The Shareholders of,
Ravindra Energy Limited
The Directors are pleased to present the 43rd Annual Report of Ravindra Energy Limited together with the Audited Financial Statements (Standalone and Consolidated) for the financial year ended March 31, 2023.
STATE OF THE COMPANYS AFFAIRS
The information on the business overview and outlook and the state of the affairs of the Company is discussed in detail in the Management Discussion & Analysis, forming part of this Annual Report.
There is no change in the nature of business of the Company for the year under review.
RESULTS OF OPERATIONS
The standalone revenue from operations for the year ended March 31, 2023 was Rs. 282.22 million and other income was Rs. 356.38 million, aggregating to Rs. 638.60 million, as against revenue from operations of Rs. 728.89 million and other income was Rs. 162.11 million, aggregating to Rs. 891.00 million for the previous year ended March 31, 2022. The Company has earned a profit after tax of Rs. 42.38 million for the year ended March 31, 2023 as compared to a loss of Rs. 1,811.28 million incurred for the previous year ended March 31, 2022. Revenue from operations includes, installation and commissioning, sale of solar system for water pumping, sale of electricity, etc.
The consolidated revenue from operations for the year ended March 31, 2023 was Rs. 2526.33 million and other income was Rs. 331.68 million, aggregating to Rs. 2858.01 million, as against revenue from operations of Rs. 7,649.98 million and other income was Rs. 696.61 million, aggregating to Rs. 8,346.59 million for the previous year ended March 31, 2022.
The Company earned a consolidated profit of Rs. 167.47 million for the year ended March 31, 2023 as against consolidated profit Rs. 369.25 million for the previous year ended March 31, 2022.
FINANCIAL SUMMARY AND HIGHLIGHTS
The Companys financial performance for the year ended March 31, 2023 is summarized below.
(Amount in Mn)
Standalone | Consolidated | |||
Particulars |
||||
2022-23 | 2021-22 | 2022-23 | 2021-22 | |
Revenue from Operations | 282.22 | 728.89 | 2,526.33 | 7,649.98 |
Other Income | 356.38 | 162.11 | 331.68 | 696.61 |
Total |
638.60 | 891.00 | 2,858.01 | 8,346.59 |
Profit/(Loss) before financial expenses, depreciation and amortization |
67.14 | (1,726.45) | 466.37 | 631.34 |
Financial expenses | 11.97 | 37.87 | 134.70 | 180.40 |
Depreciation & Amortization | 14.56 | 5.79 | 113.43 | 92.37 |
Profit/(loss) before exceptional and extraordinary items |
40.60 | (1,770.11) | 218.24 | 358.58 |
Exceptional & Extraordinary items | - | (40.51) | - | (40.51) |
Profit/(loss) before tax |
40.60 | (1,810.61) | 218.24 | 318.07 |
Provision for Current tax | (0.59) | 0.59 | (0.42) | 1.31 |
Deferred Tax | (1.18) | 0.07 | 51.19 | (52.49) |
Profit/(Loss) for the year |
42.38 | (1,811.28) | 167.47 | 369.25 |
Share of Profit/(Loss) from Associate company | - | - | (0.49) | (2.21) |
Re-measurement of defined benefit plans | (0.48) | (0.22) | (0.48) | (0.22) |
Total Comprehensive income for the year |
41.90 | (1,811.50) | 166.50 | 366.82 |
AMALGAMATION
The Company had filed applications seeking sanction of the scheme of amalgamation of Agri Venture Trading and Investment Private Limited (Wholly-Owned Subsidiary) into Ravindra Energy Limited, before the Honble National Company Law Tribunal bench at Bengaluru and before the Mumbai Bench.
The said scheme of amalgamation has been sanctioned by the Honble Tribunal at Bengaluru on January 5, 2022. A Certified True Copy of the said order has been filed with the Registrar of Companies, Karnataka at Bengaluru.
Further, the said scheme has also been sanctioned by the Honble Tribunal Mumbai Bench on March 24, 2023. A Certified True Copy of the said order has been filed with the Registrar of Companies, Maharashtra at Mumbai.
Pursuant to the scheme of amalgamation as sanctioned by the Honble NCLTs, the Appointed Date is April 1, 2019 and the Effective Date is May 15, 2023.
TRANSFER TO RESERVES
In view of the inadequate profits for the financial year ended March 31, 2023, no amount was transferred to General Reserves.
DIVIDEND
With a view to conserve the resources, the Board of Directors did not recommend any dividend for the financial year ended March 31, 2023.
DEPOSITS
During the year under review, the Company has not accepted any deposits. Hence, details relating to deposits covered under Chapter V or deposits which are not in compliance with the requirements of Chapter V of the Companies Act, 2013 are therefore not given.
PROJECTS
The Company has undertaken various projects relating to Solar Photo Voltaic (PV) Power Pumping Systems, Roof Top Solar Projects and Ground-Mount Solar Power Projects, at various locations in the state of Karnataka, Maharashtra and Rajasthan.
The Company has commissioned 13.9 MWp grid connected solar (photovoltaic) power generation facilities at the Project Site situated at Kumbhari Village, District Sholapur, State Maharashtra, through its Subsidiary Companies. The projects are housed under SPVs, REL Kumbhari Solar Project 1 Private Limited; REL Kumbhari Solar Project 2 Private Limited; REL Kumbhari Solar Project 3 Private Limited and REL Kumbhari Solar Project 4 Private Limited. The Company plans to install another 14 MWp solar generation facilities at the same project location.
The Company has also obtained connectivity approval for a 80MW project in Wardha in Maharashtra and another 50 MW solar-wind hybrid project in North Karnataka. The projects are likely to get commissioned in September 2024.
The Company has set up an SPV, Prerak Greentech Solar Private Limited, with Aright Green Enterprises LLP and Tan Surya Urja LLP for developing a 400 MWac solar park in Rajasthan. The proposed solar park will be connected to Central Transmission Utilitys grid. The project is scheduled to commission in January 2025.
REL Power Trading LLP a Wholly-Owned Subsidiary of the Company had obtained a Category V licence for inter-state trading in electricity in Pan India from Central Electricity Regulatory Commission and has started trading operations from June 2023.
Details of all the projects of the Company have been provided in the Corporate Governance Report forming part of this Annual Report.
CONVERSION OF WARRANTS
The Board of Directors of the Company with an intention to augment funds, to meet the funding requirements of the Company, had issued 2 crore warrants of the face value of Rs. 51/- each, on preferential basis, during the financial year 2021-22.
During the year under review, some of the warrant holders exercised the option of conversion of 32 lakh Warrants into 32 lakh Equity Shares of the face value of Rs. 10/- each at a premium of Rs. 41/- per share. The said shares were allotted to the warrant holders and listing approval for the same was received from BSE Limited. As on the date of this report, 1.68 crore warrants are outstanding.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis Report for the year under review, as stipulated under Regulation 34(2)(e) of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 is presented separately and forms part of this Annual Report.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
SEBI, vide its Circular dated May 10, 2021, made Business Responsibility and Sustainability Report mandatory for the top 1,000 listed companies (by market capitalization) from fiscal 2023.
Since, the provisions of the Regulation 34(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are not applicable to the Company for the year ended March 31, 2023 based on the market capitalisation, the Business Responsibility and Sustainability Report is therefore not given.
Ravindra Energy Limited
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with Section 129(3) of the Companies Act, 2013 ("the Act") and Indian Accounting Standard (AS)-27, the Company has prepared Consolidated Financial Statements for the financial year ended March 31, 2023 and are annexed to this Annual Report.
Pursuant to the provisions of Section 129(3) of the Act, a statement containing the salient features of financial statements of the Companys subsidiaries in Form No. AOC-1 is attached to the financial statements of the Company.
Further, pursuant to the provisions of Section 136 of the Act, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited financial statements in respect of subsidiaries, will be made available on the Companys website at www.ravindraenergy.com.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company had 28 subsidiaries as on March 31, 2023 including 18 Limited Liability Partnerships by virtue of exercise of more than one half of total voting power at its own. There was one Associate Company as on March 31, 2023. However, there was no Joint Venture Company, within the meaning of Section 2(6) of the Companies Act, 2013, as on that date. There has been no material change in the nature of the business of the subsidiaries.
List of Subsidiary and Associate Companies as on March 31, 2023 is given in the Extract of Annual Return in Form MGT 9, which is available on the website of the Company at www.ravindraenergy.com.
List of Subsidiaries incorporated during the year under review:
1) REL Power Trading LLP
2) REL Kumbhari Solar Project 1 Private Limited;
3) REL Kumbhari Solar Project 2 Private Limited;
4) REL Kumbhari Solar Project 3 Private Limited;
5) REL Kumbhari Solar Project 4 Private Limited; and
6) REL Kumbhari Solar Project 5 Private Limited.
During the year under review, the Company has divested its entire stake in REL Rural Warehousing Limited.
After the balance sheet date, in accordance with the orders passed by the Honble NCLTs, Agri Venture Trading and Investment Private Limited is amalgamated in to Ravindra Energy Limited.
Pursuant to the proviso to Section 136 of the Act, the financial statements of the Company, consolidated financial statements, along with relevant documents, are available on the Companys website at www.ravindraenergy.com.
The Policy for Determining Material Subsidiaries may be accessed on the Companys website at www.ravindraenergy.com.
DIVESTMENT OF STAKE IN MATERIAL SUBSIDIARY
The management, with an intension to exclusively focus on developing its renewable energy business, decided to exit non-renewable energy businesses.
In accordance with the approval of the shareholders by way of special resolution passed in the annual general meeting of the Company held on August 11, 2022 during the year under review, the Company has divested its entire stake held in REL Rural Warehousing Limited, a Wholly-Owned Subsidiary of the Company.
DIRECTORS RESPONSIBILITY STATEMENT
Your Directors state that: a) In the preparation of the annual accounts for the financial year ended March 31, 2023 the applicable Accounting Standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same; 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 as at March 31, 2023 and of the profit and loss of the Company for the year ended on that date; 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 that such internal financial controls are adequate and are operating effectively; and f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
CORPORATE GOVERNANCE
We ensure that we follow the corporate governance guidelines and best practices diligently, not just to enhance long-term shareholder value, but also to respect rights of the minority stakeholders. We consider it as our inherent responsibility to disclose timely and accurate information regarding the operations and performance of the Company to ensure that we gain and retain the trust of our stakeholders at all times. Corporate governance is about maximizing shareholders value legally, ethically and sustainably. Your Company is committed to maintain the highest standards of corporate governance and adhere to the corporate governance requirements set out by the Securities and Exchange Board of India.
Our report on the Corporate Governance for fiscal 2023 forms an integral part of this Annual Report.
The requisite certificate from the Auditors of the Company confirming compliance with the conditions of corporate governance is attached to the Report on Corporate Governance.
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
The Companys major related party transactions are generally with its promoters, subsidiaries, associates and group Companies. The related party transactions are entered into based on considerations of various business exigencies. All the contracts/arrangements/transactions entered by the Company during the financial year with related parties were in its ordinary course of business and on an arms length basis.
There were no materially significant related party transactions which could have potential conflict with the interest of the Company at large.
Prior omnibus approval of the Audit Committee is obtained for the transactions which are of foreseen and repetitive nature on yearly basis. A statement giving details of all related party transactions is placed before the Audit Committee for their approval from time to time.
The Company has made full disclosure of transactions entered into with the related parties during the year under Note 32(7) of the Standalone Financial Statement and Note 34(4) of the Consolidated Financial Statements, forming part of the Annual Report.
The Policy determining material subsidiary is available on the Companys website at www.ravindraenergy.com.
Pursuant to Regulation 23(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 approval for related party/material related party transactions entered/to be entered with related parties during the financial year 2023-24, is sought by way of a special resolution.
Information on transactions with related parties pursuant to section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 are given in Form AOC-2 and the same forms part of this report as Annexure I.
RISK MANAGEMENT
The Board of Directors of the Company has formed a Risk Management Committee to frame, implement and monitor the risk management plan for the Company. The Committee is responsible for monitoring and reviewing the risk management plan and ensuring its effectiveness. The Audit Committee has additional oversight in the area of financial risks and controls. The major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. The development and implementation of risk management policy has been covered in the Management Discussion and Analysis, which forms part of this report.
INTERNAL FINANCIAL CONTROLS
The internal financial controls have been documented and implanted in the business processes. Internal controls are regularly tested for implementation and operating effectiveness. Internal control is enabled through extensive use of technology to support the risk management processes, ensure the on going effectiveness of internal controls in processes, compliance with applicable laws and regulations.
The internal control systems are commensurate with the nature of business and the size and complexity of operations of the Company. The Audit Committee periodically evaluates adequacy and effectiveness of the Companys internal financial control systems and monitors the implementation of recommendations made by the Committee. The Auditors of the Company have also opined that "the Company has in all material respects an adequate internal financial control system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2023". A Certificate of Compliance from the Chief Executive Officer and Chief Financial Officer annexed to the Corporate Governance Report confirms the adequacy of the internal control systems and procedures of the Company.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Retire by Rotation
In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company Mr. Narendra Murkumbi and Mr. Sidram Kaluti, Directors of the Company retire by rotation at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment as Directors of the Company. The Board of Directors, on the recommendation of the Nomination and Remuneration Committee, has recommended their re-appointment.
Whole-Time Directors
The Board consists of two Whole-Time Directors viz. Mrs. Vidya Murkumbi Executive Chairperson and Mr. Shantanu Lath Chief Executive Officer.
Mr. Shantanu Lath is occupying the position of the Whole-Time Director designated Chief Executive Officer, since August 11, 2020 and the appointment of Mr. Shantanu Lath was for a term of three years and accordingly will end on August 10, 2023. Accordingly, taking in to consideration his long and meritorious association with the Company, excellent performance and devotion of time, the proposal to re-appoint Mr. Shantanu Lath as the Whole-Time Director designated as the Chief Executive Officer of the Company for a further term of three years with effect from August 11, 2023 was placed before the Board after the recommendation of the Nomination and Remuneration
Committee and is placed for the approval of the members in this Annual General Meeting.
Independent Directors
The Independent Directors possess the requisite skills, experience and knowledge and their qualification and experience was suitable for the Company and the Board derives immense value from their guidance and work experience. At present, the Board consists of five Independent Directors viz. Mr. Vishwanath Mathur, Mr. Robert Taylor, Dr. Shilpa Kodkany, Mr. Ramesh Abhishek and Mr. Rachit Kumar Agarwal. Mr. Ramesh Abhishek was appointed as an Additional Director (Independent) on November 3, 2022 to hold office up to the ensuing Annual General Meeting of the Company. In view of the recommendation of the Nomination and Remuneration Committee, the Board of Directors has recommended appointment of Mr. Ramesh Abhishek as an Independent Director of the Company with effect from November 3, 2022. Approval of the shareholders is sought accordingly.
Mr. Robert Taylor was appointed as an Independent Director of the Company for the first term of 5 (five) consecutive years with effect from August 23, 2017. In view of the recommendation of the Nomination and Remuneration Committee, the Board of Directors has recommended re-appointment of Mr. Robert Taylor as an Independent Director for the second term of five consecutive years with effect from August 23, 2022. Approval of the shareholders is sought accordingly.
Brief resume of Mr. Ramesh Abhishek and Mr. Robert Taylor, nature of expertise in specific functional areas, are provided in the explanatory statement and Annexure A to the notice convening this annual general meeting.
The Company has received declarations from all the Independent Directors of the Company confirming that, they meet the criteria of independence as provided in Section 149(6) of the Act and Regulation 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. There has been no change in the circumstances affecting their status as Independent Directors.
Regarding proficiency, in terms of the regulatory requirements providing for establishment of an online database of Independent Directors by Indian Institute of Corporate Affairs, all the Independent Directors of the Company have enrolled their names in the said database. Also, the online proficiency self-assessment test as mandated will be undertaken by those Independent Directors of the Company who are not exempted, within the prescribed timelines.
Non-Executive Directors
The Board consists of two Non-Executive Directors viz. Mr. Narendra Murkumbi and Mr. Sidram Kaluti.
Since, Mr. Sidram Kaluti is liable to retire by rotation and has offered for reappointment at this annual general meeting to hold office as Non-Executive, Non-Independent Director of the Company and who has attained the age of 75 years, approval of the shareholders for continuation of his directorship in the Company, is sought by way of special resolution.
Key Managerial Personnel
In addition to the Whole-Time Directors as mentioned above, the Company has two Key Managerial Personnel viz. Mr. Vikas Pawar Chief Financial Officer and Mr. Vadiraj Mutalik Company Secretary & Compliance Officer.
BOARD EVALUATION
The Company has a policy for performance evaluation of the Board, Committees and other individual Directors (including Independent Directors) which include criteria for performance evaluation of Non-Executive Directors and Executive Directors.
In accordance to Section 178(2) of the Companies Act, 2013, the Nomination and Remuneration Committee of the Board carried out an annual evaluation of its own performance, board committees and individual directors pursuant to the provisions of the Act and SEBI Listing Regulations. The performance of the Board was evaluated by the Board after seeking inputs from all the Directors on the basis of criteria such as the board composition and structure, effectiveness of board processes, information and functioning, etc.
Pursuant to the provisions of Schedule IV to the Companies Act, 2013 and Regulation 17(10) of the Listing Regulations the Board evaluated performance of Independent Directors. The Independent Directors in a separate meeting reviewed the performance of Non-Independent Directors, performance of the Board as a whole and the performance of the Chairperson. The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of criteria such as the composition of committees, effectiveness of committee meetings, etc.
STATUTORY AUDITORS AND THEIR REPORT
M/s. P. Ishwara Bhat & Co., Chartered Accountants, Bangalore, is appointed as Statutory Auditors of the Company, in the 42nd annual general meeting, to hold office till the conclusion of 47th annual general meeting of the Company to be held in the year 2027.
The Auditors Report to the shareholders for the year ended March 31, 2023 prepared by M/s. P. Ishwara Bhat & Co., Chartered Accountants, Bangalore does not contain any qualification, reservation or adverse remark and therefore do not call for any explanation/comments.
SECRETARIAL AUDITORS AND THEIR REPORT
In accordance with the provisions of Section 204 of the Companies Act, 2013 the Board appointed M/s. Sanjay Dholakia
& Associates, Company Secretaries, Mumbai to conduct Secretarial Audit of the Company for the financial year 2022-23.
Pursuant to Regulation 24A of the SEBI LODR Regulations, the Company has obtained Secretarial Audit Report and Annual Secretarial Compliance Report from M/s. Sanjay Dholakia & Associates, Company Secretaries, Mumbai, for the year ended March 31, 2023. A copy of the Annual Secretarial Compliance Report so obtained, is filed with the BSE Limited.
The Secretarial Audit Report and the Secretarial Compliance Report do not contain any qualification, reservation or adverse remark and therefore do not call for any explanation/ comments.
The Secretarial Audit Report and the Annual Secretarial Compliance Report for the financial year ended March 31, 2023 are annexed herewith as Annexure II & II-A and form part of this report.
COST RECORDS AND COST AUDIT
Pursuant to the provisions of Section 148(1) of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014 the Company has made and maintained cost accounts and records for the financial year ended March 31, 2023.
The Cost Auditors Report for the year ended March 31, 2023 does not contain any qualification, reservation or adverse remark and therefore does not call for any explanation or comments. As recommended by the Audit Committee, the Board has appointed M/s. A. G. Anikhindi & Co., Cost Accountants, as Cost Auditors to conduct cost audit of the records maintained by the Company for the financial year 2023-24.
In accordance with the provisions of Section 148 of the Act read with the Companies (Audit and Auditors) Rules, 2014, the remuneration payable to the Cost Auditors has to be ratified by the shareholders of the Company. Accordingly, consent of the members is sought for ratification of the remuneration payable to the Cost Auditors for the financial 2023-24.
AUDIT COMMITTEE
The Audit Committee comprises of three Directors namely Mr. Vishwanath Mathur (Chairman Independent Director), Mr. Robert Taylor and Mrs. Vidya Murkumbi. Role of the Committee is provided in the Corporate Governance Report annexed to this report. All the recommendations made by the Audit Committee were accepted by the Board.
NOMINATION AND REMUNERATION COMMITTEE
The Nomination and Remuneration Committee comprises of three Directors namely Mr. Vishwanath Mathur (Chairman), Mr. Robert Taylor and Dr. Shilpa Kodkany. The policy for Selection of Directors and determining Directors Independence and policy relating to the Remuneration of Directors, Key Managerial Personnel and other Employees may be accessed on the Companys website at www.ravindraenergy.com. The salient features of the policies are annexed to this report as Annexure III.
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
The Company has developed and implemented a Corporate Social Responsibility Policy to undertake corporate social responsibility activities and has been posted on the Companys website www.ravindraenergy.com. The brief outline of the Companys Corporate Social Responsibility Policy and the initiatives undertaken by the Company on CSR activities during the year are set out in Annexure IV of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. The composition and other details relating to the CSR Committee are provided in the Corporate Governance Report forming part of this report.
VIGIL MECHANISM
The Company has established policy on Vigil Mechanism/ Whistle Blower for directors and employees to report concerns or grievances about unethical behaviour, actual or suspected fraud or violation of companys code of conduct or ethics policy, pursuant to Section 177(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014 and Regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The policy may be accessed on the Companys website at www.ravindraenergy.com.
INTERNAL COMPLAINTS COMMITTEES
The Company has constituted a committee by name Internal Complaints Committee, in compliance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 read with Rule 8(5)(x) of the Companies (Accounts) Rules, 2014. The said committee is constituted to consider and resolve all sexual harassment complaints reported by women employees. During the year under review the Company did not receive any such complaint.
MEETINGS OF THE BOARD
The Board of Directors met five times during the year under review on May 21, 2022, June 17, 2022, August 9, 2022, November 3, 2022 and February 1, 2023. The maximum interval between any two meetings did not exceed 120 days, as prescribed under the Companies Act, 2013 and SEBI Listing Regulations. Details of the meetings of the Board of Directors held are given in the report on the Corporate Governance. Also, a Circular resolution was passed on February 22, 2023 and the same was noted in the Minutes of the subsequent meeting of the Board of Directors.
PARTICULARS OF LOANS, INVESTMENTS, GUARANTEES AND SECURITIES
Particulars of loans given, investments made, guarantees given and securities provided along with the purpose for which the loan or guarantee or security provided is proposed to be utilised by the recipient, are provided in the financial statements attached to this Annual Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO i. Conservation of Energy
Particulars with respect to conservation of energy pursuant to Rule 8(3) A of the Companies (Accounts) Rules, 2014 are not given as during the year under review the Company was engaged in the business of trading gneration & supply of electricity, installation of Solar Photo Voltaic (PV) Power Pumping Systems and Roof Mounted and Ground Mounted Solar Power Projects, not requiring consumption of power. Consumption of power was only for office purpose. ii. Technology Absorption
The Company was not engaged in any activity relating to production and manufacturing. No amount was therefore spent towards Technology Absorption. Particulars with respect to Technology Absorption pursuant to Rule 8(3) B of the Companies (Accounts) Rules, 2014 are therefore not given.
iii. Foreign Exchange Earnings and Outgo
Foreign exchange earnings: Rs. NIL
Foreign exchange outgo: Rs. 1.72 million.
EXTRACT OF ANNUAL RETURN
Pursuant to Section 92(1) of the Companies Act, 2013 the Company has prepared Annual Return in the prescribed form containing the particulars as they stood on the close of the financial year March 2023.
Further, pursuant to Section 92(3) of the Companies Act, 2013 a copy of the Annual Return is placed under the head "Investors" on the website of the Company at www.ravindraenergy.com.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in Annexure V.
There is no employee, who was employed throughout the financial year 2022-23, drawing remuneration which in aggregate was not less than Rupees One Crore and Two Lakhs per annum.
There was no employee employed for part of the financial year 2022-23 drawing the remuneration at a rate which in aggregate was not less than Rupees Eight Lakhs and Fifty Thousand per month.
ORDERS PASSED BY THE TRIBUNALS AND COURTS
The Company is a partner in 15 Limited Liability Partnerships (LLPs) which are engaged into the business of ground mount solar power generation, having aggregate capacity of 34 MW. The said LLPs had entered into Power Purchase Agreement (PPA) with Electricity Supply Companies (ESCOMS), at a tariff of Rs. 8.40/- per unit of power supply. However, due to delay in commissioning of the projects, the Karnataka Electricity Regulatory Commission (KERC) reduced the tariff rates to Rs. 4.36 per unit of power supply, without considering the extension of time granted by ESCOMs under the PPA.
The aggrieved LLPs had filed appeal before the Honble Appellate Tribunal for Electricity, at Delhi to set aside the orders passed by the KERC reducing the tariff rates.
Taking into consideration the merits of the case, the Honble Appellate Tribunal for Electricity, allowed the appeal and set aside the orders passed by the KERC in case of 14 LLPs during the financial year 2021-22 and 1 LLP during the financial year 2022-23.
In view of the said judgments, the tariff rates in respect of the said LLPs has been restored to Rs 8.40 per unit effective from the date of commissioning and the revenue realization of the LLPs stands increased to that extent.
SECRETARIAL STANDARDS
The Company has followed the applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to Meetings of the Board of Directors and General Meetings respectively.
GENERAL
Your Directors state that 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. Issue of equity shares with differential rights as to dividend, voting or otherwise. b. Issue of shares (including sweat equity shares) to directors and employees of the Company under any scheme. c. Details relating to Employees Stock Option Scheme. d. Buyback of shares. e. The Company does not have any scheme for provision of money for purchase of its own shares by employees or by trustees for the benefit of employees. f. Purchase by Company of its own shares or giving of loans for such purchase. g. The Whole-Time Director of the Company did not receive any remuneration or commission from any of its subsidiaries. h. There is no change in the nature of business of the Company or its subsidiaries. i. The details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Companys operations in future.
j. No fraud has been reported by the Auditors to the Audit Committee of the Board. k. No cases of child labour, forced labour, involuntary labour, sexual harassment and discriminatory employment were reported in the financial year 2022-23. l. There were 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 and the date of this report. m. Disclosure about the application made or any proceeding pending under the Insolvency and Bankruptcy Code (IBC), 2016 during the year along with their status as at the end of the financial year.
n. Disclosure about the difference between the amounts of the valuation executed at the time of one time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof.
ACKNOWLEDGMENT
Your Directors wish to place on record their sincere appreciation for the co-operation and assistance received from investors, customers, business associates, bankers, vendors, as well as regulatory and Governmental authorities and finally to all shareholders for their trust and confidence reposed in the Company. Your Directors also thank the employees at all levels for their support and co-operation.
By Order of the Board of Directors | |
For Ravindra Energy Limited | |
Sd/- | |
Vidya Murkumbi | |
Executive Chairperson | |
Mumbai, August 2, 2023 | DIN: 00007588 |
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
Invest wise with Expert advice