| The Board of Directors has immense pleasure in presenting the 63rd
Annual Report of your Company along with the Audited Financial
Statements for the Financial Year ended on 31st March, 2015. Further,
in compliance with the Companies Act, 2013 the Company has made
requisite disclosures in this Board's Report with the objective of
accountability and transparency in its operations to make you aware
about its performance and future perspective of the Company.
1.1 FINANCIAL RESULTS (STANDALONE) AND STATE OF COMPANY'S AFFAIR AND
CHANGE IN THE NATURE OF BUSINESS:
The Board's Report is prepared based on the stand alone financial
statements of the company for the year ended March 31, 2015 is
summarized below:
(Rs. in Lacs)
Particulars Year ended Year ended
31st March 2015 31st March 2014
Revenue from operation 1968.53 2285.58
Profit/loss before providing
Depreciation and Interest 62.70 49.18
Less: Depreciation 3.50 1.11
Interest - -
Profit/loss Before Exceptional &
Extraordinary Items 59.20 48.07
Less: Exceptional Items - -
Profit/loss Before Taxation 59.20 48.07
Less: Provision for Current
Taxation 12.01 8.91
Deferred Tax Liability - -
Profit /Loss after Taxation 47.19 39.16
1.2 WORKING PERFORMANCE REVIEW:
Looking into the market scenario during the year under review, the
performance of your Company has been satisfactory. The gross Revenue
from operations has decreased as compared to the previous year. The
profit after tax for the current year has increased as comparison to
the previous year.
Directors of the company are of the view that the performance of the
company would further improve in the next financial year.
1.3 CHANGES IN NATURE OF BUSINESS
There is no change in the nature of business of the Company during the
financial year 2014-15.
1.4 SHARE CAPITAL:
The paid up equity capital as on March 31, 2015 was Rs. 99600000.
During the year under review, the Company has not issued shares to its
shareholders. Further that none of the directors were holding
convertible instruments as on date.
1.5 REVISION IN FINANCIAL STATEMENTS
In terms of section 131 of the Companies Act, 2013, the Financial
Statements and Board's Report are in compliance with the provisions of
section 129 or section 134 of the act and that no revision has been
made during any of the three preceding financial years.
2. RESERVES:
No amount has been proposed by the Board to carry to any reserves.
3. DIVIDEND:
To conserve the resources of the Company, to ensure better long term
results your Directors are of the opinion to plough back the entire
profits and do not recommend any dividend for the year.
4. DEPOSITS:
The Company has neither accepted nor invited any deposit from the
public and hence directives issued by Reserve Bank of India and the
provisions of Chapter V (Acceptance of deposits by Companies) of the
Companies Act, 2013 and rules framed there under are not applicable for
the year.
5. MATERIAL CHANGES AND COMMITMENTS AFTER THE END OF FINANCIAL YEAR
UPTO THE DATE OF THIS REPORT:
No material changes and commitments affecting the financial position of
the company have occurred between the end of the financial year of the
company to which the financial statements relate and the date of this
report.
6. PERFORMANCE AND FINANCIAL POSITION OF ASSOCIATE COMPANIES:
As per the Companies Act, 2013 and as on date the company is neither
having any Subsidiary Company u/s 2(87) nor any Associate Company u/s
2(6) and hence, do not call for any disclosure under this head.
7. EXTRACT OF THE ANNUAL RETURN:
In compliance with section 92(3), section 134 (3) (a) and rule 11 of
the Companies (Management and Administration) Rules, 2014 the extract
of the annual return in Form No. MGT-9 which is annexed as ANNEXURE I
with this report and shall form part of the Board's report.
8. BOARD AND COMMITTEE MEETINGS:
During the years under review various meetings of the Board of
Directors and Committees was held for various purposes which is in
compliance with the Companies Act, 2013 and Listing Agreement entered
into by the Company with Stock Exchange(s). Further the details of the
various meetings of the Board and Committees are mentioned in the
Report on Corporate Governance which is annexed as ANNEXURE II with
this report and shall form part of the Board's report.
9. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 134 (5) of the Companies Act, 2013, the Directors,
based on representation received from the operating management and
after due enquiry, confirm in respect of the audited financial accounts
for the year ended March 31st, 2015:
a) That in preparation of the annual accounts, the applicable
accounting standards had been followed and that there were no material
departures;
b) That the Directors had, in consultation with the Statutory Auditors,
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 for
the year ended March 31st, 2015 and the profit and loss Account of the
Company for that period;
c) That 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;
d) That the Directors had prepared the annual accounts on a going
concern basis;
e) That the directors have laid down internal financial controls to be
followed by the company and such internal financial controls are
adequate and were operating effectively; and
f) That the directors have devised proper systems to ensure compliance
with the provisions of all applicable laws and such systems were
adequate and operating effectively.
10.1 CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL:
During the year under report Mr. A.G. Joshi, Director of the Company
has resigned from the post of Director of the Company w.e.f.
30.05.2015. The Board thereby accepted his resignation was accepted by
the Board on their meeting held on 30.05.2015 and places on record its
appreciation for the contribution made by Mr. A.G. Joshi during his
tenure as Director.
Dr. Ulhas Gaoli, Director of the Company has resigned from the post of
Director of the Company w.e.f.
14.08.2014. The Board thereby accepted his resignation was accepted by
the Board on their meeting held on 14.08.2014 and places on record its
appreciation for the contribution made by Dr. Ulhas Gaoli during his
tenure as Director.
Mr. Thakor Bhai Patel, Independent Director of the Company has resigned
as a Director on August 14, 2015 due to his pre-occupancies. The Board
thereby accepted his resignation w.e.f. August 14, 2015 and places on
record its appreciation for the contribution made by Mr. Thakor Bhai
Patel during his tenure as Director.0 Mrs. Shobha Prakashchandra Garg,
Additional Women Director of the Company will hold office upto the
forthcoming annual general meeting and she is eligible for appointment
by the members in the AGM . Mr.Ravindra Hetawal, Additional
Independent director of the Company will hold office up to the
forthcoming annual general meeting and he is eligible for appointment
by the members in the AGM.
All the intimations pertaining to the appointments and resignations
made during the year has been given to Stock Exchange (s) where the
shares of the Company are listed and also the relevant records are duly
updated with the Registrar of Companies, wherever required.
10.2 DECLARATION OF DIRECTORS:
As per the declaration received in Form 'DIR-8' pursuant to section
164(2) of the Companies Act, 2013 and Rule 14(1) of Companies
(Appointment and Qualification of Directors) Rules, 2014, none of the
Directors of the Company is disqualified from being appointment as
Directors.
11.1 APPOINTMENT/RE-APPOINTMENT OF INDEPENDENT DIRECTORS:
All the Independent Directors are well appointed in the Board of the
Company in compliance with the Companies Act, 2013 and Listing
Agreement entered into by the Company with Stock Exchange(s). Further
that all independent directors shall hold office for a term up to five
consecutive years on the Board of a Company, but shall be eligible for
reappointment for next five years on passing of a special resolution by
the Company and disclosure of such appointment in the Board's report.
11.2 DECLARATION BY INDEPENDENT DIRECTORS:
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet the criteria of
independence under sub-section (6) of section 149 of the Act and Clause
49 of the Listing Agreement entered into by the Company with the Stock
Exchanges.
11.3 FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS:
The directors will be introduced to all the Board members and the
senior management personnel such as Chief Financial Officer, Company
Secretary and Various Department heads individually to know their roles
in the organization and to understand the information which they may
seek from them while performing their duties as a Director. And meeting
may be arranged for Independent Directors with aforesaid officials to
better understand the business and operation of the Company. As part of
continuous updating and familiarization with the Company, every
Independent Director will be taken for visits to the factory or
manufacturing units and other branch of the company where officials of
various departments apprise them of the operational and sustainability
aspects of the plants to enable them to have full understanding on the
activities of the Company and initiatives taken on safety, quality etc.
The Company may also circulate news and articles related to the
industry from time to time and may provide specific regulatory updates.
The details of such familiarization programmes for Independent
Directors are posted on the website of the Company and can be accessed
at http:// www.centroalliance.com /
11.4 SEPARATE MEETING OF INDEPENDENT DIRECTORS:
As mandated by Clause VII of Schedule IV of the Companies Act, 2013, a
separate meeting of Independent Directors was held.
11.5 EVALUATION BY INDEPENDENT DIRECTORS:
The Independent Directors in their meeting has reviewed the performance
of Non-Independent directors and Board as a whole including reviewing
the performance of the Chairperson of the company taken into account
the views of Executive Directors and Non-Executive Directors. The said
policy including above said criteria for the evaluation of the Board,
individual directors including independent directors and the committee
of the board has been laid down under Nomination, Remuneration and
Evaluation Policy given in the Report on Corporate Governance which is
annexed as ANNEXURE II with this report and shall form part of the
Board's report.
12. NOMINATION AND REMUNERATION COMMITTEE AND STAKEHOLDERS
RELATIONSHIP COMMITTEE:
The Board of Directors of your Company had presently re-constituted the
Nomination and Remuneration Committee and Stakeholders Relationship
Committee with the requisite terms of reference as required under
Section 178 of the Companies Act, 2013 and other applicable provisions
thereof in place of existing Remuneration Committee and Shareholder
Grievance Committee respectively. The constitutions of the said
committees are as under:
Nomination And Remuneration Committee
Name Designation
Mr. Anand Pratap Singh Chairman
*Mr. A.G. Joshi Member
**Mr. Thakor Bhai Patel Member
*Resigned w.e.f 30.05.2015 ** Resigned w.e.f 14.08.2015
Stakeholders Relationship Committee
Name Designation
*Mr. Thakor Bhai Patel Chairman
*Mr. A.G. Joshi Member
Mr. Anand Pratap Singh Member
*Resigned w.e.f 14.08.2015 **Resigned w.e.f 30.05.2015
13. DISCLOSURE IN TERMS OF NOMINATION AND REMUNERATION POLICY:
The Board of Directors of your Company had presently re-constituted the
Nomination and Remuneration Committee with the requisite terms of
reference as required under section 178 of the Companies Act, 2013 and
other applicable provisions thereof in place of existing Remuneration
Committee. The said Committee framed, adopted and recommended the
"Nomination, Remuneration & Evaluation Policy" and the said policy has
been approved by the Board. The Details of the Nomination and
Remuneration Committee and the said Policy given in the Report on
Corporate Governance which is annexed as ANNEXURE II with this report
and shall form part of the Board's report.
14.1 AUDITORS:
(I) Statutory Auditors:
M/s S. Jain Bohra & Company, Chartered Accountants, and Statutory
Auditor of the Company has resigned w.e.f. 14.08.2015. and accordingly
as per the recommendation of Audit Committee and Nomination&
Remuneration Committee your Board of Directors had appointed M/s S.N.
Kabra & Company, Chartered Accountants, and auditors of the Company
w.e.f.14.08.2015 to conduct audit of the Company for a term of 5(Five)
years.. Further to inform, that the auditors have also confirmed that
they hold a valid certificate issued by Peer Review Board of the
Institute of Chartered Accountants of India. Proposal for their
appointment have been included in the Notice of Annual General Meeting
for your approval.
(ii) Cost Auditors:
The Central Government has not directed an audit of cost accounts
maintained by the Company in respect of trading business.
(iii) 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 Company has appointed M/s Deepak Patil &
Company, a firm of Company Secretaries in Practice to undertake the
Secretarial Audit of the Company.
14.2 AUDITOR'S REPORT/ SECRETARIAL AUDIT REPORT:
The observation made in the Auditors' Report read together with
relevant notes thereon are self explanatory and hence, do not call for
any further comments under Section 134 of the Companies Act, 2013.
The Secretarial Audit Report does not contain any qualification,
reservation or adverse remark further, in Form No. MR- 3 Secretarial
Audit Report is annexed as ANNEXURE V with this report and shall form
part of the Board's report.
15. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
The company has not provided any loan to entity covered under section
186 of the Companies Act, 2013.
The details of the investments made by company are given in the note 8
notes Insert note number to the financial statements.
16. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
There were no related party transactions during the year under review.
The company has adopted a Policy on Related Party Transaction which is
available on the website of the Company i.e. http://
www.centroalliance.com /
17. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Since the Company has not carried out any activities within the purview
of Section 134(3)(m) of the Companies Act, 2013 read with the
Companies(Accounts) Rules, 2014, the information may be treated as NIL.
18. BUSINESS RISK MANAGEMENT:
Pursuant to section 134 (3) (n) of the Companies Act, 2013 & Clause 49
of the listing agreement, the company has constituted a business risk
management committee consisting of three (3) directors under the
chairmanship of Independent Director. The details of the committee and
Risk Management Policy are set out in the Report on Corporate
Governance which is annexed as ANNEXURE II with this report and shall
form part of the Board's report.
19. CORPORATE SOCIAL RESPONSIBILITY (CSR):
The provisions of section 135 is not applicable this year as the profit
of the financial year 2014-15 doesn't crossed the threshold limit as
prescribed under sub-section (1) of the said section.
20. FORMAL ANNUAL EVALUATION:
Pursuant to section 134 (3) (p) of Companies Act 2013 and Rule 8(4) of
Companies (Accounts) Rules, 2014 and clause 49 (iv) (b) of listing
agreement, the Board has Carried out an evaluation of its own
performance, the directors individually as well as the evaluation of
its Committees as per the criteria laid down in the Nomination,
Remuneration and Evaluation policy. The said policy including above
said criteria for the evaluation of the Board, individual directors
including independent directors and the committee of the board has been
laid down in the Corporate Governance Report, which form part of this
report.
21. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS:
During the year no significant and material orders has been passed by
the Regulators or Courts.
22. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has a proper internal control system, which provides
adequate safeguards and effective monitoring of the transactions and
ensures that all assets are safeguarded and protected against loss from
unauthorized use or disposition.
Moreover, the audit committee of the Company regularly reviews the
audit plans, adequacy of internal control as well as compliance of
accounting standards.
Also the CEO/ CFO, wherever they are appointed, has the responsibility
for establishing and maintaining internal controls for financial
reporting and that they also have the overall responsibility to
evaluate the effectiveness of internal control systems of the company
pertaining to financial reporting and they have to disclose to the
auditors and the Audit Committee, deficiencies in the design or
operation of such internal controls, if any, of which they are aware
and the steps they have taken or propose to take to rectify the
deficiencies.
23. AUDIT COMMITTEE:
The Audit Committee comprises of three (3) directors.
Name Designation
Mr. Anand Pratap Singh Chairman
*Mr. A.G. Joshi Member
**Mr. Thakor Bhai Patel Member
*Resigned w.e.f 30.05.2015 ** Resigned w.e.f. 14.08.2015
The Board has considered all recommendations of the Audit Committee as
and when provided during the year under review and hence, do not call
for any disclosure under Section 177(8) of the Companies Act, 2013.
24. DISCLOSURE IN TERMS OF VIGIL MECHANISM:
The Company believes in the conduct of its affairs in a fair and
transparent manner by adopting highest standards of professionalism,
honesty, integrity and ethical behavior. The Company is committed to
develop a culture in which every employee feels free to raise concerns
about any poor or unacceptable practice and misconduct. In order to
maintain the standards has adopted lays down this Whistle Blower Policy
to provide a framework to promote responsible and secure whistle
blowing.
The Board of Directors of your Company has adopted the Vigil Mechanism
and Whistle Blower Policy in compliance of Companies Act, 2013. Details
of the Policy is given in the Report on Corporate Governance which is
annexed as ANNEXURE II with this report and shall form part of the
Board's report and the said policy has already been uploaded on the
website of the company i.e., http:// www.centroalliance.com /.
25. COMMISSION RECEIVED BY DIRECTORS FROM HOLDING AND SUBSIDIARY:
During the year under review neither the Managing Director nor
Whole-time Director is in receipt of commission from the company and
also has not received any remuneration or commission from any holding
or subsidiary company of company u/s 197(14).
26. MANAGERIAL REMUNERATION:
Disclosures Pursuant to Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
1. The ratio of remuneration of each director to the median
remuneration of the employees of the company for the financial year;
During the year under review the Company has provided remuneration only
to Shri Anoop Garg, Managing Director of the company i.e. Rs.
6,00,000/-. The company has only 13 (Thirteen) employees during the
year including Ms. Megha Jain, Company Secretary and Mr. Dinesh
Mundhra, Chief Executive Officer of the company and the total
remuneration provided to them was Rs. 32,61,000/-. On the basis of
remuneration provided to the director and employee the ratio of their
remuneration comes as 1:5.
2. The percentage increase in remuneration of each Director, Chief
Financial Officer, Chief Executive Officer, Company Secretary or
Manager, if any, in the financial year;
S. Name Designation Remuneration Remuneration Change
No. paid in paid in
FY 2013-14 FY 2014-15
I Mr. Anoop
Garg Managing 3,00,000/- 6,00,000/- -
Director (for six
months)
II Mrs. Megha
Jain Company
Secretary 3,00,000/- 3,00,000/- -
III Mr. Dinesh
Mundhra Chief
Executive
Officer 7,20,000/- 7,20,000/- -
Name percentage
%
Mr.Anoop Garg -
Mr. Megha jain -
Mr. Dinesh mundra -
The company has not paid any kind of remuneration to any of its
director or KMP's other then mentioned above
3. The percentage increase in the median remuneration of employees in
the financial year; Kindly refer the point no. 2.II and III above.
4. The number of permanent employees on the rolls of company; The
company had only 2(Two) employees as on 31 .03.2014 and 31.03.2015.No
change in employees during the year.
5. The explanation on the relationship between average increase in
remuneration and company performance;
Particulars Financial
Year 2013-14 Financial
Year 2014-15 % Change
Total Revenue 24,50,84,959.00 21,30,58,515.00 (13.07%)
Profit Before
Tax 48,06,823.00 59,20,196.00 23.16%
Profit After
Tax 39,15,835.00 47,19,196.00 20.52%
Total
Remuneration
Paid 23,10,000.00 38,61,000.00 67.14%
6. Variations in the market capitalization of the company, price
earnings ratio as at the closing date of the current financial year and
previous financial year and percentage increase over decrease in the
market quotations of the shares of the company in comparison to the
rate at which the company came out with the last public offer in case
of listed companies, and in case of unlisted companies, the variations
in the net worth of the company as at the close of the current
financial year and previous financial year
Particulars 2014 2015
as per BSE as per BSE
Share Price 27.00 2.14
Equity Shares 99600000 99600000
PE Ratio 675 42.8
Market Capitalization 26892 2131.44
(Rs. In Lakhs)
7. Average Percentile increase already made in the salaries of
employees other than the managerial personnel in the last financial
year and its comparison with the percentile increase in the managerial
remuneration and justification thereof;
No change in the remuneration of directors and employees during the
year under review. Further there are no exceptional circumstances for
increase in the managerial remuneration.
8. During the year under review no variable component of remuneration
availed by Directors of the Company;
9. During the under review none of the employees has received
remuneration in excess of the highest paid director during the year;
and
10. It is hereby affirmed that the remuneration paid by the Company to
its Directors, KMP's and Employees during the year under review is as
per the Nomination, Remuneration & Evaluation Policy of the company.
27. EQUITY SHARES WITH DIFFERENTIAL VOTING RIGHTS:
The company has not issued any shares with differential voting rights
and accordingly the provisions of Section 43 read with Rule 4(4) of the
Companies (Share Capital and Debentures) Rules, 2014 of the Companies
Act, 2013 and rules framed there under are not applicable for the year.
28. DETAILS OF SWEAT EQUITY SHARES:
The company has not issued any sweat equity shares and accordingly the
provisions of Section 54 read with Rule 8(13) of the Companies (Share
Capital and Debentures) Rules, 2014 of the Companies Act, 2013 and
rules framed there under are not applicable for the year.
29. DETAILS OF EMPLOYEES STOCK OPTION SCHEME:
The company has not granted stock options and accordingly the
provisions of Section 62(1)(b) read with Rule 12(9) of the Companies
(Share Capital and Debentures) Rules, 2014 of the Companies Act, 2013
and rules framed there under are not applicable for the year.
30. DISCLOSURE OF VOTING RIGHTS NOT EXCERCISED:
The company has not made any provision of money for the purchase of, or
subscription for, shares in the company or its holding company, if the
purchase of, or the subscription for, the shares by trustees is for the
shares to be held by or for the benefit of the employees of the company
and accordingly the provisions of Chapter IV (Share Capital and
Debentures) of the Companies Act, 2013 and rules framed there under are
not applicable for the year.
31. EMPLOYEES:
During the year under review, none of the employee has received
remuneration of Rs. 5.00 Lacs per month or Rs. 60.00 Lacs per year or
at a rate which, in the aggregate, is in excess of that drawn by the
managing director or whole-time director or manager and holds by
himself or along with his spouse and dependent children, not less than
two percent of the equity shares of the company pursuant to Section 197
(12) of the Companies Act,
2013 read with Rule 5(2) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 and hence, do not call for any
further details referred to in Rule 5(3) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014.
32. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORT:
Report on Corporate Governance and Management Discussion and Analysis
Report, in terms of Clause 49 of the Listing Agreement are annexed as
ANNEXURE II and ANNEXURE III respectively with this report and shall
form part of the Board's report.
A certificate from the Auditors confirming compliance with the
conditions of Corporate Governance is also annexed as ANNEXURE IV
33. PAYMENT OF LISTING FEES:
Annual listing fee for the year 2015-16 will be paid by the Company to
BSE.
34. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Board of Directors of the Company has approved and adopted the
"Policy on Prevention of Sexual Harassment at Workplace" to provide
equal employment opportunity and is committed to provide a work
environment that ensures every woman employee is treated with dignity
and respect and afforded equitable treatment. The Company has formed an
Internal Complaints Committee where employees can register their
complaints against sexual harassment. This is supported by the Sexual
Harassment Policy which ensures a free and fair enquiry process with
clear timelines. Present composition of the committee is as follows:
S.
No. Name Designation
1. Mrs. Shobha Prakashchandra Garg Chairman
2. *Mr. Thakor Bhai Patel Member
3. Mr. Anand Pratap Singh Member
35. PAYMENT OF DEPOSITORY FEES:
Annual Custody/Issuer fee for the year 2015-16 will be paid by the
Company to NSDL and CDSL on receipt of the invoices.
36. DEMAT STATUS:
The company's shares are presently held in both electronic and physical
modes.
37. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES:
The Company neither has any Subsidiary Company nor any Associate
company nor any Joint Venture as on date of this report. Further to
inform, that Neither any of such companies became nor ceased to be as
such during the year under review.
38. TRANSFER TO INVESTORS EDUCATION AND PROTECTION FUND(IEPF):
As per the provisions of section 125 of the Companies Act, 2013 and as
per rule 3 of the Investor Education and Protection Fund (awareness and
protection of investors) Rules, 2001, No amount is pending to be
transferred to IEPF .
39. CODE OF FAIR DISCLOSURE OF UNPUBLISHED PRICE SENSITIVE INFORMATION
AND CODE OF CONDUCT UNDER SEBI (PROHIBITION OF INSIDER TRADING)
REGULATIONS, 2015
Pursuant to Regulation 8 of Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 2015 the Board of
Directors has formulated and adopted the "Code of Practices and
Procedures for Fair Disclosure of Unpublished Price Sensitive
Information" (Code of Fair Disclosure) of the Company. The Board has
also formulated and adopted "Code of Conduct for Prohibition of Insider
Trading" (Code of Conduct) of the Company as prescribed under
Regulation 9 of the said Regulations.
40. ACKNOWLEDGEMENTS:
Your Directors wish to place on record their appreciation for and
gratitude to the Kotak Mahindra Bank Ltd. And Axis Bank Ltd. for their
valuable support and co-operation.
Your directors also wish to place on record their appreciation of the
wholehearted and continued support extended by the shareholders,
investors, employees and workers of the company which had always been a
source of strength for the Company.
For and on behalf of the Board of Directors
sd/-
Place: Mumbai
(Anand Pratap Singh)
Dated : 14th August, 2015 Director |