ANNUAL REPORT 1998-99
PRUDENTIAL CAPITAL MARKETS LIMITED
The Directors of your company hereby present the Annual Report on business
and operations of the Company together with Audited Accounts for the
financial year ended on March 31, 1999.
The company has been making repayment of matured Fixed Deposits as per
Hon'ble Company law Board order and in some of the cases the company could
not succeed to effect re-payment of matured deposits either concerned
depositor has not submitted proper claim with the company or original duly
discharged receipts has not been delivered with the company. Total
Liabilities towards Fixed Deposit stands to Rs. 47.69 crores as on March
Since there is no profit, no dividend has been declared.
M/S Vijendra Surana & Associates, Chartered Accountants hold office as
Auditors of your company until the conclusion of the ensuing Annual General
Meeting, and are recommended for re-appointment. The Company has received a
certificate from them to the effect that their re-appointment if made,
would be within the limit to prescribed under Section 224 (1B) of the
Companies Act, 1956.
During the year under review all the subsidiary Companies could not achieve
much more in the depressed Capital Markets. Now, the Capital Market is
reviving in the right direction and hope all the Subsidiary Companies shall
perform well in the year to come under steadily growing economy.
The Company had no employee drawing Rs.50000/- or more per month or
Rs.6,00,000/- or more per annum during the period and as such no
particulars as required under Section 217 (2A) of the Companies Act, 1956,
Particulars required to be furnished by the Companies (Disclosure of
particulars in the Report of Board of Director) Rules, 1998. The Company
not being Manufacturing Company, finds that parts A and B of the above
Rules, are not applicable. There were no Foreign earnings and outgo during
the year ended on 31.03.1999.
The Board of Directors of the company expresses it's special gratitude to
all the depositors and bond holders for their co-operation and perseverance
in light of the fact that the company has not been able to discharge its
entire liability on this account according to the original time schedule.
Directors also acknowledge the support extended to it by bankers, The
Reserve Bank of India, Company law Board, and other Government Agencies.
Your Directors are confident of meeting the Company's Year 2000
requirements without any difficulty and the same would not have any impact
on the Accounts of the Company on the going concern assumption.
By Order of the Board
Place : Calcutta S. K. DAS
Date : 27.01.2000 CHAIRMAN