2. Dividend

In view of the losses for the financial year, no
dividend is recommended as per the provisions of
the Companies Act, 2013, as amended (“the Act”),
and the Rules framed thereunder. The Dividend
Distribution Policy as per the Securities and
Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations,
2015 (“Listing Regulations”) is available on the
Company’s website on https://media.atherenergy.
com/Dividend-Distribution-Policy.pdf

The Company has not declared any dividend in
the past and hence there is no unclaimed amount
required to be transferred to investor education
and protection fund.

3. Transfer to Reserves

During the year under review, the Company has
not transferred any amount to reserves.

4. State of Company’s Affairs

During the year, your Company sold 155,394 units
of electric scooters as compared to 109,577 units in
the previous year, registering a significant growth
of around 42% YoY. The Company’s electric
scooters had excellent traction amongst the
premium scooter buyers with 65,093 of the total
units sold being vehicles with top end features.

During the year, the Company changed its status
from a private to a public limited company w.e.f.
August 27, 2024. It also embarked on a historic
journey of initial public offering of its equity shares
aggregating to ' 29,808 million, comprising
of issue of fresh equity shares aggregating
' 26,260 million as well as offer for sale by certain
existing shareholders aggregating ' 3,548
million (“IPO”). We are pleased to inform that your
Company’s equity shares were successfully listed
on May 6, 2025 at the BSE Limited and National
Stock Exchange of India Limited.

5. Share Capital and Debentures

A. Share Capital

a. Authorized Share Capital

The Company at its Extraordinary General
Meeting held on June 21, 2024 vide ordinary
resolution increased the authorised share
capital of the Company from ' 9,365,778
to ' 500,000,000.

Further, the Company at its Extraordinary
General Meeting held on September 05,
2024 vide ordinary resolution increased the
authorised share capital of the Company
from ' 500,000,000 to ' 1,000,000,000.

b. Issued, Subscribed and Paid-Up Share
Capital

The issued, subscribed and paid-up share
capital of the Company as on March 31, 2025
is ' 290,643,469 divided into 290,643,469
equity shares of ' 1/- each.

Details of issuance of equity shares and
compulsory convertible preference shares
by the Company during the financial year
under review are given hereunder:

On June 21, 2024, the Company subdivided
3,530 equity shares of ' 37 each to 130,610
equity shares of ' 1 each.

On June 22, 2024, the Company issued
29,658,520 Bonus equity shares of ' 1 each
to equity shareholders.

On July 04, 2024, 907,236 equity shares of
' 1 each were issued on exercise of stock
options pursuant to the Companies (Share
Capital and Debentures) Rules, 2014.

On July 09, 2024, the Company allotted
74,148 Series F CCPS of ' 1 each which
were converted into equity shares on
February 25, 2025.

On September 04, 2024, the Company
allotted 16,528,925 Series G CCPS of ' 10
each which were converted into equity
shares on March 08, 2025.

On February 25, 2025, 19,352,628 equity
shares of ' 1 each were issued pursuant
to conversion of Series F compulsory
convertible preference shares.

On March 08, 2025, 240,483,445 equity
shares of ' 1 each were issued pursuant
to conversion of outstanding compulsory
convertible preference shares.

During the financial year under review, the
Company has neither issued the equity shares
with differential voting rights nor issued sweat
equity shares in terms of the Companies Act, 2013.

B. Debentures

On April 28, 2024, the Company allotted 5,000
Series C unlisted, secured, redeemable
Non-Convertible Debentures (NCD) of face value
of ' 100,000 per NCD to Alteria Capital Fund II -
Scheme I and Alteria Capital Fund III - Scheme A.

On May 04, 2024, the Company allotted 6,000
Series C1 unlisted, secured, redeemable
Non-Convertible Debentures (NCD) of face value
of ' 100,000 per NCD to InnoVen Capital India Fund.

On May 30, 2024, the Company allotted 10,000
Series C3 unlisted, secured, redeemable
Non-Convertible Debentures (NCD) of face value of
' 1,00,000 per NCD to Stride Ventures Debt Fund II.

On June 13, 2024, the Company allotted 10,000
Series C3 unlisted, secured, redeemable
Non-Convertible Debentures (NCD) of
face value of ' 1,00,000 per NCD to Stride
Ventures Debt Fund 3.

On July 24, 2024, the Company allotted 6,000
Series D1 unlisted, secured, redeemable
Non-Convertible Debentures (NCD) of face value
of ' 1,00,000 per NCD to InnoVen Capital India Fund.

On November 19, 2024, the Company allotted

2.000 Series D2 unlisted, secured, redeemable
Non-Convertible Debentures (NCD) of face value
of ' 1,00,000 per NCD to InnoVen Capital India Fund.

On February 05, 2025, the Company allotted

2.000 Series D3 unlisted, secured, redeemable
Non-Convertible Debentures (NCD) of face value
of ' 1,00,000 per NCD to InnoVen Capital India Fund.

6. Subsidiaries, Joint Ventures & Associate
Companies

The Company does not have any subsidiaries,
joint ventures, or associate companies. Hence, a
separate section on the performance and financial
position under the provisions of Section 129(3)
of the Companies Act, 2013, is not applicable
to the Company.

The Company’s Policy for determining Material
Subsidiaries is available on the website at
https://media.atherenergy.com/Policy-for-
determining-Material-Subsidiaries.pdf

7. Management Discussion and Analysis

Management Discussion and Analysis Report for
the year under review, as stipulated under the
Listing Regulations, is presented in a separate
section, forming part of the Annual Report.

8. Material Changes Affecting the Financial
Position of the Company

On May 06, 2025, the equity shares of your
Company got listed on National Stock Exchange
of India Limited and BSE Limited, post successful
Initial Public Offering of 92,867,945 equity shares
having face value of ' 1/- each (“Equity Shares”) at
an Offer Price of ' 321/- per equity share, including
premium of ' 320/- per equity share aggregating
to ' 29,808 million, comprising of Fresh issue of
81,816,199 equity shares and an offer for sale of
11,051,746 equity shares by certain existing equity
shareholders of the Company. A discount of ' 30/-
per equity share was offered to Eligible Employees
bidding in the Employees Reservation Portion.

There are no other material changes and
commitments affecting the financial position of
the Company that has occurred since the end of
the financial year till the date of this report.

9. Change in the Nature of Business, if any.

There has been no change in the nature of
business of the Company during the financial year
ended March 31, 2025.

10. Internal Financial Controls and Internal Audit

The Company has an adequate system of internal
controls commensurate with its size and scale of
operations, procedures and policies, ensuring
orderly and efficient conduct of its business,
including adherence to the Company’s policies,
safeguarding of its assets, prevention and
detection of frauds and errors, accuracy and
completeness of accounting records and timely
preparation of reliable financial information.

As part of the Corporate Governance Report, Chief
Financial Officer (CFO) certification is provided for
assurance on the existence of effective internal
control systems and procedures in the Company.

The internal control framework is supplemented
with an internal audit program that provides an
independent view of the effectiveness of the
process and controls and supports a continuous
improvement program. The Audit Committee of
the Board oversees the internal audit function.

The Audit Committee is regularly apprised by
the internal auditors through various reports and
presentations. The scope and authority of the
internal audit function is derived from the Audit
Committee charter approved by the Board.
The internal audit function develops an internal
audit plan to assess control design and operating
effectiveness, as per the risk assessment
methodology and provides assurance to the Audit
Committee that a system of internal control is
designed and deployed to manage key business
risks and is operating effectively.

Further, in terms of section 138 of the Companies
Act, 2013, the Company had appointed M/s. Ernst &
Young LLP as Internal Auditors of the Company for
the financial year 2024-2025.

11. Deposits

During the financial year 2024-25, the Company
has not accepted any deposits from public under
the Companies Act, 2013 read with the Companies
(Acceptance of Deposits) Rules, 2014, as amended.

12. Auditors

i) Statutory Auditors and Audit Report

Pursuant to the provisions of section 139 of the
Companies Act, 2013, M/s. Deloitte Haskins
& Sells, Chartered Accountants (Firm
Registration 008072S) were appointed as
Statutory Auditors of the Company at the
Annual General Meeting held on July 15,
2021 to hold office from the conclusion of 8^th
Annual General Meeting till the conclusion of
13^th Annual General Meeting, covering one
term of five consecutive years.

The Statutory Auditors have given
unmodified opinion on the audited financial
statements of the Company for the financial
year ended March 31, 2025, which forms
part of the Annual Report. The Statutory
Auditors have given no qualification,
reservation or adverse remark or disclaimer
in its report. The Auditors of the Company
have not reported any fraud in terms of the
second proviso to Section 143(12) of the
Companies Act, 2013.

ii) Secretarial Auditors & Secretarial Audit
Report

Pursuant to the provisions of Section 204
of the Companies Act, 2013 read with
corresponding rules made thereunder, as
amended from time to time, M/s. BMP & Co.
LLP, Practising Company Secretaries, (Firm
registration number: L2017KR003200) were
appointed as Secretarial Auditors to conduct
Secretarial Audit of the Company for the
financial year ended March 31, 2025.

The Secretarial Audit Report as submitted by
Secretarial Auditors in Form MR-3 is annexed
to this Report as Annexure-I.

There are no observations including
any qualification, reservations, adverse
remarks or disclaimer in the Secretarial
Audit Report that call for any explanation
from the Directors.

Pursuant to Regulation 24A (2) of the
Listing Regulations, listed entities are
required to submit, on annual basis, the
Secretarial Compliance Report with the
stock exchanges within sixty days from the
end of the financial year. The Company
has received the Secretarial Compliance
Report from M/s. BMP & Co. LLP, Practising
Company Secretaries. and the same
can be accessed at https://media.
atherenergy.com/Secretarial-Compliance-
Report-FY-2024-25.pdff

(iii) Cost Auditor & Cost records

The Company has maintained cost records
and accounts as specified by the Central
Government under Section 148(1) of the
Companies Act, 2013 and Companies (Cost
Records and Audit) Rules, 2014 in respect
of Li-Ion battery packs manufactured by
the Company. The Company is not required
to undertake Cost Audit as prescribed
under the Companies (Cost Records and
Audit) Rules, 2014.

13. Directors and Key Managerial Personnel (KMPs)

(i) Board of Directors

As on March 31, 2025, the Board of Directors
has 9 Members viz. 7 Non-executive
Directors (including 3 Independent
Directors and 2 Nominee Directors) and two
Executive Directors.

Below were the changes in Directors during the
financial year 2024-2025:

• The Board of Directors at their meeting held
on July 28, 2023 approved reappointment of
Mr. Tarun Sanjay Mehta (DIN: 06392463) as
Executive Director & CEO of the Company for a
term of five years with effect from May 30, 2024.

• The Board of Directors at their meeting held
on July 28, 2023 approved reappointment of
Mr. Swapnil Babanlal Jain (DIN: 06682759) as
Executive Director & CTO of the Company for a
term of five years with effect from May 30, 2024.

• The Board of Directors at their meeting held

on May 06, 2024 approved appointment

of Mr. Kaushik Dutta (DIN: 03328890) as
Non-executive Independent Director of the
Company effective from May 06, 2024 for a term
of five consecutive years and the same was
approved by the Members at the Extra-ordinary
General Meeting held on May 28, 2024.

• The Board of Directors at their meeting held
on August 27, 2024 approved appointment
of Ms. Neelam Dhawan (DIN:00871445) as
Non-executive Independent Director and
Chairperson of the Board effective from August 27,
2024 for a term of three consecutive years and
her appointment as Non-executive Independent
Director was approved by the Members at
the Extra-ordinary General Meeting held on
September 5, 2024.

The Board of Directors at their meeting held
on August 27, 2024 approved appointment of
Mr. Sanjay Nayak (DIN: 01049871) as Non-executive
Independent Director of the Company effective
from August 27, 2024 for a term of five consecutive
years and the same was approved by the Members
at the Extra-ordinary General Meeting held on
September 5, 2024.

(ii) Key Managerial Personnel (KMPs)

In accordance with the provisions of
Sections 2(51) and 203 of the Act, read
with the Companies (Appointment and
Remuneration of Managerial Personnel)

Rules, 2014 the following are the Key
Managerial Personnel of the Company:

S. Name Designation

No

Below were the changes in the Key Managerial
Personnel during financial year 2024-2025:

• Mr. Tarun Sanjay Mehta (DIN: 06392463) was
reappointed as Executive Director & CEO of
the Company for a term of five years with effect
from May 30, 2024.

• Mr. Swapnil Babanlal Jain (DIN: 06682759) was
reappointed as Executive Director & CTO of
the Company for a term of five years with effect
from May 30, 2024

• Mr. Sohil Dilipkumar Parekh was appointed as
Chief Financial Officer of the Company with effect
from April 01, 2024.

14. Independent Directors

(i) The Company has received declarations from
each of the Independent Directors that he/she
meets the criteria of independence as laid out in
Section 149(6) of the Act and Regulation 16(1)(b) of
the Listing Regulations.

(ii) The Board of Directors is of the opinion that all the
Independent Directors meet the criteria regarding
integrity, expertise, experience and proficiency.

(iii) In terms of Regulation 25(8) of Listing Regulations,
all the Independent Directors have confirmed that
they are not aware of any circumstance or situation,
which exists 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.

In the opinion of the Board, there has been no
change in the circumstances affecting their status
as Independent Directors of the Company and the
Independent Directors are persons of high repute,
integrity and possess relevant expertise and
experience in the respective fields. Further, in terms
of Section 150 read with Rule 6 of the Companies
(Appointment & Qualification of Directors) Rules,
2014, as amended, the Independent Directors of
the Company have registered their names in the
data bank of Independent Directors maintained
with the Indian Institute of Corporate Affairs.

(iv) During the year under review, the Non-executive
Directors of the Company had no pecuniary
relationship or transactions with the Company.
Further, Independent Directors had no pecuniary
relationship or transactions with the Company,
other than sitting fees. Further, they are entitled
to receive remuneration as per the provisions
of Section II of Part II of Schedule V of the Act for
the FY 2024-25.

(v) The Independent Directors of the Company have
provided declaration with respect to compliance
with the Code for Independent Directors
prescribed in Schedule IV of the Act and Code of
Conduct for Directors and Senior Management
Personnel as laid down by the Company.

15. Committees of Directors

The Company has constituted Committees as
required under the Act and the Listing Regulations
and the details of the said Committees are
provided in the Corporate Governance Report.

16. Board and Committee Meetings

During the year, 16 Board meetings were held.
Detailed information regarding the Board and
Committee meetings is included in the Corporate
Governance Report.

17. Evaluation of the Board, Committees, and
Individual Directors

Pursuant to the provisions of Act and the
Listing Regulations, evaluation of the Board
was conducted for the financial year 2024-25.
An online questionnaire method was adopted
for evaluation based on the criteria approved by
Nomination and Remuneration Committee (“NRC”)
including a dedicated section for providing
subjective feedback/suggestions. The evaluation
was made to assess the performance of individual
Directors, Committees of the Board, Board as a

whole and the Chairperson. The evaluation of the
Board was based on criteria such as structure and
composition, effectiveness of Board processes,
governance and compliance, access of Board
to management for information, awareness of
industry trends etc. The performance of the
Committees was evaluated based on criteria such
as the composition of Committees, effectiveness
of Committee meetings and its reporting to the
Board, understanding of terms of reference.
The evaluation of individual Directors was
based on criteria such as personal attributes,
participation and preparedness, availability,
ethics, integrity, governance, understanding of
business, corporate governance, value addition
etc. Further, the evaluation of Executive Directors
included additional criteria like achievement
of targets set by Board and execution of plan,
information sharing, leadership skills, relationship
with Board members and all stakeholders.

The NRC at its meeting held on May 12, 2025
reviewed the report based on the outcome of
the evaluation process. Further, the Independent
Directors of the Company met separately
on May 12, 2025, wherein, they reviewed the
performance of the Non-Independent Directors
and Board as a whole and of the Chairperson,
taking into account the views of Executive and
Non-executive Directors and they also assessed
the quality, quantity and timeliness of flow of
information between the Company’s Management
and the Board that is necessary for the Board to
effectively and reasonably perform their duties.
The above evaluations were then discussed in
detail in the Board Meeting.

18. Policy on appointment of Directors and
Remuneration

The Company’s policy on Directors’
appointment and remuneration and other
matters provided in Section 178(3) of the Act,
is available on the website of the Company at
https://media.atherenergy.com/NRC-Policy.pdf

We affirm that the remuneration paid to
the Directors is as per the terms laid out in
the Nomination and Remuneration Policy
of the Company.

19. Whistle Blower/Vigil Mechanism

The Company strongly believes in conduct of its
business in a fair, transparent, lawful, and ethical
manner. Your Company has implemented a

Whistle-Blower policy in line with Section 177(9)
& (10) of the Act, read with Rule 7 of Companies
(Meetings of Board and its Powers) Rules, 2014,
for its employees and stakeholders to raise and
report genuine concern(s) regarding unethical
behaviour, actual or suspected fraud, violation of
Company’s policies or applicable laws. The Whistle
Blower Policy is available on the website of the
Company at https://media.atherenergy.com/
Whistle-Blower-Policy.pdf

The Company, as a policy, condemns any kind of
discrimination, harassment, victimization, or any
other unfair employment practice being adopted
against whistle blowers and provides adequate
safeguard measures. It also provides direct
access to the Chairperson of the Audit Committee
to raise concerns.

20. Corporate Social Responsibility

Corporate Social Responsibility (CSR) is a
significant and foremost attitude of responsibility
towards society. The Company believes in
actively contributing to the social, economic and
environmental development of the community in
which it operates, ensuring participation from the
community and thereby create value for the nature
and its inhabitants through sustainable means.

While the Company does not meet the criteria
set out for constitution of CSR Committee and
contributions based on the statutory norms
required under section 135 of the Act yet, the
Company has always been committed to building
a sustainable ecosystem and is placing concerted
efforts to operate in ways that enhance society
and the environment.

The Company has a well-defined policy on CSR
under Section 135 of the Act. The CSR Policy
of the Company is available on its website at
https://media.atherenergy.com/CSR-Policy.pdf.
Details on CSR activities voluntarily undertaken
by the Company during the year are provided in
Annexure-II forming part of this report.

21. Particulars of contracts or arrangements with
related parties

During FY25, all contracts/arrangements/
transactions entered into by your Company
with related parties were in compliance with the
applicable provisions of the Act. The Company

has formulated a policy on dealing with related
party transactions, which is available at https://
media.atherenerqy.com/RPT-policv-2025.pdf The
policy intends to ensure that proper reporting,
approval and disclosure processes are in place
for all transactions between the Company and
related parties.

Your attention is drawn to Note 36 to the
financial statements which sets out related party
disclosures. All related party transactions entered
in to by the Company were in ordinary course of
business and on arm’s length basis.

No material related party transactions were
entered into by the Company during the year.

Disclosures as required under Section 134(3)(h)
read with Rule 8(2) of the Companies (Accounts)
Rules, 2014 are given in Form AOC-2 as specified
under Companies Act, 2013 which is annexed as
Annexure-III to this report.

22. Particulars of loans, guarantees or investments

During FY 25, your Company has not given any
loans or guarantee and not made any investment
pursuant to Section 186 of the Act and Schedule V
of the Listing Regulations.

23. Conservationof Energy, Technology Absorption
and Foreign Exchange Earnings and Outgo

The details regarding conservation of energy,
technology absorption, and foreign exchange
earnings and outgo is annexed as Annexure-IV
to this report.

24. Copy of Annual Return

Pursuant to Sections 92(3) and 134(3)(a) of the Act
and Rule 12 of the Companies (Management and
Administration) Rules, 2014, the Annual Return is
available on Company’s website at https://media.
atherenergy.com/Form-MGT-7-FY-24-25.pdf

25. Significant and material orders passed by the
Regulators or Courts or Tribunals impacting
the going concern status and Company’s
operations in future

During the year under review, no significant and
material orders were passed by the regulators or
courts or tribunals impacting the going concern
status and Company’s operations in future.

26. Particulars of Employees

The statement containing remuneration details
as required under Section 197(12) of the Act, read
with Rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel)
Rules, 2014, (“Rules”) is provided in Annexure-V
to this report.

The information required under Rule 5(2) and (3)
of the Rules, is provided as a separate annexure
forming part of this report. However, the report
is being sent to the members of the Company
excluding the statement of particulars of
employees under Rule 5(2) and (3) of the Rules.
Any member interested in obtaining a copy of
the same may write to the Company Secretary
& Compliance Officer of the Company at cs@
atherenergy.com. The same is also open
for inspection at the registered office of the
Company. Further, none of the employees listed
in the said Annexure are related to any Director
of the Company.

27. Disclosure on Employee Stock Option Plan (ESOP)

The NRC administers and monitors the Company’s
ESOP in accordance with Securities and Exchange
Board of India (Share Based Employee Benefits and
Sweat Equity) Regulations, 2021. During the year,
4,641,777 stock options were granted to eligible
employees under the said ESOP.

Disclosures as required under Rule 12 of
Companies (Share Capital and Debentures)
Rules, 2014, Securities and Exchange Board
of India (Share Based Employee Benefits and
Sweat Equity) Regulations, 2021, read with SEBI
Circular CIR/CFD/POLICY CELL/2/2015 dated
June 16, 2015 is available on the website of the
Company at https://media.atherenergy.com/
ESOP-Disclosure-FY-24-25.pdf

The certificate from the Secretarial Auditors that
the ESOP has been implemented in accordance
with Securities and Exchange Board of India (Share
Based Employee Benefits and Sweat Equity)
Regulations, 2021 and the resolutions passed by
the shareholders shall be available at the Annual
General Meeting for inspection by the members.

28. Directors’ Responsibility Statement

Your Directors make the following statement, in
relation to financial statements for the financial
year ended March 31, 2025, in terms of Section 134
of the Act, which is to the best of their knowledge

and belief and according to the information and
explanations obtained by them, that:

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

b) appropriate accounting policies were
selected and applied consistently and
judgments and estimates that are reasonable
and prudent were made 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 profit and loss 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 Act, for safeguarding the assets of the
Company and for preventing and detecting
fraud and other irregularities;

d) the annual accounts were prepared on a
going concern basis;

e) internal financial controls to be followed
by the Company were laid down and such
internal financial controls were adequate
and operating effectively; and

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

29. Risk Management Policy

The ability to effectively identify and manage risk
is a vital element of business success for all parts
of the Company’s business. The Risk Management
Committee oversees how management monitors
compliance with the risk management policies
and procedures and reviews the adequacy of the
risk management framework in relation to the risks
being faced by the Company.

The Company has developed a Risk Management
Policy which deals with major elements of risks
that may threaten existence of the Company and
suitable steps to mitigate the same.

The Risk management policy is available on
the website of the Company at https://media.
atherenergy.com/Risk-Management-Policy.pdf

30. Disclosures under Sexual Harassment of
Women at Workplace (Prevention, Prohibition
& Redressal) Act 2013.

The Company has a policy on Prevention,
Prohibition & Redressal of Sexual Harassment
at the Workplace in line with the requirements of
the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.
The Internal Complaints Committee has been set
up to redress the complaints received regarding
sexual harassment. All employees including
contract labour, consultants, service providers
etc. associated with the Company are covered in
this policy. During the year, the Company complied
with all provisions of the said Act. Following is the
summary of complaints received and disposed
during the year:

Number of complaints received: 6
Number of complaints disposed: 3*

Number of complaints withdrawn: 0
Number of complaints pending: 4

(*One case was reported in Q4 of FY 23-24 & closed in Q1
FY 24-25 (within applicable timeline))

31. Compliance with Secretarial Standards

The Company has devised proper systems to
ensure compliance with applicable Secretarial
Standards and such systems are adequate and
operating effectively.

32. Corporate Governance

As per Regulation 34 and Schedule V(C) to the SEBI
Listing Regulations, the Corporate Governance
Report together with the Compliance certificate
from the Practicing Company Secretary is annexed
as Annexure-VI to this report.

33. Details of application made or any proceeding
pending under the Insolvency and Bankruptcy
Code, 2016 (31 Of 2016) during the year
along with their status as at the end of
the financial Year

No application was made or proceedings were
pending under the Insolvency and Bankruptcy
Code, 2016 (31 Of 2016) during the financial year.

34. 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

There were no differences observed 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
during the financial year.

35. Cautionary Statement

Members and readers are cautioned that in
the case of data and information external to
the Company, no representation is made on
its accuracy or comprehensiveness though
the same are based on sources believed to be
reliable. Utmost care has been taken to ensure
that the opinions expressed by the management
herein contain its perceptions, as on the date
of the report, on the material impacts on the
Company’s operations, but it is not exhaustive
as they contain forward looking statements
which are extremely dynamic and increasingly
fraught with risk and uncertainties. Actual results,
performances, achievements or sequence of
events may be materially different from the views
expressed herein.

36. Acknowledgement

The Board welcomes its new members who have
come on board pursuant to initial public issue
of the Company. The Board also expresses its
sincere appreciation to the various Government/
Regulatory authorities, Company’s valued
customers, suppliers, vendors and bankers
for their continued co-operation, trust and
support. Further, the Board conveys its gratitude
to the Company’s Founders, members and
other stakeholders for their continued support.
The Board also expresses its deep sense of
appreciation and acknowledgement to all the
employees, for their professional commitment and
dedication in furthering Company’s objectives.

For and on behalf of the Board of Directors of

Ather Energy Limited

Tarun Sanjay Mehta Swapnil Babanlal Jain

Executive Director Executive Director

& CEO & CTO

DIN: 06392463 DIN: 06682759

Place: Bangalore Place: Bangalore

Date: May 12, 2025 Date: May 12, 2025