Dear Members,
Your Directors have pleasure in presenting the Forty First Annual Report
of Bodhtree Consulting Limited (the "Company" or "Bodhtree") on the
business and operations and the Audited Accounts for the financial year ended 31 March,
2023, together with the Auditors' Report thereon. Consolidated performance of the Company
and its subsidiaries has been referred to wherever required.
Financial Summary:
Your Company's results (Standalone and consolidated) for the year in comparison with
the previous year are given below in a summarized format:
|
Standalone |
Consolidated |
|
(Re. in Lakhs) |
(Re in lakhs) |
| Particulars |
2021-22 |
2022-23 |
2021-22 |
2022-23 |
| Income from Operations |
10419.04 |
3933.99 |
10419.04 |
3933.99 |
| Other Income |
209.62 |
345.06 |
209.62 |
345.06 |
| Total Income |
10628.66 |
4279.05 |
10628.66 |
4279.05 |
| Operating Expenditure |
1000.48 |
6727.75 |
10005.59 |
6873.50 |
| Profit before depreciation & Tax |
517.18 |
(2560.14) |
512.07 |
(2594.44) |
| Depreciation |
472.42 |
44.92 |
472.42 |
44.92 |
| Operating Profit/Loss |
44.76 |
(2605.07) |
39.65 |
(2639.37) |
| Prior Period & Exceptional Items |
0 |
0 |
0 |
0 |
| Profit/Loss before Tax & Extra- Ordinary Items |
44.76 |
(2605.07) |
39.65 |
(2639.37) |
| Extra-ordinary Items |
0 |
0 |
0 |
0 |
| Tax Expense / (Reversal) |
90.17 |
0 |
90.17 |
0 |
| Deferred Tax Liability / (Asset) |
(117.65) |
21.17 |
(117.65) |
21.176 |
| Profit (Loss) after tax |
72.24 |
(2626.24) |
67.13 |
(2660.55) |
| Other Comprehensive Income |
(2.90) |
1.147 |
(2.90) |
1.147 |
| Total Comprehensive Income |
69.34 |
(2625.13) |
64.23 |
(2659.43) |
Company's Performance:
During the year under review the Company reported a total income of Rs. 4279.05 Lakhs.
The Operating Loss amounted to Rs. 2639.375 Lakhs. Our Loss After Tax for the year stood
at Rs. 2660.551 Lakhs. The results are in line with best practices adopted by your company
in accounting standards and corporate governance.
CIRP:
Company went into CIRP vide order passed by NCLT Hyderabad Bench on 20-02-2023
General Reserve:
The Company has not proposed to transfer any amount to the general reserve for the
Financial Year ended 31 March, 2023.
Dividend:
Your Directors regret to inform that they do not recommend any dividend for the
financial year 2022-23 The Company is in its growth phase and hence needs to maintain the
growth capital and meet its growth opportunities.
Share Capital:
The Paid-up Share Capital of the Company as on 31 March, 2023 is Rs. 19,95,82,360 and
there has been no change in the capital structure of the Company during the year 2022-23.
Listing of Company's Equity Shares:
The Company's Equity shares are listed with M/s. BSE Limited (Stock Exchange), Phiroze
JeeJeebhoy Towers, Dalal Street, Mumbai 400 001.
The Company has paid the Annual Listing Fees to the said Stock Exchange for the
Financial Year 2022-23.
Change in the Nature of Business:
There is no change in the nature of the business of the Company during the year under
review.
Subsidiaries, Joint Ventures and Associate Companies:
The Company has one wholly owned subsidiary as on March 31, 2023 in the name and style
of M/s. Bodhtree Human Capital Private Limited which is engaged in the business of
staff augmentation and related service sector. There has been no material change in the
nature of the business of the subsidiaries.
As per the provisions of Section 129(3) of the Companies Act, 2013 (the Act) read with
Companies (Accounts) Rules, 2014, a statement containing the salient features of the
financial statements of the Subsidiary in Form AOC-1 is enclosed as Annexure IV to
this Report.
Performance and financial position of subsidiary:
Further, pursuant to the provisions of Section 136 of the Act, the financial statements
of the Company, including the consolidated financial statements, along with the relevant
documents and the separate audited financial statements in respect of subsidiaries, are
available on the website of the Company https://www.bodhtree.com/investors.
Consolidated Financial Statements:
During the year, the Board of Directors reviewed the affairs of its subsidiaries. Your
Company has prepared its consolidated financial statements in accordance with the
requirements of IND AS-27 issued by the Institute of Chartered Accountants of India (ICAI)
and as per the provisions of Section 129(3) of the Companies Act, 2013. The Consolidated
Financial Statements together with the Auditors' Report form part of this Annual Report.
As per the provisions of Section 136 of the Act, the Company has placed its financial
statements, including consolidated financial statements and all documents attached
thereto, as well as the separate audited accounts of its subsidiary on its website
https://www.bodhtree.com A copy of the above-mentioned documents will be provided to the
shareholders at their request.
Management Discussion and Analysis:
A Report on Management Discussion & Analysis forms part of the Annual Report as per
the requirements of Regulation 34 of SEBI (Listing Obligations and Disclosure Requirement)
Regulations, 2015.
Extract of Annual Return:
As provided under section 92(3) of the Act, the extract of annual return in the
prescribed Form No. MGT-9 can be accessed at the company's website www.bodhtree.com under
investors section.
Director's Responsibility Statement:
Pursuant to Section 134 (5) of the Companies Act, 2013, the Board of Directors, to the
best of their knowledge and ability, confirm that:
i) In preparation of annual accounts for the financial year ended 31st March
2023 the applicable Accounting Standards have been followed along with proper explanation
relating to material departures;
ii) 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 true and
fair view of the state of affairs of the Company at the end of the financial year ended 31st
March 2023 and of the profit and loss of the Company for the year;
iii) The Directors have taken proper and sufficient care for their maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 2013
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
iv) The Directors had prepared the annual accounts on a ‘going concern' basis;
v) 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
vi) 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.
Statement on Declaration given by Independent Directors under Section 149:
As required under Section 149 of the Companies Act, 2013, the Independent Directors
have submitted the declaration affirming that they meet the criteria of independence as
provided in Section 149(6) of the Act and Regulation 25 of Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. There has
been no change in the circumstances affecting their status as independent directors of the
Company.
The Board is of the opinion that all the Independent Directors appointed are persons of
integrity and possess relevant expertise and experience to act as Independent Director of
the Company. The Independent Directors of the Company have confirmed that they have or
shall include their name in the databank of Independent Directors within the statutory
timeline and they will also appear for the online proficiency test within a period of one
year, wherever applicable.
Directors and Key Managerial Personnel:
The Board of directors of the Company has an optimum combination of Executive,
Non-Executive and Independent Directors with one woman Independent Director as at
31.03.2023.
In accordance with the provisions of the Companies Act and the Articles of Association
of the Company. Mr. Santosh Kumar Vangapally, retires by rotation at the ensuing Annual
General Meeting and, being eligible, offers himself for reappointment, subject to
shareholders approval.
Key Managerial Personnel
Pursuant to the provisions of Section 203 of the Companies Act, 2013, the Key
Managerial Personnel of the Company as on 31st March, 2023 are:
Mr. Santosh Kumar Vangapally Whole-time Director
Mr. B R Naresh Kumar Chief Financial Officer
Ms. Pompa Mukherjee - Company Secretary & Compliance Officer
Changes in Directors and KMP during the year
a. Mr. S Sivaraman resigned from the position of the Director w.e.f. 30-.05.2022.
b. Mrs. Kavitha Somavarapu was appointed as Company Secretary w.e.f 07.02.2022 and
resigned from the Position of Company Secretary with effect from 03.08.2022.
c. Ms. Pompa Mukherjee was appointed as Company Secretary with effect from 19.01.2023
d. Mr. Rajesh Katragadda resigned from the position of Independent Director with effect
from 03.02.2023.
During the year under review, the non-executive directors of the Company had no
pecuniary relationship or transactions with the Company, other than sitting fees, and
reimbursement of expenses, if any, incurred by them for the purpose of attending meetings
of the Board / Committee of the Company. Apart from the above, there have been no changes
in Directors.
Number of meetings of the board:
7 (Seven) meetings of the board were held during the year. For details of the meetings
of the board, please refer to the corporate governance report, which forms part of this
report.
Compliance with secretarial standards on board and annual general meetings
During the year under review, the Company has complied with secretarial standards
issued by the Institute of Company Secretaries of India on Board Meetings and Annual
General Meetings.
Annual Evaluation of Performance of Board, Committees and Individual Directors:
The Board of Directors evaluated the annual performance of the Board as a whole, its
Committees and the directors individually, in accordance with the provisions of the
Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, with specific focus on the performance and effective functioning of the
Board and individual directors.
Criteria for Performance Evaluation:
a. Ability of the candidates to devote sufficient time and attention to his
professional obligations as Independent Director for informed and balanced decision
making.
b. Adherence to the Code of Conduct in letter and in spirit by the Independent
Directors.
c. Bringing objectivity and independence of view to the Board's discussions in relation
to the Company's strategy, performance, and risk management
d. Statutory Compliance and ensuring high standards of financial probity and Corporate
Governance
Responsibility towards requirements under the Companies Act, 2013, Responsibilities of
the Board and accountability under the Director's Responsibility Statement
Separate Meeting of Independent Directors could be held during the Financial Year
2022-23.due to initiation of the Corporate Insolvency Resolution Process and the regular
Board meeting were held to review the operations of the Company.
Policy on directors' appointment and remuneration and other details:
The Company's policy on directors' appointment and remuneration and other matters
provided in Section 178(3) of the Act has been disclosed in the Corporate Governance
Report forming part of this Report and is also available on Company's website under the
web link : http://www.bodhtree.com/about us/investors/Codes & Policies.
Familiarization programme for Independent Directors
All Independent Directors inducted into the Board attended an orientation program. The
details of training and familiarization program are available on the website at
https://www.bodhtree.com
Committees of the Board:
Your Company has the following committees namely:
1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholder's Relationship Committee
4. Corporate Social Responsibility Committee
The constitution of all the committees are as per the Companies Act, 2013 and SEBI
Listing Regulations. The details of their Constitution is mentioned in Corporate
Governance Report, which forms part of this Report.
Corporate Governance Report:
Your Company is committed to maintain high standards of corporate governance and adhere
to the corporate governance requirements set out by Securities and Exchange Board of
India. The Report on Corporate Governance as stipulated under the Listing Regulations,
forms part of the Annual Report. The requisite certificate from the Practicing Company
Secretary confirming compliance with the conditions of corporate governance as stipulated
under the aforesaid Regulations forms part of this Report and is enclosed to this report.
Internal financial control systems and their adequacy:
The Company has an Internal Control System, commensurate with the size, scale and
complexity of its operations.
Various Audit Systems in the Company monitors and evaluates the efficacy and adequacy
of internal control system in the Company, its compliance with operating systems,
accounting procedures and policies of the Company. Based on the audit reports, Company
undertakes corrective actions in respective areas and strengthens the control. Significant
audit observations and corrective actions thereon are presented to the Audit Committee of
the Board periodically.
The Board of Directors of the Company have adopted various policies like Related Party
Transactions policy, Whistle Blower Policy and such other procedures for ensuring the
orderly and efficient conduct of its business for safeguarding its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting
records, and the timely preparation of reliable financial information. The details in
respect of internal financial control and their adequacy are included in the management
discussion & analysis, which forms part of this report.
Risk management:
The board of directors of the Company has voluntarily formed a risk management
committee to frame, implement and monitor the risk management plan for the Company. The
committee is responsible for reviewing the risk management plan and ensuring its
effectiveness. The audit committee has additional oversight in the area of financial risks
and controls. Major risks identified by the businesses and functions are systematically
addressed through mitigating actions on a continuing basis.
The Board has framed a Risk management Policy, which, inter-alia, identifies the
elements if risks which may threaten the existence of the Company. Various risks faced by
the Company, including the risks associated with the economy, regulations, competition,
foreign exchange, interest rate etc., and the development and implementation of the Risk
Management Policy and are documented, monitored and managed efficiently.
Vigil Mechanism:
In pursuant to the provisions of section 177 (9) & (10) of the Act, and SEBI
Listing Regulations, a Vigil Mechanism for directors and employees to report genuine
concerns has been established. Protected disclosures can be made by a whistle blower to
the Chairman of the Audit Committee. The Policy on vigil mechanism may be accessed on the
Company's website www.bodhtree.com
Statutory Auditors:
M/s RSM & Associates, Chartered Accountants were appointed as Statutory Auditors of
the Company for a period of 5 consecutive years at the 40h Annual General
Meeting (AGM) of the Company held on 30th September 2022.
The standalone and consolidated financial statements have been prepared in accordance
with the Indian Accounting Standards prescribed under Section 133 of the Act read with the
relevant rules issued thereunder and other accounting principles generally accepted in
India.
The Auditors' report on the financial statements does contain qualifications,
reservations or adverse remarks and the Notes on the financial statements.
MANAGEMENT REPLIES TO QUALIFIED OPINION BY THE STATUTORY AUDITORS
1. Property, Plant & Equipment (Rs.92.87 lakh), Intangible assets (Rs.97.86 lakh)
and Intangible Assets under Development (Rs,2583.37 lakh) as stated in the financial for
the year 2022-23. Auditor observed that Impairment of Assets as per Ind AS 36, the
management is required to make an assessment of impairment of carrying value of the
assets.
Under the provisions of Insolvency & Bankruptcy Code, 2016, the powers of the
Management rests with the Interim Resolution Professional / Resolution Professional from
the date of admission of the Company under Corporate Insolvency Resolution Process from
20/02/2023 as per the orders pronounced by the Hon'ble NCLT, Hyderabad Bench. It is the
wrong admission by the Statutory Auditor to assume that the uncertainty of resumption of
operations of the Company. The object of the Code is see that the Company revives under
the new management. The Resolution Professional has received a Resolution Plan and the
same was approved by the Committee of Creditors by 100% voting in favour of the said Plan.
The Plan will be effective once the Hon'ble NCLT gives its approval for the said Plan.
2. The Auditor observed that recovery of dues from the Trade Receivables amounting to
Rs.63.27 Crore as the uncertainty looms over the operations of the Company. As stated in
the reply to the point No.1, since there is no uncertainty in continuing the operations,
there is every possibility of the recovery of the above said outstanding amounts. One M/s
Bodhtree Consulting LLC, USA has given an assurance in writing that they will be making
the outstanding payment of Rs.18.86 Cr during the coming three years, as they have
suffered heavy losses. The payment may be started from the month of September 2023. The
same way, Wilmer Technologies INC has also confirmed also that they will be making the
payment in due course starting from September 2023.
3. The Auditor observed that the Company services has drastically reduced from the
January, 2023 and incurred heavy loss of Rs.26.25 Cr during the year ended 31st
March, 2023 and stated that existence of material uncertainty to continue the operations.
As stated, above management replies, the Auditor has not applied his intelligence in
understanding the Corporate Insolvency Resolution Process of the Company. The operations
have come down basically the clients show concerns about the execution of the orders and
downtrend in the IT markets of USA. It was stated that the work executed by the Company
during the year 2022-23 were not acceptable to the clients in USA and the Company needed
to do the same work multiple times, which resulted in heavy losses in the history of the
Company. This was also the main reason not getting back the receivable outstanding from
the Bodhtree Consulting LLC, USA. The present management in consultation with the
Resolution Professional has started the marking of their expertise and the operations will
be to the peak from the December, 2023 and improvement will be there from this month
onwards.
4. Other opinions of the Auditor are related to advances outstanding and payments made
to software technical fees etc are related to the operations and Board is taking care of
the same in their regular Board meeting and giving directions for suitable measures.
5. Auditor further made an opinion that the claims received by the Interim Resolution
Professional / Resolution Professional have not been reconciled with the Books of Accounts
of the Company. The Interim Resolution Professional has verified all the claims received
with the books of accounts and evidence submitted by the claimant. The Auditor is no role
to comment on the same.
Change in Statutory Auditors
M/s. NSVR & Associates LLP, Chartered Accountants have tendered their resignation
vide resignation letter dated 13.08.2022 due to their preoccupations. The Board has taken
note of the same vide Board Meeting dated 29.08.2022 and had recommended to appoint M/s.
RSM and Associates, Chartered Accountants (FRN002813S) for a period of 5 consecutive years
from this Annual General Meeting.
Reporting of Frauds:
During the year under review, as per the transactions audit report, the transaction
auditor reported that there are dealing with some parties, during the last two financial
years from CIRP commencement date, 20th February, 2023, declared as fraud under
Sec 66 of Insolvency & Bankruptcy Code, 2016 After review by the Resolution
Professional, the transactions with M/s. Naskon Soft Solutions Pvt Ltd, a related party,
declared as a fraud under Sec 66 of the Insolvency & Bankruptcy Code, 2016. Legal
steps are being taken regarding the same.
Secretarial Auditors
Pursuant to the provisions of Section 204 of the Companies Act, 2013, and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has
appointed Mr. Surya Prakash Perumalla, A Practicing Company Secretary, SPP &
Associates as Secretarial Auditor to conduct the Secretarial audit of the Company for the
financial year ended 31 March, 2024.
The Secretarial Audit Report issued by Mr Surya Prakash Perumalla SPP & Associates
Practising Company Secretaries in Form No. MR-3 for the Financial Year 2022-23 is enclosed
as Annexure VII to this Annual Report.
Explanations for the observations made by Secretarial Auditor M/s SPP & Associates
in Secretarial Audit Report:
1. Company failed in filing the IEPF-2 form, the change of the nodal officer, on
account of change in the Company Secretary.
The Board has passed a resolution approving the present Company Secretary as the Nodal
Officer and the said form will be filed immediately.
2. Delay in intimation to BSE regarding the resignation of the Statutory Auditor, NSVR
Associates, Chartered Accountants.
The intimation given to BSE immediately on bring the notification of the Board about
the resignation of the Statutory Auditor.
3. The Company was unable to spend towards the CSR activities
The main reason for not spending towards CSR activities is that there no funds in the
Company due to fall of the turnover from Rs.110 Cr to Rs.42 Cr and suffering from cash
losses during the financial year 2022-23.
4. Separate meeting of Independent Directors was not held during the financial year
2022.23.
Independent Directors meeting could not be held due to initiation of the Corporate
Insolvency Resolution Process and the regular Board meeting were held to review the
operations of the Company and the Directors didn't feel the necessity of separate meeting
to review the performance of the
Directors and Managerial personnel. The Board is consisting of 4 independent Directors
and one Wholetime Director and one Non-executive Director. The majority of the Board
consist of Independent Directors
Internal Auditors:
The Board of Directors of the Company has appointed Ms. P R Varma & Co., Chartered
Accountants as Internal Auditors to conduct the Internal Audit of the Company for the
Financial Year 2022-23.
Corporate Social Responsibility (CSR):
The Corporate Social Responsibility Committee (CSR Committee) constituted by the Board
has formulated a Corporate Social Responsibility Policy (CSR Policy) indicating the
activities to be undertaken by the Company. The CSR Committee monitors the CSR Policy and
recommends the amount of expenditure to be incurred on activities mentioned in the CSR
Policy.
CSR Committee could not met during the year under review as the Company went into CIRP
on 20th February also Company could not spend any amount into CSR due to
insufficient funds. The category and composition of the Committee as on 31.03.2023 is as
follows.
| Sr No |
Name of the director |
Category of director |
| 1 |
Mr. Santosh Kumar Vangapally |
Whole-time Director |
| 2 |
Mr. L N Rama Krishna |
Director |
| 3 |
Mr. Naveen Erva |
Director |
The brief outline of the CSR Policy of the Company as adopted by the Board and the
initiatives undertaken by the Company on CSR activities during the year under review are
set out in Annexure III of this report in the format prescribed in the Companies
(Corporate Social Responsibility Policy) Rules, 2014.. The CSR Policy is posted on the
website of the Company and the web link is
https://www.bodhtree.com/about-us/investors/csrpolicy.
Particulars of loans, guarantees and investments:
Particulars of loans given, guarantees provided and investments made by the Company
during the year 2022-23, as required under the provisions of Section 186 of the Companies
Act, 2013 read with Companies (Meetings of Board and its Powers) Rules, 2014, are
disclosed in the notes to Financial Statements which may be read as a part of this Report.
Deposits from public:
The Company has not accepted any deposits from public and as such, no amount on account
of principal or interest on deposits from public was outstanding as on the date of the
balance sheet.
Particulars of Contracts or Arrangements with related parties:
Particulars of contracts or arrangements with related parties referred to in Section
188(1) of the Companies Act, 2013, in the prescribed Form AOC-2, is appended as Annexure
V to this Report.
All Related Party Transactions were placed before the Audit Committee and the Board for
approval. The policy on materiality of Related Party Transactions and dealing with related
party transactions as approved by the Board may be accessed on the Company's website
www.bodhtree.com.
Particulars of Employees and Related Disclosures
Statement showing disclosures pertaining to remuneration and other details as required
under Section 197(12) of the Companies Act read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of Annexure-
II which is enclosed to this Board Report.
The table containing the names and other particulars of top 10 employees in terms of
remuneration drawn in accordance with the provisions of Section 197(12) of the Companies
Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, forms part of abovementioned Annexure - II.
A statement containing the names of every employee employed throughout the financial
year and in receipt of aggregate remuneration of Rs. 102 lakh or more for the year, or
employed for part of the year and in receipt of Rs. 8.50 lakh or more a month, under Rule
5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,
forms part of abovementioned Annexure - II which is enclosed to this Board's
Report.
Conservation of Energy, Technology absorption, Foreign exchange outgo:
The particulars as required to be disclosed pursuant to Section 134(3)(m) of the
Companies Act, 2013, read with rule 8 of Companies (Accounts) Rules, 2014, with respect to
Conservation of Energy, Technology Absorption, and Foreign Exchange Earnings and Outgo to
the extent applicable are provided in Annexure VI to this Report.
Human Resources:
The Industrial relations of the Company continued to be harmonious during the year
under review.
` Employees Stock Options Scheme:
The Board in its Meeting held on 14 November, 2016 has approved BCL ESOP-2016 policy to
its Employees with 10 Lakh fully paid-up Equity Shares, which were approved by the
shareholders in the 34th Annual General Meeting held on 30 September, 2016. The
in-principle approval for the said 10 lakh options was obtained from BSE on 04 January
2017. The Company did not grant any options to its employees during F.Y. 2021-22. The
details of Employees Stock Options pursuant to section 62 of the Companies Act, 2013 read
with Rules made thereunder; and SEBI (Share Based Employee Benefits) Regulations, 2014 and
erstwhile SEBI (Employee Stock Options Scheme and Employee Stock Purchase Scheme)
Guidelines, 1999 are provided as Annexure VIII to this Report.
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013
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 of during the year:
a. Number of complaints pending at the beginning of the year; - Nil
b. Number of complaints received during the year - Nil
c. Number of complaints disposed off during the year -Nil
d. Number of cases pending at the end of the year- Nil
General:
Your Directors state that 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. Issue of equity shares with differential rights as to dividend, voting or otherwise.
b. Neither the Managing Director of the Company receive any remuneration or commission
from any of its subsidiary.
c. No significant or material orders were passed by the Regulators or Courts or
Tribunals which impact the going concern status and Company's operations in future
d. No material changes and commitments affecting the financial position of the Company
have occurred between the end of the financial year and date of report.
e. The maintenance of cost records is not applicable to the Company.
Except order passed by NCLT Hyderabad Bench for CIRP with effect from 20th
February 2023.
Acknowledgement:
The Directors thank the Company's employees, customers, vendors, investors and academic
institutions for their continuous support. The Directors also thank the governments of
various countries, Government of India, Governments of various states in India and
concerned government departments / agencies for their co-operation. The Board special
thanks to the HDFC Bank Ltd for extending the credit facilities and support through the
year. The directors appreciate and value the contributions made by every member of the
Bodhtree family.
For and on behalf of the Board Bodhtree Consulting Ltd
Sreenivasa Rao Ravinuthala Resolution Professional IBBI/IPA-003/IP-N00081/2017-18/10704
Place: Hyderabad
Date: 08th September 2023
| Naveen Erva. |
Santosh Kumar Vangapally |
| Director |
Whole-time Director |
| (DIN: 09342849) |
(DIN: 09331903) |
