Dear Members,
Your Directors hereby present the 29th Annual Report on the business and
operations of the Company, together with the Audited Statements of Accounts and the
Auditors Report for the year ended 31st March, 2023.
1. FINANCIAL HIGHLIGHTS:
(in Thousands)
Particulars |
Financial Year 2022-23 |
Financial Year 2021-22 |
Revenue from Operations |
- |
- |
Other Income |
3,800.01 |
512.60 |
Total Revenue |
3,800.01 |
512.60 |
Employee Benefit Expenses |
120.00 |
120.00 |
Depreciation and amortization Expenses |
2.09 |
2.10 |
Other Expenses |
2,701.63 |
467.22 |
Total Expenses |
2,823.72 |
591.32 |
Profit/ (loss) before tax |
976.29 |
(78.72) |
Tax Expenses |
(0.49) |
(0.46) |
Profit for the year |
976.78 |
(78.26) |
2. DIVIDEND:
The Board of Directors of the Company have not recommended any dividend on Equity
Shares for the year under review.
3. REVIEW OF OPERATIONS AND STATEMENT OF COMPANYS AFFAIRS:
During the year under review, Your Company has Nil turnover. Your Company has earned a
profit of INR 9,76,780 (Indian Rupees Nine Lakh Seventy Six Thousand Seven Hundred and
Eighty Only) as against the loss of INR 78,260 (Indian Rupees Seventy Eight Thousand Two
Hundred and Sixty Only) in the previous year.
4. CHANGE IN THE NATURE OF BUSINESS:
There were no changes in the nature of business of the Company during the financial
year.
5. SHARE CAPITAL
During the period under review, the Authorized Share Capital of the Company is INR
3,50,00,000 (Indian Three Crore Fifty Lakh Only) divided into 35,00,000 Shares of INR 10
each. On 31st March, 2023, the paid-up equity share capital stood at INR
3,00,09,000 (Indian Rupees Three Crore Nine Thousand Only) divided into 30,00,900 equity
shares of INR 10 each.
6. AMOUNT TRANSFERRED TO RESERVES
The Board of Directors of the Company have not transferred any amount to the Reserves
for the year under review.
7. DIRECTORS AND KEY MANAGERIAL PERSONNEL
The Board of the Company was duly constituted in accordance with the provisions of the
Companies Act, 2013. As of the date of the report, your company has the following
Directors on its Board:
Name of Director |
Designation |
DIN |
Date of Appointment |
Date of Appointment
at current designation |
Date of Resignation |
1 Mr. Anish Sharma |
Managing Director & Chief Financial Officer |
09796597 |
14.06.2023 |
14.06.2023 |
|
2 Ms. Ritika Sharma |
Non-Executive
Non-Independent
Director |
10187632 |
14.06.2023 |
14.06.2023 |
|
3 Mr. Parminder Singh |
Non-Executive
Independent
Director |
10188061 |
14.06.2023 |
14.06.2023 |
|
4 Mr. Gurdeep Singh |
Non-Executive
Independent
Director |
10250176 |
25.07.2023 |
25.07.2023 |
|
During the year under review following changes took place in the Board of Directors and
Key Managerial Persons:
• Mr. Asutosh Raulo has resigned from the post of Managing Director and Chairman
of the Company w.e.f. 14th June, 2023.
• Mr. Balaji B. Raut has resigned from the post of Independent Director of the
Company w.e.f. 14th June, 2023.
• Mr. Sunil Kataria has resigned from the post of Chief Financial Officer of the
Company w.e.f. 14th June, 2023.
• Mrs. Ramdulari Saini has resigned from the post of Company Secretary cum
Compliance Officer of the Company w.e.f. 22nd May, 2023.
• Ms. Pooja Lalchand Kumawat has resigned from the post of Independent Director of
the Company w.e.f. 30th June, 2023.
• Mr. Krishna Kumar Jhunjhunwala has resigned from the post of Executive Director
of the Company w.e.f. 04th August, 2023.
8. SECRETARIAL STANDARDS
The Directors state that applicable Secretarial Standards i.e. SS-1 and SS-2, relating
to Meetings of the Board of Directors and General Meetings, respectively, have been
duly complied with by the Company for the Financial Year 2022-2023.
9. DIRECTORS RESPONSIBILITY STATEMENT:
As required under Section 134(5) of the Companies Act, 2013, the Directors hereby
confirm that:
(i) in the preparation of the annual accounts for the year ended 31st March,
2023, the applicable accounting standards have been followed and there are no material
departures from the same;
(ii) such accounting policies have been selected 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 31st March, 2023 and of the profit
or loss of the Company for that period;
(iii) 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 frauds and other
irregularities;
(iv) the Directors have prepared the annual accounts on a going concern basis.
(v) 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; and
(vi) 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.
10. AUDITORS & AUDITORS REPORT Statutory auditors:
The Company has appointed M/s. Kapish Jain & Associates, Chartered Accountants as
Statutory Auditors of the Company, for the period of 5 consecutive years from the
conclusion of this Annual General Meeting till the conclusion of 34th Annual
General Meeting to be held in the year 2028.
Auditors Qualifications and Managements Reply:
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, adverse remark or disclaimer.
Cost auditor:
The Company has not appointed the Cost Auditor as pursuant to Section 148 of the
Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules,
2014, the cost audit is not applicable to the Company.
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, the Board of Directors
appointed M/s. Vikas Verma & Associates, Company Secretaries, having its registered
office at B-502, Statesman House, 148, Barakhamba Road, New Delhi - 110001 as Secretarial
Auditor for the year 2022-2023. The Report of the Secretarial Audit is annexed herewith as
Annexure-I. The said Secretarial Audit Report does not contain any qualification,
reservations, adverse remarks and disclaimer.
Internal Auditor:
Pursuant to the provision of Section 134 of companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, Ms. Dolly Kumari,
Chartered Accountant is being appointed as Internal Auditor of the Company.
11. LISTING OF SECURITIES
The Company is listed on the BSE Limited and is regular in paying the annual listing
fee to the stock exchange.
12. MEETINGS OF THE BOARD AND OTHER COMMITTEES:
Meeting of the Board
During the year, the Board of Directors met 4 (Four) times during the financial year
2022-23, the details of which are given in the Corporate Governance Report that forms part
of this Annual Report. The maximum interval between any two meetings did not exceed 120
days.
The Board held 4 (Four) meetings during the period ended on 31st March, 2023
i.e., on (i) 29th April, 2022, (ii) 12th August, 2022, (iii) 11th
November, 2022 and (iv) 03rd February, 2023.
Attendance at the meetings of the Board and at the last Annual General Meeting was as
follows:
Name of the Director |
Category |
No. of meetings held |
No. of meetings attended |
Last AGM attendance (Yes/ No) |
Mr. Asutosh Raulo |
Chairman, Managing Director |
4 |
4 |
Yes |
Mr. Krishna Kumar Jhunjhunwala |
Promoter and Executive Director |
4 |
4 |
Yes |
Mr. Balaji Bhagwat Raut |
Non-Executive -
Independent
Director |
4 |
4 |
Yes |
Ms. Pooja Lalchand Kumawat |
Non-executive - Independent Director |
4 |
4 |
Yes |
Other Committee
The following Committees constituted by the Board function according to their
respective roles and defined scope:
Audit Committee:
The composition of the Audit Committee is in alignment with the provisions of Section
177 of the Companies Act, 2013 read with the Rules issued there under and Regulation 18 of
SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015. Three Audit
Committee meetings were held as follows:
(i) 12th August, 2022, (ii) 11th November, 2022 and (iii) 03rd
February, 2023.
Sr. Name of Director No. |
Designation |
Attendance in Committee Meeting |
01 Mr. Balaji Bhagwat Raut |
Chairman |
03 |
03 |
02 Mr. Krishna Kumar Jhunjhunwala |
Member |
03 |
03 |
03 Mr. Asutosh Raulo |
Member |
03 |
03 |
04 Ms. Pooja Lalchand Kumawat |
Member |
03 |
03 |
The Board of Directors of the Company reconstituted the Audit Committed as under on
25.07.2023 and No Meeting of Audit Committee conducted after the re-constitution of Audit
Committee up to 31st March 2023.
Sr. No. Name of Director |
Designation |
01 Mr. Parminder Singh |
Chairman |
02 Mr. Gurdeep Singh |
Member |
03 Mr. Anish Sharma |
Member |
Nomination & Remuneration Committee:
The Committee has the overall responsibility of approving and evaluating the Nomination
and Remuneration plans, policies and programs for Executive/ Non-Executive Directors.
The composition of the Nomination and Remuneration Committee of the Board of Directors
of the Company along with the details of meeting held and attended by the Members of the
Committee during the Financial Year 2022-2023 is detailed below:
Four NRC Committee meetings were held as follows: 29.04.2022, 12.08.2022, 11.11.2022
& 03.02.2023:
. Name of Director |
Designation |
Attendance in Committee Meeting |
01 Mr. Balaji Bhagwat Raut |
Chairman |
03 |
03 |
02 Mr. Asutosh Raulo |
Member |
03 |
03 |
03 Ms. Pooja Lalchand Kumawat |
Member |
03 |
03 |
The Board of Directors of the Company reconstituted the NRC Committee as under on
25.07.2023 and No Meeting of Audit Committee conducted after the re-constitution of NRC
Committee up to 31st March 2023.
Sr. No. Name of Director |
Designation |
01 Mr. Parminder Singh |
Chairman |
02 Mr. Gurdeep Singh |
Member |
03 Mr. Ritika Sharma |
Member |
Stakeholders Relationship Committee:
The composition of the Stakeholders Relationship Committee of the Board of Directors of
the Company along with the details of meeting held and attended by the Members of the
Committee during the Financial Year 2022-2023 is detailed below:
1 (One) Stakeholders Relationship Committee meetings were held as follows: 12.08.2022.
Name of Director |
Designation |
Attendance in Committee Meeting |
01 Mr. Balaji Bhagwat Raut |
Chairman |
03 |
03 |
02 Mr. Mr. Krishna Kumar Jhunjhunwala |
Member |
03 |
03 |
03 Ms. Pooja Lalchand Kumawat |
Member |
03 |
03 |
The Board of Directors of the Company reconstituted the Stakeholders Relationship
Committee as under on 25.07.2023 and No Meeting of Stakeholders Relationship Committee
conducted after the re-constitution of Stakeholders Relationship Committee up to 31st
March 2023.
Sr. No. Name of Director |
Designation |
01 Mr. Parminder Singh |
Chairman |
02 Mr. Gurdeep Singh |
Member |
03 Mr. Ritika Sharma |
Member |
13.INDEPENDENT DIRECTORS
The Company has Independent Directors as per The Companies Act, 2013 and SEBI (Listing
Obligation and Disclosure Requirements) Regulation, 2015.
The independent Directors meet without the presence of Non- Independent Directors.
These meetings are formal and enable the Independent Directors to interact and discuss
matters including review of performance of the Non- Independent Directors and the Board as
a whole, review the performance of the Chairman of the Company, taking into account views
of Executive/ Non- Executive Directors and assessing the quality, quantity and timeliness
of flow of information between the Companys management and the Board that is necessary
for the Board to effectively and reasonably perform their duties.
The Meeting of Independent Director was held on 11th November, 2022 and all
the Independent Directors of the Company were present at the Meeting.
The Composition of Independent Director* is as follows:
| Name of Director |
Designation |
| 1. Mr. Balaji Bhagwat Raut |
Chairman |
| 2. Ms. Pooja Lalchand Kumawat |
Member |
14. DECLARATION BY INDEPENDENT DIRECTORS:
The Company has received declaration from independent directors of the Company
confirming that they meet the criteria of independence as prescribed both under the
Companies Act, 2013 and SEBI (LODR) Regulations, 2015.
15. POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION
The current policy is to have an appropriate combination of executive and independent
directors to maintain the independence of the Board. As on 31st March 2023, the
Board consisted of 5 members, one of whom was Whole Time Director and four were
independent directors. The Board will annually evaluate the need for change in its
composition and size. The policy of the Company on directors appointment and
remuneration, including criteria for determining qualifications, positive attributes,
independence of a director and other matters provided under Section 178(3) of the
Companies Act, 2013, adopted by the Board. The remuneration paid to the directors is as
per the terms laid out in the Nomination and Remuneration policy of the Company.
16. BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations,
2015, Independent Directors at their meeting held on 11th November, 2022
without the participation of the Non-independent Directors and Management,
considered/evaluated the Boards performance, Performance of the Chairman and other
Non-independent Directors. SEBI (LODR) Regulations, 2015 mandates that the Board shall
monitor and review the Board evaluation framework. The Companies Act, 2013 states that a
formal annual evaluation needs to be made by the Board of its own performance and that of
its committees and individual directors. The Schedule IV of the Companies Act, 2013 states
that the performance evaluation of independent directors shall be done by the Board of
Directors, excluding the director being evaluated. The evaluation of all the directors and
the Board as a whole was conducted based on the criteria and framework adopted by the
Board.
17. RISK MANAGEMENT
The Board takes responsibility for the overall process of risk management throughout
the organization. Through an Enterprise Risk Management programme, our business units and
corporate functions address risks through an institutionalized approach aligned to our
objectives. This is facilitated by corporate finance. The Business risk is managed through
cross-functional involvement
R/O: OFFICE NO. 8A, 8 FLOOR, ASTRAL CENTRE, 470/B, N. M. JOSHI MARG, CHINCHPOKLI- WEST
MUMBAI - 400 011
and communication across businesses. The results of the risk assessment are presented
to the senior management.
18. PUBLIC DEPOSITS
The Company has not accepted deposits from public as envisaged under Sections 73 to 76
of Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014 during the
year under review.
19. CORPORATE GOVERNANCE
Report on Corporate Governance, Pursuant to Regulation 34 read with Schedule-V of SEBI
(LODR) Regulations, 2015, and Certificate on Compliance of Corporate Governance form part
of this Report.
20. BUSINESS RESPONSIBILITY REPORT (BRR)
Securities Exchange Board of India (SEBI) vide circular CIR/CFD/DIL/8/2012 dated August
13, 2012 has mandated the inclusion of BRR as part of the Annual Report for the top 100
listed entities. In view of the requirements specified, the Company is not mandated for
the providing the BRR and hence do not form part of this Report.
21. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report as stipulated under Regulation 34(3) read
with Schedule- V of the SEBI (LODR) Regulations, 2015 is presented in a separate section
in this Annual Report.
22. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO
The details of conservation of energy, technology absorption, foreign exchange earnings
and outgo are as follows:
(A) Conservation of energy: N.A.
(i) the steps taken or impact on conservation of energy;
(ii) the steps taken by the Company for utilizing alternate sources of energy;
(iii) the capital investment on energy conservation equipments;
(B) Technology absorption: N.A.
(i) the efforts made towards technology absorption;
(ii) the benefits derived like product improvement, cost reduction, product development
or import
substitution;
(iii) 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 has not taken place, and the reasons
thereof; and
(iv) the expenditure incurred on Research and Development.
(C) Foreign exchange earnings and Outgo:
The Company had no foreign exchange earnings and outgo during the financial year
23. WHOLE TIME DIRECTOR & CFO AND FINANCE MANAGER CERTIFICATION
As required under Regulation 17(8) of the SEBI (LODR) Regulations, 2015, the Whole Time
Director & CFO and Finance Managers Certification is at Annexure-II.
24. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY
During the Financial Year 2022-23, Mr. Anish Sharma ("Acquirer") has
announced the Open Offer to acquire up to 7,80,300 equity shares of face value of Rs.10
each fully paid up at a price of Rs.10 per equity shares representing 26% of the Voting
Share Capital of the Target Company aggregating to a total consideration of Rs.78,03,000
payable in cash.
The Open Offer is being made pursuant to and in compliance with Regulation 3(1) and 4
of the Securities and Exchange Board of India (Substantial Acquisition of Shares and
Takeover) Regulations, 2011 and subsequent amendments thereto.
25.SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company does not have any Subsidiary, Joint Venture or Associate Company. Hence,
provisions of section 129(3) of the Companies Act, 2013 relating to preparation of
consolidated financial statements are not applicable.
26.TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was
no dividend declared and paid in previous years.
27.STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROL WITH REFERENCE TO
THE FINANCIAL STATEMENTS
According to Section 134(5) of the Companies Act, 2013, the term "Internal
Financial Control (IFC)" means the policies and procedures adopted by the Company for
ensuring the orderly and efficient conduct of its business, including adherence to the
Companys policies, safeguarding of its assets, prevention and detection of frauds and
errors, accuracy and completeness of the accounting records and timely preparation of
reliable financial information. The Company has adequate internal control procedures
commensurate with the size, scale and complexity of its operations.
28.PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE
COMPANIES ACT, 2013
The details of Loans and Investments and guarantees covered under the provisions of
Section 186 of the Act are given in the Notes to the Financial Statements forming part of
Annual Report.
29. CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
During the year, the Company had not entered into any contract / arrangement /
transaction with related parties which could be considered material in accordance with the
policy of the Company on materiality of related party transactions or which is required to
be reported in Form No. AOC-2 in terms of Section 134(3)(h) read with Section 188 of the
Act and Rule 8(2) of the Companies (Accounts) Rules, 2014 and the same is attached to this
report. (Annexure III).
All the contracts / arrangements / transactions entered by the Company during the
financial year with related parties were in its ordinary course of business and on an
arms length basis.
There were no transactions of material nature with Directors/ Promoters or any related
entity, which will have any potential conflict with the interests of the Company at large.
30. ANNUAL RETURN
Pursuant to Section 92(3) of the Act and Rule 12 of the Companies (Management and
Administration) Rules, 2014, the Annual Return for FY 2022-23 is available on Companys
website at http://www.hcsl.co.in/resource/Investor Relations/Financial.aspx
31.STATEMENT SHOWING THE NAMES OF THE TOP TEN EMPLOYEES IN TERMS OF REMUNERATION
DRAWN AND THE NAME OF EVERY EMPLOYEE AS PER RULE 5(2) & (3) OF THE COMPANIES
(APPOINTMENT & REMUNERATION) RULES, 2014
Disclosure pertaining to remuneration and other details as required under Section 197
of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is given in "Annexure-IV" to
this Report.
The Statement containing the particulars of employees as required under section 197(12)
of the Companies Act, 2013 read with rule 5(2) and other applicable rules (if any) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided
in a separate annexure forming part of this report.
32.THE SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE (PREVENTION, PROHIBITION &
REDRESSAL) ACT, 2013
The Company has zero tolerance towards sexual harassment at the workplace and towards
this end, has adopted a policy in line with the provisions of Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under.
The Company has complied with provisions relating to the constitution of Internal
Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 which redresses complaints received on sexual
harassment. During the financial year under review, the
Company has not received any complaints of sexual harassment from any of the women
employees of the Company.
33. RISK MANAGEMENT POLICY
The Board has adopted Risk Management Policy for ensuring the orderly and efficient
conduct of its business, including adherence to companys policy, safeguarding of its
assets, Prevention detection fraud and error etc.
34. FAMILIARISATION PROGRAMMES
The Company familiarizes its Independent Directors on their appointment as such on the
Board with the Company, their roles, rights, responsibilities in the Company, nature of
the industry in which the Company operates, etc. through familiarization programme. The
Company also conducts orientation programme upon induction of new Directors, as well as
other initiatives to update the Directors on a continuing basis. The familiarization
programme for Independent Directors is disclosed on the Companys website www.hcsl.co.in.
35. MANAGEMENT DISCUSSION & ANALYSIS REPORTS
The Management Discussion Analysis Report forms an integral part of this Annual Report.
36. CODE OF CONDUCT
Commitment to ethical professional conduct is a must for every employee, including
Board Members and Senior Management Personnel of the Company. The Code is intended to
serve as a basis for ethical decision-making in conduct of professional work. The Code of
Conduct enjoins that each individual in the organization must know and respect existing
laws, accept and provide appropriate professional views, and be upright in his conduct and
observe corporate discipline. The duties of Directors including duties as an Independent
Director as laid down in the Companies Act, 2013 also forms part of the Code of Conduct.
All Board Members and Senior Management Personnel affirm compliance with the Code of
Conduct annually.
37. CORPORATE SOCIAL RESPONSIBILITY [CSR]:
The Company has not developed and implemented any Corporate Social Responsibility as
prescribed under provisions of Section 135(1) of the Companies Act, 2013 read with
Companies (Corporate Social Responsibility Policy), 2014 as the same are not applicable on
the Company.
38.SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS:
There are no significant and material order passed by the regulators or Courts or
Tribunals impacting the going concern status of our Company and its operation in future.
39.WEBSITE OF THE COMPANY
Your Company maintains a website www.hcsl.co.in where detailed information of the
Company and specified details in terms of the Companies Act, 2013 and SEBI (Listing
Obligations & Disclosure Requirements) Regulations, 2015 have been provided.
40. VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company believes in the conduct of the affairs of its constituents in a fair and
transparent manner by adopting the highest standards of professionalism, honesty,
integrity and ethical behavior.
Pursuant to Section 177(9) of the Act, a vigil mechanism was established for directors
and employees to report to the management instances of unethical behavior, actual or
suspected, fraud or violation of the Companys code of conduct or ethics policy. The vigil
mechanism provides a mechanism for employees of the Company to approach the Chairperson of
the Audit Committee of the Company for redressal. No person has been denied access to the
Chairperson of the Audit Committee. The policy of vigil mechanism is available on the
Companys website at http://www.hcsl.co.in/resource/Investor Relations/Corporate
Governance.aspx
41. STATEMENT ON OTHER COMPLIANCES
Your director state that no disclosure or reporting is required in respect of the
following items as there were no transactions on these items during the year under review:
a. Details relating to deposits covered under Chapter V of the Act.
b. Issue of equity shares with differential voting rights as to dividend, voting or
otherwise;
c. Issue of shares (including sweat equity shares and employees stock options schemes)
to employees of the Company.
d. Neither the Managing Director nor any of the Whole-time Directors of the Company
receive any remuneration or commission from any of its subsidiaries;
e. Fraud reported by the Auditors to the Audit Committee or the Board of Directors of
the Company;
f. Scheme of provision of money for the purchase of its own shares by employees or by
trustees for the benefit of employees;
g. Payment of remuneration or commission from any of its holding or subsidiary
companies to the Managing Director of the Company;
h. Issue of debentures/bonds/warrants/any other convertible securities.
i. Details of any application filed for Corporate Insolvency under Corporate Insolvency
Resolution Process under the Insolvency and Bankruptcy Code, 2016.
j. Instance of one-time settlement with any Bank or Financial Institution.
ACKNOWLEDGEMENTS
The Directors wish to convey their appreciation to all of the Companys employees for
their contribution towards the Companys performance. The Directors would also like to
thank the shareholders, employee unions, customers, dealers, suppliers, bankers,
governments and all other business associates for their continuous support to the Company
and their confidence in its management.
For and on behalf of the Board of Directors Harmony Capital Services Limited
|
Sd/- |
Sd/- |
Place: Mumbai |
Ritika Sharma |
Anish Sharma |
Date: 18th August, 2023 |
Non-Executive Director |
Managing Director & CFO |
|
DIN:10187632 |
DIN:03076604 |
+91-9892691696
