saboo brothers ltd Directors report

To,

The Members,

Saboo Brothers Limited,

Your Directors take pleasure in presenting the 44^th Annual Report of the Company together with the Audited Financial Statements for the financial year ended 31^st March, 2023.

1. SUMMARY OF FINANCIAL RESULTS OF THE COMPANY:

(Amount in Lakhs)

Particulars	Year Ended 31.03.2023	Year Ended 31.03.2022
Total Income	56.21	64.09
Total Expenditure	50.64	45.46
Profit/loss before tax	05.57	13.08
Tax Expense	01.02	02.80
Profit/(loss) for the year from continuing operations	04.55	10.28

Your Companys Total Income during the year under review was Rs. 56.21 Lakhs as compared to Rs. 64.09 Lakhs in the previous year. Profit before Tax for the year 2022-23 was Rs. 05.57 Lakhs as compared to Rs. 13.08 Lakhs. Profit after Tax for the year 2022-23 stood at Rs. 04.55 Lakhs as compared to Rs. 10.28 Lakhs in the previous year.

The Financial Statements for the year ended March 31, 2023 have been prepared in accordance with Indian Accounting Standards (Ind-AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 read with Section 133 of Companies Act, 2013, (the ‘Act) and other relevant provisions of the Act. There are no material departures from the prescribed norms stipulated by the accounting standards in preparation of the annual accounts.

Management evaluates all recently issued or revised accounting standards on an on-going concern basis. The Company discloses Financial Results on a quarterly basis, which are subject to Limited Review and publishes Audited Financial Results on an annual basis.

2. DIVIDEND:

During the year the Company did not declare any Dividend.

3. TRANSFER TO RESERVES:

Your Directors do not propose to transfer any amount to Reserve.

4. DEPOSITS:

During the financial year under review, your Company has neither invited nor accepted any deposits from the public within the meaning of Section 73 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014.

5. MANAGEMENTS DISCUSSION AND ANALYSIS REPORT:

Managements Discussion and Analysis Report for the year under review, as stipulated under Regulation 34 (3) read with Schedule Part V of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 with Stock Exchange in India, is presented in a separate Annexure -I forming part of the Annual Report.

6. CHANGE IN THE NATURE OF BUSINESS, IF ANY:

The Company is mainly into Manufacturing and dealing in construction related materials, and commodities. Execution of contracts related to real estate and development of land, development of and dealing in immovable properties. Development of properties for Hospitality & Recreational Activities and related services and provide such services at BSE. The Companys main business is manufacturing and dealing in construction.

7. SUBSIDIARY/HOLDING COMPANY:

The Company does not have any subsidiary or holding Company.

8. MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

During the year under review, there were no material changes and commitments affecting the financial position of the Company.

9. BOARD OF DIRECTORS & KEY MANAGERIAL PERSONNEL:

At present the Board of the Company is adequately equipped and well represented by Women Directors and Independent Directors of high repute. The Chairman of the Board and Audit Committee is headed by Independent Director(s). As per the Listing Regulations, it is mandatory for the company with a non-executive director as a chairperson to have at least one-third of the independent directors. The following composition of board of directors of the company as follows:

Composition of Board as on 31^st March, 2023:

Sr. No. NAME OF DIRECTOR	CATEGORY	DESIGNATION
1. Mr. Anurag Saboo	Non-Executive Director	Non-Independent Director
2. Mr. Loknath Mishra	Non-Executive Director	Independent Director
3. Mrs. Sushama Anuj Yadav	Non-Executive Director	Independent Woman Director
4. Nikhil Kuwar Singh	Executive Director	Whole-time Director
5. Sarojkumar Gupteshwar Pandey	Executive Director	Whole-time Director
6. Sarojkumar Gupteshwar Pandey	-	CFO
7. Mrs. Jayanti Pradhan	-	Company Secretary & Compliance officer

* Mr. Roop Lal Balai has resigned from the Directorship w.e.f. 21-07-2022.

**Mr. Avinash Kapri has resigned from the Directorship w.e.f. 20-01-2023.

10 . NUMBER OF MEETINGS OF THE BOARD:

During the year, the Board met Eleven (11) times during the financial year, the details of which are given in the Corporate Governance Report that forms part of this Annual Report. The intervening gap between any two meetings was within the period prescribed by the Companies Act, 2013.

11 . DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The Companys Board of Directors consists of distinguished individuals with proven competence and integrity. Besides strong financial acumen, strategic astuteness, experience and leadership qualities, they have a significant degree of dedication to the Company and invest adequate time to Meetings and preparation. In terms of requirement of Listing Regulations, 2015, the Board has defined fundamentals, skills, expertise and competencies of the Directors in the context of the Companys business for effective functioning and how the current Board of Directors is fulfilling the required skills and competences. As of March 31, 2023, the Board Comprises of Five (5) Directors, out of which One (2) is Executive Director and three (3) are Non-Executive Directors (including one Woman Director).

As on the date of this Report, following are the Key Managerial Personnel of your Company in accordance with the provisions of Section 2(51) read with Section 203 of the Act:

Sr. No. NAME OF DIRECTOR	CATEGORY	DESIGNATION
1. Mr. Anurag Saboo	Non-Executive Director	Non-Independent Director
2. Mr. Loknath Mishra	Non-Executive Director	Independent Director
3. Mrs. Sushama Anuj Yadav	Non-Executive Director	Independent Woman Director
4. Nikhil Kuwar Singh	Executive Director	Whole-time Director
5. Sarojkumar Gupteshwar Pandey	Executive Director	Whole-time Director
6. Sarojkumar Gupteshwar Pandey	-	CFO
7. Mrs. Jayanti Pradhan	-	Company Secretary & Compliance officer

* Mr. Roop Lal Balai has resigned from the Directorship w.e.f. 21-07-2022.

**Mr. Avinash Kapri has resigned from the Directorship w.e.f. 20-01-2023.

12 . INDEPENDENT DIRECTORS DECLARATION:

The Company has received necessary declaration from each independent director under Section 149(7) of the Companies Act, 2013, that he/she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

The Independent Directors under section 149(6) of the Companies Act, 2013 declared that: i. They are not promoters of the Company or its holding, subsidiary or associate company; ii. They are not related to promoters or directors in the company, its holding, subsidiary or associate company. iii. The independent Directors have /had no pecuniary relationship with company, its holding, subsidiary or associate company, or their promoters, or directors, during the two immediately preceding financial years or during the current financial year; iv. None of the relatives of the Independent Director has or had pecuniary relationship or transaction with the company, its holding, subsidiary or associate company, or their promoters, or directors, amounting to two per cent or more of its gross turnover or total income or fifty lakh rupees or such higher amount as may be prescribed, whichever is lower, during the two immediately preceding financial years or during the current financial year; v. Independent Director, neither himself nor any of his relatives-

a. holds or has held the position of a key managerial personnel or is or has been employee of the company or its holding, subsidiary or associate company in any of the three financial years immediately preceding the financial year in which he is proposed to be appointed; b. is or has been an employee or proprietor or a partner, in any of the three financial years immediately preceding the financial year in which he is proposed to be appointed, of i. firm of auditors or company secretaries in practice or cost auditors of the company or its holding, subsidiary or associate company; or ii. any legal or a consulting firm that has or had any transaction with the company, its holding, subsidiary or associate company amounting to ten percent or more of the gross turnover of such firm; c. Holds together with his relatives two percent. or more of the total voting power of the company; or d. is a Chief Executive or Director, by whatever name called, of any nonprofit organization that receives twenty- five percent. or more of its receipts from the company, any of its promoters, directors or its holding, subsidiary or associate company or that holds two percent or more of the total voting power of the company; vi. Independent Director possesses such qualifications as may be directed by the Board.

The Company & the Independent Directors shall abide by the provisions specified in Schedule IV of the Companies Act, 2013.

13. ANNUAL EVALUATION OF BOARD, ITS COMMITTEES, AND INDIVIDUAL DIRECTORS:

The Board of Directors has carried out an annual evaluation of its own performance, Board committees and individual Directors pursuant to the provisions of the Sections 134, 178 and Schedule IV of the Act and Regulation 17 of the SEBI LODR Regulations. The performances of the Independent Directors were evaluated by the Board after seeking inputs from all the directors on the effectiveness and contribution of the Independent Directors. The performance of the Committees were evaluated by the Board after seeking inputs from the Committee members on the basis of the criteria such as the composition of Committees, effectiveness of Committee meetings, etc. The Board and the Nomination and Remuneration Committee ("NRC") reviewed the performance of the individual Directors on the basis of the criteria such as the contribution of the individual Director to the Board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. In addition, the Chairman was also evaluated on the key aspects of his role. In a separate meeting of Independent Directors, performance of Non-Independent Directors, performance of the Board as a whole and performance of the Chairman was evaluated, taking into account the views of executive directors and non executive directors.

14. FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS:

Familiarization Programme for Independent Directors is designed with an aim to make the Independent Directors aware about their roles, responsibilities and liabilities as per the Act, the SEBI LODR Regulations and other applicable laws and to get better understanding about the Company, nature of industry in which it operates and environment in which it functions, business model, long term/short term/strategic plans, important changes in regulatory framework etc. As a part of familiarization programme, the Company makes presentations to the Board Members, inter alia, business strategies, management structure, HR Policy, and policies applicable as per the SEBI (LODR) Regulations. At the time of appointing an Independent Director, a formal letter of appointment is given to him, which inter- alia explains the roles, rights and responsibilities expected of him as an Independent Director of the Company. The relevant policies of the Company including the Code of Conduct for Board Members and Senior Management

Personnel and the Code of Conduct to regulate, monitor and report trading by Insiders etc. are circulated to the Directors.

15 . PERFORMANCE OF THE BOARD AND COMMITTEES:

During the year under review, the performance of the Board & Committees and Individual Director(s) based on the below parameters was satisfactory: i. All Directors had attended the Board meetings; ii. The remunerations paid to Executive Directors are strictly as per the Company and industry policy; iii. The Independent Directors only received sitting fees; iv. The Independent Directors contributed significantly in the Board and committee deliberation and business and operations of the Company and subsidiaries based on their experience and knowledge and independent views; v. The Credit Policy, Loan Policy and compliances were reviewed periodically; vi. Risk Management Policy was implemented at all critical levels and monitored by the Internal Audit team who places report with the Board and Audit committee.

16. MEETING OF INDEPENDENT DIRECTORS:

Pursuant of the provision of Section 149 (8) of the Companies Act, 2013 read with Schedule IV and Regulation 25 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, the Independent Directors of the Company held their meeting on 07-02-2023, reviewed the performance of non- independent directors and the Board as a whole including the Chairperson of the Company, views expressed by the executive directors and non- executive directors at various level, and quantified the quality, quantity and timeliness of flow of information between the Company, management and the Board and expressed satisfaction.

17. POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:

The current policy is to have an appropriate mix of executive and independent directors to maintain the independence of the Board and separate its functions of governance and management. As on 31^st March, 2023, the Board consists of 5 members. Out of which two are Executive Director and three are Non-executive Director.

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 Sub section (3) of Section 178 of the Companies Act, 2013, adopted by the Board and are stated in this Board report. We affirm that the remuneration paid to the directors is as per the terms laid out in the nomination and remuneration policy of the Company.

18. COMMITTEES OF THE BOARD:

Currently, the Board has four committees: 1) Audit Committee, 2) Nomination and Remuneration Committee, 3) Stakeholders Relationship Committee, 4) Shares Transfer Committee.

A detailed note on the Board and its Committees is provided under the Corporate Governance Report that forms part of this Annual Report.

19. NOMINATION AND REMUNERATION COMMITTEE AND STAKEHOLDERS RELATIONSHIP COMMITTEE:

Pursuant to the Section 178 of the Companies Act, 2013, the Company has set up a Nomination and Remuneration and Stakeholders Relationship Committee. A detailed note on the composition of the Committees is provided in the corporate governance report section of this Annual Report.

The Key Features of the Policy of the said committee are as follows: For Appointment of Independent Director (ID): i. Any person who is between the age of 25 years and below 75 years eligible to become Independent Director (ID); ii. He has to fulfill the requirements as per section 149 of the Companies Act, 2013 read with Clause 49 of the Listing Agreement; iii. Adhere to the code of conduct as per Schedule IV to the Companies Act, 2013; iv. Strictly adhere to the Insider Trading Regulation of the SEBI and Insider Trading policy of the Company; v. Independent Director should have adequate knowledge and reasonably able to contribute to the growth of the Company and stakeholders; vi. Independent Director should be able to devote time for the Board and other meetings of the company; vii. Entitled for sitting fees and reasonable conveyance to attend the meetings; and

Able to review the policy, participate in the meeting with all the stakeholders of the company at the Annual General Meeting

20. DIRECTORS RESPONSI BILITY STATEMENT:

Pursuant to the Section 134(3)(c) and Section 134 (5) of the Companies Act, 2013, the Board of Directors of the Company hereby confirm: i. That in the preparation of the accounts for the financial year ended 31^st March, 2023, the applicable accounting standards have been followed along with proper explanation relating to material departures; ii. That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 profit and loss of the Company for the year under review; iii. That 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; iv. That the Directors have prepared the accounts for the financial year ended 31^st March 2023 on a ‘going concern basis; v. The internal financial controls are laid and have been followed by the company and that such controls are adequate and are operating effectively. Such controls means controls and policies and procedures adopted and adhered by the company for orderly and efficient conduct of the business for safeguarding assets, prevention and detection of frauds and errors and maintenance of accounting records and timely preparation of financial statements and review its efficiency; 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.

21. RISK MANAGEMENT POLICY:

The company has developed Risk Management Policy mainly covering the following areas of concerns:

1. On the international currencies front, volatility of exchange rate is a matter of concern for a Company because major sales are in the form of exports worldwide besides corresponding imports in foreign currency for key raw materials. However, the risk associated with currency fluctuation has been mitigated by effective forex management policy;

2. Lack of clarity on future Government policies continues to be an area of major concern for the industry. The exact impact of this cannot be assessed until the proposed changes are actually introduced and implemented;

3. In line with the overall growth objective and strengthening of infrastructure base, the Company had invested in Information Technology (IT) viz. SAP Enterprising Resource Planning system for leveraging its business values.

22. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

In terms of the provisions of Section 177(9) of the Companies Act, 2013, the Company has implemented a vigil mechanism named Whistle Blower Policy to deal with instance of fraud and mismanagement, if any, in staying true to our values of Strength, Performance and Passion and in line with our vision of being one of the most respected companies in India, the Company is committed to the high standards of Corporate Governance and stakeholder responsibility. A high level Committee has been constituted which looks into the complaints raised. The Committee reports to the Audit Committee and the Board. The Whistle Blower Policy ensures that strict confidentiality is maintained whilst dealing with concerns and also that no discrimination will be meted out to any person for a genuinely raised concern.

23. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Board has adopted the policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures. The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee. The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company. Based on the report of internal audit function, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and recommendations along with corrective actions thereon are presented to Board.

M/s L. D. Murarka & Co., Chartered Accountant (FRN.118591W), Mumbai, has been appointed as an Internal Auditor of the Company for the Financial Year 2023-2024.

24. STATUTORY AUDITORS:

"RESOLVED THAT pursuant to provision of Sections 139, 142 and other applicable provisions, if any, of the Companies Act, 2013 read with Companies (Audit and Auditors) Rules, 2014 (including any statutory modification thereof for the time being in force and as may be enacted from time to time), approval of the members of the Company be and is hereby accorded for appointment of M/s. Bagdia & Company, Chartered Accountants (FRN.:128256W) having their head Office at Block No. 63/69, Rajat Sankul, Opp ST Stand, Rai Udyog, Ganeshpeth, Nagpur-440018 and branch Office at Shri Nathmal Jalan, Ultimate Towers, 11/2229, Cuttack Road, Bhubaneshwar -751006, Odisha., as Statutory Auditors of the Company, in place of existing Statutory Auditor of the Company, C. L. Ostwal & Co., Chartered Accountants (FRN: 002850C), to hold office for a term of five years from the conclusion of 44^th Annual General Meeting until the conclusion of 49^th Annual General Meeting of the Company at a remuneration to be decided by the Audit Committee/Board. C. L. Ostwal & Co., through their partner Mr. Ashish Ostwal (Membership No.: 405273), have expressed their inability to continue as a Statutory Auditor of the Company"

The Board of Directors of the Company (hereinafter referred to as the "Board" which term shall be deemed to include any committee which the Board may have constituted or hereinafter constitute to exercise its power including the powers conferred by this Resolution) be and is hereby authorised to take such steps as may be necessary, on behalf of the Company and generally to do all such acts, deeds, matters and things as may be necessary, proper, expedient or incidental for giving effect to this appointment.

As per Companies (Amendment) Act, 2017 effective from May 07, 2018, the provisions relating to ratification of the appointment of Statutory Auditors at every AGM is not required.

25. AUDITORS REPORT:

The Auditors has not made any qualification to the financial statement. Their report on relevant notes on accounts are self-explanatory and do not call for any comments under Section 134 of the companies Act, 2013.

26 . SECRETARIAL AUDITORS AND THEIR REPORT:

Mr. Ramesh Chandra Mishra, Company Secretary in Practice was appointed to conduct the Secretarial Audit of the company for the financial year 2022-2023 as required under Section 204 of the Companies Act, 2013 and Rules thereunder. The Secretarial Audit Report for F.Y. 2022-2023 is Annexure - II to this Boards Report.

The Board has re-appointed Mr. Ramesh Chandra Mishra, Company Secretary in Practice, as Secretarial Auditor of the Company for the financial year 2023-2024.

27 . SECRETARIAL COMPLIANCE REPORT:

Your Companys paid-up Equity Share Capital and Net-worth, on last day of the previous year, i-e., on March 31, 2023, are below the threshold limits mentioned in the Regulation 15(2) of the SEBI LODR Regulations. Hence, the compliance w.r.t. to Regulation 24A, i.e., Secretarial Compliance Report is not applicable to the Company for the financial year under review.

28. COST AUDITORS:

During the financial year under review, provisions of Section 148 of the Act, read with Companies (Audit & Auditors) Rules, 2014 and other applicable provisions, if any, relating to the Cost Audit are not applicable to the Company.

29 . DETAILS OF FRAUD REPORTED BY AUDITORS:

During the financial year under review, neither the Statutory Auditors nor the secretarial auditors have reported to the Board or Audit Committee under Section 143(12) of the Act, any instances of fraud committed against the Company by its officers or employees.

30. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE COURTS/REGULATORS:

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Companys operations in future.

31 . CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO UNDER SECTION 134(3)(m) OF THE COMPANIES ACT, 2013: The details of conservation of energy, technology absorption, foreign exchange earnings and outgo are as follows: A. CONSERVATION OFENERGY:

The Company continues its policy of encouraging energy conservation measures. The regular review of energy consumption and the systems installed to control utilization of energy is undertaken. B. RESEARCH & DEVEACTIVLITIEOS & PTECHMNOLOEGY ANBSORTPTION: The Company is developing in-house software.

C. EXCHANGE EARNINGS AND OUTGO:

Details of Foreign exchange earnings and outgo for the financial year is NIL.

32 . RELATED PARTY TRANSACTIONS/CONTRACTS:

The Company has implemented a Related Party Transactions policy for the purposes of identification and monitoring of such transactions. The policy on related party transactions is uploaded on the Companys website. All related party transactions are placed before the Audit Committee for approval. Prior omnibus approval of the Audit Committee is obtained on an annual basis which is reviewed and updated on quarterly basis. Pursuant to the Section 134(3) (h) of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014, there were no contract where in the related parties are interested. In accordance with the provisions of the Companies Act, 2013, the details of related party transactions are available in the Notes to the Standalone financial statements section of the Annual Report.

33. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

Loans, Guarantees and Investments covered under section 186 of the Companies Act, 2013 form part of the notes to the financial statements provided in this Annual Report.

34. HUMAN RESOURCES MANAGEMENT:

We take this opportunity to thank employees at all levels for their dedicated service and contribution made towards the growth of the company. The relationship with the workers of the Companys manufacturing units and other staff has continued to be cordial. To ensure good human resources management at the company, we focus on all aspects of the employee lifecycle. During their tenure at the Company, employees are motivated through various skill-development, engagement and volunteering programs. In terms of Section 197(12) of the Companies Act, 2013, read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, no employee(s) drawing remuneration in excess of limits set out in said rules forms part of the annual report.

35. EXTRACT OF ANNUAL RETURNS:

Pursuant to Section 92(3) read with section 134(3)(a) of the Companies Act, 2013, copies of the Annual Returns of the Company prepared in accordance with Section 92(1) of the Act read with Rule 11 of the Companies (Management and Administration) Rules, 2014 are placed on the website of the Company and is accessible at the web-link: www.saboobrothers.com.

36. CORPORATE GOVERNANCE:

Report on Corporate Governance along with a Certificate from M/s. Ramesh Chandra Mishra & Associates, regarding compliance with the conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement with Stock Exchange read with the relevant provisions of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 forms part of this Report and Annexure - III to this Boards Report.

37. DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. The Company has not received any complaint under this policy during the 2022-2023.

38. BANK AND FINANCIAL INSTITUTIONS:

Directors are thankful to their bankers for their continued support to the company.

39. CORPORATE SOCIAL RESPONSIBILITY:

As per the Companies Act, 2013 all companies having net worth of 500 crore or more or turnover of Rs. 1000 crore or more or a net profit of Rs. 5 crore or more during any financial year are required to constitute a appropriate corporate social responsibility (CSR) Committee of the Board of Directors comprising there or more directors, at least one of whom an independent director and such company shall spend at least 2% of the average net profits of the Companys three immediately preceding financial year.

The Company presently does not with any of the criteria stated herein above.

40 . CHANGE OF NAME OF THE COMPANY FROM "SABOO BROTHERS LIMITED" TO "ALL GOOD VENTURES

LIMITED":

Pursuant to section 4, 13 and 14 of the Companies Act, 2013, the Companies (Incorporation) Rules, 2014 and other applicable provisions and rules, if any, of the Companies Act, 2013 (including any statutory modification or re-enactment thereof for the time being in force), regulations 45 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and subject to the approvals of the central government, regulatory authorities, the existing name of the Company be changed from "Saboo brothers Limited" to "All Good Ventures Limited".

The name "Saboo brothers Limited" wherever appearing in the Memorandum and Articles of Association and other documents etc. be substituted by the new name "All Good Ventures Limited".

The Board of Directors (‘the Board, which term shall include any Committee authorised by the Board to exercise its powers including powers conferred on the Board by this resolution) and KMP of the Company, be and are hereby severally authorised on behalf of the Board for making application for change of name, filing of necessary forms with the Ministry of Corporate Affairs, Registrar of Companies, Stock Exchanges, make the necessary application to the Central Government for the approval of the aforesaid name and to do all such acts, deeds, things and matters on behalf of the Company as it may in its absolute discretion deem necessary, proper or desirable and to settle any questions, difficulty, doubt that may arise in this regard and further to sign and execute documents, forms, applications and writings as may be necessary, proper, desirable or expedient to give effect to this resolution without being required to seek any further consent or approval of the shareholders of the Company.

41. CHANGE OF REGISTERED OFFICE OF THE COMPANY FROM THE STATE OF RAJASTHAN TO THE STATE OF MAHARASHTRA:

The Management are operating from Mumbai in the state of Maharashtra. Presently, the Companys Registered Office is located in Udaipur, Rajasthan. The Board of Directors of your Company at their meeting held on 29^th August, 2023 has proposed to shift the Registered Office of the Company from the State of Rajasthan to the State of Maharashtra, within the jurisdiction of the Registrar of Companies, Mumbai to carry on the business of the Company more economically and efficiently and with better operational convenience. As per provisions of Section 12 and other applicable provisions, if any, of the Companies Act, 2013 and rules made thereunder, shifting of Registered Office of the Company from one state to another state requires approval of the Members by way of Special Resolution.

I. The Company was incorporated under the provision of the Companies Act, 1956 in the State of Rajasthan on

06/02/1979 as Public Limited Company. As per Clause II of the Memorandum of Association of the Company the registered office of the Company is located in the state of Madhya Pradesh.

II. The Registered Office is at 220, Ashok Nagar, Main Road, Girwa, Udaipur, Rajasthan - 313001 and the Corporate

Office of the company is at 802, Impressa Rise, Ambazari Road, Opposite LAD College, Shivaji Nagar, Nagpur- 440010., and in the State of Maharashtra wherein presently all the books of accounts and papers are maintained. The proposed shifting will enable the company to have a better and effective control over the working of its registered office.

III. The company is in need of financial assistance for which it has approached Bank/Financial Institution, which is situated in the State of Maharashtra. They are on principle/ agreeable to extend the financial accommodation provided the registered office has to be located in the State of Maharashtra.

IV. The market condition & the scope of the business are very bright and conducive in the ‘State of Maharashtra. At present the Company has no business activity in and around Maharashtra.

V. All the business activities and day-to-day affairs of the Company are being controlled and managed from the

Corporate Office situated at 802, Impressa Rise, Ambazari Road, Opposite LAD College, Shivaji Nagar, Nagpur- 440010., in the State of Maharashtra. The Company propose to start its business activities in the State of Maharashtra. No useful purpose will be served by continued maintenance of the registered office at Udaipur and in the State of Rajasthan and it has become uneconomical and inconvenient to run the registered office at Rajasthan. It will be just, necessary, expedient, desirable and convenient for the Company to plan, execute, organize and co-ordinate its business activities if the Registered Office is shifted from the State of Rajasthan to the State of Maharashtra. It would be commercially expedient, justified and logical that the company is allowed to shift its registered office from the State of Rajasthan to the State of Maharashtra.

VI. The proposed change in the situation of the registered office will enable the directors to manage and conduct the affairs of the company most conveniently, efficiently and advantageously. Such change will also enable the company to carry on its activities more economically. It will create administrative convenience for advantageously managing the affairs of the company. It will enable the company to carry on its business more efficiently and economically as well as more efficiently. It would be advantageous, expedient, necessary, convenient and conducive to the business activities of the company to have the registered office in the State of Maharashtra.

VII. The Company has no employee and staffs in the state of Rajasthan, hence the proposed shifting will neither lead to retrenchment of any employee of the company, whether in the State of Maharashtra or any other place nor cause any prejudice to any other person.

VIII. There is no amount outstanding in respect of undisputed Income Tax, Wealth Tax, Sales Tax, GST, and Custom duty and excise duty.

IX. The Company has no dues outstanding towards Govt. of Rajasthan on account of Sales Tax, GST.

X. The Company has not taken any loan and/or subsidy from the Govt. of Rajasthan and/or State run Financial Institution.

XII. The proposed alteration would not prejudice the rights or interest what so ever of any person whomsoever. XIII. The company has not issued any debentures and the Company has not accepted any Fixed Deposits. XIV. No instrument in pending for conversion into shares capital.

The Board has recommended, to the change of registered office of the company as per section 13 of the companies Act, 2013 and rule 30 of the Companies (Incorporation) Rules, 2014. and sought your approval by way of Special resolution.

The Board of Directors (‘the Board, which term shall include any Committee authorised by the Board to exercise its powers including powers conferred on the Board by this resolution) and KMP of the Company be and are hereby severally authorized to do all such acts, deeds, matters and things and to execute all such documents, deeds, petitions, affidavits and writings and filing the same with the Registrar of Companies, Regional Director, State Government and any other Authority as may be necessary.

42. OPEN OFFER:

Open offer made by Mr. Rajan Kantilal Shah, for acquisition of upto 15,85,012 (Fifteen Lakhs Eighty-Five Thousand and Twelve) Equity Shares representing 26.00% (Twenty Six Percent) of the Voting Share Capital of Saboo Brothers Limited (Target Company) from the Public Shareholders of the Target Company on July 11,2023.

43. ACKNOWLEDGMENTS:

Your Directors convey their sincere thanks to the Government, Banks, Shareholders and customers for their continued support extended to the company at all times.

The Directors further express their deep appreciation to all employees for commendable teamwork, high degree of professionalism and enthusiastic effort displayed by them during the year.

	By Order of the Board of Directors
	For Saboo Brothers Limited
	Sd/-
	Nikhil Kuwar Singh
	Whole-time Director
	(DIN: 09127337)
Dated: 29.08.2023
Place: Udaipur