V2 Retail Ltd Directors Report

Jul 25, 2024|03:32:27 PM

V2 Retail Ltd Share Price directors Report

Dear Members,

It gives us great pleasure to share with you the performance of your company along with the Audited Financial Statements for the Financial Year ended March 31, 2023.

1. State of Company Affairs

V2 Retail Limited is part of the Retail Industry which continues to be one of the biggest and long-term sustainable business opportunities that our country offers. Indian Retail Industry has emerged as one of the most dynamic and fast-paced industries due to the opportunities it creates.

The operating environment during the year continued to be challenging for retail industry, however despite the challenging environment, your Company was able to post decent performance. During the year your Company reported total revenue of Rs. 838.88 Crores, and PAT/ (Loss) of Rs.(14.48) Crores on standalone basis.

In order to strengthen its market share, the Company have added 12 new stores and closed 11 stores during the year and also taken steps to improve the supply chain network. Besides, efficiency improvement and cost optimisation have been followed vigorously across all the functions of the organisation.

Financial Results

The operating results of the Company for the year under review are as follows:

(Bin lakhs)




For the Year ended For the Year ended 31.03.2022 For the Year ended For the Year ended
31.03.2023 31.03.2023 31.03.2022
Revenue from operation 83,888.30 62,922.49 83,888.30 62,922.49
Other Income 614.56 1,558.40 666.90 1,588.90
Total Income 84,502.86 64,480.89 84,555.20 64,511.39
Profit before Interest, Depreciation 8,496.91 7,630.63 9,065.53 8,054.40
& Taxation
Interest & Finance Costs 3,988.12 3,607.09 4,055.31 3,657.18
Depreciation and amortisation 6,392.54 5,659.36 6,705.41 5,883.08

Profit/(Loss) from Operations before Exceptional Items and Tax

(1,883.75) (1,635.82) (1,695.19) (1,485.86)
Exceptional Items - - - -
Profit/(Loss) before Taxation (1,883.75) (1,635.82) (1,695.19) (1,485.86)
Less : Provision for Taxation
- Current Tax - - 48.63 -
- Tax expense of earlier years (7.85) - (7.85) -
- Deferred Tax (427.08) (345.62) (454.30) (318.14)
Profit/(Loss) After Taxation (1) (1,448.82) (1,290.20) (1,281.67) (1,167.72)

Other Comprehensive Income/ (Loss) (2)

(15.98) (39.43) (18.12) (39.52)

Total Comprehensive Income/ (Loss) (1+2)

(1,464.80) (1,329.63) (1,299.79) (1,207.24)

2. Operations Review

The Company continued with its strategy to establish "V2" brand of Retail stores across north, east, south and central part of India during the year. It is one of the fastest growing retail Company in India and enjoys strong brand equity from customers across segments.

During the year, the company is having 102 (One Hundred and Two) "V2"retail stores as on 31st March 2023, spread across 17 states and 89 cities with total retail area of around 10.83 lacs sq. ft. The Company added 12 (Twelve) and closed 11 (Eleven) stores during the year.

During the year under review, the Company continued to focus on enhancing the capability of the organization and towards the achievement of this goal, the Company has been taking a number of initiatives.

3. Dividend

Considering the industry outlook & financial position of the Company, your directors do not propose to declare any dividend for the financial year ended on 31st March 2023.

4. Transfer to Reserve

Your Directors do not propose to transfer any amount to the general reserve.

5. Material changes and commitments

No material changes and commitments have occurred from the date of close of the financial year till the date of this Report, which might affect the financial position of the Company.

6. Share Capital

The authorized share capital of the Company is Rs. 4000.00 Lakhs as on March 31, 2023.

The paid - up share capital of the Company is Rs. 3,438.93 Lakhs as on March 31, 2023.

During the year under review, none of the shares has been allotted by the company.

7. Transfer to Investor Education and Protection Fund

Pursuant to the provisions of Section 125 of the Companies Act, 2013, your Company was not required to transfer any amount during the year 2022-23 to the Investor Education and Protection Fund.

8. Employee Stock Option Scheme

The Company has implemented a V2R-Employee Stock Option Scheme 2016 (‘ESOP 2016), which was approved by the members at the Annual General Meeting held on September 30, 2016. Your Directors have approved grant of options to the eligible employees of the Company under the scheme ‘V2R-Employee Stock Option Scheme 2016 (‘ESOP 2016).

The information required to be disclosed under SEBI (Share Based Employee Benefits & Sweat Equity) Regulations, 2021 as on March 31, 2023, are as follows and respective disclosures are displayed on the website of the company i.e. www.v2retail.com.

None of options has granted during the year ended March 31, 2023.

Particulars Details
Date of Shareholders Approval September 30, 2016

Number of Options

12,44,380 (Twelve lakhs forty-four thousand three hundred eighty) options to be convertible into equal number of fully paid-up Equity Shares of the Company of face value of Rs. 10 each.

Number of options outstanding at the beginning of the year


Number of options granted during the year -
Number of options forfeited / lapsed -
Number of options vested during the year -
Number of options exercised during the year -
Number of shares arising as a result of exercise of options -
Money realized by exercise of options -
Number of options outstanding at the end of the year 2,25,000
Number of options exercisable at the end of the year 2,25,000

Exercise Pricing Formula

Exercise price is Face Value of the Share of the company as on date on which the options are exercised by employee.

9. Bonus Issue

Company has not allotted/transferred or issued any bonus shares during the year.

10. Change in the nature of the Business, if any

There was no change in the nature of business of the Company during the financial year ended March 31, 2023. However, Company is planning to broaden its operations by adding new retail stores for strengthening existence and to reach amongst the larger consumer base to enhance its turnover and operating revenue.

11. Internal Control systems and their adequacy

Your Company has in place, an adequate system of internal controls commensurate with its size, requirements and the nature of operations. These systems are designed keeping in view the nature of activities carried out at each location and various business operations.

Your Companys in-house internal audit department carries out internal audits at all stores locations, offices and warehouse / distribution centre across all locations of the country. Their objective is to assess the existence, adequacy and operation of financial and operating controls set up by the Company and to ensure compliance with the Companies Act, 2013, SEBI (Listing Obligations & Disclosures Requirements) Regulations, 2015 (SEBI Listing Regulations, 2015) and corporate policies.

The Board of Directors of the company has appointed M/s SMAM & CO., Chartered Accountants (FRN 028845C) as the Internal Auditor of the Company to conduct the Internal Audit Functions for Financial Year 2022-23.

A summary of all significant findings by the audit department along with the follow-up actions undertaken thereafter is placed before the Audit Committee for review. The Audit Committee reviews the comprehensiveness and effectiveness of the report and provides valuable suggestions and keeps the Board of Directors informed about its major observations, from time to time.

12. Internal Financial Controls

The Company has in place adequate financial controls commensurate with its size, scale and complexity of its operations. The Company has in place policies and procedures required to properly and efficiently conduct its business, safeguard its assets, detect frauds and errors, maintain accuracy and completeness of accounting records and prepare financial records in a timely and reliable manner.

13. Segment Reporting

The Board wishes to inform you that Segment Reporting is not applicable to the Company.

14. Cash Flow Analysis

The Cash Flow Statement for the year, under reference in terms of Regulation 36 of SEBI (LODR) Regulations, 2015 is annexed with the Annual Accounts of the Company.

15. Subsidiary Companies, Joint Ventures and Associate Companies

Your Company has a wholly owned subsidiary Company named as M/s V2 Smart Manufacturing Private Limited which was incorporated on 25.10.2019. Except this, your Company had no subsidiary and joint venture during the financial year 2022-23. Further, there are no associate companies within the meaning of Section 2(6) of the Companies Act, 2013 ("Act").

16. Consolidated Financial Statements

The Consolidated Profit and Loss Account for the period ended 31st March 2023, includes the Profit and Loss Account for the subsidiary for the complete financial year ended 31st March, 2023. The Board of Directors of the Company has, at its Meeting held on May 25, 2023, given consent for not attaching the Balance Sheets of the subsidiaries concerned. The Consolidated Financial Statements of the Company including its subsidiaries duly audited by the statutory auditors are presented in the Annual Report. The Consolidated Financial Statements have been prepared in strict compliance with applicable Accounting Standards and where applicable, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as prescribed by the Securities and Exchange Board of India. A report on performance and financial position of the subsidiary companies included in the Consolidated Financial Statement is presented in a separate section in this Annual Report. Please refer (form No. AOC-1) annexed to the financial statements in the Annual Report.

17. Deposits

During the year under review, the Company has not accepted any deposits covered under Chapter V of the Companies Act, 2013 read with The Companies (Acceptance of Deposits) Rules, 2014.

18. Secretarial Standards of ICSI

The Ministry of Corporate Affairs has mandated SS-1 and SS-2 with respect to board meetings and general meetings respectively. The Company is in compliance with the same.

19. Auditors and Auditors Report

Statutory audit

Your Companys Auditors, M/s. Singhi & Co., Chartered Accountants, (Firm Registration No. 302049E), were appointed as the Statutory Auditors of the Company from the conclusion of 21st Annual General Meeting of the Company held on 30th September 2022, for a period of 5 (Five) Years till the conclusion of the 26th Annual General Meeting of the Company.

The Auditors have put certain qualifications in their report to which the management has put forward the following below mentioned replies;

Qualification and response to Auditors Report:

(i) As described in Note 7 to the accompanying standalone financial statements, the Company has performed physical verification of property, plant and equipment during the year ended 31 March 2023 in accordance with the phased program of conducting such verification over a period of 3 years. However, the Company is in process of performing related reconciliation of such physical verification with the underlying fixed asset register maintained by the Company. Pending completion of the said reconciliation, we are unable to comment on any adjustment that may be required to the carrying value of such Property, Plant and Equipment as at 31 March 2023. Our opinion on the standalone financial results for the quarter and year ended March 31, 2023 is qualified in respect of this matter.

Management Response: The Company has performed physical verification of property, plant and equipment during the year ended 31 March 2023 in accordance with the phased program of conducting such verification over a period of 3 years. However, the Company is in process of performing related reconciliation of such physical verification with the underlying fixed asset register maintained by the Company. However, the management does not foresee resultant treatment to be material to the financial statements.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act 2013, and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s Sunpreet & Co., Company Secretaries, New Delhi, as its secretarial auditor to undertake the secretarial audit for FY 2022-23. The secretarial audit report certified by the secretarial auditors, in the specified form MR-3 is annexed herewith and forms part of this report and enclosed as Annexure I. The secretarial audit report does not contain any qualifications, reservations or adverse remarks.

20. Frauds reported by auditor under section 143 (12) other than those which are reportable to the Central Government

There are no such frauds reported by auditor, which are committed against the Company by officers or employees of the Company.

21. Conservation energy, technology and foreign exchange outgo

The particulars of conservation of energy, technology absorption and foreign exchange earnings and outgo in accordance with the provisions of Section 134(3) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts of Companies) Rules, 2014, is annexed herewith and forms part of this Report and enclosed as

Annexure II.

22. Annual Return

In accordance with Section 92(3) of the Companies Act, 2013, read with Companies (Management and Administration) Rules, 2014, the requirement of attaching extract of annual return in Form MGT-9 with the Boards Report is done away with. The Annual Return as referred in Section 134(3)(a) of the Act for the financial year ended March 31, 2023, is available on the websites of the Company www.v2retail.com.

23. Corporate social responsibility

Corporate social responsibility forms an integral part of your Companys business activities. Your Company is a responsible corporate citizen, supporting activities which benefit the society as a whole. In compliance with Section 135 of the Companies Act, 2013 read with Companies (Corporate social Responsibility Policy) Rules, 2014, the Company has adopted a CSR policy which is available at www.v2retail.com.

The annual report on CSR activities pursuant to Rule 8 of Companies (Corporate Social Responsibility Policy) Rules, 2014 is provided in Annexure –; III to this report.

24. Directors and Key Managerial Personnel

In accordance with provisions of Section 152 of the Act read with Rules made there under, Mrs. Uma Agarwal (DIN:00495945), Director is liable to retire by rotation at the 22nd Annual General Meeting "AGM" and being eligible, offers herself for reappointment.

All the Independent Directors have submitted their declaration to the Board confirming that they meet the criteria of independence as stipulated in Section 149(6) of the Companies Act, 2013 read with Regulation 16 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

None of the Directors of the Company is disqualified for being appointed as Director, as specified in Section 164(2) of the Companies Act, 2013 and Rule 14(1) of the Companies (Appointment and Qualification of Directors) Rules, 2014.

A brief resume of the Directors proposed to be reappointed, is provided in the Notice of the Annual General Meeting forming part of the Annual report.

The Key Managerial Personnel (KMP) in the Company as per Section 2(51) and 203 of the Companies Act, 2013 are as follows:

S. N.

Name of KMP




Mr. Ram Chandra Agarwal

Chairman & Managing Director



Mrs. Uma Agarwal

Whole-time Director



Mr. Pratik Adukia

Chief Financial Officer



Mr. Manshu Tandon

Chief Executive Officer



Mr. Sudhir Kumar

Company Secretary & Compliance Officer


25. Board induction, training and familiarization programme for Independent Directors

Prior to the appointment of an Independent Director, the Company sends a formal invitation along with a detailed note on the profile of the Company, the Board structure and other relevant information. At the time of appointment of the Director, a formal letter of appointment which inter-alia explains the role, functions, and responsibilities expected of him/her as a Director of the Company is given. The Director is also explained in detail about the various compliances required from him/ her as a Director under the various provisions of the Companies Act 2013, SEBI Listing Regulations, 2015, SEBI (Prohibition of Insider Trading) Regulations, 2015, the Code of Conduct of the Company and other relevant regulations.

A Director, upon appointment, is formally inducted to the

Board. In order to familiarise the Independent Directors about the various business drivers, they are updated through presentations at Board Meetings about the performance and Financials of the Company. They are also provided presentations/booklets about the business and operations of the Company.

The Directors are also updated on the changes in relevant corporate laws relating to their roles and responsibilities as Directors. The details of the Board familiarization programme for the Independent Directors can be accessed at www.v2retail.com.

26. Performance evaluation

Pursuant to the provisions of Section 178 of the Companies Act, 2013 read with rules made thereunder, Regulation 17(10) of and the SEBI Listing Regulations and the Guidance note on Board evaluation issued by SEBI vide its circular dated January 05, 2017, the Company has framed a policy for evaluating the annual performance of its Directors, Chairman, the Board as a whole, and the various Board Committees. The Nomination and Remuneration Committee of the Company has laid down parameters for performance evaluation in the policy, they include:


Preparedness for the meeting

Staying updated on developments

Active participation in meetings

Constructive contributions/positive attributes

Engaging with and challenging management team without being confrontational or obstructive

Protection of stakeholder interests

Contribution to strategic planning

Carrying out responsibilities as per the code of conduct

The Board also evaluated the performance of each of the Directors, the Chairman, the Board as whole and all committees of the Board. The process of evaluation is carried out in accordance with the Board Evaluation Policy of the Company and as per criteria suggested by SEBI.

27. Number of meetings of the Board

The Board of Directors held 5 (five) meetings during the year on May 30, 2022, August 10, 2022, September 03, 2022, November 10, 2022, and February 10, 2023. The maximum time gap between any two meetings was less than 120 days as stipulated under SEBIs Listing Requirements, 2015. The details of Board Meetings held and attendance of Directors are provided in the Report on Corporate Governance forming part of this report.

28. Separate meeting of Independent Directors

Details of the separate meeting of the Independent Directors held and attendance of Independent Directors therein are provided in the Report on Corporate Governance forming part of this report.

29. Committees of the Board

The Company has constituted/reconstituted various Board level committees in accordance with the requirements of Companies Act 2013. The Board has the following committees as under: I. Audit Committee II. Nomination and Remuneration Committee III. Stakeholders Relationship Committee IV. Corporate Social Responsibility Committee V. Risk Management Committee VI. ESOP Committee

Details of all the above Committees along with composition and meetings held during the year under review are provided in the Report on Corporate Governance forming part of this report.

30. Whistle-blower policy/ vigil mechanism

The Company has established an effective whistle blower policy (vigil mechanism) and procedures for its Directors and employees; details of which are provided in the Report on Corporate Governance which forms part of this report. The policy on vigil mechanism may be accessed on the Companys website at: www.v2retail.com.

31. Remuneration policy

The remuneration policy of the Company aims to attract, retain and motivate qualified people at the executive and at the board levels. The remuneration policy seeks to employ people who not only fulfil the eligibility criteria but also have the attributes needed to fit into the corporate culture of the Company. The remuneration policy also seeks to provide well-balanced and performance related compensation packages, taking into account shareholder interests, industry standards and relevant regulations.

The remuneration policy ensures that the remuneration to the directors, key managerial personnel and the senior management involves a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the company and its goals. The remuneration policy is consistent with the ‘pay-for-performance principle. The Companys policy on remuneration and appointment of Board members as mentioned in the Remuneration Policy has been disclosed at the companys website www.v2retail.com and annexed with the Directors Report which forms part of the Annual Report as Annexure IV.

32. Related party transactions

All related party transactions entered into by the Company during the financial year were at arms length. During the year the Audit Committee had granted an omnibus approval for transactions which were repetitive in nature for one financial year and all such omnibus approvals were reviewed by the Audit Committee on a quarterly basis. Material contracts or arrangements with related parties were entered into during the year under review. All related party transactions were placed in the meetings of Audit Committee and the Board of Directors for the necessary review and approval. Your Companys policy on related party transactions, as approved by the Board, can be accessed at: www.v2retail.com. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3)(h) of the Companies Act, 2013, in Form AOC-2 is appended as Annexure V to this report.

33. Particulars of loans, guarantees and investments under Section 186 of the Companies Act, 2013

During the financial year ended March 31, 2023, the Company has not made any investment. During the year, the Company has also not granted loans, guarantee and or provided any security.

34. Particulars of employees and managerial remuneration

The statement of disclosure of Remuneration under Section 197(12) of the Act read with the Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (‘Rules) is appended as Annexure VI to this Report.

The information as per the provisions of Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Rules is provided in a separate annexure forming part of this Report. However, the Annual Report is being sent to the Members of the Company excluding the said annexure. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office as well as Corporate Office of your Company. Any Member interested in obtaining a copy of the said statement may write to the Company Secretary of the Company.

35. Management discussion and analysis and Corporate Governance Report

As per Regulation 34(3) read with schedule V of the SEBI Listing Regulations 2015, Management Discussion

Analysis, Corporate Governance Practices followed by your Company, together with a certificate from the Company Secretary in Practice confirming compliance of conditions of Corporate Governance are an integral part of this report.

36. Risk Management system

The Company has developed and implemented a risk management policy which is periodically reviewed by the management. In accordance with Regulation 21 of SEBI Listing Regulations, 2015, the enterprise risk management policy of the Company, which has been duly approved by the Board, is reviewed by the Audit Committee and the Board on a periodic basis. The risk management process encompasses practices relating to identification, assessment, monitoring and mitigation of various risks to key business objectives. Besides exploiting the business opportunities, the risk management process seeks to minimise adverse impacts of risk to key business objectives.

The Board of Directors has approved the Constitution of Risk Management Committee at its meeting held on June 28, 2021. The constitution of the Risk Management Committee as on 31st March, 2023 is follows:

S. No. Name Designation
1 Mr. Akash Agarwal Chairman
2 Dr. Arun Kumar Roopanwal Member
3 Mr. Manshu Tandon Member

37. Prevention of sexual harassment at workplace

Your Company is committed to provide a work environment which ensures that every woman employee is treated with dignity, respect and equality. There is zero-tolerance towards sexual harassment and any act of sexual harassment invites serious disciplinary action. The Company has established a policy against sexual harassment for its employees. The policy allows every employee to freely report any such act and prompt action will be taken thereon. The policy lays down severe punishment for any such act. Further, your directors state that during the year under review, there were no cases of sexual harassment reported to the Company pursuant to the sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

38. Depository Systems

Companys shares are compulsorily tradable in electronic form. As on March 31, 2023, 2,49,41,294 (72.53%) Equity Shares stand with the NSDL Account and 93,77,957 (27.27%) Equity Shares stand with the CDSL, and 70,090 (0.20%) Equity Shares stands in physical form.

The Company has entered into agreements with both National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) whereby shareholders holding Shares in physical mode are requested to avail of the dematerialization facility with either of the depositories.

Your Company has appointed M/s Link Intime India Private Limited, a Category-I SEBI registered R&T Agent as its Registrar and Share Transfer Agent.

39. Listing of Shares

The Companys shares are listed and actively traded on the below mentioned Stock Exchanges: -

I. National Stock Exchange of India Limited (NSE)

"Exchange Plaza" C-1, Block G, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051

II. BSE Limited (BSE)

PhirozeJeejeebhoy Towers, 25th Floor, Dalal Street, Mumbai – 400001

40. Details of significant and material orders passed by regulators/courts/ tribunals

During the year under review there was no instance of any material order passed by any regulators/courts/ tribunals impacting the going concern status of the Company.

41. Dividend Distribution Policy

The Company has formulated a dividend distribution policy which is enclosed as Annexure VII to this report and the same is also displayed on the website of the company i.e. www.v2retail.com.

42. Industrial Relations

The Company maintained healthy, cordial and harmonious industrial relations at all levels. The enthusiasm and unstinting efforts of Employees have enabled the Company to remain at the leadership position in the industry. It has taken various steps to improve productivity across organization.

The Board also takes this opportunity to express its deep gratitude for the continued co-operation and support received from its valued shareholders.

43. General

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review: -

a) Issue of the equity shares with differential rights as to dividend, voting or otherwise.

b) Issue of shares (including sweat equity shares) to Directors or employees except allotment of shares to respective employees pursuant to ESOP Scheme of the Company.

c) Purchase of or subscription for shares in the Company by the employees of the Company except ESOP.

d) The Company has a wholly owned subsidiary but the same is not a material subsidiary, so no policy on material subsidiary is required to be adopted.

e) Managing Director and Whole Time Directors of the Company does not receive any remuneration or commission from the Subsidiary Company of the Company and there is no holding Company of your Company.

44. Directors Responsibility Statement

Pursuant to Section 134(3)(c) and 134(5) of the Act, the Board of Directors, to the best of their knowledge and ability, in relation to the Audited Financial Statements of the Company for the year ended March 31, 2023, confirm that:

a. in the preparation of the accounts for financial year ended March 31, 2023, the applicable accounting standards had been followed and there are no material departures;

b. they have selected such accounting policies and applied 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, 2023 and of the profits of the Company for that year;

c. they have taken proper and sufficient care to the best of their knowledge and ability 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. the annual accounts of the Company have been prepared on a ‘going concern basis;

e. they have laid down Internal Financial Controls to be followed by the Company and such Internal Financial Controls are adequate and operating effectively; 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.

45. Disclosure with Respect to DMAT suspense account /unclaimed suspense account

No DMAT suspense account /unclaimed suspense account reported by RTA, NSDL and CDSL to the company.

46. Disclosure of details of any application filed for corporate insolvency resolution process, by a financial or operational creditor or by the company itself under the IBC before the NCLT

During the year under review, no application was filed for corporate insolvency resolution process against the Company.

47. Acknowledgements

Your Directors would like to acknowledge and place on record their sincere appreciation of all stakeholders – shareholders, bankers, dealers, vendors and other business partners for the excellent support received from them during the year under review. Your Directors recognise and appreciate the efforts and hard work of all the employees of the Company and their continued contribution to its progress.

For and on behalf of the Board
Ram Chandra Agarwal
Chairman and Managing Director
Place: New Delhi

Date: August 12, 2023

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