Advance Technoforge Limited

The company is primarily engaged in the manufacturing of forged steel machined components, specializing in Closed Die Forging, Upset Forging, and Ring Rolling Forging under both rough and precision machined conditions. The products are supplied to various industries including automotive, general engineering, oil & gas, earth moving, and heavy machinery sectors, serving as manufacturers for Original Equipment Manufacturers (OEMs). The company produces precision machined parts to international and domestic markets, with products catering to diverse industries such as automotive, industrial valves and pumps, construction, and batching machinery parts. The company holds a competitive advantage due to the critical nature, heavy weight, closed tolerance, and stringent quality requirements of its products, which are believed to act as entry barriers for new competitors.

The company focuses on providing customized, requirement-specific solutions to maintain a competitive market and intends to continuously improve product quality. They emphasize long-standing customer relationships and ensuring high safety standards through proper procedures, skilled manpower, and high-quality equipment. The manufacturing process is closely supervised by engineers, supported by thorough documentation and traceability until the final product, including regular proof checks for quality certification. The company ensures suppliers maintain required quality standards and is equipped with in-house testing for raw materials, in-process materials, and finished products. Manufacturing facilities are well-equipped, and they adhere to key safety norms in their premises.

The company highlights its experienced management team, possessing over 12 years of work experience in forging and machining processes, which is considered a key asset for driving growth. The company emphasizes its integrated manufacturing facility equipped with latest technologies like Huta hammer and Induction Furnace, enabling high-volume production while maintaining product quality. Furthermore, the company maintains long-standing relationships with customers and suppliers, which is crucial for business success. The business strategy includes expanding into new countries and markets, focusing on manufacturing precision forged and machined components for various industries such as tractor, agriculture, railways, and automotive sectors.

The company maintains an active marketing function involving in-house sales and marketing teams who collaborate with management to discuss product specifications with prospective customers. The company encourages its staff to participate in industry networking events and promotional seminars. The marketing strategy focuses on building relationships by understanding customer needs and providing tailor-made solutions, while strictly adhering to quality standards. The company has 205 employees as of June 30, 2026, across various functional areas, and its manufacturing unit and registered office are located in Rajkot, Gujarat. The company has established various insurance policies and has implemented several initiatives to enhance health, safety, and environmental standards in its operations.

This section primarily details insurance policy information and the company's owned/leased properties, followed by a comprehensive overview of various Indian laws and regulations applicable to the business. It outlines several key legislation, including those related to industry-specific standards, tax provisions, and legal metrology. The text also mentions various acts and rules concerning steel, boilers, and the framework for micro, small, and medium enterprises.

This section primarily details various Indian laws and regulations applicable to the company's operations, covering aspects such as tax registration, intellectual property protection, property laws, and labour regulations. It outlines requirements for GST registration, customs procedures for import/export, and the framework for protecting intellectual property rights like patents, copyrights, and trademarks. Furthermore, it lists numerous labour laws that may be relevant to the company's workforce, including those related to wages, benefits, and industrial relations.

This section details various Indian laws and regulations pertaining to labour, environmental protection, and consumer safety. It discusses the subsumption of several existing labour laws under new codes, the establishment of various pollution control boards, and rules concerning plastic waste management, solid waste, and hazardous waste. Furthermore, it outlines provisions related to public liability insurance and consumer protection mechanisms.

The company's history began with its incorporation under the name Advance Technoforge Private Limited on August 5, 2013. Subsequently, the company's status was changed to public limited, and the name was altered to Advance Technoforge Limited via a Special Resolution on July 8, 2024. Several amendments to the Memorandum of Association occurred between 2014 and 2024, including changes to the authorized share capital. Key milestones include receiving various international certifications and awards between 2014 and 2024, and plans for a captive solar power plant in 2025. The company currently does not have any holding company or subsidiary, and no material acquisitions have been undertaken in the last ten years.

This section provides definitions for various terms used throughout the Prospectus. It defines the Issuer as Advance Technoforge Limited and specifies its registered office address. It also details various company-related terms, such as the Auditors, Key Managerial Personnel, and Promoters. Furthermore, it outlines terms related to the issue process, including different types of bids, the Lead Manager, and the relevant circulars issued by SEBI and Stock Exchanges.

This section details various terms related to the issuance process, including designated locations for bidder submissions, timelines, and definitions of key parties involved. It specifies different types of designated intermediaries depending on the bidding mechanism used. It also outlines the nature of the fresh issue, the pricing details, and the roles of various banks and brokers in the transaction.

This section primarily defines various terms used within the Draft Red Herring Prospectus (DRHP). It includes definitions for payment mechanisms like UPI, various legal and regulatory frameworks, financial metrics, and accounting standards. It also outlines conventions regarding the use of financial information, specifying that data is derived from Restated Financial Statements prepared under Indian GAAP and restated according to SEBI ICDR Regulations.

This section discusses various aspects of the financial presentation, including the use of non-standard performance measures, currency definitions, and the sourcing of industry and market data. It clarifies that certain performance measures are not standardized and that the reliability of data from third-party sources is not guaranteed. Furthermore, the section addresses the nature of forward-looking statements, acknowledging that they are estimates and that actual future results may differ materially due to various risks, including regulatory changes, economic conditions, and competition.

The introduction section details the specifics of a public issue, including the number of equity shares, the face value, and the issue price. The issue involves a total of 25,29,600 equity shares, with the issue price set at ₹95.00 per share, which includes a share premium of ₹85.00 per share. The issue is structured to allocate shares to different investor categories based on their application size, as defined by SEBI ICDR Regulations.

This section provides a statement of cash flows for the financial years ending March 31, 2026, 2025, and 2024, detailing operating, investing, and financing activities. It shows fluctuations in profit before tax, cash generated from operations, and cash movements across these activities. The section also includes details regarding related party transactions, such as loans obtained and repaid, and director remuneration, which are summarized across the three financial years.

This section details various key personnel and entities involved in the issuance process, including a Non-Executive Independent Director and the Company Secretary and Compliance Officer. It outlines procedures for investor grievances related to the issue, specifying whom to contact for different types of problems. Furthermore, it lists the Lead Manager, Legal Counsel, Statutory Auditor, and Registrar to the Issue, along with details regarding the process for submitting bids through various intermediaries like SCSBs, Registered Brokers, and the Registrar.

The section details the market-making arrangement for the offer, outlining specific obligations for a designated Market Maker. This arrangement involves providing 2-way quotes for 75% of the trading time, with minimum quote depth requirements and specific rules regarding investor holdings. Furthermore, the text covers various aspects of the underwriting agreement, including the percentage of the issue size underwritten by different entities and provisions for the withdrawal of the issue.

This section details the authorized and issued share capital of the company as of the prospectus date, including the structure of the recent issue. The company has one class of equity shares, and all issued shares are fully paid up and ranked pari-passu. The section also provides a history of equity share capital changes, including increases in authorized capital and various allotments through different schemes like Rights Issues and Bonus Issues. Furthermore, it confirms that the company does not have preference share capital and has not issued equity shares for consideration other than cash since incorporation.

The section details the shareholding pattern of the company as on the date of the Prospectus, showing a breakdown across different categories. The promoter and promoter group collectively hold 100% of the issued, subscribed, and paid-up equity share capital. The text also provides various historical details regarding share transactions, including rights issues and bonus issues, and notes on the lack of outstanding convertible instruments.

The section details the shareholding structure of the Promoter Group and various lock-in provisions related to the issuance of equity shares. It lists the shareholding details for several individuals and groups, followed by stipulations regarding the lock-in of promoter contributions for three years and the handling of shares held in excess of the minimum contribution. Furthermore, it confirms that the shares being locked in are not subject to pledge and outlines various compliance points related to the issuance process and securities.

This section details the shareholding structure of the company's promoters and directors as of the date of filing. It lists the number of equity shares held by key individuals, along with their respective percentages of the pre-offer and post-offer equity share capital. The text also includes clauses regarding the absence of certain financing arrangements and stipulations related to the offer process.

The company intends to raise funds through a fresh issue of 25,29,600 equity shares at a price of ₹ 95.00 per share. The net proceeds from this issue are earmarked for several purposes, including expanding manufacturing capacity, funding working capital, repaying borrowings, and general corporate purposes. The utilization plan details how these net proceeds will be deployed across various operational and financial needs for the upcoming fiscal year.

The section details various quotations for machinery and equipment, which are intended for budgetary estimates, and outlines the proposed utilization of funds. The total capital expenditure is estimated at ₹ 7,19.31 Lakhs, and the company intends to use this amount for the purchase and installation of plant and machineries for manufacturing precision machine components at existing premises. Furthermore, the company proposes to allocate ₹ 725.00 Lakhs of the Net Proceeds towards funding its working capital requirements.

The company requires funding for additional long-term working capital needs for Financial Years 2027 and 2028, which are detailed in the provided data. The funding pattern shows that the net proceeds from the issue are expected to be utilized for various purposes. Specifically, a portion of the net proceeds is earmarked for the repayment or prepayment of existing borrowings, and the utilization towards general corporate purposes is subject to certain limits. The issue also involves estimated expenses, which include various fees and commissions, and the source of funds deployed is stated as internal accrual.

The company has confirmed that no bridge loans are planned for repayment from the net proceeds of the issue. The company is not required to appoint a monitoring agency for the issue since the fresh issue size does not exceed ₹5,000.00 Lakh. The Board and Audit Committee will monitor the utilization of the net proceeds, and the company will submit a certificate of the statutory auditor for utilization of money raised to the Exchange. Furthermore, the company is required to disclose the uses and application of the net proceeds to the Audit Committee on a half-yearly basis as per SEBI (LODR) Regulations. A specific requirement exists because funding for working capital requirements exceeds ₹500 Lakhs, necessitating a certificate from the Statutory Auditor for the SME platform of the BSE Limited.

This section primarily details various financial performance indicators and ratios for the company, including EBITDA, Profit After Tax, Return on Equity (ROE), and Debt-to-Equity ratios. It also provides a comparison of these Key Performance Indicators (KPIs) against listed peers across different financial years. Furthermore, the text discusses justifications for the issue price, referencing past transactions and company performance metrics. Finally, there is a statement regarding special tax benefits available to the company and its shareholders.

This section primarily contains legal confirmations and statements regarding the basis of the information provided by the Company or its shareholders. It details the review process conducted in accordance with the Guidance Note on Reports or Certificates for Special Purposes issued by the ICAI, and confirms compliance with the Code of Ethics of the ICAI. Furthermore, it outlines the consent to be named an 'expert' under the Companies Act, 2013, and the reliance on Restated Financial Statements for the statement. The text also includes an annexure concerning the statement of possible special tax benefits available to the Company and its shareholders.

The document details the examination of Restated Financial Information by the auditors for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024. The examination involved reviewing various financial statements and ensuring compliance with applicable laws and regulations. The financial information was compiled from audited statements prepared in accordance with prescribed accounting standards.

This section provides restated financial data for the year ended March 31st, covering the Profit and Loss statement, Balance Sheet components, and Cash Flow statement for three fiscal years (2026, 2025, and 2024). The Profit and Loss statement shows trends in revenue, expenses, and profit before tax, while the Cash Flow statement details cash movements from operating, investing, and financing activities. The data is presented in Rupees in Lakhs for P&L and Cash Flows, and the statement includes various line items and derived cash flow figures.

This section details the accounting policies and basis for preparing the financial statements. The company's financial statements are restated for the years ended March 31, 2026, 2025, and 2024, and they comply with various provisions of the Companies Act, 2013 and SEBI regulations. The accounting policies are based on Generally Accepted Accounting Principles in India (Indian GAAP) and the historical cost convention. The normal operating cycle for the company is set at 12 months for the classification of assets and liabilities.

This section details various accounting policies, classifications, and disclosures related to the financial statements. It outlines the company's twelve-month operating cycle for asset and liability classification, confirms compliance with accounting standards for cash flow statements, and discusses related party transactions. Furthermore, it covers procedures for handling foreign currency transactions and notes on restatements made to audited financial statements, including adjustments for provisions and tax expenses.

This section details the restated statement of share capital, showing changes in authorized, issued, and subscribed shares across different years. It also provides a reconciliation of equity share capital, including the issuance of bonus shares. Furthermore, it outlines the shareholding structure of the company, detailing the number and percentage of shares held by various promoters and the promoter group for the years ended March 31, 2026, 2025, and 2024. The text also discusses terms and rights attached to equity shares and the conditions for dividend payments and asset distribution in case of liquidation.

This section details the statement of long-term and short-term borrowings as of March 31st for various periods. It provides figures for secured and unsecured loans from banks, including details on the nature of the facility, security provided, and guarantee details. The data covers long-term borrowings, such as loans from Tata Capital Limited and SIDBI, as well as short-term borrowings like working capital finance and credit cards. Furthermore, it includes a statement on Deferred Tax Assets and Liabilities.

This section details various restated financial provisions, trade payables, other current liabilities, and the statement of Property, Plant and Equipment and Intangible Assets for the company across three fiscal years (2024, 2025, and 2026). The data includes provisions for employee benefits, tax, trade payables broken down by due dates, sundry current liabilities, and the movement in tangible and intangible assets.

This section details various balance sheet components as of March 31, 2026, including Capital Work in Progress, Intangible Assets, Loans and Advances, Inventories, Trade Receivables, and their respective breakdowns. The data is presented in Lakhs of Rupees for different years (2026, 2025, and 2024). Specific details are provided on the movement and closing balances for these assets and liabilities.

This section provides details on the outstanding receivables, cash and cash equivalents, other current assets, revenue from operations, and other income for the financial year ended March 31st. The data includes comparisons across different periods, with notes on the treatment of doubtful debts and the basis for the figures presented.

This section details various components of the financial statements, including the cost of material consumed, inventory changes, employee benefits, finance costs, depreciation, and amortization. The data is presented across three fiscal years: 2026, 2025, and 2024. Key figures are provided for raw material consumption, finished goods inventory, employee benefits, interest expenses, and non-cash expenses like depreciation.

This section details various expense categories for the year ended March 31st for the years 2026, 2025, and 2024, including Direct Expenses and Administrative, Selling, and Other Expenses. It also lists several other miscellaneous expenses, such as GST penalties, interest on late payments, and various fees. The total expenses are presented alongside a Grand Total, and the statement includes details on Auditors Remuneration.

This section details various aspects of the company's financial structure, including statutory tax provisions, capitalization structure, related party transactions, and outstanding balances. It presents data on borrowings, shareholders' funds, and transactions involving key managerial personnel and their families. The data includes details on various loans, salaries, and other financial dealings with related parties.

This section presents various financial ratios and metrics for the company across different fiscal years, including Current Ratio, Debt-Equity Ratio, Debt Service Coverage Ratio, Return on Equity Ratio, Inventory Turnover, Trade Receivables Turnover, Trade Payables Turnover, Net Capital Turnover, and Net Profit Ratio. The data shows fluctuations in these metrics, with some ratios improving significantly over time, such as the Debt Service Coverage Ratio and Net Profit Ratio, driven by operational efficiencies and changes in profit levels.

This section provides financial data for the years ended March 31, 2026, 2025, and 2024, covering various aspects of the company's performance and financial position. It details expenses, corporate social responsibility compliance, and key financial metrics such as profitability, leverage, and capital structure. The data includes figures for profit and loss items, EBITDA calculations, revenue, and debt levels.

This section details the financial indebtedness of the company as of May 31, 2026, by listing various lenders and the corresponding outstanding amounts. The data includes details on sanctioned amounts, outstanding amounts, interest rates, and loan tenors for different facilities. Furthermore, it outlines key terms and restrictive covenants related to the loans, including security provisions, requirements for cash raising, maintenance of net worth, and restrictions on asset disposal.

This section details various contractual undertakings related to loans and assets, including commitments regarding ozone-depleting substances and the maintenance of a minimum Net worth. It also provides a discussion framework for the financial results, clarifying that the information is derived from restated financial statements. The text then presents a comparative table of key financial results for Fiscal Years 2026, 2025, and 2024, including revenue, income, EBITDA, profit after tax, net worth, and debt levels.

This section details the performance metrics for the company across different fiscal years, comparing FY26 to FY25 and FY25 to FY24. Key financial performance indicators include revenue, income, expenditure, profit, tax expenses, and various balance sheet components. The data shows fluctuations in sales, operational costs, employee benefits, finance costs, and asset levels, with commentary provided on the drivers behind these changes.

The financial statements show significant changes in borrowings and receivables between Fiscal 2024 and Fiscal 2025. Long-term borrowings increased substantially, primarily due to capital expenditure for a solar system, while short-term borrowings rose due to higher turnover and inventory levels. Trade payables also saw an increase linked to CAPEX and operational expansion. Trade receivables grew in line with revenue, and inventories decreased due to cost reductions and better management. Various sections detail aspects of market risk, related party transactions, and the nature of the company's operations.

This section outlines several material risks facing the company, primarily concerning customer reliance, raw material supply, operational capacity, financial indebtedness, and regulatory compliance. Key risks include the potential negative impact from losing key customers or suppliers, volatility in raw material prices, underutilized manufacturing capacity, and the strain imposed by existing debt levels. Furthermore, the company faces challenges related to maintaining quality standards, managing necessary name and statutory approvals, and the inherent competitive pressures within the industry.

The company acknowledges responsibility for internal controls, but warns of potential failures in processes that could negatively impact its reputation and financial condition. There are concerns regarding the traceability of bank statements related to a past rights issue, which exposes the company to regulatory scrutiny. The business model is working capital-intensive, creating risks related to securing timely financing and managing cash flow. Furthermore, the company faces risks associated with international trade, including exposure to currency fluctuations, trade barriers, and geopolitical tensions. Finally, there are concerns about the potential for delays in statutory filings and the risk of failing to meet stringent design and quality standards.

The company faces several risks related to procurement, operations, inventory management, and legal compliance. Risks include potential delays or cost overruns in procuring plant and machinery from vendors, vulnerability to equipment failure, and disruptions to the supply chain for raw materials. Furthermore, the business is exposed to regional risks due to its concentration in specific geographic areas, reliance on third-party loans, and the potential for adverse regulatory changes. There are also concerns regarding product liability, the lack of trademark protection, and the dependency on key managerial personnel.

The risk factors identified in this section cover several critical areas, including potential conflicts arising from related party transactions, operational hazards, labor relations, and regulatory compliance. Risks include workplace accidents, equipment failures, and environmental issues, which can lead to delays, liabilities, and reputational damage. Furthermore, there are concerns regarding labor disputes, the potential for regulatory actions, and the vulnerability to counterfeit products. Financial risks are highlighted by the reliance on third-party transportation, exposure to rising freight costs, potential insurance inadequacies, and the difficulty in securing future funding. Finally, there are concerns about the control exerted by the promoter group and the competitive pressures from established rivals.

The risk factors outlined in the DRHP cover several areas of concern, including potential difficulties in meeting reporting requirements and hiring necessary staff promptly. There are significant risks related to unsecured loan agreements not being properly stamped or registered, which could lead to financial exposure and litigation. Furthermore, delays in payments to MSME suppliers pose risks to liquidity and reputation. The company's ability to manage growth and expand into new markets is tied to capital investments and operating expenses, which could impact cash flows. Operational efficiency is threatened by the availability of skilled manpower and increasing labor costs. The business is exposed to various external risks, such as global financial instability, slowdowns in the Indian economy, changes in government regulations, and political instability. Finally, differences between Indian GAAP and other accounting principles, along with risks from natural disasters and infrastructure issues, are highlighted.

This section outlines several risks related to the trading and pricing of the company's equity shares following the public offer. It warns that the equity shares have never been publicly traded before, and the trading market may not develop or sustain after the offer. The market price is subject to significant fluctuations based on various factors, including operating results, market conditions, and changes in laws and regulations. Consequently, shareholders might face difficulty in selling their shares at the offer price or may lose some or all of their investment.

The section primarily addresses the absence of outstanding litigations concerning moral turpitude, criminal liability, material violations of statutory regulations, or economic offenses against the Company. It also mentions a board policy adopted for identifying group companies, material creditors, and litigations. The text details the absence of pending litigation across various categories involving the Company, its promoters, directors, Key Managerial Personnel (KMPs) and Senior Management Personnel (SMPs), and group companies. Furthermore, it discloses outstanding dues to creditors, totaling ₹1,345.38 lakhs, and lists various licenses, approvals, and agreements obtained by the Company.

The section details various licenses, approvals, and legal entities, noting that some certificates are still in the name of a private limited company while the process to obtain revised certificates in the public limited name is underway. It also covers various regulatory approvals, including those from the Gujarat Pollution Control Board, and confirms that the company has undergone a name conversion from a private to a public limited company. Furthermore, the text includes extensive compliance disclosures related to the issuance of securities, including approvals from the Board of Directors and shareholders, and confirmations regarding the company's standing with securities market regulators.

This section primarily addresses compliance with various regulations related to the issuance of securities, including confirmations regarding convertible securities, underwriting arrangements, and filing procedures under SEBI ICDR Regulations. It details requirements for the prospectus filing, the role of the Lead Manager, and commitments regarding market making. Furthermore, it outlines various disclaimers concerning the accuracy of the information and the limitations of responsibility for the issue.

The section details various aspects related to the company's history, capital structure, and investor relations. It confirms that the company has not made any public issues or rights issues in the past five years and is classified as an 'Unlisted Company' and an 'Initial Public Issue' under SEBI ICDR Regulations. Furthermore, it states that the company does not have any Listed Group Company, Subsidiary, or Associate as of the prospectus date. The text also covers aspects of past issue pricing, investor grievance redressal mechanisms, and the status of investor complaints, indicating no pending complaints as of the prospectus date.

This section primarily outlines the legal framework governing the issuance of Equity Shares, including compliance with various laws and regulations such as the Companies Act, SEBI ICDR Regulations, and Listing Regulations. It details the process for investors, including the use of Application Supported by Blocked Amount (ASBA) and the introduction of a Unified Payments Interface (UPI) mechanism for payments. The text also specifies the terms for dividend payments and the face value and issue price of the equity shares.

This section primarily details the underwriting and subscription requirements for the Issue, stipulating that the issue is 100% underwritten per SEBI ICDR Regulations. It outlines penalties for failure to receive the minimum subscription amount within a specified timeframe. Furthermore, it sets conditions regarding the minimum number of allottees and the process for refunding blocked monies if the issue is withdrawn or if certain regulatory approvals are not obtained. The text also covers restrictions on the transfer and transmission of equity shares, requirements for the allotment of shares in dematerialized form, and criteria for migration to the main board of the BSE.

This section details the structure and procedure for an Initial Public Offering (IPO) under Regulation 229(1) of the SEBI ICDR Regulations, involving the issuance of securities up to 10 crore rupees. The issue involves the sale of equity shares at a fixed price, with the net issue constituting specific percentages for different investor categories. It outlines various aspects concerning the application process, including the use of the ASBA facility, the eligibility of different investor types, and the phased implementation of the UPI payment mechanism for public issues.

The section details various procedural requirements and agreements related to the allotment and trading of Equity Shares, emphasizing the use of dematerialized form and specific minimum application sizes. It outlines agreements with Depositories and the Registrar to the Issue, specifies minimum contract sizes for trading, and details the process for electronic registration and uploading of applications. Furthermore, it specifies different categories of applicants eligible to subscribe to the issue.

This section outlines various eligibility criteria and restrictions for participation in the issue, including definitions related to pension funds, investment funds, and insurance funds. It details restrictions on who can make bids, such as minors, partnership firms, foreign nationals, and overseas corporate bodies (OCBs), while also clarifying conditions for OCBs to invest under certain RBI circulars. The text further specifies minimum application sizes for individual and other investors, rules regarding bid withdrawal, and various requirements for application forms, including PAN details, and procedures for electronic submissions and fund blocking for different investor categories like NRIs.

This section details various restrictions and requirements related to applications for the Issue, categorized by the type of investor or entity bidding. It outlines specific documentation required for bids from Foreign Portfolio Investors (FPIs), Alternative Investment Funds (AIFs), Venture Capital Funds (VCFs), Limited Liability Partnerships (LLPs), Insurance Companies, Provident/Pension Funds, Banking Companies, Systemically Important Non-Banking Financial Companies (NBFCs), and Self Certified Syndicate Banks (SCSBs). Furthermore, it specifies procedures for bids made via the ASBA process, including timelines for the Issue Period and rules regarding multiple bids.

This section details various aspects of the payment mechanism, application process, and documentation requirements for the public issue. It outlines how funds are blocked using the Application Supported by Blocked Amount (ASBA) process, the responsibilities of Designated Intermediaries and Self-Certified Syndicate Banks (SCSBs) in handling bids, and the procedures for bid withdrawal or rejection. It also specifies rules regarding the use of different payment methods, investor eligibility, and the final steps for allotment and credit of shares.

This section primarily outlines various instructions and requirements for investors when submitting applications, particularly concerning the matching of names and details with beneficiary accounts and depository records. It details rules for joint bids, requirements for mentioning PAN based on investor type or residency, stipulations regarding the submission of documents, and rules against submitting multiple applications. Furthermore, it specifies mandatory details for bank account information and the use of demographic details for correspondence and refunds.

This section details various procedural rules and restrictions related to the submission and processing of applications, including checks for duplicate applications based on PAN, rules for mutual fund applications, and procedures for handling various payment methods and refunds. It outlines specific technical grounds for rejecting bids and applications, such as using incorrect identification numbers or non-compliant payment methods. Furthermore, it specifies timelines for dispatching allotment advice, processing refunds, and the liability of the company or its officers for delays in allotment or refund.

The provided section details various legal provisions concerning fraud liability under Section 447 of the Companies Act, including penalties based on the amount involved and public interest. It also outlines agreements with Depository participants for the allotment of equity shares, including specific agreements signed with NSDL and CDSL. Furthermore, the company undertook several commitments regarding the timely handling of complaints, completion of listing formalities, and the provision of funds for refunds. The section also discusses restrictions on foreign ownership of Indian securities under FEMA, detailing rules related to foreign direct investment, investment by restricted investors, and investment by NRI/OCI on repatriation and non-repatriation bases. Finally, it clarifies the status of the equity shares regarding registration under US securities laws and restrictions on offering or selling within the United States.

The company's Board of Directors consists of five members, including two Executive Directors, one Non-executive woman director, and two Non-executive independent directors, in compliance with the Companies Act, 2013. The Board composition is detailed in a table listing the particulars of each director, such as their name, designation, and other directorships. Several confirmations were provided stating that no directors are listed as willful defaulters or fugitive economic offenders, and no such directors have been involved with listed companies in recent years. Details regarding the remuneration and benefits for the directors, including the terms for their appointments, sitting fees, and interest in the company, are also disclosed.

The section details the interest of the Directors in the Company's property, noting a Lessor Lessee Relationship Agreement with certain individuals. It also outlines conditions under which Directors may have an interest in contracts or entities promoted by them. Furthermore, it specifies that except for the Promoters, no other Directors are interested in the promotion of the Company. The text also covers changes to the Board within the last three years, including appointments and changes in designations for several individuals. The document further describes the applicability of various regulations and the compliance efforts of the company regarding corporate governance.

The management section details the company's processes for analyzing, monitoring, and reviewing human resource and compensation matters, including determining remuneration packages for executive directors and senior staff. It also outlines functions related to the Nomination and Remuneration Committee, which must meet annually, and the Stakeholders’ Relationship Committee, which has specific functions concerning shareholder grievances and securities transfers. The section further lists the Key Managerial Personnel (KMP) and Senior Managerial Personnel (SMP) along with their respective roles, qualifications, and appointment dates. It also specifies the remuneration details for these personnel for Fiscal 2026 and details recent changes in the designation of certain KMP and SMP members.

The section details various aspects related to the retirement, compensation, and interests of the Key Managerial Personnel and Senior Management Personnel. It clarifies that no statutory benefits are payable upon termination, and there are no contingent or deferred compensation plans for the financial year 2026. Furthermore, it specifies that no bonus or profit-sharing plan exists for this group. The text also outlines the extent to which Key Managerial Personnel and Senior Management Personnel are interested in the company, primarily concerning remuneration, benefits, and reimbursement of expenses. Finally, it addresses the interests of the Promoters in the company, including their directorships, shareholdings, and transactions with related entities.

This section details various aspects related to the company's operations, including lessor-lessee agreements, interest disclosures, and guarantees provided to third parties. It clarifies that the promoters and directors have not been involved in certain transactions, have not made material guarantees for equity shares, and have not been subject to recent regulatory actions or litigation. Furthermore, the text outlines the structure of the Promoter Group, listing numerous natural persons and entities related to the promoters.

The company has defined its Group Companies based on the SEBI (ICDR) Regulations, 2018, considering companies with which related party transactions occurred in the last three financial years or the stub period, as disclosed in the Restated Financial Statements. Furthermore, a company is considered material and disclosed as a Group Company if it either involves related party transactions or if it forms part of the Promoter Group and the company has conducted transactions exceeding 10% of the company's total revenue.

This section outlines the main provisions of the Articles of Association concerning various aspects of the company's structure, including voting rights, share issuance, and shareholder rights. It details the application of certain regulations, the power of the Board to allot shares for consideration, and the types of shares that can be issued, such as equity and preference shares. The provisions also cover the redemption of preference shares, the process for shareholders to subscribe to shares, and the maintenance of registers. Furthermore, the articles establish provisions related to the lien the company has on shares, the process for making calls on members, and the liability of joint holders for such payments.

This section details various provisions concerning the enforceability of calls and payments on shares, including consequences for non-payment, the Board's power to receive unpaid monies, and the application of such provisions to other securities. It also outlines strict rules regarding the transfer of shares, including requirements for instruments of transfer and the Board's discretion to decline registration under certain circumstances. Furthermore, the articles cover provisions related to the transmission of shares upon the death or insolvency of a member, including the rights of the survivor or nominee, and procedures for electing to register or transfer the shares. The text also addresses the dematerialization of securities and the rights of Depositories in relation to ownership and transfer.

The provisions detail various aspects of shareholder rights, including the ability to convert shares into stock and vice versa, and the transferability of such stock. Holders of stock receive rights similar to those of shareholders, with certain limitations on what privileges are conferred by the stock amount. Share warrants can be issued and deposited, with specific rules governing the rights of the bearer and the deposit process. There are provisions concerning the reduction of capital and the company's right to buy back its own securities. Furthermore, the articles outline rules for joint holders, including liability and voting rights, and stipulations regarding the capitalization of profits for distribution among members.

The provisions detail various powers and restrictions concerning the Board of Directors, including the ability to increase or reduce the number of Directors, and the power to remove Directors before their term expires. The Articles establish procedures for electing a Chairperson, appointing alternate Directors, and handling casual vacancies. Furthermore, the rules specify requirements for Independent Directors, the appointment of Nominee Directors based on agreements, and restrictions on Directors holding qualification shares. The section also outlines rules regarding the remuneration of various directors and the Board's powers concerning borrowing and investment.

This section details various provisions concerning the Board's power to set aside profits as reserves or for other purposes, and rules regarding the declaration and payment of dividends. It outlines stipulations on how dividends are paid, including considerations for special rights of certain shareholders and provisions for deducting amounts due on calls. Furthermore, it covers the procedure for receiving payments, the handling of joint holders, and conditions under which waivers of dividends will be effective.

The provided section consists entirely of declarations certifying compliance with various laws and regulations, rather than detailing specific provisions of the Articles of Association concerning shareholder rights. These declarations are signed by different directors and officers of Advance Technoforge Limited.

The provided section consists solely of declarations certifying compliance with various laws and regulations, including the Companies Act, 2013, and SEBI guidelines. These declarations are made by the Company Secretary and Compliance Officer, and the Chief Financial Officer, affirming the truth and correctness of the statements made in the Prospectus.