To
The Members,
Saptak Chem and Business Limited
(Formerly known as Munak Chemicals Limited)
CIN: L24299GJ1980PLC101976
Your, Directors took pleasure in presenting the 44th Annual Report of the
Company together with the Audited Statements of Accounts for the financial year ended
March 31, 2023.
1) FINANCIAL RESULTS
The Companys financial performance for the year under review along with previous year
figures is given hereunder:
| Particulars |
Year Ended 31.03.2023 |
Year Ended 31.03.2022 |
| Gross Sales/Income |
8.39 |
3.68 |
| Profit Before depreciation & tax |
0.60 |
0.20 |
| Less Depreciation |
0.01 |
- |
| Profit/(Loss) before Tax |
0.59 |
0.20 |
| Taxes/Deferred Taxes |
- |
- |
| Profit/(Loss) After Taxes |
(1287.39) |
(1287.59) |
| P& L Balance b/f |
(1286.81) |
(1287.39) |
2) BRIEF DESCRIPTION OF THE COMPANYS WORKING DURING THE YEAR/STATE OF COMPANYS
AFFAIR:
During the year under review, even in the mid of sluggish market condition, the company
has tried to penetrate in the market and against Rs.0.20 lacs income of previous year,
your company has achieved gross turnover of Rs.8.39/- lacs during FY 2022-23 and net
profit of Rs. 0.59 Lacs.
3) CHANGE IN THE NATURE OF BUSINESS:
The Company is engaged in the business of trading of Chemical and Agriculture Produce.
There was no change in the nature of the business of the Company during the year under
review.
4) DIVIDEND:
The Company has not declared any dividend for the year under review.
5) TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:
The company does not have any amount which required to be transferred to the Investor
Education and Protection Fund (IEPF).
6) TRANSFER TO RESERVES:
The profit amount Rs. 059 lacs during the financial year 2022-2023 have been
transferred to the General Reserve.
7) CHANGES IN SHARE CAPITAL:
The Issued Equity Share Capital as on March 31, 2023 was Rs.107,322,720/- During the
year under review, the company has not changed its capital.
A) Issue of equity shares with differential rights:
During the year under review, the Company has not issued any shares with differential
voting rights.
B) Issue of sweat equity shares:
During the year under review, the Company has not issued any sweat equity shares.
C) Issue of employee stock options:
During the year under review, the Company has not issued any sweat equity shares.
D) Provision of money by company for purchase of its own shares by employees or by
trustees for the benefit of employees: The Company has no scheme of provision of money for
purchase of its own shares by employees or by trustees for the benefit of employees. Hence
the details under rule 16 (4) of Companies (Share Capital and Debentures) Rules, 2014 are
not required to be disclosed.
8) FINANCE:
The Company has not borrowed loan from any Bank or Financial institution during the
year under review.
9) DETAILS PERTAINING TO SHARES IN SUSPENSE ACCOUNT:
The Company does not have any shares in the demat suspense account or unclaimed
suspense account. Hence, Disclosures with respect to demat suspense account/ unclaimed
suspense account are not required to mention here.
10) MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL:
a) Key Managerial Personnel:
The following are the Key Managerial Personnel of the Company:
| Name |
Designation |
| Mr. Manthan Bhavsar |
Managing Director |
| Mr. Jitendra Sharma |
Chief Financial Officer |
| Mrs. Meera Panchal |
Company Secretary |
b) Director:
The following are the Director of the Company:
| Name |
Designation |
| Mr. Manthan Bhavsar |
Managing Director |
| Mr. Chirag Nanavati |
Independent Director |
| Ms. Bhoomi Patel |
Independent Director |
| Mrs. Sonal Gandhi |
Independent Director |
c) Appointment/Re-appointment
Mr. Manthan Bhavsar (DIN: 05208214), Managing Director retires by rotation at the
forthcoming Annual General Meeting and being eligible, offer himself for re-appointment.
d) Changes in Directors and Key Managerial Personnel
During the year under review the following Directors and Key Managerial Personnel were
appointed and resigned:
| Name and Designation |
Designation |
Date of Appointment |
Date of Resignation |
| Mr. Hiten Manilal Shah |
Independent Director |
-- |
18/08/2023 |
| Mr. Rohitkumar Parikh |
Independent Director |
-- |
28/09/2022 |
| Ms. Bhoomi Patel |
Independent Director |
18/08/2023 |
-- |
| Mrs. Sonal Gandhi |
Independent Director |
18/08/2023 |
-- |
| Mrs. Rima Nanavati |
Independent Director |
-- |
18/08/2023 |
| Mr. Rashmikant Mankodi |
Company secretary |
-- |
15/10/2022 |
| Mrs. Meera Panchal |
Company secretary |
15/10/2022 |
-- |
11) NUMBER OF MEETINGS OF BOARD OF DIRECTORS:
The meetings of the Board of Directors are held at periodical intervals and are
generally at the registered office of the Company, Ahmedabad. The meeting dates are
decided well in advance and the agenda and notes on agenda are circulated in advance to
the directors. All material information is incorporated in the notes on agenda for
facilitating meaningful and focused discussion at the meeting. Where it is not perusable
to attach supporting or relevant documents to the agendas, the same is tabled before the
meeting. In case of business exigencies or urgency of matters, resolutions are passed by
circulation. Senior Management persons are often invited to attend the Board Meetings and
provide clarifications as and when required.
During the year 2022-23, 06 (Six) Board Meetings were convened and duly held on:
| 14/05/2022 |
20/06/2022 |
18/07/2022 |
| 28/09/2022 |
12/10/2022 |
10/02/2023 |
12) STATEMENT INDICATING THE MANNER IN WHICH FORMAL ANNUAL EVALUATION HAS BEEN MADE BY
THE BOARD OF ITS OWN PERFORMANCE AND THAT OF ITS COMMITTEES AND INDIVIDUAL DIRECTORS:
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirement), Regulations, 2015, the Board has carried out an annual
performance evaluation of its own performance, the directors individually as well as the
evaluation of the working of its Audit, Nomination and Remuneration Committees.
During the year, the Board adopted a formal mechanism for evaluating its performance
and as well as that of its Committees and individual Directors, including the Chairman of
the Board. The exercise was carried out through a structured evaluation process covering
various aspects of the Boards functioning such as composition of the Board &
committees, experience & competencies, performance of specific duties &
obligations, governance issues etc. Separate exercise was carried out to evaluate the
performance of individual Directors including the Board Chairman who were evaluated on
parameters such as attendance, contribution at the meetings and otherwise, independent
judgment, safeguarding of minority shareholders interest etc.
The evaluation of the Independent Directors was carried out by the entire Board and
that of the Chairman and the Non-Independent Directors were carried out by the Independent
Directors.
The Directors were satisfied with the evaluation results, which reflected the overall
engagement of the Board and its Committees with the Company.
13) REPORT ON PERFORMANCE AND FINANCIAL POSITION OF SUBSIDIARIES, ASSOCIATES AND JOINT
VENTURE COMPANIES:
The Company does not have Subsidiaries, Associate and Joint Venture Companies. Hence,
details for the same are not required to mention here.
14) CHANGE OF NAME:
The Company has not changed its name during the year under review.
15) STATUTORY AUDITORS:
The Auditor, CA Sanket Shah (Membership No. 150873), was appointed in the Annual
General Meeting [AGM] held in the year 2021 for a period of five years, till the
conclusion of Annual General Meeting of the company to be held in the year 2026.
16) COST AUDITORS:
The Company has not required to appoint the Cost Auditor as pursuant to Section 148 of
the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules,
2014, since, the said provisions and rules of cost audit is not applicable to the Company.
17) SECRETARIAL AUDIT REPORT:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has
appointed CS Rupali Modi Practicing Company Secretary, to undertake the Secretarial Audit
of the Company. The Secretarial Audit Report is annexed herewith as “Annexure
-A”.
Reply to the qualification Remarks in Secretarial Audit Report:
1. Though the Company has not published notice for Financial Result, and financial
result, as required under Regulation 47 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. However, the company has uploaded the same on Website of
the company and also submitted to BSE Limited.
18) RESPONSE TO AUDITORS REMARKS:
There were no qualifications, reservations or adverse remarks made by Auditors in their
respective reports. Observation made by the Statutory Auditors in their Report are self
explanatory and therefore, do not call for any further comments under section 134(3)(f) of
the Companies Act, 2013.
19) INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an Internal Control System, commensurate with the size, scale and
complexity of its operations. During the year under review, the company retained external
audit firm to review its existing internal control system with a view of tighten the same
and introduce system of self certification by all the process owners to ensure that
internal controls over all the key business processes are operative. The scope and
authority of the Internal Audit (IA) function is defined in the Internal Audit Charter.
The Internal Audit Department monitors and evaluates the efficacy and adequacy of
internal control system in the Company, its compliance with operating systems, accounting
procedures and policies at all locations of the Company and its subsidiaries. Based on the
report of internal audit function, process owners undertake corrective action in their
respective areas and thereby strengthen the controls. Significant audit observations and
corrective actions thereon are presented to the Audit Committee of the Board.
20) AUDIT COMMITTEE:
The Audit Committee of the Board of Directors of the Company comprises 3 (Three)
Members. as well as those in section 177 of the Companies Act, 2013 and include the
reviewing of quarterly, half-yearly and annual financial statements before submission to
the Board, ensure compliance of internal control systems and internal audit, timely
payment of statutory dues and other matters.
During the year under review, 4 meetings of the committee were held on 14/05/2022,
18/07/2022, 12/10/2022 and 10/02/2023. The composition of committee and attendance at its
meetings is given below:
| Sr. No. Name |
Position |
Category |
Number o f meeting Attend |
Changes during the year and till the date of AGM |
|
|
|
|
App |
Resign |
| 1 Mr. Chirag Nanavati |
Chairman |
Non-Executive Independent
Director |
4 |
|
|
| 2 Mrs. Rima Nanavati |
Member |
Non-Executive Independent
Director |
4 |
" |
18/08 2023 |
| 3 Mr. Manthan Bhavsar |
Member |
Executive Director |
4 |
" |
18/08 2023 |
| 4 Mr. Rohitkumar Parikh |
Member |
Non-Executive Independent
Director |
1 |
|
28/09/2022 |
| 5 Ms. Bhoomiben Patel |
Member |
Non-Executive Independent
Director |
0 |
18/08/2023 |
" |
| 6 Mrs. Sonal Gandhi |
Member |
Non-Executive Independent
Director |
0 |
18/08/2023 |
" |
The Board accepted the recommendations of the Audit Committee whenever made by the
Committee during the year.
21) VIGIL MECHANISM:
In pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013
and Regulation 22 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, a Vigil Mechanism for Directors and employees to report genuine concerns has been
established. The Vigil Mechanism Policy has been uploaded on the website of the Company at
http://www.saptakchem.com.
22) NOMINATION AND REMUNERATION COMMITTEE:
The Board of Directors of the company have constituted a Nomination & Remuneration
Committee of Directors mainly for the purposes of recommending the Companys policy on
Remuneration Package for the Managing/Executive Directors, reviewing the structure, design
and implementation of remuneration policy in respect of key management personnel.
The Nomination & Remuneration Committee consisted of 3 (Three) Directors. During
the year under review, 1 (one) meetings of the committee were held on 18/07/2022. The name
of members, Chairman and their attendance at the Remuneration Committee Meeting are as
under Committee of Board:
| Sr. No. Name |
Position |
Category |
Number of meeting Attend |
C hanges during the year and till the date of AGM |
|
|
|
|
|
App |
Resign |
| 1 Mr. Chirag Nanavati |
Chairman |
Non-Executive Independent Director |
1 |
|
|
| 2 Mrs. Rima Nanavati |
Member |
Non-Executive Independent Director |
1 |
" |
18/08/2023 |
| 3 Mr. Manthan Bhavsar |
Member |
Executive Director |
1 |
" |
18/08 2023 |
| 4 Mr. Rokitkumar Parikli |
Member |
Non-Executive Independent Director |
1 |
— |
28/09/2022 |
| 5 Ms. Bhoomiben Patel |
Member |
Non-Executive Independent Director |
0 |
18/08/2023 |
" |
| 6 Mrs. Sonal Gandhi |
Member |
Non-Executive Independent Director |
0 |
18/08/2023 |
|
The Board has, on the recommendation of the Nomination and Remuneration Committee,
framed a policy for selection and appointment of Directors, Key Managerial Personnel and
Senior Management and their remuneration. The Remuneration Policy is also available on the
Companys website at http://www.saptakchem.com.
23) STAKEHOLDERS RELATIONSHIP COMMITTEE:
The Stakeholders Relationship Committee consisted of 3 Directors. During the year under
review, 4 meetings of the committee were held on 06/04/2022, 09/07/2022, 08/10/2022 and
04/01/2023. The name of members, Chairman and their attendance at the Stakeholders
Relationship Committee are as under Committee of Board:
|
|
|
|
Changes during the year and till the date of AGM |
|
| Sr. No. Name |
Position |
Category |
Number of meeting Attend |
App |
Resign |
| 1 Mr. Cliirag Nanavati |
Chairman |
Non-Executive Independent Director |
4 |
|
|
| 2 Mrs. Rima Nanavati |
Member |
Non-Executive Independent Director |
4 |
|
18 08/2023 |
| 3 Mr. Manthan Bhavsar |
Member |
Executive Director |
4 |
|
|
| 4 Mr. Rohitkumar Parikli |
Member |
Non-Executive Independent Director |
1 |
|
28/09/2022 |
| 5 Ms. Bhoomiben Patel |
Member |
Non-Executive Independent Director |
0 |
18/08/2023 |
|
| 6 Mrs. Sonal Gandhi |
Member |
Non-Executive Independent Director |
0 |
18/08/2023 |
|
The status of shareholders complaints received so far/number not solved to the
satisfaction of shareholders/number of pending share transfer transactions (as on March
31, 2023 is given below): -
| Complaints Status: 01.04.2022 to 31.03.2023 |
|
| Number of complaints received during the year |
01 |
| Number of complaints solved |
07 |
| Number of pending complaints |
00 |
Compliance Officer:
Mrs. Meera Panchal, Compliance Officer of the company for the purpose of complying with
various provisions of Securities and Exchange Board of India (SEBI), Listing Agreement
with Stock Exchanges, Registrar of Companies and for monitoring the share transfer process
etc.
a) Share Transfer System:
All the transfers are received and processed by share Transfer agents and are approved
by share transfer committee. Share Transfer requests received in physical form are
registered within 30 days and demat requests are confirmed within 15 days.
b) Dematerialization of shares and liquidity:
Details of Registrar and Share Transfer agent of the Company for dematerialization of
shares:
| Name |
: MCS Share Transfer Agent Limited |
| Address |
: 201, Shatdal Complex, 2 nd Floor, Opp.Bata Show Room, |
|
Ashram Rd, Shreyas Colony, Ahmedabad, Gujarat 380009, |
| Tel |
: 0 7 9 2 6 5 8 |
| Email |
: mcsstaahmd@gmail.com |
24) STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK
MANAGEMENT POLICY OF THE COMPANY:
Risk management is embedded in your companys operating framework. Your company
believes that managing risk helps in maximizing returns. The companys approach to
addressing business risk is comprehensive and includes periodic review of such risks and a
framework for mitigating controls and reporting mechanism of such risks. The risk
management framework is reviewed periodically by the Board and the Audit Committee. Some
of the risks that the company is exposed to are:
Commodity Price Risks
The Company is exposed to the risk of price fluctuation of raw material as well as
finished goods. The company proactively manages these risks through forward booking,
Inventory management and proactive vendor development practices. The Companys reputation
for quality, product differentiation and service, coupled with existence of powerful brand
image with robust marketing network mitigation the impact the impact of price risk on
finished goods.
Regulatory Risks
The company is exposed to risks attached to various statues and regulations including
the company Act. The company is mitigating these risks through regular review of legal
compliances carried out through internal as well as external compliance audits.
Human Resources Risks
Retaining the existing talent pool and attracting new talent are major risks. The
company has initialed various measures including rolling out strategic talent management
system, training and integration of learning and development activities.
Strategic Risks
Emerging businesses, capital expenditure for capacity expansion, etc., are normal
strategic risk faced by the company. However, the company has well-defined processes and
procedures for obtaining approvals for investments in new business and capacity expansion
etc.
25) EXTRACT OF ANNUAL RETURN:
Pursuant to Sub-section 3(a) of Section 134 and Sub-section (3) of Section 92 of the
Companies Act, 2013 read with Rule 12 of Companies (Management and Administration) Rules,
2014, the copy of the draft Annual Return of the Company for the Financial Year ended on
31 March 2023 in Form MGT-7 is uploaded on website of the Company and can be accessed at
www.saptakchem.com
26) 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:
There is no Material changes occurred subsequent to the close of the financial year of
the Company to which the balance sheet relates and the date of the report.
27) DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE:
There is no significant and material order passed by the regulators or courts or
tribunals impacting the going concern status and companys operations in future during the
year under review.
28) DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE
FINANCIAL STATEMENTS:
The Company has adequate and proper internal financial controls with reference to the
Financial Statements during the year under review.
29) PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
No related party transaction has been entered into during the financial year. There
were no materially significant related party transactions made by the Company with
Promoters, Directors, Key Managerial Personnel or other designated persons which may have
a potential conflict with the interest of the Company at large.
30) PUBLIC DEPOSIT:
During the year under review the Company has not accepted any deposits to which the
provisions of section 73, 74 of the Companies Act, 2013 read with Acceptance of Deposits
Rules, 2014 as amended are applicable.
31) PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
No loans, guarantees or investment under Section 186 of the Companies Act, 2013 have
been given by the company.
32) CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION & ANALYSIS REPORT:
The Company has been proactive in the following principles and practices of good
corporate governance. A report in line with the requirements of Regulation 27(2) of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 the report on
Management Discussion and Analysis and the Corporate Governance practices followed by the
Company and the Auditors Certificate on Compliance of mandatory requirements are given as
an “Annexure B & C” respectively to this report.
Your Company is committed to the tenets of good Corporate Governance and has taken
adequate steps to ensure that the requirements of Corporate Governance as laid down in
Regulation 27(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 are complied with.
As per 27(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 with the Stock Exchanges, the Corporate Governance Report, Management Discussion and
Analysis and the Auditors Certificate regarding compliance of conditions o f Corporate
Governance are attached separately and form part of the Annual Report.
33) PARTICULARS OF EMPLOYEES & EMPLOYEE REMUNERATION:
The table containing the names and other particulars of employees in accordance with
the provisions of Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided
as “Annexure- D” to the Boards report.
None of the employees of the Company drew remuneration of Rs. 1,02,00,000/- or more per
annum and Rs.8,50,000/- or more per month during the year. No employee was in receipt of
remuneration during the year or part thereof which, in the aggregate, at a rate which is
in excess of the remuneration drawn by the managing director or whole-time director or
manager and holds by himself or along with his spouse and dependent children, not less
than two percent of the equity shares of the company. Hence, no information is required to
be furnished as required under Rule, 5(2) and 5(3) of The Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
34) EMPLOYEE RELATIONS:
Employee relations throughout the Company were harmonious. The Board wishes to place on
record its sincere appreciation of the devoted efforts of all employees in advancing the
Companys vision and strategy to deliver good performance.
35) DETAIL OF FRAUD AS PER AUDITORS REPORT:
There is no fraud in the Company during the Financial Year ended 31st March,
2023. This is also being supported by the report of the auditors of the Company as no
fraud has been reported in their audit report for the financial year ended 31st
March, 2023.
36) OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has zero tolerance for sexual harassment at workplace and has adopted a
policy against sexual harassment in line with the provisions of Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed there
under.
During the financial year 2022-23, the company has not received any complaints on
sexual harassment and hence no complaints remain pending as of 31st March,
2023.
37) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO:
The information on conservation of energy, technology absorption and foreign exchange
earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with
Rule 8 of The Companies (Accounts) Rules, 2014, is Nil.
38) CORPORATE SOCIAL RESPONSILIBILTY (CSR):
The Provision of Section 135 of the Company Act, 2013 are not applicable since the
company does not fall under Category of Rule 9 of the Corporate Responsibility Rules 2014.
39) DIRECTORS RESPONSIBILITY STATEMENT:
To the best of their knowledge and belief and according to the information and
explanations obtained by them, your Directors make the following statements in terms of
Section 134(3)(c) of the Companies Act, 2013:
a) That in the preparation of the annual financial statements for the year ended March
31, 2023, the applicable accounting standards have been followed along with proper
explanation relating to material departures, if any;
b) That such accounting policies have been selected and applied consistently and
judgment and estimates have been made 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 of the Company for the year ended on that date;
c) That proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
d) That the annual financial statements have been prepared on a going concern basis;
e) That proper internal financial controls were in place and that the financial
controls were adequate and were operating effectively;
f) That systems to ensure compliance with the provisions of all applicable laws were in
place and were adequate and operating effectively
40) SECRETARIAL STANDARDS:
The Directors State that applicable Secretarial Standards i.e., SS-1 and SS-2 relating
to ‘Meetings of the Board of Directors and General Meetings, respectively, have
been duly followed by the Company during the year reviewed.
41) LISTING WITH STOCK EXCHANGES:
The Company confirms that it has paid the Annual Listing Fees for the year 2023-2024 to
BSE where the Companys Shares are listed.
42) PREVENTION OF INSIDER TRADING:
In January 2015, SEBI notified the SEBI (Prohibition of Insider Trading) Regulation,
2015 which came into effect from May, 2015. Pursuant thereto, the Company has formulated
and adopted a new code for Prevention of Insider Trading.
The New Code viz. “Code of Internal Procedures and Conduct for regulating,
Monitoring and reporting of Trading by Insiders” and “Code of Practices and
Procedures for fair Disclosure of Unpublished price Sensitive Information” has been
framed and adopted. The Code requires pre-clearance for dealing in the Companys shares
and prohibits purchase or sale of Company shares by the Directors and designated employees
while in possession of unpublished price sensitive information in relation to the Company
and during the period when the Trading Window is closed. The Company is Responsible for
implementation of the Code.
43) ACKNOWLEDGEMENTS:
The management is grateful to the government authorities, Bankers, Vendors for their
continued assistance and co-operation. The directors also wish to place on record the
confidence of members in the company
| Date: 19/08/2023 |
|
By Order of the Board of Directors |
|
| Place: Ahmedabad |
|
For Saptak Chem and Business Limited |
|
|
|
(Formerly known as Munak Chemicals Limited) |
|
|
Sd/- |
Sd/- |
Sd/- |
|
Manthan Bhavsar |
Chirag Nanavati |
Meera Panchal |
|
Managing Director |
Director |
Company Secretary |
|
DIN: 05208214 |
DIN: 08196966 |
|
+91-9892691696
