Dear Members,
The Directors are pleased to present the 17th (Seventeenth)
Annual Report of Imaglcaaworld Entertainment Limited ("the Company") along with
the Audited Financial Statements, standalone and consolidated, for the financial year
ended on March 31, 2026 ("the year under review" or "the year" or
"FY 2025-26" or "FY26").
FINANCIAL PERFORMANCE
The financial performance of the Company for the financial year ended
March 31, 2026 as compared to the previous year is summarized below:
| Particulars |
Standalone |
Consolidated |
|
FY 2025-26 |
FY 2024-25 |
FY 2025-26 |
FY 2024-25 |
| Revenue from Operations |
35,900.70 |
40,999.61 |
37,385.38 |
41,022.30 |
| Other Income |
2,213.91 |
908.47 |
1,014.24 |
916.72 |
| Total Income |
38,114.61 |
41,908.08 |
38,399.62 |
41,939.02 |
| Total Expenditure |
35,367.08 |
33,332.02 |
37,562.96 |
33,455.13 |
| Profit Before Tax |
2,766.81 |
8,408.12 |
855.94 |
8,315.95 |
| Current Tax |
- |
- |
- |
- |
| Deferred Tax |
(761.98) |
(628.94) |
(792.30) |
(598.62) |
| Profit/ (Loss) After Tax |
2,004.83 |
7,779.18 |
63.64 |
7,717.33 |
COMPANY'S PERFORMANCE
For the financial year 2025-26, at standalone level, the Company
reported a revenue drop of from operations vis-avis financial year 2024-25, primarily due
to early elongated rains during the year. Total revenue from operations decreased to R
35,900.70 Lakhs against R 40,999.61 Lakhs for the corresponding period. The 'Other Income'
was reported at R 2,213.91 Lakhs as against R 908.47 Lakhs in the previous year; primarily
due to income from interest in subsidiary fund during the year.
During the year under review, the Company has recorded 23.0 Lakhs
visitors, down ~15% from FY 2024-25 due to early and elongated monsoon during the year
that impacted the high peak season for the year FY 2025-26.
For the financial year 2025-26, at consolidated level, the Company
reported a revenue drop of from operations vis-avis financial year 2024-25, primarily due
to early elongated rains during the year. Total revenue from operations decreased to R
37,385.38 Lakhs against R 41,022.30 Lakhs for the corresponding period. The 'Other Income'
was reported at R 1,014.24 Lakhs as against R 916.72 Lakhs in the previous year; primarily
due to income from capital
subsidiary granted for Hotel business by the Government of Maharashtra
under the tourism policy.
During the year under review, the Company has recorded 24.7 Lakhs
visitors, down ~9% from FY 2024-25 due to early and elongated monsoon during the year that
impacted the high peak season for the year FY 2025-26.
The outstanding secured loans as on March 31, 2026 aggregate to R
34,251.39 Lakhs.
DIVIDEND
The Board of Directors ("Board"), after considering
holistically the relevant circumstances and keeping in view the requirement of funds for
fulfilling financial obligations towards the acquisition transactions or expansions
undertaken by the Company, has decided that it would be prudent not to recommend any
dividend for the year under review.
The Dividend Distribution Policy, in terms of Regulation 43A of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ("SEBI Listing Regulations"), is available on the Company's
website at https://www.imagicaaworld.com/wp-content/
uploads/2023/10/Dividend-Distribution-Policv.pdf
TRANSFER OF RESERVES
The Company has not transferred any amount to reserves during the year
under review.
SHARE CAPITAL
Authorised Share Capital
As on March 31, 2026, the Authorised Share Capital of the Company was R
1100,00,00,000/- divided into 100,00,00,000 Equity Shares of R 10/- each and 100,00,000
Preference Shares of R 100/- each.
Paid-up Share Capital
During the year under review, the Company has allotted the following
equity shares:
> 49,556 equity shares of face value of ^ 10/- each under
Imagicaaworld Employee Stock Options Scheme 2020, to the option grantees who had exercised
their options as detailed below:
• 30,279 equity shares were allotted on May 07, 2025
• 19,277 equity shares were allotted on July 31, 2025
Consequently, the Issued, Subscribed and Paid-up Share Capital of the
Company stood at R 565,86,14,470/- divided into 56,58,61,447 equity shares of ^ 10/- each
as on March 31, 2026.
DEPOSITS
The Company has not accepted deposits from the public falling within
the ambit of Section 73 of the Act during the year under review. As on March 31, 2026,
there were no deposits lying unpaid or unclaimed.
SUBSIDIARIES, ASSOCIATES & JOINT VENTURES
As on March 31, 2026, the Company has 3 (Three) wholly owned
subsidiaries:
(i) Blue Haven Entertainment Private Limited;
(ii) Malpani Parks Indore Private Limited;
(iii) Imagicaa Next Private Limited, incorporated on June 16, 2025.
As on March 31, 2026, there is no Associate and Joint Venture of the
Company Further, no Company became or ceased to be subsidiary, Joint Ventures or Associate
Company.
The salient features of the financial statements (highlighting the
financial performance) of the subsidiaries of the Company as required under Section 129 of
the Act in the Form AOC-1 is forming part of this Annual Report. The
standalone financial statements, consolidated financial statements
along with relevant documents of the Company and separate audited financial statements of
the subsidiaries of the Company are available on the Company's website at
https://www.imagicaaworld.com/financials/#subsidiarv- information
In accordance with SEBI Listing Regulations, a policy for determining
material subsidiary of the Company as approved by the Board of Directors is made available
on the website under https://www.imagicaaworld.com/wp-
content/uploads/2023/lQ/Material-Subsidiarv-Policv.pdf.
During the year under review, there was no material subsidiary of the
Company as per the SEBI Listing Regulations.
As on the date of signing of this report, Board of Directors of the
Company has approved the investment in Mehsana Next Parks Private Limited (MNPPL") a
proposed SPV/Joint Venture with Keshav Holiday Resort Private Limited "KHRPL")
for the purpose of carrying out the business of existing water park and development of
proposed amusement park ("Shanku's Water Park").
CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to Section 129(3) of the Act and Regulation 34 of the SEBI
Listing Regulations, the Consolidated Financial Statements of the Company, including the
financial details of its subsidiaries, forms part of this Annual Report. The Consolidated
Financial Statements have been prepared in accordance with the provisions of the Act and
Indian Accounting Standards.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(c) of the Act, the Board of Directors of the
Company to the best of their knowledge and belief and according to information and
explanation obtained by them, confirm that:
a) in the preparation of the annual accounts for the financial year
ended on March 31, 2026, the applicable accounting standards had been followed along with
proper explanation relating to material departures, if any;
b) they have selected such accounting policies and applied 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 at March 31, 2026 and of the profit of
the Company for the year ended on March 31, 2026;
c) they have taken proper and sufficient care for the maintenance of
adequate accounting records
in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
d) they have prepared the annual accounts for the financial year ended
on March 31, 2026 on a going concern basis;
e) they have laid down internal financial controls and followed by the
Company and that such internal financial controls are adequate and were operating
effectively; and
f) they have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Directors
During the year under review, there were no changes in the directorship
of the Company.
In accordance with the provisions of Section 152 of the Act and the
Company's Articles of Association, Mr. Rajesh Malpani, Non-Executive Non-Independent
Director of the Company, retires by rotation at the ensuing Annual General Meeting and
being eligible has offered himself for reappointment.
In compliance with the Regulation 36(3) of the SEBI Listing Regulations
and Secretarial Standard - 2 on General Meetings, brief resume, expertise and other
details of Director proposed to be re-appointed are given in the Notice convening the
ensuing Annual General Meeting. The Board recommends the re-appointment of Director as
stated above in the ensuing Annual General Meeting.
Key Managerial Personnel ("KMP")
Pursuant to the provisions of Section 2(51) and Section 203 of the Act
read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, the following persons are Key Managerial Personnel of the Company as on March 31,
2026:
1. Mr. Jai Malpani, Managing Director;
2. Mr. Dhimant Bakshi, Chief Executive Officer & Chief Marketing
Officer;
3. Mr. Mayuresh Kore, Chief Financial Officer & Head Legal; and
4. *Ms. Reshma Poojari, Company Secretary and Compliance Officer
*Ms. Reshma Poojari resigned from position of Company Secretary and
Compliance Officer with effect from close of business hours on June 8, 2026.
INDEPENDENT DIRECTORS' DECLARATION
The Company has received declarations from each Independent Director
confirming that they meet the criteria of independence as laid down under Section 149 of
the Act and Regulation 16(l)(b) of the SEBI Listing Regulations. In terms of Regulation
25(8) of the SEBI 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. There has been no
change in the circumstances affecting their status as an Independent Director during the
year.
In the opinion of the Board, all the Independent Directors are
competent, experienced, proficient and possess necessary expertise and integrity to
discharge their duties and functions as Independent Directors. The Independent Directors
of the Company are compliant with the provisions of Rule 6(4) of the Companies
(Appointment and Qualification of Directors) Rules, 2014.
BOARD EVALUATION
The Company has devised a policy for performance evaluation of its
individual directors, the Board and the Committees constituted by it, which includes
criteria for performance evaluation. In line with the requirements of the Act and SEBI
Listing Regulations, the Board has carried out an annual evaluation of its own
performance, working of it's Committees and the Directors individually. The Directors were
provided with structured questionnaire to record their views. The reports generated out of
the evaluation process were placed before the Board at its meeting and noted by the
Directors. The evaluation process was attentive on various aspects of the functioning of
the Board and its Committees, such as experience and competencies, performance of specific
duties and obligations of the Board and its Committees, governance issues, etc.
Pursuant to the provisions of Schedule IV of the Act and Regulation 25
of the SEBI Listing Regulations, the Independent Directors of the Company, at their
meeting held on March 20, 2026, evaluated the performance of NonIndependent Directors, the
Board as a whole, performance
of the Chairman; and also assessed the quality, quantity and timeliness
of flow of information between the Management and the Board.
FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS
In terms of the provisions of Regulation 25 of the SEBI Listing
Regulations, the Company has in place the practice of familiarising the Independent
Directors of the Company about Company's business through induction and regular updates.
The familiarisation programme aims to enable the Independent Directors to understand their
roles, rights, responsibilities in the Company, procedures and policies, nature of the
industry in which the Company operates, its business in depth, etc. Board Members are
appraised on operations, strategic and future plans of the Company through Board/Committee
meetings for the convenience of the Directors.
The details of the Familiarisation Programmes imparted to the
Independent Directors during the year under review are also available on the website of
the Company at https:// www.imagicaaworld.com/wp-content/uploads/2023/10/
Familiarisation-Programme-for-Independent-Directors.pdf
REMUNERATION POLICY AND CRITERIA FOR DETERMINING THE ATTRIBUTES,
QUALIFICATION, INDEPENDENCE AND APPOINTMENT OF DIRECTORS
The Board has formulated a Policy on Nomination and Remuneration of
Directors, Key Managerial Personnel ("KMP") and Senior Management Personnel
("SMP") of the Company. The Nomination and Remuneration Policy is framed mainly
to deal with the following matters:
i. To provide processes which enable the identification of individuals
who are qualified to become Directors, Key Managerial Personnel and employees at Senior
Management level and recommend their appointment to the Board;
ii. To devise a policy on Board diversity and succession plan for the
Board, KMPs and SMPs;
iii. To formulate the criteria for determining qualifications, positive
attributes of independence of Directors and to frame evaluation criteria of the Board, its
Committees and individual Directors;
iv. Remuneration programme designed to ensure that remuneration is
reasonable to attract, retain and reward executives of the Company who will contribute to
the long term success of the Company based on their performance;
v. Determine remuneration of members of the Board,
KMPs and SMPs of the Company and maintaining a balance between fixed
and incentive pay reflecting short and long term performance objectives appropriate to the
working of the Company.
The Nomination and Remuneration Policy of the Company is available on
the website of Company at https://www. imagicaaworld.com/wp-content/uploads/2023/10/
Nomination-and-Remuneration-Policy.pdf
BOARD MEETINGS
During the financial year 2025-26, the Board met 9 (Nine) times i.e.
April 17, 2025, May 28, 2025, August 08, 2025, August 22, 2025, October 14, 2025, November
06, 2025, January 16, 2026, February 05, 2026 and March 16, 2026.
Details of Board Meetings held and the attendance of Directors are
given in the Corporate Governance Report which forms part of this Annual Report.
COMMITTEES OF THE BOARD
The Board has following committees in compliance with the requirements
of the Act and SEBI Listing Regulations:
i. Audit Committee,
ii. Nomination and Remuneration Committee,
iii. Corporate Social Responsibility Committee,
iv. Risk Management Committee, and
v. Stakeholders' Relationship Committee
In addition to the above said committees, the Board has constituted
ESOS Allotment Committee for decision relating to allotment of equity shares to eligible
employees upon exercise of options from time to time, in accordance with Imagicaaworld
Employee Stock Option Scheme 2020 and Environment Social Governance (ESG) Committee to
focus on sustainability.
Details of composition of all the committees, number of meetings held
and attendance of the committee members thereof are provided in the Corporate Governance
Report forming part of this Annual Report.
All recommendations of the Audit Committee have been accepted by the
Board.
AUDITORS AND AUDITORS' REPORT
Statutory Auditors
Pursuant to the provisions of Section 139 of the Act and the Companies
(Audit and Auditors) Rules, 2014, M/s. Suresh Surana & Associates LLP, Chartered
Accountants, (Firm Registration No. 121750W/W-100010) were appointed as the Statutory
Auditors of the Company at the Fifteenth
Annual General Meeting held on September 27, 2024, to hold office till
the conclusion of Twentieth Annual General Meeting to be held for FY 2028-29. Auditors
have confirmed that they are not disqualified from continuing as Auditors of the Company.
The Statutory Auditors' Report on the financial statements of the
Company for the year ended March 31, 2026, which forms part of this Annual Report, does
not contain any qualification, reservation or adverse remark and no frauds were reported
by the Auditors under Section 143(12) of the Act.
Secretarial Auditors
Pursuant to the provisions of Section 204 of the Act and Regulation 24A
of the SEBI Listing Regulation M/s. Parikh & Associates, Company Secretaries (Firm
Registration Number: P1988MH009800) were appointed as the Secretarial Auditors of the
Company at the Sixteenth Annual General Meeting held on September 29, 2025, for a term of
5 (Five) consecutive years, commencing from the FY 2025-26 to the FY 2029-30 to undertake
the Secretarial Audit of the Company.
The report of the Secretarial Audit in Form MR-3 for the FY 2025-26 is
provided in Annexure A to this Report, The said Secretarial Audit Report does not contain
any qualifications, reservations or adverse remarks and no frauds were reported by the
Secretarial Auditors to the Company under Section 143(12) of the Act.
REQUIREMENTS FOR MAINTENANCE OF COST RECORDS
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.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
Particulars of the loans given, guarantees provided and investments
made by the Company pursuant to Section 186 of the Act for the year March 31, 2026 are
provided in the Notes to the financial statements forming part of this Annual Report,
RELATED PARTY TRANSACTIONS
All transactions with related parties are placed before the Audit
Committee for its approval. An omnibus approval from Audit Committee is obtained for the
related party transactions which are repetitive in nature. All transactions with related
parties entered into during the year under review were at arm's length basis and in the
ordinary course of business and in accordance with the provisions of the Act and the rules
made thereunder, the SEBI Listing Regulations
and the Company's Policy on Related Party Transactions.
Particulars of contracts or arrangements with related parties referred
to in Section 188(1) of the Act, as prescribed in Form AOC-2 under Rule 8(2) of the
Companies (Accounts) Rules, 2014 is provided in Annexure B to this Report,
During the year, the material related party transactions pursuant to
the provisions of SEBI Listing Regulations had been duly approved by the Members of the
Company at the Annual General Meeting ("AGM") held on September 29, 2025,
There are no materially significant related party transactions entered
into by the Company with its Directors/Key Managerial Personnel or their respective
relatives, the Company's Promoter(s), its Subsidiaries or any other related party, that
may have a potential conflict with the interest of the Company at large.
Details of related party transactions entered into by the Company are
disclosed in the notes forming part of the financial statements. Pursuant to the
provisions of Regulation 23 of the SEBI Listing Regulations, the Company has filed half
yearly reports to the stock exchanges, for the related party transactions.
The policy on related party transactions is available on the Company's
website at https://www.imagicaaworld.com/wp-
content/uploads/2023/10/Related-Partv-Transaction-Policv. pdf
INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE
FINANCIAL STATEMENTS
The Company has adequate internal control procedures which are
commensurate with its size and nature of business.
The business control procedures ensure efficient use and protection of
Company's resources and compliance with policies, procedures and statutory requirements.
Internal auditors are appointed to carry audit assignments and to periodically review the
transactions across the divisions and evaluate effectiveness of internal control systems.
A detailed note on Internal Financial Controls is included in the Management Discussion
and Analysis section.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars relating to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required to be disclosed under Section
134(3)(m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 are provided
in Annexure C to this Report,
PARTICULARS OF EMPLOYEES
Disclosures with respect to the remuneration of Directors and employees
as required under Section 197(12) of the Act and Rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 are provided in Annexure D to this
Report. In accordance with the provisions of Section 197(12) of the Act, read with Rule
5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,
the names and other particulars of the employees covered under the said rule shall be made
available to any Member on a specific request made in this regard, by him or her in
writing.
HUMAN RESOURCES
The Company regards human resources as a valuable asset. The Company
encourages a performance driven culture and enables the employees with focused training at
regular intervals, Further, the training needs at all divisions are periodically assessed
and training programmes are conducted using internal resources and/or engaging external
facilitators and trainers,
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has always believed in providing a safe and harassment free
workplace for every individual working in the Company's premises through various
interventions and practices. The Company always endeavours to create and provide an
environment that is free from discrimination and harassment including sexual harassment,
The Policy on Prevention of Sexual Harassment at Workplace has been
formulated by the Company. The Policy aims to develop a harmonious and productive working
environment free from sexual harassment. This Policy is applicable to all employees
(permanent, contractual, temporary, trainees). The Company has complied with the
provisions relating to the constitution of Internal Complaints Committee under the Sexual
Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The Company ensures that all allegations of sexual harassment were investigated and dealt
with appropriately in accordance with the procedures prescribed under the Policy on
Prevention of Sexual Harassment at Workplace. During the year under review, no complaints
of any nature were received under Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013.
EMPLOYEE STOCK OPTION SCHEME
The Company has an Employee Stock Option Scheme viz., Imagicaaworld
Employee Stock Option Scheme 2020
("Scheme") and the same is in line with the provisions of
SEBI (Share Based Employee Benefits) Regulations, 2014 ("SBEB Regulations").
During the year under review, the Company has allotted 49,556 fully
paid up equity shares under of Imagicaaworld Employee Stock Options Scheme 2020.
A certificate from Secretarial Auditor of the Company confirming that
the aforesaid Scheme have been implemented in accordance with the SBEB Regulations, will
be open for inspection at the ensuing Annual General Meeting.
The disclosures required to be made under SEBI (Share Based Employee
Benefits and Sweat Equity) Regulations, 2021 are made available on the website of the
Company at https://www.imagicaaworld.com/financials/ .
VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Board established and adopted a Vigil Mechanism/ Whistle Blower
Policy that enables the Directors and Employees to report genuine concerns about unethical
behaviour, actual or suspected fraud or violation of the Code of Conduct of the Company
and to report unprofessional misconduct without fear of reprisal. The Vigil Mechanism
provides for (a) adequate safeguards against victimization of persons who use the Vigil
Mechanism; and (b) direct access to the Chairperson of the Audit Committee of the Board of
Directors of the Company in appropriate or exceptional cases. No person has been denied
access to the Audit Committee of the Board. The Policy is available on the Company's
website at
https://www.imagicaaworld.com/ wp-content/uploads/2023/10/Vigil-Mechanism-or-Whistle-
Blower-Policv.pdf
RISK MANAGEMENT
The Board of Directors has constituted Risk Management Committee to
assist the Board with regard to the identification, evaluation and mitigation of
operational, strategic and external risks. Risk Management Committee works towards
identifying internal and external risks and implementing risk mitigation steps. Status
updates are provided to the Board of Directors of the Company on quarterly basis. The
Company also has risk management policy to identify and mitigate various risks. More
information on risks and threats has been disclosed in the section "Management
Discussion and Analysis" which forms part of this Annual Report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
Your Company is part of the Malpani Group, which is known for its
tradition of philanthropy and community service. It may be noted that in view of the
average net profits of the
Company for past three financial years being negative, there was no
statutory requirement to incur any CSR expenditure during the year under review.
Accordingly, the Company has not incurred any CSR expenditure during the year under
review.
However, the Company is committed towards inclusive growth and based on
the recommendation of the CSR Committee; the Company will be identifying CSR initiatives
to be carried out in the coming financial years in order to have a maximum impact.
Details of the composition of the CSR Committee and CSR Policy of the
Company are provided in the section titled 'Annual Report on CSR activities for FY 2025-26
in Annexure E of this Report,
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review,
giving a detailed analysis of the Company's operations, as stipulated under Regulation
34(2)(e) of the SEBI Listing Regulations, is provided in a separate section forming part
of this Annual Report.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
Business Responsibility and Sustainability Report ("BRSR"),
in compliance with Regulation 34(2)(f) of the SEBI Listing Regulations, on the
environmental, social, and governance disclosures, is provided in a separate section
forming part of this Annual Report.
CORPORATE GOVERNANCE
A report on Corporate Governance, in terms of Regulation 34 read with
Schedule V to the SEBI Listing Regulations, along with a Certificate from Practicing
Company Secretary, certifying compliance of conditions of Corporate Governance enumerated
in the SEBI Listing Regulations, is provided in a separate section forming part of this
Annual Report.
ANNUAL RETURN
The Annual Return in Form MGT-7 for the FY 2025-26 pursuant to Section
92(3) read with Section 134(3)(a) of the Act and Rules made thereunder, is available on
the website of the Company at
https://www.imagicaaworld.com/ financials/
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE
FINANCIAL POSITION OF THE COMPANY
There have been 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.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS
During the year under review, no significant and material orders
impacting the going concern status and the Company's operations in future have been passed
by any Regulator or Court or Tribunal.
COMPLIANCE OF SECRETARIAL STANDARDS
The Company has complied with the Secretarial Standards issued by the
Institute of Company Secretaries of India on Meeting of Board of Directors and General
Meetings.
OTHER DISCLOSURES
During the financial year under review:
- The Company has not issued any equity shares with differential rights
as to dividend, voting or otherwise.
- There has been no change in the nature of business of the Company as
on the date of this Report.
- There was no revision in the financial statements of the Company.
- There are no applications made or any proceedings pending under the
Insolvency and Bankruptcy Code, 2016 (31 of 2016) against the Company as at March 31,
2026.
- The Company has not entered into one-time settlement with any banks
or financial institutions.
ACKNOWLEDGEMENTS
The Directors would like to express their sincere appreciation for the
continued co-operation and assistance received from shareholders, customers, vendors,
bankers, financial institutions, regulatory bodies and other business constituents during
the year under review. The Directors also wish to place on record their sincere
appreciation for the hard-work, solidarity and commitment of each and every executives,
officers and staff of the Company during the financial year.
| For and on behalf of the Board of Directors |
|
|
Rajesh Malpani |
| Place: Sangamner |
Chairman |
| Date: May 15, 2026 |
DIN:01596468 |
