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Oasis Tradelink Ltd.

BSE: 538547 Sector: Others
NSE: N.A. ISIN Code: INE189Q01019
BSE 00:00 | 30 Jan Oasis Tradelink Ltd
NSE 05:30 | 01 Jan Oasis Tradelink Ltd
OPEN 0.92
PREVIOUS CLOSE 0.92
VOLUME 36
52-Week high 0.92
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.92
Buy Qty 69.00
Sell Price 0.93
Sell Qty 12307.00
OPEN 0.92
CLOSE 0.92
VOLUME 36
52-Week high 0.92
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.92
Buy Qty 69.00
Sell Price 0.93
Sell Qty 12307.00

Oasis Tradelink Ltd. (OASISTRADELINK) - Director Report

Company director report

FOR F.Y. 2021-22 To

The Members

Oasis Tradelink Limited (In Liquidation)

(CIN: L51909GJ1996PLC031163)

Pursuant to order dated 26-02-2019 of the Hon'ble National Company Law Tribunal -Ahmedabad Bench at Ahmedabad ("NCLT Order") Corporate Insolvency ResolutionProcess ("CIR Process") has been initiated for the Company in accordance withthe provisions of the Insolvency and Bankruptcy Code 2016 ("Code") and relatedrules and regulations issued there under with effect from 26-02-2019 (Corporate InsolvencyResolution Process Commencement Date). The Hon'ble NCLT has appointed Mr. RamchandraDallaram Choudhary as Resolution Professional vide order dated 13-06-2019 which wasconfirmed by the Board on 26-07-2019. Further the Hon'ble NCLT Ahmedabad had on04-12-2019 in the matter C.P. (I.B) No. 433/NCLT/AHM/2018 passed an order for initiationof Liquidation against the Corporate Debtor M/s. Oasis Tradelink Limited (Inliquidation). In the same order Mr. Ramchandra Dallaram Choudhary have been appointed asthe Liquidator by the NCLT u/s 34(1) of the Insolvency and Bankruptcy Code 2016 (theCode).

Further the Hon'ble NCLT Ahmedabad Bench has vide order dated 21-03-2022 inIA/224(AHM) 2022 in CP (IB) 433 of 2018 allowed the Liquidator to sell the CorporateDebtor as a going concern to the interested buyer namely Mr. Niranjan Jain. Further videorder dated 04-05-2022 in IA 342 (AHM) 2022 in CP (IB) 433 of 2018 read with interim orderdated 20-04-2022 the Hon'ble NCLT Ahmedabad Bench have ordered that the applicant isentitled to the reliefs and concessions subject to the Provisions of Law relating to themand Rulings of the Apex Court in case of 'Ghanshyam Mishra".

The powers of the Board of Directors of the Company stand suspended effective from theLiquidation Process commencement date and such powers along with the management of affairsof the Company are vested with the Liquidator. In view hereof Annual General Meeting isbeing called and convened by the Order of Liquidator.

1. FINANCIAL HIGHLIGHTS

(Amount in Lakhs)

Particulars FY 2021-22 FY 2020-21
Revenue from Operations 0 0
Other Income 0 0
Total Income 0 0
EXPENSES: 2.67 13.45
Profit/(Loss) before exceptional items and tax -2.67 -13.45
Exceptional Items 0 0
Profit/(Loss) before tax -2.67 -13.45
Provision for current tax deferred tax and other tax expenses
Profit/ (loss) for the period -2.67 -13.45

2. OPERATION & REVIEW

Total Revenue from the operation of the company is Nil and loss after tax is 2.67lakhs. The last Year's total revenue stood at 0 and the loss after tax was 13.45 lakhs.

3. DIVIDEND

Your Company is under Liquidation and incurring losses therefore does not recommendany dividend for the year 2021-22.

4. SHARE CAPITAL

The issued Equity Share capital as on 31st March 2022 is Rs. 108746360. During theyear under review the Company has not issued shares with differential voting rights norgranted stock options nor sweat equity. Paid up Equity capital of the company as on 31stMarch 2021 stands at Rs. 108746360.

5. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

Since there was no unpaid/unclaimed dividend the provisions of Section 125 of theCompanies Act 2013 does not apply during the financial year.

6. TRANSFER TO RESERVES

The Company has not transferred any amount to reserves during the year under review.

7. CHANGE IN THE NATURE OF THE BUSINESS

During the year there is no change in the nature of the business of the Company.

8. LISTING ON STOCK EXCHANGES

Your Company's shares are listed on BSE Limited.

9. DIRECTORS AND KEY MANAGERIAL PERSONNEL

The directors and KMP of the company as on March 31 2022 are as under:

Name Designation Name Designation
Snehal Bharatbhai Patel Whole Time Director
Olga Vinchentpaul Menezes Independent Director
Rajasekharan Krishnan Nair Independent Director

Pursuant to the NCLT order for commencement of the CIRP/ initiation of the Liquidationprocess and in line with the provisions of the Code the powers of the Board of Directorsstand suspended and exercised by Liquidator.

10. NUMBER OF BOARD MEETINGS

During the year no board meeting was held as the power of the board remain suspendedand vested with the liquidator as per the provisions of The Insolvency and BankruptcyCode 2016.

11. BOARD EVALUATION

During the financial year no evaluation of the board is being carried out as the powerof the board remains suspended and vested with the liquidator as per the provisions of TheInsolvency and Bankruptcy Code 2016.

12. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act 2013 based on internal financialcontrols work performed by the internal statutory cost and secretarial auditors andexternal agencies the reviews performed by the management and with the concurrence of theLiquidator that for the year ended 31st March 2022 the confirmation is hereby given forthe Company having:

a. Followed in the preparation of the annual accounts and the applicable accountingstandards with proper explanation relating to material departures.

b. Selected such accounting policies and applied them consistently and made judgmentsand estimates that are reasonable and prudent so as to give a true and fair view of thestate of affairs of the Company at the end of the financial year and of the profit andloss of the Company for that period.

c. Taken proper and sufficient care for the maintenance of adequate accounting recordsin accordance with the provisions of the Companies Act 2013 for safeguarding the assetsof the Company and for preventing and detecting fraud and other irregularities;

d. Prepared the annual accounts on a going concern basis.

e. Laid down internal financial controls to be followed by the Company and that suchinternal financial controls are adequate and were operating effectively; and

f. Devised proper systems to ensure compliance with the provisions of all applicablelaws and that such systems were adequate operating effectively and the same is beingstrengthened on a continuous basis from time to time.

13. A STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER SUB-SECTION (6) OFSECTION 149

The power of the board including the Independent directors remain suspended and vestedwith the liquidator as per the provisions of The Insolvency and Bankruptcy Code 2016.

14. CORPORATE GOVERNANCE:

As per Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 the provisions of corporate governance are not applicable to the companyas company has not fall under the prescribed limit as mentioned hereunder:

The Corporate Governance norms shall not be mandatory for companies having paid upcapital not exceeding Rs. 10 Crores and net worth not exceeding Rs. 25 Crores as on thelast day of the previous financial year.

15. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

As required by SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015with the Stock Exchange the Management Discussion and Analysis report form part of theAnnual Report and is annexed herewith as Annexure A.

16. ADEQUACY OF INTERNAL FINANCIAL CONTROLS

The Company's internal financial control systems are commensurate with the nature ofits business and the size and complexity of its operations However the operations of thecompany remain suspended and during the year there is no sale/purchase transaction.

17. DEPOSITS

Your Company has neither invited nor accepted any fixed deposit from the public duringthe year.

18. RELATED PARTY TRANSACTIONS

No related party transactions had taken place during the year under review.

19. LIQUIDATION PROCESS

Pursuant to order dated 26-02-2019 of the Hon'ble National Company Law Tribunal -Ahmedabad Bench at Ahmedabad ("NCLT Order") Corporate Insolvency ResolutionProcess ("CIR Process") has been initiated for the Company in accordance withthe provisions of the Insolvency and Bankruptcy Code 2016 ("Code") and relatedrules and regulations issued there under with effect from 26-02-2019 (Corporate InsolvencyResolution Process Commencement Date). The Hon'ble NCLT has appointed Mr. RamchandraDallaram Choudhary as Resolution Professional vide order dated 13-06-2019 which wasconfirmed by the Board on 26-07-2019. Further the Hon'ble NCLT Ahmedabad had on04-12-2019 in the matter C.P. (I.B) No. 433/NCLT/AHM/2018 passed an order for initiationof Liquidation against the Corporate Debtor M/s. Oasis Tradelink Limited (Inliquidation). In the same order Mr. Ramchandra Dallaram Choudhary have been appointed asthe Liquidator by the NCLT u/s 34(1) of the Insolvency and Bankruptcy Code 2016 (theCode).

Further the Hon'ble NCLT Ahmedabad Bench has vide order dated 21-03-2022 inIA/224(AHM)2022 in CP (IB) 433 of 2018 allowed the Liquidator to sell the Corporate Debtoras a going concern to the interested buyer namely Mr. Niranjan Jain. Further vide orderdated 04-05-2022 in IA 342 (AHM) 2022 in CP (IB) 433 of 2018 read with interim order dated20-04-2022 the Hon'ble NCLT Ahmedabad Bench have ordered that the applicant is entitledto the reliefs and concessions subject to the Provisions of Law relating to them andRulings of the Apex Court in case of 'Ghanshyam Mishra".

20. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

During the year the Company has not given any loan guarantee or provided security inconnection with the loan to any other body corporate or person or made any investmentshence no particulars of the loans guarantees or investments falling under the provisionsof Section 186 of the Companies Act 2013 are provided by the Board.

21. EXTRACT OF ANNUAL RETURN

As per Section 92(3) read with 134(3)(a) of the Companies Act 2013 the Annual returnas on March 31 2022 is available on the website of the Company i.e http://oasistradelink.com/Investors.html

22. A STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICYFOR THE COMPANY INCLUDING

IDENTIFICATION THEREIN OF ELEMENTS OF RISK IF ANY WHICH IN THE OPINION OF THE BOARDMAY THREATEN THE EXISTENCE OF THE COMPANY;

The main objective of Risk Management is risk reduction and avoidance as alsoidentification of the risks faced by the business and optimize the risk managementstrategies. The Company has put in place a well-defined Risk Management framework fordrawing up implementing monitoring and reviewing the Risk Management.

23. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIALRESPONSIBILITY INITIATIVES

The Company has not developed and implemented any Corporate Social Responsibilityinitiatives as the said provisions are not applicable.

24. SIGNIFICANT AND MATERIAL ORDER PASSED BY REGULATORS OR COURTS OR TRIBUNALSIMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE

The Liquidator has filed application for seeking necessary directions againstrespondents under section 43 66 and 68 of the Insolvency and Bankruptcy Code 2016 in thematter of Shri Ramchandra D. Choudhary Liquidator of M/s Oasis Tradelink Limited Vs.Snehal Bharatbhai Patel & Ors. The said matter is pending before the Hon'ble NCLTAhmedabad Bench.

25. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANYWHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICHFINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

Except as disclosed in this report there were no material changes and commitmentsaffecting the financial position of the Company which have occurred between the end of thefinancial year and the date of this report.

26. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO

The particulars as required under the provisions of Section 134(m) of the CompaniesAct 2013 in respect of conservation of energy and technology absorption have not beenfurnished as the operation of the company remain suspended and Further during the yearunder review the Company has neither earned nor used any foreign exchange.

27. PARTICULARS OF EMPLOYEES:

There are no employees during the year under review.

28. AUDITORS:

• STATUTORY AUDITORS

M/S. Parth Shah And Associates Chartered Accountant Ahmedabad (FRN:144251W) Statutory Auditor of the company has resigned on 29th June 2022 and tofill the casual vacancy M/s. Prakash Tekwani & Associates Chartered Accountants isbeing appointed as statutory auditor of the company for a term of five years subject tothe approval of the members of the company.

The Company has received a confirmation from the said Auditors that they are notdisqualified to act as the Auditors and are eligible to hold the office as Auditors of theCompany.

• 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 as the provisions of the cost audit are not applicable to the Company.

• SECRETARIAL AUDITORS & SECRETARIAL COMPLIANCE REPORT

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 the Liquidator has appointed M/sAnisha Jhunjhunwala & Associates Company Secretaries in Practice to undertake theSecretarial Audit of the Company. The Secretarial Audit Report is attached herewith asAnnexure B.

The Remarks given by the Secretarial Auditor & its reply is mentioned hereunder:

1. The Company has failed to appoint a qualified Company Secretary as ComplianceOfficer and Chief Financial Officer during the year under review.

2. The Company has not convened the Annual General Meeting held for the F.Y 2020- 21and not filed any forms in relation to Annual General Meeting. Further the company hasfailed to file the forms i.e Form AOC-4 XBRL Form MGT-7.

3. The Company has failed to appoint the Internal Auditor during the financial year.

4. The Company has not filed the quarterly/half yearly/yearly compliances as mandatedunder the SEBI (LODR) Regulation 2016 and other Compliance as mandated under SEBIregulations.

5. The Company has not implemented system for maintenance of the Digital Database underthe Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations2015.

6. The Company has not complied the SEBI circular no. SEBVCIR/CFD/DCR1/CIR/P/2020A81dated September 23 2020 with respect to System-Driven Disclosures.

7. The Company has not paid the listing fee of the Stock Exchange for the F.Y 2020- 21.

8. The Company has not filed any Forms with ROC/MCA-21 during the financial year.

Further reported during the financial year the power of the Board stood suspendedas the Company is undergoing the liquidation process vide the order of the Hon'bleNational Company Law Tribunal Ahmedabad bench dated Dec 4 2019 and Mr. RamchandraDallaram Chaudhary is being appointed as Liquidator. The power of the Board is beingexercised by Liquidator and no Board Meeting/Committee Meeting/Independent Directormeeting held during the financial year.

29. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION (12) OF SECTION143 OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT;

There have been no instances of fraud reported by the Statutory Auditors under Section143(12) of the Act and Rules framed thereunder either to the Company or to the CentralGovernment.

30. AUDIT COMMITTEE/ NOMINATION AND REMUNERATION COMMITTEE/ STAKEHOLDERS' RELATIONSHIPCOMMITTEE

No committee meetings held as the power of the Board stood suspended as per theprovisions of Insolvency & Bankruptcy Code 2016.

The following are the members of the Committee

Audit Committee

Name of the Director Designation
Snehal Bharatbhai Patel Whole-time Director
Olga Vinchentpaul Menezes Independent Director
Rajasekharan Krishnan Nair Independent Director

Remuneration Committee

Name of the Director Designation
Snehal Bharatbhai Patel Whole-time Director
Olga Vinchentpaul Menezes Independent Director
Rajasekharan Krishnan Nair Independent Director

Stakeholder Relationship Committee

Name of the Director Designation
Snehal Bharatbhai Patel Whole-time Director
Olga Vinchentpaul Menezes Independent Director
Rajasekharan Krishnan Nair Independent Director

31. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013:

Not applicable during the financial year as there is no employee in the company duringthe year.

32. ACKNOWLEDGEMENTS

Liquidator place on record their gratitude for the continuing support of Shareholdersbankers and Business associates at all levels.

Date: 08/09/2022 For Oasis Tradelink Limited (In Liquidation)
Place: Ahmedabad CA Ramchandra D Choudhary Liquidator
IP Reg. No: IBBI/IPA-001/IP-P00157/2017-18/10326
Validity of AFA till 23.11.2022

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