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GDR Media Ltd.

BSE: 531114 Sector: Financials
NSE: N.A. ISIN Code: INE946B01014
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GDR Media Ltd. (GDRMEDIA) - Director Report

Company director report

VALUELINE SECURITIES (INDIA) LIMITED Annual Report 1999 - 2000 DIRECTORS' REPORT To the Members, Your Directors have pleasure in presenting the Seventh Annual Report and thc Audited Statement of Accounts for the year ended 31st March, 2000. OPERATIONS: During the year 1999-2000, the Company recorded a total income of Rs.40.41 Lakhs which includes an income of Rs.37.51 lakhs derived from Software and Internet business. As informed earlier, the Company has already started Software business and continue to concentrate in this business in future. The Company is also trying to get some valuable software export orders shortly. FUTURE PROSPECTS: Your Directors would like to inform you that since last two years your Company has completely stopped the business of Finance and Leasing and is doing only Software business. The Company is further exploring the possibilities of broad-basing and has ambition plans to enter into the field, of Entertainment and Multi media business which have good prospects in the prevailing economic scenario. This will enable your Company to carry on its business more economically and the proposed activities can be, under the existing circumstances, conveniently and advantageously combined with the activities of your Company. CHANGE OF NAME: Your Company has completely stopped the business of Finance and Leasing and is concentrating fully on Software Development and Multimedia business. In order to identify the Company in the field of Software Development & Entertainment business, the Board of Directors have decided to change the name of the Company to GDR Tele films Limited. The Reserve Bank of India has already given its approval for the change of name vide its Letter No. DNBS (H) No. 307/HYD/ - 0014 / 2000-20001 dated 21st July, 2000, subject to deletion of object clauses relating to finance business in the Memorandum of Association of the Company. The Company has also surrendered the Certificate of Registration to the RBI. PUBLIC OFFER BY MR. G. DHANANJAYA REDDY: Mr. G. Dhananjaya Reddy, Director of the Company has entered in to an agreement with Mr. Y. Ravi Prasad, Promoter and director of the Company to acquire 12,05,100 Equity Shares of the Company and has made a public announcement on 11-07-2000 for further acquisition of 20% Equity Shares of the Company at a price of Rs.10/- per share from the shareholders of the Company as per the provisions of the SEBI (Substantial Acquisition of Shares and Take overs) Regulations, 1997. The above acquisition of shares is as per the guidelines of the SEBI and the management of your Company support the above acquisition. M/s.CIL Securities Limited, 214, Raghava Ratna Towers, Chirag Ali Lane, Abids, Hyderabad have been appointed as the Managers to the proposed offer by Mr. G. Dhananjaya Reddy. FIXED DEPOSITS: Your Company has not accepted deposits from the Public for the year under review within the meaning of Section 58A of the Companies Act, 1956 and the rules made thereunder. AUDITORS' REPORT: The observations of the auditors are explained, wherever necessary, in appropriate notes to the accounts. DIRECTORS: Smt. Y. Sharada, Director of the Company will retire by rotation at the ensuing Annual General Meeting and being eligible, offer herself for reappointment. During the year, Mr. G. Dhananjaya Reddy was appointed as Additional Director of the Company by the Board in terms of Section 260 of the Companies Act, 1956. He holds office till the conclusion of the forthcoming Annual General Meeting of the Company. The Company has received notice in terms of Section 257 of the Companies Act, 1956 for appointment of Shri G. Dhananjaya Reddy as Director liable to retire by rotation. AUDITORS: M/s. Rao & Babu Associates, Chartered Accountants, Auditors of the Company retire at the Annual General Meeting and are eligible for re-appointment. Members are requested to re-appoint them and to authorise the Board to fix the remuneration. STATUS ON Y2K COMPLIANCE: The Company has taken necessary steps in connection with addressing the issue of Y2K compliance and thc roll over to the year 2000 was smooth. DEMATERIALISATION OF SHARES: Pursuant to the Circular Letter No. SMDRP / POLICY / CIR - 23/2000, dated 29-05-2000, issued by the SEBI, the trading in your company's shares would be in compulsory demat form with effect from 26-03-2001. To this effect, the Company is make an application to the National Securities Depository Limited and the Central Depository Services Limited for providing electronic connectivity and to introduce your company's shares into the depository system. PERSONNEL: During the period under report there was no employee drawing a remuneration of more than Rs. 50,000/- per month or Rs. 6,00,000/- per annum as mentioned in Section 217 (2A) of the Companies Act, 1956. CONSERVATION OF ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE: As the Company is engaged in Leasing, Hire Purchase and other financial services activities, disclosure under the rule is not applicable. FOREIGN EXCHANGE EARNINGS AND OUTGO: During the year under review, your Company has no earnings and outgo in foreign exchange. LISTING INFORMATION: The Equity Shares of your Company continue to be listed during the year under review at (a) The Hyderabad Stock Exchange Limited, 3-6-275, Himayatnagar, Hyderabad-500029; (ii) The Stock Exchange, Mumbai, Phiroze Jeejibhoy Towers, Dalal Street. Fort, Mumbai- 400001; (iii) The Madras Stock Exchange Association Limited, Exchange Building, Post Box No.183, 11, Second Line Beach, Chennai-600001 (iv) The Bangalore Stock Exchange Limited, "Stock Exchange Towers" No.51, Ist Cross, J.C.Road, Bangalore- 560027 and (v) The Cochin Stock Exchange Limited, Post Box No.3529, Veekshnam Road, Ernakulam, Cochin-682035. The Company had paid the Annual Listing fees for the year 2000-2001 to the Hyderabad and Mumbai Stock Exchanges. ACKNOWLEDGEMENTS: The Directors thank the Company's Bankers, Employees and officials of concerned Government Departments for their co-operation and continued support to the Company. The Directors also take this opportunity to express their appreciation for the sincere and dedicated services of the Employees of the Company at all levels. For and on behalf of the Board of Directors. Place: Hyderabad (Y. RAVI PRASAD) Date: 29-07-2000 Chairman