IDFC Ltd Directors Report.

Dear Shareholders,

Your Directors have pleasure in presenting the Twenty-Third Annual Report together with the audited financial statements for the financial year ended March 31, 2020.

OPERATIONS REVIEW

Effective October 1, 2015 post demerger of Financing Undertaking into IDFC FIRST Bank Limited (earlier known as IDFC Bank), IDFC Limited (“IDFC” or “the Company”) is operating as an NBFC - Investment Company mainly holding investment in IDFC Financial Holding Company Limited (“IDFC FHCL”) which is a non-operative financial holding company. IDFC FHCL in turn holds investments in IDFC FIRST Bank Limited and IDFC Asset Management Company Limited.

During the year, Balance Sheet size decreased from Rs. 9,821 crore as on March 31, 2019 to Rs. 9,332 crore as on March 31, 2020. Profit after tax and other comprehensive income was lower at Rs. 64.22 crore for FY 2019-20 as compared to Rs. 127.66 crore in FY 2018-19. Net worth of the Company decreased from Rs. 9,779 crore as on March 31, 2019 to Rs. 9,256 crore as on March 31, 2020.

During the year, the Company transferred Rs. 12.85 crore to Special Reserve u/s 45- IC of Reserve Bank of India (“RBI”) Act, 1934.

Details of business overview and outlook of the Company and its subsidiaries are appearing in the chapter Management Discussion and Analysis which forms part of this report.

COVID-19

FY20 has been a challenging year. In the last month of FY20, the COVID-19 pandemic developed rapidly into a global crisis, forcing governments to enforce lock-down of all economic activity. For the Company, the focus immediately shifted to ensuring the health and well-being of all employees. As of March 31, 2020, work from home was enabled to the employees to work remotely and securely.

DIVIDEND

During FY20, the Company declared 1st interim dividend of Rs. 2.50 (25%) per equity share of the Company by a resolution passed through circulation on September 21, 2019. The Company declared 2nd interim dividend of Rs. 0.65 (6.5%) per equity shares of the Company by a resolution passed through circulation on November 14, 2019.

The Board of Directors has not recommended any final dividend for FY20.

DIVIDEND DISTRIBUTION POLICY

In accordance with the Regulation 43A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”), IDFC had formulated a Dividend Distribution Policy. The policy was adopted to set out the parameters and circumstances that will be taken into account by the Board in determining the distribution of dividend to its Shareholders and / or retaining profits earned by the Company. The said policy is hosted on the website of the Company and can be viewed at http://www.idfc. com/investor_relations/ corporate_ governance_policies.htm.

SUBSIDIARY COMPANIES

As on March 31, 2020, the Company has eight domestic direct / indirect subsidiaries, four foreign indirect subsidiaries, four Associate Companies and three Joint Ventures which are given in Table 1.

NIIF Infrastructure Finance Limited (NIIF Fund II) (previously IDFC Infrastructure Finance Limited)

IDFC & IDFC FHCL had entered into definitive agreement with NIIF FUND II to sale its entire equity stake (81.48%) held in IDFC Infrastructure Finance Limited. After obtaining the necessary regulatory approval, 51.48% of equity stake was transferred to NIIF Fund II at a consideration of Rs. 388.91 crore as the first tranche of the transaction in March 2019.

During the year, second tranche of the transaction was closed and IDFC FHCL received a consideration of Rs. 265.91 crores for its 30% residual shareholding. Subsequent to the completion of this transaction, the IDFC group does not hold any shareholding in NIIF FUND II. Accordingly, NIIF Infrastructure Finance Limited ceased to be associate company of IDFC FHCL. The same was accordingly informed to the stock exchanges.

IDFC SECURITIES LIMITED

During the year, IDFC & IDFC FHCL had entered into an understanding with Mr. Dharmesh Mehta along with other investors (“Acquirers”) to sell its entire equity stake (100%) held in IDFC Securities Limited after obtaining the necessary regulatory approval.

IDFC Securities was an indirect subsidiary company of IDFC Limited as on March 31, 2020. However, on June 10, 2020, IDFC transferred equity stake held in IDFC Securities to the Acquirers, after obtaining all necessary regulatory approvals, at a consideration of Rs. 86 crore.

IDFC Capital (Singapore) Pte. Ltd. and IDFC Securities Singapore Pte. Ltd. are under liquidation.

CONSOLIDATED FINANCIAL STATEMENTS

The Board of Directors of IDFC reviews the affairs of its subsidiary companies regularly. In accordance with the provisions of Section 129(3) of the Companies Act, 2013 (the Act) the Company has prepared Consolidated Financial Statements including requisite details of all the subsidiaries. Further, a statement containing the salient features of performance and financial positions of all the subsidiary companies / associates/ joint ventures in the format AOC-I is appended as Annexure 1.

In accordance with Section 136 of the Act, the audited Financial Statements together with the Consolidated Financial Statements and related information of the Company and audited accounts of each subsidiary company are available on the website of the Company: www.idfc.com.

Detailed analysis of the performance of IDFC and its businesses, including initiatives in the areas of Risk Management, Human Resources and IDFC Foundation activities, have been presented in the section on

O1 SUBSIDIARY COMPANIES

NAME OF THE SUBSIDIARY DIRECT / INDIRECT SUBSIDIARY % OF SHAREHOLDING
Domestic Subsidiaries
i. IDFC Financial Holding Company Limited (“IDFC FHCL”) Direct 100%
ii. IDFC Foundation (a Company within the meaning of section 8 of the Act) Direct 100%
iii. IDFC Projects Limited Direct 100%
iv. IDFC Trustee Company Limited Direct 100%
v. IDFC Alternatives Limited Direct 100%
vi. IDFC Asset Management Company Limited (“IDFC AMC”) Indirect through IDFC FHCL 100%
vii. IDFC Securities Limited Indirect through IDFC FHCL 100%
viii. IDFC AMC Trustee Company Limited Indirect through IDFC FHCL 100%
Foreign Subsidiaries
IDFC Capital (Singapore) Pte. Limited Indirect through IDFC Alternatives 100%
ii. IDFC Securities Singapore Pte. Limited Indirect through IDFC Securities 100%
iii. IDFC Capital (USA) Inc. Indirect through IDFC Securities 100%
iv. IDFC Investment Managers (Mauritius) Ltd. Indirect through IDFC AMC 100%
Associate
IDFC FIRST Bank Limited Indirect through IDFC FHCL 40%
ii. IDFC FIRST Bharat Limited Indirect through IDFC FHCL 40%
iii. Jetpur Somnath Tollways Private Limited Indirect through IDFC Projects Limited 26%
iv. NIIF Infrastructure Finance Limited (formerly known as IDFC Infrastructure Finance Limited) up to March 30, 2020 Indirect through IDFC FHCL 30%
v. Novopay Solutions Private Limited Direct 23.83%
Joint Ventures
Delhi Intigrated Multi - Modal Transit System Limited Indirect through IDFC Foundation 50%
ii. Infrastructure Development Corporation (Karnataka) Limited (iDeck) Indirect through IDFC Foundation 49.49%
iii. Rail Infrastructure Development Company (Karnataka) Limited Indirect through iDeck 24.71%

Management Discussion & Analysis which forms part of this Annual Report.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

IDFC Limited had 9 employees as on March 31, 2020 and 420 employees including employees of subsidiaries. In terms of the provisions of Section 197(12) of the Act, read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended from time to time, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules are provided in this Annual Report. Having regard to the provisions of the first proviso to Section 136(1) of the Act, the Annual Report excluding the aforesaid information is being sent to the Shareholders of the Company. The said information is available for inspection and any Member interested in obtaining such information may write to the Company Secretary and the same will be furnished on request.

Disclosure pertaining to remuneration & other details as required under section 19 7(12) of the Act, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended from time to time, are appended as Annexure 2.

SHARE CAPITAL UPDATE

There was no change in the share capital of the Company during FY20.

MANAGEMENT DISCUSSION ANALYSIS AND REPORT ON CORPORATE GOVERNANCE

In compliance with Regulation 34 of SEBI LODR Regulations, separate detailed chapters on Management Discussion & Analysis, Report on Corporate Governance and Additional Shareholder Information forms part of this Annual Report.

BUSINESS RESPONSIBILITY REPORT

As per Regulation 34(2)(f) of SEBI LODR Regulations and Notifications issued from time to time, a separate report called Business Responsibility Report (“BRR”) describing the initiatives taken by IDFC from an environmental, social and governance perspective is hosted on the Companys website: www.idfc.com which forms part of this Annual Report.

PUBLIC DEPOSITS

During FY20, your Company has not accepted any deposits from the public within the meaning of the provisions of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998 or under Chapter V of the Act.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Post demerger of financing undertaking into IDFC Bank w.e.f. October 1, 2015, IDFC is registered with RBI as NBFC - Investment Company. Being an investment company, the provisions of Section 186 of the Act are not applicable to IDFC. Hence, the requisite details of loans, guarantees and investments are not given.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

IDFC has put in place a Whistle Blower Policy, which includes reporting to the Management instances of unethical behaviour, actual or suspected fraud or violation of the Companys Code of Conduct. The Audit Committee directly oversees the Vigil Mechanism. The provisions of the policy are also in line with the provisions of Section 177 (9) & (10) of the Act. The details of Whistle Blower Policy /Vigil Mechanism are posted on the website of the Company: www.idfc.com.

FOREIGN EXCHANGE

There were no foreign exchange earnings or expenditure during the year.

PARTICULARS REGARDING CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

Since the Company does not carry out any manufacturing activity, the particulars regarding conservation of energy, technology absorption and other particulars as required by Section 134(3) (m) of the Act read with the Companies (Accounts) Rules, 2014 are not applicable to IDFC.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the year, Based on recommendation of Nomination and Remuneration Committee, the Board appointed Ms. Ritu Anand (DIN - 05154174) and Mr. Ajay Sondhi (DIN - 01657614) as an Additional Director in the category of Independent Director w.e.f. August 16, 2019 and November 08, 2019 respectively. At the previous AGM, the Shareholders of the Company approved the appointment of Ms. Ritu Anand as an Independent Director. Appointment of Mr. Ajay Sondhi is up to the conclusion of the ensuing AGM. Accordingly, the approval of Shareholders is sought for appointment of Mr. Ajay Sondhi (DIN - 01657614 ) as an Independent Director at the ensuing AGM.

Further, based on recommendation of Nomination and Remuneration Committee, The Board of Directors of the Company appointed Mr. Mahendra N Shah as Company Secretary and Compliance Officer of the Company w.e.f. May 24, 2019 as designated Key Managerial Personnel in place of Mr. Nirav Shah.

At the 20th AGM of the Company held on July 28, 2017, the shareholders of the Company appointed Mr. Sunil Kakar (DIN - 03055561), as Managing Director & Chief Executive Officer (“MD & CEO”), designated Key Managerial Personnel of the Company for a period of three (3) years w.e.f. July 16, 2017. The term of Mr. Sunil Kakar will expire on July 15, 2020. Based on the recommendation of the Nomination and Remuneration Committee and subject to approval of the Shareholders of the Company at its ensuing AGM, the Board of Directors of the Company, at its meeting held on June 25, 2020 appointed Mr. Sunil Kakar as MD & CEO, designated Key Managerial Personnel of the Company, w.e.f. July 16, 2020 till September 30, 2022.

Mr. Soumyajit Ghosh (DIN: 07698741) will retire by rotation at the ensuing AGM and being eligible, offers himself for reappointment.

The Shareholders are requested to consider and approve the same at the ensuing AGM.

FRAMEWORK FOR APPOINTMENT OF DIRECTORS

The Company has in place a framework for Board Diversity, Fit & Proper Criteria and Succession Planning for appointment of Directors on the Board of the Company.

DECLARATION OF INDEPENDENCE

The Company has received a declaration from all IDs that they meet the criteria of independence specified under sub-section of Section 149 of the Act, read with Rule 5 of the Companies (Appointment and Qualification of Directors) Rules, 2014 and Regulation 16(1)(b) of SEBI LODR Regulations for holding the position of ID and that they shall abide by the “Code for Independent Directors” as per Schedule IV of the Act. Pursuant to IICA, Companies (Accounts) Amendments Rules, 2019 Companies (Creation and Maintenance of Databank of Independent Directors) Rules, 2019 and Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019 dated 22nd October, 2019, all Independent Directors on the Board of the Company completed registration on Data Bank.

SPECIAL BUSINESS

The Board of Directors recommends the following items under special business for approval of the Shareholders at the ensuing AGM:

i. Appointment of Mr. Ajay Sondhi as an Independent Director of the Company

ii. Re-appointment of Mr. Sunil Kakar as MD & CEO of the Company

SHAREHOLDERS UPDATE

On November 8, 2019, the Board of Directors of the Company had approved transfer of 100% equity shares of IDFC Alternatives Limited and IDFC Trustee Company Limited held by IDFC Financial Holding Company Limited (wholly owned subsidiary of the Company) at book value to the Company for Rs. 200.05 crore and Rs. 0.05 crore respectively. Consequently, IDFC Alternatives Limited and IDFC Trustee Company Limited became the direct wholly owned-subsidiary companies of IDFC Limited.

MERGER OF IDFC ALTERNATIVES LIMITED AND IDFC TRUSTEE COMPANY LIMITED WITH IDFC LIMITED

IDFC Alternatives Limited is wholly owned subsidiary of IDFC Limited (“IDFC”).

IDFC Alternatives Limited had sold its

(i) Infrastructure asset management business to Global Infrastructure Partners or its affiliates (“GIP”) at a lump sum consideration of Rs. 219.80 crore (including value for carry units); and (ii) Private Equity and Real Estate funds to Investcorp Bank B.S.C. or its affiliate (“Investcorp”). at a lump sum consideration of Rs. 5 crore. Since December 31, 2019, the Company does not have any business operations.

IDFC Trustee Company Limited is wholly owned subsidiary of IDFC. The Company acted as a Trustee of various funds managed by IDFC Alternatives. Since December 31, 2019, IDFC Trustee Company Limited does not have any business operations.

In order to simplify corporate structure and to enhance operational efficiencies and bring synergy, The Board of Directors of the Company had approved to amalgamate IDFC Alternatives Limited and IDFC Trustee Company Limited with IDFC Limited subject to approval of shareholders and other regulatory authorities, as applicable. Further, there would not be any swap of shares and / or payment of consideration for the proposed amalgamation as it will be a case of the subsidiary companies getting amalgamated with the holding company. Pursuant to general circular no. 30/2014 issued by the Ministry of Corporate Affairs on July 17, 2014, such amalgamation / merger will not be considered as related party transaction under section 188 of the Companies Act, 2013. The Company is in process of finalizing scheme of Amalgamation and will seek approval of the shareholders as per the directions of the regulatory authorities.

MERGER OF IDFC PROJECTS LIMITED WITH IDFC LIMITED

IDFC Projects Limited is wholly owned subsidiary of IDFC Limited (“IDFC”). IDFC Projects do not have any business.

In order to simplify corporate structure and to enhance operational efficiencies and bring synergy, The Board of Directors of the Company had approved to amalgamate IDFC Projects Limited with IDFC Limited subject to approval of shareholders and other regulatory authorities, as applicable. Further, there would not be any swap of shares and / or payment of consideration for the proposed amalgamation as it will be a case of the subsidiary company getting amalgamated with the holding company. Pursuant to general circular no. 30/2014 issued by the Ministry of Corporate Affairs on July 17, 2014, such amalgamation / merger will not be considered as related party transaction under section 188 of the Companies Act, 2013. The Company is in process of finalizing scheme of Amalgamation and will seek approval of the shareholders as per the directions of the regulatory authorities.

BOARD AND ITS COMMITTEES

During the year, 6 (six) Board Meetings and 4 (four) Audit Committee Meetings were held. Audit Committee comprises of Ms. Ritu Anand (DIN: 05154174) - Chairperson, Mr. Vinod Rai (DIN: 00041867), Mr. Ajay Sondhi (DIN: 01657614) and Mr. Anshuman Sharma (DIN: 07555065). All the recommendations made by the Audit Committee during the year were accepted by the Board. The details of the constitution and meetings of the Board, Audit Committee and other Committees held during the year are provided in the Corporate Governance Report which forms part of this Annual Report.

BOARD EVALUATION

Pursuant to SEBI LODR Regulations and the Act, the process indicating the manner in which formal annual evaluation of the Chairman, Directors, Board as a whole and Board level committees is given in the Corporate Governance Report, which forms part of this Annual Report.

NOMINATION &

REMUNERATION COMMITTEE / REMUNERATION POLICY

The Company has a policy in place for identification of independence, qualifications and positive attributes of Directors. IDFC has put in place a Remuneration Policy for the Directors, Key Managerial Personnel, Senior Management and Other Employees.

The remuneration of the Executive Director and KMPs is recommended by NRC to the Board for its approval.

AUDITORS

STATUTORY AUDITORS

At the AGM of the Company held on July 28, 2017, the Shareholders had approved the appointment of Price Waterhouse & Co, Chartered Accountants LLP (FRN 304026E / E300009) (“PWC”) as Statutory Auditors for a period of 5 years to hold office from the conclusion of the 20th AGM till the conclusion of the 25th AGM of the Company. In accordance with the Companies Amendment Act, 2017, enforced on May 7, 2018, by the Ministry of Corporate Affairs, the appointment of the Statutory Auditors is not required to be ratified at every Annual General Meeting.

PWC has confirmed that they are not disqualified from continuing as Statutory Auditors of the Company for FY21.

COST AUDIT

In terms of the Section 148 of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, the Company is not required to undertake cost audit.

SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Act and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed M/s. BNP & Associates, Company Secretaries to undertake the Secretarial Audit of the Company for FY20. The Secretarial Audit Report is appended as Annexure 3.

There are no qualifications or observations or adverse remarks made by the Statutory Auditors and Secretarial Auditors in their respective reports.

COMPLIANCE WITH SECRETARIAL STANDARDS

Pursuant to the Secretarial Standard-I issued by the Institute of Company Secretaries of India pertaining to Board of Directors, the Company confirms that all applicable Secretarial Standards have been duly complied with during the period under review.

INTERNAL CONTROL SYSTEMS

The Company has in place, adequate systems of Internal Control to ensure compliance with policies and procedures. It is being constantly assessed and strengthened with new / revised standard operating procedures and tighter Information Technology controls. Internal Audit of the Company is regularly carried out. The Audit Reports of Internal Auditors i.e. M/s Grant Thornton India LLP (“GT”), along with their recommendations and implementation contained therein are regularly reviewed by the Audit Committee.

GT verified the key Internal Financial Control by reviewing key controls impacting financial reporting and overall risk management procedures of the Company and found the same satisfactory.

RISK MANAGEMENT POLICY

IDFC FIRST Bank Limited and IDFC Asset Management Company Limited have robust and comprehensive risk management framework and covers all three types of risks - credit, market and operational risk. IDFC does not have major operations hence its risk management is limited to operations & liqidity risk. Risk management committee of the Board reviews and monitors risk management at regular intervals.

MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE COMPANY

IDFC Securities was an indirect subsidiary company of IDFC Limited as on March 31, 2020. However, on June 10, 2020, IDFC transferred equity stake held in IDFC Securities to the Acquirers, after obtaining all necessary regulatory approvals, at a consideration of Rs. 86 crore. The same accordingly informed to the stock exchanges.

There are no material changes and commitments, affecting the financial position of IDFC which has occurred between the end of FY20 and the date of this Boards report.

INSTANCES OF FRAUD REPORTED BY THE AUDITORS

There have been no instances of fraud reported by the Auditors under Section 143(12) of the Act.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS / COURTS / TRIBUNALS

During the year under review, there were no significant and material orders passed by the Regulators / Courts / Tribunals.

ANTI SEXUAL HARASSMENT POLICY

The Company has in place the policy on Anti Sexual Harassment. The Company undertakes ongoing trainings to create awareness on this policy. There were no instances of Sexual Harassment that were reported during the period under review. The Company has constituted an Internal Complaints Committee for redressal of complaints and to prevent sexual harassment.

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 statements in terms of Section 134(3)(c) of the Act:

• In that in the preparation of the annual financial statements for the year ended March 31, 2020, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

• In that such accounting policies have been selected and applied consistently and judgement 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, 2020 and of the profit of the Company for the year ended on that date;

• In that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

• In that the annual financial statements have been prepared on a going concern basis;

• In that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively;

• In that internal systems / controls to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

GREEN INITIATIVE

In accordance with General Circular No. 20/2020 dated May 5, 2020 issued by Ministry of Corporate Affairs and circular SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May 12, 2020 issued by SEBI , the Company has sent the Annual Report / Notice of AGM only through electronic mode to those Shareholders whose e-mail Ids were registered with the Company / RTA / Depository Participants.

EXTRACT OF ANNUAL RETURN

The extract of the Annual Return for FY20 in the prescribed Form No. MGT-9 and Annual Return of the Company are available on the website: www.idfc.com

CORPORATE SOCIAL RESPONSIBILITY

The Corporate Social Responsibility Committee, as constituted under section 135 of the Act, comprises of:

i. Mr. Sunil Kakar (DIN: 03055561) - Chairman,

ii. Mr. Vinod Rai (DIN: 00041867); and

iii. Mr. Anshuman Sharma (DIN: 07555065)

The disclosure of contents of the Corporate Social Responsibility Policy of the Company as prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014 forms part of the Boards Report and appended as Annexure 4.

RELATED PARTY TRANSACTIONS

The Company has in place the policy on Related Party Transactions and the same has been uploaded on the website of the Company i.e. www.idfc.com. In all related party transactions that were entered into during the financial year, an endeavour was made consistently that they were on an arms length basis and were in the ordinary course of business. IDFC has always been committed to good corporate governance practices, including matters relating to Related Party Transactions.

Since all related party transactions entered into by the Company were in the ordinary course of business and were on an arms length basis, Form AOC-2 is not applicable to the Company. No Material Related Party Transactions, i.e. transactions exceeding 10% of the annual consolidated turnover of the Company as per the last audited financial statements, were entered during the year by your Company.

EMPLOYEE STOCK OPTION SCHEME

Pursuant to the resolution passed by the Members through Postal Ballot dated June 25, 2016, IDFC introduced IDFC Employee Stock Option Scheme, 2016 (“IDFC ESOS 2016”) to enable the employees of IDFC and its subsidiaries to participate in the future growth and financial success of the Company. The Scheme is in compliance with the SEBI (Share Based Employee Benefits) Regulations, 2014.

The Company has used Fair Value as determined under Black Sholes model to account for the compensation cost of stock options to employees of the Company.

Disclosures as required under the SEBI (Share Based Employee Benefits) Regulations, 2014, are hosted on the Companys website: www.idfc.com which forms part of this Annual Report.

ACKNOWLEDGEMENTS

We are grateful to the Government of India, State Governments, RBI, SEBI, Stock Exchanges, various Ministries and other domestic and overseas regulatory bodies for their continuous collaboration and support. We would like to thank all our Shareholders, Banks for their co-operation and assistance during the year under review.

We would like to express our deep sense of appreciation for the hard work and efforts put in by the employees at all levels of the Group.

FOR AND ON BEHALF OF THE BOARD

Vinod Rai
Independent Non-Executive Chairman
New Delhi : June 25, 2020