To the Members,
The Directors have pleasure in presenting before you the 32nd Boards Report of the
Company together with the Audited Statements of Accounts for the year ended 31st March,
2023.
1. FINANCIAL SUMMARY/HIGHLIGHTS:
The performance during the period ended 31st March, 2023 has been as under:
(Rs. in lakhs)
| Particulars |
2022-2023 |
2021-2022 |
| Revenue from Operations |
166.74 |
- |
| Other Income (Including Exceptional Items) |
246.31 |
49.61 |
| Total Expenses Profit Before Tax |
(79.57) |
(49.61) |
| Less: Provision for Taxation Profit / (Loss) After Tax |
21.47 |
- |
| Other Comprehensive Income |
- |
- |
| Total Comprehensive Income |
(101.04) |
(49.61) |
| Earning per Equity Share- |
|
|
| Basic |
(0.13) |
(0.06) |
| Diluted (in Rs.) |
(0.13) |
(0.06) |
2. REVIEW OF OPERATIONS:
The total revenue of the Company for the financial year under review was Rs.166.74/-
lakhs as against no revenue for the previous financial year. The company has incurred a
net loss of Rs. 101.04 Lakhs for the financial year 2022-23 as against the net loss of Rs.
49.61 lakhs for the previous year.
3. DIVIDEND:
Your Directors have decided not to recommend any dividend for the year 2022-23.
4. BUSINESS UPDATE AND STATE OF COMPANYS AFFAIRS:
The information on Companys affairs and related aspects is provided under Management
Discussion and Analysis report, which has been prepared, inter-alia, in compliance with
Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
and forms part of this Report.
5. RESERVES:
The Closing balance of reserves, including retained earnings, of the Company as at
March 31st, 2023 is Rs. (11327.36)/-
6. CHANGE IN THE NATURE OF BUSINESS, IF ANY:
During the period under review and the date of Boards Report there was no change in
the nature of Business.
7. MATERIAL CHANGES AND COMMITMENTS:
There were no material changes and commitments affecting financial position of the
company between 31st March and the date of Boards Report (i.e. 04.09.2023).
8. REVISION OF FINANCIAL STATEMENTS:
There was no revision of the financial statements for the year under review.
9. SHARE CAPITAL:
The authorized share capital of the Company stands at Rs. 90,00,00,000/- divided into
9,00,00,000 equity shares of Rs.10/- each.
The paid-up share capital of the Company stands at Rs. 78,78,81,420/- divided into
7,87,88,142 equity shares of Rs.10/- each.
10. UNPAID / UNCLAIMED DIVIDEND:
There is no unpaid or unclaimed dividend with the company till date.
11. INVESTOR EDUCATION AND PROTECTION FUND (IEPF):
Pursuant to the provisions of Section 124 of the Act, Investor Education and Protection
Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("IEPF
Rules") read with the relevant circulars and amendments thereto, the amount of
dividend remaining unpaid or unclaimed for a period of seven years from the due date is
required to be transferred to the Investor Education and Protection Fund
("IEPF"), constituted by the Central Government.
During the Year, no amount of dividend was unpaid or unclaimed for a period of seven
years and therefore no amount is required to be transferred to Investor Education and
Provident Fund under the Section 125(1) and Section 125(2) of the Act.
12. APPOINTMENT / RE-APPOINTMENT / RESIGNATION / RETIREMENT OF DIRECTORS /CEO/ CFO AND
KEY MANANGERIALPERSONNEL:
During the year under review following changes were taken place in the composition of
Board of Directors:
| S.no. Name of Director/KMP |
Reason |
Designation |
Date |
| 1. Sri C.V. Rayudu |
Resignation |
Whole Time Director |
14.07.2022 |
| 2. Smt. K.Bhavani |
Resignation |
Non Independent & Non-Executive Director |
25.08.2022 |
| 3. Smt. Sneha Murlimanohar Bangad |
Resignation |
Company Secretary & Compliance officer |
31.10.2022 |
| 4. Sri Sreedhara Reddy Kanaparthi |
Appointment |
Whole Time Director |
14.07.2022 |
| 5. Smt. Meenakshi Ramachnd Sachdeva |
Appointment |
Non Independent & Non-Executive Director |
25.08.2022 |
| 6. Sri. Aamir Tak |
Appointment |
Company Secretary & Compliance officer |
01.11.2022 |
The Board places on record its sincere appreciation for the services rendered by the
Directors and KMPs during their association with the Company.
13. DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS:
The Company has received declarations from all the Independent Directors of the Company
to the effect that they are meeting the criteria of independence as provided in
Sub-Section (7) of Section 149 of the Companies Act, 2013 and Regulation 25 of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.The Independent
Directors have also confirmed that they have complied with the Companys Code of Conduct.
In terms of Regulations 25(8) of the Listing Regulations, the Independent Directors have
confirmed that they are not aware of any circumstance or situation, which exists or may be
reasonably anticipated, that could impair or impact their ability to discharge their
duties with an objective independent judgment and without any external influence.
During the year, Independent Directors of the Company had no pecuniary relationship or
transactions with the Company, other than sitting fees, commission and reimbursement of
expenses incurred by them for the purpose of attending meetings of the Board of Directors
and Committee(s).
14. BOARD MEETINGS:
The Board of Directors duly met Five (5) times on 12.04.2022, 14.07.2022, 25.08.2022,
12.11.2022 and 13.02.2023 in respect of which meetings, proper notices were given and
the proceedings were properly recorded and signed in the Minutes Book maintained for the
purpose.
15. BOARD EVALUATION:
Evaluation of all Board members is performed on an annual basis. The evaluation is
performed by the Board, Nomination and Remuneration Committee and Independent Directors
with specific focus on the performance and effective functioning of the Board and
Individual Directors.
In line with Securities and Exchange Board of India Circular No.
SEBI/HO/CFD/CMD/CIR/P/2017/004, dated January 5, 2017 and the Companies Amendment Act,
2017 the Company adopted the recommended criteria by Securities and Exchange Board of
India.
The criteria for performance evaluation covers the areas relevant to the functioning of
the Board and Board Committees such as its composition, oversight and effectiveness,
performance, skills and structure etc.
The evaluation of Board of Directors is performed by the Board after seeking all the
inputs from the Directors and the Board Committees by seeking inputs from the Committee
members.
The performance evaluation of the individual directors is done by the Nomination and
Remuneration Committee.
The performance evaluation of non-independent directors, the Board as a whole and the
Chairman is done by a separate meeting of Independent directors after taking inputs from
the Executive directors.
16. STATEMENT SHOWING THE NAMES OF THE TOP TEN EMPLOYEES IN TERMS OF REMUNERATION DRAWN
AND THE NAME OF EVERY EMPLOYEE AS PER RULE 5(2) & (3) OF THE COMPANIES (APPOINTMENT
& REMUNERATION) RULES, 2014:
Disclosure pertaining to remuneration and other details as required under section 197
of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is given in Annexure 1 to this Report.
The Statement containing the particulars of employees as required under section 197(12)
of the Companies Act, 2013 read with rule 5(2) and other applicable rules (if any) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided
in Annexure 2 to this report.
During the year, NONE of the employees is drawing a remuneration of Rs.1,02,00,000/-
and above per annum or Rs.8,50,000/- and above in aggregate per month, the limits
specified under the 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.
17. RATIO OF REMUNERATION TO EACH DIRECTOR:
Under section 197(12) of the Companies Act, 2013, and Rule 5(1) (2) & (3) of the
Companies (Appointment & Remuneration) Rules, 2014 read with Schedule V of the
Companies Act, 2013 the ratio of remuneration of (Sri. C V Rayudu), Whole time director of
the Company to the median remuneration of the employee is 1.52:1.
18. 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 had
been followed along with proper explanation relating to material departures;
(b) The Directors had selected such accounting policies and applied them consistently
and made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the company at the end of the financial year and of
the profit and loss of the company for that period;
(c) The Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities;
(d) The Directors had prepared the annual accounts on a going concern basis; and
(e) The Directors had 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 had devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
19. DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS:
The Internal Financial Controls with reference to financial statements as designed and
implemented by the Company are adequate. The Company maintains appropriate system of
internal control, including monitoring procedures, to ensure that all assets are
safeguarded against loss from unauthorized use or disposition. Company policies,
guidelines and procedures provide for adequate checks and balances, and are meant to
ensure that all transactions are authorized, recorded and reported correctly.
During the period under review, there is no material or serious observations have been
noticed for inefficiency or inadequacy of such controls.
Further, details of internal financial control and its adequacy are included in the
Management Discussion and Analysis Report which is appended as Annexure 5 and forms part
of this Report.
20. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB SECTION (12) OF SECTION
143 OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT:
There have been no frauds reported by the auditors u/s 143(12).
21. CEO/ CFO CERTIFICATION:
The Whole Time Director and Chief Financial Officer Certification on the financial
statements under regulation 17 (8) of SEBI (Listing Obligations & Disclosure
Requirements), Regulations, 2015 for the year 2022-2023 is annexed in this Annual Report.
22. INFORMATION ABOUT THE FINANCIAL PERFORMANCE / FINANCIAL POSITION OF THE
SUBSIDIARIES / ASSOCIATES/ JOINT VENTURES:
The Company does not have any subsidiaries/associates/joint ventures
23. DETAILS OF DEPOSITS NOT IN COMPLIANCE WITH THE REQUIREMENTS OF THE ACT:
The Company has not accepted any public deposits during the Financial Year ended March
31, 2023 and as such, no amount of principal or interest on public deposits was
outstanding as on the date of the balance sheet.
Pursuant to the Ministry of Corporate Affairs (MCA) notification dated 22nd January
2019 amending the Companies (Acceptance of Deposits) Rules, 2014, the Company is required
to file with the Registrar of Companies (ROC) requisite returns in Form DPT-3 for
outstanding receipt of money/loan by the Company, which is not considered as deposits.
The Company complied with this requirement within the prescribed timelines.
24. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The Company has not given any loan, guarantees or made any investments attracting the
provisions as prescribed in Section 186 of the Companies Act, 2013.
25. 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 business. During the financial year
2022-23, there were no materially significant related party transactions made by the
Company with Promoters, Directors, Key Managerial Personnel or other designated persons
which may have a potential conflict with the interest of the Company at large.
The statement of transactions to be entered into with the related parties for FY
2022-23 were approved by the Audit Committee and the same were reviewed and taken note of
on a quarterly basis. The summary statements are supported by an independent audit report
certifying that the transactions are at an arms length basis and in the ordinary course
of business.
The Form AOC-2 pursuant to Section 134(3) (h) of the Companies Act, 2013 read with Rule
8(2) of the Companies (Accounts) Rules, 2014 is annexed herewith as Annexure 3 to this
report.
26. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO:
The required information as per Sec.134 (3) (m) of the Companies Act 2013 is provided
hereunder:
A. Conservation of Energy: Your Companys operations are not energy intensive. Adequate
measures have been taken to conserve energy wherever possible by using energy efficient
computers and purchase of energy efficient equipment
B. Research & Development and Technology Absorption: All the Factors mentioned in
Rule 8 (3) (b) Technology absorption are not applicable to the Company.
1. Research and Development (R&D): NIL
2. Technology absorption, adoption and innovation: NIL
C. Foreign Exchange Earnings and Out Go:
1. Foreign Exchange Earnings: NIL
2. Foreign Exchange Outgo: NIL
27. COMMITTEES:
(I) . AUDIT COMMITTEE:
The Audit Committee of the Company is constituted in line with the provisions of
Regulation 18(1) of SEBI (LODR) Regulations with the Stock Exchanges read with Section 177
of the Companies Act, 2013 are included in the Corporate Governance report, which forms
part of this report.
(II) . NOMINATION AND REMUNERATION COMMITTEE:
The Nomination and Remuneration
Committee of the Company is constituted in line with the provisions of Regulation 19(1)
of SEBI (LODR) Regulations with the Stock Exchanges read with Section 178 of the Companies
Act, 2013 are included in the Corporate Governance report, which forms part of this
report.
(III) . STAKEHOLDERS RELATIONSHIP COMMITTEE:
The Stakeholders Relationship Committee of the Company is constituted in line with the
provisions of Regulation 20 of SEBI (LODR) Regulations with the Stock Exchanges read with
Section 178 of the Companies Act, 2013 are included in the Corporate Governance report,
which forms part of this report.
28. COMPOSITION OF CSR COMMITTEE AND CONTENTS OF CSR POLICY:
Since the Company does not have the net worth of Rs. 500 Crore or more, or turnover of
Rs. 1000 Crore or more, or a net profit of Rs. 5 Crore or more during the financial year,
section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility is not
applicable and hence the Company need not adopt any Corporate Social Responsibility
Policy.
29. VIGIL MECHANISM/WHISTLE BLOWER POLICY:
The Board of Directors has formulated a Whistle Blower Policy which is in compliance
with the provisions of Section 177(10) of the Companies Act, 2013 and Regulation 22 of the
Listing Regulations. The Company promotes ethical behavior and has put in place a
mechanism for reporting illegal or unethical behavior. The Company has a Vigil Mechanism
and Whistle-blower policy under which the employees are free to report violations of
applicable laws and regulations and the Code of Conduct. Employees may report their
genuine concerns to the Chairman of the Audit Committee. During the year under review, no
employee was denied access to the Audit Committee.
Vigil Mechanism Policy has been established by the Company for directors and employees
to report genuine concerns pursuant to the provisions of section 177(9) & (10) of the
Companies Act, 2013. The same has been placed on the website of the Company
www.gayatribioorganics.com.
30. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant and material orders passed by the regulators /courts that
would impact the going concern status of the Company and its future operations.
31. STATUTORY AUDITORS AND STATUTORY AUDITORS REPORT:
At the 27th Annual General Meeting held on 19.09.2018, the members of the company
approved the appointment of M/s. N G Rao & Associates, Chartered Accountants as
Statutory Auditor of the company upto the conclusion of the forthcoming 32nd Annual
General Meeting and accordingly his term has come to an end with the conclusion of 32nd
AGM of the Company.
The Board in its meeting held on 04.09.2023 appointed M/s. MGR & Co.,Chartered
Accountants as Statutory Auditors for the period of 5 years in place of M/s. N G Rao &
Associates, Chartered Accountants from the conclusion of ensuing AGM for FY 2022-23 till
the conclusion of 37th Annual General Meeting to be held in the calendar year 2028,
subject to the approval of the shareholders in the ensuing Annual General Meeting.
The Auditors have confirmed that they have subjected themselves to the peer review
process of Institute of Chartered Accountants of India (ICAI) and hold valid certificate
issued by the Peer Review Board of the ICAI.
The notes on accounts referred to in the auditors report are self-explanatory and
therefore dont call for any further comments by the Board of directors. There are no
qualifications or adverse remarks in the Auditors Report which require any clarification
or explanation.
Statutory Auditors Report
The Board has duly reviewed the Statutory Auditors Report on the Accounts for the year
ended March 31, 2023 and has noted that the same does not have any reservation,
qualification or adverse remarks
ANNUAL SECRETARIAL COMPLIANCE REPORT:
SEBI vide its Circular No. CIR/CFD/CMD1/27/2019 dated February 08, 2019 read with
Regulation 24(A) of the Listing Regulations, directed listed entities to conduct Annual
Secretarial compliance audit from a Practicing Company Secretary of all applicable SEBI
Regulations and circulars/guidelines issued thereunder. Further, Secretarial Compliance
Report dated 12.05.2023, was given by M/s. S.S. Reddy & Associates, Practicing Company
Secretary which was submitted to Stock Exchange within 60 days of the end of the financial
year.
32. SECRETARIAL AUDIT REPORT:
In terms of section 204 of the Companies Act, 2013 read with the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, based upon the recommendations of
the Audit Committee, the Board of Directors had appointed M/s. S.S. Reddy &
Associates, Practicing Company Secretaries (CP No. 7478) as the Secretarial Auditor of the
Company, for conducting the Secretarial Audit for financial year ended March 31,2023.
The Secretarial Audit was carried out by M/s. S.S. Reddy & Associates, Company
Secretaries (CP No. 7478) for the financial year ended March 31,2023. The Report given by
the Secretarial Auditor is annexed herewith as Annexure- 4 and forms integral part of this
Report.
The observations in the Secretarial Audit Report are self-explanatory and do not
require any comments thereon.
33. INTERNAL AUDITORS:
Pursuant to provisions of Section 138 read with Rule 13 of the Companies (Accounts)
Rules, 2014 and Section 179 read with Rule 8(4) of the Companies (Meetings of Board and
its Powers) Rules, 2014; During the year under review the Internal Audit of the functions
and activities of the Company was undertaken by the Internal Auditor of the Company by
M/s. VAS & Co., Chartered Accountants., the Internal Auditors of the Company.
Deviations are reviewed periodically and due compliance ensured. Summary of Significant
Audit Observations along with recommendations and its implementations are reviewed by the
Audit Committee and concerns, if any, are reported to Board. There were no adverse remarks
or qualification on accounts of the Company from the Internal Auditor.
The Board has re-appointed by M/s. VAS & Co., Chartered Accountants, Hyderabad as
Internal Auditors for the Financial Year 2023-24.
34. SECRETARIAL STANDARDS:
The Company is in compliance with the applicable secretarial standards.
35. DECLARATION BY THE COMPANY:
The Company has issued a certificate to its Directors, confirming that it has not made
any default under Section 164(2) of the Companies Act, 2013 as on March 31,2023.
36. ANNUAL RETURN:
As required pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the
Companies (Management and Administration) Rules, 2014, an annual return is uploaded on
website of the Company www.gayatribioorganics.com.
37. DISCLOSURE ABOUT COST AUDIT:
Maintenance of cost records and requirement of cost audit as prescribed under the
provisions of Section 148(1) of the Act, are not applicable for the business activities
carried out by the Company.
38. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management Discussion and Analysis Report, pursuant to the SEBI (LODR) Regulation
provides an overview of the affairs of the Company, its legal status and autonomy,
business environment, mission & objectives, sectoral and operational performance,
strengths, opportunities, constraints, strategy and risks and concerns, as well as human
resource and internal control systems is appended as Annexure 5 for information of the
Members.
39. FAMILIARISATION PROGRAMMES FOR INDEPENDENT DIRECTORS:
The Company familiarises its Independent Directors on their appointment as such on the
Board with the Company, their roles, rights, responsibilities in the Company, nature of
the industry in which the Company operates, etc. through familiarisation programme. The
Company also conducts orientation programme upon induction of new Directors, as well as
other initiatives to update the Directors on a continuing basis. The familiarisation
programme for Independent Directors is disclosed on the Companys website
www.gayatribioorganics.com.
40. INSURANCE:
The Company is not having any major fixed asset and therefore no insurance is taken.
41. CORPORATE GOVERNANCE AND SHAREHOLDERS INFORMATION:
The Company has implemented all of its major stipulations as applicable to the Company.
As stipulated under Regulation 34 read with schedule V of SEBI (LODR) Regulations, 2015, a
report on Corporate Governance is appended to this annual report for information of the
Members. A requisite certificate from the Secretarial Auditors of the Company confirming
compliance with the conditions of Corporate Governance is attached to the Report on
Corporate Governance.
42. NON-EXECUTIVE DIRECTORS COMPENSATION AND DISCLOSURES:
None of the Independent / Non-Executive Directors has any pecuniary relationship or
transactions with the Company which in the Judgment of the Board may affect the
independence of the Directors.
No compensation was paid to the Independent and Non-Executive Directors.
43. COMPANYS POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION INCLUDING CRITERIA FOR
DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES, INDEPENDENCE OF A DIRECTOR AND OTHER
MATTERS PROVIDED UNDER SUB- SECTION (3) OF SECTION 178:
The assessment and appointment of Members to the Board is based on a combination of
criterion that includes ethics, personal and professional stature, domain expertise,
gender diversity and specific qualification required for the position. The potential Board
Member is also assessed on the basis of independence criteria defined in Section 149(6) of
the Companies Act, 2013 and Regulation 27 of SEBI (LODR) Regulations, 2015. In accordance
with Section 178(3) of the Companies Act, 2013 and Regulation 19(4) of SEBI (LODR)
Regulations, 2015, on the recommendations of the Nomination and Remuneration Committee,
the Board adopted a remuneration policy for Directors, Key Management Personnel (KMPs) and
Senior Management. The Policy is attached a part of Corporate Governance Report. We affirm
that the remuneration paid to the Directors is as per the terms laid down in the
Nomination and Remuneration Policy of the Company.
44. CODE OF CONDUCT FOR THE PREVENTION OF INSIDER TRADING:
The Board of Directors has adopted the Insider Trading Policy in accordance with the
requirements of the SEBI (Prohibition of Insider Trading) Regulation, 2015 and the
applicable Securities laws. The Insider Trading Policy of the Company lays down guidelines
and procedures to be followed, and disclosures to be made while dealing with shares of the
Company, as well as the consequences of violation. The policy has been formulated to
regulate, monitor and ensure reporting of deals by employees and to maintain the highest
ethical standards of dealing in Company securities.
The Insider Trading Policy of the Company covering code of practices and procedures for
fair disclosure of unpublished price sensitive information and code of conduct for the
prevention of insider trading is available on our website (www.gayatribioorganics.com).
45. 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 workplace (Prevention, Prohibition and Redressal)
Act, 2013. Internal Committee (IC) has not been constituted since there are less than 10
employees in the Company.
During the year 2022-23, there were no complaints received by the Company.
46. INDUSTRY BASED DISCLOSURES AS MANDATED BY THE RESPECTIVE LAWS GOVERNING THE
COMPANY:
The Company is not a NBFC, Housing Companies etc., and hence Industry based disclosures
is not required.
47. FAILURE TO IMPLEMENT CORPORATE ACTIONS:
During the year under review, no corporate actions were done by the Company which were
failed to be implemented.
48. DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY AND BANKRUPTCY
CODE, 2016:
During the year under review, there were no applications made or proceedings pending in
the name of the Company under Insolvency and Bankruptcy Code, 2016.
49. DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND VALUATION
WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS:
During the year under review, there has been no one-time settlement of loans taken from
banks and financial institutions.
50. POLICIES:
The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandated
the formulation of certain policies for all listed companies. All the policies are
available on our website www.gayatribioorganics.com.
51. EVENT BASED DISCLOSURES:
During the year under review, the Company has not taken up any of the following
activities except as mentioned:
1. Issue of sweat equity share: NA
2. Issue of shares with differential rights: NA
3. Issue of shares under employees stock option scheme: NA
4. Disclosure on purchase by Company or giving of loans by it for purchase of its
shares: NA
5. Buy back shares: NA
6. Disclosure about revision: NA
7. Preferential Allotment of Shares: NA
52. INTERNAL AUDIT AND FINANCIAL CONTROLS:
The Company has adequate internal controls consistent with the nature of business and
size of the operations, to effectively provide for safety of its assets, reliability of
financial transactions with adequate checks and balances, adherence to applicable statues,
accounting policies, approval procedures and to ensure optimum use of available resources.
These systems are reviewed and improved on a regular basis. It has a comprehensive
budgetary control system to monitor revenue and expenditure against approved budget on an
ongoing basis.
53. NAMES OF THE COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT
VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR.
There have been no companies which have become the subsidiaries, joint ventures and
associates during the year under review.
54. CREDIT & GUARANTEE FACILITIES:
The Company has not availed credit and guarantee facilities.
55. RISK MANAGEMENT POLICY:
Business Risk Evaluation and Management is an ongoing process within the Organization.
The Company has a robust risk management framework to identify, monitor and minimize risks
and also to identify business opportunities. As a process, the risks associated with the
business are identified and prioritized based on severity, likelihood and effectiveness of
current detection. Such risks are reviewed by the senior management on a quarterly basis.
Risk Management Committee of the Board of Directors of your Company assists the Board in
(a) overseeing and approving the Companys enterprise wide risk management framework; and
(b) overseeing that all the risks that the organization faces such as strategic,
financial, credit, market, liquidity, security, property, IT, legal, regulatory,
reputational, other risks have been identified and assessed, and there is an adequate risk
management infrastructure in place capable of addressing those risks. The development and
implementation of risk management policy has been covered in the Management Discussion and
Analysis, which forms part of this Report.
56. ENVIRONMENTS AND HUMAN RESOURCE DEVELOPMENT:
Your Company always believes in keeping the environment pollution free and is fully
committed to its social responsibility. The Company has been taking upmost care in
complying with all pollution control measures from time to time strictly as per the
directions of the Government.
We would like to place on record our appreciation for the efforts made by the
management and the keen interest shown by the Employees of your Company in this regard.
57. STATUTORY COMPLIANCE:
The Company has complied with the required provisions relating to statutory compliance
with regard to the affairs of the Company in all respects.
58. DEVIATIONS, IF ANY OBSERVED ON FUNDS RAISED THROUGH PUBLIC ISSUE, PREFERENTIAL
ISSUE ETC:
During the year under review, company has not raised any funds from public or through
preferential allotment.
59. ACKNOWLEDGEMENTS:
Your Directors place on record their appreciation for the overwhelming co-operation and
assistance received from the investors, customers, business associates, bankers, vendors,
as well as regulatory and governmental authorities. Your Directors also thanks the
employees at all levels, who through their dedication, co-operation, support and smart
work have enabled the company to achieve a moderate growth and is determined to poise a
rapid and remarkable growth in the year to come.
Your Directors also wish to place on record their appreciation of business
constituents, banks and other financial institutions and shareholders of the Company,
SEBI, BSE, NSDL, CDSL, Banks, RBI etc. for their continued support for the growth of the
Company.
|
For and on behalf of the Board of Gayatri Bioorganics
Limited |
|
Sd/- |
Sd/- |
|
T.V. Sreedhara Reddy Kanaparthi |
Sri. T.V. Sandeep Kumar Reddy |
| Place: Hyderabad |
Whole-time Director |
Chairman |
| Date: 04.09.2023 |
DIN: 09608890 |
(DIN:00005573) |
+91-9892691696
