A detailed discussion(s) on financial and operational performance
of the Company, its subsidiaries and associate are given under
'Management Discussion and Analysis Report' forming part of
the Annual Report.

Dividend

The Company has a dividend distribution policy that balances the
dual objectives of rewarding shareholders through dividends whilst
also ensuring the availability of sufficient funds for growth of the
Company. The policy for the same can be acessed from the web link:
Dividend Distribution Policy.

In line with the dividend distribution policy, considering the sense
of shareholders' expectations and past dividend history, the
Company has declared and paid an interim dividend H0.50 per share
(i.e. 50%) on face value of HI/- each, during the Financial Year
under review. The dividend pay-out for Financial year 2025-26 was
H2547.98 millions.

The Board of Directors did not recommend any final dividend for the
financial year ended on March 31, 2026.

Transfer to Reserves

During the financial year under review, the Company transferred
an amount of H 4.3 Million to the 'General Reserve' on account of
Employee Stock Option Scheme. Details of the same are provided in
Note 15 of financial statements. Further no profits are transferred to
general reserves and entire amount of profit for the financial year
under review forms part of the 'Retained Earnings'.

Changes in Share Capital

During the period under review, there is no change in share capital
of the Company.

Expansions/Modernisation

During the year under review, the Company successfully expanded
its captive solar power capacity by 5.40 MWp. Consequently, the total
installed captive solar power capacity of the Company increased
to 57.38 MWp. This enhancement underscores the Company's
commitment to sustainability initiatives, including the reduction of
its carbon footprint and the adoption of environmentally responsible
energy solutions.

Credit Rating

The details on Credit Rating(s) are set out in the Corporate
Governance Report, which forms part of this report.

Consolidated Financial Statements

The consolidated financial statements of the Company and all
its subsidiaries form a part of this Annual Report and have been
prepared in accordance with Section 129(3) of the Companies Act,
2013. The statement containing highlights of performance of each
Subsidiary, salient features of the financial statements for the
financial year ended on March 31,2026 (Form AOC - I) is annexed to
the Financial Statements.

The audited accounts of the Subsidiary Companies are available
on the website of the Company athttps://www.tridentindia.com/
financial-statements-of-subsidiaries

The annual accounts of the Company and of the Subsidiary Companies
are open for inspection by any shareholder at the Registered Office
of the Company as per the instructions provided in the AGM Notice.

None of the Subsidiary or Step-down Subsidiary falls under the
criteria of Material Subsidiary as defined under Securities and
Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("SEBI LODR Regulations").

There have been no material changes in the nature of the business
of the subsidiaries during the financial year under review.

Board of Directors and Key Managerial Personnel
Directors Retiring by Rotation

Pursuant to provisions of Companies Act, 2013 ('the Act') and the
Articles of Association of the Company, Mr. Rajiv Dewan (DIN:
00007988) is liable to retire by rotation and being eligible, offers
himself for re-appointment. The Nomination and Remuneration
Committee and Board of Directors have recommended his
re-appointment for the approval of the shareholders of the Company
in the forthcoming 36^th Annual General Meeting of the Company.

The Company will also make the copies available of these documents
to shareholders upon receipt of request from them.

Subsidiary and Associate Companies

As on March 31,2026, the Company has following Subsidiaries, Step
Down Subsidiaries & Associate Companies:

Subsidiaries:

a) Trident Group Enterprises Pte. Ltd., Singapore, wholly-
owned subsidiary

Step Down Subsidiaries:

a) Trident Global Inc., USA, wholly-owned step down subsidiary

b) Trident Europe Limited, UK, wholly-owned step down subsidiary

c) THTL Trading LLC, UAE, wholly-owned step down subsidiary

Associate Company (within the meaning of Section 2(6) of the
Companies Act, 2013):

a) Trident Global Corp Limited (having shareholding of 30.42%)

Changes during the year

During the financial year under review, Mr. Pramod Agrawal
(DIN: 00279727) and Mr. Kapil Dev Nikhanj (DIN: 00910383) were
appointed as Non-Executive Independent Director(s) of the Company
with effect from August 09, 2025 and their appointment was
subsequently approved by the shareholders of the Company at the
35^th Annual General Meeting held on August 23, 2025.

Further, Prof. Rajeev Ahuja (DIN: 09196228) and Mr. Raj Kamal
(DIN: 07653591), Non-Executive Independent Directors of the
Company, completed their second term as an Independent Director
on the end of the day of August 08, 2025 and consequently ceased
as the Independent Directors of the Company with effect from
August 08, 2025.

Proposed Re-appointments

Ms. Usha Sangwan (DIN: 02609263) has been re-appointed as a
Non-Executive Woman Independent Director for a second term of 2
(two) years with effect from May 15, 2026.

Further, the Board of Directors has approved the re-appointment
of Mr. Deepak Nanda (DIN: 00403335) as Managing Director for a
term of 3 (three) years with effect from September 05, 2026, subject
to the approval of shareholders in ensuing Annual General Meeting
of the Company.

The approval of the shareholders for the re-appointment of Ms. Usha
Sangwan and Mr. Deepak Nanda are being sought at the ensuing 36^th
Annual General Meeting of the Company.

Complete details of changes in Board of Directors and have been
provided in the Corporate Governance Section.

Independent Directors

All Independent Directors have given declarations that they meet the
criteria of independence as laid down under Section 149(6) of the Act
and Regulations 16(1)(b) and 25(8) of SEBI LODR Regulations. It was
further confirmed that they are independent from the Management
of the Company 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 judgment and without any external influence.
Further, all the Independent Directors have given declarations that
they complied with the provisions of Companies (Appointment and
Qualifications of Directors) Rules, 2014 and complied with the Code
for Independent Directors prescribed in Schedule IV to the Act and
the Code of Business Conduct and Ethics of the Company.

During the year under review, a separate Meeting of Independent
Directors was duly held on March 19, 2026.

Key Managerial Personnel (KMP)

Pursuant to Section 203 of the Companies Act, 2013, Mr. Deepak
Nanda, Managing Director, Mr. Samir Prabodhchandra Joshipura,
Group Chief Executive Officer, Mr. Avneesh Barua, Chief Financial
Officer and Mr. Sushil Sharma, Company Secretary are designated
KMP of the Company as on March 31, 2026.

Further, during the year, there were no changes in the KMPs
of the Company.

Number of Board Meetings

During the year under review, the Board met 8 (Eight) times. The
maximum gap between any two consecutive Board meetings did not
exceed 120 days. The details of the Board meetings are set out in
the 'Corporate Governance Report' which forms part of this Report.

Committees of the Board

The Company has duly constituted Board level Committees
as mandated by the applicable laws and as per the business

requirements. Details of the Committees, along with their
composition(s), terms of reference and meetings held during the
year, are provided in the 'Corporate Governance Report', which
forms the part of this Report. During the financial year 2025-26,
the Board has considered and acted on all the recommendations of
its committee(s).

Evaluation of Performance of the Board

Nomination and Remuneration Policy prescribing the criteria for
appointment, remuneration and performance evaluation of the
directors. As mandated by Section 134 & 178, read with Schedule
IV of the Act and Regulation 25 of the SEBI LODR Regulations, the
Independent Directors in their separate meeting held on March 19,
2026, have reviewed the performance of Non-Independent Directors,
Chairperson and the Board as a whole including review of quality,
quantity and timeliness of flow of information between Board
and Management.

Further, the Board, during the financial year under review, has also
evaluated the performance of the Board, its Committees and all
Individual Directors including Independent Director & Chairman of
the Company. The evaluation was carried out on the basis of the
structured questionnaire(s) circulated in advance to all the Directors.

The Board expressed its satisfaction on the same and is of the
opinion that all the Independent Directors of the Company are
persons of high repute, & posses the integrity, relevant expertise
and experience in their respective fields.

Board Diversity

The Company recognizes and embraces the benefits of having a
diverse Board of Directors to enhance the quality of its performance.
The Company considers increasing diversity at Board level as
an essential element in maintaining a competitive advantage in
the complex business that it operates. The identified key skills/
expertise/competencies of the Board and mapping with individual
Director are provided in the 'Corporate Governance Report', which
forms a part of this Report.

Board Training, Induction and Familiarization of Directors

At the time of appointing a Director, a formal letter of appointment
is given to him/her, which inter-alia includes the role, function,
duties and responsibilities expected of him/her as a Director of the
Company and necessary documents, reports and internal policies to
enable him/her to familiarise with the Company and its procedures
and practices. Periodic presentations are made at the Board,
Committees & Strategy meetings on business and performance
updates of the Company, Global Business Environment, business
strategy and risks involved etc.

Further, Directors are facilitated to undertake structured visits to
the Company's manufacturing facilities to gain first-hand exposure
to operational processes and practices and to provide their feedback
and suggestions for operational and strategic improvements.
Updates on relevant statutory changes on important laws are
periodically presented or circulated to the Board. The Directors

are also explained in detail the compliances required from him/
her under the Act, the SEBI Regulations and other relevant Laws
and Regulations.

Details of Familiarization programme of Directors are provided on
the website of the Company atFamiliarization Programme

Conservation of Energy, Technology Absorption, Foreign
Exchange Earnings and Outgo

The disclosures pursuant to Section 134(3)(m) of the Act read with
Rule 8(3) of the Companies (Accounts) Rules, 2014 are as under:

A. Conservation of energy

i. Steps taken or impact on conservation of energy:

Trident is committed to sustainable business practices
by contributing to environment protection and considers
energy conservation as one of the strong pillars of
preserving natural resources.

The Company has taken various initiatives as listed
below, for energy conservation:

- Programmes for improving energy efficiency and
energy productivity across all operations

- Optimisation of equipment energy efficiency by
analysing the energy data

- Reduction in Auxiliary power consumption from
17.79% to 15.79% of total generation following the
overhauling of Boiler and Turbine-3.

- Enhanced operational efficiency and reduction in
power consumption by Installation of cooling tower
fan blades and shaft.

ii. Steps taken by the Company for utilizing alternate
sources of energy:

During the year under review, the Company has taken
various steps for utilizing alternate source of energy:

- Successfully commissioned a Rooftop Solar Power
Project at Budhni, Madhya Pradesh, enhancing the
installed capacity by 5.40 MWp

- Utilization of agro-waste (such as rice husk) in
appropriate proportions as a co-fuel with coal

- Placed order for a new 100% Agro fuel based boiler

- Utilization of plant drain water for ash
conditioning processes

- Installation of paddy feeding blowers to enhance
paddy fuel utilization in boilers, thereby
increasing renewable energy-based steam and
power generation.

This showcases Company's commitment towards
reducing its carbon emissions and ensuring
sustainability.

iii. Capital investment on energy conservation equipment:

- The amount incurred on capital expenditure
is Rs. 185.51 Million

B. Technology absorption

i. Efforts made towards technology absorption:

- Adoption of new technology-1x80 TPH Agro
fuel Boiler

- Installation of 66-kV Isolator from OEM Hitachi with
motorized isolator arm for 66-kV outdoor substation.

ii. Benefits derived:

- Significant reduction in carbon emissions through
coal phase out and exclusive use of Agro waste
fuel, which is environment friendly.

- Elimination of Red-role from manual operation
of isolator arm to motorized operation with new
66-kV Isolator.

iii. Details of technology imported

Details of Technology imported during the last three
financial years are mentioned in the respective
Annual Reports.

Technology imported during the FY 2025-26:

a) Year of Import: NA

b) Whether the technology has been fully absorbed: NA

c) If not fully absorbed, areas where the absorption
has not taken place and reasons thereof: NA

iv. Expenditure incurred on Research and Development: NA

C. Foreign exchange earnings and outgo

During the financial year under review, the Foreign Exchange
earnings of the company were H 33,470.66 million (Previous Year
H 37,865.0 million) and Foreign Exchange outgo was H 5107.9
million (Previous Year H 3,768.7 million)

Disclosure on ESOP

The Board of Directors and the Shareholders of the Company have
approved the 'Trident Limited Employee Stock Option Scheme - 2020'
('ESOS Scheme') at their Meetings held on May 16, 2020 and July 09,
2020 respectively. This scheme has been effective from July 09, 2020.
Pursuant to the Scheme, the Company had constituted Trident Limited
Employees Welfare Trust ('Trust') to acquire, hold and allocate/
transfer equity shares of the Company to eligible employees from time
to time on the terms and conditions specified under the Scheme.

The details of ESOS vested, exercised or lapsed during the year are
duly provided in Note No. 42 to Standalone Financial Statement of the
Company and the same is not repeated here for the sake of brevity.

Further, the Board of Directors and the Shareholders of the Company
have also approved the 'Trident Limited General Employee Benefit
Scheme - 2023' ('GEBS Scheme') at their Meetings held on May 24,
2023 and August 12, 2023 respectively.

The Disclosure as per SEBI (Share Based Employee Benefits and
Sweat Equity) Regulations, 2021 has been given on the website of
the Company under the following link:https://www.tridentindia.
com/other-statutory-disclosures

Pursuant to said regulations, a certificate from Secretarial Auditors
of the Company, with respect to the implementation of the schemes
has been obtained and will be placed before the shareholders at the
ensuing Annual General Meeting ("AGM").

Nomination and Remuneration Policy

Pursuant to Section 178 of the Companies Act, 2013, the Nomination
and Remuneration Policy of the Company has been designed to
keep pace with the dynamic business environment and market
linked positioning. The Policy lays down a structured framework for
identification, appointment, evaluation and succession planning of
Directors, Key Managerial Personnel ('KMP') and Senior Management
Personnel ('SMPs'), while promoting Board diversity, appropriate
skill mix and independence. It also establishes transparent, fair,
and performance linked principles for determining remuneration of
Directors, KMPs and SMPs, aligned with the Company's long-term
strategy, sustainability objectives, and regulatory requirements.
The Policy has been duly approved and adopted by the Board in
its meeting held on May 19, 2026, pursuant to recommendations of
Nomination and Remuneration Committee of the Company and is
available on the website of the Company at following link:NRC Policy.

As mandated by proviso to Section 178(4) of the Companies Act,
2013, salient features of Nomination and Remuneration Policy are
annexed as 'Annexure I' hereto and forms part of this report. The
details of the remuneration paid to the directors during the year are
provided in the 'Corporate Governance Report' which forms a part
of this Report.

Particulars of Employees

The information required pursuant to Section 197 read with Rule
5(1), 5(2) & 5(3) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 in respect of employees of the
Company, is provided in 'Annexure II', a separate exhibit forming
part of this report and is available on the website of the Company
athttps://www.tridentindia.com/other-statutory-disclosures. If any
Shareholder is interested in obtaining information as described
under first proviso to the Rule 5(3) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, he/she
may, before the date of forthcoming Annual General Meeting, write
to the Company Secretary in this regard.

Vigil Mechanism & Whistle Blower policy

The Company has implemented Vigil Mechanism & Whistle Blower
policy and the oversight of the same is with Audit committee of the
Company. The policy inter-alia provides that any Director, Employee
who observes any unethical behaviour, actual or suspected fraud
or violation of the Company's code of conduct or ethics, policies,
improper practices or alleged wrongful conduct in the Company
may report the same to Chairman of the Audit Committee or e-mail
on the email Id: whistleblower@tridentindia.comIdentity of the
Whistle Blower shall be kept confidential to the greatest extent
possible. The detailed procedure is provided in the policy and the
same is available on official website of the Company at following
link: Whistle Blower Policy

During the year under review, there were no instances of fraud
reported to the Audit Committee/ Board.

Corporate Social Responsibility & Sustainability

The CSR and ESG Committee of the Company comprises of
Mr. Rajiv Dewan (Chairman of the Committee), Dr. Anthony DeSa and
Mr. Deepak Nanda as Members. The disclosure of the contents of CSR
Policy as prescribed and amount spent on CSR activities during the
year under review are disclosed in 'Annual Report on CSR activities'
annexed hereto as Annexure III and forms part of this Report.

Further, the said Committee oversees the Business Responsibility
and Sustainability Reporting of the Company. The Business
Responsibility and Sustainability Report describing the initiatives
taken from an environmental, social and governance perspective,
in the prescribed format is included in this Annual Report
of the Company.

Risk Management Policy

The Company has adopted a Risk Management Policy with the
objective of ensuring sustainable business growth with stability
and to promote a pro-active approach in reporting, evaluating and
resolving risks associated with the business. In order to achieve the
key objective, the policy establishes a structured and disciplined
approach to Risk Management, in order to guide decisions on risk
related issues. The Risk Management framework has been provided
in the 'Management Discussion and Analysis Report' of the Company.

Internal Financial Controls

The Company has in place adequate internal financial controls with
reference to financial statements. During the year, such controls
were tested and no reportable material weaknesses in the design
or operation were observed. Further, the details of Internal Control
System are provided in the 'Management Discussion and Analysis
Report' of the Company.

Your Company's Financial Statements are prepared on the basis
of the Significant Accounting Policies and approved by the Audit
Committee and the Board. These Accounting policies are reviewed
and updated from time to time.

These systems and controls are subject to Internal Audit and their
findings and recommendations are reviewed by the Audit Committee
which ensures the implementation.

During the financial year under review, M/s Deloitte Touche
Tohmatsu India LLP and M/s Mahajan & Aibara Associates were
engaged as Internal Auditors of the Company. They carried out
the internal audit of the Company's operations and reported its
findings to the Audit Committee. Internal auditors also evaluated the
functioning and quality of internal controls and provided assurance
of its adequacy and effectiveness through periodic reporting.
Internal audit was carried out as per risk-based internal audit plan,
which was reviewed by the Audit Committee of the Company. The
Committee periodically assessed the findings and recommendations
for improvement and was apprised of the implementation status of
the actionable items.

No Default to Banks / Financial Institutions

The Company has not defaulted in payment of interest and/or
repayment of loans to any of the financial institutions and/or banks
during the financial year under review.

Corporate Governance

The Company is committed to adhere to the best practices & highest
standards of Corporate Governance. It is always ensured that the
practices being followed by the Company are in alignment with its
philosophy towards corporate governance. The well-defined vision
and values of the Company drive it towards meeting the business
objectives while ensuring ethical conduct with all stakeholders and
in all systems and processes.

Your Company proactively works towards strengthening
relationship with constituents of system through corporate fairness,
transparency and accountability. In your Company, prime importance
is given to reliable financial information, integrity, transparency,
fairness, empowerment and compliance with law in letter & spirit.
Your Company proactively revisits its governance principles and
practices as to meet the business and regulatory needs.

Detailed compliances with the provisions of the SEBI LODR
Regulations and the Act for the financial year 2025-26 are given in
Corporate Governance Report, which forms part of the Annual Report.

Auditors & Auditors’ Report

Statutory Audit

M/s S.R. Batliboi & Co. LLP, Chartered Accountants, Statutory
Auditors of the Company have submitted Auditors' Report on the
financial statements of the Company for the financial year ended
on March 31, 2026. There has been no qualification, reservation,
adverse remark or disclaimer given by the Statutory Auditors in
their Report. The information referred to in the Auditors' Report is
self-explanatory and do not call for any further comments.

Cost Audit

The Company is maintaining the Cost Records, as specified by the
Central Government under section 148(1) of the Act. The Board of
Directors of your Company, on the recommendations of the Audit
Committee, have re-appointed M/s Ramanath Iyer & Co., Cost
Accountants, as Cost Auditors for the financial year 2025-26 to carry
out an audit of cost records of the Company in respect of Textiles,
Paper and Chemical divisions. The Cost Audit Report for the financial
year ended March 31, 2026 is under finalization and shall be filed
with the Central Government within the prescribed time limit.

Secretarial Audit

M/s Mehta & Mehta, Practising Company Secretaries, have
submitted Secretarial Audit Report for the financial year ended on
March 31,2026 and same is annexed as Annexure IV and forms part
of this Report. There has been no qualification, reservation, adverse
remark or disclaimer given by the Secretarial Auditors in their
Report. Information referred to in the Secretarial Auditors' Report is
self-explanatory and do not call for any further comments.

Annual Secretarial Compliance Report

Pursuant to Regulation 24A of the SEBI LODR Regulations, a
Secretarial Compliance Report for the financial year 2025-26 on
compliance with all applicable SEBI Regulations and circulars/
guidelines issued thereunder, has been issued by M/s Mehta &
Mehta, Practising Company Secretaries and is available on the
website of the Company.

Annual Return

In terms of Section 92(3) of the Companies Act, 2013 and Rule 12 of
the Companies (Management and Administration) Rules, 2014, the
Annual Return of the Company is available on the website of the
Company at the link:https://www.tridentindia.com/annual-reports

Particulars of loans, guarantees or investments

The Particulars of loans, guarantees or investments have been
disclosed in the financial statements and the Company has duly
complied with Section 186 of the Act, in relation to Loans, Guarantee
and Investments, during the financial year 2025-26.

Contracts or Arrangements with Related Parties

All contracts/arrangements/transactions entered by the Company,
during the year under review, with related parties were in the
ordinary course of business and on arm's length basis. During the
financial year under review, the Company had not entered into any
contract/arrangement /transaction with related parties which could
be considered material in accordance with the Policy on Materiality
and Dealing with Related Party Transactions and hence, disclosures
in Form No. AOC-2 is not applicable. The related party disclosures
are provided in the notes to financial statements.

All related party transactions are placed before the Audit Committee
for its review and approval. Prior omnibus approval of the Audit
Committee is obtained on an annual basis for the transactions which

are planned/repetitive in nature, and omnibus approvals are taken
as per the policy laid down for unforeseen transactions. Related
party transactions entered into pursuant to the omnibus approval
so granted are placed before the Audit Committee for its review
on a quarterly basis, specifying the nature, value and terms and
conditions etc. of the transactions. The Policy on Materiality of and
Dealing with Related Party Transactions as approved by the Board is
available on the website of the Company at the following link:Policy
on Materiality and dealing with Related Party Transactions

Secretarial Standards

The Company has complied with all the applicable Secretarial
Standards issued by the Institute of Company Secretaries of India.

Incremental Borrowings under Large Corporate
Framework of SEBI

Pursuant to Regulation 50B of SEBI (Issue and Listing of
Non-Convertible Securities) Regulations, 2021 (NCS Regulations)
read with Chapter XII of the NCS Master Circular dated May 22,
2024 relating to 'Fund raising by issuance of debt securities by large
corporates', the Company was not required to raise funds by way of
issuance of debt securities during the financial year 2025-26.

Directors’ Responsibility Statement

Directors' Responsibility Statement pursuant to the provisions of
Section 134(3)(c) read with Section 134(5) of the Act on the annual
accounts of the Company for the year ended on March 31, 2026 is
provided below:

a) In the preparation of the annual accounts, the applicable
accounting standards had been followed alongwith proper
explanation relating to material departures from the same;

b) The Directors had selected such accounting policies and
applied them consistently and made judgements and estimates
that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company as at end of the
financial year and of the profit 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;

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; and

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.

General

a) During the year under review, your Company has neither
accepted any fixed deposits nor any amount was outstanding as
principal or interest as on balance sheet date and disclosures
prescribed in this regard under Companies (Accounts) Rules,
2014 are not applicable.

b) The Company has zero tolerance for sexual harassment at
workplace and has adopted a policy on prevention, prohibition
and redressal of sexual harassment at workplace in line
with the provisions of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act,
2013 and the Rules thereunder for prevention and redressal
of complaints of sexual harassment at workplace. Internal
Complaints Committee (ICC) has been set up to redress
complaints received regarding sexual harassment. All women
employees (permanent, contractual, temporary, trainees) are
covered under this policy.

The details of complaints received and disposed of during the
year are as follows:

Further, the Company has complied with all the provisions
relating to the Maternity Benefits Acts, 1961.

c) All Policies as required under the Act or the SEBI LODR
Regulations are available on the website of the Company
i.e.https://www.tridentindia.com/. Links of the Policies are
provided in the Corporate Governance Report, which forms
part of this report.

d) Your directors state that no disclosure or reporting is
required with respect to the following items as there were no
transactions on these items during the year under review:

• Material changes and commitments after the closure
of the financial year till the date of this Report, which
affects the financial position of the Company.

• Change in the nature of business of the Company.

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

• Issue of sweat equity shares to its Directors or Employees.

• Any remuneration or commission received by Managing
Director of the Company from any of its subsidiary.

• Significant or material orders passed by the Regulators
or Courts or Tribunals which impact the going concern
status and Company's operations in future.

• No fraud has been reported by the Auditors to the Audit
Committee or the Board under section 143(12) of the Act.

• No application has been made under the Insolvency and
Bankruptcy Code; hence the requirement to disclose the
details of application made or any proceeding pending
under the Insolvency and Bankruptcy Code, 2016 during
the year alongwith their status as at the end of the
financial year is not applicable; and

• The requirement to disclose the details of difference
between amount of the valuation done at the time of
onetime settlement and the valuation done while taking
loan from the Banks or Financial Institutions along with
the reasons thereof, is not applicable.

Human Resources Development and Industrial Relations

The human resources development function of the Company is
guided by a strong set of values and policies. The Company strives
to provide the best work environment with ample opportunities to

grow and explore. The Company maintains a work environment
that is free from physical, verbal and sexual harassment. The
details of initiatives taken by the Company for development
of human resources are given in Management Discussion and
Analysis Report.

The Company maintained healthy, cordial and harmonious industrial
relations at all levels during the financial year under review.

Acknowledgments

It is our strong belief that caring for our business constituents
has ensured our success in the past and will do so in future. The
Directors of the Company acknowledge with sincere gratitude the
co-operation and assistance extended by the Central Government,
Government of Punjab, Government of Madhya Pradesh, Financial
Institution(s), Bank(s), Customer(s), Dealer(s), Vendor(s) and
Society at large.

The Directors of the Company also wish to convey their appreciation
for collective contribution & hard work of employees across all
levels. The Board also takes this opportunity to express its deep
gratitude for the continued co-operation and support received from
its valued shareholders and their confidence in management and
look forward to their continued support in future too.