Your Directors have the pleasure in presenting the Thirty fourth Boards Report of PVP Ventures Limited along with the Audited
Standalone and Consolidated Financial Statements for the year ended March 31, 2025.

The summarized Financial Results are as under:

Performance and State of Affairs of the Company

During the financial year under review, the Company continued
its operations in the areas of urban infrastructure, real estate
development, and strategic investments. The Company
recorded revenue from operations of approximately H 27.2
crore on a consolidated basis for the year ended 31^st March
2025. However, it incurred a net loss of H 8.56 crore, primarily
on account of reduced operating revenues and increased
expenses during the period.

The Company faced continued challenges in sustaining
operating margins due to market volatility, limited scale of
operations, and constrained liquidity across the real estate
sector. The financial performance reflected a year-on-year
decline in profitability compared to the previous fiscal. Key
profitability ratios such as Return on Equity (ROE) and Earnings
Per Share (EPS) remained negative, indicating subdued returns
and erosion of shareholder value in the short term.

Despite these challenges, the Company has maintained
a conservative capital structure with negligible long-term
borrowings and a healthy debt-to-equity ratio, reflecting
prudent financial management. The net worth of the Company
continues to remain stable, backed by tangible assets and
long-term investments.

Consequent to the close of the financial year, the Company
on 23^rd April 2025 acquired 56.01% equity stake in Optimus
Oncology Private Limited for a total consideration of ?54.73
Crores and, on the same day, also acquired 52% equity stake
in Biohygea Global Private Limited for a total consideration
of ?7 Crores. Pursuant to these acquisitions, both Optimus
Oncology Private Limited and Biohygea Global Private Limited
have become material subsidiaries of the Company with effect
from 23^rd April 2025.

The equity shares of the Company are listed on BSE and NSE.
As of March 31, 2025, the market capitalization of the Company
stood at approximately H 570.28 crore. The stock traded in the
range of H 19 to H 39 per share during the year, reflecting investor
sentiment and overall market dynamics.

Looking ahead, the Company remains committed to optimizing
its existing assets, strengthening operational efficiency, and
exploring new growth opportunities in line with its long-term
strategic vision. Management continues to focus on improving
financial performance, enhancing shareholder value, and
ensuring long-term sustainability of business operations.

Share Capital

During the year under review there were no increase in paid
up share capital.

Details of Issue of Equity Shares with Differential
Rights, details of issue of Sweat Equity Shares

During the year under review, the Company neither issued
any shares with differential rights nor any sweat equity shares.
Hence, the disclosure under these sections are not applicable.

The change in nature of the Company's business

During the financial year 2024-2025, there was no change in
the nature of the Company's business. No material change
and/or commitment affecting the financial position of your
Company has occurred during the year under review.

Dividend

The Board of Directors have not recommended any dividend
as the Company did not have significant operational cash flows
during the year under review.

Transfer of Profit to Reserves

The Company has not proposed to transfer any of its
profits to reserves.

Material changes and commitments affecting the
financial position of the Company between the
end of the financial year and the date of the Report

Pursuant to the provisions of Section 134(3)(l) of the Companies
Act, 2013, the Board hereby confirms that there have been no
material changes and commitments affecting the financial
position of the Company between the end of the financial
year, i.e., 31^st March 2025, and the date of this Report except
as stated below.

Subsequent to the closure of the financial year, the Company
successfully raised H 150 Crores through the issuance of Non¬
Convertible Debentures (NCDs) on a private placement basis.
The proceeds from this capital infusion have been judiciously
allocated towards strategic initiatives aimed at strengthening
the Company's portfolio and enhancing its long-term value
proposition. In line with this objective, the Company has

consummated the acquisition of a majority stake in Optimus
Oncology Private Limited and secured a controlling interest in
Biohygea Global Private Limited, thereby reinforcing its presence
and capabilities in the healthcare and life sciences sectors.

These strategic investments are expected to yield substantial
benefits and contribute meaningfully to the Company's
long-term growth trajectory, with the financial implications of
these initiatives to be reflected in the results of subsequent
financial periods.

Human Resources

The number of direct employees as on 31^st March, 2025, was
21. The Company provides equal opportunities regardless of
race and gender. The Company continues to attract talent with
competency for the growth of the Company. Employee relations
continue to be cordial and harmonious at all levels and in all the
divisions of the Company. The Board of Directors would like to
express their sincere appreciation to all the employees for their
continued hard work and dedication.

Research and Development, conservation of
energy, technology absorption, foreign exchange
earnings and outgo

The Company did not engage in any research and development
activities and hence there is no disclosure to that extent.

The Company did not engage in any manufacturing or
service activities. However, the company had taken all
possible measures to conserve energy and the employees
are encouraged to use electric vehicles, public transport for
commuting wherever possible.

There had been no foreign exchange earnings and outgo
during the year under review.

Particulars of loans, guarantees or investments
under Section 186 of the Companies Act ("Act")

The particulars of loans, guarantees and investments under
Section 186 of the said Act, read with the Companies (Meetings
of Board and its Powers) Rules, 2014 for the financial year
2024-2025 are given in Note No. 5, 6, 7 of the Notes to the
standalone financial statements. As the Company is primarily
engaged in the business of infrastructure, no interest is charged
on the loans extended by the Company to other companies
within the Group.

Particulars of contracts or arrangements with
related parties

In compliance with the Act and the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015. The Company has
formulated a Policy on Materiality of Related Party Transactions
and on dealing with Related Party Transactions (RPTs) as
approved by the Board which is available on the Company's
website and can be accessed at pvpglobal.com.

The Company entered into transactions with its related
parties in the ordinary course of business and at arms length
basis. During the year under review, there were no materially
significant transactions entered with the related parties which
were in conflict with the interests of the Company and that
require an approval of the Members in terms of the SEBI Listing
Regulations. Adequate disclosures on the RPTs have been
made in Note No 44 of the Notes to the standalone financial
statements which forms part of this annual report.

The Company had not entered into any contract/ arrangement/
transactions with related parties which could be considered
material in accordance with the provisions of the Act. Hence,
the disclosure of RPT's in Form AOC-2 is not applicable.

Details of loan from Directors

During the year under review, the Company did not borrow any
loan from its directors.

Downstream investments by the Company

All the downstream investments by the Company are in
compliance with the provisions of Section 186 and other
applicable provisions of the Act reading along with the relevant
Rules and also the SEBI Listing Regulations.

Corporate Social Responsibility

In terms of the provisions of Section 135 of the Companies Act,
2013, read with the Companies (Corporate Social Responsibility
Policy) Rules, 2014, every company meeting the prescribed criteria
of a net worth of ?500 crores or more, or turnover of ?1,000 crores
or more, or a net profit of ?5 crores or more during the immediately
preceding financial year, is required to spend at least 2% of the
average net profits of the three immediately preceding financial
years on CSR activities.

During the financial year 2023-24, the Company did not meet any
of the applicability thresholds specified under Section 135 of the
Act. Accordingly, the provisions relating to CSR are not applicable
for FY 2024-25, and hence, no amount is required to be spent by
the Company towards CSR activities.

However, the Statutory Auditor & Secretarial Auditor in
their respective reports have drawn an Emphasis of Matter
in respect of certain observations relating to the previous
financial year 2023 -24, as the company had met the Criteria
for CSR applicability in the FY 2022 - 23. The Board has
provided its response to the said emphasis, which is included
in the relevant section of the Auditors' Report forming part of
this Annual Report.

Further, in compliance with Section 135 of the Act read with
the applicable Rules and the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Company had
constituted a Corporate Social Responsibility Committee. The
Committee has framed the CSR Policy, which is available on the
Company's website at: www.pvpglobal.com. The composition
of the Committee is disclosed in the Corporate Governance
Report, which forms an integral part of this Annual Report.

The core functions of the CSR Committee include formulating
and recommending to the Board the activities to be undertaken
by the Company in accordance with Schedule VII of the Act.

Corporate Governance

The Company is committed to maintaining the highest
standards of corporate governance. The Company's Annual
Report contains a certificate issued by the Managing Director
in terms of SEBI Listing Regulations on the compliance
declarations received from the Directors and the senior
Management personnel and is enclosed along with Annexure - 6
The Corporate Governance Report is enclosed as Annexure - 6
to this Report.

The Company had obtained a certificate from a Practicing
Company Secretary confirming compliance with the Corporate
Governance requirements per the SEBI Listing Regulations.
The said certificate is enclosed as Annexure 7.

The certificate from the Managing Director and Chief Financial
Officer are enclosed along with Annexure 6.

Details of significant and material orders passed
by the Regulators or Courts or Tribunals

On 17^th January 2025, the Company received a demand order
from the GST Department amounting to H 6.87 Crores, along
with an additional duty of H 6.87 Crores, aggregating to H 13.74
Crores. The Department's contention was that the Company
was engaged in real estate project development activities.
However, the Company has consistently maintained that it was
solely the owner of the land and had no involvement in any
development activity.

Consequently, the said demand order was challenged before
the Hon'ble High Court of Madras, which, vide its order dated
21^st July 2025, set aside the demand raised by the Department.

The Auditors have drawn attention to this matter as an
"Emphasis of Matter" in their report, to which the Board has
provided an appropriate response. The detailed response is
included in the Auditor's section of this Report.

Apart from the above, there are no other significant or material
orders passed by Regulators, Courts, or Tribunals that would
affect the Company's going concern status.

After the end of the financial year, on 30^th May 2025, the
Registration Department, Government of Tamil Nadu, raised
a demand of approximately ?12 Crores without providing any
proper rationale or basis for such demand. The Company
challenged the said demand before the Hon'ble High Court of
Madras, which was subsequently set aside by the Court.

The Statutory Auditors have drawn an Emphasis of Matter on
this issue in their Report, and the Management's response
to the said emphasis has been appropriately provided in the
Auditors' Section of this Report.

Subsidiaries, Joint Ventures, Associate
Companies

As on March 31, 2025, the Company had three wholly owned
subsidiary companies, two step down subsidiaries and no
associate company.. There were no joint ventures signed by
the Company during the year under review and the Company
does not form part of any joint ventures during the said period.
Form AOC-1 describing the salient features of the financial
statements of the subsidiary companies is enclosed as
Annexure 1 to this report.

In accordance with the provisions of Section 136 of the Act
and the amendments thereto, and the SEBI Regulations,
the audited financial statements, including the consolidated
financial statements and related information of the Company
and financial statements of the Company's subsidiaries are
placed on the Company's website viz. www.pvpglobal.com.

The Company has formulated a policy to determine material
subsidiaries. The said policy is available on th Company's
website viz., www.pvpglobal.com.

Consolidated financial statements

Pursuant to Section 129(3) of the Companies Act, 2013 and
SEBI Listing Regulations, the consolidated financial statements
prepared in accordance with the Indian Accounting Standards
prescribed by the Institute of Chartered Accountants of India is
attached to this report.

Changes in Directors and Key Managerial Personnel

During the year under review, there were changes in the key
managerial personnel and Director as following:

During the year under review and after the balance sheet date,
the following appointments took place:

During the year under review no changes have occurred in the
Composition of the Board of Directors of the Company.

Declaration by Independent Directors

The Company has received necessary declarations from
Mr. Subramanian Parameswaran, Mr. Gautam Shahi, Mr. Kushal

Kumar Independent Directors, under Section 149 (7) of the
Act, that they meet the criteria of independence as laid down
in Section 149(6) of the Act and Regulation 25 of the Listing
Regulations and their Declarations have been taken on record.

Details of any director who is in receipt of any commission from
the company and who is a managing or whole-time director
of the company shall not be disqualified from receiving any
remuneration or commission from any holding company or
subsidiary company of such company - Not Applicable

Confirmation on other matters on Insolvency and
Bankruptcy Code

There is no other application or proceeding pending against the
Company under the Insolvency and Bankruptcy Code, 2016
during the year under review. During the year under review,
there had been no one-time settlements which the Company
had entered into with any bank or financial institution.

Internal Control Systems and its adequacy

The Company has an adequate internal control system to oversee
the adherence to the Company's policies, to safeguard the assets,
to ensure that the transactions are at arm's length, and to ensure
the transactions are accurate, complete and properly authorized
prior to execution. The Management Discussion and Analysis
Report annexed to this report has details of such internal controls.

Risk Management

The main objective of Risk Management is risk reduction in the
business and optimizing the risk management strategies. The
Company has a risk management policy in place to mitigate the
risk at appropriate situations and there are no elements of risk,
which in the opinion of the Board of Directors may jeopardize
the existence of the Company.

Vigil Mechanism/ Whistle Blower Policy

Pursuant to the provisions of Section 177(9) of the Act, read with
Rule 7 of the Companies (Meetings of Board and its Powers)
Rules, 2014 and Regulation 22 of the SEBI Listing Regulations
and in accordance with the requirements of SEBI (Prohibition of
Insider Trading) Regulations, 2015, the Board of Directors had
approved the Policy on Vigil Mechanism / Whistle Blower and
the same are available on the Company's website https://www.
pvpglobal.com/pdf/WhistleBlowerPolicy-PVPL.pdf

The Members of the Audit Committee have access to these
policies and changes if any per their recommendation are
implemented upon proper analysis.

Committees

As on March 31, 2025 the Company has constituted Audit
Committee, Nomination and Remuneration Committee,
Stakeholders Relationship Committee, Corporate Social
Responsibility Committee as per prescribed statutes
Composition of these committees are provided in the Report
on Corporate Governance which forms part of this Report.

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013, read with Rule 9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors, at its meeting held on August 20, 2025, approved
the appointment of ARS & ASSOCIATES COMPANY SECRETARIES LLP (Firm Registration No. L2015TL009900) as the Secretarial
Auditors of the Company for a term of five consecutive years, commencing from the financial year 2025-26 and continuing till the
financial year 2029-30, subject to the approval of the shareholders at the ensuing Annual General Meeting.

The said firm shall hold office till the conclusion of the Annual General Meeting to be held in the year 2030 and will conduct the
Secretarial Audit of the Company for the financial year ended March 31, 2025. The Company has received the necessary consent
from the firm to act as its Secretarial Auditor.

The Secretarial Audit Report for the financial year ended March 31, 2025 is enclosed as Annexure 2 to this Report. The said report
had highlighted the following deviations. Management response for the deviations is also given below

Pursuant to Regulation 24(A) of the SEBI Listing Regulations,
the Company has obtained an annual secretarial compliance
report from the above mentioned Secretarial Auditor and
the same was submitted to the stock exchanges as per the
prescribed timeline.

Humain Healthtech Private Limited, a material unlisted
subsidiary of the Company, had obtained the Secretarial
Audit Report from M/s. Damodaran & Associates, Practicing
Company Secretaries and this report is enclosed as Annexure 3.

Secretarial Standards

The Board confirms compliance with the Secretarial Standards
notified by the Institute of Company Secretaries of India.

Annual Return

Pursuant to the provisions of Section 92(3) read with Section
134(3) of the Act, the Annual Return of the Company as at
March 31, 2025 is available on the Company's website at
https://www.pvpglobal.com/annual-return/.

Board meetings held during the year

During the year under review, the Board of Directors met 7
(Seven) times. The details of the meetings are furnished in
the Corporate Governance Report enclosed as Annexure 6
to this Report.

Particulars of employees

Disclosure pertaining to the remuneration and other details as
required under Section 197(3) of the Act and the Rules frames
thereunder is enclosed as Annexure 4 to this Report.

The Company's Employee Stock Option Scheme

During the year under review, no options were granted to any
employee of the Company. The Company has an Employee
Stock Option Scheme as approved by the Board of Directors,
Shareholders and the said scheme is in compliance with
the Securities and Exchange Board of India (Share Based
Employee benefits and Sweat Equity) Regulations, 2021.
Disclosure with respect to the above mentioned ESOP Scheme
is available in the Company's website https://www.pvpglobal.
com/employee-stock-option-plan/ .

Performance Evaluation

Section 134 of the Act states that a formal evaluation needs
to be made by the Board, of its performance and that of its
committees and the individual Directors. Schedule IV of the
Act and Regulation 17(10) of SEBI Regulations state that the
performance evaluation of each Independent Director shall be
done by the entire Board of Directors excluding the Director
being evaluated.

Pursuant to the provisions of section 134(3)(p) of the Act
and the relevant SEBI Regulations, the Board has carried out

an evaluation of its performance, the Directors individually as
well as its Committees. The manner in which the evaluation
has been carried out has been explained in the Corporate
Governance Report forming part of the Annual Report.

Directors' Responsibility Statement

As required under Section 134(5) of the Act, the Board of
Directors hereby confirms, that -

(a) In the preparation of the Annual Accounts for the financial
year ended March 31, 2025, the applicable Accounting
Standards have been followed and there are no
material departures.

(b) They have selected such accounting policies and applied
them consistently and made judgments and estimates
that are reasonable and prudent 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 of the Company for the
financial year 2024-2025.

(c) They have taken proper and sufficient care for the
maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and
detecting fraud and other irregularities.

(d) They have prepared the annual accounts on a
going-concern basis.

(e) They have laid down proper internal financial controls to
be followed by the Company and such internal financial
controls are adequate and are operating effectively; and

(f) They have devised proper systems to ensure compliance
with the provisions of all applicable laws and that such
systems are adequate and operating effectively.

Details in respect of Frauds

The Company's auditors' report does not have any statement
on suspected fraud in the company's operations to explain as
per Sec. 134(3) (ca) of the Act.

Cost audit and cost Records

Rule 3 of the Companies (Cost Records and Audit) Rules, 2014
provides the classes of companies, engaged in the production
of goods or providing services, having an overall turnover from
all its products and services of H 35 crore or more during the
immediately preceding financial year to maintain cost records
in their books of account.

Maintenance of cost records as specified by the Central
Government under sub-section (1) of section 148 of the Act, is
not required by your Company and hence, such accounts and
records are not made and maintained hence Cost audit is also
not applicable for the company

AUDIT RELATED MATTERS
Statutory Auditors

Section 139 of the Companies Act, 2013 provides for the appointment of Statutory Auditors for a period of five years and thus M/s
PSDY & Associates, Chartered Accountants (Registration No.016025S), Chennai were appointed as the Statutory Auditors of the
Company in the Annual General Meeting of the Company held on 30^th September, 2022 for a period till the conclusion of the Thirty
Sixth Annual General Meeting.

Accordingly, M/s. PSDY & Associates will continue as Statutory Auditors of the Company till the financial year 2026-27.

The Auditors Report for the financial year 2024-25 on the financial statements does not contain any qualifications, reservations,
adverse remark or disclaimer w.r.t. true and fair view of state of affairs.

However, the Auditors report consists of the below matters as stated in Emphasis of matter (EOM) by the Auditors in Standalone
Audit Report. The Audit report is not qualified in respect of these matters but as a matter of governance the Directors' has
summarized the said matters and their responses as below

The Statutory Auditors Report for the financial years 2024 - 25
does not contain any modification or qualification w.r.t true and
fair view on the satate of affairs.

Management responses to the Points on "Other Legal and
Regulatory Requirements Section" and the "Companies
(Auditor's Report) Order 2020" are detailed below:

(a) The terms and conditions of loans granted by the Company
to two of its erstwhile subsidiaries and currently the related
parties and 2 subsidiaries are prejudicial to the Company's
interest for the loans granted as below

The loans granted in prior years PVP Global Ventures Private
Limited (erstwhile subsidiary, now a related party) and PVP
Media Ventures Private Limited (erstwhile subsidiary, now
a related party), amounting to Rs. 39,114.72 Lakhs as on
31 March 2025, were unsecured and were fully provided
for as at previous year end. Except for the loan provided to
Newcyberabad City Projects Private Limited, all other loan
balances have been fully provided for. (Refer Note 5.2 to
the Standalone Financial Statements).

The loans granted in prior years to Safetrunk Services
Private Limited, amounting to Rs. 666.02 lakhs were fully
provided. Despite the same, the Company has further
provided loans amounting to Rs. 0.18 Lakhs to Safetrunk
Services Private Limited during the year against which
corresponding provision has also been created for an
equivalent amount during the year ended 31 March 2025.

During the year 31 March 2025 the Company had
advanced loans amounting to Rs 2,215.03 Lakhs to Humain
Healthtech Private Limited which are interest free and
unsecured despite cessation of one of the operations of
HHT and deteriorating overall financial and operational

position, including the net worth of the subsidiary. While
the Company pays interest on loans taken / other long term
financial liabilities from Related Parties, no interest has been
charged on the loans advanced to HHT. (Refer Note 5.2 to
the Standalone Financial Statements).

(b) In respect of loans granted by the Company, the schedule of
repayment is not stipulated w.r.t. loans granted to two of its
subsidiaries and two of its erstwhile subsidiaries (currently
related parties) and in the absence of such schedule, we
are unable to comment on the regularity of the repayments
of principal amounts.

(c) In respect of advances in the nature of loans provided
by the Company, there is no overdue amount remaining
outstanding as at the balance sheet date except w.r.t. loans
granted to two of its subsidiaries and two of its erstwhile
subsidiaries (currently related parties) wherein the schedule
of repayment of principal has not been stipulated and in the
absence of such schedule, we are unable to comment on
the amount overdue.

(d) None of the advances in the nature of loans granted by
the Company have fallen due during the year except
w.r.t. unsecured Loans granted to two of its subsidiaries/
two of its erstwhile subsidiaries (currently related parties)
wherein the schedule of repayment of principal has not
been stipulated and in the absence of such schedule, we
are unable to comment on the amount due.

Management response:

The Company had extended the loans for supporting the

operational/ financial needs of these entities and overall benefit

of the Group. At the time of extending the loans, these entities
were subsidiaries of the Companies, and no new loans were
granted post these entities ceasing to be subsidiaries on
account of restructuring.

Since these loans were granted as a financial support to these
entities, the schedule of repayment are not defined. The
Management of the Company is in constant discussion with
these entities, and once the cashflows of these entities are
regular, the repayment of the loan shall also commence.

With respect to loan given to HHT, HHT is a 100% subsidiary
of PVP Ventures Limited. PVP Ventures Limited has
advanced loans to repay the debt takeover on account of
acquisition of HHT.

(e) The Company has not been regular in depositing
undisputed statutory dues. There have been material
delays in remittance of Provident Fund, Employees' State
Insurance Tax Deducted at Source, Goods and Services
Tax, Income Tax (including Advance tax), Urban Land Tax
and other material statutory dues applicable to it to the
appropriate authorities.

The Company has not deposited the following undisputed
statutory dues which were outstanding at the year- end for
a period of more than six months from the date they became
payable are as follows:

*Amount payable after setting off the TDS receivable & MAT credit.

Management response:

The Company does not have major revenues at this point
of time. The Company borrows money for operating
expenses and depending on the cashflows, the Company
has remitted statutory dues with necessary interest on such
delayed payments.

(f) Though the Company has an internal audit system as
required under Section 138 of the Act, the same needs
to be further strengthened to ensure periodical coverage
of the entire year and all business cycles, to make it
commensurate to the size and nature of its business.

Management response:

For the healthcare subsidiaries, the Company has appointed
BDO as an internal auditor for the FY 2024-25 to strengthen
the internal audit controls.

(g) While the Company believes that Section 135 of the
Act w.r.t Corporate Social responsibility (CSR) would be
applicable for the year ended 31 March 2024, however the
Company has not yet finalized its computations considering
the legal interpretations around certain items accounted
in the Statement of Profit and Loss for the financial year
2022-23 and the treatment of the same for the purpose of
computing the profits under Section 198 of the Act based
on which the amount liable to be spent has to be computed.
Consequently, since the amount has not been finalized the
same has also not been transferred to a fund specified in
Schedule VII of the Act. Such transfer is required to be done
within 6 months from that date, i.e by 30 September 2024.

The Company has created a provision of Rs. 92.38 lakhs
on a conservative basis, towards unspent CSR for Financial
year 2023-24 during the current year ended 31 March
2025 which is the estimated maximum amount to be spent.

Further, the Company has not satisfied the applicability
criteria for FY 23-24 and hence CSR is not applicable to the
Company for FY 24-25.

Management response:

The Board is of the considered opinion that the profits
generated by the Company during the Financial Year 2023-24
were not operational in nature. These profits primarily arose
from the sale of land parcels and the write-off of interest on
debentures pursuant to a one-time settlement arrangement
with the debenture holders. The Board views these as
exceptional items, and therefore, the provisions of Section
135 of the Companies Act, 2013 relating to Corporate Social
Responsibility (CSR) are not applicable.

Further, as on date, the legislative intent of the CSR provisions
is under interpretation, and non-compliance, if any, has not
been established or ascertained.

Internal Financial Controls Over Financial
Reporting

The Company does not have an appropriate internal control
system for ensuring Compliances with the SEBI Regulations
particularly with respect to Approval of Related Party
Transactions and certain provisions of the Act which could
potentially result in the non-compliance with the above
regulations and the consequent impact arising from them. Also
refer Note 59 of the Standalone Financial Statements.

Management response:

The control includes engagement of an internal auditor, maker-
checker and delegation of authorities. Also, every year-end,
ICOFR reporting exercise is carried out by external consultants.
Accordingly, manual controls are implemented by Company to
protect its assets and policies are implemented accordingly for
better control within the organisation.

Director's disqualification

a. On the basis of written representations received from the
directors of the Holding Company as on 31 March 2025,
taken on record by the Board of Directors of the Holding
Company, except for the following, none of the directors
of the Holding Company are disqualified as on 31 March
2025 from being appointed as a director in terms of Section
164(2) of the Act.

Management response:

The Board had obtained an extension till 30 June 2022 from the
Non-convertible debenture holders vide letter dated 24 May
2022 and believes that the same is with retrospective effect rom
the date of original scheduled date of repayment due to which
there is no delay as regards repayment of debenture and interest
thereon and consequently, there was no other disqualification.

Audit Trail

Based on our examination and based on the other auditor's
reports of its subsidiaries, the Holding Company and its
subsidiaries uses Tally Prime as its primary accounting
software. However, the Holding Company and its subsidiaries
have not implemented the Audit Trail Feature (Edit log facility)
in the accounting software. Hence, neither was the audit trail
feature of the said software enabled nor was it operating during
the year for all relevant transactions recorded in the software.
Accordingly, the requirement of examining whether there were
any instances of the audit trail feature being tampered with and
the requirement of preservation of the same by the Holding
Company and subsidiaries as per the statutory requirements
for record retention, does not arise.

The company has implemented the necessary audit trail
feature as required for the FY 2025 -26.

Management response:

The Company has already implemented audit trail (edit log)
feature in Tally application on 18^th June 2025.

Internal Auditor

The Board appointed M/s. BDO India LLP, Chartered
Accountants as the internal auditor for the Financial Year 2025¬
26 based on the recommendation of the Audit Committee.

BOARD COMMITTEE COMPOSITION

The Board has constituted the following committees viz. Audit
Committee, Stakeholders' Relationship Committee, Nomination
and Remuneration Committee, Corporate Social Responsibility
Committee and Investment Committee.

A. AUDIT COMMITTEE

Pursuant to Regulation 18 of SEBI Regulations and
the provision of Section 177(8) read with Rule 6 of the
Companies (Meeting of Board and its Powers) Rules
2014, the Company has duly constituted a qualified and
independent Audit Committee. The Audit Committee of
the Board consists of two "Independent Director" and
One "Non - Independent Directors" as members having
adequate financial and accounting knowledge. The
composition, procedures, powers, and role/functions of
the audit committee and its terms of reference are set out
in the Corporate Governance Report forming part of the
Board's Report.

During the period under review, the suggestions put
forth by the Audit Committee were duly considered
and accepted by the Board of Directors. There were no
instances of non-acceptance of such recommendations.

The Audit Committee acts in accordance with the terms
of reference specified by the Board of Directors in terms
of Section 177(4) of the Act and in terms of Regulation
18 of the SEBI Regulations. It also oversees the vigil
mechanism and is obliged to take suitable action against
the Directors or employees concerned, when necessary.
A detailed note on the Audit Committee is given in
the Corporate Governance Report forming part of the
Annual Report.

B. NOMINATION AND REMUNERATION COMMITTEE

According to Section 178 of the Companies Act, 2013 and
in terms of Regulation 19 of SEBI (LODR) Regulations, 2015,
the Company has set up a Nomination and Remuneration
Committee which has formulated the criteria for
determining the qualifications, positive attributes, and
independence of a Director and ensures that:

1) The level and composition of remuneration are
reasonable and sufficient to attract, retain and
motivate Directors having the quality required to run
the Company successfully.

2) The relationship of remuneration to performance
is clear and meets appropriate performance
benchmarks; and

3) Remuneration to Directors, key managerial personnel,
and senior management involve a balance between
fixed and variable pay, reflecting short-term and
long-term performance, objectives appropriate to
the working of the Company and its goals.

The Nomination and Remuneration Policy of your
Company is set out and available on your company website
www.pvpglobal.com. A detailed note on the Nomination

and Remuneration Committee is given in the Corporate
Governance Report forming part of the Annual Report.

C. STAKEHOLDERS' RELATIONSHIP COMMITTEE

A detailed note on the Stakeholders' Relationship
Committee is given in the Corporate Governance Report
forming part of the Annual Report.

D. CORPORATE SOCIAL RESPONSIBILITY

COMMITTEE

The Board has constituted the Corporate Social
Responsibility Committee in accordance with Section 135
of the Companies Act, 2013. The Company is committed
to operate in a socially responsible manner in terms
of protecting the environment and conserving water
resources and energy.

OTHER MATTERS

A. Remuneration details of Directors and Employees

The Company's policy on Directors' appointment

and remuneration, including criteria for determining

qualification, positive attributes and independence of a
director and other matters provided under sub-section
(3) of section 178, is posted on our company's website in
the following link https://pvpglobal.com/other-statutory-
information/ and forms part of this Report pursuant to the
first proviso of Section 178 of the Act.

B. Debentures

During the year under review, the company has not
redeemed any debentures and on 31^st March 2025, there
are no outstanding debentures.

C. Bonus Shares

During the year under review, the Company has not
issued any bonus shares.

D. Borrowings

The Company has outstanding borrowings including loan
from subsidiary companies and other related parties for
the financial year ended March 31, 2025 as disclosed in
Note No. 23 of the audited standalone financial statements
of the Company for the year ended March 31, 2025.

E. Deposits

The Company has not accepted any deposits in terms
of Chapter V of the Act, read with the Companies
(Acceptance of Deposit) Rules, 2014, during the year
under review and as such, no amount on account of
principal or interest on public deposits was outstanding as
of the balance sheet date.

F. Transfer to Investor Education and Protection Fund

There are no amounts which were required to be
transferred to the Investor Education and Protection Fund
by the Company.

G. Code of Conduct for Directors and Senior
Management:

The Board of Directors adopted a code of conduct for
the Board Members and employees of the company.
This Code helps the Company maintain the standard of
Business Ethics and ensure compliance with the legal
requirements of the Company.

The Code is aimed at preventing any misconduct and
promoting ethical conduct at the Board level and by
employees. The Compliance Officer is responsible for
ensuring adherence to the Code by all concerned.

The Code lays down the standard of conduct which
is expected to be followed by the Directors and the
designated employees in their business dealings and in
particular, on matters relating to integrity in the workplace,
in business practices, and in dealing with stakeholders.

All the Board Members and the Senior Management
personnel have confirmed compliance with the Code.

H. Management Discussion and Analysis Report

In accordance with the requirement of the SEBI
Regulations, the Management Discussion and Analysis
Report is presented in a separate section of the Annual
Report, which is appended as Annexure 5.

I. Disclosure on Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal)
Act, 2013

The Company has in place a Sexual Harassment Policy
in line with the requirement of the Sexual Harassment
of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.

Internal Compliant Committee (ICC) has been set up to
redress the complaints received in connection with sexual
harassment in any form.

All employees (permanent, contractual, temporary,
trainees) are covered under this policy.

a. Number of complaints filed during the
financial year - NIL.

b. Number of complaints disposed of during the
financial year - NIL.

c. Number of complaints pending as of the end of the
financial year - NIL.

J. The details of difference between amount of the
valuation done at the time of one time settlement
and the valuation done while taking loan from
the Banks or Financial Institutions along with the
reasons thereof - Not applicable

K. A statement by the company with respect to
the compliance to the provisions relating to the
Maternity Benefits Act, 1961.

Depository Limited (NSDL) for facilitating voting through
electronic means, as the authorized agency. The facility
of casting votes by a member using remote e-Voting
system on the date of the Annual General Meeting will be
provided by NSDL.

Acknowledgement

The Board of Directors takes this opportunity to thank the
Company's employees for their dedicated service and firm
commitment in pursuing the goals of the Company. The
Board extends its gratitude and appreciation for the continued
support of the Government, bankers, financial institutions, etc.,

The Directors thank the Shareholders, Suppliers, Bankers,
Financial Institutions and all other business associates for
their continued support to the Company and the confidence
reposed in its Management. The Directors also thank the
Government authorities for their cooperation. The Directors
wish to record their sincere appreciation of the significant
contribution made by the PVP employees at all levels towards
its successful operations.

By the Order of Board of Directors
For PVP Ventures Limited

Prasad V. Potluri

Place : Hyderabad Chairman & Managing Director

Date : August 20, 2025 DIN - 00179175