max heights infrastructure ltd share price Directors report


To,

The Members

Max Heights Infrastructure Limited

Your directors have pleasure in presenting the 42nd Directors Report of your Company together with the Audited Statement of Accounts and the Report of Auditors of your company for the financial year ended 31st March, 2023.

1. FINANCIAL HIGHLIGHTS AND STATE OF COMPANYS AFFAIRS

a) FINANCIAL RESULTS

(Amount in lakhs)

Particulars Standalone Consolidated
Current Year Previous Year Current Year Previous Year
Total Income 604.13 640.76 722.61 641.21
Total Expenses (580.34) (458.56) 901.35 766.72
Profit (Loss) before tax 23.78 182.20 (178.74) (125.51)
Tax Expenses
Current Tax 2.14 25.06 2.14 25.06
Earlier years tax 0.00 0.00 0.00 0.00
Deferred Tax 0.73 (0.31) 0.69 (0.35)
Profit/(Loss) after Tax 20.91 157.46 (181.57) (150.22)
Net Profit Transferred to Reserves 0.00 0.00 0.00 0.00
Earnings per share 0.00 0.00
Basic 0.13 1 .0 1
Diluted 0.13 1.01 0.00 0.00

(b) (i) Highlights of the Companys Performance (Standalone) for the year ended 31st March, 2023 are as under:

During the year, the Company recorded a Total Revenue of 604.13 lakhs (previous year 640.76 lakhs). The Company recorded a Net Profit of 20.91 lakhs during the financial year ended 31st March, 2023 as compared to a Net Profit of 157.46 lakhs in the previous year.

(ii) Highlights of the Companys Performance (Consolidated) for the year ended 31st March, 2023 are as under:

During the year, the Company recorded a Total Consolidated Revenue of 722.61 lakhs (previous year 641.21 lakhs. The Company recorded a loss of 181.57 lakhs during the financial year ended 31st March, 2023 as compared to a loss of 150.22 lakhs in the previous year.

(c) Segment-wise position of business and its operations;

(Amount in lakhs)

Standalone Consolidated
Year ended Previous Year Ended Year ended Previous Year Ended
Particulars 31.03.202 3 31.03.2022 31.03.2023 31.03.2022
1 Segment Revenue (net sale/income from each segment should be disclosed under this head)
(a) Segment- Real Estate 597.00 531.00 711.44 531.00
(b) Segment -Finance 7.13 11.77 6.97 12.22
(c) Segment -Shares 00 97.99 00 97.99
Tot al 604.13 640.76 718.41 641.21
Less: Inter Segment Revenue 0.00 0.00 0.00 0.00
Revenue From Operations 604.13 640.76 718.41 641.21
2 Segment Results (Profit) (+) / Loss) before tax and interest froneach segment)
(a) Segment-Real Estate 182.47 177.42 265.58 177.44
(b) Segment - Finance 7.13 11.77 6.97 12.22
(c) Segment - Shares 00 97.99 00 97.99
Total Profit before tax 189.60 287.18 272.55 287.65
Less (i) Finance Cost 82.26 36.65 368.50 324.03
(ii) Other Un allocable Expenditure net off un allocable income 83.56 68.33 82.78 89.14
Profit Before Tax 23.78 182.20 (178.73) (125.52)
3 Capital Employed (Segment Assets- Segment Liabilities)
(a) Segment - Real Estate 3,211.65 3195.51 2,606.05 2,792.36
(b) Segment -Finance 58.21 53.44 58.17 53.44
(c) Segment- Shares 0.00 0.00 0.00 0.00
Total Capital Employed 3,269.86 3,248.95 2,664.22 2,845.80

(d) Share Capital

The Authorised Share Capital as at 31st March, 2023 stood at 17,00,00,000/- (Rupees Seventeen Crores only) divided into 1,70,00,000 (One Crore Seventy Lakh) equity shares of 10/-(Ten) each and the paid up Equity Share Capital as on 31st March, 2023 stood at 15,60,92,250/- (Rupees Fifteen Crore Sixty Lakh Ninety Two Thousand Two Hundred and Fifty only) divided into 1,56,09,225 (One Crore Fifty Six Lakh Nine Thousand Two Hundred and Twenty Five) equity shares of 10/- (Ten) each. During the year under review there was no change reported.

Further, the Board of Directors in their meeting held on January 20, 2023 has considered the matter to sub-divide 1 (One) Equity Share of the Company having Face Value of Rs. 10/- (Rupees Ten only) each into 5 Equity Shares having Face Value of Rs. 2/- (Rupees Two only) each.

The members approved the said agenda via postal ballot dated 16th March, 2023. However the afore-said sub-division was withdraw by the Board after the closure of the financial year.

(e) Transfer to Reserves in Terms of Section 134 (3) (J) of The Companies Act, 2013 (The Act)

For the Financial Year ended 31st March, 2023, the Company has not proposed to carry any amount to the General Reserve Account.

(f) Dividend

During the year under review, the Board of Directors has not recommended dividend on the equity shares of the Company, due to meager profit in the financial year 2022-23.

Further during the year unpaid/unclaimed dividend of the financial year 2014- 15 had been transferred to the Investor Education and Protection Fund.

(g) Material Changes and Commitments

There are no material changes from the end of Financial Year till the date of this report.

2. PUBLIC DEPOSITS

During the year under report, your Company did not accept any deposits from the public within the ambit of Section 73 of the Act and the Companies (Acceptance of Deposits) Rules, 2014.

3. DIRECTORS AND KEY MANAGERIAL PERSONNEL

(a) I. Changes in Directors as on the date of this report

• Mr. Satish Chander Narang (DIN: 00095639), resigned from the directorship as well as Chairmanship of the Company w.e.f. on 26th July, 2022, due to his old age he express his unwillingness to continue on the Board of the Company.

• Mr. Shubham Mittal (DIN: 09328174) was appointed as an Independent Director in the 41st AGM by the approval of members of the Company for a tenure of 5 years.

• Mr. Ashok Ahuja (DIN: 07287378), resigned from the directorship of the Company w.e.f close of work on May 29, 2022.

• Mr. Naresh Kumar Mansharamani (DIN: 07160387) was appointed as an Independent director in the 41st AGM by the approval of members of the Company for a tenure of 5 years. But due to other obligation Mr. Naresh Kumar Mansharmani express his unwillingness to continue on the Board of the Company and tendered his resignation on April 10, 2023 and board approved his resignation.

• Mr. Sanyam Tuteja (DIN:08139915) was appointed as additional director (NonExecutive Independent Director) in the Board Meeting held by the Company on August 12, 2023. He held the office of additional director till the conclusion of this AGM. Further Board of the Directors on recommendation of the Nomination and Remuneration Committee, proposed the appointment of Mr. Sanyam Tuteja as a Non Executive Independent Director in this AGM by the approval of members of the Company.

• Mr. Manoj Kumar Pahwa (DIN: 00398839) was appointed as additional director (Non-Executive Independent Director) in the Board Meeting held by the Company on August 12, 2023. He held the office of additional director till the conclusion of this AGM. Further Board of the Directors on recommendation of the Nomination and Remuneration Committee, proposed the appointment of Mr. Manoj Kumar Pahwa as a Non Executive Independent Director in this AGM by the approval of members of the Company.

II. Changes in Key Managerial Personnel as on the date of this report

• Ms. Vandita Arora resigned from the post of Company Secretary and Compliance Officer of the Company with effect from August 31, 2022.

• Ms. Kajal Goel (PAN: BYCPG0869A) (M.No. 66838) was appointed as the Company Secretary and Compliance Officer with effect from October 07, 2022.

(b) Retirement by rotation

In terms of the provisions of Section 152(6) of the Act and the Articles of Association of the Company, Mr. Naveen Narang (DIN: 00095708), retires by rotation at the ensuing Annual General Meeting (AGM) of the Company and, being eligible, offers himself for reappointment. Your Board has recommended his re-appointment.

(c) Code of conduct of Board of Directors and Senior Management

The Company has formulated a Code of Conduct for Directors and Senior Management Personnel. Further, the Board of Directors and Senior Management Personnel have fully complied with the provisions of the Code of Conduct of Board of Directors and Senior Management of the Company during the Financial Year ended 31st March, 2023.

(d) Declaration of Independence by the Independent Directors

A declaration has been received by the Independent Directors of your Company confirming that they meet the criteria of Independence as prescribed under Section 149(6) of the Act read with Rule 5 of the Companies (Appointment and Qualification of Directors) Rules, 2014 and Regulation 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations").

The Independent Directors have complied with the Code for Independent Directors prescribed in Schedule IV to the Act.

Framework for Familiarization Programme for the Independent Directors and the Familiarization Programmes imparted to independent directors are made available on the website of the Company at weblink http://www.maxheights.com/Policies.aspx#.

(e) Key Managerial Personnel of the Company

Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of the Company as on the date of this report are Mr. Naveen Narang (DIN: 00095708), Managing Director and Chief Financial Officer and Ms. Kajal Goel, Company Secretary and Compliance Officer.

(f) Attributes, qualifications and appointment of Directors

The Nomination and Remuneration Committee has adopted the attributes and qualifications as provided in Section 149(6) of the Act and Rule 5 of the Companies (Appointment and Qualification of Directors) Rules, 2014, in respect of Independent Directors. The Committee has also adopted the same attributes and qualifications, to the extent applicable, in respect of Non-Independent Directors.

All the Non-Executive Directors of the Company fulfill the fit and proper criteria for appointment as Directors. Further, all Directors of the Company, other than Independent Directors, are liable to retire by rotation. One-third of the Directors who are liable to retire by rotation, retire every year and are eligible for re-election.

(g) Remuneration Policy

The Board, on the recommendation of the Nomination and Remuneration Committee, approved the Remuneration Policy for the Directors, Key Managerial Personnel and other employees of the Company, a copy of which is enclosed as Annexure-I to this Report.

(h) Board Evaluation

The Board of Directors has carried out an annual evaluation of its own performance, Board committees and individual directors pursuant to the provisions of the Act, SEBI Listing

Regulations and the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017, as required in terms of Section 134(3) (p) of the Act. The performance evaluation of the Board and individual Directors was based on criteria approved by the Nomination and Remuneration Committee. The Directors expressed their satisfaction with the overall evaluation process.

In a separate meeting of independent directors, performance of non-independent directors, the Chairman of the Company and the board as a whole was evaluated, taking into account the views of executive directors and non-executive directors.

4. NUMBER OF BOARD MEETINGS

Nine (9) Meetings of the Board were held during the financial year 2022-23. Details of the same are available in the Corporate Governance Report section of the Annual Report.

5. BOARD COMMITTEES AND MEETINGS

Presently, the Company has three Board Committees with the following members:

Audit Committee Mr. Shubham Mittal, Chairman
Mr. Naveen Narang, Member
Mr. Gourav, Member
Nomination and Remuneration Committee Mr. Gourav, Chairman
Mr. Shubham Mittal, Member
Mrs. Mansi Narang, Member
Stakeholders Relationship Committee Ms. Mansi Narang, Chairperson
Mr. Gourav, Member
Mr. Shubham Mittal, Member

Details of the Committee Meetings are available in the Corporate Governance Report section of the Annual Report.

6. DIRECTORS RESPONSIBILITY STATEMENT

As required under Section 134(5) of the Act, your Board of Directors to the best of their knowledge

and ability confirm that:-

i. in the preparation of the Annual Accounts, the applicable accounting standards have been followed and there are no material departures;

ii. they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

iii. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. they have prepared the annual accounts on a going concern basis;

v. they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively;

vi. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

7. CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the Act and Accounting Standard (AS) - 21 on Consolidated Financial Statements read with AS - 23 on Accounting for Investments in Subsidiary, the Audited Consolidated Financial Statements is provided in the Annual Report.

8. CHANGE IN NATURE OF BUSINESS

There is no change in the business of your Company during the year.

9. SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

As on 31st March, 2023, your Company has 1 Subsidiary Company i.e., Icon Realcon Private Limited. There has been no material change in the nature of the business of the subsidiary.

Pursuant to the provisions of Section 129(3) of the Act, a statement containing the salient features of Financial Statements of the Companys subsidiary in the Form no. AOC-1 is attached herewith as Annexure-II which forms part of 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.

The policy determining the material subsidiaries as approved is available on the website of the Company at web link http://www.maxheights.eom/Policies.aspx#.

10. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

The Company provides a gender friendly workplace and has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and constituted an Internal Complaints Committee accordingly. During the year under review, there were no cases filed pursuant to Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

None of the employees of your Company is covered under the provisions of Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

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 also provided in Annexure-III.

11. LISTING INFORMATION

The Equity Shares of the Company are listed on BSE Limited (BSE) and Calcutta Stock Exchange Limited (CSE). However, the Application for delisting of the equity shares of the Company from the CSE is pending with the Exchange.

The payment of listing fees for the year 2022-23 and 2023-24 has been made to BSE Limited.

12. DEMATERIALIZATION OF SHARES

The securities of the Company are admitted with NSDL and CDSL, the ISIN allotted to the Company is INE393F01010.

13. REPORT ON CORPORATE GOVERNANCE

The Company has complied with the Corporate Governance requirements as specified in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Companies Act, 2013, the report on the same as stipulated in Regulation 34 read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is enclosed as Annexure-IV to the Boards Report.

The Certificate issued by M/s. Chitranjan Agarwal & Associates, Chartered Accountants in practice confirming the Compliance of conditions of Corporate Governance as stipulated in Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is enclosed as Annexure-IV to the Boards Report.

14. CORPORATE SOCIAL RESPONSIBILITY (CSR)

During the Financial Year 2022-23, the provisions of Section 135(1) of the Act read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 are not applicable.

15. RISK MANAGEMENT

The Board has approved the Risk Management Policy of the Company. The Companys risk management framework is designed to address risks intrinsic to operations, financials and compliances arising out of the overall strategy of the Company. The Company manages monitors and reports on the principal risks and uncertainties that can impact its ability to achieve its objectives. The responsibility for management of risks vests with the Managers/ officers responsible for the day- to-day conduct of the affairs of the Company, which lead to identification of areas where risk management processes, need to be strengthened. Annual update is provided to the Board on the effectiveness of the Companys risk management systems and policies.

16. INTERNAL FINANCIAL CONTROLS AND INTERNAL AUDIT

The Board has adopted policies and procedures for governance of orderly and efficient conduct of its business including adherence to Companys policies, 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 and its disclosures. The Companys internal control systems are commensurate with the nature of its business, the size and complexity of its operations. The internal control and governance process are duly reviewed for the adequacy and effectiveness through regular testing of key controls by management and internal auditors. The Audit Committee reviews the internal audit findings, provides guidance on internal controls and ensures that the internal audit recommendations are implemented.

17. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

The particulars of loans, guarantees and investments under Section 186 of the Act have been disclosed in the Financial Statements and forms part of the Notes to the Standalone Financial Statements provided in this Annual Report.

18. RELATED PARTY TRANSACTIONS

During the year under review, all the contracts / arrangements/ transactions entered by the Company with related parties were in ordinary course of business/on an arms length basis.

The details in AOC-2 of transactions entered in to by the Company with its related party are provided in Annexure-V to this Report.

All Related Party Transactions were placed before the Audit Committee for approval. Omnibus approval of the Audit Committee was obtained for the transactions which were of a repetitive nature. The transactions entered into pursuant to the omnibus approval so granted were reviewed and statements giving details of all related party transactions were placed before the Audit Committee on a quarterly basis. The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board is available on the website of the Company at web link http://www.maxheights.com/Policies.aspx#.

19. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS / COURT / TRIBUNALS

During the year under review, no significant or material orders were passed by the Regulators / Courts / Tribunals which would impact the going concern status of the Company and its future operations.

Further, the company has applied for compounding under Section 441 of Companies Act, 2013, The object of the joint application was to obtain the approval of the Honble Regional Director for the compounding of offences committed under section 149 read with Schedule IV of the Companies Act, 2013 for non-compliance of the provisions of the Section 149 of Companies Act, 2013 for appointment of Mr. Ashok Ahuja (DIN 07287378) as Independent Director w.e.f. 30th September 2015.

The Regional Director after hearing passed the Compounding Order on 3rd of May, 2023.

20. EXTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return of the Company is available on the Companys website at http://www.maxheights.com/AnnualReport.aspx.

21. STATUTORY AUDITORS A N D A U D I T REPORT

Pursuant to the provisions of Section 139 of the Act read with Companies (Audit and Auditors) Rules, 2014, as amended from time to time, M/s. Chitranjan Agarwal & Associates (FRN-029812), Chartered Accountants were appointed as Statutory Auditor of the Company for a period of 5 year in accordance with Section 139 of Companies Act, 2013 from the conclusion of 41st Annual General Meeting to hold the office till the conclusion of the 46th Annual General Meeting of the Company to be held in year 2027 at such remuneration plus applicable taxes, as may be mutually agreed between the said Auditors and Board of Directors of the Company.

22. EXPLANATION BY BOARD ON EVERY QUALIFICATION, RESERVATION OR ADVERSE REMARK.

The comments made by the Auditors in their Report are self- explanatory and do not call for any further comments. The Auditors Report does not contain any qualification, reservation or adverse remark.

23. COST RECORDS

The Company is not required to maintain cost records in terms of Section 148 of the Act read with the Companies (Cost and Audit) Rules, 2014.

24. SECRETARIAL AUDITOR & SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s P B & Associates, Company Secretaries in Practice, to undertake the Secretarial Audit of the Company, for the Financial Year 2022-23. The Secretarial Audit Report given by M/s. PB & Associates, Company Secretaries, in MR-3 is provided under Annexure-VI to this Report.

The audit report contains the following observation:

The Company has not disclosed the details in the Annual Report filed for FY 2021-22 as required under Regulation 36 of SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015 in respect of appointment of Statutory Auditors.

Boards Comment: It is be and is hereby informed that the company has taken steps and the required information is mentioned thereunder in the Notice of 42nd Annual General Meeting of the Company.

Pursuant to Circular No.CIR/ CFD/ CMD1/ 27/ 2019 dated 8th February, 2019, issued by the SEBI, the Company has obtained Annual Secretarial Compliance Report from a Practicing Company Secretary on compliance of all applicable SEBI Regulations and circulars/ guidelines issued there under and the copy of the same has been submitted with the Stock Exchanges within the prescribed due date.

25. FRAUD REPORTED BY THE AUDITOR UNDER SECTION 143(12) OF COMPANIES ACT, 2013

The Statutory Auditor of the Company have not reported any matter under Section 143(12) of the Companies Act, 2013.

26. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year under review, as stipulated under Regulation 34(2) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015 (SEBI Listing Regulations), is presented in a separate section forming a part of the Annual Report.

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

Steps taken on conservation of energy and impact thereof: Efforts to conserve electricity by operating only necessary lights, fittings and fixtures were made during the financial year 2022-23.

Steps taken by the Company for utilizing alternate sources of energy: NIL Capital investment on energy conservation equipment: NIL.

TECHNOLOGY ABSORPTION:

(I) Efforts, in brief, made towards technology absorption and benefits derived as a result of the above efforts, e.g. product improvement, cost reduction, product development, import substitution, etc: Nil

(II) No technology was/ is imported during the last 3 years reckoned from the beginning of the Financial Year,

Expenditure incurred on research and development - NIL

25. FOREIGN EXCHANGE EARNINGS AND OUTGO

There were no foreign exchange earnings or outflow during the Financial Year 2022-23.

26. ESTABLISHMENT OF VIGIL MECHANISM

Your Company is deeply committed to highest standards of ethical, moral and legal business conduct. It ensures that it provide a respectful work environment, not only for all our employees, but for all our external partners too. Accordingly, the Board of Directors have formulated Whistle Blower Policy which is in compliance with the provisions of Section 177(10) of the Companies Act, 2013 and Regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Company has an Ethics Helpline for the employees (both permanent and contractual), directors, vendors, suppliers and other stakeholders. The helpline will serve as an avenue for the Reporters to blow the whistle in case they come across any unethical or fraudulent activity happening in the organisation.

The Company has taken a special attention and greater emphasis on whistle blower activities where initiatives such as campaigns, posters at prominent locations, awareness sessions etc. were taken to encourage the employees to speak-up about any wrong doing activities and bring the same to the notice of the Management through whistle blower activities. The complaints under whistle blower are processed by professionals to assure collection of accurate information and protection of the information confidentiality. The reportable matters are disclosed to Audit Committee. No personnel have been denied access to the Audit Committee.

The details of the Policy on Vigil Mechanism and Whistle Blower Policy, as approved by the Board have been stated in the Report on Corporate Governance available on the website of the Company at web link http://www.maxheights.com/Policies.aspx#.

27. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) AND THEIR STATUS

There is no application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year.

28. FINANCIAL YEAR

The Company follows the financial year commence from April 01 and ends on March 31 of subsequent year.

29. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOANS FROM THE BANKS OR FINANCIAL INSTITUTION ALONGWITH THE REASONS THEREOF

There are no such events occurred during the period from April 01, 2022 to March 31, 2023, thus no valuation is carried out for the one-time settlement with the Banks or Financial Institutions.

30. COMPLIANCE WITH SECRETARIAL STANDARDS

During the year under review, the Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

31. ACKNOWLEDGEMENT

Your directors would like to express their sincere appreciation for the assistance and co-operation received from the financial institutions, banks, Government authorities, customers, vendors and shareholders during the year under review.

Your directors also wish to place on record their deep sense of appreciation for the committed services by the Companys executives, staff and workers.

By Order of Board of Directors
For Max Heights Infrastructure Limited
Sd/- Sd/-
Naveen Narang Mansi Narang
Date : 16th August, 2023 Managing Director and CFO Director
Place : New Delhi DIN: 00095708 DIN: 07089546
Max Heights Infrastructure Limited
Regd. Off.: SD-65, Tower Apartment,
Pitampura, New Delhi-110034.
CIN: L67120DL1981PLC179487
E-Mail ID: maxinfra1981@gmail.com