To,
The Members
Gujarat State Petronet Limited
The Directors take pleasure in presenting the 25 Annual Report and Audited Accounts of
Gujarat State Petronet Limited (“GSPL”) for the year ended 31 March, 2023.
FINANCIAL HIGHLIGHTS
Your Company has been demonstrating stable performance parameters.
Major Highlights of the Company are summarized below:
(Rs in Crore)
| Particulars (Standalone Accounts) |
2022-23 |
2021-22 |
| Total Income |
1,930.21 |
2,124.52 |
| Employee Benefit Expenses |
72.22 |
65.33 |
| Other Expenses |
430.90 |
557.07 |
| Total Expenses |
503.12 |
622.40 |
| PBDITA |
1,427.09 |
1,502.12 |
| Finance Cost |
4.68 |
31.30 |
| Depreciation & Amortisation |
193.86 |
195.99 |
| Profit Before Tax |
1,228.55 |
1,274.83 |
| Tax including Deferred Tax |
283.60 |
295.78 |
| Profit from continuing operations after tax |
944.95 |
979.05 |
| Profit from discontinued operations after tax |
- |
30.70 |
| Profit for the year after Tax |
944.95 |
1,009.75 |
| EPS for the year (Rs.) |
16.75 |
17.90 |
| Appropriations |
|
|
| Transfer to General Reserves |
NIL |
NIL |
PERFORMANCE HIGHLIGHTS
GSPL has successfully extended the gas grid up to 2704 kilometer.
100% Pipeline grid availability and “accident free” year of operations.
During FY 2022-23, Total Income stood at 1930.21 Crore, as compared to 2124.52
Crore and PBT was 1228.55 Crore as compared to 1274.83 Crore over Previous Year.
The Profit After Tax for FY 2022-23 is 944.95 Crores vis-a-vis 1009.75 Crores for
FY 2021-22.
DIVIDEND
As per the provisions of the Regulation 43 (A) of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing
Regulations”), GSPL adopted a Dividend Policy which has been amended w.e.f. 11 May,
2023. The Policy is available on the website of GSPL at
https://gspcgroup.com/documents/pagecontent/DDPGSPL.pdf Keeping in view the various
factors including the fund requirements for expansion of projects and subsidiaries,
Government of Gujarat Guidelines as mentioned in the Policy, the Board of Directors of
GSPL is pleased to recommend Dividend of 5 (i.e. @ 50 %) per Equity Share of the face
value of 10 each for the Financial Year 2022-23 subject to the approval of Shareholders
in the ensuing Annual General Meeting. The total cash outo w on account of the proposed
Dividend for the Financial Year 2022-23 would be approx 282.11 Crores.
GAS GRID PROJECT
Government of Gujarat has always played a pro-active role in the development of the
energy value chain in the State. Gujarat is the first S tate to plan and execute a
State-wide Gas Grid on an Open Access principle. The pipeline grid has been designed as
per the highest international standards with inbuilt flexibility to cater to varying
loads. The pipeline grid map of GSPL for Gujarat is enclosed herewith as Annexure - IX.
The map showing the Cross-Country Natural Gas Transmission Pipelines being implemented
through special purpose vehicles is enclosed herewith as Annexure X.
Projects commissioned
During the year under review, your Company has successfully connected total 12 Nos. of
customer locations in Bharuch, Anand, Dahod, Amreli, Gandhinagar and Ahmedabad District
including connection to CGD entities.
The grid operations account for approx 2704 Kms as on 31 March, 2023. Gas is o wing
from Mundra / Hazira / Dahej / Vapi to various industries and City Gas Distribution
(“CGD”) Networks located in various Districts of Gujarat including Surat,
Bharuch, Narmada, Baroda, Anand, Ahmedabad, Dahod, Gandhinagar, Sabarkantha, Panchamahal,
Patan, Bhavnagar, Mehsana, Banaskantha, Surendranagar, Botad, Rajkot, Morbi, Jamnagar,
Navsari, Kutch, Kheda, Valsad, Amreli, Gir & Somnath.
Projects under execution
Your Directors are pleased to inform that GSPL continues to develop additional Pipeline
infrastructure in the State of Gujarat. Your Company is currently implementing 2 source
connectivity projects in Amreli and Gir Somnath Districts viz., Swan FSRU connectivity (3
Km Approx.) and Chhara LNG Connectivity pipeline (90 Km Approx.), CGD Connectivity for
Geographical areas of Kutch-West, Rural-Ahemdabad, Jamnagar, Junagadh and Amreli District
and Customer connectivity in Silvassa and in SEZ Kutch. Your Company also received
authorisation from PNGRB for developing Jamnagar-Dwarka pipeline in Gujarat. Several
customers in many industrial regions across Gujarat, including Dahej SEZ are receiving gas
through Companys network with more getting connected on a regular basis.
WIND POWER PROJECT
Your Company being committed to promote clean and green energy has set up Wind Power
Project of 52.5 MW in the areas of Maliya Miyana, Rajkot and Gorsar & Adodar,
Porbandar. During the year, GSPL has sold 8,90,87,531 KWH of electricity generated through
Windmill.
FUTURE PLANS
Your Company is working on future expansion projects based on the demand in various
regions around the gas grid, including expanding towards other States. Your Company is
also gearing up its pipeline by developing connectivity with new terminals that are being
developed in Gujarat to ensure connectivity with all sources in Gujarat.
OPERATION & MAINTENANCE ACTIVITIES
GSPL has transported 9253 MMSCM of gas during the Financial Year 2022 23 (Previous
year: 12369 MMSCM).
To safeguard pipeline assets and optimize utilization of the pipeline system, GSPL is
giving utmost importance to efficient operations and preventive maintenance.
SUBSIDIARY, ASSOCIATE &
JOINT VENTURE COMPANIES
Subsidiary Companies
Your Company has following three Subsidiary companies within the meaning of the Section
2(87) of the Companies Act, 2013:
1) GSPL India Gasnet Limited (GIGL) for development of Mehsana - Bhatinda and Bhatinda
- Gurdaspur Pipeline Projects.
2) GSPL India Transco Limited (GITL) for development of Mallavaram - Bhopal Bhilwara
Vijaipur Pipeline Project.
3) Gujarat Gas Limited (GGL) is Indias largest city gas distribution player with
presence spread across 44 Districts in the State of Gujarat, Punjab, Rajasthan, Haryana,
Madhya Pradesh, Maharashtra and Union Territory of Dadra and Nagar Haveli.
Associate Company
As on 31 March, 2023, GSPL has one Associate Company viz.
Sabarmati Gas Limited.
To avoid duplication between the Boards Report and Management Discussion and Analysis
Report, the performance highlights/summary of the Subsidiary companies/Joint Venture
companies /Associate companies of GSPL is given in Management Discussion & Analysis
Report.
Accounts of Subsidiary, Associate & Joint Venture Companies:
Pursuant to notication dated 16 February, 2015 of Ministry of Corporate A airs
notifying the Companies (Indian Accounting Standard) Rules, 2015, GSPL, its Associate,
Subsidiary and Joint Venture Companies have adopted Ind AS w.e.f. 1 April, 2016.
Consequently, though as per provision of Section 2 (87) (ii) of the Companies Act 2013,
GSPL India Gasnet Limited (GIGL) and GSPL India Transco Limited (GITL) fall within the
meaning of Subsidiary Company, as per guidance of Indian Accounting Standards [Ind AS],
GIGL and GITL fall within the criteria of Joint Venture and accordingly they have been
considered as Joint Venture for the purpose of disclosures and compliances in relation to
the Financial Statements of GSPL for the Financial Year 2022 - 23.
Pursuant to provisions of Section 129 (3) of the Companies Act, 2013 read with the
Companies (Accounts) Rules, 2014, a separate statement in prescribed Form AOC - 1
containing salient features of the financial statement of Subsidiary, Associate &
Joint Venture Companies is provided in the Annual Report.
Further, the audited annual accounts and related information of GIGL, GITL and GGL will
be made available to any Member upon request. The annual accounts of GIGL, GITL and GGL
will also be available for inspection by members in electronic mode. The same are also
available on the website of GSPL viz. www.gspcgroup.com.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Ind AS - 28 on Investment in Associates and Joint Ventures read
with Ind AS 110 on Consolidated Financial Statements and Ind AS 111 on Joint Arrangement,
the Audited Consolidated Financial Statements are provided in the Annual Report.
HEALTH, SAFETY AND ENVIRONMENT
GSPL, in order to full its commitment towards Health, Safety and Environment, has taken
active steps towards establishment of Safety Management Systems. Environment and safety
features have been integrated into design, construction and O&M operations of GSPL for
ensuring utmost safety for the facilities, local community and the environment. The same
is also being reected in the QHSE policy of GSPL. It is expanding and managing its
operations in a manner which is safe and environmentally sustainable.
For developing effectiveness of Safety Management Systems, training of all employees
across GSPL is ensured through various training programs. The same is being monitored
through internal audit teams and delegation of safety management up to the local level.
Contractors adherence to Companys QHSE policy is also assured through regular site
visits and external audits. Regular site visits ensure the enhancement of safety culture
which also facilitates safe commissioning of the new projects. GSPL is proud to maintain
its target of ‘zero accident year with full commitment of its employees and
management.
Your Company is re-certied to integrated M anagement Systems (ISO 9001:2015, ISO
14001:2015 & ISO 45001:2018) with validity till 9 November 2023. E ectiveness of these
certications is being assured through planned audits of the system. Continuous improvement
is visible in various O&M systems. Preventive Maintenance schedules are being adhered
to with updating of records. Further, Emergency Response and Disaster Management Plan
(ERDMP) of GSPL was re-accredited as per the requirement of ERDMP Regulations, 2010 &
and the amendment 2020 under PNGRB Act, 2006. ERDMP is being reviewed and updated
regularly. All conditions of Accreditation are being adhered to. E ectiveness of ERDMP is
veried through regular mock drills as per specied intervals as identied by respective work
bases.
DEPOSITS
During the year, GSPL has not accepted Deposits from the public falling within the
ambit of Section 73 of the Companies Act, 2013 read with Companies (Acceptance of
Deposits) Rules, 2014.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Pursuant to Section 186 (11) of the Companies Act, 2013, loans made, guarantees given
or securities provided or investment made by a company providing infrastructure facilities
are exempted from compliance with Section 186 of the Companies Act, 2013 except sub
Section (1). Accordingly, your Company being engaged in the Gas Transportation business is
exempted from aforesaid compliance. However, the details of Loans, Guarantees, Securities
and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are
given in the notes to the Financial Statements.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SECTION
188 (1) OF THE COMPANIES ACT, 2013
All Related Party Transactions that were entered into during the Financial Year were on
an arms length basis and were in the ordinary course of business.
Prior omnibus approval of the Audit Committee is obtained on a yearly basis for the
transactions which are of a foreseeable and repetitive nature and further would be
executed on arms length basis and in the ordinary course of business. Further, a
statement giving details of all Transactions executed with Related Parties is placed
before the Audit Committee on a quarterly basis for its approval/ ratication as the case
may be. The Policy on Materiality of Related Party Transactions and Dealing with Related
Party Transactions as approved by the Board is uploaded on GSPLs Website. None of the
Directors has any pecuniary relationships or transactions vis-a-vis GSPL.
The particulars of contracts or arrangements with Related Parties referred to in
Section 188 (1) of the Companies Act, 2013, as prescribed in Form AOC 2 of the Companies
(Accounts) Rules, 2014 is enclosed as Annexure - III to this Report.
CORPORATE SOCIAL RESPONSIBILITY
GSPL has constituted a Corporate Social Responsibility (CSR) Committee in accordance
with Section 135 of the Companies Act, 2013 read with Companies (Corporate Social
Responsibility Policy) Rules, 2014. Pursuant to provisions of Section 135 of the Companies
Act, 2013, GSPL has also formulated a Corporate Social Responsibility Policy which is
available on the website of GSPL at http://gspcgroup.com/GSPL/csr.
Your Company being committed in fullling its Corporate Social Responsibility has been
engaged in various social initiatives through its intervention in the areas of education,
promoting healthcare/preventive healthcare, eradication of hunger, poverty &
malnutrition etc. in accordance with the Corporate Social Responsibility Policy of GSPL.
The Annual Report on CSR activities as required under the Companies (Corporate Social
Responsibility Policy) Rules, 2014 is enclosed herewith as Annexure - IV to this
Report.
DIRECTORS AND KEY MANAGERIAL
PERSONNEL
Since last Boards Report, Shri Pankaj Kumar, IAS (Retd.) ceased to be Chairman &
Managing Director of GSPL consequent to superannuation as Chief Secretary to Govt. of
Gujarat, Shri Sanjeev Kumar, IAS ceased to be Joint Managing Director consequent to
resignation from the Board due to transfer and appointment as Principal Secretary to
Government, Forests & Environment Department, Sachivalava, Gandhinagar and Shri J. P.
Gupta, IAS ceased to be Director upon resignation from the Board on account of changes
made by Finance Department, Govt. of Gujarat.
Your Directors wish to place on record appreciation for the services rendered by Shri
Pankaj Kumar, IAS (Retd.) as Chairman & Managing Director, Shri Sanjeev Kumar, IAS as
Joint Managing Director and Shri J. P. Gupta, IAS as Director of GSPL.
Further, based on the recommendation of Nomination and Remuneration Committee, the
Board has appointed Shri Milind Torawane, IAS as Additional Director and as Joint Managing
Director w.e.f. 10 April, 2023, Smt. Mamta Verma, IAS as Additional Director w.e.f. 4 May,
2023 and Ms. Arti Kunwar, IAS as Additional Director w.e.f. 11 August, 2023.
It is proposed to regularize their appointment in the 25 Annual General Meeting.
Further, based on recommendation of Nomination and Remuneration Committee, the Board
has appointed Shri Raj Kumar, IAS, Director as Chairman & Managing Director w.e.f. 23
February, 2023.
Pursuant to the provisions of Section 152 of the Companies Act, 2013, Shri M M
Srivastava, IAS (Retd.), Director of GSPL shall retire by rotation at the ensuing Annual
General Meeting and being eligible, offers himself for re-appointment as Director liable
to retire by rotation.
A brief resume of the Directors retiring by rotation/seeking appointment/re-appointment
at the ensuing Annual General Meeting, nature of their expertise in specic functional
areas and details regarding the companies in which they hold directorship,
membership/chairmanship of committees of the Board is annexed to the Notice.
Directors Independence:
Pursuant to the provisions of Section 149 (6) of the Companies Act, 2013 and SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, the Independent
Directors of GSPL have given conrmation/ declaration to the Board that they meet with the
criteria of Independence and are Independent in terms of Section 149 (6) of the Companies
Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In
the opinion of the Govt. of Gujarat and the Board of Directors, the Independent Directors,
fulll the conditions of independence specied in Section 149 (6) of the Companies Act, 2013
and Regulation 16 (1) (b) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
Board Evaluation:
Pursuant to the provisions of the Companies Act, 2013 and Regulation 25 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, the Independent
Directors have carried out an annual performance evaluation of Chairman, Non-Independent
Directors and the Board as a whole. Further, the Board has carried out an annual
performance evaluation of the Independent Directors and the evaluation of the working of
the various Committees of Directors of GSPL.
The performance evaluation of individual Directors was carried out based on the various
parameters after taking into consideration inputs received from the Directors and also
parameters set out in the Policy for Evaluation of Performance of Directors, Committees
& Board such as active participation & contributions in the Meetings, balance of
knowledge, expertise and experience, safeguarding the interest of GSPL and its
Stakeholders etc. The performance evaluation of the Board as a whole and various
Committees of Directors of GSPL was carried out considering various parameters such as
adequacy of the composition of the Board and its Committees, discharge of key functions
and responsibilities prescribed under law, corporate governance practice etc. and the
overall performance assessment was discussed in detail by the Board members.
Meetings:
The Board meets at regular intervals to discuss and decide on Company / business policy
and strategy apart from other Board business. The Board / Committee Meetings are
pre-scheduled and a tentative annual calendar of the Board and Committee Meetings is
circulated to the Directors in advance to facilitate them to plan their schedule and to
ensure meaningful participation in the Meetings. However, in case of a special and urgent
business need, the approval is taken by passing resolutions through circulation to the
Directors, as permitted by law, which are noted in the subsequent Board/Committee
Meetings.
During the year, v e (5) Board Meetings were convened and held, the details of which
are given in the Corporate Governance Report. The intervening gap between the Meetings was
within the period prescribed under the Companies Act, 2013 and Regulation 17 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
AUDIT COMMITTEE
Audit Committee of Directors of GSPL at its Meeting held on 11 May, 2023 approved the
Annual Accounts for the Financial Year ended on 31 March, 2023 and recommended the same
for approval of the Board.
AUDITORS
Statutory & C&AG Audit:
As your Company is a Government Company, the Statutory Auditors are appointed by the
Comptroller & Auditor General of India (C&AG). Accordingly, the C&AG has
appointed M/s B P Bang & Co., Chartered Accountants as Statutory Auditors of GSPL for
the Financial Year 2022 - 23.
The C&AG has given NIL Comment Reports on the Standalone and Consolidated Financial
Statements of GSPL for the Financial Year 2022 23. The NIL Comment Reports have been
provided before the Standalone & Consolidated Financial Statements respectively.
Secretarial Auditors:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors
of GSPL has appointed M/s Manoj Hurkat & Associates, Practising Company Secretaries,
to conduct the Secretarial Audit of GSPL for the Financial Year 2022-23.
The Report of Secretarial Auditor on Companys Secretarial Audit for the Financial Year
2022 - 23 is enclosed herewith as Annexure - V to this Report.
Secretarial Audit of Material Unlisted Indian Subsidiary:
For the Financial Year 2022 - 23, GSPL India Gasnet Limited is the Material Unlisted
Subsidiary of GSPL. As per Regulation 24A of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Secretarial Audit of the Material Subsidiary
mentioned above has been conducted for the Financial Year 2022-23 by Practicing Company
Secretaries.
The Secretarial Audit Report of GSPL India Gasnet Limited for the Financial Year ended
31 March, 2023 is enclosed herewith as Annexure VI to this Report.
Cost Auditors:
Your Company is required to get the Cost Audit carried out for “Gas
Transportation” business as well as “Generation of Electricity through
Windmill” business pursuant to Section 148 of the Companies Act, 2013 read with the
Companies (Cost Records and Audit) Rules, 2014. GSPL is maintaining the Cost Accounts and
Records as specied by the Central Government under sub Section (1) of Section 148 of the
Companies, Act, 2013.
Accordingly, your Company has got the Cost Audit carried out for the said business for
the Financial Year 2022 23 through the Cost Auditor M/s Kailash Sankhlecha and Associates.
The Cost Audit Report 2022 - 23 will be submitted to the Central Government in the
prescribed format within stipulated time period.
Further, the Board upon the recommendation of the Audit Committee, appointed M/s
Kailash Sankhlecha and Associates, Cost Accountants as Cost Auditor to audit the cost
accounts of GSPL for the Financial Year 2023 - 24 on a remuneration of 72,000/- plus
applicable taxes and reimbursement of out of pocket expenses incurred by them during the
course of Audit. As required under the Companies Act, 2013, the remuneration payable to
the Cost Auditor is required to be placed before the Members in a General Meeting for
their ratication. Accordingly, a Resolution seeking Members ratication for the
remuneration payable to M/s Kailash Sankhlecha and Associates, Cost Auditor for the
Financial Year 2023 - 24 is included in the Notice convening the Annual General Meeting.
RISK MANAGEMENT AND INTERNAL CONTROL SYSTEM
Risk Management:
Your Company has a well-dened risk management framework. The Board of Directors of GSPL
has adopted a Risk Management Policy.
Internal Control System:
Your Company has a proper and adequate system of Internal Controls commensurate with
its size of operations and nature of business. These are routinely tested and certied by
Statutory as well as Internal Auditors. Signicant audit observations and follow up actions
thereon are reported to the Audit Committee. The details about the identication of
elements of Risk and Internal Control Systems are provided in detail in the Management
Discussion & Analysis Report forming part of this Boards Report.
VIGIL MECHANISM
Your Company has established a Vigil Mechanism for Directors and Employees to report
their genuine concerns, details of which have been given in the Corporate Governance
Report forming part of this Boards Report.
DIRECTORS RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the information and
explanations obtained by them, your Directors make the following statements in terms of
Section 134(3) (c) of the Companies Act, 2013:
a. that in the preparation of the Annual Financial Statements for the year ended 31
March, 2023, the applicable accounting standards have been followed and no material
departures have been made from the same;
b. that accounting policies have been selected and applied consistently and judgment
and estimates have been made that are reasonable and prudent so as to give a true and fair
view of the state of a airs of the Company as at 31 March, 2023 and of the profit &
loss of the Company for the year ended on that date;
c. that proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
d. that the Annual Financial Statements have been prepared on a going concern basis;
e. that proper Internal Financial Controls were in place and that the financial
controls were adequate and were operating effectively;
f. that systems to ensure compliance with the provisions of all applicable laws were in
place and were adequate and operating effectively.
MANAGEMENT DISUSSION AND ANALYSIS
-this Annual Report contains a separate Section (Annexure-I) on the Management
Discussion and Analysis, which forms part of this Boards Report.
CORPORATE GOVERNANCE
Corporate Governance denotes the framework for companies to conduct their business in
an ethical and responsible manner. It is determined primarily by the approach that a
Company has towards its stakeholders as well as to the environment in which it operates.
It stems from the belief and realization that corporate citizenship has a set of
responsibilities, which must be fullled for a Company to progress and succeed over the
long term.
GSPL believes that good governance alone can deliver continuous good business
performance. A Report on Corporate Governance as required under Regulation 34 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 is incorporated as a
part of this Boards Report (Annexure II). The Compliance Certicate by the
Practising Company Secretary is also attached to this Boards Report.
COMPLIANCE OF SECRETARIAL STANDARDS
Your Company has complied with Secretarial Standards issued by the Institute of Company
Secretaries of India on Meetings of the Board of Directors (SS-1) and General Meetings
(SS-2).
ANNUAL RETURN
The draft Annual Return of GSPL for the Financial Year 2022 23 in the Form of MGT 7 is
available on the website of GSPL at http://www.gspcgroup.com/GSPL/annual-returns
PARTICULARS OF EMPLOYEES
Your Company being a Government Company is exempted from disclosing the information
required pursuant to Section 197 of the Companies Act, 2013 read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of
the employees of GSPL pursuant to Ministry of Corporate A airs Notication dated 5 June,
2015.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
Your Company has always believed that appropriate standard of conduct should be
maintained by the employees in their conduct and that there should be a safe,
indiscriminatory and harassment free (including sexual harassment) work environment for
every individual working in GSPL. Your Company has in place a Policy on Prevention of
Sexual Harassment at workplace as a part of its Human Resource Policy. It aims at
prevention of harassment of employees and lays down the guidelines for reporting and
prevention of sexual harassment. GSPL has constituted an Internal Complaints Committee
(ICC) as required under the Act which is responsible for redressal of complaints related
to sexual harassment.
The details of complaints led/disposed/pending in relation to the Sexual Harassment of
Woman at Workplace as on 31 March, 2023 is provided below:
| Sr. Particulars |
No. of Complaints |
| 1 No. of Complaints led during the year |
0 |
| 2 No. of Complaints disposed during the year |
0 |
| 3 No. of Complaints Pending at the end of the year |
0 |
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Information required to be disclosed pursuant to provisions of the Companies Act, 2013
read with Rules thereto with respect to Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings & Outgo are furnished in Annexure - VIII to this
Report.
BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT
Your Company has always given the highest importance to the environment, health and
safety. The same is also reected in the business practices of the Company e.g. GSPL has
implemented practices towards preservation of natural resources, Green Gas emission
reduction, lowering costs, etc over these years. GSPL is also conscious of its
responsibility towards its various stakeholders and is determined to increase its
contribution to the society to bring positive social impact.
Pursuant to amendment in the SEBI Listing Regulations, 2015, top 1,000 listed entities
based on market capitalisation are required to submit a Business Responsibility &
Sustainability Report (‘BRSR) with effect from the FY 2022 - 23.
The BRSR indicates the Companys performance against the principles of the
‘National Guidelines on Responsible Business Conduct. -this would enable the Members
to have an insight into Environmental, Social and Governance initiatives of the Company.
The Business Responsibility & Sustainability Report in the prescribed format
describing the initiatives taken by GSPL from an environmental, social and governance
perspective among other things is enclosed as Annexure - VII to this Report.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF GSPL
There have been no material changes and commitments, if any, affecting the financial
position of GSPL which have occurred between the end of the Financial Year of GSPL to
which the Financial Statements relate and the date of this Report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no signicant material orders passed by the Regulators / Courts which would
impact the going concern status of GSPL and its future operations during the year.
ACKNOWLEDGEMENTS
The Directors appreciate the continued support received from the valued customers and
look forward to this mutually supportive relationship in future.
The Directors place on record their deep appreciation to employees of GSPL at all
levels for their hard work, dedication and commitment without whose contribution the
excellent performance of GSPL would not have been possible.
The Directors are extremely grateful for all the support given by the Government of
Gujarat at all levels. Their guidance, encouragement and moral support have enabled GSPL
to expand the pipeline network in a professional manner.
The Directors also wish to place on record the sincere thanks to PNGRB and other
regulatory authorities at Central and State level for the continuous support extended to
GSPL.
The Directors place on record their sincere thanks to the Promoters, Shareholders and
Lenders for their valuable support, trust and condence reposed in GSPL.
| For and on behalf of the Board of Directors, |
| Raj Kumar, IAS |
| Chairman & Managing Director |
| Date: 19 August, 2023 |
| Place: Gandhinagar |
+91-9892691696
