Bajaj Healthcare Limited
Your Directors have pleasure in presenting their 27th Board Report together with theAudited Financial Statements for the financial year ended 31st March 2020.
Financial Performance of the Company
(Rs in Lakhs)
| ||Year Ended 31st March 2020 ||Year Ended 31st March 2019 |
|Gross Income ||41318.74 ||37114.55 |
|Profit before Interest Depreciation & Tax ||5102.39 ||4359.76 |
|Finance Charges ||644.92 ||801.78 |
|Provision for Depreciation ||1212.33 ||1141.00 |
|Profit before Tax ||3245.12 ||2416.97 |
|Less: Current Tax / Deferred Tax ||995.15 ||785.94 |
|Net Profit after Tax ||2249.97 ||1631.03 |
|Surplus carried to Balance Sheet ||2249.97 ||1631.03 |
|Earnings Per Share ||16.31 ||11.82 |
The Company's gross revenue for the year increased to Rs 41318.74 lakhs as compared tolast year's Rs 37114.55 lakhs increased by 11.33% over the previous year which includesthe Domestic Turnover of Rs 31733.62 lakhs as compare to last year's Domestic Turnoverwas Rs 29536.67 lakhs and the Export Turnover of Rs 9267.22 lakhs as compared to lastyear's export turnover of Rs 7480.71 lakhs.
The net profit after tax during the year amounted to Rs 2249.97 lakhs as compared tonet profit of Rs 1631.03 lakhs in the previous year increased by 38% over the previousyear.
In order to conserve the resources for future business requirements your Directors donot recommend dividend for the year under review.
The Company has not accepted any deposit from public during the year under review andas such there are no outstanding deposits in terms of the Companies (Acceptance ofDeposits) Rules 2014.
Change in Nature of Business
There are no changes in the nature of business of the Company. However the Company hascommenced new business in Agro Sector during the year under review.
Extract of Annual Return
The extract of Annual Return as required under sub-section (3) of Section 92 of theCompanies Act 2013 ('the Act') in form MGT-9 is provided as 'Annexure-I' to this Reportand is also made available on the website of the Company at www.bajajhealth.com
Transfer to Reserves in terms of Section 134 (3) (J) of the Companies Act 2013:
The Company has not transferred any amount to General Reserves for the financial year2019-2020.
Transfer of Unpaid and Unclaimed Dividend to Investor Education and Protection Fund("IEPF")
Pursuant to the provisions of Section 124 of the Act and Investor Education andProtection Fund Authority (Accounting Audit Transfer and Refund) Rules 2016 (IEPFRules) the declared dividends which remains unpaid or unclaimed for a period of 7(seven) years from the date of its transfer to unpaid dividend account is required to betransferred by the Company to Investor Education and Protection Fund (IEPF). Details ofunpaid dividend is a part of Report on Corporate Governance that forms part of this AnnualReport.
Material Changes and Commitments Affecting the Financial Position of the Company whichhave Occurred Between the end of the Financial Year to which the Financial StatementRelates and the Date of the Report
The Company acquired intermediates manufacturing Unit at MIDC Tarapur Maharashtra andalso has agreed to acquire four manufacturing facilities comprising of three ActivePharmaceutical Ingredients (APIs) manufacturing facilities and one engineering facilityat MIDC Tarapur Maharashtra and 9 acres of an industrial plot at Dahej Gujarat.
The COVID-19 pandemic has negatively impacted the global economy disrupted globalsupply chains and workforce participation due to "work-from-home" restrictionsby various governments' worldwide and created significant volatility and disruption ofbusinesses. For the Company the focus immediately shifted to ensuring the health andwell-being of all employees. Although there were uncertainties due to the pandemic themanufacturing operations of the Company was well managed with the underlying support ofthe key personnel of the Company. The initial disruption faced in handling secondaryoperations including the distribution channels was gradually streamlined in the month ofMay. The Company have taken all the steps necessary to adapt itself to emerging changesand the new normal.
Information about Subsidiary / JV / Associate Company
The Company has no Subsidiary Joint venture or Associate Company.
The Company has issued and allotted 6899600 bonus shares to the Equity Shareholdersin the ratio of 1:1 (i.e. one fully paid up equity share of Rs 10/- each for one fullypaid up equity share) on 11th April 2019.
Buy Back of Securities / Sweat Equity / Employees Stock Option Plan
During the year under review the Company has not bought back any of its securities norissued any Sweat Equity Shares nor provided any Stock Option Scheme to the employeesduring the year under review.
Directors and Key Managerial Personnel
The Board has an optimum combination of Executive and NonExecutive IndependentDirectors and is headed by an Executive Chairman Mr. Sajankumar R. Bajaj. The Board ofthe Company is diverse in terms of qualification competence skills and expertise whichenables it to ensure long term value creation for all the stakeholders.
Director retires by rotation
In accordance with the provisions of Section 152 of the Act and the Articles ofAssociation of the Company Mr. Dhananjay S. Hatle (DIN 00226390) an Executive Directoris retiring by rotation at the ensuing Annual General Meeting (AGM) and is eligible forre-appointment.
Appointment/Re-appointment of Directors
On the recommendation of the Nomination and Remuneration Committee the appointment ofMr. Luke B. Fernandez (DIN: 08188583) and Ms. Kejal N. Shah (DIN: 08608399) asNonexecutive Independent Directors of the Company for a term of 5 (five) years w.e.f. 30thJune 2020 is proposed by the Board for the approval of the shareholders at the ensuingAGM of the Company.
On the recommendation of the Nomination and Remuneration Committee the appointment ofMr. Pakshal A. Jain (DIN: 08776385) as an Executive Director of the Company for a term of3 (three) years w.e.f. 30th June 2020 is proposed by the Board for the approval of theshareholders at the ensuing AGM of the Company.
The term of office of Mr. Sajankumar R. Bajaj as Chairman and Managing Director of theCompany has expired on 31st March 2020. The Board at their meeting held on 30th June2020 on the recommendation of the Nomination and Remuneration Committee has proposed there-appointment of Mr. Sajankumar R. Bajaj as Chairman and Managing Director of the Companyfor a period of 3 (three) years with effect from 1st April 2020 for the approval ofshareholders at the ensuing AGM of the Company.
The term of office of Mr. Anil C. Jain as Managing Director of the Company has expiredon 31st March 2020. The Board at their meeting held on 30th June 2020 on therecommendation of the Nomination and Remuneration Committee has proposed there-appointment of Mr. Anil C. Jain as Managing Director of the Company for a period of 3(three) years with effect from 1st April 2020 for the approval of shareholders at theensuing AGM of the Company.
The term of office of Mr. Dhananjay S. Hatle (DIN 00226390)
Ms. Namrata S. Bajaj (DIN 05327071) and Mr. Rupesh H. Nikam (DIN 07007815) as WholeTime Directors of the Company has also expired on 31st March 2020. The Board at theirmeeting held on 30th June 2020 on the recommendation of the Nomination and RemunerationCommittee has proposed the re-appointment of Mr. Dhananjay S. Hatle Ms. Namrata S. Bajajand Mr. Rupesh H. Nikam as Whole Time Directors of the Company for a period of 3 (three)years with effect from 1 st April 2020 for the approval of shareholders at the ensuingAGM of the Company.
Mr. Hemant R. Karnik and Mr. Ram B. Banarse were appointed as Independent Director ofthe Company for the period of five years w.e.f. 08th January 2016 and 14th January 2016respectively. The terms of Mr. Hemant R. Karnik and Mr. Ram B. Banarse are going to expireon 07th January 2021 and 13th January 2021 respectively. The Board of Directors onrecommendation of the Nomination and Remuneration Committee have proposed there-appointment of Mr. Hemant R. Karnik and Mr. Ram B. Banarse as Independent Director(Non-Executive) of the Company for a period of 5 (five) years with effect from 8thJanuary 2021 and 14th January 2021 respectively for the approval of shareholders at theensuing AGM of the Company.
Resignation of Director
Mr. Vidyut Shah (DIN 02578165) Non-Executive Independent Director of the Company hasresigned with effect from 12th June 2020 from the directorship of the Company.
As stipulated under the Regulation 36(3) of SEBI (Listing Obligation and DisclosureRequirements) Regulations 2015 (hereinafter referred as "Listing Regulations")brief resume of the Directors proposed to be appointed/re-appointed is furnished alongwith the Explanatory Statement to the Notice to the 27th Annual General Meeting of theCompany.
Key Managerial Personnel
Pursuant to the provisions of Sections 2(51) and 203 of the Act read with theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 KeyManagerial Personnel of the Company as on 31st March 2020 are Mr. Sajankumar R. Bajaj Managing Director Mr. Rupesh H. Nikam Whoie-time Director & Chief Financial Officerand Mr. Aakash Keshari Company Secretary & Compliance Officer.
The Company has received necessary declarations from aii Independent Directors of theCompany under the provisions of section 149(7) of the Act that they meet the criteria ofindependence as laid down in section 149 (6) of the Act and applicable provisions of theListing Regulations. The terms and conditions of appointment of Independent Directors aredisclosed on the website of the Company.
As per the Companies (Appointment and Qualifications of Directors) Fifth AmendmentRules 2019 aii the Independent Directors of the Company have registered with the IndianInstitute of Corporate Affairs for inclusion of their names in the comprehensiverepository maintained by the Ministry of Corporate Affairs.
In the opinion of the Board the Independent Directors of the Company fulfil theconditions specified under the Act and Listing Regulations and are independent of themanagement.
Number of Meetings of the Board
During the year 6 (six) Board Meetings were convened and held. The intervening gapbetween the meetings was within the period prescribed under the Act. The details ofmeetings of the Board are provided in the Report on Corporate Governance that forms partof this Annual Report.
Performance evaluation of the Board
The formal annual evaluation has been done by the Board of its own performance and thatof its Committees and Individual Directors on the basis of evaluation criteria specifiedin the Nomination and Remuneration policy of the Company.
The performance evaluation of the Chairman non-independent Directors and Board as awhole was also carried out by the Independent Directors at their separate meeting heid ason 13th February 2020 inter alia to:
i. To evaluate the performance of non-independent directors and the Board as a whole;
ii. To evaluate performance of the Chairman and Managing Director of the Company; and
iii. To evaluate the quality quantity and timelines of flow of information between theexecutive management and the Board.
The suggestions made at the meeting of the Independent Directors were communicated tothe Board Chairman and the Executive Director for taking appropriate steps. AiiIndependent Directors were present at the meeting. The Directors expressed theirsatisfaction with the evaiuation process.
Committees of the Board
With a view to have a more focused attention on various facets of business and forbetter accountabiiity the Board has constituted a set of Committees in accordance withthe requirements of the Act and Listing Reguiations. The Board supervises the execution ofits responsibiiities by the Committees and is responsibie for their action. Thestatutoriiy mandated Committees constituted under the provisions of the Act and ListingReguiations are Audit Committee Nomination and Remuneration Committee Corporate SociaiResponsibiiity (CSR) Committee and Stakehoiders' Reiationship Committee. A detaiied noteon the composition of the Committees terms of reference and other such detaiis of theabove mentioned Committees are provided in the Report of Corporate Governance forming partof this Annuai Report.
: Nomination and Remuneration Policy
Pursuant to the provisions of Section 178 of the Act and Reguiation 19 of ListingReguiations and on recommendation of the Nomination and Remuneration Committee the Boardof Directors has adopted a poiicy on Criteria for Seiection and Appointment of DirectorsSenior Management Personnei and their remuneration. Nomination and Remuneration poiicy isappiicabie to aii Directors Key Manageriai Personnei (KMP) Senior Management team andother empioyees of the Company. The said poiicy has been annexed to this Report and markedas "Annexure-A" and is aiso avaiiabie on the Company's websitewww.bajajheaith.com
i vIGIL Mechanism / Whistle Blower Policy
As per the provisions of Section 177(9) and (10) of the Act the Company has adopted aWhistie Biower Poiicy for estabiishing vigii mechanism for the Empioyees and Directors toreport to the Audit Committee Chairman genuine concerns unethicai behavior andirreguiarities if any noticed by them in the Company which can adversely affectsCompany's operations. The same is reviewed by the Audit Committee from time to time. Noconcerns or irreguiarities have been reported by Empioyees/ Directors tiii date. The saidpoiicy is avaiiabie on the Company's website www.bajajheaith.com
i Insider Trading Code
The Company has adopted an 'Code of Conduct to reguiate monitor and report trading bydesignated persons in Listed or Proposed to be Listed Securities' ("the Code")in accordance with the requirements of the Securities and Exchange Board i of India(Prohibition of Insider Trading) Regulations 2015 (PIT Reguiations). This Code isdispiayed on the Company's website. The object of the PIT Reguiations is to curb thepractice of insider trading in the securities of a iisted Company.
The Code is appiicabie to Promoters and Promoter's Group aii Directors and suchDesignated Empioyees who are expected to have access to unpubiished price sensitiveinformation reiating to the Company. The Company Secretary is the Compliance Officer formonitoring adherence to the said Reguiations.
i Business Responsibility Reporting
The Business Responsibiiity Report of the Company for the year ended 31st March 2020forms part of the Annuai Report and marked as "Annexure-B".
i Risk Management
The Company impiemented an integrated risk management approach though which it reviewsand assesses significant risks on a regular basis to ensure that a robust system on riskcontrols and mitigation is in place. Senior management periodically reviews this riskmanagement framework to keep update and address emerging challenges.
Statement in Respect of Adequacy of Internal Financial Controls with Reference to theFinancial Statements
Adequate internal control system commensurate with the nature of the Company's businessand size and complexity of its operations are in place and have been operatingsatisfactorily. Internal Control systems comprising of policies and procedure are designedto ensure reliability of financial reporting timely feedback on achievement ofoperational and strategic goals compliance with policies procedure applicable laws andregulations and that all assets and resources are acquired economically used efficientlyand adequately protected.
Statutory Auditors & their report
M/s. Paresh Rakesh & Associates Chartered Accountants were appointed as StatutoryAuditors of the Company at the 22nd AGM held on 30th September 2015 to hold office untilthe conclusion of the 27th AGM of the Company.
Pursuant to the recommendation of the Audit Committee the Board of Directors of theCompany at their meeting held on 14th September 2020 has recommended the appointment ofM/s. Chaturvedi & Agarwal Chartered Accountants (Firm Registration No. 101717W) asStatutory Auditors of the Company for a term of Five consecutive years from theconclusion of 27th AGM till the conclusion of 32nd AGM of the Company subject to theapproval of shareholders of the Company at their ensuing AGM.
In this regard M/s. Chaturvedi & Agarwal Chartered Accountants have submittedtheir written consent that they are eligible and qualified to be appointed as StatutoryAuditors of the Company in terms of Section 139 of the Act and also satisfy the criteriaprovided in Section 141 of the Act.
The Auditors' Report for the year under review does not contain any reservationqualification or adverse remarks and all the comments mentioned in the Auditors' Report tothe Shareholders are self-explanatory and do not need further explanation.
Cost Auditors & their report
As per Section 148 of the Act read with the Companies (Cost Records and Audit)Amendment Rules 2014 the cost audit records maintained by the Company in respect of itsDrugs & Pharmaceuticals business is required to be audited by a Cost Accountant inpractice. In this connection the Board of Directors of the Company has on therecommendation of the Audit Committee approved the appointment of N. Ritesh andAssociates Cost Accountants as the Cost Auditors of the Company for the year ending 31stMarch 2021. M/s. N. Ritesh and Associates have vast experience in the field of cost auditand have conducted the audit of the cost records of the Company for the past several yearsunder the provisions of the Act.
In accordance with the provisions of Section 148(3) of the Act read with Rule 14 of theCompanies (Audit and Auditors) Rules 2014 the remuneration payable to the Cost Auditorsas recommended by the Audit Committee and approved by the Board has to be ratified by themembers of the Company at the ensuring AGM. Accordingly appropriate resolution forms partof the Notice convening the AGM. The Board seeks your support in approving the proposedremuneration plus out-of-pocket expenses payable to the Cost Auditors for the FinancialYear ending 31st March 2021.
The Cost Audit Report for the year ended on 31st March 2019 does not contain anyreservation qualification or adverse remark.
Internal Auditor and their report
Pursuant to the provisions of Section 138 of the Act read with the Companies (Accounts)Rules 2014 Ms. Neha Gupta Cost Accountant has been appointed as Internal Auditor of theCompany for the financial year 2020-21.
The Internal Auditor submits her reports to the Audit Committee on periodic basis.Based on the report of Internal Audit management undertakes corrective action in theirrespective areas and thereby strengthens the controls.
Secretarial Auditor and their report
Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 the Company has appointed Mr. HareshSanghvi Practicing Company Secretary Mumbai as a Secretarial Auditor to conductSecretarial Audit of the Company. Report of the Secretarial Audit in Form MR-3 for thefinancial year ended 31st March 2020 is enclosed as Annexure-II to the Report. The saidreport does not contain any observation or qualification requiring explanation and theremarks mentioned in the report are self-explanatory.
Reporting of fraud by Auditors
There was no instance of fraud during the year under review which required theStatutory Auditors Internal Auditor Cost Auditor or/and the Secretarial Auditor toreport to the Audit Committee and/or the Board under Section 143(12) of Act and Rulesframed thereunder.
Compliance with Secretarial Standards
The Company has complied with the applicable mandatory Secretarial Standards.
Related Party Transactions
All transactions entered into with related parties as defined under the Companies Act2013 during the financial year were in the ordinary course of business and on an arm'slength pricing basis and do not attract the provisions of Section 188 of the Act. Therewere no materially significant transactions with the related parties during the financialyear which were in conflict with the interest of the Company and hence enclosing of FormAOC-2 is not required. Suitable disclosure as required by the Accounting Standard (AS 18)has been made in the notes to the Financial Statements.
Particulars of Loans Guarantee and Investments
Pursuant to Section 186 of the Act read with the Companies (Meetings of Board and itsPowers) Rules 2014 details of loans made guarantee issued investments made orsecurities provided by the Company have been disclosed in the Financial Statements.
Cash Flow Analysis
The cash flow statement for the year ended 31st March 2020 is annexed with thefinancial statements.
Particulars of Employees
Information required in accordance with Section 197 (12) of the Act read with Rule 5(1)and 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 are forming part of the Board's Report for the year ended 31st March 2020 is annexedand marked as Annexure-III to Board's Report.
Disclosure under Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013
The Company has always believed in providing a safe and harassment free workplace forevery individual working in the Company's premises through various practices and alwaysendeavors to provide an environment that is free from discrimination. All employees aretreated with dignity with a view to maintain a work environment free of sexual harassmentwhether physical verbal or psychological. The Company has in place policy on PreventionProhibition and Redressal of Sexual Harassment for women at workplace in accordance withthe requirements of Sexual Harassment of women at workplace (Prevention Prohibition andRedressal) Act 2013. An Internal Complaints Committee (ICC) has been setup as per thestatutory requirements to redress complaints regarding sexual harassment.
During the year 2019-20 ICC did not receive complaints of sexual harassment from anyemployees.
Significant and Material Orders passed by the Regulators or Courts or Tribunals
There are no significant and material orders passed by the Regulators/Courts that wouldimpact the going concern status of the Company and its future operations.
Management Discussion and Analysis Report
Management Discussion and Analysis for the year under review is provided as separatesection forming part of the Annual Report.
Report on Corporate Governance and Certificate of the Auditors of the Company regardingcompliance of the conditions of Corporate Governance as stipulated in Part C of Schedule Vof the Listing Regulations are provided in a separate section forming part of the AnnualReport.
Directors' Responsibility Statement
The Board of Directors acknowledge the responsibility for ensuring compliance with theprovisions of Section 134(3)(c) read with Section 134(5) of the Act in the preparation ofannual accounts for the year ended on 31st March 2020 and confirm that:
a. i n the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;
b. the directors had 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 the company at the end of the financial year and ofthe profit and loss of the company for that period;
c. the directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets 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 theCompany and that such internal financial controls are adequate and were operatingeffectively; and
f. the directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.
Corporate Social Responsibility
As a part of its initiative under the "Corporate Social Responsibility" (CSR)drive the Company has undertaken projects in the area of rural development and education.These projects are in accordance with Schedule VII of the Act and the Company's CSRpolicy. The Report on CSR activities as required under the Companies (Corporate SocialResponsibility Policy) Rules 2014 is annexed and marked as Annexure-IV which forms anintegral part of this Report.
Energy Conservation Technology Absorption i Research & Development and ForeignExchange Earnings and Outgo
The information on conservation of energy technology absorption and foreign exchangeearnings and outgo stipulated. Under section 134(3) (m) of the Act read with Rule 8(3) ofthe Companies (Accounts) Rules 2014 are as follows:
I. Conservation of Energy:
Steps taken on Energy Conservation -
Many steps towards energy conservation has taken & implemented successfully.
a. Commissioned low pressure steam turbine. This works on back pressure of steam boiler& generates electrical power of 100 KW/HR.
b. Installed Solar Panels of capacity of 700 KW in vacant land of factory premises.
c. To prevent heat loss replaced old insulation of reactors and cold well of brinestorage tank.
d. Installed softener plant capacity of 10 M3/HR to improve cooling water quality andefficient running of chilling plant. This prevents scaling & ensure better heattransfer & saves energy.
e. installed DM plant to improve boiler feed water quality and run efficient. Thissaves scaling in tubes & enhances life of boiler tubes.
f. Replaced the condenser of Brine Plant 2 by higher capacity to run machine efficient.
g. Replaced steam trap by float type. This controls live steam wastage & helpsimproving steam savings.
II. Technology Absorption:
a. Cooling tower blades replaced by new designed FRP Pumps.
b. For distillation column old structured packing replaced with new one.
c. Mercury vapour lamps replaced by LED Lamps.
III. Research & Development:
a. R&D Laboratory of Bajaj Healthcare Limited is already approved by DSIR(Department of Scientific and industrial Research) india.
b. We added efficient fume-hoods sophisticated equipment and facilities for carryingout synthetic research and scale-up activities to develop new process technology for APIsunder safe conditions.
c. R&D works on different generic molecules are under process. Some of productshave been commercialised at plant scale using environment friendly routes.
d. With the regular progression in the business our company intends to emphasise onfurther expansion of R&D facilities for development of technologically advancedasymmetric active pharmaceutical ingredients.
e. To achieve highest level of challenges of R&D activities Bajaj HealthcareLimited has developed a talented pool of scientists including organic/analytical chemistsprovide support to our R&D through documentation and validation of test results as perICH guidelines and assist the regulatory affairs to prepare high quality technicalpackages and drug master files.
f. The Company has obtained approval for In-house R & D Facility from theDepartment of Scientific and Industrial Research (DSIR) vide letter No. TU/IV-RD/4031/2019 dated 01st May 2019 for the purpose of section 35(2AB) of the Income TaxAct 1961 valid till 31st March 2022 subject to the condition underline therein.
h. There under the company has claimed a weighted deduction of 150% of the followingexpenditure incurred wholly and exclusively for the Research & Development Activity soapproved.
| || ||( ' Rs in Lakhs) |
|Nature of Expenditure ||2019-20 ||2018-19 |
|Revenue Expenditure: || || |
|Salary Expenses of R&D Personnel ||68.00 ||102.03 |
|R & D Chemical Purchase ||117.06 ||45.42 |
|Stores & Spares & Consumables in R & D ||6.01 ||- |
|Travelling & Other Exp. ||1.04 ||0.18 |
|Common Utilities Expenses ||30.85 ||23.21 |
|Capital Expenditure: || || |
|Laboratory Equipment ||18.03 ||61.55 |
|TOTAL ||241.00 ||232.39 |
Iv. Foreign Exchange Earning and Outgo
Foreign Currency inflow amounting to Rs 946558475/- Outgo:
Foreign Currency outgo amounting to Rs 1211230528/-
Environment and Pollution Control
The Company is well aware of its responsibility towards a better and clean environment.Our efforts in environment management go well beyond mere compliance with statutoryrequirements. The Company has always maintained harmony with nature by adoptingeco-friendly technologies and upgrading the same from time to time incidental to itsgrowth programs.
The Company has complied with all the statutory requirements. A declaration regardingcompliance of the provisions of the various statutes is also made by the Chief FinancialOfficer at each Board Meeting. The Company ensures compliance of the ROC SEBI Regulationsand various statutory authorities.
Your Directors express their gratitude to various Central and State GovernmentDepartments Organizations and Agencies for their continued help and co-operation extendedby them. The Directors also gratefully acknowledge all stakeholders of the Company viz.customers members dealers vendors banks and other business associates for theexcellent support received from them during the year. The Board also wishes to express itsgratitude and record its sincere appreciation for the commitment and dedicated efforts putin by all the employees more particularly ensuring business as usual in spite of COVID-19impact.
The Directors express their special thanks to Mr. Sajankumar R. Bajaj Chairman &Managing Director for his untiring efforts for the progress of the Company.
For and on behalf of the Board of Directors of Bajaj Healthcare Limited
| ||Sd/- |
| ||Sajankumar R. Bajaj |
|Date: 14th September 2020 ||Chairman and Managing Director |
|Place: Thane ||DIN: 00225950 |