taal enterprises ltd share price Directors report

To, The Members, TAAL Enterprises Limited

Your Directors present herewith the Eighth Annual Report along with Audited Financial Statements of the Company for the financial year ended March 31, 2022.


(Rs. in Lakhs)



Financial Year

2021-22 2020-21
Total Income 904.46 1117.49
Expenditure 46.34 79.36
Profit/(Loss) after Tax 800.07 964.41


During the year under review, the Total Income of the Company was Rs. 904.46 Lakhs as compared to Rs. 1,117.49 Lakhs during the previous year. The Profit after tax for the year was Rs. 800.07 Lakhs as compared to Rs. 964.41 Lakhs during the previous year. During the year under review, the Company did not operate the aircraft due to its accident/scarping and currently is exploring various other options.


During the year, the Company has not transferred any amount to General Reserves.


The Board of Directors of the Company had declared an interim dividend of Rs. 25/- (Rs. Twenty Five only) on each fully paid 31,16,342 equity shares of Rs. 10/- each (250% per share) amounting to Rs. 7,79,08,550/- during the Financial Year 2021-22. The dividend was paid to those members of the Company whose names appeared in the Register of Members of the Company as on August 12, 2021. The Interim Dividend declared during the year shall be considered as the Final Dividend for the financial year 2021-22 and the confirmation of the members is being sought.


In accordance with the provisions of the Companies Act,2013 (‘Act) and the Articles of Association of the Company, Mr. Salil Taneja retires by rotation and being eligible, offers himself for re-appointment. Mr. Salil Taneja was re-appointed as Whole Time Director of the Company for a period of 3(three) years from October 01, 2022 to September 30, 2025. Mr. Shyam Powar, Independent Director of the Company, holds office upto the conclusion of the ensuing Annual General Meeting (AGM) Mr. Sourabh Sonawane resigned from the position of Company Secretary and Compliance Officer with effect from April 20, 2021. Mr. Himanshu Choradiya was appointed as Company Secretary and Compliance Officer of the Company w.e.f. October 18, 2021 pursuant to Section 203 of the Act & SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations). The Independent Directors of the Company had given a declaration pursuant to Section 149(7) of the Act. The annual performance evaluation has been done by the Board of its own performance and that of its committees and individual Directors based on the criteria for evaluation of performance of independent directors and the Board of Directors and its Committees as approved by the Nomination and Remuneration Committee which the Board found to be satisfactory. The Board is of the opinion that the Independent Directors of the Company possess adequate proficiency, experience, expertise and integrity to best serve the interest of the Company. The brief resume of the Directors proposed to be appointed/ re-appointed is given in the notice convening the AGM. The Composition of Board of Directors of the Company and attendance at the Board meetings is as follows:

Name of the Director Category No. of Board Meetings attended during
F.Y 2021-22
Mr. Salil Taneja Whole Time Director 5
Mr Arvind Nanda_: Independent Director 5
Mr. Shyam Powar : Independent Director 1
Mrs. Rahael Shobhana Joseph Non-Executive Director 5

The details of Key Managerial Personnel as on March 31, 2022 are as below:

Sr. Name Designation
1 Mr. Salil Taneja Whole-Time Director
2 Mr. Jitendra Muthiyan Chief Financial Officer
3 Mr.Himanshu Company Secretary and
Choradiya Compliance Officer


As on date of this report, the Company has five direct and indirect subsidiaries. In accordance with Section 129(3) of the Act, a statement containing salient features on performance and _ financial position of the subsidiaries in Form AOC-1 is provided in the Financial Statements forming part of this Annual Report.

The Company has framed a Policy for determining Material Subsidiaries which is available on its website www.taalent.co.in TAAL Tech India Private Limited (TTIPL) is the largest operating subsidiary of the Company. During the period under review, TTIPL has completed buyback of 50,000 equity shares from its erstwhile CEO. As a result, the shareholding of the Company in TTIPL stands increased to 94.44% from 89.47% due to reduction of share capital of TTIPL.


Your Company has not accepted any deposits from the public falling within the purview of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.


Pursuant to the SEBI (LODR) Regulations, 2015 a separate section on Management Discussion & Analysis is forming part of this Report.


Pursuant to Regulation 15(2) of the SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015, the provisions relating to Corporate Governance Report are not applicable to the Company.


The Company has duly complied with the Section 135 of the Act and the applicable rules thereunder. Annual Report on CSR Activities for the Financial Year ended March 31,2022 forms the part of this Report as ‘Annexure A


During the year under review 5 Board Meetings were held as under:

Sr. No. : Date of Meeting
1 June 11, 2021
2 August 12, 2021
3 October 18, 2021
4 November 11, 2021
5 February 14, 2022

The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 / SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.


The present composition of Audit Committee is as follows:

Name of Director Chairman/ Member
Mr. Shyam Powar Chairman
Mrs. Rahael Shobhana Joseph Member
Mr. Arvind Nanda Member

The Whistle Blower Policy/ Vigil Mechanism of the Company as established by the Board is available on its website www. taalent.co.in


Pursuant to Section 134(3)(c) read with Section 134(5) of the Act, your Directors make the following statement:

i. that in preparation of annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures:

i, thatthe Directors have selected such accounting policies & applied them consistently & made judgments & estimates, that are reasonable & prudent so as to give a true and fair view of the state of affairs of the Company at end of the financial year March 31, 2021 and of the profit of the Company for that period;

ili, that the Directors have 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 & other irregularities;

iv. that the Directors have prepared the annual accounts on a going concern basis;

v. that the directors have laid down Internal financial Controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

vi. that the directors have devised proper systems to ensure compliance with provisions of all applicable laws & that such systems were adequate & operating effectively.


As per Section 134(3)(a) of the Companies Act, 2013, the Annual Return referred to in Section 92(3) has been placed on the website of the Company at www.taalent.co.in


The particulars as required under Section 134(3)(m) of the Act is forming part of this Report as Annexure ‘B.


The Nomination and Remuneration Policy of the Company on Directors appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and the criteria for performance evaluation as laid down by Nomination and Remuneration Committee has been defined in the Nomination and Remuneration Policy. The said policy is available on its website at www.taalent.co.in Details pertaining to Section 197(12) of the Act read with rules framed their under forms part of this report as Annexure ‘C. Astatement showing details of employees in terms of Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this Report.

However, in terms of Section 136 of the Act, the Annual Report excluding the aforesaid information is being sent to the members and others entitled there to. The said statement is available for inspection by the Members at the Registered Office of the Company during business hours on working days up to the date of the ensuing AGM. If any Member is interested in obtaining a copy thereof, such Member may write to the Company at secretarial@taalent.co.in


Pursuant to Section 139 of the Companies the Act, 2013 (the ‘Act) and the Rules framed there under, the Shareholders of the Company at the 6th Annual General Meeting (AGM) held on September 30, 2020, approved the appointment of M/s. V P Thacker & Co., Chartered Accountants, (Firm Registration No. 118696VW) as the Statutory Auditors of the Company to hold office for a period of 5 (five) consecutive years till the conclusion of 11th AGM of the Company.


Pursuant to Section 204 of the Act and the Rules made thereunder, the Board of Directors had appointed Giriraj A. Mohta, Practicing Company Secretary for conducting the Secretarial Audit of the Company for the financial year 2021- 22. The Report of the Secretarial Audit in Form MR - 3 is annexed herewith as an Annexure ‘D to this Report. There are no qualifications, reservations or adverse remarks made by the Secretarial Auditors in their audit report for the year ended March 31, 2022.


Particulars of Loans, Guarantees & Investments covered under Section 186 of the Act has been given in Notes to Financial Statements forming part of this Annual Report.


The Company has a robust risk management framework to identify and mitigate risks arising out of internal as well as external factors.


The Company has an internal financial control framework which is commensurate with the size, scale and complexity of its operations. The Statutory Auditors of the Company reviewed the same on periodical basis.


During the year under review, the Company has not entered into any contract/ arrangement transaction with related parties which were either not at an arms length or not in the ordinary course of business & further could be considered material in accordance with the policy of the Company on materiality of related party transactions.

Hence, there is no information to be provided in Form AOC-2 while particulars of Related Party Transactions in terms of Ind AS-24 are forming part of the enclosed financial statements. GENERAL

No significantor material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Companys operations in future. There is no change in the nature of business of the Company. There was no change in the authorized as well as paid up share capital of the Company during the year under review. There have been no material changes and commitment, 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 report relates and the date of the report. The provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 is not applicable to the Company. During the year under review, there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Company has complied with applicable Secretarial standards. Maintenance of Cost records under Section 148(1) of the Companies Act, 2013 is not applicable to the Company.


Shareholders may contact Registrar and Share Transfer Agent of the Company at the following address: Link Intime India Private Limited Block No. 202, 2nd Floor, Akshay Complex, Near Ganesh Temple, Off Dhole Patil Road, Pune 411001. Tel.: 020-26160084 Fax: 020- 26163503 E-mail: pune@linkintime.co.in


The Directors take this opportunity to thank their Customers, Bankers, Vendors, Aviation authorities, Government and regulatory authorities and all other stakeholders for their valuable sustained support. The Directors also express their deep appreciation to all the employees for their hard work, dedication and Commitment.

For and on behalf of Board of Directors
Date : May 30,2022 Salil Taneja
Place: Pune Chairman