Your directors have pleasure in presenting this 16th Annual Report on the affairs of the Company,together with the audited statements of Accounts for the financial year ended March 31, 2025.
The financial performance of the Company for the financial year ended March 31, 2025 is summarized below:
(Amount in lakhs)
PARTICULARS
Year Ended31-03-2025
Year Ended31-03-2024
Consolidated
Standalone
Revenue from operations
32,774.44
13,197.52
10,350.76
Other income
7.19
157.28
Total Revenue
32,781.63
13,204.71
10,508.04
Less: Expenses other than Finance cost andDepreciation
28,026.88
11,460.58
8,800.32
Profit before finance cost, depreciation &amortization, and tax
4,754.75
1,744.13
1,707.73
Less: Finance Costs
36.77
33.90
Less: Depreciation and amortizationexpenses
499.77
43.55
Profit before Tax
4,218.21
1,207.60
1,630.26
Less: Tax Expenses
Current T ax
1,053.35
295.58
457.18
Deferred Tax (Assets)/Liabilities
(50.35)
13.88
Excess/(Shortfall) Prov. For Tax in P.Y.
-
9.91
Profit for the year
3,215.20
962.36
1149.29
Earning per equity share
Basic
26.37
8.00
34.51
Diluted
34.50
During the Financial Year 2024-2025, the Total Revenue (Standalone) of your Company has increasedfrom Rs. 10,508.04 (in lakhs) to Rs. 13,204.71 (in lakhs). The increase in total revenue is 25.66% overthe previous year.
The Profit before tax (Standalone) for the Financial Year 2024-2025 of your Company has decreasedfrom Rs. 1,630.26 (in lakhs) to Rs. 1,207.60 (in lakhs).
The Profit after tax stood at Rs. 962.36 (in lakhs) for Financial Year 2024-2025 as compared to Rs.1,149.29 (in lakhs) for the Previous Year.
The Board of Directors have not recommended any dividend on the equity shares of the Company. Theprofits for the year have been retained to strengthen the financial position of the Company and toreinvest to meet future business requirements and support the expansion and diversification plans.
The Company has not transferred any amount to general reserves.
There were no amounts, required to be transferred to the Investor Education and protection fund by theCompany during this year.
During the year under review, there were no changes in the nature of business of the company.CAPITAL STRUCTURE:
During the year under review, the Company has increased its Authorised Share Capital from Rs.4,50,00,000 (Rupees Four Crore and Fifty Lakh Only) to Rs. 12,50,00,000/- (Rupees Twelve Crore FiftyLakhs Only) through resolution passed by shareholder dated 07th January, 2025.
The Authorized Share Capital of the Company as on 31st March, 2025 is 12,50,00,000 /- (Rupees TwelveCrore Fifty Lakhs Only) divided into 1,25,00,000 (One Crore Twenty-Five Lakhs) Equity Shares of Rs.10/- each.
During the year under review, the members of the Company in the general meeting held on 7th January,2025, approved the issue of bonus shares in the ratio of 2:1 (i.e. two bonus equity shares of Rs. 10 eachfor every one fully paid equity share of Rs. 10 each) by capitalizing a sum of Rs. 12,02,40,000/- (RupeesTwelve Crore Two Lakhs Forty Thousand) from the reserves and surplus of the Company.
Subsequently, after the receipt of in principle approval from the Stock exchange for the said bonusissue, the Board of Directors at its meeting held on 20th January, 2025 allotted 80,16,000 equity sharesas Bonus Shares having face value of Rs. 10/- each to the existing shareholders of the Company.
Consequent to the above allotment, the issued, Subscribed & Paid-Up Capital of the Company as on31stMarch, 2025 is Rs. 12,02,40,000/- (Rupees Twelve Crore Two Lakhs Forty Thousand) divided into1,20,24,000 (One Crore Twenty Lakh Twenty-Four Thousand) Equity Shares of Rs. 10/- each.
Conversion Of Warrants into Equity Shares
The Company had issued and allotted 62900 Convertible Warrants, on preferential basis, at an issueprice of Rs. 795/- per warrant, on 27th March, 2024, pursuant to the shareholders' approval obtainedin the extra ordinary general meeting held on 22nd February, 2024. Additionally, the Company receivedRs. 1,25,01,375/-, representing 25% of the amount payable upfront along with the application moneyand the balance 75% shall be payable by the Proposed Allottees on the exercise of option of conversionof the warrant(s).
It is hereby reported that the warrants allotted by the Company have not been converted into equityshares as on date of this report.
The Company's equity shares and Share warrants are in demat through National Securities DepositoryLimited and Central Depository Services India Limited.
The Equity ISIN No. allotted is: INE0O4R01018
The Share warrant ISIN No. allotted is: INE0O4R13013
The Company has made investments in companies during the year under review, which have becomeits subsidiaries. The Company has not provided any loans or advances in the nature of loans, or givenany guarantee or provided any security, secured or unsecured, to companies, firms, Limited LiabilityPartnerships or other parties covered in register maintained under section 189 of the Act. The details ofthe aforesaid investments are as follows:
Sr. No.
Name of the Company
Amount Invested(Rs. in lakhs)
Percentage ofHolding
1.
Franken Telecom Private Limited
0.49
98%
2.
KDL Realinfra Private Limited
0.98
3.
Wolter Infratech Private Limited
Total amount invested during the year
1.96
There have been no material changes and commitments affecting the financial position of the Companythat have occurred between the end of the financial year to which the financial statement relates and thedate of this report.
As per the requirements of the SEBI and NSE Ltd., an audit by a qualified Practicing Company Secretarycarried out on quarterly basis, to reconcile the total admitted capital with NSDL and CDSL and the totalissued and listed capital. The said audit confirms that the total issued / paid up capital tallies with thetotal number of dematerialized shares held with NSDL and CDSL.
All contracts / arrangements / transactions entered by the Company during the financial year withrelated parties were in the ordinary course of business and on an arm's length basis. During the year, theCompany had not entered any contract / arrangement / transaction with related parties which could beconsidered material in accordance with the policy of the Company on materiality of related partytransactions.
The transactions entered into by the Company during the financial year 2024-25 do not fall within thepurview of Section 188 of the Companies Act, 2013. Hence, the disclosure required under Section 134(3)of the Companies Act, 2013 in Form AOC-2 is not applicable.
The details of related party transactions for the Financial Year 2024-25 are disclosed in the notes to thestandalone and consolidated financial statements, which form an integral part of this Annual Report.
The Board of Directors of the Company has, on the recommendation of the Audit Committee, adopted apolicy to regulate transactions between the Company and its Related Parties, in compliance with theapplicable provisions of the Companies Act 2013, the Rules there under and the Listing Regulations. ThisPolicy was considered and approved by the Board has been uploaded on the website of the Company atwww.koredigital.com under investors info.
During the year under review, the Company has neither invited nor accepted any Public Deposits withinthe meaning of Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposit)Rules, 2014.
As on March 31, 2025, the Company has made investments in companies during the year, which havebecome its subsidiaries whose details are as follows:
The Board of Directors reviewed the affairs of the subsidiaries. In accordance with Section 129(3) of theAct, the Consolidated financial statements of the Company have been prepared, which form part of thisAnnual Report.
The statement (AOC-1) pursuant to first proviso to Section 129(3) of the Companies Act, 2013 read withRule 5 of Companies (Accounts) Rules, 2014, containing the salient features of financial statements ofour subsidiaries is enclosed as Annexure A being part of the Annual Report.
There is no inter se relationship between Directors of the Company except the following Directors:
Name of Director
Designation
Relationship with Directors
Ravindra Doshi
Managing
Husband of Ms. Kashmira Doshi (Director) and
Director
Father of Mr. Chaitanya Doshi (Director)
Kashmira Doshi
Wife of Mr. Ravindra Doshi (Managing Director)and mother of Mr. Chaitanya Doshi (Director)
Chaitanya Doshi
Son of Mr. Ravindra Doshi (Managing Director)and Ms. Kashmira Doshi (Director)
During the period under review, the Board of Directors of the Company was duly constituted as perprovisions of Companies Act, 2013.
i) COMPOSITION OF BOARD OF DIRECTORS:
The Board of Directors of Kore Digital Limited is an optimum combination of Executive and Non-ExecutiveDirectors, as on 31st March, 2025, The Board of Company consists of Six (6) Directors; 1 Executive Director,1 Managing Director, 1 Women Executive Director, 3 Non- Executive Independent Directors. The Board atpresent comprises of:
SN.
NAME OF DIRECTOR
DESIGNATION
DIN No/ PAN
1
Managing Director
02494055
2
Kashmira Ravindra Doshi
Director and Chief Financial Officer
02494279
3
Chaitanya Ravindra Doshi
Director and Chief Executive Officer
09253107
4
Hiral Shah
Non-Executive Independent Director
09810987
(resigned w.e.f. 14/12/2024)
5
Ruchi Gupta
09813986
6
Ajeet Krishna Kadam
10028213
7
Nishtha HarivanshiPamnani
Additional Director(Non-Executive Independent Director)
10881910
(appointed w.e.f. 20/01/2025)
8
Purnima Maheshwari
Company Secretary
BRCPM0877R
ii) DETAILS OF DIRECTORS APPOINTED AND RESIGNED DURING THE YEAR:
The following Directors has been appointed and resigned during the year:
Sr.
No.
APPOINTMENT/
RESIGNATION
DATE OF APPOINTMENT/RESIGNATION
Non-ExecutiveIndependent Director
Resignation
14/12/2024
Additional Director(Non-ExecutiveIndependent Director)
Appointment
20/01/2025
iii) RETIRE BYROTATION:
Pursuant to the provisions of Section 152 of the Companies Act, 2013, the office of Mr. Ravindra Doshi,Director of the Company is liable to retire by rotation at the Annual General Meeting and being eligibleoffered himself for re-appointment. Accordingly, the proposal of his re-appointment has been includedin the Notice conveying the Annual General Meeting of the company.
A brief resume of directors seeking re-appointment consisting nature of expertise in specific functionalareas and name of companies in which they hold directorship, membership, chairmanship ofcommittees of the respective Boards, shareholding and relationship between directors as stipulatedunder Reg. 36(3) of the SEBI (LODR) Regulations, 2015, are given in the section of notice of AGM formingpart of the Annual Report.
iv) REGULARIZA TION OF DIRECTOR AS INDEPENDENT DIRECTOR:
Ms. Nishtha Harivanshi Pamnani who was appointed as an Additional Director (Non-ExecutiveIndependent Director) in the board meeting held on 20th January, 2025, is to be regularized in the 16thAnnual General Meeting of the Company.
As per Section 173 of the Companies Act 2013, read with the rules made thereunder, the dates for BoardMeetings are well decided in advance and communicated to the Board and the intervening gap betweenthe meetings was within the period prescribed under the Companies Act, 2013 and SEBI (LODR)Regulations 2015 (as amended). The agenda and explanatory notes are sent to the Board in advance. TheBoard periodically reviews compliance reports of all laws applicable to the Company.
The Board met 7 times during the financial year 2024-2025 on 07th May, 2024, 14th August, 2024, 13thNovember, 2024, 03rd December, 2024, 31st December, 2024, 20th January, 2025, 01st February, 2025
Name ofthe
Category/Status ofDirectorship
Attendance ofBoard Meeting
No. of
Directorshipin otherPublicLimitedCompanies
No. of Committeepositions held inother public limited
No. ofEquityShares heldin the
Company ason March31, 2025
No ofMeetingswhichdirectorswas
entitled
No ofMeetingsattended
Chairman
Member
Ravindra
Doshi
Nil
38,38,500
Kashmira
14,89,320
Chaitanya
11,34,000
4.
Hiral
Shah
Non-Executive
Independent
10
5.
6.
Ajeet
Krishna
Kadam
Nishtha
Pamnani
8.
Purnima
Maheshwari
Company
Secretary
During the financial year 2024-25, Company has conducted following general meeting:
SR. No.
Particulars
Date of Meetings
Annual General Meeting
24-09-2024
Extra Ordinary General Meeting
07-01-2025
1. Audit Committee
2. Stakeholder Relationship Committee
3. Nomination and Remuneration Committee
AUDIT COMMITTEE: The Audit Committee of the Board met Four (04) times during the financial year.The maximum time gap between two consecutive meetings was not more than 120 days. All membersof the Audit Committee possess strong knowledge of accounting and financial management.
Composition of Audit Committee are mentioned below:
no
Name of the Director
Position inCommittee
entitledto attend
No. ofmeetingattendedduring theyear
NEID
Nishtha Pamnani(appointed w.e.f. 20/01/2025)
The terms of reference of the Audit Committee are in line with the provisions of Section 177 of theCompanies Act, 2013. The role of the Audit Committee is to provide oversight over the accountingsystems, financial reporting, and internal controls of the Company. The powers and role of the AuditCommittee are as set out in the SEBI (LODR) and Section 177 of the Companies Act, 2013.
The primary objective of the Audit Committee is to monitor and provide an effective supervision of theManagement's financial reporting process.
Further, the Audit Committee is also functional as per the provision of Section 177 of Companies Act, 2013and Rules made thereunder and as per Regulation 18 of Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations, 2015.
NOMINATION AND REMUNERATION COMMITTEE: The Nomination and Remuneration Committee ofthe Company met Two (02) times during the F.Y. 2024-2025. The Composition of Committee inCommittee meeting are mentioned below:
Sr. No
No ofMeetingswhichdirectorswas entitledto attend
No. ofmeetingattended
duringthe year
Hiral Jainesh Shah(resigned w.e.f. 14/12/2024)
The Nomination & Remuneration committee has been assigned to approve and settle the remunerationpackage with optimum blending of monetary and non- monetary outlay.
STAKEHOLDERS RELATIONSHIP COMMITTEE: The Committee met Four (04) times the F.Y. 2024¬2025 and the Composition of Committee in Committee meeting are mentioned below:
No. ofmeetingattendedduringthe year
Investor's grievance status report as appearing on SCORES and as reported by the RTA during the yearunder review is as follows:
Category ofComplaints
No. of Complaint (S)Received
No. of Complaint (S) Resolved
No. of Complaintspending
Pursuant to the provisions of the Companies Act, 2013 and Rules made thereunder read with the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried the evaluationof its own performance, individual Directors, its committees, including the Chairman of the Board on thebasis of attendance, contribution and various criteria as recommended by the Nomination andRemuneration Committee of the Company.
The evaluation of the working of the Board, its committees, experience and expertise, performance ofspecific duties and obligations etc. were carried out. The Directors expressed their satisfaction with theevaluation process and outcome.
The performance of each of the non-independent directors (including the Chairman) was also evaluatedby the Independent Directors at the separate meeting held of Independent Directors of the Company.
The Members of the Company, at the 14th Annual General Meeting, had appointed M/s. J N Gupta & Co.,Chartered Accountants (FRN: 006569C), as the Statutory Auditors of the Company to hold office fromthe conclusion of the 14th Annual General Meeting until the conclusion of the 19th Annual GeneralMeeting to be held in the year 2028.
The Statutory Auditors have issued their Report on the Financial Statements of the Company for thefinancial year ended March 31, 2025. The Report contains an unmodified opinion and does not includeany qualification, reservation, adverse remark, or disclaimer requiring explanation from the Board ofDirectors. Further, the Auditors have not reported any matter under Section 143(12) of the CompaniesAct, 2013, and accordingly, no disclosure is required under Section 134(3)(ca) of the Companies Act,2013.
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with rule 9 of the Companies(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors hadappointed M/s. Govind Jaiswal & Company, Practicing Company Secretaries (CP No. 19954) as theSecretarial Auditor of the Company, for conducting the Secretarial Audit for financial year ended March31, 2025.
Accordingly, the Secretarial Audit Report given by M/s. Govind Jaiswal & Company, Jaipur for the F.Y.2024-25 is annexed herewith. The Board has duly reviewed the Secretarial Auditor's Report and theobservations and comments, appearing in the report are self- explanatory and do not call for any furtherexplanation/clarification by the Board of Directors as provided under Section 134 of the Companies Act,2013.
Pursuant to the provisions of Section 138 of the Companies Act, 2013 read with Rule 13 of the Companies
(Accounts) Rules, 2014, M/s. N B T and Co., Chartered Accountants (FRN: 140489W), Mumbai, wereappointed as the Internal Auditors of the Company. The Internal Auditors carry out audit assignmentscovering areas as approved by the Board of Directors and the Audit Committee. The Audit Committee ofthe Board of Directors reviews the findings of the Internal Auditors on a regular basis.
The provisions of 148 of the Companies Act, 2013 with respect to appointment of Cost auditor are notapplicable to the Company.
The Company has a familiarization program for Independent Directors withthe objective of making theIndependent Directors of the Company accustomed to the business and operations of the Company. Theprogram also intends to update the Directors on a regular basis on any significant changes therein to bein a position to make well-informed and timely decisions. The policy on familiarization program forIndependent Directors are placed on www.koredigital.com
The Company has received declarations from each Independent Director of the Company under Section149(7) of the Act and Regulation 25(8) of the SEBI (LODR) confirming compliance with the criteria ofindependence as stipulated under Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI (LODR)Regulations, 2015 (as amended) and there has been no change in the circumstances which may affecttheir status as Independent Directors during the Financial Year 2024-25.
All Independent Directors of the Company have affirmed compliance with Schedule IV of the CompaniesAct, 2013 and the Company's Code of Conduct for Directors and Employees for the Financial Year 2024¬25.
The Board of Directors, on the recommendation of the Nomination & Remuneration Committee, hasframed a Policy for Directors, Key Managerial Personnel and other Senior Managerial Personnel of theCompany in accordance with the requirements of the provisions of Section 178 of the Companies Act,2013 and SEBI (LODR) Regulations, 2015.
The Company has put in place an adequate system of internal financial controls with respect to theFinancial Statement and commensurate with its size and nature of business, which helps in ensuring,the orderly and efficient conduct of business. No reportable material weakness in the operation wasobserved.
During the year under review, there has been no such significant and material orders passed by the
regulators or courts or tribunals impacting the going concern status and company's operations in future.VIGIL MECHANISM/WHISTLE BLOWER POLICY:
The Board of Directors has formulated a Vigil Mechanism/Whistle Blower Policy, which provides a robusta framework for dealing with genuine concerns and grievances, and the policy is uploaded on thecompany website i.e. www.koredigital.com
Pursuant to Section 92(3) read with the Companies (Management and Administration) Rules, 2014 ofthe Act, the Annual Return of the Company for the financial year March 31, 2025 in Form MGT-7 isavailable on the website of the Company i.e. www.koredigital.com
Managing Director and Chief Financial Officer of the Company give annual certification on financialreporting and internal controls to the Board in terms of Regulation 17 of SEBI (LODR) Regulations, 2015.
The Managing Director and the Chief Financial Officer also give yearly certification on financial resultswhile placing the financial results before the Board in terms of Regulation 33(2) of the SEBI (LODR). TheAnnual Certificate given by Managing Director and the Chief Financial Officer is attached.
Information on conservation of energy, technology absorption, foreign exchange earnings and outgo, asrequired to be given pursuant to the provisions of Section 134 of the Companies Act, 2013 read withCompanies (Accounts) Rules, 2014, for the year under review is annexed to this report as Annexure - B.
STATEMENT PURSUANT TO SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL)RULES, 2014:
Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Actread with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,2014 is provided in this Report.
In accordance with Schedule B of the SEBI (Prohibition of Insider Trading) Regulations, 2015, asamended from time to time, ('Insider Trading Regulations'), the Company has put in place a Code, whichprovides for procedure to be followed by Designated Persons for trading in securities of the Companyincluding pre- approval, reporting and restrictions on contra trading. The Code also contains processesto ensure safeguards against leakage of Unpublished Price Sensitive Information ('UPSI') of theCompany.
The updated Code of Practices and Procedures for Fair Disclosures of Unpublished Price SensitiveInformation is disclosed on its website of the Company i.e. www.koredigital.com
Pursuant to the requirements under Section 134(3)(c) of the Companies Act, 2013 with respect to theDirectors' Responsibility Statement, based on the knowledge and belief and the information andexplanations obtained, directors confirm that:
a) In the preparation of the annual accounts for the year ended 31st March, 2025, the applicableaccounting standards have been followed along with proper explanation relating to materialdepartures;
b) Such accounting policies selected and applied consistently and made judgments and estimatesthat are reasonable and prudent so as to give a true and fair view of the state of affairs of thecompany for the financial year ended 31st March, 2025 and of the profit and loss of the companyfor that period;
c) Proper and sufficient care has been taken for the maintenance of adequate accounting recordsin accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of thecompany and for preventing and detecting fraud and other irregularities;
d) Annual accounts for the financial year ended 31st March, 2025 have been prepared on a goingconcern basis;
e) Internal financial controls have been laid down and followed by the company and that such internalfinancial controls are adequate and operating effectively; and
f) Proper systems have been devised to ensure compliance with the provisions of all applicable lawsand that such systems were adequate and operating effectively.
Your Company has been complying with the principles of Good Corporate Governance over the yearsand is committed to the highest standards of Compliance.
Pursuant to regulation 15(2) of the SEBI (LODR) Regulations, 2015, the Compliances with CorporateGovernance provisions as specified in Regulation 17 to 27 and Clause (b) to (i) of regulations and ParaC, D and E of Schedule V shall not apply to the listed entity which has specified securities on the SMEExchange. Therefore, the Corporate Governance Report is not applicable on the Company. Hence, theCorporate Governance Report does not form part of this Board Report.
The Company's CSR Policy and the initiatives undertaken during the year under review are summarizedin the Annexure - C attached to this Report, formatted as per the prescribed guidelines in the Companies(Corporate Social Responsibility Policy) Rules, 2014, as amended.
The CSR Policy is also accessible on the Company's website at www.koredigital.com. In compliance withSection 135 of the Companies Act, 2013, read with the Companies (Corporate Social Responsibility)Rules, 2014, as amended by the CSR Amendment Rules, 2021, the Company is exempt from constitutinga separate CSR Committee, as the CSR expenditure obligation for the relevant year does not exceed Rs.50 lakhs. Consequently, the Board has performed the functions typically undertaken by the CSRCommittee, and as of the date of this report, the Company.
Your Directors confirms that pursuant to Section 118(10) of the Companies Act, 2013, applicableSecretarial Standards, i. e. SS-1 and SS- 2, pertaining to Meeting of Board of Directors and GeneralMeetings, respectively specified by the Institute of Company Secretaries of India (ICSI) have been dulycomplied by the Company.
The Directors have devised proper systems to ensure compliance with the provisions of all applicableSecretarial Standards and that such systems are adequate and operating effectively.
Management Discussion and Analysis Report for the year under review, as stipulated under theSecurities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015 (“Listing Regulations”) is presented in a separate section, forming part of the Annual Report.
The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy onPrevention, Prohibition and Redressal of sexual harassment at workplace in line with the provisions ofthe Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 andthe Rules thereunder. Further details are as follows:
Status
No. of Complaints of Sexual Harassment received in the year
No. of Complaints disposed of during the year
No. of cases pending for more than Ninety days
During the year under review, the Company did not receive any complaint regarding sexual harassment.MATERNITY BENEFIT:
The Company does not much of women workforce. During the year under review, the requirement toextend Maternity Benefits to any woman employee, did not arise. However, the Company affirms andensures that it will extend all statutory benefits to eligible women employees whenever the requirementarises in the years to come.
A key factor in determining a Company's capacity to create sustainable value is the risks that theCompany is willing to take strategic and operational levels and its ability to manage them effectively.
Many risks exist in a company's operating environment and they emerge on a regular basis. TheCompany's Risk Management processes focus on ensuring that these risks are identified on a timelybasis and addressed. In our company, audit committee has an additional oversight in the area of financialrisks and its controls. The management of the Company from time to time is identifying other major
operational risks.
However, constitution of Risk Management Committee is not applicable as it is applicable to top 500listed companies only.
DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER AN INSOLVENCY ANDBANKRUPTCY CODE 2016:
During the year under review, there were no applications made or proceedings pending in the name ofthe Company under the Insolvency and Bankruptcy Code 2016.
DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT ANDVALUATION 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 andFinancial Institutions.
ACKNOWLEDGEMENTS:
The Board of Directors wish to place on record its deep sense of appreciation for the committed servicesby all the employees of the Company. The Board of Directors would also like to express their sincereappreciation for the assistance and co- operation received from the financial institutions, banks,government and regulatory authorities, stock exchanges, customers, vendors, members, debentureholders and debenture trustee during the year under review.
Finally, yet importantly, your directors wish to place on record their warm appreciation toyou for your continuous support and encouragement.
For and on behalf of Board of DirectorsKore Digital Limited
Sd/- Sd/-
Ravindra Doshi Kashmira Doshi
Managing Director Director
DIN:02494055 DIN:02494279
Date: 14/08/2025Place: Mumbai
Registered office:
B 1107-1108, Shelton Sapphire, Sector 15,
CBD Belapur, Navi Mumbai - 400614