Dear Shareholders.
Your Directors have pleasure in presenting their Twenty-fifth Annual Report on the
business and operations of the Company together with the Audited Statement of Accounts for
the year ended March 31, 2022.
Financial Highlights
During the year under review, performance of your Company as under:
|
|
(Amount in Rupees) |
| Particulars |
Year Ended 31st March, 2022 |
Year Ended 31st March, 2021 |
| Turnover |
1,480,550 |
- |
| Profit/(loss) before taxation |
(1,389,693) |
(2,121,567) |
| Less: Tax Expense |
(1,807) |
(1,699) |
| Profit/(Loss) after tax |
(1,387,885) |
(2,118,085) |
| Add: Balance B/F from the previous year |
(400,986,123) |
(398,868,038) |
| Balance Profit / (Loss) C/F to the next year |
(402,374,009) |
(400,986,123) |
Note : The above mentioned figures in the Financial Highlight is based on the Report of
Balance Sheet of the Company.
Listing of Equity Shares on BSE Mainboard Platform
The Companies Equity Shares are Listed on the Bombay Stock Exchange on August 28, 2013.
Review of Operations
During the year under review the Company has recorded a turnover of Rs. 1,480,550/- in
the financial year. The Company has recorded a net loss of Rs. (1,387,885)/- as compared
to previous year net loss of Rs. (2,118,085)/-.
Share Capital
The Company has 197,890,000/- Equity Share Capital for the Financial Year ended March
31, 2022. The Company has not increased its Capital throughout the year.
Dividends
In view of Losses during the year, your Directors have not recommended any dividend on
Equity shares for the year under review.
Statutory Reserve Fund
The Company has not transferred any fund to Statutory Reserve Fund during the Financial
Year 2021-2022.
Number of meeting of Board of Directors
During the Financial Year 2021-22, eleven meetings of the Board of Directors were held.
The Provisions of Companies Act, 2013 and Listing Obligations and Disclosure Requirements
(LODR) were adhered to while considering the maximum time gap between any two meetings was
less than one hundred and twenty days.
Details of the Board meetings held during the financial year have been furnished in the
Corporate Governance Report forming part of this Annual Report. The date on which the
Board Meetings were held are given below :
| 28.05.2021 |
30.06.2021 |
26.07.2021 |
| 14.08.2021 |
17.09.2021 |
10.11.2021 |
| 11.11.2021 |
26.11.2021 |
28.01.2022 |
| 11.02.2022 |
22.03.2022 |
|
Meeting of Independent Directors
During the year under review, a separate meeting of Independent Directors was held on
March 28, 2022 wherein the performance of the Non-Independent Director and the Board as a
whole was reviewed. The Independent Director at their meeting also assessed the quality,
quantity and timeliness of flow of information between the Companys management and the
Board of Directors of the Company.
Committees of the Board :
The Company has constituted / re-constituted various Board level committees in
accordance with the requirements of the Companies Act, 2013 and SEBI (Listing Obligations
& Disclosure Requirements) Regulations, 2015. Details of all the Committees along with
their composition and meetings held during the year under review are provided in the
Report on Corporate Governance forming part of this Annual Report.
Audit Committee:
The Audit Committee presently comprises of Mr. Mrinmay Ghosh, Chairman, Mr. Prabir
Bhattacharjee and Mr. Sanjay Kumar Drolia as Members. The terms of reference of the Audit
Committee and the particulars of the meetings held and attendance thereat are in
accordance with the requirements mandated under Section 177 of the Companies Act, 2013
read with the rules made thereunder and Regulation 18 of SEBI (LODR) Regulations, 2015 has
been furnished in the Corporate Governance Report forming a part of this Annual Report.
There has been no instance where the Board has not accepted the recommendations of the
Audit Committee.
Nomination & Remuneration Committee :
The Nomination &. Remuneration Committee presently comprises of Mr. Mrinmay
Ghosh, Chairman, Mrs. Rima Chandra and Mr. Prabir Bhattacharjee as Members. The terms of
reference of the Nomination & Remuneration Committee and the particulars of the
meetings held and attendance thereat are in accordance with the requirements mandated
under Section 178 (1) of the Companies Act, 2013 read with the rules made thereunder and
Regulation 19 of SEBI (LODR) Regulations, 2015 has been furnished in the Corporate
Governance Report forming a part of this Annual Report.
Stakeholders Relationship Committee:
The Stakeholders Relationship Committee presently comprises of Mr. Mrinmay Ghosh,
Chairman, Mr. Prabir Bhattacharjee and Mr. Sanjay Kumar Drolia as Members. The terms of
reference of the Stakeholders Relationship Committee and the particulars of the meetings
held and attendance thereat are in accordance with the requirements mandated under Section
178 (5) of the Companies Act, 2013 read with the rules made thereunder and Regulation 20
of SEBI (LODR) Regulations, 2015 has been furnished in the Corporate Governance Report
forming a part of this Annual Report.
State of the Companys Affairs
The Company is engaged in the business of Civil & Construction Works. The Company
has not undertaken any new projects after the Covid-19, March 2020. There has been no
change in the business of the Company during the financial year ended March 31, 2022.
Change in the nature of Business, if any
There was no change in the nature of business of the Company during the financial year
ended March 31, 2022 and the Company has not undertaken any new project after the outbreak
of Covid -19.
Material Changes and Commitments affecting financial position of the Company, occurring
after Balance Sheet date
There were no material changes and commitments in the business operations of the
Company 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 this report (05.08.2022).
Extract of Annual Return
The extract of the Annual Return in Form No. MGT-9 pursuant to the provisions of
Section 92 of the Companies Act,
2013 and Rule 12 of the Companies (Management & Administration) Rules, 2014 is
annexed hereto as Annexure - II and forms part of Director Report.
Loans. Guarantees and Investments
During the Financial year the Company has made Loan, Guarantees, Advances &
Investment within the limits as prescribed under Section 186 of the Companies Act, 2013
(Details of Loans, Guarantees or Investments under section 186 of the Companies Act, 2013
are given in the notes to the financial statements.)
Particulars of Contracts or Arrangements with Related Parties :
A Related Party Transaction Policy has been formulated by the Board of Directors for
determining the materiality of transactions with related parties and dealing with them.
The said policy may be referred to at the Companys website at
www.sllverpointinfratech.com. The Audit Committee reviews all related party transactions.
All contracts or arrangements with related parties, entered into or modified during the
financial year, within the meaning of Section 188 (1) of Companies Act, 2013 were in
ordinary course of business and on arms length basis and in compliance with the
applicable provisions of the Companies Act, 2013 and the Listing Regulation.
There are no material contracts or arrangements entered into by the Company during the
year with Related Parties. There are no materially significant related party transactions
entered into by the Company with promoters, directors, key managerial personnel or other
designated persons or related party as per definition contained u/s 2(76) of the Act,
which may have a potential conflict with the interest of the Company at large.
Accordingly, the disclosure of Related Party Transactions as required under Section
134(3)(h) of the Companies (Accounts) Rules, 2014 in Form AOC-2 has been enclosed as Annexure
- III Is attached herewith and forms part of this Directors Report.
Conservation of Energy and Technology Absorption and Foreign Exchange Earnings and
Outgo :
Particulars of Conservation of energy, technology absorption and foreign exchange and
outgo as required under Section 134 (3) (m) of the Companies Act, 2013 read with Rule 8(3)
of the Companies (Accounts) Rules, 2014 are not applicable to the Company. The disclosures
are annexed as Annexure-IV and forms part of this Annual Report.
Details of Directors and Key Managerial Personnel
During the period the Board of the Company was reconstituted for the purpose of better
growth and expansion and diversification of the business of the Company.
a) Appointment of Independent Director
Mr. Lalit Sureka, (Din : 01103875) has been appointed as an Additional Non-Executive
Independent Director of the Company w.e.f September 17, 2021.
Mr. Suresh Chandra Sharma, (Din : 07923109) has been appointed as an Additional
Non-Executive Independent Director of the Company w.e.f September 17, 2021.
Mr. Mrinmay Ghosh, (Din : 06841904) has been appointed as an Additional Non-Executive
Independent Director of the Company w.e.f June 22, 2022.
Mr. Prabir Bhattacharjee, (Din : 05178512) has been appointed as an Additional
Non-Executive Independent Director of the Company w.e.f June 22, 2022.
b) Cessation in Directorship during the Year
Mr. Lalit Sureka, (Din: 01103875) has resigned as an Additional Non-Executive
Independent Director of the Company w.e.f June 22, 2022.
Mr. Suresh Chandra Sharma, (Din : 07923109) has resigned as an Additional Non-Executive
Independent Director of the Company w.e.f June 22, 2022.
c) Statement on declaration given by Independent Directors under sub- Section (6) of
Section 149
Your Company has received declarations from all the Independent Directors pursuant to
Section 149 (7) of the Companies Act, 2013 of the Company confirming that they meet the
criteria of interdependence as prescribed both under Section 149 (6) of the Companies Act,
2013 read with rules made thereunder and Regulation 16 (1) (b) od SEBI (Listing
Obligations & Disclosure Requirements) Regulations, 2015.
d) Retirement by Rotation
During the financial year 2021-22, the Company has three Non-Executive Independent
Directors and one Managing Director. According to Companies Act, 2013 Independent Director
is not liable to retire by rotation and Mr. Sanjay Kumar Drolia, Managing Director is
liable to retire by rotation and being eligible, offers himself for re-appointment.
The Board recommends his re-appointment with a view to avail her valuable advises and
wise counsel.
A brief profile of the Director seeking appointment / re-appointment required under
Regulation 36 (3) of the SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015 is given in the Notice of AGM forming part of the Annual Report.
None of the Directors of the Company are disqualified for being appointed as Directors,
as specified in Section 164 (2) of the Companies Act, 2013 and Rule 14 (1) of the
Companies (Appointment & Qualification of Directors) Rules, 2014.
As required under SEBI Listing Regulations, your Company has obtained a certificate
from the Practicing Company Secretary that none of the Directors of the Board of the
Company have been debarred or disqualified from being appointed or continuing as Directors
of the Board of the Company have been debarred or disqualified from being appointed or
continuing as Directors by MCA/Statutory Authorities. The said Certificate is enclosed as Annexure-
VIII and forms part of this Report.
e) Key Managerial Personnel:
The Board of Directors of the Company had appointed Ms. Sonam Agarwal as Company
Secretary/ Compliance Officer of the Company with effect from 3rd March, 2018 to look
after the compliances of the Company.
Ms. Sonam Agarwal has resigned from the post of Company Secretary with effect from
October 19, 2020.
The Company is in the process of appointing Company Secretary/Compliance Officer of the
Company.
Mr. Sanjay Kumar Drolia, Managing Director and Chief Financial Officer is the
Whole-time Key Managerial Personnel of the Company as per Section 203 of the Companies
Act, 2013.
f) Familiarization Programme undertaken for Independent Directors
The Independent Directors are familiarized with the Company, their roles, rights,
responsibilities in the Company, nature of the industry in which the Company operates,
business model of the Company, etc. pursuant to Regulation 25 (7) of the SEBI (Listing
Obligations & Disclosure Requirements) Regulations, 2015 on appointment, the
Independent Director is issued a letter of appointment setting out in detail, the terms of
appointment, duties, responsibilities and expected time commitments. The Company Secretary
briefs the Director about their legal and regulatory responsibilities as a Director. The
Directors also explained in detail the various compliances required from him to act as a
Director under the various provisions of the Companies Act, 2013, SEBI (LODR) Regulation,
2015, SEBI (Prohibition of Insider Trading) Regulation, 2011, the Code of Conduct of the
Company and other relevant regulations. The details of familiarization is available on
Companys website www.silverpointinfratech.com.
Formal Annual Evaluation:
Pursuant to the requirements of the Companies Act, 2013 and the SEBI Listing
Regulations, evaluation of each member of the Board is done on an annual basis. One of the
vital function of the Board is monitoring and reviewing the Board evaluation framework
formulated by the Nomination and Remuneration Committee that lay down the evaluation
criteria for the performance of all the individual Directors Board and its Committees was
carried out. In accordance with the provisions of Companies Act, 2013 read with the rules
made thereunder and SEBI (Listing Obligations & Disclosure Requirements) Regulations,
2015.
A structured questionnaire was prepared after taking into consideration inputs received
from the Directors, covering various aspects of the Boards functioning such as adequacy
of the composition of the and its committees, Board culture, execution and performance of
specific duties, obligations and governance.
a) Criteria for evaluation of the Board of Directors as a whole
i. Frequency of meetings;
ii. Length of meetings;
iii. Administration of meeting;
iv. Number of Committees and their roles;
v. Flow of information to Board members and between Board members
vi. The quality and quantity of information; and
vii. Disclosure of information to the stakeholders.
b) Criteria for evaluation of individual Directors
i. Commitment to fulfillment of Directors obligations and fiduciary responsibilities;
ii. Attendance and contribution at Board/Committee meetings;
iii. Ability to contribute by introducing best practices to address top management
issues;
iv. Monitoring management performance and development;
v. Participation in long-term strategic planning
vi. Ability to contribute and monitor corporate governance practices;
vli. Statutory compliance & Corporate governance practices;
viii. Time spent by each of the members;
ix. Core competencies; and
x. Guiding Strategy.
The Directors express their satisfaction over the evaluation process and resuits
thereof.
Management Discussion and Analysis Report:
A separate report on Management Discussion and Analysis is annexed as part of Annual
Report along with the Auditors Certificate in compliance with SEBI (Listing Obligations
& Disclosure Requirements) Regulations, 2015.
Subsidiaries. JVs or Associate Companies :
The Company does not have any Joint Ventures, Associate or Subsidiary Companies.
Particulars of Employees and Related Disclosures:
Disclosures pertaining to remuneration and other details under Section 197(12) of the
act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 as amended are annexed as Annexure-V. However, as per the
provisions of Section 136 of the Companies Act, 2013, the reports and accounts are being
sent to the Members and others entitled thereto, excluding the disclosure on particulars
of employees which is available for inspection by the Members at the Registered Office of
the Company during business hours on working days of the Company up to the date of the
ensuing Annual General Meeting.
Disclosures pertaining to Remuneration and Statement showing the names of top ten
employees in terms of remuneration drawn, as required under Section 197(12) of the Act and
Rule 5(2) & 5(3) of the Companies (Appointment & Remuneration of Managerial
Personnel) Rules, 2014 (as amended) is not applicable to the Company.
Directors Responsibility Statement:
Pursuant to clause (c ) of sub-section (3) of Section 134 and Section 134(5) of the
Companies Act, 2013, the Board of Directors of the Company hereby state and confirm that:
a) Accounting Standard : In the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation relating to material
departures.
b) Accounting Policies; 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 at the end of
the financial year and of the profit and loss of the Company for that period.
c) Proper Efficient and Care : 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;
d) Going Concern Basis: The Directors had prepared the annual accounts on a
going concern basis.
e) Compliance with all laws: The Directors had devised proper system to ensure
compliance with the provision of all applicable laws and that such systems were adequate
and operating effectively.
f) Internal Financial Controls : The Directors had laid down internal financial control
to be followed by the Company and that such internal financial control are adequate and
operating effectively.
Boards Comment on the Auditors Report:
No qualification, adverse remarks or disclaimer made by the Statutory Auditors with
regard to the financial statements for the financial year 2021-22.
The Statutory Auditors of the Company have not reported any fraud as specified under
Section 143(12) of the Companies Act, 2013.
There have no instances of fraud reported by above mentioned Auditors under Section
143(12) of the Act and Rules framed thereunder either to the Company or to the Central
Government during financial year 2021-22.
Risk Management Policy:
The Board of Directors of the Company has formulated a Risk Management policy which
aims at enhancing shareholders value and providing an optimum risk reward tradeoff. The
risk management approach is based on a clear understanding of the variety of risks that
the organization faces, disciplined risk monitoring and measurement and continuous risk
assessment and mitigation measures. In the opinion of the Board, none of the risks faced
by the Company threaten the existence of the Company.
The Company has adequate internal control systems and procedures to combat risks. The
risk management procedure is reviewed by the Audit Committee and Board of Directors on a
quarterly basis at the time of review of quarterly financial results of the Company. This
policy is also available on the Companys website www.silverpointinfratech.com.
Internal Financial Control Systems:
1. The Company has appointed Internal Auditors to observe the Internal Controls who
regularly monitors if the workflow of the organization is being done through the approved
policies of the Company. In every half year ended during the approval of Financial
Results, Internal Auditors present the Internal Audit Report.
2. The Board of Directors of the Company has adopted various policies like Related
Party Transaction Policy, Whistle Blower Policy and other procedures for ensuring the
orderly and efficient conduct of its business. The Company system of internal control has
been designed to provide a reasonable assurance with regard to maintaining of proper
accounting controls, monitoring of operations, safeguarding of its asset, prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records,
and timely preparation of financial information.
Whistle Blower Policy/ Vigil Mechanism :
The Company has established an effective Whistle Blower Policy person to the Companies
Act, 2013 and SEBI listing Regulation, 2015. The said policy may be referred to at the
companys website at the following web link www.silverpointinfratech.com.
The Whistle Blower Policy aims at conducting the affairs of the Company in a fare and
transparent manner by adopting the highest standard of professionalism, honesty, integrity
and ethical behavior. All permanent employees of the Company are covered under the Whistle
Blower Policy.
A mechanism has been stablished for employees to report concern about un-ethical
behavior, actual or suspected fraud or violation of code of conduct an ethics. It also
provide for educate safeguards against the victimization of employees who able the
mechanism an allows direct access to the Chairman of the Audit Committee in exceptional
cases.
Corporate Governance :
A report on Corporate Governance pursuant to the provisions of Regulation 34 read with
point C & E of Schedule V of SEBI (Listing Obligations & Disclosure Requirements)
Regulations, 2015, for the Financial Year ended March 31, 2022 along with the Auditors
Certificate from the Practicing Company Secretaries on its compliance are annexed to this
Annual Report.
CEO/CFO Certification:
The CEO/CFO Certificate on the financial statements of the Company as required under
Regulation 17(8) of SEBI (Listing Obligations & Disclosure Requirements) Regulations,
2015 forms part of this Annual Report.
Transfer of Amounts to Investor Education and Protection Fund :
Pursuant to applicable provisions of the Companies Act, 2013 ("the Act) read with
the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and
Refund) Rules, 2016, the Company did not have any funds lying unpaid or unclaimed.
Therefore, there was no funds which were required to be transferred to Investor Education
And Provident fund (IEPF).
Auditors:
a) Statutory Auditors:
Statutory Auditor: At the 22nd Annual General Meeting of the Company held on September
22, 2020, M/s. Sarp & Associates, Chartered Accountants, (Firm Registration No.
007375C), were appointed as the Statutory Auditors of the Company to hold office from the
conclusion of the 22nd Annual General Meeting until the conclusion of the 26th Annual
General Meeting, subject to ratification by the shareholders.
In this regard, M/s. Sarp & Associates, Chartered Accountants, (Firm Registration
No. 007375C) have submitted their written consent that they are eligible and qualified to
be re-appointed as Statutory Auditors of the Company in terms of Section 139 of the
Companies Act, 2013 and also satisfy the criteria provided in Section 141 of the Companies
Act, 2013.
b) Internal Auditors:
Pursuant to Section 138 of the Companies Act, 2013 the Company had re-appointed M/s.
Jain Prasad & Co. as the Internal Auditor of the Company to carry out the internal
auditor of the functions and activities of the Company.
c) Secretarial Auditor:
Pursuant to Section 204 of the Companies Act, 2013 of the Company has appointed M/s.
Kalpana Jhajharia & Associates (C.P No. 22484), Practicing Company Secretaries to
conduct the secretarial audit of the Company for the financial year 2021-22. The Company
had provided all assistance and facilities to the Secretarial Auditor for conducting their
audit. The report of the Secretarial Auditor for the financial year 2020-21 is annexed to
this report Annexure-1 (MR-3).
There are no qualifications or adverse remarks in their Report.
Also the Secretarial Compliance Report issued under Regulation 24A of SEBI Listing
Regulations is given in Annexure -VII and forms part of this Report.
As required under SEBI Listing Regulations, your Company has obtained a certificate
from the Practicing Company Secretary that none of the Directors of the Board of the
Company have been debarred or disqualified from being appointed or continuing as Directors
of the Board of the Company have been debarred or disqualified from being appointed or
continuing as Directors by MCA/Statutory Authorities. The said Certificate is enclosed as
Annexure- VIII and forms part of this Report.
d) Reporting of frauds by Auditors :
During the year under review, the Statutory Auditors and Secretarial Auditor 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 Companies Act, 2013.
Deposits:
Your Company has not accepted any Fixed Deposit under Chapter-V of the Companies Act,
2013 during the financial year and as such, no amount on account of Principal or Interest
on Deposits from Public was outstanding as on March 31, 2022.
Corporate Social Responsibility:
In pursuance of the provisions of Section 135 of the companies Act 2013, the CSR
provisions were not applicable to the Company.
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 operations of the
Company in accordance with the applicable Accounting Standards. The code laid down by the
Board is known as "Code of Conduct", The code has been posted on the Companys
website www.silverpointinfratech.com
Prevention of Insider Trading:
The Company has adopted a Code of Conduct for prevention of Insider Trading with a view
to regulate trading in Securities by the Directors and designated employees of the
Company. The Code requires pre- clearance for dealing in the Companys shares and
prohibits the purchase or sale of Company shares by the Directors and the 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 Board is
responsible for implementation of the code.
Your Company has adopted a code of conduct for prevention of "Insider
Trading" as mandated by the SEBI and same is available on the website of the Company
www.silverpointinfratech.com. The said policy has been revised effective from April 01,
2019 in line with SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018.
All Board Directors and the designated employees have confirmed compliance with the
code.
Disclosure under Sexual Harassment of Women at Workplace (Prevention. Prohibition &
Redressall Act, 2013 :
The Company has formulated a policy for the prevention of sexual harassment within the
Company. It ensures prevention and deterrence of acts of sexual harassment and
communicates procedures for their resolution and settlement. Internal Complaint Committee
have been constituted which is chaired by a female employee of the Company in accordance
with the requirements under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 which ensures implementation and compliance with the
Law as well as the policy at every unit. There were no cases/ complaints reported in this
regard during the year 2021-22. A copy of the Policy against sexual harassment is posted
on the Companys Website www.silverpointinfratech.com.
Nomination and Remuneration Policy of the Company :
The Nomination & Remuneration Policy has been formulated pursuant to the provisions
of Section 178 and other applicable provisions of the Companies Act, 2013 and rules
thereto stating therein the Companys policy on Directors, payment of managerial
remuneration, Directors qualifications, positive attribute and independence of
Directors by the Nomination & Remuneration Committee which was revised and reviewed
by the Board of Directors. The said policy is furnished as Annexure-VI And forms
part of this report and also can be accessed at the Companys website at
www.silverDointinfratech.com
Human Resources:
The Company believes in best HR practices by providing its employees a world class
working environment, giving them equal opportunities to rise and grow. We continue to
implement the best of HR policies so as to ensure that talent retention is ensured at all
levels. Employee relations continued to be cordial and harmonious at all levels and in all
divisions of the Company during the year. Presently your Company does not have any
employee falling within the scope of Section 217 (2A) of the Companies Act 1956 read with
companies (particulars of the Employees) rules, 1975.
Health. Safety and Environmental Protection :
Your Company has complied with all applicable laws. The Company has been complying with
relevant laws and has been taking all necessary measures to protect the environment and
maximize worker protection and safely.
Details of Significant and Material Orders passed by the Regulators, Courts and
Tribunals impacting the going concern status and Companys operation in future :
There are no significant and material order has been passed by the regulators, courts,
tribunals impacting the going concern status and Companys operation in future.
Compliance with Secretarial Standards on Board and General Meetings :
During the Financial Year, your Company has compiled with applicable Secretarial
Standards issued by the Institute of Company Secretaries of India.
Indian Accounting Standards:
Pursuart to the Companies (Indian Accounting Standards) Rules, 2015, your Company has
to comply with Indian Accounting Standards (Ind-AS) from April 01, 2017. Accordingly, the
financial statements of the Company for the financial year 2021-22 have been prepared as
per Ind-AS.
Compliance with Secretarial Standards on Board and General Meeting:
During the Financial Year, your Company has compiled with applicable Secretarial
Standards issued by the Institute of Company Secretaries of India.
Dematerialization of shares:
100% of the Companys paid up Equity Share Capital is In dematerialized form as on
March 31, 2022 and only 11 shares is being held in physical form. Your Company has already
sent three reminders to all concerned shareholders advising them to convert physical
shares into demat form. The Company Registrar is C B Management Services Private Limited,
P-22 Bondel Road, Kolkata -700019.
Boards and Committees:
The details of Board and its Committees are given in the Corporate Governance Report.
Details of Application made or proceeding pending under Insolvency and Bankruptcy Code.
2016:
During the year under review, there were no application made or proceedings pending in
the name of the Company under Insolvency & Bankruptcy Code, 2016.
Details of Difference between valuation Amount on One Time Settlement and valuation
while availing loans from Banks & Financial Institution :
During the year under review, there has been no one time settlement of loans taken from
the Banks & Financial Institution.
General Disclosures:
Yours Directors state that no disclosure or reporting is required in respect of the
following items as there were no transactions on these items during the year under review:
i. Your Company has not resorted to any buy back of its Equity Shares during the year
under review; and
ii. Your Company does not have any subsidiaries;
Acknowledgement:
Your Board sincerely places on record the support extended by the Trade, Shareholders,
Companys Bankers, Central and State Government Authorities, Stock Exchanges, CDSL, NSDL
and all other Business Associates for the growth of the organization. The Board further
expresses its appreciation for the services rendered by the Executives, officers, staffs
and workers of the Company at all levels.
We look forward to receiving the continued patronage from all quarters to become a
better and stronger Company.
|
|
By Order of the Board |
|
|
For silverpoint Infratech Limited |
| Place; Howrah |
Sanjay Kumar Drolia |
Mrinmay Ghosh |
| Date : August 27, 2022 |
(Managing Director) |
(Director) |
|
Din:00538256 |
Din:06841904 |
+91-9892691696
