To The Shareholders of IL&FS Investment Managers Limited
Your Directors have pleasure in presenting for your consideration and
approval the Thirty-Seventh Annual Report with the Audited Financials of the Company
("IIML") for the year ended March 31,2023
FINANCIAL ACHIEVEMENTS AND DIVIDEND
|
For the year ended March 31, 2023 ( mn) |
For the year ended March 31, 2022 ( mn) |
For the year ended March 31, 2023 ( mn) |
For the year ended March 31, 2022 ( mn) |
| Particulars |
Standalone |
Standalone |
Consolidated |
Consolidated |
| Total Income |
352.12 |
243.45 |
755.13 |
574.24 |
| Profit/(Loss) before Taxation |
236.22 |
120.40 |
216.17 |
152.64 |
| Provision for Taxation |
(3.88) |
(4.57) |
46.19 |
21.48 |
| Net Profit/(Loss) after Taxation |
240.10 |
124.97 |
169.97 |
131.15 |
| Total Comprehensive income/(loss) for the year |
244.86 |
126.14 |
233.14 |
157.55 |
The Company does not propose to transfer any amount to the General
Reserves
DIVIDEND
Your Directors recommend a Final Dividend of Rs 0.80 per equity share
of the Face Value of Rs 2/- each. The total amount of Dividend is Rs 251.23 mn
REVIEW OF OPERATIONS
The year 2022 saw a global tempering of the peak activity witnessed in
2021, triggered by tightening monetary policies across US and European markets as
economies emerged from a Covid-19 induced suppression in economic activity. Countries
coped with high inflationary pressures on the back of an extended loan moratorium,
Covid-19 stimulus, and supply-demand gaps. These gaps were exacerbated by the mounting
geopolitical tensions (Russia-Ukraine conflict, US-China decoupling), which led to trade
sanctions and global shortages. Resulting market volatilities cast a shadow over global
private equity and venture capital (PE-VC) activity, with investments declining by 15% to
30% across regions
Indian PE-VC investments surpassed $60 bn for a third time, as India
demonstrated some resilience in the face of global headwinds. Investment value closed at
$61.6 bn, with a moderate decline of 12% from 2021s peak of $69.8 billion, supported by a
positive economic outlook, driven by structural enablers such as large consumption
opportunity and improved digital infrastructure. Amid a significant contraction in the
region, Indias share of PE-VC investments in Asia-Pacific strengthened from less than 15%
to approximately 20%
At IIML, the team continues to focus on divesting its current portfolio
and return money to its investors. The developments at the Infrastructure Leasing &
Financial Services Limited ("IL&FS") Group has had a negative impact on IIML
and its brand equity. This also resulted in certain fund investors terminating certain
management contracts. These developments have significantly impinged on IIMLs business
plans for revenue growth. The newly constituted IL&FS Board has initiated the process
to sell its holding in IIML. However, we have received communication from IL&FS that
their current bid process has not resulted in any bidder for IIML. This has impacted the
revival of the business. IIML expects that IL&FS would explore other options for
selling its stake in IIML
On the debt side, IIML, through its subsidiary operates the
Infrastructure Debt Fund ("IDF"). The IDF has closed ended schemes and AUM as of
March 31, 2023 was Rs 1,348.78 crores
IIMLs joint venture with Government of Andhra Pradesh performed very
well during the year which is reflected in their financials. This joint venture continues
to bag new contracts and is implementing a slew of projects in the State of Andhra Pradesh
On a consolidated basis, the Income from Operations of the Company for
FY2023 was Rs 644.46 mn and Other Income was Rs 110.68 mn. Accordingly, the Total Income
on a consolidated basis for FY2023 was Rs 755.13 mn. The Total Expenses on consolidated
basis were Rs 570.89 mn. The resultant Profit Before Tax and Exceptional Items on a
consolidated basis for FY2023 was Rs 216.17 mn
On a standalone basis, the Total Income of the Company for FY2023 was
Rs 352.12 mn and the Total Expenses for the year were Rs 115.90 mn and the resultant
Profit After Tax before other comprehensive income for FY2023 was Rs 240.10 mn. This
indudes Rs 260.48 mn as Dividend from its subsidiaries & associates
MATERIAL CHANGES FROM THE END OF THE FINANCIAL YEAR
There have been no material changes and commitments affecting the
financial position of the Company, which have occurred from the end of the financial year
for the Company to which the financial statement relates and till the date of the
Directors Report
SUBSIDIARIES AND JOINT VENTURES
Your Company has Six Domestic Subsidiaries viz. IL&FS Asian
Infrastructure Managers Limited, IL&FS Urban Infrastructure Managers Limited, IIML
Asset Advisors Limited, Andhra Pradesh Urban Infrastructure Asset Management Limited,
IL&FS Infra Asset Management Limited and IL&FS AMC Trustee Limited and two
Offshore Subsidiaries viz. IL&FS Investment Advisors LLC, Mauritius and IIML Fund
Managers (Singapore) Pte Ltd, Singapore
Your Company also has two Joint Venture Companies viz. Standard
Chartered IL&FS Management (Singapore) Pte Limited, Singapore and IL&FS Milestone
Realty Advisors Private Limited
As per Section 129(3) of the Companies Act, 2013 ("Act") and
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 ("SEBI LODR") the consolidated financial statements of the Company with its
Subsidiaries forms part of the Annual Report
The copies of the Audited Annual Accounts and other related documents
of the Companys Subsidiaries can be sought by any shareholder of the Company or its
Subsidiaries on making a written request to the Company Secretary in this regard. The
Annual Accounts of the Subsidiary Companies are also available for inspection by any
shareholder at the Companys Registered Office and are also uploaded on the Companys
website at http://www.iimlindia.com/financials_SubsidiaryCompanies.aspx
A separate statement pursuant to Section 129(3) of the Act read with
the Companies (Accounts) Rules, 2014 containing the salient features of the Financial
Statements of the Companys Subsidiaries and Joint Ventures in Form AOC 1 is given as an
Annexure to the Standalone Financial Statements
Performance and Financial position of the Subsidiaries and the Joint
Venture Companies :
IL&FS Asian Infrastructure Managers Limited and IIML Asset Advisors
Limited :
The Board at its meeting held on February 14, 2022, had approved the
Scheme of Amalgamation for the amalgamation of two of its wholly owned subsidiaries,
namely, IL&FS Asian Infrastructure Managers Limited ("IAIML") and IIML Asset
Advisors Limited ("IAAL") with the Company
The amalgamation will require the approval of the shareholders of the
Company and National Company Law Tribunal ("NCLT") and any other stakeholder as
directed by NCLT. In addition to that, this amalgamation will also need to comply with the
NCLT approved IL&FS restructuring process applicable to IL&FS Group Companies. The
process of amalgamation is underway
IAIML was set up to manage the Pan Asia Project Development Fund, India
(the Fund). The Fund, having a corpus of Rs 1125 mn, invested across seven investments.
Six of these investments have been divested and the balance one investment is partially
divested. IAIML is working actively to fully divest from the residual investment of the
Fund
The Total Income of IAIML for FY2023 was Rs 2.60 mn. The Total Expenses
of IAIML for the year were Rs 0.16 mn and the resultant total comprehensive income was a
profit of Rs 1.73 mn
The Total Income of IAAL for FY2023 was Rs 5.75 mn. The Total Expenses
of IAAL for the year were Rs 0.21 mn and the resultant total comprehensive income was a
profit of Rs 5.16 mn
IL&FS Urban Infrastructure Managers Limited :
IL&FS Urban Infrastructure Managers Limited ("IUIML")
functions as the Asset Manager for the Pooled Municipal Debt Obligations
("PMDO") Facility. The objective of the PMDO Facility is to provide long tenure
term loans to meet the debt requirements of urban infrastructure projects across cities in
India
On representation the consortium member lenders of the PMDO Facility
have agreed to pay management fee(s) in relation to the NPA(s) accounts which will boost
its revenues and help in sustaining its operations
The Total Income for FY2023 was Rs 45.77 mn inclusive of Other Income
of Rs 0.80 mn. The Total Expenses of IUIML for the year were Rs 43.60 mn and the resultant
total comprehensive income was at a loss of Rs 1.58 mn
IL&FS Investment Advisors LLC :
IL&FS Investment Advisors LLC, Mauritius ("IIAL") acts as
the Investment Manager to Tara India Fund III LLC and Saffron India Real Estate Fund
The Total Income of IIAL for FY2023 was US$ 0.20 mn. The Total Expenses
of IIAL for the year were US$ 0.32 mn and the resultant loss for the year was US$ 0.12 mn
IIML Fund Managers (Singapore) Pte Ltd :
IIML Fund Managers (Singapore) Pte Ltd ("IFMSPL") was
incorporated for the purposes of managing funds from Singapore. The Board has decided to
exit the Companys investment in IFMSPL, by means of either strike off/voluntary winding
up application to the Accounting and Corporate Regulatory Authority, Singapore (ACRA)
after complying with the applicable regulatory requirements of Singapore and India
The Total Income of IFMSPL for FY2023 was NIL. The Total Expenses of
IFMSPL for the year were US$ 0.01 mn and the resultant loss for the year was US$ 0.01 mn
Andhra Pradesh Urban Infrastructure Asset Management Limited :
The Company has set up a subsidiary namely, Andhra Pradesh Urban
Infrastructure Asset Management Limited ("APUIAML") along with the Government of
Andhra Pradesh. IIML and the Government of Andhra Pradesh hold 51% : 49% equity stake,
respectively in APUIAML
APUIAML had been created with the objective to finance the Urban Local
Bodies in the State of Andhra Pradesh. It is involved in integrated urban infrastructure
project development and program management for the Urban Local Bodies and provides end to
end solutions to them. The Company is currently handling projects of around Rs 132 bn
The Total Income of APUIAML for FY2023 was Rs 446.91 mn inclusive of
Other Income of Rs 5.11 mn. The Total Expenses for the year were Rs 342.44 mn and the
resultant total comprehensive income for the year was Rs 82.19 mn
IL&FS Infra Asset Management Limited :
IL&FS Infra Asset Management Limited ("IIAML") is the
asset manager of the IL&FS Mutual Fund which is an IDF as per SEBI Mutual Fund
Regulations. Its AUM as of March 31, 2023 stands at Rs 1,348.78 crore across 5 schemes
The Total Income of IIAML for FY2023 was Rs 162.40 mn and the total
comprehensive income for the year was a profit of Rs 77.05 mn IL&FS AMC Trustee
Limited :
IL&FS AMC Trustee Limited ("IATL") acts as the Trustee of
the IDF. The Total Income of IATL for FY2023 was Rs 1.63 mn and the total comprehensive
income for the year was a profit of Rs 0.50 mn
Standard Chartered IL&FS Management (Singapore) Pte Limited :
Standard Chartered IL&FS Management (Singapore) Pte Limited, is a
50:50 Joint Venture Company established with the Standard Chartered Bank to manage the
Standard Chartered IL&FS Asia Infrastructure Growth Fund. The Fund has completed
divestments from all its investments and the Fund is wound up. Applications have been made
to the Reserve Bank of India for closure of this entity. The process will be initiated
after receipt of regulatory approvals
IL&FS Milestone Realty Advisors Private Limited :
IL&FS Milestone Realty Advisors Private Limited is a Joint Venture
(JV) Company established with the objective of raising funds that would invest in income
yielding assets. Since inception, the JV raised three funds and the Company has been able
to successfully divest from all the investments of these three funds
DIRECTORS & KEY MANAGERIAL PERSONNEL
Mr Nand Kishore [DIN 08267502] retires by rotation at the ensuing
Annual General Meeting ("AGM") pursuant to the provisions of Section 149,
Section 152 and Section 162 of the Act
The Board of Directors on May 30, 2023 approved the re-appointment of
Mr Chitranjan Singh Kahlon [DIN 02823501] as an Independent Non-Executive Director for a
second term of five consecutive years from August 28, 2023 to August 27, 2028, subject to
the approval of the shareholders
The Board recommends the re-appointment of Mr Chitranjan Singh Kahlon
as an Independent Non-Executive Director for a second term of five consecutive years
Pursuant to Section 203 of the Act, the Company has designated Mr Manoj
Borkar, Chief Executive Officer & Chief Financial Officer and Mr Sanjay Mitra, Company
Secretary as the Key Managerial Personnel of the Company
There have been no changes in the Directors and Key Managerial
Personnel of the Company other than the above during the year under review
BOARD INDEPENDENCE
The independent directors have submitted declarations that each of them
meet the criteria of independence as provided in Section 149(6) of the Act along with
Rules framed thereunder and Regulation 16(1)(b) of the SEBI LODR. There has been no change
in the circumstances affecting their status as independent directors of the Company
NUMBER OF MEETINGS OF THE BOARD
The Board of Directors met six times during the Financial Year ended
March 31, 2023 and the gap between two meetings did not exceed 120 days. The meetings were
held during the year on May 5, 2022, May 30, 2022, August 12, 2022, November 11, 2022,
February 13, 2023 and March 10, 2023
The details of the composition of the Board Committees and attendance
of the Directors at the Board meetings/Committee meetings are given in the Corporate
Governance Report
SELECTION CRITERIA FOR APPOINTMENT OF DIRECTORS
The Board has framed a selection criteria for determining the necessary
qualifications and attributes for appointment of Directors and also to ensure Board
diversity. The details of the same are provided in the Corporate Governance Report
REMUNERATION POLICY
The Board has, on the recommendation of the Nomination &
Remuneration Committee framed a policy for selection and appointment of Directors, Senior
Management and their remuneration. The remuneration paid to the Directors and the Senior
Management is as per the Managerial Remuneration Policy of the Company. The Management
Remuneration Policy is posted on the Companys website at : https://
www.iimlindia.com/Policies.aspx and the brief details thereof are given in the Corporate
Governance Report
BOARD EVALUATION
Pursuant to the provisions of the Act and the SEBI LODR, the Board has
carried out an annual performance evaluation of the Board and Committees thereof. The
manner in which the evaluation has been carried out has been detailed in the Corporate
Governance Report
COMMITTEES OF THE BOARD
As on March 31, 2023, the Board had four Committees : the Audit
Committee, the Nomination & Remuneration Committee, the Stakeholders Relationship
Committee and the Corporate Social Responsibility Committee. During the year, all
recommendations made by all the committees were accepted by the Board. A detailed note on
the composition of the Board and its Committees is provided in the Corporate Governance
Report
DIRECTORS? RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors make the following
statements in terms of Section 134(3)(c) of the Act :
(a) in the preparation of the Annual Accounts for the year ended March
31, 2023, the applicable Accounting Standards have been followed along with proper
explanations relating to material departures, if any;
(b) that such accounting policies as mentioned in Note 2 of the Notes
to the Annual Accounts have been selected and applied consistently and judgments and
estimates have been made 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 March 31,2023 and of the Profit
of the Company for the year ended on that date;
(c) proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 2013
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
(d) that the Annual Accounts are prepared on a going concern basis;
(e) that proper internal financial controls were in place and that the
internal financial controls were adequate and were operating effectively; and
(f) that proper systems were devised to ensure compliance with the
provisions of all applicable laws and such systems were adequate and operating effectively
STATUTORY AUDITORS
M/s KKC & Associates LLP were appointed as the Statutory Auditors
of the Company at the 33rd AGM of the Company held on September 30, 2019, for a term of
five years from the conclusion of the 33rd AGM upto the conclusion of the 38th AGM
M/s KKC & Associates LLP have confirmed that their appointment
continues to satisfy the criteria specified in Section 141 of the Act and Regulation 33 of
the SEBI LODR
SECRETARIAL AUDIT
The Company has appointed M/s Mehta & Mehta, a firm of Company
Secretaries in Practice to undertake the Secretarial Audit of the Company pursuant to the
provisions of Section 204 of the Act and The Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014. The Secretarial Audit Report for the Financial Year
ended March 31, 2023 is attached herewith as an Annexure 1(I)
According to Regulation 24A of the SEBI LODR every listed entity and
its material unlisted subsidiaries incorporated in India shall undertake secretarial audit
and shall annex with its annual report, a secretarial audit report, given by a company
secretary in practice, in such form as may be specified. Accordingly, Secretarial Audit
reports of APUIAML and IIAML are attached as Annexure 1(II) and 1(III), respectively
REPORTING OF FRAUDS BY AUDITORS
During the year under review, neither the Statutory Auditors nor the
Secretarial Auditors have reported under Section 143 (12) of the Act, any instances of
fraud committed against the Company by its officers or employees to the Audit Committee of
the Company
QUALIFICATIONS IN THE AUDITORS? REPORT AND ITS EXPLANATIONS
The Statutory Auditors M/s KKC & Associates LLP have qualified the
Standalone and Consolidated Financials of the Company in their Statutory Audit Report
The explanations or comments by the Board on the Statutory Audit
qualifications are as follows :
Statutory Auditors? qualification and its explanation :
On Standalone Financials :
Qualification 1 :
In view of the ongoing investigation by Serious Fraud Investigation
Office of Ministry of Corporate Affairs (SFIO) against Infrastructure Leasing &
Financial Services Limited (‘IL&FS or ‘the Ultimate Holding Company), and
its subsidiaries (including the Company) and re-opening of books of accounts of IL&FS
and its two subsidiaries (other than the Company) by the NCLT, the Auditors are unable to
comment on the consequential impact(s) upon conclusion of the said investigation and
re-opening of the books of account on these Standalone Financial Statements
Explanation 1 :
The Company, based on its current understanding, believes that the
above would not have a material impact on the financial statements. The implications, if
any, arising from the aforesaid developments would be known only after the aforesaid
matters are concluded and hence are not determinable at this stage
On Consolidated Financials :
Qualification 1 :
In view of the ongoing investigation by Serious Fraud Investigation
Office of Ministry of Corporate Affairs (SFIO) against Infrastructure Leasing &
Financial Services Limited (‘IL&FS or ‘the Ultimate Holding Company), and
its subsidiaries (including the Company) and reopening of books of accounts of IL&FS
and its two subsidiaries (other than the Group and its joint ventures) by the NCLT, the
Auditors are unable to comment on the consequential impact(s) upon conclusion of the said
investigation and re-opening of the books of account on these Consolidated Financial
Statements
Explanation 1 :
The Company, based on its current understanding, believes that the
above would not have a material impact on the financial statements. The implications, if
any, arising from the aforesaid developments would be known only after the aforesaid
matters are concluded and hence are not determinable at this stage
Qualification 2 :
One of the material subsidiaries of the Company and one of the joint
venture company has not conducted its Board Meeting for approval of its Annual Audited
Financial Results. As per provisions of Regulation 33(3)(h) of the SEBI LODR, a Listed
Company needs to ensure that at least eighty percent of its consolidated revenue and
profits should be subjected to audit. The Company has not met this requirement
Explanation 2 :
The relevant material subsidiary is a Joint Venture with the State
Government. The Board of this subsidiary comprises of Nominee Directors of the State
Government. Though the financials of this subsidiary have been audited by their Statutory
Auditors, the Board Meeting could not be held as the Nominee Directors of the State
Government were busy. The Board Meeting for the Joint Venture Company could not be held
due to non-finalisation of the financial statements. We do not believe this would have any
material impact on the financial statements of the Company
RELATED PARTY TRANSACTIONS
All Related Party Transactions that were entered into during the
Financial Year were on an arms length basis and were in the ordinary course of business.
No Material Related Party Transactions were entered during the year by your Company. There
are no materially significant Related Party Transactions made by the Company with
Promoters, Directors, Key Managerial Personnel or other designated persons which may have
a potential conflict with the interest of the Company at large. Accordingly, the
disclosure of Related Party Transactions as required under Section 134(3) of the Act in
Form AOC 2 is not applicable
The disclosure of transactions with Related Parties is set out in Note
No. 25 of the Standalone Financial Statements, forming part of the Annual Report
The Company has developed a Related Party Transactions Framework for
the purpose of identification and approval of such transactions. The Policy on Related
Party Transactions as approved by the Board has been uploaded on the Companys website and
is available at : https://www.iimlindia.com/Policies.aspx
CORPORATE SOCIAL RESPONSIBILITY
The Company has adopted a Corporate Social Responsibility
("CSR") Policy, which aims at nurturing socio-economic development, livelihood
creation, quality education, empowerment of people, etc. with the primary goal of ensuring
that benefits reach the targeted beneficiaries. The Company contributes to the social
welfare schemes and/or Funds promoted by the Central or State Government(s)
The Annual Plan for CSR is approved at the start of each financial
year. Reviews and/or modifications to the projects and allocations are undertaken
periodically. The CSR Policy is posted on the Companys website at :
https://www.iimlindia.com/Policies.aspx
The Composition of the CSR Committee is given in the Corporate
Governance Report. The Annual Report on the CSR activities is attached herewith as
Annexure 2
POLICY FOR PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
The Company has always been committed to providing safe and dignified
work environment for its employees which is free of discrimination, intimidation and
abuse. The Company has adopted a Policy for Prevention of Sexual Harassment of Women at
Workplace under the provisions of The Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013. The objective of this policy is to provide
protection against sexual harassment of women at workplace and for redressal of complaints
of any such harassment. The IL&FS group has also constituted an Internal Complaints
Committee ("ICC") for all the group companies to redress the complaints under
the Act. During the year, no complaints pertaining to the Company were received by the ICC
WHISTLE BLOWER POLICY/VIGIL MECHANISM
The Company has adopted a Whistle Blower Policy/Vigil Mechanism for
Employees and Directors to report instances of unethical behaviour, actual or suspected
fraud or violation of the Companys Code of Conduct. During the year, no personnel has
been denied access to the Audit Committee
The details of the Whistle Blower Policy are provided in the Corporate
Governance Report and also posted on the Companys website at :
https://www.iimlindia.com/Policies.aspx
RISK MANAGEMENT & INTERNAL CONTROL SYSTEMS
Risk Management forms an integral part of the business of the Company.
The Company has a Risk Management Framework, which not only ensures timely identification
of risks, analysis of the reasons for such risk, assessment of its impact but also
adequate risk mitigation processes. The Risk Management Framework encompasses all areas of
the Companys business including the Funds under its management. The Risk Management
Framework ensures that all risks which could potentially threaten the existence of the
Company are identified and risk mitigation is initiated in due time
The Company has an adequate system of internal controls including
financial controls with reference to Financial Statements, commensurate with the nature of
its business and complexity of its operations to ensure accuracy of accounting records,
compliance with all laws and regulations and compliance with all rules, processes and
guidelines prescribed by the management
An extensive internal audit is carried out by an independent firm of
Chartered Accountants. Post audit reviews are also carried out to ensure follow up on the
observations made. The scope of the internal audit is determined by the Audit Committee
and the Internal Audit Reports are reviewed by the Audit Committee on a regular basis
INTERNAL FINANCIAL CONTROL AND ITS ADEQUACY
The Board has adopted policies and procedures for ensuring the orderly
and efficient conduct of its business, including adherence to the Companys policies,
safeguarding of its assets, prevention and detection of fraud, error reporting mechanisms,
accuracy and completeness of the accounting records and timely preparation of reliable
financial disclosures
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
Details of the Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Act are given in Note Nos. 5 & 6 of the Standalone
Financial Statements
PARTICULARS OF EMPLOYEES
The particulars of the employees as required under Section 197(12) of
the Act read with Rule 5(1) and Rule 5(2) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 forms part of the Directors Report for the year
ended March 31,2023 and are attached as Annexure 3 and Annexure 4, respectively
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Since the Company does not own any manufacturing facility, the Energy
Conservation and Technology Absorption particulars in the Companies (Accounts) Rules,
2014, are not applicable
The particulars regarding foreign earnings and expenditure appear as
Note Nos. 20(c) and 20(d) of the Notes to Accounts of the Standalone Financial Statements
respectively
The Foreign Exchange earned in terms of actual inflows during the year
and the Foreign Exchange outgo during the year in terms of actual outflows is as follows :
|
USD |
INR |
| Outflow |
- |
- |
| Inflow |
223,179 |
18,155,248 |
DEPOSITS
Your Company has not accepted any deposits from the public for the year
under consideration COST RECORDS
Maintenance of cost records as specified by the Central Government
under Section 148(1) of the Act are not required to be maintained by the Company and
accordingly such accounts and records are not maintained for FY 2022-23
CHANGE IN SHARE CAPITAL
There has been no change in the share capital of the Company
UNPAID AND UNCLAIMED DIVIDEND
As per applicable provisions of the Act and Rules made thereunder, the
Company will be obliged to transfer any money lying in the Unpaid Dividend Account, which
remains unpaid or unclaimed for a period of seven years, to the credit of the Investor
Education and Protection Fund ("IEPF"). Hence, shareholders who have not
encashed their dividend should contact the Registrars of the Company for the same. Please
note that the dividend paid for the year 2015-2016 is due for transfer to the IEPF by
October 13, 2023. Further, please note that the dividend paid for the year 2016-2017 is
due for transfer to the IEPF next year
During the year, the Company has transferred the unclaimed and unpaid
dividends of Rs 6,274,308/- for the year 2014-2015 to the IEPF. The details of the
outstanding unclaimed dividend and corresponding due dates for transfer to the IEPF as on
March 31, 2023 are as under :
| Sr. No. |
Particulars of Dividend |
Amount (in ) |
Due Date for transfer to the IEPF |
| 1 |
Final Dividend 2015-2016 |
5,710,766.40 |
October 13, 2023 |
| 2 |
Final Dividend 2016-2017 |
3,389,753.40 |
November 8, 2024 |
| 3 |
Final Dividend 2017-2018 |
3,047,262.00 |
October 30, 2025 |
| 4 |
Final Dividend 2018-2019 |
1,578,804.00 |
December 1, 2026 |
| 5 |
Final Dividend 2019-2020 |
2,687,256.80 |
January 14, 2028 |
| 6 |
Final Dividend 2020-2021 |
1,511,582.10 |
December 3, 2028 |
| 7 |
Final Dividend 2021-2022 |
1,870,477.40 |
November 11,2029 |
ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the
Annual Return as on March 31, 2023 is available on the Companys website at :
https://www.iimlindia.com/annual_reports.aspx
SECRETARIAL STANDARDS
The Company complies with all applicable secretarial standards issued
by the Institute of Company Secretaries of India DISCLOSURE REQUIREMENTS
Pursuant to Regulation 34(3) of the SEBI LODR, Related Party
Disclosures, Management Discussion and Analysis, Disclosure of Accounting treatment,
Report on Corporate Governance have been included in this Annual Report as separate
sections
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS
NCLT passed an Order on October 1, 2018 under the provisions of
Sections 241 and 242 of the Companies Act, 2013 for suspending the existing Board of
Directors of IL&FS, the Holding Company and new members were inducted on the Board of
IL&FS
The NCLT based on a petition by IL&FS vide its Order dated April
26, 2019, granted its exemption to IL&FS and its Group Companies from appointing
Independent Directors and Woman Directors on the Board of IL&FS and its Group
Companies
The NCLT by an Order passed on February 11, 2019 has categorized
‘169 IL&FS Group Entities incorporated within the territorial jurisdiction of
India into (a) "Green Entities" (b) "Amber Entities" (c) "Red
Entities". Our Company and its subsidiaries have been categorised as Green Entities -
meaning one which can continue to meet all its payment obligation (both financial and
operational) as and when they become due
ACKNOWLEDGEMENT
The Board of Directors take this opportunity to thank the Investors of
the Funds under management, shareholders, employees, bankers, Reserve Bank of India,
Securities and Exchange Board of India, other Regulatory authorities for their
co-operation and continued support to the Company. We look forward to their continued
patronage and encouragement in all our future endeavours
+91-9892691696
