Max Alert Systems Ltd Directors Report

DIRECTORS REPORT

To,

The Members of the Company

The Reconstituted Board of Directors of your Company are pleased to present the 21^st Annual Report, along with Audited Financial Statements, for the financial year ended March 31, 2024.

Pursuant to the Order dated August 24,2021 of the Honble National Company Law Tribunal, Ahmedabad ("NCLT Order"), Corporate Insolvency Resolution Process ("ClRP") has been initiated against the Company in accordance with the provisions of the insolvency and Bankruptcy Code, 2016, ("Code") and related rules and regulations issued thereunder with effect from August 24, 2021 (Corporate Insolvency Resolution Process Commencement Date) by interocean Fincap Services Pvt. Ltd. Mr. Rakesh Tulsyan has been appointed as Interim Resolution Professional ("lRP") & Resolution Professional ("RP") in terms of the NCLT Order.

The powers of Board of Directors of the Company stand suspended effective from the Cl RP commencement date and such powers along with the management of affairs of the Company are vested with the I RP in accordance with the provisions of Section 17 and 23 of the Insolvency Code read with Regulation 15(2A)& (2B) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Committee of Creditors (CoC) has approved the Resolution Plan submitted by M/s. Astra Ventures (Successful Resolution Applicant) by 100% voting at its 14^th Meeting held on July 29, 2022

Honble National Company Law Tribunal its order dated February 7, 2024 ("NCLT Order"), the Adjudicating Authority approved the resolution plan ("Approved Resolution Plan") submitted by Astra Venture (Successful Resolution Applicant for the Company under Section 31 of the Code. In accordance with the provisions of the Code and the NCLT order, the Approved Resolution Plan is binding on the corporate debtor and its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan.

As per the Approved Resolution Plan, the monitoring committee was constituted ("Monitoring Committee") comprising of 3 (Three) representatives of the existing Resolution Professional and 2(two) persons as representative of Resolution applicant. Accordingly, the Monitoring Committee was in office for the entire period to which this report primarily pertains. During the Cl RP (i.e. between August 24,2021 and February 7, 2024), the RP was entrusted with the management of the affairs of the Company. The mandate of the Monitoring Committee was to manage the affairs of the company as a going concern and supervise the implementation of the Resolution Plan. The Monitoring Committee, at their Closing Meeting held on March 18,2024, inter-alia reconstituted the Board of Directors of the Company ("Reconstituted Board")and upon conclusion of this Meeting, the Monitoring Committee stood dissolved.

The Reconstituted Board of Directors of the Company is submitting this Report in compliance with the provisions of the Companies Act, 2013, the rules and regulations framed thereunder ("Act") and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015 ("SEBI LODR Regulations").

The Reconstituted Board is not to be considered responsible to discharge fiduciary duties with respect to the oversight on financial and operational health of the Company and performance of the management for the period prior to its reconstitution.

1. THE FINANCIAL RESULTS OF THE COMPANY ARE SUMMARIZED BELOW:

		(Amount in lakhs)
PARTICULARS	FINANCIAL YEAR ENDED MARCH 31, 2024	FINANCIAL YEAR ENDED MARCH 31,2023
Total Revenue	1	0
Profit/(Loss) before Taxation	-74.94	-40.86
Provision for Taxation	-	-
Current Tax	-	-
Deferred Tax	1.99	-
Tax of earlier year	-	-
Profit/(Loss) After Tax	-72.95	-40.86

2. FINANCIAL HIGHLIGHTS AND PERFORMANCE OF THE COMPANY

The revenue of company for the financial year 2023-24 is Rs.1.00 lakh. Loss before tax is Rs. 74.94 lakh in current financial year as compared to Rs. 72.95 lakhs for the previous financial year ended March 31,2024. The Company do not have any business operations during the year under review.

A detailed analysis of financial results is given in the "Management Discussion and Analysis Report", which forms part of this Report.

3. EFFECTS OF IMPLEMENTATION OF RESOLUTION PLAN

Pursuant to the CIRP Process and implementation of the Resolution Plan, by the following way

(a) Extinguishment of dues of operational creditors - Rs. 4,77,04,632

(b) Extinguishment of dues of financial creditors - Rs. 10,04,15,003

(c) Extinguishment of other current and non-current liability - Rs. 1,62,29,132

4. BUSINESS OVERVIEW

During the year under review, the Company is not doing any business as company is in CIRP. Whereas, Companys main object is a natural resource-based building materials company. The Company supplies aggregates (crushed stone, sand and grave through guarries/mines and distribution yards to its customers in Jharkhand. Company also provides cement and downstream products, namely, pavers, Hollow Bricksin vertically-integrated structured markets where as the Company has a leading position in aggregates. The Companys heavy-side building materials are used in infrastructure, non-residential and residential construction projects. Aggregates are also used in Building construction and infrastructure projects and as railroad ballast. The aggregates, paver tiles and Hollow bricks and paving product lines are reported collectively as the "Building Materials" business and company having business of towering of telecom industry.

However, the reconstituted Board of Directors and management of the Company has making significant efforts to strengthen its base to commence lending activities, by initiating review of its policies and processes, to come out stronger and sharper.

5. DIVIDEND

Due to the operational losses and Company under CIRP during the FY 2023-24, the Board of Directors has decided not to recommend any dividend payment for the year under review.

6. RESERVES

During the year under review, no amount has been transferred to Reserves.

7. TRANSFER OF UNCLAIMED DIVIDEND/DEPOSITS AND SHARES TO INVESTOR EDUCATION & PROTECTION FUND (IEPF)

There was no amount outstanding to be an unclaimed dividend to investor education and protection fund during the FY 2023- 2024.

8. DEPOSITS

The Company has neither accepted nor invited any deposits from the public during the financial year 2023-24 pursuant to provisions of section 73 and 74 of the Companies Act, 2013. There were no unclaimed or unpaid deposits as on March 31,2024.

9. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186

During the year under review, the Company has not advanced any loans/ given guarantees/ made investments.

10. CAPITAL STRUCTURE

As per the Approved Resolution Plan by Honble National Company Law Tribunal its order dated February 7, 2024 ("NCLT Order"), the Company has to made following changes in its capital structure:

i. Reduction of Equity Shares of the Company:

The existing Paid Up Equity Capital of the Company shall be reduced to 9,19,950 Equity Share amounting Rs.91,99,500.

ii. Increased in Authorized Share Capital of the Company:

The Authorised Share Capital of the Company has been reclassified from Rs.10,00,00,000/- (Rupees Ten Crore only) comprising 1,00,00,000 (One Crore) Equity Share of Rs.10 (Rupees Ten) each to Rs.20,00,00,000/-(Rupees Twenty Crore Only) Comprising 2,00,00,000 (Two Crore) Equity Share of Rs.10(Rupees Ten)each.

iii. Allotment of Equity Shares to Resolution Applicant:

1,25,00,000(0ne Crore Twenty Five Lakhs) equity shares at Rs.2/~ per share has been allotted on preferential basis for cash to Resolution Applicant in accordance with the Approved Resolution Plan also allotted 10,00, C0C ( Ten Lakhs) equity share to identified Investor on Private Placement basis.

11. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

The Company does not have any subsidiary Company and hence comments and information as required under section 129 of the Companies Act, 2013 is not applicable.

12. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH THE RELATED PARTIES

During the Financial Year ended March 31,2024, all transactions with the Related Parties as defined under the Act read with Rules framed thereunder, were in the ordinary course of business and at arms length basis. During the year under review, your Company did not enter into any Related Party Transaction which requires approval of the Members. There have been no materially significant related party transactions made by the Company with the Promoters, the Directors or the Key Managerial Personnel which may be in conflict with the interests of the Company at large.

Since all related party transactions entered into by your Company were in the ordinary course of business on arms length basis and not material, therefore, details required to be provided in the prescribed Form AOC - 2 are not applicable to the Company. The Policy on Related Party Transactions as approved by the Board can be accessed on the Companys website at following web-link. http://maxalert.in/Policies/Related%20Party%20Transaction%20Policy.pdf The details of the related party transactions are set out in the notes to the financial statements.

13. CHANGE IN THE NATURE OF BUSINESS

There is no change in the nature of the business of the company during the year.

14. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis for the period under review as required under Schedule V read with Regulation 34(2)(e) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been dealt with extensively in aseparate section forming part of the Annual Report

15. LISTING

The Equity Shares of your Company are currently listed on SME platform of BSE we have ensured the listing fees for the FY-2024 are fully paid across all platforms where the equity shares of the Company are listed.

16. CORPORATE GOVERNANCE:

As per regulation 15(2) of the Listing Regulation, the Compliance with the Corporate Governance provisions shall not apply in respect of the following class of the Companies:

a. Listed entity having paid up equity share capital not exceeding RIO Crore and Net Worth not exceeding R25 Crore, as on the last day of the previous financial year;

b. Listed entity which has listed its specified securities on the SME Exchange.

Since, our Company falls within the ambit of aforesaid exemption (b); hence compliance with the provision of Corporate Governance shall not apply to the Company and it does not form the part of the Annual Report for the financial year 2023-2024.

17. NON-APPLICABILITY OF THE INDIAN ACCOUNTING STANDARDS:

As per Provision to regulation Rule 4(1)of the companies (Indian Accounting Standards) Rules, 2015 notified vide Notification No. G.S.R 111 (E) on 16^th February, 2015, Companies whose shares are listed on SME exchange as referred to in Chapter XB of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 are exempted from the compulsory requirements of adoption of IND-AS w.e.f. 1^st April, 2017. As our Company is also listed on SME Platform of BSE Limited, is covered under the exempted category and is not required.

18. DIRECTORS AND KEY MANAGERIAL PERSONNEL

Pursuant to commencement of the CIRP Process, the powers of the Board of Directors were suspended and were exercised by the Resolution Professions I (RP) in accordance with the provisions of the Code. Honble National Company Law Tribunal its order dated February 7,2024("NCLT Order"), the Adjudicating Authority approved the resolution plan ("Approved Resolution Plan") submitted by Astra Venture (Successful Resolution Applicant) for the Company under Section 31 of the Code. In accordance with the provisions of the Code and the NCLT order, the Approved Resolution Plan the Board is reconstituted by monitoring Committee, w.e.f. March 18, 2024

The Board of Directors of the Company at present comprises of 5 Directors who have wide and varied experience in different disciplines of corporate functioning.The present composition of the Board consist of One Managing Director, One Executive Director and Three Non-Executive Independent Directors.

The Board received declaration from all the Directors under Section 164 and other applicable provision if, any of the companies Act 2013 that none of the Directors of the Company is disqualified under the provisions of the Companies Act, 2013 ("Act") or undertheSEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015

The details are as follows:

Sr. No	Name of the Director	Designation
1.	Mr. Amit Anand Vengilat	Managing Director
2.	Mr. Abhilash Kochuparambil Sasi	Executive Director
3.	Mrs. Bhakti Manish Visrani	Non-Executive Independent Director
4.	Mrs Kinjal Darshit Parkhiya	Non-Executive Independent Director
5.	Mr. Balachandran Nair Sankaran	Non-Executive Independent Director

i. KEY MANAGERIAL PERSONNEL (KMP)

The following are the Key Managerial Personnel of the Company has been appointed w.e.f. March 18, 2024 during the financial year under review:

Name of the KMP	Designation
Mr. Tayappa Marenna Koli	Chief Financial Officer
Mr. Dina Nath Singh	Chief Executive Officer
Mr. Amit Anand Vengilat	Managing Director
Mr. Gokul Bhojwani*	Company Secretary and Compliance Officer

*Appointed w.e.f. May 21,2024

Declaration By Independent Directors

Mrs. Kinjal Darshit Parkhiya, Mrs. Bhakti Manish Visrani and Mr. Balachandran Nair Sankaran are the Independent Directors of the reconstituted Board. The Company has received declarations from them confirming that they meet the criteria of independence as prescribed both under the provisions of Section 149(6) of the Companies Act, 2013 and in terms of Regulation 25 of the SEBI (LODR) Regulations and that they have registered their names in the Independent Directors Databank.

19. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirement under section 134(5) of the Companies Act, 2013 with respect to Directors Responsibility Statement, it is hereby confirmed that:

i. In the preparation of the annual accounts for the Financial year ended on March 31, 2024, the applicable accounting standards had been followed along with proper explanation relating to material departures:

ii. 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 as at March 31, 2024 and of the Profit and Loss of the Company forthat period:

iii. The Directors had taken proper and sufficient care 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:

iv. The Directors had prepared the annual accounts on agoing concern basis;

v. The 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;

vi. The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adeq uate and operating effectively

20 DISCLOSURES BY DIRECTORS:

The Board of Directors have submitted notice of interest in Form MB P-1 under Section 184(1) as well as information by Directors in Form DIR-8 under Section 164(2) and declarations as to compliance with the Companies Act, 2013.

21. DISQUALIFICATIONS OF DIRECTORS:

During the Financial Year 2023-2024 under review the Company has received Form DIR-8 from all Directors as required under the provisions of Section 164(2) of the Companies Act, 2013 read with Companies (Appointment and Qualification of Directors) Rules, 2014 that none of the Directors of your Company is disqualified.

The certificate for Non - Disqualification of Directors has been received from Practicing Company Secretary, Amruta Giradkar and Associates and attached in AnnexureV

22. POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The Company has a Nomination & Remuneration Policy to ensure a competent Board. The Committee identifies competency gaps, evaluates candidates, and recommends suitable members, it also fills Board vacancies as needed. The selected candidates are invited to join the Board and subject to approval of Shareholders.

Additionally, a Nomination & Remuneration Committee has been established to set criteria for board member selection, which includes:

(a) Identification of candidates who are qualified to become directors and senior management personnel

(b) Determining the tenure of independent directors, whether to extend or continue the term of appointment of the independent director, based on the Report of performance evaluation(c) Formulating a remuneration policy for directors, senior executives, and staff, covering ESOP, pensions, and other compensations.

The policy of the Company on Directors appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a Director and other matters provided under sub-section (3)of Section 178. The aforesaid polices are put upon the Companys Website https://www.maxalert.in/FrmOthers.aspx

23. MEETINGS OF THE BOARD OF DIRECTORS

Upon supersession of the Board of Directors of your Company by Flonble NCLT August 24, 2021 and initiation of CIRP in respect of your Company vide Honble NCLT Order dated August 24, 2021, Mr. Rakesh Kumar Tulsyan was appointed as Interim Resolution Professional (IRP) and was vested with powers of the Board of Directors. Resolution Plan Submitted by Am it Vengilat (Successful Resolution Applicant) which was approved by the Flonble NCLT and order was pronounced by the Honble NCLT on February 7,2024. As perthe Resolution plan, new board has been constituted by the Monitoring Committee on March 18, 2024.

During the Financial Year under review, the Board of Directors duly met 2 times with gap not exceeding the period prescribed under Companies Act, 2013 and Rules made thereunder. The dates of the Board Meeting are mentioned below:

	Directors Attendance
Sr No Date of Meeting	No. of Directors eligible to attend	No. of Directors attended
1 March 18,2024	5	5
2 March 26.2024	5	5

24. COMMITTEES OF THE BOARD

The Board of Directors has thefollowing Committees:

(1) Audit Committee

(2) Nomination and Remuneration Committee;

(3) Stakeholders Relationship Committee;

1) Audit Committee

Post implementation of Approved Resolution Plan, the Audit Committee has been reconstituted in accordance with the provisions of Section 177 of the Companies Act, 2013 and Regulation 18 of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 with effect from March 18, 2024. The Audit Committee comprises of:

Sr. No Name of the Director	Designation
1 Bhakti Manish Visrani	Chairman
2 Kinjal Darshit Parkhiya	Member
3 Amit Vengilat	Member

The scope and terms of reference of the Audit Committee is in accordance with the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015.

During the Financial year ended onMarch31, 2024, no meetings of the Audit Committee were held.

2) Nomination and Remuneration Committee:

Post implementation of Approved Resolution Plan, the Nomination and Remuneration Committee has been reconstituted in accordance with the provisions Section 178 of the Companies Act, 2013 and Regulation 19 of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 with effect from March 18, 2024. The Nomination and Remuneration Committee comprises of:

Sr. No Name of the Director	Designation
1 Kinjal Darshit Parkhiya	Chairman
2 Balachandran Nair Sankaran	Member
3 Bhakti Manish Visrani	Member

The scope and terms of reference of the Nomination and Remuneration Committee is in accordance with the Act and the SEBI (LODR) Regulations, 2015.

During the Financial year ended on March 31, 2024, no meetings of the Nomination and Remuneration Committee were held.

3) Stakeholders Relationship Committee;

Post implementation of Approved Resolution Plan, the Stakeholders Relationship Committee has been reconstituted in accordance with the provisions Section 179 of the Companies Act, 2013 and Regulation 20 of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 with effect from March 18,2024. The Stakeholders Relationship Committee comprises of:

Sr.No Name of the Director	Designation
1 Bhakti Manish Visrani	Chairman
2 Balachandran Nair Sankaran	Member
3 Amit Vengilat	Member

The scope and terms of reference of the Stakeholders Relationship Committee is in accordance with the Companies Act, 2013 and the SEBI (LOBR) Regulations, 2015.

During the Financial year ended on March 31, 2024, no meetings of the Stakeholder Committee were held.

25. BOARD EVALUATION:

As Board of Directors were suspended by Honble NCLT, appointment of the Resolution Professional (RP) and subsequent constitution of the Board at end of the financial year, there were only 2 Meetings of Board and no meetings of committees were held, hence annual performance evaluation of the Board and its committees was not carried out.

26. DETAILS OF SHAREHOLDERS COMPLAINTS/GRIEVANCES RECEIVED

During the financial year 2023-24, The Company has not received any complaints from the Equity Shareholder relating to non-receipt of share transfer/bonus certificate, non-receipt of dividend, no receipt of annual report etc.

27. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an adequate system of internal controls in place, commensurate with the size and nature of its business. These controls have been designed to provide a reasonable assurance with regard to maintaining of proper accounting controls for ensuring reliability of financial reporting, monitoring of operations, protecting assets from unauthorized use or losses, compliance with regulations.

28. DISCLOSURE REQUIREMENTS:

Whistle Blower/Vigil Mechanism

The Company has adopted a "Whistle Blower" Policy and has established the necessary vigil mechanism for employees and directors to report concerns about unethical behaviour as per the provisions regarding vigil mechanism as provided in Section 177(9)of the Companies Act, 2013 read with rules framed there under. The "Whistle Blower" Policy is available on website of the company http://maxalert.in/Policies/Whistle%20Blower%20Policy.pdf

29. CORPORATE SOCIAL RESPONSIBILITY

As per the provisions of Section 135 of the Companies Act, 2013, read with rules framed there under, every company including its holding or subsidiary and a foreign company, which fulfills the criteria specified in sub-section (1) of section 135 of the Act, shall comply with the provisions of Section 135 of the Act and its rules.

Since the Company is not falling under any criteria specified in sub-section (1)of section 135 of the Act, your Company is not required to constitute a Corporate Social Responsibility (CSR) Committee.

30. RISK MANAGEMENT POLICY/PLAN

The company has been addressing various risks impacting the company, reviewing the risk management plan and ensuring its effectiveness. The COC has additional oversight in the area of financial risks and controls. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. The development and implementation of risk management policy/plan has been covered in the Management Discussion and Analysis report

31. SEBI COMPLAINTS REDRESS SYSTEM (SCORES):

The investor complaints are processed in a centralized web based complaints redress system. The salient features of this system are centralized database of all complaints, online upload of Action Taken Reports\(ATRs)by the concerned companies and online viewing by investors of actions taken on the complaint and its current status. Your Company has been registered on SCORES and makes every effort to resolve all investor complaints received through SCORES or otherwise within the statutory time limit from the receipt of the complaint. The Company has not received any complaint on the SCORES during Financial year 2023-24

32. STATUTORY AUDITORS

M/s. S. C. Mehra & Associates LLP, Chartered Accountants (Firm Registration No. 106156W) are appointed as Statutory Auditors of the Company, to hold the office from the conclusion of the Annual General Meeting held on September 30, 2021 till the conclusion of the Annual General Meeting to be held in the year 2026.

33. DETAILS OF FRAUD REPORTED BY THE AUDITOR:

As per auditors report, no fraud u/s 143(12) has been reported by the Auditor.

34. SECRETARIAL AUDITOR:

The COC had appointed M/s. Amruta Giradkar & Associates, Company Secretaries, to carry out Secretarial Audit of the Company under the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, for the financial year 2023-24. The Report of the Secretarial Auditor for Financial year 2023-2024 is annexed to this report in Annexure I. The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Meetings of the Board of Directors and General Meetings. There are no adverse observations in the Secretarial Audit Report which call for explanation.

35. INTERNAL AUDITOR:

Pursuant to per Section 138 of the Companies Act, 2013 of the Companies Act, 2013, the Company has appointed M/s. KKAB &Co LLP. Chartered Accountants, as the Internal Auditor of the Company, for the financial year 2023-2024.

36. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:

Pursuant to the Approved Resolution Plan, the following key changes have taken place:

(i) Reduction of Equity Shares of the Company:

The existing Paid Up Equity Capital of the Company shall be reduced to 9,19,950 Equity Share amounting Rs.91,99,500.

(ii) Increased in Authorized Share Capital of the Company:

The Authorised Share Capital of the Company has been reclassified from Rs.10,00,00,000/-(Rupees Ten Crore only) comprising 1,00,00,000 (One Crore) Equity Share of Rs.10 (Rupees Ten) each to Rs.20,00,00,000/-(Rupees Twenty Crore) Comprising 2,00,00,000 (Two Crore) Equity Share of Rs.10(Rupees Ten)each

(iii) Allotment of Equity Shares to Resolution Applicant:

1,25,00,000 (One Crore Twenty Five Lakhs) equity shares at Rs. 2/- per share has been allotted on preferential basis for cash to Resolution Applicant in accordance with the Approved Resolution Plan also allotted 10,00,000 (Ten Lakhs) equity share to identified Investor on Private Placement basis.

37. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATION IN FUTURE:

A petition for initiation of Corporate Insolvency Resolution Process (CIRP) is filed by an operational creditor, and the same has been admitted against the Company vide NCLT, Mumbai bench order dated 24^th August, 2021 and Mr. Rakesh Kumar Tulsyan, IP Registration No. IBBI/IPA-001/IP-P01144/2018-19/11970 has been appointed as Interim Resolution Professional ("IRP") latter confirmed as Resolution professional by Committee of Creditors ("CoC")to manage affairs of the Company in accordance with the provisions of the Code.

Pursuant to the Insolvency Commencement Order and in line with the provisions of the Code, the powers of the Board of Directors were suspended and the same were exercised by IRP/RP.

The Resolution Plan Submitted by the Successful Resolution Applicant(Amit Vengilat) which were approved by the National Company Law Tribunal and the order has been pronounced on February 7, 2024

38. HUMAN RESOURCE DEVELOPMENT

The Company has not made any human resource development as Company is under CIRP.

39. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

In accordance with the provisions of Section 134 read with the Companies (Accounts) Rules, 2014 regarding conservation of energy, technology absorption and foreign exchange earnings and outgo, your Directors furnish hereunder the additional information as required.

A. Conservation of Energy

Information in accordance with the provisions of Section 134(3)(m) read with the Companies (Accounts) Rules, 2014 regarding conservation of energy does not apply to your Company.

B. Technology Absorption

Your Company has no foreign collaboration, hence no particulars are offered.

C. Foreign Exchange Earning and Outgo

As required under Section 134(3) (m) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014, the information relating to the foreign exchange earnings and outgo are given in the Notes to the financial statements as well as hereunder for the year ended March 31, 2024:

Expenditure in Foreign Currency: NIL Foreign Exchange Earnings during the year: NIL Details of which if any, is enclosed in Annexure II.

40. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013

There was no case filed during the year, under the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013. Further, the Company ensures that there is a healthy and safe atmosphere for every women employee at the workplace and have made necessary policies for safe and secure environment for women employees. The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at Work Place (Prevention, Prohibition and Redressal) Act, 2013. An Internal Complaints Committee has been set up to redress complaints received regarding sexual harassment. The Company affirms that during the Year under review, no complaints were received by the Committee for redressal.

41. MATERIAL CHANGES AND COMMITMENTS:

No Material changes and commitments affecting the Financial position of the Company occurred between the end of the Financial year to which this Financial statement relates and the date of this report.

42. DISCLOSURE OF MAINTENANCE OF COST RECORDS

Maintenance of Cost records as specified by the Central Government under sub-section (1)of section 148 of the Companies Act, 2013 is not applicable to the Company.

43. ENVIRONMENT PROTECTION AND POLLUTION CONTROL

The Company has always been socially conscious corporate, and has always carried forward all its operations and procedures for environment friendly norms with all necessary clearances.

44. COMPLIANCE WITH SECRETARIAL STANDARDS

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board Meetings and General Meetings. As required in terms of Secretarial Standard (SS)-4, it is hereby confirmed that there is no Corporate Insolvency Resolution Process initiated under the Insolvency and Bankruptcy Code, 2016.

45. POSTAL BALLOT

During the year, no postal ballots were held.

46. ANNUAL RETURN

Pursuant to Section 92 of the Companies Act, 2013 and the Rules framed thereunder, as amended, the Annual Return as at March 31, 2023, in the prescribed Form MGT-7 is available on website of your Company at the URL https://www.maxalert. in/FrmAnnualReports.aspx

47. ACKNOWLEDGEMENT

On behalf of all Directors, Resolution Professional of the Company acknowledges sincere all the employees, customers, investors, Committee of Creditors, regulatory and government authorities and stock exchanges for their cooperation and support and look forward to their continued support in future

	For Max Alert System Limited
	Abhilash Kochuparambil Sasi	Amit Anand Vengilat
Date: August 07, 2024	06717763	07544088
Place: Mumbai	Executive Director	(Managing Director)