Ushdev International Ltd Directors Report.

Dear Shareholders,

Your Directors present the 27th Annual Report on the business and operation of the Company together with the Audited Financial Accounts (Consolidated and Standalone) for the year ended 31st March, 2021

FINANCIAL HIGHLIGHTS

The financial performance of the Company (Standalone and Consolidated) for the financial year ended 31st March, 2021 as below:

(Rupees in Lakhs)

Particulars Standalone Consolidated
2021 2020 2021 2020
Total Turnover 1,537.30 1,867.80 1,537.30 1,867.80
Other Income 9,507.48 21,764.36 9,507.48 21,764.36
Profit/(Loss) before Finance Cost, Depreciation & Amortisation and Taxation 1,874.20 -4,757.85 1,874.20 -4,757.87
Less: 1. Finance Cost 0.08 0.13 0.08 0.13
2. Depreciation & Amortisation 713.04 721.74 713.04 721.74
Profit/ (Loss) Before Taxation 1,161.08 -5,479.72 1,161.07 -5,479.75
Less: Provision for Taxation
Current Tax - 7,100.00 - 7,100.00
Deferred Tax - - - -
Net Profit/(Loss) for the Year 1,161.08 -12,579.72 1,161.07 -12,579.75
Less: Income Tax paid for earlier year - - - -
Profit/(Loss) after Taxation 1,161.08 -12,579.72 1,161.07 -12,579.75
Add: Other Comprehensive Income 22.74 -1,315.77 22.74 -1,315.77
Total Comprehensive Income 1,183.82 -13,895.49 1,183.81 -13,895.51

Notes: Previous years figures have been reclassified/regrouped wherever necessary, to correspond with those of the current year.

STATE OF COMPANYS FINANCIAL AFFAIR

Standalone Financials

During the year under review, the total revenue stood at Rs.1,537.30lakh as compared to Rs.1,867.80 lakh for the previous year representing

a decrease of 17.69%; profit before tax stood at Rs.1,161.08 lakh for the year under review as compared to net loss of Rs. 5,479.72 lakh for the previous year representing an increase of 121.19 %; and the total comprehensive income stood at 1,183.82 lakh for the year under review as compared to previous year which was -13,895.49 lakh representing an increase of 108.52 %.

Consolidated Financials

In accordance with the provisions of Section 129(3) of the Companies Act, 2013 (the Act) and Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Consolidated Financial Statements form part of this Annual Report. During the year under review, the total revenue stood at Rs. 1,537.30 lakh as compared to Rs. 1,867.80 lakh for the previous year representing a decrease of 17.69%; profit before tax stood at Rs. 1,161.07 lakh for the year under review as compared to loss of Rs. 5,479.75 lakh for the previous year representing a increase of 121.19%; and the total comprehensive income stood at 1,183.81 lakhs for the year under review as compared to previous year which was -13,895.51 lakhs representing an increase of 108.52%.

nature of business

The Company is primarily engaged in the business of metal trading and wind power generation.

Wind Power Generation:

The Company is having a total capacity of 28.3 MW wind power generation with 23 wind generators spread across 5 States i.e. Tamil Nadu, Rajasthan, Karnataka, Gujarat and Maharashtra.

The details of the wind power projects are as below:-

Sr. No .location Date of Installation No. of WEGs Installed Capacity Investment (Rs. in lakhs)
1 Tamil Nadu 2 29.03.2005 2 1.60 MW 807.47
2 Rajasthan 29.03.2006 3 2.40 MW 1,178.48
3 Karnataka 29.03.2006 2 1.60 MW 785.65
4 Gujarat 1 30.03.2007 2 1.60 MW 740.00
5 Gujarat 2 10.07.2007 4 3.20 MW 1,480.00
6 Tamil Nadu 3 26.09.2009 6 9.90 MW 6,090.00
7 Maharashtra 27.1 1.2010 4 8.00 MW 4,900.00
Total 23 28.30 MW 15,981.60

metal Trading:

The Company primarily engaged in metals trading with presence in ferrous- flat and long products, nonferrous- copper, aluminum, zinc, brass, nickel, etc. and raw materials - coal/ coke, iron ore, pellets, sponge iron, scrap, etc. However, the Company does not have any trading operations during year under review.

CHANGE IN THE NATURE OF BUSINESS

During the year the Company has not changed its business.

TRANSFER TO RESERVES

It is not proposed to transfer any amount to reserves out of the profits earned during FY 2020-21.

DIVIDEND

During the year under review, the Board of Directors has not recommended dividend on the equity shares of the Company.

DEPOSITS

During the year under review, your Company neither accepted any deposits nor there were any amounts outstanding at the beginning of the year which were classified as Deposits in terms of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014 and hence, the requirement for furnishing of details of deposits which are not in compliance with the Chapter V of the Companies Act, 2013 is not applicable.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE Financial Year OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

There were no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year and the date of their report.

SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR 2020-21

(Corporate Insolvency Resolution Process)

Corporate Insolvency Resolution Process (CIRP) was initiated for the Company vide order passed by the Honble National Company Law Tribunal, Mumbai Bench (NCLT) dated 14th May, 2018 as per the provisions of the Insolvency and Bankruptcy Code, 2016 (Code) and Rules and Regulations made there under. Its affairs, business, and assets are being managed by the Resolution Professional, Shri Subodh Kumar Agrawal, appointed as Interim Resolution Professional by the National Company Law Tribunal by order dated 14th May, 2018 and later confirmed as Resolution Professional by the Committee of Creditors (CoC) in its meeting held on 14th June, 2018 under provisions of the code.

Pursuant to the NCLT order, the powers of the Board of Directors stand suspended and are exercisable by Shri Subodh Kumar Agrawal, Resolution Professional. In view thereof, the ensuing Annual General Meeting is being convened by the Resolution Professional. Under the CIRP, A resolution plan received from the Resolution Applicant M/s. Taguda Pte Ltd had been placed before the member of the CoC for voting and the same had been rejected by the members. The liquidation petition was filed with NCLT.

NCLT has approved the resolution plan dated 7th November, 2019, on the basis of which the appellant State Bank of India filed an application against the order of NCLT dated 29th November, 2019.

Further to the above information, National Company Law Appellate Tribunal (NCLAT), Delhi Bench vide an Order Dated 29th November, 2019 had stayed the order of NCLT dated 7th November, 2019 and stated that Resolution Professional will manage the affairs of the Company and continue to discharge his functions as before. Few members of the COC had appealed against the order of NCLT in New Delhi Bench of National Company Law Appellate Tribunal (NCLAT). NCLAT vide its order dated 29th November, 2019 had given a stay on the NCLT order approving the resolution plan. Subsequently some of the Bankers filed an affidavit with NCLAT showing their interest to restart the renegotiation process with Resolution Applicant afresh. The matter was adjourned for hearing on 17th January, 2020, 28th February, 2020, 2nd March, 2021 and 6th April, 2021 due to COVID 19 Pandemic.

On 8th April 2021 NCLAT passed an order setting aside the NCLT order to consider the resolution plan and take commercial decision in the best interest of the corporate debtors and file the application with NCLT. The application was submitted to Honble NCLT on 25th June, 2021 for its subsequent approval thereupon.

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE (PREVENTION, PROHIBITION &REDRESSAL) ACT, 2013

The Company is an equal opportunity provider and continuously strives to build a work culture which promotes the respect and dignity of all employees across the Organization. In order to provide women employees a safe working environment at workplace and also in compliance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules framed thereunder, the Company has formulated a well-defined policy on prevention, prohibition and redressal of complaints relating to sexual harassment of women at the workplace. All women who are associated with the Company-either as permanent employees or temporary employees or contractual persons including service providers at Company sites are covered under the above policy. The said policyhas been uploaded on the internal portal of the Company for information of all employees.

No complaints pertaining to sexual harassment of women employees from any of the Companys locations were received during the year ended 31st March, 2021.

CORPORATE GOVERNANCE

Reports on Corporate Governance and Management Discussion and Analysis, in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), along with a certificate from Auditors regarding compliance of the Corporate Governance are given separately in this Annual Report.

DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)

As the powers of the Board of Directors have been suspended due to CIRP and there being no independent directors in the company, at the ensuing Annual General Meeting, declarations, confirming that they meet the criteria of independence as prescribed under the Companies Act, 2013 and Regulation 16(1)(b) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is not applicable and also no Directors of the Company is liable to retirement by rotation under the provisions of the Act.

REMUNERATION POLICY AND CRITERIA FOR SELECTION OF CANDIDATES FOR APPOINTMENT AS DIRECTORS, KEY MANAGERIAL PERSONNEL AND SENIOR LEADERSHIP POSITIONS

The Company has in place a policy for remuneration of Directors, Key Managerial Personnel and Employees of senior leadership Position as well as well-defined criteria for the selection of candidates for appointment to the said positions which has been approved by the Board. The Policy broadly lays down the guiding principles, philosophy and the basis for payment of remuneration to the executive and non-executive Directors (by way of sitting fees and commission), Key Managerial Personnel. The criteria for selection of candidates for the above positions cover the various factors and attributes which are considered by the Nomination & Remuneration Committee and the Board of Directors while making a selection of the candidates. The above policy along with the criteria for selection is available at the website of the Company at https://www.ushdev.com/pdf/Policy-on- remuneration-of-director.pdf

FAMILIARIZATION PROGRAM FOR THE INDEPENDENT DIRECTORS

Though the Company is under CIRP and has no independent directors, Company has over the years developed a robust familiarization process for the newly appointed directors with respect to their roles and responsibilities, way ahead of the prescription of the regulatory provisions. The process has been aligned with the requirements under the Act and other related

Regulations. This process inter-alia includes providing an overview of the Companys business model, the risks and opportunities etc. Details of the Familiarization Programme are also available on the Companys website at https://www.ushdev.com/pdf/familiarisation-Program.pdf

BOARD EVALUATION

The Company has devised a policy for performance evaluation of the individual Directors, Board and its Committees, which includes criteria for performance evaluation.

Since Company is under the CIRP vide order passed by the Honble National Company Law Tribunal, Mumbai Bench dated May 14, 2018, the powers of the Board of Directors stand suspended and were exercised by Shri Subodh Kumar Agrawal, Resolution Professional during the year under review.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

During the year under review there we no Board or Committee meetings due to CIRP, the meetings conducted by the Resolution Professional for Approval of Accounts are given in the Corporate Governance Report, forming part of this Annual Report.

DETAILS OF REMUNERATION TO DIRECTORS

The information relating to remuneration of Directors and details of the ratio of the remuneration of each Director to the median employees remuneration and other details as required pursuant to section 197(12) of the Act read along with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as Annexure 4 to the report

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Particulars of guarantees or Investments covered under section 186 of the Companies Act, 2013 and Schedule V of the SEBI (Listing Obligation sand Disclosure Requirements) Regulations, 2015 are provided in the standalone financial statement and Annexure-6.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

In absence of the CIRP, the Company would follow a Related Party Transactions Manual and Standard Operating Procedures for the purpose of identification and monitoring Related Party transactions. All transactions with Related Parties are placed before the Audit Committee as also the Board for approval. Prior omnibus approval of the Audit Committee and the Board is obtained for the transactions which are foreseeable and of a repetitive nature. The transactions entered into pursuant to the approvals so granted are subjected to audit and a statement giving details of all related party transactions is placed before the Audit Committee and the Board of Directors on a quarterly basis. The statement is supported by a certificate from the Managing Director. The policy on Related Party Transactions as approved by the Board of Directors has been uploaded on the Companys website and can be seen at the link https://www.ushdev.com/pdf/Policy- on-related-party.pdf . During the year, the Company had not entered into any contract/arrangement/ transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3)(h) of the Companies Act, 2013 in Form AOC 2 is not applicable None of the Directors and the Key Managerial Personnel has any pecuniary relationships or transactions vis-a-vis the Company.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has established a Vigil Mechanism, which includes a Whistle Blower Policy, in terms of the provisions of Act and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for its Directors and Employees, to provide a framework to facilitate responsible and secure reporting of concerns of unethical behaviour, actual or suspected fraud or violation of the Companys Code of Conduct & Ethics. The Whistle Blower Policy is posted on the website of the Company and the web-link to the same is https://www.ushdev.com/pdf/Vigil-mechanism.pdf

ADEQUACY OF INTERNAL FINANCIAL CONTROLS

The Company has adequate internal financial controls in place with reference to financial statements. These are continually reviewed by the Company to strengthen the same wherever required. The internal control systems are supplemented by internal audit carried out by an independent firm of Chartered Accountants and periodical review by the Management and the same also covered in Management Discussion and Analysis Report.

SUBSIDIARY, ASSOCIATE AND JOINT vENTURE COMPANIES

Policy for determining material subsidiaries in line with the SEBI Listing Regulations. The Policy has been uploaded on the Companys website at: https://www.ushdev.com/pdf/Policy-for-determining-material-subsidiary. pdf. AOC-1 is provided in Annexure 5.

RISK MANAGEMENT POLICY

The Company has a well-defined risk management framework in place, which provides an integrated approach for identifying, assessing, mitigating, monitoring and reporting of all risks associated with the business of the Company. Although the Company is not mandatorily required to constitute the Risk Management Committee, but to ensure effective risk management the Board of Directors constituted the Risk Management Committee to monitor and review risk management, assessment and minimization procedures and to identify, review and mitigate all elements of risks which the Company may be exposed to.

The Company recognizes that risk is an integral and unavoidable component of its business. Hence, the Company has adopted a Risk Assessment and Management policy ("Policy") to formalize risk based decision-making together with management processes. Risks are managed through a formal risk process as set forth in the Policy. This policy articulates the requirements for processes which include identifying, assessing, measuring, and monitoring risk activities across the organization and establishes governance roles for risk management.

AUDITORS

Statutory Auditors

M/s. Khandelwal Jain & Co., Chartered Accountants, (Firm Registration No. 105049W) were appointed as Auditors of the Company for a term of 5 (five) consecutive years, at the Annual General Meeting of the Company held on August 28, 2017. The Company has received confirmation from M/s. Khandelwal Jain & Co., Chartered Accountants, that they are not disqualified from continuing as Auditors of the Company.

Below are the explanations/ comments of the Board on the qualifications/ adverse remarks given by the Auditors in their report read with the notes on financial statement:.

1. During the year, the Company has incurred a Net loss of Rs. 1,183.82 lakhs resulting into accumulated losses of Rs. 314,280.25 lakhs and erosion of its Net Worth as at March 31,2021, further we refer to Note

1 and 2 to the financial statements regarding a Corporate Insolvency Resolution Process (CIRP) initiated against the Company vide an order of the Mumbai Bench of National Company Law Tribunal (NCLT) dated May 14, 2018 under the provisions of Insolvency and Bankruptcy Code, 2016 ("Code"). Under the CIRP, Committee of Creditors (COC) in their meeting on 2nd February, 2019 voted in favour of liquidation of the company by rejecting the Resolution Plan presented to them. Consequently, Resolution Professional (RP) has filed liquidation petition in NCLT Court. NCLT vide its order dated November 7, 2019 approved the resolution plan. Few members of the COC have appealed against the order of NCLT in New Delhi Bench of National Company Law Appellate Tribunal (NCLAT).

NCLAT vide its order dated November 29, 2019 has put a stay on the order of the NCLT passed on November 7, 2019 upto the date of next hearing. On April 8, 2021, NCLAT passed an order setting aside the NCLT order and has directed CoC to file the outcome with NCLT on revised bid of the Resolution Applicant. Pending final outcome, the financial statements have been prepared on going concern basis.

Further an entity as per Ind AS 105 Non-current Assets held for Sale and Discontinued Operations shall classify a non-current assets (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use.

The Company based on legal expert advice has prepared the financial results on going concern basis. In view of the above, we are unable to comment on the ability of the Company to continue as a going concern for the foreseeable future.

Management views: Not Applicable

If management is unable to estimate the impact, reasons for the same: NCLAT passed an order setting aside the NCLT order and has directed CoC to file the outcome with NCLT on revised bid of the Resolution Applicant. Pending final outcome, the financial statements have been prepared on going concern basis.

2. We refer to Note 7 to the financial results of the company regarding balances in respect of trade receivables, advance for purchase of steel given, trade payables, various claims submitted to Resolution Professional pursuant to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person), borrowings, loans & advances, advance from customers, book overdraft, bank balances and fixed deposits with banks, other deposits, taxes recoverable being subject to adequate documentation, confirmations and / or reconciliations and in the absence of alternative corroborative evidences, we are unable to comment on such balances.

Considering the para

b) above in respect of non-confirmed / unreconciled trade receivables and Loans & advances, we are unable to comment on the provision made in respect of above as per Expected Credit Loss Model.

Management views: The management believes that no material adjustments would be required in books of accounts upon receipt of these confirmations. The claims received all the parties are validated/ verified by the Resolution Professional

3. As given in Note 14 of the financial results, the Company is in the process of identifying and assessing the financial impact of ongoing COVID-19 pandemic on its financial results for the year ended March 31, 2021.

Management views: In the absence of complete information the company is in the process of identifying and assessing the financial impact of the pandemic on its financial statements and accordingly, no impact has been given in the financial statements.

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, and as the powers of the Board is suspended, the Resolution Professional has appointed M/s. SCP & Co., Practicing Company Secretary (Membership No. A44893) to undertake the Secretarial Audit of the Company.

A Secretarial Audit Report given by M/s. SCP & Co., Practicing Company Secretary is annexed with the report as Annexure 2 and forms an integral part of this Report.

PARTICULARS OF EMPLOYEES

In terms of the provisions 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, as amended, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said Rules are provided in the Annexure, which forms part of this Report.

Disclosures relating to the 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, as amended, are also forms part of this Report.

Having regard to the provisions of first proviso to Section 136(1) of the Act, the Annual Report excluding the aforesaid information is being sent to all the members of the Company and others entitled thereto. The said information is available for inspection at the registered office of the Company on all working days, during business hours. Any member interested in obtaining the same may write to the Company and the same will be furnished on request.

LISTING WITH STOCK EXCHANGES

At present the equity shares of the Company are listed on BSE Limited with effect from 12th April, 1995.

transfer of amounts to investor education and protection fund

Your Company did not have any funds lying unpaid or unclaimed for a period of seven years. Therefore, there were no funds which were required to be transferred to Investor Education and Protection Fund (IEPF).

insider trading regulations

Based on the requirements under SEBI (Prohibition of Insider Trading) Regulations, 1992 read with SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time, the code of conduct for prevention of insider trading and the Code for Corporate Disclosures ("Code"), as approved by the Board from time to time, are in force by the Company.

CORPORATE SOCIAL RESPONSIBILITY

The Annual Report on CSR activities for the financial year 2020-21 is enclosed as Annexure 1.

As per section 135 (1) of the Companies Act, 2013 the company does not fulfil any criteria of forming Corporate Social Responsibility Committee.

Immediately preceding financial year Net worth of Rs. 500 crore or more Turnover of Rs.1000 crore or more Net Profit of Rs. 5 crore or more
FY 2019-20 Net worth of the company is Rs. -3,120.79 Crores Turnover of the Company is Rs. 18.68 Crores Net Profit of the Company is Rs. -125.79 Crores

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE

There are no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status and the Companys future operations.

PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION And FOREIGN Exchange EARNINGS And OUTGO

Particulars of Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo as per section 1 34(3)(2) of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014 for the year ended 31st March, 2021 are provided under Annexure 3 to this report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report for the year under review, as stipulated under Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is provided in a separate section forming part of the Annual Report.

BUSINESS RESPONSIBILITY REPORTING

A separate section on Business Responsibility forms part of this Annual Report as required under Regulation 34(2)(f ) of SEBI Listing Regulations.

ANNUAL RETURN

The Annual Return of the Company has been placed on the website of the Company and can be accessed at https://www.ushdev.com/ Pursuant to the provisions of Section 92(1) of the Companies Act, 2013 as amended by the Companies Amendment Act, 2017

OTHER COMMITTEE

No Committee held during the year due to power of the Board of Directors (Suspended) under CIRP.

COMPLIANCE WITH SECRETARIAL STANDARDS

Since Company is under the CIRP no meetings were held it was not applicable for the Company to comply with the Secretarial Standards issued by the Institute of Companies Secretaries of India (SS1 and SS2) respectively relating to Meetings of the Board and its Committees which have mandatory application. As and when required, the Company complied with the applicable secretarial Standard.

DIRECTORS RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors (whose power have since been suspended) make the following statement in terms of Section 134 of the Act:

a) that in the preparation of the annual financial statements for the year ended 31st March, 2021, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b) that such accounting policies as mentioned in Note 1 of the Notes to the Accounts have been selected and applied consistently and judgment and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on 31st March, 2021, and of the profit of the Company for the year ended on that date;

c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) that the annual accounts have been prepared on a going concern basis;

e) that proper internal financial controls laid down by the Directors were followed by the Company and such internal financial controls are adequate and were operating effectively; and

f) that proper systems to ensure compliance with the provisions of all applicable laws have been devised and such systems were adequate and were operating effectively.

ACKNOWLEDGMENTS

The Board of Directors (whose power have since been suspended) and Resolution Professional would like to thank all the Stakeholders including Financial Institutions, Banks, Government Authorities, Power Utilities, Regulators, Customers, Vendors and Members for their continued support to the Company.

Your Directors and Resolution Professional also wish to place on record their deep sense of appreciation for the excellent services of the employees at all levels and all other associated with the Company.

For Ushdev International Limited
Subodh Kumar Agrawal Resolution Professional
Place : Mumbai Reg. No. IBBI/IPA-001/IP-P00087/2017-18/10183 Registered Office:
Date : 6th August, 2021 6th Floor, New Harileela House, Mint Road, Fort, Mumbai- 400 001.