Devki Leasing & Finance Ltd.
|BSE: 530765||Sector: Financials|
|NSE: N.A.||ISIN Code: INE510B01018|
|BSE 00:00 | 20 Jun||Devki Leasing & Finance Ltd|
|NSE 05:30 | 01 Jan||Devki Leasing & Finance Ltd|
|BSE: 530765||Sector: Financials|
|NSE: N.A.||ISIN Code: INE510B01018|
|BSE 00:00 | 20 Jun||Devki Leasing & Finance Ltd|
|NSE 05:30 | 01 Jan||Devki Leasing & Finance Ltd|
Devki Leasing and Finance Limited
Your Directors have immense pleasure in presenting Twenty Ninth Board's Report of DevkiLeasing and Finance Limited together with the audited financial statements for the yearended March 31 2021.
1.STATE OF AFFAIRS FINANCIAL PERFORMANCE AND FUTURE OUTLOOK:
The financial highlights and summarized financial results of the company are givenbelow:
(Rupees in lacs) r
During the Financial Year the Company has not done any business activity due to lack offinancial resource which resulted in to the weak financial performance of the Company.During this year the Company has generated other income of Rs. 9.28 Lacs as compared toRs. 0.21 Lacs in the Previous Financial Year. The overall expense of the Company hasdecreased from Rs. 36.55 Lacs to Rs. 26.70 Lacs. The overall performance of the Company isbetter as compared to the last year. Your directors are striving hard to keep theoperative and financial cost at minimum and recoup the profits of the Company in theensuing years.
b. Operations and Future Outlook
With the commencement of 2021-22 Financial Year the effects of corona virus haveaffected the stability of the economy of 150 countries - jeopardizing their lifestyleeconomy impacting business and assumption of common wellbeing which we had taken forgranted. The lockdown has adversely have affected service sector like banks restaurantsfood vendors and food delivery providers at par with providing health safety and medicalsustenance. It's hard to predict the future especially if you're still strugglingto figure out what's happening in today's economy. The pace of change in the businessworld is faster than ever these days thanks largely to globalization and digitaltechnology. The movement and management of money are technically complex and integral tomost companies. In view of the same your Directors are looking for best possible newbusiness ideas to be carried out by the Company in this critical situation of globalpandemic of COVID 19 to convert threats into opportunity by contributingGovernments movement of Make in India.
c.Change in nature of Business
During the year there was no change in business activity of the company.
d. Changes in Share Capital
During the Financial Year 2020-21 there was no change in capital structure of thecompany. The issued & subscribed equity capital was Rs. 350.96 Lacs and paid up equitycapital was Rs. 345.18 Lacs as on 31st March 2021. During the year under review thecompany has not issued shares with differential voting rights nor has granted any stockoption or sweat equity shares. As on 31st March 2021 none of the Directors of the companyhold instruments convertible into equity shares of the Company.
e.Revision of Annual Financial Statements
There was no case of revision in financial statement during the year.
2. TRANSFER TO RESERVES
The Company has not transferred any amount to Reserve for the Financial Year ended on31st March 2021 as the company incurred loss during the financial year.
Your Directors do not recommend any dividend for the financial year 2020-21.
During the year under review your Company did not accept any deposits within themeaning of provisions of Section 73 of the Companies Act 2013 read with the Companies(Acceptance of Deposits) Rules 2014.
5. MATERIAL CHANGES AND COMMITMENTS AFTER THE END OF FINANCIAL YEAR
The company has not carried any business activity during the year and there are not anymaterial changes and commitments during the year. The company is searching for anybusiness activity to be performed. There are no other changes to be referred as materialin the affairs of your Company.
6. SUBSIDIARY ASSOCIATE COMPANIES OR JOINT VENTURE
The Company does not have any subsidiary joint venture or associate Company.
7. ANNUAL RETURN
Pursuant to Section 134(3)(a) and Section 92(3) of the Companies Act 2013 read withRule 12(1) of the Companies (Management and Administration) Rules 2014 as amended fromtime to time the Annual Return of the Company for Financial Year 2020-21 is available onthe Company's website at weblinkhttp://www.devkileasing.com/Other-Shareholder-Information.php.
8. DIRECTORS AND KEY MANAGERIAL PERSONNEL
At the year ended March 31 2021 the Board of Directors comprised of One Executivedirector and one Non-Executive woman director and Two Independent Director. The Companyhas one Chief Financial Officer and a Company Secretary.
Mr. Ajit Jain (DIN: 08710306) was appointed as an Additional Director of the Company inthe capacity of Non Executive Independent Director of the Company w.e.f. 30.06.2020.
Mr. Brajkishor Singh (DIN: 09054900) was appointed as an Additional Director in thecapacity of of Non Executive Independent category w.e.f. 11th February 2021 to holdoffice upto the date of ensuing 29th Annual General Meeting.
REGULARIZATION OF DIRECTORS:
Mr. Ajit Jain (DIN: 08710306) was appointed as Additional Director in the capacity ofNon Executive Independent Director w.e.f. 30th June 2020 to hold office upto the date ofensuing AGM and further has been appointed as Director of the Company in last AGM.
Mr. Brajkishor Singh (DIN: 09054900) was appointed as Additional Director in thecapacity of Non Executive Independent category in the Board Meeting held on 11th February2021 to hold office upto the date of ensuing 29th Annual General Meeting. Your Directorsrecommend the appointment of Mr. Brajkishor Singh (DIN: 09054900) as Director of theCompany.
During the year under review Mr. Ajit Jain (DIN: 08710306) has resigned from the postof Non Executive Independent Director of the Company w.e.f. 11th February 2021.
DECLARATION BY INDEPENDENT DIRECTORS
Independent Directors have given declaration that they meet the criteria ofindependence as per Regulation 16 (1) (b) SEBI (Listing Obligation and DisclosureRequirements) Regulations 2015 and as per the criteria provided in the Section 149 of theCompanies Act 2013. In the opinion of the Board the Independent Directors fulfill theconditions relating to their status as Independent Directors as specified in Section 149of the Companies Act 2013 and Regulation 25 of SEBI (Listing Obligation and DisclosureRequirements) Regulations 2015.
Independent Directors not liable to retire by rotation in terms of Section 149(13) ofthe Act.
RETIRE BY ROTATION
In accordance with the provisions of Section 152 of the Act and in terms of theArticles of Association of the Company Mr. Sudhir Bindal (DIN: 00108548) retires byrotation and being eligible offers himself for reappointment at the ensuing 29th AnnualGeneral Meeting. The Board recommends his re-appointment for the consideration of theMembers of the Company at the ensuing 29th Annual General Meeting.
DISQUALIFICATIONS OF DIRECTORS
During the year declarations received from the Directors of the Company pursuant toSection 164 of the Companies Act 2013. The Board appraised the same and found that noneof the director is disqualified for holding office as director.
Further the Certificate from Practicing Company Secretary as per the certifying thatnone of the directors of the company disqualified for holding office as director of theCompany is enclosed with this Board Report.
9.COMMITTEES OF THE BOARD OF DIRECTORS
The Board has three committees which have been constituted as a part of the goodcorporate governance practices and the same are in compliance with the requirements of therelevant provisions of applicable laws and statutes. The following are the details of theBoard Committees during the Financial Year 2020-21: a. Audit Committee b. Nomination &Remuneration Committee c. Stakeholders Relationship Committee
Your Company has an adequately qualified and experienced Audit Committee with Mr. VijayJaiswal (Chairman) Mr. Brajkishor Singh and Mrs. Sarita Bindal as Members. Therecommendations of the Audit Committee were duly approved and accepted by the Board duringthe year under review.
The full details with respect to Committees their compositions powers roles termsof reference Meetings held and attendance of the Directors at such Meetings of theCommittees are given in detail in the Report on Corporate Governance of the Company whichforms part of this Report.
10. MEETINGS OF THE BOARD OF DIRECTORS AND ITS COMMITTEES
During the year under review the Board has met 6 (Six0) times viz. 30th June 202027th July 2020 27th August 2020 15th September 2020 10th November 2020 and 11thFebruary 2021. The details of meetings of the Board and the attendance of Directorsare provided in the Corporate Governance Report.
During the year under review the Committees duly met and the details of the theMeetings held and attendance of the Directors at such Meetings are provided in theCorporate Governance Report.
c.Separate Meeting of Independent Director:
During the year under review a separate meeting of Independent Directors was held on11th February 2021. Details of the attendance of the Directors at such meeting and detailsabout familiarization programme are provided in the Corporate Governance Report.
11. PERFORMANCE EVALUATION OF THE BOARD AND INDEPENDENT DIRECTORS
Pursuant to the provisions of Section 134(3)(p) of Companies Act 2013 and Regulation25(4) and 17(10) of SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 the Nomination and Remuneration Committee of the Company has defined the evaluationcriteria and procedure for the Performance Evaluation process for the Board itsCommittees and Directors.
The Board of Directors has carried out an annual performance evaluation of its ownperformance the Directors and the Committees. Performance evaluation of independentDirectors was in accordance with Regulation 17(10) of SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 which is done by the entire board excludingthe director being evaluated. The performance evaluation of the Chairman and the NonIndependent Directors was carried out by the Independent Directors who also reviewed theperformance of the Board as a whole. The criteria on the basis which the evaluation hasbeen carried out are explained in the Corporate Governance Report.
The performance of the board was evaluated by the board after seeking inputs from allthe Directors on the basis of criteria such as board composition and structureeffectiveness of board processes information and functioning etc. as provided by theGuidance Note on Board Evaluation issued by the Securities and Exchange Board of India.
The performance of the committee was evaluated by the Board after seeking inputs fromthe committee members on the basis of criteria such as the composition of the committeeeffectiveness of committee meetings etc.
The Board and the Nomination and Remuneration Committee reviewed the performance ofindividual director on the basis of criteria such as the contribution of the individualdirectors to the board and committee meeting like preparedness on the issues to bediscussed meaningful and constructive contribution and inputs in meeting etc.
12. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act 2013 the Board of Directors to thebest of their knowledge and ability confirm that:
a.In the preparation of the Annual Accounts the applicable Accounting Standards havebeen followed along with proper explanation relating to material departures.
b.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 the end of the financial year and ofthe profit for the year ended on that period.
c.The Directors have taken proper and sufficient care 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 frauds and otherirregularities.
d. The Directors had prepared the annual accounts on a going concern basis.
e.The Directors have laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively. f. The Directors have devised proper system to ensure compliance with theprovisions of all applicable laws and that such system were adequate and operatingeffectively
Pursuant to the provisions of section 139 of the Act and the rules framed there underat the 25th Annual General Meeting of the Company held on 26th September 2017 M/s Spark& Associates Chartered Accountants (ICAI Firm Registration No.005313C) were appointedas Statutory Auditors of the Company to hold office till the conclusion of the ThirtiethAnnual General Meeting to be held in the calendar year 2022.
During the year the Statutory Auditors have confirmed that they satisfy theIndependence Criteria required under the Companies Act 2013 and Code of Ethics issued bythe Institute of Chartered Accountants of India.
M/s Spark & Associates have provided their consent and eligibility certificateunder section 141 of the Companies Act 2013 to continue as the Statutory Auditors of theCompany for the remaining period of their tenure.
Explanation to Auditor's Remark
The Auditors' Report read with relevant notes are self-explanatory and not required anycomments or Explanation.
Reporting of fraud by Statutory Auditors
There was no fraud in the Company which was required to report by Statutory Auditorsof the Company under sub-section (12) of section 143 of Companies Act 2013.
b. Secretarial Auditor
Pursuant to the provisions of Section 204 of the Companies Act 2013 and Rule 9 of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 the companyhas appointed Ms. Shraddha Jain Practicing Company Secretary to conduct SecretarialAudit for the financial year 2020-21. The Secretarial Audit Report for the financial yearended March 31st 2021 is annexed herewith marked as Annexure I to this Report. TheSecretarial Audit Report does not contain any qualification reservation or adverseremark.
c.Cost Record and Cost Audit
Your company does not fall within the provisions of Section 148 of Company's Act 2013read with the Companies (Cost records & Audit) Rules 2014 therefore no such recordsrequired to be maintained.
d. Internal Auditor
Pursuant to the provisions of Section 138 of the Act read with Rule 13(1)(a) ofCompanies (Accounts) Rules 2014 the Board of Directors of the Company has appointed Mr.Muralidharan Pillai CFO of the Company to conduct internal audit reviews for the Company.
14. DISCLOSURE OF RATIO OF REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
The prescribed particulars of employees required under Section 197(12) of the CompaniesAct 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 is enclosed as Annexure II and forms the part of this BoardReport.
15. PARTICULARS OF EMPLOYEES
During the year none of the employee of the company is drawing remuneration in excessof Rs.10200000/- per annum or Rs. 850000/- per month. Your Company is presentlyworking with four Directors and one CFO and one CS. There are no other employees in thecompany. Accordingly information required to be given pursuant to provisions of Section197(12) of the Companies Act 2013 read with Rules 5(2) and 5(3) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 is enclosed as AnnexureIII and forms the part of this Boards' Report.
16. CORPORATE GOVERNANCE REPORT
As per Regulation 15 of Securities and Exchange Board of India (Listing Obligations andDisclosure Requirement) Regulations 2015 ("SEBI (LODR) Regulations 2015") thecorporate governance provisions as specified in Regulations 17 17A 18 19 20 21 2223 24 24A 25 26 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 andPara C D and E of Schedule V are not applicable on the Company. Hence on 13th July2021 your Directors intimated to Stock exchange regarding non applicability of abovecorporate governance provisions.
However your Company believes in Good Corporate Governance Practices so the Directorspresent the Report on Good Corporate Governance for the year ended 31st March 2021 to havemore transparency and disclosures and the same is attached with this report as Annexure IV.
17. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Statement in pursuance of requirement of Para B ofSchedule V SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 isattached to this report as Annexure V.
18. NOMINATION AND REMUNERATION POLICY
Pursuant to the provisions of Section 178(3) of the Companies Act 2013 and Regulation19 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 theNomination and Remuneration Committee has formulated a policy relating to the remunerationfor the Directors Key Managerial Personnel (KMP) and other employees which is beingapproved and adopted by the Board and has been posted on the website of the Company andcan be accessed through web site www.devkileasing.com.
Salient Features of the policy: The policy covers the following: Definitions
Appointment Criteria for Directors/Key Managerial Personnel/Senior ManagementPersonnel. Additional Criteria for Appointment of Independent Directors. Tenure of theDirectors. Remuneration Policy for Remuneration to Directors/Key ManagerialPersonnel/Senior Management Personnel Criteria For Evaluation Of Performance OfIndependent Directors and The Board Of Directors Removal of the Directors
19. INTERNAL FINANCIAL CONTROLS AND ITS ADEQUACY
The Company has comprehensive Internal Financial Controls system for all majorprocesses including financial statements to ensure reliability of reporting. The systemalso helps management to have timely data on various operational parameters for effectivereview. It also ensures proper safeguarding of assets across the Company and itseconomical use. The internal financial controls system of the Company is commensurate withthe size scale and complexity of its operations. The system and controls are periodicallyreviewed and modified based on the requirement.
The internal and operational audit is entrusted to Mr. Muralidharan Pillai CFO of theCompany. The main thrust of internal audit is to test and review controls appraisal ofrisks and business processes besides benchmarking controls with best practices in theindustry. Based on the audit observations & suggestions follow up & remedialmeasures are being taken on a regular basis.
20. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS
During the year under review the Company has neither made any loans and investmentsnor has given any guarantee or provided any security in connection with a loan to anyother body corporate or person within the meaning of Section 186 of Companies Act 2013.
Further details of investments by the Companies 2013 are given in the Notes 03 to theFinancial Statements.
21. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All transactions entered with Related Parties for the year under review were on arm'slength basis and in the ordinary course of business pursuant to the provisions of Section188 of the Companies Act 2013 and the Rules made there under. Further disclosure in formAOC-2 in terms of Section 134 of the Companies Act 2013 are not applicable.
Further the Details of the Related Party Transactions are set out in Note 30 to theFinancial Statement forming part of this Annual Report.
The Company has adopted a Related Party Transactions Policy and the same is uploaded onthe Company's website www.devkileasing.com.
22.CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars in respect of conservation of energy technology absorption and foreignexchange earnings and outgo as required under sub-section (3) (m) of section 134 of theCompanies Act 2013 read with Rule (8)(3) of the Companies (Accounts) Rules 2014 aregiven as under :
A. Conservation of Energy
The steps taken or impact on conservation of energy:
i. The operations of your Company are not energy intensive. However adequate measureshave been initiated to reduce energy consumption.
ii. The capital investment on energy conservation equipments: Nil
B. Technology Absorption :
i. The efforts made towards technology absorption: Not Applicable.
ii. The benefits derived like product improvement cost reduction product developmentor import substitution: Not Applicable.
iii. In case of imported technology (imported during the last three years reckoned fromthe beginning of the Financial Year): Not Applicable.
iv. Company has not incurred any expenditure on Research and Development during theyear under review.
C. Further there was neither inflow nor outflow of foreign exchange during the year
23. RISK MANAGEMENT
The Company recognizes that risk is an integral and unavoidable component of businessand is committed to managing the risk in a proactive and efficient manner. The Company aspart of business strategy has in place a mechanism to identify assess monitor risks andmitigate various risks with timely action.
24. CORPORATE SOCIAL RESPONSIBILITY
The Company does not meet the requirements of Section 135 of Companies Act 2013 forestablishing Corporate Social Responsibility (CSR) committee; therefore no such committeewas established by the Board.
25. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There were no other significant material orders passed by theRegulators/Courts/Tribunals impacting the going concern status of the Company and itsfuture operations.
26. VIGIL MECHANISM/WHISTLE BLOWER POLICY
Pursuant to the provisions of Section 177 (9) & (10) of the Companies Act 2013read with Rule 7 of Companies (Meetings of Board and its Powers) Rules 2014 and SEBI(LODR) Regulations 2015 the Company has in place a Whistle Blower Policy which providesfor a vigil mechanism that encourages and supports its Directors and employees to reportinstances of illegal activities unethical behavior actual or suspected fraud orviolation of the Company's Code of Conduct or Ethics Policy. It also provides for adequatesafeguards against victimization of persons who use this mechanism and direct access tothe Chairman of the Audit Committee in exceptional cases. During the year under review noprotected disclosure concerning any reportable matter in accordance with the Vigilmechanism and Whistle Blower policy of the Company was received by the Company. TheWhistle Blower Policy has been posted on the website of the company www.devkileasing.com
27. COMMISSION RECEIVED BY DIRECTORS FROM HOLDING/SUBSIDIARY COMPANY
The Company does not have any holding/ subsidiary company. Hence provisions of Section197 (14) of Companies Act 2013 are not applicable to the Company.
28. CHIEF FINANCIAL OFFICER AND MANAGING DIRECTOR CERTIFICATION
As required under Regulation 17(8) of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 the Managing Director and Chief Financial Officer of theCompany have certified to the Board regarding the Financial Statements for the year ended31st March 2021.
29. VOTING RIGHTS OF EMPLOYEES
During the year under review the company has not given loan to any employee forpurchase of its own shares as per section 67(3) (c) of Companies Act 2013.
30. DISCLOSURE REGARDING ISSUE OF EMPLOYEE STOCK OPTIONS
The Company has not issued shares under employee's stock options scheme pursuant toprovisions of Section 62 read with Rule 12 of Companies (Share Capital and Debenture)Rules 2014.
31. DISCLOSURE REGARDING ISSUE OF SWEAT EQUITY SHARES
The Company has not issued sweat equity shares pursuant to provisions of Section 54read with Rule 8 of Companies (Share Capital and Debenture) Rules 2014 and SEBI (issue ofsweat equity) Regulations 2002 during the Financial Year.
32. LISTING AT STOCK EXCHANGE
The Equity shares of the Company are listed on Bombay Stock Exchange Limited Mumbaiand the Listing Fee for the year 2020-21 has been duly paid.
The Company's assets are adequately insured against the loss of fire and other risksas consider necessary by the Management from time to time.
34. BUSINESS RESPONSIBILITY REPORT
The Business Responsibility Reporting as required by Regulation 34(2) of the SEBI(Listing Obligations & Disclosure Requirements) Regulations 2015 is not applicableto the Company for the financial year ending March 31 2021.
The Company's shares are tradable compulsorily in electronic form and the Company hasconnectivity with both the Depositories i.e. National Securities Depository Limited (NSDL)and Central Depository Service (India) Limited (CDSL). As per the SEBI (ListingObligations & Disclosure Requirements) (Fourth Amendment) Regulations 2018 videGazette notification dated June 8 and 30th November 2018 mandated that securities oflisted companies shall be transferred only in dematerialised from 1st April 2019. In viewof the numerous advantages offered by the Depository System members are requested toavail the facility of Dematerialization of the Company's shares on either of theDepositories mentioned as aforesaid.
36. ENVIRONMENT AND SAFETY
The Company is conscious of the importance of environmentally clean and safeoperations. The Company's policy requires conduct of operations in such a manner so as toensure safety of all concerned compliances environmental regulations and preservation ofnatural resources.
37. INDUSTRIAL RELATIONS
Company's Industrial relations continued to be healthy cordial and harmonious duringthe period under review.
38. DISCLOSURE AS REQUIRED UNDER SECTION 22 OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE(PREVENTION PROHIBITION AND REDRESSAL) ACT 2013 AND CONSTITUTION OF INTERNAL COMPLAINTSCOMMITTEE
The Company has zero tolerance for sexual harassment at workplace and has adopted aPolicy on Prevention Prohibition and Redressal of Sexual Harassment at the Workplace inline with the provisions of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 and the Rules made there under. The Policy aims toprovide protection to employees at the workplace and prevent and redress complaints ofsexual harassment and for matters connected or incidental thereto with the objective ofproviding a safe working environment where employees feel secure.
An Internal Complaints Committee is in place to redress complaints received regardingsexual harassment. Further during the year 2020-21 no grievance/complaint was reportedfrom any employee.
39. COMPLIANCE OF SECRETARIAL STANDARD
The Directors state that applicable Secretarial Standards i.e. SS-1 and SS-2 relatingto Meetings of the Board of Directors' and General Meetings' respectivelyhave been duly followed by the Company.
40. PROVISION OF VOTING BY ELECTRONIC MEANS THROUGH REMOTE E-VOTING AND E-VOTING AT THEAGM
Your Company is providing E-voting facility as required under section 108 of theCompanies Act 2013 read with Rule 20 of the Companies (Management and Administration)Amendment Rules 2015. The ensuing AGM will be conducted through VC/OVAM and no physicalmeeting will be held and your company has make necessary arrangements with CDSL to providefacility for remote e-voting and e-voting at AGM. The details regarding e-voting facilityis being given with the notice of the Meeting.
41. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY ANDBANKRUPTCY CODE 2016 (31 OF 2016) AND THEIR STATUS.
There are no application made or any proceeding pending under the Insolvency andBankruptcy Code 2016 (31 of 2016) during the year.
42. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE ATTHE TIME OF ONE TIMESETTLEMENT AND THE VALUATION DONE WHILETAKING LOANS FROM THE BANKS OR FINANCIALINSTITUTION ALONGWITH THE REASONS THEREOF
There are no such events occurred during the period from April 01 2020 to March 312021 thus no valuation is carried out for the one-time settlement with the Banks orFinancial Institutions.
Your Directors place on record their gratitude to all the Government and SemiGovernment Departments and Company's Bankers for the assistance and co-operation andencouragement they extended to the Company. Your Directors also wish to place on recordtheir sincere thanks and appreciation for the continuing support and unstinting efforts ofinvestors stakeholders Reserve Bank of India Banks and other regulatory authorities.