Chairman's Address

Dear Esteemed Members

Hope you and your family are keeping safe in these challenging times.

It is my privilege to present before you the 20^th AnnualReport of the Company for the Financial Year 2020-21. As informed to in the notice of theAGM also in view of the massive outbreak of the COVID-19 pandemic and in compliance withcirculars of the Ministry of Corporate Affairs ("MCA") this AGM is being heldthrough VC/OAVM unlike the physical attendance of the members at a common venue inearlier years. You may be aware that your Company is a special purpose vehicle and theincome of your Company is primarily the dividend received from its subsidiary BalmerLawrie & Co. Limited and the interest received by promptly deploying the surplus fundinto fixed deposits. It is a pleasure to approach the members with a recommendation fordeclaration of a dividend of 380% (Rs.38.00 per equity share). It is a persistentendeavour to provide maximum value to the shareholders for the investments in the Company.

The Company constantly endeavours to ensure Compliance with CorporateGovernance Guidelines/norms to the extent of factors within its control. The Company hasmade contribution to PM CARES and Prime Minister's National Relief Fund towards itsCSR expenditure for 2020-21.

I would take this opportunity to offer humble gratitude to theshareholders for vesting their confidence in the management of the Company. I would liketo acknowledge the continuous support and guidance that we have been receiving from theMinistry of Petroleum & Natural Gas and other Ministries of the Govt. of India.

I would also like to thank our subsidiary company Balmer Lawrie &Co. Ltd. for its support and compliment it for its continued performance and stability.

I would also like to express thanks to our valued shareholdersbankers financial institutions and other stakeholders for their continued support andco-operation. Finally I must convey my gratitude to my colleagues on the Board for theirwise counsel and valued involvement in helping us to manage the affairs of the Company.