noida toll bridge company ltd Directors report

Dear Members,

Your Directors are pleased to present the Twenty-Seventh Annual Report on the business and operations of the Company together with the Audited Financial Statements for the financial year ended March 31, 2023 ("year under review").

CORPORATE OVERVIEW AND GENERAL INFORMATION

The Noida Toll Bridge Company Limited ("NTBCL/the Company") was promoted by Infrastructure Leasing & Financial Services Limited, ("IL&FS") as a special purpose vehicle for the implementation of the Delhi Noida Bridge Project on a Build, Own, Operate and Transfer (BOOT) basis. The Concession Agreement (Concession) executed between the Company, IL&FS and New Okhla Industrial Development

Authority ("NOIDA") in November 1997, has given the Company the right to levy a User Fee. The Governments of Uttar Pradesh and National Capital Territory of Delhi have, in January 1998, has also executed a Support Agreement in favour of the Project/Concessionaire.

The Delhi Noida Bridge (commonly known as the DND Flyway or DND) was opened to traffic in February, 2001 and is an eight lane, 7.5 km. facility across the Yamuna River, connecting Noida to South Delhi. An additional 1.7 km. link connecting the DND Flyway to Mayur Vihar was also commissioned in June, 2007 (Phase I)/January, 2008 (Phase II).

NTBCL is a public company with Equity Shares listed on the National Stock Exchange and the Bombay Stock Exchange in India.

FINANCIAL SUMMARY AND HIGHLIGHTS

A summary of your Companys financial results for the Financial Year 2022-23 is as under:

(Rs. in Lakhs)

Particulars	Standalone		Consolidated
	March 31, 2023	March 31, 2022	March 31, 2023	March 31, 2022
Revenue from Operations	2372.43	1613.68	2372.43	1613.68
Other Income	309.40	108.91	310.41	109.51
Total Income	2681.83	1722.59	2682.84	1723.19
Total Expenses including Depreciation and	6209.34	5869.18	6195.74	5838.10
Finance Costs
Profit/(Loss) Before Tax	(3527.51)	(4146.59)	(3512.90)	(4114.91)
Tax Expense/(Income)	-	-	0.35	-
Profit/(Loss) After Tax	(3527.51)	(4146.59)	(3513.25)	(4114.91)

The Standalone Gross Revenue from operations for FY 2022-23 was Rs. 2372.43 lakhs (Previous Year: Rs. 1613.68 lakhs), registering an increase of 47.02%. This sharp increase is attributable to a reduced income of previous year on account of Covid induced lockdown. The Company has incurred a loss of Rs. 3527.51 lakhs against Rs. 4146.59 lakhs reported in the Previous Year.

The Consolidated Gross Revenue from operations for FY 2022-23 was Rs. 2372.43 lakhs (Previous Year: Rs. 1613.68 lakhs), registering an increase of 47.02%. The Consolidated loss of the Company is Rs. 3513.25 lakhs (Previous Year: Rs. 4114.91 lakhs).

Honble High Court of Allahabad had, vide its Judgement dated October 26, 2016 on a Public Interest Litigation filed in 2012 (challenging the validity of the Concession Agreement and seeking the Concession Agreement to be quashed) has directed the Company to stop collecting the user fee holding the two specific provisions relating to levy and collection of fee to be inoperative but refused to quash the Concession Agreement. Consequently, Collection of user fee from the users of the NOIDA bridge has been suspended from October 26, 2016.

An appeal has been filed before Honble Supreme Court of India seeking an Interim Stay on the said Judgment.Based on legal opinion and the Boards reliance on the provisions of the Concession agreement (relating to Compensation and other recourses), the Company is of the view that the underlying value of the Intangible and other assets are not impaired. The Company continues to maintain the Project Assets.

Pursuant to the suspension of user fee the primary source of income is the income generated through lease of advertising space. Company as a prudent business practice outsources its advertisement inventory on a turnkey basis. Company on a continuous basis keeps on looking for ways and means to augment its revenue base.

Under the supervision of the new Board, a comprehensive review of the existing advertisement contract has been undertaken. Post the review and market survey a new tender for advertisement contact has been floated and awarded by the Company in Feb-23. Directors are pleased to advise that the new contract has been awarded at a significant premium compared to the previous contract. Once all the necessary approvals in the matter will be in place, the income of Company will increase accordingly.

Pursuant to the proceedings filed by the Union of India under Sections 241 and 242 of the Companies Act, 2013, the National Company Law Tribunal, Mumbai Bench ("NCLT"), by way of an Order dated October 1, 2018, suspended the erstwhile Board of Directors of Infrastructure Leasing & Financial Services Limited ("IL&FS") and re-constituted the same with persons proposed by the Union of India (such reconstituted

Board, referred to as the "New Board"). The National Company Law Appellate Tribunal, New Delhi (the "NCLAT") has passed an Order of moratorium on October 15, 2018 in respect of actions (as set out therein) that cannot be taken against IL&FS and its Group Companies including NTBCL, which includes, amongst others, institution or continuation of suits or any other proceedings by any party or person or bank or company, etc. against IL&FS and its Group Companies in any Court of Law/ Tribunal/Arbitration Panel or Arbitration Authority and any action by any party or person or bank or company, etc. to foreclose, recover or enforce any security interest created the assets of IL&FS and its Group Companies. Moreover, NCLT, Mumbai Bench vide its Order dated April 26, 2019 has also granted exemption to IL&FS and its Group Companies NTBCL, regarding appointment of Independent Directors and Women Directors. Further, the Honble NCLAT vide its Order dated March 12, 2020 has approved the revised Resolution Framework submitted by New Board alongwith its amendments. In the said Order, Honble NCLAT has also approved October 15, 2018 as the Cut-off date for initiation for Resolution Process of IL&FS and its Group Companies. Accordingly, the Company has not accrued any interest on all its loans and borrowings with effect from October 15, 2018 ("Cut-off date").

DIVIDEND

Due to accumulated losses of the Company from the previous years, your Directors express their inability to recommend any dividend for the year on Equity Share. As your Company has been defaulting in servicing its debt obligations including payment of monthly interest for the period from May, 2018 to March, 2023. A Resolution Process is being implemented for IL&FS and its Group Companies including NTBCL in proceedings pending before the Honble National Company Law Tribunal, Mumbai Bench and the Honble National Company Law Appellate Tribunal under Sections 241-242 of the Companies Act, 2013, the new Board is in the process of finalising a comprehensive approach to manage the current situation.

Your Company is unable to pay dividend to equity shareholders until the satisfaction of all its dues. Considering the magnitude of loss incurred in the financial year, the Board does not recommend any dividend for the year ended March 31, 2023.

RESERVES

During the year under review, the Company has incurred a net loss of Rs. 35.28 Crores. As a result, the Company has not transferred any amount to the General Reserve for the Financial Year ended March 31, 2023.

DEBT REPAYMENT

In terms of an affidavit filed by the Ministry of Corporate Affairs with the Honble National Company Law Appellate Tribunal (NCLAT) on May 21, 2019, the cut-off date of October 15, 2018 ("Cut-off date") was proposed. The Honble NCLAT, vide its Order dated March 12, 2020, has approved the revised Resolution Framework submitted by the New Board, along with its amendments. In the said Order, the Honble NCLAT has also approved October 15, 2018, as the Cut Off date for initiation of resolution process for IL&FS and its group companies, including the Company. Accordingly, the Company has not accrued any interest on all its loans and borrowings with effect from October 15, 2018 ("Cut-off date").

The Company has not made payment of monthly interest and quarterly repayment with regard to the Secured Term Loan ("Facility") from ICICI Bank Limited for the period May, 2018 to March 31, 2023, (the cut-off date for moratorium is w.e.f. October, 15, 2018). The total outstanding amount upto March 31, 2023, is Rs. 47.40 crores, i.e. Rs. 45.00 crores on account of principal and Rs. 2.40 crores on account of interest accrued upto October 15, 2018 ("Cut-off date") (Previous Year outstanding is Rs. 47.40 crores, i.e Rs. 45.00 crores on account of principal and Rs. 2.40 crores on account of interest accrued upto October 15, 2018, "Cut-off date) The total unsecured short term loan from IL&FS Transportation Networks Limited as on March 31, 2023, stood at Rs. 19.30 crores, including interest of Rs. 1.50 crores. The Company has provided the said interest upto October 15, 2018 (Cut-Off date") (Previous Year outstanding is Rs. 19.30 crores, including Rs 1.50 crores on account of interest accrued upto October 15, 2018, "Cut-off date).

It may be noted that as on August 21, 2023, ICICI Bank, the secured creditor to the Company has filed an application with National Company Law Appellate Tribunal ("NCLAT") where they have sought permission to appropriate the Fixed Deposits and Current Account balances of the Company available with its other Bank.

OPERATIONS

Honble High Court of Allahabad had, vide its Judgement dated October 26, 2016 on a Public Interest Litigation filed in 2012 (challenging the validity of the Concession Agreement and seeking the Concession Agreement to be quashed) has directed the Company to stop collecting the user fee holding the two specific provisions relating to levy and collection of fee to be inoperative but refused to quash the Concession Agreement. Consequently, Collection of user fee from the users of the NOIDA Bridge has been suspended from October 26, 2016.

Taking cognizance of financial crisis in IL&FS, Union of India has filed petition against IL&FS limited u/s 241 and 242 of the Companies Act, 2013 on October 01, 2018 to suspend existing Board of Directors and appoint its nominees as directors of IL&FS Limited to manage the affairs of the IL&FS Limited and its Group Companies. NCLT vide its Order dated October 31, 2018 has directed the Union of India to implead all Group Companies as party respondent in the matter. Accordingly the Company, being Group Entity of the IL&FS has become party to the matter.

Pursuant to NCLAT Order dated February 04, 2019, IL&FS has segregated the Group Entities into Green/Amber/Red Category. The Company has been classified as Red Entity (i.e. entity which cant meet their payment obligations even towards senior secured financial creditors) based on 12 months cash flow.

Presently, the Company is generating revenue mainly from outdoor advertising on DND Flyway, and rent for use of the toll plaza for collection of Entry Tax and Environment Compensation Charge by the Contractor appointed by South Delhi Municipal Corporation and Licence fee for use of space near DND for mobile towers.

SHARE CAPITAL

The paid-up Equity Share Capital as at March 31, 2023 stood at Rs. 186,19,50,020 divided into 18,61,95,002 of Rs. 10/-each. There was no change in the paid-up share capital during the year under review.

During the year under review, the Company has neither issued shares or convertible securities or shares with differential voting rights nor granted any stock options or sweat equity or warrants.

As on March 31, 2023, none of the Directors of the Company hold instruments convertible into Equity Shares of the Company.

There is no instance where the Company failed to implement any corporate action within the specified time limit.

FINANCIAL STATEMENT

Your Company follows Indian Accounting Standards (Ind AS) issued by the Ministry of Corporate Affairs in the preparation of its Financial Statements. Your Company has consistently applied applicable Accounting policies during the year under review. Management evaluates all recently issued or revised accounting standards on an ongoing basis. The Company discloses consolidated and standalone financial results on a quarterly basis which are subjected to limited review and publishes Consolidated and Standalone Audited Financial Results on an annual basis. There were no revisions made to the Financial Statements during the year under review. The Consolidated Financial Statements of the Company are prepared in accordance with the applicable Indian Accounting Standards issued by the Institute of Chartered Accountants of India and forms an integral part of this Report.

Pursuant to Section 129(3) of the Companies Act ("Act") read with Rule 5 of the Companies (Accounts) Rules, 2014, a statement containing salient features of the financial statements of Subsidiaries/Associate Companies/Joint Ventures is given in Form AOC-1 and forms an integral part of this Report as Annexure-I.

RELATED PARTY TRANSACTIONS

A significant quantum of related party transactions undertaken by the Company are with its subsidiary Company engaged in providing Operation and Maintenance Facility at DND Flyway. All transactions entered with Related Parties during the year under review were on an arms length basis and in the ordinary course of business. The Company has entered into one Material Related Party Transaction during the year under review for which required Resolution has placed for approval of the shareholders at their Annual General Meeting. Accordingly, the provisions of Section 188 of the Act are attracted and disclosure in form AOC-2 in terms of Section 134 of the Act is part of this as Annexure-II. Further, there were no Material Related Party Transaction during the year under review with the Promoters, Directors or Key Managerial Personnel, which may have a potential conflict with the interest of the Company at large. All Related Party Transactions are mentioned in the notes to financial statements forming part of the Annual Report.

The Company has a Related Party Transaction framework. The policy on Related Party Transactions has been uploaded in the Investor section of the Companys website at www.ntbcl.com. All Related Party Transactions, regardless of their size, are placed before the Audit Committee and in case a transaction needs approval, as per the Policy, it is recommended to the Board by the Audit Committee. Omnibus approval was obtained on an Annual Basis from the Audit Committee for transactions which are repetitive in nature. A statement on all Related Party Transactions is placed before the Audit Committee and Board for review on a quarterly basis. None of the Directors have any pecuniary relationship or transactions vis-? -vis the Company.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186

Your Company is into the business of providing Infrastructure Facilities. Accordingly, the provisions of Section 186 pertaining to providing Loan or Guarantee to other corporate are exempted. All information regarding Loans, Guarantees and Investments are mentioned in the notes to Financial Statements for FY 2022-23 which are self-explanatory.

PERFORMANCE OF SUBSIDIARY COMPANY

Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 read with the Companies Accounts) Rules, 2014, a statement containing salient features of financial statements of Subsidiary Company in Form AOC-1 is attached to the Financial Statements as Annexure-I. The separate Audited Financial Statements in respect of each of the said Subsidiary Company shall be kept open for inspection at the Registered Office of the Company. The Company will also make available these documents upon request by any Member of the Company interested in obtaining the same. The separate Audited Financial Statements in respect of the subsidiary are also available on the website of the Company at www.ntbcl.com.

SUBSIDIARY ENTITY

ITMSL Toll Management Services Limited

MATERIAL SUBSIDIARY

ITNL Toll Management Services Limited is a material subsidiary of the Company as per the thresholds laid down under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as "Listing Regulations") for FY 2022-23.

The Board of Directors of the Company has approved a Policy for determining material subsidiaries which is in line with the Listing Regulations as amended from time to time. The Policy has been uploaded on the Companys website and can be accessed at www.ntbcl.com

DIRECTORS

In accordance with the provisions of Section 152 of the Act and the Companys Articles of Association, Mr. Manish Kumar Agarwal, Director of the Company retires by rotation at the forthcoming Annual General Meeting ("AGM") and, being eligible offers himself for re-appointment. The Board recommends the proposal of his re-appointment for the consideration of the Members of the Company at the forthcoming AGM and the same has been mentioned in the Notice convening the AGM. A brief profile of Mr. Manish Kumar Agarwal has also been provided therein.

During the year under review, the Board of Directors on recommendation of the Nomination and Remuneration Committee appointed/re-designated Mr. Dheeraj Kumar as Executive Director on the Board of Directors of the Company in accordance with Section 161 of the Act, with effect from December 5, 2022, with the approval of shareholders at their Meeting through postal ballot.

Brief profile of Mr. Dheeraj Kumar has been given in the profile section of Director in the Annual Report.

Mr. Chandra Shekhar Rajan, Nominee Director of the Company, had resigned from the office of Directorship of the Company with effect from October 2, 2022 due to his personal reasons and work constraints. Your Directors place on record their sincere appreciation of the contribution made by him to the growth of the Company.

None of the Directors of the Company are disqualified from being appointed as Directors as specified under Section 164 of the Act.

None of the Directors of the Company are inter-se related to each other.

Pursuant to the provisions of the Act and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as "Listing Regulations"), the composition of Board of Directors of the listed entity shall have an optimum combinations of Executive and Non-executive Directors with at least one Woman Director. Presently, the constitution of Board of Directors of the Company was not in conformity with the provisions of the Companies Act and Listing Regulations. However, National Company Law Tribunal (NCLT), Mumbai Bench vide its Order dated April 26, 2019 has granted exemption to IL&FS and its Group Companies including NTBCL, regarding appointment of Independent Directors and Women Directors. With this Order, provisions of the Act and Listing Regulations are deemed to be complied with in respect of appointment of Independent Directors and Women Directors till the end of the moratorium period i.e. next date of further order in this regard.

Since, there is no Independent Director on the Board, the declarations required under Section 149(6) of the Act, and Regulation 16(b) of the Listing Regulations are not applicable. During the year under review, the Non-executive Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees and reimbursement of expenses incurred by them for the purpose of attending Meetings of the Company.

KEY MANAGERIAL PERSONNEL

In terms of the provisions of Section 203 of the Companies Act, 2013, Mr. Dheeraj Kumar, Executive Director, Mr. Rajiv Jain, Chief Financial Officer and Mr. Gagan Singhal, Company Secretary are the Key Managerial Personnel of the Company. During the year under review, the Board of Directors, on recommendation of the Nomination and Remuneration Committee, appointed/re-designated Mr. Rajiv Jain as Chief Financial Officer, Mr. Dheeraj Kumar as Executive Director on the Board of Directors of the Company, with effect from December 5, 2022, with the approval of shareholders at their

Meeting through postal ballot. Mr. Amit Agrawal ceased to be Chief Financial Officer w.e.f. December 5, 2022.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of their knowledge and ability, confirms that:

(i) in the preparation of the Annual Accounts for the year ended March 31, 2023, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

(ii) the Directors had 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 as at March 31, 2023 and of the loss of the Company for the year ended on that date;

(iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) the annual accounts have been prepared on a going concern basis;

(v) 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

(vi) 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.

MEETINGS OF THE BOARD AND ITS COMMITTEES Board Meetings

During the year under review, the Board of Directors of the Company met 6 (six) times i.e. May 30, 2022, August 10, 2022, November 14, 2022, December 5, 2022, February 9, 2023 and February 14, 2023. The attendance, along with such other details as required, of each of the Directors is mentioned in the Corporate Governance Report section of this Annual Report.

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board Meetings.

The details of the number of Meetings of the Board held during the Financial Year 2022-23 and the attendance of Directors forms part of the Report on Corporate Governance.

During the year under review, the Board accepted all recommendations made to it by its various Committees.

Committee Meetings

The Board of Directors has the following Committees as on March 31, 2023:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders Relationship Committee

The details of the Committees of the Board along with their composition, number of Meetings and attendance at the Meetings are provided in the Corporate Governance Report forming part of this Annual Report.

BOARD EVALUATION

The purpose and intent of Board evaluation is in essence linked to extension or continuation of the term of appointment of the Directors appointed by the Members of the Company, based on the process of evaluation carried out by the Independent Directors and the Board.

You are aware that on October 1, 2018, Union of India ("UOI") (acting through the Ministry of Corporate Affairs) had filed a petition with Honble NCLT seeking immediate suspension of the Board of Directors of IL&FS and appointment of a new Board of Directors, amongst others, on the grounds of mismanagement and compromise in corporate governance norms and risk management by the erstwhile Board of the Company and that the affairs of the Company being conducted in a manner prejudicial to the public interest. Pursuant to the above developments, the New Board of IL&FS also initiated reconstitution of the Board of Directors of the Group Companies including NTBCL.

The requirement of appointing Independent Directors has been dispensed by NCLT Order dated April 26, 2019 for IL&FS and the Group Companies including NTBCL. In the absence of Independent Directors, th e process of Board evaluation would anyway be redundant due to non-applicability of relevant provisions of the Companies Act, 2013 and SEBI (LODR) Regulation, 2015. In view thereof, the Board has not followed the process of performance evaluation of the Board, Committees and the Directors during the FY 2022-23. However, an application has been made to MCA with a view to seek appropriate dispensation from the NCLT seeking exemption from the applicability of the provisions of Section 178 (2) and Schedule IV (VII & VIII) of the Companies Act, 2013 and the SEBI (LODR) Regulation, 2015.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report on the operations of the Company, as required under Regulation 34 read with Schedule V of the Listing Regulations is provided in a separate section and forms an integral part of this Report.

CORPORATE GOVERNANCE

As per Regulation 34(3) read with Schedule V of the Listing Regulations, a Report on Corporate Governance practices followed by the Company, along with a certificate from practicing Company Secretaries on compliance with the provisions of Corporate Governance is annexed to this Report. Further, the declaration signed by the Director affirming the compliance with Code of Conduct for Board of Directors and Senior Management Personnel is also enclosed to the Report on Corporate Governance.

ANNUAL RETURN

Pursuant to Section 134(3)(a) and Section 92(3) of the Act read with Companies (Management and Administration) Rules, 2014 the draft Annual Return of the Company in Form MGT-7 for FY 2022-23 has been placed on the Companys website and can be accessed at www.ntbcl.com.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

Income Tax Matters

On September 20, 2021, the Company has received an assessment order from the Income Tax Department u/s 143(3) read with section 144B of the Income Tax Act, 1961 for Assessment Year 2018-19, wherein a demand of Rs. 46.23 crores has been raised, primarily on account of valuation of land, by treating land as a revenue subsidy.

The Company, on September 30, 2021, requested the Assessing Officer to keep the penalty proceedings in abeyance and filed an appeal on October 19, 2021, with the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), against the aforesaid assessment order.

During December, 2019 the Company has received the assessment order from Income Tax Department u/s 143(3) of the Income Tax Act, 1961, for the Assessment Year 2016-17 and 2017-18, wherein a demand of Rs. 357.00 crores and Rs 383.48 crores respectively has been raised, based on the historical dispute with the Tax Department, which is primarily on account of addition of arrears of designated returns to be recovered in future, valuation of land and other recoveries. The Company has filed an appeal with the first level Appellate Authority. With the transition to Faceless Appeals, as introduced vide Faceless Appeal Scheme, 2020, both the appeals have been transferred to the NFAC.

The Company has also received a Show Cause Notice, dated May 15, 2021, u/s 270A from the NFAC for the AY 2016-17 and AY 2017-18. However, the Company has requested that the penalty proceedings be kept in abeyance as the appeals on merits are currently pending before the Commissioner of Income Tax (Appeals).

The Income Tax Department has, in earlier years, raised a demand of Rs.1,340.03 crores, which was primarily on account of addition of arrears of designated returns to be recovered in future from toll and revenue subsidy on account of allotment of land. Pursuant upon the receipt of order from CIT(A) on April 25, 2018, the Company has received the notice of demand from the Assessing Officer, Income Tax Department, New Delhi in respect of Assessment Years 2006-07 to 2014-15, giving effect to the said order from CIT (A), whereby an additional tax demand of Rs. 10,893.30 crores was raised. The enhancement of the demand was primarily on account of valuation of land. The Company has filed an appeal along with the stay application with Income Tax Appellate Tribunal (ITAT). The matter was heard by ITAT on December 19, 2018, January 2, 2019 and February 6, 2019 and based on the NCLAT order dated October 15, 2018, ITAT adjourned the matter sine die with directions to maintain status quo.

Further, in November, 2018, the CIT (A), Noida, passed a penalty order for Assessment Years 2006-07 to 2014-15, based on which the Assessing Officer Delhi, imposed a penalty amounting to Rs. 10,893.30 crores in December, 2018. The Company filed an appeal, along with a stay application with the Income Tax Appellate Tribunal (ITAT). The matter was heard by the ITAT on March 29, 2019 and May 3, 2019. ITAT has adjourned the matter sine die, with directions to maintain status quo.

On April 21, 2022, the Company has filed an application for early hearing of the appeals pending before Honble ITAT, in respect of Assessment Years 2006-07 to 2014-15. Subsequently, the matter was listed for hearing on May 6, 2022, July 21, 2022, October 20, 2022, January 25, 2023 and March 25, 2023.

The Company on June 5, 2023 requested the Honble ITAT for two clear dates to argue the matter and requested for no coercive action till the next date of hearing i.e. July 26, 2023. Accordingly, the matter was heard, argued and counter argued on July 26, 2023, August 1, 2023 and was concluded on August 2, 2023. Consequently, vide its Order dated August 8, 2023, the Honble ITAT has pronounced its judgment for Assessment Years 2006-07 to 2011-12, wherein the appeals of the Revenue were dismissed and appeal of Company was allowed. As a result of this, appoximately 72% of the total Demand of Rs. 23,127/- crores has been addressed by means of the ITAT Order dated August 8, 2023. For pending appeals pertaining to Assessment Years 2012-13 to 2014-15, the next date of hearing has been fixed as October 11, 2023.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

SLP before Supreme Court

The local resident welfare associations, Federation of Noida Resident Welfare Associations (FONRWA) had filed a Public Interest Litigation ("PIL") in 2012 in the Allahabad High Court ("HC") challenging the validity of the Concession Agreement and seeking the Concession Agreement to be quashed. The Honble HC of Allahabad in a judgement dated October 26, 2016 held that the two specific provisions relating to levy and collection of fee to be inoperative but refused to quash the Concession Agreement. Consequently, collection of user fee from the users of the NOIDA Bridge was suspended from October 26, 2016. However, the Company continues to maintain the Project Assets to the extent permitted by the available resources.

The Company had challenged the HC Judgment before the Honble Supreme Court of India ("SC") by way of Special Leave Petition (SLP No. 33403 of 2016). The Honble SC had on November 11, 2016, passed an order in the aforesaid matter, requesting the Comptroller and Auditor General of India ("CAG") to assist the court in the matter by verifying the claim of the Company that the Total Cost of the Project has not been recovered in accordance with the terms of the Concession Agreement dated 12.11.1997. The CAG filed an Affidavit along with sealed cover report to SC on March 22, 2017. The CAG report clearly specified that Total Cost of Project had not been recovered by the Company. The CAG report also contained some other observations by the CAG, which were outside the scope of its remit. The SC Bench directed that the CAG Report be kept in a sealed cover and need not be provided to the Respondents in the case. The SC stated that the CAG report would continue to remain in a sealed cover.

The matter came up for hearing and/or was heard by the SC on March 5, 2019, March 25, 2019, April 25, 2019 and on 05.10.2020, on which date it was posted for final disposal on 18.11.2020, and it was directed that the counsel for the parties may file written submission if any. The matter was taken up for hearing on 18.11.2020, on which date it was posted for 3^rd week of January, 2021. Subsequently, the matter was listed on 20.01.2021, on that day the court directed that it would be listed for hearing on 16.03.2021. However, the matter was not taken up for hearing on that date. Subsequently, the matter was listed on 15.04.2021, however, on account of paucity of time the matter couldnt be taken up by the Honble Court. Further the Company has filed a letter of urgency/ Mentioning on July 8, 2021, Senior Counsel Mr. Siddharth Bhatnagar appeared before the mentioning Bench on July 26, 2021 and the Honble Supreme Court has agreed to list the matter on August 10, 2021 with the directions that the referred matter should not be deleted from the Cause list. On 08.09.2021, the matter was posted to 26.10.2021, however it was not taken up by the court on that date due to paucity of time.

The SLP No. 33403/2016 was thereafter listed for hearing on 09.11.2021, 19.01.2022, 29.03.2022, 10.05.2022, 23.08.2022, 18.10.2022, 02.11.2022 and 10.01.2023, but hearing could not take place.

Subsequently, the matter was heard on July 27, 2023 and has been fixed for September 5, 2023. In the meanwhile, the Honble Supreme Court has requested the Learned Additional Solicitor General of India to examine the report submitted by the CAG and assist the Honble Supreme Court on the said fixed date.

Arbitration Matters - New Okhla Industrial Development Authority

The Judgment of the Honble HC of Allahabad had constituted a Change in Law as per the Concession Agreement, which obligates NOIDA to modify or cause to modify the Concession Agreement so as to place the Company in substantially the same legal, commercial and economic position as it was prior to such Change in Law. Accordingly, the Company had sent a proposal dated November 17, 2016 under Section 6.3B(a) of the Concession Agreement notifying NOIDA of the resultant Change in Law and occurrence of Events of Default. However, NOIDA failed to take any steps in pursuance of the said proposal. The Company then sent a Notice of Arbitration to NOIDA on February 14, 2017 pursuant to Section 26.1 of the Concession Agreement. The Company had appointed Mr. Justice Vikramajit Sen (Retd.) as its designated Arbitrator. However, NOIDA had not nominated its Arbitrator. In light of the foregoing, the Company had filed a petition on July 20, 2017 under Section 11(4) of the Arbitration and Conciliation Act, 1996 ("A & C Act") in the Honble HC of Delhi which heard the said petition on October 24, 2017 and appointed Mr. Justice S.B Sinha (Retd.) as the Arbitrator on NOIDAs behalf. The Arbitral Panel comprising of Mr. Justice (Retd.) Satya Brata Sinha and Mr. Justice (Retd.) Vikramjit Sen and Honble Justice (Retd.) R.C. Lahoti as Presiding Arbitrator had been constituted on November 15, 2017. At the preliminary hearing of the Arbitral Tribunal on December 2, 2017, schedule of steps to be followed upon had been agreed upon.

In compliance with the schedule, NTBCL had submitted their Statement of Claim aggregating to approximately Rs. 7000,00,00,000/- (Rupees Seven Thousand Crores) excluding interest and costs. Separately, IL&FS as the project sponsor and party to the Concession Agreement had filed an impleadment application with the Arbitral Tribunal along with a Statement of Claim. NOIDA had also filed a Counterclaim Statement of Defence and an Application under Section 16 of the A & C Act raising jurisdictional objections before the Arbitral Tribunal. The Company and IL&FS have filed their reply to the application of NOIDA under Section 16 objecting to the maintainability of the claims within the stipulated time. NOIDA too has filed its written submissions on May 18, 2018 for arguments on application under Section 16 of the A & C Act. On May 19, 2018, the Arbitral Tribunal heard the arguments of the legal counsel of NOIDA and on June 2, 2018 the Arbitral Tribunal heard the objections and arguments of the legal counsel of IL&FS. On September 12, 2018, NOIDA had moved an application for the amendment of their counter claim which was opposed by the Companys Legal Counsel. On September 20, 2018 the Arbitrators stated that (a) amendment of the counter claim filed by NOIDA be left open to be considered at the final hearing and the Company has been given time to file its reply to the said counter claims on or before October 31, 2018, (b) The next date of hearing is November 13, 2018 for (i) settling the points for determination, (ii) determining the order of production of witnesses and issuing such further directions as needed, (c) March 5, 2019 to March 9, 2019 are appointed for recording evidence and (d) April 8, 2019 to April 13, 2019 and April 15, 2019 are appointed for final hearing.

Due to the Order of NCLAT dated October 15, 2018, passed in the matter of IL&FS and its Group Companies including NTBCL, the arbitration proceedings by NOIDA against the Company were kept in abeyance by the Arbitral Panel. NOIDA had also filed an Application for Directions in the Honble Supreme Court (SC) seeking a stay on the arbitral proceedings and the stay of the interim award dated August 10, 2018 (rejecting NOIDAs Section 16 application) passed by the Arbitral Tribunal.

The matter was heard by the SC on March 5, 2019. The SC had issued a notice on the interim application filed by NOIDA seeking to stay the ongoing arbitration proceedings between the Company, IL&FS and NOIDA during the pendency of the subject SLP before the SC. On the hearing on March 25, 2019, the SC had directed that the Interlocutory Application (IA) filed by NOIDA in the NTBCLs SLP be placed and taken up with the SLP Filed by NOIDA in relation to the Delhi HC Order and be heard together with the same. The IA had therefore been directed to be listed with the said SLP (Diary Number 10503 of 2019). On April 12, 2019 the SC heard the matter along with the IA No. 170774 of 2019 filed by NOIDA and stayed the proceedings in the arbitration and fixed the matter for final disposal.

Subsequently, on 31.01.2020, an interim application seeking vacation of stay, being I.A. No. 19850/2020, was filed on behalf of NTBCL before the Honble Supreme Court of India, and was also mentioned on 16.03.2020 before the Learned Registrar (Mentioning), however, in view of the outbreak of COVID-19 (Corona Virus), only matters of grave urgency were being listed before the Honble Court.

Further the Company has filed a letter of urgency/ Mentioning on July 8, 2021 seeking vacation of Interim Stay granted by Order dated 12.04.2019 being I.A 77337/2021 wherein it was outline that the bridge which has been in operation for 21 years and is in dire need for essential major maintenance for relaying its surface and associated civil works, approximate estimated cost of Rs. 100.25 crores. Accordingly, Senior Counsel Mr.

Siddharth Bhatnagar appeared before the mentioning Bench on July 26, 2021 and the Honble Supreme Court has agreed to list the matter on August 10, 2021 with the directions that the referred matter should not be deleted from the Cause list. On 08.09.2021, the matter was posted to 26.10.2021, however it was not taken up by the court on that date due to paucity of time.

On 28.10.2021, the SLP No. 33403/2016 alongwith the I.A. No. 77337/2021 was mentioned to be heard urgently, and the full matter be also heard expeditiously. The Honble Court indicated that it will take up the matter post-Diwali vacations, and since the matter was tentatively showing as being listed on 09.11.2021, the Honble Court directed that it will not be deleted from the list of matters for 09.11.2021.

Reconstitution/Change in Arbitral Panel:

On account of the sad demise of Justice (Retd.) S. B. Sinha on March 19, 2019, the NOIDA had nominated Justice (Retd.) G. P. Mathur to replace late Justice (Retd.) S.B. Sinha and the Arbitration Tribunal had been re-constituted on April 25, 2019. Due to reconstitution of the Tribunal the following revised schedule of hearing was decided by the Arbitration Tribunal:

Date	Purpose
Sept 4/5/6/7, 2019	For recording Cross-Examination on the two witnesses
Oct 14/15/16/17, 2019	Final hearing submissions for the two Claimants, not exceeding 2 days each
Nov 4/5/6/7, 2019	Submissions for the Respondent followed by Rejoinder Submissions

On August 24, 2021, the Company was informed through email from Justice Mr. R C Lahoti (Retd), the presiding arbitrator in the arbitration, whereby he has withdrawn himself from the office of the presiding arbitrator w.e.f. August 23, 2021.

Arbitration Matter - M/s NAKS Creators and M/s Anant Solutions

The Company has terminated the contract with its erstwhile Licensee M/s Naks Creators as per terms of the License agreements. Subsequently, Company has awarded the Contract for Lease of Advertisement space to another Company at a much higher price. Pursuant to the termination of Contract, M/s Naks Creators have filed and application in Honble Delhi High Court, who in turn have directed for settlement of matter by means of Arbitration, a method prescribed under the Contract. On April 12, 2023 hearing have been completed and both parties have submitted their claims and counter claims.

The Ld. Arbitral Tribunal vide order dated 03.03.2023 had: (a) dismissed the Claimants prayer seeking an injunction on the termination of the License Agreements; and (b) directed NTBCL to submit a fixed deposit of INR 5 crores with the Arbitral Tribunal as security in the event an adverse award was passed against NTBCL.

On a limited appeal filed by NTBCL against the direction to make a deposit, the Honble Delhi High Court vide order dated April 12, 2023 (Arb. A (COMM) 8 of 2023) granted an interim stay in favour of NTBCL. The next date of hearing is October 16, 2023.

Another application filed by Claimants under Section 17 of the Arbitration Act seeking stay on encashment of Bank Guarantee dated 1.06.2018 was dismissed as withdrawn vide order dated April 19, 2023, since the Ld. Arbitral Tribunal was not inclined to stay the said encashment.

Other applications filed/proceedings initiated by Company before Honble Supreme Court qua the Arbitration Proceedings and/or seeking interim operational reliefs

On October 4, 2021 the Company filed an I.A. No. 129188 of 2021 seeking direction for status quo to be maintained with respect to display of outdoor advertisement along the DND Flyway and preclude them for taking coercive action to remove/ adversely affect the advertisement. On 28.10.2021, the SLP No. 33403/2016 along with the I.A. No. 129188/2021 (against illegal action of NOIDA on demounting of display) was mentioned to be heard urgently, and the full matter be also heard expeditiously. The Honble Court indicated that it will take up the matter post-Diwali vacations, and since the matter was tentatively showing as being listed on 09.11.2021, the Honble Court directed that it will not be deleted from the list of matters for 09.11.2021.

Subsequently, on 19.01.2022, I.A. No. 129188/2021 was disposed off by the Honble Court with the direction that the applicant/ NTBCL shall be permitted to put up outdoor advertisements on payment of Rs. 125/- per square feet per month in advance subject to the outcome of the SLP.

Resolution process of IL&FS and its Group Companies

Pursuant to the proceedings filed by the Union of India under Sections 241 and 242 of the Companies Act, 2013, the National Company Law Tribunal, Mumbai Bench ("NCLT"), by way of an Order dated October 1, 2018, suspended the erstwhile Board of Directors of Infrastructure Leasing & Financial Services Limited ("IL&FS") and re-constituted the same with persons proposed by the Union of India (such reconstituted Board, referred to as the "New Board"). The National Company Law Appellate Tribunal ("NCLAT") by way of its order on October 15, 2018 ("Interim Order") in the Company Appeal (AT) 346 of 2018, after taking into consideration the nature of the case, larger public interest and economy of the nation and interest of IL&FS and its group companies (including NTBCL) has stayed certain coercive and precipitate actions against IL&FS and its group companies including NTBCL. IL&FS and its group companies are currently undergoing resolution process under the aegis of the NCLAT and NCLT which will impact the going concern status of the Company. Moreover, NCLT, Mumbai Bench vide its Order dated April 26, 2019 has also granted exemption to IL&FS and its Group Companies including NTBCL, regarding appointment of Independent Directors and Women Directors. Further, the Honble NCLAT vide its Order dated March 12, 2020 has approved the revised Resolution Framework submitted by New Board alongwith its amendments. In the said Order, Honble NCLAT has also approved October 15, 2018 as the Cut-off date for initiation for Resolution Process of IL&FS and its Group Companies. Accordingly, the Company has not accrued any interest on all its loans and borrowings with effect from October 15, 2018 ("Cut-off date").

AUDITORS AND REPORT OF THE AUDITORS

(a) Statutory Auditors

Messrs N. M. Raiji & Co., Chartered Accountants (ICAI FRN 108296W) were appointed as Statutory Auditors of the Company for a period of five consecutive years at the Annual General Meeting ("AGM") of the Members of the Company held on September 30, 2022 to hold office from the conclusion of the 26^th AGM of the Company till the conclusion of the 31^st AGM at a remuneration mutually agreed upon by the Board of Directors and the Statutory Auditors.

The Statutory Auditors Report forms part of the Annual Report. The Statutory Auditors report does not contain any qualification, reservation or adverse remark for the year under review. However, the Auditors contains a matter of emphasis as detailed in the Independent Auditors Report. There was no instance of fraud during the year under review, which required the Statutory Auditors to report to the Audit Committee and / or Board under Section 143(12) of Act and Rules framed thereunder. The Statutory Auditors were present in the last AGM.

(b) Cost Auditor

Pursuant to Section 148 of the Companies Act, 2013 and the Companies (Cost Records and Audit) Rules, 2014 framed there under, the Company is not required to appoint the Cost Auditors for FY 2022-23.

(c) Secretarial Auditor

Pursuant to the provisions of Section 204 of the Act and rules made thereunder, the Company had appointed M/s Kumar Wadhwa & Co., Company Secretaries (C. P. No. 7027) to undertake the Secretarial Audit of the Company and its Material Subsidiary for the FY 2022-23. The Secretarial Audit Report is annexed as Annexure-V and forms an integral part of this Report. The Secretarial Auditor has not expressed any qualification in their Secretarial Audit Report for the year under review. The Secretarial Audit Report of Material Subsidiary of the Company is annexed as Annexure VA.

Pursuant to Regulation 24A of Listing Regulations read with SEBI Circular No. CIR/CFD/CMD1/27/2019 dated February 08, 2019, the Annual Secretarial Compliance Report of the Company is uploaded on the website of the Company at https://www.ntbcl.com. The Secretarial Audit Report and Secretarial Compliance Report for FY 2022-23, do not contain any qualification, reservation, or adverse remark.

The Board of Directors at their meeting held on February 14, 2023 has appointed M/s Kumar Wadhwa & Co., Company Secretaries, (ICSI unique code-P2014DE036600) as the Secretarial Auditor for FY 2022-23.

M/s Kumar Wadhwa & Co. observed the followings: The Company has not complied with the regulation 17, 18, 19, 20 and 25 of SEBI (Listing Obligation and Disclosure Requirements) 2015, along with section 149, 177 and 178 of the Companies Act, 2013, in respect of composition of Board of Directors, Audit Committee,

Nomination and Remuneration Committee, Stakeholder Relationship Committee due to non-appointment of Independent Directors and Woman Director.

The constitution of Board of Directors of the Company was not in conformity with the provisions of the Companies Act and Listing Regulations. NCLT, Mumbai Bench vide its Order dated April 26, 2019 has granted exemption to IL&FS and its Group Companies including NTBCL, regarding appointment of Independent Directors and Women Directors. With this order, provisions of the Act and Listing Regulations are deemed to be complied with till the end of the moratorium period i.e. next date of further order in this regard.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an effective internal control which is constantly assessed and areas of improvement are identified and gaps filled. The Companys internal control system is commensurate with its size, scale and complexities of its operations. The internal audit for the year under review was entrusted to M/s Thakur Vaidyanath Aiyer & Co., Chartered Accountants.

The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of the internal control systems and suggests improvements to strengthen the same. The Audit Committee of the Board of Directors, Statutory Auditors and the Business Heads are periodically apprised of the Internal Audit findings and corrective actions taken. Audit plays a key role in providing assurance to the Board of Directors. Significant audit observations and corrective actions taken by the management are presented to the Audit Committee of the Board. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee.

REPORTING OF FRAUDS

There was no instance of fraud during the year under review, which required the Statutory Auditors to report to the Audit Committee and / or Board under Section 143(12) of Act and Rules framed thereunder.

VIGIL MECHANISM /WHISTLE BLOWER POLICY

The Company has a Whistle Blower Policy to report genuine concerns or grievances and to provide adequate safeguards against victimization of persons who may use such mechanism. The Whistle Blower Policy provides details for direct access to the Chairman of the Audit Committee. The policy has been posted on the website of the Company at www.ntbcl.com. The Company has not received any complaints under this policy during the year under review.

MANAGERIAL REMUNERATION POLICY

In terms of the provisions of Section 178 of the Companies Act, 2013 read with Rules made thereunder and Regulation 19 of Listing Regulations, the Board of Directors of the Company had framed Managerial Remuneration Policy which includes the criteria for determining qualifications, positive attributes, independence of directors and other matters as specified under Section 178(3) of the Companies Act, 2013 and Regulation 19 read with Part D of Schedule II of Listing Regulations. The policy is available on the website of the Company at www.ntbcl.com.

CORPORATE SOCIAL RESPONSIBILITY

In accordance with the provisions of the Companies Act 2013 read with Rules made thereunder, the Company was not required to make any CSR contribution for the Financial Year 2022-23.

The Report on CSR activities as required under the Companies (CSR Policy) Rules, 2014 along with the brief outline of the CSR policy is annexed as Annexure ‘IV and forms an integral part of this Report. The Policy has been uploaded on Companys website at www.ntbcl.com.

ENVIRONMENT, HEALTH AND SAFETY

The Company is conscious of the importance of environmentally clean and safe operations. The Companys policy requires conduct of operations in such a manner so as to ensure safety of all concerned, compliances of environmental regulations and preservation of natural resources.

DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013

In compliance of provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules framed thereunder, the Company has formulated and implemented a policy on prevention, prohibition and redressal of complaints related to sexual harassment of women at the workplace.

The Company is committed to providing a safe and conducive work environment to all its employees and associates. All women employees either permanent, temporary or contractual are covered under this policy. The said policy has been circulated to all employees of the Company for their information. An Internal Complaint Committee (ICC) has been set up in compliance with the POSH Act. During the year under review, there were no cases were reported to the Board under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

The Company considers its employees the most valuable resource and ensures the strategic alignment of HR practices to business priorities and objectives. The Company strongly believes in fostering a culture of trust and mutual respect amongst its employees and seeks to ensure that values and ethos are understood by everyone and are the reference point in all people matters.

BUSINESS RESPONSIBILITY REPORT

The Business Responsibility Report as required by Regulation 34(2) of the Listing Regulations is not applicable to the Company for the year under review.

INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

A detailed disclosure with regard to the IEPF-related activities undertaken by your Company during the year under review forms part of the Report on Corporate Governance.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Since the Company does not own any manufacturing facility, there is nothing to report under the Energy Conservation and Technology Absorption particulars pursuant to Section 134(3)(m) of the Act, read with the Rules 8(3) of the Companies (Accounts) Rules, 2014.

The Company has neither earned nor spent any foreign exchange during the year under review.

OTHER STATUTORY DISCLOSURES

The Disclosure required under Section 197(12) of the Act read with the Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed as Annexure-VI and forms an integral part of this Report.

A statement comprising the names of top 10 employees in terms of remuneration drawn and every person employed throughout the year, who were in receipt of remuneration in terms of Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and forms an integral part of this annual report. The same is not being sent along with this annual report to the members of the Company in line with the provisions of Section 136 of the Act. Members who are interested in obtaining these particulars may write to the Company Secretary at the Registered Office of the Company or send an email at ntbcl@ntbcl.com. The aforesaid Annexure is also available for inspection by Members at the Registered Office of the Company, 21 days before and up to the date of the ensuing Annual General Meeting during the business hours on working days.

None of the employees listed in the said Annexure is a relative of any Director of the Company. None of the employees hold (by himself or along with his spouse and dependent children) more than two percent of the Equity Shares of the Company.

FIXED DEPOSITS

The Company has not accepted any Deposits within the meaning of Section 73 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014 as amended, during the year under review.

COMPLIANCE WITH SECRETARIAL STANDARDS

During the year under review, your Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There was no material change and commitment which materially affect the financial position of the Company occurred between the financial year ended on March 31, 2023 and the date of this report.

EMPLOYEE STOCK OPTION PLANS

The Company has two employees stock option plans viz. ESOP 2004 and ESOP 2005.

During the year, the Company has not granted any stock options. All stock options granted in the past have been exercised, allotted or have lapsed.

No options have been granted under ESOP 2005 so far and Options under ESOP 2004 were granted as per the pricing formula approved by the shareholders.

CAUTIONARY STATEMENT

Statements in this Directors Report and Management Discussion and Analysis Report describing the Companys objectives, projections, estimates, expectations or predictions may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make difference to the Companys operations include changes in Government regulations, Tax regimes, economic developments within India and other ancillary factors.

ACKNOWLEDGEMENT

Your Directors thank the Government of India, the State Governments, local municipal corporations and various regulatory authorities for their co-operation and support to facilitate ease in doing business..

Your Directors also wish to thank its customers, business associates, suppliers, investors and bankers for their continued support and faith reposed in the Company.

Your Directors wish to place on record deep appreciation, for the contribution made by the employees at all levels for their hard work, commitment and dedication towards the Company. Their enthusiasm and untiring efforts have enabled the Company to scale new heights.

For and on behalf of the Board of Directors of

Noida Toll Bridge Company Limited

Nand Kishore

Chairman

DIN : 08267502

Date: August 29, 2023