Vista Pharmaceuticals Ltd

To the Members,

Vista Pharmaceuticals Limited, Hyderabad, Telangana, India

The Board of Directors hereby submits the report of the business and operations of your Company (‘the Company’ or ‘Vista’) along with the audited "Financial statement for the "Fiscal Year ended March 31, 2024. The Consolidated performance of the Company and its subsidiaries has been referred to where required.

1. Financial summary/highlights:

The performance during the period ended 31st March 2024 has been as under: (Amount in Lakhs)

2. Overview & state of the company’s affairs: Revenues - standalone

During the year under review, the Company has recorded an income of Rs. 1062.12 Lakhs and loss of Rs. 451.20 Lakhs as against the income of Rs. 140.31lLakhs and loss of Rs. 566.20 Lakhs in the previous financial year ending 31.03.2023. The Company is looking forward for good profit margins in near future.

3 Dividend:

Keeping the Company’s growth plans in mind, your directors have decided not to recommend dividend for the year.

4. Transfer to reserves:

Pursuant to provisions of Section 134 (3) (j) of the Companies Act, 2013, the company has not proposed to transfer any amount to general reserves account of the company during the year under review.

5. Investor Relations:

The Company continuously strives for excellence in its Investor Relations engagement with International and Domestic investors through structured conference-calls and periodic investor/analyst interactions like individual meetings, participation in investor conferences, quarterly earnings calls and analyst meet from time to time. The Company ensures that critical information about the Company is available to all the investors by uploading all such information on the Company’s website.

6. Material changes & commitment affecting the financial position of the company: There have been no material changes and commitments affecting the financial position of the Company which have occurred during the end of the Financial Year of the Company to which the financial statements relate and the date of the report.

7. Significant & material orders passed by the regulators or courts or tribunals: No significant or material orders have been passed against the Company by the Regulators, Courts, or Tribunals, which impacts the going concern status and company’s operations in future.

8. Transfer of un-claimed dividend to Investor Education and Protection: The Company has not transferred any amount to Investor Education and Protection Fund during the year under review.

9. Details of Nodal Officer:

The Company has designated Mr. Dhananjaya Alli as a Nodal Officer for the purpose of IEPF.

10. Investor Education and Protection Fund (IEPF): Pursuant to the provisions of Section 124 of the Act, Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 016 C“IEPF Rules”) read with the relevant circulars and amendments thereto, the amount of dividend remaining unpaid or unclaimed for a period of seven years from the due date is required to be transferred to the Investor Education and Protection Fund (C“IEPF”), constituted by the Central Government. During the Year, the Company has not transferred any amount transferred to Investor Education and Provident Fund.

11. Revision of financial statements: There was no revision of the financial statements for the year under review.

12. Change in the nature of business, if any: The Company has not undergone any change in the nature of business during the FY 2023-24.

13. Deposits from public: The Company has not accepted any public deposits during the Financial Year ended March 31, 2024, and as such, no amount of principal or interest on public deposits was outstanding as on the date of the balance sheet. Since the Company has not accepted any deposits during the Financial Year ended March 31, 2024, there has been no non-compliance with the requirements of the Act.

14. Depository System: SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 mandate that the transfer, except transmission and transposition, of securities shall be carried out in dematerialized form only with effect from Ist April 2019. In view of the numerous advantages offered by the Depository system as well as to avoid frauds, members holding shares in physical mode are advised to avail of the facility of dematerialization from either of the depositories. The Company has, directly as well as through its RTA, sent intimation to shareholders who are holding shares in physical form, advising them to get the shares dematerialized.

15. Subsidiary companies: Your Company does not have any Subsidiary companies.

16. Companies which have become or ceased to be subsidiaries: During the FY 2023-24, the company does not have any _ subsidiary Company.

17. Investment in subsidiaries: During financial year 2023-24, the Company had not infused any capital in Subsidiary Companies.

18. Independent director’s familiarization programmes: Independent Directors are familiarized about the Company’s operations, businesses, financial performance and significant development so as to enable them to take well-informed decisions in timely manner. Interaction with the Business heads and key executives of the Company is also facilitated. Detailed presentations on important policies of the Company are also made to the directors. Direct meetings with the Chairperson are further facilitated to familiarize the incumbent Director about the Company/its businesses and the group practices.

The details of familiarisation programme held in FY 2022-23 are also disclosed on the Company’s website and its web link ishttps://www.vistapharmaceuticals.com/

19 Board Evaluation

Performance of the Board and Board Committees was evaluated on various parameters such as structure, composition, diversity, experience, corporate governance competencies, performance of specific duties and obligations, quality of decision-making and overall Board effectiveness. Performance of individual Directors was evaluated on parameters such as meeting attendance, participation and contribution, engagement with colleagues on the Board, responsibility towards stakeholders and independent judgement. All the Directors were subjected to peer-evaluation. All the Directors participated in the evaluation process. The results of evaluation were discussed in the Board meeting held on February 10, 2024. The Board discussed the performance evaluation reports of the Board, Board Committees, Individual Directors, and Independent External Persons. The Board upon discussion noted the suggestions / inputs of the Directors. Recommendations arising from this entire process were deliberated upon by the Board to augment its effectiveness and optimize individual strengths of the Directors. The detailed procedure followed for the performance evaluation of the Board, Committees and Individual Directors is enumerated in the Corporate Governance Report.

20. Meetings of the Board: The Board of Directors duly met Twenty six (26) times on 01-04-2023, 10-04-2023, 24-04-2023, 08-05-2023, 25-05-2023, 27-05-2023, 30-05-2023, 09-06-2023, 16-06-2023, 30-06-2023, 13-07-2023, 18-07-2023, 12-08-2023, 26-08-2023, 06-09-2023, 20-09-2023, 09-10-2023, 16-10-2023, 20-10-2023, 07-11-2023, 10-11-2023, 28-11-2023, 06-12-2023, 30-12-2023, 08-01-2024, 29-01-2024 and 10-02-2024 in respect of which meetings,proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. 21. Committees of the Board: There are various Board constituted Committees as stipulated under the Act and Listing Regulations namely Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship and Risk Management Committee. Brief details pertaining to composition, terms of reference, meetings held and attendance thereat of these Committees during the year have been enumerated in Corporate Governance Report forming part of this Annual Report. 22. Audit Committee Recommendations: During the year, all recommendations of Audit Committee were approved by the Board of Directors. 23. Directors and key managerial personnel: As on date of this report, the Company has Fourteen Directors, out of those seven are Independent Directors including women director, 4 non-Whole time Director, 3 whole time Directors.

a) Appointment/Re-appointment of Directors of the Company: a. Appointment of Mr. Naga Raja Madineni as Independent Director of the Company with effect from 16th October 2023. b. Appointment of Mr. Madhusudhan Anchi as Independent Director of the Company with effect from 16th October 2023. c. Appointment of Mrs. Swapna Priya Gunduboina as Independent Director of the Company with effect from 16th October 2023. d. Appointment of Mr. Anumala Ravi Chandrakumar as Independent Director of the Company with effect from 16th October 2023. e. Appointment of Mr. Rama Mohan Manamasa as Independent Director of the Company with effect from 16th October 2023. f. Re appointment of Mr. Umesh Virupakah Banakar as Independent Director of the company with effect from 13.08.2024. g.Re Appointment of Mrs. Divya Bhavani Chakravarthula as Independent Director of the company with effect from 13.08.2024. b) Resignation/ Cessation of Directors of the Company: During the year,no Director resigned or ceased to be Director of the Company. c) Key Managerial Personnel: Key Managerial Personnel for the financial year 2023-24 ? Dr. Dhananjaya Alli, Whole Time Director of the company.

*? Mr. Murali Meraga, Managing Director of the company.

? Mr. Suneel Pachipala, Chief financial officer of the company.

* Appointment of Ms Barkha Jain, Company Secretary & Compliance Officer of the Company w.e.f 10.02.2024 ? Resignation of Mr. NishantTalreja, Company Secretary & Compliance Officer of the Company w.e.f 16.06.2023 24. Statutory audit and auditors report: M/s. A.M Reddy & D.R. Reddy., Chartered Accountants (Firm Registration no. OO9068S), was appointed as statutory auditors of the company in the 29th Annual General Meeting for a period of five years from the conclusion of 29th AGM till the conclusion of 34th AGM. The Statutory auditors have confirmed their eligibility for the financial year 2023-24. The Auditors’ Report for fiscal year 2023-2024 does not contain any qualification, reservation or adverse remark. The Auditors’ Report is enclosed with the financial statements in this Annual Report. The Company has received audit report with unmodified opinion for Standalone Audited Financial Results of the Company for the Financial Year ended March 31, 2024 from the statutory auditors of the Company. The Auditors have 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.

25. Internal auditors:

Pursuant to provisions of Section 138 read with Rule 13 of the Companies (Accounts) Rules, 2014 and Section 179 read with Rule 8(4) of the Companies (Meetings of Board and its Powers) Rules, 2014; during the year under review, the Internal Audit of the functions and activities of the Company was undertaken by M/s Mahesh Dosa & Associates., the Internal Auditor of the Company. Deviations are reviewed periodically and due compliance was ensured. Summary of Significant Audit Observations along with recommendations and its implementations are reviewed by the Audit Committee and concerns, if any, are reported to the Board. There were no adverse remarks or qualification on accounts of the Company from the Internal Auditor. 26. Secretarial Auditor & Audit Report: In terms of section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, based upon the recommendations of the Audit Committee, the Board of Directors had appointed Mrs. Aakansha Sachin Dubey, Practicing Company Secretary (CP No.20064) as the Secretarial Auditor of the Company, for conducting the Secretarial Audit for financial year ended March 31, 2024. The Secretarial Audit was carried out by Mrs. Aakansha Sachin Dubey, Practicing Company Secretary (CP No. 20064) for the financial year ended March 31, 2024. The Report given by the Secretarial Auditor is annexed herewith as Annexure-L and forms integral part of this Report. 27. Annual Secretarial Compliance Report: SEBI vide its Circular No. CIR/CFD/CMD1/27/2019 dated February O08, 2019, read with Regulation 24(A) of the Listing Regulations, directed listed entities to conduct Annual Secretarial compliance audit from a Practicing Company Secretary of all applicable SEBI Regulations and circulars/guidelines issued thereunder. Further, Secretarial Compliance Report dated May 30, 2024, was given by Mrs. Aakansha Sachin Dubey, Practicing Company Secretary which was submitted to Stock Exchanges within 60 days of the end of the financial year. 28. Cost records and cost audit: Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Act, are not applicable for the business activities carried out by the Company.

29. No Frauds reported by statutory auditors During the Financial Year 2023-24, the Auditors have not reported any matter under section 143(12) of the Companies Act, 2013, therefore no detail is required to be disclosed under section 134(3) (ca) of the Companies Act, 2013.

30. Declaration by the Company None of the Directors of the Company are disqualified for being appointed as Directors as specified in Section 164 (2) of the Act read with Rule 14 of Companies (Appointment and Qualifications of Directors) Rules, 2014.

31. Conservation of energy, technology absorption and _ foreign exchange outgo: The required information as per Sec.134 (3) (m) of the Companies Act 2013 is provided hereunder and Rule 8 of Companies (Accounts) Rules, 2014: A. Conservation of Energy: Your Company’s operations are not energy intensive. Adequate measures have been taken to conserve energy wherever possible by using energy efficient computers and purchase of energy efficient equipment. B. Technology Absorption:

1. Research and Development (R&D): NIL

2. Technology absorption, adoption and innovation: NIL

C. Foreign Exchange Earnings and Out Go:

1. Foreign Exchange Earnings: Nil

2. Foreign Exchange Outgo: Nil

32. Management discussion and analysis report:

Management discussion and analysis report for the year under review as stipulated under Regulation 34(2) (Ce) read with schedule V, Part B of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 with the stock exchange in India is annexed herewith as Annexure- G to this report. 33. Risk management policy: The Board of Directors had constituted Risk Management Committee to identify elements of risk in different areas of operations and to develop policy for actions associated to mitigate the risks. The Committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continual basis. 34. Corporate governance: Your Company has taken adequate steps to ensure compliance with the provisions of Corporate Governance as prescribed under the Listing Regulations. A separate section on Corporate Governance, forming a part of this Report and the requisite certificate from the Company’s Auditors confirming compliance with the conditions of Corporate Governance is attached to the report on Corporate Governance as Annexure E. 35. Annual Return: Pursuant to Sections 92 & 134(3) of the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return in Form MGT-7 is also available on the Company’s website URL:https://www.vistapharmaceuticals.com/ 36. Authorised and paid-up capital of the company: The authorized capital of the company stands at Rs. 15,00,00,000/- divided into 7,50,00,000 equity shares of Rs.2/- each and company’s paid-up capital is Rs. 9,43,29,798/- divided into 4,71,64,899 equity shares of Rs. 2/-each.

During the year the company has made allotment of Equity shares 96,08,260 on Conversion of 96,08,260 warrants on preferential basic. 37. Declaration of independence: The Company has received declarations from all the Independent Directors of the Company confirming that they meet with both the criteria of independence as prescribed under sub-section (6) of Section 149 of the Companies Act, 2013 and under Regulation 16(1)(b) read with Regulation 25 of the Listing Regulations attached as Annexure K. In compliance with Rule 6 of Companies (Appointment and Qualification of Directors) Rules, 2014, all the PIDs of the Company have registered themselves with the India Institute of Corporate Affairs (IICA), Manesar and have included their names in the databank of Independent Directors within the statutory timeline. The Independent Directors have also confirmed that they have complied with Schedule IV of the Act and the Company’s Code of Conduct. In terms of Regulations 25(8) of the Listing Regulations, the Independent Directors have confirmed that they are not aware of any circumstance or situation, which exists or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence. During the year, Independent Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees, commission and reimbursement of expenses incurred by them for the purpose of attending meetings of the Board of Directors and Committee(s). 38. Director’s Responsibility Statement: Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, confirm that for the financial year ended March 31, 2024: a) inthe preparation of the annual accounts for the financial year ended 31 March 2024, the applicable accounting standards and schedule III of the Companies Act, 2013 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 judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company as on 31 March 2024 and of the profit and loss of the Company for the financial year ended 31 March 2024; c) proper and sufficient care has been taken 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 annual accounts have been prepared on an going concern basis; e) Proper internal financial controls laid down by the Directors were followed by the Company and that such internal financial controls are adequate and were operating effectively; and f) Proper systems to ensure compliance with the provisions of all applicable laws were followed and that such systems were adequate and operating effectively. 39. Vigil Mechanism/Whistle Blower Policy: The Company has formulated a Vigil Mechanism / Whistle Blower Policy pursuant to Regulation 22 of the Listing Regulations and Section 177(10) of the Act, enabling stakeholders to report any concern of unethical behaviour, suspected fraud or violation. The said policy inter-alia provides safeguard against victimization of the Whistle Blower. Stakeholders including directors and employees have access to the Managing Director & CEO and Chairperson of the Audit Committee. During the year under review, no stakeholder was denied access to the Chairperson of the Audit Committee. The policy is available on the website of the Company. at https://www.vistapharmaceuticals.com/ 40. Employee stock option scheme: The Company does not have a Employee stock option Scheme. 41. Corporate social responsibility policy: Since your Company does not have net worth of Rs. 500 Crore or more or turnover of Rs. 1000 Crore or more or a net profit of Rs. 5 Crore or more during the financial year, section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility is not applicable and hence the Company need not adopt any Corporate Social Responsibility Policy. 42. Secretarial Standards: 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 such systems are adequate and operating effectively. During the year under review, the Company was in compliance with the Secretarial Standards (SS) i.e., SS-l and SS- 2, relating to “Meetings of the Board of Directors” and “General Meetings”, respectively. 43. Insurance: The properties and assets of your Company are adequately insured 44. Particulars of Loans, Guarantees or Investments The Company has been availing facilities of Credit and Guarantee as and when required, for the business of the Company, from Bank of Baroda Bank of INR 5.319 Crore was given by the Bank Details of loans, guarantees and investments covered under the provisions of Section 186 of the Act are given in the notes to the financial statements. 45. Internal Financial Control Systems: Your Company has well laid out policies on financial reporting, asset management, adherence to Management policies and also on promoting compliance of ethical and well-defined standards. The Company follows an exhaustive budgetary control and standard costing system. Moreover, the management team regularly meets to monitor goals and results and scrutinizes reasons for deviations in order to take necessary corrective steps. The Audit Committee, which meets at regular intervals also reviews the internal control systems with the Management and the internal auditors. The internal audit is conducted at the Company and covers all key areas. All audit observations and follow-up actions are discussed with the Management as also the Statutory Auditors and the Audit Committee reviews them regularly. 46. Related Party Transactions: All related party transactions that were entered into during the financial year were on arm’s length basis and were in the ordinary course of business. During the financial year 2023-24, there were no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. In line with the provisions of Section 177 of the Act read with the Companies (Meetings of the Board and its Powers) Rules, 2014, omnibus approval for the estimated value of transactions with the related parties for the financial year is obtained from the Audit Committee. The transactions with the related parties are routine and repetitive in nature. The summary statement of transactions entered into with the related parties pursuant to the omnibus approval so granted are reviewed & approved by the Audit Committee and the Board of Directors on a quarterly basis. The summary statements are supported by an independent audit report certifying that the transactions are at an arm’s length basis and in the ordinary course of business. The Form AOC-2 pursuant to Section 134(3)Ch) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014 is annexed herewith as Annexure- C to this report. 47. Policy on director’s appointment and remuneration: In adherence to the provisions of Section 134(3)(e) and 178(1) & (3) of the Companies Act, 2013, the Board of Directors upon recommendation of the Nomination and Remuneration Committee approved a policy on Director’s appointment and remuneration, including, criteria for determining qualifications, positive attributes, independence of a Director and other matters. The said Policy extract is covered in Corporate Governance Report which forms part of this Report and is also uploaded on the Company’s website at www.http://vistapharmaceuticals.com.

48. Particulars of Employees and related Disclosure: Disclosure pertaining to remuneration and other details as required under section 197 of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in Annexure-D to this Report. The Statement containing the particulars of employees as required under section 197(12) of the Companies Act, 2013 read with rule 5(2) and other applicable rules Cif any) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. Further, the report and the accounts are being sent to the members excluding

During the year none of the employees is drawing a remuneration of Rs.1,02,00,000/- and above per annum or Rs.8,50,000/- per month and above in aggregate per month, the limits specified under the Section 197(12) of the Companies Act,2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

49. Implementation of Corporate Action During the year under review, the Company has complied with the specified time limit for implementation of Corporate Actions. 50. Shares transferred to investor education and protection fund: No shares were transferred to the Investor Education and Protection Fund during the year under review.

51. Ratio of remuneration to each director: No remuneration is paid to any of the Director of the Company

52. Non-Whole time Directors’ compensation and disclosures: None of the Independent / Non-Whole time Directors has any pecuniary relationship or transactions with the Company which in the Judgment of the Board may affect the independence of the Directors. 53. Industry based disclosures as mandated by the respective laws governing the company: The Company is not a NBFC, Housing Companies etc., and hence Industry based disclosures is not required. 54. Failure to implement corporate actions: During the year under review, no corporate actions were done by the Company which were failed to be implemented. 55. Corporate insolvency resolution process’ initiated under the insolvency and bankruptcy code, 2016. No corporate insolvency resolution processes were initiated against the Company under the Insolvency and Bankruptcy Code, 2016, during the year under review. 56. Details of difference between valuation amount on one time settlement and valuation while availing loan from banks and Financial institutions: During the year under review, there has been no one time settlement of loans taken from banks and financial institutions.

57. Policies: The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandated the formulation of certain policies for all listed companies. All the policies are available on our website (https://www.vistapharmaceuticals.com). The policies are reviewed periodically by the Board and updated based on need and new compliance requirement.

58. Statutory compliance:

The Company has complied with the required provisions relating to statutory compliance with regard to the affairs of the Company in all respects. 59. Code of conduct for the prevention of insider trading: Pursuant to the provisions of SEBI (Prohibition of Insider Trading) Regulations, 2015 as amended from time to time, the Company has formulated a Code of Conduct for Prevention of Insider Trading C“Insider Trading Code”) and a Code of Practices and Procedures for fair disclosure of Unpublished Price Sensitive Information (“UPSI”). The Code of Practices and Procedures for fair disclosure of UPSI is available on the website of the Company at https://www.vistapharmaceuticals.com/ 60.CEO/CFO Certification: As required Regulation 17(8) read with Schedule II of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the CEO/CFO certification is attached with the annual report as Annexure l.

61. Prevention of sexual harassment at workplace:

The Company has always believed in providing a safe and harassment free workplace for every individual working in its premises through various policies and practices. The Company always endeavors to create and provide an environment that is free from discrimination and harassment including sexual harassment. The Company has adopted a policy on Prevention of Sexual Harassment at Workplace which aims at prevention of harassment of employees and lays down the guidelines for identification, reporting and prevention of undesired behaviour. An Internal Complaints Committee (“ICC”) has been set up by the senior management (with women employees constituting the majority). The ICC is responsible for redressal of complaints related to sexual harassment and follows the guidelines provided in the Policy. During the financial year ended March 31, 2024, no complaints pertaining to sexual harassment have been received.

62. Green Initiatives: In commitment to keep in line with the Green Initiative and going beyond it to create new green initiatives, electronic copy of the Notice of 33trdAnnual General Meeting of the Company are sent to all Members whose email addresses are registered with the Company/Depository Participant(s). For members who have not registered their e-mail addresses, physical copies are sent through the permitted mode.

63. Event Based Disclosures During the year under review, the Company has not taken up any of the following activities:

1. Issue of sweat equity share: NA

Issue of shares with differential rights: NA

AWN Issue of shares under employee’s stock option scheme: NA

. Disclosure on purchase by Company or giving of loans by it for purchase of its shares: NA

5. Buy back shares: NA

6. Disclosure about revision: NA

7. Preferential Allotment of Shares: 96,08,260 equity shares were allotted under Preferential issue. 64. Disclosure pursuant to Part A of Schedule V of SEBI LODR

Disclosure pursuant to Part-A of Schedule V read with Regulation 34(3) of SEBI is attached as Annexure-M of this report. 65. Other Disclosures: Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review: a. Issue of equity shares with differential rights as to dividend, voting or otherwise. b. Issue of shares Cincluding sweat equity shares) to employees of the Company under any scheme save and except ESOS referred to in this Report. c. Neither the Managing Director nor the Whole-time Directors of the Company receive any remuneration or commission from any of its subsidiaries.

66. Appreciation & acknowledgement: Your Directors place on record their appreciation for the overwhelming co-operation and assistance received from the investors, customers, business associates, bankers, vendors, as well as regulatory and governmental authorities. Your Directors also thanks the employees at all levels, who through their dedication, co-operation, support and smart work have enabled the company to achieve a moderate growth and is determined to poise a rapid and remarkable growth in the year to come. Your Directors also wish to place on record their appreciation of business constituents, banks and other "financial institutions and shareholders of the Company like SEBI, BSE, NSDL, CDSL, ICICI Bank, Kotak Mahindra Bank and CITI Bank etc. for their continued support for the growth of the Company.