Your Directors hereby submit the report on Business and Operations, along with the
Audited Financial Results of the Company for the year ended 31st March 2023.
FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED MARCH 31, 2023:
(Rs. in Lakhs)
| Particulars |
For the Year |
|
2022-23 |
2021-22 |
| Revenue |
15441.17 |
8458.67 |
| Expenditure |
5585.58 |
3111.62 |
| Profit / (Loss) before Depreciation & Tax |
10283.92 |
5347.05 |
| Depreciation |
428.33 |
30.10 |
| Profit / (Loss) before Exceptional item and tax |
9855.59 |
5316.95 |
| Exceptional item |
- |
- |
| Profit / (Loss) before Tax |
9855.59 |
5316.95 |
| Tax |
391 7.50 |
1970.26 |
| Profit / (Loss) after Tax |
5938.10 |
3346.69 |
| Other comprehensive income/ (loss) |
1444.79 |
694.63 |
| Total comprehensive income |
7382.89 |
4041.32 |
REVIEW OF OPERATIONS
The revenue from operations consists of the revenue recognized from sale of flats under
Joint Development Project (JDA) to the tune Rs. 11336.71 lakhs.
JOINT DEVELOPMENT AGREEMENT (JDA) WITH M/S. SPR CONSTRUCTION PVT. LTD.
The joint development project involving The Binny -SPR is currently encountering
obstacles as a result of a lack of transparency from the developer. This has led to
ongoing litigation at the Madras High Court and the Arbitration tribunal. Since January
2023, The Binny has not received its revenue from the developer. The tribunal has
instructed the developer to provide all financial records to The Binny for auditing
purposes, with the developer agreeing to comply. We anticipate commencing the audit on
December 1 st, 2023. Once the audit is complete, we will be able to ascertain the amount
due to us from the developer.
JOINT DEVELOPMENT AGREEMENT (JDA) WITH M/S. RADIANCE REALTY DEVELOPERS INDIA LIMITED
Joint Development agreement entered into with Radiance Reality is getting revoked.
Company would consider the other options for the said property.
DIVIDEND
The Company does not recommend any dividend for the year ended March 31, 2023.
DEPOSIT
The Company did not invite or accept any deposit during the year under review.
SUBSIDIARY
Pursuant to Section 129(3) of the Companies Act,201 3 read with Rule 5 of the Companies
(Accounts) Rules,2014, the statement containing salient features of the financial
statements of the Companys subsidiary in Form AOC-1 is forming part of the Annual Report
and Accounts.
DIRECTORS
NO RE-APPOINTMENT OF RETIRING DIRECTOR
Shri. Arvind Nandagopal (DIN: 00059009), Director, is liable to retire by rotation at
the ensuing Annual General Meeting (AGM) pursuant to the provision of Section 1 52 (6) of
the Companies Act, 201 3 read with the Companies (Appointment and Qualification of
Directors) Rules, 2014 and the Articles of Association of the Company and is opted himself
for out of reappointment as Director of the Company.
RESIGNATION OF KEY MANAGERIAL PERSONNEL
Shri.K.Senthilkumar,Compliance officer and Company Secretary was resigned with effect
from 07th August,2023.
Shri. Arvind Nandagopal (DIN: 00059009), Director, is opted himself for out of
reappointment as Director of the Company with effect from 28th December, 2023.
Smt.Nilima Sathya, (DIN:0806691 3), Independent Director has resigned from the Board of
the Company with effect from 29th November, 2023.
PARTICULARS OF EMPLOYEES
No employee of the Company was in receipt of Remuneration during the Financial Year
2022-23 in excess of the sum prescribed under Rule 5 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
NUMBER OF MEETINGS OF THE BOARD
The Board Meetings were conducted to review the Companys business and to discuss its
strategies and plans. During the Year 8 Board Meetings were convened and held, the details
of which are given in the Corporate Governance Report.
COMMITTEES OF THE BOARD
The Board has the following Committees:
1) Audit Committee;
2) Nomination and Remuneration Committee;
3) Stakeholders Relationship Committee and
4) Corporate Social Responsibility Committee
The details on the number of Audit Committee Meetings, Stakeholders Relationship
Committee meetings and Nomination and Remuneration Committee of the Company held during
the year along with their constitution and other details are provided in the report on
Corporate Governance.
During the year, all the recommendations of the Audit Committee were accepted by the
Board.
BOARD EVALUATION
As per provision of Section 134(3) (p) of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations 2015, the Board has carried out a
performance evaluation of its own performance, the directors individually as well as the
evaluation of the working of its various Committees for the financial year 2022-23.
DECLARATION BY INDEPENDENT DIRECTORS
The Company has received necessary declarations from all the independent directors
under Section 149(7) of the Companies Act, 201 3 that he/she meets the criteria of
independence laid down in Section 149(6) of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
As per the provision of Companies Act, 201 3 read with Rules made there under, they
have registered themselves in the databank earmarked for Independent Director and
maintained by the Indian Institute of Corporate Affairs. In the opinion of the Board, all
the independent directors are persons of integrity and possesses the relevant expertise
and experience in their respective fields
FAMILIARISATION PROGRAMMES:
The Company has a familiarization programme for Independent Directors pursuant to
Listing Regulations, 2015. The same is dealt with in the Annual Report. The
Familiarization Programme is available in the website of the Company. The link for the
same is given as http://www.binnyltd.in/images/policies/FAMILIARIZATION_DIRECTORS.pdf
EXTRACT OF ANNUAL RETURN:
As required pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the
Companies (Management and Administration) Rules, 2014, copy of the Annual Return of the
Company is available at companys website www. binnyltd. in
POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION
The Nomination and Remuneration Policy provides for appropriate composition of
Executive, Non-Executive and Independent Directors on the Board of Directors of your
Company along with criteria for appointment and remuneration including determination of
qualifications, positive attributes, independence of Directors and other matters as
provided under sub-section (3) of Section 1 78 of the Companies Act, 201 3.
The remuneration paid to the Directors is as per the terms laid out in the Nomination
and Remuneration Policy and as per the recommendations of Nomination and Remuneration
Committee of the Company.
Information required under Section 1 97 of the Companies Act, 2013 read with Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is set out in ANNEXURE-I
The Nomination and Remuneration policy is posted on the Companys website on the below
link, http://www.binnyltd. in/images/policies/Nomination_Policy.pdf
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions contained in Section 134(3)(c) of the Companies Act, 2013,
the Board to the best of its knowledge and belief and according to the information and
explanations obtained by it confirms that:
(a) in the preparation of the annual financial statements for the financial year ended
31 st March, 2023, the applicable Accounting Standards and Schedule III of the Companies
Act, 201 3, have been followed and there are no material departures from the same;
(b) the Directors had selected such accounting policies and applied them consistently
and made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company as at 31 ‘‘March, 2023 and of
the profit of the Company for the financial year ended 31 ‘‘March, 2023;
(c) the directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 201 3 for
safeguarding the assets of the company and for preventing and detecting fraud and other
irregularities;
(d) the directors had prepared the annual accounts on a going concern basis;
(e) the directors had laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and were operating
effectively;
(f) the directors had devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
VIGIL MECHANISM AND WHISTLE BLOWER POLICY:
The Company has formulated and adopted a vigil mechanism for employees to report
genuine concerns to the Chairman of the Audit Committee. The policy provides opportunity
for employees to access in good faith, the Audit Committee, if they observe unethical and
improper practices. The Whistle Blower Policy of the Company is available in the website
of the Company. The link for the same is
http://www.binnyltd.in/images/policies/Whistle_Blower_Policy_Vigil_ Mechanism.pdf
AUDITORS AND AUDITORS REPORT:
A. Statutory Auditors:
M/s. Sagar & Associates, Chartered Accountants, Hyderabad bearing Firm Registration
No. 00351 OS, were appointed as Statutory Auditors of the Company at the 5151
Annual General Meeting to hold office up to the conclusion of 56thAnnual
General Meeting of the Company to be held in the year 2025 on such remuneration of Rs.
5,90,000 (Rupees Five lakhs Ninety Thousand only), exclusive of applicable taxes thereon
and out of pocket expenses.
As required under Regulation 33 of the Fisting Regulations, they have also confirmed
that they hold a valid certificate issued by the Peer Review Board of the Institute of
Chartered Accountants of India.
Statutory Auditors Report
Auditors observation:
1. The 62 KLPD Distillery Unit has to be taken over by the Company with effect from
09.10.2021 as an on-going concern basis, in pursuance to the Scheme approved by the
Shareholders in their TCM dated 09.10.2021. The Operational results of the Distillery
Division for the period from 09.10.2021 to 31.03.2023 was arrived at Rs 603.96 Lakhs. The
assets and liabilities of the Distillery Unit was transferred to the Company as on
15.02.2023. The profit for the period from 09.10.202 1 to 15.02.2023 was provisionally
arrived at Rs 765.00 Lakhs and transferred from the Related Party to the Company which is
Provisional and the relevant accounting entries are not verified by us. The consequential
impact on account of the above is not ascertained.
2. As approved by the Share holders in the ECM dated 09.10.202 1, for settlement of the
advances recoverable from MBDL, the Company has to acquire / take over certain business
and immovable properties of MBDL. The Company has entered into Registered Sale agreements
along with Registered General Power of Attorney with right to sell, receive entire sale
consideration and appropriate for its own, with MBDL for transfer of certain assets in
pursuance of the Scheme approved by the Shareholders. On enquiry with the management, it
was clarified that it is the industry practice of transferring land prevailing in Tamil
Nadu and legal opinion has been obtained in this regard, however We are of the opinion
that including the said land under inventory is not correct as per Generally Accepted
Accounting Principles.
3. The company did not obtain/receive balance confirmation from many vendors/parties
including loans and advances other than related parties for the balances as on 31st
March, 2023. We could not obtain external confirmations as required in SA-505 Standards on
Auditing and are unable to comment on adjustments or disclosures if any that may arise.
4. Transfer of properties at Ozhalur & Irukkandrampally is yet to be implemented as
per the scheme approved by Shareholders on 09.10.202 1. The Management clarified that the
process of the transfer of the properties is possible only after the transfer of License
since the said land is adjacent to the Distillery. Hence the respective sale consideration
of Rs. 16200 Lakhs are being shown as "Outstanding" from Mohan Breweries &
Distilleries Limited (MBDL) as on 31.03.2023.
5. Rs. 4539.05 lakhs is the amount of outstanding in Trade!project advances to various
parties for a period exceeding five years for which no provision has been made, since the
Management is confident about the recovery. We are unable to comment on the recoverability
of these Advances.
6. A difference of Rs. 290.73 Lakhs between Cash balance as per Books Rs.290.77 Lakhs
and Physical cash of Rs. 0.04 Lakhs as on 31.03.2023 as reported by the Internal Auditors
of the Company was observed. On enquiry, Management expressed that the differential amount
was given as advances, but for which details like parties to advances, nature of advances,
terms and conditions were not provided . The consequential impact on account of the above
is not ascertained.
7. Noncompliance of Ind AS 18 with regards to accounting of receipts from sale under
the head Revenue received in advance Rs. 2258.65 Lakhs for the Sales booked through sale
agreement between the Company and M/s Sanklecha Infra Projects Private Ltd which is not
taken as revenue since the title to the property (Land) has not been transferred from the
Company. On enquiry, it was noted that though the title to the land is not transferred,
Sankhlecha Infra Projects Private Ltd has taken possession of the land and completed the
construction activities thereon without payment of the balance amount of Rs 1912.00 Lakhs
as per the Sale Agreement between the Company and Sankhlecha Infra Projects Private Ltd.
However, the management clarified that the land will be registered on receipt of balance
payment.
8. We are unable to obtain sufficient appropriate audit evidence regarding revenue from
the Shriram Universal school against which 40% share has to be received by the Company as
part of the JDA with SPR Constructions Private Limited, school being operational whereas
no revenue is booked in the financials. The possible effects of the inability to obtain
sufficient appropriate audit evidence are deemed to be material but not pervasive.
9. While the Outstanding Borrowings from SPR Management Services Pvt Ltd (JMFL) as on
31.03.2023 is Rs 248.04 Lakhs, as per the balance confirmation received from SPR
Constructions Pvt Ltd, the Outstanding amount is Rs 927.80 Lakhs (Rs 903.28 Lakhs towards
Principal and Rs 24.52 Lakhs towards Interest). The repayment of principal and interest
has been accounted as per loan sanction letters.
In the absence of correct statement of accounts as on 31.03.2023 from SPR Management
Services Pvt Ltd, the consequential effect on the Financials of the Company is not
ascertained.
Whereas, in case of SPR Constructions Pvt Ltd (Altico Capital India Ltd/SSG Advisors),
the Outstanding Borrowings as on 31.03.2023 is Rs 1666.73 Lakhs which is not confirmed by
SPR Constructions Pvt Ltd. The repayment of principal and interest has been accounted as
per loan sanction letters.
In the absence of correct statement of accounts and confirmation of outstanding
borrowings as on 31.03.2023 from SPR Construction Pvt Ltd, the consequential effect on the
Financials of the Company is not ascertained.
10. Vide clause No.12 of the Joint Development Agreement with SPR Construction Pvt
Ltd., the minimum sale price is fixed periodically. However, we have observed that in some
cases, sale deeds have been registered without adhering to the sale price strategy.
Consequential impact on the revenue from operation is not ascertained.
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Act. Our responsibilities under those Standards are further
described in the Auditors Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in accordance with the Code of
Ethics issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the Financial Statements under the
provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our qualified opinion on the Ind AS Financial Statements.
Management Response
For the qualifications made by the Auditors in their Audit Report, your Board of
Directors would like to reply/clarify point wise as under :
1) Necessary Accounting Records including the Audited Financials of MBDL from whom the
Distillery has been taken over are being arranged for Auditors verification and the same
will be duly reconciled with our records.
2) The Company has acquired/taken over certain business and immovable properties from
MBDL as per the Scheme approved by the Shareholders of the Company in its ECM held on
9.10.2021 by entering into registered Sale Agreement and registered Power of Attorney
(POA) with rights to sell, receive the entire Sale Consideration of the land and
appropriate for its own and the same is as per the practice prevailing in the Real Estate
Industry in Tamil Nadu and necessary Legal Opinion has been obtained by the Company in
confirmation of the same.
3) Necessary steps are being taken to obtain the Confirmation of Balance from rest of
the parties also.
4) Out of 112 acres of lands situated in Ozhalur and Irungundrampalli Villages,
Chingleput of MBDL being taken over by the Company as per the Scheme approved by the
Shareholders in its ECM held on 9.10.21 for a total sale consideration of Rs.16200 lakhs,
19.77 acres of Ozhalur land for a Sale Consideration of Rs.2467.75 lakhs have been
registered in the month of November 2023 vide Sale Agreement dt.3.11.2023 and the Company
is in the process of registering the balance lands.
5) Necessary steps are being taken including legal action for recovery of Rs.4539.05
lakhs being referred as outstanding in Advances to various parties in the Report. We are
in the process of filing a legal case on RRB for recovery of Rs.2900 lakhs
6) An amount of Rs.290.73 lakhs have been incurred by the Company as Incidental
Expenses for certain approvals from the Government Authorities.
7) Only upon receipt of the balance Sale Consideration of Rs.1912 lakhs, the land will
be registered.
8) SPR has constructed a School in the JDA land, but has leased it to their own Trust
for 30 years without our consent. Binny is eligible for 40% revenue share from the School,
but SPR has not disclosed the accounts nor shared the revenue with Binny. We are seeking
the intervention of the Honble High Court to void the illegal lease of JDA land and
built-up area.
9) The matter is in Court / Tribunal and the Honourable High Court Single Judge had
given an order to Binny not to write to banks. But in Division Bench, the Company got an
approval to write, if the bank questions or writes to us. We are further seeking
modification from the Division Bench to allow us to write and give us clarifications of
loans outstanding.
10) Binny has already got Single Judge, Division Bench and Arbitral Tribunal Order that
Individual Customers Statement of Accounts and CRM data signed by SPR and the 3000
customers who have purchased the Apartments, Villas, Shops and Offices from the beginning
must be fully given. The Sales Price Strategy that SPR has submitted in Court does not
tally with the Original Sales Price Strategy signed by Binny which captures clearly the
quarter it was signed and resonates with the signed JDA. Once SPR provides all the details
as directed by the Honble High Court and Tribunal, it will be reconciled with the
Original Sales Price Strategy and we will take into consideration the prevailing market
price which is captured in the channel partners sales portals with which we will be able
to ascertain our revenue share.
B. Cost Auditors:
As the Company is not covered under the ambit of Section 148of the Companies Act, 201 3
read with the Companies (Cost records and Audit) Rules, 2014, the requirement for
maintenance of cost records and appointment of Cost Auditor does not arise.
C. Secretarial Auditor:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 Shri. V. Suresh,
Practicing Company Secretary has been appointed as Secretarial Auditor of the Company to
undertake the Secretarial Audit of the Company for the Financial Year 2022-23. The report
of the Secretarial Auditor is enclosed as ANNEXURE II to this report. There are no
qualifications, reservations, adverse remarks or disclaimers given by the Secretarial
Auditor in the Report.
Reporting of fraud
The Auditors of the Company have not reported any fraud as specified under Section
143(1 2) of the Act, 201 3.
CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION & ANALYSIS REPORT:
The Company has complied with requirements of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 201 5. A report on the Corporate Governance practices, the
Auditors Certificate on compliance of mandatory requirements thereof is given as an
annexure to the Report as ANNEXURE III.
Management Discussion and Analysis Report is presented in a separate section forming
part of the Annual Report. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Loans, Guarantees and Investments covered under Section 1 86 of the Companies Act, 201
3 form part of the Notes to the Financial Statements provided in this Annual Report.
RISK MANAGEMENT:
The company has formulated and laid down procedures about the risk assessment and risk
management procedures. These procedures are periodically reviewed to ensure that risks are
managed / mitigated through a well-defined framework.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY:
There are no material changes or commitments affecting the financial position of the
Company, which have occurred between the end of the financial year of the Company, to
which the financial statements relate and the date of the report.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
All transactions with related parties were reviewed and approved by the Audit
Committee. The details of the related party transactions as per Accounting Standard 1 8
are set out in Notes to the Financial Statements forming part of this report.
The particulars of every contract or arrangements entered into by the Company with
related parties referred to in sub- section (1) of section 1 88 of the Companies Act, 201
3 is disclosed in Form No. AOC- 2 as ANNEXURE-IV
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS:
The Company is maintaining adequate and effective Internal Financial Control (IFC) over
Financial Reporting (FR) based on Guidance notes on Audit for Internal financial Control
over financial reporting, for ensuring the orderly and efficient conduct of its business,
including adherence to its policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records,
and the timely preparation of reliable financial information. Apart from Internal
Auditors, who review all the financial transactions and operating systems, the Company has
also in place adequate Internal Financial controls with reference to Financial Statements.
During the year, such controls were tested and no reportable material weaknesses in the
design or operation were observed.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information pertaining to conservation of energy, technology absorption, foreign
exchange earnings and outgo as required under Section 1 34 (3)(m) of the Companies Act,
201 3 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is as follows:
Conservation of Energy
| 1. The steps taken or impact on conservation of energy |
During the year NIL |
| 2. The steps taken by the Company for utilizing alternate sources of energy |
|
| 3. The capital investment on energy conservation equipment |
|
Technology Absorption
| 1. The efforts made towards technology absorption |
|
| 2. The benefits derived like product improvement, cost reduction, product development
or import substitution |
|
| 3. In case of imported technology (imported during the last three years reckoned from
the beginning of the financial year) (a) the details of technology imported, (b) the year
of import, (c) whether the technology been fully absorbed, (d) if not fully absorbed,
areas where absorption hasnt taken place, and the reasons thereof |
During the year NIL |
| 4. The expenditure incurred on Research and Development |
|
Foreign Exchange Earnings and Outgo:
Foreign Exchange earned : Nil Foreign Exchange used : Nil
CORPORATE SOCIAL RESPONSIBILITY (CSR):
The Company has constituted the Corporate Social Responsibility Committee during the
year. The composition of Corporate Social Responsibility Committee is;
Shri. M Nandagopal-Chairman Shri. Arvind Nandagopal - Member Smt. Nilima Sathya -
Member
SCOPE OF CSR POLICY
This policy will apply to all projects/ programmes undertaken as part of the Companys
Corporate Social Responsibility and will be developed, reviewed and updated periodically
with reference to relevant changes in Corporate Governance, statutory requirements and
sustainable and innovative practices. The policy will maintain compliance and alignment
with the activities listed in Schedule VII and Section 1 35 of the Companies Act, 201 3
and the rules framed there under.
CSR POLICY IMPLEMENTATION
The Company shall undertake CSR Project/ programmes identified by the CSR Committee and
approved by the Board of Directors in line with the CSR policy.
The CSR Policy of the Company is uploaded in the website of the Company,
http://www.binnyltd.in/images/policies/ CSR Policy.pdf
CSR ACTIVITIES
The Company is liable to spend a sum of Rs. 82.26 lakhs as per Section 1 35 of the
Companies Act, 201 3 relating to Corporate Social Responsibility for the year ended 31st
March 2023. Rs. 3.23 lakhs has been paid for the CSR on going project of M/s.
Environmental List Foundation of India. The entity has been registered with MCA for
undertaking CSR activities and projects, the Registration number is CSR0000231 0. Balance
amount of Rs. 79.03 lakhs has been deposited in the Unspent CSR Bank account.
CHANGE IN NATURE OF BUSINESS
There has been no change of business during the financial year under review
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE:
There are no significant and material orders passed by the regulators or courts or
tribunals that may have an impact for the Company as a going concern and/or companys
operations.
DISCLOSURE IN TERMS OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
The Company has Internal Complaints Committees as required under the Sexual Harassment
of Women at Workplace (Prevention, Prohibition and Redressal) Act, 201 3. During the year
under review, there were no cases filed pursuant to the provisions of Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal) Act 201 3.
ACKNOWLEDGEMENT
The Directors acknowledge the cooperation and assistance extended by the Government of
India and Government of Tamil Nadu and place on record their appreciation and gratitude to
them.
The Directors also thank the shareholders, employees and all other stakeholders of the
Company for their continued support and cooperation.
|
ON BEHALF OF THE BOARD |
|
M Nandagopal |
| Chennai |
Managing Director & Executive Chairman |
| Date: 29th November,2023 |
DIN:0005871 0 |
+91-9892691696
