Your Directors have pleasure in presenting the 38th Annual Report of your Companytogether with the Audited Financial Statements for the financial year ended 31st March2017.
The Financial performance of your Company for the financial year ended 31st March 2017is summarized below:
| || ||(Rs. In Lacs) |
|FINANCIAL ||Year Ended 31.03.2017 ||Year Ended 31.03.2016 |
|Gross Income ||143496.19 ||126316.11 |
|Profit before Interest and Depreciation ||17389.98 ||16642.36 |
|Less: Interest ||1916.97 ||2720.96 |
|Less: Depreciation ||2413.42 ||2005.86 |
|Profit/(Loss) before Tax ||13059.29 ||11915.54 |
|Less: Provision for Taxation ||4459.03 ||3474.40 |
|Profit/(Loss) after Tax ||8600.26 ||8441.14 |
|Balance of profit/Loss brought forward for appropriation ||32538.34 ||24097.20 |
|Less: Transfer to General Reserves ||0.00 ||0.00 |
|Balance Carried Forward to Balance Sheet ||41138.59 ||32538.34 |
Previous year's figures have been regrouped/ rearranged wherever considered necessary.
During the year ended 31st March 2017 your Company has achieved a Total turnover ofRs. 1434.96 Crores as compared to Rs. 1263.16 Crores in the previous year therebyincreasing by 13.60% as compared with previous year. The Company has earned a net Profitof Rs. 86.00 Crores as against the profit of Rs. 84.41 Crores in last year. The earningper share (EPS) for the financial year 2016-17 stood at Rs. 12.84 against Rs. 12.60 duringprevious year. On consolidated basis the total income of your company and itssubsidiaries stands at Rs. 1426.52 Crores.
Board of Directors has not recommended any dividend for the year ended 2016-17.
KEY MANAGERIAL PERSONNEL
In accordance with the provisions of section 2(51) 203 of the companies Act 2013 readwith companies (Appointment & Remuneration of Managerial personnel) Rules 2014 thefollowing are designated as Key Managerial Personnel of your Company by the Board:
Mr. Bikramjit Ahluwalia Managing Director
Mr. Shobhit Uppal Dy.Managing Director
Mr . Vinay Pal Whole-Time Director
Mr. Satbeer Singh Chief Financial Officer
Mr. Vipin Kumar Tiwari Company Secretary
Mr. Bikramjit Ahluwalia Managing Director is liable to retire by rotation in theensuing Annual General Meeting and being eligible offer himself for re-appointment. YourDirectors recommend his re-appointment as Director in the forth coming Annual GeneralMeeting of the Company.
The Board has laid down separate Codes of Conduct for Directors and Senior Managementpersonnel of the Company and the same are posted on the Company's website athttp://www.acilnet.com. All Board Members and Senior Management personnel have affirmedcompliance with the Code of Conduct. The Managing Director has also confirmed andcertified the same. The certification is enclosed at the end of the Report on CorporateGovernance.
In accordance with the provisions of section 149 of the Companies Act 2013 all theindependent directors are non-rotational. The details of the familiarization programmesfor Independent Directors are disclosed on the Company's website http://www.acilnet.com
DECLARATION OF INDEPENDENCE
Your Company has received declarations from all the Independent Directors confirmingthat they meet the criteria of independence as prescribed under the provisions ofCompanies Act 2013 read with the Schedules and Rules issued thereunder as well as theSEBI (Listing Obligations and Disclosures Requirement) Regulations 2015.
DISCLOSURE OF COMMISSION PAID TO MANAGING OR WHOLE TIME DIRECTORS
There is no commission paid or payable by your company to the Managing Director or thewhole time director.
MEETINGS OF THE BOARD OF DIRECTORS:
During the year under review the Board met seven times on 24.05.2016 04.07.201612.08.2016 01.10.2016 11.11.2016 09.01.2017 & 13.02.2017. The details ofattendance of Directors in these meetings are given separately under Corporate GovernanceReport.
COMMITTEES OF THE BOARD
The Committees of the Board focus on certain specific areas and make informed decisionsin line with the delegated authority.
The following Committees constituted by the Board function according to theirrespective roles and defined scope:
Nomination and Remuneration Committee
Stakeholders Relationship Committee
Corporate Social Responsibility Committee
COMPOSITION OF THE COMMITTEE OF THE BOARD OF DIRECTORS OF THE COMPANY IS AS BELOW:
1. Mr. Arun K. Gupta Chairman (Non-executive Independent Director)
2. Mr. Shobhit Uppal Member (Executive Director)
3. Mr. Vinay Pal Member (Executive Director)
4. Mr. S K Chawla Member (Non-executive Independent Director)
5. Dr. Sushil Chandra Member (Non-executive Independent Director)
6. Dr. Mohinder Kaur Sahlot - Member (Non-executive Independent Director)
During the year under review all the recommendations of the Audit Committee wereaccepted by the Board.
STAKEHOLdERS RELATIONSHIP COMMITTEE:
1. Mr. S K Chawla Chairman (Non-executive Independent Director)
2. Mr. Shobhit Uppal Member (Executive Director)
3. Dr. Sushil Chandra Member (Non-executive Independent Director)
NOMINATION ANd REMUNERATION COMMITTEE:
1. Mr. S K Chawla Chairman (Non-executive Independent Director)
2. Mr. Arun K Gupta Member (Non-executive Independent Director)
3. Dr. Sushil Chandra Member (Non-executive Independent Director)
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
1. Dr. Sushil Chandra Chairman (Non-executive Independent Director)
2. Mr. Shobhit Uppal Member (Executive Director)
3. Mr. Arun K Gupta Member (Non-executive Independent Director)
The terms of reference & details of meetings of these Committees and theirattendance are given separately under Corporate Governance Report.
BOARD EVALUATION MECHANISM
Pursuant to provisions of the Companies Act 2013 and the listing obligations theBoard has carried out Annual Performance evaluation of its own performance those ofDirectors individually and various committee. The performance of individual Directors wasevaluated on parameters such as number of meeting attended contribution in the growthand formulating the strategy in the interest of the Company and minority shareholderstime devoted apart from attending the meeting of the company active participation in longterm strategic planning ability to contribute by introducing best practices to addressbusiness challenge and risk etc.
The Directors expressed their satisfaction with the evaluation process.
REMUNERATION POLICY FOR THE DIRECTORS KEY MANAGERIAL PERSONNEL AND OTHER EMPLOYEES
The Board has on the Remuneration of the Nomination and remuneration committee formed apolicy for selection and appointment of Director Key Managerial personnel SeniorManagement and their remuneration the remuneration policy along with the criteria fordetermining the qualification positive attribute independence of a director is availableon the website of the Company viz www.acilnet.com
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION
Energy Management Program
The information in accordance with the provisions of Section 134 of the Companies Act2013 read with Rule 8(3) of the Companies (Accounts) Rules 2014 is below:
1 Replace incandescent lights with compact fluorescent lights (CFLs) or light-emittingdiodes (LEDs) for desk lamps and overhead lighting. Using CFLs instead of comparableincandescent bulbs can save about 50% on your lighting costs. CFLs use only one-fourth theenergy and last up to 10 times longer.
2 Switch off all unnecessary lights. Use dimmers motion sensors or occupancy sensorsto automatically turn off lighting when not in use to reduce energy use and costs.
3 Use natural lighting or day lighting. When feasible turn off lights near windows
4 Use task lighting; instead of brightly lighting an entire room focus the light whereyou need it to directly illuminate work areas.
5 Use ENERGY STAR products.
6 Close or adjust window blinds to block direct sunlight to reduce cooling needs duringwarm months. Overhangs or exterior window covers are most effective to block sunlight onsouth-facing windows.
7 In the winter months open blinds on south-facing windows during the day to allowsunlight to naturally heat your workspace. At night close the blinds to reduce heat loss.
8 Unplug equipment that drains energy when not in use (i.e. cell phone chargers fanscoffeemakers desktop printers radios etc.).
9 Replace desktop computers with thin clients or notebook computers and dockingstations.
10 Replace cathode ray tube (CRT) monitors with LED or liquid crystal display (LCD)monitors.
11 Turn off photocopier at night or purchase a new copier with low standby feature.Purchase printers and fax machines with power management feature and use it.
12 Coordinate with vending machine vendor to turn off advertising lights.
13 Install low-flow toilets urinals faucets and shower heads.
14 Verify the energy management system switches into setback mode during unoccupiedhours. Also time clocks and computer controls may need adjustments after power outages orseasonal time changes.
(i) The efforts made towards technology absorption: From the technology infrastructureperspective all the desktops and laptops that the Company uses are "EnergyStar" certified. On top of that we have configured policies which put the PC andmonitors in a sleep mode after a pre-determined period of no-usage to conserve energy.
(ii) The benefits derived like product improvement cost reduction product developmentor import substitution:
By adapting to these measures the company has been able to reduce its energyconsumption thereby reducing the cost of electricity etc. However the exact costreduction is not quantifiable.
(iii) In case of imported technology (imported during the last three years reckonedfrom the beginning of the financial year):
We don't specifically import any technology for energy consumption.
(iv) The expenditure incurred on Research and Development: Company has setup ITSoftware Department. These are service maintaining our large accounts and receiving a goodfeedback. Since it is an integral part of our continuous effort for improving our ITTechnology no research and development expenditure is separately allocated.
PARTICULARS OF EMPLOYEES RELATED DISCLOSURES
Disclosure pertaining to remuneration and other details as required under Section197(12) of the Companies Act 2013 and Rule 5(1) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 are provided in the prescribed formatand annexed herewith as Annexure I to this report.
RELATED PARTY TRANSACTIONS & PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
The related party transactions that were entered into during the financial year were ason arm's length basis and in the gradually course of business. There are no mandatorysignificant related party transaction entered by the Company with Promoter Directors KeyManagerial personnel or any other designated persons which may have potential effect withthe interested of the company at large.
The related party transactions are placed before the Audit Committee as also the BoardApproval where required prior omnibus approval of the Audit Committee was also obtainedfor transactions that are respective nature. The Transactions entered in to present to theomnibus approval of the Audit Committee were placed before the Audit Committee for itsreview on the quarterly basis.
The Company has formed a policy on Related Party Transactions for the purpose ofidentification and monitoring of such transactions and the same is updated on theCompany's website http://www.acilnet.com. The details of related party transaction as perAOC-2 is attached as Annexure II.
PARTICULARS OF LOANS INVESTMENTS AND GURANTEES
The details of Loans guarantees and investments covered under Section 186 of theCompanies Act 2013 form part of the Notes to the financial statements provided in thisAnnual Report.
EXTRACT OF ANNUAL RETURN
Pursuant to Section 92 of the Act and Rule 12 of The Companies (Management andAdministration) Rules 2014 the extract of Annual Return in Form MGT-9 is provided in AnnexureIII.
AUDITORS AND AUDITORS' REPORT:
The Members are informed that M/s Arun K Gupta & Associates Chartered Accountantshave completed their tenure as per the provisions of the Companies Act 2013 as they werecontinued as the Statutory Auditors of the Company since incorporation of the Company. Asper the provisions of the Companies Act 2013 an audit firm functioning as auditor of theCompany for ten years or more after the commencement of provisions of Section 139(2) ofthe Act may be appointed in the same Company for a further period of three years fromApril 1 2014. As maximum statutory tenure of M/s Arun K Gupta & Associates tocontinue as auditors is about to end and hence they are not eligible to be considered forre-appointment at the ensuing AGM of the Company.
The Board of Directors therefore on the recommendation of Audit Committee haveappointed M/s. Amod Agrawal & Associates Chartered Accountants [Firm RegistrationNo.: (005780N)] as statutory auditors of the Company for a period of three (3) yearssubject to the approval of the members of the company at the AGM.
The appointment of M/s. Amod Agrawal & Associates Chartered Accountants ifapproved by the members of the Company will take effect from the conclusion of theensuing AGM.
They have confirmed their eligibility to the effect that their appointment if madewould be within the prescribed limit under the Act and that they are not disqualified forappointment.
A resolution proposing appointment of M/s. Amod Agrawal & Associates CharteredAccountants [Firm Registration No.: (005780N)] as Statutory Auditors of the Companypursuant to Section 139 of the Companies Act 2013 forms part of the Notice for theensuing AGM.
Further the Auditors Report for the Financial Year ended 31.03.2017 beingself-explanatory does not call for any further comments from the Board of Directors.
During the period under review no incident of frauds was reported by the StatutoryAuditors pursuant to Section 143(12) of the Companies Act 2013.
Mr. Santosh Kumar Pradhan Practicing Company Secretary (C.P. No. 7647) had beenappointed by the Board upon the recommendation of the Audit Committee to undertake thesecretarial audit of the Company for the financial year ended on 31st March 2017. Thesecretarial audit report is annexed herewith as an Annexure IV which forms anintegral part of this report. The said report does not contain any qualificationreservation or adverse remarks or disclaimer.
COST RECORDS AND COST AUDIT REPORT
On the recommendation of Audit Committee the Board of Directors in its meeting held on30th May 2017 has appointed M/s Jitender Navneet & Company Cost Accountants (FRN:000119) as the Cost Auditor of the Company for the financial year 2017-18 on the aggregateremuneration of Rs. 2.00 Lacs (Rupees Two Lacs only) plus taxes as applicable and out ofpocket expenses in accordance with the provisions under Section 148 of the Companies Act2013 read with rules made there under.
INTERNAL CONTROL SYSTEMS AND ADEQUACY OF INTERNAL FINANCIAL CONTROLS
The Company has adequate system of Internal Financial Controls to help Managementreview the effectiveness of the Financial and Operating Controls and assurance aboutadherence to Company's laid down Systems and Procedures. As per the provisions of theCompanies Act 2013 internal controls and documentation are in place for all theactivities. Both Internal Auditors and Statutory Auditors have verified InternalFinancial Controls (IFC) at entity level and operations level and satisfied about controleffectiveness.
During the financial year 2016-17 such controls were tested and the design operationwas observed.
The controls are reviewed at regular intervals to ensure that transactions are properlyauthorized and correctly reported and assets are safeguarded. The Audit Committeeperiodically reviews the findings and recommendations of the Auditors and takes necessarycorrective actions as deemed necessary.
The Company believes in the conduct of the affairs of its constituents in a fair andtransparent manner by adopting highest standards of professionalism honesty integrityand ethical behavior.
Pursuant to Section 177(9) of the Companies Act 2013 and the SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015 and the listing agreement a vigilmechanism was established for directors and employees to report to the managementinstances of unethical behavior actual or suspected fraud or violation of the Company'scode of conduct or ethics policy. The copy of vigil mechanism policy is uploaded on thewebsite of your company at http://www.acilnet.com
Pursuant to the provisions of Schedule V of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 a separate section on Corporate Governance has beenincorporated in the Annual Report for the information of the shareholders. A certificatefrom the Practising Company Secretary of the Company regarding compliance with theconditions of Corporate Governance as stipulated under the said Schedule V of SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 also forms part ofthis Report
CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING
Your Company's Code of Conduct for Prevention of Insider Trading covers all theDirectors senior management personnel persons forming part of promoter(s)/promotergroup(s) and such other designated employees of the Company who are expected to haveaccess to unpublished price sensitive information relating to the Company. The Directorstheir relatives senior management personnel persons forming part of promoter(s)/promotergroup(s) designated employees etc. are restricted in purchasing selling and dealing inthe shares of the Company while in possession of unpublished price sensitive informationabout the Company as well as during the closure of trading window.
The Board of Directors has approved and adopted the Code of Conduct to Regulate fairdisclosure Monitor and Report Trading by Insiders in line with SEBI (Prohibition ofInsider Trading) Regulation 2015 and the same can be accessed on the website:http://www.acilnet.com/about/code-of-conduct.
CORPORATE SOCIAL RESPONSIBILITY
Report on Corporate Social Responsibility as per rule 8 of Companies (Corporate SocialResponsibility Policy) Rules 2014. The Company is committed to improve quality of lives ofpeople in the Community. The Company has framed its CSR Policy in compliance with theprovisions of the Companies Act 2013.
A brief outline of the Company's CSR policy including overview of projects or programsproposed to be undertaken and a reference to the web-link to the CSR policy and projectsor programs.
Eleven major areas:
1. Education - Women literacy child education job related skills
2. Gender equality
3. Environment & sustainability
4. Sanitation and hygiene
5. Safe drinking water
8. Encouraging preventive health care
9. Protection and preservation of national heritage
10. Benefit of armed forces veterans & contributing to DMS Relief fund
11. Health aids and accessories
Composition of CSR Committee:
|S. No. ||Name of Members ||designation |
|1 ||Dr. Sushil Chandra ||Chairman |
|2 ||Mr. Shobhit Uppal ||Member |
|3 ||Mr. Arun K Gupta ||Member |
The details of Corporate Social Responsibility provisions are attached as Annexure V.
SIGNIFICANT/MATERIAL ORDERS PASSED BY THE REGULATORS
There are no significant/material orders passed by the Regulators or Courts orTribunals impacting the going concern status of your Company and its operations in future.
MATERIAL CHANGES & COMMITMENTS SUBSEQUENT TO THE BALANCE SHEET dATE:
In terms of Section 134(3)(l) of the Companies Act 2013 no material changes andcommitments which could affect the Company's financial position have occurred between theend of the financial year of the Company and date of this report.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013
Your Company has always believed in providing a safe and harassment free workplace forevery individual working in Ahluwalia Contracts (India) ltd premises through variousinterventions and practices. The Company always endeavors to create and provide anenvironment that is free from discrimination and harassment including sexual harassment.
The Company has in place robust policy on prevention of sexual harassment at workplace.The policy aims at prevention of harassment of employees as well as contractors and laysdown the guidelines for identification reporting and prevention of sexual harassment.There is Internal Complaint Committee (ICC) which is responsible for redressal ofcomplaints related to sexual harassment and follows the guidelines provided in the policy.ICC has its presence at corporate office as well as at site locations.
During the year ended 31st March 2017 the ICC has not received any complaintspertaining to sexual harassment.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(c) and 134(5) of the Companies Act 2013 the Directorsconfirm that:
a. in the preparation of the annual accounts for the financial year ended 31st March2017 the applicable accounting standards and Schedule III of the Companies Act 2013have been followed and there are no material departures from the same;
b. the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of your Company as at 31st March 2017 and of the profitand loss of the Company for the financial year ended 31st March 2017;
c. proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act 2013 for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;
d. the annual accounts have been prepared on a going concern' basis;
e. proper internal financial controls laid down by the Directors were followed by theCompany and that such internal financial controls are adequate and were operatingeffectively; and
f. Proper systems to ensure compliance with the provisions of all applicable laws werein place and that such systems were adequate and operating effectively.
STOCK EXCHANGE LISTING
The shares of the Company are listed on BSE Limited (BSE) National Stock Exchange ofIndia Limited and Calcutta Stock Exchange Association (CSE). The listing fee for thefinancial year 2017-18 has been paid to BSE CSE and National Stock Exchange of IndiaLimited.
The Company has only one kind of Shares i.e. Equity shares with same voting rights.
During the year under review the issued subscribed and paid-up capital stood at Rs.13.39 Crores as at 31st March 2017.
a. The Company has passed a special resolution through Postal ballot on 13th February2017 for preferential issue of shares to one of the promoters of the Company. However dueto non-receipt of requisite approval from all the Stock Exchanges the Company could notallot the shares to the proposed allottee.
The Company has five subsidiaries as on 31st March 2017. There are no associatecompanies or joint venture companies within the meaning of section 2(6) of the CompaniesAct 2013 ("Act"). There has been no material change in the nature of thebusiness of the subsidiaries.
Pursuant to provisions of section 129(3) of the Act a statement containing salientfeatures of the financial statements of the Company's subsidiaries in Form AOC-1 isannexed as Annexure VI to the Boards report of the Company.
Further pursuant to the provisions of section 136 of the Act the financial statementsof the Company consolidated financial statements along with relevant documents andseparate audited accounts in respect of subsidiaries are available on the website of theCompany i.e. www.acilnet.com. These documents will also be available for inspection duringbusiness hours at our registered office.
During the year under review your company has neither invited nor accepted any publicdeposits from the public.
FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS
The familiarization programme aims to provide Independent Directors with the scenarioof Engineering Procurement and Construction Industry the business model thesocio-economic environment in which the Company operates the operational and financialperformance of the Company. The familiarization programme also seeks to update theIndependent Directors with their roles rights responsibilities duties under the Act andother statutes. The policy on Company's familiarization programme for IndependentDirectors is also posted on the Company's website at www.acilnet.com
The Company's financial discipline and prudence is reflected in the strong creditratings prescribed by rating agencies as given below:
|Facilities ||Rating |
|Long Term Facilities ||"CARE A Stable (Single A; Outlook; Stable) |
|Long /Short Term ||"CARE A; Stable /CARE A1+ (Single A; |
|Facilities ||Outlook; Stable; A one) |
CONSOLIDATED FINANCIAL STATEMENT
In accordance with the Companies Act 2013 ("the Act") and AccountingStandard (AS) - 21 on Consolidated Financial Statements read with AS - 23 on Accountingfor Investments in Associates and AS - 27 on Financial Reporting of Interests in JointVentures the audited consolidated financial statement is provided in the Annual Report.
HUMAN RESOURCE MANAGEMENT
Your Company firmly believes that employees are corner stone of the organization andinvesting in them thoughtfully and strategically reaps rewards that pay-off in the longrun. Through regular training and skill enhancement program your Company strives to bringcongruence between personal career goals of the employees and overall objective of theorganization. Your Company has put in comprehensive system in place for identifying andaddressing various training needs at all the levels of the organization. Your Companybelieves this will help in creating challenges and empowering work environment thatrewards dedication and work ethics to our employees. Your Company also organizes focuseddevelopmental programs to build and strengthen employees'' technical/functional andbehavioral competencies across levels of our organization.
These training programs include self-awareness personal effectiveness managerialcompetencies project management formwork skills up gradation etc.
Your Company continues to conduct engagement programs for employees and their familieslike annual picnic medical check-up yoga sessions blood donation sports tournamentscelebrating festivals distribution of long service awards etc. The Welfare Trust of theCompany helps the needy employees for their financial support.
"To become the benchmark for client's satisfaction in the building constructionindustry segment by continuously imparting training and welfare of its workforce"-Mission.
The above quote is the very essence of Ahluwalia Contracts (India) Limited & thefunctioning podium of Human Resource Department. ACIL Group employs more than 1700employees directly and indirectly through its subsidiaries across PAN India & alwaysmoves in a direction where it can keep its employees highly motivated result-oriented andadaptable to changing business environment so that they are more capable for attainingtheir goal thereby leading to Organisational Success.
In terms of Industrial relations the preceding year continued to be cordial and theCompany is entirely committed to maintain good industrial relations through effectivecommunication meetings and negotiation for the near-term times.
The dialogue can be concluded with our Company's Vision "To be the company ofchoice for construction of complex buildings by continuously setting higher standards ofexcellence in different facets of EPC in building construction industry"
THE FOREIGN EXCHANGE EARNING & OUTGO OF THE COMPANY IS AS FOLLOWS: FOREIGN EXCHANGEEARNINGS ANd OUTGO
| ||Current Year ||Previous Year |
| ||(Rs. in Lacs) ||(Rs. in Lacs) |
|Foreign Exchange Earnings ||NIL ||NIL |
|Foreign Exchange Outgo || || |
|a. Raw Material ||118.03 ||1760.27 |
|b. Capital Goods ||133.34 ||318.45 |
|c. Advance Payment for Raw Materials ||NIL ||NIL |
|d. Advance Payment for Capital Goods ||NIL ||NIL |
|e. Travelling Expenses ||10.81 ||10.16 |
|f. Consultancy Charges/ Technical Fee ||7.27 ||128.84 |
TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF):
The company has during the year under review transferred a sum of Rs. 79535/- toInvestor Education and protection fund in compliance with provisions of the CompaniesAct 2013. The said amount represents dividend for the year 2008-09 which remainedunclaimed by the shareholders of the company for period exceeding 7 years from its duedate of payment.
Your Board of Directors further confirms that (a) Your Company has not issued equityshares with differential rights as to dividend voting or otherwise; and (b) there is noscheme in your Company to finance any employee to purchase shares of your Company.
Your Directors would like to express their gratitude to Bank Central Government StateGovernment for various co-operation extended to the Company. The Board also places onrecord its appreciation of the devoted services of the employees support clients andco-operation extended by the valued business associates and the continuous patronage ofthe shareholders of the Company.
| ||On behalf of the Board of directors |
|Regd. Office: ||(Bikramjit Ahluwalia) |
|Plot No. A-177 ||Chairman & Managing Director |
|Okhla Industrial Area Phase-I ||DIN No. 00304947 |
|New Delhi-110020 || |
|Dated: 22.08.2017 || |