To,The Members,
Quasar India Limited
Your Directors are pleased to present the 44th Annual Report on the business and
operations of the Company along with the Audited Financial Statement for the Financial
Year ended on 31st March, 2023.
1. FINANCIAL RESULTS:
The financial performance of the Company for the Financial Year ended on 31st March,
2023 and for the previous financial year ended on 31st March, 2022 is given below:
(Rs. In Thousand)
Particulars |
Financial Year 2022-23 |
Financial Year 2021-22 |
Revenue from Operations |
38224.79 |
46552.61 |
Other Income |
5234.71 |
4064.12 |
Total Revenue |
43459.49 |
50616.73 |
Total Expenses |
31305.02 |
52632.26 |
Profit / Loss before Depreciation, Exceptional and Extra Ordinary Items
and Tax Expenses |
12154.48 |
(2015.54) |
Less: Exceptional and Extra Ordinary Items |
0 |
0 |
Profit / Loss before Tax Expenses |
12154.48 |
(2015.54) |
Less: Current Tax |
2028.58 |
0 |
Deferred Tax |
0 |
(193.61) |
Profit / Loss for the Period |
10125.90 |
(1821.93) |
Earnings Per Share (EPS) |
|
|
Basis |
1.89 |
(0.34) |
Diluted |
1.89 |
(0-34) |
2. Total revenue from operations for Financial Year 2022-23 is Rs. 43459.49 Thousand as
compared to OPERATIONS: has incurred Profit before tax for the Financial Year
2022-23 of Rs. 12154.48 Thousand as comparedtotal revenue from operations of Rs. 50616.73
Thousand for previous Financial Year. The Company to Profit before tax of Rs.
(2015.54) Thousand for previous Financial Year. The Net Profit after tax forthe
Financial Year 2022-23 is Rs. 10125.90 Thousand as compared to Net Profit after tax of Rs.
(1821.93) Thousand for previous Financial Year. The Directors are continuously
looking for the new avenues for future growth of the Company and expect more growth
in the future period.
3. CHANGE IN NATURE OF BUSINESS, IF ANY:
During the Financial Year 2022-23, the segment of business of the Company
changed from Trading in Fabrics and Trading in Metal' to Agriculture
Trading'.
4. Pursuant to Section 92(3) read with Section134(3)(a) of the Act, the Annual
Return as on March 31,WEBLINK OF ANNUAL RETURN: 2023 is available on the Company's
website at www.quasarindia.in.
5. SHARE CAPITAL:
A. AUTHORISED SHARE CAPITAL :
CroresThe authorized share capital of the Company as on 31 Forty-Seven Lakhs Only)
divided into 54,70,000st March, 2023 is Rs. 5,47,00,000/- (Rupees Five(Fifty-Four Lakhs
Seventy Thousand Only) Equity Shares of Rs. 10/- (Rupees Ten Only) each.
B. PAID-UP SHARE CAPITAL :
Crores Thirty-Five Lakhs Twenty-Five Thousand Only) divided into 53,52,500 (Fifty-Three
Lakhs FiftyThe paid-up share capital of the Company as on 31st March, 2023 is Rs.
5,35,25,000/- (Rupees Five -Two Thousand Five Hundred) equity shares of Rs. 10/- (Rupees
Ten Only).
6. DIVIDEND:
To conserve the resources for future prospect and growth of the Company, the Board
of Directors do not recommend any dividend for the Financial Year 2022-23 (Previous
year NIL).
7. TRANSFER Pursuant to OF SectionUNCLAIMED DIVIDEND 124 of
the CompaniesTO INVESTOR EDUCATION Act, 2013, the amount ofAND dividendPROTECTION
remainingFUND: unpaid or Fundunclaimed for a period of seven years shall be
transferred to the Investor Education and Protection("IEPF"). During the year
under review, there was no unpaid or unclaimed dividend in the dividend to the said
account. Therefore, there were no funds which were required to be transferred
to"Unpaid Dividend Account" lying for a period of seven years from the date of
transfer of such unpaid Investor Education and Protection Fund.
8. TRANSFER TO RESERVES: and loss account of the Company under Reserves and
Surplus.The Profit of the Company for the Financial Year ending on 31st March, 2023 is
transferred to profit
9. DISCLOSURES RELATING TO HOLDING, SUBSIDIARY, ASSOCIATE COMPANY AND JOINT
The Company does not have any Holding / Subsidiary / Associate Company and Joint
Venture. VENTURES:
10. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF
THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THE
FINANCIAL STATEMENTS RELATES AND THE DATE OF THE REPORT: ThereCompany which have
occurred between the end of the financial year to which the financial statementshave been
no material changes and commitments, which affect the financial position of the relate and
the date of this Report. 11. SIGNIFICANT & No significant material orders has
been passed by the Regulators or Courts or Tribunals impacting the MATERIAL ORDERS
PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS: going concern status and
Company's operations in future.
12. BOARD MEETINGS: twoThe Directors of the Company met at regular intervals at
least once in a quarter with the gap betweenmeetings not exceeding 120 days to take a view
of the Company's policies and strategies apart from the Board Matters. During the year
under the review, the Board of Directors met 9 (Nine) times viz. 26th May, 2022, 8th
August, 2022, 3rd September, 2022, 21st October, 2022, 14th November, 2022, 15th December,
2022, 27th December, 2022, 31st December, 2022 and 8th February, 2023.
13. DIRECTORS' In accordanceRESPONSIBILITY with the provisionsSTATEMENT: of
Section 134(3)(c) and Section 134(5) of the Companies Act, 2013, to the best of their
knowledge and belief the Board of Directors hereby submit that:
a. Inapplicable accounting standards have been followed and there are no material
departure fromthe preparation of the Annual Accounts, for the year ended on 31st March,
2023 the the same;
b. judgments and estimates that are reasonable and prudent so as to give a true and
fair view ofthe state of affairs of the company at the end of financial year and of the
profit of the companyThe Directors had selected such accounting policies and applied them
consistently and made for the financial year ended on 31st March, 2023;
c. The Directors had taken proper and sufficient care for the maintenance of
adequate accountingrecords in accordance with the provisions of Companies Act, 2013 for
safeguarding the assetsof the company and for preventing and detecting fraud and
other irregularities;
d. The Directors had prepared the Annual Accounts on a going concern basis; e. that
such internal financial controls are adequate and are operating effectively and;The
Directors had laid down internal financial controls to be followed by the Company and f.
applicable laws and that such systems were adequate and operating effectively.The
Directors had devised proper systems to ensure compliance with the provisions of all
14. CORPORATE The provisions of Section 135 of the Companies Act, 2013 is not
applicable to your Company as theSOCIAL RESPONSIBILITY (CSR): Company does not fall
under the criteria limits mentioned in the said section of the Act. Social
Responsibility.Hence, the Company has not taken voluntary initiative towards any activity
mentioned for Corporate
15. COMMENT There were noON AUDITORS' qualifications,REPORT: reservations,
adverse remarks or disclaimer made by the Auditors in their2023. reportMaintenanceon the
offinancial statementcost records as specifiedof the Company forunder Companiesthe
financialAct, 2013yearis endednot applicableon 31st March,to the Company.
16. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE
COMPANIES The Company has not given any loans, guarantees, securities covered or
investments made under theACT,2013: provisions of section 186 of the Companies Act,
2013. 17. PARTICULARS All transactions to OF CONTRACTS be entered by the
Company with related parties will be in the ordinary -Course of OR ARRANGEMENTS MADE
WITH RELATED PARTIES: transaction,business and on an arm's length basis. However, the
Company has not entered into any related partyas provided in Section 188 of the Companies
Act, 2013, with the related party. Hence, Company.Disclosure as required under Section 188
of the Companies Act, 2013 is not applicable to the 18. MANAGEMENT The Management
Discussion and Analysis Report as required under Regulation 34 and Schedule V ofDISCUSSION
AND ANALYSIS REPORT: the SEBI (Listing Obligation and Disclosure Requirements)
Regulations, 2015 forms an integral part of this Report, and provides the Company's
current working and future outlook as per Annexure - 1.
19. INTERNAL The Company has in place adequate internal financial controls with
reference to financial statement FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY: effectiveness.across
the organization. TheDuring the financialsame is subjectyear, suchto
reviewcontrolsperiodicallywere testedby theand internal auditno reportablecellmaterialfor
its testweaknesses in the design or operations were observed. The Statutory Auditors of
the Company alsothe effectiveness of Internal Financial Controls in accordance with the
requisite standards prescribed by ICAI. Their expressed opinion forms part of the
Independent Auditor's report.Internal Financial Controls are an integrated part of
the risk management process, addressing financialdigitized and embedded in the business
processes. and financial reporting risks. The internal financial controls have been
documented, Assurance on the effectiveness of internal financial controls is obtained
through management reviews, control self-assessment, continuous monitoring by
functional experts. We believe that theseare operating as intended. systems provide
reasonable assurance that our internal financial controls are designed effectively and
During the year, no reportable material weakness was observed.
20. RESERVES & SURPLUS:
Sr. No. Particulars |
Amount (In Lakhs) |
1. Balance at the beginning of the year |
(174.97) |
2. Current Year's Profit |
10125.90 |
Total |
9950.93 |
21. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF THE RISK MANAGEMENT
POLICY The CompanyOF THE COMPANY:has framed formal Risk Management
framework for risk assessment and risk minimization for Indian operation which is
periodically reviewed by the Board of Directors to ensuresmooth operations and effective
management control. The Audit Committee also reviews the adequacybusiness and measures and
steps in place to minimize the same.of the risk management frame work of the Company, the
key risks associated with the
22. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND
OUTGO: The details of conservation of energy, technology absorption etc. as
required to be given under section 134(3)(m) of the Companies Act 2013 read with the
Companies (Accounts) Rules, 2014, is not given as the Company has not taken any major
step to conserve the energy etc. Further, there was noforeign exchange earnings and
outgo during the financial year 2022-23.
Foreign exchange earnings and outgo |
F.Y. 2022-23 |
F.Y. 2021-22 |
a. Foreign exchange earnings |
Nil |
Nil |
b. CIF value of imports |
Nil |
Nil |
c. Expenditure in foreign currency |
Nil |
Nil |
d. Value of Imported and indigenous Raw Materials, Spare-parts and
Components Consumption |
Nil |
Nil |
23. POLICY ON DIRECTOR'S APPOINTMENT AND REMUNERATION: achievementsThe
Remunerationon a periodicalpolicy is basis.directedThe towardsremunerationrewardingpolicy
performanceis in consonancebasedwithon thereviewexistingof industry practice and is
designed to create a high-performance culture. It enables the Company to
attract,disclosures to the members on the remuneration paid to Directors from time to
time. The Company'sretain and motivate employees to achieve results. The Company has made
adequate positive attributes, independence of a director and other matters provided under
Section 178 (3) ofPolicy on director's appointment and remuneration including criteria for
determining qualifications, the Act is available on the website of the Company at
www.quasarindia.in .
24. SECRETARIAL During the year under review, the Company has complied with the
applicable Secretarial StandardsSTANDARDS: systems to ensure compliance with its
provisions and is in compliance with the same.issued by the Institute of Company
Secretaries of India (ICSI). The Company has devised proper 25. During the year
under review, neither the Statutory nor the Secretarial Auditors has reported to the REPORTING
OF FRAUDS BY THE AUDITORS: against the Company by its officers or employees, the
details of which would need to be mentioned inAudit Committee under Section 143(12) of the
Companies Act, 2013 any instances of fraud committed the Board's Report. 26. STATE ManagementOF
COMPANY'S DiscussionAFFAIRS: and Analysis Report for the year under review, as
stipulated in Regulation detailed write up and explanation about the performance of the
Company.34(2)(e) of SEBI Listing Regulations is given as a separate part of the Annual
Report. It contains a 27. STATEMENT The Board evaluatedON ANNUAL EVALUATION the
effectiveness ofOF itsBOARD'S functioning,PERFORMANCE: that of the
Committees and of individual feedback of Directors on various parameters including:
Directors, pursuant to the provisions of the Act and SEBI Listing Regulations. The Board
sought the responsibilities
Degreecorporate governance practices, participation in the long-term strategic
planning, etc.); of fulfillment of key towards stakeholders (by way of monitoring
Structure, composition, and role clarity of the Board and Committees;
Extent of co-ordination and cohesiveness between the Board and its Committees;
Effectiveness of the deliberations and process management;
Board / Committee culture and dynamics; and Quality of relationship between
Board Members and the Management.
The ?above criteria are broadly based on the Guidance Note on Board Evaluation issued
by the Securities and Exchange Board of India on January 5, 2017. Chairman of Nomination
and Remuneration Committee had one-on-one meetings with each ExecutiveThe Chairman of the
Board had one-on-one meetings with each Independent Director and the inputs on
effectiveness of the Board / Committee processes. and Non-Executive, Non-Independent
Directors. These meetings were intended to obtain Directors' In a separate meeting of
Independent Directors, performance of Non-Independent Directors, the Executive Directors
and Non-Executive Directors.Board as a whole, and the Chairman of the Company was
evaluated, taking into account the views of The Nomination and Remuneration Committee
reviewed the performance of the individual directors and the Board as a whole.
InNominationthe BoardandmeetingRemunerationthat followedCommittee,the meetingthe
performanceof the independentof the directorsBoard, itsandcommittees,the meetingandof
individual directors was discussed.
Company,The evaluationthe resilienceprocess endorsedof the Boardthe Boardand
theMembers'Managementconfidencein navigatingin the ethicalthe Companystandards duringof
the Board and the Management, and the openness of the Management in sharing strategic
information tochallenging times, cohesiveness amongst the Board Members, constructive
relationship between the enable Board Members to discharge their responsibilities and
fiduciary duties. committees and individual directors as per the formal mechanism for such
evaluation adopted by theThe Board carried out an annual performance evaluation of its own
performance and that of its Board. The performance evaluation of all the Directors was
carried out by the Nomination and Remuneration Committee. The performance
evaluation of the Chairman, the Non-Independent Directors and the Board as a carried out
through a structured evaluation process covering various aspects of the Board
functioningwhole was carried out by the Independent Directors. The exercise of performance
evaluation was duties & obligations, contribution at the meetings and otherwise,
independent judgment, governancesuch as composition of the Board & committees,
experience & competencies, performance of specific issues etc. Requirements)
Regulations, 2015, the Board has carried out the annual performance evaluation of
thePursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and
Disclosure from directors. Directors individually as well as evaluation of the working of
the Board by way of individual feedback The evaluation frameworks were the following key
areas: a) For Non-Executive & Independent Directors:
Knowledge
Professional Conduct
Comply Secretarial Standard issued by ICSI DutiesRole and functions ??b) For
Executive Directors:
Performance as leader
Evaluating Business Opportunity and analysis of Risk Reward Scenarios
Key set investment goal
Professional conduct and integrity
Sharing of information with Board. Adherence applicable government law
The Directors expressed their satisfaction with the evaluation process. ?
28. MANAGING THE RISKS OF FRAUD, CORRUPTION AND UNETHICAL BUSINESS PRACTICES:
A. The VIGIL CompanyMECHANISM has established/ WHISTLE BLOWER vigil
mechanismPOLICY: and framed whistle blower policy for Directors and
employeesCompany's Code of Conduct or Ethics Policy. to report concerns about unethical
behaviour, actual or suspected fraud or violation of B. The Company has framed
"Business Conduct Policy". Every employee is required to review and sign BUSINESS
CONDUCT POLICY: objective of the policy is to conduct the business in an honest,
transparent and in an ethical manner.the policy at the time of joining and an undertaking
shall be given for adherence to the policy. The the Company.The policy provides for
anti-bribery and avoidance of other corruption practices by the employees of
29. LOANS FROM DIRECTOR / RELATIVE OF DIRECTOR: During the year under review,
the Company has not entered into any materially significant related
partySuitabletransactionsdisclosureswhichas requiredmay haveare potentialprovided
conflictin AS-18withwhichtheisinterestformingofthethepartCompanyof the atnoteslarge.to
financial statement.
30. PARTICULARS OF EMPLOYEES:
ThePersonnel) Rules, 2014 are not applicable to the Company as none of the
Employees of the Companyprovisions of Rule 5(2) & (3) of the Companies (Appointment
& Remuneration of Managerial has received remuneration above the limits specified in
the Rule 5(2) & (3) of the Companies (Appointment & Remuneration of
Managerial Personnel) Rules, 2014 during the Financial Year 2022- 23.
31. DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY AND
BANKRUPTCY During the year under review, there were no applications made or
proceedings pending in the name CODE 2016: of the Company under the Insolvency and
Bankruptcy Code 2016.
32. DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND
VALUATION WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS:
Financial Institutions.During the year under review, there has been no one time
settlement of Loans taken from Banks and
33. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
The Directors and Key Managerial Personnel of the Company are summarized below:
Sr. No. |
Name |
Designation |
DIN / PAN |
1. |
Mr. Vijaybhai Patni1 |
Non-Executive Director |
09675100 |
2. |
Ms. Hansaben Parmar1 |
Non-Executive Director |
09684012 |
3. |
Mr. Harish Kumar4 |
Non-Executive Director |
02591868 |
4. |
Ms. Anju Sharma2 |
Non-Executive Director |
02591877 |
5. |
Ms. Ish Sad ana3 |
Independent Director |
07141836 |
6. |
Ms. Achal Kapoor3 |
Independent Director |
09150394 |
7. |
Mr. Vijaybhai Patni2 |
Managing Director |
09675100 |
8. |
Ms. Hetal Pathak4 |
Independent Director |
09683121 |
9. |
Mr. Nishit Bharatbhai Popat4 |
Independent Director |
09279612 |
10. |
Mr. Tej Bharatkumar Hanj5 |
Company Secretary |
AGMPH8323B |
11. |
Mr. Alok Nath Singh6 |
Company Secretary |
DKXPS8806N |
12. |
Mr. Vijaybhai Patni2 |
Chief Financial Officer |
DJVPP9467H |
13. |
Mr. Harish Kumar4 |
Chief Executive Officer |
APJPS7656E |
14. |
Mr. Harish Kumar4 |
Chief Financial Officer |
APJPS7656E |
2.
hasMs. Anju Sharma had given resignation as a Non-Executive Director w.e.f. 31
been change in designation from Non-Executive Director to Managingst December, 2022; Mr.
Vijaybhai PatniDirector and appointed as a Chief Financial Officer w.e.f. 31st December,
2022.
3.
Ms. Ish Sadana and Ms. Achal Kapoor had given resignation as an Independent
Director w.e.f. 27th January, 2023.
4.
Officer w.e.f. 27 Mr. Harish Kumar had given resignation as a Non-Executive
Director, Chief Executive Officer and Chief Financialth December, 2022; Ms. Hetal Pathak
and Mr. Nishit Bharatbhai Popat has been appointed as an Additional Independent Director
w.e.f. 27th December, 2022.
5.
Mr. Tej Bharatkumar Hanj has been appointed as a Company Secretary w.e.f. 31st
December, 2022 and had given resignation from the post of Company Secretary w.e.f. 28th
February, 2023.
6.
Mr. Alok Nath Singh had given resignation from the post of Company Secretary
w.e.f. 15th December, 2022.
Apart from the above changes, there were no other changes in the composition of the
Board of Directors of the Company during the Financial Year 2022-23 and till the date
of Board's Report. As perCompanies Act, 2013, the Independent Directors are not
liable to retire by rotation. 34. DECLARATION Ms. Hetal PathakBY andINDEPENDENT
Mr. Nishit BharatbhaiDIRECTORS: Popat are Independent Directors of the Company
have confirmed to the Board that they meet the criteria of Independence as specified
under Section 149 (6)of the Companies Act, 2013 and are qualified to be Independent
Director. They also confirmed that they meet the requirements of Independent Director
as mentioned under Regulation 16(1)(b) of SEBI(Listing Obligation and Disclosure
Requirements) Regulations, 2015. The confirmations were noted bythe Board.
35. CORPORATE GOVERNANCE: quarterly compliance report on requirement Corporate
Governance is not applicable to the Company.As per Regulation 15(2) of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, Hence, Corporate Governance
does not form part of this Board's Report.
36. DEPOSITS:
As per Section 73 of the Companies Act, 2013, the Company has neither accepted nor
renewed any deposits during the financial year. Hence, the Company has not defaulted
in repayment of deposits orpayment of interest during the financial year. 37.
FORMAL Pursuant ANNUAL to the provisionsEVALUATION of thePROCESS CompaniesBYAct,BOARD:
2013 and Rules made thereunder, the Board has carriedCommittees,the
includingevaluationtheofChairmanits own ofperformance,the Board on performancethe basis of
attendance,of IndividualcontributionDirectors,towardsBoard developmentRemuneration
Committee of the Company. The evaluation of the working of the Board, its committees,of
the Business and various other criteria as recommended by the Nomination and
experienceDirectors expressed their satisfaction with the evaluation process and
outcome.and expertise, performance of specific duties and obligations etc. were carried
out. The In a separate meeting of Independent Directors, the performances of
Executive and Non - ExecutiveCompany. The achievements of the targeted goals and the
achievements of the expansion plans wereDirectors were evaluated in terms of their
contribution towards the growth and development of the tooCompany.observed and evaluated,
the outcome of which was satisfactory for all the Directors of the
38. AUDITORS:
A. Statutory Auditor:
M/s V S S B & Associates, Chartered Accountants, Ahmedabad (Firm
Registration No. 121356W), were appointed as the Statutory Auditors of the Company from
the conclusion of 43rd Annual General Meeting held in the year 2022 till the conclusion of
44 held in the year 2023. th Annual General Meeting of the Company to be The Auditor's
report for the financial year ended on 31st March, 2023 has been issued with an unmodified
opinion by the Statutory Auditors and the report is part of the Annual Report.
B. The Board of Directors pursuant to Section 204 of the Companies Act, 2013
read with Rule 9 of theSecretarial Auditor: Jitendra Parmar, Proprietor of M/s.
Jitendra Parmar & Associates, Company Secretaries, AhmedabadCompanies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, has appointed Mr. as a Secretarial
Auditor of the Company to conduct Secretarial Audit for the Financial Year 2022-23.
FormThe Secretarial Audit Report for the Financial Year 2022-23 is annexed herewith as
Annexure 2 inMR-3. There are no adverse observations in the Secretarial Audit
Report which call for explanation.
39. DISCLOSURES:
A. Audit Committee:
During the year under review, meetings of members of the Audit Committee as tabulated
below,
was held on 26th May, 2022 and 8th August, 2022, 3rd September, 2022, 14th
November, 2022, 31st December, 2022, 27th January, 2023 and 8th February, 2023 the
attendance records of the
members of the Committee are as follows:The
constitution of the Audit Committee is as follows:
Name |
Status |
No. of the Committee Meetings entitled |
No. of the Committee Meetings attended |
Mr. Achal Kapoor1 |
Chairman |
5 |
5 |
Mrs. Anju Sharma2 |
Member |
4 |
4 |
Mr. Ish Sadana1 |
Member |
5 |
5 |
Mr. Nishit Bharatbhai Popat1 |
Chairman |
1 |
1 |
Ms. Hetal Neel Pathak1 |
Member |
1 |
1 |
Ms. Hansaben Parmar2 |
Member |
2 |
2 |
appointed of the Audit Committee w.e.f. 27 Nishit Bharatbhai Popat as a Chairman th and
January, 2023.Ms. Hetal Neel Pathak as a Member had been
2 Mrs. Anju Sharma had given resignation from the post of Member and Ms. Hansaben
Parmar hadbeen appointed as a Member of the Audit Committee w.e.f. 31st December,
2022. B. Nomination and Remuneration Committee:
DuringCommitteethe asyeartabulatedunder review,below, meetingswas held ofonmembers21st
October,of the2022,Nomination27th December,and Remuneration2022, 31st December, 2022 and
27 are as follows: th January, 2023 the attendance records of the members of the Committee
The constitution of the Nomination and Remuneration Committee is as follows:
Name |
Status |
No. of the Committee Meetings entitled |
No. of the Committee Meetings attended |
Mr. Achal Kapoor1 |
Chairman |
3 |
3 |
Mrs. Anju Sharma2 |
Member |
2 |
2 |
Mr. Ish Sadana1 |
Member |
3 |
3 |
Mr. Nishit Bharatbhai Popat1 |
Chairman |
0 |
0 |
Ms. Hetal Neel Pathak1 |
Member |
0 |
0 |
Ms. Hansaben Parmar2 |
Member |
1 |
1 |
2 appointed of the Audit Committee w.e.f. 27th January, 2023.
Mrs. Anju Sharma had given resignation from the post of Member and Ms. Hansaben
Parmar hadbeen appointed as a Member of the Audit Committee w.e.f. 31st December,
2022. C. Stakeholders Relationship Committee:During the year under review, meetings of
members of the Stakeholders Relationship Committee asrecords of the members of the
Committee are as follows:tabulated below, was held on 3rd September, 2022 and 8th
February, 2023, the attendance The constitution of the Stakeholders Relationship Committee
is as follows:
Name |
Status |
No. of the Committee Meetings entitled |
No. of the Committee Meetings attended |
Mr. Achal Kapoor1 |
Chairman |
1 |
1 |
Mrs. Anju Sharma2 |
Member |
1 |
1 |
Mr. Ish Sadanai |
Member |
1 |
1 |
Ms. Hetal Neel Pathak |
Chairman |
1 |
1 |
Mr. Nishit Bharatbhai Popat |
Member |
1 |
1 |
Ms. Hansaben Parmar |
Member |
1 |
1 |
2 appointed of the Audit Committee w.e.f. 27th January, 2023.
Mrs. Anju Sharma had given resignation from the post of Member and Ms. Hansaben Parmar
had
been appointed as a Member of the Audit Committee w.e.f. 31st December, 2022.
40. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION The Company has always been committed & REDRESSAL) ACT, 2013: to
provide a safe and conducive work environment to its pursuant to the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal)employees. Your
Directors further state that during the year under review there were no cases filed Act,
2013 as confirmed by the Internal Complaints Committee as constituted by the Company.
41. INDUSTRIAL The DirectorsRELATIONS:are pleased to report that the
relations between the employees and the management continued to remain cordial during the
year under review.
42. MAINTENANCE OF COST RECORDS:
The provisions relating to maintenance of cost records as specified by the
Central Government undersub-section (1) of section 148 of the Companies Act, 2013,
are not applicable to the Company and accordingly such accounts and records are not
required to be maintained.
43. ACKNOWLEDGEMENTS: Your Directors would like to express their sincere
appreciation for the co-operation and assistance Customersreceived from the Bankers,
Regulatory Bodies, Stakeholders including Financial Institutions, Suppliers,and other
business associates who have extended their valuable sustained support and encouragement
during the year under review. Your Directors take this opportunity to recognize and place
on record their gratitude and appreciation for the commitment displayed by all
executives, officers and staff at all levels of the Company. We lookforward for the
continued support of every stakeholder in the future.