2. COMPANY'S PERFORMANCE:

On a consolidated basis, during the financial year
under review, the Company achieved a total revenue
of C1,09,035 Lakh, as compared to C73,795 Lakh in the
previous financial year. The profit before tax stood at
C22,885 Lakh (previous year: C16,709 Lakh), with a tax
provision of C7,177 Lakh (previous year: C4,066 Lakh).
Consequently, the profit after tax was C15,708 Lakh, as
against C12,643 Lakh in the previous year.

The total comprehensive income for the financial year
was C 15,041 Lakh, as compared to C12,620 Lakh in the
previous financial year.

On a standalone basis, during the financial year under
review, the Company achieved a total revenue of C69,941
Lakh, as compared to C53,267 Lakh in the previous
financial year. The profit before tax stood at C18,530 Lakh
(previous year: C14,587 Lakh), with a tax provision of

C5,820 Lakh (previous year: C3,423 Lakh). Consequently,
the profit after tax was C 12,710 Lakh, as against C11,164
Lakh in the previous year.

The total comprehensive income for the financial year
was C12,766 Lakh, as compared to C11,189 Lakh in the
previous financial year.

3. NATURE OF BUSINESS:

The Company is primarily engaged in the activities of Real
Estate development. There was no change in nature of the
business of the Company, during the year under review.

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

There were no material changes and commitments
affecting the financial position of the Company between
the end of the financial year to which the financial
statements relate and the date of this report.

5. SHARE CAPITAL OF THE COMPANY:

During the year under review, the Company subdivided
its existing 1 (One) Equity Share of face value C10/- each
into 5 (Five) Equity Shares of face value C2/- each.

Consequent upon the aforesaid subdivision, the
Authorized Share Capital of the Company as on 31^st March,
2026 stood at C 1,50,00,00,000/- (Rupees One Hundred
Fifty Crore only) divided into 75,00,00,000 Equity Shares
of C2/- each.

As on 31^st March, 2026, the Issued, Subscribed and Paid-
up Share Capital of the Company stood at C39,35,91,300/-
(Rupees Thirty-Nine Crore Thirty-Five Lakh Ninety-One
Thousand Three Hundred only) divided into 19,67,95,650
Equity Shares of C2/- each.

6. DIVIDEND & DIVIDEND POLICY:

Your Directors have recommended a dividend of C1/- per
Equity Share of face value C2/- each, being 50% of the
face value, for the financial year ended 31^st March, 2026.
The dividend recommended for the previous financial
year was C4.50/- per Equity Share of face value C10/- each
(before subdivision), being 45% of the face value.

The dividend, if approved by the shareholders, will be
paid to those members whose names appear in the
Register of Members / List of Beneficial Owners as on
16^th September, 2026.

Pursuant to the provisions of Regulation 43A of the
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ("SEBI Listing Regulations"), the
Company has formulated the Dividend Distribution Policy.

The policy is available on the Company's website at
https://ajmera.com/policies/.

7. RESERVES:

During the year under review, a sum of C1,276.56 Lakh
(previous year: C1,118.86 Lakh) was transferred to the
General Reserve.

8. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE
COMPANIES:

During the year under review, the Company has fifteen
subsidiaries, one associate and two joint venture
Companies.

Pursuant to the provisions of Section 129(3) of the
Companies Act, 2013 ('the Act'), a statement containing
salient features of the financial statements of the
subsidiaries, associate, and joint venture Companies, in
Form AOC-1 is attached as Annexure - A to the financial
statements of the Company and forms part of this
Annual Report.

Further, no subsidiary, associate, or joint venture
Company was formed or ceased to exist during the
financial year under review.

9. CONSOLIDATED AUDITED FINANCIAL STATEMENTS:

Pursuant to the provisions of Sections 129 and 133 of
the Act read with the Companies (Accounts) Rules, 2014
and as required under Regulation 34 of the SEBI Listing
Regulations, the Company has prepared Consolidated
Audited Financial Statements. These statements
consolidate the financials of the Company with those of
its subsidiaries, joint ventures, associates, and step-down
subsidiaries, in accordance with the applicable provisions
of Indian Accounting Standards ("Ind AS").

The Consolidated Audited Financial Statements, together
with the Independent Auditors' Report thereon, form an
integral part of this Annual Report and are annexed hereto.

A summary of the consolidated financial position is
presented under Point No. 1 above.

10. RISK MANAGEMENT:

The Company has established a comprehensive Risk
Management Policy that outlines a structured approach
to risk identification, assessment, and mitigation. Periodic
and detailed exercises are undertaken to identify,
evaluate, manage, and monitor both business and non¬
business risks. The Board of Directors regularly reviews
the risk profile of the Company and provides guidance on
measures to control and mitigate identified risks through
a well-defined risk management framework.

Pursuant to the provisions of Regulation 21 of the SEBI
Listing Regulations, the Company has constituted a Risk
Management Committee to oversee the risk management
framework and practices of the organization. As on
31^st March, 2026, the Risk Management Committee
comprised of Mr. Rajnikant S. Ajmera, Chairman and
Managing Director of the Company as Chairman of the
Committee and Mr. Manoj I. Ajmera, Managing Director,
Mr. Jayesh J. Mehta, Independent Director and Mr. Nitin

Bavisi, Chief Financial Officer as members. The Company
Secretary and Compliance Officer acts as the Secretary to
the Committee.

The Committee is responsible for monitoring and
reviewing the risk management plan and ensuring
its effectiveness. The Audit Committee has additional
oversight in the area of financial risks and controls. The
major risks identified by the businesses and functions are
systematically addressed through mitigating actions on a
continuing basis.

11. ANNUAL RETURN:

Pursuant to Section 92(3) read with Section 134(3)(a)
of the Act, the Annual Return as on 31^st March, 2026 is
available on the Company's website at https://ajmera.
com/annual-reports/

12. DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP):

a) Composition:

As on 31^st March, 2026, the Company's Board comprises
of six Directors, which includes Woman Independent
Directors. The Board has an appropriate mix of Executive,
Non-Executive, and Independent Directors, in compliance
with the requirements of the Act and the SEBI Listing
Regulations. This composition is also aligned with the
best practices of Corporate Governance.

b) Retirement by rotation:

In accordance with the provisions of Section 152(6)
of the Act, read with the Companies (Management
and Administration) Rules, 2014 and the Articles of
Association of the Company, Mr. Manoj I. Ajmera (DIN:
00013728), Director, is liable to retire by rotation at the
ensuing Annual General Meeting and, being eligible,
has offered himself for re-appointment. Based on the
recommendation of the Nomination and Remuneration
Committee, the Board of Directors recommends his re¬
appointment to the members of the Company.

c) Appointment and Re-appointment of Directors:

> Details of the appointments and re¬
appointments made during the year under
review are as follows:

Upon the recommendation of the Nomination
and Remuneration Committee and the approval
of the Board of Directors of the Company and in
terms of the provisions of the Act, the following re¬
appointment was made during the financial year:

i) Mr. Rajnikant S. Ajmera (DIN: 00010833),
Director, who retired by rotation at the 38^th
Annual General Meeting of the Company held
on 9^th September, 2025, was re-appointed by
the members as a Director of the Company
in accordance with the provisions of Section
152(6) of the Act;

Apart from the above, there were no
appointments or resignations of any Director
or Key Managerial Personnel (KMP) during the
year under review.

d) Declaration from Independent Directors:

In accordance with the provisions of Section 149(6)
of the Act and Regulation 16(1)(b) of the SEBI Listing
Regulations, the Company has received declarations
from all Independent Directors confirming that they
meet the criteria of independence as laid down under the
applicable laws. Further, in compliance with Regulation
25 of the SEBI Listing Regulations, each Independent
Director has also affirmed that they are not aware of any
circumstance or situation which exists or may reasonably
be anticipated that could impair or impact their ability to
discharge their duties as Independent Directors of the
Company with an objective, independent judgment and
without any external influence.

All Independent Directors have additionally confirmed
their compliance with the provisions of Schedule IV
of the Act (Code for Independent Directors) and the
Company's Code of Conduct. In accordance with Rule
6(3) of the Companies (Appointment and Qualification
of Directors) Rules, 2014, the Independent Directors have
also submitted declarations confirming the inclusion of
their names in the data bank maintained by the Indian
Institute of Corporate Affairs (IICA), which is required to
be maintained throughout their tenure.

The Company further confirms that none of its Directors
are disqualified from being appointed or continuing as
Directors in terms of Section 164 of the Act. All necessary
disclosures, as required under various provisions of the
Act and the SEBI Listing Regulations, have been duly
made by the Directors.

In the opinion of the Board, all Independent Directors are
persons of integrity, possess the requisite qualifications,
expertise, and experience, and continue to remain
independent of the management.

e) Board Evaluation:

In accordance with the provisions of the Act and the SEBI
Listing Regulations, the Board of Directors has formulated
a policy for performance evaluation of the Chairman,
the Board as a whole, individual Directors (including
Independent Directors), and various Committees of
the Board. The policy also includes specific criteria for
evaluating the performance of both Executive and Non¬
Executive Directors.

The Nomination and Remuneration Committee has laid
down the methodology for conducting an effective
evaluation of the performance of the Board, its
committees, and individual Directors. The Committee
has further authorized the Board to carry out the said
evaluation.

Based on the framework provided by the Committee, the
Board devised structured questionnaires tailored to the
business operations of the Company and the expectations
placed on each Director. These questionnaires serve as
the basis for assessing the overall effectiveness of the
Board, its committees, and individual members.

The performance evaluation of each Committee was
carried out by the Board based on the reports submitted
by the respective Committees. Similarly, the performance
evaluation of individual Directors was assessed, and
the findings of these evaluations were reviewed by the
Chairman of the Board.

The evaluation framework for assessing the performance
of Directors includes, but is not limited to, the following
key parameters:

i) Attendance at Board and Committee meetings;

ii) Quality of contributions to Board deliberations;

iii) Strategic perspective or inputs regarding future
growth of the Company and its performance; and

iv) Providing perspective and feedback going beyond
information provided by the management.

The Company has also put in place a structured
familiarization programme for its Independent Directors.
The programme is designed to provide insights into the
Company's operations, industry outlook, business model,
regulatory environment, and the roles, responsibilities,
and rights of Independent Directors. The familiarization
programmes are available on the Company's website at
the following link: https://ajmera.com/policies/.

f) KEY MANAGERIAL PERSONNEL (KMP):

The details of Key Managerial Personnel of the Company
are as follows:

13. MANAGERIAL REMUNERATION AND OTHER DETAILS:

Disclosure pertaining to remuneration and other details
as required under Section 197 of the Act, read with Rule
5(1) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, is provided in this
Report as Annexure - B, which forms an integral part of
this Annual Report.

The statement containing particulars of employees as
required under Section 197(12) of the Act read with Rules
5(2) and 5(3) of the said Rules is provided in a separate
annexure forming part of this Report. In accordance
with the provisions of Section 136 of the Act, the Annual
Report, including the financial statements, is being sent
to the members excluding the aforementioned annexure.
The said annexure is available for inspection by members
at the registered office of the Company during business
hours up to the date of ensuing AGM. Any member
interested in obtaining a copy of the same may write to
the Company Secretary and Compliance Officer, and it
will be provided upon request.

14. REMUNERATION POLICY:

Pursuant to the provisions of Section 178 of the Act
and Regulation 19 of the SEBI Listing Regulations and
based on the recommendation of the Nomination and
Remuneration Committee, the Board of Directors has
adopted a comprehensive policy for the selection and
appointment of Directors, Key Managerial Personnel
(KMP), Senior Management Personnel (SMP), and other
employees. The policy also outlines the framework
for determining their remuneration. The policy lays
down the criteria for qualifications, positive attributes,
independence of directors, and other relevant matters
pertaining to their appointment and remuneration.

The Nomination and Remuneration Policy is available on
the Company's website at https://ajmera.com/policies/.

15. MEETINGS OF THE BOARD:

Five (5) meetings of the Board were held during the year
under review. For details of meetings of the Board, please
refer to the Corporate Governance Report, which forms
part of this report. The intervening gap between the two
consecutive meetings was within the period prescribed
under the Act and SEBI Listing Regulations.

16. COMMITTEES OF THE BOARD:

Details of the Committees constituted by the Board
in accordance with the provisions of the Act and SEBI
Listing Regulations, including their composition, any
changes therein during the year, as well as the number
and dates of meetings held during the year under review,
are provided in the Corporate Governance Report, which
forms part of this Annual Report.

17. AUDIT COMMITTEE AND ITS COMPOSITION:

The composition and details of the Audit Committee are
provided in the Corporate Governance Report, which
forms part of this Annual Report.

18. DIRECTORS' RESPONSIBILITY STATEMENT:

In accordance with the provisions of Section 134(3)(c)
read with Section 134(5) of the Act, the Board of Directors,
to the best of its knowledge and ability, confirms that:

i. In the preparation of the annual accounts, the
applicable accounting standards have been
followed along with proper explanations relating to
material departures;

ii. The directors have 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 that period;

iii. The directors have 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 directors have laid down internal financial
controls to be followed by the Company, and
such internal financial controls are adequate and
operating effectively; and

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.

19. PUBLIC DEPOSITS:

The Company has not accepted any deposits from the
public within the meaning of Sections 73 and 76 of the
Act read with Companies (Acceptance of Deposits) Rules,
2014 and as such, no amount on account of principal or
interest on deposits from public was outstanding as on
the date of the balance sheet.

20. PARTICULARS OF CONTRACTS OR ARRANGEMENTS
WITH RELATED PARTIES REFERRED TO IN SECTION
188(1) OF THE ACT:

All contracts, arrangements, and transactions entered
into by the Company with related parties during the year
under review were in the ordinary course of business and
on an arm's length basis.

During the year under review, the Company did not enter
into any material related party transactions falling within
the scope of Section 188(1) of the Act. Accordingly, the
disclosure of particulars of such transactions in Form
AOC-2, as required under Section 134(3)(h) of the Act, is
not applicable.

In accordance with the provisions of Regulation 23 of SEBI
Listing Regulations, the Company has adopted a Policy
on Related Party Transactions. The policy is available on
the Company's website at https://ajmera.com/policies/

21. PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS UNDER SECTION 186 OF THE ACT:

The particulars of loans given, guarantees provided, and
investments made by the Company, as required under
Section 186 of the Act are disclosed in the financial
statements, which form part of this Annual Report.

22. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:

The Company's CSR initiatives and activities are aligned
with the provisions of Section 135 of the Act. A brief
outline of the CSR Policy, along with the details of
initiatives undertaken by the Company during the year
under review, is provided in Annexure - C of this Report, in
the format prescribed under the Companies (Corporate
Social Responsibility Policy) Rules, 2014.

The CSR Policy is available on the Company's website at:
https://ajmera.com/policies/

For further details regarding the CSR Committee,
including its composition and responsibilities, please
refer to the Corporate Governance Report, which forms
part of this Annual Report.

23. WHISTLE BLOWER / VIGIL MECHANISM POLICY:

The Company has adopted a Whistle Blower Policy and
established a vigil mechanism in accordance with the
provisions of Section 177(9) of the Act and Regulation
22 of the SEBI Listing Regulations. This mechanism
enables employees, Directors, and stakeholders to report
concerns about unethical behaviour, actual or suspected
fraud, or violation of the Company's Code of Conduct in a
confidential and secure manner.

The Vigil Mechanism (Whistle Blower Policy) is available on
the Company's website at https://ajmera.com/policies/

24. CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE EARNINGS AND
OUTGO:

In accordance with the provisions of Section 134(3)
(m) of the Act, read with Rule 8 of the Companies
(Accounts) Rules, 2014, the requisite information relating
to Conservation of Energy, Technology Absorption, and
Foreign Exchange Earnings and Outgo is provided in
Annexure - D, which forms part of this Report.

25. STATUTORY AUDITORS:

In accordance with the provisions of Section 139 of
the Act read with the Companies (Audit and Auditors)
Rules, 2014, the shareholders of the Company, at their
35^th Annual General Meeting held on 25^th August,
2022, appointed M/s. V Parekh & Associates, Chartered
Accountants, Mumbai (Firm Registration No. 107488W) as
the Statutory Auditors of the Company, to hold office for
a term of five consecutive years, i.e., from the conclusion
of the 35^th Annual General Meeting until the conclusion
of the 40^th Annual General Meeting, to be held for the
financial year ending 31^st March, 2027.

M/s. V Parekh & Associates have furnished a written
confirmation that they continue to satisfy the eligibility
criteria prescribed under Sections 139 and 141 of the Act
and the Companies (Audit and Auditors) Rules, 2014, and
are not disqualified from continuing as Statutory Auditors
of the Company.

26. SECRETARIAL AUDITOR:

During the year under review, the Members approved
the appointment of Ms. Shreya Shah, Practicing Company

Secretary, a peer-reviewed (COP 15859 / Peer review
certificate No.: 1696/2022) as the Secretarial Auditor of
the Company, to hold office for a term of five consecutive
years up to FY 2029- 2030.

The Secretarial Audit Report is annexed to this Report as
Annexure - E and forms a part of this Report.

27. INTERNAL AUDITOR:

In accordance with the provisions of Section 138 of the
Act, read with the Companies (Accounts) Rules, 2014, Mr.
Vinay Parekh continues to serve as the Internal Auditor
of the Company. He is responsible for monitoring and
evaluating the efficacy and adequacy of the Company's
internal control systems, and for ensuring compliance
with operating systems, accounting procedures, and
policies across all locations of the Company. His findings
and audit reports are periodically submitted to the
Audit Committee for review and for necessary corrective
actions, wherever required.

28. COST RECORDS AND COST AUDITORS:

During the year under review, your Company is required
to maintain cost records in accordance with the provisions
of Section 148(1) of the Act, read with the Companies
(Cost Records and Audit) Rules, 2014, for the Construction
industry, and accordingly such accounts and records are
made and maintained by your Company.

The said cost accounts and records are also required to be
audited pursuant to the provisions of Section 148 of the
Act, read with notifications / circulars issued by the Ministry
of Corporate Affairs from time to time, and accordingly
as per the recommendation of the Audit Committee, the
Board of Directors has appointed M/s. D R Mathuria & Co.,
Cost Accountants, as the Cost Auditors of the Company
for the FY 2026-27. The resolution for ratification of
the remuneration payable to the Cost Auditors by the
shareholders for the FY 2026-27 is included in the notice of
the ensuing Annual General Meeting.

29. COMMENTS ON QUALIFICATION BY STATUTORY
AUDITORS AND SECRETARIAL AUDITOR:

The Statutory Auditors' Report does not contain any
qualifications, observations, or adverse remarks.

Further, the Secretarial Audit Report issued by Mrs.
Shreya Shah, Secretarial Auditor, does not contain
any qualifications, reservations, adverse remarks, or
disclaimers except for the delay in filing e-Forms CHG-1

for registration of the charges created in favour of Mercedes-
Benz Financial Services India Private Limited and Tata Capital
Housing Finance Limited, which occurred due to a delay in
receipt of the requisite documents from the respective
financial institutions to attach in the said e-forms.

Further, none of the Auditors of the Company have
reported any fraud as specified under the second proviso
of Section 143(12) of the Act.

30. MANAGEMENT DISCUSSION AND ANALYSIS REPORT,
CORPORATE GOVERNANCE REPORT AND BUSINESS
RESPONSIBILITY AND SUSTAINABILITY REPORT:

In accordance with the provisions of Regulations 34(2)
and 34(3) read with Schedule V of the SEBI Listing
Regulations, the following reports and declarations form
an integral part of this Annual Report and are annexed
accordingly:

• Management Discussion and Analysis Report;

• Corporate Governance Report;

• Declaration regarding compliance with the Code of
Conduct by the Directors and Senior Management;

• MD & CFO certification under Regulation 17(8) of
the SEBI Listing Regulations;

• Certificate from the Statutory Auditors regarding
compliance with the conditions of Corporate
Governance;

• Certificate from a Practicing Company Secretary
confirming that none of the Directors on the Board
of the Company have been debarred or disqualified
from being appointed or continuing as Directors of
companies;

• Business Responsibility and Sustainability Report
("BRSR") - The BRSR indicates the Company's
performance against the principles of the 'National
Guidelines on Responsible Business Conduct' This
would enable the Members to have an insight into
Environmental, Social and Governance initiatives of
the Company.

31. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS
PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS
AND COMPANY'S OPERATIONS IN FUTURE:

During the year under review, no significant or material
orders were passed by any regulator, court, or tribunal
which would impact the going concern status of the
Company or have any bearing on its future operations.

32. INTERNAL FINANCIAL CONTROL WITH REFERENCE TO
THE FINANCIAL STATEMENTS:

The Company has established a robust and adequate
system of internal controls, commensurate with the
nature, size, and complexity of its business operations.
These internal control systems consist of well-
documented policies and procedures designed to ensure:

• Accuracy and reliability of financial reporting;

• Adherence to internal policies and standard
operating procedures;

• Compliance with applicable laws and regulations;

• Efficient and economical use of resources;

• Safeguarding of the Company's assets against loss
or unauthorized use.

The internal control framework is regularly reviewed
and strengthened, as necessary, to align with evolving
business needs and regulatory requirements.

33. INVESTORS EDUCATION AND PROTECTION FUND (IEPF):

In accordance with the provisions of Section 124(5) of the
Act, read with the Investor Education and Protection Fund
(Accounting, Audit, Transfer and Refund) Rules, 2016 ("IEPF
Rules"), all unpaid or unclaimed dividends are required to
be transferred by the Company to the Investor Education
and Protection Fund (IEPF) Authority, established by the
Government of India, after the completion of seven years
from the date of transfer to the unpaid dividend account.
Further, in accordance with Section 124(6) of the Act, read
with the IEPF Rules, all shares in respect of which dividend
has not been claimed or paid for seven consecutive years,
or more are also required to be transferred to the demat
account of the IEPF Authority.

In compliance with the above provisions, during the
financial year under review, the Company transferred
17,890 equity shares to the demat account of the IEPF
Authority, in respect of which the dividend had remained
unpaid or unclaimed up to the financial year 2017-18.

Additionally, in accordance with Sections 124(5) and
125 of the Act, and the relevant Rules, an amount of
C3,87,621/- representing unpaid/unclaimed dividend for
the financial year 2017-18 was also transferred to the IEPF
Authority during the year under review.

The unpaid and unclaimed dividend amount pertaining
to the financial year 2018-19 is due for transfer to the

Investor Education and Protection Fund (IEPF) in the
month of November 2026, in accordance with the
applicable provisions of the Act, and the IEPF Rules. The
details of such unclaimed dividends are available on the
Company's website at https://ajmera.com/iepf/

34. CREDIT RATINGS:

During the year under review, CRISIL Ratings Limited
assigned the following credit ratings:

35. COMPLIANCE WITH SECRETARIAL STANDARDS:

The Company has devised appropriate systems and
procedures to ensure compliance with all applicable
Secretarial Standards issued by the Institute of Company
Secretaries of India. The Company is committed to adhering
to these standards in letter and spirit going forward.

36. INFORMATION UNDER THE SEXUAL HARASSMENT OF
WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013:

The Company has complied with the provisions
relating to the constitution of the Internal Committee
in accordance with Section 4 of the Sexual Harassment
of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.

During the year under review, no complaint was
received before the Internal Committee. Accordingly, no
complaints were pending for resolution during the year,
and there were no cases pending for more than ninety
days as on the end of the financial year.

The Company has complied with all applicable provisions
of the Maternity Benefit Act, 1961, including those relating

to maternity leave, benefits, and other entitlements
provided to eligible women employees during the year
under review.

37. DETAILS OF PROCEEDINGS UNDER THE INSOLVENCY
AND BANKRUPTCY CODE, 2016:

During the year under review, no application was made,
nor was any proceeding initiated against the Company
under the Insolvency and Bankruptcy Code, 2016.
Further, no such proceeding was pending at the end of
the financial year.

38. VALUATION:

During the year under review, the Company did
not undertake any one-time settlement of loans or
financial assistance from Banks or Financial Institutions.
Consequently, there was no requirement to carry out any
asset valuation for this purpose.

39. TRANSFER OF UNCLAIMED SHARES TO UNCLAIMED
SUSPENSE ACCOUNT OF THE COMPANY:

During the year under review, the Company transferred
shares to the Unclaimed Suspense Account as specified
under Schedule V of the SEBI Listing Regulations.
The details of the number of shares transferred to
the Unclaimed Suspense Account are provided in the
Corporate Governance Report, which forms part of this
Annual Report.

40. APPRECIATION:

The Directors express their sincere appreciation to
all employees of the Company for their dedication,
commitment, and continued contributions. The Board
also extends its gratitude to the Company's customers,
vendors, investors, and bankers for their unwavering
support and trust.

The Board places on record its deep appreciation for the
valuable contributions made by every member of the
Ajmera family, which continue to drive the Company's
growth and success.