It gives me immense pleasure to write to you at the end of the financial year, which
had its share of opportunities and challenges. The year began with sky-high expectations
of economic recovery resulting from the decisive political mandate but as the year
progressed, it was increasingly evident that the pace of recovery would be much more
gradual. Many domestic growth indicators improved during the year helped by the
Government’s intent to push reforms and promote investments.
The digital economy is transforming every industry. Consumers have become more
connected and engaged—they want rich experiences tailored to their needs. And the
convergence of mobile technology, social media, data analytics and cloud computing
requires organizations to seek new digital strategies to satisfy evolving customer
demands.
In the telecom sector, FY15 saw successful auctions for spectrum across 4 bands. Major
incumbent operators participated aggressively to retain their spectrum holdings critical
for continuity of their operations. Some also managed to garner additional spectrum in
certain circles, thus consolidating their position. A total of 470.75 MHz of spectrum was
put to auction by DoT, out of which 418 MHz was sold. The auctions generated revenues of
Rs.1.1 lakh crore for the Government, over 70% of which will be paid over a 12 year
period.
During the year, the Government changed the governance landscape by notifying majority
of the provisions of the Companies Act, 2013 and Rules thereunder. Some of the concepts
like evaluation of the performance of Directors and the Board, rotation of auditors,
increased responsibility of the Committees ensure higher standards of transparency and
accountability and seek to align the corporate governance practices in India with global
best practices.
As with any enterprise, challenges will arise. It can sometimes be difficult act
quickly to changes in the marketplace, even when one is looking to preempt them. Obstacles
will emerge, however I am confident that, given our proven record of innovative solutions
and the skill and professionalism of our teams across the Shyam family, any challenges
will be overcome.
The Company carried out its manufacturing operations from the plant situated at UV-246,
Phase-IV, Udyog Vihar, Gurgaon. However the Company has vacated the said premises and
resolved to outsource the manufacturing operations.
I wish to sincerely thank the entire staff of Shyam family, our Shareholders, Bankers,
Lenders, Suppliers and other Stakeholders for their contribution and support over the past
few years. As we look ahead I hope that the Company will sail over the weak sentiments.
Warm regards.
Sd/-
Rajiv Mehrotra
Chairman