Terraform Realstate Ltd Directors Report

To,

The Members,

The Board of Directors is pleased to present the 41^st Annual Report on the business and operations of your Company along with the Audited Financial Statements for the Financial Year ended March 31, 2026. The Statement of Accounts, Auditors Report, Boards Report and attachment thereto have been prepared in accordance with the provisions contained in the Companies Act, 2013 (the Act) and Rules made thereunder.

1.FINANCIAL SUMMARY:

The Companys financial performance for the year ended March 31, 2026 is summarized as below:

Particulars	Financial Year 2025-26 (Rs in Lakhs)	Financial Year 2024-25 (Rs in Lakhs)
Revenue from operations	-	-
Other Income	23.48	0.01
Less: Total Expenditure	11.25	7.69
Profif/(Loss) before Tax	12.23	(7.67)
Less: Tax Expenses
Current Tax	-	-
Deferred Tax	3.01	0.55
Short Provision of earlier year	-	-
Profit /(Loss) after Tax	9.23	(7.13)
Interim Dividend
Corporate Dividend Tax
Transfer to General Reserve
Earnings Per Share (In Rupees)	1.85	(1.43)

2. DIVIDEND:

Your Directors do not recommend any Dividend for the financial year 2025-26.

3. AMOUNT TRANSFERRED TO RESERVES:

The Board of Directors of your company, has decided not to transfer any amount to the Reserves for the year under review.

4. SHARE CAPITAL:

There is no change in the Share Capital of the Company during the period under review.

5. PERFORMANCE AND AFFAIRS OF THE COMPANY:

During the year under review, the Company has earned an Income of Rs. 23.48 Lakhs (Previous year Rs. 0.01 Lakhs). The Company has made an expenditure of Rs. 11.25 Lakhs (Previous Year of Rs. 7.69 Lakhs) and gained profit of Rs. 9.23 Lakhs (Previous Year Loss of Rs. 7.13 Lakhs).

6. DEPOSITS:

The Company has not accepted and/or renewed Deposit from the public during the year within the meaning of Section 73 and Chapter V of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

7. CURRENT STATUS:

The Company is optimistic of growth in the Real Estate Sector and is waiting for right opportunity to commence the business activity.

8. CHANGES IN THE NATURE OF BUSINESS:

There is no change in the nature of business of the Company during the year.

9. MATERIAL CHANGES AND COMMITMENTS:

The following change have occurred between the end of the financial year to which the financial statements relate and the date of this Report:

• The Company had retired as a partner from the Partnership Firm M/ s. Megaview Spaces with the effect from 30^th April, 2026.

10. REPORT ON PERFORMANCE OF SUBSIDIARIES, ASSOCIATES AND TOINT VENTURE COMPANIES:

During the year under review, your Company did not have any subsidiary, associate and joint venture Company.

11. CORPORATE GOVERNANCE:

Pursuant to Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the compliance with the Corporate Governance provisions as specified in Regulations 17 to 27 and clause (b) to (i) and (t) of sub-regulation (2) of Regulation 46 and paras C, D and E of Schedule V are not applicable to the Company as the paid up share capital is less than Rs. 10 crores and net worth is also less than Rs. 25 crores as on the last day of previous financial year. Hence the Company is not required to furnish Corporate Governance Report for the financial year under review.

12. MANAGEMENT DISCUSSION AND ANALYSIS:

The Company is taking all possible steps to grab the opportunities for the growth of the Company. The risk associated with the business is it external or internal affects the performance of the Company in a long run. Competition and economic conditions prevailing all over may affect the business of the Company.

The overall economic scenario of the industry expected to be good and accordingly, your Company is also expected to do well in the coming years.

The Company has adequate internal control procedures commensurate with the size of the Company and nature of its business. The internal control system is continuously reviewed by the management to ensure orderly and efficient conduct of business. The system emphasis on the functions of purchase, sales, finance etc. to adhere to the well-defined corporate policies.

13. CORPORATE SOCIAL RESPONSIBILITY:

The criteria prescribed for the applicability of Corporate Social Responsibility under Section 135 of the Companies Act, 2013 are not applicable to the Company.

14. COST RECORD:

As per section 148 of the Companies Act, 2013, read with the Companies (Cost Records and Audit) Rules, 2014, your Company is not required to maintain cost records.

15. OPPORTUNITIES, THREATS, RISKS & CONCERNS:

Your Company is well aware of the risks in the Real Estate Business and once the business activity will commence, mechanism for mitigating the risk will be established. There are good opportunities in exploiting the Development Rights.

16. SAFETY AND HEALTH:

Safety and Health are the prime focus in the Real Estate Business and the Company will take required actions as and when the construction or business activities are commenced.

17. HUMAN RESOURCES/INDUSTRIAL RELATIONS:

Humans are considered as one of the most critical resources in the business which can be continuously smoothened to maximize the effectiveness of the Organization. Human resources build the Enterprise and the sense of belonging would inculcate the spirit of dedication and loyalty amongst them towards strengthening the Companys Policies and Systems.

18. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

i) APPOINTMENT OF MRS. RENUKA SHROFF GAUTAM (DIN: 10749255) AND MR. VINEETKUMAR SHATRUGHNA MISHRA (DIN: 06789301) AS AN INDEPENDENT DIRECTORS OF THE COMPANY:

Upon completion of the term of the Independent Directors with effect from 01^st April 2025, a temporary vacancy arose in the position of Independent Directors on the Board of the Company. In accordance with the applicable provisions of the Companies Act, 2013, the Company was required to fill such vacancies within a period of three months.

Accordingly, the Company appointed Mrs. Renuka Shroff Gautam (DIN: 10749255) and Mr. Vineetkumar Shatrughna Mishra (DIN: 06789301) as Independent Directors of the Company for a term of five years at its Board Meeting held on 30^th May 2025.

ii) RESIGNATION OF MS. BHAVISHA KANTILAL DEDHIA AS MANAGING DIRECTOR AND KEY MANAGERIAL PERSONNEL OF THE COMPANY:

During the year, Ms. Bhavisha Kantilal Dedhia (DIN:09471104) was resigned as Managing Director and Key Managerial Personnel of the Company with effect from 05/11/2025.

iii) RESIGNATION OF MS. ANKITA GUPTA AS COMPANY SECRETARY, COMPLIANCE OFFICER AND KEY MANAGERIAL PERSONNEL OF THE COMPANY:

During the year, Ms. Ankita Gupta was resigned as Company Secretary, Compliance Officer and Key Managerial Personnel of the Company with effect from 05/11/2025.

iv) CHANGE IN DESIGNATION AND APPOINTMENT OF MR. UDAY KUVERTI MOTA AS MANAGING DIRECTOR AND KEY MANAGERIAL PERSONNEL OF THE COMPANY:

During the year, the Board of Directors of the Company appointed Mr. Uday Kuverji Mota (DIN: 08635338) as Managing Director and Key Managerial Personnel of the Company at its board meeting held on 02/02/2026, following a change in his designation. The appointment is for a term of five years and is subject to shareholders approval at the general meeting.

v) APPOINTMENT OF MR. KETAN TRIVEDI AS COMPANY SECRETARY AND COMPLIANCE OFFICER OF THE COMPANY:

During the year, the Board of Directors of the Company appointed Mr. Ketan Trivedi as Company Secretary, Compliance Officer and Key Managerial Personnel of the Company at its board meeting held on 02/ 02/2026.

vi) RE-APPOINTMENT OF MR. VIMAL KISHOR SHAH, A DIRECTOR OF THE COMPANY WHO RETIRES BY ROTATION:

In accordance with the provisions of section 152 of the Companies Act, 2013 and Articles of Association of the Company, Mr. Vimal Kishor Shah (DIN: 00716040) Director of the Company will retire by rotation at the ensuing Annual General Meeting and being eligible and not being disqualified under section 164 of the Companies Act, 2013, offers himself for re-appointment. The Board recommends her re-appointment for the consideration of the Members of the Company at the ensuing Annual General Meeting.

vii) DECLARATION BY AN INDEPENDENT DIRECTORS:

Pursuant to section 149(7) of the Companies Act, 2013, the Company has received declarations from all the Independent Directors of the company confirming that they meet the criteria of independence as provided in sub-section (6) of Section 149 of the Companies Act, 2013 and under the SEBI (Listing obligations and Disclosure Requirements, 2015 (the Listing regulation).

The Ministry of Corporate Affairs ("MCA") vide Notification Number G.S.R. 804(E) dated October 22, 2019 and effective from December 01, 2019 has introduced the provision relating to inclusion of names of Independent Directors in the Data Bank maintained by Indian Institute of Corporate Affairs (IICA). All Independent Directors of the Company are registered with IICA.

viii) ANNUAL EVALUATION OF BOARD:

Pursuant to the provisions of the Companies Act, 2013 and the Listing Regulations, the Board has carried out an evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit and Nomination & Remuneration Committees.

The performance evaluation of the Independent Director was carried out by the entire Board. The performance evaluation of the Chairman and the Non- Independent Directors was carried out by the Independent Directors. The Directors expressed their satisfaction with the evaluation process.

KEY MANAGERIAL PERSONNEL:

Pursuant to the provisions of Section 203 of the Companies Act, 2013, the following are the Key Managerial Personnel ("KMP") of the Company:

Name	Designation
1 Mr. Uday Kuverji Mota	Managing Director
2 Mr. Prashant Sutar	Chief Financial Officer
3 Mr. Ketan Mafatlal Trivedi*	Company Secretary & Compliance Officer

*Ms. Bhavisha Kantilal Dedhia has resigned as Managing Director of the Company w.e.f. 05th November, 2026 and Mr. Uday Kuverji Mota has been appointed as Managing Director of the Company w.e.f. 02^nd February, 2026, Subject to the shareholder approval.

**Ms. Ankita Gupta has resigned from the Post of Company Secretary and Compliance officer of the Company w.e.f. 05th November, 2026 and Mr. Ketan Trivedi has been appointed as Company Secretary and Compliance officer of the Company w.e.f. 02^nd February, 2026.

MEETINGS:

I)BOARD MEETINGS:

During the Financial year, total 6 (Six) Meetings of the Board of Directors were held i.e. on May 30, 2025, August 07, 2025, August 25, 2025, November 05, 2025, February 02, 2026 and February 11, 2026 respectively and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. The maximum gap between any two meetings was less than 120 days. The 40^th Annual General Meeting (AGM) was held on September 17, 2025 and the proceedings of the above Meeting were properly recorded and signed in the Minutes Book maintained for the purpose. The Company has not passed any resolution by circulation.

The attendance of the Directors at these Meetings was as under:

Name of the Director	Designation	No. of Board Meetings Attended	Attendance at the AGM
Mrs. Bhavisha Dedhia*	Managing Director	4 of 6	Yes
Mr. Nainesh K. Shah	Director	6 of 6	Yes
Mr. Uday Kuverji Mota	Managing Director / Director	6 of 6	Yes
Mr. Vimal K. Shah	Director	6 of 6	Yes
Mrs. Renuka Shroff Gautam	Independent Director	5 of 6	Yes
Mr. Vineetkumar Shatrughna Mishra	Independent Director	5 of 6	Yes

II) AUDIT COMMITTEE:

Audit Committee of the Board of Directors is entrusted with the responsibility to supervise the Companys financial reporting process and internal controls. The composition, quorum, powers, role and scope are in accordance with Section 177 of the Act.

During the year Audit Committee was reconstituted by the Board of Directors at their meeting held on May, 30, 2025.

During the financial year ended March 31, 2026, 4 (Four) Audit Committee Meetings were held on May 30, 2025, August 07, 2025, November 05, 2025 and February 11, 2026 respectively.

The composition of the Audit committee and the number of meetings attended by each member during the financial year ended March 31, 2026 is as follows:

Before Reconstitution till May 30, 2025

Name of the Member	Designation	No. of Audit Committee Meeting Attended
Mr. Uday Kuverji Mota	Chairman	1 of 1
Mr. Vimal K. Shah	Member	1 of 1
Ms. Bhavisha Kantilal Dedhia	Member	1 of 1

After Reconstitution on May 30, 2025

Name of the Member	Designation	No. of Audit Committee Meeting Attended
Mrs. Renuka Shroff Gautam	Chairman	3 of 3
Mr. Vimal K. Shah	Member	3 of 3
Mr. Vineetkumar Shatrughna Mishra*	Member	3 of 3

The Company follows best practices in financial reporting. The Company has been reporting on quarterly basis, the Un-audited Standalone Financial Results as required by the Regulation 33 of the Listing Regulations. The Companys quarterly Un-audited Standalone Financial Results are made available on the website of the Company www.terraformrealstate.com and are also sent to the Stock Exchange where the Companys Equity Shares are listed for dissemination at their respective website.

III) NOMINATION AND REMUNERATION COMMITTEE:

The Nomination and Remuneration Committee duly constituted by the Board of Directors has a well-defined composition of members and terms of reference in accordance with Section 178 of the Companies Act, 2013.

During the year Nomination and Remuneration Committee was reconstituted by the Board of Directors at their meeting held on May 30, 2025.

During the Financial Year 2025-26, 2 (Two) Committee meeting were held on May 30, 2025 and February 02, 2026 respectively.

The Composition of the Nomination and Remuneration Committee as at March 31, 2025, is as follows:

Before Reconstitution Till May 30, 2025

Name of the Member	Designation	No. of Meetings Attended
Mr. Nainesh K. Shah	Chairman	1 of 1
Mr. Uday Kuverji Mota	Member	1 of 1
Ms. Bhavisha Kantilal Dedhia	Member	1 of 1

After Reconstitution on May 30, 2025

Name of the Member	Designation	No. of Meetings Attended
Mrs. Renuka Shroff Gautam	Chairman	1 of 1
Mr. Nainesh K. Shah	Member	1 of 1
Mr. Vineetkumar Shatrughna Mishra	Member	1 of 1

The Nomination and Remuneration Policy, which was approved by the Board is available on the Companys website and can be accessed through the Web Link at www.terraformrealstate.com.

IV) INDEPENDENT DIRECTORS MEETING:

During the year under review, all Independent Directors met on June 19, 2025 and February 11, 2026 inter-alia, to discuss:

• Evaluation of the performance of Non-Independent Directors and the Board as a whole.

• Evaluation of the performance of the Chairman of the Company, taking into account the Views of the Executive and Non-Executive Directors.

• Evaluation of the quality, quantity content and timeliness of flow of information between the Management and the Board.

19. VIGIL MECHANISM /WHISTLE BLOWER POLICY FOR THE DIRECTORS AND EMPLOYEES:

The Company has a vigil Mechanism/ Whistle Blower policy to deal with instance of fraud and mismanagement, if any. During the year, there were no instances in this regard, received by the Company.

20. RISK MANAGEMENT POLICY:

Risk management policy has been developed and implemented. The Board is kept informed of the risk mitigation measures being taken through risk mitigation report/operation report. There are no current risks which threaten the existence of the Company.

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

The details of conservation of energy, technology absorption, foreign exchange earnings and outgo are as follows:

A CONSERVATION OF ENERGY	During the Financial Year under review, the Company has not carried out any commercial activity.
B. TECHNOLOGY ABSORPTION, ADAPTATIONS & INNOVATIONS	Nil
C. FOREIGN EXCHANGE EARNIGS	Nil
D FOREIGN EXCHANGE OUTGO	Nil
E. EXPORT EFFORTS	The Company is yet to commence Real Estate business activities. Considering the nature of business activities, there are no exports transactions for the year under review.

22. INTERNAL CONTROL SYSTEMS:

The Company has an internal control system, commensurate with the size and nature of the Companys business. To maintain its objectivity and independence, the Audit function reports to the Chairman of the Audit Committee and of the Board.

The internal Auditor monitors and evaluates the efficiency and adequacy of internal control system in the Company, its Compliances with operating systems, accounting procedures and policies.

23. DIRECTORS RESPONSIBILITY STATEMENT:

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

a. that in the preparation of the Annual Accounts for the year ended March 31, 2026, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

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 as at March 31, 2026 and of the profit of the Company for the year ended on that date;

c. that the Directors 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. the annual accounts have been prepared on a going concern basis;

e. that 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. that 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.

24. ANNUAL RETURN:

Pursuant to Section 92(3) read with section 134(3)(a) of the Companies Act, 2013, copies of the Annual Returns of the Company prepared in accordance with Section 92(1) of the Act read with Rule 11 of the Companies (Management and Administration) Rules, 2014 are placed on the website of the Company and is accessible at the web-link: www.terraformrealstate.com.

25. RATIO OF MANAGERIAL PERSONNEL:

(i) As per the provisions of Section 197 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, every listed Company is required to disclose following information in the Boards Report:-

Parameters	Disclosures
(i) The ratio of the remuneration of each director to the median remuneration of the employees of the company for the financial year;	There is no remuneration drawn by the directors of the Company.
(ii) The percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the financial year.	There is no remuneration drawn by the directors, Chief Financial Officer, Company Secretary or Manager of the Company.
(iii) The percentage increase in the median remuneration of employees in the financial year;	No remuneration is paid by the Company during the financial year. All the employees are out sourced.
(iv) The number of permanent employees on the rolls of the company;	There are no permanent employees on the payrolls of the Company.
(v) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration;	Not applicable
vi) Affirmation that the remuneration is as per the remuneration policy of the Company.	Not relevant

(ii) PARTICULARS OF REMUNERATION OF EMPLOYEES:

There is no employee drawing the remuneration from the Company.

26. AUDITORS:

(i) STATUTORY AUDITOR:

M/ s. J.D Zatakia & Co., Chartered Accountants, Mumbai (Registration No. 111777W), have been appointed in their place as Statutory Auditors of the Company for a term of five years to hold office from the conclusion of 39th Annual General Meeting until the conclusion of 44^th Annual General Meeting to be held in the year 2029. However, M/s. J.D Zatakia & Co has resigned as statutory auditor of the Company with the effect from August 04, 2026.

Further, the Board of Directors of the Company, at its meeting held on August 27, 2026, recommended to the members of the Company the appointment of M/s. Ankit Goyanka & Associates Chartered Accountants (Firm Registration No. 154590W), as the Statutory Auditor of the Company to fill the casual vacancy, subject to the approval of the members at the ensuing Annual General Meeting of the Company.

Comments on Auditors Report:

There are no reservations / qualifications or adverse remarks contained in Auditors Report for the year ended March 31, 2025, which require any clarifications/ explanation. The Notes on financial statements are self-explanatory, and needs no further explanation.

(ii) SECRETARIAL AUDITOR:

A Secretarial Audit was conducted during the year by the Secretarial Auditor, M/s. Dholakia & Associates LLP, Company Secretaries in Practice, Mumbai in accordance with provisions of section 204 (1) of the Companies Act 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

The Secretarial Audit Report in Form MR-3 for the financial Year 2025-26 is attached as "Annexure A" and forms part of this report.

M/s. Dholakia & Associates LLP, Company Secretaries in Practice Mumbai, have been appointed as Secretarial Auditors of the Company for a term of five years at the Board meeting held on 30^th May, 2025 till the Financial Year ending on 31^st March, 2030.

Comments on Secretarial Auditors Report:

There are no reservations / qualifications or adverse remarks contained in Secretarial Auditors Report for the year ended March 31, 2025, which require any clarifications/ explanation. The Secretarial Audit Report is self-explanatory, and needs no further explanation.

(iii) INTERNAL AUDITOR:

An Internal Audit was conducted during the year by the Internal Auditor, Ms. Ankita Tajane, in accordance with the provisions of Section 138 of the Companies Act, 2013 read with Rule 13 of the Companies (Accounts) Rules, 2014.

27. ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:

The Company not being in operation has very few financial transactions. The Managing Director and the Board exercises the strictest Internal Financial Controls with reference to financial statements. During the year under review, no material or serious observation has been reported by the Internal Auditor of the Company for inefficiency or inadequacy of such controls.

28. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

During the year under the review, the Company has not given Loans, Guarantees and made Investments as per the provisions of Section 186 of the Companies Act, 2013.

29. PARTICULAR OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES:

During the year under review, there was no contract or arrangement entered into by the Company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013.

30. SECRETARIAL STANDARDS-ITS COMPLIANCE

It is hereby confirmed that the Company has complied with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

31. REPORTING OF FRAUDS

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 under Section 143(12) of Act and Rules framed there under.

32. GENERAL DISCLOSURES:

(A) ISSUE OF SHARE WITH DIFFERENTIAL RIGHTS

The Company has not issued any shares with differential rights and hence no disclosure is required as per provisions of Section 43(a)(ii) of the Act read with Rule 4(4) of the Companies (Share Capital and Debentures) Rules, 2014

(B) ISSUE OF SWEAT EQUITY SHARES:

The Company has not issued any sweat equity shares during the year under review and hence no disclosure is required as per provisions of Section 54(1)(d) of the Act read with Rule 8(13) of the Companies (Share Capital and Debentures) Rules, 2014.

(C) ISSUE OF EQUITY SHARES UNDER EMPLOYEE STOCK OPTION SCHEME:

The Company has not issued any equity shares under Employees Stock Option Scheme during the year under review and hence no disclosure is required as per provisions of Section 62(1)(b) of the Act read with Rule 12(9) of the Companies (Share Capital and Debentures) Rules, 2014.

(D) DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE:

The Company has not received as such any significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and companys operations in future. Hence, we are of the view that, no orders have been passed by any Regulator or Court or Tribunal which can have an impact on the going concern status and the Companys operations.

(E) DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT 2013

Your company has always believed in providing a safe and harassment free workplace for every individual employee working with company. Since there is no woman employee in the company your company has been advised that there is no need to frame a Policy on Prevention and Redressal of Sexual Harassment of women at workplace.

(F) DISCLOSURES OF MATERNITY BENEFIT PROVIDED BY THE COMPANY UNDER MATERNITY BENEFIT ACT 1961

There is no employee in the company and hence, the provisions of Maternity Benefit Act, 1961 are not applicable to your company.

(G) DIFFERENCE IN VALUATION

The Company has not made any one-time settlement for loans taken from the Banks or Financial Institutions, and hence the details of difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof is not applicable.

(H) PROCEEDINGS PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE,2016

The Company has not made any one-time settlement for loans taken from the Banks or Financial Institutions, and hence the details of difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof is not applicable.

33. LISTING OF SHARES:

The Companys equity shares are listed at BSE Limited and the Annual Listing fees for the year 2025-26 has been paid.

34. ACKNOWLEDGEMENT:

Your Directors wish to thank Bankers, Government authorities and various stakeholders, such as, shareholders, customers and suppliers, among others for their support and valuable guidance to the Company. Your Directors also wish to place on record their appreciation for the committed services of all the Employees of the Company.