Orissa Sponge Iron & Steel Ltd Directors Report

To

The Members,

The Board of Directors of Orissa Sponge Iron & Steel Limited (the Company) is pleased to present their 46th Annual Report of the Company for the financial year ended March 31, 2026. A brief summary of the Companys performance is given below:

Financial Results

Particulars	31.03.2026	31.03.2025
Revenue from operations	55,034.91	45,780.58
Other Income	127.61	536.73
Total Income	55,162.52	46,317.31
Expenses (including depreciation & amortization)	56,281.73	46,661.34
Profit before exceptional items and tax	(1,119.21)	(344.03)
Exceptional Items	-	812.23
Profit / (Loss) before tax	(1,119.21)	468.20
Profit / (Loss) after tax	(1,119.21)	468.20
Surplus (Deficit) brought forward from previous year	(1,02,353.97)	(1,02,822.17)
Surplus (Deficit) carried forward to next year	(1,03,473.18)	(1,02,353.98)

State of Affairs & Operations

During the fiscal year 2025-26, the Company reported revenue from operations of Rs. 55,034.91 lakh and incurred a loss of Rs. 1,119.21 lakh. Despite the plant having remained shut for the decade, the Company has demonstrated resilience and perseverance in navigating various challenges and adverse market conditions. In response to the challenging business environment, the Company continued to focus on operational efficiency and implemented strategic initiatives aimed at optimising available resources. These efforts have enabled the Company to maintain a positive outlook and remain focused on creating a sustainable path towards the future.

Future Outlook

The Company was allotted iron ore mines by the Central Government and the Government of Odisha. The commencement of mining operations is subject to obtaining the requisite statutory approvals, clearances and fulfillment of conditions prescribed under the applicable laws and the terms of allotment.

The Company has obtained all the key statutory approvals and clearances required for execution of the mining lease, including Stage-I Forest Clearance from the Ministry of Environment, Forest and Climate Change vide letter dated 21 September 2016, the Compliance Certificate under the Scheduled Tribes and Other Traditional Dwellers (Recognition of Forest Rights) Act, 2006 vide letter dated 23 June 2016, and approval under Section 2(ii) of the Forest (Conservation) Act, 1980. The Company has also deposited 28.96 crore towards the Net Present Value (NPV) of the forest land, as stipulated under the applicable regulations.

The matter relating to the execution of the mining lease is presently pending before the Honble High Court of Orissa. During May 2022, the Company filed an application seeking early disposal of its writ petition. However, vide order dated 18 May 2022, the Honble High Court was not inclined to grant an early hearing. Thereafter, the Company filed a Special Leave Petition (SLP) before the Honble Supreme Court of India. Vide its order dated 9 December 2022, the Honble Supreme Court disposed of the SLP with a direction to the Honble High Court of Orissa to consider and dispose of the writ petition on its merits.

Subsequently, the matter has been taken up by the Honble High Court of Orissa. The proceedings are at an advanced stage and all pleadings have been completed. The Company continues to pursue the matter diligently and is awaiting the final adjudication.

As part of its long-term growth strategy, the Company has successfully commissioned its Steel Melting Shop (SMS), which is now operational. The availability of iron ore from the Companys captive mines, upon execution of the mining lease, is expected to support enhanced production capacity, improve operational efficiencies, reduce dependence on external procurement and strengthen the Companys overall profitability. The Company remains focused on securing the execution of the mining lease and achieving sustainable long-term growth.

Transfer to reserves

During the year under review, your Company has not proposed to transfer any amount to any reserve(s).

Dividend

In view of future business requirement of the Company, during the year under review, your directors do not recommend payment of any dividend.

Management Discussion and Analysis Report

Pursuant to Regulation 34 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), 2015 (hereinafter referred as SEBI LODR), Management Discussion and Analysis Report, for the year under review is presented in a separate section forming part of this Annual Report.

Corporate Governance Report

The Company is committed to upholding the highest standards of corporate governance and fostering a culture of ethical and responsible business conduct. Our governance framework is built on the principles of integrity, transparency, accountability, fairness, and compliance with all applicable laws and regulations.

We continuously strengthen our policies, processes, and governance practices to align with evolving regulatory requirements and industry best practices. Through these initiatives, we aim to protect the interests of all stakeholders, enhance long-term shareholder value, safeguard the rights of minority shareholders, and maintain the confidence of investors.

A certificate issued by a Practicing Company Secretary confirming the Companys compliance with the applicable corporate governance requirements is provided in a separate section of this Annual Report.

Change in nature of Business, if any

During the year under review, there is no change in the nature of business of the company.

Directors Responsibility Statement

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statement in terms of Section 134 of the Companies Act, 2013:

a) In the preparation of the annual accounts for the year ended 31.03.2026, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b) that such accounting policies as mentioned in the financial statements have been selected and applied consistently and judgments and estimates that are reasonable and prudent are made, so as to give a true and fair view of the state of affairs of the Company as at 31.03.2026 and of the Profit and Loss of the Company for the year ended on that date;

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

d) that the accounts for the financial year ended 31.03.2026 have been prepared on a going concern basis;

e) that the proper internal financial controls are in place and such financial controls are adequate and are operating effectively;

f) that the proper system devised by the company to ensure compliance with the provisions of all applicable laws and such system are adequate and are operating effectively.

Directors and Key Managerial Personnel (KMP) BOARD OF DIRECTORS

Composition

As on date of this report, your Companys Board of Directors consist of Eight Directors comprising (i) Two Non-Executive Non-Independent Director which includes one Nominee Director (ii) Four Non-Executive Independent Directors (iii) One Whole-Time-Director and (iv) a Managing Director.

Mr. Munir Kamal Mohanty, Director and Mr. Dibyendu Kumar Senapati (Nominee Director) are the Non-Executive Non-Independent Directors on your Board.

Mr. Dheeraij Singh Negi, Mr. Nitesh Agrawal, Ms. Ekta Sharma and Mr. Ritesh Kalra are the Independent Directors in terms of Section 149 of the Companies Act, 2013.

Mr. Prasanta Kumar Mohanty is the Managing Director on the Board of the Company. Mr. Ashish Saxena is Whole-Time Director on the Board of the Company.

Your Board consists of professionals with diverse functional expertise, industry experience, educational qualifications and gender mix relevant to fulfilling your Companys objectives and strategic goals.

Appointment of Directors & KMP

During the period under review, there were no appointments of any Director or Key Managerial Personnel (KMP).

Resignation of Directors & KMP

During the period under review, no Director or Key Managerial Personnel (KMP) ceased to hold office or resigned.

Retirement by rotation

In terms of the provisions of Section 152 of the Act and the Rules made thereunder and applicable provisions of the Articles of Association of the Company, Mr. Ashish Saxena (DIN: 07269985) shall retires by rotation at the ensuing Annual General Meeting of the Company and being eligible offered himself for the re-appointment.

As per Secretarial Standard-2 on General Meetings, as applicable, issued by the Institute of Company Secretaries of India (SS-2), the relevant details regarding re-appointment of Mr. Ashish Saxena (DIN: 07269985) are contained in the Notice of the ensuing Annual General Meeting.

Independent Directors Declaration

Your Company has received declarations from all the Independent Directors confirming that they meet the criteria of independence prescribed under Section 149 of the Companies Act, 2013 (the Act). In the opinion of the Board, all the Independent Directors satisfy the conditions of independence as specified under the Act and are independent of the management. The Board is also satisfied that the Independent Directors possess the requisite integrity, expertise, experience, and proficiency required for effectively discharging their duties and responsibilities in directing and guiding the affairs of the Company.

Further, the Company has received a certificate from M/s Neeraj Jain & Associates, Practicing Company Secretaries, confirming that none of the Directors on the Board of the Company has been debarred or disqualified from being appointed as, or from continuing as, a director of any company by the Ministry of Corporate Affairs or any other statutory authority.

Board Meetings

During the year under review, your Board of Directors met seven (7) times, in accordance with the provisions of the Act, and other statutory provisions. Details of Board Meetings held and the attendance of Directors are given in the Section titled Report on Corporate Governance, which forms part of this Annual Report.

During the year, separate meeting of the Independent Directors was held on March 27, 2026, without the presence of Non-Independent Directors and the members of the Company Management.

Committees of the Board

Your Board has established following committees in compliance with the requirements of the Act and Securities Exchange Board of India (Listing obligation and Disclosure Requirements) Regulations 2015:

(i) Audit Committee, (ii) Nomination and Remuneration Committee, (iii) Stakeholders Relationship Committee, (iv) Committee of Directors

Details of composition of the statutory committees, number of meetings held and attendance of Committee Members thereof during the financial year, are given in the Section titled Report on Corporate Governance" forming part of this Annual Report.

All recommendations of the Audit Committee, have been accepted by the Board.

Key Managerial Personnel (KMP)

Pursuant to Section 203 of the Act, the Key Managerial Personnel of the Company as on the date of this Report are:

? Mr. Prasanta Kumar Mohanty, Managing Director

? Mr. Ashish Saxena, Whole-Time-Director

? Mr. Suraj Kumar Thakur, Company Secretary

? Mr. Sabyasachi Mohanty, Chief-Financial-Officer

Public Deposits

During the year under review, the Company has not accepted any deposits from the public, falling within the ambit of Chapter V of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014, therefore, the disclosures required in terms of Rule 8 of the Companies (Accounts) Rules, 2014, are not required to be given.

Auditors

Statutory Auditors

M/s B D S & Co., Chartered Accountants (Firm Registration No. 326264E), the existing Statutory Auditors of the Company, were appointed at the 43rd Annual General Meeting of your Company, to hold office for a term of five (5) years up to the conclusion of 48th Annual General Meeting of your Company.

The Auditors Report on the financial statements of the Company for the financial year ended 31st March, 2026, which forms part of the Annual Report of the Company, does not contain any qualification, reservation, adverse remark or disclaimer.

Secretarial Auditors

Pursuant to the provisions of Regulation 24 of SEBI (LODR) 2015 read with Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remunerations of Managerial Personnel) Rule 2014, the Company has appointed at 45th Annual General Meeting, M/s Neeraj Jain & Associates, Company Secretaries (Firm Unique Code: S2023DE908600) as a Secretarial Auditor of the Company for the five (5) financial year from 45th AGM to 50th AGM to be held in year 2030.

The Report on Secretarial Audit in Form MR-3 for the financial year ended 31st March, 2026 is annexed as Annexure 1 to this Report. Explanation to the Secretarial Auditors Report is annexed as Annexure 2 and forms part of this Report.

Secretarial Audit of Material Unlisted Indian Subsidiary

There is no Material Unlisted Indian Subsidiary of the Company as on 31st March, 2026 and as such the requirement under Regulation 24A of the Listing Regulations regarding the Secretarial Audit of Material Unlisted Indian Subsidiary is not applicable to the Company for the Financial Year 2025-26.

Internal Auditors

M/s. M N R S & Associates, Chartered Accountants (FRN 018340N), New Delhi were appointed as an Internal Auditors of the Company for the financial year 2025-26. The Internal Auditors Report does not contain any qualification, reservation, adverse remark or disclaimer.

Cost Auditors

Pursuant to the provisions of Section 148 of the Companies Act, 2013, read with the applicable rules made thereunder, the Board of Directors, on the recommendation of the Audit Committee, has appointed M/s Raj Kaushik & Associates, Cost Accountants (Firm Registration No. 100574), as the Cost Auditors of the Company to conduct the audit of the cost records of the Company for the Financial Year 2026-27.

In accordance with the provisions of the Companies Act, 2013, a resolution seeking the approval of the Members for ratification of the remuneration of 70,000/- (Rupees Seventy Thousand only), plus applicable taxes and reimbursement of actual out-of-pocket expenses payable to the Cost Auditors for the Financial Year 2026-27, forms part of the Notice convening the ensuing Annual General Meeting (AGM).

Reporting of Frauds by Auditors

During the year under review, none of the Auditors have reported any instances of fraud committed in the Company by its Officers or Employees to the Audit Committee and Board under section 143(12) of the Act. Therefore, details in terms of Section 134(3) (ca) of the Act is not applicable

Share Capital

As on date of this report the share capital of the Company is as follows:

The Authorized share Capital of the Company is Rs. 250,00,00,000/- (Rupees Two Hundred and Fifty Crores only) divided into 20,00,00,000 (Twenty Crores) equity shares of Rs. 10/- each and 5,00,00,000 (Five Crores) preference shares of Rs. 10/- each. The paid-up Share Capital of the Company stood at Rs. 49,79,00,000/- (Rupees Forty-Nine Crores Seventy-Nine Lakhs only) divided into 2,97,90,000 (Two Crores Ninety-Seven Lakhs Ninety Thousand) equity shares of Rs. 10/- each and 2,00,00,000 (Two Crores) preference shares of Rs. 10/- each.

During the year, the company has not issued any share capital with differential voting rights, sweat equity or ESOP nor provided any money to the employees or trusts for purchase of its own shares.

Material Changes and Commitments

Except as disclosed elsewhere in this Report, no material changes or commitments have occurred between the end of the financial year to which the financial statements relate and the date of this Report that could materially affect the financial position of the Company.

Annual Evaluation of Board and Directors

The Nomination and Remuneration Committee (NRC) of the Board reviewed the framework, methodology, and criteria for evaluating the performance of the Board as a whole, its committees, and individual Directors, and confirmed that the existing evaluation parameters are in compliance with the applicable provisions of the Companies Act, 2013. The evaluation framework, inter alia, covers the effectiveness of the Board and its Committees, the decision-making process, participation and contribution of Directors/Committee members, corporate governance practices, independence, quality and timeliness of agenda papers, teamwork, frequency of meetings, quality of deliberations, corporate culture, strategic guidance, and management of conflicts of interest. Based on the aforesaid parameters, the NRC carried out a detailed review of the performance of each Director and expressed its satisfaction with both the evaluation process and the performance of the individual Directors. The Board of Directors also evaluated the performance of the Board as a whole, its Committees, namely the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee, as well as the performance of each individual Director.

The Independent Directors, at their separate meeting held on March 24, 2026, evaluated the performance of the Non-Independent Directors, the Chairperson, and the Board as a whole. The Directors expressed their satisfaction with the evaluation process and its outcome.

Policy on Appointment of Director and their Remuneration

Your Company has formulated a Remuneration Policy governing the appointment and remuneration of Directors, KMP, Senior Management and other employees. The Remuneration Policy of the Company provides a performance driven and market-oriented framework to ensure that the Company attracts, retains and motivates high-quality executives who can achieve the Companys goals, while aligning the interests of employees, shareholders and others. Further, the remuneration is as per the remuneration policy of the company. The terms of reference of the Nomination and Remuneration Committee include formulation of criteria for determining qualifications, positive attributes and independence of Directors.

The Remuneration Policy is briefly stated in the Corporate Governance Report forming part of this Annual Report and is also available at the website of the Company, at web-link: http://orissasponge.com/docs/Policies3.pdf

Board Diversity

Adequate diversity on the Board is essential to meet the challenges of business globalisation, rapid deployment of technology, greater social responsibility, increasing emphasis on corporate governance and enhanced need for risk management. The Board enables efficient functioning through differences in perspective and skill and fosters differentiated thought processes at the back of varied industrial and management expertise, gender, knowledge and geographical backgrounds. The Board recognizes the importance of a diverse composition and has adopted a Broad Diversity Policy to reap the benefits of a broader experience in decision making. The policy is available at the website of the Company at http://orissasponge.com/docs/Policies3.pdf

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo, is as under:

a. Conservation of Energy:

As responsible corporate citizen, environmental and social considerations have always been key factors in the operations of your Company, therefore Company is taking all possible measures to conserve the energy. The Company has been able to reduce energy consumption by using star rated appliances wherever possible. The Company continues to explore collaboration with contractors/partners that ensure conservation of energy and resources. The Company continuously aims to reduce the impact on environment by optimizing the usage of various resources. The Company will explore solar energy, as alternate source of energy, to meet the energy demands, wherever possible.

b. Technology absorption:

For the manufacturing plant and for subsequent business operations, the Company has implemented / shall implement best of the class applications to manage and automate its business processes to achieve higher efficiency, data integrity and data security.

No technology was imported by the Company during the last three financial years including financial year 2025-26.

c. Foreign Exchange Earnings and Outgo

During the year under review, the Company has not made any foreign exchange earnings and not made any expenditure/outgo in respect of foreign exchange.

Policy on Corporate Social Responsibility

The provisions of Section 135 of the Companies Act, 2013 is not applicable to the Company. However, the internal CSR Policy encompasses the Companys philosophy for giving back to the society as a corporate citizen.

Internal Control System and their Adequacy

The Company has adequate system of internal controls to safeguard and protect from loss, unauthorized use or disposition of its assets; it also covers areas like financial reporting, fraud control, compliance with applicable laws and regulations etc. Regular internal audits are conducted to check and to ensure that responsibilities are discharged effectively. All the transactions are properly authorized, recorded and reported to the Management. The Company is following all the applicable Accounting Standards for proper maintaining of the books of accounts and reporting financial statements. The internal auditor of the company checks and verifies the internal control and monitors them in accordance with policy adopted by the company. The Company continues to ensure proper and adequate systems and procedures commensurate with its size and nature of its business.

Vigil Mechanism

The Company is committed to adhere to the highest standards of ethical, moral and legal conduct of its business operations. To maintain these standards, the Company has implemented the Vigil Mechanism/Whistle Blower Policy ("the Policy"), to provide an avenue for employees to report matters without the risk of subsequent victimization, discrimination or disadvantage. The Policy applies to all employees working for the Company. Pursuant to the Policy, the whistle blowers can raise concerns relating to matters such as breach of Companys Code of Conduct, fraud, bribery, corruption, employee misconduct, illegality, misappropriation of Companys funds/assets etc. The Vigil Mechanism/Whistle Blower Policy is available on the website of the company at http://orissasponge.com/docs/Policies3.pdf

Related Party Transactions

The policy on materiality of and dealing with related party transaction as approved by the Board is available on the website of the Company at http://orissasponge.com/docs/Policies3.pdf.

Company has not entered into related party transactions during the financial year which are not on arm length price and in the ordinary course of business were on an arms length basis.

Please note that the Company has not entered in any related party transaction during the Financial Year which need to report in form AOC-2 therefore there is no requirement to provide details in pursuant to Section 134 (3) (h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014.

Loans, Guarantees and Investments

During the FY 2025-26, in terms of the provisions of Section 186(1) of the Companies Act, 2013, the Company did not make any investments through more than two layers of investment companies. The Companys investment/loans/guarantees during FY 2025-26 were in compliance with the provisions of Section 186 of the Companies Act, 2013, particulars of which are captured in financial statements of the Company, forming part of this Annual Report.

Risk Management

The Company has a robust Business Risk Management framework to identify and evaluate business risks and opportunities. This framework seeks to create transparency, minimize adverse impact on its business objectives and enhance its competitive advantage. It defines the risk management approach across the Company at various levels including the documentation and reporting. At present, the Company has not identified any element of risk which may threaten its existence.

Complaints Relating to Sexual Harassment

The Company has zero tolerance towards harassment at the workplace and has complied with the provisions and constituted an Internal Complaints Committee known as the Prevention of Sexual Harassment (POSH) Committee, to inquire into complaints of Sexual Harassment and recommend appropriate action and also adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder.

During the financial year 2025-26, no case of sexual harassment was reported.

Transfer of unpaid and unclaimed Dividend to Investor Education and Protection Fund (IEPF)

The company did not have any funds lying unpaid or unclaimed for a period of seven years. Therefore, no funds were required to be transferred to Investor Education and Protection Fund.

Secretarial Standards of ICSI

The Company is in compliance with the applicable Secretarial Standards as issued by The Institute of Company Secretaries of India on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2).

Annual Return

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on 31st March, 2026 is available on the Companys website at www.orissasponge.com

Subsidiary, Joint Ventures or Associate Companies

The Company does not have any Subsidiary, Joint Ventures or Associate Companies as on 31st March, 2026.

CFO Certification

As required under Regulation 17(8) read with Part B of Schedule II to SEBI (LODR) Regulation, 2015, the Chairman and the Chief Financial Officer have provided Compliance Certificate to the Board of Directors.

Policy on Determining Material Subsidiaries

During the year under review, since the Company has no subsidiary, the requirement of Regulation 34(3) read with Schedule V Part C (10) (e) of SEBI (LODR) Regulations 2015, is not applicable to the Company.

Listing with Stock Exchanges

The Company has been subjected to the consequences of SEBI (Delisting) Regulations, 2009 as the listed equity shares of Bilati (Orissa) Limited, which was promoted by the Company was compulsorily de-listed vide Bombay Stock Exchange (BSE) pursuant to the aforesaid provisions. As a result, the company could not pursue its "in principle approval" for revocation of suspension from trading on its shares. As a consequence, BSE proceeded to initiate action for compulsory delisting under the provisions of SEBI (Delisting) Regulations, 2009. In fact, a public announcement was also made by BSE in leading newspapers on 08.06.2019. However, the whole matter of delisting has been put on hold by BSE following the instructions from SEBI, having regard to the shareholding in the company by Industrial Promotion and Investment Corporation of Orissa Limited, being a Government Company, which was informed to the Company vide letter dated 14.01.2020.

The annual listing fees have been paid to the Stock Exchanges up to 2019-20 where the Companys shares are listed. However, the annual listing for 2025-26 has not been paid in view of the action initiated by BSE for delisting of shares. Your Companys application to National Stock Exchange (NSE) for listing and Calcutta Stock Exchanges for de-listing is pending before the respective Exchanges.

Particulars of Employees

Pursuant to the applicable provisions of the Companies Act, 2013, read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, disclosures on Managerial Remuneration are provided in Annexure-3, forming part of this Report.

In terms of the provisions of Section 136(1) of the Companies Act, 2013, read with the said rules, the Boards Report is being sent to all the shareholders of the Company excluding the annexure on the names and other particulars of employees, required in accordance with Rule 5(2) of said rules, which is available for inspection by the members, subject to their specific written request, in advance, to the Company Secretary.

The inspection is to be carried out at the Companys Registered Office during business hours on working days of the Company up to date of ensuing Annual General Meeting.

a. The Regional Provident Fund Commissioner, Keonjhar has initiated case against Company demanding Rs. 1099.12 Lakhs (which includes interest) u/s 7Q, 14B, & 7A of the Employee Provident Fund and Miscellaneous Provision Act, 1952. During the year under review, this case has sub-judice by the Honble High Court of Odisha and vide the order dated September 20, 2021, as an interim measure it has been directed for the re-assessment of the pending Provident Fund dues. Further proceedings under Section 7A of the Employee Provident Fund and Miscellaneous Provision Act, 1952 have now been completed, and the company is awaiting the final order and will act accordingly.

b. The Commissionerate of CT & GST, Orissa has raised various demands under CST Act, Orissa Entry Tax, Orissa Sale Tax and Orissa VAT Tax amounting to Rs. 68.62 Crores which includes penalty, interest and Tax Recovery Interest which are under appeal before the various appropriate authorities

c. Directorate of Enforcement ("ED") Delhi, vide its Provisional Attachment Order dated 06.03.2024, has provisionally attached properties of OSISL amounting to Rs. 333.54 Crore. The Company had challenged the aforesaid attachment order before the Honble Appellate Tribunal in October 2024, without prejudice to its rights and remedies available under law. However, the Honble Tribunal, vide its order dated 05.01.2026 ("Subject Order"), rejected the appeal preferred by the Company and confirmed the provisional attachment. Subsequently, the Company filed a Review Petition before the Honble Tribunal in January 2026 seeking review of the Subject Order, which matter is presently pending for consideration.

Details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016

During the period under review, no application or proceeding was filed under the Insolvency and Bankruptcy Code, 2016.

Acknowledgement

Your directors place on records their sincere appreciation and gratitude for the assistance and generous support extended by all Government authorities, Financial Institutions, Banks, Customers and Vendors during the year under review. Your directors wish to express their immense appreciation for the devotion, commitment and contribution shown by the employees of the company while discharging their duties.