It gives me immense pleasure to write to you at the end of the financial year whichhad its share of opportunities and challenges. The year began with sky-high expectationsof economic recovery resulting from the decisive political mandate but as the yearprogressed it was increasingly evident that the pace of recovery would be much moregradual. Many domestic growth indicators improved during the year helped by theGovernments intent to push reforms and promote investments.
The digital economy is transforming every industry. Consumers have become moreconnected and engagedthey want rich experiences tailored to their needs. And theconvergence of mobile technology social media data analytics and cloud computingrequires organizations to seek new digital strategies to satisfy evolving customerdemands.
In the telecom sector FY15 saw successful auctions for spectrum across 4 bands. Majorincumbent operators participated aggressively to retain their spectrum holdings criticalfor continuity of their operations. Some also managed to garner additional spectrum incertain circles thus consolidating their position. A total of 470.75 MHz of spectrum wasput to auction by DoT out of which 418 MHz was sold. The auctions generated revenues ofRs.1.1 lakh crore for the Government over 70% of which will be paid over a 12 yearperiod.
During the year the Government changed the governance landscape by notifying majorityof the provisions of the Companies Act 2013 and Rules thereunder. Some of the conceptslike evaluation of the performance of Directors and the Board rotation of auditorsincreased responsibility of the Committees ensure higher standards of transparency andaccountability and seek to align the corporate governance practices in India with globalbest practices.
As with any enterprise challenges will arise. It can sometimes be difficult actquickly to changes in the marketplace even when one is looking to preempt them. Obstacleswill emerge however I am confident that given our proven record of innovative solutionsand the skill and professionalism of our teams across the Shyam family any challengeswill be overcome.
The Company carried out its manufacturing operations from the plant situated at UV-246Phase-IV Udyog Vihar Gurgaon. However the Company has vacated the said premises andresolved to outsource the manufacturing operations.
I wish to sincerely thank the entire staff of Shyam family our Shareholders BankersLenders Suppliers and other Stakeholders for their contribution and support over the pastfew years. As we look ahead I hope that the Company will sail over the weak sentiments.