<dhheadDIRECTORS REPORT</dhhead
Dear Members,
Your Directors have pleasure in presenting the 52nd Annual Report on the
Business and Operations of your Company together with the Audited Statement of Accounts
for the financial year ended 31st March, 2023.
1. FINANCIAL RESULTS
The Financial performance for the Financial year ended 31st March, 2023 is
summarized below:
(Rs. in Lakhs
PARTICULARS |
Standalone |
Consolidated |
| Year Ended 31.03.2023 |
Year Ended 31.03.2022 |
Year Ended 31.03.2023 |
Year Ended 31.03.2022 |
Revenue from Operations |
10,995.07 |
6,814.95 |
13,138.31 |
9,307.38 |
Other Income |
212.05 |
426.74 |
218.26 |
428.39 |
Total Income |
11,207.12 |
7,241.69 |
13,356.57 |
9,735.77 |
Total Expenses |
295.50 |
225.35 |
921.38 |
1,700.02 |
Profit before Exceptional items & Tax |
10,911.62 |
7,016.34 |
12,435.19 |
8,035.75 |
Exceptional Item |
- |
- |
- |
- |
Income Tax earlier years |
- |
(370.59) |
- |
(371.56) |
Current Tax |
2,521.72 |
1300.83 |
2,747.37 |
1,538.83 |
Deferred Tax Liability/(Assets) |
295.27 |
449.99 |
428.72 |
233.24 |
Profit for the year after Tax |
8,094.63 |
5,636.11 |
9,258.26 |
6,586.37 |
Total Comprehensive Income |
104.45 |
2,75,791.94 |
5,874.99 |
2,83,658.14 |
2. COMPANYS PERFORMANCE
On a standalone basis, the Income of the Company by way of dividend, interest and other
income stood at Rs. 11,207.12 lakh during the financial year ended 31st March,
2023 as compared to Rs.7,241.69 lakh during the previous year. Profit before exceptional
items & Tax at Rs. 10,911.62 Lakh as compared to Rs. 7,016.34 lakh during previous
year. Profit after tax stood at Rs. 8,094.63 lakh as compared to Rs. 5,636.11 lakh during
the previous year.
On a consolidated basis, the Total Income stood at Rs. 13,356.57 lakh during the
financial year ended 31st March, 2023 as compared to Rs. 9,735.77 lakh during
the previous year. Profit after tax stood at Rs. 9,258.26 lakh as compared to Rs. 6,586.37
lakh during the previous year.
3. FUTURE PROSPECTS
Your Company holds significant investments in Equity Shares of O.P. Jindal Group of
Companies, therefore the business prospects of the Company largely depends on the business
prospects of O.P. Jindal Group of Companies and the steel industry. The Indian steel
industry has entered into a new development stage, riding high on the resurgent economy
and rising demand for steel.
Your Company is looking forward for a sustainable growth in its investee Companies in
the coming years which would enhance the shareholders value. Considering the forecasted
growth in the economy as a whole and the steel industry in particular, the Company expects
to enhance its entrenched value for the benefit of the shareholders at large.
4. DIVIDEND & INVESTOR EDUCATION AND PROTECTION FUND
In terms of the Dividend Distribution Policy of the Company and as per SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR"), equity
shareholders of the Company may expect dividend if the Company is having surplus funds and
after taking into consideration the relevant internal and external factors as mentioned in
the said Policy. Accordingly, Board of Directors has not recommended any dividend for the
financial year ended 31st March, 2023. The Dividend Distribution Policy is available on
Companys website at the following link: www.nalwasons.com.
There is no unclaimed and unpaid dividend remaining due with the Company. Hence, the
Company has not transferred any amount to Investor Education and Protection Fund of
Government of India during the financial year under review.
5. TRANSFER TO RESERVES
An amount of Rs.1,618.93 lakh was transferred to Statutory Reserve Fund during the
financial year under review.
6. DEPOSITS
Your Company has not accepted/received any deposits under report falling within the
ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits)
Rules, 2014. Hence, the requirement of providing details relating to deposits as also of
deposits which are not in compliance with Chapter V of the Act, is not applicable.
7. SHARE CAPITAL
The Authorized Share Capital of the Company is Rs. 15,00,00,000 (Rupees Fifteen Crore
Only) divided into 1,50,00,000 (One Crore Fifty Lakhs only) Equity shares of Rs. 10
(Rupees Ten only) each. The paid up equity share capital as on March 31, 2023 is Rs.
5,13,61,630 (Rupees Five Crore Thirteen Lakhs Sixty One Thousand Six Hundred and Thirty
only) comprising 51,36,163 (Fifty One Lakhs Thirty Six Thousand One Hundred and Sixty
Three only) equity shares.
There was no buy back of equity shares, public issue of securities, rights issue, bonus
issue or preferential issue etc. during the year under review. The Company has not issued
shares with differential voting rights, sweat equity shares nor has it granted any stock
options.
8. CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements of your Company for the Financial Year 2022-23,
is prepared in compliance with the applicable provisions of the Companies Act, 2013,
Indian Accounting Standards(Ind-AS) and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
9. HOLDING, SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
Your Company does not have any Holding Company. The Company has 3 direct subsidiaries
as on March 31, 2023, namely (i) Jindal Steel & Alloys Ltd. (ii) Nalwa Trading
Limited(formerly known as Jindal Holdings Ltd.) and (iii) Brahmaputra Capital &
Financial Services Ltd. Jindal Equipment Leasing and Consultancy Services Ltd. is an
associate of the Company. There is no Joint Venture of the Company, Jindal Steel &
Alloys Limited is material subsidiary of your Company.
In terms of the provisions of Section 136 of the Act, the standalone financial
statements of the Company, consolidated financial statements of the Company, along with
other relevant documents and separate audited accounts of the subsidiaries, are available
on the website of the Company, at the link: www.nalwasons.com.
The members, if they desire, may write to the Secretarial Department of the Company at
28, Najafgarh Road, Moti Nagar Industrial Area, New Delhi-110 015 to obtain the copy of
the financial statements of the subsidiary companies. A statement containing the salient
features of the financial statement of the subsidiaries and associate company in the
prescribed Form AOC - 1 is attached along with financial statements. The statement also
provides the details of performance and financial position of each of the subsidiary
company. Your Company has framed a policy for determining “Material Subsidiary"
in terms of Regulation 16(1)(c) of SEBI LODR, which is available at the website of the
Company at the link: http://nalwasons.com/pdf/Policy for determining material
subsidiaries NSIL001.pdf
10. DIRECTORS AND KEY MANAGERIAL PERSONNEL
The members of the company at AGM held on 30th September, 2022 had
re-appointed Mr. Rakesh Kumar Garg as Whole Time Director designated him as Executive
Director & Chief Executive Officer (C.E.O.) and Key Managerial Personnel
(“KMP") of the Company for a period of five years w.e.f 17th October,
2022.
Further, in accordance with the provisions of the Act, Mr. Rakesh Kumar Garg, Executive
Director & C.E.O. is liable to retire by rotation as Director at the ensuing AGM and
being eligible, offers himself for re- appointment.
Brief resumes of director, who retire by rotation and eligible for re- appointment,
nature of their expertise in specific functional areas, details of Directorship in other
companies, membership / chairmanship of committees of the board
and other details, as stipulated under Regulation 36(3) of SEBI LODR and Secretarial
Standard - 2 issued by The Institute of Company Secretaries of India, are given in the
Notice forming part of the Annual Report.
All Independent Directors have given declaration to the Company that they meet the
criteria of independence as provided in Section 149(6) of the Companies Act, 2013 and
Regulation 16 of SEBI LODR. Further, all the Directors have also confirmed that they are
not debarred to act as a Director by virtue of any SEBI order or any other statutory
authority.
Your Company has also devised a Policy on Familiarization Programme for Independent
Directors which aims to familiarize the Independent Directors with your Company, nature of
the industry in which your Company operates, business operations of your Company etc. The
said Policy may be accessed on your Companys website at the link:
https://nalwasons.com/pdf/DETAILS%20OF%20FAMILIARIZATION%20%20PROGRAMMES%20IMPARTED%20TQ%20IN
DEPENDENT%20DIRECTORS%20NSIL.pdf
11. NUMBER OF MEETINGS OF THE BOARD
The Board of Directors met four times during the financial year ended on 31st
March, 2023. The details of Board Meetings and the attendance of the Directors are
provided in the Corporate Governance Report forming part of this Annual Report.
In term of requirements of Schedule IV to the Companies Act, 2013 and Regulation 25 of
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, a separate meeting of the Independent Directors was held on 28th
May, 2022.
The Independent Directors at the meeting reviewed the following:
a) Performance of Non-Independent Directors and the Board as a whole and
b) Assess the quality, quantity and timeliness of flow of information between the
Company Management and the Board that is necessary for the Board to effectively and
reasonably perform their duties.
12. BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 (“the Act") and the
Corporate Governance requirements as prescribed by the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements), Regulations 2015 (“SEBI
Listing Regulations"), the Board has carried out the annual performance evaluation of
its own performance, the Directors individually as well as the evaluation of the working
of its Committees.
An annual performance evaluation of all Directors, the Committees of Directors and the
Board as a whole for the year under review was carried out. For the purpose of carrying
out performance evaluation, assessment questionnaires were circulated to all Directors and
their feedback was obtained and recorded. The Directors expressed their satisfaction with
the evaluation process.
13. POLICY ON APPOINTMENT & REMUNERATION OF DIRECTORS, KMP & OTHER SENIOR
EMPLOYEES
The Companys policy on directors appointment and remuneration and other matters
provided in Section 178(3) of the Companies Act, 2013 has been disclosed in the Corporate
Governance Report, which is a part of this report.
14. DECLARATION OF INDEPENDENCE
Your Company has received declarations from all the Independent Directors confirming
that they meet the criteria of independence as prescribed under the provisions of the
Companies Act, 2013 read with the Schedules and Rules issued there under as well as
Regulation 16 of the Securit
+ies and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
15. EXTRACT OF ANNUAL RETURN
In terms of Sections 92(3) and 134(3) of the Act, annual return is available on the
Companys website at the link: www.nalwasons.com
16. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134(5) of the Companies Act, 2013 with
respect to directors responsibility statement, it is hereby confirmed that:
a) in the preparation of the annual accounts, the applicable accounting standards have
been followed along with proper explanation relating to material departures;
b) the directors 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 as at 31st March, 2023 and of
the profit and loss of the Company for the year ended on that date;
c) the directors have taken proper and sufficient care 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) the directors have prepared the annual accounts on a going concern basis;
e) the directors have laid down internal financial controls to be followed by the
Company and such internal financial controls are adequate and were operating effectively.
f) the directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and operating effectively.
17. AUDITORS
a) Statutory Auditor:
M/s. B S D & Co., Chartered Accountants, (Firm Registration No. 000312S) were
appointed as Statutory Auditors of the Company by the shareholders at the 50th
Annual General Meeting of the Company held on 30th September, 2021 for the
period of 3 years starting from conclusion of 50th AGM till the conclusion of
53rd AGM of the Company. The Auditors have confirmed that they are not
disqualified from continuing as Auditors of the Company.
The Notes to financial statements referred to in the Auditors Report are self
explanatory and do not call for any further comments.
There has been no qualification, reservation, adverse remark or disclaimer given by the
Auditors in their Report.
During the year under review, the Auditors have not reported any matter under Section
143 (12) of the Act, therefore no detail is required to be disclosed under Section 134
(3)(ca) of the Act.
b) Secretarial Auditor:
The Board had appointed M/s. Rajesh Garg & Co., Practicing Company Secretary to
conduct Secretarial Audit for the financial year 2022-23. The Secretarial Audit Report for
the financial year ended March 31, 2023 is annexed herewith marked as Annexure-A1 to
this report. Also Secretarial Audit report(s) of Indian unlisted material subsidiaries are
also attached as Annexure A2 & A3 to this report.
In line with the Circular dated February 08, 2019 as amened issued by the Securities
and Exchange Board of India, Annual Secretarial Compliance Report for the year ended 31st
March, 2023 confirming compliance of all applicable SEBI Regulations, Circulars and
Guidelines by the Company was issued by M/s. Rajesh Garg & Co., Practicing Company
Secretaries and filed with the Stock Exchanges on May 30, 2023. The same is available on
the website of the Company at www.nalwasons.com.
The Secretarial Audit Report of the Company contains the following qualification,
reservation or adverse remark as follows:
The Company has not availed Director and Officer Insurance (D and O) Policy for its
independent directors during the period 1st April, 2022 to 24th May, 2022 in
compliance with Regulations 25(10) of SEBI(Listing Obligations and Disclosure
Requirements), Regulations, 2015, amended by the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2021
dated 3rd August, 2021 read with the corrigendum dated 6th August, 2021,as applicable to
the top 1000 listed entities with effect from January 1, 2022.
Managements Reply:
The Company, after finding and evaluation the suitable insurance company, has taken the
Director and Officer Insurance (D and O) Policy for its independent directors from
ICICI Lombard General Insurance Company Limited on 25th May, 2022.
18. AUDIT COMMITTEE
The details pertaining to the composition of the audit committee are included in the
Corporate Governance Report, which is a part of this report. All the recommendations made
by the Audit Committee during the financial year 2022-23 were accepted by the Board.
19. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
Pursuant to the provisions of Section 135 of the Act, read with CSR Rules, the Company
has constituted CSR Committee and formulated CSR policy. The policy primarily rests on
four broad categories: Environment, Health, Education and Community Development. The
details partaining to the composition of the Corporate Social Responsibility Committee are
included in the Corporate Governance Report which is a part of this Report.
The Disclosure as per Rule 8 of the Companies (Corporate Social Responsibility Policy)
Rules, 2014 is annexed to this Report at Annexure - B.
The CSR Policy can be accessed on the Companys website at the link:
http://nalwasons.com/pdf/CSR%20Policy- NSIL.pdf
20. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY THE COMPANY
The particulars of loans, guarantees or investments by the Company are stated in Notes
to Accounts, forming part of this Annual Report.
21. TRANSACTIONS WITH RELATED PARTIES
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. There are no materially
significant related party transactions made by the Company which may have a potential
conflict with the interest of the Company at large and thus disclosure in Form AOC-2 is
not required.
Your Directors draw attention of the members to Notes to the financial statement which
sets out related party disclosures.
Moreover, Policy on Related Party Transactions in accordance with Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 and as per the provisions of the Companies Act, 2013 is uploaded at the web link:
http://nalwasons.com/pdf/Related Party Transactions-file001.pdf
Pursuant to Part A of Schedule V to the Listing Regulations, there were no transactions
of the Company with any person or entity belonging to the promoter/promoter group which
hold(s) 10% or more shareholding in the Company.
22. DISCLOSURE REQUIREMENTS
As per Listing Regulations, the Corporate Governance Report with the Auditors
Certificate thereon, and the Management Discussion and Analysis report are attached, which
forms part of this report. The Company has devised proper systems to ensure compliance
with the provisions of all applicable Secretarial Standards issued by the Institute of
Company Secretaries of India and that such systems are adequate and operating effectively.
23. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY (OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THE DIRECTORS
REPORT)
There have been no material changes and 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.
24. PARTICULARS REGARDING THE CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN
EXCHANGE EARNINGS AND OUT GO
Since the Company is not engaged in any manufacturing activity, particulars under
section 134(4)(I) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts)
Rules, 2014, regarding conservation of energy, technology absorption are not available.
There were no foreign exchange transactions during the year.
25. RISK MANAGEMENT
The Board of Directors had constituted the Risk Management Committee which has been
entrusted inter alia with the following functions: (a) Framing of Risk Management Plan and
Policy; (b) Overseeing implementation / Monitoring of Risk Management Plan and Policy; (c)
Identifying emerging risks and reviewing risk mitigation strategies; and (d) Formulating a
cyber security plan and overseeing its implementation.
Your Company has laid down procedures to inform Board members about risk assessment and
minimization strategy. The Board doesnt foresee any immediate risk which threatens the
existence of the Company. The details of Risk Management Committee are mentioned in the
Corporate Governance Report.
26. PARTICULARS OF EMPLOYEES
The information required under Section 197 (12) of the Act read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed
as Annexure - C.
27. RESERVE BANK OF INDIA GUIDELINES
Your Company is registered as a Non Banking Financial Company (NBFC) with Reserve Bank
of India under the provisions of Section 45 IA of the Reserve Bank of India Act, 1934. In
term of Systemically Important Non-Deposit taking Company and Deposit taking Company
(Reserve Bank) Directions, 2016, Nalwa Sons Investments Limited (NSIL or the Company)
is a Systemically Important Non-Deposit taking-Non Banking Financial Company (i.e a
non-banking financial company not accepting / holding public deposits and having an asset
size of more than Rs.500 crores) having total assets of Rs. 9223.32 Crore.
Your Company has duly complied with all applicable rules, regulations and guidelines
issued by Reserve Bank of India for NBFCs from time to time.
28. INTERNAL FINANCIAL CONTROLS
The Board of Directors in consultation with Internal Auditors have laid down the
Internal Financial Control Framework, commensurate with the size, scale and complexity of
its operations. To maintain its objectivity and independence, the Internal Auditor reports
to the Chairman of the Audit Committee of the Board. The Company has in place adequate
internal financial controls with reference to financial statements. During the year, such
controls were tested and no reportable material weakness in the design or operation was
observed.
The Statutory Auditors has reviewed and reported on the adequacy of the Internal
Financial Controls as per the provisions of the Companies Act, 2013 and the same is
forming part of Financial Statements and Auditors Report.
29. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
During the year under review, there were no cases filed pursuant to The Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
30. WHISTLE BLOWER POLICY AND VIGIL MECHANISM
Pursuant to the provisions of Section 177(9) of the Companies Act, 2013 read with the
Companies (Meetings of Board and its Powers) Rules, 2014 and the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the
Company has formulated a Vigil Mechanism namely, Whistle Blower Policy for directors,
employees and business partners to report genuine concerns about unethical behavior,
actual or suspected fraud or violation of the Companys code of conduct or ethics policy.
The Whistle Blower Policy is posted on the website of the Company and can be accessed
at the link: http://nalwasons.com/pdf/Whistle Blower Policy001.pdf
31. FAMILIARIZATION PROGRAMME FOR BOARD MEMBERS INCLUDING INDEPENDENT DIRECTORS
The Board members are provided with necessary documents/brochures, reports and internal
policies to enable them to familiarize with Companys procedures and practices.
The Independent Directors are given every opportunity to interact with the Key / Senior
Management Personnel and are given all the documents sought by them for enabling a good
understanding of the Company, its various operations and the industry of which it is a
part.
The familiarization programme for Independent Directors in terms of the provisions of
Regulations 25 and 46 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 is uploaded on the website of the Company and can be accessed through
the following link:
https://nalwasons.com/pdf/DETAILS%20OF%20FAMILIARIZATION%20%20PROGRAMMES%20IMPARTED%20TQ%20IN
DEPENDENT%20DIRECTORS%20NSIL.pdf
Your Company has also devised a Policy on Familiarization Programme for Independent
Directors. The said Policy may be accessed on your Companys website at the link:
http://nalwasons.com/pdf/Policy on familiarisation programme for independent directors
NSIL001.pdf
32. THE CHANGE IN THE NATURE OF BUSINESS, IF ANY
There has been no change in the nature of Companys business during the financial year
ended on 31st March, 2023.
33. THE 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 material orders passed by the Regulators / Courts which would
impact the going concern status of the Company and its future operations.
34. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report as required under the listing regulations
forms part of this Annual Report.
35. HUMAN RESOURCES
The Company continues to put due emphasis on appropriate human resource development for
its business. The employees of your Company and the Group fully identify with the
Companys and Groups vision and business goals.
36. E-VOTING PLATFORM
In compliance with provisions of Section 108 of the Companies Act, 2013 and MCA General
Circular dated 28th December, 2022 read with circulars dated 5th
May, 2022, 13th January, 2021, 8th December, 2021, 28th
September, 2020, 15th June, 2020, 5th May, 2020, 8th
April, 2020 and 13th April, 2020 (collectively referred to as “MCA
Circulars") and circulars dated 5th January, 2023, 13th May,
2022, 15th January, 2021 and 12th May, 2020 issued by the Securities
and Exchange Board of India (“SEBI Circular"), your Company is registered with
Link Intime India Private Limited for providing E-Voting services to set up an electronic
platform to facilitate shareholders to cast votes through remote e-voting and also through
e-voting system at the ensuing Annual General Meeting scheduled to be held through Video
Conferencing/ Other Audio Visual Means) on the business to be transacted at the said AGM.
Detailed procedure will be provided in the Notice convening the Annual General Meeting
sent to the Shareholders.
37. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT(BRSR)
SEBI vide its circular dated 10th May, 2021 has introduced new reporting
requirements on Environmental, Social and Governance (ESG) parameters viz. the Business
Responsibility and Sustainability Report (BRSR). The said reporting is applicable for
the top 1,000 listed companies based on market capitalization and has been made mandatory
from F.Y. 2022-23.
Pursuant to SEBI Listing Regulations, BRSR has become applicable on your Company (being
among the top 1,000 listed entities based on market capitalisation) with effect from the
F.Y. 2022-23. Accordingly, the Company has adopted a Policy on BRSR and other ESG
initiatives. A detailed BRSR in the format prescribed by SEBI describing various
initiatives,
actions and process of the Company towards the ESG endeavour has been hosted on
Companys website at: www.nalwasons.com
38. CAUTIONARY STATEMENT
Statements in the Boards Report and the Management Discussion & Analysis Report
describing the Companys objectives, expectations or forecasts may be forward-looking
within the meaning of applicable Securities Laws and Regulations. Actual results may
differ materially from those expressed in the statement. Important factors that could
influence the Companys operations includes, changes in Government Regulations, tax laws,
economic developments within the country and other factors such as litigation and
industrial relations.
39. OTHER DISCLOSURES
Your Directors state that no disclosure or reporting is required in respect of the
following items, during the period under review:
a) There was no issue of equity shares with differential voting rights as to dividend,
voting or otherwise.
b) There was no issue of shares (including sweat equity shares) to the employees of the
Company under any Scheme.
c) There is no proceeding pending under the Insolvency and Bankruptcy Code, 2016.
d) There was no instance of one time settlement with any bank or financial institution.
e) The Whole-time Director of the Company did not receive any remuneration or
commission from any of the subsidiary companies.
f) No credit rating was required to be obtained.
40. ACKNOWLEDGEMENT
The Directors thank the Companys employees, customers, vendors, banks and investors
for their continuous support.
The Directors also thank the Government of India, Governments of various States in
India and other concerned Government departments and agencies for their co-operation.
|
For and on behalf of the Board of Directors |
Place: Hisar |
Rakesh Kumar Garg |
Nrender Garg |
Date: May 30, 2023 |
Executive Director & C.E.O. |
Director |
|
DIN:00038580 |
DIN: 08486246 |
+91-9892691696
