Dear Members,
The Board of Directors hereby submits the report of the business and operations of your
Company along with the audited financial statements, for the financial year ended March
31, 2024.
1. COMPANY SPECIFIC INFORMATION
1.1. FINANCIAL SUMMARY/HIGHLIGHTS, OPERTAIONS STATE OF AFFAIRS:
The performance during the period ended 31st March, 2024 has been as under:
(Rs. In Lakhs)
Particulars |
2023-24 |
2022-23 |
| Total Income |
3021.76 |
4720.77 |
| Total Expenditure |
3211.51 |
4788.33 |
| Profit (Loss)Before Tax |
(189.74) |
(67.56) |
| Provision for Tax |
(48.00) |
(17.68) |
| Profit(Loss) after Tax |
(141.74) |
(49.88) |
| Other Comprehensive Income, Net of tax |
1.35 |
13.83 |
| Total Comprehensive Income |
(140.39) |
(36.05) |
| Balance Carried to Balance Sheet |
(140.39) |
(36.05) |
| Basic and Diluted Earnings per share |
(3.10) |
(1.09) |
REVIEW OF OPERATIONS:
The total revenue of the Company for the Financial Year 2023-24 was Rs. 3021.76 lakhs
and Loss of Rs. (141.74) Lakhs against the Revenue of Rs. 4720.77 Lakhs and Loss and Rs.
(49.88) Lakhs in the previous Financial Year ended 2022-23.
1.2. Amount, if any, which the Board proposes to carry to any reserves: NIL
1.3. Dividend: The Board of Directors of the Company has not declared dividend for
the Financial Year 2023-24
1.4. Major events occurred during the year:
1.4.1 During the Financial Year under purview no material event occurred having an
impact on the affairs of the company.
1.4.2 Change in the nature of business: The Company has not commenced any new
business nor has not changed its nature of business or discontinued/sold or disposed off
any of its existing businesses or hived off any segment or division during the year.
1.4 3 Material changes and commitments, if any, affecting the financial position
of the company, having occurred since the end of the Year and till the date of the Report:
NIL.
1.5. Details of revision of financial statement or the Report:
The Company has not made any revision in its Financial Statements during the year under
review.
2. GENERAL INFORMATION:
Indian plastic industry market is one of the leading sectors in the country's economy.
Use of Plastic is becoming important in various industries and its consumption is on rise.
The industry is showing rapid progress with new technologies and processing equipment,
cost-effective manufacturing and new generation raw material.
In the packaging segment flexible plastic packaging industry has seen continuous growth
and holds a major share of the market, the main reason for this is that flexible packages
are found extremely adaptable, aesthetically attractive, cost-effective, sturdy and
packaged products in affordable quantities. Plastic has been preferred choice for flexible
packaging globally and in India due for various reasons. Its inert properties and enhanced
durability helps to increase product's shelf life thus aid in transportation/portability.
It is light weight and has ability to be moulded to any shapes or sizes and all these
factors make it cost effective.
The Indian plastic processing and packaging industries are experiencing significant
growth driven by market potential, technological advancements, and increasing consumer
demand.Increasing demand is driven by a growing middle class, rising disposable incomes,
and the surge in organized retail and e- commerce. Growth in key sectors like
pharmaceuticals, automotive, infrastructure, and food & beverages is further
propelling demand for packaging solutions.
However, the industry faces challenges related to environmental impact. Rising concerns
about plastic waste are leading to stricter regulations and a shift towards
sustainability. Companies are focusing on developing recyclable and biodegradable
packaging while balancing these goals with cost considerations. New entrants have
opportunities to succeed by innovating and meeting evolving market and regulatory demands.
In summary, the Indian plastic processing and packaging industries are experiencing
significant however, balancing this growth with environmental sustainability and
regulatory compliance is crucial for long-term success.
3. CAPITAL STRUCTURE:
The authorized share capital of the Company stands at Rs.6,00,00,000/- divided into
60,00,000 equity shares of Rs.10/- each.
The paid up share capital of the Company stands at Rs. 4,56,97,500 /- divided into
45,69,750 equity shares of Rs.10/- each. There are no changes in the capital structure of
the company during the year.
4. CREDIT RATING OF SECURITIES: Not Applicable
5. INVESTOR EDUCATION AND PROTECTION FUND (IEPF):
The Company has transferred the amount and the shares to IEPF under sub-section (2)
of section 125 of the Act and the IEPF (Accounting, Audit, Transfer and Refund) Rules,
2016 which related to the Financial Year 2015-16 during the period under review. Due
Notices were sent to Shareholders, also the Newspaper Advertisement pursuant to the IEPF
Rules were made in English and Vernacular Language which was also placed in the website of
the Company for the information of the shareholders.
Details of the Nodal Officer: Ms. Khushboo Joshi, Company Secretary of the Company is
the Nodal Officer of the Company.
Further, details of the Nodal Officer is available on https://www.raipack.com/investor-contacts.html
IMPORTANT NOTE: The Company has to transfer amount and shares to IEPF under
sub-section (2) of section 125 of the Act and the IEPF (Accounting, Audit, Transfer and
Refund) Rules, 2016 which related to the Financial Year 2016-17 during the Financial
year 2024-25. Due Notices are sent to Shareholders, also the Newspaper Advertisement
pursuant to the IEPF Rules were made in English and Vernacular Language on 6th
July, 2024 which was also placed in the website of the Company for the information of the
shareholders which can be viewed on: https://raipack.com/pdf/shareholder-corner/news-pub/Shareholders-Notice-Transfer-of-Shares-to-IEPF-2016-17.pdf
The Company has also placed the list of Shareholders whose shares are due to be
transferred in the Financial Year 2024-25 on the website of the Company and can be viewed
for the purpose of verification on: https://raipack.com/pdf/uncliamed-dividend/list-of-uncliamed-shares-2016-17.pdf
Any Shareholder whose name appears in the mentioned lists can write a mail to secretarv@rajpack.com
to impede such transfer of Shares to IEPF.
6. MANAGEMENT:
6.1 Directors and Key Managerial Personnel:
During the period under review there was no appointment or resignation of
directors/KMP.
6.2 Declaration by Independent Directors and statement on compliance of code of
conduct:
All the Independent Directors on the Board have given a declaration of their
independence to the Company as required under Section 149(6) of the Act and Regulation 16(
1 )(b) of SEBI Listing Regulations. In the opinion of the Board, all the Independent
Directors possess the integrity, expertise and experience including the proficiency
required to be Independent Directors of the Company by virtue of the experience, fulfil
the conditions of independence as specified in the Act and the SEBI Listing Regulations
and are independent of the management and have also complied with the Code for Independent
Directors as prescribed in Schedule IV of the Act.
I. The necessary declaration with respect to independence has been received from all
the Independent Directors of the company under sub-section (6) of section 149,
II. The Independent Directors have complied with the Code for Independent Directors
prescribed in Schedule IV to the Act.
III. I, Prem Chand Kankaria, Managing Director (DIN: 00062584) of the Company hereby
affirm that the members of the Board of Directors of the company and the senior management
of the Company are in compliance with the code of conduct laid down by the Company.
Certificate for the same is forming the part of this Annual Report.
6.3 Board Meetings:
During the financial year 2023-24, the Board of Directors duly met 4 (four) times on
27.05.2023, 14.08.2023, 08.11.2023and 10.02.2024 and in respect of these meetings, proper
notices were given and the proceedings were properly recorded and signed in the Minutes
Book maintained for the purpose.
COMPOSITION OF THE BOARD
Name |
Designation |
Mr. Prem Chand Kankaria (DIN: 00062584) |
Managing Director |
Ms. Neepa Kankaria (DIN: 06637083) |
Executive Director |
Mr. K K Maheshwari (DIN: 00223241) |
Independent Director |
Mr. Dayaniwas Sharma (DIN: 01761215) |
Independent Director |
Mr. Pushapraj Singhvi (DIN: 00255738) |
Non-Executive Director |
NED (I) |
Non- Executive Independent Director |
NED |
Non- Executive Director |
ED |
Executive Director |
6.4 Committees:
6.4.1. AUDIT COMMITTEE: During the financial year 2023-24, (4) four Meetings of the
Audit Committee were held on 27.05.2023, 14.08.2023, 08.11.2023 and 10.02.2024.
COMPOSITION OF THE COMMITTEE:
Name |
Designation |
Category |
| Mr. Dayaniwas Sharma |
Chairman |
NED(I) |
| Mr. K K Maheshwari |
Member |
NED(I) |
| Mr. Prem Chand Kankaria |
Member |
ED |
| Mr. Pushapraj Singhvi |
Member |
NED |
The Vigil Mechanism Policy adopted by the Company is available on http://raipack.com/DQlicies.html
6.4.2. NOMINATION AND REMUNERATION COMMITTEE: During the financial year 2023-24 the
committee had NIL Meetings.
COMPOSITION OF THE COMMITTEE:
Name |
Designation |
Category |
Mr. K K Maheshwari |
Chairman |
NED(I) |
Mr. Dayaniwas Sharma |
Member |
NED(I) |
Mr. Pushapraj Singhvi |
Member |
NED |
BRIEF DESCRIPTION OF TERMS OF REFERENCE
• To approve the fixation/revision of remuneration of Executive Directors of the
Company and while approving:
• To take into account the financial position of the Company, trend in the
industry, appointee's qualification, experience, past performance, past remuneration etc.
• To bring out objectivity in determining the remuneration package while striking
a balance between the interest of the Company and the Shareholders.
• To identify persons who are qualified to become Directors and who may be
appointed in senior management in accordance with the criteria laid down and to recommend
to the Board their appointment and /or removal.
• To carry out evaluation of every Director's performance.
• To formulate the criteria for determining qualifications, positive attributes
and independence of a Director, and recommend to the Board a policy, relating to the
remuneration for the Directors, key managerial personnel and other employees.
• To formulate the criteria for evaluation of Independent Directors and the Board.
• To recommend/review remuneration of the Managing Director and Whole-time
Director(s) based on their performance and defined assessment criteria.
• Recommend to the board, all remuneration, in whatever form, payable to senior
management.
The Nomination and Remuneration Policy adopted by the Company is available on http://raipack.com/policies.html
6.4.3. STAKEHOLDERS RELATIONSHIP COMMITTEE: During the financial year 2023-24,
Stakeholders Relationship Committee met once on 10th February, 2024 during the financial
year.
COMPOSITION OF THE COMMITTEE:
Name |
Designation |
Category |
Mr. Pushapraj Singhvi |
Chairman |
NED |
Mr. K K Maheshwari |
Member |
NED(I) |
Ms. Neepa Kankaria |
Member |
ED |
The Company has designated an exclusive email ID-secretarv@raipack.com for
complaints/grievances.
6.4.4. INDEPENDEDNT DIRECTORS COMMITTEE: The independent Directors of the Company
met once on 28th February, 2024 during the financial year.
COMPOSITION OF THE COMMITTEE:
Name |
Designation |
Category |
Mr. K K Maheshwari |
Chairman |
NED(I) |
Mr. Dayaniwas Sharma |
Member |
NED(I) |
Details of policy for Familiarization Programme for Independent Directors: The
Company's Policy on Directors' appointment and remuneration can be viewed by the
Stakeholders on the below website https://www.raipack.com/policies.html
NOTE: MS. KHUSHBOO JOSHI, COMPANY SECRETARY OF THE COMPANY IS THE SECRETARY OF ALL THE
COMMITTEE MEETINGS.
6.5 Recommendations of Audit Committee:
There is no such instance to report where the Board has not accepted the
recommendations made by the Audit Committee.
6.6 Remuneration received by Managing/Whole time Director from holding or subsidiary
company:
The Company has no Holding or Subsidiary Company.
6.7 Directors' Responsibility Statement: In pursuance of section 134 (5) of the
Companies Act, 2013, the Directors hereby confirm that:
6.7.1. In the preparation of the annual accounts, the applicable accounting standards
have been followed along with proper explanation relating to material departures;
6.7.2. The Directors had selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the company at the end of the
financial year and of the loss of the company for that period;
6.7.3. The Directors had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of this Act for safeguarding
the assets of the company and for preventing and detecting fraud and other irregularities;
6.7.4. The Directors had prepared the annual accounts on a going concern basis; and
6.7.5. 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.
6.7.6. 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.
6.8 Internal Financial Controls:
The Internal Financial Controls with reference to financial statements as designed and
implemented by the Company are adequate. The Company maintains appropriate system of
internal control, including monitoring procedures, to ensure that all assets are
safeguarded against loss from unauthorized use or disposition. Company policies,
guidelines and procedures provide for adequate checks and balances, and are meant to
ensure that all transactions are authorized, recorded and reported correctly.
During the period under review, there is no material or serious observations have been
noticed for inefficiency or inadequacy of such controls.
6.9 Details in respect of frauds reported by auditors under sub section (12) of section
143 other than those which are reportable to the central government:
Auditors have not come across any fraud and as such not reported u/s 143(12).
7. DISCLOSURES RELATING TO SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES:
7.1 Report on performance and financial position of the subsidiaries, associates and
joint ventures:
The Company does not have any Subsidiary, Associate or Joint venture.
7.2 Companies which have become or ceased to be subsidiaries, associates and joint
ventures:
During the year neither any Company became its subsidiary nor ceased to be its
subsidiary.
8. DETAILS OF DEPOSITS:
The Company has not accepted any deposits during the year.
9. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:
During the period under review, the Company has not made any investments or given any
Loan or guarantees as mentioned in Notes to the Ind-AS financial Statements for the year
ended March 31, 2024 which forms part of the Audited Financials.
10. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
All related party transactions that were entered during the financial year were
disclosed in form AOC-2. AOC -3 also discloses transactions of the Company with any person
or entity belonging to the promoter/promoter group which hold(s) 10% or more. Your
Directors draw attention of the members to Note 33 to the financial statement which sets
out related party disclosures and Annexure to this report.
11. CORPORATE SOCIAL RESPONSIBILITY (CSR):
Since the Company does not have the net worth of Rs. 500 Crores or more, or turnover of
Rs. 1000 Crores or more, or a net profit of Rs. 5 Crores or more during the financial
year, section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility
is not applicable and hence the Company need not adopt any Corporate Social Responsibility
Policy.
12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
I. Conservation of energy - Nil
II. Technology absorption: NA
III. Foreign exchange earnings and Outgo (Rs. In Lakhs): In last financial year, the
Company had:
(i) Foreign Exchange earnings: NIL
(ii) Foreign Exchange outgo: 1166.95.
13. RISK MANAGEMENT:
The Company follows a comprehensive system of Risk Management. The Company has adopted
a procedure for assessment and minimization of probable risks. It ensures that all the
risks are timely defined and mitigated in accordance with the well-structured risk
management process.
14. CODE OF CONDUCT FOR THE PREVENTION OF INSIDER TRADING:
The Board of Directors has adopted the Insider Trading Policy in accordance with the
requirements of the SEBI (Prohibition of Insider Trading) Regulation, 2015 The Insider
Trading Policy of the Company lays down guidelines and procedures to be followed, and
disclosures to be made while dealing with shares of the Company, as well as the
consequences of violation. The policy has been formulated to regulate, monitor and ensure
reporting of deals by employees and to maintain the highest ethical standards of dealing
in Company securities.
The Insider Trading Policy of the Company covering code of practices and procedures for
fair disclosure of unpublished price sensitive information and code of conduct for the
prevention of insider trading is available on our website.
15. DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM:
Vigil Mechanism Policy has been established by the Company for directors and employees
to report genuine concerns pursuant to the provisions of section 177(9) & (10) of the
Companies Act, 2013 and Regulation 22 of SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015 . The same has been placed on the website of the Company.
16. MATERIAL ORDERS OF JUDICIAL BODIES /REGULATORS:
There are no significant and material orders passed by the regulators /courts that
would impact the going concern status of the Company and its future operations.
17. AUDITORS:
The following are the details of various auditors of the Company:
17.1 STATUTORY AUDITORS
In terms of Section 139 of the Act, NAC and Associates, LLP, Chartered Accountants
(FRN: 119375W/S200011) have been appointed as Statutory Auditor of the Company to hold
office for a term of five (5) years from the conclusion of the 35thAnnual General Meeting
until the conclusion of consecutive 40th Annual General Meeting of the Company.
The Statutory Auditor have confirmed their eligibility and submitted the certificate in
writing that they are not disqualified to hold the office of the Statutory Auditor.
The Statutory Auditor NAC and Associates, LLP, Chartered Accountants (FRN:
119375W/S200011)have issued their reports on Financial Statements for the year ended March
31, 2024. There are no adverse remarks or qualifications in the said report. The Notes on
Accounts referred to in the Auditors' Report are self-explanatory and do not call for any
further comments. The Members are therefore requested to approve the Auditors' Report.
17.2. INTERNAL AUDITORS
Pursuant to provisions of Section 138 read with Rule 13 of the Companies (Accounts)
Rules, 2014 and Section 179 read with Rule 8(4) of the Companies (Meetings of Board and
its Powers) Rules, 2014; during the year under review the Internal Audit functions and
activities of the Company was undertaken by the Internal Auditor of the Company on
quarterly basis by M/s MGM & Co.,Chartered Accountants (FRN: 117963W), the
Internal Auditor of the Company.
Deviations are reviewed periodically and due compliance ensured. Summary of Significant
Audit Observations along with recommendations and its implementations are reviewed by the
Audit Committee and concerns, if any, are reported to Board. There were no adverse remarks
or qualification on accounts of the Company from the Internal Auditor.
The Board has appointed M/s KSVB & Co. Chartered Accountants (FRN: 153041W) as the
Internal Auditors for the Financial Year 2024-25. Internal Audit Report is considered in
every Board Meeting of the Company and compliance is ensured.
17.3. SECRETARIAL AUDITOR:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of managerial personnel) Rules 2014, the Board had appointed
M/s. S. S. Reddy & Associates, Practicing Company Secretaries to undertake the
secretarial audit of the Company for the year 2023-24. The report of the Secretarial
Auditor is enclosed as Annexure I and forms part of this report.
The Board has appointed M/s. Sayani& Associates, Practicing Company Secretaries as
Secretarial Auditors for the Financial Year 2024-25.
17.4. COST AUDITOR:
The Company is not requited to appoint Cost Auditor as per the provisions of the
Companies (Cost Records and Audit) Rules, 2014.
The Company is required to maintain Cost Records as specified by the Central Government
under sub-section (1) of Section 148 of the Act. Accordingly, the Company has made and
maintained such accounts and records.
18. EXPLANATIONS IN RESPONSE TO AUDITORS' QUALIFICATIONS: -
Explanations or comments by the Board on every qualification, reservation or adverse
remark or disclaimer made-
18.1. Statutory Auditors Report:
The Board has duly reviewed the Statutory Auditor's Report on the Accounts for the year
ended March 31, 2024 and has noted that the same does not have any reservation,
qualification or adverse remarks.
Further, Notes to Accounts and Auditors remarks in their report are self-explanatory
and do not call for any further comments.
18.2. Secretarial Audit Report:
The Board has duly reviewed the Secretarial Audit Report for the year ended March 31,
2024 on the Compliances under the provisions of section 204 of the Companies Act 2013, and
the same does not have any reservation, qualifications or adverse remarks. The report is
self-explanatory and does not require any further comments.
19. COMPLIANCE WITH SECRETARIAL STANDARDS:
The Company is in compliance with the applicable secretarial standards.
20. CORPORATE INSOLVENCY RESOLUTION PROCESS INITIATED UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 (IBC):
There is no application filed for corporate insolvency resolution process, by a
financial or operational creditor or by the company itself under the IBC before the NCLT.
21. FAILURE TO IMPLEMENT ANY CORPORATE ACTION:
No such instances to report.
21.1. OTHER DISCLOSURES: There are no other additional disclosures affecting the
stakeholders of the Company which are required to disclose under this section.
22. ADDITIONAL DISCLOSURES UNDER LISTING REGULATIONS:
22.1. Statement of deviation or variation: During the Financial Year 2023-24, the
Company has not made any public issue, rights issue, preferential issue for which it is
required to issueStatement of deviation or variation.
22.2. Management Discussion and Analysis Report (MDAR): The Management Discussion
and Analysis Report, pursuant to the SEBI (LODR) Regulation appended as Annexure IV for
information of the Members.
22.3. Certificate on Compliance of conditions of Corporate Governance:
Since the paid-up capital of the Company is less than Rs. 10 Crores and Net worth of
the Company is less than Rs. 25 Crores, Corporate Governance certificate under Provisions
of Chapter IV, Regulation 15 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 is not applicable.
22.4. Suspension of Trading: No such instance to report.
22.5. Disclosures pertaining to the Sexual Harassment of Women at the Workplace
(Prevention, Prohibition and Redressal) act, 2013:
The Company has in place an Anti-Sexual Harassment Policy in line with the requirements
of The Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal)
Act, 2013. Internal Complaint Committee (ICC) has been set up to redress complaints
received regarding sexual harassment. All employees are covered under this policy.
COMPOSITION OF THE COMMITTEE
The Details of composition of the Committee are given below:
Name |
Designation |
Ms. Neepa Kankaria |
Presiding Officer |
Mr. B. K. Pradhan |
Internal Member |
Ms. Khushboo Joshi |
Internal Member |
Mrs. Bhagwati Mahesh Baldwa |
External Member |
The following is the summary of sexual harassment complaints received and disposed
during the year.
No. of complaints received: |
Nil |
No. of complaints disposed off: |
Nil |
No. of complaints pending at the end of the year: |
Nil |
23. EVENT BASED DISCLOSURES
During the year under review, the Company has not taken up any of the following
activities:
1. Issue of sweat equity share: No
2. Issue of shares with differential rights: No
3. Issue of shares under employee's stock option scheme: No
4. Disclosure on purchase by company or giving of loans by it for purchase of its
shares: No
5. Buy back shares: No
6. Disclosure about revision: No
7. Preferential Allotment of Shares: No
8. The Company has not delisted its Shares in the given Financial Year
24. NON-EXECUTIVE DIRECTORS' COMPENSATION AND DISCLOSURES
None of the Independent / Non-Executive Directors has any pecuniary relationship or
transactions with the Company which in the Judgment of the Board may affect the
independence of the Directors.
25. CEO/ CFO Certification: Not Applicable
26. INSURANCE:
The properties and assets of your Company are adequately insured.
27. EMPLOYEE RELATIONS:
Your Directors are pleased to record their sincere appreciation of the contribution by
the staff at all levels of the Company. A table containing the particulars in accordance
with the provisions of Section 197(12) of the Act, read with Rule 5(2) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is appended as Annexure
II to this Report.
A statement showing the names of the top ten employees in terms of remuneration drawn
and the name of every employee is annexed to this Annual report as Annexure III.
None of the employees is drawing a remuneration of Rs. 1,02,00,000/- and above per
annum or Rs.8,50,000/- and above in aggregate per month, the limits prescribed under
Section 197 of the Companies Act, 2013 read with rule 5(2) of Companies(Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
28. DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND VALUATION
WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS:
During the year under review, there has been no one time settlement of loans taken from
banks and financial institutions.
29. DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/ UNCLAIMED SUSPENSE ACCOUNT:
Not Applicable as there are no shares
30. EVALUATION OF BOARD:
Pursuant to the provisions of the Act and provisions of SEBI Listing Regulations, a
separate exercise was carried out to evaluate the performance of individual Directors who
were evaluated on parameters such as level of engagement and contribution and independence
of judgment thereby safeguarding the interest of the Company. The performance evaluation
of the Independent Directors was carried out by the entire Board. The performance
evaluation of the Chairman and the Non - Independent Directors was carried out by the
Independent Directors. The Board also carried out annual performance evaluation of the
working of its Audit, Nomination and Remuneration as well as Stakeholders' Relationship
Committee. The Directors expressed their satisfaction with the evaluation process.
ACKNOWLEDGEMENTS:
Your Directors wish to place on record their appreciation of the contribution made by
the employees at all levels, for the continued growth and prosperity of the Company. Your
Directors also wish to place on record their appreciation of business constituents, Banks,
statutory authorities and other financial institutions and shareholders of the Company for
their continued support for the growth of the Company.
FOR AND ON BEHALF OF THE BOARD |
Sd /- |
Sd/- |
RAJ PACKAGING INDUSTRIES LIMITED |
PREM CHAND KANKARIA |
NEEPA KANKARIA |
PLACE: HYDERABAD |
MANAGING DIRECTOR |
EXECUTIVE DIRECTOR |
DATE: 25.05.2024 |
DIN:00062584 |
DIN: 06637083 |
