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Ankit Metal & Power Ltd.

BSE: 532870 Sector: Metals & Mining
NSE: ANKITMETAL ISIN Code: INE106I01010
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VOLUME 20327
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OPEN 6.83
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VOLUME 20327
52-Week high 21.90
52-Week low 1.60
P/E
Mkt Cap.(Rs cr) 103
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ankit Metal & Power Ltd. (ANKITMETAL) - Director Report

Company director report

Dear Shareholders

The Directors are pleased to present the Company's 19th Annual Report together withAudited Accounts for the financial year ended 31st March 2021.

FINANCIAL HIGHLIGHTS

(Rs. in Lacs)
Particulars Current Year 31st March 2021 Previous Year 31st March 2020
Revenue from Operation 41786.50 54827.70
Other Income 5.18 6.11
Total Revenue 41791.68 54833.81
Profit before Finance Cost Depreciation and Tax (1274.82) (2032.08)
Less: Depreciation &Amortization 4431.05 5113.38
Less: Finance Cost 1864.67 4423.16
Less: Tax Expenses - -
Net Profit after Tax (7570.54) (7504.46)
Add: Other Comprehensive Income 24.53 (76.27)
Total Comprehensive Income (7546.01) (7580.73)

• Figures of the previous year have been re-grouped/revised wherever necessary.

FINANCIAL AND OPERATIONAL REVIEW

During the year under review the Company has achieved total revenue from operation ofRs.41791.68 Lacs as against Rs.54827.70 Lacs in the previous year registering a declineof 23.78% due to the ongoing Covid-19 pandemic. The Company has incurred a Net Loss ofRs.7546.01 Lacs as against Rs.7580.73 Lacs in the previous year. The losses are mainlyattributed due to Company facing liquidity crunches increase in input cost low capacityutilization of plant etc.

GENERAL RESERVE

The Company has not transferred any amount to the General Reserve due to the lossesincurred during the financial year ended 31st March 2021.

DIVIDEND

In view of the losses incurred by the Company the Directors of the Company do notrecommend any dividend for the financial year ended 31st March 2021.

BOARD MEETINGS

During the year under review the Board of Directors met nine (9) times the details ofwhich are given in the Corporate Governance Report that forms part of this Annual Report.The intervening gap between the meetings was within the period prescribed under theCompanies Act 2013 and the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015.

CHANGES IN SHARE CAPITAL AND MEMORANDUM OF ASSOCIATION

There was no change in the Share Capital and Memorandum and Articles of Association ofthe Company during the year.

DIRECTORS

Appointment/Re-appointment/Resignation

Mr. Subham Bhagat (DIN: 0907077) Chairman cum Managing Director of the Company wasappointed as an Additional Director on 8th March 2021 and subsequently as Whole-TimeDirector in the same Board Meeting for a period of one (1) year at a monthly remunerationof Rs.25 000/- subject to various approvals as per law and the shareholders in theensuing Annual General Meeting. An agreement was executed between the Company and Mr.Subham Bhagat on 8th March 2021 citing all the terms and conditions of appointment.Further in the board meeting held on 20th March 2021 he was re-designated as Chairman cumManaging Director of the Company by executing a supplemental agreement on the same date.

Mr. Aritro Roy (DIN: 08257216) was appointed as Additional Independent Director(Non-Executive) by the Board of Directors of the Company with effect from 20th March 2021and to be regularised as Independent Director (Non-Executive) for a period of five yearswith effect from 20th March 2021 in the ensuing Annual General Meeting to be held on 28thSeptember 2021.

Mr. Satish Kumar Singh (DIN: 05295625) was appointed as Additional Director(Non-Executive) by the Board of Directors of the Company with effect from 14th August2021 and to be regularised as Director (Non-Executive) with effect from 14th August 2021in the ensuing Annual General Meeting to be held on 28 th September 2021.

Mr. Ankit Jain (DIN: 07672255) Independent Director of the Company whose tenure as anIndependent Directors expires on 22nd March 2019 on recommendation the Board ofDirectors in their meeting held on 14th August 2021 had re-appointed her for a furtherperiod of five (5) years with effect from 13th December 2021.

Mr. Suresh Kumar Patni (DIN: 00032674) has resigned from the post of Directorship witheffect from 8th March 2021 due to personal and unavoidable circumstances.

Mr. Ankit Patni (DIN: 00039407) has resigned from the post of Directorship with effectfrom 20th March 2021 due to personal and unavoidable circumstances.

KEY MANAGERIAL PERSONNELS (KMPs)

During the year under review Mr. Subham Bhagat (DIN: 0907077) has been appointed asChairman cum Managing Director with effect from 20th March 2021.

Pursuant to the provisions of section 203 of the Companies Act 2013 the KMP's of theCompany as on date are:

1. Mr. Subham Bhagat Chairman cum Managing Director

2. Mr. Saurabh Jhunjhunwala Chief Financial Officer

3. Mrs. Vineeta Barmecha Company Secretary

DIRECTORS' RESPONSIBILITY STATEMENT

Based on the framework of Internal Financial Controls maintained by the Company workperformed by the Internal Statutory Cost and Secretarial Auditors and external agenciesthe reviews performed by management and the relevant Board Committees the Board with theconcurrence of the Audit Committee is of the opinion that the Company's InternalFinancial Controls were adequate and effective as on 31st March 2021.

Accordingly pursuant to the provisions of section 134(5) of the Companies Act 2013the Board of Directors to the best of their knowledge and ability confirm:

i. that in the preparation of the annual accounts the applicable Accounting Standardshave been followed along with proper explanation relating to material departures;

ii. that we had in consultation with the Statutory Auditors selected such accountingpolicies and applied them consistently and made judgments and estimates that arereasonable and prudent so as to give a true and fair view of the state of affairs of theCompany at the end of the financial year March 31 2021 and of the profit and loss of theCompany for that period;

iii. that proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

iv. that the annual accounts have been prepared on a "going concern" basis;

v. that proper internal financial controls were laid down and that such internalfinancial controls are adequate and were operating effectively and

vi. that proper systems to ensure compliance with the provisions of all applicable lawswere in place and that such systems were adequate and operating effectively.

CREDIT RATING

During the year under review Credit Rating has not been done. The Company's creditrating for the last available year for Long-Term and Short-Term debts/facilities was D asgiven by ICRA Limited.

DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES

The Company does not hold any Subsidiary/Joint Venture/Associate Companies during theyear under review.

EXTRACT OF ANNUAL RETURN

An extract of Annual Return as on the financial year ended on 31st March 2021 in FormMGT-9 as required under Section 92(3) of the Companies Act 2013 read with rule 12(1) ofthe Companies (Management and Administration) Rules 2014 is set out as an Annexure-I tothe Director's Report and form part of this Annual Report.

WEB ADDRESS OF ANNUAL RETURN

Pursuant to the provisions of the Companies Act 2013 read with applicable rules madethereunder the extract of Annual Return of the Company has been disclosed on the websiteof the Company at http://www.ankitmetal.com/extract.html.

PUBLIC DEPOSITS

The Company has not accepted any deposits within the meaning of Section 73 of theCompanies Act 2013 and the Companies (Acceptance of Deposits) Rules 2014 and as such noamount of principal or interest was outstanding as on the Balance Sheet date.

INSURANCE

The properties and insurable assets and interests of the Company like building plantand machinery and stocks among others are adequately insured.

BUSINESS RESPONSIBILITY REPORT (BRR)

The Business Responsibility Report as per regulation 34(2) of SEBI Listing Regulationsis not applicable to the Company as the Company does not fall under top 500 listedcompanies on the basis of market capitalisation.

DIVIDEND DISTRIBUTION POLICY

Pursuant to regulation 43A of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 top 500 listed companies based on market capitalisationare required to formulate a Dividend Distribution Policy. Accordingly your Company is notrequired to formulate the Dividend Distribution Policy.

AUDIT AND AUDITORS STATUTORY AUDITOR

In terms of the provisions of Section 139 of the Companies Act 2013 read withCompanies (Audit and Auditors) Rules 2014 M/s. J.B.S & Company Chartered Accountants(FRN: 323734E) the Auditors of the Company shall hold office from the conclusion of the15th Annual General Meeting till the conclusion of the 20th Annual General Meeting of theCompany at a remuneration as fixed by the Board of Directors of the Company inconsultation with the Auditors.

STATUTORY AUDITOR'S OBSERVATION

We draw your attention to note no. 26 of the accompanying Financial Statementsregarding non-provision of interest expense on the borrowings of the Company amounting toRs.12809.67 Lacs for the year ended 31st March 2021 (cumulative non provision ofRs.65818.98 Lacs till 31st March 2021) and penal interest and charges thereof (amountremaining unascertained) which is not in accordance with the requirements of Ind AS 23:Borrowing Costs read with Ind AS 109: Financial Instruments.

Had the aforesaid interest expense been recognized the finance cost for the year ended31st March 2021 would have been Rs.14674.34 Lacs instead of reported amount ofRs.1864.67 Lacs. The total expenses for the year ended 31st March 2021 would have beenRs.62171.89 Lacs instead of Rs.49362.22 Lacs. The Net Loss after tax for the year ended31st March 2021 would have been Rs.20380.21 Lacs instead of reported amount ofRs.7570.54 Lacs. Total Comprehensive Loss for the year ended 31st March 2021 would havebeen Rs.20355.68 Lacs instead of reported amount of Rs.7546.01 Lacs. Other equity as on31st March 2021 would have been Rs.(153348.91) Lacs instead of reported amount ofRs.(87529.93) Lacs and Other Current Financial Liability as on 31st March 2021 wouldhave been Rs.144384.56 Lacs instead of reported amount of Rs.78565.58 Lacs.

(The above reported interest has been calculated by using Simple Interest Rate).

Our comments are as under:

The lenders have stopped charging interest on debts since the dues from the companyhave been categorized as Non-Performing Asset. The company is in activediscussion/negotiation with it lenders to restructure its debt at a sustainable level. Inview of the above pending finalization of the restructuring plan the company has notprovided accrued interest in its books during the year and reversed interest provided inearlier period pertaining to the period the account was declared NPA by the respectivelenders. The amount of interest has been recognized in the books of accounts to the extentamount charged/realized by the banks as reflected in the Bank Statements. The amount ofinterest not so provided stands at Rs.12809.67 Lacs for the year ended 31st March 2021and penal interest and charges thereof (amount remaining uncertain). The unprovidedaccumulated liability in respect of interest on long-term and short-term borrowings as on31st March 2021 amounted to Rs.65818.98 Lacs. The same have consequential impact on thereported figures.

COST AUDITOR

In terms of section 148 of the Companies Act 2013 read with rule 14 of the Companies(Audit and Auditors) Rules 2014 on the recommendation of the Audit Committee the Boardof Directors has appointed M/s A.J.S & Associates Cost Accountant (Registration No.000106) as Cost Auditor of the Company at a remuneration of Rs.35000 plus applicabletaxes and re-imbursement of out of pocket expenses incurred by them to conduct an audit ofthe cost accounting records maintained by the Company for the current financial yearbeginning from 1st April 2021 and ending on 31st March 2022.

As required under Section 148 of the Companies Act 2013 read with Rule 14 of theCompanies (Audit and Auditors) Rules 2014 the remuneration payable to Cost Auditor isbeing placed at the ensuing Annual General Meeting for ratification by the members.

COST RECORDS

The Company has duly prepared and maintained the cost records of the businessactivities carried out by the Company during the financial year 2020-21 as requiredpursuant to the provisions of section 148(1) of the Companies Act 2013 read withCompanies (Cost Records and Audit) Rules 2014.

SECRETARIAL AUDITOR

In terms of Section 204 of the Companies Act 2013 and rules made there under M/s. K.C. Dhanuka & Co. (Prop. Mr. K. C. Dhanuka FCS - 2204) Practicing Company Secretaryhas been appointed as Secretarial Auditor of the Company for the financial year 2020-21.The report of the Secretarial Auditor in Form MR-3 is enclosed as Annexure-II tothis report.

SECRETARIAL COMPLIANCE REPORT

Pursuant to SEBI Circular no. CIR/CFD/CMD1/27/2019 dated 8th February 2019 andregulation 24(A) of the SEBI Listing Regulations Secretarial Compliance Report for thefinancial year ended 31st March 2021 issued by M/s. K.C. Dhanuka & Co. (Prop. Mr.K.C. Dhanuka FCS - 2204) Practicing Company Secretary is annexed herewith and marked as Annexure- III to this report. The Secretarial Compliance Report does not contain anyqualifications reservation or adverse remarks.

SECRETARIAL AUDITOR'S OBSERVATION

The Secretarial Auditor has the following observation in Form MR-3 enclosed as AnnexureII:

It has been observed that the Company has defaulted in the payment of statutory dueswithin the prescribed time as disclosed in the financial statement.

Our Comment is as under:

Payment of statutory dues has been delayed due to poor liquidity position.

INTERNAL AUDITOR

In terms of section 138 of the Companies Act 2013 read with rule 13 of the Companies(Accounts) Rules 2014 on the recommendation of Audit Committee the Board of Directorshas re-appointed M/s. N. R. & Associates Cost Accountants (FRN: 102903) as InternalAuditor of the Company for the financial year 2021-22 at a remuneration fixed by the Boardof Directors of the Company in consultation with the Auditors.

INTERNAL FINANCIAL CONTROL SYSTEM

The Companies Act 2013 has mandated the Company to have a formal framework of InternalFinancial Controls (IFC) and has also laid down specific responsibilities on the BoardAudit Committee Independent Directors and Statutory Auditor with regard to IFC.

The financial control system and framework is required to ensure:

• The orderly and efficient conduct of its business

• Safeguarding of its assets

• The prevention and detection of frauds and errors

• The accuracy and completeness of the accounting records and

• The timely preparation of reliable financial information.

The Board reviews the effectiveness of controls documented as part of InternalFinancial Control (IFC) framework and take necessary corrective actions where weaknessesare identified as a result of such reviews. This review covers entity level controlsfraud risk controls and information technology environment.

The policies and procedures adopted by the Company ensures the orderly and efficientconduct of its business and adherence to the Company's policies prevention and detectionof frauds and errors accuracy and completeness of the records and the timely preparationof reliable financial information.

Based on this evaluation no significant events had come to notice during the year thathave materially affected or are reasonably likely to materially affect our IFC. Themanagement has also come to the conclusion that the IFC and other financial reporting waseffective during the year and is adequate considering the business operations of theCompany.

The Statutory Auditor of the Company has audited the Internal Financial Control overFinancial Reporting and their Audit Report is annexed as Annexure-B to the IndependentAuditor's Report under Financial Statements.

DISCLOSURES ON REMUNERATION OF DIRECTORS KEY MANAGERIAL PERSONNEL AND EMPLOYEES OF THECOMPANY

Disclosure pertaining to remuneration and other details as required under section134(3)(q) 197(12) of the Companies Act 2013 read with rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 and subsequentamendments thereto is annexed to this Directors' Report as Annexure - IV.

ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO

A statement giving details of Conservation of Energy Technology Absorption and ForeignExchange Earning and Outgo as required under section 134(3)(m) of the Companies Act 2013read with rule 8 of the Companies (Accounts) Rules 2014 is annexed to this report as Annexure- V.

DECLARATION ON COMPLIANCE WITH CODE OF CONDUCT

The Board has formulated a Code of Conduct for the Board members and Senior Managementof the Company which has been posted on the website of the Company.

It is hereby affirmed that all the Directors and Senior Management Personnel havecomplied with the Code and a confirmation to that effect has been obtained from thedirectors and the senior management.

PREVENTION OF INSIDER TRADING

The Company already had a structured Code of Conduct for Prevention of Insider Tradingwith a view to regulate trading insecurities by the Directors and designated employees ofthe Company. The Code has been further streamlined to keep parity with the Companies Act2013 and SEBI (Prohibition of Insider Trading) Regulations 2018 and be named as 'Code ofConduct for Regulating Monitoring and Reporting of Trading by Insiders' which is alsodisplayed on the website of the Company www.ankitmetal.com.

The Code requires pre-clearance for dealing in the Company's shares and prohibits thepurchase or sale of Company's shares by the Directors and the designated employees whilein possession of unpublished price sensitive information in relation to the Company andduring the period when the Trading Window is closed. The Board is responsible forimplementation of the Code.

All the Directors and designated employees who hold any shares in the Company haveconfirmed compliance with the Code.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/COURTS/ TRIBUNALS

To the best of our knowledge the Company has not received any such order byRegulators Courts or Tribunals during the year under review which may impact the GoingConcern status or the Company's operations in future during year under review. The Companyhas complied with all the requirements of the Uniform Listing Regulations with the StockExchanges as well as regulations and guidelines of SEBI.

MATERIAL CHANGES AFFECTING THE COMPANY

Starting from the last month of the financial year 2020-21 the Corona Virus (COVID-19)pandemic developed rapidly into a global crisis forcing Governments to enforce lockdownsof all economic activity. This pandemic has affected the business operations of theCompany by way of interruption in production activities supply chain and availability ofmanpower during the period. The demand for Company's products and supply chain were badlyhit due to lockdown causing further worsening of the liquidity position of the Company.After the lockdown norms were relaxed by the Government of India and the DistrictAdministration of respective State Governments the manufacturing activities graduallycommenced at our plant location with reduced manpower and keeping in view all safetyprecautions and measures as directed by the Government. Due to huge outstanding debts theCompany is in a severely distressed condition as a result of which it is continuouslyfacing liquidity problem keep its plant in running condition. However the Company istrying its best to tide over the liquidity crunches as far as practicable.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

The Company has not given any loans or guarantees covered under the provisions ofsection 186 of the Companies Act 2013. The details of the investments made by Company aregiven in the notes to the Financial Statements.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All contracts/arrangements/transactions entered by the Company during the financialyear with related parties were in the ordinary course of business and on arm's lengthbasis. During the year the Company had not entered into anycontract/arrangement/transaction with related parties which could be considered materialin accordance with the policy of the Company on materiality of related party transactionsbetween the Company and the Directors the management or the relatives except for thosedisclosed in the financial statements. The Company has seeked omnibus approval for relatedparty transactions as per Regulation 23 (3) of SEBI (Listing Obligations & DisclosureRequirements) Regulations 2015 for the financial year 2020-21. Further there are nomaterially significant Related Party Transactions during the year under review made by theCompany with Promoters Directors Key Managerial Personnel or other designated persons.

Accordingly particulars of contracts or arrangements entered into by the Company withrelated parties referred to in section 188(1) of the Companies Act 2013 in Form AOC-2i.e Annexure - VI is Nil. The Policy on materiality of related party transactionas approved by the Board may be accessed on the Company's website www.ankitmetal.com.

POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION

The Board has on the recommendation of the Nomination and Remuneration Committeeframed a policy for selection and appointment of Directors Key Managerial Personnel andtheir remuneration. A note on Nomination and Remuneration Policy has been made part of theCorporate Governance Report.

RISK MANAGEMENT POLICY

The Company has a defined Risk Management framework to identify assess monitor andmitigate various risks to key business objectives. Major risks identified by thebusinesses and functions are systematically addressed through mitigating actions on acontinuing basis.

The Risk Management Policy provides for identification of risk its assessment andprocedures to minimize risk. The policy is periodically reviewed to ensure that theexecutive management controls the risk as per decided policy.

DISCLOSURE UNDER SEXUAL HARASSMENT OF EMPLOYEE AT WORKPLACE

The Company has a policy on Sexual Harassment in line with the requirements of theSexual Harassment of any employee at workplace. The Audit Committee will redresscomplaints received regarding sexual harassment. All employees (permanent contractualtemporary trainees) are covered under this policy.

The details related to complaints pertaining to sexual harassment during the financialyear 2020-21 is covered under the Corporate Governance Report which forms part of thisAnnual Report.

STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet the criteria of Independence as laid down under section 149(6)of the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirement)Regulations 2015 with the Stock Exchanges.

FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS

The Company proactively keeps its Directors informed of the activities of the Companyits management and operations and provides an overall industry perspective as well asissues being faced by the industry. The Familiarisation Programme Policy and details offamiliarisation programmes for Independent Directors is available on the Company's websitewww.ankitmetal.com

AUDIT COMMITTEE

The composition and terms of reference of the Audit Committee has been furnished in theCorporate Governance Report which forms part of this Annual Report. There has been noinstance where the Board has not accepted the recommendations of the Audit Committee.

NOMINATION AND REMUNERATION COMMITTEE

The composition and terms of reference of the Nomination and Remuneration Committee hasbeen furnished in the Corporate Governance Report which forms part of this Annual Report.

STAKEHOLDERS' RELATIONSHIP COMMITTEE

The composition and terms of reference of Stakeholders' Relationship Committee has beenfurnished in the Corporate Governance Report which forms part of this Annual Report.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

In line with the provisions of the Companies Act 2013 the Company has framed itsCorporate Social Responsibility (CSR) policy for the development of programmes andprojects for the benefit of weaker sections of the society and the same has been approvedby the CSR Committee and the Board of Directors of the Company. The Company has not spentany amount in CSR activities since the Company has incurred losses during the previousthree (3) years eroding the entire net worth of the Company.

VIGIL MECHANISM

In terms of section 177 of the Companies Act 2013 rules framed thereunder andregulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 the Company has a vigil mechanism in place for the Directors and employees of theCompany through which genuine concerns regarding various issues relating to inappropriatefunctioning of the organisation can be communicated. For this purpose the Board has aVigil Mechanism and the same has been uploaded on the website of the Company i.e.www.ankitmetal.com and available at the link

http://www.ankitmetal.com/vigil-mechanism.pdf. The policy has been constituted underthe guidance of the Chairman of the Audit Committee. During the year under review therehas been no incidence reported which required action by the Audit Committee.

PERFORMANCE/BOARD EVALUATION

In pursuance to section 134 of the Companies Act 2013 read with rule 8 of theCompanies (Accounts) Rules 2014 and SEBI (LODR) Regulations 2015 the Nomination andRemuneration Committee adopted a formal mechanism for evaluating the performance of theBoard of Directors as well as that of its Committees and individual Directors includingChairman of the Board Key Managerial Personnel/ Senior Management etc.

The Board has carried out an annual evaluation of its own performance the directorsindividually as well as the evaluation of the functioning of various Committees based onvarious parameters such as composition of the Board experience competenciescontribution towards accurate financial reporting strategic guidance risk mitigationinternal controls governance leadership and talent development managing externalstakeholders governance issues etc. The Independent Directors also carried out theevaluation of the Chairman and the Non-Independent Directors the details of which arecovered in the Corporate Governance Report.

CORPORATE GOVERNANCE

The Company is committed to maintain the highest standards of Corporate Governance andadhere to the Corporate Governance requirements set out in regulation 34(3) read withschedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015. The Corporate Governance Report as stipulated under the above regulation forms anintegral part of this Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS (MDA)

Management's Discussion and Analysis for the year under review as stipulated underregulation 34(3) read with schedule V of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 is presented in a separate section forming part of thisAnnual Report.

CEO/CFO CERTIFICATION

As required by regulation 34(3) read with schedule V of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015 the CEO/CFO certification has beensubmitted to the Board and forms an integral part of this Annual Report.

AWARDS & ACHIEVEMENTS

During the year under review the Company has not received any awards.

GREEN INITIATIVES IN CORPORATE GOVERNANCE

The Company welcomes and supports the 'Green Initiative' undertaken by the Ministry ofCorporate Affairs Government of India enabling electronic delivery of documentsincluding the Annual Report to shareholders at their e-mail address previously registeredwith the DPs/Company/RTAs. Those holding shares in demat form can register their e-mailaddress with their concerned DPs.

The Company has made the arrangement with Depositories/RTA for updating the emailaddress of the concerned shareholders for supply of Annual Report in electronics means dueto non-printing of Annual Report physically due to the outbreak of novel Corona Virus(CoVID-19).

To support the 'Green Initiative' the members who have not registered their e-mailaddresses are requested to register the same with Registrar and Share TransferAgent/Depositories for receiving all the communications including Annual Report NoticesCirculars etc. from the Company electronically.

OTHER DISCLOSURE REQUIREMENTS

• The disclosures and reporting with respect to issue of equity shares withdifferential rights as to dividend voting or otherwise is not applicable as the Companyhas not issued any such shares during the reporting period.

• The disclosures and reporting on issue of shares (including sweat equity sharesand issue of shares under

Employees Stock Option Scheme) to employees of the Company under any scheme are notapplicable as the Company has not issued any such shares during the reporting period.

• As far as possible the Company has complied with the applicable provisions ofSecretarial Standards SS-1 and SS-2.

• There is no change in the nature of the business of the Company.

APPRECIATION

The Directors wish to extend their thanks and appreciation for the valuable andcontinued support received from the shareholders Company's bankers Central and StateGovernment authorities Stock Exchange(s) Depository Participant(s) and all otherbusiness associates for the growth of the organisation.

The Directors also wish to place on record their deep appreciation to all the employeesfor their commitment and continued contribution to the Company.

ANNEXURES FORMING PART OF THE DIRECTORS' REPORT

The annexures referred to in this report and other information which are required to bedisclosed are annexed herewith and forms part of this Directors' Report:

Annexure Particulars
I Extract of the Annual Return (Form MGT-9)
II Secretarial Audit Report (Form MR-3)
III Secretarial Compliance Report
IV Particulars of Employees
V Prescribed particulars of Conservation of Energy Technology Absorption and Foreign Exchange Earnings and Outgo
VI Particulars of Contract or Arrangements with Related Parties (Form AOC-2)

 

For and on behalf of the Board
Ankit Metal & Power Limited
Subham Bhagat
Chairman cum Managing Director
Place: Kolkata
Date: 14th day of August 2021

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