To
The Members,
Your directors are pleased to present the 21st Annual Report of Prudent Corporate
Advisory Services Limited ("the Company"), together with the audited financial
statements for the year ended March 31, 2024.
FINANCIAL SUMMARY AND HIGHLIGHTS
The financial performance for the year ended March 31, 2024 is summarized below:
|
Standalone (Rs. in lakhs) |
Consolidated (Rs. in lakhs) |
| Particulars |
Current Year |
Previous Year |
Current Year |
Previous Year |
|
2023-24 |
2022-23 |
2023-24 |
2022-23 |
| Revenue from Operations |
69,391.24 |
54076.66 |
80,509.11 |
61,132.72 |
| Other Income |
1,360.23 |
471.09 |
1,960.71 |
754.50 |
| Profit before Depreciation, Finance Cost and Tax Expense |
17,230.96 |
13,089.94 |
21,275.63 |
18,292.32 |
| Less: Depreciation and Amortization Expenses |
2,283.70 |
2,226.39 |
2,482.32 |
2,403.26 |
| Profit before Finance Cost and Tax Expense |
14,947.26 |
10,863.54 |
18,793.31 |
15,889.06 |
| Less: Finance Costs |
168.51 |
170.70 |
209.22 |
207.05 |
| Profit before Tax Expense |
14,778.75 |
10,692.85 |
18584.09 |
15682.01 |
| Less: Tax Expense (Current & Deferred) |
3,729.18 |
2,730.55 |
4,708.97 |
4,013.16 |
| Profit after Tax |
11,049.57 |
7,962.30 |
13875.12 |
11,668.85 |
| Add: Other Comprehensive Income/loss for the year |
(99.05) |
(16.36) |
(116.23) |
(18.48) |
| Total Comprehensive Income |
10,950.52 |
7,945.94 |
13,758.89 |
11,650.37 |
CONSOLIDATED FINANCIAL STATEMENTS
The Consolidated Financial Statements of your Company for the FY 2023-24 are prepared
in compliance with the applicable provisions of the Companies Act, 2013 (‘the Act'),
Indian Accounting Standards (‘Ind AS') and the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 [‘SEBI (LODR)
Regulations'] and the same shall also be made available to the Members in their
forthcoming Annual General Meeting (‘AGM').
STATE OF THE COMPANY'S AFFAIRS
Your Company is an independent retail wealth management services group in India and is
amongst the top mutual fund distributors in terms of average assets under management
("AAUM") and commission received.
Your Company provide wealth management services to 16.87 lakhs unique retail investors
through 29,605 MFDs on our business-to-business-to-consumer ("B2B2C") platform
and are spread across branches in 119 locations in 21 states in India, as on March 31,
2024. Your Company offers a technology-enabled, comprehensive investment and financial
services platform with end-to-end solutions critical for financial products distribution
and presence across both online and offline channels and digital wealth management
("DWM") solutions through platforms, namely, FundzBazar, PrudentConnect,
Policyworld and
CreditBasket.
As on March 31, 2024, our assets under management from the mutual fund distribution
business ("AUM") stood at ft83,384 crore, with 96.2% of our total AUM being
equity-oriented. Our AUM has increased from Rs. 56,189 crore as on March 31, 2023, to
ft83,384 crore as on March 31, 2024, representing an increase of 48.40%, with our
equity-oriented AUM increasing from 52,525 to 80,230 crore during the same period,
representing an increase of 52.75%.
Our retail focus has helped grow the number of systematic investment plans
("SIPs") handled by us from 19.66 lakhs as of March 31, 2023, to 25.53 lakhs as
of March 31, 2024. Correspondingly, equity AUM from SIPs increased from 22,780 crore
(representing 43.37% of our total equity AUM) as of March 31, 2023, to 35,645 crore
(representing 44.04% of our total equity AUM) as of March 31, 2024. Our monthly SIP flows
as of March 31, 2024, were 726 crore providing visibility of monthly inflows for our MFDs
as well as the Company.
Our overall revenue from operations increased to ft80,509.11 Lakh for Fiscal 2024 from
ft61,132.72 Lakh for Fiscal 2023, representing an increase of 31.70%. Our net profit for
the year increased by ft2206.27 lakhs or 18.91% to ft13,875.12 lakhs for Fiscal 2024 from
ft11,668.85 lakhs for Fiscal 2023.
The detailed results of operations of the Company are given in the Management
Discussion & Analysis forming part of this Annual Report.
TRANSFER TO RESERVES
During the year under review, the Company has not transferred any amount to the General
Reserve.
DEPOSITS
During the year under review, the Company has not accepted any deposit within the
meaning of Sections 73 of the Companies Act, 2013, read with the Companies (Acceptance of
Deposits) Rules, 2014. Further, the Company does not have any deposit that is not in
consonance with the provisions of Chapter V of the Act.
CHANGE IN THE NATURE OF BUSINESS, IF ANY
On July 25, 2023, the Board of Directors of the Parent Company approved the scheme of
amalgamation of Prudent Broking Services Private Limited ("PBSPL"), a
wholly-owned subsidiary, with Prudent Corporate Advisory Services Limited
("PCASL"), effective from the appointed date of April 01, 2023 (the
"Amalgamation Scheme").
The Parent Company has received approval for the Scheme from the Office of the Regional
Director ("RD"), North Western Region, Ministry of Corporate Affairs
("MCA"), Ahmedabad (Gujarat) vide confirmation order dated August 02, 2024. This
order approved the Scheme of Amalgamation between Prudent Broking Services Private Limited
(Transferor Company) with Prudent Corporate Advisory Services Limited (Transferee Company)
and their respective shareholders and creditors in terms of Section 233 of the Companies
Act, 2013 read with Rule 25 of The Companies (Compromise, Arrangement and Amalgamation)
Rules, 2016.
Further, the Company has applied for Corporate Agent Registration with the Insurance
Regulatory and Development Authority ("IRDA") to solicit and procure insurance
business as a corporate agent to offer a full product basket. Registration was granted by
IRDA on September 14, 2023.
DIVIDEND DISTRIBUTION POLICY
The Board of Directors of the Company, in its meeting held on May 12, 2021, has
approved and adopted a Policy on the Distribution of Dividends to comply with Regulation
43A of SEBI (LODR) Regulations and the same is uploaded on the website of the Company at https://www.prudentcorporate.com/investorrelation.
DIVIDEND
The Board of Directors of your Company, in its meeting held on May 06, 2024, has
recommended a final dividend of Rs. 2.00 (Two Rupee) (@ 40%) per equity share of the face
value of Rs. 5/- each fully paid up for the financial year ended March 31, 2024, subject
to the approval of the Members at the ensuing Annual General Meeting. The Final Dividend
is payable to those shareholders whose names appear on the Register of Members as on the
Record Date.
CAPITAL STRUCTURE
During the year, the Company has not raised any capital, and hence the same remains
unchanged.
During the year under review, the Company has not issued any:
a) shares with differential rights as to Dividend, voting or otherwise.
b) sweat equity shares.
RELATED PARTY TRANSACTIONS
During the year, your Company has entered into transactions with related parties as
defined under Section 2(76) of the Act read with Companies (Specification of Definitions
Details) Rules, 2014, SEBI (LODR) Regulations and applicable Accounting Standards, which
were in the ordinary course of business and on arms' length basis and in accordance with
the policy on Related Party Transactions of the Company.
During the year, there was no material transaction with any related parties as per the
Related Party Transactions Policy of the Company and/or any other related party
transaction entered into by the Company that requires disclosure in Form AOC-2. Hence,
disclosure in Form AOC-2 is not applicable to the Company.
The disclosures pertaining to related party transactions as per the applicable
Accounting Standards form part of the notes to the financial statements provided in this
Annual Report.
As required under Regulation 23 of SEBI (LODR) Regulations, the Company has formulated
a Related Party Transactions Policy, which is available on the Company's website at https://www.prudentcorporate.com/investorrelation.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
The details of Loans, Guarantees and Investments covered under the provisions of
Section 186 of the Act are given in the Notes to the Standalone Financial Statements
forming part of the Annual Report.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
(A) Directors:
Pursuant to the provisions of Section 152 of the Companies Act, 2013 and in terms of
the Articles of Association of the Company,
Mr. Chirag Ashwinkumar Shah (DIN: 01480310), Whole-time Director, is liable to retire
by rotation at the ensuing AGM and being eligible, offers himself for reappointment. The
Board of Directors recommends his reappointment.
The Company has received declarations from all the Independent Directors of the Company
confirming that they meet the criteria of independence as prescribed both under subsection
(6) of Section 149 of the Act, including compliance with relevant provisions of the
Companies (Appointment and Qualifications of Directors) Rules, 2014 and SEBI (LODR)
Regulations. The Board is of the opinion that the Independent Directors of the Company
possess requisite qualifications, experience and expertise, and they hold the highest
standards of integrity.
None of the Directors of the Company is disqualified in terms of the provisions of
Section 164 of the Act. The Directors of the Company have made necessary disclosures under
Section 184 and other relevant provisions of the Act.
All the Independent Directors of the Company have enrolled their names in the online
database of Independent Directors by the Indian Institute of Corporate Affairs in terms of
the recently introduced regulatory requirements. Also, the online proficiency
self-assessment test, as mandated, was undertaken by the independent directors of the
Company who were not exempted from the prescribed timelines.
(B) Key Managerial Personnel
In accordance with the provisions of Sections 2(51) and 203 of the Act read with the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended,
Mr. Sanjay Rameshchandra Shah, Managing Director, Mr. Shirish Govindbhai Patel, Whole-time
Director & CEO, Mr. Chirag Ashwinkumar Shah, Whole-time Director, Mr. Chiragkumar
Bansilal Kothari, Chief Financial Officer and Mr. Kunal Amrishbhai Chauhan, Company
Secretary are the Key Managerial Personnel (KMP) of the Company. There was a change
amongst the KMPs during the year under review. Mr. Dhavalkumar Pareshbhai Ghetia who was
appointed as Company Secretary on 22/07/2021 has resigned on 10/11/2023, thereafter Mr.
Kunal Amrishbhai Chauhan has been appointed as Company Secretary on 25/01/2024.
BOARD EVALUATION
To comply with the provisions of Section 134(3)(p) of the Act and Rules made thereunder
and Regulation 17(10) of SEBI (LODR) Regulations, the Board has carried out the annual
performance evaluation of the Directors individually, including the Independent Directors
(wherein the concerned Director being evaluated did not participate), Board as a whole and
following Committees of the Board of Directors:
i) Audit Committee;
ii) Nomination and Remuneration Committee;
iii) Stakeholders Relationship Committee; and
iv) Corporate Social Responsibility Committee.
v) Risk Management Committee.
The manner in which the annual performance evaluation has been carried out is explained
in the Corporate Governance Report, which forms part of this Annual Report. The Board is
responsible for monitoring and reviewing the evaluation framework.
Further, to comply with Regulation 25(4) of SEBI (LODR) Regulations, Independent
Directors also evaluated the performance of Non-Independent Directors, the Chairman and
the Board as a whole at a separate meeting of Independent Directors.
BOARD AND COMMITTEE MEETINGS
The number of meetings of the Board and various Committees of the Board, including
composition, are set out in the Corporate Governance Report, which forms part of this
annual report. The intervening gap between the meetings was within the period prescribed
under the provisions of Section 173 of the Act and SEBI (LODR) Regulations.
REMUNERATION POLICY
To comply with the provisions of Section 178 of the Act and Rules made thereunder and
Regulation 19 of SEBI (LODR) Regulations, the Company's Remuneration Policy for Directors,
Key Managerial Personnel (KMP), Senior Management and other Employees of the Company are
uploaded on website of the Company at https://www.prudentcorporate.com/investorrelation.
The Policy includes inter-alia, the criteria for appointment and remuneration of
Directors, KMPs, Senior Management Personnel of the Company and Board Diversity.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
Your Company has a Corporate Social Responsibility (CSR) Policy, which is uploaded on
the website of the Company at https://www.prudentcorporate.com/investorrelation.
Annual Report on CSR activities for the Financial Year 2023- 24 as required under
Sections 134 and 135 of the Act read with Rule 8 of the Companies (Corporate Social
Responsibility Policy) Rules, 2014 and Rule 9 of the Companies (Accounts) Rules, 2014 is
attached to this report as Annexure - 1.
REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND PARTICULARS OF EMPLOYEES
The information required to be disclosed in the Board's Report pursuant to Section 197
of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 is attached to this report as Annexure – 2.
Mr. Chirag Ashwinkumar Shah, Whole-time Director of the Company, has not taken any
remuneration from the Company during the year under review. He has received a remuneration
of ft182 Lakhs from Gennext Insurance Brokers Private Limited, the Wholly Owned Subsidiary
(WOS) of the Company during the financial year 2023-24.
STATUTORY AUDITORS
Your Company, at the 16th (sixteenth) Annual General Meeting, held on September 30,
2019, had appointed M/s. Deloitte Haskins & Sells, Chartered Accountants (Firm
Registration No. 117365W) as statutory Auditors of the Company for a period of 5
consecutive years till the 21st Annual General Meeting at a remuneration as may be fixed
by the Board of Directors in consultation with the Auditors. Further, Pursuant to the
recommendation of the Audit Committee, the Board hereby recommends to the members the
reappointment of Deloitte Haskins & Sells, Chartered Accountants (Firm's Registration
No. 117365W) as the Statutory Auditors of the Company, to hold office for 2nd Term for a
period of 4 (four) consecutive years commencing from the conclusion of this 21st Annual
General Meeting till the conclusion of the 25th Annual General Meeting of the Company to
be held in the financial year 2027-2028. The Statutory Auditors have confirmed that they
satisfy the independence criteria as required under the Act.
The Statutory Auditors' Report for the Financial Year 2023-24 does not contain any
qualification, reservation or adverse remark and forms part of the Annual Report. The
Statutory Auditors have not reported any fraud under Section 143(12) of the Act.
COST AUDIT
In terms of Section 148 of the Act and the Companies (Cost Records and Audit) Rules,
2014, Cost Audit is not applicable to the Company for the Financial Year 2023-24.
SECRETARIAL AUDITORS
The Board has appointed M/s. M.C. Gupta & Co., Practicing Company Secretaries (COP
No.: 1028) to undertake the Secretarial Audit of the Company for the financial year
2023-24 to 2025-26 pursuant to the provisions of Section 204 of the Companies Act, 2013
read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and
the SEBI (LODR) Regulations, 2015 as amended.
The Secretarial Audit Report in the prescribed Form No. MR–3 for the Financial
Year 2023-24 is annexed herewith as Annexure - 3 to this Report. The Secretarial
Audit Report does not contain any qualification, reservation adverse remark or disclaimer
in his report.
The Company has also filed the Secretarial Compliance Report for the financial year
ended March 31, 2024, with the Stock Exchanges with regards to compliance with applicable
SEBI Regulations/circulars/guidelines issued thereunder, pursuant to requirement of
Regulation 24A of SEBI (LODR) Regulations.
SUBSIDIARIES
Your Company has the following wholly owned subsidiaries on March 31, 2024:
1. Gennext Insurance Brokers Private Limited;
2. Prutech Financial Services Private Limited;
As of March 31, 2024, your Company does not have any Associate/ Joint Venture as
defined under the provisions of the Act.
To comply with the provisions of Section 129 of the Act, a separate statement
containing salient features of Financial Statements of Subsidiaries of your Company
(including their performance and financial position) in prescribed Form AOC-1 forms part
of this Annual Report and, therefore, not repeated here to avoid duplication. Further, the
contribution of the subsidiary to the overall performance of your Company is provided in
Note No. 41 of the Consolidated Financial Statements.
Financial Statements of the above-mentioned subsidiary companies are kept open for
inspection by the Members at the Registered Office of your Company on all days except
Saturday, Sunday and Public Holidays up to the date of AGM between 11:00 A.M. to 5:00 P.M.
as required under Section 136 of the Act. Any Member desirous of obtaining a copy of the
said Financial Statements may write to the Company at its Registered Office or Corporate
Office. The Financial Statements, including the Consolidated Financial Statements and all
other documents required to be attached with this Report have been uploaded on the website
of the Company at https://www.prudentcorporate. com/investorrelation.
To comply with the provisions of Regulation 16(c) of SEBI (LODR) Regulations, the Board
of Directors of the Company have approved and adopted a Policy for determining Material
Subsidiary. Further, Gennext Insurance Brokers Private Limited (GIBPL) became a material
subsidiary of the Company as per Audited Financial Statements for the year ended March 31,
2024. Policy on Material Subsidiary is uploaded on the website of the Company at https://www.prudentcorporate.com/
investorrelation. As per Regulation 24A of Listing Regulations, the Secretarial Audit
Report of GIBPL is annexed as Annexure - 4.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND
REDRESSAL) ACT, 2013
Your Company has constituted an Internal Complaints Committee under the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
During the year under review, no complaint was received under the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
VIGIL MECHANISM / WHISTLE-BLOWER POLICY
Pursuant to the provisions of Section 177 of the Act and Regulation 22 of SEBI (LODR)
Regulations, the Company has adopted a Vigil Mechanism / Whistle Blower Policy to provide
a platform to the Directors and Employees of the Company to raise concerns regarding any
irregularity, misconduct or unethical matters/dealings within the Company. The same is
detailed in the Corporate Governance Report, which forms part of this annual report.
RISK MANAGEMENT
The Risk Management Committee of the Board of Directors inter-alia monitors and reviews
the risk management plan and such other functions as assigned from time to time.
Your Company has a robust Risk Management Policy, under which it manages Risk
Management Framework identifies and evaluates business risks and opportunities. The
Company recognizes that these risks need to be managed and mitigated to protect the
interest of the stakeholders and to achieve business objectives. The risk management
framework is aimed at effectively mitigating the Company's various business and
operational risks, through strategic actions. The Company has a strong Cyber Risk
Management framework wherein cyber risk and mitigation controls are monitored by the
Technology Committee and Risk Management Committee of the Company. The Company has
developed its digital infrastructure to enhance the Clients' and Channel Partners'
interface with the Company. The Company maintains a robust cyber security posture to
protect the confidentiality and integrity of data.
There are no risks which, in the opinion of the Board, threaten the existence of the
Company.
INTERNAL FINANCIAL CONTROLS
The Company has in place adequate internal controls with reference to financial
statements and day-to-day operations and the same are operating effectively. The Internal
Auditors tested the design and effectiveness of the key controls and no material
weaknesses were observed in their examination. Further, Statutory Auditors verified the
systems and processes and confirmed that the Internal Financial Controls System over
financial reporting is adequate and that such controls are operating effectively.
DIRECTORS' RESPONSIBILITY STATEMENT
In terms of the requirements of Section 134(3)(c) read with Section 134(5) of the
Companies Act, 2013, the Board of Directors of the Company, hereby state and confirm that:
(a) in the preparation of the annual accounts for the financial year ended March 31,
2024, the applicable accounting standards have been followed, and there are no material
departures from the same;
(b) they have 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 as at March 31, 2024, and of the profit and loss of
the Company for the financial year ended March 31, 2024;
(c) they have taken proper and sufticient 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) they have prepared annual accounts on a going-concern basis;
(e) they have laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and operating effectively, and
(f) they have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.
OTHER INFORMATION
Management Discussion & Analysis Report
Management Discussion & Analysis Report for the year under review, as stipulated
under Regulation 34(2)(e) of SEBI (LODR) Regulations, forms part of this Annual Report.
Business Responsibility and Sustainability Report (BRSR)
BRSR for the year under review, as stipulated under Regulation 34(2)(f) of SEBI (LODR)
Regulations, forms part of this Annual Report.
Corporate Governance Report
The Company's shares are listed with BSE Limited and National Stock Exchange of India
Limited with effect from May 20, 2022. The Report on Corporate Governance forms part of
this Annual Report. The Report received from M/s. M. C. Gupta & Co., Company
Secretaries confirming compliance with the conditions of corporate governance is also
attached to the Corporate Governance Report.
Listing
The Equity Shares of the Company are listed on the National Stock Exchange of India
Limited and BSE Limited. Both these stock exchanges have nationwide trading terminals. The
annual listing fee for the Financial Year 2024-25 has been paid to the National Stock
Exchange of India Limited and BSE Limited.
ANNUAL RETURN
Pursuant to Sections 92(3) and 134(3)(a) of the Act, the Annual Return of the Company
is available on the Company's website at
https://www.prudentcorporate.com/investorrelation.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The information on the conservation of energy, technology absorption and foreign
exchange earnings and outgo as stipulated under Section 134(3)(m) read with Rule 8 of the
Companies (Accounts) Rules, 2014, are given below:
A. Conservation of Energy i) Steps taken for conservation of energy: The Company
evaluates the possibilities and various alternatives to reduce energy consumption, and the
use of low-energy-consuming LED lighting is being encouraged. The Company recognizes the
importance of energy conservation in decreasing the adverse effects of global warming and
climate change. The Company carries on its activities in an environment-friendly and
energy-efticient manner. ii) Steps taken by the Company for utilizing alternate sources of
energy: Nil iii) Capital investment on energy conservation equipment: Nil B. Technology
absorption The Company believes in leveraging technology to transform every dimension of
its business. Investments in technology infrastructure are an important element of the
Company's commitment to delivering seamless customer experience. Further, steps taken
towards Energy Conservation are the result of technology absorption.
C. Foreign exchange earnings and Outgo
The particulars relating to foreign exchange earnings and outgo during the year under
review are as follows:
(Rs. in lakhs)
| Particulars |
2023-24 |
2022-23 |
| Foreign exchange earned |
25.39 |
0.00 |
| Foreign exchange outgo |
20.64 |
4.33 |
During the FY- 2023-24, the Company had foreign exchange earnings-ft 25.39/-Lakhs),
while the Company has made an expenditure of Rs. 20.64/-Lakhs in foreign currency.
During the FY- 2022-23, the company had no foreign exchange earnings, while the Company
has made an expenditure of Rs. 4.33 Lakhs in foreign currency.
GENERAL
Your directors confirm that no disclosure or reporting is required in respect of the
following items as there was no transaction on these items during the year under review:
1. No significant or material orders were passed by the Regulators, or Courts, or
Tribunals that would impact the going concern status and the Company's operations in the
future.
2. No application made or any proceeding pending under the Insolvency and Bankruptcy
Code, 2016, as at the end of the Financial Year 2023-24.
3. During the year, the Company is not required to avail credit rating(s) of
Securities.
The Company is in regular compliance with the applicable provisions of Secretarial
Standards issued by the Institute of Company Secretaries of India
Material Changes
On July 25, 2023, the Board of Directors of the Parent Company approved the scheme of
amalgamation of Prudent Broking Services Private Limited ("PBSPL"), a
wholly-owned subsidiary, with Prudent Corporate Advisory Services Limited
("PCASL"), effective from the appointed date of April 01, 2023 (the
"Amalgamation Scheme").
The Parent Company has received approval for the Scheme from the Office of the Regional
Director ("RD"), North Western Region, Ministry of Corporate Affairs
("MCA"), Ahmedabad (Gujarat) vide confirmation order dated August 02, 2024. This
order approved the Scheme of Amalgamation between Prudent Broking Services Private Limited
(Transferor Company) with Prudent Corporate Advisory Services Limited (Transferee Company)
and their respective shareholders and creditors in terms of Section 233 of the Companies
Act, 2013 read with Rule 25 of The Companies (Compromise, Arrangement and Amalgamation)
Rules, 2016.
LOANS TAKEN FROM DIRECTORS OF THE COMPANY
During the year under review, the Company has not availed of any loan from the
directors.
IMPLEMENTATION OF CORPORATE ACTION
During the year under review, the Company has not failed to implement any Corporate
Actions within the specified time limit.
INVESTOR EDUCATION AND PROTECTION FUND ("IEPF")
(A) Transfer of Unclaimed/Unpaid Dividend
Pursuant to the provisions of Section 124 of the Companies Act, 2013 ("the
Act") read with Investor Education and Protection Fund Authority (Accounting, Audit,
Transfer and Refund) Rules, 2016 ("IEPF Rules"), and relevant circulars and
amendments thereto, the amount of Dividend remaining unpaid or unclaimed for a period of
seven years from the due date is required to be transferred to the Investor Education and
Protection Fund ("IEPF"), constituted by the Central Government.
There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company.
(B) Transfer of Shares
Pursuant to the provisions of IEPF Rules, all equity shares in respect of which
Dividend has not been paid or claimed for the last seven consecutive years shall be
transferred by the Company to the designated Demat Account of the IEPF Authority
("IEPF Account") within a period of thirty days of such shares becoming due to
be transferred.
There were no shares which were required to be transferred to the Investor Education
and Protection Fund by the Company.
(C) Details of Nodal Officer
| Name |
Mr. Kunal Amrishbhai Chauhan, |
|
Company Secretary and Compliance Officer |
| Email Address |
cs@prudentcorporate.com |
(D) Year-wise amount of Unpaid/Unclaimed Dividend lying in the unpaid account up to
March 31, 2024, and the corresponding shares, which are liable to be transferred to the
IEPF, and the due dates for such transfer:
| Sr. No. |
Date of declaration of Dividend |
Number of Shareholders against whom the Dividend amount is unpaid |
Number of shares against whom the Dividend amount is unpaid |
Amount Unpaid as on March 31, 2024 (ft) |
Due date of transfer of Unpaid and Unclaimed Dividend to IEPF |
| 1 |
Final Dividend (FY 2021-22) AGM held on September 29, 2022 |
125 |
7,011 |
6596 |
October 31, 2029 |
| 2 |
Final Dividend (FY 2022-23) AGM held on August 29, 2023 |
83 |
1972 |
2949 |
September 30, 2030 |
(E) Details of the resultant benefits arising out of shares already transferred to the
IEPF:
There were no resultant benefits arising out of shares already transferred to the IEPF,
which were required to be transferred to the IEPF by the Company.
CAUTIONARY STATEMENT
Statements in the Board's Report and the Management Discussion & Analysis Report
describing the Company's objectives, expectations or forecasts may be forward-looking
within the meaning of applicable laws and regulations. Actual results may differ
materially from those expressed in the statements. Important factors that could influence
the Company's operations include changes in government policies and tax laws, economic
development of the country, and other factors which are material to the business
operations of the Company.
ACKNOWLEDGEMENT
Your Company's organizational culture upholds professionalism, integrity and continuous
improvement across all functions, as well as efticient utilization of the Company's
resources for sustainable and profitable growth.
Your directors acknowledge the support and cooperation received from the employees,
MFDs and all those who have helped to manage the day-to-day business operations of the
Company.
|
For and on behalf of the Board of Directors of |
|
Prudent Corporate Advisory Services Limited |
|
Sanjay Rameshchandra Shah |
| Date: August 08, 2024 |
Chairman |
| Place: Ahmedabad |
DIN: 00239810 |
|