Your Directors are pleased to present the 42nd Annual Report of the Company
together with the Audited Financial Statements for the year ended 31st March,
2022
Amount In Rs.
| SUMMARISED FINANCIAL RESULTS: |
|
|
|
2021-22 |
2020-21 |
| Revenue from operations |
- |
- |
| Other Income |
47,71,684/- |
15,81,684/- |
| Total Income |
47,71,684/- |
15,81,684/- |
| Total Expenses |
49,99,467/- |
4,75,15,482/- |
| Profit/ (Loss) before Exceptional items and tax |
(2,27,783) |
(4,59,33,798) |
| Less: |
|
|
| Exceptional Item |
|
69,051 |
| Profit or Loss before Tax |
(2,27,783) |
(4,58,64,747) |
| Deferred Tax |
8,38,187 |
9,51,041/- |
| Previous Tax |
|
41,85,752/- |
| Profit/Loss for the period from continuing operations |
(10,65,970) |
(5,10,01,540) |
| Profit or loss for the period |
(10,65,970) |
(5,10,01,540) |
| Earning per Equity share (From Continuing operation) |
|
|
| Basic |
(0.03) |
(1-45) |
| Diluted |
(0.03) |
(1-45) |
Share Capital
During the year ended 31st March 2022, there is no change in the issued,
subscribed and paid up share capital of the Company. The paid-up capital as on 31st March,
2022 stood at Rs. 704.08 lakhs divided into 3,52,04,000 equity shares of Rs.2/- each.
Bonus
During the year under review no bonus shares are issued by the company.
Dividend
In view of the loss incurred during the year, no dividend could be recommended by your
Board of Directors for the financial year 2021-22.
Transfer to Reserves
The current year loss of Rs. 10,65,970/- has been transferred to Reserves &
Surplus.
Capital Expenditure on Assets
During financial year 2021-22 the company has not incurred any capital expenditure.
Particulars of Loans, Guarantee and Investment
Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013
forms part of the Notes to the Standalone Financial Statements provided in this Annual
Report.
Maintenance of Cost Records
Your company is not required to maintain cost records under sub- section (1) of section
148 of the Companies Act, 2013.
COVID-19
The rapid and diffused spread of the recent coronavirus (COVID-19) and global health
concerns relating to this outbreak have had a negative impact on, among other things,
financial markets, liquidity, economic conditions and trade and could continue to do so
for an unknown period of time, that could in turn have an adverse impact on business. The
second wave of Covid 19 outbreak triggered another spate of lockdowns in almost all states
in the country.
Since there were no employees in the company and no major business operations, the
impact of Covid on the companys operation was minimal. But the impact of COVID on the
Indian economy and the infrastructure industry has been significant which will render it
difficult for the company to procure new projects soon. However, the management is trying
its best to get new projects and revive the financial position of the company.
Management Discussion and Analysis
(a) Overview of Indian Economy
India has emerged as the fastest growing major economy in the world and is expected to
be one of the top three economic powers in the world over the next 10-15 years, backed by
its robust democracy and strong partnerships.
(b) Industry structure and developments
The Government, through a series of initiatives, is working on policies to attract
significant investor interest. A total of 200,000 km of national highways is expected to
be completed by 2022. In the next five years, National Highway Authority of India (NHAI)
will be able to generate Rs. 1 lakh crore (US$ 14.30 billion) annually from toll and other
sources.
Highway construction in India increased at 17.00% CAGR between FY16-FY21. Despite
pandemic and lockdown, India has constructed 13,298 km of highways in FY21. Under the
Union Budget 2022-23, the Government of India has allocated Rs. 199,107.71 crore (US$
26.04 billion) to the Ministry of Road Transport and Highways. In FY22 (until December),
the Ministry of Road Transport and Highways constructed national highways extending 5,835
kms. In June 2021, the Ministry of Road Transport and Highways constructed 2,284 kms of
national highways compared with 1,681 kms in June 2020.
NHAI plans to construct 25,000 kilometres of national highways in 2022-23 at a pace of
50 km per day. In the Union Budget 2022-23, government has planned for an increase in
allocation for the central road fund by 19%, the total fund was Rs. 2,95,150 crores (US$
38.86 million).
The Indian government launched Gati Shakti-National Master Plan, which will help lead a
holistic and integrated development of infrastructure generating immense employment
opportunities in the country.
In October 2021, the government announced a plan to install charging stations every 40
to 60 kilometres on national highways to strengthen wayside amenities; in line with this,
~700 e-vehicle charging stations are expected to be installed by 2023, covering 35,000 to
40,000 kms of national highways. The Minister for Road Transport & Highways and Micro,
Small and Medium Enterprises, Mr. Nitin Gadkari, is targeting to construct 40 kms per day
in FY22.
(c) Outlook
The Indian economy grew approximately 9% in 2022 and 8.2% in the 2021 calendar year,
after a 6.7% contraction in 2020, the year of COVID outbreak. The economy witnessed global
slowdown with the continuing COVID pandemic in 2021 as well. However with the pandemic
much in control in the beginning of 2022, Indias economy is now estimated to grow by more
than 9% in the current fiscal year 2022-23. The economy has been on a recovery path after
the impact of the worlds strictest lockdown in the last fiscal. The spread of the Omicron
variant in the third COVID wave prompted some states to impose curbs, which has hurt
several sectors of the economy, particularly the contact intensive service sectors but
overall it is felt that the impact of the third wave is muted.
According to Indian Infrastructure Sector in India Industry Report, India has budgeted
to spend US$ 1.4 trillion on infrastructure in between the period of 2019-23 to promote
sustainable development in the country. This depicts the upward trajectory of the Indian
infrastructure space which is on the rise. Also, with Covid-19 restrictions been now
removed, the infrastructure work has progressed, and the economy boost is only possible
with the infra development at the forefront.
The board feels that the initiatives and plans by the government for the infrastructure
sector, will attract lot of capital for its development. The growth and development of
India lies with the Infrastructure Development of the country. Considering the growth of
the company in infrastructure business and taking into account the available opportunities
in the Infrastructure Business, the Board has decided to focus on infrastructure projects.
The Board Strongly feels that by venturing into the infrastructure and realty business,
in the days to come, the wealth of the shareholders will enhance.
(d) Risks and Concerns
Infrastructure projects are highly capital intensive and often suffer crippling time
and cost overruns due to delays in the construction phase because of the following issues:
land issues, rights of way, practical environmental challenges and other delays in
securing consents. These challenges restrain the sector from yielding full benefits of the
potential growth.
(e) Opportunities and Threats
Over the last decade, India has built some world class infrastructure facilities. Road
development is recognized as essential to sustain Indias economic growth. A large
component of highways is to be developed through public private partnership. Factors like
large demand and supply gap in affordable housing, low housing loan interest rates, tax
incentives and growing middle class with higher savings are expected to contribute to the
rapid growth in real estate sector. The major threat in this industry is that the burden
is on developer because of execution delay. Several announced projects are yet to be
completed.
(f) Operational, Segment wise and Financial Performance of Business
The Company could not get any new infrastructure project during the year and there was
no operations in the company hence segment wise performance comparison is not possible.
The outbreak of COVID-19 pandemic has significantly impacted businesses around the world.
The Management is trying its best for procuring and developing this segment.
The company has registered a total income of Rs. 47.71 lakhs during the year. The loss
before Interest Tax and Depreciation was Rs.2.28 Lakhs. The net loss for the year is
Rs.10.66 Lakhs
(g) Internal control systems
The Company has in place a well-established internal control procedure covering various
areas such as procurement of raw materials for projects infrastructure planning, quality
control, maintenance planning, marketing, cost management and debt servicing. Necessary
checks and balances have been instituted for timely correction.
(h) Development in Human Resources / Industrial Relations
Since there were no employees during the year the above meetings have not been
conducted.
(i) Details of Significant Changes in Key Financial Ratios and Return on Networth
Since there were no business in the Company, above details are not required
Change in the Nature of Business
During the period under review there is no change in the nature of business of the
Company. Insurance
The assets of the company has been adequately insured.
Environmental Protection, Health and Safety (EHS)
EHS continues to receive the highest priority in all operational and functional areas
at all locations of your Company. Systematic process safety analysis, audits, periodic
safety inspections are carried out by expert agencies and suitable control measures
adopted for ensuring safe operations at the site. Various processes as required for
Pollution Control and Environmental Protection are strictly adhered to. But since there
was no operation during the year, these processes have not been followed.
Material Changes Affecting Financial Position Between the End of Financial Year and
Date of Board Report
There is no material change affecting the financial position between the end of
financial year and date of board report.
Details of Subsidiaries, Associate Companies and Joint Venture
There is no subsidiary, associate company or a joint venture.
Details of Companies That has Ceased to Be Subsidiary, Associate or Joint Ventures
There were no subsidiary, associate or a joint venture company.
Consolidated Financial Statements
As on 31.03.2022 there was no subsidiary or associate of the company, hence
consolidated financial statements have not been prepared.
Board of Directors
Your companys Board of Directors comprises of the following Directors
| SR. NAME NO |
DIN |
DESIGNATION |
| 1. Shri Naresh Saboo |
00297916 |
Managing Director & CFO |
| 2. Smt. Madhu Saboo |
00395363 |
Whole Time Director |
| 3 Shri Harshal Ashok Madan |
08227283 |
Independent Director (Resigned w.e.f. 23rd November, 2021) |
| 4. Miss Reenal Jigar Kamdar |
07143495 |
Independent Director |
Directors and Key Managerial Personnel
During the year under review, Shri Harshal Madan (Independent Director) tendered his
resignation. The board place on record its gratitude for the services rendered by him
during his tenure.
Mr. Naresh Saboo who is a Whole Time Director who also acts as Compliance Officer and
CFO.
Mrs. Madhu Saboo who is a Whole Time Director retires by rotation at the ensuing Annual
General Meeting and is eligible for re-appointment.
Key Managerial Personnel
The Key Managerial personnel are Mr. Naresh Saboo, Managing Director & CFO &
Compliance Officer and Mrs. Madhu Saboo as Whole Time Director. Both have not received any
remuneration in FY 2021-22 and do not receive sitting fees.
Board Evaluation
The Board of Directors has carried out an annual evaluation of its own performance,
board committees, and individual directors pursuant to the provisions of the Companies
Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015.
The performance of the board was evaluated by the board after seeking inputs from all the
directors on the basis of criteria such as the 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 on
January 5, 2017.
The performance of the committees was evaluated by the board after seeking inputs from
the committee members on the basis of criteria such as the Composition of committees,
effectiveness of committee meetings, etc.
The Board and the Nomination and Remuneration Committee reviewed the performance of
individual directors on the basis of criteria such as the contribution of the individual
director to the board and committee meetings like preparedness on the issues to be
discussed, meaningful and constructive contribution and inputs in meetings, etc.
In a separate meeting of independent directors, performance of non-independent
directors, of the board as a whole and performance of the Chairman was evaluated, taking
into account the views of executive directors and non-executive directors. The same was
discussed in the board meeting that followed the meeting of the independent directors, at
which the performance of the board, its committees, and individual directors were also
discussed. Performance evaluation of independent directors was done by the entire board,
excluding the independent director being evaluated.
Number of Board Meetings
| Sl. No. Date of the Meeting |
No. of Directors attended the Meeting |
| 1 30.06.2021 |
4 |
| 2 13.08.2021 |
4 |
| 3 06.09.2021 |
4 |
| 4 13.11.2021 |
3 |
| 5 11.02.2022 |
3 |
Committees of The Board
a. Audit Committee
| Sl. Name No. |
Category of Director |
Chairman/ Members |
| 1. Mrs. Reenal Kamdar |
Non- Executive - Independent |
Chairperson |
| 2. Mr. Naresh Saboo |
Executive |
Member |
| 3. Mrs. Madhu Saboo |
Executive |
Member |
Audit Committee
The Committee is mandated with the same terms of reference as specified in Regulation
18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and
also confirms to the provisions of Section 177 of the Companies Act, 2013. The Managing
Director, Internal Audit team and the Statutory Auditors of the Company are permanent
invitees to the meetings of the Audit Committee. The heads of various monitoring/
operating departments are invited to the meetings, as and when required to explain details
about the operations.
Further, during this year all the recommendations of the Audit Committee have been
accepted by the Board.
Reporting of Fraud by Auditors
During the year 2021-22, none of the Auditors has reported any instances of fraud
committed against the Company by its officers or employees under section 143 (12) of the
Companies Act, 2013.
Segment Reporting
Your Company is currently operating under a single segment.
b. Nomination and Remuneration Committee
| Sl. Name No. |
Category of Director |
Chairman/Members |
| 1. Mrs. Reenal Kamdar |
Non- Executive - Independent |
Chairperson |
| 2. Mr. Naresh Saboo |
Executive |
Member |
| 3. Mrs. Madhu Saboo |
Executive |
Member |
Policy of Directors Appointment and Remuneration
Companys policy on Directors appointment and remuneration including criteria for
determining qualifications, positive attributes, independence of a director and other
matters provided under section 178(3) of the Act are covered under Nomination and
Remuneration Policy.
c. Stakeholders Relationship Committee
| Sl. Name No. |
Category of Director |
Chairman/Members |
| 1. Mrs. Reenal Kamdar |
Non- Executive - Independent |
Chairperson |
| 2. Mr. Naresh Saboo |
Executive |
Member |
| 3. Mrs. Madhu Saboo |
Executive |
Member |
Declaration of Independence from Independent Directors
Independent directors of the Company have submitted a declaration that each of them
meets the criteria of independence as provided in Sub-Section (6) of Section 149 of the
Act. Further, there has been no change in the circumstances which may affect their status
as Independent director during the year.
Managerial Remuneration
The Company has not paid any remuneration attracting the information required pursuant
to Section 197 read with Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014. Hence no information is required to be appended to this
report in this regard.
Familiarisation Programme of the Independent Directors
Periodic presentations are made by Senior Management, Statutory at the Board/Committee
meetings on business and performance updates of the Company, global business environment,
business risks and its mitigation strategy, impact of regulatory changes on strategy etc.
Updates on relevant statutory changes encompassing important laws are regularly intimated
to the Independent directors.
Corporate Social Responsibility
Board of Directors of the Company has serious concern about Corporate Social
Responsibility (CSR) and devised a CSR policy to carry out CSR initiatives in line with
the requirements specified under the Companies Act, 2013. Since the Company has no average
net profit, there is no CSR Obligation for the FY 2021-22.
Risk Management
Your Company has devised Risk Management Policy which involves identification of the
business risks as well as the financial risks, its evaluation, monitoring, reporting and
mitigation measures. The Audit Committee and Board of Directors of the Company
periodically review the Risk Management Policy of the Company so that management controls
the risk through properly defined network. The details of risk management mechanism and
key risks faced by the Company are enumerated in the risk management policy.
Business Description and State of Companys Affairs
During the year 2021-22 the company had no new contracts and as the account of the
company was NPA the company did not have any business operation.
Disclosure Requirements
As per SEBI Listing regulations, Integrated Management Discussion and Analysis Report
forms part of this Report.
The Company has devised proper system to ensure compliance with the provisions of all
Secretarial Standards issued by the Institute of Company Secretaries of India and that
such systems are adequate and operating effectively.
Extract of Annual Return
The extract of annual return in Form MGT - 9 has been annexed with this report and
forms part of this report.
Statutory Auditor
The statutory auditor of the company is M/s. R A Gupta & Associates who will be
continuing as per the terms of their appointment.
Independent Auditors Report:
Independent Auditor has pointed out that there were no major business transactions and
no employees in the company affecting its going concern. The borrowing of the company had
been classified as NPA and for which companies premises has been given as collateral
security, the possession of that property has been taken by bank and the company has
vacated that property and shifted to a new place.
Remark by Board of Directors:
For the observation regarding the going concern your directors wish to state that this
situation is temporary in nature and in the near future business will be carried on
effectively. Further the company is trying to procure new business and contracts.
The classification of the borrowing of the company as NPA, the management wish to state
that we are hopeful of revival and will be cleared soon.
Secretarial Auditors
The Company had appointed M/s. Manoj Agrawal & Associates and Company, Company
Secretary in Practice to undertake the Secretarial Audit of the Company for the financial
year 2021-22.
Secretarial Standards
The Company has complied with applicable Secretarial Standard.
Secretarial Auditors Report
Company appointed M/s Manoj Agrawal & Associates, Practicing Company Secretaries as
Secretarial Auditors to conduct Secretarial Audit of the Company for the financial year
2021-22. The report of the Secretarial Audit for the financial year 2021-22 in FORM MR-3
is annexed to this report and forms part of this report.
There is an observation regarding non filing of form DIR-12 towards change of directors
as the company has not filed form INC-22A (Active). The company also couldnt file Balance
Sheet & Annual Return for FY 20-21 as as DIR 12 for the change of director couldnt be
filed and so the MCA site did not accept the form. There is also non appointment of
Company Secretary under provisions of the Companies Act, 2013 for FY 2021-22 and that the
company has defaulted to pay Listing fees AMC.
Secretarial Auditor Qualification Analysis
The observation for non-filing of Form DIR-12 and INC-22A is due to the fact that there
is no Company Secretary appointed in the company. Since the change of directors is not
reflecting on MCA website the company couldnt file Balance Sheet & Annual Returns for
FY 20-21 as the site did not accept the form.
The observation for non-appointment of Company Secretary was mentioned in the
secretarial audit report. The company is in search of whole-time company secretary however
due to heavy losses, poor financial and other legal matters, the company secretary are
reluctant to join the company.
In regards to the default in payment of listing fees we wish to state that the account
of the company is NPA and there were not sufficient funds available to pay the listing
fees. The company is trying its best to pay it at the earliest.
The company has disclosed in its board report all the information as required under The
Companies Act, 2013 and rules made there under.
Significant and Material Orders Passed by the Regulators
There is no significant or material order passed by any Regulators or Courts or
Tribunals impacting the going concern status and Companys operations in future.
Deposits
During the year the Company has not accepted/ renewed any deposit from public. The
total deposits remained unpaid or unclaimed as at 31st March, 2022 is Nil.
There is no default in repayment of deposits or payment of interest thereon during the
year.
Related Party Transactions
All related party transactions that were entered into during the financial year were on
arms length basis and were in the ordinary course of the business. During the year there
were no materially significant related party transactions made by the Company with
Promoters, Key Managerial Personnel or other designated persons which may have potential
conflict with the interest of the Company at large. Transactions entered with related
parties have been explained in Form AOC -2 annexed with this report and forms part of this
report.
Directors Responsibility Statement
In accordance with the provisions of Section 134(5) of the Companies Act, 2013, the
Directors would like to state that:
a. In the preparation of annual accounts for the financial year ended 31st March 2022,
the applicable accounting standards have been followed;
b. They had selected such accounting policies and applied them consistently and made
judgments and estimates that were 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 the year under review;
c. They had 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 fraud and other irregularities;
d. They had prepared the annual accounts for the financial year ended 31st March 2022,
on a going concern basis;
e. They had laid down internal financial controls to be followed by the Company and
such internal financial controls are adequate and were operating effectively and
f. They had devised proper systems to ensure compliance with the provisions of all
applicable laws and such systems were adequate and operating effectively.
Internal Financial Controls with Reference to the Financial Statements
Your Company has internal financial control systems commensurate with the nature of its
business, size and complexity of its operations. Internal financial control systems
includes policies and procedures which are designed to ensure reliability of financial
reporting, compliance with policies, procedure, applicable laws and regulations and that
all assets and resources are acquired economically, used efficiently and adequately
protected.
Your Company has appointed a prominent Chartered Accountant firm as an Internal Auditor
to monitor and evaluate the efficacy and adequacy of internal control system in the
Company, its compliance with operating systems, accounting procedures and policies at all
locations of the Company and its subsidiaries and to report the same on quarterly basis to
Audit Committee.
Based on the framework of internal financial controls and compliance systems
established and maintained by the Company, audit performed by the Internal, Statutory and
Secretarial Auditors and the reviews performed by the relevant board committees, including
the audit & management committee, the board is of the opinion that the Companys
internal financial controls were adequate and effective during the financial year 2021-22.
Listing of Shares
The shares of the company are listed on BSE Limited. The trading of the shares have
been suspended since March 2020 as the company was not able to pay the listing fees.
Establishment of Vigil Mechanism
The Company has established a vigil mechanism for Directors and employees to report
their genuine concerns. The policy has been uploaded on the Companys website
www.diamantinfra.com. There were no complaints received during the year.
Prevention of Insider Trading
The Securities and Exchange Board of India(SEBI)vide notification dated January 15,
2015 had put in place a new framework for prohibition of Insider Trading insecurities and
to strengthen the legal framework thereof. These regulations of the SEBI under the above
notification had become effective from May 15, 2015. Whereas on 31st December,
2018, the regulations were amended with Securities and Exchange Board of India
(Prohibition of Insider Trading) (Amendment) Regulations, 2018 effective from 1st
April, 2019. Accordingly, the Board has formulated Code of Conduct and Fair Disclosure for
Prevention of Insider Trading Policy in accordance with Regulation 8 & 9 of
Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015
for regulating, monitoring and reporting of Trading of Shares by Insiders. The Code lays
down guidelines, procedures to be followed and disclosures to be made while dealing with
shares of the Company. The details of the Code of Conduct and Fair Disclosure for
Prevention of Insider Trading are given in Annexure-8 of this Boards Report.
Code of Conduct
The Directors, KMPs and Senior Management of the Company have affirmed compliance with
Code of Conduct applicable to them during the year ended March 31, 2022.
The Annual Report of the Company contains a certificate by the Chairman and Managing
Director, on compliance declaration received from the Members of the Board, KMPs and
Senior Management as Annexure-8.
Legal,Governance and Brand Protection
Your Company continued to focus on the key areas and projects within the Legal,
Compliance and Corporate Affairs functions.
Enhancing Shareholders Value
Your Company believes that its Members are its most important stakeholders.
Accordingly, your Companys operations are committed to the pursuit of achieving high
levels of operating performance and cost competitiveness, consolidating and building for
growth, enhancing the productive asset and resource base and nurturing overall corporate
reputation.
Disclosure Under the Sexual Harassment of Women At Workplace (Prevention, Prohibition
And Redressal) Act, 2013
The Company has in place an Anti-Sexual Harassment Policy in line with the requirements
of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition &
Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress
complaints received regarding sexual harassment. All employees (permanent, contractual,
temporary and trainees) are covered under this policy. But the company did not have any
employee during the year and hence the Company has not received any sexual harassment
complaint during the year 2021-22.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings
There was no scope for Conservation of Energy, Technology Absorption as the company was
not having any operations & the Company has not had any foreign exchange earnings and
outgo during the year. However, some disclosers are mentioned in Annexure-1.
Human Resources
The Companys Human Resource philosophy is to establish, build and retain a strong
performance and competency driven culture with greater sense of accountability and
responsibility. The Company has
been focused to create an environment that assists the employees to enhance their sense
of pride in what they are doing thereby contributing to better productivity. The Company
through its effective HR policies and systems has always encouraged its workers to
innovate and apply new ideas so as to achieve quantum leaps in both size and scale of
operations. The Company believes that its real strength lies in the commitment and quality
of its people. Employees are provided opportunity to grow and prosper. Since there was no
operation in the company there were no human resources employed during the year.
Particulars of Employees
The Company has No Employees due to sluggish market conditions coupled with other
economic factors which has resulted into lower income.
Corporate Governance
As per Regulation 15(2) of the SEBI (LODR) Regulations, 2015 compliance with
Regulations 17, 18, 19, 20, 21,22, 23, 24, 25, 26, 27 and clauses (b) to (i) of
sub-regulation (2) of regulation 46 and para C , D and E of Schedule V of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, in relation to corporate
governance shall not apply to the listed entity having Paid Up Equity Share Capital not
exceeding rupees Ten Crores and net worth not exceeding Rupees Twenty Five Crores, as on
the last day of the previous financial year.
Therefore, compliance with aforementioned corporate governance regulations shall not
apply to Diamant Infrastructure Limited as the Paid up equity capital was below Rs. 10
Crores and net worth was below Rs. 25 Crores, as on the last day of the previous financial
year i.e as on March 31, 2022.
Green Initiatives
To support the Green Initiative, Members who have not registered their e-mail address
are requested to register their e-mail address for receiving all communication including
Annual Report, Notices, Circulars etc. from the Company electronically.
Electronic copies of Annual Report 2021-22 and the Notice of 42nd Annual General
Meeting shall be sent to all the members whose email addresses are registered with the
company/depository participant.
Annexure to this Report
The following are the annexure to this report:
1. Conservation of energy, technology absorption, Research and development and foreign
exchange earnings and outgo in Annexure -1.
2. Statement containing salient features of the financial statement of associate
company (Form AOC - 1) in Annexure -2.
3. Form AOC - 2 in Annexure - 3.
4. Extract of Annual Report (Form MGT-9) in Annexure - 4.
5. Secretarial Audit Report (Form MR-3) in Annexure -5.
6. Particulars of Remuneration in Annexure -6.
7. Corporate Governance Report in Annexure -7.
8. Declaration under Schedule V regarding compliance with the Code of Conduct Annexure
- 8
Cautionary Statement
Statements in the Directors report and the management discussion and analysis
describing the Companys objectives, expectations or predictions may be forward looking
within the meaning of applicable securities laws and regulations. Actual results might
differ materially from those either expressed or implied in the statement. Important
factors that could influence the Companys operations include global and domestic demand
and supply conditions affecting selling prices of finished goods, input availability and
prices, changes in government regulations, tax laws, economic developments within the
country and other related factors such as litigation and industrial relations.
Acknowledgements
Directors of your Company record their sincere appreciation of the dedication and
commitment of everyone in achieving and sustaining excellence in all areas of the
business. Your directors thank the Shareholders, Customers, Suppliers, Bankers and other
stakeholders for their continued support during the year. Your Companys consistent growth
has been made possible by the hard work, solidarity, cooperation and support of the
management team. The directors of your company thank all Banks, Central/State Governments
and other government agencies for their support, and look forward to their continued
support in future.
On behalf of the Board of Directors
|
Sd/- |
Sd/- |
|
Naresh Saboo |
Madhu Saboo |
| Place: Nagpur |
Managing Director |
Director |
| Dated: 01-09-2022 |
DIN: 00297916 |
DIN: 00395363 |
+91-9892691696
