lahoti overseas ltd share price Directors report

<dhhead>DIRECTORS’ REPORT </dhhead>

TO THE MEMBERS OF LAHOTI OVERSEAS LIMITED

Your Company’s Directors take pleasure in presenting the Twenty Eight Annual Report along with Audited Financial Statements of your Company and its subsidiaries for the Financial Year ended March 31, 2023.

FINANCIAL RESULTS:

e financial performance of the Company, for the year ended March 31, 2023 is summarized below:

(Rs. in lakhs)

Particulars	Standalone For the Financial Year Ended		Consolidated For the Financial Year Ended
	March 31,	March 31,	March 31,	March 31,
	2023	2022	2023	2022
Income from Operation	31,850.72	89,197.43	31,850.72	89,197.43
Other Income	462.01	771.14	471.61	785.85
Unrealized Gain/(Loss) (net)	44.42	97.26	46.16	94.41
Gross Total Income	32,357.15	90,066.13	32,349.67	90,081.98
Gross Profit before, Depreciation and Tax	2946.14	3,925.82	2,357.03	3,941.29
Less: Depreciation	283.92	319.04	283.92	319.04
Profit Before Tax	2062.22	3,606.78	2,073.11	3622.25
Provision for Tax
Current Tax	576.03	980.96	577.61	984.02
Deferred Tax	(78.49)	269.64	(78.05)	269.93
Profit after Tax before period items	1564.68	2,356.18	1573.55	2,368.30
Other Comprehensive Income (Net of Tax)	105.72	141.14	105.72	141.14
Total Income for Period Net of Tax	1670.39	2497.32	1679.27	2,509.44
Balance b/f from previous year	13647.20	11,265.13	15528.09	11,316.24
Amount available for appropriation	1670.39	2497.32	1679.27	13,825.68
Less: Dividend Payout	116.69	116.69	116.69	116.69
Corporate Dividend Tax	-	-	-	-
Transferred to General Reserves	-	-	-	-
Reserves and surplus	17,020.51	15,466.85	17,090.62	15,528.09

 

RESULTS OF OPERATIONS: Standalone

During the year under review your Company has reported a standalone total income from operation of Rs. 31,850.72 Lakhs as compared to Rs. 89,197.43 Lakhs for the previous year. Further, the net profit for the current year under review was Rs1,564.68 Lakh as compared to Rs. 2,357.62 Lakhs in previous year.Rs.

 

Consolidated

During the year under review your Company has reported a Consolidated total income from operation of Rs.31,850.72 Lakhs as compared to Rs. 89,197.43 Lakhs for the previous year.

Further, the net profit for the current year under review was Rs. 1573.55 Lakh as compared to Rs. 2,368.30 Lakhs in previous year

 

DIVIDEND:

Based on the Company’s performance, Your Directors are pleased to recommend for approval of members a Final dividend @ 10% (i.e. 0.20) per equity share on 2,91,71,500 Equity shares of Face Value of Rs. 2 each amounting to Rs.58,34,300/- for the Financial Year 2022-23. e final dividend on equity shares, if approved by the members, will subject to deduction of income tax at source. e Register of Members of the Company will remain closed from Sunday, September24, 2023 to Saturday, September 30, 2023 (both days inclusive) for annual closing.

 

GENERAL RESERVE

e Company has not transferred any amount to the General Reserve during the financial year ended March 31, 2023.

 

INVESTOR EDUCATION AND PROTECTION FUND

During the year, the unclaimed dividend amount of Rs.1,09,570.80 pertaining to the final dividend for the financial year 2014-2015 & interim dividend for financial year 2015-2016 were transferred to the Investor Education & Protection Fund in compliance with the provisions of Sections 124 and 125 of the Companies Act, 2013 In compliance with these provisions read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, your Company also transferred 6,426 & 4025 Equity shares to the Demat Account of the IEPF Authority, in respect of which dividend had remained unpaid/ unclaimed for a consecutive period of 7 years.

 

NATURE OF BUSINESS AND CHANGES THEREIN:

e Company is engaged in the business of Merchant Exports of Cotton textiles and to specialize in the export of quality Cotton Yarns and fabrics. Lahoti’s range today covers a wide variety of Cotton Yarns including carded & combed ring spun yarns of coarse& Rs.ne counts, ply yarns, special yarns and grey knitted and woven fabrics. e Company is also engaged in the business of setting up of Power projects and to generate, supply, distribute, transmit and transform electric or other sources of power.

During the year under review, there has been no change in the nature of business of the Company.

 

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END OF THE FINANCIAL YEAR AND DATE OF REPORT:

ere have been no material changes or commitments, affecting the financial position of the Company between the end of the financial year to which the financial statements relate and the date of report.

 

SUBSIDIARY COMPANY:

e Company has 1(one) Wholly Owned Subsidiary as on March 31, 2023:

 

1. G Varadan Limited.

During the year under review, no company became or ceased to be a subsidiary, joint venture or associate of the Company.

e Board of Directors (‘the Board’) reviewed the affairs of the subsidiaries. In accordance with Section 129(3) offhe Companies Act, 2013, we have prepared consolidated financial statement of the Company and all its subsidiary, which form part of the Annual Report. Further, a statement containing the salient features of the financial statement of our subsidiary in the prescribed format AOC-1 is appended as Annexure 1 to the Directors’ Report. e Audited Consolidated Financial Statements (CFS) of your Company for the financial year ended March 31, 2023, prepared in compliance with the provisions of Ind AS 27 issued by the Institute of Chartered Accountants of India (ICAI) and notified by the Ministry of Corporate Affairs (MCA), Government of India also form part of this Annual Report. Details of the Subsidiaries are given in the Extract of Annual Return in Form No. MGT - 9 as on March 31, 2023 and the same is annexed as Annexure - 5 to this Board’s Report.

e Annual Reports of the Subsidiary will be made available for inspection by any Member of the Company at the Registered Office of your Company at 307, Arun Chambers, Tardeo Road, Mumbai – 400 034 between 11:00 A.M. to 1:00 P.M. on any working day upto the date of ensuing AGM. e Annual Reports of the aforesaid Subsidiary for the financial year ended March 31, 2023 shall be provided to any Member of the Company upon receipt of written request. In view of the continuing statutory restrictions on the movement of persons at several places in the Country, Members may also send an advance request at the e-mail id – investor@ lahotioverseas.com for an electronic inspection of the aforesaid documents.

e Annual Reports along with the Audited Financial Statements of the Subsidiary of your Company are also available on the website of the Company at www. lahotioverseas.in No Independent Director on the Board of the Company is required to be inducted on the Board of its subsidiary as the subsidiary is not a material non-listed subsidiary Company as defined in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. e Audit Committee of the Company reviews the financial statements of the unlisted subsidiary company. e minutes of the Board meetings of unlisted subsidiary company are regularly placed at the Board meetings of the Company.

 

DEPOSIT:

During the year under review, your Company did not accept any deposits in terms of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014. No amounts were outstanding which were classified as ‘Deposits’ under the applicable provisions of Companies Act, 2013as on the date of Balance Sheet and hence, the requirement for furnishing of details of deposits which are not in compliance with the Chapter V of the Companies Act, 2013 is not applicable.

 

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

Section 188 of the Companies Act, 2013 read with the Companies (Meetings of Board and its Powers) Rules, 2014 specifies the requirement for approval of the Board and/or the Members, as and when applicable in related party transactions in relation to contracts/ arrangements.

During the year under review the Company has not entered into related party transactions as per the provisions of Section 188 of the Companies Act, 2013. us disclosure in Form AOC-2 is not required. Further there are no materially significant related party transactions during the year under review made by the Company with Promoters, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company. e Company has formulated a related party transactions policy and the same is displayed on the website of the company viz. http://lahotioverseas.in/ PDFs/policies/related-party-transactions-policy.pdf

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 form part of the notes to the Financial Statements provided in this Annual Report.

However, the Company was not required to pass special resolution as the Loans advanced and investments made in accordance with the said provisions has not exceeded the limits as specified in the provision.

 

BOARD OF DIRECTORS:

As per the requirements of Section 149, 152 of the Companies Act, 2013 (the Act) and such other applicable provisions of the Act and as per provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 which defines the composition of the Board, the Board of Directors of the Company have been constituted in compliance with the said Sections. Further at the time of appointment of an Independent Director, the Company issues a formal letter of appointment detailing their role and function in the Company, the format of the letter of appointment whereof is available on the website of the Company at:http://lahotioverseas.in/PDFs/terms-and-conditions-of-appointment-of-independent-directors.pdf As on the date of this report, the Company’s Board consists of the following Independent Directors: 1. Mr. Prakash Ramchandra Bang 2. Mr. Prem Sardarilal Malik 3. Ms. Meghna Panchal As per Section 152 and other applicable provisions of the Companies Act, 2013 read with applicable Articles of the Articles of Association of the Company, Mr. Umesh Lahoti, Director of the Company is liable to retire by rotation and is eligible for re-appointment.

 

KEY MANAGERIAL PERSONNEL

Mr. Umesh Lahoti, Managing Director, Mr. Ujwal Lahoti, Executive Director, Mr. Aadhitya Lahoti, Executive Director Mr. Pradeep Bachhuka, Chief Financial Officer and Mr. Deep Shah, Company Secretary& Compliance Officer are the Key Managerial Personnel of the Company, in terms of Section 2(51) read with Section 203(1) of the Companies Act, 2013. *Ms. Akshita Jhawar resigned wef 29th August, 2022 and Mr. Deep Shah Appointed wef 14th November, 2022 as Company Secretary and Compliance Officer

DECLARATION BY INDEPENDENT DIRECTORS:

Mr. Prakash Ramchandra Bang, Mr. Prem SardarilalMalik and Ms. Meghna Vijay Panchal are the Independent Directors on the Board of the Company. e Company has received the declaration from all the Independent Directors confirming that they meet the criteria as set out in the provisions of Section 149(6) of the Companies Act, 2013 and the relevant provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

 

A) Formal Annual EvaluationRs.

In terms of the provisions of the Companies Act, 2013 read with Rules issued thereunder and SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, the Board of Directors on recommendation of the Nomination and Remuneration Committee have evaluated the effectiveness of the Board/ Director(s) for the financial year 2022-2023.

 

COMMITTEES OF BOARD:

e Board has 4 Committees: Audit Committee, Stakeholder’s Relationship Committee, Nomination and Remuneration Committee and the Corporate Social Responsibility Committee. A detailed note on the functions of the Board and Committee are provided in the Corporate Governance Report. e Composition of the Committees are as follows:

 

1. Audit Committee

e Audit Committee comprises of the following members:

Name of the Director	Designation in the
	Committee
Mr. Prakash Ramchandra Bang	Chairperson
(Independent Director)
Ms. Meghna Vijay Panchal	Member
(Independent Director)
Mr. Prem Sardarilal Malik	Member
(Independent Director)

 

Kindly refer to the section on Corporate Governance under the head, ‘Audit Committee’ for matters relating to constitution, meetings and functions of the Committee.

 

2. Stakeholder’s Relationship Committee

Name of the Director	Designation in
	the Committee
Ms. Meghna Vijay Panchal	Chairperson
(Non-Executive Independent Director)
Mr. Umesh Rambilas Lahoti	Member
(Managing Director)
Mr. Ujwal Rambilas Lahoti	Member
(Executive Director)

 

Kindly refer to the section on Corporate Governance under the head, ‘Stakeholders Relationship Committee’ for matters relating to constitution, meetings and functions of the Committee.

 

3. Nomination and Remuneration Committee

Name of the Director	Designation in
	the Committee
Ms. Meghna Vijay Panchal	Chairperson
(Independent Director)
Mr. Prakash Ramchandra Bang	Member
(Independent Director)
Mr. Prem Sardarilal Malik	Member
(Independent Director)

 

Kindly refer section on Corporate Governance, under the head, ‘Nomination & Remuneration Committee’ for matters relating to constitution, meetings, functions of the Committee and the remuneration policy formulated by this Committee.

 

4. Corporate Social Responsibility Committee

Name of the Director	Designation in the
	Committee
Mr. Ujwal Rambilas Lahoti	Chairperson
(Executive Director)
Mr. Prakash Ramchandra Bang	Member
(Independent Director)
Mr. Umesh Rambilas Lahoti	Member
(Managing Director)

 

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS AND VARIOUS COMMITTEES:

During the year, Four Board Meetings were convened and held, the details of number of meetings of the Board and various Committees during the Financial Year 2022-2023 forms part of the Corporate Governance Report. COMPANIES POLICY ON DIRECTOR’S APPOINTMENT AND REMUNERATION: In Compliance with Section 178 of the Companies Act, 2013 and the relevant provisions of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, the Board constituted the Nomination and Remuneration Committee comprising of ree (3) Non-Executive Independent Directors of the Company and further the Board in consultation with the Nomination and Remuneration Committee formulated the Nomination and Remuneration Policy.

e Remuneration policy of the Company comprises inter alia the aims and objectives, principles of remuneration, guidelines for remuneration to Executive and Non-Executive Directors and Key Managerial Personnel and criteria for identification of the Board Members and appointment of Senior Management. e Criteria set out identification of the Board members are given hereunder:

1. e Committee shall identify and ascertain the integrity, qualification, expertise and experience of the person for appointment as Director, KMP or at Senior Management level and recommend to the Board his / her appointmentt.

2. A person should possess adequate qualification, expertise and experience for the position he / she is considered for appointment. e Committee has discretion to decide whether qualification, expertise and experience possessed by a person is sufficient / satisfactory for the concerned position.

3. e Company shall not appoint or continue the employment of any person as Whole-time Director who has attained the age of seventy years. Provided that the term of the person holding this position may be extended beyond the age of seventy years with the approval of shareholders by passing a special resolution based on the explanatory statement annexed to the notice for such motion indicating the justification for extension of appointment beyond seventy years.

e Nomination and Remuneration Policy has been posted on the website of the Company http:// lahotioverseas.in/PDFs/policies/nomination-and-remuneration-committee-policy.pdf

ANNUAL EVALUATION OF THE BOARD:

Pursuant to applicable provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board had adopted a formal mechanism for evaluating its own performance and as well as that of its Committees and individual Directors, including the Chairperson of the Board.

 

INTERNAL FINANCIAL CONTROL

e Company has in place adequate internal financial controls with reference to financial statement. During the year no reportable material weakness in the design or operations were observed.

 

INTERNAL CONTROLS OVER FINANCIAL REPORTING (ICFR)

e Company has in place adequate internal financial controls commensurate with the size, scale and complexity of its operations. During the year such controls were tested and no reportable material weakness in the design or operations were observed. e Company has policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

YourCompanyhasconstitutedaCSRCommitteecomprising of Mr. Ujwal Rambilas Lahoti as Chairperson,Mr. Umesh RambilasLahoti &Mr. Prakash Ramachandra Bang as its members. e Committee is responsible for formulating and monitoring the CSR policy of the Company. CSR activities, as per the provisions of the Companies Act, 2013, may be undertaken by the Company through a registered trust or a registered society. e CSR policy as adopted by the Company can be viewed on the website of the Company at: http:// lahotioverseas.in/PDFs/policies/corporate-social-responsibility-policy.pdf.

e Annual report on the CSR activities undertaken by the Company is appended to this report as Annexure -2.

 

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORSAND VARIOUS COMMITTEES:

During the year, Four Board Meetings were convened and held,the details of number of meetings of the Board and various Committee during the Financial Year 2022-2023 forms part of the Corporate Governance Report.

 

VIGIL MECHANISM/WHISTLE BLOWER:

As per the provisions of Section 177(9) and 177(10) of the Companies Act, 2013 and the relevant provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Company has adopted a Whistle Blower Policy to report genuine concerns or grievances and to deal with the instances of fraud and mismanagement. e Whistle Blower Policy has been posted on the website of the Company http://lahotioverseas.in/PDFs/ policies/whistle-blower-policy.pdf During the year under review, there were no complaints/ concerns that arose.

 

DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to sub-section (5) of Section 134 of the Companies Act, 2013 and to the best of their knowledge and belief and according to the information and explanations obtained /received from the operating management, your Directors make the following statement and confirm that-(a) in the preparation of the Annual Accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; (b) the directors had 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 and loss of the company for that period; (c) e directors had 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) e directors had prepared the annual accounts on a going concern basis; (e) e directors had 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) e directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

 

AUDITORS AND AUDITORS’ REPORT:

In accordance with Section 139(1) of the Companies Act, 2013readwiththeCompanies(AuditandAuditors)Rules, 2014,PCGhadialiAndCoLLP.,CharteredAccountants, Mumbai(RegistrationNo.103132W/W-100037) Statutory Auditors of the Company to hold office for five consecutive years from the conclusion of the 27th Annual General Meeting of the Company held on 30th September, 2022 till the conclusion of 32nd Annual General Meeting to be held in 2027, as required under section 139 of the companies act, 2013 read with companies (Audit & Auditors) Rules 2014. e Reports of the Statutory Auditors, P C Ghadiali And Co LLP., Chartered Accountants on the Standalone and Consolidated Financial Statements of the Company for the Financial year 2023 form part of this Annual Report. e statutory auditors have submitted a unmodified opinion on the audit of Financial Statements for the year 2023 and there is no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report and therefore the same does not call for any further comments/explanation from the Directors.

 

SECRETARIAL AUDITOR:

Pursuant to provisions of section 204 of the Companies Act, 2013 and e Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Your Company has appointed Kothari H. & Associates, a firm of Practicing Company Secretaries as a Secretarial Auditor of the Company, for conducing secretarial audit of Company for the Financial Year 2022 – 23.

e report in respect of the Secretarial Audit carried out by Kothari H. & associates Company Secretaries in Form MR-3 for the FY 2022-23 forms part to this report as Annexure 3. e said report does not contain any adverse observation or qualification requiring explanation or comments from the Board under Section 134(3) of the Companies Act, 2013.

 

COST AUDITOR

e Company is not required to maintain cost records and conduct cost audit in accordance with Section 148(1) of the Act read with Rule 3 of the Companies (Cost Record and Audit) Rules, 2014 as the business of the Company is not covered under the said rules and limits.

 

REPORTING OF FRAUDS BY AUDITORS

During the year, neither the Statutory Auditor nor the Secretarial Auditor have reported to the Audit Committee under Section 143(2) of the Companies Act, 2013, any instance of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned in the Board’s Report

 

EQUITY SHARES WITH DIFFERENTIAL RIGHTS:

e Company has not issued any equity shares with differential rights / sweat equity shares/ employee stock options or not made any provision of its own shares by employees or by trustees for the benefit of employees during the Financial Year 2022-2023.

e Company has not made any purchase or provision of its own shares by employees or by trustees for the benefit of employees during the Financial Year 2022-2023

 

LISTING:

At present the Company’s Equity Shares are listed at BSE Limited and the Company has paid Listing Fees to the above Stock Exchanges for the year 2022-23.

 

DISCLOSURE OF REMUNERATION PAID TO DIRECTOR AND KEY MANAGERIAL PERSONAL:

e table containing the names and other particulars of employees in accordance with the provisions of Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is appended as Annexure 4 to the Board’s report.

 

SIGNIFICANT AND MATERIAL ORDERS:

ere are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company’s operations in future.

 

RISK MANAGEMENT:

Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risk management’s objective is to assure uncertainty does not deRs.ect the endeavor from the business goals.

e Company has laid down procedures to inform the members of the Board about the risk assessment and minimization procedures. A risk management committee consisting of senior executives of the Company periodically reviews these procedures to ensure that executives’ management controls risk throughmeansofaproperlydefinedframework.Asenior independent director is associated with the committee. e Company has framed the risk assessment and minimization procedure which is periodically reviewed by the Board. e risk management policy is displayed on the website of the Company viz.http://lahotioverseas. in/PDFs/policies/risk-management-policy.pdf

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As per the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Management Discussion and Analysis of the financial condition and results of consolidated operations of the Company under review, is annexed and forms an integral part of the Annual Report.

 

REPORT ON CORPORATE GOVERNANCE

e Report on Corporate Governance for the year under review together with the certificate from the Auditor of the Company regarding compliance of the conditions of Corporate Governance, as stipulated in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of the Annual Report.

 

CERTIFICATE FROM PCS UNDER SCHEDULE V (C) (10) (I) OF SEBI (LODR)

e Certificate from the practicing Company secretary as per Schedule V (C) (10) (i) of SEBI (LODR) certifying that none of the directors on the board of the company have been debarred or disqualified from being appointed or continuing as directors of companies by the Board/Ministry of Corporate Affairs or any such statutory authority is annexed to this Director’s Report as Annexure-6

 

EXTRACTS OF ANNUAL RETURN:

Pursuant to Section 92(3) read with Section 134(3) (a) of the Act, the Annual Return as on 31 March 2023 is available on the Company’s website at http:// www.lahotioverseas.in/annual-reports.asp

ENERGY CONSERVATION MEASURES, TECHNOLOGY ABSORPTION AND R & D EFFORTS AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Your Company is not engaged in any manufacturing activity and thus its operations are not energy intensive. However adequate measures are always taken to ensure optimum utilization and maximum possible saving of energy. e Company has installed energy conservative equipment’s like LED (Light Emitting Diode) lights instead of CFL (Compact Fluorescent Lamp).

e Company has maintained a technology friendly environment for its employees to work in. Your Company uses latest technology and equipment’s. However, since the Company is not engaged in any manufacturing, the information in connection with technology absorption is NIL.

During the period under review the Company has earned Foreign Exchange of Rs. 21,125.17 Lakhs and incurred the Foreign Exchange outgo of Rs. 244.21 Lakhs

 

COMPLIANCEWITHSECRETARIALSTANDARDS:

During the year under review, the Company has duly complied with the applicable provisions of the Revised Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of Company Secretaries of India (ICSI).

 

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:

e Company has in place the "Policy on Prevention of Sexual Harassment at the Workplace" in line with the requirements of e Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Duringthe year under review, no complaints were received by the Committee for Redressal.

 

OTHER DISCLOSURES

The Company was not required to transfer any amount to Investor Education and Protection Fund under section 125 of the Act.

No petition/ application has been admitted under

Insolvency and Bankruptcy Code, 2016, by the National Company Law Tribunal.

 

ACKNOWLEDGEMENT

Your Company’s Directors wish to express their grateful appreciation for co-operation and support received from customers, financial institutions, Banks, regulatory authorities, customers, vendors and members and the society at large.

Deep sense of appreciation is also recorded for the dedicated efforts and contribution of the employees at all levels, as without their focus, commitment and hard work, the Company’s consistent growth would not have been possible, despite the challenging environment.

 

For and on behalf of the Board of Directors

Sd/-	Sd/-
Ujwal Rambilas Lahoti	Umesh Rambilas Lahoti
(Executive Chairman)	(Managing Director)
(DIN 00360785)	(DIN 00361216)

 

Place: Mumbai Date: August 10, 2023