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Relic Technologies Ltd Directors Report

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Aug 29, 2025|10:30:00 AM

Relic Technologies Ltd Share Price directors Report

Dear Members,

On behalf of the Board of Directors (‘the Board), it is our pleasure to present the 34th Annual Report of the Company along with the Audited Financial Statements (standalone and consolidated) and Auditors Report for the

Financial Year ended March 31, 2025 ("FY 2024-25").

1. Key Financial Highlights (Standalone and Consolidated)

Financial highlights of the Company for Financial Year 2024-25 as compared to the preceding financial year, on standalone and consolidated basis are given below.

(INR in lacs)

Consolidated

Standalone

Particulars

For the financial year ended 31/03/2025 For the financial year ended 31/03/2024 For the financial year ended 31/03/2025 For the financial year ended 31/03/2024
Net Sales /Income from Business Operations 197.59 153.31 166.32 153.31
Other Income 6.92 11.12 10.03 11.12

Total Income

204.51 164.43 176.35 164.43

Profit / (loss) after depreciation and Interest

(147.00) (89.00) (170.13) (88.67)
Exceptional Item 0.00 0.00 0.00 0.00
Less: Current Income Tax 0.00 0.00 0.00 0.00
Less: Previous year adjustment of Income Tax 0.00 1.99 0.00 1.99
Less: Deferred Tax 1.74 (1.42) 1.74 (1.42)

Net Profit after Tax

(148.74) (89.57) (171.87) (89.24)

Total Comprehensive Income

(151.05) (87.37) (174.18) (87.03)

Net Profit after dividend and Tax

(148.74) (89.57) (171.87) (89.24)
Earnings per share (Basic) in Rs. Actual (4.13) (2.49) (4.77) (2.48)
Earnings per Share (Diluted) in Rs.Actual (4.13) (2.49) (4.77) (2.48)

2. State of Companys affairs

The Audited Standalone and Consolidated Financial Statements of your Company for FY 2024-25 are prepared in compliance with the applicable provisions of the Companies Act, 2013 (‘the Act), Indian Accounting Standards (‘Ind AS) and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘SEBI Listing Regulations).

In accordance with the provisions of Section 129(3) of the Act, the audited consolidated financial statements are also provided in the Annual Report.

The revenue from operations on Standalone basis for FY 2024-25 stood at INR 166.32 lacs as against INR 153.31 lacs for FY 2023-24, whereas the company incurred a net loss for FY 2024-25 at INR 171.87 lacs as against net loss of INR 89.24 lacs for FY 2023-24.

The revenue from operations on consolidated basis for FY 2024-25 stood at INR 197.59 lacs as against INR 153.31 lacs for FY 2023-24, whereas the company incurred a net loss for FY 2024-25 at INR 148.74 lacs as against loss of INR 89.57 lacs for FY 2023-24.

The Companys performance has been discussed in detail in the "Management Discussion and Analysis Report" which forms a part of this Report.

3. Business Operations & Future Outlook/ Change in nature of business

The Companys operations were in line with the earlier business of BSE NSE Membership commission.

During FY 2024-25, there was no change in the nature of the business of the Company. The Company is proposing to change its object to the business of health and wellness products, subject to approval of the shareholders of the Company.

4. Dividend

In view of the losses incurred, the Board doesnt recommend any dividend for the FY 2024-25.

5. Transfer to Reserves

The Company does not propose to transfer any amount to the General Reserve.

6. Share Capital

A. Authorised Share Capital

During FY 2024-25, pursuant to the approval of the shareholders at their extra ordinary general meeting held on 18th March 2025, the Authorized Capital was increased from Rs. 5,00,00,000 (Rs. Five Crores) to Rs. 10,00,00,000 (Rs. Ten Crores) consisting of 1,00,00,000 equity shares of Rs. 10 each.

B. Changes in Issued, Subscribed and Paid-up Share Capital

During the Financial Year 2024-25, the Issued, Subscribed, and Paid-up Equity Share Capital of the

Company stood at Rs. 3,60,00,000/- (Rupees Three Crores Sixty Lakhs only) divided into 36,00,000 equity shares of Rs. 10/- each.

Post completion of the FY 2024-25, the Board of Directors, pursuant to Preferential Issue under SEBI

(ICDR) Regulations, 2018

- Alloted 15,50,000 equity shares of face value of Rs. 10/- each to Non-Promoters

- Alloted 4,41,164 fully convertible warrants of face value of Rs. 10/- each to Promoters as well as Non- Promoters

The allotments were made after the end of the financial year but before the date of the report.

7. Adequacy of Internal Financial Controls with Reference to the Financial Statements

The Board has adopted systems, policies and procedures for efficient conduct of business, operations, safeguarding its assets and prevention of frauds. This ensures accuracy and completeness of accounting records and its timely preparation.

8. Subsidiaries, Associates and Joint Ventures

Your Company has followings subsidiaries as on March 31, 2025:

Sr. No.

Name of the Subsidiary Companies Percentage holding (in %)
1. Relic Pharma Limited 99.93%
2. Truhealthy Wellness Private Limited (from March 2025) 69.50%

Your Board reviewed the affairs of subsidiary and there has been no material change in the nature of the business of such subsidiary. There are no associate companies or joint venture companies within the meaning of section 2(6) of the Companies Act, 2013 ("Act").

In accordance with the requirements of Section 129(3) of the Companies Act, 2013, the consolidated financial statements of the Company and all its subsidiaries are prepared in accordance with the provisions as specified in the Companies (Accounts) Rules, 2014, form part of the Annual Report. Further, a statement containing the salient features of the financial statement of the Companys subsidiaries in the prescribed form AOC-1 is attached as "Annexure-I" to the Boards Report. This statement also provides the details of the performance and financial position of each subsidiary.

In accordance with Section 136 of the Companies Act, 2013, the audited financial statements and related information of the subsidiaries, where applicable, will be available for inspection upon request. These will also be available on the Companys website at https://relictechnologies.in/.

9. Particulars of Loans, Guarantees or Investments

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Act are given in the notes to the financial statements. The Company is in compliance of applicable provision of

Section 186 of the Companies Act, 2013.

10. Corporate Governance and Additional Shareholders Information

The Company is exempted under Regulation 15(2)(a) of Chapter IV of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Hence, the Company is not required to comply with the provisions of regulations 17, 17A, 18, 19, 20, 21,22, 23, 24, 24A, 25, 26, 26A, 27 and clauses (b) to (i) and

(t) of sub-regulation (2) of regulation 46 and para C, D and E of Schedule V of the SEBI Listing Regulations, 2015.

Therefore, the Corporate Governance Report is not required to be annexed with this report.

11. Management Discussion and Analysis

A detailed Report on the Management Discussion and Analysis in terms of the provisions of Regulation 34 of the SEBI (Listing Regulations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulation), is provided as a separate chapter in the Annual Report.

12. Board of Directors and Key Management Personnel Appointment/ Re-appointment of Directors

During FY 2024-25, the following changes took place in the Board composition:

? Based on the recommendation of Nomination and Remuneration Committee ("NRC"), and in terms of the provisions of the Act, the Board of Directors appointed Mr. Kunal Narendra Gandhi (DIN: 01516156) as an Additional Director (Non-Executive Non-Independent Director), in terms of Section 161 of the Act with effect from 12th February 2025. Further, in accordance with the provisions of Section 149 read with rules made thereunder and applicable SEBI Listing Regulations, Mr. Gandhi was appointed as a Non-Executive Non-Independent Director of the Company, liable to retire by rotation by the shareholders of the Company at their Extra Ordinary General Meeting held on 18th March, 2025. ? Based on the recommendation of NRC and in terms of the provisions of the Act, the Board of Directors appointed Ms. Dhara Pratik Shah (07530998) as an Additional Director (Non-Executive, Independent Director), in terms of Section 161 of the Act with effect from 12th February, 2025. Further, in accordance with the provisions of Section 149 read with Schedule IV to the Act and applicable SEBI Listing Regulations, Ms. Shah was appointed as a Non-Executive, Independent Director of the Company, not liable to retire by rotation, for a term of five years commencing from 12th February 2025 to 12th February 2030 by the shareholders of the Company at their Extra Ordinary General Meeting held on 18th March, 2025.

Ms. Niti Raval resigned as the Whole Time Director as well as Chief Financial Officer of the Company w.e.f. 12th February 2025.

Mr. Hemant Choksey, Mr. Uday Raval and Mr. Rakeshkumar Raval resigned as a Director of the Company w.e.f. 12th February 2025.

Ms. Nehal Mishra was appointed as the Company Secretary and Compliance Officer w.e.f. 1st September 2024, upon the resignation of Ms. Sonalben G. Kanabar w.e.f. 31st August 2024.

The Board places on record its appreciation for Ms. Niti Raval, Mr. Hemant Choksey, Mr. Uday Raval, Mr. Rakeshkumar Raval and Ms. Sonalben G. Kanabar for their valuable contributions provided to the Company.

Mr. Baijoo Raval (DIN: 00429398), retires by rotation at the ensuing AGM and being eligible, has offered himself for re-appointment. The Board recommends his re-appointment. A resolution seeking

Shareholders approval for his re-appointment along with other required details forms part of the Notice.

After the end of the Financial Year

Ms. Nehal Mishra ceased to be the Company Secretary and Compliance Officer of the Company w.e.f. 5th May 2025.

Mr. Baijoo Raval (DIN: 00429398) was appointed as Chief Financial Officer of the Company w.e.f. 10th May 2025.

Mr. Karthik Iyer (DIN: 08216928) was appointed as Additional Director of the Company and subsequently was appointed as the Executive Director of the Company with effect from 27th May, 2025, subject to approval of the Members at the ensuing Annual General Meeting.

13. Declaration by Independent Directors

The Company has received declarations from all the Independent Directors confirming that they meet with the criteria of independence as prescribed under Section 149(6) of the Act and Regulation 16(1)(b) of the

Listing Regulations. There has been no change in the circumstances affecting their status as Independent Directors of the Company and in the opinion of the Board, the Independent Directors fulfil the conditions specified under the Act and the SEBI Listing Regulations and are Independent of the management.

14. Board Meetings:

During the Financial year 2024-25, Six (6) meetings of Board of Directors were held. The intervening gap between two consecutive meetings was within the period prescribed under the Companies Act 2013 and Secretarial Standards on Board Meetings as amended from time to time. The Board Meetings were held on 30/05/2024, 14/08/2024, 30/08/2024, 14/11/2024, 20/01/2025 and 12/02/2025. Details of meetings of the Board are given below:

S. No.

Name of Directors No. of Meetings
Entitled to attend Attended
1 Baijoo Raval 6 6
2 Hemant Choksey 6 6
3 Niti Raval 6 6
4 Rakesh Raval 6 5
5 Uday Raval 6 2
6 Mukesh Desai 6 2
7 Kunal Gandhi 0 0
8 Dhara Shah 0 0

15. Performance Evaluation

The Board of Directors, on the recommendation of the Nomination and Remuneration Committee, has adopted a Policy and criteria for evaluation of the Board, its Committees and Individual Directors. The performance of the Board and its Committees were evaluated after seeking inputs from all the Directors on the basis of criteria such as the composition and meetings, role & responsibilities and overall effectiveness of the Board & Committees. Evaluation of the performance of all Individual Directors (including Independent Directors and Chairperson) was also done during the year. Pursuant to Schedule IV of the Act, the Independent Directors met on 12th February 2025, without the presence of Non-Independent Directors.

16. Remuneration Policy and Criteria for Appointment of Directors

The Nomination and Remuneration Policy of the Company provides roles and responsibilities of the Nomination and Remuneration Committee and the criteria for evaluation of the Board and compensation of the Directors and senior management. Further the assessment and appointment of members to the Board is based on a combination of criterion that includes ethics, personal and professional stature, domain expertise and specific qualification required for the position. The potential Independent Board member is also assessed on the basis of independence criteria defined in Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI Listing Regulations.

In accordance with Section 178(3) of the Companies Act, 2013 and on recommendation of the Nomination and Remuneration Committee, the Board has adopted a policy including criteria for determining the qualification, positive attributes, independence and other matters for appointment and remuneration of Directors, Key Management Personnel and Senior Managerial Personnel. The said Policy is uploaded on the website of your Company at https://relictechnologies.in/ and is followed for respective appointment(s).

The remuneration paid to the directors is as per the terms laid out in the Nomination and Remuneration Policy of the Company.

17. Board Committees

In compliance with the Statutory requirements, the Company has constituted committees namely Audit Committee, Nomination and Remuneration Committee and Stakeholder Relationship Committee.

A. Audit Committee u/s 177 of the Act

The Audit Committee as on March 31, 2025 comprises of Ms. Dhara Shah as the Chairperson and Mr. Mukesh Desai, Mr. Kunal Gandhi as Members. During the year under review, all recommendations made by the Audit Committee have been accepted by the Board. During the year, 4 meetings of the Committee were held.

B. Nomination and Remuneration Committee u/s 178 of the Act

The Nomination and Remuneration Committee as on March 31, 2025 comprises of Ms. Dhara Shah as the Chairperson and Mr. Mukesh Desai, Mr. Kunal Gandhi as Members. The Nomination and

Remuneration Committee has adopted a remuneration policy as required under Section 178 of the Act.

During the year, 2 meetings of the Committee were held.

The Remuneration Policy has been placed on the website of the Company and can be accessed through the following link – https://relictechnologies.in/ The salient features of the policy are as follows: a) Nomination and Remuneration Committee (‘NRC) identifies various traits of a person for appointment as Director/ KMP and recommends appointment to the Board. b) Remuneration to Directors is decided by the Board on the basis of recommendations of the NRC. c) Remuneration for Senior Management is decided on various industry parameters and performance matrix.

During the year, all recommendations made by the committee were approved by the Board.

C. Stakeholders Relationship Committee u/s 178 of the Act

The Stakeholders Relationship Committee as on March 31st, 2025 comprises of Ms. Dhara Shah as the Chairperson and Mr. Mukesh Desai, Mr. Baijoo Raval as Members. During the year, 4 meetings of the Committee were held.

18. Risk Management

The Company has developed and implemented the risk management policy for the company.

The Company has established a robust risk management framework under the provisions of Companies Act,

2013. Under this framework, risks are identified across all business process of the Company on continuous basis. Once identified, they are managed systematically by categorizing them. It has been identified as one of the key enablers to achieve the Companys objectives.

19. Directors Responsibility Statement

In terms of Section 134(5) of the Companies Act, 2013, your Directors state that:

1. in the preparation of the annual accounts for the FY 2024-25, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any;

2. the directors have 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 for the financial year ended March 31, 2025, and of the loss of the Company for that period; 3. the directors had taken proper and sufficient care 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; 4. the directors have prepared the annual accounts on a going concern basis; 5. the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively; and 6. 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;

20. Related Party Transactions

Your Company has formulated a Policy on Related Party Transactions in accordance with the provisions of Sections 177 and 188 of the Act and Rules made thereunder and the same is available on the website of your Company at https://relictechnologies.in/

None of the contract or arrangement or transaction with any of the Related Parties was in conflict with the interest of your Company. Since all the transactions with related parties during the year were on arms length basis and in the ordinary course of business, hence, the disclosure of related party transactions as required under Section 134(3)(h) of the Act in Form AOC-2 is not applicable to your Company for FY 2024-

25.

Details of related party transactions entered into by your Company, in terms of Ind AS-24 have been disclosed in the Note 30 of the standalone and Note 37 of the consolidated financial statements, respectively, forming part of this Report.

21. Vigil Mechanism/ Whistle Blower Policy

The Company has Whistle-Blower Policy (Whistle-Blower/ Vigil Mechanism) to report concerns. Under this policy, provisions have been made to safeguard persons who use this mechanism from victimization.

The policy also provides access to the chairperson of the Audit Committee under certain circumstances. The said Policy is also available on the Companys website https://relictechnologies.in/

22. Auditors

A. Statutory Auditors

M/s. Uday Pasad & Associates, Chartered Accountants, Mumbai (Membership No. 046581) tendered their resignation to discontinue as the Statutory Auditor of the Company for the remaining term of their period. Hence, in order to fill up the casual vacancy, the Company has appointed M/s. D. Kothary

& Co., Chartered Accountants, Mumbai (Firm Registration No.: 105335W) in the Board Meeting convened on 26th July 2025. The appointment of M/s. D. Kothary & Co., Chartered Accountants (Firm Registration No.: 105335W),

Mumbai, is to be confirmed by the members in the ensuing Annual General Meeting, Further, their appointment shall be for a period of 5 (Five) years commencing from the conclusion of 34th AGM till the conclusion of the 39th AGM to be held financial the year 2030-31, subject to the approval of members in the ensuing Annual General Meeting. As required under Section 139 of the Companies Act, 2013, the Company has received a written consent from M/s. D. Kothary & Co., Chartered

Accountants, Mumbai, for such appointment and also a certificate to the effect that their appointment, if made, would be in accordance with Section 139(1) of the Companies Act, 2013 and the rules made thereunder.

The report of the Statutory Auditors forms part of the Annual Report for FY 2024-25. The said report does not contain any qualification, reservation, adverse remark or disclaimer.

B. Secretarial Auditors

Pursuant to Section 204 of the Companies Act, 2013 and the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014, M/s. VKM & Associates, Practicing Company Secretaries

(Membership No. F5023, Certificate of Practice 4279) were appointed to conduct the Secretarial Audit of the Company for Financial Year 2024-2025. The Secretarial Audit Report for FY 2024-25 is attached as "Annexure-II".

23.Adverse Remark BoardsResponse on Auditors Qualification, Reservation or ? There are no qualifications, reservations or adverse remarks made by the Statutory Auditors, in their Report for the financial year ended March 31, 2025. The Report is enclosed with financial statements in this Annual Report. ? There are no qualifications, reservations or adverse remarks made by the Secretarial Auditors, in their Report for the financial year ended March 31, 2025, contains below mentioned remarks on which management response are as under:

1) The Company had repaid the loan but satisfaction of charges not updated on MCA website/ records.

Management Response - The said charge pertains to a very old charge which has been duly satisfied and was intimated to the Registrar of Companies but the portal has not updated the same.

2) On a Ministry of Corporate Affair site (www.mca.gov.in) prosecution details is showing against officer of Relic Technologies Limited under prosecution section 383A(IA), 629A, 299(4) of companies act 1956 under The Additional Chief Metropolitan Magistrate, 37th court, Esplanade, Mumbai.

Management Response - There is no prosecution case pending against the Company or its promoters and the MCA portal has not been updated in this regard.

3) The Company had paid fine/penalty of Rs.2,31,280/- towards a. Late submission of SOP-Reg-27(2)-quarterly Corporate Governance Report for quarter ended 31st March, 2014 by Rs.

36,580/- and b. Reg 33 for submission of quarterly results for quarter ended 30th June 2019 by

Rs.1,94,700/-

Management Response the Company upon knowledge of the old SOP fines, has promptly paid the same to the Stock Exchange.

24. Reporting of Frauds

Pursuant to provisions of the Section 143(12) of the Companies Act, 2013, neither the Statutory Auditors nor the Secretarial Auditor has reported any incident of fraud during the year under review.

25. Significant and Material Orders Passed by the Courts/Regulators

During FY 2024-25, there were no significant and/or material orders, passed by any Court or Regulator or

Tribunal, which may impact the going concern status or the Companys operations in future.

26. Corporate Social Responsibility

Based on the applicable provisions, Corporate Social Responsibility under Section 135 is not applicable to the Company during FY 2024-25.

Therefore, there is no requirement of providing Annual Report on CSR activities, in terms of Section 13 of the Act and the Rules framed thereunder.

27. Information Required Under Sexual Harassment of Women at Workplace (Prevention, Prohibition &

Redressal) Act, 2013

The Company has zero tolerance for sexual harassment at workplace and has 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 (‘POSH) and the rules made there under for prevention and redressal of complaints of sexual harassment at workplace. All women associate (permanent, temporary, contractual and trainees) as well as any women visiting the

Companys office premises or women service providers are covered under this Policy.

All employees are treated with dignity with a view to maintain a work environment free of sexual harassment whether physical, verbal or psychological.

The Company has complied with the provisions relating to the constitution of Internal Complaints Committee (ICC) under the Prevention of Sexual Harassment Act to redress complaints received regarding sexual harassment. During FY 2024-25, there were no complaints received under POSH.

28. Secretarial Standards

The Directors state that applicable Secretarial Standards i.e. SS-1 and SS-2, relating to ‘Meeting of Board of Directors and ‘General Meetings respectively have been duly complied by the Company.

29. Particulars of Employees

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 attached as Annexure III forming part of this Report.

In terms of Section 197(12) of the Act, read with Rule 5(2) and 5(3) of the Companies (Appointment and

Remuneration of Managerial Personnel) Rules, 2014, there were no employees drawing remuneration in excess of limits set out in said rules.

30. Conservation of Energy, Research and Development, Technology Absorption, Foreign Exchange Earnings and Outgo

(A) CONSERVATION OF ENERGY-

a. The steps taken or impact on conservation of energy;

The Company is engaged in of finance, leasing, hire purchase, in any field of capital market, money and finance market, investment market in any

b. The steps taken by the company for utilising alternate sources of energy;

industrial, commercial and governmental enterprises and consumer fields and others by any methods, systems, modes, means etc., which requires very

c. The capital investment on energy conservation equipments;

minimum amount of energy. However, the Company has taken measures to reduce energy consumption, wherever possible.

(B) TECHNOLOGY ABSORPTION-

(a)

The efforts made towards technology absorption

No new technology has been absorbed during the financial year.

(b)

The benefits derived like product improvement, cost reduction, product development or import substitution.

N.A.

(c)

In case of imported technology (imported during the last three years reckoned from the beginning of the financial year)-

No new technology has been imported during the last three years.

i. the details of technology imported
ii. the year of import
iii. whether the technology been fully absorbed

iv. if not fully absorbed, areas where absorption has not taken place, and the reasons thereof

(d) The expenditure incurred on Research and Development. NIL

(C) FOREIGN EXCHANGE EARNINGS AND OUTGO-

During the year under review, total Foreign Exchange Earnings and Outgo on actual inflow and outflow basis, is as under: NIL

(Rs. In lakhs)

Particulars

FY 2025 FY 2024
Foreign Exchange Earning - -
Expenditure in Foreign Exchange - -

31. Copy of Annual Return

Pursuant to Section 92(3) and Section 134(3)(a) of the Companies Act, 2013, the Company will place a copy of the Annual Return as of March 31, 2025, on its website at https://relictechnologies.in/

32. DISCLOSURES

Your Directors state that for the Financial Year 2024-25, no disclosures are required in respect of the following items and accordingly affirm as under: ? Details relating to deposits covered under Chapter V of the Act; ? Material changes and commitments affecting the financial position of the Company between the end of the financial year and the date of this report. ? The provisions relating to maintenance of cost records under sub section (1) of Section 148 of the

Companies Act, 2013 are not applicable on the Company during the financial year. ? No amount or Shares were required to be transferred to the Investor Education and Protection Fund under the provisions of the Act. ? Your Company has not issued shares with differential voting rights and sweat equity shares during the year under review. ? Your Company has no Employee Stock Option Plan. ? No Buyback of shares was undertaken by the Company during FY 2024-25. ? There were no instances where your Company required the valuation for one-time settlement or while taking the loan from the Banks or Financial Institutions. ? No petition/application has been admitted against the Company, under Insolvency and Bankruptcy Code, 2016, by the National Company Law Tribunal. ? As on 31st March 2025, Neither the Managing Director nor the Whole-time Director of the Company receives any remuneration or commission from any of its subsidiaries. ? The Company has software for maintaining its books of account and has a feature of recording audit trail for each transaction with audit log.

33. Acknowledgement

We thank our customers, vendors, investors, bankers, employees, for their continued support during the year. We place on record our appreciation for the contribution made by our employees at all levels. Our growth was made possible by their hard work, co-operation and support. We further place on record their sincere appreciation for the assistance and co-operation received from Financial Institutions, Banks, Government Authorities and Business Partners.

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