Your Directors are pleased to present the Annual Report and Company's audited financialstatements for the financial year ended March 31 2020.
The Company's financial performance for the financial year ended March 31 2020 issummarized below:
(Rs. In Lakh)
|Particulars ||As on March 31 2020 ||As on March 31 2019 |
|Income from operations ||0.00 ||0.00 |
|Other income ||1.53 ||0.00 |
|Profit before Finance Charges Amortization Depreciation and Tax ||1.53 ||0.00 |
|Finance Charges (including Interest) ||0.00 ||11.22 |
|Other Expenses ||8.49 ||7.57 |
|Depreciation ||0.00 ||0.00 |
|Profit before tax ||(6.96) ||(18.79) |
|Provision for Tax ||0.00 ||0.00 |
|Net Profit ||(6.96) ||(18.79) |
|Balance amount brought forward ||(387.29) ||(368.50) |
|Profit Available for appropriation ||0.00 ||0.00 |
|Transferred to General Reserve ||0.00 ||0.00 |
|Proposed Dividend ||0.00 ||0.00 |
|Corporate Dividend Tax ||0.00 ||0.00 |
|Adjustment on account of revision in useful life of fixed assets ||0.00 ||0.00 |
|Reduction of Capital by order Of High Court ||0.00 ||0.00 |
|Balance Carried forward ||(394.25) ||(387.29) |
CURRENT OPERATIONS & FUTURE OUTLOOK (STATE OF COMPANY'S AFFAIRS):
Due to liquidity crunch and continuous losses the Company has not been in a positionto carry on its business operations during the financial year and the cash losses havebeen accumulated on account of routine expenses incurred during the period under review.
Due to subsistence of various impediments the Company could not hold Annual GeneralMeeting for the Financial Year 2019-20 within in the timelines prescribed under theCompanies Act 2013. However your Company is in the process of making this default goodand shall be going for the Compounding of offence in due course of time.
Further with change in control of your Company we are optimistic towards the futuregrowth prospects and operation of the Company.
DISCLOSURE OF ACCOUNTING TREATMENT
During the year under review the Company has followed prescribed Accounting Standardsas laid down by the Institute of Chartered Accountants of India (ICAI) in preparation ofits financial statements.
SUBSIDIARY/ASSOCIATE AND JOINT VENTURES OF THE COMPANY
As on date of this Board Report your company does not have any subsidiary/associate andjoint venture.
DETAILS OF CHANGE IN THE NATURE OF BUSINESS
There has been no change in the nature of business during the Financial Year 2019-20.
SHARE CAPITAL Authorized Share Capital
The Authorized share capital of your company as on March 31 2020 is Rs.55000000(Rupees Five Crore Fifty Lakh Only) comprising of 5500000 (Fifty Five Lakh) EquityShares of Rs.10/- (Rupees Ten Only) each.
Paid up Share Capital of the Company
Share Capital of the Company as on March 31 2020 stands at Rs.14731600/- (RupeesOne Crore Forty-Seven Lakh Thirty-One Thousand Six Hundred Only) comprising of 1473160Equity Shares of Rs.10/- each (Rupees Ten Only) each.
The Company has made a preferential allotment of 1000000 Equity shares of face valueof Rs. 10/- each at an issue price of Rs. 10/- each in the year under review.
Since there were no profits during the year the directors regret their inability torecommend any dividend for the Financial Year 2019-20.
TRANSFER TO RESERVE
Since there were no profits during the year therefore no amount had been transferredin reserves.
BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
As on March 31 2020 Composition of the Board of the Directors constitutes thefollowing:
|Name ||Category |
|Mr. Hemant Rastogi* ||Chairman & Whole Time Director |
|Mr. Shubhal Goel ||Non-Executive Promoter Director |
|Mr. Ajay Mathur** ||Non-Executive Non Independent Director |
|Mr. Surya Kumar ||Non-Executive Independent Director |
|Mr. Arun Yadav ||Non-Executive Independent Director |
|Mr. Harish Agarwal ||Chief Financial Officer |
|Mr. Prayas Hurria*** ||Company Secretary and Compliance Officer |
*W.e.f. January 06 2021 Mr. Hemant Rastogi has resignedfrom the office of Chairman& Whole-time Director of the Company.
**W.e.f January 06 2021 Mr. Ajay Mathur has resigned from the office of Non-ExecutiveNon Independent Director of the Company.
***W.ef. July 31 2020 Mr. Prayas Hurria resigned from the office of Company Secretaryand Compliance Officer of the Company.
Declaration by Independent Director(s)
In terms with Section 149(7) of the Companies Act 2013 every Independent Director ofthe Company has submitted a declaration that they meet the criteria of Independence interms of Section 149(6).
None of the Directors of your Company is disqualified as per provision of section164(2) of the Act. The Directors of the Company have made necessary disclosures asrequired under various provisions of the Act.
Code of conduct by Directors and Senior Management
The Company has laid down a Code of Conduct for its Board of Directors and SeniorManagement which incorporates their responsibilities duties ethics and code which theyhave to follow while acting in their respective capacities and the Company keeps onmodifying the same as per the need of time. Every director and Senior Management of theCompany complies with the code throughout the year. An affirmation by the Whole TimeDirector on the compliance of code of conduct by all the Board Members and SeniorManagement is annexed herewith as Annexure I.
Familiarization Program for Independent Director
The Company has in place a Familiarization Program for Independent Directors. Atpresent Company has 2 (two) Independent Directors in the Board who are regularly keptinformed of all the affairs of the Company and market factors affecting the business. Alsothey are updated regularly about the changes in the rules regulations and laws applicableand affecting the Company all the proposed plans and policies of the Company so thatthey can take well informed independent decision while voting in board meeting.
Meetings of Board of Directors
During the year under review the Board of Directors of the Company met Six (6) timeson May 30th 2019 June 27th 2019 August 13th 2019September 07st 2019 November 14th 2019 and February 12th2020.
COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT PAYMENT OF REMUNERATION ANDDISCHARGE OF THEIR DUTIES
In accordance with Section 178 of the Companies Act 2013 the Nomination andRemuneration Policy ("the policy") has been formulated by the Board ofDirectors. The objective of the policy is to ensure that Executive Directors and otheremployees are sufficiently compensated for their performance. The Policy seeks to providecriteria for determining qualifications positive attributes and independence of adirector.
The remuneration paid to Executive Directors is determined keeping in view the industrybenchmark and the relative performance of the Company to the industry performancePerquisites and retirement benefits are paid according to the Company policy as applicableto all employees. The remuneration by way of commission paid to the Independent directorsis determined periodically & reviewed based on the industry benchmarks.
The remuneration of employees largely consists of basic salary perquisites allowancesand performance incentives. Perquisites and retirement benefits are paid according to theCompany policy subject to prescribed statutory ceiling.
The Nomination and Remuneration policy is available on the website of the Company atwww.iustrideenterprises.in
There was no change in the policy during the year under review.
Criteria for Board Membership:
The Company shall take into account following points:
Director must have relevant experience in Finance/ Law/ Management/Sales/Marketing/ Administration/ Research/ Corporate Governance/ Technical Operations orthe other disciplines related to company's business.
Director should possess the highest personal and professional ethics integrityand values.
Director must be willing to devote sufficient time and energy in carrying outtheir duties and responsibilities.
AUDIT COMMITTEE AND VIGIL MECHANISM
The Company has established a vigil mechanism and formulated a Whistle Blower Policy("Policy") to deal with instance of unethical practices fraud and mismanagementor gross misconduct by the employees of the Company if any that can lead to financialloss or reputational risk to the organization. It is hereby confirmed that no personnelhas been denied access to the Audit Committee. The Whistle Blower Policy is available onthe website of the Company at www.iustrideenterprises.in.
There was no change in such policy during the year under review.
Your Directors wish to inform that in Compliance with Section 177 of the Companies Act2013 an audit committee has been duly constituted. The Audit Committee as on March 312020 comprises of the following Directors:
|Shri. Arun Yadav ||Chairman |
|Shri. Surya Kumar ||Member |
|Shri. Hemant Rastogi* ||Member |
*Post resignation of Mr. Hemant Rastogi (w.e.f. January 06 2021) Mr. Shubhal Goel wasappointed as a member on the Audit Committee of the Company w.e.f. February 13 2021.
During the year under review the Audit Committee has met Four (4) times on May 30th2019 August 13th 2019 November 14th 2019 and February 12 2020.
NOMINATION & REMUNERATION COMMITTEE
The Board of the Company has constituted a policy on the Nomination and Remuneration ofthe KMPs and senior management of the Company. In terms of the provisions of CompaniesAct 2013 the Nomination & Remuneration Committee as on March 31 2020 comprises ofthe following Directors:
|Shri. Arun Yadav ||Chairman |
|Shri. Surya Kumar ||Member |
|Shri. Ajay Mathur* ||Member |
*Post resignation of Mr. Ajay Mathur (w.e.f. January 06 2021) Mr. Shubhal Goel wasappointed as a member on the Nomination & Remuneration Committee of the Company w.e.f.February 13 2021.
The Committee has formulated the criteria for determining qualifications positiveattributes and independence of director and recommended to the board a policy onremuneration for the directors key managerial personnel and rest employees for thefinancial year 2019-20 which was approved by the board in its meeting.
During the year under review the Nomination and Remuneration Committee has met onNovember 14 2019.
STAKEHOLDERS RELATIONSHIP COMMITTEE
The Company has constituted Stakeholders Relationship Committee with followingcomposition as on March 31 2020:-
|Shri. Ajay Mathur* ||Chairman |
|Shri. Hemant Rastogi** ||Member |
|Shri. Surya Kumar ||Member |
*Post resignation of Mr. Ajay Mathur (w.e.f. January 06 2021) Mr. Arun Yadav wasappointed as the Chairman of Stakeholder Relationship Committee w.e.f. February 13 2021.
**Post resignation of Mr. Hemant Rastogi (w.e.f. January 06 2021) Mr. Shubhal Goelwas appointed as a Member of Stakeholder Relationship Committee w.e.f. February 13 2021.
DIRECTORS RESPONSIBILITY STATEMENT
1. In the preparation of the annual accounts the applicable Accounting Standards hadbeen followed along with proper explanations relating to material departures.
2. The Directors had selected such accounting policies & applied them consistently& made judgments & estimates that are reasonable & prudent so as to give atrue & fair view of the state of affairs of the Company at the end of the financialyear and of the profit and loss of the Company for that period.
3. 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.
4. The Directors had prepared the Annual Accounts on a going concern basis.
5. The Directors had laid down internal financial controls to be followed by theCompany and that such internal controls are adequate and were operating effectively.
6. The directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.
DETAILS OF MANAGERIAL REMUNERATION
As on date none of the directors is being paid any remuneration. The remuneration paidto the Company Secretary of the Company Mr. Prayas Hurria is Rs. 12000 per month whow.e.f July 31 2020 has resigned from the post of Company Secretary and Compliance Officerof the Company.
Our Company has not accepted any deposits during the period under review within themeaning of Section 73 of the Companies Act 2013 read with Companies (Acceptance ofDeposit) Rules 2014 and any amendment thereof.
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIESACT 2013
In compliance with provisions of Section 134(3)(g) of the Act particulars of loansguarantees investments and securities given under Section 186 of the Act are given in thenotes to the Financial Statements forming part of this Annual Report.
UTILIZATION OF FUNDS
During the financial year 2019-20 the Company has made a preferential allotment of1000000 Equity Shares of face value of Rs. 10/- each at an issue price of Rs. 10/- toMr. Shubhal Goel.
There has been no change in the utilization of funds in the year under review.
SIGNIFICANT MATERIAL ORDERS PASSED BY THE REGULATORS
No significant and material order has been passed by the regulators courts tribunalsimpacting the going concern status and Company's operations in future.
STATUS OF LISTING
The Company's shares are presently listed at BSE Limited (BSE') with Scrip Code531035. The equity shares of the Company are also listed on Calcutta Stock ExchangeLimited (CSE') with Scrip Code 030062 where the Company has applied for voluntarydelisting for which no further action was initiated by CSE.
M/s. BNPSY & Associates Chartered Accountants were appointed as Statutory Auditorsof the Company to conduct the Audit of accounts at the 53rd AGM of the Companyfor a period of 3 years i.e. up to the conclusion 56th AGM of the Company. TheAuditors have confirmed that they are not disqualified from continuing as Auditors of theCompany.
Auditors' Report put emphasis on two matters in respect of the following matters forwhich the Management's view are provided herein below:
Auditor's qualification for Fixed Assets of the Company: In respect of Auditor'squalification for Fixed Assets of the Company it is imperative to note that presentlythe Fixed Assets having Book Value of Rs. 16.87/- lacs are not in possession of theCompany due to some legal tussle which is going on between the Company and one of itsDirector who resigned from the Board a long back. In view of the aforesaid fact theCompany is not maintaining any record showing any particulars including any quantitativedetails and situation of Fixed Assets. However if the Company is not able to win thecase then the aforesaid book value of Fixed Assets will be needed to be written off fromthe Books of the Company
Auditor's qualification for erosion in Net Worth: With regard to Auditor'squalification for erosion in net worth the Company was non-functional from several yearsand the cash losses have been incurred only on account of routine expenses. In thisregard the Company has undergone reduction of share capital with the intent to wipe ofthe accumulated losses against the diminished portion of Share Capital. Post reductionthe accumulated losses has been reduced to the extent of 90% of the existing equity sharecapital of the Company. Further during the current Financial Year there has been achange in control in the Company and as a result it is expected that in future there willbe better growth prospects in the Company.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A report on industry analysis is attached hereto and forms part of the Annual Report asAnnexure II.
As per provisions of Section 204 of the Act the Board of Directors of the Company hasappointed M/s Parveen Rastogi & Co. Company Secretaries as the Secretarial Auditor toconduct the Secretarial Audit of the Company. The Secretarial Audit Report for thefinancial year ended March 31 2020 is annexed to the Board Report as Annexure III.
Management's Comments on observations given in the Secretarial Audit Report:
With regard to non-appointment of Internal Auditor it is to mention that on the basisof current state of affairs of the Company the role of internal auditor is being assignedto the Audit Committee of the Company which keeps the checks and balances on the internalrisks and control. Thereby the Company with the huge accumulated losses doesn' t find itsuitable to appoint an internal Auditor. The Company is in process of finding the suitablecandidate to be designated as the Women Director on the board of the company.
COMPLIANCE OF SECRETARIAL STANDARDS
The Company has complied with the applicable Secretarial Standards prescribed underSection 118(10) of the Companies Act 2013.
As required under section 134 (3) (a) of the Companies Act 2013the Annual Return isput up on the Company's web site and can be accessed at www.justrideenterprises.com underAnnual Report.
The Company has adequate internal control procedures commensurate with the size andnature of business. The Audit Committee periodically reviews the audit plans adequacy ofinternal controls and risk management.
DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIESACT 2013 READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIALPERSONNEL) RULES 2014
The percentage increase in remuneration of each Director Chief Financial Officer andCompany Secretary during the financial year 2019-20 ratio of the remuneration of eachDirector to the median remuneration of the employees of the Company for the financial year2019-20 and the comparison of remuneration with the percentile increase in the managerialremuneration and justification thereof.
|S. No. Name of Director/ KMP ||Remuneration of Director/ KMP for F.A 2019-2020 IN (RS.) ||% Increase in the Remuneration ||Ratio of Remuneration of Director to median remuneration of Employee ||Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration |
|1 Prayas Hurria . (Company Secretary and Compliance Officer) ||144000 || ||N.A ||NIL |
Permanent employees on the rolls of Company as on March 31 2020 - 1
The ratio of the remuneration of the highest paid director to that of the employees whoare not directors but receive remuneration in excess of the highest paid director duringthe year - Not Applicable;
Further it is hereby affirmed that the remuneration paid is as per the RemunerationPolicy for Directors Key Managerial Personnel and other Employees.
STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THECOMPANY
The Company appreciates the fact that management of risk is an essential element ofgrowth and for the same assessing risk and taking steps to control and curb it isnecessary. Thus the Board has implemented a well laid out risk management plan in theCompany and suitably incorporated procedures in it for assessing and minimizing theprospective risks to which the Company may be exposed. The board has not identified anyelement of risk which can create a threat to the Company's business or its existenceduring the period under review.
PARTICULAR OF EMPLOYEES
The information as required under Section 197(12) of the Companies Act 2013 read withRule 5(2) & (3) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 in respect of employees of the Company forms part of this report asAnnexure IV.
DISCLOSURE OF RE-APPOINTMENT OF INDEPENDENT DIRECTOR AND JUSTIFICATION/RATIONALE FORSUCH RE-APPOINTMENT
No such re-appointment of Independent Director was carried out during the year.
A STATEMENT REGARDING OPINION OF THE BOARD WITH REGARD TO INTEGRITY EXPERTISE ANDEXPERIENCE (INCLUDING THE PROFICIENCY) OF THE INDEPENDENT DIRECTORS APPOINTED DURING THEYEAR
No independent director has been appointed on the board of directors of the companyduring the year under review. As such the statement to be given by the Board in terms ofRule 8(5)(iiia) of the Companies (Accounts) Rules 2014 is not required to be given inthis year.
THE NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES. JOINTVENTURES OR ASSOCIATE COMPANIES DURING THE YEAR
Not applicable as the Company does not have any Subsidiary Joint venture or AssociateCompany during the year under review.
POLICY ON INSIDER TRADING
The Company follows a strict code on prohibition of Insider Trading and the same hasbeen detailed to all the directors senior management and employees of the Company. Forensuring the same the Company has adopted a code of fair disclosure of Unpublished PriceSensitive Information in accordance with SEBI (Prohibition of Insider Trading)Regulations 2015. The Code is available on the website of the Company atwww.iustrideenterprises.com.
DISCLOSURE. AS TO WHETHER MAINTENANCE OF COST RECORDS AS SPECIFIED BY THE CENTRALGOVERNMENT UNDER SUB-SECTION (1) OF SECTION 148 OF THE COMPANIES ACT. 2013. IS REQUIRED BYTHE COMPANY AND ACCORDINGLY SUCH
ACCOUNTS AND RECORDS ARE MADE AND MAINTAINED
Maintenance of cost records as specified by the Central Government under sub section(1) of Section 148 of the Companies Act 2013 is not required by the Company and as suchthe Cost Audit is also not applicable to the Company. This disclosure is pursuant to Rule8(5)(ix) of the Companies (Accounts) Rules 2014.
DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/ UNCLAIMED SUSPENSE ACCOUNT
There is no demat suspense account/ unclaimed suspense account of the Company becausesuch a requirement never got necessitated in relation to the shares of the Company. Assuch the information in this regard is Nil.
PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES ASSOCIATES AND JOINTVENTURE COMPANIES
Not applicable as the Company does not have any Subsidiary Joint venture or AssociateCompany during the year under review.
CORPORATE SOCIAL RESPONSIBILITY
During the year under review the provisions of Section 135 of Companies Act 2013 arenot applicable to the Company.
Particulars of loan guarantees or investments under Section 186:
The Company has duly complied with Section 186 w.r.t. loan guarantees or investments.
Particulars of contracts or arrangements with related parties referred to insection 188(1):
There has been no instance of related party transaction during the year ended March 312020.
The amount proposed to be carried out to the reserves: NIL
The amount recommended to be paid by way of dividend: NIL
Development and implementation of policy on Corporate Social Responsibilityinitiatives taken during the year: Not Applicable
During the year under review no application made or any proceeding pending underthe Insolvency and Bankruptcy Code 2016 (31 of 2016) during the year by/ on the Company.
Details of difference between amount of the valuation done at the time of onetime settlement and the valuation done while taking loan from the Banks or FinancialInstitutions along with the reasons thereof: Not Applicable
MATERIAL CHANGES AND COMMITMENTS
During the year under review Mr. Shubhal Goel S/o. Mr. Mohan Goel (Acquirer) Residingat 131 Nanital Road D1 D2 ward no.13 Rudrapur Udham Singh Nagar Uttrakhand - 263153India after taking into account the capital base of the Preferential Allotment of1000000 (Ten Lacs) Equity Shares approved in the Board Meeting held on January 31 2019by the Board of Directors the Acquirer triggered the open offer to acquire 383022equity shares of the Company from public shareholders representing 26% of the total sharecapital of the Company.
The Open Offer was given in due compliance with all the applicable provisions of theSecurities and Exchange Board of India (Substantial Acquisition of Shares and Takeover)Regulations 2011 and all the legal and procedural formalities which were ancillary andincidental to the said open offer were duly complied with. Consequent to the above thepost offer shareholding of the acquirer stands at 1075704 equity shares of face value ofRs. 10/- each of the Company which represents 73.02% of total equity share capital of theCompany.
Further on receipt of request from the previous promoters of the company forreclassification of such promoters from the Promoter & Promoter group' categoryto Public' category the promoters were reclassified pursuant to receipt ofreclassification approval from the BSE Limited as on February 02 2020.
PERFORMANCE EVALUATION OF THE BOARD ITS COMMITTEES AND INDIVIDUAL DIRECTORS
In compliance with the provisions of Section 134(3)(p) of the Act read with Rule 8(4)of the Companies (Accounts) Rules 2014 the Board carried out annual evaluation of itsown performance that of its Committees and individual directors.
The performance of the Board and its committees and individual directors were evaluatedby the Board after seeking inputs from all the Directors on the basis of criteria such ascomposition and structure of the Board quality of deliberations effectiveness of theprocedures adopted by the Board participation of the Board and committee meetings andgovernance reviews etc.
As per Schedule IV to the Companies Act 2013 a separate meeting of IndependentDirectors was held on March 31 2020 where Independent Directors reviewed theperformance of Non-Independent Directors the Board as a whole and the Chairman of theCompany.
The results of such evaluations were found satisfactory.
PARTICULARS OF CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGEEARNINGS AND OUTGO AS PER SECTION 134(3)(M) OF COMPANIES ACT 2013 READ WITH RULE 8 OFCOMPANIES (ACCOUNTS) RULES 2014
Conservation of Energy
Presently there being no operations involving energy consumption thus the provisionswith respect to conservation of energy does not apply.
Form of Disclosure of Particulars with respect to Absorption of Technology Research& Development.
Research & Development
1. Specific areas in which R & D carried out by the company-There was noresearch and development activity carried out during the financial year.
2. Benefits derived as a result of the above R&D-No benefits were derivedas no R&D was undertaken
3. Future plan of action -The Management of the Company is making necessaryroadmap to create a niche by dealing in toddler cycles and toys.
4. Expenditure on R & D -No R&D activity was undertaken during the lastfinancial year.
Technology Absorption Adaptation and Innovation
No technology was absorbed adapted or innovated during the financial year.
1. Efforts in brief made towards technology absorption adaptation and innovation-Notechnology was absorbed adapted or innovated during the last financial year.
2. Benefits derived as a result of the above efforts e.g. product improvementcost reduction product development import substitution etc- Not applicable as nosuch initiatives in this regard were undertaken.
3. Import of Technology- No technology has been imported during the lastfinancial year.
Foreign Exchange-Earning /Outgo
There is no transaction made by the Company involving Foreign Exchange.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT THE WORK PLACE (PREVENTION.PROHIBITION AND REDRESSAL) ACT 2013
The Company has in place an Anti-Sexual Harassment Policy (Policy') to preventsexual harassment women at the workplace. All employees (permanent contractualtemporary trainees) are covered under the Policy. No case has been reported during theyear.
Your Directors state that no disclosure or reporting is required in respect of thefollowing items as there were no transactions on these items during the year under review:
Neither the Managing Director nor the Whole-time Directors of the Companyreceive any remuneration or commission from any of its subsidiaries as the company doesnot have any subsidiaries.
No frauds were reported by auditors or reported to the Central Government forthe financial year ended on March 31 2020.
None of the Directors of your company is disqualified as per the provisions ofSection 164(2) of the Act. The Directors have made necessary disclosures as requiredunder various provisions of the Act.
The Company is not required to mandatorily comply with the provisions of Regulation 17to Regulation 27 of SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 (Listing Regulations 2015) as its equity share capital is less than Rs. 10 Crore andNet Worth is not exceeding Rs. 25 crore as on the last day of the financial year i.e.2019-20.
The relations between the employees and the management have remained cordial andharmonious during the year under review.
Your Directors would like to express their grateful appreciation for the assistancecooperation and trust reposed in our Company by the investors Banks Stock Exchanges andother Government Authorities during the financial year under review. Your Directors alsowish to place on record their sincere appreciation to the shareholders for their continuedpatronage and support.
| ||By order of the Board of Directors |
| ||For Justride Enterprises Limited |
| ||SD/- |
|Date: July 23 2021 ||Surya Kumar |
|Place: New Delhi ||DIN:07966100 |