Dear Members,
The Board of Directors are pleased to present the report of the business and operations
of the Company along with audited financial statements for the financial year ended 31
March 2024 (year under review/FY 2023-24).
FINANCIAL RESULTS
The summary of the standalone and consolidated financial results are as follows:
(Rs in lakh)
|
Standalone |
Consolidated |
|
FY 2023-24 |
FY 2022-23 |
FY 2023-24 |
FY 2022-23 |
Net sales/income |
1,25,213 |
2,12,581 |
1,25,213 |
2,12,581 |
Other income |
8,153 |
5,884 |
8,267 |
5,920 |
Total |
1,33,366 |
2,18,465 |
1,33,480 |
2,18,501 |
Expenditure |
|
|
|
|
(i) Variable |
67,338 |
1,51,968 |
67,338 |
1,51,968 |
(ii) Fixed |
25,830 |
21,350 |
25,859 |
21,371 |
(iii) Depreciation and amortization expense |
5,784 |
6,426 |
5,784 |
6,426 |
(iv) Finance costs |
1,997 |
2,785 |
1,997 |
2,785 |
Total |
1,00,949 |
1,82,529 |
1,00,978 |
1,82,550 |
Profit before tax |
32,417 |
35,936 |
32,502 |
35,951 |
Less: |
|
|
|
|
(i) Current tax |
9,096 |
9,157 |
9,116 |
9,157 |
(ii) Deferred tax |
(480) |
(312) |
(478) |
(312) |
Net profit |
23,801 |
27,091 |
23,864 |
27,106 |
Share in profit/(loss) of associate |
- |
- |
82 |
(27) |
Net profit after taxes and share of loss of associate |
23,801 |
27,091 |
23,946 |
27,079 |
Add: Balance brought forward from the previous year |
1,90,681 |
1,65,022 |
1,90,669 |
1,65,022 |
Profit before appropriation |
2,14,482 |
1,92,113 |
2,14,615 |
1,92,101 |
Less: Appropriations |
|
|
|
|
(i) Dividend on Equity Shares |
1,351 |
1,351 |
1,351 |
1,351 |
(ii) Other comprehensive loss |
138 |
81 |
138 |
81 |
(iii) Utilized for issuance of bonus shares |
13,503 |
- |
13,503 |
- |
Total |
14,992 |
1,432 |
14,992 |
1,432 |
Profit carried to Balance Sheet |
1,99,490 |
1,90,681 |
1,99,623 |
1,90,669 |
PERFORMANCE REVIEW AND STATE OF THE COMPANY'S AFFAIRS
During the year under review, the Company has a turnover amounting to Rs1,25,213 lakh
and Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) of Rs40,198
lakh. The production activities for both manganese ore and iron ore have significantly
increased following the enhancement of the Maximum Permissible Annual Production (MPAP)
limits in February 2024. The Company has fully utilized the enhanced pro-rata MPAP limits
for FY24, leading to a rapid ramping up of production in the last quarter. Although sales
of the mined ore saw a parallel increase, the surplus quantity mined could not be
immediately offered to the market, resulting in some closing stock at the end of the
financial year. Iron ore realisations have seen improvement in the last quarter, while
manganese ore realisations have remained flattish. However, the Company expects this to
improve in the next financial year. The Company's primary focus remains on mitigating
inventory losses due to fluctuating coking coal prices, followed by the production of coke
for energy generation. Decrease in gross turnover compared to previous financial year was
majorly due to lower realisation in ferroalloys segment coupled with high volatility in
coke segment. The Company has seen improvement in realisations in ferroalloys post year
end, however the constraint of lower power generation will persist until coke volumes
recover.
Following the recent expansion of MPAP limits from 1.60 to 3.81 Million Tonnes Per
Annum (MTPA) of iron ore and from 0.286 to 0.462 MTPA of manganese ore in February 2024,
the Company is actively pursuing further expansion to 4.36 MTPA of iron ore and 0.582 MTPA
of manganese ore, duly complying with the parameters prescribed by the Hon'ble Supreme
Court of India. The Company is progressing towards obtaining clearances from the Karnataka
State Pollution Control Board (KSPCB).
The segment wise revenue growth/(decline) against previous year for mining, ferroalloys
and coke & energy segments were 25%, (57)% and (81)% respectively.
The Company recorded profit before tax of Rs32,417 lakh after charging Rs5,784 lakh
towards depreciation and amortisation expense on property, plant and equipment and Rs1,997
lakh towards finance costs. The profit before tax decreased by 10% compared to the
previous year inspite better realisation and increased volumes from the mining segment due
to negative contribution from the ferroalloys and coke segment. The decrease in average
selling price and market volatility in ferroalloys and coke has contributed to the
degrowth in these segments. Further, energy segment's profit decreased due to an annual
maintenance shutdown in July 2023, and planned shutdowns from August 2023 to optimize
operations. The segment wise result growth/(decline) against previous year for mining,
ferroalloys and coke & energy segments were 22%, (104)% and (145)% respectively.
After charging income tax of Rs9,096 lakh, deferred tax of Rs(480) lakh, the Profit
After Tax (PAT) for the current year has been Rs23,801 lakh. There has been a reduction in
the PAT as compared to previous financial year.
The subsidiary company is yet to start its operations while the associate company has
started its operations during the current year. The performance of these companies is
insignificant to the Company's overall performance.
PROJECTS Existing Projects:
Downhill Conveyor System
The Company's proposal for setting up a 300 tonne per hour Downhill Conveyor System
(DCS) from the Company's Kammaturu iron ore mine to PMBR railway
sidingiscompleted.Withcurrentstatus,theDCSproject is envisaged to be commissioned after
Stage 2 approval of Forest Clearance under Section 2 of the Forest (Conservation) Act,
1980, by the Government of India, which is under process. Successful implementation of
this project is a testimony towards the Company's vision of sustainable growth as it is a
step towards cleaner energy. This will lead to seamless movement of product and higher
realizations as product will be delivered directly at railway sliding.
Power Purchase
The Company had entered into a Share Subscription and Shareholders' Agreement (SSSHA)
with ReNew Green Energy Solutions Private Limited and ReNew Sandur Green Energy Private
Limited (RSGEPL) and Power Purchase Agreement with RSGEPL for the purpose of captive
consumption of renewable power at the Company's metal and ferroalloys plant. Pursuant to
SSSHA, the Company has invested an amount of Rs3,864 lakh towards subscription of
3,51,30,000 equity shares of Rs10 each at a premium of Rs1 each as at 31 March
2024.
During the year under review, 33 MW solar power plant and 9.9 MW wind turbine
generators with associated electrical equipments interconnecting the power with Karnataka
Power Transmission Corporation Limited (KPTCL) grid has been successfully commissioned at
Kudligi Taluk, Vijayanagara District, Karnataka State. With successful commissioning and
injection of above power to the grid, the procurement of power at cheaper cost to operate
all the three existing furnaces of ferroalloy plant and other expansion activities at
Vyasankere, Hosapete Taluk, Vijayanagara District, Karnataka State has been achieved.
Future Projects:
The Company is exploring different strategic possibilities and evaluating the
opportunities from different parameters in order to sustain growth, achieve substantial
market share and meet its future needs. Future market for the envisaged products,
availability of infrastructure facilities and utilities are some of the critical aspects
that the Company is considering as part of next phase of expansion into beneficiation of
ores, manufacturing of pellets and setting up an integrated steel manufacturing facility.
Appropriate decisions in this regard will be taken by the Company based on the expert
opinion, analysis and evaluation.
Strategic business acquisition of Arjas Steel Private Limited
Upon exploring avenues for strategic growth to accelerate its journey of forward
integration into steel, value-added products and unlock potential for numerous synergies,
the Company which currently is into the business of mining manganese and iron ores,
generation of power and manufacturing ferroalloys and coke has decided to pursue an
inorganic growth strategy by acquiring a pre-existing business.
The Board of Directors at its meeting held on 25 April 2024, considered and approved
strategic business acquisition through purchase of 80% equity share capital of Arjas Steel
Private Limited (ASPL), by entering into a Share Purchase Agreement (SPA).
ASPL is an integrated specialty steel (alloy and micro-alloy) manufacturer located in
Tadipatri with upstream and downstream facilities. ASPL is among the top 5 players in
India, primarily catering to the automotive sector. ASPL has a wholly owned subsidiary,
Arjas Modern Steel Private Limited (AMSPL), which has an electric arc furnace-based steel
plant located in Mandi Gobindgarh, Punjab. The aforesaid business acquisition shall also
result in the indirect acquisition of AMSPL, to such an extent. The acquisition of ASPL is
expected to complete on or before November 2024, subject to completion of customary
closing conditions as per the SPA.
Business acquisition of ASPL is a strategic investment which brings potential benefits
that aligns with strategic vision and future road map of the Company to become a national
integrated player in the steel industry.
APPROVALS
The following approvals has been received by the Company during the year under review:
Grant of Environmental Clearance for increase in iron ore production from 1.60 to 4.50
MTPA along with proposed 7.0 MTPA Beneficiation Plant and a Downhill Conveyor System
Ministry of Environment, Forest and Climate Change (MoEFCC), Government of India,
examined the Company's application under EIA Notification 2006 and its further amendments
thereto, and after accepting the recommendation of Expert Appraisal Committee (EAC) during
9th EAC (Non-Coal Mining) meeting held during 17-18 January 2023 and 12th
EAC meeting held during 21-22 March 2023, has accorded Environmental Clearance (EC) on 25
April 2023 for enhancing iron ore production from 1.60 to 4.50 MTPA, retaining the
Environmental Clearance for manganese ore production at 0.60 MTPA. MoEFCC has also granted
approval for the proposed 7.0 MTPA ore beneficiation plant, 1.2 km downhill conveyor
system and 0.15 MTPA crushing & screening plant of iron ore and manganese ore in the
Company's Mining Lease area of 1860.10 ha (ML No: 2678).
Receipt of Consent For Establishment - Expansion (CFE-EXP)
The Company has received CFE-EXP from KSPCB, Bengaluru, for increase in iron ore
production from 1.60 to 4.50 MTPA along with proposed 7.0 MTPA Beneficiation Plant and a
Downhill Conveyor System, vide their Consent Order No. CTE-339450 dated 4 September
2023.
Approval from Central Empowered Committee (CEC) for enhancement in MPAP of iron ore
from 1.60 to 3.81 MTPA in the Company's Mining Lease No.2678
The Company has received approval from CEC for enhancement in MPAP from 1.60 to 3.81
MTPA of iron ore for the Company's Mining Lease No.2678 from CEC vide their Letter No.
2-75/CEC/SC/2020-Pt.XI dated 19 October 2023.
Receipt of Consent For Operation (Expansion)
The Company has received Consent For Operation (Expansion) from KSPCB, Bengaluru for
enhancement in iron ore production from 1.60 to 3.81 MTPA and manganese ore from 0.286 to
0.462 MTPA vide Consent Order No.AW-341719 dated 2 February 2024.
Receipt of Maximum Permissible Annual Production
The Company has received the MPAP from Monitoring Committee to operate at the enhanced
levels for Mining Lease No.2678 vide letter dated 16 February 2024. As per this, the total
MPAP allocated is 3.81 MT of iron ore and 0.462 MT of manganese ore. Considering the
pro-rata allocation, the MPAP for financial year 2023-24 is 1.9684 MT for iron ore and
0.315 MT for manganese ore. Production target for the revised MPAP has been achieved.
AWARDS AND RECOGNITIONS 5 Star Rated Mines Award
The Ministry of Mines, Government of India and Indian Bureau of Mines have introduced
the concept of assessing the mining leases under Sustainable Development Framework (SDF)
and have undertaken a system of rating mining leases. The Company has been receiving Five
Star Rating from the inception of SDF in the year 2014-15, consecutively received the Five
Star Award for the 8th time and has now been invited to receive the 5 Star
Rated Mines Award pertaining to the financial year 2022-23 for the 9th time on
7 August 2024.
Mines Safety Award
All India Mines Safety Association under the aegis of Directorate General Mines Safety
(DGMS), Government of India, has organised for the first time, inspection of the mines in
the categories of coal, metal, oil and gas, at the national level. The Company's Deogiri
Manganese & Iron Ore Mine has bagged 1st prize in the category of Open Cast
Metal Mines and was presented the award on 28 July 2024.
Other Awards
Min es Safety Association of Karnataka, the aegis of Directorate General Mines
Safety, Government of India, had organised for inspection of all the mines of the Company
namely Deogiri, Kammaturu, Subbarayanahalli and Ramghad. Each of the mine was inspected
under the guidance and supervision of Director of Mines Safety (DMS) and the mines units
of the Company have been awarded a total of 46 prizes in State Level and Zonal Level,
including the Trade Tests Prizes.
Mines Environment & Mineral Conservation Association, Karnataka, under aegis
of Indian Bureau of Mines, had organised for inspection as part of Mines Environment &
Mineral Conservation Week of both the Mining Leases. Both the mines have been awarded
total of 6 prizes including overall second prize.
The Company's plant in Vyasanakere has been awarded with Utthama Suraksha
Puraskara by National Safety Council, Karnataka Chapter.
LISTING OF EQUITY SHARES ON NATIONAL STOCK EXCHANGE OF INDIA LIMITED
During the year, the Company's shares got listed on National Stock Exchange of India
Limited (NSE) on
7 September 2023. This historic moment marked a pivotal point in the Company's journey.
CHANGE IN THE CAPITAL STRUCTURE
During the year under review, the authorised share capital of the Company was increased
from Rs11,500 lakh divided into 11,40,00,000 Equity Shares of Rs10 each and 1,00,000
B' Series 16% (or such other rate as may be permissible at law and agreed to by the
Board of Directors) Redeemable Cumulative Preference Shares of Rs100 each to Rs20,000 lakh
divided into 20,00,00,000 Equity Shares of Rs10 each.
The Board of Directors at its meeting held on 18 December 2023, had accorded its
approval to issue Bonus Equity Shares of Rs10 each in the ratio of 5 new fully paid-up
Equity Shares of Rs10 each for every 1 existing fully paid-up Equity Share of Rs10 each,
held by the eligible equity shareholders of the Company and whose names appear in the
Register of Members and in the beneficial records of the Depositories as on the
Record Date' i.e., Friday, 2 February 2024, subject to the Members' approval. The
Members approved the said issue through special resolution passed by Postal Ballot on 20
January 2024. Accordingly, the Bonus Equity
Shares were credited to the eligible shareholders of the Company from 8 to 13 February
2024 and the said Shares was listed and admitted to dealings on BSE Limited (BSE) and NSE
from 15 February 2024. The Bonus Equity Shares so allotted rank pari-passu with the
existing share capital of the Company. under As on 31 March 2024, the issued, subscribed
and fully paid-up share capital of the Company was Rs16,204 lakh comprising of
16,20,34,938 Equity Shares of Rs10 each.
The Company has neither issued equity shares with differential rights as to dividend,
voting or otherwise nor shares (including sweat equity shares) to employees of the Company
under any scheme. Further, the Company has not issued debentures, bonds, convertible or
non-convertible securities or warrants and has not held any shares in trust for the
benefit of employees where the voting rights are not exercised directly by the employees.
The Company has not bought back any of its securities during the year.
CHANGE IN THE NATURE OF THE BUSINESS
During the year under review, there was no change in nature of business of the Company.
DIVIDEND DISTRIBUTION POLICY
The Dividend Distribution Policy as adopted and formulated by the Board in terms of
Regulation 43A of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (Listing Regulations) is available on the
Company's website at https://www.sandurgroup.
com/downloads/Corporate-Governance/Policies/15-Dividend-Distribution-Policy.pdf and
annexed to this Report as Annexure A'.
DIVIDEND
The Board have recommended a dividend of Rs1 per Equity Share of Rs10 each (10%) for
the year ended
31 March 2024. The said dividend is subject to the approval of the Members at the
ensuing Annual General Meeting (AGM) of the Company. The Board has recommended the
dividend based on the parameters laid down in the Dividend Distribution Policy and
dividend will be paid out of the profits for the year under review.
According to the Finance Act, 2020, dividend income shall be taxable in the hands of
the Members w.e.f., 1 April 2020, and the Company is required to deduct tax at
source from the dividend payable to the Members at prescribed rates as per the Income Tax
Act, 1961.
TRANSFER TO RESERVES
As permitted under the Companies Act, 2013 (the Act), the Board does not propose to
transfer any amount to General Reserve and has decided to retain the entire amount of
profit for the financial year 2023-24 in the Statement of Profit and Loss.
TRANSFER OF AMOUNT TO INVESTOR EDUCATION AND PROTECTION FUND
As per Section 124(5) of the Act read with Rules made thereunder, dividends remaining
unpaid/unclaimed for a period of seven years from the date of transfer to the unpaid
dividend account is required to be transferred to Investor Education and Protection Fund
(IEPF). Further, the shares in respect of which dividend has not been paid or claimed for
seven consecutive years shall be transferred by the Company in the name of IEPF.
In pursuance of the above, the dividend remaining unpaid/unclaimed in respect of final
dividend declared for financial year 2015-16 amounting to Rs1,45,383/- and 1st
interim dividend declared for financial year 2016-17 amounting to Rs1,43,644/- have
been transferred to IEPF during the financial year 2023-24. Consequently, 1,023 shares
belonging to 7 Members and 204 shares belonging to 8 Members in respect of which dividends
remained unpaid/unclaimed for seven consecutive years were also transferred to IEPF.
The Company had also transferred 92,780 shares belonging to 168 shareholders being the
Bonus Shares pertaining to the shares which were already transferred to IEPF as per Rule
6(8) of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and
Refund) Rules, 2016.
As on the date of this Report, the dividend remaining unpaid/unclaimed in respect of 2nd
interim dividend declared for financial year 2016-17 amounting to Rs54,617/- has been
transferred to IEPF. Consequently, 932 shares belonging to 4 Members in respect of which
dividends remained unpaid/unclaimed for seven consecutive years were also transferred to
IEPF.
In the interest of the Members, the Company sends periodical reminders to the Members
to claim their dividends to avoid the transfer of dividends or shares to IEPF Authority.
Notices in this regard are also published in the newspapers and the details of
unpaid/unclaimed dividends and the Members whose shares are liable to be transferred to
IEPF Authority, are uploaded on the Company's website at https://www.sandurgroup.
com/unpaid-unclaimed-dividend and https://
www.sandurgroup.com/downloads/Shareholder-Information/7-Unclaimed-Dividend/2-shares-due-to-be-transferred-Nov-2024.pdf
respectively.
The unpaid/unclaimed final dividend declared for the financial year 2016-17, along with
the underlying shares are due to be transferred to IEPF by 2 November 2024. The Members
who have not encashed the dividend warrant(s) from financial year 2016-17 onwards, may
forward their claims to the Company/Registrar and Transfer Agent (RTA) on or before 18
October 2024, to avoid any transfer of dividend or shares to IEPF Authority.
The information in respect of unpaid/unclaimed dividends and shares thereto along with
due date for transfer to IEPF are given below:
Financial year |
Date of declaration |
Due date for transfer to IEPF |
Unclaimed Dividend as on 31 March 2024 (Rs) |
Unclaimed Shares as on 31 March 2024 |
2016-17 (Final Dividend) |
26 September 2017 |
2 November 2024 |
96,464.00 |
48,232 |
2017-18 (Interim Dividend) |
27 December 2017 |
2 February 2025 |
2,51,180.00 |
50,236 |
2017-18 (Final Dividend) |
1 September 2018 |
7 October 2025 |
1,06,248.00 |
53,124 |
2018-19 (Interim Dividend) |
14 November 2018 |
21 December 2025 |
1,67,436.50 |
47,839 |
2018-19 (Final Dividend) |
21 September 2019 |
28 October 2026 |
1,09,655.00 |
31,330 |
2019-20 (Interim Dividend I) |
11 November 2019 |
18 December 2026 |
68,850.00 |
34,425 |
2019-2020 (Interim Dividend II) |
5 March 2020 |
11 April 2027 |
1,87,235.00 |
37,447 |
2020-21 (Final Dividend) |
22 September 2021 |
29 October 2028 |
2,36,716.00 |
26,007 |
2021-22 (Final Dividend) |
28 September 2022 |
3 November 2029 |
1,02,675.00 |
21,088 |
2022-23 (Final Dividend) |
20 September 2023 |
21 October 2030 |
99,681.00 |
20,648 |
The voting rights on the shares lying with IEPF shall remain frozen till the rightful
owner claims the shares. The benefits arising out of the shares transferred to IEPF is
credited to IEPF Authorities. The Members can claim the same from IEPF Authorities.
The Members whose unpaid/unclaimed dividends or shares are transferred to IEPF can
request the Company/RTA as per the applicable provisions in the prescribed e-form IEPF-5
for claiming the unpaid/ unclaimed dividend or shares out of IEPF. The process for
claiming the unpaid/unclaimed dividends or shares out of IEPF is also available on the
Company's website at https://www.sandurgroup.com/others.
Mohammed Abdul Saleem - Whole Time Director, Company Secretary & Compliance Officer
is the Nodal Officer under the provisions of IEPF Rules till 5 August 2024.
SUBSIDIARY COMPANY, ASSOCIATE COMPANY AND JOINT VENTURE
As on 31 March 2024, the Company has a Wholly Owned Subsidiary (WOS) company named
Sandur Pellets Private Limited. The WOS is yet to start its business operations.
During the year under review, the Company does not have any material subsidiary as per
Regulation 16(1)(c) of Listing Regulations. The Policy for determining Material
Subsidiary is uploaded on the Company's website at https://www.sandurgroup.
com/downloads/Corporate-Governance/Policies/9-Policy-for-determining-Material-Subsidiary.pdf.
The Company has an associate, ReNew Sandur Green Energy Private Limited (RSGEPL).
During the year under review, the Company subscribed additional 70,26,000 equity shares of
RSGEPL and continues to hold 49% of equity share capital.
The Company does not have any joint venture.
The disclosure pursuant to first proviso to Section 129(3) of the Act read with Rule 5
of the Companies (Accounts) Rules, 2014 is annexed with this Report as Annexure
B'. Further, as per the provisions of Section 136 of the Act, the standalone and
consolidated financial statements of the Company along with relevant documents and
separate audited financial statement in respect of the Company's subsidiary, are available
on the Company's website at https://www.sandurgroup.com/annual-reports and
https://www.sandurgroup.com/subsidiaries respectively.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
IMPACTING THE GOING CONCERN STATUS OF THE COMPANY
There are no significant and material orders passed by the Regulators/Courts/Tribunals
that would impact the going concern status of the Company and its future operations.
MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY WHICH OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THESE FINANCIAL
STATEMENTS RELATE AND THE DATE OF THE REPORT
Subsequent to the year end, on 25 April 2024, the Company has signed a definitive
agreement for strategic business acquisition to acquire 80% equity stake in Arjas Steel
Private Limited (ASPL) at an Enterprise value of Rs3,00,000 lakh. The said strategic
business acquisition will help the Company to accelerate its journey of forward
integration into steel, value-added products and unlock potential for numerous synergies.
The acquisition of ASPL is expected to complete on or before November 2024, subject to
completion of customary closing conditions as per the SPA.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
During the year under review, all related party transactions entered into by the
Company were on an arm's length basis and in ordinary course of business. All related
party transactions are placed before the Audit Committee of the Company and placed before
the Board for information/approval, as and when required. With a view to ensure continuity
of day-to-day operations, an omnibus approval is obtained for related party transactions
which are of repetitive nature, entered in the ordinary course of business and at arm's
length basis. A statement giving details of all related party transactions entered
pursuant to the omnibus approval so granted, is placed before the Audit Committee on a
quarterly basis for its review.
Further, the Company has not entered into any contract/arrangement/transaction with
related parties which are considered to be material as per Regulation 23 of Listing
Regulations and the Company's Policy on Related Party Transactions. In terms of Regulation
23(9) of Listing Regulations, the Company submits the details of related party
transactions as per the specified format to the stock exchange on a half yearly basis.
In line with the requirements of the Act and Listing Regulations, the Company has
formulated a Policy on Related Party Transactions and the same can be accessed on the
Company's website at https://www. sandurgroup.com/downloads/Corporate-Governance/
Policies/11-Policy-on-Related-Party-Transactions-Revised.pdf.
In terms of clause (h) of Section 134(3) of the Act read with Rule 8(2) of the
Companies (Accounts) Rules, 2014, the particulars of the contracts or arrangements entered
into by the Company with its related parties as referred to in Section 188(1) of the Act
in Form No. AOC-2 is annexed with this Report as
Annexure C'.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The particulars of investments made under Section 186 of the Act have been
disclosed in the financial statement. The Company has not granted any loans or provided
guarantees under Section 186 of the Act.
DEPOSITS
The Company does not have any deposits at the beginning of the financial year and has
neither accepted nor renewed any deposits during the year under review. Thus, provisions
of Section 73 of the Act are not applicable to the Company.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
As on the date of this Report, the Board consists of seven members - one Managing
Director, one Whole Time Director, four Independent Directors (including one Woman
Director) and one Non-Executive Non-Independent Director. The Chairman of the Board is a
Non-Executive Non-Independent Director.
Appointment/Re-appointment
During the year under review, the following appointment/re-appointments were made by
the Company:
At the 69th AGM held on 20 September 2023: a. In terms of the
provisions of Section 152(6) of the Act, T. R. Raghunandan (DIN: 03637265), Director of
the Company, liable to retire by rotation and who being eligible, offered himself for
reappointment, was re-appointed by the Members. b. Dr. Latha Pillai (DIN: 08378473) was
reappointed as an Independent Director, for a further term of five consecutive years
commencing from 8 March 2024 to 7 March 2029 (both days inclusive), not liable to retire
by rotation. The Board opined that she is a person of integrity and possess relevant
expertise and experience (including proficiency) and satisfies the criteria of
independence as laid down under the Act and Listing Regulations.
The Board of Directors at its meeting held on
8 November 2023 has appointed Mohammed Abdul Saleem - Whole Time Director as Company
Secretary & Compliance Officer of the Company with effect from 21 November 2023.
During the period from 1 April 2024 till the date of this Report, subject to the
approval of the Members, the following appointment/re-appointment(s) are proposed to be
made:
In terms of the provisions of Section 152(6) of the Act, Mohammed Abdul Saleem
(DIN: 00061497), Director of the Company is liable to retire by rotation at the ensuing
AGM and being eligible, offered himself for re-appointment.
The Board of Directors at its meeting held on
15 May 2024, based on the recommendation of the Nomination and Remuneration Committee,
appointed Anand Sen (DIN: 00237914) as an Additional Director on the Board of the Company
under the provisions of the Section 161 of the Act with effect from 15 May 2024. Further,
the Company has received a notice in writing from a Member proposing his candidature for
the office of Director pursuant to Section 160 of the Act. In terms of Section 161(1) of
the Act, Anand Sen holds office up to the date of the ensuing AGM and is eligible for
appointment as a Director.
Further, in accordance with the provisions of Section 149 read with Schedule IV of the
Act and relevant provisions of Listing Regulations, he was also appointed as an
Independent Director of the Company, to hold office for a period of five consecutive years
commencing from 15 May 2024 to 14 May 2029 (both days inclusive), not liable to retire by
rotation, subject to the Members' approval in the ensuing AGM. The Members approved the
said appointment vide Postal Ballot on 19 July 2024. The Board opined that he is a
person of integrity and possess relevant expertise and experience (including proficiency)
and satisfies the criteria of independence as laid down under the Act and Listing
Regulations.
Cessation
Dur ing the year under review, Bijan Kumar Dash has tendered his resignation
from the post of Company Secretary & Chief Compliance Officer of the Company with
effect from 20 November 2023. The Board expressed gratitude for the invaluable assistance
and the guidance provided to the Board by Bijan Kumar Dash.
During the period from 1 April 2024 till the date of this Report, Jagadish Rao
Kote (DIN: 00521065) has tendered his resignation from the position of Independent
Director with effect from
15 May 2024 and accordingly ceased to be the Independent Director of the Company
thereafter. The Board of Directors and the management of the Company placed on record
their profound appreciation for the contributions made by Jagadish Rao Kote during his
association with the Company over the years.
As on 31 March 2024, the following were the Key Managerial Personnel of the Company as
per Section 2(51) and 203 of the Act:
Bahirji Ajai Ghorpade - Managing Director
Mohammed Abdul Saleem - Whole Time Director, Company Secretary & Compliance
Officer
Uttam Kumar Bhageria - Chief Financial Officer & Chief Risk Officer
During the period from 1 April 2024 till the date of this Report, the Board of
Directors at its meeting held on 5 August 2024, based on the recommendation of the
Nomination and Remuneration Committee:
Appointed Krishnendu Sanyal as Chief Executive Officer designated as Key
Managerial Personnel of the Company with effect from 5 August 2024.
Relieved Mohammed Abdul Saleem from the position of Whole Time Director, Company
Secretary & Compliance Officer (Key Managerial Personnel) of the Company and
redesignated him as Non-Executive Director of the Company with effect from 5 August 2024.
BOARD MEETINGS
The Board meets at regular intervals to discuss and decide on the Company's business
policies and strategies apart from other regular and important business items. However, in
case a special and urgent business requires approval of the Board, such approval is taken
by passing resolution through circulation, as permitted by law, which is taken on record
in the subsequent Board meeting.
During the financial year 2023-24, the Board met 7 times i.e., 17 May 2023, 3 August
2023, 27 September 2023, 8 November 2023, 18 December 2023, 8 February 2024 and 28 March
2024. The details and particulars of Board meetings are given in the Corporate Governance
Report forming part of this Report.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
The Company has adopted Policy on Nomination and Remuneration of Directors, Key
Managerial Personnel (KMPs) and other employees which inter-alia includes criteria for
determining qualification, positive attributes, independence of a director and other
matters provided under sub-section (3) of Section 178 of the Act and relevant provisions
of Listing Regulations. The Members may refer Corporate Governance Report for details
regarding this Policy. The Policy is also available on the Company's website at
https://www. sandurgroup.com/downloads/Corporate-Governance/
Policies/5-Policy-on-Nomination-and-Remuneration-of-Directors-Key-Managerial-Personnel-KMPs-and-other-employees.pdf.
DECLARATION BY INDEPENDENT DIRECTORS
All the Independent Directors of the Company meet the criteria of independence as
provided under Section 149(6) of the Act and Regulation 16(1)(b) of Listing Regulations
and declarations to this effect have been received from them. Further, in terms of
Regulation 25(8) of Listing Regulations, they have confirmed that they are not aware of
any circumstance or situation which exists or may reasonably be anticipated that could
impair or impact their ability to discharge their duties. During the financial year
2023-24, there has been no change in the circumstances affecting their status as
Independent Directors of the Company.
The Independent Directors have also complied with the Code for Independent Directors
prescribed in Schedule IV to the Act and Code of Conduct for Board Members and Senior
Management formulated by the Company under Regulation 17(5) of Listing Regulations. The
Independent Directors of the Company have undertaken requisite steps towards inclusion of
their names in the Databank of Independent Directors maintained with the Indian Institute
of Corporate Affairs, in terms of Section 150 of the Act read with Rule 6 of the Companies
(Appointment and Qualification of Directors) Rules, 2014.
BOARD EVALUATION
The Nomination and Remuneration Committee and the Board have laid down the manner in
which formal evaluation of the performance of the Board, Committees, individual Directors
and the Chairman has to be made annually.
During the evaluation process, it was ensured that all the provisions relating to Board
evaluation of the Act and Listing Regulations, are followed. The criteria for evaluation
were based on the Guidance Note on Board Evaluation issued by Securities and Exchange
Board of India (SEBI) and the guidelines issued by Institute of Company Secretaries of
India (ICSI). The Board evaluation was done internally. All Directors responded through a
structured questionnaire giving feedback about the performance of the Board, its
Committees, individual Directors and the Chairman. The questionnaire for evaluation of
Board was based on several parameters like structure of the Board, meetings of the Board,
functions of the Board, relationship and communication between Board and management and
professional development of Directors. Similarly, the evaluation criteria for Committee,
individual Directors, and the Chairman were set on different parameters.
At the Board meeting that followed the meeting of the Independent Directors on 8
February 2024, the outcome of evaluation was discussed. The feedback received on the
performance evaluation of individual Directors was intimated separately to each Director.
MEETING OF INDEPENDENT DIRECTORS
A separate meeting of Independent Directors for the financial year 2023-24 as per
Clause VII(1) of Schedule IV under Section 149(8) of the Act and Regulation 25(3) of
Listing Regulations was held on 8 February 2024, wherein the Independent Directors
reviewed the performance of Non-Independent Directors, Chairman of the Board and the Board
as a whole.
TRAINING AND FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS
Details of training and familiarisation programme are provided in the Corporate
Governance Report forming part of this Report.
BOARD COMMITTEES
The Board has constituted six Committees to assist the Board in effectively discharging
its functions and responsibilities. These Committees support the Board's work in line with
the applicable provisions of the Act and Listing Regulations, namely:
1. Audit Committee;
2. Nomination and Remuneration Committee;
3. Stakeholders' Relationship Committee;
4. Corporate Social Responsibility Committee;
5. Risk Management Committee;
6. Corporate Sustainability Committee.
The details of the Committees including composition, terms of reference, meeting
details etc., are provided in the Corporate Governance Report forming part of this Report.
The recommendations, if any, of these Committees are submitted to the Board for
approval. During the year under review, the Board had accepted recommendations of the
Committees.
VIGIL MECHANISM
The Company believes in conducting its affairs in a fair
andtransparentmannerbyadoptinghigheststandards of professionalism, honesty, integrity and
ethics. The Company has established a vigil mechanism towards this approach. In accordance
with Section 177(9) of the Act read with Rule 7(2) of the Companies (Meetings of Board and
its Powers) Rules, 2014, the Company's Audit Committee oversees the vigil mechanism which
has been established to address genuine concerns about unethical behaviour, actual or
suspected fraud, leak of Unpublished Price Sensitive Information or violation of the
Company's Code of Conduct and Ethics Policy, if any, expressed by the Director(s) or
employees or any other person.
The Company has adopted a Whistle Blower Policy which provides for adequate safeguards
against victimisation of Director(s) or employee(s) or any other person who avail such
mechanism. The Company has also provided direct access to the Chairman of the Audit
Committee in matters concerning financial, accounting and concerns relating to officers
belonging to above Senior General Manager level.
The Whistle Blower Policy is available on the Company's website at
https://www.sandurgroup.com/downloads/
Corporate-Governance/Policies/13-Whistle-Blower-Policy.pdf.
DIRECTORS' RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(3)(c) of the Act, the Directors
confirm that: (a) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to material
departures;
(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 31 March 2024 and of the profit and
loss of the Company for the year ended 31 March 2024;
(c) the Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the 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 for the financial year ended 31
March 2024 on a going concern' basis;
(e) the Directors have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and are operating
effectively; and
(f) the Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and operating effectively.
DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION (12) OF SECTION 143
OF THE ACT OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT
The Auditors have not reported any frauds during the year under review.
ADEQUACY OF INTERNAL FINANCIAL CONTROLS
The Company has established a robust framework for internal financial controls. 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. The Company has a well-defined delegation of power with well-defined
authority and responsibility matrix defining the financial limits for approving revenue as
well as capital expenditure. Segregation of duties has been well defined to remove the
concentration of power within few officials. The Company uses a state-of-the-art
Enterprise Resource Programming (ERP) system to record data for accounting, consolidation
and management information purposes and connects to different locations for efficient
exchange of information. It has continued its efforts to align all its processes and
controls with global best practices.
M/s. P. Chandrasekar LLP, Chartered Accountants, have been appointed to oversee and
carry out internal audit of Company's activities. The audit is based on an internal audit
plan, which is reviewed each year in consultation with the Statutory Auditor and approved
by the Audit Committee. In line with international practice, the internal audit plan is
focused towards review of internal controls and risk in operations. The Audit Committee
review audit report submitted by the internal auditor. Suggestions for improvement are
considered and the Audit Committee follows up on them. During the year, such controls were
assessed and no reportable material weaknesses in the design or operation were observed.
Accordingly, the Board is of the opinion that the Company's internal financial controls
were adequate and effective during the financial year 2023 24.
The Statutory Auditor's Report has stated that the Company has, in all material
respects, an adequate internal financial controls with reference to standalone and
consolidated financial statements and such internal financial controls with reference to
standalone and consolidated financial statements were operating effectively as at 31 March
2024, based on the criteria for internal financial control with reference to standalone
and consolidated financial statements established by the respective Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
ANNUAL RETURN
A copy of Annual Return, in Form MGT-7, pursuant to the provisions of Section 92(3) of
the Act read with Rule 11 of the Companies (Management and Administration) Rules, 2014 as
amended from time to time is available on the website of the Company at https://www.
sandurgroup.com/agm-postal-ballots.
AUDITORS Statutory Auditor
M/s. Deloitte Haskins & Sells, Chartered Accountants (Firm Registration
No.008072S), were appointed as Statutory Auditor of the Company at the 68th AGM
held on 28 September 2022 in terms of the provisions of Section 139 of the Act, to hold
office until the conclusion of 73rd AGM.
The Auditor's Report on standalone and consolidated financial statements of the Company
for the year ended 31 March 2024, is forming part of this Report.
Secretarial Auditor
Pursuant to the provisions of Section 204 of the Act read with Rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors
at its meeting held on 3 August 2023, appointed N. D. Satish, Practicing Company Secretary
(having ICSI Membership No.F10003 and Certificate of Practice No.12400) as Secretarial
Auditor of the Company for the financial year 2023-24. The Secretarial Audit Report is
forming part of this Report as Annexure D'.
In accordance with Regulation 24A of Listing Regulations, the Company has obtained
Secretarial Compliance Report for the financial year ended
31 March 2024 from the Secretarial Auditor of the Company and the same has been
submitted to the Stock Exchanges namely BSE and NSE on 17 May 2024.
Cost Auditor and Cost Records
In terms of Section 148(2) of the Act read with Rule 4 of the Companies (Cost Records
and Audit) Rules, 2014, the Company is required to get its cost accounting records audited
by a Cost Auditor. The Board of Directors at its meeting held on 3 August 2023, appointed
M/s. K. S. Kamalakara & Co., as Cost Auditor for the financial year 2023-24 and the
same was ratified by the Members at the 69th AGM of the Company.
The Board, after considering recommendations of the Audit Committee, reappointed M/s.
K. S. Kamalakara & Co., as Cost Auditors for the financial year 2024-25. A resolution
seeking approval of the Members for ratifying the remuneration payable to the Cost Auditor
for financial year 2024-25 is provided in the Notice of the ensuing AGM.
The cost accounts and records as required to be maintained under Section 148(1) of the
Act are duly made and maintained by the Company.
Internal Auditor
The Board of Directors at its meeting held on
3 August 2023, has appointed M/s. P. Chandrasekar LLP, Chartered Accountants as
Internal Auditor of the Company as mandated under provisions of Section 138 of the Act to
evaluate the internal controls and financial reporting for the financial year 2023-24.
AUDITOR'S OBSERVATION
There are no qualifications, reservations, adverse remarks or disclaimers made by the
Statutory Auditor, Secretarial Auditor, Internal Auditor and Cost Auditor in their
respective reports.
SECRETARIAL STANDARDS
Pursuant to the provisions of Section 118 of the Act, the Company has complied with the
applicable provisions of the Secretarial Standards issued by the Institute of Company
Secretaries of India and notified by Ministry of Corporate Affairs except for delay in
circulation of Agenda papers of Board/Committees in few instances. However, all the
members of the Board/Committees approved minutes of the meetings and the same were taken
note of in the subsequent meeting.
CORPORATE GOVERNANCE
The Corporate Governance Report forms part of this Report. A Certificate on Corporate
Governance Report as required under Regulation 34(3) read with Schedule
V of Listing Regulations, issued by M/s. Deloitte Haskins
& Sells, Chartered Accountants, is annexed to this Report as Annexure E'.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis Report as required under clause (e) of
Regulation 34(2) read with Schedule V of Listing Regulations, forms part of this
Report.
BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT
Business Responsibility & Sustainability Report as required under clause (f) of
Regulation 34(2) of Listing Regulations depicting initiatives taken by the Company from an
environmental, social and governance aspect forms part of this Report.
STATEMENT CONCERNING DEVELOPMENT ANDIMPLEMENTATIONOFRISKMANAGEMENT POLICY OF THE
COMPANY
The Board has constituted Risk Management Committee to proactively identify, assess and
mitigate risks in order to protect its business, improve Corporate Governance and enhance
stakeholders' value. The Risk Management Committee lays down procedures for risk
assessment and minimization. It serves as the eyes and ears' for the Company so as
to ensure that the Company is insulated from risks both at the macro and micro level. The
Risk Management Committee periodically reviews the various risks associated with the
Company's business, industry, operation and recommends steps to be taken to control,
monitor and mitigate the risk.
The Company has in place an Enterprise Risk Management Policy to identify and evaluate
various business risks and opportunities. The Board of Directors at its meeting held on 3
August 2023, amended the Enterprise Risk Management Policy. The same is available on
website of the Company at https://www. sandurgroup.com/downloads/Corporate-Governance/
Policies/3-Risk-Management-Policy.pdf.
In terms of Regulation 21 of Listing Regulations, Uttam Kumar Bhageria is the Chief
Risk Officer of the Company.
The Company believes that periodic review of various risks which has a bearing on the
business and operations of the Company is vital to proactively manage uncertainty and
changes in the internal and external environment so that it can limit the adverse impact
and capitalize on opportunities.
The Company's risk management is embedded in the business processes as a part of review
of business and operations. The Board with the support of the management periodically
assesses various risks associated with the business and operations of the Company and
considers appropriate risk mitigation processes. However, there are certain risks which
cannot be avoided but the impact can only be minimized.
The Management Discussion and Analysis Report forming part of this Report also contain
information on risk and concerns relating to industry. The Company has well defined roles
and responsibilities of Board of Directors, Audit Committee, Risk Management Committee,
Chief Risk Officer to have a seamless process in place regarding risk identification,
assessment, mitigation and monitoring.
CORPORATE SOCIAL RESPONSIBILITY
Pursuant to the provisions of Section 135 of the Act read with Rules made thereunder,
the Corporate Social Responsibility Committee has been constituted by the Board for the
purposes of recommending and monitoring the CSR initiatives of the Company. The details
such as composition, terms of reference, meetings held etc., are mentioned in the
Corporate Governance Report forming part of this Report.
DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIAL
RESPONSIBILITY (CSR) INITIATIVES
The Company as a responsible corporate citizen has been, for last seven decades,
consciously contributing towards betterment of the local area and living standards of its
people, and also protection and improvement of the environment. In accordance with Section
135 of the Act, the Company has undertaken CSR activities, projects and programs,
excluding activities undertaken in pursuance of its normal course of business.
The Company shall continue to be mindful of its social and moral responsibilities
towards consumers, employees, members, and the local community. Reaching out to under
privileged communities is a part of the Company's philosophy and culture. The Company
works primarily through Karnataka Seva Sangha (Implementing Agency) towards supporting
projects in the areas of education, healthcare and sanitation, community development
including protection of national heritage, restoration of historical sites, and promotion
of art and culture, enhancing vocational skills, promoting healthcare including preventive
healthcare, and rural development, environmental sustainability and ecological balance,
promotion of traditional arts and handicrafts.
As against the approved budget of CSR contribution of Rs1,012 lakh for financial year
2023-24, Rs902 lakh was spent, and Rs110 lakh was transferred to unspent CSR account as
per provision of Section 135 (6) of the Act. The unspent amount of Rs110 lakh will be
spent during the financial year 2024-25 for the Ongoing Project of construction of
Schools. The Annual Report on CSR activities of the Company undertaken during the year
2023-24 is furnished in Annexure F'.
The Company's Corporate Social Responsibility Policy can be accessed on Company's
website at https://
www.sandurgroup.com/downloads/Corporate-Governance/Policies/8-CSR-Policy.pdf. The Members
may refer to the Annual Report on CSR for details regarding the Policy.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Particulars relating to Conservation of Energy, Technology Absorption and Foreign
Exchange Earnings and Outgo as prescribed in Section 134(3)(m) of the Act read with Rule
8(3) of the Companies (Accounts) Rules, 2014 are set out in Annexure G' to
this Report.
PARTICULARS OF EMPLOYEES
In terms of the first proviso to Section 136 of the Act, the Reports and Accounts are
being sent to the Members excluding the information required under Rule 5(2) and (3) of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The said
statement is also open for inspection. Any Member interested in obtaining a copy of the
same may write to the Company Secretary of the Company.
The statement containing information as required under the provisions of Section
197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is given in Annexure H' and forms part of
this Report.
REMUNERATION RECEIVED BY MANAGING DIRECTOR/WHOLE TIME DIRECTOR FROM HOLDING COMPANY OR
SUBSIDIARY COMPANY
During the year under review, the Managing Director/Whole Time Director has not
received any remuneration from holding company or subsidiary company.
CREDIT RATING
During the year under review, there has been change in the credit ratings of the
Company. As on 31 March 2024, the Company had the following credit ratings:
Instrument Details |
Amount (Rs in lakh) |
Rating upgraded |
Name of credit rating agency |
Long-term rating |
43,200 |
A + (Stable) |
ICRA |
Short-term rating |
|
A1 |
|
Long-term rating |
43,000 |
A (Positive) |
CRISIL |
Short-term rating |
|
A1 (Withdrawn) |
|
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
The Company has adopted zero tolerance for sexual harassment at the workplace. In
compliance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Rules, 2013, the Company has constituted an Internal Complaints
Committee for the prevention and redressal of complaints related to sexual harassment at
workplace.
During the year under review, no complaints were received relating to sexual
harassment.
DISCLOSURE OF TRANSACTIONS OF THE COMPANY WITH ANY PERSON OR ENTITY BELONGING TO THE
PROMOTER/PROMOTER GROUP WHICH HOLDS 10% OR MORE SHAREHOLDING IN THE COMPANY
The transactions with the person or entity belonging to the promoter/promoter group
which hold(s) 10% or more shareholding in the Company have been disclosed in the
accompanying financial statements.
GENERAL DISCLOSURES
No disclosure or reporting is required in respect of the following items as there were
no transactions on these items during the year under review: a) the details of application
made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016)
during the year along with their status as at the end of the financial year.
b) the details of difference 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.
ACKNOWLEDGEMENT
The Directors wish to thank members of judiciary, its associates and legal fraternity
for their strong commitment to justice, fairness and equity. The Directors also extend
their gratitude to the Union and the State Governments for their support as well as
confidence and recognitions bestowed on the Company.
The Directors wish to place on record their appreciation of all its employees for their
commendable teamwork, professionalism and dedication. And ultimately, the Directors wish
to thank all the government agencies, promoters, business associates, banks and investors
for their continued support and trust.
|
For and on behalf of the Board of Directors |
|
T. R. Raghunandan |
Place: Bengaluru |
Chairman |
Date: 5 August 2024 |
DIN: 03637265 |