Pasupati Fincap Ltd Directors Report.
TO THE MEMBERS
Your Directors have pleasure in presenting their Report together with the Audited Accounts for the year ended 31st March, 2019.
|Profit / Loss After Tax||14,742|
|Add:- Brought forward Loss from earlier year||(44,726,803)|
|Balance carried to Balance Sheet||(44,712,060)|
The Board of Directors do not recommend any dividend for the year.
SPECIAL RESOLUTIONS PASSED THROUGH POSTAL BALLOT
No special resolution was passed through postal ballot during the Financial Year 2018- 19. None of the businesses proposed to be transacted in the ensuing Annual General Meeting require passing a special resolution through postal ballot
The Board of Directors do not recommend any dividend for the year.
DIRECTORS RESPONSIBILITY STATEMENT:
In terms of Section 134 (5) of the Companies Act, 2013, the directors would like to state that:
i) In the preparation of the annual accounts, the applicable accounting standards have been followed.
ii) The directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 or loss of the Company for the year under review.
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 have 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.
vi) The directors had devised proper system to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.
During the year under review, the auditors need no rotation as they can continue as statutory auditors up to the F.Y 2019-2020. M/s. Santosh Sushma Keshri & Co, Chartered Accountant, (Firm Registration No.021629), who are the statutory auditors of the Company, hold office till the conclusion of the forthcoming AGM and are eligible for re appointment. Members are requested to consider and re-appoint M/s. Santosh Sushma Keshri & Co, Chartered Accountant, as the Statutory Auditors of the Company from the ensuing Annual General Meeting till the conclusion of next Annual General Meeting.
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s Anand Sharma & Associates, a firm of Company Secretaries in Practice, to undertake the Secretarial Audit of the Company. The Report of the Secretarial Audit is annexed herewith as Annexure-A.
During the year, the Company did not accept any deposits from the public within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
During the year under review, company has not given any loans, Guarantee or made any investments covered under the provisions of Section 186 of the Companies Act, 2013.
The Company does not have any subsidiary.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant and material orders passed by the Regulators/ Courts which would impact the going concern status of the Company and its future operations.
DIRECTORS & KMP
(i) Retirement by rotation
In accordance with the provisions of the Companies Act, 2013 and Articles of Association of the Company, Mr. Vidit Jain retires by rotation and is eligible for reappointment.
(ii) Declarations 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.
(iii) Board Evaluation
In compliance with the provisions of the Companies Act, 2013, the Board has carried out an annual performance evaluation of its own performance.
(iv) Board Meetings
During the year, four (4) Board Meetings and four (4) Audit Committee Meetings were convened and held. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
EXTRACT OF ANNUAL RETURN
Pursuant to the provisions of section 134 (3) (a) of Companies Act 2013 substituted by Companies (Amendment) Act 2017 w.e.f. July 31, 2018 the web address of the extract of Annual Return of the Company is www.pasupatifincap.com
PARTICULARS OF EMPLOYEES
The provisions of Rule 5(2) & (3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 requiring particulars of the employees in receipt of remuneration in excess of Rs. 60 lacs per year to be disclosed in the Report of Board of Directors are not applicable to the Company as none of the employees was in receipt of remuneration in excess of Rs.60 lacs during the financial year 2018-19.
The information in accordance with the provisions of Section 197 of the Companies Act,2013 read with rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 is also not applicable to company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO.
Since, Company is not doing any manufacturing operations, information relating to Conservation of Energy, Technology absorption and foreign exchange earnings and outgo as required under Section 134(3) (m) of the companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 is not applicable.
RELATED PARTY TRANSACTIONS:-
No related Party Transaction were entered into during the financial year 2018-19.
CODE OF CONDUCT
The company has adopted code of conduct. The code of business conduct & Ethics as approved by the Board of Directors has been displayed at the website of the company, www. Pasupatificap.com
VIGIL MECHANISM / WHISTLE BLOWER POLICY
Pursuant to Section 177(9) of the Companies Act, 2013 the Company has formulated a Whistle Blower Policy to establish a vigil mechanism for directors and employees of the Company. A vigil (Whistle Blower) mechanism provides a channel to the employees and directors to report to the management concerns about unethical behavior, actual or suspected fraud or violation of the Code of Conduct or policy. The mechanism provides for adequate safeguards against victimization of employees and directors to avail of the mechanism and also provide for direct access to the Chairperson of the Audit Committee. The Whistle Blower Policy of the Company has been uploaded and can be viewed on the Companys website.
|FOR AND ON BEHALF OF BOARD OF DIRECTORS|
|VIDIT JAIN||VRINDA JAIN|
|Place : New Delhi|
|Dated : 13-08-2019|