Directors Report of Maxvolt Energy Industries Ltd.

Mar 31, 2025

The Board presents 06^th Annual Report of the Company ‘MAXVOLT ENERGY INDUSTRIES LIMITED''
on the business and operations of the Company together with the Audited Financial Statements for
the financial year ended on March 31, 2025 (“the year under review” or “the year” or “FY 2024-25”).
The performance of the Company has been referred to whenever required.

This report is in accordance with the applicable provisions of the Companies Act, 2013 (“the Act”).

1. Standalone Financial Results:

The financial highlights are set out below: (In f Lakhs)

Particulars	Standalone	Standalone
Year ended	March 31, 2025	March 31, 2024
Total Revenue	10746.62	4837.15
Other Income	181.46	41.46
Total Income	10928.26	4878.61
Less: Total Expenditure	9352.69	4184.4
Profit before depreciation finance Costs & tax	1575.57	694.21
Less: Depreciation & amortization expenses	57.06	16.97
Less: Finance Costs	125.88	43.19
Profit/(Loss) before tax	1392.63	634.04
Less: Provision for Tax	380.68	109.93
Add: Deferred Tax Liability	0.28	3.29
Profit for the year (After adjustment of Minority of interest/ Associates)	1011.68	520.83

2. State of the Company''s Affairs/Review of Operations

During the financial year 2024-25, total revenue increased to ^ 10746.62 (Amt in Lakhs) against ^
4837.15 (Amt in Lakhs) in the previous year, thereby registering an increase of total revenue by
122.17%. The Profit after tax (PAT) for the current year has increased to ^1011.68 against ^
520.83 Lakhs in the previous year, thereby registering an increase in Profit after tax by 94.24%.

The company is taking effective steps to improve the performance of the Company through growth
in revenue, managing costs, strategic marketing, increasing brand awareness and brand equity
through advertising campaigns etc.

3. Dividend

In order to conserve cash and ensure liquidity for the operations, the Board of Directors decided
not to recommend any dividend to the shareholders for the Financial Year 2024-25.

4. Share Capital

During the year under review, there have been changes in the Share Capital of the Company:

• Issue of equity shares: During the year under review, the Company made its Initial Public
Offering (IPO) of 24,00,000 equity shares of face value ^10 each at an issue price of ^180 per
share. The IPO was successfully completed, and the equity shares of the Company were listed
on the SME Platform with effect from February 19, 2025. Pursuant to the IPO, the paid-up
share capital of the Company increased to ^10,90,39,280.

• Issue of Bonus shares: The Company has not issued bonus shares during the period under
review.

• Issue of employee stock options: The Company has not issued any employee stock option
during the period under review.

• Provision of money by the company for purchase of its own shares by employees or
by trustees for the benefit of employees: The Company has not made any provision for
purchase of its own shares by employees or by trustees for the benefit of employees.

5. Reserves

During the Financial Year under review, the Board of Directors have recommended to transfer
entire amount of profit to reserves for the further expansion of the business. Hence, the amount of
profit for the financial year under review has been carried forward to the Reserve account.

6. Management Discussion and Analysis

A separate section on Management Discussion and Analysis Report (“MD&A”) is included in the
Annual Report as required under Regulation 34(2)(e) of the Listing Regulations.

7. Directors

In terms with the requirements of the Listing Regulations, the Board has identified core skills,
expertise and competencies of the Directors in the context of the Company''s businesses.

All the Directors have affirmed that they have complied with the Company''s Code of C onduct &
Ethics.

Further, in terms with Section 150 of the Companies Act, 2013 (“Act”) read with Rule 6 of the
Companies (Appointment and Qualifications of Directors) Rules, 2014, Independent Directors of
the Company have confirmed that they have registered themselves with the databank maintained
by the Indian Institute of Corporate Affair. The Independent Directors who were required to clear
the online proficiency self-assessment test have passed the test.

Director''s retiring by Rotation

Shri. Bhuvneshwar Pal Singh (DIN: 07645099), Managing Director, retires by rotation and being
eligible, offers himself for re-appointment. Your directors commend his re-appointment. Brief
resume of Director being re-appointed as required by the SEBI (LODR) Regulations, 2015 and
Secretarial Standard on General Meetings are provided in the Annexure to the Notice convening
the AGM of the Company.

Declaration by Independent Directors

All Independent Directors have given declaration that they meet the criteria of independence as
laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of SEBI
(LODR) Regulations, 2015.

Company''s Policy on appointment and remuneration of Directors
Appointment / Cessation of Independent Directors

All Independent Directors of the Company are appointed for a term of 5 year, i.e. Ms. Kavita Dixit
and Mr. Preet Kumar were appointed from April 10, 2024 and holds office upto April 09, 2029 and
Mr. Ajay Kumar was appointed from September 11, 2024 and hold office upto September 10, 2029.

During the period under review, Ms. Neha Yadav (DIN: 10585638), Independent Director of the
Company, resigned from the Board with effect from September 02^nd, 2024, due to other
professional engagements.

The Board places on record its sincere appreciation for the valuable guidance and contributions
made by Ms. Neha Yadav during their tenure as an Independent Director of the Company.

The Company has received confirmation from the said director that there were no other material
reasons for resignation other than those mentioned in the resignation letter.

Criteria for appointment of Independent Directors

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

Criteria for appointment of Managing Directors/Whole Time Directors

The Nomination and Remuneration Committee shall identify persons of integrity who possess
relevant experience and expertise particularly in the Lithium battery, leadership qualities required
for the position and shall take into consideration recommendation, if any, received from any
member of the Board.

Remuneration Policy

The Company follows a policy on remuneration for Directors and Senior Management Employees,
details of the same are given in the Corporate Governance Report.

Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and the Listing Regulations, the Nomination
and Remuneration Committee has laid down the criteria for evaluation of the performance of
Individual Director, the Board as a whole and also the Secretarial Department. Evaluation of
performance is undertaken annually.

The performance evaluation of the Chairman and the Non-Independent Directors was carried out
by the Independent Directors through which the performance of the Board as a whole was also
evaluated and the performance of the Secretarial Department was also reviewed. The Company
has implemented a system of evaluation on the basis of a structured questionnaire which
comprises evaluation criteria taking into consideration various performance related aspects. The
performance evaluation of the Independent Directors was carried out by the entire Board
(excluding the Director being evaluated).

The Directors expressed their satisfaction with the evaluation process.

8. Number of Board Meeting

The Board of Directors met 25 (Twenty-Five) times during the year, the details of which are
provided in the Corporate Governance Report.

9. Committees of the Board

The Board has the following Committees:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders'' Relationship Committee

4. Corporate Social Responsibility Committee

10. Directors'' Responsibility Statement:

As stipulated under Section 134(3)(c) of the Companies Act, 2013, your Directors confirm as
under:-

i) that in the preparation of the accounts for the financial year ended March 31, 2025, the
applicable accounting standards have been followed along with proper explanation relating to
material departure, if any.

ii) 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 as of March 31, 2025 and of the profit of the Company for the
year under review.

iii) that the Directors have taken proper and sufficient care for maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities.

iv) that the Directors have prepared the accounts for the financial year on going concern basis.

v) the Directors have laid down internal financial controls, which are adequate and were operating
effectively.

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

11. Internal Financial Control System

Your Company has in place an adequate internal financial control system, commensurate with the
size and complexity of its operations. Necessary checks and controls are in place to ensure that all
assets are safeguarded, to detect and prevent errors and frauds and that the transactions are
properly verified, adequately authorized, correctly recorded and properly reported. The Statutory
Auditors/Internal Auditor of the Company Conduct Audit of various departments to ensure that
internal controls are in place and submit Reports to the Audit Committee. The Audit Committee
regularly reviews these Reports and the Company when needed takes corrective actions.

The Statutory Auditors also audit the effectiveness of the Company''s internal financial control
system. No inefficiencies were reported.

12. Human Resources

The company''s Human Resources (HR) management practices ensure fair and reasonable
processes that are compliant with regulatory and governance requirements. The company has
developed a management framework that focuses on holistic growth of employees and aids them
with tools that help in continuously learning and the development of new skills.

As a growing enterprise, the company''s HR policies and Industry-leading remuneration practices
aim to attract and retain top talent, thus supporting the company''s long-term strategy and driving
a sustainable performance.

Finding, retaining and developing the right talent has always been a core strategy in order to
maintain high-productivity and a value-driven organizational culture. The company finds it
imperative to follow policies and regulations that produce an unbiased and safe working
environment.

In the last fiscal year, the company focused on building systems and tolls that help track career
paths, provide guidance to develop new skills, educate employees on varied topics and recognize
and reward top performer.

13. Extract of Annual Return

Pursuant to Section 92(3) of the Act, the Annual Return for the Financial Year ended on
31^st March 2025 shall be uploaded on the website of the Company and can be accessed through the
link https:/www.maxvoltenergy.com.

14. Public Deposits

During the year under review, your Company has neither invited nor accepted any fixed deposits
from the public within the meaning of Section 73 of the Companies Act, 2013 read with the
Companies (Acceptance of Deposits) Rules, 2014 and there were no unclaimed deposits or interest
thereon as on March 31, 2025

15. Particulars of Loans, Guarantees and Investments

During the year, the Company has neither provided any loan or guarantees nor invested in any
security under section 186 of the Companies Act, 2013.

16. Subsidiaries/ Joint Ventures/Associates

The Company has not Subsidiary / Joint Ventures (JV''s) and Associate Companies within the
meaning of Section 2(6) of the Companies Act, 2013.

17. Related Party Transactions

All related party transactions that were entered into during the financial year were in the ordinary
course of business and were on an arm''s length basis. There are no materially significant related
party transactions entered into by the Company with Promoters, Directors, Key Managerial
Personnel or other related parties which may have a potential conflict with the interest of the
Company at large.

During the year, the Company has not entered into related party transactions which could be
considered as material in accordance with the Policy on Related Party Transactions of the
Company. Accordingly, the disclosure of related party transactions as required under Section
134(3)(h) of the Companies Act, 2013 in Form AOC -2 is not applicable to your Company.

All related party transactions for the year are placed before the Audit Committee as well as before
the Board for approval. The transactions entered into with related parties are reviewed on a
quarterly basis by the Audit Committee.

The Policy on Related Party Transactions as approved by the Audit Committee and Board is
uploaded on the Company''s website at the link:

https://www.maxvoltenergy.com/assets/pdf/policy/policy-on-materiality-of-related-party-

transactions-e17.pdf.

18. Vigil Mechanism / Whistle Blower Policy

The Company has framed a Whistle Blower Policy to deal with instances of fraud and
mismanagement, if any. The Policy is posted on the Company''s website at the link
https://www.maxvoltenergy.com/assets/pdf/policy/vigil-mechanism-and-whistler-blower-
policy-a68.pdf.

19. Risk Management & Internal Control System and their Adequacy
Risk Management

In line with the regulatory requirements, the Company has framed a Risk Management Policy to
identify and assess the key business risk areas and to put in place a mechanism for mitigation of
risk. A detailed exercise is being carried out at regular intervals to identify, evaluate, manage and
monitor all business risks. The Risk Management Committee as well as the Board periodically
reviews the risks and suggests steps to be taken to control and mitigate the same through a
properly defined framework.

Internal control system & their adequacy

Internal financial controls are an integral part of the risk management process, addressing
financial and financial reporting risks. The internal financial controls have been documented and
embedded in the business processes. The Company has laid down internal financial controls,
through a combination of entity level controls, process level controls and IT general controls, inter-
alia, to ensure orderly and efficient conduct of business, including adherence to the Company''s
policies and procedures, accuracy and completeness of accounting records and timely preparation
and reporting of reliable financial statements/information, safeguarding of assets, prevention and
detection of frauds and error.

The Company maintains appropriate systems of internal controls, including monitoring
procedures, to ensure that all assets and investments are safeguard against loss from unauthorized
use or disposition. Company policies, guidelines and procedures provide for adequate checks and
balances and are meant to ensure that all transactions are authorized, recorded and reported
correctly.

20. Significant and material orders passed by Regulators or Courts

During the period under review, the Company successfully completed its Initial Public Offering
(IPO) and was listed on the SME Platform with effect from February 19, 2025, after obtaining
requisite approvals from the Securities and Exchange Board of India (SEBI), Stock Exchange, and
other relevant authorities.

Other than the approvals received in the ordinary course of listing, no significant or material
orders were passed by any Regulators, Courts, or Tribunals which would impact the going concern
status or future operations of the Company.

21. Material changes and commitments after the end of financial year

After the end of the financial year, there have been the following material changes and
commitments which may affect the financial position of the Company:

The Company successfully completed its Initial Public Offering (IPO) and was listed on the SME
Platform with effect from February 19, 2025. Through the IPO, the Company raised ^54 Crores by
way of fresh issue of equity shares and by way of offer for sale. The proceeds of the IPO are being
utilized as per the objects stated in the offer document/prospectus.

Other than the above, there have been no material changes or commitments affecting the financial
position of the Company between the end of the financial year and the date of this report

22. Conservation of Energy, Technology absorption and foreign exchange earnings and
outgo

Information pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The
Companies (Accounts) Rules, 2014, is given in Annexure -I to this Report.

23. Corporate Social Responsibility

The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the
initiatives undertaken by the Company on CSR activities during the year are set out in Annexure -
II to this Report in the format prescribed in the Companies (Corporate Social Responsibility Policy)
Rules, 2014. The Policy is available on the Company''s website at the link
https://www.maxvoltenergy.com/assets/pdf/policy/csr-policy-444.pdf.

24. Auditors
Statutory Auditors

During the period under review, M/s. S. Yadav & Company, Chartered Accountants (Firm
Registration No. 019841C), who has served their resignation w.e.f. October 10, 2024, due to pre¬
occupation in other assignments. The Board of Directors places on record their sincere
appreciation for the professional services rendered by M/s. S. Yadav & Company during their
tenure.

To fill the resultant casual vacancy, the Board of Directors, at its meeting held on October 11^th 2024,
appointed M/s. A T K & Associates, Chartered Accountants (Firm Registration No. 18918C), as
the Statutory Auditors of the Company under Section 139(8) of the Companies Act, 2013, subject
to approval of the members at the ensuing General Meeting.

Subsequently, the members approved the appointment of M/s. A T K & Associates, Chartered
Accountants (Firm Registration No. 18918C) at the Extraordinary General Meeting held on
October 15^th, 2024, to hold office from the date of such meeting until the conclusion of the 6th
Annual General Meeting.

M/s. A T K & Associates, Chartered Accountants (Firm Registration No. 18918C) appointed till
the conclusion of the ensuing Annual General Meeting. Based on the recommendation of the Audit
Committee, the Board of Directors, at its meeting held on 27^th of August 2025, has proposed the
re-appointment of M/s. A T K & Associates, Chartered Accountants (Firm Registration No.
18918C), as Statutory Auditors of the Company for a term of 5 [five] consecutive years, from the
conclusion of the ensuing 6^th AGM till the conclusion of the 11^th AGM, subject to approval of the
members of the Company.

M/s. A T K & Associates, Chartered Accountants (Firm Registration No. 18918C) have
confirmed their eligibility under Section 141 of the Companies Act, 2013 and that they are not
disqualified to be appointed as Statutory Auditors under the provisions of the said Act and rules
made thereunder.

The Statutory Audit Report for the financial year ended March 31, 2025, issued by M/s. A T K &
Associates, Chartered Accountants (Firm Registration No. 18918C), does not contain any
qualification, reservation, or adverse remark.

Auditor

As per the provisions of Section 138 of the Companies Act, 2013 and Rule 13 of the Companies
(Accounts) Rules, 2014, the Company has appointed M/s. S. Yadav & Company, Chartered
accountants (Firm Registration No. 019841C), as the Internal Auditor of the Company for the
financial year 2025-26.

The Internal Auditor periodically reviews the internal control systems and the operational
efficiency of the Company and submits their reports to the Board. The Board reviews the findings
and takes appropriate corrective actions wherever necessary.

The Internal Audit function ensures transparency, regulatory compliance, and strengthens the risk
management framework of the Company.

Cost Auditors

During the period under review, the Company has triggered the provisions of Section 148 of the
Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014 framed
thereunder, to appoint the Cost Auditor of the Company to conduct the audit of cost records of the
Company. The Board of Directors, on the recommendation of the Audit Committee, have appointed
M/s. PK & Associates, Cost Accountants (Firm Registration No.: 001452), as the Cost Auditor of
the Company for the Financial Year 2025-26, to conduct the audit of cost records of the Company.

In accordance with the provisions of Section 148(3) of the Act, the remuneration payable to the
Cost Auditor is required to be ratified by the members of the Company. A resolution seeking
members'' approval for the remuneration payable to them forms part of the Notice convening the
AGM.

Further, the Cost Auditor has confirmed their independence and eligibility under Section 141 of
the Companies Act, 2013.

Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had
appointed Rohit Verma, Company Secretary to undertake Secretarial Audit for the financial
year 2024-25. The Secretarial Audit Report is annexed herewith as Annexure - III. There is no
secretarial audit qualification for the year under review.

During the year under review, the Company has complied with the applicable Secretarial
Standards issued by the Institute of Company Secretaries of India.

The Board of Directors have appointed Rohit Verma, Company Secretary as Secretarial Auditors
of the Company to conduct Secretarial Audit for a period of 5 (five) consecutive years from the
conclusion of the 06th AGM till the 11^th AGM i.e. FY 2025-26 to FY 2029-30. Resolution seeking
members'' approval forms part of the Notice convening the AGM.

25. Particulars of Employees

The information required pursuant to Section 197(12) of the Companies Act, 2013, read with Rule
5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is
attached as Annexure -IV. In terms of the provisions of Section 197(12) of the Act read with subrule
(2) and (3) of Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, a statement showing the norms and other particulars of employees drawing
remuneration in excess of the limits set out in the said Rules are provided in the Report. However,
having regard to the provisions of the first proviso to Section 136(1) of the Companies Act, 2013
the details are excluded from the Report sent to member. The required information is available for
inspection at the registered office/ corporate office and the same shall be furnished on request.

26. Change In the Nature of Business, If Any

There is no change in the nature of business of your Company during the year under review.

2 7. Business Responsibility and Sustainability Report (BRSR)

Regulation 34(2)(f) of the SEBI (LODR) Regulations, 2015, mandates the Business Responsibility
and Sustainability Report (BRSR) only for top 1000 listed entities by market capitalisation. The
SME listed entities are generally outside this top 1000 threshold, and SEBI has not issued a
separate circular making Business Responsibility and Sustainability Report (BRSR) applicable to
SME Listed Entities.

28. Compliance with Secretarial standards

During the Financial Year, the Company has complied with secretarial standards issued by the
Institute of Company Secretaries of India.

29. Corporate Governance

A report on Corporate Governance as stipulated in the Listing Regulations, together with
Certificate from the Auditors of the Company confirming compliance of conditions of Corporate
Governance as stipulated under the aforesaid regulations, forms part of the Annual Report.

3 0. Policy on sexual harassment of women at workplace

Prevention of Sexual Harassment (POSH) the Company continues to follow all the statutory
requirements and guidelines in line with the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules framed thereunder.
The POSH Committee established as per the statutory requirements, continues to operate in every
Unit and at the registered office. In case of any instances, employees are advised to approach the
internal Committee and appropriate action in this regard is initiated post detailed review of the
matter. The Company stands strong against any kind of sexual harassment and has zero tolerance
for sexual harassment at workplace.

During the year under review Company has not received complaints of sexual harassment from
any employee of the Company.

31. COMPANY STATEMENT ON COMPLIANCE WITH THE MATERNITY BENEFIT ACT, 1961

Your Company is fully committed to upholding the rights and welfare of all its employees in
accordance with applicable labor laws. In line with this commitment, we hereby affirm our
compliance with the provisions of the Maternity Benefit Act, 1961, as amended from time to time.
We ensure that all eligible women employees are granted maternity benefits as mandated under
the Act, including but not limited to:

• Paid maternity leave of up to 26 weeks (or as applicable under the law),

• Additional leave in the event of illness arising out of pregnancy or delivery,

• Provision of nursing breaks,

• Protection from dismissal or discrimination during maternity leave,

• Provision of creche facilities (where applicable, in accordance with employee strength and
workplace location).

We remain dedicated to creating an inclusive, supportive, and legally compliant work environment
that respects and upholds the rights of women during and after pregnancy.

32. Appreciations and Acknowledgement

We thank our customers, business partners, suppliers, bankers and shareholders for their
continued support during the year. We thank the Government of India, the State Governments
where we have business operations and other government agencies for their support and look
forward to their continued support in the future.

Your directors are also happy to place on record their sincere appreciation to the co-operation,
commitments & contribution extended by all the employees of the “MaxVolt” Family & look
forward to enjoying their continued support & co- operation.

On behalf of the Board of Directors
MAXVOLT ENERGY INDUSTRIES LIMITED

Sd/- Sd/-

Place: New Delhi Vishal Gupta Bhuvneshwar Pal Singh

Date: 27.08.2025 Whole Time Director Managing Director and CFO

DIN: 07842571 DIN: 07645099

---

Mar 31, 2024

The Board presents 05^th Annual Report of the Company ''MAXVOLT ENERGY INDUSTRIES
LIMITED'' on the business and operations of the Company together with the Audited Financial
Statements for the financial year ended on March 31, 2024 ("the year under review" or "the
year" or "FY 2023-24"]. The performance of the Company has been referred to whenever
required.

This report is in accordance with the applicable provisions of the Companies Act, 2013 ("the
Act"].

1. Financial Highlights

The financial highlights are set out below: (In Rs.)

Particulars	Standalone	Standalone
Year ended	March 31,2024	March 31,2023
Total Revenue	48,37,14,940.00	13,67,95,080.00
Other Income	23,89,240.00	23,40,610.00
Total Income	48,61,04,180.00	13,91,35,700.00
Less: Total Expenditure	41,83,49,800.00	13,12,12,200.00
Profit before depreciation finance Costs & tax	6,77,54,380.00	79,23,500.00
Less: Depreciation & amortization expenses	16,96,720.00	16,95,580.00
Less: Finance Costs	42,92,010.00	27,92,030.00
Profit/(Loss] before tax	6,17,65,650.00	34,35,890.00
Less: Provision for Tax	1,54,41,410.00	5,60,000.00
Add: Deferred Tax Liability	2,07,190,00	(1,63,830.00)
Profit for the year (before adjustment of Minority of interest/ Associates)	4,61,17,040.00	30,39,710.00
Pre-acquisition profit	-	-
Minority interest	-	-
Profit for the year (After adjustment of Minority of interest/ Associates)	4,61,17,040.00	30,39,710.00

2. State of the Company''s Affairs/Re view of Operations

During the financial year 2023-24, total revenue increased to Rs. 48,37,14,940 against Rs.
13,67,95,080 in the previous year, thereby registering an increase of Total Revenue by
353.6%. The Profit after tax (PAT) for the current year has increased to Rs. 4,61,17,040
against 30,39,710 Lakhs in the previous year, thereby registering an increase in Profit after
tax by 1517.15%.

The company is taking effective steps to improve the performance of the Company through
growth in revenue, managing costs, strategic marketing, increasing brand awareness and
brand equity through advertising campaigns etc.

3. Share Capital

During the year under review, there have been changes in the Share Capital of the Company:

A) Issue of equity shares: The Company has issued 1137188 equity shares through private
placement and right issue basis during the period under review.

B) Issue of Bonus shares: The Company has issued 6306740 Equity shares during the period
under review.

C) Issue of employee stock options: The Company has not issued any employee stock option
during the period under review.

D) Provision of money by company for purchase of its own shares by employees or by trustees
for the benefit of employees: The Company has not made any provision for purchase of its
own shares by employees or by trustees for the benefit of employees.

4. Dividend

In order to conserve cash and ensure liquidity for the operations for the Financial Year 2023-
24, the Board of Directors decided not to recommend any dividend to the shareholders for the
Financial Year 2023-24.

5. Reserves

The board of directors has decided to transfer the entire amount of profit into the reserve
account for the year ended March 31, 2024.

6. Public Deposits

During the year under review, your Company has neither invited nor accepted any fixed
deposits from the public within the meaning of Section 73 of the Companies Act, 2013 read
with the Companies (Acceptance of Deposits) Rules, 2014.

7. Particulars of Loans, Guarantees and Investments

During the year, the Company has neither provided any loan or guarantees nor invested in
any security under section 186 of the Companies Act, 2013.

8. Subsidiaries/ Joint Ventures/Associates

The Company has not Subsidiary / Joint Ventures (JV''s) and Associate Companies within the
meaning of Section 2(6) of the Companies Act, 2013.

9. Board Evaluation

Pursuant to the provisions of Section 134(3) (p) of the Act, and Rules made thereunder, the
Board has carried the evaluation of its own performance, performance of Individual
Directors, including the Chairman of the Board on the basis of attendance, contribution and
various criteria. The evaluation of the working of the Board, experience and expertise,
performance of specific duties and obligations etc. were carried out. The Directors expressed
their satisfaction with the evaluation process and outcome.

10. Compliance with Secretarial standards

During the Financial Year, the Company has complied with secretarial standards issued by
the Institute of Company Secretaries of India.

11. Human Resources

The company''s Human Resources (HR) management practices ensure fair and reasonable
processes that are compliant with regulatory and governance requirements. The company
has developed a management framework that focuses on holistic growth of employees and
aids them with tools that help in continuously learning and the development of new skills.

As a growing enterprise, the company''s HR policies and Industry-leading remuneration
practices aim to attract and retain top talent, thus supporting the company''s long-term
strategy and driving a sustainable performance.

Finding, retaining and developing the right talent has always been a core strategy in order
to maintain high-productivity and a value-driven organizational culture. The company finds
it imperative to follow policies and regulations that produce an unbiased and safe working
environment.

In the last fiscal year, the company focused on building systems and tolls that help track
career paths, provide guidance to develop new skills, educate employees on varied topics
and recognize and reward top performers.

12. Extract of Annual Return

Pursuant to Section 92(3) of the Act, the Annual Return for the financial Year ended on
31^st March 2024 shall be uploaded on the website of the Company and can be accessed
through the link https:/www.maxvoltenergy.com.

13. Board Diversity

S. No. of Meeting	DAY	DATE
01/2023-24	Saturday	01st April,2023
02/2023-24	Friday	07th April,2023
03/2023-24	Saturday	15th April,2023
04/2023-24	Wednesday	24th May, 2023
05/2023-24	Thursday	08th June 2023
06/2023-24	Saturday	02nd Sept 2023
07/2023-24	Saturday	30th Sept 2023
08/2023-24	Thursday	12th Oct 2023
09/2023-24	Friday	20th Oct 2023
10/2023-24	Monday	27th Nov 2023
11/2023-24	Tuesday	02nd Jan 2024
12/2023-24	Friday	05th Jan 2024
13/2023-24	Monday	08th Jan 2024
14/2023-24	Friday	02nd Feb 2024
15/2023-24	Wednesday	28th Feb 2024
16/2023-24	Friday	01st March 2024
17/2023-24	Wednesday	13th March 2024
18/2023-24	Friday	22nd March 2024
19/2023-24	Wednesday	27th March 2024

The Company recognizes and embraces the importance of a diverse board in its success. The
Company believes that a truly diverse board will leverage differences in thought,
perspective, knowledge, skill, regional and industry experience, cultural and geographical
background, age, ethnicity, race and gender, which will help the Company to retain its
competitive advantage. The Board has adopted the Board Diversity Policy which sets out the
approach to diversity of the Board of Directors.

14. Declaration by Independent Directors

The company has received the necessary declaration from each of the Independent Directors
under section 149(7) of the company’s act, 2013 that he/she meets the criteria of
Independence laid down in Section 149(6) of the Companies Act, 2013. Based on such
confirmation/ declarations, in the opinion of the board, the independent Directors of our
company fulfill the conditions specified under the Act, the rules made there under and
Listing Regulations and are independent of the Management of the company.

15. Board Meetings

During the year under review total Nineteen (19) Board Meetings were held and the gap
between two meetings did not exceed 120 days. The Board meetings were held on:

16. Audit Committee

The Company is not meeting the criteria as prescribed under rule 4of the Companies
(Appointment and Qualification of Directors) Rules, 2014, hence the provisions of Section

177 of the Companies Act, 2013 are not applicable to the Company.

17. Nomination & Remuneration Committee

The Company is not meeting the criteria as prescribed under rule 4 of the Companies
(Appointment and Qualification of Directors) Rules, 2014, hence the provisions of Section

178 of the Companies Act, 2013 are not applicable to the Company.

18. Director''s and Key Managerial Personnel

18.1 APPOINTMENT AND TENURE

The directors of the Company are appointed by the shareholders at General Meetings. All
Executive Directors, except Independent Directors, are subject to retirement by rotation and
at every Annual General Meeting, l/3rd of such Directors as are liable to retire by rotation,
if eligible, generally offer themselves for re-election, in accordance with the provisions of
section 152 of the Companies Act, 2013 and that of the Articles of Association of the
company. The executive Directors on the Board serve in accordance with the terms of their
contracts of services with the Company.

18.2 BOARD COMPOSITION, CATEGORY OF DIRECTORS, MEETING AND ATTENDANCE
RECORD OF EACH DIRECTORS:

The company has a balanced Mix of executive and Non-executive Independent Directors. As
on March 31, 2024, the board of directors comprises of 2 Directors and both are Executive
directors, The Company has appointed three (3) independent Directors to the Board on 10^th
of April 2024. All independent Directors are persons of eminence and bring a wide range of
expertise and experience to the Board thereby ensuring the best interest of stakeholders and
the company.

All Independent Directors meet with the criteria of Independence as prescribed under sub¬
section (6) of section 149 of the Act.

No Director is related to any other director on the board in terms of the definition of
"relative" as defined in section 2(77) of the companies Act, 2013. None of the Directors on
the Board are Director/Independent Director of more than seven listed entities and none of
the Whole-time Directors are independent Directors of any Listed Company.

The details of composition of the Board as at March 31, 2024, the attendance record of the
Directors at the Board Meetings held during financial year 2023-24.

s. No	Name of Director	DIN	Designation Initial Date No. of of Board appointme Meeting nt s to be Held	No. of Board meeti ngs attend ed	Attendan ce at the last AGM
1	Mr. Vishal	07842571	Whole-Time 09/02/2021 19	19	Present
	Gupta		Director
2	Mr.	07645099	Whole-Time 29/11/2022 19	19	Present
	Bhuvneshwar		Director
	Pal Singh
3	Mr. Preet	10371737	Independent 10/04/2024	-	-
	Kumar		Director
4	Ms. Kavita	10584521	Independent 10/04/2024	-	-
	Dixit		Director
5	Ms. Neha	10585638	Independent 10/04/2024	-	-
	Yadav		Director

Executive Director

Mr. Vishal Gupta (Whole-time Director], Mr. Bhuvneshwar Pal Singh (Whole-time Director)
directors on the board as on 31^st March 2024. There is no change in the composition of executive
director of the Company in Financial Year 2023-24.

Independent Director

The term of Mr. Preet Kumar as Independent Director of five year from April 10, 2024 to April
10, 2029. Hence there is no requirement for re-appointment of the same.

The term of Ms. Kavita Dixit as Independent Director of one year from April 10^th 2024 to April
10^th 2025. Hence there is no requirement for re-appointment of the same.

The term of Ms. Neha Yadav as Independent Director of five year from April 10, 2024 to April
10, 2029. Hence there is no requirement for re-appointment of the same.

Director''s retiring by Rotation

In accordance with the Act and the Article of Association of the Company, Mr. Vishal Gupta,
Whole-time Director (DIN: 07842571) is liable to retire by rotation at the ensuing AGM and,
being eligible, has offered himself for re-appointment as the Director. Accordingly, the re¬
appointment of Mr. Vishal Gupta as Whole-time Director is being placed for the approval of the
Members at the ensuing AGM. A brief profile of Mr. Vishal Gupta along with other related
information forms part of the Notice convening the ensuing AGM.

Key Managerial Personnel

The company changed its legal status from Maxvolt Energy Industries Private Limited to
Maxvolt Energy Industries Limited on August 27, 2024, the Company is in process of
appointing the Key Managerial Personnel as per the Companies Act, 2013.

19. Related Party Transactions

All Transactions with the related parties are placed before the board of Directors ("the Board"]
for its approval. All related party transactions that were entered into during FY 2023-24 were
on an arm''s length basis and were in the ordinary course of business and in accordance with
the provisions of the Act and the rules made there under.

During the year there are no materially significant related party transactions made by the
Company with Promoters, Directors, or other designated persons which may have a potential
conflict with the interest of the Company at large. Accordingly, no disclosure is made in respect
of related party transactions in Form AOC-2 in terms of Section 134 of the Act and Rules framed
there under.

20. Auditors

20.1. STATUTORY AUDITORS

S Yadav & Co., Chartered Accountants (Firm Registration No. 019841C) was Statutory Auditors
of the Company for the financial year 2023-24, was appointed in 01st Annual General Meeting
of the Company to hold the office till the conclusion of 06^thAnnual General Meeting of the
Company.

Auditors'' Report

The Report of Auditors of the Company S Yadav & Co., Chartered Accountants on the Annual
Accounts of the Company. The report contains a qualified opinion on the accounts of the
Company from the Statutory Auditors. The notes on Financial Statements referred to in the
Auditors'' Report are self-explanatory and need no further comments.

Report on frauds u/s 143 (12) of the Act

The Auditors during the performance of their duties have not identified any offence of fraud
committed by the Company or its officers or employees. Therefore, no frauds have been
reported to the Central Government under Section 143 (12) of the Act.

20.2. INTERNAL AUDITOR

The Company is not meeting the criteria of Section 138 of the Companies Act, 2013, with Rule
13 of the Companies (Accounts) Rules, 2014. Hence the provisions of Section 138 of the
Companies Act, 2013 are not applicable to the Company.

20.3. SECRETARIAL AUDITORS

The Company is not meeting the criteria of Section 204 of Act and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014. Hence the provisions
of Section 204 of the Companies Act, 2013 are not applicable to the Company.

21. Particulars of Employees

The Company is not triggered the provisions of Section 197(12) of the Act read with Rules
5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014. Hence the provisions of Section 197(12) of the Companies Act, 2013 are not
applicable to the Company.

22. Corporate Social Responsibility

The objective of the Company’s Corporate Social Responsibility (''CSR'') initiatives is to
improve the quality of life of communities through long-term value creation for all
stakeholders. The Company''s CSR policy provides guidelines to conduct CSR activities of the
Company. The Company continues to address societal challenges through societal
development programs and remains focused on improving the quality of life.

During the year under review, the Company has crossed the threshold limit related to the
applicability of CSR Provisions. The Board ensures that during the year 2024-25, it will comply
with all rules and regulations related to the provisions contained in section 135 of the
Companies Act.

23. Energy conservation, Technology absorption and foreign exchange earnings and
outgo

(A) Conservation of Energy-

(i) The Steps taken or impact on conservation of Energy: The Company operates in such
sector in which it has limited scope for undertaking energy conservation exercises, but
nevertheless continues to emphasise work practices that result in conservation of energy.

(ii) The Steps taken by the Company for utilising alternate sources of Energy: NIL

(iii) The capital investment on energy conservation equipment: NIL

(B) Technology absorption-

(i) The efforts made towards technology absorption: NIL

(ii) The benefits derived like product improvement, cost reduction, product development
or import substitution: NIL

(iii) In case of imported technology (imported during the last three years reckoned from the
beginning of the financial Year): NIL

(iv) The expenditure incurred on Research and Development: NIL

(C) Foreign exchange earnings and Outgo:

Foreign exchange earnings: NIL

Foreign exchange outgo: 6,36,88,615.62

24. Risk Management & Internal Control System and their Adequacy

Risk Management

The Company has identified the various risk factors which may affect the Company. The Company
has also developed and implemented a suitable policy to mitigate the risks.

Internal control system & their adequacy

Internal financial controls are an integral part of the risk management process, addressing
financial and financial reporting risks. The internal financial controls have been documented
and embedded in the business processes. The Company has laid down internal financial
controls, through a combination of entity level controls, process level controls and IT general
controls, inter-alia, to ensure orderly and efficient conduct of business, including adherence
to the Company''s policies and procedures, accuracy and completeness of accounting records
and timely preparation and reporting of reliable financial statements/information,
safeguarding of assets, prevention and detection of frauds and errors.

The Company maintains appropriate systems of internal controls, including monitoring
procedures, to ensure that all assets and investments are safeguard against loss from
unauthorized use or disposition. Company policies, guidelines and procedures provide for
adequate checks and balances and are meant to ensure that all transactions are authorized,
recorded and reported correctly.

25. Vigil Mechanism

The requirement of establishment of Vigil mechanism as per section 178(8) of the Companies
Act, 2013 is not applicable to the Company.

26. Directors'' Responsibility Statement

Pursuant to Section 134(5) of the Act, the Directors state that:

a) In the preparation of the annual accounts for the financial year 2023-24, the applicable
accounting standards have been followed along with proper explanation relating to
material departures, if any.

b) Appropriate accounting policies have been selected and applied consistently and have
made judgements and estimates 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, 2024 and of the profit and
loss of the Company for the year ended March 31, 2024.

c) Proper and sufficient care has been taken for the maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities.

d) The annual accounts for the financial year ended March 31, 2024 have been prepared on a
going concern basis.

e) Proper internal financial controls were followed by the Company and such internal
financial controls are adequate and were operating effectively.

f) Proper systems are devised to ensure compliance with the provisions of all applicable laws
and that such systems were adequate and operating effectively.

27. POLICY ON SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

Prevention of Sexual Harassment (POSH) the Company continues to follow all the statutory
requirements and guidelines in line with the provisions of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules framed
thereunder. The POSH Committee established as per the statutory requirements, continues to
operate in every Unit and at the registered office. In case of any instances, employees are
advised to approach the internal Committee and appropriate action in this regard is initiated
post detailed review of the matter. The Company stands strong against any kind of sexual
harassment and has zero tolerance for sexual harassment at workplace.

During the year under review Company has not received complaints of sexual harassment
from any employee of the Company.

28. MATERIAL CHANGES AND COMMITMENTS AFTER THE END OF FINANCIAL YEAR

1. Change in Registered office of the Company: During the period under review, the
Company has changed its registered office from A-52, New Ashok Nagar, New Delhi -
110096 to F-108, Plot No. 1 F/F United Plaza, Community Centre, Karkardooma,
New Delhi - 110092.

2. Conversion of Private limited to Limited: The Company has changed its legal status
from MAX VOLT ENERGY INDUSTRIES PRIVATE LIMITED to MAXVOLT ENERGY
INDUSTRIES LIMITED on August 27, 2024.

29. SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR COURTS

No significant and material orders were passed by regulators or courts or tribunals.

30. SECRETARIAL STANDARDS

During the year under review, your Company has complied with the Secretarial Standards 1
and 2 on meetings of the Board of Directors and on General Meetings, respectively, issued
by the Institute of Company Secretaries of India with effect from 1st October 2017 and
notified by the Ministry of Corporate Affairs, in terms of Section 118 (10) of the Act.

31. APPRECIATIONS AND ACKNOWLEDGEMENT

We thank our customers, business partners, suppliers, bankers and shareholders for their
continued support during the year. We thank the Government of India, the State
Governments where we have business operations and other government agencies for their
support and look forward to their continued support in the future.

Your Directors are also happy to place on record their sincere appreciation to the co¬
operation, commitments & contribution extended by all the employees of the "Maxvolt"

Family & look forward to enjoying their continued support & co- operation.

On behalf of the Board of Directors
MAXVOLT ENERGY INDURTRIES

LIMITED

Place: New Delhi Vishal Gupta Bhuvneshwar Pal Singh

Date: 02.09.2024 Director Director

DIN:07842571 DIN:07645099