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Anant Raj Ltd. Directors Report
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You can view full text of the latest Director's Report for the company.
Market Cap. (Rs.) 10644.77 Cr. P/BV 3.76 Book Value (Rs.) 82.74
52 Week High/Low (Rs.) 365/115 FV/ML 2/1 P/E(X) 70.44
Bookclosure 05/07/2023 EPS (Rs.) 4.42 Div Yield (%) 0.16
Year End :2023-03 

Your Directors have pleasure in presenting the 38th (Thirty Eighth) Annual Report on the business and operations of your Company together with the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2023.

FINANCIAL SUMMARY/ PERFORMANCE OF THE COMPANY:

(Rs. in Lakhs)

Particulars

Standalone

Consolidated

For the financial year ended March 31, 2023

For the financial year ended March 31,2022

For the financial year ended March 31, 2023

For the financial year ended March 31, 2022

Sales and other income

71815.56

40177.42

100486.16

50124.21

Profit before depreciation

15544.03

8389.53

21321.56

8819.28

Depreciation

1440.85

1455.90

1650.86

1666.65

Profit before tax and after depreciation

14103.18

6933.63

19670.70

7152.63

Provision for taxation

3440.69

1344.96

5230.18

2305.79

Profit after tax

10662.49

5588.67

14440.52

4846.84

Share of profit of an associate (net of tax)

-

-

460.28

478.98

Minority interest

-

-

210.83

162.91

Net Profit available for appropriation

10662.49

5588.67

15111.63

5488.73

Appropriations:

Proposed dividend @Re. 0.50 per share (Re. 0.12 per share in 2022)

1620.48

354.12

1620.48

354.12

Dividend tax

-

-

-

-

Transfer to debenture redemption reserve

-

-

-

-

Earnings per share [equity share of ' 2]

-Basic earnings per share (in ')

3.30

1.90

4.73

1.92

-Diluted earnings per share (in ')

3.40

1.73

4.88

1.74

Dividend per share (in ')

0.50

0.12

0.50

0.12

Notes: -

1) The above figures are extracted from the Standalone and Consolidated Financial Statements prepared as per Indian Accounting Standards (Ind AS).

OPERATIONS REVIEW AND THE STATE OF COMPANY’S AFFAIRS A. Operational and Financial Overview

The Company, its subsidiaries and associates are primarily engaged in the business of Construction and Development of Residential, Commercial, Hospitality, Affordable Housing, IT Parks and Data Centres.

The prime focus of the Company has always been ensuring timely completion and deliveries of all its projects.

The Company, during the year under review, has posted Standalone Net Profit after Tax of ' 10662.49 lakhs as compared to ' 5588.67 lakhs during the previous year.

The Company, during the year under review, has posted Consolidated Net Profit after Tax of ' 15111.63 lakhs as compared to ' 5488.73 lakhs during the previous year.

Rental and Services Receipts

The consolidated Rental and Services receipts of the Company, during the period under review were ' 3065.18 lakhs as compared to ' 1973.77 lakhs during the previous year.

B. Future prospects and outlook of the Company

The real estate industry did very well in 2022. The year can be easily termed as the "turn-around year" for segments such as residential and retail, with all segments recovering

from COVID lows and recording strong year-on-year growth. While growth in India has slowed for multinational corporations, domestic demand has remained steady.

According to a report, India's real estate market is expected to exhibit a growth rate (CAGR) of 9.2% during 2023-2028. Therefore, FY'23-24 will see a strong foundation as there will be more buyers.

Along with important policy initiatives such as "Housing for All" and the Pradhan Mantri Awas Yojana, the government has been developing and constructing infrastructure mega-projects like highways, new airports, metros, etc. These factors will stimulate both the quantitative and qualitative growth of real estate holdings. Intriguingly, real estate in Tier 2 and Tier 3 markets will also grow rapidly, generating substantial returns for investors.

With the positive estimates for the real estate sector, the Company is also poised to grow at a much higher altitude due to presence in diversified asset class.

OPERATIONS

The Company is one of the largest Real Estate Developers in the Delhi, NCR Region. Its businesses include:

• Residential Townships

• Group Housing Projects

• Data Centres/IT Parks

• Malls / Office Complexes

• Affordable Housings

• Hospitality / Serviced Apartments.

"Anant Raj Estate", Company's flagship residential township in Sector 63A, Gurugram, has been able to meet the increase in demand, where customers are eyeing for ready to move in flats/floors/villas/developed plots in well planned societies and integrated townships. The Company has moved ahead of its commitments to set up new projects bolstered by Haryana Government's move to allow higher FAR resulting in extra Floor space in each residential building. Resultantly, the flats are more affordable to buyers due to extra floor space. The Project boasts of several amenities, including Swimming Pools, Gymnasium, Children's Play area, Fine Dining Restaurants, Business Centre, and Sports arenas, all of which are housed within "The Estate Club", which will span over 1.5 lacs sq. ft. Anant Raj Estate is being developed as a fully integrated Township with all latest amenities and infrastructure.

During FY2022-23, Anant Raj received licenses to develop three residential projects viz.

a) Deen Dayal Jan Awas Yojna (DDJAY) on 20.14 acres of land named as "Ashok Estate" in remembrance of founder of the Company, Sh. Ashok Sarin. The project was launched in July, 2022 and has been sold more than 50% of total plots available.

b) Group Housing Project on 5.43 acres of land. The Company is planning to build Group Housing flats on its own, which will create huge inventory for the Company.

c) Extension of existing township license by 11.83 acres.

After successfully completing and delivering 2,600 affordable units in Neemrana, Rajasthan (Anant Raj Aashray), under affordable housing, the Company has commenced its second project "Anant Raj Aashray II" in Tirupati, Andhra Pradesh for construction & Development of approx. 2,000 affordable units.

In the Commercial space, the Company's Wholly Owned Subsidiary, Anant Raj Cloud Private Limited, has already received TIA-942 Rated 3 Certificate from the Telecommunications Industry Association (TIA) for setting up of a 21 MW Data Centre at Manesar. This is the largest project in North India to have this Certificate. Anant Raj Cloud Private Limited will execute the O&M of the Data Centre and 3 MW facility made operational in Q4 of FY2022-23, to be up scaled further in next year.

The Company also holds prime land in Delhi and these land parcels are poised for massive expansions due to recent changes in development norms for residential and commercial spaces in coming years. The Company holds almost 100 acres of fully paid free hold property in Delhi at premium locations.

A segment wise operational brief is given below: a) Residential:

Anant Raj Estate, one of the ambitious projects of the Company, is leading the growth of the Company. Total land owned by the Company in Anant Raj Estate is approximately 175 acres in Sector 63A with a development potential of 6 million sq. ft. The Company has tied up for acquisition of additional land in Sector 63A, Gurugram, for expanding the existing township.

Anant Raj Estate project comprises construction and development of luxury Villas, Plots, Residential flats, Independent floors and a Commercial complex.

This project alone is expected to add total value of more than ' 7,000 crores to the Company's total revenues, and has received one of the fastest partial completion certificates for around 70% of the total area. Within Anant Raj Estate, the Company acquired License for development of another residential colony under Deen Dayal Jan Awas Yojna (DDJAY) on 20.14 acres of fully paid and owned land. This project has been named as "Ashok Estate" to commemorate founder Chairman of the Company, Sh. Ashok Sarin. This project has been sold for around 50% in the FY 2022-23. The Company is expecting to monetize this inventory in next 12 months to 15 months. As the plot sizes are upto 180 sq. yards, these are in great demand being pocket friendly for most of the buyers.

Further, the Company has acquired license for development of Group Housing project on approx. 5.43 acres of land in Anant Raj Estate, in addition to company's entitlement to get Transferable Development Right (TDR) resulting into total saleable area of 1 million sq. ft. The Company has proposed to self-develop the project making it an ambitious project. The Company proposes to launch the project in Q2 of FY2023-24.

• JOINT VENTURE WITH BIRLA ESTATES PRIVATE LIMITED

The Company's JV (Joint Venture) project called "Avarna Projects LLP" (50:50 Limited Liability Partnership) with Birla Estates Private Limited for the development of a residential complex at Sector 63A Gurugram, Haryana is on full swing. Phase I, II and III of Project has already been launched and 95% of the inventory has been booked. Phase IV would be launched in current FY 2023-24. The entire project envisages development of 764 luxury floors built on 191 plots, in part of our integrated township Anantraj Estate, Sector-63A, Gurugram.

• Affordable Housing Projects

Anant Raj is one of the pioneers in delivering affordable homes, which is in line with Hon'ble Prime Minister's vision of "Housing for all". The Company, on account of its expertise in affordable homes, has proposed to launch an affordable housing project on land from APIIC (Andhra Pradesh Industrial Infrastructure Corporation). It has been proposed to develop & construct 2,000 affordable homes in the holy city of Tirupati (Andhra Pradesh). The project is spread over an area of 10.14 acres in an industrial colony developed by APIIC. The Construction of project will commence in FY2023-24.

b) Commercial

(i) IT Park, Manesar, Gurugram

The Company has commenced work for setting up of the Data Centre and 3 MW is operational out of proposed capacity of 21 MW. This facility is expandable upto 50 MW. The projected annual rental revenue will be more than '200 crores at capacity of 21 MW. Furhter, the Company has formed strategic alliance with Telecommunications Consultants India Limited (TCIL) and implemented tie-up with Rail Tel as Partner, a Mini Ratna PSU of Government of India. The Company has all the necessary approvals such as Environment Clearance, Fire Certificate, CC and other HSIIDC regulatory approvals for the building. Based on this, TIA approval for Rated 3 has been obtained for setting up a 21 MW Data Centre at the facility.

(ii) IT Park, Panchkula, Haryana

The Company has land measuring 9.23 acres in IT Park, Panchkula, through its subsidiary Company, Rolling Construction Private Limited. Out of total space of 1.8 million sq. feet, leasable area is around 1.1 million square feet. In Phase-I, the company has developed & constructed an area of 0.5 million sq. feet, which is leased to reputed commercial clients including a Call Centre of Amazon, which is first in North India. Besides this, additional 5.25 acres of land is available for development into a green field project measuring

0.6 million sq. feet. The Company has planned to develop the existing and proposed building as a Tier III Data Centre having capacity load of 50 MW by providing security support, power back-up and strengthening of the structure.

(iii) IT SEZ RAI, Sonepat, Haryana

The Company has total land area of 25 acres allotted by HSIIDC (Haryana State Industrial and Infrastructure Development Corporation) in IT SEZ Rai, Sonepat. Total developable area in Rai building is 5.10 million sq. feet. Against this, the Company has completed construction & development of Phase-1 of IT SEZ Project comprising 2.1 million square feet, against which

1.4 million sq. feet is leasable. The Company has proposed to develop a Tier III Data Centre in the existing building having capacity of 100 MW and a Tier IV Data Centre with 100 MW Load capacity on 15 acres of land as a green field project. Power supply from two grids is available presently to cater the additional power requirement of the data Centre, which is a boon for setting up a venture like this.

c) Hospitality

BEL LA MONDE

This is an existing hospitality project generating revenues. ARL has got permission to develop with FAR of 1.75 as against present FAR of 0.15. ARL plans to build Hotel, Service apartments and Commercial space in proposed new structures.

IND AS STANDARDS

The Audited Financial Statements for the financial year ended March 31, 2023 have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind-AS) prescribed under Section 133 of the Companies Act, 2013 (hereinafter referred to as "Act") and other recognized accounting practices and policies to the extent applicable.

The estimates and judgements relating to the Financial Statements are made on a prudent basis, so as to reflect in a true and fair manner, the form and substance of transactions and reasonably present the Company's state of affairs, profits and cash flows for the financial year ended March 31, 2023. The Notes to the Financial Statements adequately cover the Standalone and Consolidated Audited Statements and form an integral part of this Report.

TRANSFER TO RESERVES

The Company has transferred a sum of ' 1379.03 lakhs to the Reserve for the financial year ended March 31, 2023.

TRANSFERS TO THE INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to the provisions of section 124 of the Act read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ('IEPF Rules'), (including any statutory modification(s)/re-enactment(s)/ amendments(s) thereof for the time being in force), the dividend which remains unclaimed/unpaid for a period of seven consecutive years from the date of transfer to the unpaid dividend account of the Company, is required to be transferred to the Investor Education and Protection Fund ('IEPF') established by the Central Government. As per the IEPF Rules, the corresponding shares in respect of which dividend has not been paid or claimed by the members for seven (7) consecutive years or more shall also be transferred to the dematerialized account created by the IEPF authority within a period of thirty days of such shares becoming due to be so transferred. Upon transfer of such shares, all benefits (like bonus, etc.), if any, accruing on such shares shall also be credited to such Demat Account and the voting rights on such shares shall remain frozen till the rightful owner claims the shares. Shares which are transferred to the Demat Account of IEPF authority can be claimed back by the shareholder from IEPF authority by following the procedure prescribed under the

aforesaid rules. Therefore, it is in the interest of shareholders to regularly claim the dividends declared by the Company.

The said requirement does not apply to shares in respect of which there is a specific order of Court, Tribunal or Statutory Authority, restraining any transfer of the shares.

During the year under review, the Company had transferred a sum of ' 5,07,386/- (Rupees Five Lakhs Seven Thousand Three Hundred Eighty Six Only) lying in the unpaid / unclaimed dividend for the financial year 2014-15 to the Investor Education and Protection Fund (IEPF) established by the Central Government.

Further, in compliance with the provisions laid down in IEPF Rules, the Company had sent individual notices and also advertised in the newspapers seeking action from the members who have not claimed their dividends for seven (7) consecutive years or more and had transferred all corresponding shares on which dividend remained unclaimed for a period of seven (7) consecutive years from 2014-15, to the Demat Account of the IEPF. It may please be noted that no claim shall lie against the Company in respect of share(s) transferred to IEPF pursuant to the said Rules.

Members/claimants whose shares, unclaimed dividends, have been transferred to the IEPF Demat account of the fund, as the case may be, may claim the shares or apply for refund by making an application to IEPF Authority in form IEPF-5 (available on www.iepf.gov.in).

The statement containing details of Name, Address, Folio number, Demat account No. and number of shares transferred to IEPF demat account is made available on our website www.anantrajlimited.com.

The shareholders are encouraged to verify their records and claim their dividends of the preceding seven years, if not claimed.

DIVIDEND

In terms of the Dividend Distribution Policy of the Company, your Board of Directors in their Board meeting held on April 25, 2023 have recommended a final dividend @ 25% i.e. Re. 0.50 per equity share (face value of ' 2 per equity share) for the Financial Year 2022-23, for the approval of shareholders at the forthcoming Annual General Meeting. The cash outflow on account of dividend will be estimated at ' 1620.48 lakhs (previous year ' 354.12 lakhs). Dividend if declared by the Shareholders at the forthcoming Annual General Meeting, will be paid within 30 days from the date of declaration.

Pursuant to the amendments introduced in the Income-tax Act, 1961 vide Finance Act, 2020, w.e.f. April 1, 2020, Dividend Distribution Tax (DDT) which used to be payable by the Company has been abolished, and instead, the concerned shareholder is liable to pay tax on his dividend income. The Company is thus

required to comply with the provisions relating to tax deduction at source (TDS) under the Income-tax Act, 1961 in respect of dividend paid by it on or after such date.

The Dividend Distribution Policy is available on the website of the Company and can be accessed via.

https://anantrajlimited.com/assets/pdf/investor-pg-pdf/

Dividend-Distribution-Policy.pdf

SHARE CAPITAL

The Company, during the year, has allotted 2,90,00,000 equity shares of face value of ' 2/-each on August 3, 2022 upon conversion of 2,90,00,000 fully convertible warrants, allotted as on May 5, 2021, at an issue price of '56.35/- each, by way of preferential allotment, to the entities belonging to the promoter/ promoter Group and non-promoter Group. The equity shares issued ranked pari- passu with the existing fully paid up equity shares in all respects as to dividend etc.

Consequent to the said issuance, the paid-up share capital of the Company increased from ' 59,01,92,670/- (Rupees Fifty Nine Crores One Lakh Ninety Two Thousand Six Hundred Seventy) divided into 29,50,96,335 (Twenty Nine Crores Fifty Lakhs Ninety Six Thousand Three Hundred Thirty Five) Equity Shares of '2/- (Rupees Two) each to ' 64,81,92,670/- (Rupees Sixty Four Crores Eighty One Lakhs Ninety Two Thousand Six Hundred Seventy Only) divided into 32,40,96,335 (Thirty Two Crores Forty Lakhs Ninety Six Thousand Three Hundred Thirty Five) Equity Shares of '2/- (Rupees Two) each.

The equity shares issued by the company during the year under review, are listed at following stock exchanges as on March 31 2023:

1. National Stock Exchange of India Limited (NSE)

2. BSE Limited (BSE)

During the year, there was no change in the authorised share capital of the Company which as on March 31, 2023, was ' 82,90,00,000/- (Rupees Eighty Two Crores Ninety Lakhs Only) divided into 41,45,00,000 (Forty One Crores Forty Five Lakhs) Equity Shares of '2/- (Rupees Two) each.

Also, during the year under review, the Company has neither issued shares with or without Differential Voting Rights nor granted Stock Options nor issued Sweat Equity.

DEBENTURES

The Company, during the financial year under review, raised an amount of ' 25 Crores by way of issue of additional 250 (Two Hundred Fifty) Secured, Unlisted, Redeemable, Non- Convertible Debentures ("NCDs") having face value of ' 10,00,000/- (Rupees Ten lakhs Only) each on private placement basis to Touchstone Trust Scheme II.

Further, the Company, during the financial year under review, raised an amount of ' 200 Crores by way of issue of 2000 (Two Thousand) NCDs having face value of ' 10,00,000/- (Rupees Ten lakhs Only) each on private placement basis to India Real Estate II Scheme Ill of Apollo Global Management.

BOARD OF DIRECTORS & KEY MANAGERIAL PERSONNEL

The Company has an optimum combination of executive and non-executive directors, including independent directors and a woman director. The Company's Board of Directors as on March 31, 2023 consisted of seven (7) Directors and out of them, four (4) are Non-Executive Independent Directors and three (3) are Executive Directors.

Sh. Amit Sarin is the Managing Director, Sh. Aman Sarin is the Whole Time Director and Chief Executive Officer, and Sh. Ashim Sarin is the Whole Time Director and Chief Operating Officer of the Company. The other four (4) Directors i.e., Sh. Brajindar Mohan Singh, Sh. Rajesh Tuteja, Sh. Maneesh Gupta and Mrs. Kulpreet Sond are the Non-Executive Independent Directors of the Company.

During the period under review, none of the Non-Executive Directors of the Company had any pecuniary transactions with the Company, apart from sitting fees paid to Non-Executive Directors for attending the meeting of the Board of Directors/Committees, as and when it happens.

Appointments/Cessation

During the period under review, there was no change in the composition of Board of Directors of the Company.

None of the Directors of your Company are disqualified/debarred as per the applicable provisions of the Act and Securities and Exchange Board of India ("the SEBI").

Re-appointments/Director Retiring by Rotation

In accordance with the provisions of section 152 of the Act and Article 120 of Article of Association read with Companies (Appointment and Qualifications of Directors) Rules, 2014, Sh. Aman Sarin (DIN:00015887) retires by rotation at the ensuing Annual General Meeting and being eligible, has offered himself for re-appointment. The Board of Directors recommends the said re-appointment. The information regarding the re-appointment of Sh. Aman Sarin as required under Regulation 36 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as 'Listing Regulations') has been given in the Notice convening the ensuing Annual General Meeting.

KEY MANAGERIAL PERSONNEL

As per the requirement under the provisions of section 203 of the Act, the following are the Key Managerial Personnel ('KMP') of the Company as on the date of this report:

I. Sh. Amit Sarin (DIN: 00015837)- Managing Director;

II. Sh. Aman Sarin (DIN: 00015887)- Whole Time Director & Chief Executive Officer;

III. Sh. Ashim Sarin (DIN: 00291515)- Whole Time Director & Chief Operating Officer;

IV. Sh. Pankaj Kumar Gupta -Chief Financial Officer; and

V. Sh. Manoj Pahwa-Company Secretary.

During the period under review, there was no change in the Key Managerial Personnel of the Company.

CHANGE IN THE NATURE OF BUSINESS, IF ANY

During the period under review, there was no change in the nature of the business of the Company.

MATERIAL CHANGE AND COMMITMENT 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 have been 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 the report.

DEPOSITS

During the year under review, your Company has neither accepted nor renewed any deposits from the public in terms of provisions of Chapter V of the Act, read with the Companies (Acceptance of Deposits) Rules, 2014.

INSURANCE

The Company's properties including building, plant and machinery, stocks, stores, etc., have been adequately insured against major risks.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The particulars of Loans, Guarantees or Investments, covered under the provisions of section 186 of the Act read with Companies (Meetings of Board and its Powers) Rules, 2014 are given in the Financial Statements of the Company for the financial year ended March 31, 2023. Please refer to Note Nos. 4, 6 and 47 of the Standalone Financial Statements for the financial year ended March 31, 2023 for further details.

SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS

During the year ended March 31, 2023, the Company has received approval from National Stock Exchange of India Limited and BSE Limited for reclassification of the following persons from the "Promoter and Promoter Group" Category to the "Public" Category of shareholders of the Company, in accordance

Except above, there were no significant & material orders passed by the Regulators in connection with the Company during the year under review.

RELATED PARTY TRANSACTIONS AND POLICY ON RELATED PARTY TRANSACTIONS

During the financial year ended March 31, 2023, all the contracts or arrangements or transactions that were entered into with related party as defined under the Act and regulation 23 of Listing Regulations, were on an arm's length basis and in the ordinary course of business. However, pursuant to Regulation 23(2) of Listing Regulations, prior approval of the Audit Committee was sought for entering into all the related party transactions.

Further, the Company has 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. Thus, disclosure in form AOC-2 is not required.

The Board has formulated policy on dealing with Related Party Transactions and it may be accessed on the website of the Company at the web link:

https://anantrajlimited.com/assets/pdf/investor-pg-pdf/Policy_

on_Related_Party_Transactions.pdf

The Board draws attention of the members to Note No. 47 and 45 of the Standalone and Consolidated Financial Statements, respectively, which sets out the requisite disclosures on related parties and transactions entered into with/by them etc.

RISK MANAGEMENT POLICY

In compliance with the requirement of the Act, your Company has put in place Risk Minimization and Assessment Procedure. In order to effectively and efficiently manage risk and address challenges, the Company has formulated Risk Management Policy covering the process of identifying, assessing, mitigating, reporting and review of critical risks impacting the achievement of Company's objectives or threaten its existence.

with provisions of Regulation 31A(3) and 31A(10) of the Listing Regulations:

Persons reclassified under Regulation 31A(3)

Persons reclassified under Regulation 31A(10)

1. Ms. Chanda Sachdev

2. Mr. Dhruv Bhasin

1. Mr. Anil Sarin

2. Mrs. Sharda Sarin

3. Mr. Amar Sarin

4. Ms. Saloni Sarin

5. Ms. Sunaini Sarin

6. Mr. Heera Lal Bhasin

7. Anil Sarin (HUF)

The main objective of the policy is to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. In order to achieve the key objective, the policy establishes a structured and disciplined approach to Risk Management, in order to guide decision on risk related issues. As on the date of this report, there is no element of risk, which may threaten the existence of the Company.

The Board has formulated policy on Risk Management and the same may be accessed at the web-link: https ://anantraj l imited. com/assets/pdf/Policies/Risk_Management_Policy.pdf

During the year under review, no changes were carried out in the risk management policy.

VIGIL MECHANISM/ WHISTLE BLOWER POLICY

In compliance to section 177(9) & (10) of the Act and Regulation 22 of the Listing Regulations, the Company has established a "Vigil Mechanism" for its employees and Directors, enabling them to report any concerns of unethical behaviour, suspected fraud or violation of the Company's code of conduct.

To this effect, the Board has adopted a "Whistle Blower Policy" (WBP), which is overseen by the Audit Committee. The policy provides safeguards against victimization of the whistle blower. Employees and other shareholders have direct access to the Audit Committee for lodging concern if any, for review.

The Board has formulated policy on Whistle Blower and the same may be accessed at the web-link:

https://anantrajlimited.com/assets/pdf/investor-pg-pdf/

Whistle%20Blower%20Policy.pdf

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The Information relating to conservation of energy, technology absorption and foreign exchange earnings and outgo, pursuant to section 134(3)(m) of the Act read with the Companies (Accounts) Rules, 2014 is enclosed as 'Annexure-I' and forms part of this Report.

PARTICULARS OF EMPLOYEES AND REMUNERATION

Disclosures pertaining to remuneration and other details as required under section 197 (12) of the Act read with Rules 5(1),

(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed to this Report as 'Annexure - II and Annexure - III'.

COMMITTEES OF BOARD

Pursuant to various requirements under the Act and the Listing Regulations, the Board of Directors has constituted/reconstituted (whenever necessitated) the following committees:

(i) Audit Committee

In terms of section 177 of the Act and regulation 18 of the Listing Regulations, Your Company has in place Audit Committee of Board of Directors. The committee was re-constituted on June 7, 2022. Mrs. Kulpreet Sond was inducted as a new member of the Committee.

As on March 31, 2023, its composition is as follows:-

Sr.

No.

Name of the

Committee

Members

Category of Directorship

Designation

1

Sh. Maneesh Gupta

Non-Executive & Independent Director

Chairman

2

Sh. Amit Sarin

Executive Director

Member

3

Sh. Brajindar Mohan Singh

Non-Executive & Independent Director

Member

4

Mrs. Kulpreet Sond

Non-Executive & Independent Director

Member

The Audit Committee met six (6) times during the financial year.

Further, during the financial year, the Board has accepted all the recommendations of the Audit Committee.

For further details, please refer to the Corporate Governance Report which forms part of this report.

(ii) Stakeholder’s Relationship Committee

The Company has also formed Stakeholder's Relationship Committee in compliance to the Act & Listing Regulations. The details about the composition of the said committee of the Board of Directors along with meetings of the said committee & attendance thereat and terms of reference of Stakeholder's Relationship Committee have been provided in the Corporate Governance Report which forms part of this Report.

(iii) Share Transfer Committee

The Company has also formed Share Transfer Committee in compliance to the Act & Listing Regulations. The details about the composition of the said committee of the Board of Directors along with meetings of the said committee & attendance thereat and terms of reference of Share Transfer Committee have been provided in the Corporate Governance Report which forms part of this Report.

(iv) Nomination and Remuneration Committee

In terms of section 178 of the Act read with Companies (Meetings of Board and its Powers) Rules, 2014 and regulation 19 of the Listing Regulations, your Company has in place duly constituted Nomination and Remuneration Committee of the Board of Directors. The details of the composition of the committee along with meetings of the said committee & attendance thereat and terms of reference of Nomination and Remuneration Committee are available in the Corporate Governance Report which forms part of this Report.

The Company believes that building a diverse and inclusive culture is integral to its success. A diverse Board, among others, will enhance the quality of decisions by utilising different skills, qualifications, professional experience and knowledge of the Board members necessary for achieving sustainable and balanced development. In terms of Listing Regulations and Act, the Company has in place Nomination & Remuneration Policy.

The said Policy of the Company, inter alia, provides that the Nomination and Remuneration Committee shall formulate the criteria for appointment of Executive, Non-Executive and Independent Directors on the Board of Directors of the Company and persons in the Senior Management of the Company, their remuneration including determination of qualifications, positive attributes, independence of directors and other matters as provided under sub-section

(3) of Section 178 of the Act (including any statutory modification(s) or re-enactment(s) thereof for the time being in force). The Policy also lays down broad guidelines for evaluation of performance of Board as a whole, Committees of the Board, individual Directors including the Chairperson and the Independent Directors. The Policy encourages the appointment of women at senior executive levels and thereby promoting diversity. The Policy is designed to attract, recruit, retain and motivate best available talent.

The said policy is available on the website of the Company at:

https://anantrajlimited.com/assets/pdf/Policies/

Nomination_and_Remuneration_and_Board_

Diversity_Policy.pdf

There were no changes carried out in the Policy during the financial year under review.

It is hereby affirmed that the Remuneration paid to the Directors and Key Managerial Personnels is as per the Remuneration Policy of the Company.

(v) Corporate Social Responsibility (CSR)

Committee

In terms of section 135 of the Act and rules framed thereunder, the Company has constituted a Corporate Social Responsibility (CSR) Committee to undertake the activities as per its terms and references. The details of the composition of the committees, meetings held during the year & attendance thereat and terms of reference of CSR Committee are mentioned in the Corporate Governance Report.

The CSR Policy is available on the Company's website at

https://anantrajlimited.com/assets/pdf/Policies/Corporate_

Social_Responsibility.pdf

During the year under review, there was no changes carried out in the CSR Policy.

The Policy lays emphasis on transparent monitoring mechanism for ensuring implementation of the projects undertaken/ proposed to be undertaken by the Company in accordance with the overall objective of the CSR policy.

An annual action plan as per Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 notified vide MCA Circular dated January 22, 2021 has also been recommended by the CSR Committee of the Board.

The Annual Report on CSR activities containing the requisite details including brief outline of the Policy, CSR expenditure details, reason for not spending the CSR amount etc. is given as 'Annexure- IV' which forms part of this Report.

(vi) Finance and Investment Committee

The Company has constituted the Finance and Investment Committee to monitor, consider and approve the matters relating to borrowing of funds from banks, financial institutions etc. The committee is further authorised to approve investments of Company. The details of this committee are given in Corporate Governance Report which forms part of this Report.

(vii) Risk Management Committee:

In compliance with regulation 21 of Listing Regulations, the Company has constituted a Risk Management Committee consisting of members of Board of your Company and an Independent Director to identify and assess business risks and opportunities. The details of this committee are given in Corporate Governance Report which forms part of this report.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134(3)(c) of the Act, the Board of Directors hereby confirms and accepts the responsibility for the following in respect of the Audited Financial Statements for the financial year ended March 31, 2023:

(a) that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) that the directors had selected such accounting policies and applied them consistently and made judgements 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 of the Company for that period;

(c) that 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;

(d) that the directors had prepared annual accounts for the financial year ended March 31, 2023 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; and

(f) that 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.

MANAGEMENT DISCUSSION & ANALYSIS REPORT

Management Discussion & Analysis Report for the financial year under review, as stipulated under the Listing Regulations is annexed and forms part of this Report.

CORPORATE GOVERNANCE REPORT

As per the requirement of regulation 34(3) read with Schedule V of Listing Regulations, a Report on Corporate Governance is annexed, which forms part of this Report.

A certificate from the Statutory Auditors of the Company regarding compliance of the conditions stipulated for Corporate Governance as required under Clause E of Schedule V read with regulation 34 (3) of the Listing Regulations is annexed hereto.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

Regulation 34 (2) (f) of the Listing Regulations, requires top one thousand listed companies based on market capitalization calculated as on 31st day of March of every financial year to

give Business Responsibility Report (BR Report) in their Annual Report describing the initiatives taken by the Company from an Environmental, Social and Governance (ESG) perspective in the format specified by the SEBI. BR Report has been discontinued after FY 2021-22 and effective FY 2022-23 onwards, the top one thousand listed entities based on market capitalization are required to prepare and present a Business Responsibility and Sustainability Report ('BRSR') to its stakeholders in the prescribed format. The concept of BR Report lays down 9 (nine) core principles which a listed company shall follow while undertaking its business operations.

Since the Company is one of the top one thousand listed companies, it has prepared its first Business Responsibility and Sustainability Report for the financial year ended March 31, 2023, which has been provided separately and forms part of this Report.

PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT AT WORKPLACE

The Company has zero tolerance for sexual harassment at workplace and has formulated a policy on Prevention, Prohibition and Redressal of Sexual Harassment at the workplace, in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and rules there under. The Policy aims to provide protection to employees at the workplace and prevent and redress complaints of sexual harassment and for matters connected or incidental thereto, with the objective of providing a safe working environment, where employees feel secure. All the employees of the Company as a part of induction were/are sensitized about the provisions of the said Act. The Company believes in providing safe working place for the Women in the Company and adequate protection are given for them to carry out their duties without fear or favour.

The Company has also constituted an internal Complaints Committee, to inquire into complaints of sexual harassment and recommend appropriate action.

ANNUAL RETURN

Pursuant to the provisions of section 92 (3) read with section 134 (3) (a) of the Act and rules framed thereunder, the Annual Return, for the financial year ended March 31, 2023 is available on the website of the Company and can be accessed through the web link :

https://anantrajlimited.com/assets/pdf/ar%20mgt/Annual%20

Return%202022-2023.pdf

SUBSIDIARIES AND GROUP COMPANIES

As on March 31, 2023, your Company has thirty-two (32) wholly owned subsidiaries, three (3) step down subsidiaries and three (3) companies in which the Company holds more than 50% of the total equity shareholding.

THE NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT VENTURE OR ASSOCIATE COMPANIES DURING THE FINANCIAL YEAR

The Company, during the financial year ended March 31, 2023, incorporated one wholly owned Subsidiary namely Anant Raj Green Energy Private Limited.

During the financial year ended March 31, 2023, the Company disposed/sold its entire equity stake/investment in its associate, Rockfield Homes Private Limited (Formerly Anant Raj Property Management Private Limited).

Consequently, Rockfield Homes Private Limited (Formerly Anant Raj Property Management Private Limited) ceased to be associate of Anant Raj Limited.

The Company has laid down policy on material subsidiary and the same is placed on the website of the Company. The said policy may be accessed at the following weblink:

https://anantrajlimited.com/assets/pdf/investor-pg-pdf/POLICY_

FOR_DETERMINING_MATERIAL_SUBSIDIARIES.PDF

None of the subsidiaries fall within the meaning of "Material Non-Listed Indian Subsidiary" as defined in the policy adopted by the Company.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements of your Company for the financial year ended March 31, 2023 have been prepared in accordance with the principles and procedures of Indian Accounting Standards 110 (Ind AS) as notified under the Companies (Ind As) Rules, 2015 as specified under Section 133 of the Act. In compliance to Section 129 of the Act read with rules made thereunder, Consolidated Financial Statements, prepared on the basis of Audited Financial Statements received from subsidiary/associate companies and jointly controlled entity as approved by their respective Boards, forms part of this Report.

In compliance with section 129 of the Act read with Rule 5 of the Companies (Accounts) Rules, 2014, a statement containing the salient features of the Financial Statements of the Subsidiaries, Joint Ventures and Associate Companies of the Company in form AOC-1 which forms part of this Report, is annexed as Annexure-V'.

Pursuant to the provision of section 136 of the Act, the Financial Statements and Consolidated Financial Statements along with relevant documents and separate Audited Accounts in respect of subsidiaries are available on the website of the Company i.e. www.anantrajlimited.com

BOARD MEETINGS

The Company has convened nine (9) meetings of the Board of Directors during the financial year ended March 31, 2023. The meetings were held on May 14, 2022, June 7, 2022, August 3, 2022, August 25, 2022, September 9, 2022, October 18, 2022, January 19, 2023, March 4, 2023 and March 17, 2023. Details of the Board meetings and attendance at such meetings are given in the Corporate Governance Report annexed herewith for the financial year ended March 31, 2023.

The Board meeting dates were finalised in consultation with all directors and agenda papers backed up by comprehensive notes and detailed background information was circulated well in advance before the date of the meeting thereby enabling the Board to take informed decision. The Board was also apprised about the important developments in industry, segments, business operations, marketing, products etc.

MEETING OF INDEPENDENT DIRECTORS

In terms of Regulation 25(3) of Listing Regulations and as stipulated in the code for Independent Directors under Schedule IV of the Act, a separate meeting of Independent Directors was held on January 19, 2023 to review the performance of non-independent directors and Managing Director and the Board as a whole. The Independent Directors also in the said meeting assessed and reviewed the quality, quantity and timeliness of the flow of information between the Management and the Board and its committees which is essential for effective discharge of their duties. All the Independent Directors attended the meeting.

FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS

Every Independent Director is briefed about the history of the Company, its policies, customers, Company's strategy, operations, organisation structure, human resources, technologies, facilities and risk management. Projects/S ite visits are also arranged for the Directors who wish to familiarize themselves with the processes and operations of the Company.

The Independent Directors are briefed on their role, responsibilities, duties and are kept updated on the various regulatory and legislative changes that may occur from time to time affecting the operations of the Company. The Independent Directors are also briefed on the various policies of the Company like the code of conduct for directors and senior management personnel, policy on related party transactions, policy on material subsidiaries, whistle blower policy and corporate social responsibility policy and other policies adopted by the Company. The details of familiarization programme conducted for the independent directors is disclosed in the website of the Company at

https://anantrajlimited.com/assets/pdf/investor-pg-pdf/

Familiarisation_Programme_for_Indpendent_Director.pdf


DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS

The Independent Directors hold office for their respective term and are not liable to retire by rotation. The Company has received from all the Independent Directors a declaration under section 149(7) of the Act confirming that they fulfil the criteria of independence as provided under section 149(6) of the Act [including compliance of Rule 5 and 6 of Companies (Appointment and Qualification of Directors) Rules, 2014] and regulations 16(1)(b) & 25 of Listing Regulations.

All the Independent Directors of the Company have registered themselves in the data bank maintained with the Indian Institute of Corporate Affairs, Manesar ('IICA'). In terms of section 150 of the Act read with rule 6(4) of the Companies (Appointment & Qualification of Directors) Rules, 2014, the Independent Directors are required to undertake online proficiency self-assessment test conducted by the IICA within a period of two (2) years from the date of inclusion of their names in the data bank. All the Independent Directors except Mrs. Kulpreet Sond, were exempt for the requirement of undertaking online proficiency self-assessment test, therefore, are not required to pass the online proficiency self-assessment test. Mrs. Kulpreet Sond has undertaken the said test and successfully cleared the online proficiency self-assessment test conducted by the IICA.

In the opinion of the Board all Independent Directors possess strong sense of integrity and having requisite experience (including proficiency), qualification, skills and expertise as well as independent of the management. For further details, please refer Corporate Governance Report.

There has been no change in the circumstances which may affect their status as Independent Director during the financial year under review.

PREVENTION OF INSIDER TRADING

The Company has framed a code of conduct for prevention of insider trading based on Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. This code is applicable to all the Board members/ employees/ officers/ designated persons of the Company. The code requires pre-clearance for dealing in the Company's shares in certain cases and prohibits the dealing in the Company's shares by the Directors and the 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. The code of conduct for prevention of insider trading is disclosed in the website of the Company and can be assessed at:

https://anantrajlimited.com/assets/pdf/Policies/Anantraj_

Code_of_Conduct.pdf

ANNUAL EVALUATION OF BOARD, COMMITTEES AND DIRECTORS

As required under Section 134(3)(p) of the Act and regulation 17 of Listing Regulations, the Board of Directors had already approved the evaluation criteria for evaluating the performance of the Board of Directors, its Committees and the performance of Independent Directors.

The performance evaluation of the Board, its Committees and individual directors was conducted and the same was based on questionnaire and feedback from all the directors on the Board as a whole, Committees and self -evaluation.

As required under regulation 17(10) of Listing Regulations, the Board assessed the performance of the Independent Directors, individually and collectively as per the criteria laid down and on an overall assessment, the performance of Independent Directors was found noteworthy. The Board has therefore recommended the continuance of Independent Directors on the Board of the Company. Each of the Directors had evaluated the performance of the individual Directors on the parameters such as qualification, knowledge, experience, initiative, attendance, concerns for the stakeholders, leadership, team work attributes, effective interaction, Independent views and Judgement.

The Board of Directors have assessed performance of the Board as a whole and committees of the Company based on the parameters which amongst other included structure of the Board, including qualifications, experience and competency of Directors, diversity of Board and process of appointment; Meetings of Board, including regularity and frequency, agenda, discussion and dissent, recording of minutes; functions of Board, including strategy and performance evaluation, corporate culture and value, evaluation of risks, succession plan, focus on the shareholders' value creation, effectiveness of Board processes, governance and compliance and meaning full communication, high governance standard, knowledge of business, openness of discussion/integrity and information and functioning and quality of relationship between the Board and management.

The members of the Audit Committee, Nomination & Remuneration Committee, Stakeholder's Relationship Committee and Corporate Social Responsibility Committee were also assessed on the above parameters and also in the context of the Committee's effectiveness vis-a-vis the Act and Listing Regulations.

The Criteria for evaluation of the Committee of Board included mandate and composition, effectiveness of the Committee, structure of the Committee, regularity and frequency of meetings, agenda, discussion and dissent, recording of minutes and dissemination of information, independence of committee of the Board, contribution to decisions of the Board, and quality of relationship of the Committee with the Board and Management.

The Nomination and Remuneration Committee & Audit Committee has also reviewed and considered the collective feedback of the whole of evaluation process.

Results of all such above referred evaluations were found satisfactory.

INTERNAL FINANCIAL CONTROLS

The Company has in place an established internal financial control system, with reference to the Financial Statements and as referred under section 134(5)(e) of the Act, to ensure the orderly and efficient conduct of its business, the safeguarding of its assets, the prevention and detection of frauds and errors and proper recording of financial & operation information, compliance of various internal control and other regulatory/statutory compliances. All internal audit findings and control systems are periodically reviewed by the Audit committee of the Board of Directors, which provides strategic guidance on internal control.

The Company has further strengthened its internal financial control policies and procedures to make them commensurate with the size and nature of operations of the Company. The policies and procedures are also adequate for orderly and efficient conduct of business of the Company. During the financial year under review, these controls were tested and no significant weakness was identified either in the design or operation of the controls.

GREEN INITIATIVE

Electronic copies of the Annual Report 2022-23 and the Notice of the 38th Annual General Meeting are sent to all members whose email addresses are registered with the Company/RTA. The hard copy of Annual Report 2022-23 will be sent only to those shareholders who request for the same.

For members who have not registered their email addresses, physical copies are sent in the permitted mode. In order to support Green Initiative, the Company requests those members who have yet not registered their e-mail address, to register the same directly with their Depository Participant, in case shares are held in electronic form or with the Company, in case shares are held in physical form.

AUDITORS

i) STATUTORY AUDITORS AND THEIR REPORT

In Compliance with the provisions of Sections 139, 141, 142 and other applicable provisions, if any, of the Act and the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s)/ re-enactment(s)/amendment(s) thereof, for the time being in the force), M/s Ranjana Vandana & Co., Chartered Accountant (Firm's Registration No. 008961C), were appointed as statutory auditors for a period of five consecutive years commencing from the

conclusion of 37th AGM (Annual General Meeting) held on July 11, 2022 till the conclusion of 42nd AGM to be held in the calendar year 2027.

The auditor report given by M/s Ranjana Vandana & Co., Chartered Accountants, Statutory Auditors, on the Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2023, forms part of the Annual Report and self-explanatory. There has been no qualification, reservation or adverse remarks or any disclaimer in their report.

ii) COST AUDITORS AND COST AUDIT REPORT

M/s Yogesh Gupta & Associates (Firm Registration No. 000373) were appointed as the Cost Auditor to conduct the cost audit for the financial year ended March 31, 2023.

Further, pursuant to the provisions of section 148(1) of the Act read with the Companies (Cost Records and Audit) Rules, 2014 as amended and as per the recommendation of the Audit Committee, the Board at their meeting held on May 29, 2023 re-appointed M/s Yogesh Gupta & Associates (Firm Registration No. 000373) as Cost Auditors of the Company for the financial year 2023-2024 to audit the cost records of the Company. A resolution for ratification of the remuneration payable for such cost audit services forms part of the Notice of ensuing 38th Annual General Meeting.

A certificate from M/s Yogesh Gupta & Associates, Cost Accountants, has been received to the effect that their appointment as Cost Auditors of the Company, if made, would be in accordance with the limits prescribed under Section 141 of the Act and the rules framed thereunder.

The cost audit report with no qualification, reservation or adverse remarks or any disclaimer there in, issued by the Cost auditor for the financial year ended March 31, 2022 was filed with the Registrar of Companies vide form CRA-4.

The Company has maintained accounts and records as specified under sub-section (1) of section 148 of the Act.

iii) SECRETARIAL AUDITORS AND SECRETARIAL REPORT

Pursuant to the provisions of section 204 of Act read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed Ms. Priya Jindal, Company Secretary in practice to undertake the Secretarial Audit of the Company for the financial year ended March 31, 2023. The Secretarial Audit Report for the financial year ended March 31, 2023, is annexed herewith as "Annexure-VI".

Explanation to the observations in secretarial audit report:

The Secretarial audit report for the financial year 2022-23 contains following observation:

1. Non-compliance/Delayed Compliance under regulation 29(2)/(3) of Listing Regulations for furnishing prior intimation within the period provided under regulation about the meeting of Board of Directors held on August 3, 2022. The National Stock Exchange of India Limited (NSE) had levied the fine for delay in furnishing prior intimation about the meeting of Board of Directors held on August 3, 2022.

In this regard, it is submitted that

1. The Board Meeting for considering the financial results for the quarter ended June 30, 2022 was scheduled to be held on August 3, 2022. The advance notice for considering the results was submitted to Stock Exchanges on July 27, 2022. The decision to raise the funds was taken at the meeting of Board of Directors held on August 3, 2022. Therefore, the giving of advance notice of fund raising as specified in the Regulation 29 of Listing Regulations was not possible.

The Company received the notice regarding the Non-Compliance/Delayed Compliance under regulation 29 for delay in furnishing prior Intimation about the meeting of Board of Directors held on August 3, 2022 for fund raising from the National Stock Exchange of India Limited (NSE).

The NSE levied the fine/penalty for the aforesaid delay on the Company. The board members took note of the impositions of the penalty by the NSE and made emphasis as to strengthening the governance procedures so as to ensure compliance at all times.

Further, pursuant to the Regulation 24A of Listing Regulations, the Annual Secretarial Compliance Report for the financial year 2022-2023 was filed with Stock Exchanges(s), i.e. BSE Limited and National Stock Exchange of India Limited. Such Secretarial Compliance Report also contained the observations, as referred above.

iv) INTERNAL AUDITORS

The Board of Directors of your Company had appointed M/s. GRASP & Associates, Chartered Accountant, New Delhi as the Internal Auditors of the Company pursuant to the provisions of section 138 of the Act for financial year 2022-2023 and the reports on periodical basis submitted by the auditor were placed before the audit committee and Board of Directors.

Reporting of Frauds:

Pursuant to the provision of section 143(12) of the Act and rules framed thereunder, there have been no instance of fraud reported by the Auditors either to the Company or to the Central Government.

Also, there is nothing to report by the Board under section 134(3) (ca) of the Act.

FOLLOWING POLICIES ARE ALSO ADOPTED BY THE BOARD AND ARE AVAILABLE ON THE WEBSITE OF COMPANY AT WWW. ANANTRAJLIMITED.COM

1. Archival Policy on Preservation of Documents of the Company. URL for the same is: https://anantrajlimited.com/ assets/pdf/Policies/Archive_Policy.pdf

2. Policy on determination of materiality of the events/ information for making disclosure by the Company.

URL for the same is:

https://anantrajlimited.com/assets/pdf/Policies/Policy_on_

Disclosures.pdf

3. Policy on preservation of records.The same may be assessed at

https://anantrajlimited.com/assets/pdf/Policies/Policy_on_

Preservation_of_Records.pdf

4. Policy on determination of material subsidiary. The same may be assessed at

https://anantrajlimited.com/assets/pdf/Policies/

POLICY_FOR_DETERMINING_MATERIAL_

SUBSIDIARIES.PDF

5. Policy on code of conduct for the Board of Director and senior management personnel. The same may be assessed at

https://anantrajlimited.com/assets/pdf/Policies/Code%20

of%20Conduct%20for%20Top%20management.pdf

6. Policy on code of practices and procedures for fair disclosure of insider trading. The same may be assessed at

https://anantrajlimited.com/assets/pdf/Policies/Anant-

Raj_CodeofFairDisclosureofUnpublishedPriceSensi-

tiveInformation.pdf


SECRETARIAL STANDARDS

The Company has complied with the applicable Secretarial Standards, i.e., SS-1 and SS-2 issued by the Institute of Company Secretaries of India during the period under review.

DISCLOSURE UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016

During the financial year under review, no Corporate Insolvency Resolution Process (CIRP) was initiated or pending against your Company, under the Insolvency and Bankruptcy Code, 2016 (IBC) as amended.

GENERAL

The Directors state that no disclosure or reporting in respect of the following items is required as there were no transactions/events relating to these items during the financial year under review:

(a) Issue of equity shares with differential rights as to dividend, voting or otherwise.

(b) Issue of shares (including sweat equity shares) to employees of the Company under any scheme.

(c) Neither Managing Director nor the Whole Time Directors of the Company received any remuneration or commission from any of its subsidiaries.

APPRECIATIONS AND ACKNOWLEDGEMENTS

The Directors place on record their appreciation for the

assistance, help and guidance provided to the Company by the Bankers, Financial Institution(s) and Authorities of Central and State Government(s) from time to time. The Directors also place on record their gratitude to employees and shareholders of the Company for their continued support and confidence reposed in the management of the Company.

By order of the Board of Directors For Anant Raj Limited

Sd/- Sd/-

Amit Sarin Aman Sarin

Managing Director Director & CEO

DIN:00015837 DIN:00015887

Place: New Delhi Date: May 29, 2023


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