3. DIVIDEND

During the Financial Year, based on the Company's
performance, the Board of Directors have declared dividend
of C11/- each per equity share at 550% of the face value of C2/-
each, if approved by the Members and would involve a cash
outflow of C3,564.11 lakh. Pursuant to Regulation 43A of SEBI
(Listing Obligations and Disclosure Requirements) Regulations,
2015, the Company has framed a Dividend Distribution
Policy and the same is herewith annexed as 'Annexure I' to
this report. The Dividend Distribution Policy is posted on the
website of the Company at http://www.balajiamines.com/
pdf/1703159270DividendDistributionPolicy.pdf

4. TRANSFER TO RESERVES

The Company proposes to transfer a sum of C 1,562.13 lakh to
the General Reserves. An amount of C 14,059.14 lakh is proposed
to be retained in the statement of profit and loss.

5. SUBSIDIARIES

Balaji Speciality Chemicals Limited (BSCL) is the only
Subsidiary of the Company. BSCL is engaged in Manufacturing
of Ethylenediamine (EDA), Piperazine (Anhydrous),
Aminoethylpiperazine (AEP) and Diethylene triamine (DETA)
and other Specialty Chemicals. The new Greenfield Project
of BSCL is under execution at MIDC, Chincholi, Solapur with
an investment of C750 crore as a Mega Project in a phased
manner to manufacture some of the high technology products
such as Hydrogen Cyanide, Sodium cyanide, EDTA/EDTA 2na
etc.,. BSCL has undertaken a brownfield project at its Unit - I for
manufacturing of EDA based products, which have better and
higher realisation.

6. CONSOLIDATED FINANCIAL STATEMENTS

As required pursuant to the provisions of Section 129 of the
Companies Act, 2013, and the SEBI (Listing Regulations and
Disclosure Requirements) Regulations, 2015, the Consolidated
Financial Statements of the Company are prepared in
accordance with the Indian Accounting Standards (Ind-AS)
issued by the Institute of Chartered Accountants of India on
the basis of the Audited Financial Statements of the Company
and its Subsidiary.

As per the provisions of Section 136 of the Companies Act,
2013, the Company will also place separate audited accounts of
its Subsidiaries on its website. The audited financial statements
of the subsidiary are available on the website of the Company
at https://www.balajiamines.com/investor-relations.php.

The Statement containing salient features of the financial
statements of the subsidiaries in Form AOC-1 is attached as
'Annexure II' to this Annual Report.

7. CREDIT RATING

The Credit Rating of the Company is affirmed during the year
as "IND AA/Stable/IND A1 " by India Ratings and Research
Private Limited.

8. DETAILS OF COMPANIES WHICH HAVE BECOME OR
CEASED TO BE ITS SUBSIDIARIES, JOINT VENTURES OR
ASSOCIATE COMPANIES DURING THE FINANCIAL YEAR

During the Financial Year 2024-25, no company ceased to be
a subsidiary of the company and your company does not have
any associates or joint ventures.

9. DETAILS OF DIRECTORS OR KEY MANAGERIAL
PERSONNEL WHO WERE APPOINTED OR HAVE
RESIGNED DURING THE FINANCIAL YEAR

The constitution of the Board is in compliance with the
provisions of Section 149 of the Companies Act, 2013 and the
Listing Regulations.

During the financial year 2024-25, the following changes were
occurred in the Directors and Key Managerial Personnel:

During the year, Mr. Lakhan S. Dargad resigned from the
office of Company Secretary of the Company with effect
from 30^th December, 2024. Mr. Abhijeet S. Kothadiya has been
appointed as a Company Secretary of the Company with effect
from 31^st December, 2024.

10. DECLARATION BY INDEPENDENT DIRECTORS

The Company has received declarations of independence
from all Independent Directors pursuant to the provisions
of Section 149(7) of the Act and Regulation 25(8) of the SEBI
Listing Regulations, stating that they meet the criteria of
independence as provided in Section 149(6) of the Act and
Regulation 16(1)(b) of the Listing Regulations and they are not
aware of any circumstance or situation, which exist or may
be reasonably anticipated, that could impair or impact their
ability to discharge their duties with an objective independent
judgment and without any external influence.

The Board is of the opinion that the Independent Directors of
the Company possess requisite qualifications, experience and
expertise and hold the highest standards of integrity during
their tenure. In terms of Section 150 read with Rule 6 of the
Companies (Appointment and Qualification of Directors)
Rules, 2014, as amended, the Independent Directors of the
Company have included their names in the data bank of
Independent Directors maintained with the Indian Institute of
Corporate Affairs.

11. MEETINGS

During the year, four meetings of the Board of Directors were
held, as more particularly disclosed in the attached Report on
Corporate Governance. The intervening gap between any two
meetings was within the prescribed period.

The number and dates of meetings held by the Board and
its Committees, attendance of Directors and details of
remuneration paid to them is given separately in the Report
on Corporate Governance in terms of Section 134(3) (b) of the
Companies Act, 2013.

None of the Directors are disqualified under Section 164(2)
of the Act. Certificate on non-disqualification, as required
under Regulation 34 of SEBI (Listing Obligation & Disclosure
Requirements) Regulations, 2015 is annexed to the Report on
Corporate Governance.

Committees of the Board

Details of committees of the Board, their composition, terms
of reference and other details are provided in the Report on
Corporate Governance, which forms a part of this Annual Report.

Meetings of Independent Directors

As stipulated by the Code of Independent Directors under the
Act and the Listing Regulations, one meeting of Independent
Directors was held during the year. The Independent Directors
reviewed the performance of the Chairman, Non-Independent
Directors and the Board as a whole.

12. BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and
Listing Regulations, the Board has carried out the annual
performance evaluation of its own performance by the
Directors individually (including Independent Directors) as well
as the evaluation of the working of its Audit, Nomination and
Remuneration and other Committees.

A structured questionnaire was prepared after taking into
consideration inputs received from the Directors, covering
various aspects of the Board's functioning such as adequacy
of the composition of the Board and its Committees, Board
culture, execution and performance of specific duties,
obligations and governance.

A separate exercise was carried out to evaluate the performance
of individual Directors including the Chairman of the Board, who
were evaluated on parameters such as level of engagement
and contribution, independence of judgments, safeguarding
the interest of the Company.

The performance evaluation of the Independent Directors was
carried out by the entire Board. The performance evaluation of
the Chairman and the Non-Independent Directors was carried
out by the Independent Directors. The Directors expressed
their satisfaction with the evaluation process.

Familiarization program for Independent Directors

The Company familiarizes its Independent Directors pursuant
to the requirements of the Listing Regulations with their roles,
rights, responsibilities in the Company. The details of the
familiarization programme imparted to Independent Directors
of the Company during Financial Year 2024-25 are available on
the website of the Company at http://www.balajiamines.com/
pdf/1708002869FamiliarisationProgramme.pdf.

It is the general practice of the Company to notify the
changes in all the applicable laws from time to time in Board
Meetings conducted.

13. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013, Board of
Di rectors confirm that, to the best of thei r knowledge and belief
and according to the information and explanation available
to them that -

(a) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with
proper explanation relating to material departures;

(b) such accounting policies as mentioned in the notes to
the financial statements have been selected 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 at the
end of the financial year 2024-25 and of the profit of the
Company for that period;

(c) proper and sufficient care has been taken for the
maintenance of adequate accounting records in
accordance with the provisions of the Companies Act,
2013, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;

(d) the annual accounts for the year 2024-25 have been
prepared on a going concern basis;

(e) the proper internal financial controls are in place and that
the financial controls were adequate and were operating
effectively.

(f) the proper systems have been devised to ensure
compliance with the provisions of all applicable laws
and were adequate and operating effectively mentioned
under various heads of the departments which are in turn
reporting to the Whole-time Directors.

14. RESEARCH & DEVELOPMENT

Your Company has been carrying out continuous Research and
Development activities in the following areas:

The Company has initiated various process development
activities in the following plants which have bearing on the cost
reduction, product quality improvement and modifications
required to meet specific requirements of customers for
some products.

i. Morpholine

ii. DMAHCL - at Unit -III

iii. Propylene Glycol Pharma grade

iv. Di Methyl Carbonate (DMC) Electronic Grade

15. EXPANSION/DIVERSIFICATION

A. Methylamines: During the year the new plant at Unit -IV

was commissioned on 10^th November, 2024.

B. Solar Power plant: First phase of Solar power
plant of 8 MW DC (6 MW AC) is commissioned on
2^nd April 2025. This will reduce the power bills of all the
plants substantially in line with our commitment of
Carbon emission reduction under ESG declarations.

1. Solar Rooftop power plant at various units of 2728
kw were installed and started generation of power
under the Maharashtra approval.

2. Electronic Grade Di Methyl Carbonate (DMC):

Existing DMC plant is added with new Equipment
and the plant is commissioned, trial runs have
been taken up and the ELectronic Grade DMC has
been produced and accepted by the prospective
customers. The Plant was declared commissioned
successfully from 28^th May, 2025.

3. Di Methyl Ether : The plant is under construction
and likely to be commissioned in this Financial
Year 2025-26.

4. N-Methyl Morpholine(NMM) : The NMM plant
with a capacity of 15 MT/Day is under execution at
Unit IV. Most of the equipment is ordered. The civil
works are in progress. The plant is likely to be
commissioned during the Financial Year 2025-26.

5. Iso Propyl Amine : The company has modified
the existing Ethyl Amines plant at Unit-I suitable
to manufacture Iso Propyl Amines(MIPA/DIPA).
The capacity of the plant will be around 20 to 21
Tons per day. Most of the existing equipment of
the Ethyl Amines plant is being used. The plant is
likely to be commissioned after receipt of Consent
for Operations from MPCB.

6. The company has taken up a project for upgradation
of technology and increasing the capacity of
existing ACN plant to a capacity of 60 MT/Day at
Unit-III MIDC, Chincholi. The detailed engineering
and ordering of critical and long delivery equipment
are in progress and the plant is expected to be
commissioned during the FY 2026-27.

16. CHANGE IN NATURE OF BUSINESS

There is no change in the nature of business during the year.

17. MATERIAL CHANGES AND COMMITMENTS

There have been no material changes and commitments, if any
affecting the financial position of your Company which have
occurred after the closure of the Financial Year 2024-25 till the
date of this Report.

18. REMUNERATION POLICY

The Board has, on the recommendations of the Nomination
and Remuneration Committee, framed a policy for selection
and appointment of Directors and Senior Management
personnel and fix their remuneration. The Remuneration
Policy is placed on the website of the Company at the link:
http://www.balajiamines.com/pdf/1708061046Nomination,
RemunerationandEvaluationPolicy.pdf.

19. PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS

Details of Loans, Guarantees and Investments covered under
the provisions of Section 186 of the Companies Act, 2013, are
given in the notes to the Financial Statements.

20. ANNUAL RETURN

Pursuant to the provisions of Section 92(3) of the Act, the Annual
Return of the Company as on 31^st March, 2025 is available on
the Company's website at https://www.balajiamines.com/
investor-relations.php.

21. PARTICULARS OF EMPLOYEES

In terms of the provisions of Section 197(12) of the Companies
Act, 2013 read with Rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, 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 'Annexure III' to this report.

Details as required under Section 197(12) of the Act read
with Rule 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, with
respect to information of employees of the Company will be
provided upon request by a Member. In terms of the provisions
of Section 136(1) of the Act, the Annual Report is being sent
to all the Members of the Company whose email address(es)
are registered with the Company/ Depository Participants via
electronic mode, excluding the aforesaid Annexure. If any
Member is interested in obtaining a copy thereof, the Member
may write to the Company Secretary in this regard or send an
email to cs@balajiamines.com.

22. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL
FINANCIAL CONTROLS WITH REFERENCE TO THE
FINANCIAL STATEMENTS

The Company has in place proper and adequate internal
control systems commensurate with the nature of its
business, size and complexity of its operations. Internal control
systems comprising policies and procedures designed and
implemented to ensure reliability of financial reporting, timely
feedback on achievement of operational and strategic goals,
compliance with policies, procedure, applicable laws and

regulations, and that all assets and resources acquired are
used optimally.

23. STATUTORY AUDITORS

M/s. M. Anandam & Co., Chartered Accountants (Firm
Registration No. 000125S), were appointed as Statutory Auditors
of the Company for a period of 5 years from the conclusion of
34^th Annual General Meeting of the Company till the conclusion
of 39^th Annual General Meeting of the Company.

The Independent Auditors report given by M/s. M. Anandam &
Co., Chartered Accountants, Statutory Auditors of the Company
on Standalone and Consolidated Financial Statements of the
Company does not contain any qualification, reservation or
adverse remark.

24. REPORTING OF FRAUDS

During the year under review, there was no instance of
fraud, which required the Statutory Auditors to report to the
Audit Committee and /or Board under Section 143(12) of the
Companies Act, 2013 and the rules made thereunder.

25. INTERNAL AUDITORS

The Board of Directors based on the recommendations of the
Audit Committee have appointed M/s. Pandhare & Company,
Chartered Accountants as Internal Auditors of the Company
for Manufacturing Division and M/s. Aherkar & Co., Chartered
Accountants as Internal Auditors of the Company for the Hotel
Division of the Company. The Internal Auditors are submitting
their reports on a monthly basis to the management.

26. COST AUDITORS

In accordance with Section 148(3) read with the Companies
(Cost Records and Audit) Rules, 2014 and other applicable
provisions, if any, of the Companies Act, 2013, the Audit
Committee has recommended and the Board of Directors
had appointed Mr. Narayan D. Dontul, Practicing Cost
Accountants, Solapur, (Firm Registration No. 100224) as Cost
Auditors of the Company, to carry out the cost audit of the
products manufactured by the Company during the financial
year 2024-25 on a remuneration of C75,000/- (Rupees Seventy
Five Thousand only) (plus GST and reimbursement of out
of pocket expenses). The remuneration payable to the cost
auditor is required to be placed before the Members in a
general meeting for their approval. Accordingly, a resolution
seeking Members' approval for the remuneration payable to
Mr. Narayan D. Dontul, Cost Accountants, is included at Item
No. 4 of the Notice convening the 37^th Annual General Meeting.

27. SECRETARIAL AUDITORS & SECRETARIAL AUDIT
REPORT

Pursuant to the amended provisions of Regulation 24A of the
SEBI (LODR) Regulations and Section 204 of the Act read with
Rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the Board of Directors have

approved and recommended the appointment of M/s. P. S.
Rao & Associates, Peer Reviewed Firm of Company Secretaries in
Practice as Secretarial Auditors of the Company for a term of up
to 5 (Five) consecutive years to hold office from the conclusion
of ensuing AGM till the conclusion of 42^nd AGM of the Company
to be held in the Year 2030, for approval of the Members at
ensuing AGM of the Company. Brief resume and other details
of M/s. P. S. Rao & Associates, Company Secretaries in Practice,
are separately disclosed in the Notice of ensuing AGM.

The Secretarial Audit Report, pursuant to Section 204(1) of the
Companies Act, 2013, for the financial year ended 31^st March,
2025 is given in 'Annexure IV' attached hereto and forms part
of this Report.

During the year under review following qualifications given by
Secretarial Auditors.

Company has submitted disclosure under Regulation
30 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 in respect of receipt
of order from Office of Joint Director General of Foreign
Trade, Pune with a delay of 19 days

Reply to Qualification of Secretarial Auditors:

The Company was of the view that the Director General of
Foreign Trade is not Regulatory body and did not disclose
the same. Further after obtaining experts view that DGFT is a
Regulatory body have made the necessary disclosure.

The Secretarial Audit Report of Unlisted Material Subsidiary,
Balaji Speciality Chemicals Limited issued by M/s. P. S. Rao &
Associates, Practicing Company Secretaries is forming part of
the Report on Corporate Governance.

As per Regulation 24A of the Listing Regulations, the Annual
Secretarial Compliance Report issued by M/s. P. S. Rao &
Associates, Practicing Company Secretaries pursuant to SEBI
circular dated February 8, 2019 and is forming part of the Report
on Corporate Governance.

28. VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has formulated a Whistle Blower Policy in
terms of Section 177 of the Companies Act, 2013 and as per
Regulation 22 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and SEBI (Prohibition of
Insider Trading) Regulations, 2015 for the employees to report
their grievances / concerns about instances of unethical
behavior, actual or suspected fraud or violation of Company's
Code of Conduct by means of Protected Disclosure to the
Authorized Officer or the Chairman of the Audit Committee.

The vigil mechanism / whistle blower policy may be accessed
on the Company's website at the link: http://www.balajiamines.
com/pdf/1701953176WhistleBlowerPolicy.pdf.

29. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION
AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy, technology
absorption and foreign exchange earnings and outgo
stipulated under Section 134 (3) (m) of the Companies Act,
2013, read with Rule 8 of the Companies (Accounts) Rules, 2014
is annexed herewith as 'Annexure V'.

30. PARTICULARS OF CONTRACTS OR ARRANGEMENTS
WITH RELATED PARTY

All related party transactions that were entered into during
the financial year were at an arm's length basis and were
in the ordinary course of business. There are no materially
significant related party transactions made by the Company
with Promoters, Directors, Key Managerial Personnel or other
designated persons which may have a potential conflict with
the interest of the Company at large. All the related party
transactions are approved by the Audit Committee and
Board of Directors.

During the year, all Related Party Transactions were placed
before the Audit Committee and also to the Board for approval.
Prior omnibus approval of the Audit Committee was obtained
for the transactions which were of a foreseen and repetitive
nature. A statement on Related Party Transactions specifying
the details of the transactions pursuant to each omnibus
approval granted, is placed on a quarterly basis for review by
the Audit Committee.

Pursuant to Regulation 23(9) of SEBI Listing Regulations, the
disclosures of Related Party Transactions are submitted to the
Stock Exchanges on a half-yearly basis. The Policy on Related
Party Transactions as approved by the Board of Directors of
the Company is uploaded on the website of the Company and
the same can be accessed at the link: http://www.balajiamines.
com/pdf/1703137523PolicyonRelatedPartyTransactions.pdf.

The particulars of contracts or arrangements with related parties
referred to in sub-section (1) of Section 188 of the Companies
Act, 2013, in Form AOC-2 and disclosures under Schedule V of
the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015, is annexed as
'Annexure VI' to this report.

31. RISK MANAGEMENT

The Company has constituted a Risk Management
Committee and formulated a policy on Risk Management in
accordance with the Companies Act, 2013 and Regulation
21 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. The details of the Committee and its terms
of reference are set out in the Report on Corporate Governance
forming part of the Director's Report. The Risk Management
Policy of the Company is posted on the website of the

Company and the web link: http://www.balajiamines.com/
pdfZ1702972928RiskManagementPolicy.pdf.

32. CORPORATE SOCIAL RESPONSIBILITY

The Board in compliance with the provisions of Section 135(1)
of the Companies Act, 2013, and rules made thereunder
has constituted Corporate Social Responsibility (CSR)
Committee. The details of the Committee and its terms of
reference are set out in the Report on Corporate Governance
forming part of the Director's Report. The CSR policy has
been placed on the Website of the Company and can be
accessed through the link: http://www.balajiamines.com/
pdfZ1708062412CorporateSocialReponsibilityPolicy.pdf and a
brief outline of the CSR Policy and the CSR initiatives undertaken
by the Company during the year as per Annexure prescribed in
the Companies (Corporate Social Responsibility Policy) Rules,
2014 have been appended as 'Annexure VII' to this Report.

33. FIXED DEPOSITS

Your Company has not accepted any fixed deposits from the
public within the meaning of Section 73 of the Companies Act,
2013 and the Companies (Acceptance of Deposits) Rules, 2014
and as such no principal or interest was outstanding as on the
date of the Balance Sheet.

34. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS
PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS

There are no significant and material orders passed by the
Regulators or Courts or Tribunals that would impact the going
concern status of the Company and its future operations.

35. MANAGEMENT DISCUSSION & ANALYSIS

Pursuant to Regulation 34(2) read with the Schedule V of the
Listing Regulations, the Management Discussion and Analysis
Report for the financial year is shown in a separate section
forming part of the Annual Report.

36. DETAILS OF APPLICATION MADE OR ANY PROCEEDING
PENDING UNDER INSOLVENCY AND BANKRUPTCY
CODE, 2016

During the year under review, the Company has not filed any
application or no proceeding is pending against the Company
under the Insolvency and Bankruptcy Code, 2016.

37. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF
THE VALUATION DONE AT THE TIME OF ONE-TIME
SETTLEMENT AND THE VALUATION DONE WHILE
TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH THE REASONS THEREOF
During the year under review, the Company has not made any
one-time settlement while taking any loans from the Banks or
Financial Institutions.

38. COMPLIANCE WITH SECRETARIAL STANDARDS

During the year under review, your Company has complied
with the respective Secretarial Standards issued by the Institute
of Company Secretaries of India on Meeting on Board of
Directors (SS-1), General Meetings (SS-2) and Dividend (SS-3).

39. EMPLOYEE STOCK OPTIONS

The Company is yet to implement the ESOP Scheme.

40. BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORT WITH ENVIRONMENT, SOCIAL & GOVERNANCE

The Company forms part of the top 1000 listed entities on
BSE and NSE as on 31^st March, 2025. Accordingly, pursuant
to Regulation 34(2)(f) of Listing Regulations, Business
Responsibility and Sustainability Report (BRSR) for the financial
year ended 31^st March, 2025 is provided in a separate section
which forms part of the Annual Report.

41. CORPORATE GOVERNANCE

Your Company practices a culture that is built on core values
and ethical good governance practices and is committed to
transparency in all its operations and activities. A Report on
Corporate Governance along with a Certificate from M/s. P. S.
Rao & Associates, Practising Company Secretaries regarding
compliance with the conditions of Corporate Governance
as stipulated in Regulations 17 to 27, clauses (b) to (i) of
sub-regulation (2) of Regulation 46 and paragraphs C, D and
E of Schedule V of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations,
2015 forms part of the Annual Report.

42. HUMAN RESOURCES

Your Company considers its Human Resource as the major
strength to achieve its objectives. Keeping this in view,
your Company takes all the care to attract, train and retain
well qualified and deserving employees. The employees

are sufficiently empowered and enabled to work in an
environment that inspires them to achieve higher levels of
performance. The unflinching commitment of the employees
is the driving force behind the Company's vision being
accomplished. Your Company appreciates the contribution of
its dedicated employees.

43. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF
WOMAN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013

The Company has in place an Anti-Sexual Harassment Policy
in line with the requirements of the Sexual Harassment of
Women at the Workplace (Prevention, Prohibition & Redressal)
Act, 2013. Internal Complaints Committee (ICC) has been set up
to redress complaints received regarding sexual harassment.
All employees (permanent, contractual, temporary, trainees)
are covered under this policy. This policy is placed on the
Company's Website at http://www.balajiamines.com/
pdf/1645091304Anti%20Sexual%20Harassment%20Policy.pdf.

The following is a summary of sexual harassment complaints
received and disposed of during the year:

44. LISTING WITH STOCK EXCHANGES

The Equity Shares of the Company are listed on NSE Limited
and BSE Limited. The annual listing fees for the year 2025-26
have been paid to these exchanges.

45. ACKNOWLEDGMENT

Your Directors express their sincere appreciation to the
customers, members, dealers, employees, bankers, State and
Central Government, Stock Exchanges and all the stakeholders
for their cooperation and confidence reposed in the Company.

For and on Behalf of the Board of Directors

Sd/-

Ande Prathap Reddy

Executive Chairman Date: 28^th May, 2025

DIN: 00003967 Place: Hyderabad