GSB Finance Ltd Directors Report

Financial Highlights and State of Company Affairs

The financial performance of the Company for the financial year ended 31st March, 2026, as compared with the previous financial year ended 31st March 2025, is summarized below:

Particulars	FY 2025-26	FY 2024-25
Revenue from Operations	121.75	177.79
Other Income	1.44	1.63
Total Revenue	123.20	179.42
Total Expenses	116.47	96.30
Profit Before Tax	6.72	83.12
Tax Expense	37.57	11.47
Profit/(Loss) After Tax	(30.85)	71.65
Other Comprehensive Income	—	—
Total Comprehensive Income	(30.85)	71.65
Basic EPS (?)	(0.51)	1.19
Diluted EPS (?)	(0.51)	1.19

During the financial year under review, the Company recorded total revenue of ?123.20 lakhs as against ?179.42 lakhs in the previous financial year. Revenue from operations stood at ?121.75 lakhs as compared to ?177.79 lakhs in the previous year.

The Company recorded a Profit Before Tax of ?6.72 lakhs during the financial year as against ?83.12 lakhs in the previous financial year. After accounting for tax expense, the Company reported a Loss After Tax of ?30.85 lakhs for the financial year ended 31st March 2026, as against a Profit After Tax of ?71.65 lakhs in the previous financial year. The Basic and Diluted Earnings Per Share of the Company stood at ?(0.51) per equity share of ?10 each, as against ?1.19 per equity share in the previous financial year.

The total expenses of the Company increased to ?116.47 lakhs during the year from ?96.30 lakhs in the previous year. The increase was mainly attributable to impairment on financial instruments of ?33.30 lakhs during the year and an increase in other expenditure, which stood at ?47.84 lakhs as compared to ?30.13 lakhs in the previous year.

The equity share capital of the Company remained unchanged at ?600.00 lakhs during the year. Other Equity stood at ?806.92 lakhs as at 31st March 2026 as compared to ?837.77 lakhs as at 31st March 2025.

The Board of Directors continues to focus on strengthening the Companys financing operations, improving operational efficiency and maintaining prudent financial management.

Transfer to Reserves

No amount has been transferred to reserves for the financial year 2025-26.

Dividend and IEPF

In view of the financial performance and business commitments of the Company, your directors do not recommend any dividend for the year ended 31st March 2026.

Change in Nature of Business

There has been no change in the nature of the business of the Company.

Internal Control Systems

Company has in place an adequate system of internal control commensurate with its size and nature of business, which ensures that all transactions are authorized, recorded, and reported correctly in a timely manner. The Companys Internal Financial Controls over financial reporting provides reasonable assurance over the integrity of financial statements of the Company. Company has laid down Standard Operating Procedures, Policies and procedures to guide the operations of the business.

Deposits

The company has neither accepted nor renewed any deposits from public during the year under review to which the provisions of the Chapter V of the Companies Act 2013 or Companies (Acceptance of Deposits) Rules 2014 apply. Accordingly, no particulars are required to be furnished under Rule 8(5)(v) of the Companies (Accounts) Rules 2014. The company does not have any outstanding loans / advances as at the year end.

Particulars of Loans, Guarantees and Investments

The Company, being an NBFC registered with the RBI and engaged in the business of giving loans in the ordinary course of its business, is exempt from complying with the provisions of Section 186 of the Act, with respect to loans, guarantees and investments. Accordingly, the Company is exempted from complying with the requirements to disclose in the financial statement the full particulars of the loans given, investment made, guarantee given, or security provided.

For details of the investments of the Company, refer to Note no. 6 of the financial statements.

Subsidiary Company, Associate Company, or Joint Venture Company

Your Company does not have any Subsidiary Company, Associate Company, or a Joint Venture Company. Accordingly, the disclosure requirement for subsidiary, controlled entities or joint ventures in Form/e-Form AOC-1 is not applicable to the Company.

Acquisition and Open Offer

During the year under review, there was successful completion of acquisition of 33,14,820 shares (representing 55.25% of the Voting Share Capital) by the acquirers being the existing Promoters / Promoter Group of the Company, completed on 14.11.2025, pursuant to Share Purchase Agreement dated 29.11.2024 at a price of ?13/- per share by the following Selling Promoters Shareholder:

Mr. Ramakat Sagarmal Biyani
Ms. Neelam Ramakat Biyani
M/s GSB Securities Private Limited

An exit opportunity was also provided to the Public Shareholders with an option to validly tender their Offer Shares vide Open Offer in compliance with the provisions of Regulations 3(1) and 4 and such other applicable regulations of the SEBI (SAST) Regulations, for the acquisition of up to 15,60,000 Offer Shares representing 26.00% of the Voting Share Capital of the Company from its Public Shareholders at an Offer Price of ?21.44/- per Equity Share. The Offer Period started on September 30, 2025 and ended on October 14, 2025 (Both days inclusive) and the date of settlement was October 30, 2025.

Accordingly, there has been change in Promoter and Promoter Group of the Company as follows:

List of current Promoter and Promoter Group (post-acquisition)

S.no.	Name	Category (Promoter / Promoter Group)
1.	Mr. Vivek Kumar Singhal	Promoter
2.	Mr. Kshitij Agrawal	Promoter
3.	M/s Nivesh Mandi Private Limited	Promoter
4.	M/s Stock Mandi (Partnership Firm)	Promoter

1

1. Mr. Ramakant Sagarmal Biyani — Promoter

2. Ms. Neelam Ramakant Biyani — Promoter

3. M/s. GSB Securities Private Limited — Promoter

List of previous Promoter and Promoter Group (prior to acquisition)

S.no.	Name	Category (Promoter / Promoter Group)
1.	Mr. Ramakant Sagarmal Biyani	Promoter
2.	Ms. Neelam Ramakant Biyani	Promoter
3.	M/s. GSB Securities Private Limited	Promoter

Directors & Key Managerial Personnel

There have been changes in the Composition of the Board during the year under review, as follows:

S. No.	Name	Designation	Event
1.	Ms. Renu Choudhary	Company Secretary	Resigned w.e.f. 14.11.2025
2.	Mr. Vivek Kumar Singhal	Managing Director	Appointed w.e.f. 20.11.2025
3.	Mr. Kshitij Agrawal	Non-Executive Director	Appointed w.e.f. 20.11.2025
4.	Mr. Hari Chand Mittal	Independent Director	Appointed w.e.f. 20.11.2025
5.	Ms. Sweta Pareek	Independent Director	Appointed w.e.f. 20.11.2025
6.	Mr. Ramakant Biyani	Managing Director	Resigned w.e.f. 02.12.2025
7.	Mr. Suyash Biyani	Non-Executive Director	Resigned w.e.f. 02.12.2025
8.	Ms. Usha Yogesh Patel	Independent Director	Resigned w.e.f. 02.12.2025
9.	Mr. Vivek Kumar Singhal	CFO	Appointed w.e.f. 16.01.2026
10.	Ms. Payal Jain	Company Secretary	Resigned w.e.f. 27.02.2026
11.	Mr. Akshat Sharma	Company Secretary	Appointed w.e.f. 02.03.2023

During the financial year under review, there was a change in the management and control of the Company pursuant to the acquisition / takeover of the Company, which was completed in November 2025. Consequent to the change in ownership and control, certain changes were made in the composition of the Board of Directors and the senior management of the Company. Accordingly, Mr. Vivek Kumar Singhal was appointed as the Managing Director of the Company, along with the appointment of Mr. Kshitij Agrawal as Non-Executive Director, Mr. Hari Chand Mittal and Ms. Sweta Pareek as Independent Directors.

Subsequently, certain changes were also made in the senior management of the Company, including the appointment of Mr. Vivek Kumar Singhal as Chief Financial Officer. These changes were undertaken to align the management and governance structure of the Company with the new ownership and strategic direction following the completion of the acquisition / takeover.

Change in Registered Office

The Company has shifted its registered office within the local limits of the Mumbai from "78/80, Ali Chamber, Ground Floor, Tamarind Lane, Mumbai, Maharashtra, India, 400025" to "201, 2nd Floor, Eco Space I.T. Park Building, Village Mogra, Old Nagardas Road, Andheri (E) Mumbai-400069" with effect from November 20, 2025.

Corporate office

The Company has opened a Branch office at 301, 2nd Floor, Esky Plaza, Anand Talkies Road, Raipur (CG) 492001 with effect from December 19, 2025. The Books of accounts of the Company and other relevant records will be maintained at the said address pursuant to Section 128 of the Companies Act 2013 and other applicable provisions / rules made thereunder.

Meetings

During the financial year 2025-26, a total of twelve (12) meetings of the Board of Directors were held.

Board evaluation

Pursuant to the provisions of the Act and SEBI Listing Regulations, the Board has carried out an annual evaluation of its own performance and of the individual Directors as well as an evaluation of the working of all the Committees of the Board. The Board of Directors was assisted by the Nomination and Remuneration Committee ("NRC"). The performance evaluation was carried out by seeking inputs from all the Directors / Members of the Committees, as the case may be.

The criteria for evaluation of the Board as a whole, inter alia, covered parameters such as Structure of the Board, Meetings of the Board, Functions of the Board.

Outcome of Evaluation: Board of the Company was satisfied with the functioning of the Board and its Committees. The Committees are functioning well and besides covering the Committees terms of reference, as mandated by law, important issues are brought up and discussed in the Committee meetings. The Board was also satisfied with the contribution of Directors, in their individual capacities.

Director Responsibility Statement

In accordance with the provisions of Section 134(5) of the Companies Act 2013, the Board hereby States;

a) That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
b) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the company for the year under review;
c) That 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;
d) That the Directors have prepared the annual accounts on a going concern basis;
e) That the Directors, had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively;
f) That the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively;

Independent Directors Declaration

The Independent Directors have submitted their disclosures to the Board that they fulfil all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 and 16(b) of the Listing Regulations so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the rules made there under and Listing Regulations. All the Independent Directors of the Company have registered themselves with the Indian Institute of Corporate Affairs ("IICA").

Further, as per the declarations received, all the Independent Directors of the Company have either passed or were exempted to clear online proficiency test as per the first proviso to Rule 6(4) of the MCA Notification dated October 22, 2019 and December 18, 2020.

Audit Committee

In compliance with the provisions of Section 177 of the Act, the Board has constituted an Audit Committee. The terms of reference of Audit Committee includes the matters prescribed under Section 177 of the Companies Act, 2013 read with SEBI (LODR) Regulations, 2015.

The composition of the Audit Committee as at March 31, 2026 was as under:

1. Sweta Pareek — Chairperson — Independent Director

2. Vivek Kumar Singhal — Member — Managing Director

3. Hari Chand Mittal — Member — Independent Director

However, there was change in composition of the Audit Committee w.e.f. July 13, 2026 as follows:

S. No.	Name	Status	Nature of Directorship
1.	Sweta Pareek	Chairperson	Independent Director
2.	Vivek Kumar Singhal	Member	Managing Director
3.	Hari Chand Mittal	Member	Independent Director

Statutory Auditors

The report of the Statutory Auditors of the Company forms part of the annual report. The Statutory Auditors have issued Audit Report with unmodified opinion on the Financial Statements of the Company for the year ended 31st March 2026.

The Notes on the Financial Statement referred to in the Audit Report are self-explanatory and therefore, do not call for any further explanation or comments from the Board under Section 134(3)(f) of the Companies Act, 2013.

Explanations on Qualifications / Adverse remarks contained in the Audit Report

There were no qualifications, reservations or adverse remarks made by the Auditors in their report. Observations of the Auditors are self-explanatory and do not call for further information. Further, no instances were noticed by the Auditors under Section 143(12) of the Companies Act, 2013.

Secretarial Auditors

During the year under review, M/s J K & Associates, Practicing Company Secretaries had tendered their resignation from the position of Secretarial Auditor of the company as on 30.03.2026.

Further, M/s Ashita Kaul & Associates (PR No. 1718/2022) were appointed as Secretarial Auditor of the Company to conduct the audit of secretarial records for the financial year 2025-26, in accordance with the provisions of Section 204 of the Act read with the Rules framed thereunder.

The Secretarial Audit Report of the Company is annexed to this report as Annexure-A.

Risk Management Policy

The Company has developed and implemented risk management policy including identification therein of elements of risk, if any, which in the opinion of the Board may threaten the existence of the company. The risk management includes identifying types of risks and its assessment, risk mitigation and monitoring and reporting.

Vigil Mechanism

The Company has established a Whistle Blower Policy / Vigil Mechanism in compliance with the provision of Section 177(10) of the Companies Act, 2013 for the genuine concerns expressed by the employees and Directors about unethical behavior, actual or suspected fraud or violation of the Companys Code of Conduct. The Company provides adequate safeguards against victimization of employees and Directors who express their concerns.

The Board has approved the policy for vigil mechanism which is available on the website of the Company at https://gsbfinancelimited.com/wp-content/uploads/2026/03/Vigil-Mechanism-and-Whistle-Blower-Policy.pdf.

Nomination & Remuneration Policy

The Board of Directors of the Company has, on the recommendation of Nomination and Remuneration Committee, framed and adopted a Nomination and Remuneration Policy. The details of criteria for making payment to Whole Time Directors, Non-Executive and Independent Directors are provided under the Nomination and Remuneration Policy of the Company.

The objective of the Nomination and Remuneration Policy of the Company is to ensure the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate directors and qualify requirement to run the Company successfully.

The said policy is available on the website of the Company at https://gsbfinancialimited.com/wp-content/uploads/2026/03/Nomination-and-Remuneration-Policy.pdf.

Corporate Social Responsibility (CSR)

The provisions relating to Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013 are not applicable to the Company, as it does not meet any of the prescribed thresholds specified therein. Accordingly, the CSR reporting requirements under the Companies (Corporate Social Responsibility Policy) Rules 2014 and the requirement for forming the CSR Committee are not applicable to the Company for the financial year under review.

Related Party Transactions

All related party transactions entered by the Company during the year were at arms length and in the ordinary course of business. The Company did not have any contracts or arrangements with related parties in terms of Section 188(1) of the Act. Also, there were no material related party contracts entered into by the Company.

Accordingly, the disclosure of related party transactions as required under Section 134(3)(h) of the Act in Form/e-Form AOC-2 is not applicable to the Company for the financial year 2025-26 and hence does not form part of this report.

Annual Return

A copy of the Annual Return in the prescribed form, which will be filed with the Registrar of Companies / MCA, is hosted on the Companys website and can be accessed at https://gsbfinancialimited.com/annual-return/.

Significant / material Orders passed by Court / Tribunal / Regulator

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.

Maintenance of Cost Records

Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Act are not applicable to the Company.

Compliance with Secretarial Standards

The Board have ensured compliance with the provisions of the applicable Secretarial Standards to the best of their knowledge. The Company has devised the necessary systems to ensure compliance with the applicable provisions of Secretarial Standards.

Application / Proceedings pending under the Insolvency and Bankruptcy Code, 2016

There were neither any applications filed by or against the Company, nor any proceedings were pending under the Insolvency and Bankruptcy Code, 2016 during the year under review.

Remuneration received by MD / WTD from Holding / Subsidiary Company

The Company does not have any holding or subsidiary company. Accordingly, there are no reportable particulars of remuneration / commission received by Managing Director / Whole-time Director of the Company from the holding company / subsidiary company.

Change in Capital Structure / Voting Rights

During the year under review, there was no change in the capital structure of the Company. Further, there were no instances of issuance of Sweat Equity Shares / Equity Shares with differential voting rights / Employee Stock Option Scheme during the year.

One-time Settlement and valuation thereof

The Company has not made any one-time settlement with any of its lenders.

Compliances under Maternity Benefit Act 1961

The Company is in compliance with the applicable provisions of the Maternity Benefit Act 1961.

RBI Guidelines

Your Company is registered with Reserve Bank of India ("RBI") as Base Layer Non-Deposit Accepting Non-Banking Financial Company has complied with and continues to comply with all the applicable laws, rules, circulars and regulations including Master Direction - Reserve Bank of India (Non-Banking Financial Company - Scale Based Regulation) Direction, 2023 ("RBI Master Direction"), as amended from time to time.

Disclosure under the Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company is committed to providing and promoting a safe and healthy work environment for all its employees. A Policy on prevention of sexual harassment in line with the statutory requirements, along with a structured reporting and redressal mechanism, including the constitution of Internal Complaints Committee in accordance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("the POSH Act"), is in place. There were no reportable complaints during the year under review.

Further, disclosure of number of complaints is as under:

Number of complaints of sexual harassment received in the year (2025-26)	0
Number of complaints disposed off during the year (2025-26)	0
Number of complaints pending at the end of the year (as on 31.03.2026)	0
Number of cases pending for more than ninety days (as on 31.03.2026)	0

Conservation of Energy, Technology Absorption and Foreign Earnings and Outgo

(A) Conservation of Energy

(i) the steps taken or impact on conservation of energy	-
(ii) the steps taken by the company for utilizing alternate sources of energy	-
(iii) the capital investment on energy conservation equipments	NIL

1. the efforts made towards technology absorption
(ii) the benefits derived like product improvement, cost reduction, product development or import substitution
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year):
(a) the details of technology imported;
(b) the year of import;
(c) whether the technology been fully absorbed;
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof;
(iv) the expenditure incurred on Research and Development.

(B) Technology Absorption

(i) the efforts made towards technology absorption	-
(ii) the benefits derived like product improvement, cost reduction, product development or import substitution	N.A.
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year):
(a) the details of technology imported;	N.A.
(b) the year of import;
(c) whether the technology been fully absorbed;
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof;
(iv) the expenditure incurred on Research and Development.	NIL

(C) Foreign Exchange Earnings & Outgo

Particulars	Amount (?)
Foreign Exchange earned in terms of actual inflows during the year	NIL
Foreign Exchange outgo during the year in terms of actual outflows	NIL

Statement under Rule 5(2) Of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

The information required under the provisions of Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given below:

The ratio of the remuneration of each director to the median remuneration of the employees of the company for the financial year 2025-26, and the percentage increase in remuneration of each Director, Chief Financial Officer, and Company Secretary in the financial year 2025-26.

S. No.	Name of Director / KMP	Designation	% increase in Remuneration	Ratio of remuneration of each Director to median remuneration of employees
1.	Mr. Vivek Kumar Singhal (w.e.f. 20.11.2025)	Director	N.A.	N.A.
2.	Mr. Kshitij Agrawal (w.e.f. 20.11.2025)	Director	N.A.	N.A.
3.	Mr. Hari Chand Mittal (w.e.f. 20.11.2025)	Director	N.A.	N.A.
4.	Mr. Sweta Pareek (w.e.f. 20.11.2025)	Director	N.A.	N.A.
5.	Mr. Ramakant Biyani (up to 02.12.2025)	Director	N.A.	N.A.
6.	Mr. Suyash Biyani (up to 02.12.2025)	Director	N.A.	N.A.
7.	Ms. Usha Yogesh Patel (up to 02.12.2025)	Director	N.A.	N.A.
8.	Ms. Renu Choudhary (up to 14.11.2025)	KMP	N.A.	N.A.
9.	Ms. Payal Jain (up to 27.02.2026)	KMP	N.A.	N.A.
10.	Mr. Akshat Sharma w.e.f. (02.03.2026)	KMP	N.A.	N.A.

? The percentage increase in the median remuneration of employees in the financial year 2025-26: N.A.*

? There was a total of one (01) permanent employees on the rolls of Company as on / during the year 31.03.2026.

? Average % increase in the salaries of employees other than the managerial personnel in the last financial year, i.e. 2025-26 and the increase in managerial remuneration for the same period: N.A.*

? Increase in remuneration of Directors of the Company: N.A.*

? It is hereby affirmed that the remuneration wherever paid, were as per the Remuneration Policy of the Company.

No employee was in receipt of remuneration from the Company amounting to Rupees One Crore Two Lakhs or more in aggregate, during the financial year 2025-26, if employed throughout the financial year or Rupees Eight Lakhs Fifty Thousand or more per month, if employed for a part of the financial year. None of the employees other than Directors hold 2% or more of the Equity shares of the Company.

The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197 (12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of managerial personnel) Rules, 2014 will be made available to any member on request: N.A.*

*Note: During the financial year 2025-26, there was a change in the composition of the Board and Key Managerial Personnel of the Company pursuant to the acquisition/takeover of the Company, which was completed in November 2025. Consequently to the change in management, the Directors and employees associated with the erstwhile management ceased to hold their respective positions and were replaced by the new management.

Accordingly, the remuneration data for the financial year 2025-26 is not comparable with that of the previous financial year. Hence, the percentage increase in remuneration and the ratio of remuneration of each Director/KMP to the median remuneration of employees have been stated as "N.A." (Not Applicable/Not Reportable), as there is no comparative data and therefore it is not reportable.

Material Changes and commitment occurred after the end of financial year up to the date of Report

Increase in Authorized Share Capital:

The Authorized Share Capital of the Company was increased from 6,00,00,000/- (Rupees Six Crores only), comprising 60,00,000 Equity Shares of 10/- each, to 10,00,00,000/- (Rupees Ten Crores only), comprising 1,00,00,000 Equity Shares of 10/- each. The increase in the Authorized Share Capital was approved by the Members of the Company vide resolution passed on 10 August 2026, pursuant to which the Capital Clause of the Memorandum of Association of the Company was consequentially amended. The said increase in Authorized Share Capital was subsequently approved by the Registrar of Companies vide communication dated 25 August 2026.

Change in Name:

The Members of the Company, vide their resolution dated 10 August 2026, approved the change in the name of the Company from "GSB Finance Limited" to "Coffers Finvest Limited". Pursuant to the said approval and the requisite statutory and regulatory compliances, the Registrar of Companies approved the change in name of the Company with effect from 01 September 2026 and issued a fresh Certificate of Incorporation dated 01 September 2026. Accordingly, the name of the Company stands changed to "Coffers Finvest Limited" with effect from the said date.

Proposes preferential allotment:

The Board of Directors, at its meeting held on 13th July, 2026, approved the proposed issue of up to 12,00,000 (Twelve Lakh) fully paid-up Equity Shares of face value of 10/- each, on a preferential basis, at an issue price of 36/- per Equity Share, including a premium of 26/- per share, aggregating to 4.32 Crore, subject to the approval of the Members and such other statutory and regulatory approvals as may be required.

The Members of the Company, at the Extra-Ordinary General Meeting held on 10th August, 2026, approved the proposed preferential issue by way of a Special Resolution. The issue comprises equity shares proposed to be allotted to identified promoter and non-promoter allottees.

For determining the issue price, the Company had obtained a valuation report from Independent Registered Valuer and the said report determined the floor price at ?35.23 per Equity Share, while the proposed issue price is ?36/- per Equity Share.

As on the date of this Report, the proposed preferential allotment is in process and the actual allotment of the Equity Shares is subject to completion of the applicable statutory, regulatory and other requirements/approvals. The Company shall make the necessary filings and obtain the requisite approvals from the Stock Exchange and other authorities, as applicable, prior to completion of the allotment.

Acknowledgment

The Board takes this opportunity to express their gratitude towards the shareholders and bankers to the Company. The Board also acknowledges the continuous support received from its stakeholders and employees of the Company.

Managing Director

(DIN: 01962224)

Khitij Agrawal

Director

(DIN: 03377355)