TO THE MEMBERS
The Directors present their 50th Report together with
Audited Financial Statements of the Company for the financial year ended 31st
March, 2023.
1. FINANCIAL SUMMARY AND HIGHLIGHTS
|
2022-23 |
2021-22 |
| Revenue from Operations & Other Income |
47087 |
31935 |
| Profit before Finance cost, Depreciation & amortisation
and Tax |
2763 |
1617 |
| Less: Finance Cost |
978 |
732 |
| Profit before Depreciation & amortisation and Tax |
1785 |
885 |
| Less: Depreciation & amortisation Expenses |
636 |
654 |
| Profit /(Loss) before Tax |
1149 |
231 |
| Tax Expenses (credit/ (net) |
|
|
| - Current Tax |
256 |
52 |
| - Earlier year Tax expenses |
5 |
11 |
| - MAT Credit recognition |
14 |
(60) |
| - Deferred Tax |
(101) |
(121) |
| Total Tax Expenses / (Credit) |
174 |
(118) |
| Profit /Loss for the period |
975 |
349 |
| Other Comprehensive income |
(67) |
15 |
| Transferred to General Reserves |
908 |
364 |
2. OPERATIONS
During the period under Report, the Companys sales and other
income are Rs. 47087/- lakhs and cash profit is Rs. 1785/ - lakhs as compared to last
years figures of Rs. 31935/- lakhs and cash profit of Rs.885/- lakhs respectively.
After depreciation and amortization, the profit for the year is Rs. 1149/- lakhs as
compared to the previous year profit of Rs.231/- lakhs respectively.
3. DIVIDEND
Pursuant to the approval of the Board of Directors on 19th November
2022, the Company has paid an interim dividend @ of Rs. 2.50/- per equity share of the
face value of Rs. 10/- each to the Shareholders who were on the register of members as on
30th November, 2022, being the record date fixed for this purpose. Interim
Dividend absorbed a sum of Rs. 1,22,16,100/ - (Rupees One Crore Twenty-Two Lakhs Sixteen
Thousand and One Hundred Only) out of the net profits after tax for the financial year
2022-23.
4. CHANGE IN THE NATURE OF BUSINESS, IF ANY
During the year under review, there was no material change in the
nature of business of the Company.
5. FIXED DEPOSITS
The details relating to Deposits, covered under Chapter V of the Act:
(a) Accepted during the year - Nil;
(b) There are no unclaimed fixed deposits but interest amounting to
Rs.1.11/- lakh is outstanding with the Company as at the end of the year; (c) There is no
default in repayment of deposits or payment of interest thereon during the year.
6. SUBSIDIARY COMPANY AND CONSOLIDATED FINANCIAL STATEMENTS
During the year under review, M/s. MFL Trading Private Limited
continues to be the wholly owned subsidiary company of the Company.
In compliance with provisions of Section 129(3) of the Companies Act,
2013 read with Companies (Accounts) Rules, 2014 and the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Company has prepared consolidated
financial statements as per the Accounting Standards on Consolidated Financial Statements
issued by the Institute of Chartered Accountants of India. The audited consolidated
financial statements along with the Auditors Report thereon forms part of this
Annual Report.
During the year, the Board of Directors (the Board) has reviewed the
affairs of the Subsidiary. Further, a statement containing the salient features of the
financial statements of subsidiary in the prescribed format AOC-1 is appended as
"Annexure-1" to the Boards Report.
In accordance with Section 136 of the Companies Act, 2013, the audited
financial statements, including the consolidated financial statements and related
information of the Company and audited financial statements of its subsidiary, are
available on the Companys website at www.milkfoodltd.com.
The Company has no material subsidiary company but in order to comply
with the Listing Regulations, the Company has adopted a Policy on Material Subsidiary
Companies and has uploaded on the Companys website at www.milkfoodltd.com.
7. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
During the period under review, the Company has not made any loan,
guarantee or investment in terms of provisions of Section 186 of the Companies Act, 2013.
8. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY
No material changes and commitments affecting the financial position of
the Company occurred between the end of the financial year to which these financial
statements relate and to the date of this Report.
9. DIRECTORS
Mrs. Preeti Mathur, Non-Executive Non Independent Director (DIN:
07951647) retires by rotation and, being eligible, offer herself for re-appointment as the
Director of the Company. The Board recommends her re-appointment.
The Board in its meeting held on 07th July, 2023, appointed
Mr. Roopesh Kumar and Mrs. Namita Swain as the Additional Directors to hold the office up
to the date of ensuing Annual General Meeting.
Mr. Roopesh Kumar has been appointed in the category of Non-Executive
Non Independent Director and Mrs. Namita Swain was appointed as the Non-Executive
Independent Director of the Company.
Mrs. Namita Swain has given consent for her appointment as the Director
of the Company. The Board of Directors also feel that her appointment is in the interest
of the Company. The Board recommends her appointment at the ensuing AGM. Due to personal
reasons, Mr. Roopesh Kumar, Additional Director, has resigned from the Directorship of the
Company with effect from 20th July, 2023.
Mr. Kewal Krishan Kohli (DIN: 00127337), Independent Director, has
resigned from the Directorship of the Company with effect from 07th July, 2023.
Mrs. Asha Gadi (DIN: 00110734), Independent Director, has resigned from
the Directorship of the Company with effect from 04th July, 2022.
All the outgoing Directors have confirmed that they have resigned due
to their personal reasons and there is no other material reason for resignation as the
Directors of the Company.
The Board places on record its sincere appreciation for the useful
services rendered by all these outgoing Directors during their tenure as the Directors of
the Company.
Mr. Sudhir Avasthi, Executive Director continues to be the Managing
Director of the Company.
Mr. Harmesh Mohan Sood continues to hold the office as Non Executive
Non Independent Director of the Company. Mrs. Gita Bawa and Mr. Anil Girotra continue to
hold the office as the Non Executive Independent Directors of the Company. The Board of
Directors of the Company are of the opinion that all the Independent Directors of the
Company possess, relevant expertise and experience required to best serve the interest of
the Company.
10. DECLARATION OF INDEPENDENCE
All the Independent Directors have given declaration that they meet the
criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 read
with Regulation 16(b) of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015.
The Independent Directors have confirmed the compliances of relevant
provisions of Rule 6 of the Companies (Appointments and Qualifications of Directors)
Rules, 2014 as amended from time to time.
11. FORMAL LETTER OF APPOINTMENT TO INDEPENDENT DIRECTORS
The Company has issued the formal letter of appointment to all the
Independent Directors in the manner as provided under the Companies Act, 2013 and the
terms and conditions of their appointment have been disclosed on the website of the
Company at www.milkfoodltd.com.
12. MEETINGS OF THE BOARD OF DIRECTORS
During the year under review, eleven (11) Board meetings and One (1)
separate meeting of the Independent Directors were convened and held. The details of these
meetings are given in the Corporate Governance Report. The intervening gap between the
meetings was within the period prescribed under the Companies Act, 2013.
13. FAMILIARIZATION PROGRAMMES FOR INDEPENDENT DIRECTORS
The Company has a policy of conducting familiarization programmes for
Independent Directors in order to familiarize them with the Company, their roles, rights,
responsibilities in the Company and nature of the industry in which the Company operates
etc. The details of such Policy have been given on the website of the Company at
www.milkfoodltd.com.
14. COMMITTEES
As per the provisions of Section 177, 178 and 135 of the Companies Act,
2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the
Company has constituted an Audit Committee, Nomination & Remuneration Committee,
Stakeholders Relationship Committee and Corporate Social Responsibility Committee. The
Composition of these Committees and details of their meetings are given in the Corporate
Governance Report.
15. KEY MANAGERIAL PERSONNEL
The following are the Key Managerial Personnel of the Company: (a) Mr.
Sudhir Avasthi, Managing Director (b) Mr. Sanjeev Kothiala, Chief Financial Officer.
(c) Mr. Rakesh Kumar Thakur, Company Secretary and Compliance Officer.
16. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(3) (c) read with Section 134 (5) of the Act,
your Directors confirm that:
(a) in the preparation of Annual Accounts for the year ended March 31,
2023, the applicable Accounting Standards have been followed along with proper explanation
relating to material departures;
(b) the Directors 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 and loss of the Company for that period;
(c) the Directors 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;
(d) the Directors have prepared the annual accounts of the Company on a
going concern basis;
(e) the Directors have 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) the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are adequate and operating
effectively.
17. CHANGE IN SHARE CAPITAL
The Company has increased its Authorised Share Capital from existing
Rs. 8,00,00,000/- (Rupees Eight Crore) divided into 75,00,000 (Seventy-Five Lakhs) Equity
Shares of Rs.10/- each and 50,000 (Fifty Thousand) Cumulative Redeemable Preference Shares
of Rs.100/- each to Rs. 20,00,00,000/- (Rupees Twenty Crore) divided into 1,95,00,000 (One
Crore Ninety-Five Lakhs) Equity Shares of Rs. 10/- each and 50,000 (Fifty Thousand)
Cumulative Redeemable Preference Shares of Rs. 100/- each by creation of 1,20,00,000 (One
Crore Twenty Lakhs) additional equity share of Rs.10/- each ranking pari passu with
the existing Equity Shares in all respects as per the Memorandum and Articles of
Association of the Company.
In the issued, subscribed and paid up capital of the Company, 2875
equity shares are still partly paid up, so in order to make these partly paid up shares as
fully paid up, the Company issued the reminders to the defaulting members requesting them
to pay their outstanding dues. Despite of these reminders, 2585 shares are still partly
paid up shares. So the Board of Directors in its meeting held on 27th March,
2023 decided to forfeit these partly paid up shares subject to the approval of the BSE.
The Company has filed with the BSE an application dated 31st
March, 2023 for its approval for the forfeiture of 2585 partly paid equity shares and as
on date the application is pending for further actions by the BSE.
18. AUDITORS
18.1 STATUTORY AUDITORS
The members at their 49th Annual General Meeting (AGM) of
the Company held on 28th September, 2022 had appointed M/s Madan &
Associates, Chartered Accountants, New Delhi (FRN 000185N) as the Statutory Auditors of
the Company to hold the office for a term of five years i.e. from the conclusion of 49th
Annual General Meeting until the conclusion of the 54th Annual General Meeting
of the Company to be held in the calendar year 2027.
The Companies Amendment Act, 2017 (Vide Notification dated 7th
May, 2018 issued by the Ministry of Corporate Affairs) has dispensed with the requirement
of ratification of Auditors appointment by the shareholders every year. Hence, the
resolution relating to ratification of Auditors appointment is not included in the
Notice of the ensuing Annual General Meeting.
18.2 AUDITORS REPORT
The Auditors Report does not contain any
qualifications/reservation or adverse remarks. Notes to accounts are self-explanatory and
form an integral part of Financial Statements.
18.3 SECRETARIAL AUDITORS
Pursuant to the provisions of Section 204 of the Companies Act, 2013
read with corresponding Rules framed thereunder, Ms. Kamlesh Gupta, Company Secretary in
practice has been appointed as the Secretarial Auditor to carry out the Secretarial Audit
of secretarial and related records of the Company for the financial year ended on 31st
March, 2023.
Secretarial Audit Report submitted by the Secretarial Auditor in Form
No. MR-3 forms part of this report and is annexed herewith as "Annexure-2".
18.4 ANNUAL SECRETARIAL COMPLIANCE REPORT
Annual Secretarial Compliance Report for the financial year ended 31st
March, 2023 on the compliances of all applicable SEBI Regulations and circulars/
guidelines issued thereunder, was obtained from Ms. Kamlesh Gupta, Company Secretary in
practice, Secretarial Auditor, and submitted to the stock exchange.
18.5 INTERNAL AUDITORS
M/s. Rajeev Pankaj and Associates, Chartered Accountants (Registration
No. 033717N), continue to be the Internal Auditors of the Company to perform the functions
of internal audit.
18.6 COST AUDITORS
On the recommendations of Audit Committee, M/s HMVN & Associates,
Cost Accountants (Firm Registration No.000290) have been appointed as the Cost Auditors to
audit the cost accounts of the Company relating to Milk Powder for the financial years
2023-24.
As required under the Companies Act, 2013, resolution seeking
members approval for the ratification of remuneration payable to the Cost Auditors
forms part of the Notice convening the ensuing Annual General Meeting.
19. NOMINATION AND REMUNERATION POLICY
The Board on the recommendations of the Nomination & Remuneration
Committee has framed a Policy for the selection and appointment of directors, key
managerial personnel and also for determining the criteria of their remuneration. The
Remuneration Policy has been stated in the Corporate Governance Report and is uploaded on
the Companys website at
http://www.milkfoodltd.com/img/downloads/Milkfood_Nomination_Remuneration_Policy.pdf
20. RISK MANAGEMENT POLICY
Pursuant to Section 134(3)(n) of the Companies Act, 2013, the Company
has formulated a Risk Management Policy. The Company is aware of the risks associated with
the business of the Company. The Board regularly analyses and takes corrective actions for
managing / mitigating the risks.
At present, the Company has not identified any element of risks which
may threaten the existence of the Company.
21. PERFORMANCE EVALUATION
In terms of the requirements of the Act and Listing Regulations, a
separate exercise was carried out to evaluate the performance of all the individual
Directors on the Board who were evaluated on parameters such as level of engagement,
contribution and independence of judgment thereby safeguarding the interest of the
Company. The performance evaluation of the Independent Directors was carried out by the
entire Board (excluding the Directors being evaluated). The performance evaluation of the
Non Independent Directors was carried out by the Independent Directors. The Board also
carried out annual performance evaluation of the working of its Committees. The Directors
expressed their satisfaction with the evaluation process.
Some of the key criteria for the performance evaluation are as follows –
Performance evaluation of Directors:
1. Attendance at the Board/Committee meetings.
2. Contribution at the Board/Committee meetings.
3. Guidance/support to management outside Board/Committee meetings.
Performance evaluation of Board and Committees:
1. Degree of fulfillment of key responsibilities.
2. Board Structure and Composition.
3. Quality of relationship between Board and Management.
4. Efficacy of communication with external shareholders.
5. Effectiveness of Board process, information and functioning.
22. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has in place an Anti Sexual Harassment Policy in line in
accordance with the requirements of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC)
has been set up to redress complaints received regarding sexual harassment. All employees
(permanent, contractual, temporary, trainees) are covered under this policy. No complaint
has been received during the year under review.
23. 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-3" of this Report in the format prescribed in the
Companies (Corporate Social Responsibility Policy) Rules, 2014. For other details
regarding the CSR Committee, please refer to the Corporate Governance Report, which is a
part of this report. The policy is available on http://www.milkfoodltd.com/
img/downloads/Milkfood_Corporate_Social_Responsibility_Policy.pdf.
24. CORPORATE GOVERNANCE REPORT
A detailed Report on Corporate Governance forms an integral part of
Annual Report and is set out as a separate section therein. A certificate from the
Practicing Company Secretary, regarding the compliances with the conditions of corporate
governance as stipulated in the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 is annexed to the
Directors Report.
25. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
In terms of provisions of Regulation 34 of Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,
Management Discussion and Analysis Report have been given separately and forms part of
this Report.
26. INFORMATION UNDER THE SECURITIES AND EXCHANGE BOARD OF INDIA
(LISTING OBLIGATIONS AND
DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
The shares of your Company are listed at the BSE Ltd. vide Stock Code:
507621. The listing fee for the financial year 2023-24 has been paid.
27. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo as stipulated under Section 134(3)(m) of the Companies
Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 are annexed herewith as
"Annexure- 4".
28. ANNUAL RETURN
Pursuant to Section 134(3)(a) of the Act, the Annual Return referred to
in Section 92(3) of the Act read with Rule 12 of the Companies (Management and
Administration) Rules, 2014, the Annual Return for the financial year ended March 31, 2023
is available on the Companys website at www.milkfoodltd.com 29. PARTICULARS OF
EMPLOYEES
The information required pursuant to Section 197(12) read with Rule
5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
pertaining to the top ten employees in terms of remuneration drawn and their other
particulars, also form part of this Report. However, the Report and the financial
statements are being sent to the members excluding the aforesaid annexure. In terms of
Section 136 of the Act, the said annexure is open for inspection at the
Registered Office of the Company. Any shareholder interested in
obtaining a copy of the same may write to the Company Secretary.
Disclosures pertaining to remuneration and other details as required
u/s 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration
of the Managerial Personnel) Rules, 2014 are provided as per "Annexure-
5" .30. RELATED PARTY TRANSACTIONS
All related party transactions which were entered into during the
financial year were on arms length basis and were in the ordinary course of the
business. There are no materially significant related party transactions made by the
Company with Promoters, Key Managerial Personnel or other designated persons which may
have potential conflict of interest with the Company at large. A disclosure in form AOC-2
is annexed with this Report as "Annexure-6".
All related party transactions have been disclosed in Note 34 to the
Accounts.
All Related Party Transactions are placed before the Audit Committee
and also the Board for approval. Omnibus approval was obtained on a yearly basis for
transactions which are of repetitive nature. The transactions entered into pursuant to the
omnibus approval so granted and a statement giving details of all Related Party
Transactions are placed before the Audit Committee for its review on a quarterly basis.
The policy on Related Party Transactions as approved by the Board is
uploaded on the Companys website at http://
www.milkfoodltd.com/img/downloads/Milkfood_Policy_on_related_party_transactions.pdf
31. PREVENTION OF INSIDER TRADING
Pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015,
the Company has adopted a Code of Conduct for the prevention of insider trading with a
view to regulate the trading in the securities of Company by the Directors and Designated
Employees of the Company on the basis of unpublished price sensitive information available
to them by virtue of their position in the Company.
The Code under SEBI (Prohibition of Insider Trading) Regulations, 2015
is available on the website of the Company at www.milkfoodltd.com.
32. VIGIL MECHANISM
In pursuant to the provisions of Section 177(9) & (10) of the
Companies Act, 2013, Vigil Mechanism for directors and employees to report their genuine
concerns such as unethical behavior, actual or suspected fraud, violation of the
Companys Code of Conduct, has been adopted. The Vigil Mechanism Policy has been
uploaded on the website of the Company at
http://www.milkfoodltd.com/img/downloads/Milkfood_WHISTLEBLOWER_POLICY.pdf
33. INTERNAL CONTROL SYSTEM AND ITS ADEQUACY
The Company has an adequate system of internal control to safeguard and
protect from losses, unauthorized use or disposition of its assets. All the transactions
are properly authorized, recorded and reported to the Management. The Company is following
all the applicable Accounting Standards for properly maintaining the books of accounts and
reporting the financial statements. The Internal Auditor of the Company checks and
verifies the internal control and monitors them in accordance with the policy adopted by
the Company.
34. COMPLIANCE WITH SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING
OBLIGATIONS AND DISCLOSURE
REQUIREMENTS) REGULATIONS, 2015
The Company is fully compliant with the applicable mandatory
requirements under the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
35. COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND GENERAL MEETINGS
During the financial year, your Company has complied with applicable
Secretarial Standards issued by the Institute of Company Secretaries of India.
36. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
There are no significant or material orders which were passed by the
Regulators or Courts or Tribunals which impact the going concern status of the Company and
the Companys Operations in future.
37. REPORTING OF FRAUD BY AUDITORS
During the year under review, none of the Auditors have reported to the
Audit Committee or to the Board, under Section 143(12) of the Companies Act, 2013, any
instances of fraud committed against the Company by its officers or employees.
38. DISCLOSURES WITH RESPECT TO SCHEME OF AMALGAMATION
As you are aware the Board has proposed Scheme of Amalgamation which
provides for the amalgamation of Triputi
Infrastructure Private Limited with Milkfood Limited under Sections 230
to 232 of the Companies Act, 2013 read with the relevant Rules of Companies (Compromises,
Arrangements and Amalgamations) Rules, 2016, as amended from time to time and all other
applicable provisions, including any statutory modification(s), amendment(s) or
re-enactment(s) thereof. The rationale/ benefits of the present Scheme will result in
better, efficient and economical management, achieve cost savings, pooling of resources
and rationalization of administrative expenses/services. The amalgamation will enable the
Company to pool the brand, financial, commercial and other resources and considerable
synergy of operations would be achieved and it will give value addition to the assets of
the Company.
A joint Application being CA (CAA) 44/Chd/Pb/2021, was filed before the
Honble National Company Law Tribunal, Chandigarh Bench, Chandigarh (hereinafter
referred to as "the Tribunal"/ "NCLT") under the provisions of section
230 to 232 of the Companies Act, 2013, and other applicable provisions, if any. NCLT has
passed first motion order dated 13th May, 2022 and accepted the Second Motion
petition on 20th July, 2022 and the matter is still pending before the NCLT
Chandigarh for final hearing for the approval of the Scheme of Arrangement.
39. ESOP ISSUANCE
The Company has framed an MILKFOOD LIMITED EMPLOYEES STOCK OPTION PLAN,
2022 for the benefit of its employees under which it has issued 244000 number of options
convertible into 244000 equity shares. The Nomination and Remuneration Committee of the
Board of Directors of the Company, inter alia, administers and monitors the
Employees Stock Option Scheme of the Company, in accordance with the SEBI (Share
Based Employee Benefits and Sweat Equity) Regulations, 2021. The Nomination and
Remuneration Committee in its meeting held on 21st October, 2022 have allotted 244000
number of options convertible in to 244000 number of equity shares to the eligible
employee in compliance with SEBI (Share Based Employee Benefit and Sweat Equity Shares)
Regulations, 2021.
Disclosures required under Regulation 14 of Securities and Exchange
Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 relating
to Employees Stock Options as at 31st March, 2023 are given in ‘Annexure
7 to this Report.
Further, a certificate from the Secretarial Auditors on the
implementation of the Companys Employees Stock Incentive Plan will be available at
the ensuing Annual General Meeting for inspection by the members.
40. DETAILS OF DIFFERENCE BETWEEN THE AMOUNT OF VALUATION DONE AT THE
TIME OF ONETIME
SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR
FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF
The requirement to disclose the details of difference between amount of
the valuation done at the time of onetime settlement and the valuation done while taking
loan from the Banks or Financial Institutions along with the reasons thereof, is not
applicable.
41. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND
Pursuant to the applicable provisions of the Companies Act, 2013 read
with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (the Rules),
as amended from time to time, the Company has transferred unclaimed/unpaid interest on
deposits amounting Rs. 73,923/- (Rupees Seventy-Three Thousand Nine Hundred and
Twenty-Three only) to The Investor Education and Protection Fund (IEPF) during the
financial year 2022-23.
42. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE
INSOLVENCY AND BANKRUPTCY
CODE, 2016 (31 OF 2016) DURING THE YEAR ALONG WITH THEIR STATUS AS AT
THE END OF THE FINANCIAL YEAR
No such proceeding is pending under the Insolvency and Bankruptcy Code,
2016 during the year.
43. ACKNOWLEDGEMENT
Your Company and its Board of Directors would like to express their
sincere appreciation for the assistance, support and cooperation received from regulatory
authorities, stakeholders, customers, vendors, investors, financial institutions, bankers
and members during the year. We place on record our appreciation for the contribution made
by our employees at all levels. Our consistent growth was made possible by their hard
work, solidarity, cooperation and support.
|
For and on behalf of the Board |
|
|
Sd/- |
Sd/- |
| Place: New Delhi |
Sudhir Avasthi |
Harmesh Mohan Sood |
| Date: 20.07.2023 |
Managing Director |
Director |
|
DIN:00152375 |
DIN: 07951620 |
+91-9892691696
