Luxury and high luxury watch segments also earn better margins, allowing your Company to have better profitability.

Exclusive Brands: Exclusive brands continue to play a pivotal role in the consumer strategy of the Company. Company's growth is galvanized by its portfolio of 40 brands, which are exclusively available at Ethos. During FY 23, exclusive brands contributed 27.4% for the toplines and 37.9% to the gross margin of the Company.

Certified Pre-Owned Business: Certified pre-owned watches is a great growth pillar for the watch industry globally. The pre-owned watch sector does not cannibalize the new watch business. On the contrary it adds to the overall industry size by promoting multiple ownership of watches and adding a whole sector of first-time luxury enthusiasts. Globally, it is already 33% of the new watch business and according to industry experts it will become half the size of the new watch industry by 2026.

In India, your Company has the first mover advantage on this fast-growing sector and having the highest market share considering the only ones with a Pan India Presence to source watches. With a “state of the art” service centre which the Company recently opened, it restores each watch and provides a 2 years warranty on each watch. Company's new website https:// www.secondmovement.com already has over 1.3 million visitors. Company has trained 17 (seventeen) watch technicians over the last 12 (twelve) months and are in a position to grow this business steadily.

During FY 23, your Company's pre-owned business has reported total sales of Rs. 5,041 lakhs against Rs.3,141 lakh in FY 22. The Company grew by 61% in Billing against the previous year. Over

the next two years your Company will expand the footprint along with the website to few major cities in India to continue driving strong growth in the pre-owned business.

Loyalty Program: Company's loyalty program, Club ECHO, is a customer relationship management initiative, which provides benefits to repeat customers based on their cumulative purchasing over time. The database generated via Club ECHO gives the Company access to important buying trends, which further enables the Company to design appropriate communication strategies, leading to greater satisfaction and commitment. As on March 31, 2023, the Company had over 3,00,000 registered members in Club ECHO.

3. Dividend

In order to conserve profits of the current year for the several growth initiatives that the Company is pursuing, the Board of Directors do not propose dividend for current financial year.

As required under Regulation 43A of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, the Company has formulated Dividend Distribution Policy and the same has been uploaded on the website of the Company and can be accessed at https://www.ethoswatches.com/investors-information

4. Share Capital

During the year under review, there was no change in the authorised share capital of the Company.

During the year under review, there was an allotment of

4.271.070 equity shares of Rs.10 each at a securities premium of Rs. 868 per share under the Initial Public Offering (IPO) of the Company at the IPO Committee meeting held on May 26, 2022.

The paid-up share capital of the Company as on date of this report is Rs. 2,334.92 lakhs (Rupees Twenty three crores thirty four lakh ninety two thousand three hundred and thirty only) divided into 23,349,233 equity shares of Rs. 10 each.

5. Initial Public Offer and Listing of Shares on Stock Exchanges

During the year, the Company completed Initial Public Offering (IPO) of 45,81,500 equity shares comprising a fresh issue of

42.71.070 equity shares and an offer for sale of 3,10,430 equity shares by respective applicants in various categories for the face value of Rs.10 each at securities premium of Rs.868 per share. Pursuant to the IPO, the equity shares of the Company are listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) with effect from May 30, 2022.

6. Directors and Key Managerial Personnel

(a) Directors:-

During the year under review, following changes took place in the composition of the Board of Directors of the Company -

Pursuant to the recommendations of Nomination and Remuneration Committee and Audit Committee in

its meetings held on November 3, 2022, the Board of Directors (at its meeting held on November 3, 2022) recommended re-appointment of Mr. Yashovardhan Saboo (DIN - 00012158) as the Chairman and Managing Director of the Company with effect from December 1, 2022 for a term of 1 (one) year, that is, up to November 30, 2023 without remuneration as his earlier term of re-appointment was expiring on November 30, 2022. The said re-appointment was approved by the members by way of an ordinary resolution passed through Postal Ballot dated March 5, 2023. However, the members of Nomination and Remuneration Committee and Audit Committee at their meetings held on March 28, 2023 recommended that the current term of re-appointment of Mr. Yashovardhan Saboo, as approved by the members through Postal Ballot on March 5, 2023, be superseded. The Board, thereafter, at its meeting held on March 28, 2023 recommended supersession of the Ordinary Resolution passed by members through Postal Ballot on May 19, 2023 by re-appointing Mr. Yashovardhan Saboo as Chairman and Managing Director for a term of 3 (three) years with effect from April 1, 2023 upto March 31, 2026 along with the payment of remuneration.

Mrs. Munisha Gandhi (DIN - 09684474), who was appointed as an Additional Director, was regularised as a Non - Independent and Non- Executive (Woman) Director, by way of an Ordinary Resolution passed by the members of the Company through Postal Ballot on March 5, 2023.

Mr. Charu Sharma (DIN - 02276310), who was appointed as an Additional Director, was regularised as an Independent Director of the Company with effect from November 3, 2022 for a term of 5 (five) consecutive years commencing from November 3, 2022, not liable to retire by rotation, by way of a Special Resolution passed by the members of the Company through Postal Ballot on March 5, 2023.

Mr. Patrik Paul Hoffmann (DIN - 09208027) was regularised as an Independent Director of the Company with effect from September 27, 2022, not liable to retire by rotation, by way of a Special Resolution passed by the members of the Company through Postal Ballot on March 5, 2023.

Based on the recommendation of Nomination and Remuneration Committee, performance evaluation was carried out and subject to the approval of the Shareholders of the Company, the Board of Directors approved the reappointments of Mr. Dilpreet Singh (DIN - 03042448 and Mr. Mohaimin Altaf (DIN - 08080751) as Independent Directors of the Company for a second term of 5 (five) years. However, Mr. Mohaimin Altaf (DIN - 08080751) vide his letter dated August 5, 2023 has conveyed to the Board his unwillingness to be re-appointed as an Independent Director of the Company for the second term. As such, the Board recommends the re-appointment of Mr. Dilpreet Singh (DIN - 03042448) for the approval of the members and Mr. Mohaimin Altaf (DIN - 08080751) shall cease to be the Director of the Company from the date of conclusion of the 16^th (Sixteenth) Annual General Meeting of the Company.

In accordance with the provisions of Companies Act, 2013, Mr. Chitranjan Agarwal (DIN - 00095715) retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for reappointment. The Board recommends his re-appointment for the approval of the members.

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence prescribed under the Companies Act 2023 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, as amended, Independent Directors of the Company have registered their names in the data bank of Independent Directors maintained with the Indian Institute of Corporate Affairs.

The list of key skills, expertise and core competencies of the Board of Directors, is provided in the Report on Corporate Governance forming part of this report. Details, such as brief resumes, nature of expertise in specific functional areas, names of companies in which the above-named directors hold directorships, committee memberships / chairpersonships, shareholding in your Company, etc. are furnished as a separate annexure in the Notice of the 16^th (Sixteenth) Annual General Meeting (AGM).

Necessary resolutions for re-appointment of the aforesaid directors forms part of the Notice convening the 16^th (Sixteenth) AGM.

The details on Directors' re-appointments / appointments and remuneration including criteria for determining qualifications and positive attributes, forms part of the Notice convening the 16^th (Sixteenth) AGM.

In the opinion of the Board, all the directors, as well as the directors proposed to be appointed / re-appointed, possess the requisite qualifications, experience and expertise and hold high standards of integrity. All of the Independent Directors are exempt from the requirement of passing the proficiency test.

None of the Director has received any remuneration or commission from any of the Company's subsidiaries or joint ventures. During the year under review, the Non-Executive Directors (NEDs) of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees and agreed commission, received by them.

(b) Key Managerial Personnel:

During the year under review, there were no changes in the Key Managerial Personnel of the Company.

The Policy on Remuneration, Insider Trading, Familiarization Programme For Independent Directors and Diversity of Board of Director as approved by the Board is available on the Company's website and can be accessed at https://www.ethoswatches.com/investors-information.

7. Material changes and commitments, if any, affecting the financial position of the Company occurred between the end of the financial year to which this financial statements relate and the date of the report

There are no material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which these financial statements relate on the date of this report.

The Policy on Determination of Materiality of events or information as approved by the Board is available on the Company's website and can be accessed at https://www. ethoswatches.com/investors-information.

8. Details of significant and material orders passed by the regulators, courts and tribunals

There were no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and the Company's operations in future.

9. Business Responsibility and Sustainability Report

Pursuant to Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Business Responsibility and Sustainability Report of the Company is attached as Annexure - I forming part of this report.

10. Management Discussion and Analysis Report

Pursuant to Regulation 34 read with Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Management Discussion and Analysis as per Annexure - II, which includes detailed review of operations, performance and future outlook of the Company, is annexed hereto and forming part of this report.

11. Corporate Social Responsibility

The Company is committed to discharge its social responsibility as a good corporate citizen. In terms of the provisions of Section 135 of the Act, read with Companies (Corporate Social Responsibility Policy) Rules, 2014, the Board of Directors of your Company has constituted a Corporate Social Responsibility Committee (“CSR Committee”). The composition and terms of reference of the CSR Committee is provided in the Corporate Governance Report, which forms part of this Annual Report. The Annual Report on CSR activities required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 is set out as Annexure - III forming part of this report.

The aforesaid CSR Policy has also been uploaded on the Company's website and may be accessed at https://www.ethoswnt.ches.com/invest.ors-informnt.ion

12. Particulars of loans, guarantees or investments made under section 186 of the Companies Act, 2013

There were no loans or guarantees given by the Company under Section 186 of the Companies Act, 2013 during the year under review.

However, Company had acquired 100% stake of Silvercity Brands AG, a Swiss stock corporation situated at Grenchen, Switzerland. Consequently, Silvercity Brands AG has become the wholly owned subsidiary body corporate of the Company with effect from March 31,2023.

Also, the Company has made an application of investment of CHF 125,000 for subscribing to the shares of Haute-Rive Watches SA, a Swiss stock corporation situated at Corcelles, Switzerland.

13. Related Party Transactions

During the year under review, related party transactions entered into by the Company with related parties as defined under the Act and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 were reviewed / approved by the Audit Committee and were entered into in the ordinary course of business and on an arm's length basis. There were no materially significant transactions entered into with the related parties that may have potential conflict with the interests of the Company at large.

Further, all the RPTs are placed before the Audit Committee for the review and approval and prior Omnibus Approval was obtained for RPT which were repetitive in nature. Thus, disclosure in Form AOC-2 is not required.

All transactions with related parties are in accordance with the policy on related party transactions formulated by the Company.

Accordingly, Form No. AOC-2, prescribed under the provisions of Section 134(3)(h) of the Act and Rule 8 of the Companies (Accounts) Rules, 2014, for disclosure of details of related party transactions, which are “not at arm's length basis” and also which are “material and at arm's length basis”, is not provided as an annexure to this Report.

During the year, the Company amended the Policy on Dealing with Related Parties in view of the amendments issued by SEBI and to simplify the process of transaction approval sought from the Audit Committee. The Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions as approved by the Board is available on the Company's website and can be accessed at https://www.ethoswatches.com/ investors-information.

14. Statutory Auditors and Auditor's report

As per the requirement of section 139(2) of the Companies Act, 2013, M/s. S.R. Batliboi & Co. LLP, Chartered Accountants (Firm Registration No. 301003E/E300005), were appointed as the Statutory Auditors of the Company for a term of five consecutive years at the twelfth Annual General Meeting of the Company held on September 2, 2019. The Statutory Auditors have confirmed they are not disqualified from continuing as Auditors of the Company.

The Board has examined the Auditors' Report to the accounts and clarifications, wherever necessary, have been included in the notes to the accounts. Further, the Auditors Report does not contain any qualifications, adverse or disclaimer remarks. No fraud has been reported by the Auditors to the Audit Committee or the Board.

15. Secretarial audit and Auditor's report

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and rules made there under, the Company has appointed CS Vishal Arora, Practicing Company Secretary (FCS no. 4566 and CP no. 3645), to undertake the Secretarial Audit of the Company.

Secretarial audit of secretarial and related records of the Company was conducted by the aforesaid auditor and a copy of the secretarial audit report is annexed and forms an integral part of this report as Annexure - IV. The above Secretarial audit report does not contain any qualifications, reservations or adverse or disclaimer remarks.

16. Report on Corporate Governance

The Corporate Governance Report of the Company for the year under review, is attached as Annexure - V forming part of this report.

Certificate from CS Jaspreet Singh Dhawan, a Practicing Company Secretary regarding the compliance with the conditions of the Corporate Governance as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed to the Corporate Governance Report and forms and integral part of this Report.

17. Extract of Annual Return

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on March 31, 2023 is available on the website of the Company at ht.t.ps://www.et.hoswnt.ches.com/ investors-information .

18. Meetings of the Board and the Committees

During the financial year under review, 9 (nine) meetings of the Board of Directors were held. The details of dates of the above meetings including the attendance of the Directors are given in the Corporate Governance Report which forms part of this Annual Report.

19. Director's Responsibility Statement

In accordance with the provisions of Section 134 (3)(c) and 134(5) of the Companies Act, 2013, the Board, to the best of its ability confirms that:—

a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a

true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period;

c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) the directors had prepared the annual accounts on a going concern basis; and

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

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

20. Details of Subsidiaries, Joint Ventures and Associate Companies

During the year under review, the particulars of Subsidiary and Associate Companies are as under:-

Cognition Digital LLP (‘Cognition') - Cognition is a wholly owned subsidiary body corporate of the Company and is engaged in the business of developing and implementing information technologies (IT) and conduct IT based businesses including retail and distribution of consumer and other goods. During the year under review, it has reported revenue from operations amounting to Rs. 422.06 lakh and its net profit stood at Rs. 73.39 lakh.

Silvercity Brands AG (‘Silvercity’) - Silvercity is a wholly owned subsidiary body corporate of the Company and is engaged in the business of acquisition and sale, holding and management of Intellectual property rights and license rights, especially in the watch industry and related areas; buying and selling, marketing and development of watches, related products and others luxury goods; it also provides services in these areas.

22. Vigil Mechanism/Whistle Blower

The Company has formulated and implemented ‘Ethos Limited - Vigil Mechanism/Whistle Blower Policy’ to provide a formal mechanism to the Directors and employees to report their concerns about unethical behaviour, actual or suspected fraud

Pasadena Retail Private Limited (‘Pasadena’) - Pasadena is a joint venture of the Company and is engaged in the business of retail of watches. During the year under review, it has reported revenue from operations amounting to Rs. 1,069.17 lakh and its net profit stood at Rs. 99.35 lakh.

In terms of the provisions of Regulation 24(1) of the Listing Regulations, appointment of the Independent Director of the Company on the Board of material subsidiaries was not applicable to M/s. Cognition Digital LLP.

During the year under review, the Board has reviewed the affairs of subsidiary body corporate and joint venture company. The Consolidated Financial Statement of the Company are prepared in accordance with the Companies Act, 2013 read with rules made thereunder and applicable IND AS along with the relevant documents and Auditors’ Report thereon forms part of this Annual Report.

In accordance with the provisions of Section 136(1) of the Companies Act, 2013 read with rules made thereunder, the Annual Report of the Company containing therein the audited standalone and consolidated financial statement and the audited financial statements of subsidiary body corporate and joint venture Company have been placed on the website of the Company. The audited financial statements in respect of subsidiary body corporate and joint venture Company shall also be kept open for inspection at the Registered Office/Corporate Office of the Company during working hours for a period of 21 days before the date of ensuing AGM. The aforesaid documents are also available to Members interested in obtaining the same upon a request made to the Company.

A separate statement containing salient features of the financial statements of the Company’s subsidiary/associate in prescribed format in Form AOC - 1 is annexed as Annexure - VI to this report.

The Policy on Determining Material Subsidiaries as approved by the Board is available on the Company’s website and can be accessed at https://www.ethoswatches.com/ investors-information.

or violation of the Company’s Code of Conduct or Ethics Policy. The same is hosted on the website of the Company at the link https://www.ethoswatches.com/investors-information.The Policy provides for adequate safeguards against victimisation of employees who avail of the mechanism and also provide for

23. Performance Evaluation of the Board

In order to ensure that the Board and Board Committees are functioning effectively and to comply with the statutory requirements, the annual performance evaluation of the Board, Board Committees and Individual directors was conducted during the year. The evaluation was carried out based on the criterion and framework approved by the Nomination and Remuneration Committee. A detailed disclosure on the parameters and the process of Board evaluation as well as the outcome has been provided in the Report on Corporate Governance.

At a separate meeting of Independent Directors, the performances of Non-Independent Directors, the Board as a whole and the Chairman were evaluated, considering the views of Executive Directors and Non-Executive Directors.

24. Policy on Director's Appointment and Remuneration

The Company’s policy on Directors’ appointment and remuneration and other matters provided in Section 178(3) of the Act, has been disclosed in the Corporate Governance Report which forms part of this Annual Report.

The details of remuneration to Non-Executive Directors, is given in Corporate Governance Report forming part of this Annual Report.

25. Risk Management

The Company has formed a Risk Management Committee to frame, implement and monitor the risk management plan for the Company. The Committee is responsible for monitoring and reviewing the risk management plan and ensuring its effectiveness. The Audit Committee has additional oversight in the area of financial risks and controls. Any major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis.

The Policy on Risk Management as approved by the Board is available on the Company’s website and can be accessed at https://www.ethoswatches.com/investors-information.

26. Internal Financial Controls (IFC) and their Adequacy

The Company maintains adequate internal control systems, policies and procedures for ensuring orderly and efficient conduct of the business, including adherence to the Company’s policies, safeguard of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records and timely preparation of reliable financial disclosures in all areas of its operations. The services of internal and external auditors

are sought from time to time as well as in-house expertise and resources. The Company believes that it has sound internal control systems commensurate with the nature and size of its business. The Company continuously upgrades these systems in line with best-in-class practices.

These reports and deviations are regularly discussed with the Management and actions are taken, whenever necessary. The Audit Committee of the Board periodically reviews the adequacy of the internal control systems.

27. Employee Stock Option Plan

There is no employee stock option plan subsisting or continuing as on date.

28. Particulars of Employees

The information pertaining to the remuneration and other details as required under Section 197(12) of the Companies Act,

2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in Annexure - VII which forms part of this Report.

In terms of the provisions Section 197(12) of the Companies Act, 2013, read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,

2014, a statement showing the names and other particulars of employees drawing remuneration in excess of the limits as set out in the said rules are provided in this Annual Report.

In terms of the proviso to Section 136(1) of the Act, the Annual Report is being sent to the Members of the Company excluding the aforesaid information. The said information is available for inspection by the Members at the Registered Office/Corporate Office of the Company during business hours on working days and Members interested in obtaining such information may write to the Company Secretary and the same will be furnished on request. Such details are also available on the Company’s website at https://www.ethoswatches.com/invest.ors-informat.ion.

29. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

The information pertaining to conservation of energy, technology absorption, foreign exchange earnings and outgo as required under section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished in Annexure - VIII and is forming part of this report.

30. Cost Records

Neither maintenance of cost records nor audit of cost records as required under Section 148 of the Act read with relevant rules made thereunder is applicable to the Company.

31. Committees of the Board

The various Committees of the Board focus on certain specific areas and make informed decisions in line with the delegated authority.

The following statutory Committees are constituted by the Board according to their respective roles and defined scope:

a) Audit Committee,

b) Nomination and Remuneration Committee,

c) Stakeholders Relationship Committee,

d) Corporate Social Responsibility Committee and

e) Risk Management Committee

Details of the composition, terms of reference and number of meetings held for respective committees are given in the Report on Corporate Governance.

The Company has adopted Code of Conduct for its Directors and senior management personnel and the same can be accessed using the following https://www.ethoswatches.com/ investors-information.

All Directors and senior management personnel have affirmed compliance with the Code of Conduct and Ethics for Directors and Senior Management.

32. Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company is committed to providing a safe and conducive work environment to all its employees and associates. The Company has a Policy on Prevention of Sexual Harassment at Workplace in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013 covering all employees, consultants, trainees, volunteers, third parties and/or visitors at all business units or functions of the Company and its subsidiaries and/or its affiliated or group companies are also covered by the said policy. Adequate workshops and awareness programmes against sexual harassment are conducted across the organisation. The Company has set up an Internal Complaints Committee for the aforesaid purpose and during the year, there was no complaint received by the Company.

The Policy on Prevention of Sexual Harassment as approved by the Board is available on the Company's website and can be accessed at https://www.et.hoswotches.com/invest.ors-informotion.

33. Receipt of any commission/remuneration by Managing Director of Company from its Holding or Subsidiary Company

KDDL Limited is the listed Holding Company of the Company. Mr. Yashovardhan Saboo is the Chairman and Managing Director of KDDL Limited as well as the Chairman and Managing Director

of your Company. He receives managerial remuneration in KDDL Limited in compliance with the provisions of section 197 read with rules made thereunder of the Companies Act, 2013. Except for payment of sitting fees for attending the Board and Committee meetings of the Company, he is not entitled to any remuneration upto March 31, 2023. However, the Board of Directors of the Company, vide its meeting held on March 28, 2023, approved re-appointment of Mr. Yashovardhan Saboo for a further term of 3 years commencing from April 1, 2023 upto March 31, 2026 along with payment of remuneration, by way of Special Resolution passed through Postal Ballot on May 19, 2023. Further, no subsidiary Company of the Company has paid any commission/remuneration to the Directors of the Company for the FY 23.

34. Corporate Insolvency Resolution Process initiated Under the Insolvency and Bankruptcy Code, 2016 (IBC)

There are no proceedings, initiated by any Financial Creditor or Operational Creditor or by the Company, under the Insolvency and Bankruptcy Code, 2016 as amended, before National Company Law Tribunal or other courts during the FY 23.

35. Green Initiatives

Pursuant to the relevant circulars issued by Ministry of Corporate Affairs, Government of India (MCA) and Securities & Exchange Board of India and in view of the prevailing situation of the pandemic, owing to the difficulties involved in dispatching of the physical copies of the Notice of the 16^th (Sixteenth) AGM and the Annual Report of the Company for the FY 23, the said documents are being sent only by email to the shareholders.

The Company supports the ‘Green Initiative' undertaken by the MCA, enabling electronic delivery of documents including Annual Report etc. to shareholders at their e-mail address already registered with the Depository Participants (“DPs”) and Registrar and Transfer Agents (“RTA”). Additionally, the Company conducts various meetings by means of electronic mode in order to ensure the reduction of its carbon footprint.

36. Acknowledgements

Your Directors would like to thank and place on record their sincere thanks and appreciation for the sustained support and co-operation extended by its Members, Bankers, business associates, consultants, and various Government Authorities during the year under review. Your Directors would also like to place on record its sincere appreciation for the efforts put in by employees whose efforts, hard work and dedication has enabled the Company to achieve all recognitions during the year.

By order of the Board of Directors of Ethos Limited

Yashovardhan Saboo

Date : August 5, 2023 Chairman and Managing Director

Place: Chandigarh DIN-00012158