The Board of Directors of your Company take pleasure in presenting the Twentieth BoardReport on the business and operations of your Company together with Standalone andConsolidated Financial Statements for the year ended March 31 2021. A brief summary ofthe Company's performance is given below:
1. Financial Results
| ||Standalone ||Consolidated |
|Particulars ||F.Y. 2020-21 ||F.Y. 2019-20 ||F.Y. 2020-21 ||F.Y. 2019-20 |
|Total Revenue ||9281.19 ||12101.45 ||9281.19 ||12101.45 |
|Profit before Interest Depreciation & Tax ||8779.86 ||11548.12 ||8779.86 ||11548.12 |
|Less: Interest ||6.76 ||- ||6.76 ||- |
|Less: Depreciation ||2.59 ||2.53 ||2.59 ||2.53 |
|Profit before Tax ||8770.51 ||11545.59 ||8770.51 ||11545.59 |
|Less: Tax expense ||2199.99 ||1139.10 ||2199.99 ||1139.10 |
|Profit after Tax but before share of profit from Associates ||6570.52 ||10406.49 ||6570.52 ||10406.49 |
|Add: Share of profit from Associates (net) ||- ||- ||950.98 ||237.33 |
|Profit after Tax ||6570.52 ||10406.49 ||7521.50 ||10643.82 |
|Other Comprehensive Income ||537736.25 ||(122075.87) ||541438.91 ||(123590.96) |
|Total Comprehensive Income ||544306.77 ||(111669.38) ||548960.41 ||(112947.14) |
2. Review of Operations
(A) Standalone Results:
In spite of disruption and slowdown of economic activity on account of COVID-19outbreak your Company has achieved a reasonably good performance during the year ascompared to previous year. During the year the Company earned Total Revenue aggregatingto Rs.9281.19 Lakhs as compared to Rs.12101.45 Lakhs in the previous year. Total Revenueincludes Dividend Income of Rs.3628.05 Lakhs Interest Income of Rs.4893.92 Lakhs andPledge Fees of Rs.759.22 Lakhs. The Profit before interest depreciation and tax isRs.8779.86 Lakhs and after providing for interest of Rs.6.76 lakhs depreciation ofRs.2.59 Lakhs and tax of Rs.2199.99 Lakhs the Net Profit is Rs.6570.52 Lakhs ascompared to Rs.10406.49 Lakhs in the previous year a decrease of 36.86% which is mainlyon account of lower dividend income of Rs.3628.05 Lakhs as compared to Rs.7332.33 Lakhsreceived in the previous year and is partially offset by increase in other incomes.
(B) Consolidated Results:
During the year the Company earned Total Consolidated Revenue aggregating toRs.9281.19 Lakhs as compared to Rs.12101.45 Lakhs in the previous year. Your Companydoes not have any subsidiary company. After considering the Share in Profit of Associatesof Rs.950.98 Lakhs the Consolidated Profit after tax for the year is Rs.7521.50 Lakhs ascompared to Rs.10643.82 Lakhs in the previous year.
In accordance with the provision of Regulation 43A of the Securities and Exchange Boardof India (Listing Obligations and Disclosure Requirements) Regulations 2015 ["SEBI(LODR) Regulations 2015"] and any amendments thereto your Company has formulated aDividend Distribution Policy which sets out the parameters and circumstances that will betaken into account by the Board in determining the distribution of dividend to itsshareholders.
As a green initiative the Policy is available on the Company's website and can beaccessed at https:// www.jsw.in. A copy of the policy will be made available to anyshareholder on request by email.
As per the Policy after considering various external factors in correlation to impactof COVID-19 pandemic as well as various internal factors your Directors have deemed itprudent not to recommend any dividend on equity shares for the year ended March 31 2021in order to conserve the resources for the future years.
4. Future Prospects
Your Company holds significant investments in Equity Shares of JSW Steel Limitedbesides certain other investments in other JSW Group of Companies therefore the businessprospects of the Company largely depends on the business prospects of JSW Steel Limitedand the steel industry.
The Indian steel industry accounts for about 2% to the country's GDP with an outputmultiplier of 1.4x and an employment multiplier of 6.8x. Being a core sector it alsotracks the overall economic growth and derives its demand from other sectors likeautomobiles consumer durables and infrastructure.
Steel demand remained subdued in FY 2020 largely due to lower consumption fromconstruction auto infrastructure real estate and manufacturing industries. Further theslowdown in the government's infrastructure investments and credit tightness due toCOVID-19 containment measures impacted its demand and consequently weighed on pricing.However the steel industry has seen major investment in the recent years.
FY 2021' also witnessed the successful auction of 20 iron ore blocks in India withcombined reserves of 583.1 MnT.Further the Odisha government also auctioned 22 iron oremerchant mines of which 19 were auctioned at a premium of 91-154%. India is looking tomodernize expand and accommodate the aspirations of a growing population throughurbanization and industrialization. Thus steel consumption growth is expected to rise onaccount of government expenditure on infrastructure and manufacturing in the long run.
The infrastructure industry accounts for 9% of total steel consumption in India and isexpected to increase to 11% in 2025-26. The Dedicated Rail Freight Corridor (DRFC) networkexpansion will also enhance the demand for steel. The Oil and Gas sector is one of thelargest end users of steel and with the expansion of city gas distribution network thedemand for steel will also increase.
With the 'Aatmanirbhar Bharat Abhiyan'the Government has urged all the stakeholders inthe steel industry to come together and utilize only domestically produced steel.Additionally the global tendering of government purchases up to Rs.2 billion were waivedoff hence widening the protection shield for MSMEs from the competition. The Ministry ofSteel is facilitating setting up of an industry driven Steel Research and TechnologyMission of India (SRTMI) in association with the public and private sector steel companiesto spearhead research and development activities in the iron and steel industry at aninitial corpus of US$ 30 million. The Ministry of Steel has suggested three models forstates to implement setting up a greenfield unit for steel with a capacity of over 4 MnT.The greenfield investments will enable the Ministry of Steel to achieve its 160 MnTdomestic steel consumption target by 2024-25.
The Steel Scrap Recycling Policy aims to minimize imports preserve resources and saveenergy and is compliant with Rs.6R' principles of Reduce Reuse Recycle RecoverRedesign and Remanufacture. Further National Mineral Development Corporation (NMDC) isexpected to invest US$1 billion on infrastructure in next three years to boost ironproduction.
All these above factors point towards a high growth potential for Indian steel demandwithin India and a bright prospect for Indian Steel Manufacturers. As a result of whichthe Company is looking forward for a sustainable growth in its investee Companies in thecoming years which would enhance the shareholders' value which in consequence expected toenhance its entrenched value for the benefit of the shareholders' at large.
5. Holding Subsidiary & Associate Company
Your Company has neither any holding company nor a subsidiary company. The followingare the Associate Companies as on March 31 2021:
i. Sun Investments Private Limited
Sun Investments Private Limited ('SIPL') is a NonBanking Financial Company registeredwith the Reserve Bank of India. SIPL was formed with the main object of investing andfinancing. The net worth of SIPL as on 31.03.2021 is Rs.40636.91 lakhs.
ii. Jindal Coated Steel Private Limited
Jindal Coated Steel Private Limited ('JCSPL') was formed with the main object oftrading and manufacturing various types of steel and allied products. The net worth ofJCSPL as on 31.03.2021 is Rs.3236.12 lakhs.
As per the provisions of Section 129(3) of the Companies Act 2013 a statementcontaining salient features of the financial statements of the Company's associatecompanies in Form AOC-1 is attached to the financial statements of the Company.
6. Fixed Deposits
Your Company has neither accepted nor renewed any deposits within the meaning ofSection 73(1) of the Companies Act 2013 and the rules made thereunder.
7. Annual Return
In accordance with the provisions of Section 92(3) of the Act Annual Return of theCompany is hosted on website of the Company at https://www.jsw.in .
8. Number of meetings of the Board
The Board meets to discuss and decide on Company / business policy and strategy apartfrom other board businesses. A tentative date of the Board and Committee Meetings iscirculated to the Directors in advance to facilitate them to plan their schedule and toensure meaningful participation in the meetings. For any special and urgent businessneeds the Board's approval is taken by passing resolutions through circulation aspermitted by law which are recorded in the subsequent Board meeting. Usually the meetingsof the Board/ Committees are held in Mumbai.
During the year under review the Board met five times on 27.05.2020 26.06.202007.08.2020 31.10.2020 and 11.02.2021.
The maximum interval between two meetings did not exceed 120 days as prescribed underCompanies Act 2013 and Regulation 17 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 ["SEBI (LODR) Regulations 2015"] andSecretarial Standard SS-1.
9. Directors Responsibility Statement
Pursuant to the requirements under Section 134(5) of the Companies Act 2013 yourDirectors hereby state and confirm that:
a. in the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanations relating to material departures;
b. they have selected such accounting policies and applied them consistently and madejudgements and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company at the end of the financial year on March 312021 and of the profit of the Company for that period;
c. they have 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. they have prepared the annual accounts on a going concern basis;
e. they have laid down internal financial controls to be followed by the Company andthat such internal financial controls are adequate and were operating effectively; and
f. they have devised proper systems to ensure compliance with the provisions of allapplicable laws and such systems were adequate and operating effectively.
10. Declaration of Independence
The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet the criteria of independence as prescribed under the CompaniesAct 2013 and Regulation 16 of the SEBI (LODR) Regulations 2015. The following are theNon-Executive Independent Directors of the Company as on March 31 2021:
(a) . Mr. Atul Desai
(b) . Mr. Imtiaz Qureshi
(c) . Mrs. Sutapa Banerjee
Mr. N. K. Jain Director who satisfies the criteria of Independence has been appointedas Indepenent Director on the Board with effect from June 1 2021.
11. Company's policy on Directors' KMP & other employees' appointment andremuneration
The Company has formulated amongst other the Policies on the Directors' KMP &other employees' appointment including criteria for determining qualifications positiveattributes independence of a Director and other matters as provided under subsection (3)of Section 178. The salient features of the Remuneration Policy forms part of CorporateGovernance Report and detailed policy has also been published on the websitewww.jsw.in/investors/investor- relations-jsw-holdings for investor's information.
a. Statutory Auditors:
At the Company's 16th Annual General Meeting (AGM) held on July 1 2017M/s. HPVS & Associates Chartered Accountants (Firm Registration No. 137533W) Mumbaiwere appointed as the Company's Statutory Auditors from the conclusion of the 16thAGM till the conclusion of the 21st AGM subject to ratification by the membersof the Company at every AGM. However the Ministry of Corporate Affairs vide itsnotification S.O. 1833(E) dated 7th May 2018 notified the amendment in section139 of the Companies Act 2013 pursuant to which the appointment of Statutory Auditors isnot required to be ratified by the members every year during the tenure of StatutoryAuditors once approved by the members in their Annual General Meeting. The StatutoryAuditors have confirmed that they satisfy the independence criteria as required under theAct.
b. 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 Company hasappointed M/s. Sunil Agarwal & Co Practicing Company Secretaries to undertake theSecretarial Audit of the Company for the financial year 202021. The Report of theSecretarial Audit Report in Form No. MR- 3 is appended as Annexure A.
c. Comments on Auditors' Report
There are no qualifications reservations or adverse remarks or disclaimers made byM/s. HPVS & Associates Chartered Accountants Statutory Auditors in their AuditReport and by M/s. Sunil Agarwal & Co Practicing Company Secretaries in theirSecretarial Audit Report.
During the year under review the Statutory Auditors nor the Secretarial Auditor reportany incident of fraud to the Audit Committee of the Company.
13. Particulars of loans or guarantees given securities provided or investments madeunder Section 186 of the Companies Act 2013
i). Loans given:
|Name of the Company ||Amount at the beginning of the year ||Transaction during the year (Net) ||Balance at the end of the year |
|JSW Investments Pvt. Ltd. ||4432.50 ||- ||4432.50 |
|JSW Techno Projects Management Ltd. ||17500.00 ||- ||17500.00 |
|Realcom Reality Pvt. Ltd. ||11999.50 ||- ||11999.50 |
|Reynold Traders Pvt. Ltd. ||2478.00 ||731.00 ||3209.00 |
|Everbest Consultancy Services Pvt. Ltd. ||4925.00 ||6475.00 ||11400.00 |
ii). Details for securities provided:
|Name of the Company ||Purpose for giving security ||Market Value of shares pledged as on March 31 2021 |
|JSW Projects Ltd. (Project) ||20000000 equity shares of JSW Steel Limited held by the Company are pledged in favour of Lender for financial assistance given to Project ||93690.00 |
|JSW Infrastructure Ltd. (Infra) ||12957000 equity shares of JSW Steel Limited held by the Company are pledged in favour of Lender for financial assistance given to Infra ||60697.07 |
|Jindal Stainless Ltd. (Stainless) ||460720 equity shares of Jindal Stainless Limited held by the Company are pledged in favour of Lender for financial assistance given to Stainless ||311.45 |
Refer Note 8 of the Standalone Financial Statements.
14. Particulars of contracts or arrangements with related parties referred to inSection 188(1) of the Companies Act 2013
All transactions entered with Related Parties for the year under review were on arm'slength basis and in the ordinary course of business and that the provisions of Section 188of the Companies Act 2013 and the rules made there under were not attracted. Thusdisclosure in Form AOC-2 in terms of Section 134 of the Act is not required.
During the year pursuant to section 177 of the Act and Regulation 23 of SEBI (LODR)Regulations 2015 all Related Party Transactions were placed before the Audit Committeefor its approval. Pursuant to Schedule V Part A there were no transactions of the Companywith any person or entity belonging to the promoter/promoter group which hold(s) 10% ormore shareholding in the Company.
15. 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.
16. Particulars regarding Conservation of Energy Technology Absorption ForeignExchange Earnings and Outgo
As your Company is not engaged in any manufacturing activity particulars under Section134(3)(m) of the Companies Act 2013 regarding conservation of energy technologyabsorption are not applicable.
There were no foreign exchange transactions during the year.
17. Risk Management Policy
Given the uncertain and volatile business environment continuous changes intechnology geo-politics financial markets regulations etc. which affect its valuechain to build a sustainable business discipline that supports the achievement of anorganization's objectives by addressing the full spectrum of its risks and managing thecombined impact of those risks your Company has adopted a robust Risk Management Policyto identify assess monitor and mitigate such risks. The objective of the Policy is todevelop a 'risk intelligent' culture which drives informed decision making and buildsresilience to adverse developments while ensuring that opportunities are exploited tocreate value for all stakeholders. The Company has a Risk Management Committee inaccordance with the requirements of SEBI (LODR) Regulations 2015 to inter alia monitorthe risks and their mitigating actions. The Board of Directors of the Company also reviewsthe Risk Assessment and Mitigation Report annually.
All risks including investments are reviewed in the meetings of the Board of Directors.Risks related to internal controls compliances & systems are reviewed in detail bythe Audit Committee.
Details in respect of adequacy of internal financial controls with reference to theFinancial Statements are given in the Management's Discussion and Analysis which formspart of this Report.
18. Corporate Social Responsibility
The Company believes in inclusive growth to facilitate creation of a value based andempowered society through continuous and purposeful engagement with society around. JSWFoundation administers the planning and implementation of all our CSR interventions. Allthe CSR initiatives are approved by the CSR Committee in line with the CSR Policy and thesame is reviewed periodically. The CSR Policy formulated is uploaded on the website of theCompany at https://www.jsw.in .
Following are the Company's initiatives proposed to be undertaken as per Schedule VIIof the Companies Act 2013:
i) . Improving living conditions (eradication of hunger poverty malnutrition etc.) -Providing medical aid to cancer patients cataract patients and to children below 10 yearsold.
ii) Promoting social development (education skill development livelihood enhancementsetc.) - Providing educational support to economically weak children.
The details about the initiatives taken by the Company on Corporate SocialResponsibility during the year under review to be provided as per the "annexureattached to the Companies (Corporate Social Responsibility Policy) Rules 2014" havebeen appended as Annexure B to this Report.
19. Formal Annual Evaluation
Pursuant to the provisions of the Companies Act 2013 and Regulation 17 and Part D ofSchedule II read with SEBI Guidance Note dated January 5 2017 the Board has carried outthe annual performance evaluation of its own performance Committees of the BoardIndividual Directors including Chairperson Independent Directors and Non-ExecutiveDirectors. A structured questionnaire was prepared after taking into consideration inputsreceived from the Directors inter-alia covering various aspects such as competency ofDirectors experience of Directors mix of qualifications diversity in Board frequencyof meeting execution and performance of specific duties obligations and governance. Aseparate exercise was carried out to evaluate the performance of individual Directors /Members who were evaluated on parameters such as level of engagement and contributionindependence of judgement safeguarding the interest of the Company and its minorityshareholders etc. The performance of the Board Chairperson was evaluated after seeking theinputs from all the Directors other than the Board Chairperson on the basis of thecriteria such as Chairperson's role accountability and responsibilities promotion ofeffective relationship and open communication positive and appropriate workingrelationship with CEO commitment etc. The performance evaluation of the IndependentDirectors was carried out by the entire Board. The Directors expressed their satisfactionwith the evaluation process. The report of the Board evaluation was adopted at the NRC andthe Board Meeting.
20. Significant and material orders passed by the Regulators or Courts or Tribunalsimpacting the going concern status and Company's operations in future
There are no significant and material orders passed by the Regulators or Courts orTribunals which would impact the going concern status and the Company's future operations.
21. Adequacy of Internal Financial Controls
The Board of Directors in consultation with Internal Auditors have laid down theInternal Financial Controls Framework commensurate with the size scale and complexity ofits operations. To maintain its objectivity and independence the Internal Audit functionreports to the Chairman of the Audit Committee quarterly. The Internal Audit Departmentquarterly monitors and evaluates the efficacy and adequacy of internal control system inthe Company its compliance with operating systems accounting procedures and policies.Based on the report of internal audit function process owners undertake corrective actionin their respective areas and thereby strengthen the controls. Audit observations andcorrective actions thereon are presented to the Audit Committee of the Board.
22. Digital Platform for Tracking Insider Trading
The Securities Exchange Board of India ("SEBI") has through amendment of SEBI(Prohibition of Insider Trading) Regulations 2015 has directed the Companies to identifydesignated persons and maintain a structured digital database of all such designatedpersons for prevention of insider trading. Accordingly the Company through KfinTechnologies Private Limited has established an Insider Trading Tracking Platform by thename FINTRAKS. The Company has also formed a committee viz. 'JSWHL Code of ConductImplementation Committee' under the Chairmanship of Mr. I. Qureshi Independent Directorto ensure proper compliance monitoring and regulate trading by Insiders and process ofsharing UPSI.
23. Directors and Key Managerial Personnel
i). Mr. Sajjan Jindal
In accordance with the provisions of the Companies Act 2013 the Articles ofAssociation of the Company and on the recommendation of the Nomination a RemunerationCommittee the Board at its meeting held on May 24 2021 subject to the approval of theMembers approved the reappointment of Mr. Sajjan Jindal (DIN: 00017762) who retires byrotation at the forthcoming 20th Annual General Meeting and being eligibleoffers himself for re- appointment.
ii) . Mr. N. K. Jain
On the recommendation of the Nomination a Remuneration Committee the Board at itsmeeting held on May 24 2021 subject to the approval of the Members approved theappointment of Mr. N. K. Jain (DIN: 00019442) as Non-Executive Independent Director of theCompany for a period of 3 years with effect from June 1 2021 to May 31 2024.
iii) . Mr. K. N. Patel
Mr. K. N. Patel Jt. Manging Director CEO a CFO retired from his position of Jt.Managing Director CEO & CFO with effect from May 31 2021 on account ofsuperannuation. Accordingly on the recommendation of the Nomination & RemunerationCommittee the Board at its meeting held on May 24 2021 subject to the approval of theMembers approved the appointment of Mr. K. N. Patel (DIN: 00019414) as Non-ExecutiveDirector of the Company with effect from June 1 2021 liable to retire by rotation.
iv) . Mr. Manoj Kr. Mohta
Upon retirement of Mr. K. N. Patel Jt. Managing Director CEO & CFO the Board onthe recommendation of the Nomination & Remuneration Committee at its meeting held onMay 24 2021 subject to the approval of the Members approved the appointment andremuneration of Mr. Manoj Kr. Mohta (DIN: 02339000) as the Whole-time Director CEO &CFO of the Company for a period of five years with effect from June 1 2021 to May 312026.
24. Reserve Bank of India Guidelines 2016
Your Company is a Core Investment Company ("CIC") in terms of the CoreInvestment Companies (Reserve Bank) Directions 2016 ("Directions") and theCompany continues to carry on the business permitted to CIC in terms of the saidDirections.
25. Corporate Governance
Your Company has complied with the requirements of Regulation 17 to 27 of the SEBI(LODR) Regulations 2015 on Corporate Governance. Pursuant to Schedule V of the SEBI(LODR) Regulations 2015 Report on Corporate Governance along with the Auditors'Certificate on its compliance is annexed separately to this Annual Report.
26. Compliance with Secretarial Standards
During FY 2020-21 the Company has complied with all applicable Secretarial Standardsissued by The Institute of Company Secretaries of India and adopted under the Act.
27. Management Discussion and Analysis Report
The Management Discussion and Analysis Report on the operations of the Company for theyear under review as required under Schedule V of the SEBI (Listing Obligation andDisclosure Requirements) Regulations 2015 is provided in a separate section and formspart of this Annual Report.
28. Human Resources
Your Company continues to put due emphasis on appropriate human resource developmentfor its business. The employees of your Company and the Group fully identify with theCompany's and Group's vision and business goals.
29. E-Voting Platform
In compliance with provisions of Section 108 of the Companies Act 2013 read with theCompanies (Management and Administration) Rules 2014 and General Circular Nos.14/2020dated 8th April 2020; 17/2020 dated 13th April 2020; 20/2020 dated5th May 2020 and 02/2021 dated 13th January 2021 respectivelyissued by the Ministry of Corporate Affairs ("MCA Circulars") read with CircularNo. SEBI/HO/CFD/ CMD1/CIR/P/2020/79 dated 12th May 2020 andSEBI/HO/CFD/CMD2/CIR/P/2021/11 dated 15th January 2021 issued by the Securitiesand Exchange Board of India your Company is registered with Kfin Technologies PrivateLimited for providing E-Voting services to set up an electronic platform to facilitateshareholders to cast votes through remote e-voting and also through e-voting system at theensuing Annual General Meeting (scheduled to be held through Video Conferencing/ OtherAudio Visual Means) on the business to be transacted at the said AGM. Detailed procedureis provided in the Notice convening the Annual General Meeting sent to the Shareholders.
30. Disclosures as per Regulation 14 of SEBI (Share Based Employee Benefits)Regulations 2014
The JSWHL Employees' Stock Ownership Plan- 2016 approved by the shareholders videspecial resolution dated 22.03.2016 is in compliance with the Securities and ExchangeBoard of India (Share Based Employee Benefits) Regulations 2014 ("the SEBI ESOPRegulations").
31. Particulars of Employees and related disclosures
The information required to be disclosed in the Directors' Report pursuant to Section197 of the Companies Act 2013 read with Rule 5 of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 have been appended as Annexure C andAnnexure D respectively to this Report. The Annual Report including the aforesaidinformation is being sent electronically to all those members who have registered theiremail address and is also available on the Company's website at https://www.jsw.in.
32. Business Responsibility Report
Pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligation and DisclosureRequirements) Regulations 2015 the Business Responsibility Report (BRR) initiativestaken from an environmental social and economic perspective in the prescribed format isavailable as a separate section of the Annual Report and also hosted on the Company'swebsite https://www:jsw.in
33. Prevention of Sexual Harassment
Your Directors stated that the Company follows an Anti-Sexual Harassment JSW GroupPolicy in line with the Requirements of Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013. Also an internal complaints committeehas been set up at group level to redress complaints received regarding sexual harassment.All employees (permanent contractual temporary and trainees) are covered under thispolicy. No complaints pertaining to sexual harassment were received during FY 2020-21.
34. Appreciation & Acknowledgements
YourDirectors wish to express theirsincere appreciation for the assistance andco-operation received from Banks Reserve Bank of India NSDL CDSL DepositoryParticipant (Stock Holding Corporation of India Limited) and other Government Agencies andShareholders.
Your Directors also wish to place on record their appreciation for the valuableservices rendered and the commitment displayed by the employees of the Company and lookforward to their continued support in the future as well.
|For and on behalf of the Board of Directors || |
|Place : Mumbai ||Sajjan Jindal |
|Date : May 24 2021 ||Chairman |