<dhhead>BOARDS REPORT</dhhead>
To,
The Members,
Indo Euro Indchem Limited
Your directors have pleasure in presenting the 33 Annual Report along
with the Audited Financial statements of the Company for the financial year ended 31st
March, 2023.
FINANCIAL PERFORMANCE
The summarised financial results of the Company for the financial year
ended March 31, 2023, are presented below: (Rs. In Lakhs
Particulars |
2022-2023 |
2021-2022 |
Revenue from Operations |
1008.44 |
2,264.12 |
Other Income |
48.63 |
23.53 |
Total Revenue |
1057.07 |
2,287.65 |
Profit/(Loss before Interest &
depreciation |
38.47 |
80.41 |
Less: Interest |
2.24 |
1.54 |
Less: Depreciation |
6.53 |
6.67 |
Profit/(Loss Before Tax and Exceptional Items |
29.70 |
72.20 |
Add: Exceptional Items |
- |
- |
Profit/(Loss Before Tax |
29.70 |
72.20 |
Add/Less: Current Tax |
9.00 |
22.00 |
Add/Less: Deferred Tax |
(0.99 |
(0.96 |
Profit/(Loss After Tax |
21.69 |
51.16 |
Other Comprehensive Income |
(12.33 |
0.25 |
Total Comprehensive Income |
9.356 |
51.41 |
Note: The above figures are extracted from the standalone financial
statements prepared in compliance with Indian Accounting Standards (IND AS. The Financial
Statements of the Company complied with all aspects with Indian Accounting Standards (IND
AS notified under section 133 of the Companies Act, 2013 (the Act read with the Companies
(Indian Accounting Standards Rules, 2015, as amended from time to time and other relevant
provisions of the Act.
STATE OF COMPANYS AFFAIRS, BUSINESS OVERVIEW AND FUTURE OUTLOOK
During the year under review, the Company has earned revenue from
operation of an amount of Rs. 1008.44 lakh against Rs. 2,264.12 lakh of the previous year
and also earned other income of Rs. 48.63 lakh against Rs. .23.53 lakh of the previous
year
The Company has earned a profit of Rs.21.69 lakhs against the profit of
Rs. 51.16 lakh of the previous year.
During the year, there were no changes in the nature of business of the
Company, the detailed discussion on Companys overview and future outlook has been given
in the section on ‘Management Discussion and Analysis’ (MDA.
DIVIDEND
With a view to conserve resources for expansion of business, the Board
of Director could not recommend any dividend for the financial year under review.
As per Regulation 43A of the SEBI (Listing Obligation and Disclosures
Requirements Regulations, 2015 (the Listing Regulations, the top 1000 listed Companies
shall formulate a Dividend Distribution Policy. The Company does not come under the
category of top 1000 listed Companies based on the market capitalization.
TRANSFER TO RESERVES
The Company has not transferred any amount of profit to the reserves
during the financial year under review. Further, the details of movement in Reserve and
Surplus is given in note no.11 of the Financial Statement.
DEPOSITS
During the year, your Company has not accepted any deposits within the
meaning of sections 73 and 76 of the Companies Act, 2013 read with the Companies
(Acceptance of Deposits Rules, 2014, hence there are no details to disclose as required
under Rule 8 (5 (v and (vi of the Companies (Accounts Rules, 2014.
DETAILS OF SUBSIDIARIES/JOINT VENTURES/ASSOCIATE COMPANIES
During the year under review, no Company has become or ceased to be a
Subsidiary/Joint Venture/ Associate Company of your Company.
SHARE CAPITAL
During the year under review, there were no changes in Authorized and
Paid up Share Capital of the Company. The Company has not issued any equity shares with
differential rights as to dividend, voting or otherwise, during the year under review. The
Company has not issued any sweat equity shares to its directors or employees, during the
period under review.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
The Board as on March 31, 2023, comprised of 5 (Five Directors out of
which 3 (Three are Independent Directors, 2 (Two are Executive Directors including one
Managing Director.
Mr. Vardhman Chhaganlal Shah (DIN 00334194, Managing Director, Mr.
Akshit Lakhani (Din 00334241, Executive Director, Mr. Raj Bhushan Mishra, CFO and Ms.
Varsha Shrawan Agarwal, Company Secretary are the Key Managerial Personnel as on 31% March
2023 as per the provisions of the Companies Act, 2013 and rules made there under.
Mr. Vardhman Chhaganlal Shah (DIN 00334194, Managing Director, Mr.
Akshit Lakhani (Din 00334241, Executive Director are proposed to be re-appointed in this
Annual General Meeting.
None of the Directors of the Company have been debarred or disqualified
from being appointed or continuing as Director of company by the Securities and Exchange
Board of India (SEBI and Ministry of Corporate Affairs (MCA or any such other Statutory
Authority.
Appointments and Resignations of Directors and Key Managerial Personnel
During the year under consideration, no such changes have been occurred
except below: -
Mr. Sarvesh Sanjay Nandgaonkar, Company Secretary resigned from the
post of Company Secretary and Compliance officer of the Company with effect from 31?
August, 2022
Ms. Sweta Shrenik Jain, Company Secretary appointed on the post of
Company Secretary and Compliance officer of the Company with effect from 01st September,
2022.
Ms. Sweta Shrenik Jain, Company Secretary resigned from the post of
Company Secretary and Compliance officer of the Company with effect from 28"
February, 2023.
Ms. Varsha Shrawan Agarwal, Company Secretary appointed on the post of
Company Secretary and Compliance officer of the Company with effect from 04" March,
2023.
Director Liable to Retire by Rotation
In terms of Section 152 of the Companies Act, 2013, Mr. Akshit B
Lakhani (DIN:00334241, Director being Director liable to retire by rotation shall retire
at the ensuing Annual General Meeting and being eligible for re-appointment, offers
himself for re-appointment. The information as required to be disclosed under Regulation
36 of the Listing Regulations will be provided in the notice of ensuing Annual General
Meeting.
Independent Directors
The Company has received declarations/ confirmations from each
Independent Directors under section 149(7 of the Companies Act, 2013 and regulation 25(8
of the Listing Regulations confirming that they meet the criteria of independence as laid
down in the Companies Act, 2013 and the Listing Regulations.
The Company has also received requisite declarations from Independent
Directors of the Company as prescribed under rule 6(3 of Companies (Appointment and
Qualification of Directors Rules, 2014.
All Independent Directors have affirmed compliance to the Code of
Conduct for Independent Directors as prescribed in Schedule :V to the Companies Act, 2013.
In the opinion of the Board, Independent Directors of the Company
possess requisite qualifications, experience and expertise and hold highest standards of
integrity. Further, 3(Three independent directors of the Company are in process of
inclusion of their name in Data Bank of Independent Directors.
9. NUMBER OF MEETINGS OF BOARD OF DIRECTORS AND COMMITTEES THEREOF
The Board meets at regular intervals to discuss and decide on
Company/business policies and strategies apart from other Board businesses. The
Board/Committee Meetings are prescheduled, and a tentative annual calendar of the Board
and Committee Meetings is circulated to the Directors in advance to facilitate them to
plan their schedule and to ensure meaningful participation in the meetings.
The Board of Directors of your Company met 6(Six Times during the year
to carry the various matters.
The maximum interval between any two consecutive Board Meetings did not
exceed the period prescribed under the Companies Act, 2013, the Listing Regulation and
circular issued by MCA in this regard.
The Composition of Audit Committee are as under:
1. Mr. Paresh Valani Chairman
2. Mr. Dipakkumar Pandya Member
3. Mr. Akshit Lakhani Member
Further, during the year, there are no such cases where the
recommendation of any Committee of Board, have not been accepted by the Board.
10. DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134 (3 (? of the Companies
Act, 2013, the Directors hereby confirm and state that:
(a in the preparation of the annual accounts for the financial year
ended March 31, 2023, the applicable accounting standards have been followed and that no
material departures have been made 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 at the end of the financial year and of the profit 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 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 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.
1. POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION
The Nomination and Remuneration Committee (‘NRC’ works with
the Board to determine the appropriate characteristics, skills and experience for the
Board as a whole as well as for its individual members with the objective of having a
Board with diverse backgrounds and experience in business, government, education and
public service. Characteristics expected of all Directors include independence, integrity,
high personal and professional ethics, sound business judgement, ability to participate
constructively in deliberations and willingness to exercise authority in a collective
manner. The Company has in place a Policy on appointment & removal of Directors
(‘Policy’.
The salient features of the Policy are:
It acts as a guideline for matters relating to appointment and
re-appointment of Directors.
It contains guidelines for determining qualifications, positive
attributes for Directors and independence of a director.
? [t lays down the criteria for Board Membership
? :t sets out the approach of the Company on board diversity
+ [t lays down the criteria for determining independence of a director,
in case of appointment of an Independent Director.
The Nomination and Remuneration Policy is posted on website of the
Company and may be viewed at http://www .indoeuroindchem.com.
12. PERFORMANCE EVALUATION OF THE BOARD
The Board evaluation framework has been designed in compliance with the
requirements under the Companies Act, 2013 and the Listing Regulations, and in accordance
with the Guidance Note on Board Evaluation issued by SEBI on January 05, 2017. The Board
evaluation was conducted through questionnaire designed with qualitative parameters and
feedback based on ratings.
The Nomination and Remuneration Committee of the Company has laid down
the criteria for performance evaluation of the Board, its committees and individual
directors including Independent Directors covering various aspects of the Boards
functioning such as adequacy of the composition of the Board and its Committees, Board
culture, execution and performance of specific duties, obligations and governance.
Pursuant to the provisions of the Companies Act, 2013 and Regulation 17
of the Listing Regulations, based on the predetermined templates designed as a tool to
facilitate evaluation process, the Board has carried out the annual performance evaluation
of its own performance, the Individual Directors including Independent Directors and its
Committees on parameters such as level of engagement and contribution, independence of
judgment, safeguarding the interest of the Company and its minority shareholders etc.
13. CORPORATE SOCIAL RESPONSIBILITY(CSR
Your company does not fall in the ambit of limit as specified in
Section 135 of the Companies Act, 2013 read with Rule framed there under in respect of
Corporate Social Responsibility. However, the directors of the Company, in their personnel
capacity, are engaged in philanthropy activities and participating for cause of upliftment
of the society.
14. MANAGEMENT DISCUSSION & ANALYSIS REPORT
The Management Discussion and Analysis Report for the year under review
as stipulated under Regulation 34(2(e of the Listing Regulations is presented in a
separate section and forming part of this Report.
15. CORPORATE GOVERNANCE
As your Companys Paid-up Equity Share Capital and Net Worth not
exceeding Rs.10 Crores and Rs.25 Crores respectively, there corporate governance provision
as as specified in regulations 17, 17A,18, 19, 20, 21,22, 23, 24,24A, 25, 26, 27 and
clauses (b to (i and (tof sub-regulation (2 of regulation 46 and para-C, D and E of
Schedule V shall not apply to the Company.
16. VIGIL MECHANISM / WHISTLE BLOWER POLICY
Your Company has in place Whistle Blower Policy (“the
Policy”, to provide a formal mechanism to its directors and employees for
communicating instances of breach of any statute, actual or suspected fraud on the
accounting policies and procedures adopted for any area or item, acts resulting in
financial loss or loss of reputation, leakage of information in the nature of Unpublished
Price Sensitive Information (UPSI, misuse of office, suspected/actual fraud and criminal
offences. The Policy provides for a mechanism to report such concerns to the Chairman of
the Audit Committee through specified channels. The frame work of the Policy strives to
foster responsible and secure whistle blowing. In terms of the Policy of the Company, no
employee including directors of the Company has been denied access to the chairman of
Audit Committee of the Board. During the year under review, no concern from any whistle
blower has been received by the Company. The whistle blower policy is available at the
link www.indoeuroindchem.com
17. STATEMENT ON RISK MANAGEMENT POLICY
ALIGN=JUSTIFY>Risk assessment and management are critical to ensure long-term
sustainability of the business. The Company, has in place, a strong risk management
framework with regular appraisal by the top management. The Board of Directors reviews the
Company’s business risks and formulates strategies to mitigate those risks. The
Senior Management team, led by the Managing Director, is responsible to proactively manage
risks with appropriate mitigation measures and implementation thereof.
18. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The Company has made investment in security of body corporate and given
loan to Private Limited Company, related party, the details of the same is given in note
no.4 and 5 of the Financial Statement. Further, the Company has not given any guarantees
or provided security in connection with a loan to any other body corporate or person
19. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All the transactions with related parties are in the ordinary course of
business and on arm’s length basis and there are no ‘material’ contracts or
arrangement or transactions with related parties and thus disclosure in Form AOC-2
[Pursuant to clause (h of sub-section (3 of Section 134 of the Companies Act, 2013 and
Rule 8(2 of the Companies (Accounts Rules, 2014 is not required.
The statement showing the disclosure of transactions with related
parties in compliance with applicable provisions of Ind AS, the details of the same are
provided in Note No. 29 of the Standalone Financial Statement. All related party
transactions were placed before the Audit Committee and the Board, wherever applicable for
their approval.
The Policy on materiality of related party transactions and dealing
with related party transactions as approved by the Board is available at
www.indoeuroindchem.com
20. INTERNAL FINANCIAL CONTROL SYSTEM
The Company has in place adequate standards, processes and structures
to implement internal financial controls with reference to financial statements. Internal
control systems comprising of policies and procedures are designed to ensure sound
management of your Companys operations, safekeeping of its assets, optimal utilizations
of resources, reliability of its financial information and compliance. Systems and
procedures are periodically reviewed to keep pace with the growing size and complexity of
your company’s operation.
21. LISTING REGULATIONS, 2015
The Equity Shares of the Company are listed on BSE Limited (BSE. The
Company has paid its Annual Listing Fees to the stock exchanges for the Financial Year
2022-2023.
The Company has formulated following Policies as required under the
Listing Regulations, the details of which are as under:
“Documents Preservation & Archival Policy” as per
Regulation 9 and Regulation 30which may be viewed at www.indoeuroindchem.com
“Policy for determining Materiality of events/information” as
per Regulation 30 which may be viewed atwww.indoeuroindchem.com
AUDITORS
Statutory Auditor
M/s. Vora & Associates, Chartered Accountants (Firm Registration
No. 111612W has been appointed as Statutory Auditors of the Company for a period of 5
Years from the conclusion of 32" Annual General Meeting till the conclusion of
37" Annual General Meeting of the Company. Your Company has received necessary
confirmation from them stating that they satisfy the criteria provided under section 141
of the Companies Act, 2013.
The report of the Statutory Auditor forms part of the Annual Report.
The said report does not contain any qualification, reservation, adverse remark or
disclaimer, Except below:
The Company has not made any provision for old receivables outstanding
as the management is putting efforts for recovery or settlement with the parties.
Comments by the Board:- : the Company has discussed with the parties
for the old receivables for recovery and settlement.
(b Secretarial Auditor
Pursuant to provisions of Section 204 of the Companies Act, 2013 and
the Companies (Appointment and Remuneration of Managerial Personnel Rules, 2014, the
Company had appointed Mr. Anish Gupta, Partner of M/s VKMG & Associates LLP,
Practicing Company Secretaries, as the Secretarial Auditors of the Company to undertake
Secretarial Audit for the financial year ended March 31, 2023.The Secretarial Audit Report
for the financial year ended March 31, 2023, is annexed herewith and marked as
‘Annexure-1’ to this Report.
STATUTORY AND SECRETARIAL AUDITORS OBSERVATIONS & COMMENTS FROM
BOARD: - (a The Company has not updated its website and uploaded the documents and
information as required under provisions of the Companies Act 2013 and Regulation 46 of
SEBI
(LODR Regulations 2015.
Comments by the Board:- The Company regularly updates its website but
due to some issued with the website developer current information and documents are not
updated. The Directors have taken the note of the same and will do the compliance at the
earliest.
The Company not appointed Internal Auditor as required under Section
138 of Companies Act, 2013. Comments by the Board:- Company will do the necessary
Compliances
The Company has paid remuneration to its Managing Director/Executive
Director without complying with the provision of Section 197 read with Schedule V of the
Companies Act, 2013. Comments by the Board:- The Company will ensure the compliance.
In Form DIR-12 filed for change in designation of Rima Bandyopadhyay
(DIN: 06919771, interest in other entities is not mentioned in the Form. Comments by the
Board :-The Company will take care in future.
The Company appointed Mr. Dipakkumar Prataprai Pandya, Mr. Paresh
Maganlal Valani and Mrs. Rima Badyopadhyay as an Independent Directors under section 149
of the Companies Act, 2013 however, both the directors have not registered their names as
per The Companies (Creation and Maintenance of databank of Independent Directors Rules,
2019 and also not appeared for Online Proficiency Test. Comments by the Board :- The
Independent Directors of the Company possess requisite qualifications, experience and
expertise and hold highest integrity. Further, 3(three independent Directors of the
Company are in process of inclusion of their name in Data Bank of Independent Directors
The Re-appointment of Mr. Vardhman C. Shah, Managing Director and Mr.
Akshit B. Lakhani, Executive Director have not been intimated to Stock Exchange as
required under Regulation 30 of SEBI LODR. Compliance by the Board:- The Company will do
necessary compliances.
The Copy of Board Resolutions in respect of re-appointment of Mr.
Vardhman C. Shah, Managing Director and Mr. Akshit B. Lakhani, Executive Director and
remuneration thereon, was not filed in Form MGT-14, as required under Section 117 read
with Section 179 of the Companies Act, 2013. Comments by the Board:- Company will do the
necessary compliances
The return of re-appointment of Mr. Vardhman C. Shah, Managing Director
and Mr. Akshit B. Lakhani, Executive Director, was not filed in Form MR-1, as required
under Section 196 of the Companies Act, 2013. Comments by the Board:- Company will do the
necessary compliances
23. REPORTING OF FRAUDS BY AUDITORS
During the year under review, the Auditors of the Company have not
reported to the Audit Committee, under section 143(12 of the Companies Act, 2013, any
instances of fraud committed against the Company by its Officers or Employees, the details
of which would need to be mentioned in the Boards Report.
24, MATERIAL CHANGES AND COMMITMENTS
There were no material changes and commitments, affecting the financial
position of the Company, which has occurred between the end of the financial year of the
Company, i.e., March 31, 2023 till the date of this Directors’ Report.
25. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS
There were no other significant and material orders passed by the
regulators/ courts/ tribunals, which may impact the going concern status and the
Company’s operations in future.
26. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
(a The ratio of the remuneration of each Director to the median
employee’s remuneration and other details in terms of sub-section 12 of Section 197
of the Companies Act, 2013 read with Rule 5(1 of the Companies (Appointment and
Remuneration of Managerial Personnel Rules, 2014, are as under:
Name Ratio of Director/Key Managerial
Personnel and Designation |
Remuneration of Director/KMP (in Lakh |
remuneration on FY 2022- 2023 |
% Increase in Remuneration of each Director
to median Remuneration of employee |
Akshit Balwantrai Lakhani |
6,00,000 |
0 |
3.43 |
Vardhman Chhaganlal Shah |
6,00,000 |
0 |
3.43 |
Raj Bhushan Mishra |
5,95,000 |
0 |
3.43 |
Sarvesh Sanjay Nandgaonkar |
90,000 |
0 |
- |
Sweta Sharad Gupta |
1,02,000 |
100% |
- |
Varsha Shrawan Agarwal |
17,000 |
100% |
- |
due to appointment and resignation of Company secretary during the year
percentage increase in remuneration is not comparable
(b the percentage increase in the median remuneration of employees in
the financial year:
The median remuneration of employees of the Company during the
financial year was Rs. 11.20 (Rs. in Lakh. In the financial year, there was no increase
the median remuneration of employees. (c the number of permanent employees on the rolls of
the Company: As on March 31, 2023, the Company has 5 permanent employees.
(d average percentile increases already made in the salaries of
employees other than the 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 the
managerial remuneration:
The average increase in the salaries of employees other than managerial
personnel in the financial year 2022-23 was 0% whereas the there is no incrementin
Managerial remuneration is as stated above in the financial year 2022-23.
It is hereby affirmed that the remuneration is as per the remuneration
policy of the Company.
In terms of the provisions of Section 197(12 of the Act read with Rules
5(2 and 5(3 of the Companies (Appointment and Remuneration of Managerial Personnel Rules,
2014, a statement showing the names and other particulars of the employees drawing
remuneration is provided in a above. Having regard to the provisions of the first proviso
to Section 136(1 of the Act, the Annual Report excluding the aforesaid information is
being sent to the Members of the Company. Any member interested in obtaining such
information may address their email to galaxy delta@yahoo.co.in.
27. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
The disclosures to be made under Section 134 (3 (m of the Companies
Act, 2013 read with Rule
8 (3 of the Companies (Accounts Rules, 2014 by the Company are as
under: (A Conservation of Energy
(i )The steps taken or impact on conservation of energy:
Though business operation of the Company is not energy-intensive, the
Company, being a responsible corporate citizen, makes conscious efforts to reduce its
energy consumption. Some of the measures undertaken by the Company on a continuous basis,
including during the year, are listed below: Use of LED Lights at office spaces.
Rationalization of usage of electricity and electrical equipment air conditioning system,
office illumination, beverage dispensers, desktops. Regular monitoring of temperature
inside the buildings and controlling the air-conditioning system. Planned Preventive
Maintenance schedule put in place for electromechanical equipment. Usage of energy
efficient illumination fixtures.
(ii )Steps taken by the Company for utilizing alternate source of
energy.
The business operation of the Company is not energy-intensive, hence
apart from steps mentioned above no other steps taken.
(iii )The capital investment on energy conservation equipment:
There is no capital investment on energy conservation equipment during
the year under review.
(B Technology Absorption
The IT team of the Company evaluate technology developments on a
continuous basis and keep the organization updated. The Company has been benefited
immensely by usage of Indigenous Technology for business operation of the Company. The
Company has not imported any technology during last three years from the beginning of the
financial year. The Company has not incurred any expenditure on Research and Development
during the year under review.
(C )Foreign Exchange Earnings and Outgo
There were no foreign exchange earnings and outgo during the year under
review
28. ANNUAL RETURN
Pursuant to sub-section 3(a of Section 134 and sub-section (3 of
Section 92 of the Companies Act, 2013 read with Rule 12 of the Companies (Management and
Administration Rules, 2014, the copy of Annual Return of the Company as on March 31, 2023
is available on the Company’s website and can be accessed at www.indoeuroindchem.com
29. SECRETARIAL STANDARD OF ICSI
The Company has complied with the Secretarial Standards on Meeting of
the Board of Directors (88-1 and General Meetings (SS-2 specified by the Institute of
Company Secretaries of India (Ics.
30. MAINTENANCE OF COST RECORDS
Maintenance of cost records as prescribed by the Central Government
under sub-section (1 of Section 148 of the Companies Act 2013 is not applicable to the
Company.
31. PREVENTION OF SEXUAL HARASSMENT
Your Company is fully committed to uphold and maintain the dignity of
women working in the Company and has zero tolerance towards any actions which may fall
under the ambit of sexual harassment at workplace. Since, the Company has less than Ten
Employees constitution of Internal Complaints Committee under the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal Act, 2013 is not applicable.
Further, during the year the Company has not received any case related to sexual
harassment.
The policy framed pursuant to the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal Act, 2013 read with Rules framed
thereunder may be viewed at https://www.indoeuroindchem.com
32. GENERAL DISCLOSURES
Your directors state that no disclosure or reporting is required in
respect of the following matters as there were no transactions on these matters during the
year under review:
Neither the Managing Director nor the Whole-time Directors of the
Company receive any remuneration or commission from any of its subsidiaries. Issue of
debentures/bonds/warrants/any other convertible securities. Issue of shares under ESOP
scheme Scheme of provision of money for the purchase of its own shares by employees or by
trustees for the benefit of employees. Instance of one-time settlement with any Bank or
Financial Institution. Application or proceedings under the Insolvency and Bankruptcy
Code, 2016
33. ACKNOWLEDGEMENTS
Your directors take the opportunity to express our deep sense of
gratitude to all users, vendors, government and non-governmental agencies and bankers for
their continued support in Companys growth and look forward to their continued support in
the future.
Your directors would also like to express their gratitude to the
shareholders for reposing unstinted trust and confidence in the management of the Company.
+91-9892691696
