GeeCee Ventures : EXTRACT OF AUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR 31ST MARCH, 2023

Sub: Outcome of the Board Meeting held on 26th May, 2023 ‐ Pursuant to Regulation 30 and Submission of - Audited Standalone and Consolidated Financial Results for the quarter and financial year ended 31st March, 2023 pursuant to Regulation 33 SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015:

In continuation to our letter dated 19th May, 2023 we wish to inform you that the Board of Directors of the Company at its meeting held on Friday, 26th May, 2023 has inter-alia considered and approved the following:

1. In terms of provisions of Regulations 30 (read with Para A of Schedule III) and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose the following statements for the quarter and financial year ended 31st March, 2023 which were approved and taken on record by the Board of Directors at its meeting held today i.e. on 26th May, 2023:
2. 1. Audited Standalone and Consolidated Financial Results of the Company for the Quarter and financial year ended 31st March, 2023 along with Statement of Assets and Liabilities;
   2. Auditors' Report with unmodified opinion on Audited Financial Results -Standalone and Consolidated for the Quarter and Financial year ended 31st March, 2023 submitted by the Statutory Auditors of the Company and
   3. Declaration by the Whole Time Director of the Company regarding Audit Reports with unmodified opinion on the Audited Financial Results (Standalone and Consolidated) for the financial year ended 31st March, 2023
3. Recommendation of Final Dividend of Rs. 2.00/- (Rupees Two only) per share on the equity share capital of the Company for the year ended 31st March, 2023, subject to necessary approval by the members at the ensuing Annual General Meeting. The date of Annual General Meeting along with dividend payment date and the record date will be intimated to the stock exchanges separately.

1. Rationale for amalgamation/ merger.
2. 1. Simplify group and business structure and achieve operational synergies;
   2. Optimized legal structure of the group with elimination of multiple legal entities - The Transferor Company being Wholly Owned Subsidiary of the Transferee Company is under the management and control of the Transferee Company is part of the same group. It would be advantageous to merge the said entities to ensure focused management in the Transferee Company thereby resulting in efficiency of management and maximizing value to the shareholders;
   3. Reduced operational costs due to combined efforts, eliminating duplication of administrative work, communications / coordination efforts across the group entities, multiplicity of legal and regulatory compliances thereby ensuring optimum utilization of available resources and integrated management focus which will enable a structured, sharper and better management focusing on holistic growth of the businesses.
   4. Improve organizational capabilities and leadership, arising from pooling of Assets, human capital, and technical resources to compete successfully in an increasingly competitive industry;
   5. Achieving economies of scale.
3. In case of cash consideration -amount or otherwise share exchange ratio.
   The entire share capital of the Transferor Companies is held directly/indirectly by the Transferee Company. Upon the Scheme becoming effective, no shares of the Company shall be allotted in lieu or exchange of the holding of the Transferee Company in the Transferor Company and accordingly, equity shares held in the Transferor Company shall stand cancelled on the Effective Date without any further act, instrument, or deed.
4. Brief details of change in shareholding pattern (if any) of listed entity.
   There will be no change in the shareholding pattern of the Company pursuant to the Scheme, as no shares are being issued by the Company in connection with the Scheme.