The Board of Directors is pleased to present the Company's 32^nd Annual Report together with the Company's Audited Financial Statements for the year ended 31^st March 2024. This report is in compliance with the requirements of The Companies Act, 2013, The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other rules and regulations as applicable to the Company.

1. Operating Results:

The Company's Standalone & Consolidated financial performance, for the financial year ended 31^st March 2024 as compared to the previous financial year, is summarized below:

*F.Y 23-24 is the first years of consolidated financial statement hence previous year consolidate figure is not available.

The financial statements for the year ended 31^st March 2024 have been prepared as per the Indian Accounting Standards (Ind AS).

2. Review of Operations:

During the financial year ended 31^st March, 2024, the Company has recorded, on standalone basis, revenue of Rs. 3040.57 lacs as compared to the Revenue of Rs 2551.5 lacs in the previous year. The Profit Before Tax for the FY 2023-24 is Rs. 46.66 lacs as compared to Profit of Rs. 28.16 lacs in the previous year. The Profit After Tax for the FY 2023-24 is Rs. 4.62 lacs as compared to Profit of Rs.112.48 lacs in the previous year.

On consolidated basis, the Company has recorded revenue of Rs. 3040.57 lacs. The Profit Before Tax for the FY 2023-24 is Rs. 25.06 lacs. The Loss After Tax for the FY 2023-24 is Rs. 16.93 lacs.

3. Transfer to Reserves:

There are no transfers to any specific reserves during the year.

4. Dividend:

During the year under review, in order to conserve the resources of the Company for future growth and development, the Board of Directors do not recommend any dividend.

5. Cash Flow and Financial Statements:

As required under Regulation 34 of the Listing Regulations, a Cash Flow Statement and Financial Statement form part of the Annual Report.

6. Details of application made or proceedings pending under insolvency and bankruptcy code

2016:

During the year under review, there were no applications made or proceedings pending in the name of the Company under The Insolvency and Bankruptcy Code, 2016.

7. Details of difference between valuation amount on one time settlement and valuation while availing loan from banks and financial institutions:

During the year under review, there has been no One-Time-Settlement of Loans taken from Banks and Financial Institutions.

8. Extract of annual returns:

As required under Section 92(3) of The Companies Act, 2013 read with Section 134(3)(a) of the Companies Act, 2013 and rule 12(1) of The Companies (Management and Administration) Rules, 2014, an extract of the Annual Return for the financial year 2023-24 is uploaded on the Company's website and can be accessed at the link: https://www.genpharmasec.com/Form_MGT_7.pdf

9. Deposits:

The Company has not accepted any deposits within the meaning of sub-section (31) of section 2 and section 73 of The Companies Act, 2013 ("the Act") and the Rules framed thereunder. As on 31^st March 2024, there were no deposits lying unpaid or unclaimed.

10. Maintenance of cost records:

The provision of the Companies (Cost Records and Audit) Rules, 2014 is not applicable to the Company. Maintenance of cost records as prescribed under the provisions of Section 148(1) of the Companies Act, 2013 was not applicable for the business activities carried out by the Company for the FY 2023-24 Accordingly, such accounts and records are not made and maintained by the Company for the said period.

11. Consolidated Financial Statements:

In compliance with the applicable provisions of the Companies Act, 2013, including the relevant Indian Accounting Standards (Ind AS) as issued by the Institute of Chartered Accountants of India and notified under Section 133 of the Companies Act, 2013 and as required under Regulation 34 of the Listing Regulations, this Annual Report includes Consolidated Financial Statements for the financial year 2023-24.

12. Transfer of unclaimed dividend to investor education & protection fund:

There was no transfer during the year to the Investor Education and Protection Fund in terms of Section 125 of The Companies Act, 2013.

13. Change in nature of business:

During the financial year 2023-24 there was no change in nature of business of the Company.

14. Share Capital:

During the year under review, the Authorised Share Capital of your Company as on 31^st March 2024 stood at Rs. 56,00,00,000/- divided into 56,00,00,000 Equity Shares of Rs. 1/- each.

The Issued, Subscribed and Paid-up Share Capital as on 31^st March, 2024 was 55,37,19,700 divided into 55,37,19,700 Equity Shares of 1/- each.

In the EGM held on 2^nd June 2023, the Authorized Capital of was increased from Rs. 30,00,00,000/- divided into 30,00,00,000 Equity Shares of Re. 1/- each to Rs. 56,00,00,000/- divided into 56,00,00,000 Equity Shares of Re. 1/- each.

Rights Issue:

The Board of Directors of your Company at its meeting held on 05^th June, 2023, inter-alia considered and approved the raising of funds by way of Rights Issue and constituted Rights Issue Committee of the Board for the purpose of giving effect to the Issue.

Further in this regard, the Rights Issue Committee of the Board of Directors of the Company had in its meeting held on February 21, 2024 considered and approved the allotted of 27,68,59,850 Rights Equity Shares fully paid up at an issue price of Rs. 1.75 per Rights Equity Share (including a premium of Rs. 0.75 per equity share) to the eligible equity shareholders in the Issue.

The Company has neither issued any shares with differential rights as to dividend, voting or otherwise nor issued any sweat equity shares and issue shares under Employees Stock Option Scheme as per provisions of Section 62 (1)(b) of the Act read with Rule 12(9) of the Companies (Share Capital and Debenture) Rules 2014 during the year under review.

15. Statement of Deviation or Variation

During the Financial Year 2023-2024, the Company has issued 27,68,59,850 Rights Equity Shares fully paid up at an issue price of Rs. 1.75 per Rights Equity Share (including a premium of Rs. 0.75 per equity share) through Rights Issue to collectively raise 4,845.05 lakhs. Further in this regard, there is no deviation or variation in the utilization of funds which have been raised during the period under review w.r.t the aforesaid Rights Issue.

16. Utilization of Funds raised through Rights Issue

During the year under review the company has utilized the amount of Rs. 3009.68 raised through rights Issue for the following purposes:

1. To acquire Equity Shares from existing shareholders of Derren Healthcare Private Limited and making it subsidiary Company. 2. To repay or prepay, in Full or in part, of certain Borrowings availed by our Company. 3. To part finance the working capital of the Company. 4. To meet General corporate purposes 5. Issue related expenses.

17. Internal control system:

The Company's internal control system has been established on values of integrity and operational excellence and it supports the vision of the Company "To be the most sustainable and competitive Company in our industry". The Company has in place well defined and adequate internal controls commensurate with the size of the Company and the same were operating throughout the year. Pursuant to the provisions of Section 138 of The Companies Act, 2013, the Board of Directors of the Company at its Meeting held on 24^th May, 2024 have appointed M/s. Bilimoria Mehta and Co., Chartered Accountant as Internal Auditor of the Company for the FY 2024-25. The Audit Committee of the Board of Directors in consultation with the Internal Auditor formulates the scope, functioning periodicity and methodology for conducting the internal audit.

18. Directors' responsibility statement:

Pursuant to the requirement under Section 134(5) of The Companies Act, 2013, in relation to audited financial statements of the Company for the year ended 31st March 2024 with respect to Directors' Responsibilities Statement, it is hereby confirmed that: a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 2023-24 and of the profit of the Company for the year under review; c) the Directors had 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 Directors had prepared the accounts for the financial year ended 31^st March 2024 on a going concern basis; e) the Directors had laid down internal financial controls to be followed by the Co mpany and such internal financial controls are adequate and were operating effectively; and f) 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.

19. Conservation of Energy Technology Absorption and Foreign Exchange Earnings and Outgo:

The Additional information required under the provisions of Section 134 (3)(m) of the Companies Act 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are forming part of the Report is furnished as Annexure A to Director's Report.

During the year under review there were no foreign exchange earnings. However, the Company has imported 185 i-STAT Analysers, 185 Simulators and 5,94,133 Cartridges from Abbott POC, USA at the cost of US$ 22,04,604.84 equivalent to Rs. 18,27,62,252. Hence, this is also forming part of the Report is furnished as Annexure A to Director's Report.

20. Report on performance of Subsidiaries, Joint Ventures and associate companies:

During the year under report the Company has incorporated in total 2 Subsidiaries of which 1 is Indian and 1 is overseas namely: 1. Clinigenome India Private Limited which was incorporated on 29^th January 2024. 2. Genpharmasec Middle East DMCC which was incorporated on 16^th May 2023. The Company does not have any Joint Venture or Associate Company within the meaning of Section 2(6) of the Companies Act, 2013.

Statement containing salient features of financials of subsidiaries pursuant to Section 129 of the Act read with Rule 5 and 8(1) of the Companies (Accounts) Rules, 2014, is annexed in the Form AOC-1 as Annexure D to this Report.

Pursuant to the provisions of Section 136 of the Companies Act, 2013, the standalone and consolidated financial statements of the Company, and separate audited financial statements in respect of subsidiaries are available on the website of the Company at www.genpharmasec.com

The Company has formulated a Policy for determining material subsidiaries. The said policy is available on the website of the Company at www.genpharmasec.com

21. Particulars of loans, guarantees or investments made under section 186 of the companies act, 2013:

Particulars of loans given, investments made, guarantees given and securities provided under Section 186 of The Companies Act, 2013 form part of the Notes to the financial statements provided in this Annual Report.

22. Particulars of contracts or arrangements made with related party:

All related party transactions entered into by the Company during the financial year under review were in the ordinary course of business and on arm's length basis. All transactions entered with related parties were in compliance with the applicable provisions of the Companies Act, 2013 read with the relevant rules made thereunder and the Listing Regulations.

There are no materially significant related party transactions made by the Company with Promoters, Key Managerial Personnel or other designated persons which may have potential conflict with interest of the Company at large. All related party transactions are placed before the Audit Committee and the Board for approval, if applicable.

In line with the requirements of the Act and Listing Regulations, your Company has formulated a policy on related party transactions which is also available on Company's website at the link https://www.genpharmasec.com/related.pdf. This policy deals with the review and approval of related party transactions. The Board of Directors of the Company has approved the criteria for giving the omnibus approval by the Audit Committee within the overall framework of the policy on related party transactions.

The transactions are being reported in Form AOC-2 i.e. Annexure B in terms of Section 134 of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014. However, the details of the transactions with Related Party are provided in the Company's financial statements Note No. 32 in accordance with the Accounting Standards.

23. Particulars of employees And Remuneration:

In terms of the requirements of sub-section (12) of Section 197 of the Act read with sub-rule (1) of Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended from time to time, the disclosures pertaining to the remuneration and other details, are annexed to this Report as Annexure C.

In terms of Section 136(1) of the Act, details of employee remuneration as required under provision of Section 197 of the Companies Act, 2013 and rule 5 (2) and rule 5 (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are available for inspection and any member interested in obtaining a copy of the same may write to Company at compliance@genpharmasec.com.

24. Details of Directors or Key Managerial Personnel (KMP):

I. Composition of the Board of Directors and KMP:

The Board of Directors and Key Managerial Personnel is duly constituted. The details of the directors are given in the Corporate Governance Report forming part of the Annual Report.

II. Changes in Composition of Board and Key Managerial Personnel:

1. Mr. Ulhas Narayan Deosthale resigned as Whole-Time Director of the Company with effect from 12^th March 2024;

2. Ms. Heta Shah, resigned as Company Secretary & Compliance Officer of the Company with effect from 20^th March 2024;

3. Mr. Hardik Makwana appointed as Company Secretary & Compliance Officer of the Company with effect from 27^th March 2024.

III. Retirement of Directors by Rotation:

As per the Companies Act, 2013, Mr. Rajesh Sadhwani (DIN: 08315182), Non-Executive Non-Independent Director, retires by rotation and being eligible, offers himself for reappointment.

25. Details of Board Meetings:

The Board met Eight (17) times during the financial year 2023-24, the details of which are given in the Corporate Governance Report forms part of this Annual Report. The intervening gap between any two meetings was within the period prescribed by the Companies Act, 2013 and SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

26. Committees of the Board:

As on March 31, 2024, the Board had five Committees namely, Audit Committee, Nomination and

Remuneration Committee, Stakeholder's Relationship Committee, Right issue Committee and Administrative Committee. The Composition of all the Committees is in line with the requirement of the Act and the Listing Regulations. During the year, all the recommendations made by the Committees were accepted by the Board. A detailed note on the composition, number and dates of meetings held and attendance of Committee Members is provided separately in the Report on Corporate Governance.

27. Corporate social responsibility committee:

The provisions of Section 135 of the Companies Act relating to Corporate Social Responsibility are not applicable as the Company is having Net worth less than Rupees Five Hundred Crore, Turnover less than Rupees One Thousand Crore and Net Profit less than Rupees Five Crore.

28. Attributes, Qualifications & Independence of Directors, their Appointment and Remuneration: The Nomination & Remuneration Committee of Directors have approved a Policy for Selection, Appointment and Remuneration of Directors which inter-alia requires that composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors, KMP and senior management employees and the Directors appointed shall be of high integrity with relevant expertise and experience so as to have diverse Board and the Policy also lays down the positive attributes/criteria while recommending the candidature for the appointment as Director.

29. Independent Directors:

The Independent Directors hold office for a fixed term of five years and are not liable to retire by rotation. The Independent Directors have submitted their disclosure to the board that they fulfill all the requirements as to qualify for their appointment as an Independent Director under the provisions of the Companies Act, 2013 as well as SEBI (LODR) Regulations, 2015.

30. Declaration from Independent Directors:

In terms of the provisions of sub-section (6) of Section 149 of the Act and Regulation 16 of SEBI Listing Regulations including amendments thereof, the Company has received declarations from all the Independent Directors of the Company that they meet the criteria of independence, as prescribed under the provisions of the Act and SEBI Listing Regulations. There has been no change in the circumstances affecting their status as an Independent Director during the year. Further, the Non-Executive Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees, commission and reimbursement of expenses, if any, incurred by them for the purpose of attending meetings of the Company.

The Board is of the opinion that the Independent Directors of the Company possess requisite qualifications, experience and expertise and they hold highest standards of integrity.

31. Familiarisation Programme for Independent Directors:

The familiarization program aims to provide Independent Directors with the industry scenario, the socio-economic environment in which the Company operates, the business model, the operational and financial performance of the Company, significant developments so as to enable them to take well informed decisions in a timely manner. The familiarization program also seeks to update the Directors on the roles, responsibilities, rights and duties under the Act and other statutes.

32. Board Evaluation:

Pursuant to the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, performance of non-independent directors, performance of the board as a whole and performance of the Chairman was evaluated in a separate meeting of Independent Directors. Based on such report of the meeting of Independent Directors and taking into account the views of directors the Board had evaluated its performance on various parameters such as Board composition and structure, effectiveness of board processes, effectiveness of flow of information, contributions from each Directors, etc.

33. Listing:

The shares of the Company are listed at the BSE Ltd. Mumbai only. The Company has paid the annual listing fees for the financial year 2023-24 to the said Stock Exchange.

34. Corporate Governance:

Your Company always places a major thrust on managing its affairs with diligence, transparency, responsibility and accountability thereby upholding the important dictum that an Organization's corporate governance philosophy is directly linked to high performance. The Company understands and respects its fiduciary role and responsibility towards its stakeholders and society at large and strives to serve their interests, resulting in creation of value for all its stakeholders.

In terms of Regulation 34 of SEBI (LODR) Regulations, a separate section on Corporate Governance with a detailed report on Corporate Governance i.e. Annexure G is provided as a separate section in the Annual Report and a certificate from Mr. Jaymin Modi Proprietor of M/s. Jaymin Modi & Co. Company Secretaries, the Secretarial Auditor of the Company, is certifying compliance of conditions of Corporate Governance, forms part of this Annual Report. The Report on Corporate Governance also contains certain disclosures as required under the Companies Act, 2013.

35. Management Discussion Analysis Report:

The Management's Discussion and Analysis Report for the year under review, as stipulated under regulation 34 (3) and Part B of schedule V of the SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015 is attached as Annexure F to the Annual Report.

36. Business Responsibility And Sustainability Report:

The Business Responsibility Report for the financial year ended March 31, 2024 as stipulated under Regulation 34(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 is not applicable to the Company.

37. Statement concerning development and implementation of risk management policy of the company:

The Risk Management Policy for the financial year ended March 31, 2024 as stipulated under Regulation 21 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is not applicable to the Company.

38. Auditors:

a) Secretarial Audit & Secretarial Compliance Report:

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 the Board of Directors of the Company has appointed Mr. Jaymin Modi, Practicing Company Secretaries, Mumbai to conduct the Secretarial Audit for the financial year 2023-2024. The Secretarial Audit Report for the year 2023-2024 issued by him in the prescribed form MR-3 is attached as Annexure E to this Report.

Pursuant to Regulation 24A of the Listing Regulations, the Board of Directors of the Company has appointed M/s. Nuren Lodaya & Associates, Practicing Company Secretaries, to obtained Secretarial Compliance Report on compliance of all applicable SEBI Regulations and circulars/ guidelines issued there under and copy of the same shall be submitted to the Stock Exchanges within the prescribed due date.

The Board at its meeting held on May 24, 2024 has appointed M/s. Jaymin Modi & Co., as Secretarial Auditor, for conducting Secretarial Audit of the Company for FY 2024-2025.

b) Statutory Auditors:

M/s. Abhishek S Tiwari & Associates, Chartered Accountants, (Firm Registration No. 141048W) were appointed as the Statutory Auditor of the Company at the 28^th AGM held on December 22, 2020, to hold the office for a period of 5 (five) years till the conclusion of the 33^rd AGM to be held in the year 2025, in terms of the applicable provisions of Section 139 of the Companies Act 2013, read with the Companies (Audit and Auditors) Rules 2014. The Report given by the Auditors on the financial statements of the Company forms part of the Annual Report.

c) Cost Auditor:

The provisions relating to maintenance of Cost Records and Audit thereof are not applicable to Company.

d) Internal Auditor:

Pursuant to the provisions of Section 138 of the Companies Act 2013 the Board of Directors of the Company at its Meeting held on 26-05-2023 have appointed M/s. Meenakshi Manish Jain & Associates, Chartered accountants as Internal Auditor of the Company for the F.Y. 2023-24. The Audit Committee, in consultation with the Internal Auditor, formulates the scope, functioning, periodicity and methodology for conducting the Internal Audit. The Audit Committee, inter-alia, reviews the Internal Audit Reports. Report of the Internal Auditors for the FY 2023-24 does not contain any qualification, reservation, disclaimer or adverse remarks. The Board at its meeting held on May 24, 2024 has appointed M/s. Bilimoria Mehta and Co., as Internal Auditor, for conducting Internal Audit of the Company for FY 2024-2025.

39. Policy on Appointment and Remuneration of Directors, Key Managerial Personnel and Senior Management Personnel:

The Board of Directors has adopted a Nomination and Remuneration Policy in terms of the provisions of sub- section (3) of Section 178 of the Act and SEBI Listing Regulations dealing with appointment and remuneration of Directors, Key Managerial Personnel and Senior Management Personnel. The policy covers criteria for determining qualifications, positive attributes, independence and remuneration of Directors, Key Managerial Personnel and Senior Management Personnel.

The Nomination and Remuneration Policy of the Company is hosted on the Company's website at the link https://www.genpharmasec.com/nomination.pdf.

40. Prevention of Sexual Harassment of Women at Workplace:

The Company has zero tolerance towards sexual harassment at the workplace and towards this end, has adopted a policy in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under. The Company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 which redresses complaints received on sexual harassment. During the financial year under review, the Company has not received any complaints of sexual harassment from any of the women employees of the Company.

41. Reporting of frauds by auditors:

During the year under review, there have been no instances of fraud reported by the Auditors to the Audit Committee of the Board, pursuant to Section 143(12) of the Act and the Rules made thereunder.

42. Code of Conduct for Board Members and Senior Management of the Company:

Pursuant to Regulation 34(3) and Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the declaration signed by the director affirming the compliance of Code of Conduct by the Directors and senior management personnel for the financial year ended 31^st March, 2024 is annexed to and forms part of the Corporate Governance Report appended to this Annual Report.

43. Compliance of Applicable Secretarial Standards:

The Company is in compliance with applicable Secretarial Standards issued by the Institute of Company Secretaries of India during the financial year. Your Directors hereby confirm that the Company has complied with the necessary provisions of the revised Secretarial Standard 1 and Secretarial Standard 2 to the extent applicable to the Company.

44. Vigil Mechanism / Whistle Blower Policy:

Section 177 of the Companies Act 2013 requires every listed company to establish a vigil mechanism for the directors and employees to report genuine concerns in such manner as may be prescribed. The Company has adopted the policy for implementing Vigil Mechanism. Vigil (whistle blower) mechanism provides a channel to the employees and directors to report to the management concerns about unethical behavior actual or suspected fraud or violation of the code of conduct or policy. The mechanism provides for adequate safeguards against victimization of directors and employees to those who avail of the mechanism and also provide for direct access to the Chairman of the Audit Committee in exceptional cases.

This policy applies to all directors and employees of the Company. All directors and employees of the Company are eligible to make disclosures under this Policy in relation to matters concerning the Company.

45. 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 are no material changes and commitments, affecting the financial position of the Company, which has occurred between the end of the financial year and the date of the Board's Report.

46. Details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and company's operations in future:

There is no significant and material order passed by the Regulators or Courts or Tribunals impacting the going concern status and Company's operations.

47. Disclosures in respect of Voting Rights not directly exercised by employees:

There are no shares held by trustees for the benefit of employees and hence no disclosure under Rule 16(4) of the Companies (Share Capital and Debentures) Rules 2014 has been furnished.

48. Policies:

The Company seeks to promote highest levels of ethical standards in the normal business transactions guided by the value system. The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandates formulation of certain policies for listed companies. The Policies are reviewed periodically by the Board and are updated based on the need and compliance as per the applicable laws and rules and as amended from time to time. The policies are available on the website of the Company at the link https://www.genpharmasec.com/investors.html.

49. Explanation or Comments on Qualifications, Reservations or Adverse Remarks or Disclaimers made by the Auditors and the Practicing Company Secretary in their Reports: The Auditors' Report does not contain any qualifications, reservations or adverse remarks.

Report of the Secretarial Auditor is given as an Annexure D which is forming part of this Annual report. Further explanation/comments on the observations of Secretarial Auditors are as under: Observation 1: During the year certain E-Forms were filed on ROC (Registrars of Companies) MCA with additional fees. Board's Reply: We could not file certain E-Forms within the stipulated time period due to technical reasons and therefore, we filed these E-Forms with an additional fee and the said default was made good.

50. Green Initiative:

Electronic copy of the Annual Report 2023-2024 and the Notice of the 32^nd Annual General Meeting are sent to all members whose email addresses are registered with the Company / depository participant(s). Your Directors would like to draw your attention to Section 20 of the Companies Act 2013 read with the Companies (Management and Administration) Rules 2014 as may be amended from time to time which permits paperless compliances and also service of notice/documents (including annual report) through electronic mode to its members. To support this green initiative, we hereby once again appeal to all those members who have not registered their e-mail addresses so far are requested to register their e-mail address in respect of electronic holding with their concerned Depository Participants and/or with the Company.

51. Acknowledgements:

Your Directors wish to place on record their appreciation for the assistance and co-operation received from the Company's Bankers, Government Agencies, Financial Institutions, Customers, Investors and

Business constituents and look forward to maintain the same in future. The Directors also wish to place on record their appreciation of the devoted and dedicated services rendered by all employees of the Company and support extended by suppliers/vendors and Customers.