Your Directors have pleasure in presenting herewith the 9th Annual Report on the business of the Company together with the
Audited Financial Statements for the financial year ended March 31,2025.

OUR BUSINESS

Vanta Bioscience Limited (VBS) is a preclinical contract research organization, offering a host of preclinical safety assessment
services for clientele from Pharmaceutical, Medical Devices, Nutraceuticals, Feed Additive, Biotech, Agrochemicals, Cosmetics,
and Chemical industries. In addition, we also provide risk assessment services for evaluating the safety of the Active
Pharmaceutical Ingredients (API), excipients, extractable and leachables including pharmaceutical impurities resulting due to
manufacturing process or due to degradation of the product. VBS also provides expert services for determination of health-based
exposure limits (e.g. permitted daily exposure (PDE) or allowable daily exposure (ADE) including occupational exposure limits
(OEL) for pharmaceutical manufacturers.

FINANCIAL HIGHLIGHTS

The performance during the period ended March 31,2025 has been as under:

(Rs. in Thousands except otherwise stated)

REVIEW OF OPERATIONS

The total revenue of the Company for the Financial Year ended March 31,2025, was Rs. 11,665.97 thousand on a standalone
basis as compared to Rs. 86,055.78 thousand in the previous year. On a consolidated basis, the total revenue was Rs. 20,743.43
thousand as compared to Rs. 98,292.14 thousand in the previous year.

During this financial year, the Company has incurred a net loss of Rs. 26,594.08 thousand on a standalone basis as against the
previous year's net profit of Rs. 510.52 thousand. On a consolidated basis, the net loss for the year was Rs. 47,748.77 thousand
as against the previous year's net loss of Rs. 23,158.83 thousand.

There were no changes in the nature of business of the Company during the year.

DIVIDEND

The Board has not recommended any dividend for the financial year 2024-25.

TRANSFER TO RESERVES

No amount has been transferred to general reserves during the year under review. Reserves and Surplus are disclosed in Note 4
of the financial statements.

DEPOSITS

The Company has neither invited nor accepted or renewed any deposit amount falling within the purview of Section 73 of the
Companies Act, 2013 (the Act) read with the Companies (Acceptance of Deposit) Rules, 2014, during the year under review. No
amount of principal or interest was outstanding as on March 31,2025.

However, the Company has outstanding loans from Mr. Dopesh Raja Mulakala (DIN 01176660), Managing Director of the
Company. During the financial year, the Company has also availed unsecured loans from Directors and Related Parties. Details
of the above said borrowings are mentioned in Note 6,7 and 34 of the financial statements.

SUBSIDIARIES AND ASSOCIATE COMPANIES

Your Company has one Wholly Owned Subsidiary and one Associate Company, the details of which are as follows:

• Vanta Clinical Research Limited (“VCRL”)

VCRL is a Wholly Owned Subsidiary of Vanta Bioscience Limited incorporated on September 12, 2018 with the object of
dealing in the business of Research & Development in the field of discovery and development of drugs, biologicals,
vaccines, gene-based therapies in vitro, ex-vivo and in vivo techniques for screening and evaluation of drugs,
dermaceuticals and cosmetics, clinical data management, statistical analysis, pharmacovigilance, medical writing, bio
informatics, computer-aided drug designing, biotechnology, life sciences, diagnostic services and such other similar
activities. As on the date of this report, VCRL has not yet commenced commercial operations.

The paid up capital of VCRL as on March 31,2025 was Rs. 3,00,00,000/-. There were no operations during the year under
review. The Company had incurred a total expenditure of Rs. 1,14,521 and accordingly had a Loss after Tax Rs. 1,14,521.

VCRL is a 100% subsidiary of our Company and has contributed accordingly to the overall performance of the Company.

• CEBIS India Limited (“CEBIS”)

CEBIS was incorporated with the object of carrying business of providing research and development, full range of clinical
studies in the areas of pharmaceuticals industry, agro, chemical, food cosmetics and medical devices. As on March 31,
2025, Vanta Clinical Research Limited (VCRL), a wholly owned subsidiary of the Company, held 30,00,000 equity shares of
?10 each in CEBIS India Limited, representing 19.90% of its total paid-up share capital. Accordingly, CEBIS India Limited
qualifies as an indirect associate of Vanta Bioscience Limited as per applicable accounting standards. Kindly refer the
Consolidated notes for further details.

The paid-up capital of CEBIS as on March 31,2025 was Rs. 15,07,40,000. The total revenue earned during the year was
Rs. 83,61,298/- as against a total expenditure of Rs. 10,80,61,289. The loss after tax was Rs. 10,61,90,644.

CEBIS is an indirect associate of our Company and has accordingly contributed to the overall performance of the Company.
During the year under review, there was a change in the shareholding of VCRL in CEBIS from 36.04% to 19.90%. The
reduction is due to fresh issue of shares by CEBIS and there has been no change in the number of shares.

The statement containing the salient features of the subsidiaries, its highlights of performance and their contribution to the
overall performance of the Company as per sub-sections (3) of section 129 read with rule 5 of Companies (Accounts) Rules,
2014 and other applicable provisions of the Companies Act 2013 are disclosed in Form AOC-1 and the same is herewith
annexed as Annexure-1 to this report.

The Annual Report of the Company, containing therein its standalone and the consolidated financial statements has been
placed on the website of the Company www.vantabio.com. Further, audited annual accounts of each of the subsidiary
companies have also been placed on the website of the Company. Shareholders interested in obtaining a physical copy of
the audited annual accounts of the subsidiary companies may write to the Company Secretary requesting for the same.

Except as stated above, there were no associates or joint ventures of the Company as on the end of financial year March 31,
2025. There were no companies which have ceased to be our subsidiaries, joint ventures or associate companies during the
financial year 2024-25.

MANAGEMENT

Change in Board of Directors and Key Managerial Personnel

In accordance with the provisions of Section 152 of the Companies Act, 2013, Mr. Dopesh Raja Mulakala (DIN: 01176660),
Managing Director of the Company is liable to retire by rotation, being eligible offers himself for re-appointment.

During the year under review, the following changes took place in the composition of Board of Director and KMPs of the Company

Except as stated above, there were no changes occurred in the composition of the Board and the Key Managerial Personnel
(KMPs) of the Company after the end of the financial year.

DECLARATION BY INDEPENDENT DIRECTORS AND STATEMENT ON COMPLIANCE OF CODE OF CONDUCT

The Independent Directors of the Company have given the declaration and confirmation to the Company as required under
Section 149(7) of the Companies Act, 2013 and Regulation 25(8) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 confirming that they meet the criteria of independence and that 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 judgement and without any external influence.

Except Mr. Yogeswara Rao Danda (DIN:00694803), all Independent Directors are exempted/passed the online proficiency self¬
assessment test. Mr. Yogeswara Rao Danda shall complete the online proficiency self-assessment test within the time lines upon
payment of the requisite amount in compliance with the provisions of the Companies Act.

MEETINGS OF THE BOARD AND COMMITTEES

During the year under review, the following took place:

• Eight (8) Board Meetings were held on 01.04.2024, 12.07.2024, 19.07.2024, 06.09.2024, 14.11.2024, 06.12.2024,

07.12.2024 and 15.03.2025

• Four (4) Audit Committee meetings were held on 12.07.2024, 19.07.2024, 14.11.2024 and 06.12.2024

• Four (4) Nomination & Remuneration Committee meetings were held on 01.04.2024, 19.07.2024, 06.09.2024 and

06.12.2024

• Two (2) Stakeholders Relationship Committee meetings were held on 06.09.2024 and 06.12.2024.

The Board and committee meetings of the Company were held in compliance with all the applicable provisions of the
Companies Act, 2013, SEBI (LODR) Regulations, 2015 and the secretarial standards.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, during the period under review, the Board evaluated the effectiveness of its functioning and that of the
Committees and of individual directors by seeking their inputs on various aspects of Board/ Committee Governance.

The aspects covered in the evaluation included the contribution to and monitoring of corporate governance practices,
participation in the long-term strategic planning and the fulfilment of Directors' obligations and fiduciary responsibilities, including
but not limited to, active participation at the Board and Committee meetings. The Chairman of the Board had one-on-one
meetings with the Independent Directors. These meetings were intended to obtain Directors' inputs on effectiveness of Board/
Committee processes. Further, the Independent Directors at their meeting, reviewed the performance of Board, Chairman of the
Board and of Non-Executive Directors. The Company has proper systems, processes in place for the purpose of evaluation of the
Board individually and as a whole.

STATUTORY AUDITORS

M/s. Mathesh & Ramana, Chartered Accountants (FRN 002020S) were appointed as the statutory auditors of the Company by
the members in their 2nd AGM held on August 21,2018 for a period of 5 years from the conclusion of the 2nd Annual General
Meeting of the Company held on August 21,2018 till the conclusion of 7th Annual General Meeting. Accordingly, the said auditors
have carried out the audit for FY 2022-23. The term of the said auditors expired at the conclusion of the 7th AGM of the Company.
The said auditors were further appointed for a period of 5 years i.e. from the conclusion of the 7th AGM till the conclusion of the
12th AGM of the Company by the shareholders in their 7th AGM held on 30.09.2023. Accordingly, the said auditors have carried
out the statutory audit for FY 2024-25.

AUDITORS' REPORT

The Standalone and Consolidated Auditors' Report for the financial year ended March 31, 2025, does not contain any
qualifications or adverse remarks. However, the reports and notes have certain observations w.r.t delays in depositing certain
statutory dues and outstanding statutory dues exceeding six months, loans granted to subsidiaries and without clearly defined
terms of repayment and incurrence of cash losses during the year. Additionally, the company has not carried out actuarial
valuation and non creation of provisions for gratuity. The subsidiary has not yet commenced full commercial operations, and the
accumulated losses have eroded the net worth of the Subsidiary Group, which raises concerns about their going concern status.
Shareholders are requested to refer to the detailed Standalone and Consolidated Auditors' Report, annexures, and notes to
accounts for comprehensive information.

BOARDS RESPONSE:

The above said observations are majorly due to liquidity issues being faced by the Company. The CIRP proceedings have left a
negative impact on the functioning of the Company and certain experienced employees of the Company have also left the
organization due to NCLT related litigation. The management is putting in its best efforts to revive the Company on priority basis.
The Management shall ensure timely payment of statutory dues and other payments and shall further ensure that the other
observations of the auditors are rectified as soon as possible by taking necessary steps in connection with the same. Further,
Notes to Accounts and Auditors remarks in their report are self-explanatory and do not call for any further comments. Further
details are also disclosed at various places in this Boards Report and in the financial statements.

There were no frauds reported by the Statutory Auditors of the Company during the year under review.

SECRETARIAL AUDIT REPORT

Putcha Sarada, Practicing Company Secretary were appointed to conduct the secretarial audit of the Company for the financial
year 2024-25, as required under Section 204 of the Companies Act, 2013 and rules there-under. The secretarial audit report for
FY 2024-25 forms part of this Annual Report as Annexure - II.

There are certain observations, qualifications or remarks in the report. The said lapses are owing to the cascading effect of the
CIRP Proceedings on the Company. Various experienced employees handling related issues have left the organization as well
during the said period. The Company is in the process of taking necessary steps in connection with the same and to regularize the
same. The Company shall ensure that such lapses/non-compliances shall not incur in the future.

CHANGES IN THE AUTHORIZED AND PAID UP CAPITAL

The Authorized Share Capital of the Company is Rs. 7,50,00,000/- (Rupees Seven Crore and Fifty Lakhs only), divided into
75,00,000 (Seventy-Five Lakh) equity shares of Rs. 10/- each.

As at the beginning of the financial year, the Paid-up Share Capital stood at Rs. 6,31,20,000/- (Rupees Six Crore Thirty-One Lakh
and Twenty Thousand only) comprising 63,12,000 (Sixty-Three Lakh Twelve Thousand) equity shares of Rs. 10/- each.

There were no changes in the share capital during the year under review.

Subsequently after the end of the financial year, on May 6, 2025, the Board of the Company allotted 8,00,000 (Eight Lakh) equity
shares of Rs. 10/- each to promoters, Mr. Dopesh Raja Mulakala (4,00,000 shares) and Mr. S. Chandra Sekhar Rao (4,00,000
shares), on conversion of unsecured loans from them into equity shares pursuant to approval of the shareholders in their
meeting held on 04.01.2025 and in accordance with the applicable provisions.

AUDIT COMMITTEE

The Company has a duly constituted Audit Committee. The Audit Committee comprises of:

The Committee inter alia reviews the Internal Control System, Reports of Internal Auditors and Compliance of various regulations
and all other matters as required under the Companies Act and SEBI (LODR) Regulations. The Committee also reviews the
financial statements before they are placed before the Board. The Board of Directors of the Company have accepted all the
recommendations given by the Audit Committee. The Committee is formed and functions in accordance with the provisions of the
Companies Act and SEBI LODR regulations as applicable.

STAKEHOLDERS' RELATIONSHIP COMMITTEE

The Company has a duly constituted stakeholders relationship committee. The Committee comprises of the following members:

The Committee is formed and functions in accordance with the provisions of the Companies Act and SEBI LODR regulations as
applicable.

NOMINATION AND REMUNERATION POLICY

The Company has a duly constituted “Nomination and Remuneration Committee”. The Committee has formulated a policy. The
sailent features are - it provides for Directors' appointment and remuneration, including criteria for determining qualifications,
positive attributes, independence of a Director and other matters and proper systems for identification, appointment of Directors
& KMPs, Payment of Remuneration to them and evaluation of their performance and to recommend the same to the Board from
time to time.

The Nomination and remuneration policy of the Company available on the website of the company at www.vantabio.com. There
was no change in the policy during the year under review.

The Nomination and Remuneration Committee include the following:

The Committee is formed and functions in accordance with the provisions of the Companies Act and SEBI LODR regulations as
applicable.

INDEPENDENT DIRECTORS COMMITTEE

The Independent Directors of the Company met once on 06.09.2024 during the financial year.

Details of policy for Familiarization Programme for Independent Directors: The Company's Policy on Directors' appointment and
remuneration can be viewed by the Stakeholders on the website of the company atwww.vantabio.com.

Note: Ms. Sangeetha Padam Choudhary, company secretary of the company was the secretary of all the committee meetings in
FY 2024-25.

Recommendations of Audit Committee:

There is no such instance to report where the Board has not accepted the recommendations made by the Audit Committee.
CORPORATE SOCIAL RESPONSIBILITY

The provisions of Section 135 of the Companies Act, 2013 in connection with corporate social responsibility are not applicable to
the Company.

VIGIL MECHANISM

Pursuant to the provisions of Section 177(9) & (10) of the Companies Act, 2013 and the applicable SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, a Vigil Mechanism or Whistle-Blower Policy for directors, employees and other
stakeholders to report genuine concerns has been established. The same is also uploaded on the website of the Company -
www.vantabio.com

RISK MANAGEMENT POLICY

The Risk Management is overseen by the Audit Committee of the Company on a continuous basis. The Committee oversees
Company's process and policies for determining risk tolerance and review management's measurement and comparison of
overall risk tolerance to established levels. There are no material risks which threaten the very existence of the company.

INTERNAL FINANCIAL CONTROLS

The Company has adequate internal financial controls which commensurate with the size of the business of the Company.

The Board had appointed M/s. V Ramachandra Rao., Chartered Accountants (M. No 203292) as the Internal Auditor of the
Company for conducting the Internal Audit of the Company for a period of two financial years i.e., FY 2024-25 and FY 2025-26.
Accordingly, they have carried out the internal audit for the FY 2024-25. There were no observations or remarks reported by the
said auditors of the Company during the year under review.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134 (5) of the Companies Act, 2013 Your Directors' confirm 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) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that
are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial
year and of the loss of the company for that period;

(c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with
the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other
irregularities;

(d) The Directors had prepared the annual accounts on a going concern basis; and

(e) The Directors had laid down internal financial controls to be followed by the company and that such internal financial
controls are adequate and were operating effectively.

(f) The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such
systems were adequate and operating effectively.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE OUTGO

Information required under section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules,
2014, is enclosed herewith as Annexure-III.

ANNUALRETURN

Form MGT 7 - the annual return of the Company for FY 2024-25 shall also be uploaded on the website of the Company. The link of
the same is https://www.vantabio.com/investor-relations/

PARTICULARS OF EMPLOYEES

Disclosure under Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 is enclosed as
Annexure - IV.

Pursuant to Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, during the
financial year no employee was in receipt of remuneration of Rs. 1.02 Crore or more, or where employed for part of the year was
in receipt of Rs. 8.5 Lakh or more a month and accordingly disclosure under Rule (2) is not required.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report as required under Schedule V of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 is enclosed as Annexure - V to this report.

PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS

The loans, investment and guarantees provided by the Company during the year has not exceeded the limit approved by the
shareholders in accordance with Section 186 of the Companies Act, 2013. The Company is in compliance with the provisions of
Section 186 of the Companies Act.

The Company has investments in its Wholly Owned Subsidiary - Vanta Clinical Research Limited. Details of loans, investments
and guarantees as applicable are disclosed in Note 12 of the financial statements and also at other places in the financial
statements.

LISTING ON SME PLATFORM OF BSE

The equity shares of the Company are listed on the SME Platform of BSE Ltd. The Company confirms that the annual listing fees
to the stock exchanges for the financial year 2024-25 have been paid.

COST RECORDS

The provisions of cost records as specified by the Central Government under sub-section (1) of Section 148 of the Companies
Act, 2013 are not applicable to the Company.

RELATED PARTY TRANSACTIONS

There were no materially significant related party transactions with the Company's Promoters, Directors, Management or their
relatives, which could have had a potential conflict with the interests of the Company. All related party transactions entered by the
Company under Section 188 of the Companies Act, 2013 are at arm's length and in the ordinary course of business. These
related party transactions have been entered considering the business requirements, administrative convenience and in the best
interest of the Companies.

The Company has entered into any transactions with person or entity belonging to the promoter/promoter group which holds 10%
or more shareholding in our Company. Details of the same are disclosed in Note 34 of the financial statements.

Details of all related party transactions are disclosed in Note 34 of the financial statements.

DISCLOSURE OF RELATED PARTY TRASACTIONS WITH SUBSIDIARIES

The Company has invested an amount of Rs. 3,00,00,000/- (Rupees Three Crore Only) towards subscription to the equity shares
of its Wholly owned subsidiary - Vanta Clinical Research Limited. Further, the Company has also entered transactions with both
itssusbidiares/associates - Vanta Clinical Research Limited and Cebis India Limited.

Details of the said related party transactions are disclosed in Note 34 of the financial statements.

RECLASSIFICATION OF PROMOTERS

During the financial year under review, the Company received requests from Dr. Vyasmurti Madhavrao Shingatgeri and Mr.
Pradeep Chowdary Veeramachineni, forming part of the Promoter Group, for reclassification of their status from “Promoter” to
“Public" category in accordance with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. The Board, at its meeting held on July 19, 2024, approved the reclassification requests and submitted the
application to BSE Limited. The said application has been rejected by BSE as the Company had not obtained shareholders
resolution for the same. The Company is reviewing the observations and will take necessary steps accordingly.

GENERAL

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on
these items during the year under review:

1. Issue of equity shares with differential rights as to dividend, voting or otherwise.

2. Issue of shares (including sweat equity shares) to employees of the Company under any scheme.

3. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern

status and Company's operations in future.

4. No material changes and commitments affecting the financial position of the Company have occurred between the end of
the financial year and date of report.

5. No change in the nature of business of the Company.

6. There was no instance of one time settlement with any Bank or financial institution.

7. BSE has levied a penalty of Rs. 36,88,680/- including GST for non-compliances of Regulation 33, Regulation 34 and

Regulation 6(1) of SEBI (LODR) Regulations for certain quarters. The Company had filed a waiver application to BSE

requesting to waive of the SOP fines as the said non-compliances were majorly during the period when the Company was
being run by IRP/RP and the Board was suspended. The said request was accepted partially and the Company was
directed to pay Rs. 4,02,380/- including GST. The Company has paid the said amount and the said matter stands closed
now.

8. There are no shares lying in Demat suspense account or unclaimed suspense account.

The Company has complied with all the provisions of the secretarial standards as applicable to the Company.

The Company being listed on SME Exchange. Para C, D and E of Schedule V of SEBI (LODR) Regulations, 2015 in
connection with disclosures in the annual report are not applicable to the Company.

INSIDER TRADING REGULATIONS

Based on the requirements under SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time, the
code of conduct for prevention of insider trading and the Code for Corporate Disclosures ("Code”), as approved by the Board from
time to time, are in force by the Company. The objective of this Code is to protect the interest of shareholders at large, to prevent
misuse of any price sensitive information and to prevent any insider trading activity by dealing in shares of the Company by its
Directors, designated employees and other employees.

The Company also adopts the concept of Trading Window Closure, to prevent its Directors, Officers, designated employees and
other employees from trading in the securities of Vanta Bioscience Limited at the time when there is unpublished price sensitive
information.

OBLIGATION OF THE COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION-
PROHIBITION AND REDRESSAL) ACT, 2013

Prevention of Sexual Harassment of Women at the Workplace

Your Company adheres to a strict policy to ensure the safety of women employees at the workplace. The Company is fully
compliant with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013 (“POSH Act”) and has constituted an Internal Complaints Committee to redress complaint regarding sexual harassment.
The Company's policy in this regard, is available on the company's website.

In accordance with POSH Act, following disclosures are made:

COMPLIANCES OF MATERNITY BENEFIT ACT.1961

The Company confirms that it has complied with the provisions of the Maternity Benefit Act, 1961, including granting maternity
leave, nursing breaks, and protection against dismissal during maternity leave, as applicable to eligible employees during the
financial year.

ACKNOWLEDGEMENT

Your Directors place on record their appreciation of the continued patronage extended to the Company by bankers, dealers,
customers, suppliers, employees and shareholders. The trust reposed in your Company by its esteemed customers helped
stabilized growth during the year review.

Your Company also acknowledges the support and guidance received from its Bankers, other government agencies during the
year under review and look forward to continuing support.

For and on behalf of the Board

Sd/- Sd/-

DOPESH RAJA MULAKALA PADMANABHUNI VENKATA APPAJI

Managing Director Director

DIN:01176660 DIN: 02614167

September 06, 2025
Secunderabad