Dear Members,
The Board of Directors presents the 36th Annual Report of
the Company on the business operations and performance of the Company along with the
audited financial statements for the year ended 31st March, 2023.
1. Financial performance:
The brief summary of the financial performance of the Company for the
Financial Year ended 31st March, 2023 along with the comparative figures for
the previous year is summarised herein below:
( Rs in crores)
|
Standalone |
Consolidated |
Particulars |
Year ended 31-Mar- 2023 |
Year ended 31-Mar- 2022 |
Year ended 31-Mar- 2023 |
Year ended 31-Mar- 2022 |
| Total income |
2242.68 |
2216.06 |
2242.72 |
2216.06 |
Profit before interest &
depreciation |
252.09 |
288.32 |
251.28 |
290.33 |
| Interest |
16.47 |
8.29 |
16.47 |
8.29 |
Profit before depreciation |
235.62 |
280.03 |
234.81 |
282.04 |
| Depreciation |
46.13 |
43.26 |
46.16 |
43.26 |
Profit before exceptional
items |
189.49 |
236.77 |
188.65 |
238.78 |
| Exceptional items |
0 |
13.93 |
0 |
13.93 |
| Profit before tax |
189.49 |
222.84 |
188.65 |
224.85 |
Provision for tax (including
deferred tax) |
49.51 |
57.18 |
49.51 |
57.18 |
| Profit after tax |
139.98 |
165.66 |
139.14 |
167.67 |
During the year under review, the standalone operating revenue of your
Company was Rs 2242.68 crores as compared to Rs 2216.06 crores in the previous year. The
Gross margin for FY 2022-23 was Rs 381.20 crores as compared to Rs 403.55 crores in the
previous year. Margins were impacted adversely primarily on account of higher energy cost
due to geopolitical issues.
During the year there have been no change in the nature of the business
of the Company. The Company has maintained stability and consistency in its operations and
ensured continuity in delivering our products and services to our customers. The further
detail of business performance and companys state of affairs are given in the
Management discussion and analysis (MDA) forming part of this report.
2. Dividend Distribution Policy & Dividend
Pursuant to the Regulation 43A of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI
Listing Regulations") the Board of Directors of the Company formulated and adopted
the Dividend Distribution Policy of the
Company. The said policy is available on the Companys website at
https://www.iolcp.com/uploads/Dividend%20 Distribution%20Policy.pdf.
During the year under review, the Board of Directors has declared an
interim dividend of Rs 4 per equity share involving a cash outflow of Rs 23.48 crores. The
Board considers the same as final dividend. The Board has recommended the divided based on
the parameters laid down in the dividend distribution policy.
3. Transfer to Reserves
The Board has decided to retain the entire amount of the profits for
the financial year 2022-23 in the profit and loss account and has not transferred any
amount of profits to reserves.
4. Fixed Deposits
The Company has not accepted any deposits within the meaning of Section
73 of the Companies Act, 2013 and as such no amount of principal or interest was
outstanding as on 31st March, 2023.
5. Share Capital
The paid-up equity share capital of the Company remains unchanged
during the year and stood at Rs 58,70,55,020/- (Rupees Fifty Eight crores Seventy lakhs
Fifty Five Thousand and Twenty only) consisting of 5,87,05,502 (Five crores Eighty Seven
lakhs Five Thousand Five Hundred Two) equity shares of Rs 10/- each as on 31st
March, 2023.
6. Investor Education and Protection Fund (IEPF)
Pursuant to the provisions of Section 124 of the Companies Act,2013
("the Act") read with Investor Education and Protection Fund Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016 ("IEPF Rules"), and
relevant circulars and amendments thereto, the amount of dividend remaining unpaid or
unclaimed for a period of seven years from the due date is required to be transferred to
the Investor Education and Protection Fund ("IEPF"), constituted by the Central
Government.
During the year under review, no amount of unpaid/ unclaimed dividend
was due for transfer to the Investors Education protection Fund.
Members who have not encashed any dividend declared by the Company, are
advised to write to the Company immediately at E-mail: investor@iolcp.com
7. Holding & Subsidiary Company
Your Company has 4 wholly-owned subsidiaries as on 31stRs
March, 2023. Out of these 4 subsidiaries IOL Foundations is a Section 8 Company that
undertakes the CSR activities of the Company. Except IOL Foundation the other following
3 other subsidiaries were formed during the year:
- IOL Life Sciences Limited
- IOL Speciality Chemicals Limited
- IOL Global Limited, UK
The consolidated financial statements of the Company and its
subsidiaries have been prepared in accordance with the provisions of Section 129(3) of the
Act, which forms part of the Annual Report. Also a statement containing the salient
features of financial statements of the Companys subsidiaries in prescribed Form No.
AOC-1 is annexed as Annexure – 1 to this report.
Further, pursuant to the provisions of Section 136 of the Act, the
financial statements of the Company, consolidated financial statements along with relevant
documents and separate audited financial statements in respect of subsidiaries, are
available on the website of the Company at www.iolcp.com.
The Company has neither a holding company nor an associate company
8. Re-affirmation of External Credit Ratings
During the year under review, the Credit Analysis & Research
Limited ("CARE") has reafirmed the credit rating of the Company for Long Term
Bank Facilities as "CARE A+" (Single A plus); Outlook: Stable and the credit
rating for Short Term Bank Facilities as "CARE A1+" (A One plus).
9. Expansion
Considering the Companys vision to become the best-in-class
pharmaceuticals API company, your Company during the financial year 2021-22 had added
Paracetamol in its API products portfolio with an installed capacity of 1800 MTPA along
with backward integration by manufacturing Para Amino Phenol (a key raw material of
Paracetamol) for captive consumption. Further, during the financial year 2022-23 the
capacity of Paracetamol Plant was further enhanced from 1800 MTPA to 3600 MTPA.
Further, your Company has also expanded its regulatory horizons with
six new filings in Europe and the US and new country inclusions such as China and Brazil.
During the year 2022-23, the Company has granted the Patent on
"Sitagliptin Process" and patent for invention entitled "An Improved Safe
Process For The Preparation of Sartan Drugs of Formula I".
10. Directors and Key Managerial Personnel
During the year under review the members of the Company have appointed
Mr. Sharad Tyagi as Independent Director and Dr. Sanjay Chaturvedi, as Executive Director,
both for a term of five years w.e.f. 30th May, 2022 till 29th May,
2027 in its 35th Annual General Meeting held on 26th August, 2022.
Dr. Sanjay Chaturvedi resigned from the position of CEO &
Directorship of the Company with effect from closure of the 3rd April, 2023.
The Board places on record their appreciation for the services rendered by Mr. Sanjay
Chaturvedi during his association with Company.
The Board of Directors has appointed Mr. Vikas Vij as Chief Executive
Officer of the Company effective from 3rd Rs April, 2023.
Further, the Board of Directors subject to the shareholders
approval re-designate Mr. Vikas Gupta, Executive Directors as Joint Managing Director and
appointed Mr. Abhiraj Gupta as Additional Directors having designation as Executive
Directors for a period of 5 years w.e.f. 3rd April, 2023. In terms of the
provisions of Section 161 of the Act, Mr. Abhiraj Gupta holds the office of director up to
the ensuing Annual General Meeting of the Company. On 28th April, 2023 the
Board of Directors, subject to the shareholders approval, also re-appointed Mr.
Varinder Gupta, Managing Director for a period of 5 years w.e.f. 1st August,
2023. A resolution in this regard has been proposed in the notice for the ensuing annual
general meeting for the shareholders consideration and approval.
However, Regulation 17 of Listing Regulation provides that a listed
entity shall ensure that approval of shareholders for appointment of a person on the Board
of Directors is obtained at the next general meeting or within a time period of three
months from the date of appointment, whichever is earlier and therefore, the Board of
Directors recommended to the shareholder to approve the appointment of Mr. Abhiraj Gupta
as Executive Director of the Company through postal ballot notice dated 3rd
April, 2023.
Mr. Kushal Kumar Rana, Director (Works) retires by rotation at the
ensuing Annual General Meeting and, being eligible, offers himself for re-appointment. A
resolution seeking shareholders approval for his re-appointment forms part of the
Notice for the ensuing AGM.
The brief details of all the directors seeking appointment/
re-appointment at the ensuing Annual General Meeting is furnished in the explanatory
statement to the notice calling the Annual General Meeting.
During the year under review Mr. Varinder Gupta, Managing Director; Mr.
Kushal Kumar Rana, Director (Works) (Whole-time Director); Mr. Vikas Gupta, Executive
Director (Whole-time Director); Mr. Pardeep Kumar Khanna, Chief Financial Officer (CFO);
Mr. Abhay Raj Singh, Vice President
& Company Secretary and Dr Sanjay Chaturvedi, Chief Executive
Officer & Executive Director continues to be the Key Managerial Personnel (KMP) of the
Company in accordance with the provisions of Section(s) 2(51) and Section 203 of the
Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.
11. Procedure for Nomination and Appointment of Directors
Detailed information regarding the nomination and appointment process
of Directors, along with the list of core skills, expertise, and competencies of the Board
of Directors, are provided in the Corporate Governance Report, which forms part of the
Annual Report.
12. Woman Director
In terms of the provisions of Section 149 of the Companies Act, 2013
and Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, Dr. Sandhya Mehta is serving as Independent Woman Director on the Board
of the Company. She is also Chairperson of Stakeholders Relationship Committee and member
of Audit Committee, Nomination and Remuneration Committee, CSR Committee and Risk
Management Committee.
13. Board Evaluation
Pursuant to the provisions of Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Guidance Note on Board
evaluation issued on 5th January, 2017, the annual evaluation is carried out by
the Board of its own performance and that of its committees and individual Directors by
way of individual and collective feedback from all the Directors. The Directors expressed
their satisfaction with the evaluation process. In a separate meeting of independent
directors, performance of non-independent directors, the Board as a whole and Chairman of
the Company was evaluated, considering the views of executive as well as non-executive
directors. The evaluation criteria are mainly based on the Guidance Note on Board
Evaluation issued by the SEBI.
14. Number of Meetings of the Board
During the year the Board met 5 times. The gap between any 2 two
consecutive meetings was within the period prescribed under the Companies Act, 2013 and
SEBI (Listing Obligations and Disclosure Requirement) Regulations,
2015. The details of meetings of the Board of Directors and its
Committees are provided in the Corporate Governance Report forming part of this report.
15. Meeting of Independent Directors
Pursuant to the requirements of Schedule IV of the Companies Act, 2013
and in terms of Regulation 25 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, a separate meeting of the Independent Directors of the
Company has been convened on 27th March, 2023 to review the matters as laid
down in the aforesaid Schedule and Regulations.
16. 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 Companies Act, 2013:
a) that in the preparation of the annual financial statements for the
year ended 31st March, 2023, the applicable accounting standards have been
followed along with proper explanation relating to material departures, if any;
b) that such accounting policies as mentioned in NoteRs 1 of the Notes
to the Financial Statements have been selected and applied consistently and judgement 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 as at the end of the year and of the profit of
the Company for that year;
c) that 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 financial statements have been prepared on a going
concern basis;
e) that proper internal financial controls were in place and that the
financial controls were adequate and were operating effectively.
f) that systems to ensure compliance with the provisions of all
applicable laws were in place and were adequate and operating effectively.
17. Declaration by Independent Directors
Every Independent Directors have submitted the necessary declarations
that each of them meet the criteria of independence as provided in Section 149(6) of the
Companies Act along with Rules framed thereunder and Regulation 16(1)(b) of the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015. In the opinion of the Board there has been no change in the circumstances affecting
their status as Independent Director of the Company. Further, in terms of the provision of
Section 150 of the Act read with the Companies (Appointment and Qualification of the
Directors) Rules, 2014, the name of all the Independent Directors of the Company are
included in the data bank of independent directors maintained with the Indian Institute of
Corporate Affairs (IICA).
18. Remuneration Policy
The Board has on the recommendation of the Nomination
& Remuneration Committee, framed a Nomination & Remuneration
Policy for selection and appointment of Directors, Key Managerial and Senior Management
Personnel and fixation of their remuneration.
The policy ensures that:
a) the level and composition of remuneration is reasonable and
sufficient to attract, retain and motivate Directors of the quality required to run the
Company successfully.
b) Relationship of remuneration to performance is clear and meets
appropriate performance benchmarks.
c) Remuneration to Directors, Key Managerial Personnel and Senior
Management reflecting short and long-term performance objectives appropriate to the
working of the Company and its goals.
The salient features of the policy include the parameters based on
which remuneration including benefits and perquisites and performance linked incentive,
commission, retirement benefits) should be given to whole-time directors, KMPs and senior
management employees.
During the year under review, there has been no change to the Policy.
The Remuneration Policy is available on the Companys website at
https://www.iolcp.com/investors/corporate-policies
19. Corporate Governance
The Company has in place a system of Corporate Governance in line with
the requirements set out by the Securities and Exchange Board of India (SEBI) and places
great importance on maintaining the highest standards of Corporate Governance. We believe
that effective governance is essential for value creation and maintaining good
relationships with shareholders, employees, customers, suppliers, and other stakeholders.
A separate report on Corporate Governance along with Auditors
Certificate regarding compliance of conditions of corporate governance set out by the
Securities and Exchange Board of India (SEBI) under Listing Regulations is annexed to this
Annual Report. This report provides detailed information on the Companys governance
structure, policies, and practices, giving stakeholders valuable insights into the
Companys governance framework.
20. Management Discussion and Analysis
In terms of the Regulation 34(2)(e) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 a Report on Management Discussion and Analysis
(MDA) forms part of the Annual Report. The MDA provides detailed insights on
Companys business, financial performance, key achievements, challenges etc.
21. Audit Committee
The Composition and role of the Committee has been provided in the
Corporate Governance Report annexed with the report.
22. Internal financial control systems and their adequacy
The internal control systems of the Company are adequate and
commensurate with its size, complexity of operation and nature of its business. The
details in respect of internal financial control and their adequacy are included in the
Management Discussion & Analysis, which forms part of this report.
23. Risk management
The Risk Management philosophy of the Company is based on its vision
and values. The Company has developed a dynamic growth strategy in pursuit of its vision.
The Board of Directors of the Company has developed and implemented a framework on
Enterprise Risk Management (ERM) based on ERM developed by The Committee of Sponsoring
Organisations (COSO) to assist the management of businesses to better deal with risk in
achieving the Companys objectives. Enterprise Risk Management provides a framework
for management to deal effectively with uncertainty and associated risk and opportunity,
thereby enhancing the Companys capacity to build value.
Enterprise Risk Management (ERM) is a core management competency that
incorporates the systematic application of policies, procedures and checks to identify
potential risks and lessen their impact on IOL. This involves:
- Identifying potential risks
- Assessing their potential impact
- Taking action to minimise the potential impact
- Monitoring and reporting on the status of key risks on a regular
basis The Risk Management Committee of the Board oversight the implementation of the Risk
Management Policy and ERM of the Company. The risk management has been covered in detail
in Management Discussion and Analysis Report, which forms part of this report.
24. Related Party Transactions
All related party transactions that were entered into during the
financial year were on arms length and were in the ordinary course of business.
These related party transactions did not attract the provisions of Section 188 of the
Companies Act, 2013. Also, there was no material transaction entered into with any related
party during the year under review.
All related party transactions were approved by the Audit Committee and
periodically reported to the Audit Committee. Prior omnibus approval of the Audit
Committee was taken for related party transactions which are of repetitive nature and
entered in the ordinary course of the business on arms length basis.
The details of the related party transaction during financial year
2022-23 are provided in the accompanying financial statements.
Accordingly, the disclosures of related party transactions as required
under Section 134(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies
(Accounts) Rules, 2014 in Form No. AOC-2 is not applicable to the Company for the
financial year 2022-23 and hence does not form part of this report.
Pursuant to the provisions of the Companies Act, 2013 and SEBI Listing
Regulations 2015, the Company has formulated a Policy on Materiality of and Dealing with
Related Party Transactions and the same is available on the Companys website
www.iolcp.com.
25. Corporate Social Responsibility (CSR)
The Board has constituted a CSR Committee comprising of Mr. Varinder
Gupta as Chairman and Dr Sandhya Mehta, and Mr. Vikas Gupta Directors as its members. The
report on the Corporate Social Responsibility (CSR) initiatives undertaken by the Company
during the year under review are set out in
Annexure – 2 of this report in the format prescribed in the
Companies (Corporate Social Responsibility Policy) Rules, 2014. The CSR Policy is
available on Companys website: www.iolcp.com
26. Research and Development
The Companys R&D has been making remarkable strides in
innovation for several years now, and their efforts have led to the development of unique
product strengths during both the early and late commercial phases. This year, patents
filed in 2021-22 were granted, enabling the inventions to be scaled up to the level of
commercial seeding quantities.
Your Company is committed to implement advanced scientific technologies
to tackle environmental, quality, and regulatory issues while maintaining an optimal
product cost structure. For instance, their R&D scientists have replaced traditional
methods of synthesizing chiral amines with an enzymatic route, avoiding pyrophoric and
hazardous reactions and reducing significant by-product formation. This pioneering work
has laid the groundwork for green chemistry in manufacturing operations, potentially
reducing eRs uent loads and creating a pollution-free environment.
During the year six products have been scaled up in small-volume
production facilities, and a pipeline of seven new products is now in the advanced
development phase. R&D has also played a significant role in addressing dynamic
regulatory requirements, leading to the approval of three CEPs.
27. Statutory Auditors
Members of the Company at their 31st AGM held on 29thRs
September, 2018, approved the appointment of M/s. Ashwani & Associates, Chartered
Accountants, Ludhiana, (Registration No. 000497N), as the Statutory Auditors of the
Company for a period of five years commencing from the conclusion of 31st
Annual General Meeting of the Company held on 29th September, 2018 till the
conclusion of the 36th Annual General Meeting of the Company to be held
in the year 2023.
Further, in terms of the provisions of the Companies Act, 2013, an
audit firm acting as the Statutory Auditor of a company is eligible to be appointed as
Statutory Auditor for two terms of five years each. The first term of M/s. Ashwani &
Associates as Statutory Auditors of the Company expires at the conclusion of the ensuing
36th Annual General Meeting of the Company scheduled to be held on 10th
August, 2023. Considering their performance as Auditors of the Company during their
present tenure, the Audit Committee of the Company, after due deliberation and discussion,
recommended the re-appointment of M/s. Ashwani & Associates as Statutory Auditors of
the Company for a second term of five years to hold office from the conclusion of the 36th
Annual General Meeting till the conclusion of the 41st Annual General Meeting
of the Company to be held in the year 2028 at a remuneration as may be mutually agreed
upon between the Board of Directors and the Statutory Auditors.
The report of the Statutory Auditor forms part of this Report and
Annual Accounts for FY 2022-23. The said report does not contain any qualification,
reservation, adverse remark.
28. Secretarial Audit
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 had appointed M/s. B. K. Gupta & Associates, practicing Company Secretary for
conducting secretarial audit of the Company. The Secretarial Audit Report is annexed
herewith as Annexure – 3.
The Secretarial Audit report does not contain any qualification,
reservation or adverse remark.
29. Secretarial Standards
The Company has proper system in place to ensure the due compliance
with the provisions of the applicable secretarial standards issued by the Institute of the
Company Secretaries of India.
30. Cost Records & Cost Auditors
In accordance with Section 148 of the Companies Act, 2013, the Company
maintains cost records as required, and a Cost Accountant conducts the audit of these
records.
The Board of Directors, based on the recommendation of the Audit
Committee, has approved the appointment of M/s. Ramanath Iyer & Co., Cost Accountants,
New Delhi, as the Cost Auditors of the Company for the financial year 2023-24 at a
remuneration of Rs 1,65,000/- plus applicable taxes and out-of-pocket expenses in
connection with the cost audit.
Further, pursuant to the provisions of Section 148(3) and other
applicable provisions, if any, of the Companies Act, 2013 read with Rule 14 of the
Companies (Audit and Auditors) Rules, 2014, the remuneration of Cost Auditors as approved
by the Board is required to be ratiRs ed by the shareholders of the Company and therefore,
the same is included in the ensuing AGM notice for the ratiRs cation of the shareholders.
The Cost Audit Report for the financial year ended 31stRs
March, 2022, provided by the Cost Auditor, does not contain any qualification or adverse
remarks that require any clarification or explanation.
31. Particulars of managerial remuneration and related disclosures
Disclosures relating to remuneration and other details as required
under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 are provided in
Annexure – 4.
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, as amended, a statement showing the names and other particulars of
the employees drawing remuneration in excess of the limits set out in the said rules are
provided in the Annual Report, which forms part of this Report.
32. CEO & CFO Certification
In accordance with the provisions of the SEBI Listing Regulations the
Executive Director & CEO and Chief Financial Officer of the Company have submitted the
relevant certificate for the Financial Year 2022-23 to the Board of Directors, which forms
part of this Report.
33. Annual Return
Pursuant to the provisions of Section 134(3)(a) of Companies Act, 2013,
the web address of the Annual Return of the Company is
https://www.iolcp.com/investors/annual-returns
34. Loan, guarantees or investment under Section 186 of the Companies
Act, 2013
The particulars of loans, guarantees and investments have been provided
in the notes of the financial statements.
35. Material Changes and Commitments
There have been no material changes and commitments affecting the
financial position of the Company which occurred between the end of the Financial Year of
the Company as on 31st March, 2023 and the date of this report.
36. Significant and Material Orders impacting Operations of Company in
Future
There are no significant or material orders that have been passed by
any Regulators/Court or Tribunals impacting the going concern status and future operations
of your Company.
37. Reporting of Frauds
There have been no instances of fraud reported by the Statutory
Auditors of the Company under Section 143(12) of the Companies Act, 2013 and the Rules
framed thereunder either to the Company or to the Central Government.
38. Industrial Relations
Industrial relations remained cordial and harmonious throughout the
year under review.
39. Safety, Health and Environment
Safety is Companys top priority with regard to employment and it
is encouraging safety measures at all levels of operations especially at the floor level.
Regular training programs are being conducted to bring in awareness of safety at
workplace.
40. Prevention of Sexual Harassment Policy
In line with the requirements of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company has set up
Complaints Committees at its workplace. Two complaints have been received during the year
2022-23.
41. Vigil Mechanism
In pursuant to the provisions of Section 177(9) & (10) of the
Companies Act, 2013, a Vigil Mechanism for directors and employees to report genuine
concerns has been established. The Vigil Mechanism Policy can be accessed at
companys website: www.iolcp.com
42. Business Responsibility and Sustainability Report
In terms of Regulation 34(2)f of the Listing Regulations, the Business
Responsibility and Sustainability Report (BRSR) of your Company detailing initiatives
undertaken by the Company on environmental, social and governance front during the year
under review, forms part of this Annual Report and is also available on the website of the
Company at www.iolcp.com
43. Energy Conservation/Technology Absorption and Foreign Exchange
Earnings and Outgo
Energy conservation continues to be an area of major emphasis in the
Company. A statement giving details of conservation of energy, technology absorption,
foreign exchange earnings and outgo, in accordance with Section 134 of the Companies Act,
2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is annexed hereto as Annexure
- 5 and forms part of the Report.
44. General Disclosures
Your Directors state that no disclosure or reporting is required in
respect of the following items as there were no transactions on these items during the
year under review:
1. Issue of equity shares with differential rights as to dividend,
voting or otherwise.
2. Change in the nature of business of the Company.
3. 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.
4. Neither the Managing Director nor the Whole-time Directors of the
Company receive any remuneration or commission from any of its subsidiaries.
5. No significant or material orders were passed by the Regulators or
Courts or Tribunals including under the Insolvency and Bankruptcy Code, 2016 during the
year which impact the going concern status and Companys operations in future.
6. No fraud has been reported by the Auditors to the Audit Committee or
the Board.
7. There has been no one time settlement of loans with any bank or
financial institution.
45. Acknowledgement
The Directors wish to place on record their appreciation of the
continuous support received by the Company from the investors, Bankers, Central/State
Government Departments, its Customers and Suppliers.
We also place on record our sincere appreciation of the contribution
made by the employees at all levels. Our consistent growth is made possible by their
devout, sincere and unstinted services.
Further, the Board expresses its gratitude to you as Shareholders for
the confidence reposed in the management of the Company.
For and on behalf of the Board
|
Varinder Gupta |
Rajender Mohan Malla |
| Place: Ludhiana |
Managing Director |
Chairman |
| Dated: 28th April, 2023 |
DIN: 00044068 |
DIN: 00136657 |
+91-9892691696
