Jaro Institute of Technology Management and Research Ltd. के निदेशक की रिपोर्ट

Mar 31, 2025

Your Board of Directors is pleased to present the 16^th Annual Report of Jaro Institute of
Technology Management and Research Limited (hereinafter referred to as "the Company or
Jaro") covering the business, operations and Audited Financial Statements of the Company
for the financial year ended March 31, 2025 (period under review).

1. Financial Statements & Results:

a. Financial Summary and Highlights:

The Company''s performance during the year ended 31^st March, 2025, as
compared to the previous financial year, is summarised below:

Particulars	For the financial year ended 31st March, 2025	For the financial year ended 31st March, 2024
Income from continuing operations	25,226.26	19,904.51
Other Income	175.61	353.17
Total Income	25,401.87	20,257.68
Total Expenses	18,387.51	14,807.07
Profit / (Loss) before exceptional item	7,014.36	5,450.61
Exceptional Item	-	-
Profit/ (Loss) before tax	7,014.36	5,450.61
Tax Expenses
- Current Tax	697.32	687.71
- Adjustments for earlier years	87.01	(81.09)
- Deferred Tax(credit)	1,063.16	791.38
Profit after Tax	5,166.87	4,052.61
Add: Other Comprehensive Income / loss	(23.62)	(19.87)
Total Comprehensive Income / (loss) for the year	5,143.25	4,032.74
Nominal value per share (in rupees)	10	10
Basic and diluted earnings per equity share
- Basic (in rupees)	25.53	20.16
- Diluted (in rupees)	25.35	19.96

b. Change in the nature of Business, if any:

During the period under review, the Company''s business operations remained
consistent, with no change in their nature.

c. Company Performance/ Review of Operations:

During the period under review, the total revenue of the Company was Rs.
25,401.87 Lakhs as against Rs. 20,257.68 Lakhs in the previous year. The Company
has reported a net profit of Rs. 5,143.25 Lakhs during the year under review as
against a profit of Rs. 4,032.74 Lakhs in the previous year after tax.

d. Dividend:

The Board of Directors is pleased to inform the shareholders that, based on the
financial results of the Company for the financial year 2023-24, an interim
dividend of Rs. 1/- per equity share (representing 10% of the face value) was
declared on 17^th May, 2024.

e. Share Capital:

The Authorised Share Capital of the company is Rs. 40,00,00,000/- (Rupees Forty
Crores Only) divided into 4,00,00,000 (Four Crore) Equity Shares of Rs. 10 each
(Rupees Ten Only).

The Paid-up Equity Share Capital of the Company is Rs. 20,23,75,340/- (Rupees
Twenty Crores Twenty-Three Lakhs Seventy-Five Thousand Three Hundred Forty
Only) divided into 2,02,37,534 (Two Crores Two Lakhs Thirty-Seven Thousand
Five Hundred Thirty-Four only) Equity Shares of Rs. 10 each (Rupees ten only).

During the period under review, the Company has issued and allotted the
following shares;

Date of Allotment	Particulars	No. of Equity Shares Allotted	Basis
17-May-2024	Employee Stock Option Plan	1,25,000	ESOP Allotment
27-May-2024	Employee Stock Option Plan	2,980	ESOP Allotment
21-June-2024	Bonus Issue	50,56,435	Bonus in the ratio 1:3 under Section 63 of the Companies Act, 2013
27-Jul-2024	Employee Stock Option Plan	3,117	ESOP Allotment
27-Jul-2024	Bonus Issue	1,039	Bonus in the ratio 1:3 under Section 63 of the Companies Act, 2013
25-Nov-2024	Employee Stock Option Plan	5,728	ESOP Allotment
25-Nov-2024	Bonus Issue	1,911	Bonus in the ratio 1:3 under Section 63 of

the Companies Act, 2013

f. Employee Stock Option Plan (ESOP):

The Company had set up JARO Education Employee Stock Option Plan, 2022
(''ESOP 2022'') in order to reward the employees for their loyalty and contribution
to the Company as well as their performance, and to motivate them to keep
contributing to the growth and profitability of the Company. The Company also
intends to use this ESOP 2022 to attract and retain talent in the Company and to
give its employees co-ownership.

Pursuant to approval accorded by the members on 27^th April, 2022, through a
Special resolution, the Company can issue & allot up to 7,50,000 (Seven Lakhs Fifty
Thousand) Options to its eligible employees under the JARO Education Employee
Stock Option Plan, 2022.

The Company, in its Board Meeting held on 27^th July, 2024, approved and
implemented the updates in accordance with the SEBI (Share-Based Employee
Benefits and Sweat Equity) Regulations, 2021.

Further, the Company has issued Grant 2 of the ESOP scheme 2022 on 27^th July,
2024. The ESOP scheme is in compliance with the provisions of the Companies Act,
2013 and SEBI (Share-Based Employee Benefits and Sweat Equity) Regulations,
2021.

Disclosures with respect to section 62 of the Companies Act, 2013, read with Rule
12 of Companies (Share Capital and Debentures) Rules, 2014 on ESOP Disclosures
as on 31^st March, 2025 are as follows.

Nature of Disclosures	Particulars
Date of grant of options	Grant 1 - on 27th April, 2022 Grant 2 - on 27th July, 2024
Options Granted	Grant 1 - 2,92,771 (Two Lakhs Ninety- Two Thousand Seven Hundred Seventy-One Only) Grant 2 - 1,32,250 (One Lakhs Thirty- Two Thousand Two Hundred Fifty Only)
Options Vested	Grant 1 - 1,95,181 Grant 2 - Nil
Options Exercised	Grant 1 - 1,37,199 Grant 2 - Nil
The total number of shares arising as a	Grant 1 - 1,37,199
result of the exercise of the option	Grant 2 - Nil
Options Lapsed or Forfeit	Grant 1 - 64,012

	Grant 2 - 1,600
The exercise price	Rs. 10/- per share
Variation of the terms of options	Nil
Money realised by the exercise of options	Grant 1 -13,71,990/- Grant 2 - Nil
Total number of options in force	Grant 1.: 91,560 Grant 2.: 1,30,650
Employee-wise details of options granted to:
(i) Key managerial personnel	Yes, Options were granted to the following Key Managerial Personnel: 1. Ms. Ranjita Raman - Whole-time Director and CEO Grant 1.: 1,87,500 at Rs. 10/- each Grant 2.: 1,00,000 at Rs. 10/- each 2. Mr. Sankesh Mophe - CFO Grant 1.: 1,250 at Rs. 10/- each Grant 2.: 1,000 at Rs. 10/- each
(ii) Any other employee who receives a grant of options in any one year of option amounting to five percent or more of the options granted during that year.	No employee has received a grant of options in any one year of an option amounting to five a percentage or more of the options granted during that year
Identified employees who were granted options, during any one year, equal to or exceeding one percent of the issued capital (excluding outstanding warrants and conversions) of the company at the time of grant;	Ms. Ranjita Raman - Whole-time Director and CEO

g. Unpaid Dividend & IEPF:

During the period year under review, no amount was required to be transferred to
the Investor Education and Protection Fund (IEPF) by the Company, in accordance
with the applicable provisions of the Companies Act, 2013, and the rules made
thereunder.

h. Transfer to Reserves:

During the period year under review, the Company has not transferred any
amount to the General Reserve.

i. Report on the performance of Subsidiaries, Associates and Joint Venture
Companies:

As on March 31, 2025, according to the Companies Act, 2013 and rules made
thereunder, the Company does not have any Subsidiary Company, Associate
Company or Joint Venture Company. Considering this, ''Form AOC - 1'' is not
applicable.

j. Deposits:

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

k. Loans from Directors or Directors'' Relatives:

During the period year under review, there were no outstanding loans, advances, or
other financial obligations due from any of its Directors.

l. Particulars of Contracts or Arrangements with Related Parties:

All transactions/contracts/arrangements entered into by the Company with
related party(ies) as defined under the provisions of Section 2(76) of the Companies
Act, 2013, during the financial year under review were in the ordinary course of
business and on an arm''s length basis. Further, none of the transactions with
related parties fall under the scope of Section 188(1) of the Act. Accordingly, the
disclosure of related party transactions as required under Section 134(3) (h) of the
Act in Form AOC-2 is not applicable to the Company for FY 2024-25 and hence,
does not form part of this report.

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

The particulars as required under the provisions of Section 134(3) (m) of the
Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014
with respect to conservation of energy, technology absorption, foreign exchange
earnings and outgo, etc. are furnished in Annexure I, which forms part of this
Report.

n. Annual Return:

Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013,
copies of the Annual Returns of the Company prepared in accordance with Section
92(1) of the Companies Act, 2013 read with Rule 11 of the Companies
(Management and Administration) Rules, 2014 are placed on the website of the
Company and is accessible at Company''s website at
https:/ /www.jaroeducation.com/

o. Particulars of Investments, Loans, Guarantees and Securities:

Details of loans, guarantees and investments made under the provisions of Section
186 of the Companies Act, 2013, read with the Companies (Meetings of Board and
its Powers) Rules, 2014, as of 31^st March, 2025, are set out in Note to the Financial
Statements have been disclosed in the forming part of this Annual Report.

p. Material changes after the end of the Year:

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

q. Disclosure of Internal Financial Controls:

The Internal Financial Controls with reference to financial statements as designed
and implemented by the Company are adequate. During the year under review,
no material or serious observation has been received from the Statutory Auditors
of the Company for inefficiency or inadequacy of such controls.

2. Matters Related to Directors and Key Managerial Personnel:

a) Board of Directors & Key Managerial Personnel:

As on March 31, 2025, the Board consisted of 6 Directors, comprising 2 Executive
Directors, 1 Non-Executive Non-Independent Director, and 3 Independent
Directors, of whom 2 an Independent Woman Directors.

Name of the Director	Designation	DIN
Sanjay Namdeo Salunkhe	Promoter, Chairman & Managing Director	01900632
Balkrishna Namdeo Salunkhe	Promoter, Non-Executive Director	01685311
Ranjita Raman	Whole-time Director & Chief Executive Officer	07132904
Ishan Baveja	Independent Director	07251062
Alpa Urmil Antani	Independent Director	10470840
Vaijayanti Ajit Pandit	Independent Director	06742237

During the period under review, there were following changes occurred in the
Board of the Company, the details of the same are as follows:

• Mrs. Alpa Urmil Antani (DIN: 10470840):

Mrs. Alpa Urmil Antani (DIN: 10470840) was appointed as the Additional Non¬
Executive Independent Director of the Company with effect from 27^th January,
2024, and regularised in the shareholder meeting dated 26^th September, 2024.

• Mrs. Vaijayanti Ajit Pandit (DIN: 06742237):

Mrs. Vaijayanti Ajit Pandit (DIN: 06742237) was appointed as the Additional
Non-Executive Independent Director of the Company with effect from 03^rd
May, 2024, and regularised in the shareholder meeting dated 26^th September,
2024.

• Mr. Siraj Kemalpasha Mulani (DIN: 08171708):

Mr. Siraj Kemalpasha Mulani (DIN 08171708) resigned from the Board as the
Independent Director of the Company with effect from 24^th June, 2024, due to
his personal commitments.

b) Director Liable to Retire by Rotation:

As per the provisions of Section 152 of the Companies Act, 2013, Mr. Balkrishna
Namdeo Salunkhe, Non-Executive Director, whose office is liable to retire at the
ensuing Annual General Meeting ("AGM"), being eligible, offers himself for re¬
appointment at the ensuing AGM.

c) Declaration by Independent Directors:

The Company has received the necessary declaration from each Independent
Director under Section 149 (7) of the Companies Act, 2013 that they meet the
criteria of independence laid down in Section 149 (6) of the Companies Act, 2013
along with a declaration received pursuant to sub rule (3) of Rule 6 of the
Companies (Appointment and Qualification of Directors) Rules, 2014. The
Independent Directors have individually confirmed that they are not aware of any
circumstances or situation, which exist or may be reasonably anticipated, that
could impair or impact their ability to discharge their duties with an objective,
independent judgment and without any external influence. Based on the
declarations and confirmations of the Independent Directors and after undertaking
due assessment of the veracity of the same, the Board of Directors recorded their
opinion that all the Independent Directors are independent of the Management
and have fulfilled all the conditions as specified under the governing provisions of
the Companies Act, 2013. Further, the Independent Directors have also confirmed
that they have complied with the Company''s code of conduct.

d) Statement of the Board of Directors:

The Board of Directors of the Company is of the opinion that all the Independent
Directors of the Company possess the highest standard of integrity, relevant
expertise and experience required to best serve the interest of the Company.

e) Evaluation of Board Performance:

Pursuant to Section 134(2) of the Companies Act, 2013, read with the Rules issued
thereunder, the Board carried out the annual performance evaluation of the Board
of Directors as a whole, Committees of the Board and individual Directors.

The performance of the Board was evaluated by the Board after seeking inputs
from all the directors on the basis of criteria such as the board composition and
structure, effectiveness of board processes, information and functioning, etc.

The performance of the Committees was evaluated by the Board after seeking
inputs from the Committee members on the basis of criteria such as the
composition of committees, effectiveness of committee meetings, etc.

The above criteria are broadly based on the Guidance Note on Board Evaluation.
In a separate meeting of Independent Directors, the performance of Non¬
Independent Directors, the Board as a whole and the Chairman of the Company
was evaluated, taking into account the views of Executive and Non-Executive
Directors.

The Board and the NRC reviewed the performance of individual directors on the
basis of criteria such as contribution of the individual director to the Board and
Committee meetings, like preparedness on the issues to be discussed, meaningful
and constructive contribution and inputs in meetings, etc.

At the Board meeting that followed the meeting of the Independent Directors and
the meeting of NRC, the performance of the Board, its Committees, and individual
directors was also discussed. Performance evaluation of Independent Directors
was done by the entire Board.

3. Disclosures related to the Board, Committees and Policies:

a. Board Meetings:

During the period year under review, the Board of Directors met 9 (Nine) times, in
accordance with the provisions of the Companies Act, 2013, and rules made
thereunder.

b. Committees of the Board:

The Board has constituted the following Committees;

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders Relationship Committee

4. Corporate Social Responsibility Committee

5. IPO Committee

6. Finance and Operations Committee

All the recommendations of the above Committee have been accepted by the
Board. A detailed update on the Board, its Committees, its composition, the
number of board and committee meetings held and attendance of the directors at
each meeting is provided in Annexure II.

c. Nomination and Remuneration Policy:

Pursuant to the provisions of Section 178 of the Act and on the recommendation of
the Nomination & Remuneration Committee, the Board has adopted the
Nomination & Remuneration Policy for the selection and appointment of
Directors, Senior Management, including Key Managerial Personnel (KMP) and
their remuneration.

The details of this policy have been posted on the website of the Company
available at https:// www.jaroeducation.com/.

d. Vigil Mechanism Policy for the Directors and Employees:

The Board of Directors of the Company has, pursuant to the provisions of Section
177(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of
Board and its Powers) Rules, 2014, framed "Vigil Mechanism Policy" for Directors
and employees of the Company to provide a mechanism which ensures adequate
safeguards to employees and Directors from any victimization on raising of
concerns of any violations of legal or regulatory requirements, incorrect or
misrepresentation of any, financial statements and reports, etc.

The employees of the Company have the right/option to report their

concerns/grievances to the Chairman of the Board of Directors.

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

This Policy is available on the Company''s website at

https:/ /www.jaroeducation.com/.

e. Risk Management:

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

f. Corporate Social Responsibility:

A summary of the Company''s Corporate Social Responsibility (CSR) initiatives,
including the key activities undertaken and the amount spent during the financial
year, is provided in Annexure III to this Board''s Report. The disclosure has been
made in the format prescribed under the Companies (Corporate Social
Responsibility Policy) Rules, 2014.

The Company remains committed to contributing meaningfully to society and
aligning its CSR initiatives with its core values and sustainable development goals.

The CSR Policy of the Company, which outlines the guiding principles and focus
areas for CSR activities, is available on the Company''s website and can be accessed
at

https:/ /www.jaroeducation.com/

4. Auditors and Reports:

The matters related to Auditors and their Reports are as under:

a. Observations of Statutory Auditors on accounts for the year ended 31^st March
2025:

The observations/qualifications/disclaimers made by the Statutory Auditors in
their report for the financial year ended 31^st March 2025, read with the explanatory
notes therein, are self-explanatory and therefore, do not call for any further
explanation or comments from the Board under Section 134(3) of the Companies
Act, 2013.

b. Statutory Auditors:

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the
Companies (Audit and Auditors) Rules, 2014, M/s. MSKA & Associates,
Chartered Accountants (FRN: 105047W), were appointed as Statutory Auditors of
the Company at the Annual General Meeting held on September 26, 2024 for a term
of 5 (Five) consecutive year and hold office up to the conclusion of the 20^th Annual
General Meeting for the financial year 2028-29.

c. Maintenance of Cost Records:

Pursuant to the provisions of Section 148 of the Companies Act, 2013, read with
the Companies (Cost Records and Audit) Rules, 2014, as amended from time to
time, the Company is not required to maintain Cost Records under said Rules.

d. Secretarial Standards:

The Company has complied with the applicable Secretarial Standards issued by
the Institute of the Company Secretaries of India.

e. Reporting of Fraud by Statutory Auditors under Section 143(12):

There were no incidences of reporting of fraud by Statutory Auditors of the
Company under Section 143(12) of the Act, read with Companies (Accounts) Rules,
2014.

5. Other Disclosures:

Other disclosures as per provisions of Section 134 of the Act, read with Companies

(Accounts) Rules, 2014, are furnished as under:

a. Disclosure of orders passed by Regulators or Courts, or Tribunal:

No orders have been passed by any Regulator or Court, or Tribunal that can have an
impact on the going concern status and the Company''s operations in future.

b. Director''s Responsibility Statement:

Pursuant to the provisions of Section 134(5) of the Act in relation to the Audited
Financial Statements of the Company for the year ended March 31, 2025, the
Board of Directors confirm that, to the best of its knowledge and belief:

i. in the preparation of the Annual Financial Statements, the applicable
accounting standards have been followed, and there are no material
departures;

ii. they have selected such accounting policies and applied them consistently
and judgements and estimates that are reasonable and prudent so as to give
a true and fair view of the state of affairs of the Company at the end of the
financial year and of the profit of the Company for that period;

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

iv. the annual financial statements have been prepared on a going concern basis;

v. they have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and operating
effectively;

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

c. Disclosure Regarding Internal Complaints Committee:

The Company has complied with the provisions relating to the constitution of the
Internal Complaints Committee under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.

During the year under review, the Company did not receive any complaints
pertaining to sexual harassment under the provisions of the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

d. Compliance with Maternity Benefit Act, 1961:

The Company is committed to upholding the rights and welfare of its employees
and ensures full compliance with the provisions of the Maternity Benefit Act, 1961.
All eligible women employees are granted maternity benefits in accordance with
the Act, including paid leave and other applicable entitlements.

The Company also promotes a supportive and inclusive work environment and is
committed to implementing measures that facilitate work-life balance for women
employees during and after maternity

e. Disclosure under Section 43(a)(ii) of the Companies Act, 2013:

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

f. Disclosure under Section 54(1)(d) of the Companies Act, 2013:

The Company has not issued any sweat equity shares during the year under
review, and hence no information as per provisions of Section 54(1)(d) of the Act
read with Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014
is furnished.

g. Disclosure under Section 67(3) of the Companies Act, 2013:

During the year under review, there were no instances of non-exercising of voting
rights in respect of shares purchased directly by employees under a scheme
pursuant to Section 67(3) of the Act, read with Rule 16(4) of Companies (Share
Capital and Debentures) Rules, 2014, is furnished.

h. Details of employees and their remuneration as per rule 5(2) & (3) of Companies
(Appointment & Remuneration of Managerial Personnel) Rules, 2014:

Details pursuant to the provisions of Section 197 read with rule 5 of the Companies
(Appointment & Remuneration of Managerial Personnel) Rules, 2014 is as under:

i. The statement containing names of the top ten employees in terms of
remuneration drawn and the particulars of employees as required under Section

197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, is as follows:

Sr. No.	Name of the employee	Date of joining	Gross Remuneratio n 2024-25 (Rs. In Lakhs)	Qualification	Age	Experie nce (Yrs)	Last employment	Designation	% of Equity Shares
1	Ranjita Raman	01-05-2013	495.16	MBA - Marketing	43	18 yrs	EINS Education	Whole-time Director & Chief Executive Officer	0.82
2	Sanjay Namdeo Salunkhe	01-11-2023	252.00	PhD, Master of Management Studies, LLB, BA	62	35 yrs	Ditools Software (India) Pvt Ltd	Chairman & Managing Director	78.24
3	Anandkrishn an N	01-06-2020	37.36	Strategic Management - IIM - L	36	16 yrs	Fresher	Vice President - Sales (Certification Program)	0.03
4	Viral Kadakia	01-08-2023	33.30	Strategic Management - IIM - L	40	15 yrs	Results and Outcomes	Vice President - Sales (Degree Program)	0.01
5	Nihal Khan	05-01-2021	35.93	PGDM in Marketing	41	15 yrs	ICICI Securities	Vice President
6	Joel Puthran	28-03-2023	29.77	BBA	33	11 yrs	Upgrad	Branch Manager	-
7	Karthikeyan S	21-05-2018	27.40	MBA - Marketing	29	8 yrs	Fresher	Chief Manager
8	Priya Viral Kadakia	30-11-2020	27.93	Bcom	35	13 yrs	Yangpoo	Chief Manager	0.01
9	Prateek Bajpai	28-07-2014	26.26	MBA	37	12 yrs	Sunquest Pvt Ltd	Chief Manager	0.01
10	Sushant Mallya	01-11-2021	26.12	PGDM	42	19 yrs	Future Education Limited	Vice President- Human Resource	0.01

Sr. No.	Particular	Remarks
1.	Details of the employee(s) who were employed throughout the year and were in receipt of remuneration at a rate which was not less than Rs. 1.02/- Crores per annum	1) Sanjay Namdeo Salunkhe 2) Ranjita Raman
2.	Details of the employee(s) who were employed for part of the year and were in receipt of remuneration for any part of the year, at a rate which, was not less than Rs. 8.5/ - Lakhs per month	Nil / Not Applicable
3.	Details of the employee(s) who were employed throughout the year and were in receipt of remuneration in that year which, in the aggregate, or as the case may be, at a rate which, in the aggregate, was in excess of that drawn by the managing director or whole-time director or manager and holds by himself or along with his spouse and dependent children, not less than two percent of the equity shares of the company.	Nil / Not Applicable

The nature of employment of all the above-mentioned employees is permanent,
and none of them is related to any director or manager of the Company except Mr.
Sanjay Namdeo Salunkhe, who is the brother of Mr. Balkrishna Namdeo Salunkhe.

i. Details of Application made or proceedings pending under Insolvency &
Bankruptcy Code, 2016 during the year and status as at the end of the financial
year:

There are no proceedings admitted against the Company under the Insolvency and
Bankruptcy Code, 2016.

j. Details of the difference between the amount of the valuation done at the time
of one-time settlement and the valuation done while taking a loan from the
Banks or Financial Institutions, along with the reasons thereof:

Nil

6. Acknowledgements and Appreciation:

Your directors take this opportunity to thank the customers, shareholders, suppliers,
bankers, business partners/associates, financial institutions and Central and State
Governments for their consistent support and encouragement to the Company.

For and on behalf of

Jaro Institute of Technology Management and Research Limited
SD/- SD/-

Sanjay Namdeo Salunkhe Balkrishna Namdeo Salunkhe

Managing Director Director

DIN: 01900632 DIN: 01685311

Address: 606/A, Golf Scappe, Address: B-2, 12^th Floor, Flat No. 5,

Near Diamond Garden, Millennium Towers, Sector 09,

Sion Trombay Road, Opp. Sitaram Master Garden,

Chembur, Mumbai - 400071, Sanpada, Navi Mumbai - 400705,

Maharashtra, India Maharashtra, India

Date: 21/08/2025
Place: Mumbai

---

Mar 31, 2024

Your Board of Directors is pleased to present the 15^th Annual Report of Jaro Institute of
Technology Management and Research Limited (hereinafter referred to as "the Company or
Jaro") covering the business, operations and Audited Financial Statements of the Company
for the financial year ended March 31, 2024.

1. FINANCIAL STATEMENTS & RESULTS:

a. Financial Results

The Company''s performance during the year ended 31^st March, 2024 as
compared to the previous financial year, is summarized below:

Particulars	Standalone		Consolidated
	For the financial year ended 31st March, 2024	For the financial year ended 31st March, 2023	For the financial year ended 31st March, 2024	For the financial year ended 31st March , 2023
Income	20,257.68	12,460.17	20,256.65	12,458.51
Less: Expenses	14,807.07	10,886.90	14,821.01	10,895.63
Profit before exceptional items and tax	5,450.61	1,573.27	5,435.64	1,562.88
Exceptional Item	-	-	(236.12)	-
Profit/ (Loss) before tax	5,450.61	1,573.27	5,199.52	1,562.88
Less: Current Tax	687.71	333.49	687.71	333.49
Less: Adjustments for earlier years	(81.09)	-	(81.09)	-
Deferred Tax(credit)	791.38	88.06	791.46	87.98
Profit after Tax	4,052.61	1,151.72	3,801.44	1,141.41

APPROPRIATION:

Interim Dividend	-	-	-	-
Final Dividend	-	-	-	-
Tax on the distribution of dividend
Transfer of General	-	-	-	-

Reserve
Balance carried to Balance sheet	4,052.61	1,151.72	3,801.44	1,141.41

b. CHANGE IN THE NATURE OF BUSINESS, IF ANY:

There has not been any change in the nature of business of the Company during
the Financial Year ended on 31^st March, 2024.

c. COMPANY PERFORMANCE/ REVIEW OF OPERATIONS:

a) Standalone:

• The Company has reported a total income of Rs. 20,257.68 (in Lakhs) as
compared to Rs. 12,460.17 in the previous year on a standalone basis.

• The Company experienced a profit after tax of Rs. 4,052.61 (in Lakhs) as
compared to Rs. 1,151.72 (in Lakhs) in the previous year on a standalone
basis.

b) Consolidated:

• The Company has reported a total income of Rs. 20,256.65 (in Lakhs) as
compared to Rs. 12,458.51 (in lakhs) in the previous year on
consolidated wise.

• The Company experienced a profit for the year of Rs. 1,164.93/- (in
Lakhs) as compared to a Profit/Loss of Rs. 3,323.31/- (in Lakhs) in the
previous year consolidated wise.

Your Directors are continuously looking for avenues for future growth of the
Company.

d. DIVIDEND:

Your Directors are pleased to inform you that the Board has declared an interim
dividend of Rs. 1/- (10%) per share which was declared on 17^th May, 2024 based
on the profits for the financial year 2023-24.

e. SHARE CAPITAL:

The Authorised Capital of the Company as on March 31, 2024 is Rs.40,00,00,000/-
(Rupees Forty Crores Only) out of which the Paid-up Equity Share Capital of the
Company is Rs. 15,04,13,240/- (Rupees Fifteen Crores Four Lakhs Thirteen
Thousand Two Hundred Forty Only).

Further during the year, the Company has issued and allotted 50,56,435 Equity
shares as Bonus shares on 24^th May, 2024 in the ratio of 1:3 pursuant to the

provisions of Section 63 of the Companies Act, 2013.

Further during the year, the Company issued and allotted 1,25,000 Equity shares
on 17^th May, 2024, 2,980 Equity Shares on 27^th May, 2024 and 4,156 Equity Shares
on 27^th July, 2024 under the Employee Stock Option Plan.

f. EMPLOYEE STOCK OPTION PLAN (ESOP):

The Company had set up JARO Education Employee Stock Option Plan, 2022
(''ESOP 2022'') in order to reward the employees for their loyalty and contribution
to the Company as well as their performance and to motivate them to keep
contributing to the growth and profitability of the Company. The Company also
intends to use this ESOP 2022 to attract and retain talent in the Company and to
give its employees co-ownership.

Pursuant to approval accorded by the members on 27^th April, 2022 through Special
resolution, the Company can issue & allot up to 7,50,000 (Seven Lakhs Fifty
Thousand) Options to its eligible employees under the JARO Education Employee
Stock Option Plan, 2022.

Disclosures with respect to section 62 of the Companies Act, 2013 read with Rule
12 of Companies (Share Capital and Debentures) Rules, 2014 on ESOP Disclosures
as on 31^st March, 2024 are as follows.

Nature of Disclosures	Particulars
Date of grant of options	On 27th April, 2022,
Options Granted	7,50,000 (Seven Lakhs Fifty Thousand Only)
Options Vested	7,50,000
Options Exercised	374
The total number of shares arising as a result of exercise of option	374
Options Lapsed	Nil
The exercise price	Rs. 10/- per share
Variation of terms of options	Nil
Money realized by exercise of options	3,740/-
Total number of options in force	7,49,626
Employee wise details of options granted to:
(i) Key managerial personnel	Yes, Options were granted to the following Key Managerial Personnel: 1. Ms. Ranjita Raman - CEO - 1,87,500 at 10/- each shares 2. Mr. Sankesh Mophe - CFO - 1,250 at 10/- each shares
(ii) Any other employee who receives a grant of options in any one year of option amounting to five percent or more of options granted during that year.	No employee received a grant of options in any one year of option amounting to five percent or more of options granted during that year

Identified employees who were	Ms. Ranjita Raman - CEO
granted option, during any one year, equal to or exceeding one percent of the issued capital (excluding outstanding warrants and conversions) of the company at the time of grant;

There have been no material changes to this scheme during the year. There was no
new grant made during the year. The ESOP scheme is in compliance with the
provisions of the Companies Act, 2013.

g. UNPAID DIVIDEND & IEPF:

The Company has not transferred any amount to the Investor Education &
Protection Fund (IEPF).

Further, the amount of Rs. 36,036.58/- towards unpaid dividend (interim dividend
for F.Y. 2023-24) is lying in Unpaid Dividend A/c of the Company as on the date
of date of this report.

h. TRANSFER TO RESERVES:

The Company has not transferred any amount to the General Reserve.

i. REPORT ON THE PERFORMANCE OF SUBSIDIARIES, ASSOCIATES AND
TOINT VENTURE COMPANIES:

The performance and financial position / salient features of the financial statement
of each of the subsidiaries, associates and joint venture companies for the year
ended 31^st March 2024, and also the details of companies which have become or
ceased as subsidiaries, associates and joint ventures, during the year under review,
if applicable, is given in Form AOC-1 and is attached and marked as Annexure I
and forms part of this Report.

Further following Companies ceased to be subsidiaries of the Company as of 31^st
March, 2024.

Sr. No.	Name of Company	Date of cessation
1.	Net Employment Services Private Limited	30th March, 2024
2.	Jaro Education Private Limited	31st October, 2023

j. DEPOSITS:

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

Act is not applicable.

k. LOANS FROM DIRECTORS OR DIRECTORS'' RELATIVES:

On the financial year ended 31^st March 2024, the Company did not have an
outstanding amount(s) from Directors.

l. PARTICULAR OF CONTRACTS OR ARRANGEMENT WITH RELATED
PARTIES

All transactions/contracts/arrangements entered into by the Company with
related party(ies) as defined under the provisions of Section 2(76) of the Companies
Act, 2013, during the financial year under review were in the ordinary course of
business and on an arm''s length basis. Further, none of these
contracts/arrangements/transactions with related parties could be considered
material in nature as per the thresholds given in Rule 15(3) of the Companies
(Meetings of Board and its Powers) Rules, 2014 and hence no disclosure is required
to be given in this regard.

m. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO:

The particulars as required under the provisions of Section 134(3)(m) of the
Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014
with respect to conservation of energy, technology absorption, foreign exchange
earnings and outgo etc. are furnished in Annexure II which forms part of this
Report.

n. ANNUAL RETURN:

Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013,
copies of the Annual Returns of the Company prepared in accordance with Section
92(1) of the Companies Act, 2013 read with Rule 11 of the Companies
(Management and Administration) Rules, 2014 are placed on the website of the
Company and is accessible at Company''s website at
https: //www.jaroeducation.com/

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

Details of loans, guarantees and investments made under the provisions of Section
186 of the Companies Act, 2013 read with the Companies (Meetings of Board and
its Powers) Rules, 2014, as of 31^st March, 2024, are set out in Note to the Standalone
Financial Statements have been disclosed in the forming part of this Annual
Report.

p. MATERIAL CHANGES AFTER THE END OF THE YEAR:

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

between the end of the financial year of the Company and the date of this report.

q. DISCLOSURE OF INTERNAL FINANCIAL CONTROLS -

The Internal Financial Controls with reference to financial statements as designed
and implemented by the Company are adequate. During the year under review,
no material or serious observation has been received from the Statutory Auditors
of the Company for inefficiency or inadequacy of such controls.

2. MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL:

a) BOARD OF DIRECTORS & KEY MANAGERIAL PERSONNEL:

There were following changes in the Board of the Company during the F.Y. 2023¬
24 which are as follows:

• Mr. Sanjay Namdeo Salunkh (DIN 01900632):

Mr. Sanjay Namdeo Salunkh (DIN 01900632) was re-appointed as the
Managing Director of the Company for the term of five years with effect from
26^th July, 2023.

• Ms. Ranjita Raman (DIN 07132904):

Ms. Ranjita Raman (DIN 07132904) was re-appointed as the Whole Time
Director of the Company for the term of five years with effect from 26^th July,

2023.

• Mrs. Alpa Urmil Antani (DIN: 10470840):

Mrs. Alpa Urmil Antani (DIN: 10470840) was appointed as the Additional Non¬
Executive Independent Director of the Company with effect from 27^th January,

2024.

Accordingly, an appropriate resolution for the appointment of Mrs. Alpa Urmil
Antani (DIN: 10470840) as an Independent Director of the Company is being
placed for the approval of the shareholders of the Company at the ensuing
AGM. The Board of Directors of the Company recommends her appointment
as an Independent Director of the Company.

• Mrs. Vaijayanti Ajit Pandit (DIN: 06742237):

Mrs. Vaijayanti Ajit Pandit (DIN: 06742237) was appointed as the Additional
Non-Executive Independent Director of the Company with effect from 03^rd
May, 2024.

Accordingly, an appropriate resolution for the appointment of Mrs. Vaijayanti
Ajit Pandit (DIN: 06742237) as an Independent Director of the Company is
being placed for the approval of the shareholders of the Company at the

ensuing AGM. The Board of Directors of the Company recommends her
appointment as an Independent Director of the Company.

• Mr. Renganathan Bashyam (DIN: 01206952):

Mr. Renganathan Bashyam (DIN: 01206952) was appointed as the Additional
Independent Director of the Company with effect from 06^th November, 2023.

Further, with effect from 31^st March, 2024, Mr. Renganathan Bashyam (DIN:
10470840) resigned from the Board as Additional Independent Director.

• Mr. Rajendra Namdeo Salunkhe (DIN: 02992497):

Mr. Rajendra Namdeo Salunkhe (DIN: 02992497) resigned from the Board as
Director of the Company with effect from 22^nd March, 2024.

• Mr. Siraj Kemalpasha Mulani (DIN: 08171708):

Mr. Siraj Kemalpasha Mulani (DIN 08171708) has been re-appointed as the
Independent Director of the Company for the term of five years with effect
from 26^th July, 2023.

Further, on 24^th June, 2024, he resigned from the Board as the Independent
Director of the Company.

• Mr. Arijit Bandyopadhyay:

Mr. Arijit Bandyopadhyay was appointed as the Chief Financial Officer of the
Company with effect from 11^th September, 2023.

Further, he resigned as the Chief Financial Officer of the Company with effect
from 16^th September, 2023

• Mr. Sankesh Kashinath Mophe:

Mr. Sankesh Kashinath Mophe resigned as the Chief Financial Officer with
effect from 11^th September, 2023.

He was then appointed as the Chief Financial Officer of the Company with
effect from 16^th September, 2023.

• Ms. Prajakta Suresh Bhor:

Ms. Prajakta Suresh Bhor resigned as the Company Secretary with effect from
16^th April, 2023.

• Ms. Anchal Jain:

Ms. Anchal Jain was appointed as the Company Secretary of the Company with
effect from 16^th April, 2023.

Further, she resigned from the position of Company Secretary with effect from
23^rd October, 2023.

• Ms. Kirtika Chauhan:

Ms. Kirtika Chauhan was appointed as the Company Secretary of the Company
with effect from 01^st March, 2024.

b) DIRECTOR LIABLE TO RETIRE BY ROTATION

As per the provisions of Section 152 of the Companies Act, 2013, Ms. Ranjita
Raman, Whole Time Director, whose office is liable to retire at the ensuing AGM,
being eligible, offers himself for re-appointment at the ensuing Annual General
Meeting.

c) DECLARATION BY INDEPENDENT DIRECTORS:

The Company has received the necessary declaration from each Independent
Director under Section 149 (7) of the Companies Act, 2013 that they meet the
criteria of independence laid down in Section 149 (6) of the Companies Act, 2013
along with a declaration received pursuant to sub rule (3) of Rule 6 of the
Companies (Appointment and Qualification of Directors) Rules, 2014. The
Independent Directors have individually confirmed that they are not aware of any
circumstances or situation, which exist or may be reasonably anticipated, that
could impair or impact their ability to discharge their duties with an objective
independent judgment and without any external influence. Based on the
declarations and confirmations of the Independent Directors and after undertaking
due assessment of the veracity of the same, the Board of Directors recorded their
opinion that all the Independent Directors are independent of the Management
and have fulfilled all the conditions as specified under the governing provisions of
the Companies Act, 2013. Further, the Independent Directors have also confirmed
that they have complied with the Company''s code of conduct.

d) STATEMENT OF BOARD OF DIRECTORS:

The Board of Directors of the Company is of the opinion that all the Independent
Directors of the Company possess the highest standard of integrity, relevant
expertise and experience required to best serve the interest of the Company.

3. DISCLOSURES RELATED TO BOARD, COMMITTEES AND POLICIES

a. BOARD MEETINGS:

The Board of Directors met 24 (Twenty-four) times during the financial year ended
31^st March 2024 in accordance with the provisions of the Companies Act, 2013 and
rules made thereunder.

b. SECRETARIAL STANDARDS:

The Company has complied with the applicable Secretarial Standards issued by
the Institute of the Company Secretaries of India.

c. COMMITTEES OF THE BOARD:

The Board currently has Four (4) mandatory committees under the Companies Act,
2013 namely:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders Relationship Committee

4. Corporate Social Responsibility Committee

All the recommendations of the above Committee have been accepted by the
Board. A detailed update on the Board, its Committees, its composition, the
number of board and committee meetings held and attendance of the directors at
each meeting is provided in Annexure III.

d. NOMINATION AND REMUNERATION POLICY:

Pursuant to the provisions of Section 178 of the Act and on the recommendation of
the Nomination & Remuneration Committee, the Board has adopted the
Nomination & Remuneration Policy for the selection and appointment of
Directors, Senior Management including Key Managerial Personnel (KMP) and
their remuneration.

The details of this policy have been posted on the website of the Company
available at https://www.iaroeducation.com/.

e. VIGIL MECHANISM POLICY FOR THE DIRECTORS AND EMPLOYEES:

The Board of Directors of the Company has, pursuant to the provisions of Section
177(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of
Board and its Powers) Rules, 2014, framed "Vigil Mechanism Policy" for Directors
and employees of the Company to provide a mechanism which ensures adequate
safeguards to employees and Directors from any victimization on raising of
concerns of any violations of legal or regulatory requirements, incorrect or
misrepresentation of any, financial statements and reports, etc.

The employees of the Company have the right/option to report their
concerns/grievances to the Chairman of the Board of Directors.

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

f. RISK MANAGEMENT POLICY:

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

g. CORPORATE SOCIAL RESPONSIBILITY POLICY:

As per the provisions of Section 135 of the Act read with Companies (Corporate
Social Responsibility Policy) Rules, 2014, the Board of Directors has constituted a
Corporate Social Responsibility (CSR) Committee as under for the F.Y. 2023-24:

1. Mr. Sanjay Salunkhe, Chairman,

2. Mr. Siraj Mulani, Member and

3. Mr. Balkrishna Salunkhe, Member

The composition of the CSR Committee has been revised in the Board meeting held on 27^th
July, 2024 and the details of new committee is as follows:

1. Mr. Sanjay Salunkhe, Chairman,

2. Mr. Ishan Baveja, Member and

3. Mr. Balkrishna Salunkhe, Member

The Board of Directors of the Company has approved CSR Policy based on the
recommendation of the CSR Committee.

The CSR Policy of the Company is available on the Company''s web-site and can
be accessed in the link provided herein below:

https: //www.jaroeducation.com/

The CSR Committee met 2 (Two) times during the financial year ended 31^st March
2024.

The present CSR initiatives of the Company focuses on recognized activities
mentioned in Schedule VII of the Companies Act, 2013. And the Report on
Corporate Social Responsibility (CSR) activities as required under Section 135 of
the Companies Act 2013 is annexed herewith as Annexure - IV to this Directors''
Report.

4. AUDITORS AND REPORTS

The matters related to Auditors and their Reports are as under:

a. OBSERVATIONS OF STATUTORY AUDITORS ON ACCOUNTS FOR THE
YEAR ENDED 31^st MARCH 2024:

The observations/qualifications/disclaimers made by the Statutory Auditors in
their report for the financial year ended 31^st March 2024 read with the explanatory
notes therein are self-explanatory and therefore, do not call for any further
explanation or comments from the Board under Section 134(3) of the Companies
Act, 2013.

b. STATUTORY AUDITORS:

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the
Companies (Audit and Auditors) Rules, 2014, M/s. MS KA& Associates,
Chartered Accountants (FRN: 105047W), the Statutory Auditors of the Company,
hold office up to the conclusion of the ensuing Annual General Meeting. The
consent of the Auditors along with a certificate under Section 139 of the Act have
been obtained from the Auditors to the effect that their appointment, if made, shall
be in accordance with the prescribed conditions and that they are eligible to hold
the office of Auditors of the Company. The Board recommends the appointment
of M/s. M S K A & Associates, Chartered Accountants (FRN: 105047W) as the
Statutory Auditors of the Company.

The necessary resolution for reappointment of the said Auditors is included in the
Notice of AGM for seeking approval of members.

c. MAINTENANCE OF COST RECORDS:

Pursuant to the provisions of Section 148 of the Companies Act, 2013 read with the
Companies (Cost Records and Audit) Rules, 2014, as amended from time to time,
the Company is not required to maintain Cost Records under said Rules.

d. REPORTING OF FRAUDS BY STATUTORY AUDITORS UNDER SECTION
143(12):

There were no incidences of reporting of frauds by Statutory Auditors of the
Company under Section 143(12) of the Act read with Companies (Accounts) Rules,
2014.

5. OTHER DISCLOSURES

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

a. DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR
TRIBUNAL

No orders have been passed by any Regulator or Court or Tribunal which can have
impact on the going concern status and the Company''s operations in future.

b. DIRECTOR''S RESPONSIBILITY STATEMENT:

In terms of Section 134(5) of the Companies Act, 2013, in relation to the audited
financial statements of the Company for the year ended 31^st March, 2024, the Board

of Directors hereby 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. such accounting policies have been selected and applied consistently and the
Directors 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 as at 31^st
March, 2024 and of the profit/loss of the Company for that year;

c. proper and sufficient care was taken 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 annual accounts of the Company have been prepared on a going concern
basis;

e. the Directors have laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and are
operating effectively;

f. proper systems have been devised to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating
effectively;

c. DISCLOSURE REGARDING INTERNAL COMPLAINTS COMMITTEE:

The Company has complied with the provisions relating to the constitution of
Internal Complaints Committee under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.

d. DISCLOSURE UNDER SECTION 43(a)(ii) OF THE COMPANIES ACT, 2013:

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

e. DISCLOSURE UNDER SECTION 54(1)(d) OF THE COMPANIES ACT, 2013:

The Company has not issued any sweat equity shares during the year under
review and hence no information as per provisions of Section 54(1)(d) of the Act
read with Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014
is furnished.

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

During the year under review, there were no instances of non-exercising of voting
rights in respect of shares purchased directly by employees under a scheme
pursuant to Section 67(3) of the Act read with Rule 16(4) of Companies (Share
Capital and Debentures) Rules, 2014is furnished.

6. ACKNOWLEDGEMENTS AND APPRECIATION:

Your directors take this opportunity to thank the customers, shareholders, suppliers,
bankers, business partners/associates, financial institutions and Central and State
Governments for their consistent support and encouragement to the Company.

For and on behalf of

Jaro Institute of Technology Management and Research Limited

SD/- SD/-

Sanjay Namdeo Salunkhe Balkrishna Namdeo Salunkhe

Managing Director Director

DIN: 01900632 DIN: 01685311

Address: 606/A, Golf Scappe, Address: B-2, 12^th Floor, Flat No. 5,

Near Diamond Garden, Millennium Towers, Sector 09,

Sion Trambay Road, Opp. Sitaram Master Garden,

Chembur, Mumbai - 400071, Sanpada, Navi Mumbai - 400705,

Maharashtra, India Maharashtra, India

Date: 26/09/2024

Place: Mumbai