Over the last two decades, the Indian aviation sector has been through huge
transformation and growth and is still considered to be a sunrise sector. This sector has
to keep the growth momentum intact to cater the growing demand of the aspirational class
as well as the requirements of the defense sector A number of large players have emerged
in aviation & space manufacturing sectors. These companies have entered this sector
and are competing on the basis of pricing that is based on aggressive entry or market
consolidation strategy. The financial strength and corporate credibility of these
companies provides them with the ability to look at markets with a medium and long term
perspective. The company earns its revenue by providing technical support and leasing
services.
The Company has leased hangar space and buildings to a Commercial Maintenance, Repair
and Overhaul (MRO) organization. The Company also generates income from the use of
infrastructure facilities including runway and hangars.
With the Government opening up and providing opportunities to the private sector,
global and domestic players are collaborating and establishing joint ventures for
manufacturing of aerospace components and MRO facilities for civil and military aviation
sectors. In addition, the ongoing Government initiative in the outer space missions has
opened up new opportunities. Given the emergence of larger players in the sector, it
became incumbent for the Company to re-position itself as a company that has state of the
art technology pursuits. The manufacturing legacy of the Company was coming in the way of
this transformation. Hence it became incumbent to hive off the existing manufacturing
facilities before taking a plunge something more contemporary and technologically
sophisticated in the same domain.
The Company is on constant lookout for getting contracts from Defence Sector
establishments for modification and refurbishment work.
The Company sold a part of its manufacturing plant and equipment to a Salem based
aerospace company (Aerospace Engineers Private Limited). This Company has also taken part
of the premises on rent for a period of two years.
Post the COVID-19 pandemic, it is expected that air passenger traffic would increase
and the resultant growth in airlinefleetsizes is expected to increase demand for MRO
facilities of civil aircraft. The civil aviation sector is going through a phase of
accelerated growth and it is expected that the aircraft fleet size operating in the
country would increase substantially in the next five years. This will substantially
improve the prospects for MRO activities.
The delay in decision making and finalisation of contracts by the Defence Sector for
their modification / refurbishment projects is a challenge for the industry
A stronger collaboration between the government and the private sector under the
Atmanirbhar Program is expected to provide a fillip to growth. With increased demand and
the ability of the Indian industry to leverage this for sustained technology upgradation,
India has the potential to transform itself into an aerospace manufacturing hub in the
near future.
There is a renewed thrust of indigenous manufacturing especially in defense. The
Company, being one of the first organized players in defense space, will explore new
opportunities in the area under Atmanirbhar Bharat Scheme
The delayed lease rentals from the major customer and the resultant outstanding amount
may affect the upkeep of the
Through regular internal review systems, the Companys internal control system is being
continuously strengthened to meet the needs of Manufacturing and Services Divisions.
The Company implemented the VRS scheme in 2021 and, as a result 44 were relieved from
service. Thereafter, upon the sale of plant and equipment to AEPL, the Company carried out
retrenchment and 48 people were relieved from service. As of 31st March 2023, the total
number of permanent employees of the Company is 26. The Company maintained a good
relationship between employees and staff during the financial year.
In accordance with the Listing Regulations, as amended, the Company is required to
providedetailsofsignificantchanges (change of 25% or more as compared to the immediately
previous financial year) in key sector specific financial ratios. The Company has
identified the following ratios as key financial ratios:
a) Current ratio and Debtors turnover ratios are improved due to efficient realization
from customers b) Debt- Equity Ratio and Debt- Service coverage ratio are improved due to
repayment of all outstanding debts. c) Inventory Turnover ratio improved due to the
company is more focusing on job work/ sub-contracting. d) Net profit ratio and Return on
capital employed increased due to improved profitability on account of employee cost
reduction and increase in service and rental income.
.
Statements in the Management Discussion and Analysis describing the Companys
expectations or predictions are ‘forward-looking statements within the meaning of
applicable securities laws and regulations. Actual results could differ materially from
those expressed or implied. Important factors that could make a difference to the
Companys operations include demand-supply conditions, raw material prices, changes in
Government regulations, tax regime, economic developments within the country and other
factors such as litigation and labour negotiations.
The Company has a strong value system comprising of honesty, integrity, secularity and
equal opportunity for all. The Company strives to provide its stakeholders with maximum
information relating to the affairs of the Company with an attempt to bring about total
transparency in its working. We believe that good governance is the corner stone of any
successful organization and we continuously endeavour to improve our standards of
governance
The Board of Directors of the Company (Board) has an optimum combination of executive
and non-executive Directors & comprises of 6
Directors.
The composition of the Board, their attendance at the Board Meetings held during the
financial year 2022-23 and at the last Annual General
^ This includes the directorship held in deemed public company but does not include
directorships in Private Limited Companies, Foreign Companies and Companies under Section
8 of the
Companies Act, 2013 (Act).
$ This includes only Audit and Stakeholders Relationship
Committees. Number of Memberships in Committee(s) of Mr.
Muralidhar Chitteti Reddy and Mr. Arvind Nanda includes the membership in Audit
committee of unlisted public company.
The names of the listed entities where the person is a Director and the category of
directorship is as under:
Name of the Director |
Name of the Listed entity |
Category |
| Mr. Salil Taneja |
TAAL Enterprises |
Promoter-ED |
|
Limited |
|
| Mrs. Rahael Shobhana |
TAAL Enterprises |
NED |
| Joseph |
Limited |
|
| Mr.Arvind Nanda |
TAAL Enterprises |
Independent- |
|
Limited |
NED |
During the financial year 2022-23, Six Board mmeetings held as under:
Sr. No. |
Date of Meetings |
| 1 |
May 14, 2022 |
| 2 |
May 23, 2022 |
Sr. No. |
Date of Meetings |
| 3 |
August 09, 2022 |
| 4 |
October 21, 2022 |
| 5 |
January 24, 2023 |
| 6 |
March 15, 2023 |
As on March 31, 2023, the composition of the Board was in conformity with Regulation 17
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing
Regulations).
The Board has complete access to all the relevant information available within the
Company.
APPOINTMENT/ RE-APPOINTMENT OF DIRECTORS
Pursuant to the Articles of Association of the Company and the
Companies Act, 2013 (Act), Mr. Chitteti Muralidhar Reddy, Director of the Company
retires by rotation at ensuing Annual General Meeting
(AGM) and being eligible, offers himself for re-appointment. Brief resume of
Director(s) proposed to be re-appointed will be given in the Notice convening the General
Meeting.
AUDIT COMMITTEE
Audit Committee of the Board is mainly entrusted with the responsibility to supervise
the Companys financial reporting process. The composition, powers, role, scope and terms
of reference of the Audit Committee are in conformity with the stipulations under
Regulation 18 of the Listing Regulations and Section 177 of the Act.
The Audit Committee, inter alia, performs the functions of reviewing approval of
related party transactions, annual/quarterlyfinancials, recommending appointment of
Auditors and their remuneration, Review of the Management Discussions and Analysis,
Internal Audit Reports.
The composition of Audit Committee and attendance of each member is as under:
Name of Director |
Chairman/ Member |
Number of Meetings Attended |
| Mr. Arvind Nanda |
Chairman |
4 |
| Dr. Prahlada Ramarao |
Member |
4 |
| Mrs. Rahael Shobhana Joseph |
Member |
4 |
During the year under review, Four meetings of Audit Committee were held as under:
Sr. No. Date of Meeting |
| 1 May 23, 2022 |
| 2 August 09, 2022 |
| 3 October 21, 2022 |
| 4 January 24, 2023 |
Mr. Arvind Nanda, Chairman, Member of Audit Committee was present at the last Annual
General Meeting held on September 27, 2022.
MANAGERIAL REMUNERATION a. NOMINATION AND REMUNERATION COMMITTEE:
The Company has a Nomination and Remuneration Committee of Directors ("NRC").
Terms of reference of NRC are in conformity with Regulation 19 of Listing Regulations
& Section 178 of the Act. NRC, inter alia, performs functions of recommending to the
Board appointment of directors and senior management, create evaluation framework for
independent directors and the Board and recommend to the Board remuneration payable to
directors and senior management.
The composition of NRC and attendance of members is as under:
Name of Director |
Chairman/ Member |
Number of Meetings Attended |
| Mr.Arvind Nanda |
Chairman |
1 |
| Dr. Prahlada Ramarao |
Member |
1 |
| Mr. Muralidhar Chitteti |
Member |
1 |
| Reddy |
|
|
During year under review, one meeting of NRC held as under:
Sr. No. |
Date of Meeting |
| 1 |
May 14, 2022 |
The Company does not have any Employee Stock Option Scheme.
b. REMUNERATION POLICY:
Based on recommendations of NRC, the remuneration payable to Managing Director,
Whole Time Director, Key Managerial Personnel and Senior Management is decided by the
Board which inter-alia is based on the criteria such as industry benchmarks, financial
performance of the
Company, performance of the Whole Time Director etc. The Company pays
remuneration by way of salary, perquisites and allowances to its Managing Director and
Whole Time Director. No remuneration was paid by way of commission to any Non-Executive
Director.
The Company paid sitting fees of Rs. 20,000/- each for attending Board and Audit
Committee Meetings and Rs. 10,000/- each for all other committee meetings to the
Non-Executive Directors.
Performance evaluation of the Independent Directors shall be done by the Board of
Directors on the performance evaluation criterias as recommended by the NRC and approved
by the Board of Directors.
The Company has framed a Remuneration Policy upon the recommendation of NRC and as
approved by the Board.
c. REMUNERATION TO DIRECTORS:
A Statement on remuneration paid/ payable to the Managing Director, Whole-time Director
and sitting fees paid to NEDs, during FY 2022-23 is given below:
Name of Director(s) |
Salary & Perquisites |
Commission (Rs.) |
Sitting fees |
|
(Rs. In Lakhs) |
|
(Rs.) |
| Mr. Rakesh Duda |
65.72 |
- |
- |
Mr. Muralidhar Chitteti Reddy |
- |
- |
1.50 |
| Mr. Salil Taneja |
- |
- |
0.80 |
Dr. Prahlada Ramarao |
- |
- |
2.30 |
Mrs. Rahael Shobhana Joseph |
36.00 |
- |
- |
Mr. Arvind Nanda |
- |
- |
2.40 |
Total |
101.72 |
- |
7.00 |
Note: Salary and perquisites include other allowances, Contribution
Leave Travel to Provident Allowance, Fund Medical and Reimbursement Superannuation, and
Accommodation provided.
Details of shares of the Company held by NEDs as on March 31, 2023:
Name of Director |
Number of Equity Shares |
| Mr. Salil Taneja |
3,500* |
| Mr. Muralidhar Chitteti Reddy |
5200* |
| Mr. Arvind Nanda |
250 |
| Mr. Rakesh Duda |
1500 |
* includes shares held in the name of the spouse.
STAKEHOLDERS RELATIONSHIP COMMITTEE
The Company has a Stakeholders Relationship Committee ("SRC") to look into
the redressal of shareholder and investors complaints like Transfer or Credit of Shares,
non-receipt of Annual Reports/ Dividends etc.
The composition of SRC and attendance of each member is as under:
Name of the Director |
Chairman/ Member |
Number of Meetings Attended |
| Mr. Arvind Nanda |
Chairman |
1 |
| Dr. Prahlada Ramarao |
Member |
1 |
Mrs.Rahael Shobhana Joseph |
Member |
1 |
During the year under review, one meetings of SRC were held as under:
Sr. No. Date of Meeting |
| 1. January 24, 2023 |
CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE
The Company has a CSR Committee as per Section 135 of the Act. The composition of CSR
and attendance of members is as under:
Name of Director |
Chairman/ Member |
Number of Meetings Attended |
| Mr. Muralidhar Chitteti |
Chairman |
1 |
| Reddy |
|
|
| Mr. Arvind Nanda |
Member |
1 |
| Mr. Salil Taneja |
Member |
1 |
During the year under review, one CSR Committee Meeting was held as under:
Sr. No. |
Date of Meeting |
| 1. |
January 24, 2023 |
INDEPENDENT DIRECTORS MEETING
The Independent Directors met on March 15, 2023 in conformity with the stipulations in
Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 to discuss:
The performance of Non-Independent Directors and the Board as a whole.
The performance of Executive Directors.
The quality, quantity and timeliness of flow of information between the Company
Management and the Board that is necessary fortheBoardtoeffectivelyand reasonably perform
their duties.
All the Independent Directors were present at the Meeting.
COMPLIANCE OFFICER
Ms. Shruti Zope, Company Secretary is no more associated with Company and was the
Compliance Officer of the Company for ensuring compliance with the requirements of the
Listing Regulations, the SEBI Insider Trading Regulations and other SEBI Regulations upto
30th June, 2022.
The special resolutions moved at the Annual General Meeting for year 2019-20 and
2020-21 were passed with requisite majority by way of e-voting and poll.
POSTAL BALLOT
Pursuant to Section 110 of the Companies Act, 2013 read with the
Companies (Management and Administration) Rules, 2014, the approval of Shareholders of
the Company was sought for passing the following Special Resolution through postal ballot
process:
1. Appointment of Mr. Rakesh Duda (DIN: 05234273) as Managing
Director of the Company;
The Board of Directors of the Company had appointed Mr. M. D. Selvaraj, FCS of M/s. MDS
& Associates, Company Secretaries in practice, Coimbatore as the Scrutinizer for
conducting the postal ballot through remote e-voting in a fair and transparent manner and
Year |
Date |
Venue/ Deemed Venue |
Time |
Number of Special Resolutions passed |
| 2021- |
27.09.2022 |
Video Conferencing/ |
12:00 |
NIL |
| 22 |
|
OAVM |
p.m. |
|
| 2020- |
28.09.2021 |
Video Conferencing/ |
11.30 |
2 |
| 21 |
|
OAVM |
a.m. |
|
| 2019- |
29.09.2020 |
Video Conferencing/ |
02:00 |
3 |
| 20 |
|
OAVM |
p.m. |
|
CODE OF CONDUCT
The Board has laid down a Code of Conduct for Board Members and Senior Management
Personnel of the Company. The Code of Conduct is available on website of the Company:
www.taal.co.in
CEO/ CFO CERTIFICATION
under Regulation 17(8) of Listing MD and CFO Certificate Regulations is enclosed
herewith.
GENERAL BODY MEETINGS
Details of Annual General Meetings held in last three years:
| Number of complaints pending at the beginning of the year |
0 |
| Number of complaints received during the year |
0 |
| Number of complaints disposed of during the year |
0 |
Number of complaints remaining unresolved at the end of the year |
0 |
With Effect from 09 th August, 2022 Ms. Ashwini Navare, Company
Secretary was appointed by Company as new Compliance Officer and since then she is the
Compliance Officer of the Company for ensuring compliances with the requirements of the
Listing Regulations, the SEBI Insider Trading Regulations and other SEBI Regulations.
During the year, all complaints/ grievances received from shareholders including via SEBI
SCORES, ROC and Stock Exchanges, have been attended to and resolved. No valid transfer/
transmission of shares were pending as on March 31, 2023.
Details of investor complaints received and redressed during Financial Year 2022-23 are
as follows: for the purpose of ascertaining the requisite majority. The postal ballot
results were declared on June 19, 2023.
Particulars |
Total No. of Valid Votes |
Votes Assenting the Resolution |
% of Votes Cast |
Votes Dissenting the Resolution |
% of Votes Cast |
Votes cast t h r o u g h Electronic Mode |
1,27,92,120 |
1,27,80,422 |
99.91% |
11,698 |
0.09% |
Total |
1,27,92,120 |
1,27,80,422 |
99.91% |
11,698 |
0.09% |
Special Resolution was passed by the shareholders with requisite majority.
MEANS OF COMMUNICATION
The quarterly, half-yearly and annual financial results and other statutory notices of
the Company are published in leading newspapers in India which include Financial Express,
Malai Malar/Makkal Kural
(Salem edition). After the declaration of the quarterly, half-yearly and annual result,
the same are submitted to the BSE Limited (BSE) as well as uploaded on the Companys
website: www.taal.co.in
General Shareholder Information
AGM Date and Time |
Friday, September 08, 2023 at 12:00 Noon |
Deemed Venue as AGM will be held electronically through Video or Other
Audio Visual Means |
Belagondapalli Village, Thally Road, Denkanikottai Taluk, Krishnagiri
District, Belagondapalli - 635114, Tamil Nadu |
| Financial Year |
April 01, 2022 to March 31, 2023 |
| Dividend Payment date |
Not Applicable |
Listed on Stock Exchange |
BSE Ltd, PJ Towers, Dalal Street, Fort, Mumbai - 400 001 |
| Security Code (BSE) |
522229 |
ISIN Number allotted to equity shares |
INE692C01020 |
Registered Office |
Belagondapalli Village, Thally Road, Denkanikottai Taluk, Krishnagiri
District, Belagondapalli - 635114, Tamil Nadu |
The Company has paid annual listing fees for the Financial Year 2023-24 to the Stock
Exchange where the shares of the Company are listed.
DESIGNATED EXCLUSIVE EMAIL ID OF THE COMPANY
The Company has the following E-mail Id exclusively for investor servicing:
secretarial@taal.co.in
STOCK MARKET DATA & SHARE PRICE PERFORMANCE BSE Limited (BSE):
The performance of Companys scrip on BSE as compared to BSE
500 Index is as under:
Month |
Market Price |
BSE 500 INDEX |
|
High |
Low |
High |
Low |
| April, 2022 |
163.20 |
106.00 |
24,628.56 |
23,272.39 |
| May, 2022 |
142.65 |
104.00 |
23,575.05 |
21,343.16 |
| June, 2022 |
130.80 |
97.00 |
22,770.95 |
20,482.98 |
| July, 2022 |
116.45 |
101.50 |
23,376.50 |
21,018.58 |
| August, 2022 |
109.90 |
100.00 |
24,629.69 |
23,362.49 |
| September, 2022 |
134.00 |
100.00 |
25,066.46 |
23,141.62 |
| October, 2022 |
154.40 |
105.00 |
24,606.03 |
23,252.98 |
| November, 2022 |
139.20 |
116.00 |
25,479.82 |
24,545.33 |
| December, 2022 |
125.45 |
100.00 |
25,554.25 |
23,865.88 |
| January, 2023 |
118.80 |
102.65 |
24,801.94 |
23,369.49 |
| February, 2023 |
127.80 |
101.50 |
24,124.77 |
23,004.17 |
| March, 2023 |
142.90 |
104.00 |
23,785.16 |
22,556.39 |
Source: BSE website
REGISTRAR AND SHARE TRANSFER AGENT
Shareholders may contact Registrar and Share Transfer Agent at the following addresses:
Pinnacle Business Park, Office No S6-2, 6th, Mahakali Caves Rd, next to Ahura Centre,
Andheri East, Mumbai, Maharashtra 400093 Tel.: 022- 62638200 Fax.: 022-
62638299 e-mail: investor@bigshareonline.com/ sandeep@bigshareonline.com
As regard to shareholding in electronic form shareholders are requested to write to
their respective Depository Participant & provide Bank Mandate details, N-ECS
particulars, email ID etc. so as to facilitate expeditious payment of Corporate Action, if
any.
SHARE TRANSFER SYSTEM
The Companys shares are traded compulsorily in Demat segment on the Stock Exchanges.
Shares of the Company can be transferred only in dematerialized form except in case of
request received for transmission or transposition of shares. Members holding shares in
physical form are requested to convert their holdings to dematerialized form as transfer
of physical shares are no longer permitted as per SEBI Regulations. Pursuant to Regulation
40(9) of the Listing Regulations, certificate on yearly basis have been filed with the
Stock Exchange for formalities by the Company. In terms of guidelines issued by SEBI, the
Reconciliation of Share Capital Audit Report for all the quarters have been filed with the
Stock Exchange, which inter-alia gives details about the reconciliation of Share Capital
(both physical and demat).
DISTRIBUTION OF SHAREHOLDING OF THE COMPANY AS ON MARCH 31, 2023
Shareholding of Nominal Value of Rs. |
No. of Share- holders |
% to Total |
No. of Shares held |
% to Total |
| 1 5000 |
20,611 |
94.9160 |
1,40,67,300 |
11.2851 |
| 5001 10000 |
488 |
2.2473 |
37,76,785 |
3.0298 |
| 10001 20000 |
262 |
1.2065 |
37,84,315 |
3.0359 |
| 20001 30000 |
124 |
0.5710 |
31,27,370 |
2.5088 |
| 30001 40000 |
41 |
0.1888 |
14,48,775 |
1.1622 |
| 40001 50000 |
44 |
0.2026 |
21,02,485 |
1.6867 |
| 50001 100000 |
61 |
0.2809 |
43,81,565 |
3.5150 |
| 100001 and above |
84 |
0.3868 |
9,19,65,085 |
73.7765 |
Total |
21,715 |
100.0000 |
12,46,53,680 |
100.0000 |
SHAREHOLDING PATTERN
Sr. Category |
As on March 31, 2023 |
No. |
No. of shares |
% of total no. of shares |
| 1 Promoters |
1,27,71,037 |
51.23 |
| 2 Bodies Corporate |
8,01,129 |
3.21 |
| 3 Public |
1,03,44,008 |
41.49 |
| 4 NRIs |
6,12,806 |
2.46 |
| 5 Others |
4,01,756 |
1.61 |
TOTAL |
2,49,30,736 |
100.00 |
DEMATERIALISATION OF SHARES AND LIQUIDITY 96.74 % of total Equity Share Capital is
held in demat with NSDL & CDSL as on March 31, 2023.
CORPORATE FILINGS
The financial and other information filed by the Company with BSE (through BSE Listing
Centre), from time to time, is available on the website of BSE Limited at www.bseindia.com
OUTSTANDING GDRS/ ADRS/ WARRANTS OR ANY CONVERTIBLE INSTRUMENTS, CONVERSION DATE AND
LIKELY IMPACT ON EQUITY
The Company has no outstanding GDRs/ ADRs and the Company has not issued any GDRs/ADRs
or any convertible instruments during the year under review.
PLANT LOCATION
The Company has aircraft manufacturing & maintenance facilities at Factory at
Thally Road, Denkanikottai Taluk, Krishnagiri District, Belagondapalli - 635114, Tamil
Nadu.
ADDRESS FOR CORRESPONDENCE
Registered Office at Thally Road, Denkanikottai Taluk, Krishnagiri District,
Belagondapalli - 635114, Tamil Nadu.
CREDIT RATINGS
During Financial Year 2022-23, the Company was not required to obtain the credit rating
as there were NIL fund based and non-fund based credit limits.
OTHER DISCLOSURES
i) Details of related party transactions are furnished under Notes to Financial
Statement.
ii) There were no instances of material non-compliances and no strictures or penalties
imposed on the Company either by SEBI, Stock Exchange or any statutory authorities on any
matter related to capital markets during the last three years.
iii) None of the Directors have any relation inter-se except Mr. Salil
Taneja and Mrs. Rahael Shobhana Joseph.
iv) The internal audit reports are placed before the Audit Committee.
v) The Company has established Vigil Mechanism and Whistle Blower Policy. It is hereby
affirmed that no personnel has denied access to the Audit Committee.
vi) Familiarization Programmes for Independent Directors and various policies including
Policy on determination of material subsidiaries and dealing with related party
transactions are placed on the Companys website: www.taal.co.in
vii) Total fees for all services paid by the Company and its subsidiaries, on a
consolidated basis, to the statutory auditor and all entities in the network firm/network
entity of which the statutory auditor is a part Financial Year 2022-23 is Rs. 6 Lakhs.
viii) The below table discloses the list of core skills/expertise/ competencies identified
by the Board as required in the context of its business(es) and
sector(s)forittofunctioneffectivelyand those actually available with the board:
Core skills/expertise/ competencies are identified |
Directors who have the identified skills / expertise / competencies |
Business Management, Planning & Strategy |
Mr. Salil Taneja, Dr. Prahlada Ramarao, Mrs. Rahael Shobhana Joseph,
Mr.Rakesh Duda |
Business Development & Marketing |
Mr. Salil Taneja, Mr. Arvind Nanda, Mr. Rakesh Duda, Mrs. Rahael
Shobhana Joseph |
Operations, Research & Development |
Dr. Prahlada Ramarao, Mr. Rakesh Duda |
Finance and Accounts & Administration & Others |
Mr. Salil Taneja, Mr. Rakesh Duda, Mrs. Rahael Shobhana Joseph |
ix) In the opinion of the Board, the Independent Directors fulfill the conditions
specified in the Listing Regulations and are independent of the Management. x) During the
year under review, there were no cases filed pursuant to the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013. xi) The Company has duly
complied with the requirements specified in Regulations 17 to 27 and clauses (b) to (i) of
Regulation 46(2) of the Listing Regulations. xii) A certificate from Company Secretary in
Practice is enclosed herewith confirmingthat that none of the directors on the Board of
the company have been debarred or disqualified from being appointed or continuing as
directors of companies by the SEBI/
Ministry of Corporate Affairs or any such statutory authority.
For and on behalf of the Board of Directors
| Date : May 13, 2023 |
Dr. Prahlada Ramarao |
| Place : Bengaluru |
Chairman |
+91-9892691696
