Dear Members,
The Board of Directors is pleased to present the Company's 17th
Annual Report and the Company's audited financial statement for the financial year ended
March 31, 2023.
FINANCIAL RESULTS
The Company's financial performance (Standalone and Consolidated) for
the year ended March 31, 2023 is summarised below: -
(Amount: Rs in Million)
|
Standalone |
Consolidated |
|
FY 2022-23 |
FY 2021-22 |
FY 2022-23 |
FY 2021-22 |
| Profit Before Tax (Before Exceptional Items) |
1,170.59 |
1,805.37 |
1,882.82 |
3,022.91 |
| Current Tax |
132.41 |
344.83 |
223.90 |
470.76 |
| Deferred Tax |
124.84 |
83.98 |
270.10 |
347.21 |
| Previous Year Tax Adjustments |
(45.41) |
4.54 |
(48.59) |
(105.53) |
| Profit for the Year (Before Exceptional Items) |
958.75 |
1,372.02 |
1,437.41 |
2,310.47 |
| Exceptional Items |
241.51 |
- |
189.26 |
123.88 |
| Profit for the Year |
717.24 |
1,372.02 |
1,248.15 |
2,186.59 |
| Other Comprehensive Income |
7.47 |
7.54 |
2.33 |
10.13 |
| Total Comprehensive Income for the Year |
724.71 |
1,379.56 |
1,250.48 |
2,196.72 |
| Total Comprehensive Income attributable to Non- Controlling
Interest |
- |
- |
(105.97) |
(190.82) |
| Total Comprehensive Income attributable to Owners of the
Company |
724.71 |
1,379.56 |
1,144.51 |
2,005.90 |
| Balance in Retained Earnings Account (including Other
Comprehensive income) |
3,930.69 |
3,000.98 |
5,776.84 |
4,259.46 |
| Appropriations |
|
|
|
|
| Transferred to General Reserve |
- |
- |
- |
- |
| Dividend on Equity Shares |
(449.85) |
(449.85) |
(449.85) |
(449.85) |
| Changes in Ownership interest in subsidiaries |
- |
- |
10.57 |
(38.67) |
| Closing Balance (including Other Comprehensive
Income) |
4,205.55 |
3,930.69 |
6,482.07 |
5,776.84 |
TRANSFER TO RESERVES
The Board of Directors of the Company has not transferred any amount to
the Reserves for the year under review.
RESULTS OF OPERATIONS & STATE OF COMPANY'S AFFAIRS
During the year under review, the total revenue from operations was '
16,948.04 Million on standalone basis and ' 26,639.21 Million on consolidated basis as
compared to the last year's revenue of ' 15,312.34 Million on standalone basis and '
24,141.18 Million on consolidated basis respectively. The Profit after Tax (PAT) of your
Company was ' 717.24 Million on standalone basis and ' 1,248.15 Million on consolidated
basis as compared to the last financial year's PAT was ' 1,372.02 Million on standalone
basis and ' 2,186.59 Million on consolidated basis respectively. The Company was "Net
Debt- Free" as on March 31, 2023.
DETAILS OF MATERIAL CHANGES FROM THE END OF THE FINANCIAL YEAR TILL THE
DATE OF THIS REPORT
No Material Changes have taken place from the end of the financial year
till the date of this report.
DIVIDEND
The Board of Directors has recommended a dividend of ' 4.00/- (Rupees
Four only) per equity share of ' 10/- (Rupees Ten) each fully paid-up of the Company (last
year ' 4.00/- per equity share of ' 10/- each). Dividend is subject to approval of members
at the ensuing Annual General Meeting ("AGM") and shall be subject to deduction
of income tax at source.
The dividend recommended is in accordance with the Company's Dividend
Distribution Policy. The Dividend Distribution Policy of the Company is available on the
Company's website and can be accessed at https://www. gtpl.net/uploads/investor
relations/dividend-distribution- policy-2021.pdf.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review, as
stipulated under the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), is
presented in a separate section, forming part of the Annual Report.
BUSINESS OPERATIONS/PERFORMANCE OF THE COMPANY AND ITS MAJOR
SUBSIDIARIES
The Company is the largest Multi System Operator in India, offering
Digital Cable Television services and providing Broadband services through its subsidiary.
The Company is focusing on its two core business activities, Digital
Cable TV and Internet Service, by adopting the use of latest advanced technology, offering
quality services to its customers at competitive prices and continuing geographical
expansion across India.
• Cable Television Business
The Company is the No. 1 Digital Cable Service Provider in the Country
with presence in 22 States across 1400+ towns. The Company continues to be the largest
Digital Cable TV provider in Gujarat and the second largest Digital Cable TV provider in
West Bengal through its subsidiary. The Company also has significant presence in
Maharashtra, Goa, Bihar, Uttar Pradesh, Madhya Pradesh, Jharkhand, Rajasthan, Odisha,
Assam, Tripura, Meghalaya, Manipur, Nagaland, Telangana, Andhra Pradesh, Tamil Nadu,
Karnataka, Delhi, Haryana and Uttarakhand. The Company has launched GTPL Genie+, an
aggregate OTT services' plan, to offer a bundle of a variety of content of varied OTT
platforms to cater to the evolving preferences of the customers of Digital Cable TV &
Broadband.
The Active Cable TV Subscriber base stands at 8.95 Million as of March
31, 2023.
• Broadband Services
The Company offers broadband services through GTPL Broadband Private
Limited, its wholly owned subsidiary ("GTPL Broadband"). GTPL Broadband is the
No. 1 broadband service provider in Gujarat. It is the 6th largest private
wireline Broadband Service provider amongst 350+ service providers in the Country. GTPL
Broadband offers high speed and unlimited data broadband to its customers using the latest
Gigabit Passive Optical Network - Fiber to the Home (GPON- FTTH) at affordable prices.
GTPL Broadband has ventured outside Gujarat and is operating in cities of Hyderabad,
Varanasi, Jaipur, Patna, Pune and Nagpur. During the FY 2022-23, the Broadband business
has further strengthened its leadership position by adding more than 104,000 active
subscribers and creating more than 600,000 new home-pass.
The total home-pass stands at 5.30 Million and active connected homes
stand at 920k as on March 31, 2023.
CREDIT RATING
The Company's financial discipline and prudence is reflected in the
strong credit ratings ascribed by rating agency. The details of credit ratings are
disclosed in the Corporate Governance Report, which forms part of the Annual Report.
CONSOLIDATED FINANCIAL STATEMENT
In accordance with the provisions of the Companies Act, 2013 ("the
Act"), the SEBI Listing Regulations read with Ind AS-110 (Consolidated Financial
Statement), Ind AS-28 (Investments in Associates and Joint Ventures) and Ind AS - 112
(Disclosure of interest in other entities), the consolidated audited financial statement
forms part of the Annual Report.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
During the year under review, companies / entities listed in Annexure
1 to this Report have become and ceased to be subsidiary, joint venture or associate
of the Company.
A statement providing details of performance and salient features of
the financial statements of subsidiaries/ associates/ jointly controlled entities, as per
Section 129(3) of the Act, is provided as Annexure 2 to this report.
The audited financial statement including the consolidated financial
statement of the Company and all other documents required to be attached thereto is put up
on the Company's website and can be accessed at https://www.gtpl.net/
investorrelations/annual-report.
The financial statements of the subsidiaries, as required, are
available on the Company's website and can be accessed at
https://www.gtpl.net/investorrelations/general meeting/.
The Company has formulated a policy for determining Material
Subsidiaries and the same is placed on the website of the Company at
https://www.gtpl.net/uploads/investor relations/ policy-on-material-subsidiary-2019.pdf.
GTPL Broadband Private Limited and GTPL Kolkata Cable and Broad Band
Pariseva Limied are material subsidiaries of the Company as per the SEBI Listing
Regulations.
SECRETARIAL STANDARDS
The Company has followed the applicable Secretarial Standards, i.e.
SS-1 and SS-2, relating to 'Meetings of the Board of Directors' and 'General Meetings',
respectively.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(c) of the Act, the Directors state that:
a. in the preparation of the annual accounts for the year ended March
31, 2023, the applicable accounting standards read with requirements set out under
Schedule III to the Act have been followed and there were no material departures from the
same;
b. the Directors have selected such accounting policies and applied
them consistently and made judgements and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company as at March 31, 2023
and of the profit of the Company for the year ended on that date;
c. the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of 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 on a 'going concern'
basis;
e. the Directors have laid down internal financial controls to be
followed by the Company and that such internal finance controls are adequate and are
operating effectively; and
f. the Directors have devised proper systems devised to ensure
compliance with the provisions of all applicable laws and that such systems are adequate
and operating effectively.
CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of Corporate
Governance and adhere to the Corporate Governance requirements set out by the Securities
and Exchange Board of India ("SEBI").
The detailed Corporate Governance Report of the Company in pursuance of
the SEBI Listing Regulations forms part of the Annual Report of the Company. The requisite
Certificate from a Practicing Company Secretary confirming compliance with the conditions
of Corporate Governance as stipulated under the SEBI Listing Regulations is enclosed to
the Corporate Governance Report.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
In accordance with the SEBI Listing Regulations, the Business
Responsibility and Sustainability Report describing the initiatives taken by the Company
from an environmental, social and governance perspective forms part of the Annual Report
of the Company.
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
All contracts / arrangements / transactions entered by the Company
during the financial year with related parties were in its ordinary course of business and
on an arm's length basis.
During the year, the Company had not entered into any contract/
arrangement / transaction with related parties which could be considered material in
accordance with the policy of the Company on materiality of related party transactions or
which is required to be reported in Form No. AOC-2 in terms of Section 134(3)(h) read with
Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014.
The Policy on Materiality of Related Party Transactions and dealing
with Related Party Transactions as approved by the Board is put up on the Company's
website and can be accessed at https://www.gtpl.net/uploads/investor relations/policy-on-
related-party-transactions-2021.pdf.
There were no materially significant related party transactions which
could have potential conflict with interest of the Company at large.
Members may refer Note 35 to the Standalone Financial Statement which
sets out related party disclosures pursuant to Ind AS.
CORPORATE SOCIAL RESPONSIBILITY
The Corporate Social Responsibility ("CSR") Committee's prime
responsibility is to assist the Board in discharging its social responsibilities by way of
formulating and monitoring implementation of the objectives set out in the 'Corporate
Social Responsibility Policy' ("CSR Policy"). The CSR Policy of the Company,
inter alia, covers CSR vision and objective and also provides for governance,
implementation, monitoring and reporting framework.
The CSR Policy may be accessed on the Company's website at
https://www.gtpl.net/uploads/investor relations/corporate-
social-responsibility-policy-2021.pdf.
In terms of the CSR Policy, the focus areas of engagement shall be
eradicating hunger, poverty, preventive health care, education, rural areas development,
gender equality, empowerment of women, environmental sustainability and protection of
national heritage, art & culture and other need- based initiatives.
During the year under review, the Company has spent ' 32.00 Million
i.e. 2% of the average net profit of last three financial years on CSR activities.
The Annual Report on CSR activities as stipulated under the Companies
(Corporate Social Responsibility Policy) Rules, 2014 is annexed herewith and marked as Annexure
3 to this Report.
RISK MANAGEMENT
The Company operates in a highly regulated, competitive and rapidly
evolving environment, providing great opportunities while also exposing the Company to
underlying risks that have the potential to impact our ability to achieve our strategic
objectives. As an industry leader, the Company identify and adopt the highest standards
and practices in risk management and compliance in order to establish a robust and
proactive approach to the effective mitigation and management of all significant risks to
our business.
This year, the Company continued to integrate risk management
activities into the fabric of our organization and its strategic decision-making process.
The Board members understand their responsibility and accountability for risk management
and has committed and adopted a framework for effectively managing business risks in a
proactive and efficient way that helps in achieving Company business and strategic
objective. Accordingly, the Company has defined and communicated risk governance
activities at all levels, which our management and employees undertake as part of their
job routine.
The Company has formalized internal Enterprise Risk Management Team
(ERMT), which includes Chief Risk Officer along with CXOs, with an objective to
proactively discuss changes in risk profiles, scan risk environments and assess the
progress on mitigation plans by conducting periodical meetings for Risk management team
assessments / feedback. The consolidated risk reports are tabled at the Risk Management
Committee.
INTERNAL FINANCIAL CONTROLS
The Company has adequate internal financial controls commensurate with
the size of the business and nature of its operations, designed to provide reasonable
assurance with regard to the accuracy and completeness of the accounting records and
timely preparation and provision of reliable financial statements.
The internal financial controls have been embedded in the business
processes. Assurance on the effectiveness of internal financial controls is obtained
through management reviews and continuous monitoring by functional head.
The Audit Committee quarterly reviews adequacy and effectiveness of
Company's Internal Controls and monitors the implementation of audit recommendations, if
any.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
In accordance with the provisions of the Act and the Articles of
Association of the Company, Mr. Ajay Singh (DIN: 06899567) retires by rotation at the
ensuing AGM and being eligible, offers himself for re-appointment. The Board of Directors,
on the recommendation of the Nomination and Remuneration Committee ("NRC"), has
recommended his re-appointment.
Mr. Rajan Gupta (DIN: 07603128) has resigned as a Director of the
Company with effect from March 30, 2023 due to personal reasons. The Board places on
record its deepest gratitude and appreciation towards valuable contribution made by Mr.
Rajan Gupta to the growth and governance of the Company during his association with the
Company.
The Board of Directors has appointed Mr. Tavinderjit Singh Panesar
(DIN: 09099802) as an Additional Director of the Company with effect from March 30, 2023.
In terms of section 161(1) of the Act, he shall hold office up to the date of the ensuing
Annual General Meeting.
The Board of Directors has appointed Mr. Ajay Singh (DIN: 06899567),
Non-Executive Director of the Company as Chairman of the Board with effect from March 30,
2023.
Save and except aforementioned, there were no other changes in the
Board of Directors and Key Managerial Personnel of the Company.
The Company has received declarations from all Independent Directors of
the Company confirming that:
i. they meet the criteria of independence prescribed under the Act and
the SEBI Listing Regulations; and
ii. they have registered their names in the Independent Directors'
Databank.
The Company has devised the Nomination and Remuneration Policy, which
is available on the Company's website and can be accessed at
https://www.gtpl.net/uploads/investor relations/
nomination-and-remuneration-policy-2019.pdf.
The Policy sets out the guiding principles for the NRC for identifying
persons who are qualified to become Directors and to determine the independence of
Directors, while considering their appointment as Independent Directors of the Company.
The Policy also provides for the factors in evaluating the suitability of individual Board
members with diverse background and experience that are relevant for the Company's
operations. The Policy also sets out the guiding principles for the NRC for recommending
to the Board the remuneration of the Directors, Key Managerial Personnel and other
employees of the Company.
There has been no change in the aforesaid policy during the year.
PERFORMANCE EVALUATION
The Company has a policy for performance evaluation of the Board,
Committees and other Individual Directors (including Independent Directors) which includes
criteria for performance evaluation of Non-Executive Directors and Executive Directors.
In accordance with the manner of evaluation specified by the NRC, the
Board carried out annual performance evaluation of the Board, its Committees and
Individual Directors. The Independent Directors carried out annual performance evaluation
of the Chairman, the non-independent directors and the Board as a whole. The Chairman of
the respective Committees shared the report on evaluation with the respective Committee
members. The performance of each Committee was evaluated by the Board based on the report
of evaluation received from the respective Committees. A consolidated report on
performance evaluation was shared with the Chairman of the Board for his review and giving
feedback to each Director.
AUDITORS AND AUDITORS' REPORT
(I) STATUTORY AUDITORS
During the year under review, M/s. Deloitte Haskins & Sells,
Chartered Accountants (Firm Registration No. 117365W) were appointed as the Statutory
Auditors of the Company for a term of 5 (Five) consecutive years at the Annual General
Meeting held on June 10, 2022. The Auditors have confirmed that they are not disqualified
from continuing as Auditors of the Company.
The Auditors' Report does not contain any qualification, reservation,
adverse remark or disclaimer. The Notes on Financial Statement referred to in the
Statutory Auditors' Report are self-explanatory and do not call for any further comments.
(II) SECRETARIAL AUDITORS
The Board of Directors of the Company had appointed M/s. Chirag Shah
and Associates, Company Secretaries, to conduct Secretarial Audit for the FY 2022-23. The
Secretarial Audit Report for the financial year ended March 31, 2023 is annexed herewith
and marked as Annexure 4 to this Report. The Secretarial Audit Report does not
contain any qualification, reservation, adverse remark or disclaimer.
(III) COST AUDITORS
The Board has appointed M/s. Rajendra Patel & Associates, Cost
Accountant as the Cost Auditor to conduct audit of cost records of the Company for the FY
2023-24 under Section 148 of the Act read with the Companies (Cost Records and Audit)
Rules, 2014.
In accordance with the provisions of Section 148(1) of the Act, read
with the Companies (Cost Records and Audit) Rules, 2014, the Company has maintained cost
accounts and records.
DISCLOSURES MEETINGS OF THE BOARD
6 (Six) Board Meetings were held during the financial year ended on
March 31, 2023. The particulars of the meetings held and attended by each Director are
detailed in the Corporate Governance Report forming part of the Annual Report.
AUDIT COMMITTEE
The Audit Committee comprises Mr. Falgun Shah (Chairman), Mr. Ajay
Singh, Mr. Amit Shah, Mr. Bharat B. Chovatia, Mrs. Divya Momaya and Mr. Kunal Chandra.
During the year under review, all the recommendations made by the Audit Committee were
accepted by the Board.
CSR COMMITTEE
Due to change in the composition of the Board of Directors of the
Company, CSR Committee was reconstituted. The CSR Committee after reconstitution comprises
Mrs. Divya Momaya (Chairperson), Mr. Ajay Singh, Mr. Amit Shah and Mr. Tavinderjit Singh
Panesar.
NRC
The NRC comprises Mr. Kunal Chandra (Chairman), Mr. Ajay Singh, Mrs.
Divya Momaya and Mr. Falgun Shah. STAKEHOLDERS RELATIONSHIP COMMITTEE
Due to change in the composition of the Board of Directors of the
Company, Stakeholders Relationship Committee was reconstituted. The Stakeholders
Relationship Committee after reconstitution comprises Mrs. Divya Momaya (Chairperson), Mr.
Ajay Singh, Mr. Anirudhsinh Jadeja and Mr. Tavinderjit Singh Panesar.
RISK MANAGEMENT COMMITTEE
Due to change in the composition of the Board of Directors of the
Company, Risk Management Committee was reconstituted. The Risk Management Committee after
reconstitution comprises Mr. Falgun Shah (Chairman), Mr. Ajay Singh, Mr. Anirudhsinh
Jadeja and Mr. Tavinderjit Singh Panesar.
The details of the dates of the meetings, attendance and terms of
reference of each of the Committees are disclosed in the Corporate Governance Report,
which forms part of the Annual Report.
VIGIL MECHANISM
The Company promotes ethical behaviour in all its business activities.
Towards this, the Company has adopted a Policy on Vigil Mechanism and whistle blower
policy. Protected disclosures can be made by a whistle blower through an e-mail or a
letter to the Compliance Officer or to the Chairman of the Audit Committee. The Audit
Committee also reviews complaints/issues (if any) raised through Vigil Mechanism or by any
Whistle blower on a quarterly basis.
The Vigil Mechanism and Whistle Blower Policy may be accessed on the
Company's website at https://www.gtpl.net/ uploads/investor
relations/vigil-mechanism-policy-2019. pdf. During the year under review, no protected
disclosure concerning any reportable matter in accordance with the Vigil Mechanism and
Whistle Blower Policy of the Company was received by the Company.
PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE AND GUARANTEES GIVEN
Particulars of loans given, investments made and guarantees given under
the provisions of the Section 186 of the Act during the year are provided in the
Standalone Financial Statement (Please refer Note 3, 4, 11, 35 and 41 to the Standalone
Financial Statement).
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
In accordance with the requirements of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition & Redressal) Act, 2013 ("POSH Act")
and Rules made thereunder, the Company has formed Internal Committee for various work
places to address complaints pertaining to sexual harassment in accordance with the POSH
Act. The Company has a policy for prevention of Sexual Harassment, which ensures a free
and fair enquiry process with clear timelines for resolution. There were no
cases/complaints filed during the year under POSH Act.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars relating to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required to be disclosed under the
Act, are provided in Annexure 5 to this Report.
ANNUAL RETURN
As required under Section134(3)(a) of the Act, the Annual Return is
available on the Company's website and can be accessed at
https://www.gtpl.net/uploads/annual report/file/ Annual%20Return-AGM%20FY%202022-23.pdf.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
In terms of the provisions of Section 197(12) of the Act read with
Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, as amended, a statement showing the names of Top ten employees in
terms of remuneration drawn and the names and other particulars of the employees drawing
remuneration in excess of the limits set out in the said rules forms part of this Report.
Disclosures relating 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, as amended forms part of this Report.
Having regard to the provisions of the second proviso to Section 136(1)
of the Act and as advised, the Annual Report excluding the aforesaid information is being
sent to the members of the Company. Any member interested in obtaining such information
may write to the Company on email id complianceofficer@gtpl.net.
GENERAL
The Board of Directors state that no disclosure or reporting is
required in respect of the following matters as there were no transactions or
applicability pertaining to these matters during the year under review:
i) Details relating to deposits covered under Chapter V of the Act.
ii) Issue of equity shares with differential rights as to dividend,
voting or otherwise.
iii) Issue of shares (including sweat equity shares and Employees'
Stock Options Schemes) to employees of the Company under any scheme.
iv) Significant or material orders passed by the Regulators or Courts
or Tribunals which impact the going concern status and Company's operations in future.
v) Fraud reported by the Auditors to the Audit Committee or the Board
of Directors of the Company.
vi) Scheme of provision of money for the purchase of its own shares by
employees or by trustees for the benefit of employees.
vii) Payment of remuneration or commission from any of its holding or
subsidiary companies to the Managing Director of the Company.
viii) Change in the nature of business of the Company.
ix) Instances of transferring the funds to the Investor Education and
Protection Fund.
x) Issue of debentures / bonds / warrants / any other convertible
securities.
xi) Details of any application filed for corporate insolvency under
Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016.
xii) Instance of one-time settlement with any Bank or Financial
Institution.
xiii) Statement of deviation or variation in connection with
preferential issue.
HEALTH, SAFETY AND ENVIRONMENT
The Company is committed in cultivating a proactive safety culture. We
have implemented work safety measures and standards to ensure healthy and safe working
conditions for all the employees, visitors and customers. The Company has complied with
all the applicable health, safety and environmental protection laws to the extent
applicable.
TALENT ENGAGEMENT & DEVELOPMENT
The Company believes in promoting enabling work culture that allows
talent to develop, lead and participates in the growth of the organisation.
We continue to focus on strengthening the talent pool to meet the
present and future growth plans by deploying various frameworks and IT enabled
applications. With expanding footprints in multiple states, the leadership navigates the
change management and embraces them to integrate by engaging various stakeholders.
The Company aims at launching initiatives to enhance talent engagement
and introducing robust leadership development plans.
ACKNOWLEDGEMENT
The Board of Directors wish to place on record its deep sense of
appreciation for the committed services by all the employees of the Company. The Board of
Directors would also like to express their sincere appreciation for the assistance and
co-operation received from the financial institutions, banks, government and regulatory
authorities, stock exchanges, customers, vendors and members during the year under review.
|
|
For & on behalf of the Board of
Directors |
|
Ajay Singh |
Anirudhsinh Jadeja |
|
Chairman |
Managing Director |
|
DIN: 06899567 |
DIN: 00461390 |
| Date: April 15, 2023 |
Place: Mumbai |
Place: Ahmedabad |
