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Sastasundar Ventures Ltd.

BSE: 533259 Sector: Financials
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OPEN 484.40
VOLUME 12192
52-Week high 575.00
52-Week low 97.00
Mkt Cap.(Rs cr) 1,461
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Sell Price 0.00
Sell Qty 0.00
OPEN 484.40
CLOSE 477.50
VOLUME 12192
52-Week high 575.00
52-Week low 97.00
Mkt Cap.(Rs cr) 1,461
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sastasundar Ventures Ltd. (SASTASUNDR) - Director Report

Company director report


Dear Members

Your Directors are pleased to present the Thirty- rst (31st) Annual Report togetherwith Audited Annual Fifinancial Statements (including Audited Consolidated FifinancialStatements) of the Company for the Fifinancial Year ended 31st March 2020.


(Rs. in lacs)


Parculars FY 2019-20 FY 2018-19 FY 2019-20 FY 2018-19
Total Revenue 0.97 136.60 38543.71 21973.65
Pro t/(Loss) before Interest Depreciaon & Tax (45.79) 61.22 (5 225.09) (3381.90)
Less: Depreciaon 18.48 20.70 490.19 597.23
Less: Interest 1.12 - 70.17 195.99
Pro t/(Loss) before Tax and Exceponal Item (65.39) 40.52 (5785.45) (4175.12)
Exceponal Item 128.58 18.12 28.58 -
Pro t /(Loss) before Tax 63.19 58.64 (5756.87) (4175.12)
Less: Tax Expenses
- Current Tax - 24.17 8.17 28.13
- Adjustment of tax relang to earlier periods (0.38) (1.08) (0.67) (0.27)
- Deferred Tax - - 551.24 83.12
Pro t/(Loss) a er Tax 63.57 35.55 (5213.13) (4286.10)
Other Comprehensive Income
(a) Items that will be not reclassi ed subsequently to pro t or loss (net of tax)
Remeasurement gain/loss on de ned bene t plans (net of tax) (0.18) (2.66) (23.77) (4.88)
(b) Items that will be reclassi ed subsequently to pro t or loss (net of tax)
Other Comprehensive Income (0.18) (2.66) (23.77) (4.88)
Total Comprehensive Income 63.39 32.89 (5236.90) (4290.98)
Pro t/ (Loss) for the year aributable to
Owner of the company 63.57 35.55 (3879.44) (3755.70)
Non-controlling Interest - - (1333.69) (530.40)
Total Comprehensive income for the period aributable to
Owner of the company 63.39 32.89 (3903.21) (3760.58)
Non-controlling Interest - - (1333.69) (530.40)

Consolidated Fifinancial Statements

As required under SEBI (Lisng Obligaons & Disclosure Requirements) Regulaons 2015and in accordance with the Indian Accounng Standard AS-21 Consolidated FifinancialStatements of the Company and its subsidiaries form part of the Annual Report and are reected in the consolidated financial statements of the Company. These statements have beenprepared on the basis of audited financial statements received from the subsidiarycompanies as approved by their respecve Boards.


The Board of Directors do not recommend any dividend for the financial year 2019-20.


The Company has not transferred any amount to the General Reserve Account during thefinancial year ended 31st March 2020.


The Company entered in to a Share Purchase Agreement (SPA) with Genu Path Labs Limitedand Sastasundar Healthbuddy Limited on 5th March 2019. In terms of such SPA the Companyhas sold the investment in Genu Path Labs Limited to Sastasundar Healthbuddy Limited for aconsideraon of Rs. 6.00 crores. The enre transacon had been completed on 9th April 2019.


The outbreak of Coronavirus (COVID-19) pandemic globally and in India is causing signicant disturbance in financial s market. On 11th March 2020 the COVID-19outbreak was declared a global pandemic by the World Health Organisaon (WHO). It has alsoresulted in signi cant disrupon in global and indian economic acvies. The situaon has beenunder close watch by the company to take prompt acons for connuity of the business in theopmised manner. The company believe that impact of this outbreak will not be signi cant onits business and financial posion.

On a standalone basis the revenue of your Company is Rs 0.97 Lacs as against Rs.136.60 Lacs during the previous year. EBIDTA for the current year is Rs (45.79) Lacs ascompared to EBIDTA of Rs. 61.22 Lacs during the previous financial year. The net pro t forthe year under review is Rs 63.57 Lacs as against Rs. 35.55 Lacs in the previous year.

On a consolidated basis the revenue of your Company stood at Rs. 38453.71 Lacs asagainst Rs. 21973.65 Lacs during the previous year. The EBIDTA for the current year isRs. (5225.09) Lacs as compared to EBIDTA of Rs. (3381.90) Lacs during the previousfinancial year. The net loss for the year under review is Rs. 5213.13 Lacs as againstloss of Rs. 4286.10 Lacs in the previous year.


During the year under review the Company has neither accepted nor renewed any depositsfrom the public within the meaning of Secon 73 of the Companies Act 2013 read withCompanies (Acceptance of Deposits) Rules 2014.


The paidup Equity share capital of the Company as at 31st March 2020 stood at Rs.31.81 crores divided into 31810500 equity shares of face value of Rs. 10 each. There hasbeen no change in the Authorised and Paid-up Share Capital of the Company during the yearunder review. A) Issue of equity shares with di erenal rights : The Company did not issueequity shares with with di erenal vong rights during the financial year 2019-20.

B) Issue of sweat equity shares: The Company did not issue sweet equity shares duringthe financial year 2019-20. C) Issue of employee stock opons: The Company did not issue stock opons during the financial year 2019-20. D) Provision of money by Company for purchaseof its own shares by employees or by trustees for the bene t of employees: The Companydoes not have a scheme for purchase of its own shares by employees or by trustees for thebene t of employees.


There has been no change in the nature of business of the Company during the financialyear ended 31st March 2020.


Details of Loans Guarantees and Investments covered under the provisions of Secon 186of the Companies Act 2013 are given in the notes to the Fifinancial Statements.


No material changes and commitments a ecng the financial posio n of your Company haveoccurred between the end of the financial year of the Company to which financialstatements relates and the date of this report.


There were no signi cant and material orders passed by the Regulators or Courts orTribunals during the year impacng the going concern status and the operaons of the Companyin future.


Pursuant to the applicable provisions of the Companies Act 2013 read with the IEPFAuthority (Accounng Audit Transfer and Refund) Rules 2016 ("the IEPF Rules")all dividends remaining unpaid or unclaimed for a period of seven years are required to betransferred by the Company to the IEPF established by the Government of India. Furtheraccording to the Rules the shares on which dividend has not been paid or claimed by theshareholders for seven consecuve years or more shall also be transferred to the demataccount of the IEPF Authority.

During the year the Company has transferred the unclaimed and unpaid dividends of Rs.106951/- to IEPF. Further 15814 corresponding shares on which dividends were unclaimedfor seven consecuve years were transferred to IEPF as per the requirements of the IEPFRules. The Company has uploaded the details of unpaid and unclaimed amounts lying with theCompany on the Company's website at


Your Company's Internal Control Systems are commensurate with the nature size andcomplexity of its business and ensure proper safeguarding of assets maintaining properaccounng records and providing reliable financial informaon. The Audit Commiee have laiddown internal financial controls to be followed by the Company and such policies andprocedures have been adopted by the Company for ensuring the orderly and e cient conductof its business including adherence to Company's policies the safeguarding of itsassets the prevenon and det econ of frauds and errors the accuracy and completeness ofthe accounng records and the mely preparaon of reliable financial informaon.

An external independent rm carries out the internal audit of the Company operaons andreports to the Audit Commiee on a regular basis. Internal Audit provides assurance onfunco ning and quality of internal controls along with adequacy and e ecveness throughperiodic reporng.


As on March 31 2020 the Company has ten subsidiaries (both direct and step down).

In accordance with Secon 129(3) of the Companies Act 2013 the Company has preparedconsolidated financial statements of the Company and all its subsidiaries forms part ofthe Annual Report. Further a statement containing the salient features of the financialstatements of each of the subsidiaries in the prescribed format Form AOC-1 forms part ofthe Annual Report. The annual accounts of the subsidiary companies will be made availableto the shareholders on request and will also be kept for inspecon by the shareholders atthe registered o ce of your Company. Further as per secon 136 of the Companies Act 2013the audited financial statements including the consolidated financial statements andrelated informaon of the Company are available at our website at Policy has been formulated for determining the Material Subsidiaries of the Companypursuant to Regulaon 46 of the SEBI (Lisng Obligaons and Disclosure Requirements)Regulaons 201 5 [hereina er referred to as "SEBI (LODR) Reg 2015"]. The saidPolicy has been posted on the Company's website at the hp://

The Company does not have any Joint Venture or Associate Company as per the provisionsof the Companies Act 2013.

BOARD OF DIRECTORS: a) Directors and Key Managerial Personnel

As per the provisions of the Companies Act 2013 Mrs. Abha Mi al (DIN: 00519777) reresby rotaon at the ensuing Annual General Meeng and being eligible o ers herself forre-appointment. Your Directors recommended the re-appointment of Mrs. Abha Mial asDirector.

During the year Dr. Saibal Chandra Pal (DIN: 00518330) who was appointed as anAddional Director (Independent) w.e.f. 1st April 2019 has resigned from the o ce ofIndependent Directorship with e ect from 19th August 2019 due to some other professionalengagement. The Board of Directors of the Company on 24th July 2019 on the recommendaonof Nominaon and Remuneraon Commiee have appointed Mr. Bimal Kumar Patwari (DIN: 00552793) as an Addional Director of the Company categorized as Independent Director in terms ofSecon 161 of the Companies Act 2013 ll the ensuing Annual General Meeng. The members atthe Annual General Meeng held on 30th September 2019 has appointed Mr. Bimal KumarPatwari as an Independent Director w.e.f. 24th July 2019 upto the conclusion of 33rdAnnual General Meeng of the Company. Further the members of the Company at the AnnualGeneral Mee ng held on 30th September 2019 has re-appointed Mr. Rajeev Goenka (DIN:03472302) as an Independent Non-Execuve Director for second term from 26th May 2020 uptothe conclusion of 32nd Annual General Meeng of the Company. The members at the said meenghave also approved the connuaon of Directorship of Mr. Parimal Kumar Cha araj (DIN:00893963) in terms of Regulaon 17(1A) of SEBI (Lisng Obligaons and DisclosureRequirements) Regulaons 2015 for the remaining period of his exisng term of directorshipas an Independent Director.

None of the Directors of the Company are disquali ed for being appointed as Directorsas speci ed in secon 164(2) of the Companies Act 2013 and Rule 14(1) of the Companies(Appointment and Quali caon of Directors) Rules 2014. Further in the opinion of theBoard the Independent Directors also possess the aributes of integrity experse andexperience as required to be disclosed under Rule 8(5)(iiia) of the Companies (Accounts)Rules 2014.

The details of Director being recommended for re-appointment as required under the SEBI(Lisng Obligaons and Disclosure Requirements) Regulaons 2015 are contained in theaccompanying Noce convening the ensuing Annual General Meeng of the Company. AppropriateResoluon(s) seeking your approval to the re-appointment of Director are also included inthe Noce.

During the year under review Mrs. Manisha Sethia has been appointed as ChiefFifinancial O cer with e ect from 14th September 2019 in place of Mr. Deepak KumarAgarwal who has resigned from the post of Chief Fifinancial O cer with e ect from 13thSeptember 2019.

Pursuant to Secon 203 of the Companies Act 2013 the Key Managerial Personnel of theCompany are Mr. Banwari Lal Mial Managing Director Mrs. Manisha Sethia ChiefFifinancial O cer and Mr. Biplab Kumar Mani Company Secretary.

b) Declaraon by the Independent Director(s)

All the Independent Directors have furnished the requisite declaraons that they meetthe independence criteria as laid down under secon 149(6) of the Companies Act 2013 readwith the rules made thereunder and Regulaon 16(1)(b) of the SEBI (LODR) Reg 2015.Further the Board of Directors has taken on record the declaraon and con rmaon submied bythe Independent Director under regulaon 25(8) a er assessing i ts veracity. TheIndependent Directors have complied with the code for Independent Director as prescribedunder Schedule IV of the Companies Act 2013.

c) Familiarizaon Programme undertaken for Independent Director

In terms of Regulaon 25(7) of the SEBI (LODR) Reg 2015 your Company is required toconduct Familiarisaon Programme for Independent Directors to familiarise them about yourCompany including nature of Industry in which your company operates business modelresponsibilies of the Independent Directors etc. Further pursuant to Regulaon 46 of theSEBI

(LODR) Reg 2015 your Company is required to disseminate on its website details offamiliarizaon programmes imparted to the Independent Directors including the Details ofthe same. During the year the Company has organised one familiarisaon Programme of theIndependent Directors. The details of the familiarisaon programme of Independent Directorsare provided in the Corporate Governance Report. The link to the details of familiarizaonprogrammes imparted to the Independent Directors is hp://

d) Board Evaluaon

The Nominaon and Remuneraon Commiee of the Company has form ulated and laid downcriteria for Performance evaluaon of the Board (including Commiees) and every director(including Independent Directors) pursuant to the provisions of Secon 134 Secon 149 readwith the code of Independent Director (Schedule IV) and Secon 178 of the Companies Act2013 read with Rules framed thereunder and Regulaon 19(4) read with Part D of Schedule IIof SEBI (LODR) Reg 2015.

For annual evaluaon of the Board as a whole its Commiee(s) and Individual Directorsincluding the Chairman of the Board the Company has formulated a quesonnaire to assist inevaluaon of the performance. The manner in which the evaluaon has been carried out hasbeen explained in the Corporate Governance Report.

During the year under review the Independent Directors of the Company reviewed theperformance of Non-independent Directors the board as a whole and the chairperson of theCompany taking into account the views of execuve and non-execuve directors. e)Remuneraon Policy

The Board has on the recommendaon of the Nominaon & Remuneraon Commiee adopted theRemuneraon Policy which inter alia includes policy for selecon and appointment ofDirectors Key Managerial Personnel Senior Management Personnel and their remuneraon. Theremuneraon policy of the Company aims to aract retain and movate quali ed people at theExecuve and at the Board levels. The remuneraon policy seeks to employ people who not onlyful ll the eligibility criteria but also have the aributes needed to t into the corporateculture of the Company. The said Policy has been disclosed in the Corporate GovernanceReport which forms part of this Annual Report.


a) Board of Directors

The Board meets at regular intervals to discuss and decide on business policy andstrategy apart from other Board business. However in case of special and urgent businessneed the Board's approval is taken by passing resoluons through circulaon as permied bylaw which are con rmed in the subsequent Board meeng. During the year under review fourBoard Meengs were convened and held on 22nd May 2019 13th September 2019 13thDecember 2019 and 14th February 2020 the details of which are given in the CorporateGovernance Report. The intervening gap between the Meengs was within the period prescribedunder the Companies Act 2013 as well as the SEBI (LODR) Reg 2015.

b) Audit Commiee

The composion number of meengs held and a ended and terms of reference of the AuditCommiee has been furnished in the Corporate Governance Report forming a part of thisAnnual Report. There has been no instance where the Board has not accepted therecommendaons of the Audit Commiee.

c) Nominaon and Remuneraon Commiee

The composion number of meengs held and a ended and terms of reference of the Nominaonand Remuneraon Commiee has been furnished in the Corporate Governance Report forming apart of this Annual Report.

d) Stakeholders Relaonship Commiee

The composion number of meengs held and a ended and terms of reference of theStakeholders Relaonship Commiee has been furnished in the Corporate Governance Reportforming a part of this Annual Report.

e) Investment Commiee

The composion number of meengs held and a ended and terms of reference of theInvestment Commiee has been furnished in the Corporate Governance Report forming a part ofthis Annual Report.

f) Separate Meeng of Independent Directors

The Independent Directors met on 13th December 2019 without the a endance ofNon-Independent Directors and members of the Management. The Independent Directorsreviewed the performance of Non-Independent Directors and the Board as a whole theperformance of the Chairman of the Company taking into account the views of ExecuveDirector and Non-Execuve Directors and assessed the quality quanty an d meliness of ow ofinformaon between the Company Management and the Board that is necessary for the Board toe ecvely and reasonably perform their dues.

AUDITORS (a) Statutory Auditors

M/s. Singhi & Co. Chartered Accountants (Firm registraon No. 302049E) theStatutory Auditors of the Company have been appointed as Statutory Auditors of the Companyby the Members of the Company ll the conclusion of 33rd Annual General Meeng of theCompany to be held in the calendar year 2022.They have con rmed that they are not disqualied from connuing as Statutory Auditors of the Company for financial year 2020-21.

M/s. Singhi & Co. Chartered Accountants (Firm registraon No. 302049E) theStatutory Auditors have submied their Independent Auditor Report for the financial yearended 31st March 2020 and they have made no quali caon reservaon observaon or adverseremarks or disclaimer in their report.

(b) Secretarial Auditor

Pursuant to the provisions of Secon 204 of the Companies Act 2013 read withcorresponding Rules framed thereunder M/s MKB & Associates a rm of CompanySecretaries were appointed as the Secretarial Auditors of the Company to carry out thesecretarial audit for the year ending 31st March 2020.

Annual Secretarial Audit Report

In terms of Secon 204 of the Companies Act 2013 and Regulaon 24A of the SEBI (LODR)Reg 2015 a Secretarial Audit Report given by the Secretarial Auditors in Form No. MR-3is annexed with this Report as "Annexure- I". There are no quali caonsreservaons or adverse remarks made by Secretarial Auditors in their Report.


During the financial year 2019-20 your Company has entered into transacons withrelated pares as de ned under Secon 2(76) of the Companies Act 2013 read with Companies(Speci ca on of De nions Details) Rules 2014 which were in the ordinary course ofbusiness and on arms' length basis and in accordance with the provisions of the CompaniesAct 2013 Rules issued thereunder and SEBI (LODR) Reg 2015. During the financial year2019-20 there were no transacons with related pares which quali es as material transaconsunder the Lisng Regula ons. Thus a disclosure in Form AOC-2 in terms of Secon 134 of theCompanies Act 2013 is not required.

All Related Party Transacons are placed before the Audit Commi ee and also before theBoard for approval. Omnibus approval was obtained on a yearly basis for transacons whichwere of repeve nature. Transacons entered into pursuant to omnibus approval of all theRelated Party Transacons are placed before the Audit Commiee and the Board for review andapproval on a quarterly basis.

The Company has formulated a policy on related party transacon s for purpose of idencaon and monitoring of such transacons. The said policy on related party transacons asapproved by the Board is posted at the Company's website at the weblink hp://


The informaon relang to conservaon of energy technology abs orpon foreign exchangeearnings and outgo as per secon 134(3)(m) of the Companies Act 2013 read with Rule 8 ofthe Companies (Accounts) Rules 2014 is annexed herewith as "Annexure - II".


Disclosures pertaining to remuneraon and other details as required under Secon 197(12)of the Companies Act 2013 read with Rule 5(1) of the Companies (Appointment andRemuneraon of Managerial Personnel) Rules 2014 is annexed to this Report as"Annexure - III" and forms part of the Report.


Pursuant to sub-secon 3(a) of Secon 134 and sub-secon (3) of Secon 92 of the CompaniesAct 2013 read with Rule 12 of the Companies (Management and Administraon) Rules 2014the extract of the annual return in Form No. MGT - 9 is included in this report as"Annexure - IV" and forms an integral part of this report.

The Annual Return of the Company will be available at the web address of the Company


The Company has adopted a Whistle Blower Policy to provide a formal mechanism to theDirectors and Employees to report their concern about unethical behaviour actual orsuspected fraud or violaon of the Company's Code of Conduct or ethics policy. The policyprovides for adequate safeguards against vicmizaon of employees who avail of the mechanismand also provides for direct access to the Chairman of the Audit Commiee. The de tails ofthe Whistle Blower Policy is explained in the Corporate Governance Report and also postedon the website of the Company at the weblink hp://

During the year under review no complaints have been received/reported.


The provisions relang to the Corporate Social Responsibility ("CSR") are notapplicable to the Company.


Your Company has adopted a Code for Prevenon of Insider Trading with a view to Regulatetrading in equity shares of the Company by the Directors and designated employees of theCompany. The said Code of Conduct is available on the website of the Company at Code requires preclearance for dealing in Company's shares and prohibit the purchaseor sale of shares in your company by the Directors and designated employees while theyare in possession of unpublished price sensive informaon and also during the perio d whenthe Trading Window remains closed.


The Company is commied to maintain the highest standards of co rporate governance andadhere to the corporate governance requirements as set out by SEBI. The Company has alsoimplemented several best corporate governance pracces. The report on Corporate Governanceand Management Discussion & Analysis Report as spulated under Schedule V of the SEBI(LODR) Reg 2015 forms an integral part of this report.


In Compliance with the provisions of Regulaon 34 of the SEBI (LODR) Reg 2015 read withSchedule V of the said Regulaons the Corporate Governance Cer cate issued by the PraccingComp any Secretaries M/s MKB & Associates Company Secretaries regarding compliancewith the condions of Corporate Governance as spulated is annexed to this report. YourCompany has taken adequate steps for strict compliance with the Corporate Governanceguidelines as amended from me to me.


The Company has complied with Secretarial Standard on Meengs of the Board of Directors(SS-1) and General Meengs (SS-2) issued by the Instute of Company Secretaries of Indiaduring the year under review.


Your Company is listed with BSE Ltd. and Naonal Stock Exchange of India Ltd. and theCompany has paid the Lisng Fees to both the exchanges on me.


As required under Regulaon 17(8) of the SEBI (LODR) Reg 2015 the CEO/CFO cer caon hasbeen submied to the Board and a copy thereof is contained elsewhere in this Annual Report.


Your Company's risk management strategy strives to balance the trade-o between risk andreturn and ensure opmal risk-adjusted return on capital and entails independent iden caon measurement and management of risks across the various businesses of your Company.

The Company has formulated a Risk Assessment & Management Policy which idenfyevaluate business risks and opportunies. The risk management system of the Company isreviewed by the Audit Commiee and the Board of Directors on a regular basis. During theyear no major risks were noced which may threaten the existence of the company.

The details of the same are covered in the Corporate Governance Report forming part ofthe Board's Report.


The Directors acknowledges the responsibility for ensuring compliances with theprovisions of secon 134(3)(c) read with seco n 134(5) of the Companies Act 2013 andprovisions of the SEBI (LODR) Reg 2015 and in the preparaon of the annual accounts forthe year ended 31st March 2020 states that

(a) in the preparaon of the annual accounts the applicable accounng standards had beenfollowed along with proper explanaon relang to material departures;

(b) they have selected such accounng policies and applied them consistently and madejudgments and esmates that are reasonable and prudent so as to give a true and fair viewof the state of a airs of the company at the end of the financial year and of the pro t ofthe company for the year;

(c) they have taken proper and su cient care for the maintenance of adequate accounngrecords in accordance with the provisions of this Act for safeguarding the assets of thecompany and for prevenng and detecng fraud and other irregularies;

(d) the annual accounts have been prepared on a going concern basis;

(e) they have laid down internal financial controls to be followed by the Company andthat such internal financial controls are adequate and were operang e ecvely; and

(f) proper systems had been devised to ensure compliance with the provisions of allapplicable laws and that such systems were adequate and operang e ecvely.


In the wake of outbreak of Covid-19 Ministry of Corporate A airs (MCA) vide circularsdated April 8 2020 and April 13 2020 and SEBI vide its SEBI/HO/CFD/CMD1/CIR/P/2020/79dtd. May 12 2020 has dispensed with the requirement of prinng and despatching AnnualReports to its members for the FY 2019-20. Hence this year Company will only be sendingAnnual Reports in the electronic mode.


Our employees are our core resource and the Company has connuo usly evolved policies tostrengthen its employee value proposion. Your Company was able to aract and retain besttal ent in the market and the same can be felt in the past growth of SastaSundar Group.The Company is constantly working on providing the best working environment to its HumanResources with a view to inculcate leadership autonomy and towards this objecve yourcompany spends large e orts on training. Your Company shall always place all necessaryemphasis on connuous development of its Human Resources. The belief "great peoplecreate great organizaon" has been at the core of the Company's approach to itspeople.


Your Company is commied to provide a safe and secure environme nt to its womenemployees across its funcons as they are considered as integral and important part of theOrganisaon. Your company has in place an An-Sexual Harassment Policy in line with therequirements of the Sexual Harassment of Women at Workplace (Prevenon Prohibion &Redressal) Act 2013. In terms of provisions of Sexual Harassment of Women at Workplace(Prevenon Prohibion and Redressal) Act 2013 and Rules framed thereunder your Companyhas duly adopted a Policy and has also complied with the provisions relang to the constuonof Internal Complaints Commiee (ICC).

There was no case of sexual harassment reported during the year under review.


This Fifinancial Year has seen the outbreak of a global pandemic which has send tremorsin all sectors of the economy. Your Company is no excepon and is ghng the adversies. Yetthe t rust that it has gained over the years has been of immense addional support.

Your Directors take this opportunity to thank the Regulatory and Government AuthoriesBankers Business Associates Shareholders and the Customers of the Company for theirconnue d support to the Company. The Directors express their deep sense of appreciaontowards all the employees and sta of the Company and wish the management all the best forachieving

For and on behalf of the Board

Banwari Lal Mial

Chairman & Managing Director

DIN: 00365809

Date: June 29 2020 Place: Kolkata