| 72 Annual Report | 2025-2026 CORPORATE GOVERNANCE The Company being a debt listed entity and has filed a Draft Red Herring Prospectus dated May 15, 2026, and falling within the purview of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) complies with the corporate governance requirements, to the extent applicable. The Company strives to adopt and adhere to the highest standards of Corporate Governance principles and best practices. With this objective the Company has put in place various policies, systems and processes to achieve transparency, high levels of business ethics and compliance with applicable laws. The Board and other Committees of the Board ensures the high standards of transparency and accountability in all its activities. The best management practices and a high level of integrity in decision making are followed to ensure long term creation of value for all the stakeholders. The Corporate Governance Report forms part of the Director’s Report and is annexed as Annexure I. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS The details of the meetings of the Board of Directors held during the financial year ended March 31, 2026 are provided in the Corporate Governance Report. AUDITORS (i) Statutory Auditors – Pursuant to the RBI Guidelines Ref. No. RBI/2021-22/25 (DoS.CO.ARG/ SEC.01/08.91.001/2021-22) dated April 27, 2021, regarding the appointment of Statutory Auditors, and based on the recommendation of the Audit Committee, the Board of Directors of the Company, at its meeting held on May 24, 2024, approved the appointment of M/s. B S R & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022), as the Statutory Auditors of the Company for a continuous period of three (3) years, i.e., for FY 2024-25, FY 2025-26, and FY 2026-27. They shall hold office till the conclusion of the Annual General Meeting to be held for FY 2026-27. Their appointment was approved by the shareholders at the Annual General Meeting of the Company held on August 06, 2024. M/s. B S R & Co. LLP have confirmed their eligibility to be appointed as Statutory Auditors under Section 141 of the Companies Act, 2013, and have also confirmed compliance with the RBI Guidelines. (ii) Secretarial Auditors – M/s. MR & Associates, Company Secretaries (Peer Review Certificate No: 5598/2024) has been appointed as a Secretarial Auditors of the Company for the Financial Year 2025-26. The Secretarial Audit Report for the FY 2025-2026 is annexed as Annexure II to the Director’s Report which forms part of this report. (iii) Cost Auditors – The Company is not required to maintain cost records as specified by the Central Government under Section 148(1) of the Companies Act, 2013 and accordingly the provisions relating to maintenance of cost records and conduct of cost audit are not applicable to the Company during the financial year under review. There are no qualifications, reservation or adverse remark made by the Statutory Auditors or the Secretarial Auditors in their reports. DETAILS OF FRAUDS REPORTED BY THE AUDITORS During the financial year under review, the Auditors of the Company have not reported any fraud as required under Section 143(12) of the Companies Act, 2013. COMPLIANCE WITH SECRETARIAL STANDARDS The Company has in place proper systems to ensure compliance with the provisions of the applicable secretarial standards issued by The Institute of Company Secretaries of India as per Section 118(10) of the Companies Act, 2013 and such systems are adequate and operating effectively. CORPORATE INSOLVENCY RESOLUTION PROCESS INITIATED UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (IBC) No application was made or any proceeding initiated or pending against the Company under the Insolvency and Bankruptcy Code, 2016 during the financial year under review. The details of the difference between the valuation amount at the time of one-time settlement and the valuation done Director’s Report
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