TO THE MEMBERS,
The Board of Directors hereby submits the report of the business and operations of your
Company along with the Audited Financial Statements for the financial year ended March 31,
2024.
1. FINANCIAL SUMMARY OF THE COMPANY:
(Amount in Lakhs)
| Particulars |
FY 2023-24 Rs. |
FY 2022-23 Rs. |
| Total Revenue from operations |
33,065 |
32,776 |
| Other Income |
94 |
275 |
| Profit before Depreciation |
775 |
1,808 |
| Depreciation |
178 |
348 |
| Profit before Tax and after Depreciation |
597 |
1,460 |
| Taxes (a) Current Tax |
100 |
393 |
| (b) Deferred Tax |
13 |
19 |
| (c) Income Tax paid in PY |
|
- |
| Profit/(Loss) after taxes (PAT) |
483 |
1048 |
2. COMPANY'S PERFORMANCE:
The total income for the year stood at Rs. 33,052/- lakhs, which is higher by 0.32%
than the previous year's Total Income of Rs. 33,159/- lakhs. While the company has earned
the profit of Rs. 483/- lakhs, which is lesser by 53.92% as compared to the previous
year's Profit of Rs. 1048 lakhs.
3. DIVIDEND:
The Board of Directors do not recommend any dividend for the financial year ended March
31, 2024.
4. CONSOLIDATED FINANCIAL STATEMENTS:
The Company is not required to consolidate its Financial Statements for the financial
year ended March 31, 2024 as the Company does not have any subsidiary or associate or
joint venture Company.
5. SUBSIDIARIES, JOINT VENTURES, AND ASSOCIATE COMPANIES:
The Company does not have any Subsidiaries, Associates or Joint Ventures during the
Financial Year or at any time after the Closure of the Financial Year and till the date of
this report.
6. DETAILS OF INITIAL PUBLIC OFFER & LISTING:
We are pleased to inform you that the Company had made an Initial Public Offer of
61,63,200/- Equity Shares of Rs. 10/- each at an issue price of Rs. 87/- each (including
the share premium of Rs. 77/- per Equity Share) vide prospectus dated 16th June
2023 on the SME platform of the National Stock Exchange of India Limited i.e. NSE EMERGE.
The IPO had received an exceptional response from the public. The issue was
over-subscribed on an overall basis. The Initial Public Offer was subscribed 59.59 times.
Q.II category was subscribed 42.70 times, Nil category was subscribed 95.96 times an the
retail category was subscribed 62.58 times.
The Equity Shares of the Company got listed on the NSE Emerge with effect from July 06
2023.
7. SHARE CAPITAL:
The Company, during the year, has issued and allotted 61,63,200 equity shares of face
value of 10/-each on July 3, 2023 at an issue price of 87/- each the equity shares issued
ranked pari- passu with the existing fully paid up equity shares in all respects as to
dividend etc.
The total paid-up equity share capital of the Company as on March 31, 2024, stood at
Rs.23,27,18,400 divided into 2,32,71,840 (Two Lakh Thirty Two Thousand Seventy one
Thousand and Eight Hundred and Forty only) equity shares of 10 (Rupees Ten Only) each.
8. MANAGEMENT DISCUSSION & ANALYSIS:
In terms of the Regulation 34(2)(e), and Schedule V of the SEBI (Listing Obligations
& Disclosure Requirements) Regulations, 2015, the Management Discussion & Analysis
Report is set out in the Annexure - A to this report.
9. TRANSFER TO RESERVES:
It is not proposed to carry any amount to any reserves from the profits of the Company.
Hence, disclosure under Section 134 (3) (j) of the Companies Act, 2013 is not required.
10. DEPOSIT:
Your Company has not accepted any deposits pursuant to the provisions of Section 73 of
the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.
11. MATERIAL CHANGES AFFECTING THE COMPANY:
There is no material changes and commitments affecting the financial position of the
company that have occurred after the end of the financial year till the date of the
signing of the report.
12. DIRECTORS
RETIRE BY ROTATION:
Mr. Sukhlal Jain (DIN: 02179430), Whole-time Director and Ms. Kavitha Kumari (DIN:
02043540) Director ofthe Company, retires by rotation at the ensuing Annual General
Meeting of the Company and being eligible offers, himself for re-appointment. The Board of
Directors recommended their appointment for consideration of the members at the
forthcoming Annual General Meeting.
13. KEY MANAGERIAL PERSONNEL:
In accordance with the provisions of Section 2(51) and Section 203 of the Act read with
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,
including any statutory modification(s) or re-enactment(s) thereof for the time being in
force, the following are the KMPs of the Company as on the date of this Report.
Mr. Praveen Kumar, Managing Director, Mr. Sukhlal Jain, Whole-time Director, Mr. Vikas
Kumar Sukhlal Jain, Whole-time Director, Hitesh Kumar Jain, Whole-time Director, Mr. Abhay
Jain, Chief Financial Officer, Ms. Bharathi, Joint Chief Financial Officer and Ms. Keerthi
S Raj, Company Secretary are the key managerial personnel of the company.
The Board appointed Ms. Aarti Panigrahi as Company Secretary of the Company with effect
from December 30, 2022. As on the date of signing of this report Ms. Aarti Panigrahi
resigned from the Office with effect from March 29,2024 and Ms. Keerthi S Raj appointed as
Company Secretary & Compliance Officer w.e.f 15th April 2024
14. DECLARATION BY INDEPENDENT DIRECTORS:
The Company has received the necessary declaration from each Independent Director under
Section 149(7) of the Companies Act, 2013 that they meet the criteria of Independence laid
down in Section 149(6) ofthe Companies Act, 2013.
Independent Directors of the Company have confirmed about their enrolment in the data
bank of Independent Directors maintained with the Indian Institute of Corporate affairs.
15. BOARD AND COMMITTEE MEETINGS:
9.1 BOARD OF DIRECTORS:
During the financial year ended March 31, 2024 (12) Twelve Meetings of the Board of
Directors were held. The maximum interval between any two meetings did not exceed 120
days, as prescribed in the Companies Act, 2013. The details of the Board meetings held are
as under:
| SI. No. |
Date |
No. of Directors present |
| 1. |
15/05/2023 |
6 |
| 2. |
08/06/2023 |
6 |
| 3. |
16/06/2023 |
6 |
| 4. |
27/06/2023 |
6 |
| 5. |
30/06/2023 |
6 |
| 6. |
03/07/2023 |
6 |
| 7. |
15/07/2023 |
5 |
| 8. |
31/07/2023 |
5 |
| 9. |
11/08/2023 |
6 |
| 10. |
05/09/2023 |
8 |
| 11. |
10/11/2023 |
8 |
| 12. |
29/01/2024 |
5 |
9.2 COMMITTEE MEETINGS:
• AUDIT COMMITTEE:
As on March 31, 2024 the Audit Committee comprises of three directors viz. Ms. Japna
Choudhary, Mr. Smith Kumar Mogra, Independent Non-Executive Directors, and Ms. Kavitha
Kumari, Non Executive Director. Ms. Japna Choudhary is the Chairperson of the Committee.
During the year under review, the Audit Committee met 4 times.
• NOMINATION AND REMUNERATION COMMITTEE:
As on March 31, 2024 the Nomination and Remuneration Committee comprises of three
directors viz. Ms. Japna Choudhary and Ms. Dhara Bhawesh Jain, Independent Non-Executive
Directors, and Ms. Kavitha Kumari, Non Executive Director.
Ms. Japna Choudhary is the Chairperson of the Committee.
During the year under review, the Nomination and Remuneration Committee met 2 times.
• CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:
As on March 31, 2024 the Corporate Social Responsibility Committee comprises of three
directors viz. Ms. Japna Choudhary, Independent Non-Executive Director, and Mr. Sukhlal
Jain, and Mr. Praveen Kumar Sukhlal Jain Executive Directors.
Ms. Japna Choudhary is the Chairperson of the Committee.
During the year under review, the Corporate Social Responsibility Committee met 1 time.
• STAKEHOLDER RELATIONSHIP COMMITTEE:
As on March 31, 2024 the Stakeholder Relationship Committee comprises of three
directors viz. Ms. Japna Choudhary, Independent Non-Executive Director, and Mr. Sukhlal
Jain, and Mr. Praveen Kumar Sukhlal Jain Executive Directors.
Ms. Japna Choudhary is the Chairperson of the Committee.
During the year under review, the Stakeholder Relationship Committee met 1 time.
9.3 MEETINGS OF INDEPENDENT DIRECTORS:
The Company's Independent Directors met once during the financial year 2023-24. Such
meeting was conducted to enable the Independent Directors to discuss matters pertaining to
the Company's affairs and put forth their views.
16. SECRETARIAL STANDARDS:
The Directors state that applicable Secretarial Standards, i.e. SS-1 and SS-2, relating
to 'Meetings of the Board of Directors' and 'General Meetings', respectively, have been
duly followed by the Company.
17. ANNUAL EVALUATION OF PERFORMANCE OF THE BOARD, ETC:
The Nomination and Remuneration Committee has laid down the criteria for performance
evaluation of the Individual Directors and the Board. The framework of performance
evaluation of the Independent Directors captures the following points:
• Key attributes of the Independent Directors that justify his/ her
extension/continuation on the Board of the Company; and
• Participation of the Directors in the Board proceedings and his/ her
effectiveness.
The evaluation was carried out by means of the replies given/ observations made by all
the Directors on the set of questions developed by them which brought out the key
attributes of the Directors, quality of interactions among them and its effectiveness.
18. FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS:
The Company has formulated a Programme for Familiarization of Independent Directors
with regard to their roles, rights, responsibilities, nature of the industry in which the
Company operates, the business model of the Company etc.
During the year under review, there was no change in the nature of business of the
company and its business vertical/ structure/operational strategy, etc., which would have
necessitated fresh Familiarization Programme for Independent Directors.
19. EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS:
There have been no material changes and commitments, affecting the financial position
of the Company occurred between the end ofthe Financial year i.e. March 31, 2024.
20. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 134 (3) (c) read with Section 134 (5) of the Companies Act, 2013,
your Directors state that:
a. In the preparation of the annual accounts for the year ended March 31, 2024, the
applicable accounting standards read with requirements set out under Schedule III to the
Act have been followed with proper explanation relating to material departures, if any;
b. The Directors have 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, 2024 and of the Profit of
the Company for the year ended on that date;
c. The directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act, for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
d. The Directors have prepared the annual accounts on a 'going concern' basis; and
e. The directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
21. RISK MANAGEMENT POLICY:
The Risk Management policy has been formulated and implemented by the Company in
compliance with the provisions of the Companies Act, 2013 and SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015.
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 a continuing basis. Our
internal control encompasses various managements systems, structures of organization,
standard and code of conduct which all put together help in managing the risks associated
with the Company. In order to ensure the internal controls systems are meeting the
required standards, it is reviewed at periodical intervals. If any weaknesses are
identified in the process of review the same are addressed to strengthen the internal
controls which are also revised at frequent intervals.
22. VARIOUS POLICIES OF THE COMPANY:
In accordance with the provisions of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and the Companies Act, 2013 the Company has formulated,
implemented various policies. All such Policies are available on Company's website-
https://greenchef.in/ under the Tab named Policies. The policies are reviewed periodically
by the Board and updated based on need and requirements:
| Name of the Policy |
Brief Description |
| Archival Policy |
The policy provides framework for Identification of records that are to be maintained
permanently or for any other shorter period of time. |
| Code of Conduct for Board & Senior Management Personnel |
The Policy is aimed to formulate a Code of Conduct for the Directors and Senior
Management Personnel to establish Highest standard of their ethical, moral andlegal
conduct in the business affairs of the Company. |
| Nomination and Remuneration Policy |
Your Board has framed the policy for selection and appointment of Directors including
determining qualifications, competencies, positive attributes and independence of a
Director, Key Managerial Personnel ("KMP"), Senior Management Personnel and
their remuneration as part of its charter and other matters provided under Section 178(3)
of the Companies Act, 2013. |
| Policy for Making Payments to NonExecutive Director |
The Policy contains the rules for making payments to NonExecutive Directors as per the
applicable provisions of the Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirement) Regulations, 2015. |
| Policy on Criteria for Determining Materiality of Events |
This policy applies for determining and disclosing material events taking placein the
Company. |
| Policy on Materiality of Related Party Transaction |
The policy regulates all transactions taking place between the Company and its related
parties in accordance with the applicable provisions. |
| Terms & Conditions of appt. of Independent Directors |
The Policy provides framework that regulates the appointment, re-appointment of
Independent Directors and defines their roles, responsibilities and powers. |
| Whistle Blower Policy |
The Company has formulated a comprehensive Whistle Blower Policy in line with the
provisions of Section 177(9) and Section 177(10) of the Companies Act, 2013 with a view to
enable the stakeholders, including Directors, individual employees to freely communicate
their concerns about unethical behavior, actual or suspected fraud or violation of the
Company's code of conduct and ethics amongst others to the Audit Committee of the Company.
The mechanism provides adequate safeguards against victimization of Directors or employees
who avail of the mechanism. |
| Risk Management Policy |
The Risk Management policy is formulated and implemented by the Company in compliance
with the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015. The policy helps to identify the various
elements of risks faced by the Company, which in the opinion of the Board threatens the
existence of the Company. |
| Policy in case of leak of UPSI |
The SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018 ("PIT
Amendment Regulations") mandates every listed company to formulate a written policy
and procedures for inquiry in case of leak of unpublished price sensitive information and
initiate appropriate action on becoming aware of leak of unpublished price sensitive
information and inform the Board promptly of such leaks, inquiries and results of such
inquiries. Pursuant to this regulation, the Company has adopted the Policy for Procedure
of Inquiry in Case of Leak of Unpublished Price Sensitive Information ("UPSI"). |
| Policy for Evaluation of the Performance of the Board |
The Policy provides framework for carrying out the annual evaluation of its own
performance as envisaged in the Companies Act, 2013 and of the individual Directors
(excluding the Director being evaluated). |
| InsiderTrading Policy |
Your Company has adopted the Policy to regulate, monitor and report trading by
designated persons and their immediate relatives as per the requirements under the
Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015.
The Code, inter alia, lays down the procedures to be followed by designated persons while
trading/ dealing in Company's shares and sharing Unpublished Price Sensitive Information. |
| Code for fair disclosure of UPSI |
The Code of Practices and Procedures for Fair Disclosure of Unpublished Price
Sensitive Information helps in determination of "Legitimate purposes for
sharingUPSI" The Code covers Company's obligation to maintain a digital database,
mechanism for prevention of insider trading and handling of UPSI, and the process to
familiarize with the sensitivity of UPSI. |
| Policy on Preservation of theDocuments |
The policy deals with the retention of corporate records of the Company. |
23. DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM, WHISTLE BLOWER POLICY, AND AFFIRMATION
THAT NO PERSONNEL HAVE BEEN DENIED ACCESS TO THE AUDIT COMMITTEE:
The Company has a Whistle Blower Policy that provides a formal mechanism for all
employees of the Company to approach the Chairman of the Audit Committee of the Company
and make protective disclosures about the unethical behavior, actual or suspected fraud or
violation of the Company's Code of Conduct.
Under the policy, each employee has an assured access to the Chairman of the Audit
Committee. The Whistle Blower Policy is displayed on the website of the Company, viz.
https://greenchef.in/.
24. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE
COMPANIES ACT, 2013:
There was no loan and investment made pursuant to Section 186 of the Companies Act,
2013 during the year under review and hence the said provisions are not applicable.
25. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES UNDER SECTION
188 OF THE COMPANIES ACT, 2013:
There were contract or arrangements made with related parties as defined under Section
188 of the Companies Act, 2013 during the year under review and is appended as Annexure -
B to the
Board's report.
26. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
CONSERVATION OF ENERGY:
The operation of Company is energy intensive. However, proper care has been taken to
utilize the energy at optimum level.
TECHNOLOGY ABSORPTION:
The Company has not imported any technology and hence no information is being given
hereunder.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
(Amount in Lakhs)
Earnings in foreign exchange: Rs. 1,02,61,684/- Expenditure in foreign currency: Rs.
32,76,36,059/-
27. EXTRACT OF ANNUAL RETURN:
Pursuant to the provisions of section 92 (3) read with section 134 (3) (a) of the Act
and rules framed thereunder, the Annual Return, for the financial year ended March 31,
2024 is available on the website of the Company and can be accessed through the web link.
Website link - https://www.greenchef.in/annual-return
28. REPORTING OF FRAUD BY AUDITORS:
During the year under review, the statutory auditors have not reported under Section
143 (12) of the Companies Act, 2013, any instances of fraud committed against the Company
by its
officers or employees, the details of which would need to be mentioned in the Board's
report.
29. STATUTORY AUDITORS:
In Compliance with the provisions of Sections 139, 141, 142 and other applicable
provisions, if any, of the Act and the Companies (Audit and Auditors) Rules, 2014
(including any statutory modification(s)/ re-enactment(s)/amendment(s) thereof, for the
time being in the force), M/s PATEL SHAH AND JOSHI, Chartered Accountants, (FRN: 107768W),
were appointed as statutory auditors for a period of five consecutive years commencing
from the conclusion of 13th AGM (Annual General Meeting) held on September 30,
2023 till the conclusion of 18th AGM to be held in the calendar year 2028.
The auditor report given by M/s PATEL SHAH AND JOSHI, Chartered Accountants, Statutory
Auditors, on the Financial Statements (Standalone and Consolidated) of the Company for the
financial year ended March 31, 2024, forms part of the Annual Report and self-explanatory.
There has been no qualification, reservation or adverse remarks or any disclaimer in their
report.
30. AUDITORS REPORT:
During the year under review, no frauds have been occurred or noticed and/or reported
by the Statutory Auditors under Section 143(12) of the Companies Act, 2013 read with the
Companies (Audit and Auditors) Rules, 2014 (as amended from time to time).
The Auditors have issued an unmodified opinion on the Financial Statements for the
Financial Year ended March 31, 2024. The Auditors' Report for the Financial Year ended
March 31, 2024 on the financial statements of the Company is a part of this Annual Report.
The Statutory Auditors Report, being devoid of any reservation(s), qualification(s), or
adverse remark(s), does not call for any further information(s), explanation(s), or
comments from the Board under Section 134(3)(f)(i) ofthe Companies Act, 2013.
31. SECRETARIAL AUDITORS:
The Board of Directors at its meeting held on May 29th, 2024, have appointed
Ms. Subhashini Ghantoji (Practicing Company Secretary) having Membership No. 33743 and
Certificate of Practice No. 12584 as Secretarial Auditor of the Company pursuant to
Section 204 of the Companies Act 2013, to undertake Secretarial audit of the Company for
the Financial Year 2024
25.
32. SECRETARIAL AUDIT REPORT:
Secretarial Audit Report as issued by the Secretarial Auditor, in Form No. MR-3 for the
Financial Year 2023-24 is set out in the Annexure - F to this report and forms integral
part of this Annual Report.
The said Secretarial Audit Report being devoid of any reservation(s), adverse remark(s)
and qualification(s) etc. do not call for any further explanation(s)/ information or
comment(s) from the Board under Section 134(3)(f)(ii) of the Companies Act, 2013.
33. INTERNAL AUDITORS:
The Board of Directors at its meeting held on May 29, 2024 have appointed M/s. J Nilesh
& Associates, Practicing Chartered Accountant Firm as Internal Auditor of the Company
pursuant to the applicable provisions of the Companies Act 2013, to undertake Internal
audit of the Company for the Financial Year 2024-25.
34. DISCLOSURE ABOUT COST AUDIT:
Maintenance of cost records and requirement of cost audit as prescribed under the
provisions of Section 148(1) of the Companies Act, 2013 are applicable for the business
activities carried out by the Company.
Further, the Board at its meeting held on May 29, 2024 has appointed M/s. RDR and
Associates as the Internal Auditor of the Company for Financial Year 2024-25 for
conducting the Cost Audit.
35. INTERNAL FINANCIAL CONTROLS:
The Company has put in place an adequate system of internal financial control
commensurate with its size and nature of its business and continuously focuses on
strengthening its internal control processes. These systems provide a reasonable assurance
in respect of providing financial and operational information, complying with applicable
statutes, safeguarding of assets of the Company and ensuring compliance with corporate
policies. The internal financial control of the company is adequate to ensure the accuracy
and completeness of the accounting records, timely preparation of reliable financial
information, prevention and detection of frauds and errors, safeguarding of the assets,
and that the business is conducted in an orderly and efficient manner.
Audit Committee periodically reviews the adequacy of Internal Financial controls.
During the year, such controls were tested and no reportable material weaknesses were
observed. The system also ensures that all transactions are appropriately authorized,
recorded and reported.
36. PARTICULARS OF EMPLOYEES:
The Statement containing the names and other particulars of the employees of the
Company as required under Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is set out in the Annexure - C & D to this report.
37. CORPORATE GOVERNANCE:
The disclosure requirements as prescribed under Para C of the Schedule V of the SEBI
(Listing Obligations & Disclosure Requirements) Regulations, 2015 ('LODR)' are not
applicable to the Company pursuant to Regulation 15(2) of the LODR as the Company is
listed on the SME Exchange.
38. CORPORATE SOCIAL RESPONSIBILITY:
The Corporate Social Responsibility (CSR) Committee of the Board sets the Company's CSR
Policy. The details of composition of CSR Committee, terms of reference and Annual Report
on CSR activities as required under the Companies (Corporate Social Responsibility Policy)
Rules, 2014 are as per Annexure - E and forms an integral part of this Report. Your
Company's Corporate Social Responsibility Policy (CSR Policy) is available on the website
of the Company at www.greenchef.in
39. DETAILS OF APPLICATIONS MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE 2016:
No application is made during the Financial Year 2023-24 by or against the Company and
there are no proceedings pending under the Insolvency and Bankruptcy Code 2016.
40. DETAILS OF DIFFERENCES BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME
SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH THE REASONS THEREOF:
The Company has not made any onetime settlement with any of its lenders.
41. LISTING FEES:
The listing fees payable for the Financial Year 2024 - 25 has been paid to National
Stock Exchange of India Limited within due date.
42. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has duly set up an Internal Complaints Committee (ICC) in line with the
requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition
& Redressal) Act, 2013, to redress complaints received regarding sexual harassment.
During the year under review, no complaints were filed with the Committee under the
provisions ofthe said Act.
43. DETAILS OF SIGNIFICANT MATERIAL ORDERS PASSED BY THE REGULATORS / COURTS / TRIBUNAL
IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATION IN FUTURE:
There are no significant material orders passed by the Regulators / Courts / Tribunal
which would impact the going concern status of the Company and its future operations.
Hence, disclosure pursuant to Rule 8 (5) (vii) of Companies (Accounts) Rules, 2014 is not
required.
44. RECEIPT OF ANY COMMISSION BY MANAGING DIRECTOR/WHOLETIME DIRECTOR FROM THE COMPANY
OR RECEIPT OF COMMISSION/REMUNERATION FROM ITS HOLDING OR SUBSIDIARY:
There was no receipt of any commission by Managing Director/Whole time Director from
the Company or receipt of commission/remuneration from its holding or subsidiary company.
45. DISCLOSURE REGARDING EMPLOYEE STOCK OPTIONS:
The Company has not provided any Stock Option Scheme to the employees.
46. DISCLOSURE REGARDING ISSUE OF SWEAT EQUITY SHARES:
The Company has not issued sweat equity shares during the year under review.
47. TRANSFER OF UNCLAIMED REFUND AMOUNT TO INVESTOR EDUCATION AND PROTECTION FUND UNDER
SECTION 124(5) OF THE COMPANIES ACT 2013:
Company did not have any funds lying unpaid or unclaimed for a period of seven years.
Therefore there were no funds that were required to be transferred to the Investor
Education and Protection Fund (IEPF).
48. GENERAL DISCLOSURES:
Your directors' state that no disclosure or reporting is required in respect of the
following items as there were no transactions/ activities pertaining to these matters
during the Financial Year 2023 -24:
49. ACKNOWLEDGEMENTS:
Your Directors place on record their sincere appreciation and gratitude for the
assistance and generous support extended by all Government authorities, Financial
Institutions, Banks, Customers and Vendors during the year under review.
Your Directors wish to express their immense appreciation for the devotion, commitment
and contribution shown by the employees of the Company while discharging their duties.
|
For and on behalf of the Board of Directors |
|
| Date:06/09/2024 |
Praveen Kumar Sukhlal Jain |
Sukhlal Jain |
| Place: Bangalore |
Managing Director |
Whole-time Director |
|
DIN: 02043628 |
DIN:02179430 |