Savani Financials Ltd Directors Report

During the year under review, the Company has earned operating revenue, including other income, aggregating to Rs. 343.15 lakhs as against Rs. 12.29 lakhs in the previous year. Net Loss after tax stood at Rs. 878.60 lakhs as against net loss of Rs. 200.02 lakhs in the previous year. The management is looking for opportunities to identify niche segments in which the Company can look for better business possibilities. The management is also exploring the possibility of identifying new business opportunities to augment its resources. The Company is engaged only in the business of providing nancial services, and accordingly, there are no separate reportable segments as per IND AS-108 on Operating Segment.

During the year under review, there was no change in the nature of the business of the Company.

In view of accumulated losses, your Directors did not propose any dividend for the nancial year ended 31^st March 2025.

The Company did not transfer any amount to the reserves due to losses incurred in the nancial year ended 31^st March 2025.

The Issued, Subscribed and Paid-Up Equity share capital of the Company as on 31^st March 2025 was Rs. 31,94,93,700 (Rupees Thirty-One Crores Ninety-Four Lakhs Ninety-Three Thousand Seven Hundred only) divided into 3,19,49,370 (Three Crore Nineteen Lakhs Forty-Nine Thousand Three Hundred and Seventy only) equity shares of Rs. 10/- (Rupees ten only) each.

The Company has not issued shares with di erential voting rights, nor sweat equity shares. The Company has not bought back any of its securities during the year under review.

The Board of Directors at its meeting held on 01^st September 2023 had approved the issuance of 2,80,00,000 partly paid-up equity shares of face value of Rs. 10 for cash at a price of Rs. 17.50 (including a premium of Rs. 7.50 per rights equity share), aggregating upto Rs. 4,900 Lakhs by way of rights issue to the existing equity shareholders of the Company in the ratio of 7 equity shares for every 1 fully paid-up equity share held by the eligible equity shareholders on the record date. Further, the Board, in its meeting held on 01^st September 2023, had formed a Rights Issue Committee and had vested all the powers pertaining to the execution of the Rights Issue of Shares upon them. The Company led the Draft Letter of O er on 15^th December 2023, on the listing portal of BSE, for which it received the BSE approval on 15^th March 2024.

The Rights Issue opened on 02^nd May, 2024 and closed on 10^th May 2024. The Company thereafter allotted the partly paid-up shares to the respective allottees based on the basis of allotment approved by the BSE on 18^th May 2024.

The Company sent a Notice dated 14^th September 2024, for receiving balance call money of Rs. 3.50 per share (including premium of Rs. 1.50 per share) from the eligible equity shareholders. There was receipt of Rs. 9,66,03,220/- (Rupees Nine Crore Sixty-Six Lakhs Three Thousand Two Hundred and Twenty Only) for which there was allotment of 2,76,00,920 equity shares by the Rights Issue Oversight Committee (RIC) in its meeting held on 22^nd October 2024.

The Company sent the First Reminder Notice dated 10^th December 2024, for receiving the balance call money of Rs. 3.50 per share (including premium of Rs. 1.50 per share) from the balance eligible equity shareholders. The Company received Rs. 11,91,485/- (Rupees Eleven Lakhs Ninety-One Thousand Four Hundred and Eighty-Five Only) (including interest at the rate of 12% per annum) for which there was allotment of 3,33,409 equity shares by the Rights Issue Oversight Committee (RIC) in its meeting held on 22^nd January 2025.

The Company further sent the Second Reminder Notice dated 21^st February 2025, for receiving the balance call money of Rs. 3.50 per share (including premium of Rs. 1.50 per share) to the balance eligible equity shareholders. The Company received Rs. 55,018/- (Rupees Fifty Five Thousand and Eighteen Only) (including interest at the rate of 12% per annum) for which there was allotment of 15,041 equity shares by the Rights Issue Oversight Committee (RIC) in its meeting held on 28^th March 2025.

A. Board of Directors

The Board of Directors comprises six Directors, who are as follows:

B. Key Managerial Personnel (KMP):

During the year, Mr. Praful Sheth resigned from the post of Chief Financial O cer and Company Secretary and Compliance O cer of the Company with e ect from 12^th August 2024. There was an appointment of Mr. Jatinder Mohan Singh Shah as Chief Executive O cer, Mr. Naresh Bharat Malavia as Chief Financial O cer and Mr. Darsh Mehta as Company Secretary and Compliance O cer of the Company with e ect from 12^th August 2024.

The following are Key Managerial Personnel are KMPs as per the de nition under Section 2(51) and Section 203 of the Companies Act, 2013, as on 31^st March 2025:

C. Re-appointment of Directors

In accordance with the requirements of the Companies Act, 2013, Ms. Deepa Kishor Tracy (DIN: 00516615) retires by rotation and, being eligible, o ers herself for re-appointment.

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16 and 25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015) for ful lment of their responsibilities in a professional and faithful manner and to promote con dence of the investment community, particularly minority shareholders, regulators of the Company.

Independent Directors play an important role in the governance process of the Board. They bring to bear their expertise and experience on the deliberations of the Board. This enriches the decision-making process at the Board with di erent points of view and experiences and prevents con ict of interest in the decision-making process.

As per Para VII (1) of Schedule IV of Section 149 (8) of the Companies Act, 2013, Independent Directors are required to hold at least one meeting without the attendance of Non-Independent Directors and members of management. Accordingly, such a meeting of Independent Directors was held on 27^th January 2025. Independent Directors reviewed the performance of Non-Independent Directors and the Board as a whole based on certain parameters set by Independent Directors.

Further, they have included their names in the databank of Independent Directors maintained with the Indian Institute of Corporate A airs in terms of section 150 of the Act, read with Rule 6 of the Companies Act, read with Rule 6 of the Companies (Appointment and Quali cation of Directors) Rules, 2014.

All Independent Directors have given declarations to the e ect that they meet the criteria of independence as laid down under Section 149(6) of the Act, read with Regulation 16 of SEBI (LODR), Regulations 2015. In the opinion of the Board, Independent Directors ful l the conditions speci ed in the Act, Rules made thereunder, and SEBI (LODR) Regulations 2015.

There were six meetings of the Board of Directors of the Company held during the nancial year 2024-2025. The dates of the said meetings are 10/04/2024, 16/05/2024, 12/06/2024, 12/08/2024, 25/10/2024 and 27/01/2025.

10. Evaluation

The Nomination and Remuneration Committee have formulated a Policy for the Board, its Committees and Directors and the same has been approved and adopted by the Board. The details of the Board Evaluation form part of the Board’s Report. The Board evaluated the e ectiveness of the functioning of the Committees and of individual Directors, pursuant to the provisions of the Act and the SEBI Listing Regulations.

11. Committees of the Board

The Company comprises 6 (six) committees as on 31^st March, 2025 :

a. Audit Committee b. Nomination and Remuneration Committee c. Risk Management Committee d. Stakeholder Relationship and Share Transfer Committee e. Corporate Social Responsibility Committee f. Rights Issue Oversight Committee

A detailed note on the composition of the committees and other mandatory details is provided in the corporate governance report forming part of this Annual Report.

12. Director’s Responsibility Statement

Pursuant to the requirement under section 134(3)(c) of the Companies Act, 2013, the Directors con rm that:

a. In preparation of the annual accounts for the nancial year ended 31^st March 2025, the applicable accounting standards have been followed.

b. The Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of a airs of the Company at the end of the nancial year and of the loss of the Company for the year.

c. The Directors have taken proper and su cient care towards 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. The Directors have prepared the annual accounts on an accrual basis under the historical cost convention.

e. The Directors have laid down internal nancial controls, which were adequate and operating e ectively.

f. The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws, and such systems were adequate and operating e ectively.

These Financial Statements have been prepared in accordance with Ind AS as noti ed under the Companies (Indian Accounting Standards) Rules, 2015, read with Section 133 of the Act.

13. Auditors:

a. Statutory Auditor

M/s. Jayantilal Thakkar & Co., Chartered Accountants (Firm Registration No. - 104133W), are appointed as Statutory Auditors of the Company for a term of ve consecutive nancial years, i.e. for the Financial Year 2023-2024 to 2028-2029 under Section 141 of the Companies Act, 2013, read with the rules framed thereunder. Their appointment is subject to rati cation by the Members at every subsequent Annual General Meeting held after 27^th September 2023. Pursuant to the amendments made to Section 139 of the Companies Act, 2013 by the Companies (Amendment) Act, 2017, e ective from 07^th May, 2018, the requirement of seeking rati cation of the Members for the appointment of the Statutory Auditors has been withdrawn from the Statute. In view of the above, rati cation of the Members for the continuance of their appointment at this Annual General Meeting is not being sought. The Statutory Auditors have given a con rmation to the e ect that they are eligible to continue with their appointment and that they have not been disquali ed in any manner from continuing as Statutory Auditors. The remuneration payable to the Statutory Auditors is determined by the Board of Directors.

b. Secretarial Auditor

Pursuant to Section 204 of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company, in the Board Meeting held on 12^th August, 2024, had appointed M/s. Bansal and Company, Practising Company Secretaries, to undertake Secretarial Audit of the Company for the nancial year ended 31^st March, 2025.

The Secretarial Audit Report in Form MR-3 for the nancial year under review, as received from M/s. Bansal and Company, Practising Company Secretary, is attached as Annexure A to the Directors Report. There are no quali cations or adverse remarks in the Secretarial Audit Report.

c. Internal Auditor

The Board of Directors, in their Meeting held on 12^th August 2024, had appointed M/s. A.P. Sanzgiri & Co., Chartered Accountants, as Internal Auditor of the Company for the nancial year ended 31^st March 2025, in accordance with Section 138 of the Companies Act, 2013, read with relevant rules made thereunder.

d. Cost Auditor

The maintenance of cost records as speci ed by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013, is presently not applicable to the Company and accordingly, such accounts and records have not been made and maintained. Hence, no Cost auditor has been appointed.

14. The explanations of the Board on every quali cation/reservation/adverse remark/disclaimer made in the Audit Report and the Secretarial Audit Report.

a. Audit Report:

There is no adverse remark, reservation or quali cation in the Audit Report for the year under review. b. Secretarial Audit Report:

There is no adverse remark, reservation or quali cation in the Audit Report for the year under review.

15. Vigil Mechanism

In terms of Section 177 of the Act and Regulation 22 of the SEBI (LODR) Regulations, 2015, the Company has established a vigil mechanism for the Directors and employees. The Vigil Mechanism Policy is framed for carrying out investigation, to conduct the enquiry in a fair and unbiased manner, to ensure that a complete fact- nding exercise has been undertaken and provide a channel to the Directors and employees to report genuine concerns or suspected fraud.

16. Remuneration Policy for the Board and Senior Management

The Board has adopted the Nomination and Remuneration Policy in its meeting held on 12^th August 2024, for Directors, Key Managerial Personnel (‘KMPs’) and all other employees of the Company.

As part of the policy, the Company strives to ensure that:

a. the level and composition of remuneration is reasonable and su cient to attract, retain and motivate Directors of the quality required to run the Company successfully; b. the relationship between remuneration and performance is clear and meets appropriate performance benchmarks; and c. remuneration to Directors, KMPs and Senior Management involves a balance between xed, and incentive pay, re ecting short, medium and long-term performance objectives appropriate to the working of the Company and its goals.

17. Related Party Transactions

In line with the requirements of the Act and the SEBI Listing Regulations, the Company has formulated a Policy on Related Party Transactions. The Policy can be accessed on the website of the Company.

During the year under review, all related party transactions entered into by the Company were approved by the Audit Committee and were at arm’s length and in the ordinary course of business. Prior omnibus approval is obtained for related party transactions which are of a repetitive nature and entered in the ordinary course of business and on an arm’s length basis.

18. Material changes and commitments, if any, a ecting the nancial position of the Company which has occurred between the end of the nancial year of the Company to which the nancial statements relate and the date of the report

The Board of Directors at its meeting held on 1^st September 2023 approved the issuance of 2,80,00,000 partly paid-up equity shares of face value of Rs. 10 for cash at a price of Rs. 17.50 (including a premium of Rs. 7.50 per rights equity share), aggregating upto Rs. 4,900 Lakhs by way of rights issue to the existing equity shareholders of the Company in the ratio of 7 equity shares for every 1 fully paid-up equity share held by the eligible equity shareholders on the record date.

The Company sent a Notice dated 14^th September 2024, for receiving the balance call money of Rs. 3.50 per share (including premium of Rs. 1.50 per share) from the eligible equity shareholders. There was receipt of Rs. 9,66,03,220/- (Rupees Nine Crore Sixty-Six Lakhs Three Thousand Two Hundred and Twenty Only) for which there was allotment of 2,76,00,920 equity shares by the Rights Issue Oversight Committee (RIC) in its meeting held on 22^nd October 2024.

The Company sent the First Reminder Notice dated 10^th December 2024, for receiving the balance call money of Rs. 3.50 per share (including premium of Rs. 1.50 per share) from the balance eligible equity shareholders. The Company received Rs. 11,91,485/- (Rupees Eleven Lakhs Ninety-One Thousand Four Hundred and Eighty-Five Only) (including interest at the rate of 12% per annum) for which there was allotment of 3,33,409 equity shares by the Rights Issue Oversight Committee (RIC) in its meeting held on 22^nd January 2025.

The Company further sent the Second Reminder Notice dated 21^st February 2025, for receiving the balance call money of Rs. 3.50 per share (including premium of Rs. 1.50 per share) to the balance eligible equity shareholders. The Company had received Rs. 55,018/- (Rupees Fifty-Five Thousand and Eighteen Only) (including interest at the rate of 12% per annum) for which there was allotment of 15,041 equity shares by the Rights Issue Oversight Committee (RIC) in its meeting held on 28^th March 2025.

19. Details of signi cant and material orders passed by the regulators or courts, or tribunals impacting the going concern status and the Company’s operations in future

The Company has not received any signi cant and material orders passed by the regulators or courts, or tribunals during the year, which may impact the going concern status of the Company or will have any bearing on the Company’s operations in future.

20. Details in respect of the adequacy of internal nancial controls with reference to the nancial statements

In accordance with the provision of Section 134(5)(e) of the Act and as per the provisions of the SEBI (LODR) Regulations, 2015, the Company has an Internal Financial Control System, commensurate with the size, scale and complexity of its operations. Such Internal Financial Controls were found to be adequate for a Company of this size. The controls are largely operating e ectively since there has not been an identi cation of any material weakness in the Company. The Company has policies and procedures in place for ensuring proper and e cient conduct of its business, the safeguarding of its assets, the prevention and detection of fraud and errors, the accuracy and completeness of the accounting records and the timely preparation, reliable nancial information. The Company has appointed A.P. Sanzgiri & Co., Chartered Accountants, as Internal Auditors for the nancial year 2024-2025. The Internal Auditors monitor and evaluate the e ectiveness and adequacy of the internal control system in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company and its subsidiaries. Based on the report of Internal Auditors, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Signi cant audit observations and corrective actions thereon are presented to the Audit Committee of the Board.

21. Particulars of Loans, Guarantees or Investments

During the year, there was no loan given, investment made, guarantee given or security provided by the Company covered under Section 186 of the Companies Act, 2013.

22. Details of Subsidiary, Joint Venture or Associate Companies

The Company does not have any Subsidiary, Joint Venture or Associate Company. Therefore, Form AOC-1 pursuant to section 129 of the Companies Act, 2013, read with rule 5 of the Companies (Accounts) Rules,2014, is not applicable to the Company for the Financial Year 2024-2025 and therefore it does not form part of this report.

23. Deposits

Your Company is registered with the Reserve Bank of India (RBI) as a non-deposit accepting NBFC under section 45-IA of the RBI Act, 1934.

During the year under review, the Company has not accepted any deposit within the meaning of the Companies (Acceptance of Deposits) Rules, 2014 or Chapter V of the Act or within the meaning of Section 73 of the Act and the Companies (Acceptance or Deposits) Rules, 2014 and guidelines and master directions of Non-Banking Financial Companies as prescribed by Reserve Bank of India in this regard and therefore no details are required to be furnished.

24. Details in respect of frauds reported by auditors under Subsection (12) of Section 143 of the Act, other than those which are reportable to the Central Government

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

25. Extract of the Annual Return

As per the requirements of Section 92(3) of the Companies Act, 2013 (hereinafter referred as “the Act”) read with Rule 12 of the Companies (Management and Administration) Rules, 2014 as amended from time to time, including any statutory modi cations/amendments thereto for the time being in force, the annual return of Company for Financial Year 2024-2025 is available on its website on https://mantracapital.in/agm-annual-return

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

The provisions relating to the disclosure of particulars relating to conservation of energy and technology absorption do not apply to the Company since it is engaged in the business of nancial services. The Company had no foreign exchange earnings or outgo during the year.

27. Corporate Social Responsibility

The provisions of Section 135 of the Companies Act, 2013, for implementing Corporate Social Responsibility Policy, constitution of the committee and expenditure are presently not applicable to the Company. However, our Company has a Corporate Social Responsibility Committee in place.

28. Disclosure Under the Maternity Bene t Act, 1961

Your Company is compliant with the statutory provisions of the Maternity Bene t Act, 1961.

29. Formal Annual Evaluation

The Companies Act, 2013 and the SEBI (LODR) Regulations, 2015 stipulate the evaluation of the performance of the Board, its Committees, Individual Directors and the Chairperson.

During the year, the Board of Directors has carried out an annual evaluation of the Board as a whole, individual directors (including independent directors and Chairperson) and various Committees of the Board pursuant to a guidance note dated January 5, 2017 released by Securities and Exchange Board of India (“SEBI”) on the evaluation of the Board of Directors of a listed Company (“Guidance Note”). The performance of the Board, Individual Directors, Committee and Chairperson was evaluated by the Board after seeking inputs from all the directors on the basis of criteria such as the Board composition and structure, e ectiveness of Board processes, information and functioning, etc. In a separate meeting of Independent Directors held on January 27, 2025, the performance of Non-Independent Directors and the Board as a whole was evaluated, taking into account the views of Executive Directors and Non-Executive Directors. The results of the evaluation are satisfactory and adequate and meet the requirements of the Company.

30. Particulars of loans, guarantees or investments under Section 186 of the Companies Act, 2013

During the year, there was no loan given, investment made, guarantee given or security provided by the Company covered under Section 186 of the Companies Act, 2013.

31. Particulars of contracts or arrangements with related parties referred to in sub-section (1) of section 188 in the prescribed form

All related party transactions that were entered into during the nancial year were on an arm’s length basis and were in the ordinary course of the business. The materially signi cant related party transactions made by the Company with Promoters, Key Managerial Personnel or other designated persons along with details of Contract or arrangement are mentioned in Form AOC-2 as per Section 134(3)(h) of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014 is not applicable to the Company and is annexed as Annexure C to the Board Report.

32. Managerial Remuneration

No remuneration has been paid to the Directors during the year under review, and accordingly, no information is being provided for the same.

33. Particulars of Employees

The information required under Section 197 of the Act, read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is given in Annexure B.

34. Management Discussion and Analysis

In terms of the provisions of Regulation 34 of the SEBI (LODR) Regulations, 2015, the Management’s Discussion and Analysis is set out in this Director’s Report. Management’s Discussion and Analysis Report provides details of the overall industry structure, developments, performance and state of a airs of the Company’s various businesses.

35. Business Responsibility and Sustainability Report

Pursuant to Regulation 34 of SEBI (LODR) Regulations, 2015, disclosures regarding environment, social and governance thereof are not applicable to the Company.

36. Corporate Governance Report

The Company ensures that it evolves and follows the corporate governance guidelines and best practices diligently and considers its inherent responsibility to disclose timely and accurate information regarding the operations and performance, leadership, and governance of the Company.

Pursuant to the SEBI Listing Regulations, the Corporate Governance Report, along with the Certi cate from a Practising Company Secretary certifying compliance with conditions of Corporate Governance, forms part of this Integrated Report and Annual Accounts 2024-2025 and is annexed as Annexure F.

37. Annual Secretarial Compliances pursuant to Regulation 24A of SEBI(LODR), 2015

In accordance with BSE Circular LIST/COMP/10/2019-20 dated 09th May 2019 and provisions of Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Annual Secretarial Compliance Report issued by Bansal and Co. for the nancial year ending 31^st March 2025 is enclosed along with the Board Report as Annexure H.

38. Risk Management

The Company has framed a risk management framework to identify business risks and challenges across the Company. The risk framework helps us meet the business objectives by aligning operating controls with the mission and vision of the Company. After extensive deliberation on the nature of risk and implementing appropriate mitigation measures, the business activities are being carried out under the direct supervision of the Board of Directors of the Company. This ensures that no foreseeable risk that could threaten the existence of the Company is overlooked.

39. Code for Prevention of Insider Trading

Policies and code adopted by the Company pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time, are displayed on the Company’s website at https://mantracapital.in/policies

40. Disclosures under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company has in place a Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013. The details of complaints received and disposed of in the year are as below:

No. of complaints received: Nil No. of complaints disposed of: Nil

No cases of any sexual harassment of women in the workplace.

41. Compliance with Secretarial Standards

The Company has complied with Secretarial Standards for Board meetings and Secretarial Standards for General Meetings issued by The Institute of Company Secretaries of India. The Company has voluntarily adopted Secretarial Standards on the Report of the Board of Directors.

42. Credit Rating

During the year under review, no credit ratings/revisions in Credit Ratings were done by any credit rating agency for the Company.

43. Disclosure of Accounting Treatment

Implementation of Indian Accounting Standards (IND AS) converged with International Financial Reporting Standards (IFRS). As mandated by Companies (Indian Accounting Standards) Rules, 2015, Non-Banking Financial Company (NBFCs) whose equity or debt securities are listed on any stock exchange in India or outside India and having net worth less than rupees ve hundred crore are required to comply with the Indian Accounting Standards (IND AS) for Financial Statements for accounting period beginning from 1^st April 2019 onwards. Accordingly, the annual nancial statements are prepared as per Indian Accounting Standards for the Financial Year 2024-2025.

44. Compliance with the code of conduct and ethics

In compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Act, the Company has framed and adopted a Code of Conduct for Board Members, Senior Management and Other employees (“the Code”). The Code is applicable to the members of the Board, the executive o cers and all the employees of the Company.

All the members of the Board and Senior Management Personnel have a rmed compliance with the code for the nancial year ended on 31^st March 2025.

45. Familiarisation Policy and Programme for Independent Directors

The Company has a Familiarisation Programme which provides orientation at the time of the appointment of Independent Directors, which covers their roles and responsibilities, an overview of the industry, operations, and business model of the Company. They are provided with copies of the Company’s latest Annual Reports, relevant provisions of the SEBI (LODR) Regulations, 2015, the Companies Act, 2013, Code of Conduct prescribed for the Board of Directors, Prevention of Insider Trading regulations and other internal policies to help them get a broad view of the Company’s procedures and practices.

46. Details of applications made or any proceedings pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year, along with their status as at the end of the nancial year.

Not applicable as no proceedings are pending under the Insolvency and Bankruptcy Code, 2016.

47. Details of the di erence between the amount of the valuation done at the time of settlement and the valuation done while taking a loan from the Banks or Financial Institutions, along with the reasons thereof.

Not applicable as no settlement of the loan was made with any bank or Financial Institution.

48. Unpaid Dividend and Investor Education and Protection Fund (IEPF)

The Company has not paid any dividend during the year under audit, and hence clause (f) of Rule 11 of the Companies (Audit and Auditors) Rules, 2014 is not applicable.

49. Acknowledgements