Dear Shareholder
It gives me great pleasure to welcome you all to the 18th
Annual General Meeting of your Company. Annual Report for financial year ended March 31,
2022 along with the Directors' Report, Audited Annual Accounts, Auditor's Report and
Comments of Comptroller & Auditors General of India (C&AG) are with you and, with
your permission, I take them as read. Let me now share with you the performance of the
Company during the year and the Company's future growth prospects.
I hope you are aware of the material information regarding the Company
and I would like to present you the milestones achieved, performance and future outlook of
the Company The Company got listed in October,2020 and ever since we are dedicatedly
putting efforts to generate maximum revenue for the Company. I would like to thank each of
the shareholder for keeping faith in the Company in its initial phase. The Company has
approx, over 1.30 lakhs shareholders and as per market Capitalization the Company is under
the top 1000 listed entity.
Economic & Future Outlook
In Financial year 2021-22, recorded net loss of ?14.86 crores as
against the loss of ? 7.45 crore during the previous financial year. The loss is incurred
due to steady revenue generation in the Company and doubled due to increase in
mobilization of funds to initiate the operations of Company.
The Company has its major and only asset in form of land parcel of
739.69 acres demerged through the order of Demerger passed by Ministry of Corporate
Affairs issued order of Demerger between Tata Communications Limited and Hemisphere
Properties India Limited . The land parcels are is located in Delhi, Pune, Chennai and
Kolkata.
The Ministry of Finance sanctioned funds of ?751 crore for
implementation of Scheme of Arrangement & Reconstruction. We are getting funds from
Ministry of Finance in tranches for completing the mutation of all land parcels. As on
date ,The Company has been granted with ?180 crore out of the sanctioned fund.
The land parcel of Company are under the care & maintenance of
Central Public Works Department(CPWD). The same are duly secured, gated and encroachment
free.
The major actions performed by Company during this Financial year are:
- The possession of all land parcels are completed.
- The -tamp duty on Order of Demerger adjudicated in Delhi.
- Due Diligence on all land parcels
- Completed the Demarcation of land of Chattarpur/Pune/Chennai and
Kolkata.
- Registration/mutation applications filed for the land parcels.
- Chattarpur land is under process to register under Revenue
Authority of Delhi.
- Conducted exercise regarding Demand Discovery/Expression of
Interest for Chattarpur (farmhouses) & initiated demand discovery for Public Semi
Public Uses.
- Filed Application for change of land use to concerned
Authorities.
- Discussion for Pune land Development is undergoing.
- Conducted the Valuation of all land parcel.
- Initiated the Activity to Access the demand as per current land
use of Chattarpur.
- Initiated the leasing of land on short term lease in Pune.
- Proposing for renting/leasing out the pre-constructed building on
Pune land.
The lands parcels of Company are properly demarcated and
demographically identified, as informed the plans in regard to monetize the Chattarpur
land parcel are in final phases and once we get the approvals the same shall be informed
to all of you. We are also planning to identify the development opportunities in Pune
which is our Biggest Land parcel as the mutation applications filed for the said areas are
under considerations of Regulatory Authorities.
Further, We are also planning to collaborate with other organizations
to pan out an effective plan. However, the whole act is subject to viability of plan and
approval of Administrative Ministry.
The Company is also approaching the Administrative Ministry to release
funds for completing the Mutation and for payment of stamp duty on transfer of title of
land in name of Company and other expenditure..
Further during the year two (2) Independent Directors appointed in the
Company and the Administrative Authority may appoint more requisite Directors in the
Company.
We understand that the stakeholder has high expectations for the
Company but We are putting best efforts to generate the maximum revenue without harming
the Environment and the economic activity and sustainability can co-exist. The Board
Members, Employees are dedicatedly with the support and guidance of Ministry of Housing
& Urban Affairs upholding the trust of the Stakeholders and I am confident that we are
moving in the direction to achieve the future goal of the Company.
Acknowledgement
On behalf of your Company's Board of Directors, I wish to convey my
deep gratitude to each one of you, our valued shareholders, for your continued support and
trust. I want to thank fellow Board for their strong and unequivocal support..
I would also like to deeply thank and acknowledge the continued
co-operation, trust and support of Ministry of Housing and Urban Affairs, Ministry of
Finance, Securities Exchange Board of India, other Regulatory authorities, shareholders,
employees and consultants and wish for their continued support in future as well.
| Your Faithfully, |
| Sd/ |
| D Thara |
| Chairperson & Managing Director |