Dear Members,
Your Directors have pleasure in presenting the 42 Annual Report of the Company together
with Audited Financial Accounts for the year ended 31 March 2022
1 Financial Highlights
The highlights of the financial performance of the Company for the financial year ended
31 March 2022 as compared to the previous financial year are as under -
(Rs. in thousand)
| Particulars |
2021-2022 |
2020-21 |
| Total Revenue |
1689 |
1,267 |
| (Less) Total Expenditure |
(1780) |
(1,482) |
| ProfitZ(Loss) before Exceptional & Extraordinary Items |
(91) |
(215) |
| Profit/(Loss) Before Tax |
(91) |
(215) |
| (Less): Item that will not be reclassified to profit or loss |
- |
- |
| (Less) Provision for Current Tax |
- |
- |
| (Less) Contingent provision for Standard Assets |
- |
- |
| Net Profit/(Loss) after Tax |
(91) |
(215) |
| (Less). Transfer to Statutory Reserve |
- |
- |
| Add/(Less) Brought forward from previous year |
(8,00,066) |
(799,851) |
| Balance carried to Balance Sheet |
(8,00,157) |
(8,00,066) |
2. Performance
(a) Annual financial Results
The total Revenue from operations of the Company during the Financial Year 2021-22 was
Rs1689 Lakh as compared to Rs12.67 Lakh for the previous financial year The loss before
lax stood at Rs 0.91 Lakh as compared to 2.15 Lakh loss in the previous financial year
(b) Names of companies which have become or ceased to be its subsidiaries, joint
ventures or associate companies during the year
During the year under review, the Company does not have any subsidiary or associate
Companies nor is associated with any joint ventures Therefore, the disclosure pursuant to
Rule 8 of the Companies (Accounts) Rules, 2014 is not applicable for the Company
- The names of companies which have become its subsidiaries during the period under
review
None of the Companies have become Subsidiaries during the period under review
3. The amount proposed to be carried to reserves.
During the year considering the operating performance of the Company, no amount was
transferred in any reserves.
4. Change in Share Capital
During the year under review, there has been no change in the Authorised or paid-up
Share Capital The Authorised Share Capital of the Company stands at 123,3400,000 /-
divided into 1233400 Equity Shares of Rs 10 each The Paid-up Share Capital of the Company
is 1,233165,000 /- divided into 12.33.16.500 Equity Shares of ^lOf- each
5. Dividend
Due to loss, the Board of Directors has not recommended any dividend on Ihe Equity
Shares of the Company for the Financial Year ended 31 March, 2022
6. Listing
The equity shares of the Company continue to be listed on the Calcutta Stock Exchange
Limited and BSE Limited
6. Corporate Governance Report
The Company has been complying with all the requirements of the code of Corporate
Governance, as specified by SEBI A separate report on Corporate Governance is furnished as
a part of the Directors Report
In terms of Schedule V of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements} Regulations, 2015 ("Listing Regulations )
Certificate issued by a Chartered Accountant in practice regarding compliance of condition
of Corporate Governance is annexed to the Directors Report.
7. Annual Return
In accordance with the Companies Act, 2013 ("the Act"), the Annual Return in
the prescribed Format is uploaded on the website of the Company and can be viewed via the
link httpsV/www.questfmancialJn
8. Directors & Key Managerial Personnel
i Board of Directors
As on 31st March, 2022 the composition of the Board is as under
a) Mi Bijay Kumar Agarwal (DIN-00634259) - Chairperson (Non-Executive
Independent) Director;
P) Mr Rabindra Kumar Hisana (DIN-05170751) - Non-Independent Executive Director,
c) Mr. Tarun Laha (DIN-07477757) - Independent Non-Executive Director was appointed as
a Managing Director w.e f 24 August. 2022
d) Mrs Nagina Kharwar (DIN; 09280504) -Non Executive Independent Director
ii. Company Secretary
Mr Anand Lohia has been appointed as the Company Secretary with effect from 1 July.
2022
iii. Chief Financial Officer.
Mr Rabmdra Kumar Hisana is the Chief Financial Officer of the Company
9. Number of Meetings of the Board
The Board of Director of the Company met Six (6) times during the Financial Year under
review i e 29/06/2021 14/08/2021.04/09/2021.18/10/2021,10/11/2021 and 12/02/2022
All the Meetings were held in accordance vs ith the provisions of the Companies Act.
2013 and the Rules made thereunder and Secretarial Standards I issued by the Institute of
Company Secretaries of India
| SI. Name of the Directors |
No. of Board Meeting entitled to attend |
No. of Board Meeting attended |
| 1 Biay Kumar Agarwal(DIN-00634259) |
6(Six) |
6(Six) |
| 2 Rabindra Kumar Hisaria(DIN-05170751) |
6(Six) |
6(Six) |
| 3 Tarun Laha(DlN-07477757) |
6(Six) |
6(Six) |
| 4. Nagma KharwarfDIN-09280504) (appointed w e f 14 08 2021) |
5(Five) |
5(Five) |
Further, one exclusive meeting of the Independent Directors, pursuant to Schedule IV of
the Companies Act, 2013 and sub-regulation 3 of Regulation 25 of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015
(hereinafter referred to as the Listing Regulations") was held on 12.02.2022
The Meetings were held in accordance with the provisions of the Act and the Listing
Regulations 2015 and Secretarial Standards issued by the ICSI
10. Disclosure pursuant to Section 177(8) of the Companies Act, 2013-Composition of the
Audit Committee
As on 31st March 2022 the composition of the Audit Committee is as under
a) Mr Bijay Kumar Agarwal (DIN- 00634259) Chairperson (Non-Executive Independent)
Director;
b) Mr Rabindra Kumar Hisaria (DIN-05170751) Non-Independent Director
c) Mr Tarun Laha (DIN 07477757) Independent Non-Executive Director
The Company Secretary is the Secretary to the Committee
During the Financial Year under review, the Audit Committee met Six (6) times and all
such meetings were held in accordance with the provisions of the Act, readwith the Rules
made there under and the Listing Regulations Details of the same including the meeting
dates and the attendance of the Committee members, are provided in the Corporate
Governance Report
Further, the Board has accepted all the recommendations of the Audit Committee in the
Financial Year 2021-2022
11. Composition of the Nomination and Remuneration Committee.
As on 31 March, 2022 the composition of the Nomination and Remuneration Committee is as
under
a) Mr Bijay Kumar Agarwal (DIN- 00634259) Chairperson (Non-Executive Independent)
Director:
b) Mr Rabindra Kumar Hisaria (DIN-05170751) Non-Independent Director
c) Mr Tarun Laha (DIN-07477757) Independent Non-Executive Director
The Company Secretary is the Secretary to the Committee
The detail of the Committee, including the meeting dates and the attendance of the
Committee members, is provided in the Corporate Governance Report
12. Composition of the Stakeholders Relationship Committee.
As on 31st March, 2022 the composition of the Stakeholders Relationship
Committee is as under
a) Mr Bijay Kumar Agarwal (DIN 00634259} Chairperson (Non-Executive Independent)
Director,
b) Mr Rabindra Kumar Hisaria (DIN-05170751) Non-Independent Director
c) Mr Tarun Laha (DIN-07477757) Independent Non-Executive Director
The Company Secretary is the Secretary to the Committee
The detail of the Committee, including the meeting dates and the attendance of the
Committee members, is provided in the Corporate Governance Report
13. Directors Responsibility Statement
Pursuant to the provisions of Section 134(3}(c) read with section 134(5) of the Act the
Directors hereby confirm and state that.
a In the preparation of Annual Accounts, the applicable Accounting Standards have been
followed along with the proper explanation relating to material departures if any
b. The Directors have selected such accounting policies and have applied them
consistently and made judgments and estimates that are reasonable and prudent so as to
give a true and fair view of the stale of affairs of the Company as on the Financial Year
ended on March 31 2022 and of the loss of the company for the year under review
c The Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities
d The Directors have prepared the annual accounts on a going concern basis
e. The Directors have laid down internal financial controls to be followed by the
Company and such internal financial controls are adequate and were operating effectively
f 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
14. Details in respect of frauds reported by auditors under sub-section (12) of section
143 other than those which are reportabfe to the Central Government.
No fraud was detected during the financial year under review
15. Declaration by the Independent Directors and statement on compliance of Code of
Conduct.
All the Independent Directors have furnished the Statement on Declaration of
Independence under section 149 (6) of the Act and Regulation 16 of the Listing Regulations
Further the Independent Directors have complied with the Code of Independent Directors
prescribed in Schedule IV to the Act
16. Statement on compliance of Code of Conduct for Directors and senior management
personnel.
The Corporate Governance Report contains a Declaration on compliance to the Code of
Conduct by the Directors and Senior Management Personnel of the Company
17. Policy on Directors Appointment & Remuneration.
The Companys Nomination and Remuneration Policy contains mter-alia. policy on
directors appointment and remuneration including criteria for determining qualifications
positive attributes independence of a director and other matters provided under
sub-section (3) of section 178 of the Act and the Listing Regulations
Pursuant to the proviso of sub-section (4) of Section 178 of the Companies Act 2013 the
aforesaid policy is available on the Companys website -
The Policy defines the basic principles and procedure of nomination and determination
of remuneration of all the Directors, Key Managerial Personnel and the senior management
It js further intended to ensure that the Company s able to attract, develop and retain
high-performing Directors Key Managerial Personnel and other employees and that their
remuneration is aligned with the Companys business strategies, values and goals The
policy is based on the following pillars
a. The level and composition of remuneration is reasonable and sufficient to attract,
retain and motivate directors of the quality required to run the Company successfully
b. The relationship of remuneration to performance is clear and meets appropriate
benchmarks: and
c The remuneration to directors, key managerial personnel and senior management
involves a balance between fixed and incentive pay. reflecting short and long-term
performance objectives appropriate to the working of the Company and its goals
The Policy in available on the website of the Company via the link https.Awww
questfinancial.in/nommation and-remuneration-policy html
18. Auditors & Auditors Report
a. Statutory Auditors
M/S Verma S & Associates Chartered Accountants (FRN 328962E) of 22/3. S K Deb Road
1 Bye Lane. Ground Floor. Near Tetultala Bus Stop Kolkata - 700 048 is the Statutory
Auditor of the Company and holds office till the conclusion of the ensuing 42 Annual
General Meeting Based on the recommendation of the Audit Committee, your Board has
accordingly proposed its re-appoint for a term three years
M/s Verma S & Associates has furnished a Certificate of Eligibility pursuant to
Section 141 of the Act read with the Rules framed thereunder
b. Independent Auditors Report
The Self Explanatory Independent Auditors Report does not contain any adverse remarks
or qualification
c. Secretarial Auditor
Mr Abbas Vithorawala {C P No 8827. Membership No 23671) Company Secretary in wholetime
Practice, issued the Secretarial Audit Report tor the Financial Year ended 31 st March
2022
d. Secretarial Audit Report
The Secretarial Audit Report is appended to the Directors Report in Annexure-I The
Report of the Secretarial Audit Report does not contain any adverse remark except
1 In terms of section 203 of the Companies Act, 2013 read with the Rules made
thereunder, is required to appoint a Whole Time Company Secretary The Company has
appointed Company Secretary w e.f 1sl July. 2022
2 Every company incorporated on or before 31? December 2017 shall file the particulars
of the company and its registered office, in e-Form INC- 22A ACTIVE (Active Company
Tagging Identities and Verification) with in prescribed time as per Companies
(Incorporation) Amendment Rules. 2019- Hence. Company has not filed e-form Active with in
prescribed time therefore Company is marked as Active - Non-Compliant" in the MCA
Master data
3 BSE Ltd ties imposed penalty for non compliance of Regulation 6(1) of the SEBI (LODR)
Regulations. 2015 pertaining to appointment of Company Secretary Further, the Company has
not paid the fine and hence BSE Ltd has frozen the promoters demat accounts
4 Regulation 55A (1) of SEBI (Depositories and Participants) Regulations, 1996.
requires every issuer to submit to the Stock Exchanges, audit report by a practicing
company secretary or qualified chartered accountant on a quarterly basis for the purposes
of reconciliation of the total issued capital, the Company has not filed the report with
the BSE Ltd for ihe quarter 30 06 2021 30.09.2021. 31 12.2021 and 31 03.2022
5 As per Second proviso to sub-section (1) of Section 149 of the Companies Act. 2013
every listed company should appoint a women Director on its board, the Company has
appointed Ms Nagma Kharwaron 14 08 2021 as a Women director on its board
6 As per Regulation 40 (10) of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015. the Company has not filed
certificate with the BSE Ltd for the half year ended 30.09 2021 and 31.03.2022
7 The Company has appointed Managing Director w e.f 24 August.2022
8 Mr Tanm Laha appointed as additional director on 12 02 2019 Form DIR-12 for change in
designation for regularization not filed. Ms. Nagma Kharwar appointed as additional
director on 14 08.2021 Form DIR-12 for change in designation for regularization not filed
The Board of Directors point-wise comments is as under-
1 The Company has appointed Company Secretory w e. f 7 July. 2022
2 The Company has appointed Company secretary, therefore e-Form ACTIVE (Active Company
Tagging identities and Verification) will be filed
3 The Company will request the BSE Ltd for waiving of the fines imposed
4 The same was inadvertently not submitted
5. As on 31s March 2022 the composition requirement of the Nomination &
Remuneration Committee could not be met Subsequently the same was duly complied with and
as on the date of this Directors Report the composition has been duly met
6 The same was inadvertently not submitted
7 The Company has appointed Managing Director iv e. f 24 August. 2022
8 The same was inadvertently not submitted. The same will be submitted at the earliest
e. Internal Audit Report
The Internal Audit Report does not contain any adverse remarks
19. Maintenance of Cost Records.
During the financial year under review the maintenance of cost records as well the
requirement of Cost Audit was not applicable to the Company
20. Particulars of Loans, guarantees or investments under Section 186 of the Act.
The provisions of section 186 of the Act are not applicable upon a Non-Banking
Financial Company Therefore the Company is not required to provide any disclosure pursuant
to Section 134(3)(g) of the Act
21. Particulars of contracts or arrangements with related parties referred to in
sub-section (1) of Section 188 of the Act in the prescribed form.
All related party transactions, contracts or arrangements that were entered into dunng
the financial year under review were on an arms-length basis and in the ordinary course of
business The Company has adhered to its Policy an Related Party Transactions and
Materiality of Related Party Transactions while pursuing all Related Party transactions
The policy on Related Party Transactions as approved by the Board is uploaded on the
Companys website
Further, during the year the Company had not entered into any contract/ arrangement /
transaction with related parties which could be considered material in accordance with the
policy of the Company on materiality of related party transactions
22. Slate of Company Affairs & Future Outlook.
During the financial year under review total revenue has increased by Rs 4 22 Lacs
(approx) However, due to low generation of income, the Company has incurred loss of Rs 0
91 Lacs (approx) As the recovery process of the global economy against the backdrop of the
COVID-19 pandemic has already begun the Company expects increase in growth prospects in
the coming years
As on 31 March. 2022 the Company is a Non-Systemically Important Non-Banking Financial
(Non Deposit Accepting or Holding) Company, does not have any outstanding public deposits
and the Company shall not accept in the Financial Year 2022-2023 and thereafter any public
deposit without obtaining the prior approval in writing of the Reserve Bank of India
23. Material Changes and commitments, if any, 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
No Material Changes and commitments affecting the financial position of the Company,
have occurred between the end of the financial year of the company to which the financial
statements relate and the date of this Directors Report,
24. Conservation of Energy, Technology Absorption. Foreign Exchange Earnings and Outgo
Disclosure in terms of Rule 8(3} of the Companies (Accounts) Rules, 2014:
a. Conservation of Energy.
The Company has no activity relating to conservation of energy.
b. Technology Absorption.
The Company has no activity relating to Technology Absorption Further the Company has
not entered into any technology transfer agreement
c. Foreign Exchange earnings and outgo.
The Company does not have any Foreign Exchange earnings and outgo during the financial
year under review
25 Risk Management Policy.
The Company has a Risk Management Policy which provides for the identification therein
of elements of risk, which in the opinion of the Board may threaten the existence of the
Company The details pertaining to various types of risks are described in the Management
Discussion and Analysis report which is annexed to the Directors Report
Pursuant to Schedule IV (II) (4) of the Act. the Independent Directors, mter-alia
amongst others review the system from time to time to ensure that Risk Management is
robust and satisfactory
As on 31s1 March, 2022, the Company is not required to have a Risk
Management Committee and has voluntarily complied with the constitution of the Risk
Management Committee in terms of the Listing Regulations. Further, in terms of Regulation
17(9)(b) of the Listing Regulations, the Board of Directors is responsible for framing,
implementing and monitoring the Risk Management Plan of the Company and has delegated the
power of monitoring and reviewing of the risk management plan to the Risk Management
Committee The Risk Management Committee is responsible for laying down procedures to
inform Board members about the risk assessment and minimization procedures
26. Manner of formal annual evaluation of the performance of the Board, its Committees
and that of its individual directors.
The manner of formal annual evaluation of the performance of the Board, its committees
and that of the individual directors is more fully described in the Corporate Governance
Report which is annexed to the Directors Report The evaluation is perused on the basis of
the Company s performance evaluation policy
27. Change in the nature of business.
There has been no change in the nature of business of the Company in the Financial Year
under review
28. Disclosures relating to Subsidiaries, Associates and Joint ventures.
The Company does not have any Subsidiary or associate companies (as defined m Section
2(6) of the Act) nor is associated with any joint ventures and therefore the disclosure
requirement pursuant to Rule 8 of the Companies (Accounts) Rules. 2014 is not applicable
for the Company
29. Details in respect of adequacy of internal financial controls with reference to the
Financial Statements.
The Audit Committee of the Company ensures that there is a direct relationship between
the Companys objectives and the internal financial controls it implements, to provide
reasonable assurance about their achievement
In this connection the Audit Committee in coordination with the Internal Audit
Department periodically reviews the following:
a Transactions are executed in accordance with the managements general or specific
authorization:
b. All transactions are promptly recorded in the correct amount m the appropriate
accounts and in the accounting period in which they are executed so as to permit
preparation of financial information within a framework of recognized accounting policies
and practices arid relevant statutory requirements, if any,
c Accountability of assets is adequately maintained and assets are safeguarded from
unauthorized access, use or disposition
A reference is made in this connection to the CEO & CFO Certification which forms
part of the Annual Report
30. Disclosure pursuant to Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014
The Company has no employee whose remuneration exceeds the limit prescribed under
Section 197 of the Act read with Rule 5(2) of The Companies (Appointment and Remuneration
of Managerial Personnel) Rules. 2014
I. The disclosure pursuant to Rule 5(1) of The Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, is provided herein below:
In computing the various parameters, Gross Salary has been considered Gross Salary of
the employees primarily encompasses Salary, allowances and perquisites
i. Ratio of Remuneration of each director to the median remuneration of the employees
of the company for the financial year
| Directors |
Ratio of Remuneration to Median Remuneration |
| Mr Bijay Kumar Aganwal -Non-Executive Independent Director |
No remuneration or sitting fees was paid |
| Mr Rabmdra Kumar Hisaria -Non Executive Non-Independent Director |
No remuneration or sitting fees was paid |
| Mr Tarun Laha-Non-Executive Independent Director |
No remuneration or sitting fees was paid |
ii. The percentage increase in the remuneration of each Director, Chief Financial
Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the financial
year.
| Directors, Chief Executive Officer, Chief Financial Officer and Company Secretary |
% increase in remuneration in the Financial Year |
| Mr Bijay Kumar Agarwal Non-Executive Independent Director |
No remuneration or sitting fees was paid |
| Mr Rabindra Kumar Hisana -Non Executive Non-Independent Director & CFO |
No remuneration or sitting fees was paid |
| Mr. Tarun Laha-Non-Executive Independent Director |
No remuneration or sitting fees was paid |
iii. The percentage increase in the median remuneration of the employees in the
financial year.
There has been no increase in the median remuneration of the employees in the Financial
Year
iv. The number of permanent employees on the rolls of the company
As on 31s March, 2022. there are 8 Employees on the rolls of the Company
v. Average percentile increase already made in the salaries of employees other than the
managerial personnel in the last financial year.
There was no increase in salaries of employees in the last financial year and also in
the current financial year under review
vi. Affirmation that the remuneration is as per the remuneration policy of the company.
The Board of Directors hereby affirms that the remuneration paid to all directors Key
Managerial Personnel is in accordance with the Nomination and Remuneration Policy of the
Company
31. Vigil MechanismfWhistle Blower Policy
The Vigil Mechamsm/Whistle Blower Policy of the Company is aimed to provide a vigilance
mechanism for the directors and employees of the Company to raise concern of any
violations of legal or regulatory requirements, incorrect or misrepresentation of any
financial statements and reports, etc The purpose of this Policy is to encourage the
Companys directors and employees who have concerns about suspected misconduct to come
forward and express these concerns without fear of punishment or unfair treatment
No personnel have been denied access to the Audit Committee There were no instances of
reporting under the Whistle Blower Policy
The details of the Vigil Mechanism/Whistle Blower Policy is explained in the Corporate
Guver nance Report and also disclosed on the website of the Company
https://www duestfinancial in
32. Insider Trading
The Company has put in place following Codes pursuant to the SEBI (Prohibition of
Insider Trading) Regulations, 2015:
a Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive
Information
b Code of Conduct to Regulate, Monitor and Report Trading
The aforesaid Codes have been disclosed on the website of the Company.
33. Transfer of amount to Investor Education and Protection Fund (IEPF).
Please note that, no claims shall lie against the Company in respect of unclaimed
dividend amounts so transferred to the Investor Education and Protection Fund (IEPF).
Mr Rabindra Kumar Hisaria (DIN 05170751), Director and CFO has been appointed as the
Nodal Officer Claimants may contact the Nodal Officer Mr Rabindra Kumar Hisana. Director
through the dedicated e-mail Id for the said purpose inveslorsquestfinancial@yahoo co in
Alternatively, the claimants may also write their concerns to the Nodal Officer, addressed
at the Registered Office The relevant details in the above matter, including the relevant
notification of the Ministry contact details of the Nodal Officer, access link to the
refund webpage of the IEPF Authority website etc . are available on the website of the
Company via the following link: https//www auestfmanciai in
34. Compliance to norms prescribed by RBI for NBFCs..
Your Company has been complying with all the requisite applicable norms prescribed by
the Reserve Bank of India for Non-Deposit Taking Non-Systematically Important NBFCs
35. Green Initiative
To support the Green Initiative in the Corporate Governance taken by the Ministry of
Corporate Affairs, to contribute towards greener environment and to receive all documents
notices including Annual Reports and other communications of the Company, investors should
register their e-mail addresses with M/s Niche Technologies Private Ltd , if shares are
held in physical mode or with their DP. if the holding is in electronic mode.
Electronic Copies of the Annual Report and Notice of the Annual General Meeting are
sent to all members whose e-mail addresses are registered with the Company/Depository
Participants For members who have not registered their email address, physical copies of
the Annual Report and Notice of the Annual General Meeting are sent in the permitted mode
Members requiring physical copies can send their request Mr Rabindra Kumar Hisaria,
Director of the Company
In terms of Section 108 of the Act and Rule 20 of the Company s iManagement and
Administration) Rules 2014. the Company is providing remote e-voting facility to all the
members to enable them to cast their votes electronically on all the resolutions set forth
in the Notice
36. Compliance to the Sexual Harassment of Women at Workplace (Prevention, Prohibition,
and Redressal) Act, 2013 read with the Sexual Harassment of Women at Workplace
(Prevention, Prohibition, and Redressal) Rules, 2013.
The Company strives to provide a safe working environment to all its employees
including its women employees and is committed to the protection of women against sexual
harassment
In adherence to the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act. 2013 read with the Sexual Harassment of Women
at Workplace (Prevention. Prohibition and Redressal) Rules, 2013, the Company has in place
a Policy for prevention of Sexual Harassment of Women
The Board of Directors do hereby confirm and state that, Quest Group has constituted an
Internal Complaints Committee under the Sexual Harassment of Women at Workplace
(Prevention
Prohibition and Redressal) Act. 2013, to look into the matters relating to sexuaf
harassment at workplace. Ms Magma Kharwar. Director, is the Presiding Officer of the
Committee All employees (permanent, contractual, temporary trainees) are covered under
this Policy
In the event of any sexual harassment at workplace, any woman employee of the Quest
Group may lodge complaint to Ms Nagina Kharwar in writing or electronically through e-mail
at investorsquestfinancial@yahoo.com
During the period under review no complaints pertaining to sexual harassment of women
at workplace were received by the Company. Accordingly, in terms of section 22 of the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
a summary thereof is as under:
| Particulars |
No. of Complaints |
| Number of complaints pending at the beginning of the year |
Nil |
| Number of complaints received during the year |
Nil |
| Number of complaints disposed off during the year. |
Nil |
| Number of cases pending at end of the year |
Nil |
37. Managements Discussion and Analysis.
The Managements Discussion and Analysis Report in terms of the Listing Regulations
forms part of the Annual Report
38. Affirmation on Compliance of Secretarial Standards.
The Board hereby affirms that, the Company has duly complied with the applicable
Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI)
39. General.
No disclosure or reporting is required in respect of the following items as there were
no transactions on these items during the year under review
a. Policy on Corporate Social Responsibility (CSR) Initiatives.
The Company is not required to constitute a Corporate Social Responsibility Committee
or to undertake any CSR activities in terms of the provisions of Section 135 of the Act
and accordingly, the requisite disclosure requirement as is specified in Section 1343) (o)
of the Act, is not applicable on the Company
b. Details of deposits which are not in compliance with the requirements of Chapter V
of the Act.
The Company has neither accepted any deposits during the financial year under review
nor has any outstanding deposits as on 31s March. 2022 Accordingly, the
question of unpaid or unclaimed deposits does not arise.
c. The details of application made or any proceeding pending under the insolvency and
Bankruptcy Code, 2016 during the year alongwith their status as at the end of the
financial year in terms of Rule 8(5) (xi) of the Companies (Accounts) Rules, 2014.
There were no such instances during the financial year under review.
d. The details of difference between amount of the valuation done at the time of one
time settlement and the valuation done while taking loan from the Banks or Financial
Institutions along with the reasons thereto in terms of Rule 8(5) (xii) of the Companies
(Accounts) Rules, 2014.
Not Applicable.
e. The details of application made or any proceeding pending under the Insolvency and
Bankruptcy Code, 2016 (31 of 2016) during the year aiongwith their status as at the end of
the financial year in terms of Rule 8(5) (xi) of the Companies (Accounts) Rules, 2014.
There were no such instances during the financial year under review
f. The details of difference between amount of the valuation done at the time of one
lime settlement and the valuation done while taking loan from the Banks or Financial
Institutions along with the reasons there to in terms of Rule 8(5) (xii) of the Companies
(Accounts) Rules, 2014.
Not Applicable
40. Opinion of the Board with regard to integrity, expertise and experience (including
proficiency) of the Independent Directors appointed during the year.
In terms of Rule 8(5) (iiia) of the Companies (Accounts) Rules 2014 the Board hereby
declares that
In the opinion of the Board of Directors, the integrity, expertise and experience of
the Independent Directors of the Company is adequate and commensurate with the size
structure and business requirement of the Company.
Further, the Independent Directors have registered their names in the Independent
Directors databank
41. Declaration by the Independent Directors and statement on compliance of Code of
Conduct.
All the Independent Directors have furnished the Statement on Declaration of
Independence under section 149 {6) of the Act and Regulation 16 of the Listing Regulations
Further, the Independent Directors have complied with the Code of Independent Directors
prescribed in Schedule IV to the Act
42 Statement on compliance of Code of Conduct for Directors and senior management
personnel.
The Declaration on compliance to the Code of Conduct by the Directors and Senior
Management Personnel of the Company
43. Details in respect of frauds reported by auditors under sub-section (12) of section
143 other than those which are reportable to the Central Government
No fraud was detected during the financial year under review
44. Acknowledgement.
Your Directors wish to place on record their gratitude for the valuable guidance and
support rendered by the Government of India various State Government departments.
Financial Institutions Banks and stakeholders, including but not limited to, shareholders,
customers and suppliers among others We place on record our appreciation of the
contribution made by our employees at all levels
The Directors look forward to the confirmed support of all the stakeholders in the
future and appreciate and value the contribution made by every member of the Company,
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