Dear Shareholders,
During the FY 2024-25, the Company completed the demerger of its Cement business, which
was transferred to UltraTech Cement Limited ("UTCL") under a Composite Scheme of
Arrangement between the Company and UTCL with the Appointed Date being April 01, 2024 and
effective from March 01, 2025. Following the demerger, the Company ceased standalone
manufacturing operations and continued to focus on the remaining business including
business operations of Rayon, Transparent Paper & Chemicals under its wholly owned
subsidiary, Cygnet Industries Limited.
The road ahead is challenging. With limited resources, we have reoriented our strategy
to drive operational efficiency, cost management and financial discipline in the rayon,
transparent paper and chemical business.
I thank our esteemed Directors on the Board, employees and all the other stakeholders
for providing support through the year.
| Satish Narain Jajoo |
| Date : 28th April, 2025 |