To,
The Members,
GFL Limited
Your Directors take pleasure in presenting to you Thirty Sixth Annual Report of your
Company together with Audited Financial Statements for the Financial Year ended on 31st
March, 2023.
1. FINANCIAL PERFORMANCE
The financial performance of your Company on standalone bases for the year ended 31st
March, 2023 is highlighted below:
Amount (Hin Lakhs)
|
|
Standalone |
Sr. No. |
Particulars |
2022-23 |
2021-22 |
I. |
Revenue from Operations |
|
|
|
(i) Interest Income |
- |
5.48 |
|
(ii) Fees and commission income |
260.36 |
148.96 |
|
(iii) Net gain on fair value changes |
62.07 |
21.45 |
|
Total Revenue from operations |
322.43 |
175.89 |
II. |
Other income |
- |
42.19 |
III. |
Total Revenue (I+II) |
322.43 |
218.08 |
IV. |
Total Expenses |
225.04 |
140.61 |
V. |
Profit/(loss) before exceptional items and tax (III-IV) |
97.39 |
77.47 |
VI. |
Exceptional items |
246,673.67 |
69.51 |
VII. |
Profit/(loss) before tax (V-VI) |
246,771.06 |
146.98 |
VIII. |
Total Tax expenses |
14,362.99 |
50.17 |
IX. |
Profit/(Loss) for the year from continuing operations (VII-VIII) |
232,408.07 |
96.81 |
X. |
Profit from discontinued operations (after tax) |
- |
- |
XI. |
Other comprehensive income (including discontinued operations) |
21.34 |
(2.52) |
XII. |
Total comprehensive income for the year (IX+X+XI) |
232,429.41 |
94.29 |
The financial performance of your Company on consolidated bases for the year ended 31st
March, 2023 is highlighted below:
Amount (H in Lakhs)
|
|
Consolidated |
Sr. No. |
Particulars |
2022-23 |
2021-22 |
I. |
Revenue from Operations |
322.43 |
175.89 |
II. |
Other income |
24.19 |
82.09 |
III. |
Total Revenue (I+II) |
346.62 |
257.98 |
IV. |
Total Expenses |
243.11 |
873.64 |
V. |
Share of profit / (loss) of associate |
(5,522.08) |
199.96 |
VI. |
Profit/(loss) before exceptional items and tax (III-IV+V) |
(5,418.57) |
(415.70) |
VII. |
Exceptional items |
245,026.71 |
69.51 |
VIII. |
Profit/(loss) before tax (VI-VII) |
239,608.14 |
(346.19) |
IX. |
Total Tax expense |
13,739.86 |
64.32 |
X. |
Profit/(Loss) for the year from continuing operations (VIII-IX) |
225,868.28 |
(410.51) |
Amount (H in Lakhs)
|
|
Consolidated |
Sr. No. |
Particulars |
2022-23 |
2021-22 |
XI. |
Loss from discontinued operations (after tax) |
(2,369.10) |
(23,943.30) |
XII. |
Other comprehensive income (including discontinued operations) |
22.76 |
91.60 |
XIII. |
Total comprehensive income for the year (X+XI+XII) |
223,521.94 |
(24,262.21) |
XIV. |
Total comprehensive income for the year attributable to |
|
|
|
- Owners of the Company |
224,866.27 |
(11,086.97) |
|
- Non-controlling interests |
(1,344.33) |
(13,175.24) |
Detailed analysis of the Financial and Operational Performance of the Company has been
given in the Management Discussion and Analysis forming part of this Annual Report.
2. CONSOLIDATED FINANCIAL STATEMENTS
As per Regulation 33 of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as "Listing
Regulations") and applicable provisions of the Companies Act, 2013 read with the
Rules issued there under, the Consolidated Financial Statements of the Company for the
Financial Year 2022-23 have been prepared in compliance with applicable Accounting
Standards and on the basis of Audited Financial Statements of the Company and its
subsidiaries and Unaudited Financials of its associate, as approved by the respective
Board of Directors.
The Consolidated Financial Statements together with the Auditors' Report form part of
this Annual Report. The Audited Standalone and Consolidated Financial Statements for the
Financial Year 2022-23 shall be laid before the Annual General Meeting for approval of the
Members of the Company.
3. RE-CLASSIFICATION OF PERSONS FORMING PART OF THE PROMOTER AND PROMOTER
GROUP CATEGORY' TO THE PUBLIC CATEGORY'
During the year under review, the Company has reclassified INOX Leasing and Finance
Limited (ILFL), Devansh Trademart LLP, Aryavardhan Trading LLP (Earlier known as
Siddhapavan Trading LLP), Mr. Vivek Kumar Jain, Mr. Devansh Jain, Mrs. Nandita Jain, Mrs.
Hem Kumari Jain and Mr. Kapoor Chand Jain forming part of the Promoter and Promoter
Group Category' to the Public Category'. The notice of the postal ballot dated
November 14, 2022, was sent via email to shareholders with registered email addresses for
electronic communication.
The Company had obtained Shareholders approval dated 15th December, 2022
passed through Postal Ballot, approving the resolution for Re-classification of Persons
forming part of the Promoter and Promoter Group Category' to the Public
Category'.
The results of the postal ballot were announced on December 15, 2022. The resolution
was passed with requisite majority.
The Company have received approval letters from BSE and NSE dated 29th
March, 2023 and intimated the same to Stock Exchanges on 29th March, 2023.
4. AMALGAMATION OF A SUBSIDIARY COMPANY
The Board of Directors of the erstwhile INOX Leisure Limited (which was a subsidiary of
the Company), at its meeting held on 27 March 2022, approved a Scheme of Amalgamation
("the Scheme") of INOX Leisure Limited ("the Transferor Company") with
PVR Limited ("the Transferee Company" and now known as PVR INOX Limited) under
Sections 230 to 232 of the Companies Act, 2013. As per the Scheme, the share exchange
ratio was 3 equity shares of the face value of H 10 of the Transferee Company, credited as
fully paid-up, for every 10 equity shares of the face value of H 10 each fully paid-up
held by such member in the Transferor Company. Over time, the Scheme had received all the
necessary approvals from the authorities and a certified copy of the National Company Law
Tribunal order was filed with the Registrar of Companies (ROC) on 6th February
2023 i.e., the effective date of merger. The appointed date was 1st January
2023. Upon the Scheme becoming effective, the Transferor Company stood dissolved, without
following the procedure of winding up. As per the Scheme, on the merger of the Transferor
Company with the Transferee Company, the Company has received 158,35,940 fully paid-up
equity shares of the Transferee Company, which represents 16.16% of the total paid-up
equity capital of the Transferee Company.
Accordingly, the Company has derecognised its investment in its subsidiary INOX Leisure
Limited, recognised the resultant investment in PVR INOX Limited at fair value and the
resultant gain of H 2,46,674 lakhs is recognised in the statement of profit and loss as an
exceptional item. Further, the resultant investment in PVR INOX Limited is classified as
investment in an associate.
5. SHARE CAPITAL
The paid-up equity share capital of the Company as on March 31, 2023 was H 10,98,50,000
(Rupees Ten crore Ninety Eight Lakhs and Fifty Thousand only) comprising of 10,98,50,000
equity shares of H 1/- each. The Company has neither issued share with differential voting
rights nor sweat equity.
No change in the Share Capital of the Company during the year.
6. DIVIDEND
Your Directors have not recommended any dividend for the Financial Year ended 31st
March, 2023.
In accordance with Regulation 43A of the Listing Regulations, the Company has
formulated a Dividend Distribution Policy' and details of the same have been
uploaded on the Company's website https://www.
gfllimited.co.in/pdf/company_policies/gfl%20limited_ dividend_distribution_policy.pdf .
7. TRANSFER OF UNAPID DIVIDEND /UNCLAIMED AMOUNT AND SHARES TO INVESTOR
EDUCATION AND PROTECTION FUND
During the year under review, the Company has credited Unpaid Dividend (Final FY
2014 -15) aggregating to H 27.06 lakhs to the Investor Education and Protection Fund
(IEPF) pursuant to the provisions of the Companies Act, 2013.
In accordance with the provisions of Companies Act, 2013, the Company during the
Financial Year 2022-23, has transferred 57,314 equity shares of Re 1 each, to the credit
of IEPF Authority, in respect of which dividend had not been paid or claimed by the
members for seven consecutive years. The Company has uploaded on its website the details
of unpaid and unclaimed amounts lying with the Company as on date of last Annual General
Meeting (i.e. 26th September, 2022) and details of shares transferred to IEPF.
The aforesaid details are available on the Company's website
http://www.gfllimited.co.in/IEPF_Shares.php and can be accessed at the website of the IEPF
Authority (www.iepf.gov.in).
The voting rights on the shares transferred to IEPF Authority shall remain frozen till
the rightful owner claims the shares.
8. TRANSFER TO RESERVES
During the year under review, the Company has not transferred any amount to the General
Reserves.
9. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Director
Re-appointment
Pursuant to the provisions of Section 152 of the Companies Act, 2013, Mr. Pavan
Kumar Jain (DIN: 00030098), was re-appointed as a Non-Executive Director of the Company as
he was liable to retire by rotation.
Retirements / Resignations
We would like to inform that no director (Executive, Non- Executive and Independent
Director) had resigned during the Financial Year 2022-23.
Key Managerial Personnel
In terms of Section 203 of the Act, the Board has designated the following persons as
Key Managerial Personnel of your Company:
Mr. Devendra Kumar Jain, Managing Director
Mr. Dhiren Asher, Chief Financial Officer (Appointed w.e.f. 06th
April, 2023)
Mr. Mukesh Patni, Chief Financial Officer (Resigned w.e.f. 31st
March, 2023)
Ms. Bhavi Shah, Company Secretary (Resigned w.e.f. 10th June, 2022)
Ms Divya Shrimali, Company Secretary (Appointed w.e.f. 11th June,
2022).
10. NOMINATION AND REMUNERATION POLICY
The Company has in place a Nomination and Remuneration Policy for the Directors, Key
Managerial Personnel, Senior Management and other Employees pursuant to the provisions of
the Act and Regulation 19 of the SEBI Listing Regulations.
The Nomination and Remuneration Policy of the Company is uploaded on the Company's
website www.gfllimited.co.in. Salient features and objectives of the Policy are as
follows:
a. To lay down criteria for identifying persons who are qualified to become Directors
and who may be appointed in Senior Management of the Company in accordance with the
criteria laid down by Nomination and Remuneration Committee and recommend to the Board
their appointment and removal;
b. To formulate criteria for determining qualification, positive attributes and
Independence of a Director;
c. To evaluate whether to extend or continue the term of appointment of the independent
director, on the basis of the report of performance evaluation of independent directors;
d. Todeterminethecompositionandlevelofremuneration, including reward linked with the
performance, which is reasonable and sufficient to attract, retain and motivate Directors,
KMP, Senior Management Personnel & other employees to work towards the long term
growth and success of the Company;
e. To recommend to the board, all remuneration, in whatever form, payable to senior
management;
f. To formulate criteria for evaluation of performance of independent directors and the
board of directors;
g. devising a policy on diversity of board of directors;
h. To formulate the criteria for determining qualifications, positive attributes and
independence of a director and recommend to the board of directors a policy relating to,
the remuneration of the directors, key managerial personnel and other employees;
11. DECLARATION OF INDEPENDENCE
The Company has received declarations from all the Independent Directors confirming
that they meet the criteria of independence as prescribed under the provisions of Section
149 (6) of the Act read with the Schedules and Rules issued thereunder as well as
Regulation 16 of Listing Regulations (including any statutory modification(s) or
re-enactment(s) thereof for the time being in force). There has been no change in the
circumstances affecting their status as Independent Directors of the Company. Further, all
Independent Directors of the Company have registered their names in the Independent
Directors' Databank.
The Independent Directors have complied with the code for Independent Directors
prescribed in Schedule IV of the Act.
12. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS
Details of Familiarisation Programme for Independent Directors are given in the
Corporate Governance Report, which forms part of this Annual Report.
13. PERFORMANCE EVALUATION
Performance Evaluation forms containing criteria for evaluation of Board as a whole,
Committees of the Board and individual Directors and Chairperson of the Company were sent
to all the Directors with a request to provide their feedback to the Company on the Annual
Performance Evaluation of Board as a whole, Committees of Board, Individual Directors and
Chairperson of the Company, fulfillment of the independence criteria and independence of
Independent Directors from the management for the Financial Year 2022-23. Further, based
on the feedback received by the Company, the Board of Directors at its Nomination and
Remuneration Committee Meeting held on 6th April, 2023 had noted that the
Annual Performance of each of the Directors is highly satisfactory and decided to continue
the terms of appointment of all the Independent Directors of the Company.
14. MEETINGS OF THE BOARD
During the year under review, five (5) Meetings of the Board of Directors of the
Company.
The details of the meetings of the Board of Directors of the Company held and attended
by the Directors during FY2023 are detailed in the Corporate Governance Report, forming
part of this Report.
15. AUDIT COMMITTEE
The Composition of Audit Committee is disclosed in the Corporate Governance Report
which forms part of this Annual Report.
The Board accepted the recommendations of the Audit Committee whenever made by the
Committee during the year.
16. DIRECTORS' RESPONSIBILITY STATEMENT AS PER SUB-SECTION (5) OF SECTION 134 OF THE
COMPANIES ACT, 2013
To the best of their knowledge and belief and according to the information and
explanations obtained by your Directors, they make the following statements in terms of
Section 134(3) (c) of the Companies Act, 2013:
i. in the preparation of the Annual Accounts for the Financial Year ended 31st
March, 2023, the applicable Accounting Standards and Schedule III of the Companies Act,
2013, have been followed and there are no material departures from the same;
ii. 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 Profit/Loss of the Company for that period;
iii. 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;
iv. the Directors had prepared the Annual Accounts on a going concern basis;
v. the Directors had laid down Internal Financial Controls to be followed by the
Company and that such Internal Financial Controls were adequate and were operating
effectively and
vi. 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.
17. 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 orders passed by the regulators or courts or tribunals impacting the going
concern status and the Company's operations in future.
18. PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN AND SECURITIES
PROVIDED
Particulars of investments made under section 186 of the Act are disclosed in the
Standalone Financial Statements of the Company. The Company has not given any loan or
provided any securities or given any guarantee during the year covered under Sections 185
and 186 of the Act. Please refer to Note nos. 8 and 27 to the Standalone Financial
Statements of the Company.
19. CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
All contracts / arrangements / transactions entered by the Company during the year
under review with Related Parties were on arm's length basis as approved by the Audit
Committee and/or Board, as per the provisions of Section 188 of the Companies Act, 2013
read with the Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014 and
Regulation 23 of the Listing Regulations. During the year under review, the Company had
not entered into any contract / arrangement / transaction with Related Parties which could
be considered material in accordance with the Policy of the Company on materiality of
Related Party Transactions.
The Policy on materiality of Related Party Transactions and dealing with Related Party
Transactions as approved by the Board may be accessed on the Company's website at the
link: https://www.gfllimited.co.in/company_policies.html
All transactions entered with Related Parties for the year under review were on arm's
length basis and were free from material transactions, therefore disclosure in Form AOC -2
is not required to be annexed to this report.
20. DEPOSITS
The Company has not accepted any deposits covered under Chapter V of the Act.
21. SUBSIDIARY COMPANY AND ASSOCIATE COMPANY
A separate statement containing the salient features of financial statements of
Subsidiaries and Associate Company of the Company forms a part of consolidated financial
statements in compliance with Section 129 and other applicable provisions, if any, of the
Companies Act, 2013. In accordance with Section 136 of the Companies Act, 2013, the
financial statements of the subsidiary company and associate company are available for
inspection by the members at the Registered Office of the Company during business hours on
all days except Saturdays, Sundays and public holidays upto the date of the Annual General
Meeting (AGM'). Any member desirous of obtaining a copy of the said financial
statements may write to the Company Secretary at the Registered Office of the Company. The
financial statements including the consolidated financial statements, financial statements
of subsidiary and all other documents required to be attached to this report have been
uploaded on the website of the Company www.gfllimited.co.in . The Company has formulated a
policy for determining material subsidiaries. The policy may be accessed on the website of
the Company www.gfllimited.co.in .
The Report on the performance and financial position of each of the Subsidiaries and
Associates of the Company is annexed to this report in Form no AOC-1 pursuant to
first proviso to sub-section (3) of Section 129 of the Companies Act, 2013 and Rule 5 of
Companies (Accounts) Rules, 2014 is annexed to this report as Annexure A.
INOX Leisure Limited ceased to be Subsidiary of the Company w.e.f. 31st
December, 2022.
PVR INOX Limited (formerly known as PVR Limited) become Associate company w.e.f. 1st
January, 2023.
22. INTERNAL FINANCIAL CONTROLS
The Company has adequate Internal Financial Controls commensurate with its size and
nature of its business. The Board has reviewed Internal Financial Controls of the Company
and the Audit Committee monitors the same in consultation with Internal Auditor of the
Company.
23. VIGIL MECHANSIM
The Company has established a vigil mechanism vide its Whistle Blower Policy to deal
with instance of fraud and mismanagement, if any.
The details of the policy have been disclosed on the Company's website at
www.gfllimited.co.in.
24. INDEPENDENT AUDITOR'S REPORT
There are no reservations, modifications or adverse remarks in the Independent
Auditor's Report. The notes forming part of the accounts are self-explanatory and do not
call for any further clarifications under Section 134 (3) (f) of the Companies Act, 2013.
25. INDEPENDENT AUDITORS
Members at their 35th Annual General Meeting held on 26th
September, 2022 had appointed M/s. Patankar & Associates, Chartered Accountants, Pune,
as Independent Auditors of the Company from the conclusion of 35th Annual
General Meeting until conclusion of 40th Annual General Meeting of the Company.
The Board approved the appointment of M/s. Patankar & Associates, Chartered
Accountants, Pune (Firm Registration No. 107628W) as statutory auditors in place of the
retiring auditors after evaluating and considering various factors such as competency in
audit, industry experience, efficiency in conduct of audit, independence, etc., for a
period of five years from the conclusion of 35th Annual General Meeting till
the conclusion of 40th Annual General Meeting of the Company based on the
recommendations of the Audit Committee and the same was approved by the Members of the
Company.
26. COST AUDITOR
In terms of Section 148 of the Act read with the Companies (Cost Records and Audit)
Rules, 2014, the Company is not required to appoint the Cost Auditor.
27. SECRETARIAL AUDITOR
In terms of Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies
(Appointment & Remuneration of Managerial Personnel) Rules, 2013, the Company has
appointed M/s Dhrumil. M Shah & Co LLP, a firm of Practising Company Secretaries to
conduct Secretarial Audit of the Company for Financial Year 2022-23.
The Secretarial Audit Report given by M/s Dhrumil. M Shah & Co.LLP for the
financial year 2022-23, is annexed herewith as Annexure B in Form no. MR-3. The
Secretarial Audit Report does not contain any qualification, reservation or adverse
remark.
28. SECRETARIAL STANDARDS
During the year under review, the Company has complied with the applicable provisions
of the Secretarial Standards.
29. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE
REPORTABLE TO THE CENTRAL GOVERNMENT
The Statutory Auditors and Secretarial auditors of the Company have not reported any
frauds to the Audit committee or the Board of Directors under Section 143 (12) of the Act,
including rules made thereunder.
30. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management's Discussion and Analysis Report for the year under review, as stipulated
under Regulation 34 of the Listing Regulations is presented in a separate Section forming
part of this Annual Report.
31. CORPORATE GOVERNANCE REPORT
Pursuant to Regulation 34 read with Para C of Schedule V of Listing Regulations, the
Corporate Governance Report of the Company for the year under review and the Auditors'
Certificate regarding compliance of conditions of Corporate Governance is annexed to this
report as
Annexure E.
In compliance with the requirements of Regulation 17 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, a certificate from the Managing Director and
Chief Financial Officer of the Company, who are responsible for the finance function, was
placed before the Board.
All the Board Members and Senior Management Personnel of the Company had affirmed
compliance with the Code of Conduct for Board and Senior Management Personnel. A
declaration to this effect duly signed by the Chairman and Managing Director is annexed as
a part of the Corporate Governance Report.
32. BUSINESS RESPONSIBILITY AND SUSTINABILITY REPORT
A Business Responsibility and Sustainability Report as per Regulation 34 of the Listing
Regulations, detailing the various initiatives taken by the Company on the environmental,
social and governance front forms an integral part of this report. The said report is
available on the website of the Company www.gfllimited.co.in
33. EXTRACT OF ANNUAL RETURN
In terms of Section 92 (3) of the Companies Act, 2013 read with Rule 12 of the
Companies (Management & Administration) Rules, 2014, the Annual Return has been placed
on the website of the Company at www.gfllimited.co.in
34. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO
Information in respect of conservation of energy, technology absorption, foreign
exchange earnings and outgo required to be given pursuant to Section 134 of the Companies
Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014, is not applicable to
the Company.
35. PARTICULARS OF EMPLOYEES
Disclosure pertaining to remuneration and other details as required under Section 197
(12) read with Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are annexed to this report as Annexure C.
In accordance with the provisions of Section 197 (12) of the Companies Act, 2013 read
with Rules 5 (2) and 5 (3) of The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, No employees are drawing remuneration in excess of the limits set
out in the said rule.
In terms of Section 136 of the Companies Act, 2013, the Report and Accounts are being
sent to the Members of the Company excluding information on employees' particulars which
is available for inspection by the Members at the Registered Office of the Company during
the business hours on working days of the Company up to the date of the ensuing Annual
General Meeting.
36. CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES
The Corporate Social Responsibility (CSR) Committee of the Company comprises of Mr.
Shanti Prashad Jain, Independent Director, Mr. Devendra Kumar Jain, Managing Director and
Mr. Pavan Kumar Jain, Director of the Company. The CSR Policy of the Company is disclosed
on the website of the Company which can be viewed at
http://www.gfllimited.co.in/pdf/company_ policies/gfllimited_csr_policy.pdf.
The report on CSR activities as per Companies (Corporate Social Responsibility) Rules,
2014 is annexed to this Report as Annexure D.
37. INSURANCE
The Company's property and assets have been adequately insured.
38. RISK MANAGEMENT
The Company has minimal risks as it holds investment in its subsidiaries/associates.
The Company proactively identifies its business risks and systemically resolves all the
risks.
39. INSOLVENCY AND BANKRUPTCY
The Company has not made any application or no proceeding is pending under the
Insolvency and Bankruptcy Code, 2016 during the year and hence not being commented upon.
40. INFORMATION UNDER THE SEXUAL HARRASSMENT OF WOMEN AT 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. Your Company has formed an Internal Complaints Committee (ICC) to redress
complaints received regarding sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this Policy.
The following is the summary of sexual harassment complaints received and disposed of
during the year 2022-23.
No. of Complaints Received |
Nil |
No. of Complaints disposed of |
Nil |
No. of Complaints pending |
Nil |
Hence, the company has complied with provisions relating to the constitution of
Internal Complaints Committee under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.
41. 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
There are no material changes and commitments 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 this report.
42. ACKNOWLEDGEMENT
Your Directors express their gratitude to all other external agencies for the
assistance, co-operation and guidance received. Your Directors place on record their deep
sense of appreciation for the dedicated services rendered by the workforce of the Company.
By order of the Board of Directors
Place: New Delhi |
Devendra Kumar Jain |
Date: 9th August, 2023 |
Chairman and Managing Director |
|