Metalyst Forgings Ltd Directors Report.

Dear Members,

It gives me great to presenting the 42ND Annual Report on the business and operations of the Company, together with the audited accounts for the financial year ended March 31, 2019.

A corporate insolvency resolution process ("CIRP") has been initiated against Metalyst Forgings Limited ( ‘the Company’ ) vide an order of Mumbai bench of the National Company Law Tribunal (NCLT) dated December 15, 2017 under the provisions of the insolvency and bankruptcy code 2016 (Code). The Hon’ble NCLT, Mumbai Bench by order Dated 15th December, 2017 has appointed Mr. Dinkar T. Venkatasubramanian as an Interim Resolution Professional (‘IRP’) for carrying out the Corporate Insolvency Resolution Process (CIRP) of the Company.

At the first meeting of Committee of Creditors of the Company held on 12th January, 2018 his appointment was confirmed as a Resolution Professional. The members of the CoC (vide their meeting held on 18th May, 2018) authorised RP to File an application to NCLT For Extension of CIRP Period by 90 days (i.e. from 180 days to 270 days) as per IBC code.

In terms of Section 17 of the Code, on commencement of the Corporate Insolvency Resolution Process (CIRP), the powers of the Board of Directors of MFL stands suspended and the same are being exercised by the Resolution Professional. The management of the affairs of MFL has been vested with Resolution Professional.

In View of the above mentioned provisions of Law since the Powers of Board of Directors stands Suspended and be exercised by the Interim Resolution Professional, the Directors Report which is required to be presented by Board of Directors under Section 134(3) Companies Act, 2013 is not being presented. However a report of Management containing the Details and information as available to be disclosed in Directors Report to the shareholders is being presented to you by Resolution Professional.

FINANCIAL RESULTS

The standalone financial statements for the financial year ended March 31, 2019, forming part of this Annual Report, have been prepared in accordance with the Indian Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs The Company’s, financial performance, for the year ended 31st March, 2019 and period ended 31st March, 2018 is summarized below:-

in Rs. Lakhs except per equity share data

Particulars 31st March, 2019 31st March, 2018
Revenue from Operations 38004 37378
Other Income 64 77
Total Revenue 38068 37455
Expenditures (Excluding Depreciation) 39612 71597
Gross Profit Before Depreciation (1544) (34142)
Depreciation 25531 25993
Profit Before Tax & Exceptional Items (27075) (60135)
Exceptional Item - 41195
Profit Before tax (27075) (101330)
Tax Expenses
Deferred Tax 2162 (8312)
MAT Reversal -
Profit /(Loss) for the year (29237) (93018)
Other Comprehensive Income 12 82
Total Comprehensive Income (29225) (92936)
EPS (for continuing operation)
Basic (50.58) (213.48)
Diluted (50.58) (213.48)
EPS (for continuing and discontinuing operation)
Basic (50.58) (213.48)
Diluted (50.58) (213.48)

FINANCIAL PERFORMANCE

During the year under review, your Company had earned total revenue amounting to Rs.38,068 lakhs as compared to Rs. 37,455 lakhs in the previous year. Loss after Tax stood at Rs. 29,237 lacs as against Loss after Tax of Rs. 93,018 lakhs in the previous year.

STATE OF COMPANY’S AFFAIRS

The state of affairs of the Company is presented as part of the Management Discussion and Analysis (MDA) Report forming part of this Annual Report.

TRANSFER TO RESERVE

The Company did not transfer any amount to reserve during the year.

MATERIAL CHANGES AND COMMITMENTS

A corporate insolvency resolution process ("CIRP") has been initiated against Metalyst Forgings Limited ( ‘the Company’ ) vide an order of Mumbai bench of the National Company Law Tribunal (NCLT) dated December 15, 2017 under the provisions of the insolvency and bankruptcy code 2016 (Code). The Hon’ble NCLT, Mumbai Bench by order Dated 15th December, 2017 has appointed Mr. Dinkar T. Venkatasubramanian as an Interim Resolution Professional (‘IRP’) for carrying out the Corporate Insolvency Resolution Process (CIRP) of the Company & Resolution Plan Submitted By Deccan Value Investors L.P. has been Approved By Committee Of Creditors In Its Meeting Dated On 25th August, 2018.

DIVIDEND

In view of losses incurred during the year under review, the Board of Directors does not recommend any dividend on the equity shares for the financial year ended March 31, 2019.

AUTHORIZED SHARE CAPITAL

The Authorized Share Capital of the Company is Rs. 52,00,00,000 (Rupees Fifty Two Crores only) divided into 5,00,00,000 (Five Crores) Equity Shares of INR 10/- each aggregating to INR 50,00,00,000 (Rupees Fifty Crores Only) and 20,00,000 (Twenty Lakhs) Preference Shares of INR 10/- each aggregating to Rs. 2,00,00,000 ( Rupees Two Crore Only).

CHANGE IN BOARD OF DIRETORS DURING THE INSOLVENCY PROCESS

Pursuant to Section 149, 152 and other applicable provisions, if any, of the Companies Act, 2013 and the Articles of Association of the Company, Mr. Arvind Dham (DIN: 00047217) will retire by rotation at the ensuing Annual General Meeting of the Company and being eligible offer themselves for re-appointment.

Brief profile of Mr. Arvind Dham (DIN: 00047217) is given with the notice of Annual General Meeting

During the period under review, Pursuant to Section 168 of the Companies Act, 2013 read with Rule 15 of Companies (Appointment and Qualifications of Directors) Rules, 2014, Mr. Gautam Malhotra, Mr. Vivek Kumar Agarwal and Mr. Sanjiv Bhasin has resigned from the office of Director of the Company w.e.f. 23rd May, 2018, 01st June, 2018 and 10th December 2018.

As per the provisions of Section 149 of the Act, an independent director shall hold office for a term up to five consecutive years on the Board of a company and is not liable to retire by rotation. Mr. Brajindar Mohan Singh, Mr. Yogesh Kapur and Ms. Anuradha Kapur have given declarations to the Board, that they meet the criteria of independence as provided under Section 149(6) of the Act.

During the year, the non-executive directors of the Company had no pecuniary relationship or transactions with the Company.

Brief disclosure of the Directors proposed to be re-appointed, highlighting their industry expertise in specific functional areas, names of companies in which they hold directorships is provided in the notice forming part of this Annual Report. Further, the name of the Companies in which they hold the memberships/chairmanships of Board Committees, as stipulated under SEBI Listing Regulations is provided in the Corporate Governance Section of the Annual Report.

After the Commencement of Corporate Insolvency Resolution Process (CIRP) shall be fulfilled by Resolution Professional in accordance with sections 17 and 23 of Insolvency and Bankruptcy Code 2016 and powers of the Board of Directors stand suspended.

DETAILS OF KEY MANAGERIAL PERSONNEL & RESOLUTION PROFESSIOANL

During the period under review, Mr. Pavan Kumar Mishra had resigned from the office of Company Secretary of the Company w.e.f. 10th June, 2019. The Board places on record its appreciation for the services rendered by Mr. Pavan Kumar Mishra during her tenure with the Company.

The Key Managerial Personnel (KMP) in the Company as per Section 2(51) and 203 of the Companies Act, 2013 are as follows as 31.03.2019:

Mr. Shekhar Gupta Whole Time Director
Mr. Arun Maiti Chief Financial Officer
Mr. Pavan Kumar Mishra Company Secretary

Further stated that Metalyst Forgings Limited is under Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code 2016 (Code) vide an order of the Hon’ble National Company Law Tribunal ("NCLT"), Mumbai dated 15.12.2017 and Mr. Dinkar T. Venkatasubramanian (IP Registration no. IBBI/IPA-001/IP-P00003/2016-17/10011), was appointed as the Insolvency Resolution Process ("IRP") with effect from 15 December 2017. Further, in terms of the provisions of the Code, the Committee of Creditors (CoC) in its meeting held on 12 January 2018 continued to Mr. Dinkar T. Venkatasubramanian as the Resolution Professional.

TRANSFER OF UNPAID AND UNCLAIMED AMOUNT TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

Pursuant to the provisions of the Companies Act, 2013 and Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (IEPF Rules), the declared dividends, which remained unpaid or unclaimed for a period of seven (7) years and shares thereof shall be transferred by the Company to the Investor Education and Protection Fund (IEPF) established by the Central Government.

Accordingly, during the year, the Company has transferred the unpaid or unclaimed dividend for a period of 7 years from the date they become due for payment along with the shares to IEPF. The shareholders have option to claim their shares and/or amount of dividend transferred from IEPF.

The company has send the notice to the respective shareholders who have not claimed dividend for seven Consecutive Years and whose shares are liable to be transferred to IEPF during the Financial year.

No claim shall be entertained against the Company for the amounts and shares so transferred.

SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANIES

The Company has no subsidiary, Joint Venture and Associates as on 31st March, 2019.

NUMBER OF BOARD MEETING AFTER THE COMMENCEMENT OF INSOLVENCY PROCESS

After the Commencement of Insolvency Resolution Process In terms of Section 17 of the Code, on commencement of the Corporate Insolvency Resolution Process (CIRP), the powers of the Board of Directors of MFL stands suspended and the same are being exercised by the Resolution Professional. The management of the affairs of MFL has been vested with Resolution Professional, therefore no meeting of Board of Directors or Committee was held after the Commencement of Corporate Insolvency Resolution Process (CIRP) w.e.f. 15th December, 2017.

POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION AND OTHER DETAILS

Pursuant to Section 134(3)(e) & Section 178(3) of the Companies Act 2013, the Nomination and Remuneration Committee of the Board has framed a policy for selection and appointment of Directors and senior management personnel, which inter alia includes the criteria for determining qualifications, positive attributes and independence of a Director(s) / Key managerial personnel and their remuneration. Details of the policy on appointment and remuneration are available on the website of the Company (www.amtek.com).

DECLARATION BY INDEPENDENT DIRECTORS

The Company has received declaration from all the independent Directors of the Company confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

BOARD EVALUATION

Pursuant to applicable provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has formulated a framework containing, inter alia, the criteria for performance evaluation of entire Board of the Company on various parameters.

The Companies Act, 2013 states that a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors. Schedule IV of the Companies Act, 2013 states that the performance evaluation of independent directors shall be done by the entire Board of Directors, excluding the director being evaluated

The evaluation of all the directors and the Board as a whole was conducted based on the criteria and framework adopted by the Board. The evaluation process has been explained in the corporate governance report. The Board approved the evaluation results as collated by the Nomination and Remuneration Committee.

The Board Evaluation after the Commencement of Corporate Insolvency Resolution Process (CIRP) shall be fulfilled by Resolution Professional and powers of the Board of Directors stand suspended.

FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS

All new independent directors inducted into the Board attend an orientation program. The details of training and familiarization program are available on our website (www.amtek.com).

Further, at the time of the appointment of an independent director, the Company issues a formal letter of appointment outlining his / her role, function, duties and responsibilities. The format of the letter of appointment is available on our website (www.amtek.com) COMMITTEES OF THE BOARD

The Company’s Board has the following Committees:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders Relationship Committee

4. Corporate Social Responsibility Committee

5. Risk Management Committee

The details of the membership and attendance at the meetings of the above Committees of the board are provided in the Corporate Governance section of this report.

The role and responsibilities of the Committees specified in regulations 18,19,20 and 21 of SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2018 after the Commencement of Corporate Insolvency Resolution Process (CIRP) shall be fulfilled by Resolution Professional and powers of the Board of Directors stand suspended.

DISCLOSURE OF AUDIT COMMITTEE & NON ACCEPTANCE OF ITS RECOMMENDATION

The composition of Audit Committee of the Company as on 31.03.2019 is as under:

Name of the Member Category Status
Mr. Yogesh Kapur Independent Director Chairman
Ms. Anuradha Kapur Independent Director Member

# Mr. Sanjiv Bhasin Resigned from Audit committee with effect from 10-12-2018.

Before the Commencement of Insolvency Resolution Process all the recommendations made by the Audit Committee were accepted by the Board of Directors during the financial year 2018-19.

After the Commencement of Corporate Insolvency Resolution Process (CIRP) as per regulation 17 of IBC "the Code" The management of the affairs of the company shall vested in the interim resolution professional and the power of the board of directors shall stand suspended and be exercised by the Interim Resolution Professional.

Mr. Dinkar T. Venkatasubramanian, appointed as Interim Resolution Professional by the National Company Law Tribunal by order dated 15 December 2017 and continued as Resolution Professional by the Committee of Creditors in its meeting held on 12 January 2018 under provisions of the code)

DIRECTORS’ RESPONSIBILTY STATEMENT

Before the Commencement of Insolvency Resolution Process Pursuant to the provisions of Section 134(5) of the Companies Act, 2013 the Directors hereby confirm that:

i. in preparation of Annual Accounts, the applicable Accounting Standards have been followed and there has been no material departure.

ii. they have selected accounting policies which were applied consistently and the directors 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 31st March, 2019 and of the profits/losses for the year ended on that date.

iii. they have 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. 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 were adequate and operating effectively.

The role and responsibilities of the Board of Directors after the Commencement of Corporate Insolvency Resolution Process (CIRP) shall be fulfilled by Resolution Professional in accordance with sections 17 and 23 of Insolvency and Bankruptcy Code 2016 and powers of the Board of Directors stand suspended.

STATUTORY AUDITORS

Company’s 40th AGM held on 25 September 2017, M/s Raj Gupta & Co., Chartered Accountants (Firm Registration No. 000203N) has been appointed as the Statutory Auditor of the Company for a term of 5 years (subject to ratification by members at every AGM if required under the prevailing law at that time), to hold office from the conclusion of the 40th Annual General Meeting until the conclusion of the 45th Annual General Meeting of the Company.

Pursuant to Section 139 of the Companies Act, 2013 read with the Companies (Amendment) Act, 2017 notified by the Ministry of Corporate Affairs on 7 May 2018, the requirement for ratification of the appointment of Statutory Auditors by the members at every Annual General Meeting has been omitted.

AUDITORS’ REPORT

The auditors’ report does not contain any qualification, reservation, adverse remark, comments, observations or disclaimer given by the Auditors in their report which forms part of this report.

SECRETARIAL AUDIT

The Board has appointed M/s S.N. Jain & Co., Company Secretaries, to conduct Secretarial Audit for the financial year 2017-18 pursuant to Section 204 of the Companies Act, 2013. The Secretarial Audit Report submitted by them for the financial year 2017-18 in the prescribed form MR-3 is attached as Annexure- I and forms part of this Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

SECRETARIAL COMPALIANCE REPORT

Pursuant to the provisions of Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, M/s S. Khurana and Associates, Company Secretaries in practice has given the Secretarial Compliance Report of the Company for the financial year 2018-19.

COST AUDITORS

As per Section 148 of the Companies Act, 2013, the Company is required to have the audit of its cost records conducted by a Cost Accountant in practice. In this connection, the Board of Directors of the Company on the recommendation of the Audit Committee, has appointed Mr. Yash Pal Sardana (Membership No. 17996), practicing Cost Accountant, as Cost Auditor for conducting the audit of the cost records of the Company for the financial year 2018-19 subject to its ratification of the remuneration to be paid to Cost Auditor, by the shareholders at the ensuing Annual General Meeting.

REPORTING OF FRAUD BY AUDITORS

During the year under review, the Auditors of the Company have not reported any fraud as specified under section 143 (12) of the Companies Act, 2013 to the Audit Committee

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013

Disclosure on particulars relating to loans, guarantees or investments under section 186 of the Companies Act, 2013, form part of notes to the financial statement provided in this Annual Report.

PARTICULARES OF CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES

All contracts or arrangements entered into by the Company with Related Parties are at arm’s length and are in ordinary course of business.

In accordance with Section 134(3) (h) of the Companies Act, 2013 read with Rule 8(2) of Companies (Accounts) Rules, 2014, All the Related Party Transactions entered into during the financial year were on an Arm’s Length basis and in the Ordinary Course of Business. There are no materially significant Related Party Transactions made by the Company with Promoters, Directors, Key Managerial Personnel (KMP) which may have a potential conflict with the interest of the Company at large. the particulars of contracts or arrangements with related parties, referred to in Section 188(1) of the Companies Act, 2013, in the prescribed Form AOC-2 is attached as Annexure-II which forms part of this report.

The Policy on Related Party Transactions as approved by the Board of Directors is uploaded on the website at http://www.amtek.com/mfl.php#

There has been no change to the policy on Related Party Transactions during the financial year ended March 31, 2019

ANNUAL RETURN EXTRACT

In terms of Section 134(3)(a) of the Companies Act, 2013 read with Rule 12(1) of Companies (Management & Administration) Rules, 2014, the extract of Annual Return of the Company in Form MGT-9 is attached as Annexure III to this Report.

Whereas, in pursuant to the Companies (Amendment) Act, 2017, the act has made substitution under Section 134(3) (a) of the Companies Act, 2013 to place the extract of Annual Return on the website of the Company. As to comply with the said provision the Company has placed the extract of Annual Return in Form MGT-9 on the website of the company i.e www.amtek.com

CORPORATE SOCIAL RESPONSIBILITY

The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in Annexure-IV of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. The policy is available on the website of the Company at www.amtek.com.

PARTICULARS OF EMPLOYEES AND REMUNERATION

The ratio of remuneration of each director to the median of employees’ remuneration as per 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 attached as Annexure-V(A) forming part of this report.

The statement containing particulars of employees as required under section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is attached as Annexure-V(B) forming part of this report.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has designed and implemented a process driven framework for Internal Financial Controls [IFC] within the meaning of the explanation to Section 134(5) (e) of the Act. The Board has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the 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 disclosures.

CORPORATE GOVERNANCE

The Company is committed to maintain high standards of Corporate Governance and adhere to the Corporate Governance requirements set out by SEBI. The Report on Corporate Governance as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms an Integral part this Annual Report. Requisite Certificate from the Auditors of the Company confirming compliance with the conditions of Corporate Governance is attached to this Annual Report.

RISK MANAGEMENT

In compliance with the provisions of Regulation 21 of SEBI Listing Regulations, the Board of Directors has constituted a Risk Management Committee to frame, implement and monitor the risk management plan for the Company. The committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The audit committee 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 has been covered in the management discussion and analysis, which forms part of the Annual report. The details of Committee are set out in the Corporate Governance Report forming part of the Board’s Report.

ANTI SEXUAL HARASSMENT POLICY

The Company has in place an Anti Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Internal Complaints Committee has been set up to redress complaints received regarding sexual harassment. All women employees (permanent, contractual, temporary, trainees) are covered under this policy. During the year 2018-19, no complaints were received by the committee.

PUBLIC DEPOSITS

During the period under review, the Company has neither accepted nor renewed any deposits within the meaning of Section 73 of the Companies Act, 2013 from the Shareholders/Public.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS & OUTGO

The detail as required under Section 134(3) (m) of the Companies Act, 2013 read with Rule 8(3) of the Companies Rules, 2014 regarding conservation of energy, technology absorption, foreign exchange earnings & outgo is attached as Annexure-VI to this Report.

MANAGEMENT DISCUSSION & ANALYSIS REPORT

A detailed review of operations, performance and future outlook of the Company is given separately, under head "Management Discussion and Analysis Report" forming part of this Annual Report.

DISCLOSURE REQUIREMENTS

Details of the Familiarization Programme of the independent directors are available on the website of the Company (www.amtek.com). Policy on dealing related party transaction is available on the website of the Company (www.amtek.com).

VIGIL MECHANISM

The Company has formulated Whistle Blower Policy wherein Vigil Mechanism for Employees, Directors, Stakeholders of the Company are free to report any unethical or improper activity. The provisions of this policy are in line with the provisions of the Section 177(9) of the Act and the SEBI (Listing Obligation & Disclosure Requirements ) Regulation 2015. (URL: www.amtek.com/investors).

SIGNIFICANT AND MATERIAL ORDERS

As stated hereinbefore, the Hon’ble National Company Law Tribunal, Mumbai (NCLT, Mumbai) vide order dated 15th December, 2017 approved initiation of Corporate Insolvency Resolution Process of the Company pursuant to an application under section 7 of the Insolvency and Bankruptcy Code, 2016 filed by State Bank of India.

Pursuant to the initiation of the above proceedings, the powers of the Board have been suspended in terms of section 17 of the said Code and the same now vest with Mr. Dinkar T. Venkatasubramanian, the Resolution Professional.

Further Hon’ble National Company Law Tribunal, Mumbai Bench vide order dated 05th June, 2018 allowed For Extension of CIRP Period by 90 days w.e.f. 13th June 2018 (i.e. from 180 days to 270 days) as per IBC.

DEMATERIALISATION AND LISTING

The equity shares of the Company are admitted to the depository system of National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). As on 31st March 2019, 4,30,15,100 Equity Shares representing 98.77%of the Equity Share Capital of the Company are in dematerialized form. The Equity Shares of the Company are compulsorily traded in dematerialized form as mandated by the Securities and Exchange Board of India (SEBI). The International Securities Identification Number (ISIN) allotted to the Company with respect to its Equity Shares is INE425A01011.

The Equity Shares of the Company are listed on BSE Limited and National Stock Exchange of India Limited and are actively traded.

RECONCILIATION OF SHARE CAPITAL AUDIT

As per the directive of the Securities & Exchange Board of India, M/s S. Khurana & Associates, Company Secretaries, New Delhi, undertook the Reconciliation of Share Capital Audit on a quarterly basis. The purpose of the audit is to reconcile the total number of shares held in National Securities Depository Limited (NSDL), Central Depository Services (India) Limited (CDSL) and in physical form with respect to admitted, issued and Paid up Share Capital of the Company.

The reconciliation of Share Capital Audit Report as submitted by M/s S. Khurana & Associates, Company Secretaries, New Delhi, on quarterly basis was forwarded to the BSE Limited and National Stock Exchange of India Limited where the Equity Shares of the Company are listed.

INDUSTRIAL RELATIONS

During the year under review, the relations between the Management and the workmen were highly cordial. Human resources initiatives such as skill up gradation, training, appropriate reward & recognition systems and productivity improvement were the key focus areas for development of the employees of the Company.

INVESTOR RELATIONS

Your Company always endeavours to promptly respond to members’ requests/grievances. Each and every issue raised by the members is taken up with utmost priority and every effort is made to resolve the same at the earliest. The Stakeholders Relationship Committee of the Board periodically reviews the status of the redressal of investors’ grievances.

COMPLIANCE WITH SECRETARIAL STANDARD

The Company complies with all applicable Secretarial Standard issued by the Institute of Company Secretaries of India.

ACKNOWLEDGEMENTS

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 members during the year under review.

Your Directors also wish to place on record their deep sense of appreciation for the dedication of the employees at all levels, which has been critical for the Company’s success. The Directors look forward to their continued support in future.

By Order of the Resolution Professional For Metalyst Forgings Limited

(A Company under Corporate Insolvency Resolution Process)

Yogesh Kapur
DIN No. 00014385
(Chairman & Director)
Date : 5th September, 2019
Place : Pune

(Metalyst Forgings Limited is under Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016. Its affairs, business and assets are being managed by the Resolution Professional , Mr. Dinkar T. Venkatasubramanian, appointed as Interim Resolution Professional by the National Company Law Tribunal by order dated 15 December 2017 and continued as Resolution Professional by the Committee of Creditors in its meeting held on 12 January 2018 under provisions of the code)