S. Provisions, contingent liabilities, contingent assets
and commitments
A provision is recognised when the Company has a
present obligation as a result of past events and it is
probable that an outflow of resources will be required
to settle the obligation in respect of which a reliable
estimate can be made.
Provisions (excluding retirement benefits) are not
discounted to their present value and are determined
based on the best estimate required to settle the
obligation at the Balance Sheet date. These are reviewed
at each Balance Sheet date and adjusted to reflect the
current best estimates.
I f the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to the
liability. When discounting is used, the increase in the
provision due to the passage of time is recognized as a
finance cost.
Contingent liability is disclosed in the case of:
• a present obligation arising from past events, when
it is not probable that an outflow of resources will be
required to settle the obligation;
• a present obligation arising from past events, when
no reliable estimate is possible;
• a possible obligation arising from past events, when
the probability of outflow of resources is remote.
Contingent liabilities are not disclosed in case the
possibility of an outflow of resources embodying
economic benefits is remote.
Commitments include the amount of purchase order
(net of advances) issued to parties for completion of
assets.
Provisions, contingent liabilities, contingent assets and
commitments are reviewed at each Balance Sheet date.
T. Exceptional items
Certain occasions, the size, type or incidence of an
item of income or expense, pertaining to the ordinary
activities of the Company is such that its disclosure
improves the understanding of the performance of
the Company, such income or expense is classified
as an exceptional item and accordingly, disclosed in
the notes accompanying to the standalone financial
statements.
U. Earnings per share
Basic earnings per share are computed by dividing
the profit after tax by the weighted average number
of equity shares outstanding during the year. Diluted
earnings per share is computed by dividing the profit
after tax as adjusted for dividend, interest and other
charges to expense or income (net of any attributable
taxes) relating to the dilutive potential equity shares,
by the weighted average number of equity shares
considered for deriving basic earnings per share
and the weighted average number of equity shares
which could have been issued on the conversion of all
dilutive potential equity shares. Potential equity shares
are deemed to be dilutive only if their conversion to
equity shares would decrease the net profit per share
from continuing ordinary operations. Potential dilutive
equity shares are deemed to be converted as at the
beginning of the period, unless they have been issued
at a later date. The dilutive potential equity shares are
adjusted for the proceeds receivable had the shares
been actually issued at fair value (i.e. average market
value of the outstanding shares). Dilutive potential
equity shares are determined independently for each
period presented.
V. Dividend
The Company recognises a liability to pay dividend to
equity holders of the Company when the distribution
is authorised. As per the corporate laws in India, a
distribution is authorised when it is approved by the
shareholders. A corresponding amount is recognised
directly in equity.
W. Rounding of amounts
All amounts disclosed in the financial statements and
notes have been rounded off to the nearest lakh as
per the requirement of Schedule III, unless otherwise
stated.
X. Events after reporting date
Where events occurring after the Balance Sheet date
provide evidence of conditions that existed at the end
of the reporting period, the impact of such events is
adjusted within the financial statements. Otherwise,
events after the Balance Sheet date of material size or
nature are only disclosed.
1.3 Key accounting estimates and Judgments
The preparation of the Company's financial statements
requires the management to make judgements, estimates and
assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities.
Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to
the carrying amount of assets or liabilities affected in future
periods.
Estimates and underlying assumptions are reviewed on
a periodic basis. Revisions to accounting estimates are
recognised in the period in which the estimates are revised
and in any future periods affected.
Critical accounting estimates and assumptions:
The key assumptions concerning the future and other key
sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next
financial year, are described below:
Income taxes
The Company's tax jurisdiction is India. Significant
judgements are involved in estimating budgeted profits
for the purpose of paying advance tax, determining the
provision for income taxes, including amount expected to
be paid/recovered for uncertain tax positions.
Property, plant and equipment
Property, plant and equipment represent a significant
proportion of the asset base of the Company. The charge
in respect of periodic depreciation / amortization is derived
after determining an estimate of an asset's expected useful
lives and the expected residual value at the end of its life.
The useful lives and residual values of company's assets are
determined by the management at the time the asset is
acquired and reviewed at each financial year end. The lives
are based on historical experience with similar assets as well
as anticipation of future events, which may impact their life,
such as changes in technical or commercial obsolescence
arising from changes or improvements in production or from
a change in market demand of the product or service output
of the asset.
Defined benefit plans
The cost of the defined benefit plan and other post¬
employment benefits and the present value of such
obligation are determined using actuarial valuations. An
actuarial valuation involves making various assumptions
that may differ from actual developments in the future.
These include the determination of the discount rate, future
salary increases, mortality rates and attrition rate. Due to
the complexities involved in the valuation and its long-term
nature, a defined benefit obligation is highly sensitive to
changes in these assumptions. All assumptions are reviewed
at each reporting date.
Fair value measurement of financial instruments
When the fair values of financials assets and financial
liabilities recorded in the Balance Sheet cannot be measured
based on quoted prices in active markets, their fair value is
measured using valuation techniques which involve various
judgements and assumptions.
Impairment of financial assets
The impairment provisions for financial assets are based on
assumptions about risk of default and expected loss rates.
The Company uses judgement in making these assumptions
and selecting the inputs to the impairment calculation, based
on Company's past history, existing market conditions as well
as forward looking estimates at the end of each reporting
period.
Provisions
The timing of recognition and quantification of the liability
(including litigations) requires the application of judgement
to existing facts and circumstances, which can be subject to
change. The carrying amounts of provisions and liabilities are
reviewed regularly and revised to take account of changing
facts and circumstances.
1.4 Recent Accounting Pronouncements
Ministry of Corporate Affairs ('MCA') notifies new standards or
amendments to the existing standards under the Companies
(Indian Accounting Standards) Rules, 2015 as amended from
time to time. For the year ended 31st March, 2025, the MCA has
notified Ind AS 117, Insurance Contracts, and amendments to
Ind AS 116, Leases, relating to sale and leaseback transactions,
applicable to the Company, w.e.f., 1 April, 2024. The Company
has reviewed the new pronouncements and based on its
evaluation, has determined that the new pronouncement is
not applicable to the Company.
d. During the year ended 31st March, 2009, the shareholders of the company approved the 'Employee Stock Options Plan 2008 ('ESOP
- 2008'). Under the said scheme, 1,625,000 equity shares of ? 10 each have been allotted to ESOP trust who will administer the
ESOP scheme on behalf of the company. Lapsed options available for reissuance are 95,551 (As at 31st March, 2024: 95,551) shares.
During the year,there are no shares granted under Employee Stock Option Scheme.
e. There are no shares reserved for issue under options and contracts / commitments for the sale of shares / disinvestments.
f. There are no bonus shares issued or bought back during the period of five years immediately preceding the reporting date.
g. Shares allotted as fully paid-up pursuant to contract without payment being received in cash during the year of five years
immediately preceding the date of the Balance Sheet as Nil.
Notes:
General reserve
The general reserve created from time to time transfer of profits from retained earnings for appropriation purposes. As the general
reserve created by a transfer from one component of equity to another and is not an item of other comprehensive income, items
included in general reserve will not be reclassified to the Statement of Profit and Loss.
Retained earnings
The same reflects surplus/deficit after taxes in the Statement of Profit and Loss. The amount that can be distributed by the Company
as dividends to its equity shareholders is determined based on the balance in this reserve and also considering the requirements
of the Companies Act, 2013.
Securities premium
Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for limited purpose such as
issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.
Other comprehensive income
a. Equity instruments through other comprehensive income - This represents the cumulative gains and losses arising on the
revaluation of equity instruments measured at fair value through other comprehensive income, under an irrevocable option,
net of amounts reclassified to retained earnings when such assets are disposed off.
b. Re-measurements gain/(loss) on the defined employee benefit plan - This represents the cumulative gains and losses
arising on re-measurements on the defined employee benefit plan. '
The Company is subject to tax assessments and ongoing proceedings, which are pending before various Tax Appellate Authorities.
Management periodically evaluates the positions taken in tax returns with respect to such matters, including unresolved tax
disputes, which involves interpretation of applicable tax regulations and judicial precedents. Current tax liability and tax asset
balances are presented, after recognising as appropriate, provision for taxes payable and contingencies basis management's
assessment of outcome of such ongoing proceedings and amounts that may become payable to the tax authorities. Considering
the nature of such estimates and uncertainties involved, the amount of such provisions may change upon final resolution of the
matters with tax authorities.
In addition to the matters as specified in contingent liabilities above, the Company is subject to legal proceedings and claims,
which have arisen in the ordinary course of business, the impact of which is unascertainable. The Company's management does
not expect that the legal actions, when ultimately concluded and determined, will have adverse effect on the Company's financial
statements.
The Company received various correspondences on matters relating to operations of the Company, including inspections from
SEBI which have been replied to by the Company. Basis the replies filed; the Company's management do not expect any material
impact on the financial statements of the Company.
32. SEGMENT REPORTING
IND AS 108 establishes standards for the way that Companies report information about operating segments and related disclosures
about products and services, and geographical areas. Based on the risks and returns identified, organizational structure and the
internal financial reporting system, the business segment is the primary segment for the Company and accordingly "business of
facilitating trading in commodities and incidental activities thereto" is considered as the only primary reportable business segment.
Further, since the Company renders services only in the domestic market in India and there is no geographical segment.
1. There are no amounts written off or written back during the year in respect of debts due from or to related parties.
2. KMPs as on the respective dates are considered and amount paid to ex-employee who were erstwhile KMP's are not included
above.
3. 50% of variable pay is payable after 3 years subject to certain conditions.
37. EMPLOYEE BENEFIT PLANS
1.a. Post employment defined benefit plans :
The company makes annual contributions to the employee's group gratuity assurance scheme administered by the Life Insurance
Corporation of India ('LIC'), a funded defined benefit plan for qualifying employees. The scheme provides for lump sum payment
to vested employees on retirement, death while in employment or on termination of employment of an amount equivalent to
fifteen days salary payable for each completed year of service or part thereof in excess of six months. Vesting occurs on completion
of five years of service.
Additional details :
Multi commodity exchange of india Limited Methodology adopted for valuation is projected unit credit method.
Sensitivity analysis is an analysis which will give the movement in liability if the assumptions were not proved to be true on
different count. This only signifies the change in the liability if the difference between assumed and the actual is not following the
parameters of the sensitivity analysis.
Since investment is with insurance company, assets are considered to be secured.
Assumptions regarding future mortality experience are set in accordance with the Indian Assured Lives Mortality (2012-14) Urban.
Expected rate of return on plan assets is based on expectation of the average long term rate of return expected to prevail over
the estimated term of the obligation on the type of the investments assumed to be held by LIC, since the fund is managed by LIC.
The estimates of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotions and
other relevant factors, such as supply and demand in the employment market.
The company expects to contribute ? 371 lakhs to the plan assets during financial year 2025-26.
Actuarial gains/losses are recognized in the period of occurrence under other comprehensive income (OCI). All above reported
figures of OCI are gross of taxation.
Maturity profile of projected benefit obligation:
38. FINANCIAL INSTRUMENTS
a. Financial instruments by category
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities and
other financial institutions approximate their carrying amounts largely due to the short-term maturities of these instruments.
2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as
interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account
for the expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their
carrying amounts.
1. Investment in equity instrument are not held for trading. The Company has chosen to measure these at FVTOCI irrevocably
as the management believes that presently fair value gains and/or losses relating to these investments in the Statement of
Profit and Loss may not be indicative of the performance of the Company.
2. The fair value of mutual funds is based on quoted price.
3. The fair value of unlisted equity shares is based on the valuation provided by the certified valuer on half yearly basis.
c. Financial risk management
i. Financial risk factors
The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company's focus is
to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance.
The Company's financial risk management is an integral part of how to plan and execute its business strategies. The Company's
financial risk management policy is set by the Company's management.
ii. Market risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial
instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange
rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market
risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables.
iii. Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. Since the Company has no borrowings, exposure to risk of change in market interest rate is nil.
iv. Foreign currency risk
The Company periodically transacts internationally and few of the transactions are conducted in different currencies. As the volume
of the transactions are few, the company has not entered in foreign exchange forward exchange contracts.
ix. Capital risk management
The Company aim to manages its capital efficiently so as to safeguard its ability to continue as a going concern and to optimize
returns to our shareholders. The capital structure of the Company is based on management's judgement of the appropriate balance
of key elements in order to meet its strategic and day-to-day needs.
The Company's policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor,
creditors and market confidence and to sustain future development and growth of its business. The Company will take appropriate
steps in order to maintain, or if necessary adjust, its capital structure.
x. Regulatory risk
The Company requires a number of regulatory approvals, licenses, registrations and permissions to operate our business For example,
the Company have licenses from SEBI in relation to, among others, introducing derivatives contracts on various commodities. The
Company's operations are subject to continued review and the governing regulations changes. The Company's regulatory team
constantly monitors the compliance with these rules and regulations. The Company's regulatory team keeps a track regarding the
amendments in SEBI circulars/regulations pertaining to the functioning of the Company.
39. CORPORATE SOCIAL RESPONSIBILITY
As per Section 135 of the companies Act 2013, a Company, meeting the applicability threshold, needs to spend at least 2% of its
average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities.
The CSR activities of the company are generally carried out through charitable organisations, where funds are allocated by the
Company. These organisations carry out the CSR activities as specified in the schedule VII of the companies Act, 2013 on behalf of
the Company.
40. CONTRIBUTION TO CORE SETTLEMENT GUARANTEE FUND (SGF):
In accordance with Securities and Exchange Board of India (SEBI) Circular dated 27th August, 2014, the Exchange during the year
ended 31st March, 2025, has contributed ? 4,809 lakhs (31st March, 2024: ? 2,452 lakhs) to the Settlement Guarantee Fund (SGF)
maintained by MCXCCL.
41. Upon examination of the issues relating to the contracts executed with the software vendors, SEBI had issued a Show Cause Notice
(SCN) dated 16th October, 2023, to the Company and its four Key Managerial Personnel's. SEBI has, inter alia, alleged in the SCN
that the Management did not implement the SEBI outsourcing circular dated 13th September, 2017. The Company along with its
KMP's have filed their individual response in the matter. Separately, the Exchange has also filed settlement application under the
applicable SEBI Regulations, which is pending for disposal. Hearings in respect of SCN is pending.
42. Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006 are provided as under for the year 2024-25, to
the extent the company has received intimation from the "Suppliers" regarding their status under the Act.
Dues to micro and small enterprises have been determined to the extent such parties have been identified on the basis of
information collected by the management. This has been relied upon by the auditors.
43. A. DISCLOSURE AS PER REGULATION 53(F) OF SEBI (LISTING OBLIGATION AND DISCLOSURE
REQUIREMENTS) REGULATIONS:
Loans and advances in the nature of loans given to subsidiaries, associates and others and investments in shares of the
Company by such parties:
i. Details of investments made are given in note 4 & 8.
ii. There are no loans or guarantees issued in accordance with section 186 of the Companies Act, 2013 read with rules
issued thereunder.
B. DISCLOSURE AS PER SECTION 186 OF THE COMPANIES ACT, 2013
The details of loans, guarantees and investments under section 186 of the Companies Act, 2013 read with the Companies
(Meeting of Board and its Powers) Rules, 2014 are as follows:
i. Details of investments made are given in note 4 & 8.
ii. There are no loans or guarantees issued in accordance with section 186 of the Companies Act, 2013 read with rules
issued thereunder.
c. Other information:
(i) No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
(ii) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government
authority.
(iii) The Company does not have number of layers of companies.
(iv) The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial
year.
(v) The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of
funds) to or in any other person or entity, including foreign entities ("Intermediaries"), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.
Further, the Company has not received any funds from any person or entity, including foreign entities ("Funding Parties"), with the
understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(vi) There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income
Tax Act, 1961, that has not been recorded in the books of account.
(vii) The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.
(viii) All the title deeds of immovable properties are held in the name of Company.
(ix) There are no promoters for the Company.
(x) The Company has not revalued its property plant and equipment or intangible assets or both during current year or previous year.
(xi) The Company does not have any borrowings from bank and / or financial institutions.
(xii) There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory period.
(xiii) There are no Core Investment Companies (CIC) in the group.
(xiv) The Company has not granted any loans or advances to Directors', KMPs and related parties either severally or jointly with any other
persons that are:
a) repayable on demand or
b) without specifying any terms or period for repayment.
46. Correction of prior period errors in accordance with Ind AS 8- Accounting Policies, Changes in Accounting Estimates and Errors
During the year ended 31st March, 2025, the Company reassessed the classification of its equity investment in its wholly-owned
subsidiary, Multi Commodity Exchange Clearing Corporation Limited (MCXCCL). At the time of initial adoption of Ind AS, this
investment was classified as Fair Value Through Other Comprehensive Income (FVTOCI), based on the then prevailing facts and
circumstances, as MCXCCL was not operational and had limited strategic or economic activity.
Subsequently, MCXCCL commenced full-scale operations, undertaking critical clearing and settlement functions, and has
demonstrated sustained profitability. This operational activation and strategic realignment led the management to conclude that
the original classification no longer reflects the Company's business model or intention with respect to the investment.
This resulted in an overstatement of other comprehensive income and total comprehensive income by ? 318 lakhs for the year
ended 31st March, 2024. Accordingly, in line with Ind AS 109 - Financial Instruments, and based on a revised assessment of the
business model, the Company has classified the investment in the subsidiary at cost.
Reason for change in the policy:
• prudent accounting and enhanced alignment with the Company's long-term strategic intent of holding the investment in the
subsidiary for operational synergies rather than trading purposes.
• providing a more stable and reliable presentation of 100% subsidiary investment's value in the Company's standalone
financial statements.
47. The Company had entered into an agreement with Tata Consultancy Services Ltd. (TCS), according to which the new Commodity
Derivative Platform (CDP) was to be developed, tested and delivered by TCS by 30th September, 2022.
However, since the new platform was under development, the Company considering the exigency to ensure continuity of the
commodity trading and clearing platform, continued with the services of the vendor, 63 Moons Technologies Ltd., initially for a
period for quarter ended 2022 December for ? 6,000 lakhs (plus applicable taxes). Accordingly, for the quarter ended 31st December,
2022, Company had incurred ? 4,020 lakhs (net of recoveries from MCXCCL, excluding applicable taxes). Later, these services were
extended for another two quarters ending 30th June, 2023 for ? 8,100 lakhs per quarter (plus applicable taxes) as per the minimum
period of services offered by the vendor. Accordingly, for the quarter ended 31st March, 2023 and 30th June, 2023, Company has
incurred ? 5,427 lakhs (net of recoveries from MCXCCL, excluding applicable taxes) each.
Further, due to delay in the delivery of the CDP platform, the Company had decided to extend the support services being rendered
by the vendor, 63 Moons Technologies Ltd. for further two quarters, being the minimum period of services offered by the vendor,
beginning from 01st July, 2023 at a consideration of ? 12,500 lakhs (plus applicable taxes) per quarter. Accordingly, for the quarter
ended 30th September, 2023, Company has incurred ? 8,375 lakhs (net of recoveries from MCXCCL excluding applicable taxes) and
for the quarter ended 31st December, 2023 has incurred ? 11,827 lakhs (net of recoveries from MCXCCL, excluding applicable taxes
only till 15th October, 2023 on "pay for use basis" as per the existing resources sharing agreement).
TCS has completed development of CDP and the Company has gone live with CDP with effect from 16th October, 2023 after requisite
approvals.
49. The Code on Social Security, 2020 (Code) relating to employee benefits during employment and post- employment, received
Presidential assent in 2020 September. The Company will assess the impact and its evaluation once the subject rules are notified.
The Company will give appropriate impact in its financial statements in the period in which, the Code becomes effective and the
related rules to determine the financial impact are published.
50. MCX has established an Investor Protection Fund with the objective of compensating investors in the event of defaulters' assets
not being sufficient to meet the admitted claims of investors, promoting investor education, awareness and research. The Investor
Protection Fund is administered by way of a registered Trust created for the purpose. In order to enhance the effectiveness of
Investor Protection Fund (IPF) of Stock Exchange, SEBI comprehensively reviewed the existing framework. The Company recognizes
a provision for contribution payable to IPF, which is estimated by assessing maximum amount which can be paid to the individual
claimant as per the extent regulations. As on 31st March, 2025, the corpus with the IPF was ? 28,373 lakhs (Unaudited) (31st March,
2024: ? 22,776 lakhs). During the year, the Company had made a contribution of ? 962 lakhs (31st March, 2024: ? 560 lakhs)
recognized as an expense. Further, the Company has received penalty ? 195 lakhs (31st March, 2024: ? 259 lakhs) and the same is
transferred to IPF.
51. In accordance with the relevant provisions of the Companies Act, 2013, the Company has long term contracts as of 31st March, 2025,
and 31st March, 2024, for which there were no material foreseeable losses. The Company did not have any derivative contracts as
at 31st March, 2025, and 31st March, 2024.
52. For the year ended 31st March, 2025, and 31st March, 2024, the Company is not required to transfer any amount to the Investor
Education & Protection Fund as required under section 125 of the Companies Act, 2013.
53. The Ministry of Corporate Affairs (MCA) has issued a notification (Companies (Accounts) Amendment Rules, 2021) which is effective
from 01st April, 2023, states that every company which uses accounting software for maintaining its books of account shall use
only the accounting software where there is a feature of recording audit trail of each and every transaction, and further creating
an edit log of each change made to books of account along with the date when such changes were made and ensuring that the
audit trail cannot be disabled.
The Company uses SAP as a primary accounting software for maintaining books of account, which has a feature of recording audit
trail edit logs facility.
The audit trail features was enabled and operative throughout the financial year for the transactions recorded in the software
impacting books of account at application level.
54. The Financial Statements were approved by the Audit Committee and Board of Directors on 08th May, 2025.
For and on behalf of the Board of Directors
Praveena Rai Dr. Harsh Kumar Bhanwala Ashutosh Vaidya
Managing Director & CEO Chairman Director
DIN:09474203 DIN:06417704 DIN:06751825
Place: Mumbai Manisha Thakur Chandresh Shah
Date: 08 May, 2025 Company Secretary Chief Financial Officer
Membership No. A10855
Place: Mumbai
Date: 08 May, 2025
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