Presentation on the 25^th Annual Report highlighting the business and operations of the Company on a standalone
and consolidated basis and the audited financial statements for the financial year ended 31^st March, 2025.

Pursuant to the Order dated 30^th November, 2021 of the Hon’ble National Company Law Tribunal, Cuttack (“NCLT
Order”), Corporate Insolvency Resolution Process (“CIR Process”) has been initiated against the Company in
accordance with the provisions of the Insolvency and Bankruptcy Code, 2016, (“Code”) and related rules and
regulations issued there under with effect from 30^th November, 2021 (Corporate Insolvency Resolution Process
Commencement Date). Mr. Uday Narayan Mitra (IBBI/IP A-001/IP-P00793/2017-18/11360) has been appointed
as Interim Resolution Professional (“IRP”) in terms of the NCLT Order. Subsequently COC has approved through
e-voting dated 25.02.2022 as Resolution Professional (“RP”) in conformity with sub section (2) of section 22 of the
Insolvency and Bankruptcy Code, 2016.

The powers of Board of Directors of the Company stand suspended effective from the CIR Process commencement
date and such powers along with the management of affairs of the Company are vested with the RP in accordance
with the provisions of Section 17 and 23 of the Insolvency Code read with Regulation 15(2A) & (2B) of the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Resolution plan submitted by SRA i.e. Ocean Capital Market Limited was approved by the COC with 76.67%
votes but Hon’ble NCLT, Cuttack Bench passed an order for liquidation on 18.04.2023.

However, Application made by Resolution Applicant, has been allowed by the Principal Bench of Hon’ble NCLAT,
New Delhi vide its order dated 09-08-2023 by setting aside the order rejecting the resolution plan passed by the
Hon’ble NCLT, Cuttack Bench and allowed the Resolution Applicant to submit an addendum as per the said order.

Thereafter, pursuant to the order of the Hon’ble NCLAT the Resolution Applicant submitted its addendum which
was approved by a majority voting of 99.36% and a fresh Application was filed by the RP for approval of the Plan
on 18-09-2023.

Hon’ble NCLT, Cuttack Bench vide its order dated 21-11-2024 directed for convening of meeting of the reconstituted
CoC to consider the approval of the modified resolution plan after inclusion of all addendum. The revised resolution
plan as approved by the CoC members with majority voting of 96.91% and submitted to Hon’ble NCLT Cuttack
Bench which was heard by the Hon’ble Bench and is reserved for order.

In terms of Section 25 of the Code, the Company is continuing to operate as a going concern. Further, since the
application for approval of the Resolution Plan is reserve for order before the Tribunal after reconsidering by COC,
the financial statements are being presented on a going concern basis.

1. A. Financial Highlights:

The financial highlights of the company, on standalone and consolidated basis, for the financial year
ended March 31, 2025 is summarized below. The PDF version of the Report is also available on the
Company’s website http://arssgroup.in/PDF/AnnualReport/Annual%20Report%202024-25.pdf.

Note: Previous years figures have been regrouped/re-classified, wherever required.

B. Subsidiary/ Associate & Joint Venture Company

(' In Crores)

2. Indian Accounting Standards (Ind - AS):

As per the requirements of notification dated 16^th February, 2015 issued by the Ministry of Corporate Affairs
(MCA), Standalone and Consolidated Financial Statements of the Company for the Financial Year 2024-25
have been prepared as per Ind AS.

3. Dividend:

During the year under review, No dividend has been recommended.

4. State of Company’s affairs and financial performance:

ARSS is renowned name in the infrastructure sector in India. The Company is engaged into the construction
services of Roads, Railways, Irrigation etc. The company is presently undergoing substantial financial stress
and severe liquidity constraints. Since the Company is under CIRP, it has tried to restricted its losses to
' 8.36 Cr. (PBT) as compared to the previous year’s loss of ' 33.49 Cr. However, The turnover of the Company
has reduced to ' 165.39 Cr. during the year, as against ' 320.87 crores in the previous financial year.

5. Details of Subsidiary, Joint Venture or Associates:

A. Details of Subsidiary and Associate Companies

The Company has 1 Subsidiary, 1 Associates and 15 Joint Ventures as on March 31, 2025. There has
been no material change in the nature of the business of the subsidiaries. During the year under review
no companies have become or ceased to be company’s subsidiary, or associate companies or Joint

Ventures (JVs). A report on the company’s subsidiary, joint ventures or associate companies as per
Companies Act, 2013 is provided hereunder:

B. Joint Venture (AOP)

During the financial year 2024-25, ARSS Damohhirapur Tolls Private Limited was material subsidiary pursuant to

Regulation 16 of SEBI Listing Regulation.

The name of the Joint Venture which have become JV during the year : NIL

The name of the Joint Venture which has been ceased to be JV during the year under review: NIL

6. Consolidated Financial Statements:

Consolidated financial statements (consolidating financials of ARSS Damoh - Hirapur Tolls Private Limited being
its subsidiary company and of ARSS Developers Limited being its associate company) in terms of Section 129
(3) of the Companies Act, 2013 read with rule 6 of Companies (Accounts) Rules, 2014 and under Regulation
33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred as “SEBI
Listing Regulations”) and as per requirements of Ind AS 110 - consolidated financial statements read with Ind
AS 28 - Investment in associates and Joint ventures and Ind AS 31 - interest in Joint ventures, the Audited
Consolidated Financial Statements are provided in this Annual Report. The consolidated Financial Statements
have been prepared on the basis of audited financial statements of the Company and its subsidiary.

Pursuant to the Section 129 (3) of the Companies Act, 2013 read with rule 5 of Companies (Accounts) Rules,
2014, a statement containing the salient features of the financial statements of each of the subsidiary and
associate company in the prescribed form AOC-1 is annexed to this annual report.

Pursuant to the Section 136 of the Companies Act, 2013 financial statements of subsidiary/ associate companies
are kept for inspection by the shareholders at the Registered Office of the Company. The said financial
statements of the subsidiaries are also available on the website of the Company www.arssgroup.in under the
Investors Relations Section. Shareholders interested in obtaining a copy of the audited financial statements of
the subsidiary companies may write to the Company Secretary at the Company’s registered office or email at
cs@arssgroup.in.

7. Transfer to Reserve:

The Directors/RP do not propose to transfer any sum to any reserve pertaining to FY 2024-25.

8. Operations - Work Orders:

We are pleased to inform that during the year under report, the Company has secured the following contracts
(work order):

1. At Dhanbad : Composite works (Civil & Electrical) involving Earthwork, Blanketing, P.Way work, Minor&
Major Bridge work, ROBs/LHS, Retaining wall, Shifting of Utilities, Station buildings, Quarters, Drain,
Road diversion, Supply and spreading of ballast, supply of P.Way materials, Linking of track and other
P. Way work and other ancillary associated Civil Engineering works and Supply, Installation, Testing and
commissioning in connection to electrification with 2X25 KV OHE system and Electrical General work and
Removal/Modification of various electrical infringements 11 KV/33 KV H.T. & L.T. overhead lines coming
under proposed alignment between Pradhankhanta (DFCC/IR CH:261.200/260.200) to Gomoh (DFCC/IR
CH: 28.470/300.15) Approx. 39.00 KM Route, KM including New Pradhankhunta yard and Excluding 1.4
KM (DFCC/IR CH: 271.090/270.090 to DFCC/IR Ch: 272.490/271.490) in connection with construction of
3^rd & 4^th Double line track in Dhanbad Division of East Central Railway under Dy/CE/Con/Dhanbad. vide
LOA No. CAO-C-SOUTH-HQ-ENGINEERING / ECR-CAO-C-S-ETEN-57-23-24/0093051010132 dated
16.04.2024. Regarding Issuance of Work Order in two phase with a Contract Value of ' 207.74 crores and
' 10.04 Crores, respectively.

2. At Baiguda - Koraput - Singapur Road Doubling Project: Execution of Earth-work in formation, Major
bridges’ works, Minor bridges’ works, P.Way related works, Supply of Ballast, Station & Service buildings
works, Platforms’ works, Foot Over Bridges’ works and other allied works from Km 33.50 to Km 61.17 in
Baiguda - Lakshmipur Road section in connection with doubling of existing single line track in Koraput -
Singapur Road line of Waltair Division of East Coast Railway. vide LOA No. ECOR-CONST-HQ-ENGG /
ETCPMIIVSKP2020063 / 00853100039499 dated 04.08.2021. Regarding Issuance of Work Order with a
Contract Value of ' 20.25 cr.

9. Performance and financial position of each of the subsidiary and associate companies are included in the
consolidated financial statement.

10. CREDIT Rating:

The accounts of the company is NPA since 2012, therefore no rating has been assigned to the company.

11. Listing with Stock Exchanges:

The Company confirms that it has paid the Annual Listing Fees for the financial year 2024-25 to The Bombay
Stock Exchange Limited and National Stock Exchange of India Limited where the Company’s Shares are listed.

12. Management Discussion and Analysis Report:

As required under regulation 34 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
the Management Discussion and Analysis Report is enclosed as a part of this report as ‘Annexure-A’.

13. Corporate Governance and Shareholder’s Information:

The Company is committed to maintaining high standards of Corporate Governance and adheres to the Corporate
Governance requirements set out by the Securities and Exchange Board of India (SEBI). The Company
continues to lay a strong emphasis on transparency, accountability and integrity and has also implemented
several corporate governance practices in this regard. A separate report on Corporate Governance in terms
of Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (‘the Listing Regulations’) is provided in this Annual Report. The requisite certificate obtained
from a Practicing Company Secretary confirming compliance with the conditions of Corporate Governance
along-with a declaration signed by Resolution Professional stating that the members of the Board of Directors
and Senior Management personnel have affirmed compliance with the respective codes of conduct of the Board
of Directors and Senior Management is attached to the report on Corporate Governance. A report on Corporate
Governance is included as a part of this Annual Report as ‘Annexure-B’.

A company undergoing insolvency resolution process, however, is exempted from the requirement of, amongst
others, composition of board of directors, constitution, meetings and terms of reference of the audit committee,
constitution, meetings and terms of reference of the nomination and remuneration committee, constitution,
meetings and terms of reference of the stakeholders’ relationship committee as required under SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.

14. Annual Return:

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on 31^st March, 2025
is hosted on the Company’s website i.e. http://arssgroup.in/PDF/AnnualReturn/2025/ARSS_ANNUAL_
RETURN 2025.pdf

15. MSME:

The Company has registered itself on Trade Receivables Discounting System platform (TReDS) through the
service providers Receivables Exchange of India Limited.

16. KYC registration for holders of physical shares:

All shareholders of the Company holding shares in physical form are requested to update their PAN, Address,
Email ID, Bank account details (KYC details) and Nomination details with the Company’s Registrar and Share
Transfer Agent (RTA) at the earliest, in case the same are not updated. The relevant forms for updating the
KYC information and Nomination details are provided on the website of the Company at http://arssgroup.in/
Notices_n_Forms.html

17. Number of Board Meetings:

The powers of the Board of Directors remained suspended during CIRP period from 30.11.2021 onwards
and no Board/ Committee meetings were held during the Financial Year 2024-25. The powers of board of
directors were being exercised by the Resolution Professional (RP) in accordance with Sections 17 and 23 of
the Insolvency Code. Further details are given in the Corporate Governance Report.

18. Committees of the Board of Directors:

The Board of Directors of your Company had already constituted various Committees in compliance with
the provisions of the Companies Act, 2013 and SEBI Listing Regulations viz. Audit Committee, Nomination
and Remuneration Committee, Stakeholders Relationship Committee, CSR Committee and Operation and
Management Committee, prior to CIRP period.

During financial year 2014-15, in accordance with the provisions of the erstwhile Clause 49 of the Listing
Agreement, the Board had voluntarily constituted the Risk Management Committee.

The Board had a defined set of guidelines, duties and responsibilities and an established framework
commensurate with the applicable provisions of the Companies Act, 2013 and Listing Regulations for conducting
the meetings of the said Committees. A detailed note on the Board of Directors and its committees, their
scope etc. is provided under the Corporate Governance Report section of this Annual Report. All decisions
pertaining to the constitution of Committees, appointment of members and fixing of terms of reference / role of
the Committees are taken by the Board of Directors.

However, The Financial Creditors, State Bank of India has filed a petition bearing CP (IB) No. 34/CB/2021
under section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC”), before the National Company Law Tribunal
- Cuttack Bench (“NCLT, Cuttack”) and subsequently the corporate insolvency resolution process (CIRP) has
been initiated against the company by the NCLT Cuttack Bench, Cuttack vide order dated 30^th November, 2021.
vide this order Mr. Uday Narayan Mitra (Reg. No. IBBI/IPA001/IP-P00793/2017-18/11360) having address
at 72/1, Dawnagazi Road, Bally, Kolkata West Bengal -711201 (Email: udaynaravanmitra@vahoo.co.uk) has
been appointed as Interim Resolution Professional (IRP). The powers of board of directors and its committees
remained suspended during period under review and were being exercised by the RP in accordance with
Sections 17 and 23 of the Insolvency Code. Accordingly, no meetings of the Committees were held during the
Financial Year 2024-25. Further details are given in the Corporate Governance Report.

a. Audit Committee

The company has in place an Audit Committee in terms of the requirements of the Companies Act, 2013
read with the rules made there under and Regulation 18 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. The details relating to the same are given in ‘Annexure B’ of the Board
Report on the Corporate Governance forming part of this report. Members are requested to refer to point
No. 6 of Corporate Governance Report attached with this annual report.

b. Nomination and Remuneration Committee

The company has in place Nomination and Remuneration Committee in terms of the requirements of the
Companies Act, 2013 read with the rules made there under and Regulation 19 of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015. The details relating to the same are given in ‘Annexure
B’ of the Board Report on the Corporate Governance forming part of this report. Members are requested
to refer to point No. 7 of Corporate Governance Report attached with this annual report.

c. Corporate Social Responsibility Committee (CSR)

The company has in place Corporate Social Responsibility Committee (CSR) in terms of the requirements
of section 135 and Schedule VII of the Companies Act, 2013. The details relating to the same are given in
‘Annexure B’ of the Board Report on the Corporate Governance forming part of this report. Members are
requested to refer to point No. 8 of Corporate Governance Report attached with this annual report.

d. Shareholders Relationship Committee

The company has in place Shareholders Relationship Committee in terms of the requirements of the
Companies Act, 2013 read with the rules made there under and Regulation 20 of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015. The details relating to the same are given in ‘Annexure
B’ of the Board Report on the Corporate Governance forming part of this report. Members are requested
to refer to point No. 9 of Corporate Governance Report attached with this annual report.

19. Dematerialization of shares:

Physical/ NSDL/ CDSL/Summary Report as on 31^st March, 2025, representing 99.95% of total Equity Share
Capital of the Company were held in dematerialized form. The Company’s Registrar and Share Transfer Agent
(RTA) is Bigshare Services Private Limited, Office No. S6-2, 6^th Floor, Pinnacle Business Park, Next to Ahura
Centre, Mahakali Caves Road, Andheri (East) Mumbai 400093, Maharashtra, India.

20. E-voting facility at AGM:

In terms of Regulation 44 of SEBI Listing Regulations and in compliance with the provisions of Section 108 of
the Act read with Rule 20 and other applicable provisions of the Companies (Management and Administration)
Rules, 2014 (as amended), the items of business specified in the Notice convening the 25^th AGM of the Company
shall be transacted through electronic voting system only and for this purpose the Company is providing e-Voting
facility to its’ Members whose names will appear in the register of members as on the cut-off date (fixed for the
purpose), for exercising their right to vote by electronic means through the e-Voting platform to be provided
by National Securities Depository Ltd (“NSDL”). The detailed process and guidelines for e-voting have been
provided in the notice convening the meeting.

21. Public deposits, covered under Chapter V of the Act:

Your Company has not invited any deposit from public and shareholders. So, the provisions of the Chapter V of
the Companies Act, 2013 are not attracted.

22. Auditors: Statutory Auditors:

The Members, at the Twenty Fourth Annual General Meeting of the Company held on September 28, 2024,
approved the appointment of M/s M A R S & Associates, Chartered Accountants (Firm Registration No.
010484N), as the Statutory Auditors of the Company for a term of five (5) years, from the conclusion of the said
meeting until the conclusion of the Twenty Ninth Annual General Meeting, in accordance with Section 139(1) of
the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014.

The Auditors have also confirmed that they have subjected themselves to the peer review process of Institute
of Chartered Accountants of India (ICAI) and hold valid certificate issued by the Peer Review Board of the ICAI
and gave a certificates that they satisfies the Criteria as prescribed in Section 141 of the Companies Act, 2013.

Cost Auditors:

As per the requirements of the Section 148 of the Act read with the Companies (Cost Records and Audit) Rules,
2014 as amended from time to time, your Company is required to maintain cost records and accordingly, such
accounts are made and records have been maintained every year. The Cost Audit for the financial year 2024-25
has been completed and report has been submitted by the cost auditor.

M/s. I C Kundu & Co, Cost Accountants, FRN 700778 were appointed as Cost Auditor to audit the cost records
of the Company for the financial year 2025-2026. The Cost Auditors have submitted a certificate of their
eligibility for such appointment and confirmed that their appointment is within the limits of Section 141(3)(g) of
the Companies Act, 2013 and have also certified that they are free from any disqualifications specified under
Section 141(3) and proviso to Section 148(3) read with Section 141(4) of the Companies Act, 2013.

As required under the Companies Act, 2013, the remuneration payable to the cost auditor is required to be
placed before the Members in a General Meeting for their ratification. Accordingly, a Resolution seeking
Member’s ratification for the remuneration payable for 2025-26 to Messrs I C Kundu & Co, as Cost Auditor,
Bhubaneswar (Firm Registration Number 100778), is included in the Notice convening the Annual General
Meeting.

Cost Records

Company has maintained proper cost records and books of account pursuant to the Rules made by the Central
Government for the maintenance of cost records under sub-section (1) of Section 148 of the Act in respect of
Company’s products/services.

Secretarial Auditors

The Company had appointed M/s Sunita Jyotirmoy & Associates, a firm of Practicing Company Secretaries,
Bhubaneswar, to conduct Secretarial Audit for the Financial Year ended March 31,2025, as prescribed under
Section 204 of the Act and Rules made thereunder.

The Secretarial Audit Report in the prescribed Form MR-3 for FY 2024-25 of the Company and its material
subsidiary company i.e. ARSS Damoh Hirapur Tolls Private Limited furnished by M/s Sunita Jyotirmoy
& Associates, are annexed to this Report and marked as ‘Annexure - C & D’. There are no qualifications,
disclaimers, reservations or adverse remarks made in the Secretarial Audit Report.

There were two observations/qualifications by the secretarial auditors which is duly replied by the management
herein below. Apart from that there were no qualifications, observations, reservation or comments or other
remarks in the Secretarial Audit Reports, which have any adverse effect on the functioning of the Company and
its material subsidiary.

Further, pursuant to amended Regulation 24A & other applicable provisions of the SEBI Listing Regulations
read with Section 204 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Resolution Professional approved & recommended for approval of Members,
appointment of M/s Sunita Jyotirmoy & Associates (Practising Company Secretaries), having Peer Review
Certificate No. 1021/2020 and Unique Identification Number - P2003OR014400 as a Secretarial Auditors of
the Company for a period of 5 consecutive years, to hold office from April 01,2025 upto March 31,2030 (the
term) to conduct the secretarial audit of the Company from financial year 2025-2026 to 2029-2030. Secretarial
Auditors have confirmed that they are not disqualified to be appointed as a Secretarial Auditor and are eligible
to hold office as Secretarial Auditor of your Company.

Your Company has duly received the consent and peer review certificate from M/s Sunita Jyotirmoy & Associates
(Practising Company Secretaries), to act as the Secretarial Auditor of the company for a period of 5 consecutive
years and Annual Secretarial Compliance Auditor of the Company for the Financial Year 2025-26.

A detailed proposal for appointment of Secretarial auditor forms part of the Notice issued for convening this
AGM.

Annual Secretarial Compliance Report

The Company has undertaken an audit for the Financial Year 2024-2025 for all applicable compliances as
per Securities and Exchange Board of India Regulations and Circulars/Guidelines issued thereunder. The
Annual Secretarial Compliance Report duly signed by CS Jyotirmoy Mishra Partner of M/s. Sunita Jyotirmoy &
Associates has been submitted to the Stock Exchanges.

Internal Auditors

The Internal Auditors, M/s. PR & Associates, Cost Accountants, Bhubaneswar conduct internal audits periodically
and submit their reports to the Resolution Professional and he has reviewed the report from time to time. For
Financial Year 2025-2026, M/s. PR & Associates, Cost Accountants, Bhubaneswar has been appointed as
Internal Auditors of the Company by the Resolution Professional pursuant to the Section 138 of the Companies
Act, 2013 read with Companies (Accounts) Rules, 2014.

Reporting of Frauds by Auditors

During the year under review, the Statutory Auditors, Cost Auditors and Secretarial Auditor have not reported
any instances of frauds committed in the Company by its Officers or Employees to the Audit Committee under
section 143(12) of the Companies Act, 2013.

23. Report of Auditors:

Statutory Auditors

Our reply to the qualifications of Auditors: -

Basis for Qualified Opinion on standalone Financial Statements

a) In absence of relevant records, Contract-wise surplus/loss has neither been ascertained nor recognized
in compliance with Ind AS-115 ‘Revenue from contract with customers’.

Company Reply: During the work execution period there is escalation claim, revision of contact value,
extension of completion period, etc. due to which unpredictable variation in reliable estimation of revenue
and cost. Also the allocation of combine Operating overhead, Head office overhead and Financial Cost
is not possible due to combine use or high swapping of resources, size of the Contracts. Hence financial
implication of the qualification is not quantifiable.

Basis for Qualified Opinion on Consolidated Financial Statements

a) In absence of relevant records, Contract-wise surplus/loss of holding company has neither been
ascertained nor recognized in compliance with Ind AS-115 ‘Revenue from contract with customers’.

Company Reply: During the work execution period there is escalation claim, revision of contact value,
extension of completion period, etc. due to which unpredictable variation in reliable estimation of revenue
and cost. Also the allocation of combine Operating overhead, Head office overhead and Financial Cost
is not possible due to combine use or high swapping of resources, size of the Contracts. Hence financial
implication of the qualification is not quantifiable.

Secretarial Auditors

Our reply to the qualifications of Secretarial Auditors:

Basis for Qualified Opinion on Secretarial Audit Reports

(a) The Status of the Company is showing as ‘Under CIRP’, and because of technical issues in MCA portal,
the Company could not file any of the e-Forms required to be filed with Registrar of Companies during the
period under review. However as on date all the pending forms has been filed by the company through
GNL-2

Company Reply: At Master data available at MCA, the CIN of the Company was showing under
Liquidation. Which was later rectified by the department after a long follow-up with the ROC. but due to
CIRP the annual filling could not be allowed by the Ministry of Corporate affairs. hence, the company has
filed all the relevant forms to the MCA through GLN-2 in the month of June 2025.

(b) Regulation 33(3)(d) : The company could not submit the Annual Financial Statements with Stock
Exchanges within 60 days of end of Financial Year 31.03.2024 because of accidental death of the
Statutory Auditor. After the new Auditor firm was appointed, they also resigned because of expiry of Peer
Review certificate. The new Auditor firm was appointed on 31.07.2024. The Audited Financial Results of
the Company for the FY 2023-24 has been submitted to the Stock Exchange on 10.08.2024 after a delay
of 72 days.

Company Reply: upon sudden death of the Auditors, the Financial Results could not be audited in time
and after appointment of new auditors, the company has submitted the Audited financial results to the
stock exchanges with 72 days delay. Also the company made an application to the stock exchange for
wavier of late fine which was duly considered by the Stock exchange and no further action taken by the
authority for delay in filing.

24. Directors and Key Managerial Personnel:

The Hon’ble NCLT vide order dated November 30, 2021 had initiated the CIRP Proceedings against the
Company and pursuant to Section 17 of the IBC, the powers of the Board of Directors of the Company stood
suspended, and such powers are vested with the Resolution Professional, Mr. Uday Narayan Mitra.

The outcome of the CIRP may result in change in the Board of Directors of the Company followed by reconstitution
of the statutory committees of the Board of Directors of the Company. In accordance with the provisions of the
Act and the Articles of Association of the Company, Shri Subash Agarwal, Chairman of the Company, retire by
rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment, However,
his Power as director shall stand suspended during CIRP.

During the year, the non-executive directors of the Company had no pecuniary relationship or transactions
with the Company, other than sitting fees, and reimbursement of expenses incurred by them for the purpose of
attending meetings of the Board/ Committee of the Company.

25. Key Managerial Personnel:

Following persons are the Key Managerial Personnel of the Company pursuant to Section 2(51) and Section
203 of the Act, read with the Rules framed thereunder:

a. Mr. Rajesh Agarwal, Managing Director; (suspended during CIRP w.e.f. 30.11.2021)

b. Mr. Uday Narayan Mitra, Resolution Professional (appointed by NCLT w.e.f. 30.11.2021)

c. Mr. S. K. Pattanaik, Chief Financial Officer and

d. Mr. Prakash Chhajer, Company Secretary & Compliance officer

26. Declaration given by independent directors under sub-section (6) of Section 149:

Since the company is under CIRP, the Board of directors is suspended w.e.f. 30.11.2021 therefore no such
declaration has been received from Independent director.

In view of above the statement regarding opinion of the Board with regard to integrity, expertise and experience
(including the proficiency) of the independent directors during the financial year is not provided.

27. Remuneration received by Managing / Whole-time Director from holding or subsidiary company:

Mr. Rajesh Agarwal (DIN: 00217823), Managing Director and Mr. Subash Agarwal (DIN: 00218066) Chairman
of the Company does not receive any profit related commission from the Company or any of the subsidiaries of
the Company as prescribed under Section 197(14) of the Act. No other remuneration is received by him from
the subsidiary company (ies). Details of executive compensation are contained in this annual report.

28. Secretarial Standards:

Pursuant to the provisions of Section 118 of the Companies Act, 2013, the Company has complied with the
applicable provisions of the Secretarial Standards issued by the Institute of Company Secretaries of India and
notified by Ministry of Corporate Affairs.

29. Directors’ Responsibility Statement/ Statement by the Chief Financial Officer (CFO) and taken on record
by the Resolution Professional:

To the best of their knowledge and belief and according to the information and explanations obtained by them/
CFO of the Company, your Directors and CFO make the following statements in terms of Section 134(3)(c) of
the Companies Act, 2013 that:-

(a) in the preparation of the annual accounts for the financial year ended March 31, 2025, the applicable
accounting standards read with requirements set out under Schedule III of the Companies Act, 2013 have
been followed and there are no material departures from the same;

(b) the directors/ CFO 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 and loss of the company for that
period;

(c) the directors/ CFO had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the
company and for preventing and detecting fraud and other irregularities;

(d) the directors/ CFO had prepared the annual accounts on a going concern basis;

(e) the directors/ CFO had laid down internal financial controls and such internal financial controls are
adequate and are operating effectively; and

(f) the directors/ CFO had devised proper systems to ensure compliance with the provisions of all applicable
laws and that such systems were adequate and operating effectively.

30. Code of Conduct:

The Code of Conduct (hereinafter referred to as ‘Code’) is applicable to all its Board Members and Senior
Management Personnel of the Company. A Code of Conduct for the Directors and Senior Management
Personnel has already been approved by the Resolution professional of the Company. All Board Members
and Senior Management Personnel had affirmed compliance with the Code during the year and no violation of
the same was reported. A declaration to the effect that all Board Members and Senior Management Personnel
have complied with the Code during the financial year 2024-2025, duly signed by Resolution professional of the
Company is herein below enclosed with Corporate Governance Report. The Code has also been posted on the
Company’s Web-site.

31. Particulars of employees (Rule 5(2), and 5(3)) and managerial remuneration (Rule 5(1)) of the Companies
(appointment and remuneration of managerial personnel) Rules, 2014, and under Section 197(12) of
the Act.

The total number of employees as on 31^st March, 2025 stood at 383.

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with
Rule 5(1), 5(2) and 5 (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, are provided as follows:

(i) The percentage increase in remuneration of each director, Chief Financial Officer, Company
Secretary during the financial year 2024-2025 and ratio of the remuneration of each director to
the median remuneration of the employees of the company for the financial year 2024-2025 are as
under:

(ii) The median remuneration of employees of the company during the financial year was ' 1,56,000;

(iii) In the Financial year, there was no change in the median remuneration of employees;

(iv) There were 383 permanent employees on the rolls of Company as on March 31,2025;

(v) During the financial year 2024-2025, the average percentage increase in salary of the Company’s
employee, excluding the key managerial Personnel (‘KMP’) was 3.49% and there was no change in the
salary of KMPs during the year under review, and

(vi) It is hereby affirmed that the remuneration paid is as per the Remuneration Policy for Directors, Key
Managerial Personnel and other Employee.

THE INFORMATION REQUIRED UNDER SECTION 197 OF THE ACT READ WITH RULE 5(2) & (3) OF THE
COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014 ARE
GIVEN BELOW:

32. Company’s policy on directors’ appointment and remuneration including criteria for determining
qualifications, positive attributes, independence of a director and other matters provided under sub¬
Section (3) of Section 178:

The Company has a policy for remuneration of Directors, Key Managerial Personnel and Senior Management
Personnel as well as well-defined criteria for the selection of candidates for appointment to the said positions
which has been approved by the Board. The Policy broadly lays down the guiding principles for determining
qualifications, positive attributes, independence of a Director and other matters provided under sub-section (3)
of Section 178 of Companies Act, 2013.

During the year under review, no changes were made in the above policy. Salient features of this policy are
enumerated in the Corporate Governance Report which forms part of the Annual Report. The above policy is
available at the website of the Company at http://arssgroup.in/ArssPolicies.html

33. Industrial Relation:

Employee relations continued to be cordial throughout the year. The whole-hearted support of employees and a
sense of belongingness with the organization and solidarity with the management of the Company have helped
to cope with the present challenges of the Company during the year.

34. Adequacy of internal financial controls with reference to the Financial Statements:

Management has put in place effective Internal Control Systems to provide reasonable assurance for:

• Safeguarding Assets and their usage.

• Maintenance of Proper Accounting Records and

• Adequacy and Reliability of the information used for carrying on Business Operations.

Key elements of the Internal Control Systems has been provided & explained in MDA report attached with
Directors’ Report.

35. Annual Evaluation by the Board of its Own Performance (Including Committees and Individual Directors):

In terms of SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2018, a
company undergoing CIR process is not required to comply with the requirement of conducting evaluation of
the independent directors. Therefore, subsequent to commencement of the CIR process the evaluation of the
independent directors of the Company was not required to be carried out under the provisions of the Regulation
17(10) SEBI LODR Regulations. Further, in accordance with Rule 8(4) of Companies (Accounts) Rules, 2014,
the board of directors of a company are required to evaluate its own performance and that of its committees
and individual directors. However pursuant to commencement of the CIR process of the Company, the powers
of the board of directors stand suspended and the affairs of the Company were being conducted by RP during
Financial Year under review. Consequently, no meeting of the Directors was held during the Financial Year
2024-2025 for such evaluation.

36. Segment wise performance:

The Company is engaged in only one segment viz. Construction Business and as such there is no separate
reportable segments as per IND AS - 108 “Operating Segment.”

37. Independent Directors Meeting:

Since the CIRP has been initiated and the board has been suspended w.e.f. 30.11.2021 therefore no meeting
of the Independent Directors was held during the year under review.

38. Familiarisation Programme of Independent Directors:

In compliance with the requirements of SEBI Listing Regulations, the Company has put in place a familiarization
program for Independent Directors to familiarize them with their role, rights and responsibility as Directors, the
operations of the Company, business overview etc. The details of the familiarization program are explained
in the Corporate Governance Report and the same is also available on the website of the Company. During
the year under, the company is under CIRP no such familiarization program was conducted for Independent
directors.

39. Details of significant and material orders:

There are no significant and material orders passed by the Regulators or Courts or Tribunals, Statutory and
quasi-judicial bodies, impacting the going concern status and Company’s operations in future. The insolvency
resolution process initiated under the Insolvency and Bankruptcy Code, 2016 are continue and the order for the
resolution plan has been reserved by Hon’ble NCLT, Cuttack.

40. Particulars of Loans, Guarantees or Investments under Section 186:

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies
Act, 2013 are given in the notes to the Financial Statements.

41. Particulars of Contracts or Arrangements with Related Parties Referred to in Sub-Section (1) of Section
188 in the Prescribed Form AOC-2:

All contracts / arrangements / transactions entered by the Company during the financial year with related parties
were in its ordinary course of business and on an arm’s length basis. During the year, the Company had entered
into contract / arrangement / transaction with related parties which are considered material in accordance with
the policy of the Company on materiality of related party transactions.

The Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions as
approved by the Board is put up on the Company’s website and can be accessed at http://arssgroup.in/PDF/
ArssPolicy/Related%20Party%20Transaction%20Policy.pdf

All related party transactions are in compliance with Ind-AS 24, Section 188 and / or SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 and are placed before the Audit Committee as also before
the Board for approval. Prior omnibus approval of the Audit Committee was also sought for transactions which
are of a foreseen and repetitive nature. However during CIRP, where Audit Committee is suspended, all the
Related party Transaction is approved by the Committee of Creditors (CoC).

There were no materially significant related party transactions which could have potential conflict with interest
of the Company at large.

Members may refer Note 60 to the Standalone Financial Statement which sets out related party disclosures
pursuant to Ind AS 24.

The particulars of contracts entered into with related parties during the year as per Form AOC-2 is enclosed as
‘Annexure-E’.

42. Material changes and commitments, affecting the financial position of the company which have occurred
between the end of the financial year of the company to which the financial statements relate and the
date of the report:

There have been no material changes and commitments affecting the financial position of the company between
the end of the financial year and date of this report except the Hon’ble NCLT/NCLAT order(s) related to matters
under CIRP.

43. Compounding status:

The company has received show cause notices by the office of Regional Director, Eastern Region and Registrar
of Companies of Odisha at Cuttack pursuant to the inspection held under Section 209(A) of the Companies Act,
1956 in the year 2016-17 for the non-compliance of few section of the companies act. The company has already
compounded 13 sections out of total Forty Four sections for which show cause notices were issued. Rest are
under the process and will be compounded in due course.

44. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:

During the year under review, the Company has taken adequate measures for conservation of energy and also
has not gone for any technology absorption whatsoever in accordance with the provisions of sub-Section (3)
(m) Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014. The Company
has neither earned any income nor incurred any expenditure in foreign currency during the financial year ended
31^st March, 2025.

45. Business risk management:

Pursuant to the provisions of Regulation 21 of the Listing Regulations, the Company is not required to constitute
a Risk Management Committee. The Company has however laid down procedures to inform Board members
about the risk assessment and minimization procedures. The Company’s management systems, organizational
structures, processes, standards, code of conduct, Internal Control and Internal audit methodologies and
processes that governs as to how the Company conducts its business and manages associated risks. The
Company also has in place a Risk Management Policy to identify and assess the key risk areas. The Members
of the Audit Committee monitors and reviews the implementation of various aspects of the Risk Management
Policy. Major risks identified by the Company are systematically addressed through mitigating actions on a
continuous basis. The Company has also adopted Risk Assessment, Minimization and Control Procedures.

Pursuant to commencement of the CIR Process, the powers of the board of directors stand suspended and are
exercised by the interim resolution professional or resolution professional, as the case may be, in accordance
with the provisions of the Code. Accordingly, the Board as well as the Audit Committee has not met during
the year under review. At present the company is under CIRP therefore the related risk is associated with the
company.

46. Corporate Social Responsibility:

i) Terms of reference:

The Committee formulates CSR Policy. The role of the Committee is as under:

a. Formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate
the activities to be undertaken by the Company as specified in Schedule VII of the Companies
Act, 2013.

b. Recommend the amount of expenditure to be incurred on the activities referred in the CSR policy.

c. Monitor the CSR Policy of the Company and its implementation from time to time.

d. Such other functions as the Board may deem fit from time to time.

ii) Composition, name of Members and attendance during the year:

Pursuant to commencement of the CIR process, the powers of the board of directors stand suspended
and are exercised by the interim resolution professional or resolution professional, as the case may be,
in accordance with the provisions of the Code. The requirement of minimum number of members in
the audit committee in accordance with the Companies Act, 2013 and the rules framed thereunder is
not maintainable on account of suspension of the powers of the Board. In terms of the SEBI LODR
Regulations, a company undergoing CIR process is not required to comply with Regulation 18(1)(a) of the
SEBI LODR Regulations dealing with the minimum number of the members in the audit committee of a
listed company.

iii) No. of Meetings held during the year:

Since the Board and committee thereof has been suspended during CIRP, hence no meeting was held
during the year under review.

iv) Amount incurred on CSR activities during the year:

Section 135 of the Companies Act, 2013 & Companies (Corporate Social Responsibility Policy) Rules,
2014, (CSR Rules) makes it mandatory for certain companies who fulfill the criteria as mentioned under
Sub-Section 1 of Section 135 to comply with the provisions of Corporate Social Responsibility and
accordingly company had constituted a CSR committee and has also adopted the CSR Policy for the
company as approved by the committee.

Since the average of the last three years profit was in negative figures i.e. (' 46.77) crores loss company
need not to incur any amount towards CSR in the FY 2024-25

A responsibility statement of the CSR Committee

The CSR Committee has confirmed that the implementation and monitoring of CSR Policy, is in compliance with CSR objectives
and Policy of the Company.

Sd/-

Rajesh Agarwal

(Chairman CSR Committee)
(Suspended During CIRP)

Provide the web-link where Composition of CSR Committee, CSR Policy approved by the Board are disclosed
on the website of the Company. The Composition of CSR Committee and CSR Policy of the Company are
available on the Company’s website and can be accessible at http://arssgroup.in/PDF/ArssPolicy/Corporate%20
Social%20Responsibility%20Policy.pdf.

47. Vigil Mechanism/ Whistle Blower Policy of the Company

The Vigil Mechanism as envisaged in the Section 177 of the Companies Act, 2013, the Rules prescribed
thereunder and the Regulation 22 of the Listing Regulations is implemented through the Company’s Whistle
Blower Policy to enable the Directors, employees and all stakeholders of the Company to report genuine
concerns, to provide for adequate safeguards against victimisation of persons who use such mechanism and
make provision for direct access to the Chairman of the Audit Committee (presently this power is vested with
Resolution Professional).

Whistle Blower Policy of your Company is available on the Company’s website and can be accessed in the
Governance section at the Web-link http://arssgroup.in/PDF/ArssPolicy/Vigil%20Mechanism%20and%20
Whistle%20Blower%20Policy.pdf

48. The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 /
Internal Complaint Committee

The Company has a detailed policy in place in line with the requirements of The Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (“Act”). Internal Complaints Committees (“ICC”)
have been set up to redress complaints received regarding sexual harassment and the Company has complied
with provisions relating to the constitution of ICC under the Act. the Company has put in place a Policy on
Prevention of Sexual Harassment of women at Workplace available at http://arssgroup.in/PDF/ArssPolicy/
POSH_Policy.pdf. The objective of the policy is to prohibit, prevent and address issues of sexual harassment at
the workplace. This policy has striven to prescribe a code of conduct for the employees and all employees have
access to the Policy document and are required to strictly abide by it. All employees (permanent, contractual,
temporary, trainees) are covered under this Policy and following are the details of complaints for FY 2024-25:

49. COMPLIANCE WITH THE MATERNITY BENEFIT ACT, 1961:

The Company has complied with the provisions of the Maternity Benefit Act, 1961, including all applicable
amendments and rules framed thereunder. The Company is committed to ensuring a safe, inclusive, and
supportive workplace for women employees. All eligible women employees are provided with maternity benefits
as prescribed under the Maternity Benefit Act, 1961, including paid maternity leave, nursing breaks, and
protection from dismissal during maternity leave.

The Company also ensures that no discrimination is made in recruitment or service conditions on the grounds of
maternity. Necessary internal systems and policies are in place to uphold the spirit and letter of the legislation.

50. Share Capital:

The issued, subscribed and paid-up Share Capital of the Company stood at INR 22.73 crores as at 31^st March,
2025 comprising of 2,27,37,966 (Equity) Shares of INR 10 each fully paid-up. The said shares are listed on the
BSE Limited and the National Stock Exchange of India Limited. There was no change in Share Capital during
the year under review.

51. Compliance with the provisions of Secretarial Standard 1 and Secretarial Standard 2:

The applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to ‘Meetings of the Board of Directors’ and
‘General Meetings’ respectively, have been duly complied by your Company.

52. Policies:

The details of the Key Policies adopted by the Company can be accessed in the Governance section at the
Web-link http://arssgroup.in/ArssPolicies.html

• Remuneration policy

The Board has on the recommendation of the Nomination and Remuneration Committee framed and
adopted the Policy for selection and appointment of directors, senior management and their remuneration.
The Board recognizes that the various Committees of the Board have very important role to play to
ensure highest standards of corporate governance. The remuneration policy is stated in the Corporate
Governance Report.

• Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information

Pursuant to the amendments in the SEBI (Prohibition of Insider Trading) Regulations, 2015 vide The SEBI
(Prohibition of Insider Trading) (Amendment) Regulations, 2018 the Board of Directors of the Company
has adopted new code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive
Information (“UPSI”) (“Fair Disclosure Code”) incorporating a policy for determination of “Legitimate
Purposes” as per Regulation 8 and Schedule A to the said regulations w.e.f. 1^st April, 2019.

• Whistle blower policy

The Company has adopted a Whistle Blower Policy through which the Company encourages its employees
to bring to the attention of Senior Management, including Audit Committee, any unethical behavior and
improper practices and wrongful conduct taking place in the Company. The details of the same is explained
in the Corporate Governance Report and also posted on the website of the Company at the link http://
arssgroup.in/PDF/ArssPolicv/Vigil%20Mechanism%20and%20Whistle%20Blower%20Policy.pdf

• Code of Conduct to Regulate, Monitor and Report Trading by Insiders

Pursuant to amendments in the Securities and Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015 vide the Securities and Exchange Board of India (Prohibition of Insider Trading)
(Amendment) Regulations, 2018, the Company adopted the revised “Code of Conduct to Regulate,
Monitor and Report Trading by Designated Persons” as per Regulation 9 and Schedule B to the said
regulations w.e.f. 1^st April, 2019.

• Policy for Determining Material Subsidiaries

Pursuant to amendments in the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, amended from time to time, the Company has adopted the
revised “Policy for Determining Material Subsidiaries” for laying down a criterion for determining Material
Subsidiaries and their governance as per Regulation 16(1)(c) to the said regulations w.e.f. 1^st April, 2019.

During the financial year 2024-25, ARSS Damoh Hirapur Tolls Private Limited was material subsidiary
pursuant to Regulation 16 of SEBI Listing regulation.

53. Insurance:

The Company’s plant, property, equipment, vehicles and stocks are adequately insured against major risks.
The Company has also taken Directors’ and Officers’ Liability insurance Policy to provide coverage against the
probable liabilities arising on them. However due to CIRP the same has not been renewed.

54. Disclosure under Insolvency and Bankruptcy Code (Corporate Insolvency Resolution Process (CIRP) -
Disclosure under Rule 8 of the Companies (Accounts) Rules, 2014:

A petition for initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency and
Bankruptcy Code, 2016 filed by State Bank of India (Financial Creditor) has been admitted against the
Company vide Honorable National Company Law Tribunal, Cuttack bench order dated 30.11.2021 and Mr.
Uday Narayan Mitra (Reg. No. IBBI/IPA001/IP-P00793/2017-18/11360) having address at 72/1, Dawnagazi
Road, bally, Kolkata West Bengal -711201 (Email- udaynaravanmitra@vahoo.co.uk) has been appointed as
Interim Resolution Professional/ Resolution Professional by NCLT, Cuttack Bench under Section 13(1)(c) of the
Insolvency and Bankruptcy Code, 2016. As a part of CIRP, financial and operational creditors were called upon
to submit their claims to the IRP. As on date the admitted claim of the Company is INR 5314.08 crores.

During the year under review, the power of the board was vested with Mr. Uday Narayan Mitra (Reg.
No. IBBI/IPA001/IP-P00793/2017-18/11360) having address at 72/1, Dawnagazi Road, bally, Kolkata West
Bengal - 711201 (Email- udaynarayanmitra@yahoo.co.uk) as appointed as Resolution Professional by NCLT,
Cuttack Bench under Section 13(1)(c) of the Insolvency and Bankruptcy Code, 2016.

Total 42 COC meeting (Committee of Creditors Meeting) was conducted by the RP till date to take various
decision to run the company as going concern and to approve the resolution plan. The resolution plan submitted
by RA has been approved by 76.67% votes in favour votes but Hon’ble NCLT, Cuttack Bench has rejected the
plan on ground of resolution period was over and liquidation was initiated against the Corporate Debtor. vide its
order dated 18.04.2023.

However, Application made by Resolution Applicant, has been allowed by the Hon’ble NCLAT, New Delhi vide
its order dated 09-08-2023 by setting aside the order rejecting the resolution plan passed by the Hon’ble NCLT,
Cuttack Bench and allowed the Resolution Applicant to submit an addendum as per the said order.

Pursuant to the order of the Hon’ble NCLAT the Resolution Applicant submitted its addendum which was
approved by a majority voting of 99.36% in favour for consideration. Thereafter a fresh Application filed by the
RP for approval of the Plan on dated 18-09-2023.

Hon’ble NCLT, Cuttack Bench vide its order dated 21-11-2024 redirected for convening of meeting of the
reconstituted CoC to consider the approval of the modified resolution plan after inclusion of all addendum. The
revised resolution plan as approved by the CoC members with majority voting of 96.91% and submitted to
Hon’ble NCLT Cuttack Bench which was heard by the Hon’ble Bench and reserve for order.

During the year under review the exposure of State Bank of India, IDBI Bank Limited and Bank of India has
been taken over by the CFM Asset Reconstruction Private Limited.

55. Details of difference between amount of the valuation done at the time of one time settlement and the
valuation done while taking loan from the banks or financial institutions along with the reasons thereof:

Not applicable during reporting period.

56. Disclosure requirements:

As per SEBI Listing Regulations, the Corporate Governance Report with the Certificate thereon issued by
Practicing Company Secretary and the Management Discussion and Analysis Report are attached, which forms
part of this report. The Company has devised proper systems to ensure compliance with the provisions of all
applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems
are adequate and operating effectively.

57. Other Disclosures:

a. The Company does not have any scheme or provision of money for the purchase of its own shares by
employees/ Directors or by trustees for the benefit of employees/ Directors.

b. The Company has not issued equity shares with differential rights as to dividend, voting or otherwise.

c. The company has not issued sweat equity shares during the financial year under review.

d. There was no revision in the financial statements.

58. Green Initiatives & Acknowledgement:

As a responsible corporate citizen, the Company supports the ‘Green Initiative’ undertaken by the Ministry
of Corporate Affairs, Government of India, enabling electronic delivery of documents including the Annual
Report etc. to Members at their e-mail address registered with the Depository Participants (“DPs”) and RTAs.
To support the ‘Green Initiative’, Members who have not registered their email addresses are requested to
register the same with the Company’s Registrar and Share Transfer Agent (“RTAs”)/Depositories for receiving
all communications, including Annual Report, Notices, Circulars, etc., from the Company electronically.

Pursuant to the MCA Circular No. 09/2024 dated 19 September 2024 and SEBI Circular dated 03 October
2024, the Annual Report of the Company for the financial year ending 31 March 2025 including therein the
Audited Financial Statements for the financial year 2024-25, will be sent only by email to the Members.

The Board / Resolution Professional together with Key Managerial Personnel would like to acknowledge and
place on record their sincere appreciation for assistance and co-operation received from the financial institutions,
banks, Government authorities, customers and members during the year under review. Your Directors also
place on record their deep sense of appreciation for the committed services by the executives, employees at all
levels.

Your Resolution Professional appreciate and value the contribution made by every member of the ARSS family.

For and on behalf of the
Board of Directors (suspended during CIRP)

Sd/- Sd/- Sd/-

Subash Agarwal Rajesh Agarwal (Uday Narayan Mitra)

Chairman Managing Director Resolution Professional

Place : Bhubaneswar (DIN: 00218066) (DIN: 00217823) (IP Reg. No. IBBI/IPA001/

Dated : August 11,2025 IP-P00793/2017-18/11360