| Dear Members,
The Directors have pleasure in presenting the 24th Annual Report
together with the audited Accounts of the Company for the financial
year ended 31st March, 2014 and the Auditors Report thereon.
Financial Results
The Company had no operations during the year, as the assets of the
Company had been taken over by Asset Reconstruction Company (India)
Limited (ARCIL) under the Securitization and Reconstruction of
Financial Assets and Enforcement of Security Interest Act, 2002.
Dividend:
The company has not declared any dividend as there were no operations
in the company and the company do not have any surplus to distribute.
Directors:
The Directors of the Company remain the same as in the last year.
Pursuant to the Provision of Section 152 of the Companies Act, 2013,
Mr. Vijay Chandra Puljal (DIN No. 00090286) retires by rotation at the
ensuing AGM and offer himself for re-appointment and Mr. A. Krishna
Rao (DIN N0. 00090662) and Mr. S.V Ramachandra Rao (DIN No. 01869061)
are proposed to be appointed as Independent Directors for a period of 5
years under the Companies Act, 2013 not liable to retire by rotation.
Corporate governance:
As required under Clause 49 of the Listing Agreement with the Stock
Exchanges, Corporate Governance report as well as Auditors Certificate
on Compliance of Corporate Governance are annexed and form part of the
Annual Report.
Management Discussion and Analysis
A separate section titled "Management's Discussion and Analysis
Report" confirming compliance of the conditions of Corporate
Governance as stipulated under Clause 49 of the Listing Agreement is
annexed hereto and forms part of this Annual Report.
Directors' Responsibility Statement
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956 with respect to Directors' Responsibility statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2014, the applicable accounting standards have been
followed and there were no material departures.
(ii) That the directors have selected such accounting policies and
applied them consistently and made judgments and estimates which 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
profit of the Company for the year under review;
(iii) That the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
Provisions of Companies Act 2013 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
(iv) That the directors have prepared the accounts for the financial
year ended 31st March, 2014 on a 'non going concern' basis.
Auditors
The Statutory Auditors of the Company, M/s. Rambabu & Co., Chartered
Accountants, Hyderabad retire at the conclusion of the ensuing Annual
General Meeting and being eligible, offer themselves for
re-appointment.
The Company has received letter from them to the effect that their
appointment if made would be within the prescribed limits under Section
139 of the Companies Act, 2013
Boards Reply to the Auditors Qualifications
The company is unable to continue its business as a going concern
because the total assets of the company have been taken over by ARCIL
and sold.
Fixed Deposits
The Company has not invited / accepted deposits from the public within
the meaning of Section 58A of the Companies Act, 1956.
Particulars of Employees:
There are no employees whose details are required to be given under
Section 217(2A) of the Companies Act, 1956.
Additional Information
Information as per Section 217(1)(e) read with Companies (Disclosure of
particulars in the report of Board of Directors) Rules, 1998 and
forming part of report for the year ended March 31,2014.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
A. Conservation of Energy
The Company had no operations during the year and therefore power and
fuel consumptions are NIL.
B. Technology Absorption Research and Development (R&D): Nil
C. Foreign Exchange Earnings and Outgo : NIL
Acknowledgement
Your Directors express their gratitude to the shareholders and
debenture holders.
By Order of the Board
For PALCO LIMITED
Vijay Chandra Puljal
Place: Hyderabad Chairman
Date: 13.08 2014 |