To
The Members,
Continental Petroleums Limited,
The Directors take pleasure in presenting their 37th Report and Audited Financial
Statements of the Company for the financial year 2022-23.
1. Financial Performance
Financial Result (Amount in Rs. Lac)
Particulars |
Year Ended 31st March, 2023 |
Year Ended 31st March, 2022 |
| Business Income |
9,835.53 |
12 121.46 |
| Other Income |
13.01 |
40.65 |
| Total Income |
9,848.54 |
12 162.12 |
| Profit/(Loss) before Interest, Depreciation and Tax |
750.84 |
639.99 |
| Less: Interest (finance cost) Depreciation |
202.54 |
161.22 |
| Profit/(Loss) before tax |
548.30 |
478.77 |
| Exceptional Item |
00 |
00 |
| Less: Current Tax |
105.05 |
103.12 |
| Deferred Tax |
48.97 |
-31.59 |
| Profit/(Loss) for the period |
394.29 |
407.24 |
Notes: The above figures are extracted from the standalone financial statements
prepared in compliance with the Indian Accounting Standards (Ind AS) and comply with all
aspects of the Indian Accounting Standards (Ind AS) notified under Section 133 of the
Companies Act, 2013 (the Act) [Companies (Indian Accounting Standards) Rules, 2015
(amended)] and other relevant provisions of the Act.
2. Financial Performance
During the year under review the Company has generated Rs. 9,835.53 (In Lacs) as
revenue from operations against Rs. 12 121.46(In lacs) in the previous year. The profit
After Tax (PAT) attributable to shareholders for financial year ended 31st March,2023 is
Rs. 394.29(In lacs) as against net profit of Rs. 407.24(In lacs) in the previous year.
3. State of Companys Affairs
Information on Companies operations is given in the Management Discussion &
Analysis Report forming part of this Report.
4. Material Changes and Commitments 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
During the year under review, there were no material changes and commitments affecting
the financial position of the Company which occurred between the end of the financial year
to which this financial statement relates and the date of this Report. As such no specific
details are required to be given or provided.
5. Change in Nature of Business. If any
As required to be reported pursuant to Section 134(3) (q) of the Act read with Rule
8(5)(ii) of Companies (Accounts) Rules, 2014, there is no change in the nature of business
carried on by the Company during the financial year 2022-23 and the Company continues to
carry on its existing business.
6. Subsidiary/Associate/loint Venture Company
During the reporting period no Company has become or ceased to be a subsidiary/joint
venture or associate.
7. Dividend
Your directors do not recommend any dividend for the financial year ended on 31st
March, 2023.
8. Transfer to Reserves
During the period under review, no amount has been transferred to any reserves.
9. Deposits
During the reporting period the Company has not accepted any deposit falling within the
ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits)
Rules, 2014. However, the Company has accepted loan from Directors of the Company
specified in notes to financial statements covered under Rule 2(1)(c)(viii) of the
Companies(Acceptance of Deposits)Rules,2014 and the Declaration from them that the amount
is not being given out of funds acquired by them by borrowing or accepting loans or
deposits from others has been obtained.
10. Share Capital
The Current Capital Structure of the Company is given below:
Authorized Capital:
The Authorised Capital of the Company is Rs. 3,00,00,000/- (Rupees Three Crore Only)
divided into 60,00,000 (Sixty Lakhs) Equity Shares of face value of Rs. 5/- (Rupees Five
only) each.
Issued Capital:
The Issued Capital of the Company is Rs.27,803,120/- (Rupees Two Crore Seventy-Eight
Lakh Three Thousand One Hundred Twenty Only) divided into 55,60,624 (Fifty-Five Lakhs
Sixty Thousand Six Hundred Twenty-Four) Equity Shares of Rs. 5/- (Rupees Five only) each.
Subscribed & Paid-up Capital:
The Subscribed &Paid-up Capital of the Company is Rs.27,803,120/- (Rupees Two Crore
Seventy-Eight Lakh Three Thousand One Hundred Twenty Only) divided into 55,60,624
(Fifty-Five Lakhs Sixty Thousand Six Hundred Twenty-Four) Equity Shares of 5/- (Rupees
Five only) each.
During the year under review; the Company has not issued any equity shares with
differential rights, sweat equity shares or bonus shares or any convertible instruments.
The Company has only one class of Equity Share having a par value of Rs. 5/-. Each
holder of share is entitled to one vote per share with same rights.
11. Directors Responsibility Statement
Pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors of the
Company, to the best of their knowledge and belief and according to the information and
explanations obtained by them, state that:
a. In the preparation of the annual accounts for the year ended 31st March, 2023, the
applicable accounting standards had been followed along with proper explanation relating
to material departures; b. They have selected such accounting policies, judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the loss of the Company
for that period;
c. Proper and sufficient care has been taken for the maintenance of adequate accounting
records in accordance with the provisions of Companies Act for safeguarding the assets of
the Company and for preventing and detecting fraud and other irregularities;
d. The annual accounts have been prepared on a going concern basis.
e. Necessary internal financial controls have been laid down by the Company and the
same are commensurate with its size of operations and that they are adequate and were
operating effectively; and
f. That proper system was devised to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
12. Details in respect of adequacy of Internal Financial Control with reference to the
Financial Statements
The Company has adequate internal controls and processors in place with respect to its
financial statements which provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements. The Company has a
mechanism of testing the controls at regular intervals for their design and operating
effectiveness to ascertain the reliability and authenticity of financial information.
13. Corporate Social Responsibility (CSR)
As the company does not fall under the criteria specified under section 135 (Corporate
Social Responsibility) of the Companies Act, 2013, hence section 135 and rules made
thereunder and disclosure required to made pursuant to said provisions are not applicable
to the company.
14. Details of Significant and Material Orders passed by the regulators or courts or
tribunals impacting the going concern status and companys operations in future
No significant or material order has been passed by the Regulators/Courts or Tribunals
which can impact the going concern status and Companys operation in future on
achievements of operational and strategic goals, compliance with policies, procedures
applicable laws and regulations, and all assets and resources are acquired economically,
used efficiently and adequately protected.
15. Particulars of contracts or arrangements with Related Party
Related Party Transactions during the financial year 2022-23 were on arms length basis
and in ordinary course of business. They were all in compliance with the applicable
provisions of the Companies Act, 2013 and the Securities Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (as amended). All such
transactions are placed before the Audit Committee for review/approval. The necessary
omnibus approvals have been obtained from Audit Committee wherever required. There were no
material Related Party Contracts/ Arrangements/Transactions made by the Company during the
year 2022-23 that would have required Shareholders approval under provisions of Section
188 of the Companies Act, 2013 or of the Securities Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (as amended). The Company has
adopted a Related Party Transactions Policy duly approved by the Board, which is uploaded
on the Companys website & may be accessed at www.contol.in Pursuant to the provisions
of section 188 of the Act read with rules made thereunder and Regulation 23 of the Listing
Regulations, all Related Party Transactions entered into by your Company with related
parties during the Financial Year 2022-23 were in the ordinary courses of business and at
arms length basis. Requisite prior approval of the Audit Committee was obtained in the
meeting for related party transactions entered into during financial year 2022-23 and the
same was also placed before the Board for seeking their approval. Your Company has not
entered into any transactions with related parties which could be considered material in
terms of Section 188 of the Act. Accordingly, the disclosure of related party transactions
as required under Section 134(3)(h) of the Act read with Rule 8(2) of the Companies
(Accounts) Rules, 2014, in Form AOC-2, is not applicable on the Company. For the financial
year 2023-24, the Board and the Audit Committee in their meeting held on May30, 2023had
granted omnibus approval for the transactions that are in the ordinary course of the
business and repetitive in nature. All related party transactions are placed before the
Audit Committee on a quarterly basis.
16. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and
Outgo
The particulars regarding conservation of Energy, Technology Absorption and foreign
exchange earnings and expenditure stipulated under section 134(3)(m) of the Companies Act,
2013 read with the Companies(Accounts) Rule 2014 is annexed as “Annexure 1” to
the Boards Report.
17. Particulars of Employees and related disclosures
The information and disclosures pertaining to remuneration and other details of
employees, Directors and Key Managerial Personnel as required under section 197 of the Act
read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 ( “the MR Rules” )is annexed herewith as “Annexure 2”
forming integral part of this report.
18. Management Discussion & Analysis Report
A detailed review of operations, performance and future outlook of the Company and its
business is given under the Management Discussion and Analysis Report which forms an
integral part of this Report and is set out as a separate section to this Annual Report.
19. Corporate Governance Report
Your Company is committed to good corporate governance practices. A separate report on
Corporate Governance in compliance with the provisions of Regulation 34 of the Listing
Regulations read with Para C of Schedule V of the said regulations, along with a
certificate received from M/s R.P. Khandelwal & Associates, Chartered Accountants
(FRN: 001795C) confirming that the Company is and has been compliant with the conditions
stipulated under the Listing Regulations forms part of the Annual Report.
20. Vigil Mechanism/Whistle Blower Policy
Pursuant to the provisions of Section 177(9) and 177(10) of the Act read with Rule 7 of
the Companies(Meetings of Board and its Powers) Rules, 2014, and Regulation 22 of the
Listing Regulations, the Company has adopted ‘Whistle Blower Policy for Directors
and employees to deal with the cases of unethical behavior in all its business activities,
fraud, mismanagement and violation of Code of Conduct of the Company.
The Whistle Blower Policy may be accessed on the website of the Company at
www.contol.in.
21. Risk Management
The Company has implemented an integrated risk management approach through which it
reviews and assesses significant risk on a regular basis to ensure that there is a robust
system of risk controls and mitigation in place. Senior management periodically reviews
the risk management. The management is however, of the view that no risk element is
identified which in opinion of the Board may threaten the existence of the Company.
22. Auditors
a) Statutory Auditors and their report
M/s. RP Khandelwal & Associates (FRN: 001795C), Chartered Accountant was appointed
as the Statutory Auditors of the Company in the 36" AGM for a term of 5 years who
shall hold office till the conclusion of 41st Annual General Meeting to be held in the
year 2027. They have audited the financial statements of the Company for the year under
review.
Auditors determines that the Company is providing a fair and accurate representation of
its financial position by examining financial transactions. They report to the
shareholders and other stakeholders on the financial statements of the Company.
Pursuant to Section 139 and 141 of the Act and relevant Rules made thereunder, the
Statutory Auditors have confirmed that they are not disqualified from continuing as
Auditors of the Company.
During the year under review, no instance of fraud was reported by the Statutory
Auditor of the Company in their Audit Report under Section 143(12) of the Act, therefore
no detail is required to be disclosed under Section 134 (3) of the Act.
The notes on financial statement referred to in the Auditors Report are
self-explanatory and do not call for any further comments. The Auditors Report does not
contain any qualification, reservation or adverse remark. The Auditors in their report for
the financial year 2022-23 have given unmodified opinion.
b) Secretarial Auditor and their report
Pursuant to the provisions of Section 204 of the Act read with the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 and regulation 24A of
the Listing Regulations, your Board had appointed CS Trishla Gupta, Practicing Company
Secretary as the Secretarial Auditor to conduct the Secretarial Audit of the Company for
the financial year 2022-23.
The Board in its meeting dated May 30, 2023had re-appointed CS Trishla Gupta,
Practicing Company Secretary as Secretarial Auditor of the Company to carry out
Secretarial Audit of the Company for the financial year 2023-24.
The Secretarial Audit Report is issued in Form MR-3 by CS Trishla Gupta, Practicing
Company Secretary, in respect of the Secretarial Audit of the Company for the financial
year ended on March 31, 2023, , in relation to compliance of all applicable provisions of
the Companies Act, 2013, is set out in the “Annexure 3(i)” to this Annual
Report. The Secretarial Audit Report does not contain any qualification, reservation or
adverse remark.
The Secretarial Compliance Report issued by CS Trishla Gupta for the financial year
ended March 31, 2023, in relation to compliance of all applicable SEBI Regulations/
circulars/guidelines issued thereunder, pursuant to requirement of Regulation of the
Listing Regulations, is set out in “Annexure 3(ii)” to this Annual Report.
During the year under review, no instance of fraud was reported by the Secretarial
Auditor of the Company in their Audit Report under Section 143(12) of the Act, therefore
no detail is required to be disclosed under Section 134 (3) of the Act.
c) Internal Auditor
In accordance with the provisions of section 138 of the Act and rules made thereunder
and applicable regulations of the Listing Regulations, the Board of Directors of the
Company had appointed M/s Gupta Chordia & Associates, as Internal Auditors to conduct
Internal Audit of the Company for the financial year 2022-23.
The Board in its meeting dated May 30, 2023 had re-appointed M/s Gupta Chordia &
Associates, as Internal Auditors of the Company to carry out Secretarial Audit of the
Company for the financial year 2023-24.
During the year under review, no instance of fraud was reported by the Internal Auditor
of the Company in their Audit Report under Section 143(12) of the Act, therefore no detail
is required to be disclosed under Section 134 (3) of the Act.
d) Reporting of Fraud by Auditors
During the financial year, none of the Auditors of the Company have reported any
instances of frauds committed as specified under section 143(12) of the Act.
e) Cost Auditors
Maintenance of cost records as specified by the Central Government under sub-section
(1) of Section 148 of the Companies Act, 2013, is not required by the Company and
accordingly such accounts and records are not so made and maintained.
23. Disclosure on confirmation with the Secretarial Standards
Company has complied with the Secretarial Standards issued by Institute of Companies
Secretaries of India (ICSI) on Board Meetings (SS- 1) and General Meetings (55-2).
24. Extract of Annual Return
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as
on March 31, 2023 is available on the Companys website at www.contol.in. By virtue of
amendment to Section 92(3) of the Companies Act, 2013, the Company is not required to
provide extract of Annual Return (Form MGT-9) as part of the Boards report.
25. Human Resources
Company values its Human Resources the most. To keep their morale high, Company extends
several welfare benefits to the employees and their families by way of comprehensive
medical care, education, housing and social security.
26. Managing grievances
Our Companys Grievance Redressal Mechanisms ensure that all employees can raise issues
and concerns as simply as possible. The Whistle Blower Policy provide for reporting in
confidence of issues like child labour, etc. During the year, there have been no
complaints alleging child labour, forced labour, involuntary labour and discriminatory
employment.
Further, as per the Child Labour (Prohibition &Regulation) Act 1986, Company takes
due care about child labour and in the management of the Company there is no employee
whose age is below 18 years of age.
27. Directors/KMP
Board of Directors
The members of the Companys Board of Directors are eminent persons of proven
competence and integrity. Besides experience, strong financial acumen, strategic
astuteness and leadership qualities, they have a significant degree of commitment towards
the Company and devote adequate time to the meetings and preparation.
The Board meets at regular intervals to discuss and decide on Company / Business policy
and strategy apart from other Board business. The Board exhibits strong operational
oversight with regular presentations in every quarterly meeting. The Board/ Committee
meetings are convened by giving appropriate notice well in advance to help them plan their
schedule and ensure meaningful participation in the meetings. Only in case of special and
urgent business, if the need arises, the Boards/ Committees approval is taken by passing
resolutions through circulation or by calling Board/ Committee meetings at short notice,
as permitted by law.
The Directors / Members are provided with appropriate information in the form of agenda
items in a timely manner, to enable them to deliberate on each agenda item and make
informed decisions and provide appropriate directions to the Management in this regard.
The Board of Directors of the Company comprises of eight Directors, consisting of four
Independent Directors and three Executive Directors, three Executive Directors and one
Women Director as on March 31, 2023 who brings in a wide range of skills and experience to
the Board.
During the Financial Year 2022-23 there is no change in the Directors of the Company.
Details of Composition of the Board and its Committees, Category, Attendance of
Directors at Board Meetings and Committees meetings and last Annual General Meeting,
number of other directorships and other committee memberships are given in the Corporate
Governance Report forming part of this 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,
commission and reimbursement of expenses, if any.
Mr. Govind Sharan Khandelwal (DIN: 09519474) and Mrs. Rekha Sharma (DIN: 09260368) were
appointed as an Additional Director in the category Independent Director not liable to
retire by rotation, for a first term of five (5) years commencing with effect from
February24, 2022 up to February 23, 2027 and recommend such appointment for approval of
the Members by way of an Ordinary Resolution at the EGM of the Company held on May 20,
2022. Accordingly, Members approval is being sought at the EGM for such appointment.
In the opinion of the Board, the Independent Directors appointed are persons of high
repute, integrity and possesses the relevant expertise and experience in the respective
fields.
Retirement by Rotation
In accordance with the provisions of Section 152 of the Act and as per the Article of
Association of the Company, Mr. Vikrant Khandelwal (DIN: 01914756) Director of the Company
is liable to retire by rotation at the ensuing 37th Annual General Meeting of the Company
and being eligible offer himself for reappointment.
Declaration from Independent Directors
Your Company having four (4) Independent Directors which are in accordance with the
requirement of Listing Regulation as well as under the Act.
The Company has received necessary declaration from all the Independent Directors to
the effect that (i) they meet the criteria of independence as provided under Section
149(6) of the Act and Regulation 16(1)(b) of Listing Regulations and there has been no
change in the circumstances affecting their status as independent directors of the
Company; (ii) They have registered themselves with the Independent Directors Database
maintained by the ICA.
In the opinion of the Board, they fulfill the conditions specified in the Act and Rules
made thereunder for the appointment as Independent Directors and are Independent of the
Management.
The Independent Directors have complied with the Code applicable for Independent
Directors as stipulated under Schedule IV of the Act.
The terms and conditions for the appointment of the Independent Directors are given on
the website of the Company. The Board is of the opinion that independent directors of the
company fulfill the conditions specified in the Act and the Listing Regulations and that
they are independent of the management. The details of the familiarization programs
imparted to the Independent Directors are also covered in the Corporate Governance Report
forming part of this Annual Report.
Key Managerial Personnel
Mr. Madan Lal Khandelwal (Managing Director), Mr. Vikrant Khandelwal (Chief Financial
Officer)and Ms. Shefali Bidawatka (Company Secretary cum Compliance Officer) are the Key
Managerial Personnel of the Company. During the year under review, there were no changes
to the Key Managerial Personnel of the Company.
28.Number of Meetings of Board of Directors
During the financial year 2022-23, the Board of Directors met 7(Seven) times. The
details of the Board Meetings and the attendance of the Directors are provided in the
Corporate Governance Report which is a part of this report.
29.Meeting of Independent Directors
Your Company conducted a separate meeting of Independent Directors on 06th March, 2023
without the presence of the Non- Independent Directors and members of Management of the
Company.
At the said meeting, the Independent Directors discussed, among other matters, the
performance of the Company and risks faced by it, the flow of information to the Board and
its committees, governance, compliance and performance of Non-Independent Directors, the
Board as a whole and of the Chairman.
30.Audit Committee
The Audit Committee comprises of three Non-Executive Directors, viz; Ram Nath Karol
(DIN: 00414741), Mr. Goverdhan Dass Sethi (DIN:01216222) and Mrs. Radhika Khandelwal
(DIN:00414678). The Chairman of the Committee is Mr. Ram Nath Karol. The composition and
terms of reference of the Audit Committee are in accordance with the provisions of Section
177 of the Companies Act, 2013 and Regulation 18 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 as amended from time to time. The details of
Audit Committee Meetings and attendance of Committee Members are provided in the Corporate
Governance Report.
31.Nomination and Remuneration Committee
The Nomination & Remuneration Committee comprises of Mr. Ram Nath Karol
(DIN:00414741) as Chairman and Mr. Goverdhan Dass Sethi (DIN:01216222) and Mrs. Radhika
Khandelwal (DIN: 00414678) as members of the Committee. The details of Nomination
&Remuneration Committee Meetings and attendance of Committee Members are provided in
the Corporate Governance Report.
32.Stakeholders Relationship Committee
The Stakeholders Relationship Committee consists of Mrs. Radhika Khandelwal (DIN:
00414678), Non-Executive Director acting as Chairperson of the Committee and Mr. Goverdhan
Dass Sethi (DIN:01216222) and Mr. Ram Nath Karol (DIN:00414741), Independent Directors, as
members of the Committee. The details of Stakeholders Relationship Committee Meetings and
attendance of Committee Members are provided under Corporate Governance Report.
33.Policy on directors appointment and remuneration and other details
Company firmly believes in nurturing a people friendly environment, which is geared to
drive the organization towards high and sustainable growth. Each and every personnel
working with Company strives to achieve the Companys vision of being the best in the
industry. Its Remuneration Policy is therefore designed to achieve this vision. The policy
has been approved by the Board on the recommendation of Nomination cum Remuneration
Committee. The policy is applicable to Directors, Key Managerial Personnel (KMP) and other
employees.
The directors and KMPs are appointed on the recommendation of Nomination cum
Remuneration Committee in terms of Companies Act, 2013. The factors for deciding the
Remuneration of working directors, KMPs and senior executives includes, responsibility and
profile of Individual, remuneration packages of peer group, accolades and recognition
conferred on the individual, performance of the sector in which company operates, overall
performance of the Company. The Remuneration Policy can be accessed on the website of the
Company at www.contol.in
34.Familiarization programme for Independent Directors
In order to acquaint the new directors with the Company, a detailed presentation is
given to them at the time of their appointment which covers their role, duties and
responsibilities, Companys strategy, business model, operations, markets, organizational
structure, products, etc. A detailed presentation along similar lines is sent to existing
Independent Directors every year to keep them apprised of the above details. As part of
Board discussions, presentation on performance of the Company is made to the Board during
its meeting(s). Plant visits are also arranged for Independent Directors from time-to time
for better understanding of the Companys operations. The details of such familiarization
programmes for Independent Directors are posted on the website of the Company and can be
accessed at www.contol.in
35.Code of conduct
To comply with the requirements of Regulation 17(5)of the Listing Regulation, the
Company has adopted Code of Conduct for Board of Directors and Senior Management Personnel
{ “the Code” ).
All Board members and senior management personnel have confirmed compliance with the
Code for the year 2022-23. A declaration signed by the Managing Director of the Company to
this effect is placed at the end of this report.
The code requires directors and employees to act honestly, fairly, ethically and with
integrity, conduct themselves in professional, courteous and respectful manner. The code
is displayed on the Companys website.
36. Performance Evaluation of Board, Its Committees & Individual Directors
Pursuant to the provisions of the Companies Act, 2013 and Regulation 17(10) of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board carried out
annual evaluation of its own performance, performance of its Committees, and evaluation of
individual Directors including Independent Directors. The Independent Directors had
carried out an annual performance evaluation of non-independent Directors, the Board as a
Whole and Chairperson of the Company taking into account the views of Executive and
Non-Executive Directors. The Nomination and Remuneration Committee of the Board of
Directors evaluated the performance of every Director. The performance is evaluated on the
basis of number of Board and Committee meetings attended by individual Director,
participation of each director in the affairs of the company, duties performed by each
Director and targets achieved by company during the year. The Board/committee/directors
found that the evaluation is satisfactory and no observations were raised from the said
evaluation in current year as well as in previous year.
37.Disclosure as per Sexual Harassment of Women at workplace (Prevention, Prohibition
and Redressal) Act, 2013
The Company has zero tolerance for sexual harassment at workplace and has a policy on
prevention, prohibition and redressal of sexual harassment at workplace in the line of
provisions of Sexual Harassment of women at work place (Prevention, Prohibition and
Redressal), Act, 2013 and the rules framed there under. Internal Complaints Committee
(ICC) has been set up to redress complaints received regarding sexual harassment. No
complaint of sexual harassment was received during the financial year 2022-23.
38.Particulars of loans, guarantees or investments by the company
During the period under review the Company did not give any Loans, Guarantee and made
Investments under section 186 of the Companies Act, 2013.
39.0ther Matters
e There were no transactions during the year under review regarding Issue of shares
(including sweat equity shares) to employees of the Company under any scheme. es There
were no transactions during the year under review regarding Buyback of shares. e No
application made or proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31
of 2016) during the year. es There was no instance of one-time settlement with any Bank or
Financial Institution.
Acknowledgement
The Board of directors of your Company acknowledges its sincere appreciation for the
support extended by various departments of Central and State Government and others. The
Board also takes this opportunity to express its deep gratitude for the continuous support
received from the Shareholders.
For & on Behalf of Board of Directors CONTINENTALPETROLEUMSLIMITED
Sd/-
Madan Lal Khandelwal Chairman & Managing Director DIN: 00414717
Date: 02/09/2023
Place: Jaipur
+91-9892691696
