The report forms a part of the Directors’ Report to the Shareholders and it
includes discussions on matters, as required under the provisions of Regulation 34 of SEBI
(LODR) Regulations, 2015.
MATERIAL FINANCIAL AND COMMERCIAL TRANSACTIONS OF SENIOR MANAGEMENT PERSONNEL
There have been no material financial and commercial transactions entered into by the
Senior Management Personnel where they have personal interest that may have a potential
conflict with the interest of the Company. This was also placed before the Board.
CEO / CFO CERTIFICATION
A certificate from Chairperson and Managing Director and Director (Finance)/ Chief
Financial Officer on the financial statements of the Company and on the matters which were
required to be certified according to the Regulation 17 (8) of SEBI (LODR) Regulations,
2015 was placed before the Board.
RIGHT TO INFORMATION ACT, 2005
Right to Information Act, 2005 (RTI) which became effective on 12th October,
2005 is complied by SCI. Detailed information on RTI is hosted on SCI Website under
following link http://shipindia.com/rti/rtipage/rti-act-2005 and updated the same
from time to time as per the guidelines received from concerned authority. Shri S.R.
Bandekar GM (B&T) has been appointed as Public Information Officer (PIO) with effect
from December 2020 to deal with queries received from the Indian Citizens under RTI.
Compliance with Discretionary Requirements under Regulation 27(1) of SEBI (LODR)
Regulations, 2015. Maintenance of Office and reimbursement of expenses of Non-Executive
Chairman
As the Company has an Executive Chairman, the requirements of this clause are not
applicable.
Key Managerial Personnel
Capt. B.K Tyagi was appointed by the Ministry of Ports, Shipping and Waterways as a
whole Time Director (Liner and Passenger Services) w.e.f 07.01.2021.
Smt. Sangeeta Sharma D(L&PS) and Shri Surinder Pal Singh Jaggi D(P&A) ceased to
be on the Board of SCI w.e.f 01.12.2020 consequent upon their Superannuation.
Shri Rajesh Sood D(T&OS) ceased to be on the Board of SCI w.e.f. 01.05.2021
consequent upon his Superannuation.
As on 31.03.2021, Smt. H.K Joshi (CMD), Shri Rajesh Sood (Whole time Director), Shri
Atul Ubale (Whole time Director), Capt B K Tyagi (Whole time Director), Shri Dipankar
Haldar (Company Secretary and Compliance Officer) and Shri Lawrence Serrao (Chief
Financial Officer) were the KMP’s of the Company.
Shareholder Rights - Declaration of financial performance
The financial results are posted on the Company’s website immediately. The results
of the Company are also published in the newspapers within the time limits prescribed
under the SEBI (LODR) Regulations, 2015.
Audit Reports
You may like to refer the sections ‘Auditors Report’ and ‘Secretarial
Audit’ under the Directors’ Report as well as Comments of The Comptroller and
Auditor General of India for this purpose.
Reporting of Internal Auditor
The Internal Auditor, M/s Amit Ray and Company is reporting directly to the Audit
Committee also all Internal Audit reports are submitted to Audit Committee for review and
direction.
Whistle Blower Policy
SCI has formulated a Whistle Blower Policy as a part of vigil mechanism under Section
177 of the Companies Act, 2013 and Regulation 22 of SEBI (LODR) Regulations, 2015. SCI has
also laid down procedures as per Central Vigilance Commission (CVC) guidelines. The
details are provided under Directors’ Report. The policy is available at the
company’s website under tab "About SCI Policies". During the year
under review, no personnel were denied access to the Audit Committee, in respect of
Alleged Misconduct under the said Policy. Whistle Blower Policy was reviewed by the Audit
Committee at its meeting held on 05.02.2021.
Annual Performance Evaluation of the Board
Based on the SEBI Guidance note dated 05.01.2017, a policy on Board Performance
Evaluation was formulated. Evaluation of performance of the Board as a whole, individual
directors and Committees of the Board was carried out based on the said policy for FY
2020-2021.
Additional Disclosures as required under the Guidelines laid down by DPE
1. To the best of our knowledge and from the data gathered from all the departments
transactions with all related parties have been entered at arm’s length.
2. Presidential Directive dated 28.02.2018, regarding implementation of Pay revision of
Board level and below Board level Executives and Non-Unionized Supervisors of Central
Public Sector Enterprises (CPSEs) w.e.f. 01.01.2017, was received and the same was
implemented in March 2018. As per Ministry of Shippings letter no. SS-11013/1/2017-SU
dated 22.11.2018, SCI was directed for implementation of pay revision of Staff Members
w.e.f 01.01.2017. The same was implemented in December, 2018.
3. To the best of our knowledge there is no item of expenditure debited in books of
accounts which are not for the purposes of the business
4. There are no expenses incurred which are personal in nature and incurred for the
Board of Directors and Top Management.
5. The office and administration expenses as a percentage of total expenses are 7.96%
in FY 2020-21 as against 6.04% in FY 2019-20.
6. The finance expenses as a percentage of total expenses is 0.66% in FY 2020-21 as
against 8.43% in FY 2019-20
ANNEXURES
I Annual Secretarial Compliance Audit under Regulation 24A to SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 II Certificate under Regulation 34(3) to
the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015
|
For and on behalf of the Board of Directors |
| Place: Mumbai |
Smt. H. K. Joshi |
| Dated: 03/08/2021 |
Chairperson & Managing Director |
DECLARATION OF COMPLIANCE OF CODE OF CONDUCT
BY CHAIRPERSON & MANAGING DIRECTOR
The Company has adopted a Code of Conduct for the Board Members and Senior Management
of the Company, which has been posted on the website of the Company.
It is hereby affirmed that all the Directors & Senior Management personnel have
complied with the Code of Conduct for the financial year 2020-2021 and a confirmation to
this effect has been obtained from the Directors & Senior Management personnel.
|
For and on behalf of the Board of Directors |
|
Sd/- |
| Place : Mumbai |
Smt. H. K. Joshi |
| Dated : 03/08/2021 |
Chairperson & Managing Director & Director (Finance) Addl.charge |
ANNEXURE I
ANNUAL SECRETARIAL COMPLIANCE AUDIT UNDER REGULATION 24A OF SEBI (LISTING OBLIGATIONS
AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
28th May, 2021
To,
The Board of Directors
Shipping Corporation of India Limited
Shipping House, 245
Madame Cama Road
Mumbai-400021
Dear Sir,
Annual Secretarial Compliance Report for the Financial Year 2020-21
I have been engaged by Shipping Corporation of India Limited (hereinafter referred to
as ‘the Company’) bearing CIN: L63030MH1950GOI008033, whose Equity Shares
are listed on the BSE Ltd. (Security Code 523598) and National Stock Exchange of
India Ltd. (Symbol: SCI), to conduct an audit in terms of Regulation 24A of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 as amended read with
SEBI’s Circular No. CIR/CFD/CMD1/27/2019 dated 8th February, 2019 and to
issue the Annual Secretarial Compliance Report thereon. For the purpose of issuing this
Report, I have conducted online verification & examination of records, as facilitated
by the Company, due to Covid 19 and subsequent lockdown.
It is the responsibility of the Management of the Company to maintain records, devise
proper systems to ensure compliance with provisions of all the applicable SEBI Regulations
and circulars/ guidelines issued there under from time to time and to ensure that the
systems are adequate and are operating effectively.
My responsibility is to verify compliances by the Company with provisions of all
applicable SEBI Regulations and circulars/ guidelines issued thereunder from time to time
and issue a report thereon.
My audit was conducted in accordance with the Guidance Note on Annual Secretarial
Compliance Report, issued by the Institute of Company Secretaries of India and in a manner
which involves such examinations and verifications as considered necessary and adequate
for the said purpose. Annual Secretarial Compliance Report is enclosed.
Thanking you,
Yours faithfully,
Sd/-
(UPENDRA C. SHUKLA)
COMPANY SECRETARY
FCS: 2727/CP No: 1654
SECRETARIAL COMPLIANCE REPORT OF SHIPPING CORPORATION OF INDIA LIMITED FOR THE YEAR
ENDED 31.03.2021
I have examined:
(a) All the documents and records made available to me and explanation provided by the
Shipping Corporation of India Limited ("the listed entity");
(b) the filings/ submissions made by the listed entity to the stock exchanges;
(c) website of the listed entity;
(d) any other document/ filing, as may be relevant, which has been relied upon to make
this certification; for the year ended 31st March, 2021 ("Review
Period") in respect of compliance with the provisions of :
(a) the Securities and Exchange Board of India Act, 1992 ("SEBI Act") and the
Regulations, circulars, guidelines issued thereunder; and
(b) the Securities Contracts (Regulation) Act, 1956 ("SCRA"), rules made
thereunder and the Regulations, circulars, guidelines issued there under by the Securities
and Exchange Board of India ("SEBI").
The specific Regulations, whose provisions and the circulars/ guidelines issued
thereunder, have been examined, include –
(a) Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015;
(b) Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2018 - [Not Applicable since there was no reportable event
during the year under review];
(c) Securities and Exchange Board of India (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011;
(d) Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 - [Not
Applicable since there was no reportable event during the year under review];
(e) Securities and Exchange Board of India (Share Based Employee Benefits) Regulations,
2014 - [Not Applicable since there was no reportable event during the year under
review];
(f) Securities and Exchange Board of India (Issue and Listing of Debt Securities)
Regulations, 2008; [Not Applicable since there was no reportable event during the year
under review];
(g) Securities and Exchange Board of India (Issue and Listing of Non-Convertible and
Redeemable Preference Shares) Regulations, 2013
- [Not Applicable since there was no reportable event during the year under review];
(h) Securities and Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015; and circulars/ guidelines issued thereunder; and based on the above
examination, I hereby report that during the Review Period:
(a) The listed entity has complied with the provisions of the above Regulations and
circulars/ guidelines issued thereunder except in respect of matter specified below:
| Compliance Requirement (Regulations/Circulars/Guidelines including specific clause) |
Deviations |
Observations/ Remarks of the Practicing Company Secretary |
| 1) Regulation 17(1) (a) and (b) of SEBI (LODR) Regulations, 2015 – composition of
the Board of Directors. |
a) Company does not have an Independent Woman Director on the Board; |
As represented by the Management, the listed entity is pursuing the matter with the
Administrative Ministry for appointing requisite number of Independent directors within
the period prescribed under Section 149 of the Companies Act, 2013 and Reg. 25(6) of the
SEBI (LODR) Reg. 2015. |
|
b) Company does not have requisite number of Independent Directors on the Board. |
|
(b) The listed entity has maintained proper records under the provisions of the above
Regulations and circulars/ guidelines issued thereunder in so far as it appears from my
examination of those records.
(c) The following are the details of actions taken against the listed entity/ its
promoters/directors/ material subsidiaries either by SEBI or by Stock Exchanges (including
under the Standard Operating Procedures issued by SEBI through various circulars) under
the aforesaid Acts/ Regulations and circulars/ guidelines issued thereunder:
| Action taken by |
Details of violation |
Details of action taken e.g. fines, warning letter, debarment, etc. |
Observations/ remarks of the Practicing Company Secretary, if any. |
| 1) a) BSE Limited b) National Stock Exchange of India Limited (NSE) |
Regulation 17(1) (a) and (b) |
SCI has received letters dated 20/08/2020, 17/11/2020, 15/02/2021 and 17/05/2021 from
National Stock Exchange of India Ltd. and letters dated 20/08/2020, 17/11/2020, 15/02/2021
and 17/05/2021 from BSE Ltd., levying penalty for non-compliance of the provisions of Reg.
17(1)(a) and (b) of SEBI (LODR) Regulations, 2015 [for not having required number of
Independent Directors on the Board and also not having Woman Independent Director on the
Board] |
The Company has requested the BSE and NSE for waiver of penalty since SCI is a Central
Public Sector Enterprise, the appointment of the Directors is being done on the basis of
nominations received from the Administrative Ministry i.e. the Ministry of Ports, Shipping
and Waterways (MoPSW). In response to the request of the Company, BSE has waived off all
the penalties levied till December 2020 quarter. Request of waiver was also made upon
receiving penalty letter dated 17.05.2021 by BSE for the quarter ended 31.03.2021. NSE in
response to the Company’s request of waiver, has directed to first ensure the
compliance and then submit the request of waiver. |
(d) The listed entity has taken the following actions to comply with the observations
made in previous reports:
| Observations of the Practicing Company Secretary in the previous reports |
Observations made in the secretarial compliance report for the year ended |
Actions taken by the listed entity, if any |
Comments of the Practicing Company Secretary on the actions taken by the
listed entity |
| 1) Regulation 17(1) (a) and (b) of SEBI (LODR) Regulations, 2015 – composition of
the Board of Directors. |
-- |
As informed, the listed entity is pursuing the matter with the Administrative Ministry
for appointing required number of independent directors within the period prescribed under
Section 149 of the Companies Act, 2013 and Reg. 25(6) of the SEBI (LODR) Reg. 2015. The
Company has requested the BSE and NSE for waiver of penalty since SCI is a Central Public
Sector Enterprise, the appointment of the Directors is being done on the basis of
nominations received from the Administrative Ministry i.e. the Ministry of Ports, Shipping
and Waterways (MoPSW). In response to the request of the Company, BSE has waived off all
the penalties levied till December 2020 quarter. Request of waiver was also made upon
receiving penalty letter dated 17.05.2021 by BSE for the quarter ended 31.03.2021. NSE in
response to the Company’s request of waiver, has directed to first ensure the
compliance and then submit the request of waiver. |
Listing entity being a PSU, is dependent on the Ministry of Ports, Shipping and
Waterways (MoPSW) for appointment of Directors. As informed, the Company is following up
with the Administrative Ministry for the said appointments. |
|
Sd/- |
| UDIN: F002727C000374824 |
(UPENDRA C. SHUKLA) |
| Place: MUMBAI |
COMPANY SECRETARY |
| Date: 28/05/2021 |
FCS: 2727/CP No: 1654 |
ANNEXURE II
CERTIFICATE UNDER REGULATION 34 (3) OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE
REQUIREMENTS) REGULATIONS, 2015
The Board of Directors
The Shipping Corporation of India Limited,
Shipping House,
Madam Cama Road, Nariman Point,
Mumbai 400 021
I have examined the registers, records, books, form, returns and disclosures received
from the Directors of The Shipping Corporation of India Limited, (CIN-L63030MH1950GOI008033),
having Registered Office at Shipping House, Madam Cama Road, Nariman Point, Mumbai 400 021
(the Company), produced before me by the Company for the purpose of issuing this
Certificate in pursuance to Regulation 34(3) read with Schedule V Para-C Sub-clause 10(i)
of the Securities Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015. I have conducted online verification and examination
of records as facilitated by the Company due to Covid 19 and subsequent lockdown situation
for the purpose of issuing this Report.
In my opinion and to the best of my information and according to the verification
(including Director Identification Number (DIN) status on MCA website) as considered
necessary and explanation furnished to me by the Company and its officers, I hereby
certify that none of the Directors on the Board of the Company as stated below for the
financial year ended on 31st March, 2021 has been debarred or disqualified from
being appointed or continuing as Directors of the companies by the Securities and Exchange
Board of India and/or Ministry of Corporate Affairs:
| Name of the Director |
DIN |
Designation |
Date of Appointment in the Company |
| 1) Smt. H.K. Joshi |
07085755 |
Chairperson and Managing Director |
19/12/2019 |
| 2) Shri Sanjay Kumar |
08683335 |
Non Executive Director (Part Time Ex-Officio) |
29/01/2020 |
| 3) Shri Rajesh Sood |
07958667 |
Whole-time Director |
29/12/2017 |
| 4) Shri. Atul Ubale |
08630613 |
Whole-time Director |
05/12/2019 |
| 5) Capt Binesh Kumar Tyagi |
08966904 |
Whole-time Director |
07/01/2021 |
| 6) Shri Vijay Tulshiramji Jadhao |
02907818 |
Independent Director |
03/07/2018 |
| 7) CA Mavjibhai Sorathia |
02015175 |
Independent Director |
17/12/2018 |
| 8) Shri Pramod Kumar Panda |
08150489 |
Independent Director |
18/10/2019 |
Note: Ensuring the eligibility for appointment / continuing as Director on the
Board is the responsibility of the management of the Company. My responsibility is to
express an opinion based on verification of documents/ information available to me. This
certificate is neither an assurance as to the future viability of the Company nor of the
efficiency or effectiveness with which the management has conducted the affairs of the
Company.
|
Sd/- |
| UDIN: F002727C000373889 |
(UPENDRA C. SHUKLA) |
| Place: MUMBAI |
COMPANY SECRETARY |
| Date: 26/05/2021 |
FCS: 2727/CP No: 1654 |
INDEPENDENT AUDITOR’S CERTIFICATE ON COMPLIANCE WITH THE CORPORATE GOVERNANCE
REQUIREMENTS UNDER SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS,
2015
To The Members of
The Shipping Corporation of India Limited
1. This Certificate is issued in accordance with the terms of our engagement letter
dated 25th September, 2020.
2. We have examined the compliance of conditions of Corporate Governance by THE
SHIPPING CORPORATION OF INDIA LIMITED (‘the Company’), for the year ended on
March 31, 2021 as stipulated in Regulations 17 to 27 and clauses (b) to (i) of regulation
46 (2) and paragraphs C, D and E of Schedule V of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and as
stipulated in the guidelines on Corporate Governance for Central Public Sector Enterprises
issued by Department of Public Enterprises, Government of India.
Management’s Responsibility
3. The Management is responsible for ensuring that the Company complies with the
conditions of Corporate Governance. This responsibility also includes the design,
implementation and maintenance of internal controls and procedures to ensure compliance
with the conditions of the Corporate Governance stipulated in the Listing Regulations.
Auditor’s Responsibility
4. Our responsibility is limited to examining the procedures and implementation
thereof, adopted by the Company for ensuring the compliance of the conditions of the
Corporate Governance. It is neither an audit nor an expression of opinion on the financial
statements of the Company.
5. We have examined the books of account and other relevant records and documents
maintained by the Company for the purpose of providing reasonable assurance on the
compliance with Corporate Governance requirements by the Company.
6. We conducted our examination in accordance with the Guidance Note on Certification
of Corporate Governance issued by the Institute of the Chartered Accountants of India
("ICAI"), the Standards on Auditing specified under Section 143(10) of the
Companies Act, 2013, in so far as applicable for the purpose of this certificate and as
per the Guidance Note on Reports or Certificates for Special Purposes issued by the ICAI
which requires that we comply with the ethical requirements of the Code of Ethics issued
by the ICAI.
7. We have complied with the relevant applicable requirements of the Standard on
Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of
Historical Financial Information, and Other Assurance and Related Services Engagements
issued by ICAI.
Opinion
8. Based on our examination, as above, and to the best of the information and
explanations given to us and representations provided by the management, we certify that
the Company has complied with the conditions of Corporate Governance as stipulated in
regulations 17 to 27 and clauses (b) to (i) of regulation 46 (2) and paragraphs C, D and E
of Schedule V of the Listing Regulations during the year ended March 31, 2021, subject to
the following: The Company has not complied with the requirement of Regulation 17(1)(a)
and 17(1)(b) of the listing Regulations with regard to the composition of at least 50%
Independent Directors and non-appointment of Women Independent Director during the period
of 01st April 2020 to 31st March 2021.
9. We further state that such compliance is neither an assurance as to the future
viability of the Company nor the efficiency or effectiveness with which the management has
conducted the affairs of the Company.
Restriction on Use
10. The certificate is addressed and provided to the members of the Company solely for
the purpose to enable the Company to comply with the requirement of the Listing
Regulations, and it should not be used by any other person or for any other purpose.
Accordingly, we do not accept or assume any liability or any duty of care for any other
purpose or to any other person to whom this certificate is shown or into whose hands it
may come without our prior consent in writing. We have no responsibility to update this
certificate for any event or circumstances occurring after the date of this certificate.
| For V. Sankar Aiyar & Co. |
For CHOKSHI & CHOKSHI LLP |
| Chartered Accountants |
Chartered Accountants |
| ICAI FRN: 109208W |
ICAI FRN: 101872W/W100045 |
| G Sankar |
Dhananajay Jaiswal |
| Partner |
Partner |
| Membership No.46050 |
Membership No. 187686 |
| UDIN: 21046050AAAAGW3898 |
UDIN: 21187686AAAAET2088 |
| Place: Mumbai |
Place: Mumbai |
| Date: 03/08/2021 |
Date: 03/08/2021 |
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6)(b) OF THE
COMPANIES ACT, 2013 ON THE STANDALONE FINANCIAL STATEMENTS OF THE SHIPPING CORPORATION OF
INDIA LIMITED, MUMBAI FOR THE YEAR ENDED 31 MARCH 2021
The preparation of Standalone Financial Statements of The Shipping Corporation of India
Limited, Mumbai for the year ended 31 March 2021 in accordance with the financial
reporting framework prescribed under the Companies Act, 2013 (Act) is the responsibility
of the management of the Company. The Statutory Auditors appointed by the Comptroller and
Auditor General of India under Section 139[5) of the Act are responsible for expressing
opinion on the Financial Statements under Section 143 of the Act based on independent
audit in accordance with the standards on auditing prescribed under Section 143(10) of the
Act. This is stated to have been done by them vide their Audit Report dated 13 May 2021.
I, on behalf of the Comptroller and Auditor General of India, have conducted a
Supplementary Audit of the financial statements of The Shipping Corporation of India
Limited, Mumbai for the year ended 31 March 2021 under Section 143(6)(a) of the Act. This
Supplementary Audit has been carried out independently without access to the working
papers of the Statutory Auditors and is limited primarily to inquiries of the Statutory
Auditors and Company personnel and a selective examination of some of the accounting
records.
On the basis of my supplementary audit nothing significant has come to my knowledge
which would give rise to any comment upon or supplement to Statutory Auditors’ Report
under section 143(6)(b) of the Act.
For and on behalf of the
Comptroller and Auditor General of India
(P. V. Hari Krishna)
Principal Director of Audit (Shipping)
Place: Mumbai
Date: 23 July 2021
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6)(b) READ
WITH SECTION 129(4) OF THE COMPANIES ACT, 2013 ON THE CONSOLIDATED FINANCIAL STATEMENTS OF
THE SHIPPING CORPORATION OF INDIA LIMITED, MUMBAI FOR THE YEAR ENDED 31 MARCH 2021
The preparation of Consolidated Financial Statements of The Shipping Corporation of
India Limited, Mumbai for the year ended 31 March 2021 in accordance with the financial
reporting framework prescribed under the Companies Act, 2013 (the Act) is the
responsibility of the management of the Company. The Statutory Auditors appointed by the
Comptroller and Auditor General of India under Section 139(5) read with Section 129(4) of
the Act are responsible for expressing opinion on the Financial Statements under Section
143 read with Section 129(4) of the Act based on independent audit in accordance with the
standards on auditing prescribed under Section 143(10) of the Act. This is stated to have
been done by them vide their Audit Report dated 13 May 2021.
I, on behalf of the Comptroller and Auditor General of India, have conducted a
Supplementary Audit of the Consolidated Financial Statements of The Shipping Corporation
of India Limited, Mumbai for the year ended 31 March 2021 under Section 143(6)(a) read
with section 129(4) of the Act. We conducted a Supplementary Audit of the Financial
Statements of The Shipping Corporation of India Limited but did not conduct Supplementary
Audit of the Financial Statements of Inland & Coastal Shipping Limited, India LNG
Transport Company (No. 1) Limited (Malta), India LNG Transport Company (No. 2) Limited
(Malta), India LNG Transport Company (No. 3) Limited (Malta) and India LNG Transport
Company (No. 4) Pvt Limited (Singapore) for the year ended on that date. Further, Sections
139(5) and 143 (6)(b) of the Act are not applicable to India LNG Transport Company (No. 1)
Limited (Malta), India LNG Transport Company (No. 2) Limited (Malta), India LNG Transport
Company (No. 3) Limited (Malta) and India LNG Transport Company (No. 4) Pvt Limited
(Singapore) being private entities/ entities incorporated in foreign countries under the
respective laws, for appointment of their Statutory Auditor and for conduct of
Supplementary Audit. Accordingly, the Comptroller and Auditor General of India has neither
appointed the Statutory Auditors nor conducted the Supplementary Audit of these Companies.
This Supplementary Audit has been carried out independently without access to the working
papers of the Statutory Auditors and is limited primarily to inquiries of the Statutory
Auditors and company personnel and a selective examination of some of the accounting
records.
On the basis of my supplementary audit, nothing significant has come to my knowledge
which would give rise to any comment upon or supplement to Statutory Auditors’ Report
under section 143(6)(b) of the Act.
For and on behalf of the
Comptroller and Auditor General of India
(P. V. Hari Krishna)
Principal Director of Audit (Shipping)
Place: Mumbai
Date: 23 July 2021
+91-9892691696
