2.8 Provision and Contingent Liabilities and
Contingent AssetsProvisions

A provision is recognised when the Company has a
present obligation (legal and constructive) as a result
of past events and it is probable that an outflow of
resources will be required to settle the obligation in
respect of which a reliable estimate can be made.

Provisions are discounted to their present value and
are determined based on the best estimate required
to settle the obligation at the Balance Sheet date.
These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates.

Contingent Liabilities and Assets

Contingent liabilities are when there is a possible
obligation arising from past events, the existence of

which will be confirmed only by the occurrence or
non-occurrence of one or more uncertain future events
not wholly within the control of the Company or a
present obligation that arises from past events where
it is either not probable that an outflow of resources
will be required to settle or a reliable estimate of the
amount cannot be made. Contingent liabilities are not
recognised but are disclosed in the notes.

Contingent asset is a possible asset that arises from
past events the existence of which will be confirmed
only by the occurrence or non-occurrence of one or
more uncertain future events not wholly within the
control of the enterprise. Contingent assets are neither
recognised nor disclosed in the financial statements.

Contingent liabilities and contingent assets are
reviewed at each Balance Sheet date.

2.9 Foreign Currency Transactions and Balances

Transactions in foreign currency are translated
into the respective functional currencies using the
exchange rates prevailing at the dates of the respective
transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and
from the translation at the exchange rates prevailing
at reporting date of monetary assets and liabilities
denominated in foreign currencies are recognised in
the Statement of Profit and Loss and reported within
foreign exchange gains/ (losses).

2.10 Financial Instruments

The Company recognizes financial assets and financial
liabilities when it becomes a party to the contractual
provisions of the instrument. All financial assets
and liabilities are measured at fair value on initial
recognition except trade receivables which are initially
recognised at transaction price as they do not contain
a significant financing component. Transaction costs
in relation to financial assets and financial liabilities,
other than those carried at fair value through profit
or loss (FVTPL), are added to the fair value on initial
recognition. Transaction costs in relation to financial
assets and financial liabilities which are carried at fair
value through profit or loss (FVTPL), are charged to the
statement of profit and loss.

i. Classification and subsequent measurement of
financial assets:

For the purpose of subsequent measurement,
financial assets are classified as follows:

Amortized cost: Financial assets that are held within
a business model whose objective is to hold the asset
in order to collect contractual cash flows that are
solely payments of principal and interest on specified
dates are subsequently measured at amortized

cost less impairment, if any. Interest income
calculated using effective interest rate (EIR) method
and impairment loss, if any are recognised in the
statement of profit and loss.

Fair value through other comprehensive income:

A financial asset is subsequently measured at fair
value through other comprehensive income if it is
held within a business model whose objective is
achieved by both collecting contractual cash flows
and selling financial assets and the contractual terms
of the financial asset give rise on specified dates to
cash flows that are solely payments of principal and
interest on the principal amount outstanding.

Fair value through profit or loss (FVTPL): A financial
asset which is not classified in any of the above
categories are subsequently measured at fair
value through profit or loss. Changes in fair value
and income on these assets are recognised in the
statement of profit and loss.

All equity instruments are measured at fair value
other than investments in unquoted equity shares
held in subsidiaries and associates. Investments in
subsidiaries and associates are measured at cost
less impairment loss, if any.

Equity instruments held for trading are classified
as FVTPL. For all other equity instruments, the
Company may make an irrevocable election to
present subsequent changes in the fair value in
OCI. The Company makes such election on an
instrument-by-instrument basis.

Income and expense is recognised on an effective
interest basis for debt instrument. The Company
uses valuation techniques that are appropriate in
the circumstances and for which sufficient data are
available to measure fair value, maximizing the use
of relevant observable inputs and minimizing the use
of unobservable inputs.

ii. Financial Liabilities and Equity InstrumentsClassification as Debt or Equity:

Financial liabilities and equity instruments issued
by the Company are classified according to the
substance of the contractual arrangements entered
into and the definitions of a financial liability and an
equity instrument.

Equity Instruments:

An equity instrument is any contract that evidences
a residual interest in the assets of an entity after
deduction all of its liabilities.

In accordance with Ind AS 109, the Company applies
expected credit loss (ECL) model for measurement
and recognition of impairment loss. Financial assets
are assessed for indicators of impairment at the
end of each reporting period. Financial assets are
impaired where there is objective evidence that,
as a result of one or more events that occurred
after the initial recognition of the financial asset,
the estimated future cash flows of the investment
have been impacted.

Objective evidence of impairment could
include:

i. Significant financial difficulty of the users or
counterparty; or

ii. Default or delinquency interest or
principal payments; or

iii. It becomes probable that the borrower will enter
bankruptcy or financial reorganization.

The carrying amount of the financial asset is
reduced by the impairment loss directly for all
financial assets with the exception of trade and
other receivables. For financial assets measured
at amortized cost, if, in a subsequent period, the
amount of the impairment loss decreases and the
decrease can be related objectively to an event
occurring after the impairment loss was recognised,
the previously recognised impairment loss is
reversed through profit or loss to the extent the
carrying amount of the investment at the date the
impairment is reversed does not exceed what the
amortized cost would have been had the impairment
not been recognised.

Expected Credit Losses on Trade Receivables:

The Company recognises impairment loss on
financial assets using the expected credit loss
("ECL") model in accordance with Ind AS 109.
For trade receivables, the Company applies the
simplified approach and measures loss allowance
at an amount equal to lifetime expected credit
losses. The expected credit losses are estimated
using a provision matrix based on historical credit
loss experience, adjusted for debtor-specific
factors, current and forecast economic conditions,
and time value of money, where appropriate.

For financial assets other than trade receivables, the
Company applies the general approach, whereby the
loss allowance is measured at 12-month expected
credit losses on initial recognition and at lifetime
expected credit losses where there is a significant
increase in credit risk since initial recognition.

Subsequent measurement:

For the purpose of subsequent measurement, financial
liabilities are classified as follows:

Amortized cost - Financial liabilities are classified
as financial liabilities at amortized cost by default.
Interest expense calculated using EIR method is
recognised in the statement of profit and loss.

Fair value through profit or loss (FVTPL) - Financial
liabilities are classified as FVTPL if it is held for
trading or is designated as such on initial recognition.
Changes in fair value and interest expense on
these liabilities are recognised in the statement of
profit and loss.

iv. Derecognition of financial assets and
financial liabilities

The Company derecognizes a financial asset only when
the contractual rights to the cash flows from the asset
expire, or when it transfers the financial asset and
substantially all the risks and rewards of ownership
of the asset to another entity. If the Company neither
transfers nor retains substantially all the risks and
rewards of ownership and continues to control the
transferred asset, the Company recognizes its retained
interest in the asset and an associated liability for
amounts it may have to pay. If the Company retains
substantially all the risks and rewards of ownership of
a transferred financial asset, the Company continues
to recognize the financial asset and also recognizes a
collateralized borrowing for the proceeds received.

The Company derecognizes financial liabilities
when, and only when, the Company''s obligations are
discharged, cancelled or they expire.

v. Fair value Measurement

Fair value of financial assets and liabilities is normally
determined by references to the transaction price or
market price. If the fair value is not reliably determined,
the company determines the fair value using valuation
techniques that are appropriate in the circumstances
and for which sufficient data are available, maximizing
the use of relevant observable inputs and minimizing
the use of unobservable inputs.

The Company determines the fair value of its financial
instruments on the basis of the following hierarchy:

Level 1: The fair value of financial instruments that are
quoted in active markets are determined on the basis
of quoted price for identical assets or liabilities.

Level 2: The fair value of financial instruments that are
not traded in an active market are determined using
valuation techniques based on observable market data.

Level 3: The fair value of financial instruments that are
measured on the basis of entity specific valuations
using inputs that are not based on observable market
data (unobservable inputs). Fair value of investment in
unquoted equity shares is determined using discounted
cash flow technique.

There are no transfers between different fair value
hierarchy levels in financial year 2025-26 and in the
previous financial year ended 31^st March, 2025.

Impairment of Financial Assets

The Company assesses at each reporting date whether
there is any observable evidence that a non-financial
asset or a group of non-financial assets is impaired.
If any such indication exists, the Company estimates
the amount of impairment loss. An impairment loss
is calculated as the difference between an asset''s
carrying amount and recoverable amount. Losses are
recognised in Statement of profit and loss and reflected
in an allowance account. When the Company considers
that there are no realistic prospects of recovery of
the asset, the relevant amounts are written off. If the
amount of impairment loss subsequently decreases
and the decrease can be related objectively to an event
occurring after the impairment loss was recognised,
then the previously recognised impairment loss is
reversed through statement of profit and loss.

2.11 Impairment of Non-Financial Assets

The Company assesses at each reporting date
whether there is any observable evidence that a
non-financial asset or a group of non-financial
assets is impaired. If any such indication exists, the
Company estimates the amount of impairment loss.
An impairment loss is calculated as the difference
between an asset''s carrying amount and recoverable
amount. Losses are recognised in Statement
of profit and loss and reflected in an allowance
account. When the Company considers that there
are no realistic prospects of recovery of the asset,
the relevant amounts are written off. If the amount
of impairment loss subsequently decreases and
the decrease can be related objectively to an event
occurring after the impairment loss was recognised,
then the previously recognised impairment loss is
reversed through statement of profit and loss.

2.12 Cash and Cash Equivalents

Cash and cash equivalents comprise of cash on hand,
balances in current account and demand deposits
with banks having original maturity of three months or
less. These do not include bank balances earmarked/
restricted for specific purposes

Bank balances other than cash and cash equivalents
comprises of demand deposits with banks having an
original maturity of more than three months.

2.13 Earnings / Loss per share

The basic Earnings Per Share ("EPS") is computed
by dividing the net profit/(loss) after tax for the year
attributable to the equity shareholders by the weighted
average number of equity shares outstanding during
the year. Diluted earnings per share is calculated by
dividing the net profit or loss (after tax) for the year
attributable to equity shareholders and the weighted
average number of equity shares outstanding
during the year, both adjusted for the effects dilutive
potential equity shares.

2.14 Segment reporting

Operating segments are reported in a manner
consistent with the internal reporting provided to the
chief operating decision maker. The chief operating
decision maker of the Company is responsible for
allocating resources and assessing performance of
the operating segments.

2.15 Events after reporting date

Where events occurring after the Balance Sheet date
provide evidence of conditions that existed at the end
of the reporting period, the impact of such events is
adjusted within the Standalone Financial Statements.
Otherwise, events after the Balance Sheet date of
material size or nature are only disclosed.

2.16 Recent accounting Pronouncements

The Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to the existing standards
under the Companies (Indian Accounting Standards)
Rules, as issued from time to time.

Lack of exchangeability - Amendments to Ind AS 21
MCA via notification dated 7 May 2025, announced
amendments to Ind AS 21 "The Effects of Changes
in Foreign Exchange Rates" to specify how an entity
should assess whether a currency is exchangeable
and how it should determine a spot exchange rate
when exchangeability is lacking. The amendments
also require disclosure of information that enables
users of its financial statements to understand how
the currency not being exchangeable into the other
currency affects, or is expected to affect, the entity''s
financial performance, financial position and cash
flows. The amendments are effective for annual
reporting periods beginning on or after 1 April 2025.
The amendments does not have any material impact
on the Financial Statements.

In August 2025, MCA notified the
following amendments:

Ind AS 1 - Presentation of Financial Statements
(applicable w.e.f. April 1, 2025)

The amendment relates to classification of liabilities
as current or non-current, including liabilities with
covenants. In the context of classifying a liability
as current, it does not have the right at the end of
reporting period to defer settlement of liabilities for at
least 12 months after the reporting date.

The amendment also introduces guidance
on classification of liabilities with covenants.
The Company has determined that these amendments
do not have any impact on its classification criteria of
current and non-current liabilities.

Ind AS 7 - Statement of Cash Flows and Ind
AS 107 - Financial Instruments: Disclosures
(applicable w.e.f. April 1, 2025)

The amendment requires entities to inform users of
financial statements about the existence of supplier
finance arrangements and explain the nature of such
arrangements, the carrying amount of liabilities, and
the range of payment due dates. These amendments
do not have any material impact on the Standalone
Financial Statements.

Amendment to Ind AS 12 Income Taxes

The amendments clarify that the Standard applies
to income taxes arising from tax law enacted or
substantively enacted to implement the Pillar Two
model rules published by OECD, including tax law that
implements qualified domestic minimum top-up taxes
described in those rules. The amendments introduce
a temporary exception to the accounting requirements
for deferred taxes ind AS 12, so that an entity
would neither recognize nor disclose information
about deferred tax assets and liabilities related to
Pillar Two income taxes. These amendments do
not have any material impact on the Standalone
Financial Statements.

Amendment to Ind AS 1 (issued but
not yet effective)

Where a covenant breach exists on or before the
reporting date and, as a result, the liability becomes
payable on demand on that date, the liability must be
classified as current, even if the lender subsequently
(i.e. after the reporting date but before approval of the
financial statements) agrees not to demand payment.

The Management does not expect that this
amendment will have any material impact on the
Standalone Financial Statements of the Company in
future periods.

12 (a) There are no promoters as on March 31, 2026 and March 31,2025.

12 (b) During the year, the Company completed its Initial Public Offer (IPO) of 5,01,45,001 equity shares of face value of ?2
each. The entire Issue comprised offer For Sale by Selling Shareholders aggregating to ?4,01,095.41 Lakhs. The issue
comprised of 85,000 shares issued to the employees of the company at an issue price of ?724 per share (including
premium of ?722 per share) and balance 5,00,60,001 to other investors at an issue price of ?800 per share (including
premium of ?798 per share). Pursuant to the IPO, the equity shares of the Company were listed on BSE Limited (BSE)
on August 6, 2025.

12 (d) Rights, preference and restrictions attached to equity shareholders:

The Company has one class of equity shares having a par value of ?2 per share. Each shareholder is eligible for one
vote per share held. The dividend proposed by the Board of Directors, (except in case of interim dividend), is subject
to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the Company, after distribution of all dues, proportionate
to their shareholding.

12 (f) On April 30, 2026, the Board of Directors of the Company have recommended a final dividend of ?4 per equity share
of the face value of ?2 per share (Previous year ?2 per equity share of the face value of ?2 per share) in respect of
the year ended March 31, 2026, subject to approval of shareholders at the Annual General Meeting. If approved, the
dividend would result in a cash outflow of ?8,000 Lakhs.

Nature and purpose of reserves:

(a) General reserve: The general reserve is a free reserve which is used from time to time to transfer profits from retained
earnings for appropriation purposes.

(b) Retained earnings: It is free reserve of the Company and is used for the purposes like issuing of Dividend etc as per the
approval of the Board of Directors.

(c) Other comprehensive Income: Represents actuarial gains/losses on remeasurements of the defined benefits plan.

Note 25: Contingent Liabilities and Other Commitments (to the extent not provided for)A. Contingent Liabilities

(a) Demand from the service tax authorities of ^ 5,236.21 Lakhs (for March, 2025 ^ 5,236.21 Lakhs) in respect of FY
2004-05 to FY 2008-09 relate to service tax demanded in respect of depository participant services during that
period. The Company has received order from the Central Excise and Service Tax Appellate Tribunal (CESTAT)
on 12^th June, 2020, and it subsequently filed a civil appeal in the Supreme Court and the Service Tax Department
has filed a counter affidavit with the Supreme Court. The Company has paid ?3,232.72 Lakhs (for March, 2025
?3,232.72 Lakhs) under protest. During the FY 2025-26 the matter was not listed for hearing. The Company is
hopeful of succeeding in appeals and does not expect any significant liability to materialise.

(c) Demand from the Goods and Services Tax ("GST") authorities of Maharashtra for ^ 154.15 Lakhs in respect of FY 2019¬

20 has been received mainly for proportionate reversal of Input Tax Credit as per rule 42 and 43 for exempt supply
made during the aforesaid period. In this regard, the Company has filed an appeal on 28th November 2024. Further,
the Company had paid ?13.74 lakhs under Section 107(1), as pre-deposit for filing an appeal which is 10 percent of
tax amount.

The Company has received an Order in Appeal dated July 25, received via email on August 19, 2025, against the appeal
filed with the Appellate Authority on November 28, 2024, in the state of Maharashtra for the FY 2019-20 confirming
a demand in appeal aggregating to ?11.24 Lakhs. The proportionate part of pre-deposit of ? 13.74 Lakhs paid at the
time of filing appeal with the Appellate Authority would be eligible for refund at the time of closure of the appeal. The
Company proposes to file an appeal before the GST Appellate Tribunal (‘GSTAT'') within the prescribed time limits and
is required to pay a requisite pre-deposit being 10% of the disputed tax amount as per appeal order, in accordance
with the provisions of the CGST Act, 2017. Based on legal advice and management assessment, the Company is
hopeful of a favorable outcome and does not expect any significant liability to materialize. Accordingly, no provision
has been made in the financial statements, and the matter has been disclosed as a contingent liability.

(d) The Company has preferred two civil appeals before Hon''ble Supreme Court challenging the Order of Securities
Appellant Tribunal ("SaT") dated December 20, 2023 in the matter of Karvy Stock Broking Limited ("Karvy") wherein
Securities and Exchange Board of India ("SEBI"), National Stock Exchange of India Limited ("NSE") and National
Securities Depository Limited ("NSDL") were directed to either (i) permit Axis Bank (one of the lenders to Karvy) to
invoke the shares pledged in its favour by Karvy, as available in the Demat account and (ii) restore the pledge of shares
in favour of other appellant Banks & NBFC; or compensate them with the value of underlying securities which were
pledged by Karvy in their favour, along with interest. It was alleged in SEBI interim order dated November 22, 2019
("Interim Order")that Karvy pledged clients'' shares unlawfully in order to avail loan facilities from various Banks and
NBFC. The said SEBI order was quashed by SAT vide its above referred order. The SEBI''s order issued in December 13,
2019 recorded that the total dues payable to Banks & NBFC by Karvy amounted to approx. ? 1,435.05 crore. However,
the amount of Karvy''s current outstanding dues towards these Banks & NBFC is not known.

Further, both SEBI and NSE have also independently filed their appeals before the Hon''ble Supreme Court against SAT
Order. The Hon''ble Supreme Court has directed that no coercive steps be taken against SEBI, NSE and NSDL in respect
of SAT order and status quo to be maintained in respect of shares pledged with Axis Bank, as available in the Demat
account. Although SAT passed an order implicating SEBI, NSE and NSDL collectively, the Company''s management
maintains the stand that the Company''s actions of releasing the pledge and also returning the securities to Karvy''s
Clients were strictly as per SEBI''s Interim Order (as a Regulator) and were taken under the supervision of NSE and
as a result, the Company cannot be held liable towards the Banks and NBFC and no liability can be attributed to the
Company. However, the outcome of the matter is contingent upon Hon''ble Supreme Court''s verdict and the financial
obligations on the Company, if there would be any, would be known once the verdict is pronounced by Hon''ble
Supreme Court since the same cannot be reliably estimated at present stage. The Civil Appeals were listed on April 07,
2025 before the Registrar Court of Supreme Court of India wherein several other matters were tagged along with the
present appeal. All the matters are now scheduled to be listed on July 15, 2025 before the Registrar''s Court, however
was not listed on the said date. Further, now the Supreme Court website does not presently reflect any next date of
listing in respect of the said matters. In the assessment of the management and based on legal opinion obtained in
the matter, the Company believes that it has strong case on merits to challenge the SAT Order and hence, no provision
is required to be made in the books of account.

(e) The Company is a party in certain legal proceedings filed by beneficial owners / third parties in the normal course of
business. In view of the management the chances of these legal proceedings being decided against the Company
are very remote and it may not have any material adverse impact on its financial conditions, results of operations and
cash flow.

Note 26: Segment Reporting

The Managing Director of the Company has been identified as the Chief Operating Decision Maker (CODM) as defined by Ind-
AS 108, Operating Segments. The Company''s business is to provide depository services to its clients india which includes
providing various services to the investors like, dematerialisation, re-materialisation, holding, transfer and pledge of securities
in electronic form through close user group network of business partners (viz. Issuers / Registrars & Transfers Agents and
Depository Participants) and providing facility to market intermediaries for "straight through processing", providing e-voting
services to companies. All other activities of the Company revolve around the main business. Hence, the Company has only
one reportable business segment under Ind AS 108 "Operating segment".

Notes

i There are no provisions for doubtful debts or amounts written off/written back in respect of dues from/to related parties.

ii Managerial Remuneration does not include provision made for compensated absence and gratuity since the same is provided for the company as a
whole based on independent actuarial valuation except to the extent of amount paid.

iii Outstanding balances at the year-end are secured to the extent of their security deposit, for the year ended March 31, 2026, the Company has not re¬
corded any impairment of receivables relating to amounts owed by related parties (PY: Nil).

iv IPO expenses aggregating ?16,164.01 lakhs, attributable to the Offer for Sale, were borne in full by the selling shareholders namely IDBI Limited, Na¬
tional Stock Exchange of India Limited, Union Bank of India, State Bank of India, HDFC Bank Limited, and Administrator of the Specified undertaking of
the Unit Trust of India in proportion to equity shares sold by each shareholder. As at March 31, 2026, there is no outstanding balance pertaining to IPO
expenses.

33.1 On January 21, 2016, The Securities and Exchange Board of India (SEBI) has issued SEBI (Depositories and
Participants) (Amendment) Regulations, 2016 ("the Amended Regulations"). According to these Amended
Regulations, depositories are required to establish and maintain an Investor Protection Fund (IPF) for the
protection of interest of beneficial owners and every depository shall credit five per cent of its profits from
depository operations every year to the Investor Protection Fund.

The contribution to IPF is given below in the table, being 5% of the profits from depository operations of the
Company before tax for the year and any other charges prescribed under SEBI Regulations available after
making such contribution.

SEBI vide its circular no. CIR/MRD/DP/18/2015, dated December 9, 2015 (the "Circular") has revised the annual custody /
issuer charges to be collected by the depositories from the issuers with effect from financial year 2015-16. The Circular has
also directed the Depositories to set aside 20% of the incremental revenue received from the issuers listed with SEBI.

Pursuant to the Circular, the amount set aside by the Company, being 20% of incremental revenue on issuer income, and
balance, if any, to be utilised is given below in the table.

(b) Fair value hierarchy

Level 1 - includes financial instruments measured using quoted prices in an active market . The fair value which are
traded in the stock exchanges is valued using the closing price as at the reporting period.

Level 2 - includes Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (i.e., as prices) or indirectly (i.e., derived from prices).

Level 3 - includes Inputs for the assets or liabilities that are not based on observable market data (unobservable
inputs). Fair values are determined in whole or part using a valuation model based on assumptions that are neither
supported by prices from observable current market transactions in the same instrument nor are they based on
available market data and it includes investment in unlisted equity shares.

The following table presents the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis,
it also includes the financial instruments which are measured at amortised cost for which fair values are disclosed.

The Company has not disclosed the fair value of financial instruments such as trade receivables, trade payables,
short-term loans, deposits, Other Financial assets & Financial Liabilities etc. because their carrying amounts are a
reasonable approximation of fair value. The above excludes investments in subsidiaries and associates which are
measured at cost.

(c) Inter-level transfer

There were no transfer between Level 1,2 and 3 during the years.

Note 37: Financial Risk Management
Capital Management

For the purpose of Company''s capital management, capital includes equity share capital and all other reserves attributable
to equity shareholders. The Company has a long-term strategy of pursuing profitable growth. Capital is managed proactively
to secure the existence of the Company as a going concern in the long-term and create financial flexibility for profitable
growth in order to add value to the Company. A further aim of the capital management is to ensure long-term availability
of liquidity, maintain strong credit ratings and ensure optimal capital structure in order to support business through
continuing growth and maximising shareholders value. The Company funds its operations through internal accruals and

the Management along with the Board of Directors regularly monitor the returns on capital as well as dividend levels to
shareholders. The company does not have any external borrowings.

Financial Risk Management

A wide range of risks may affect the Company''s business and financial results. Amongst other risks that could have
significant influence on the Company are market risk, credit risk and liquidity risk.

The Board of Directors of the Company manages and reviews the affairs of the Company by setting up short term and long
term budgets by monitoring the same and taking suitable actions to minimise potential adverse effects on its operational
and financial performance.

The Company is exposed to the following market risks:

(a) Credit Risk

Credit risk refers to the risk that the counterparty will default on its contractual obligation resulting in financial loss to the
Company. This risk principally arises from credit exposures to customers, deposits with banks and financial institutions
and other receivables.

Trade and Other Receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer.
Receivables mainly consist of receivables from Depository Participants (DP), Issuers of Securities, Registrar and Transfer
Agents (RTA), Asset Management Companies (AMC) and Stock Exchanges. Trade receivables consist of a large number of
customers, representing diverse industries and geographical areas; hence the Company is not exposed to concentration
risks. With respect to DPs, the Company performs credit evaluation while on boarding the customer and security deposits
are taken. Ongoing credit evaluation is performed on the financial conditions of the accounts receivable.

The Company monitors outstanding receivables along with ageing on periodic basis. For receivables pertaining to other
streams of revenues, the credit and collection team regularly follows up for the collection. The credit risk on liquid funds,
banks and financial institutions is limited because the counterparties are with high credit-ratings.

(b) Liquidity Risk

Liquidity risk refers to the risk that the Company may not be in a position to meet its financial obligations timely.
Management monitors rolling forecasts of the Company''s liquidity position on the basis of expected cash flows.
This monitoring includes financial ratios and takes into account the accessibility of cash and cash equivalents.

(c) Market Risk

Market Risk is the risk that the value of on and off-balance sheet positions of a Company will be adversely affected by
movements in market rates or prices such as interest rates, prices resulting in a loss to earnings and capital.

The Company may be exposed to Market Risk in different ways. The market risk is potential for loss resulting from
adverse movement in market risk factors such as interest rates and prices. The Company''s exposure to market risk is
primarily on account of interest rate risk, price risk. All investment in Debentures and Bonds are at fixed rate of Interest
and does not have material interest rate risks.

Following are the details of regrouping/reclassifications in the Standalone Financial Statements for the year ended March 31,
2025. The regroupings are made to make better presentation and to make numbers comparable with that of current year

(a) Pre-deposit paid under litigation of ?3,246.46 Lakhs has been moved from "Non Current- other financial assets" to "Non

Current- other assets", within the Non-Current assets category.

(b) Gratuity Payable of ?497.50 Lakhs has been moved from "Current - Other Financial Liabilities" to "Current -Provision ",

within the Current Liabilities category.

Note 41: Additional Regulatory Disclosures

The Company''s objectives when managing capital is to safeguard continuity as a going concern and provide adequate
return to shareholders through continuing growth and maintain an optimal capital structure to reduce the cost of capital.
The Company sets the amount of capital required on the basis of annual business plan and long-term operating plans
which include capital investments.

i. The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.

ii. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

iii. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the company (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

iv. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

v. The Company does not have any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961.

vi. There is no immovable property (other than properties where the Company is the lessee and the lease agreements are
duly executed in favor of the lessee) whose title deeds are not held in the name of the Company.

vii. There are no loans or advances in the nature of loans that are granted to promoters, directors, key managerial personnel
(KMPs) and the related parties either severally or jointly with any other person, that are: a) Repayable on demand or b)
Without specifying any terms or period of repayment.

viii. The Company is not a declared willful defaulter by any bank or financial Institution or other lender. The Company has
complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction
on number of Layers) Rules, 2017 in respect of investments in subsidiaries.

On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations
Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020,
(‘Labour Codes'') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits
during employment and post employment. The Labour Codes, amongst other things, introduce changes, including a uniform
definition of wages and enhanced benefits relating to leave.The Company has assessed the financial implications of these
changes which has resulted increase in gratuity liability arising out of past service cost and increase in leave liability by
?60.83 Lakhs. Considering the impact arising out of an enactment of the new legislation is an event of non-recurring
nature, NSDL has presented this incremental amount as "Impact of Labour Codes" under "Employee benefit expense" in the
Statement of Profit and Loss. NSDL continues to monitor the developments pertaining to Labour Codes and will evaluate the
impact, if any, on the measurement of liability pertaining to employee benefits.

Note 44:

These financial statements were approved for issue by the board of directors of the company at their meeting held on April
30, 2026.

2.9 Provision and Contingent Liabilities and
Contingent Assets

Provisions

A provision is recognised when the Company has a
present obligation (legal and constructive) as a result
of past events and it is probable that an outflow of
resources will be required to settle the obligation in
respect of which a reliable estimate can be made.

Provisions are discounted to their present value and
are determined based on the best estimate required
to settle the obligation at the Balance Sheet date.
These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates.

Contingent Liabilities and Assets

Contingent liabilities are when there is a possible
obligation arising from past events, the existence
of which will be confirmed only by the occurrence or
non-occurrence of one or more uncertain future events
not wholly within the control of the Company or a
present obligation that arises from past events where
it is either not probable that an outflow of resources
will be required to settle or a reliable estimate of the
amount cannot be made. Contingent liabilities are not
recognised but are disclosed in the notes.

Contingent asset is a possible asset that arises from
past events the existence of which will be confirmed
only by the occurrence or non-occurrence of one or
more uncertain future events not wholly within the
control of the enterprise. Contingent assets are neither
recognised nor disclosed in the financial statements.

Contingent liabilities and contingent assets are
reviewed at each Balance Sheet date.

2.10 Foreign Currency Transactions and Balances

Transactions in foreign currency are translated
into the respective functional currencies using the
exchange rates prevailing at the dates of the respective
transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and
from the translation at the exchange rates prevailing
at reporting date of monetary assets and liabilities
denominated in foreign currencies are recognised in
the Statement of Profit and Loss and reported within
foreign exchange gains/ (losses).

2.11 Investments in Subsidiaries and Associates

Investments in subsidiaries and associates are
measured at cost less impairment loss, if any.

2.12 Financial Instruments

Financial assets and financial liabilities are recognised
when the Company becomes a party to the contractual
provisions of the instruments. All financial instruments
are recognised initially at fair value.

2.13 Financial Assets

Financial assets are (Investment in Mutual Funds,
Non- Convertible Debentures, Bonds, and Government
Securities) classified into the following specified
categories: financial assets "at amortised cost", "fair
value through other comprehensive income", "fair value
through Profit or Loss". The classification depends on
the entity''s business model for managing the financial
assets and the contractual cash flow characteristics of
the financial asset at the time of initial recognition.

Financial assets are recognised by the Company as per
its business model. All Financial Assets are recognized
initially at fair value plus, in the case of financial
assets not recorded at fair value through profit or loss,
transaction cost that are attributable to the acquisition
of the Financial Asset. However, trade receivables
that do not contain a significant financing component
are measured at transaction price. Transaction costs
directly attributable to the acquisition of financial
assets measured at fair value through profit or loss
are recognized immediately in the Statement of
Profit and Loss.

All equity instruments are measured at fair value
other than investments in unquoted equity shares
including investment in subsidiaries and associates.
Equity instruments held for trading is classified as
FVTPL. For all other equity instruments, the Company
may make an irrevocable election to present subsequent
changes in the fair value in OCI. The Company makes
such election on an instrument-by-instrument basis.

Income and expense is recognised on an effective
interest basis for debt instrument. All other investments
are classified as Fair Value Through Profit or Loss
(FVTPL). The Company uses valuation techniques that
are appropriate in the circumstances and for which
sufficient data are available to measure fair value,
maximising the use of relevant observable inputs and
minimising the use of unobservable inputs.

Impairment of Financial Assets

I n accordance with Ind AS 109, the Company applies
expected credit loss (ECL) model for measurement
and recognition of impairment loss. Financial assets
are assessed for indicators of impairment at the end
of each reporting period. Financial assets are impaired
where there is objective evidence that, as a result of
one or more events that occurred after the initial
recognition of the financial asset, the estimated future
cash flows of the investment have been impacted.

Objective evidence of impairment could include -

• Significant financial difficulty of the users or
counterparty; or

• Default or delinquency in interest or principal
payments; or

^• It becoming probable that the borrower will enter
bankruptcy or financial reorganization.

The carrying amount of the financial asset is reduced
by the impairment loss directly for all financial assets
with the exception of trade and other receivables.
For financial assets measured at amortised cost, if, in a
subsequent period, the amount of the impairment loss
decreases and the decrease can be related objectively
to an event occurring after the impairment loss was
recognised, the previously recognised impairment
loss is reversed through profit or loss to the extent
the carrying amount of the investment at the date
the impairment is reversed does not exceed what the
amortised cost would have been had the impairment
not been recognised.

Expected Credit Losses on Trade Receivables

For trade receivables the Company measures the loss
allowance at an amount equal to life time expected
credit losses. Further, for the purpose of measuring
life time expected credit losses for trade receivables,
the company follows simplified approach as permitted
under IndAS 109.

De-recognition of Financial Assets

The Company derecognises a financial asset only when
the contractual rights to the cash flows from the asset

expire, or when it transfers the financial asset and
substantially all the risks and rewards of ownership
of the asset to another entity. If the Company neither
transfers nor retains substantially all the risks and
rewards of ownership and continues to control the
transferred asset, the Company recognises its retained
interest in the asset and an associated liability for
amounts it may have to pay. If the Company retains
substantially all the risks and rewards of ownership of
a transferred financial asset, the Company continues
to recognise the financial asset and also recognises a
collateralised borrowing for the proceeds received.

2.14 Impairment of Non-Financial Assets

The Company assesses at each reporting date whether
there is any observable evidence that a non-financial
asset or a company of non-financial assets is impaired.
If any such indication exists, the Company estimates
the amount of impairment loss. An impairment loss
is calculated as the difference between an asset''s
carrying amount and recoverable amount. Losses are
recognised in Statement of profit and loss and reflected
in an allowance account. When the Company considers
that there are no realistic prospects of recovery of
the asset, the relevant amounts are written off. If the
amount of impairment loss subsequently decreases
and the decrease can be related objectively to an event
occurring after the impairment loss was recognised,
then the previously recognised impairment loss is
reversed through statement of profit and loss.

2.15 Financial Liabilities and Equity Instruments
Classification as Debt or Equity

Financial liabilities and equity instruments issued
by the Company are classified according to the
substance of the contractual arrangements entered
into and the definitions of a financial liability and an
equity instrument.

Equity Instruments

An equity instrument is any contract that evidences
a residual interest in the assets of an entity after
deduction all of its liabilities.

Financial Liabilities

i. Initial Recognition and Measurement

Financial liabilities are recognised when the
Company becomes a party to the contractual
provisions of the instrument. Financial liabilities
are initially measured at the amortised cost
unless at initial recognition, they are classified as
fair value through profit and loss.

ii. Subsequent Measurement

Financial liabilities are subsequently measured
at amortised cost using the effective interest rate
method. Financial liabilities carried at fair value
through profit or loss are measured at fair value
with all changes in fair value recognised in the
statement of profit and loss.

iii. Derecognition of Financial Liabilities

The Company derecognises financial liabilities
when, and only when, the Company''s obligations
are discharged, cancelled or they expire.

2.16 Cash and Cash Equivalents

Cash and cash equivalents comprise of cash on hand,
balances in current account and demand deposits with
banks having an original maturity of three months or
less. These do not include bank balances earmarked/
restricted for specific purposes

Bank balances other than cash and cash equivalents
comprises of demand deposits with banks having an
original maturity of more than three months.

2.17 Use of Estimates and Judgement

The preparation of financial statements in conformity
with Ind AS requires management to make judgments,
estimates and assumptions that affect the
application of accounting policies and the reported
amounts of assets, liabilities, incomes, expenses,
disclosure of contingent assets and disclosure of
contingent liabilities. Actual results may differ from
these estimates.

Estimates and underlying assumptions are reviewed
on a periodic basis. Revisions to accounting estimates
are recognised in the period in which the estimates
are revised and in any future periods affected.
In particular, information about significant areas
of estimation, uncertainty and critical judgments
in applying accounting policies that have the most
significant effect on the amounts recognised in the
financial statements :

i. Useful lives of Property, Plant and Equipment/
Intangible Assets

Property, Plant and Equipment/ Intangible Assets
are depreciated/amortised over their estimated
useful lives, after taking into account estimated
residual value. The useful lives and residual values
are based on the Company''s historical experience
with similar assets and taking into account
anticipated technological changes or commercial

obsolescence. Management reviews the
estimated useful lives and residual values of the
assets annually in order to determine the amount
of depreciation / amortisation to be recorded
during any reporting period. The depreciation /
amortisation for future periods is revised, if there
are significant changes from previous estimates
and accordingly, the unamortised/depreciable
amount is charged over the remaining useful
life of the assets.

ii. Contingent Liabilities and Assets

Contingent Liabilities are disclosed when there is
a possible obligation arising from the past events,
the existence of which will be confirmed only by
the occurrence or non - occurrence of one or
more uncertain future events not wholly within
the control of the company or a present obligation
that arises from the past events where it is either
not probable that an outflow of resources will
be required to settle or a reliable estimate of the
amount cannot be made.

iii. Income Taxes

The Company''s tax jurisdiction is in India.
Significant judgments are involved in determining
the provision for income taxes, deferred tax
assets and liabilities including the amount
expected to be paid or recovered in connection
with uncertain tax positions.

iv. Expected Credit Losses on Trade Receivables

The Company estimates the probability of
collection of trade receivable by analyzing
historical payment patterns, customer status,
customer credit-worthiness and current economic
trends. If the financial condition of a customer
deteriorates, additional allowances are made.

v. Employee Benefits

Defined employee benefit assets / liabilities
determined based on the present value of future
obligations using assumptions determined by
the Company with advice from an independent
qualified actuary.

2.18 Earnings / Loss per share

The basic Earnings Per Share ("EPS") is computed
by dividing the net profit/(loss) after tax for the year
attributable to the equity shareholders by the weighted
average number of equity shares outstanding
during the year.

Diluted earnings per share is calculated by dividing the
net profit or loss (after tax) for the year attributable to
equity shareholders and the weighted average number
of equity shares outstanding during the year, both
adjusted for the effects dilutive potential equity shares.

2.19 Rounding of amounts

All amounts disclosed in the financial statement and
notes have been rounded off to the nearest lakhs as per
the requirement of schedule III, unless otherwise stated.

2.20 Recent Pronouncements

Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards)
Rules as issued from time to time. For the year ended
March 31, 2025, MCA has notified Ind AS - 117
"Insurance Contracts” and amendments to Ind AS 116
- "Leases", relating to sale and leaseback transactions,
applicable w.e.f. April 1, 2024. The Company has
reviewed the new pronouncements and based on its
evaluation has determined that the Company has not
entered into transactions covered under Ind 117 &
amendments to Ind AS 116 and therefore, there is no
impact on the standalone financial statements.

d) The Company has preferred two civil appeals before Hon''ble Supreme Court challenging the Order of Securities
Appellant Tribunal ("SAT") dated December 20, 2023 in the matter of Karvy Stock Broking Limited ("Karvy")
wherein Securities and Exchange Board of India ("SEBI"), National Stock Exchange of India Limited ("NSE") and
National Securities Depositories Limited ("NSDL") were directed to either (i) permit Axis Bank (one of the lenders
to Karvy) to invoke the shares pledged in its favour by Karvy, as available in the Demat account and (ii) restore
the pledge of shares in favour of other appellant Banks & NBFC; or compensate them with the value of underlined
securities which were pledged by Karvy in their favour, along with interest. It was alleged in SEBI interim order
dated November 22, 2019 ("Interim Order")that Karvy pledged clients'' shares unlawfully in order to avail loan
facilities from various Banks and NBFC. The said SEBI order was quashed by SAT vide its above referred order.
The SEBI''s order issued in December 13, 2019 recorded that the total dues payable to Banks & NBFC by Karvy
amounted to approx. ''1,435.05 crore. However, the amount of Karvy''s current outstanding dues towards these
Banks & NBFC is not known.

Further, both SEBI and NSE have also independently filed their appeals before the Hon''ble Supreme Court against
SAT Order. The Hon''ble Supreme Court has directed that no coercive steps be taken against SEBI, NSE and NSDL
in respect of SAT order and status quo to be maintained in respect of shares pledged with Axis Bank, as available
in the Demat account. Although SAT passed an order implicating SEBI, NSE and NSDL collectively, the Company''s
management maintains the stand that the Company''s actions of releasing the pledge and also returning the
securities to Karvy''s Clients were strictly as per SEBI''s Interim Order (as a Regulator) and were taken under the
supervision of NSE and as a result, the Company cannot be held liable towards the Banks and NBFC and no liability
can be attributed to the Company. However, the outcome of the matter is contingent upon Hon''ble Supreme Court''s
verdict and the financial obligations on the Company, if there would be any, would be known once the verdict is
pronounced by Hon''ble Supreme Court since the same cannot be reliably estimated at present stage. The Civil
Appeals were listed on April 07, 2025 before the Registrar Court of Supreme Court of India wherein several other
matters were tagged alongwith the present appeal. All the matters are now scheduled to be listed on July 15, 2025
before the Registrar''s Court. In the assessment of the management and based on legal opinion obtained in the
matter, the Company believes that it has strong case on merits to challenge the SAT Order and hence, no provision
is required to be made in the books of account.

e) In the matter of inspection conducted by SEBI for FY 23-24, there were certain non-compliances observed by
SEBI viz Freezing/unfreezing of accounts, backdated outsourcing agreements in a few cases, Non-conversion
of eligible demat accounts into BSDA and CUSA/CUSPA related software changes. Subsequently SEBI issued a
Show cause notice on October 11, 2024 and SEBI has initiated Adjudication proceedings under various sections
of SEBI Act as well. The Company filed a settlement application on December 10, 2024 proposing '' 105.60 Lakhs
as the settlement amount. On May 6, 2025, the meeting with IC took place and after due deliberations, the final
settlement amount of '' 1557.60 Lakhs has been proposed. The company is in the process to make submission
with revised settlement terms of an amount of ''. 1557.60 Lakhs and non-monetary terms to settle the proceedings,
accordingly Company has made provision for proposed settlement charges. The final outcome of the matter and
further financial obligation, if any, cannot be reliably estimated at present as the same is contingent upon SEBI''s
acceptance or otherwise of the settlement terms proposed by the Company.

f) The Company is a party in certain legal proceedings filed by beneficial owners / third parties in the normal course
of business. In view of the management the chances of these legal proceedings being decided against the
Company are very remote and it may not have any material adverse impact on its financial conditions, results of
operations and cash flow.

24. Segment Reporting

The Managing Director of the Company has been identified as the Chief Operating Decision Maker (CODM) as defined
by Ind-AS 108, Operating Segments. The Company''s business is to provide depository services to its clients in India
which includes providing various services to the investors like, dematerialisation, re-materialisation, holding, transfer
and pledge of securities in electronic form through close user group network of business partners (viz. Issuers /
Registrars & Transfers Agents and Depository Participants) and providing facility to market intermediaries for "straight
through processing", providing e-voting services to companies. All other activities of the Company revolve around the
main business. Further, all activities are carried in India. As such, there are no reportable segments as per the Ind AS
108-‘Operating Segments''.

34. Financial Instruments
Capital Risk Management

The Company''s objectives when managing capital is to
safeguard continuity as a going concern and provide
adequate return to shareholders through continuing
growth and maintain an optimal capital structure to
reduce the cost of capital. The Company sets the
amount of capital required on the basis of annual
business plan and long-term operating plans which
include capital investments.

Financial Risk Management

A wide range of risks may affect the Company''s
business and financial results. Amongst other risks
that could have significant influence on the Company
are market risk, credit risk and liquidity risk.

The Board of Directors of the Company manage and
review the affairs of the Company by setting up short
term and long term budgets by monitoring the same and
taking suitable actions to minimise potential adverse
effects on its operational and financial performance.

The Company is exposed to the following market risks:

(a) Credit Risk

Credit risk refers to the risk that the counter party
will default on its contractual obligation resulting
in financial loss to the Company. The Company
has adopted a policy of dealing with only credit
worthy counter parties. This risk principally
arises from credit exposures to customers,
deposits with banks and financial institutions and
other receivables.

Trade and Other Receivables: The Company''s
exposure to credit risk is influenced mainly by
the individual characteristics of each customer.
Receivables mainly consist of receivables
from Depository Participants (DP), Issuers of
Securities, Registrar and Transfer Agents (RTA),
Asset Management Companies (AMC) and Stock
Exchanges. Trade receivables consist of a large
number of customers, representing diverse

industries and geographical areas; hence the
Company is not exposed to concentration risks.
With respect to DPs, the Company performs
credit evaluation while on boarding the customer
and security deposits are taken. Ongoing credit
evaluation is performed on the financial conditions
of the accounts receivable.

The Company has a dedicated Credit and Control
team primarily responsible for monitoring credit
risk and receivables. They monitor outstanding
receivables along with ageing on periodic basis.
For receivables pertaining to other streams of
revenues, the credit and collection team regularly
follows up for the collection. The credit risk on
liquid funds, banks and financial institutions is
limited because the counterparties are with high
credit-ratings.

(b) Liquidity Risk

Liquidity risk refers to the risk that the Company
may not be in a position to meet its financial
obligations timely. Management monitors rolling
forecasts of the Company''s liquidity position
(comprising of undrawn bank facilities and cash
and cash equivalents) on the basis of expected
cash flows. This monitoring includes financial
ratios and takes into account the accessibility of
cash and cash equivalents.

(c) Market Risk

Market Risk is the risk that the value of on and
off-balance sheet positions of a Company will
be adversely affected by movements in market
rates or prices such as interest rates, prices
resulting in a loss to earnings and capital.
The Company may be exposed to Market Risk
in different ways. The market risk is potential
for loss resulting from adverse movement in
market risk factors such as interest rates and
prices. The Company''s exposure to market risk
is primarily on account of interest rate risk, price
risk. All investment in Debentures and Bonds are
at fixed rate of Interest and does not have material
interest rate risks.

36. Additional Regulatory Disclosures

The Company''s objectives when managing capital is to
safeguard continuity as a going concern and provide
adequate return to shareholders through continuing
growth and maintain an optimal capital structure to
reduce the cost of capital. The Company sets the
amount of capital required on the basis of annual
business plan and long-term operating plans which
include capital investments.

(i) The Company does not have any Benami property,
where any proceeding has been initiated or
pending against the Company for holding any
Benami property.

(ii) The Company has not traded or invested in
Crypto currency or Virtual Currency during the
financial year.

(iii) The Company has not advanced or loaned or
invested funds to any other person(s) or entity(ies),
including foreign entities (Intermediaries) with the
understanding that the Intermediary shall:

(a) Directly or indirectly lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf of the company
(Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to
or on behalf of the Ultimate Beneficiaries.

(iv) The Company has not received any fund from
any person(s) or entity(ies), including foreign
entities (Funding Party) with the understanding
(whether recorded in writing or otherwise) that
the Company shall:

(a) Directly or indirectly lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf of the Funding
Party (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.

(v) The Company does not have any such transaction
which is not recorded in the books of accounts
that has been surrendered or disclosed as income
during the year in the tax assessments under the
Income-tax Act, 1961.

(vi) There is no immovable property (other than
properties where the Company is the lessee and
the lease agreements are duly executed in favor
of the lessee) whose title deeds are not held in the
name of the Company.

(vii) There are no loans or advances in the nature of
loans that are granted to promoters, directors,
key managerial personnel (KMPs) and the
related parties either severally or jointly with
any other person, that are: a) Repayable on
demand or b) Without specifying any terms or
period of repayment.

(viii) The Company is not a declared willful defaulter by
any bank or financial Institution or other lender.

The Company has complied with the number of layers
prescribed under clause (87) of section 2 of the Act
read with Companies (Restriction on number of Layers)
Rules, 2017 in respect of investments in subsidiaries.

39. The Code on wages 2019 and Code on Social Security, 2020 ("the Codes") relating to employee compensation and post¬
employment benefits that received Presidential assent have not been notified further the related rules for quantifying
the financial impact have not been notified. The Company will assess the impact of the Codes when the rules are
notified and will record any related impact in the period the Code becomes effective.

40. The previous year''s figures have also been regrouped and rearranged wherever necessary.

41. These financial statements were approved for issue by the board of directors of the company at their meeting held on
23rd May, 2025.

In terms of our report of even date attached

For K C Mehta & Co LLP For and on behalf of the Board of Directors

Chartered Accountants

Firm Registration No. 106237W / W100829

Sd/ Sd/ Sd/

Vishal P Doshi Vijay Chandok Parveen Kumar Gupta

Partner Managing Director & CEO Chairman

Membership No. 101533 DIN: 01545262 DIN: 02895343

Sd/ Sd/

Alen Ferns Jigar Shah

Place : Mumbai Company Secretary Chief Financial Officer

Date : May 23, 2025 M. No. A30633 M. No. 143856