Your Directors present the 31^st Annual Report and the Audited Financial Statements for the financial year ended March 31,2025.
Financial performance and the state of the Company’s affairs

The financial performance of the Company for the financial year ended March 31,2025, is summarised below:

Particulars	Financial Year ended March 31,2025		Financial Year ended March 31, 2024
	(Standalone)	(Consolidated)	(Standalone)	(Consolidated)
Total Income	10,055	8,25,704	10,963	8,26,023
Profit / (Loss) Before Tax	(9,410)	3,04,772	4,895	(1,85,435)
Less: Provision for Taxation (Net)	-	9,989	-	21,403
Profit / (Loss) After Tax	(9,410)	2,94,783	4,895	(2,06,838)

Business Operations

During the financial year 2024-25, the operating plants of the
Company, set up through its subsidiary companies, performed
exceedingly well on efficiency parameters.

The Company’s Sasan Ultra Mega Power Plant (UMPP) (Capacity
3,960 megawatt) continued its impressive performance with
generation of 31,425 Million Units (MUs) with Plant Load Factor
(PLF) of 90.6% which demonstrates its efficiency and reliability.
Compared to the all India average thermal PLF of approximately
69%, Sasan UMPP is operating at an exceptional level.

The Sasan UMPP stands as one of the largest integrated coal-
based power plants globally. It is complemented by the Moher
and Moher Amlohri Extension captive coal mines, which fulfill the
plant’s fuel requirements. In the past year, the Sasan Coal Mine
efficiently produced 18.12 million Million Tonnes (MT) of coal and
removed 47 million bank cubic metres of overburden.

The Rosa Thermal Power Plant, with a capacity of 1,200
megawatt (MW), achieved a total generation of 7,403 MUs
during the current fiscal year, demonstrating consistent year-on-
year performance.

The Solar Photovoltaic (PV) plant, with a capacity of 40 MW,
utilizing photovoltaic panels to directly convert sunlight into
electricity, generated 26.25 MUs during the year. Further, the 100
MW Concentrated Solar Power (CSP) plant, concentrating solar
energy using mirrors to heat water to generate steam to drive
turbines, produced 18.38 MUs during the year and contributed
to cleaner and greener energy production.

The Butibori Power Project, a coal-based thermal plant with a
capacity of 600 MW, was not in operation. Further, the lenders of
the Butibori Project have enforced the pledge on the entire share
capital of the Project Company namely, Vidarbha Industries
Power Limited (VIPL), leading to takeover of the management
and control of VIPL.

Reliance Bangladesh LNG and Power Limited (RBLPL)
is currently establishing a 718 MW (net) power plant at
Meghnaghat, near Dhaka in Bangladesh. This project is
being executed together with strategic partner JERA Power
International (Netherlands), a subsidiary of JERA Co. Inc.
Japan. The temporary gas pipeline connection was completed
in February 2024, and the project is anticipated to commence
commercial operations by September 2025.

As a step to transit toward renewable energy space, Reliance
NU Suntech Private Limited, a wholly owned subsidiary of
the Company has signed a Power Purchase Agreement with
Solar Energy Corporation of India (SECI) to supply 930 MW
of solar power integrated with 465 MW/1,860 megawatt-hour
(MWh) Battery Energy Storage System (BESS). To achieve the
contracted capacity of 930 MW, the project will deploy more
than 1,700 MWp of installed solar generation capacity. It marks
a significant milestone in the company’s strategic vision to shift
toward cleaner energy sources and play a pivotal role in shaping
the country’s sustainable energy future.

Management Discussion and Analysis

The Management Discussion and Analysis Report for the
financial year under review, as stipulated under Regulation 34(2)
of Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended
(the ‘Listing Regulations’), is presented in a separate section
forming part of this Annual Report.

Issue of warrants on preferential basis and
conversion thereof

During the financial year under review, the Company issued
and allotted 46.20 crore warrants at an issue Price of I 33
each, convertible into equivalent number of equity shares of the
Company on preferential basis to the Promoter entity and two

public investors, for cash (including conversion/ appropriation of
its existing outstanding debt), wherein an amount of I 645.15
crore was received. The said funds have been utilized for the
purpose for which it was raised.

Further, on May 07, 2025, the Company has allotted 10.55
crore fully paid up equity shares of I 10 each, at a price of
I 33 (inclusive of a premium of I 23) per share, upon exercise
of right attached to the warrants to the Promoter entity and one
of the public investor. Consequent to the aforesaid allotment,
the paid-up share capital of the Company has increased from
I 4,016.97 crore to I 4,122.47 crore divided into 412.25 crore
equity shares of I 10/- each. The aforesaid equity shares shall
rank pari-passu in all aspects with the existing equity shares in
the Capital of the Company.

Foreign Currency Convertible Bonds

During the financial year under review, the Board of Directors
of the Company approved the issue of unsecured Foreign
Currency Convertible Bonds (FCCBs) upto USD 500
million, with tenure of ten years and one day and a coupon
rate of 5% per annum, convertible into equity shares of
I 10 each, on a private placement basis to VFSI Holdings Pte.
Limited or any affiliate of Varde Investment Partners, LP.

Resources and Liquidity

During the financial year under review, the Company has
concluded the slump sale / transfer of the Wind Power Project
located at Vashpet, Maharashtra for a cash consideration of
I 132.39 crore (net of TDS).

The entire obligations of the Company as a Guarantor on behalf
of Vidarbha Industries Power Limited (VIPL), the erstwhile
subsidiary of the Company, stand fully settled resulting in release
and discharge of Corporate Guarantee, Undertakings and all
obligations and claims thereunder in relation to the outstanding
debt of VIPL amounting to I 3,872.04 crore. Further, consequent
to full payment of its outstanding interest in default on its term
loan by Samalkot Power Limited, a subsidiary of the Company,
the default of the Company as a guarantor to the aforesaid
loan stands cured.

Employee Stock Option Scheme

During the financial year under review, the members of the
Company approved the introduction and implementation of
‘Reliance Power Employee Stock Option Scheme 2024’ (ESOS
/ Scheme), for the employees of the Company and also to
the employees of group companies including its subsidiaries,
associates and holding company.

The Nomination and Remuneration Committee of the Board
will administer and monitor the Scheme, which is in compliance
with the SEBI (Share Based Employee Benefits and Sweat
Equity) Regulations, 2021 (SBEB Regulations). The relevant

disclosures in terms of SBEB Regulations along with the
Certificate from the Secretarial Auditor on implementation of the
Scheme in terms of Regulation 13 of the SBEB Regulations are
available on the Company’s website and can be accessed at
https://www.reliancepower.co.in/web/reliance-power/employee-
stock-option-scheme-2024.

Dividend

During the financial year under review, the Board of Directors
has not recommended dividend on the equity shares of the
Company. The Dividend Distribution Policy of the Company
is available on the Company’s website at the link https://www.
reliancepower.co.in/documents/2181716/2364859/Dividend_
Distribution_Policy_RPower.pdf

Deposits

The Company has not accepted any deposits from the public
falling within the ambit of Section 73 of the Companies Act,
2013 (‘the Act’) and the Companies (Acceptance of Deposits)
Rules, 2014. There are no unclaimed deposits, unclaimed/
unpaid interest, refunds due to the deposit holders or to be
deposited with the Investor Education and Protection Fund as
on March 31,2025.

Particulars of Loans, Guarantees or Investments

The Company has complied with the applicable provisions of
Section 186 of the Act during the financial year under review.
Pursuant to Section 186 of the Act, details of the Investments
made by the Company are provided in Note no. 3.2(a) of the
standalone financial statement.

Subsidiaries and Associate Companies

During the financial year under review, the Company has
incorporated Reliance Transtech Private Limited as a stepdown
wholly owned subsidiary. Also, Reliance Enterprises Private
Limited was incorporated in Bhutan as an Associate Company.
Further, RPL Photon Private Limited, RPL Sun Technique Private
Limited, RPL Sun Power Private Limited and VIPL have ceased
to be the associates / subsidiary of the Company.

The summary of the performance and financial position of each
of the subsidiary companies and associates are presented in
Form AOC-1 and in Management Discussion and Analysis
report forming part of this Annual Report. Also, a report on the
performance and financial position of each of the subsidiaries
and associates as per the Act is provided in the consolidated
financial statement.

The Policy for determining material subsidiary company,
as approved by the Board, may be accessed on the
Company’s website at the link https://www.reliancepower.
co.in/documents/2181716/2364859/Policy_for_Determining_
Material_Subsidiary_05022025.pdf

The audited financial statements of the Company drawn up,
both on standalone and consolidated basis, for the financial year
ended March 31,2025, in accordance with the requirements of
the Companies (Indian Accounting Standards) Rules, 2015 (“Ind
AS”) notified under Section 133 of the Act, read with relevant
Rules and other Accounting Principles. The consolidated financial
statements have been prepared in accordance with Ind AS and
relevant provisions of the Act based on the financial statements
received from subsidiaries and associates, as approved by their
respective Board of Directors.

Directors and Key Managerial Personnel

In terms of the provisions of the Act, Shri Ashok Kumar Pal,
Executive Director of the Company and Shri Harmanjit Singh
Nagi, Non- Executive Director of the Company retire by rotation
and being eligible, offer themselves for re-appointment at the
ensuing Annual General Meeting.

During the financial year under review, Shri Ashok Kumar Pal,
Chief Financial Officer of the Company, was appointed as an
Additional Director designated as an Executive Director with
effect from November 12, 2024, and accordingly vacated the
office of the Manager of the Company. He continues to act as
a Chief Financial Officer of the Company. Further, on November
15, 2025, Shri Harmajit Singh Nagi and Shri Sachin Mohapatra
were appointed as an Additional Directors in the capacity of Non¬
Executive Directors and Smt. Vijayalakshmy Gupta was appointed
as an Additional Director in the capacity of Independent Director.
Consequent to the above, the members of the Company duly
approved their respective appointments through postal ballot on
February 10, 2025.

Further, Dr. Thomas Mathew was appointed as an Additional
Director in the capacity of Independent Director with effect from
December 25, 2024 and Shri Neeraj Parakh was appointed
as an Additional Director designated as an Executive Director
and Chief Executive Officer of the Company with effect from
January 20, 2025. Thereafter, the members of the Company duly
approved their respective appointments through postal ballot on
March 23, 2025.

Shri Sateesh Seth, Shri Punit Narendra Garg, Shri Raja Gopal
Krotthapalli, Smt. Chhaya Virani and Smt. Manjari Ashok Kacker
have tendered their resignations as Directors of the Company
with effect from November 15, 2024, due to preoccupations. The
Board places on record its sincere appreciation for the valuable
contribution made by them throughout their respective tenures
as Directors of the Company.

The Company has received declaration from all the Independent
Directors of the Company confirming that they meet the criteria
of independence as prescribed under Section 149(6) of the Act
and Regulation 16(1)(b) of the Listing Regulations. The details
of programme for familiarisation of Independent Directors with

the Company, nature of the industry in which the Company
operates and related matters are uploaded on the website of
the Company at the link: https://www.reliancepower.co.in/
documents/2181716/13395902/Familiarization Pogramme
for Independent Directors.pdf

In the opinion of the Board, the Independent Directors possess
the requisite expertise and experience and are persons of
high integrity and repute. They fulfill the conditions specified in
the Act and the Listing Regulations made thereunder and are
independent of the management.

Shri Neeraj Parakh, Executive Director and Chief Executive
Officer; Shri Ashok Kumar Pal, Executive Director and Chief
Financial Officer and Smt. Ramandeep Kaur, Company
Secretary are the Key Managerial Personnel of the Company.

Evaluation of Directors, Board and Committees

The Nomination and Remuneration Committee of the Board
of the Company has devised a framework for performance
evaluation of the Directors, Board and its Committees, which
includes criteria for performance evaluation.

Pursuant to the provisions of the Act and the Listing Regulations,
the Board has carried out an annual performance evaluation of
the Board collectively, the Directors individually as well as the
evaluation of the working of the Committees of the Board. The
Board performance was evaluated based on inputs received
from all the Directors after considering the criteria such as Board
composition and structure, effectiveness of Board / Committee
processes and information provided to the Board, etc.

Pursuant to the Listing Regulations, performance evaluation of
Independent Directors was done by the entire Board, excluding
the Independent Director being evaluated.

A separate meeting of the Independent Directors was also
held for the evaluation of the performance of Non-Independent
Directors and the performance of the Board as a whole.

Policy on appointment and remuneration for
Directors, Key Managerial Personnel and Senior
Management Employees

The Nomination and Remuneration Committee of the
Board has devised a policy for selection, appointment and
remuneration of Directors, Key Managerial Personnel and
Senior Management Employees. The Committee has also
formulated the criteria for determining qualifications, positive
attributes and independence of Directors. The policy, inter
alia, covers the details of the remuneration of Directors, Key
Managerial Personnel and Senior Management Employees,
their performance assessment and retention features. The
policy has been put up on the Company’s website at https://
www.reliancepower.co.in/documents/2181716/2364859/
Remuneration Policy 25052024 new.pdf

Pursuant to the requirements under Section 134(5) of the Act
with respect to Directors’ Responsibility Statement, it is hereby
confirmed that:

i. In the preparation of the annual financial statement, for
the financial year ended March 31, 2025, the applicable
accounting standards had been followed along with proper
explanation relating to material departures, if any;

ii. The Directors had selected such accounting policies
and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company as
at March 31,2025 and of the loss of the Company for the
year ended on that date;

iii. The Directors had taken proper and sufficient care for
the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act for
safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities;

iv. The Directors had prepared the annual financial statements
for the financial year ended March 31, 2025, on a ‘going
concern’ basis;

v. The Directors had laid down internal financial controls to
be followed by the Company and such internal financial
controls are adequate and are operating effectively; and

vi. 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.

Contracts and Arrangements with Related Parties

All contracts, arrangements and transactions entered into
by the Company during the financial year under review with
related parties were at an arm’s length basis and in the ordinary
course of business.

There were no materially significant related party transactions
made by the Company with Promoters, Directors, Key
Managerial Personnel or other designated persons, which could
have potential conflict with the interest of the Company at large.

During the financial year under review, the Company has not
entered into any contract/arrangement/transaction with related
parties which could be considered material and required
approval of members of the Company, in accordance with the
policy of Company on materiality of related party transactions,
or which is required to be reported in Form AOC - 2 in terms of
Section 134(3) (h) read with Section 188 of the Act and Rule 8(2)
of the Companies (Accounts) Rules, 2014, as amended.

All the required Related Party Transactions were placed before
the Audit Committee for approval. Omnibus approval of the Audit

Committee was obtained for the transactions, which were of a
repetitive nature. The transactions entered into pursuant to the
omnibus approval so granted, were reviewed and statements
giving details of all related party transactions were placed before
the Audit Committee on a quarterly basis. The policy on Related
Party Transactions as approved by the Board is uploaded on the
Company’s website at the link https://www.reliancepower.co.in/
documents/2181716/2364859/Related Party Transactions
Policy 05022025.pdf

Your Directors draw attention of the Members to Note no. 12
to the Standalone financial statement, which sets out related
party disclosures pursuant to Ind AS and Schedule V of
Listing Regulations.

Material Changes and Commitments, if any,
affecting the financial position of the Company

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

Meetings of the Board

During the financial year ended March 31, 2025, fourteen Board
Meetings were held. Details of the meetings held and attended
by each Director are given in the Corporate Governance Report
forming part of this Annual Report.

Audit Committee

As on date, the Audit Committee of the Board of Directors
comprises of Independent Directors namely Shri Ashok
Ramaswamy as Chairman and Shri Vijay Kumar Sharma,
Dr. Thomas Mathew and Dr. Vijayalakshmy Gupta as Members.

During the financial year under review, all the recommendations
made by the Audit Committee were accepted by the Board.

Auditors and Auditors’ Report

M/s. Pathak H.D. & Associates LLP, Chartered Accountants,
were appointed as statutory auditors of the Company at the
27^th Annual General Meeting of the Company held on September
14, 2021 to hold office for a term of 5 (five) consecutive years until
the conclusion of 32^nd Annual General Meeting of the Company.

The Company has received confirmation from M/s. Pathak H.D.
& Associates LLP, Chartered Accountants that they are not
disqualified from continuing as the Auditors of the Company.

The observations and comments given by the Auditors in their
report, read together with notes on Standalone and Consolidated
Financial Statements are self-explanatory and hence do not call
for any further comments under Section 134 of the Act.

No fraud has been reported by the Auditor to the Audit
Committee or the Board.

Cost Auditors

Pursuant to the provisions of the Act and the Companies (Audit
and Auditors) Rules, 2014, the Board of Directors have appointed
M/s. VJ. Talati & Co., Cost Accountants, as the Cost Auditors of
the Company in respect of its Power Projects, for the financial
year ending March 31, 2026, and their remuneration is subject
to ratification by the Members at the ensuing Annual General
Meeting of the Company.

The provisions of Section 148(1) of the Act continue to apply
to the Company and accordingly the Company has maintained
cost accounts and records in respect of the applicable products
for the year ended March 31,2025.

Secretarial Standards

During the financial year under review, the Company has
complied with the applicable Secretarial Standards issued by
the Institute of Company Secretaries of India.

Secretarial Audit & Secretarial Compliance Report

Pursuant to the provisions of Section 204 of the Act read with
the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Board of Directors has appointed
M/s. Ajay Kumar & Co., Company Secretaries in Practice, to
undertake the Secretarial Audit of the Company for the financial
year 2024-25. There is no qualification, reservation or adverse
remark made by the Secretarial Auditors in the Secretarial
Audit Report for the financial year ended March 31, 2025. The
Audit Report of the Secretarial Auditors of the Company and
its material subsidiaries for the financial year ended March 31,
2025 are attached hereto as Annexure A1 to A3.

Pursuant to Regulation 24A of the Listing Regulations, the
Company has obtained Secretarial Compliance Report from a
Practicing Company Secretary 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 observations and comments given by the Secretarial
Auditors in the report are self-explanatory and hence do not call
for any further comments under Section 134 of the Act.

Pursuant to the amended provisions of Regulation 24A of the
Listing Regulations requiring the appointment of Secretarial
Auditors by the Members of the Company, the Board of
Directors have approved and recommended the appointment of
M/s. Ashita Kaul & Associates, Practicing Company Secretaries
(CP No: 6529) as the Secretarial Auditors of the Company for
a term of five (5) consecutive financial years commencing from
April 01,2025 till March 31,2030, for approval of the members at
the ensuing Annual General Meeting of the Company.

Annual Return

Pursuant to Section 92(3) read with Section 134(3)(a) of the
Act, the Annual Return as on March 31,2025 is available on the
Company’s website and can be accessed at the link https://www.
reliancepower.co.in/web/reliance-power/annual-return

Particulars of Employees and Related Disclosures

In terms of the provisions of Section 197(12) of the Act read
with Rule 5(2) & 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, as
amended, a statement showing the names and other particulars
of the employees drawing remuneration in excess of the limits
set out in the said Rules are provided in the Annual Report.

Disclosures relating to the remuneration and other details as
required under Section 197(12) of the Act read with Rule 5(1) of
the aforesaid Rules, also form part of this Annual Report.

However, having regard to the provisions of second proviso
to Section 136(1) of the Act, the Annual Report excluding the
aforesaid information, is being sent to all the Members of the
Company and others entitled thereto. Any member interested in
obtaining the same may write to the Company Secretary and will
be furnished on request.

Conservation of energy, technology absorption
and foreign exchange earnings and outgo

The particulars as required to be disclosed in terms of Section
134(3)(m) of the Act read with Rule 8 of the Companies
(Accounts) Rules, 2014, are given in Annexure B forming part
of this Report.

Corporate Governance

The Company has adopted Corporate Governance Policies and
Code of Conduct, which sets out the systems, processes and
policies conforming to the international standards. The report on
Corporate Governance as stipulated under Regulation 34(3) read
with para C of Schedule V of the Listing Regulations is presented
in a separate section forming part of this Annual Report.

A certificate from M/s. Ajay Kumar & Co., Practicing Company
Secretaries, confirming compliance to the conditions of
Corporate Governance as stipulated under Para E of Schedule
V to the Listing Regulations is enclosed to this Report.

Whistle Blower / Vigil Mechanism

In accordance with Section 177 of the Act and Regulation 22
of the Listing Regulations, the Company has formulated a Vigil
Mechanism to address the genuine concerns, if any, of the
Directors and employees. The vigil mechanism is overseen by
the Audit Committee and every person has direct access to the
Chairperson of the Audit Committee.

The details of the same have been stated in the Report on
Corporate Governance and the policy can also be accessed on
the Company’s website at the link https://www.reliancepower.
co.in/documents/2181716/2364859/Whistle Blower Vigil
Mechanism_Policy_25052024.pdf

Risk Management

The Board of the Company has constituted a Risk Management
Committee which consists of Independent Directors and
Executive Directors of the Company. The details of the
Committee and its terms of reference, etc. are set out in the
Corporate Governance Report forming part of this Report.

The Company has a Business Risk Management Framework
to identify, evaluate business, risks and opportunities. This
framework seeks to create transparency, minimize adverse impact
on the business objectives and enhances Company’s competitive
advantage. The Business Risk Management Framework defines
the risk management approach across the enterprise at various
levels including documentation and reporting.

The risks are assessed for each project and mitigation measures
are initiated both at the project as well as the corporate level.
More details on Risk Management indicating development and
implementation of Risk Management policy including identification
of elements of risk and their mitigation are covered in Management
Discussion and Analysis report, which forms part of this Report.

Compliance with provisions of Sexual Harassment
of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013

The Company is committed to uphold and maintain the dignity
of women employees and it has in place a policy which provides
for protection against sexual harassment of women at work
place and for prevention and redressal of such complaints.
The Company has also constituted an Internal Compliance
Committee in accordance with the provisions of this Act. During
the financial year under review, no complaints pertaining to
sexual harassment were received.

Corporate Social Responsibility

The Company has constituted Corporate Social Responsibility
(CSR) and Sustainability Committee in compliance with the
Section 135 of the Act read with the Companies (Corporate Social
Responsibility Policy) Rules, 2014. The CSR and Sustainability
Committee has formulated a Corporate Social Responsibility
Policy (CSR policy) indicating the activities to be undertaken by
the Company. At present, the CSR and Sustainability Committee
of the Board consist of Independent Directors namely Shri Ashok
Ramaswamy as Chairman and Dr. Thomas Mathew, Shri Vijay
Kumar Sharma and Dr. Vijayalakshmy Gupta as Members. The
disclosure with respect to CSR activities is given as Annexure C.

The CSR policy formulated by the Committee may be accessed
on the Company’s website at the link https://www.reliancepower.
co.in/documents/2181716/2364859/CSR Policy.pdf

Significant and Material Orders, if any, passed by
Regulators or Courts or Tribunals

No orders have been passed by the Regulators or Courts or
Tribunals which impact the going concern status of the Company
and its operations.

Internal Financial Controls and their adequacy

The Company has in place adequate internal financial controls
with reference to financial statement across the organization.
The same is subject to review periodically by the internal auditors
for its effectiveness. During the financial year under review, such
controls were tested and no reportable material weaknesses in
the design or operations were observed.

Business Responsibility & Sustainability Report

Business Responsibility & Sustainability Report for the
financial year under review as stipulated under the Listing
Regulations is presented under separate section forming part of
this Annual Report.

Proceeding under the Insolvency and Bankruptcy
Code 2016

During the financial year under review, one application was
filed against the Company under Insolvency and Bankruptcy
Code, 2016 and the same has also been withdrawn. Further, no
proceedings are pending under the Insolvency and Bankruptcy
Code, 2016, as at the end of the financial year.

General

During the financial year under review, the Company has not
transferred any amounts to reserves; not issued any equity
shares with differential rights as to dividend, voting or otherwise
nor issued any sweat equity shares to its Directors or Employees.
Additionally, the Company did not enter into any agreement for
one-time settlement with any Bank or Financial Institution

Acknowledgements

Your Directors would like to express their sincere appreciation
for the cooperation and assistance received from members,
debenture holders, debenture trustee, bankers, financial
institutions, government authorities, regulatory bodies and other
business constituents during the financial year under review.
Your Directors also wish to place on record their deep sense
of appreciation for the commitment displayed by all executives,
officers and staff.

For and on behalf of the Board of Directors

Ashok Ramaswamy Neeraj Parakh

Place: Mumbai Director Executive Director and Chief Executive Officer

Date: May 09, 2025 DIN: 00233663 DIN: 07002249