HB Estate Developers Ltd Directors Report.

To the Members,

Your Directors are pleased to present the 27th Annual Report together with the Audited Financial Statements for the Financial Year ended 31st March, 2021.

FINANCIAL RESULTS

The summarized financial results of the Company during the year under review are as under:-

(Amount in Rs. Lakhs)

PARTICULARS

Standalone

Consolidated

Year Ended 31.03.2021 Year Ended 31.03.2020 Year Ended 31.03.2021 Year Ended 31.03.2020
Revenue from Operations 2440.14 8205.33 2440.14 8205.33
Other Income 81.51 118.97 81.51 118.97
Total Revenue 2521.65 8324.29 2521.65 8324.29
Expenses 6627.74 9475.73 6627.75 9475.73
Profit/(Loss) for the year before Tax (4106.09) (1151.44) (4106.09) (1151.44)
Tax Expense (1069.13) (271.66) (1069.13) (271.66)
Profit/(Loss) for the year after Tax (3036.96) (879.78) (3036.96) (879.78)
Other Comprehensive Income 6.77 (9.02) 6.77 (9.02)
Total Comprehensive Income/(Loss) for the year (3030.19) (888.80) (3030.19) (888.80)

DIVIDEND

The Board of Directors, after considering holistically the relevant circumstances and keeping in view the current market conditions, has decided that it would be prudent, not to recommend any Dividend for the Financial Year 2021-2022.

TRANSFER TO GENERAL RESERVE

The Board of Directors of your Company has decided not to transfer any amount to the General Reserve for the year under review.

PERFORMANCE REVIEW & OUTLOOK

The annexed Management Discussion and Analysis forms a part of this report and covers, amongst other matters, the performance of the Company during the Financial Year 2020-21 as well as the future outlook.

STATUTORY STATEMENTS

(i) Share Capital

The Companys issued and subscribed share capital consists of Equity and Redeemable Preference Share Capital. The Paid up Share Capital of the Company as on 31st March, 2021 stood at Rs.1,24,45,99,470/- comprising of 19459947 Equity Shares of Rs.10/- each and 10500000 Redeemable Non-Cumulative Non-Convertible Preference Shares of Rs.100/- each.

The Equity Shareholders vide their resolution dated 25th September, 2018 had approved the issue of 5000000 (Fifty Lakhs) 9% Redeemable Non-Cumulative Non-Convertible Preference Shares - Series III of Rs.100/- (Rupees Hundred) each aggregating to 50,00,00,000 (Rupees Fifty Crores) as per the provisions of Section 45,55 of the Companies Act, 2013 read with all applicable Rules made there/under (including any amendment / modifications thereto or re-enactment thereof for the time being in force), Regulation 23 of SEBI Listing Regulations read with the Companys Policy on Related Party Transactions. Out of which the Board of Directors allotted 2000000 (Twenty Lakhs) "9% Redeemable Non-Cumulative Non-Convertible Preference Shares - Series III Tranche I" of Rs.100/- (Rupees One Hundred) each aggregating to Rs. 20,00,00,000 (Rupees Twenty Crores) on 21st November, 2018.

During the year, the Company has allotted 2000000 (Twenty Lakhs) "9% Redeemable Non-Cumulative Non-Convertible Preference Shares - Series III Tranche II" of Rs.100/- (Rupees One Hundred) each aggregating to Rs.20,00,00,000 (Rupees Twenty Crores) on 19th September, 2020. Balance of Rs.10,00,00,000 (Rupees Ten Crores) is yet to be allotted.

The Shareholding of Directors of the Company (including Promoter Director) is given in the Corporate Governance Report forming part of this report.

(ii) Number of meeting(s) of the Board

During the year under review, five Board Meetings were convened and held. The details of such meeting(s) are given in the Corporate Governance Report which forms integral part of the Boards Report.

(iii) Committees of the Board

The Company has several Committees which have been established in compliance with the requirement of the relevant provisions of applicable laws and statutes. As on 31st March, 2021, the Board has six committees namely, Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, Corporate Social Responsibility Committee including two Non-Mandatory Committees viz. Business Restructuring Committee and Securities Committee. A detailed note on the composition of the Committees is provided in the Corporate Governance Report, which forms an integral part of the Boards Report.

As per the amended provisions of Section 135 of the Act, the Board of Directors in their meeting held on 28th June, 2021 has dissolved the CSR Committee and all the functions of the Committee shall be discharged by the Board of Directors.

(iv) Public Deposits

The Company has not accepted any Deposits from the Public under Section 73 of the Act, read with the Companies (Acceptance of Deposits) Rules, 2014.

(v) Significant and other material orders passed by the regulators or courts

There are no significant material orders passed by the Regulators or Courts or Tribunal during the year under review which has an impact on the Going Concern status and Companys operations in future.

(vi) Particulars of Loans, Guarantees or Investments

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Act are given in the notes to the Financial Statements.

(vii) Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

The particulars required under Section 134(3)(m) of the Act read with Rules 8 of the Companies (Accounts) Rules 2014 in respect of conservation of energy and technology absorption are not applicable to your Company.

The total foreign exchange earnings during the year under review is 134.17 Lakhs and for previous period is 2840.71 Lakhs and total foreign exchange out go during the year under review is 44.13 Lakhs and for previous period is 124.09 Lakhs.

(viii) Change in the Nature of Business

There is no change in the nature of business of the Company during the year under review.

(ix) Maintenance of cost records

The nature of Companys business / activities is such that maintenance of cost records under Section 148(1) of the Act is not applicable to the Company.

(x) Material Changes and commitments

No material changes and commitments have occurred between the end of the financial year to which the financial statements relate and date of this report, affecting the financial position of the Company.

(xi) Reporting of frauds by the Auditors

No fraud has been noticed or reported by the Statutory Auditors during the course of their Audit.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

(i) Subsidiaries

The Company does not have any Subsidiary and no Company has become or ceased to be Companys Subsidiary during the year under review.

The Board of Directors has approved a Policy for Determining Material Subsidiaries in compliance with the provisions of Regulation 16 of the SEBI Listing Regulations. The Policy for Determining Material Subsidiary has been suitably modified as per the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time. The said Policy has been uploaded on the website of the Company, www.hbestate.com having following web link, https://www.hbestate.com/Investor%20Information/Corporate%20Governance/index.html

(ii) Joint Ventures

The Company is not having any Joint Venture business and no Company has become its Joint Venture during the year under review.

(iii) Associate Companies

In terms of Sec 2(6) of the Act, Parsvnath HB Projects Pvt. Ltd. is the Associate Company. A separate statement containing the salient features of the Financial Statement of the Companys Associates is being provided in Form AOC-1 along with the Financial Statements in terms of Section 129(3) of the Act.

MANAGEMENT DISCUSSION & ANALYSIS AND CORPORATE GOVERNANCE REPORT

As required under Regulation 34(3) read with Schedule V of the SEBI Listing Regulations the Management Discussion & Analysis Report; a Report on the Corporate Governance together with the Compliance Certificate from the Companys Statutory Auditors confirming compliance(s) forms an integral part of this report.

VIGIL MECHANISM - WHISTLE BLOWER POLICY

In terms of the provisions of Sec 177(9) & (10) of the Act and pursuant to the provisions of Regulation 22 of the SEBI Listing Regulations a Vigil Mechanism for Stakeholders, Employees and Directors of the Company has been established. The Whistle Blower Policy duly approved by the Board of Directors is available on the website of the Company having following web-link, https://www.hbestate.com/Investor%20Information/Corporate%20Governance/index.html

RELATED PARTY TRANSACTIONS

The Related Party Transactions that were entered during the financial year under review were on arms length basis and were in the ordinary course of business. The Audit Committee has accorded its omnibus approval for the said transactions.

The Company has not entered into any materially significant Related Party Transaction under Sec 188 of the Act. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3)(h) of the Act in Form AOC-2 is not applicable. None of the Directors has any pecuniary relationships or transactions vis-a-vis the Company.

The Board of Directors, on the recommendation of the Audit Committee, has approved a Policy to regulate transactions between the Company and its Related Parties, in compliance with the applicable provisions of the Act, the Rules made there under and Regulation 23 of the SEBI Listing Regulations. The Policy on Related Party Transactions has been suitably modified as per the applicable provisions of the Act and SEBI Listing Regulations as amended from time to time. The Policy is available on the website of the Company having following web link,

https://www.hbestate.com/Investor%20Information/Corporate%20Govemance/index.html

CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING

The Company endeavors to preserve the confidentiality of un-published price sensitive information and to prevent misuse of such information. The Company is committed to transparency and fairness in dealing with all Stakeholders and in ensuring adherence to all laws and regulation in force.

The Board of Directors has adopted the Code of Conduct for regulating, monitoring and reporting of trading by insiders and other connected persons, in compliance with Regulation 9 of the SEBI Listing Regulations. The Code of Conduct lays down guidelines and procedures to be followed and disclosures to be made while dealing with the Shares of the Company, as well as the consequences of violation. The Code of Conduct has been formulated for prevention of Insider Trading and to maintain the highest standards of dealing in Company Securities. The Code of Conduct has been suitably modified as per the provisions of the Insider Trading Regulations and SEBI Listing Regulations as amended from time to time.

Further, the Policy and procedure for inquiry in case of leak of unpublished price sensitive information or suspected leak of unpublished price sensitive information have been framed in line with the provisions of the Insider Trading Regulations, as amended.

PRESERVATION OF DOCUMENTS & ARCHIVAL POLICY

In terms of Regulation 9 of the Securities and Exchange Board of India SEBI Listing Regulations, the Board of Directors in their meeting held on 10th February, 2016 has adopted a Policy for Preservation of Documents & Archival thereof, classifying them in two categories as follows:

(a) documents whose preservation shall be permanent in nature;

(b) documents with preservation period of not less than eight years after completion of the relevant transactions.

The said Policy is available on the website of the Company having following web link,

https://www.hbestate.com/Investor%20Information/Corporate%20Governance/index.html

DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY

The Board of Directors has adopted the Risk Management Policy which sets out the framework for the management of risks faced by the Company in the conduct of its business to ensure that all business risks are identified, managed and monitored. The contents of Risk Management Policy have been included in Management Discussion and Analysis forming part of this report.

PREVENTION OF SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE

The Company has zero tolerance for sexual harassment at workplace. The Board of Directors in their meeting held on 08th August, 2014 constituted the Internal Complaint Committee and adopted a Policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder.

The Company has two Internal Complaint Committees one is at the Registered Office and another at Hotel Unit i.e. Taj City Centre, Gurugram.

The Internal Complaint Committee at Registered Office comprises of following members:

(i) Ms. Banmala Jha, Presiding Officer (Manager)

(ii) Ms. Madhu Suri, Member (Working in the Delhi Legal Services Authority as a Counsellor)

(iii) Mr. Anil Goyal, Member (Director)

(iv) Ms. Radhika Khurana, Member (Company Secretary)

The Internal Complaint Committee at Hotel Unit comprises of following members:

(i) Ms. Shailza Sharma, Chairperson (HR Manager)

(ii) Ms. Leela Gupta, Assistant Chairperson (Sales Manager)

(iii) Ms. Ashadeep Sidhu, Member (Director of Finance)

(iv) Mr. Pradeep Kumar Yadav, Member (Security Manager)

(v) Mr. Sanket Chugh, Member (Director of Sales & Marketing)

(vi) Ms. Shalini Khanna, Member (NGO Representative)

The Company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The women employees were made aware about the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and rules made there under and the provisions of Internal Complaint Policy of the Company.

Disclosure in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 is provided in the Corporate Governance Report which forms an integral part of the Boards Report.

INTERNAL CONTROLS SYSTEMS AND THEIR ADEQUACY

The Company has proper and adequate system of Internal Controls. The information about Internal Controls is set out in the Management Discussion and Analysis forming part of this report.

INTERNAL FINANCIAL CO1NTROLS

The Company has established Internal Financial Control System for ensuring the orderly and efficient conduct of the business including adherence to Companys Policies, the safeguarding of assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable Financial Statements.

AUDITORS

(i) Statutory Auditors

The Shareholders in the 23rd Annual General Meeting held on 29th September, 2017 had appointed ‘G. C. Agarwal & Associates, Chartered Accountants, Delhi (FRN 017851N) as the Statutory Auditors for a term of five (5) consecutive years i.e. from the conclusion of the 23nd Annual General Meeting to the conclusion of 28th Annual General Meeting to be held in the year 2022.

There are no qualifications, reservation, adverse remark, observations, comments or disclaimer given by the Auditors in their Report. The Report given by the Statutory Auditors on the financial statements of the Company for the financial year 2020-21, is part of the Annual Report and self explanatory.

(ii) Internal Auditors

‘Marv & Associates LLP, Chartered Accountants, New Delhi perform the duties of the Internal Auditors of the Company and their report is reviewed by the Audit Committee on quarterly basis.

(iii) Secretarial Auditors

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr. A.N. Kukreja, Proprietor, ‘A.N Kukreja & Co., Company Secretary in Practice to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is enclosed as a part of this report as "ANNEXURE - I".

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Board of Directors has constituted a Corporate Social Responsibility Committee (CSR Committee) pursuant to the provisions of Section 135 of the Companies Act, 2013. The composition of the CSR Committee has been mentioned in the Corporate Governance Report forming part of this report.

The Company has revised the policy on Corporate Social Responsibility (‘CSR) to include changes based on Company (Corporate Social Responsibility Policy) Amendment Rules, 2021 and the revised Policy was recommended by the CSR Committee and approved by the Board and the same can accessed on the Companys Website having following web link, https://www.hbestate.com/Investor%20Information/CSR/index.html

Brief outline / salient features of the CSR Policy of the Company are as follows:

> The Company endeavors to adopt an integrated approach to address the community, societal & environmental concerns by taking one or more of the activities allowed as per Section 135 of the Companies Act, 2013 and the applicable rules and regulations.

> To identify the activities in response to felt societal needs in diverse areas and to implement them with full involvement and commitment in a time bound manner.

> To provide financial assistance in the form of grant-in-aid assistance and corpus fund support etc. to support, supplement and improve the quality of life of different segments of the Society.

> As a responsible corporate entity, the Company will consistently strive for opportunities to meet the expectation of its stake holders by pursuing the concept of sustainable development with focus on the social welfare activities.

As per Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, If a Companys CSR obligation is less than or upto Rs. 50 lakhs, then the Company shall not be required to constitute the CSR committee and the board of directors shall discharge all the function of the CSR committee as prescribed.

Pursuant to abovementioned amended CSR Rules and considering the specified threshold of CSR obligations, the Board of Directors in its meeting held on 28th June, 2021 has dissolved the CSR Committee and all the functions of the Committee shall be discharged by the Board of Directors.

DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)

(a) Appointment / Re-appointment / Resignation of Directors and KMP

As per the provisions of Section 152 of the Companies Act, 2013, Mr. Lalit Bhasin (DIN: 00002114), Director shall retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. The Board of Directors recommends his re-appointment.

Mr. Sunil Malik (DIN: 01153501) has been appointed as Non-Executive Independent Director of the Company by the members for a term of five (5) consecutive years in the last Annual General Meeting held on 30th September, 2020 pursuant to the provisions of Sections 149, 150, 152 and other applicable provisions, if any of the Act and the rules made there-under (including any statutory modification(s) or re-enactment thereof for the time being in force) read with Schedule IV to the Act, Regulation 17(1A) and other applicable provisions of the SEBI Listing Regulations as amended.

Mr. Jag Mohan Lal Suri, Non-Executive Non-Independent Director of the Company left for his heavenly abode on 14th December, 2020.

The information on the Particulars of Director eligible for Appointment / Re-appointment in terms of Regulation 36 of SEBI Listing Regulations and Secretarial Standard - 2 issued by the Institute of Company Secretaries of India has been provided in the Notes to the Notice convening the Annual General Meeting.

(b) Declaration from Independent Directors

Ms. Asha Mehra, Mr. Rajesh Jain and Mr. Sunil Malik are Non-Executive Independent Directors on the Board of the Company. The Company has received declarations from all the Independent Director(s) confirming that they meet with the criteria of Independence as prescribed both under Section 149(6) of the Act and under Regulation 16(1)(b), 25 of the SEBI Listing Regulations.

The Independent Directors of the Company have confirmed that they have registered their names in the data bank of Independent Directors maintained with the Indian Institute of Corporate Affairs in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment & Qualification of Directors) Rules, 2014. Except Mr. Sunil Malik, no other Independent Directors of the Company possess the requisite experience and hence shall not be required to pass the online proficiency self-assessment test as per the proviso to Rule 6(4) of the aforesaid rules.

During the year under review, the Non-Executive Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees and reimbursement of expenses, if any incurred by them for the purpose of attending meetings of the Board/Committee of the Company.

(c) Nomination and Remuneration Policy

The Board of Directors, on the recommendation of the Nomination & Remuneration Committee, has approved a Policy for selection, appointment & remuneration including criteria for determining qualifications, positive attributes of Directors, Key Managerial Personnel (KMP) and Senior Management employees of the Company.

Brief outline / salient features of the Nomination and Remuneration Policy are as follows:

> Nomination and Remuneration Committee has been empowered inter-alia to carry out the following functions:

• Identification and selection of persons for appointment as Director, KMP or at Senior Management level considering their qualification, experience and integrity.

• Determining the appropriate size, diversity and composition of the Board.

• Developing a succession plan for the Board and Senior Management of the Company.

• To recommend all remuneration, in whatever form, payable to senior management.

• Considering and determining the remuneration based upon the performance to attract retain and motivate members of the Board.

• Approving the remuneration of the Senior Management including KMPs of the Company.

• Evaluation of performance of the Board, its committees, individual directors and Senior Management Personnel on yearly basis.

• To extend or continue the term of appointment of the Independent Director, on the basis of the report of performance evaluation of Independent Directors

> Approval of the Shareholders by way of Special Resolution is required in following cases:

• To appoint or continue the employment of any person as Whole-time Director who has attained the age of seventy years.

• To appoint a person or continue the directorship of any person as a nonexecutive director who has attained the age of seventy five years.

• To re-appoint Independent Directors for second terms of five consecutive years.

• Payment of fees or compensation to executive directors who are promoters or members of the promoter group exceeding particular limits specified in the policy.

• The annual remuneration payable to a single non-executive director exceeds fifty per cent of the total annual remuneration payable to all non-executive directors.

> Executive Directors / Managing Director are paid remuneration as per applicable provisions of the Companies Act, 2013 and rules made there under.

> Non-Executive Directors are paid sitting fees for attending each meeting of the Board of Directors and the Committees constituted by the Board. The sitting fee for each meeting of Board of Directors and the Committee of Directors has been fixed by the Board of Directors within the overall ceiling laid down under the Companies Act, 2013.

The complete Nomination and Remuneration Policy of the Company is available on the website of the Company having following web link,

https://www.hbestate.com/investor%20information/Corporate%20Govemance/index.htmi

(d) Board Diversity

The Company recognizes the importance and benefits of having the diverse Board to enhance quality of its performance.

The Company believes that a diverse Board will enhance the quality of the decisions made by the Board by utilizing the different skills, qualification, professional experience, gender, knowledge etc. of the members of the Board, necessary for achieving sustainable and balanced growth of the Company. The Board of Directors on the recommendations of the Nomination and Remuneration Committee has adopted a Policy on Diversity of Board of Directors in terms of Regulation 19 of the SEBI Listing Regulations.

(e) Board Evaluation

Pursuant to the provisions of the Act and applicable provisions of the SEBI Listing Regulations the Board of Directors has carried out an Annual performance evaluation of its own performance and of all the Directors individually as well as the evaluation of the working of Audit, Nomination & Remuneration and other Compliance Committees. The manner in which the evaluation has been carried out is explained in the Corporate Governance Report.

(f) Remuneration of the Directors / Key Managerial Personnel (KMP) and Particulars of Employees

The information required pursuant to Section 197(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of Directors / Key Managerial Personnel (KMP) and Employees of the Company is furnished hereunder:

(i) The ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the financial year; and the percentage increase in remuneration of each Director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the financial year.

Sr. No. Name Category Ratio/Times per Median of employee remuneration % increase in remuneration
1. Mr. Lalit Bhasin Director (Non-Executive) N.A N.A
2. Mr. Anil Goyal Director (Non-Executive) N.A N.A
3. Mr. Jag Mohan Lal Suri* Director (Non-Executive) N.A N.A
4. Mr. Rajesh Jain Director (Non-Executive) N.A N.A
5. Ms. Asha Mehra Director (Non-Executive) N.A N.A
6. Mr. Sunil Malik Director (Non-Executive) N.A N.A
7. Mr. Praveen Gupta Chief Financial Officer No increase
8. Ms. Banmala Jha Manager No increase
9. Ms. Radhika Khurana Company Secretary No increase

(*) Ceased w.e.f 14th December, 2020.

The Non-Executive Directors are paid only sitting fees for attending meeting of the Board of Directors and the Committees constituted by the Board.

(ii) The increase in the median remuneration in current financial year as compared to previous financial year: No increase.

(iii) The number of employees on the rolls of the Company:

16 employees on the Company rolls and 156 employees on the rolls of the Companys Hotel Unit (Taj City Centre, Gurugram) operated by The Indian Hotels Company Limited as on 31st March, 2021.

(iv) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year was NIL as compared to the percentile increase of NIL in the managerial remuneration of the Company Secretary.

(v) It is hereby confirmed that the remuneration paid to the Directors, Key Managerial Personnel (KMP) and other employees is in accordance with the remuneration policy of the Company.

(vi) Statement of particulars of employees pursuant to Section 197(12) of the Act read with Rule 5(2) &(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 for the year ended 31st March, 2021:

a) Details of top ten employee in terms of remuneration drawn as on 31st March, 2021:

Sl. No. Name Designation Gross Remuneration received (In ) Nature of Employment Qualification Experience (In Years) Date of Commencement of Employment Age (In Years) Last Employment held before joining the Company Number & Percentage of Equity Shares held Whether any such employee is a relative of any director or manager of the Company
1 Mr. Praveen Gupta C.F.O 2831826 Permanent CA & LLB 38 01-12-2011 59 HB Securities Ltd. Nil No
2. Mr. Sanket Chaugh Director of Sales & Marketing 2476200 Permanent Management Development Programme Certificate Course 21 20-08-2015 44 Shangri La Eros Hotel Nil No
3. Ms. Shailza Sharma Human Resources Manager 1537260 Permanent Master in Human Resource Management 19 07-09-2015 39 The Leela Ambience Hotel, Gurgaon Nil No
4. Mr. Ranjeet Singh Front Office Manager 1362960 Permanent Post Graduate Diploma in Business Management 16 12-12-2016 37 Hyatt Bangalore MG Road Nil No
5. Mr Daya Shankar Gaur Manager Interior 1195800 Permanent Civil Engineer 21 18-04-2012 46 Capital Residency Pvt. Ltd. Nil No
6. Mr. Sanjeet Kumar Catering Sales Manager 1102512 Permanent BSC in Hotel Management 17 21-12-2018 38 Shangrila Hotel New Delhi Nil No
7. Ms Banmala Jha Vice President Legal 1043280 Permanent M.A. (English & LLB 20 01-02-2018 64 HB Stockholdings Ltd. Nil No
8. Mr. Rahul Chauhan Wellness Manager 844764 Permanent Masters in Physical Education 5 01-08-2018 45 Radisson MBD Hotel Nil No
9. Mr Ashok Kumar* Manager Accounts 831207 Permanent CA 16 01-01-2017 46 RRB Master Securities Delhi Ltd. Nil No
10. Mr. Pankaj Aggarwal Manager Finance 749028 Permanent CA 4.98 01-11-2017 26.80 Taj City Centre Nil No

(*) Resigned w.e.f. 06lh June, 2021

b) Details of the Employees, who were in receipt of remuneration aggregating Rs.1,02,00,000/- or more per annum : None

c) Details of the Employees, who were employed for part of the financial year and was in receipt of remuneration not less than Rs.8,50,000/- per month: None

d) Details of the Employees, who were employed throughout the financial year or part thereof, was in receipt of remuneration in that year which, in the aggregate, or as the case may be, at a rate which, in the aggregate, is in excess of that drawn by the managing director or whole-time director or manager and holds by himself or along with his spouse and dependent children, not less than two percent of the equity shares of the Company: None

SECRETARIAL STANDARDS

During the year under review, the Company has complied with all applicable Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).

EXTRACT OF ANNUAL RETURN

As provided under Section 92(3) and 134(3)(a) of the Act, read with Rule 12 of Chapter VII Rules of the Companies (Management and Administration) Amendment Rules, 2020, Annual Return in Form MGT-7 for FY 2020-21 is uploaded on the website of the Company having following web link, https://www.hbestate.com/Investor%20Information/Annual%20Retums/indexx.html

DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 134(5) of the Companies Act, 2013, it is hereby stated that:

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

b) the Directors have selected such Accounting Policies and applied them consistently and made judgments and estimates, that are reasonable and prudent so as to give a true and fair view of the State of Affairs of the Company at the end of the Financial Year and of the Profit or Loss of the Company for that period;

c) the Directors have 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;

e) the Directors have laid down Internal Financial Controls to be followed by the Company and that such Internal Financial Controls are adequate and were operating effectively; and

f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

ACKNOWLEDGMENTS

Your Directors wish to thank and acknowledge the co-operation, assistance and support extended by the Banks, Companys Shareholders and Employees.

FOR AND ON BEHALF OF THE BOARD
Sd/-
LALIT BHASIN
Place: Gurugram (Chairman)
Date: 28th June, 2021 DIN: 00002114