Dividend

The Board of Directors have
recommended a dividend of C 5.50
(Rupees Five and Fifty paise only) per
equity share of C 10/- (Rupees Ten
only) each, on the increased paid-up
share capital post issue of bonus shares
during the financial year 2024-25 in
the ratio of 1:1, aggregating C 7,443
crore. Last year, dividend was C 10/- per
equity share of C 10/- each. Dividend is
subject to approval of members at the
ensuing Annual General Meeting (AGM)

and shall be subject to deduction of
income tax at source.

The dividend recommended is in
accordance with the Company's
Dividend Distribution Policy. The Policy
is available on the Company's website
and can be accessed at https://www.
ril.com/sites/default/files/reports/
Dividend-Distribution-Policv.pdf

Details of material changes
from the end of the financial
year

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.

Material events during the
year

Forfeiture and cancellation of
partly paid-up equity shares

The Company cancelled 1,42,565
forfeited partly paid-up equity shares of
the Company.

Bonus issue of Equity Shares

The Company declared bonus shares
in the ratio of 1:1, i.e., 1 (One) new
fully paid-up equity share for every
1 (One) existing fully paid-up equity
share and accordingly, issued and
allotted 676,61,86,449 equity shares of
C 10/- each.

Increase in Authorised Share
Capital

The Company increased its Authorised
Share Capital to C 50000,00,00,000/-
(Rupees Fifty Thousand Crore only)
consisting of 4900,00,00,000 (Four
Thousand and Nine Hundred Crore)
equity shares of C 10/- (Rupees Ten
only) each and 100,00,00,000 (One
Hundred Crore) preference shares
of C 10/- (Rupees Ten only) each
and consequently, Clause V of the
Memorandum of Association of the
Company stands altered.

Reliance and Disney - Strategic
Alliance

The Company completed the formation
of strategic joint venture (JV) between
the Company, Viacom 18 Media Private
Limited (now known as Studio 18 Media
Private Limited) ("Viacom18") and The
Walt Disney Company ("Disney"), by the

transfer of the media and JioCinema
businesses into Star India Private
Limited. The JV is now a subsidiary of
the Company and owned 16.34% by
the Company, 46.82% by Viacom18
and 36.84% by Disney.

Management
Discussion and
Analysis Report

Management Discussion and Analysis
Report for the year under review, as per
the Securities and Exchange Board of
India (Listing Obligations and Disclosure
Requirements) Regulations, 2015
("Listing Regulations"), is presented in
a separate section, which forms part of
this Annual Report.

Business operations/
performance of the
Company and its major
subsidiaries

Major developments and business
performance of the Company and its
major subsidiaries consolidated with
the Company are given below:

Retail

Reliance Retail delivered another year
of growth led by steady performance
across all consumption baskets.

The business recorded a Gross Revenue
of C 330,943 crore for the FY25 with
a growth of 7.9% over last year. It has
registered an EBITDA of C 25,094
crore, growing by 8.6% Y-o-Y, driven
by improved store productivity and
effective cost management.

Strategic partnerships such as Shein,
Asos, Delta Galil and Saks Fifth Avenue
further reinforce Reliance Retail's
position as the partner of choice
for international brands entering
India. Reliance Retail continues to be
India's preferred retailer for consumer
electronics, fashion & lifestyle
and grocery.

Digital Services

Digital Services achieved a revenue
of C 1,54,119 crore driven by tariff
increase in the mobility business,
ramp-up of homes and enterprise
services and scale up of digital
platforms. The business registered
an EBITDA of C 65,001 crore which
was on account of higher revenue
and consistent improvement in
margins. Digital Services has delivered
2X growth in EBITDA over the past
four years.

Jio is the largest operator globally
(outside China) by 5G subscribers, with
191 million Jio True5G subscribers.
JioAirFiber services has accelerated the
pace of home connect and is close to
global leadership in FWA with ~6 million
homes. In addition, there is also strong
momentum in revenue contribution
from content bundling and cloud and
IoT services for enterprises.

Media and
Entertainment

During the year, JioStar - India's largest
media platform was created by the
merger of Viacom18 and Star India. It
brought together iconic brands across
entertainment and sports, including
Colors, Star Plus, Star Gold and Star
Sports and integrated JioCinema and
Disney Hotstar into a single super
streaming service, JioHotstar. JioStar
reinforced its pre-eminent position
in the Indian television landscape
with 34% viewership share across
Entertainment genres. JioHotstar
scaled upto 280 million paying
subscribers during IPL Season 18, the
second highest globally and hit peak
MAUs of 503 million in March 2025.

The News business restructuring was
also completed with the merger of
Network18 and TV18, creating India's
biggest omni-channel news media
powerhouse. The TV News network
was No. 1 in India with leadership
in national and regional markets.
Moneycontrol was the undisputed
leader in financial news segment.

3 movies of Jio Studio were amongst
the year's top 5 Hindi hits.

Oil to Chemicals

Revenue of Oil to Chemicals for FY25
increased by 11 % Y-o-Y to C 6,26,921
crore on account of higher volumes and
increased domestic product placement.

EBITDA of Oil to Chemicals for FY25
was at C 54,988 crore, down by
11.9%. Earnings were impacted by
weak margin environment across
transportation fuels and downstream
chemicals. This was partially offset

by feedstock sourcing, advantageous
ethane cracking.

Strong domestic demand and
conducive margin environment enabled
higher domestic retail fuel placement
through Jio-bp during the year.

Oil & Gas

Oil & Gas segment achieved highest
ever revenue and EBITDA and
witnessed 3.2% Y-o-Y increase in
Revenue to C 25,211 crore & 4.9 %
increase in EBITDA to C 21,188 crore.
The increase is mainly on account of
higher gas and condensate production
from KG-D6 and CBM Field partly
offset by lower gas price realisation.

KG D6 has three producing fields
namely, R-Cluster, Sat-Cluster and MJ
with combined average gas production
of ~28 MMSCMD and oil & condensate
production of ~21,000 bbls in FY25.
Development is being planned for three
additional wells in R Cluster and one
additional well in Satellite Cluster which
is expected to provide incremental
recovery of ~240 BCF from these fields.
Development Plan for these additional
wells is approved by the Government.

In CBM, first 40 Multi-lateral Wells
(MLW) campaign has been completed.
The campaign has established > 3X
productivity of MLWs compared to
vertical wells. Incremental production
of 0.4 MMSCMD from the 40 MLWs
has helped in successfully reversing
the field decline. Average field
production for FY 25 is ~0.8 MMSCMD.
Based on the success of first MLW
campaign, the Company aims to
continue MLW campaigns and prepare
for development of CBM (East) and
accordingly, has commenced second
40 MLW campaign.

Together these fields are contributing
to 30% of India's Production.

Credit Rating

The Company's financial discipline and
prudence is reflected in the strong
credit ratings ascribed by rating
agencies. The details of credit ratings
are disclosed in the Management
Discussion and Analysis Report, which
forms part of this Annual Report.

Consolidated Financial
Statement

In accordance with the provisions of
the Companies Act, 2013 ("the Act")
and the Listing Regulations read with
Ind AS 110-Consolidated Financial
Statements, Ind AS 28-Investments
in Associates and Joint Ventures
and Ind AS 31-Interests in Joint
Ventures, the consolidated audited
financial statement forms part of this
Annual Report.

Subsidiary, Joint
Venture and Associate
companies

During the year under review,
companies listed in Annexure I to this
Report have become and/or ceased
to be the subsidiary, joint venture or
associate of the Company.

A statement providing details of
performance and salient features
of the financial statement of
subsidiary, associate, joint venture
companies, as per Section 129(3) of
the Act, is provided as Annexure A
to the consolidated audited financial
statement and therefore not repeated
in this Report to avoid duplication.

The audited financial statements
including the consolidated financial
statement of the Company and all other
documents required to be attached
thereto are available on the Company's
website and can be accessed at https://
www.ril.com/reports/RIL-Integrated-
Annual-Report-2024-25.pdf. The
financial statements of the subsidiaries,
are available on the Company's website
and can be accessed at https://
www.ril.com/investors/subsidiaries-
associates/financial-statements-of-
subsidiaries/financial-statements-of-
subsidiaries-2024-25.

The Policy for determining Material
Subsidiaries is available on the
Company's website and can be
accessed at https://www.ril.com/
sites/default/files/reports/Material-
Subsidiaries.pdf.

During the year under review, Jio
Platforms Limited, Reliance Jio
Infocomm Limited, Reliance Retail
Ventures Limited, Reliance Retail
Limited, Reliance Global Energy
Services (Singapore) Pte. Limited and

Reliance International Limited were
material subsidiaries of the Company as
per the Listing Regulations.

Secretarial Standards

The Company has followed the
applicable Secretarial Standards with
respect to Meetings of the Board of
Directors (SS-1) and General Meetings
(SS-2) issued by the I nstitute of
Company Secretaries of India.

Directors’

Responsibility

Statement

Your Directors state that:

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

b) the Directors have selected such
accounting policies and applied
them consistently and made
judgements and estimates that
are reasonable and prudent so as
to give a true and fair view of the
state of affairs of the Company
as at March 31, 2025 and of the
profit of the Company for the year
ended on that date;

c) 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;

d) the Directors have prepared
the annual accounts on a going
concern basis;

e) the Directors have laid down
internal financial controls to be
followed by the Company and that
such internal financial controls
are adequate and are operating
effectively; and

f) 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 Governance

The Company is committed to maintain
the highest standards of governance
and has also implemented several best
governance practices. The Corporate
Governance Report as per the Listing
Regulations forms part of this Annual
Report. Certificate from the Auditors of
the Company confirming compliance
with the conditions of Corporate
Governance is attached to the
Corporate Governance Report.

Business
Responsibility &
Sustainability Report
(BRSR)

In accordance with the Listing
Regulations, the BRSR describes
the performance of the Company
on environmental, social and
governance aspects. The disclosures
on key performance indicators (KPIs)
of BRSR Core and Independent
Assurance Report on the identified
sustainability information are available
on the Company's website and can
be accessed at https://www.ril.com/
reports/BRSR202425.pdf.

Contracts or
arrangements with
related parties

During the year under review:

a) all contracts/arrangements/
transactions entered by the
Company with related parties
were in the ordinary course of
business and on arm's length basis.

b) contracts/arrangements/
transactions which were material,
were entered into with related
parties in accordance with

the policy of the Company on
Materiality of Related Party
Transactions and on dealing with
Related Party Transactions.

Details of contracts/arrangements/
transactions with related party which
are required to be reported in Form No.
AOC-2 in terms of Section 134(3)(h)
read with Section 188 of the Act and
Rule 8(2) of the Companies (Accounts)
Rules, 2014 are provided in Annexure II
to this Report.

The Policy on Materiality of Related
Party Transactions and on dealing with
Related Party Transactions is available
on the Company's website and can
be accessed at https://www.ril.com/
sites/default/files/reports/Policy-on-
Materialitv-of-RPT.pdf.

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

Members may refer to Note 32 of the
Standalone Financial Statement which
sets out Related Parties Disclosures
pursuant to Ind AS.

Corporate Social
Responsibility (CSR)

The CSR activities undertaken
during the year reflect the 'We Care'
philosophy that guides the Company's
approach. These CSR initiatives of
the Company, under the leadership
of Smt. Nita M. Ambani, Founder &
Chairperson, Reliance Foundation,
have touched the lives of more than 86
million people, across 91,500 villages
and several urban locations across India
since 2010.

As per the CSR Policy, the Company
stepped up its endeavours to bring
positive momentum to the lives
of people and enable an inclusive
approach through initiatives in the
areas of Rural Transformation, Health,
Education, Sports for Development,
Women Empowerment, Disaster
Management, Arts, Culture & Heritage
and Environment. The three core
commitments of Scale, Impact
and Sustainability, with a focus on
environment, women, youth and
grassroots sports, form the bedrock
of the Company's philosophy for
CSR initiatives.

The Company through its various CSR
initiatives, has aligned with various
national priority initiatives including the
Gram Uday Se Bharat Uday Abhiyan,
Unnat Bharat Abhiyan, Swachh Bharat
Abhiyan, Jal Shakti Abhiyan, Sabki
Yojana Sabka Vikas, Skill India Mission,
NIPUN Bharat Mission, National Rural
Livelihoods Mission and Digital India.

The CSR initiatives of the Company
have won several awards including the
CII Water Award in 'Beyond the Fence'

Internal Financial
Controls

The key internal financial controls
have been documented, automated
wherever possible and embedded in
the respective business processes.

Assurance to the Board on the
effectiveness of internal financial
controls is obtained through Three
Lines of Defence which include:

a) Management reviews and
self-assessment;

b) Continuous controls monitoring
by functional experts; and

c) Independent design and
operational testing by the Group
Internal Audit function.

The Company believes that these
systems provide reasonable assurance
that the Company's internal financial
controls are adequate and are operating
effectively as intended.

Directors and Key
Managerial Personnel

In accordance with the provisions of
the Act and the Articles of Association
of the Company, Shri Nikhil R.

Meswani and Ms. Isha M. Ambani,
Directors of the Company, retire by
rotation at the ensuing AGM. The
Board of Directors of the Company,
based on the recommendation of the
Human Resources, Nomination and
Remuneration (HRNR) Committee, have
recommended their re-appointment.

The members of the Company, vide
resolutions passed through postal
ballot, approved:

i. appointment of Shri Haigreve
Khaitan as an I ndependent
Director of the Company for a
term of 5 (five) consecutive years,

i.e., upto March 31, 2029;

ii. re-appointment of His Excellency
Yasir Othman H. Al Rumayyan as
an Independent Director of the
Company for a second term of 5
(five) consecutive years, i.e., upto
July 18, 2029; and

iii. re-appointment of Shri P.M.S.
Prasad as a Whole-time Director,
designated as an Executive
Director of the Company, for a

period of 5 (five) years, with effect
from August 21, 2024.

In the opinion of the Board,

Shri Haigreve Khaitan and His
Excellency Yasir Othman H. Al
Rumayyan possess requisite expertise,
integrity, experience and proficiency.

The Board of Directors based
on the recommendation of the
HRNR Committee:

a) approved re-appointment
of Shri Hital R. Meswani as a
Whole-time Director, designated
as an Executive Director of the
Company, for a period of 5 (five)
years, with effect from August 4,
2025; and

b) appointed Shri Anant M. Ambani
as a Whole-time Director,
designated as an Executive
Director of the Company, for a
period of 5 (five) years, with effect
from May 1, 2025.

The Company has received declarations
from all the Independent Directors of
the Company confirming that:

a) they meet the criteria of
independence prescribed
under the Act and the Listing
Regulations; and

b) they have registered their
names in the Independent
Directors' Databank.

The Company has devised, inter alia,
the following policies viz.:

a) Policy for selection of Directors
and determining Directors'
independence; and

b) Remuneration Policy for Directors,
Key Managerial Personnel and
other employees.

The Policy for selection of Directors and
determining Directors' independence
sets out the guiding principles for
the HRNR Committee for identifying
persons who are qualified to become
Directors and to determine the
independence of Directors, while
considering their appointment as
independent directors of the Company.
The Policy also provides for the
factors in evaluating the suitability
of individual board members with
diverse background and experience
that are relevant for the Company's
operations. The Policy is available on
the Company's website and can be
accessed at https://www.ril.com/
sites/default/files/reports/Policy-for-
Selection-of-Directors.pdf.

The Company's remuneration policy
is directed towards rewarding
performance, based on review of
achievements. The remuneration policy
is in consonance with existing industry
practice. The Policy is available on
the Company's website and can be
accessed at https://www.ril.com/sites/
default/files/reports/Remuneration-
Policv-for-Directors.pdf.

Performance

Evaluation

The Company has a policy for
performance evaluation of the Board,
Committees and other individual
Directors (including Independent
Directors) which includes criteria
for performance evaluation of
Non-Executive Directors and
Executive Directors.

In accordance with the manner of
evaluation specified by the HRNR
Committee, the Board carried out
annual performance evaluation of the
Board, its Committees and Individual
Directors. The Independent Directors
carried out annual performance
evaluation of the Chairman, the
non-independent directors and the
Board as a whole. The Chairman of
the respective Committees shared
the report on evaluation with the
respective Committee members. The
performance of each Committee was
evaluated by the Board based on the
report of evaluation received from the
respective Committees.

Employees’ Stock
Option Scheme

The HRNR Committee, through RIL
ESOS 2017 Trust administers and
monitors Reliance Industries Limited
Employees' Stock Option Scheme 2017
(ESOS-2017).

The ESOS-2017 is in line with the
SEBI (Share Based Employee Benefits
and Sweat Equity) Regulations, 2021
(SBEB Regulations). The details as
required to be disclosed under the

SBEB Regulations are available on
the Company's website and can be
accessed at https://www.ril.com/sites/
default/files/esos 2017 disclosure.pdf.

Auditors and Auditors’
Report

Auditors

Deloitte Haskins & Sells LLP, Chartered
Accountants and Chaturvedi &

Shah LLP, Chartered Accountants,
were appointed as the Auditors of
the Company for a term of 5 (five)
consecutive years, at the 45^th AGM
(Post-IPO) held on August 29, 2022.
The Auditors have confirmed that they
are not disqualified from continuing as
the Auditors of the Company.

The Auditors' Report does not
contain any qualification, reservation,
adverse remark or disclaimer. The
Notes to the financial statements
referred in the Auditors' Report are
self-explanatory and do not call for any
further comments.

Cost Auditors

The Board has appointed the following
Cost Accountants as Cost Auditors for
conducting the audit of cost records of
various products of the Company, for
the financial year 2025-26:

i. Textiles Business - Kiran J. Mehta
& Co.;

ii. Chemicals Business - Diwanji
& Co., K.G. Goyal & Associates,

V.J. Talati & Co., Suresh Damodar
Shenoy, Shome & Banerjee, Dilip
M Malkar & Co. and V. Kumar

& Associates;

iii. Polyester Business - Kiran J.
Mehta & Co., Dilip M Malkar & Co.
and V. Kumar & Associates;

iv. Electricity Generation - Diwanji &
Co., K. G. Goyal & Associates and
Balwinder & Associates;

v. Petroleum Business - Suresh
Damodar Shenoy;

vi. Oil & Gas Business - Shome
& Banerjee;

vii. Gasification - Suresh Damodar
Shenoy and Diwanji & Co.;

viii. Composites Business - Kiran J.
Mehta & Co.; and

ix. Telecommunication Business -
Shome & Banerjee.

Shome & Banerjee, Cost Accountants,
have been nominated as the Company's
Lead Cost Auditor.

In accordance with the provisions of
the Act, read with the Companies (Cost
Records and Audit) Rules, 2014, the
Company has maintained cost records.

Secretarial Auditor

The Board had appointed
Dr. K.R. Chandratre, Practising Company
Secretary, to conduct the Secretarial
Audit of the Company for the financial
year 2024-25. The Secretarial Audit
Report for the financial year ended
March 31, 2025 is annexed and marked
as Annexure IV to this Report. The
Secretarial Audit Report does not
contain any qualification, reservation,
adverse remark or disclaimer.

In accordance with the recent
amendments to the Listing Regulations,
the Board has recommended to
the members for their approval,
appointment of Dr. K.R. Chandratre,
Practising Company Secretary, 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.

Disclosures

Meetings of the Board

Six meetings of the Board of Directors
were held during the year. The
particulars of the meetings held
and attendance of each Director
are detailed in the Corporate
Governance Report.

Audit Committee

The Audit Committee comprises
Shri Raminder Singh Gujral (Chairman),
Shri K. V. Chowdary and Shri Haigreve
Khaitan. All the recommendations made
by the Audit Committee were accepted
by the Board.

Human Resources,
Nomination and
Remuneration (HRNR)
Committee

The HRNR Committee comprises
Dr. Shumeet Banerji (Chairman),

Shri Raminder Singh Gujral and
Shri K. V. Chowdary.

Corporate Social
Responsibility and
Governance (CSR&G)
Committee

The CSR&G Committee comprises
Dr. Shumeet Banerji (Chairman),

Shri Nikhil R. Meswani and
Shri K. V. Chowdary.

Environmental, Social
and Governance (ESG)
Committee

The ESG Committee comprises
Shri Hital R. Meswani (Chairman),

Shri P.M.S. Prasad and
Smt. Arundhati Bhattacharya.

Stakeholders’ Relationship
(SR) Committee

The SR Committee comprises
Shri K. V. Chowdary (Chairman),

Smt. Arundhati Bhattacharya, Shri Nikhil
R. Meswani and Shri Hital R. Meswani.

Risk Management (RM)
Committee

The RM Committee comprises
Shri Raminder Singh Gujral
(Chairman), Dr. Shumeet Banerji,

Shri Hital R. Meswani, Shri P.M.S.

Prasad, Shri K. V. Chowdary and
Shri Srikanth Venkatachari.

Vigil Mechanism and
Whistle-blower Policy

The Company has established a
robust Vigil Mechanism and Whistle¬
blower Policy in accordance with the
provisions of the Act and the Listing
Regulations. Ethics & Compliance Task
Force (ECTF) comprising Executive
Director, General Counsel, Group
Controller and Company Secretary has
been established, which oversees and
monitors the implementation of ethical
business practices in the Company.

Employees and other stakeholders
are required to report actual or
suspected violations of applicable
laws and regulations and the Code
of Conduct. Such genuine concerns
(termed Reportable Matter) disclosed
as per Policy are called "Protected
Disclosures" and can be raised by a
Whistle-blower through an e-mail or
dedicated telephone line or a letter
to the ECTF or to the Chairman of the
Audit Committee.

ECTF oversees these mechanisms that
allow employees to report unethical
practices confidentially, ensuring
protection against retaliation. ECTF
evaluates incidents of suspected
or actual violations of the Code of
Conduct and reports them to the Audit
Committee every quarter.

The Policy is available on the
Company's website and can be
accessed at https://www.ril.com/sites/
default/files/reports/Vigil-Mechanism-
and-Whistle-Blower-Policv.pdf.

Prevention of sexual
harassment at
workplace

In accordance with the requirements
of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition
& Redressal) Act, 2013 (POSH Act)
and the Rules made thereunder,
the Company has in place a policy
which mandates no tolerance against
any conduct amounting to sexual
harassment of women at workplace.

The Company has constituted Internal
Committee(s) (ICs) to redress and
resolve any complaints arising under
the POSH Act. Training/awareness
programmes are conducted throughout
the year to create sensitivity towards
ensuring a respectable workplace.

Particulars of
loans, investments,
guarantees and
securities

Particulars of loans given, investments
made, guarantees given and securities
provided along with the purpose for
which the loan or guarantee or security
provided is proposed to be utilised
by the recipient are disclosed in the
Standalone Financial Statement (Please

refer Note 2, 3, 7, 32, and 38 to the
Standalone Financial Statement).

Conservation of
energy, technology
absorption, foreign
exchange earnings
and outgo

The particulars relating to conservation
of energy, technology absorption,
foreign exchange earnings and outgo,
as required to be disclosed under the
Act, are provided in Annexure V to
this Report.

Annual Return

The Annual Return of the Company
as on March 31, 2025 is available
on the Company's website and
can be accessed at https://www.
ril.com/sites/default/files/reports/
AnnualReturn-2024-25.pdf.

Particulars of
employees and related
disclosures

In terms of the provisions of Section
197(12) of the Act read with Rules
5(2) and 5(3) of the Companies
(Appointment and Remuneration of
Managerial Personnel) Rules, 2014,
a statement showing the names of
the top ten employees in terms of
remuneration drawn and names and
other particulars of the employees
drawing remuneration in excess of the
limits set out in the said rules, forms
part of this Report.

Disclosures relating to remuneration
and other details as required under
Section 197(12) of the Act read
with Rule 5(1) of the Companies
(Appointment and Remuneration of
Managerial Personnel) Rules, 2014
forms part of this Report.

Having regard to the provisions of the
second proviso to Section 136(1) of the
Act and as advised, the Annual Report
excluding the aforesaid information
is being sent to the members of the
Company. Any member interested in
obtaining such information may address
their email to rilagm@ril.com.

General

Your Directors state that no disclosure
or reporting is required in respect of
the following matters as there were no
transactions on these matters during
the year under review:

• Details relating to deposits covered
under Chapter V of the Act.

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

• Issue of sweat equity shares to
the employees or directors of
the Company.

• Neither the Managing Director
nor the Whole-time Directors of
the Company receive any salary
or commission from any of the
subsidiaries of the Company.

• No significant or material orders
were passed by the Regulators or
Courts or Tribunals which impact the
going concern status and Company's
operations in future.

• No fraud has been reported by the
Auditors to the Audit Committee or
the Board.

• No change in the nature of business
of the Company.

• No proceeding pending under
the Insolvency and Bankruptcy
Code, 2016.

• No instance of one time settlement
with any Bank or Financial Institution.

• No amendment in the policies
referred in this report.

Acknowledgement

The Board places on record its
deep sense of appreciation for
the committed services by all the
employees of the Company. The
Board would also like to express its
sincere appreciation for the assistance
and co-operation received from
the financial institutions, banks,
government and regulatory authorities,
stock exchanges, customers, vendors,
members, debenture holders and
debenture trustee during the year
under review.

For and on behalf of the Board
of Directors

Mukesh D. Ambani

Chairman and Managing Director
Mumbai, April 25, 2025