To
The Shareholders,
MORARKA FINANCE LIMITED
The Board of Directors of your Company are pleased to present their Forty-First
(41st) Report as a part of the Annual Report of your Company together with the Audited
Financial Statements of the Company for the year ended 31st March, 2026.
1. FINANCIAL RESULTS:
[Amount in Rs. lakhs]
Particulars |
For the year Ended 31/03/2026 |
For the year Ended 31/03/2025 |
| Profit / (Loss) before tax |
166.42 |
317.00 |
| Less: Current Tax (Including prior year tax) |
22.41 |
68.57 |
| Deferred Tax |
0.97 |
(31.41) |
| Profit / (loss) after tax |
143.04 |
279.84 |
| Add: Balance b/f from previous years |
1,830.50 |
1,876.76 |
| Less: Appropriations |
|
|
| Transfer to Reserve Fund u/s 45 IC of RBI Act |
28.61 |
55.97 |
| Dividend Paid |
45.02 |
270.13 |
Balance carried to balance sheet |
1,899.91 |
1,830.50 |
2. FINANCIAL PERFORMANCE:
For the financial year ended March 31, 2026, your company has posted Profits of '
143.04 lakhs compared to the profit for the financial year ended March 31, 2025 of '
279.84 lakhs.
3. TRANSFER TO RESERVE:
As required by section 45-IC of the RBI Act 1934, the Company maintains a reserve fund
and transfers therein a sum not less than twenty per cent of its net profit every year as
disclosed in the statement of profit and loss and before any dividend is declared.
4. SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR:
The Company does not have any Subsidiary, Joint Ventures or Associate Companies.
5. DIVIDEND:
Your Board of Directors has recommended a final dividend of ' 1.50 per Equity share
(i.e. 15%) for the financial year 2025- 26. The dividend, as recommended above, if
approved at the AGM by the members, would be paid within thirty days from the date of
declaration of dividend to those Members/Beneficial holders whose names appear in the
Register of Members as on Book Closure date fixed for the said purpose.
The Register of Members and Share Transfer Books of the Company will remain closed for
the purpose of payment of dividend for the financial year ended 31st March, 2026 and the
AGM. Book closure date has been indicated in the Notice convening AGM.
As per the provisions of the Income Tax Act, 2025, the dividend, if declared, will be
taxable in the hands of the shareholders at the applicable rates. For details,
shareholders are requested to refer to the 41st Notice of Annual General Meeting.
If the dividend, as recommended above, is declared by the Members at the ensuing AGM,
the total outflow towards dividend on Equity Shares for the year would be ' 67,53,150 /-
(i.e. ' 1.50 per share on 45,02,100 Equity Shares)
6. SHARE CAPITAL:
The Authorised Share Capital of the Company is divided as follows.
• Equity Share Capital:
' 4,80,00,000 (Rupees Four Crores Eighty Lakhs Only), consisting of 48,00,000
(Forty-Eight Lakhs Only) Equity Shares of '10 (Rupees Ten) each.
• Preference Share Capital:
' 1,50,00,000 (Rupees One Crore Fifty Lakhs Only), consisting of 1,50,000 (One Lakh
Fifty Thousand Only) Preference Shares of ' 100 (Rupees One Hundred) each.
Issued, Subscribed and paid-up share Capital:
The paid-up Equity Capital of your company as on March 31,2026, was '4,50,21,000
(Rupees Four Crores Fifty Lakhs Twenty-One Thousand Only), consisting of 45,02,100
(Forty-Five Lakhs Two Thousand One Hundred Only) Equity Shares of '10 (Rupees Ten) each.
• During the year under review, the Company has not issued shares or
convertible securities or shares with differential voting rights, nor has it granted any
stock options or sweat equity or warrants. Further, none of the directors of the company
hold instruments convertible into equity shares of the company. The Company has not issued
any Preference Shares during the year and the entire preference capital remains unissued.
• There has been no change in Authorised Capital of the Company during the
year.
7. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Pursuant to Section 152(6) of the Companies Act, 2013 read with Schedule IV and
Articles of the company, Ms. Priyanka G. Morarka (DIN: 00001088), Director of the Company,
retire by rotation and being eligible offers herself for re-appointment, a resolution
seeking shareholder's approval for re-appointment forms part of Notice. The brief details
of Ms. Priyanka G. Morarka (DIN: 00001088), who is proposed to be re-appointed as required
under Secretarial Standard ("SS-2") and Regulation 36 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended, (the "Listing
Regulations") is being provided in the Notice convening the Annual General Meeting
("AGM") of the Company.
There were no change in the Key Managerial Personnel(s) of the Company during the
financial year 2025-26.
Changes in Directors and Key Managerial Personnel
• Based on the recommendation of the Nomination and Remuneration committee
(NRC), the Board of Directors of the Company at its meeting held on April 23, 2026, has
appointed Mr. Pranay G. Morarka (DIN: 03272263) as Managing Director (Additional Director)
of the Company for a term of 5 consecutive years effective from April 24, 2026 to April
23, 2031.The approval of the Members for regularisation of his directorship and
appointment as Managing Director & fixing of his remuneration have been included in
the Notice convening the 41st AGM of the Company.
• Mr. Pranay G. Morarka, who has been serving as the Chief Executive Officer
(CEO) of the Company since 2014, has been elevated to the position of Managing Director
with effect from April 24, 2026, subject to the approval of the shareholders at the 41st
Annual General Meeting of the Company. Consequently, he has ceased to hold the office of
CEO of the Company with effect from April 24, 2026.
• Ms. Kalluri Savitha Rao, Non-Executive Director of the Company, has tendered
her resignation due to personal and professional commitments and has consequently ceased
to be a Non-Executive Director of the Company with effect from April 13, 2026.
All the disclosures relating to appointment and resignation was filed with BSE, RBI
& ROC within stipulated timelines.
Declaration from Independent Directors:
Pursuant to the requirements of Section 149(7) of the Companies Act, 2013, the company
has received declarations from all the independent directors confirming the fact that they
all are meeting the eligibility criteria as stated in Section 149(6) of the Companies Act,
2013.
As required under Schedule IV to the Act (Code for Independent Directors) and
Regulation 25(3) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Independent Directors shall hold at least 1 (one) meeting in a
financial year, without the presence of Non-Independent Directors and members of the
management.
The Independent Directors met once, i.e, on Wednesday, January 21, 2026. The meeting
was conducted in the absence of the Chairman, all Non-Executive Non-Independent Directors,
and any other managerial personnel.
During the year under review, the Non-Executive Independent Directors of the Company
had no pecuniary relationship or transactions with the Company, other than sitting fees,
commission and reimbursement of expenses, if any.
None of the Directors of the Company are disqualified from being appointed as Directors
as specified under Section 164(1) and 164(2) of the Act read with Rule 14(1) of the
Companies (Appointment and Qualifications of Directors) Rules, 2014 (including any
statutory modification(s) and/or re-enactment(s) thereof for the time being in force) or
are debarred or disqualified by the Securities and Exchange Board of India
("SEBI"), Ministry of Corporate Affairs ("MCA") or any other such
statutory authority.
The Independent Directors, inter alia, discussed, and reviewed performance of
Non-Independent Directors, the Board as a whole, Chairman of the Company, and assessed the
quality, quantity and timeliness of flow of information between the Company's management
and the Board that is necessary for the Board to perform its duties effectively and
reasonably.
The Company had sought the following certificates from independent and reputed
Practicing Company Secretaries confirming that:
a. none of the Director on the Board of the Company has been debarred or disqualified
from being appointed and/or continuing as Directors by the SEBI/MCA or any other such
statutory authority.
b. independence of the Directors of the Company in terms of the provisions of the Act,
read with Schedule IV and Rules issued thereunder and the Listing Regulations.
8. CHANGE IN NATURE OF BUSINESS:
There is no change in nature of business of the company during the financial year under
review.
9. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:
There were no material changes and commitments that occurred after the close of the
year till the date of this Report, which affected the financial position of the Company.
10. CORPORATE SOCIAL RESPONSIBILITY:
The company is not falling in the purview of criteria specified in section 135(1) of
the Companies Act, 2013 and hence the requirements pertaining to section 135 of the
Companies Act, 2013 is not applicable to the company during the financial year under
review.
11. HUMAN RESOURCES:
The company has six Directors, Chief Executive Officer, Chief Finance Officer and
Company Secretary being key managerial personnel under Section 203 of the Companies Act,
2013. All are experts in their relevant fields. Company's well-disciplined workforce which
has served the company for years, lies at the very foundation of the company's major
achievements.
12. BUSINESS RISK MANAGEMENT:
Over the period, company has been following the principle of risk minimization as is
the norm in every sector, it is essential for company growth and long-term survival in
this competitive cosmos.
The Board of Directors were informed about risk assessment and minimization procedures
after which the Board formally accepted steps for framing, implementing and monitoring the
risk management plan for the company. The main objective is to ensure sustainable business
growth with stability and to promote a pro-active approach in reporting, evaluating and
resolving risks associated with the business. In today's challenging and competitive
environment, strategies for mitigating inherent risks in accomplishing the growth plans of
the Company are imperative.
Your Company has identified these risks and guarded itself by adopting a range of
strategies and measures to reduce the impact of such risks. Few risks listed are as
follows: Operational Risk, Credit Risk, Business Risk, Regulatory Risk, Human Capital
Risk, Cybersecurity Risk.
In terms of requirements of RBI - Scale Based Regulations, 2021 (SBR), a Risk
Management Committee (RMC) was constituted by the Company as on February 02, 2022 and
which was re-constituted by the Board of Directors in its meeting held on October 15,
2024, having following members:
1. Shri G. R. Morarka - Chairman
2. Ms. Priyanka G. Morarka - Member
3. Ms. K Savitha Rao - Member
13. INTERNAL FINANCIAL CONTROL & THEIR ADEQUACY:
The Company has put in place adequate system of internal financial control to safeguard
and protect from loss, unauthorized use or disposition of its assets. All the transactions
are properly authorized, recorded and reported to the Management. The Company is following
all the applicable Accounting Standards for properly maintaining the books of accounts and
reporting financial statements. The internal auditor of the company reviews and verifies
the internal financial control and monitors them in commensurate with the size and nature
of operations of the company. During the year under review, such controls were tested and
no reportable material weakness in the design or operation was observed.
14. VIGIL MECHANISM:
The company has put in place a whistle blower policy pursuant to which employees of the
company can raise their concerns pertaining to fraud, malpractice, or any other activity
or event which is against the interest of the company. Details of complaints received and
the action taken will be reviewed by the Audit Committee. Whistle Blower Mechanism's
functioning is reviewed by the Audit Committee from time to time. None of the company's
employees are denied access to Audit Committee. No complaints were received under the said
policy during the financial year 2025-26. The policy is placed at the website at
https://www.morarkafinance.in/static-data/2019-20/Whistle-Blower-Policy.pdf
15. PERFORMANCE EVALUATION OF BOARD & ITS COMMITTEES:
Pursuant to the requirements of Regulation 17 (10) and Regulation 4(2)(f)(ii) of SEBI
(Listing Obligation and Disclosure Requirement) Regulations, 2015 read with Schedule IV of
Companies Act, 2013, the Company conducted performance evaluation of the Board, its
Committees and of individual Directors, by circulating evaluation Google forms to seek
their responses.
The performance of the Board and Committees were evaluated by the Board with the help
of inputs received from all the Directors and the Committee members on the basis of the
criteria such as the Board composition and structure, effectiveness of Board processes,
information and functioning, exercise of responsibilities in a bona fide manner in the
interest of the Company, striving to attend meetings of the Board of Directors/Committees
of which he/she is a member/ general meetings, participating constructively and actively
in the meetings etc.
The Company had provided facility of performance evaluation to Directors through online
platform for convenience of the Board members. The Board and Nomination Remuneration
Committee reviewed the performance of the Board, its committees and of the Directors. The
same was discussed in the Board Meeting and the feedback received from the Directors on
the performance of the Board and its Committees was also discussed. The board and
Independent Directors have expressed that they are satisfied with the process of
evaluation.
16. POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:
The company has constituted Nomination and Remuneration Committee (NRC) as required
under Section 178 of the Companies Act, 2013 which recommends the appointment/
re-appointment of Directors to the Board. The NRC is responsible to identify persons who
are qualified to become directors on the Board and to evaluate them on criteria such as
academic qualifications, previous experience, track record and integrity of the persons
identified, before recommending their appointment to the Board. The Board in consultation
with the NRC decides the remuneration policy for Directors. The Company has made adequate
disclosures to the members on the remuneration paid to Directors from time to time.
The remuneration policy of the company, duly reviewed and recommended by the Nomination
and Remuneration committee has been articulated in line with the requirements of the
Companies Act, 2013 and placed on below mentioned weblink:
https://www.morarkafinance.in/static-data/2019-20/Nomination-and-Remuneration-Policy.pdf
The company's Remuneration policy is aligned to its business strategy, market dynamics,
internal characteristics and complexities within the organization. The ultimate objective
is to provide a fair and transparent structure that helps the organization to retain and
acquire the talent pool critical in building competitive advantage and brand equity.
The company has not paid any remuneration to its Non-Executive Directors during the
financial year under review. The Company has paid only sitting fees to all its
Non-Executive and Non-Executive Independent Directors for attending meetings of the Board
and its Committees. Also, the Non-Executive and Non-Executive Independent Directors are
reimbursed with expenses incurred by them for attending any physical meetings of the Board
and its Committees at actuals. The remuneration payable to the Non-Executive and
Non-Executive Independent Directors is governed by the provisions of the Companies Act,
2013. The company does not have any subsidiary and hence holding of directorships by any
of the directors in subsidiary is not applicable. Policy on Terms of Appointment of
Independent Directors is placed at https://www.morarkafinance.in/static-
data/2019-20/Terms-and-Conditions-of-appointment-of-Independent-Directors.pdf
17. MEETINGS OF THE BOARD OF DIRECTORS:
The Board of Directors of the Company met Four (4) times during the financial year on
May 08, 2025, July 17, 2025, October 15, 2025 & January 21, 2026. The maximum gap
between two Board meetings did not exceed 120 days. The details of the Board meetings and
the attendance of Directors is provided in the Corporate Governance Report forming part of
the Annual Report.
18. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
All Related party transactions that were entered during the financial year were on
arm's length basis and were in the ordinary course of business. Further, prior omnibus
approval of the Audit Committee is obtained on yearly basis for the transactions which are
of a foreseen and repetitive nature. The transactions entered pursuant to the omnibus
approval so granted were placed before the Audit Committee and the Board of Directors for
their approval on quarterly basis. Prior approval of shareholders was obtained for all
material related party transactions during the year under review, if required.
Further, transactions entered with related parties have been disseminated in the format
prescribed by stock exchanges pursuant to Regulation 23 of Listing Regulations. The
details of the Related Party Transactions as per Indian Accounting Standards are set out
in the Financial Statements of the Company. 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 set
out in the "Annexure I" to this report.
The Board of Directors of the Company has on the recommendation of the Audit Committee
amended the policy on related party transactions at its meeting held on January 21, 2026,
to align it with amendments in Regulation 23 vide SEBI (LODR) (Fifth Amendment)
Regulations, 2025. This policy regulates all the transactions between the Company and its
Related Parties in compliance with the applicable provisions of the Companies Act 2013,
the rules thereunder and the Listing Regulations and the same is placed on below mentioned
weblink: https://www.morarkafinance.in/static-data/2024-25/
Policy-on-Related-Party-Transactions.pdf
19. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATOR OR COURTS:
There are no significant material orders passed by the Regulators / Courts which would
impact the going concern status of the Company and its future operations.
20. STATEMENT OF DIRECTORS' RESPONSIBILITIES:
Pursuant to the requirements under Section 134, sub-section 3(c) and sub-section 5 of
the Companies Act, 2013, the Board of Directors, to the best of their knowledge and
ability, state and confirm that:
a. in the preparation of the annual financial statements for the year ended March 31,
2026, the applicable accounting standards have been followed along with proper explanation
relating to material departures, if any;
b. such accounting policies as mentioned in Notes to the Financial Statements have been
selected and applied consistently and judgement and estimates have been made 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, 2026 and of the profit of the Company for the year ended on that
date;
c. the directors had 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. the annual financial statements have been prepared on a going concern basis;
e. proper internal financial controls were in place and that the financial controls
were adequate and were operating effectively.
f. proper systems were devised to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
21. BOARD COMMITTEES:
In compliance with the requirement of applicable laws and as a part of best governance
practices, the Company has constituted following Committees of the Board:
i. Audit Committee
ii. Nomination and Remuneration Committee
iii. Stakeholders' Relationship Committee
The details of the Committees along with their composition, number of meetings and
attendance at the meetings are provided in the Corporate Governance Report.
22. CORPORATE SOCIAL RESPONSIBILITY:
The provisions of Section 135 of the Companies Act, 2013, relating to Corporate Social
Responsibility (CSR), are not applicable to the Company for the financial year 2025-26, as
it does not meet the thresholds prescribed under the said section.
23. CORPORATE GOVERNANCE:
The Company is committed to maintain the highest standard of Corporate Governance and
continues to be compliant with the requirements of Corporate Governance. As prescribed
under regulation 34 and Schedule V (C) of SEBI (Listing Obligation and Disclosure
Requirement) Regulations, 2015, a report on Corporate Governance along with the requisite
certificate from the Secretarial auditors of the Company confirming compliance with the
conditions of corporate governance as stipulated under SEBI Listing Regulations forms part
of this Annual Report.
24. ANNUAL RETURN:
Pursuant to Section 92(3) of the Companies Act, 2013, the Annual Return in form MGT-7
is provided on the website of the Company and is accessible at the web-link:
https://www.morarkafinance.in/static-data/2025-26/Form-MGT-7- dated-31032026.pdf
25. PARTICULARS OF EMPLOYEE:
The information pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5
(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
relating to median employee's remuneration for the financial year under review is attached
herewith and marked as "Annexure II".
The company has not paid any remuneration to its Non-Executive Directors during the
financial year under review. The Company has paid sitting fees to its Non-Executive &
Independent Directors for attending meetings of the Board and its Committees, details of
which has been provided in the Corporate Governance Report.
The CFO is on deputation & is remunerated by the flagship group Company - Dwarikesh
Sugar Industries Limited. Besides this, there are only two employees i.e. CS & CEO in
the Company & the remuneration details of same is disclosed in "Annexure
II".
The particulars of the employees who are covered by the provisions contained in Rule
5(2) and rule 5(3) of Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 are:
| a) Employed throughout the year |
Nil |
| b) Employed for part of the year |
Nil |
26. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013:
The Company remains committed to ensuring a safe and conducive work environment for its
employees. During the financial year under review, the Company did not receive any
complaints or reports under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013.
27. MSME RETURN
MCA vide order dated 22nd January, 2019 directed all companies, who get supplies of
goods or services from micro and small enterprises and whose payments to micro and small
enterprise suppliers exceed forty-five days during the year. The Company was not required
to file the MSME-1 Return as all payments to micro and small enterprise vendors were made
within the prescribed timeline.
28. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE AND OUTGO:
Particulars relating to conservation of energy and technology absorption stipulated
under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The Companies
(Accounts) Rules, 2014 is not applicable to the company. The company does not have any
foreign exchange earnings and expenditure.
29. AUDITORS:
STATUTORY AUDITORS
M/s Jayesh Dadia & Associates LLP, Chartered Accountants, Mumbai having ICAI Firm
Registration No.121142W/
W100122 were appointed as the Statutory Auditors of the Company at the AGM held on
June 28, 2022, to hold office until conclusion of the 42nd AGM. As required under the
provisions of Section 139 of the Companies Act, 2013, the Company has obtained written
confirmation from M/s Jayesh Dadia & Associates LLP, that their appointment is made in
conformity with the limits specified in the said Section.
AUDITOR'S REPORT
There are no adverse remarks or observations of the Statutory Auditors in their Report.
SECRETARIAL AUDITORS
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Shareholders at
the 40th Annual General Meeting had appointed M/s. V K M & Associates (CP No.:4279,
FCS: 5023), Company Secretaries as the Secretarial Auditor of the Company for a
consecutive five years commencing from the conclusion of the 40th Annual General Meeting
(AGM) till the conclusion of 45th AGM of the company. The Company has obtained Peer
Review, Consent and Eligibility Certificate from the Secretarial Auditor to continue to
act as the Secretarial Auditor of the Company.
SECRETARIAL AUDIT REPORT
The Secretarial Audit Report is annexed herewith as "Annexure III".
The observations in the said report are self-explanatory and no further
comments/explanations are called for. The Secretarial Audit Report does not contain any
qualification or adverse remarks.
30. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
SEBI, vide its circular dated May 10, 2021, made BRSR mandatory for the top 1,000
listed companies (by market capitalization) from financial year 2023. Accordingly, the
BRSR is not applicable to the Company.
31. MANAGEMENT DISCUSSON AND ANALYSIS:
As required under Regulation 34(2)(e) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and listing regulations of Stock Exchanges, the Management
Discussion and Analysis Report is enclosed as a part of this report.
32. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The Company has not made any loans or investments or given guarantees or provided
securities under Section 186 of the Act during the year.
33. PUBLIC DEPOSITS
The Company, being a Type-I Base Layer NBFC without public deposits or customer
interface, did not have any deposits outstanding at the beginning of the year. Further,
the Company has not accepted any deposits during the year.
34. LISTING:
The Company's Equity Shares are listed on Bombay Stock Exchange Limited (BSE).
35. CERTIFICATE OF REGISTRATION (COR) FROM RESERVE BANK OF INDIA (RBI)
The Company had received approval from the Reserve Bank of India (RBI) on Pravaah
portal vide email dated August 21, 2025, for the conversion of the Company's registration
status from Non-Banking Financial Company (NBFC) - Type-II to NBFC - Type-I. The revised
fresh Certificate of Registration (CoR) reflecting the said change was issued by RBI dated
September 22, 2025.
36. CODE OF CONDUCT:
Your Company is committed to conducting its business in accordance with the applicable
laws, rules and regulations and highest standards of business ethics. In recognition
thereof, the Board of Directors has implemented a Code of Conduct for adherence by the
Directors, Senior Management Personnel and Employees of the Company. This will help in
dealing with ethical issues and also foster a culture of accountability and integrity. All
the Board Members and Senior Management Personnel have confirmed compliance with the Code.
The Code is in accordance with the requirements of Listing Regulations and has been posted
on the Company's website at
https://www.morarkafinance.in/static-data/2019-20/code-of-conduct. pdf
37. REPORTING OF FRAUDS
There have been no instances of fraud reported by the Statutory Auditors under Section
143(12) of the Companies Act, 2013 & Rules framed thereunder either to the Company or
to the Central Government.
38. ACKNOWLEDGEMENT:
Your Directors take this opportunity to place on record their appreciation for the
co-operation received from Employees and overwhelming support extended by the
shareholders.
|
By order of the Board |
|
FOR MORARKA FINANCE LIMITED |
|
G. R. MORARKA |
|
CHAIRMAN |
|
(DIN : 00002078) |
|
PRIYANKA G. MORARKA |
| Place : Mumbai |
DIRECTOR |
| Date : April 23, 2026 |
(DIN : 00001088) |
