Dear Shareholders,
Your Directors have pleasure in presenting the 14th Annual Report and the Audited
Accounts of the Company for the year ended 31st March, 2025.
1. FINANCIAL HIGHLIGHTS
(Rupees in Lakh)
|
Standalone |
Particulars |
2024-25 |
2023-24 |
| Revenue from Operations |
141.96 |
62.80 |
| Other Income |
83.81 |
16.16 |
Total Revenue |
225.77 |
78.96 |
| Expenditure |
64.36 |
505.02 |
EBIDTA |
161.41 |
(426.06) |
| Finance Cost |
0.28 |
0.24 |
| Depreciation & Amortization |
1.31 |
5.49 |
Profit Before Tax |
159.82 |
(431.79) |
| Provision for Current Tax, Deferred Tax & Other Tax Expenses |
20.44 |
- |
Profit After Tax |
139.38 |
(431.79) |
Note: Figures in brackets represent negative number.
2. COMPANY PERFORMANCE AND BUSINESS OVERVIEW
A detailed discussion of operations for the year ended 31st March, 2025 is provided in
the Management Discussion and Analysis Report, which is presented in a separate section
forming part of this Annual Report.
3. CHANGE IN NATURE OF BUSINESS
There has been no change in the nature of business of the Company during the financial
year under review.
5. DIVIDEND
With a view to conserve the resources for expansion of the business activities and
working capital requirements of the Company, the board of directors of the Company have
not recommended any dividend for the year under review (Previous Year: Nil). There is no
unclaimed/unpaid Dividend within the meaning of the provisions of Section 125 of the
Companies Act, 2013.
There is no unclaimed/unpaid Dividend within the meaning of the provisions of Section
125 of the Companies Act, 2013.
6. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
Since there are no declared dividends remaining unpaid or unclaimed for a period of 7
(seven) years from the date of its transfer to unpaid dividend account, the Company is not
required to transfer the same to Investor Education and Protection Fund pursuant to the
provisions of Section 124 of the Act and Investor Education and Protection Fund Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016 (IEPF Rules).
7. TRANSFER TO RESERVE
The Company does not propose to transfer amounts to the general reserve for the
financial year 20242025. (Previous Year: Nil)
8. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF
THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO
WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
No material changes and commitments have occurred after the close of the financial year
till the date of this report, which affect the financial position of the Company.
9. REPORT ON CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Reports on Corporate Governance and Management Discussion and Analysis, in accordance
with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
("Listing Regulations"), along with a certificate from Auditors regarding
compliance of the Corporate Governance are given separately in this Annual Report.
All Board Members and Senior Management Personnel have affirmed compliance with the
code of conduct for the financial year 2024-2025. A declaration to this effect signed by
the Managing Director of the Company is contained in this annual report.
10. PUBLIC DEPOSIT
The Company has not accepted deposits from the public during the year under review. No
deposits were outstanding at the beginning or at the closure of the financial year under
review.
11. DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)
A. APPOINTMENT/RE-APPOINTMENT AT AGM
In accordance with the provisions of the Companies Act, 2013 ("Act") and the
Articles of Association of Company, Mr. Harsh Pravinbhai Patel, retires by rotation and
being eligible, offers himself for reappointment.
B. APPOINTMENT/ RESIGNATION DURING THE FINANCIAL YEAR
During the year under review, Mr. Roshan Ravindra Mor has resigned from the
directorship of the Company w.e.f. 01st April, 2024 due to other pre-occupation.
Ms. Aishwarya Gupta, Mr. Vishal Parikh has resigned on 15th May, 2024 due to
non-availability.
Mr. Priyavrat Mandhana has also resigned as a Director of the Company w.e.f. 23rd May,
2024 respectively due to her pre-occupation.
On 16th June, 2024, Mr. Pravin Navandar, has resigned from the directorship of the
Company due to other pre-occupation.
Mr Bharatkumar M. Mundra who was appointed on 13th June, 2024 has also placed its
resignation on 1st October, 2024 due to its pre-occupation.
Mr. Sudhir Kumar Arya and Mrs. Neeraj Bala has been appointed on 27th March, 2024 and
resigned on 10th February, 2025 due to unavailability.
Mr. Ronak Pankajbhai Sheth was appointed on 13th June, 2024 on not availablilty shown
its non interest to continue from 21st March, 2025.
Mr. Neeraj Bala and Mr. Sudhirkumar Arya was appointed on 28th April, 2024 passed its
resignation on 10th February due to non-availability of their interest in the company.
The Board recorded the appreciation for the contributions made during their tenure as
Directors of the Company.
The Members of the Company have appointed Mr. Kunj Yogeshbhai Patel and Mr. Amrita
Ashutosh Tiwari as Non-Executive & Independent Directors on the Board of the Company
with effect from 16th December, 2024 and Regularized on 8th February, 2025, through postal
ballot.
The Members of the Company have appointed Mr. Harshkumar Pravinbhai Patel and Mr. Akash
Jitendrabhai Patel as Non-Executive Director & Independent Directors respectively on
the Board of the Company with effect from 16th December, 2024 and Regularized on 8th
February, 2025, through postal ballot.
Mr. Abhishek Shivpujan Giri have been appointed as Independent Director as on 11th
November, 2024 and regularized on 08th February 2025, through postal ballot.
C. INDEPENDENT DIRECTORS
The Company has received declarations from all the Independent Directors of the
Company, confirming that they meet the criteria of independence as prescribed under the
Section 149(6) of the Act and Regulation 16(1)(b) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
As per the Companies (Appointment and Qualifications of Directors) Fifth Amendment
Rules, 2019, all the Independent Directors of the Company have registered with the Indian
Institute of Corporate Affairs for inclusion of their names in the comprehensive
depository maintained by the Ministry of Corporate Affairs.
Familiarization Program for Independent Directors
All Independent Directors are familiarized with the operations and functioning of the
Company. The details of the training and familiarization program are provided in the
Corporate Governance Report forming part of this Report.
D. KEY MANAGERIAL PERSONNAL
Mr. Dhanashree Vaibhav Salgaonkar was appointed on 11th November, 2024 and due to its
pre occupation has resigned on 20th March, 2025. The Board recorded the appreciation for
the contributions made by her during her tenure with the Company
Ms. Helly Jayeshbhai Raval was appointed on 11th November, 2024 as a chief Financial
Officer in the company.
Ms. Shital Mohanlal Baranwal was appointed on 16th April, 2025 as a Company Secretary
of the company.
E. BOARD EVALUATION
The Board of Directors has carried out an annual evaluation of its own performance,
Board Committees, and individual directors pursuant to the provisions of the Companies
Act, 2013 and the Listing Regulations. The Company has implemented a system of evaluating
performance of the Board of Directors and of its Committees and individual Directors on
the basis of a structured questionnaire which comprises evaluation criteria taking into
consideration various performance related aspects.
The Company's Independent Directors met on 10th March, 2025 without the presence of
Executive Directors or Members of the Management. The Independent Directors thereafter
reviewed the performance of Mr. Hansraj Rathor, Managing Director of the Company. The
Independent Directors jointly expressed their opinion that Mr. Hansraj Rathor should
prioritize the business strategies. He should make efforts to retrieve the Company's funds
that are currently obstructed and the funds should be appropriately allocated to
facilitate the growth of the Company.
F. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS
During the year 13 (Thirteen) Board Meetings were convened and held.
Details of meetings of the Board and its Committees along with the attendance of the
Directors therein, have been disclosed in the Corporate Governance Report (annexed
herewith).
G. COMMITTEES OF THE BOARD
With a view to have a more focused attention on various facets of business and for
better accountability, the Board has constituted various committees. The statutorily
mandated committees constituted under the provisions of the Act and Listing Regulations
are Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship
Committee.
The Committees have been mandated to operate within their terms of reference, approved
by the Board to focus on specific issues and ensure expedient resolution on diverse
matters.
During the year under review, the Corporate Social Responsibility Committee of the
Board of Directors was dissolved due to continuing losses from past years.
The composition, committee meeting held, terms of reference and other details of the
above- mentioned committees are provided in the Corporate Governance Report forming part
of this Report.
H. VIGIL MECHANISM / WHISTLE BLOWER POLICY FOR DIRECTORS AND EMPLOYEES
The Company has established a Vigil Mechanism, which includes a Whistle Blower Policy,
for its Directors and Employees, to provide a framework to facilitate responsible and
secure reporting of concerns of unethical behavior, actual or suspected fraud or violation
of the Company's Code of Conduct & Ethics.
No Director/employee has been denied access to the Audit Committee of the Board of
Directors. The Policy as approved by the Board may be accessed on the Company's website
and the web-link to the same is
https://huvl.in/codes-of-conduct/11-policy-on-vigil-mechanism-whistle-blower-mechanism/
I. NOMINATION AND REMUNERATION POLICY
The Board of Directors has formulated a Policy which lays down a framework for
selection and appointment of Directors and Senior Management and for determining
qualifications, positive attributes and independence of Directors.
The Policy also provides for the remuneration of Directors, Members of Senior
Management, and Key Managerial Personnel.
The salient features of the Nomination and Remuneration Policy are given under Annexure
- 'A' to this Report and the detailed policy is available on the website of the Company at
https://huvl.in/codes-of- conduct/8-nomination-and-remuneration-policy/
J. REMUNERATION TO DIRECTORS AND KEY MANAGERIAL PERSONNEL
i. The percentage increase in remuneration of each Director, Chief Executive Officer
and Company Secretary during FY 2024-25 and ratio of the remuneration of each Director to
the median remuneration of the employees of the Company for FY 2024-25 are as under:
Sr. No. |
Name of Director /KMP and Designation |
% increase in remuneration in FY 2024-25 |
Ratio of remuneration of each Whole-Time Director to Median
Remuneration of Employees |
| 1. |
HANSRAJ RATHOR (Managing Director ) appointed on 01st February, 2024 |
200 |
1.63 |
| 2. |
KUNJ YOGESHBHAI PATEL (Non-Executive & Independent Director)
appointed on 16th December, 2024 |
NA |
NA |
| 3. |
AMRITA ASHUTOSH TIWARI (Non - Executive and Independent) appointed on on
8th February, 2025 |
NA |
NA |
| 4. |
HELLY JAYESHBHAI RAVAL (CFO) appointed on 11st November, 2024 |
NA |
NA |
| 5. |
ABHISHEK SHIVPUJAN GIRI, (Non-Executive & Independent Director)
appointed on 21st March, 2025 |
NA |
NA |
| 6. |
HARSHKUMAR PRAVINBHAI PATEL (Non Executive Director) appointed on 16th
December, 2024 |
NA |
NA |
| 7. |
AKASH JITENDRABHAI PATEL (Non-Executive & Independent Director)
appointed on 16th December, 2024 |
NA |
NA |
| 8. |
SHITAL MOHANLAL BARANWAL (Company Secretary) appointed on 16th April,
2025 |
NA |
NA |
| 9. |
DHANASHREE VAIBHAV SALGAONKAR (Company Secretary) resigned on 20th March,
2025 |
100 |
0.36 |
| 10. |
PRAVIN NAVANDAR (Non-Executive - Independent Director) resigned on 13th
July, 2024 |
NA |
NA |
| 11. |
SUDHIR KUMAR ARYA (Non-Executive - Independent Director) resigned on 10th
February, 2025 |
NA |
NA |
| 12. |
PRIYAVRAT MANDHANA (Non-Executive - NonIndependent Director) resigned on
23rd May, 2024 |
NA |
NA |
| 13. |
RONAK PANKAJBHAI SHETH (Non-Executive - Non-Independent Director)
appointed on 13th June, 2024 and resigned on 21st March, 2025 |
NA |
NA |
| 14. |
BHARATKUMAR M. MUNDRA (Non-Executive Independent) resigned on 01st
October, 2024 |
NA |
NA |
| 15. |
NEERAJ BALA (Non-Executive Independent) resigned on 10th February, 2025 |
NA |
NA |
| 16. |
AISHWARYA GUPTA (Company Secretary) resigned on 15th May, 2024 |
NA |
NA |
| 17. |
VISHAL PARIKH (CFO) resigned on 15th May, 2024 |
NA |
NA |
| 18. |
ROSHAN RAVINDRA MOR (Non- Executive Independent Director) resigned on
01st April, 2024 |
NA |
NA |
1. Mr. Roshan Ravindra Mor has resigned from the directorship of the Company w.e.f.
01ST April, 2024 due to other pre-occupation.
2. Ms. Aishwarya Gupta, Mr. Vishal Parikh has resigned on 15th May, 2024 due to
non-availability.
3. Mr. Priyavrat Mandhana has also resigned as a Director of the Company w.e.f. 23rd
May, 2024 respectively due to her pre-occupation.
4. On 16th June, 2024, Mr. Pravin Navandar, has resigned from the directorship of the
Company due to other pre-occupation.
5. Mr Bharatkumar M. Mundra who was appointed on 13th June, 2024 has also placed its
resignation on 1st October, 2024 due to its pre-occupation.
6. Mr. Sudhir Kumar Arya and Mrs. Neeraj Bala has been appointed on 27th March, 2024
and resigned on 10th February, 2025 due to unavailability.
7. Mr. Ronak Pankajbhai Sheth was appointed on 13th June, 2024 on not availablilty
shown its non interest to continue from 21st March, 2025.
8. Mr. Neeraj Bala and Mr. Sudhirkumar Arya was appointed on 28th April, 2024 passed
its resignation on 10th February due to non-availability of their interest in the company.
9. The Members of the Company have appointed Mr. Kunj Yogeshbhai Patel and Mr. Amrita
Ashutosh Tiwari as Non-Executive & Independent Directors on the Board of the Company
with effect from 16th December, 2024 and Regularized on 8th February, 2025, through postal
ballot.
10. The Members of the Company have appointed Mr. Harshkumar Pravinbhai Patel and Mr.
Akash Jitendrabhai Patel as Non-Executive Director & Independent Directors
respectively on the Board of the Company with effect from 16th December, 2024 and
Regularized on 8th February, 2025, through postal ballot.
11. Mr. Abhishek Shivpujan Giri has been appointed as Independent Director as on 11th
November, 2024 and regularized on 08th February 2025, through postal ballot.
Note: Remuneration paid to each Whole-Time Director and KMP includes Salary,
allowances, company's contribution to provident fund and monetary value of perquisites, if
any.
11. The median remuneration of employees of the Company during FY 2024-25 was Rs. 3.66
Lakh per annum;
iii. In the financial year under review, since there is more change in number of
employees in FY 2024-25 compared to FY 2023-24 so the increase/decrease is not
quantifiable.
iv. There were 2 permanent employees on the rolls of the Company as of 31st March,
2025;
vi. It is hereby affirmed that the remuneration paid is as per the Remuneration Policy
for Directors, Key Managerial Personnel, and other Employees.
Details of employee remuneration as required under provisions of Section 197 of the
Companies Act, 2013 and Rules 5(2) & 5(3) of Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 is provided in a separate statement and forms part of
the Annual Report. Further, this report is being sent to the Members excluding the said
statement. The said statement is available for inspection of members upto the date of the
Annual General Meeting and shall be made available to any shareholder on request made to
the Company Secretary at cs@huvl.in.
12. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Details of Loans, Guarantees and Investments, if any covered under the provisions of
Section 186 of the Act are given in the notes to the Financial Statements.
13. RELATED PARTY TRANSACTIONS
During the year under review, all related party transactions entered into by the
Company were approved by the Audit Committee and were at arm's length and in the ordinary
course of business. Prior omnibus approval is obtained for related party transactions
which are of a repetitive nature and entered in the ordinary course of business and on an
arm's length basis. The Company did not have any contracts or arrangements with related
parties in terms of Section 188(1) of the Companies Act, 2013. Accordingly, the disclosure
of related party transactions as required under Section 134(3)(h) of the Act in
Form AOC-2 is not applicable to the Company for FY 2024-25 and hence does not form part
of this report. Suitable disclosure as required by the Accounting Standard (AS 18) has
been made in the notes to the Financial Statements.
The Policy on materiality of related party transactions and dealing with related party
transactions as approved by the Board may be accessed through the following link:
https://huvl.in/codes-of-conduct/. Your Directors draw the attention of the members to
Note No.30 to the financial statements which sets out related party disclosures.
14. DISCLOSURE UNDER THE PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT:
The Company is not required to constitute Internal Complaints Committee under the
Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
There has been no complaint related to the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013, during the year. The disclosures with
respect to the same are as under:
(a) Number of complaints of sexual harassment received in the year: Nil
(b) Number of complaints disposed off during the year: Nil
(c) Number of cases pending for more than ninety days: Nil
15. AUDITORS
A. STATUTORY AUDITORS AND THEIR REPORT
M/s. J. Singh & Associates, Chartered Accountants, (Firm Registration Number:
110266W), were appointed as the Statutory Auditors of the Company for a tenure of 3 years
commencing from the conclusion of the 13th AGM of the Company until the conclusion of the
16th AGM of the Company to be held in the calendar year 2026.
The Audit Report does not contain any other qualification, reservation or adverse
remark.
The Notes to the financial statements referred in the Auditors Report are
self-explanatory and therefore do not call for any comments under Section 134 of the
Companies Act, 2013. The Auditors' Report is enclosed with the financial statements in
this Annual Report.
B. SECRETARIAL AUDITORS AND THEIR REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013, and the Rules
made thereunder the Company has appointed RAKHI DASGUPTA & ASSOCIATES, Practicing
Company Secretary (Certificate of Practice No. 20354 and Membership No. FCS- 13485) as the
Secretarial Auditor of the Company. The Secretarial Audit Report is annexed as Annexure -
'B' and forms an integral part of this Report. The Company has complied with all the
applicable secretarial standards.
The Secretarial Audit Report does not contain any other qualification, reservation or
adverse remark. The other statements referred in the Secretarial Audit Report are
self-explanatory and therefore do not call for any comments under Section 134 of the
Companies Act, 2013.
M/S. A.Shubhangi & Associates, Company Secretaries, are appointed as the
Secretarial Auditors, to conduct the audit of secretarial records of the Company for Five
financial years commencing from 1st April 2025 up to 31st March, 2030 pursuant to Section
204 of the Companies Act, 2013.
C. COST RECORDS AND COST AUDIT
Maintenance of cost records and requirements of cost audit as prescribed under the
provisions of Section 148(1) of the Companies Act, 2013 are not applicable for the
business activities carried out by the Company.
D. REPORTING OF FRAUDS
There were no instances of fraud during the year under review, requiring reporting by
the auditors to the Audit Committee and/or Board under Section 143(12) of the Act and
Rules framed thereunder.
16. CORPORATE SOCIAL RESPONSIBILITY
During the year under review, the provisions of Section 135 of the Act were not
applicable to the Company.
17. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company has no subsidiary, Joint Venture and Associate Company as of 31st March,
2025.
18. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE
There are no significant and material orders passed by the Regulators or Courts or
Tribunals which would impact the going concern status and the Company's future operations.
19. ADEQUACY OF INTERNAL FINANCIAL CONTROLS
The Company has adequate internal financial controls in place with reference to
financial statements. These are continually reviewed by the Company to strengthen the same
wherever required. The internal control systems are supplemented by internal audit carried
out by an independent firm of Chartered Accountants and periodical review by the
Management. The Audit Committee of the Board addresses issues raised by Auditors.
20. RISK MANAGEMENT
The Company has an elaborate risk policy defining the risk management governance model,
risk assessment, and Prioritization process. The risk management framework provides an
integrated approach for identifying, assessing, mitigating, monitoring and reporting of
all risks associated with the business of the Company. The Audit Committee has additional
oversight in the area of financial risks and controls.
21. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirements under sub section (3) (c) and (5) of Section 134 of the
Companies Act, 2013, with respect to Directors' Responsibility Statement, it is hereby
confirmed that:
i) in the preparation of the annual accounts for the financial year ended 31st March,
2025, 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 were reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company at the end of the financial year and of
the profit/loss of the Company for the year under review;
iii) the Directors have taken proper and sufficient care for the 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 have prepared the annual financial statements on a going concern
basis;
v) the Directors have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and operating effectively;
and
vi) 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.
22. PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Particulars of Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo as per section 134(3)(2) of the Companies Act, 2013, read with the
Companies (Accounts) Rules, 2014 for the year ended 31st March, 2025 are provided under
Annexure - 'C' to this report.
23. ANNUAL RETURN
Pursuant to the provisions of Section 92(1) read with Rule 12 of Companies (Management
& Administration) Rules, 2014 and Section 134(3)(a) of the Companies Act, 2013 ('Act')
as amended, the Annual Return in Form MGT-7 for FY 2025 is uploaded on the website of the
Company and the web link of which is: https://huvl.in/annual-reports/
24. COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has complied with the applicable mandatory Secretarial Standards.
25. PREVENTION OF INSIDER TRADING
The Company is in compliance with Regulations of SEBI (Prohibition of Insider Trading)
Regulations, 2015 ("SEBI PIT Regulations") and SEBI circulars issued from time
to time. The Company has in place Code of Conduct for Prohibition of Insider Trading and
Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive
Information pursuant to SEBI PIT Regulations, for regulating, monitoring and reporting of
trading by insiders in order to align with the SEBI PIT Regulations. The Insider Code aims
at preserving and preventing misuse of unpublished price sensitive information. All
Directors, Designated Employees and Connected Persons of your Company are covered under
the Insider Code, which provides inter alia for periodical disclosures and obtaining
pre-clearances for trading in securities of your Company. The said code is hosted on the
website of the Company at https://huvl.in/codes-of-
conduct/5-code-of-conduct-for-preveniton-of-insider-trading/
26. COMPLIANCE OF THE PROVISIONS RELATING TO THE MATERNITY BENEFIT ACT, 1961:
The Company is committed to complying with the Maternity Benefit Act, 1961. We ensure
that all eligible female employees receive the full benefits and protections outlined in
the Act, including 26 weeks of paid maternity leave for the first two children and 12
weeks for subsequent children. We provide a safe and supportive work environment for
pregnant women and new mothers, including creche facilities for organizations with 50 or
more employees. Our commitment extends to ensuring non-discrimination, full wage payment
during leave, and the reinstatement of employees to their previous positions after their
leave. We also maintain accurate records and display the abstract of the Act in our
workplace."
27. OTHERS
Your Directors state that no disclosure or reporting is required in respect of the
following items during the year under review:
1. Details relating to the issue of sweat equity shares, stock options, and shares with
differential rights as to dividend, voting or otherwise, since there was no such issue of
securities.
2. None of the Whole-Time Directors of the Company received any remuneration or
commission from any of its subsidiaries.
3. During the financial year under review, no application was made or proceeding
initiated against the Company under the Insolvency and Bankruptcy Code, 2016 nor any such
proceeding was pending at the end of the financial year under review.
4. During the financial year under review, there was no instance of one-time settlement
of loans / financial assistance taken from Banks or Financial Institutions, hence the
Company was not required to carry out valuation of its assets for the said purpose.
28. ACKNOWLEDGEMENT
The Directors take this opportunity to thank the Shareholders, Financial Institutions,
Banks, Customers, Suppliers, Regulators, Government Authorities - Central and State
Government & Local.
The Directors also place on record their appreciation to the employees at all levels
for their hard work, dedication and commitment.
For and on behalf of the Board of Directors
HEADS UP VENTURES LIMITED
Hansraj Rathor
Chairman & Managing Director
DIN:07567833
Place: Mumbai
Date: 08th September 2025
