To The Members, Deccan Gold Mines Limited

The Board of Directors of Deccan Gold Mines Limited (‘the Company') have pleasure in submitting their 40th Annual Report to the Members of the Company together with the Audited Standalone and Consolidated Statement of Accounts for the year ended March 31, 2024. The financial statements have been presented based on Ind AS requirements.

1. FINANCIAL STATEMENTS & RESULTS: Standalone a. FINANCIAL RESULTS

Financial results for the year ended March 31, 2024 are as under:

b. OPERATIONS AND STATE OF AFFAIRS:

Deccan Gold Mines Limited (DGML), is India's first publicly listed gold mining company in over five decades, holding substantial stakes in advanced-stage gold projects in India and Kyrgyzstan, and a portfolio of high potential Tier-II Projects that are available for exploration / development.

Details on the operations of the Company and status of its projects in India/overseas as well as market announcements made from time to time can be accessed at www.deccangoldmines.com and www.bseindia.com (BSE Scrip Code: 512068). A separate update on the Projects of the Company is provided elsewhere in this Annual Report under the Section "Summary of Operations".

Significant developments during the year under review are summarized hereunder:

In addition to its advanced projects, your Company has secured interests in early-stage yet promising gold projects in Finland, and Tanzania and further, has also been granted a Lithium Block in Tanzania.

During March 2023, the Company through a competitive auction held by the Govt. of India, has secured a Nickel/PGE (Platinum Group Elements) concession in Chhattisgarh and upon completion of all statutory requirements, we expect execution of the Composite License for the Block at the earliest.

During August 2023, your Company set up a Wholly Owned Subsidiary in Dubai, UAE viz., Deccan Gold FZCO (DGFZCO) to focus on providing mineral exploration consultancy services to the clients in Africa & CIS in particular.

Your Company has also recently ventured into the critical minerals sector, aligning with India's strategic objective of self-reliance.

During May 2024, DGFZCO acquired a majority stake in 5 Lithium assets in Mozambique. For this purpose, DGFZCO has set up and acquired 51% stake (with rights to move to 70%) in Deccan Gold Mozambique (DGMOZ) into which the Lithium assets have been vended by the Mozambique Partners. Over the next 24-36 months, the Company will complete detailed exploration and feasibility studies in Mozambique with the ultimate objective of setting up of a 1000 TPD processing plant that will produce concentrates of Lithium, Tantalum, Cesium, Rubidium and other trace elements. These entities aim to streamline access to overseas mineral assets and facilitate effective fundraising, reinforcing DGML's position in the global mining industry.

Currently, DGML has several teams operating in Africa and CIS towards expanding our resource base.

Apart from this, DGML is also actively pursuing the Court route to regain its rights (taken away due to a legislative policy change in 2021) over its advanced stage Ganajur gold project and Tier-II Hutti Gold Projects in India. Details are as under:

Ganajur Mining Lease Application (wP No. 17018/2021) and North Hutti block Prospecting Licence (PL) applications (wP No. 12867/2022):

As shareholders are aware, our wholly-owned subsidiary viz., Deccan Exploration Services Private Limited (DESPL) had filed a Writ Petition before the Hon'ble High Court of Karnataka on September 13, 2021 seeking setting aside of the ‘Speaking Order' dated July 16, 2021 passed by the Central Government (holding its prior approvals for Ganajur ML as inconsequential and infructuous in the light of the MMDR Amendment Act, 2021) and grant of the Ganajur Mining Lease. Ministry of Mines, Government of India; Indian Bureau of Mines, Nagpur; Department of Commerce & Industries (MSME & Mines), Government of Karnataka and the Department of Mines & Geology, Government of Karnataka are the Respondents to this Writ Petition.

DESPL had also filed an Amendment Application (during 2022) before the Hon'ble High Court of Karnataka incorporating the salient features of the Judgment dated May 27, 2022 passed by the Hon'ble High Court in an identical matter in Indocil Silicons Pvt., Ltd., & Ors vs. Union of India & Ors. (W.P. 1920/2021) ("Indocil") Further, DESPL had also filed a Writ Petition (12867/2022) before the Hon'ble High Court of Karnataka seeking quashing of the Order dated 14/02/2022 passed by the Secretary (MSME & Mines), Commerce & Industries Department, Government of Karnataka ("C & I"). Vide this Order, the C & I had ordered that the 8 PL applications filed by DESPL over the North Hutti Block in Karnataka have not fulfilled the of the MMDR Act, 1957 and further the PL applications have lapsed as per Proviso No. 1 to Section 10A(2)(b) inserted vide MMDR Amendment Act, 2021 with effect from March 28, 2021.

Both the Writ Petitions came up for hearing on January 5, 2023 before the Hon'ble High Court of Karnataka. It was pointed out to the Court that the State Government has challenged the Judgment dated May 27, 2022 passed by the Hon'ble High Court in Indocil before the Hon'ble Supreme Court by way of SLP (Civil) No. 15692 of 2022. After hearing the parties, the Hon'ble High Court directed that (a) the next date of hearing on the Writ Petitions will be fixed after the decision of the Hon'ble Supreme Court in re: Indocil. In the meanwhile, the interim order passed in the matter viz., the Respondent State not to take any precipitative action against DESPL would continue till such time and granted time of 4 weeks' to the Respondents to file their statement of objections to DESPL's Writ Petitions. During May, 2023 DESPL filed its Rejoinder to the joint Statement of Objections filed by two of the Respondents (Government of India and the Indian Bureau of Mines) to its Ganajur Writ Petition No. 17018/2021. In order to protect its interests and to state its case / merits, DESPL also filed an Intervention / Impleadment Application (No. 50253 of 2023) in SLP (Civil) No 15692 of 2022 before the Hon'ble Supreme Court in State of Karnataka and Another (Petitioner) Vs. Indocil Silicons Pvt., Ltd., and Another. At the hearing held in the matter on May 15, 2023 the Hon'ble Supreme Court Bench acknowledged the Intervention Application filed by DESPL and stated that they will hear all the stakeholders including the intervenors and listed the matter for hearing on August 8, 2023. Since then the matter has not come up for detailed hearing and as per the information available on the website of the Hon'ble Supreme Court of India, the matter is listed on October 4, 2024 (Tentative Computer generated).

The details of Company's shareholding in its Subsidiary & Associate Companies (as on March 31, 2024) are given here under

Pursuant to the provisions of Section 129 of the Act, the accounts of Subsidiary Companies have been consolidated into the Company's accounts. Apart from this, no other Company has become or ceased to be the Company's subsidiary(ies), joint venture(s) or associate company during the year under review.

The performance and financial position of Subsidiary Companies for as Annexure 1 (Form AOC-1) to this Report.

d. MATERIAL SUbSIDIARIES:

The Board has adopted a Policy for determining Material Subsidiaries in accordance with the requirements of Regulation 16(1)(c) of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015. The Policy, as approved by the Board, is uploaded on the Company's website and the link for the same is https:// deccangoldmines.com/wp-content/uploads/2023/05/Material_Subsidiaries_Policy_F.pdf.

Further, the Financial Statements of the Subsidiary companies as noted in the point (c) above for the financial year ended March 31, 2024 are available on the Company's website at https://deccangoldmines.com/dgml-agm-september-2024-documents/

e. COMPLIANCE wITH SECRETARIAL STANDARDS

The applicable Secretarial Standards issued by the Institute of Company Secretaries of India, i.e. SS-1 and SS-2, relating to ‘Meetings of the Board of Directors' and ‘General Meetings', respectively, have been duly complied with by the Company.

f. DIVIDEND:

Your Directors express their inability to recommend dividend for the financial year under review keeping in mind the operations of the Company and losses incurred during the year.

g. TRANSFER TO RESERVES:

In view of losses incurred during the year under review, the Board of Directors has not recommended transfer of any amount to reserves.

h. DECLARATION wITH REGARD TO FINANCIAL STATEMENTS:

Financial Statements for the year ended March 31, 2024, are in accordance with the Indian Accounting Standards (IND-AS) notified by the Ministry of Corporate Affairs,Government of India which have already become applicable to the Company from the accounting period beginning on April 1, 2017.

The Company has not carried out any revision in its financial statements in any of the three preceding financial years as per Section 131 of the Act.

i. DEPOSITS:

The Company has not accepted or renewed any amount falling within the purview of provisions of Section 73 of the Companies Act 2013 ("the Act") read with the Companies (Acceptance of Deposit) Rules, 2014 during the year under review. Hence, the requirement for furnishing of details of deposits which are not in compliance with Chapter V of the Act is not applicable.

j. DISCLOSURES UNDER SECTION 134(3)(L) OF THE COMPANIES ACT, 2013:

Except as disclosed elsewhere in this report, no material changes and commitments which could affect the Company's financial position have occurred between the end of the financial year of the Company and date of this report.

k. DISCLOSURE wITH REGARD TO INTERNAL FINANCIAL CONTROLS:

The internal financial controls with reference to financial statements as designed and implemented by the Company are adequate considering the nature of its business and the scale of operations. During the year under review, no material or serious observation has been made by the Statutory Auditors and the Internal Auditors of the Company regarding inefficiency or inadequacy of such controls. Wherever suggested by the auditors, control measures have been further strengthened and implemented.

l.DISCLOSURE wITH REGARD TO ORDERS PASSED bY REGULATORS / COURTS / TRIbUNALS:

No adverse orders have been passed by any Regulator or Court or Tribunal which can have impact on the Company's status as a Going Concern and on its future operations.

m. PARTICULARS OF CONTRACT OR ARRANGEMENT wITH RELATED PARTIES:

All related party transactions were placed before the Audit Committee for approval. Form AOC-2 will not form part of Board's report as all the transactions with related parties are in arm's length basis and in ordinary course of business. There are also no materially significant related party transactions during the year which may have a potential conflict with the interest of the Company at large. Related Indian Accounting Standards are disclosed in Notes to the financial statements of the Company for the financial year ended March 31, 2024. The Policy on related party transactions as approved by the Board may be accessed on the Company's website at https://deccangoldmines.com/wp-content/uploads/2022/08/DGML_Related-Parties-Transaction-Policy.pdf.

Your Directors draw attention of the members to Note No. 38 of Standalone financial statements which sets out disclosures on related parties and transactions entered into with the said parties during the financial review.

n. PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS AND SECURITIES:

During the year under review, the Company provided a loan of Rs. 7.10 crore to Avelum Partner LLC, Kyrgyzstan. The details of investments held by the company as on March 31, 2024 are furnished in the table provided under point (c) here in above.

o. DISCLOSURE UNDER SECTION 43(A)(II) OF THE COMPANIES ACT, 2013:

The Company has not issued any shares with differential rights and hence no information is required to be furnished in terms of provisions of Section 43(a)(ii) of the Act read with Rule 4(4) of the Companies (Share Capital and Debenture) Rules, 2014.

p. DISCLOSURE UNDER SECTION 54(1)(D) OF THE COMPANIES ACT, 2013:

The Company has not issued any sweat equity shares during the year under review and hence the provisions of Section 54(1)(d) of the Act read with Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014 are not applicable.

q. DISCLOSURE UNDER SECTION 62(1)(b) OF THE COMPANIES ACT, 2013:

The Company did not have any Scheme of ESOP in force during the year under review and hence no disclosure is required to be furnished.

r. DISCLOSURE UNDER SECTION 67(3) OF THE COMPANIES ACT, 2013:

During the year under review, there were no instances of non-exercising of voting rights in respect of shares purchased directly by employees under a Scheme pursuant to Section 67(3) of the Companies Act, 2013 read with Rule 16(4) of Companies (Share Capital and Debenture) Rules, 2014. Hence, disclosures pursuant to Section 67(3) of the Companies Act, 2013 are not required to be furnished.

2. OUTLOOK AND OPPORTUNITIES:

Details on the industry outlook, opportunities, risks and concerns have been provided under ‘Management Discussion and Analysis' forming part of this Annual Report.

3. MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL: a) board of Directors and Key Management Personnel:

The details of changes in the directors and KMPs, during the year under review and upto the date of this Report, are as under

(a) Mr. Pandarinathan Elango (DIN: 06475821) was appointed as an Independent Director of the Company for a period of 3 years w.e.f. November 10, 2023 and the appointment was approved by the shareholders at their Extraordinary General Meeting (EGM) held on February 7, 2024.

(b) Mr Andrew Mark Weeks (DIN:08962937), Non-executive Independent Director resigned w.e.f. November 10, 2023 and the Board places on record its appreciation of the services rendered by Mr Andrew during his tenure.

(c) Mr Govind Subhash Samant (DIN: 07984886), Non-executive Non-Independent Director resigned w.e.f. July 2, 2024 and the Board places on record its appreciation of the services rendered by Mr Samant during his tenure.

(d) Mr Dinesh Kumar Gandhi (DIN: 01081155) was appointed as Non-executive Non-Independent Director liable to retire by rotation w.e.f. July 10, 2024 and the appointment was approved by the shareholders at their EGM held on August 7, 2024.

(e) Ms Deepthi Donkeshwar (DIN: Dinesh Kumar Gandhi (DIN: 08712113) was re-appointed as Non-executive Independent Director for a second term of 2 years w.e.f. August 9, 2024 and the re-appointment was approved by the shareholders at their EGM held on August 7, 2024.

(f) Dr Hanuma Prasad Modali (DIN:01817724) is the Director who retires by rotation and being eligible, offers himself for re-appointment. Further, Dr. Hanuma Prasad Modali has been re-appointed as a Managing Director for a period of 5 years w.e.f. October 1, 2024, subject to the approval of the shareholders.

(g) Mr Subramaniam S (DIN:06389138) has been re-appointed as Whole-time Director for a period of 5 years w.e.f. October 1, 2024, subject to the approval of the shareholders.

Necessary resolutions with regard to appointment of Mr. Hanuma Prasad Modali as Director liable to retire by rotation and reappointment as the Managing Director of the Company and reappointment of Mr. Subramaniam S as Whole Time Director (WTD) been included in the Notice convening the ensuing 40th AGM and your Directors recommend their appointment / re-appointment.

b) Declaration by Independent Directors:

The Company has received declaration from all the Independent Directors under Section 149(6) of the Companies

Act, 2013, as further amended by the Companies Amendment Act, 2017 and Regulation 16(1)(b) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, confirming their independence vis-a-vis the Company and its management. There was no change in the circumstances which affected their status as Independent Director (s) during the year under review.

The Independent Directors have also confirmed that they are not aware of any circumstances or situation which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence. Further, the Independent Directors of the Company possess integrity and requisite qualifications, experience and expertise in the field of finance, auditing, tax, risk advisory service, mineral exploration, mining and law and hold the highest standards of integrity. Further, declaration on compliance with Rule 6(3) of the Companies (Appointment and Qualification of Directors) Rules, 2014, as amended by Ministry of Corporate Affairs ("MCA") Notification dated October 22, 2019, regarding the requirement relating to enrollment in the Data Bank created by MCA for Independent Directors, have been received from all the Independent Directors.

c) Company's Policy on Directors' appointment and remuneration:

The Board has, as per the recommendation of the Nomination and Remuneration Committee, framed a policy on selection and appointment of Directors and Senior Managerial personnel and their remuneration which was further amended by the Board vide their resolution dated March 31, 2019 in terms of the SEBI (Listing Obligations and Disclosure Requirements) Amendment Regulations, 2018. The details of said policy are given in the Corporate Governance Report which forms part of this Annual Report.

4.DISCLOSURES RELATED TO bOARD, COMMITTEES AND POLICIES: a) board Meetings:

The Board of Directors met Nine (9) times during the year ended March 31, 2024, in accordance with the provisions of the Companies Act, 2013 and rules made there under. All these meetings were held through audio-visual means in compliance with the provisions of the Act. Detailed information on the Board Meetings is provided in the Corporate Governance Report which forms part of this Annual Report.

b) Directors' responsibility Statement:

In terms of Section 134(5) of the Companies Act, 2013, in relation to the audited financialstatements of the Company for the year ended March 31, 2024, the Board of Directors hereby confirms that: a. in preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures; b. such accounting policies have been selected and applied consistently and the Directors made judgments and estimates that are reasonable and prudent so astogive affairsof the trueand view thestate Company as at March 31, 2024 and of the loss of the Company for that year; c. proper and sufficient care was taken for maintenance the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d. the annual accounts of the Company have been prepared on a going concern basis; e. internal financial controls have been laid down by the Company and that such internal financial controls are adequate and operating effectively; f. proper systems have been devised to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively;

c) board Committees:

There are three (3) Committees of the Board of Directors of the Company viz. Audit Committee, Nomination and Remuneration Committee, Stakeholders' Relationship Committee as on March 31, 2024.

Detailed information on all the Board Committees is provided in the Corporate Governance Report forming part of this Annual Report along with the details of extract from Nomination and Remuneration Policy of the Company with respect to remuneration of Executive Directors, Key Managerial Personnel and other senior employees of the Company.

Policies framed by the Committees / Board pursuant to the applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, are available on the Company's Website (www.deccangoldmines.com).

Disclosure in respect of composition, meetings held, attendance of members, terms of reference and other related matters in respect of the above Board Committees are furnished in the Corporate Governance Report forming part of this Annual Report.

Vigil Mechanism Policy for Directors / Employees:

The Board of Directors of the Company has pursuant to the provisions of Section 178(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014, framed a "Vigil Mechanism Policy" for Directors and employees of the Company to provide a mechanism which ensures adequate safeguards to employees and Directors from any victimization on raising of concerns of any violations of legal or regulatory requirements, incorrect or misrepresentation of any financial statements and reports, etc.

The employees of the Company have the right to report their concern/grievance to the Chairman of the Audit

Committee.

The Company is committed to adhere to the highest standards of ethical, moral and legal conduct of business operations.

Risk Management Policy:

The Board of Directors of the Company has designed Risk Management Policy and Guidelines to avoid events, situations or circumstances which may lead to negative consequences on the Company's businesses, and define a structured approach to manage uncertainty and to make use of these in their decision making pertaining to all business divisions and corporate functions. Key business risks and their mitigation are considered in the annual/ strategic business plans and in periodic management reviews.

Corporate Social responsibility:

The provisions of Section 135 of the Act read with Companies (Corporate Social Responsibility Policy) Rules, 2014 are not applicable to the Company.

e) Annual Evaluation of Directors, board Committees and board:

A statement indicating the manner for evaluation of performance of the Board and its Committees and individual Directors is attached to this Report as Annexure 2.

f) Internal control systems:

Adequate internal control systems commensurate with the nature of the Company's business, size and complexity of its operations are in place and have been operating satisfactorily. Internal control systems comprising of policies and procedures are designed to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedure, applicable laws and regulations and that all assets and resources are acquired economically, used efficiently and adequately

Companies (Appointment & remuneration) rules, 2014:

The information required pursuant to Section 197 read with Rules 5(1) and 5(2) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 have been attached as Annexure 3 to this Report.

h) Payment of remuneration / commission to managerial personnel from subsidiary company:

The Managing Director of the Company is not in receipt of remuneration / commission from the subsidiary company. Apart from the Managing Director, the Company did not have any managerial personnel during the year under review.

i) Familiarization Programme for Independent Directors

The Company proactively keeps its Directors informed of the activities of the Company its management and operations and provides an overall industry perspective as well as issues being faced by the industry. Details for the year ended March 31, 2024 are available on the Company's website at https://deccangoldmines.com/wp-content/ uploads/2024/05/Independent-Disrector-Familiarization-Programme-2024.pdf.

j) CORPORATE GOVERNANCE:

The Report on Corporate Governance as stipulated under Regulation 34 of the SEBI Listing Regulations forms an integral part of this Report. The requisite certificate from M/s. Rathi & Associates, Company Secretaries confirming compliance with the conditions of corporate governance as stipulated under Schedule V of the SEBI Listing Regulations is enclosed to the Report on Corporate Governance.

5. AUDITORS AND REPORTS:

The matters related to Auditors and their Reports for the year ended March 31, 2024 are as under:

a) Report of the Statutory Auditors on financial statements for the year ended March 31, 2024:

The Report furnished by the Statutory Auditors on the financial statements of the Company for the year ended March 31, 2024 is free from any observations / qualifications.

b) Secretarial Audit report:

Provisions of Section 204 read with Section 134(3) of the Companies Act, 2013, mandates to obtain Secretarial Audit Report in Form MR-3 from a Practicing Company Secretary. M/s. Rathi and Associates, Practicing Company Secretaries, Mumbai had been appointed as Secretarial Auditors for the financial year March 31, 2024 to issue Secretarial Audit Report for the financial year 2023-24.

The Secretarial Audit Report issued in Form MR-3 by M/s. Rathi & Associates is attached as Annexure 4 and forms part to this report. The said report is self-explanatory and does not require any further clarification on the matter. Further, the Secretarial Audit Report in Form MR-3 for DESPL for the financial year ended March 31, 2024 is attached as Annexure 5 to this Report.

c) Annual Secretarial Compliance report:

In compliance with the Regulation 24A of the Listing Regulations and the SEBI circular CIR/CFD/CMD1/27/2019 dated February 8, 2019, the Company has undertaken an audit for the Financial Year 2023-24 for all applicable compliances as per Securities and Exchange Board of India Regulations and Circulars/Guidelines issued thereunder. The Annual Secretarial Compliance Report duly issued by M/s. Rathi & Associates has been submitted to the Stock Exchanges within the prescribed timelines.

The Annual Secretarial Compliance Report does not contain any qualification, reservation or adverse remark or disclaimer or modified opinion.

d) Cost Auditors:

Presently, the Company is not engaged in any manufacturing activities and hence requirement of appointment of Cost Auditors pursuant to Section 148 of the Companies Act, 2013 is not applicable to the Company.

e) Internal Auditors:

No instances of fraud, suspected fraud, irregularity or failure of internal control systems of material nature were reported by the internal auditors during the year.

f) Fraud reporting:

During the year under review, Statutory Auditors and Secretarial Auditors have not reported any instances of frauds specified under Section 143(12) of the Companies Act, 2013. committedbyCompany/itsOfficers/or Employeesas

6. DISCLOSURES UNDER SECTION 134 OF COMPANIES ACT, 2013:

Other disclosures as per provisions of Section 134 of the Act read with Companies (Accounts) Rules, 2014 are furnished as under:

a) Extract of Annual return:

Annual Return (Form MGT-7) for the year 2023-24 in terms of Section 92 (3) of the Companies Act, 2013 is available on the Company's website at https://deccangoldmines.com/dgml-agm-september-2024-documents/

b) Conservation of energy, technology absorption and foreign exchange earnings and outgo:

The particulars as required under the provisions of Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 have not been furnished considering the fact that the Company is yet to commence its manufacturing operations.

c) Expenditure and Earnings in Foreign Currency: Earnings:

Expenditure:

Schedule V to the Companies Act, 2013):

The Company is paying remuneration to its Managing Director as per the limits laid down in Section II of Schedule V to the Companies Act, 2013.

e) Change in share capital:

The Company has, during the year under review, allotted:

1,85,17,823 Fully Paid-Up Equity Shares having a face value of Re. 1/- at an issue price of Rs. 53.47/- per share, on a preferential basis pursuant to a share swap transaction for acquisition of 105,000,000 shares of (60% stake) in Avelum Partner LLC, Kyrgyzstan ("Avelum")

11,51,181 Fully Paid-Up Equity Shares having a face value of Re. 1/- at an issue price of Rs. 53.47/- per share, on a preferential basis pursuant to a share swap transaction for acquisition of 810 shares of (31.52% stake) in Kalevala Gold Oy, Finland ("Kalevala").

7,62,332 Fully Paid-Up Equity Shares having a face value of Re. 1/- at an issue price of Rs. 53.47/- per share, on a preferential basis for cash consideration.

81,28,768 Equity Warrants at an Issue Price of Rs. 53.47/- per warrant which are convertible into equivalent number of equity shares of Re.1/- each at an Issue Price of Rs. 53.47/- per equity share within 18 months from the date of allotment.

All the above allotments have been made to non-promoters.

f) Disclosure under Sexual Harassment of women at workplace (Prevention, Prohibition and redressal) Act, 2013:

The Company has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace and has also established an Internal Complaints Committee, as stipulated by The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules framed thereunder. During the year under review, no complaints in relation to such harassment at workplace have been reported.

g) Insolvency and bankruptcy Code, 2016:

During the year under review, no applications were made or any proceeding were pending under the Insolvency and Bankruptcy Code, 2016.

h) Disclosure with respect to one-time settlement of loan taken from the banks or financial

During the financial year under review, the Company had not taken any loan from the Banks or Financial Institutions. Hence, no disclosure is required to be made with respect to difference between amount of valuation done at the time of one-time settlement and the valuation done while taking the loan.

7. ACKNOwLEDGMENT AND APPRECIATION:

Your Directors take this opportunity to express their gratitude to all the business associates and to the investors / shareholders for the confidence reposed in the Company and its management. The Directors also convey their appreciation to the employees at all levels for their enormous personal efforts as well as collective contribution.

For and on behalf of the board of Directors of Deccan Gold Mines Limited