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Delta Corp Ltd.

BSE: 532848 Sector: Others
NSE: DELTACORP ISIN Code: INE124G01033
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NSE 00:00 | 26 Nov 266.75 -26.25
(-8.96%)
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OPEN 287.10
PREVIOUS CLOSE 293.05
VOLUME 1006154
52-Week high 308.55
52-Week low 126.90
P/E 151.62
Mkt Cap.(Rs cr) 7,120
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 287.10
CLOSE 293.05
VOLUME 1006154
52-Week high 308.55
52-Week low 126.90
P/E 151.62
Mkt Cap.(Rs cr) 7,120
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Delta Corp Ltd. (DELTACORP) - Director Report

Company director report

To the Shareholders

Your Directors have pleasure in presenting the Thirtieth (30th)Directors’ Report of your Company along with the financial statements for theFinancial Year ended 31st March 2021.

1. FINANCIAL SUMMARY AND HIGHLIGHTS

Certain key aspects of your Company’s performance during the Financial Year ended31st March 2021 as compared to the previous Financial Year are summarisedbelow: (Rs. in Crores)

Particulars

Standalone

Consolidated

Year Ended 31.03.2021 Year Ended 31.03.2020 Year Ended 31.03.2021 Year Ended 31.03.2020
Income for the year 228.51 492.35 454.33 806.75
Profit before Interest Depreciation and Tax 57.43 226.14 48.48 309.13
Finance Charges (0.86) (1.51) (5.44) (5.06)
Profit before Depreciation and Taxes 56.57 224.63 43.04 304.07
Depreciation & Amortisation (15.94) (19.38) (52.66) (48.53)
Provisions for Taxation/ Deferred Tax (9.83) (49.74) (7.51) (71.46)
Exceptional Items 55.95 (55.95) (8.96) 0.70
Minority Interest & Profit from Associate Company 1.99 0.85
Loss from Discontinued operations
Net Profit for the Current Year 86.75 99.56 (24.10) 185.63
Earlier Years Balance Brought forward 431.97 402.05 525.51 409.26
Net Profit available for Appropriation 518.72 501.61 501.41 594.89
Appropriation: _ _ _ _
Dividend Distribution Tax (Net) (10.79) (11.97)
Dividend on Equity Shares (58.25) (58.25)
Transfer to Capital Redemption Reserves (0.41) (0.41)
Amount Transferred to Non-Controlling Interest & Other Adjustment (0.60) (2.56) 2.65
Transition Adjustment on account of Ind AS 116 (1.81)
Transferred from other comprehensive Income
Balance carried to Balance Sheet 518.31 431.97 498.44 525.51

The Standalone Gross Revenue (including GST) from operations for Financial Year2020-21 was

Rs. 247.75 Crores (Previous Year: Rs. 559.74 Crores).

The Operating Profit before tax stood at Rs. 40.63 Crores as against Rs. 205.25Crores in the Previous Year. The Net Profit after tax for the year stood at Rs. 86.75Crores against Rs. 99.56 Crores reported in the Previous Year.

The Consolidated Gross Revenue (including GST and Intragroup transactions) fromoperations for Financial Year 2020-21 was Rs. 515.52 Crores (Previous Year: Rs.968.44 Crores) The Consolidated Operating Profit before tax stood (for continuedoperations) at Rs. (9.62) Crores (Previous Year: Rs. 255.54 Crores). TheConsolidated Profit after tax stood at Rs. (24.10) Crores (Previous Year: Rs. 185.63Crores).

2. DIVIDEND

Your Directors recommend for approval of the Members at the ensuing Annual GeneralMeeting final dividend of Rs. 1/- per equity share (i.e. 100%) of face value of Rs. 1/-each for the Financial Year ended 31st March 2021. The record date i.e.Friday 30th July 2021 has been fixed for ascertaining entitlement for thepayment of Final Dividend.

Members are also requested to note that pursuant to the provisions of Finance Act2020 the Company would be required to deduct tax at source (‘TDS’) at theprescribed rates.

In this regard the Company will be sending an email communication to all theShareholders whose email addresses are registered with the Company/ Depositories andphysical letters to other shareholders explaining the process on withholding tax fromdividends paid to the shareholders at prescribed rates.

The Board of Directors of your company has approved and adopted the dividenddistribution policy of the company and dividends declared/recommended during the year arein accordance with the said Policy.

The dividend distribution policy is placed atAnnexure I to the Report and isalso available on the weblink http://www.deltacorp.in/pdf/dividend-Distribution-Policy.pdf

3. SHARE CAPITAL

During the year the issued subscribed and paid– up capital of the Company haschanged from

Rs. 270938186/- divided into 270938186 Equity Shares of Rs. 1/- each to Rs.266820937/- divided into 266820937 Equity Shares of Rs. 1/- each on account ofbuy-back of equity shares in the Company.

4. ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act 2013 (theAct) the Annual Return as on 31st March 2021 is available on theCompany’s website at http://www.deltacorp.in/annual-return.html

5. NUMBER OF MEETINGS OF THE BOARD

The Board met Four(4) times in Financial Year 2020-21 viz. on 18th May2020 14th July 2020 9th November 2020 and 12thFebruary 2021. The particulars of meetings held and attended by each Director aredetailed in the Corporate Governance Report which forms part of this Report.

6. DIRECTORS’ RESPONSIBILITY STATEMENT

Your Directors hereby confirm that:

i. In the preparation of the annual accounts for Financial Year ended 31stMarch 2021 the applicable accounting standards have been followed along with properexplanation relating to material departures;

ii. 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 the Company at 31st March 2021 and of theprofit of the Company for that period;

iii. The Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities;

iv. The Directors have prepared the annual accounts for Financial Year ended 31stMarch 2021 on a ‘going concern’ basis;

v. The Directors have laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and have been operatingefficiently;

vi. The Directors have devised proper systems to ensure compliance with provisions ofall applicable laws and that such systems were adequate and operating effectively.

7. DECLARATION BY INDEPENDENT DIRECTORS

The Independent Directors of the Company have submitted the declaration of Independenceas required under Section 149(7) of the Act and Regulation 25(8) of the SecuritiesExchange Board of India (Listing Obligations and Disclosure Requirements) Regulations2015 (Listing Regulations) confirming that they meet the criteria of independence underSection 149(6) of the Act and Regulation 16 (1)(b) of Listing Regulations as amended fromtime to time. The Independent Directors have also confirmed that they have complied withthe Company’s Code of Business Conduct & Ethics.

In compliance with the rule 6(1) of the Companies (Appointment and Qualification ofDirectors) Rules 2014 all the Independent Directors have registered themselves with theIndian Institute of Corporate Affairs.

8. POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION

The Policy of the Company on Directors’ appointment and remuneration includingcriteria for determining qualifications positive attributes independence of a Directorand other matters provided under sub-section (3) of Section 178 of the Act and Regulation19 of Listing Regulations is appended as Annexure II to this Report.

9. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE ACT

The details of Loans Guarantees and Investments covered under the provisions ofSection 186 of the Act read with Companies (Meetings of Board and Its Powers) Rules 2014are given in the notes to the standalone financial statements forming part of this AnnualReport.

10. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

During the Financial Year 2020-21 your Company has entered into transactions withrelated parties as defined under section 2(76) of the Act and Rules made thereunderRegulation 23 of the Listing Regulations. During the Financial Year 2020-21 transactionswith related parties which qualify as material transactions as per Schedule V Part A (2A)of the Listing Regulations forming part of financial statements are given in Form AOC - 2as per the Companies (Accounts) Rules 2014 in Annexure III to this Report.

The details of related party transactions as required under IND AS-24 are set out innotes to accounts to the Standalone Financial Statements forming part of this AnnualReport.

The Policy on Related Party Transactions may be accessed on the Company’s websiteat the link: http:// www.deltacorp.in/pdf/related-party-transaction-policy. pdf

11. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There have been no material changes and commitments affecting the financial position ofthe Company which have occurred between the end of the Financial Year of the Company towhich the financial statements relate and the date of the Report except mentioned below.

BUYBACK OF EQUITY SHARES

The Board of Directors of the Company at its meeting held on 28th March2020 had approved the proposal to buy back its own fully paid-up equity shares of facevalue of Rs. 1/- (Rupee One) each ("Equity Shares") from the members of theCompany (other than the promoters the promoter group and persons in control of theCompany) payable in cash for an amount aggregating up to Rs. 1250000000 (Rupees OneHundred and Twenty Five Crore Only) ("Maximum Buyback Size") at a price notexceeding Rs. 100 (Rupees One Hundred only) per Equity Share ("Maximum BuybackPrice") by way of the open market route through the stock exchanges in accordancewith the Securities and Exchange Board of India (Buy-Back of Securities) Regulations2018 as amended ("Buyback Regulations") the Companies Act 2013 as amendedthe Companies (Share Capital and Debentures) Rules 2014 as amended("Buyback") which commenced on 8th April 2020 ("CommencementDate") and closed on 7th October 2020 upon the expiry of six months fromthe Commencement Date in accordance with the Buyback Regulations and the terms of thepublic announcement dated 30th March 2020.

The Company has utilized 26.47% of the Maximum Buyback Size (excluding TransactionCosts) till October 7 2020. The total number of Equity Shares bought back under theBuyback is 4117249 Equity Shares and the total amount utilised in the Buyback is Rs.330812701.65 (Rupees Thirty Three Crores Eight Lakhs Twelve Thousand Seven Hundred Oneand paise sixty five only) (excluding Security Transaction Tax and Service Charges).

12. PARTICULARS REGARDING CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGNEXCHANGE EARNINGS AND OUTGO

The particulars in respect of conservation of energy technology absorption and foreignexchange earnings and outgo as required under Section 134(3)(m) of the Act read with theCompanies (Accounts) Rules 2014 is appended as Annexure IV to this Report.

13. BUSINESS RISK MANAGEMENT

The Board of Directors of the Company has constituted a Risk Management Committee toframe implement and monitor the risk management plan for the Company. The Company has arobust Risk Management framework to identify evaluate business risks and opportunities.This framework seeks to create transparency minimize adverse impact on the businessobjectives and enhance the Company’s competitive advantage. The composition of theCommittee is in compliance with Regulation 21 of the Listing Regulations.

The business risk framework defines the risk identification and its management approachacross the enterprise at various levels including documentation and reporting. Theframework helps in identifying risks trend exposure and potential impact analysis on aCompany’s business.

14. CORPORATE SOCIAL RESPONSIBILITY

A Corporate Social Responsibility (CSR) Committee has been constituted in accordancewith Section 135 of the Companies Act. The brief outline of the Corporate SocialResponsibility (CSR) policy of the Company and the initiatives undertaken by the Companyon CSR activities during the year under review are set out in Annexure V of thisreport in the format prescribed in the Companies (Corporate Social Responsibility Policy)Rules 2014. The CSR policy is available onhttp://www.deltacorp.in/pdf/Corporate-Social-Responsibility-Policy-and-Composition.pdf asamended from time to time.

15. VIGIL MECHANISM

The Company has adopted Vigil Mechanism and Whistle Blower Policy for Directors andEmployees in compliance with the provisions of Section 177(10) of the Act and Regulation22 of the Listing Regulations to report genuine concerns and to provide for adequatesafeguards against victimization of persons who may use such mechanism. During the year nopersonnel of the Company was denied access to the Audit Committee. The said policy is alsoavailable on the Company’s website www.deltacorp.in.

16. ANNUAL EVALUATION OF PERFORMANCE OF THE BOARD

Pursuant to the provisions of the Act and Regulation 19 of the Listing Regulations theBoard has carried out an annual evaluation of its own performance performance of theDirectors as well as the evaluation of the working of its Committees. The NominationRemuneration and Compensation Committee has defined the evaluation criteria for the Boardits Committees and Directors. The Board’s functioning was evaluated after takinginputs from the Directors on various aspects including inter alia degree of fulfillmentof key responsibilities Board structure and composition establishment and delineation ofresponsibilities to various Committees effectiveness of Board processes information andfunctioning.

The Committees of the Board were evaluated after taking inputs from the Committeemembers on the basis of criteria such as degree of fulfillment of key responsibilitiesadequacy of Committee composition and effectiveness of meetings.

The Board and the Nomination Remuneration and Compensation Committee reviewed theperformance of the individual directors on aspects such as attendance and contribution atBoard/ Committee Meetings and guidance/support to the management outside Board/ CommitteeMeetings. In addition the Chairman was also evaluated on key aspects of his roleincluding setting the strategic agenda of the Board encouraging active engagement by allBoard members.

The performance evaluation of the Independent Directors was carried out by the entireBoard excluding the Director being evaluated. The performance evaluation of the Chairmanand the Non-Independent Directors was carried out by the Independent Directors who alsoreviewed the performance of the Board as a whole.

In a separate meeting of independent directors performance of Non-IndependentDirectors performance of the board as a whole and performance of the Chairman wasevaluated taking into account the views of executive directors and non-executivedirectors.

. SUBSIDIARY JOINT VENTURE AND ASSOCIATE COMPANIES AND THEIR PERFORMANCE ANDFINANCIAL POSITION

During the year under review Waterways Shipyard Private Limited became a AssociateCompany of Delta Corp Limited.

During the year the Board of Directors reviewed the affairs of the subsidiaries. Inaccordance with Section 129(3) of the Act and Listing Regulations the Company hasprepared consolidated financial statements of the Company and all its subsidiaries whichform part of the Annual Report. A statement containing the performance and financialposition of the subsidiaries and associate companies of the Company as required under Rule5 of the Companies (Accounts) Rules 2014 is provided as Annexure-A (AOC-1) in thefinancial statement and hence not repeated here for the sake of brevity.

In accordance with Section 136 of the Act the audited financial statements includingthe consolidated financial statements and related information of the Company and auditedaccounts of each of its subsidiaries are available on Company’s websitewww.deltacorp.in. These documents will also be available for inspection during working hoursat our Registered Office of the Company.

The Policy for determining material subsidiaries as approved may be accessed on theCompany’s website at the link:http://www.deltacorp.in/pdf/policy-for-determining-material-subsidiaries.pdf.

18. DETAILS RELATING TO DEPOSITS COVERED UNDER CHAPTER V OF THE ACT

The Company has neither accepted nor renewed any deposits during the Financial Year2020-21 in terms of Chapter V of the Act.

19. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

There are no significant material orders passed by the Regulators/Courts which wouldimpact the going concern status of the Company and its future operations.

20. INTERNAL CONTROL WITH REFERENCE TO FINANCIAL STATEMENTS

The Company has in place adequate internal financial control with reference tofinancial statements.

The Company has adopted accounting policies which are in line with the IndianAccounting Standards notified under Section 133 and other applicable provisions if anyof the Act read together with the Companies (Indian Accounting Standards) Rules 2015. TheCompany in preparing its financial statements makes judgments and estimates based on soundpolicies and uses external agencies to verify/ validate them as and when appropriate. Thebasis of such judgments and estimates are also approved by the Statutory Auditors andAudit Committee.

The Internal Auditor evaluates the efficacy and adequacy of internal control systemaccounting procedures and policies adopted by the Company for efficient conduct of itsbusiness adherence to Company’s policies safeguarding of Company’s assetsprevention and detection of frauds and errors and timely preparation of reliable financialinformation etc. Based on the report of internal audit function process owners undertakecorrective action in their respective areas and thereby strengthen the controls.Significant audit observations and corrective actions thereon are presented to the AuditCommittee of the Board.

21. DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of the Section 152(6) (e) of the Act Mr. AshishKapadia (DIN:02011632) will retire by rotation at the ensuing Annual General Meeting andbeing eligible offers himself for re-appointment. As per Regulation 17(1A) of theSecurities and Exchange Board of India (Listing Obligations and Disclosure Requirements)Regulations 2015 ("Listing Regulations") with effect from 1stApril 2019 no listed company shall appoint or continue the directorship of aNon-Executive Director who has attained the age of 75 (Seventy Five) years unless aSpecial Resolution is passed to that effect with the approval of members of the Company.Mr. Ravinder Kumar Jain (DIN: 00652148) Independent Director of the Company will attainthe age of 75 years on 25th March 2022. His present term as IndependentDirector is upto 27th July 2024. In accordance with the provisions ofRegulation 17(1A) of the Listing Regulations and recommendation of NominationRemuneration and Compensation Committee approval of members by way of Special Resolutionis sought to continue his directorship till the expiry of his present term.

Mr. Rakesh Jhunjhunwala (DIN: 0077064) Director of the Company has resigned witheffect from 26th April 2021. The Board places on record its appreciation forthe valuable services and guidance given by Mr. Rakesh Jhunjhunwala during his tenure asdirector.

22. AUDITORS

1. Statutory Auditor

The Statutory Auditors M/s. Walker Chandiok & Co. LLP Chartered Accountants (FirmRegistration No: 001076N/N500013) was appointed in 25th Annual General Meeting(AGM) to hold office from the conclusion of 25th AGM for a term of consecutivefive years till conclusion of 30th AGM. Their present term as StatutoryAuditors will be completing on conclusion of ensuing 30th AGM of the members ofthe Company. M/s. Walker Chandiok & Co. LLP being eligible has expressed theirwillingness to serve as Statutory Auditors of the company. Their re-appointment asStatutory Auditors if approved by the members of the Company will take effect from theconclusion of this AGM upto the conclusion of 35th AGM.

The Statutory Auditors have given a confirmation to the effect that they are eligibleto continue with their re-appointment and that they have not been disqualified in anymanner from continuing as Statutory Auditors.

There are no qualifications reservations or adverse remarks or disclaimers made byStatutory Auditor of the Company in audit report.

2. Secretarial Auditor

Pursuant to the provisions of Section 204 of the Act and The Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 the Board of Directors of the Companyhave appointed M/s. A. K. Jain & Co. Company Secretaries in Practice to undertake theSecretarial Audit of the Company for the year ended 31st March 2021. TheSecretarial Audit Report is appended as Annexure VI to this Report.

There are no qualifications reservations or adverse remarks or disclaimers made bySecretarial Auditor of the Company in secretarial audit report.

23. REPORTING OF FRAUDS

There was no instance of fraud during the year under review which required theStatutory Auditors to report to the Audit Committee and / or Board under Section 143(12)of Act and Rules framed thereunder.

24. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As per Regulation 34(2) read with Schedule V of the Listing Regulations Management andDiscussion and Analysis Report is provided in a separate section and forms an integralpart of this Annual Report.

25. BUSINESS RESPONSIBILITY REPORT

A Business Responsibility Report as per Regulation 34 (2) of the Listing Regulationsdetailing the various initiatives taken by the Company on the environmental social andgovernance front forms an integral part of this Annual Report.

26. CORPORATE GOVERNANCE

As per Regulation 34(3) read with Schedule V of the Listing Regulations a separatesection on corporate governance practices followed by the Company together with acertificate from the practicing Company Secretary confirming compliance with theconditions of Corporate Governance forms an integral part of this Annual Report.

27. AUDIT COMMITTEE OF THE COMPANY

The Audit Committee of the Company comprises of the following Directors:

Names Designation
1 Mr. Chetan Desai Chairman Independent Director
2 Mr. Ravinder Kumar Jain Independent Director
3 Mr. Rajesh Jaggi Independent Director
4 Dr. Vrajesh Udani Independent Director

During the year Board of Directors at its meeting held on 9th November2020 re-constituted the Audit Committee of the Board and appointed Mr. Chetan DesaiIndependent Director of the Company as Chairman of Audit Committee in place of Mr.Ravinder Kumar Jain existing Chairman of the Committee. The composition of the AuditCommittee is in compliance with the requirements of Section 177 of the Act Regulation 18of the Listing Regulations as amended from time to time and guidance note issued by StockExchanges.

28. PARTICULARS OF EMPLOYEES

Details of top ten employees in terms of the remuneration and employees in receipt ofremuneration as required under the provisions of section 197(12) of the Act read withrule 5(2) and 5(3) of Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014 as amended which form part of the Directors’ Report will be madeavailable to any shareholder on request as per provisions of section 136 of the said Act.Members who are interested in obtaining these particulars may write email to the CompanySecretary on secretarial@deltin.com.

The disclosures in terms of the provisions of Section 197(12) of the Act read withRule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 are provided in Annexure VII to this Report.

29. EMPLOYEES STOCK OPTION SCHEME AND EMPLOYEES STOCK APPRECIATION RIGHTS PLAN

As required in terms of regulation 14 of the Securities and Exchange Board of India(Share Based Employee Benefits) Regulations 2014 and in terms of Rule 12 of Companies(Share Capital and Debentures) Rules 2014 the disclosures relating to DELTA CORP ESOS2009 and Delta Employees Stock Appreciation Rights Plan 2019 are given in Annexure VIIIto this Report.

30. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013.

The Company has complied with the provisions relating to constitution of InternalComplaints Committee and has Anti-Sexual Harassment policy pursuant to the provisions ofThe Sexual Harassment of Woman at Workplace (Prevention Prohibition & Redressal) Act2013. The Company did not receive any such complaints during the Financial Year 2020-21.

31. COMPLIANCE OF THE SECRETARIAL STANDARDS

During the Financial Year the Company has complied with the applicable SecretarialStandards i.e SS-1 and SS-2 as issued by the Institute of the Company Secretaries ofIndia.

32. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY ANDBANKRUPTCY CODE 2016 (31 OF 2016) DURING THE YEAR ALONG WITH THEIR STATUS AS AT THE ENDOF THE FINANCIAL YEAR.

There are no applications made or any proceeding pending against the Company underInsolvency and Bankruptcy Code 2016 (31 of 2016) during the financial year.

33. COST RECORDS AND COST AUDIT

Maintenance of cost records and requirement of cost audit as prescribed under theprovisions of Section 148(1) of the Companies Act 2013 are not applicable for thebusiness activities carried out by the Company.

34. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIMESETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIALINSTITUTIONS ALONG WITH THE REASONS THEREOF

There are no instances of one time settlement during the financial year.

35. TRANSFER OF UNCLAIMED/UNPAID AMOUNTS AND SHARES TO THE INVESTOR EDUCATION ANDPROTECTION FUND:

In accordance with the provisions of the Section 124 and 125 of the Act read withInvestor Education Protection Fund Authority (Accounting Audit Transfer and Refund)Rules 2016 as amended (‘IEPF Rules’) the dividends unclaimed for a period ofseven years from the date of transfer to the Unpaid Dividend Account of the Company areliable to be transferred to the IEPF.

The IEPF Rules mandate Companies to transfer shares of Members whose dividends remainunpaid/ unclaimed for a continuous period of seven years to the demat account of IEPFAuthority. The Members whose dividend/shares are transferred to the IEPF Authority canclaim their shares/ dividend from the Authority. In accordance with the said IEPF Rulesand its amendments the Company had sent notices to all the Shareholders whose shares weredue to be transferred to the IEPF Authority and simultaneously published newspaperadvertisement. The Company has appointed a Nodal Officer under the provisions of IEPF thedetails of which are available on the website of the Company at www.deltacorp.in. TheCompany has uploaded the details of unpaid and unclaimed amounts lying with the Company ason 17th August 2020 on the Company’s website at www.deltacorp.in.and on the website of the Ministry of Corporate Affairs at www.iepf.gov.in/.

36. ACKNOWLEDGMENTS

Your Directors express their sincere appreciation for the co-operation received fromshareholders bankers and other business constituents during the year under review. YourDirectors also wish to place on record their deep sense of appreciation for the commitmentdisplayed by all executives officers and staff for better performance of the Companyduring the year. The management has also evaluated the possible impact of COVID-19pandemic on the business operations and the financial position of the company and based onits initial assessment of the current indicators of the future economic conditionsbelieves that the financial results for the year ending 31st March 2021 maynot have any material adverse impact on the net worth of the company as at 31stMarch 2021. Further the company is debt free and would have adequate liquidity availableto honour its liabilities and obligations as and when due. The management will continueto monitor any material changes to its COVID_19 impact assessment resulting from thefuture economic conditions and future uncertainty if any. The Company observed all thegovernment advisories and guidelines issued from time to time thoroughly and in goodfaith.

For and on behalf of the Board of Directors
Jaydev Mody
Place: Mumbai Chairman
Date: 9th July 2021 DIN: 00234797

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