Palco Metals Ltd Directors Report

To,

The Members,

Palco Metals Limited,

Your directors have pleasure in presenting herewith the 64^th Annual Report together with the
Audited Statement of Accounts for the year ended on 31^st March, 2025.

FINANCIAL SUMMARY:

(Amount in Lacs)

Particulars	Year Ended on 31/03/2025	Year Ended on 31/03/2024
TOTAL INCOME
Revenue from Operations (Net)	0.00	28.09
Other Income	0.00	2.34
Total revenue	0.00	30.43
TOTAL EXPENSES:
Expenses (Employee Exps.)	3.59	3.48
Finance Costs	20.18	10.11
Other Exps.	7.11	6.86
Total Exps.	30.88	20.45
Profit/(Loss) after finance costs but before exceptional Items	-30.88	9.98
Exceptional Items	-	-
Profit before extraordinary items and tax	-30.88	9.98
Extraordinary Items	-	-
Profit before Tax	-30.88	9.98
Tax Expenses	0.00	0.00
(A) Current Tax	0.00	1.00
(B) Deferred Tax	0.00	0.00
(C) Prior Period Tax Adjustment	1.78	6.18
Net Profit /Loss for the Period	-32.66	2.80
Earnings Per share	-0.82	0.07

STATEMENT OF COMPANYS AFFAIRS;

The Company has earned revenue from Operations of Rs. Nil. Other income from interest was
also Nil as compared to Rs. 28.09 Lacs and Rs. 2.34 Lacs respectively last year. During the year
Company acquired approximate 36% of equity shares of Subsidiary Company Palco Recycle
Industries Limited and converted the same into wholly Owned Subsidiary Company.

MATERIAL EVENTS OR ORDERS:

Acquisition of Shares

During the Year under review, Board of Palco Metals Limited completed the acquisition of
28,46,866 Equity Shares of Subsidiary Company Palco Recycle Industries Limited 35.28% of
Stake in the Company thereby becoming the Wholly Owned Subsidiary of the Company.

Approval of Scheme of Amalgamation in Board Meeting

The Board approved the Scheme of Amalgamation by Absorption of Palco Recycle The Board
approved the Scheme of Amalgamation by Absorption of Palco Recycle Industries Limited
(PRIL), a wholly owned subsidiary, in the Board Meeting on January 6, 2025 subject to
approval of members under section 233 of the Companies Act, 2013. The Appointed Date under
the Scheme was April 1, 2024.

Approval of Scheme of Amalgamation in Members Meeting

The Scheme under Section 233 of the Companies Act, 2013 requires approval of 90% of the
total shareholding in value of the shareholders.

An EGM for the approval of the same Scheme was held on April 30, 2025 (initially called for
March 29, 2025, and rescheduled to April 30, 2025). In the EGM, 100% of attending
shareholders approved the resolution, but it failed to meet the requisite approval criteria as
required under section 233 of the Companies Act, 2013 that is, approval of 90% of the total
shareholding in value of the shareholders.

So, Board thereafter in the Board Meeting on May 30, 2025, passed a resolution to apply to the
Honorable National Company Law Tribunal, Ahmedabad bench, for merger of Palco Recycle
Industries Limited (Transferor Company) with the Company (Transferee Company).

DIVIDEND:

No income is generated from the operations hence, with a view to conserve the resources, the
board of directors of the company have not recommended any dividend for the year under
review.

TRANSFER TO RESERVE:

The Company proposes to transfer nil amounts to General Reserve and amount of loss incurred
is proposed to be retained as in the Statement of Profit and Loss.

ANNUAL RETURN:

Annual Return of the Company as required under Section 92(3) read with Section 134(3)(a) of
the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014, in the
prescribed Form MGT-7, is also placed on the website of the company www.palcometals.com
and weblink for the same is http://palcometals.com/investors/ .

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ACCEPTANCE OF DEPOSITS:

During the year under review, the Company has not accepted any deposits from the Public and
Shareholders of the Company. Further no amount of principal or interest was outstanding as of
the Balance Sheet date.

CORPORATE GOVERNANCE:

As per the provision of Regulation 15(2) of the Listing Regulations Compliance with Corporate
Governance provisions as specified in the regulations 17 to 27 and clause (b) to (i) of Regulation
46(2) and para-C, D and E of Schedule V shall not apply to listed entities having paid-up equity
share capital not exceeding 10 Crores and net worth not exceeding Rs. 25 Crores as on the last
date of previous financial year.

Henceforth, Company being falling under the specified limits of above regulation, requirement
of giving Corporate Governance report in Annual Report as per the Para C of the Schedule V is
exempted to the company and hence not required to provide the same.

Further Paras information pertaining to PARA A, B and F are as under:

PARA (A) RELATED PARTY TRANSACTIONS:

Details of Related Party Transactions as per AS 18 issued by ICAI are disclosed in Notes to the
Standalone Financial Statements for the year ended on 31st March, 2025. Further the
transactions entered into by the company are arms length transactions.

Further, there are no materially significant related party transactions made/ entered into by the
Company with its related parties including promoters, directors or the management etc. that may
have potential conflict with the interests of the Company at large.

The requirement of Policy on materiality of related party transactions and dealing with related
party transactions as per Regulation 23 SEBI (LODR) Regulations, 2015 is not applicable to
company as per the Exemption granted under regulation 15(2) of Listing Regulations. After
applicability of regulation 15(2) of Listing Regulations, the related party transactions are dealt in
by the company as per the Section 188 of the Companies Act, 2013.

Disclosures in compliance with the Accounting Standard on "Related Party Disclosures is as
under:

Sr. In the Account of No.	Disclosures of amounts at the year end and the maximum amounts of loans/ advances/ Investments outstanding during the year.
1 Holding Company	Loans and advances in the nature of loans to subsidiaries by name and amount. Loans and advances in the nature of loans to associates by name

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	and amount. Loans and advances in the nature of loans to firms/companies in which directors are interested by name and amount.
2 Subsidiary Company	As above
3 Subsidiary Company	Same disclosures as applicable to the parent company in the accounts of subsidiary company.

Kindly refer Note No. 19 of Balance sheet.

PARA (B) MANAGEMENT DISCUSSION AND ANALYSIS:

In terms of provisions of Regulation 34 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, (listing regulations) the Management Discussion and Analysis
Report has been enclosed herewith as per Annexure - A and forming part of the Directors
Report.

PARA (F) DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE
ACCOUNT/UNCLAIMED SUSPENSE ACCOUNT:

The listed entity is not required to disclose the information regarding Demat suspense account/
unclaimed suspense account, as there are no shares of company in the Demat suspense account/
unclaimed suspense account.

SUBSIDIARY. ASSOCIATE OR JOINT VENTURE COMPANY:

The Company has Wholly Owned Subsidiary company Palco Recycle Industries Limited (PRIL)
within the meaning of 2(87) of the Companies Act, 2013. Palco Recycle Industries Limited has
performed stable during the year. The performance of subsidiary is as follows:

(Amount in Lacs Rs.)

Particulars	Year Ended on 31/03/2025	Year Ended on 31/03/2024
TOTAL INCOME
Revenue from Operations (Net)	24595.79	19407.71
Other Income	155.54	45.23
Total revenue	24751.33	19452.95
Total Exps.	23860.38	19043.57
Profit/(Loss) after finance costs but before exceptional Items	890.95	409.38
Profit before Tax	890.95	565.11
Tax Expenses	227.27	64.56
Profit After Tax	663.69	500.54

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Disclosures of transactions of the listed entity with any person or entity belonging to the
promoter/promoter group which hold(s) 10% or more shareholding in the listed entity, in the
format prescribed in the relevant accounting standards for annual results.

Further, a report in the prescribed Form AOC- 1 as per first proviso to sub-section (3) of Section
129 of the Companies Act, 2013 and Rules made there under is attached herewith as Annexure
B to the report.

CONSOLIDATED FINANCIAL STATEMENTS:

Since the Company has Wholly Owned subsidiary company i.e., Palco Recycle Industries
Limited, Consolidated Financial Statements prepared, pursuant to the requirements of Section
129, read with Schedule III of the Companies Act, 2013 and Rules made there under, Listing
Regulations and applicable Accounting Standards, are placed in the Annual Report along with
the Auditors Report thereon. They are also forming part of the financial statements.

DIRECTORS RESPONSIBILITY STATEMENT:

To the best of their knowledge and belief and according to the confirmation and explanations
obtained by them, your Directors make the following statement in terms of Section 134(3) (C)
and 134(5) of the Companies Act, 2013 and confirm that:

(a) In the preparation of the annual accounts for the year ended 31^st March, 2025, the applicable
accounting standards had been followed along with proper explanation relating to material
departures;

(b) The Directors had selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view of the
state of affairs of the company at the end of the financial year and of the profit and loss of the
company for the year under review;

(c) The Directors had 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;

(d) The Directors had prepared the annual accounts for the financial year ended on 31^st March,
2025 on a going concern basis;

(e) The Directors had laid down internal financial controls to be followed by the company and
that such internal financial controls are adequate and were operating effectively; and

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

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO:

As required under Section 134(3) (m) of the Companies Act, 2013 and Rules made there under,
details relating to Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo are given in the Annexure - C attached herewith and forming part of the
Directors Report.

PARTICULARS OF LOANS GIVEN. INVESTMENTS MADE. GUARANTEES GIVEN
AND SECURITIES PROVIDED:

The details of the Loans and advances are provided in the schedule attached to the Balance
Sheet. There were no guarantees or investments made by the Company under Section 186 of the
Companies Act, 2013 during the year under review.

STATUTORY AUDITORS:

Section 139(2) of the Companies Act, 2013 (effective 1st April, 2014), mandates that a listed
company or such other prescribed class of companies shall not appoint or re-appoint an audit
firm as Statutory Auditors for more than two terms of five consecutive years each. Company had
re-appointed as Statutory Auditors of the Company for a second term of five years to hold office
from the conclusion of 63rd Annual General Meeting till the conclusion of 68th Annual General
Meeting.

The Statutory Auditor has in their report on both financial Statement and Consolidated Financial
Statement of the company has not given any adverse remarks, qualification which requires the
Board explanation or justification.

Further Auditors has not reported any fraud in the company during the year under review.
SECRETARIAL AUDITOR:

Section 204 of the Companies Act, 2013 and Rules made there under inter alia requires every
listed company to annex with its Board Report a Secretarial Audit Report given by a Company
Secretary in practice in the prescribed form. The Board has appointed Mr. Punit Lath, Practicing
Company Secretary, Ahmedabad to conduct Secretarial Audit for the financial year 2024-25. The
Secretarial Audit Report for the financial year ended March 31, 2025 is annexed herewith
marked as Annexure -D to this Report.

Further the Secretarial Audit report of the company does not contain any major adverse remarks,
qualification which requires the Board explanation or justification.

INTERNAL AUDITORS

Pursuant to the provisions of Section 138 of the Act read with Rule 13(l)(a) of
Companies(Accounts) Rules, 2014, the Board of Directors of the Company has appointed Mr.
Mukesh Tiwari Company Secretary as the internal Auditor, for the Financial Year 2024-25 to
conduct internal audit for the Company. No Qualification or adverse remarks was reported to the
Audit Committee by the Internal Auditor during the period under review.

MAINTENANCE OF COST RECORD

Since the company has not generate any revenue, our Company is not required to maintain cost
records.

CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Pursuant to the provision of section 149(11) of the Companies Act, the 2^nd term of Mr.
Nareshchand Jain (DIN: 00594361) and Mrs. Rakhi Agrawal (DIN: 07021709) as an
Independent Director was Completed on 30^th September 2024.

Mrs. Meenu Maheshwari (DIN: 07113136) was appointed as Independent Director, for a 1^st term
of five years, i.e., from September, 1, 2024 to August 31, 2029.

Mr. Naman Naredi (DIN: 06943536), who was appointed as an additional director w.e.f
12/02/2024 was regularized in the 63rd AGM last year.

Mr. Kirankumar Babulal Agrawal having DIN 00395934 was reappointed as Managing Director
of the Company for a period of three years w.e.f. August 14, 2024 till 13 August, 2027 liable to
retire by rotation.

BOARD EVALUATION:

The Board of Directors has carried out an annual evaluation of its own performance and that of
its Board Committees pursuant to the provisions of Section 134(3) (p) of the Companies Act,
2013 and SEBI (Listing Obligation & Disclosure Requirement) Regulation, 2015.

The performance of the Board and Committees were evaluated by the Board on the basis of the
criteria such as the Board composition and structure, effectiveness of board processes,
information and functioning, etc. None of the independent directors are due for re-appointment.

In a separate meeting of independent Directors, performance of non-independent directors,
performance of the Board as a whole and performance of the Chairperson was evaluated, taking
into account the views of executive directors and non-executive directors and assessed the
quality, quantity and timeliness of flow of information between the company management and
the Board that is necessary for the Board to effectively and reasonably perform their duties.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:

The Policy on appointment and remuneration of Directors, KMP and other employees and other
matters as required under Section 178(3) of the Companies Act, 2013 is available on the web-site
of the Company viz. www.palcometals.com .

The Board, on the recommendation of the Nomination & Remuneration Committee, had
formulated criteria for determining Qualifications, Positive Attributes and Independence of a
Director as also a Policy for remuneration of Directors, Key Managerial Personnel and Senior
Management.

DISCLOSURE OF REMUNERATION AS PER RULE 5 (1) OF THE COMPANIES
(APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL! RULES.
2014

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement
showing the names and other particulars of the employees drawing remuneration in excess of the
limits are not applicable to the Company as Company being non-operative it does not have any
employees on the payrolls.

Disclosures relating to remuneration and other details as required under Section 197(12) of the
Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are not applicable.

BOARD MEETINGS. COMMITTEE MEETINGS. AGM AND INFORMATION
RELATING TO COMMITTEES:

The Board of Directors of the Company met 10 (Ten) times during the year in respect of which
proper notices were given and the proceedings were properly recorded, signed and maintained in
the Minutes book kept by the Company for the purpose. The intervening gap between the
Meetings was within the period prescribed under the Companies Act, 2013.

Further Board also herewith declares the compliance of Applicable Secretarial Standards in
respect of SS-1 for Board Meeting, Committee Meetings and SS-2 in respect of General
Meeting.

Details of the Board Meeting and present of Directors therein are as follows:

(Y=Present, N=Absent, NA= not associated with company as on that date.)

Date of Board Meeting	Name of Director and Presence of Director Therein
	Kirankumar Babulal Agrawal	Gaurav kumar Pushkarrai Jani	Rakhi Jitendra Agrawal	Naresh chand Jain	Naman Naredi	Meenu Mahesh wari	Mukeshku mar Rammurti Tiwari	Badal Kailash Naredi
30/05/2024	Y	Y	Y	Y	Y	NA	Y	Y
13/07/2024	Y	Y	Y	Y	Y	NA	Y	Y
13/08/2024	Y	Y	Y	Y	Y	NA	Y	Y
31/08/2024	Y	Y	Y	Y	Y	Y	Y	Y
03/10/2024	Y	Y	NA	NA	Y	Y	Y	Y
11/10/2024	Y	Y	NA	NA	Y	Y	Y	Y
14/11/2024	Y	Y	NA	NA	Y	Y	Y	Y
05/12/2024	Y	Y	NA	NA	Y	Y	Y	Y
06/01/2025	Y	Y	NA	NA	Y	Y	Y	Y
14/02/2025	Y	Y	NA	NA	Y	Y	Y	Y
Total	10	10	4	4	10	7	10	10

AUDIT COMMITTEE:

During the Year under the 8(Eight) meeting of the audit committee was held complying the
requirements under the Companies Act, 2013 and Secretarial Standard. The constitution of
committee and date of meeting and presence of Directors there at is as follows:

Date of meeting	Name of Director & presence of Director
	Gauravkumar Pushkarrai Jani	Naman Naredi	Nareshchand Jain	Mukeshkumar Rammurti Tiwari	Meenu Maheshwari
30/05/2024	Y	Y	Y	Y	NA
13/07/2024	Y	Y	Y	Y	NA
13/08/2024	Y	Y	Y	Y	NA
31/08/2024	Y	Y	Y	Y	NA
14/11/2024	Y	Y	NA	Y	Y
05/12/2024	Y	Y	NA	Y	Y
06/01/2025	Y	Y	NA	Y	Y
14/02/2025	Y	Y	NA	Y	Y
Total	8	8	4	8	4

NOMINATION AND REMUNERATION COMMITTEE:

The constitution of nomination and remuneration committee and date of meeting and presence of
Directors there at is as follows:

Date of meeting	Name of Director & presence of Director
	Gauravkumar Pushkarrai Jani	Naman Naredi	Mukeshkumar Rammurti Tiwari	Meenu Maheshwari
13/08/2024	Y	Y	Y	Y
14/02/2025	Y	Y	Y	Y
Total	2	2	2	2

STAKEHOLDERS RELATIONSHIP COMMITTEE

Two (2) Meetings of the Stake Holders Relationship Committee were duly held during the year
under review. The constitution of committee and date of meeting and presence of Directors there
at is as follows:

Date of meeting	Name of Director & presence of Director
	Gauravkumar Pushkarrai Jani	Naman Naredi	Mukeshkumar Rammurti Tiwari	Meenu Maheshwari
30/05/2024	Y	Y	Y	Y
12/02/2025	Y	Y	Y	Y
Total	2	2	2	2

INDEPENDENT DIRECTOR COMMITTEE:

One (1) Meetings of the Independent Director Committee were duly held during the year under
review. The constitution of committee and date of meeting and presence of Directors there at is
as follows:

Date of meeting	Name of Independent Director & their presence
	Gauravkumar Pushkarrai Jani	Mukeshkumar Rammurti Tiwari	Meenu Maheshwari
14/02/2025	Y	Y	Y
Total	1	1	1

RISK MANAGEMENT COMMITTEE

Company has implemented an integrated risk management approach through which it reviews
and assesses significant risks on a regular basis to ensure that there is a robust system of risk
controls and mitigation in place.

Senior management periodically reviews this risk management framework to keep updated and
address emerging challenges. Major risks identified for the Company by the management are
Currency fluctuation, Compliances of various applicable Laws, Regulatory changes,
Manufacturing & Supply, Litigation, Technological Changes. The management is however, of
the view that none of the above risks may threaten the existence of the Company as robust

Risk mitigation mechanism is put in place to ensure that there is nil or minimum impact on the
Company in case any of these risks materialize.

TRANSFER TO THE INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to Section 124 of the Companies Act, 2013, certain amounts of investors which are
unclaimed or unpaid for certain years are required to be transferred to the Investor Education and
Protection Fund ("IEPF"). Further Company is also required to transfer those shares to the
Demat account of the Investor Education and Protection Fund ("IEPF") in respect of which
dividend is unpaid or unclaimed for seven consecutive years.

So, it is informed to stakeholders that company has no such amount or shares which are required
to be transferred to IEPF.

CORPORATE SOCIAL RESPONSIBILITY:

In terms of provisions of Section 135 of the Companies Act, 2013 and Rules made there under,
provisions of Corporate Social responsibility is not applicable to the company.

INTERNAL FINANCIAL CONTROLS:

The Company has in place adequate internal financial controls commensurate with operations of
the company. The Management regularly monitors the safeguarding of the assets, prevention and
detection of frauds and errors and the accuracy and completeness of the accounting records.

The Internal Auditor along with Statutory Auditor reviews the effectiveness and efficiency of
these procedures

During the year, such controls were tested and no reportable material weakness in the operations
was observed.

The Statutory Audit Report, Internal Auditor Reporting to Audit Committee, Audit Committee
and Secretarial Audit Report for the financial year 2024-25 does not contain any major
qualification, reservation or adverse remark.

LTSTTNG AGREEMENT WITH STOCK EXCHANGE / LTSTTNG FEES:

Pursuant to the provisions of Listing Regulations, the Company declares that the Equity Shares
of the Company are listed on the BSE Limited (BSE). The Company has entered into new
Listing Agreement with BSE Ltd. in terms of provisions of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 within the prescribed time limit.

The Company confirms that it has paid Annual Listing Fees to BSE up to the Financial Year
2024-25.

PARTICULARS OF EMPLOYEES:

The Disclosures pertaining to remuneration and other details as required under Section 197(12)
of the Act read with Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are not applicable to the company as the company does not have any
major operations and employees on its pay roll (or on contract basis) except Key Managerial
Person.

The Statement of particulars of employees under Section 197(12) read with Rule 5 (2) and 5(3)
of the Companies (Appointment and Remuneration of Managerial Personnel), Rules, 2014 is not
provided with as, during the financial year under review, no employee of the Company including
Whole-time Directors and Managing Directors were in receipt of remuneration in excess of the
limits set out in the said rules.

WHTSTLE BLOWER POLICY / VIGIL MECHANISM:

The Company has established a vigil mechanism and accordingly framed a Whistle Blower
Policy. The policy enables the employees to report to the management instances of unethical
behavior actual or suspected fraud or violation of Companys Code of Conduct.

Further the mechanism adopted by the Company encourages the Whistle Blower to report
genuine concerns or grievances and provide for adequate safe guards against victimization of the
Whistle Blower who avails of such mechanism and also provides for direct access to the
Chairman of the Audit Committee in exceptional cases. The functioning of vigil mechanism is
reviewed by the Audit Committee from time to time. None of the Whistle blowers has been
denied access to the Audit Committee of the Board. The Whistle Blower Policy of the Company
is available on the website of the Company at www.palcometals.com .

GENERAL DISCLOSURES:

During the year under review, there is no change in the nature of business of the Company and
there is no material change and/or commitments, affecting the financial position of the Company,
during the period from 31^st March, 2025 till the date of this report.

The Company does not provide any loan or other financial arrangement to its employees or
Directors or Key Managerial Personnel for purchase of its own shares and hence, the disclosure
under Section 67(3)(c) of the Companies Act, 2013.

The disclosure in terms of Rule 4 of Companies (Share Capital and Debenture) Rules, 2014 is
not provided, as the Company does not have any equity shares with differential voting rights.

Your Company has always believed in providing a safe and harassment free workplace for every
individual working in premises through various interventions and practices. The Company
always endeavors to create and provide an environment that is free from discrimination and
harassment including sexual harassment. The Company has in place a robust policy and
Committee on prevention of sexual harassment at workplace. The policy aims at prevention of
harassment of employees as well as contractors and lays down the guidelines for identification,
reporting and prevention of sexual harassment. Further no complaint as to sexual harassment is
received during the year.

Your directors further state that during the year under review, there were no cases filed pursuant
to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013.

The company has complied with the provisions of the Maternity Benefit Act, 1961, including all
applicable amendments and rules framed thereunder. The Company is committed to ensuring a
safe, inclusive and supportive workplace for women employees. All eligible women employees
are provided with maternity benefits as prescribed under the Maternity Benefit Act, 1961,
including paid maternity leave, nursing breaks, and protection from dismissal during maternity
leave.

In the preparation of Financial Statement, no treatment different from that of prescribed
accounting standard has been followed.

YOUR DIRECTORS FURTHER STATE THAT NO DISCLOSURE OR REPORTING IS
REQUIRED IN RESPECT OF THE FOLLOWING ITEMS AS THERE WERE NO
TRANSACTIONS ON THESE ITEMS DURING THE YEAR UNDER REVIEW:

i) Issue of shares (including sweat equity shares) to employees of the Company under any
scheme save and ESOS;

ii) Pendency of any proceeding against the Company under the Insolvency and Bankruptcy
Code, 2016;

iii) Instance of one-time settlement with any bank or financial institution;

ACKNOWLEDGEMENT:

The Directors place on record the appreciation and gratitude for the co-operation and assistance
extended by various departments of the Union Government, State Government, Bankers and
Financial Institutions.

The Directors also place on record their appreciation of dedicated and sincere services of the
employees of the Company at all levels.

The Company will make every effort to meet the aspirations of its Shareholders and wish to
sincerely thank them for their whole-hearted co-operation and support at all times.

For, and on behalf of the Board of Directors,

SD/-	SD/-
Kirankumar Agrawal	Naman Naredi
Managing Director	Director
(DIN: 00395934)	(DIN: 06943536)

 

Date: 22/08/2025

Place: Ahmedabad