As on: Aug 07, 2026 11:25 AM
Dear Members
The Directors are pleased to present their 10th (Tenth) Annual Report together with the audited financial statements of Nureca Limited ( Nureca or the Company ) for the financial year ended March 31, 2026.
Financial Performance
Management Discussion and Analysis Report
The Management Discussion and Analysis Report for the year under review, as stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms a part of this Annual Report.
Dividend
The Directors of your Company have not recommended any dividend for the Financial Year 2025-26.
Dividend Distribution Policy
Pursuant to Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, the Board has approved and adopted a Dividend Distribution Policy, which is available on the website of the Company at weblink https:// w w w . n u r e c a . c o m / w p - c o n t e n t / u p l o a d s / 2 0 2 1 / 0 6 / Dividend%20Distribution%20Policy.pdf
Change in the Nature of Business
There has been no change in the nature of business of the Company during the year.
Amount Proposed to be carried to Reserves
No amount proposed to be transferred to General Reserves
Indian Accounting Standards (IndAS)
The Company follows Indian Accounting Standards ( IndAS ) notified under Section 133 of the Companies Act, 2013 ( the Act ) read with the Companies (Indian Accounting Standard Rules, 2015) as amended by the Companies (Indian Accounting Standards) Rules, 2016 and other relevant provisions of the Act to the extent applicable and accordingly, standalone and consolidated audited financial statements have been prepared in accordance with the recognition and measurement principles laid down in IndAS and the other accounting principles generally accepted in India.
Corporate Governance
A report on corporate governance together with the Certificate from M/s A. Arora & Co., a Practicing Company Secretary, confirming compliance with corporate governance norms as stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, forms a part of this report.
Share Capital
The paid-up Equity Share Capital of the Company as on March 31, 2026 was Rs. 9,54,19,200 divided into 95,41,920 equity shares of Rs. 10/- each as against 10,00,01,750 divided into 1,00,00,175 equity shares of Rs. 10/- each as on March 31, 2025.
During the year under review, the company had extinguished 4,58,255 equity shares pursuant to the buyback approved by the Board of Directors at its meeting held on November 28, 2025.
Buy Back of Equity Shares
The Board of Directors of the Company at its Board meeting held on November 28, 2025, approved buyback of up to 5,80,000 (Five Lakh And Eighty Thousand Only) fully paid up equity shares of Nureca Limited ( The Company ) having face value of Rs. 10/- (Rupees Ten) each ( equity shares ), representing 5.80% of the total number of equity shares in the paid up equity share capital of the company (on a standalone basis) from all the eligible shareholders of equity shares of the company as on the Record Date, being December 12, 2025, on a proportionate basis (subject to small shareholder reservation), through the tender offer route as prescribed under the SEBI Buyback Regulations, at a price of Rs. 330/- (Rupees Three Hundred and Thirty only) per equity share payable in cash for an aggregate maximum consideration of Rs. 19,14,00,000/- (Rupees Nineteen Crore Fourteen Lakhs only) (the Buyback Size ). The Buyback Offer Size represented 9.88% and 9.79% of the aggregate of the total paid-up share capital and free reserves of the Company as per the audited standalone financial statements and audited consolidated financial statements of the Company for the year ended March 31, 2025, respectively, (which is within the statutory limits of 10% (Ten percent) of the aggregate of the paid-up equity capital and free reserves under the Board approval route as per the provisions of the Companies Act), through the tender offer ( Tender Offer ) route, in accordance with the provisions of the Buyback Regulations, and the Companies Act and the rules made thereunder, from the shareholders / beneficial owners ( Eligible Shareholders ) of the Company who hold Equity Shares as on December 12, 2025 (the Record Date )
( Buyback or Buyback Offer ).
The Company adopted the tender offer route for the purpose of the Buyback. The Buyback was implemented using the Mechanism for acquisition of shares through Stock Exchange notified by the Securities and Exchange Board of India ( SEBI ) vide SEBI circular no. CIR/CFD/ POLICYCELL/1/2015 dated April 13, 2015 and SEBI circular CFD/DCR2/ P/2016/131 dated December 9, 2016 and SEBI circular no. SEBI/HO/CFD/DCR-III/CIR/P/2021/615 dated August 13, 2021, and such other circulars or notifications, as may be applicable, including any amendments or statutory modifications for the time being in force.
The Buyback Opening Date was Thursday, December 18, 2025, and the Buyback Closing Date was Wednesday, December 24, 2025.
4,58,255 (Four Lakh Fifty Eight Thousand Two Hundred and Fifty Five only) Equity Shares were bought back pursuant to the Buyback, at a price of INR 330/- (Rupees Three Hundred and Thirty only) per Equity Share.
The total amount utilized in the Buyback was INR 15,12,24,150/-(Rupees Fifteen Crore Twelve Lakh Twenty Four Thousand One Hundred and Fifty only), excluding Transaction Costs.
Subsidiaries, Joint Ventures or Associate Companies
During the year under review, the Company had 2 wholly-owned subsidiary in India, namely Nureca Technologies Private Limited and Nureca Healthcare Private Limited and 1 wholly-owned subsidiary outside India in USA, namely Nureca Inc. However, Nureca Healthcare Private Limited, a wholly owned subsidiary of the company was dissolved and struck off from the Register of the Companies under sub-section (5) of Section 248 of the Companies Act, 2013, with effect from 3rd day of December 2025 vide Notice No. STK-7/001058/2025.
Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 (hereinafter referred as Act ), a statement containing salient features of financial statements of Subsidiary Companies in Form AOC-1 is attached to the Financial Statements. The separate financial statements in respect of each of the subsidiary companies shall be kept open for inspection at the Registered Office of the Company during working hours for a period of 21 days before the date of the Annual General Meeting (AGM). The Company will also make available these documents upon request by any Member interested in obtaining the same. The separate audited/ unaudited financial statements in respect of each of the Subsidiary Companies are also available on the website of the Company www.nureca.com. Material Subsidiaries The Board of Directors of your Company has approved a policy for determining material subsidiaries. As on March 31, 2026, Nureca Technologies Private Limited, is a material subsidiary of the company as defined in the SEBI Listing Regulations. The Policy on material subsidiaries can be viewed on the Company s website at the following link: https://www.nureca.com/wp-content/uploads/2021/03/Material-Subsidiary.pdf Consolidated Financial Statements In accordance with the provisions of the Companies Act, 2013, Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and applicable Accounting Standards, the Audited Consolidated Financial Statements of the Company for the Financial Year 2025-26, together with the Auditors Report forms part of this Annual Report.
Directors Retire by Rotation:
*Mr. Aryan Goyal, Director of the Company, is liable to retire by rotation at the forthcoming Annual General Meeting pursuant to the provisions of Section 152 of the Act read with the Companies (Appointment and Qualification of Directors) Rules, 2014 and being eligible, offers himself for re-appointment. Particulars in pursuance of Regulation 36 of the SEBI LODR Regulations read with Secretarial Standard 2 on General Meetings, a brief profile of Mr. Aryan Goyal is provided as an Annexure to the Notice of the 10th Annual General Meeting.
The Board, on the recommendation of its Nomination and Remuneration Committee, appointed Ms. Smita Goyal as an additional director (Whole-time Director) of the Company with effect from June 01, 2026, and who holds office as such up to the date of this Annual General Meeting of the Company and shall be appointed as a Whole-time director of the company for a period of three (3) consecutive years with effect fromJune 01, 2026 to May 31, 2029, subject to the approval of the Members of the Company in the ensuing Annual General Meeting. The Board, on the recommendation of Nomination and Remuneration Committee, re-appointed Mr. Saurabh Goyal as a Chairman and Managing Director of the Company for a period of three years with effect from September 3, 2026, subject to approval of the Members of the Company in the ensuing Annual General Meeting.
**The Board, on the recommendation of Nomination and Remuneration Committee, re-appointed Mr. Aryan Goyal as Whole-time Director & CEO of the Company for a period of three years with effect from May 28, 2027, subject to approval of the Members of the Company in the ensuing Annual General Meeting.
Dr. Vikram Chaudhery (DIN: 00509297), tendered his resignation as the Independent Director of the Company, with effect from close of business hours on 05th May, 2025, on account of personal reason and increasing professional commitments. There were no other material reasons for his resignation beyond those stated. Mr. Vikram further said that it had been a privilege to be associated with Nureca, and he truly appreciated the opportunity to contribute to the Company s journey.
The Board and the entire team at Nureca, expressed their sincere gratitude for his valuable contributions and guidance during his tenure. The Board further appreciated that during his tenure, the insights and support had been instrumental in strengthening the governance and strategic direction of the Company.
During the year under review, the members approved the following re-appointments to the Board at the 9th AGM of the Company held on 16th June, 2025: (a) the re-appointment of Ms. Charu Singh (DIN: 07822158) as an Independent Director of the Company for a further term of 5 (five) consecutive years with effect from 21st October, 2025 to 20th October, 2030.
(b) the re-appointment of Ms. Ruchita Agarwal (DIN: 08941249) as an Independent Director of the Company for a further term of 5 (five) consecutive years with effect from 29th October, 2025 to 28th October, 2030.
(c) the re-appointment of Mr. Vijay Kumar Sharma (DIN: 02449088) as an Independent Director of the Company for a further term of 5 (five) consecutive years with effect from 21st October, 2025 to 20th October, 2030.
(d) the re-appointment of Mr. Rajinder Sharma (DIN: 00317133) as a Whole-time Director of the Company for a further period of 5 (Five) years w.e.f. 28th May, 2025 to 27th May, 2030.
The Company has a duly constituted Board with the prescribed composition of Independent Directors including Women Directors and Executive Directorsas per the provisions ofthe Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
* Due to the resignation of Mr. Aryan Goyal as Whole time Director & CEO of the company w.e.f. July 01, 2026, now:
Mr. Rajinder Sharma, Director of the Company, is liable to retire by rotation at the forthcoming Annual General Meeting pursuant to the provisions of Section 152 of the Act read with the Companies (Appointment and Qualification of Directors) Rules, 2014 and being eligible, offers himself for re-appointment. Particulars in pursuance of Regulation 36 of the SEBI LODR Regulations read with Secretarial Standard 2 on General Meetings, a brief profile of Mr. Rajinder Sharma is provided as an Annexure to the Notice of the 10th Annual General Meeting. ** This matter stands infructuous due to the resignation of Mr. Aryan Goyal as Whole time Director & CEO of the company w.e.f. July 01, 2026.
A s o n March 31, 2026, following are the Directors o f the Company
*Mr. Vikram Chaudhary had resigned from the position of Independent Director w.e.f. closing of Business hours as on 05th May, 2025.
Key Managerial Personnel
In terms of the applicable provisions of the Companies Act 2013, Mr. Saurabh Goyal, Chairman & Managing Director, Mr. Aryan Goyal, Whole-time Director & Chief Executive Officer, Mr. Rajinder Sharma, Whole-time Director, Mr. Naresh Gupta, Chief Financial Officer and Ms. Nishu Kansal, Company Secretary and Compliance Officer, are the Key Managerial Personnel of the Company as on March 31, 2026.
Mr. Naresh Gupta, Chief Financial Officer tendered his resignation with effect from June 26, 2026 and subsequently, the Board has appointed Mr. Chander Kant as Chief Financial Officer of the Company with effect from June 27, 2026 Ms. Smita goyal has been appointed as a KMP as the Additional Director (Whole time Director) w.e.f. June 01, 2026.
Mr. Aryan Goyal, KMP of the company has resigned from the position of Whole time Director & CEO of the company w.e.f. July 01, 2026. Independent Directors and Declaration of Independence The Company has received declarations from all the Independent Directors of the Company confirming that they meet with the criteria of independence set out in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Companies Act, 2013.
Statement of Board of Directors
The Board of Directors of the Company are of the opinion that all the Independent Directors of the Company possess the highest standard of integrity, relevant expertise and experience required to best serve the interests of the Company.
Board evaluation
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an annual evaluation of its own performance and that of its Committees after seeking inputs from all the Directors and Members of relevant Committees. Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an annual evaluation of its own performance and that of its Committees after seeking inputs from all the Directors and Members of relevant Committees.
The Board has also carried out performance evaluation of each Director based on the evaluation carried out by its Nomination and Remuneration Committee. The criteria for performance evaluation included composition and structure of the Board and its Committees, effectiveness of the Committees, knowledge of the Company s operations by the members, their participation at meetings including preparedness for issues for consideration, level of contribution in assessing and improving performance of the Company and interactions amongst themselves and with senior management. Adherence to Code of Conduct of the Company, fiduciary and statutory obligations, continuing maintenance of independence by independent Directors, etc. were also a part of the performance evaluation.
The Board was satisfied with its composition and its diversified nature and that all Directors upheld the highest standards of integrity and probity, adhered to the Company s code of conduct, made constructive and effective contribution at meetings and generally carried out their responsibilities well in the interest of the Company and its stakeholders. A separate meeting of Independent Directors was held during the year to review the performance of non-independent Directors, performance of the Board as a whole and performance of the Chairman of the Company, taking into account the views of other Directors Policy on Directors appointment, remuneration and other details
The Company s Policy on Directors appointment, remuneration and other matters namely Nomination and Remuneration Policy as provided in Section 178(3) of the Companies Act, 2013 is available on the website of the Company at the web link https:// www.nureca.com/wp-content/uploads/2021/03/Nomination-and-Remuneration-Policy.pdf The salient features of the Policy is to provide a framework and set standards for the nomination, remuneration and evaluation of the Directors, Key Managerial Personnel and Officials comprising the Senior Management. The Company aims to achieve a balance of merit, experience and skills amongst its Directors, Key Managerial Personnel and Senior Management. The remuneration / compensation/ commission etc., to the Directors, Key Managerial Personnel and Senior Management are determined by the Nomination and Remuneration Committee and recommended to the Board for its approval. There is no change in the policy during Financial Year 2025-26.
Board Diversity:
A diverse Board enables efficient functioning through differences in perspective and skill and also fosters differentiated thought processes at the back of varied industrial and management expertise, gender and knowledge. The Board recognizes the importance of a diverse composition and has adopted a Board Diversity policy that sets out the approach to diversity.
Meetings of the Board
Six Board meetings were held during the year as detailed in the Corporate Governance Report which forms a part of this Report. Committees of the Board In accordance with the applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board had the following Seven (7) Committees as on March 31, 2026: Audit Committee Stakeholders Relationship Committee Nomination and Remuneration Committee Corporate Social Responsibility Committee Risk Management Committee Management Committee and Buyback Committee
A detailed update on the Board, its committees, its composition, detailed charter including terms of reference of various Board Committees, number of Committee meetings held, and attendance of the directors at each meeting is provided in the Corporate Governance Report, which forms part of this Annual Report. Directors Responsibility Statement Pursuant to Section 134 (3) (c) and 134 (5) of the Companies Act, 2013, the Directors, to the best of their knowledge and ability, confirm that: a) in the preparation of the annual accounts for the year ended March 31, 2026, the applicable accounting standards have been followed and that no material departures have been made from the same;
b) they 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 stateof affairs of the Company as at March 31, 2026 and of the profits of the Company for the year ended on that date;
c) they have 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) they have prepared the annual accounts on a going concern basis;
e) they have laid down internal financial controls for the Company and such internal financial controls are adequate and operating effectively; and
f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.
Corporate Social Responsibility (CSR)
During the year under review, the provisions of Section 135 of the Companies Act, 2013 is not applicable to the Company. Accordingly, the Company has not spent any amount on CSR activities as the provisions of CSR were not applicable to the company during reporting year.
1. Total CSR asset created as on 01.04.2025 -1.23 Million
2. CSR expense out during FY 2025-26- 0 Million
3. Balance CSR Asset as on 31.03.2026 1.23 Million Particulars of Employees
The information as per Section 197 of the Companies Act, 2013 read with Rule5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is attached as Annexure A, which forms a part of this report.
In terms of first proviso to Section 136 of the Companies Act, 2013, this report and the financial statements are being sent to the Members and others entitled thereto, excluding the information on employees particulars as required pursuant to provisions of Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The said information is available for inspection by the Members at the Registered Office of the Company during business hours on working days of the Company up to the date of the ensuing AGM. If any Member is interested in obtaining a copy thereof, such Member may write to the Company Secretary at cs@nureca.com.
Internal financial control systems and their adequacy
The Company has adequate financial controls. The details in respect of internal financial control and their adequacy are included in the Management Discussion & Analysis, which forms a part of this report. Statutory Auditors M/s. Singhi & Co, Chartered Accountants ( the Firm ) was appointed as the Statutory Auditors of the Company, at the 9th Annual General Meeting held on June 16, 2025, for a period of five years. The Report given by the Auditors on the financial statements of the Company is part of the Annual Report.
Auditors Report to the Members of the Company, for the year under review, does not contain any qualification.
Secretarial Auditor
Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of the Company had appointed M/s A. Arora & Company, Practicing Company Secretaries, to undertake the secretarial audit of the Company for the year ending March 31, 2026. The Secretarial Audit Report in Form MR-3 is annexed as Annexure B to this report.
Cost Records
There are no cost records which are prescribed under Section 148(1) of the Companies Act, 2013 for any of the product of the Company. Material changes and commitments affecting the financial position of the Company No material changes have occurred or commitments made after March 31, 2026, which may affect the financial position of the Company or require disclosure.
Change in Registered office of the Company
During the financial year under review, the Company has changed its registered office within the local limits of the same city from Office No.101, 1st Floor, Udyog Bhavan Sonawala Lane, Goregaon East, Mumbai, Maharashtra 400063 to Andheri West B-205, Bldg. -42, B wing, Dhanashree heights, Azad Nagar Sangam CHS, Andheri West, Mumbai 400053 with effect from December 10, 2025. The change was approved by the management committee of the Board of Directors in the meeting held on 10th December, 2025 and the necessary forms were filed with the Registrar of Companies and intimation to the stock exchange had been duly complied with. The said change did not affect the operations of the Company.
Details o f Significant and Material orders passed b y the Regulators or Courts or Tribunals impacting the going concern status and Company s operations in future.
To the best of our knowledge, the Company has not received any such orders from Regulators, Courts or Tribunals during the year which may impact the going concern status of the Company or its operations in future. Further, there is no proceeding pending under the Insolvency and Bankruptcy Code, 2016.
Particulars of loans, guarantees and investments
1. Loan to NTPL which is a wholly owned subsidiary company of Nureca Ltd - Loan outstanding as on 01-04-25 was Rs. 61,63,401/- was fully repaid by NTPL during the year to Nureca Ltd. So loan outstanding as on 31-03-26 was 0.
2. During the year loan outstanding from Nureca INC - As per accounting adjustment loan transferred from Nectar Biopharma Pvt Ltd to Nureca Ltd, so loan outstanding as on 31-03-26 was Rs. 946,543/-.
Transactions with Related Parties
All related party transactions that were entered into during the financial year were in the ordinary course of business and on arm s length basis and in accordance with the provisions of the Companies Act, 2013, read with the Rules issued thereunder and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. All transactions with related parties were reviewed and approved by the Audit Committee.
The Policy for consideration and approval of Related Party Transactions is available on the website of the Company at weblink https://www.nureca.com/wp-content/uploads/2021/ 07/Policy%20for%20consideration%20and%20approval%20of %20related%20party%20transactions%20effective%20from%20April%2001% 2C%202022.pdf?_t=1646311307 The Form AOC - 2 pursuant to Section 134(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014 is annexed as Annexure C.
Annual Return
In terms of Section 92(3) of theCompanies Act, 2013 and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company is available on the website of the Company at the web link: https://www.nureca.com/investor-relations/ #1629361018215-5606fe10-32fe Deposits During the year under review, the Company has not accepted any deposit under Chapter V of Companies Act, 2013.
Vigil Mechanism/ Whistle Blower Policy
The Company has a vigil mechanism through Whistle Blower Policy to deal with instance of fraud and mismanagement, if any. The details of the Policy is explained in the Corporate Governance Report. The Whistle Blower Policy to provide Vigil Mechanism for Directors and Employees is available on the website of the Company at web link https://www.nureca.com/wp-content/uploads/2021/03/Whistle-Blower-Policy.pdf Familiarization Programme for Independent Directors The details of familiarization programme for Independent Directors in respect of their roles, rights & responsibilities, business model of the Company and related matters are available on the website of the Company at web link: https://www.nureca.com/wp-content/ uploads/2026/04/Independent-Directors-Familarization-Programme_25-26.pdf Compliance with Secretarial Standards The Company is in Compliance with the applicable Secretarial Standards as issued by the Institute of Company Secretaries of India. Reporting of Frauds by Auditors During the year under review, neither the Statutory Auditors nor the Secretarial Auditor have reported to the Board or Audit Committee, as required under Section 134 (3) (ca) and 143(12) of the Companies Act, 2013, any instances of frauds committed against the Company by its officers or employees, the details of which would need to be mentioned in this Report.
Employees Stock Option Scheme (ESOS), Sweat Equity & Shares Having Differential Voting Rights: Your Company has not issued any shares to the employees of the Company under the Employee Stock Option Scheme, Sweat Equity and with differential voting rights in the previous financial year. Committee and Policy against Sexual Harassment at Workplace The Company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Company has made the Anti Sexual Harassment Policy under above referred Act for all individuals working for Nureca at all levels and grades, including senior executives, officers, employees (whether permanent, fixed-term or temporary), consultants, contractors, trainees, staff, casual workers, interns. The details of complaints pertaining to sexual harassment during the financial year are as under: Number of complaints of sexual harassment received in the year:Nil Number of complaints disposed off during the year: Nil Number of cases pending for more than ninety days: Nil A statement by the company with respect to the compliance of the provisions relating to the Maternity Benefit Act 1961. The Company confirms compliance with the applicable provisions of the Maternity Benefit Act, 1961, as amended from time to time. All eligible employees receive maternity benefits and related entitlements in accordance with the Act's provisions and the Company's policy. Conservation of Energy, Technology Absorption and Foreign Exchange The particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under the Companies Act, 2013 is annexed as Annexure D.
Risk Management
The primary objective of risk management is to protect the Company against risks to the value of the business, its capital and its continuity. In order to achieve the objective and for better governance, the Board has constituted a Risk Management Committee (RMC) comprising three Independent Directors and one Executive Director.
TheCompany has adopted a formal Risk ManagementPolicy based on the recommendationsof RMC. The Policy sets out key risk areas - financial risks (including risk to assets), commodity price risks, foreign exchange fluctuation risks, legislative and regulatory risks, Operational risks: Market, Production and Technology, IT risks including cyber security, risks arising from employment and manpower. The Chief Executive Officer identifies and proposes action in respect of all risks through his management team as and when any are perceived or foreseen or inherent in operations; analyses these, and then reports to RMC for its review and guidance. Details of Application made or Proceedings pending under Insolvency and Bankruptcy Code, 2016 There was no such application made or proceeding pending under Insolvency and Bankruptcy Code, 2016 during the year under review and from the end of the financial year up to the date of this report. 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.
During the year under review, there was no instance of any one-time settlement for reporting details vis-?-vis valuation with the Banks or Financial Institutions.
Acknowledgement
Your Directors place on record their deep appreciation to all employees for their hard work, dedication and commitment. The enthusiasm and unstinting efforts of the employees have enabled your Company to remain an industry leader.
Your Board places on record its appreciation for the support and cooperation your Company has been receiving from its suppliers, distributors, retailers, business partners and others associated with it as its trading partners. Your Company looks upon them as partners in its progress and has shared with them the rewards of growth. It will be your Company s endeavour to build and nurture strong links with the trade based on mutuality of benefits, respect for and cooperation with each other, consistent with consumer interests. Your Directors also take this opportunity to thank all Shareholders, Business Partners, Government and Regulatory Authorities and Stock Exchanges, for their continued support.
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