ashiana housing ltd Directors report

To,

The shareholder(s),

Your Directors have pleasure in presenting the 37^th Annual Report together with the audited financial statement of the Company for the year ended on 31^st March 2023.

Financial Summary and State of Affairs

Standalone

Rs. (in Lakhs)

Sl. No.	Particulars	Current Year (2022-23)	Previous Year (2021-22)
1.	Sales and other income	36,499	18,193
2.	Profit before Depreciation, Taxation and Exceptional Items	4,004	(36)
3.	Depreciation	768	767
4.	Profit after Depreciation but before Taxation and Exceptional Items	3,236	(803)
5.	Exceptional Items	-	408
6.	Profit after Depreciation and Exceptional Items but before Taxation	3,236	(1,211)
7.	Provision for Taxation	530	(618)
8.	Profit after Depreciation, Taxation and Exceptional Items	2,706	(593)
9.	Surplus brought forward from previous year	1,843	3,404
10.	Profit available for Appropriation	4,549	2,810
11.	Proposed Dividend/ Interim Dividend	(512)	(819)
12.	Tax on Proposed Dividend/Interim Dividend	-	-
13.	Transfer to Other Comprehensive income	0.23	(149)
14.	Transfer from FVTOCI Reserve	-	-
15.	Transfer from/ (to) General Reserve	-	-
16.	Transfer to Debenture Redemption Reserve	-	-
17.	Transfer from Debenture Redemption Reserve	-	-
18.	Transfer from Equity Investment Reserve	0.22	1
19.	Balance Surplus carried to Balance Sheet	4,038	1,843

Consolidated

Rs. (in Lakhs)

Sl.		Current Year	Previous Year
	Particulars
No.		(2022-23)	(2021-22)
1.	Sales and other income	42,519	23,359
2.	Profit before Depreciation, Taxation and Exceptional Items	4,274	(200)
3.	Depreciation	841	838
4.	Profit after Depreciation but before Taxation and Exceptional Items	3,432	(1,037)
5.	Exceptional Items	-	426
6.	Profit after Depreciation and Exceptional Items but before Taxation	3,432	(1,463)
7.	Provision for Taxation	645	(759)
8.	Profit after Depreciation, Taxation and Exceptional Items	2,787	(704)
9.	Surplus brought forward from previous year	895	2,521
10.	Profit available for Appropriation	3,682	1,816
11.	Proposed Dividend/ Interim Dividend	(512)	(819)
12.	Tax on Proposed Dividend/Interim Dividend	-	-
13.	Transfer to Other Comprehensive income	(3)	(103)
14.	Transfer from FVTOCI Reserve	-	-
15.	Transfer to General Reserve	-	-
16.	Transfer to Debenture Redemption Reserve	-	-
17.	Transfer from Debenture Redemption Reserve	-	-
18.	Transfer from Equity Investment Reserve	0.22	1
19.	Balance Surplus carried to Balance Sheet	3,167	895

Key Highlights of the Business and Operations:

• The company registered a sales volume of 25.86 Lakhs sq. ft Vs. 14.76 Lakhs Sq. ft. in FY 2021-22, an increase by more than 75%. The average realisation price increased from Rs. 3,883 per sq. ft. to Rs. 5,080 per sq. ft. in FY 2021-22 an increase by 31%.

• On execution front, we clocked an Equivalent Area Constructed (EAC) of 16.73 Lakhs sq. ft. (AHL: 16.69 Lakhs sq. ft. and Partnerships: 0.04 Lakhs sq. ft.) vs. 16.20 Lakhs sq. ft. (AHL: 13.91 Lakhs sq. ft. and Partnerships: 2.29 Lakhs sq. ft.) in FY 2021-22.

A summary of the on-going projects as on 31^st March 2023 are as follows:

		Saleable Area as on	Area Booked as on
Project Name & Location	Type	31-03-2023 (Lakhs sq.ft.)	31-03-2023 (Lakhs sq.ft.)
Ashiana Nirmay (Phase 4) (Bhiwadi)	Senior Living	2.09	1.81
Ashiana Tarang (Phase 3, 4A & 4B) (Bhiwadi)	Premium Homes	2.55	1.69
Ashiana Advik (Phase 1) (Bhiwadi)	Senior Living	3.55	1.49
Ashiana Shubham (Phase 4 & 4B) (Chennai)	Senior Living	4.23	3.31
Ashiana Anmol (Phase 2 & 3) (Gurugram)	Kid Centric Homes	7.30	6.15
Ashiana Amarah (Phase 1) (Gurugram)	Kid Centric Homes	3.95	3.95
Ashiana Daksh (Phase 2 & 3) (Jaipur)	Premium Homes	3.52	3.52
Ashiana Amantran (Phase 1, 2, 3 and Shops) (Jaipur)	Premium Homes	8.66	6.98
Ashiana Ekansh (Phase 1&2) (Jaipur)	Premium Homes	4.76	2.34
Ashiana Umang (Phase-5 & 6) (Jaipur)	Kid Centric Homes	6.71	4.18
Ashiana Aditya (Phase 1 &2) (Jamshedpur)	Premium Homes	6.30	6.30
Ashiana Prakriti (Phase 1) (Jamshedpur)	Premium Homes	2.57	2.57
Ashiana Dwarka (Phase 4 & 5) (Jodhpur)	Premium Homes	3.28	1.44
Ashiana Malhar (Phase 1) (Pune)	Premium Homes	2.62	1.59
Ashiana Utsav* (Phase-4) (Lavasa)	Senior Living	-	-
Total		62.09	47.32

Note: *Ashiana Utsav Lavasa Phase 4 - Construction is complete and OC has been applied for. The Phase is yet to be launched for sales.

During the financial year under review there is no change in the nature of business of your company.

Launches:

FY 2022-23 was a heavy year for project launches for the company. Launches pertaining to the business of your company, including its subsidiaries and partnerships, for the year 2022-23 are given hereunder:

1. Ashiana Shubham, Chennai (Tamil Nadu): Launched Phase-4B of Ashiana Shubham, a Senior Living Project in Chennai comprising of 2 and 3 BHK flats with saleable area of 1.77 lakhs sq. ft.

2. Ashiana Tarang, Bhiwadi (Rajasthan): Launched Phase-4A (Villas) and Phase-4B of Ashiana Tarang, a Premium Homes Project in Bhiwadi comprising of Villas and 3 BHK flats with saleable area of 0.64 lakhs sq. ft. and 0.76 lakhs sq. ft, respectively.

3. Ashiana Prakriti, Jamshedpur (Jharkhand): Launched Phase-1 of Ashiana Prakriti, a new Premium Homes Project in Jamshedpur comprising of 2 and 3 BHK flats and penthouses with saleable area of 2.57 lakhs sq. ft.

4. Ashiana Ekansh, Jaipur (Rajasthan): Launched Phase-1 and 2 of a new Premium Homes Project, namely Ashiana Ekansh in Jaipur comprising of 2, 3 and 4 BHK flats with total saleable area of 4.76 lakhs sq. ft.

5. Ashiana Malhar, Pune (Maharashtra): Launched Phase-1 of Ashiana Malhar, another new Premium Homes Project located in Pune comprising of 2 and 3 BHK Flats having total saleable area of 2.62 lakhs sq. ft.

6. Ashiana Amarah, Gurugram (Haryana): Launched Phase-1 of Ashiana Amarah, a new Premium Homes Project located in Gurugram comprising of 2, 3 and 4 BHK Flats having saleable area of 3.95 lakhs sq. ft.

7. Ashiana Dwarka, Jodhpur (Rajasthan): Launched Phase-5 of Ashiana Dwarka, a Premium Homes Project located in Jodhpur comprising of 2 and 3 BHK Flats having saleable area of approximately 2.00 lakhs sq. ft.

8. Ashiana Advik, Bhiwadi (Rajasthan): Launched Phase-1 of Ashiana Advik, a new Senior Living Project located in Bhiwadi comprising of 1,2 and 3 BHK Flats and Villas having saleable area of 3.55 lakhs sq. ft.

9. Ashiana Anmol, Gurugram (Haryana): Launched Phase-3 of Ashiana Anmol, a Kid Centric Homes Project located in Gurugram comprising of 2 and 3 BHK Flats having saleable area of 4.47 lakhs sq. ft.

10. Ashiana Amantran, Jaipur (Rajasthan): Launched shops having saleable area of 0.09 lakhs sq. ft. of Ashiana Amantran, a Premium Homes Project located in Jaipur. Rajasthan.

Recognitions:

Your company was accorded following awards/ recognitions during the financial year 2022-23:

1. Ranked as Indias No. 1 Senior Living Brand 6 times in a row by Track 2 Realty.

2. Received Bhamashah Award from the Govt. of Rajasthan.

3. The Govt. has also conferred the title "Shiksha Bhushan" for Ashianas contribution to basic education in the state of Rajasthan.

4. Bestowed with Best Pavilion Award at the CREDAI Real Estate Expo held in Jaipur (Rajasthan).

Other Developments

1. CARE has maintained our credit rating as "CARE A(Is) [Single A (Issuer Rating), Outlook: Stable]"

2. CARE has re-affirmed us as CARE(A); Stable for Rs. 97 Crores and Rs. 35 Crores Non- Convertible Debentures (NCDs) allotted on 31^st May 2021 and 20^th July 2022, respectively.

3. ICRA has rated us as ICRA A for Rs. 20 Crores and Rs. 100 Crores Non-Convertible Debentures.

4. Handover started of Phase 3 of Ashiana Shubham, Chennai.

5. Handover started of Phase 1 of Ashiana Sehar, Jamshedpur.

6. Handover started of Phase 1 of Ashiana Daksh, Jaipur.

Management Discussion & Analysis

Management Discussion & Analysis which forms part of Directors Report as per Regulation 34(2)(e) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is given in the annual report.

Business Responsibility and Sustainability Report

The Business Responsibility and Sustainability Report as per Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed to this report as Annexure – I in the format on the principles of National Guidelines on Responsible Business Conduct (NGRC) specified by Ministry of Corporate Affairs in 2019 and forms part of the Annual Report.

Capital and Debt Structure

There has been no change in authorised, issued, and subscribed capital of the company during the period under review. There are no shares with differential rights as to dividend, voting or otherwise. Further, there are no debentures with convertible rights. During the financial year under review, the Company has neither issued nor allotted any equity or preference shares and not redeemed any preference shares or bought back any shares. However, during the FY 2022-23, the company repaid Rs. 9.70 Crores of Non- Convertible Debentures (NCDs) issued to ICICI Prudential Regular Savings Plan in 2018 bearing ISIN INE365D07077. Further during the Financial Year 2022-23, the company issued and allotted of Non- Convertible Debentures (NCDs) to the tune of Rs. 26.40 Crores to International Finance Corporation (IFC) on 20^th July 2022.

The Details of all outstanding NCDs as on 31^st March 2023 are given below:

Sl. No.	Name of the Allottees	ISIN of Active NCDs	Coupon Rate	Outstanding as on 31.03.2023	Brief Terms
1.	#ICICI Prudential Regular Savings Plan issued Rs. 100 Crores#	INE365D07077	10.15% Payable monthly*	Rs..80 crores	Non-convertible, Redeemable, Rated, Secured against Unsold Inventory and Receivables thereon, Listed, Tenure: 5 years from the date of allotment i.e. 26th April 2018
2.	*International Finance Corporation	INE365D08018	8% per annum provided that the interest rate may be varied in accordance with the reset process set out in the Debenture Trust Deed dated 28th August 2018.	Rs. 2.43 crores	Non-convertible, Redeemable, Rated,Unsecured, Listed, Tenure: 20 years from the date of allotment i.e. 28th September 2018.
3.	**International Finance Corporation	INE365D08026	8% per annum provided that the interest rate may be varied in accordance with the reset process set out in the Debenture Trust Deed dated 04th May 2021.	Rs. 97 crore	Non-convertible, Redeemable, Rated, Unsecured, Listed, Tenure: 20 years from the date of allotment i.e. 31st May 2021.
4.	***International Finance Corporation	INE365D08034	8% per annum provided that the interest rate may be varied in accordance with the reset process set out in the Debenture Trust Deed dated 21st June 2022.	Rs. 26.40 crore	Non-convertible, Redeemable, Rated, Unsecured, Listed, Tenure: 20 years from the date of allotment i.e. 20th July 2022.

For all the above issues of NCDs VISTRA ITCL (India) Limited has been appointed as Debenture Trustee. All the above NCDs are listed on BSE.

#The above Non-Convertible Debentures have been redeemed by the company on 26^th April 2023.

* The investment is for the identified project of the company "Ashiana Daksh" with returns linked to project specific returns.

** The investment is for the identified project of the company "Ashiana Amarah", Gurugram, with returns linked to project specific returns. *** The investment is for the identified project of the company "Ashiana Vatsalya", Chennai, with returns linked to project specific returns.

Note: Details of the credit ratings are provided in the Management Discussion & Analysis section forming part of the Directors Report.

Extract of Annual Return

An extract of the Annual Return of your company, pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013, is available on the website of the Company at the following link: https:// www.ashianahousing.com/real-estate-investors/financial-reports#3

Number of Meetings of the Board of Directors

The Board of Directors duly met five times during the year i.e. on 27^th May 2022, 29^th July 2022, 09^th August 2022, 14^th November 2022, 14^th February 2023, in respect of which meetings proper notices were given and the proceedings were properly recorded and signed in the minutes book maintained for the purpose.

Directors Responsibility Statement

As required under Section 134(5) of the Companies Act, 2013, the Directors of your company hereby states that:

1. In the preparation of the annual accounts, the applicable Accounting Standards had been followed along with proper explanation relating to material departures.

2. The Directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the Profit and Loss of the company for that period.

3. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

4. The Directors had prepared the annual accounts on going concern basis.

5. The Directors had laid down Internal Financial Controls to be followed by the company and that such Internal Financial Controls were adequate and were operating effectively.

6. The Directors had devised proper system to ensure compliance with the provisions of all applicable laws and such system were adequate and operating effectively.

Disclosures from Independent Directors

Mr. Abhishek Dalmia, Mr. Narayan Anand, Ms. Piyul Mukherjee and Ms. Sonal Mattoo, all independent directors of the company have given requisite declaration in the first Board meeting stating that they meet the criteria of independence as provided in Section 149(6) of Companies Act, 2013, and that they have adhered and have complied with the Code of Conduct for Independent Directors as prescribed in Schedule IV of the Act and Code of Conduct of the company.

Further, all the independent directors of the company have also given the requisite declaration stating that they have complied with Rule 6 (1) & (2) of the Companies (Appointment & Qualification of Directors) Rules, 2014 regarding registration of their names in the Databank of Independent Directors maintained with Indian Institute of Corporate Affairs (IICA) as per MCA Notification No. G.S.R. 804 (E) dated 22^nd October 2019.

A statement regarding opinion of the Board with regard to integrity, expertise, and experience (including the proficiency) of the Independent Directors appointed / reappointed during the year are given in the corporate governance section of the annual report which forms part of the Directors Report.

Audit Committee and Vigil Mechanism

Details of the audit committee, terms of reference of the audit committee and vigil mechanism of the company is given in the corporate governance section of the annual report which forms part of the Directors Report.

Policy of Nomination and Remuneration Committee

Details of the Nomination & Remuneration Committee, terms of reference of this Committee are given in the corporate governance section of the annual report which forms part of the Directors Report.

Reservation and qualification in Auditors Report

There are no adverse remarks or any reservation or qualifications either by the Statuary Auditors of the company or by the Secretarial Auditor in their report for the year under review.

Remuneration of Directors

The disclosure pursuant to Section 197(12) of the Companies Act, 2013 relating to the remuneration of each director is given in

Annexure II.

Loans, Guarantee, and Investments

The particulars of Loans, Guarantee and Investments made by company under Section 186 of Companies Act, 2013 is given in

Annexure III.

Particulars of Related Party Transaction

The particulars of related party transactions entered into by the company during the year pursuant to Section 188 of Companies Act, 2013, are given in Annexure IV.

General Reserve

No amount has been transferred to General Reserve in respect of Financial Year under review.

Dividend

The Board of Directors of your company has recommended the final dividend @ 25 % i.e. Re. 0.50 per equity share of Rs. 2/- for the Financial Year 2022-23, approval for which is being placed before the members in the upcoming Annual General Meeting.

Material Changes and Commitments

There are no material changes and commitments, which have affected the financial position of the company between the end of financial year and the date of this report.

Particulars of Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

Particulars with respect to Conservation of Energy and Technology Absorption as per section 134(3)(m) read with Rule 8(3) of Chapter IX of the Companies Act, 2013 are given in Annexure V.

During the year under review, there has been no foreign exchange earnings but there has been foreign exchange outgo of Rs. 314.27 Lakhs.

Risk Management

Your company has a Risk Management Committee. Details of the Risk Management Committee and Risk Management Policy are given in the Corporate Governance section of the Annual Report. Major risk perception of management which may threaten existence of the Company are discussed in the Management Discussion and Analysis section of the Annual Report.

Corporate Social Responsibility (CSR) Initiatives

Details of the Corporate Social Responsibility Committee are given in the Corporate Governance section and in Management Discussion and Analysis of the annual report which forms part of the Directors Report.

Details of activities undertaken under the CSR initiatives of the company are given in a separate section in the Annual Report followed by Management Discussion and Analysis Report.

Statutory Report on Corporate Social Responsibility initiatives undertaken by the company during the year are given in Annexure VI.

Formal Annual Evaluation of the Board

A statement indicating the performance of the Board and its committee, and its individual directors is given in Annexure VII.

Directors and Key Managerial Personnel (KMP)

The Board of Directors of the company comprises of seven directors out of whom three are Executive Directors and four are Independent Directors. The names of Board of Directors of the Company are as follows:

Sl. No.	Name	Category of Directorship
1.	Mr. Vishal Gupta	Managing Director
2.	Mr. Ankur Gupta	Jt. Managing Director
3.	Mr. Varun Gupta	Whole Time Director
4.	Mr. Abhishek Dalmia	Independent Director
5.	Ms. Sonal Mattoo	Independent Director
6.	Ms. Piyul Mukherjee	Independent Director
7.	Mr. Narayan Anand	Independent Director

Further, there are two other KMPs in the Company, namely.

a) Mr. Vikash Dugar, Chief Financial Officer (CFO).

b) Mr. Nitin Sharma, Company Secretary (CS) and Compliance Officer.

During the year under review, Mr. Hemant Kaul completed his two terms as an Independent Director and his office as Independent Director ceased w.e.f. from 27^th August 2022. Apart from this, there has been no change in the composition of the Board of Directors of the Company.

Further, Mr. Narayan Anand, and Ms. Piyul Mukherjee have been re-appointed as Independent Directors for another term of 5 years, and Mr. Vishal Gupta, Mr. Ankur Gupta and Mr. Varun Gupta have been re-appointed as Managing Director, Jt. Managing Director, and Whole Time Director of the company, respectively for another term of 3 years by the shareholders in the Annual General Meeting held on 17^th September 2022.

Subsidiary Companies

A statement pursuant to Rule 5 & 8 of Chapter IX of the Companies Act, 2013 containing salient features of the financial statements of the subsidiaries/associate companies/joint ventures of the company and their contribution to the overall performance of the company during the period under review is given in Annexure VIII. During the year under review no new company has become or ceased to be subsidiaries, associate, and joint venture.

Fixed Deposits

During the year under review your company had neither invited nor accepted any deposits from the public in terms of the provisions of the Companies Act, 2013 read with Rules.

Orders of Court/Tribunal/Regulator

During the year under review there was no order passed by the regulators or courts or tribunals which was material enough to impact the going concern status and operations of your company.

Internal Financial Controls

The Company has in place adequate internal financial controls with reference to financial statements. During the year, such controls were tested and no reportable material weakness in the design or operation were observed. Please also refer to Internal Controls section in the Management Discussion and Analysis which forms part of the Directors Report.

Auditors

a) Statutory Auditors

The shareholders of the Company had appointed B. Chhawchharia

& Co., Chartered Accountants, as Statutory Auditors of the company for a period of five years from the conclusion of their Annual General Meeting held on 17^th September 2022. They have been appointed as Statutory Auditors in place of the M/s. VMSS & Associates, Chartered Accountants, the outgoing Statutory Auditors.

The Notes on financial statement referred to in the Auditors Report are self-explanatory and do not call for any further comments. The Auditors Report does not contain any qualification, reservation, or adverse remark.

b) Secretarial Audit Report

The Board has appointed M/s. A.K. Verma & Co., Practising Company Secretary, to conduct Secretarial Audit for the financial year 2022-23. The Secretarial Audit Report for the financial year ended 31^st March 2023 is given in Annexure IX.

The Secretarial Audit Report does not contain any qualification, reservation, or adverse remark. The company has complied with the applicable Secretarial Standard Issued by the ICSI.

c) Cost Auditor

Maintenance of Cost Records and Cost Audit as prescribed under section 148 of the Companies Act, 2013 are applicable on our company and accordingly such records and accounts are maintained by the company. Your company also gets annual audit of cost records under this section.

Based on the recommendation of Audit Committee, Mr. Santosh Pant of M/s. Pant S. & Associates, Cost Accountant having Membership No. 32283, had been appointed by the Board as the Cost Auditors of the company for the FY 2022-23 on 27^th May 2022. Further, the Board has appointed him as Cost Auditor for the FY 2023-24 also subject to ratification of remuneration by the shareholders in their upcoming AGM. The company has received a letter from him to the effect that this appointment would be within the limits prescribed under section 141(3)(g) of the Companies Act, 2013 and that he is not disqualified for such appointment in terms of the provisions of the Companies Act, 2013.

d) Internal Auditor

Based on the recommendation of Audit Committee, Grant Thornton (Bharat) LLP, Chartered Accountants, had been appointed by the Board as Internal Auditors of the Company.

Compliance with the provisions under The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

Your company has complied with the provisions of the above Act in letter and spirit. Your company has an Internal Complaints Committee to look after any complaints of this sort.

Insolvency and Bankruptcy Code, 2016

There are no proceedings initiated or pending against the company under the Insolvency and Bankruptcy Code, 2016.

The requirement of sub rule xii of rule 8 of the Companies (Accounts) Rules, 2014 pertaining to difference in the valuation in respect of loans taken from banks/ financial institutions does not apply on the company.

Transfer of dividend and shares to Investor Education and Protection Fund

The company transferred Rs. 24,78,366/- on 01^st November 2022 to the Investor Education and Protection Fund established by the central government in compliance with section 125 of the Companies Act, 2013. This amount represented the unclaimed dividend in respect of the FY 2014-15, which was lying with the company for a period of seven years from the date of transfer to unpaid-unclaimed dividend account. Prior to transferring the aforesaid sum, the company had sent reminders to the shareholders, and have been intimated to the shareholders about unpaid unclaimed dividend in every AGM notice. The company had transferred 1,31,511 number of shares to the Investor Education and Protection Fund established by the Central Government in compliance with section 125 of the Companies Act, 2013. These shares are in respect of which dividend has not been paid or claimed for seven consecutive years. Prior to transferring the aforesaid shares, the company had sent reminders to the shareholders. The Company Secretary, Mr. Nitin Sharma, is the

Nodal Officer for the Transfer of Shares to Investor Education Fund and the shareholder can check their details on website https://www. ashianahousing.com/real-estate-investors/investors-contact#5 or can mail at nitin.sharma@ashianahousing.com.

Particulars of Employees and Related Disclosures

During the year under review none of the employees of the company was in receipt of remuneration of Rs. 1.02 Crore p.a. or Rs. 8.50 Lakhs, as the case may be, as specified in rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, read with the provisions of section 197(12) of the Companies Act, 2013, or was in receipt of remuneration in excess of that drawn by the Managing Director or Whole Time Director, and is/was holding, alongwith his/her spouse and dependent children not less than two percent of the equity shares of the company.

The information relating to particulars of employees under Section 197 of Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as Annexure II.

Further, the statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report.

Further, the report and the accounts are being communicated to the Members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection and any member interested in obtaining a copy of the same may write to the Company Secretary at nitin.sharma@ashianahousing.com.

Other Committees of the Board

Details of the other committees of the Board are provided under the Corporate Governance Section of the Report.

Failure to implement Corporate Action

During the financial year under review, there was no failure to implement any Corporate Action.

Other Disclosures

(a) wherever applicable, that the consolidated financial statement is also being presented in addition to the standalone financial statement of the company.

(b) details about key initiatives with respect to Stakeholder relationship, Customer relationship, Environment, Sustainability, Health, and Safety are given in the Business Responsibility Statement section (Annexure I) to this report.

(c) there was no delay in holding the annual general meeting for the financial year 2021-22.

(d) cost records are required to be maintained by the company pursuant to section 148 of the Companies Act, 2013 and accordingly such records and accounts are maintained.

Acknowledgements

The Board of Directors takes this opportunity to express its grateful thanks and wish to place on record its appreciation to the Government of India, the Govt. of Rajasthan, the Government of Maharashtra, the Govt. of Jharkhand, the Govt. of Gujarat, the Govt. of Haryana, the Govt. of West Bengal and Govt. of Tamil Nadu and their agencies for providing us excellent business opportunities, to our bankers for their continued support and guidance from time to time and to the employees of the company at all levels for the continued co-operation and unstinted support extended to the company. The Directors also express their sincere thanks to all the shareholders, suppliers/ vendors, investors, and customers for their continued support and trust they have reposed in the Management.

	For and on behalf of the Board
Vishal Gupta	Ankur Gupta
(Managing Director)	(Jt. Managing Director)