Your Directors are pleased to present the 26thAnnual Report of your Companytogether with the Audited Financial Statements and Auditors Report for the year ended 31stMarch 2019.
1. FINANCIAL PERFORMANCE:-
The Company s financial performance during the year ended 31st March 2019compared to the previous year is summarized below:
| || ||(Amount in Rs.) |
|Particulars ||F. Y. ||F. Y. |
| ||2018-19 ||2017-18 |
|Income From Operations ||156672889.31 ||456132554.37 |
|Other Income ||376.00 ||113.00 |
|Total Income ||156673265.31 ||456132667.37 |
|Profit/(Loss) before tax ||630962.02 ||(3815840.39) |
|Add/(Less): Exceptional/Extraordinary items * || ||7187120.00 |
|- Loss on Sale of land ||(403431.00) ||- |
|- Profit on sale of investment ||750000.00 ||- |
|Profit/(Loss) Before Tax ||977531.02 ||3371279.61 |
|Less: Tax Expenses || || |
|- Current Tax ||300000.00 ||1100599.00 |
|- Deferred Tax ||(19556.00) ||(44169.12) |
|Net Profit/(Loss) After Tax ||697087.02 ||2314849.73 |
*Note: As per IND AS 2 and IND AS 16 Stock in Trade of Land Rs. 7187120 has beenconverted into Fixed Assets and the effect has been shown as Exceptional items in F.Y2017-18.
The Company has adopted Indian Accounting Standards (Ind-AS) with effect from 1stApril 2017 with the transition date of 1st April 2016. Accordingly financialstatements for the year ended 31st March 2019 have been prepared as prescribedfor Ind-AS under Section 133 of the Companies Act 2013 and the relevant rules. Previousyear s figures have been restated to make them comparable.
2. REVIEW OF OPERATIONS:-
The Income from Operation of your Company for the year 2018-19 was decreased to Rs.156672889.31 as against Rs. 456132554.37 of the previous year. Also theCompany s Net Profit after tax has been decreased to Rs. 697087.02 for the year 2018-19as against the Net Profit after tax of Rs. 2314849.73 of the previous year.
3. TRANSFER TO RESERVES:-
During the year under review your Directors have not proposed to transfer any amountto Reserves.
During the year under review your Directors have not recommended any Dividend onEquity Shares of the Company with a view to conserve resources for expansion of business.
5. PUBLIC DEPOSITS:-
During the year under review your Company has neither accepted nor renewed any PublicDeposits within the meaning of Section 73 of the Companies Act 2013 read with theCompanies (Acceptance of Deposits) Rules 2014.
6. SHARE CAPITAL:-
During the year under review your Company s issued subscribed & paid up EquityShare Capital remains unchanged to Rs. 123250000/- (Rupees Twelve Crore Thirty Two LakhFifty Thousand) divided into 12325000 (One Crore Twenty Three Lakh Twenty FiveThousand) Equity Shares of Rs. 10/-
7. BOARD OF DIRECTORS:-
Mr. Shwet Koradiya (DIN: 03489858) Ms. Surbhi Mudgal (DIN: 07289164) Mr. JayeshkumarPandav (DIN: 07864617) and Mr. Hitesh Patel (DIN: 07851008) were the Directors on theBoard at the beginning of financial year. However the following changes were occurredtill the date of the approval of Directors Report.
Mr. Jayeshkumar Pandav Independent Director of the Company had resigned fromthe post of Directorship of the Company w.e.f. 30th May 2018 and the same hasbeen accepted by Board of Directors in their Meeting held on 30th May 2018.
Mr. Zubin Raja has been appointed as an Additional Director of the Company inIndependent capacity w.e.f. 16th July 2018 in the Board Meeting held on 12thJuly 2018.The Shareholders of the Company at the 25th AGM held on 27thSeptember 2018 appointed Mr. Zubin Raja as an Independent Director of the Company w.e.f.12th July 2018 for a term of 5 years.
Mr. Shwet Koradiya Director of the Company liable to retire by rotation hasbeen reappointed in the 25th Annual General Meeting of the Company held on 27thSeptember 2018.
Mr. Zubin Raja Independent Director of the Company had resigned from the postof Directorship of the Company w.e.f. 7th December 2018 and the same had beenaccepted by the Board of Directors in Board Meeting held on 20th December2018.
Your Company has 3 (Three) Directors as on 31st March 2019 namely:
|1. Mr. Shwet Koradiya ||- Chairman and Director |
|2. Ms. Surbhi Mudgal ||- Independent Director |
|3. Mr. Hitesh Patel ||- Independent Director |
Mr. Jinay Koradiya has been appointed as an Additional Director of the Companyin promoter capacity w.e.f. 14th August 2019 in the Board Meeting held on 14thAugust 2019. He is proposed to be appointed as a Managing Director of the Company for aperiod of 3 years in this ensuing AGM w.e.f. 24th September 2019.
As per the provisions of the Companies act 2013 Mr. Shwet Koradiya Chairman& Director of the Company retires by rotation at the ensuing Annual General Meetingand being eligible offer himself for re-appointment.
8. KEY MANAGERIAL PERSONNEL:-
Your Company has following KMP as on 31st March 2019 namely:
|a. Ms. Mosam Mehta # ||- Chief Financial Officer |
|b. Mr. Rahul Jalavadiya* ||- Chief Executive Officer |
|c. Ms. Krishna Naik @ ||- Company Secretary & Compliance Officer |
# Ms. Mosam Mehta has been appointed as Chief Financial Officer of the Company w.e.f.14th August 2018.
* Mr. Rahul Jalavadiya has resigned from the post of Chief Financial Officer of theCompany w.e.f. 30th May 2019.
@ Ms. Krishna Naik has been appointed as Company Secretary & Compliance Officerof the Company w.e.f. 12th July 2018. She has resigned from the post ofCompany Secretary & Compliance Officer w.e.f. 30th May 2019.
9. DECLARATION FROM INDEPENDENT DIRECTORS AND THEIR FAMILIARISATION PROGRAM:
The Company has received necessary declaration from each Independent Director underSection 149(7) of the Companies Act 2013 that he/she meets the criteria of independenceas laid down in Section 149(6) of the Companies Act 2013 and Regulation 25 and 16 (1) (b)of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The Boardrelies on their declaration of independence.
Pursuant to the provisions of Regulation 25 of the SEBI Listing Regulations theCompany has formulated a programme for familiarising the Independent Directors with theCompany their roles rights responsibilities in the Company nature of the industry inwhich the Company operates business model of the Company etc. through variousinitiatives. The detail of the aforementioned programme is available on the Company swebsite at www.panthinfinity.com.
10. DIRECTORS' RESPONSIBILITY STATEMENT:-
Pursuant to the provisions of Section 134(3)(c) of the Companies Act 2013 theDirectors confirm that-
(i) in the preparation of the Annual Accounts for the year ended 31st March2019 the applicable Indian Accounting Standards have been followed and no materialdepartures have been made for the same;
(ii) appropriate accounting policies have been selected and applied them consistentlyand judgments and estimates have been made that are reasonable and prudent so as to give atrue and fair view of the state of affairs of the Company at the end of the financial year31st March 2019 and of the profit of the Company for that period;
(iii) proper and sufficient care have been taken for maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act 2013 for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;
(iv) the annual accounts have been prepared on a "going concern" basis;
(v) the proper internal financial controls are laid down and are adequate and operatingeffectively;
(vi) the proper systems have been devised to ensure compliance with the provisions ofall applicable laws have been devised and such systems were adequate and operatingeffectively.
11. PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS:-
During the year under review no loan or guarantee was given to any person or BodyCorporate directly or indirectly by the Company and investments made by the Company arewithin the limits under Section 186 of the Companies Act 2013. The details of Investmentsare available in notes of Financial Statements.
12. MEETINGS OF BOARD OF DIRECTORS:-
During the year under review 7 (Seven) Board Meetings were held. The intervening gapbetween the Meetings did not exceed the period prescribed under the Act and SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 the details of which are givenin the Corporate Governance Report forming part of Annual Report. The Notice along withAgenda and Agenda items of each Board Meetings were given to each Director of the Company.
13. MEETINGS OF MEMBERS:-
During the year under review 25th Annual General Meeting of the Company washeld on 27th September 2018 and Extra Ordinary General Meeting was held on 28thApril 2018 during the financial year.
14. COMMITTEE MEETINGS:-
The details pertaining to the composition of the Audit Committee and other Committeesand all meetings held during the year 2018-19 are included in the Corporate GovernanceReport. During the year all the recommendations made by the Audit Committee were acceptedby the Board.
15. BOARD EVALUATION:-
In line with the Corporate Governance Guidelines of the Company Annual PerformanceEvaluation was conducted for all Board Members as well as the working of the Board and itsCommittees. The Board evaluation framework has been designed in compliance with therequirements under the Companies Act 2013 the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 and in consonance with Guidance Note on Board Evaluationissued by SEBI in January 2017.
Evaluation of the Board was based on criteria such as composition and role of theBoard Board communication and relationships functioning of Board Committees review ofperformance and compensation to Executive Directors succession planning strategicplanning etc.
Evaluation of Directors was based on criteria such as participation and contribution inBoard and Committee meetings representation of shareholder interest and enhancingshareholder value experience and expertise to provide feedback and guidance to topmanagement on business strategy governance and risk understanding of the organization sstrategy risk and environment etc.
Evaluation of Committees was based on criteria such as adequate independence of eachCommittee frequency of meetings and time allocated for discussions at meetingsfunctioning of Board Committees and effectiveness of its advice/recommendation to theBoard etc. The Board has also noted areas requiring more focus in the future.
16. PREVENTION OF INSIDER TRADING:-
The Company has adopted a Code of Conduct for Prevention of Insider Trading incompliance with the SEBI (Prohibition & Insider Trading) Regulations 2015 as amendedfrom time to time with a view to regulate the trading in securities by the Directors andDesignated Employees of the Company. The Code requires pre-clearance for dealing in theCompany s shares and prohibits the purchase or sale of shares of the Company by theDirectors and the designated employees while in possession of unpublished price sensitiveinformation in relation to the Company and during the period when the Trading Window isclosed. The Board is responsible for implementation of the code. All Directors and thedesignated Employees have confirmed compliance with the code.
17. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNING AND OUTGO:-
The particulars required to be included in terms of Section 134(3) of the CompaniesAct 2013 with regard to conservation of energy technology absorption foreign exchangeearnings and outgo are given as below:-
A. Conservation of Energy:
The Company is not engaged in any type of production. Hence there is no extra stepstaken for energy saving. However Regular steps have been taken to improve energyconsumption by using LED lights in office premises. Company is using inverter as alternatesources of energy. During the year the Company has not made any capital investment onenergy conservation equipment.
B. Technology Absorption:
The project of your Company has no technology absorption. Hence no particulars areoffered.
C. Foreign Exchange Earning and Outgo:
The foreign Exchange earnings and expenditure of the company is NIL.
18. EXTRACT OF ANNUAL RETURN:-
As provided under Section 92(3) of the Companies Act 2013 read with Companies(Management and Administration) Rules 2014 the extract of the Annual Return in formMGT-9 is attached to this report as "Annexure-1". The same is being madeavailable on the Company s website www.panthinfinity.com.
19. INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY:-
The Company has an Internal Control System commensurate with the size scale andcomplexity of its operations. The scope and authority of the Internal Audit function iswell defined in the organization. The Internal Audit Department monitors and evaluates theefficacy and adequacy of Internal Control Systems in the Company its compliance withoperating systems accounting procedures and policies at all locations of the Company.Based on the report of Internal Audit function process owners undertake corrective actionin their respective areas and thereby strengthen the controls. Significant auditobservations and corrective actions suggested are presented to the Audit Committee of theBoard.
RISK MANAGEMENT POLICY:-
The composition of the Risk Management Committee is not applicable to your Company.However the Company has adopted a Risk Management policy in accordance with theprovisions of the Act and Regulation 17(9) of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015. The Objective of this policy is to minimize the adverseimpact of various risks to business goals and objectives and to enhance the value ofStakeholders.
The Management has put in place adequate and effective system and man power for thepurposes of risk management. In the opinion of the Board there are no risks which wouldthreaten the existence of the Company.
VIGIL MECHANISM (WHISTLE BLOWER POLICY):-
The Company has adopted Vigil Mechanism/ Whistle Blower Policy in accordance with theSection 177(9) of the Companies Act 2013 read with Rule 7 of the Companies (Meetings ofBoard and its Powers) Rules 2014 and in accordance with Regulation 22 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 for Directors andemployees of the Company to report concerns about unethical behavior. The Company promotesethical behaviour in all its business activities and has put in place a mechanism forreporting unethical behaviour fraud violations or bribery. The Company has VigilMechanism (Whistle Blower) Policy under which the employees are free to report violationsof applicable Laws and Regulations and the Code of Conduct the same can be accessedthrough the Chairman of the Audit Committee. The employees have the right/option to reporttheir concern/grievance to the Chairman of the Audit Committee. During the year underreview no employee was denied access to the Audit Committee. The Policy has been uploadedon the Company s website www.panthinfinity.com.
The Company s policy relating to Nomination and remuneration of Directors KMPs andSenior Management as stipulated in Section 178 of the Companies Act 2013 has beendisclosed in the Corporate Governance Report forming part of Annual Report. The Policyhas been uploaded on the Company s website www.panthinfinity.com.
BOARD DIVERSITY POLICY:-
A diverse Board enables efficient functioning through differences in perspective andskill and also fosters differentiated thought process at the back of varied industrialand management expertise gender and knowledge. The board recognizes the importance ofdiverse composition and has adopted a Board Diversity Policy which sets out the approachto diversity. The Board Diversity Policy is available on our websitewww.panthinfinity.com.
21. JOINT VENTURES SUBSIDIARIES AND ASSOCIATES:-
As on 31st March 2019 your Company does not have any Joint VenturesSubsidiaries and Associates Company.
22. CORPORATE SOCIAL RESPONSIBILITY:-
The provisions of the CSR expenditure and Composition of Committee as provided in theSection 135 of the Companies Act 2013 are not applicable to the Company.
23. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTY:-
All related party transactions that were entered into during the financial year were atarm s length basis and were in the ordinary course of business. All related PartyTransactions were placed before the Audit Committee and the Board for approval. Prioromnibus approval of the Audit Committee has been obtained for the transactions which areof a foreseen and in repetitive nature. Policy on Transactions with Related Parties asapproved by the Board is uploaded on the Company s website www.panthinfinity.com.
During the year your Company were not entered into any significant material relatedparty transactions. Accordingly the disclosure of related party transactions as requiredunder Section 134(3)(h) of the Companies Act 2013 in Form AOC-2 is not applicable.
Suitable disclosure as required under AS-18/Ind-AS-24 has been made in Note to theFinancial Statement.
24. PARTICULARS OF EMPLOYEES:-
Information on particulars of employees remuneration as per Section 197 of theCompanies Act 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 is reported to be NIL as there are no employees who arein receipt of remuneration above the prescribed limit.
25. RATIO OF DIRECTORS' REMUNERATION TO MEDIAN EMPLOYEES' REMUNERATION AND OTHERDISCLOSURES:-
The table containing the names and other particulars of ratio of Directors Remunerationto Median Employees Remuneration in accordance with the provisions of Section 197(12) ofthe Companies Act 2013 read with Rule 5(1) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 is attached to this report as "Annexure-2".
26. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013:-
Your Company has complied with provisions relating to the constitution of InternalComplaints Committee pursuant to Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013.
During the year under review no complaints were received by the Company relating tosexual harassment at workplace. Further the Company ensures that there is a healthy andsafe atmosphere for every women employee at the workplace.
27. STATUTORY AUDITORS AND REPORT:-
M/s. A Biyani & Co. Chartered Accountants (FRN: 140489W) Mumbai were appointedas Statutory Auditors of the Company at the 24th Annual General Meeting held on21st September 2017 to hold office for a period of five years from conclusionof that Annual General Meeting till the conclusion of 29th Annual GeneralMeeting subject to ratification of their appointment by members at every Annual GeneralMeeting if so required by the Companies Act 2013. Vide notification dated May 07 2018;the Ministry of Corporate Affairs has done away with the requirement of seekingratification of members for appointment of auditors at every Annual General Meeting.Accordingly no resolution is being proposed for ratification of appointment of statutoryauditors at the 26th Annual General Meeting.
The Auditors Report does not contain any qualification. Notes to Accounts and Auditorsremarks in their report are self-explanatory and do not call for any further comments. TheAuditors has not reported any matter of an offence of fraud to the Company required to bedisclosed under Section 143(12) of the Companies Act 2013.
28. INTERNAL AUDITORS AND REPORT:-
M/s. Paras S. Shah & Co. Chartered Accountants Surat were serving as an InternalAuditor of the Company till the closer of Financial Year 2017-18. The quarterlyhalf-yearly and annual report from Internal Auditors were placed before the AuditCommittee Meeting and Meeting of Board of Directors respectively.
On a resignation of M/s. Paras S. Shah & Co. Chartered Accountants Surat as anInternal Auditor of the Company the Board of Directors at their Meeting held on 12thJuly 2018 has accepted his resignation and appointed M/s. D C Jariwala & Co.Chartered Accountants Surat as an Internal Auditor of the Company pursuant to Section 138of Indian Companies Act 2013 read with Rule 13 of Companies (Accounts) Rules 2014.
M/s D C Jariwala & Co. Chartered Accountants Internal Auditors of the Company hasconducted periodic audit of all operations of the Company. The Audit Committee of theBoard of Directors has reviewed the findings of Internal Auditors regularly and theirreports have been well received by the Audit Committee.
29. SECRETARIAL AUDIT REPORT:-
Pursuant to the provisions of Section 204 read with Section 134(3) of the CompaniesAct 2013 and Rule 9 of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rule 2014 the Company has appointed Mr. Manish R. Patel Company Secretary inPractice Surat as a Secretarial Auditor to undertake the secretarial audit of theCompany. The Secretarial Audit Report in form MR-3 for Financial Year 2018-19 is attachedto this report as "Annexure-3".
The Secretarial Audit Report contains the following qualification reservation oradverse remark:
The Company has not submitted Audited Financial Results for quarter and yearended 31st March 2018 within 30 minutes of closure of Board Meeting held on 30thMay 2018. This is non-compliance of Regulation 30 read with Part A of Schedule III ofSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
MANAGEMENT S VIEW ON SECRETARIAL AUDITORS QUALIFICATION:-
The Board is of the opinion that observation of the Secretarial Auditor is based on thefacts and need no comments from the Board. However the Board shall ensure and takeappropriate steps for timely compliance of applicable laws.
30. ANNUAL SECRETARIAL COMPLIANCE REPORT:
Pursuant to the SEBI Circular No- CIR/CFD/CMD1/27/2019 dated 8th February 2019 yourCompany has submitted the Secretarial Compliance Report of the Company for the financialyear ended on 31st March 2019 issued by Mr. Manish R. Patel PracticingCompany Secretary Surat with BSE Limited within the prescribed time period.
31. MANAGEMENT DISCUSSION AND ANALYSIS:-
The Management s Discussion and Analysis Report provides a perspective of economic andsocial aspects material to your Company s strategy and its ability to create and sustainvalue to your Company s key stakeholders. Pursuant to the provisions of Regulation 34 readwith Schedule V of the Securities and Exchange Board of India (Listing Obligations andDisclosure Requirements) Regulations 2015 the Management s Discussion and AnalysisReport capturing your Company s performance industry trends and other material changeswith respect to your Company is attached to this report as "Annexure 4".
32. CORPORATE GOVERNANCE:-
Your Company is committed to maintain the highest standards of Corporate Governance andadhere to the Corporate Governance requirements as set out under SEBI "ListingRegulations". The report on Corporate Governance as stipulated under the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 is presented in aseparate section as "Annexure 5" forming part of the Annual Report. Therequisite certificate from M/s. A Biyani & Co. Chartered Accountants (FRN: 140489W)Mumbai Statutory Auditor of the Company confirming compliance with the conditions ofCorporate Governance is attached to the report on Corporate Governance.
33. MATERIAL CHANGES AND COMMITMENTS:-
There have been no material changes and commitments affecting the financial positionof the Company which occurred between the end of the financial year to which the financialstatements relate and the date of this report.
34. CHANGE OF THE NAME OF THE COMPANY:-
Your Company has obtained Shareholders approval for change of name of the Company from"SYNERGY BIZCON LIMITED" to "PANTH INFINITY LIMITED" by passing ofSpecial Resolution in its Extra-Ordinary General Meeting held on 28th April2018.
The name of the Company has been changed from "SYNERGY BIZCON LIMITED" to"PANTH INFINITY LIMITED" consequent upon issue of fresh Certificate ofIncorporation by the Registrar of Companies Gwalior Madhya Pradesh on 7thMay 2018.
35. SHIFTING OF THE REGISTERED OFFICE OF THE COMPANY:-
Your Company had obtained Shareholders approval for shifting of Registered Office ofthe Company from the State of Madhya Pradesh to the State of Gujarat by passing of SpecialResolution in its ExtraOrdinary General Meeting held on 28th April 2018. YourCompany has filed the application for shifting of Registered Office of the Company fromthe State of Madhya Pradesh to the State of Gujarat in e-form INC-23. The said applicationwas rejected vide Order No. RD (NWR)/Sec. 13/37/2018/3352 dated 8th October2018 by the Hon'ble Regional Director North Western Region Ahmedabad on the groundspecified by the Registrar of Companies Gwalior of Non-filing of Annual Accounts andReturns by the Company for financial year 2004-05 to 2006-07. However your Company hasfiled Annual accounts and Returns for the said financial year within prescribed time andwas incognizant about the case. The said case have been disposed off by the Hon ble ChiefJudicial Magistrate of Gwalior by giving court order dated 27th April 2019 byimposing a penalty of Rs. 40140/- on the Company. Your Company has paid the said penaltyand seeking fresh approval of the shareholders for shifting of Registered Office in theensuing Annual General Meeting of the Company.
36. CHANGE IN THE NATURE OF BUSINESS:-
During the year under review there is no change in the nature of the business of theCompany. However the Board of Directors in their Board Meeting held on 12thFebruary 2018 has decided not to carry on business of construction and Real Estate.
After the closing of Financial Year the Board of Directors in their Board Meeting heldon 12th July 2018 has decided to concentrate more on boundary less Businessmainly based on Internet. As a part of that strategy the Company will soon launch one ofits kind e-commerce platform.
37. LISTING FEES:-
The Equity Shares of the Company are listed on the BSE Limited and the Calcutta StockExchange Limited. The Company has paid the necessary listing fees to the above StockExchanges for the F.Y. 2019-20.
38. REGISTRAR AND SHARE TRANSFER AGENT:
Your Company has appointed Purva Sharegistry (India) Private Limited as itsRegistrar and Share Transfer Agent and executed post IPO agreement between Company andPurva Sharegistry (India) Private Limited on 16th October 2011.
39. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:-
During the year under review no significant or material orders were passed by theRegulators or Courts or Tribunals which would impact the going concern status of theCompany and its operations in future.
However the court case no. RCT/2100832/2009 dated 30th January 2009 wasfiled against the Company by the Registrar of Companies for non-filing of Annual Accountsand Returns for financial year 2004-05 to 2006-07 before the Hon ble Court of ChiefJudicial Magistrate of Gwalior. Your Company has filed all its Annual filings and wasincognizant of the said case. The said court case was disposed by the Hon ble ChiefJudicial Magistrate of Gwalior by giving court order dated 27th April 2019 byimposing a penalty of Rs. 40140/- on the Company. The Company has paid the said penaltyand also intimated about the said case to the Registrar of Companies Gwalior and StockExchanges.
40. MAINTENANCE OF COST RECORDS:-
Your company is not required to maintain cost records as specified by the CentralGovernment under Section 148(1) of the Companies Act 2013.
41. SECRETARIAL STANDARDS COMPLIANCE:-
During the year under review the Company has complied with all applicable SecretarialStandards issued by The Institute of Company Secretaries of India and approved by theCentral Government pursuant to Section 118 of the Companies Act 2013.
42. HUMAN RESOURCES:-
The Company treats its "Human Resources" as one of its most important assets.The Company s culture promotes an environment that is transparent flexible fulfillingand purposeful. The Company is driven by passionate and highly engaged workforce. This isevident from the fact that the Company continues to remain the industry benchmark fortalent retention.
Your Company continuously invests in attraction retention and development of talent onan ongoing basis. A number of programs that provide focused people attention are currentlyunderway. The Company thrust is on the promotion of talent internally through job rotationand job enlargement.
During the year under review there was a cordial relationship with all the employees.The Directors would like to acknowledge and appreciate the contribution of all employeestowards the performance of the Company.
43. ACKNOWLEDGEMENTS AND APPRECIATIONS:-
Your Directors would like to express their appreciation for the assistance andco-operation received from the Financial Institutions the Bankers Governmentauthorities customers vendors and shareholders during the year under review. YourDirectors also wish to record their recognition of the customer support and patronage bythe corporate houses in and around Surat.
Your Directors also wish to place on record their deep sense of appreciation for thecommitment displayed by all executives officers and staff which enable the Company todeliver a good all-round record performance.
| ||By order of the Board of Directors |
| ||For PANTH INFINITYLIMITED |
|Place: Surat ||SHWET KORADIYA |
|Date: 14/08/2019 ||Chairman & Director |
| ||(DIN: 03489858) |
404 Navneet Plaza
5/2 Old Palasia