Terms/rights attached to equity shares

The Company has only one class of shares referred to as equity shares having a face value of T 1 per share. Each holder of equity shares is entitled to one vote per share.

The Company declares and pays dividends in Indian Rupees. Payment of dividend is also made in foreign currency to shareholders outside India. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

Proposed dividend for FY 2025-26 is ? 23.00 per equity share of face value of ? 1 each amounting to ? 2,206.15 crores

(Previous year - T 20.55 per equity share of face value of T 1 each), subject to approval at the ensuing Annual General Meeting of the Company and hence is not recognised as a liability. If approved, the total dividend (interim and final dividend) for the financial year 2025-26 will be ? 27.50 (Rupees Twenty Seven and Fifty paise) per equity share of the face

value of T 1 each (T 24.80 per equity share of the face value of T 1 each was paid as total dividend for the previous year).

As per the Companies Act 2013, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in the event of liquidation of the Company. However no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

Description of nature and purpose of each reserve :

Capital Reserve -

a. Capital reserve of T 5000/- credited on merger of ' Pentasia Chemicals Ltd ' with the Company, pursuant to scheme of Rehabiiitation-cum-Merger sanctioned by Board of Industrial and Financial Reconstruction in the financial year 1995-96.

b. Capital Reserve of ? 44.38 crores credited on merger of Asian Paints (International) Limited, Mauritius, wholly owned

subsidiary of the Company, with the Company as per the order passed by the National Company Law Tribunal.

c. Capital reserve of T 34.29 crores debited on account of merger of Sleek International Private Limited and Maxbhumi Developer Limited, wholly owned subsidiaries of the Company, with the Company as per the order passed by the National

Company Law Tribunal.

Capital Redemption Reserve - This reserve was created for redemption of preference shares in the financial year 1989-90. The preference shares were redeemed in the financial year 1990-91.

General Reserve - General reserve is created from time to time by way of transfer of profits from retained earnings for appropriation purposes. General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income.

Retained earnings - This represents surplus of profit and loss account.

Remeasurement of defined benefit plans - This represents the cumulative gains and losses arising on the remeasurement of defined benefit plans in accordance with Ind AS 19 that have been recognised in other comprehensive income.

Share based payment reserve - This represents the fair value of the stock options granted by the Company under the 2021 Plan accumulated over the vesting period. The reserve will be utilized on exercise of the options.

Treasury shares - This represents cost incurred by the Company to purchase its own equity shares from secondary market through the Company's ESOP trust for issui ng the shares to the eligible employees on exercise of stock options granted under

the 2021 Plan.

Trust Reserve - This represents net income of the ESOP trust.

Debt instruments through OCI - This represents the cumulative gains and losses arising on the revaluation of debt instruments measured at FVTOCI that have been recognised in other comprehensive income, net of amounts reclassified to profit or loss when such assets are disposed off and impairment losses on such instruments.

Equity instruments through OCI - This represents the cumulative gains and losses arising on the revaluation of equity instruments measured at FVTOCI, under an irrevocable option, net of amounts reclassified to retained earnings when such assets are disposed off.

Cash Flow Hedge Reserve - This represents cumulative effective portion of cashflow hedges wherever the Company applies cash flow hedge accounting. The amount recognised in the other comprehensive income is net of amounts reclassified to profit or loss to the extent of ineffective portion and when the hedged transaction affects the profit and loss.

(ii) Financial Instrument measured at Amortised Cost

The carrying amount of financial assets and financial liabilities measured at amortised cost in the Financial Statements are a reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.

(iii) Level 2 - Fair value hierarchy - The financial instruments are fair valued using various market observable inputs. Inputs used to measure fair value of bonds and debentures include estimated cash flows, movement in yield. Inputs used to measure fair value of derivatives include credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective currencies, currency basis spreads between the respective currencies, interest rate curves and forward rate curves of the underlying commodity etc.

(iv) There were no transfers between Level 1 and Level 2 in the current year and previous year.

Note 29(C) : Financial Risk Management - Objectives and Policies

The Company's financial assets comprise mainly of investments, cash and cash equivalents, other balances with banks, trade receivables and other receivables and financial liabilities comprise mainly of borrowings, trade payables and other payables.

The Company is exposed to Market risk, Credit risk and Liquidity risk. The Board of Directors ('Board') oversee the management

of these financial risks through its Risk Management Committee. The Risk Management Policy of the Company formulated by the Risk Management Committee and approved by the Board, states the Company's approach to address uncertainties in its endeavour to achieve its stated and implicit objectives. It prescribes the roles and responsibilities of the Company's

management, the structure for managing risks and the framework for risk management. The framework seeks to identify, assess and mitigate financial risks in order to minimize potential adverse effects on the Company's financial performance. The Board has taken all necessary actions to mitigate the risks identified basis the information and situation present.

The following disclosures summarize the Company's exposure to financial risks and information regarding use of derivatives

employed to manage exposures to such risks. Quantitative sensitivity analysis have been provided to reflect the impact of reasonably possible changes in market rates on the financial results, cash flows and financial position of the Company.

1) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risks: interest rate risk, currency risk and other price risk. Financial

instruments affected by market risk include borrowings, investments, trade payables, trade receivables and derivative financial instruments.

a) Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk because funds are borrowed at both fixed and floating interest rates. Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rate.

The Company has taken Cross Currency Interest Rate Swap in order to hedge floating interest rate risk exposure related to its JPY denominated external commercial borrowing. The interest rate changes in line with change in compounded TONA rates. The Company economically hedges the risk of volatility in floating interest rate on JPY External Commercial Borrowings with an Cross Currency Interest Rate Swap (Interest Rate Swap) with matched terms and matched JPY notional. The Company has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the Cross Currency I nterest Rate Swap is identical to the hedged risk component. To test the hedge effectiveness, the Company uses dollar offset method, where the change in the value of the swap and the JPY cashflow is calculated by giving a shock to the spot rate as on the valuation date. The Company has also considered the effect of changes, if any, in both counterparty credit risk and own credit risk while assessing hedge effectiveness and measuring hedge ineffectiveness. There is no impact on effectiveness of its hedges.

b) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes in

foreign exchange rates. The Company has a foreign exchange risk management policy which is approved by the Board to hedge cash flows up to a specific tenure using forward exchange contracts and options in order to hedge exchange rate risk. As per the policy, the Company enters into forward exchange contracts for crystalised foreign exchange and firm commitment exposure falling due in next 90 days and into a call spread option to hedge foreign exchange risk exposure related to JPY denominated external commercial borrowing. The Company does not enter into any derivative instruments for trading or speculative purposes.

There is an economic relationship between the hedged item and the hedging instrument as the terms of the Call

Spread Option match the terms external commercial borrowing (i.e., notional amount, maturity and payment dates). The Company has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the Call Spread Option is identical to the hedged risk component. To test the hedge effectiveness, the Company uses dollar offset method and compares the changes in the fair value of the hedging instrument against the changes in fair value of the hedged item attributable to the hedged risk. The Company has also considered the effect of changes, if any, in both counterparty credit risk and own credit risk while assessing hedge effectiveness and measuring hedge ineffectiveness. There is no impact on effectiveness of its hedges.

Additionally, the Cross Currency Interest Rate Swap entered into by the Company hedge its exposure to foreign currency risk as well, thereby eliminating risk of variability in cash flows arising from movements in foreign exchange rates.

The Company is mainly exposed to changes in USD and EUR. The below table demonstrates the sensitivity to a 5% increase or decrease in the USD and EUR as against INR, with all other variables held constant. The sensitivity analysis is prepared on the net unhedged exposure of the Company as at the reporting date. 5% represents management's assessment of reasonably possible change in foreign exchange rate.

c) Other Price Risk

i) Equity / Investment Risk

Equity / Investment risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded price. Equity / Investment risk arises from financial assets such as investments in equity instruments and bonds. The Company is exposed to Equity risk arising mainly from investments in equity instruments recognised at FVTOCI. As at 31^st March 2026, the carrying value of such equity instruments recognised at FVTOCI amounts to ?115.38 crores (Previous year - ? 867.39 crores). The details of such investments in equity instruments are given in Note 5(I)(A)(b).

The Company is also exposed to Investment risk arising from investments in bonds and debentures recognised at

FVTOCI. As at 31^st March 2026, the carrying value of such instruments recognised at FVTOCI amounts to ? 2.00 crores (Previous year - ? 216.41 crores). These being debt instruments, the exposure to risk of changes in market rates is minimal. The details of such investments in bonds and debentures are given in Note 5(I)(C) & 5(II)(A).

The Company is mainly exposed to change in market rates of its investments in equity investments recognised

at FVTOCI. A sensitivity analysis demonstrating the impact of change in market prices of these instruments from the prices existing as at the reporting date is given below :

If the equity prices had been higher/lower by 10% from the market prices existing as at 31^st March 2026, Other Comprehensive Income for the year ended 31^st March 2026 would increase by ? 9.89 crores (Previous year -? 74.33 crores) and decrease by ? 9.89 crores (Previous year - ? 74.33 crores) respectively with a corresponding

increase/decrease in Total Equity of the Company as at 31^st March 2026. 10% represents management's assessment of reasonably possible change in equity prices.

(ii) Commodity rate risk

Material cost is the largest cost component for the Company, thus exposing it to the risk of price fluctuations

based on the supply and demand conditions of those materials. Commodity price risk exposure is evaluated and managed through operating procedures and sourcing policies. The Company has put in place a mix of long-term and short-term mitigation plans. During the year ended 31^st March 2026 and 31^st March 2025, the Company had not entered into any derivative contracts to hedge exposure to fluctuations in commodity prices.

2) Credit Risk

Credit risk refers to risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Credit risk arises primarily from financial assets such as trade receivables, investment in mutual funds, derivative financial instruments, other balances with banks and other receivables. The Company's exposure to credit risk is disclosed in note 5 (except equity shares, bonds and debentures) 6, 10, 11A and 11B.

The Company has adopted a policy of only dealing with counterparties that have sufficiently high credit rating. The Company's exposure and credit ratings of its counterparties are continuously monitored and the aggregate value of transactions is reasonably spread amongst the counterparties.

Credit risk arising from investment in mutual funds, derivative financial instruments, term deposits and other balances with banks is limited and there is no collateral held against these because the counterparties are banks and recognised financial institutions with high credit ratings assigned by the international credit rating agencies.

The average credit period is upto 45 days on sales of products. Credit risk arising from trade receivables is managed in accordance with the Company's established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on a detailed study of credit worthiness and accordingly individual credit limits are defined/modified. The concentration of credit risk is limited due to the fact that the

customer base is large. There is no customer representing more than 5% of the total balance of trade receivables.

3) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated

with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value.

The Company has an established liquidity risk management framework for managing its short term, medium term and long term funding and liquidity management requirements. The Company's exposure to liquidity risk arises

primarily from mismatches of the maturities of financial assets and liabilities. The Company manages the liquidity risk by maintaining adequate funds in cash and cash equivalents. The Company also has adequate credit facilities agreed with banks to ensure that there is sufficient cash to meet all its normal operating commitments in a timely and cost-effective manner.

The Company has entered into supplier finance arrangements to manage its working capital and liquidity risk categorised as follows:

a. Some suppliers enter into arrangements with Banks to get early payment. As per the supplier's instruction, the Company makes payment to the Banks on due date of invoice. The credit period offered by these suppliers is in li ne with the general credit period from similar suppliers (generally i n the range of 15 to 150 days). These

arrangement continue to hold characteristics of trade payables and are disclosed as such.

b. The Company, in case of certain suppliers, enjoys extended credit period by using its credit line after the due date of the invoice. The interest cost in such case is borne by the Company and is disclosed as finance cost. Since these

are in nature of working capital loan/ short term loan, such amounts are disclosed as borrowings (Refer note 15). These amounts are recognised as trade payables till they are due to the supplier and thereafter are disclosed as borrowings during the extended credit period from the Bank. Such suppliers offer credit period of 30 to 90 days,

which by way of borrowings gets further extended to 120 to 180 days.

The Company has applied transitional relief and accordingly comparative information, wherever applicable, for the above disclosures is not presented in the first year of adoption of the amendment.

The Company believes that its liquidity position (? 9,014.60 crores as at 31^st March 2026 (Previous Year? 4,533.55 crores)), anticipated future internally generated funds from operations, and its fully available revolving undrawn credit facility will enable it to meet its future known obligations in the ordinary course of business.

However, if liquidity needs were to arise, the Company believes it has access to financing arrangements, value of unencumbered assets, which should enable it to meet its ongoing capital, operating, and other liquidity requirements.

The liquidity position of the Company mentioned above, includes :

i) Cash and cash equivalents and Other Balances with Banks (excluding earmarked balances)

ii) Current/ Non-Current term deposits as disclosed in Other Financial Assets

iii) Investments in debentures or bonds (including interest accrued on the same) and mutual funds

The Company's liquidity management process as monitored by the Management, includes- Day to day funding, managed by monitoring future cash flows to ensure that requirements can be met;

- Maintaining rolling forecasts of the Company's liquidity position on the basis of expected cash flows;

- Maintaining diversified credit lines.

Note 29(D) : Capital Management

For the purpose of the Company's capital management, capital includes issued capital and all other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value.

The capital structure of the Company consist of debt as disclosed in Note 14 and equity comprising of issued capital, reserves

and surplus as presented in the Statement of Change of Equity. Consequent to such capital structure, there are no externally imposed capital requirements. In order to maintain or achieve an optimal capital structure, the Company allocates its capital for distribution as dividend or re-investment into business based on its long term financial plans.

(1) Post-employment benefits* :

(a) Defined benefit gratuity plan (Funded)

The Company has defined benefit gratuity plan for its employees, wherein contribution are made to a separately administered fund. The plan is governed by the Code on Social Security, 2020. There is no separate contribution by the employee in the fund. The fund has the form of a trust and it is governed by the Board of Trustees. The Board of Trustees is responsible for the administration of the plan assets including investment of the funds in accordance with

the norms prescribed by the Government of India.

Each year, the Board of Trustees and the Company review the level of funding in the Trust. Such a review includes the asset-liability matching strategy and assessment of the investment risk. The Company (employer) contributes to the

fund based on the results of this annual review and ensures that the trust is adequately funded. Generally, it aims to have a portfolio mix of sovereign debt instruments, debt instruments of Corporates and equity instruments. The

Company aims to keep annual contributions relatively stable at a level such that no significant plan deficits (based on valuation performed) will arise.

As the plan assets include significant investments in quoted debt and equity instruments, the Company is exposed to

the risk of impacts arising from fluctuation in interest rates and risks associated with equity market.

Fair value of the Company's own transferable financial instruments held as plan assets : NIL

(b) Defined benefit pension plan (Unfunded)

The Company operates a defined benefit pension plan for certain specified employees and is payable upon the employee satisfying certain conditions, as approved by the board of directors.

(c) Defined benefit post-retirement medical benefit plan (Unfunded)

The Company operates a defined post retirement medical benefit plan for certain specified employees and payable upon the employee satisfying certain conditions.

Aforesaid post-employment benefit plans typically expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity risk and salary risk.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting

period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the Balance Sheet.

The Company expects to make a contribution of ? 70.25 crores (Previous year - ? 28.79 crores) to the defined benefit

plans during the next financial year for Gratuity trust.

(d) Provident Fund

The Provident Fund assets and liabilities are managed by 'Asian Paints Office Provident Fund' and 'Asian Paints Factory Employees Provident Fund' in line with The Employees' Provident Fund and Miscellaneous Provisions Act, 1952.

The plan guarantees minimum interest at the rate notified by the Provident Fund Authorities. The contribution by

the employer and employee together with the interest accumulated thereon are payable to employees at the time of separation from the Company or retirement, whichever is earlier. The benefit vests immediately on rendering of the services by the employee. I n terms of the guidance note issued by the Institute of Actuaries of India for measurement

of provident fund liabilities, the actuary has provided a valuation of provident fund liability and based on the assumptions provided below.

Participation by all employees in provident funds plans is mandatory. Contribution to Provident Fund is made @ 12%

of wages (computed in accordance with the prevalent regulations) by the employee. Similarly, the Company also contributes to the Provident Fund specified percentage of salary as per the prevalent regulations. Employees have the option to voluntarily contribute a higher amount.

The Company contributed ? 32.67 crores (Previous Year - ? 29.17 crores) towards Asian Paints Office Provident Fund and ? 17.12 crores (Previous Year - ? 15.37 crores) towards Asian Paints Factory Employees Provident Fund during the

year ended 31^st March, 2026.

(3) Employee share based payment plans

During the year ended 31^st March 2021, the Company implemented Asian Paints Employee Stock Option Plan 2021

("2021 Plan"). The plan was approved by the shareholders in the Company's 75^th AGM held on 29^th June 2021. The 2021 Plan enables grant of stock options to the eligible employees of the Company and its subsidiaries not exceeding 25,00,000 Shares, which is 0.26 % of the paid up equity share capital of the Company as on 12^th May 2021. Further, the stock options to any single employee under the Plan shall not exceed 5,00,000 Shares of the Company during the tenure of the Plan, subject

to compliance with Applicable Law.

The process for determining the eligibility of employees for the grant of stock options under the 2021 Plan shall be determined by the Nomination and Remuneration Committee (Administrator of the 2021 Plan) in consultation with

Managing Director & CEO and based on employee's grade, performance rating and such other criteria as may be considered appropriate.

The employees shall be entitled to receive one equity share of the Company on exercise of each stock option, subject to performance of the employees and continuation of employment over the vesting period. The options granted under 2021

Plan have a maximum vesting period of 4 years. The options granted are based on the performance of the employees during the year of the grant and their continuing to remain in service over the next 3 years. During the year, the Managing Director & CEO is granted options based on market linked and non-market linked performance conditions along with service condition.

The exercise price for stock options granted are at a discount of 50% to the Reference Share Price (the average of the daily high and low of the volume weighted average prices of the Shares quoted on a recognised stock exchange during the 22 trading days preceding the day on which the grant is made) of the shares of the Company as defined under 2021 Plan.

The Administrator approved secondary purchase of shares equivalent to the options granted in August 2021 through Asian Paints Employees Stock Ownership Trust ("ESOP Trust" or "Trust") which is shown as treasury shares in the statement of

changes in equity.

g) Other entities where significant influence exists :

i) Post employment-benefit plan entity :

Asian Paints (I) Limited Employees' Gratuity Fund

ii) Other :

Asian Paints Office Provident Fund (Employee benefit plan)

Asian Paints Factory Employees' Provident Fund (Employee benefit plan)

Asian Paints Management Cadres' Superannuation Scheme (Employee benefit plan)

Terms and conditions of transactions with related parties :

1. The Company has been entering into transactions with related parties for its business purposes. The process followed

for entering into transactions with related party is same as followed for unrelated party. Vendors are selected competitively having regard to strict adherence to quality, timely servicing and cost advantage. Further related party vendors provide additional advantages in terms of :

(a) Supplying products primarily to the Company,

(b) Advanced and innovative technology,

(c) Customization of products to suit the Company's specific requirements, and

(d) Enhancement of the Company's purchase cycle and assurance of just in time supply with resultant benefits -notably on working capital.

2 . The purchases from and sales to related parties are made on terms equivalent to and those applicable to all unrelated parties on arm's length transactions. Outstanding balances payable and receivable at the year-end are unsecured, interest free and will be settled in cash.

3. The assessment of receivables is undertaken in each financial year through examining the financial position of related parties, the market and regulatory environment in which related parties operate and is in accordance with the accounting policy of the Company.

G. Nature of CSR activities undertaken by the Company

The CSR initiatives of the Company aim towards inclusive development of the communities and at the same time ensure environmental protection through a range of structured interventions in the areas of :

(i) creating employability & enhancing the dignity of the painter/ carpenter/ plumber community

(ii) focus on water conservation, replenishment and recharge

(iii) enabling access to quality primary health care services

(iv) disaster relief measures.

a) The Company has made an assessment of the recoverable value of investment in its subsidiaries taking into account the past business performance, prevailing business conditions and revised expectations of the future performance.

i. The recoverable value of investment in Obgenix Software Private Limited is the value in use determined as per discounted cash flow method. The discount rate used is 15.4% (Previous year - 15.1%). Accordingly, an impairment provision of ? 105.97 crores (Previous year - ? 188.88 crores) was Recognised in the Statement of Profit and Loss.

ii. In the previous year, the recoverable value of investment in Weatherseal Fenestration Private Limited reflected the value in use determined as per discounted cash flow method. The discount rate used was 19.9%. Accordingly, an

impairment provision of T 12.96 crores was Recognised in the Statement of Profit and Loss in the year ended 31^st March 2025.

b) In the year ended 31^st March 2025, the Company had, Recognised fair valuation loss on derivative contract for future stake purchase in White teak and Weatherseal of T 167.76 crores and T 10.03 crores respectively in the Statement of Profit and Loss.

c) The Government of India notified the provisions of the four new Labour Codes ("Labour Codes") on 21^st November 2025, thereby consolidating twenty-nine existing labour laws into a comprehensive and unified framework. Among

other changes, the Labour Codes provide a unified definition of "wages" to be applied across various employee benefit computations. In accordance with Ind AS 19 - Employee Benefits, the Company has recognised one-time expense of ? 60.56

crores towards increase in the gratuity liability by T 50.26 crores and increase in the liability towards compensated absences by T 10.30 crores.

Note 41 : Additional Regulatory Information Required By Schedule III To The Companies Act, 2013 (Contd.)

(ii) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(iii) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.

(iv) The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.

(v) Utilisation of borrowed funds and share premium

I The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign

entities (Intermediaries) with the understanding that the Intermediary shall :

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on

behalf of the Company (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

II The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)

with the understanding (whether recorded in writing or otherwise) that the Company shall :

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on

behalf of the Funding Party (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like on behalf of the ultimate beneficiaries

(vi) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961

(such as search or survey), that has not been recorded in the books of account.

(vii) The Company has not traded or invested in crypto currency or virtual currency during the year.

(viii) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the statutory period.

Note 42 :

During the financial year 2019-20, one of the competitors of the Company had filed a complaint with the CCI alleging that the Company is hindering its entry in the decorative paints market through the abuse of the Company's dominant position. The CCI,

following a detailed investigation, had passed a favourable order on 8^th September, 2022 dismissing the allegations made by the competitor. The competitor has now filed an appeal against CCI's order before the National Company Law Appellate Tribunal. The said appeal is pending in the NCLAT.

Note 43 :

The Financial Statements are approved for issue by the Audit Committee and the Board of Directors at their respective meetings conducted on 29^th May 2026.