Max India Ltd Directors Report

Dear Members,

Your directors have the pleasure of presenting the 6^th Annual Report of Max India Limited (the Company) along with the Audited Financial Statements for the financial year ended March 31, 2025.

FINANCIAL PERFORMANCE

The highlights of the Standalone and Consolidated financial performance of the Company for the financial year ended March 31, 2025, is summarized below:

Particulars	Standalone		Consolidated
	FY 2025	FY 2024	FY 2025	FY 2024
Revenue from operations	19.13	31.2	145.49	175.6
Other income	1.66	1.0	18.68	19.1
Total income	20.79	32.2	164.17	194.7
Expenses
Employee benefits expense	12.23	12.6	96.57	78.2
Cost of raw material and components consumed	-	-	43.28	13.2
(Increase)/decrease in inventories of finished goods and work in progress	-	-	(10.56)	45.0
Other expenses	9.49	14.6	134.73	93.6
Total expenses	21.72	27.2	264.02	230.0
EBITDA	(0.93)	5.0	(99.85)	(35.3)
Depreciation and amortisation expense	2.78	2.7	18.82	10.2
Finance costs	0.80	0.6	8.06	4.6
Profit/(Loss) before exceptional item, the share of loss in joint ventures, and tax	(4.51)	1.7	(126.73)	(50.1)
Share of profit/(loss) of joint ventures	-	-	0.75	1.1
Exceptional income/expense	0.05	(0.1)	(12.60)	0.0
Profit/(Loss) before tax	(4.46)	1.6	(138.58)	(49.0)
Tax expense/(credit)	(0.31)	0.4	1.81	7.4
Profit/(Loss) after tax	(4.15)	1.2	(140.39)	(56.4)
Other comprehensive income	0.12	(0.1)	1.21	(0.2)
Total comprehensive income/(Loss)	(4.03)	1.1	(139.18)	(56.6)

In accordance with the Companies Act, 2013 ("Act") and Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 ("SEBI Listing Regulations"), the audited consolidated financial statements are provided as part of this Annual Report and shall also be laid before the shareholders at ensuing Annual General Meeting of the Company. Both standalone and consolidated financial statements have been prepared in accordance with the Indian Accounting Standards (IND AS) notified under the Companies (Indian Accounting Standards), Rules, 2015.

TRANSFER TO GENERAL RESERVES

The Company has not transferred any amount to general reserves for the financial year ended March 31, 2025.

DIVIDEND

Considering the losses and business plans of the Company, the Board of Directors did not recommend any dividend for FY 2024-25, on the Equity Share Capital of the Company.

The Company had voluntarily adopted the Dividend Distribution Policy, in terms of regulation 43A of the SEBI Listing Regulations and the same can be accessed at

OPERATIONS AND BUSINESS PERFORMANCE

Kindly refer to the Management Discussion & Analysis which forms part of this report.

BUSINESS OPERATIONS

Your Company is primarily engaged in the business of making and holding investments in various subsidiaries and Joint Venture Companies and growing and nurturing these business investments and providing shared services to various group Companies. There has been no change in the nature of business of the Company during the year under review.

The substantial source of income of the Company for the financial year ended March 31, 2025 inter-alia comprised of Treasury Income, Income from shared services, and Rental income from leasing out of space owned by the Company.

SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

As on March 31, 2025, your Company has six Subsidiary Companies and one Joint Venture Company as detailed below:

SUBSIDIARIES

a) Antara Senior Living Limited ("ASLL"), a wholly owned subsidiary company, is inter-alia engaged in the business of developing vibrant residential communities for seniors that offer "Lifestyle with Lifecare".

b) Antara Purukul Senior Living Limited ("APSLL"), a wholly owned subsidiary of ASLL, is inter-alia engaged in the business of owning, developing, operating and establishing vibrant residential senior living communities that offer "Lifestyle with Lifecare".

c) Antara Assisted Care Services Limited ("AACSL"), a wholly owned subsidiary company, is inter-alia engaged in the business of creating care homes and memory care homes to address the need for assistance for daily living/ specialized care/memory care in seniors and also to provide same care services at home based on customer needs and preferences. AACSL also provides MedCare and Antara AGEasy Products.

d) Max Skill First Limited ("Max Skill"), a wholly owned subsidiary company, has not been engaged in any business activity.

e) Antara Bangalore Senior Living Limited (formerly known as Max Ateev Limited ("ABSLL")), a wholly owned subsidiary ASLL, has not been engaged in any business activity.

f) Max UK Limited, a wholly owned subsidiary company is engaged in the business of providing business and administrative support services to various group companies of the Company, being the parent company, at United Kingdom.

JOINT VENTURES

Contend Builders Private Limited (held through ASLL) is primarily engaged in the development of Senior Living community in Noida.

The performance and financial position of Subsidiaries and Joint Ventures and the contribution made by these entities, included in the consolidated financial statements, and also presented in Form AOC-1 is attached to this report as Annexure-1.

Further, a detailed update on the business operations of the Companys key operating subsidiaries is furnished as part of the Management Discussion & Analysis section which forms part of this Report.

As provided in Section 136 of the Act, the financial statements and other documents of the subsidiary companies are not attached with the financial statements of the Company. The complete set of financial statements including financial statements of the subsidiary companies is available on our

MATERIAL UNLISTED SUBSIDIARY

In terms of the provisions of SEBI Listing Regulations, your Company has a policy for determining Material Subsidiary and the said policy is available on the Companys website at

During the FY 2024-25, your Company had three material subsidiaries, viz., Antara Senior Living Limited, Antara Purukul Senior Living Limited and Antara Assisted Care Services Limited.

SHARE CAPITAL AUTHORISED SHARE CAPITAL

During FY 2024-25, there was no change in the Authorised Share Capital of the Company. Authorized Share Capital of the Company as on March 31, 2025, was Rs. 60,05,00,000 comprising of 6,00,50,000 equity shares of Rs. 10/- each.

Post closure of the financial year the Board of Directors of the company approved the allotment of 82,81,973 equity share of face values of Rs. 10/- each on Rights basis to be eligible shareholders at an issue price of Rs. 150/- per Equity Share (including a premium of Rs. 140/- per Equity Share), May 23, 2025. The post issue paid up share capital of the Company stood at 51,87,13,060 consisting of 5,18,71,306 equity shares as on date of this Annual Report.

ISSUED, SUBSCRIBED AND PAID-UP SHARE CAPITAL

During FY 2024-25, the Company has alloted 4,18,565 equity shares to eligible option holders upon exercise of options granted to them under Max India Limited - Employee Stock Option Plan 2020. Consequent to the aforesaid allotment, the

issued, subscribed and paid up capital as on March 31, 2025, stood at Rs. 43,58,93,330 comprising of 4,35,89,333 equity shares of Rs. 10 each.

resolutions passed by the Shareholders of the Company. The said certificate will be made available for inspection during the AGM to any person having right to attend the meeting.

EMPLOYEE STOCK OPTION PLAN

Your Company grants share based benefits to eligible employees with a view to attract and retain talent, align individual performance with the Company objectives and promote increased participation by them in the growth of the Company.

Your Company has an employee stock option plan viz. Max India Limited - Employee Stock Option Plan 2020 (the ESOP Plan) which was approved by shareholders of the Company on December 28, 2020.

The total number of stock options that can be granted pursuant to the ESOP Plan are 26,89,313 stock options to or for the benefit of such person(s) who are the employees of the Company / Subsidiary Companies. The ESOP Plan is administered by the Nomination and Remuneration Committee constituted by the Board of Directors of the Company.

There is no change in the ESOP plan during the FY 2024-25. The ESOP plan is in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

During FY 2024-25, the Company has granted 59,228 stock options to the eligible employees of the Company and its subsidiary companies. Eight option holders exercised their options during the year under review and were allotted 4,18,565 at exercise prices of as tabled below.

Sr. No. No of Shares	Share Price
1 2,73,856	65.23
2 99,330	64.43
3 41,000	76.60
4 4,379	103.65
Total 4,18,565

Further, the Company has cancelled and forfeited the 83,034 stock options issued to the employees of the Company/ subsidiary of the Company due to the cessation of employment. Such cancelled options were made available for future grants under the ESOP plan of the Company. The applicable disclosures as stipulated under SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 with regard to ESOP Plan of the Company are available at the website of the Company at

The Company has obtained a certificate from the Secretarial Auditors of the Company confirming that the ESOP Plan has been implemented in accordance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 and

DIRECTORS & KEY MANAGERIAL PERSONNEL(S)

As of the date of this report, the Board of Directors of the Company comprises of Nine Board members including One Executive Director and Eight Non-Executive Directors out of which Five are Independent. Mr. Analjit Singh, Chairman of the Company is a Non-Executive and Non-Independent Promoter Director.

During the FY 2024-25, Mr. Pradeep Pant and Ms. Sharmila Tagore, Independent Directors of the Company were re-appointed as Independent Directors for the second term effective from June 1, 2025.

In terms of Section 152 of the Act and the Articles of Association of the Company, Mr. Mohit Talwar is liable to retire by rotation at the ensuing Annual General Meeting. He has offered himself for re-appointment at the ensuing Annual General Meeting.

In terms of the provisions of Sections 196, 197, 198 and 203 read with Schedule V and all other applicable provisions, if any of the Companies Act, 2013 (the Act) the term of Mr. Rajit Mehta, Managing Director of the Company will expire on January 14, 2026. Basis the recommendations of the Nomination and Remuneration committee the Board has approved the re-appointment of Mr. Rajit Mehta as Managing Director of the Company for a period of 5 effective from January 15, 2026 to January 14, 2031.

Further, the Board of Directors of the Company had re-appointed Mr. Niten Malhan as Non-Executive Independent Director of the Company for the second term effective from February 1, 2026 upto January 31, 2031 (both days inclusive).

The brief profiles of Mr. Rajit Mehta, Mr. Niten Malhan and Mr. Mohit Talwar are given in the Annual Report.

The Board met four times during the financial year 2024-25. The details of the attendance of the Directors are as under:

S. No. Date	Board Strength	No. of Directors Present
1 May 24, 2024	9	7
2 August 14, 2024	9	9
3 October 24, 2024	9	9
4 February 6, 2025	9	8

The details regarding the number of meetings attended by each Director for the financial year ended March 31, 2025 have been furnished in the Corporate Governance Report attached as part of this Annual Report.

As of the date of this Report, Mr. Rajit Mehta, Managing Director, Mr. Sandeep Pathak, Chief Financial Officer and Head-Legal and Ms. Trapti, Company Secretary & Compliance Officer are the Key Managerial Personnel (KMP) of the Company.

STATEMENT OF DECLARATION BY INDEPENDENT DIRECTORS

In terms of Section 149(6) of the Act and Regulation 16 & 25 of SEBI Regulations, the following five Non- Executive Directors are categorized as Independent Directors of the Company:

a) Ms. Sharmila Tagore (DIN: 00244638);

b) Mr. Pradeep Pant (DIN: 00677064);

c) Mr. Niten Malhan (DIN: 00614624);

d) Dr. Ajit Singh (DIN: 02525853); and

e) Mr. Rohit Kapoor (DIN:06529360).

The Company have received requisite declaration of independence from all the above-mentioned Independent Directors in terms of the Act and SEBI Listing Regulations, confirming that they continue to meet the criteria of independence and that of their registration with the Indian Institute of Corporate Affairs (IICA) database.

COMMITTEES OF THE BOARD OF DIRECTORS

As of March 31, 2025, the Company has four Board-level Committees, which have been established in compliance with the requirements of the business and relevant provisions of applicable laws and statutes:

1. Audit Committee;

2. Nomination and Remuneration Committee;

3. Stakeholders Relationship Committee; and

4. Strategy and Investment Committee;

A detailed note on the composition of the Board and its Committees, governance of committees including its terms of reference, number of committee meetings held during the FY 2024-25 and attendance of the members, is provided in the Report of Corporate Governance forming part of this Integrated Annual Report.

During FY 2024-25, all the recommendations made by Board committees were accepted by the Board.

PERFORMANCE EVALUATION OF THE BOARD

As per the requirements of the Act and SEBI Listing Regulations, a formal Annual Evaluation process has been carried out for evaluating the performance of the Board, the Committees of the Board, and the Individual Directors including the Chairperson.

The Board of Directors has evaluated the performance of Independent Directors during the year 2024-25 and opined that

the integrity, expertise and experience (including proficiency) of the Independent Directors are satisfactory.

The performance evaluation was carried out by obtaining feedback from all Directors through an online survey mechanism through Diligent Boards, a secured electronic medium through which the Company interfaces with its Directors. The directors were also provided an option to participate through physical mode. The outcome of this performance evaluation was placed before the Nomination and Remuneration Committee and Independent Directors Committee and the Board meeting for the consideration of the members.

The review concluded by affirming that the Board as a whole as well as its Chairman, all of its members, individually, and the Committees of the Board continued to display a commitment to good governance by ensuring a constant improvement of processes and procedures and contributed their best in the overall growth of the organization.

HUMAN RESOURCES

Your Company is primarily engaged in growing and nurturing business investment as a holding company and providing management advisory services to group Companies. The remuneration of employees is competitive with the market and rewards high performers across levels. The remuneration to Directors, Key Managerial Personnel and Senior Management is a balance between fixed, incentive pay, and a longterm equity program based on the performance objectives appropriate to the working of the Company and its goals and is reviewed periodically and approved by the Nomination and Remuneration Committee of the Board.

Details pursuant to Section 197 (12) of the Act read with the Rule 5(1) and Rule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are attached as Annexure- 2 and Annexure-3 to this report.

As on March 31, 2025, there were 19 employees on the rolls of the Company.

NOMINATION & REMUNERATION POLICY

In adherence to the provisions of Section 134 (3)(e) and 178 (1) & (3) of the Act, the Board of Directors had approved a policy on the Directors appointment and remuneration. The said policy includes terms of appointment, criteria for determining qualifications, performance evaluation of Directors and other matters. A copy of the same is available at

LOANS, GUARANTEES OR INVESTMENTS IN SECURITIES

The details of loans given, and investments made by the

company pursuant to the provisions of Section 186 of the Act, are provided in Note no 41, to the standalone financial statements of the Company.

The details of the corporate guarantee are provided in note no. 29(B) to the standalone financial statements of the Company.

MANAGEMENT DISCUSSION & ANALYSIS

In terms of Regulation 34 of SEBI Listing Regulations, a review of the performance of the Company, including those of operating subsidiary Companies, is provided in the Management Discussion & Analysis section, which forms part of this Annual Report.

REPORT ON CORPORATE GOVERNANCE

The Company has complied with all the mandatory requirements of Corporate Governance applicable on it specified by the Securities and Exchange Board of India through Part C of Schedule V of SEBI Listing Regulations. As required by the said Clause, a separate report on Corporate Governance forms part of the Annual Report of the Company.

A certificate from M/s Sanjay Grover & Associates, Practicing Company Secretaries regarding compliance with the conditions of Corporate Governance pursuant to Part E of Schedule V of SEBI Listing Regulations, is Annexed to the Corporate Governance reports forms part of this Annual Report. Further, a certificate from the Managing Director and Chief Financial Officer on compliance of Part B of Schedule II of SEBI Listing Regulations, forms part of the Corporate Governance Report.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

In terms of the provisions of SEBI Listing Regulations, as amended from time to time, the requirement of submission of the Business Responsibility and Sustainability Report is not applicable on the Company.

STATUTORY AUDITORS AND AUDITORS REPORT

Pursuant to Sections 139 and other applicable provisions, if any, of the Act, M/s. Ravi Rajan & Co., LLP, Chartered Accountants, were appointed as the Statutory Auditors of the Company for a second tenure of five years at the AGM held on August 25, 2022, to hold the office till the conclusion of the 8^th AGM of the Company to be held in the year 2027.

There are no audit qualifications, reservations, disclaimers or adverse remarks or reporting of fraud in the Statutory Auditors Report given by M/s Ravi Rajan & Co., LLP, Statutory Auditors of the Company for the financial year 2024-25 which is annexed in this Annual Report.

SECRETARIAL AUDITORS AND SECRETARIAL AUDIT

REPORT

Pursuant to Section 204 of the Act, the Company re-appointed M/s Sanjay Grover & Associates, Practicing Company Secretaries, New Delhi as its Secretarial Auditors to conduct the Secretarial Audit of the Company for the FY 2024-25. The Company provided all assistance and facilities to the secretarial auditors for conducting the audit. The Report of Secretarial Auditor for the Financial Year ended March 31, 2025 is annexed to this report as Annexure-4.

Further, pursuant to Regulation 24A of SEBI Listing Regulations, as amended, the Company is required to appoint the Secretarial Auditor of the Company in ensuing Annual General Meeting. The Board of Directors of the Company has recommended to appoint M/s Sanjay Grover & Associates, Practicing Company Secretaries, New Delhi as its Secretarial Auditors to conduct the Secretarial Audit of the Company for 5 financial years i.e. from FY 2025-26 to 2029-30.

There are no audit qualifications, reservations, or any adverse remark in the said Secretarial Audit Report for FY 2024-25.

The Annual Secretarial Compliance Report of the Company pursuant to Regulation 24A of SEBI Listing Regulations, read with SEBI Circular No. CIR/CFD/CMD1/27/2019 dated February 08, 2019, is uploaded on the website of the Company Pursuant to the requirements of Regulation 24A of SEBI Listing Regulations, the Secretarial Audit Reports of material subsidiaries Companies namely, Antara Senior Living Limited, Antara Purukul Senior Living Limited and Antara Assisted Care Services Limited are enclosed as Annexure - 5, 6 and 7.

INTERNAL AUDITORS

The Company follows a robust Internal Audit process and audits are conducted on a regular basis, throughout the year, as per the agreed audit plan. During the year under review, M/s. MGC Global Risk Advisory LLP were re-appointed as Internal Auditors for conducting the Internal Audit of key functions and assessment of Internal Financial Controls etc.

There are no fraud reported by the Internal Auditors in their report.

INTERNAL FINANCIAL CONTROLS

The Company has in place adequate internal financial controls. During the year, such controls were tested and no reportable material weaknesses in the design or operation were observed. The Management has reviewed the existence of various risk- based controls in the Company and also tested the key controls towards assurance for compliance for the present fiscal.

In the opinion of the Board, the existing internal control framework is adequate and commensurate with the size and nature of the business of the Company. Further, the testing of the adequacy of internal financial controls over financial reporting has also been carried out independently by the Statutory Auditors as mandated under the provisions of the Act.

There were no instances of fraud reported by the auditors to the Audit Committee or the Board of Directors for the financial year ended March 31, 2025.

RISK MANAGEMENT

Your Company considers that risk is an integral part of the businesses carried by it through its subsidiary companies and therefore, proper steps have always been taken to manage all risks in a proactive and efficient manner. The Board from time to time identifies the risks impacting the business and formulates strategies/policies aimed at risk mitigation as part of risk management. Further, a core team comprising of senior management employees of operational subsidiary Companies has also been formed to identify and assess key risks, risk appetite, tolerance levels and formulate strategies for the mitigation of risks identified in consultation with process owners.

All operating subsidiary companies maintain their separate "Risk Registers" which is a framework used to identify and assess key risks, risk probability, risk impact and strategies for mitigation of such risks in consultation with process owners. These Risk Registers are regularly placed before the Board of these companies for providing comprehensive status and potential impact of such risks on the operations of such companies.

There are no risks which, in the opinion of the Board, threaten the very existence of your Company. However, some of the challenges/risks faced by key operating Subsidiary Companies have been set out with in detail in the Management Discussion and Analysis section forming part of this Annual Report.

VIGIL MECHANISM

The Company has a vigil mechanism pursuant to which a Whistle Blower Policy has been adopted and is in place. The Policy ensures that strict confidentiality is maintained whilst dealing with concerns raised and also that no discrimination will be meted out to any person for a genuinely raised concern in respect of any unethical and improper practices, fraud or violation of Companys Code of Conduct.

The said Policy covers all employees, Directors and

other persons having association with the Company. The policy is hosted on the Companys website at

A brief note on Vigil Mechanism/Whistle Blower Policy is also provided in the Report on Corporate Governance, which forms part of this Annual Report.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arms length basis which does not fall under the scope of Section 188(1) of the Act.

There is no material contract or arrangement as such entered by the Company, in terms of the Act. Accordingly, the disclosure of related party transactions as required under Section 134(3) (h) of the Act, in Form AOC-2 is not applicable to the Company for FY 2024-25 and hence does not form part of this report.

However, approvals for the material related party transaction(s) between the Company and Max Towers Private Limited and between Antara Senior Living Limited, a material subsidiary of the Company and its related parties viz. Max Estates Gurugram Limited and Contend Builders Private Limited for their usual business transactions were received from the shareholders through Postal Ballot in compliance with the SEBI Listing Regulations.

The details of all the Related Party Transactions between the Company and its Related Parties form part of Note No. 36 to the standalone financial statements attached to this Annual Report.

The Policy on the materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed on the Companys website at

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO

The information on the conservation of energy, technology absorption and foreign exchange earnings & outgo as stipulated under Section 134(3)(m) of the Act, read with Companies (Accounts) Rules, 2014 is as follows:

a. Conservation of Energy

(i) The Company took following steps for conservation of energy:

1. Routine maintenance of all electrical appliances is conducted to ensure no wastage of energy.

2. Replacement of electric items with energy efficient appliances (example - LEDs, energy efficient appliances / Equipment etc.).

3. Lighting control - Ensuring the electric appliances (fans, LEDs etc.) are turned off in un-occupied rooms or areas and using daylight as much as possible during the daytime.

(ii) the steps taken by the Company for using alternate sources of energy: Since the Company is not an energy intensive unit, utilization of alternate source of energy may not be feasible.

(iii) Capital investment on energy conservation equipment: Nil

b. Technology Absorption

Your Company is not engaged in manufacturing activities, therefore there is no specific information to be furnished in this regard.

There was no expenditure incurred on Research and Development for the financial year ended March 31, 2025.

c. Foreign Exchange Earnings and Outgo

The foreign exchange earnings and outgo are given below:

Total Foreign Exchange earned	Nil
Total Foreign Exchange used	Rs. 3.88 Crores

ANNUAL RETURN

The Annual Return as on March 31, 2025 pursuant to Section 92 of the Act read with Companies (Management and Administration) Rules, 2014, is available on the website of the Company at

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(5) of the Act, it is hereby confirmed that:

a. In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any;

b. The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company

at the end of the financial year and of the profit of the Company for that period;

c. The Directors had taken proper and sufficient care 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;

d. The Directors had prepared the annual accounts on a going concern basis;

e. 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; and

f. 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.

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

During the year under review, there were no such significant and material orders passed by the regulators or courts or tribunals which could impact the going concern status and companys operations in the future.

UNCLAIMED SHARES

The details of unclaimed shares form part of the Corporate Governance Report of the Company.

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND

The Company was not required to transfer any funds to the Investor Education and Protection Fund for the financial year ended March 31, 2025.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

A copy of CSR policy approved by the Board of Director of the Company in accordance with the provisions of Section 135 of the Act, read with Companies (Corporate Social Responsibility Policy) Rules, 2014 is available on the website of the Company at The CSR Policy comprises a Vision and Mission Statement, philosophy, and objectives. It also explains the governance structure along with clarity on roles and responsibilities. The Annual Report on the CSR Activities of the Company for the financial year ended March 31, 2025 is enclosed as Annexure-8.

DISCLOSURE ABOUT THE RECEIPT OF THE COMMISSION

In terms of Section 197(14) of the Act and rules made there under, no director has received any commission from the

company or its subsidiary company, thus the said provision is not applicable on the Company for the financial year ended March 31, 2025.

However, during the year under review, Ms. Tara Singh Vachani, Vice Chairperson & Non-Executive Director and Mr. Rajit Mehta, Managing Director of the Company, received remuneration from Antara Senior Living Limited (ASLL), a wholly owned subsidiary of the Company in their capacity of Executive Chairperson and Managing Director & CEO, respectively of ASLL, in compliance with applicable provisions of the Act.

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE

The Company has a requisite policy for the Prevention of Sexual Harassment, which is available on the website of the Company at corporatepolicy/whistle-blower-policy.pdf. The comprehensive policy ensures gender equality and the right to work with dignity. The company has complied with the provisions relating to the constitution of the Internal Complaints Committee (ICC) under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

No case was reported to the Committee for the financial year ended March 31, 2025.

OTHER DISCLOSURES

a) The Company has not accepted any deposits from the public and as such, no amount on account of principal or interest on public deposits was outstanding as on the date of the balance sheet.

b) The Company has not issued shares with differential voting rights and sweat equity shares during the year under review.

c) The Company has complied with the applicable Secretarial Standards relating to Meetings of the Board of Directors and General Meetings during the year.

d) 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 business activities carried out by the Company.

e) To the best of our knowledge and belief, there are no proceedings initiated/pending against the company under the Insolvency and Bankruptcy Code, 2016 which can have a material impact on the business of the Company.

f) There were no instances where your Company required the valuation for one time settlement or while taking the loan from the Banks or Financial institutions.

ACKNOWLEDGEMENTS

The Companys organizational culture upholds professionalism, integrity and continuous improvement across all functions, as well as efficient utilization of the Companys resources for sustainable and profitable growth.

Your Directors would like to place on record their appreciation of the contribution made by its management and its employees. Directors also acknowledge with thanks the cooperation and assistance received from various agencies of the Central and State Governments, Financial Institutions and Banks, Shareholders, Joint Venture partners, and all other business associates and look forward to their continued support in the future.

	On behalf of the Board of Directors
	Max India Limited
	-Sd/-
Place: New Delhi	Analjit Singh
Date: May 30, 2025	Chairman
	(DIN:00029641)