Jagson Airlines Ltd Directors Report

To The Members,

Your Directors have pleasure in presenting Twenty-fifth Annual Report together with the Audited Accounts of the Company for the financial year ended 31^st March, 2020.

FINANCIAL RESULTS

Particulars	Year ended March, 2020	Year ended March, 2019
Total Income	57.566	25.298
Gross Profit/Loss before Dep. & Tax	-	-
Provision for Depreciation	1.11	1.63
Tax provision	Nil	Nil
Provision for deferred tax	-21.544	0
Net profit/(Loss)	(98.205)	(46.489)
General reserve (Surplus profit & Loss A/c)	Nil	Nil

INDIAN ACCOUNTING STANDARDS

In accordance with the notification issued by the Ministry of Corporate Affairs (MCA), your company is following the practice of required accounting standards.

RESERVES

The Company has not transferred any amount to reserve.

CHANGE IN THE NATURE OF BUSINESS. IF ANY

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

RESULTS OF OPERATIONS

Due to weak financial position of the company, the planes have been grounded. The Company had closed its books for the year 2019-2020 with a loss of Rs. (98.20) Lac as against previous year loss of Rs. (46.48) Lac.

DIVIDEND

The Board of Directors has not recommended any dividend for this year due to its financial situation.

PUBLIC DEPOSITS

The Company has not accepted any deposits from the public under sections 73, 74, and 76 of the Companies Act, 2013 during the year.

AUDITORS

M/s Madan Jha& Associates, Chartered Accountants, FRN 016288NAuditors of the Company retire at the conclusion of the Annual General Meeting and as they have completed their tenure as per Section 139 of the Companies Act, 2013 and they have submitted their resignation.

M/s Madan Jha& Associates, Chartered Accountants, FRN No.FRN 016288N have informed the Board of their eligibility to be an Auditor of Jagson Airlines Limited, a Listed Company and have offered their services for the same. Your Board of Directors recommends their appointment for your approval.

AUDIT COMMITTEE

The Audit Committee consists ofMs.Ravinder Kaur Hora and Mr. Dilip Kumar Choudhary, MsChanchal Yadav. Two third of the members are independent. Mr. Dilip Kumar Choudhary, being a qualified Company Secretary, has beennominated as Chairman of the Audit Committee.

The terms of reference specified by the Board to the Audit Committee are as contained under of Section 177 of the Companies Act, 2013 and Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.Company Secretary of the Company is the Secretary of the Committee

VIGILANCE COMMITTEE

As per the provisions of section 177 of Companies Act, 2013 and as per regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.your Company has started working on formulation of Vigil Mechanism /Whistle Blower Policy to provide appropriate avenues to the employees to bring to the attention of the management any issue which is perceived to be in violation of or in conflict with the fundamental business principles of the Company. The Audit Committee of the Company also acts as the Vigilance Committee of the Company. Mr. Bhuvikant is the Chairman of the Vigilance Committee of the Company.

STAKEHOLDERS RELATIONSHIP COMMITTEE

The Stakeholders Relationship committee controls the physical &demats shares and meets regularly. This committee consists of Ms. RavinderKaur Hora and Mr. Dilip Kumar Choudhary, MsChanchal Yadav. Company Secretary of the Company act as the Secretary of the Committee.As per regulation 20 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 all the grievances of the shareholders are redressed on priority basis when the complaints / grievances are received by the Company.

RISK MANAGEMENT COMMITTEE

The Risk Management Committee consists of Mr. JagdishPershad Gupta and Mr. Dilip Kumar Choudhary, MsChanchal Yadav. Mr. JagdishPershad Gupta is the Chairman of the Risk Management Committee. The terms of reference specified by the Board to the Risk Management Committee are as contained under of regulation 21 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

VOTING THROUGH ELECTRONIC MEANS

Pursuant to section 108 of the Companies Act, 2013 and regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, your Company has been taking necessary steps to make available the facility to its members to exercise their right to vote by Electronic means for the transactions which require approval through Postal Ballot. This facility has been made available to all the members since financial year 2014-15.

COMMITTEE OFSEXUAL HARASMENT OF WOMEN (PREVENTION. PROHIBITION AND REDRESSAL1 ACT. 2013:

The Committee OF Sexual Harassment consists of Ms.Ravinder Kaur Hora,MsChanchal YadavMs.Ravinder Kaur Hora is the Chairman of the Committee.

INTERNAL FINANCIAL CONTROLS

As per Section 134(5)(e) of the Companies Act 2013, the Directors have an overall responsibility for ensuring that the Company has implemented robust system and framework of Internal Financial Controls. Company has set up adequate system of Internal Control of to ensure safety of its property assets, and protection against unauthorized use and loss from pilferation of stores and spares which is the backbone of our airlines operations.

Internal control system is followed by extensive internal audits, policies, procedures and guidelines. Internal Financial Controls system is adequate keeping in view size and operation of the company.

ISSUE OF SHARES WITH DIFFERENTIAL RIGHTS

The Company under the provisions of Section 43 read with Rule 4(4) of the Companies (Share Capital and Debentures) Rules, 2014 (Chapter IV) has not issued any shares with differential rights.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Ms. Ravinder Kaur Hora retiring by rotation, and being eligible for appointment offers herself for reappointment.

LISTING REQUIREMENT

As required by regulation 33 and 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Cash Flow Statement is appended with Annual Accounts of the Company.

LISTING OF SHARES

Shares of your Company at present are listed with Bombay Stock Exchange Limited. However Trading of BSE has been suspended and the company has taken necessary steps for revocation of suspension.

MEETINGS

During the year the company conducted one Annual General Meeting, eleven Board Meetings and six Audit Committee Meetings. No ExtraOrdinary General Meeting was held during the year. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

DETAILS OF SUBSIDIARY/JONT VENTURES/ASSOCIATE COMPANIES

The given Company has no subsidiary/joint ventures/associate companies as on date.

AUDITORS REPORT

The Auditors Report does not contain any qualification, Notes to Accounts and Auditors remarks in their report are self-explanatory and do not call for any further comments.

DISCLOSURE ABOUT COST AUDIT

As per the Cost Audit Orders, Cost Audit is not applicable to the Company.

EXTARCT OF ANNUAL RETURN

As required pursuant to Section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, an extract of annual return in MGT 9 as a part of this Annual Report as ANNEXUREI.

MATERIAL CHANGES AND COMMITMENTS. IF ANY. AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF REPORT

No material changes have occurred subsequent to the close of the financial year of the Company to which the balance sheet relates.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE

No significant and material orders have been passed by the regulators or courts or tribunals that could impact the Companys present or future operations.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

The Company has neither provided nor accepted any loans or investments in the concerned financial year.

Details of guarantee/security provided:

Sr. no. Date of providing security/guarantee	Details of recipient	Amount	Purpose for which the security/guarantee is proposed to be utilized by the recipient	Date of BR	Date of SR (If any)	Commission
- Nil	Nil	0.00	Nil	-	-	0.00

PARTICULARS OF CONTRACTS OR ARRANGEMNTS WITH RELATED PARTIES

As per sub- section (1) of Section 188 of the Companies Act, 2013 and regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Company has not entered in contracts or arrangements with related parties.

STATUTORY DISCLOSURES

In terms of the provisions of Section 134 of the Companies Act, 2013, regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with the Companies (Appointment and Remunerations of Managerial Personnel) Rules, 2014,

including amendment thereof, the names and other particulars of the employees are set out in the annexure to the Directors Report. However, as per the provisions of Section 134 of the said Act, the Annual Report excluding the aforesaid information is being sent to all members of the Company and others entitled thereto. Any member interested in obtaining such particulars may write to the Company at the registered office of the Company.

DISCLOSURE UNDER THE SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION AND RE DRESS AL) ACT. 2013

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. No complaints pertaining to the sexual harassment were received during the FY 2016-17.

Company has adopted a policy for prevention of Sexual Harassment of Women at Workplace and has set up committee, under the Chairmanship of Ms. Ravinder Kaur Hora, for implementation of said policy. During the year Company has not received any complaint of harassment.

CORPORATE SOCIAL RESPONSIBILITY fCSRl

As per Section 135, Schedule VII of the Companies Act, 2013 and Rule 9 of Companies (Corporate Social Responsibility Policy) Rules, 2014; the Company has not invested in any CSR activities due to its weak financial condition.

TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

Your Company did not have any funds lying unpaid or unclaimed for a period of seven years. Therefore there were no funds which are required to be transferred to Investor Education and Protection Fund (IEPF).

CORPORATE GOVERNANCE

Pursuant to regulation 27, 34 and schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with the Stock Exchanges, a management discussion and Analysis Report, Corporate Governance Report and Auditors Certificate regarding compliance of conditions of Corporate Governance are made a part of the Annual Report.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION

CONSERVATION OF ENERGY

The Company is maintaining its aircrafts as per the standards laid down by Director General of Civil Aviation (DGCA). This keeps the fuel consumption at the optimum level. Hence disclosure of particulars with respect to conservation of energy in Form-A pursuant to Companies (Disclosure of Particular in the report of Directors) Rules, 1988 is not applicable.

TECHNOLOGY ABSORPTION

The operation of the company does not involve any technology absorption. Hence disclosure of particulars with respect totechnology absorption in Form-B pursuant to Companies (Disclosure of Particulars in the report of Directors) Rules, 1988 is not applicable.

EMPLOYEES

Pursuant to the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, including modifications thereof, statement of particulars of employees is annexed as Annexure IV. During the year under review none of the employees are in receipt of remuneration exceeding the limits as prescribed under The Companies (Appointment and Remuneration) Rules, 2014.

FOREIGN EXCHANGE EARNINGS AND OUTGO

Total Foreign Exchange earned and used during the year is as under:

Particulars	31.03.2020	31.03.2019
Foreign Exchange earned	0	0
Foreign Exchange used	0	0

DIRETORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 134 (3) of the Companies Act, 2013 with respect to Directors Responsibilities Statement, it is hereby confirmed:

i. That in the preparation of the Annual Accounts for the year ended 31.03.2020, the applicable accounting standards had been followed along with proper explanation relating to material departures.

ii. That the Directors had 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 states 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.

iii. That the Directors had 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.

iv. That the Directors had prepared the accounts for the year ended 31.03.2020 on a going concern basis.

v. 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.

vi. 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.

ACKNOWLEDGEMENT

Your Directors place on record their appreciation for the continued support received from DGCA, Airport Authority, Other Govt. Departments, Bankers and Agents and Customers. Your Directors also like to express their appreciation for the contribution made by the employees during the year.

For & on behalf of the Board of Directors of

Jagson Airlines Limited Sd/-

Jagdish Pershad Gupta Chairman

Place: New Delhi Date: 4^thDecember, 2020

CORPORATE GOVERNANCE DISCLOSURE

1. COMPANYS PHILOSOPHY ON CORPORATE GOVERNANCE

Corporate Governance is the combination of voluntary practices and compliance with Laws and Regulations leading to effective control and management of the Organization. Good Corporate Governance leads to long-term shareholders value and enhance interest of the stakeholders. It brings into focus the fiduciary and the trusteeship role of the Board to align and direct the actions of the Organization towards creating wealth and shareholders value. At Jagson Airlines Limited, our pursuit towards achieving good governance is an ongoing process, as a conscious and conscientious effort thereby ensuring truth, transparency, accountability and responsibility in all our dealings with our Employees, Stakeholders, Consumers and Community at large. It is an ongoing measure of superior delivery objective of the Company in view to translate opportunities into reality.

The Board of Directors of Jagson Airlines Limited is committed to business integrity, high ethical values and professionalism across all its activities. As an essential part of this commitment the Board supports the highest standards of Corporate Governance as it must balance individual interest with corporate goals and operate within accepted norms of propriety, equity, fair play and sense of justice and this balance depends on accountability and transparency which builds stake holders confidence.

2. BOARD OF DIRECTORS

The Board of Directors of the Company consists of one executive(Promoter) Chairman-cum-Managing Director, one executive Promoter Director and two non-executive IndependentDirectors. However two non-executive IndependentDirectors joined in the Board dated on 01-092020.

During the year 2019-20 the Board met seven times on the following dates, namely:

29/05/2019, 08/09/2019,14/11/2019,07/12/2019,27/12/2019, 30/12/2019, 31/03/2020 Composition of Board of Directors as on 31^st March 2020 is as follows:

Name	Category	Attendance Particulars		Number of other directorships
		Board Meeting	Last AGM	Other Directorships	Committee Membership	Committee Chairmanships
Mr. JagdishPershad Gupta	CMD	7	Present	1	1	1
Ms. Ravinder Hora	DIR	7	Present	3	5	2
Mr. Sardar Singh Mudgal	DIR	7	Present	3	3	-

CMD: Chairman - cum - Managing Director, DIR- Directors retiring by rotation and who are not whole - Time Directors of the Company. Mr.Sardar Singh Mudgal has been resigned dated on 18.10.2020.

None of the Directors is a member of more than ten Committees and acts as a Chairman in more than Five Committees across all Companies in which he/she is a Director.

Ms. Ravinder Kaur Hora, Directors are retiring by rotation and being eligible offers herself for reappointment.

The brief profile of the Directors to be re-appointed is as under:

S. No. Name	Date of Birth	Nationality	Qualification & Experience
1 Ms. Ravinder Kaur Hora	07.05.1953	Indian	Ms. Horahas more than 33 years of experience in Oil and Exploration Sector, Business of Petroleum Products, Aviation etc.

2.1 Terms and conditions of appointment of Independent Directors

The terms and conditions of appointment of Independent Directors were set out in the appointment letter issued to the Director at the time of his/her appointment/re-appointment as Independent Non-Executive Director of the Company.

2.2 Meetings of Independent Directors

The Independent Directors of the Company meet as and when required before the Board Meeting without the presence of Executive Directors or Management personnel. These meetings are conducted in an informal and flexible manner to enable the independent Directors to discuss matters more effectively.

2.3 Familiarization Program for Independent Directors

The Directors were given presentations on the companys environment, performance and developments on quarterly basis.

3. AUDIT COMMITTEE

The Company continued to derive immense benefit from the deliberations of the Audit Committee comprising Independent non-Executive Directors namely Mr. DilipKumar Choudhary and Ms.Chanchal Yadav Ms. RavinderKaur Hora (Executive and Promoter Director). The constitution of Audit Committee also meets with the requirements of Section 177 of the Companies Act; 2013.Mr. DilipKumar Choudhary is the Chairman of the Committee.

Audit Committee had met five times during the year 2019-20, namely;

08/05/2019, 29/05/2019,27/09/2019, 30/11//2019,31.03.2020

The terms of reference specified by the Board to the Audit committee as contained under Clause - 49 of the Listing Agreement and Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are as follows:-

a. Oversight of the companys financial reporting process and the disclosure of its financial information.

b. Recommending the appointment and removal of external auditors, fixation of audit fee and also approval for payment for any other services.

c. Reviewing with management the annual financial statements before submission to the board, focusing primarily on :

(ii) Any changes in accounting policies and practices;

(iii) Major accounting entries based on exercise of judgment by management;

(iv) Qualifications in draft audit report;

(v) Significant adjustments arising out of Audit;

(vi) The going concern assumption;

(vii) Compliance with accounting standards;

(viii) Compliance with stock exchange and legal requirements concerning financial statements and

(ix) Any related party transactions i.e. transactions of the company of material nature, with promoters or the management, their subsidiaries or relatives etc. that may have potential conflict with the interest of company at large.

d. Reviewing with the management, external and internal auditors, and the adequacy of Internal Control Systems.

e. Reviewing the adequacy of internal audit functions.

f. Discussion with internal auditors any significant findings and follow up thereon.

g. 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.

h. Discussion with External Auditors before the Audit commences the nature and scope of audit as well as has post-audit discussion to ascertain any area of concern.

i. Reviewing the Companys various financial and risk management policies.

j. To look into the reasons for substantial defaults in the payment to the depositors and shareholders (in case of non-payment of declared dividends) and creditors.

4. NOMINATION AND REMUNERATION COMMITTEE

As per regulation 19 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Remuneration Committee consists of Mr. DilipKumar Choudhary and Ms.Chanchal Yadav and MrJagdishPershad Gupta, Directors of the company. Mr. Dilip Kumar Choudhar is the Chairman of the remuneration committee.

As per terms of appointment no remuneration is payable to Shri JagdishPershad Gupta, Chairman cum Managing Director and other Directors are Independent Directors and do not draw any remuneration from the Company except sitting fees for attending the meetings of the Board thereof.

The company pays sitting fees to all Directors including Chairman cum Managing Director.

5. STAKEHOLDERS RELATIONSHIP COMMITTEE

Stakeholders Relationship Committee meets at the regular Interval. The Committee approves Transfer of Shares etc. All valid requests for transfers of Shares, Issue of Duplicate Shares Certificates etc. in physical form are processed in time. The Committee avoids the pendency in the functioning of the Share Department. Companys Shares are compulsorily required to be traded in dematerialization form.

The Stakeholders Relationship Committee specifically looks into redressing of Shareholders/lnvestors Complaints such as Transfer, Change of Address etc. The Committee consists of three Directors, namely, Ms. RavinderKaur Hora (Chairman of the Committee) ,Mr. DilipKumar Choudhary and Ms.Chanchal Yadav. MrKhanishJuneja, Company Secretary is the Compliance Officer who oversees the Investor Grievances such as non-receipt annual report, delays in transfer/transmission of Shares/Debentures etc. The Committee also reviews Investors Grievances.

During the year under review, various letters/enquiries were received from Investors which were replied / resolved to the satisfaction of the Investors.

6. General Body Meetings

The General Meetings of the Company held during previous financial years are as under:

Year	Location	Date	Time	Type	No. of Special Resolution
2014-15	Same as above	28.10.2015	10.00 A.M.	A.G.M	Nil
2015-16	Same as above	24.09.2016	10.00 A.M.	A.G.M	One
2016-17	Same as above	23.09.2017	10.00 A.M.	A.G.M	Nil
2017-18	Same as above	19.09.2018	10.00 A.M.	A.G.M	Nil
2018-19	Same as above	27.12.2019	10.00 A.M.	A.G.M	Nil

7. Disclosures

a) Disclosures on materially significant related party transactions i.e. transactions of the Company of material nature, with its Promoters, the Directors or the Management, their Subsidiaries or Relatives etc. that may have potential conflict with the interests of the company at large

None of the transactions with any of the related parties were in conflict with the interests of the Company.

b) Details of non-compliance by the Company, Penalties, and strictures imposed on the Company by Stock Exchange or SEBI or any Statutory Authority on any matter related to capital markets during the last three years :

There were no instances of non-compliance of any matter related to the capital markets during the last three years.

8. Means of Communication

The Company had published its quarterly results in English - Financial Express & in Hindi - Himachal Times - Shimla edition and promptly furnished to the Stock Exchanges for display on their respective websites., As per the listing agreement the Company also posted the Financial results, Shareholding Pattern, Quarterly Governance Report etc through Corporate Filing and Dissemination System (CFDS),

Corporate Governance Disclosures forms part of the Directors Report which is posted to the Members of the Company.

9. General Shareholder Information

9.1 Annual General Meeting

Date and Time ; 24thDecember, 2020 at 09.30 A.M.

Venue : The Golf Glade, P 0 Durgapur, Distt. Shimla, Himachal Pradesh-171001

9.2 Financial Calendar 2020-21: Annual General Meeting (Next year) in the month of (Tentative) December, 2021. Quarterly Results

Results for the quarter ending 30^th June 2019 - 27^hDecember, 2019

Results for the quarter ending 30^,hDecember 2019- Results for the quarter ending 31^st December 2019 - 8^th May 2020 Results for the year ending 31^st March 2020 - 18/08/2020

9.3 Book Closure date : 21^st December, 2020 to 24^th December, 2020 (both days inclusive)

9.4 Dividend : No dividend has been declared for the Financial Year 2019-20

9.5 (a) Listing on Stock Exchanges & Stock Code

Stock Exchange	Code
Bombay Stock Exchange Limited, P J Towers, Dalai Street, Fort, Mumbai-400 001	520139

(b) Demat ISIN Number INE685B01018 in NSDL & CDSL

Note: Annual Listing fees for the year 2019-20 have been duly paid to the above Stock Exchanges.

9.6 (i) Distribution of shareholding as on 31^st March, 2020

Shareholding of Value of Rs.	Shareholders		Shareholdings
	No.	% to Total	Shares	Amount	% to Total
5,000	7659	90.30	2316560	23165600	11.49
5,001 To 10,000	768	5.50	633157	6331570	3.14
10001 To 20000	307	2.21	470279	4702790	2.33
20,001 To 30,000	89	0.64	223377	2233770	1.13
30,001 To 40,000	33	0.24	119015	1190150	0.59
40,001 To 50,000	50	0.36	238340	2383400	1.18
50,001 To 1,00,000	58	0.42	434596	4345960	2.15
Above 1,00,001	48	0.33	15729656	157296560	77.99
Total	13918	100.00	20168980	201689800	100.00

(ii) Shareholding Pattern as on 31 March 2020

Category	%age
(A) Promoters Category:
1. Individual/ HUF	02.18%
2. Body Corporate	69.35 %
(B) Non-Promoters Category:
Institutions	Nil
Non Institution:
1. Indian Public	25.70%
2. International Investors	01.85%
3. Bodies Corporate	0.92%
4. Other	0.00 %

9.7 Liquidity

Companys Shares are traded on Delhi/Mumbai Stock Exchanges. Relevant data for the monthly High & Low price on the Bombay Stock Exchange during the financial year 2017-18 is given below:

Month	High (Rs.)	Low (Rs.)
April 2019	0.78	0.67
May 2019	0.67	0.93
June 2019	0.90	0.97
July 2019	0.77	0.85
August 2019	0.70	0.70
December 2019	0.70	0.70
October 2019	0.60	0.94
November 2019	0.67	0.95
December 2019	0.78	0.85
January 2020
February 2020	0.74	0.74
March 2020	0.77	0.77

9.8 Share Transfer System

As all listed companies should have a Common Agency for both physical and electronic share transfer work. The Companys Registrar cum Transfer Agent for Physical as well as Electronic Share Transfer work is M/s RCMC Share Registry Private Ltd.

After appointment of M/s RCMC Share Registry Private Ltd. as RTA for both Physical and Electronic Share transfer work, all the shares which comes for transfer, demat, remat etc. with the Company are sent to M/s RCMC Share Registry Private Ltd. on daily basis to avoid any delay in transfer.

9.9 Dematerialisation of shares: 91.89 % of the Shares issued by the Company have been dematerialized up to 31^st March 2020.

9.10 Address for Investor Correspondence:

For transfer/dematerialisation of Shares:	RCMC Share Registry P. Ltd. B-25/1, Okhla Industrial Area, Phase-2, Near Rana Motors, Delhi - 110020
Any otherquery:	Jagson Airlines Ltd 3rd Floor, Vandana Building,
	11 Tolstoy, Marg, New Delhi -110 001

Note: Shareholders holding shares in electronic mode should address all correspondence to their respective Depository Participants.