To,
The Members of
Baroda Extrusion Limited
Your Directors have pleasure in presenting their32ndAnnual
Report of your Company together with the Audited Statement of Accounts for the financial
year ended, 31st March, 2023.
1. FINANCIALRESULTS (Rs. In Lakhs)
The Companys financial performances for the year under review
along with previous years figures are given hereunder:
Particulars |
Year ended on 31-3-2023 |
Year ended on 31-3-2022 |
| Net Sales & Other Income |
13,058.51 |
10,814.32 |
Profit before Finance Cost and
Depreciation |
13,389.77 |
10,662.24 |
| Less: Finance Costs |
2.06 |
2.66 |
| Less: Depreciation and Amortization expense |
10.47 |
9.88 |
Profit from Ordinary Activities Before Tax |
(343.79) |
139.54 |
Expenses |
|
|
Less: Current Tax |
(0.04) |
(13.62) |
Less: Deferred Tax Assets |
(1.85) |
15.61 |
Profit for the Period |
(341.90) |
137.55 |
| (i) Item that will not be reclassified to
profit or loss |
3.75 |
(1.26) |
| (i) Item that will be reclassified to profit
or loss |
(0.94) |
0.32 |
Total Other Comprehensive Income |
(339.09) |
136.61 |
| Earning per equity share: (FV Rs. 1/- each) |
|
|
| Basic |
-0.23 |
0.09 |
| Diluted |
-0.23 |
0.09 |
2. REVIEW OF BUSINESS OPERATION
During the year, the company earned the total income for the financial
year 2022-23stood Rs.13,058.51 lakhs, while net profit /(loss) after tax reported at
(341.90) lakhs.
During the year, your Company has started new line of business activity
through setting up a Trading Division after noticing the potential business opportunities
in the market with available set up, business expertise and customer relationship.
3. DIVIDEND
No Dividend was declared for the current financial year taking into
consideration certain future expansion plans.
4. MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis Report for the year, pursuant to
Regulation 34(2)(e) of SEBI (Listing Obligations and Disclosures Requirement) Regulations,
2015 forms part of the Annual Report, attached herewith as "ANNEXURE-A".
5. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF
THE COMPANY
There have been no material changes and commitments affecting the
financial position of the Company which have occurred between the end of financial year to
which there report relates and the date of the report.
6. CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to the applicable provisions of the Companies Act, 2013 read
with the rules issued there under, Consolidated Financial Statements is not applicable to
the Company.
7. TRANSFER TO RESERVES
The Company does not propose to transfer any sum to the General Reserve
of the Company.
8. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO
The information pertaining to conservation of energy, technology
absorption, Foreign exchange Earnings and outgo as required under Section 134 (3)(m) of
the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are
applicable to the company and annexed as ‘ANNEXURE B.
9. CORPORATE SOCIAL RESPONSIBILITY
In accordance with the requirements of the provisions of Section 135 of
the Companies Act, 2013, the CSR Policy is not applicable to the company.
10. ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies
Act 2013 and rules made there under, the Annual Return of the Company as on March 31, 2023
in Form MGT-7 is available on the Companys website at www.barodaextrusion.com
11. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Pursuant to Section 149, 152 and other applicable provisions of the
Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors)
Rules, 2014, Mr. Parasmal Kanugo, who retires by rotation at the ensuing Annual General
Meeting and being eligible, offers himself for re-appointment.
None of the Directors is disqualified for appointment/re-appointment
under Section 164 of the Companies Act, 2013. The Certificate issued by the practicing
Company Secretary relating to non-disqualification of Directors is also attached herewith
as "ANNEXURE C". As required by law, this position is also reflected in
the Auditors Report. The composition of the Board, meetings of the Board held during
the year and the attendance of the Directors there at have been mentioned in the Report on
Corporate Governance in the Annual Report.
During the year under review, the non-executive directors of the
Company had no pecuniary relationship or transactions with the Company, other than sitting
fees and reimbursement of expenses incurred by them for the purpose of attending meetings
of the Board / Committees of the Company.
12. INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY
The Board of Directors of the Company has laid down adequate internal
financial controls which are operating effectively. The Company has an Internal Control
System, commensurate with the size, scale and complexity of its operations. Policies and
procedures are adopted by the Company for ensuring the orderly and efficient conduct of
its business, including adherence to the Companys policies, safeguarding of its
assets, the prevention and detection of its frauds and errors, the accuracy and
completeness of the accounting records and the timely preparations of reliable financial
information. The scope of Internal Audits well defined in the organization. The Internal
Audit report regularly placed before the Audit Committee of the Board. The Management
monitors and evaluates the efficacy and adequacy of internal control systems in the
Company, its compliance with operating systems, accounting procedures and policies. Based
on the report of Internal Auditors, process owners undertake corrective action in their
respective areas and thereby strengthening the controls continuously. Significant audit
observations, if any, and corrective actions suggested and taken are presented to the
Audit Committee of the Board.
13. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATIONOF RISK
MANAGEMENT POLICY OF THE COMPANY
The Company is not required to constitute risk management committee as
provided in the SEBI (Listing Obligations & Disclosure Requirements) Regulations,
2015. However, the Company has in place an internal Risk Management Policy to monitor the
risk plans of the Company and ensure its effectiveness. The Audit Committee has additional
oversight in the area of financial risks.
14. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION
186 OF THE COMPANIES ACT, 2013
During the year under review, the company has not provided loans,
Guarantees or investments in compliance with the provision of section 186 of the Companies
Act, 2013.
15. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
All transactions entered into with the Related Parties as defined under
the Companies Act, 2013 read with Regulation 23 of the SEBI, (Listing Obligations And
Disclosure Requirements)
Regulations, 2015 during the financial year were in the ordinary course
of business and on arms length basis and do not attract the provisions of Section
188 of the Companies Act, 2013.
There were no materially significant related party transactions made by
the Company with the Promoters, Directors and Key Managerial Personnel which may have a
potential conflict with the interests of the Company at large. All other Related Party
Transactions are placed before the Audit Committee and also the Board for approval. The
policy on materiality of related party transactions and dealing with related party
transactions is uploaded on the Companys website https://www.barodaextrusion.com.
16. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE
REMARKS OR DISCLAIMERS MADE BY THE AUDIT OR AND PRACTICING COMPANY SECRETARY OR COST
AUDITOR IN THEIR REPORTS
The Statutory Auditors of the company have raised the following
qualifications in their report.
1) Due to the various litigations and cross litigations between the
Company and the Lender-
SICOM Ltd (‘SICOM), the Company has not accounted for the
interest liability, for the past many years and for the year ended March 31, 2023, on
outstanding dues payable to SICOM. Further, as stated in the said Note, in view of the
various demands raised by the Company and on the Company, the interest liability to be
accounted for in the books of accounts is not ascertainable.
Management Response:
Basis the internal assessment with respect to ongoing litigation, there
will be no interest liability on the outstanding balance of the lendor SICOM Limited and
therefore the interest liability to be accounted for in the books of accounts is not
ascertainable.
2) As stated in Note 5 of the Financial Statement, the Company has not
de-recognized the Deferred Tax Assets (DTA) amounting to Rs. 512.43 Lakhs as appearing in
its books of accounts as at March 31, 2023 for the reason stated in the said note.
Considering the losses incurred by the Company and since the net worth of the Company is
eroded, there is no reasonable certainty that there will future taxable profit, such
continuation of recognition of DTA has led to departure in terms of the requirements of
Ind AS 12 ‘Income Taxes. Had the Company de-recognised the DTA as at March 31,
2023, loss for the year ended March 31, 2023 would have been higher by Rs. 512.43 Lakhs.
Management Response:
The Company is carrying deferred tax asset aggregating to Rs. 512.43
lakhs. Management reasonably certain that the Company will earn sufficient taxable profit
in future to utilized the Deferred Tax Asset. The Company has prepared business
projections for the next 3 years taking into consideration certain strategic changes
implemented by the management resolve key issues like capacity utilization, finding high
margin buyers etc. Basis on such business projections, as aforesaid, the Company is
expected to reverse tosses and report profits in future years. Further, The Management
believes that outcome of the pending litigations with the lender will be in the favour of
the Company. Once litigation concludes, the Company has the ability to generate sufficient
profit which will enable the Company to utilised deferred tax easily. Accordingly, no
adjustment is currently considered necessary by the management to the amount of deferred
tax recognized in the books of accounts.
3) The Auditors in their report on Internal Financial Controls with
reference to Financial Statements under clause (i) of sub-section 3 of section 143 of the
Companies Act, 2013 have qualified and mentioned that according to them the Company has
not established its internal financial controls with reference to financial statements on
criteria based on or considering the essential components of internal control stated in
the Guidance Note issued by ICAI.
Management Response:
Your company has tried and complied to obtain an understanding of
internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also
responsible for expressing our opinion on whether the Company has adequate internal
financial controls with reference to financial statements in place and the operating
effectiveness of such controls.
There were no other qualifications, reservations or adverse remarks
made either by the Statutory Auditors or by the Practicing Company Secretary or Cost
Auditor in the irrespective reports for financial year ending March 31, 2023.
17. APPOINTMENT OF DIRECTORS AND REMUNERATION POLICY
The Company has formulated and adopted the Nomination and Remuneration
Policy in accordance with the provisions of Companies Act, 2013 read with the Rules issued
there under and the Listing Regulations. The policy defines the criteria for the selection
of candidates for appointment as Directors, Key Managerial Personnel and senior management
positions. The relevant information has been disclosed in the Corporate Governance report
which forms part of this report.
The remuneration paid to the Directors is in accordance with the
Nomination and Remuneration Policy formulated in accordance with Section 178 of the
Companies Act, 2013 and Regulation 19 of the Listing Regulations as amended from time to
time.
18. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS
Total Five(5) meetings of the Board of Directors were held during the
financial year under review. The details of the meetings of the Board and its Committees
held during the year under review are stated in the Corporate Governance Report, which
forms part of this report.
Sr. No. Name of the Director |
No. of Board Meetings
attended(Total5held) |
| 1. Mr. Parasmal Kanugo |
5/5 |
| 2. Ms. Rina Patel |
5/5 |
| 3. Mr. Rikesh Shah |
5/5 |
| 4. Mr. Yadunandan Patel |
5/5 |
19. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013 the
Directors Responsibility Statement the Company confirms that:
. In the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to material departures;
. 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;
. 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;
. The directors had prepared the annual accounts on a "going
concern basis"; and
. The directors of the company had tried to lay down internal financial
controls to be followed by the company to achieve adequacy and effectiveness in such
internal financial controls for the coming financial year.
. The Directors had tried to devise proper systems to ensure compliance
with the provisions of all applicable laws and that such systems were adequate and
operating effectively.
20. DECLARATION BY INDEPENDENT DIRECTOR(S):
All the Independent Directors have submitted their declaration to the
Board that they fulfil all the requirements as stipulated in Section 149(6) of the
Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors
under the provisions of the Companies Act, 2013 and the relevant rules. The Board hereby
confirms that all the Independent directors have registered themselves with Independent
Directors Database. All Independent Director has cleared Proficiency test within statutory
time period.
21. DEPOSIT
The Company has neither accepted nor renewed any deposits during the
year under review.
22. FAMILIARIZATION PROGRAMMES
The Company has adopted a familiarization policy for independent
directors. The policy as well as the details with regard to no. of hours and details of
imparting the training to the independent directors of the Company are available on the
Companys website www.barodaextrusion.com.
23. BOARD EVALUATION
Regulation 17(10) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 mandates that the Board shall monitor and review the Board
evaluation framework. The Companies Act, 2013 states that a formal annual evaluation needs
to be made by the Board of its own performance and that of its committees and individual
directors. Schedule IV, of the Companies Act, 2013, states that the performance evaluation
of independent directors shall be done by the entire Board of Directors, excluding the
director being evaluated. The evaluation of all the directors and the Board as a whole was
conducted based on the criteria and framework adopted by the Board. The Board approved the
evaluation results as collated by the nomination and remuneration committee.
24 . CHANGE IN DIRECTORS / KEY MANAGERIAL PERSONNEL DURING THE
YEAR
As required under Section 203 of the Companies Act, 2013, the Company
has noted that Mr. Parasmal Kanugo, Managing Director of the Company, Mr. Alpesh Kanugo,
Chief Financial Officer and Ms. Vaishali Sharma, Company Secretary are the Key Managerial
Personnel of the Company. During the year under review, there was no change in the
composition of the Board of Directors or the Key Managerial Personnel of the Company.
25. PARTICULARS REGARDING EMPLOYEES REMUNERATION
Disclosure pertaining to the remuneration and details as required under
Section 197(12) of the Act, and the Rules framed there under is enclosed as "ANNEXURE
D" to the Directors Report. The information in respect of employees of the
company required pursuant to rule 5 (1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules 2014 will be provided upon request. In terms of Section 136 of
the Companies Act 2013, the Report and Accounts are being sent to the Members and other
entitled thereto, excluding the aforesaid Annexure which is available for inspection by
the Members at the Registered Office of the Company during business hours on working days
of the Company up to the date of the ensuing Annual General Meeting. If any member is
interested in obtaining a copy thereof, such Member may write to the Company Secretary in
this regard.
26.AUDITORS AND THEIR REPORT a) Statutory Auditors
M/s. Maloo Bhatt & Co., Chartered Accountants, were appointed as
the Statutory Auditors of the Company for a term of 5 (Five) consecutive years from the
conclusion of the 29th Annual General
Meeting ("AGM") held on 30th September, 2020 till the
conclusion of the 33rd AGM. In view of the business integration of M/s. Maloo Bhatt &
Co. with M/s. Haribhakti & Co. LLP (Chartered Accountants (Firm Registration Number:
103523W/W100048), M/s. Maloo Bhatt and Co. had tendered their resignation w.e.f. 11th
October, 2022 (after close of business hours).
In accordance with the provisions of Section 139(8) of the Companies
Act 2013 read with the Companies (Audit & Auditors) Rules, 2014 in order to fill the
casual vacancy caused pursuant to resignation of the existing Statutory Auditors, based on
the recommendation of the Audit Committee, the Board of Directors of the Company vide
circular resolution passed on 11th October, 2022appointment of M/s. Haribhakti & Co.
LLP, Chartered Accountants (Firm Registration Number: 103523W/W100048), as Statutory
Auditors of the Company, to hold the office until the conclusion of the 32nd
Annual General Meeting of the Company and the same was approved by the members in their
Extra Ordinary General Meeting held on 22nd December 2022.
Pursuant to provision of Section 139 of the Companies Act 2013, the
Board of Directors, on the recommendation of the Audit Committee, approved the appointment
of M/s. Haribhakti & Co. LLP, Chartered Accountants (Firm Registration Number:
103523W/W100048), as Statutory Auditors of the Company to hold the office from the
conclusion of this 32nd Annual General Meeting until the Conclusion of 33rd
Annual General Meeting of the Company for Financial Year 2023-24 under casual vacancy. The
Audit Committee and the Board in their meeting held on 11 October, 2022 respectively have
approved the appointment of M/s. Haribhakti & Co. LLP as the Statutory Auditors of the
Company for the financial year 2023-24, on such remuneration and terms and conditions as
set out in the explanatory statement to this Notice. M/s. Haribhakti & Co. LLP,
Chartered Accountants, have given their consent confirming that their appointment, if
made, would be in accordance with the provisions of Section 139 and 141 of the Act read
with the Companies (Audit and Auditors) Rules, 2014.
The qualifications /adverse remarks by the Statutory Auditors are
mentioned in clause 16 of this report. The Auditors report is enclosed with the
financial statements in this Annual Report.
b) Secretarial Auditors
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,The
Company has appointed M/s. Swati Bhatt & Co., Practicing Company Secretaries (C P No.
8004) as the Secretarial Auditors for the financial year 2022-23.There is no qualification
or adverse remark in their report. The Report of the Secretarial Auditor is annexed
herewith as ‘ANNEXURE-E.
c) Internal Auditors
Pursuant to provisions of section 138(1) of the Companies Act, 2013,
the Company has appointed M/s Surti & Talati, Chartered Accountants (ICAI Firm
Registration no. 114924W), as internal auditors of the Company, to undertake the Internal
Audit of the Company from FY 2023-24.
d) Cost Auditor
M/s. Divyesh Vagadiya & Associates, Cost Accountants (Firm
Registration No.102628) have been appointed to conduct Cost Audit of the Company for the
year ending 31 March, 2024. The Company has made and maintained the cost records as
specified by the Central Government under Section 148(1) of the Act.
27. PARTICULARS OF CONTRACTS OR RELATED ARRANGEMENTS MADE WITH RELATED
PARTEIS:
All related party transactions that were entered into during the
financial year 2022-23 were on an arms length basis and were in the ordinary course
of business and in accordance with the provisions of the Companies Act, 2013 read with the
Rules issued thereunder and as per Listing Regulations. All Related Party Transactions
with related parties were reviewed and approved by the Audit Committee and the Board.
Policy on Transactions with Related Parties as approved by the Board is uploaded on the
Companys website - www.barodaextrusion.com.
Pursuant to Regulation 23(9) of the SEBI (LODR) Regulations, 2015, the
disclosure of Related Party Transactions, in the format specified in the accounting
standards for the half year ended 30th September,2022 and 31st March, 2023 has been
uploaded on the Exchange and the website of the company.
The related party transactions, wherever necessary are carried out by
company as per this policy. During the year the policy has not been changed.
28. COMMITTEES OF THE BOARD
The Board of Directors has constituted following Committees:
1. Stakeholders Relationship Committee
2. Nomination and Remuneration Committee
3. Audit Committee
The details related to the composition of the Board of the Company and
the Committees formed by it and meetings conducted during the year under review are given
in the Corporate Governance Report annexed hereto forming part of this Report.
29. RISK MANAGEMENT
The Company has a risk management policy which from time to time is
reviewed by the Audit Committee of the Board as well as by the Board of Directors. The
policy is reviewed quarterly by assessing the threats and opportunities that will impact
the objectives set for the Company as a whole. The policy is designed to provide the
categorization of this into threats and its cause, impact, treatment and control measures.
As part of the risk management policy, the relevant parameters for manufacturing sites are
analyzed to minimize risk associate with protection of environment, safety of operations
and health of people at work and monitor regularly with reference to statutory regulations
and guidelines define by the company. The company fulfils its legal requirement concerning
ambition, waste water and waste disposal. Improving work place safety continued top
priority at manufacturing site.
30. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL
MECHANISM
The Company has in place an Audit Committee in terms of requirements of
the applicable provisions of the Companies Act, 2013, Rules made there under and SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015. The details of the
composition of the Audit Committee, terms of reference and meetings held are provided in
the Corporate Governance Report which forms part of this Report.
The Company has established a vigil mechanism and oversees through the
committee, the genuine concerns expressed by the employees and other Directors. The
Company has also provided adequate safeguards against victimization of employees and
Directors who express their concerns. The Company has also provided direct access to the
chairman of the Audit Committee on reporting issues concerning the interests of co
employees and the Company. During the year under review, Audit committee and Board has
reviewed and updated Whistle Blower Policy of the Company. The Company has disclosed
information about establishment of the Whistleblower Policy on its website
www.barodaextrusion.com.
31. INSTANCES OF FRAUD, IF ANY, REPORTED BY THE AUDITORS
There have been no instances of fraud reported by the Auditors under
Section 143(12) of the Companies Act, 2013.
32. PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL
DIRECTORS
Pursuant to applicable provisions of the Companies Act, 2013 and the
Listing Regulations, the Board, in consultation with the Nomination& Remuneration
Committee, has formulated a framework containing, inter-alia, the criteria for performance
evaluation of the entire Boardof the Company, its Committees and individual Directors,
including Independent Directors. The framework is monitored, reviewed and updated by the
Board, in consultation with the Nomination and Remuneration Committee, based on need and
new compliance requirements.
The annual performance evaluation of the Board, its Committees and each
Director has been carried out for the financial year 2022-23 in accordance with the
framework. The details of evaluation process of the Board, its Committees and of
individual Directors, including Independent Directors have been provided under the
Corporate Governance Report which forms part of this Report.
33.SHARES CAPITAL AND DEBT STRUCTURE a. Share Capital
During the year under review the Total Authorized Share Capital is
Rs.15, 00, 00,000/- (Rupees Fifteen Crore Only) and paid-up, issued and subscribed share
capital of the company is Rs. 14, 90, 49,000/- (Rupees Fourteen Crore Ninety Lakhs Forty
Nine Thousand Only).
b. Buy Back Of Securities
The Company has not bought back any of its securities during the year
under review.
c. Sweat Equity
The Company has not issued any Sweat Equity Shares during the year
under review.
d. Bonus Shares
No Bonus Shares were issued during the year under review.
e. Employees Stock Option Plan
During the previous year, the Company has not issued Stock Option to
the employees.
34. INSURANCE
All the properties and assets of the Company are adequately insured.
35. CORPORATE GOVERNANCE
Pursuant to the Regulation 27 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and amendments there under, a separate section
forming part of this report and titled as "Corporate Governance" is attached
herewith as "ANNEXURE-F".
36. INSIDER TRADING POLICY
As required under the Insider Trading Policy Regulations of SEBI and
amendments thereto, your Directors have framed Insider Trading Regulations and Code of
Internal Procedures and Conducts for Regulating, Monitoring and Reporting of Trading by
Insider as well as Code of Practices and Procedures for Fair Disclosure of Unpublished
Price Sensitive Information. The same is also posted on the website of the Company at
https://www.barodaextrusion.com/PolicyDuring the previous year, the insider trading policy
was revised, reviewed and adopted by Audit Committee and Board as well.
37. CODEOFCONDUCT
The Board of Directors has laid down a Code of Conduct applicable to
the Board of Directors and Senior man agreement which is available on Companys
website at link
https://www.barodaextrusion.com/investors/policies/Code%20of%20conduct%20for%20Mana
gement.pdf All Board members and senior management personnel have affirmed compliance with
the Code of Conduct.
38. NOMINATION AND REMUNERATION POLICY
The Board has, on the recommendation of the Nomination &
Remuneration Committee, framed and adopted a policy for selection and appointment of
Directors, Senior Management and their remuneration. The Remuneration Policy on the
appointment and remuneration of Directors and Key Managerial Personnel provides a
framework based on which our human resources management aligns their recruitment plans for
the strategic growth of the Company. The policy is available on website of the Company at
link - https://www.barodaextrusion.com/investors/policies/NOMINATION%20AND%20REMUNERATI
ON%20COMMITTEE.pdf.
39. COMPLIANCE WITH ALL SECRETARIAL STANDARDS
The Company has complied with Secretarial Standard on Meetings of the
Board of Directors (SS-1) and General Meetings (SS-2) and other applicable Secretarial
Standards issued by the Institute of Company Secretaries of India and approved by the
Central Government from time to time.
40. POLICY ON PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL
HARASSMENT AT WORK PLACE
In line with the requirements of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company has set up
Internal Complaints Committees at its workplaces to redress complaints received regarding
sexual harassment. No complaints have been reported during the financial year 2022-23. All
employees (permanent, contractual, temporary, trainees) are covered under this policy.
41. PROCEEDINGS PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE:
There are no such proceedings or appeals pending under Insolvency and
Bankruptcy Code, 2016 (31 of 2016) during the year and at the end of the financial year.
42. LISTING
The Equity shares of the Company continue to remain listed on BSE
Limited and. The annual listing fees for the F.Y. 2023-24 has been paid to the Stock
Exchange.
43. ACKNOWLEDGEMENT BY THE BOARD
We thank our customers, vendors, dealers, investors, business partners
and bankers and Government Authorities for their continued support during the year which
made the Company grow successfully. We also place on record our appreciation of the
contribution made by our employees at all levels. Our consistent growth was made possible
by their hard work, solidarity, cooperation and support.
|
For and on behalf of Board of Directors |
|
Parasmal Kanugo |
Date: 14thAugust, 2023 |
Chairman& Managing Director |
Place: Vadodara |
DIN: 00920021 |
+91-9892691696
