Parshwanath Corporation Ltd Directors Report.
Parshwanath Corporation Limited
1. COMPANY SPECIFIC INFORMATION:
1.1 FINANCIAL RESULTS
The Board of Directors hereby submits the report of the business and operations of your company along with the audited financial statements, for the financial year ended March 31, 2019.
(Amount in Lakhs)
|Revenue from Operation||64.68||30.71|
|Profit/loss before Depreciation, Exceptional items and Tax Expense||57.39||2.76|
|Profit/loss before Exceptional items and tax expense||47.86||(7.61)|
|Less: Exceptional items||9.37||4.44|
|Profit /loss before tax expense||57.22||(3.17)|
|Less: Tax Expense||(11.30)|
|Adjustment of Income Tax of Earlier Years||0.13|
|Profit/loss for the year (1)||45.93||(3.31)|
|Total Comprehensive Income (2)||0.06||0.09|
1.2 REVIEW OF OPERATION:
The Company has incurred total profit of Rs. 45,98,910 as compare to loss of Rs. 3,21,913 in the Previous Year. The Company earned revenue from operation is Rs. 64,68,296 which is higher than earned in the previous year Rs. 30,71,370. Currently company does not have any project and major part of the earning of the company is from the housing loan interest which the company had given at the earlier time and other interest income from miscellanous investment.
1.3 TRANSFER TO RESERVES:
The Board of Directors of your Company, has decided not to transfer any amount to the Reserves for the year under review, except for the Profit earned during the year which has been transferred to the Surpluses Head of the Reserves & Surpluses.
The Board of Directors of your company, after considering holistically the relevant circumstances and keeping in view the companys dividend distribution policy, has decided that it would be prudent, not to recommend any Dividend for the year under review.
1.5 MAJOR EVENTS OCCURRED DURING THE YEAR
a) State of the Companys affair:
Your company is engaged in the business of construction and development of housing projects in India. However currently company does not have any project. Further, During the year under review, the company was highly depended on the interest income. The Directors of the company are working hard to earn more profit and tremendous growth in future.
b) Change in Nature of Business:
During the year there was no change in the nature of the business of the Company.
c) Material changes and commitments affecting the financial position of the company:
There have been no material changes and commitments, which affect 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.
2. GENERAL INFORMATION:
Parshwanath Corporation has been offering world-class residential and commercial properties since 1985. Our aim is to create best in the class properties that offer the perfect balance of opulence and elegance. We enhance the lifestyle of people by blending innovation with passion. The company has grown brick by brick and reached towering heights.
3. CAPITAL AND DEBT STRUCTURE:
During the year under review, the company has neither issued nor bought back shares. The Capital of the company remains same as under.
|Authorized Share Capital||Rs.10,00,00,000 divided into1,00,00,000 shares of Rs. 10 each|
|Issued Share Capital||Rs. 3,13,18,370 divided into 31,31,837 shares of Rs. 10 each|
|Paid Up share Capital||Rs. 3,13,18,370 divided into 31,31,837 shares of Rs. 10 each|
The Capital of the Company consist only Equity shares.
4. CREDIT RATING
During the year the company has not issued any securities and not raised any loan which requires credit rating, hence credit rating provisions not applicable on company and has not obtained any credit rating during the year.
5. INVESTOR EDUCATION AND PROTECTION FUND
The Company has not declared any dividend, hence not transferred any amount to Investor education and Protection Fund.
6.1 Directors and Key Managerial Personnel:
The constitution of the Board (as on 31/03/2019) and the attendance of the Directors are given below:
|Name of the Directors||Category of the Director (NE/E/ID)||Designation||No. of Directors hip||No. of Meetings attended||
Details of committee
|Presence in previous AGM|
|As Member||As Chairman|
|Mrs. Riddhiben R. Patel||Executive||Joint-Managing Director||2||6||3||0||Yes|
|Mr. Rushabh N. Patel||Executive||Managing Director||4||7||0||0||Yes|
|Mr. Ramanbhai H. Patel||Independent||Independent Director||0||6||0||3||Yes|
|Mr. Navinchandra S. Patel||Independent||Independent Director||0||6||3||0||No|
|*Mr. Navinitbhai C. Patel||Executive||Independent Director||3||4||0||0||Yes|
* Mr. Navnitbhai C. Patel ceased to be director cum chairman with effect from 03/12/2018.
There was no appointment of directors or Key Managerial Personnel in the company during the year under review.
2. Change in Designation:
There was no change in Designation of any directors or Key Managerial Personnel in the company during the year under review.
There was no resignation of any directors or Key Managerial Personnel during the year under review. However, the company had taken note of Cessation of Mr. Navnitbhai C. Patel due to death w.e.f. 03/12/2018.
Mr. Rushabh Navnitbhai Patel (DIN:00047374) Managing Director who retires by rotation and being eligible offers himself for re-appointment.
5. Disclosure of relationship between directors inter se:
None of the directors are being related to each other except for Mrs. Riddhiben R. Patel, Joint-Managing Director and Chief financial officer of the Company, being wife of Mr. Rushabh N. Patel who is Managing Director of the Company
Key managerial person:
There are no changes occurred during the year under review in the key managerial personnel of the company.
6.2 Independent directors declaration:
There was no appointment of Independent Director during the year under review.
6.3 Independent directors declaration:
The company has received necessary declarations from each Independent Director under Section 149(6) and 149(7) of the companies Act, 2013 and regulation 16(1)(b) and regulation 25(8) of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, that they meet the criteria of independence laid down thereunder.
As on 31st March, 2019, half of the Board Members consist of Independent Directors on Companys Board having rich experience in their fields and they will add value to the management of the company. An enlightened Board consciously creates a culture of Board leadership to provide a long-term vision and policy thinking in order to improve the quality of governance. The Boards actions and decisions are aligned with the Companys best interests.
As per the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has taken necessary steps and formed the policy on the Boards Familiarization and Remuneration Policy to get the new Directors (including Non - Executive Directors and Independent Directors), Key Managerial Personnel and Senior Management familiarize, habituated and their acquaintance with the atmosphere and working of the Company. The same can be finding at the website of www.parshwanath.com
6.4 Board Meetings:
During the period under review, Seven (7) Board Meeting were held by the Board of Directors to transact various business items.
During the Year 2018-2019, Seven Board Meetings were held as mention below.
|Sr. No||Date and Day of the Board Meeting|
|1||Wednesday 30th May, 2018|
|2||Monday 13th August, 2018|
|3||Saturday 25th August, 2018|
|4||Wednesday 14th November, 2018|
|5||Thursday 27th December, 2018|
|6||Monday 11th February, 2019|
|7||Wednesday 27th February, 2019|
1. Audit Committee:
a) Brief Description
The primary object of the Audit Committee is to monitor and provide an effective supervision of the Managements financial reporting process, to ensure accurate and timely disclosures with the highest levers of transparency, integrity and quality of financial reporting. The committee oversees the work carried out in the financial reporting process by the Management, the internal auditor, the statutory auditor and notes the processes and safeguards employed by each of them.
b) Constitution and Composition of Audit Committee
The Company has in accordance with the Section 177 constituted the Audit Committee. The Audit Committee constituted and re constituted from time to time to comply with statutory requirement. The Audit Committee met 4 (Four) times during the last financial year on the following dates:
|Sr. No.||Date and Day of the Meeting|
|1.||Monday 28th May, 2018|
|2.||Monday 13th August, 2018|
|3.||Wednesday 14th November, 2018|
|4.||Monday 11th February, 2019|
The constitution of the Committee (as on 31/03/2019) and the attendance of each member of the Committee are given below:
|Name||Type of Directors||Category||No of Meeting||Number of meetings attended|
|Mr. Ramanbhai H. Patel||Independent Director||Chairman||4||4|
|Mrs. Riddhiben R. Patel||Joint- Managing Director||Member||4||4|
|Mr.Navinchandra S. Patel||Independent Director||Member||4||0|
2. Nomination & Remuneration Committee
a) Constitution & Composition of Nomination & Remuneration Committee:
The Company has formulated Nomination & Remuneration Committee as per the requirement of 178(1) of the companies Act, 2013 but due to death of one Independent director last year the committee now have only 2 non-executive directors and one Executive director. The main function of the Nomination & Remuneration Committee is to formulation and recommendation of the policy for the appointment, removal, performance evaluation of the directors & the consideration to be paid to them and other matters as may be determined by the committee and the prevailing provisions for formulation of criteria for evaluation of Independent Directors and Board. Further to recommend/review remuneration of Directors based on their performance and carry out functions as mandated by Board from time to time.
During the year under review, there was no requirement to conduct meeting of the Nomination & Remuneration Committee.
|Name of the Member||Type of Director||Category|
|Mr. Ramanbhai H. Patel||Independent Director||Chairman|
|Mr. Navinchandra S. Patel||Independent Director||Member|
|#Mrs. Riddhiben R. Patel||Joint- Managing Director||Member|
# The Nomination and Remuneration Committee consist of Mrs. Riddiben Patel who is Joint-Managing Director in executive capacity, however the company under process of appointing a Non-executive Director to properly constitute the committee.
3. Stakeholders Relationship Committee:
The Company has formulated the Stakeholders Relationship Committee in accordance with the Section 178(5) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 as entered into by the Company. The function of the Stakeholders Relationship Committee is to look into complaints if any and redress the same expeditiously. Besides, the committee approves allotment, transfer & Transmission of shares, Debentures, issue of any new certificates on split/consolidation/renewal etc. as may be referred to it.
During the relevant financial year, 4 Committee Meetings were held as follows:
|Sr. No.||Date and Day of the Meeting|
|1.||Monday 28th May, 2018|
|2.||Monday 13th August, 2018|
|3.||Wednesday 14th November, 2018|
|4.||Monday 11th February, 2019|
The constitution of the Committee as on 31/03/2019 is as under:
|Name of the Member||Type of Director||Category||Number of meeting held||Number of meetings attended|
|Mr. Ramanbhai H. Patel||Independent Director||Chairman||4||4|
|Mr. Navinchandra S. Patel||Independent Director||Member||4||0|
|Mrs. Riddhiben R. Patel||Joint- Managing Director||Member||4||4|
Company has not received Complain from shareholders of the Company during the year of review which is yet pending. However, the Company has taken necessary reply as and when required.
The details of the Compliance Officer and the details of complaints received/solved/unsolved during the year are as follows:
Ms. Hetanshi Shah, Company Secretary Mail Id: email@example.com
Contact No.: 079-27540647
|Compliant received during the year*||Compliant solved during the year||Compliant pending during the year*|
Note: The Company had not received the investor complaint.
4. Independent Directors Meeting:
Out of two Independent, one Independent Director was unable to attend meeting due to his poor health and hence there was no separate meeting done by the Independent Directors of the company without the attendance of non-Independent Directors and members of the Board.
6.6 Recommendation of Audit Committee:
There are no transactions which are recommended by the audit committee and not accepted by the board of the directors of the company.
6.7 Companys Policy on Directors appointment and remuneration:
The current policy is to have an appropriate mix of executive and independent directors to maintain the independence of the board, and separate its functions of governance and management. The policy of the Company on directors appointment and remuneration, including the criteria for determining qualifications, positive attributes, independence of a director and other matters, as required under sub-section (3) of Section 178 of the Companies Act, 2013 is available at registered office for review.
There has been no change in the policy since last fiscal. We affirm that the remuneration paid to the directors is as per the terms laid out in the Nomination and Remuneration Policy of the Company.
Code of conduct:
The Company has already implemented a Code of Conduct for all Board Members and Senior Managements of the company in compliance with SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 (earlier Listing Agreement). But, since the operations of the Company were not much, the application of the code of conduct was limited to that extent. The code of conduct of the company can be found on the website of the company at www.parshwanath.com
6.8 Board Evaluation:
During the year, the Board adopted a formal mechanism for evaluating its performance and as well as that of its Committees and individual Directors, including the Chairman of the Board.
The evaluation framework for assessing the performance of Directors (including Independent Directors) comprises of the following key areas:
Attendance and participation in the Meetings and timely inputs on the minutes of the meetings.
Adherence to ethical standards & code of conduct of Company and disclosure of non - independence, as and when it exists and disclosure of interest.
Raising of valid concerns to the Board and constructive contribution to resolution of issues at meetings.
Interpersonal relations with other directors and management.
Objective evaluation of Boards performance, rendering independent, unbiased opinion.
Understanding of the Company and the external environment in which it operates and contribution to strategic direction.
Safeguarding interest of whistle-blowers under vigil mechanism and Safeguard of confidential information.
The evaluation involves Self-Evaluation of the Board Member and subsequently assessment by the Board of Directors. A member of the Board will not participate in the discussion of his/her evaluation.
1. Observations of board evaluation carried out for the year:
2. Previous years observation s and actions taken:
3. Proposed actions based on current year observations:
6.9 Remuneration of Directors and Employees of Listed companies:
Pursuant to the Sub-Rule (2) of the Rule 5 of the Companies (Appointment & Remuneration or Managerial Personnel) Rules, 2014 and Amendment rules, 2016, read with Section 197 of the Act, no employees was in receipt of the remuneration in aggregate to Rs. One crore Two Lakhs per annum or Rs. Eight Lakh Fifty Thousand per month or at a rate in excess of that drawn by the Managing Director/Whole - time director of Manager and holds himself or along with his spouse & dependent children, no less than two percent of the equity shares of the Company. Further, the information required pursuant to Section 197 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company will be provided upon request.
In terms of Section 136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employees particulars which is available for inspection by the Members at the Registered Office of the Company during the business hours on working days of the Company up to the date of the ensuing Annual General Meeting. If any Member is interested in obtaining a copy thereof, such Member may write to the Company Secretary in this regard.
As per the provisions of Section 197(12) of the Companies Act, 2013, read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the details of the ratio of the remuneration of each director to the median employees remuneration are described in the "Annexure - I" to this report.
Further, in pursuance to the Rule 5(2) of the Companies (Appointment and Remunerations of Managerial Personnel) Rules, 2014, the details of the employees employed throughout the financial year or part thereof, was in receipt of remuneration in that year, which, in the aggregate, or as the case may be, at a rate which in the aggregate, is in excess of that drawn by the Managing Director or Whole Time Directors or Manager and holds by himself or along with his spouse and dependent children, not less than two per cent of the equity shares of the company, is not being feasible for the company, as the company currently pays sitting fees to the director of the company.
6.10 Remuneration received by Managing Director/ Whole time Director from holding or subsidiary company:
There is no such amount received by the Managing Director/ Whole time Director As the company does not have any holding company or subsidiary company.
6.11 Directors Responsibility Statement:
Pursuant to the provisions of Section 134(5) of the Companies Act, 2013, the board of directors, to the best of their Knowledge and ability confirm and state that:-
I. In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;
II. The Directors had 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;
III. 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;
IV. The Directors had prepared the annual accounts on a going concern basis;
V. 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. 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.
6.12 Internal Financial Controls:
The Company has an adequate system of internal control procedures which is commensurate with the size and nature of business. Detailed procedural manuals are in place to ensure that all the assets are safeguarded, protected against loss and all transactions are authorized, recorded and reported correctly.
The internal control systems of the Company are monitored and evaluated by internal auditors and their audit reports are periodically reviewed by the Audit Committee of the Board of Directors. The observations and comments of the Audit Committee are also generally placed before the Board. Some key features of the companys internal controls systems have been provided in the Management discussion and Analysis Report as Annexure -V, which being annexed to this report.
6.12 Frauds reported by the Auditor:
In pursuance to the Section 134(3)(ca) of the Companies Act, 2013 ("the Act"), there has been no reported frauds being detected by the Auditor of the Company in accordance with the Section 143(12) of the Act.
7. DISCLOSURES RELATING TO SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES:
The Company does not have any Subsidiary, Associates Company or Joint Venture.
8. DETAILS OF DEPOSITS:
The Company has not invited or accepted deposit within the meaning of section 73 of the act read with rules made there under, from the public neither does have any unpaid or unclaimed deposits along with interest during the year. Further, the company has not made any default in repayment of deposits or payment of interest thereon, as no deposits have been invited or accepted by the Company during the year. Furthermore, there are no such deposits which are not in compliance with the requirements of Chapter V of the Act. The Company has taken loan from Mr. Rushabh N. Patel, Managing Director of the Company out of his own funds and the same has been repaid by the Company.
9. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The Details of loan, guarantees or investment as per section 186 of the act are provided in the notes to the financial Statement. Further the company has made following investments during the year compare to the last year.
|Investment in Equity Shares||-||-|
10. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
Particulars of contracts or arrangements with related Parties referred to in Section 188(1) of the Companies, 2013 in the prescribed form AOC-2 is appended as "Annexure-II" of the Boards report.
11. CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES:
Your company is not falling under the criteria mention as per Section 135 (1) of the Companies Act, 2013 and the companies (Corporate Social Responsibilities) Rules, 2014. Hence, the company has not developed and implemented any corporate Social Responsibilities initiatives.
12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING/ OUTGO:
Conservation of Energy and Technology Absorption:
During the year under review, there are no manufacturing activities undertaken by the company. However, the company has made necessary endeavor to conserver the non-renewable resources and Energy and has taken utmost care to use the latest technology to conserve the energy
Foreign Exchange Earnings: NIL Foreign Exchange Expenditure: NIL
13. RISK MANAGEMENT:
Considering the present condition of the company the company has formulated the risk management policy. The board is being regularly provided with information which may have potential threat of risk as and when required. The detailed policy can be find out at the website of the company www.parshwanath.com
14. DETAILS OF WHISTLE BLOWER POLICY & VIGIL MECHANISM:
The Company has established a "Whistle Blower and Vigil Mechanism Policy" for Directors and employees to report the genuine concerns as per the provisions of Section 177(9) of the Companies Act, 2013. However, as per Regulation 22 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 it is not applicable to the company.
15. SIGNIFICANT AND MATERIAL ORDERS OF JUDICIAL BODIES/REGULATORS
There are no significant material orders passed by the Regulators/ Courts which would impact the going concern status of the Company and its future operations.
16. AUDIT REPORT AND AUDITORS:
In pursuance to the provisions of Section 138 of the Companies Act, 2013, your Company has appointed M/s. P G M S & Associates, Chartered Accountant as the Internal Auditor of the Company.
M/s. S G D G & Associates LLP, Chartered Accountants (F. R No.W100188) appointed as the Statutory Auditors of the Company at 32nd Annual General Meeting who shall hold office for the term of 5 years till conclusion of the 37th Annual General Meeting of the company subject to rectification by members of the company at every Annual General Meeting held till 37th AGM and that the Board be and is hereby authorized to fix such remuneration as may be determined by the Audit Committee in consultation with the Auditors.
The observations and comments, if any, marked in the Auditors Report are self explanatory and therefore, do not call for any further comments.
COST AUDIT REPORT:
As per section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, Company is in construction business, and the Companies (Cost Records and Audit) Amendment Rules, 2014 (the Rules) are applicable to the Company but company does not fall under the criteria mentioned in the Rules.
Mrs. Kajal Ankit Shukla, Practicing Company Secretaries, Proprietor of M/s. K. A Shukla & Associates has been appointed for the purpose of conducting Secretarial Audit of the Company. The Secretarial Audit Report is appended to this report as "Annexure IV".
As the company have claimed exemption under the regulation 15 of SEBI Listing Obligation (Disclosure & Requirements) Regulations, 2015, for Corporate Governance the provisions of Annual secretarial compliance report as per circular dated 08th February, 2019 is not applicable on the Company.
17. SECRETARIAL AUDIT REPORT:
The Secretarial Audit Report is appended to this report as "Annexure IV".
18. EXPLANATIONS IN RESPONSE TO AUDITORS QUALIFICATIONS:
Explanation to the observations given in the Secretarial Audit report:
1. In respect to the qualification given by the secretarial auditor in the report with regards to point (i) the company is under process of appointing of new Independent director.
2. In respect to the qualification given by the secretarial auditor in the report with regards to point (ii) the company is under process to dematerialized all shares of the promoter group and given letters to all the physical shareholders through the RTA of the company to update their KYC and also requested to all the physical shareholders to dematerialized their shares.
3. In respect to observation made by the secretarial auditor in the report with regards to point (i) the transmission of shares are under documentary process and will be done as soon as possible.
19. COMPLIANCE WITH SECRETARIAL STANDARDS:
The Directors state that applicable Secretarial Standards i.e. SS 1 and SS 2 relating to Meetings of the Board of Directors and General Meetings respectively have been duly followed by the Company.
20. EXTRACT OF ANNUAL RETURN:
The Extract of Annual Return in Form MGT-9 as provided under Section 92 (3) of the Companies Act, 2013 is annexed herewith as "Annexure -III"
21. CORPORATE GOVERNANCE REPORT:
As per the criteria mention in the regulation 15 of SEBI Listing Obligation (Disclosure & Requirements) Regulations, 2015, company is not falling under the same and the company has claimed exemption from Stock Exchange. Hence company has not submitted corporate governance report with the stock exchange for the period under review. The company has claimed exemption under regulation 15(2) of SEBI Listing Obligation (Disclosure & Requirements) Regulations, 2015 vide letter dated 30th May, 2019 to BSE.
22. ANNUAL SECRETARIAL COMPLIANCE REPORT:
As per the clarification issued by BSE dated 9th May, 2019 the company need not to comply with the submission of Annual Secretarial Compliance report as does not falling under the criteria mentioned under regulation 15 of SEBI Listing Obligation (Disclosure & Requirements) Regulations, 2015. The company has claimed exemption under regulation 15(2) of SEBI Listing Obligation (Disclosure & Requirements) Regulations, 2015 vide letter dated 30th May, 2019 to BSE.
23. MANAGEMENT DISCUSSION & ANALYSIS REPORT:
The Management Discussion and Analysis Report as per the Regulation 34 of the SEBI Listing Obligation (Disclosure & Requirements) Regulations, 2015 is part of the Annual Report as "Annexure-V".
24. EQUAL OPPORTUNITY TO EMPLOYEES:
The Company has always provided a congenial atmosphere for work to all employees that are free from discrimination and harassment including sexual harassment. It has provided equal opportunities of employment to all without regard to their caste, religion, color, marital status and sex. The Company has also framed a Policy on "Prevention of Sexual Harassment "at the workplace. There were no cases reported under the said Policy during the year.
25. LISTING AT STOCK EXCHANGE:
The Equity shares of your company are listed on BSE (Bombay Stock Exchange). The Listing fees for the Year 2018-2019 have been paid to the Stock Exchanges.
26. DISCLOSURE OF TRANSACTIONS OF COMPANY WITH PROMOTER/ PROMOTER GROUP:
|Sr. no.||Name of Promoter||Nature of Transaction||Amount|
|1.||Mr. Rushabh N. Patel||Remuneration||9,00,000|
|2.||Mrs. Riddhi R. Patel||Remuneration||6,00,000|
27. DISCLOSURE OF DEMAT SUSPENSE ACCOUNT/UNCLAIMED SUSPENSE ACCOUNT
With the advent of the new Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 the listed entities are required to make disclosure in the Annual Report about the details of share in Demat Suspence Account/Unclaimed Suspense Account. The details of the same is mentioned below:
|Aggregate number of shareholders and the outstanding shares in the Suspense Account lying at the beginning of the year||NIL|
|Number of shareholders who approached listed entity for transfer of shares from suspense account during the year||NIL|
|Number of shareholders to whom shares were transferred from suspense account during the year||Nil|
|Aggregate number of shareholders and the outstanding shares in the suspense account lying at the end of the year||Nil|
|The voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares||Not Applicable|
The company has taken loan form Mr. Rushabh Patel, Managing Director of the company out of his own funds and the same has been duly repaid by the company during the year under review.
For and on behalf of the Board
For, Parshwanath Corporation Limited
|Mr. Rushabh N. Patel||Mrs. Riddhiben R. Patel|
|Date : 28.05.2019||Chairman & Managing Director||Joint Managing Director|
|Place : Ahmedabad||DIN : 00047374||DIN : 00047238|