Network People Services Technologies Limited — Call Transcript 2024

Jan 25, 2024

SYMBOL: NPST Dated: 25.01.2024 ISIN: INE0FFK01017

To, The Manager-Listing Department, The National Stock Exchange of India Limited, Exchange Plaza, NSE Building, Bandra Kurla Complex, Bandra East, Mumbai-400 051 Fax: 022-26598237, 022-26598238

Subject : Transcript of Extra-Ordinary General Meeting of Network People Services Technologies Limited.

Please find enclosed herewith the transcript of the Extra-Ordinary General Meeting of the Company held on Monday, 22[nd] January, 2024 at 11:00 A.M. This will also be available on the Company’s website https://www.npstx.com/investor-desk/notices-announcement.

This is for your information and records.

Thanking You,

Yours Faithfully,

For Network People Services Technologies Limited

Ashish Digitally signed by Ashish Aggarwa Aggarwal Date: 2024.01.25 l 13:30:16 +05'30' Ashish Aggarwal (Joint Managing Director) (DIN: 06986812)

TRANSCRIPT OF THE EXTRA-ORDINARY GENERAL MEETING OF NETWORK PEOPLE SERVICES TECHNOLOGIES LIMITED HELD THROUGH VIDEO CONFERENCEING OR OTHER AUDIO VISUAL MEANS ON MONDAY, 22[ND] JANUARY, 2024, COMMENCING AT 11:00 AM AND CONCLUDED AT 11:48 AM

Manali Ved:

Good morning, ladies and gentlemen! Myself, CS Manali Ved, Company Secretary and Compliance Officer at Network People Service Technologies Limited, warmly welcome all the Board of Directors, Shareholders and special invitees present here with us in the Extra-Ordinary General Meeting of the Company.

In view of Covid-19 pandemic and circulars issued by Ministry of Corporate Affairs and Securities and Exchange Board of India, we are holding this EGM through video conferencing means. As we gather here today, I am reminded of the remarkable progress we have made since our inception. We have expanded our operations, diversified our products and services offerings and established a strong presence in Fintech industry. Further, your continued investment in our Company has been instrumental in propelling us forward and we deeply appreciate your commitment.

Now, let me introduce you all to the members of the Board and KMP’s present with us today: We have Mr. Deepak Chand Thakur, Chairman and Managing Director of the Company present with us. We have Mr. Ashish Aggarwal, Joint Managing Director. We have Mr. Apurva Chamaria, Non-Executive Director present with us. We have Mrs. Panchi Samurthirakani, Independent Director. We have Mr. Inder Kumar Naugai, Chief Financial Officer, present with us.

Further, we have received the request for leave of absence from Mr. Abhishek Mishra, our Independent Director, due to his inability to attend this meeting due to his pre-occupancy. I request chairman to please consider.

Deepak Chand Thakur:

Yeah, that's fine Manali.

Manali Ved:

Further, we have a special invitee, Mrs. Savita Vashist, our proposed Executive Director present with us to share her views. Welcome madam.

Savita Vashist:

Thank you, Manali.

Deepak Chand Thakur:

Welcome, Savita.

Manali Ved:

We have CS Kala Aggarwal, present with us our Secretarial Auditor and Scrutinizer for this general meeting. We welcome you all.

Firstly, I request Chairman, Mr. Deepak Chand Thakur to call this meeting in order as the requisite quorum is present for the fair conduct of this EGM. Over to you, Deepak.

Deepak Chand Thakur:

Sure. Thanks Manali. Manali, I have a very small presentation to quickly share.

Ashish Aggarwal:

Just a moment Manali. I'm not able to switch on my video. I think host has done something.

Manali Ved:

Just hold on, Sir. It should be allowed ideally. Amol, can you please assist Ashish Aggarwal to switch on his video?

Deepak, you just need to call the meeting in order right now so that I can start.

Deepak Chand Thakur:

Yes, yes, Manali, it's in order.

Manali Ved:

Thank you. So before we jump into the agenda items of this EGM, I would just like to take certain points regarding the participation in this meeting. Facility of joining this EGM through zoom is being made available to all the members on first come first serve basis. Since this meeting is being conducted through video conferencing means without physical presence of the members at a common venue, the proceedings of this meeting shall be deemed to be conducted at the Registered Office of the Company that is in Mumbai.

The flow of the meeting shall be, the chairman will first address the shareholders with some organizational updates, followed by some insights and future growth prospects being shared by Mrs. Savita Vashist. Then, I'll read out the business to be transacted at this EGM and the Chairman will order for the e-voting and further the queries of speaker shareholders whose prior request has been received shall be taken.

Members may please note that the Company has provided remote e-voting facility to all the persons who were members, as on the cut-off date that was 15[th] of January, 2024, i.e. Monday. The remote e-voting was kept open on Thursday that was 18[th] of January, 2024 that at 9:00 AM and it ended on Sunday 21[st] January, 2024 at 5:00 PM. Members who have not cast their vote through remote e-voting facility and who are participating in this meeting can cast their vote during this EGM. So voting is open and shall remain open till 15 minutes after the conclusion of this EGM.

Your company has appointed CS Kala Agrawal, Practicing Company Secretaries, Mumbai as a scrutinizer to scrutinize the voting and to get them the voting process in a fair and a transparent manner.

The notice of EGM has already been sent by electronic mode to all the members whose e-mail has been registered with the Company and Depositories. The same has also been made available on the Company website and on the website of the Stock Exchange. Therefore, I mark the notice of EGM read herewith. So now it is my honour to hand over the charge of this meeting to someone whose leadership and dedication and profound insights into our business has been instrumental in making NPST what it is today. I now request Mr. Deepak Chand Thakur, the Chairman of this meeting, to address the shareholders over to you, Sir.

Deepak Chand Thakur:

Thanks. Thanks Manali. I am happy to represent 300 people in my organization. Can you see my presentation? Just some couple of slides I really want to share with everyone. Is it visible Manali?

Manali Ved:

Yes, Sir.

Deepak Chand Thakur:

So, before I would get into the agenda items which, Manali has fairly shared it with everyone. I want to very quickly give you an update on what has happened over past few months. I think it was last quarterly call for Q2 after that until we arrive at the next quarterly call, there are few good updates about the organization and happy to share those, even though they are small. Our commitment towards, vertical growth of the organization in terms of how do we penetrate the banking segment and how do we penetrate the overall areas of business that we are currently looking into in terms of digital payments and in terms of the product growth that we have. We have aggressively targeted all the banks, majorly PSU banks where we see a good opportunity for the digital payments and Bank of Maharashtra, we have been able to crack through and get empanelled into two of the niche areas of digital payments when it comes to merchant acquiring, when it comes to the model wherein there can be revenue generation through the current accounts of the bank. At the same time, there are other areas where bank wants very strong companies in the market who would participate into their, RFP's in Canara Bank. So although we are their partner already in several areas, there are a lot of new opportunities which has come around this and that's why we have got empanelled in Canara Bank as well. A completely new bank, which is Bank of Baroda, which so far is not our customer. That is also one account where we have been targeting a lot and Bank of Baroda is where we got the Fintech empanelment again. So there are 4 Fintech empanelment where we are now eligible to participate into the innovation which is happening around Fintech segment in PSU banks. So this is good progress from the sales.

At the same time, we got recognition by Economic Times MSME awards. We have been obviously, working tirelessly over last several quarters. You've been seeing the results and this has been, taken very strongly by the market. Thanks to everyone, those who trusted us and this reflected in their awards as well. So economic times, we won a top performing listed Indian SME award in the ET MSME Awards 2023.

At the same time, from these another publication, which is NavBharat, which is a Hindi publication, there again in BFSI summit we won Navbharat Innovation in Payment and Banking Technology. This was in several awards, which was being given around banking, wealth management, mutual funds, insurance. There's a lot of other areas and in Fintech we were the only one which were able to penetrate into the overall summit and get our strong presence amongst them. A very interesting piece which has happened is obviously like I say, apart from the vertical growth, horizontal growth is something that the organization has built into their strategy and when I say horizontal growth, I'm talking about how do we bring in more products which would allow us to penetrate more into the segment. So till date of all the products that we have which is UPI, IMPS, mobile banking, merchant acquiring, two quarters back we got into new segment which was Online Dispute Resolution. We got Bank of Maharashtra, thanks to the new product penetration we had.

Now again, this time we have got completely new product and it's amazing which is Bharat Bill payment system. We got an LOI from Kerala Gramin Bank. This is our first award in this segment. So this allows us to open the area around new product. So, as our commitment to business, to our shareholders, what we have shown in our annual report for FY23, now we have ODR and now apart from ODR, we also have BBPS, we have order from this bank which we are going to take it forward in the entire segment of TSP as well as the API business that we. Apart from this, a milestone to reckon with, we got about 10,000 crore GTV processed this year from above from April to November, which is something to talk about. Obviously there is a lot of effort which has gone into it, right from technical capability as well as the operational capability. This calls for scaling the entire platform, once again, this calls about how we can further work on the merchant experience. So this obviously will pave the way for the next financial year wherein we will be now relooking at the overall capacity of the engine, we'll be relooking at acquiring more business in this segment. So that's how overall strategy will obviously be reworked in terms of the pace at which we are trying to achieve the numbers. So this is something I wanted to share with you all.

Now, quickly going to the agenda, again, something which everyone was waiting for, last board meeting bonus has been approved. Thanks to all the efforts from the team which has worked tirelessly for last couple of months, headed by Ashish Aggarwal, Manali, Inder, all of you guys have done tremendously good job. So timelines are near and this is the time when we actually wanted to, reach out to our shareholders, share it with them and as part of the agenda, we'll be taking the vote as well. The issuance is one is to two obviously, and I believe this talks about how the organization wants to present itself in the entire Fintech world at the same time, prepare itself for the next growth plan, next growth strategy. This is a great step from the organization strategically moving ahead in the number of shares that we have in the market, at the same time how we are actually going to focus in next two to three years. Bonus shares, which obviously everyone were expecting for we being in good position, so yeah, this is 1 agenda point where the bonus share issue has been approved by the board in our last board meeting at the ratio of one is to two.

I'll come to the second agenda point, I was really waiting for this day, the second one is about appointment of Savita Vashist. Sometimes what happens is it takes a lot of time to bring in something great in the organization and I think the time has finally come. So Savita, has been at forefront of building some amazing stories in the international market.

She has been the one who has driven business for last 20 years from and in fact she has scaled organization right from scratch. So I've heard a story carrying a suitcase going to a small MSME shop and ensuring that they understand the overall solution that she carries in that bag from there on to multinationals, those who really are great names in the industry. From there on till what she has built for multiple organizations, I don't think I need to read everything that has been mentioned here but what we really need is her experience, her expertise and so everything that she has been doing for last 20 years to be poured into NPST. Next three years, when we actually look forward for the NPST's growth strategy, we look forward to how exactly this organization is going to scale. We really needed someone with this capability to come into the organization and create that level of strength at the Board level. So as a commitment to again to the business, which I am repeating, once again, we actually wanted to build the organization right from top at the board level, at the Executive committee, the executive team then all the levels in the organization, the Level 2, Level 3, Level 4, Level 5 everywhere. The idea is, when we really want to have a focused and a very strong strategy to move the organization forward and we are working in a very disruptive segment, in fact, an area wherein your organization cannot just follow the competition but be a change maker in the industry. You need such kind of profiles to come into organization at very senior level and give that direction to board as well, I mean to the executive team, so that the mistakes can be brought down at the same time the learning curve is reduced and we have clear cut direction and quarter on quarter we have a leap in our business. So obviously when Savita comes in, I believe she will bring a lot of energy in strategizing the business development plans of the Company at the same time, her value add in building the P&L of the organization. Also, setting up the right practice and also building, also playing a very important role in a strategic decision making for the organization. I think these are some areas and obviously when the organization will look forward for the international foray, that is where her expertise will help the organization. So these are some areas that we are looking forward. With this, I welcome you, Savita, we have already approved at the Board, EGM. I really want this to go ahead. If you can share something from your side.

Savita Vashist:

Thank you, Deepak and the big thank you to all of you for the warm welcome. These are indeed exciting times and I could not have been more delighted to be a part of this formidable NPST team. The honour truly is mine to contribute to the collective success and growth of NPST and when I step into this role, I bring with me a deep commitment to excellence and a very strong, fervent desire to foster a very collaborative spirit within our team and I'm actually very eager to collaborate with each of you to leverage our collective expertise to drive the organization towards new heights. Say I firmly believe that the diversity in our thought and experience can actually act as a catalyst to bring in innovative solution and informed decision. So that's the agenda that I'm going to have is to sit with you guys to understand what are those opportunities and what are those challenges that we need to take it head on but once again, thank you so much for the warm welcome and I'm really excited and energized to work with such a superb team. Thank you, Deepak.

Deepak Chand Thakur:

Thanks. Thanks Savita. I believe the other agenda item, Manali, I'll just, is other than this too. Is there anything else that you want me to cover?

Manali Ved:

No, that's fine. I'll, I'll take up.

Deepak Chand Thakur:

Yeah. You take that up. So over to you, Manali.

Manali Ved:

Yeah. Thank you, Deepak. Thank you for sharing your valuable insights about the state of our business and our achievements and the exciting opportunities that lies ahead and even thank you, Savita, we are excited to work with you. I now proceed with the agenda items as per. The notice of the EGM. So the first agenda item.

Abhijeet Gunjal:

Manali madam, just hold on. Deepak sir, you have to. Yes, yes you can continue. You can continue.

Manali Ved:

Ok. So the first agenda item was to increase the Authorized Share Capital of the Company . So I'll just read out the resolution for the Shareholders to get it approved.

To consider and, if thought fit, to give assent or dissent to the following resolution as an Ordinary Resolution,

“RESOLVED THAT, subject to the provisions of Section 61 read with Section 64 and other applicable provisions of the Companies Act and the rules made there under consent of the members of the Company be and is hereby accorded to increase the Authorized Share Capital of the Company from Seven Crore and Fifty Lakh divided into Seventy-Five Lakh Equity shares of Rupees Ten each to Twenty-Five Crores that is divided into Two Crore Fifty lakh of equity shares of Rupees Ten each , ranking pari passu in all respects with the existing equity shares of the Company. ”

“RESOLVED FURTHER THAT, any of the Directors of the Company or the Company Secretary be and is hereby authorized to do all such acts, deeds and things as and the matters to take all the steps as may be necessary, proper, expedient and incidental for giving effect to this resolution. ”

The second agenda item was Alteration of Memorandum of Association of the Company :

To consider and if thought fit to give assent or dissent to the following resolution as a Special Resolution,

“RESOLVED FURTHER THAT, pursuant to provisions of Section 13, 61 and 64 and all other provisions of the Companies Act and the rules made there under consent of the members of the Company be and is hereby accorded for altering the existing clause V of Memorandum of Association of the Company relating to the Authorized Share Capital by deleting the same and substituting in place, therefore, and the following clause number five will be now read as:

Authorized Share Capital of the company is Twenty-Five Crore divided into Two Crore Fifty Lakh of equity shares of Rupees Ten each. ”

“RESOLVED FURTHER THAT, any of the Directors of the Company or the Company Secretary be and is here by several authorized to do all such as deeds and matters and things to take all such steps as may be necessary, proper, expedient or incidental for giving effect to this resolution. ”

The third agenda item was to issue of Bonus Shares of Equity Shares to the Equity Shareholders of the Company:

To consider and if thought fit to give assent or dissent to the following resolution as a Special Resolution:

“RESOLVED FURTHER THAT, pursuant to provisions of section 63 and other provisions of the Companies Act, read with Rule 14 of the Companies (Share Capital and Debenture) Rules, 2014, and subject to the regulations and guidelines issued by Securities and Exchange Board of India as amended from time to time, including SEBI (ICDR) Regulations, SEBI (LODR) Regulations and SEBI (SAST) Regulations 2015, and as per the Articles of Association of the Company and subject to the approval, consents, permissions and sanctions as may be necessary from the appropriate authorities in this regard, the consent of the members of the Company be and is hereby accorded to capitalize the sum not exceeding Twelve Crore Ninety-Two Lakh Forty Thousand from the amount standing to the credit of the reserves and surplus account of the Company or such other account as may be permissible to you be utilized for the purpose of issue of bonus of Rupees ten each credited as fully paid up to the existing holders of the Equity Shares of the Company whose name appears in the Register of Members as on the record date as may be determined and as prior and the proportion of two is to one that is two bonus equity shares of Rupees ten each for every one fully paid up equity shares of Rupees ten each held by them and the bonus shares so distributed shall for all the purposes be treated as increase in the paid up capital of the Company held by each such member and not as the income or in lieu of dividend. ”

“RESOLVED FURTHER THAT, the new Equity Bonus Shares of Rupees ten each to be allotted and to be issued as a Bonus Shares shall be subject to the terms of Memorandum and Articles of the Association of the Company and shall, upon allotment, has the same rights of the voting as the existing Equity Shares of the Company and be treated for all other purposes pari passu with existing Equity Shares of the Company and that the Equity Shares so allotted during the financial year shall not be entitled to dividend, if any, proportionately in the year of the allotment of these shares. ”

“RESOLVED FURTHER THAT, any of the Board of Directors and the Company Secretary be and hereby authorized to take all necessary steps to implement the above the resolution, finalize and take all the actions and connection with the Bonus Issue and allotment of shares to the Members, including filing of relevant e-forms with the Registrar of Companies, Mumbai. ”

The last agenda item for this meeting was appointment of Mrs. Savita Vashist as an Executive Director:

To consider and thought fit to give assent or dissent to the following resolution as an Ordinary Resolution:

“RESOLVED THAT, in pursuance of the provisions of section 152 read in conjunction with Rule 8 and Rule 14 of the Companies (Appointment and Qualification of Directors) Rule, 2014 and other relevant provisions of the Companies Act 2013, along with its pertinent rules as may be amended from time to time as well as the stipulations within the Article of Association of the Company, consent of the Board of Directors and Shareholders be and is hereby accorded subject to the consent of Shareholders to appoint Mrs. Savita Vashist as an Executive Director of the Company with immediate effect. ”

“RESOLVED FURTHER THAT, any of the Directors of the Company or Company Secretary be and is hereby authorized to do all such acts, deeds and matters and take all the necessary steps for giving effect to this resolution. ”

Now I will just request for a question answer session to be open for the registered investors who will requested the prior queries. I would request NSDL team to allow Mr. Rajiv Shegal to share his question. Over to you Rajiv Sir.

Rajiv Shegal:

Good morning. Am I audible?

Manali Ved:

Yes, Sir.

Rajiv Shegal:

At the outset, I'd like to congratulate the Board and the Management of the Company for declaring a liberal Bonus Issue. We look forward to receiving the Bonus Shares in our Demat accounts. I have a couple of questions which are related to the Company's performance and I will with the permission of the Chairman take them one at a time. Now that FY24 is drawing to a close, please advise us the estimated revenue for FY24 and projections for FY 25.

Deepak Chand Thakur:

Rajiv Ji, I think we have already given the guidance in last two quarterly calls. As in, we have been growing at a consistent rate quarter on quarter and this I think from then when we grew from Q4 FY23 to Q1 and then Q1 to Q2, we have consistently grown at a certain percentage, so I have always guided the same growth number to all our Shareholders in all our quarterly calls and we continue to grow at the same pace. As per guidelines, I cannot give the straight numbers. That's not something which is, I think Manali, am I right? Yeah.

Deepak Chand Thakur:

So however, what I can definitely give you is guidance on our projected numbers. I think if you take our growth number from Q1 to Q2, that is what you should continue to see from Q2 to Q3 and Q3 to Q4 as well and that is what our funnel suggests for now.

Rajiv Shegal:

So are you suggesting that whatever quarterly growth percentage you have achieved, we can look forward to the same rate on a quarterly basis, not annual basis? Am I right?

Deepak Chand Thakur:

Yeah, that's the guidance I have given, sir.

Rajiv Shegal:

Fair enough

Deepak Chand Thakur:

See, there's Rajiv Ji, we need to understand that being in this business, we have lot of funnel and lot of growth ideas running at the same time, it's not just P&L but at the same time we have to work around the growth strategy and at the same time we have to also work on the capacity building and the organization structuring. You know that the capacity at which we were working in FY22 and what we are currently in when we will be in FY24, there's a huge jump you have already seen that FY23 we were at 41 odd and half yearly we were almost at 53, the next year. We need to also understand that there is tremendous pressure on the management to focus continuously not just on numbers but also building the capability of the organization. So, I can give you guidance around what is the projected number that we have, what is the estimation that we have taken. Whatever results we get on quarterly basis, you can easily calculate the same number whatever is the plus minus that you can account in your calculations.

Rajiv Shegal:

Fair enough. My next question is I'd like to have an idea of the customer on boarding. Please advise us the number of banks, NBFC's and Fintech’s. I'm not talking of merchants, I'm just talking of number of banks, NBFC and Fintech’s you expect to on board in the current year, FY24 and FY25?

Deepak Chand Thakur:

If you take the full year from first April until now, I think we have added nothing less than five to six more new banks or I would say new accounts and when it comes to the API business, I think we have added nothing less than about six to seven large master merchants.

Rajiv Shegal:

And what about the NBFC’s and Fintech’s

Deepak Chand Thakur:

We don't have NBFC’S in our account yet for that. Like I think last Q2 call, which I clearly mentioned we are building new products. I think it was your question around how do we take forward 30 odd API strategy annual.

Rajiv Shegal:

Correct.

Deepak Chand Thakur:

Right, so I gave you a very clear idea that when I say 30 API does not mean that 30 business API’s. It's a stack for a product. So our idea is to build on the auto pay API. Auto pay API is where your subscription based businesses can start using UPI as a payment channel and we are in midst of completing that particular product. So by this Q4, if you're able to do so, FY 25, we should be able to target NBFC's. So for now, we don't have NBFC in our portfolio.

Rajiv Shegal:

Would you be able to give us some idea of the number of banks and master merchants you expect to onboard in FY25?

Deepak Chand Thakur:

So, I think that should be a good question for Q4 call. I would suggest by then we will have a complete clarity on where we are closing FY24 funnel and then we should be able to estimate well for FY 25.

Rajiv Shegal:

Fair enough. I'll hold my question till then. In FY23, your net margin rose by 821 bytes from 7.64% in FY22, you grew to 15.85% in FY23, therefore your net margin rose by 821 bytes in FY23, what can we expect in FY24 and FY25? FY 24 is almost drawing to a close, so you should have a reasonably good idea of this.

Deepak Chand Thakur:

Sir, I think, the margin what we have seen in half yearly, we should be able to sustain that. That is one clear picture. Second, going forward I have given this this clarity, so we have been working on the vision for last couple of months now and why it is taking so much time is because the organization is going through a lot of grilling session in building the entire vision Doc for and which will be for a good three years and from there we will we are going to cut down the yearly plan. So, I hope you're aware that we have two separate set of businesses. One is purely on the software product which we give to banks on the licensing or SaaS model. Second is where we work on the API business model for Fintech and the those who need the pay tech segment as their backbone. Now there is a mix of the linear and nonlinear model balancing it out, although we have like you rightly pointed out, about the incremental margin impact in the organizations P&L. We also need to understand that the organization in FY25 is going to transform completely and have very strong leadership at every level. When that happens it is going to eat away the incremental impact it has for the good cause, which will further give a nonlinear mode for the next two to three years. So this also should be accounted well. So my suggestion to you would be, you should consider the number that you have for half yearly, which we will ensure and will commit for FY24. For FY25, whatever advantage the organization will get from the nonlinear model, that organization will use it for its capability and the capacity building and bring in strong leadership for next two to three years. That's how we are going to, build the organization of future.

Rajiv Shegal:

My last question is, please give us a snapshot of your international operations existing and proposed.

Deepak Chand Thakur:

So for now we have two countries where we are currently doing the AML business, anti-money laundering which is Tanzania and Mozambique but on the on the payment switch, which is our core with which we associate the organization there we are still building strong funnel. We are currently looking at Asia, Middle East and African market. So FY25, we should be able to penetrate either of these areas, these regions. So, we don't have the pay-tech product for now in either of these market that we should expect in FY25 but for now if you want to see the international accounts, that's AML in Tanzania and Mozambique.

Rajiv Shegal:

Thank you so much for taking my questions.

Deepak Chand Thakur:

Sure and always a pleasure.

Manali Ved:

Thank you. Now I request our Chairman to make an e-voting appeal to the Shareholders.

Deepak Chand Thakur:

So can I, can I expect the voting soon right away? Yeah, from everyone please.

Manali Ved:

Members please note the voting will be disabled within 15 minutes after the conclusion of this meeting. Members who have not cast their vote yet are requested to do so.

Members may also note the resolution, as set forth in the Notice, and shall be, and all the resolutions as may be deemed to be passed today, subject to the receipt of requisite number of votes.

The combined results of the remote e-voting and the e-voting at the EGM along with the Scrutinizer report shall be communicated to Exchange where the shares of the Company are listed and will also be hosted on the Company's website within 48 hours of the conclusion of this meeting. I request moderator to deactivate the e-voting window after the completion of 15 minutes when the proceedings of the EGM stand closed. Shareholders who would like to express their views or have questions, send their questions mentioning their name, demat account number, along with an e-mail ID and mobile number at mail to: cs@npstx.com. The same shall be replied by the company suitably.

In my concluding remarks, as we draw the curtains to this Extra-Ordinary General Meeting, I want to express my gratitude to each and every one of you for your presence here today. Your active participation has made this meeting a meaningful and productive one. Today we have celebrated our achievements and also set out the promising future size for the promising future that lies ahead in the payment ecosystem.

So one thing that has remained constant is our unwavering commitment to our Shareholders, Customers, Employees and the communities that we serve. I encourage you to stay engaged with us, ask questions, share your insights with your continued support, we'll look forward coming together, coming years with growth, prosperity and shared success. I hereby declare the proceedings of this meeting as closed.

Stay safe. Stay healthy. Thank you.

Deepak Chand Thakur:

Thank you, Manali. Good job done.

Savita Vashist:

Thanks Manali.

Ashish Aggarwal:

Thanks Manali.

Abhijeet Gunjal:

Manali madam, we are ending the meeting here. Voting will end at 12:05 PM.

Manali Ved:

Yeah

For NETWORK PEOPLE SERVICES TECHNOLOGIES LIMITED,

Ashish Digitally signed by Ashish Aggarw Aggarwal Date: 2024.01.25 al 13:29:51 +05'30'

Ashish Aggarwal (Joint Managing Director) (DIN: 06986812)

Date: 25.01.2024 Place: Thane