Dear Shareholders,
The Board of Directors is pleased to present the 30th Annual
Report of the Company alongwith audited statement of accounts, for the financial year
ended March 31, 2025.
During the year under review, the Company continued to strengthen its
position in its key business segments: Real Estate Development,
Security Broking & Asset Reconstruction .
Despite a dynamic economic environment, the businesses demonstrated
resilience, supported by strategic initiatives, robust risk management, and continued
investments in technology and talent.
Real Estate Development Market Overview
The Indian real estate sector witnessed sustained growth momentum in FY
2024-25, driven by strong end-user demand, improved affordability, and structural policy
support. The sector benefited from rising urbanization, preference for home ownership,
particularly in Tier I and select Tier II cities.
Residential real estatesaw robust sales across mid-income and
premium segments, with demand buoyed by stable interest rates, improved buyer sentiment,
and continued traction in digital and flexible work models. Developers focused on timely
execution and customer-centric offerings, while consolidation among organized players led
to increased market transparency and trust. Commercial real estate remained
resilient, supported by demand for Grade A office spaces, co-working formats, and
warehousing/ logistics infrastructure. The growth of the digital economy and IT/ITeS
sectors continued to models led to evolving space configurations.
The government's continued thrust on infrastructure, digitization
of land records, RERA enforcement, and affordable housing initiatives contributed
positively to sectoral stability and investor confidence. Furthermore, the real estate
investment trust (REIT) segment saw increased participation, transparency in
the commercial real estate market. enhancingliquidityand
Company Highlights
In line with our strategic approach to real estate investments we are
pleased to share the below developments, that will drive growth and create long term value
for all stakeholders.
| SR. NO PROJECT NAME |
LOCATION |
TYPE |
AREA (ACRES/ SQ.FT) |
STATUS |
KEY MILESTONES |
| 1 INDIABULLS ESTATE & CLUB - I |
SECTOR 104, |
RESIDENTIAL |
24 acres/60 |
PHASE 1 LAUNCHED |
PHASE 1 LAUNCHED - Q4 FY24-25. SOLD 55% INVENTORY VALUED AT
APPRX 1100 cr. |
| 2 INDIABULLS HEIGHTS |
GURUGRAM |
|
lacs sq ft |
BUILDING PLANS APPROVED. |
RERA APPROVAL TO COME IN Q2 FY25-26. LAUNCH LIKELY Q3 FY25-26 |
| 3 INDIABULLS GREEN AVENUE |
KHARKHOUDA, NCR |
PLOTTED DEVELOPMENT |
41,000 SQ. YARDS |
RERA REGISTERED. |
RERA REGISTRATION DONE IN Q4 FY24-25. LAUNCH LIKELY Q2
FY25-26 |
| 4 INDIABULLS TOWER |
PRABHADEVI, MUMBAI |
COMMERCIAL |
0.6 acres / 2.6 Lacs sq.ft leaseable. |
ALL STATUTORY APPROVALS RECEIVED. |
CONSTRUCTION TO COMMENCE IN FY 25-26. |
| 5 UPCOMING MIXED USE DEVELOPMENT |
SECTOR 105, GURUGRAM |
MIXED USE |
5.9 acres / 13.6 Lacs sq.ft |
APPLICATION UNDER PROCESS. |
EXPECTED LAUNCH Q1 FY26-27 |
| 6 UPCOMING COMMERCIAL DEVELOPMENT |
SECTOR 99 & 99A, GURUGRAM |
COMMERCIAL |
5 acres |
PROJECT UNDER PLANNING STAGE. |
|
Equity Broking Industry Overview
The Indian capital markets demonstrated resilience and depth during FY
2024 25, despite global macroeconomic headwinds and geopolitical uncertainties. The
benchmark indices continued to perform well, supported by strong domestic economic
fundamentals, corporate earnings growth, and robust retail and institutionalparticipation.
Primary markets witnessed healthy activity, with several successful IPOs across diverse
sectors, reflecting investor confidence and the maturity of India's equity ecosystem.
Secondary markets also saw increased trading volumes, aided by digital platforms and
improved market accessibility.
Foreign portfolio investment (FPI) flows remained positive for most of the year, driven
by India's relative macroeconomic stability, policy consistency, and
growthpotential.Domesticinstitutional investors, including mutual funds and insurance
companies, played a stabilizing role during periods of volatility, while retail investors
continued to expand their footprint in equities through SIPs and direct market
participation.
The regulatory environment remained supportive, with SEBI introducing key reforms to
strengthen investor protection, enhance transparency, and promote long-term market
development. Initiatives like shorter settlement cycles, streamlined disclosure norms, and
greater digital integration improve operational efficiency and helped India's capital
markets are poised for continued growth, backed by economic expansion, increased
formalization of savings, and ongoing regulatory evolution. Astheeconomytransitionsto a
more investment-led growth model, capital markets will continue to ation, innov play
infrastructure, pivotalrole and enterprise. financing Company Performance/Key
Highlights.
YOY growth
o 18% in broking revenues.
o. 22%EBITDAMargin,showingresilienceandcostefficiencies
o 42% EBITDA.
o 25% ROE
o 67% ROCE.
o 23% Improvement in Liquid Ratio.
Cash flows improved considerably reflecting enhanced liquidity.
Strengthened its Capital Structure.
o Total Debt reduced by 68%
o External Debt NIL.
ARPU/month Rs 4,300/-
Mobile App Usage 56%
Key Initiatives
Transformation of the fintech business & product.
Tech-first approach with emphasis on client retention & customer experience, over
high cost acquisitions.
Platform modernization experience . & Omnichannel Setting up high performance, low
latency environments to support Algo Trading Strategies.
Strengthened compliance systems and conducted regular internal audits in line with SEBI
requirements.
Invested in cybersecurity infrastructure to safeguard client data and ensure platform
resilience.
Asset Reconstruction.
Industry Overview
The Asset Reconstruction sector in India continued to play a critical role in
strengthening the financial ecosystem during With the banking system showing signs of
improved asset quality and increased provisioning discipline, the focus gradually shifted
value-driven frombulkacquisitions resolutions.
During the year, asset reconstruction companies (ARCs) operated in a
landscape marked by evolving regulatory oversight, including the Reserve Bank of India's
emphasis on improved transparency, resolution effectiveness, and capital adequacy. The
Insolvency and Bankruptcy Code (IBC) remained a key resolution channel, though ARCs also
explored alternative mechanisms for recovery and settlement in collaboration withlenders.
-performing assets (NPAs) into the market moderated due to strengthened
credit underwriting and recoveries at the The bank level. However, opportunitiespersisted
in stressed asset segments, particularly in mid-sized corporate exposures and legacy loan
books. Investor interest in the distressed asset space remained steady, supported by
rising participation from alternate investment funds and global distressed asset players.
Company Highlights.
Portfolio under Management of Rs 628 cr.
Total recoveries during the year Rs 226 cr.
Feet on street strength driving relationship led collections.
Looking Ahead
The year ahead presents new opportunities. In real estate, urbanization
trends and policy reforms will drive -segment housing.positioned In broking, the
democratization investingand evolving fintech trends offer a vast playing field, and we
plan to enhance our offerings of through AI-driven advisory, advanced charting tools, and
educational platforms for new investors.
The asset reconstructionbusiness is expected to evolve with greater
emphasis on operational turnaround, co-investment models, and specialized sectoral
expertise. Policy clarity, strongerduediligencepractices,and the growing maturity of the
stressed asset ecosystem are likely to enhance the long-term viability and impact of the
ARC industry.
FINANCIAL HIGHLIGHTS (STANDALONE) highlighthe Company, for the
financial year ended March 31, 2025, are as under: Thefinancial
|
Year ended March 31, 2025 |
Year ended March 31, 2024 |
| (Loss)/Profit before Depreciation & Amortization expenses
and Tax |
(5,078.69) |
2,746.85 |
| Less: Depreciation & Amortizationexpenses |
14.71 |
21.51 |
| (Loss)/Profit before exceptional items and tax |
(5,093.40) |
2,725.34 |
| Less: Exceptional items |
0.00 |
2,267.08 |
| (Loss)/Profit before Tax |
(5,093.40) |
458.26 |
| Less: Tax Expense |
(192.84) |
1,896.27 |
| Loss for the year |
(4,900.56) |
(1,438.01) |
| Other comprehensive income (net of taxes) |
(10.47) |
7.89 |
| Total comprehensive income for the year |
(4,911.03) |
(1,430.12) |
The total revenue of the Company during the financial year ended March
31, 2025 stood at Rs. 2,507.42 lakh with a net loss of Rs. 4,900.56 lakh. The consolidated
revenue of the Company stood at Rs. 48,688.32 lakh and the consolidated net loss after tax
stood at Rs. 6,764.86 lakh.
DIVIDEND
The Company has not declared any dividend during the financial year
2024-25. Further, Pursuant to Regulation 43A of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (" SEBI LODR Regulations"), the Dividend
Distribution Policy of the
Company is available on the website of the Company at
https://www.dhani.com/services/wp-content/uploads/2020/12/ivl-dividend-distribution-policy_1564992261.pdf
DIRECTORS AND KEY MANAGERIAL PERSONNEL
In compliance with applicable provisions under the Companies Act, 2013
and regulation 17(1C) of the SEBI LODR Regulations and in terms of Board authorisations
dated May 17, 2024 and August 9, 2024, the shareholders of the Company on June 20, 2024,
through Postal Ballot and in 29th Annual General Meeting held on September 25,
2024, have approved the re-appointment of Mr. Divyesh B. Shah (DIN: 00010933) as Whole
Time Director & Key Managerial Personnel of the Company, designated as CEO, for a
period of 3 years w.e.f. April 1, 2024 to March 31, 2027 and re-appointment of Mr.
Aishwarya Katoch (DIN: 00557488) as Non-Executive Independent Director of the Company for
second consecutive term of 2 years effective from January 1, 2025 to December 31, 2026,
respectively. The existing term of Mr. Prem Prakash Mirdha (DIN: 01352748) as
Non-Executive Independent Director of the Company is upto August 10, 2025. On the
recommendation of the Nomination & Remuneration Committee, the Board of directors of
the Company in its meeting held on July 25, 2025 has re-appointed Mr. Mirdha as
Non-Executive Independent Director of the Company for second consecutive term of 2 years
effective from August 11, 2025 to August 10, 2027. All the Independent Directors have
given declaration that they meet the criteria of independence laid down under Section 149
(6) of the Act, and in Regulation 16(1)(b) of SEBI LODR Regulations. The brief resume of
the Directors proposed to be appointed/ reappointed, nature of their expertise in specific
functional areas, terms of appointment, names of companies in which they hold
directorships, memberships/ chairmanships of Board Committees, along with names of listed
entities from which they in the past three years, are provided in the Notice convening the
30th Annual General Meeting of the Company.
In compliance with the applicable regulatory provisions, the Board has
recommended the re-appointment of Mr. Gurbans Singh (DIN: 06667127), who retires by
rotation at the ensuing Annual General Meeting of the Company and being eligible, has
offered himself for re-appointment as a director.
SHARE CAPITAL
As on March 31, 2025, the paid up share capital of the Company was Rs.
121,62,96,148.40 divided into 60,32,59,386 fully paid up equity shares of face value Rs.
2/- each and 88,88,524 partly paid-up equity shares of face value of Rs. 2/- each, paid up
Rs. 1.10 each (PPS). Voting rights in respect of PPS are proportionate to the amount
paid-up thereon. During the financial year 2024-25, the Company has not raised any share
capital. During the current financial year and upto the date of this report, the Company
has issued and allotted 12,07,200 (Twelve Lacs Seven Thousand Two Hundred) fully paid-up
equity shares of face value INR 2/- each, to eligible employees upon exercise of options
vested in their favour under ‘Dhani Services Limited Employees Stock Option Scheme
2008' and ‘Dhani Services Limited Employees Stock Option Scheme 2009'.
Consequently, the paid up share capital of the Company increased to Rs. 121,87,10,548.40
divided into 60,44,66,586 fully paid up equity shares of face value Rs. 2/- each and
88,88,524 partly paid-up equity shares of face value of Rs. 2 each, paid up Rs. 1.10 each
(PPS). Voting rights in respect of PPS are proportionate
PREFERENTIAL ISSUE OF WARRANTS & UTILISATION OF PROCEEDS
During the year under review, pursuant to and in terms of
shareholders' approval dated January 25, 2025 and in terms of Chapter V of the
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018, the Company, on March 17, 2025, has issued and allotted an aggregate of
4,50,00,000 warrants, convertible into equivalent number of fully paid-up equity shares of
face value of Rs. 2 each at an issue price of Rs. 90.30 (including a premium of Rs. 88.30)
per equity share, to certain promoter group entities of the Company. Till the date of this
report, the Company has received an aggregate of Rs. 101.59 cr. as subscription money
equivalent to 25% of the Issue Price, out of which Rs. 92 cr. has been utilised till
quarter ended June 30, 2025 as per stated Objects of preferential issue of Warrants and
balance amount of Rs. 8.71 cr. has been deployed as per approved terms of preferential
issue of Warrants and Rs. 0.88 in this regard have been submitted to the Stock Exchanges
and placed cr.wasunutilised. on the website of the Company. In terms of regulatory
provisions, there is no deviation in the utilization of proceeds from the stated objects
and proceeds have been utilisedby the Company as per objects approved by the shareholders
of the Company.
ESOP/SAR SCHEMES
During the year under review, shareholders of the Company in their 29th
Annual General Meeting held on September 25, 2024, have approved the modification to Dhani
Services Limited Employees Stock Option Scheme 2008 and Dhani Services Limited Employees
Stock Option Scheme 2009, to extend their effectiveness from 16 years from the date of
institution of the Schemes to 26 years from the date of institution of the Schemes. During
the current financial year, 25 lacs Stock Options have been granted to eligible
employee(s) under Dhani Services Limited Employees Stock Option Scheme 2009, at an
exercise price of Rs. 66.40 against the share price of Rs. 66.38 available on NSE on the
date of grant of these options. These options are convertible into fully paid-up equity
shares of face value of Rs. 2/- each,uponvestingand . year exerciseconsisting of 20%
options each The disclosures required to be made under SEBI Regulations and the Act read
with Rule 12 of the Companies (Share Capital and Debentures) Rules, 2014, in respect of
ESOP Schemes/SARs of the Company have been placed on the website of the Company www.dhani.com.
PUBLIC DEPOSITS
During the year under review, the Company has not accepted any deposits
from the public, falling within the ambit of Chapter V of the Act and the Companies
(Acceptance of Deposits) Rules, 2014.
LISTING WITH STOCK EXCHANGES
The fully paid up Equity Shares (ISIN: INE274G01010) and partly paid up
Rights Equity Shares (ISIN: IN9274G01034) of the Company continue to remain listed at BSE
Limited and National Stock Exchange of India Limited. The listing fees payable to both the
exchanges for the financial year 2025-26 have been paid.
SCHEME OF ARRANGEMENT
In line with the long term business objectives of the Company to
further accelerate the scaling up of the operations and to provide synergy of consolidated
business operations and management and to streamline the operations of the Company and /or
its identified subsidiaries to have a simplified and streamlined holding structure with
pooled resources, the Board of Directors of the Company (DSL), had approved the composite
Scheme of Arrangement inter-alia involving Amalgamation of the Company along with its
certain subsidiary companies with and into Yaari Digital Integrated Services Limited
("Amalgamated Company" / "Resulting Company "Yaari") and
subsequent automatic dissolution of Amalgamating Companies.
Under the proposed Scheme subsidiaries of the Company getting
amalgamating with Yaari are Savren Medicare Limited, Auxesia Soft Solutions Limited,
Gyansagar Buildtech Limited, Pushpanjli FinsolutionsLimited, Devata Tradelink Limited,
Evinos Developers Limited, Milky Way Buildcon Limited, Indiabulls Consumer Products
Limited, Indiabulls Infra Resources Limited, Jwala Technology Systems Private Limited,
Mabon Properties Limited and Juventus Estate Limited.
The Scheme is subject to all applicable statutory and regulatory
approvals, including approval from the stock exchanges, SEBI, shareholders and creditors
of the company and Hon'ble National Chandigarh bench (NCLT). Post filing the
CompanyLawTribunal, Scheme with National Stock Exchange of India Limited (NSE) and BSE
Limited (BSE),the Company had received the Observation Letters from BSE and NSE on March
1, 2024 and March 4, 2024, respectively. Hon'ble Competition Commission of India
(CCI) had approved the Scheme on December 19, 2023 and detailed Order of CCI has also been
received. First motion application of the Scheme was approved by Hon'ble NCLT, vide
its order dated January 29, 2025. In compliance with said Order of Hon'ble NCLT and
in supervision of NCLT Nominated Chairperson, meeting of equity shareholders of Dhani
Services Limited was convened on March 29, 2025 wherein the shareholders of the Company
have passed the resolution with requisite majority approving the Scheme of Arrangement. In
compliance with the Regulatory provisions, a joint Second Motion Petition has been filed
with the Hon'ble NCLT in April, 2025. Upon the Scheme coming into effect, the fully
paid-up equity shares of Yaari will be issued to the shareholders of the Company, basis
the swap ratio as mentioned in the scheme i.e.
"294 equity shares of Yaari INR 2/- each fully paid-up for every
100 equity shares of DSL of INR 2/- each fully paid-up"
"162 equity shares of Yaari INR 2/- each fully paid-up for every
100 equity shares of DSL of INR 2/- each partly paid-up. The paid-up value of partly
paid-up share is 55% i.e. INR 1.1. The exchange ratio has been computed in proportion to
paid up value."
CHANGE IN REGISTERED OFFICE OF THE COMPANY
Pursuant to shareholders' authorization through postal ballot
dated May 25, 2023 and on receipt of certificate of registration from the office of
Registrar of Companies, the Registered Office of the Company was shifted, w.e.f. May 1,
2024, from NCT of Delhi at ‘1/1E, First Floor, East Patel Nagar, New
Delhi-110008' to the State of Haryana at ‘5th Floor, Plot No. 108, IT Park,
Udyog Vihar, Phase 1, Gurgaon-122016.
STATEMENT OF DEVIATION(S) OR VARIATION(S) PURSUANT TO REGULATION 32 OF
SEBI LODR REGULATIONS
On the utilizationofproceedsofRightsIssueandofconvertibleWarrants
issued on preferential basis, there was no deviation from the Objects stated for Rights
Issue and Warrants issue.
INFORMATION PURSUANT TO SECTION 134 AND SECTION 197 OF THE COMPANIES
ACT, 2013 READ WITH THE RELEVANT RULES AND SEBI LODR REGULATIONS
The informationrequiredtobedisclosedpursuanttoSection134 and Section
197 of the Act read with the relevant rules (to the extent applicable) and SEBI LODR
Regulations, not elsewhere mentioned in this Report, are given in"Annexure A"
forming part of this Report.
AUDITORS
(a) Statutory Auditors
The appointment of M/s Hem Sandeep & Co., Chartered Accountants
(Registration No. 009907N) as Statutory Auditors of the Company held on September 25,
Companywasapprovedinthe 29 2024, to hold office from th AnnualGeneral Meeting
the conclusion of 29th AGM until the conclusion of 32nd AGM to be held in the
calendar year 2027, including the payment of remuneration of upto INR 53,50,000/- (Rupees
Fifty Three Lacs Fifty Thousand only) plus applicable taxes and reimbursement of out of
pocket expenses incurred by them in connectionwith the audit of the accounts of the
Company for each financial year, during their tenure. In terms of applicable regulatory
provisions, M/s Hem Sandeep & Co., Chartered Accountants have confirmed that they are
eligible to hold the office of Financial Statements Managementresponse of the qualification
asmentioned the Company for the financial year ended March 31, 2025, forming part of
this Annual Report is as under: "The Group has recorded impairment losses resulting
from decline in some of its subsidiaries' businesses and assets of trusts whose financial
information is included in the Consolidated Financial Results. Management intends to grow
its real estate business and has, on a prudent approach, re-assessed the recoverability of
certain financial assets and has accordingly, recorded provisions for impairment due to
expected credit loss of Rs. 47,448.40 Lakhs (net of deferred tax) to other comprehensive
income and has recorded a provision of impairment loss of Rs. 19,771.80 Lakhs (net of
deferred tax) to other comprehensive income on account of impairment of certain
non-financial assets for the year from April 1, 2024 to March 31, 2025. Also, there is no
resultant impact on the carrying amount of the total equity, total comprehensive income,
total assets and total liabilities of the Company due to this exceptional treatment".
The Notes to the Accounts referred to in the Auditors' Report are
self explanatory and therefore do not call for any further explanation. No frauds have
been reported by the Auditors of the Company in terms of Section 143(12) of the Act.
(b) Secretarial Auditors & Secretarial Audit Report
Pursuant to the provisions of Section 204 of the Act read with the
rules made thereunder, the Company has appointed M/s Sukesh & Co., Company Secretary
in practice as its Secretarial Auditors, to conduct the secretarial audit of the Company,
for the Financial Year 2024-25. The Company has provided all assistance, facilities,
documents, records and clarifications etc. to the Secretarial Auditors for conducting
their audit. The Report of Secretarial Auditors for the Financial Year 2024-25, is annexed
as "Annexure 1" and forming part of this Report. The Secretarial Audit
Report is self-explanatory and therefore do not call for any further explanation. The
Secretarial Compliance Report as prescribed by SEBI is annexed as "Annexure 2"
and forming part of this Report. The Secretarial Audit Report of listed subsidiary and
material unlisted subsidiary companies, namely, Dhani Loans and Services Limited,
Indiabulls Asset Reconstruction Company Limited and Indiabulls Securities Limited
(formerly Dhani Stocks Limited) are annexed as "Annexure 3", "Annexure
4" and "Annexure 5", respectively.
Pursuant to and in terms of Regulation 24A of SEBI (Listing Obligations
and Disclosure Requirements) Regulation, 2015 read with SEBI Notification No.
SEBI/LAD-NRO/GN/2024/218 dated December 12, 2024 (SEBI Listing Regulations) and any
regulatory provisions, the Board, on the proposal of the Audit Committee, has recommended
for the appointment of M/s Sukesh & Co., Company Secretaries (Firm Registration No.
S2014HR239100 and ICSI Peer Review Certificate No. 3473/2023) as the Secretarial Auditors
of the Company for a period of 5 (Five) consecutive years, from financial year 2025-26 to
FY 2029-30 for undertaking secretarial audit and issuing the Secretarial Audit Report and
Annual Compliance Report for each of the financial year, during the aforesaid tenure.
Consent and confirmation have been obtained from M/s Sukesh & Co.,
Company Secretaries, to the effect that their appointment, if made, shall be in accordance
with the conditions as prescribed in SEBI Listing Regulations. As required under the SEBI
Listing Regulations, M/s Sukesh & Co., Company Secretaries, has confirmed that they
hold a valid certificate issued by the Peer Review
Board of ICSI.
(c) Cost Records
The Company is not required to prepare and maintain cost records
pursuant to Section 148(1) of the Act.
CORPORATE SOCIAL RESPONSIBILITY
The Company firmly believes that for an organisation to succeed in long
term, it is imperative to keep the overall well-being of the society at the core of its
values and purpose. Our main objective in this regard is to do meaningful work with
measurable output and maximum impact on the society. The Company's vision is to
contribute towards a society where quality healthcare, education and livelihood
opportunities convergetocreateanequitablefutureforallfamiliesandcommunities.Corporate
Social Responsibility is not mere an obligation for us but we yearn to transform Bharat
into a stronger and healthier nation.
During the FY 2024-25, the Company had paid an amount of Rs. 41.39 lacs
being 2% of average net profits of the Company for three immediately preceding
financialyears, to Amar Charitable Trust towards effectuation activities for FY
andimplementationofCSR 2024-25, on the promotion of Healthcare, Nutrition, Education or
any other Annual Report on CSR Activities is given in "Annexure 6",
forming part of this Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Pursuant to Regulation 34 of SEBI LODR Regulations, Management's
Discussion and Analysis Report, for the year under review, is presented in a separate
section forming part of this Annual Report.
CORPORATE GOVERNANCE REPORT
Pursuant to Regulation 34 of the SEBI LODR Regulations, Corporate
Governance Practices followed by the Company, together with a certificate from a
practicing Company Secretary confirming compliance, is presented in a separate section
forming part of this Annual
Report.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
Pursuant to Regulation 34 of the SEBI LODR Regulations, Business
Responsibility and Sustainability Report (BRSR) is available on the website of the Company
https://www.dhani.com/services/wp-content/uploads/2025/08/BRSR-Report-FY24-25_DSL_Master-file_21.08.25pdf.
DIRECTORS' RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors make the following statement
in terms of Section 134 of the Act: a) that in the preparationof the annual accounts for
the year ended March 31, 2025, the applicable accounting standards had been followed along
with proper explanation relating to material departures, if any; the Notes to the
Financial Statements had been selected and applied consistently b)
thatsuchaccountingpoliciesasmentioned and judgments and estimates have been made that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the
Company, as at March 31, 2025 and of the profit and loss of the Company for the year ended
on that date; c) that proper and sufficient care had been taken for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 2013,
for safeguarding the assets of the Company and for preventing and detecting fraud and
other d) that the annual accounts had been prepared on a going concern basis; e) that
proper internal financial controls were in place and that such financial controls were
adequate and were operating effectively; and f) that proper systems to ensure compliance
with the provisions of all applicable laws were in place and were adequate and operating
effectively.
ACKNOWLEDGEMENT
Your Company has been able to operate efficiently because of the
culture of professionalism, creativity, integrity and continuous improvement in all
functionalareas and the efficient utilization of all its resources for sustainable growth.
Your Directors wish to place on record their appreciation of the contributionsmade and
committed services rendered by the employees of the Company at various levels. Your
Directors also wish to express their gratitude for the continuous assistance and support
received from the investors, clients, bankers, regulatory and government authorities,
during the year.
|
For Dhani Services Limited |
|
Sd/- |
Sd/- |
|
Gurbans Singh |
Divyesh B. Shah |
| Place: Mumbai |
Executive Chairman |
Whole-time Director & CEO |
| Date: July 25, 2025 |
(DIN: 06667127) |
(DIN: 00010933) |
|