- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹97 Cr2,895th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 5 Sep 2026
- 244.0
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 26 May 2026
- 2.6
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 5 Sep 2026
- 1.1%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 5 Sep 2026
- 4.0%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 26 May 2026
- 1.96
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 2,98863.8% delivered
Art Nirman board of directors
At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- Chairperson and managing directorASHOKKUMAR RAGHURAM THAKKER
- Company Secretary and Compliance OfficerAnkita Jain
6 directors3 independent2 executive1 non-executive
- ASHOKKUMAR RAGHURAM THAKKER · Chairperson and managing directorExecutive · joined Feb 2011 · reappointed Feb 2011 · 315 months as independent · 1 listed board · 2 committee seats
- DHARMISTHABEN ASHOKKUMAR THAKKARNon-executive · joined Feb 2011 · reappointed Feb 2011 · 315 months as independent · 1 listed board · 1 committee seat
- PIYUSHKUMAR CHANDRAKANTBHAI THAKKARExecutive · joined Sep 2017 · reappointed Sep 2017 · 209 months as independent · 1 listed board
- POOJA DHARMESH SHAHIndependent · joined Jul 2026 · 2 months as independent · 2 listed boards · 2 as independent · 1 committee seat
- HEMANG KIRTIKUMAR SHAHIndependent · joined Jan 2018 · reappointed Sep 2023 · 200 months as independent · 1 listed board · 1 as independent · 3 committee seats
- RONAK ASHOKBHAI MEHTAIndependent · joined Jul 2026 · 2 months as independent · 5 listed boards · 5 as independent · 6 committee seats, 2 as chair
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
2 directors who left
- CHINTAN UMESHBHAI BHATT, left 7 Aug 2026: Others
- KRUNAL KIRITKUMAR MISTRY, left 2 Aug 2026: Tenure Completion
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 14 Aug 20266 of 6 present3 independent · 10 days in between
- 3 Aug 20266 of 7 present3 independent · 4 days in between
- 29 Jul 20265 of 8 present2 independent · 63 days in between
- 26 May 20265 of 6 present2 independent
Audit Committee
Chair HEMANG KIRTIKUMAR SHAH
ASHOKKUMAR RAGHURAM THAKKER, RONAK ASHOKBHAI MEHTA
- 14 Aug 20263 of 3 present2 independent · 10 days in between
- 3 Aug 20263 of 3 present2 independent · 68 days in between
- 26 May 20263 of 3 present2 independent
Nomination and remuneration committee
Chair HEMANG KIRTIKUMAR SHAH
RONAK ASHOKBHAI MEHTA, DHARMISTHABEN ASHOKKUMAR THAKKAR
- 14 Aug 20263 of 3 present2 independent · 10 days in between
- 3 Aug 20263 of 3 present2 independent · 4 days in between
- 29 Jul 20263 of 3 present2 independent
- 4 Nov 20253 of 3 present2 independent
Stakeholders Relationship Committee
Chair HEMANG KIRTIKUMAR SHAH
RONAK ASHOKBHAI MEHTA, ASHOKKUMAR RAGHURAM THAKKER
- 3 Aug 20263 of 3 present2 independent · 22 days in between
- 11 Jul 20263 of 3 present2 independent · 182 days in between
- 9 Jan 20263 of 3 present2 independent
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Mar 2026.
- KDN & ASSOCIATES LLPPeer-review certificate valid to Apr 2027
1 earlier auditor
- K D N & Associates LLPNamed in the filing for the quarter to Mar 2025
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Art Nirman AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Art Nirman share news and announcements
Annual general meeting, 26 Sep 2026
3,126 shareholders on the register on 18 Sep 2026; present: 3 promoters and 21 others; votes counted by YASH MEHTA / YASH MEHTA & ASSOCIATES.The company's voting result (opens in a new tab)
- Adoption of Audited Financial Statements for the financial year ended on 31st March 2026Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 74.38% · promoters 100.00% · institutions 0.00% · other public 2.42%
- Re-appointment of Mr. Piyushkumar Thakkar (DIN: 07555460), Director Retiring by RotationOrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 70.90% · promoters 95.27% · institutions 0.00% · other public 2.42%
- Approval of loans, investments, guarantee or security upto INR 300 Crores u/s 185 of Companies Act, 2013Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 74.38% · promoters 100.00% · institutions 0.00% · other public 2.42%
Approval of Members for increase in the limits applicable for making investments / extending loans and giving guarantees or providing securities upto INR 300 crores in connection with loans to Persons / Bodies Corporate u/s 186 of the Companies Act,2013MoreLess
Special100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 74.38% · promoters 100.00% · institutions 0.00% · other public 2.42%
- Approval for borrow money in excess of paid-up share capital and free reserves and securities premium upto Rs. 300 Crores as per provisions of Section 180(1)(c) of The Companies Act, 2013Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 74.38% · promoters 100.00% · institutions 0.00% · other public 2.42%
- Approval of Material Related Party Transaction(s) under Regulation 23 of SEBI LODR Regulation, 2015OrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 0.64% · promoters 0.00% · institutions 0.00% · other public 2.42%
- Regularization of Mr. Ronak Mehta (DIN: 10525257) as an Independent Non-Executive Director of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 74.38% · promoters 100.00% · institutions 0.00% · other public 2.42%
- Regularization of Ms. Pooja Shah (DIN:10851564) as an Independent Non-Executive Director of the CompanyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 74.38% · promoters 100.00% · institutions 0.00% · other public 2.42%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 17 Oct 2025, 2 resolutions
3,293 shareholders on the register on 12 Sep 2025; votes counted by YASH HINESHKUMAR MEHTA / YASH MEHTA & ASSOCIATES.The company's voting result (opens in a new tab)
- Approval of power to borrow funds pursuant to the provisions of section 180(1)(c) of the Companies Act, 2013, not exceeding Rs. 300 CroresSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 100.00% · promoters 100.00% · institutions 100.00% · other public 100.00%
- Approval of power for creation of charge on the assets of the Company to secure borrowings up to Rs. 300 Crores pursuant to section 180(1)(a) of the Companies Act, 2013Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 100.00% · promoters 100.00% · institutions 100.00% · other public 100.00%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 7 Aug 2025, 7 resolutions
3,407 shareholders on the register on 31 Jul 2025; present: 3 promoters and 19 others; votes counted by YASH MEHTA / YASH MEHTA & ASSOCIATES.The company's voting result (opens in a new tab)
- Adoption of Audited Financial Statements for the financial year ended on 31st March 2025.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 0.24% · promoters 0.00% · institutions 0.00% · other public 0.92%
- Re-appointment of Mr. Piyushkumar Thakkar (DIN: 07555460), Director Retiring by Rotation.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 0.24% · promoters 0.00% · institutions 0.00% · other public 0.92%
- Ratification of Appointment of statutory AuditorOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 0.24% · promoters 0.00% · institutions 0.00% · other public 0.92%
- Approval of loans, investments, guarantee or security upto INR 300 Crores u/s 185 of Companies Act, 2013.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 0.24% · promoters 0.00% · institutions 0.00% · other public 0.92%
Approval of Members for increase in the limits applicable for making investments / extending loans and giving guarantees or providing securities upto INR 300 crores in connection with loans to Persons / Bodies Corporate u/s 186 of the Companies Act,2013MoreLess
Special100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 0.24% · promoters 0.00% · institutions 0.00% · other public 0.92%
- Approval of Material Related Party Transaction(S) Under Regulation 23 of Sebi Lodr Regulation, 2015.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 0.24% · promoters 0.00% · institutions 0.00% · other public 0.92%
- Appointment of Agarwal and Mehta Company Secretaries LLP, Practicing Company Secretaries, Ahmedabad as a Secretarial Auditor of the company for the term of 5 years from the FY 2025-26Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 0.24% · promoters 0.00% · institutions 0.00% · other public 0.92%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 26 Sep 2024, 8 resolutions
Present: 3 promoters and 25 others.The company's voting result (opens in a new tab)
- To receive, consider and adopt audited financial statement of account for the financial year ended on March 31, 2024 and the reports of the Director’s and the Auditor’s thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.03%
Turnout: all 69.27% · promoters 90.52% · institutions 0.00% · other public 9.59%
- To appoint a Director in place of Mr. Piyushkumar Thakkar (DIN: 07555460), Director of the Company, who retires by rotation and being eligible, seeks re-appointment.OrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 2.52% · promoters 0.00% · institutions 0.00% · other public 9.59%
- To appoint M/s. Arpan Shah & Associates., Chartered Accountants, Ahmedabad (Firm Registration No.: 125049W) as Statutory Auditor of the Company.Ordinary2.99% for97.01% against
Against: promoters 100.00% · institutions 0.00% · other public 17.82%
Turnout: all 69.27% · promoters 90.52% · institutions 0.00% · other public 9.59%
- To approve reclassification of shareholder from promoter and promoter group to public categoryOrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 2.52% · promoters 0.00% · institutions 0.00% · other public 9.59%
- To Approve of loans, investments, guarantee or security under section 185 of Companies Act, 2013.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 2.52% · promoters 0.00% · institutions 0.00% · other public 9.59%
- To Approve of loans, investments, guarantee or security under section 186 of Companies Act, 2013.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 2.52% · promoters 0.00% · institutions 0.00% · other public 9.59%
- To increase the overall managerial remuneration of the KMP & Directors of the company.SpecialPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 2.52% · promoters 0.00% · institutions 0.00% · other public 9.59%
- To Approve Material Related Party Transaction(S) Under Regulation 23 Of SEBI LODR Regulation, 2015.OrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 2.52% · promoters 0.00% · institutions 0.00% · other public 9.59%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 3 Feb 2024, 5 resolutions
Present: 0 promoters and 0 others.The company's voting result (opens in a new tab)
- To approve material related party transaction(s) between Art Nirman Limited and OHM Enterprise pursuant to amendment in SEBI LODR RegulationsOrdinaryPromoters have an interest in it99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 0.05% · promoters 0.00% · institutions 0.00% · other public 0.19%
- To approve material related party transaction(s) between Art Nirman Limited and Vishnudhara Developer LLP pursuant to amendment in SEBI LODR Regulations.OrdinaryPromoters have an interest in it99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 0.05% · promoters 0.00% · institutions 0.00% · other public 0.19%
- To approve material related party transaction(s) between Art Nirman Limited and Vishnudhara Paradise LLP pursuant to amendment in SEBI LODR Regulations.OrdinaryPromoters have an interest in it99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 0.05% · promoters 0.00% · institutions 0.00% · other public 0.19%
- To approve material related party transaction(s) between Art Nirman Limited and Art Club Private Limited pursuant to amendment in SEBI LODR RegulationsOrdinaryPromoters have an interest in it99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 0.05% · promoters 0.00% · institutions 0.00% · other public 0.19%
- To approve unsecured loan form the Director of the Company pursuant to amendment in SEBI LODR RegulationsOrdinaryPromoters have an interest in it99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 0.05% · promoters 0.00% · institutions 0.00% · other public 0.19%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 26 Sep 2023, 6 resolutions
Present: 3 promoters and 27 others.The company's voting result (opens in a new tab)
- To receive, consider and adopt audited financial statement of account for the financial year ended on March 31, 2023 and the reports of the Director¿s and the Auditor¿s thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 78.08% · promoters 100.00% · institutions 0.00% · other public 16.49%
- To appoint a Director in place of Mr. Piyushkumar Thakkar (DIN: 07555460), Director of the Company, who retires by rotation and being eligible, seeks re-appointment.OrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 11.32% · promoters 9.48% · institutions 0.00% · other public 16.49%
- To Approve of loans, investments, guarantee or security under section 185 of Companies Act, 2013.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 78.08% · promoters 100.00% · institutions 0.00% · other public 16.49%
- To Approve of loans, investments, guarantee or security under section 186 of Companies Act, 2013.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 78.08% · promoters 100.00% · institutions 0.00% · other public 16.49%
- To increase the overall managerial remuneration of the KMP & Directors of the company.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 11.32% · promoters 9.48% · institutions 0.00% · other public 16.49%
- To Re-appoint Mr. Hemang Shah as a Non-Executive Independent Director for further period of 5 years.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 78.08% · promoters 100.00% · institutions 0.00% · other public 16.49%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 29 Sep 2022, 5 resolutions
Present: 3 promoters and 16 others.The company's voting result (opens in a new tab)
- To receive, consider and adopt audited financial statement of account for the financial year ended on March 31, 2022 and the reports of the Director¿s and the Auditor¿s thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 4.53% · promoters 0.00% · institutions 0.00% · other public 17.24%
- To appoint a Director in place of Mr. Piyushkumar Thakkar (DIN: 07555460), Director of the Company, who retires by rotation and being eligible, seeks re-appointment.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 4.53% · promoters 0.00% · institutions 0.00% · other public 17.24%
- To Approve of loans, investments, guarantee or security under section 185 of Companies Act, 2013.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 4.53% · promoters 0.00% · institutions 0.00% · other public 17.24%
- To Approve of loans, investments, guarantee or security under section 186 of Companies Act, 2013.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 4.53% · promoters 0.00% · institutions 0.00% · other public 17.24%
- To increase the overall managerial remuneration of the KMP & Directors of the company.SpecialPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 4.53% · promoters 0.00% · institutions 0.00% · other public 17.24%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 25 Sep 2021, 5 resolutions
Present: 4 promoters and 14 others.The company's voting result (opens in a new tab)
- To receive, consider and adopt audited financial statement of account for the financial year ended on March 31, 2021 and the reports of the Director¿s and the Auditor¿s thereon.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 75.16% · promoters 95.40% · institutions 0.00% · other public 18.61%
- To appoint a Director in place of Mr. Piyushkumar Thakkar (DIN: 07555460), Director of the Company, who retires by rotation and being eligible, seeks re-appointment.OrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 75.16% · promoters 95.40% · institutions 0.00% · other public 18.61%
- To Approve of loans, investments, guarantee or security under section 185 of Companies Act, 2013.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 75.16% · promoters 95.40% · institutions 0.00% · other public 18.61%
- To Approve of loans, investments, guarantee or security under section 186 of Companies Act, 2013.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 75.16% · promoters 95.40% · institutions 0.00% · other public 18.61%
- To Regularize Mr. Chintan Bhatt (DIN: 09289074) as an Independent Non-Executive Director of the Company.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 75.16% · promoters 95.40% · institutions 0.00% · other public 18.61%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- No
- The chair is related to the managing director
- Yes
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- No
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.