Gretex Corporate Services Ltd. ನಿರ್ದೇಶಕರ ವರದಿ

Mar 31, 2026

The Board of Directors ("Board") are pleased to present the Eighteen (18th) Annual General Meeting of
Gretex Corporate Services Limited ("Company") along with the audited Standalone and Consolidated
financial statements, for the financial year ended March 31,2026.

I.Financial Performance

The Standalone and Consolidated financial statements of the Company are prepared in accordance
with the applicable provisions of the Companies Act, 2013 (the "Act") including Indian Accounting
Standards ("Ind AS") as specified in Section 133 of the Act, read with Companies (Indian Accounting
Standards) Rules, 2015 and amendments thereof. The standalone and consolidated financial highlights
of the Company for the financial year ended March 31, 2026 are summarized below for ease of
reference for the Members.

(Amount Rs. in Lakh)

Particulars	Standalone FY 2025 -26 FY 2024 -25		Consolidated FY 2025 -26 FY 2024 -25
Gross income	3,367.06	3,436.71	17,908.09	26,571.89
Profit before depreciation, amortisation and impairment expense, finance costs and tax expenses	2,093.33	1,627.18	4338.79	823.49
Less: Depreciation, amortisation and impairment expense	113.99	118.62	204.12	264.06
Finance costs	32.33	25.46	194.81	55.72
Profit before exceptional item and tax	1,947.01	1,483.10	3,939.85	503.71
Exceptional item	0	0	0	0
Profit before tax	1,947.01	1,483.10	3,939.85	503.71
Current tax	633.64	225.34	1,126.6 6	351.31
Deferred tax	13.78	8.30	49.22	(4.40)
Tax adjustments of earlier years (net)	0.75	(24.66)	0.91	(24.72)
Net Profit after tax but before share in profit of an associate	1,299.59	1,249.46	2763.06	181.51
Add: Share in profit of an associate	0	0	39.63	0
Share of Profit of Joint Venture	0	0	(9.44)	0
Net Profit after tax and share in profit of an associate	1299.59	1,249.46	2,793.25	181 .51
Other Comprehensive Income	3,550.71	6,258.95	2,759.93	10,669.27
Total Comprehensive Income	4,850.29	7,508.40	5553.18	10,850.78

Net Profit Attributable to	0	0	2,793.25	181.52
Owners of the Compan y	0	0	2307.33	130.10
Non-Controlling Interests	0	0	485.93	51.42
Total Comprehensive Income Attributable to	0	0	5,553.18	10,850.78
Owners of the Compan y	0	0	4,172.21	8,529.87
Non-Controlling Interests	0	0	1,380.97	2,320.91

2. State of Company''s AffairsKey highlights of Standalone Financial Performance

On a standalone basis, the Company''s gross income stood at Rs 3,367.06 lakh for the financial year
ended March 31,2026 as compared to Rs 3,436.71 lakh in the previous year, registering a decrease of
2.03%. The profit before tax for the financial year ended March 31,2026 increased to Rs 1,947.01 lakh,
reflecting a rise of 31.28% from Rs 1,483.10 lakh in the previous year. The profit after tax during the year
under review increased to Rs 1,299.59 lakh from Rs 1249.46 lakh , registering a growth of 4% over the
previous year.

Key highlights of Consolidated Financial Performance

The consolidated gross income of the Company stood at Rs17,908.09 lakh as against Rs26,571.89 lakh
during the previous year, reflecting a decrease of 32.61%. The Company reported a profit before tax of
Rs 3,939.85 lakh , an increase of 682.12% over the previous year''s profit of Rs 503.71 lakh. The profit
after tax recorded a substantial increase to Rs 2,793.25 lakh from Rs 181.52 lakh in the previous year.

3. Change In Nature of Business

During the financial year FY 2025-26, there has been no change in the nature of business of the
Company.

4. Performance Of the Company

The Company is primarily engaged in merchant banking and offers a comprehensive suite of financial
and consultancy services, encompassing capital markets advisory, corporate finance, corporate
restructuring, debt syndication, and compliance advisory.

During the financial year under review, your Company achieved a landmark milestone by successfully
migrating from the SME Platform of BSE Limited to the Main Board of BSE Limited and the National
Stock Exchange of India Limited, with effect from September 4, 2025. This transition is a testament to
the Company''s sustained growth trajectory, strengthened financial performance, and adherence to the
highest standards of corporate governance. The listing on the Main Board has significantly broadened
the Company''s investor base, enhanced the liquidity of its equity shares, and further reinforced its
visibility, credibility, and standing in the capital markets.

During the year under review, your Company demonstrated a strong operational performance by
successfully executing the following mandates:

• Completion of listing of 11 Initial Public Offerings (IPOs) on the SME Platform of BSE Limited
and the Emerge Platform of NSE Limited;

• Execution of 3 Open Offer transactions in accordance with applicable SEBI regulations;

• Successful completion of 1 Delisting assignment; and

• Delivery of 25 Valuation assignments across various engagements.

The Board places on record its appreciation for the trust reposed by its clients and the continued
support of all stakeholders, which has been instrumental in enabling the Company to achieve these
milestones.

5. Share Capital

During the year under review, FY 2025-2026 Authorised Equity Share Capital Rs. 24,20,00,000.00
(Rupees Twenty-Four Crore and Twenty Lakhs Only) divided into 2,42,00,000 (Two Crore Forty-Two
Lakhs only) Equity Shares of face value Rs. 10.00 (Rupees Ten Only).

During the Financial Year 2025-26, the Company, by way of a bonus issue, allotted 1,07,23,802 (One
Crore Seven Lakhs Twenty-Three Thousand Eight Hundred and Two) equity shares of face value f10
each, in the ratio of 9:10, i.e., 9 fully paid-up equity shares for every 10 equity shares held by the
shareholders.

Further, the Company allotted 8,00,000 equity shares pursuant to the conversion of warrants that were
originally issued on a preferential basis in the previous financial year. The said 8,00,000 (Eight Lakhs)
warrants were issued at a price of f379 per warrant (including a premium of f369 per warrant) and were
subsequently converted into equity shares of face value f10 each at an issue price of f379 per equity
share. Additionally, 7,19,999 bonus shares were allotted upon conversion of the said warrants.

During the year under review, your Company raised capital through a Preferential Issue by issuing
1,00,000 (One Lakh) Equity Warrants having a face value of f 10/- (Indian Rupees Ten only) each. Each
Warrant is convertible into or exchangeable for 1 (One) fully paid-up Equity Share of face value of f 10/-
(Indian Rupees Ten only) each, for cash, at an issue price of f 300/- (Indian Rupees Three Hundred only)
per Warrant, at a premium of f 290/- (Indian Rupees Two Hundred and Ninety only) per Warrant. In
accordance with the terms of the issue, an amount equivalent to 25% (Twenty-Five Percent) of the issue
price per Warrant was received at the time of allotment of the Warrants. The balance 75% (Seventy-Five
Percent) of the issue price shall become payable at the time of exercise of the option by the respective
Warrant holder(s) for conversion of such Warrants into fully paid-up Equity Shares of the Company.

All the aforesaid Equity Shares rank pari-passu in all respects with the existing Equity Shares of the
Company.

Accordingly, as on 31st March 2026, the Issued, Subscribed and Paid-up Equity Share Capital of the
Company stands at Rs. 24,15,93,460/- (Rupees Twenty-Four Crores Fifteen Lakhs Ninety-Three
Thousand Four Hundred and Sixty only) divided into 2,41,59,346 (Two Crores Forty-One Lakhs Fifty-Nine
Thousand Three Hundred and Forty-Six) Equity Shares of face value of Rs. 10/- each.

6. Dividend

The Board recommends a final dividend of Rs 0.70 per equity share on the share capital aggregating to
Rs 169.16 Lakhs. The dividend is subject to approval of members at the ensuing Annual General
Meeting (AGM) and deduction of tax at source, as required under the law. The final dividend, if approved,
would be paid to members whose names appear in the Register of Members as on the record date fixed
for this purpose.

The dividend payment is based upon the parameters mentioned in the Dividend Distribution Policy
approved by the Board of Directors of the Company pursuant to SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015. The Policy is uploaded on the Company''s website at
https://gretexcorporate.com/investor-relations/codes-and-policies.

Dividend, if approved by the members, will be paid electronically pursuant to the amendment to
Regulation 12 notified by the Securities and Exchange Board of India vide the SEBI (Listing Obligations
and Disclosure Requirements) (Fifth Amendment) Regulations, 2025, effective November 19, 2025.
Accordingly, the Company would be unable to pay dividends through warrants and cheques.

7. Transfer To Reserve

During the year under review, the Company has not transferred any amount to the reserves. The entire
amount of profits is retained in the profit and loss account.

8. Board Of Directors

As on March 31, 2026, the Board of the Company comprised six (6) Directors -

Sr. No	Name	Designation	DIN
1.	Mr. Alok Harlalka	Chairman, Managing Director & CFO	02486575
2.	Mr. Arvind Harlalka	Whole Time Director	00494136
3.	Mr. Sumeet Harlalka	Whole Time Director	00474175
4.	Ms. Khusbu Agrawal	Independent Director	09847254
5.	Ms. Dimple Laxminarayan Khetan	Independent Director	00807957
6.	Mr. Rajiv Kumar Agarwal	Independent Director	09605749

In accordance with the applicable provisions of Section 152 of the Act, Mr. Alok Harlalka (DIN:
02486575), being the longest in office since his last appointment, retires by rotation at the
ensuing AGM of the Company. Being eligible, Mr. Alok Harlalka (DIN: 02486575), has offered
himself for re-appointment as a director.

Key Management / Managerial Personnel:

In terms of the provisions of the Act the following were the Key Management / Managerial
Personnel of the Company:

Sr. No.	Nam	Designatio
1.	Mr. Alok Harlalka	Chairman, Managing Director & CFO
2.	Mr. Arvind Harlalka	Whole Time Director
3.	Mr. Sumeet Harlalka	Whole Time Director
4.	Ms. Nishthi Haresh Dharmani*	Company Secretary & Compliance Officer
5.	Ms. Bhavna Desai**	Group Head - Legal, Company Secretary & Compliance Officer

*Ms. Nishthi Haresh Dharmani resigned w.e.f May 09, 2025
** Ms. Bhavna Desai was appointed w.e.f May 16, 2025

Declaration By The Independent Directors

The company has received necessary declarations from all the independent directors pursuant
to the provisions of section 149 of the companies act, 2013 ("the act") read with the rules framed
thereunder and the sebi (listing obligations and disclosure requirements) regulations, 2015
("sebi listing regulations"), confirming that they meet the criteria of independence as prescribed
under the act and the sebi listing regulations. The independent directors have also confirmed
their adherence to the code for independent directors as prescribed under schedule iv of the act.

Further, in terms of regulation 25(8) of the sebi listing regulations, the independent directors have
confirmed that they are not aware of any circumstances or situations which exist or may
reasonably be anticipated that could impair or impact their ability to discharge their duties with
an objective and independent judgment.

In accordance with the provisions of section 150 of the act read with rule 6 of the companies
(appointment and qualification of directors) rules, 2014, the independent directors have
confirmed that they are registered with the databank maintained by the indian institute of
corporate affairs (iica) and that their registrations are valid and active. They have also confirmed
compliance with the applicable requirements relating to the online proficiency self-assessment
test conducted by iica.

Based on the declarations received and upon due assessment of their veracity, the board is of
the opinion that all the independent directors are persons of integrity, possess the requisite
expertise, experience and proficiency, and fulfil the conditions of independence as specified
under the act and the sebi listing regulations. The board further confirms that the independent
directors are independent of the management and that there has been no change in the
circumstances affecting their status as independent directors during the year under review.

During the financial year under review, the independent directors did not have any pecuniary a

relationship or transactions with the Company, other than those disclosed in the Report on
Corporate Governance forming part of this Annual Report.

The Company has also adopted a Code of Conduct for its Directors and Senior Management
Personnel in accordance with the provisions of the Act and the SEBI Listing Regulations. All the
Directors and Senior Management Personnel have affirmed compliance with the said Code for
the financial year under review.

Board Meetings

During the financial year 2025-26, Five (5) meetings of the Board of Directors were duly
convened and held. The maximum gap between any two consecutive meetings did not exceed
120 days, in compliance with the provisions of the Companies Act, 2013 and the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.

Details with respect to the number of Board Meetings held during the year & the attendance of
the Directors thereat are provided in the Report on Corporate Governance attached as Annexure
I, which forms an integral part of this Annual Report.

Meeting of Independent Directors

The meeting of the Independent Directors of the Company was held on November 13, 2025 &
January 10, 2026, without the presence of non-independent directors and members of the
Management. During this meeting, the independent directors reviewed the performance of
non-independent directors, the Chairman and various Committees of the Board. They also
assessed the quality, quantity and timeliness of the flow of information between the
Management and the Board, while evaluating progress on the recommendations made during
the previous year.

The Independent directors expressed their satisfaction regarding the overall functioning of the
Board and its Committees for the financial year 2025-26.

Board Committees

The Board of Directors has constituted various Committees to effectively oversee specific areas
of governance and operations. The Committees presently constituted are as follows:

• Audit Committee

• Nomination and Remuneration Committee

• Corporate Social Responsibility Committee

• Stakeholders'' Relationship Committee

• Management Committee

A detailed overview of the composition, terms of reference, number of meetings held, and
attendance of the members of these Committees is provided in the Report on Corporate
Governance, which forms an integral part of this Annual Report.

The composition and terms of reference of all the aforesaid Committees are in compliance with
the applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.

Evaluation of Board of Directors

The Board of Directors has carried out an annual performance evaluation of its own functioning,
as well as that of its committees and individual Directors, including the Independent Directors
and the Chairman, in accordance with the provisions of the Companies Act, 2013 and the
applicable Listing Regulations.

The evaluation process was conducted through a structured questionnaire designed to assess
various aspects of the Board''s performance, inter alia, including the adequacy of time devoted
to strategic matters, effectiveness of governance practices, role in fostering corporate culture
and values, and discharge of key responsibilities and obligations. The evaluation was based on
responses received from the Directors.

The performance of the Committees was evaluated on parameters such as their composition
and structure, attendance and active participation of members, effectiveness in discharging
functions as per their terms of reference and applicable regulatory requirements, adequacy of
time allocated for meetings, quality and timeliness of agenda papers and minutes, depth of
deliberations, and effectiveness of recommendations made to the Board.

The outcome of the evaluation was discussed by the Board, the respective Committee
Chairpersons, and individual Directors. The evaluation reflected a high level of commitment and
engagement by the Board, its committees, and the senior leadership team. It was noted that the
Board operates with a strong degree of independence, maintains high standards of governance,
and remains committed to creating sustainable value for all stakeholders. The Board meetings
were observed to be well-structured and effectively conducted, with Committees functioning
efficiently within their respective areas of oversight, including governance and internal controls.

The Directors expressed their satisfaction with the evaluation process. During the year under
review, the Nomination and Remuneration Committee (NRC) reviewed and reaffirmed that the
use of a structured questionnaire continues to be an effective methodology for evaluating the
performance of the Board, its committees, and individual Directors.

Directors Responsibility Statement

Pursuant to Section 134(3)(c) read with Section 134(5) of the Act with respect to Directors''
Responsibility Statement, the Directors hereby state and 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) the Directors had 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 at the end of the financial year and of the profit and loss of
the company for that period;

(c) the Directors had 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 Directors had prepared the annual accounts on a going concern basis; and

(e) the Directors, in the case of a listed 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.

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

Prevention of Insider Trading Code

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to
regulate trading in securities by the Directors and designated employees of the Company. The
Code requires pre-clearance for dealing in the Company''s shares and prohibits the purchase or
sale of Company shares by the Directors and the designated employees while in possession of
unpublished price sensitive information in relation to the Company and during the period when
the Trading Window is closed. The Board is responsible for implementation of the Code. The
Code of Conduct is in compliance with the SEBI (Prohibition of Insider Trading) Regulations,
2015, as amended from time to time, including the amendments notified in 2024-25. The
Company has also put in place adequate and effective systems of internal controls and has
adopted a policy for determination of "legitimate purposes" as required under the aforesaid
Regulations. The Structured Digital Database (SDD) is being maintained in accordance with
Regulation 3(5) and 3(6) of the SEBI (Prohibition of Insider Trading) Regulations, 2015.

All Board of Directors and the designated employees have confirmed compliance with the Code.

9. Subsidiary, Joint Venture and Associate Companies

During the year under review, the Company had one subsidiary company and one associate
company, details of which are provided below.

A. Gretex Share Broking Limited ("GSBL") (Material Subsidiary) - The company is a SEBI
registered NSE/BSE Broker & Market Maker with more than 15 years of experience in broking
business. The company offers services such as Depository Participant, Market making,
Institutional Broking and Retail Broking. During the year under review, it reported a consolidated
operating revenue of Rs. 14,541.96/- Lakhs during the current year as compared to Rs.
23,986.24/- Lakhs in the previous year. The consolidated profit after tax for the year is Rs.
1,458.74 Lakhs as compared to Rs. 154.26 Lakhs in the previous year.

During the financial year the Company has subscribed to 14,21,250 (Fourteen Lakh Twenty-One
Thousand Two Hundred and Fifty) Equity Shares on a preferential basis at a price of ?160
(Rupees One Hundred Sixty Only) per equity share, aggregating to ?22,74,00,080 (Rupees
Twenty-Two Crore Seventy-Four Lakh Eighty Only) in GSBL.

B. Gretex Industries Limited (Associate company) - The Company is listed on the Emerge Platform
of NSE. The company is involved in the business of buying, selling, dealing & manufacturing in all
types of musical instruments. It became an associate company from this financial year. It
reported a consolidated operating revenue of Rs 5578.76 Lakhs during the current year. The
consolidated profit after tax after non-controlling interests for the year is Rs 147.22 Lakhs.

comprehensive report on the performance and financial position of each of the subsidiaries and
associate company is included in the consolidated financial statements. Additionally, a
statement containing the salient features of the financial statements of the subsidiaries and
associate company is provided in e-Form AOC-1 (as per Companies (Accounts) Second
Amendment Rules, 2025), as Annexure II which forms part of the Annual Report for the financial
year 2025-26.

The policy for determining material subsidiary is available on the website of the Company at
https://gretexcorporate.com/assets/documents/investor-relations/codes-and-policies/policy-
of-determining-material-subsidiary.pdf

10. Auditors:A. Statutory Auditor :

M/s. Jay Gupta & Associates, Chartered Accountants (Firm Registration No. 329001E) holding
a valid Peer Review Certificate issued by the Institute of Chartered Accountants of India (ICAI),
were appointed as the Statutory Auditors of the Company for a first term of five (5) consecutive
years, commencing from the conclusion of the 13th Annual General Meeting ("AGM") and
continuing until the conclusion of the 18th Annual General Meeting. Upon the recommendation
of the Audit Committee and subsequent approval by the Board of Directors, and subject to the
approval of the Members at the ensuing 18th Annual General Meeting, it is proposed to
re-appoint M/s. Jay Gupta & Associates, Chartered Accountants (Firm Registration No.
329001E) as the Statutory Auditors of the Company for a second consecutive term of five (5)
years, commencing from the conclusion of the ensuing 18th Annual General Meeting and
continuing until the conclusion of the 23rd Annual General Meeting.

During the financial year 2025-26, the Members at the 17th AGM held on August 14, 2025,
approved the appointment of M/s. V. Singhi & Associates, Chartered Accountants (FRN:
311017E), holding a valid Peer Review Certificate issued by the Institute of Chartered
Accountants of India (ICAI), as Joint Statutory Auditors of the Company for a term of five (5)
consecutive years, commencing from the conclusion of the 17th AGM until the conclusion of the
22nd AGM to be held in the financial year 2029-30.

Accordingly, the Joint Statutory Auditors have conducted the statutory audit of the Company for
the financial year 2025-26.

The Auditor''s Report both on standalone and consolidated annual financial statements of the
Company for the financial year ended March 31,2026, forms part of the Annual Report. The said
reports were issued by the Statutory Auditors with an unmodified opinion and does not contain
any qualifications, reservations or adverse remarks. During the year under review, the Auditors
have not reported any incidents of fraud to the audit committee under Section 143(12) of the
Act. The notes to the accounts referred to in the Auditor''s Report are self-explanatory and
therefore do not call for any further explanation and comments.

B. Secretarial Auditor:

Pursuant to the provisions of Regulation 24A of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("Listing Regulations"), read with Section 204 of the

Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company is required to undertake Secretarial Audit for itself and its
material unlisted subsidiaries.

Further, in terms of the Listing Regulations, the Company is also required to submit an Annual
Secretarial Compliance Report, duly signed by a Practicing Company Secretary or the
Secretarial Auditor, as prescribed by the Securities and Exchange Board of India ("SEBI").

In compliance with the above requirements and based on the recommendation of the Audit
Committee, the Board of Directors at its meeting held in July 2025 approved and recommended
to the Members the appointment of M/s. R.KN & Co., Practicing Company Secretaries (FRN:
S2020OR741300), a peer-reviewed firm, as the Secretarial Auditors of the Company for a term
of five (5) consecutive years commencing from April 1,2025 up to March 31, 2030.

In accordance with the amended Regulation 24A of the SEBI (Listing Obligations and Disclosure
Requirements) (Third Amendment) Regulations, 2024, effective from April 1, 2025, the
appointment of the Secretarial Auditor has been made subject to the approval of the
shareholders at the Annual General Meeting. The Secretarial Auditor is a Peer Reviewed
Company Secretary as required under the amended regulations. The approval of the Members
for such appointment was obtained at the 17th Annual General Meeting held on August 14,
2025.

The Secretarial Audit Report for the financial year 2025-26 is annexed herewith as Annexure III
and forms an integral part of this Report. The Secretarial Audit Report of the material subsidiary
for the financial year 2025-26 is also included in the said Annexure.

The Secretarial Audit Reports do not contain any observations, reservations, qualifications,
adverse remarks, or disclaimers. Further, the Secretarial Auditors have not reported any
instances of fraud under Section 143(12) of the Companies Act, 2013.

Further, in compliance with the amended Regulation 24A of the SEBI Listing Regulations, the
Annual Secretarial Compliance Report for the financial year 2025-26 has been submitted to the
stock exchange(s) within the stipulated time and the same is signed by the Secretarial Auditor
who is a Peer Reviewed Company Secretary.

Further, the Company informs that the existing Secretarial Auditor of the Company tendered his
resignation during the year under review. Based on the recommendation of the Audit Committee
and as approved by the Board of Directors, and subject to the consent of the Members at the
ensuing 18th Annual General Meeting, the Board proposes the appointment of M/s. D.A. Kamat
& Co., Practicing Company Secretaries, a Peer Reviewed Firm bearing Peer Review Certificate
No. 1714/2022, as the Secretarial Auditors of the Company for a term of five (5) consecutive
years, commencing from Financial Year 2026-27 and continuing up to Financial Year 2030-31,
at such remuneration and upon such terms and conditions as may be mutually agreed upon by
the Board of Directors in consultation with the Secretarial Auditors.

M/s. D.A. Kamat & Co., Practicing Company Secretaries, have conveyed their consent and
confirmed that their appointment, if approved, shall be in conformity with the applicable
provisions of the Companies Act, 2013, and the rules and regulations made thereunder.

Secretarial Standards

The Company has complied with the applicable provisions of Secretarial Standards issued by the
Institute of Company Secretaries of India and as notified by the MCA.

C.Internal Auditors

The Board, based on the recommendation of the Audit Committee and as approved by the Board
of Directors, the company re-appointed Ajmera & Ajmera, Chartered Accountants, as the Internal
Auditors of the Company for the financial year 2026-27 in accordance with the provisions of the
Act.

During the year under review, neither the Statutory Auditors, the Secretarial Auditors nor the
Internal Auditors have reported any instances of fraud committed against the Company by its
officers or employees to the Audit Committee under Section 143(12) of the Companies Act,
2013, as required under Section 134(3)(ca) of the Act.

11. Particulars of Loans, Guarantees or Investments by the Company and Its Subsidiaries:

Particulars of the loans given, investment made or guarantee given or security provided and the
purpose for which the loan or guarantee or security is proposed to be utilised by the recipient of
the loan or guarantee or security are provided in Note No.6 to the Financial Statements

12. Particulars of Contracts or Arrangements with Related Party

In accordance with the SEBI Listing Regulations, the Company has adopted a Policy on Dealing
with Related Party Transactions, which is available on its website at
https://gretexcorporate.com/assets/documents/investor-relations/codes-and-policies/policy-o
n-related-party-transactions-and-on-dealing-with-related-party-transaction.pdf The. audit
committee annually reviews this Policy to ensure its effectiveness.

All the related party transactions were placed before the audit committee for its review on a
quarterly basis. Further, as per applicable provisions of the SEBI Listing Regulations, necessary
approvals of the Members of the Company are also sought for the material related party
transactions proposed to be entered with the related parties.

The particulars of material contracts or arrangements with related parties which fall within the
purview of Section 188(1) of the Act, are mentioned in Form AOC - 2 appended to this Report as
Annexure IV. The related party transactions as required under Ind AS - 24 are reported in note
32 of notes to the Standalone Financial Statements and note 42 of notes to the Consolidated
Financial Statements of the Company.

The Company in terms of Regulation 23 of the SEBI Listing Regulations, submits the disclosures
of related party transactions on a consolidated basis to the stock exchanges within the
stipulated time. In compliance with the SEBI (LODR) (Fifth Amendment) Regulations, 2025, the
Company has adopted the revised scale-based materiality thresholds for related party
transactions. The Company''s Policy on dealing with Related Party Transactions has been

suitably amended to incorporate these changes.

13. Internal Control Systems and It''s Adequacy

The Company has in place adequate and effective internal financial controls with reference to
the Financial Statements commensurate with the size, scale and complexity of its operations.
The Directors confirm that the internal financial controls laid down by the Company are
adequate and operating effectively as required under Section 134(5)(e) of the Companies Act,
2013.

The Board has adopted accounting policies which are in accordance with Section 133 of the Act
read with the Companies (Indian Accounting Standards) Rules, 2015.

The internal financial control system of the Company is supplemented with internal audits,
regular reviews by the management and checks by external auditors. These mechanisms
provide reasonable assurance in respect of financial and operational information, compliance
with applicable statutes, safeguarding of assets of the Company, prevention and detection of
frauds, accuracy and completeness of accounting records and adherence to Company''s
policies.

The audit committee actively reviews the adequacy and effectiveness of the internal control
systems and is regularly updated on the internal audit findings and corrective actions.
Additionally, the Statutory Auditors and the Internal Auditors of the Company have also provided
their confirmation that the internal financial controls framework is operating effectively.

The Company tracks all amendments in the Accounting Standards and makes changes to the
underlying systems, processes and financial controls to ensure adherence to the same. During
the financial year, no material or serious observations have been highlighted for inefficiency or
inadequacy of such controls.

14. Corporate Social Responsibility

In accordance with the provisions of Section 135 of the Act, the Board has constituted the
Corporate Social Responsibility Committee (the "CSR Committee"). Brief terms of reference,
details of meetings held and attendance thereat, are provided in the Report on Corporate
Governance forming part of this Report.

The Report on CSR activities as mandated under the Companies (Corporate Social
Responsibility Policy) Rules, 2014 is annexed as The Company has also filed e-Form CSR-2 with
the Registrar of Companies in compliance with the Companies (Accounts) Amendment Rules,
2025. Annexure V and forms an integral part of this Report.

The CSR Policy is available on the website of the Company at

https://gretexcorporate.com/assets/documents/investor-relations/codes-and-policies/csr-p

olicy.pdf

15. Conservation of energy, technology absorption, foreign exchange earnings and outgo

In terms of Section 134 (3)(m) read with Rule 8(3) of the Companies (Accounts) Rule 2014 and
Section 134, the following information is furnished:

a) Conservation of Energy & Technology: The operations of the Company are not energy
intensive and do not involve the adoption of any specific technology. Accordingly, the
disclosures required under Section 134(3)(m) of the Companies Act, 2013 read with the
Companies (Accounts) Rules, 2014 are not applicable to the Company.

b) Foreign Exchange Earnings and Out-Go : During the financial year 2025-26, there was no
foreign exchange earnings.

16. Material changes and commitments affecting the financial position of the Company

Except as otherwise stated in this Report, there have been no material changes and
commitments affecting the financial position of the Company which have occurred between the
end of the financial year to which the financial statements relate and the date of this Report.

17. Risk Management

In today''s economic environment, Risk Management plays a very important part of business.
The main aim of risk management is to identify, assess, prioritize, monitor and take
precautionary measures in respect of the events that may pose risks to the business. The
Company is not subject to any specific risk except risks associated with the general business of
the Company as applicable to the industry as a whole.

At present the Company has not identified any element of risk which may threaten the existence
of the Company. The constitution of Risk Management Committee is not applicable to the
company.

18. Significant and Material Orders Passed by the Regulators or Courts or Tribunals Impacting
The Going Concern Status and Company''s Operations in Future:

During the financial year 2025-26, there were no significant or material orders passed by
regulators, courts, or tribunals impacting the going concern status or operations of the
Company.

Having said above, we report that the following orders were passed by SEBI -

i. The Company had violated the following provisions for which INR 20,00,000 (Indian Rupees
Twenty Lakh Only) was imposed:

Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations;
Regulation 245 r/w Schedule VI of SEBI (Issue of and Disclosure Requirements) Regulations,
2018; and Regulation 30 of LODR Regulations, 2015 r/w Annexure I of SEBI circular dated
September 09, 2015.

ii. SEBI, vide order dated October 30, 2025, had prohibited Gretex Corporate Services Limited, in
its capacity as a SEBI Registered Merchant Banker (INM000012177), from taking up any new
assignment or contract or launching a new scheme for a period of twenty-one (21) days,
pursuant to the enquiry proceedings conducted under the SEBI (Merchant Bankers) Regulations,

1992 and SEBI (Intermediaries) Regulations, 2008. The said period is already over.

The violations were in relation to non-maintenance of minimum prescribed net worth in violation
of Regulation 7 of the SEBI (Merchant Bankers) Regulations, 1992, and failure to exercise
adequate due diligence in respect of an SME public issue in violation of Regulation 13 read with
Clauses 1,3, 4, 7 and 20 of Schedule III of SEBI (Merchant Bankers) Regulations, 1992.

iii. The Adjudication Order has been passed pursuant to inspection conducted by SEBI in relation
to alleged non-compliances with provisions of SEBI (ICDR) Regulations, SEBI (Merchant
Bankers) Regulations and related circulars. Penalty of INR 15,00,000 (Rupees Fifteen Lakh Only)
levied on the Company.

19. Maintenance of cost records

The maintenance of cost records as specified under Section 148 of the Act is not applicable to
the Company.

20. Particulars of employees and related information

The ratio of remuneration of each Director to the median employees'' remuneration as per
Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, (the "Rules") as amended, is disclosed in
Annexure VI, appended to this Report.

21. Report on Corporate Governance

The Report on Corporate Governance for the financial year 2025-26 along with a certificate from
the Secretarial Auditors of the Company certifying compliance with the conditions of Corporate
Governance as stipulated in the SEBI Listing Regulations forms part of this Annual Report.

22. Management Discussion and Analysis Report:

Management Discussion and Analysis Report for the financial year under review, as stipulated
under Regulation 34 of the SEBI Listing Regulations, is presented in a separate section, forming
part of this Report.

23. Annual Return

In terms of Section 134(3)(a) read with Section 92(3) of the Companies Act, 2013 and Rule 12 of
the Companies (Management and Administration) Rules, 2014, the Annual Return of the
Company in the prescribed e-Form MGT-7 is available on the website of the Company
https://gretexcorporate.com/investor-relations/disclosures-under-reg-46-of-lodr/financial-infor
mation/annual-returns.php

24. Deposits From Public

There were no outstanding deposits within the meaning of Sections 73 and 74 of the Act read
with the Companies (Acceptance of Deposits) Rules, 2014, as amended, at the end of financial
year 2025-26 or the previous financial year.

Further, the Company has not accepted any deposits from public falling within the ambit of
Section 73 of the Act, read with the Companies (Acceptance of Deposits) Rules, 2014 during the
financial year 2025-26.

25. Maternity Benefit Provided by the Company Under Maternity Benefit Act 1961:

Pursuant to the Companies (Accounts) Second Amendment Rules, 2025, the Company hereby
declares that it has duly complied with the provisions of the Maternity Benefit Act, 1961. All
eligible women employees have been extended the statutory benefits prescribed under the Act,
including paid maternity leave, continuity of salary and service during the leave period, and
post-maternity support such as nursing breaks and flexible return-to-work options, as
applicable. The Company remains committed to fostering an inclusive and supportive work
environment that upholds the rights and welfare of its women employees in accordance with
applicable laws

26. Prevention Of Sexual Harassment at Workplace:

The Company has zero tolerance towards sexual harassment at its workplace and has adopted
a Policy for Prevention of Sexual Harassment in line with the requirements of the Sexual
Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 ("POSH
Act") to provide a safe, secure and enabling environment, free from sexual harassment. The
Policy is gender neutral. Internal Complaints Committee has been set across regions to redress
complaints received regarding sexual harassment. During the financial year under review and
pursuant to Rule 8(5)(x) of the Companies (Accounts) Rules, 2014, the Company has complied
with the provisions relating to the constitution of Internal Complaints Committee ("ICC") under
the POSH Act.

Your Company periodically conducts sessions for employees across the organization to build
awareness about the Policy and the provisions of Prevention of Sexual Harassment Act. During
the Financial Year 2025-26, no case in the nature of sexual harassment was reported at any
workplace of the Company.

27. Vigil Mechanism / Whistle Blower Policy

In line with the provisions of the Section 177(9) of the Companies Act, 2013 and the Regulation
22 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, your
Company has adopted Whistle Blower Policy, as part of vigil mechanism to provide appropriate
avenues to the Directors and employees to bring to the attention of the management any issue
which is perceived to be in violation of or inconflict with the fundamental business principles of
the Company.

This vigil mechanism provides for adequate safeguards against victimization of employees and
directors who avail of the vigil mechanism and also provide for direct access to the chairperson
of the Audit committee, in exceptional cases. The Company Secretary is the designated officer
for effective implementation of the policy and dealing with the complaints registered under the
policy.

The Company has in place a mechanism to inform the Board members about the Risk
assessment and mitigation plans and periodical reviews to ensure that the critical risks are
controlled by the executive management.

28. Cybersecurity

The Company has implemented robust cybersecurity measures to protect its information assets
and ensure the integrity, confidentiality, and availability of data. The Company has adopted a
Cybersecurity Policy and has put in place adequate infrastructure and processes to safeguard
its IT systems against cyber threats. During the financial year under review, no material
cybersecurity incidents were reported. The Company continues to strengthen its cybersecurity
framework in compliance with applicable regulatory requirements.

29. General Disclosure

Your directors state that no disclosure reporting is required in respect of the following matters
as there were no transactions on these matters during the year under review:

• Details relating to deposits covered under Chapter V of the Act.

• Issue of equity shares with differential rights as to dividend, voting or otherwise.

• Issue of sweat equity shares to the employees or directors of the Company

• No Employee Stock Option Scheme (ESOS) was in operation during the financial year under
review.

• The Company has not granted any stock options to its employees or directors during the
year.

• No proceedings pending under the Insolvency and Bankruptcy Code, 2016.

• No instance of one-time settlement with any Bank or Financial Institution.

• There was no transfer of unpaid and unclaimed amount to Investor Education and Protection
Fund (IEPF) during the year under review. The Company has complied with the provisions
relating to transfer of unpaid and unclaimed dividends and shares to the Investor Education
and Protection Fund (IEPF) as specified under Sections 124 and 125 of the Companies Act,
2013 read with the Investor Education and Protection Fund Authority (Accounting, Audit,
Transfer and Refund) Rules, 2016, as amended from time to time.

30. Investor Relations

Your Company always endeavours to keep the time of response to shareholders'' request /
grievance at the minimum. Priority is accorded to address all the issues raised by the
shareholders and provide them a satisfactory reply at the earliest possible time. The
Stakeholders'' Relationship Committee of the Board meets periodically and reviews the status of
the Shareholders'' Grievances. The shares of the Company continue to be traded in electronic
forum and de-materialization exists with both the depositories viz., National Securities
Depository Limited and Central Depository Services (India) Limited.

31. Acknowledgement

The Board places on record its deep sense of appreciation for the services committed by all the
employees of the Company. The Board would also like to express their sincere appreciation for
the assistance and co-operation received from the financial institutions, banks, government and
regulatory authorities, stock exchanges, customers, vendors & members during the year under
review. The Board also places on record its appreciation for the continued support received
from the Securities and Exchange Board of India (SEBI), BSE Limited, National Stock Exchange
of India Limited, the Registrar of Companies, the Ministry of Corporate Affairs, depositories,
registrar and share transfer agent, and all other regulatory and governmental authorities.

Registered Office:		By Order of the Board of Directors
A-401, Floor 4th, Plot FP-616, (PT),		For Gretex Corporate Services Limited
Naman Midtown, Senapati Bapat Marg, Near Indiabulls, Dadar (w), Delisle Road, Mumbai - 400013, Maharashtra, India.	Sd/-	Sd/-
Place : Mumbai	Alok Harlalka	Arvind Harlalka
	Chairman, Managing Director & CFO Whole Time Director
Date: May 07, 2026	DIN:02486575	DIN:00494136

---

Mar 31, 2025

Your Board of Directors (''Board'') are pleased to present the 17^th Annual Report of Gretex Corporate Services Limited ("Company")
together with the audited Standalone and Consolidated financial statements, for the financial year ended March 31, 2025.

1. SUMMARY OF FINANCIAL RESULTS

The total revenue of your company from operations, on standalone basis, stood at ? 3436.71 Lakhs for the financial year
ended 31^st March, 2025 as against ? 2160.54 Lakhs for the previous financial year. The Profit before tax from operations is ?
1627.18 Lakhs for the current year as against ? 1055.18 Lakhs in previous financial year. After making provision for tax, the
net profit of your company is ? 1249.46 Lakhs as against ? 747.55 Lakhs in the previous financial year.

The total revenue of your company from operations, on consolidation basis, stood at ? 25886.04 Lakhs for the financial year
ended 31^st March, 2025 as against ? 10899.48 /- Lakhs for the previous financial year. The Profit before tax from operations
is ? 823.49 Lakhs for the current year as against ? 4891.07 Lakhs in previous financial year. After making provision for tax,
the net profit of your company is ? 181.51 Lakhs as against ? 3664.11 Lakhs in the previous financial year.

Particulars	Standalone		Consolidated
1	F.Y. 2025	F.Y. 2024	F.Y. 2025	F.Y. 2024
Revenue from Operations	2069.80	1944.13	25886.04	10899.48
Other Income	1366.91	216.41	685.85	880.45
Total Income	3436.71	2160.54	26571.89	11779.93
Profit / (Loss) before Depreciation, Interest & Taxation	1627.18	1055.18	823.49	4891.07
Less: Interest	25.46	2.71	55.72	17.62
Less: Depreciation & Amortization	118.62	47.74	264.06	159.57
Profit/(Loss) Before Exceptional and Extra ordinary items & Tax	1483.10	1004.73	503.71	4713.88
Less: Provision for taxation	250.00	267.77	351.31	1049.77
Provision for taxation for earlier year	(24.66)	(12.83)	(24.72)	(12.16)
Deferred Tax	8.30	2.25	(4.40)	(56.11)
Profit / (Loss) after taxation	1249.46	747.55	181.51	3664.11
Share of Profit/(Loss) Transferred to Minority Interest	-	-	51.42	948.83
Share of Profit/(Loss) of Associates	-	-	-	141.69
Balance carried to Balance sheet	1249.46	747.55	130.09	2856.86

2. PERFORMANCE OF THE COMPANY

Your Company is primarily engaged in the business of Merchant Banking and is offering diversified financial and consultancy
services in the areas of Capital Markets, Corporate Finance, Corporate Restructuring, Debt Syndication, Compliance Advisory.

The Total Standalone Income of the Company stood at ?3436.71 Lakhs for the year ended March 31, 2025 as against ?
2160.54 Lakhs in the previous year. The Company made a *Net Profit of ? 1249.46 Lakhs for the year ended March 31, 2025
as compared to the Standalone Net Profit of ? 747.55 Lakhs in the previous year.

*Net profit calculated before considering other Comprehensive Income

The Consolidated Total Income is ? 26571.89 Lakhs for the financial year ended March 31,2025 as against ? 11779.93 Lakhs
during the previous financial year. Consolidated **Net Profit (which includes profit from associate company as well) is ?
181.51 Lakhs for the year ended March 31,2025 as compared to the Net Profit of ? 3664.11 Lakhs in the previous year.

**Net profit calculated before considering other Comprehensive Income

The company in spite of many challenges and competitive market conditions was able to achieve satisfactory Sales and Net
Profit (After Tax) figures. The management is of the opinion that in the coming future as the overall situation seems to be
to be improving and Directors are optimistic about Company''s business and hopeful of better performance with increased
revenue in next year.

Our Company in the financials year 2024-25 interalia has listed 7 Companies on SME Platform of BSE Limited and Emerge
Platform of NSE Limited including 1 Company on mainboard of BSE/ NSE.

There has been no change in the business of the Company during the financial year ended March 31,2025.

3. SHARE CAPITAL

Your Company during the FY 2024-2025 has increased its Authorised Equity Share Capital from ? 13,00,00,000 (Rupees
Thirteen Crore Only) divided into 1,30,00,000 (One Crore Thirty Lakhs) Equity Shares of face value ? 10.00 (Rupees Ten Only)
each to ? 24,20,00,000.00 (Rupees Twenty-Four Crore and Twenty Lakhs Only) divided into 2,42,00,000 (Two Crore Forty-Two
Lakhs only) Equity Shares of face value ? 10.00 (Rupees Ten Only).

Further during the FY 2024-2025, the Company by way of Preferential Issue has issued 4,00,000 (Four Lakhs ) equity shares
of face value ?10.00 each at a price of ? 379/- (Rupees Three Hundred Seventy-Nine only) per Equity Share (including premium
of approx. ? 369/- (Rupees Three Hundred Sixty-Nine only) per Equity Share, aggregating to approx. 15,16,00,000/- (Rupees
Fifteen Crores Sixteen Lakhs only) and 8,00,000 (Eight Lakhs ) warrants of face value ? 10.00 each at a price of ? 379/-
(Rupees Three Hundred Seventy-Nine only) per Warrant (including premium of approx. ? 369/- (Rupees Three Hundred Sixty-
Nine only) per Warrant, aggregating to approx. ? 30,32,00,000 (Rupees Thirty Crores and Thirty-Two Lakhs only); an amount
equivalent to 25% (twenty-five percent) of the price of each Warrant received on Allotment of warrants and the balance 75%
shall be received on conversion of such warrants into Equity shares.

Thereafter, the Issued, Subscribed and Paid-up Capital has been increased to ? 11,91,55,450/-( Rupees Eleven Crores Ninety-
one Lakhs, Fifty-Five Thousand, Four Hundred and Fifty only) divided into 1,19,15,545 (One crore Nineteen Lakhs Fifteen
Thousand Five Hundred and Forty-Five) Equity Shares of face value of ? 10/- each.

Further on 11^th April, 2025, the Company by way of Bonus Issue has issued 1,07,23,802 (One Crore Seven Lakhs Twenty-
Three Thousand Eight Hundred and Two ) equity shares of face value ? 10.00 each in the ratio of 9:10 (9 fully paid-up equity
shares for every 10 equity shares held) as Bonus shares to the shareholders. Thereafter, the Issued, Subscribed and Paid-up
Capital has been increased to ? 22,63,93,470/- ( Rupees Twenty-Two Crores Sixty-Three Lakhs, Ninety-Three Thousand, Four
Hundred and Seventy only) divided into 2,26,39,347(Two Crores Twenty-Six Lakhs Thirty-Nine Thousand Three Hundred and
Forty-Seven) Equity Shares of face value of ? 10/- each.

4. ANNUAL RETURN

In terms of Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management and Administration)
Rules, 2014, the Annual Return of the Company is available on the website of the Company https://gretexcorporate.com/
investors/

5. TRANSFER TO RESERVE

As permitted under the Act, the Board does not propose to transfer any amount to General Reserves. The closing balance of
the retained earnings of your Company for FY 2024-25, after all appropriations and adjustments, was ? 2477.67 Lakhs.

6. DIVIDEND

Your directors are pleased to inform that an Interim Dividend of ? 0.30 (Thirty Paisa only) per equity share of ? 10.00 each
was paid for the financial year 2024-25.

The Board of Directors ('' the Board'') is pleased to recommend declaration of a final dividend amounting to ?0.30/- per Equity
Share of face value ?10/- each fully paid-up, i.e., (3%) for FY25.

The Board has recommended the dividend based on the parameters laid down in the Dividend Distribution Policy and dividend
will be paid out of the profits of the year. The said dividend, if approved by the Members at the ensuing Annual General
Meeting (''the AGM'') will be paid to those Members whose name appears on the register of Members (including Beneficial
Owners) of the Company as at the end of Friday, 1^st August, 2025.

Pursuant to the Finance Act, 2020, dividend income is taxable in the hands of the Members, w.e.f. April 1, 2020 and the
Company is required to deduct tax at source from dividend paid to the Members at prescribed rates as per the Income Tax
Act, 1961.

7. RECORD DATE

The Company has fixed of Friday, 1^st August, 2025 as the "Record Date" for the purpose of determining the entitlement of
Members to receive dividend for FY25.

8. DIVIDEND DISTRIBUTION POLICY

Pursuant to Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (''SEBI Listing Regulations''), the Board had formulated a Dividend Distribution Policy (''the Policy''). The
Policy is available on the Company''s website URL at: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://
gretexcorporate.com/wp-content/uploads/2023/06/Dividend-Policy_GCSL.pdf.

9. CHANGES IN THE NATURE OF BUSINESS

There has been no change in the nature of the business of your Company during the financial year ended March 31, 2025.

10. DEPOSITS FROM PUBLIC

Your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the
Companies (Acceptance of Deposits) Rules, 2014 in the year under review.

11. DIRECTORS AND KEY MANAGERIAL PERSONNELS

During the year under review, there is no change in the composition of the Board of Directors.

Ms. Nishthi Haresh Dharmani has resigned as a Company Secretary of the company w.e.f 9^th May, 2025.

Ms. Bhavna Desai was appointed as a Company Secretary and Compliance Officer of the company in the Board Meeting held
on 16^th May, 2025.

None of the Directors of the Company is disqualified for being appointed / re-appointed as directors of the company as per
the provisions of Section 164 of the Companies Act, 2013.

12. BOARD EVALUATION

The Board of Directors has carried out an annual evaluation of its own performance, board committees and individual
directors pursuant to the provisions of the Companies Act, 2013.

The performance of the Board was evaluated by the board after seeking inputs from all the directors on the basis of the
criteria such as the board composition and structure, effectiveness of board process, information and functioning etc.

The Board was of the view that the performance of the Board as a whole was adequate and fulfilled the parameters stipulated
in the evaluation framework in its pro-growth activity. The Board also ensured that the Committee functioned adequately and
independently in terms of the requirements of the Companies Act, 2013.

Further, the individual directors fulfilled their applicable responsibilities and duties laid down by the Companies Act, 2013 and
at the same time contributed with their valuable knowledge, experience and expertise to grab the opportunity and counter the
adverse challenges faced by the Company during the year.

13. DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS

Pursuant to section 134(3)(d) of the Act, your Company confirm having received necessary declarations from all the
Independent Directors under section 149(7) of the Companies Act, 2013 declaring that they meet the criteria of independence
laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(b) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.

14. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY THE COMPANY AND ITS SUBSIDIARAY:

The particulars of loans, guarantees or investments made under Section 186 of the Companies Act, 2013 are furnished in the
notes to the Financial Statements for the year ended March 31, 2025.

15. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTY

A Related Party Policy has been devised by the Board of Directors for determining the materiality of transaction with the
related parties and dealing with them. The Audit Committee reviews all the related party transactions quarterly.

Further the members may note that the Company have entered into the following kinds of related party transactions:

- Contracts / Arrangements / Transactions which are not at arm''s length basis.

- Any Material Contracts / Arrangements / Transactions.

Please refer Form AOC-2 Annexed to the Director''s Report for details of the transactions entered with Related Parties.

16. EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS

Except as mentioned below, there are no significant events occurred during the financial year after the date of financial
statements.

Bonus Allotment

During the Year under review, the Board of Directors in its Meeting held on 11^th April, 2025 allotted Bonus Equity Share
1,07,23,802. The shareholders approved the Bonus Shares in its Meeting held dated on 20^th March, 2025.

17. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Your Company has an adequate Internal Control System, commensurate with the size, scale and complexity of its operations,
which are well supplemented by surveillance of Internal Auditor. The scope of work includes review of process for safeguarding
the assets of the Company, review of operational efficiency effectiveness of systems and processes, and assessing the
internal control strengths in all areas. The details in respect of internal financial control and their adequacy are included in
management discussion and analysis report forming part of this report.

18. CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES

In pursuance of the provision of Section 135 of the Companies Act, 2013, the CSR provisions are applicable to our Company
for F.Y 2024-2025. The Annual Report on CSR Activities is attached with this report as Annexure I.

19. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

The prescribed particulars of conservation of energy, technology absorption as stipulated under Section 134 of the
Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 are not applicable to your company as we are neither
a manufacturing company nor the operation of your Company are energy intensive. However, the disclosure regarding the
same are set-forth below:

a) Conservation of Energy: Adequate measure has been taken for conservation of energy and efficient use of resources.
Company follows principles of "Green IT".

b) Technology Absorption: The Company is vigil on technology absorption as per the requirement of its business operations.
However, during the year there was no acquisition of new technology.

20. FOREIGN EXCHANGE EARNINGS AND OUT-GO (Standalone)

Foreign exchange earnings : NIL
No expenditure in foreign currency : NIL

21. DIRECTOR''S RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, with respect to Directors'' Responsibility
Statement, it is hereby confirmed:

a) That in the preparation of the annual accounts for the financial year ended March 31, 2025, the applicable accounting
standards had been followed along with proper explanation relating to material departures;

b) That the Directors have selected such accounting policies and applied them consistently and made judgments and
estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at
the end of the financial year and of the profit or loss of the Company for the year under review.

c) That the 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) That the Directors have prepared the annual accounts on a going concern basis.

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

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

22. NAME OF THE COMPANIES WHICH ARE SUBSIDIARIES, JOINT VENTURE OR ASSOCIATE COMPANIES DURING THE YEAR

Gretex Share Broking Limited is the Subsidiary of the Company.

During the year ended March 31, 2025 the Company does not have any material listed / unlisted subsidiary companies as
defined in SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 apart from mentioned below.

Sr. No.	Name and Address of the Company	CIN	Holding / Subsidiary/ Associate	% of Shares held	Applicable Section
1.	Gretex Share Broking Limited(GSBL)* A-401, Floor 4th, Plot FP-616, (PT), Naman Midtown, Senapati Bapat Marg, Near Indiabulls, Dadar (w), Delisle Road, Mumbai - 400013, Maharashtra, India.	U65900MH2010PLC289361	Subsidiary	66.67	2(87)
2.	Signageus Value Advisors Private Limited** 90, PHEARS LANE, 5TH FLOOR, Kolkata, KOLKATA, West Bengal, India, 700012	U72200WB2007PTC117864	Subsidiary	66.67	2(87)

*GSBL became Subsidiary of the Company w.e.f. 12.09.2023.

** Signageus Value Advisors Private Limited is step down subsidiary of GSBL w.e.f. 12.09.2023

During the year under review, no companies have ceased to be joint venture or associate companies of the Company.

A statement containing the salient features of financial statements of subsidiaries as per 129(3) of the Act, is also included
in this Annual Report in form AOC-1, presented in separate section forming part of the financial statement.

The Policy for determining "Material" subsidiaries has been displayed on the Company''s website: https://gretexcorporate.
com/investors/#.

23. BOARD OF DIRECTORS

The Board meets at least once in a quarter, inter-alia, to review the quarterly performance and the financial results. The notice
of each Board Meeting is given in writing to each Director. The Company circulates well in advance agenda of the Board
Meeting along with detailed notes to the Directors.

Board Meetings

During the financial year ended March 31, 2025, Six (6) Board Meetings were held.

For details of Board Composition, please refer to the Corporate Governance Report, which is a part of this report. The
intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

Separate Meeting of Independent Directors

As stipulated by the Code of Independent Directors under the Companies Act, 2013 and the SEBI (Listing Obligations and
Disclosures Requirements) Regulations, 2015, a separate meeting of the Independent Directors of the Company was held
on February 14, 2025, to review the performance of Non-Independent Directors (including the Chairman) and the Board as
whole. The Independent Directors also reviewed the quality, content and timeliness of the flow of information between the
Management and the Board and its Committees which is necessary to effectively and reasonably perform and discharge
their duties.

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. Based on the declarations received
from the Independent Directors, the Board is of the opinion that the Independent Directors fulfil the conditions specified
under the Act and the Regulations and are independent of the management.

Directors'' Attendance Record

For details of Director''s attendance at Board Meetings, please refer to the Corporate Governance Report, which is a part of
this report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

Evaluation of the Board''s Performance

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulation
2015, the Board has carried out an annual performance evaluation of its own performance, the Directors individually as well
as the evaluation of the working of its Audit, Nomination & Remuneration Committee.

The result of the evaluation done by Independent Directors was reported to the Chairman of the Board. It was reported that
the performance evaluation of the Board & Committee''s was satisfactory. The Chairman of the Board provided feedback to
the Directors on an individual basis, as appropriate. The Directors expressed their satisfaction with the evaluation process.

Prevention of Insider Trading Code

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities
by the Directors and designated employees of the Company. The Code requires pre-clearance for dealing in the Company''s
shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in
possession of unpublished price sensitive information in relation to the Company and during the period when the Trading
Window is closed. The Board is responsible for implementation of the Code.

All Board of Directors and the designated employees have confirmed compliance with the Code.

24. COMMITTEES OF THE BOARD

For details of other committees and its meetings, please refer to the Corporate Governance Report, which is a part of this
report.

25. RISK MANAGEMENT

In today''s economic environment, Risk Management plays a very important part of business. The main aim of risk management
is to identify, assess, prioritize, monitor and take precautionary measures in respect of the events that may pose risks to the
business. The Company is not subject to any specific risk except risks associated with the general business of the Company
as applicable to the industry as a whole.

At present the Company has not identified any element of risk which may threaten the existence of the Company.

26. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING
CONCERN STATUS AND COMPANY''S OPERATIONS IN FUTURE:

There was no significant and material order passed by the regulators, courts and tribunals impacting the going concern
status and Company''s operations in future.

27. AUDITORS:

The Company''s Auditors, M/s. Jay Gupta & Associates, Chartered Accountants, who were appointed with your approval at
the 13^th Annual General Meeting for a period of five years, will complete their present term on conclusion of the ensuing 18^th
Annual General Meeting of the Company.

The Company has appointed M/s. V. Singhi and Associates, Chartered Accountants (FRN: 311017E), as Joint Statutory
Auditor for a Period of five years w.e.f. from 1^st April 2025 by passing an Ordinary Resolution through Postal Ballot.

28. AUDITOR''S REPORT:

The Auditors'' Report issued by Jay Gupta & Associates, on the Financial Statements for the year ended March 31,2025 does
not contain any disqualification or adverse remark which requires clarification.

There have been no instances of fraud reported by the Auditors under Section 143(12) of the Act and Rules framed thereunder
either to the Company or to the Central Government.

29. SECRETARIAL AUDIT:

In terms of Section 204 of the Companies Act, 2013 and Rules made there under, Mr. Rahul Agarwal, RKN & CO., Practicing
Company Secretary was appointed as Secretarial Auditor of the Company for the financial year 2024-2025. The Secretarial
Audit report is annexed herewith as "Annexure II". The Secretarial Audit Report for FY 2024-25 for Material subsidiary also
forms part of Annexure II. The Secretarial Audit Report does not contain any qualification, reservations or adverse remarks.

30. COST AUDIT:

As per directives of the Central Government and in pursuance to the provisions of Section 148 of the Companies Act, 2013
read with rules framed there under, the Company is not required to carry out an audit of cost accounts.

31. ENVIRONMENT AND SAFETY:

The Company is conscious of the importance of environmentally clean and sale operations. The Company''s policy requires
the conduct of all operations in such manner so as to ensure safety of all concerned, compliance of statutory and industrial
requirements for environment protection and conservation of natural resources to the extent possible.

32. PARTICULARS OF EMPLOYEES:

As required under the provisions of Companies Act, 2013 and Rule 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, particulars of employees and related disclosures part of this Annual
report as "Annexure III".

Your directors re-affirm their commitment to the Corporate Governance standards prescribed by Securities and Exchange
Board of India codified as per the applicable regulations read with Schedule V of Securities and Exchange Board of India
(Listing Obligation and Disclosure Requirements) Regulation, 2015 with Stock Exchanges. Corporate Governance Report,
Management Discussion and Analysis Report are set out in separate to this report.

34 MATERNITY BENEFIT PROVIDED BY THE COMPANY UNDER MATERNITY BENEFIT ACT 1961

If female employees exist the Company declares that it has duly complied with the provisions of the Maternity Benefit Act,
1961. All eligible women employees have been extended the statutory benefits prescribed under the Act, including paid
maternity leave, continuity of salary and service during the leave period, and post-maternity support such as nursing breaks
and flexible return-to-work options, as applicable. The Company remains committed to fostering an inclusive and supportive
work environment that upholds the rights and welfare of its women employees in accordance with applicable laws.

35. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:

The Company has zero tolerance towards sexual harassment at its workplace and has adopted a Policy for Prevention of
Sexual Harassment in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition
& Redressal) Act, 2013 ("POSH Act") to provide a safe, secure and enabling environment, free from sexual harassment.
The Policy is gender neutral. Internal Complaints Committee has been set across regions to redress complaints received
regarding sexual harassment. During the financial year under review and pursuant to Rule 8(5)(x) of the Companies (Accounts)
Rules, 2014, the Company has complied with the provisions relating to the constitution of Internal Complaints Committee
("ICC") under the POSH Act.

Your Company periodically conducts sessions for employees across the organization to build awareness about the Policy
and the provisions of Prevention of Sexual Harassment Act. During the Financial Year 2024-25, no case in the nature of
sexual harassment was reported at any workplace of the Company.

36. DISCLOSURE REQUIREMENTS

• Neither the statutory auditors nor the secretarial auditor, internal auditor has reported to the audit committee, under
Section 143 (12) of the Companies Act, 2013, any instances of fraud committed against the Company by its officers or
employees.

• The Company has not issued equity shares with differential rights as to dividend, voting or otherwise

• There were no applications made or proceedings pending under the Insolvency and Bankruptcy Code, 2016, underscoring
our financial resilience.

• There was no transfer of unpaid and unclaimed amount to Investor Education and Protection Fund (IEPF) during the
year under review.

• The requirements for maintaining cost records and undergoing cost audits, as prescribed under Section 148(1) of the
Companies Act, 2013, were not applicable to our business activities, aligning with our regulatory obligations.

37. INVESTOR RELATIONS

Your Company always endeavours to keep the time of response to shareholders'' request / grievance at the minimum. Priority
is accorded to address all the issues raised by the shareholders and provide them a satisfactory reply at the earliest possible
time. The Stakeholders'' Relationship Committee of the Board meets periodically and reviews the status of the Shareholders''
Grievances. The shares of the Company continue to be traded in electronic forum and de-materialization exists with both the
depositories viz., National Securities Depository Limited and Central Depository Services (India) Limited.

ACKNOWLEDGEMENT

Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the financial
institutions, banks, Government authorities, customers, vendors and members during the year under review. Your Directors also
wish to place on record their deep sense of appreciation for the committed services by the Company''s executives, staff and
workers.

REGISTERED OFFICE: By Order of the Board of Directors

A-401, Floor 4^th, Plot FP-616, (PT), Naman Midtown, Senapati Bapat For Gretex Corporate Services Limited
Marg, Near Indiabulls, Dadar (w), Delisle Road, Mumbai - 400013,

Maharashtra, India.

Place : Mumbai
Date : 21^st July, 2025

Sd/- Sd/-

Alok Harlalka Arvind Harlalka

Managing Director Whole time director
DIN:02486575 DIN:00494136

---

Mar 31, 2024

Your Board of Directors (''Board'') are pleased to present the Sixteen Annual Report of your Company, Gretex Corporate Services Limited, for the financial year ended March 31, 2024. In line with the requirements of the Companies Act, 2013 and the rules framed thereunder and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this report covers the financial results and other developments during April 01, 2023 to March 31, 2024 in respect of Gretex Corporate Services Limited.

1. SUMMARY OF FINANCIAL RESULTS (all figures are in Lakhs)

The total revenue of your company from operations stood at INR.2160.54/- for the financial year ended March 31, 2024 as against INR 1424/- for the previous financial year. The Profit before tax from operations is INR.1001.07/-Lakhs for the current year as against INR.827.52/- in previous financial year. After making provision for tax, the net profit of your company is INR.743.89/-as against INR.645.83/-Lakhs in the previous financial year.

(Amount is Rs. lakhs)*

Particulars	Standalone		Consolidated
1	* FY 23-24	FY 22-23	FY 23-24	FY 22-23
Revenue from Operations	1,944.13	1,262.57	10,899.48		1,262.57
Other Income	216.41	161.44	541.55		277.73
Total Income	2,160.54	1,424.01	11,441.03		1,540.30
Profit / (Loss) before Depreciation, Interest & Taxation	1,064.89	893.40	4,839.60		1,005.34
Less: Interest	2.71	22.96	17.62		22.96
Less: Depreciation & Amortization	47.74	36.34	159.57		45.98
Profit/(Loss) Before Exceptional and Extra ordinary items & Tax	1,014.44	834.10	4,662.41		936.40
Less: Provision for CSR Expenses	13.37	6.58	90.22		6.58
Profit / (Loss) before taxation	1,001.07	827.52	4,572.19		929.82
Less: Provision for taxation	267.77	181.76	1,118.04		204.61
Provision for taxation for earlier year	(12.83)		(12.16)
Deferred Tax	2.25	(0.06)	(56.11)		(2.49)
MAT Credit					2.81
Profit / (Loss) after taxation	743.89	645.83	3,522.42		724.89
Share of Profit/(Loss) Transferred to Minority Interest
Share of Profit/(Loss) of Associates			141.69		1,451.48
Balance carried to Balance sheet	743.89	645.83	3,664.11		2,176.37

* The Company first time adopted IndAS. Refer Note No. AI appearing on Page No. 92 and Note No. AJ on Page No. 146 for Standalone and Consolidated, respectively for the year ended March 31,2024

2. PERFORMANCE OF THE COMPANY

Your Company is primarily engaged in the business of Merchant Banking and is offering diversified financial and consultancy services in the areas of Capital Markets, Corporate Finance, Corporate Restructuring, Debt Syndication, Compliance Advisory

The Total Standalone Income of the Company stood at Rs.2160.54 Lacs for the year ended March 31, 2024 as against Rs 1424.01 Lacs in the previous year. The Company made a *Net Profit of Rs. 743.88 Lacs for the year ended March 31,2024 as compared to the Standalone Net Profit of Rs. 645.83 Lacs in the previous year.

*Net profit calculated before considering other Comprehensive Income

The Consolidated Total Income is Rs. 11441.03 Lacs for the financial year ended March 31,2024 as against Rs. 1540.30 Lacs during the previous financial year. Consolidated **Net Profit (which includes profit from associate company as well) is Rs. 3664.11 Lacs for the year ended March 31, 2024 as compared to the Net Profit of Rs. 2176.37 Lacs in the previous year.

*Net profit calculated before considering other Comprehensive Income

The company in spite of many challenges and competitive market conditions was able to achieve satisfactory Sales and Net Profit (After Tax) figures. The management is of the opinion that in the coming future as the overall situation seems to be to be improving and Directors are optimistic about Company''s business and hopeful of better performance with increased revenue in next year.

Our Company in the financials year 2023-24 interalia has listed 10 Companies on SME Platform of BSE Limited and Emerge Platform of NSE Limited and handled one further public offer.

There has been no change in the business of the Company during the financial year ended March 31, 2024.

3. SHARE CAPITAL

Your Company during the FY 2023-2024 has increased its Authorised Equity Share Capital from Rs. 11,00,00,000.00 (Rupees Eleven Crore Only) divided into 1,10,00,000 (One Crore Ten Lakhs Only) Equity Shares of Rs. 10.00 (Rupees Ten Only) each to Rs. 13,00,00,000.00 (Rupees Thirteen Crore Only) divided into 1,30,00,000 (One Crore Thirty Lakhs Only) Equity Shares of Rs. 10.00 (Rupees Ten Only).

Further during the FY 2023-2024, the Company by way of Rights Issue has issued 12,79,440 (Twelve Lakhs Seventy-Ninety Thousand Four Hundred and Forty Only) equity shares of Rs. 10.00 each in the ratio of 1:8 (1 fully paid-up equity shares for every 8 equity shares held) as Right shares of an aggregate nominal value upto Rs. 1,27,94,400.00 (Rupees One Crore Twenty-Seven Lakh and Ninety-Four Thousand and Four Hundred Only), as Right shares to the shareholders.

Thereafter, the Issued, Subscribed and Paid up Capital has been increased to Rs. 11,51,55,450/-( Rupees Eleven Crores Fifty one Lakhs, Fifty Five Thousand, Four Hundred and Fifty only) divided into 1,15,15,545 (One crore Fifteen Lakhs Fifteen Thousand Five Hundred and Forty Five) Equity Shares of face value of Rs. 10/- each.

4. ANNUAL RETURN

In terms of Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company is available on the website of the Company https://gretexcorporate.com/ investors/

5. GENERAL RESERVE

As on March 31,2024, Reserves and Surplus of the Company were at Rs. 7,006.86 Lacs (Standalone) (Rupees Seventy Crore Six Lakh Eighty-Six Thousand Only) & Rs. 9,720.59 Lacs (Consolidated) (Rupees Ninety-Seven Crore Twenty Lakh Fifty-Nine Thousand Only).

6. DIVIDEND

Your directors are pleased to inform that an Interim Dividend of Rs. 0.30 (Thirty Paisa only) per equity share of Rs. 10.00 each was paid for the financial year 2023-24.

The Board has approved and adopted the Dividend Distribution Policy and the same has been displayed on the Company''s website: https://gretexcorporate.com/

7. CHANGES IN THE NATURE OF BUSINESS

There has been no change in the nature of the business of your Company during the financial year ended March 31,2024.

8. DEPOSITS FROM PUBLIC

Your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 in the year under review.

9. DIRECTORS AND KEY MANAGERIAL PERSONNELS

Ms. Dimple Laxminarayan Khetan (DIN: 00807957) was appointed as a Non-Executive Independent Director of the company in the Board Meeting held on May 26, 2023 respectively.

Ms. Khusbu Agrawal (DIN: 09847254) was appointed as a Non-Executive Independent Director of the company in the Board Meeting held on November 14, 2023 subject to approval of members in the 16th Annual General Meeting respectively.

Mr. Goutam Gupta (DIN: 06740979) has resigned as a Non-Executive Independent Director of the company in the Board Meeting held on September 23, 2023 respectively.

Mr. Sumeet Harlalka (DIN: 00474175) was appointed as a Whole-Time Director of the company in the Board Meeting held on November 14, 2023 respectively.

Ms. Pooja Harlalka (DIN: 05326346) resigned from the company w.e.f 17th April, 2024 from the position of Executive Director respectively.

Mr. Alok Harlalka (DIN: 02486575) who is liable to retire by rotation and being eligible, is re-appointed as Director.

Ms. Dimple Slun (PAN: FOOPS2209E) has resigned as a Company Secretary of the company in the Board Meeting held on November 14, 2023 and resigned as Compliance officer of the company in the Board Meeting held on April 17, 2024.

Ms. Nishthi Haresh Dharmani (PAN: ADDPL2666H) was appointed as a Company Secretary of the company in the Board Meeting held on November 14, 2023 and appointed as Compliance officer of the company in the Board Meeting held on April 17, 2024.

None of the Directors of the Company is disqualified for being appointed / re-appointed as directors of the company as per the provisions of Section 164 of the Companies Act, 2013.

10. BOARD EVALUATION

The Board of Directors has carried out an annual evaluation of its own performance, board committees and individual directors pursuant to the provisions of the Companies Act, 2013.

The performance of the Board was evaluated by the board after seeking inputs from all the directors on the basis of the criteria such as the board composition and structure, effectiveness of board process, information and functioning etc.

The Board was of the view that the performance of the Board as a whole was adequate and fulfilled the parameters stipulated in the evaluation framework in its pro-growth activity. The Board also ensured that the Committee functioned adequately and independently in terms of the requirements of the Companies Act, 2013.

Further, the individual directors fulfilled their applicable responsibilities and duties laid down by the Companies Act, 2013 and at the same time contributed with their valuable knowledge, experience and expertise to grab the opportunity and counter the adverse challenges faced by the Company during the year.

11. DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS

Pursuant to section 134(3)(d) of the Act, your Company confirm having received necessary declarations from all the Independent Directors under section 149(7) of the Companies Act, 2013 declaring that they meet the criteria of independence laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

12. SEPARATE MEETING OF INDEPENDENT DIRECTOR

In terms of requirement of Schedule IV of the Companies Act, 2013, Independent Director had a separate meeting on March 29, 2024 without the attendance of Non-Independent Director and Members of management. All the Independent Directors were present at the said meeting. The activities prescribed in paragraph VII of Schedule IV to the Act were carried out at the said meeting.

13. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The particulars of loans, guarantees or investments made under Section 186 of the Companies Act, 2013 are furnished in the notes to the Financial Statements for the year ended March 31, 2024.

14. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTY

A Related Party Policy has been devised by the Board of Directors for determining the materiality of transaction with the related parties and dealing with them. The Audit Committee reviews all the related party transactions quarterly.

Further the members may note that the Company have entered into the following kinds of related party transactions:

- Contracts / Arrangements / Transactions which are not at arm''s length basis.

- Any Material Contracts / Arrangements / Transactions.

Please refer Form AOC-2 Annexed to the Director''s Report for details of the transactions entered with Related Parties.

15. EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS

Except as mentioned below, there are no significant events occurred during the financial year after the date of financial statements.

Preferential Allotment

The Company has in its Members Meeting held on 15.05.2024, passed special resolution for approval of issue of 4,00,000 equity shares and 8,00,000 Warrants on Preferential Basis by way of Private Placement to the Promoters as well as to the person who are not the shareholders of the company at a price of Rs. 379/- (Rupees Three Hundred Seventy-Nine only) per Equity Share (including premium of Rs. 369/- (Rupees Three Hundred Sixty-Nine only) per Equity Share, aggregating to 45,48,00,000/- (Rupees Forty-Five Crores Forty Eight Lakhs only).

16. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Your Company has an adequate Internal Control System, commensurate with the size, scale and complexity of its operations, which are well supplemented by surveillance of Internal Auditor. The scope of work includes review of process for safeguarding the assets of the Company, review of operational efficiency effectiveness of systems and processes, and assessing the internal control strengths in all areas. The details in respect of internal financial control and their adequacy are included in management discussion and analysis report forming part of this report.

17. CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES

In pursuance of the provision of Section 135 of the Companies Act, 2013, the CSR provisions are applicable to our Company for F.Y 2023-2024. The Annual Report on CSR Activities is attached with this report as Annexure I.

18. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

The prescribed particulars of conservation of energy, technology absorption as stipulated under Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 are not applicable to your company as we are neither a manufacturing company nor the operation of your Company are energy intensive. However, the disclosure regarding the same are set-forth below:

a) Conservation of Energy: Adequate measure has been taken for conservation of energy and efficient use of resources. Company follows principles of "Green IT".

b) Technology Absorption: The Company is vigil on technology absorption as per the requirement of its business operations. However, during the year there was no acquisition of new technology.

19. FOREIGN EXCHANGE EARNINGS AND OUT-GO

During the year foreign exchange earnings was Rs. 2,57,762.43.

During the year here were no expenditure in foreign currency.

20. DIRECTOR''S RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, with respect to Directors'' Responsibility Statement, it is hereby confirmed:

a) That in the preparation of the annual accounts for the financial year ended March 31, 2024, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for the year under review.

c) That the 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) That the Directors have prepared the annual accounts on a going concern basis.

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

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

21. NAME OF THE COMPANIES WHICH ARE SUBSIDIARIES, JOINT VENTURE OR ASSOCIATE COMPANIES DURING THE YEAR

As on date, your Company has one material subsidiary company and it does not have any associates as on 31st March 2024:

Sr. Name and Address of the Company No.	CIN	Holding / Subsidiary/ Associate	% of Shares held	Applicable Section
1. Gretex Share Broking Limited (GSBL)1 A-401, Floor 4th, Plot FP-616, (PT), Naman Midtown, Senapati Bapat Marg, Near Indiabulls, Dadar (w), Delisle Road, Mumbai - 400013, Maharashtra, India.	U65900MH2010PLC289361	Subsidiary	65.71	2(87)
2. Sunview Nirman Private Limited2 90, Phears Lane, 5th Floor, Kolkata -700012,West Bengal, India	U70109WB2011PTC 169741	Subsidiary	56.14	2(87)
3. Sankhu Merchandise Private Limited3 4 Office No. 13, 1st Floor, Raja Bahadur Mansion, Old Bansilal Building, 9-15 Homi Modi Street, Fort, Mumbai- 400023, Maharashtra, India	U52190MH2011PTC269247	Associate	20.83	2(6)

*GSBL became Subsidiary of the Company w.e.f.12.09.2023.

**Discontinued as subsidiary.w.e.f 31.07.2023

*** Merged with Gretex Industries Limited (GIL)pursuant to Hon''ble National Company law Tribunal (Hon''ble NCLT), Kolkata Bench vide its order dated April 02,2024. Post-merger the Company holds 11.48% of Equity Capital of GIL.

22. BOARD OF DIRECTORSs

The Board meets at least once in a quarter, inter-alia, to review the quarterly performance and the financial results. The notice of each Board Meeting is given in writing to each Director. The Company circulates well in advance agenda of the Board Meeting along with detailed notes to the Directors.

Composition of Board of Directors of the Company
Name of the Director		Category of Directorship	No. of Directorship in other Public & Private Limited Companies
Mr. Alok Harlalka		Managing Director	6
Mr. Arvind Harlalka 1		Whole Time Director	6
Ms. Pooja Harlalka 2		Executive (Non - Independent Director)	4
Ms. Khusbu Agrawal 3		Non-Executive (Independent Director)	1
Mr. Rajiv Kumar Agarwal		Non-Executive (Independent Director)	-
Ms. Dimple Laxminarayan Khetan	****	Additional Non-Executive (Independent Director)	1
Mr. Sumeet Harlalka		Whole-time director	8
Mr. Goutam Gupta#		Non-Executive (Independent Director)	-

Number of Board Meetings

During the financial year ended March 31, 2024, Ten (10) Board Meetings were held:

The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 i.e., not more than 120 days from the previous meeting.

Separate Meeting of Independent Directors

As stipulated by the Code of Independent Directors under the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, a separate meeting of the Independent Directors of the Company was held on March 29, 2024, to review the performance of Non-Independent Directors (including the Chairman) and the Board as whole. The Independent Directors also reviewed the quality, content and timeliness of the flow of information between the Management and the Board and its Committees which is necessary to effectively and reasonably perform and discharge their duties.

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. Based on the declarations received from the Independent Directors, the Board is of the opinion that the Independent Directors fulfil the conditions specified under the Act and the Regulations and are independent of the management.

Directors'' Attendance Record

The last Annual General Meeting was held on July 11, 2023. The attendance record of the Directors at the Board Meetings during the year ended on March 31, 2024, and at the last Annual General Meeting is as under

Name of the Director	No. of Board Meetings attended during the year	Whether attended last Annual General Meeting
Mr. Alok Harlalka	08 out of 10	Yes
Mr. Arvind Harlalka	09 out of 10	Yes
Ms. Pooja Harlalka*	05 out of 10	Yes
Ms. Khusbu Agrawal**	01 out of 10	Not Applicable
Mr. Rajiv Kumar Agarwal	08 out of 10	Yes
Ms. Dimple Laxminarayan KhetanA	06 out of 10	Yes
Mr. Sumeet Harlalka***	02 out of 10	Not Applicable
Mr. Goutam Gupta#	07 out of 10	Yes

* Ms. Pooja Harlalka resigned w.e.f. April 17, 2024.

** Ms. Khusbu Agrawal was appointed as Non-executive Independent Director of the Company with effect from November 14, 2023.

^A Ms. Dimple Laxminarayan Khetan was appointed as Non-Executive (Independent Director) of the Company w.e.f. May 26, 2023.

* **Mr. Sumeet Harlalka was appointed as Whole Time Director of the Company with effect from w.e.f August 01,2023.

* Mr. Goutam Gupta resigned as Non-Executive (Independent Director) of the Company w.e.f. November 14, 2023

Evaluation of the Board''s Performance

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015, the Board has carried out an annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration Committee.

The result of the evaluation done by Independent Directors was reported to the Chairman of the Board. It was reported that the performance evaluation of the Board & Committee''s was satisfactory. The Chairman of the Board provided feedback to the Directors on an individual basis, as appropriate. The Directors expressed their satisfaction with the evaluation process.

Prevention of Insider Trading Code

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre-clearance for dealing in the Company''s shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code.

All Board of Directors and the designated employees have confirmed compliance with the Code.

23. COMMITTEES OF THE BOARD

In accordance with requirement SEBI (Listing Obligations and Disclosure Requirements), 2015, provisions on Corporate Governance the Board of Directors of the Company had constituted following Committees. The details of which are as under:

AUDIT COMMITTEE

Terms of Reference

The terms of reference of the Audit Committee are as per the guidelines set out in the Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 with the stock exchanges read with Section 177 of the Companies Act, 2013. These broadly include:

> Develop an annual plan for Committee,

> Review of financial reporting processes,

> Review of risk management, internal control and governance processes,

> Discussions on quarterly, half yearly and annual financial statements,

> Interaction with statutory, internal auditors,

> Recommendation for appointment, remuneration and terms of appointment of auditors and

> Risk management framework concerning the critical operations of the Company.

In addition to the above, the Audit Committee also reviews the following:

> Matter included in the Director''s Responsibility Statement;

> Changes, if any, in the accounting policies;

> Major accounting estimates and significant adjustments in financial statement;

> Compliance with listing and other legal requirements concerning financial statements;

> Disclosures in financial statement including related party transactions;

> Qualification in draft audit report;

> Scrutiny of inter-corporate loans & investments;

> Management''s Discussions and Analysis of Company''s operations;

> Valuation of undertakings or assets of the Company, wherever it is necessary;

> Periodical Internal Audit Reports and the report of Fraud Risk Management Committee;

> Findings of any special investigations carried out either by the Internal Auditors or by the external investigating agencies;

> Letters of Statutory Auditors to management on internal control weakness, if any;

> Major non-routine transactions recorded in the financial statements involving exercise of judgment by the management;

> Recommend to the Board the appointment, re-appointment and, if required the replacement or removal of the statutory auditors and cost auditors considering their independence and effectiveness, and recommend the audit fees; and

> Subject to review by the Board of Directors, review on quarterly basis, Related Party Transactions entered into by the Company pursuant to each omnibus approval given.

Composition and Meetings of Audit Committee

The Audit Committee consists of two Independent Directors at present, all members of the Audit Committee are financially literate and they have accounting or related financial management expertise. The Audit Committee met 8 times during the

financial year ended March 31, 2024. The attendance record of the members at the meeting was as follows:

Name of the Director	Position	No. of Meetings attended during the year
Mr. Rajiv Kumar Agarwal	Chairman	8
Ms. Khusbu Agrawal5	Member	2
Mr. Arvind Harlalka	Member	8

* Ms. Khusbu Agrawal was Re-designated as Non-executive Independent Director of the Company with effect from November 14, 2023.

NOMINATION & REMUNERATION COMMITTEE

The Board of Directors of the Company has constituted a Nomination & Remuneration Committee, as per the provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of SEBI (Listing Obligations and Disclosure Requirements), Regulation 2015, with the object of Remuneration & Nomination committee is to recommend / review the remuneration of Managing Directors / Whole-time Directors. The remuneration policy of the Company is directed towards rewarding performance and attracting new talents / retaining them. While deciding the remuneration, the Committee considers the financial position of the Company, trend in the Industry, Appointee''s qualification, experience, past performance, past remuneration etc.

Terms of Reference

The Committee is empowered: -

> Formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the Board a policy, relating to the remuneration of the directors, key managerial personnel and other employees;

> Formulation of criteria for evaluation of Independent Directors and the Board;

> Devising a policy on Board diversity;

> Identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, and recommend to the Board of Directors their appointment and removal and shall carry out evaluation of every director ''s performance;

> Determining, reviewing and recommending to the Board, the remuneration of the Company''s Managing / Joint Managing / Deputy Managing / Whole time / Executive Director(s), including all elements of remuneration package;

> To ensure that the relationship of remuneration to perform is clear and meets appropriate performance benchmarks;

> Formulating, implementing, supervising and administering the terms and conditions of the Employee Stock Option Scheme, Employee Stock Purchase Scheme, whether present or prospective, pursuant to the applicable statutory / regulatory guidelines;

> Carrying out any other functions as authorized by the Board from time to time or as enforced by statutory / regulatory authorities.

Composition and Meetings of the Nomination & Remuneration Committee

The Nomination & Remuneration Committee consists of two Independent Directors at present, all members of the Nomination & Remuneration Committee are financially literate and they have accounting or related financial management expertise. The Nomination & Remuneration Committee met 5 times during the financial year ended March 31,2024. The attendance record of the members at the meeting was as follows:

Name of the Director	Position	No. of Meetings attended during the year
Mr. Rajiv Kumar Agarwal	Chairman	4
Ms. Khusbu Agarwal5	Member	1
Mr. Arvind Harlalka6	Member	5
Ms. Dimple Laxminarayan Khetan ***	Member	-

April 17, 2024.

*** appointed as Member of the Committee w.e.f. April 17, 2024.

This Committee has been formed to carry out the function as contained in Schedule V of the Companies Act, 2013 and shall enjoy necessary powers and authority reviews commensurate with its functions.

Policy for selection and appointment of Directors and their Remuneration

The Nomination and Remuneration Committee has adopted a Charter which, inter alia, deals with the manner of selection of Board of Directors, CFO & Managing Director and their remuneration. This Policy is accordingly derived from the said Charter.

Criteria of selection of Non-Executive Directors

The Non-Executive Directors shall be of high integrity with relevant expertise and experience so as to have a diverse Board with Directors having expertise in the fields of manufacturing, marketing, finance, taxation, law, governance and general management.

In case of appointment of Independent Directors, the NRC Committee shall satisfy itself with regard to the independent nature of the Directors vis-a-vis the Company so as to enable the Board to discharge its function and duties effectively.

The NRC Committee shall ensure that the candidate identified for appointment as a Director is not disqualified for appointment under Section 164 of the Companies Act, 2013.

The NRC Committee shall consider the following attributes / criteria, whilst recommending to the Board the candidature for appointment as Director:

> Qualification, expertise and experience of the Directors in their respective fields;

> Personal, Professional or business standing;

> Diversity of the Board.

In case of re-appointment of Non-Executive Directors, the Board shall take into consideration the performance evaluation of the Director and his engagement level.

Remuneration Policy

The Non-Executive Directors shall be entitled to receive remuneration by way of sitting fees, reimbursement of expenses for participation in the Board meetings or any other remuneration as may be approved by the Board and the members.

A Non-Executive Director shall be entitled to receive sitting fees for each meeting of the Board attended by him, of such sum as may be approved by the Board of Directors within the overall limits prescribed under the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

CEO / Managing Director / CFO - Criteria for selection / appointment

For the purpose of selection of the CEO / MD / CFO, the Nomination & Remuneration Committee shall identify persons of integrity who possess relevant expertise, experience and leadership qualities required for the position and shall take into consideration recommendation, if any, received from any member of the Board.

The Committee will also ensure that the incumbent fulfils such other criteria with regard to age and other qualifications as laid down under the Companies Act, 2013 or other applicable laws.

Remuneration for the CEO / Managing Director / CFO

At the time of appointment or re-appointment, the CEO / Managing Director / CFO shall be paid such remuneration as may be mutually agreed between the Company (which includes the NRC Committee and the Board of Directors) and the CEO / Managing Director / CFO limits as be approved by the Board and the Members and as prescribed under the Companies Act, 2013.

The remuneration shall be subject to the approval of the Members of the Company in General Meeting. The remuneration of the CEO / Managing Director / CFO comprises only of fixed component. The fixed component comprises salary, allowances, perquisites, amenities and retiral benefits.

Remuneration Policy for the Senior Management Employees

In determining the remuneration of the Senior Management Employees (i.e., KMPs and Executive Committee Members) the NRC Committee shall ensure the relationship of remuneration and performance benchmark is clear.

The Managing Director will carry out the individual performance review based on the standard appraisal matrix and shall consider the appraisal score card and other factors mentioned herein-above, whilst recommending the annual increment and performance incentive to the NRC Committee for its review and approval.

STAKEHOLDERS RELATIONSHIP COMMITTEE

The Committee is in charge of looking after grievances of Investors and Shareholders. The detail of the Committee is as follows:

Terms of Reference

The terms of reference of the Committee includes the following:

> To review all complaint recorded in Scores of SEBI and replies made to the same by RTA / Company Secretary.

> To receive report on all complaints recorded in SCORES of the Registrar and Share Transfer Agent and note the corrective actions taken by the Registrars.

> To take action of all grievances and complaints lodged by the stock exchange, shareholders associations and other bodies.

> To review grievances of other stakeholders of the Company given in their individual capacity.

> Overview activities relating to share maintenance and related work.

Composition and Meetings of Stakeholder''s Relationship Committee

The Stakeholder''s Relationship Committee consists of One Independent Directors at present, all members of the Stakeholder''s Relationship Committee are financially literate. The Stakeholder''s Relationship Committee met 1 time during the financial year ended March 31, 2024. The attendance record of the members at the meeting was as follows:

Name of the Director	Position	No. of Meetings attended during the year
Mr. Arvind Harlalka*	Chairman	1
Ms. Khusbu Agarwal**	Member	1
Mr. Alok Harlalka	Member	1
Ms. Khusbu Agarwal**	Chairman	-

* Change in designation of Mr. Arvind Harlalka from Non-Executive, Non-Independent Director to Whole Time Director w.e.f. April 17, 2024.

**Ms. Khusbu Agrawal was appointed as Non-executive Independent Director of the Company with effect from November 14, 2023 and Chairman of Committee w.e.f. 17.04.2024.

24. GENERAL BODY MEETINGS

Annual and Extra Ordinary General Meetings:

The details of the last three Annual General Meetings of the Company are as under:

Annual General Meeting.

Financial Year	Date & Time Venue	VENUE
2022-2023	July 11th 2023, at 04:00 p.m	Office No 1220, Wing - B, One BKC, G- Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051
2021-2022	September 30th, 2022, at 4:00 p.m.	One BKC, Wing - B / 1220 G- Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, India
2020-2021	September 30th, 2021, at 11:30 a.m.	Office No. 13, 1st Floor, Bansilal Mansion, 9-15, Homi Modi Street, Fort Mumbai-400001, Maharashtra, India

Extra Ordinary General Meeting for the F.Y 2023 -24

Financial Year	Date & Time Venue	VENUE
2023-2024	August 05th, 2023 at 04:00 p.m	Office No. 13, 1st Floor, Bansilal Mansion, 9-15, Homi Modi Street, Fort Mumbai-400001, Maharashtra, India
2023-2024	January 03rd, 2023, at 4:00 p.m.	A-401, Floor 4th, Plot FP-616, (PT), Naman Midtown, Senapati Bapat Marg,Near Indiabulls, Dadar (w), Delisle Road, Delisle Road, Mumbai, Mumbai, Maharashtra, India, 400013

25. DISCLOSURE

There are no materially significant transactions with the related parties'' viz. Promoters, Directors or the Management, or their relatives or Subsidiaries that had potential conflict with the Company''s interest.

Suitable disclosure as required by the Accounting Standard (AS 18) has been made in the Annual Report.

There are no pecuniary relationships or transactions of Non-Executive Directors vis-a-vis the Company which has potential conflict with the interests of the Company at large.

No penalties have been imposed on the Company by Stock Exchange or SEBI relating to capital markets during the last three years.

The Company has in place a mechanism to inform the Board members about the Risk assessment and mitigation plans and periodical reviews to ensure that the critical risks are controlled by the executive management.

During the year ended March 31, 2024 the Company does have material listed / unlisted subsidiary companies as defined in SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 apart from mentioned below.

Sr. No.	Name and Address of the Company	CIN	Holding / Subsidiary/ Associate	% of Shares held	Applicable Section
1.	Gretex Share Broking Limited(GSBL)* A-401, Floor 4th, Plot FP-616, (PT), Naman Midtown, Senapati Bapat Marg, Near Indiabulls, Dadar (w), Delisle Road, Mumbai - 400013, Maharashtra, India.	U65900MH2010PLC289361	Subsidiary	65.71	2(87)
2.	Sunview Nirman Private Limited** 90, Phears Lane, 5th Floor, Kolkata -700012, West Bengal, India	U70109WB2011PTC 169741	Subsidiary	56.14	2(87)
3.	Sankhu Merchandise Private Limited*** Office No. 13, 1st Floor, Raja Bahadur Mansion, Old Bansilal Building, 9-15 Homi Modi Street, Fort, Mumbai- 400023, Maharashtra, India	U52190MH2011PTC 269247	Associate	20.83	2(6)

*GSBL became Subsidiary of the Company w.e.f.12.09.2023.

**Discontinued as subsidiary 31.07.2023

*** Merged with Gretex Industries Limited (GIL)pursuant to Hon''ble National Company law Tribunal (Hon''ble NCLT), Kolkata Bench vide its order dated April 02,2024. Post-merger the Company holds 11.48% of Equity Capital of GIL.

The Independent Directors have confirmed that they meet the criteria of ''Independence'' as stipulated SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015.

26. MEANS OF COMMUNICATION Results

The Half Yearly Audited Results and the Annual Audited Financial Results of the Company are sent to the stock exchanges immediately after they are approved by the Board. Also, they are uploaded on the Company''s website www.gretexcorporate. com. The results are published in accordance with the guidelines of the Stock Exchange.

The Company, with intention of better Corporate Governance practices started taking quarterly meetings for quarterly results and submitted with the exchange.

Website

The Company''s website www.gretexcorporate.com contains a separate dedicated section ''Investor Relations'' wherein shareholders'' information including financial results is available. The Company''s Annual Report is also available in a user-friendly and downloadable form.

Annual Report

The Annual Report containing, inter alia, Audited Financial Statements (standalone and consolidated), Boards'' Report, Auditors'' Report and other important information is circulated to Members and others entitled thereto. The Management''s Discussion and Analysis (MD&A) Report forms part of the Annual Report and is displayed on the Company''s website www. gretexcorporate.com

BSE Corporate Compliance & Listing Centre (the ''Listing Centre'')

BSE''s Listing Centre is a web-based application designed for corporate. All periodical compliance filings like shareholding pattern, among others are also filed electronically on the Listing Centre.

SEBI Complaints Redress System (SCORES)

Investors'' complaints are processed in a centralized web-based complaints redress system. The salient features of this system are: Centralized database of all complaints, online upload of Action Taken Reports (ATRs) by concerned companies and online viewing by investors of actions taken on the complaint and its current status. The Company regularly redresses the complaints if any, on SCORES within stipulated time.

Designated exclusive Email-id

The Company has designated the email-id [email protected] exclusively for investor servicing.

GENERAL''S SHAREHOLDRS INFORMATION

Annual General Meeting:

Day & Date: Friday, 16th August, 2024 Time: 4:00 PM

Venue: Hotel Suba International, Plot No. 211, Sahar Rd, Opposite Cigarette Factory, Mahatma Kabir Nagar, Chakala, Andheri East, Mumbai, Maharashtra 400099 India

Financial Calendar

1st April to 31st March.

Listing in stock exchanges and stock codes

The name of stock exchange at which the equity shares are listed and its stock code is as under:

Name of the Stock Exchanges	Stock Code
SME Platform of BSE Limited	GCSL

The ISIN number for the Company equity share: INE199P01028 CIN: L74999MH2008PLC288128

Outstanding GDR''s / ADR''s / Warrant''s / Convertible instruments and their impact on equity: NIL Listing Fees to the Stock Exchange

The Company has paid listing fees up to March 31, 2024 to SME Platform of BSE Limited, where the Company''s shares are listed.

Share Transfers Agent

Bigshare Services Private Limited S6-2, 6th Pinnacle Business Park,

Mahakali Caves Road, next to Ahura Centre,

Andheri East, Mumbai- 400093, Maharashtra, India Phone: [phone] Email: [email protected] Website: www.bigshareonline.com

Share Transfer System

None of the shares are held in physical form.

27. SUBSIDAIRY COMPANIES

Gretex Share Broking Limited is the Subsidiary of the Company.

During the year ended March 31, 2024 the Company does not have any material listed / unlisted subsidiary companies as defined in SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 apart from mentioned below.

Sr. Name and Address of the Company No.	CIN	Holding / Subsidiary/ Associate	% of Shares held	Applicable Section
1. Gretex Share Broking Limited(GSBL)* A-401, Floor 4th, Plot FP-616, (PT), Naman Midtown, Senapati Bapat Marg, Near Indiabulls, Dadar (w), Delisle Road, Mumbai - 400013, Maharashtra, India.	U65900MH2010PLC289361	Subsidiary	65.71	2(87)
2. Sunview Nirman Private Limited** 90, Phears Lane, 5th Floor, Kolkata -700012, West Bengal, India	U70109WB2011PTC 169741	Subsidiary	56.14	2(87)
3. Sankhu Merchandise Private Limited*** Office No. 13, 1st Floor, Raja Bahadur Mansion, Old Bansilal Building, 9-15 Homi Modi Street, Fort, Mumbai- 400023, Maharashtra, India	U52190MH2011PTC 269247	Associate	20.83	2(6)

*GSBL became Subsidiary of the Company w.e.f.12.09.2023.

**Discontinued as subsidiary 31.07.2023

*** Merged with Gretex Industries Limited (GIL)pursuant to Hon''ble National Company law Tribunal (Hon''ble NCLT), Kolkata Bench vide its order dated April 02,2024. Post-merger the Company holds 11.48% of Equity Capital of GIL.

During the year under review, no companies have ceased to be joint venture or associate companies of the Company.

A statement containing the salient features of financial statements of subsidiaries as per 129(3) of the Act, is also included in this Annual Report in form AOC-1, presented in separate section forming part of the financial statement.

The Policy for determining "Material" subsidiaries has been displayed on the Company''s website: https://gretexcorporate. com/investors/#

28. DEMATERLISATION OF SHARES AND LIQUIDITY

Currently 100% of the Company Share Capital is held in dematerialized form.

29. DISTRIBUTION OF SHAREHOLDING AS ON MARCH 31, 2024

Shareholding of Nominal value (In Rs)	No. of Shareholders	No of Share	Percentage of Total	Share Amount	% of Shareholding
Upto 5000	830	127245	1.10%	1272450	1.10%
5001-10000	57	46080	0.40%	460800	0.40%
10001-20000	33	46395	0.40%	463950	0.40%
20001-30000	34	80970	0.70%	809700	0.70%
30001-40000	18	61245	0.53%	612450	0.53%
40001-50000	17	75690	0.66%	756900	0.66%
50001-100000	56	401180	3.48%	4011800	3.48%
100001 and above	66	10676740	92.72%	106767400	92.72%
Total	1111	11515545	100%	115155450	100%

30. MARKET PRICE DATA

Monthly high and low of the equity shares of the Company trading volume are as follows from April 1,2023 to March 31,2024

Sr. No.	Month	High Price	Low Price	Volume
1	April, 2023	202.00	182.00	5,29,84,800
2	May, 2023	297.00	188.15	2,10,90,672
3	June, 2023	301.50	234.90	4,91,25,852
4	July, 2023	302.00	246.40	2,20,87,368
5	August, 2023	321.00	271.00	4,73,30,837
6	September, 2023	330.00	190.00	18,47,55,773
7	October, 2023	210.00	188.25	3,68,99,386
8	November, 2023	218.00	185.30	1,29,28,789
9	December, 2023	353.95	188.00	79,59,22,416
10	January, 2024	427.00	347.50	55,05,19,025
11	February, 2024	451.50	314.00	15,90,77,431
12	March, 2024	425.00	302.05	14,16,47,670

31. VIGIL MECHANISM / WHISTLE BLOWER POLICY

In line with the provisions of the Section 177(9) of the Companies Act, 2013 and the Regulation 22 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, your Company has adopted Whistle Blower Policy, as part of vigil mechanism to provide appropriate avenues to the Directors and employees to bring to the attention of the management any issue which is perceived to be in violation of or in conflict with the fundamental business principles of the Company.

This vigil mechanism provides for adequate safeguards against victimization of employees and directors who avail of the vigil mechanism and also provide for direct access to the chairperson of the Audit committee, in exceptional cases. The Company Secretary is the designated officer for effective implementation of the policy and dealing with the complaints registered under the policy.

32. RISK MANAGEMENT

In today''s economic environment, Risk Management plays a very important part of business. The main aim of risk management is to identify, assess, prioritize, monitor and take precautionary measures in respect of the events that may pose risks to the business. The Company is not subject to any specific risk except risks associated with the general business of the Company as applicable to the industry as a whole.

At present the Company has not identified any element of risk which may threaten the existence of the Company.

33. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY''S OPERATIONS IN FUTURE:

The Company has received an administrative warning letter dated January 25, 2024 for inspection of books of accounts, other records of the Company and other matters. Further SEBI initiated enquiry proceedings under SEBI( Merchant Bankers) Regulations, 1992 for other matters. The Company has filed Settlement application under SEBI( Settlement Proceedings) Regulations 2018. Enquiry and adjudication proceeding have been initiated by SEBI and the matter is being heard and under process as on date. However, 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.

34. AUDITORS

The Company''s Auditors, M/s. Jay Gupta & Associates, Chartered Accountants, who were appointed with your approval at the 13th Annual General Meeting for a period of five years, will complete their present term on conclusion of the ensuing 18th Annual General Meeting of the Company.

35. AUDITOR''S REPORT

The Auditors'' Report issued by Jay Gupta & Associates, on the Financial Statements for the year ended March 31,2024 does not contain any disqualification or adverse remark which requires clarification.

There have been no instances of fraud reported by the Auditors under Section 143(12) of the Act and Rules framed thereunder either to the Company or to the Central Government.

36. SECRETARIAL AUDIT

In terms of Section 204 of the Companies Act, 2013 and Rules made there under, M/s. Namita Agarwal & Co., Practicing Company Secretary was appointed as Secretarial Auditor of the Company for the financial year 2023-2024. The Secretarial Audit report is annexed herewith as "Annexure II". The Secretarial Audit Report does not contain any qualification, reservations or adverse remarks.

37. COST AUDIT

As per directives of the Central Government and in pursuance to the provisions of Section 148 of the Companies Act, 2013 read with rules framed there under, the Company is not required to carry out an audit of cost accounts.

38. ENVIRONMENT AND SAFETY

The Company is conscious of the importance of environmentally clean and sale operations. The Company''s policy requires the conduct of all operations in such manner so as to ensure safety of all concerned, compliance of statutory and industrial requirements for environment protection and conservation of natural resources to the extent possible.

39. PARTICULARS OF EMPLOYEES

As required under the provisions of Companies Act, 2013 and Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, particulars of employees and related disclosures part of this Annual report as "Annexure III".

40. MANAGEMENT DISCUSSION & ANALYSIS REPORTS

The Management Discussion and Analysis Report of the Company is annexed to this Report.

41. DISCLOSURE ON POLICY ON PREVENTION OF SEXUAL HARASSMENT OF WOMEN

The Company has adopted policy on prevention of Sexual Harassment of Women at workplace in accordance with the Sexual Harassment of Women at workplace.

Your Company is committed to provide and promote a safe, healthy and congenial atmosphere irrespective of gender, caste, creed or social class of the employees. During the year under review, there was no case filed pursuant to the sexual harassment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013.

42. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

Your Company did not have any funds lying unpaid or unclaimed for a period of seven years. Therefore, there were no funds which were required to be transferred to Investor Education and Protection Fund (IEPF).

43. DISCLOSURE OF CERTAIN TYPE OF AGREEMENTS BINDING LISTED ENTITIES :

There are no agreement impacting management or control of the Company or imposing any restriction or create any liability upon the Company.

44. INVESTOR RELATIONS

Your Company always endeavours to keep the time of response to shareholders'' request / grievance at the minimum. Priority is accorded to address all the issues raised by the shareholders and provide them a satisfactory reply at the earliest possible time. The Stakeholders'' Relationship Committee of the Board meets periodically and reviews the status of the Shareholders'' Grievances. The shares of the Company continue to be traded in electronic forum and de-materialization exists with both the depositories viz., National Securities Depository Limited and Central Depository Services (India) Limited.

ACKNOWLEDGEMENT

Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the financial institutions, banks, Government authorities, customers, vendors and members during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the committed services by the Company''s executives, staff and workers.

REGISTERED OFFICE: By Order of the Board of Directors

A-401, Floor 4th, Plot FP-616, (PT), Naman Midtown, Senapati For Gretex Corporate Services Limited Bapat Marg, Near Indiabulls, Dadar (w), Delisle Road, Mumbai - 400013, Maharashtra, India.

Place : Mumbai Sd/-

Date: 10^th July, 2024 Alok Harlalka

Managing Director

_ DIN: 02486575_

1

Re-designated as Whole Time director in Board Meeting held on 17th April, 2024, subject to approval of Members at the ensuing AGM of the Company.

2

Ms. Pooja Harlalka Resigned from Directorship of the Company w.e.f. 17th April, 2024.

3

Ms. Khusbu Agrawal was appointed as Non-executive Independent Director of the Company with effect from November 14, 2023.

4

Ms. Dimple Laxminarayan Khetan was appointed as Non-Executive (Independent Director) of the Company w.e.f. May 26, 2023.

#Mr. Goutam Gupta resigned as Non-Executive (Independent Director) of the Company w.e.f. November 14, 2023

5

Ms. Khusbu Agrawal was appointed as Non-executive Independent Director of the Company with effect from November 14, 2023.

6

Change in designation of Mr. Arvind Harlalka from Non-Executive, Non-Independent Director to Whole Time Director w.e.f.