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HPL Electric & Power Ltd.

BSE: 540136 Sector: Engineering
NSE: HPL ISIN Code: INE495S01016
BSE 00:00 | 30 Nov 57.90 0.30






NSE 00:00 | 30 Nov 58.20 0.85






OPEN 59.90
VOLUME 15812
52-Week high 91.90
52-Week low 33.00
P/E 51.24
Mkt Cap.(Rs cr) 372
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 59.90
CLOSE 57.60
VOLUME 15812
52-Week high 91.90
52-Week low 33.00
P/E 51.24
Mkt Cap.(Rs cr) 372
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

HPL Electric & Power Ltd. (HPL) - Director Report

Company director report

Dear Members

The Directors have pleasure in presenting 28th Annual Report of the Company togetherwith the Audited Financial Statements for the financial year ended 31st March 2020.

1. Financial Highlights

The Company's financial performance for the year ended 31st March 2020 alongwithprevious year's figures is summarized below: (Rs. In Lakhs)

Particulars Standalones Consolidated
2019-20 2018-19 2019-20 2018-19
Revenue from Operations 92522.40 110259.11 97651.44 115847.46
Other Income 383.75 398.13 458.21 470.27
Operating Profit before Finance Costs 11444.68 12133.09 12948.54 13822.34
Depreciation Tax and Extraordinary items
Less: Finance Cost 5639.81 5276.15 6144.79 5814.67
Less: Depreciation and amortization 3480.79 2986.61 3741.98 3203.65
Profit before Exceptional Expenses and Tax 2324.08 3870.33 3061.77 4804.02
Profit before tax 2324.08 3870.33 3061.77 4804.02
Less: Tax Expenses 653.46 1231.81 869.64 1532.81
Profit for the year 1670.62 2638.52 2192.13 3271.21
Other comprehensive income for the year 1.35 (20.88) (1.80) (20.49)
net of tax
Total comprehensive income for the year 1671.97 2617.64 2190.33 3250.72
net of tax
Profit for the year attributable to
Equity holders of the parent Company 1670.62 2638.52 2177.23 3252.89
Non-controlling interest - - 14.90 18.32
Total comprehensive income for the year
attributable to
Equity holders of the parent Company 1671.97 2617.64 2175.52 3232.39
Non-controlling interest - - 14.81 18.33
Earnings per Share (in Rs ) Not
Basis ( Rs ) 2.60 4.10 3.39 5.06
Diluted ( Rs ) 2.60 4.10 3.39 5.06

2. State of Company's Affairs

FY20 was a challenging year for the Indian consumer and industrial electricalcompanies. HPL reported a revenue of Rs 976.5 crores in FY20 lower by 15.7% compared to Rs1158.5 crores. Performance for the year was impacted by the subdued demand from the realestate & infrastructure sectors and government projects. This was further accentuatedby the disruption caused by the Covid-19 pandemic in the fourth quarter due to which thecompany lost revenue to the tune of Rs 120 crore.

"Metering" segment was particularly hard hit in the fourth quarter. FromFebruary 2020 onwards the company experienced a shortage of some imported criticalcomponents as Covid-19 disrupted supply chains from China. Furthermore inspections cameto halt in March 2020 due to the Covid-19 led uncertainty in India. Both these factorsled to a sharp drop in dispatches and consequently sales. However these orders and saleshave not been lost but only delayed which we should recoup going forward.

On the B2C front our "lighting" segment witnessed healthy traction and wason track to achieve mid-to-high single digit growth had it not been for the pandemic. The"switchgear" and "wires & cables" segment performance was impactedby the slowdown in the real estate & infrastructure sectors besides the Covid-19disruption.

Despite enduring a difficult year we were able to keep our operating profitabilitylargely intact through efficient raw material sourcing and rationalization of operatingcosts. EBITDA margins for FY20 expandedby 127 bps to 12.8% (11.5% in FY19)

Looking ahead to the next year our performance will be adversely impacted by thelockdown and the ensuing slowdown in demand in H1 FY21. However we remain cautiouslyoptimistic as robust order book of Rs 367.70 crores* provides revenue visibility. Furtherwe have also restored our supply chains for both the metering and B2C segments. In a majorpositive boost we have received smart meter orders of Rs 90 crores in May 2020. Winningof this order is a testament of the HPL's capabilities in providing efficient smart metersolutions.

The one-time liquidity injection of Rs 90000 crores into power Discoms announced bythe Government is likely to support demand for "meters" for the next fiscalandensure timely payment of dues for equipment suppliers. Our B2C segment is also expectedto see a demand recovery in H2 FY21as the impact offockdown recedes underpinned by theon-set of the festival season and higher governmentspending.

Looking beyond the near-term challenges HPL remains committed to deliver sustainablegrowth over the medium term led by traction in both metering and B2C segments. Smartmeters will be a major growth area for the company going forward. The central Government'sthrust on replacing 250 million conventional meters with smart meters opens-up a hugepotential market for prominent suppliers like HPL.Furthermore we expectsee healthytraction in our B2C segment over the coming years led by product development effortsnetwork expansion and effective branding initiatives.

Note: * Order Book Size is as on 9th June 2020

3. Performance of subsidiaries associates and joint venture companies and theircontribution to the overall performance of the company

As on 31st March 2020 the company is having only one subsidiary namely HimachalEnergy Private Limited and two Joint Ventures (JVs) namely HPL Electric & Power Pvt.Ltd. – Shriji Designs (JV) and HPL Electric & Power Pvt. Ltd. – TrimurthiHitech Co. Pvt. Ltd. - Shriji Designs (JV). These JVs are established as Association ofPerson (AOP) and not registered under the Companies Act 2013 and accordingly are notAssociate Companies as per section 2(6) of the Companies Act 2013.

Himachal Energy Private Limited is engaged in the manufacturing of energy saving metersand other related products. The Gross Revenue of the Company for the FY 2020 stood at Rs.8532.28 lakhs (P.Y. Rs. 10518.83 lakhs).

Profit after tax for the year stood at Rs. 522.73 lakhs (P.Y. Rs. 642.88 lakhs). TheCompany continues its performance momentum.

Further pursuant to the provisions of Section 136 of the Act the financial statementsof the Company consolidated financial statements alongwith relevant documents andseparate financial statements in respect of Subsidiary company are available on thewebsite of the Company i.e.

4. Names of Companies which have become or ceased to be its Subsidiaries JointVentures or Associate Companies during the year

During the Financial Year ended 31st March 2020 no company became or ceased to be asubsidiary of the Company or Joint Venture or Associate Company.

5. Consolidated Financial Statement

The Consolidated Financial Statements of the Company are prepared in accordance withrelevant Indian Accounting Standards issued by the Institute of Chartered Accountants ofIndia and forms an integral part of this Report.

Pursuant to Section 129(3) of the Act read with Rule 5 of the Companies (Accounts)Rules 2014 a statement containing the salient features of the financial statement of acompany's subsidiary or subsidiaries associate company or joint venture or ventures inForm AOC-1 is annexed as

Annexure I.

6. Material changes and commitments if any 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

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

7. Change in the nature of business if any

There was no change in the nature of business of the Company during the financial yearended 31st March 2020.

8. Reserves

During the period under report the company do not propose to transfer any amount tothe General Reserve.

9. Dividend

The Board of Directors in its meeting held on 9th July 2020 recommended a finaldividend of Rs. 0.15 per equity share of Rs. 10 face value (1.5%) for the financial yearended 31st March 2020 subject to the approval of the shareholders at the ensuing AnnualGeneral Meeting of the Company.

The dividend would be payable to all those Shareholders whose names appear in theRegister of Members as on 23rd September 2020 the record date fixed for this purpose.

10. Public deposits

During the period under report the Company has not accepted any deposit within themeaning of Sections 73 and 74 of the Companies Act 2013 read together with the Companies(Acceptance of Deposits) Rules 2014.

11. Details of Directors or Key Managerial Personnel including those who were appointedor have resigned during the year

Mr. Hargovind Sachdev (DIN: 08105319) was appointed as an Independent Director of theCompany for a period of 2 years with effect from 13th April 2018. The first term ofoffice as Non-Executive Independent Director completed effective 12th April 2020.Thereafter on the recommendation of the Nomination and Remuneration Committee the Boardof Directors of the company has approved the re-appointment of Mr. Hargovind Sachdev(DIN:08105319) as an Independent Director of the Company for a further period of 5(five)consecutive years w.e.f 13th April 2020 and recommends the same for the approvalby the shareholders of the company in the forthcoming Annual General Meeting. The companyhas received consent in writing from Mr. Hargovind Sachdev to act as director in the formDIR-2 and intimation in the Form DIR- 8 to the effect that he is not disqualified U/s 164(2) of the Companies Act 2013 to act as Director and confirmation that he meets thecriteria of independence prescribed under the Act and the SEBI Listing Regulations.

Pursuant to the provisions of Section 152 of the Companies Act 2013 and otherapplicable provisions of the Act Mr. Rishi Seth (DIN:00203469) Managing Director of theCompany who retires by rotation at the ensuing Annual General Meeting and being eligibleoffers himself for reappointment.

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet the criteria of independence prescribed under the provisions ofSection 149(6) of the Act and Regulation 16 of the SEBI Listing Regulations.

Brief details of the directors being recommended for reappointment as required underSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 have beenfurnished in the Notice dated 3rd September 2020 convening the 28th Annual GeneralMeeting.

12. Number of meetings of the Board

During the period under report the Board of Directors of the Company met 4 (four)times on 20th May 2019 12th August 2019 14th November 2019 and 14th February 2020.Particulars of attendance of each director are mentioned in the Corporate GovernanceReport.

Pursuant to the provisions of Schedule IV to the Companies Act 2013 and the SEBIListing Regulations 2015 a separate Meeting of the Independent Directors of the Companywas held on 14th February 2020 without the presence of Non-Independent Directors andmembers of the management to review the performance of Non-Independent Directors and theBoard as a whole the performance of the Chairperson of the company taking into accountthe views of Executive Directors Non-Executive Non-Independent Directors and also toassess the quality quantity and timeliness of flow of information between the Companymanagement and the Board.

13. Formal Annual Evaluation

Pursuant to the provisions of Section 178 of the Companies Act 2013 read withCompanies (Amendment) Act 2017 and SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 the Nomination and remuneration committee has laid down the manner foreffective evaluation of_ performance of Board its committees and individual directors andaccordingly the Board of directors has carried out an annual evaluation of its ownperformance board committees and individual directors.

While evaluating the performance of Board the Board had considered the composition andstructure of the Board in terms of size experience diversity effectiveness of the boardprocess dissemination of information etc.

The performance of the committees was evaluated by the board taking into considerationthe factors such as composition of the committee; effectiveness of committee meetings;independence of the committee from the Board and contribution in decision making by theBoard etc.

The performance evaluation of all the individual directors was carried out after takinginto account their individual contribution to the board and committee meetings such aspreparedness on the issues to be discussed effective contribution in the discussion onthe various agenda items whether the independent directors fulfill the independencecriteria as specified in the Companies Act 2013 and SEBI Listing Regulations and theirindependence from the management. Therefore the outcome of the performance evaluation forthe period under report was satisfactory and reflect how well the directors board andcommittees are carrying their respective activities.

The independent directors in its separate meeting without the attendance ofnon-independent directors and members of management reviewed -

(a) the performance of non-independent directors and the Board as a whole;

(b) the performance of the Chairperson of the company taking into account the views ofexecutive directors and non-executive directors;

(c) assess the quality quantity and timeliness of flow of information between thecompany management and the Board that is necessary for the Board to effectively andreasonably perform their duties.

14. Nomination and Remuneration Policy of Directors Key Managerial Personnel and otheremployees

As per the provisions of Section 178 of the Companies Act 2013 the Board of Directorshas approved a policy which lays down a framework in relation to appointment andremuneration of Directors Key Managerial Personnel and other employees of the Company.

The Policy broadly lays down the guiding principles philosophy and the basis forpayment of remuneration to Directors Key Managerial Personnel and other employees. Thepolicy also provides the criteria for determining qualifications positive attributes andIndependence of Director and criteria for appointment of Key Managerial Personnel / SeniorManagement while making selection of the candidates. The above policy is available on thewebsite of the Company at

15. Extract of Annual Return

As per the requirements of Section 92(3) of the Act and rules made thereunder theextract of the Annual Return for the year ended 31st March 2020 is annexed as AnnexureII in the prescribed Form No. MGT-9 which is a part of this report. The same isavailable on the website of the Company at

16. Listing

The equity shares of the Company are listed on the National Stock Exchange of IndiaLtd. and BSE Limited. The listing fee for the financial year 2020-2021 has been paid toboth the Stock Exchanges.

17. Audit Committee

The details pertaining to the composition of the Audit Committee are included in theCorporate Governance Report which is a part of this Annual Report.

18. Vigil mechanism/ Whistle Blower Policy

Pursuant to the provisions of Companies Act 2013 and SEBI Listing Regulations 2015the Company has established a robust vigil Mechanism for directors and employees to reportto the management instances of unethical behavior actual or suspected fraud or violationof the Company's code of conduct. The Vigil Mechanism

Policy provides that the company investigates in such incidents when reported in animpartial manner and shall take appropriate action as and when required to do so. Thepolicy also provides the mechanism for adequate safeguard against the victimization ofDirector(s)/ employees who avail the mechanism and also provide for the direct access tothe Chairman of the Audit Committee in exceptional cases. A vigil Mechanism policy isavailable on the website of the company at

19. Risk Management

The Company has in place a robust risk management policy to anticipate identifymeasure manage mitigate monitor and report the risk and uncertainties that may have animpact to achieve the business objective of the company. The Company recognizes theserisks which need to be managed and mitigated to protect the interest of the stakeholdersto achieve business objectives and enable sustainable growth. The risk managementframework is aimed at effectively mitigating the Company's various business andoperational risks through strategic actions. The Company believes that managing riskshelps in maximizing returns.

An extensive program of internal audits and regular reviews by the Audit Committee iscarried out to ensure compliance with the best practices.

20. Policy on Material Subsidiary

The Company has framed a Policy on Material Subsidiary under Regulations 16(c) of SEBI(Listing Obligations and Disclosures Requirements) Regulations 2015 which is available onthe website of the company i.e. www.hplindia. com.

21. Corporate Social Responsibility (CSR)

It is the responsibility of the corporations operating within society to contributetowards social and environmental development that will help in creating a positive impacton society at large.

The Corporate Social Responsibility committee comprises of Mrs. Madhu Bala Nath asChairperson Mr. Lalit Seth Mr. Rishi Seth and Mr. Jainul Haque as members of thecommittee.

The company discharges its CSR obligations directly and by making contribution throughSeth Inder Narain Foundation Trust and SUTRA an implementing agency appointed by theCompany towards supporting projects in Eradicating hunger poverty and malnutritionpromoting health care; promoting education including special education and employmentenhancing vocation skills especially among children women elderly and the differentlyabled and livelihood enhancement projects. The company also extends its objective towardsCSR in supporting the rural development projects.

The Board of Directors have approved the CSR Policy of the Company as formulated andrecommended by the CSR Committee which is available on the website of the Company A report on Corporate Social Responsibility is annexed as AnnexureIII.

22. Particulars of Contracts or Arrangements with related Parties

All the transactions entered into with related parties as defined under the CompaniesAct 2013 and Securities and Exchange Board of India (Listing Obligations and DisclosureRequirements) Regulations 2015 during the financial year ended 31st March 2020 were inthe ordinary course of business and on arm's length basis. As per the provisions ofSection 188 of the Companies Act 2013 and Rules made thereunder read with Regulation 23of Securities and Exchange Board of India (Listing Obligations and DisclosureRequirements) Regulations 2015 the Company had obtained the necessary prior approval ofthe Audit Committee for all the related party transactions. Further there were nomaterial related party transactions with promoters directors or Key Management Personnelduring the year under report.

None of the transactions with any of the related parties were in conflict with theinterest of the Company rather they synchronize and synergies with the Company'soperations.

The Company has framed a Policy on Related Party Transactions in accordance withSecurities and Exchange Board of India (Listing Obligations and Disclosure Requirements)Regulations 2015 and as per the provisions of the Companies Act 2013 as amended. ThePolicy intends to ensure that proper reporting; approval and disclosure processes are inplace for all transactions between the Company and related parties. The policy isavailable on the website of the company at and the Details of RelatedParty Transactions are annexed as per Form AOC-2 in Annexure IV.

23. Auditors

A) Statutory Auditors

As per the provisions of Section 139(1) of the Act the Company had appointed M/s.Kharabanda Associates Chartered Accountants (Regn. No. 003456N) as Statutory Auditors fora period of 5 (Five) years in the Annual General Meeting of the company held on 28thSeptember 2017. Pursuant to the amendments made to Section 139 of the Companies Act 2013by the Companies (Amendment) Act 2017 effective from May 7 2018 the requirement ofseeking rati_cation of the Members for the appointment of the Statutory Auditors has beenwithdrawn from the Statute. Hence the resolution seeking ratification of the Members forcontinuance of their appointment at this AGM is not being sought.

Statutory Auditors Report

There are no observations (including any qualification reservation adverse remark ordisclaimer) of the Auditors in their Audit Report that may call for any explanation fromthe Directors. Further the notes to accounts referred to in the Auditors' Report areself-explanatory.

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

B) Cost Auditors

As per Section 148 of the Companies Act 2013 the company is required to have theaudit of its cost records conducted by a Cost Accountant in practice.

Pursuant to the provisions of Section 141 148 of the Companies Act 2013 read withCompanies (Cost Records and Audit) Rules 2014 and other applicable provisions of the Actas amended from time to time M/s Bikram Jain & Associates Cost Accountants (FirmRegistration No. 101610) were appointed as the Cost Auditor of the Company for thefinancial year ended 31st March 2020.

The company has received the Cost Audit Report of the company for the financial yearended 31st March 2019 in its meeting held on 12th August 2019 and the same was filed inXBRL mode within due date.

The company has made and maintained the Cost records under Section 148 of the CompaniesAct 2013 for the financial year ended 31st March 2020.

C) Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act 2013 read withcorresponding rules made there under M/s. AVA Associates Company Secretaries werere-appointed as Secretarial Auditors of the Company to conduct Secretarial Audit of theCompany for the financial year ended 31st March 2020.

Secretarial Audit Report

The Secretarial Audit Report for the FY 2019-20 as submitted by Secretarial Auditor inForm MR-3 is annexed to this Report as Annexure V.

Therearenoobservations(includinganyqualification reservation adverse remark ordisclaimer) of the Secretarial Auditors in their Secretarial Audit Report that may callfor any explanation from the Directors.

Annual Secretarial Compliance Report

A Secretarial Compliance Report for the financial year ended 31st March 2020 oncompliance of all applicable SEBI Listing Regulations and circulars/ guidelines issuedthereunder was obtained from M/s AVA Associates Secretarial Auditors and submitted toboth the stock exchanges.

24. Particulars of Loans Guarantees or investments

The investment made by the company in the subsidiary company in the form of equityshare capital is disclosed in the notes to the Audited Financial Statements forming partof this Annual Report. The company has not given any loans guarantees or provided anysecurity in connection with a loan to any body corporate or person as per section 186 ofthe Companies Act 2013 during the period under report.

25. Particulars of remuneration of Directors/ KMP/Employees

The information required to be disclosed in the Director's Report pursuant to Section197 of the Companies Act 2013 read with Rule 5 of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 is set out in Annexure VI to thisreport.

26. Research and Development

HPL is passionate about innovation and has undertaken a lot of initiatives toaccelerate the business growth curve in the upward direction. Company has been regularlyinvesting in infrastructure and its R&D centers to make world-class products meetingstringent Quality standards. All the R&D labs in various units have been focusing ondesign and development of innovative products in the field of Switchgear Lighting andMetering etc. to meet the growing technological challenges of the times.

The R&D team has been continuously working on improving the reliability and lifecycle of HPL products. All our plants are ISO 9001:2015 certified. Most of the productsare "CE" marked. Moreover all the plants are RoHS complaint to meet the demandsof the new era of business globally.

Timely delivery of new products under development is of primary focus of R&Ddepartment. It works on a cohesive approach to narrow the gap between design andmanufacturing by investing money in 3D modeling making prototypes before commencing toolmanufacturing to save money time & energy thereby increasing the efficiency of thecompany.

Company is continuously working on many more smart engineering electrical products tomeet the future demand. LED being called the fourth generation light source HPL iskeeping itself abreast with innovative lighting products continuously being developed tomeeting the market demand.

27. Conservation of Energy Technology Absorption Foreign Exchange Earnings and Outgo

The information on conservation of energy technology absorption and foreign exchangeearnings and outgo as stipulated under Section 134(3)(m) of the Companies Act 2013 readwith Rule 8 of the Companies (Accounts) Rules 2014 is attached as Annexure VII tothis report.

28. Corporate Governance Report

The Company is committed to maintain the highest standards of Corporate Governance andadhere to the Corporate Governance requirements set out by Securities and Exchange Boardof India. The report on Corporate Governance as stipulated under the Securities andExchange Board of India (Listing Obligations and Disclosure Requirements) Regulations2015 forms an integral part of this Report. The requisite certificate from M/s. KharabandaAssociates Statutory Auditors of the Company confirming compliance of conditions ofcorporate governance is also annexed to the Corporate Governance Report.

29. Directors' Responsibility Statement

Pursuant to Section 134(3) (c) and 134(5) of the Companies Act 2013 the Directorsconfirm that:

a. in the preparation of the annual accounts the applicable accounting standards hadbeen followed alongwith 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 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 theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.

30. Disclosure under the sexual harassment of women at workplace (PreventionProhibition And Redressal) Act 2013

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

The Company has in place robust policy on prevention prohibition and redressal ofcomplaints relating to sexual harassment at workplace which is applicable to the companyas per the provisions of Sexual Harassment of Women at Workplace (Prevention prohibitionand Redressal) Act 2013. The company has complied with the provisions relating to theconstitution of Internal Complaints Committee under the Sexual Harassment of Women atWorkplace (Prevention prohibition and Redressal) Act 2013.

During the year under report the company has not received any complaints pertaining tosexual harassment.

31. Significant/material orders passed by the regulators

There are no significant/material orders passed by the Regulators or Courts orTribunals impacting the going concern status of the Company and its operations in future.

32. Internal Financial Control Systems and their adequacy

The Company has adopted policies and procedures for effective internal controls system.This ensures that all transactions are authorized recorded & timely preparation ofreliable financial information the safeguarding of its assets the prevention anddetection of frauds and errors. The Company has an Internal Control System commensuratewith the size scale and complexity of its operations.

33. Management Discussion and Analysis Report

Management Discussion and Analysis Report for the year under report as stipulatedunder the Companies Act 2013 and Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations 2015 is also presented in a separatesection forming part of this Annual Report.

34. CEO and CFO Certificate

CEO and CFO Certificate as prescribed under Schedule II part B of Securities andExchange Board of India (Listing Obligations and Disclosure Requirements) Regulations2015 is annexed to the Corporate Governance Report forming part of this Annual Report.

35. Disclosure of commission paid to Managing Director or Whole time directors

There is no commission paid or payable by the company to the managing director or thewhole time directors.

36. Acknowledgement

The Board of Directors acknowledges the continued co-operation assistance and supportthe Company has received from various Government Departments Banks/ financialInstitutions and shareholders. The Board also places on record its appreciation for thesincere services rendered by employees of the company at all levels and the support andco-operation extended by the valued business associates and the continuous patronage ofthe customers of the Company.

For and on Behalf of the Board
For HPL Electric & Power Limited
Lalit Seth
Date : 3rd September 2020 Chairman
Place : Noida DIN: 00312007