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East West Holdings Ltd.

BSE: 540006 Sector: Others
NSE: N.A. ISIN Code: INE595R01023
BSE 00:00 | 27 Jan 5.38 -0.07
(-1.28%)
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NSE 05:30 | 01 Jan East West Holdings Ltd
OPEN 5.58
PREVIOUS CLOSE 5.45
VOLUME 6109
52-Week high 13.00
52-Week low 4.69
P/E
Mkt Cap.(Rs cr) 66
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.58
CLOSE 5.45
VOLUME 6109
52-Week high 13.00
52-Week low 4.69
P/E
Mkt Cap.(Rs cr) 66
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

East West Holdings Ltd. (EASTWESTHOLDIN) - Director Report

Company director report

Dear Shareholders

Your Directors have pleasure in presenting the 41st Annual Report together with theAudited Accounts of the Company for the Financial Year ended 31st March 2022.

FINANCIAL PERFORMANCE:

The Standalone and Consolidated Financial Highlights for the year ended 31st March2022:

(Amount in Rs. Lakhs)

Particulars Standalone Consolidated
2021-2022 2020-2021 2021-2022 2020-2021
Revenue from Operations 1354.40 583.81 22970.61 16137.23
Other Income 61.58 65.52 85.15 79.36
Total 1415.98 649.33 23055.76 16216.59
Profit/loss before Depreciation Finance Costs 8.67 34.82 1222.11 940.78
Exceptional items and Tax Expense
Less: Depreciation/ Amortization/ Impairment 0.12 0.06 145.59 156.64
Profit /loss before Finance Costs Exceptional items and Tax Expense 8.55 34.76 1076.52 784.14
Less: Finance Costs - - 662.55 732.03
Profit /loss before Exceptional items and Tax Expense 8.55 34.76 413.97 52.11
Add/(less): Exceptional items - - - -
Profit /loss before Tax Expense 8.55 34.76 413.97 52.11
Less: Tax Expense
-Current Tax 2.20 9.65 120.90 18.35
-Deferred Tax - - 9.78 (26.78)
-Prior Period Tax - - - 73.22
Profit /loss for the year (1) 6.30 25.11 283.29 (12.68)
Total Comprehensive Income/loss (2) (331.29) (100.95) (330.90) (94.92)
Total Comprehensive Income for the period (Comprising profit/ (loss) and other Comprehensive Income for the period) (1+2) (331.29) (75.83) (47.52) (107.47)

REVIEW OF PERFORMANCE:

Standalone:

The Revenue from operations for FY 2021-2022 Increased from Rs. 583.81 lakhs to Rs.1354.40 /-. The Profit before Tax for the FY 2021-2022 decreased from Rs. 34.76 lakhs toRs. 8.55/- lakhs. The Profit After Tax for the FY 2021-2022 decreased from Rs 25.11 /-lakhs to Rs. as 6.30/- lakhs.

Consolidated:

The Revenue from operations for FY 2021-2022 Increased from Rs. 16137.23/-lakhs to Rs.22970.61/-lakhs. The Profit before Tax for the FY 2021-2022 increased from Rs. 52.11/-lakhs to Rs. 413.97/- lakhs. The Profit After Tax for the FY 2021-2022 increased from Rs-12.68/- lakhs to Rs. 283.29 /- lakhs.

DIVIDEND:

The Directors do not recommend dividend for the financial year 2021-2022.

TRANSFER TO RESERVES:

During the financial year there was no amount proposed to be transferred to theReserves.

MAJOR EVENTS OCCURED DURING THE YEAR:

_ Changes in the Nature of Business if any

During the year under review the Company continued to provide total logistics servicesto its customers and there was no change in the nature of business or operations of theCompany which impacted the financial position of the Company.

_ Material Changes and Commitments Affecting Financial Position of the Company:

There have been no material changes and commitments affecting the financial position ofthe Company between the end of the financial year and the date of this report.

SCHEME OF AMALGAMATION

? The Board of Directors of the Company with the view to Simplify group and businessstructure and achieve operational synergies have considered and approved at its meetingheld on 22nd July 2022 the Scheme of Amalgamation of Zip Express & Logistics PrivateLimited (‘the First Transferor Company') which is the wholly owned subsidiary of EastWest Freight Carriers Limited (the Second Transferor Company) which is the wholly ownedsubsidiary of East West Holdings Limited (‘the Transferee Company') subject to theapproval of the Hon'ble National Company Law Tribunal [NCLT] Mumbai Bench Mumbai StockExchange where the shares of the company are listed and other relevant regulatoryauthorities.

? The said Scheme of Amalgamation will Reduced operational costs due to combinedefforts eliminating duplication of administrative work communications / coordinationefforts across the group entities multiplicity of legal and regulatory compliancesthereby ensuring optimum utilization of available resources and integrated managementfocus which will enable structured sharper and better management focusing on holisticgrowth of the businesses. The aforesaid synergistic benefits accruing from theconsolidation would ultimately contribute to the future business and profitability of themerged entity.

ACQUISITIONS AND INVESTMENTS:

? Acquisitions Of Unique Airfreight Express And Logistics Private Limited:

Pharma Life Science and Healthcare Industry play a major role in the growth of theoverall economy and its expected to grow in the near future therefore with the object todiversify the existing business and boost our revenue. The Company made a strategicinvestment by acquiring the Entire Business of Unique Airfreight Express And LogisticsPrivate Limited on a going concern basis by entering into Share Purchase Agreement (SPA)on 5th July 2022 with Unique Airfreight Express And Logistics Private Limited foracquiring 37.5% stake in Unique Airfreight Express And Logistics Private Limited in thefirst Tranche and the remaining 62.5 % stake will be acquired within a period of 1 year.

Unique Airfreight Express And Logistics Private Limited specializes in providingIntegrated Distribution and Transportation Solutions to Pharma Life Science andHealthcare Industry for the past 23 years. They have created brand name and Niche Marketfor themselves wherein majority of their clients consist of Pharmaceutical companies.

? Cancellation of Acquisitions:

The Company had entered into Share Purchase Agreement (SPA) on 14th November 2019 withMarinetrans India Private Limited and Marinetrans Logistics Private Limited (wholly ownedsubsidiary of Marinetrans India Private Limited) for acquiring 100% stake in MarinetransLogistics Private Limited. The acquisition was expected to be completed before March2020 but due to COVID-19 pandemic the said acquisition was delayed. Consideration thatmore than 2 years have passed since the signing of the Share Purchase Agreement andsignificant change in the economic and business scenario due to the unprecedented outbreakof Covid-19 pandemic the Board of the Company has decided not to proceed with the saidacquisition.

SHARE CAPITAL:

During the year under review there was change in the Authorized Issued Subscribedand Paid-up Share Capital of the Company as under:

- The Authorized Share Capital of the Company was increased from Rs.230000000/-divided into 115000000 Equity Shares of Rs.2/- each to Rs. 270000000/- divided into135000000 Equity Shares of Rs.2/- (Rupees Two only) each."

- The Issued Subscribed and Paid-up Share Capital increased from Rs. 219125000/-divided into 109562500 having Face Value Rs. 2/- per share to Rs. Rs.240950000crores divided into 120475000 Equity Shares of face value of Rs.2 each fully paid viaway of allotment of 7162500 Equity Shares and 3750000 Equity shares in the BoardMeetings dated 03.02.2022 and 04.02.2022 respectively.

- During the year under review there was issue and allotment of 9500000 Warrants ofRs. 9/- each convertible into Equity Shares of the Company to the Promoters andNon-Promoters at subscription Price of Rs.2.25/- per.

Changes in the Equity Share Capital from 1st April 2022 to date of this report:

The holders of Warrants (Promoters) exercised their right of conversion of Warrantsinto Equity Shares and accordingly 2613836 Equity Shares of Rs. 2/- each were allottedto them in the Board Meetings held on 22/07/2022 and 03/08/2022. Consequent on allotmentof 2613836 Equity Shares of Rs. 2/- each there was change in the Issued Subscribed andPaid-up Share Capital from Rs. Rs.240950000 crores divided into 120475000 EquityShares of face value of Rs.2 each fully paid to Rs. 246177672/- divided into 123088836Equity Shares of face value of Rs.2/- each fully paid.

The Company has not issued any Equity Share with differential rights Sweat EQUITYshares during the year under review.

TRANSFER OF UNPAID AND UNCLAIMED AMOUNT TO IEPF:

The Ministry of Corporate Affairs under Section 124 and 125 of the Companies Act 2013requires dividends that are not encased/ claimed by the shareholders for a period of sevenconsecutive years to be transferred to the Investor Education and Protection Fund (IEPF).

During the year under consideration no amount was due for transfer to IEPF inaccordance with Section 125 of the Companies Act 2013.

MANAGEMENT:

EMPLOYEES:

Key Managerial Personnel

As on 31st March 2022 the following persons have been designated as Key ManagerialPersonnel ("KMP") of the Company pursuant to the provisions of Sections 2(51)and Section 203 of the Act read with the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014:

1. Mr. Ajaz Shafi Mohammed Managing Director& CEO;

2. Mr. Huzefa Wapani Chief Financial Officer ("CFO");

3. Mr. Fulchand Kanojia Company Secretary ("CS").

Changes in KMP during the financial year:

During the year under review there was no change in the Key Managerial Personnel("KMP") of the Company.

PARTICULARS OF EMPLOYEES:

Disclosure pertaining to the remuneration and other details as required under Section197(12) of The Companies Act 2013 read with rule 5 of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 form part of the Directors report and isenclosed as Annexure I.

Appointment and Reappointments

- During the year under review Mr. Vivek Anand Oberoi as the Chief Strategy Officer(CSO) in the Board Meeting held on 20/10/2021 and assigned with the responsibly offormulating International corporate strategy for the growth and expansion of internationalbusiness of the Company.

BOARD & COMMITTEES

As on 31st March 2022 the Board of the Company consisted of Six Directors comprisingof a Three Executive Directors and Three Non-Executive Independent Directors of whom Oneis Women Independent Director.

Director Appointments/Re-appointments for Members approval

Re-appointment of Mr. Bhushan Adhatrao as Independent Director

Mr. Bhushan Adhatrao was appointment as Independent Director for a Tenure of 5 years inthe Annual General Meeting held on 29/09/2017. His Tenure of 5 years expired on18/08/2022. On the recommendation of Nomination & Remuneration Committee andconsidering the report of his performance evaluation the Board of Directors in theirmeeting held on 12/08/2022 have recommended to reappoint him as an Independent Directorfor a second term of five years w.e.f. 19/08/2022. In the opinion of the Board Mr. BhushanAdhatrao fulfils the conditions for appointment of Independent Director as specified inthe Act and the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015(‘the Listing Regulations 2015').

Mr. Bhushan Adhatrao has consented to and is not disqualified from being re-appointedas an independent Director in terms of Section 164 of the Act read with applicable rulesmade thereunder. He is not debarred from holding the office of Director by virtue of anyorder issued by SEBI or any other such authority.

Brief profile and other disclosures and details required as per the Act and the SEBIListing Regulations are given in the explanatory statement to the AGM Notice.

Appointed of Mr. Suresh Menon as Whole Time Director (Executive Director)

Mr. Suresh Menon was appointed as Additional Director in the Category of Whole TimeDirector (Executive Director) of the Company in the Board Meeting held on 12/08/2022.

Looking at his Four decades of extensive experience & proficiency in transportationand his insistence on quality impeccable execution and customer satisfaction and on therecommendation of Nomination & Remuneration Committee the Board of Directors of theCompany at its meeting held on 12/08/2022 have approved the appointment of Mr. SureshMenon as Whole Time Director (Executive Director) on the Board of Directors of the Companysubject to approval by the shareholders of the company at the ensuing AGM.

Mr. Suresh Menon has consented to and is not disqualified from being appointed as anDirector in terms of Section 164 of the Act read with applicable rules made thereunder. Heis not debarred from holding the office of Director by virtue of any order issued by SEBIor any other such authority.

Brief profile and other disclosures and details required as per the Act and the SEBIListing Regulations are given in the explanatory statement to the AGM Notice.

Appointed of Ms. Suman Jhakal as Independent Director

Ms. Suman Jhakal was appointment as Additional Director in the category of IndependentDirector in the Board Meeting held on 05/09/2022 subject to the approval of Shareholdersat the ensuing Annual General Meeting. On the recommendation of Nomination &Remuneration Committee the Board of Directors in their meeting held on 05/09/2022 haveapproved the appointment of Ms. Suman Jhakal as Independent Director of the Company for aterm of five years w.e.f. 05/09/2022

Ms. Suman Jhakal has consented to and is not disqualified from being appointed as anindependent Director in terms of Section 164 of the Act read with applicable rules madethereunder. She is not debarred from holding the office of Director by virtue of any orderissued by SEBI or any other such authority.

Brief profile and other disclosures and details required as per the Act and the SEBIListing Regulations are given in the explanatory statement to the AGM Notice.

RECONSTITUION OF COMMITTEES

The Board of Directors of the Company at its meeting held on 12/08/2022 havere-constituted the Audit Committee Nomination and Remuneration Committee and StakeholderRelationship Committee and the details of the same is provided in the Corporate GovernanceReport forming part of this report.

Committee Position

The details of the composition of the Committees meeting held attendance of CommitteeMembers at such meetings and other relevant details are provided in the ‘CorporateGovernance Report'.

Director Retiring by Rotation

Ms. Mussarrat Asif Purkait – Executive Director

In terms of Section 152 of the Act Ms. Mussarrat Asif Purkait– Executive Director(DIN: 02047144) retires by rotation at the ensuing AGM and being eligible has offeredherself for re-appointment at the ensuing 41st AGM scheduled to be held on 28/09/2022 Ms.Mussarrat Asif Purkait– Executive Director has consented to and is not disqualifiedfrom being re-appointed as Director in terms of Section 164 of the Act read withapplicable rules made thereunder. She is not debarred from holding the office of Directorby virtue of any order issued by SEBI or any other such authority. She is not related toany other Directors/KMPs of the Company.

Brief profile and other disclosures and details required as per the Act and the SEBIListing Regulations are given in the additional information section of the AGM Notice.

Cessations during financial year 2021-2022:

During the year under review there was no Cessations.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:

Ten (10) meetings of the Board of Directors of the Company were held during the year.The Directors actively participated in the meetings and contributed valuable inputs on thematters brought before the Board from time to time. The intervening gap between theMeetings was within the period prescribed under the Companies Act 2013. Detailedinformation is given in the Corporate Governance Report.

Declaration from Independent Directors

The Company has received from all Independent Directors declarations that they meet thecriteria of independence as laid down under Section 149(6) of the Companies Act 2013 andRegulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 and there is no change in their status of independence as required underSection 149(7) of the Companies Act 2013.

POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION:

The Board has on the recommendation of the Nomination & Remuneration Committeeframed a policy for selection and appointment of Directors Senior Management and theirremuneration including criteria for determining qualifications positive attributes andother matters provided under sub section (3) of section 178 of the Companies Act 2013.

The said policy alternatively can also be accessed on the website of the Company at thefollowing link: http://ewhl.in/wp-content/uploads/2021/09/NOMINATION-AND-REMUNERATION.pdf.

BOARD EVALUATION:

Pursuant to the provisions of the Companies Act 2013 and SEBI Listing Regulations theannual performance of the Board its Committees Chairperson and Individual Directorsincluding Independent Directors was evaluated based on the framework that has beendesigned in compliance with the requirements of the Act and the SEBI Listing Regulationsand in consonance with Guidance Note on Board Evaluation issued by SEBI.

DIRECTOR‘S RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 134 3 (c) of the Companies Act 2013 withrespect to Directors Responsibilities Statement it is hereby confirmed: a. that in thepreparation of the annual accounts for the financial year ended 31st March 2022 theapplicable accounting standards had been followed along with proper explanation relatingto material departures. b. that the Directors has selected such accounting policies andapplied them consistently and made judgments and estimates that were reasonable andprudent so as to give a true and fair view of the state of affairs of the Company at theend of the financial year and of the profit or loss of the Company for the year review. c.that the Directors had 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 fraud and otherirregularities and d. The Directors had prepared the accounts for the financial yearended 31st March 2022 on a going concern basis. e. The Directors had laid down internalfinancial controls to be followed by the Company and that such internal financial controlsare adequate and were operating effectively. f. The Directors had devised proper systemsto ensure compliance with the provisions of all applicable laws and that such systems wereadequate and operating effectively.

SUBSIDIARIES JOINT VENTURES ANDASSOCIATE COMPANIES:

As on 31st March 2022 following are the Subsidiaries/Associates/Joint ventures of theCompany:

- East West Freight Carriers Limited is the wholly owned subsidiary of the Company.

A statement containing the salient feature of the financial statement of the Company'sWholly-owned Subsidiary and the Associate company pursuant to the first proviso tosub-section (3) of Section 129 has been given in Form AOC-1 and is enclosed as AnnexureII.

The Company has formulated a Policy for determining Material Subsidiaries. The Policyis placed on the Company's website at the linkhttp://ewhl.in/wp-content/uploads/2021/09/material.pdf.

DEPOSITS:

During the year under review Your Company has neither accepted/ invited any depositsfrom public falling within the ambit of Section 73 of the Companies Act 2013 and theCompanies (Acceptance of Deposits) Rules 2014 nor did any deposits remain unpaid orunclaimed during the year under review.

LOANS GUARANTEES OR INVESTMENTS:

The details of loans guarantees and investments covered under Section 186 of the Actform part of the Notes to the financial statements and are provided in this Annual Report.

RELATED PARTY TRANSACTIONS:

All related party transactions/contracts/arrangements that were entered into by theCompany during the year under review were on an arm's length basis and in the ordinarycourse of business and were in compliance with the applicable provisions of the Act andthe Listing Regulations. There are no material significant related party transactionsentered into by the Company with its Promoters Directors KMP or Senior ManagementPersonnel which may have a potential conflict with the interest of the Company at large.None of the transactions/contracts/arrangements with related parties fall under the scopeof Section 188(1) of the Act.

Accordingly the disclosure of related party transactions as required under Section134(3)(h) of the Act in Form AOC-2 is not applicable to the Company for financial yearended March 31 2022 and hence does not form part of this report.

The Policy on Materiality of Related Party Transactions and on dealing with RelatedParty Transactions as approved by the Board from time to time is available on theCompany's website at the link: http://ewhl.in/wp-content/uploads/2021/09/dealing.pdf

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:

Information in accordance with the provisions of Section 134 (3)(m) of the Act readwith the Companies (Accounts )Rules 2014 regarding Conservation of Energy TechnologyAbsorption and Foreign Exchange Earnings and Outgo during the reporting period is enclosedherewith as Annexure– III.

IMPLEMENTATION OF RISK MANAGEMENT POLICY:

The Company has formulated a policy and process for risk Management. The Company hasset up a core group of leadership team which identifies assesses the risks and thetrends exposure and potential impact analysis at different level and lays down theprocedure for minimization of risks. Risk Management forms an integral part of Managementpolicy and is an ongoing process integrated with the operations.

Company has identified various strategic operational and financial risks which mayimpact Company adversely. However management believes that the mitigation plans foridentified risks are in place and may not threaten the existence of the Company.

VIGIL MECHANISM / WHISTLE BLOWER POLICY:

Your Company believes in promoting a fair transparent ethical and professional workenvironment. The Company pursuant to the provisions of Section 177 of the Companies Act2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 hasestablished a vigil mechanism for Directors and employees and the same has beencommunicated to the Directors and employees of the Company. The Policy aims to provide anavenue for Employees and Directors to raise their concerns about unethical behaviouractual or suspected fraud or violation of the company's code of conduct and it alsoempowers the Audit Committee of the Board of Directors to investigate the concerns raisedby the employees.

The Whistle Blower Policy is hosted on the Company's websitehttp://ewhl.in/wp-content/uploads/2021/09/Details-of-establishment.pdf

SIGNIFICANT AND MATERIAL ORDERS:

There are no significant and material orders passed by the regulators or courts ortribunals impacting the going concern status and Company's operations in future.

AUDITORS:

Statutory Auditors

M/s. Mittal & Associates Chartered Accountants (Firm Reg. No. 106456W) wereappointed as the Statutory Auditor of the Company in the AGM held on 30th September 2021in for a period of 5 years.

The Report given by the Auditors M/s. Mittal & Associates Chartered Accountants onthe financial statements of the Company is part of this Annual Report. There has been noqualification reservation adverse remark or disclaimer given by the Auditors in theirReport.

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Board of Directorsof the Company have appointed CS Naveen Karn of M/s. Naveen Karn & Co PracticingCompany Secretary to conduct the Secretarial Audit for the financial year 2021-2022. TheSecretarial Audit Report for the year 2021-2022 issued by him in the prescribed form MR-3is attached to this Report.

The Secretarial Audit Report issued by M/s. Naveen Karn & Co. Practicing CompanySecretary contains remarks for which the Board has provided explanation as under:

1. Company has filed e form IEPF 2 beyond the prescribed time limit.

Explanation by the Board:

There was delay in filing form IEPF 2 due to delay in obtaining the date on account ofCOVID-19 and also due to technical issue at the time of filing form IEPF 2 on IEPF portal.

2. Regulation 23(9) of SEBI (LODR) Regulation 2015 - Delay in submission of disclosureof related party transactions for the half year ended 31/03/2021.

Explanation by the Board:

There was delay in submission of disclosure of related party transactions for the halfyear ended 31/03/2021 due to delay in obtaining date from Branches on account of COVID-19pandemic.

3. Regulation 23(9) of SEBI (LODR) Regulation 2015 - Delay in submission of disclosureof related party transactions for the half year ended 30/09/2021.

Explanation by the Board:

The company inadvertently mentioned wrong financial year in Related Party Transactionreport for the half year ended 30/09/2021 and the same was rectified by resubmitting thecorrect Related Party Transaction report on 01/02/2022. The Company made an application toBSE Ltd for waiving off the penalty and the same was approved by BSE Ltd.

Secretarial Audit has also been carried out for our wholly owned subsidiary East WestFreight Carriers Limited as required under the SEBI (Listing Obligations & DisclosureRequirements) Regulations 2015 as is part of this Report.

INTERNAL AUDITOR

Pursuant to Section 138 of the Act & rules made thereunder Ms. Meenakshi Jain ofM/s. Meenakshi Manish Jain & Associates is re-appointed as the Internal Auditor of theCompany.

MANAGEMENT DISCUSSION ANALYSIS REPORT:

In terms of the provisions of Regulation 34 of the Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirements) Regulations 2015 (SEBI ListingRegulations) the Management discussion and Analysis is set out & forms part of theAnnual Report.

INTERNAL CONTROL SYSTEM:

The Company has in place well defined and adequate internal controls commensurate withthe size of the Company and same were operating throughout the year. Pursuant to theprovisions of Section 138 of the Companies Act 2013 the Board of Directors of theCompany appointed M/s. Meenakshi Manish Jain & Associates Chartered accountants asInternal Auditor of the Company for the F.Y. 2021-2022.The audit committee of the Board ofDirectors in consultation with the Internal Auditor formulates the scope functioningperiodicity and methodology for conducting the internal audit.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013:

Your Company has always believed in providing a safe and harassment free workplace forevery individual working in the Company's premises through various interventions andpractices. The Company always endeavours to create and provide an environment that is freefrom discrimination and harassment including sexual harassment.

The policy on prevention of sexual harassment at workplace aims at prevention ofharassment of employees and lays down the guidelines for identification reporting andprevention of undesired behaviour.

During the year ended March 31 2022 there was Nil complaints recorded pertaining tosexual harassment.

ANNUAL RETURN

The Annual Return of the Company for the financial year ended 31st March 2022 preparedin compliance with Section 92(3) of the Act and Rules framed thereunder in prescribed FormNo. MGT-7 is placed on the website of the Company and can be accessed at the weblink:https://ewhl.in/investor-relations-2/.

CORPORATE GOVERNANCE:

Report on Corporate Governance and Certificate of the Auditors of your Companyregarding compliance of the conditions of Corporate Governance as stipulated in Schedule Vread with Regulation 34(3) of the SEBI (LODR) Regulations forms part of the Annual Reportas Annexure – IV.

CONSOLIDATED FINANCIAL STATEMENTS:

The Consolidated Financial Statements of the Company and its subsidiary prepared inaccordance with Indian Accounting Standards notified under the Companies (IndianAccounting Standards) Rules 2015 (‘Ind AS') form part of the Annual Report and arereflected in the Consolidated Financial Statements of the Company.

THE INSOLVENCY AND BANKRUPTCY CODE 2016

During the year under review there is no application made/proceeding pending againstthe Company under the Insolvency and Bankruptcy Code 2016.

SECRETARIAL STANDARDS

The applicable Secretarial Standards have been duly followed by the Company.

ACKNOWLEDGEMENTS:

Your Directors wish to place on record their appreciation of the support which theCompany has received from its promoters shareholders lenders business associatesvendors customers media and the employees of the Company.

By order of the Board
EAST WEST HOLDINGS LIMITED
Sd/-
Mohammad Shafi
Date: 05/09/2022 Chairman
Place: Mumbai DIN: 00198984

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