Dear Members,
Your Directors have pleasure in presenting their 31st Annual report on the
affairs of the Company together with the Audited Statement of Accounts for the year ended
on 31st March 2023.
Financial Performance:
A summary of companys financial performance for 2022-23:
| Particulars |
Year Ended 31.03.2023 |
Year Ended 31.03.2022 |
|
(Rs inLakhs) |
(Rs inLakhs) |
| Turnover |
|
|
| Less: Expenses |
9.88 |
15.95 |
| Less: Provision for Depreciation |
- |
- |
| Profit /(Loss) before Exceptional Items |
(9.88) |
(15.95) |
| Add: Exceptional Items |
- |
(285.08) |
| Profit/(Loss) before taxation |
(9.88) |
(301.03) |
| Current Tax & Prior Year |
(0.60) |
- |
| Deferred Tax Liability |
- |
- |
| Profit/(Loss) after taxation |
(10.48) |
(301.03) |
Operating & Financial Performance & Internal Control:
Your company posted a Loss of Rs 10.48 Lacs in the financial year 2022-23 as compared
to Net Loss of Rs 301.03 Lacs in the previous financial year 2021-22.The Company did not
undertake any new projects during the financial year post the completion of existing
project at Karjat and therefore there was no operational income recorded during the
financial year.
Further, in the previous financial year your Company had written off amount of Rs.2
23.80 Lacs towards Investment in Shares at fair value and Rs61.28 Lacs towards Debtors and
the sum of same is appearing under the head loss under exceptional items which is reason
for loss during the previous financial year .
The Company has in place an established internal control system designed to ensure
proper recording of financial and operational information and compliance with various
internal controls and other regulatory and statutory compliances.
Code of lnternal controls which require that the Director review the effectiveness of
internal controls and compliances controls, financial and operational risks, risk
assessment and management systems and related party transactions, have been complied with.
Companys Policies on Remuneration, Whistle Blower and Code of Conduct applicable to
Directors and Employees of the Company has been complied with. These Policies and Code of
Conduct are available on the Companys website www.sikozyrealtors.in.
There is no change in the nature of the business of the Company. There were no
significant and material orders passed by the regulators or courts or tribunals impacting
the going concern status and companys operations in future. There were no material
changes and commitment affecting the financial position between March 31,2023 and date of
this Report of Directors.
Deposits:
The Company has not invited/ accepted any deposits from the public during the year
ended March 31,
2023. There were no unclaimed or unpaid deposits as on March 31, 2023.
Transfer to Reserve:
There is no amount proposed to be transferred to reserves out of profits of the
financial year 2022-23.
Dividend:
In view of the losses, no dividend is recommended by the Board for the financial year
ended March 31, 2023.
Significant and Material Order Passed by The Regulators or Courts or Tribunals.
Further there were no other significant and material orders passed by regulators or
courts or tribunals impacting the going concern status and company operations in future.
There were no material changes and commitments affecting the financial position of the
company occurring between March 31,2023 and the date of this Report of the Directors.
Subsidiaries, joint Venture or Associates Companies During the Year:
The Company has no subsidiaries, joint ventures or associated companies therefore
disclosures in this regard are not provided in this report.
Number of meetings of the Board:
The details of Board and Committee meetings are given in the Corporate Governance
Report. The intervening gap between the Meetings was within the period prescribed under
the Companies Act, 2013 & Listing Regulation.
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 statement in terms of
Sections 134(3) (c) read section 134(5) of the Companies Act, 2013:
(i) In the preparation of the annual accounts for the financial year ended 31st
March2023, the applicable accounting standards had been followed along with proper
explanation relating to material departures.
(ii) the directors had 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 that period;
(iii) the directors had taken proper and sufficient care 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.
(iv) the directors had prepared the annual accounts on a going concern basis; and
(v) the directors had laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and were operating
effectively.
(vi) the directors had devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
D. Statement on declaration given by independent directors under sub-section f 61 of
section 149:
The Company has received the declaration from each Independent Directors that they meet
the criteria of independence laid down under Section 149 [6] of Companies Act, 2013, under
Regulation 16(b) ofSEBI (LODR) Regulations, 2015.
Companys policy on directors appointment and remuneration including criteria for
determining qualifications, positive attributes, independence of a director and other
matters provided under sub-section f.31 of section 178:
The Policy of the Company on Directors appointment and remuneration including criteria
for determining qualifications, positive attributes, independence of a Director and other
matters provided under sub-section (3) of section 178, is appended as Annexure A to
this Report.
Particulars of loans, guarantees or investments under section 186:
The Company has not made any Loans or given Guarantees or provided security to any
person and has not made any investment that attracts the provisions of Section 186 of the
Companies Act, 2013 during the financial year 2022-23.
Related Party Transactions:
There were no material contracts or arrangements entered by the company during the
year, which attracts the provision of Section 188 of the Companies Act, 2013, therefore no
disclosure has been given in Form AOC-2. Further, all related party transactions that were
entered into during the financial year were on an arms length basis and were in the
ordinary course of business therefore the approval of shareholders was not required to be
taken during the period. All Related Party Transactions are placed before the Audit
Committee for approval.
There are no materially significant related party transactions made by the Company with
promoters, directors, KMP or other designated persons which may have a potential conflict
with the interest of the Company.
The policy on Related Party Transactions as approved by the Board is uploaded on the
Companys website www.sikozyrealtors.com.
Conservation of energy, technology absorption, foreign exchange earnings and outgo:
During the year under review, the Company has not carried out any manufacturing
activity and hence the Directors have nothing to reportunder Section 134(3)(m) of the
Companies Act,2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 with
reference to Conversation of Energy and Technology Absorption.
Foreign exchange earnings and outgo
During the year, the total foreign exchange used was NIL and total foreign exchange
earned was nil.
Risk management policy and its implementation:
The Company has in place a mechanism to identify, assess, monitor and mitigate various
risks to key business objectives. Major risks identified by the businesses and functions
are systematically addressed through mitigating actions on continuing basis. These are
discussed at the meetings of the Audit Committee and the Board of Directors of the
Company.
Corporate Social Responsibility:
The Company is not required to constitute a Corporate Social Responsibility Committee
as it does not fall within purview of Section 135(1) of the Companies Act, 2013 and hence
it is not required to formulate policy on corporate social responsibility.
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:
The formal annual evaluation has been done by the board of its own performance and that
of its committee and individual directors based on evaluation criteria specified in the
Nomination and Remuneration policy of the Company. A member of the Board/committee did not
participate in the discussion of his/her evaluation.
Directors and Key Managerial Personnel Appointements & Cessation.
a) Cessations
During the financial year the following cessations took place ;
i) Mr. Bhavik Mehta resigned as a Non-executive Independent Director w.e.f 30.11.2022
ii) Ms.Shital Mehta resigned as a Non-executive Independent Director w.e.f 30.11.2022
iii) Mr.Pawan Kalantre resigned as a Non- Executive Director w.e.f 30.11.2022.
iv) Mr. Managesh Kesarkar resigned as a Manager and Chief Financial Officer w.e.f
30.11.2022
v) Ms. Ruchika Somani resigned as a Company Secretary & Compliance Officer w.e.f
31.07.2022
b) Appointments
During the financial year the following appointments took place ;
i) Mr. Prashant Zade appointed as an Additional Director in Executive capacity &
CEO w.e.f 30.11.22.
ii) Mr. Nilesh Raghani appointed as an Additional Director in Executive capacity &
CFO w.e.f 30.11.22.
iii) Ms. Sonali Dighe appointed as an Additional Non-Executive Independent Director
w.e.f 30.11.22.
iv) Ms. Dolly Punjabi appointed as an Additional Non-Executive Independent Director
w.e.f 30.11.2022.
v) Ms. Arptial Khandelwal appointed as a Company Secretary & Compliance Officer
w.e.f 30.11.22)
c) Further the following changes took place after the closure of the financial year
till the date of the report.
i) Mr. Jigar Desai appointed as an Additional Non-Executive Director w.e.f 21.04.23.
ii) Mr. Parag Shah appointed as an Additional Non-Executive Director appointed w.e.f
21.04.2 3 & re-designated as an Independent Director w.e.f 06.09.2023.
iii) Mr. Mangesh Kesarkar appointed as a CFO w.e.f 21.04.23 & Manager w.e.f
02.09.2023
iv) Mr. Nilesh Raghani resigned as an Additional Director in Executive capacity &
CFO w.e.f 01.04.2023.
In compliance with the provisions of Sectionl96,203, Schedule V and other applicable
provisions of the Act, Mr. Prashant Zade (DIN:07774771) was appointed as an Additional
Director in Executive capacity and Chief Executive Officer for period of 3 years w.e.f
30.11.2022. Since Mr. Prashant Zade was appointed as an Additional Director under Section
160 of the Companies Act,2013 and tenure of an additional director is till the ensuing
Annual General Meeting and with respect to the same and the Company has received a notice
in writing pursuant to the provisions of Section 160 of the Companies Act, 2013 as well as
recommendation proposing his candidature for appointment as a Director of the Company.
Further appointment of Mr.Prashant Zade as an Executive Director for period of 3 years
is also subject to approval of the members at the ensuing Annual General Meeting.
Necessary resolutions for the appointment of Mr. Prashant Zade for appointment as an
Executive Director have been included in the Notice convening the ensuing AGM and
requisite details have been provided in the explanatory statement of the Notice. Brief
profile of Mr. Prashant Zade is also provided in the Notice convening the ensuing AGM for
reference of the members. The Board recommends his appointment.
In compliance with the provisions of Sectionl96,203, Schedule V and other applicable
provisions of the Act, Mr. Nilesh Raghani [DIN: 01454924) was appointed as an Additional
Director in Executive capacity and Chief Financial Officer for period of 3 years w.e.f
30.11.2022. Mr. Nilesh Raghani resigned as a Director w.e.f 01.04.2023.
However, appointment of Mr.Nilesh Raghani as an Executive Director for period of 3
years was subject to approval of the members at the ensuing Annual General Meeting .
Therefore, necessary resolution ratifying the appointment of Mr. Nilesh Raghani as an
Executive Director have been included in the Notice convening the ensuing AGM and
requisite details have been provided in the explanatory statement of the Notice. The Board
recommends the ratification of his appointment as an Executive Director.
Ms. Dolly Punjabi [DIN - 08922739) & Ms. Sonali Dighe [DIN-09800957) were appointed
as an Additional Directors in Non-Executive Independent Category ,the tenure of the
Additional Director appointed under Section 160 is till the ensuing Annual General Meeting
and the Company has received a notice in writing pursuant to the provisions of Section 160
of the Companies Act, 2013 as well as recommendation proposing their candidatures for
appointment of Ms Dolly Punjabi & Ms. Sonali Dighe as Non-Executive Independent
Directors of the Company. Necessary resolutions concerning the appointment along with
details have been provided in the Notice convening the AGM. Brief profile of Ms. Dolly
Punjabi & Ms.Sonali Dighe is also provided in the Notice convening the ensuing AGM for
reference of the members. The Board recommends their appointment.
Mr..Jigar Desai [DIN-00110653) & Mr. Parag Shah [DIN-10126977) were appointed as an
Additional Directors in Non-Executive Non Independent Category w.e.f April 21,2023 ,the
tenure of the Additional Director appointed under Section 160 is till the ensuing Annual
General Meeting and the Company has received a notice in writing pursuant to the
provisions of Section 160 of the Companies Act, 2013 as well as recommendation proposing
their candidatures for appointment of Mr. Jigar Shah & Mr. Parag Shah as Non Executive
Non-Independent Directors of the Company. Necessary resolutions concerning the appointment
along with details have been provided in the Notice convening the AGM. Brief profile of
Mr. Jigar Shah & Mr. Parag Shah is also provided in the Notice convening the ensuing
AGM for reference of the members. The Board recommends their appointment.
Mr. Mangesh Kesarkar was appointed as a Manager under Section 196,203, Schedule V and
other applicable provisions of the Companies Act, 2013 and rules made thereunder w.e.f
September 2,2023 for period 3 year. As per the provisions of the Companies Act, 2013 the
appointment of Mr. Mangesh Kesarkar as a Manager is subject to approval by members at the
General Meeting. Necessary resolutions concerning the appointment along with details have
been provided in the Notice convening the AGM.
As per provisions of the Companies Act, 2013 there are no directors liable to retire by
rotation under Section 152 of the Companies Act,2013.
In terms of Section 149 of the Act, Ms. Dolly Punjabi and Ms. Sonai Dighe are the
Independent Directors of the Company. In terms of Regulation 2 5 [8] of the Listing
Regulations, they have confirmed that they are not aware of any circumstances or situation
which exists or may be reasonably anticipated that could impair or impact their ability to
discharge their duties. Based upon the declarations received from the Independent
Directors, the Board of Directors has confirmed that they meet the criteria of
independence as mentioned under Section 149 [6] of the Act and Regulation 16(l)[b) of the
Listing Regulations and that they are independent of the management.
None of your Directors have been debarred or disqualified from being appointed or
continuing as directors of companies by the SEBI/Ministry of Corporate Affairs or any such
statutory authority. The Company has obtained a certificate from Practicing Company
Secretary confirming the same
Managerial remuneration
The information required pursuant to Section 197 of the Companies Act, 2013 read rule 5
of the Companies [Appointment and Remuneration of Managerial personnel) Rules, 2014. The
prescribed particulars of employees required under section 134[3)(q) read with rule 5 of
the Companies [Appointment and Remuneration of Managerial personnel) Rules, 2014, in
respect of employees of the Company is not provided, as there are no employees drawing
remuneration of Rs. 8.50 lacs per month or Rs. 1.2 Crore, per annum during the year under
review. However, for further information Annexure B may be referred.
Auditors & Audit Report- Statutory Auditors
Your Company at the 30th AGM had approved the re-appointment of M/s BKG
&ASSOCIATES as Statutory Auditor of the Company for period of 5 years who shall
hold the office from conclusion of the 30th Annual General Meeting to
conclusion of 35th Annual General Meeting to be held for the Financial year ending March
31, 2027.
Your financial statements of the Company have been prepared in accordance with Ind AS
notified under Section 133 of the Act. The Statutory Auditors report does not contain any
qualifications, reservations, adverse remarks or disclaimers. The Statutory Auditors of
the Company have not reported any fraud to the Audit Committee of Directors as specified
under section 143[12) of the Act, during the year under review. The Statutory Auditors
were present in the last AGM.
There are no qualifications, reservations or adverse remarks or disclaimers made by
M/s. BKG & Associates., Statutory Auditors, in their report other than the those
mentioned hereinbelow;
Material Uncertainty Related to Going Concern
The Company has reported a net loss ofRs 10.48 lakhs for the year ended 31st March,
2023 (Previous Year profit Rs 301.03 Lakhs) and, as of date has reported accumulated
losses ofRs. 589.86 lakhs (Previous Year Rs.579.48 Lacs) which has resulted in substantial
erosion of net worth of the Company, there are circumstances which may cast a doubt on the
ability of the company to continue as a going concern.
Management view:
In view of the fact that its current assets are more than its total outside liabilities
and management is evaluating various options including starting a new line of business.
Therefore financial statements of the Company have been prepared on a going concern
basis.
Internal Auditors
During the financial year your Company appointed M/s Mohan L Gupta & Associates,
Chartered Accountant as its Internal Auditor. Your Company continued to implement
their suggestions and recommendations to improve the control environment. Their scope of
work includes review of processes for safeguarding the assets of the Company, review of
operational efficiency, effectiveness of systems and processes, and assessing the internal
control strengths in all areas. Internal Auditors findings are discussed with the board of
directors and suitable corrective actions taken as per the directions of Audit Committee
on an ongoing basis to improve efficiency in over all operations of the company.
Secretarial Auditor and 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 M/s. U.HEGDE & ASSOCIATES, a Company Secretaries in Practice to
undertake the Secretarial Audit of the Company. The Secretarial Audit Report is annexed as
"Annexure C".
The report is self-explanatory and do not call for any further comments. There are some
adverse remarks in the report and their explanation as per the management is enclosed
herewith.
a) Regulation 47 of SEBI Listing Regulations, 2015 requires the listed entity to
publish financial results in newspaper specified in Regulation 33 within 48 hours of
conclusion of meeting of Board of Directors at which financial results were approved, the
same was not complied for the quarter ended June 30,2022.
Management Reply:- The Company has started complying with the requirements from the
succeeding quarters
b) Closure of Trading Window not intimated on time for following quarter ended March
31,2022 & September 30,2022 as required under Para 4 of Schedule B to the SEBI Insider
Trading Regulation it is mandatory for all listed companies to close its Trading Window
from the end of "every quarter" till 48 hours after the declaration of financial
results.
Management Reply:- The Company will be cautious in intimating the closure of window at
the end of quarter as per SEBI PIT Regulations 2015
c) Regulation 17(1)(C) of the SEBI Listing Regulations requires the Company to take
shareholders approval for appointment of person on the Board of Directors or as a Manager
within a time period of 3monthsfrom date of appointment or next general meeting whichever
is earlier w.r.t Executive and Non-Executive Independent Directors who were appointed on
November 30,2022.
Management Reply
The Company will seek the approval from the shareholders at the forthcoming AGM
d) Regulation 46 read with Notice No. 20230209-1 dated February 09, 2023 and reminder
mail received from BSE on March 11,2023, for maintaining website, of the SEBI Listing
Regulation requires the Company to maintain the functional website, the Company isyetto
align with the requirement and submit the compliance status as per the said circular.
Management Reply:- There was technical issue from Website Vendor which has been
resolved and Company is in process of updating the website the same would be complied once
the website is updated.
e) The Company needs to strengthen its Prohibition of Insider Trading Mechanism w.r.t
SDD Compliance and closure of trading window
Management Reply The Company has obtained appropriate software for strengthening its
Prohibition of Insider Trading Mechanism w.r.t SDD Compliance.
f) The Company has not filed resignation in Form DIR-12 pertaining to resignation of
Mr. Mangesh Kesarkar as Chief Financial Officer and Manager.
Management Reply There was issue with MCA portal as the same was throwing error while
filing the Form DIR-12 for resignation of Mr.Mangesh Kesarkar as Chief Financial Officer
and Manager for which ticket was raised but still error was being faced. The Company will
take necessary steps to address the same.
g) The Company has not filed E-Form MGT-15 as required under the Section 94(1), 121(3)
of the Companies Act,2013 and Rule 31(2) of the Companies (Management and Administration)
Rules, 2014 which requires a listed company to prepare a report on the annual general
meeting confirming that the meeting was convened, held and conducted as per the provisions
of the Act and the rules.
Management Reply:
It was brought to our notice that the relevant Form had been filed but due to issues on
the MCA portal payment failed .The Company will take necessary steps to address the same
and file the Form.
Cost Audit
As per the Cost Audit Orders, Cost Audit is not applicable to the Companys
construction business for the FY 2022-23.
Insider Trading:
In compliance with the SEBI regulation on prevention of Insider Trading, your Company
has framed a comprehensive code which lays down guidelines and advises the Directors and
employees of the Company on procedures to be followed and disclosures to be made, while
dealing in securities of the Company. During the year under review, the Company adopted
Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive
information and the Code of Conduct for Prohibition of Insider Trading in accordance with
SEBI [Prohibition of Insider Trading] Regulations,2015.
Annual Return:
Pursuant to the provision of Section 134[3](a] and Section 92(3] of the Companies
Act,2013 read with Rule 12 of the Companies (Management and Administration] Rules ,2014,
Annual Return of the Company as March 31,2023 is uploaded on website of the Company on
companys Website www.sikozyrealtors.in.
Depository System
The Companys Equity Shares are compulsorily tradable in electronic form. As on March
31, 2023, out of the Companys total equity paid-up share capital comprising of
4,45,83,000 Equity Shares, only 1,76,65,000 Equity Shares were in physical form and the
remaining capital is in dematerialized form. As per SEBI Notification
No.SEBI/LAD-NRO/GN/2018/24 dated June 8, 2018 and further amendment vide Notification No.
SEBI/LADNRO/GN/2018/49 dated November 30,2018, requests for effecting transfer of
securities (except in case of transmission or transposition of securities] cannot be
processed from April 1, 2019 unless the securities are held in the dematerialized form
with the depositories.
Therefore, Members are requested to take necessary action to dematerialize their
holdings.
Further as per Regulation 40 of the Listing Regulations, as amended, securities of
listed companies can be transferred only in dematerialized form with effect from April 1,
2019, except in case of request received for transmission or transposition of securities.
In view of this and to eliminate all risks associated with physical shares, Members
holding shares in physical form are requested to consider converting their holdings to
dematerialized form.
Transfer of Amounts to Investor Education and Protection Fund:
Your Company did not have any funds lying unpaid or unclaimed fora period of seven
years. Therefore, there were no funds which were required to be transferred to Investor
Education and Protection Fund (IEPF).
Board Evaluation:
Pursuant to the provisions of the Companies Act, 2013, the Board has carried out an
evaluation of every directors performance was carried out. An evaluation sheet was given
to each director wherein certain criteria were set out for which ratings are to be given.
Research & Development:
As Company is not into manufacturing activity, there was no Research and Development
activity carried out by the Company during the financial year under review.
Website of The Company:
The Company maintains a website www.sikozvrealtors.inwhere detailed information of the
company and its business are provided.
Code of Conduct:
The Board of Directors has approved a Code of Conduct which is applicable to the
Members of the Board and all employees in the course of day to day business operations of
the company. The Code has been placed on the Companys website www.sikozyrealtors.in. The
Code lays down the standard procedure of business conduct which is expected to be followed
by the Directors and the designated employees in their business dealings and in particular
on matters relating to integrity in the workplace, in business practices and in dealing
with stakeholders. All the Board Members and the Senior Management personnel have
confirmed compliance with the Code.
Vigil mechanism/whistle Blower Policy:
The Company has established a vigil mechanism/Whistle Blower Policy for Directors and
employees to report their genuine concerns, details of which have been given in the
Corporate Governance Report annexed to this Report.
Following details are also available on the website of the Companies on
www.sikozvrealtors.in
1. The details of such familiarization programs
2. The policy on Related Party Transactions
3. Code of conduct for Board of Directors and Employees
4. Code of internal procedure and conduct under insider trading regulation.
5. Policy on Board Diversity
6. Nomination & Remuneration Policy etc.
Disclosures as per the Sexual Harassment of Women at Workplace (Prevention. Prohibition
and Redressall Act. 2013:
The Company has zero tolerance for sexual harassment at workplace and has adopted a
Policy on prevention, prohibition and redressal of sexual harassment at workplace in line
with the provisions of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the Rules thereunder for prevention and redressal
of complaints of sexual harassment at workplace.
The Company has not received any complaint on sexual harassment during the current
financial year.
Failure to implement Corporate Action
During the FY 2022-2023 under review, there was no corporate undertaken by the Company.
Corporate Insolvency Resolution Process initiated under The Insolvency and Bankruptcy
Code. 2016 fIBCl:
During the FY 2022-2023 under review, no such event occurred by which Corporate
Insolvency Resolution Process can be initiated under the Insolvency and Bankruptcy Code,
2016 (IBC). As such, no specific details are required to be given or provided
Management Discussion and Analysis Report:
Managements discussion and analysis Report is annexed herewith as "Annexure
D".
Report on Corporate Governance
A separate report on Corporate Governance is attached to this report along with
Statutory Auditors certificate on its compliance in "Annexure E".
Conversation of energy, technology absorption and foreign exchange earnings and outgo
During the financial year, the Company has not carried out any manufacturing activity
and hence the Directors have nothing to report under Section 134(3)(m) of the Companies
Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 with reference to
Conservation of Energy and Technology Absorption.
During the financial year, the total foreign exchange earned was nil and total foreign
exchange expended during the financial was also nil.
Cautionary Statement
The statements contained in the Boards Report and Management Discussion and Analysis
contain certain statements relating to the future and therefore are forward looking within
the meaning of applicable securities, laws and regulations. Various factors such as
economic conditions, changes in government regulations, tax, regime, other statues, market
forces and other associated and individual factors mar however lead to variation in actual
results. Readers are cautioned notto place undue reliance on the forward-looking
statements.
Acknowledgments
Your Directors take this opportunity to place on record their appreciation and sincere
gratitude to the Government of India, Governments of Maharashtra, Authorities and the
Bankers to the Company for their valuable support and look forward to their continued
co-operation in the years to come. Your Directors also acknowledge the support and
co-operation received from the employees and all those who have helped in the day to day
management.
| FOR AND ON BEHALF OF THE BOARD OF DIRECTORS |
| Sd/- |
Sd/- |
| Jigar Desai |
Parag Shah |
| (DIN:00110653) |
(DIN : 10126977) |
| Director |
Director |
| Place: Mumbai |
|
| Date: September 2, 2023 |
|
+91-9892691696
