Mukta Arts Ltd Directors Report.
Your Directors take pleasure in presenting the Thirty Seventh Annual Report of your Company alongwith the Audited Statement of Accounts of the Company for the financial year ended 31st March, 2019.
The financial performance of the Company for the year ended 31st March, 2019 is summarized hereunder:
|Particulars||Year ending 31.03.2019||Year ending 31.03.2018|
|(द In millions)||(द In millions)|
|Profit/(Loss) before interest, depreciation & tax||140.38||113.16|
|Profit/(Loss) after interest, before depreciation & tax||80.68||44.67|
|Profit/(Loss) before tax||56.02||17.52|
|Less: Provision for taxation||10.10||7.25|
|Deferred Tax Liability /(Asset)||7.11||(4.65)|
|Profit /(Loss) for the year||38.81||14.92|
|Other comprehensive income||(2.32)||(0.00)|
|Add: Balance brought forward||208.44||193.52|
|Less: Transfer to general reserve||-||-|
|Profit/(Loss) Carried forward to Balance Sheet||244.93||208.44|
During the year, the Company recorded an income of 309.41 million an EBIDTA of 140.38 million and Profit After Tax of 38.80 million after finance cost of 59.70 million and depreciation and amortisation of 24.66 million
The Companys performance and outlook has been discussed in detail in the Management Discussion and Analysis.
As at March 31, 2019, the companys investment in its subsidiary (including deemed investment), Whistling Woods International Limited (WWIL) a joint venture between the company and Maharashtra Film, Stage and Cultural Development Corporation Limited (MFSCDCL), aggregates to द 199.51 million and loans and advances, deposits, interest receivable and rent receivable aggregate to द 434.94 millions recoverable from WWIL. The State Govt. of Maharashtra and MFSCDCL challenged the order of the High Court in the Supreme Court which was dismissed by the Supreme Court on September 22, 2014. The amount so paid / being paid by the Company have been accounted under Non - Current Other Financial Assets in the Standalone Financial Statements to be adjusted on the settlement of the case. These amounts, including those paid by the Company will be accounted as an expense, if required, on the settlement of the case.
Additionally, without giving effect to the matter as stated above, WWILs net worth stands fully eroded as at March 31,2019. Management of WWIL believes that it is appropriate to prepare the Ind AS financial statements on a going concern basis based on its assessment of the merits of the case, plans for the future and support provided by its holding company.
However the matter is sub-judice and is subject to final disposal by the Honorable Bombay High Court. The Company is hopeful of reliefs based on the issues involved and on merits of the case, as also of a high valuation of the building.
Your Board of Directors recommend final dividend for the financial year ended 31st March 2019 at the rate of द 1.25/- per Equity Share of द 5/- each subject to the approval of members in the Annual General Meeting.
Particulars of loans, guarantees or investments by company
Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to Financial Statements.
The Company has not accepted any fixed deposits from the public, within the meaning of section 73 of the Companies Act, 2013 read with the Companies (Acceptance of deposits) Rules, 2014. Therefore, as on 31.03.2019 there were no deposits which were unpaid or unclaimed and due for repayment.
Particulars of Contracts or arrangements made with related party (ies)
All transactions entered with Related Parties during the year under review were:
- on arms length basis and
- in the ordinary course of business and
- there were no material transactions with any related party as per the provisions of sections 188 of the Companies Act, 2013 read with Companies (Meetings of Board and its Powers) Rules, 2014 and therefore, disclosure in Form AOC-2 is not required.
The Company has developed a Related Party Transactions framework through Standard Operating Procedures for the purpose of identification and monitoring of such transactions.
All Related Party Transactions are placed before the Audit Committee as also before the Board for approval. The Policy on Related Party Transactions as approved by the Board of Directors has been uploaded on the website of the Company. The web link of the same has been provided in the Corporate Governance Report. None of the Directors vis-a-vis the Company had any pecuniary relationship or transactions.
Material changes and commitment, if any, affecting the financial position of the company occurred between the end of the financial year to which this financial statements relate and the date of this report.
Except as disclosed elsewhere in this report, no material changes and commitments which could affect the Companys financial position have occurred between the end of the financial year of the Company and date of this report.
During the year under review, the company has not issued any Equity shares or any other securities.
1. BUSINESS OVERVIEW
Your Company has for the past 3 years, been focusing increasingly on the Cinema business. Over the years, the Company has built up a dedicated clientele with its offering of affordable luxury where the patron gets a world class experience at par with any of Indias other top multiplexes, but at a distinctly more affordable price. The Company has its existence internationally in the Kingdom of Bahrain with the first 6 screen luxury cinema in Juffair Mall.
Subsidiary and Joint Venture Companies
As on 31.03.2019 the Company has six subsidiary Companies namely, Whistling Woods International Limited, Connect.1 Limited, Mukta Tele Media Limited, Mukta Creative Ventures Limited (formerly known as Coruscant Tec Limited), Mukta A2 Multiplex SPC and Mukta A2 Cinemas Limited. The Company also has one Joint Venture Company namely, Mukta V N Films Limited. Whistling Woods International Limited and Mukta A2 Cinemas Limited are material subsidiaries of the company within the meaning of Regulation 16(1)(c) of SEBI (Listing Disclosure and Obligation Requirements) Regulation, 2015.
Out of the subsidiaries of the Company, the most remarkable has been the Whistling Woods International Limited (WWI) that has regularly been rated as one of the Ten Best Film Schools in the World by The Hollywood Reporter. Whistling Woods Virtual Academy (WWVA) is Whistling Woods Internationals e-learning platform, where web-based courses will be available on the various aspects of filmmaking. The courses will be a combination of audiovisual playback, online and offline interactions with faculty as needed and online and offline assignments.
Mukta A2 Cinemas Limited (MA2) provides its patrons with state-of-the-art sound, 3-D & picture quality with comfortable seating, a soothing and elegant ambience and a sumptuous array of food & beverages. The cinemas offer a high standard of services that are upheld by a young and dynamic team of professionals with a strong background in the exhibition industry. MA2 during the year has launched 2 screens at Sun City Multiplex, Vile Parle (East), Mumbai at Shamshabad and Kareemnagar With this, Mukta A2 Cinemas marks the completion of 64 screens globally. Mukta
A2 Cinemas is now successfully operating in 17 locations making a PAN India presence to cater to the myriad needs of the movie buffs across the country.
Mukta A2 Multiplex SPC. is also a wholly-owned subsidiary company incorporated in the Kingdom of Bahrain for running of a 6 screen multiplex in the Mall situated at Juffair Mall. The theatre features the latest releases from Hollywood, Bollywood as well as Arabic releases. Its equipped with state-of-the-art technology, including Dolby Atmos and Quantum Logic 3D surround sound systems, Light Tripler polarisation 3D technology and modern projection system. The cinema also offers dynamic seating options such as VIP recliners, sofas and rocker seats, in addition to the variety of gourmet food and beverage options.
Another subsidiary of the Company, Connect.1 Limited is monetising Whistling Woods content catalog on all digital platforms since 2012. While YouTube is the primary platform, Connect. 1 is also exploring partnerships with other OTT platforms as well as international sales agents to syndicate the content globally.
Mukta Tele Media Limited is another subsidiary of the Company. The main objects of the Company are to take up production of TV-serials, management of event shows and entertainment software.
Another subsidiary of the Company, Mukta Creative Ventures Limited (formerly known as Coruscant Tec Limited) is a based mobile solutions company with a focus on content, applications and commerce, having office in Mumbai.
Mukta VN Films Limited, carrying on the Programming service business which is jointly held by the Company along with VN Films Private Limited, a subsidiary of UFO Moviez. This business used to have a major contribution in topline though being a commission business, the impact on bottomline was small. Since, Mukta V N Films Limited is the result of joint venture between the Company and VN Films Private Limited as per Ind AS, Mukta V N Films Limited is not to be considered as subsidiary but a joint venture company.
During the year, the Board of Directors reviewed the affairs of its subsidiary Companies. Further, pursuant to provisions of Section 129(3) of the Act, a statement containing salient features of the financial statements of the Companys subsidiaries in Form AOC-1 is attached as Annexure A to this Report.
Pursuant to Section 136 of the Companies Act, 2013 companies are exempted from attaching the Annual Reports and other particulars of its subsidiary companies alongwith Annual Report of the Company. Therefore, the Annual Report of the subsidiary companies are not attached with this Annual Report.
Any member desirous of obtaining a copy of the said financial statements may write to the Company Secretary at the registered office address of the Company.
2. CORPORATE GOVERNANCE
The essence of Corporate Governance is about maintaining the right balance between economic, social, individual and community goals. This is ensured by taking ethical business decisions and conducting business with a firm commitment to values, while meeting stakeholders expectations. The Company has been following the principles of good Corporate Governance over the years and lays strong emphasis on transparency, accountability and integrity. As per Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate section on Corporate Governance alongwith the Certificate from Practicing Company Secretary confirming the compliance, is attached as Annexure F to this Report
Number of meetings of the board
The details of the number of meetings of the Board held during the financial year 2018-19 forms part of the Corporate Governance Report. The Company had 4 meetings of the Board during the year. The intervening gap between any two meetings was within the period prescribed by Regulation-17(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Companies Act, 2013.
Committees of the Board
Currently the Board has four Committees namely Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee and Share Transfer Committee.
A detailed note on Board and its committees is provided under the corporate governance section to this annual report. The composition of Committees, as per the applicable provisions of the Act and Rules, are as follows:
|S. No.||Name of the Committee||Composition of the Committee|
|1.||Audit Committee||1. Mr. Kewal Handa|
|2. Mr. Parvez A. Farooqui|
|3. Mr. Manmohan Shetty|
|2.||Nomination and Remuneration Committee||1. Mr. Kewal Handa|
|2. Mrs. Paulomi Dhawan|
|3. Mr. Manmohan Shetty|
|3.||Stakeholders Relationship Committee||1. Mr. Kewal Handa|
|2. Mr. Parvez A. Farooqui|
|3. Mrs. Paulomi Dhawan|
|4.||Share Transfer Committee||1. Mr. Parvez A. Farooqui|
|2. Mr. Kewal Handa|
|3. Mr. Manmohan Shetty|
The Company recognizes and embraces the importance of a diverse board in its success. We believe that a truly diverse board will leverage difference in thought, perspectives, knowledge, skill, regional and industry experience, cultural and geographical background. The Board has adopted the Policy on Board Diversity which sets out the approach to diversity of the Board of Directors and the same is available on our website.
Remuneration and Nomination Policy
The Board of Directors of the Company has Independent Directors, who have in depth knowledge of the business and industry as the members of Nomination and Remuneration Committee. The composition of the Board is in conformity with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Companies Act, 2013.
The Board of Directors has framed a policy which lays down a framework in relation to remuneration of Directors, Key Managerial Policy Personnel and Senior Management of the Company. This Policy also lays down criteria for selection and appointment of Board Members. The policy attached as Annexure B to this Boards Report.
Declaration by Independent Directors
All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013.
Pursuant to the provisions of the Companies Act, 2013 and Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a structured questionnaire was prepared after taking into consideration of the various aspects of the Boards functioning, composition of the Board and its Committees, culture, execution and performance of specific duties, obligations and governance.
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 performance evaluation of the Chairman and the Non- Independent Director(s) was carried out by the Independent Directors. The Board of Directors expressed their satisfaction with the evaluation process.
The present term of Mr. Kewal Handa (DIN 00056826), Independent Director of the Company expires on 26th September, 2019 and his re-appointment is proposed in the Annual General Meeting for a second term of 5 consecutive years from 27th September, 2019 to 26th September, 2024.
Key Managerial Personnel
The Company has following Key Managerial Personnel:
|Sr. No.||Name of the Person||Designation|
|1||Mr. Subhash Ghai||Executive Chairman|
|2||Mr. Rahul Puri||Managing Director|
|3||Mr. Prabuddha Dasgupta||Chief Financial Officer|
|4||Ms. Monika Shah||Company Secretary|
Certificate on Corporate Governance
AAS & Associates, Company Secretaries has certified the Companys Compliance of the requirements of Corporate Governance in terms of Regulation 27 (2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the financial year ended 31st March, 2019 and the same is enclosed as an Annexure D to the Report on Corporate Governance.
Directors responsibility statement
To the best of knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statement in terms of Section 134(3)(c) of the Companies Act, 2013:
i. in the preparation of the annual accounts for the year ended 31st March, 2019, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;
ii. 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 of the company for the year ended on that date;
iii. 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;
iv. the annual accounts have been prepared on a going concern basis;
v. that 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; and
vi. that the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
3. AUDIT AND AUDITORS
M/s Uttam Abuwala & Co., Chartered Accountants were re-appointed as the Statutory Auditors of the Company to hold office for a period of 4 years till the conclusion of the Thirty Eighth Annual General Meeting of the Company to be held in the year 2020.
The Companys explanation to the Auditors observation in their Report have been detailed in Note Nos 43 in the notes forming part of accounts which forms part of the Annual Report.
Pursuant to provisions of Section 204(1) of the Companies Act, 2013 read with rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, the Company has appointed AAS & Associates, Company Secretaries in Practice (C. P. No. 17264) to undertake the Secretarial Audit of the Company. The Secretarial Audit Report of the Company for the year ended is attached as Annexure - C.
Directors Explanation to Qualification in Secretarial Audit Report: -
The High Court of Judicature at Bombay had quashed the Joint Venture Agreement between Mukta Arts Limited (MAL) and Maharashtra Film, Stage and Cultural Development Corporation Limited (MFSCDCL) vide its order of 9th February 2012.
Whistling Woods International Limited (WWIL) was ordered to return the land to MFSCDCL and pay rent (including interest on arrears) retrospectively on the entire land since the date of the JVA. MFSCDCL demanded द 832,062,611 towards rent and interest arrears thereon by letter dated 3 December 2012 for the period up to 30 November 2012 and vide letter dated 14 July 2014 demanded द 591,966,210 towards arrears of rent and interest thereon, up to 31 July 2014.
MAL and WWIL filed Review Petitions before the High Court and the said Review Petitions were heard by High Court and a stay was granted on 30 July 2014. However, the High Court has ordered MAL/WWIL to pay against arrears of rent for the years 2000-01 to 2013-14 aggregating to Rs 100,038,000/- by January 2015 and pay rent of Rs 4,500,000/- per annum from the financial year 2014-15.
As per the terms of the said order, MAL has paid an aggregate amount of Rs 113,538,000/- to MFSCDCL by 31st March, 2017 pending final hearing. The rent amount for the financial year 2017-18 and 2018-19 has been paid by WWIL to MFSCDCL. The State Government of Maharashtra and MFSCDCL challenged the order of the Bombay High Court in the Supreme Court which was dismissed by the Supreme Court on 22nd September 2014 with recourse to the State Government of Maharashtra to make an application to Bombay High Court.
Having regard to the circumstances explained above and pending final outcome of the matter under litigation, Mukta Arts Limited has not made any adjustment to the carrying value of investments in and amounts due from WWIL for the Financial Year 2018-19. The Company is hopeful of reliefs based on the issues involved and on merits of the case, as also of a high valuation of the building.
Pursuant to the Maharashtra Cabinet decision, in November 2018 MFSCDCL has filed an affidavit in the subject matter placing on record the resolutions passed by them for entering into a lease agreement with the Company. However the matter is sub-judice and is subject to final disposal by the Honorable Bombay High Court.
Significant and material orders passed by the regulators or courts
There are no significant and material orders passed by the Regulators/Courts that would impact the going concern status of the Company and its future operations.
Internal Financial control systems and their adequacy
Your Company has an effective internal financial control and risk mitigation system, which are constantly assessed and strengthened with new/ revised standard operating procedures. The Companys internal control system is commensurate with its size, scale and complexities of its operations. The internal and operational audit is entrusted to M/s. Garg Devendra & Associates, a reputed firm of Chartered Accountants. The main thrust of internal audit is to test and review controls, appraisal of risks and business processes, besides benchmarking controls with best practices in the industry.
The Audit Committee actively reviews the adequacy and effectiveness of the internal financial control systems and suggests improvements to strengthen the same. The Company has a robust Management Information System, which is an integral part of the control mechanism.
The Audit Committee, Statutory Auditors and the Business Heads are periodically apprised of the internal audit findings and corrective actions taken by the management are presented to the Audit Committee. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee.
Extract of Annual Return
The details forming part of the extract of Annual Return in Form MGT-9, as required under Section 92 of the Companies Act, 2013 read with Rule 12 of the Companies (Management and administration) Rules, 2014, is attached as Annexure E and forms an integral part of this Report.
4. Human Resources
Human Resource is considered as one of the most critical resources in the business which can be continuously smoothened to maximize the effectiveness of the Organization. Human Resources build the Enterprise and the sense of belonging would inculcate the spirit of dedication and loyalty amongst them towards strengthening the Companys Polices and Systems. All personnel continue to have healthy, cordial and harmonious approach thereby enhancing the contributory value of the Company.
The Company is committed to nurturing, enhancing and retaining top talent through superior Learning and Organizational Development.
Further statutory disclosures w.r.t. Human Resources are as under:
i) As required by the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company has formulated and implemented a policy on Sexual Harassment at workplace with a mechanism of lodging complaints. Its redressal is placed on the intranet for the benefit of its employees. During the year under review, no complaints were reported to the Board. Your company 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.
ii) The information required under Section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below:
a. The ratio of the remuneration of each director to the median remuneration of the employees of the Company for the financial year:
|Mr. Subhash Ghai||Executive Chairman||28:1|
|Mr. Rahul Puri||Managing Director||17:1|
b. The percentage increase in remuneration of each director, chief executive officer, chief financial officer, company secretary in the financial year:
|Name||Designation||% increase / decrease|
|Mr. Subhash Ghai||Executive Chairman||37.63%|
|Mr. Rahul Puri||Managing Director||13.69%|
|Mr. Prabuddha Dasgupta||Chief Financial Officer||8%|
|Mrs. Monika Shah||Company Secretary||10%|
c. The percentage increase in the median remuneration of employees in the financial year:- 5.8%
d. The number of permanent employees on the rolls of Company: - 64
e. Average percentage increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:
Average percentage increase made in the salaries of Employees other than the managerial personnel in the financial year was 6% whereas the increase in the managerial remuneration was 38.78%.
f. Affirmation that the remuneration is as per the remuneration policy of the Company:
The Company affirms remuneration is as per the remuneration policy of the Company.
g. Particulars of Employees
Information as per Rule 5(2) of Chapter XIII, Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:
Top Ten Employees in terms of remuneration drawn during the year -
|Sr. No.||Name||Designation / Nature of Duties||Remuneration (in millions)||Qualification||Experience (in years)||Date of Commencement of Employment||Age (in years)||Last Employment Held||Relative of any Director and Manger of the Company|
|1||Subhash Krishandayal Ghai||Executive Chairman||8.35||B.Com||49||09.07.1982||76||Mukta Arts Since inception||No|
|2||Rahul V Puri||Managing Director||4.80||Bsc- Business Management||20||01.04.2004||41||Nimbus Communications Ltd.||* Yes|
|3||Prabuddha Dasgupta||Chief Financial Officer||4.11||CA||27||07.07.2014||51||Neo Sports broadcast Pvt. Ltd.||No|
|4||Siraj Farooqui||Studio Chief Executive||3.91||Inter Arts||43||01.11.2015||64||Mukta Arts Since inception||*Yes|
|5||Sanjay Ghai||Chief Operating Officer||3.12||Graduate||36||09.01.2008||53||Mukta Shakti Combine||No|
|6||Ashish Gharde||Group Chief Operating Officer||3.99||MBA (SIBM)||22||06.02.2017||46||Larsen & Toubro and Balaji Telefilms Limited||No|
|7||Prem Taparia||Manager- Finance||2.53||CA||15||25.07.2007||40||Simplex Mills Co. Ltd.||No|
|8||Rekha Misra||VP- Projects & Adm.||1.29||B.Com||37||01.11.2016||67||Great eastern Shipping Co.||No|
|9||Cornelia Thallinger||EA to Chairman||1.10||MBA in communications||9||16.02.2016||31||DSB international school, Mumbai||No|
|10||Monika Shah||Company Secretary||1.03||CS,LLB||13||25.01.2016||39||B. Raheja Builders||No|
Details of Employees who were :
(A) Employed throughout the Financial Year under review and in receipt of remuneration for the Financial Year in the aggregate of not less than Rs.1,02,00,000 per annum: NIL
(B) Employed for the part of the Financial Year under review and in receipt of remuneration at the rate of not less than द 8,50,000/- per month : NIL
There was no employee either throughout the financial year or part thereof who was in receipt of remuneration which in the aggregate was in excess of that drawn by the Managing Director or Whole-time Director and who held by himself or alongwith his spouse or dependent children two percent or more of the Equity Shares of the Company.
*Mr. Rahul Puri is relative of Mr. Subhash Ghai * Mr. Siraj Farooqui is relative of Mr. Parvez Farooqui.
5. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review, as stipulated under Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is presented in a separate section forming part of the Annual Report.
6. VIGIL MECHANISM/ WHISTLE BLOWER POLICY
The Vigil Mechanism of the Company, which also incorporates a whistle blower policy in terms of the Listing Agreement to report genuine concerns or grievances. The Vigil Mechanism/ Whistle Blower Policy may be accessed on the Companys website http://muktaarts.com/Aboutus/investorrelations.php
7. RISK MANAGEMENT
Your Company is well aware of risks associated with its business. The Company manages risk through a detailed Risk Management Policy framework which lays down guidelines in identifying, assessing and managing risks that the businesses are exposed to.
8. HEALTH, SAFETY AND ENVIRONMENT:
As a responsible corporate citizen, your Company lays considerable emphasis on health, safety aspects of its human capital, operations and overall working conditions. Thus being constantly aware of its obligation towards maintaining and improving the environment, all possible steps are being taken to meet the toughest environmental standards on pollution, effluents, etc. across various spheres of its business activities.
9. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The Company is not engaged in manufacturing activities and as such the particulars relating to conservation of energy and technology absorption are not applicable. The Company makes every effort to conserve energy as far as possible in its post-production facilities, Studios, Offices, etc. In particular the Company has taken specific measures to ensure conservation of energy in places where Mukta A2 Cinemas are located.
Particulars regarding Foreign Exchange earnings and outgo required under the provisions of Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 are given in the notes forming part of accounts which forms part of the Annual Report.
10. GREEN INITIATIVE
Section 136 of the Act and the Rules framed there under allows the Company to send its Financial Statements by electronic mode to such Members whose shareholding is in dematerialized format and whose email addresses are registered with the Depositories for communication purposes. As a responsible corporate citizen, the Company proposes to effect electronic delivery of the Annual Report of the Company in lieu of the paper form to the Members who have registered their email IDs with the Depositories. A physical copy of the Annual Report will be sent to those Members who have not registered their email addresses with the Depositories for receiving electronic communication. A physical copy of this Annual Report can also be obtained free of cost by any Member from the Registered Office of the Company on any working day during business hours.
A copy of this Annual Report is also available on the website of the Company at www.muktaarts.com.
11. STATUTORY INFORMATION
The Business Responsibility Reporting as required by Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is not applicable to your Company for the financial year ended March 31, 2019.
Your Directors express their deep sense of gratitude to the Artistes, Technicians, film distributors, exhibitors, Bankers, stakeholders and business associates for their co-operation and support and look forward to their continued support in future.
Your Directors also place on record, their appreciation for the contribution, commitment and dedication to your Companys performance by the employees of the Company at all levels.
|For and on behalf of the Board of Directors of|
|Mukta Arts Limited|
|Place: Mumbai||Executive Chairman|
|Date: 21st May, 2019||DIN:00019803|