Transcript_109th AGM

THE RUBY MILLS LIMITED

TRANSCRIPT OF THE PROCEEDINGS OF THE 109th ANNUAL GENERAL MEETING

(“AGM”) OF THE MEMBERS OF THE RUBY MILLS LIMITED HELD ON FRIDAY, 9TH

SEPTEMBER, 2025 AT 5:00 P.M. THROUGH VIDEO-CONFERENCE (“VC”) / OTHER

AUDIO VISUAL MEANS (“OAVM”)

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Hiren Shah

Respected board members… This meeting is being recorded.

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TECH SUPPORT PURV

Hello.

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Hiren Shah

Good evening.

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Hiren Shah

Okay.

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Moderator

Good evening, everyone. I, Anuradha Tendulkar, Company Secretary and Compliance

Officer of the Ruby Mills Limited, would like to welcome our respected board members, statutory auditors, secretarial auditors, scrutinizers, and all the shareholders at the 109th Annual General Meeting of the Ruby Mills Limited.

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Hiren Shah

I would like to introduce you to our esteemed board members who are present with us at the meeting.

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Hiren Shah

Shree Hiren Shah, Executive Director and Chairman. Hello, this is Hiren Shah.

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Hiren Shah

Shri Bharat Shah and Shree Virat Shah, Managing Directors.

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Moderator

Shri. Virat Shah from, the office here.

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Hiren Shah

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Moderator

Shree Purav Shah, Executive Director, Chief Executive Officer, and Chief Financial Officer of our company.

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Moderator

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Moderator

Shree Deepak shah, non-executive, non-independent director of the Company.

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Moderator

We also have with us our independent directors.

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Moderator

Shree Rahul Gautam Divan, who is also the chairman of the audit committee.

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Moderator

Shree Yogen Lathia, who is the chairman of the Nomination and Remuneration Committee.

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Moderator

Shree Mehernosh Currawalla, who is the Chairman of the Stakeholder and

Relationship Committee.

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Moderator

Shreemati Jaswanti Patel.

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Moderator

and Shree Gurudas Aras.

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Moderator

We also have Shree Rajesh Modi of CNK and Associates LLP, Statutory Auditor, present at the meeting.

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Moderator

Also present with us… Shree Vikas Chomil, who is the secretarial Auditor.

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Moderator

I would also like to introduce Shree Saurabh Agarwal, scrutinizer for our AGM.

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Moderator

I would now like… I would now like to request Shree Hiren Shah, chairman of the company, to take the meeting forward.

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Hiren Shah

Hello, good evening.

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Hiren Shah

This is Hiren Shah.

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Hiren Shah

Speaking on behalf of Ruby Mills.

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Hiren Shah

Let me just go through my papers first. We will discuss about my speech.

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Hiren Shah

Who's talk this?

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Hiren Shah

Dear shareholders, It's my privilege to welcome you all to the 109th Annual General

Meeting of the Ruby Mills Limited.

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Hiren Shah

I sincerely, sincerely thank you for joining us today, and for your continued trust and encouragement.

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Hiren Shah

Your presence, year after year, a source of strength for us.

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Hiren Shah

As we move forward on our journey.

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Hiren Shah

Over the years, Ruby has grown, adopting the changing business environment. Yet, our values of integrity, resilience, and responsibilities have remained unchanged.

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Hiren Shah

These values have guided us through challenges and continues to shape our future path.

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Hiren Shah

Let me take you through a performance of your company during the year 24-25.

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Hiren Shah

Our total revenue stood at 26,714 lakhs, reflecting a growth from 25,035 lakhs in the previous year.

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Hiren Shah

The profit after tax was 4,231 lakhs, against 4,454 lakhs for year 23-24.

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Hiren Shah

We continue to maintain a strong balance sheet and effectively manage our cash flows, ensuring financial stability.

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Hiren Shah

In the textile division, revenues, were 20,875 lakhs, compared to 19,717 lakhs last year.

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Hiren Shah

While revenues improved, operating profits were lower at 1394 lakhs compared to 2153 lakhs in the previous year

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Hiren Shah

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Hiren Shah

Mainly due to cost pressure.

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Hiren Shah

In the real estate division, revenue stood at 33.9785 lakhs.

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Hiren Shah

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Hiren Shah

Against 39.85 lakhs in the previous year.

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Hiren Shah

With operating profit of 27, 2,723 lakhs against 3,319 lakhs.

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Hiren Shah

In appreciation of your continued support, the Board has recommended a final dividend of

35%, that is, Rs. 1.75 per equity share, subject to your approval at this meeting.

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Hiren Shah

Looking ahead.

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Hiren Shah

We are mindful of the challenges posed by the global uncertainty, a slowdown in exports, and volatile demand conditions. However, we remain confident about opportunities before us.

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Hiren Shah

Our focus will remain on enhancing operational efficiency, optimizing costs, Leveraging our real estate.

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Hiren Shah

assets, and strengthening our textile business with innovation and sustainable practices. On behalf of the board, I would like to place on record my gratitude to our shareholders, customers, bankers.

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Hiren Shah

and business partners for their trust and support. I would also like to thank my colleague on the board for their guidance, and our employees for their dedication and hard work.

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Hiren Shah

Which continue to drive our success.

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Hiren Shah

Together, we build Ruby's legacy of more than a century, and create a greater value of all of our stakeholders. Thank you.

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Moderator

It is a pleasure to connect with you all today. Members may please note that the company has complied with all the provisions of the Companies Act 2013,

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Moderator

SEBI Listing Obligations and Disclosure Requirement Regulations 2015, and the applicable circulars of MCA and SEBI with regard to holding this AGM.

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Moderator

Members may please note that the company had provided e-voting facility to all the members through NSDL platform. The e-voting facility was available from Saturday 6th September

2025 from 9am to Monday 8th September 2025 till 5pm.

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Moderator

Members who have not cast their vote electronically and who are participating in this meeting have an opportunity to cast their vote electronically during this meeting. Shree Saurabh

Agarwal.

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Moderator

practicing company secretary has been appointed by the board as the scrutinizer for the remote e-voting and the e-voting at this AGM. The combined result of the remote e-voting and e-voting at the AGM

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Moderator

Along with the scrutinizer's report will be uploaded on the website of the company, as well as on the website of Bombay Stock Exchange of India, within 2 working days from the conclusion of the

AGM.

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Moderator

The Register of Directors and key managerial personnel and their shareholding, maintained under Section 170 of the Companies Act 2013,

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Moderator

Section 189 of the Companies Act 2013 are made available for inspection. The registers have been placed on the table and are now open for inspection by any member during the course of this meeting.

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Moderator

The notice convening the 109th Annual General Meeting of the company is already circulated to all the members.

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Moderator

I take the notice as read.

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Moderator

I wish to inform you that the statutory auditors and secretarial auditors have not made any qualifications, reservations, adverse remarks, and disclaimer in the audit reports for the year ended 31st

March 2025.

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Moderator

Therefore, with your permission, I take the statutory Auditor's report and the secretary auditor's report as read.

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Moderator

I will now place all the agenda items before the meeting for the approval of members. Item number 1. The first agenda is put forth as it is required under the law for the members to adopt the financial statements of the company and along with the board's report. I will now read the agenda as mentioned in the AGM notice.

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Moderator

to receive, consider, and adopt the audited financial statements for the financial year ended

March 31st, 2025, together with the reports of the Board of Directors and auditors thereon, and in this regard, to pass the resolution.

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Moderator

as an ordinary resolution. Shareholders who have not casted their vote through e-voting may cast their vote now electronically.

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Moderator

Item number 2. The second agenda is put forth by the board of directors, who had proposed in the board meeting, dated 26th May 2025, the payment of dividend of 35%, that is, 1.75 rupees per

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Moderator

fully paid up equity share pays value of Rs. 5 per equity share for the financial year 24-25.

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Moderator

The agenda, as stated in the AGM notice, is

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Moderator

to declare the final dividend on equity shares for the financial year ended 31st March 2025, and in this regard, to pass the resolution as an ordinary resolution.

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Moderator

Shareholders who have not casted their vote Through remote e-voting may cast their vote electronically now.

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Moderator

---

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Moderator

Since Hiren, sir, is interested in the next agenda, I would request him to allow

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Moderator

Okay, I would request him to kindly leave the room, and allow Mehernosh, sir, to chair the meeting, post which

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Moderator

Hiren Sir Shal assumed the chair again.

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Hiren Shah

May I request, sir, to take the chair for item number 3.

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Mehernosh Currawalla

Good evening.

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Mehernosh Currawalla

The third item on the agenda is to put forth for retirement by rotation of a director

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Mehernosh Currawalla

who has been the longest in office, and that is mandatory by the Companies Act of 2013.

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Mehernosh Currawalla

The agenda as stated in the AGM notice is…

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Mehernosh Currawalla

to appoint a director in place of Shree Hiren Manhalal Shah.

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Mehernosh Currawalla

Who retires by rotation, and being eligible for reappointment, offers himself for reappointment, and in this regard, to pass a resolution as an ordinary resolution.

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Mehernosh Currawalla

Shareholders who have not casted their vote.

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Mehernosh Currawalla

May please do so through remote e-voting.

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Mehernosh Currawalla

And… or they may cast their vote now, electronically.

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Moderator

Thank you, sir, for taking the chair. Thank you. We'll need to call Mr. Hiren back. We request Hirin, sir, to take the chair. Yes.

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Moderator

Thank you, sir.

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Moderator

Item number 4. The fourth agenda pertains to ratification of the remuneration of the cost auditor, Shree Dakshesh Zaveri, appointed by the company in its board meeting dated 26th May 2025.

The agenda is as follows.

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Moderator

Ratification of cost auditor remuneration, and in this regard, to pass the resolution as an ordinary resolution.

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Moderator

Shareholders who have not casted their vote through remote e-voting may cast their vote now electronically.

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Moderator

Item number 5. The next agenda item is pertaining to appointment of Secretarial auditor.

The agenda, as stated in the AGM notice, is

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Moderator

Appointment of Secretarial auditor pursuant to the provisions of Section 204 and other applicable provisions, and based on the recommendation of the Audit Committee.

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Moderator

and the approval of the board of directors of the company, consent of the company be and is hereby accorded for appointment of Mrs. Vikas R. Chomal, company secretaries, as the secretarial auditor of the company for a period of 5 years.

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Moderator

Commencing on 1st April 2025 until 31st March 2030, to conduct a secretarial auditor of the com- audit of the company, and to furnish the secretarial audit report, and in this regard, to pass the resolution as an ordinary resolution.

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Moderator

Shareholders who have not casted their vote through remote e-voting may cast their vote now electronically.

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Moderator

Item number 6.

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Moderator

The next agenda item is pertaining to reappointment of Shree Rahul Gautam Diwan as an independent director of the company in terms of Section 149 of the Companies Act 2013 for a second term of 5 consecutive years. The agenda

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Moderator

As stated in the AGM notice is.

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Moderator

reappointment of Shree Rahul Gautam Divan for second term of 5 consecutive years, commencing from 30th September 2025 up to 29 September 2030, and in this regard, to pass the resolution as a special resolution.

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Moderator

Shareholders who have not casted their vote electronically

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Moderator

who have not casted their vote through remote e-voting may cast their vote now electronically.

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Moderator

Now, I would like to request Purav sir or Bharat Sir, to answer the queries and clarifications of our shareholders.

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Moderator

We need them to pause the questions.

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Moderator

How is this?

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Moderator

How about… what is… Excuse me.

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Moderator

I would like to call upon Mr. Gaurav Agarwal for his questions, which he's posed.

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Moderator

Requesting Rahul, Rahul from managerial technical team to unmute and allow Rahul,

Gaurav Agarwal ji to speak.

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Moderator

Gaurav Agarwal to speak in the meeting.

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Moderator

Rahul?

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Moderator

Can you please acknowledge?

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Rahul NSDL

Gaurav has not joined the meeting. We can move forward.

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Moderator

Yeah, can you please unmute Mr. Anil Mehta, and ask him… I mean, let him ask his question?

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TECH SUPPORT PURV

So he usually works remotely.

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ANIL BABUBHAI MRHTA

Hello, hello?

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Hiren Shah

Yeah.

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ANIL BABUBHAI MRHTA

My only one?

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Rahul NSDL

Yes, good, Audible, yeah.

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Moderator

Nope.

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ANIL BABUBHAI MRHTA

Thank you, sir. Good evening. I'm Anil Mehta, speaking from Mumbai.

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Moderator

Respected Chairman, sir, Board of Director.

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ANIL BABUBHAI MRHTA

prepared.

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ANIL BABUBHAI MRHTA

Company Secretary.

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ANIL BABUBHAI MRHTA

Sir, I've gone through the new account for the finance year 24-25. The relevant balance here is very much transparent.

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Hiren Shah

Thank you.

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ANIL BABUBHAI MRHTA

strictly observe the Corporate Governance under Companies Act.

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ANIL BABUBHAI MRHTA

So nothing is left out for me to ask me any question in respect of today's annual general meeting.

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ANIL BABUBHAI MRHTA

With this, I support all the resolution as mentioned or written in the digital

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Hiren Shah

accounts.

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ANIL BABUBHAI MRHTA

Over to you, Chairman Sir, for further proceeding.

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Hiren Shah

You made it, thank you!

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Moderator

Yeah. Rahulji, can I, can I just request you to, again, unmute Gaurav Agarwal? I think he's back in the meeting, and he's renamed himself.

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Rahul NSDL

No, okay.

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Hiren Shah

earlier in the meeting.

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Rahul NSDL

Gaurav, please proceed with your question.

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GAURAV AGARWAL

Yeah, thanks to the management for letting me ask a question. So my question is regarding the real estate business of the company.

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GAURAV AGARWAL

So, I believe there should be a separate presentation aligned along with the results.

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GAURAV AGARWAL

And as a shareholder, we are not aware what's the commercial office space the company has leased out, what is the, you know, unavailable space for selling it. So I have a few questions on that. So what is the total commercial office space company has developed till now?

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GAURAV AGARWAL

And how much of this has been leased out, or sold, or is available for sale?

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GAURAV AGARWAL

And third is the… are there any commercial office space currently under construction which the company believes would be available for leasing?

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GAURAV AGARWAL

And the last is, what's the extent of the free available land which the company can develop in future and monetize the shareholder value?

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GAURAV AGARWAL

Thank you. That completes my question.

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Moderator

Gauravji will be addressing the questions. Once we've noted down the questions, we'll be taking all the questions in, and then we'll be moving forward.

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Moderator

I hope that's alright. I would now request

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Moderator

Rahul, to unmute Ashish shankar Bansal if he's in the meeting.

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TECH SUPPORT PURV

Sorry sir, he's not meeting.

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Moderator

Moving on to the next, next Mr. Lake… Miss Lekha Shah.

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Lekha Shah

Hello?

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Lekha Shah

Amy, what do you mean, sir?

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Moderator

Yes, ma'am, you are.

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Lekha Shah

Thank you, sir.

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Lekha Shah

Respective chairman, Board of Directors.

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Lekha Shah

And my fellow members, good evening, and regards to everyone, myself, Lekha from

Mumbai.

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Lekha Shah

First of all, I would like to thank our community today, Anitaji, especially Sanjay Sir, for giving me this opportunity, and small, smooth process.

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Lekha Shah

Where I'm able to talk in front of you, all in AGM. I found the AGM notice, and I'm delighted to say it's so beautiful, full of colors, and packed and picked it simply.

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Lekha Shah

Chairman Sir, your opening remarks, they're so insightful and comprehensive that you have already addressed everything I had in mind.

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Lekha Shah

That I prayed to God.

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Lekha Shah

that he always shower blessings upon you. May all your upcoming passes fill you with joy and blessing, sir.

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Lekha Shah

Chairman Sir, I would like our people continue.

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Lekha Shah

My first question is, are we introducing any new product lines per week to stay competitive in the markets?

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Lekha Shah

My second question is, what is the company's strategy to grade the real estate division?

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Lekha Shah

And my third question is, any plans to export? Did you know geographic or escort markets?

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Lekha Shah

Chairman, sir, I hope the company will continue video conference meetings in future. So, I would like to say I strongly and full-heartedly support all the resolutions for today's meeting. Thank you, sir.

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Hiren Shah

Welcome, thank you. I will answer all the queries subsequently. Please.

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Moderator

Rahul, can I again ask you to check on Mr. Ashish Shankar Bansal in the meeting? Because we see he's present in the meeting.

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Rahul NSDL

Yeah, he's present.

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Hiren Shah

Can you please allow him to ask the question?

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Ashish Bansal

You'll get me into my auction?

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Ashish Bansal

Am I Audible?

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Hiren Shah

Yes, sir, we can. Yes.

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Ashish Bansal

Please speak the Chairman and Board of Director.

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Ashish Bansal

Good afternoon, everyone.

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Ashish Bansal

I have given the request for the physical copy of Annual Report, but I am not interested to there.

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Ashish Bansal

If you can send it, I am thank full to you.

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Ashish Bansal

Last two meetings, you are doing VC meeting. Many companies in this month, 60 to 70 companies are doing physical.

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Ashish Bansal

Why you all stop physical meeting?

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Ashish Bansal

Thank you so much, sir.

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Hiren Shah

Thank you.

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Moderator

And to the last, and to the last, shareholder in question, which is Mr. Rajendra Jamnadas

Seth.

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Hiren Shah

If he's in the meeting, can you please ask him, or unmute him, and allow him to ask the question?

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TECH SUPPORT PURV

Oh, sorry, he's not in the meeting.

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Hiren Shah

Rajendra Seth.

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Hiren Shah

Yeah, now, Purav, can you answer the real estate questions? Paraf, could you address the real estate questions, please?

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Hiren Shah

Rahul and is still requesting you to please unmute Bharat Sir. Bharat shah, co-host.

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Moderator

Rahul.

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Moderator

Rahul, can you please ask?

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Rahul NSDL

Yeah, unmute video.

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Moderator

Yep.

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Rahul NSDL

Bharat Shah, please unmute from your end.

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Moderator

He's given, he's given the right to Bharat Sir to unmute.

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Hiren Shah

Purav Can you answer?

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Bharat Shah

Okay… I mean, can you hear me?

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Moderator

Yes, sir.

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Bharat Shah

Okay.

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Bharat Shah

So, Rahul, hi, all the shareholders, good, good afternoon, good evening. Rahul, to answer your question, Gaurav, to answer your questions, the total area that we've developed in the current tower is about, 75,000 square meters.

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Bharat Shah

Out of the above 75,000 Sq. Mtr , we have sold approx. 350,000 (sq ft.)

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Bharat Shah

about 350,000(sq ft.) is leased, and the balance, 1,50,000(sq ft. ) is for Ruby's corporate office and some, areas which are, which we are going to be leasing in future.

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Bharat Shah

So, that is the current, position of the current tower.

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Bharat Shah

As far as the balanced land is concerned, we can develop about 40,000 square meters of residential development. We are studying the market, and we will see what best product mix we should go for. Either we go for a mixed user, commercial user.

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Bharat Shah

But, you know, the times are a little different now. The regulations have permitted a lot of

FSI, a lot of areas are being developed. We have Dharavi coming up, we have…

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Bharat Shah

the new railway land, which has been advertised very largely coming up. We have the new

BKC, which is the Vadala Salt Land coming up, so…

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Hiren Shah

so…

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Bharat Shah

It has to be a very carefully, studied and, you know, a deliberated decision which we will… which we are in the process of.

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Bharat Shah

But having said that, the fact that we've undertaken development of real estate is basically to enhance shareholder value and make sure that the minority shareholders also benefit, you know, and prosper with the company.

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Bharat Shah

So I hope I've, you know, answered your questions.

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Bharat Shah

And happy to… to take any more.

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Hiren Shah

Rishab, about textiles, could you probably throw more light? Just…

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Hiren Shah

How about new product development, new markets?

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Rishabh Shah

Yeah.

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Rishabh Shah

We've expanded our product basket and team and are evaluating new markets and geographies.

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Rishabh Shah

However, the current geopolitical scenario warrants caution on the export front, and so we are looking to further enhance our already strong domestic presence.

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Rishabh Shah

We have entered into newer products and markets, and the initial feedback is positive.

As far as exports go, we will take it as it comes, considering a lot of other international scenarios.

Domestically, we see strong demand even going forward.

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Rishabh Shah

So that's… that's basically Kaj's question. Yeah, Mr. Lekha.

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Hiren Shah

Any other queries? Physical… the only query that was basically… Only a physical meeting, right? Yeah. I think probably we, if he was asking for a physical balance sheet also, we can probably…

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Bharat Shah

I should send it.

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Hiren Shah

Come on, you can check that day.

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Bharat Shah

Care and send it.

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Hiren Shah

And I think we can review next year, probably keep a physical meeting also.

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Bharat Shah

And…

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Bharat Shah

These virtual meetings have become a norm, and you know, we have directors who are traveling all over, it's, you know, difficult for everybody to come to one place.

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Bharat Shah

In that endeavor, this time we have actually pre powned our AGM by almost two and a half weeks, as suggested by… by other shareholders in the previous years. So, typically, our board meeting… our AGM was on the… in the last week of September, we've tried to come as close to the first week.

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Bharat Shah

So that, you know, people and our shareholders, can… can… it's convenient for them to attend the meetings.

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Hiren Shah

Okay, I think there are any further questions, we are left with?

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Moderator

Not letting you know. None. None, sir. Okay.

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Hiren Shah

I think that brings us close to the meeting. I think all question-answers I've been noticed.

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Moderator

I would now like to request…

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Moderator

I would now like to request Chair Menser to give his concluding remarks.

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Hiren Shah

We are really…

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Hiren Shah

Going to be challenging times ahead, but as we are concentrating more on local markets, we should not be affected as much

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Hiren Shah

Due to tariffs, which have been now introduced by the…

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Hiren Shah

American markets, mainly US markets.

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Hiren Shah

We are hopeful and local demand.

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Hiren Shah

has really… been looking very promising. And as our product basket is announced, We…

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Hiren Shah

Would probably, in coming years, would be able to perform much better.

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Hiren Shah

And we have a larger market share of products.

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Hiren Shah

I hope we would be able to carry forward

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Hiren Shah

the scenario from here on, and we'll be able to show better results. Thank you. Thank you very much.

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Moderator

All the agenda items placed before the meeting have been transacted. I now close the proceedings of this meeting. The e-voting shall continue for 30 minutes after the conclusion of the meeting.

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Moderator

Stay safe, stay healthy, and take care. Thank you, everyone.

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TECH SUPPORT PURV

Ma'am, can I end the meeting?

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Moderator

Yes, yes.

Transcript_109th AGM

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Near term

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