Your Directors have pleasure in presenting the 91st Annual Report and audited financial statements for the Financial Year (FY) ended March 31, 2025.
FINANCIAL HIGHLIGHTS
Particulars | Standalone | |
2024-25 | 2023-24 | |
a) Revenue from operations | 26,834.09 | 46,215.43 |
b) Operating Profit (EBITDA) | 331.35 | 513.75 |
c) Finance cost | 1,159.12 | 433.96 |
d) Depreciation and Amortisation | 1,026.56 | 998.46 |
e) Profit (Loss) before tax | (1,854.33) | (918.67) |
f) Tax Expenses | 2,605.68 | - |
g) Profit (Loss) after Tax | (4,460.01) | (918.67) |
h) Other comprehensive income (net of tax) | (66.95) | 43.32 |
i) Total comprehensive income | (4,526.96) | (875.35) |
j) Earnings per equity share of Rs 10/- each (in Rs) | (84.95) | (17.50) |
k) Retained Earnings brought forward | (16,995.26) | (16,119.91) |
l) Retained earnings carried forward | (21,522.22) | (16,995.26) |
No material changes and commitments affecting the financial position of the Company have occurred between the end of the financial year to which these financial statements relate and the date of this report.
FINANCIAL RESULTS -
During the year, the Company achieved 42% lower turnover at Rs 268.34 crore. The lower turnover is due to the fact that the distillery plant was not operated during the 202425 season as it required extensive repairs and also the sales volume of sugar was lower by 41%. There were minimal opening sugar stocks as on April 1, 2024 to be sold in FY 25 as the production of Season 2023-24 was substantially sold in FY 24.
Loss before Tax was at Rs 18.54 crore as against Rs 9.19 crore in the previous year. The increase in loss is mainly attributed to higher finance cost by Rs 7.25 crore in view of debts availed to clear the cane and other overdues, carry out necessary repairs of the plant and to meet the working capital requirements. Further, lower sales volume of sugar and Distillery also contributed to decline in profitability.
Tax charged during the year is Rs 26.06 crore which is due to reversal of Rs 30.70 crore in respect of derecognition of tax benefits associated with certain lapsed accumulated tax losses pertaining to earlier years. Accordingly, loss after tax is at Rs 44.60 crore as against Rs 9.19 crore in the previous year.
TRANSFER TO RESERVES
In view of losses, your Board of Directors do not propose to transfer any amount to general reserves.
SHARE CAPITAL
During the year under review, there was no change in share capital of the Company.
DIVIDEND AND DIVIDEND DISTRIBUTION POLICY
In view of the current years loss and carried-forward losses, the Company does not have any distributable profits available for payment of dividend to equity shareholders. The Directors have therefore, not recommended payment of any dividend for the year ended March 31, 2025. Dividend Distribution Policy of the Company has been hosted on the website of the Company i.e. https://www.sirshadilal.com/assets/files/Policies/DIVIDEND-DISTRIBUTION-POLICY.pdf
CHANGE IN MANAGEMENT AND CONTROL OF THE COMPANY
Triveni Engineering & Industries Ltd. (TEIL) has acquired 61.77% equity shares of the Company from the erstwhile promoters and consequently, the Company has become a subsidiary of TEIL (Holding Company) w.e.f. June 20, 2024.
COMPOSITE SCHEME OF ARRANGEMENT
During the year under review, the Board of Directors of the Company have, subject to necessary approvals, considered and approved a Composite Scheme of Arrangement amongst Triveni Engineering & Industries Limited (TElL), Sir Shadi Lal Enterprises Limited (SSEL) and Triveni Power Transmission Limited (TPTL) and their respective shareholders and their respective creditors under Section 230 to 232 and other applicable provisions, if any, of the Companies Act, 2013 read with the rules made thereunder (the "Scheme") for amalgamation of SSEL into TElL and demerger of Power Transmission Business (PTB) of TElL into TPTL. The approval/ no- objection of Stock Exchanges to the Scheme on the application filed by the Company is awaited.
COMPANY OPERATIONS -
At the time of taking over control of the Company by TEIL, the Company was facing numerous challenges, financial, management as well as technical, which were constraining the Company to perform at optimal levels. The Holding Company immediately took over the operations of the Company and inducted resources to provide management, technical and administrative support. Consequently, within a short time available, the sugar plant was repaired to operate in the forthcoming sugar season. Further, there were substantial cane, employees and other dues which were leading to agitation by the farmers and protest from the employees. With the help of the Holding Company, a proper financial plan was prepared to discharge the overdues in a progressive and orderly manner. The funds were infused by the holding Company directly as well as through other lenders on the support of its Comfort Letter. We are pleased to inform that the Company has already discharged around 70% of its old cane dues and is almost up to date with the current cane dues of the just concluded sugar season 2024-25.
The operational details of the sugar season 2024-25 duly compared with the previous season is as under:
Particulars | 2024-25 | 2023-24 |
i) Gross Working days | 159 | 146 |
ii) Cane crushed (lakh/qtls.) | 85.84 | 74.66 |
iii) Average cane crush (quintals/day) | 53,987 | 51,138 |
1v) Steam Consumption (% cane) | 48.76 | 51.63 |
v) Gross Sugar recovery (% cane) | 10.80 | 11.07 |
vi) Net Sugar recovery(% cane) | 10.12 | 11.07 |
vii) Downtime (%) | 7.57 | 9.36 |
ix) Sugar production (lakh/qtls.) | 8.69 | 8.27 |
The recovery trends in the Western UP, where Companys sugar plant is situated, were generally lower in Sugar Season 2024-25 due to climate related reasons and under performance of a dominant sugarcane variety, which is in the process of being substituted by new varieties. The Company will be focusing on cane development activities and improvement in productivity and efficiency of the sugar plant and expects much improved performance in the next season.
The Company did not operate its Distillery in the Season 2024-25 as it required extensive repairs for uninterrupted operations which were not feasible during the short period available after change of control. It would be the endeavor of the Company to increase crush for higher production of captive molasses to improve the availability of feedstock for the distillery operations.
CREDIT RATING
CARE Ratings Ltd. has assigned Rating of A+ (Rating Watch with Positive Implications) for long term bank facilities and rating of A1+ for short-term bank facilities. The aforesaid rating has been obtained in view of various Comfort Letters provided by the Holding Company in favour of lenders for banking facilities being availed by the Company.
SUBSIDIARY AND ASSOCIATE/JOINT VENTURE COMPANIES
The Company does not have any subsidiary, joint venture or associate Company.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013, your Directors confirm that:
a) in the preparation of the annual accounts for the financial year ended March 31, 2025, the applicable accounting standards have been followed and there are no material departures;
b) they 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 at the end of the financial year and of the loss of the Company for that year;
c) they have 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) they have prepared the annual accounts on a going concern basis;
e) they have 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) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
CORPORATE GOVERNANCE
In accordance with the Listing Regulations, a separate report on Corporate Governance is given in Annexure-A along with the Certificate on its compliance in Annexure-B to the Boards Report. The Certificate does not contain any qualification, reservation and adverse remark, except an observation which is self-explanatory.
RELATED PARTY CONTRACTS/ TRANSACTIONS
In accordance with the relevant provisions of the Companies Act, 2013 and the Listing Regulations, the Company has formulated a Related Party Transaction Policy, which has been uploaded on its website at https://www.sirshadilal.com/assets/ files/Policies/Related_Party_Transaction_Policy_455bdd9cf5. pdf. It is the endeavor of the Company to enter into related party transaction on commercial and arms length basis with a view to optimize the overall resources of the group.
All transactions entered into with related parties during the year were in the ordinary course of business of the Company and at arms length basis. During the year under review, prior approval of the members was accorded by way of an ordinary resolution passed at the 90th AGM of the Company held on September 13, 2024 for entering into certain related party transactions with Triveni Engineering & Industries Limited, Holding Company and a related party, up to an aggregate amount of Rs 733.40 crore during FY 25, which exceeds the applicable threshold limits specified under the Listing Regulations and Act. The details of material related party transactions as required under provisions of section 134(3)(h) of the Act read with rule 8 of the Companies (Accounts) Rules, 2014 are provided in the prescribed format AOC-2 as Annexure-C to the Boards Report.
RISK MANAGEMENT POLICY AND INTERNAL FINANCIAL CONTROL
The Board of Directors of the Company have formed a Risk Management Committee to assess the risks relating to the businesses of the Company and the mitigation plans/measures thereof. The risk management committee will study the risks/ threats/concerns both in short term and long term and take adequate steps periodically to protect the interest of the various stakeholders, especially with reference to risks which may threaten the existence of the Company.
Implementation of the Enterprises Risk Management Framework & Policy that has been aligned with the regulatory requirements is being monitored and adhered to.
The Company has over the years evolved effective systems and procedures to ensure internal financial controls in all its establishments and such policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business, including adherence to Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information. An effective communication/reporting system operates between the Unit and Corporate Office to keep various establishments abreast of regulatory changes and ensure compliances.
DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)
During the year under review, the Board of Directors on the recommendation of the Nomination and Remuneration Committee, approved:
(a) Appointment of Mr Tarun Sawhney (DIN: 00382878) initially as an Additional Director with effect from June 20, 2024 and subsequently as Managing Director of the Company (designated as Chairman & Managing Director) for a period of five years with effect from July 31, 2024 without remuneration, which was approved by the shareholders at the 90th AGM held on September 13, 2024.
(b) Appointment of Mr Sudipto Sarkar (DIN: 00048279) and Mr Jitendra Kumar Dadoo (DIN: 02481702) as an Independent Directors on the Board of Directors of the Company for a term of five (5) consecutive years with effect from June 20, 2024, which was approved by the shareholders at the 90th AGM held on September 13, 2024.
(c) Re-designation of Mr Vivek Viswanathan (DIN:00141053) from Joint Managing Director to Non-Executive Non-Independent Director with effect from June 20, 2024, which was approved by the shareholders at the 90th AGM held on September 13, 2024.
(d) Appointment of Ms Ratna Dharashree Vishwanathan (DIN:07278291) as an Independent Director on the Board of Directors of the Company for a term of two (2) consecutive years with effect from September 18, 2024, which was approved by the shareholders through postal ballot on October 19, 2024.
(e) Appointment of KMPs in accordance with the relevant provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015 namely, Mr Tarun Sawhney as Managing Director with effect from July 31, 2024, Mr Anil Kumar Tyagi as CEO and Mr Raj Kumar Goel as CFO with effect from August 1, 2024, Mr Rakesh Kumar Yadav as Company Secretary and Compliance Officer of the Company with effect from July 21, 2025.
In the opinion of the Board, Mr Sarkar, Mr Dadoo and Ms Vishwanathan, Independent Directors of the Company are persons of integrity and possess relevant expertise, experience and knowledge.
During the year under review, Mr Rajat Lal, Managing Director (DIN: 00112489), Mr Rahul Lal, Joint Managing Director (DIN: 06575738), Mr Udit Pat Singhania (DIN:07984594), Mr Ravi Malhotra, (DIN: 08811471) Mr Tanmay Sharma, (DIN: 08811485), all Independent Directors, Mrs. Radhika Viswanathan Hoon (DIN: 06436444) and Mr Neeraj Gupta (DIN: 00317395), both Non-Executive Directors resigned from the Board of Directors of the Company with effect from June 20, 2024. Mr Singhania and Mr Sharma resigned due to personal reasons, whereas rest of the Directors resigned due to change in management and control of the Company. Mr Vivek Viswanathan (DIN: 00141053) stepped down from the position of Joint Managing Director of the Company with effect from June 20, 2024 due to personal reasons.
The service of Mr Gajendra Kumar Sharma as Chief Financial Officer of the Company was terminated on July 21, 2024 in accordance with the terms of the contract. Mr Anil Kumar Tyagi resigned as CEO w.e.f. September 25, 2024.
Mr Ajay Kumar Jain resigned as the Company Secretary and Compliance Officer of the Company w.e.f June 30, 2025 to pursue career opportunities outside the organization. The Board extends its appreciation for the valuable contribution made by Mr Jain during his long association with the Company as the Company Secretary and Compliance Officer.
Mr Rajat Lal, Mr Rahul Lal, Mr Vivek Viswanathan, Mr Anil Kumar Tyagi, Mr Gajendra Kumar Sharma and Mr Ajay Kumar Jain also ceased to be key managerial personnel of the Company.
As per the provisions of the Companies Act, 2013 (Act), Mr Tarun Sawhney (DIN:00382878), Chairman & Managing Director will retire by rotation at the ensuing Annual General Meeting (AGM) of the Company and, being eligible, seeks re-appointment. The Board has recommended his reappointment.
All the Independent Directors of the Company have submitted the requisite declarations stating that they meet the criteria of independence as prescribed under Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations. The Board reviewed and assessed the veracity of the aforesaid declarations, as required under Regulation 25(9) of the Listing Regulations and taken the same on record. In the opinion of the Board, all the Independent Directors fulfil the said conditions as mentioned in Section 149(6) of the Act and the Listing Regulations and are independent of the Management.
As required under the provisions of Section 203 of the Companies Act, 2013, the key managerial personnel, namely, Mr Tarun Sawhney, Chairman & Managing Director, Mr Raj Kumar Goel, CFO, and Mr Rakesh Kumar Yadav, Company Secretary, hold their respective offices as on the date of this report.
BOARD EVALUATION MECHANISM
Pursuant to the provisions of the Companies Act, 2013 and Listing Regulations, the Board has carried out an annual performance evaluation of its own performance, that of individual directors as well as evaluation of its committees. The evaluation criteria, as defined in the Nomination and Remuneration Policy of the Company, covered various aspects of the Board, such as composition, performance of specific duties, obligations and governance.
The performance of individual directors was evaluated on parameters such as: attendance at the meetings; contributions made in the discussions; contribution towards formulation of the growth strategy of the Company; commitment; independence of judgement; safeguarding the interests of the Company and minority shareholders; additional time devoted besides attending Board/Committee meetings. The directors have expressed their satisfaction with the evaluation process.
POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION
The policy of the Company on Directors appointment and remuneration, including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under sub-section (3) of Section 178 of the Companies Act, 2013 and the Listing Regulations, adopted by the Board, is available on the website of the Company.
BOARD MEETINGS
During the year, ten board meetings were held, the details of which are provided in the Corporate Governance Report that forms part of this Annual Report. The maximum interval between the two board meetings did not exceed 120 days, as prescribed under the Companies Act, 2013 and the Listing Regulations.
STATUTORY AUDITOR
M/s Basant Ram & Sons, Chartered Accountants (FRN: 000569N), were appointed as Statutory Auditors of the Company at the 88th AGM to hold office for a term of five consecutive years until the conclusion of 93rd AGM of the Company, which will be held in the year 2027.
COMMENTS ON THE AUDITORS REPORT
The Auditors report for the financial year 2024-25 does not contain any qualification, reservation or adverse remark except some comments under Companies (Auditors Report) Order (Annexure- A to the main Auditors Report) and in Para 2(b) under Report on Other Legal and Regulatory Requirements in the main Auditors Report, which have been commented hereunder. Further pursuant to section 143(12) of the Companies Act, 2013, the Statutory auditors of the Company has not reported any instances of fraud committed in the Company by its officers or employees, the details of which are required to be mentioned in the Boards Report.
The comments provided here below should be viewed from the background that the present management had taken over the Company in June 2024 and had been taking remedial action for various shortcomings.
Para 2(h)(v) under Report on Other Legal and Regulatory Requirements in the main Auditors Report
It has been reported that the feature of recording audit trail (edit log) facility for payroll was not implemented till December 6, 2024.
The Company had during the year upgraded hardware/servers and purchased Oracle database for ERP and accordingly, Oracle Unified Audit logs provided by Oracle have been instituted w.e.f. December 07, 2024, which records all the changes through backend and front end in all implemented modules of ERP.
Companies (Auditors Report) Order (Annexure- A to the main Auditors Report)
Para vii (a)
It has been reported that Provident Fund (PF) dues of
Rs 54.71 lakhs outstanding for more than six months have not been deposited.
During the year, the Company has cleared substantial overdues to the employees but PF dues to the extent of Rs 54.71 lakhs, pertaining to ex-employees, who have left the service of the Company, could not be remitted as the concerned employees had already closed their PF accounts. Discussions are underway to find appropriate mechanism to discharge dues in consultations with the concerned authorities.
Para xiv (b)
It has been reported that only off season internal audit report has been received for the year and the complete report is still to be received. Therefore, the auditors are unable to comment.
After taking control of the Company, Ernst & Young ("EY") were appointed as the Internal Auditors and the scope of work includes two reports in a year, covering sugar season and off-season (period prior to commencement of the sugar season). EY have already provided the reports of the year covering off-season and sugar season.
Para xix
It has been reported by the Auditors that they are unable to comment whether any material uncertainty exists on the date of the audit report and cannot give any guarantee or assurance that the Company will be able to meet its liabilities when these fall due within a period of one year from the balance sheet date
The Company has become a subsidiary of Triveni Engineering & Industries Limited (TEIL) during the year. TEIL is a leading sugar company with sound financial profile and high rating. TEIL has been providing technical and finance support to the Company with a view to make its operations viable. Till March 31, 2025, TEIL has infused funds of Rs 128.50 crore in the Company and also given Comfort letter for Rs 363 crore for term loan/working capital requirements of the Company. Further, steps have been initiated to amalgamate the Company with the holding Company.
COST AUDIT
In terms of the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014 and the Companies (Cost Records and Audit) Rules, 2014 duly amended, Cost Audit is applicable to the sugar and industrial alcohol businesses of the Company. The Company has been maintaining cost accounts and records in respect of the applicable products. Mr Rishi Mohan Bansal Cost Accountant has been appointed as Cost Auditor to conduct the cost audit of sugar and industrial alcohol for the FY 26, subject to ratification of their remuneration by the shareholders at the ensuing Annual General Meeting. The Board recommends the ratification of the remuneration of the Cost Auditor for the FY 26.
SECRETARIAL AUDIT
In terms of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board has appointed M/s Rahul Saini & Co., Company Secretaries (Membership No. ACS 16716, C.P.No.7009) to undertake the Secretarial Audit of the Company for FY 25. The report on secretarial audit is annexed as Annexure-D to the Boards report. The report does not contain any qualification, reservation or adverse remark.
Further, as per Section 204 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, and Listing Regulations, the Board in its meeting held on May 26, 2025 has recommended to appoint M/s Rahul Saini & Co., Company Secretaries as the Secretarial Auditors of the Company to conduct the secretarial audit for five financial years beginning April 1, 2025 and ending on March 31, 2030. However, Mr Rahul Saini has vide his letter dated August 4, 2025, expressed his inability to continue as Secretarial Auditor due to professional and health issues, and has tendered his resignation with immediate effect.
Now the Board has recommended to appoint M/s Deepak Dhir & Associates, a Peer Reviewed Practicing Company Secretaries (Membership No. F11633, Certificate of Practice No. 17296) as the Secretarial Auditors of the Company to hold office for a term of five consecutive years commencing from the financial year 2025-26 to 2029-30 subject to approval of shareholders in the ensuing Annual General Meeting.
DISCLOSURES
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Board has reconstituted the CSR Committee during FY 25 in accordance applicable provisions of Companies Act, 2013. The composition of CSR Committee is provided in the Corporate Governance Report that forms part of this Annual Report. The CSR Policy formulated by the CSR Committee in line with the Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended, is available on the website of the Company at https://www.sirshadilal.com/assets/files/ Code_of_conduct/csr%20policy.pdf.
During FY 25, the Company was not obliged to spend towards CSR activity as its average net profits during last three financial years are negative.
AUDIT COMMITTEE
The composition of Audit Committee is provided in the Corporate Governance Report that forms part of this Annual Report.
VIGIL MECHANISM
The Company has established a vigil mechanism through Whistle Blower Policy for the employees and other directors of the Company to report genuine concern (including reporting of instances of leakage of unpublished price sensitive information) and to ensure strict compliance with ethical and legal standards. The provisions of the policy are in line with Section 177(9) of the Act and Listing Regulations. The policy is uploaded on the website of the Company at https://www.sirshadilal.com/ assets/files/Code_of_conduct/Code-of-conduct_07.03.2019. pdf
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT 2013
The Company has in place Anti-Sexual Harassment Policy in line with the requirements of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013 (POSH Policy). The Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the said Act. No complaint was received by the Internal Complaint Committee during FY 25.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013
The Company has not made any loans or investments or given any guarantee during the year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars required under Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 are provided in Annexure-E to the Boards report.
PARTICULARS OF EMPLOYEES
The information as required under Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in Annexure-F to the Boards Report.
The particulars of employees drawing remuneration in excess of limits set out in the Rule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in Annexure-G to the Boards Report. However, as per the provisions of Section 136 of the Companies Act, 2013, the annual report is being sent to all the members of the Company excluding the aforesaid information. The said information is available for inspection by the members at the registered office of the Company up to the date of the ensuing Annual General Meeting. Any member interested in obtaining such particulars may write to the Company Secretary at the registered office of the Company.
MANAGEMENT DISCUSSION AND ANALYSIS
In terms of the provisions of Regulation 34 of the Listing Regulations, the Management Discussion and Analysis is set out in this Annual Report.
SECRETARIAL STANDARDS
The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively.
DEPOSITS
The Company has not accepted any public deposits under Section 73 of the Companies Act, 2013.
DEBENTURES
No debentures were issued during the period under review.
ANNUAL RETURN
Pursuant to Section 92(3) and 134(3) of the Companies Act, 2013, the annual return for the financial year 2024-25 is available on website of the Company at https://www.sirshadilal. com/annualfireturns.html
SIGNIFICANT AND MATERIAL ORDERS/ GENERAL DISCLOSURES
There are no significant and material orders passed by the regulators or courts or tribunal impacting the going concern status and Companys operations in future.
During the year under review, neither any application was made nor any proceedings is pending against the Company under the Insolvency and Bankruptcy Code, 2016. Further, there was no instance of one-time settlement with any bank or financial institution.
HUMAN RESOURCES
Your Company believes and considers its human resources as the most valuable asset. The management is committed to provide an empowered, performance oriented and stimulating work environment to its employees to enable them to realize their full potential. Industrial relations remained cordial and harmonious during the year.
APPRECIATION
Your Directors wish to take the opportunity to express their sincere appreciation to our customers, suppliers, shareholders, employees, the Central and Uttar Pradesh Governments, financial institutions, banks and all other stakeholders for their whole-hearted support and co- operation.
We look forward to their continued support and encouragement.
For and on behalf of the Board of Directors | |
Tarun Sawhney | |
Place: Noida | Chairman & Managing Director |
Date: August 5, 2025 | DIN: 00382878 |
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