sterling powergensys ltd Directors report

Your Directors have great pleasure in presenting the 37th Annual Report together with the Audited Statement of Accounts of the Company for the year ended 31st March, 2022.

FINANCIAL HIGHLIGHTS:

Particulars	Year ended 31.03.2022	Year ended 31.03.2021
	(Rs. In Lakhs)	(Rs. In Lakhs)
Sales & Other Income	134.58	40.42
Total Expenses	124.28	120.62
Profit / (Loss) before exceptional items and tax	10.30	(80.20)
Less: Exceptional items	-	30.00
Less: Tax Expenses	-	-
Add: Provisions Reversed	-	-
Profit / (Loss) after tax	10.30	(110.20)
Add: Adjustment for depreciation as per Companies Act 2013	-	-
Add: Balance brought forward from previous year	-	-
Balance carried to Balance Sheet	10.30	(110.20)

OPERATIONAL REVIEW& STATE OF COMPANY’S AFFAIRS:

The Company has entered in the Solar Power Sector, incubated a business proposition for the last 6 years, launched during November, 2015 the Shop-on-line, plug-in-play, stock & sale model and integrated solar PV power generating system catering to B to C and B to B segments. During the year under review, Covid-19 situation impacted the business operations of the Company significantly.

During the year under review, the Company has recorded total revenue of Rs.134.58 Lakhs including the other income against the total revenue in the previous year of Rs.40.42 Lakhs. Company has posted a Profit of Rs.10.30 Lakhs for the year ended 31st March, 2022.

RESERVES:

Your Directors do not propose to transfer any amount to the General Reserve Account during the Financial Year 2021 -22. The Profit for the Financial Year 2021-22 has been transferred to the Profit and Loss Account.

DIVIDEND:

Your Directors have not recommended any dividend for the year ended 31st March, 2022.

SHARE CAPITAL OF THE COMPANY:

The Paid up Equity Share Capital, as at 31st March, 2022 was Rs.5,09,60,000/- divided into 50,96,000 Equity shares, having face value of Rs.10/- each fully paid up. During the year under review, the Company has not issued any shares with differential voting rights neither granted any stock options nor sweat equity.

SUBSIDIARIES, ASSOCIATE COMPANIES& JOINT VENTURES:

The Company is not having any associate Company, Subsidiary Company or Joint venture.

PUBLIC DEPOSITS:

During the financial year under review, the Company has not accepted or renewed any deposit falling within the purview of the provisions of Sections 73 and 74 of the Companies Act, 2013 (the "Act") read with the Companies (Acceptance of Deposits) Rules, 2014.Accordingly the requirement for furnishing of details of deposits which are not in compliance with the Chapter V of the Act is not applicable.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The Company has not issued any loans or provided any Guarantees or made Investments covered under the provisions of Section 186 of the Companies Act, 2013 for the Financial Year 2021-22.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:

The provisions of CSR activities under the Companies Act, 2013 are not applicable to the Company.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:

Due to non-compliances with the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), trading on Bombay Stock Exchange where Company is listed has been suspended with effect from 10th January, 2019. The Company had not paid Annual Listing Fees within the prescribed time limit and was in violation of certain SEBI Regulations/ Listing Requirements.

Except this, there were no significant and material orders passed by the Regulators or Courts that would impact the going status of the Company and its future operations.

CORPORATE GOVERNANCE REPORT: Not Applicable

As per Regulation 27(2) and Regulation 15 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Paid up Equity Share Capital of the Company being less than Rs.10 Crore and Net worth being less than Rs.25 Crore as on 31st March, 2022, Corporate Governance Report is not applicable to the Company.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. 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 of the Company. Based on the report of internal audit function, the Company undertakes corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and recommendations along with corrective actions thereon are presented to the Audit Committee of the Board.

DIRECTORS RESPONSIBILITY STATEMENT:

To the best of our knowledge and belief and according to the information and explanations obtained, Directors make the following statement in terms of Section 134 (3)(c) of the Companies Act, 2013:

(a) that in the preparation of the Annual Accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any;

(b) that 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 of the company for that period;

(c) 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;

(d) the Directors had prepared the annual accounts on a going concern basis;

(e) 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.

(f) 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.

EXTRACT OF ANNUAL RETURN:

In terms of Section 92(3) and Section 134(3)(a) of the Companies Act, 2013 and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company is available on the website of the Company at the link: https://splsolar.in/R&R.html.

BOARD OF DIRECTORS:

In accordance with the provisions of Section 152 of the Companies Act, 2013 and the Articles of Association of the Company, during the year 2021-22 there was a change in the Composition of Board of Directors and the Committees of the Board stated as under:

1. Due to death of Mr. Ramesh Chandra Sharma, Independent Director of the Company there was a change in the composition of the Board of Directors, Audit Committee & Nomination and Remuneration Committee of the Board by deletion of his name from the Board and its committees.

2. In view of appointment of Mr. Shankar Ramnath Iyer as Independent Director of the Company, the Board and the Committees were reconstituted by addition of Mr. Shankar Ramnath Iyer as member in the Audit Committee and the Nomination and Remuneration Committee.

All 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 Regulation 16(b) of the SEBI (Listing Obligations and Disclosure Requirements).

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The following persons are the Directors and Key Managerial Personnel of the Company as on 31st March, 2022:

Sr. No. Name of the person	Designation
1 Sankaran Venkata Subramanian	Managing Director
2 Rajlaxmi Iyar *	Non-Executive Director
3 Yash Dharmendra Sanghvi	Non-Executive Director
4 Shankar Ramnath Iyer**	Independent Director
5 Harishchandra Bharama Naukudkar	Independent Director
6 Pundlik Ranaba Davane	Chief Financial Officer
7 Gaurav Kaushik	Company Secretary and Compliance Officer

*Mrs. Rajlaxmi Iyar, Non Executive Director of the Company retires by rotation at the forthcoming Annual General Meeting (AGM) and being eligible, offers herself for re-appointment.

**Mr. Shankar Ramnath Iyer was appointed as Independent Director with effect from 04/01/2022.

*** Mr. Ramesh Chandra Sharma, Independent Director ceased to be Director of the Company w.e.f. 15/10/2021 due to death. BOARD EVALUATION:

Pursuant to the provisions of Section 134 of the Companies Act, 2013 and Regulation 17 of the SEBI Listing Regulations, the Board has carried out an evaluation after taking into consideration various aspects of the Boards functioning, composition of the Board and its Committees, culture, execution and performance of specific duties, remuneration, obligations and governance.

The performance evaluation of the Independent Directors was carried out by the entire Board and the performance evaluation of the Chairman and the Non-Independent Directors was carried out by the Independent Directors. The Board of Directors expressed their satisfaction with the evaluation process.

REMUNERATION POLICY:

The Company has a Nomination and Remuneration Committee. The Committee reviews and recommends the Board about remuneration for Directors and Key Managerial Personnel and other employees up to one level below of the Key Managerial Personnel. During the Financial year 2021-22 the Company did not pay any sitting fees to the Non-Executive Director and Independent Directors for attending the Board Meetings. Remuneration to Executive Directors is governed under the relevant provisions of the Companies Act, 2013. The Company has devised the Nomination and Remuneration Policy for the appointment, re-appointment and remuneration of Directors & Key Managerial. All the appointment, re-appointment and remuneration of Directors and Key Managerial Personnel are in compliance of the Nomination and Remuneration Policy of the Company.

STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS:

All Independent Directors have given declarations that they meet the criteria of independence as laid down pursuant to Section 149 (6) of the Companies Act, 2013.

BOARD DIVERSITY:

None of the Directors of the Company is disqualified for being appointed as Director as Specified in Section 164(2) of the Companies Act, 2013.

FAMILIARISATION PROGRAMME OF INDEPENDENT DIRECTORS:

In compliance with the requirements of SEBI Listing Regulations, the Company has put in place a familiarisation program for Independent Directors to familiarize them with their role, rights & responsibilities as Directors, the operations of the Company, business overview, etc.

The detail of familiarisation program is available on the website of the Company.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:

During the financial year ended 31st March, 2022, Eight Board Meetings were held on the following dates:

(1)29th June, 2021 (2)14th August, 2021 (3) 25th August, 2021 (4) 18th October, 2021 (5) 11th November, 2021 (6) 04th January, 2022 (7) 12th February, 2022 and (8) 24th February, 2022. The composition is as under:-

Name of the Directors	Category of Directors	Number of outside Directorship		Attendance		No. of Shares held in the Company As at 31.03.2022
		Directorship #
		Public	Private	Board meeting	Last AGM
Sankaran Venkata Subramanian	Managing Director	-	-	8	Yes	4,64,350
Rajlaxmi Iyar	Non-Executive Director	-	-	8	Yes	9000
Yash Dharmendra Sanghvi	Non-Executive Director	-	-	8	Yes	Nil
Shankar Ramnath Iyer**	Independent Director	-	-	2	No	Nil
Harishchandra Bharama Naukudkar	Independent Director	-	-	8	Yes	Nil
Ramesh Chandra Sharma***	Independent Director	-	-	0	No	Nil

 

*Mrs. Rajlaxmi lyar, Non-Executive Director of the Company retires by rotation at the forthcoming Annual General Meeting (AGM) and being eligible, offers himself for re-appointment.

**Mr. Shankar Ramnath Iyer was appointed as Independent Director w.e.f 04/01/2022.

***Mr. Ramesh Chandra Sharma ceased to be Director of the Company w.e.f. 15/10/2021.

#Excluding Directorships in Foreign Companies and Companies under Section 8 of the Companies Act, 2013.

Memberships of the Directors in various Committees are within the permissible limits of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The members of the Board have been provided with the requisite information mentioned in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 well before the Board Meetings.

COMMITTEE MEETINGS:

AUDIT COMMITTEE:

In accordance with the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company is having in place an Audit Committee comprising of Independent Directors and Non-Executive Director. The Audit Committee acts in accordance with the terms of reference specified from time to time by the Board. All the Members of the Audit Committee are financially literate.

During the financial year ended 31st March, 2022, Audit Committee Meetings were held on the following dates:

(1) 29th June, 2021 (2)14th August, 2021 (3) 25th August, 2021 (4) 11th November, 2021 (5) 12th February, 2022 and (6) 24th February, 2022. The composition is as under:-

The name and attendance of Audit Committee members are as under:

Name of Director	Designation	Category of Directorship	No. of Meetings during the Year
			Entitled to attend	Attended
Mr. Harishchandra Bharama Naukudkar	Chairperson	Independent Director	6	6
Mr. Ramesh Chandra Sharma	Member	Independent Director	2	0
Mr. Sankaran Venkata Subramanian	Member	Executive Director	6	6
Mr. Shankar Ramnath Iyer**	Member	Independent Director	2	2

 

*Mr. Ramesh Chandra Sharma ceased to be Director of the Company w.e.f. 15/10/2021 & accordingly ceased to be Member of the Committee.

**Mr. Shankar Ramnath Iyer was appointed as Independent Director w.e.f. 04/01/2022 and after approval of Board became member of the Committee.

At the invitation of the Committee, other Financial Executives of the Company also attended the meetings to respond to queries raised at the Committee meetings.

NOMINATION & REMUNERATION COMMITTEE:

The Company is having in place the Nomination and Remuneration Committee ("NRC") for reviewing and recommending the remuneration payable to the Directors and senior executives of the Company and assisting the Board with respect to the process of appointment or re-election of Chairman of the Board of Directors and other executive and non-executive Directors.

The particulars of Members of Nomination & Remuneration Committee and their attendance at the Meetings are as under:

During the financial year ended 31st March, 2022, the Nomination & Remuneration Committee Meetings were held on the following dates:

(1) 29th June, 2021 (2) 25th August, 2021 (3) 18th October, 2021 (4) 04th January, 2022 and (5) 24th February, 2022.

Name of Director	Designation	Category of Directorship	No. of Meetings during the Year
			Entitled to attend	Attended
Mr. Ramesh Chandra Sharma*	Chairperson	Independent Director	1	0
Mrs. Rajlaxmi Iyar	Member	Non-Executive Director	5	4
Mr. Harishchandra Bharama Naukudkar	Member	Independent Director	5	5
Mr. Shankar Ramnath Iyer**	Chairperson	Independent Director	2	2

*Mr. Ramesh Chandra Sharma ceased to be Director of the Company w.e.f. 15/10/2021 & accordingly ceased to be Member of the Committee.

**Mr. Shankar Ramnath Iyer was appointed as Independent Director w.e.f. 04/01/2022 and after approval of Board become member of the Committee.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The Nomination & Remuneration Committee has framed a policy for selection and appointment of Directors including determining qualifications and independence of a Director, Key Managerial Personnel (KMP), Senior Management Personnel and their remuneration as part of its charter and other matters provided under Section 178(3) of the Companies Act, 2013. Pursuant to Section 134(3) of the Companies Act, 2013, the nomination and remuneration policy of the Company which lays down the criteria for determining qualifications, competencies, positive attributes and independence for appointment of Directors and policies of the Company relating to remuneration of Directors, KMP and other employees is available on the Companys website https://splsolar.in/Policies . We affirm that the remuneration paid to Directors, senior management and other employees is in accordance with the remuneration policy of the Company.

STAKEHOLDERS RELATIONSHIP COMMITTEE:

The Company is having in place the Stakeholders Relationship Committee ("SRC") for the redressal of the grievances of security holders of the Company.

Composition, Meetings and Attendance of the committee is as follows:

During the financial year ended 31st March, 2022, the Stakeholders Relationship Committee Meetings were held on the following dates:

(1) 29th June, 2021 (2) 25th August, 2021 (3) 11th November, 2021 and (4) 12th February, 2022

Name of Director	Designation	Category of Directorship	No. of Meetings during the Year
			Entitled to attend	Attended
Mrs. Rajlaxmi Iyar	Chairperson	Non-Executive Director	4	4
Mr. Harishchandra Bharama Naukudkar	Member	Executive Director	4	4
Mr. Yash Dharmendra Sanghvi	Member	Independent Director	4	4

SEXUAL HARASSMENT:

The Constitution of Internal Complaint Committee under Section 4 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("the Act") is not applicable to the Company since the Company has less than 10 employees. Yet as a part of good governance, the Board monitors and assesses the complaints received, if any from the employees relating to sexual harassment at workplace in accordance with the Act and rules made there under. During the year under review, no complaints were reported.

VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has a Vigil Mechanism/Whistle Blower policy to report genuine concerns, grievances, frauds and mismanagements, if any. The Vigil Mechanism/Whistle Blower policy has been posted on the website of the Company i.e. www.splsolar.in.

RELATED PARTY TRANSACTIONS:

All transactions entered into with Related Parties for the year under review were on arms length basis and were in the ordinary course of the business and provisions of Section 188 of the Companies Act, 2013 are not attracted. The disclosure in Form AOC-2 is accordingly, not required.

DEPOSITORY SERVICES:

The Companys Equity Shares have been admitted to the depository mechanism of the National Securities Depository Limited (NSDL) and also the Central Depository Services (India) Limited (CDSL). As a result, the investors have an option to hold the shares of the Company in a dematerialized form in either of the two Depositories. The Company has been allotted ISIN No. INE067E01013. Shareholders therefore are requested to take full benefit of the same and lodge their holdings with Depository Participants [DPs] with whom they have their Demat Accounts for getting their holdings in electronic form.

REPORTING OF FRAUDS:

There have been no instances of fraud reported by the Statutory Auditors under Section 143(12) of the Acts & Rules framed thereunder either to the Company or to the Central Government.

CODE OF CONDUCT:

Your Company is committed to conducting its business in accordance with the applicable laws, rules and regulations and highest standards of business ethics. In recognition thereof, the Board of Directors has implemented a Code of Conduct for adherence by the Directors, Senior Management Personnel and Employees of the Company. This will help in dealing with ethical issues and also foster a culture of accountability and integrity. The Code has been posted on the Companys website www.splsolar.in. All the Board Members and Senior Management Personnel have confirmed compliance with the Code.

STATUTORY AUDITOR:

M/s. D. G. M. S. & Co., Chartered Accountants, Mumbai (FRN- 112187W) (Previously known as M/s. Doshi Maru & Associates), were appointed as the Statutory Auditors of the Company at its 32nd Annual General Meeting from the conclusion of the said meeting until the conclusion of the 37th Annual General Meeting. The report of the Statutory Auditors, M/s. D. G. M. S. & Co, Chartered Accountants on the financial statements of the Company for the Financial Year 2021-22 forms part of this Annual Report. The Statutory Auditors have submitted an unmodified opinion on the audit of financial statements for the Financial Year 2021-22 and there is no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report.

Further, M/s. D. G. M. S. & Co., Chartered Accountants, Mumbai (FRN- 112187W) (Previously known as M/s. Doshi Maru & Associates), retire at the ensuing AGM and are eligible for re-appointment. The Auditors have furnished their certificate of eligibility for re-appointment under Section 139(1) of the Companies Act, 2013 and have indicated their willingness to continue as Auditors till the Conclusion of the 42nd Annual General Meeting of the Company.

SECRETARIAL AUDIT:

Pursuant to provisions of Section 204 of the Companies Act, 2013 and the Rules made thereunder, the Company has appointed CS Deepak Chheta, a Company Secretary in Practice having COP No.: 20966 to undertake the Secretarial Audit of the Company for the period under review. The Secretarial Audit report for the Financial Year 2021-22 is annexed herewith as Annexure A and forms an integral part to this Report.

AUDITORS REPORT/ SECRETARIAL AUDIT REPORT:

The observations of the Statutory Auditors contained in their Report have been adequately dealt with in the Notes to the Accounts which are self-explanatory and, therefore, do not call for any further comments.

With respect to Secretarial Auditors qualification in the Secretarial Audit Report, Your Directors wish to state the following:

Sr. No. Secretarial Auditors Qualifications	Managements view on the same
1. In terms of Companies Act, 2013, there was a delay in filing of e-form CHG-1 for modification of Charge ID: 10552281 with the Registrar of Companies.	The Company has tried to be fully compliant in relation to submission of documents in compliance of the Companies Act, and other acts as applicable to the Company.
2. In terms of regulation 23(9) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 there was a delay in submission of disclosures of related party transactions during the period under review.	The Company has tried to be fully compliant in relation to submission of compliances.
3. The Company has not paid the Annual listing fees for the Financial Year 2021-22 within the prescribed time limit.	The Company has not yet paid the Annual Listing Fees since the Company has not received the invoice for the same yet. The Company is in a process to avail the invoice from the BSE after which it shall duly pay the Annual Listing Fees for the Financial Year 2021-22.
4. Due to non-compliances with the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), trading on Bombay Stock Exchange where Company is listed has been suspended with effect from 10th January, 2019 to till now.	Company had applied for the revocation of suspension of securities with BSE after complying with the norms of revocation.
5. During the period under review Company has not paid the Statutory dues including of Provident Fund as per Employees Provident Funds and Miscellaneous Provisions Act, 1952, Profession Tax under The Professional Tax Act, 1975 and TDS under Income Tax Act,1961.	The Company is going through financial distress and severe cash flow problems, which has caused Employee/ Resource Crunch leading to disturbance in Compliance Pattern/tax payments. Company is trying its best to overcome from the financial issues and clear all the dues.

However, your Directors assure that the Company continues its principles of abiding by the Law in its Letter and Spirit. Your Directors assure that some of the Compliance/Tax payments reported as not done have subsequently been done and balance too will be completed in due course.

Your Directors are putting maximum efforts to make Company fully compliant in all respects and expect Company to be fully compliant at the earliest.

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo pursuant to Section 134(3)(m) of the Companies Act, 2013, read with the Rule 8(3) of the Companies (Accounts) Rules, 2014 is given in Annexure B to this Report.

MANAGEMENT DISCUSSION AND ANALYSIS:

The Management Discussion and Analysis Report for the financial year under review as stipulated under Regulation 34 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 is presented in the separate section forming part of this Annual Report as "Annexure - C".

RISK MANAGEMENT:

Your Company recognizes that risk is an integral part of business and is committed to managing the risks in a proactive and efficient manner. The Board periodically reviews the risks and measures taken for mitigation.

ENVIRONMENT AND SAFETY:

The Company is aware of the importance of environmentally clean and safe operations. The Companys policy requires conduct of operations in such a manner, so as to ensure safety of all concerned compliances, environmental regulations and preservation of natural resources at the Plant.

PARTICULARS OF EMPLOYEES:

Disclosures with respect to remuneration required pursuant to Section 197 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is Annexed here as "Annexure-D". Further, the Company does not have any employee whose remuneration exceeds the limits prescribed in rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

LISTING:

The Companys Shares are listed on Bombay Stock Exchange (BSE Limited).

MATERIAL CHANGES AND COMMITMENTS:

There have been no material changes and there are no commitments, affecting the financial position of the Company, which occurred between the end of the financial year to which these financial statements relate and the date of this Report except:

During the year, the Company passed a Special Resolution through Postal Ballot dated 31st March, 2022 to alter its Object Clause of the Memorandum of Association of the Company by inserting the following clauses:

(4) To carry on all or any of the businesses of procurers, suppliers, distributors, producers, developers, manufacturers, purchasers, refiners, distillers, processors, converters, storers, carriers, importers and exporters, explorers, dealers and to act as Project Management consultant or to act as facilitator in projects relating to Green Hydrogen, Hydrogen Peroxide and other hydrocarbons, natural and other gases, solar power system, all type of chemicals, and any other energy raw materials, chemicals, and products derived from or connected with any of them through Downstream Operations of Chemicals, components & materials.

(5) To enter into a business of consulting and advising any firm, body corporate, association or other undertaking or to act as facilitator or mediators in various field including but not limited to providing financial, technical, Real Estate, mergers, amalgamation, acquisitions, Deal Execution, Property Dealing, Business Plan Formulation services in India and outside India and to take part in the formation, supervision or control of the business operations of any company or undertaking and for that purpose to act as a Business Consultant, Financial Advisors and/or Technical Consultants or endorse aid in any other capacity.

(6) To carry on the business of buying, selling, reselling, importing, exporting, transporting, storing, developing, promoting, marketing or supplying, trading, dealing or to act as facilitator in any manner whatsoever in all type of commodities on retail as well as on wholesale basis in India or elsewhere.

IMPACT OF COVID-19:

The COVID-19 pandemic continues to be a global challenge, creating disruptions across the world. The 2nd Wave of the COVID-19 brought further restrictions of varying extent across larger part of the world which further impacted the business operations of the Company. By staying true to its purpose and its values, the top-most priority for the Company was and has been to ensure the safety of its employees.

SECRETARIAL STANDARDS:

During the year under review, your Company has complied with all the applicable secretarial standards issued by the Institute of Company Secretaries of India.

ACKNOWLEDGEMENT:

The Directors would like to express their sincere appreciation to the Companys Shareholders, Vendors and Stakeholders including Banks, Government authorities, other business associates, who have extended their valuable sustained support and encouragement during the year under review. The Directors also wish to place on record their appreciation for impressive growth achieved through the competence, hard work, solidarity, cooperation and support of employees at all levels.

	By order of the Board
DATE: 30/05/2022	For STERLING POWERGENSYS LIMITED
	Sd/-
	SANKARAN VENKATASUBRAMANIAN
REGISTERED OFFICE:	MANAGING DIRECTOR (DIN: 00107561)
STERLING POWERGENSYS LIMITED OFFICE NO. 121, RUNWAL COMMERCIAL COMPLEX, CO-OP PREMISES LTD, L.B.S. MARG, MULUND (WEST), MUMBAI-400080, MAHARASHTRA, INDIA.	Sd/-
	RAJLAXMI IYAR
	DIRECTOR
Email: investor@splsolar.in	(DIN: 00107754)