To,
The Shareholders,
HCP Plastene Bulkpack Limited
Ahmedabad
Your Directors are pleased to present the 39th Annual Report
on the business performance and operations of your company together with the Audited
Financial Statements and the Auditor's Report for the financial year ended 31st
March, 2023. The consolidated performance of the company and its subsidiary has been
referred to whenever required
1. FINANCIAL SUMMARY OR HIGHLIGHTS / PERFORMANCE OF THE COMPANY:
The summarized financial results of the company for the period ended 31st
March,2023 are as follows:
(` In Lakh)
|
Standalone |
|
Consolidated |
Particulars |
2022-23 |
2021-22 |
2022-23 |
2021-22 |
Revenue from Operation |
4839.53 |
4932.64 |
35151.97 |
11219.74 |
Other Income |
23.47 |
16.42 |
36.29 |
64.62 |
Total Income |
4863.00 |
4949.06 |
35188.26 |
11284.36 |
Less- Exp. for Cost of Material, Purchase
of Stock In Trade, |
4928.64 |
4642.65 |
33411.05 |
10686.25 |
Change in Inventories, Employee benefit,
and other expenses |
|
|
|
|
Profit /(Loss) before Interest,
Depreciation & Taxation (EBDITA) |
-65.64 |
306.41 |
1777.21 |
598.11 |
Less: Finance Cost |
333.66 |
328.82 |
939.50 |
389.84 |
Less: Depreciation |
333.89 |
465.86 |
738.73 |
525.41 |
Add: Extraordinary items |
0.00 |
0.00 |
0.00 |
0.00 |
Add: Exceptional items |
19.50 |
0.00 |
-19.50 |
0.00 |
Profit /(Loss) Before Prior Period and Tax
(PBT) |
-713.69 |
-488.27 |
118.48 |
-317.14 |
Less Prior Period Item |
0.00 |
0.00 |
0.00 |
0.00 |
Less: Provision for Taxation |
0.00 |
0.00 |
0.00 |
0.00 |
Current Tax |
0.00 |
0.00 |
202.16 |
48.33 |
Tax for Earlier Years |
0.00 |
0.00 |
1.99 |
0.00 |
Deferred Tax |
-178.69 |
-120.53 |
-161.80 |
-119.29 |
Profit (Loss) after Tax (PAT) |
-535.00 |
-367.74 |
76.13 |
-246.18 |
Total Comprehensive income for the year |
4.74 |
0.00 |
32.30 |
0.00 |
Total Comprehensive Income for the period |
-530.26 |
-367.74 |
108.43 |
-246.18 |
Profit attributable to Owners of the
company |
-530.26 |
-367.74 |
-202.42 |
-304.71 |
Non-Controlling interest |
0.00 |
0.00 |
310.84 |
59.77 |
Earning Per shares |
|
|
|
|
Basic |
-5.18 |
-3.59 |
1.06 |
-2.41 |
Diluted |
-4.96 |
-3.59 |
1.01 |
-2.41 |
2. BUSINESS SEGMENT:
The Company mainly operate in two division viz Woven Sack Division and
Woven Label Division in which company derives its sales through manufacturing PP Febric,
PP webbing, PP Yarn and small and jumbo bags, Jaquard Labels. The company has strong
global presence and also cater the need of international market by doing job work.
3. BUSINESS PERFORMANCE: STANDALONE:
During the current period, your company has total revenue of ` 4839.53
Lakhs as against ` 4932.64 Lakhs in the previous year. The Company has Loss of ` -535.00
Lakhs as compared to the Loss of ` -367.74 Lakhs in the previous year. The company will
continue to pursue expansion in domestic market and international market by utilizing the
resources effectively and thereby expect to achieve profitability.
CONSOLIDATED:
During the current period, your company has total revenue of ` 35151.97
Lakhs as against ` 11219.74 Lakhs in the previous year. The Company has profit of ` 76.14
Lakhs as compared to the Loss of ` -244.95 Lakhs in the previous year. In the near future,
the company expects to achieve more growth.
4. FUTURE OUTLOOK:
Though the base of the operations your company is low as we are largely
doing job work as against the direct sales, we are continuously working on achieving
better capacity utilizations and generating direct sales in the company as against job
work model thereby improving top line as well as bottom line. For this, we are in the
process of taking all the necessary steps including arranging required working capital.
Further, we are also exploring new sales geography and working on opportunities of
expanding product portfolio. We are optimistic about the overall demand of our products.
5. MATERIAL EVENTS DURING THE YEAR UNDER REVIEW
The Hon'ble National Company Law Tribunal, Ahmedabad Bench
("NCLT"), vide its order dated August 07, 2020, approved the Resolution Plan
submitted by the Plastene India Limited under Section 31 of the Insolvency and Bankruptcy
Code, 2016.
During the year under review the company has issued 4,41,000 equity
shares having value of ` 600 each aggregating to
` 2646 Lakh on a right basis and thereby dilute the promoter holding
from 92.83 to 88.99 and the company.
The Company is taking necessary steps in due course and shall take
shall take all required steps to comply with the minimum public shareholding requirements
as per Rule 19(2) and Rule 19A of the Securities Contracts (Regulation) Rules, 1957,
Regulation 31 of SEBI (ICDR) Regulations,2018 and Regulation 38 of SEBI (LODR)
Regulations, 2015 (as amended from time to time).
Based on the application dated 21st June, 2021 regarding the
reclassification of promoter shareholders under Regulation 31A of SEBI (Listing
Obligations and Disclosure Requirements), the Company has received approval for the
reclassification of old promoters to public on 2nd May, 2023.
6. DIVIDEND
With a view to loss during the year under review, the directors are not
recommending any dividend for the year (Previous year Nil).
The Company on voluntary basis has adopted the Dividend Distribution
Policy and the said policy is available on the website of the Company at
www.hpbl.in/investor.
There is no unclaimed/unpaid Dividend with the meaning of the
provisions of Section 125 of the Companies Act, 2013.
7. TRANSFER TO RESERVES
For the financial year ended 31st March,2023, the Company
had not transferred any sum to the reserve.
8. CHANGE IN NATURE OF BUSINESS
The Company continue to operate in mainly two segments viz Woven Sack
Division and Woven Label Division and there has been no change in the nature of Business
of Company.
9. SHARE CAPITAL
Currently, the Company has two classes of shares: (A) Equity Shares of
face value of ` 10 each (B) Preference Share capital of ` 100 each
The authorized share capital of the company is ` 21,00,00,000/ -
divided into 1,60,00,000 equity shares of ` 10/- each. and 5,00,000 0.01% Cumulative
Redeemable Preference shares of ` 100/- each.
The Paid- up Share capital of the company consist of only Equity share
capital of ` 10,67,48,370/- divided into 1,06,74,837 equity shares of ` 10 each.
10. RIGHT ISSUE OF SHARES
During the year under review, company has issued 4,41,000 equity shares
having value of ` 600 each aggregating to
` 2646 Lakh on a right basis.
11. DEMATERIALIZATION OF SHARES
99.98% of the company's paid up Equity Share Capital is in
dematerialized form as on 31st March, 2023 and balance 0.02% is in physical
form. The company's Registrar are M/s Bigshare Services Pvt Ltd. having office at
A-802, Samudra Complex, Near Klassic Gold Hotel, Off C.G Road, Navrangpura, Ahmedabad
380009
12. FIXED DEPOSITS
There were no outstanding deposit within the meaning of Section 73 and
74 of the Act read with rules made thereunder at the end of the financial year 2022-23 or
the previous financial years. Your company did not accept any deposit during the year
under review.
13. PARTICULARS OF LOANS, GURANTEES OR INVESTMENTS
During the year under review the company has provided Guarantee to the
subsidiary company (K.P.Woven Private Limited) as per details provided in financial
statements whereas the company has not provided any loan or made any investment.
14. SUBSIDIARIES, JOINT VENTURES, ASSOCIATE COMPANIES AND LLPS
During the year under review, The Company has only one subsidiary
K.P.Woven Private Limited. Further, the company is planning to expand the business by
incorporating subsidiary in United Arab Emirates and Malaysia.
The Company has formulated the policy for determining material
subsidiaries. The policy is available on company's website www.hpbl.in/investor.
Pursuant to Rule 5 of the Companies (Accounts) Rules,2014, a statement
containing the salient features of the financial statement of the Company's
subsidiary/Joint ventures/ associate companies of the company, bringing out the highlights
of their performance, appears in Form AOC-1 at Annexure-A to this report The Board
of HCP Plastene Bulkpack Limited or its duly constituted committees also have oversight at
the affairs of subsidiary and regularly review various information w.r.t the subsidiary
companies that inter-alia includes:
Review the financial statements;
Review of material developments, financial and operating
performance and strategies;
Review of significant transactions or arrangements entered into
by the unlisted subsidiaries;
Review of utilisation of funds and details of investment and
advances by the subsidiary;
Prior recommendation on strategic/ long-term investments, loans,
guarantees, acquisitions or disinvestment by subsidiary;
Noting of minutes of the board meeting and;
Noting of key internal audit findings.
15. TRANSFER OF UNDERTAKING BY WAY OF A SLUMP SALE ON A GOING CONCERN
BASIS
In order to increase the company's production and increase its
efficiency the Audit committee and the Board approved the transfer of Net Assets of Oswal
Extrusion Limited- Unit 1 on Slump Sale on Going Concern Basis.
16. LISTING WITH STOCK EXCHANGE
The Company confirms that it has paid the Annual Listing Fees for the
year 2023-2024 to BSE where the Company's shares are listed.
17. DEMATERIALIZATION OF SHARES
99.98% of the company's paid up Equity Shares Capital is in
dematerialized form as on 31st March, 2023 and balance 0.018% is in physical
form. The Company's Registrar are Bigshare Services Private Limited, having their
office at A-802, Samudra Complex, Near Klassic Gold Hotel, off C.G Road, Navrangpura,
Ahmedabad 380009
18. MANAGEMENT DISCUSSIOON AND ANALYSIS
The Management Discussion and Analysis Report for the year under
review, as stipulated under the SEBI Listing Regulations, is presented in section forming
part of this Annual Report.
19. DIRECTORS AND KEY MANAGERIAL PERSONNEL
As of 31st March, 2023 , Company's Board had Seven
members consisting of Two Executive Directors , One Non-Executive Director, Two
Independent Directors. The Board has one woman Independent Director. The details of Board
and Committee composition, tenure of Directors, areas of expertise and other details are
available in the Corporate Governance Report, which forms part of this Annual Report.
In accordance with the provisions of Section 152 of the Act, read with
rules made thereunder and Articles of Association of the Company. Mr. Anil Goyal (DIN:
03071035) is liable to retire by rotation at the ensuing Annual General Meeting (AGM) and
being eligible, offers himself.
The tenure of Mr. Prakash Parekh as a Managing Director of the company
will expire on 29th October, 2023. The Nomination and Remuneration Committee
and the Board of Directors at their respective meeting held on 31st August,2023
recommended and approved the re-appointment to Mr. Prakash Parekh as a Managing Director
of the company for a further period of 3 (Three) years w.e.f 1st November,
2023, subject to approval of Members at the ensuing AGM. Terms and conditions for his
re-appointment are contained in the Explanatory Statement forming part of the Notice of
the ensuing AGM.
Mr. Ranjeet Mal Kastia was appointed as an additional independent
director of the Company w.e.f. August 31, 2023 and Pursuant to section 160 of the
Companies Act, 2013, the Company has received recommendations from the Nomination and
remuneration committee for proposing the appointment Mr. Ranjeet Mal Kastia as an
Independent Director for a term of five years w.e.f August 31, 2023.
During the year Mrs. Deepti Sharma had resigned form the post of
Independent Director on 6th December, 2022.
Mr. Dipesh Panchal had resigned from the Post of Company Secretary and
Compliance officer of the Company w.e.f. 9th August, 2023
The Board recommends the appointment/ re-appointment of above Directors
for your approval. Brief details of Directors proposed to be appointed/ re-appointed as
required under Regulation 36 of the SEBI Listing Regulations provided in the Notice of the
ensuing AGM.
20. DECLARATION BY INDEPENDENT DIRECTOR
All Independent Directors have submitted requisite declarations
confirming that they (i) continue to meet the criteria of independence as prescribed under
Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations and are
Independent, and (ii) continue to comply with the code of conduct laid down under Schedule
IV of the Act. Details on the same have also been provided in the report of corporate
governance, which forms part of this report.
The Directors have further confirmed that they are not debarred from
holding the office of director under any SEBI order or any other such authority.
21. COMMITTEES OF BOARD
As on the date of this report the Board has the following committees:
Audit Committee
Nomination and Remuneration Committee
Corporate Social Responsibility Committee
Stakeholder Relationship Committee
Management Committee
All the recommendations made by the Board committees, including the
Audit Committee, were accepted by the Board.
22. NUMBER OF MEETING OF THE BOARD
The board of Directors met 5 (five) times during the year under review,
The details of board meetings and the attendance of the Directors are provided in the
Corporate Governance Report, which forms part of this Annual Report.
23. INDEPENDENT DIRECTOR'S MEETING
The independent Director met on 28th March, 2023 without the
attendance of Non-independent Directors and members of the management. The independent
Directors reviewed the performance of Non-Independent Directors, the Committees and the
Board as a whole along with the performance of the Chairman of the company, taking into
account the view of Executive Directors and assessed the quality, quantity, and timeliness
of flow of information between the management and the Board that is necessary for the
Board to effectively and reasonably perform their duties.
24. BOARD EVALUATION
The Board adopted a formal mechanism for evaluating its performance and
as well as that of its Committees and individual Directors, including the Chairman of the
Board. The exercise was carried out through a structured evaluation process covering
various aspects of the Boards functioning such as composition of the Board and Committees,
experience and competences, performance of specific duties and obligations, contribution
at the meetings and otherwise, independent judgement, governance issues etc.
At the Board Meeting that followed the above mentioned meeting of the
Independent Directors , the performance of the Board, its Committees and individual
Directors was also discussed. Performance evaluation of independent Directors was done by
the entire Board, excluding the Independent Directors being evaluated.
25. NOMINATION, REMUNERATION AND BOARD DIVERSITY POLICY
The Board has on the recommendation of the NRC, framed a Nomination
Remuneration and Board Diversity Policy (NRC Policy') for selection,
appointment and remuneration of directors, key managerial personnel and senior management
employees and other matters as provided under Section 178(3) of the Act read with Part D
of Listing Regulations. The remuneration paid to the Directors is as per the terms laid
out in the Nomination and Remuneration Policy of the company. The Nomination and
Remuneration policy is applicable to all the directors, Key managerial Personnel and
Senior Management Personnel of the Company.
The Policy provides guidance on:
1. Selection and Nomination of Directors to the Board of the Company;
2. Appointment of the Senior Management Personnel of the Company; and
3. Remuneration of Directors, Key Managerial Personnel and senior
management personnel.
The said policy is available on the website of the Company at
www.hpbl.in.
26. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Act, the Board of Directors, to the
best of their knowledge and ability, state the following: a. That in the preparation of
the Annual Financial Statements, the applicable accounting standards have been followed
along with proper explanation relating to material departures, if any; b. That such
accounting policies have been selected and applied consistently and judgement and
estimates have been made that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company as at 31st March,2023 and of the
loss of the company for the year ended on that date; c. That proper and sufficient care
has been taken 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 Annual Financial
Statements have been prepared on a going concern basis; e. That proper internal financial
controls were in place and that the financial controls were adequate and were operating
effectively; f. That proper systems to ensure compliance with the provisions of all
applicable laws were in place and were adequate and operating effectively.
27. EMPLOYEE STOCK OPTION PLAN
During the year under review the company has formulated the Plastene
Group Employee Stock Option Plan-2022 and also approved to offer, issue and allot at any
time not exceeding 2,50,000 equity shares at ` 10 each in one or more tranches on such
terms and conditions as may be fixed by the Nomination and Remuneration Committee. However
The company has granted 95,050 options during the year.
28. INTERNAL FINANCIAL CONTROLS SYSTEM AND THEIR ADEQUACY
Company has laid down an adequate system of internal controls, policies
and procedures for ensuring orderly and efficient conduct of the business, including
adherence to the Company's policies, safeguards of its assets, prevention and
detection of frauds and errors, accuracy and completeness of the accounting records and
timely preparation of reliable financial disclosure. The disclosure in compliance with the
SEBI ESOP Regulations is available on the Company's website at
htpp:/www.hpbl.in/investor.
In compliance with the requirements of the SEBI ESOP Regulations, a
certificate from the secretarial auditor , confirming implementation on the Scheme in
accordance with the said regulations and shareholders' resolution is uploaded on the
website of the company at htpp:/www.hpbl. in/investor. The certificate will also be
available for electronic inspection by the members during the AGM of the Company.
29. RISK MANAGEMENT
The Board of your company has adopted Risk Management Plan to create
and protect shareholders value by identifying and mitigating major operating, and external
business risk. Currently the board is responsible for reviewing the risk management plan
and ensuring its effectiveness. The company recognizes that the emerging and identified
risks need to be managed and mitigated to (a) protect its shareholders and other
stakeholder's interest (b) achieve its business objectives and (c) enable sustainable
growth. The details of various risks that are being faced by the company are provided in
Management Discussion and Analysis Report, which forms part of this Report.
30. BOARD POLICIES
The details of the policies approved and adopted by the Board as
required under the Companies Act, 2013 and Securities and Exchange Board of India (SEBI)
regulations are provided in Annexure -B to this report.
31. CORPORATE SOCIAL RESPONSIBILITY _ _
Company has constituted a Corporate Social Responsibility (CSR)
Committee and framed a CSR policy. The brief details of CSR Committee are provided in the
Corporate Governance Report, which forms part of this Annual Report. The updated CSR
Policy is available on the website of the company at www. hpbl.in. The Annual Report on
CSR activities is annexed to this Report as Annexure- C.
Further, the Chief Financial Officer of the Company has certified that
CSR spends of the company for the financial year 2022-2023 has been utilized for the
purpose and in the manner approved by the Board.
32. CORPORATE GOVERNANCE REPORT
Company is committed to good corporate governance practices. The
Corporate Governance Report, as stipulated by the SEBI Listing Regulations, form part of
this Annual Report along with the required Certificate from Statutory Auditors regarding
compliance of the conditions of corporate governance.
In compliance with corporate governance requirements as per the SEBI
Listing Regulations, company has formulated and implemented a code of Business Conduct for
all Board members and senior management personnel of the company who have affirmed the
compliance thereto. The said code of conduct, is available on the website of the company
at www.hpbl.in.
33. ANNUAL RETURN
Pursuant to Section 134(3) (a) of the Act, the draft annual return as
on 31st March, 2023, prepared in accordance with Section 92(3) of the Act, is
made available on the website of the company and can be assessed using the link
www.hpbl.in.
34. BUSINESS RESPONSIBILITY REPORT
As stipulated under the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Business Responsibility Report describing the
initiatives taken by the Company from an environmental, social and governance perspective
is not applicable to your company as per the exemptions provided under SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
35. VIGIL MECHANISM
The Company has a Whistle Blower Policy, which lays down the process to
convey genuine concerns and seek resolution towards the same without fear of retaliation.
A detailed update on the functioning of the Whistle Blower Policy and
weblink of the policy has been provided in the Report on Corporate Governance.
36. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNING AND OUTGO
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Act read
with Rule 8 of the Companies (Accounts) Rules, 2014, as amended, is provided as Annexure-D
of this Report.
37. RELATED PARTY TRANSACTION
All Contracts/ arrangements/ transactions entered by the Company during
the financial year with related parties were in its ordinary course of business and on an
arm's length basis. The relevant details with regard to the Related Party
Transactions is provided in Annexure-E to this report. The Policy on Materiality of
Related Party Transactions and on dealing with Related Party Transactions as approved by
the Board is available on the company's website and can be accessed at www.hpbl.in.
During the year under review, the policy on Materiality of Related
Party Transactions and on dealing with Related Party Transactions was amended to align it
with the amendments in the Listing Regulations.
38. PARTICULARS OF EMPLOYEE
Information required under section 197(12) of the Act read with Rule
5(1), 5(2), 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 is provided in Annexure-F to this Report.
39. STATUTORY AUDITORS & THEIR REPORT
M/s. Ashok Dhariwal & Co., Chartered Accountants, Ahmedabad (Firm
Registration No. 100648W) were reappointed as the Statutory Auditor of the company at the
38th AGM held on 26th September, 2022, to hold the office till the
conclusion of the 43rd AGM to be held in year 2027.
The Statutory Auditor's Report does not contain any qualification,
reservation, adverse remarks or observations.
40. SECRETARIAL AUDITOR AND THEIR REPORT
M/s. Alpesh Vekariya & Associates, Practicing Company Secretaries,
was appointed as the Secretarial Auditor for the financial year ended 31st
March, 2023. The Secretarial Auditor have furnished their report annexed as Annexure-G
to this report.
Further, in compliance with Regulation 24A of the Listing Regulations,
the Annual Secretarial Compliance Report issued by the Secretarial Auditor, was submitted
to the stock exchanges within the statutory timelines.
According to the Secretarial Audit Report and the Secretarial
Compliance Report, the following observations were made and management responded
accordingly
Observation of Secretarial Auditor |
Management Reply |
Delay in submission of Disclosure of Related Party
Transactions under Regulation 23(9) of SEBI (LODR) Regulations, 2015 for the half year
ended 31st March, 2022 to the Stock Exchange. The Company has paid fine levied
by the Stock Exchange. |
The Management has taken note of the same
and paid fine levied by the Stock Exchange |
Delay in intimation of Resignation of Independent Director
under Regulation 30 of SEBI (LODR) Regulations, 2015 to the Stock Exchange. However, the
Company has submitted necessary disclosures as per the Clause 7B of the Para-A of Part-A
of Schedule III within time. |
There was delay in Intimation. However,
necessary disclosures as per the Clause 7B of the Para-A of Part-A of Schedule III has
been submitted in time |
Delay in submission of Annual Report for the year ended on 31st
March, 2022 in XBRL mode to the Stock Exchange. |
The Company has submitted the same on 03rd
November, 2022 to the Stock Exchange |
The Board of Directors has re-appointed M/s Alpesh Vekariya &
Associates, Practicing Company Secretaries, to conduct the secretarial audit of the
company for FY 2022-23. They have confirmed their eligibility for the said re-appointment.
41. COST AUDITOR AND THEIR REPORT
Provisions of Section 148 of the Companies Act, 2013 read with the
Companies (Cost Records and Audit) Rules, 2014 are not applicable to the Company during
the financial year under review.
42. PREVENTION OF INSIDER TRADING
The company has adopted a code of prevention of Insider Trading with a
view to regulate trading in securities by the Directors and the Designated Persons of the
Company. The code requires pre-clearance for dealing in the Company's shares and
prohibits the purchase or sale of company's shares by the Directors and Designated
persons while in possession of unpublished price sensitive information in relation to the
company and during the period when the Trading Window is closed.
As of the date of this report, the company has given the promoter
pre-clearance for transfer of shares by way of gift in accordance with Regulation 10(1)(a)
of SEBI (Substantial Acquisition of Shares and Takeover) Regulations and has disclosed the
same to the authority.
43. SIGNIFICANT AND MATERIAL ORDER
There are no significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status of the Company's operation
in future.
44. REPORTING OF FRAUDS BY AUDITORS
During the year under review, the Statutory Auditors and Secretarial
Auditor have not reported any instances of fraud committed against company by its officers
or employees to the Audit Committee or the Board, under Section 143(12) of the Act.
45. SECRETARIAL STANDARD
During the year under review, company has complied with all the
applicable provisions of Secretarial Standard-1 and Secretarial Standard-2 issued by the
Institute of Company Secretary of india.
46. INSURANCE
Company has taken appropriate insurance for all assets against
foreseeable perils.
47. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
As per the requirement of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013 and rules made thereunder, company has
constituted Internal Complaints Committees (ICs) at all relevant locations across india to
consider and resolve the complaints related to sexual harassment. The ICs includes
external members with relevant experience. The ICs presided by senor women, conduct the
investigations and make decisions at the respective locations. The ICs also work
extensively on creating awareness on relevance of sexual harassment issues, including
while working remotely.
During the year under review, there were no complaints pertaining to
sexual harassment.
48. ACKNOWLEDGEMENT
Your Directors place on record their sincere thanks to bankers,
business associates, consultants, employees and various Government Authorities for their
continued support extended to your companies activities during the year under review. Your
Directors also acknowledge gratefully the shareholders for their relentless support and
confidence reposed on the company.
For and on behalf of the Board of Directors
HCP Plastene Bulkpack Limited
|
Anil Goyal |
Date:- 31-08-2023 |
(DIN:- 03071035) |
Place:- Ahmedabad |
Chairman |
|