go fashion india ltd share price Directors report

Dear Members,

The Directors take pleasure in presenting the 13th Annual Report on the business and operations of Go Fashion (India) Limited ("the Company") together with the Audited Financial Statements for the financial year ended 31st March 2023.


The key highlights of the financial results of the Company for the financial year ended 31st March 2023 in comparison with the previous financial year ended 31st March 2022 are summarised below:

(H In Lakhs)

Particulars Year ended 31st March 2023 Year ended 31st March 2022
Revenue from operations 66,527.95 40,131.25
Less: Expenses 45,299.36 28,229.71
EBITDA 21,228.59 11,901.54
Finance Cost 2,846.15 2,332.67
Depreciation 8,705.31 6,860.67
Other income 1,191.48 2,079.44
Profit before Tax 10,868.61 4,787.64
Less: Tax expenses
(including deferred Tax)
2,588.79 1,227.56
Profit after Tax 8,279.82 3,560.08
Add: Total Other Comprehensive (loss)/Income (92.09) 17.62
Total Comprehensive Income for the year 8,187.73 3,577.70

Overview of Companys Financial Performance

Revenue from Operations of the Company stood at H66,527.95 lakhs as against H40131.25 lakhs for the previous year, registering a growth of 65.78% in the revenue.

Sales volume of the Company stood at 120.69 Lakhs pieces as against 81.57 lakhs pieces for the previous year, registering a growth of 47.96 % in the Sales Volume.

EBITDA of the Company stood at H21,228.59 lakhs as against H11,901.54 lakhs for the previous year, registering a growth of 78.37 % in EBITDA.

Profit after Tax(PAT) of the Company stood at H8279.82 lakhs as against profit of H3560.08 lakhs for the previous year, registering a growth of 132.57% in PAT.


The Board of Directors does not recommend any dividend for the financial year 2022-23.

Dividend Distribution Policy

In terms of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred as "SEBI Listing Regulations"), the Board of the Company has adopted a Dividend Distribution Policy, which can be accessed on the website of the company at https://cdn. shopify.com/s/files/1/0598/8158/6848/files/DIVIDEND_ DISTRIBUTION_POLICY_f2a2be63-1374-403b-a336-10749df845c5.pdf?v=1657891554

Transfer to Reserves

The company does not propose to transfer any amount to the reserves for the financial year 2022-23.

Change in Nature of Business

There is no change in the nature of the business of the company in the review period.

Utilization of IPO Proceeds

The Company had appointed ICICI Bank Limited as the Monitoring agency in accordance with Regulation 41(1) of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (hereinafter referred as "SEBI ICDR Regulations") to monitor the utilization of IPO proceeds and Company has obtained monitoring reports from the Monitoring agency and filed the same with both stock exchanges where equity shares of the Company are listed. The proceeds realized by the Company from the initial public offering shall be utilized as per objects of the offer as disclosed in the Prospectus of the Company.

Out of the IPO proceeds of H1250 Lakhs, the Company has utilized the funds as per the below mentioned table:

(H in Lakhs)

Sl. No Item Head Amount to be utilized Amount utilized as on March 31, 2023 Total unutilized Amount as on March 31, 2023
1 Funding Roll out of new EBOs 3373.40 3176.64 196.76
2 Working capital 6139.80 6139.80 0
3 General Corporate Purposes 2391.43 2391.43 0
Total* 11904.63 11707.87 196.76

*net of IPO related expenses

On finalisation of IPO issue expenses, the amount proposed to be utilised for General Corporate Purposes is revised to H2,391.43 lakhs, compared to the original amount of H2,364.00 lakhs, considering the savings in certain IPO issue expenses.

There has been no deviation in the utilization of the IPO proceeds of the Company. The Monitoring Agency Reports are available at the Companys website at https://cdn. shopify.com/s/files/1/0598/8158/6848/files/MONITORING AGENCY_REPORT_Q4_FY23.pdf?v=1683719361

Further, the details of utilisation of Net IPO Proceeds for the year ended 31st March 2023 has been provided in notes to the accounts.

Share Capital

The paid-up equity share capital of the Company as on 31st March 2023 is H54,00,89,840 comprising of 5,40,08,984 equity shares of H10/- each.

During the year under review, the Company has reclassified its Authorized Share Capital of H105,00,00,000/-(Rupees One Hundred and Five Crore only) comprising of 5,60,00,000 (Five Crores Sixty Lakhs only) equity shares of face value of H10/- each and 49,00,000 (Forty Nine Lakhs) compulsorily convertible Redeemable Preference Shares of H100/- each to H105,00,00,000/- (Rupees One Hundred and Five Crores only) comprising of 10,50,00,000 (Ten Crores Fifty Lakhs only) equity shares of face value of H10/- each vide shareholders approval dated 12th September, 2022.

The company has not issued any shares including equity shares with differential rights as to dividend, voting or otherwise. The Company has not issued any sweat equity shares to its directors or employees.

Credit Rating

The details of credit ratings obtained from CRISIL are as under:

Ratings of CRISIL

Facilities Amount (H) Ratings Rating Action
Long Term Rating - CRISIL A/ Stable Upgraded from CRISIL A-/Stable / Positive
Short Term Rating H180 Crore CRISIL A1 Upgraded from CRISIL A2+
Total Facilities H180 Crore - -

Ratings of ICRA

Facilities Amount (H) Ratings Rating Action
Long Term Rating H69 crores ICRA A+(Stable) Upgraded from ICRA A
Short Term Rating H156 crores ICRA A1+ Upgraded from ICRA A1
Total Facilities H225 crores - -

Directors & Key Managerial Personnel

The appointment and remuneration of Directors are governed by the Policy devised by the Nomination and Remuneration Committee of the Company. The detailed terms of reference of Nomination and Remuneration Policy is contained in the Corporate Governance Section of the Annual Report.

The Companys management consists of the following Directors and Key Managerial Personnel:

Sr. No. Name of the Director& KMP Designation
1. Mr.Srinivasan Sridhar Chairman & Independent Director
2. Mr.Prakash Kumar Saraogi Executive Director & Managing Director
3. Mr.Gautam Saraogi Executive Director &Chief Executive Officer
4. Mr.Rahul Saraogi Non- Executive Non- Independent Director
5. Ms.Rohini Manian Independent Director
6. Mr.Dinesh Madanlal Gupta Independent Director
7. Mr.Ravi Shankar Venkataraman Ganapathy Agraharam* Non-Executive Non- Independent Nominee Director
8. Mr.R.Mohan Chief Financial Officer
9. Ms.V.Gayathri Company Secretary & Compliance Officer

*resigned w.e.f. 12th June 2023

The constitution of the Board of the Company is in accordance with Section 149 of the Companies Act, 2013 and Regulation 17 of the SEBI Listing Regulations

The details relating to directors and key managerial personnel who were appointed or have resigned are reported as under:

During the Financial Year ended 31st March, 2023, there was no change in the Composition of the Board of Directors. Mr. Ravi Shankar Venkataraman Ganapathy Agraharam (DIN: 02604007), Non-Executive-Non-Independent Director of the Company (Nominee Director of Sequoia Capital India Investments IV), has resigned vide letter dated 12th June 2023 with effect from closure of business hours on 12th June, 2023. The Company is thankful for his contribution during his tenure as a director.

Declaration from Independent Directors

In terms of the regulatory requirements, name of every Independent Director should be added in the online database of Independent Directors maintained by Indian Institute of Corporate Affairs ("IICA"). Accordingly, Independent Directors of the Company have registered themselves with the IICA for the said purpose.

The Company has received necessary declaration from each independent director under Section 149(7) of the Companies Act,2013, that he / she meets the criteria of independence as laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In the opinion of the Board, the Independent Directors possess the requisite expertise and experience and they fulfil the conditions specified in the Act and the Rules made thereunder and are independent of the management.

Separate Meeting of Independent Directors

The Independent Directors of the Company had met during the year on 24th March 2023 to review the performance of Non-Independent Directors and the Board as a whole, reviewed the performance of the Chairperson of the Company and also assessed the quality, quantity and timelines of flow of information between the Company management and the Board without the presence of the Non-Independent Directors and members of the Management.

Directors Retiring by Rotation

Pursuant to the provision of section 152 of the Companies Act, 2013, Mr. Rahul Saraogi, Non-Executive Non-Independent Director, is liable to retire by rotation and being eligible for re-appointment at the ensuing Annual General Meeting ("AGM") of the Company, has offered himself for reappointment. His details as required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standards on General Meetings issued by the Institute of Company Secretaries of India are contained in the accompanying Notice convening the ensuing AGM of the Company. An appropriate resolution seeking the shareholders approval to his re-appointment as Director is included in the Notice of the AGM.

Board and Committee Meetings

The Board of Directors met Four (4) times during the financial year 2022-23. The details of the meetings and the attendance of the Directors are mentioned in the Corporate Governance Report.

The Board of Directors of the Company have formed various Committees, as per the provisions of the Companies Act, 2013 and as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and as a part of the best corporate governance practices, the terms of reference and the constitution of these Committees is in compliance with the applicable laws. In order to ensure focused attention on business and for better governance and accountability, the

Board has constituted the following Committees:

a) Audit Committee;

b) Nomination and Remuneration Committee;

c) Stakeholders Relationship Committee;

d) Corporate Social Responsibility Committee;

e) Risk Management Committee;

f) IPO Committee; The details with respect to the composition, terms of reference, number of meetings held and business transacted by the aforesaid Committees are given in the "Corporate Governance Report" of the Company which is presented in a separate section and forms a part of the Annual Report.

Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out the Annual Performance Evaluation of the Board, its Committees and of individual directors in the format (questionnaire) prescribed by the Nomination and Remuneration Committee of the Company.

The structured questionnaire covers various aspects of the Boards functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance. The performance evaluation of the Directors (without participation of the relevant Director) was carried out by the entire Board. The Directors expressed their satisfaction with the evaluation process.

Familiarisation Programme

Pursuant to the SEBI Regulations, the Company has worked out a Familiarisation Programme for the Independent Directors, with a view to familiarise them with their role, rights and responsibilities in the Company, nature of Industry in which the Company operates, business model of the Company etc. Through the Familiarisation Programme, the Company apprises the Independent directors about the business model, corporate strategy, business plans, finance, human resources, technology, quality, facilities, risk management strategy, governance policies and operations of the Company. Details of Familiarisation Programme of Independent Directors with the Company are available on the website of the company at https://cdn.shopify. com/s/files/1/0598/8158/6848/files/FAMILIARISATION_ PROGRAMME_FOR_INDEPENDENT_DIRECTORS_8412e3e5-30c4-47c5-8c01-28dcc7c0d795.pdf?v=1657891554

Human Resources and Industrial Relations

The Company has a constant focus on attracting, developing and retaining talent. We believe that our employees are our key strength, and their development and well-being is crucial to sustain organizational success. The company is constantly engaging in several initiatives to develop employees holistically to ensure that we have competent employees in all areas of the business. We are implementing several robust HR practices and processes to enhance employee experience and engagement to deliver exemplary results. Some of these initiatives include structured talent management processes, leadership development, competency development, employee engagement and well-being, rewards and recognition, performance management and so on.

Right environment and resources are provided to ensure the employees reach their maximum potential. Leadership development initiatives include providing the necessary experience, exposure and education to ensure employee readiness to execute critical roles and responsibilities. We have a robust induction and training process for new talent, to ensure safety and quality standards are adhered to. All new employees are required to go through detailed technical and behavioural trainings in their respective domain areas to ensure productivity is achieved along with safety and quality.

Subsidiary Companies, Associates & Joint Ventures

The Company does not have any Subsidiaries, Associates and Joint ventures.

Related-Party Transactions

All related party transactions that were entered during the financial year were at arms length basis and were in the ordinary course of business. There was no materially significant related party transaction 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.

In accordance with the requirements of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) 2015, the Company has a Policy on Related Party Transactions which can be viewed at https://cdn. shopify.com/s/files/1/0598/8158/6848/files/RELATED_ PARTY_TRANSACTIONS_POLICY_0e38f2fa-659c-4719-b2bc-ccd1f0d43a18.pdf?v=1657891554 There were no material transactions with related parties.

Accordingly, the disclosure of transactions entered into with related parties pursuant to the provisions of Section 188(1) of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts), Rules 2014 in Form AOC-2 is not applicable. Related party transactions pursuant to the SEBI(LODR) Regulations 2015 and the Companies Act, 2013 are provided in notes to the financial statements.

Public Deposits

The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the Balance Sheet.

Particulars of Loans, Guarantees or Investments

No Loans, Guarantees or Investments were made by the company during the financial year 2022-23.

Accounting Treatment

The Accounting Treatment is in line with the applicable Indian Accounting Standards (IND-AS) recommended by the Institute of Chartered Accountants of India (ICAI) and prescribed by the Central Government.


(a) Statutory Auditors:

In accordance with the provisions of section 139 of the Companies Act 2013 and the rules made thereunder Deloitte Haskins & Sells LLP, Chartered Accountants (Firm Registration Number 117366W), the Statutory Auditors of the company shall hold office from the conclusion of the 10th Annual General Meeting till the conclusion of the 14th Annual General Meeting of the company at a remuneration fixed by the Board of Directors of the Company in consultation with the Auditors, as recommended by the Audit Committee.

The Independent Auditors Report(s) to the Members of the Company in respect of the Financial Statements for the Financial Year ended 31st March 2023 form part of this Annual Report and does not contain any qualification(s), remarks or adverse observations.

(b) Cost Auditors:

The Company is not engaged in the business of production of goods or providing of Services. Accordingly, the Company is not required to maintain cost records as specified under Section 148(1) of the Companies Act, 2013, and hence, no cost auditors have been appointed.

(c) Secretarial Auditors:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 24A of SEBI Listing Regulations, R.Sridharan &Associates, Company Secretaries had been appointed as Secretarial Auditor, to undertake Secretarial Audit of the Company for the FY 2022-23 . The report of the Secretarial Auditor in the prescribed Form MR-3 is annexed to this report as Annexure III.

There are no qualifications, reservations, adverse remarks or disclaimers given by the Secretarial Auditors in their report.

(d) Internal Auditors:

Pursuant to the provisions of Section 138 of the Companies Act, 2013 and the Companies (Accounts) Rules, 2014, ASA & Associates LLP, Chartered Accountants was appointed by the Board of Directors to conduct internal audit of the Company for the financial year 2022-23.

Instances of Fraud, if any, Reported by the Auditors

During the year under review, the Statutory Auditors, Secretarial Auditors, Internal Auditors have not reported any instances of fraud committed in the Company by its officers or employees to the Audit Committee under section 143(12) and Rule 13 of the Companies (Audit and Auditors) Rules, 2014 of the Companies Act, 2013.

Directors Responsibility Statement

Pursuant to Section 134(5) of the Companies Act, 2023, the Board of Directors, to the best of its knowledge and ability, confirm that: The Annual Accounts have been prepared in conformity with the applicable Accounting Standards and there is no material departure; They have selected such Accounting Policies and applied them consistently, and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the affairs of the Company at the end of financial year 2022-23 and of the profit for that period; Proper and sufficient care has been taken and that adequate accounting records have been maintained in accordance with the provisions of the Act for safeguarding the assets of the Company and for prevention and detection of fraud and other irregularities; The Annual Accounts have been prepared on a going concern basis; The internal financial controls laid down by the Company were adequate and operating effectively; and The systems have been devised to ensure compliance with the provisions of all applicable laws were adequate and operating effectively.

Risk and Control

Through the Risk Management Committee, the Board of Directors oversees the Companys Risk Management.

Risk Management Policy

The Company has adopted a Risk Management Policy wherein all material risks faced by the Company are identified and assessed. The Company has formed a Risk Management Committee which defines the risk management approach of the Company and includes collective identification of risks impacting the Companys business their process of identification, mitigation and optimisation of such risks. The Risk Management Policy is uploaded on the website of the Company and can be accessed through the following weblink: https://cdn.shopify.com/s/files/1/0598/8158/6848/ files/RISK_MANAGEMENT_POLICY_d32dc83b-a4f9-422e-a4f8-46973ad67d81.pdf?v=1657891554

Internal Control Systems

The Company is committed to maintaining the highest standards of internal controls. We have deployed controls through appropriate policies, procedures and implemented a robust Internal Financial Control system that encompasses the following:

- Key processes affecting the reliability of the Companys financial reporting together with the required controls

- Periodic testing of controls to check their operational effectiveness

- Prompt implementation of remedial action plans arising out of tests conducted

- Regular follow-up of these action plans by senior management In addition, the Internal Auditor performs periodic audits in accordance with the pre-approved plan. They report on the adequacy and effectiveness of the internal control systems and provide recommendations for improvements.

Audit findings along with management response are shared with the Audit Committee. Status of action plans are also presented to the Audit Committee which reviews the steps taken by the management to ensure that there are adequate controls in design and operation.

The Certificate provided by Managing Director and Chief Financial Officer in the Certification Section of the Annual Report discusses the adequacy of the internal control systems and procedures.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and outgo

As required by the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014, the relevant data pertaining to conservation of energy, technology absorption and foreign exchange earnings and outgo is given as below:

A. Energy conservation measures taken:

The Company has always been on the lookout for energy efficient measures of operation and values energy conservation through efficient utilization of the latest technologies. Efforts have been made to ensure optimal usage of energy, avoid wastage and conserve energy. As an ongoing process the Company continues to undertake energy conservation measures to minimize the usage of energy. Below are some of our conscious efforts in energy conservation:

All the lighting systems in the company have been changed to 15W, 22W and 40W LED lights which reduces electricity consumption.

Continuous monitoring of floor areas after normal working hours and switching off lights.

Periodic UPS and AC maintenance to ensure efficient working of equipment.

All machinery and equipment are being continuously serviced, updated and overhauled to maintain them in good and energy efficient condition Cost of energy consumed by your Company forms an insignificant portion of the total costs and the financial impact of these measures is not material.

B. Technology Absorption:

There is no material action on technology absorption under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014.

C. Expenditure incurred on Research & Development: NIL

D. The foreign exchange earnings and outgo during the reporting period is as under:


Foreign exchange inflows NIL Foreign exchange outflows H9453.56 Lakhs

Corporate Social Responsibility (CSR)

The Companys CSR Policy statement and annual report on the CSR activities undertaken during the financial year ended 31st March 2023, in accordance with Section 135 of the Companies Act, 2013 and Companies (Corporate Social Responsibility Policy) Rules, 2014 are annexed to this report as Annexure I. The policy on Corporate Social Responsibility is available on the Companys website at: https://cdn.shopify. com/s/files/1/0598/8158/6848/files/CORPORATE_SOCIAL RESPONSIBILITY_POLICY_f1347889-b54d-4ea7-aedc-21483bc44f6e.pdf?v=1657891554

Prevention of Insider Trading

The Company has adopted a Code of Conduct to Regulate, Monitor and Report Trading by Insiders including Specified Persons and Designated Persons, in accordance with the requirements of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time.

Ms. V. Gayathri, Company Secretary is the Compliance Officer for monitoring adherence to the said Regulations The Code is displayed on the Companys website at https://cdn.shopify.com/s/files/1/0598/8158/6848/files/ INSIDER_TRADING_POLICY_6cff27da-cd9b-4476-b763-d76b8647946a.pdf?v=1657891554

Material Changes and Commitments affecting Financial Position of the Company

There were no material changes which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report affecting financial position of the Company.

Material Orders of Regulators/Courts/ Tribunals

No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Companys operations in the future.

Share Registrar & Transfer Agent (R&T) Kfin Technologies Limited (formerly Kfin Technologies Private Limited) is the Registrar and Share Transfer Agent of the company.

Remuneration of Directors and Employees

Two (2) employees are in receipt of remuneration of not less than H1,02,00,000/- (Rupees One crore and two Lakhs) who is employed throughout the year. No such employee was employed for part of the year.

Disclosures concerning the remuneration of Directors, KMPs and employees as per Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of the Report as Annexure II.

However, as per the provisions of Section 136 of the Companies Act, 2013, the Annual Report is being sent to the Members and others entitled thereto, excluding the information on employees remuneration particulars as required under Rule 5 (2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the disclosure is available for inspection by the Members at the Registered Office of your Company during business hours on all working days of the Company up to the date of the ensuing AGM. Any Member interested in obtaining _a copy thereof, may write an email to companysecretary@ gocolors.com

The Directors affirm that the remuneration is as per the remuneration policy of the Company.

Management Discussion and Analysis Report

The Management Discussion and Analysis Report for the year under review, as stipulated under Regulation 34 of the SEBI (Listing Obligations and Disclosures Requirements), Regulations, 2015 is presented in a separate section forming part of the Annual Report of the Company.

Corporate Governance

Report on Corporate Governance and Certificate by the Secretarial Auditors of the Company regarding compliance of the conditions of Corporate Governance as stipulated in Part C of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, are provided in a separate section and forms part of the Annual Report of the Company.

Business Responsibility and Sustainability Report

A Business Responsibility and Sustainability Report as per Regulation 34(2) (f) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, detailing the various initiatives taken by the Company on the environmental, social and governance front forms an integral part of this report.

Statement under Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013

The Company has in place a Prevention of Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Internal Complaints Committee(ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this Policy.

During the year under review, the Company has not received any complaints on sexual harassment.

Vigil Mechanism

The Company has formulated a Vigil Mechanism and Whistle Blower Policy intending to provide a mechanism for employees to report violations. It also assures them of the process that will be observed to address the reported violation. The Policy also lays down the procedures to be followed for tracking complaints, giving feedback, conducting investigations and taking disciplinary actions. It also provides assurances and guidelines on confidentiality of the reporting process and protection from reprisal to complainants. Any incident that is reported is investigated and suitable action is taken in line with the Policy.

The Whistle Blower Policy of the Company is posted on the website of the Company and can be accessed at the weblink: https://cdn.shopify.com/s/files/1/0598/8158/6848/files/ VIGIL_MECHANISM_POLICY_430ba70d-4385-4e86-b407-aa16b8610e2b.pdf?v=1657891554 The Company had not received any complaint under the Whistle Blower Policy during the year under review.

Annual Return

Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company is available on the website of the Company https://cdn.shopify.com/s/ files/1/0598/8158/6848/files/FORM_MGT-7_FY22-23. pdf?v=1689760022

Secretarial Standards

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.

Proceedings under Insolvency and Bankruptcy Code

Not applicable.

Details of one-time settlement with Bank

Not applicable.

Cautionary Statement

Statements in the Boards Report and the Management Discussion & Analysis Report describing the Companys objectives, expectations or forecasts may be forward-looking within the meaning of applicable laws and regulations. Actual results may differ from those expressed in the statements.


The Directors wish to convey their gratitude and appreciation to all the employees of the Company posted at all its locations for their tremendous personal efforts as well as collective dedication and contribution to the Companys performance.

The Directors would also like to thank the shareholders, customers, dealers, suppliers, bankers, Government and all other business associates, consultants and stakeholders for their continued support extended to the Company and the Management.

On behalf of the Board of Directors

For Go Fashion (India) Limited

(formerly known as Go Fashion (India) Private Limited)

Mr. Prakash Kumar Saraogi Mr. Gautam Saraogi
Managing Director CEO and Executive Director
DIN: 00496255 DIN: 03209296

Place: Chennai

Date:31st July 2023