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Savant Infocomm Ltd.

BSE: 517320 Sector: Engineering
NSE: N.A. ISIN Code: INE898E01011
BSE LIVE 13:57 | 29 Jun Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.75
PREVIOUS CLOSE 1.75
VOLUME 199
52-Week high 2.66
52-Week low 1.75
P/E
Mkt Cap.(Rs cr) 1
Buy Price 1.75
Buy Qty 1.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.75
CLOSE 1.75
VOLUME 199
52-Week high 2.66
52-Week low 1.75
P/E
Mkt Cap.(Rs cr) 1
Buy Price 1.75
Buy Qty 1.00
Sell Price 0.00
Sell Qty 0.00

Savant Infocomm Ltd. (SAVANTINFOCOMM) - Director Report

Company director report

Dear Members

Your Directors present their Thirty EighthAnnual Report along with the AuditedAccountsforthe year ended 31 March 2016.

Financial Results

The financial results of the Company for FY 2015-2016 are summarized below:

Item Current Year Previous Year
(Rs. Lakhs) (Rs. Lakhs)
Income 0.00 0.00
Expenditure 9.61 16.57
Profif(Loss) before Depreciation & Taxation (9.61) (16.57)
Add Depreciation 0.12 0.19
Provision for Taxation 0.00 0.00
Profit/(Loss) after Depreciation and Tax (9.73) (16.76)
Opening Balance of P& LAccount (423.48) (406.72)
Balance Carried to Balance Sheet (433.21 ) (423.48)

Dividend

Your Directors do not recommend any Dividend for the year under review.

Management Discussion & Analysis

The operations of the company had been closed with effect from 21 October 2002.Thereafter till the year 2004-2005 there were no activities.

M/s Savant India Institute of Technology Pvt. Ltd. (SIIT) Chennai had acquired allthe 1404800 equity shares held by the then promoters of your company. Thereafter inaccordance with the provisions of the SEBI (SAST) Regulations 1997 SIIT made an openoffer to the shareholders at the end of which SIIT had a total of 1440600 sharesrepresenting 42.62% of the 3380300 fully paid up equity shares of your company.

Consequent to these changes and to the decisions during the Extra Ordinary Generalmeeting held on 29 March 2005 your company had done the following:

• Incorporated the changes in the objects clause and authorized capital in itsMemorandum ofAssociation

• Got its name changedto SAVANT INFOCOMM LIMITED

• Got the registered office changed from Bangalore in Karnataka state to Chennaiin Tamil Nadu state

• Inducted personnel from 01 June 2005

• Commenced business operations from 01 June 2005

• Got its equity shares voluntarily de-listed from the Bangalore Stock Exchangewith effect from 24 November 2005

• Entered into an agreement with National Securities Depository Limited Mumbai(NSDL) to dematerialize its equity shares with NSDL in addition to its existingarrangement with CDSL

In 2007 SIIT had sold its entire holding of 1440600 equity shares to M/s WesternIndia Steel Co. Pvt. Ltd. Mumbai Mr. Bharat Parikh and Mrs. Mina Parikh who inaccordance with the provisions of the SEBI (SAST) Regulations 1997 had also made an openoffer to the shareholders for acquiring up to 20% more of the outstanding snares. Thisprocess was completed by end-September 2007 with the acquirers holding a total of1448500 shares after which the Board of the company was restructured. The company is inthe process of exploring various options for its future course of action

Deposits

The Company has not invited/ accepted any deposits from the public during the yearended March 312016. There were no unclaimed or unpaid deposits as on March 312016.

Directors

In accordance with Articles 106 and 107 of the Articles of Association of the companyMr. Harsh Parikh and Mrs. Mina Bharat Parikh retire by rotation. Being eligible theyoffer themselves for re-appointment.

Corporate Governance

The provisions of Regulation 27(2) of the SEBI (LODR) Regulations 2015 read withRegulation 15(2) (a) of the said regulations are not applicable to your company for thetime being. A report on corporate governance and certificate of compliance from theAuditors are annexed

Listing of equity shares

Your Company's equity shares are listed only in BSE Limited (a.k.a Bombay StockExchange) at Mumbai under Scrip Code 517320 and the listing fee for FY 2016-2017 has beenduly paid.

Auditors

M/s N.Raja &Associates Chartered Accountants Chennai (FRN: 003388S) StatutoryAuditors of the Company were appointed during the 37thAGM till the conclusion of theAnnual General meeting to be held in calendar year 2017 subject to ratification by theshareholders during the ensuing Annual General Meeting of the Company. Their comments onthe accounts and notes to the accounts are self-explanatory

Statutory Information

Extracts of Annual Return under Section 92(3)

Extracts ofAnnual Return under Section 92 (3) of the CompaniesAct 2013 and Rule 12(1)of the Companies (Management and Administration) Rules 2014 are given in the Form MGT-9which is annexed to this Report.

Number of meetings of the Board of Directors

Five Board Meetings were held during the period from 01.04.2015 to 31.03.16 on22.04.201510.06.201527.07.2015 16.10.2015 and 16.01.2016.

Directors' Responsibility Statement

Pursuant to the requirements of Section 134 (5) of the Companies Act 2013 with respectto Directors' Responsibility Statement it is hereby confirmed that: i: In the preparationof the annual accounts for the year ended 31 st March 2016 the applicable accountingstandards have been followed along with proper explanation relating to materialdepartures. ii. Such accounting policies as mentioned in Note 1 of the Annual Accountshave been applied consistently and judgments and estimates that are reasonable and prudentmade so as to give a true and fair view of the state of affairs of the Company for thefinancial year ended 31 st March 2016 and of the profit of the Company for that period.iii. Proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of this act for safeguarding the assets of theCompany and for preventing and detecting fraud and other irregularities. iv. The annualaccounts forthe year ended 31 st March 2016 have been prepared on a going concern basisv. The internal financial controls followed by the Company are adequate and operatingeffectively. vi. Proper systems to ensure compliance with the provisions of all applicablelaws are devised and such systems are adequate and operating effectively.

Declaration by Independent Directors

Independent Directors have given declarations that they meet the criteria ofindependence as provided under Section 149 (6) of the Companies Act 2013

Policy on Directors' Appointment & Remuneration

Since the company has no operations your company has decided that having a Nominationand Remuneration Policy pursuant to Section 178 (4) of the Companies Act 2013 is notnecessary at this stage

Audit Reports

There are no qualifications reservations or adverse remarks or disclaimers in theAuditors report or Secretarial Audit report. Secretarial Audit Report from Mr. R.VadiveluPracticing Company Secretary (ACS No. 19234 CP No. 8973) is annexed

Particulars of loans guarantees or investments under section 186:

During the year under review the Company has not advanced any loans given guaranteesor made investments.

Particulars of contracts or arrangements with related parties

Particulars of contracts or arrangements with related parties referred to in Section188 (1) ofthe CompaniesAct 2013:

NIL

Disclosure under Section 134 (3) (m) - Conservation of energy technology absorptionforeign exchange earnings and outgo:

The information on conservation of energy technology absorption and foreign exchangeearnings and outgo stipulated under Section 134(3)(m) of the CompaniesAct 2013 read withRule 8 of The Companies (Accounts) Rules 2014 is below:

(A) Conservation of energy-

(i) The steps taken or impact on conservation of energy. NIL

(ii) The steps taken by the company for utilizing alternate sources of energy: NIL

(iii) The capital investment onenergy conservation equipments: NIL

(B) Technology absorption-

(i) The efforts made towards technology absorption: NIL

(ii) The benefits derived like product improvement cost reduction product developmentor import substitution: NIL

(iii) In case of imported technology (imported during the last three years reckonedfrom the beginning of the financial year): NIL

(iv) The expenditure incurredon Research and Development: NIL

(C) Foreign exchange earnings and Outgo- Your Company has not earned any revenue inor incurredexpenditure in any foreign exchange.

Corporate Social Responsibility (CSR)

The Company is not requiredtoconstitute aCorporate Social Responsibility Committee asitdoes not fallwithinpurview of Section 135(1) of the Companies Act 2013 and hence it isnot required to formulate policy on corporate social responsibility.

Annual Evaluation of Board performance

The company has no operations and has therefore decidedthat it is neither possible nornecessary at this time to frame criteria for assessing the performance of its directorsand the Board.

Information under Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014

The company has no employees on its rolls and hence the provisions of Rule 5(2) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 are notapplicable.

Risk Management Policy

The company has no operations and has therefore decidedthat it does not need any riskmanagement policy now.

Whistle Blower Policy

The company has no operations and has therefore decided that it does not need any whileblower policy now.

Related Party Transactions:

Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) ofthe Companies (Accounts) Rules

2014:

Details of contracts or arrangements or transactions not at arm's length basis: NilDetails of material contracts or arrangement or transactions at arm's length basis: NIL

FORANDBEHALFOFTHEBOARD
Place:Chennai M.R.RAJAGOPALAN NAIR PRAKASHDAMODARAN
Date: 25 May 2016 DIRECTOR DIRECTOR