Dear Members,
The Directors of the Company are pleased to present the 31st Annual Report
on the business and operations of the Company together with the Audited Financial
Statement for the financial year ended March 31, 2020.
1. Financial Summary:
The Companys performance during the financial year ended March 31, 2020 as compared to
the previous financial year is summarized below: Amount in
| Particulars |
2019-20 |
2018-19 |
| Revenue from Operations |
2,91,36,769 |
2,82,43,958 |
| Other Income |
40,61,598 |
27,78,696 |
| Gross Income |
3,31,98,367 |
3,10,22,654 |
| Expenditure |
1,70,95,238 |
1,64,28,335 |
| Finance Charges |
44,55,955 |
47,86,407 |
| Depreciation |
26,32,989 |
26,62,909 |
| Total Expenditure |
2,41,84,182 |
2,38,77,651 |
| Net Profit before tax and exceptional item |
90,14,185 |
71,45,003 |
| Exceptional item |
-23,16,964 |
- |
| Net Profit before tax |
66,97,221 |
- |
| Provision for tax |
- |
- |
| Net Profit after |
66,97,221 |
71,45,003 |
2. State of Companys Affairs:
The Companys performance was satisfactory during the year. Your Directors are hopeful
that the Company will perform better in the ensuing years. In the meantime, Company has
earned its income by way of rental income.
3. Dividend:
With a view to conserve the resources for current as well as future business
requirements and expansion plans, your Board is of the view that the current years profit
be ploughed back into the operations and hence no dividend is recommended for the
financial year ended March 31, 2020.
4. Transfer to reserves:
The Company does not propose to transfer amount to the general reserve out of the
amount available for appropriation and considered it appropriate to retain the same in the
profit and loss account.
5. Nature of Business:
During the year under review, there was no change in the nature of business.
6. Material changes and commitments
There have been no material changes and commitments affecting the financial position of
the Company, which have occurred between the end of the financial year and the date of
this Report.
7. Details of Subsidiary/Joint Ventures/Associate Companies:
As on March 31, 2020, the Company does not have any subsidiary/joint venture/associate
companies. Accordingly, the requirements pursuant to Section 129(3) of the Companies Act,
2013 read with Rule 5 of the Companies (Accounts) Rules, 2014 is not applicable.
8. Share Capital:
The paid-up Equity Share Capital of the Company as at March 31, 2020 stood at Rs
5,30,00,000/-. There was no public issue, rights issue, bonus issue or preferential issue
etc. during the year. The Company has not issued shares with differential voting rights,
sweat equity shares, nor has it granted stock options. As on March 31, 2020, none of the
directors of the Company hold instruments convertible into equity shares of the Company.
During the financial year 2019-20, there is no change in the Share Capital of the Company.
9. Disclosures in respect of voting rights not directly exercised by employees:
No disclosure is required under Section 67(3)(c) of the Companies Act, 2013, read with
Rule 16(4) of Companies (Share Capital and Debentures) Rules, 2014, in respect of voting
rights not exercised directly by the employees of the Company as the provisions of the
said section are not applicable.
10. Indian Accounting Standard (IND AS):
As mandated by the Ministry of Corporate Affairs, the Company has adopted Indian
Accounting Standards (‘Ind AS) from 1st April, 2017 with a transition
date of 1st April, 2016. The financial results for the year 2019-20 have been
prepared in accordance with IND AS, prescribed under Section 133 of the Companies Act,
2013 read with the relevant rules issued thereunder and the other recognized accounting
practices and policies to the extent applicable.
11. Secretarial Standards:
Pursuant to the approval given on 10th April, 2015 by the Central Government
to the Secretarial Standards specified by the Institute of Company Secretaries of India,
the Secretarial Standards on Meetings of the Board of Directors (SS-1) and General
Meetings (SS-2) came into effect from 1st July, 2015. The said standards were
further amended w.e.f. 1st October, 2017. The Company is in compliance with the
same.
12. Business Responsibility Report:
The Business Responsibility Reporting as required by Regulation 34(2) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, is not applicable to
your Company for the financial year ended March 31, 2020.
13. Management Discussion and Analysis Report:
Pursuant to Regulation 34 of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Management Discussion and
Analysis (MDA) is required to be annexed to this report. There is nothing to mention in
this report as the Company has disposed off its assets of its plant and machinery
pertaining to the Textile Division. So, the company has not annexed the Management
Discussion and Analysis to the Boards report.
14. Corporate Governance Report:
The Company constantly endeavors to follow best Corporate Governance guidelines and
best practices and disclose the same transparently. The Board is conscious of its inherent
responsibility to disclose timely and accurate information on the Companys operations,
performance, material corporate events as well as on the leadership and governance matters
relating to the Company. The Company has put in place an effective corporate governance
system which ensures that the provisions of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 are duly complied
with.
As per Regulation 34(3) read with Schedule V(c) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, a report on Corporate Governance, in
accordance with Listing Regulations, along with a certificate from M/s UKG
& Associates, Chartered Accountants, Statutory Auditors (Firm Registration
No.123393W) of the Company, are annexed hereto and forms part of the Report. The auditors
certificate for the financial year 2019-20 does not contain any qualification,
reservation, adverse remark or disclaimer.
All Board members and Senior Management personnel have affirmed compliance with the
Code of Conduct for the financial year 2019-20. A declaration to this effect signed by the
Managing Director of the Company is contained in this Annual Report. The Managing Director
and CFO have certified to the Board with regard to the financial statement and other
matters as required under regulation 17(8) of the SEBI Listing Regulations, 2015.
15. Directors and Key Managerial Personnel:
The Board of Directors consists of four members, of which two are Independent
Directors. The Board also comprises of one woman Director. As on March 31, 2020, the Key
Managerial Personnel of the Company under Section 203 of the Companies Act, 2013 are Mr.
Amrut T Shah, Chairman and Managing Director, Mr. Vijay Sagvekar, Chief Financial Officer
and Ms. Riddhi Thakkar, Company Secretary and Compliance Officer.
As per the provisions of Section 152(6) of the Companies Act, 2013 and the Companys
Articles of Association, Mr. Amrut Shah (DIN: 00259420) shall retire by rotation at the
ensuing Annual General Meeting and being eligible, has offered himself for re-appointment
as a Director of the Company.
The following policies of the Company are attached herewith:
a) Policy for selection of Directors and determining Directors independence as Annexure
I; and
b) Remuneration Policy for Directors, Key Managerial Personnel and other employees as
Annexure II.
16. Disclosure Relating to Remuneration of Directors and Key Managerial Personnel
The remuneration paid to the Directors is in accordance with the Remuneration Policy
formulated in accordance with Section 178 of the Companies Act, 2013. The details of
remuneration paid to the Directors including Executive Directors of the Company are given
in Form MGT-9 forming part of the Directors Report.
17. Directors Responsibility Statement:
The Board of Director of the Company confirms that:
a) in the preparation of the annual accounts for the year ended March 31, 2020, the
applicable accounting standards read with requirements set out under Schedule III to the
Act, have been followed and there are no material departures from the same;
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 as at March 31, 2020 and of the profit of
the Company for the year ended on that date;
c) the Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
d) the Directors have 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 are operating
effectively; and
f) the Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and operating effectively.
18. Number of Meeting of the Board
Four meetings of the Board were held during the year. The details of the number of
meetings held and attended by each Director are provided in the Corporate Governance
Report, which forms part of this Report. The intervening gap between the meetings was
within the period prescribed under the Companies Act, 2013 and the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
19. Independent Directors Meeting
In compliance with the requirements of Schedule IV of the Companies Act, 2013, a
meeting of the Independent Directors was held on 25th February, 2020.
The Independent Directors carried out performance evaluation of Non-Independent
Directors and the Board of Directors as a whole, performance of Chairman of the Company,
the quality, contents and timelines of flow of information between the Management and
Board, based on the performance evaluation framework of the Company.
20. Declaration of Independent Directors
All Independent Directors have given declarations that they meet the criteria of
independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation
16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
and there is no change in their status of independence. As required under Section 149(7)
of the Companies Act, 2013, the said declaration was placed in the Board Meeting held on
June 30, 2020.
21. Familiarization Programme
The Company has put in place an induction and familiarization programme for all its
Directors including the Independent Directors so as to associate themselves with the
nature of the industry in which the Company operates. Directors are periodically advised
about the changes effected in the Corporate Laws, Listing Regulations with regard to their
roles, rights and responsibilities as Director of the Company. The familiarisation
programme for Independent Directors in terms of the provisions of Regulation 46(2)(i) of
Listing Regulations, is uploaded on the website of the Company.
22. Board Evaluation:
The Company has devised a Policy for performance evaluation of the Board of Directors,
Board Committees and Directors including Chairman, Executive Directors, Non-executive
Directors and Independent Directors. Pursuant to the provisions of the Companies Act, 2013
and the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, a structured questionnaire was prepared after taking into
consideration the various aspects of the Boards functioning, composition of the Board and
its Committees, culture, execution and performance of specific duties, obligations and
governance including the procedure prescribed under SEBI Circular dated January 5, 2017 on
Guidance Note on Board Evaluation.
The Board of Directors has carried out an annual performance evaluation of its own
performance, the Directors individually as well as the evaluation of the working of its
Audit Committee, Nomination and Remuneration Committee, Corporate Social Responsibility
Committee and Stakeholders Relationship Committee.
The performance evaluation of the Chairman and Non-Independent Directors was carried
out by Independent Directors. The reports on performance evaluation of the Individual
Directors were reviewed by the Nomination and Remuneration Committee and the Chairman of
the Board held discussions with each Board member and provided feedback to them on the
evaluation outcome. The Board of Directors expressed their satisfaction with the
evaluation process.
23. Internal Financial Controls:
The Company has an adequate internal control system commensurate with the size and
scale of its business operations.
The Company has appointed Internal Auditors who periodically audit the adequacy and
effectiveness of the internal controls laid down by the management and suggest
improvements. The Audit Committee of the Board of Directors approves the annual internal
audit plan, periodically reviews the progress of audits as per approved audit plans,
critical internal audit findings presented by internal auditors, status of implementation
of audit recommendations, if any, and adequacy of internal controls.
The Audit Committee takes due cognizance of the observations made by the auditors and
gives their suggestions for improvement. The suggestions of the Audit Committee are also
taken into account for further strengthening of the control systems.
24. Risk Management Policy:
Your Company recognizes that the risk is an integral part of business and is committed
to managing the risks in proactive and efficient manner. Your Company periodically
assesses the risks in the internal and external environment along with treating the risks
and incorporates risk management plans in its strategy, business and operational plans.
The business plan for the future are devised and approved by the Board keeping in mind
the risk factors which can significantly impact the performance of the particular
business. All major capital expenditures commitments are subject to scrutiny by the Board
and investments are permitted only on being satisfied about its returns or utility to the
Company. There are no risks which in the opinion of the Board threaten the existence of
the Company.
The Company has formulated and implemented a Risk Management Policy that outlines the
framework and procedures to assess and mitigate the impact of risks. Under the guidance of
the Board of Directors of the Company and Key Managerial Personnel who are conversant with
risk management systems and procedures have been entrusted with the risk management of the
Company in accordance with the formulated policy. The Audit Committee has additional
oversight in the area of financial risks and controls. All risks are systematically
addressed through mitigating actions on a continuing basis.
25. Audit Committee:
The details pertaining to composition of audit committee are included in the Corporate
Governance Report, which forms the part of this report.
26. Audit Committee Recommendations:
During the financial year 2019-20, there were no instances of non-acceptance of any
recommendation of the Audit Committee by the Board of Directors.
27. Establishment of Vigil Mechanism / Whistle Blower Policy:
As per the provisions of Section 177 of the Companies Act, 2013, the Company has
adopted the Vigil Mechanism/Whistle Blower Policy to provide appropriate avenues to the
employees to bring to the attention of the management any issues which is perceived to be
in violation of or in conflict with the fundamental business principals of the Company.
The policy is also posted on the website of the Company.
The employees are free to report to the management concerns about unethical behavior,
actual or suspected fraud or violation of the codes of conduct or corporate governance
policy or any improper activity to the Audit Committee of the Company or Chairman of the
Company.
The Whistle Blower Policy has been appropriately communicated within the Company. The
policy empowers the Chairman of the Audit Committee/Chairman of the Company to investigate
any protected disclosure including matters concerning financials/accounting, etc. received
from the employees under this policy.
During the financial year 2019-20 the Company has not received any complaint through
Vigil Mechanism. The Whistle Blower Policy is available on the Companys website.
28. Nomination and Remuneration Policy:
The Board has, on the recommendation of the Nomination & Remuneration Committee
formulated Nomination and Remuneration Policy for determining the criteria for determining
qualifications, positive attributes and independence of a director and also criteria for
determining the remuneration of directors, key managerial personnel and other employees.
The key objectives of the Policy are to lay down the criteria for appointment and
remuneration of Directors, Key Managerial Personnel and Executives at Senior Management
level and recommend to the Board their appointment, and also to formulate criteria for
evaluation of performance of Independent Directors and the Board and to devise a policy on
Board diversity.
The Policy, inter-alia, includes criteria for determining qualifications, positive
attributes, independence of a director, and expertise and experience required for
appointment of Directors, KMP and Senior Management.
As per the Policy, the remuneration / compensation to the Whole time Directors shall be
recommended by the Nomination and Remuneration Committee to the Board for its approval.
However, the remuneration compensation to Whole-time Directors shall be subject to the
approval of the shareholders of the Company and Central Government, wherever required. The
policy is available on the Companys website.
29. Corporate Social Responsibility Committee
Since the Net Profit, Net worth and the Turnover of the Company for the year under
review is less than Rupees Five Crore, Rupees Five Hundred Crore and Rupees One Thousand
Crore respectively, the constitution of Corporate Social Responsibility (CSR) Committee is
not applicable as per the provisions of Section 135 of the Companies Act, 2013 read with
Rule 3 of Companies (Corporate Social Responsibility Policy) Rules, 2014.
30. Statutory Auditors:
Pursuant to the provisions of section 139 of the Companies Act, 2013, the members of
the Company at the 28th Annual General Meeting held on 30th
September, 2017 appointed M/s. UKG & Associates, Chartered Accountants, (Firm
Registration No.123393W) as Statutory Auditors of the Company from the conclusion of 28th
Annual General Meeting till the conclusion of 33rd Annual General Meeting,
covering one term of five consecutive years, subject to ratification by the members at
each intervening Annual General Meeting.
According to the Companies (Amendment) Act, 2017 notified by the Ministry of Corporate
Affairs on May 7, 2018, the requirement of ratification of Statutory Auditors by the
members of the company at every Annual General Meeting has been done away with. Therefore,
no resolution has been proposed for their ratification at the ensuing AGM. They have
confirmed that they are not disqualified from continuing as Statutory Auditors of the
Company.
The Notes on financial statement referred to in the Auditors Report are
self-explanatory and do not call for any further comments. The Statutory Auditors Report
for the year 2019-20 does not contain any qualification, reservation, adverse remark or
disclaimer made by Statutory Auditor. There is no incident of fraud requiring reporting by
the auditors under Section 143(12) of the Companies Act, 2013.
31. Auditors Report:
The report contains the remark regarding the statutory dues which are payable relating
to property tax as below and there are no other reservation or adverse remarks in report.
| Name of the Statute |
Nature of the Dues |
Amount (Rs) |
Period amount relates to which the |
Forum where dispute is pending |
| Maharashtra Municipal Corporation Act, 1949 |
Property Tax |
1,55,11,966/- |
From 2005 to 2012 |
Assessor and Collector, Navi Mumbai Municipal Corporation |
The board had discussed the same qualification in their meeting and get decide to
resolve the qualification as soon as possible.
32. Internal Auditors
Pursuant to the provisions of Section 138 of the Companies Act, 2013, the Board of
Directors of the Company have appointed M/s DSSM & Co. LLP, Chartered Accountant as
Internal Auditors {FRN: W100065} of the Company. The Audit
Committee of the Board of Directors in consultation with the Internal Auditor
formulates the scope, functioning, periodicity and methodology for conducting the internal
audit.
33. Cost Auditors
During the year under review, the Company has not carried on any manufacturing
activities. Hence no cost audit was required to be conducted.
34. Secretarial Auditor and Secretarial report:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors
of the Company have re-appointed, Teena Dedhia & Associates, Practising Company
Secretary, {COP: 9214} to conduct the Secretarial Audit for the financial year 2019-2020.
The Secretarial Audit Report for the year 2019-2020 issued by her in the prescribed form
MR-3 is attached as Annexure III to this Report.
Secretarial auditors remarks and Management explanation to auditors remarks:
The Directors refers to the auditors observations in the secretarial audit report and
as required under section 204(1) of the Companies Act, 2013 the company has obtained a
secretarial audit report.
1. Publication of results audited and unaudited in newspaper:
The Company has not been doing that since the financial position of the company does
not allow Board to incur such expenditure keeping in mind that the results are made
available for investors and market through stock exchange.
2. Demat of promoters shareholding:
Promoters of the Company are in the process of getting their shareholding in demat
form.
35. Reporting of Fraud
During the year under review, the Statutory Auditors and Secretarial Auditors have not
reported any instances of frauds committed in the Company by its Officers or Employees, to
the Audit Committee under Section 143(12) of the Companies Act, 2013 details of which
needs to be mentioned in this Report.
36. Transaction with related Parties:
All contracts / arrangements / transactions entered by the Company during the financial
year with Related Parties were in its ordinary course of business and on arms length
basis. Pursuant to section 177 of the Companies Act, 2013 and regulation 23 of SEBI
Listing Regulations, 2015, all Related Party Transactions were placed before the Audit
Committee for its approval. There are no materially significant related party transactions
made by the Company with Promoters, Key Managerial Personnel or other designated persons
which may have potential conflict with interest of the Company at large.
The policy on related party transactions as approved by the Board is uploaded on the
Companys website. The Companys management ensures total adherence to the approved Policy
on Related Party Transactions to establish Arms Length Basis without any compromise.
Your Directors draw attention of the members to Note 36 to the financial statement
which sets out related party disclosures.
37. Extract of Annual Return:
As provided under section 92(3) of companies Act, 2013 the extract of annual return is
given in Annexure IV in the prescribed Form MGT-9, which forms part of this report. The
weblink for the Annual Return placed on the Companys website is http://
www.hytonetextile.com.aspx.
38. Particulars of employee:
The information 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
are given below: A. Ratio of remuneration of each Director to the median employees
remuneration for the financial year.
| Name of director |
Designation |
Ratio |
| Mr. Amrut T. Shah |
Chairman & Managing Director |
29.79 |
B. Percentage increase in remuneration of each director and Key Managerial personnel:
| Name |
Designation |
% increase |
| Mr. Amrut T. Shah |
Chairman & Managing Director |
0.00 |
| Mr. Vijay Sagvekar |
Chief Financial Officer |
2.26 |
| Ms. Riddhi Thakkar |
Company Secretary |
0.00 |
C. The Percentage increase in the median remuneration of the employee: 2.06% D. Total
number of permanent employees: 9
E. Average percentile increase made in the salaries of employees other than key
managerial personnel in the last financial year and its comparison with the percentile
increase in the managerial remuneration and justification thereof and point out if there
are any exceptional circumstances for increase in managerial remuneration: Average
decrease in made in the salaries of employees other than the key managerial personnel
during the year is 5.73 % There are no other exceptional circumstances to increase in the
remuneration of key managerial personnel and increase in the remuneration has been in
accordance with the Companys policy. The increment given to each individual employee is
based on the employees potential, experience as also their performance and contribution
to the Companys progress over a period of time.
F. The company affirms that the remuneration is as per the remuneration policy of the
Company.
Disclosure under Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is not applicable to any of employees of the company.
39. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and
Outgo:
The information under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 (3)
of the Companies (Accounts) Rules, 2014 for the year ended March 31, 2020 is given below:
(A) Conservation of Energy:
(i) the steps taken or impact on conservation of energy –The Company has not
continued with any manufacturing or processing activity. Considering the nature of
Companys business there is no reporting to be made on conservation of energy in its
operations.
(ii) the steps taken by the Company for utilising alternate sources of energy –
NIL
(iii) the capital investment on energy conservation equipments – NIL
(B) Technology Absorption:
(i) the efforts made towards technology absorption – NIL
(ii) the benefits derived like product improvement, cost reduction, product development
or import substitution – NIL
(iii) in case of imported technology (imported during the last three years reckoned
from the beginning of the financial year)- Not applicable
(a) the details of technology imported; (b) the year of import;
(c) whether the technology been fully absorbed;
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons
thereof; and
(iv) the expenditure incurred on Research and Development – NIL
(B) Foreign Exchange Earnings and Outgo:
|
Current Year |
Previous year |
| Foreign Exchange Outgo |
Nil |
Nil |
| Foreign Exchange Earnings |
Nil |
Nil |
40. Particulars of Loans, Guarantees, or Investments:
There were no loans, guarantees given by the company under section 186 of the Companies
Act, 2013 during the year under review and hence the said provision is not applicable. The
details of investment made are enumerated in the Notes to Accounts.
41. Deposits from public:
During the year under review, your Company has not accepted or renewed any Deposit,
within the meaning of Section 73 of the Companies Act, 2013, read with the Companies
(Acceptance of Deposits) Rules, 2014 and as such, there are no outstanding deposits in
terms of the Companies (Acceptance of Deposits) Rules, 2014. Hence, the requirement of
furnishing details of deposits which are not in compliance of Chapter V of the Act, is not
applicable.
42. Prevention of Sexual Harassment of women at workplace
As per the requirement of The Sexual Harassment of Women at Workplace (Prevention,
Prohibition & Redressal) Act, 2013 (‘Act) and rules made there under, your
Company has adopted a Sexual Harassment Policy for women to ensure healthy working
environment without fear of prejudice, gender bias and sexual harassment. The Board of
Directors of the Company state that the Company has also 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 Board states that during the year under review there were no cases or complaints
filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013. Also, there were no cases of child labour, forced labour,
involuntary labour and discriminatory employment.
43. Green Initiative
Electronic copy of the Annual Report 2019-20 and the Notice of the 31st
Annual General Meeting are sent to all members whose email addresses are registered with
the Company / depository participant. To support "Green Initiative" members who
have not yet registered their email addresses are requested to register the same with
their depository participants (DPs) in case the shares are held by them in electronic
form. Members holding shares in physical mode and who have not updated their email
addresses with the Company/Link Intime India Private Limited Registrar and Transfer Agent
of the Company are requested to update their email addresses by writing to the Company at
praful@hytonetextile.com or to Link Intime India Private Limited at
rnt.helpdesh@linkintime.co.in along with the copy of the signed request letter mentioning
the name and address of the Member, self-attested copy of the PAN card, and self-attested
copy of any document (eg.: Aadhar Card, Driving License, Election Identity Card, Passport)
in support of the address of the Member. In case of any queries / difficulties in
registering the e-mail address, Members may write to praful@hytonetextile.com
Your Directors would like to draw your attention to Section 20 of the Companies Act,
2013 read with the Companies (Management and Administration) Rules, 2014, as may be
amended from time to time which permits paperless compliances and also service of notice /
documents (including annual report) through electronic mode to its members.
To support this green initiative, we hereby once again appeal to all those members who
have not registered their e-mail addresses so far are requested to register their e-mail
address in respect of electronic holding with their concerned Depository Participants
and/or with the Company.
44. General:
Your Directors state that no disclosures or reporting is required in respect of the
following items:
1. Issue of shares including sweat equity shares and ESOS to employees of the Company
under any scheme including ESOS.
2. Issue of equity shares with differential rights as to dividend, voting or otherwise.
3. Reporting requirements under Rules 5,6 and 8(1) of the Companies (Accounts) Rules,
2014, since the Company did not have any subsidiary during the year.
4. The Company does not have any Employees Stock Option Scheme.
5. The Company does not have any scheme of provision of money for the purchase of its
own shares by employees or by trustees for the benefit of employees.
6. No significant or material orders were passed by the regulators or Courts or
Tribunals which impact the going concern status and Companys operation in future.
7. There is no Corporate Insolvency Resolution Process initiated under the Insolvency
and Bankruptcy Code, 2016.
45. Acknowledgement:
Your Directors place on record their deep sense of appreciation of the dedication of
the Companys employees at all levels and are confident they will maintain their
commitment to excellence in the coming years.
Your Directors also express their deep appreciation of the support received from the
Government and other Regulatory authorities.
Your Directors also thank you, our valued shareholders, the Financial Institution,
Banks, Dealers, Agents and customers for their continued trust in the Company and its
management.
+91-9892691696
