Your Directors hereby present their 35^th Annual Report and the Audited Accounts for the
year ended 31^st March, 2026.

OPERATIONS & STATE OF AFFAIRS OF THE COMPANY

During the current year of operation, the total revenue of the Company from operation
stood at Rs. 5,049.97 lacs as compared to Rs. 181.40 lacs in the previous year. The revenue
generated from Securities Market Trading and advisory was Rs. 4,727.88 lacs and from
Bullion Trading was Rs. 322.09 lacs. The Company has earned net profit after tax of
Rs. 2,130.71 lacs during the year as compared to profit of Rs. 129.11 lacs in the previous
financial year.

CHANGE IN NATURE OF BUSINESS

During the financial year 2025-26, the Company has apart from continuing the same line of
business activity, commenced new business of Bullion Trading.

DETAILS OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

During the financial year, no Company became or ceased to be the Subsidiary, Joint Venture
or Associate Company.

DIVIDEND AND TRANSFER TO RESERVES

The Board of Directors is pleased to recommend a final dividend of Re. 0.20/- per share (2%)
on 56,85,995 Equity Shares of Rs. 10/- each for the financial year 2025-26.

SHARE CAPITAL

During the year under consideration, the following changes took place in the share capital of
the Company:

• Issue of Bonus Equity Shares

After obtaining the approval of the members of the Company at the Annual General
Meeting held on 29^th August, 2025, the Company allotted 29,61,920 (Twenty-Nine Lakh
Sixty-One Thousand Nine Hundred Twenty) Bonus equity shares of Rs. 10/- each on 15^th
September, 2025, in the proportion of 4:1 i.e. 4 (Four) new fully paid-up equity shares of
Rs. 10/- (Rupees Ten only) each for every 1 (One) existing fully paid-up equity share of
Rs. 10/- (Rupees Ten only) each held by the eligible Members of the Company whose
names appear in the Register of Members of the Company/List of Beneficial Owners as
received from the National Securities Depository Limited and Central Depository
Services (India) Limited on the ''Record Date'' i.e. on 12^th September, 2025.

• Increase the Authorized Share Capital of the Company and consequent alteration to
the Capital Clause of the Memorandum of Association

After obtaining the approval of the members of the Company at the Extra Ordinary
General Meeting held on 10^th December, 2025, the Company increased its Authorized
Share Capital from Rs. 5,00,00,000/- (Rupees Five Crore only) divided into 50,00,000
(Fifty Lakh) equity shares of Rs. 10/- (Rupees Ten only) each to Rs. 7,00,00,000/- (Rupees
Seven Crore Only) by creation of additional 20,00,000 (Twenty Lakh) equity shares of Rs.
10/- (Rupees Ten only) each and consequently altered its Capital Clause in the
Memorandum of Association.

• Allotment of 3,00,000 Warrants Convertible into equity shares on a preferential issue
basis to the Promoters for cash

After obtaining the approval of the members of the Company at the Extra Ordinary
General Meeting held on 10^th December, 2025, the Board of Directors on 2^nd February,
2026 allotted 3,00,000 Fully Convertible Warrants, each convertible into 1 (One) Equity
Share of face value of Rs. 10/- (Rupees Ten Only) each, to the Promoters on preferential
basis at an issue price of Rs. 340/- each (including premium of Rs. 330/-) on the basis of
consideration for cash.

• Allotment of 18,33,595 Equity Shares on a preferential issue basis to the Non¬
Promoter Public Category Group for cash

After obtaining the approval of the members of the Company at the Extra Ordinary
General Meeting held on 10^th December, 2025, the Board of Directors on 2^nd February,
2026 allotted 18,33,595 equity shares of Rs. 10 /- at an issue price of Rs. 290/- (including
premium of Rs. 280/-) on the basis of consideration for cash to the allottees (non -
promoters), as per Chapter V of SEBI (Issuance of Capital and Disclosure Requirements)
Regulations, 2018 and provisions of the Companies Act, 2013 & rules made thereunder.

As on 31^st March, 2026, the total paid-up equity share capital of the Company stood at
55,35,995 shares.

DEPOSIT

During the year under review, your Company has neither accepted nor renewed any
deposits within the meaning of Section 73 of the Companies Act, 2013.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE
END OF FINANCIAL YEAR AND DATE OF REPORT

There is no occurrence of material change and commitment made between the end of the
financial year and date of this report which has affected the financial position of the
company.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

At the Annual General Meeting of the Company held on 29^th August, 2025, the shareholders
of the Company regularized the appointment of Mr. Jaydeep Pandya (DIN: 07918780) as
Independent Director who was appointed as Additional Director with effect from 31^st July,
2025, for a term of 5 years. At the said AGM, the shareholders also re-appointed
Mrs. Mangala Rathod (DIN: 02170580) as the Whole-time Director of the Company for a
period of 3 years w.e.f. 14^th August, 2025.

During the year, there has been no other change in the composition of the Board of
Directors or Key Managerial Personnel of the Company.

In accordance with the provisions of the Companies Act, 2013 and Articles of Association,
Mr. Bhavesh Bafna (DIN: 02402307) retires by rotation and being eligible, offers himself for
re-appointment at the ensuing Annual General Meeting who is not disqualified for being re¬
appointed in terms of Section 164 of the Companies Act, 2013.

DECLARATION BY INDEPENDENT DIRECTOR

The Company has received declarations from both the Independent Directors of the
Company confirming that they meet the criteria of independence as prescribed under the
applicable provision of section 149(6) of the Act.

ANNUAL RETURN

The Annual Return of the Company as on 31^st March, 2026 in Form MGT - 7 in accordance
with Section 92(3) of the Act read with Rule 12 of the Companies (Management and
Administration) Rules, 2014, is available on the website of the Company at
https://www.stellantsecurities.com/investors.php

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Management Discussion and Analysis Report as required under Regulation 34(2) of
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 is provided in "Annexure - I" and forms a part of the Annual Report.

CORPORATE GOVERNANCE

The Company has taken adequate steps to ensure that all mandatory provisions of
Corporate Governance in terms of Regulation 34 of Listing Regulations have been complied
with.

A separate report on Corporate Governance along with a Certificate from the Auditors of the
Company, regarding compliance of the conditions of Corporate Governance is appended as
"Annexure II".

BOARD MEETINGS

During the year under review, nine (9) Board Meetings were held, and the details of the
Board Meetings are provided in Clause No. 2(b) of the Corporate Governance Report, which
forms part of this Annual Report.

BOARD COMMITTEES

The Board currently has three (3) Committees viz., Audit Committee, Nomination and
Remuneration Committee and Stakeholders'' Relationship Committee.

A detailed update on the committees, its composition, number of Committee Meetings held
and attendance of directors at each meeting is provided in Clause No. 3 of the Corporate
Governance Report, which forms part of this annual report.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to Section 134 (3) (c) and 134 (5) of the Companies Act, 2013, the Board of
Directors, to the best of their knowledge and ability, confirm that:

(i) in the preparation of the annual accounts, the applicable accounting standards had
been followed and that there were no material departures;

(ii) the directors had selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent, so as to give a true
and fair view of the state of affairs of the company at the end of the financial year and
of the profit of the Company for the period;

(iii) the directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act, for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) the directors have prepared the annual accounts on a going concern basis;

(v) the proper internal financial controls were in place and that the financial controls were
adequate and operating effectively;

(vi) the directors have devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems are adequate and operating effectively.

CORPORATE SOCIAL RESPONSIBILITY

The provision of Section 135 pertaining to Corporate Social Responsibility is not applicable to
the Company for the financial year under consideration.

POLICY ON DIRECTOR''S APPOINTMENT AND REMUNERATION

Pursuant to Section 178(3) of the Companies Act, 2013, the nomination and remuneration
policy of the Company which lays down the criteria for determining qualifications,
competencies, positive attributes and independence for appointment of Directors and
policies of the Company relating to remuneration of Directors, KMP and other employees is
available on the Company''s website at https://www.stellantsecurities.com/investors.php

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

During the year, the Company has not given any loans or guarantee or provided any security
to any persons or body corporate or made any new investments within the meaning of
Section 186 of the Companies Act, 2013.

RELATED PARTY CONTRACTS

During the financial year, your Company entered into related party transactions which were
on arm''s length basis and in ordinary course of business. There are no material transactions
with any related party as referred in sub-section (1) of section 188 of the Companies Act,
2013 read with the Companies (Meetings of Board and its Powers) Rules, 2014. Your
Directors draw attention to Note no. 22 of Notes forming part of financial statement which
sets out related party disclosure.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO

The information relating to energy conservation, technology absorption and research &
development pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3)
of the Companies (Accounts) Rules, 2014 is as follows:

A. Conservation of Energy:

i. Steps taken or impact on conservation of energy: Since the Company is not carrying out
any manufacturing activities, it is not energy intensive. Adequate measures have been
taken to conserve the energy utilized.

ii. Steps taken by the Company for utilizing alternate sources of energy: The Company has
not utilized any alternate source of energy during the year.

iii. Capital investment on energy conservation equipments: NIL

B. Technology absorption:

i. Efforts made towards technology absorption: NIL

ii. Benefits derived like product improvement, cost reduction, product development or
import substitution: Nil

iii. Imported technology (imported during the last three years reckoned from the
beginning of the financial year):

a) Details of technology imported - No technology was imported.

b) Year of import - Not Applicable

c) Whether the technology been fully absorbed- Not Applicable

d) If not fully absorbed, areas where absorption has not taken place and the reasons
thereof - Not Applicable

iv. Expenditure incurred on Research and Development - Not Applicable

C. Foreign Exchange earnings and outgo:

During the year, there have been no foreign exchange earnings or outgo.

RISK MANAGEMENT

Your company has been regularly assessing the risk and ensures that the risk mitigation
plans are in place.

FORMAL ANNUAL EVALUATION

The Company has devised a Policy for performance evaluation of Independent Directors,
Board, Committees and other individual Directors which include criteria for performance
evaluation of the non-executive directors and executive directors.

On the basis of the Policy for performance evaluation of Independent Directors, Board,
Committees and other individual Directors, a process of evaluation was followed by the
Board for its own performance and that of its Committees and individual Directors.

At a separate meeting of independent Directors, performance of non-independent directors,
performance of the Board as a whole and performance of the Chairman was evaluated,
taking into account the views of executive directors and non-executive directors.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

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

INTERNAL FINANCIAL CONTROL

Your Company has Internal Control system to ensure an effective internal control
environment that provides assurance on the efficiency of conducting business, including
adherence to the Company''s policies, the safe guarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of Accounting records and
the timely preparation of reliable financial disclosures.

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

Your Directors state that during the year under review, there were no cases reported
pursuant to the Sexual Harassment of Women at Workplace (Prevention Prohibition and
Redressal) Act, 2013. The details as required under Rule 8(5)(x) of the Companies Accounts
Rules, 2014 are as under:

DISCLOSURE UNDER THE MATERNITY BENEFIT ACT, 1961

The provisions of the Maternity Benefit Act, 1961 are not applicable to the Company during
the year.

ESTABLISHMENT OF VIGIL MECHANISM

The Company has a Vigil Mechanism to deal with the instances of fraud and
mismanagement, if any. The Vigil Mechanism Policy had been recommended by the Audit
Committee and thereafter approved and adopted by the Board of Directors of the Company.
The vigil mechanism is available on the Company''s website at
http://www.stellantsecurities.com/investors.php.

PARTICULARS OF EMPLOYEES

In terms of the provisions of Section 197(12) of the Act read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, disclosures
pertaining to remuneration and other details are appended as ''Annexure - III'' to the
Directors'' Report.

None of the employees of the Company employed throughout the year were in receipt of
remuneration in excess of the limits set out in Rule 5(2) of the said rules.

AUDITORS
Statutory Auditors

At the Company''s 31^st Annual General Meeting held on 29^th September, 2022, M/s. R. K.
Khandelwal & Co., Chartered Accountants (Firm registration No. 105054W), were re¬
appointed as Company''s Statutory Auditors to hold office till the conclusion of the 36^th
Annual General Meeting to be held for the financial year ended 31^st March, 2027, covering
second term of five consecutive years.

Pursuant to Sections 139 and 141 of the Act read with the Companies (Audit and Auditors)
Rules 2014, the Statutory Auditors have furnished a certificate of their eligibility and consent
as the Auditors of the Company.

Secretarial Auditor

M/s. Ashish O. Lalpuria & Co., Practising Company Secretaries, were appointed as the
Secretarial Auditor of the Company, for a term of 5 (five) consecutive financial years,
commencing from the financial year 2025-26 to the financial year 2029-30, at the 34^th AGM
held on 29^th August, 2025. The Secretarial Auditor has confirmed that he is not disqualified
from continuing as the Secretarial Auditor of the Company. The Secretarial Audit Report for
the financial year ended 31^st March, 2026 is annexed herewith as "Annexure - IV".

AUDITOR''S REPORT

With respect to Auditor''s remarks pertaining to delay in the payment of TDS and non¬
deduction and non-payment of profession tax, as mentioned in the Audit Report for the
financial year ended 31^st March, 2026, your directors state that the said delays were
inadvertent and the amount involved was minimal. The Company would take necessary
precaution that such delays are not repeated.

Reporting of fraud by the Auditor under Section 143(12) of the Companies Act, 2013

The Board of Directors states that M/s. R.K. Khandelwal & Co., Chartered Accountants,
Statutory Auditors have not reported of any fraud involving any amount committed by the
Company to the Central Government, Audit Committee or to the Board of Directors of the
Company.

SECRETARIAL AUDITOR''S REPORT

As regards qualifications/remarks of the Secretarial Auditor in his report, the Directors wish
to clarify that the pdf filing for the events (the events for which XBRL filing was not by the
Company) under Regulation 30 of SEBI (LODR), Regulations, 2015 read with BSE circular no.
20230331-87 dated 31.03.2023, as mentioned his report, was done duly in time. However,
XBRL filing was not done due to over sight and the Company has done required XBRL filings
subsequently.

Further, for the Secretarial Auditor''s remarks relating to obtaining of certificate from
Statutory Auditors [for the proposed preferential issue certifying that the issue is being
made in accordance with the requirements of ICDR Regulations], instead of obtaining the
same from the Practicing Company Secretary, the Directors state the Company had duly
submitted all the required documents with BSE Ltd. for the preferential issue of Equity
Shares and Warrants and got the relevant approvals from BSE Ltd.

OTHER DISCLOSURES

a. 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 (31 of 2016) during the year along with their
status as at the end of the financial year is not applicable; and

b. 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.

ACKNOWLEDGEMENT:

Your directors would like to place on record their gratitude for the continuous support and
co-operation received from the bankers, creditors and Government authorities. The
Directors place on record their appreciation of the contribution made by the employees and
the management.

FOR AND ON BEHALF OF THE BOARD,
STELLANT SECURITIES (INDIA) LTD.

(Bhavesh Bafna) (Mangala Rathod)

Place: Mumbai Director Whole Time Director

Dated: 14^th August, 2026 DIN: 02402307 DIN: 02170580

Your Directors hereby present their 34^th Annual Report and the Audited Accounts for the year
ended 31^st March, 2025.

OPERATIONS & STATE OF AFFAIRS OF THE COMPANY

During the current year of operation, the total revenue of the Company stood at Rs. 181.40 lacs as
compared to Rs. 45.01 lacs in the previous year. The Company has a profit of Rs. 167.11 lacs during
the year as compared to profit of Rs. 35.63 lacs in the previous financial year.

CHANGE IN NATURE OF BUSINESS

During the financial year 2024-25, Company has not changed its nature of business and continues
to carry on the same line of business activity.

DETAILS OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

During the financial year, no Company became or ceased to be the Subsidiary, Joint Venture or
Associate Company.

DIVIDEND AND TRANSFER TO RESERVES

Your Directors do not recommend any dividend for the year 2024-25 and no amount has been
transferred to any Reserve during the year under consideration.

DEPOSIT

During the year under review, your Company has neither accepted nor renewed any deposits
within the meaning of Section 73 of the Companies Act, 2013.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END
OF FINANCIAL YEAR AND DATE OF REPORT

There is no occurrence of material change and commitment made between the end of the financial
year and date of this report which has affected the financial position of the company.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of the Companies Act, 2013 and Articles of Association, Mrs.
Mangala Rathod (DIN: 02170580), Whole-time Director of the Company retires by rotation and
being eligible, offers herself for re-appointment at the ensuing Annual General Meeting who is not
disqualified for being re-appointed in terms of Section 164 of the Companies Act, 2013.

The terms of office of Mrs. Mangala Rathod, as Whole-time Director of the Company expires on
13^th August, 2025. The Board of Directors on recommendation of Nomination and Remuneration
Committee recommends re-appointment of Mrs. Mangala Rathod as Whole-time Director of the
Company for a period of 3 years w.e.f. 14^th August, 2025.

Based on the recommendation of Nomination and Remuneration Committee ("NRC"), and in terms
of the provisions of the Act, Mr. Jaydeep Pandya (DIN: 07918780) was appointed as an Additional
and Non- Executive Independent Director of the Company by the Board, not liable to retire by
rotation, for a term of 5 years i.e. from 31^st July, 2025 to 30^th July, 2030, subject to approval of the
Members. As per the provisions of the Companies Act 2013, Mr. Jaydeep Pandya holds office till
the ensuing Annual General Meeting and being eligible, offers himself for appointment as Director.
The Board recommends his appointment as Independent Director.

At the Annual General Meeting of the Company held on 26^th August, 2024, the shareholders of the
Company regularized the appointment of Mr. Suhas Ashok Kadam (DIN: 10521378), who was
appointed as Additional Independent Director with effect from 28^th May, 2024. However, due to
some personal exigencies, Mr. Suhas Ashok Kadam tendered his resignation and ceased to be a
Non- Executive Independent Director of the Company with effect 31^st July, 2025.

During the year, there has been no other change in the composition of the Board of Directors or
Key Managerial Personnel of the Company.

DECLARATION BY INDEPENDENT DIRECTOR

The Company has received declarations from both the Independent Directors of the Company
confirming that they meet the criteria of independence as prescribed under the applicable
provision of section 149(6) of the Act.

ANNUAL RETURN

The Annual Return of the Company as on 31^st March, 2025 in Form MGT - 7 in accordance with
Section 92(3) of the Act read with Rule 12 of the Companies (Management and Administration)
Rules, 2014, is available on the website of the Company at
https://www.stellantsecurities.com/investors.php

MEETINGS

During the year, four meetings of the Board of Directors of the Company were convened and held.
The details of date of meetings and the attendance of each director at the Board Meetings and
Committees are annexed herewith as "Annexure - I". The intervening gap between the meetings
was within the period prescribed under the Companies Act, 2013 and the Secretarial Standard on
Board Meetings issued by ICSI.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to Section 134 (3) (c) and 134 (5) of the Companies Act, 2013, the Board of Directors, to
the best of their knowledge and ability, confirm that:

(i) in the preparation of the annual accounts, the applicable accounting standards had been
followed and that there were no material departures;

(ii) the directors had selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent, so as to give a true and fair view of
the state of affairs of the company at the end of the financial year and of the profit of the
Company for the period;

(iii) the directors had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Act, for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities;

(iv) the directors have prepared the annual accounts on a going concern basis;

(v) the proper internal financial controls were in place and that the financial controls were
adequate and operating effectively;

(vi) the directors have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.

CORPORATE SOCIAL RESPONSIBILITY

The provision of Section 135 pertaining to Corporate Social Responsibility is not applicable to the
Company for the financial year under consideration.

AUDIT COMMITTEE AND NOMINATION & REMUNARATION COMMITTEE

The Audit Committee of the Company is constituted in accordance with Section 177(2) of the
Companies Act, 2013. The composition of the Audit Committee is as follows:

POLICY ON DIRECTOR''S APPOINTMENT AND REMUNERATION

Pursuant to Section 178(3) of the Companies Act, 2013, the nomination and remuneration policy of
the Company which lays down the criteria for determining qualifications, competencies, positive
attributes and independence for appointment of Directors and policies of the Company relating to
remuneration of Directors, KMP and other employees is available on the Company''s website at
https://www.stellantsecurities.com/investors.php

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

During the year, the Company has not given any loans or guarantee or provided any security to any
persons or body corporate or made any new investments within the meaning of Section 186 of the
Companies Act, 2013.

RELATED PARTY CONTRACTS

During the year, Company has not entered into any transaction referred to in sub-section (1) of
section 188 of the Companies Act, 2013 read with Rule 15 of the Companies (Meetings of Board
and its powers) Rules, 2014 with related parties.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING
AND OUTGO

The information relating to energy conservation, technology absorption and research &
development pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the
Companies (Accounts) Rules, 2014 is as follows:

A. Conservation of Energy:

i.Steps taken or impact on conservation of energy: Since the Company is not carrying out any
manufacturing activities, it is not energy intensive. Adequate measures have been taken to
conserve the energy utilized.

ii. Steps taken by the Company for utilizing alternate sources of energy: The Company has not
utilized any alternate source of energy during the year.

iii. Capital investment on energy conservation equipments: NIL

B. Technology absorption:

i. Efforts made towards technology absorption: NIL

ii. Benefits derived like product improvement, cost reduction, product development or import
substitution: Nil

iii. Imported technology (imported during the last three years reckoned from the beginning of
the financial year):

a) Details of technology imported - No technology was imported.

b) Year of import - Not Applicable

c) Whether the technology been fully absorbed- Not Applicable

d) If not fully absorbed, areas where absorption has not taken place and the reasons thereof -
Not Applicable

iv. Expenditure incurred on Research and Development - Not Applicable

C. Foreign Exchange earnings and outgo:

During the year, there have been no foreign exchange earnings or outgo.

RISK MANAGEMENT

Your company has been regularly assessing the risk and ensures that the risk mitigation plans are in
place.

FORMAL ANNUAL EVALUATION

The Company has devised a Policy for performance evaluation of Independent Directors, Board,
Committees and other individual Directors which include criteria for performance evaluation of the
non-executive directors and executive directors.

On the basis of the Policy for performance evaluation of Independent Directors, Board, Committees
and other individual Directors, a process of evaluation was followed by the Board for its own
performance and that of its Committees and individual Directors.

At a separate meeting of independent Directors, performance of non-independent directors,
performance of the Board as a whole and performance of the Chairman was evaluated, taking into
account the views of executive directors and non-executive directors.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

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

INTERNAL FINANCIAL CONTROL

Your Company has Internal Control system to ensure an effective internal control environment that
provides assurance on the efficiency of conducting business, including adherence to the Company''s
policies, the safe guarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of Accounting records and the timely preparation of reliable financial
disclosures.

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

Your Directors state that during the year under review, there were no cases reported pursuant to
the Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act, 2013.
The details as required under Rule 8(5)(x) of the Companies Accounts Rules, 2014 are as under:

DISCLOSURE UNDER THE MATERNITY BENEFIT ACT, 1961

The provisions of the Maternity Benefit Act, 1961 are not applicable to the Company during the
year.

ESTABLISHMENT OF VIGIL MECHANISM

The Company has a Vigil Mechanism to deal with the instances of fraud and mismanagement, if
any. The Vigil Mechanism Policy had been recommended by the Audit Committee and thereafter
app,mgtroved and adopted by the Board of Directors of the Company. The vigil mechanism is
available on the Company''s website at http://www.stellantsecurities.com/investors.php.

PARTICULARS OF EMPLOYEES

In terms of the provisions of Section 197(12) of the Act read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, disclosures pertaining to
remuneration and other details are appended as ''Annexure - II'' to the Directors'' Report.

None of the employees of the Company employed throughout the year were in receipt of
remuneration in excess of the limits set out in Rule 5(2) of the said rules.

AUDITORS
Statutory Auditors

At the Company''s 31^st Annual General Meeting held on 29^th September, 2022, M/s. R.K. Khandelwal
& Co., Chartered Accountants (Firm registration No. 105054W), were re-appointed as Company''s

Statutory Auditors to hold office till the conclusion of the 36^th Annual General Meeting to be held
for the financial year ended 31^st March, 2027, covering second term of five consecutive years.

Pursuant to Sections 139 and 141 of the Act read with the Companies (Audit and Auditors) Rules
2014, the Statutory Auditors have furnished a certificate of their eligibility and consent as the
Auditors of the Company.

Secretarial Auditor

In compliance with Regulation 24A of the SEBI Listing Regulations and Section 204 of the Act, the
Board at its meeting held on 31^st July, 2025, based on recommendation of the Audit Committee,
has approved the appointment of M/s. Ashish O. Lalpuria & Co, Practising Company Secretaries, a
peer reviewed firm (FCS No. 9381, CP No. 11155) as Secretarial Auditors of the Company for a term
of five consecutive years commencing from FY 2025-26 till FY 2029-30, subject to approval of the
Members at the ensuing AGM.

The Board had appointed M/s. Jayshree A. Lalpuria & Co., Practising Company Secretaries, to
conduct Secretarial Audit for the financial year 2024-25. The Secretarial Audit Report for the
financial year ended 31^st March, 2025 is annexed herewith as "Annexure - III".

AUDITOR''S REPORT

The Auditor''s Report for the financial year ended 31^st March, 2025 does not contain any
qualification, reservation or adverse remark or disclaimer of the Auditor.

Reporting of fraud by the Auditor under Section 143(12) of the Companies Act, 2013

The Board of Directors states that M/s. R.K. Khandelwal & Co., Chartered Accountants, Statutory
Auditors have not reported of any fraud involving any amount committed by the Company to the
Central Government, Audit Committee or to the Board of Directors of the Company.

SECRETARIAL AUDITOR''S REPORT

As regards qualifications/remarks of the Secretarial Auditor in her report, the Directors wish to
clarify that due to financial constraints, the Company could not give newspaper advertisement for
Audited (yearly) and Un-audited (quarterly) Financial Results as required under Regulation 47 of
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.

The Company has now started publishing the said advertisement in newspaper as required under
Regulation 47 of SEBI Listing Regulations.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Management Discussion and Analysis Report as required under Regulation 34(2) of Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is
provided in "Annexure - IV" and forms a part of the Annual Report.

OTHER DISCLOSURES

a. 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 (31 of 2016) during the year along with their status as at
the end of the financial year is not applicable; and

b. 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.

ACKNOWLEDGEMENT:

Your directors would like to place on record their gratitude for the continuous support and co¬
operation received from the bankers, creditors and Government authorities. The Directors place
on record their appreciation of the contribution made by the employees and the management.

FOR AND ON BEHALF OF THE BOARD,
STELLANT SECURITIES (INDIA) LTD.

(Bhavesh Bafna) (Mangala Rathod)

Place: Mumbai Director Whole Time Director

Dated: 31^st July, 2025 DIN: 02402307 DIN: 02170580

Your Directors hereby present their 33^rd Annual Report and the Audited Accounts for the year
ended 31^st March, 2024.

OPERATIONS & STATE OF AFFAIRS OF THE COMPANY

During the current year of operation, the total revenue of the Company stood at Rs. 45.01 lacs as
compared to Rs. 15.63 lacs in the previous year. The Company has a profit of Rs. 35.63 lacs during
the year as compared to profit of Rs. 3.12 lacs in the previous financial year.

CHANGE IN NATURE OF BUSINESS

During the financial year 2023-24, Company has not changed its nature of business and continues
to carry on the same line of business activity.

DETAILS OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

After obtaining the approval of the members of the Company at the Annual General Meeting held
on September 29, 2023, the Company has completed the sale of its entire stake in Stellant Stock
Broking Private Limited, the Wholly Owned Subsidiary on 5^th October, 2023. Consequently, Stellant
Stock Broking Private Limited ceased to be the subsidiary of the Company from that day. Hence
preparation of consolidated accounts is not applicable to the Company for the year under
consideration.

During the financial year, no other Company became or ceased to be the Subsidiary, Joint Venture
or Associate Company.

DIVIDEND AND TRANSFER TO RESERVES

In view of accumulated losses, your Directors do not recommend any dividend for the year 2023-24
and no amount has been transferred to any Reserve during the year under consideration.

DEPOSIT

During the year under review, your Company has neither accepted nor renewed any deposits
within the meaning of Section 73 of the Companies Act, 2013.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END
OF FINANCIAL YEAR AND DATE OF REPORT

There is no occurrence of material change and commitment made between the end of the financial
year and date of this report which has affected the financial position of the company.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the year, there has been no change in the composition of the Board of Directors or Key
Managerial Personnel of the Company.

In accordance with the provisions of the Companies Act, 2013 and Articles of Association,
Mr. Bhavesh Bafna (DIN: : 02402307), Director of the Company retires by rotation and being
eligible, offers himself for re-appointment at the ensuing Annual General Meeting who is not
disqualified for being re-appointed in terms of Section 164 of the Companies Act, 2013.

Mr. Suhas Ashok Kadam (DIN: 10521378) was appointed as an Additional and Independent Director
of the Company by the Board, not liable to retire by rotation, for a term of 5 years i.e. from 28^th
May, 2024 to 25^th May, 2029, subject to approval of the Members. As per the provisions of the
Companies Act 2013, Mr. Suhas Ashok Kadam holds office till the ensuing Annual General Meeting
and being eligible, offers himself for appointment as Director. The Board recommends his
appointment as Independent Director.

DECLARATION BY INDEPENDENT DIRECTOR

The Company has received declarations from both the Independent Directors of the Company
confirming that they meet the criteria of independence as prescribed under the applicable
provision of section 149(6) of the Act.

ANNUAL RETURN

The Annual Return of the Company as on 31^st March, 2024 in Form MGT - 7 in accordance with
Section 92(3) of the Act read with Rule 12 of the Companies (Management and Administration)
Rules, 2014, is available on the website of the Company at
https://www.stellantsecurities.com/investors.php

MEETINGS

During the year, five meetings of the Board of Directors of the Company were convened and held.
The details of date of meetings and the attendance of each director at the Board Meetings and
Committees are annexed herewith as "Annexure - I". The intervening gap between the meetings
was within the period prescribed under the Companies Act, 2013 and the Secretarial Standard on
Board Meetings issued by ICSI.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to Section 134 (3) (c) and 134 (5) of the Companies Act, 2013, the Board of Directors, to

the best of their knowledge and ability, confirm that:

(i) in the preparation of the annual accounts, the applicable accounting standards had been
followed and that there were no material departures;

(ii) the directors had selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent, so as to give a true and fair view of
the state of affairs of the company at the end of the financial year and of the profit of the
Company for the period;

(iii) the directors had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Act, for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities;

(iv) the directors have prepared the annual accounts on a going concern basis;

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

(vi) the directors have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.

CORPORATE SOCIAL RESPONSIBILITY

The provision of Section 135 pertaining to Corporate Social Responsibility is not applicable to the

Company for the financial year under consideration.

AUDIT COMMITTEE AND NOMINATION & REMUNARATION COMMITTEE

The Audit Committee of the Company is constituted in accordance with Section 177(2) of the

Companies Act, 2013. The composition of the Audit Committee is as follows:

POLICY ON DIRECTOR''S APPOINTMENT AND REMUNERATION

Pursuant to Section 178(3) of the Companies Act, 2013, the nomination and remuneration policy of
the Company which lays down the criteria for determining qualifications, competencies, positive
attributes and independence for appointment of Directors and policies of the Company relating to
remuneration of Directors, KMP and other employees is available on the Company''s website at
https://www.stellantsecurities.com/investors.php

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

During the year, the Company has not given any loans or guarantee or provided any security to any
persons or body corporate or made any new investments within the meaning of Section 186 of the
Companies Act, 2013.

RELATED PARTY CONTRACTS

During the year, Company has not entered into any transaction referred to in sub-section (1) of
section 188 of the Companies Act, 2013 read with Rule 15 of the Companies (Meetings of Board
and its powers) Rules, 2014 with related parties. The Company has sold its entire stake in
M/s. Stellant Stock Broking Private Limited, the Wholly Owned Subsidiary to the related parties
after obtaining requisite approval from members of the Company and required disclosures were
made to the Stock Exchanges.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING
AND OUTGO

The information relating to energy conservation, technology absorption and research &
development pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the
Companies (Accounts) Rules, 2014 is as follows:

A. Conservation of Energy:

i. Steps taken or impact on conservation of energy: Since the Company is not carrying out any
manufacturing activities, it is not energy intensive. Adequate measures have been taken to
conserve the energy utilized.

ii. Steps taken by the Company for utilizing alternate sources of energy: The Company has not
utilized any alternate source of energy during the year.

iii. Capital investment on energy conservation equipments: NIL

B. Technology absorption:

i. Efforts made towards technology absorption: NIL

ii. Benefits derived like product improvement, cost reduction, product development or import
substitution: Nil

iii. Imported technology (imported during the last three years reckoned from the beginning of
the financial year):

a) Details of technology imported - No technology was imported.

b) Year of import - Not Applicable

c) Whether the technology been fully absorbed- Not Applicable

d) If not fully absorbed, areas where absorption has not taken place and the reasons thereof -
Not Applicable

iv. Expenditure incurred on Research and Development - Not Applicable

C. Foreign Exchange earnings and outgo:

During the year, there have been no foreign exchange earnings or outgo.

RISK MANAGEMENT

Your company has been regularly assessing the risk and ensures that the risk mitigation plans are in
place.

FORMAL ANNUAL EVALUATION

The Company has devised a Policy for performance evaluation of Independent Directors, Board,
Committees and other individual Directors which include criteria for performance evaluation of the
non-executive directors and executive directors.

On the basis of the Policy for performance evaluation of Independent Directors, Board, Committees
and other individual Directors, a process of evaluation was followed by the Board for its own
performance and that of its Committees and individual Directors.

At a separate meeting of independent Directors, performance of non-independent directors,
performance of the Board as a whole and performance of the Chairman was evaluated, taking into
account the views of executive directors and non-executive directors.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

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

INTERNAL FINANCIAL CONTROL

Your Company has Internal Control system to ensure an effective internal control environment that
provides assurance on the efficiency of conducting business, including adherence to the Company''s
policies, the safe guarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of Accounting records and the timely preparation of reliable financial
disclosures.

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

Your Directors state that during the year under review, there were no cases reported pursuant to
the Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act, 2013.

ESTABLISHMENT OF VIGIL MECHANISM

The Company has a Vigil Mechanism to deal with the instances of fraud and mismanagement, if
any. The Vigil Mechanism Policy had been recommended by the Audit Committee and thereafter
approved and adopted by the Board of Directors of the Company. The vigil mechanism is available
on the Company''s website at http://www.stellantsecurities.com/investors.php.

PARTICULARS OF EMPLOYEES

In terms of the provisions of Section 197(12) of the Act read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, disclosures pertaining to
remuneration and other details are appended as ''Annexure - II'' to the Directors'' Report.

None of the employees of the Company employed throughout the year were in receipt of
remuneration in excess of the limits set out in Rule 5(2) of the said rules.

AUDITORS
Statutory Auditors

At the Company''s 31^st Annual General Meeting held on 29^th September, 2022, M/s. R.K.
Khandelwal & Co., Chartered Accountants (Firm registration No. 105054W), were re-appointed as
Company''s Statutory Auditors to hold office till the conclusion of the 36^th Annual General Meeting
to be held for the financial year ended 31^st March, 2027, covering second term of five consecutive
years.

Pursuant to Sections 139 and 141 of the Act read with the Companies (Audit and Auditors) Rules
2014, the Statutory Auditors have furnished a certificate of their eligibility and consent as the
Auditors of the Company.

Secretarial Auditor

The Board had appointed M/s. Jayshree A. Lalpuria & Co., Practising Company Secretaries, to
conduct Secretarial Audit for the financial year 2023-24. The Secretarial Audit Report for the
financial year ended 31^st March, 2024 is annexed herewith as "Annexure - III".

AUDITOR''S REPORT

The Auditor''s Report for the financial year ended 31st March, 2024 does not contain any
qualification, reservation or adverse remark or disclaimer of the Auditor.

Reporting of fraud by the Auditor under Section 143(12) of the Companies Act, 2013

The Board of Directors states that M/s. R.K. Khandelwal & Co., Chartered Accountants, Statutory
Auditors have not reported of any fraud involving any amount committed by the Company to the
Central Government, Audit Committee or to the Board of Directors of the Company.

SECRETARIAL AUDITOR''S REPORT

As regards qualifications/remarks of the Secretarial Auditor in her report, the Directors wish to
clarify that due to financial constraints, the Company could not give newspaper advertisement for
Audited (yearly) and Un-audited (quarterly) Financial Results as required under Regulation 47 of
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Management Discussion and Analysis Report as required under Regulation 34(2) of Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is
provided in "Annexure - IV" and forms a part of the Annual Report.

DELISTING FROM THE CALCUTTA STOCK EXCHANGE LIMITED

The present management of the Company, when it took control of the Company from the previous
management in the year 2008, was not aware of any suspension of listing of shares of the Company
from the Calcutta Stock Exchange Ltd. (CSE). During the year under consideration, the Company
completed the formalities for revocation of suspension of shares of the Company from the CSE and
the Company was admitted on CSE for dealing effective 31^st May, 2023.

With the wide and extensive networking of centers of the BSE, the Investors have access to online
dealings in the Company''s shares across the country. The trading volume of the Company''s shares
on the CSE was nil. The listing fee paid to the CSE did not offer commensurate benefits to the
Company/ its investors and the continued listing on the said Stock Exchange was not justified.
Therefore, the Board of Directors at its meeting held on 10^th August, 2023 considered and
approved voluntary delisting of the equity shares of the Company pursuant to Regulations 5 & 6 of
the SEBI (Delisting of Equity Shares) Regulations, 2021, from the CSE where no exit opportunity was
required to be given to the shareholders. After complying with the due procedure, the Equity
Shares of the Company have now been delisted from the CSE with effect from 19^th June, 2024.

OTHER DISCLOSURES

a. 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 (31 of 2016) during the year along with their status as at
the end of the financial year is not applicable; and

b. 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.

ACKNOWLEDGEMENT:

Your directors would like to place on record their gratitude for the continuous support and co¬
operation received from the bankers, creditors and Government authorities. The Directors place
on record their appreciation of the contribution made by the employees and the management.

FOR AND ON BEHALF OF THE BOARD,
STELLANT SECURITIES (INDIA) LTD.

(Bhavesh Bafna) (Mangala Rathod)

Place: Mumbai Director Whole Time Director

Dated: 11^th July, 2024 DIN: 02402307 DIN: 02170580

The Directors hereby present their Nineteenth Annual Report and the Audited Accounts for the year ended 31st March, 2010.

FINANCIAL RESULTS:

(Amount in Rupees)

Year ended Year ended 31-03-2010 31-03-2009

Sales and Other Income 43,753,446 852,160

Profit before Interest and Depreciation 77,48,680 642060

Less: Interest 0 0

Less: Depreciation 52,340 52340

Profit/(Loss) before Tax 76,96,340 589720

Less: Provision for Taxation 0 9050

Profit/(Loss) After Tax 76,96,340 580,670

Balance Brought Forward (25,640,528) (26,221,198)

Balance carried over (17,944,188) (25,640,528)

OPERATIONS:

Turnover of the Company during the year under consideration was Rs. 4.05 crores as against Rs. 4.92 lacs previous year. The Company has generated net profit after tax, of Rs. 76.96 lacs for the year under consideration as compared to profit of Rs. 5.89 lacs in the previous year.

DIVIDEND.

In order to conserve resources for future, your Directors do not recommend any dividend for the year under review.

FIXED DEPOSITS:

The Company has neither invited nor accepted any deposits from public during the year under review under the Companies (Acceptance of Deposit) Rules, 1975 read with Section 58A of the Companies Act, 1956.

INDUSTRIAL RELATIONS:

The Company has been continuously attempting to improve employee skills and productivity. Industrial relations generally remained cordial and satisfactory.

PARTICULARS OF EMPLOYEES.

Information in accordance with the provisions of Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) (Amendment) Rules, 1975 as amended, is not applicable as none of the employees is entitled to a remuneration of Rs. 24 lacs or more per year or Rs. 2 lacs or more per month.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

Provisions of Section 217(l)(e) read with the Companies (Disclosure of particulars in report of the Board of Directors) Rule, 1988 are not applicable to the Company.

AUDITORS:

Auditors, M/s. P. R. Agarwal & Awasthi, Chartered Accountants, retire and offer themselves for re-appointment.

AUDITORS REPORT:

The observation made by the Auditors of the Company in their report read with the notes on Accounts, are self-explanatory and do not require any further clarification.

SECRETARIAL COMPLIANCE CERTIFICATE

The Compliance Certificate received in accordance with the provisions of section 383A (1) of the Act read with the Companies (Compliance Certificate) Rules 2001 is being attached to the Directors Report.

DIRECTORS RESPONSIBILITY STATEMENT:

As required under Section 217 (2AA) of the Companies Act, 1956, your Directors confirm that:

(a) in the preparation of the annual accounts, the applicable accounting standards have been followed;

(b) appropriate accounting policies have been selected and applied consistently and that judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2010 and of its profit for the year ended on that date;

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

(d) the annual accounts have been prepared on a going concern basis.

ACKNOWLEDGEMENT:

Your directors would like to place on record their gratitude for the continuous support and co-operation received from the, bankers, creditors and Government authorities. The Directors place on record their appreciation of the contribution made by the employees and the management.

FOR AND ON BEHALF OF THE BOARD, SELLAIDS PUBLICATIONS (INDIA) LTD.

Place: Mumbai Dated: 30th June, 2010.

(Mangala Rathod) Director