Dear Members,
Your Directors have the pleasure in presenting the Board Report of Ballarpur Industries
Limited ("Company"), along with the audited financial statements, for the
financial year ended March 31, 2026 ("Period under review"). The
consolidated performance of the Company and its subsidiaries has been referred to wherever
required.
Successful Implementation of Resolution Plan
The Hon'ble National Company Law Tribunal, Mumbai Bench ("NCLT"), vide its
order dated March 31, 2023, approved the Resolution Plan submitted by Finquest Financial
Solutions Private Limited ("SRA"/ "FFSPL") under Section 31 of the
Insolvency and Bankruptcy Code, 2016 ("IBC"), and the obligations of SRA &
its affiliates has successfully complied by infusion of Total Financial Outlay from June
12, 2023 to June 11, 2026 for distribution of funds to the creditors in terms of the
approved resolution plan, the detailed progress report on Implementation of Resolution
Plan is being submitted before NCLT by the SRA.
Financial Performance
The financial performance of your Company for the financial year ended March 31,2026,
is given below:
(Rs. in Lakh)
Particulars |
Standalone |
|
Consolidated |
|
|
2025-26 |
2024-25 |
2025-26 |
2024-25 |
| Revenue from Operations |
7697.08 |
1857.96 |
7697.08 |
1857.96 |
| Other Income |
95.90 |
205.17 |
4804.53 |
15,437.17 |
| Less: Expenses |
(16451.09) |
(3,004.94) |
(21,235.94) |
16,734.58 |
| EBIDTA |
(8658.11) |
(941.81) |
(8734.33) |
(560.56) |
| Less: Finance Cost |
(5792.49) |
(4,287.50) |
(17761.64) |
(19424.50) |
| Less: Depreciation |
(770.77) |
(1,037.66) |
(770.77) |
(1037.67) |
| Profit/(Loss) before Exceptional Items and Taxes |
(15221.37) |
(6,266.97) |
(27266.74) |
(19,901.61) |
| Share of Profit/(Loss) in Associate and Joint Venture |
|
|
(3431.58) |
(4,381.68) |
| Exceptional Items |
1754.62 |
(408.73) |
1754.62 |
(408.73) |
| Profit / (Loss) before Tax |
(13,446.75) |
(6,675.70) |
(28,943.70) |
(24,692.02) |
| Less: Tax |
- |
- |
- |
- |
| Profit/(Loss) After Tax |
(13,446.75) |
(6,675.70) |
(28,943.70) |
(24,692.02) |
| Profit/ (loss) from discontinued operations before tax |
|
|
|
|
| Less: Tax expense on discontinue operations |
|
|
|
|
| Net profit/ (loss) from discontinue operations after tax |
|
|
|
|
| Net profit/ (loss) after tax |
(13,446.75) |
(6,675.70) |
(28,943.70) |
(24,692.02) |
Material changes and commitments affecting financial position between the end of the
financial year and date of the report
No material changes and commitments have occurred after the closure of the FY 2026 till
the date of this Report, which would affect the financial position of your Company.
Transfer to Reserves
No amount was proposed to be transferred to reserves during the period under review.
Dividend
The Directors have not recommended any dividend on the equity shares of the Company for
the financial year ended March 31,2026.
Operations
A detailed review of the operations and performance of the Company and its subsidiaries
is provided in the chapter on Management Discussion and Analysis in this Annual Report.
Changes in the nature of business
There has been no change in the nature of business and operations of the Company during
the year under review.
Share Capital
During the year under review, there was no change in the Authorised and Paid-up Share
Capital of the Company.
As on March 31, 2026, the Authorised Share Capital of the Company stood at
^400,00,00,000 comprising 25,50,00,000 equity shares of ^10 each and 14,50,00,000
preference shares of ^100 each.
As on 31st March, 2026, the paid-up Equity Share Capital of the Company stood at
^55,00,00,000/- comprising 5,50,00,000 equity shares of ^10/- each and paid-up Preference
Share Capital of the Company stood at ^108,00,00,000/- comprising 108,00,000 preference
shares of ^100/- each.
Management Discussion and Analysis Report
The information on the affairs of the Company is provided in the Management Discussion
and Analysis Report in accordance with the SEBI Listing Regulations. This report is
presented as a separate section, forming part of the Annual Report.
Corporate Governance
Pursuant to Regulation 34(3) read together with Schedule V of the SEBI Listing
Regulations, the Company has prepared Corporate Governance Report which forms part of this
Report,
marked as 'Annexure - VI'. As per Para C and E of Schedule V of the SEBI Listing
Regulations, the Company has obtained two certificates from M/s Viral Sanghavi &
Associates, Company Secretaries (a) Certificate on Non-Disqualification of Directors; and
(b) Certificate on the compliance of the conditions of the Corporate Governance. These
certificates forms part of this Report, marked as 'Annexure - VII' and 'Annexure - VIII'
respectively.
The Chief Executive Officer and the Chief Financial Officer have given their
certificate as required under Regulation 17(8) read with Part B of Schedule II of the SEBI
Listing Regulations regarding the Annual Financial Statements of the Company for the year
ended on March 31, 2026, which forms part of this Report, marked as 'Annexure - IX'
Business Responsibility and Sustainability Report (BRSR)
In accordance with Regulation 34(2)(f) of the Listing Regulations, only top one
thousand listed entities based on market capitalization are mandated to prepare BRSR and
accordingly, the same is not applicable to the Company.
Details of subsidiary/ joint ventures/ associate companies & Consolidation of
Accounts
The Company has 1 Indian subsidiary Avantha Agritech Limited (AAL) which was formerly
BILT Tree Tech Limited. AAL is a direct subsidiary. In the last few years excess
availability of wood in the market resulted in a substantial reduction of wood prices and
consequently, the farmers have been shifting away from growing wood to other crops and
horticulture plants. In view of the same AAL sold part of its Agroforestry Business.
The Company also has five foreign subsidiaries. Of these, three are based in The
Netherlands: (i) Ballarpur International Holdings B.V. (BIH), (ii) BILT Paper B.V. (BPBV),
and (iii) Ballarpur Speciality Paper Holdings B.V. (BSPH), (iv) One step- down subsidiary
BILT General Trading (FZE) is based in the UAE, (v) one step-down subsidiary Mirabelle
Trading Pte. Ltd. Based in Singapore (Struck-off by Accounting and Corporate Regulatory
Authority of Singapore on 31.05.2026).
The following updates are extremely important to be noted by the Members of the
Company:
a. The Financial Statements of 2 step down foreign subsidiaries (Mirabelle Trading Pte.
Ltd. and Bilt Graphic Trading FZE) and 1 domestic subsidiary (Avantha Agritech Ltd) which
have a total assets base of Rs. 67,542 lakhs and which are material to the group are
unaudited.
b. One of the foreign subsidiaries, Ballarpur Speciality Paper Holdings B.V. has fully
written off its investment in BILT General Trading FZE, UAE ("BGT") in Financial
Year 2019-20 as BGT does not carry on any operations and there is no intention to carry on
the business in future also the license of BGT has expired.
The performance and financial position of each subsidiary and joint venture are
detailed in the ‘Statement containing salient features of the financial statement of
subsidiaries, associate companies/joint ventures in Form AOC-1, pursuant to Section 129 of
the Act which is enclosed as Annexure-I to this Board's Report.
Particulars of loans, guarantees or investments
Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013
form part of the notes to the financial statements provided in this Annual Report.
Deposits
The Company has not accepted any deposits from the public, falling within the ambit of
Section 73 of the Companies Act,
2013, and the Companies (Acceptance of Deposits) Rules,
2014.
Corporate Social Responsibility (CSR)
As per the criteria mentioned in Sub-Section (1) of Section 135 of Companies Act, 2013,
the Company is not required to constitute CSR committee. Also, provisions relating to
formulation of CSR (Corporate Social Responsibility) Policy are not applicable to the
Company.
Annual Return
In accordance with the requirements under Section 92(3) and Section 134(3)(a) of the
Act and the applicable rules, the annual return in Form No. MGT-7 as on March 31,2026 will
be available on the website of the Company www.biltpaper.in
Board & Its Committees
Board
The Company has an optimum combination of executive, nonexecutive and independent
directors, including an independent woman director. As on March 31,2026, the Board is
comprised of a Executive Chairman, 1 (one) Executive Director, 1 (One) Non-Executive
Non-Independent Director and 3 (Three) Non-Executive Independent Directors including 1
(one) Woman Director
Committee(s) of Board
Pursuant to various requirements under the Act and the SEBI Listing Regulations, the
Board of Directors has constituted Audit Committee, Nomination and Remuneration Committee
and Stakeholders' Relationship Committee. The details of composition, terms of reference,
number of meetings held during the year, attendance there at and other details pertaining
to these committees are mentioned in the Corporate Governance Report.
Meetings and Postal Ballot
The Board of Directors met 7 (seven) times during the year under review i.e., April 16,
2025, May 26, 2025, June 17, 2025, August 7, 2025, November 11,2025, December 31,2025 and
February 13, 2026, as against the statutory requirement of at least four meetings. The
requisite quorum was present at all the Board Meetings. The maximum time gap between any
two meetings was not more than one hundred and twenty days.
During the year under review, no Extraordinary General Meeting of the members was held
and no special resolutions were passed through postal ballot.
Detailed information on the Meetings of the Board, its Committees, Postal Ballot and
the AGM is included in the Report on Corporate Governance, which forms part of this Annual
Report.
Meetings of Independent Directors
The Independent Directors met during the year under review, on February 13, 2026. The
Meeting was conducted without presence of the Whole-time Director(s), the Non-Executive
Non-Independent Director, Chief Financial Officer or any other management personnel to
enable the Independent Directors to discuss matters pertaining to, inter-alia, review of
performance of Non-Independent Directors and the Board as a whole, review the performance
of the Chairman of the Company, assess the quality, quantity and timeliness of flow of
information between the management & the Board and its Committees and free flow
discussion on any matter that is necessary for the Board to effectively and reasonably
perform their duties.
Directors and Key Managerial Personnel Appointment of Directors
Based on the recommendation of the Nomination and Remuneration Committee, the Board of
Directors, at its meeting held on August 7, 2025, appointed Mr. Alok Prakash (DIN:
06913561) as the Whole Time Director of the Company and on November 11,2025, appointed Ms.
Shweta Jain (DIN: 07872968) as the Non-Executive Independent Director of the Company.
Cessation
During the year under review, Mr. Yeddala Kesava Reddy (DIN: 10586100) - Whole-time
Director of the Company and Ms. Runel Saxena (DIN: 10424170) - Non-Executive Independent
Director of the Company ceased to be the directors of the Company with effect from July
31, 2025, and July 30, 2025, respectively.
Re-appointment of directors retiring by rotation
In accordance with the applicable provisions of Section 152 of the Act, Mr. Parashiva
Murthy B S (DIN: 00011584), retires by rotation at the forthcoming Annual General Meeting
of the Company. Being eligible, Mr. Parashiva Murthy B S (DIN: 00011584) has offered
himself for reappointment as Director. Brief particulars of Mr. Parashiva Murthy B S (DIN:
00011584) as required under the Secretarial Standard on General Meetings issued by ICSI
have been provided in the notice of the AGM of the Company.
Declaration by Independent Directors of the Company
The Company has received declarations under section 149 of the Act and Regulation 16 of
the SEBI Listing Regulations from Mr Kulandaipaian Thangaraju, Mr Panchapakesan
Swaminathan and Ms Shweta Jain, Independent Directors and have also confirmed that they
are not aware of any circumstance or situation, which exist or may be reasonably
anticipated, that could impair or impact their ability to discharge their duties with an
objective independent judgment and without any external influence. Further, the Board
after taking these declarations / disclosures on record and acknowledging the veracity of
the same, concluded that the Independent Directors hold highest standards of integrity and
possess the relevant proficiency, expertise and experience to qualify and continue as
Independent Directors of the Company and are Independent of the Management of the Company.
Key Managerial Personnel
Pursuant to the provisions of Section 203 of the Act read with the rules made
thereunder, Mr. Hardik Bharat Patel, Whole Time Director, Mr. Alok Prakash, Whole Time
Director & Chief Executive Officer, Mr. Anil Manohar Lal Mehta, Chief Financial
Officer and Ms. Surbhi Dinesh Chachada, Company Secretary are the whole-time key
managerial personnel of the Company as on March 31,2026.
Nomination & Remuneration Policy
The Board, on the recommendation of its Nomination & Remuneration Committee, has
framed a policy for selection and appointment of Directors, Key Managerial Personnel and
Senior Management and their remuneration. The salient features of the Nomination &
Remuneration Policy are outlined in the Corporate Governance Report, which forms part of
this Annual Report.
Performance evaluation at Board
A formal annual evaluation has been made by the Board of its own performance, Chairman
of the Board, its Committee(s) and individual Director(s). The performance evaluation has
been done by the entire Board of Directors, excluding the Director being evaluated.
Various evaluation techniques are used to assess the performance of the Directors. The
Directors have participated in this evaluation process. The Independent Directors in their
separate meeting have also evaluated the performance of the Chairman of the Company,
NonIndependent Directors and the Board as a whole.
Directors' Responsibility Statement
Pursuant to Section 134(3)(c) of the Companies Act, 2013 in relation to Financial
Statements of the Company for the year ended March 31,2026, the Board of Directors state
that:
• In the preparation of the annual accounts, the applicable accounting standards
had been followed along with proper explanation relating to material departures;
• The Directors had selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company at the end of the
Financial Year and of the profit and loss of the Company for that period;
• 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;
• The Directors had prepared the annual accounts on a going concern basis;
• 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
• 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.
Adequacy of internal financial controls
The Company has in place adequate the Internal Financial Controls commensurate with the
business operations of the
Company which are operating effectively. Your Company has adopted policies and
procedures for ensuring the orderly and efficient conduct of its business, including
adherence to the Company's policies, the safeguarding of its assets, prevention and
detection of frauds and errors, accuracy and completeness of the accounting records, and
timely preparation of reliable financial disclosure.
Auditors and Auditors' Reports
Statutory auditor
Pursuant to the terms of the approved resolution plan, the New Board had appointed M/s.
Batliboi & Purohit, Chartered Accountants (Firm Registration No. 101048W) as the
Statutory Auditors of the Company for a term of 5 years, who shall hold office from
conclusion of Eightieth Annual General Meeting till conclusion of Eighty Fifth Annual
General Meeting of the Company, to audit the financial statements of the Company.
Auditors' Qualifications / Disclaimer of Opinion
M/s Batliboi & Purohit, have made disclaimer of opinion in their report on the
consolidated financial statements and qualifications on the standalone financial
statements of the Company for the financial year ended March 31, 2026. However, the
Auditors have not reported any frauds to the Audit Committee as prescribed under Section
143(12) of the Companies Act, 2013.
The following are the Board's responses to the same:
1. Qualification: The National Stock Exchange of India Limited (NSE) and Bombay
Stock Exchange (BSE) Ltd have imposed fines on the Parent for delays in compliance
pertaining to various regulations under the Listing Regulations. These fines pertain to
the financial period from June 30, 2020 to September 30, 2024. The Parent has submitted
waiver applications to both stock exchanges and as a result the NSE has waived off SOP
fines for noncompliance till March 31, 2023, vide their letter ref: NSE/LIST/SOP/1123
dated October 9, 2024. According to the Listing Regulations, a penalty of Rs. 5,000 per
day per stock exchange is imposed for non-adoption of financial results. The Parent has
filed an Interlocutory Application (IA) before the Hon'ble National Company Law Tribunal
(NCLT), Mumbai Bench seeking an extension/exemption for statutory filings which includes
the quarterly & yearly financial statements for the year ended March 31, 2026. The
aforesaid IA is currently pending with the NCLT for which the Parent is hopeful of
obtaining relief and accordingly has not made provision for the same in their books of
accounts. Consequently, the loss for the year ended March 31, 2026, has been understated,
and the reserves and surplus overstated to that extent. Our opinion was also modified in
respect of this matter for the quarter ended March 31,2025, June 30, 2025, September 30,
2025, and December 2025.
Management Response: The delay in the submission of the audited consolidated
financial statement was not due to any intentional non-compliance on the part of the
Parent. The availability of certain crucial documents was a challenge, and despite our
best efforts to expedite the process, the finalization of financials was delayed. As
mentioned above, the management of the parent have filed an Interlocatory Application
(IA) before Hon. National Company Law Tribunal (NCLT), Mumbai Bench for providing
extention/ exemption for statutory filings which includes un-audited financial results for
the quarter and year ended March 31, 2026. The aforesaid IA is pending with NCLT and
Parent is quite optimistic to get the relief. Consequent to receiving the affirmation from
NCLT the Parent shall further seek the waiver of the aforesaid penalty from NSE which the
company anticipates waiver from the respective Stock Exchange. The imposition of this fine
under the current scenario appears to be disproportionate, considering the unique
complications and the challenges posed due to non-availability of data from the Erstwhile
Promoters / Resolution Professional of the Parent. Charging such a significant penalty
under these circumstances would be unfair to the Parent, as the delays were purely
procedural and unintended. In light of this, the Parent's management is hopeful that the
NSE will favorably consider their waiver request, and thus, no provision has been made for
the penalty in books. The Parent Management firmly believe that the Parent has acted in
good faith, and with due diligence, and the imposition of this penalty is not reflective
of any negligence or disregard for compliance on our part.
2. Qualification: One of the foreign subsidiary Ballarpur Speciality Paper
Holdings B.V. has fully written off its investment in BILT General Trading FZE, UAE
("BGT") in financial year 2019-20 as BGT does not carry on any operations and
there is no intention to carry on the business in future and also the license of BGT was
expired. Since, the financial Statements of BGT for year ended March 31, 2026 are not
available with Parent's Management, therefore the opening balances of balance sheet from
FY 2018-19 have been considered for preparation of Consolidated Financial Statements for
the year ended March 31,2026. As a result, the consequential impact, if any, on the
Consolidated Financial Statements is not ascertainable. (Refer note no. 55 & 56 to the
Consolidated Financial Statements)
Management Response: One of the foreign subsidiary Ballarpur Speciality Paper
Holdings B.V. has fully written off its investment in BILT General Trading FZE, UAE
("BGT") in financial year 2019-20 as BGT does not carry on any operations and
there is no intention to carry on the business in future and also the license of BGT was
expired.
3. Qualification: The year ended March 31,2026 financial statements of 1 step
down foreign subsidiary (Mirabelle Trading Pte. Ltd) and 1 domestic subsidiary (Avantha
Agritech Limited) are not available and therefore, the opening balances of balance sheet
from FY 2019-20 have been considered in the preparation of the Consolidated Financial
Statements for the year ended March 31,2026. As a result, the consequential impact, if
any, on the Consolidated Financial Statements is not ascertainable. (Refer note no. 56 to
the Consolidated Financial Statements)
Management Response: Pursuant to commencement of CIRP, the board of directors of
the parent stands suspended and the management of the parent vested with
the RP. The RP is expected to make every endeavor to protect and preserve the value of
the property of the parent and manage the operations of the parent as a going concern.
The CIRP process of the Parent has been concluded, and Ballarpur Industries Limited
("BILT/Parent") has been acquired by Finquest Financial Solutions Private
Limited on an "as-is where-is" basis, pursuant to a resolution plan approved by
the Hon'ble NCLT vide order dated 31st March 2023. The Closing Date in terms of the
Resolution Plan occurred on 12th June 2023 and a new Board of Directors have been
appointed vide resolution dated 12th June 2023.
Further it may be noted that the Current Directors of the parent have adopted the
aforesaid financial statements in good faith with the sole objective of fulfilling
statutory compliances without incurring any responsibility or liability for the same or
any part thereof. The Current Directors / Key Managerial Personnel of the Parent have, in
this regard, relied solely and exclusively on the books, papers, records and other
information, documents, clarifications, representations, communications, notices &/or
certifications (collectively, "Books & Records") handed over and furnished
to them by or on behalf of the RP and/or the respective subsidiaries/associates.
4. Qualification: The Consolidated Financial Statements includes the Group's
share of profit (including other comprehensive income) amounting to Rs. 765 lakhs in
respect of one of the step- down subsidiaries of an associate, namely BGPPL. The audited
financial statements of BGPPL for the year ended March 31, 2026 were not made available to
us and, accordingly, the Group's share of profit (including other comprehensive income)
has been considered based solely on the unsigned provisional Statement of Profit &
Loss statement provided by the management of BGPPL. Consequently, we are unable to obtain
sufficient appropriate audit evidence in respect of the financial information of the said
entity considered in the Consolidated Financial Statements. Accordingly, we are unable to
determine whether any adjustments might have been necessary in respect of the financial
position and results of operations of the entity included in the Consolidated Financial
Statements of the group. (Refer note no 56 to the Consolidated Financial Statements)
Management Response: Parent have made efforts to get audited financial information
from all subsidiaries and associates but there is lack of required financial data and
information from the management of such subsidiaries and associates which is creating
obstacles in finalizing the consolidated financial statement of BILT.
Hence, the new management of Parent is of the view that the best approach would be to
finalise the consolidated financial statement of BILT based on available information.
Secretarial auditor
The Board had appointed M/s Viral Sanghavi & Associates,
Company Secretaries (Firm Registration No.: 3130), to
conduct Secretarial Audit of the Company for the financial
year 2025-26. The Secretarial Audit Report for the Financial Year 2025-26 is annexed to
this report as Annexure-III.
The Secretarial Audit Report does not contain any qualification, reservation or adverse
remark.
Cost Auditor
Bahadur Murao & Co., Cost Accountants, New Delhi (Firm Registration No. 000008)
were appointed as the Cost Auditors of the Company, to carry out the cost audit in
relation to the financial year ending March 31,2026.
Further, the Company is required to maintain cost records as required under Section
148(1) of the Companies Act, 2013 and the Cost Audit Report confirms that such accounts
and records are being made and maintained by the Company, despite the absence of
production activities during the period under review.
Internal Auditor
The Board had appointed M/s. Todarwal & Todarwal LLP, Chartered Accountants,
(Firm's Registration No. 111009W/W100231) Mumbai as the Internal Auditors of the company
to conduct Internal Audit of records maintained by the Company for the Financial Year
2025-26.
Particulars of contracts or arrangements made with related parties
As per Note 35 of the audited financial statements of the company on standalone basis
for the financial year 2025-26, all the transactions with related parties entered during
the review period were in the ordinary course of business. The details of material
contracts, arrangements or transactions with related parties which require disclosure in
Form AOC-2, is annexed to this report as Annexure-II.
Particulars of employees
Information required under Section 197(12) of the Companies Act, 2013, read with Rule 5
of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as
amended, is annexed with this Annual Report as Annexure-IV.
Compliance with the Code of Conduct
All Directors, Key Managerial Personnel and Senior Management Personnel of the Company
have confirmed compliance with the Code of Conduct applicable to the Directors and
employees of the Company. The CEO has given the certificate as required under Regulation
34(3) read with Part D of Schedule V of the SEBI Listing Regulations regarding compliance
with the Code of Conduct of the Company for the year ended on March 31,2026, which forms
part of this Report, marked as ‘Annexure - X'.
Disclosure Under the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 ("POSH Act")
Your Company has in place a comprehensive Policy in accordance with the provisions of
POSH Act and Rules made thereunder. The Policy has been widely communicated internally and
is placed on the Company's intranet portal. The Company ensures that no employee is
disadvantaged by way of gender discrimination. Your Company has complied with the
provisions relating to the constitution of the Internal
Complaints Committee under the POSH Act to redress complaints received regarding sexual
harassment and has conducted adequate POSH training during FY 2026. No POSH complaints
were reported during the year under review.
Conservation of Energy, Research & Development, Technology Absorption and Foreign
Exchange Earnings and Outgo
The details of Energy Conservation, Research and Development, Technology Absorption and
Foreign Exchange Earnings and Outgo as required under Section 134(3)(m) of the Companies
Act, 2013, read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is attached as
Annexure-V to this Board's Report.
Secretarial standards
The Company has complied with Secretarial Standards issued by the Institute of Company
Secretaries of India.
Listing on stock exchanges
The Company's shares are listed on BSE Limited and the National Stock Exchange of India
Limited.
Investor Education and Protection Fund (IEPF)
As per the information made available to the New Board, during the period under review
the Company was not required to transfer any amount towards the fund.
Business Risk Management
The Company has a risk management mechanism in place to manage uncertainties through
identification, analysis, assessment, implementing and monitoring to reduce the impact of
risks to the business which is discussed in detail in the Management Discussion and
Analysis section of this Annual Report.
Significant/ Material Orders passed by Regulators
Effect of Approval of the Resolution Plan
Pursuant to NCLT order dated March 31,2023, under Section
31 of the IBC, on approval of the resolution plan for the
Company, below provisions shall be:
• The terms of the Resolution Plan shall be binding on the Company, its employee,
members, creditors, including the central government, any state government or any local
authority to whom debt of the payment of dues arise under any law, guarantors, and other
stakeholder involved in the resolution plan.
• Any licence, permit, registration, quota, concession, clearances or a similar
grant or right given by the Central Government, State Government, local authority,
sectoral regulator or any other authority, associated with resolution plan, shall not be
suspended or terminated during the subsistence of the remaining period of such grants or
rights, if the Company complies with the obligations in respect of the remaining period of
such grants or rights.
• Unless otherwise provided in the resolution plan, any claim, against the Company
and its assets under any other law for the time being in force, prior to the date of
approval, shall be extinguished.
• No proceedings shall be continued or instituted against the Company or its
assets on the basis of such claims, including proceedings for assessment of the claims.
Hence, any claim for period prior to NCLT order of 31.03.2023
not admitted by the RP, is deemed to have been extinguished
in terms of the approved resolution plan.
Statutory Committees
The Corporate Governance Report may be referred for details on Statutory
Committees.
For and on behalf of the Board of Directors Sd/-
Hardik Bharat Patel Chairman & Whole Time Director DIN:00590663
Date: August 10, 2026 Place: Mumbai
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