yet to register the E-mail addresses that they take necessary steps for registering the same so that you can also become a part of the initiative and contribute towards a Greener environment.

RiSK MANAGEMENT POLiCY AND iNTERNAL ADEQUACY

The Company has put in place an Enterprise Risk Management Policy. The Risk register is updated at

regular intervals. The details of risk management have been included in the Management Discussion and Analysis Report, which forms a part of this Annual Report.

The Companys internal control systems are commensurate with the nature of its business and the size and complexity of its operations. These are routinely tested and certified by Statutory as well as Internal Auditors and cover all offices, factories and key business areas. Significant audit observations and follow up actions thereon are reported to the Audit Committee. The Audit Committee reviews adequacy and effectiveness of the Companys internal control environment and monitors the implementation of audit recommendations, including those relating to strengthening of the Companys risk management policies and systems.

HUMAN RESOURCES

Companys industrial relations continued to be harmonious during the year under review.

PARTiCULARS OF LOANS,

GUARANTEES OR iNvESTMENTS

Particulars of loans, guarantees and investments covered under Section 186 of the Act forms part of the notes to the standalone financial statements forming a part of this Annual Report.

sustainability

BUSiNESS RESPONSIBILITY REPORT (BRR):

In accordance with Regulation 34(2) of the Listing Regulations, the inclusion of BRR as a part of the Annual Report is mandated for top 1000 listed entities based on the market capitalization. BRR for the F.Y. 2019-20 has been prepared in accordance with the format prescribed by SEBI. The summary of the BRR is appended herewith as Annexure IX to this Report. The full Report on sustainability will be available on Companys website www.glenmarkpharma.com. Any Shareholder interested in obtaining a physical copy of the same may write to the Company Secretary & Compliance Officer at the Corporate Office of the Company.

GENERAL

Your Directors state that no disclosure or reporting is required in respect of the following items as there were

no transactions on these items during the year under review:

1. Details relating to deposits covered under Chapter V of the Act.

2. Issue of equity shares with differential rights as to dividend, voting or otherwise.

3. Neither the Managing Director nor the Whole-time Directors of the Company receive any remuneration or commission from any of its subsidiaries.

4. No significant or material orders were passed by the regulators or Courts or Tribunals which impact the going concern status and Companys operations in future.

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board and General Meetings.

POLICY ON PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

The Company has in place a Policy on Prevention of Sexual Harassment at Workplace in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("Prevention of Sexual Harassment of Women at Workplace Act") and Rules framed thereunder and an Internal Complaints Committee has also been set up to redress complaints received regarding sexual harassment.

The Company has ensured wide dissemination of the Policy and the provisions of Prevention of Sexual

Harassment of Women at Workplace Act by constituting Internal Complaint Committee and conducting sessions throughout the Company.

One (1) complaint was received and addressed during the F.Y. 2019-20 under Prevention of Sexual Harassment of Women at Workplace Act. No complaint was pending as on 31 March 2020.

The Company is committed to providing safe and conducive work environment to all of its employees and associates.

APPRECIATION AND ACKNOWLEDGEMENTS

The Directors express their gratitude to the Companys customers, shareholders, business partners viz. distributors and suppliers, medical profession, Companys bankers, financial institutions including investors for their valuable sustainable support and co-operation.

The Directors commend the continuing commitment and dedication of employees at all levels.