Oberoi Realty Ltd Directors Report

To

The Members,

Oberoi Realty Limited

Your Directors have pleasure in presenting the 26th Annual Report of the Company on the business and operations of the Company, together with the Audited Financial Statements for the year ended March 31, 2024.

Financial Results

The CompanyRss performance during the financial year ended March 31,2024 as compared to the previous financial year is summarized below:

Particulars	CONSOLIDATED		STANDALONE
	2023-24	2022-23	2023-24	2022-23*
Revenue from operations	4,49,578.53	4,19,258.18	3,30,215.94	3,24,005.88
Other income	32,298.42	10,062.18	31,803.96	1,22,110.47
Total revenue	4,81,876.95	4,29,320.36	3,62,019.90	4,46,116.35
Expenses	2,35,188.48	2,28,972.85	1,73,371.31	1,73,492.96
Profit before share of profit of joint venture (net)	2,46,688.47	2,00,347.51	1,88,648.59	2,72,623.39
Share of Profit/(Loss) of joint ventures (net)	885.06	22,040.57	-	-
Profit before tax	2,47,573.53	2,22,388.08	1,88,648.59	2,72,623.39
Tax expenses	54,913.16	31,933.37	40,920.14	39,362.91
Other comprehensive income (net of tax)	(142.97)	(61.66)	(126.27)	(58.26)
Total comprehensive income for the year	1,92,517.40	1,90,393.05	1,47,602.18	2,33,202.22

restated pursuant to merger. Kindly refer the heading RsCorporate RestructuringRs for more details.

CORPORATE RESTRUCTURING

During FY2022-23, the Board of Directors of your Company had approved the Scheme of Amalgamation of four wholly owned subsidiaries viz. Oberoi Constructions Limited ("OCL"), Oberoi Mall Limited ("OML"), Evenstar Hotels Private Limited ("EHPL"), Incline Realty Private Limited ("IRPL") with Oberoi Realty Limited ("ORL"), and their respective shareholders pursuant to provision of Section 230 to 232 and other applicable provisions of Companies Act, 2013.

However, due to commercial and regulatory reasons IRPL exited from the Scheme of Amalgamation and the revised Scheme of Amalgamation of OCL, OML, and EHPL (collectively "the Transferor Companies") with ORL and their respective shareholders ("Scheme") was approved by the Board of Directors of your Company at its meeting held on July 31, 2023.

The HonRsble National Company Law Tribunal, Mumbai ("NCLT") has vide its order dated February 28, 2024 ("Order") approved the Scheme. The Appointed Date for the Scheme is April 1, 2022. The Scheme has come into effect from March 29, 2024

i.e. the Effective Date.

Also, in terms of the Scheme, the authorized share capital of the Company automatically stands increased by the aggregate of authorized share capital of the Transferor Companies. Accordingly, the authorized share capital of the Company has increased from Rs 425,00,00,000 (Rupees Four Hundred and Twenty Five Crore only) comprised of 42,50,00,000 (Forty Two Crore Fifty Lakh only) equity shares of Rs 10 (Rupees Ten) each to

Rs 430,75,00,000 (Rupees Four Hundred Thirty Crore Seventy Five Lakhs Only) divided into 43,07,50,000 (Forty Three Crore Seven Lakh Fifty Thousand Only) equity shares of Rs 10 (Rupees Ten) each, and the relevant Capital clause of the Memorandum of Association of the Company stands suitably substituted.

Since the Transferor Companies were wholly owned subsidiaries of the Transferee Company, upon the Scheme becoming effective no shares of the Company have been allotted in lieu or exchange of the holding of equity shares in the Transferor Companies, and accordingly there is no change in the issued, subscribed, and paid-up share capital of the Company pursuant to the Scheme coming into effect.

NATURE OF BUSINESS

The Company is primarily engaged in the activities of Real Estate development and hospitality. The Company develops residential, commercial, hospitality, retail and social infrastructure projects. There was no change in nature of the business of the Company, during the year under review.

FINANCIAL PERFORMANCE

Consolidated Financials

During the year under review, your CompanyRss consolidated total revenue stood at Rs 4,81,876.95 lakh as compared to Rs 4,29,320.36 lakh for the previous year, representing an

increase of 12.24%; profit before tax stood at Rs 2,47,573.53 lakh for the year under review as compared to Rs 2,22,388.08 lakh for the previous year representing an increase of 11.32%; and the total comprehensive income stood at Rs 1,92,517.40 lakh as compared to Rs 1,90,393.05 lakh for the previous year representing an increase of 1.12%.

Standalone Financials

During the year under review, the total revenue stood at Rs 3,62,019.90 lakh as compared to Rs 4,46,116.35 lakh for the previous year representing a decrease of 18.85%; profit before tax stood at Rs 1,88,648.59 lakh for the year under review as compared to Rs 2,72,623.39 lakh for the previous year representing a decrease of 30.80%; and the total comprehensive income stood at Rs 1,47,602.18 lakh as compared to Rs 2,33,202.22 lakh for the previous year representing a decrease of 36.71%.

REPORT ON PERFORMANCE AND FINANCIAL POSITION OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES

The performance and financial position of each of the subsidiaries, associates and joint venture companies for the year ended March 31, 2024 is attached to the financial statements hereto.

No Company become subsidiary, associate or JV during the year under review.

During the year under review:

1. Your Company has divested its entire stake (31.67%) in Sangam City Township Private Limited, a joint venture of the Company, on October 26, 2023.

2. Sight Realty Private Limited (a wholly owned subsidiary of your Company) divested its entire stake (33%) in Metropark Infratech and Realty Developments Private Limited (a step down joint venture), on October 31, 2023.

3. Oberoi Constructions Limited (a wholly owned subsidiary of your Company) divested its entire stake (50%) in Siddhivinayak Realties Private Limited (a step down joint venture) on March 28, 2024.

Also, pursuant to the Order of the NCLT approving the Scheme as detailed under the head RsCorporate RestructuringRs, OCL, OML, and EHPL stands dissolved without winding up w.e.f. March 29, 2024 being the Effective Date of the Scheme.

Also, consequent to the Scheme, the partnership interest that was held by OCL in following Limited Liability Partnerships was transferred to Oberoi Realty Limited w.e.f. the Effective Date (i.e. March 29, 2024). Post such transfer the partnership interest in the said Limited Liability Partnership stood as under:

S r. Name of	Name of partners and their
No. Limited Liability Partnership	partnership interest
1 Astir Realty LLP	ORL: 99%
	Kingston Property Services Limited ("KPSL"), a wholly owned subsidiary of ORL: 1%
2 Buoyant Realty LLP	ORL: 99%
	KPSL: 1%
3 Pursuit Realty LLP	ORL: 2%
	Integrus Realty Private Limited, a wholly owned subsidiary of ORL: 98%

Also consequent to the Scheme of Amalgamation as stated above, ORL became partner in RsZACO AviationRs, an association of persons, in place and stead of OCL w.e.f. the Effective Date.

TRANSFER TO RESERVES

It is not proposed to transfer any amount to reserves out of the profits earned during FY 2023-24.

DIVIDEND

Taking into consideration the stable performance of your Company and in recognition of the trust in the management by the members of the Company, your Directors had declared three interim dividends of Rs 2 each, thus aggregating to Rs 6 per share on the equity shares of Rs10 each for FY 2023-24. Also your Directors are pleased to recommend a final dividend for FY 2023-24 at the rate of Rs 2 per equity share, i.e. (20%) on the equity shares of the Company. Thus the total dividend on equity shares of the Company for FY 2023-24 is Rs 8 (Rupees Eight only) i.e. 80% as compared to dividend of Rs 4 per equity shares (40%) in the previous year.

DEPOSITS

During the year under review, your Company neither accepted any deposits nor there were any amounts outstanding at the beginning of the year which were classified as RsDepositsRs in terms of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014 and hence, the requirement for furnishing of details of deposits which are not in compliance with the Chapter V of the Companies Act, 2013 is not applicable.

DISCLOSURE W.R.T. MATERIAL CHANGES AND COMMITMENTS

Except as disclosed elsewhere in this report, no material changes and commitments which could affect the CompanyRss financial position, have occurred between the end of the financial year of the Company and date of this report.

INTERNAL FINANCIAL CONTROLS

The Internal Financial Controls with reference to financial statements as designed and implemented by the Company are adequate. During the year under review, no material or serious observation has been received from the Statutory Auditors and the Internal Auditors of the Company on the inefficiency or inadequacy of such controls.

INTERNAL CONTROL SYSTEMS

Adequate internal control systems commensurate with the nature of the CompanyRss business, size and complexity of its operations are in place and have been operating satisfactorily. Internal control systems comprising of policies and procedures are designed to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedure, applicable laws and regulations. Internal control systems are designed to ensure that all assets and resources are acquired economically, used efficiently and adequately protected.

DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL

No significant and material orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern status and the CompanyRss operations in future. There are no proceedings initiated/pending against the Company under the Insolvency and Bankruptcy Code, 2016.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All the transactions/ contracts/ arrangements of the nature as specified in Section 188(1) of the Companies Act, 2013 entered by the Company during the year under review with related party(ies) are in ordinary course of business and on armRss length.

Kindly refer the financial statements for the transactions with related parties entered during the year under review.

PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS UNDER SECTION 186

Kindly refer the financial statements for the loans, guarantees and investments given/made by the Company as on March 31, 2024.

NON-CONVERTIBLE DEBENTURES

In FY 2021-22 your Company raised an aggregate amount of Rs 1,00,000 lakh by way of issue of listed, secured, rated, redeemable, non-convertible debentures on private placement basis, and the entire Issue proceeds were utilized towards the objects of the Issue in FY 2021-22 itself.

During the year under review, out of the said debentures, your Company has redeemed entire Series I (of Rs 25,000 lakh) and part redeemed an amount of Rs 33,600 lakh from Series II debentures (of Rs 35,000 lakh) by way of face value reduction. Consequent to the said redemption, non-convertible debentures of face value of Rs 41,400 lakh are outstanding as on March 31, 2024.

Axis Trustee Services Limited is the debenture trustee for the above non-convertible debentures issued by the Company. Their contacts details are given under the Corporate Governance Section of the Annual Report.

DISCLOSURE RELATING TO EQUITY SHARES WITH DIFFERENTIAL RIGHTS

The Company has not issued any equity shares with differential rights during the year under review and hence no information as per provisions of Rule 4(4) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

DISCLOSURE RELATING TO SWEAT EQUITY SHARES

The Company has not issued any sweat equity shares during the year under review and hence no information as per provisions of Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

DISCLOSURE RELATING TO EMPLOYEE STOCK OPTION SCHEME AND EMPLOYEE STOCK PURCHASE SCHEME

During the year under review there were no instances of grant, vest, exercise, or lapse/ cancellation of employee stock option scheme under the Employee Stock Option Scheme of the Company. Also, as at the beginning of the year, there were no outstanding options granted. Hence, no disclosure in terms of Companies (Share Capital and Debenture) Rules, 2014 and SEBI (Employee Share Based Employee Benefits) Regulations, 2014 are required.

DISCLOSURE IN RESPECT OF VOTING RIGHTS NOT DIRECTLY EXERCISED BY EMPLOYEES

There are no shares held by trustees for the benefit of employees and hence no disclosure under Rule 16(4) of the Companies (Share Capital and Debentures) Rules, 2014 has been furnished.

MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL

Board of Directors and Key Managerial Personnel

At the last Annual General Meeting held an June 28,2023, Mr. Vikas Oberoi who was liable to retire by rotation, and being eligible was reappointed as a Director of the Company.

Ms. Bindu Oberoi is liable to retire by rotation at the 26th Annual General Meeting in terms of Section 152 read with Section 149(13) of the Companies Act, 2013, and has offered herself for reappointment.

Also, the Board of Directors has appointed Mr. Anil Harish (DIN: 00001685) and Mr. Prafulla Chhajed (DIN: 03544734) as Independent (Additional) Director w.e.f. April 1, 2024 and May 14, 2024 respectively and in terms of Section 161(1) of the Companies Act, 2013 they shall hold the office of Additional Directors upto the date of ensuing Annual General Meeting. The Board of Directors of your Company has reappointed Ms. Tina Trikha as an Independent Director of the Company for the successive second term of 5 years from April 12, 2024 to April 1 1, 2029. The Board of Directors has received notices from members under Section 160(1) of the Companies Act, 2013 proposing the candidatures of said Independent Directors for the offices of Independent Directors of the Company. The Nomination and Remuneration Committee, and the Board of Directors has also recommended their appointment as Independent Directors of the Company.

The current term of Mr. Vikas Oberoi as Managing Director of the Company expires on December 3, 2024. The Board of Directors has approved his reappointment as the Managing Director of the Company for a further period of 5 years from December 4, 2024 till December 3, 2029, subject to approval of the shareholders of the Company.

Also, the Board of Directors has approved the reappointment of Mr. Saumil Daru as Director - Finance for a period of 5 years with effect from May 10, 2024 till May 9, 2029, subject to approval of the shareholders of the Company.

The resolutions for the above appointment/ reappointment of Directors are incorporated in the Notice of the ensuing Annual General Meeting. The brief profile and other information as required under Regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") relating to the Directors proposed to be appointed/ reappointed forms part of the Notice of ensuing Annual General Meeting.

Save and except the above there was no change in the composition of Board of Directors and the Key Managerial Personnel during the year under review.

The second term of 5 consecutive years of Mr. T.P. Ostwal (DIN: 00821268) and Mr. Venkatesh Mysore (DIN: 01401447), as the Independent Directors of the Company shall expire on August 26, 2024, resulting in them vacating the office of director of the Company from that date. The Board places on record its appreciation for the guidance and support provided by Mr. T.P. Ostwal and Mr. Venkatesh Mysore during their association with the Company.

In the opinion of the Board, all the Directors possess the requisite qualifications, experience, and expertise and hold high standards of integrity.

Declarations by Independent Directors

Pursuant to the provisions of sub-section (7) of Section 149 of the Companies Act, 2013, the Company has received individual declarations from all the Independent Directors confirming that they fulfill the criteria of independence as specified in Section 149(6) of the Companies Act, 2013.

All those Independent Directors who are required to undertake the online proficiency self-assessment test as contemplated under Rule 6(4) of the Companies (Appointment and Qualification of Directors) Rules, 2014, have passed such test.

DISCLOSURE RELATED TO BOARD, COMMITTEES AND POLICIES

Board Meetings

The Board of Directors met 5 times during the financial year ended March 31, 2024 in accordance with the provisions of the Companies Act, 2013 and rules made there under. All the Directors actively participated in the meetings and provided

their valuable inputs on the matters brought before the Board of Directors from time to time. Additionally, on February 23, 2024, the Independent Directors held a separate meeting in compliance with the requirements of Schedule IV of the Companies Act, 2013 and the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

DirectorRss Responsibility Statement

In terms of Section 134(5) of the Companies Act, 2013, in relation to the audited financial statements of the Company for the year ended March 31, 2024, the Board of Directors hereby confirms that:

(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanations relating to material departures, wherever applicable;

(b) such accounting policies have been selected and applied consistently and the Directors 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, 2024 and of the profits of the Company for the year ended on that date;

(c) proper and sufficient care was taken 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;

(d) the annual accounts of the Company have been prepared on a going concern basis;

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

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

Nomination and Remuneration Committee

A Nomination and Remuneration Committee is in existence in accordance with the provisions of sub-section (1) of Section 178 of the Companies Act, 2013. Kindly refer section on Corporate Governance, for matters relating to constitution, meetings, functions of the Committee; and the remuneration policy formulated by this Committee.

Audit Committee

An Audit Committee is in existence in accordance with the provisions of Section 177 of the Companies Act, 2013. Kindly refer section on Corporate Governance, for matters relating to constitution, meetings and functions of this Committee.

Corporate Social Responsibility Committee

A committee to deal with the matters relating to Corporate Social Responsiblity is in existence in accordance with the Section 135 of the Companies Act, 2013.

For details of the composition, meetings, and functions of the Committee, the CSR policy and other relevant details that are required to be disclosed under the provisions of Section 134(3)(o) of the Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014, kindly refer Annexure I attached herewith and which forms part of this report and also the section on Corporate Governance.

Other Board Committees

For details of other board committees, kindly refer the section on Corporate Governance.

Vigil Mechanism for the Directors and Employees

In compliance with the provisions of Section 177(9) of the Companies Act, 2013, the Board of Directors of the Company has framed the "Whistle Blower Policy" as the vigil mechanism for Directors and employees of the Company.

In compliance with the provisions of Section 177(9) of the Companies Act, 2013, the Board of Directors of the Company has framed the "Whistle Blower Policy" as the vigil mechanism for Directors and employees of the Company. The Whistle Blower Policy is disclosed on the website of Company.

Fraud Reporting

During the year under review, no instances of fraud were reported by the Auditors of the Company.

Risk Management Policy

The Board of Directors of the Company has put in place a Risk Management Policy which aims at enhancing shareholdersRs value and providing an optimum risk-reward tradeoff. The risk management approach is based on a clear understanding of the variety of risks that the organization faces, disciplined risk monitoring and measurement and continuous risk assessment and mitigation measures.

Annual Evaluation of Directors, Committee and Board

The Nomination and Remuneration Committee of the Board has formulated a Performance Evaluation Framework, under which the Committee has identified criteria upon which every Director, every Committee, and the Board as a whole shall be evaluated. During the year under review the said evaluation had been carried out.

Particulars of Employees and Remuneration

Disclosure with respect to the remuneration of Directors and employees as required under Section 197 of the Companies Act and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 has been provided in Annexure II attached herewith and forms part of this Report. The information required pursuant to Section 197 of the Companies Act read with Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is provided in a separate exhibit which is available on the website of the Company https://www. oberoirealty.com. under the section RsInvestor CornerRs, RsNotices/ OthersRs and is also available for inspection by the Members up to the date of the ensuing Annual General Meeting.

Payment of remuneration/commission to Executive Directors from holding or subsidiary companies

Neither of the Managing Director, nor the Whole Time Director of the Company are in receipt of remuneration/ commission from any subsidiary company of the Company. The Company has no holding company.

AUDITORS AND THEIR REPORTS

The matters related to Auditors and their Reports are as under:

Observation of statutory auditors on financial statements for the year ended March 31, 2024

The auditors report does not contain any qualification, reservation or adverse remark or disclaimer or modified opinion.

Secretarial Audit report for the year ended March 31, 2024

As required under provisions of Section 204 of the Companies Act, 2013 and pursuant to Regulation 24A of Listing Regulations, the reports in respect of the Secretarial Audit for FY 2023-24 carried out by M/s. Rathi and Associates, Company Secretaries, in Form MR-3 forms part to this report. Also, the Secretarial Audit Reports for FY 2023-24 in Form MR-3 in respect of Incline Realty Private Limited, the material unlisted subsidiary of your Company, form part of this report. The said report does not contain any adverse observation or qualification or modified opinion.

Statutory AuditorsRs appointment

The members of the Company at the 24th Annual General Meeting held on July 15, 2022 reappointed S R B C & Co LLP, Chartered Accountant (Firm registration No. 324982E/E300003) as the Statutory Auditors of the Company to hold office for the second term of 5 consecutive years i.e. from the conclusion of the 24th Annual General Meeting till the conclusion of the 29th Annual General Meeting to be held in the year 2027.

Cost Auditors

In respect of FY 2023-24, your Company is required to maintain cost records as specified by the Central Government under Section 148(1) of the Companies Act, 2013 for the Construction industry, and accordingly such accounts and records are made and maintained by your Company.

The said cost accounts and records are also required to be audited pursuant to the provisions of Section 148 of the Companies Act, 2013, read with notifications/ circulars issued by the Ministry of Corporate Affairs from time to time, and accordingly as per the recommendation of the Audit Committee, the Board of Directors has appointed M/s. Kishore Bhatia & Associates, Cost Accountants, as the Cost Auditors of the Company for FY 202324. The resolution for ratification of the remuneration to be paid for the said appointment for FY 2023-24 is included in the notice of the ensuing Annual General Meeting, which may kindly be referred for more details.

In respect of FY 2024-25, the Board based on the recommendation of the Audit Committee has approved the appointment of M/s. Kishore Bhatia & Associates, Cost Accountants, as the cost auditors of the Company. The resolution for ratification of the remuneration to be paid for the said appointment for FY 2024-25 is included in the notice of the ensuing Annual General Meeting.

OTHER DISCLOSURES

Other disclosure as per provisions of Section 134 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 are furnished as under:

Annual Return

Pursuant to the provisions of Section 134(3)(a) of the Companies Act, 2013, the Annual Return for the financial year ended March 31, 2024 is available on the website of the Company at https://www.oberoirealty.com. under the section RsInvestor CornerRs, RsNotices/ Others

Insolvency and Bankruptcy Code, 2016

There are no proceedings initiated/ pending against the Company under the Insolvency and Bankruptcy Code, 2016.

Details of difference between amount of the valuation done at the time of one time settlement and the valuation done while taking loan from the banks or financial institutions along with the reasons thereof

During the financial year under review, there were no instances of one-time settlement with any bank or financial institution.

Disclosures in terms of SEBI circular no. SEBI/ HO/DDHS/DDHS-POD1 /P/CIR/2023/172 dated October 19, 2023

The fund requirements of the business during FY 2022-23 (being the year in which atleast 25% of the incremental borrowings could not be done by way of issuance of debt securities) were predominantly in the nature of working capital requirements, for which the debenture/ bond structure is not feasible. Hence in respect of the said year atleast 25% of the incremental borrowings could not be done by way of issuance of debt securities.

Conservation of energy, technology absorption and foreign exchange earnings and outgo

The particulars as required under the provisions of Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 in respect of conservation of energy and technology absorption have not been furnished considering the nature of activities undertaken by the Company during the year under review.

The details of foreign exchange earnings and outgo during the year under review is as under:

Value of Imports (on C. I. F. Basis)

Particulars	2023-24	2022-23*
Materials	761.05	940.01
Capital Goods	615.91	38.80

Expenditure in Foreign currency (on payment basis)

Particulars	2023-24	2022-23*
Foreign Travel	9.29	25.52
Professional Fees	784.86	389.20
Others	118.77	1,693.60

Earnings in Foreign currency (on receipts basis)

Particulars	2023-24	2022-23*
Sale of residential units	69.70	-
Hospitality services	5,964.49	4,957.65

*restated pursuant to merger.

Compliance with Secretarial Standards

The Company is in compliance with the mandatory Secretarial Standards.

Unclaimed and Unpaid Dividends, and transfer of shares to IEPF

Kindly refer section on Corporate Governance, under head RsUnclaimed and Unpaid Dividends, and transfer to Shares of IEPFRs for the amounts of unclaimed and unpaid dividends lying with the Company.

Members who have not yet received/ claimed their dividend entitlements are requested to contact the Company or the Registrar and Transfer Agent of the Company.

Pursuant to Section 124 of the Companies Act, 2013 read with the Investor Education Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("Rules"), all dividends remaining unpaid or unclaimed for a period of 7 years and also the shares in respect of which the dividend has not been claimed by the shareholders for 7 consecutive years or more are required to be transferred to Investor Education Protection Fund (IEPF) in accordance with the procedure prescribed in the Rules. Accordingly, during FY 2023-24, the Company has transferred to IEPF the unclaimed and unpaid dividend pertaining to FY 2015-16 of Rs 42,314 and also 111 shares in respect of which shares the dividend had not been claimed by the shareholders for 7 consecutive years. The details of the dividend amount and shares so transferred are available on the website of Company.

Members can claim from IEPF Authority their dividend entitlements and/ or shares transferred to IEPF by following the required procedure.

Service of documents through electronic means

Subject to the applicable provisions of the Companies Act, 2013, and applicable law, all documents, including the Notice and Annual Report shall be sent through electronic transmission

in respect of members whose email IDs are registered in their demat account or are otherwise provided by the members. A member shall be entitled to request for physical copy of any such documents.

Internal Complaint Committee

The Company has complied with the provisions relating to the constitution of Internal Complaint Committee ("ICC") as required under The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 [14 of 2013]. The Company is strongly opposed to sexual harassment and employees are made aware about the consequences of such acts and about the constitution of ICC.

During the year under review, 1 complaint was filed with the ICC under the provisions of the said Act, which is pending disposal at the end of year. There were no complaints outstanding as at the beginning of the year.

Corporate Governance

The report on Corporate Governance and also the report of the ICC Statutory Auditors regarding compliance with the conditions of Corporate Governance have been furnished in the Annual Report and forms a part of the Annual Report.

Management Discussion and Analysis Report

The Management Discussion and Analysis report has been separately furnished in the Annual Report and forms a part of the Annual Report.

Business Responsibility and Sustainability Reporting

In compliance with the Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circulars issued from time to time, the Business Responsibility and Sustainability Reporting for the financial year ended March 31, 2024 has been separately furnished in the Annual Report and forms a part of the Annual Report.

Dividend Distribution Policy

In compliance with the Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Dividend Distribution Policy formulated by the Company is available on the website of the Company.

ACKNOWLEDGEMENTS AND APPRECIATION:

Your Directors take this opportunity to thank the employees, customers, suppliers, bankers, business partners/ associates, financial institutions and various regulatory authorities for their consistent support/ encouragement to the Company.

Your Directors would also like to thank the Members for reposing their confidence and faith in the Company and its Management.