To
The Members
Martin Burn Limited
Your Directors have pleasure in presenting the Annual Report of the Company on its
business and operations, together with the Audited Financial Statements for the year ended
March 31, 2023.
HIGHLIGHTS OF FINANCIAL PERFORMANCE
The Company has recorded the following performance, for the year ended March 31, 2023:
(Rs. in lakhs)
|
Period ended 31.03.2023 |
Period ended 31.03.2022 |
| Profit before interest, Depreciation and Taxation (PBIDT) |
236.61 |
325.00 |
| Less: Interest Expenses |
89.19 |
80.99 |
| Profit/(Loss) before depreciation & Taxation (PBDT) |
147.42 |
244.01 |
| Less: Depreciation |
20.14 |
24.10 |
| Profit/(Loss) Before Tax and Extraordinary items (PBTE) |
127.28 |
219.91 |
| Add: Exceptional items |
3.20 |
9.73 |
| Profit/ (Loss) Before Tax (PBT) |
130.48 |
229.64 |
| Less: Provision for Taxation/ (Deferred Tax) |
30.68 |
66.75 |
| Profit/ (Loss) After Tax (PAT) (A) |
99.80 |
162.89 |
| Add: Adjustments during the year (B) |
0.00 |
0.00 |
| Profits available for appropriation (A+B) |
99.80 |
162.89 |
NATURE OF BUSINESS
The Company is engaged in the activities of Work Contract & Real Estate development
in the Kolkata region. The Company is involved in all activities across the product value
chain from acquisition of land, obtaining approvals, project planning and execution, to
launch, sales & marketing and final delivery of the developed property to the
customers.
PERFORMANCE REVIEW
During the year under review, your Companys total revenue stood at Rs. 5.42 crores as
compared to Rs. 7.33 crores for the previous year on account of muted sales from the
ongoing developments; profit before tax stood at Rs. 1.30 crores as compared to Rs. 2.30
crores for the previous year. Your Company is progressing on track with the timeline set
out for the completion of Jeevanam -- This 400,000-square-feet multifamily development
will incorporate 750 for-sale, purpose-built units. On completion, we are forecasting a
significant revenue-expansion opportunity in the next few years due to the ongoing
development of Phase – 1 and the subsequent launch of Phase – 2 in the next 3-4
quarters. Consumer preferences for ready-to-move-in developments mean that we must
front-load capex expenditures in the initial launch phase without any meaningful revenue
generation. We have modelled our projections to reflect that where our sales are lumpy
with a significant value accruing in the 12-18 months post-launch.
FUTURE OUTLOOK
Your Company wants to continue to focus and grow its affordable housing strategy by
leveraging on its brand name, trust and unique know-how of the sector. The Development
business is hence expected to experience a healthy growth in the coming few years. The
business strategy remains focussed on the following key pillars:
a. E ffecient Capital Structure
Y our Company strives to be a prudent and an efficient steward of your capital. We will
continue to explore strategic options to clean up the balance sheet, reduce our average
cost of borrowing and in effect improve its quality of debt.
b. Timely execution of projects
The Company has in the recent past demonstrated its focus of timely execution of the
various projects and continues to embark on the strategy of creating finished inventory
and liquidating its position in a timely manner. This strategy is incumbent in the current
scenario, post the notification of GST and West Bengal Housing Industry Regulatory Act
(HIRA).
c. Growth of affordable housing development
Giv en the healthy traction and expected demand and sales momentum, your Company has
been working on a comprehensive strategy to grow its development business in the
affordable housing segment. The segment is expected to benefit robustly due to the
increasing consumer confidence and the positive tailwinds provided by favourable central
government policies. We feel that we can do a lot more in this space and subsequently add
greater value to the business.
DIVIDEND
Your Company is not immune to the macroeconomic headwinds being faced by every
corporation of every size in the world. The Board strongly believes current market
scenario would offer opportunities to re-invest the capital to enable us to create more
wealth and value for the shareholders in long term. Accordingly, to create long term
economic value, the Company should conserve the internal accruals in order to be ready to
seize such opportunities.
The Directors have therefore not recommended any dividend for the Financial Year
2022-23.
BOARD OF DIRECTORS
The Board of your Company consists of the following directors as on 31st
March 2023:
| Name of Director |
Designation |
DIN |
| Mr. Kedar Nath Fatehpuria # |
Chairman and Managing Director |
00711971 |
| Mr. Manish Fatehpuria |
Executive Director |
00711992 |
| Mrs. Sarika Fatehpuria |
Non Executive Woman Director |
03570828 |
| Mr. Mahesh Kumar Tibrewal |
Non- Executive Independent Director |
00987782 |
| Mr. Rajendra Kumar Khetan |
Non- Executive Independent Director |
02472977 |
| Mr. Devesh Hansraj Poddar |
Non- Executive Independent Director |
08664698 |
# The Board of Directors in its meeting held on 31st March 2023, has
reappointed Mr. Kedar Nath Fatehpuria as the Managing Director of the Company for a period
of five (5) years with effect from 1st April 2023, subject to the approval of
the members.
SUBSIDIARY/ASSOCIATES/JOINT VENTURE COMPANIES
The Company does not have any subsidiary / associate / joint venture company for the
year ended 31st March 2023.
EXTRACT OF ANNUAL RETURN
Pursuant to Section 92 of the Act and Rule 12 of the Companies (Management and
Administration) Rules, 2014 as amended, the Annual Return is available on the website of
the Company viz https://www.martinburnltd.com/annual-return-us-92.
NUMBER OF MEETINGS OF THE BOARD
The Board of Directors met 6 (six) times during the financial year ended March 31, 2023
in accordance with the provisions of the Companies Act, 2013 and rules made there under.
All the Directors actively participated in the meetings and provided their valuable inputs
on the matters brought before the Board of Directors from time to time.
| Sl. No. |
Date |
Board Strength |
No. of Directors Present |
| 1 |
27th May 2022 |
6 |
6 |
| 2 |
15th July 2022 |
6 |
6 |
| 3 |
23rd September 2022 |
6 |
6 |
| 4 |
21st October 2022 |
6 |
6 |
| Sl. No. |
Date |
Board Strength |
No. of Directors Present |
| 5 |
19th January 2023 |
6 |
6 |
| 6 |
31st March 2023 |
6 |
6 |
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of its
knowledge and ability, confirm that: i. I n the preparation of the annual accounts, the
applicable accounting standards have been followed along with proper explanation relating
to material departures, if any; ii. T hey have 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 at the end of
the financial year and of the profits and loss of the Company for that period; iii. T hey
have taken proper and sufficient care for the maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting fraud and other irregularities; iv. T hey have prepared
the annual accounts on a going concern basis; v. T hey have laid down internal financial
controls to be followed by the Company and that such internal financial controls are
adequate and are operating effectively; and vi. T hey have devised proper system to ensure
compliance with the provisions of all applicable laws and that such systems are adequate
and operating effectively.
FRAUD REPORTING
During the year under review, no instances of fraud were reported by the Statutory
Auditors of the Company.
DECLARATION BY INDEPENDENT DIRECTORS
The Independent Directors of the Company have submitted declarations that each of them
meet the criteria of independence as provided in Section 149(6) of the Act along with
Rules framed there under and Regulation 16(1) (b) of the SEBI, (LODR), 2015, the same have
been placed and noted in the meeting of the Board of Directors held on 27th May
2022. In the opinion of the Board, there has been no change in the circumstances which may
affect their status as independent directors of the Company and the Board is satisfied of
the integrity, expertise, and experience (including pro_ciency in terms of Section 150(1)
of the Act and applicable rules thereunder) of all Independent Directors on the Board.
In terms of Section 150 read with Rule 6 of the Companies (Appointment and
Qualification of Directors) Rules, 2014, Independent Directors of the Company have
undertaken requisite steps towards the inclusion of their names in the data bank of
Independent Directors maintained with the Indian Institute of Corporate Affairs.
The Company has received declaration from all the Directors of the Company, none of
them are disqualified from being appointed as directors under Section 164(2) of the
Companies Act, 2013.
NOMINATION AND REMUNERATION POLICY
A Nomination and Remuneration Committee is in existence in accordance with the
provisions of sub-section (1) of Section 178 of the Companies Act, 2013 Regulation 19 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Kindly refer
section on Corporate Governance, under head ‘Nomination and Remuneration Committee
for matters relating to constitution, meetings, functions of the Committee and the
remuneration policy formulated by this Committee.
A Nomination and Remuneration Policy formulated and adopted, pursuant to the provisions
of Section 178 and other applicable provisions of the Companies Act, 2013 and Rules
thereto inter alia define the Companies policy on Directors appointment and remuneration
by the Nomination and Remuneration Committee. The said policy may be referred to, at the
Companys website at https://www.martinburnltd.com/policies
STATUTORY AUDITORS & COST AUDITORS
Pursuant to the provisions of Section 139 of Companies Act, 2013 read with the
Companies (Audit and Auditors) Rules, 2014, as amended, M/s. Saraf& Co. (Firm
Registration Number- 312045E) Chartered Accountants, the Statutory Auditors of the
Company, were re-appointed for a second term of five years from the conclusion of the 72nd
Annual General Meeting held on 29th September 2020 till the conclusion of the
Annual General Meeting of the Company, to be held in the year 2025.
The Report given by the Statutory Auditors on the financial statements of the Company
for the financial year ended 31st March, 2023 is a part of the Annual Report.
There has been no qualification, reservation, adverse remark or disclaimer in the report.
The appointment of Cost Auditor is not mandatory to the Company, hence, the Company has
not appointed a Cost Auditor. Maintenance of Cost Record under Section 148(1) of Companies
Act, 2013 is not mandatory for the Company.
SECRETARIAL AUDIT REPORT
As required under provisions of Section 204 of the Companies Act, 2013, the report in
respect of the Secretarial Audit carried out by Messrs T. Chatterjee & Associates, FRN
No. - P2007WB067100, Practicing Company Secretaries in Form MR-3 for the FY 2022-23 forms
part to this report in Annexure III.
The said report does not contain any adverse observation or qualification or modified
opinion requiring explanation or comments from the Board under Section 134(3) of the
Companies Act, 2013, except,
1. R egulation 31(2) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015; to the extent hundred percent of promoter(s) and promoter
group shareholding is not in dematerialized form.
2. D elay in filing of Related Party Transaction Report with the Stock
Exchange in terms of Regulation 23(9) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
EXPLANATION OR COMMENTS BY THE BOARD ON EVERY QUALIFICATION, RESERVATION OR ADVERSE
REMARK OR DISCLAIMER MADE BY THE AUDITOR IN THE REPORT
The Board confirmed that necessary steps in regard to 100% shareholding of promoters in
demat form will be taken in due course. It was presumed that the Related Party Transaction
for the half year ended 31st March 2022 is to be filed with in 30 days from the
date of publication of its Standalone and Consolidated Financial Result.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS UNDER SECTION 186 OF THE COMPANIES
ACT, 2013
During the year under review, the Company has not granted any loans or guarantee under
Section 186 of the Companies Act, 2013.
PARTICULARS OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES
The information on transactions with related parties pursuant to Section 134(3) (h) of
the Act read with Rule 8(2) of the Companies(Accounts) Rules 2014 are disclosed in the
Balance Sheet. All the contracts were at arms length and in ordinary course of business.
The policy on transactions with ‘related party has been devised by the Board and
available in the website of the Company at https://www.martinburnltd.com/policies.
Further, during the year there were no material related party contracts entered into by
the Company and all contracts were at arms length and in ordinary course of business.
STATE OF COMPANYS AFFAIR
Discussion on state of Companys affairs has been covered in the Management Discussion
and Analysis Report.
TRANSFER TO RESERVES –
It is not proposed to transfer any amount to reserves out of the profits earned during
Financial Year 2022-23.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, 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
No material changes and commitments have occurred after the closure of the year till
the date of this Report, which affect the financial position of the Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO A. C
onservation of Energy and Technology Absorption:
T he Company has no particulars to report regarding conservation of energy and
technology absorption as required under Section 134 (3) (m) of the Companies Act, 2013,
read with Rules thereunder.
B. F oreign Exchange earnings and outgo:
| Particulars |
Amount |
| Foreign exchange earnings |
Nil |
| Foreign exchange outgo |
Nil |
RISK MANAGEMENT POLICY
The Board of Directors of the Company has put in place a Risk Management Policy which
aims at enhancing shareholders ‘value and providing an optimum risk-reward trade off.
The risk management approach is based on a clear understanding of the variety of risks
that the organisation faces, disciplined risk monitoring and measurement and continuous
risk assessment and mitigation measures.
CORPORATE SOCIAL RESPONSIBILITY
It is not obligatory on the part of your Company to have a Corporate Social
Responsibility Policy/Committee since your Companys net worth, turnover and net profit
during the financial year ended 31st March, 2023 is below the threshold limits as
specified in Section 135 of the Companies Act, 2013.
EVALUATION OF BOARD PERFORMANCE
Pursuant to provisions of the Companies Act, 2013 and Regulation 17(10) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried
out performance evaluation of its own performance and that of its committees and
individual Directors. The Nomination and Remuneration Committee of the Board has
formulated a Performance Evaluation Framework, under which the Committee has identified
criteria upon which every Director, every Committee and the Board as a whole shall be
evaluated.
CHANGE IN NATURE OF BUSINESS, IF ANY
In the Financial Year 2022-23, there was no change in the nature of business of the
Company.
DETAILS OF APPOINTMENT AND RESIGNATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL DURING
THE YEAR
The Board of Directors of the Company comprises of six (6) directors, comprising two
Executive Directors including the Chairman & Managing Director, three Non-Executive
Independent Directors and one Non-Executive Woman Director. Details given in the Corporate
Governance Report.
Details of Key Managerial Personnel:
| Mr. Kedar Nath Fatehpuria |
Chief Executive Officer and Managing Director |
| Mr. Manish Fatehpuria |
Whole-time Director |
| Mr. Tapas Kumar Roy till 23rd September 2022 |
Chief Financial Officer |
| Mr. Ranjit Mahato with effect from 24th September 2022 |
|
| Ms. Khushbu Saraf |
Company Secretary |
PARTICULARS OF CHANGES IN DIRECTOR AND KEY MANAGERIAL PERSONNEL DURING THE YEAR
| Name of the Director |
DIN / Membership No. |
Category |
Date of Appointment / Re-appointment Cessation |
Remarks |
| Ms. Sarika Fatehpuria |
03570828 |
Non-Executive Director |
30-06-2022 |
Re-appointed, Director retired by rotation |
| Mr. Manish Fatehpuria |
00711992 |
Executive Director |
09-11-2021 |
Re-appointed for a term of five years |
| Mr. Kedar Nath Fatehpuria |
00711971 |
Managing Director |
01-04-2022 |
Reappointed for a period of 1 year |
| Mr. Rajendra Kumar Khetan |
02472977 |
Independent Director |
14-11-2022 |
Reappointed for a second term of five years |
Mr. Tapas Kumar Roy resigned from the position of Chief Financial Officer
("CFO") of the Company with effect from the close of business hours on 23rd
September 2022 due to personal reasons.
Mr. Ranjit Mahato was appointed as the Chief Financial Officer of the Company, with
effect from 24th September 2022. Mr. Manish Fatehpuria, Director (DIN:
00711992) who retires by rotation and being eligible, offers himself for Reappointment.
The Board of Directors in its meeting held on 31st March 2023, has reappointed
Mr. Kedar Nath Fatehpuria as the Managing Director of the Company for a period of five (5)
year with effect from 1st April 2023, subject to the approval of the members.
The detailed agenda and resolution in this regard forms part of the Notice of Annual
General Meeting. The profile and particulars of experience, attributes, and skills of Mr.
Kedar Nath Fatehpuria for Board membership, is disclosed in the said Notice.
The Board is satisfied of the integrity, expertise, and experience (including
pro_ciency in terms of Section 150(1) of the Act and applicable rules thereunder) of the
Independent Directors appointed on the Board of the Company during the year under review.
NAMES OF THE COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT
VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR
None
DETAILS RELATING TO DEPOSITS, COVERED UNDER CHAPTER V OF THE COMPANIES ACT, 2013
During the year under review, your Company neither accepted any deposits nor there were
any amounts outstanding at the beginning of the year which were classified as
‘Deposits in terms of Section 73 of the Companies Act, 2013 read with the Companies
(Acceptance of Deposit) Rules, 2014 and hence, the requirement for furnishing of details
of deposits which -are not in compliance with the Chapter V of the Companies Act, 2013 is
not applicable.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE:
To the best of our knowledge, the Company has not received any such order from the
Regulators, Courts or Tribunals during the year, which may impact the going concern status
or the Companys operation in future.
INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY
The Internal Financial Controls with reference to financial statements as designed and
implemented by the Company are adequate. During the year under review, no material or
serious observation has been received from the Statutory Auditors and the Internal
Auditors of the Company on the ine_ciency or inadequacy of such controls.
PREVENTION OF SEXUAL HARASSMENT
Your Company is committed to providing a safe and secure working environment to its
women employees and has in place the required Internal Complaints Committee as envisaged
in the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal)
Act, 2013.
There were no cases of sexual harassment reported during the year under review.
DETAILS OF APPLICATION OR ANY PROCEEDING HAS BEEN PENDING AGAINST THE COMPANY UNDER THE
INSOLVENCY AND BANKRUPTCY CODE, 2016
Neither any application has been made or any proceeding has been pending against the
Company under the Insolvency and Bankruptcy Code, 2016.
HUMAN RESOURCE DEVELOPMENT
During the year under review, your Company focussed on its People strategy towards
creating a high performing work culture. The cornerstone of your Companys talent strategy
was to redesign the organisation to deliver on business imperatives and build a leadership
pipeline of critical positions.
Your Companys HR Policies are dynamic and are realigned to ensure that they address
changing workforce trends, best practices and legislative requirements, thereby helping to
achieve your Companys evolving objective.
CORPORATE GOVERNANCE
Your Company attaches considerable significance to good Corporate Governance as an
important step towards building investor confidence, improving investors protection and
maximizing long-term shareholders value. As per SEBI Listing Regulations, the Corporate
Governance Report with the Auditors Certificate thereon and the Management Discussion and
Analysis are attached, which forms a part of this report.
A certificate from a Practicing Company Secretary on Compliance of Corporate Governance
as stipulated under Schedule V (E) of the Listing Regulations, has been attached and forms
a part of Annual Report.
AUDIT COMMITTEE
An Audit Committee is in existence in accordance with the provisions of Section 177 of
the Companies Act, 2013 and Regulation 18 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. Kindly refer section on Corporate Governance, under head
‘Audit Committee for matters relating to constitution, meetings and functions of
this Committee.
There have been no instances where the Board has not accepted the recommendations of
the Audit Committee.
INFORMATION FORMING PART OF THE BOARDS REPORT PURSUANT TO RULE 5 OF THE COMPANIES
(APPOINTMENT AND REMUENRATION OF MANAGERIAL PERSONNEL) RULES, 2014:
The relevant information pursuant to Rule 5 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, is annexed as ‘Annexure V to this
Report. However, the Report and Financial Statements are being sent to all Shareholders of
the Company excluding the information on employees particulars as per Rule 5 of Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, and are
available for inspection by the shareholders electronically upto the date of the ensuing
Annual General Meeting. Accordingly, shareholders may write to the Company at
investor.relations@martinburnltd.com
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
In terms of Regulation 34(2) read with paragraph B of Schedule V to the SEBI (LODR)
Regulations, 2015, the Management Discussion and Analysis Report is attached as Annexure
IV and forms an integral part of this Report.
VIGIL MECHANISM
In compliance with the provisions of Section 177(9) of the Companies Act, 2013, the
Board of Directors of the Company has framed the "Whistle Blower Policy" as the
vigil mechanism for Directors and employees of the Company. The said policy is available
at the website of the Company at www.martinburnltd.com/policies.
CASH FLOW:
A Cash Flow Statement for the year ended 31st March 2023, is attached to the
Balance Sheet as a part of the Financial Statements.
OTHER DECLARATIONS
During the year under review: a) T he company has complied with Secretarial Standards
issued by the Institute of Company Secretaries (ICSI) on the
Board and General Meetings. b) T he company does not have any scheme or provision of
money for the purchase of its own shares by employees/ Directors or by trustees for the
benefit of employees/Directors.
c) T he Company has not issued equity shares with differential rights as to dividend,
voting or otherwise and
UNCLAIMED AND UNPAID DIVIDENDS AND TRANSFER OF SHARES TO IEPF
As on March 31, 2023 amounts of Rs. 4,50,132/- are lying in the unpaid equity dividend
account of the Company in respect of the dividends for FY 2017-18 and FY 2018-19. Members
who have not yet received/ claimed their dividend entitlements are requested to contact
the Company or the Registrar and Transfer Agents of the Company. Pursuant Section 124 of
the Companies Act, 2013 read with the Investor Education Protection Fund Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016 ("Rules"), all dividends
remaining unpaid or unclaimed for a period of seven years and also the shares in respect
of which the dividend has not been claimed by the shareholders for seven consecutive years
or more are required to be transferred to Investor Education Protection Fund in accordance
with the procedure prescribed in the Rules. First of such transfers shall happen in FY
2024-25.
DEMATERIALISATION OF SHARES
Despite several requests to the Shareholders, still 10.48% of equity shares are held in
physical form
As per SEBI notification No SEBI/LAD-NRO/GN/2018/24 dated 8th June 2018 no sale or
purchase except in case of transmission or transposition of securities will be allowed in
physical form with effect from 180 days from the date of publication of the said
notification in the offcial gazette. Therefore, we would like to suggest to you to kindly
convert your shares of face value of Rs.10/- each from physical mode to demat mode as it
will be beneficial to you. In case you do not have any demat account, you may contact your
nearest Depository Participant (DP) who will guide you in opening the same. Conversion of
physical shares to dematerialized shares is a simple process.
EMPLOYEE RELATIONS
The employee relations remained harmonious throughout the year and your Directors
wishes to convey their gratitude and place on record their appreciation for all the
executives, staff and workers at all levels for their hard work, solidarity, cooperation
and dedication during the year.
SOP FINES IMPOSED BY STOCK EXCHANGE
The company has received notices under Regulation 23(9) of the Listing Regulations
demanding a _ne of Rs. 59,000/- from BSE Limited regarding delayed-compliance of
disclosure of related party transactions on consolidated basis. The company has paid the
said _ne amount to the exchange. Also the demat accounts of the promoters were freezed
till the non-payment of the _ne amount.
ANNEXURE FORMING PART OF THIS REPORT OF THE DIRECTORS
| ANNEXURE |
PARTICULARS |
| I |
Report on Corporate Governance |
| II |
Auditors Certificate on Corporate Governance |
| III |
Secretarial Audit Report, Secretarial Compliance Report and Certificate
of Non-Disqualification of Directors |
| IV |
Management Discussion and Analysis Report |
| V |
Information forming part of the Boards Report pursuant to Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 |
| VI |
Managing Directors Certificate under Regulation 34(3) read with
paragraph D of Schedule V to the SEBI (LODR) Regulations 2015 |
| VII VIII |
Letter to shareholder for updation of Shareholders details in the
records of the Company Bank Mandate/PAN/Email updation form |
ACKNOWLEDGEMENT
Your Board of Directors takes this opportunity to thank all the stakeholders - the
Government, shareholders, customers, vendors, bankers and all other associates for their
unstinted support and co-operation. Your Directors also wish to place on record their deep
appreciation for the dedication and commitment of all employees of the Company.
|
For and on behalf of the Board of Directors |
|
Kedar Nath Fatehpuria |
| Date: 29th May, 2023 |
Chairman and Managing Director |
| Place: Kolkata |
(DIN: 00711971) |
+91-9892691696
