shree rajasthan syntex ltd Directors report

To

The Members,

Your Directors have pleasure in presenting the 43^rd Annual Report on the business and operations of the Company along with the Audited Financial Statements for the financial year ended on 31^st March, 2023.

1. FINANCIAL SUMMARY AND HIGHLIGHTS

The Companys financial summary and highlights are summarized below:-

(Rs. in Lakhs)

Particulars	Financial Year
	31st March, 2023	31st March, 2022
Revenue from operations	5,164	5,078
Other Income	114	17
Total Revenue (A)	5,278	5,095
Expenses:-
Cost of materials consumed	822	1,102
Purchase of Stock-in-trade	1,003	715
Changes in inventories of finished goods, Work in progress and	60	33
stock-in-trade
Employees benefit expenses	1,070	1,152
Finance Costs	2,129	2,771
Depreciation and Amortization expenses	2,037	437
Other Expenses	2,466	2,527
Total Expenses (B)	9,587	8,737
Profit/(loss) before exceptional items and tax (A) - (B)	(4,309)	(3,642)
Exceptional items (gain)	(13)	-
Profit / (Loss) before tax	(4,322)	(3,642)
Less : Tax expense	7	-
Profit / (Loss) for the period	(4,329)	(3,642)
Other comprehensive Income (Net of Tax)	(13)	6
Total Comprehensive Income for the period (Comprising profit	(4,342)	(3,636)
after tax and other comprehensive income after tax for the period)

2. FINANCIAL PERFORMANCE

During the year under review, the Companys operations continued to be affected due to the impact of high power cost and non-availability of working capital for operations resulting in lower capacity utilisation and constrained margins due to operations on Job work basis. The Syntex and Polycot Division continued to remain shut during the complete financial year. Furthermore, the Company has not been able to undertake necessary regular capital expenditure as per industry norms for proper maintenance and upkeep of plant and equipment due to paucity of funds. During the year under review the Company had a downfall in its profitability. There was a loss during the year amounting to Rs. 4,329 Lakhs as compared to loss of Rs. 3,642 Lakhs in previous year. The total revenue of the company was Rs. 5,278 Lakhs as compared to Rs. 5,095 Lakhs of previous year. Further there is no change in the nature of business in the Financial Year 2022-23.

Your Directors and Management along with the entire team is taking all possible action to ensure that we are able to sustain our financial productivity and business operational developments inspite of all adverse external conditions and competition.

3. STATE OF THE COMPANYS AFFAIR

The business operations of the company during the year under review continues to be adversely affected. The Company produced 5011.92 M.T. of yarn valuing Rs. 5103.54 Lakhs during the period under review as against 5824.76 M.T. of yarn valuing Rs. 5044.56 Lakhs produced during the last year. During the year, there were no exports. The state of Companys affairs and performance of the Company is analyzed in detail in the Management

Discussions and Analysis Report annexed to this report as Annexure-5.

4. DIVIDEND

In view of Losses in the current year, your Directors are unable to recommend any dividend for the year under review.

5. TRANSFER TO RESERVES

No amount is proposed to be transferred to the Reserves for the year under review.

6. UNPAID / UNCLAIMED DIVIDEND

The details of unpaid / unclaimed dividend and their respective shares transferred by the Company to IEPF are available at the website of the Company at List of shareholders -IEPF and List of shareholders – Dividend

7. FIXED DEPOSITS

Your Company has not accepted any fresh Unsecured Fixed Deposits from its members during the financial year 2022-23. The Fixed Deposits which have been taken earlier have been duly paid as and when they were matured. 1. The details relating to deposits, covered under Chapter V of the Companies Act, 2013 ("the Act") are as under:-

a) accepted during the year :	Nil
b) remained unpaid or unclaimed as at the end of the year :	Nil
c) whether there has been any default in repayment of the deposits or
payment of interest thereon during the year and if so, number of such
cases and the total amount involved
i. at the beginning of the year :	Nil
ii. maximum during the year :	Nil
iii. at the end of the year :	Nil

2. There are no deposits which are in non - compliance with the requirements of Chapter V of the Act.

8. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186

Particulars of loans or investments covered under Section 186 of the Act along with the purpose for which the loan or security is proposed to be utilized by the recipient of the loan or security, are provided in Notes to the Financial Statements. Please refer note 6 and 14 to the Financial Statement. Further, no guarantees have been given by the Company.

9. CHANGE IN THE DIRECTORS AND KEY MANAGERIAL PERSONNEL (A) Directors

In accordance with the provisions of Section 152(6) of the Act read with the rules made thereunder and the Companys Articles of Association, Mr. Vikas Ladia (DIN: 00256289) was re-appointed as director retire by rotation at the 42^nd AGM.

Mr. Anubhav Ladia (DIN:00168312) is liable to retire by rotation at 43^rd AGM and being eligible, seeks reappointment. The Board recommends his re-appointment.

Further, there is no change in the Board of Directors.

(B) Key Managerial Personnel (KMP)

There is no change in Key Managerial Personnel for financial year 2022-23.

10. MEETINGS OF THE BOARD

The Board of Directors met six times during the financial year 2022-23, i.e. 11^th April, 2022, 7^th May, 2022, 25^th May, 2022, 2^nd August, 2022, 11^th November, 2022 and 3^rd February, 2023. Frequency and quorum at these meetings and the intervening gap between any two meetings were in conformity with the provisions of the Act, the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing

Regulations") and Secretarial Standards issued by The Institute of Company Secretaries of India ("Secretarial Standards"). The Secretarial Standards are adhered to by the Company. For further details, please refer report on Corporate Governance annexed to this report as Annexure-6.

11. COMMITTEES OF BOARD OF DIRECTORS

As on 31^st March, 2023, the Board have 4 Committees, namely, the Audit Committee, the Nomination and Remuneration Committee, the Stakeholders Relationship Committee and the Sub-Committee. A detailed note on the Composition of the Board and its Committees and other relevant details are provided in the report on Corporate Governance annexed to this report as Annexure-6.

12. FORMAL ANNUAL EVALUATION

The evaluation / assessment of the Directors and KMPs of the Company is to be conducted on an annual basis to satisfy the requirements of the Act and Listing Regulations. The Company is having a Policy for performance evaluation of Independent Directors, Board, Committees and other Individual Directors which includes criteria for their performance evaluation. The said criteria provide certain parameters like Attendance, Availability, Time spent, Preparedness, Active participation, Analysis, Objective discussions, Probing and testing assumptions, Industry and Business knowledge, Functional expertise, Corporate Governance, Development of Strategy and Long Term Plans, Inputs in strength area, Directors obligation and discharge of responsibilities, Quality and value of contributions and Relationship with other Board Members etc. which is in compliance with applicable laws, regulations and guidelines.

During the year under review, a separate mechanism was carried out by the Board, internally at the time of meeting itself, for formal annual evaluation of its own performance and that of its Committee and individual directors, including the Chairman of the Board, on parameters as mentioned above. Performance evaluation of Independent Directors was carried out by the entire Board and of all the Directors individually was also carried out by Nomination and Remuneration Committee in their meeting. Performance evaluation of the Chairman and non-independent directors was also carried out in the Meeting of Independent Directors separately.

13. NOMINATION AND REMUNERATION POLICY

The Companys policy on directors appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters, etc. is available on the website of the Company at Nomination and Remuneration Policy.

The policy briefly includes:-

1. Appointment/re-appointment Criteria and Qualifications of Director, KMPs, SMPs and other employees as may be decided by the Board of Directors

2. Term / Tenure of Director, KMPs, SMPs

3. Criteria for evaluation

4. Removal and Retirement of Directors, KMPs, SMPs

5. Provisions relating to remuneration of Director, KMPs, SMPs

There is no change in the Policy during the Financial Year 2022-2023.

14. DECLARATION BY INDEPENDENT DIRECTOR

The Company has received declaration from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under sub-section (6) of Section 149 of the Act and Regulation 16 (b) of Listing Regulations, compliance of code of conduct as per Schedule IV of the Act and the Independent Directors are independent of the management. As mandated by the Ministry of Corporate Affairs, they have also completed their registration on the databank of Independent Directors created by MCA and Indian Institute of Corporate Affairs. Mr. Narendra Nath Agrawala is exempted from passing Online Proficiency Self-Assessment Test and Mr. Sandeep Kumar Jain and Mrs. Manju Datta have cleared Online Proficiency Self-Assessment Test for Independent Directors Databank conducted by The Indian Institute of Corporate Affairs.

15. AUDITORS AND AUDIT REPORTS I. Statutory Auditors and Audit Report

M/s. Doogar & Associates, Chartered Accountants (Firm Registration No.000561N), New Delhi were appointed as the Statutory Auditors of the Company to hold office for second term of five years from the conclusion of the 42^nd AGM of the Company held on 9^th September, 2022, till the conclusion of the 47^th AGM to be held in calendar year 2027.

As required under the provisions of Section 139(1) of the Companies Act, 2013, the company has obtained a written certificate from the above mentioned Auditor to the effect that they confirm with the limits specified in the said Section and they have also given their peer review certificate and eligibility certificate stating that they are not disqualified within the meaning of Section 141 of the Companies Act, 2013.

The Audit Report on the Financial Statements for the financial year 2022-23 does not contain any qualifications, reservations or adverse remarks. The observations made by the Auditors are self explanatory and have been dealt with, in Independent Audit Report. The Notes to Financial Statement referred to in the Auditors Report are self-explanatory and do not call for any further comments.

II. Cost Auditors and Cost Audit Report

In terms of Section 148 of the Act read with rule 3 of the Companies (Cost Records and Audit) Rules, 2014 the Company is required to maintain cost records for Textile business. The accounts and records are made and maintained accordingly by the Company.

M/s. K.G. Goyal & Co., Cost Accountants, (Firm Registration No.000017), Jaipur were appointed as Cost Auditors of the Company for conducting the Audit of cost records maintained by the Company for the financial year 2022-23. The Cost Audit Report for the financial year 2022-23 does not contain any qualification, reservation or adverse remark.

Further, the Board of Directors has approved the re-appointment of M/s. K.G. Goyal & Co., Cost Accountants (Firm Registration No.000017), Jaipur as Cost Auditors for conducting the Audit of the cost records maintained by the Company for the financial year 2023-24. The remuneration proposed to be paid to them requires ratification by the shareholders of the Company in this AGM. In view of this, the Board of Directors recommends a remuneration of Rs. 30,000/- (Rupees Thirty Thousand Only) plus applicable GST and reimbursement of traveling expenses and out of pocket expenses (at actual) to the Cost Auditors to be ratified by the shareholders at the 43^rd AGM.

III. Secretarial Auditors and Secretarial Audit Report

M/s. V. M. & Associates, Company Secretaries (Firm Registration No. P1984RJ039200), Jaipur were appointed as Secretarial Auditors of the Company for conducting the Secretarial Audit for the financial year 2022-23. The Secretarial Audit Report for the financial year 2022-23, in form MR-3, containing the observations, are mentioned herein below: -

The Company maintains a Structured Digital Database but details of unpublished price sensitive information shared with the Statutory Auditors was initially not captured in it: The Management has the necessary software and has been now ensuring the required compliance.

The Secretarial Audit Report for the financial year 2022-23, in form MR-3, is annexed to this report as Annexure-1. Further, the Company has undertaken an audit for the financial year 2022-23 under Regulation 24A of Listing Regulations. The Annual Secretarial Compliance Report has been submitted to the stock exchange within prescribed timelines for the financial year 2022-23.

Further, the Board of Directors has approved the re-appointment of M/s. V. M. & Associates, Company Secretaries (Firm Registration No. P1984RJ039200), Jaipur as Secretarial Auditors for conducting the Secretarial Audit of the Company for the financial year 2023-24.

IV. Internal Auditors and Internal Audit Report

M/s. K.G. Bhatia & Co., Chartered Accountants (Firm Registration No. 010370C), Udaipur were appointed as Internal Auditors of the Company for conducting Internal Audit for the financial year 2022-23. The Internal Audit Reports were received quarterly by the Company and the same were reviewed by the Audit Committee and Board of Directors for each quarter. Further, the Board of Directors has approved the re-appointment of M/s. K.G. Bhatia & Co., Chartered Accountants (Firm Registration No.-010370C), Udaipur as Internal Auditors for conducting the Internal Audit of the Company for the financial year 2023-24.

16. REPORTING OF FRAUDS BY AUDITORS

During the period under review, neither the internal auditors nor statutory auditors nor the secretarial auditors nor cost auditors reported to the Audit Committee, under section 143(12) of the Act, any instances of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned in the Boards Report.

17. RISK MANAGEMENT POLICY

The Company operates in conditions where economic, environment and social risk are inherent to its businesses. In managing risk, it is the Companys practice to take advantage of potential opportunities while managing potential adverse effects. In line with Listing Regulations and as per the requirement of Section 134(3)(n) of the Act read with the rules made thereunder, as amended, the Board has already framed a comprehensive Risk Management Policy to oversee the mitigation plan including identification of element of risk, for the risk faced by the company, which in the opinion of the Board may threaten the existence of the Company. The object of the policy is to make an effective risk management system to ensure the long term viability of the companys business operations. During the year under review, the same was reviewed half yearly by Audit Committee of the Company. The risk management plan comprised of the following 5 steps :

1. Identification of risk

2. Defining the risk in detail

3. Analyzing the risk

4. Evaluating various aspects linked to the risk

5. Treatment of risk

18.WHISTLE BLOWER POLICY / VIGIL MECHANISM

The Company promotes ethical behaviour in all its business activities and has put in place a mechanism of reporting illegal or unethical behaviour. The Company has a whistle blower policy wherein the directors and employees are free to report violations of law, rules, regulations or unethical conduct, actual or suspected fraud to their immediate supervisor or provide direct access to the Chairman of the Audit Committee in exceptional cases or such other persons as may be notified by the Board. The confidentiality of those reporting violations is maintained and they are not subjected to any discriminatory practice. The Whistle Blower Policy of the Company is also available on the website of the Company at Whistle Blower Policy. During the year, no whistle blower event was reported and the mechanism is functioning well. Further, no personnel has been denied access to the Audit Committee. The details of the whistle blower policy/vigil mechanism is given in the report on Corporate Governance annexed to this report as Annexure-6.

19. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

The Company has zero tolerance towards sexual harassment at the workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules made thereunder. The Company has constituted Internal Complaint Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 for reporting and conducting inquiry into the complaints made by the victim on the harassment at the work place. The following is a summary of Sexual Harassment Complaints received and disposed off during the financial year 2022-23 :-

a) Number of Complaints pending at the beginning of the year : NIL

b) Number of Complaints received during the year : NIL

c) Number of Complaints disposed off during the year : NA

d) Number of Complaints pending at the end of the year : NIL

The above details of Sexual Harassment Complaints received and disposed off during the financial year 2022-23 is also given in the report on Corporate Governance annexed to this report as Annexure-6.

20. SOCIAL OBLIGATIONS

The provisions of Section 135 of the Act relating to Corporate Social Responsibility are not applicable on the Company. However, the Company has generally taken corporate social responsibility initiatives. The Company made efforts for the betterment and upliftment of the living standards of Scheduled Castes and Scheduled Tribes dwelling in the adjoining areas of Dungarpur by providing them training and employment.

21. ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Company has placed a copy of the Annual Return as on 31^st March, 2023 on the Companys website on Annual Return 2022-23

22.PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All Contracts/ arrangements/ transactions that were entered by the Company during the financial year 2022-23 are done on Arms length basis. Disclosure of particulars of contract/arrangements entered into by the company with Related Parties referred to in sub-section (1) of section 188 of the Act (in Form No. AOC -2) is annexed to this report as Annexure-2. The related party transaction policy is available on the website of the company at the link Policy on materiality of Related Party Transactions and on dealing with Related Party Transactions

23.PARTICULARS OF THE EMPLOYEES

Pursuant to Section 197 of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 a detailed statement is annexed to this report as Annexure-3.

Further, with respect to Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the names of the top ten employees in terms of remuneration drawn is listed below :

Name of the Employee	Designation of the Employee	Remuner ation received (Rs.)	Nature of employmen t whether contractual or otherwise	Qualifications and experience of the employee	Date of Commenc e -ment of employme nt	The age of such employe es (years) as on 31st March 2023	The last employ ment held by such employe e before joining the company	The % of equity shares held by the employ ee in the compan y within the meanin g of clause (iii) of sub- rule (2) above
1. Mr. Vikas Ladia	Managing Director and Chief Executive Officer	57,52,546	Contractual	d) Tech in Computer Engineering from Manipal Institute of Technology, Manipal Exp- 28Years	26/09/1997	49 Years	-	3.83%
2. Mr. Anubhav Ladia	Whole Time Director	37,33,133	Contractual	e) Com (H), FCA Exp- 21 Years	01/09/2005 46 Years	-	2.13%
3. Mr. Suresh Chandra Joshi	Vice President (PA & IR)	12,55,800	Permanent	M.A. (Economics), P.G. Diploma in Labour Law, Labour Welfare and Personnel Management & L.L.B. Exp.- 36 years	18/06/2015 61 Years	RSWM Ltd.	0.00
4. Mr. Raj Kumar Mahasani	Vice President (Marketing)	9,63,582	Permanent	M.A. & P.G. Diploma in Sales & Marketing Exp.- 33 years	22/01/1990 59 Years	-	0.00
5. Mr. Sanjay Kulshrestha	Vice President (Technical)	10,43,788	Permanent	Diploma in Textile Technology Exp.- 26 years	01/07/2021 59Years	Siddarth a Super Spinning Mill	0.00
6. Mr. Kameshwar Roy	Chief Engineer	7,24,550	Permanent	Polytechnic Diploma in Mechanical Exp.- 35 years	01/08/2011 57 Years	Punsumi India Ltd. Bhiwadi	0.00
7. Mr.Prahlad Bilochi	CFO-AVP (Accounts)	7,35,328	Permanent	B.Com Exp.- 37 Years	08/10/1986 58 Years	-	0.00
8. Mr. Narayan Lal Malpani	G.M.(Materi als)	6,40,800	Permanent	B.Com Exp.- 40 Years	26/06/2017 62 years	Shayona Cement Corp, Malavi (Central Africa)	0.00
9. Mrs. Monika Ladia #	Special Executive	6,98,880	Permanent	B.E. (Chemical) From Sikkim Manipal University Exp- 25 Years	01/04/1998 50 Years	-	0.12
10. Mr. Sunil Thapliyal	Sr. Manager -R & D	4,68,620		MSC, Deploma in Textile Exp.- 42 Years	01/11/2011 64 years	Shayona Cement Corp, Malavi (Central Africa	0.00

*None of the aforesaid employee (except Mrs. Monika Ladia) is a relative of any director or manager of the Company. # Mrs. Monika Ladia is wife of Mr. Vikas Ladia (Managing Director and CEO) and Sister-in-Law of Mr. Anubhav Ladia (Whole Time Director) of the company.

24. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Your Company continuously strives to conserve energy, adopt environment friendly practices and employ technology for more efficient operations.

Pursuant to Section 134 (3)(m) of the Act read with rule 8(3) of The Companies (Accounts) Rules, 2014, relevant details of conservation of energy, technology absorption and foreign exchange earnings and outgo are annexed to this report as Annexure -4.

25. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Pursuant to Regulation 34 of the Listing Regulations, the operations of the company are reviewed in detail in the Management Discussion and Analysis Report which is annexed to this report as Annexure -5.

26. CORPORATE GOVERNANCE

Your Company is compliant with the norms on Corporate Governance as provided in the Listing Regulations. The Report on Corporate Governance for financial year 2022-23 is annexed to this report as Annexure -6 along-with the certificate on compliance of conditions of corporate governance issued by M/s. Doogar & Associates, Statutory Auditor.

27 . DISCLOSURE REQUIREMENTS FOR CERTAIN TYPES OF AGREEMENTS BINDING LISTED ENTITIES

Pursuant to clause 5A to para A of part A of schedule III of Regulation 30A (2) of Listing Regulations, no agreements have been entered into by the shareholders, promoters, promoter group entities, related parties, directors, key managerial personnel, employees of the company among themselves or with the company or with a third party, solely or jointly, which, either directly or indirectly or potentially would impact the management or control of the company or impose any restriction or create any liability upon the company. Further no such agreements have been entered into by the company in the normal course of business which would directly or indirectly or potentially would impact the management or control the company.

28.OTHER COMPLIANCES

28.1 Material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report: Bank of Baroda had filed an application under section 7 of Insolvency and Bankruptcy Code, 2016 and the same was intimated to the Company on 4^th May, 2022. The Company has filed an application under Pre-Packaged Insolvency Resolution Process ("PPIRP") Scheme of Government of India notified vide Notification dated 4^th April, 2021, submitting a Resolution Plan for revival of operations. Consequently, Company Petition No. CP No. (IBPP)-01/54C/JPR/2022, filed under section 54C of the Insolvency and Bankruptcy Code, 2016 for seeking initiation of PPIRP was admitted by Honble Adjudicating Authority i.e NCLT, Jaipur Bench on 19/04/2023 which was received by the Company on 25/04/2023. Mr Lekhraj Bajaj, lP Registration No. IBBI/IPA-002/1P-N00039/2016-2017/10078 was appointed as the Resolution Professional of the Company by the Honble NCLT, Jaipur. The Company has submitted a detailed Resolution Plan before the Committee of Creditors for consideration and approval.

28.2 Significant and material orders: Vide Order Dated 19^th April, 2023 of National Company Law Tribunal, Jaipur, the Pre- Packaged Insolvency Resolution Process has been initiated. Also please refer note 40 to the Financial Statements.

28.3 Details in respect of adequacy of internal financial controls: For detailed discussion with reference to adequacy of internal financial controls, please refer to Management Discussion and Analysis Report annexed to this report as Annexure-5.

28.4 Disclosure of Accounting Treatment in preparation of Financial Statements: The financial statements are prepared in accordance with Indian Accounting Standards (Ind AS). The Ind AS are prescribed under section 133 of the Act, read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016. Accounting Policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

28.5 Details of Subsidiary/ Joint Ventures / Associate Companies / and its Performance: Your company has no Subsidiary / Joint Ventures / Associate Companies.

29. DIRECTORS RESPONSIBILITY STATEMENT

Your Directors hereby confirm that:- i.) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; ii.) the directors had 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 profit and loss of the company for that period; iii.) the directors had taken proper and sufficient care for 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 had prepared the annual accounts on a going concern basis; v.) the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and vi.) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

30.Secretarial Standards

The Company has adhered to applicable Secretarial Standards i.e. SS-1 and SS-2, relating to ‘Meeting of the Board of Directors and ‘General Meetings.

31.APPLICATION TO INITIATE CORPORATE INSOLVENCY RESOLUTION PROCESS UNDER SECTION 7 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (IBC)-

Bank of Baroda, a financial creditor, had filed an application under Section 7 of Insolvency and Bankruptcy Code, 2016 before the National Company Law Tribunal – Jaipur Bench ("NCLT, Jaipur") alleging default in payment of their Bank Loans and the same was intimated to the Company on 4^th May, 2022. The application has been rejected vide Order No. C.P. NO. (IB)- 28/7/JPR/2022 dated 19^th April, 2023 by Honorable NCLT, Jaipur in light of initiating PPIRP under Section 54C of IBC, 2016.

32.OTHER DISCLOSURES

Other disclosures with respect to Boards Report as required under the Act and the Rules notified thereunder are either NIL or NOT APPLICABLE.

33.ACKNOWLEDGMENT

Your Directors wish to take this opportunity to place on record their gratitude and sincere appreciation for the timely and valuable assistance and support received from Bankers, Auditors, Customers, Suppliers, Share Transfer Agent and Regulatory Authorities and other stakeholders of the Company.

The Directors place on record their deep appreciation of the dedication of your Companys employees at all levels and look forward to their continued support in the future as well. Your Directors are thankful to the shareholders for their continued patronage.

	For Shree Rajasthan Syntex Ltd.
Date : August 10, 2023	Sd/-	Sd/-
Place : Udaipur	Vikas Ladia	Anubhav Ladia
Registered Office : 27-A, First Floor, Meera Nagar,	(Managing Director and	(Whole Time Director)
Housing Board Colony,	Chief Executive Officer)	DIN: 00168312
Udaipur - 313001	DIN: 00256289
Rajasthan