To the Members of the Company
Your Directors have the pleasure of presenting their report and the Standalone and
Consolidated Audited Accounts of your Company for the Financial Year ended December 31,
2023.
Financial Highlights
|
|
Rs in Million |
Particulars |
2023* |
2022 |
| Revenue from operations |
28,511 |
27,701 |
| Other income |
653 |
715 |
| Total income |
29,164 |
28,416 |
| Profit before exceptional items and tax |
8,280 |
7,323 |
| Profit before tax |
8,458 |
8,643 |
| Tax expense |
2,426 |
2,437 |
Profit for the year |
6,032 |
6,206 |
*Figures are provided on standalone basis |
|
|
Company Performance
During the year ended December 31, 2023 your Company registered 28,511 million
Revenue from Operations compared to 27,701 million in the previous year. Revenue from
domestic retained business increased by 1.2% despite the inclusion of Companys flagship
brand LantusR under NLEM during the year 2023. On a comparable basis (excluding NLEM
impact) the domestic retained business grew by 5.4% over previous year. Net Revenue from
India is 23,227 constituting 81.5% of the total revenue. The exports grew by 27%, year
on year basis.
The Profit Before Tax and exceptional items increased from 7,323 million to 8,280
million, representing growth of 13.1% for the year ended December 31, 2023. Improvement in
profit on account of product mix, improved realisation and savings in operational expenses
by 6% through Operational efficiencies announced with for India strategy. The Profit After
Tax for the year ended December 31, 2023 decreased from 6,206 million to 6,032 million
representing degrowth of 2.8% mainly due to exceptional income in previous year.
Transfer to Reserves
Your Company does not propose to transfer any amount to the general reserves of the
Company.
Demerger of the Consumer Healthcare Business of the Company into Companys wholly owned
subsidiary, Sanofi Consumer Healthcare India Limited
The Board of Directors ("Board") of the Company at its meeting held on May
10, 2023, approved the Scheme of Arrangement among the Company and Sanofi Consumer
Healthcare India Limited, Companys wholly owned subsidiary ("SCHIL/Resulting
Company") and their respective Shareholders and Creditors under Sections
230 to 232 of the Companies Act, 2013 ("Scheme"), to demerge its Consumer
Healthcare Business into SCHIL.
The Board of Directors including the Independent Directors, approved the Scheme
considering it in the interest of the
Company, the shareholders, and other stakeholders, which would unlock the value for all
stakeholders. The rationale for the Scheme and Demerger, which would result in increased
business synergies and unlocking of shareholder value, is set out below: a) separation of
the pharmaceutical and consumer healthcare businesses of the Company will allow the
Company and SCHIL to have independent and focused management, as well as independently
pursue different opportunities and strategies for the growth of each respective business
aligned to specific market dynamics; b) the demerger under the Scheme will enable a
different operating model for the consumer healthcare business under SCHIL specific and
fit for purpose for a fast-moving consumer healthcare company, which would lead to a
greater ability to operate independently and positively shape the consumer healthcare
environment in India; c) the requirements of the businesses of the Company (pharmaceutical
businesses) and SCHIL (Consumer Healthcare Businesses upon demerger), including in terms
of operations, nature of risks, competitive advantages, strategies, and regulatory
compliances, are different, and the demerger will allow for enhancement of the business
models of both the
Company and SCHIL; d) the shareholders, investors, analyst community, and other
stakeholders will have greater understanding and visibility of both the pharmaceutical and
consumer healthcare businesses; e) the proposed demerger will not only facilitate the
pursuit of scale and independent growth plans but also more focused management and
stronger leverage of specific global resources within the Sanofi group; f) the proposed
demerger will de-risk both the businesses from each other and provide potential investors
and other stakeholders with the option of investing in both businesses; and g) the
proposed demerger will unlock value for the shareholders of the Company.
The Scheme was approved by the shareholders and creditors of the Company at the Court
Convened meeting(s) held on December 18, 2023. Subsequently, the Company filed a petition
before the Honble National Company Law Tribunal, Mumbai ("Tribunal"). The
Tribunal admitted the petition vide its Order dated January 16, 2024, and following the
hearing, the Tribunal has reserved its judgment on the matter.
Following are the key aspects of the Scheme as approved by the shareholders
: i. The Scheme provides for the demerger of the consumer healthcare business from the
Company into SCHIL
. ii. The Appointed Date under the Scheme is June 1, 2023, as rectified by the
Tribunal. iii. Upon the Scheme becoming effective, all the assets and liabilities and the
business pertaining to the consumer healthcare business of the Company shall stand
transferred to and vest in SCHIL, as a going concern. Details of the assets and
liabilities of SCHIL and the Company, pre and post the Scheme are available on the website
of the Company. iv. Upon the Scheme becoming effective, 1 fully paid-up equity share of
10 each of SCHIL shall be issued and allotted to the equity shareholders of the Company
for every 1 equity shares of 10 each held in the Company. v. Upon the Scheme becoming
effective, the equity shares of SCHIL held by the Company will stand cancelled on or after
the Effective Date (as set out in the Scheme) by operation of law, without payment of any
consideration or any further act or deed by either of the Company and SCHIL. vi. Employees
of Company pertaining to the Consumer Healthcare Business shall become the employees of
SCHIL without any break or interruption in their services on no less favorable terms, in
accordance with applicable law. vii. Upon the coming into effect of this Scheme, SCHIL
shall record the assets and liabilities pertaining to the consumer healthcare business of
the Company vested in it pursuant to this Scheme at the respective book values thereof, as
appearing in the books of the
Company in accordance with the provisions set out in the Scheme.
The Scheme of Demerger approved by the Board, shareholders, creditors and Stock
Exchanges is available on the website of the Company at the following link: Scheme of
Arrangement - Sanofi India (sanofiindialtd.com).
The Stock Exchanges, namely, BSE Limited and the National Stock Exchange of India
Limited, issued observation letters dated September 22, 2023, granting no-objection to the
Scheme, subject to compliance with certain conditions as set out in the observation
letters. The Company and SCHIL have complied and will continue to comply with all the
conditions set out in the said observation letters.
There will be no change in the shareholding pattern of the
Company pursuant to the Scheme. Subject to necessary approvals, the equity shares of
SCHIL will be listed on the BSE Limited and the National Stock Exchange of India Limited,
in accordance with the SEBI Regulations and circulars issued thereunder.
The Scheme, if approved by the Honble Tribunal, shall be effective from June 1, 2023,
Appointed Date (as defined in the Scheme and set out in the order of the National Company
Law Tribunal, Mumbai, dated November 24, 2023).
Dividend
Your Directors at their meeting held on February 23, 2024 have recommended payment of
final dividend of 117 per equity share of 10 each for the year ended December
31, 2023, considering the business and cash requirements of the Company. The dividend is
subject to approval of members at the ensuing Sixty-Eighth Annual General Meeting (AGM) of
the Company.
The dividend, if approved by the Members at the AGM scheduled on May 14, 2024, will
result in cash outflow of 2,695 million.
Furthermore, in reference to the Scheme of Demerger, the National Company Law Tribunal
(NCLT), through an order dated November 24, 2023, rectified the appointed date to June 1,
2023, thereby modifying the Scheme. The Company had filed a Petition before the NCLT,
which was admitted by the NCLT via its Order dated January 16, 2024. Following the
hearing, the NCLT has reserved its judgment on the matter.
In the above context, your Directors at the said meeting also approved an Interim
Dividend of 50 per equity share of 10 each for the year ending December 31, 2023, which
was paid on March 20, 2024.
The total dividend for the Financial Year 2023, including the proposed final dividend,
amounts to 167 per equity share of 10 each. The total dividend results in payout of
65.13% of the profits of the Company.
Pursuant to the requirements of Regulation 43A of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing
Regulations), the Dividend Distribution Policy of the Company is available on the
Companys website at Code of Conduct and Policies - Sanofi India (sanofiindialtd.com)
Unpaid/Unclaimed Dividend
In terms of the provisions of Investor Education and Protection Fund (Accounting,
Audit, Transfer and Refund) Rules, 2016 (including amendments and modifications, thereof),
4.92 million of unpaid/unclaimed dividends were transferred during the year 2023 to the
Investor Education and Protection Fund.
Directors and Key Managerial Personnel (KMP)
Changes in the Board during the Financial Year ended December 31, 2023:
During the year, Ms. Annapurna Das (DIN: 08634664) resigned as a Non-Executive Director
of the Company with effect from the close of business hours on July 31, 2023, consequent
to her decision to pursue opportunities outside the Sanofi Group. The Board places on
record its immense appreciation for her contribution during her tenure in the Company.
Changes in the Key managerial Personnel during the Financial Year ended December 31,
2023:
Mr. Cherian Mathew (DIN: 08522813) resigned as the Whole-Time Director of the Company,
effective from the close of business hours on September 26, 2023. The Board noted and
accepted his resignation at its meeting held on the same date. The Board places on record
its immense appreciation for his contribution during his tenure in the Company.
The Board at its meeting held on September 26, 2023, based on the recommendation of the
Nomination and Remuneration Committee, appointed Ms. Renee Amonkar (DIN: 10335917) as a
Whole-Time Director of the Company with effect from September 26, 2023, for a period of
three (3) years. Ms. Renee Amonkar is a pharmacist by profession with more than 30 years
of Industrial experience in various fields of pharma manufacturing and supply. She started
journey as a Research & Development Pharmacist and then moved on to be an executive in
packing at E-Merck India. She joined Sanofi in December 1997 in packaging and grew to be
head of manufacturing before becoming the Head of the Goa manufacturing site in 2021. She
had played a key role in driving Sanofi Indias Strategy of India for India for local
manufacturing, and supply and business continuity.
The shareholders approved the appointment of Ms. Renee Amonkar as Whole-Time Director
through Postal Ballot conducted in accordance with Sections 108 and 110 and other
applicable provisions of the Companies Act, 2013 (hereinafter referred to as "the
Act") read with the applicable Rules, Secretarial Standards and the Listing
Regulations on November 05, 2023, with requisite majority.
Mr. Vaibhav Karandikar (DIN: 09049375) ceased to be the Chief Financial Officer and
Whole-Time Director of the Company, effective from the close of business hours on November
30, 2023, consequent to his movement to another role within Sanofi Group and was
re-designated as Non-Executive Director with effect from December 01, 2023.
The Board of Directors of the Company at its meeting held on November 08, 2023, based
on the recommendation of the Nomination and Remuneration Committee approved the
appointment of Mr. Rachid Ayari (DIN: 10408699) as the Chief Financial Officer and
Whole-Time Director of the Company with effect from December 01, 2023. Subject to the
approval of the Members of the Company and the
Central Government, for a term of 3 (three) years effective December 01, 2023.
Rachid Ayari, an expat with over 7 years of experience at Sanofi and a 16-year tenure
at Pfizer, brings a wealth of knowledge in major finance fields and a diverse
international background, having worked across various countries from Africa to Russia
& Central Asia. His expertise extends to financial management, working closely with
cross-functional teams, and ensuring compliance with regulatory and corporate standards.
The Members approved appointment of Mr. Rachid Ayari as the Chief Financial Officer and
Whole-Time Director of the Company through Postal Ballot on February 13, 2024, with
requisite majority. The Company has made an application to the Central Government pursuant
to the provisions of Sections 196, 197, 203 and other applicable provisions, read with
Schedule V of the Act and Rules framed thereunder, to obtain approval for his appointment
and is awaiting approval.
As on the date of this Report, Mr. Rodolfo Hrosz, Managing Director; Mr. Rachid Ayari,
Whole-time Director and Chief Financial Officer; Ms. Renee Amonkar, Whole-time Director;
and Ms. Radhika Shah, Head of Legal and Company Secretary, are the Key Managerial Persons
of the Company.
Mr. Aditya Narayan, Chairman, Mrs. Usha Thorat, Chairperson of the Audit Committee and
Nomination and Remuneration Committee and Mr. Rahul Bhatnagar, Chairman of Risk Management
Committee, Stakeholders
Relationship Committee and Corporate Social
Responsibility Committee, are the Independent Directors of the Company.
The Company has received declarations from all
Independent Directors that they meet the criteria of independence as laid down under
Section 149(6) of the
Act and the Listing Regulations and they have registered themselves with the
Independent Directors Database maintained by the IICA (The Indian Institute of Corporate
Affairs). In the opinion of the Board, the Independent Directors fulfill the conditions
specified in these regulations and are independent of the Management.
Mr. Rodolfo Hrosz, Managing Director (DIN: 09609832), and Mr. Vaibhav Karandikar,
Non-Executive Director (DIN: 09049375) are liable to retire by rotation at the ensuing
Sixty-Eighth Annual General Meeting and being eligible, offer themselves for
re-appointment. The Board of Directors recommend their re-appointment to the Members.
Cash Flow and Consolidated Financial Statements
As required under Regulation 34 of the Listing Regulations, a Cash Flow Statement and
the Consolidated Financial
Statements are part of the Annual Report.
Management Discussion and Analysis Report
As required by Regulation 34(2) of the Listing Regulations, a Management Discussion and
Analysis Report forms part of this Report.
The state of the affairs of the business along with the financial and operational
developments have been discussed in detail in the Management Discussion and Analysis
Report.
Business Responsibility and Sustainability Report
The Business Responsibility and Sustainability Report for the year ended December 31,
2023, forms part of this Report.
Report on Corporate Governance
As required under Regulation 34 of the Listing Regulations, a Report on Corporate
Governance along with a Certificate of Compliance from the Statutory Auditors forms part
of this Report.
Conservation of Energy, Technology Absorption, and Foreign Exchange Earnings and Outgo
Information on Conservation of Energy, Technology absorption, and Foreign Exchange
earnings and outgo pursuant to Section 134(3)(m) of the Act, read with Rule 8(3) of the
Companies (Accounts) Rules, 2014, is given in Annexure - A to this Report.
Meetings of the Board
During the year under review, Six (6) meetings of the Board were held. The dates,
attendance of the Directors and other details of the meetings are given in the Report on
Corporate Governance. The maximum interval between any two meetings did not exceed 120
days, as prescribed by the Act and Listing Regulations.
Familiarization Program for Independent Directors
The Independent Directors are regularly informed during meetings of the Board and
Committees on the business strategy, business activities, manufacturing operations,
updates on the pharmaceutical industry and regulatory updates. The Directors when they are
appointed are given a detailed orientation on the Company, pharmaceuticals industry,
Sanofi Global strategy, policies and Code of Conduct, regulatory matters, business,
financial matters, human resource matters and corporate social responsibility initiatives
of the Company. The details of familiarization programs provided to the Directors of the
Company are mentioned in the Report on Corporate Governance and on the Companys website
at Familiarization Programme - Sanofi India (sanofiindialtd.com).
Performance Evaluation of the Board
During the year under review, the performance evaluation of the Board, Committees and
Directors was conducted based on the criteria, framework and questionnaires approved by
the Nomination and Remuneration Committee and the Board. The details of the performance
evaluation exercise conducted by the Company are set out in the Report on Corporate
Governance.
Nomination and Remuneration Policy & Remuneration of Directors, Key Managerial
Personnel and Senior Management
The Company has in place a Nomination and Remuneration Policy, formulated in accordance
with Section 178 of the
Act and the Listing Regulations and same is available on Companys website at Code of
Conduct and Policies - Sanofi India (sanofiindialtd.com)
The Policy provides guidance on selection and nomination of Directors to the Board of
the Company, appointment of the Senior Management Personnel, and captures the Companys
Leadership Framework for its employees. It explains the principles of the overall
remuneration including short-term and long-term incentives payable to the Executive
Directors, Key Managerial Personnel, Senior Management, and other employees of the
Company. The remuneration paid to the Executive Directors, Key Managerial Personnel, and
Senior Management is in accordance with the said Policy.
Further details form part of the Report on Corporate
Governance, and a Statement of Disclosure of Remuneration pursuant to Section 197 of
the Act read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, is provided as Annexure - B to this Report.
The statement showing particulars of employees pursuant to Section 197 of the Act read
with Rule 5(2) and 5(3) of the
Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, is not being sent to the Members along with this Annual Report
in accordance with the provision of Section 136 of the Act. Any member interested in
receiving the said statement may write to the Company Secretary stating their Folio
No./DPID & Client ID.
Subsidiaries, Associate Companies and Joint Ventures
During the year under review, a wholly owned subsidiary of the Company named Sanofi
Consumer Healthcare India Limited ("SCHIL") was incorporated on May 10, 2023, to
undertake the consumer healthcare business of Sanofi India Limited as part of Scheme of
Demerger. As of the reporting date, SCHIL has not commenced any operations, and therefore,
comparative financial results are not available.
A statement containing salient features of the financial statements of SCHIL in Form
AOC-1 is annexed as Annexure - C to this Report. Further, pursuant to the
requirements of Section 136 of the Act, the Standalone and Consolidated financial
statements along with relevant documents and audited financial statements of SCHIL are
hosted on the Companys website at Audited financial results of Subsidiary
(sanofiindialtd.com).
Audit Committee
Details pertaining to composition and re-constitution of the Audit Committee are
included in the Report on Corporate Governance. During the year all the recommendations
made by the Audit Committee were accepted by the Board.
Vigil Mechanism
As per the provision of Section 177(9) of the Act and Regulation 22 of the Listing
Regulations, the Company is required to establish a Vigil Mechanism. The Companys Code of
Conduct, Whistle blower, and other Governance Policies lays out the principles of highest
ethical standards. The details of the Whistle blower Policy are provided in the Report on
Corporate Governance forming part of this Report.
Related Party Transactions
All related party transactions entered into during the year under review were on arms
length basis and in the ordinary course of business. There were no materially significant
related party transactions by the Company with the Promoters, Directors, and Key
Managerial Personnel which may have a potential conflict with the interests of the Company
at large.
The Company has in place a Related Party Transactions
Policy, which is available on the Companys website at Code of Conduct and Policies -
Sanofi India (sanofiindialtd.com). The Form AOC 2 envisages disclosure of material
contracts or arrangements or transactions on an arms length basis.
The details of the material related party transactions for the
Financial Year ended December 31, 2023, as per the Policy on dealing with related
parties adopted by the Company are disclosed in Annexure D to this Report.
These transactions were in the ordinary course of business and at arms length, duly
certified by third-party experts.
The transactions were within the limits approved by the Members.
Corporate Social Responsibility
The Board has constituted a Corporate Social Responsibility
(CSR) Committee to monitor the implementation of CSR activities of your Company and
also has in place a
Corporate Social Responsibility policy, which is available on the Companys website at
Code of Conduct and Policies - Sanofi India (sanofiindialtd.com).
The CSR policy outlines the Companys approach towards Corporate Social Responsibility
(CSR), focusing on areas where it can make a difference and have the most impact. The
details of the composition of the CSR Committee, CSR policy, CSR initiatives, and
activities undertaken during the year are given in the Annual Report on CSR activities in
Annexure E to this Report.
Risk Management
Your Company has implemented a mechanism for risk management and formulated a Risk
Management Policy. The policy provides for the creation of a risk register, identification
of risks and formulating mitigation plans.
Your Company has also constituted a Risk Management
Committee, details of which are disclosed in the Corporate Governance Report. As per
the governance process described in the Policy, the Risk Management Committee reviews the
risk identification, risk assessment and minimization procedures on a quarterly basis and
updates the Audit Committee and the Board periodically.
The key risks impacting the Company are discussed in the Management Discussion and
Analysis Report section forming part of this Report.
Adequacy of Internal Financial Controls
Your Company has in place, adequate Internal Financial Controls with reference to
financial statements. During the year, such controls were tested, and no reportable
material weaknesses in the design or operation were observed.
Deposits from Public
Your Company has not accepted any deposits from the public and as such no amount of
principal or interest on deposits from the public was outstanding as of the date of the
Balance Sheet.
Loans, Guarantees or Investments
The Company has not granted any loans, provided any guarantees, or invested in
securities of any other body corporate other than investments in Sanofi Consumer
Healthcare India Limited, the wholly owned subsidiary of the Company.
Directors Responsibility Statement
As required by Section 134(3) of the Act, your Directors, to the best of their
knowledge and belief, confirm that:
1. in the preparation of the annexed accounts for the Financial Year ended December 31,
2023, all the applicable accounting standards have been followed along with proper
explanation relating to material departures, if any;
2. your Directors have selected such accounting policies and applied them consistently
and made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company at the end of the Financial Year 2023 and
of the profit of the Company for that year;
3. your 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;
4. the said accounts have been prepared on a going concern basis;
5. internal financial controls to be followed by the Company have been laid down and
that internal controls are adequate and are operating effectively; and
6. proper systems to ensure compliance with the provisions of all applicable laws have
been devised and that such systems are adequate and operating effectively.
Cost Audit
Pursuant to Section 148 of the Act read, with the Companies (Cost Records and Audit)
Rules, 2014, the Company is required to maintain cost records. The accounts and records
are made and maintained by the Company and are required to be audited. Your Directors
have, at its meeting held on February 23, 2024, on the recommendation of the Audit
Committee, appointed M/s. Kirit Mehta & Co.,
Cost Accountants to audit the cost accounts maintained by the Company for the F
inancial Year ending December 31, 2024.
As required by the Act, the remuneration payable to the Cost Auditor is to be placed
before the members in the General Meeting for their ratification. Accordingly, a
resolution seeking ratification of the remuneration payable to M/s. Kirit Mehta & Co.,
as approved by the Audit Committee and the Board, is included in the Notice convening the
Annual General Meeting of the Company. In the opinion of the Directors, considering the
limited scope of audit, the proposed remuneration payable to the Cost Auditors would be
reasonable and fair, and commensurate with the scope of work carried out by them.
Auditors
M/s. Price Waterhouse & Co. Chartered Accountants LLP (Firm Registration Number
304026E/E-300009), were appointed as Statutory Auditors of your Company for a period of
Five (5) years, commencing from the conclusion of the Sixty-sixth AGM held in the year
2022, until the conclusion of the Seventy-first AGM to be held in the year 2027.
The Statutory Auditors have confirmed their eligibility and submitted a certificate in
affirming that they are not disqualified for holding the office of the Statutory Auditor.
The report given by the Statutory Auditor on the financial statements of the Company forms
part of the Annual Report. The Statutory Auditors have issued an unqualified audit report
on the annual accounts of the Company for the year ended December 31, 2023.
Reporting of Fraud by Auditors
During the year under review, the Statutory Auditors,
Cost Auditors and Secretarial Auditors have not reported any instances of frauds
committed in the Company by its Officers or Employees to the Audit Committee under section
143(12) of the Act, details of which needs to be mentioned in this Report.
Prevention of Sexual Harassment Policy
The Company has in place a Prevention of Sexual Harassment Policy in line with the
requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013. An Internal Committee has been set up to redress complaints received
regarding sexual harassment. All employees (permanent, contractual, temporary, trainees)
are covered under this policy.
During, the year 2023, the Company had received two complaints of alleged sexual
harassment, which were disposed of. As of December 31, 2023 no complaints related to
sexual harassment are pending for disposal.
Secretarial Audit
Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and
Remuneration of
Managerial Personnel) Rules, 2014, your Directors had appointed M/s. Makarand M. Joshi
& Co., a firm of Company Secretaries in Practice, to undertake the Secretarial Audit
of your Company for the year ended December 31, 2023.
The comments made by the Secretarial Auditors are self-explanatory. Their report is
annexed herewith as Annexure F to this Report.
Secretarial Standards
The Company has complied with all applicable Secretarial
Standards issued by the Institute of Company Secretaries of India and adopted under the
Act.
Annual Return
As required under Section 92(3) of the Act, Annual Return is hosted on the website of
the Company at Annual Return
- Sanofi India (sanofiindialtd.com).
Material Changes and Commitments after the Financial Year
There have been no material changes and commitments, since the closure of the Financial
Year ended December 31, 2023 up to the date of this Report, that would affect your
Companys financial position.
There has been no change in the nature of your Companys business.
Significant and Material Orders passed by the Regulators/Courts/Tribunals
No significant or material orders have been passed by the Regulators, Courts or
Tribunals that impact the going concern status and future operations of the Company.
Other Disclosures
Your Directors hereby clarify that the following disclosures are not applicable,
considering that there were no such transactions in the year under review:
1. There has been no issue of Equity Shares with differential rights as to dividend,
voting or otherwise.
2. There has been no issue of Equity Shares (including Sweat Equity Shares) to
employees of your Company, under any scheme.
3. There was no change in share capital during the year under review.
4. Your Company has not resorted to any buy back of its Equity Shares during the year
under review.
5. The Managing Director or the Whole-time Directors of your Company did not receive
any remuneration or commission during the year from the subsidiary of the Company.
6. The details regarding the difference in valuation between a one-time settlement and
valuation for obtaining loans from banks or financial institutions, along with reasons,
are not applicable.
7. The details of any application made or any proceeding pending under the Insolvency
and Bankruptcy Code, 2016 (31 of 2016) during the year, along with their status as at the
end of the financial year are not applicable.
Acknowledgments
Your Directors place on record their deep appreciation to employees at all levels for
their hard work, dedication and commitment. The Board also acknowledges the support and
co-operation that your Company has been receiving from the medical fraternity, suppliers,
distributors, retailers, business partners, government departments both at Centre &
States, and all other stakeholders.
On behalf of the Board of Directors
|
Aditya Narayan |
|
Chairman |
| February 23, 2024 |
DIN: 00012084 |
+91-9892691696
