Devki Leasing & Finance Ltd Directors Report.

To

The Members,

Devki Leasing and Finance Limited,

Indore – 452010

Your Directors have immense pleasure in presenting Twenty Seventh Boards Report of Devki Leasing and Finance Limited, together with the audited financial statements for the year ended March 31, 2019.

1. STATE OF AFFAIRS, FINANCIAL PERFORMANCE AND FUTURE OUTLOOK:

a. Financial Performance

The financial highlights and summarized financial results of the company are given below:

(Rupees in lacs)

Particulars 2018- 2019 2017-2018
Revenue from operations 0.35 1.86
Other Income 95.12 4.86
Total Expenses [excluding interest & depreciation] 17.86 17.02
Profit before Interest, Depreciation & Tax 77.61 (10.29)
Less: Depreciation 1.62 1.62
Less: Interest 6.64 -
Profit / (Loss) Before exceptional and extraordinary 69.35 (11.91)
items and tax
Less: Exceptional Items 13.64 85.00
Profit / (Loss) Before Tax 82.99 (96.91)
Less: Tax Expenses - -
Current Tax - -
Deferred Tax 0.69 -
Net Profit / (Loss) after Tax 82.30 (96.91)
Add: Amount brought forward from Last Year (321.11) (224.20)
Balance carried forward to Balance Sheet (238.81) (321.11)

During the Financial Year the Company has not done any business activity due to lack of financial resource which resulted in to the weak financial performance of the Company. During this year the Company has generated only interest income to the tune of Rs. 0.35 Lacs as compared to Rs. 1.86 Lacs in the Previous Financial Year, registering a fall of 81.82 %. The overall expense of the Company has also increased from Rs. 18.64 Lacs to Rs. 26.13 Lacs.

Company has write off its investment amount of Rs. 105 lacs which are no longer recoverable. In which Rs. 85 lacs has been adjusted from Provision made earlier years for permanent dimunsion in the value of investment and balance amount charged to exceptional items head under Profit & Loss A/c. Further company has sold some unquoted investment and the profit of Rs. 33.65 lacs on the same shown under exceptional item in Profit & Loss A/c.

b. Operations and Future Outlook

Its hard to predict the future, especially if youre still struggling to figure out whats happening in todays economy. The pace of change in the business world is faster than ever these days, thanks largely to globalization and digital technology. The movement and management of money is technically complex, and integral to most companies. In view of the same, your Directors are looking for best possible new business ideas to be carried out by the Company in the future.

c. Change in nature of Business

During the year there was no change in business activity of the company.

d. Changes in Share Capital

During the Financial Year 2018-19 there was no change in capital structure of the company. The issued & subscribed equity capital was Rs. 350.96 Lacs and paid up equity capital was Rs.345.18 Lacs as on 31st March 2019. During the year under review, the company has not issued shares with differential voting rights nor has granted any stock option or sweat equity shares. As on 31st March 2019, none of the Directors of the company hold instruments convertible into equity shares of the Company.

e. Revision of Annual Financial Statements

There was no case of revision in financial statement during the year.

2. TRANSFER TO RESERVES

The Company has transferred Rs. 82.30 lacs to Reserve for the Financial Year ended on 31st March, 2019, which has been used to set off accumulated losses of previous years.

3. DIVIDEND

Your Directors do not recommend any dividend for the financial year 2018-19.

4. DEPOSITS

During the year under review, your Company did not accept any deposits within the meaning of provisions of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.

5. MATERIAL CHANGES AND COMMITMENTS AFTER THE END OF FINANCIAL YEAR

The company has not carried any business activity during the year and there are not any material changes and commitments during the year. The company is searching for any business activity to be performed. There are no other changes, to be referred as material, in the affairs of your Company.

6. SUBSIDIARY, ASSOCIATE COMPANIES OR JOINT VENTURE

The Company does not have any subsidiary, joint venture or associate Company.

7. EXTRACT OF ANNUAL RETURN

The extract of the Annual Return of the Company as on 31st March, 2019 in Form MGT - 9 in accordance with Section 92 (3) of the Companies Act, 2013 read with Companies (Management and Administration) Rules, 2014, are set out in the Annexure I to this report.

Further, As per Section 134 (3) (a) of the Companies Act, 2013, the Annual Return of the Company as on 31st March, 2018 in Form MGT – 7, has been posted the website of the Company and can be accessed through Companys web link at http://www.devkileasing.com/8_Other_Shareholder_Information/MGT_7_2018.pdf and Annual Return for the Financial Year 31st March 2019 will be posted on website of the Company once the same will be filed with Registrar of Companies.

8. DIRECTORS AND KEY MANAGERIAL PERSONNEL

At the year ended March 31, 2019, the Board of Directors comprised of One Executive director and one Non-Executive woman director and two Independent Directors. The Company has one Chief Financial Officer and a Company Secretary.

RESIGNATIONS:

During the year under review, Mr. Kamlesh Kasliwal DIN (00457056) has been resigned from the post of Independent Director of the Company w.e.f. 14th November, 2018.

Mrs. Shilpa Gulani, Company Secretary of the Company has resigned from the position of Company Secretary with effect from 02nd May, 2019.

APPOINTMENTS:

During the year under review the Board appointed, Mr. Vijay Jaiswal (DIN: 08278676) as Additional Director in the capacity of Independent category w.e.f. 13th November, 2018 to hold office upto the date of ensuing Annual General Meeting

During the year under review, the Board appointed Ms. Shraddha Diya as Company Secretary of the Company w.e.f. 02nd May, 2019.

REGULARIZATION OF DIRECTORS:

During the year under review, The Board has appointed Mr. Vijay Jaiswal (DIN: 08278676) as Additional Director in the capacity of Independent category w.e.f. 13th November, 2018 to hold office upto the date of ensuing Annual General Meeting. Your Directors recommend the appointment of Mr. Vijay Jaiswal (DIN: 08278676), as Independent Director of the Company.

DECLARATION BY INDEPENDENT DIRECTORS

Independent Directors have given declaration that they meet the criteria of independence as per Regulation 16 (1) (b) SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 and as per the criteria provided in the Section 149 of the Companies Act, 2013. In the opinion of the Board, the Independent Directors fulfill the conditions relating to their status as Independent Directors as specified in Section 149 of the Companies Act, 2013 and Regulation 25 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

Independent Directors not liable to retire by rotation, in terms of Section 149(13) of the Act.

RETIRE BY ROTATION

In accordance with the provisions of Section 152 of the Act and in terms of the Articles of Association of the Company, Mr. Sudhir Bindal (DIN: 00108548) retires by rotation and being eligible, offers himself for reappointment at the ensuing 27th Annual General Meeting. The Board recommends his re-appointment for the consideration of the Members of the Company at the ensuing Annual General Meeting.

DISQUALIFICATIONS OF DIRECTORS

During the year declarations received from the Directors of the Company pursuant to Section 164 of the Companies Act, 2013. The Board appraised the same and found that none of the director is disqualified for holding office as director.

Further the Certificate from Practicing Company Secretary as per the certifying that none of the directors of the company disqualified for holding office as director of the Company is enclosed with this Board Report.

9. COMMITTEES OF THE BOARD OF DIRECTORS

The Board has three committees which have been constituted as a part of the good corporate governance practices and the same are in compliance with the requirements of the relevant provisions of applicable laws and statutes. The following are the details of the Board Committees during the Financial Year 2018-19:

a. Audit Committee

b. Nomination & Remuneration Committee

c. Stakeholders Relationship Committee

Audit Committee

Your Company has an adequately qualified and experienced Audit Committee with Mr. Manoj Kumar Singh (Chairman), Mr. Vijay Jaiswal and Mrs. Sarita Bindal, as Members. The recommendations of the Audit Committee were duly approved and accepted by the Board during the year under review.

The full details with respect to Committees, their compositions, powers, roles, terms of reference, Meetings held and attendance of the Directors at such Meetings of the Committees are given in detail in the Report on Corporate Governance of the Company which forms part of this Report.

10. MEETINGS OF THE BOARD OF DIRECTORS AND ITS COMMITTEES

a. Board Meetings:

During the year under review the Board has met 7 (Seven) times viz. 28th May 2018( Adjouned on 30th May, 2018), 27th June 2018, 14th August 2018, 10th September 2018, 13th November 2018, 11th February 2019, 30th March, 2019. The details of meetings of the Board and the attendance of Directors are provided in the Corporate Governance Report.

b. Committee Meetings:

During the year under review, the Committees duly met and the details of the the Meetings held and attendance of the Directors at such Meetings, are provided in the Corporate Governance Report.

c. Separate Meeting of Independent Director:

During the year under review, a separate meeting of Independent Directors was held on 11th February March 2019. Details of the attendance of the Directors at such meeting and details about familiarization programme are provided in the Corporate Governance Report.

11. PERFORMANCE EVALUATION OF THE BOARD AND INDEPENDENT DIRECTORS

Pursuant to the provisions of Section 134(3)(p) of Companies Act 2013 and Regulation 25(4) and 17(10) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Nomination and Remuneration Committee of the Company has defined the evaluation criteria and procedure for the Performance Evaluation process for the Board, its Committees, and Directors.

The Board of Directors has carried out an annual performance evaluation of its own performance, the Directors and the Committees. Performance evaluation of independent Directors was in accordance with Regulation 17(10) of of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which is done by the entire board, excluding the director being evaluated. The performance evaluation of the Chairman and the Non Independent Directors was carried out by the Independent Directors, who also reviewed the performance of the Board as a whole. The criteria on the basis which the evaluation has been carried out are explained in the Corporate Governance Report.

The performance of the board was evaluated by the board after seeking inputs from all the Directors on the basis of criteria such as board composition and structure, effectiveness of board processes, information and functioning, etc. as provided by the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India.

The performance of the committee was evaluated by the Board after seeking inputs from the committee members on the basis of criteria such as the composition of the committee, effectiveness of committee meetings, etc.

The Board and the Nomination and Remuneration Committee reviewed the performance of individual director on the basis of criteria such as the contribution of the individual directors to the board and committee meeting like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meeting, etc.

12. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, confirm that:

a. In the preparation of the Annual Accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures.

b. The Directors have 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 for the year ended on that period.

c. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities.

d. The Directors had prepared the annual accounts on a going concern basis.

e. The Directors have 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 have devised proper system to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.

13. AUDITORS:

a. Statutory Auditors

Pursuant to the provisions of section 139 of the Act and the rules framed there under, at the 25th Annual General Meeting of the Company held on 26th September 2017, Spark & Associates, Chartered Accountants (ICAI Firm Registration No.005313C) were appointed as Statutory Auditors of the Company to hold office till the conclusion of the Thirtieth Annual General Meeting to be held in the calendar year 2022.

Explanation to Auditors Remark

The Auditors Report read with relevant notes are self-explanatory and not required any comments or Explanation.

Reporting of fraud by Statutory Auditors

There was no fraud in the Company, which was required to report by Statutory Auditors of the Company under sub-section (12) of section 143 of Companies Act, 2013.

b. Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the company has appointed Ms. Shraddha Jain, Practicing Company Secretary, to conduct Secretarial Audit for the financial year 2018-19. The Secretarial Audit Report for the financial year ended March 31st, 2019 is annexed herewith marked as Annexure II to this Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

c. Cost Record and Cost Audit

Your company does not fall within the provisions of Section 148 of Companys Act, 2013 read with the Companies (Cost records & Audit) Rules, 2014, therefore no such records required to be maintained.

d. Internal Auditor

Pursuant to the provisions of Section 138 of the Act read with Rule 13(1)(a) of Companies (Accounts) Rules, 2014, the Board of Directors of the Company has appointed Mr. Muralidharan Pillai, CFO of the Company to conduct internal audit reviews for the Company.

14. DISCLOSURE OF RATIO OF REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

The prescribed particulars of employees required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is enclosed as Annexure III and forms the part of this Board Report.

15. PARTICULARS OF EMPLOYEES

During the year, none of the employee of the company is drawing remuneration in excess of Rs.1,02,00,000/- per annum or Rs. 8,50,000/- per month. Your Company is presently working with four Directors and one CFO and one CS. There are no other employees in the company. Accordingly, information required to be given pursuant to provisions of Section 197(12) of the Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,2014 is enclosed as Annexure IV and forms the part of this Boards Report.

16. CORPORATE GOVERNANCE REPORT

As per Regulation 15 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015 ("SEBI (LODR) Regulations, 2015") the corporate governance provisions as specified in Regulations 17, 17A, 18, 19, 20, 21, 22, 23, 24, 24A, 25, 26, 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 and para C , D and E of Schedule V are not applicable on the Company. Hence on 03rd August, 2018 your Directors intimated to Stock exchange regarding non applicability of above corporate governance provisions. However your Company believes in Good Corporate Governance Practices, so the Directors present the Report on Good Corporate Governance for the year ended 31st March 2019 to have more transparency and disclosures and the same is attached with this report as Annexure – V.

17. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Statement in pursuance of requirement of Para B of Schedule V SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is attached to this report as Annexure – VI.

18. NOMINATION AND REMUNERATION POLICY

Pursuant to the provisions of Section 178(3) of the Companies Act, 2013, and Regulation 19 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Nomination and Remuneration Committee has formulated a policy relating to the remuneration for the Directors, Key Managerial Personnel (KMP) and other employees which is being approved and adopted by the Board and has been posted on the website of the Company and can be accessed through web link http://www.devkileasing.com/6_Policies/Nomination_and_Remuneration_Policy.pdf

Salient Features of the policy:

The policy covers the following: Definitions

Appointment Criteria for Directors/Key Managerial Personnel/Senior Management Personnel. Additional Criteria for Appointment of Independent Directors.

Tenure of the Directors.

Remuneration Policy for Remuneration to Directors/Key Managerial Personnel/Senior Management Personnel

Criteria For Evaluation Of Performance Of Independent Directors and The Board Of Directors

Removal of the Directors

CHANGES MADE IN NOMINATION AND REMUNRATION POLICY

Criteria for Appointment of Independent Directors on attaining age above 75 years. Further the amended policy has been annexed to this Board Report as Annexure VII

a. OTHER POLICIES

The details of the Key Policies adopted by the Company are mentioned at Annexure VIII to the Boards Report.

19. INTERNAL FINANCIAL CONTROLS AND ITS ADEQUACY

The Company has comprehensive Internal Financial Controls system for all major processes including financial statements to ensure reliability of reporting. The system also helps management to have timely data on various operational parameters for effective review. It also ensures proper safeguarding of assets across the Company and its economical use. The internal financial controls system of the Company is commensurate with the size, scale and complexity of its operations. The system and controls are periodically reviewed and modified based on the requirement.

The internal and operational audit is entrusted to Mr. Muralidharan Pillai, CFO of the Company. The main thrust of internal audit is to test and review controls, appraisal of risks and business processes, besides benchmarking controls with best practices in the industry. Based on the audit observations & suggestions, follow up & remedial measures are being taken on a regular basis.

20. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

During the year under review, the Company has neither made any loans and investments nor has given any guarantee or provided any security in connection with a loan to any other body corporate or person within the meaning of Section 186 of Companies Act, 2013.

Further details of loans, guarantees and investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the Note No 05 and 06 to the Financial Statements.

21. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All transactions entered with Related Parties for the year under review were on arms length basis and in the ordinary course of business pursuant to the provisions of Section 188 of the Companies Act, 2013 and the Rules made there under. Further disclosure in form AOC-2 in terms of Section 134 of the Companies Act, 2013 are not applicable.

The Company at its meeting held on 27.06.2018 has obtained Inter corporate Loan to the tune of Rs. 60 Lacs from Velocity Private Limited, Related Party of the Company, on arms length basis & on commercial terms. The transaction has also been approved by the Audit Committee in their meeting held on 27.06.2018.

Further the Details of the Related Party Transactions are set out in Note 44 to the Financial Statement forming part of this Annual Report.

The Company has adopted a Related Party Transactions Policy and the same is uploaded on the Companys website www.devkileasing.com.

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

The particulars in respect of conservation of energy, technology absorption and foreign exchange earnings and outgo, as required under sub-section (3) (m) of section 134 of the Companies Act, 2013 read with Rule (8)(3) of the Companies (Accounts) Rules, 2014 are given as under :

A. Conservation of Energy

The steps taken or impact on conservation of energy:

i. The operations of your Company are not energy intensive. However, adequate measures have been initiated to reduce energy consumption.

ii. The capital investment on energy conservation equipments: Nil

B. Technology Absorption :

i. The efforts made towards technology absorption: Not Applicable.

ii. The benefits derived like product improvement, cost reduction, product development or import substitution: Not Applicable.

iii. In case of imported technology (imported during the last three years reckoned from the beginning of the Financial Year): Not Applicable.

iv. Company has not incurred any expenditure on Research and Development during the year under review.

C. Further there was neither inflow nor outflow of foreign exchange during the year

23. RISK MANAGEMENT

The Company recognizes that risk is an integral and unavoidable component of business and is committed to managing the risk in a proactive and efficient manner. The Company as part of business strategy has in place a mechanism to identify, assess, monitor risks and mitigate various risks with timely action.

24. CORPORATE SOCIAL RESPONSIBILITY

The Company does not meet the requirements of Section 135 of Companies Act, 2013 for establishing Corporate Social Responsibility (CSR) committee; therefore no such committee was established by the Board.

25. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There were no other significant material orders passed by the Regulators/Courts/Tribunals impacting the going concern status of the Company and its future operations.

26. VIGIL MECHANISM/WHISTLE BLOWER POLICY

Pursuant to the provisions of Section 177 (9) & (10) of the Companies Act, 2013 read with Rule 7 of Companies (Meetings of Board and its Powers) Rules, 2014 and SEBI (LODR) Regulations, 2015, the Company has in place a Whistle Blower Policy, which provides for a vigil mechanism that encourages and supports its Directors and employees to report instances of illegal activities, unethical behavior, actual or suspected, fraud or violation of the Companys Code of Conduct or Ethics Policy. It also provides for adequate safeguards against victimization of persons who use this mechanism and direct access to the Chairman of the Audit Committee in exceptional cases. During the year under review, no protected disclosure concerning any reportable matter in accordance with the Vigil mechanism and Whistle Blower policy of the Company was received by the Company. The Whistle Blower Policy has been posted on the website of the company www.devkileasing.com

27. COMMISSION RECEIVED BY DIRECTORS FROM HOLDING/SUBSIDIARY COMPANY

The Company does not have any holding/ subsidiary company. Hence provisions of Section 197 (14) of Companies Act, 2013 are not applicable to the Company.

28. CHIEF FINANCIAL OFFICER AND MANAGING DIRECTOR CERTIFICATION

As required under Regulation 17(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Managing Director and Chief Financial Officer of the Company have certified to the Board regarding the Financial Statements for the year ended 31st March, 2019.

29. VOTING RIGHTS OF EMPLOYEES

During the year under review the company has not given loan to any employee for purchase of its own shares as per section 67(3) (c) of Companies Act, 2013.

30. DISCLOSURE REGARDING ISSUE OF EMPLOYEE STOCK OPTIONS

The Company has not issued shares under employees stock options scheme pursuant to provisions of Section 62 read with Rule 12 of Companies (Share Capital and Debenture) Rules, 2014.

31. DISCLOSURE REGARDING ISSUE OF SWEAT EQUITY SHARES

The Company has not issued sweat equity shares pursuant to provisions of Section 54 read with Rule 8 of Companies (Share Capital and Debenture) Rules, 2014 and SEBI (issue of sweat equity) Regulations, 2002 during the Financial Year.

32. LISTING AT STOCK EXCHANGE

The Equity shares of the Company are listed on Bombay Stock Exchange Limited, Mumbai and the Listing Fee for the year 2018-19 has been duly paid.

33. INSURANCE

The Companys assets are adequately insured against the loss of fire and other risks, as consider necessary by the Management from time to time.

34. BUSINESS RESPONSIBILITY REPORT

The Business Responsibility Reporting as required by Regulation 34(2) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, is not applicable to the Company for the financial year ending March 31, 2019.

35. DEPOSITORY SYSTEM

The Companys shares are tradable compulsorily in electronic form and the Company has connectivity with both the Depositories i.e. National Securities Depository Limited (NSDL) and Central Depository Service (India) Limited (CDSL). As per the SEBI (Listing Obligations & Disclosure Requirements) (Fourth Amendment) Regulations, 2018, vide Gazette notification dated June 8 and 30th November, 2018 mandated that securities of listed companies shall be transferred only in dematerialised from 1st April, 2019. In view of the numerous advantages offered by the Depository System, members are requested to avail the facility of Dematerialization of the Companys shares on either of the Depositories mentioned as aforesaid.

36. ENVIRONMENT AND SAFETY

The Company is conscious 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.

37. INDUSTRIAL RELATIONS

Companys Industrial relations continued to be healthy, cordial and harmonious during the period under review.

38. DISCLOSURE AS REQUIRED UNDER SECTION 22 OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013 AND CONSTITUTION OF INTERNAL COMPLAINTS COMMITTEE

The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at the Workplace, in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made there under. The Policy aims to provide protection to employees at the workplace and prevent and redress complaints of sexual harassment and for matters connected or incidental thereto, with the objective of providing a safe working environment, where employees feel secure.

An Internal Complaints Committee is in place to redress complaints received regarding sexual harassment. Further, during the year 2018-19 no grievance/complaint was reported from any employee.

39. COMPLIANCE OF SECRETARIAL STANDARD

The Directors state that applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to ‘Meetings of the Board of Directors and ‘General Meetings, respectively, have been duly followed by the Company.

40. ACKNOWLEDGEMENTS

Your Directors place on record their gratitude to all the Government and Semi Government Departments and Companys Bankers, for the assistance and co-operation and encouragement they extended to the Company. Your Directors also wish to place on record their sincere thanks and appreciation for the continuing support and unstinting efforts of investors, stakeholders, Reserve Bank of India, Banks and other regulatory authorities.

PLACE: INDORE FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
DATE: 18.07.2019 DEVKI LEASING & FINANCE LIMITED
Registered Office:
Velocity", 18-A Scheme No 94 C, Sudhir Bindal Sarita Bindal
Ring Road, Indore (M.P.) 452010 Managing Director Director
CIN:L65921MP1993PLC007522 (DIN - 00108548) (DIN - 02194558)