Dear Members,

Your Directors are pleased to present the Company?s Twentieth (20th) Annual Report together with the audited financial statements for the financial year ended March 31, 2022.

FINANCIAL SUMMARY

The financial performance of the Company for the year ended March 31, 2022, is summarized below:

(Rs in Lakhs)

FINANCIAL PERFORMANCE

The Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2022, have been prepared in accordance with the applicable Indian Accounting Standards (Ind AS) and the provisions of Companies Act, 2013.

Standalone Performance

During the year under review, your Company generated revenue of Rs 45,087.93 Lakhs as compared to Rs 36,731.59 Lakhs in the previous year registering a growth of 23%. EBITDA for the year increased by 22% to Rs 19,985.58 lakhs against Rs 16,329.69 lakhs in the previous year. The Profit before Tax for the year is at Rs 14,438.08 lakhs as against Rs 10,958.62 in the previous year. The Net Profit after tax is Rs 10,810.47 Lakhs as against Rs 8,282.15 Lakhs in the previous year. The diluted earnings per share stood at Rs 10.54 compared to Rs 8.12 in previous year.

Consolidated Performance

During the year under review, your Company generated consolidated revenue of Rs 46,236.99 Lakhs as compared to Rs 37,674.57 Lakhs in the previous year registering a growth of 23%. EBITDA for the year increased by 23% to Rs 20,369.01 lakhs against Rs 16,597.49 lakhs in the previous year. The Profit before Tax for the year is at Rs 14,738.43 lakhs as against Rs 11,212.39 in the previous year. The Net Profit after tax is Rs 11,066.76 Lakhs as against Rs 8,512.65 Lakhs in the previous year. The diluted earnings per share stood at Rs 10.69 compared to Rs 8.28 in previous year.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements of the Company for Financial year 2021-22 are prepared in accordance with the applicable provisions of Companies Act 2013 ("Companies Act"), Indian Accounting Standards ("Ind-AS") and SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 ("Listing Regulations"). The consolidated financial statements have been prepared based on audited financial statements of the Company and its subsidiaries as approved by their respective Board of Directors.

DIVIDEND

Your Directors are pleased to recommend dividend @ 100% i.e., Rs 1/- per equity share of face value of Rs 1/- each as Final Dividend for the Financial Year 2021-22, for approval by the shareholders at the ensuing Annual General Meeting ("AGM") of the Company.

Pursuant to Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, top 1000 listed entities based on market capitalization are required to formulate a Dividend Distribution Policy. The Board has approved the Dividend Distribution Policy and the said Policy is available on the website of the Company at https://www.vijayadiagnostic. com/userui/corporategovernance/DIVIDEND-DISTRIBUTION-POLICY.pdf

TRANSFER TO GENERAL RESERVES

During the year under review, no amount has been transferred to the General Reserves of the Company.

SUBSIDIARY COMPANIES

Your Company has the following 5 subsidiaries (including step down subsidiaries) as on March 31, 2022.

1. Medinova Diagnostic Services Limited

2. Doctorslab Medical Services Private Limited

3. VDC Diagnostics (Karnataka) LLP

4. Namrata Diagnostic Centre Private Limited

5. Medinova Millennium MRI Services LLP

There was no material change in the nature of the business carried on by the subsidiaries during the year under review.

As per the provisions of Section 129 of the Companies Act, read with the Companies (Accounts) Rules, 2014, a separate statement containing the salient features of the financial statements of the Subsidiary Companies is prepared in Form AOC-1 and is annexed herewith as Annexure – I.

During the year under review, Medinova Diagnostic Services Limited, Subsidiary Company had acquired 44.93% of partnership interest in Medinova Millennium MRI Services LLP

Your Company does not have any Associate Company or Joint Venture as on March 31, 2022. None of the Companies have become or ceased to be a subsidiary, associate and joint ventures during the year under review.

The Company has placed separately, the audited accounts of its subsidiaries on its website www.vijayadiagnostic.com, in compliance with the provisions of Section 136 of the Companies Act. Audited financial statements of the Company?s subsidiaries will be provided to the Members, on request.

The Company has formulated a policy for determining material subsidiaries. The said policy is also available on the website of the Company at https://vijayadiagnostic.com/userui/ corporategovernance/MATERIAL-SUBSIDIARY-POLICY.pdf

CHANGES IN SHARE CAPITAL OF THE COMPANY

On May 27, 2021, the Board of Directors of the Company had allotted 5,66,47,736 bonus equity shares of face value Rs 1 each to the shareholders in the ratio of 5 (Five) fully paid bonus Equity Shares for every 4 (Four) existing Equity Shares, in accordance with the provisions of Companies Act and other applicable provisions, if any.

As a result, paid up share capital of the Company has been increased from Rs 4,53,18,190/- to Rs 10,19,65,926/-.

The Authorised Share Capital of the Company as on March 31, 2022 was Rs 12,05,00,000/- divided into 12,05,00,000 equity shares of Rs 1/- each.

During the year under review, the Company has neither issued any shares with differential voting rights, nor has bought back any of its shares. It has also not issued any sweat equity shares and does not have any scheme to fund its employees to purchase the shares of the Company.

DIRECTORS

As on March 31, 2022, Board consists of two (2) Executive Directors, one (1) Non Executive Non Independent Director and four (4) Independent Directors. The constitution of the Board of the Company is in accordance with Section 149 of the Companies Act and Regulation 17 of the Listing Regulations.

During the year under review, Mr. Chavali Satyanarayana Murthy, Mr. Shekhar Prasad Singh, Dr. Duvvur Nageshwar Reddy and Mr. P. S. Narasimha, were appointed as Additional cum Independent Directors of the Company on May 26, 2021 and the Shareholders of the Company at Extra Ordinary General Meeting held on May 26, 2021 had approved the appointment of aforesaid persons as Independent Directors.

Mr. P. S. Narasimha who was elevated as judge of the Supreme Court of India had submitted his resignation as Independent Director of the Company effective from August 21, 2021 in order to adhere to the ethics expected by him as a judge of the Supreme Court of India. Further, Dr Manjula Anagani, was appointed as Additional cum Independent Director on August 22, 2021 and the Shareholders of the Company at Extra Ordinary General meeting held on August 23, 2021 had approved her appointment as Independent Director.

During the year under review, Nominee Directors of the Company, Mr.Aditya Viz and Mr.Nishanth Sharma had submitted their resignations effective from May 26, 2021 and March 7, 2022 respectively

Except as stated above, there have been no other changes in the composition of the Board during the year under review.

In the opinion of the Board, all the Independent Directors of the Company possesses requisite expertise, integrity and experience including proficiency.

In accordance with the provisions of Section 152 and other applicable provisions, if any, of the Companies Act, 2013 and the Articles of Association of the Company, Mr. Sunil Chandra Kondapally, will retire by rotation at the ensuing Annual General Meeting and being eligible offered himself for reappointment. Brief profile of Mr. Sunil Chandra Kondapally and other related information is detailed in the Notice convening the 20th AGM of your Company. The Board recommends the same to the shareholders for their approval at the forthcoming AGM.

On the basis of the written representations received from the directors, none of the above directors are disqualified under Section 164 (2) of the Companies Act, and are also not debarred by SEBI or any other Statutory authority for holding office of a Director. As required by Listing Regulations, a certificate from Company Secretary in practice, that none of the Directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as Directors of the Company, by SEBI, MCA or any such statutory authorities, is annexed to Corporate Governance report.

Further all the Independent Directors have confirmed that their respective names have been included in the Independent Director?s Database as required under Section 150 of the Companies Act.

KEY MANAGERIAL PERSONNEL

During the year under review, Ms. Sandhya Rani Sama had resigned as Chief Financial Officer (CFO) of the Company effective from April 18, 2021 and Mr. Narasimha Raju K A was appointed as CFO of the Company effective from May 1, 2021.

During the year under review, Ms. V Sri Lakshmi had resigned as Company Secretary of the Company effective from November 8, 2021 and Ms.Anusha Kanumuru was appointed as Company Secretary of the Company effective from November 8, 2021

In accordance with the provisions of Sections 2(51), 203 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the following were the Key Managerial Personnel of the Company as on March 31, 2022;

DECLARATION BY INDEPENDENT DIRECTORS

Pursuant to Section 149(6) of the Companies Act and Regulation 16(b) of Listing Regulations, all the Independent Directors had confirmed to the Company that they meet the criteria of independence as laid down in aforesaid provisions. In terms of Regulation 25(8) of the Listing Regulations, the Independent Directors have also confirmed that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties. In the opinion of the Board, Independent directors fulfil the conditions as specified in Companies Act and Listing Regulations and are independent from the management.

FAMILIARIZATION PROGRAMME

The Company has put in place a system to familiarize its Independent Directors with the Company?s business model, their roles, rights & responsibilities in the Company, nature of the industry in which the Company operates, business dynamics and amendment(s) in any law/rules/regulations as relevant to the Company and/or to Independent Directors, etc.

MEETINGS OF BOARD OF DIRECTORS

During the year under review, 10 (Ten) Board Meetings were held, the details of the said meetings are provided in Corporate Governance Report which forms part of this Annual Report. The provisions of Companies Act and the Listing Regulations were adhered to, while considering the time gap between two meetings.

COMMITTEES OF THE BOARD

The Board of Directors of your Company has formed various Committees, as per the provisions of the Companies Act and Listing Regulations. The various committees of the Board, are as provided hereunder,

1. Audit Committee

2. Stakeholders Relationship Committee

3. Nomination and Remuneration Committee

4. Corporate Social Responsibility Committee

5. Risk Management Committee

The details of all the Committees along with their charters, composition and meetings held during the year, are provided in the "Report on Corporate Governance", which forms part of this Annual Report. During the year under review, all the recommendations of the Audit committee were accepted by the Board.

STATUTORY AUDITORS

The shareholders in the 16th Annual General Meeting (AGM), approved the appointment M/s. B S R & Associates LLP, (Firm Registration No.116231W/W-100024) as the Statutory Auditors of the Company, for a term of five years to hold the office from the conclusion of the 16th AGM until the conclusion of the 21st AGM of the Company on such remuneration as may be determined by the Board of Directors.

The Auditor?s Report being self-explanatory do not call for any further comments. The Auditor?s Report does not contain any qualification, reservation, adverse remark, or disclaimer.

No fraud has been reported by the Auditors under Section 143(12) of the Companies Act, 2013 requiring disclosure in the Board?s Report.

COST RECORDS AND COST AUDITORS

The Company is required to maintain the cost records in respect of its business under Section 148 of the Companies Act, read with Companies (Audit & Auditors?) Rules, 2014 and the Companies (Cost Records and Audit) Rules, 2014. Accordingly, such accounts and records were made and maintained by the Company for financial year 2021-22.

The Board of Directors had appointed Mr. N.V.S. Kapardhi, Cost & Management Accountant as Cost Auditor of the Company for the Financial year 2021-22, to undertake cost audit of the Company. Further the demise of Cost auditor Mr. N.V.S. Kapardhi has caused casual vacancy in the office of Cost Auditor. The Board had appointed Mr. TSSV Santhosh Kumar, Sole Proprietor of M/s. Santhosh & Associates as Cost Auditor of the Company for the Financial Year 2021-22 (FY) filling the aforesaid casual vacancy, to carry out the cost audit and issue cost audit report for the said financial year.

Mr. TSSV Santhosh Kumar, Cost Auditor has submitted his Cost Audit report for the financial year 2021-22 to Board of Directors and the Board of Directors considered and examined the said report. The Cost Auditor?s Report does not contain any qualification, reservation, adverse remark, or disclaimer.

The Board of Directors of the Company, on the recommendation of the Audit Committee, approved the appointment of Mr. TSSV Santhosh Kumar, Cost Accountant as the Cost Auditor of the Company for the financial year ending on March 31, 2023 to conduct audit of cost records of the Company as prescribed under the Companies (Cost Records and Audit) Rules, 2014. The Board on recommendations of the Audit Committee has approved the Remuneration of Rs 30,000/- plus taxes and out of pocket expenses payable to the Cost Auditor subject to ratification of the same by the Members in the forthcoming AGM.

SECRETARIAL AUDITOR

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors appointed Mr. D. Balarama Krishna, Practicing Company Secretary, Hyderabad as Secretarial auditor to undertake the Secretarial Audit of the Company for the financial year 2021-22. The Secretarial Audit Report is annexed herewith as "Annexure-II" to this report. The Secretarial Auditor?s Report is self-explanatory and does not contain any qualification, reservation, adverse remark, or disclaimer.

Pursuant to Regulation 24A of Listing Regulations, the Company has also obtained Annual Secretarial Compliance report from a Practicing Company Secretary and submitted the same to the Stock Exchanges where the shares of the Company are listed.

INTERNAL AUDITOR

Your Company has robust internal audit team for carrying out internal audit. Pursuant to the provisions of Section 138 of the Companies Act and the Companies (Accounts) Rules, 2014, Mr B Ravi Sankar, was appointed as an Internal Auditor of the Company and later on M/s. Laxminiwas & co Chartered Accountants, were appointed as an Internal auditors at the Board meeting held on May 5, 2022.

INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY

Your Company has in place an adequate internal financial controls commensurate with the size, scale and complexity of its operations. The Company has policies and procedures in place for ensuring proper and efficient conduct of its business, safeguarding of its assets, the prevention and detection of frauds the accuracy and completeness of the accounting records and the timely preparation of reliable financial information.

LOANS, GUARANTEES OR INVESTMENTS

The details of loans, guarantees and investments made under Section 186 of the Companies Act, are provided in the notes to financial statements and forms part of this report.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All related party transactions that were entered during the financial year were in the ordinary course of the business and on arm?s length basis. There were no materially significant related party transactions entered by the Company during the financial year. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3)(h) of the Companies Act in prescribed format Form AOC-2 is not applicable. The details of transactions with related parties are provided in note no 30 of financial statements.

In compliance with the requirements of the Companies Act and Listing Regulations, the Board has formulated and adopted a Related Party Transactions Policy ("RPT Policy") for the purpose of identification, approval, monitoring and reporting of related party transactions. The RPT Policy as approved by the Board is available on the Company?s website at https://vijayadiagnostic. com/userui/corporategovernance/RPT-POLICY.pdf

CHANGE IN NATURE OF BUSINESS

There was no change in the nature of business carried on by the Company during the year under review.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There were no material changes and commitments affecting the financial position of the Company which occurred between the end of the financial year to which the financial statements relate and the date of this Report.

ANNUAL EVALUATION OF BOARD?S PERFORMANCE

Pursuant to the provisions of the Companies Act and the Listing Regulations, the Board had carried out the annual performance evaluation of the Directors including Independent Directors, Board as a whole and Committees of the Board.

Questionnaire(s) for the purpose of evaluation have been framed on various parameters for each of the categories. These include quantitative questions along with an option to provide feedback for overall performance. Evaluation was carried out by way of assigning the relevant rating in the range of 1-5 in the questionnaire(s).

Evaluation of Board?s performance was based on criteria such as structure and functioning of the Board, frequency of meetings and effectiveness, discussions, professional development, etc. Evaluation of Committees was based on criteria such as adequate independence of each Committee, frequency of meetings and composition and functioning of Board Committees and effectiveness of its advice/ recommendation to the Board, etc. Evaluation of Directors was based on criteria such as participation and contribution in Board and Committee meetings, knowledge and competency, commitment, integrity, experience and expertise, ability to function as a whole etc. Further Independent Directors were evaluated on parameters such as skills, expertise and exercise of independent judgment in major decisions of the Company, participation and contribution in Board and Committee meetings etc.

The Individual Directors response to the questionnaire on the performance of the Board, Committee(s), Directors and Chairman, were analyzed. The Directors were satisfied with the evaluation process and have expressed their satisfaction with the evaluation process.

Further Independent directors had separately met to evaluate the performance of Non Independent Directors, Board as a whole, Chairperson and to assess the quality, quantity and timeliness of flow of information between the Company management and the Board.

PUBLIC DEPOSITS

During the year under review, your Company has neither accepted nor renewed any deposit within the meaning of Section 73 and 76 of the Companies Act, read with Companies (Acceptance of Deposits) Rules, 2014.

RISK MANAGEMENT

Your Company through its Risk management policy periodically assesses the risk elements, mitigates the different kinds of risks which the Company faces in its day-to-day operations and incorporates such risk mitigation plans in its business operational plans. As on date of this report, your Company does not foresee any critical risk, which threatens its existence.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The details regarding Energy Conservation, Technology Absorption, Foreign Exchange Earnings and Outgo as required by section 134(3) (m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 are annexed herewith as

Annexure-III.

ANNUAL RETURN

The Annual Return of the Company in Form MGT 7 in accordance with Section 92(3) of the Companies Act, is available on the web site of the Company at https://www.vijayadiagnostic.com/ userui/inv/MGT-7-Annual-Return-2022.pdf

SIGNIFICANT AND MATERIAL ORDERS

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company?s operations in the future.

PARTICULARS OF EMPLOYEES

The disclosures pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in the prescribed format and annexed herewith as Annexure- IV

The statement containing particulars of employees as required under Section 197(12) of the Companies Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this Annual Report. In terms of the provisions of the first proviso to Section 136 (1) of the Companies Act, the Annual Report is being sent to Shareholders, excluding the aforementioned information. Any shareholder interested in obtaining a copy of such statement may write to the Company Secretary of the Company at cs@ vijayadiagnostic.in

CORPORATE GOVERNANCE

A report on Corporate Governance, as stipulated under Schedule V( ) of the Listing Regulations, is presented as a separate section and forms part of this Annual Report. Certificate obtained from Practicing Company Secretary, with regard to compliance of conditions of corporate governance as stipulated under Schedule V(E) of the Listing Regulations is annexed to the Corporate Governance Report.

MANAGEMENT DISCUSSION AND ANALYSIS

Management Discussion and Analysis Report in terms of the provisions of Schedule V of Listing Regulations, is presented as a separate section and forms part of this Annual Report.

BUSINESS RESPONSIBILITY REPORT

A detailed Business Responsibility Report in terms of the provisions of Regulation 34 of Listing Regulations, is presented as a separate section and forms part of this Annual Report.

CORPORATE SOCIAL RESPONSIBILITY

In accordance with the provisions of Section 135 of the Companies Act, 2013 read with CSR Rules, the Company has constituted the Corporate Social Responsibility (CSR) Committee. The details of CSR Committee are detailed in the Corporate Governance Report, which forms part of this Report.

The Board, on the recommendation of the CSR Committee, adopted a CSR Policy. The said CSR Policy is available on the website of the Company at https://vijayadiagnostic.com/userui/ corporategovernance/CSR-POLICY.pdf.

The Annual Report on Corporate Social Responsibility as per Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed herewith as Annexure-V to this Report.

DISCLOSURE AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has adopted a policy against sexual harassment in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules framed thereunder. The Company has constituted Internal Complaints Committee for redressal of complaints on sexual harassment. in compliance with Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 During the year, the Company had received two (2) complaints on sexual harassment and the same has been resolved in accordance with the Company?s POSH policy as on date of this report.

NOMINATION AND REMUNERATION POLICY

In compliance with the provisions of Companies Act and Listing Regulations, the Board had framed a Nomination and Remuneration Policy for selection and appointment of Directors, Key Managerial Personnel, Senior management and their remuneration. The Company affirms that the remuneration paid is as per Nomination and Remuneration Policy of the Company. The said Policy is available on the website of the Company at the weblink: https://vijayadiagnostic.com/userui/ corporategovernance/NOMINATION-REMUNERATION-POLICY.pdf

WHISTLE BLOWER / VIGIL MECHANISM

The Company has adopted whistle blower policy as required under Section 177 of the Companies Act and Listing Regulations, for the employees and Directors to report their genuine concerns and irregularities, if any in the Company. A mechanism has been established for employees to report their concerns about unethical behaviour, actual or suspected fraud or violation of the Code of Conduct and Ethics, as amended from time to time. It also provides for adequate safeguards against the victimisation of employees who avail of the mechanism and allows direct access to the Chairperson of the Audit Committee in exceptional cases. The Whistle Blower Policy is available on the website of the Company at https://vijayadiagnostic.com/ userui/corporategovernance/WHISTLE-BLOWER-POLICY.pdf

EMPLOYEE STOCK OPTION PLAN

Initially the ESOP Plan 2018 and Schemes framed thereunder have been approved by shareholders on May 03, 2018 ("Pre IPO ESOP Plan") with an objective to drive the performance of the employees, attract best talent and retain key employees etc.,. On March 25, 2021, the aforesaid ESOP Plan 2018 and Schemes framed thereunder have been amended to ensure that the Pre IPO ESOP Plan is in compliance with the provisions of SEBI (Share Based Employee Benefit) Regulations, 2014 as the company has proposed to undertake the Initial Public offer of shares. Subsequently on August 16, 2021, the aforesaid ESOP Plan 2018 and Schemes framed thereunder have been amended to ensure that the ESOP Plan is in compliance with the provisions of SEBI (Share Based Employee Benefit and Sweat Equity) Regulations, 2021 notified on August 13, 2021. ("SEBI ESOP Regulations"). Further Pre-IPO ESOP Plan was ratified by the shareholders vide postal ballot on January 11, 2022 pursuant to Reg 12 of SEBI ESOP Regulation.

The Nomination and Remuneration Committee of the Board of Directors of the Company, inter alia, administers and monitors the ESOP Plan of the Company. During the year under review, no ESOPs were granted to any employees of the Company.

The details in respect of ESOPs as required under Companies Act, and ESOP Regulations are annexed herewith as Annexure VI and the same are available at the website of the Company https://vijayadiagnostic.com/userui/inv/Information-as-per-SEBI-SBEB-Regulations-FY22.pdf.

In compliance with the requirements of the ESOP Regulations, a certificate from Secretarial auditor confirming implementation of ESOP Plan in accordance with the said regulations and shareholder?s resolution will be available electronically for inspection by the members during the annual general meeting of the Company.

DIRECTORS? RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 134(3)( ) of the Companies Act, with respect to Directors? Responsibility Statement, the Directors, to the best of their knowledge and ability, hereby confirm that:

a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b) 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 the Company as at March 31, 2022 and of the profit and loss of the Company for the year ended on that date;

c) Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) The annual accounts have been prepared on a going concern basis;

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

f) Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

SECRETARIAL STANDARDS

The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India, i.e. SS-1 and SS-2, relating to ‘Meetings of the Board of Directors? and ‘General Meetings? respectively.

DISCLOSURE RELATED TO INSOLVENCY AND BANKRUPTCY

During the financial year under review, there was no application made and/or no proceeding pending under the insolvency and Bankruptcy code 2016.

ACKNOWLEDGEMENT:

The Directors place on record their sincere appreciation and thanks for the valuable cooperation and support received from the employees of the Company at all levels, Government Authorities, Company?s Bankers, Associates, Partners, Clients, Vendors, Customers and Members of the Company and look forward for the same in equal measure in the coming years.