The Members,
Savani Financials Limited.
Your Directors are pleased to present the 39th (Thirty-Ninth Annual Report)
of Savani Financials Limited (the ‘Company) along with the audited financial
statements for the financial year ended
March 31, 2023.
1. Results of our operations and state of affairs:
(Rupees in Lacs)
Particulars |
2022-23 |
2021-22 |
| Revenue from Operations & Other Income |
11.10 |
11.34 |
Profit/(Loss) before Depreciation, Finance Cost & Taxation |
(7.36) |
1.51 |
| Less: Finance Cost |
- |
- |
| Less: Depreciation |
- |
- |
| Less: Income Tax |
- |
- |
| Profit / (Loss) after Tax |
(7.36) |
1.51 |
| Balance brought forward from previous year |
(521.00) |
(522.51) |
| Available for appropriation |
(528.36) |
(521.00) |
Appropriations |
|
|
| Transfer to General Reserve |
- |
- |
| Balance carried to Balance Sheet |
(528.36) |
(521.00) |
2. Brief description of the companys working during the Year/ State of
companys affair:
During the year under review, the Company has earned operating revenue including other
income aggregating to Rs. 11.10 lacs as against Rs. 11.34 lacs in the previous year. Net
Loss after tax stood at Rs. 7.36 lacs as against net profit of Rs. 1.51 lacs in the
previous year. The management is looking for opportunities to identify niche segments in
which the Company can look for better business possibilities. The management is also
exploring possibility of identifying new business opportunities to augment its resources.
The Company is engaged only in the business of providing financial services and
accordingly there are no separate reportable segments as per IND AS- 108 on Operating
Segment.
3. Change in the nature of business, if any:
During the year under review, there is no change in nature of business of the Company.
4. Dividend:
In view of accumulated losses, your Directors do not propose any dividend for the
financial year ended March 31, 2023.
5. Transfer to Reserves:
The Company does not propose to transfer any amount to the reserves due to loss
incurred in financial year ended March 31, 2023.
6. Share capital:
As at March 31, 2023, the issued, subscribed and paid-up equity share capital of the
Company stood at Rs. 4,00,00,000 (Rupees four crores only) divided into 40,00,000 (Forty
lakhs only) equity shares of Rs. 10/- (Rupees ten only) each.
The Company has not issued shares with differential voting rights, nor sweat equity
shares, nor offered any shares under Employee Stock Option Scheme. The Company has not
bought back any of its securities during the year under review.
7. Board of Directors and Key Managerial Personnel:
Composition of Board of Directors:
As of March 31, 2023, your Company had 4 (four) Directors consisting of 2 (Two)
Independent Directors, 1 (One) Executive Directors, and 1 (One) Non-Executive Directors as
follows-:
1. Mr. Suresh Madhav Mhatre (DIN:00002853) - Independent Director
Mr. Suresh Madhav Mhatre is an Independent Director of the Company with effect from
11th May 2012 appointed under the provisions of erstwhile Companies Act, 1956 and under
Clause 49 of the listing agreement. He was re-appointed as an Independent Director for a
period of 5(five) years with effect from 1st April 2019.
2. Mr. Samir Ramakant Mehta (DIN:00398813) - Independent Director
Mr. Samir Ramakant Mehta is an Independent Director of the Company with effect from 28th
August 1991 appointed under the provisions of erstwhile Companies Act, 1956 and under
Clause 49 of the listing agreement. He was re-appointed as an Independent Director for a
period of 5(five) years with effect from 1st April 2019.
3. Ms. Deepa Kishor Tracy (DIN:00516615) - Managing Director
Ms. Deepa Tracy is the Managing Director of the Company, who was re-appointed for a
period of five years with effect from 14th August, 2019.
4. Mr. Manish Jagdish Chaudhari (DIN:00516641) - Non-Executive Director Mr. Manish
Jagdish Chaudhari, Non-Executive Director of the Company.
Changes in the Board of Directors
During the year, there were no changes in the Board of Directors of the Company.
However as on the date of Director Report following changes in the Board of Directors
took place:
1. Mr. Samir Ramakant Mehta (DIN:00398813) has resigned from the post of Independent
Director of the Company with effect from May 29, 2023
2. Mr. Manish Jagdish Chaudhari (DIN:00516641) has resigned from the post of
Non-Executive Director of the Company with effect from May 29, 2023 which is subject to
approval of Reserve Bank of India.
3. Appointment of Mr. Manish Chulawala (DIN-01077865) as an Additional Director in the
category of Non-Executive & Independent Director, subject to approval of members of
the Company.
4. Appointment of Mr. Ajay Patadia (DIN-00298226) as an Additional Director in the
category of Non-Executive & Independent Director, subject to approval of members of
the Company.
5. Continuation of appointment of Ms. Deepa Tracy (DIN-00516615) as a Managing Director
of the Company after attaining 70 years of age, subject to approval of members of the
Company.
Changes in the composition of the Committee
As on the date of Director Report following changes took place in the composition of
the committee
Audit Committee:
In the Board Meeting held on May 29, 2023 the constitution of the Audit Committee of
the Company was changed as below:
Sr. No. Name |
Position in the Committee |
Designation |
1 Mr. Manish Chulawala |
Chairman |
Non-Executive Independent Director |
2 Mr. Ajay Patadia |
Member |
Non-Executive Independent Director |
| 3 Ms. Deepa Tracy |
Member |
Managing Director |
4 Mr. Suresh Mhatre |
Member |
Non-Executive Independent Director |
Nomination and Remuneration Committee:
In the Board Meeting held on May 29, 2023 the constitution of the Nomination and
Remuneration Committee of the Company was changed as below:
Sr. No. Name |
Position in the Committee |
Designation |
1 Mr. Ajay Patadia |
Chairman |
Non-Executive Independent Director |
2 Mr. Manish Chulawala |
Member |
Non-Executive Independent Director |
3 Mr. Suresh Mhatre |
Member |
Non-Executive Independent Director |
Stakeholder Relation and Share Transfer Committee:
In the Board Meeting held on May 29, 2023 the constitution of the Stakeholder Relation
and Share Transfer Committee of the Company was changed as below:
Sr.No. Name |
Position in the Committee |
Designation |
1 Mr. Ajay Patadia |
Chairman |
Non-Executive Independent Director |
| 2 Ms. Deepa Tracy |
Member |
Managing Director |
3 Mr. Suresh Mhatre |
Member |
Non-Executive Independent Director |
4 Mr. Manish Chulawala |
Member |
Non-Executive Independent Director |
Key Managerial Personnel (KMP)
During the year, Ms. Sejal Bisra was appointed as a Chief Financial Officer of the
Company with effect from August 12, 2022. Ms. Anusha Sultania has resigned from the post
of Company Secretary and Compliance Officer of the Company with effect from January 09,
2023 and Mr. Praful Sheth was appointed as the Company Secretary and Compliance Officer of
the Company with effect from January 10, 2023.
However as on the date of Director Report, Ms. Sejal Bisra has resigned with effect
from May 29, 2023 from the post of Chief Financial Officer of the Company.
As on March 31, 2023, the following personnel are KMPs as per the definition under
Section 2(51) and Section 203 of the Act:
1. Ms. Deepa Tracy (Managing Director),
2. Ms. Sejal Bisra (Chief Financial Officer) and
3. Mr. Praful Sheth (Company Secretary and Compliance Officer).
Number of meetings of the Board of Directors and Committee meetings:
Board Meetings
Seven Meetings of the Board of Directors of the Company were held during the year under
consideration. The dates of the said Meetings are 01/04/2022, 13/05/2022, 12/08/2022,
11/11/2022, 09/01/2023, 13/01/2023 and 03/02/2023. The details of composition of the Board
and attendance of Directors at the Board Meetings are given below:
Name of the Directors |
Number of meetings attended/number of meetings held during the
tenure of 2022-23 |
| Ms. Deepa Tracy |
7/7 |
| Mr. Manish Chaudhari |
6/7 |
| Mr. Suresh Mhatre |
7/7 |
| Mr. Samir Mehta |
7/7 |
Independent Directors met once during the year on February 03, 2023.
Audit Committee Meetings
Four Audit Committee Meetings were held during the year under consideration. The dates
of the said Meetings are 13/05/2022, 12/08/2022, 11/11/2022 and 03/02/2023. The details of
composition of the Audit Committee and attendance of the Directors at the Audit Committee
Meetings are given below:
Name of the Directors |
Number of meetings attended/number of meetings held during the
tenure of 2022-23 |
| Mr. Samir Mehta |
4/4 |
| Ms. Deepa Tracy |
4/4 |
| Mr. Suresh Mhatre |
4/4 |
Nomination & Remuneration Committee Meetings
Two Nomination & Remuneration Committee Meeting were held during the year under
consideration on 12/08/2022 and 09/01/2023. The details of composition of the Nomination
& Remuneration Committee and attendance of the Directors at the Nomination &
Remuneration Committee Meetings are given below:
Name of the Directors |
Number of meetings attended/number of meetings held during the
tenure of 2022-23 |
| Mr. Manish Chaudhari |
1/2 |
| Mr. Samir Mehta |
2/2 |
| Mr. Suresh Mhatre |
2/2 |
Stakeholder Relation & Share Transfer Committee Meetings
Four Stakeholder Relation & Share Transfer Committee Meetings were held during the
year under consideration. The dates of the said Meetings are 13/05/2022, 12/08/2022,
11/11/2022, and 03/02/2023.The details of composition of the Stakeholder Relation &
Share Transfer Committee and attendance of the Directors at the Stakeholder Relation &
Share Transfer Committee Meetings are given below:
Name of the Directors |
Number of meetings attended/number of meetings held during the
tenure of 2022-23 |
| Mr. Suresh Mhatre |
4/4 |
| Mrs. Deepa Tracy |
4/4 |
| Mr. Samir Mehta |
4/4 |
8. Director Retired by Rotation:
In accordance with provisions of Section 152 of the Act and the Articles of Association
of the Company, Ms. Deepa Tracy, Managing Director (DIN:00516615), retires by rotation at
the ensuing Annual General Meeting (AGM) and being eligible, has offered herself for
reappointment. Companys policy on directors appointment and remuneration is available on
the website of the Company.
9. Material changes and commitments, if any, affecting the financial position of
the company which has occurred between the end of financial year of the company to which
the financial statements relate and date of the report:
There have been no material change and commitment affecting the financial position of
the Company which has occurred between end of the financial year under review and the date
of this Directors Report.
10. Details of significant and material orders passed by the regulators or courts or
tribunals impacting going concern status and companys operations in future:
The Company has not received any significant and material orders passed by the
regulators or courts or tribunals during the year, which may impact the going concern
status of the
Company or will have any bearing on Companys operations in future.
11. Details in respect of adequacy of internal financial controls with reference to the
financial statements:
In accordance with the provision of Section 134(5)(e) of the Act and as per the
provisions of the SEBI (LODR), Regulations, 2015, the Company has an Internal Financial
Control System, commensurate with the size, scale and complexity of its operations. Such
Internal Financial Controls were found to be adequate for a Company of this size. The
controls are largely operating effectively since there has not been identification of any
material weakness in the Company. The Company has policies and procedures in place for
ensuring proper and efficient conduct of its business, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records and timely preparations, reliable financial information. Since the
Company has small scale of operations, it has not appointed Internal Auditors for the
financial year 2022-23. However, the Company has established process to undertake
corrective action in the respective areas and thereby strengthen the controls. Significant
observations and corrective actions thereon are presented to the Audit Committee of the
Board.
12. Details of Subsidiary, Joint Venture or Associate Companies:
The Company does not have any Subsidiary, Joint Venture or an Associate Company.
Therefore, Form AOC-1 is not applicable to the Company for the Financial Year 2022-2023
and hence does not form part of this report.
13. Deposits:
During the year under review, the Company has not accepted any deposit within the
meaning of the Companies (Acceptance of Deposits) Rules, 2014 or Chapter V of the Act or
within the meaning of Section 73 of the Act and the Companies (Acceptance or Deposits)
Rules, 2014 and guidelines and directions of Non-Banking Financial Companies (Acceptance
of Public Deposits) (Reserve Bank) Directions, 2016, as prescribed by Reserve Bank of
India in this regard and as such no details are required to be furnished.
14. Auditors:
Statutory Auditor:
In terms of Section 139 of the Act, as amended by the Companies (Amendment) Act, 2017
notified on May 07, 2018, appointment of Auditors need not be ratified at every Annual
General Meeting. Accordingly, the notice convening the ensuing Annual General Meeting will
not carry any resolution for ratification of appointment of Statutory Auditors.
M/s. SCA and Associates, Chartered Accountants (Reg No.101174W) were appointed as the
statutory auditors of the Company by the Members at the Annual General Meeting held on
September 12, 2022 to hold office for a period of five years till the conclusion of the 43rd
Annual General Meeting to be held in the year 2027. However, due to other pre-occupations
and committed schedule and also in order to maintain synergies of audit of the entire
group on account of exit of one promoter and consequential change in the board of
directors, they were unable to continue and would not carry out the audit of the Company
and has tendered her resignation. Hereby, we thank auditor for the services rendered and
appreciate their support and co-operation. The Board thereby appointed M/s. Jayantilal
Thakkar & Co, as the Statutory Auditors of the Company for a period of five
consecutive years from FY 2023-24 to FY 2028-29, subject to approval from members of the
Company.
The Statutory Auditors have given a confirmation to the effect that they are eligible
to be appointed and that they have not been disqualified in any manner from continuing as
Statutory Auditors. The remuneration payable to the Statutory Auditors shall be determined
by the Board of Directors based on the recommendation of the Audit Committee.
Secretarial Auditor:
Pursuant to Section 204 of the Act, 2013 and Rule 9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Company in the Board Meeting held
on May 13, 2022 had appointed Ms. Prabha Sharma, Practicing Company Secretary as the
Secretarial Auditor of the Company for FY 22-23. Later due to her ill health and
forthcoming surgery; she was unable to continue and would not carrying out the audit of
the Company and has tendered her resignation and issued no objection certificate. The
Board thereby appointed Vaibhav Kakkad & Associates, Practicing Company Secretaries,
to undertake Secretarial Audit of the Company for the financial year ended March 31, 2023.
The Secretarial Audit Report in Form MR-3 for the financial year under review, as
received from Vaibhav Kakkad & Associates, Practicing Company Secretary is attached to
the Directors Report. There are no qualifications or adverse remarks in the Secretarial
Audit Report.
Cost Auditor
The maintenance of cost records as specified by the Central Government under
sub-section (1) of section 148 of the Companies Act, 2013, is presently not applicable to
the Company and accordingly such accounts and records have not been made and maintained.
Hence no Cost auditor has been appointed.
15. The explanations of the Board on every qualification/reservation/adverse
remark/disclaimer made in the Audit Report and the Secretarial Audit Report.
Audit Report:
There is no adverse remark, reservation or qualification in the Audit Report for the
year under review.
Secretarial Audit Report:
a) As per Section 138 of the Companies Act, 2013, every listed company shall be
required to appoint an internal auditor in the company. Company is not appointed any
internal auditor during the year under review.
Explanation: Considering the current scale of operations of the Company it does not
have an Internal Auditor as required under the Companies Act, 2013 as on 31st March, 2023.
b) As per circular DNBS(PD).CC.No 200 /03.10.001/2010-11 dated September 17, 2010 read
with circulars DNBS (PD).CC. No 407/03.10.01/2014-15 dated August 20, 2014 and
DNBR(PD).CC.No 019/03.10.01/2014-15 dated February 06, 2015, every Non-Banking Finance
Company (NBFC) required to register itself with atleast one Credit Information company.
Company is not registered with any Credit Information Company as per RBI circular.
Explanation: With regard to registering the Company with at least one Credit
Information Company as required by Reserve Bank of India, the Company has been advised
that since the Company is a non-deposit accepting Company and has neither lending
portfolio nor does it intend to do so in the coming financial year, the provisions of
circular DNBS.(PD).CC.No.200/03.10.001/2010-11 dated September 17, 2010 is currently not
applicable to the Company and hence the Company has not registered itself with any Credit
Information Company.
16. Details in respect of frauds reported by auditors under Subsection (12) of Section
143 of the Act other than those which are reportable to the Central Government
There was no instance of fraud during the year under review, which required the
Statutory Auditors to report to the Audit Committee and/or Board of Company under Section
143(12) of the Act and Rules framed there under.
17. Listing Fees
All the equity shares of the Company i.e., 40,00,000 equity shares are listed on BSE
platform. The script code of the Company at BSE is 511577 and ISIN of Company is
INE304E01010.The Company has paid the Annual Listing Fees for the year 2022-23 to BSE,
where the Companys shares are listed.
18. Extract of the Annual Return
As per the requirements of Section 92(3) of the Companies Act, 2013 (hereinafter
referred as "the Act") read with Rule 12 of the Companies (Management and
Administration) Rules, 2014 as amended from time to time, including any statutory
modifications/amendments thereto for the time being in force, the annual return of Company
for Financial Year 2022-2023 is available on its website on http://savanifinancials.co.in/
19. Conservation of energy, technology absorption and foreign exchange earnings and
outgo
The provisions relating to the disclosure of particulars relating to conservation of
energy and technology absorption do not apply to the Company since it is engaged in the
business of financial services. The Company had no foreign exchange earnings and outgo
during the year.
20. Corporate Social Responsibility
The provisions of Section 135 of the Act for implementing Corporate Social
Responsibility Policy, constitute committee and expenditure thereof is presently not
applicable to the Company.
21. Declaration of independence by Independent Directors
The Independent Directors have given declarations that they meet the criteria of
independence as laid down under Section 149(6) of the Companies Act, 2013 and as required
under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.In the
opinion of the Board, Independent Directors fulfill the conditions specified in the Act,
Rules made there under and SEBI (LODR), Regulations 2015.
Meeting of Independent Director
As per Para VII (1) of Schedule IV of Section 149 (8) of the Companies Act, 2013,
Independent Directors are required to hold at least one meeting without the attendance of
Non-Independent Directors and members of management. Accordingly, such meeting of
Independent Directors was held. Independent Directors reviewed the performance of
Non-Independent Directors and the Board as a whole based on certain parameters set by
Independent Directors.
22. Formal Annual Evaluation
The Companies Act, 2013 and the SEBI (LODR) Regulations, 2015 stipulate the evaluation
of the performance of the Board, its Committees, Individual Directors and the Chairperson.
During the year, the Board of Directors has carried out an annual evaluation of its own
performance and individual directors pursuant to a guidance note dated January 5, 2017
released by Securities and Exchange Board of India ("SEBI") on the
evaluation of the board of directors of a listed company ("Guidance Note").
The performance of the Board and individual directors was evaluated by the Board after
seeking inputs from all the directors on the basis of criteria such as the Board
composition and structure, effectiveness of Board processes, information and functioning,
etc. In a separate meeting of Independent Directors held on February 03, 2023, performance
of Non-Independent Directors and the Board as a whole was evaluated, taking into account
the views of Executive Directors and Non-Executive directors. The results of the
evaluation are satisfactory and adequate and meet the requirement of the Company.
23. Details of establishment of vigil mechanism for Directors and employees
In terms of Section 177 of the Act and Regulation 22 of the SEBI (LODR) Regulations,
2015, Company have established a vigil mechanism for the Directors and employees. The
Vigil Mechanism Policy is framed for carrying out investigation, to conduct the enquiry in
fair and unbiased manner, to ensure that complete fact finding exercise has been
undertaken and provide a channel to the Directors and employees to report genuine concerns
or suspected fraud.
24. Nomination and Remuneration Policy
In accordance with Section 178 of the Companies Act, 2013 and the SEBI LODR Regulations
the Company has a Board approved Nomination and Remuneration Policy. Companys policy on
Remuneration is available on the website of the Company at http://savanifinancials.co.in/
25. Disclosure about Disqualification
None of the Directors of the Company are disqualified u/s 164 (2) of the Companies Act,
2013.
26. Particulars of loans, guarantees or investments under Section 186
During the year, there was no loan given, investment made, guarantee given or security
provided by the Company covered under Section 186 of the Companies Act, 2013.
27. Particulars of contracts or arrangements with related parties
There is no contract or arrangements made during the year with related parties falling
under the scope of Section 188(1) of the Act. Accordingly, the disclosure of related party
transactions as required under Section 134(3)(h) of the Act in Form AOC-2 is not
applicable to the Company for FY 2022-23 and hence does not form part of this report.
28. Managerial Remuneration
No remuneration has been paid to the Directors during the year under review and
accordingly, no information is being provided for the same.
29. Particulars of Employees
None of employees, during the year under review or part of it, has drawn salary above
the limits specified under the Rule 5(2) of Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.
30. Management Discussion & Analysis
In terms of the provisions of Regulation 34 of the SEBI (LODR), Regulations, 2015), the
Managements Discussion and Analysis is set out in this Directors Report. Managements
Discussion and Analysis Report provides details of the overall industry structure,
developments, performance and state of affairs of the Companys various businesses.
31. Business Responsibility and Sustainability Report
Pursuant to Regulation 34 of SEBI (LODR), Regulations, 2015, disclosures regarding
environment, social and governance thereof is not applicable to the Company.
32. Corporate Governance Report
The provisions of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 relating to Corporate Governance Report are presently not applicable to
the Company as Paid up Equity Share Capital of the Company does not exceed Rs. 1000.00
Lacs and Net Worth of the Company does not exceed Rs. 2500.00 Lacs as on the last day of
the previous financial year i.e. 31st March, 2023.
As on March 31, 2023, the paid-up equity shares capital and net worth of the Company
are 400.00 lakhs and 210.22 lakhs respectively. Hence, the Company is exempted under
Regulation 15(2)(a) of Listing Regulations and consequently it is also exempted from
submitting Corporate Governance Report for the year ended 31 March, 2023
33. Annual secretarial compliance regulation 24A
Vide circular LIST/COMP/10/2019-20 dated 9th May 2019 the provisions of
Regulation 24A Annual Secretarial Compliance does not apply to the company for the
financial year ending 31st March 2023 since the paid up Equity Share Capital of
the Company does not exceed Rs. 1000.00 Lacs and Net Worth of the Company does not exceed
Rs. 2500.00 Lacs as on the last day of the previous financial year i.e. 31st March, 2023.
As on March 31, 2023, the paid-up equity shares capital and net worth of the Company
are 400.00 lakhs and 210.22 lakhs respectively. Hence, the Company is exempted under
Regulation15 (2)(a) of Listing Regulations and consequently it is also exempted from
submitting Annual Secretarial Compliance Report for the year ended 31 March, 2023.
34. Risk Management
The Company has framed a risk management framework to identify, business risk and
challenges across the Company. The risk framework helps us meet the business objectives by
aligning operating controls with the mission and vision of the Company. After extensive
deliberation on the nature of risk and after adequate risk mitigations steps, the business
activities are being carried out under the direct supervision of the Board of Directors of
the Company to ensure that no foreseeable risk involved in such an activity which may
threaten the existence of the Company.
35. Directors responsibility statement
Pursuant to the requirement under section 134(3)(c) of the Companies Act, 2013, the
Directors confirm that:
(i) In preparation of the annual accounts for the financial year ended March 31, 2023,
the applicable accounting standards have been followed.
(ii) 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 at the end of the financial year and of
the loss of the Company for the year.
(iii) The Directors have taken proper and sufficient care towards the maintenance of
adequate accounting records in accordance with the provisions of this Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities.
(iv) The Directors have prepared the annual accounts on accrual basis under the
historical cost convention.
(v) The Directors have laid down internal financial controls, which were adequate and
operating effectively.
(vi) The Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and such systems were adequate and operating effectively.
These Financial Statements have been prepared in accordance with Ind AS as notified
under the Companies (Indian Accounting Standards) Rules, 2015 read with Section 133 of the
Act.
36. Code for prevention of Insider Trading
Policies and code adopted by the Company pursuant to SEBI (Prohibition of Insider
Trading) Regulations, 2015, as amended from time to time, are displayed on the companys
website at http://savanifinancials.co.in/corporate-policies/
37. Disclosures under 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 the Workplace (Prevention, Prohibition &
Redressal) Act, 2013.
No of complaints received: Nil No of complaints disposed off: Nil
No cases were reported of any sexual harassment of women at workplace.
38. Compliance with Secretarial Standards
The Company has complied with Secretarial Standards for Board meeting and Secretarial
Standards for General Meeting issued by The Institute of Company Secretaries of India. The
Company has voluntarily adopted Secretarial Standards for Report of the Board of
Directors.
39. Credit Rating
During the year under review, no credit ratings / revision in Credit Ratings were done
by any credit rating agency.
40. Disclosure of Accounting Treatment
Implementation of Indian Accounting Standards (IND AS) converged with International
Financial Reporting Standards (IFRS). As mandated by Companies (Indian Accounting
Standards) Rules, 2015, Non-Banking Financial Company (NBFCs) whose equity or debt
securities are listed on any stock exchange in India or outside India and having net worth
less than rupees five hundred crore are required to comply with the Indian Accounting
Standards (IND AS) for Financial Statements for accounting periods beginning from April 1,
2019 onwards, with comparatives for the period ending March 31, 2019. Accordingly, the
annual financial statements are prepared as per Indian Accounting Standards.
41. Compliance with the code of conduct and ethics
In compliance with the Listing Regulations and Act, the Company has framed and adopted
a code of conduct and ethics ("the code"). The code is applicable to the members
of the Board, the executive officers and all the employees of the Company.
All the members of the Board and Senior Management Personnel have affirmed compliance
to the code for the financial year ended on March 31, 2023
42. Familiarization Policy and Programme for Independent Directors
The Company has a Familiarization Programme which provides Orientation at the time of
the appointment of Independent Directors which covers their role and responsibilities,
overview of the industry, operations, and business model of the Company. They are provided
with copies of the Companys latest Annual Reports, relevant provisions of the SEBI
(LODR), Regulations, 2015, the Companies Act, 2013, Code of Conduct prescribed for the
Board of Directors, Prevention of Insider Trading regulations and other internal policies
to help them get a broad view of the Companys procedures and practices.
43. Details of application made or any proceeding pending under the Insolvency and
Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at the end
of the financial year.
Not applicable as no proceeding are pending under Insolvency and Bankruptcy Code, 2016.
44. Details of difference between amount of the valuation done at the time of time
settlement and the valuation done while taking loan from the Banks or Financial
Institutions along with the reasons thereof.
Not applicable as no settlement of loan was made with any bank or Financial
Institution.
45. Unpaid Dividend and Investor Education and Protection Fund (IEPF)
The Company has not paid any dividend during the year under audit and hence clause (f)
of Rule 11 of the Companies (Audit and Auditors) Rules, 2014 is not applicable.
46. Acknowledgements
Your Directors take this opportunity to thank Companys customers, shareholders,
suppliers, bankers, business partners, associates, financial institutions and central and
state governments for their consistent support and encouragement to the Company. Finally,
your Directors would like to convey sincere appreciation to all the employees of the
Company for their hard work, commitment and continued support during the year.
For and on behalf of the Board of Directors |
|
SAVANI FINANCIALS LIMITED |
|
|
Deepa Tracy |
Suresh Mhatre |
Place: Mumbai |
Managing Director |
Director |
Date: September 01, 2023 |
DIN: 00516615 |
DIN:00002853 |
+91-9892691696
