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We further report that: Compliances of applicable Financial Laws including, Direct & Indirect Tax

Laws by the Company has not been reviewed in this Audit Report; since the same is under the
purview of Statutory Auditor & other Designated Professionals. 3. During the period under review
Company has following Committees namely; 1) Audit Committee 2) Nomination & Remuneration
Committee. 3) Stakeholders Relationship Committee 4) Risk Management Committee The details of
committee meetings/Board meetings (till NCLT Order for commencement of CIRP) are given below:
SR.NO. COMMITTEE DATE OF MEETING 1 Audit Committee 29.05.2023, 14.08.2023 and 08.11.2023 2
Nomination & Remuneration Committee 22.05.2023 3 Separate Meeting of Independent Directors
Nil 4 Board of Directors meeting 22.05.2023, 29.05.2023, 14.08.2023, 08.11.2023 and 22.12.2023 5
Risk Management Committee 29.05.2023 and 08.11.2023 6 Stakeholders Relationship Committee
29.05.2023, 14.08.2023 and 08.11.2023 We further report that: During the year under review The
Hon’ble Adjudicating Authority, i.e., National Company Law Tribunal, Chandigarh Bench, has
admitted the Company Petition i.e. C.P (IB) No. 291/Chd/Chd/2018, filed by M/s. Edelweiss Asset
Reconstruction Company Limited, the Financial Creditor initiating Corporate Insolvency Resolution
Process (“CIRP”) under Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as “Code”) in
the matter of M/s. Winsome Yarns Ltd. (“Corporate Debtor”). The Adjudicating Authority appointed
Mr. Sanjay Gupta having Registration No. IBBI/IPA-002/IP-N00982-C01/2017-2018/10354 as Interim
Resolution Professional (IRP) vide its said order dated 22.12.2023. Further, the Committee of
Creditors has filed an application before Hon’ble NCLT, Chandigarh for the appointment of M/s.
ARCK Resolution Professionals LLP as Resolution Professional in place of Mr. Sanjay Gupta.
Subsequently, the Hon’ble NCLT allowed the application and appointed M/s. ARCK Resolution
Professionals LLP having Registration No. IBBI/IPE-0030/IPA-1/2022-23/50013 as Resolution
Professional (“RP”) in this matter vide its Order dated 14.03.2024. Upon initiation of CIRP against
corporate debtor i.e. Winsome Yarns Limited, its management shall vest with the interim resolution
professional/resolution professional as the case may be, in terms of section 17 of the IBC, 2016.

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