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Madhuveer Com 18 Network Ltd.

BSE: 531910 Sector: Others
NSE: N.A. ISIN Code: INE312M01016
BSE 00:00 | 25 Nov 13.30 0.60
(4.72%)
OPEN

13.33

HIGH

13.33

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13.30

NSE 05:30 | 01 Jan Madhuveer Com 18 Network Ltd
OPEN 13.33
PREVIOUS CLOSE 12.70
VOLUME 888
52-Week high 32.91
52-Week low 2.50
P/E 73.89
Mkt Cap.(Rs cr) 13
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 13.33
CLOSE 12.70
VOLUME 888
52-Week high 32.91
52-Week low 2.50
P/E 73.89
Mkt Cap.(Rs cr) 13
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Madhuveer Com 18 Network Ltd. (MADHUVEERCOM) - Director Report

Company director report

To

The Members

For Madhuveer Com 18 Network Limited

The Directors' present the Annual report on the business and operations of your Companyfor the year 2021-22.

1) FINANCIAL RESULTS AND OPERATIONAL REVIEW:

Particulars Standalone
Year Ended 31.03.2022 (Rs.) Year Ended 31.03.2021 (Rs.)
Gross Sales/Income 3109790 1305797
Less Depreciation 88357 88357
Profit/(Loss) before Tax 2020222 14616
Taxes/Deferred Taxes 364166 3700
Profit/(Loss) After Taxes 1656056 10916
P& L Balance b/f (33987511) (33998427)
Profit/ (Loss) carried to Balance Sheet (32331455) (33987511)

2) BRIEF DESCRIPTION OF THE COMPANY'S WORKING DURING THE YEAR/STATE OF COMPANY'SAFFAIR:

During the year under review the total Income is 3109790. After making all necessaryprovisions for current year and after taking into account the current year net profit theDeficiency carried to Balance Sheet is Rs. 32331455/-.

3) REPORT ON PERFORMANCE AND FINANCIAL POSITION OF SUBSIDIARIES ASSOCIATES AND JOINTVENTURE COMPANIES:

The Company has one Subsidiary Company named Sakshi Barter Private Limited.

Financial Details of the company is as under:

Particulars Year Ended 31.03.2022 (Rs.) Year Ended 31.03.2021 (Rs.)
Gross Sales/Income 00 00
Other Income 150944 65600
Less Depreciation 00 00
Profit/(Loss) before Tax 7097 3679
Taxes/Deferred Taxes 00 1000
Profit/(Loss) After Taxes 7097 2679
P& L Balance b/f 162523 159844
Profit/ (Loss) carried to Balance Sheet 169620 162523

4) CHANGE IN THE NATURE OF BUSINESS:

The Company is engaged in the Business of Entertainment Pharma trading and consulting.

There was no change in the nature of the business of the Company during the year underreview.

5) DIVIDEND:

The Company has insufficient profit. Hence your Directors do not recommend anydividend during the year.

6) TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:

The company does not have any amount which required to be transferred to the InvestorEducation and Protection Fund (IEPF).

7) TRANSFER TO RESERVES:

Amount has been transferred to the General Reserve and the Profit incurred during theyear of Rs. 1656056/- has been adjusted to Retained earnings.

8) CHANGES IN SHARE CAPITAL:

The paid up Equity Share Capital of the Company as on March 31 2022 is Rs.94807000/-

A) Issue of equity shares with differential rights:

During the year under review the Company has not issued any shares with differentialvoting rights.

B) Issue of sweat equity shares:

During the year under review the Company has not issued any sweat equity shares.

C) Issue of employee stock options:

During the year under review the Company has not issued any sweat equity shares.

D) Provision of money by company for purchase of its own shares by employees or bytrustees for the benefit of employees:

The Company has no scheme of provision of money for purchase of its own shares byemployees or by trustees for the benefit of employees. Hence the details under rule 16 (4)of Companies (Share Capital and Debentures) Rules 2014 are not required to be disclosed.

9) FINANCE:

The Company has not borrowed loan from any Bank or Financial institution during theyear under review.

10) DETAILS PERTAINING TO SHARES IN SUSPENSE ACCOUNT:

The Company does not have any shares in the demat suspense account or unclaimedsuspense account. Hence Disclosures with respect to demat suspense account/ unclaimedsuspense account are not required to mention here.

11) MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Mr. Kalpan Sheth (DIN: 08987295) Director retire by rotation at the forthcoming AnnualGeneral Meeting and being eligible offer herself for reappointment.

a) Key Managerial Personnel:

The following are the Key Managerial Personnel of the Company.

Mr. Kalpan Sheth Managing Director
Mr. Punitkumar Bhavsar Chief Financial Officer
Ms. Divya Rathi Company Secretary

b) Director:

The following are the director of the company.

Mr. Jitendra Shah Independent Director
Mr. Manorama Shah Independent Director
Mr. Dipankar Mahto Independent Director

During the year under review the following no any Directors and Key ManagerialPersonnel were appointed and resigned:

12) NUMBER OF MEETINGS OF BOARD OF DIRECTORS:

The meetings of the Board of Directors are held at periodical intervals and aregenerally at the registered office of the Company Ahmedabad. The meeting dates aredecided well in advance and the agenda and notes on agenda are circulated in advance tothe directors. All material information is incorporated in the notes on agenda forfacilitating meaningful and focused discussion at the meeting. Where it is not perusableto attach supporting or relevant documents to the agendas the same is tabled before themeeting. In case of business exigencies or urgency of matters resolutions are passed bycirculation. Senior Management persons are often invited to attend the Board Meetings andprovide clarifications as and when required.

During the year 2021-22 06 (Six) Board Meetings were convened and duly held on:

08/05/2021 17/06/2021 28/06/2021 22/07/2021 12/08/2021
29/10/2021 12/02/2022

The Board of Directors of the Company were present at the following Board Meeting heldduring the year under review:

Name of Director No of Board Meeting Held during the period when the Director was on the Board Meetings attended Attendance at last AGM
Mr. Kalpan Sheth 6 6 Yes
Mr. Punitkumar Bhavsar 6 6 Yes
Mr. Jitendra Shah 6 6 Yes
Mrs. Manorama Shah 6 6 Yes
Mr. Dipankar Mahto 6 6 Yes

Extra Ordinary General Meeting:

Extraordinary general meeting was held on 17/08/2021 for Reclassification of Status ofPromoter holding into Public holding.

13) STATEMENT INDICATING THE MANNER IN WHICH FORMAL ANNUAL EVALUATION HAS BEEN MADE BYTHE BOARD OF ITS OWN PERFORMANCE AND THAT OF ITS COMMITTEES AND INDIVIDUAL DIRECTORS:

Pursuant to the provisions of the Companies Act 2013 and SEBI (Listing Obligations andDisclosure Requirement) Regulations 2015 the Board has carried out an annualperformance evaluation of its own performance the directors individually as well as theevaluation of the working of its Audit Nomination and Remuneration Committees.

During the year the Board adopted a formal mechanism for evaluating its performanceand as well as that of its Committees and individual Directors including the Chairman ofthe Board. The exercise was carried out through a structured evaluation process coveringvarious aspects of the Boards functioning such as composition of the Board &committees experience & competencies performance of specific duties &obligations governance issues etc. Separate exercise was carried out to evaluate theperformance of individual Directors including the Board Chairman who were evaluated onparameters such as attendance contribution at the meetings and otherwise independentjudgment safeguarding of minority shareholders interest etc.

The evaluation of the Independent Directors was carried out by the entire Board andthat of the Chairman and the Non-Independent Directors were carried out by the IndependentDirectors.

The Directors were satisfied with the evaluation results which reflected the overallengagement of the Board and its Committees with the Company.

14) PARTICULARS OF EMPLOYEES& EMPLOYEE REMUNERATION:

The table containing the names and other particulars of employees in accordance withthe provisions of Section 197(12) of the Companies Act 2013 read with Rule 5(1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 is providedas "Annexure- A" to the Board's report.

None of the employees of the Company drew remuneration of Rs.10200000/- or more perannum and Rs.850000/- or more per month during the year. No employee was in receipt ofremuneration during the year or part thereof which in the aggregate at a rate which isin excess of the remuneration drawn by the managing director or whole-time director ormanager and holds by himself or along with his spouse and dependent children not lessthan two percent of the equity shares of the company. Hence no information is required tobe furnished as required under Rule 5(2) and 5(3) of The Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014.

15) EMPLOYEE RELATIONS:

Employee relations throughout the Company were harmonious. The Board wishes to place onrecord its sincere appreciation of the devoted efforts of all employees in advancing theCompany's vision and strategy to deliver good performance.

16) CHANGE OF NAME:

The Company has not changed its name during the year under review.

17) STATUTORY AUDITORS:

In accordance with the provisions of Section 139(1) of the Companies Act 2013 readwith the Companies (Audit and Auditors) Rules 2014 ('the Act') M/s Maak &Associates Chartered Accountants were appointed as the Statutory Auditors of the Companyat the Annual General Meeting held on 30th September 2021 for a term of 5 years i.e. tohold office upto the AGM for the financial year 2026.

18) COST AUDITORS:

The Company has not appointed the Cost Auditor as pursuant to Section 148 of theCompanies Act 2013 read with the Companies (Cost Records and Audit) Amendment Rules2014 since the cost audit is not applicable to the Company.

19) SECRETARIAL AUDIT REPORT:

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 Ms. Rupal Patel Practicing Company Secretary to undertake the SecretarialAudit of the Company. The Secretarial Audit Report is annexed herewith as "Annexure-B".

Reply to the qualification Remarks in Secretarial Audit Report:

a) The Company is in process to achieve 100% promoter holding in de-mat form asrequired under Regulation 31(2) of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015.

b) Although Company has not published notice of meeting of the board of directors wherefinancial results shall be discussed and declared. However it was uploaded on the websiteof the Company.

20) RESPONSE TO AUDITOR'S REMARKS:

There were no qualifications reservations or adverse remarks made by Auditors in theirrespective reports. Observation made by the Statutory Auditors in their Report are selfexplanatory and therefore do not call for any further comments under section 134(3) (f)of the Companies Act 2013.

21) INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an Internal Control System commensurate with the size scale andcomplexity of its operations. During the year under review the company retained externalaudit firm to review its existing internal control system with a view of tighten the sameand introduce system of self certification by all the process owners to ensure thatinternal controls over all the key business processes are operative. The scope andauthority of the Internal Audit (IA) function is defined in the Internal Audit Charter.

The Internal Audit Department monitors and evaluates the efficacy and adequacy ofinternal control system in the Company its compliance with operating systems accountingprocedures and policies at all locations of the Company and its subsidiaries. Based on thereport of internal audit function process owners undertake corrective action in theirrespective areas and thereby strengthen the controls. Significant audit observations andcorrective actions thereon are presented to the Audit Committee of the Board.

22) AUDIT COMMITTEE:

The Audit Committee of the Board of Directors of the Company comprises 5 (Five) Membersas well as those in section 177 of the Companies Act 2013 and include the reviewing ofquarterly halfyearly and annual financial statements before submission to the Boardensure compliance of internal control systems and internal audit timely payment ofstatutory dues and other matters.

During the year under review 4(four) meetings of the committee were held 28/06/202112/08/2021 29/10/2021 and 12/02/2022. The composition of committee and attendance at itsmeetings is given below:

Sr. No. Name Position Category Number of meeting Attend
1 Mr. Kalpan Sheth Chairman Managing Director 4
2 Mr. Punitkumar Bhavsar Member Executive Director and CFO 4
3 Mr. Jitendra Shah Member Non-Executive Independent Director 4
4 Mrs. Manorama Shah Member Non-Executive Independent Director 4
5 Mr. Dipankar Mahto Member Non-Executive Independent Director 4

The Board accepted the recommendations of the Audit Committee whenever made by theCommittee during the year.

23) VIGIL MECHANISM:

In pursuant to the provisions of section 177(9) & (10) of the Companies Act 2013and Regulation 22 of SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 a Vigil Mechanism for directors and employees to report genuine concerns has beenestablished. The Vigil Mechanism Policy has been uploaded on the website of the Companyi.e. www.mcom18 com.

No personnel have been denied access to the Audit Committee. As of March 31 2022 noProtected Disclosures have been received under this policy.

24) NOMINATION AND REMUNERATION COMMITTEE:

The Board of Directors of the company have constituted a Nomination & RemunerationCommittee of Directors mainly for the purposes of recommending the Company's policy onRemuneration Package for the Managing/Executive Directors reviewing the structure designand implementation of remuneration policy in respect of key management personnel.

The Nomination & Remuneration Committee consisted of 5(Five) members. During theyear under review 01(one) meetings of the committee were held 28/06/2021. The name ofmembers Chairman and their attendance at the Remuneration Committee Meeting are as underCommittee of Board:

Sr. No. Name Position Category Number of meeting Attend
1 Mr. Kalpan Sheth Chairman Managing Director 1
2 Mr. Punitkumar Bhavsar Member Executive Director and CFO 1
3 Mr. Jitendra Shah Member Non-Executive Independent Director 1
4 Mrs. Manorama Shah Member Non-Executive Independent Director 1
5 Mr. Dipankar Mahto Member Non-Executive Independent Director 1

The Board has on the recommendation of the Nomination and Remuneration Committeeframed a policy for selection and appointment of Directors Key Managerial Personnel andSenior Management and their remuneration. The Remuneration Policy is also available on theCompany's website at www.mcom18 com.

25) STAKEHOLDERS RELATIONSHIP COMMITTEE:

The Stakeholders Relationship Committee consisted of 5(Five) members. During the yearunder review 4 (four) meetings of the committee were held 08/05/2021 21/07/202105/10/2021 and 08/01/2022. The name of members Chairman and their attendance at theStakeholders Relationship Committee are as under Committee of Board:

Sr. No. Name Position Category Number of meeting Attend
1 Mr. Kalpan Sheth Chairman Managing Director 4
2 Mr. Punitkumar Bhavsar Member Executive Director and CFO 4
3 Mr. Jitendra Shah Member Non-Executive Independent Director 4
4 Mrs. Manorama Shah Member Non-Executive Independent Director 4
5 Mr. Dipankar Mahto Member Non-Executive Independent Director 4

The status of shareholders' complaints received so far/number not solved to thesatisfaction of shareholders/number of pending share transfer transactions (as on 31stMarch 2022 is given below):-

Complaints Status: 01.04.2021 to 31.03.2022
Number of complaints received so far 0
Number of complaints solved 0
Number of pending complaints 0

Compliance Officer:

Ms. Divya Rathi is Compliance Officer of the company for the purpose of complying withvarious provisions of Securities and Exchange Board of India (SEBI) Listing Agreementwith Stock Exchanges Registrar of Companies and for monitoring the share transfer processetc.

a) Share Transfer System:

All the transfers are received and processed by share Transfer agents and are approvedby share transfer committee. Share Transfer requests received in physical form areregistered within 30 days and demat requests are confirmed within 15 days.

b) Dematerialization of shares and liquidity:

Details of Registrar and Share Transfer agent of the Company for dematerialization ofshares:

Name : Cameo Corporate Services Limited
Address : "Subramanian Building" No.1 Club House Road Chennai - 600002
Tel : 044-2846 0390
Fax : 044-2846 0390
Email : cameo@cameoindia.com

26) STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OFTHE COMPANY:

Risk management is embedded in your company's operating framework. Your companybelieves that managing risk helps in maximizing returns. The company's approach toaddressing business risk is comprehensive and includes periodic review of such risks and aframework for mitigating controls and reporting mechanism of such risks. The riskmanagement framework is reviewed periodically by the Board and the Audit Committee. Someof the risks that the company is exposed to are:

Commodity Price Risks:

The Company is exposed to the risk of price fluctuation of raw material as well asfinished goods. The company proactively manages these risks through forward bookingInventory management and proactive vendor development practices. The Company's reputationfor quality product differentiation and service coupled with existence of powerful brandimage with robust marketing network mitigation the impact the impact of price risk onfinished goods.

Regulatory Risks:

The company is exposed to risks attached to various statues and regulations includingthe company Act. The company is mitigating these risks through regular review of legalcompliances carried out through internal as well as external compliance audits.

Human Resources Risks:

Retaining the existing talent pool and attracting new talent are major risks. Thecompany has initialed various measures including rolling out strategic talent managementsystem training and integration of learning and development activities.

Strategic Risks:

Emerging businesses capital expenditure for capacity expansion etc. are normalstrategic risk faced by the company. However the company has well-defined processes andprocedures for obtaining approvals for investments in new business and capacity expansionetc.

27) EXTRACT OF ANNUAL RETURN::

The extract of Annual Return of the Company as on March 31 2022 is available on theCompany's website and can be accessed at https://mcom18.com/corporateannouncement.php

28) MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICHTHE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:

Company received application from the 229 promoters of the company for reclassificationof promoter into public category as per regulation 31A of the SEBI (LODR) Regulations2015.

Agenda for reclassification of promoter into public category is approved by the membersin the Extra Ordinary General Meeting dated 17th August 2021 and then afterCompany made application to BSE Ltd. for reclassification under regulation 31A of SEBI(LODR) regulations 2015.

29) DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:

There is no significant and material order passed by the regulators or courts ortribunals impacting the going concern status and company's operations in future during theyear under review.

30) DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THEFINANCIAL STATEMENTS:

The Company has adequate and proper internal financial controls with reference to theFinancial Statements during the year under review.

31) PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

All related party transactions that were entered into during the financial year were onan arm's length basis and were in the ordinary course of business. There were nomaterially significant related party transactions made by the Company with PromotersDirectors Key Managerial Personnel or other designated persons which may have a potentialconflict with the interest of the Company at large.

32) PROCEEDINGS UNDER INSOLVENCY AND BANKRUPTCY CODE 2016

During the year under review there were no proceedings that were filed by the Companyor against the Company which are pending under the Insolvency and Bankruptcy Code 2016as amended before National Company Law Tribunal or other Courts.

33) PUBLIC DEPOSIT:

During the year under review the Company has not accepted any deposits to which theprovisions of section 73 74 of the Companies Act 2013 read with Acceptance of DepositsRules 2014 as amended are applicable.

34) PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186:

Details of Loans Guarantees and Investments covered under the provisions of Section186 of the Companies Act 2013 are given in the notes to the Financial Statements.

35) CORPORATE GOVERNANCE:

As per SEBI circular no: CFD/POLICYCELL/7/2014 dated 15th September 2014(Regulation 27(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 shall not be mandatory to the following class of companies:

a) Companies having paid up equity share capital not exceeding Rs.10 crore and NetWorth not exceeding Rs.25 crore as on the last day of the previous financial year;

Provided that where the provisions of (Regulation 27(2) of SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015 becomes applicable to a company at a laterdate such company shall comply with the requirements of (Regulation 27(2) of SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 within six months fromthe date on which the provisions became applicable to the company.

Accordingly it may be noted that the paid up share capital of the Company is below Rs.10 crore and Net Worth of the Company has not exceeded Rs.25 crore as on 31stMarch 2022 and hence Corporate Governance is not applicable to the Company.

36) MANAGEMENT DISCUSSION AND ANALYSIS:

Management discussion and analysis Report pursuant to Schedule V of the SEBI (ListingObligations and Disclosure Requirement) Regulations 2015 forms part of this Report andthe same is annexed as "Annexure-D".

37) DETAIL OF FRAUD AS PER AUDITORS REPORT:

There is no fraud in the Company during the Financial Year ended 31st March2022. This is also being supported by the report of the auditors of the Company as nofraud has been reported in their audit report for the financial year ended 31st March2022.

38) OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE(PREVENTION PROHIBITION AND REDRESSAL) ACT 2013:

The Company has zero tolerance for sexual harassment at workplace and has adopted apolicy against sexual harassment in line with the provisions of Sexual Harassment of Womenat Workplace (Prevention Prohibition and Redressal) Act 2013 and the rules framed thereunder.

During the financial year 2021-22 the company has not received any complaints onsexual harassment and hence no complaints remain pending as of 31st March2022.

39) CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO:

The information on conservation of energy technology absorption and foreign exchangeearnings and outgo stipulated under Section 134(3)(m) of the Companies Act 2013 read withRule 8 of The Companies (Accounts) Rules 2014 is Nil.

40) CORPORATE SOCIAL RESPONSILIBILTY (CSR):

The Provision of Section 135 of the Company Act 2013 are not applicable since thecompany does not fall under Category of Rule 9 of the Corporate Responsibility Rules 2014.

41) DIRECTORS' RESPONSIBILITY STATEMENT:

To the best of their knowledge and belief and according to the information andexplanations obtained by them your Directors make the following statements in terms ofSection 134(3) (c) of the Companies Act 2013:

a) that in the preparation of the annual financial statements for the year endedMarch 31 2022 the applicable accounting standards have been followed along with properexplanation relating to material departures if any;

b) that such accounting policies have been selected and applied consistently andjudgment and estimates have been made that are reasonable and prudent so as to give a trueand fair view of the state of affairs of the Company as at March 31 2022 and of theprofit of the Company for the year ended on that date;

c) that proper and sufficient care has been taken 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;

d) that the annual financial statements have been prepared on a going concernbasis;

e) that proper internal financial controls were in place and that the financialcontrols were adequate and were operating effectively;

f) that systems to ensure compliance with the provisions of all applicable lawswere in place and were adequate and operating effectively

42) SECRETARIAL STANDARDS:

The Directors State that applicable Secretarial Standards i.e. SS-1 and SS-2 relatingto 'Meetings of the Board of Directors' and General Meetings' respectively have beenduly followed by the Company.

43) LISTING WITH STOCK EXCHANGES:

The Company has taken note about payment of the Annual Listing Fees for the year2021-2022 to BSE where the Company's Shares are listed.

44) PREVENTION OF INSIDER TRADING:

In January 2015 SEBI notified the SEBI (Prohibition of Insider Trading) Regulation2015 which came into effect from May 2015. Pursuant thereto the Company has formulatedand adopted a new code for Prevention of Insider Trading.

The New Code viz. "Code of Internal Procedures and Conduct for regulatingMonitoring and reporting of Trading by Insiders" and "Code of Practices andProcedures for fair Disclosure of Unpublished price Sensitive Information" has beenframed and adopted. The Code requires preclearance for dealing in the Company's shares andprohibits purchase or sale of Company shares by the Directors and designated employeeswhile in possession of unpublished price sensitive information in relation to the Companyand during the period when the Trading Window is closed. The Company is Responsible forimplementation of the Code.

45) ACKNOWLEDGEMENTS:

Your Directors thank the various Central and State Government DepartmentsOrganizations and Agencies for the continued help and co-operation extended by them. TheDirectors also gratefully acknowledge all stakeholders of the Company viz. customersmembers dealers vendors banks and other business partners for the excellent supportreceived from them during the year. The Directors place on record their sincereappreciation to all employees of the Company for their unstinted commitment and continuedcontribution to the Company.

By Order of the Board of Directors
Date: 30.08.2022 For Madhuveer Com 18 Network Limited
Place: Ahmedaba
Sd/- Sd/- Sd/-
(Kalpan Sheth) (Divya Rathi) (Punitkumar Bhavsar)
Managing Director Company Secretary Director & CFO
DIN:08987295 DIN:08987296

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