DIRECTORS' REPORT

Your Director’s take pleasure in presenting before
you the 41^st Director’s Report on the business and
operations of Antelopus Selan Energy Limited (Formerly
Known as Selan Exploration Technology Limited)
(hereinafter referred to as the “Company”/”Antelopus
Selan”) along with the audited financial statements for
the financial year ended March 31, 2026.

I. FINANCIAL SUMMARY/HIGHLIGHTS

The financial statements of your Company as on
March 31, 2026 are prepared in accordance with
the relevant Indian Accounting Standards (Ind AS)
and Regulation 33 of the Securities and Exchange
Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“SEBI Listing
Regulations”) and the provisions of the Companies
Act, 2013 (“Act”).

The summarized financial highlight is depicted
below:

*Pursuant to the Scheme of Arrangement the accounts for the
Financial year 2024-25 and 2025-26 are restated.

There are no material departures from the prescribed
norms stipulated by the Indian Accounting Standards
in preparation of the Annual Accounts. Accounting
policies have been consistently applied except where a
newly issued Indian accounting standard or a revision
to an existing Indian accounting standard requires
a change in the accounting policy hitherto in use.
Management evaluates all recently issued or revised

Indian accounting standards on an ongoing basis. The
Company discloses financial results on a quarterly
basis which are subjected to limited review and
publishes audited financial results on an annual basis.

II. OVERVIEW OF COMPANY'S FINANCIAL
PERFORMANCE

The revenue from operations (Net of profit petroleum
paid) for FY’ 26 stood at ~INR 27,887.82 lakhs an
increase of ~8%, in comparison to ~INR 25,807.78
lakhs in the previous financial year.

EBITDA for FY’26 stood at ~INR 16,749.79 lakhs, an
increase by ~14%, in comparison to ~INR 14,690.58
lakhs in the previous financial year.

III. KEY DEVELOPMENTS

a. Operational Update

During FY 2025-26, the Company continued
to strengthen its development and production
operations, with a focus on production growth, asset
development and disciplined capital deployment.
sales increased from approximately 1,100 boepd at
the beginning of the year to approximately 1,850
boepd by year-end, supported by successful drilling
results, particularly at the Karjisan field, where
production approximately doubled during the year.

The Company progressed drilling activities across
Karjisan, Bakrol, Cambay, Dangeru and Duarmara.
Four wells were drilled at Karjisan, two at Bakrol and
one at Cambay. Dangeru commenced production
during the year, while drilling activities were initiated
at Duarmara. These activities were undertaken
primarily through internal accruals, reflecting the
Company’s focus on capital discipline.

The Company remains focused on further production
ramp-up through continued drilling, infrastructure
development and debottlenecking across its asset
portfolio. For FY 2026-27, the Company is targeting
increased production supported by planned drilling
programmes across Bakrol, Karjisan and Cambay
and further development of Dangeru and Duarmara.

b. Composite scheme of Arrangement

The Hon’ble National Company Law Tribunal,
Chandigarh Bench, approved the Composite Scheme
of Arrangement between Antelopus Energy Private
Limited and Selan Exploration Technology Limited
and their respective shareholders and creditors vide
its order dated June 10, 2025 (as rectified on July 01,
2025).

Pursuant to Clause 27 of the Scheme read with
Section 232(5) of the Companies Act, 2013, both
companies filed e-Form INC-28 with the Registrar
of Companies, Delhi and Haryana, on July 05, 2025.

Accordingly, the Scheme became effective from July
05, 2025.

In accordance with Clause 21 of the Scheme and the
NCLT Order, the Company’s name was changed from
Selan Exploration Technology Limited to Antelopus
Selan Energy Limited with effect from August 12,
2025.

Pursuant to the Scheme, the Board allotted
1,99,62,358 equity shares of face value INR 10 each
to the shareholders of Antelopus Energy Private
Limited (Transferor Company) as on the Record
Date, i.e., July 05, 2025, in accordance with Clause
20 of the Scheme.

BSE Limited and the National Stock Exchange of
India Limited (NSE) granted listing approvals for the
aforesaid equity shares on September 16, 2025 and
September 17, 2025, respectively. Trading approval
was subsequently received on October 07, 2025,
and the shares commenced trading with effect from
October 08, 2025.

Further, pursuant to the approvals received from
NSE and BSE, the Company’s equity shares have
been traded under its new name (Antelopus Selan
Energy Limited) and symbol (“ANTELOPUS”) with
effect from September 22, 2025.

IV. DIVIDEND

The Board of Directors of your Company, after
considering holistically, has decided that it would be
prudent to reinvest the profits back into the business
in order to generate better returns and hence do not
recommend dividend for the year under review.

V. TRANSFER TO IEPF

During the year, an amount of INR 11,43,770 (Indian
Rupees Eleven Lakhs Forty-Three Thousand Seven
Hundred and Seventy Only), being unclaimed
dividend for the Financial Year 2018-19, along
with 17,981 (Seventeen Thousand Nine Hundred
and Eighty-One Only) equity shares were duly
transferred to the Investor Education and Protection
Fund established by the Central Government.

In compliance with the Companies Act, 2013 (“Act”)
read with Investor Education and Protection Fund
Authority (Accounting, Audit, Transfer and Refund)
Rules, 2016 and subsequent amendments thereto
(“IEPF Rules”), members/ claimants whose shares
and /or unclaimed dividend, which have/has been
transferred to the IEPF Demat Account or the Fund,
as the case may be, may claim the shares or apply
for refund by making an application to the IEPF
authority in web Form IEPF-5 (available on http://
www.mca.gov.in) along with the requisite fee as
decided by the IEPF authority from time to time. Only
one consolidated claim in a financial year can be filed
by the Member/Claimant as per the IEPF Rules.

In compliance with the applicable provisions of the
Act read with IEPF Rules, an Investor Education
and Protection Fund (“IEPF” or “Fund”) has been
established by the Central Government whereby all
unpaid or unclaimed dividends by the members are
required to be transferred by the Company to the
aforesaid Fund after completion of seven years from
the date of dividend becoming unpaid/ unclaimed. It
is further clarified that the shares in respect of which
dividend has not been paid to or claimed by the
members for a period of seven consecutive years or
more shall also be transferred to a Demat Account
created by the IEPF Authority.

The Company had sent individual notices to the
concerned members and also advertised in the
newspapers to enable those members who have
not claimed any such dividends for a period of seven
consecutive years or more to take appropriate action
to claim their unpaid dividend amount which has not
been claimed by them for seven consecutive years or
more as per the provisions of the IEPF Rules.

Accordingly, the Company has transferred all the
unpaid or unclaimed dividend amounts to IEPF
within the timelines as provided by the Act and the
IEPF Rules.

Members can visit our website at www.
antelopusenergy.com for details of shares/
shareholders in respect of which dividend has not
been claimed. The shareholders are requested
to verify their records and claim their unclaimed
dividends for past seven years, if not claimed

The Company has appointed a Nodal Officer under the
provisions of IEPF, the details of which are available on
the website of the Company at www.antelopusenergy.
com under Investor Information section.

VI. SHARE CAPITAL

Pursuant to the Scheme sanctioned by the Hon’ble
NCLT, Chandigarh Bench on June 10, 2025 rectified
as per order dated July 01, 2025 and received by
the Company on July 03, 2025, the authorized share
capital of the Company of INR 30,00,00,000 (Indian
Rupees Thirty Crores only) was increased to INR
82,50,00,000 (Indian Rupees Eighty-Two Crores and

Fifty Lakhs Only) divided into 8,25,00,000 (Eight
Crores Twenty Five Lakhs Only) equity shares of INR
10 (Indian Rupees Ten each).

During the year under review, the issued, subscribed
and paid-up equity share capital of the Company
has increased from INR 15,20,00,000 (Indian Rupees
Fifteen Crores and Twenty Lakhs only) divided into
equity shares of INR 10 (Indian Rupees Ten each)
to INR 35,16,23,580 (Indian Rupees Thirty Five
Crores Sixteen Lakhs Twenty Three Thousand Five
Hundred and Eighty only) divided into equity shares
of INR 10 each (Indian Rupees Ten each) pursuant
to approval of Scheme of Amalgamation.

a. Further, during the year under review, the
Company has not:

i. issued any sweat equity shares to its Directors
or employees.

ii. made any change in voting rights.

iii. reduced its share capital or bought back shares.

iv. failed to implement any corporate action.

b. The Company’s securities were not suspended for
trading during the year.

c. The disclosure pertaining to explanation for any
deviation or variation in connection with certain
terms of a public issue, rights issue, preferential
issue, etc. is not applicable to the Company.

VII. DIRECTORS

The Board of Directors comprises of distinguished
professionals with proven integrity and competence,
who provide strategic direction, guidance and
leadership to the Company.

As on March 31, 2026, the Board of Directors of the
Company comprised of six Directors as follows:

During the year under review, there has been no change in the
composition of the Board of Directors of the Company.

VIII. DECLARATION OF INDEPENDENCE BY
DIRECTORS AND STATEMENT ON COMPLIANCE
OF CODE OF CONDUCT

The Company has received necessary declarations
from all the Independent Directors confirming that
they meet the criteria of independence as prescribed
under the Act and SEBI Listing Regulations. The
above declarations have been taken on record. The
Independent Directors of the Company have also
registered themselves in the data bank with the
Indian Institute of Corporate Affairs and confirmed
compliance of relevant provisions of Rule 6 of the
Companies (Appointment and Qualifications of
Directors) Rules, 2014.

Further, all the Independent Directors of the Company
have also complied with the Code for Independent
Directors prescribed in Schedule IV of the Act.

The Board is of the opinion that all the Independent
Directors of the Company possess requisite
qualifications, skills, experience and expertise and
they hold highest standards of integrity as well as
they are independent of the Management of the
Company.

IX. KEY MANAGERIAL PERSONNEL

Pursuant to Section 203 of the Act and the Rules
made thereunder, following were the Key Managerial
Personnel of the Company as on March 31, 2026

During the year under review, there has been no change in the
Key Managerial Personnel.

X. AUDITORS AND AUDITORS REPORT(a) Statutory Auditors

V. Sankar Aiyar & Co., Chartered Accountants,
(FRN:109208W), were appointed as Statutory
Auditors of the Company from the conclusion
of the 37^th Annual General Meeting held on
September 15, 2022 until the conclusion of the
42^nd Annual General Meeting of the Company.

The Statutory Auditors Report does not contain
any qualification or adverse remark hence does
not require any clarification or explanation.

(b) Secretarial Auditors

During the year under review, the Members
approved the appointment of Nityanand Singh
& Co. (ICSI Membership No. 2668 and Certificate
of Practice No. 2388), Practicing Company
Secretaries, as the Secretarial Auditors of
the Company, to hold office for a term of five
consecutive years up to FY 2030.

Further, pursuant to Section 204 of the Act,
the Secretarial Audit Report, i.e. Form MR-3 is
annexed to this report as Annexure-I. There are
no qualifications, observations, adverse remark
or disclaimer in the said Report and hence does
not require any clarification or explanation.

(c) Cost Auditors

In terms of Section 148 of the Act, the Company
is required to maintain cost records and have
the audit of its cost records conducted by a Cost
Accountant. Cost records are prepared and
maintained by the Company as required under
Section 148(1) of the Act.

The Board of Directors of the Company had, on
the recommendation of the Audit Committee,
approved the appointment of Mr. R. Krishnan,
Cost Accountant (Membership No. 7799) as
the Cost Auditor of the Company for the year
ending March 31, 2026. Mr. R. Krishnan has vast
experience in the field of cost audit and has been
conducting the audit of the cost records of the
Company for the past several years.

In accordance with the provisions of Section 148(3)
of the Act read with Rule 14 of the Companies
(Audit and Auditors) Rules, 2014, as amended,
the remuneration of INR 1,50,000 (Indian Rupees
One Lakh and Fifty Thousand Only) per annum
plus applicable taxes and reimbursement of out-
of-pocket expenses is payable to the Cost Auditors
for conducting cost audit of the Company for the
FY'27, as recommended by the Audit Committee
and approved by the Board and proposed to be
ratified by the Members of the Company. The
same is placed for ratification of Members and
forms part of the Notice of the ensuing AGM.

(d) Internal Auditor

In compliance with the provisions of Section 138
of the Companies Act, 2013, M/s J.A. Martins
(FRN: 010860N), Chartered Accountants, were
appointed as Internal Auditors for the Financial
Year' 26 to conduct the internal audit of the
functions and activities of the Company.

Their Report to the Chairman of the Audit
Committee had been submitted and was

reviewed by the Management and had been
taken on record.

(e) Reporting of Fraud

During the year under review, the Statutory
Auditors, Cost Auditors and Secretarial Auditors
have not reported any instances of frauds
committed in the Company by its officers or
employees to the Audit Committee under Section
143(12) of the Act.

XI. WHISTLE BLOWER POLICY

The Company has adopted a Vigil Mechanism/Whistle
Blower Policy to provide a formal mechanism for the
Directors and employees to report their concerns
about unethical behavior, actual or suspected fraud
or violation of the Company's Code of Conduct or
Policy. This Policy provides for adequate safeguards
against victimization of employees who avail the
mechanism and also provides for direct access to the
Audit Committee in appropriate cases. It is affirmed
that no personnel of the Company have been
denied access to the Audit Committee. The policy
can be viewed on the Company's website at https://
antRlopusRnRrgy.com/wp-content/uploads/2026/02/
WHISTLE-BLOWER-POLICY.pdf

XII. AUDIT COMMITTEE

The Committee has adopted a Charter for its
functioning. The primary objective of the Committee
is to monitor and provide effective supervision of
the Management's financial reporting process, to
ensure accurate and timely disclosures, with the
highest levels of transparency, integrity and quality
of financial reporting.

The Committee comprises of Mr. Manjit Singh, Mr.
Suniti Kumar Bhat, Ms. Vishruta Kaul, Mr. Raman
Singh Sidhu and Mr. Baikuntha Nath Talukdar.
Mr. Manjit Singh is the Chairman of the committee
during the financial year. Having adequate financial
and accounting knowledge, Mr. Manjit Singh ensured
compliance with the internal financial control
systems and devised appropriate systems and
frameworks aligned with the business requirements.
The Committee met four times during the year under
review, the details of which are given in the Corporate
Governance Report.

During the year under review, all the recommendations
made by the Audit Committee were accepted by the
Board.

XIII. FRAMEWORK FOR THE APPOINTMENT,
REMUNERATION AND PERFORMANCE
EVALUATION OF THE BOARD, ITS COMMITTEES
AND INDIVIDUAL DIRECTORS

The Board of Directors has carried out an annual

evaluation of its own performance, board committees
and individual directors pursuant to the provisions
of the Act and SEBI Listing Regulations. The criteria
is broadly based on the Guidance Note on Board
Evaluation issued by the SEBI.

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.

In a separate meeting of Independent Directors,
performance of Non-Independent Directors, the
Board as a whole and Chairman of the Company
was evaluated, taking into account the views of
Executive and Non-Executive Directors.

The Board and the Nomination and Remuneration
Committee (“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 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.

The overall outcome of the Board evaluation process
was positive and the Directors expressed satisfaction
with the performance and effectiveness of the Board,
its Committees and Individual Directors. For further
details, please refer to the Corporate Governance
Report, enclosed as Annexure II to this Report.

XIV. INTERNAL FINANCIAL CONTROLS

The Company has an Internal Control System,
commensurate with the size, scale and complexity
of its operations. The Company had documented a
comprehensive Internal Control system for all the
major processes to ensure reliability of financial
reporting, timely feedback on achievement of
operational and strategic goals, compliance with
the policies, procedures, laws and regulations,
safeguarding of assets and economical and efficient
use of resources. The formalised system of control
facilitates effective compliance as per relevant
provisions of the Act and other applicable law(s).

XV. CEO / CFO CERTIFICATION

Mr. Suniti Kumar Bhat, Managing Director and
Mr. Raajeev Tirupati, Chief Financial Officer of the
Company have certified to the Board that all the
requirements of the SEBI Listing Regulations, inter-
alia, dealing with the review of Financial Statements
and Cash Flow Statement for the year ended
March 31, 2026, transactions entered into by the
Company during the said year, their responsibility
for establishing and maintaining internal control
systems for financial reporting and evaluation of
the effectiveness of the internal control systems and
making of necessary disclosures to the Auditors and
the Audit Committee have been duly complied with.

XVI. CORPORATE SOCIAL RESPONSIBILITY

Antelopus Selan as a responsible Corporate is
committed to driving societal progress, while fulfilling
its business objectives. The Company committed
to conduct business with a strong environmental
conscience, so as to ensure sustainable
development, safe work places and enrichment of
life of its employees, clients and the community. The
Company has in place a CSR Policy in line with the
Act and Schedule VII of the Act and is available at
the Company’s website at https://antalopusanargy.
com/wp-content/uploads/2026/02/Corporate-
Social-Responsibility-Policy.pdf. The CSR Committee
confirms that the implementation and monitoring of
the CSR Policy was done in compliance with the CSR
objectives and Policy of the Company.

During the year under review, no change was carried
out in the policy.

Brief details about the CSR Committee composition
and CSR Policy developed and implemented by
the Company on CSR initiatives taken during the
year along with other requisite details are given in
Annexure III to this Report.

XVII. BUSINESS RISK MANAGEMENT

Risk can be viewed as a combination of the probability
of an event occurring, the impact of its consequence
and the current mitigation effectiveness. Events with
a negative impact represent risks that can prevent
value creation or erode existing value.

Although pursuant to the SEBI Listing Regulations,
formulation of a Risk Management Committee and
policy is applicable on top 1000 listed companies and
the Company doesn’t fall under the said category,
but it has adopted the same as a good governance
practice. The Board has constituted a Risk
Management Committee to review, identify, evaluate
and monitor both business and non-business-related
risks and take requisite action to mitigate the same

through a properly defined framework.

The Company has framed a Risk Management Policy
to identify and assess the risk areas, monitor and
report compliance and effectiveness of the policy.
The Risk Management policy is available on the
website of the Company at www.antelopusenergy.
com. A detailed exercise is being carried out
regularly to identify, evaluate, manage and monitor
both business and non-business risks. The policy
seeks to create transparency, minimize adverse
impact on the business objectives and enhance
the Company’s competitive advantage. The Risk
Management Policy defines the risk management
approach across the enterprise at various levels
including documentation and reporting and contains
the details for identification of elements of risk, if any,
which in the opinion of the Board may threaten the
existence of the Company.

XVIII. LEGAL COMPLIANCES MANAGEMENT

The Compliance function independently tracks,
reviews and ensures compliance with regulatory and
statutory laws and promotes compliance culture in
the Company.

The compliance report is also provided regularly to
senior management and to the Board of Directors
by the compliance function. This regular reporting
facilitates in operating an effective compliance
management system that allows for keen monitoring
of the compliance status with respect to applicable
laws and regulations and keeps the Board informed
in case of any amendments in existing laws and
regulations. This also provides a robust governance
structure and a streamlined reporting system that
ensures cohesive compliance reporting to the Board.

The compliance certificate is presented to the Board
on a quarterly basis. The compliance certificates
are presented by the Compliance Department and
independently reviewed by Senior Management,
allowing for robust and effective insight into the
compliance practices.

XIX. MATERIAL CHANGES AND COMMITMENTS
AFFECTING FINANCIAL POSITION BETWEEN THE
END OF THE FINANCIAL YEAR AND DATE OF THE
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 date of this Report, in terms of section
134(3)(l) of the Companies Act, 2013.

XX. FINANCIAL STATEMENTS

The Ministry of Corporate Affairs and SEBI has
provided several relaxations, in view of difficulties

faced by the Companies, on account of threat
posed by Covid-19. Pursuant to General Circular
Nos. 14/2020 dated April 08, 2020; 17/2020 dated
April 13, 2020; 22/2020 dated June 15, 2020;
33/2020 dated September 28, 2020, 39/2020 dated
December 31, 2020, 10/2021 dated June 23, 2021,
20/2021 dated December 08, 2021, 03/2022 dated
May 05, 2022, 09/2023 dated September 25, 2023,
09/2024 dated September 19, 2024 and 03/2025
dated September 22, 2025 issued by the Ministry
of Corporate Affairs, the Company shall not be
dispatching physical copies of Financial Statements
and the Annual Report shall be sent only by email to
the Members.

The financial statements of the Company are
prepared in accordance with Indian Accounting
Standards (Ind AS), duly audited by Statutory
Auditors, also forms part of this Annual Report.

XXI. AMOUNT TRANSFERRED TO GENERAL RESERVE

No amount is being proposed to be transferred to the
reserves out of profits for FY’ 26.

XXII. CHANGE IN NATURE OF BUSINESS, IF ANY.

There is no change in the nature of business of the
Company during the FY’ 26.

XXIII. CORPORATE GOVERNANCE

Pursuant to the SEBI Listing Regulations, Report on
Corporate Governance for the year under review, is
presented in a separate section. A certificate from
M/s. V. Sankar Aiyar & Co., Chartered Accountants,
Statutory Auditors of the Company, confirming
compliance of conditions of Corporate Governance,
as stipulated under the SEBI Listing Regulations, is
annexed to this report.

A Report on Corporate Governance including a
certificate thereon is presented in a separate section
forming part of this Report and enclosed as
Annexure II.

XXIV. CONTRACTS OR ARRANGEMENTS WITH
RELATED PARTIES

In line with the requirements of the Act and the SEBI
Listing Regulations, the Company has formulated a
Policy on Related Party Transactions. The Policy can
be accessed on the Company’s website at https://
antelopusenergy.com/wp-content/uploads/2026/02/
Related-Partv-Transactions-Policv.pdf

During the year under review, all related party
transactions entered into by the Company, were
approved by the Audit Committee and were at arm’s
length. Prior omnibus approval is obtained for related
party transactions which are of repetitive nature
and entered in the ordinary course of business and
on an arm’s length basis. Particulars of contracts or

arrangements with related parties as required under
Section 134(3)(h) of the Act in the prescribed Form
AOC-2 are enclosed as Annexure-IV to the Directors’
Report.

Details of related party transactions entered into
by the Company, in terms of Ind AS-24 have been
disclosed in the notes to the financial statements
forming part of this Report.

XXV. PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS

Loans, guarantees and investments covered under
Section 186 of the Act have been disclosed in
the financial statements, which forms part of this
Integrated Annual Report.

XXVI. SUBSIDIARIES, ASSOCIATES AND JOINT
VENTURES

The Company does not have any subsidiary/joint
ventures or associate companies as on March 31,
2026.

Further no Company/entity has become or ceased to
be its subsidiary or Joint venture or associate during
the year under review.

XXVII. DISCLOSURE REGARDING PREVENTION OF
SEXUAL HARASSMENT AT WORKPLACE

The Company has zero tolerance for sexual
harassment at workplace and has adopted a Policy
on prevention, prohibition and redressal of sexual
harassment at workplace in line with the provisions
of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013
and the Rules framed thereunder for prevention and
redressal of complaints of sexual harassment at
workplace.

The Company, as an equal opportunity employer has
endeavored to encourage professionals by creating
proper policies to address issues relating to safe and
proper working conditions and create and maintain a
healthy and conducive work environment that is free
from any discrimination. This includes discrimination
on any basis, including gender, as well as any form
of sexual harassment.

During the period under review, the Company
had received no complaints of harassment and no
complaints were pending to be resolved as on March
31, 2026.

Your Company has constituted Internal Complaints
Committee (ICC) for various business divisions
and offices, as per the requirements of the Sexual
Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013.

XXVIII. PARTICULARS OF CONSERVATION OF

ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars of conservation of energy, technology
absorption and foreign exchange earnings and
outgo as prescribed under Section 134(3)(m) of the
Act read with Rule 8 of the Companies (Accounts)
Rules, are enclosed as Annexure- V to this Report.

XXIX. PARTICULARS OF EMPLOYEES AND RELATED
DISCLOSURES

In terms of provisions of section 197(12) of the Act
read with Rule 5 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules,
2014 as amended, the information relating to the
disclosures pertaining to employees of the Company,
is provided in Annexure VI to this Report.

Details of employees’ remuneration under Rule
5(2) & 5(3) of the Companies (Appointment &
Remuneration of Managerial Personnel) Rules, 2014
is provided in Annexure VI to this Report. In terms
of the second proviso to Section 136(1) of the Act
and the rules made thereunder, the Board’s Report
is being sent to the members without the aforesaid
Annexure. Members who are interested in obtaining
copy of the same may send an e-mail at investors@
antelopusenergy.com

XXX. MEETINGS OF THE BOARD

The Board meets at regular intervals to discuss
business performance. During the financial year
ended March 31, 2026, the Board of Directors met
seven times on April 08, 2025, May 09, 2025, July 07,
2025, August 12, 2025, November 11, 2025, January
22, 2026 and March 24, 2026 respectively.

The intervening gap between the meetings was
within the period prescribed under the Act.

Number of Board meeting attended by each Director
during the period under review are as under:

XXXI. EMPLOYEE STOCK OPTION SCHEMES

During the year, your Company had Antelopus
Selan Employees Stock Option Scheme 2022 (‘ESOP

Scheme’), which is in compliance with the Act and
SEBI (Share Based Employee Benefits and Sweat
Equity) Regulations, 2021 and the disclosures
relating to the ESOP Scheme as required under the
abovementioned SEBI Regulations are available on
the Company’s website at https://antelopusenergy.
com/wp-content/uploads/2026/02/ESOP-Scheme.
pdf

The certificate of Secretarial Auditor confirming
compliance of the ESOP Schemes with the Act
and abovementioned SEBI Regulations has been
uploaded on the website of the Company at https://
antRlopusRnRrgy.com/annual-gRnRral-mRRting/ In
addition, the disclosure pursuant to Rule 12(9) of
the Companies (Share Capital and Debentures)
Rules, 2014 and Regulation 14 of the Securities and
Exchange Board of India (Share Based Employee
Benefits and Sweat Equity) Regulations, 2021 (“SEBI
SBEB Regulations”) as at March 31, 2026 is given in
Annexure VII to this Report.

XXXII. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to provisions of Section 134(3)(c) and
Section 134(5) of the Act, your Directors state that:

a. In the preparation of the annual accounts for
the financial year ended March 31, 2026, the
applicable accounting standards read with
requirements set out under Schedule III to the Act,
have been followed and there are no material
departures from the same.

b. They have selected such accounting policies and
applied them consistently and made 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 as at March 31, 2026 and of the
profit of the Company for the year April 01, 2025
to March 31, 2026.

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 internal financial controls to
be followed by the Company and that such internal
financial controls are adequate and are operating
effectively.

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.

XXXIII. GENERAL

Your Director’s state that no disclosure or reporting

is required in respect of the following items as there
were no transactions on these items during the year
under review:

a. The Company has not accepted any deposits from
the public or otherwise in terms of Chapter V of the
Act read with Companies (Acceptance of Deposit)
Rules, 2014 and as such, no amount on account of
principal or interest on deposits from public was
outstanding as on the date of Balance Sheet.

b. No significant or material orders were passed
by the Regulators or Courts or Tribunals which
have an impact on the going concern status and
Company’s operations in future.

c. The Company has not made any one-time
settlement in respect of any loan from Banks
or Financial Institutions, hence, no 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, are required to be given.

d. No application has been made or any proceeding
in relation to the Company are pending under the
Insolvency and Bankruptcy Code, 2016 (31 of
2016) during the year under review.

XXXIV. COMPLIANCE WITH SECRETARIAL
STANDARDS

Your Directors confirm that the Secretarial Standard
-1, on Meetings of Board of Directors & Secretarial
Standard - 2 on General Meetings, issued by the
Institute of Company Secretaries of India, have been
duly complied with.

XXXV. COMPLIANCE WITH MATERNITY BENEFIT
ACT, 1961

The Company is compliant with the applicable
provisions of the Maternity Benefit Act, 1961 and
has policies, systems and processes in place to
ensure ongoing compliance.

XXXVI. ANNUAL RETURN

The Annual Return of the Company as on March
31, 2026 in Form MGT-7 in accordance with Section
92(3) read with Section 134(3)(a) of the Act and
the Companies (Management and Administration)
Rules, 2014, is available on the website of the
Company at https://antelopusenergy.com/wp-
content/uploads/2026/08/AC5545909.pdf

XXXVII. HEALTH, SAFETY, ENVIRONMENT

The Company is fully committed to the Health, Safety,
Security of the Employees, Contractors and the other
stakeholders and protect the Environment in and
around the areas of our operations. It forms the core
value to the way we work. Policies and standards are

also in place for effective implementation of Health,
Safety, Security and Environment.

The Board and the Management understand the
need for sustainable development and are committed
to achieve this goal, by laying strict emphasis on
compliance with all legislations and statutory
requirements and to adopt global best practices.
This includes the health and safety of employees,
contractors and the local communities, where the
company operates.

Accordingly, the leadership stays focused on a zero-
harm culture across the organisation and strong
focus is maintained on safety during project planning/
execution stage. The management assesses and
monitors the health and safety track record and
performance of all service providers and contractors,
both before and after the award of contracts to
achieve the common objective of safe operations.
Further, the Company has also empowered all its
employees and contractors to stop work immediately
in any situation where it is considered unsafe to work.

XXXVIII. HUMAN CAPITAL MANAGEMENT

In FY’26, we continued to make positive headway in
a year full of opportunities and challenges and have
attracted diverse, skilled, educated, and certified
people from across the country.

The management is excited to take Antelopus Selan
forward on its journey to deliver the best from its
assets and create value added growth.

XXXIX. ANTELOPUS SELAN'S INSIDER TRADING
POLICY FOR REGULATION OF TRADING BY
INSIDERS

Antelopus Selan has formulated an Insider Trading
Policy for Directors and employees in compliance
with the SEBI (Prohibition of Insider Trading)
Regulations, 2015. The policy lays down guidelines
which advises the insiders on procedures to be
followed and disclosures to be made, while dealing
with the Company’s securities. The policy clearly
specifies, among other matters, that “Designated
Persons” including Directors of the Company can
trade in the Company’s securities only when the
‘Trading Window’ is open. The trading window is
closed during the time of declaration of financial
results, dividend and other important events as
mentioned in the policy. The Insider Trading code for
Regulation of Trading by insiders is available on our
website at https://antelopusenergy.com/wp-content/
uploads/2026/02/Insider-Tradng-Code.pdf

XL. STRUCTURED DIGITAL DATABASE FOR
PREVENTION OF INSIDER TRADING PRACTICE

In accordance with the Securities and Exchange

Board of India (Prohibition of Insider Trading)
Regulations, 2015, as amended, the Company has
customized a secure Insider Trading Compliance
Tool which is maintained in house to prohibit
insider trading activity. The Company has in place
a structured digital database wherein details of
persons with whom UPSI is shared on a need to
know basis and for legitimate business purposes is
maintained with time stamping and audit trails to
ensure non-tampering of the database.

XLI. FUTURE PLAN OF ACTION

The Company remains committed to sustaining
production from its core producing fields, which
continue to provide a strong foundation for stable
operations and long-term growth. Alongside
optimizing the performance of these mature assets,
the Company will focus on bringing its newer fields
into production through timely development and
efficient execution. These initiatives are aligned with
the Company’s strategic vision of building a resilient,
diversified, and mid-sized energy company, creating
sustainable value for all stakeholders.

XLII. ACKNOWLEDGEMENTS

Your Directors would like to express their appreciation
for the assistance and co-operation received from the
financial institutions, banks, Government authorities,
customers, vendors and shareholders during the
year under review. Your Directors place on record
their deep sense of appreciation to the contributions
made by the employees through their hard work,
dedication, competence, support and co-operation
towards the progress of your Company.

The Company would like to convey deepest
appreciation to the Ministry of Petroleum and Natural
Gas (MoPNG), Directorate General of Hydrocarbons
(DGH), Ministry of Environment and Forests (MoEF)
and the Government of India for their continuous
support, cooperation and guidance.

For and on behalf of the Board

Suniti Kumar Bhat

Chairman
DIN:08237399

Place: Gurugram

Date: May 04, 2026