Dear Shareholders,
Your Directors have pleasure in presenting the 32nd (Thirty-Second) Annual
Report together with the Audited Financial Statements for the financial year ended 31st
March, 2023.
FINANCIAL HIGHLIGHTS
The financial highlights of the Company during the financial year 2022-23 are given
herein below:
(Rs. in Lakhs
Particulars |
Standalone |
Consolidated |
|
Financial Year
2022-23 |
Financial Year
2021-22 |
Financial Year
2022-23 |
Financial Year
2021-22 |
1 .a) Income from operations |
4318.39 |
2485.64 |
5222.96 |
3312.46 |
b) Other income |
270.74 |
530.24 |
300.40 |
584.07 |
2. Expenses |
4232.02 |
2377.43 |
4394.52 |
2505.79 |
Profit/(Loss) before interest and depreciation |
357.11 |
638.45 |
1128.84 |
1390.74 |
Less: a) Finance Cost |
45.77 |
24.12 |
45.81 |
28.51 |
b) Depreciation |
65.07 |
64.83 |
204.07 |
203.82 |
Profit/ (Loss) before Exceptional Items |
246.28 |
549.50 |
878.96 |
1158.41 |
Add/Less: Exceptional Items |
-- |
-- |
-- |
-- |
Profit/ (Loss) before taxation |
246.28 |
549.50 |
878.96 |
1158.41 |
Less:- Provisions for current tax, deferred tax and tax adjustments
for earlier years |
81.52 |
105.22 |
246.52 |
257.22 |
Profit/ (Loss) After Tax |
164.76 |
444.28 |
632.45 |
901.19 |
Add: Balance brought forward from last year |
3387.66 |
2943.38 |
5732.67 |
4831.48 |
Less: Amount transferred to Reserves |
-- |
-- |
-- |
-- |
Balance carried to the Balance Sheet |
3552.42 |
3387.66 |
6365.12 |
5732.67 |
DIVIDEND & RESERVES
The Company has an ongoing need of financial resources for the purpose of expansion
activities. In order to meet its growing funds requirement and conserve its resources and
to plough back its entire profit into the expansion activities, your directors have
decided not to declare dividend for the financial year 2022-23.
The Company has not proposed any transfer of profits to its Reserves.
REVIEW OF OPERATIONS
During the year under review, the Company focused on improving productivity, reducing
costs and utilized its cash flows most effectively.
During the year under review, your Company has achieved an overall total turnover of
Rs. 4318.39 Lakhs as compared to Rs. 2485.64 Lakhs in the previous year reflecting growth
of 73.73%. The export sales decreased to Rs. 1070.30 Lakhs from Rs. 1402.33 Lakhs. Your
Company has a Profit Before Tax of Rs. 246.28 Lakhs as compared to Rs. 549.50 Lakhs in the
previous year. During the year under review, your Company generated a revenue of Rs.
2113.60 Lakhs from manufacturing and sale of Cigarettes and sale of FMCG products as
compared to Rs. 2026.24 Lakhs of previous year. The Company had generated a revenue of Rs.
1747.66 Lakhs from high seas sales trading business during the year. The Company also
generated revenue out of Rental Services of Rs. 457.13 Lakhs during the year under review
as compared to Rs. 459.40 Lakhs.
CHANGE IN NATURE OF BUSINESS, IF ANY
During the financial year, there has been no change in the nature of business of the
Company.
CHANGES IN SHARE CAPITAL
The paid-up Equity Share Capital of the Company as on 31st March, 2023 stood
at Rs. 1194.40 Lakhs. There has been no change in the authorized and paid up capital of
the Company during the year under purview. Further, the Company has not issued shares with
differential voting rights nor has granted any stock options or sweat equity shares. As on
31st March, 2023, none of the Directors of the Company hold instruments
convertible into equity shares of the Company.
SUBSIDIARIES, JOINT VENTURES & ASSOCIATE COMPANIES
During the year under review, none of the companies have become or ceased to be
Subsidiaries, Joint Venture or Associate Company. In accordance with Section 129(3) of the
Companies Act, 2013, (hereinafter referred to as ‘the Act) and applicable Indian
Accounting Standards, the Company has prepared a Consolidated Financial Statement of the
Company and all of its subsidiaries which is forming part of this Annual Report.
The Financial Statements of each of the subsidiaries will be kept at the Registered
Office of the Company and also at the Registered Office of the subsidiary companies and
will be available to the investors seeking information at any time during the working
hours of the Company except, Sunday. Further, as per section 136 of the Act, the audited
financial statements (both standalone & consolidated) and related information of the
Company along with the audited financial statements of each of the subsidiaries are
available on our website at www.ntcind.com.
Pursuant to proviso to Section 129(3) of the Act, a report on the performance and
financial position of each of the subsidiaries included in the Consolidated Financial
Statement is also provided in Form AOC-1 which forms a part of this Annual Report. The
Company does not have any joint venture or associate company.
Pursuant to Regulation 16 of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as the
‘Listing Regulations) the Company has formulated a Policy on Material Subsidiary and
the same is available on the website of the Company at the link:
https://www.ntcind.com/wp-content/uploads/2022/08/NTC-POLICY-ON-MATERIAL-SUBSIDIARY.pdf
As on 31st March, 2023, your company has 4(four) wholly owned subsidiaries
namely:
1. NTCIL Infrastructure Private Limited;
2. NTCIL Real Estate Private Limited;
3. NTCIL Siliguri Estate Private Limited; and
4. NTCIL Realty Private Limited
NTCIL Infrastructure Private Limited - NTCIL Infrastructure Private Limited is a wholly
owned subsidiary. The Companys plans for securing growth in the real estate business is
under way and appropriate action are taken at appropriate time for further development.
NTCIL Real Estate Private Limited - NTCIL Real Estate Private Limited is a wholly owned
subsidiary. The Companys plans for securing growth in real estate business is under way
and appropriate action are taken at appropriate time for further development.
NTCIL Siliguri Estate Private Limited and NTCIL Realty Private Limited are wholly owned
subsidiary and were incorporated with a view to expand Companys real estate business and
to tap on newer opportunities however the companies are yet to commence its business
operations.
BOARD OF DIRECTORS
The Board comprises of an optimum mix of both Executive and Non-Executive Directors
including Independent Directors and a Woman Director. The Boards composition and size is
in compliance with the provisions of the Act and the Listing Regulations. The details of
Directors of the Company and the remuneration drawn by them are given in the Annual Return
which is available on the website of the Company.
As on 31st March, 2023, none of the Directors of the Company are
disqualified from being appointed as Directors, as specified in Section 164(2) of the Act
and Rule 14(1) of the Companies (Appointment and Qualification of Directors) Rules, 2014.
A. Appointment/Re-Appointment and Resignation of Directors and Key Managerial Personnel
• Retirement by Rotation:
In accordance with the provisions of the Companies Act, 2013 and the Articles of
Association of your Company, Mr. Priyawart Jariwala (DIN: 09148113), eligible to retire by
rotation, being eligible offered
himself for re-appointment and accordingly he was re-appointed at the Annual General
Meeting of the Company held on 24th September, 2022.
Further, Mr. Tapan Kumar Chakraborty (DIN: 09175798) is due to retire by rotation at
the ensuing Annual General Meeting, and being eligible, offers himself for re-appointment.
A brief resume of the Director being re-appointed as required under Regulation 36(3) of
the Listing Regulations forms a part of the Notice convening the ensuing AGM.
• Independent directors
At the 27th AGM of the Company, Mr. Gaurav Somani (DIN: 06428114) and Mr.
Amar Chand Baid (DIN: 07741980) were re-appointed as Independent Directors of the Company
for a term of five consecutive years w.e.f. 1st April, 2019 to hold office till
31st March, 2024 and Mr. Niraj Sinha (DIN: 06979287) has been appointed on 25th
April, 2021 as an Independent Director to hold office till 24th April, 2026.
Statement on Declaration given by Independent Directors under Sub- Section (6) of
Section 149:
The Company has received declarations from all the Independent Directors of the Company
confirming that they meet the criteria of independence as laid down in Section 149(6) of
the Act, read with the Rules made thereunder and Regulation 16 and 25 of the Listing
Regulations.
The Independent Directors of the Company have also complied with the Code for
Independent Directors prescribed in Schedule IV to the Act.
• Woman Director
Ms. Vembi Krishnamurthy Radha (DIN: 07141131) continues as the Woman Director on the
Companys Board in conformity with the requirements of Section 149(1) of the Act and
Regulation 17 of the Listing Regulations.
• Whole time Key Managerial Personnel (‘KMP):
Due to personal reasons, Mr. Sunil Kumar Varma (ACS 31574) has resigned from the post
of Company Secretary cum Compliance Officer of the Company with effect from the closure of
working hours on 31st March, 2023. Subsequently, Ms. Anushree Chowdhury (ACS
69161) was appointed by the Board of Directors as the Company Secretary & Compliance
Officer of the Company with effect from 20th April, 2023 and also designated as
the KMP of the Company. The present KMPs of the Company are as follows :
Sl.Name o. |
Designation |
1. Mr. Priyawart Jariwala |
Managing Director |
2. Mr. Prem Chand Khator |
Chief Financial Officer |
3. Ms. Anushree Chowdhury |
Company Secretary & Compliance Officer |
B. Nomination & Remuneration Policy
The Board of Directors have framed a policy which lays down a framework in relation to
appointment, remuneration and other matters provided in Section 178(3) of the Act for
Directors, Key Managerial Personnel and Senior Management Personnel of the Company. The
same is also available on our website at www.ntcind.com.
C. Board Formal Annual Evaluation
An annual evaluation of the performance of the Board, its committees and of individual
directors has been made by the Board of Directors of the Company pursuant to the
provisions of the Act and the Corporate Governance requirements as prescribed under the
Listing Regulations. The performance of the Board was evaluated after seeking inputs from
all the directors on the basis of the criteria such as the Board composition and
structure, effectiveness of board processes, information and functioning, etc.
The Board and the Nomination and Remuneration Committee (‘NRC) reviewed the
performance of the individual directors on the basis of the criteria such as the
contribution of the individual director to the Board and committee meetings like
preparedness on the issues to be discussed, meaningful and constructive contribution and
inputs in meetings, etc. In addition, the performance of the Chairman was also evaluated
on the key aspects of his role.
During the year under review, 1(one) meeting of the Independent Directors was held on
31st March, 2023, where directors evaluated the performance of non-independent
directors, performance of the Board as a whole and performance of the Chairman, taking
into account the views of executive directors and non-executive directors. The same was
discussed in the board meeting that followed the meeting of the independent Directors, at
which the performance of the Board, its committees and individual directors were also
discussed.
The Directors expressed their satisfaction over the evaluation process and results
thereof.
D. Familiarisation Programme:
The Company has devised a programme for familiarisation of Independent Directors with
the Company, their roles, rights, responsibilities in the Company, nature of the industry
in which the Company operates, business model of the Company and related matters and the
same has been put up on the website of the Company.
COMMITTEES
• Audit Committee
• Nomination and Remuneration Committee
• Stakeholders Relationship Committee
• Corporate Social Responsibility Committee
The details of all the above committees along with composition, terms of reference,
number and dates of meeting held, attendance at meetings are provided in the report on
Corporate Governance forming part of this Annual Report. There has been no instance where
the Board has not accepted the recommendations of the Audit Committee.
AUDITORS AND EXPLANATION TO AUDITORS REMARKS
Statutory Auditors
During the year under review, M/s. R. Rampuria & Co., Chartered Accountants (FRN:
325211 E/Membership No.108771) were appointed as the Statutory Auditors at the Annual
General Meeting (‘AGM) of the Company held on 24th September, 2022 for a
period of 5(five) years beginning from the conclusion of 31st Annual General
Meeting until the conclusion of 36th Annual General Meeting of the Company.
Further, in this regard, the statutory auditors so appointed have submitted their written
consent to the effect that their appointment as Statutory Auditors of the Company, if
made, will be as per the requirements as laid down under Section 139 and 141 of the Act
read with Rule 4 of Companies (Audit and Auditors) Rules, 2014 and that they are not
disqualified for appointment.
Further, M/s. R. Rampuria & Co., has also subjected themselves to peer review
process of Institute of Chartered Accountants of India (ICAI) and holds a valid
certificate issued by the Peer Review Board of ICAI. Statutory Audit M/s. R. Rampuria
& Co., Chartered Accountants (FRN: 325211E/Membership No.108771), the Statutory
Auditor of your Company have conducted the statutory audit of the Company for the
financial year 2022-23. The Independent Auditors Report for the financial year ended 31st
March, 2023 forms a part of this Annual Report.
Your Company is pleased to inform that there is no qualification / reservation /
adverse remark made by the Statutory Auditors in their report.
No frauds were reported by auditors under sub-section (12) of Section 143 of the Act.
Secretarial Auditors and Reports
The Board has appointed Ms. Prachi Todi, Practicing Company Secretary, to conduct the
Secretarial Audit for the financial year 2022-23. The Company had provided all assistance
and facilities to the Secretarial Auditor for conducting their audit and the report of the
Secretarial Auditor for the financial year 2022-23 is annexed herewith and marked as
“Annexure A1” to this Report.
Explanation to the Remarks/Comments/Observation raised in the Secretarial Audit Report
The Secretarial Audit Report contains the following comments:
Comment / Observation:
a) A suit that had been filed by a group of shareholders of the Company in Sealdah
Civil & Criminal Court against Resolutions passed in pursuance of Section 180(1) (a)
and 180(1) (b) of the Act, and which was later transferred to the Learned 2nd Civil Judge
(Junior Division) at Barrackpore, West Bengal vide TS No. 04/2015. However, the ex parte
stay order was vacated by the Honble Court.
b) Another suit had been filed by the same group of shareholders of the Company having
Title Suit No. 1048 of 2015 before the Ld. Civil Judge (Senior Division) 1st
Court at Barasat challenging the sale of property to its wholly-owned subsidiary and/or
nominees. However, the Company had already filed its reply to the said suit and the matter
is currently sub judice before the Court.
Boards Reply:
The Board of Directors took note of the comments/observation made by the Auditors.
Further, with respect to the order TS No. 04/2015, the stay was vacated on 16.03.2023 and
the matter is pending for hearing & still sub- judice before the court, furthermore
with respect to Order having Title Suit No. 1048 of 2015, we would like to inform that the
Company had already filed its reply against the said suit and the matter is currently sub
judice before the Court.
Secretarial Audit of Material Subsidiary
The Board of NTCIL Real Estate Private Limited, material subsidiary of the Company had
appointed Ms. Prachi Todi, Practicing Company Secretary, to conduct the Secretarial Audit
of the said material subsidiary of the Company for the financial year 2022-23. The report
of the Secretarial Auditor for the financial year 2022-23 is annexed herewith and marked
as “Annexure A2” to this Report.
Internal Auditors
Pursuant to Section 138(1) of the Act, M/s. Garg Narender & Co., Chartered
Accountants had been appointed as the Internal Auditor of the Company for the financial
year 2022-23 to conduct the Internal Audit of the Company. The Internal Auditor reports to
the Audit Committee of the Board and the report of Internal Audit is also placed at the
Meetings of the Audit Committee for review.
No frauds were reported by the auditors under sub-section (12) of Section 143 of the
Act.
COMPLIANCE WITH SECRETARIAL STANDARDS OF ICSI
The Directors of your Company have devised proper systems to ensure compliance with the
provisions of all applicable Secretarial Standards issued by the ICSI and that such
systems are adequate and operating effectively.
WEB ADDRESS FOR ANNUAL RETURN REFERRED TO IN SECTION 92(3) SHALL BE PUBLISHED
In accordance with Section 92(3) read with Rule 12 of the Companies (Management and
Administration) Rules 2014 (as amended) a copy of the Annual Return of the Company is
hosted on its website and can be accessed at https://www.ntcind.com/others/.
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS
During the financial year 2022-23, 7(Seven) Board Meetings were held, details of which
are given in the Corporate Governance Report forming part of this Annual Report. Details
relating to dates of Board Meeting indicating the number of meetings attended by each
Director are also given in the Corporate Governance Report. The intervening gap between
the Meetings was well within the period prescribed under the Companies Act, 2013.
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) and 134(5) of the Companies Act, 2013.
(a) in the preparation of the annual financial statements for the year ended 31st
March, 2023, the applicable accounting standards had been followed along with proper
explanation relating to material departures, if any;
(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 the
statement of 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 this Act for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities;
(d) the directors have prepared the annual financial statements on a going concern
basis;
(e) 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
(f) the directors had devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
PARTICULARS OF LOAN, GUARANTEES AND INVESTMENTS UNDER SECTION 186 OF THE ACT
Particulars of loans given, investments made, guarantees given and securities provided
along with the purpose for which the loan or guarantee or security is proposed to be
utilized by the recipient are provided in the notes to standalone financial statement.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All related party transactions are reported to and approved by the Audit Committee /
Board. An omnibus approval from the Audit Committee for the financial year is obtained for
the transactions which are repetitive in nature. The details of such transactions were
also placed before the Audit Committee and the Board for their review, on a quarterly
basis.
Further, there are no materially significant related party transactions made by the
Company with Promoters, Directors, Key Managerial Personnel or other Designated Persons
which may have a potential conflict with the interest of the Company at large. The details
of related party transactions are disclosed and set out in Note 36 to the Standalone
Financial Statements forming part of this Annual Report.
Your Company has framed a Policy on materiality of related party transactions and
dealing with related party transactions as approved by the Board. The same can be
accessible on the Companys website at
https://www.ntcind.com/wp-content/uploads/2022/08/NTC-POUCY-ON-RELATED-PARTY-TRANSACTIONS-
2022.pdf
CORPORATE GOVERNANCE
A detailed report on Corporate Governance together with the certificate of compliance
from a Practicing Company Secretary, as required under the Listing Regulations, is
presented in a separate section and is annexed to this report as “Annexure B”
and “Annexure B1”, respectively.
CEO-CFO CERTIFICATION
A certificate of the Managing Director and CFO of the Company in terms of Regulation
17(8) of Listing Regulations, inter alia, confirming the correctness of the
financial statement, adequacy of the internal control measures and reporting of the
matters to the Audit Committee is also annexed hereto as “Annexure B3”.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A separate report on Management Discussion and Analysis containing a detailed analysis
of the Companys performance as per Regulation 34 of the Listing Regulations is annexed
hereto as “Annexure C” and forms part of the Annual Report.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY
There have been no material changes and commitments, affecting the financial position
of the Company which have occurred between the end of the financial year of the Company to
which the financial statements relate and the date of the report.
CONSERVATION OF ENERGY. TECHNOLOGY. ABSORPTION. FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars relating to conservation of energy, technology absorption, foreign
exchange earnings and outgo, as required under Section 134(3)(m) of the Companies Act,
2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014, are provided under
“Annexure D” which forms part of the Directors Report.
CORPORATE SOCIAL RESPONSIBILITY
Pursuant to the requirement under Section 135 of the Act and Rules made thereunder a
Report on CSR activities and initiatives taken during the year is given in in the
prescribed format and annexed to this report as
“Annexure E” and forms part of the Directors Report. The policy is available
on the website of the Company at the weblink:
https://www.ntcind.com/wp-content/uploads/2022/08/NTC-CSR-POLICY-2022.pdf
RISK MANAGEMENT POLICY
Your Company has developed and implemented a Risk Management framework which consist of
plans & policies pursuant to requirement of the provisions of the Act read with
provisions of the Listing Regulations.
In this ever-changing economic environment, your Company is exposed to various risks
such as market risk, financial risk, liquidity risk, principal interest rate risk, credit
risk and risks associated with the economy, regulations, competition among others. The
aforesaid Risk Management framework helps in identifying, assessing, monitoring and
mitigation of various risks to key business objectives. The Audit Committee of the company
oversee and evaluate overall risk management framework which is periodically reviewed by
the Board of Directors to ensure that the executive management controls the risk as per
decided policy.
The risk management issues are discussed in detail in the Management Discussion and
Analysis Report forming part of this Directors Report.
ADEQUACY OF INTERNAL FINANCIAL CONTROLS
The Companys internal control systems are commensurate with the nature of its business
and the size and complexity of operations. These systems are routinely tested and
certified by Statutory as well as Internal Auditor and cover all offices, factories and
key business areas. Significant audit observations and follow up actions thereon are
reported to the Audit Committee. The Audit Committee reviews adequacy and effectiveness of
the Companys internal control environment and monitors the implementation of audit
recommendations, including those relating to strengthening of the Companys risk
management policies and systems.
POLICY ON PREVENTION OF INSIDER TRADING
Your Company has adopted a “Code of Practice & Procedure for Fair
Disclosure” as envisaged under SEBI (Prohibition of Insider Trading) Regulations,
2015 with a view to Regulate trading in equity shares of the Company by the Directors and
Designated Employees of the Company. The said Code is available on the website of the
Company at the link: https://www.ntcind.com/codes-and-policies/.
VIGIL MECHANISM
The Company has formulated and published a Whistle Blower Policy to provide Vigil
Mechanism for employees including Directors of the Company to report genuine concerns. The
provisions of this policy are in line with the provisions of the Section 177(9) of the Act
and the Listing Regulations with stock exchanges and it can be accessed from the website
of the Company. No personnel have been denied access to the Audit Committee. The Whistle
Blower Policy also provides for adequate safeguards against victimization of persons who
use such mechanism and also provides for direct access to the Chairman of the Audit
Committee in exceptional cases. The policy is available on the Companys website at the
link https://www.ntcind.com/wp-
content/uploads/2019/09/Vigilance-Mechanism-or-Whistle-Blower-Policy ntc.pdf.
HUMAN RESOURCES
Your Company believes in best HR practices by providing its employees a world class
working environment, giving them equal opportunities to rise and grow. We continue to
implement the best of HR policies so as to ensure that talent retention is ensured at all
levels. Employee relations continued to be cordial and harmonious at all levels and in all
divisions of the Company during the year.
PARTICULARS OF EMPLOYEES
Details pursuant to section 197(12) of the Act read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this
Report and are annexed herewith as “Annexure F”.
None of the employees of the Company is in receipt of remuneration exceeding the limits
prescribed under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.
COST RECORDS
The company is not required to maintain cost records as specified by the Central
Government under sub-section (1) of section 148 of the Act.
HEALTH. SAFETY AND ENVIRONMENTAL PROTECTION
Your Company has complied with all the applicable laws. The Company has been complying
with relevant laws and has been taking all necessary measures to protect the environment
and maximize worker protection and safety. In order to support the “Green Initiative
in the Corporate Governance” by the Ministry of Corporate Affairs,
the Annual Report for the FY 2022-23 and the Notice of the 32nd AGM of the
Company are being sent through electronic mode to all such Members whose email
IDs/addresses are registered with the Company/Depository Participants/Companys Registrar
& Share Transfer Agent.
DEPOSITS
Your Company has not invited or accepted deposits from the public covered under Section
73 of the Act and the Companies (Acceptance of Deposits) Rules, 2014.
DETAILS OF SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNAL
During the year under review, there were no significant and material orders passed by
the Regulators or Courts or Tribunals which would impact the going concern status of the
Company and its future operations. You may also refer to Note No. 37, 38 and 39 of the
Standalone Financial Statements of the Company, forming part of this report for further
details.
INSOLVENCY AND BANKRUPTCY CODE, 2016
During the year under review, no other applications were filed or proceedings were
pending under the Insolvency and Bankruptcy Code, 2016 except for one application which
was filed by M/s. IFCI Limited against one of our wholly owned subsidiary companies i.e.,
NTCIL Infrastructure Private Limited on 1st February, 2023 with NCLT, Kolkata
Bench which was served to us on 31st March, 2023 and the said matter is pending
to be heard.
DETAILS OF DIFFERENCE BETWEEN AMOUNT OF VALUATION DONE AT TIME OF ONE TIME SETTLEMENT
AND VALUATION DONE WHILE TAKING LOAN FROM BANKS/FI (S) ALONG WITH REASONS
Your Company has not made any one-time settlement with the Banks.
DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
& REDRESSAL) ACT, 2013
An Internal Complaints Committee has been constituted under the Anti-Sexual Harassment
Policy approved by the Board of Directors of the Company, which provides a forum to all
female personnel to lodge complaints, if any, therewith for redressal.
Your Directors further state that during the year under review, there were no cases
filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their deep sense of appreciation to the
shareholders, bankers, business associates, retailers, suppliers, customers, government
and other regulatory agencies for their continued support and faith in the Company. Your
Board is grateful to the Independent Directors for their valuable contributions. All of
them despite other business exigencies have shared their rich experience and knowledge
with the management to take your Company forward. Your Directors also wish to place on
record their appreciation for the whole-hearted co-operation, dedication, commitment and
contribution made by all the employees and look forward to their continued support.
Inspired by this vision, driven by values and powered by internal vitality, your Directors
look forward to the future with confidence and stand committed to creating an even
brighter future for all stakeholders.
For & on behalf of the Board
Place: Kolkata Date: 30th May, 2023
Priyawart Jariwala |
Niraj Sinha |
Managing Director |
Director |
DIN:09148113 |
DIN: 06979287 |
+91-9892691696
