Dear Members,
Your Directors have pleasure in presenting the Twenty-Eighth Board
Report on the business and operations of your Company along with audited financial
statements for the Financial Year ended March 31, 2023.
1. Financial Summary and highlights
In compliance with the provisions of the Companies Act, 2013 and SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing
Regulations'), as amended and modified from time to time, the Company has prepared
its financial statements as per Indian Accounting Standards (Ind AS) for the Financial
Year 2022-23. The financial highlights of the Company's operations (on standalone
basis) are as follows:
(Amount in lakhs)
Particulars |
FY 2022-23 |
FY 2021-22 |
Revenue from operations |
3,55,917 |
1,21,331 |
Other Income |
7,686 |
31,074 |
Profit/Loss before Depreciation, Finance
costs, Exceptional items and tax expense |
1,11,313 |
41,656 |
Less: Depreciation/Amortisation |
74,071 |
59,442 |
Profit/Loss before Finance costs,
Exceptional items and tax expense |
37,242 |
(17,786) |
Less: Finance costs |
56,862 |
49,361 |
Profit/Loss before Exceptional items and
tax expense |
(19,620) |
(67,147) |
Add/(less): Exceptional items |
1,082 |
- |
Profit/Loss before tax expense |
(20,702) |
(67,147) |
Less: Tax expense (Current/Deferred) |
12,596 |
(19,312) |
Profit/loss for the year (1) |
(33,298) |
(47,835) |
Total Comprehensive Income/loss (2) |
58 |
(40) |
Total (1)+(2) |
(33,240) |
(47,875) |
Balance of profit/loss for earlier years |
(1,06,838) |
(58,963) |
Balance Carried Forward |
(1,40,076) |
(1,06,838) |
Information Other than the Standalone Financial Statements and
Auditor's Report Thereon
Revenue from operations of the Company for the Financial Year 2022-23
was 3,55,917 lakhs as compared to 1,21,331 lakhs in the previous Financial Year.
Further, your Company registered EBITDA of 1,11,313 lakhs as compared with 41,656
lakhs for the Financial Year ended March 31, 2022, showing a growth of 167.22%.The
financial results have been discussed in detail in the Management Discussion and Analysis
Report forming part of this Report. Further, during the Financial Year 2022-23, there was
no change in the nature of business of the Company.
2. Dividend and Dividend Distribution Policy
The Board of Directors of your Company, keeping in view the
Company's current financial position, relevant circumstances and continued impact of
COVID-19 on business, has decided, not to recommend any dividend for the year under
review.
The Board of Directors of your Company has approved and adopted the
Dividend Distribution Policy. The dividend distribution policy is placed on the Company
website at https://www.pvrcinemas.com/corporate.
3. Transfer to Reserves
Due to loss incurred during the year under review, the Board of
Directors of your Company has decided not to transfer any amount to the Reserves.
4. Major events occurred during the year and post closure
(i) Merger of INOX Leisure Limited ("Transferor
Company/INOX") with the Company
The Board of Directors in its meeting held on March 27, 2022, approved
the scheme of amalgamation of erstwhile INOX into and with the PVR Limited
("Transferee Company") and their respective shareholders and creditors under
Sections 230 to 232 and other applicable provisions of the Companies Act, 2013, read with
the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 and other rules
and regulations framed thereunder (Scheme).
The Hon'ble National Company Law Tribunal, Mumbai Bench
("NCLT") has approved the Scheme vide its order dated January 12, 2023. The
certified copy of the NCLT order was filed with the Registrar of Companies (ROC) on
February 6, 2023 ("Effective Date").
(ii) Shifting of Registered Office of the Company
During the period under review, the registered office of the Company
has been shifted from the NCLT of Delhi to the State of Maharashtra w.e.f July 18, 2022.
(iii) Change of name of the Company from PVR Limited to PVR INOX
Limited
Consequent to the recently concluded merger of erstwhile INOX Leisure
Limited with the Company and pursuant to Clause 12 of part III of the Scheme of
amalgamation, the name of the Company has been changed from PVR Limited to PVR INOX
Limited w.e.f. April 20, 2023 and a fresh "Certificate of Incorporation" issued
by Registrar of Companies (ROC-Mumbai), has been received by the Company.
No other material change and commitment have occurred after the closure
of the Financial Year 2022-23 till the date of this Report, which would affect the
financial position of your Company.
5. General Information Overview of the Industry, External
Environment and Economic outlook
Pursuant to Regulation 34 of the Listing Regulations, the information
required is adequately captured in Management Discussion and Analysis Report, forming part
of this Annual Report.
6. Capital Structure
As on the date of this Report, the Authorised Share Capital of the
Company is 292,90,96,800 consisting of 27,27,50,000 Equity Shares having face value of
10 each and 5,90,000, 0.001% Non-Cumulative Convertible Preference Shares having face
value of 341.52 each and 10,000 Preference Shares having face value of 10 each.
During the period under review, the paid up equity share capital of the
Company was increased consequent upon allotment of following equity shares of the Company:
5,499 Equity Shares of face value of 10 each was allotted
under PVR Employees Stock Option Plan 2022 to the specified employee of the Company at the
predetermined exercise price against same number of options exercised by him.
92,500 Equity Shares of face value of 10 each were allotted
under PVR Employees Stock Option Plan 2017 to the specified employee(s) of the Company at
the predetermined exercise price against same number of options exercised by them;
176,498 Equity Shares of face value of 10 each were allotted
under PVR Employees Stock Option Plan 2020 to the specified employee(s) of the Company at
the predetermined exercise price against same number of options exercised by them.
3,67,01,729 Equity Shares of face value of 10 each were
allotted to the shareholders of erstwhile INOX Leisure Limited, pursuant to the Scheme of
Amalgamation of INOX Leisure Limited with PVR Limited as approved by the Hon'ble
National Company Law Tribunal (NCLT), Mumbai vide its order dated January 12, 2023.
The paid up equity share capital as on March 31, 2023 was
97,96,73,140
During the year under review, the Company neither issued any shares
with differential voting rights nor issued sweat equity shares.
7. Details of Employee Stock options
During the Financial Year 2022-23, there was no change in the Employee
Stock Option Plan 2017, 2020 and 2022 adopted by the Company.
Further, the disclosure pursuant to the Securities and Exchange Board
of India (Share Based Employee Benefits & Sweat Equity) Regulations, 2021 for the year
ended March 31, 2023 is available on the website of the Company at https://www.
pvrcinemas.com/corporate.
Kindly refer financial statements forming part of this Report for
further details on ESOP Plan(s).
8. Credit rating of Securities
The details on credit rating(s) of Securities as availed by the Company
are disclosed in the Corporate Governance Report forming part of this Annual Report.
9.
Transfer to Investor Education and ProtectionFund
The Company has transferred a sum of 75,232/- (Rupees Seventy Five
Thousand Two Hundred Thirty Two Only) during the Financial Year 2022-23 to Investor
Education and Protection Fund (Fund) established by the Central Government, in compliance
with the Companies Act, 2013. The said amount represents unclaimed dividend which was
lying with the Company for a period of seven years. Further, the Company has transferred
19,795 shares to the Investor Education and Protection Fund Authority in compliance with
the Companies Act, 2013. Any shareholder whose shares or unclaimed dividend have been
transferred to the Fund, may claim the shares under provision to Section 124(6) or apply
for refund under Section 125(3) or under proviso to Section 125(3), as the case may be, to
the Authority by making an application in Web Form IEPF - 5 available on website at
www.iepf.gov.in.
10. Changes in Directorships and other Compliancesin relation to the
Directors
A. Appointment and Resignation of Directors:
1. Pursuant to clause 10 of Part III of the Scheme of Amalgamation and
from the effectiveness of Scheme of Amalgamation i.e. February 6, 2023, following
directors were appointed on the Board of the Company for a period of five years; i) Mr.
Pavan Kumar Jain was appointed as Chairman & Non-Executive Director of the Company.
ii) Mr. Ajay Bijli was appointed as Managing Director of the Company. iii) Mr. Sanjeev
Kumar was appointed as Executive Director of the Company; and iv) Mr. Siddharth Jain was
appointed as Non-Executive Director of the Company.
2. Mr. Haigreve Khaitan and Mr. Amit Jatia were appointed as an
Independent Directors for a period of one year w.e.f. February 10, 2023;
3. Mr. Vishesh Chander Chandiok was appointed as an Independent
Director for a period of five years w.e.f. February 10, 2023;
4. Mr. Anish Kumar Saraf had resigned as Non-Executive Director of the
Company w.e.f February 6, 2023, Mr. Vikram Bakshi, Ms. Deepa Misra Harris and Mr. Gregory
Adam Foster resigned as Independent Directors of the Company w.e.f February 10, 2023.
B. Directors retiring by rotation:
Pursuant to Section 149 read with Section 152 and other applicable
provisions, if any, of the Companies Act, 2013, one-third of the retirable Directors shall
retire every year and if eligible, may offer for re-appointment. Consequently, Ms. Renuka
Ramnath and Mr. Sanjeev Kumar who retires by rotation at the ensuing Annual General
Meeting and being eligible offers themselves for re-appointment in accordance with the
provisions of the Companies Act, 2013.
The Board recommends their re-appointment to the Shareholders of the
Company.
C. Confirmations & declarations from the Independent Directors:
The Company has received necessary declarations from each Independent
Director of the Company under Section 149 (7) of the Companies Act, 2013, confirming that
they meet the criteria of independence as laid down in Section 149 (6) of the Companies
Act, 2013 and that of Listing Regulations.
The Independent Directors have also confirmed that they have registered
their names in the Independent Directors' Databank. Further, the Board members are
satisfied with regard to integrity, expertise and experience (including the proficiency)
of the Independent Directors of the Company. The details of familiarisation programme for
Independent Directors are available on the Company's website at
https://www.pvrcinemas. com/corporate.
D. Adherence to the Code of Conduct:
In addition to above, the Company has in place a Code of Conduct which
is applicable to the Members of the Board and all employees in the course of day to day
business operations of the Company. The Company believes in 'Zero Tolerance'
against bribery, corruption and unethical dealings/behaviors of any form and the Board has
laid down the directives to counter such acts. The code laid down by the Board is known as
'Code of Business Conduct' which forms an Appendix to the Code. The Code is
available on the Company's website https://www.pvrcinemas. com/corporate.
The Code lays down the standard procedure of business conduct which is
expected to be followed by the Directors and the designated employees in their business
dealings and in particular on matters relating to integrity in the work place, in business
practices and in dealing with stakeholders. All the Board Members and the Senior
Management Personnel have confirmed compliance with the Code.
11. Key Managerial Personnel
As on March 31, 2023, the Key Managerial Personnel (KMP) of the Company
as per Section 2(51) and 203 of the Companies Act, 2013 were as follows:
Name |
Designation |
Mr. Ajay Bijli |
Managing Director |
Mr. Nitin Sood |
Chief Financial Officer |
Mr. Mukesh Kumar |
Company Secretary and Compliance Officer |
12. Meetings of the Board of Directors
During the Financial Year 2022-23, the Board of Directors met 6 times.
The details of Board Meetings and Committee Meetings are given in the Corporate Governance
Report forming part of the Annual Report.
13. Audit Committee
As on March 31, 2023, the Audit Committee comprised the following
directors:
Mr. Ajay Bijli
Mr. Siddharth Jain
Mr. Haigreve Khaitan;
Mr. Vishesh Chander Chandiok;
Mr. Sanjai Vohra; and
Ms. Pallavi Shardul Shroff;
It is further confirmed that the recommendations of Audit
Committee, as made from time to time, were duly accepted by the Board
of Directors.
14. Policy on Directors Appointment and Remuneration Policy
Pursuant to the requirements under Section 134(3)(e) and Section 178(3)
of the Companies Act, 2013, the policy on appointment of Board Members including criteria
for determining qualifications, positive attributes, independence of a director and
remuneration of directors, KMP and other employees is annexed as Annexure 1',
which forms part of this Report.
There has been no change in the Policy during the financial year under
review.
15. Performance Evaluation of the Board, itsCommittees and Directors
Pursuant to applicable provisions of the Companies Act, 2013 and
Listing Regulations, the Board, in consultation with its Nomination & Remuneration
Committee, has formulated a framework containing, inter alia, the criteria for performance
evaluation of the entire Board, its Committees and Individual Directors, including
Independent Directors.
In order to evaluate the performance of the Board, various factors viz.
board diversity, knowledge and expertise, corporate governance practices etc. are
assessed. Similarly, for evaluation of Directors' performance, their profile,
contribution in Board and Committee Meetings, execution and performance of specific
duties, obligations, regulatory compliances and governance are evaluated.
During the Financial Year under review, the Independent Directors met
separately without the presence of any Non-Independent Director and the members of
management and discussed, inter alia, the performance of Non-Independent Directors and
Board as a whole and reviewed the performance of the Chairman of the Company.
The performance evaluation of all the Independent Directors have been
done by the entire Board, excluding the Director being evaluated.
<
p >The Directors expressed their satisfaction with the evaluation process.
16. Remuneration of Directors and Employees
Disclosures pertaining to remuneration and other details as required
under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is annexed as Annexure 2'
which forms part of this Report.
In terms of Section 136 of the Act, the report and accounts are being
sent to the Members and others entitled thereto, excluding the information on employees
particulars which is available for inspection by the members at the registered office of
the Company during business hours on working days of the Company from the date of this
Report up to the date of ensuing Annual General Meeting. Any member interested in
obtaining such particulars may write to the Company Secretary and the same will be made
available on request.
17. Directors' Responsibility Statement
Pursuant to requirements of Section 134(3)(c) of the Companies Act,
2013 with respect to Directors' Responsibility Statement, the Directors confirm: (a)
That in the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures; (b) That 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) That the directors had 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) That the directors had prepared the annual
accounts on a going concern basis; (e) That the directors, had laid down internal
financial controls to be followed by the Company and that such internal financial controls
are adequate and were operating effectively; and (f) That the directors had devised proper
systems to ensure compliance with the provisions of all applicable laws and that such
systems were adequate and operating effectively.
18. Internal Financial Control and their adequacy
The Company has an internal control system, commensurate with the size,
scale and complexity of its operations. The Company has in place adequate controls,
procedures and policies, ensuring orderly and efficient conduct of its business, including
adherence to the Company's policies, safeguarding of its assets, prevention and
detection of frauds and errors, accuracy and completeness of accounting records and timely
preparation of reliable financial information. Further, Audit committee interacts with the
statutory auditors, internal auditors and management in dealing with matters within its
terms of reference. During the year under review, such controls were assessed and no
reportable material weakness in the design or operations were observed. Accordingly, the
Board is of the opinion that the Company's internal financial controls were adequate
and effective during Financial Year 2022-23.
Kindly refer Statutory Auditor Report on internal financial controls
forming part of this Annual Report for Auditors opinion on internal financial controls.
19. Details in respect of frauds reported by Auditorsother than those
which are reportable to the Central Government.
The Statutory Auditors and Secretarial Auditor of the Company have not
reported any fraud to the Audit committee or the Board of Directors under Section 143(12)
of the Companies Act, 2013, including rules made thereunder.
20. Report on the Performance & Financial Position of Subsidiaries
As on March 31, 2023, following is the list of subsidiaries of the
Company:
Sl. No. |
Name of
the subsidiary company |
1 |
PVR Pictures Limited |
2 |
Zea Maize Private Limited |
3 |
P V R Lanka Limited |
4 |
Shouri Properties Private Limited |
In terms of Companies Act, 2013, your Company does not have any direct
associate Company or joint venture Company during the Financial Year 2022-23.
Pursuant to Section 134 of the Companies Act, 2013 and Rule 8(1) of the
Companies (Accounts) Rules, 2014 report on performance and financial position of
subsidiaries in prescribed Form AOC-1 is annexed as per Annexure 3' which forms
part of this Report.
In terms of provisions under Section 136 of the Companies Act, 2013,
audited accounts of the subsidiary companies are placed on the website of the Company at
https://www.pvrcinemas. com/corporate.
The Company will make available these documents upon request by any
shareholder of the Company. The procedure for inspection of documents is mentioned in the
Notice forming part of the Annual Report.
Further, the Company has formulated a Policy for determining
Material' Subsidiaries, which is also available on the Company's website
at https://www.pvrcinemas.com/corporate.
21. Disclosure on deposit under Chapter V
The Company has neither accepted nor renewed any deposits during the
Financial Year 2022-23 in terms of Chapter V of the Companies Act, 2013.
22. Particulars of Loans, Guarantee or Investmentunder Section 186 of
the Companies Act, 2013
Pursuant to Section 134(3)(g) of the Companies Act, 2013, a statement
containing details of loans, guarantee and investment made under Section 186 of the
Companies Act, 2013, for the Financial Year 2022-23, is given in the financial statements,
forming part of this Annual Report.
23. Contracts or arrangements with RelatedParties under Section 188(1)
of the Companies Act, 2013
With reference to Section 134(3)(h) of the Companies Act, 2013, all
contracts and arrangements with related parties under Section 188(1) of the Companies Act,
2013, entered by the Company during the year under review, were in the ordinary course of
business and on an arm's length basis.
During the Financial Year 2022-23, the Company has not entered into any
contract or arrangement with related parties which could be considered
material' according to the Policy of the Company on Materiality of Related
Party Transactions. The Company's Policy on dealing with Related Party transactions
is also available on the Company's website at https://www.pvrcinemas.com/ corporate.
Your attention is also drawn to the Related Party Disclosures set out
in the Financial Statements forming part of this Annual Report.
24. Details of Policy developed and implementedon Corporate Social
Responsibilities (CSR) initiatives
The Company has in place a CSR Policy in line with Schedule VII of the
Companies Act, 2013. As per the policy, the CSR activities are carried by PVR Nest which
focuses inter alia on: (a) Education and social development of the most vulnerable
sections of our society; (b) Hunger, Poverty, Malnutrition and Health; (c) Sanitation and
Safety; (d) Gender Equality; and (e) Environmental Sustainability A report on CSR
activities is furnished in Annexure 4' which forms part of this Report. CSR
Policy is available on the Company's website at https://www.pvrcinemas.com/corporate.
25. Conservation of Technology Absorption,Foreign Exchange Earning and
Outgo
Pursuant to the provisions of Section 134 of Companies Act, 2013 read
with Rule 8(3) of the Companies (Accounts) Rules, 2014 the details of Conservation of
Energy, Technology Absorption, Foreign Exchange Earning and Outgo are attached as Annexure
5' which forms part of this Report.
26. Development and Implementation of RiskManagement
Risk management is embedded in PVR's operating framework. The
Company believes that risk resilience is key to achieving higher growth. To this effect,
there is a process in place to identify key risks across the Company and priorities
relevant action plans to mitigate these risks.
The Company has duly approved a Risk Management Policy. The objective
of this Policy is to have well-defined approach to risk. The Policy lays down broad
guidelines for timely identification, assessment and prioritisation of risks affecting the
Company in the short and foreseeable future. The Policy suggests framing an appropriate
response action for the key risks identified, so as to make sure that risks are adequately
addressed or mitigated. The said Policy is also available on the website of the Company at
https://www.pvrcinemas.com/corporate. In terms of Regulation 21(3A) of Listing
Regulations, two meetings of the Risk Management Committee of the Company was held during
the year under review wherein the management confirmed that the Company on regular basis
assesses, evaluates and monitors the risks-both internal and external associated with
various aspects of its business and takes necessary mitigating steps, wherever possible to
manage such risks.
Detailed discussion on Risk Management forms part of Management
Discussion & Analysis Report under the section Risks and Concerns', which
forms part of this Annual Report. At present, in the opinion of the Board of Directors,
there are no risks which may threaten the existence of the Company.
27. Disclosure on Vigil Mechanism
The Company has a vigil mechanism through Whistle-Blower Policy to deal
with instance of fraud and mismanagement, if any. The Company is committed to the highest
standards of Corporate Governance and stakeholder responsibility. The Company has
Whistle-Blower Investigation Committee which provides for adequate safeguards against
victimisation of persons and also provides for direct access to the Chairman of the Audit
Committee and also to the members of the Committee.
The Policy ensures that strict confidentiality is maintained while
dealing with concerns and also that no discrimination will be meted out to any person for
a genuinely raised concern. The said Policy is also available on the website of the
Company at https://www.pvrcinemas.com/corporate.
The Company has always provided a congenial atmosphere for work to all
employees, free from discrimination and harassment including sexual harassment. It has
provided equal opportunities of employment to all without regard to their caste, religion,
colour, marital status and sex.
28. Material orders of Judicial Bodies/Regulators
During the year under review, there were no significant and material
orders passed by the regulators or courts or tribunals impacting the going concern status
and Company's operations in future.
29. Secretarial Auditors and their Report
M/s. DPV & Associates LLP, Company Secretaries, were appointed as
Secretarial Auditors of the Company for the Financial Year 2022-23 pursuant to Section 204
of the Companies Act, 2013. The Secretarial Audit Report submitted by them in prescribed
Form MR-3 is annexed as Annexure 6' to this Report.
There are no qualifications or observations or other adverse remarks or
disclaimer of the Secretarial Auditors in the report for the Financial Year 2022-23.
30. Compliance with Secretarial Standard
Pursuant to the provisions of Section 118 of the Companies Act, 2013,
the Company has materially complied with the applicable provisions of the Secretarial
Standards on meetings of the board of directors and general meetings, as issued by the
Institute of Company Secretaries of India.
31. Annual Return
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the
Annual Return of the Company is available on the Company's website at
https://www.pvrcinemas.com/corporate.
32. Consolidated Financial Statements
The Company has prepared consolidated financial statements in
accordance with applicable accounting standards and the applicable provisions of Companies
Act, 2013. The same are presented in addition to the standalone financial statement of the
Company.
33. Prevention of Sexual Harassment Policy
The Company has in place a Policy for prevention of Sexual Harassment
at the Workplace in line with the requirements of the Sexual Harassment of Women at the
Workplace (Prevention, Prohibition & Redressal) Act, 2013.
Internal Complaints Committee (ICC) has been set up to redress
complaints received regarding sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this policy. The following is a summary of sexual
harassment complaints received and disposed-off during the year.
Particulars |
Nos. |
Number of complaints
pending at the beginning of the year |
NIL |
Number of complaints received during the
year |
42 |
Number of complaints disposed off during
the year |
42 |
Number of cases pending at the end of the
year |
NIL |
34. Business Responsibility and SustainabilityReport
As stipulated under the Listing Regulations, the Business
Responsibility and Sustainability Report, describing the initiatives taken by the Company
from Environmental, Social and Governance perspective is presented in a separate section,
forming part of the Annual Report.
35. Management Discussion and Analysis Report
Pursuant to Regulation 34 of the Listing Regulations, the
Management Discussion and Analysis Report for the year under review, is
presented in a separate section, forming integral part of this Annual Report.
36.Corporate Governance
The Company is committed to uphold the highest standards of corporate
governance and believes that the business relationship can be strengthened through
corporate fairness, transparency and accountability. Your Company complies with all the
mandatory provisions of the Listing Regulations.
The Report on Corporate Governance is placed in a separate section
forming part of the Annual Report alongwith a certificate received from a Practicing
Company Secretary and forms integral part of this Report. A certificate from the Managing
Director and Chief Financial Officer of the Company, confirming the correctness of the
financial statements, compliance with Company's Code of Conduct and adequacy of the
internal control measures as enumerated and reporting of matters to the Audit Committee in
terms of Listing Regulations, is also attached and forms part of this Report.
37. The details of application made or any proceeding pending under the
Insolvency and Bankruptcy Code, 2016.
During the period under review, the Company has not made any
application nor any proceeding is pending under the Insolvency and Bankruptcy Code, 2016.
38. Acknowledgements
The Directors express their deep sense of appreciation for the
contribution made by the employees both at corporate and cinema level to the significant
improvement in the operations of the Company. Their dedicated efforts and enthusiasm have
been pivotal to the growth of the Company. The Directors also thank all the stakeholders
including members, employees, customers, lenders, vendors, investors, business partners
and state and central governments, bankers, contractors, vendors, credit rating agencies,
legal counsels, Stock Exchanges, Registrar and Share Transfer Agent for their continued
co-operation and support and their confidence in its management.
For and on behalf of the Board of Directors of PVR INOX Limited
Place: New Delhi |
Ajay Bijli |
Sanjeev Kumar |
Date: 15.05.2023 |
Managing Director |
Executive Director |