Your Directors are pleased to present the 29th Annual Report on the Business and Operations of the
Company along with the Audited Statement of Accounts for the Financial Year ended on 31st March, 2024.
1. FINANCIAL RESULT
The financial performance of the Company for the Financial Year ended on 31st March, 2024 and
for the previous Financial Year ended on 31st March, 2023 is given below:
(Rs. in Lakhs)
|
Particulars
|
2023-24
|
2022-23
|
|
Revenue from Operations
|
363.61
|
(207.24)
|
|
Other Income
|
267.74
|
71.79
|
|
Total Revenue
|
631.35
|
(135.45)
|
|
Total Expenses
|
853.45
|
168.40
|
|
Profit / (Loss) Before Exceptional and Extra
Ordinary Items and Tax
|
(222.11)
|
(303.85)
|
|
Exceptional Items
|
0.00
|
0.00
|
|
Profit / (Loss) before Extra-Ordinary Items and
Tax/ Profit Before Tax
|
(222.11)
|
(303.85)
|
|
Extraordinary Items
|
0.00
|
0.00
|
|
Profit / (Loss) after Extra-Ordinary Items and
Tax/ Profit Before Tax
|
(222.11)
|
(303.85)
|
|
Tax Expense: Current Tax
|
0.00
|
0.00
|
|
Deferred Tax
|
0.00
|
0.00
|
|
Total Tax expense
|
0.00
|
0.00
|
|
Profit / (Loss) for the Period
|
(222.11)
|
(303.85)
|
2. OPERATIONS (Pending)
Total loss in revenue for Financial Year 2023-24 is Rs. 222.11 Lakhs as compared to the total loss
of Rs. 303.85 Lakhs in revenue sustained in Previous Year 2022-23. The loss before tax for the
Financial Year 2023-24 is Rs. 222.11 Lakhs as compared to Loss before tax of Rs. 303.85 Lakhs of
Previous Year 2022-23. Net Loss after Tax for the Financial Year 2023-24 is Rs. 222.11 Lakhs as
against Net Loss after tax of Rs. 303.85 Lakhs of Previous Year 2022-23.
3. CHANGE IN NATURE OF BUSINESS, IF ANY
There was no change in nature of Business during the year under review.
4. ANNUAL RETURN
The Annual Return for Financial Year 2023-24 as per provisions of the Act and Rules thereto, is
available on the Company's website at https://www.mahipindustriesltd.in/
5. BOARD MEETINGS AND ATTENDANCE
The Directors of the Company met at regular intervals at least once in a quarter with the gap
between two meetings not exceeding 120 days to take a view of the Company's policies and
strategies apart from the Board Matters.
During the year under the review, the Board of Directors met 7 (Seven) times i.e. 30th May, 2023,
04th July, 2023, 12th October, 2023, 31st October, 2023, 22nd November, 2023, 16th January, 2024
and 01st March, 2024.
6. DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(3)(c) and Section 134(5) of the Companies Act,
2013, to the best of their knowledge and belief the Board of Directors hereby submit that:
a. In the preparation of the Annual Accounts, for the year ended on March 31, 2024 the
applicable accounting standards have been followed and there is no material departure from
the same,
b. The Directors had selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view of
the state of affairs of the company at the end of financial year and of the profit / loss of the
Company for the Financial Year ended on March 31, 2024.
c. The Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of Companies Act, 2013 for
safeguarding the assets of the company and for preventing and detecting fraud and other
irregularities,
d. The Directors had prepared the Annual Accounts on a going concern basis,
e. The Directors had laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and are operating effectively and
f. 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.
7. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE
COMPANIES ACT, 2013
The details of loans, investment, guarantees and securities covered under the provisions of Section
186 of the Companies Act, 2013 are provided in the financial statement.
8. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
All related Party Transactions that were entered into during the financial year were on an arm's
length basis, in the ordinary course of business and were in compliance with the applicable
provisions of the Act and the Listing Regulations.
There were no materially significant Related Party Transactions made by the Company with
Promoters, Directors, Key Managerial Personnel which may have a potential conflict with the interest
of the Company at large. All Related Party Transactions are placed before the Audit Committee for
approval. Prior omnibus approval of the Audit Committee is obtained for the transactions which are
repetitive in nature.
A statement of all Related Party Transactions is placed before the Audit Committee for its review on
a quarterly basis, specifying the nature, value and terms and conditions of the transactions, if any.
The Company has adopted a Related Party Transactions Policy.
The details have been enclosed pursuant to clause (h) of subsection (3] of Section 134 of Companies
Act, 2013 read with Rule 8(2] of the Companies (Accounts] Rules 2014 - 'AOC-2'- Annexure 1.
9. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has its Internal Financial Control systems commensurate with operations of the
Company. The management regularly monitors the safeguarding of its assets, prevention and
detection of frauds and errors, and the accuracy and completeness of the accounting records including
timely preparation of reliable financial information.
The Head of Internal Audit together with External Audit consults and reviews the effectiveness and
efficiency of these systems and procedures to ensure that all assets are protected against loss and that
the financial and operational information is accurate and complete in all respects.
10. RESERVES & SURPLUS
|
Sr. No.
|
Particulars
|
(Rs. in Lakhs)
|
|
1.
|
Balance at the beginning of the year
|
(3,887.85)
|
|
2.
|
Current Year's Profit / Loss
|
(222.11)
|
|
3.
|
Amount of Securities Premium and other Reserves
|
1,143.12
|
|
4.
|
Transfer to Reserve
|
20
|
|
Total
|
(2,946.84)
|
11. DIVIDEND
To conserve resources for future prospect and growth of the Company, your Directors regret to
declare Dividend for the Financial Year 2023-24 (Previous Year - Nil).
12. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF
THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO
WHICH THE FINANCIAL STATEMENTS RELATES AND THE DATE OF THE REPORT
There are no material changes and commitments, affecting the financial position of the Company which
has occurred in the Financial Year 2023-24.
13. TRANSFER TO THE INVESTOR EDUCATION AND PROTECTION FUND
Pursuant to Section 124 of the Companies Act, 2013, the amount of dividend remaining unpaid or
unclaimed for a period of seven years shall be transferred to the Investor Education and Protection
Fund (“IEPF”]. During the year under review, there was no unpaid or unclaimed dividend in the
“Unpaid Dividend Account” lying for a period of seven years from the date of transfer of such unpaid
dividend to the said account. Therefore, there were no funds which were required to be transferred to
Investor Education and Protection Fund.
14. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
AND OUTGO
The details of conservation of energy, technology absorption etc. as required to be given under Section
134(3](m] of the Companies Act 2013 read with the Companies (Accounts] Rules, 2014, is not given
as the Company has not taken any major step to conserve the energy etc. Further, there was no foreign
exchange earnings and outgo during the Financial Year 2023-24 (Previous Year - Nil].
15. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF THE RISK
MANAGEMENT POLICY OF THE COMPANY
The Company has in place, a mechanism to identify, assess, monitor and mitigate various risks
towards the key business objectives of the Company. Major risks identified by the business and
functions are systematically addressed through mitigating actions on a continuing basis.
16. DIRECTORS AND KEY MANAGERIAL PERSONNEL
The Directors and Key Managerial Personnel of the Company are summarized below:
|
Sr.
No.
|
Name
|
Designation
|
DIN/ PAN
|
|
1.
|
Mr. Rajiv Agrawal
|
Whole-Time Director
|
01922581
|
|
2.
|
Mr. Rajiv Agrawal
|
Chief Financial Officer
|
AAZPA8407A
|
|
3.
|
Mr. Praveen Singh
|
Independent Director
|
09660852
|
|
4.
|
Mr. Omkar Patel
|
Independent Director
|
08825108
|
Further, Ms. Riddhi Kumar resigned from the post of Independent Director w.e.f 12.10.2023.
After end of financial year 2023-24 and before date of Director Report, Ms. Dhwani Jaspalsinh
Solanki was appointed as an Additional Independent Director by the Board w.e.f. 8th May, 2024.
Thereafter, Ms. Dhwani Jaspalsinh Solanki has resigned from the office of directorship w.e.f. 01st
August, 2024.
Apart from the above changes, there were no other changes in the composition of the Board of
Directors of the Company during the Financial Year 2023-24 and till the date of Board's Report.
As per Companies Act, 2013 the Independent Directors are not liable to retire by rotation.
17. DECLARATION BY INDEPENDENT DIRECTORS
Mr. Omkar Patel, Mr. Praveen Singh and Ms. Riddhi Kumar, Independent Directors (now ceased from
directorship of the Company] of the Company had confirmed to the Board that they met the criteria
of Independence as specified under Section 149 (6] of the Companies Act, 2013 and they qualify to be
Independent Director. They had also confirmed that they met the requirements of Independent
Director as mentioned under Regulation 16 (1] (b) of SEBI (Listing Obligation and Disclosure
Requirements] Regulations, 2015. The confirmation was noted by the Board.
18. CORPORATE GOVERNANCE
Since the Company has listed its specified securities on the SME Exchange therefore by virtue of
Regulation 15 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 the
compliance with the corporate governance provisions as specified in regulations 17 to 27 and clauses
(b) to (i) of sub-regulation (2) of regulation 46 and para C, D and E of Schedule V are not applicable to
the Company. Hence Corporate Governance does not form part of this Board's Report.
19. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company has no subsidiary, joint venture and/or associate company as on 31.03.2024.
The Company in its board meeting dated 16.01.2024, approved disinvestment of its entire
stakeholding of 49.80% equity shares in Arnav Fibres Private Limited.
20. CORPORATE SOCIAL RESPONSIBILITY (CSR)
The provisions of Section 135 of the Companies Act, 2013 and Companies (Corporate Social
Responsibility Policy) Rules, 2014 regarding Corporate Social Responsibility are not applicable to the
Company.
21. DEPOSITS
As per Section 73 of the Companies Act, 2013 the Company has neither accepted nor renewed any
deposits during the Financial Year. Hence the Company has not defaulted in repayment of deposits or
payment of interest during the Financial Year.
22. FORMAL ANNUAL EVALUATION PROCESS BY BOARD
Pursuant to the provisions of the Companies Act, 2013 and Rules made thereunder, the Board has
carried the evaluation of its own performance, performance of Individual Directors, Board
Committees, including the Chairman of the Board on the basis of attendance, contribution towards
development of the Business and various other criteria as recommended by the Nomination and
Remuneration Committee of the Company. The evaluation of the working of the Board, its committees,
experience and expertise, performance of specific duties and obligations etc. were carried out. The
Directors expressed their satisfaction with the evaluation process and outcome.
In a separate meeting of Independent Directors the performances of Executive and Non-Executive
Directors were evaluated in terms of their contribution towards the growth and development of the
Company. The achievements of the targeted goals and the achievements of the Expansion plans were
too observed and evaluated, the outcome of which was satisfactory for all the Directors of the
Company.
23. STATUTORY AUDITOR
The explanations / comments made by the Board relating to the qualifications, reservations or
adverse remarks made by the Statutory Auditor are as follows:
In the absence of the actuarial valuation report, the impact on loss for the year on account of such
valuation is not ascertainable and relevant disclosures not been given. The Company has not made
provision for gratuity and leave encashment for the year. This is not in compliance with AS-19 and
AS-15 Employee Benefits. Had the provision been made in the financial statements, Employee Benefits
and loss for the year, as per the Statement of Profit & Loss would have been higher by the amount of
such provision and the long-term investments, long-term and short-term loans and advances and the
Shareholder's funds, as per the Balance Sheet would have been lower by the same amount.
Reply 1:
The Management has assessed that the Company faces some difficulties for carrying on business so
the company was not able to comply with AS-19 and AS-15 for Employee Benefits. However, the
Management is giving assurance to comply the same in future.,
Query 2:
The company has violated the TDS provisions of the Income Tax Act, 1961 and has made default in
deduction of TDS and on the payments made to the parties and the TDS deducted is also not paid to
the government account within the time limit prescribed under the Income Tax Act, 1961.
Reply 2:
The Management has assessed that as the company faces some difficulties for carrying on its business
from last one year.
Accordingly, the Company fails to comply the TDS provisions of the Income Tax Act, 1961. However,
the Management gives assurance that the company will comply TDS provisions of the Income Tax Act,
1961 in future.
Query 3:
The balance confirmation statements for outstanding in the statements relating to the trade
receivable/trade payable/loans and advances given or taken and other advances given or received
have not been made available to us.
Reply 3:
The Management is in opinion that the Company has recorded all statements balances outstanding in
the financial statements relating to trade receivable/trade payable/loans and other advances given
or taken.
Query 4:
Re-grouping is done for certain accounts, the reasons for the same are not explained to us.
Reply 4:
The Management is in opinion that one or two accounts has been re-grouped in the Company's
interest.
Provision for Expenses Receivable of RS. 1.04 crores are sued by the company and it is pending in
court. Hence they made entry according to it..
Reply 5:
The Management assessed that Case is pending with Court and they have assured that order of the
Court will be in favour of the Company.
Query 6:
The Company filled case against One of the Party name SMRVA INFRASTRUCTURE PROJECTS PVT
LTD of RS. 1.84 Crores for party not taken the delivery and that cause company incurred losses.
Reply 6:
The Management assessed that Case is pending with Court and they have assured that order of the
Court will be in favour of the Company.
Query 7:
The company has violated the provisions of the Companies Act, 2013 by providing depreciation on
rates provided by Income Tax Act, 1961 and not the parent Law the Companies Act, 2013.
Reply 7:
The Management has assessed that the company faces some difficulties for carrying on business so
the company was not able to comply with provision of the Companies Act, 2013 and has calculated
depreciation as rates provided by Income Tax Act, 1961 However, the Management is giving
assurance to comply the same in future.
Query 8:
Related Party transactions entered into by Company are not in agreement with Companies Act, 2013.
Reply 8:
The Management has assessed that the Company faces some difficulties for carrying on business so
the company was not able to comply with provision of the companies Act, 2013. However, the
Management is giving assurance to comply the same in future.
Query 9:
The Company has not been making revaluation of the Fixed Assets on the end of reporting periods in
violation to Accounting Standard-16.
The Management has assessed that the Company faces some difficulties for carrying on business so
the company was not able to comply with Accounting Standard-16. However, the Management is
giving assurance to comply the same in future.
Query 10:
The Company has received and advanced money to many persons in individual capacity and other
corporate entities. As per audit procedures and explanations given to us, we are of the opinion that
these transactions entered into by the company is in contravention to the section 185 and section 186
of the Companies Act, 2013. Furthermore, we are of the opinion that there is no written agreement
for the repayment of the amount advanced and no provision of interest accrued is made in the
financial Statements.
Reply 10:
The Management has assessed that the Company faces some difficulties for carrying on business so
the company was not able to comply with provision of the companies Act, 2013. However, the
Management is giving assurance to comply the same in future.
24. SECRETARIAL AUDITOR
The Board has appointed M/s. Mukesh J & Associates, Company Secretaries, Ahmedabad to conduct
Secretarial Audit for the Financial Year 2023-24. The Secretarial Audit Report for the Financial Year
ended 31st March, 2024 is annexed herewith marked as Annexure-2 to this Report. The explanations
/ comments made by the Board relating to the qualifications, reservations or adverse remarks made
by the Statutory Auditor are as follows:
Query 1:
Compliance certificates under Regulation 74(5) of the Securities and Exchange Board India
(Depository and Participant) Regulations, 2018 for the Quarter ended on 30 th June, 2023, and 30 th
September, 2023 were not submitted by the Company within time limit as prescribed.
Reply 1:
The company has not filed Compliance Certificates under Regulation 74(5) for the quarter ended on
30th June, 2023, and 30th September, 2023 However, the Company has filed all Compliance Certificates
under Regulation 74(5) as on date.
Query 2:
Non-Compliance of Regulation 34 of the Securities and Exchange Board India (Listing Obligation and
Disclosure Requirements) Regulations, 2015 which stipulates that listed entity shall submit to the
stock exchange and publish to its website a copy of Annual Report. The Company has not submitted
Annual Report to the Stock Exchange for the financial year 2022-23 within stipulated period.
Reply 2:
The Company has not submitted Annual Report to the Stock Exchange for the Financial Year 2022-23
within stipulated period However, the Company has submitted Annual Report to the Stock Exchange
as on date.
Audited and Unaudited financial results as per Regulation 33 of the Securities and Exchange Board
India (Listing Obligation and Disclosure Requirements) Regulations, 2015 for Half Year ended on 31st
March, 2023 and 30th September, 2023 was not submitted within stipulated time period.
Reply 3:
The Company has not submitted financial result for the half year ended 31st March, 2023 and 30 th
September, 2023 within stipulated period However, the Company has submitted financial result for
the same as on date.
Query 4:
The Company has not submitted Reconciliation of Share Capital Audit Report for the quarter ended
31st March, 2023, 30th June, 2023, 30th September, 2023, and 31st December, 2023 within 30 days from
the end of the quarter to the stock exchange as per Regulation 76 of The Securities and Exchange
Board of India (Depository and Participant) Regulations, 2018.
Reply 4:
The Company has not submitted Reconciliation of Share Capital Audit Report for the quarter ended
31st March, 2023, 30th June, 2023, 30th September, 2023 and 31st December, 2023 However, the
Company has submitted the same as on date.
Query 5:
Website of the Company is not updated as per Regulation 46 of the Securities and Exchange Board
India (Listing Obligation and Disclosure Requirements) Regulations, 2015.
Reply 5:
Company is in process to update the website of the Company.
Query 6:
Independent Directors of the Company had not applied for inclusion / renewal of their name in the
data bank as per rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014.
Reply 6:
Company is in process to comply the said non-compliance However, After expiry of the Financial Year
2023-24 but before date of board, the Company has appointed Independent Director who is registered
in Independent Director data bank.
Query 7:
The Company has not filed E-form DPT-3 for the Financial Year ended 31st March, 2023 as per Rule
16 of the Companies (Acceptance of Deposits) Rules, 2014 and E-form MGT-14 for approval of
financial statement, the Board's report for the Financial Year ended 31st March, 2023, for appointment
of internal auditors and secretarial auditor as per Section 179(3] read with Rule 8 of Companies
(Meetings of Board and its Powers) Rules, 2014.
Reply 7:
Company is in process to file the pending form as the MCA is showing status Under CIRP. However, as
of now, the company is active and therefore, the company is in process of filing of Pending Form.
Query 8:
The Company has not appointed Company Secretary as per Section 203 of the Companies Act,
2013 during the year under review.
Reply 8:
Company is in process to appoint the suitable candidate for the post of Company Secretary of the
Company. However, the Company has appointed Company Secretary and Compliance officer of the
company after end of the financial year 2023-24 but before date of Board report.
Query 9: The Statement of Investor Complaints for the quarter ended on March, 2023, June, 2023, and
September, 2023 has not been submitted within 21 days from the end of the quarter.
Reply 9:
The company has submitted the Statement of Investor Complaints for the quarter ended on March,
2023, June, 2023, September, 2023 after expiry of 21 days from the end of the quarter.
Query 10: The Shareholding Pattern for the half year ended on March, 2023, June, 2023 and
September, 2023 has not been submitted within 21 days from the end of the half year.
Reply 10:
The company has submitted Shareholding Pattern for the half year ended on September, 2023 and
March, 2023 after expiry of 21 days from the end of the half year.
Query 11: The Company has not submitted Form AOC-4 under Section 136 and MGT-7 under Section
92 of the Companies Act, 2013 for the financial year 2021-22, 2022-23.
Reply 11:
The Company is in process to file Form AOC-4 and Form MGT-7 for the F.Y. 2021-22 and 2022-23
However, the company is not able to file the same as MCA is showing status as under CIRP. However,
as of now, the company is active and therefore, the company is in process of filing of Pending Form
Query 12: The Company has not maintained SDD Software for recording Price Sensitive Information
as on 31st March, 2024. However After end of the financial year 2023-24 but before the date of Board
Report, the company has installed SDD Software and recorded price sensitive information in delay
manner.
The Company has installed SDD software and the Company has recorded price sensitive information
and the company has filed SDD certificate as on date.
Query 13: The Company has not filed intimation for calling board meeting in which financial results
are to be considered.
Reply 13:
The Company is not able to intimate to stock exchange back dated However, as of now, the company
has committed to comply the same in future.
Query 14.: The Company has intimated resignation by Ms. Riddhi Rajendra Kumar, the Independent
Director of the company to the stock exchange in delayed manner i.e. not done within 24 hours of
occurrence of event.
Reply 14:
As per Regulation 30, in case of resignation of Independent Director, The company is required to
intimation to Stock Exchange along with reason of resignation and other required details as specified
within 7 days and therefore, the company has submitted accordingly.
Query 15.: The Board composition of the company is improper as no women director appointed on
the board of the company.
Reply 15:
During the Financial year, the company has one woman Director i.e. Ms. Riddhi Kumar However, she
has resigned from office of directorship w.e.f. 12th October, 2023 and The company was in process of
appointment of Suitable candidate of Woman Director and finally, the company has got one of the
independent director i.e. Ms. Dhwani Jaspalsinh Solanki who was appointed on 08th May, 2024
However, unfortunately, she has resigned from the office of directorship w.e.f. 01st August, 2024.
Currently, the company is in process of finding of suitable candidate of woman director.
25. VIGIL MECHANISM
The Company has adopted a Whistle Blower Policy in compliance with Listing Regulations and
Companies Act 2013. The Policy empowers all the Stakeholders to raise concerns by making Protected
Disclosures as defined in the Policy. The Policy also provides for adequate safeguards against
victimization of Whistle Blower who avail of such mechanism and also provides for direct access to
the Chairman of the Audit Committee, in exceptional cases. The functioning of the Whistle Blower
mechanism is reviewed by the Audit Committee on a quarterly basis. As on date, none of the
stakeholders have raised any Whistle Blower concern.
26. REPORT OF COST AUDITOR
Provisions of Section 148 of Companies Act, 2013 are not applicable to the Company and hence no
disclosures are required in that regard.
27. DISCLOSURES
A. Composition of Audit Committee:
During the year under review, meetings of members of the Audit committee were held on 30 th May,
2023, 4th July, 2023, 31st October, 2023 & 16th January, 2024 and the attendance records of the
members of the Committee are as follows:
|
Name
|
Designation
|
No. of the Committee
Meeting entitled
|
No. of Committee
Meeting attended
|
|
1. Ms. Riddhi Kumar
till 12th October,
2023
|
Chairperson
|
2
|
2
|
|
2. Mr. Rajiv Agrawal
|
Member
|
4
|
4
|
|
3. Mr. Omkar Patel
|
Member
|
4
|
4
|
(The details of Committee members are as on the date of Directors' Report)
Ms. Riddhi Kumar has ceased to be Chairperson of the Auditor Committee w.e.f. 12th October, 2023.
During the year all the recommendations made by the Audit Committee were accepted by the Board.
B. Composition of Nomination and Remuneration Committee:
During the year under review, meetings of the members of the Nomination and Remuneration
committee, was held on 04th July, 2023 and 12th October, 2023 and the attendance records of the
members of the Committee are as follows:
|
Name
|
Designation
|
No. of the Committee
Meeting entitled
|
No. of Committee
Meeting attended
|
|
1. Ms. Riddhi Kumar
|
Chairperson
|
1
|
1
|
|
2. Mr. Omkar Patel
|
Member
|
2
|
2
|
|
3. Mr. Praveen Singh
|
Member
|
2
|
2
|
(The details of Committee members are as on the date of Directors' Report)
Ms. Riddhi Kumar has ceased to be Chairperson of the Nomination and Remuneration Committee w.e.f.
12th October, 2023.
C. Composition of Stakeholder Relation Committee:
During the year under review, meeting of the Stakeholder Relation committee was held on 12th April,
2023, 04th July, 2023, 12th October, 2023 & 16th January, 2024 and the attendance records of the
members of the Committee are as follows:
|
Name
|
Designation
|
No. of the Committee
Meeting entitled
|
No. of Committee
Meeting attended
|
|
1. Mr. Omkar Patel
|
Chairperson
|
4
|
4
|
|
2. Ms. Riddhi Kumar till
12th October, 2023
|
Member
|
2
|
2
|
|
3. Mr. Rajiv Agrawal
|
Member
|
4
|
4
|
(The details of Committee members are as on the date of Directors' Report]
Ms. Riddhi Kumar has ceased to be Member of the Stakeholder Relation Committee w.e.f. 12th October,
2023.
28. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION & REDRESSAL) ACT, 2013
The Company has always been committed to provide a safe and conducive work environment to its
employees. Your Directors further state that during the year under review there were no cases filed
pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013 as confirmed by the Internal Complaints Committee as constituted by the Company.
29. INSOLVENCY AND BANKRUPTCY CODE
There is no application made or any proceeding pending under the Insolvency and Bankruptcy Code,
2016 (31 of 2016) during the year.
The details of difference between amount of the valuation done at the time of one-time settlement and
the valuation done while taking loan from the Banks or Financial Institutions along with the reasons
thereof is not applicable to the Company.
30. MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis Report as required under Regulation 34 and Schedule V of the
SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 forms an integral part of
this Report, and provides the Company's current working and future outlook as per Annexure-3.
31. DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY AND
BANKRUPTCY CODE 2016
During the year under the review, there were no applications made or proceedings pending in the
name of the company under the insolvency and bankruptcy code, 2016.
32. DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND
VALUATION WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS.
During the year under the review, the company has paid Amount of Rs. 27.78 Crore (Against last
verbal offer of Rs. 24.55 Cr.) Against Memoranda dues of Rs. 41,27,16,166/- as on 31st December, 2022
as per competent authority and Competent Authority has approved waiver of future interest w.e.f.
01st January, 2023 in full and final settlement of account.
33. ACKNOWLEDGEMENTS
Your Directors would like to express their sincere appreciation for the co-operation and assistance
received from the Bankers, Regulatory Bodies, Stakeholders including Financial Institutions,
Suppliers, Customers and other business associates who have extended their valuable sustained
support and encouragement during the year under review.
Your Directors take this opportunity to recognize and place on record their gratitude and appreciation
for the commitment displayed by all executives, officers and staff at all levels of the Company. We look
forward for the continued support of every stakeholder in the future.
Registered Office: By the Order of the Board
Survey No. 127, Jalalpur - Godhneshwar Dholka Mahip Industries Limited
- Bagodara Highway, Ahmedabad - 387 810
Sd/- Sd/-
Rajiv Agrawal Omkar Patel
Place: Ahmedabad Whole-Time Director Director
Date: 05/09/2024 DIN: 01922581 DIN: 08825108
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