JSW Holdings Ltd Directors Report.

Dear Shareholders,

The Board of Directors of your Company take pleasure in presenting the Twentieth Board Report on the business and operations of your Company, together with Standalone and Consolidated Financial Statements for the year ended March 31, 2021. A brief summary of the Companys performance is given below:

1. Financial Results

(Rs.in Lakhs)

Standalone Consolidated
Particulars F.Y. 2020-21 F.Y. 2019-20 F.Y. 2020-21 F.Y. 2019-20
Total Revenue 9,281.19 12,101.45 9,281.19 12,101.45
Profit before Interest, Depreciation & Tax 8,779.86 11,548.12 8,779.86 11,548.12
Less: Interest 6.76 - 6.76 -
Less: Depreciation 2.59 2.53 2.59 2.53
Profit before Tax 8,770.51 11,545.59 8,770.51 11,545.59
Less: Tax expense 2,199.99 1,139.10 2,199.99 1,139.10
Profit after Tax but before share of profit from Associates 6,570.52 10,406.49 6,570.52 10,406.49
Add: Share of profit from Associates (net) - - 950.98 237.33
Profit after Tax 6,570.52 10,406.49 7,521.50 10,643.82
Other Comprehensive Income 5,37,736.25 (1,22,075.87) 5,41,438.91 (1,23,590.96)
Total Comprehensive Income 5,44,306.77 (1,11,669.38) 5,48,960.41 (1,12,947.14)

2. Review of Operations

(A) Standalone Results:

In spite of disruption and slowdown of economic activity on account of COVID-19 outbreak, your Company has achieved a reasonably good performance during the year as compared to previous year. During the year, the Company earned Total Revenue aggregating to Rs.9,281.19 Lakhs as compared to Rs.12,101.45 Lakhs in the previous year. Total Revenue includes Dividend Income of Rs.3,628.05 Lakhs, Interest Income of Rs.4,893.92 Lakhs and Pledge Fees of Rs.759.22 Lakhs. The Profit before interest, depreciation and tax is Rs.8,779.86 Lakhs and after providing for interest of Rs.6.76 lakhs, depreciation of Rs.2.59 Lakhs and tax of Rs.2,199.99 Lakhs, the Net Profit is Rs.6,570.52 Lakhs as compared to Rs.10,406.49 Lakhs in the previous year, a decrease of 36.86% which is mainly on account of lower dividend income of Rs.3,628.05 Lakhs as compared to Rs.7,332.33 Lakhs received in the previous year and is partially offset by increase in other incomes.

(B) Consolidated Results:

During the year, the Company earned Total Consolidated Revenue aggregating to Rs.9,281.19 Lakhs as compared to Rs.12,101.45 Lakhs in the previous year. Your Company does not have any subsidiary company. After considering the Share in Profit of Associates of Rs.950.98 Lakhs, the Consolidated Profit after tax for the year is Rs.7,521.50 Lakhs as compared to Rs.10,643.82 Lakhs in the previous year.

3. Dividend

In accordance with the provision of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ["SEBI (LODR) Regulations, 2015"] and any amendments thereto, your Company has formulated a Dividend Distribution Policy, which sets out the parameters and circumstances that will be taken into account by the Board in determining the distribution of dividend to its shareholders.

As a green initiative, the Policy is available on the Companys website and can be accessed at https:// www.jsw.in. A copy of the policy will be made available to any shareholder on request, by email.

As per the Policy, after considering various external factors in correlation to impact of COVID-19 pandemic as well as various internal factors, your Directors have deemed it prudent not to recommend any dividend on equity shares for the year ended March 31, 2021 in order to conserve the resources for the future years.

4. Future Prospects

Your Company holds significant investments in Equity Shares of JSW Steel Limited besides certain other investments in other JSW Group of Companies, therefore the business prospects of the Company largely depends on the business prospects of JSW Steel Limited and the steel industry.

The Indian steel industry accounts for about 2% to the countrys GDP with an output multiplier of 1.4x and an employment multiplier of 6.8x. Being a core sector, it also tracks the overall economic growth and derives its demand from other sectors like automobiles, consumer durables and infrastructure.

Steel demand remained subdued in FY 2020, largely due to lower consumption from construction, auto, infrastructure, real estate and manufacturing industries. Further, the slowdown in the governments infrastructure investments and credit tightness, due to COVID-19 containment measures, impacted its demand and consequently weighed on pricing. However, the steel industry has seen major investment in the recent years.

FY 2021 also witnessed the successful auction of 20 iron ore blocks in India, with combined reserves of 583.1 MnT.Further, the Odisha government also auctioned 22 iron ore merchant mines of which, 19 were auctioned at a premium of 91-154%. India is looking to modernize, expand and accommodate the aspirations of a growing population through urbanization and industrialization. Thus, steel consumption growth is expected to rise on account of government expenditure on infrastructure and manufacturing in the long run.

The infrastructure industry accounts for 9% of total steel consumption in India and is expected to increase to 11% in 2025-26. The Dedicated Rail Freight Corridor (DRFC) network expansion will also enhance the demand for steel. The Oil and Gas sector is one of the largest end users of steel and with the expansion of city gas distribution network, the demand for steel will also increase.

With the Aatmanirbhar Bharat Abhiyan,the Government has urged all the stakeholders in the steel industry to come together and utilize only domestically produced steel. Additionally, the global tendering of government purchases up to Rs.2 billion were waived off, hence widening the protection shield for MSMEs from the competition. The Ministry of Steel is facilitating setting up of an industry driven Steel Research and Technology Mission of India (SRTMI) in association with the public and private sector steel companies to spearhead research and development activities in the iron and steel industry at an initial corpus of US$ 30 million. The Ministry of Steel has suggested three models for states to implement setting up a greenfield unit for steel with a capacity of over 4 MnT. The greenfield investments will enable the Ministry of Steel to achieve its 160 MnT domestic steel consumption target by 2024-25.

The Steel Scrap Recycling Policy aims to minimize imports, preserve resources and save energy and is compliant with Rs.6R principles of Reduce, Reuse, Recycle, Recover, Redesign and Remanufacture. Further, National Mineral Development Corporation (NMDC) is expected to invest US$1 billion on infrastructure in next three years to boost iron production.

All these above factors, point towards a high growth potential for Indian steel demand within India and a bright prospect for Indian Steel Manufacturers. As a result of which, the Company is looking forward for a sustainable growth in its investee Companies in the coming years which would enhance the shareholders value, which in consequence expected to enhance its entrenched value for the benefit of the shareholders at large.

5. Holding, Subsidiary & Associate Company

Your Company has neither any holding company nor a subsidiary company. The following are the Associate Companies as on March 31, 2021:

i. Sun Investments Private Limited

Sun Investments Private Limited (SIPL) is a NonBanking Financial Company registered with the Reserve Bank of India. SIPL was formed with the main object of investing and financing. The net worth of SIPL as on 31.03.2021 is Rs.40,636.91 lakhs.

ii. Jindal Coated Steel Private Limited

Jindal Coated Steel Private Limited (JCSPL) was formed with the main object of trading and manufacturing various types of steel and allied products. The net worth of JCSPL as on 31.03.2021 is Rs.3,236.12 lakhs.

As per the provisions of Section 129(3) of the Companies Act, 2013, a statement containing salient features of the financial statements of the Companys associate companies in Form AOC-1 is attached to the financial statements of the Company.

6. Fixed Deposits

Your Company has neither accepted nor renewed any deposits within the meaning of Section 73(1) of the Companies Act, 2013, and the rules made thereunder.

7. Annual Return

In accordance with the provisions of Section 92(3) of the Act, Annual Return of the Company is hosted on website of the Company at https://www.jsw.in .

8. Number of meetings of the Board

The Board meets to discuss and decide on Company / business policy and strategy apart from other board businesses. A tentative date of the Board and Committee Meetings is circulated to the Directors in advance to facilitate them to plan their schedule and to ensure meaningful participation in the meetings. For any special and urgent business needs, the Boards approval is taken by passing resolutions through circulation, as permitted by law, which are recorded in the subsequent Board meeting. Usually the meetings of the Board/ Committees are held in Mumbai.

During the year under review, the Board met five times on 27.05.2020, 26.06.2020, 07.08.2020, 31.10.2020 and 11.02.2021.

The maximum interval between two meetings did not exceed 120 days as prescribed under Companies Act, 2013 and Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ["SEBI (LODR) Regulations, 2015"] and Secretarial Standard SS-1.

9. Directors Responsibility Statement

Pursuant to the requirements under Section 134(5) of the Companies Act, 2013, your Directors hereby state and confirm that:

a. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures;

b. they have selected such accounting policies and applied them consistently and made judgements and estimates that are 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 on March 31, 2021, and of the profit of the Company for that period;

c. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. they have prepared the annual accounts on a going concern basis;

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

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

10. Declaration of Independence

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under the Companies Act, 2013 and Regulation 16 of the SEBI (LODR) Regulations, 2015. The following are the Non-Executive Independent Directors of the Company as on March 31, 2021:

(a) . Mr. Atul Desai

(b) . Mr. Imtiaz Qureshi

(c) . Mrs. Sutapa Banerjee

Mr. N. K. Jain, Director, who satisfies the criteria of Independence has been appointed as Indepenent Director on the Board with effect from June 1, 2021.

11. Companys policy on Directors, KMP & other employees appointment and remuneration

The Company has formulated, amongst other, the Policies on the Directors, KMP & other employees appointment including criteria for determining qualifications, positive attributes, independence of a Director and other matters as provided under subsection (3) of Section 178. The salient features of the Remuneration Policy forms part of Corporate Governance Report and detailed policy has also been published on the website www.jsw.in/investors/investor- relations-jsw-holdings for investors information.

12. Auditors

a. Statutory Auditors:

At the Companys 16th Annual General Meeting (AGM) held on July 1, 2017, M/s. HPVS & Associates, Chartered Accountants (Firm Registration No. 137533W), Mumbai, were appointed as the Companys Statutory Auditors from the conclusion of the 16th AGM till the conclusion of the 21st AGM, subject to ratification by the members of the Company at every AGM. However, the Ministry of Corporate Affairs vide its notification S.O. 1833(E) dated 7th May, 2018 notified the amendment in section 139 of the Companies Act, 2013, pursuant to which the appointment of Statutory Auditors is not required to be ratified by the members every year during the tenure of Statutory Auditors once approved by the members in their Annual General Meeting. The Statutory Auditors have confirmed that they satisfy the independence criteria as required under the Act.

b. Secretarial Auditor:

Pursuant to the provisions of Section 204 of the Companies Act, 2013, and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. Sunil Agarwal & Co, Practicing Company Secretaries, to undertake the Secretarial Audit of the Company for the financial year 202021. The Report of the Secretarial Audit Report in Form No. MR- 3 is appended as Annexure A.

c. Comments on Auditors Report

There are no qualifications, reservations or adverse remarks or disclaimers made by M/s. HPVS & Associates, Chartered Accountants, Statutory Auditors, in their Audit Report and by M/s. Sunil Agarwal & Co, Practicing Company Secretaries, in their Secretarial Audit Report.

During the year under review, the Statutory Auditors nor the Secretarial Auditor report any incident of fraud to the Audit Committee of the Company.

13. Particulars of loans or guarantees given, securities provided or investments made under Section 186 of the Companies Act, 2013

i). Loans given:

(Rs.in Lakhs)

Name of the Company Amount at the beginning of the year Transaction during the year (Net) Balance at the end of the year
JSW Investments Pvt. Ltd. 4,432.50 - 4,432.50
JSW Techno Projects Management Ltd. 17,500.00 - 17,500.00
Realcom Reality Pvt. Ltd. 11,999.50 - 11,999.50
Reynold Traders Pvt. Ltd. 2,478.00 731.00 3,209.00
Everbest Consultancy Services Pvt. Ltd. 4,925.00 6,475.00 11,400.00

ii). Details for securities provided:

(Rs.in Lakhs)

Name of the Company Purpose for giving security Market Value of shares pledged as on March 31, 2021
JSW Projects Ltd. (Project) 2,00,00,000 equity shares of JSW Steel Limited held by the Company are pledged in favour of Lender for financial assistance given to Project 93,690.00
JSW Infrastructure Ltd. (Infra) 1,29,57,000 equity shares of JSW Steel Limited held by the Company are pledged in favour of Lender for financial assistance given to Infra 60,697.07
Jindal Stainless Ltd. (Stainless) 4,60,720 equity shares of Jindal Stainless Limited held by the Company are pledged in favour of Lender for financial assistance given to Stainless 311.45

iii). Investments:

Refer Note 8 of the Standalone Financial Statements.

14. Particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013

All transactions entered with Related Parties for the year under review were on arms length basis and in the ordinary course of business and that the provisions of Section 188 of the Companies Act, 2013 and the rules made there under were not attracted. Thus, disclosure in Form AOC-2 in terms of Section 134 of the Act is not required.

During the year, pursuant to section 177 of the Act and Regulation 23 of SEBI (LODR) Regulations, 2015, all Related Party Transactions were placed before the Audit Committee for its approval. Pursuant to Schedule V Part A there were no transactions of the Company with any person or entity belonging to the promoter/promoter group which hold(s) 10% or more shareholding in the Company.

15. Material changes and commitments affecting the financial position of the Company

There have been no material changes and commitments 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 the report.

16. Particulars regarding Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

As your Company is not engaged in any manufacturing activity, particulars under Section 134(3)(m) of the Companies Act, 2013, regarding conservation of energy, technology absorption are not applicable.

There were no foreign exchange transactions during the year.

17. Risk Management Policy

Given the uncertain and volatile business environment, continuous changes in technology, geo-politics, financial markets, regulations, etc. which affect its value chain to build a sustainable business discipline that supports the achievement of an organizations objectives by addressing the full spectrum of its risks and managing the combined impact of those risks, your Company has adopted a robust Risk Management Policy, to identify, assess, monitor and mitigate such risks. The objective of the Policy is to develop a risk intelligent culture which drives informed decision making and builds resilience to adverse developments while ensuring that opportunities are exploited to create value for all stakeholders. The Company has a Risk Management Committee in accordance with the requirements of SEBI (LODR) Regulations, 2015 to, inter alia, monitor the risks and their mitigating actions. The Board of Directors of the Company also reviews the Risk Assessment and Mitigation Report annually.

All risks including investments are reviewed in the meetings of the Board of Directors. Risks related to internal controls, compliances & systems are reviewed in detail by the Audit Committee.

Details in respect of adequacy of internal financial controls with reference to the Financial Statements are given in the Managements Discussion and Analysis, which forms part of this Report.

18. Corporate Social Responsibility

The Company believes in inclusive growth to facilitate creation of a value based and empowered society through continuous and purposeful engagement with society around. JSW Foundation administers the planning and implementation of all our CSR interventions. All the CSR initiatives are approved by the CSR Committee in line with the CSR Policy and the same is reviewed periodically. The CSR Policy formulated is uploaded on the website of the Company at https://www.jsw.in .

Following are the Companys initiatives proposed to be undertaken as per Schedule VII of the Companies Act, 2013:

i) . Improving living conditions (eradication of hunger, poverty, malnutrition etc.) - Providing medical aid to cancer patients, cataract patients and to children below 10 years old.

ii) Promoting social development (education, skill development, livelihood enhancements etc.) - Providing educational support to economically weak children.

The details about the initiatives taken by the Company on Corporate Social Responsibility during the year under review to be provided as per the "annexure attached to the Companies (Corporate Social Responsibility Policy) Rules, 2014" have been appended as Annexure B to this Report.

19. Formal Annual Evaluation

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17 and Part D of Schedule II read with SEBI Guidance Note dated January 5, 2017, the Board has carried out the annual performance evaluation of its own performance, Committees of the Board, Individual Directors including Chairperson, Independent Directors and Non-Executive Directors. A structured questionnaire was prepared after taking into consideration inputs received from the Directors inter-alia covering various aspects such as competency of Directors, experience of Directors, mix of qualifications, diversity in Board, frequency of meeting, execution and performance of specific duties, obligations and governance. A separate exercise was carried out to evaluate the performance of individual Directors / Members, who were evaluated on parameters such as level of engagement and contribution, independence of judgement, safeguarding the interest of the Company and its minority shareholders etc. The performance of the Board Chairperson was evaluated after seeking the inputs from all the Directors other than the Board Chairperson, on the basis of the criteria such as Chairpersons role, accountability and responsibilities, promotion of effective relationship and open communication, positive and appropriate working relationship with CEO, commitment, etc. The performance evaluation of the Independent Directors was carried out by the entire Board. The Directors expressed their satisfaction with the evaluation process. The report of the Board evaluation was adopted at the NRC and the Board Meeting.

20. Significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and Companys operations in future

There are no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status and the Companys future operations.

21. Adequacy of Internal Financial Controls

The Board of Directors in consultation with Internal Auditors have laid down the Internal Financial Controls Framework, commensurate with the size, scale and complexity of its operations. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee quarterly. The Internal Audit Department quarterly monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies. Based on the report of internal audit function, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Audit observations and corrective actions thereon are presented to the Audit Committee of the Board.

22. Digital Platform for Tracking Insider Trading

The Securities Exchange Board of India ("SEBI") has through amendment of SEBI (Prohibition of Insider Trading) Regulations, 2015 has directed the Companies to identify designated persons and maintain a structured digital database of all such designated persons for prevention of insider trading. Accordingly, the Company through Kfin Technologies Private Limited has established an Insider Trading Tracking Platform by the name FINTRAKS. The Company has also formed a committee viz. JSWHL Code of Conduct Implementation Committee under the Chairmanship of Mr. I. Qureshi, Independent Director, to ensure proper compliance, monitoring and regulate trading by Insiders and process of sharing UPSI.

23. Directors and Key Managerial Personnel

Appointment/Re-appointment

i). Mr. Sajjan Jindal

In accordance with the provisions of the Companies Act, 2013, the Articles of Association of the Company and on the recommendation of the Nomination a Remuneration Committee, the Board, at its meeting held on May 24, 2021 subject to the approval of the Members, approved the reappointment of Mr. Sajjan Jindal (DIN: 00017762) who retires by rotation at the forthcoming 20th Annual General Meeting and being eligible, offers himself for re- appointment.

ii) . Mr. N. K. Jain

On the recommendation of the Nomination a Remuneration Committee, the Board, at its meeting held on May 24, 2021, subject to the approval of the Members, approved the appointment of Mr. N. K. Jain (DIN: 00019442) as Non-Executive Independent Director of the Company for a period of 3 years with effect from June 1, 2021 to May 31, 2024.

iii) . Mr. K. N. Patel

Mr. K. N. Patel, Jt. Manging Director, CEO a CFO, retired from his position of Jt. Managing Director, CEO & CFO with effect from May 31, 2021, on account of superannuation. Accordingly, on the recommendation of the Nomination & Remuneration Committee, the Board, at its meeting held on May 24, 2021 subject to the approval of the Members, approved the appointment of Mr. K. N. Patel (DIN: 00019414) as Non-Executive Director of the Company with effect from June 1, 2021, liable to retire by rotation.

iv) . Mr. Manoj Kr. Mohta

Upon retirement of Mr. K. N. Patel, Jt. Managing Director, CEO & CFO, the Board on the recommendation of the Nomination & Remuneration Committee, at its meeting held on May 24, 2021, subject to the approval of the Members, approved the appointment and remuneration of Mr. Manoj Kr. Mohta (DIN: 02339000) as the Whole-time Director, CEO & CFO of the Company for a period of five years with effect from June 1, 2021 to May 31, 2026.

24. Reserve Bank of India Guidelines, 2016

Your Company is a Core Investment Company ("CIC") in terms of the Core Investment Companies (Reserve Bank) Directions, 2016 ("Directions") and the Company continues to carry on the business permitted to CIC in terms of the said Directions.

25. Corporate Governance

Your Company has complied with the requirements of Regulation 17 to 27 of the SEBI (LODR) Regulations, 2015 on Corporate Governance. Pursuant to Schedule V of the SEBI (LODR) Regulations, 2015, Report on Corporate Governance along with the Auditors Certificate on its compliance is annexed separately to this Annual Report.

26. Compliance with Secretarial Standards

During FY 2020-21, the Company has complied with all applicable Secretarial Standards issued by The Institute of Company Secretaries of India and adopted under the Act.

27. Management Discussion and Analysis Report

The Management Discussion and Analysis Report on the operations of the Company for the year under review, as required under Schedule V of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 is provided in a separate section and forms part of this Annual Report.

28. Human Resources

Your Company continues to put due emphasis on appropriate human resource development for its business. The employees of your Company and the Group fully identify with the Companys and Groups vision and business goals.

29. E-Voting Platform

In compliance with provisions of Section 108 of the Companies Act, 2013, read with the Companies (Management and Administration) Rules, 2014 and General Circular Nos.14/2020 dated 8th April, 2020; 17/2020 dated 13th April, 2020; 20/2020 dated 5th May, 2020 and 02/2021 dated 13th January, 2021, respectively, issued by the Ministry of Corporate Affairs ("MCA Circulars") read with Circular No. SEBI/HO/CFD/ CMD1/CIR/P/2020/79 dated 12th May, 2020 and SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated 15th January 2021 issued by the Securities and Exchange Board of India, your Company is registered with Kfin Technologies Private Limited for providing E-Voting services to set up an electronic platform to facilitate shareholders to cast votes through remote e-voting and also through e-voting system at the ensuing Annual General Meeting (scheduled to be held through Video Conferencing/ Other Audio Visual Means) on the business to be transacted at the said AGM. Detailed procedure is provided in the Notice convening the Annual General Meeting sent to the Shareholders.

30. Disclosures as per Regulation 14 of SEBI (Share Based Employee Benefits) Regulations, 2014

The JSWHL Employees Stock Ownership Plan- 2016 approved by the shareholders vide special resolution dated 22.03.2016 is in compliance with the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 ("the SEBI ESOP Regulations").

31. Particulars of Employees and related disclosures

The information required to be disclosed in the Directors Report pursuant to Section 197 of the Companies Act, 2013, read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 have been appended as Annexure C and Annexure D respectively to this Report. The Annual Report including the aforesaid information is being sent electronically to all those members who have registered their email address and is also available on the Companys website at https://www.jsw.in.

32. Business Responsibility Report

Pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Business Responsibility Report (BRR) initiatives taken from an environmental, social and economic perspective, in the prescribed format is available as a separate section of the Annual Report and also hosted on the Companys website https://www:jsw.in

33. Prevention of Sexual Harassment

Your Directors stated that the Company follows an Anti-Sexual Harassment JSW Group Policy in line with the Requirements of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Also an internal complaints committee has been set up at group level to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary and trainees) are covered under this policy. No complaints pertaining to sexual harassment were received during FY 2020-21.

34. Appreciation & Acknowledgements

YourDirectors wish to express theirsincere appreciation for the assistance and co-operation received from Banks, Reserve Bank of India, NSDL, CDSL, Depository Participant (Stock Holding Corporation of India Limited) and other Government Agencies and Shareholders.

Your Directors also wish to place on record their appreciation for the valuable services rendered and the commitment displayed by the employees of the Company and look forward to their continued support in the future as well.

For and on behalf of the Board of Directors
Place : Mumbai Sajjan Jindal
Date : May 24, 2021 Chairman