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Siddha Ventures Ltd.

BSE: 530439 Sector: Financials
NSE: N.A. ISIN Code: INE140C01012
BSE 00:00 | 08 Feb 4.75 -0.01
(-0.21%)
OPEN

5.33

HIGH

5.33

LOW

4.26

NSE 05:30 | 01 Jan Siddha Ventures Ltd
OPEN 5.33
PREVIOUS CLOSE 4.76
VOLUME 10249
52-Week high 10.83
52-Week low 4.12
P/E 3.77
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.33
CLOSE 4.76
VOLUME 10249
52-Week high 10.83
52-Week low 4.12
P/E 3.77
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Siddha Ventures Ltd. (SIDDHAVENTURES) - Director Report

Company director report

The Board of Directors hereby submits the report of the business and operations of theCompany and takes pleasure in presenting their 31ST ANNUAL REPORT of the Company togetherwith the Audited Financial Statements for the financial year ended on 31st March 2022.The consolidated performance of the Company and its subsidiaries has also been referred towherever required.

FINANCIAL RESULTS

The financial performance of the company for the financial year ended on 31stMarch 2022 is summarized below:

(Amount in INR.)

Particulars Standalone Accounting Year ended on Consolidated Accounting Year Ended on
31.03.2022 31.03.2021 31.03.2022 31.03.2021
Sales and Other Income 4640 1335040 4640 1335040
Total Expenditure (2999907) (23894736) (2977308) (23859728)
Operating Profit [EBIT] 3004547 25229776 2981948 25194768
Less: Provision for Taxation
- Income Tax Current Year - - - -
- Income Tax Previous Year - - - -
Profit After Taxes 3004547 25229776 2981948 25194768
Add: Defered Taxes - - - -
Net Profit/(Loss) 3004547 25229776 2981948 25194768

(Previous year's figures have been regrouped/reclassified wherever necessary.)

PERFORMANCE REVIEW

Company had a gross total income was Rs. 4640 comprises dividend income of Rs 4640while at the end of the year accumulated a net profit of Rs. 3004547 after expendituresof Rs. (2999907).

STATE OF COMPANY'S AFFAIRS AND FUTURE OUTLOOK

The company is engaged in the business of trading in shares. There is no change in thenature of business in the year concerned.

COVID-19 PANDEMIC AND/OR OUTBREAK OF ANY NEW DISEASE

The COVID-19 pandemic and measures implemented by the authorities to contain it havecreated new challenges. The pandemic also presented primary risks to the health ofemployees and their families while impacting business logistics and supply of contractworkforce.

COVID STRATEGY

Throughout the financial year ended 31st March 2022 the global coronavirus (COVID-19)pandemic caused significant economic and social disruption worldwide. Due to outbreak ofCOVID-19 globally and in India the Company's management has made initial assessment oflikely adverse impact on business and financial risks on account of COVID-19. You will behappy to know that your Company has taken a pro-active approach to keep our assets andpeople safe while ensuring continuity of business.

Most of our operations were continuing during the lockdown period being‘essential' or ‘continuous' in nature.. Accordingly at present the managementdoes not see any medium to long term risks in the Company's ability to continue as a goingconcern and meeting its liabilities as and when they fall due and compliance with thedebt covenants as applicable.

RISK DUE TO OUTBREAK OF COVID-19 PANDEMIC

The Company has considered the possible effects that may result from COVID-19 in thepreparation of these financial statements including the recoverability of carrying amountsof financial and non-financial assets. In developing the assumptions relating to thepossible future uncertainties in the economic conditions because of COVID-19 the Companyhas at the date of approval of the financial statements used internal and externalsources of information and expects that the carrying amount of the assets will berecovered. The impact of COVID-19 on the Company's financial statements may differ fromthat estimated as at the date of approval of the same.

DIVIDEND

Your Directors wish to conserve resources for future expansion and growth of theCompany. The Board of Directors of your company has decided that it would be prudent notto recommend any Dividend for the financial year under review.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION AND CHANGE IN NATURE OFBUSINESS

There have been no material change(s) and commitment(s) except elsewhere stated inthis report affecting the financial position of the Company between the end of thefinancial year of the Company i.e. March 31 2022 and the date of this Report. There hasbeen no change in the nature of business of the Company during the financial year ended onMarch 31 2022.

NOTE & BRIEF DETAILS ON CONSOLIDATION OF ACCOUNTS

Pursuant to Section 129(3) of the Companies Act 2013 (the Act) read with Rule 2A(inserted by the Amendment Notification dated 16th January 2015) of the Companies(Accounts) Rules 2014 the Company is required to prepare consolidated financialstatements of the Company and of all the subsidiaries on and from the financial yearcommencing on 1st April 2015.

The Company's Board of Directors is responsible for the preparation of the consolidatedfinancial statements of the Company its subsidiaries ("the Group") in terms ofthe requirements of the Act and

These consolidated financial statements have been prepared in accordance with theIndian Accounting Standards (referred to as "Ind AS") prescribed under section133 of the Companies Act 2013 read with the Companies (Indian Accounting Standards) Rulesas amended from time to time. The respective Board of Directors of the subsidiarycompanies included in the Group are responsible for the maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theGroup and for preventing and detecting frauds and other irregularities; the selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error which have been used for the purpose ofpreparation of the consolidated financial statements by the Company as aforesaid.

The Consolidated Financial Statements of the Company and the Auditors' Report thereonare enclosed separately with and form part of this Report.

The Consolidated Financial Statements presented by the Company include the financialresults of its subsidiaries.

INTERNAL FINANCIAL CONTROLS

The company has in place adequate internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error which havebeen used for the purpose of preparation of the standalone financial statements by theCompany.

During the year under review such controls were tested and no reportable materialweakness in the design or operation was observed.

DETAILS OF SUBSIDIARY JOINT VENTURE OR ASSOCIATES

SUBSIDIARY:

The Company is having a Subsidiary Company named (M/s. Siddha Midcity Private Limited)in which the company is holding 98.00 % of Shares.

During the year the Board of Directors (‘the Board') reviewed the affairs of thesubsidiaries. In accordance with Section 129(3) of the Companies Act 2013 we haveprepared consolidated financial statements of the Company which forms part of this AnnualReport.

Further a statement containing the salient features of the financial Statement of oursubsidiaries in the prescribed format AOC-1 is appended as Annexure 1 to the Board'sreport. The statement also provides the details of performance and financial positions ofeach of the subsidiaries.

CAPITAL STRUCTURE OF THE COMPANY.

The capital structure of the company as on 31st March 2022:

SHARE CAPITAL AMOUNT (Rs.)
AUTHORIZED SHARE CAPITAL :
i) Equity Shares 11000000 of Rs. 10/- each 110000000
ISSUED/SUBSCRIBED AND PAID UP SHARE CAPITAL
i) Equity Shares 9998000 of Rs. 10/- each 99980000

The Company has not issued any shares with differential rights and hence no informationas per provisions of Section 43 (a) (ii) of the Act read with rule 4(4) of the Companies(Share Capital and Debenture) Rules 2014 is furnished.

The Share Capital of the Company remains unchanged during the year ended on 31stMarch 2022.

BOARD OF DIRECTORS AND KEY MANEGERIAL PERSONNEL

The Company recognizes merit and continuously seeks to enhance the effectiveness of itsBoard. The Company believes that for effective corporate governance it is important thatthe Board has the appropriate balance of skills expertise and diversity of perspectivesBoard appointments will be made on merit basis and candidates will be considered againstobjective criteria with due regards for the benefits of diversity on the Board. The Boardbelieves that such merit based appointments will best enable the Company to serve itsStakeholders. The Board will review this policy on regular basis to ensure itseffectiveness.

A) CHANGES IN DIRECTORS AND KMP

During the year Mr. Pradeep Sethia (DIN: 09058407) was appointed as a non executivedirector of the Company

B) DIRECTORS LIABLE TO RETIRING BY ROTATION.

In accordance with the provisions of Section 152(6) of the Companies Act 2013 and theCompany's Articles of Association Mr. Pradeep Sethia (DIN09058407) Director is liable toretire by rotation at the ensuing Annual General Meeting. The Board of Directors on therecommendation of the Nomination and Remuneration Committee has recommended hisreappointment.

C) KEY MANEGERIAL PERSONNEL

Your Company has the following members as part of their key Management Team:

Mr. Laxmipat Sethia as Managing Director Mr. Siddharth Sethia as Director Mr. PradeepSethia as Director Mr. Sandip Sharma as Independent Director Mr. Jai Prakash Singh asIndependent Director Mrs. Sushma Saraf as Independent Woman Director Ms. Nikita Agarwalas Company Secretary & Compliance Officer and Mr. Sumon Paul as Chief FinancialOfficer.

D) SEPARATE MEETING OF INDEPENDENT DIRECTORS

The Independent Directors met on 16th February 2022 without the attendance 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 ExecutiveDirectors and Non-Executive Directors and assessed the quality quantity and timelinessof flow of information between the Company Management and the Board that is necessary forthe Board to effectively and reasonably perform their duties.

E) DECLARATION OF INDEPENDENT DIRECTORS U/S 149

All the Independent Directors of the Company have given their respective declaration /disclosures under Section 149(7) of the Companies act 2013 read with Companies(Appointment and Qualification of Directors) Rules 2014 and have confirmed that theyfulfil the independence criteria as specified under section 149(6) of the Act and havealso confirmed that they are not aware of any circumstance or situation which exist ormay be reasonably anticipated that could impair or impact their ability to dischargetheir duties with an objective independent judgment and without any external influence.Further the Board after taking these declarations / disclosures on record andacknowledging the veracity of the same concluded that the Independent Directors arepersons of integrity and possess the relevant expertise and experience to qualify asIndependent Directors of the Company and are Independent of the Management.

DIRECTORS' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 134(5) OF THE COMPANIES ACT2013

Pursuant to the requirement under Section 134(5) of the Companies Act 2013 withrespect to Directors' Responsibility Statement it is hereby confirmed:

a) That in the preparation of the annual accounts the applicable accounting standardsaligned with IND AS had been followed along with proper explanation relating to materialdepartures if any.

b) That the Directors had selected such accounting policies aligned as per IND AS andapplied them consistently and made judgments and estimates that are reasonable and prudentso as to give a true and fair view of the state of affairs of the company at the end ofthe Financial Year and of the profit and loss of the company for that period;

c) That the Directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the company and for preventing and detecting fraud and other irregularities;

d) That the Directors had prepared the annual accounts on a going concern basis;

e) That the Directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems are adequate and operatingeffectively;

f) That the Directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and operating effectively.

COMPLIANCE WITH SECRETARIAL STANDARDS

The Company is following the applicable Secretarial Standards issued by the Instituteof Company Secretaries of India and approved by the Central Government under Section118(10) of the Act

AUDIT COMMITTEE

Audit Committee comprises of Mrs. Sushma Saraf as Chairman Mr. Jai Prakash Singh asmember and Mr. Sandip Sharma as Member.

NOMINATION & REMUNERATION COMMITTEE

The provisions relating to constitution of Nomination and Remuneration Committee hasbeen duly complied with to formulate policies relating to various items as prescribedunder various sections of Section 177 of Companies Act 2013. Nomination &Remuneration Committee Comprises of Mrs. Sushma Saraf as Chairman Mr. Jai Prakash Singhas member and Mr. Sandip Sharma as Member.

STAKEHOLDERS RELATIONSHIP COMMITTEE

The provisions relating to constitution of Stakeholders Relationship Committee has beenduly complied with to formulate policies relating to various items as prescribed undervarious sections of Section 177 of Companies Act 2013. Stakeholders RelationshipCommittee Comprises of Mrs. Sushma Saraf as Chairman Mr. Jai Prakash Singh as member andMr. Sandip Sharma as Member.

CORPORATE GOVERNANCE

As per Regulation 15 SEBI (Listing Obligation and Disclosure Requirement) Regulation2015 the paid up share capital of the company is Rs. 99980000/- divided into 9998000Shares and a net worth of Rs. 167482368.00 for the year ended 31.03.2022. As perregulation 15 of Chapter IV of SEBI (LODR) Regulations 2015 the paid up share capital ofthe company is less than Rs. 10 crores and Rs. 25 crores respectively. Thus the provisionsof Corporate Governance are not applicable to the company and a non-applicabilitycertificate is submitted to Calcutta Stock Exchange at quarterly intervals.

AUDITORS

STATUTORY AUDITOR

M/s. K K Chanani & Associates Chartered Accountants (Firm Registration No.322232E) the present statutory auditors of your Company shall hold office till theconclusion of the Annual General Meeting to be held in the year 2024 which was approved inthe AGM held on 27.09.2019

Whereas The Auditors' Report for Financial Year 2022 does not contain anyqualification reservation or adverse remark. The Auditors' Report is enclosed with thefinancial statements in this Annual Report.

SECRETARIAL AUDITOR

Pursuant to Section 204 of the Companies Act 2013 and the rules made there under M/sDash M & Associates. Company Secretaries was appointed as the Secretarial Auditor ofthe Company. The Secretarial Audit Report for the financial year ended March 31 2022 isannexed as "Annexure Addendum To the Annual report " and the auditors havereferred to certain routine matters in their reports and your directors has takeninitiative to resolve the matter with their consultation.

INTERNAL AUDITOR

Pursuant to Section 138 of the Companies Act 2013 and the rules made there underDamle Dhandhania & Co Chartered Accountants was appointed as the Internal Auditor ofthe Company.

COMPANY SECRETARY

Pursuant to Section 203 of the Companies Act 2013 Ms. Nikita Agarwal was appointed asthe Company Secretary to discharge the secretarial functions of the Company.

BOARD'S COMMENT ON THE AUDITORS' REPORT

The observation of the Statutory Auditors when read together with the relevant notesto the accounts and accounting policies are self-explanatory and does not call for anyfurther comment.

BOARD MEETINGS

During the year 6 (six) Board Meetings were convened and held. The intervening gapbetween the meetings was within the period prescribed under the Act and SEBI (LODR)Regulations 2015. The Board of Directors duly met Six (6) times during the financial yearfrom 1st April 2021 to 31st March 2022. The dates on which themeetings were held are as follows: (1) 10th May 2021 (2) 25th June2021 (3) 12th August 2021 (4) 03rd September 2021 (5) 12thNovember 2021 (6) 11th February 2022

PARTICULARS OF EMPLOYEES

No employee draws remuneration in excess of the limits provided in the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014. Rule 5(2) of the saidRules state that the

Board's Report shall include a statement showing the name of every employee who ifemployed throughout the financial year was in receipt of remuneration for that yearwhich in aggregate was not less than Rs. 60 lakhs and if employed for part of thefinancial year was in receipt of remuneration for any part of that year at a rate whichin the aggregate was not less than Rs. 5 lakhs per month.

The Company has not issued or provided any Stock Option Scheme to its employees duringthe year under review. Hence no information as per provisions of Section 62(1) (b) of theact read with Rule 12(9) of the Companies (Share Capital and Debenture) Rules 2014 isfurnished.

DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS KEY MANGERIAL PERSONNEL ANDPARTICULARS OF EMPLOYEES

In accordance with section 178 and other applicable provisions if any of theCompanies Act 2013 read with the Rules issued there under and Regulation 19 of theListing Regulations the Board of Directors have formulated the Nomination andRemuneration Policy of your Company on recommendation of Nomination and RemunerationCommittee.

The information in respect to details of remuneration paid as set out under Section197 of the Companies Act 2013 read with Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 to Directors and Key Managerial Personnel of yourCompany.

PREVENTION OF INSIDER TRADING

The Company has adopted a code of Conduct for Prevention of Insider Trading asprescribed by the SEBI (Prohibition of Insider Trading) Regulations 2015 with a view toregulate trading in securities of the Company by the Directors and designated employeesand their relatives. The code requires pre- clearance for dealing in the Company's sharesand prohibits the purchase or sale of Company's shares by the Directors and the designatedemployees while in possession of unpublished price sensitive information in relation tothe Company and during the period when the trading window is closed. The Board isresponsible for implementation of the code. All the Directors and the designated employeeshave complied with the code during the year under report.

PARTICULARS OF LOANS GURANTEES OR INVESTMENT

Section 186 have been complied by the company as per the provisions laid down by theCompanies Act 2013.

LOANS AND INVESTMENT U/S 186 Details of Loans Guarantee and Investments covered underthe provisions of Section 186 of the Companies Act 2013 read with Companies (Meetings ofBoard and its Powers) Rules 2014 are given in the notes to Financial Statements

ANNUAL RETURN

Annual Return in Form MGT-7 is available on the Company's website the web link for thesame is http://www.siddhaventures.com/downloads/2022/RTA_MGT7_2021-2022_SVL.pdf).

RELATED PARTIES TRANSACTIONS

There are no materially significant related party transactions during the year underreview made by the Company with Promoters Director's or other Designated Persons whichmay have a potential conflict with the interest of the Company at large. Thus Disclosurein Form AOC 2 is not required. However the disclosure of transactions with related partyfor the year as per Accounting Standard -20 Related Party Disclosures is given in Notesto the Balance sheet if any as on 31st March 2022.

During the year the Company had not entered into any contract/arrangement/transactionwith related parties which are considered material in accordance with the policy of theCompany on materiality of related party transactions.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Since the Company's Business does not involve any manufacturing activity most of the

Information required to be provided under Section 134(3)(m) of the Companies Act 2013read with Rule 8(3) of the Companies (Accounts) Rules 2014 are not applicable.

However the information as applicable is given hereunder:

A.) CONSERVATION OF ENERGY:

Information on Conservation of Energy and capital investment thereon as required to bedisclosed in terms of the aforesaid Rules are not given since the Company has not dealt inthose areas. However it has always been endeavor of the Company to reduce the wastages dueto unnecessary consumption of energy and save them for the future consumption.

B) TECHNOLOGY ABSORPTION

Keeping in mind the nature of business carried on by the Company your Directorsbelieve that our research activities and innovations would always help us to prepare forfuture growth & opportunities and provide maximum benefits to the stake-holders. Ourendeavor is to carry out applied research in the areas that are closely related torealization of the business objectives.

C) FOREIGN EXCHANGE EARNINGS AND OUTGO:

The Company has not earned any foreign exchange during the year.

CODE OF CONDUCT

A Code of Conduct has been approved by the Board of Directors which is applicable tothe Members of the Board and all employees in the courses of day to day businessoperations of the Company. The Code has been placed on the Company's websitewww.siddhaventures.com.

The Code lays down the standard procedure of business conduct which is expected to befollowed by the Directors and the designated employees in their business dealings and inparticular on matters relating to integrity in the work place in business practices andin dealing with stakeholders. All the Board members and the senior management personnelhave complied compliance with the Code.

RISK MANAGEMENT & MITIGATION

In view of the nature of business of the Company the Company had all along beenconscious of the risks associated with nature of its business and there is appropriatestructure present so that risks are inherently monitored and controlled. Riskidentification risk assessment and risk Management procedures for all functions of theCompany are reviewed by the Audit Committee and the Board on regular basis. Pursuant tosection 134(3) (n) of the Companies Act 2013 and SEBI (LODR) Regulations 2015 theCompany has formulated risk management policy.

At present the Company has not identified any element of risk which may adverselyaffect functioning of the Company.

ANNUAL EVALUATION OF BOARD'S PERFORMANCE

In compliance with the Schedule IV of the Companies Act 2013 a meeting of theIndependent Directors of the company was held to review and evaluate the performance ofthe Non-Independent Directors and the Chairperson of the Company taking into account theviews of the Executive Directors and non- Executive Directors; assessing the qualityquantity and timeliness of flow information between the Company management and the Boardand also to review the overall performance of the Board. The meeting of the IndependentDirectors of the Company was held on 16th February 2022 wherein the performance of theNon- Independent Directors including the Chairperson and of the Board as a whole wasevaluated.

The Nomination and Remuneration committee also co-ordinates and overseas the annualself-evaluation of the performance of the Board Committees and Individual Directors.

POLICY TO PREVENT SEXUAL HARASSMENT AT WORK PLACE

Our Company is committed to create and maintain an atmosphere in which employees canwork together without fear of Sexual Harassment Exploitation or intimidation .As requiredunder the Provisions of Sexual Harassment of Women at Workplace (Prevention Prohibition& Redressal) Act 2013 your Company has constituted an Internal Complaints Committee(ICC). No complaints were received by the committee during the year under review. Sincethe number of complaints filed during the year was NIL the Committee prepared a NILcomplaints report. This is in compliance with section 22 of the Sexual Harassment of Womenat Workplace (Prevention Prohibition and Redressal) Act 2013.

PARTICULARS OF DEPOSITS:

During the year under review your Company has not accepted any deposits from thepublic falling under Section 73 of the Act read with the Companies (Acceptance ofDeposits) Rules 2014. Thus as on 31st March 2022 there were no deposits which wereunpaid or unclaimed and due for repayment.

AMOUNTS TRANSFERRED TO RESERVES

During the financial year under report your Directors do not propose to create anyspecific Reserve(s).

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The requirement of implementation of CSR activity is presently not applicable to theCompany.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report for the year under review as stipulatedunder the Securities and Exchange Board of India (Listing Obligations and DisclosureRequirements) Regulations 2015 forms part of the Annual Report.

ISSUE OF SHARES/BUY BACK/EMPLOYEES STOCK OPTION SCHEME/SWEAT EQUITY

a) The Company has not issued shares with differential voting rights hence noinformation as per provisions of Section 43(a)(ii) of the act read with Rule 4(4) of theCompanies (Share Capital and Debenture) Rules 2014 is furnished;

b) The Company has not issued any Sweat Equity Share during the year under report andhence no information as per provisions of Section 54(1) (d) of the act read with Rule8(13) of the Companies (Share Capital and Debenture) Rules 2014 is furnished;

c) The Company has not issued or provided any Stock Option Scheme to its employeesduring the year under review hence no information as per provisions of Section 62(1) (b)of the act read with Rule 12(9) of the Companies (Share Capital and Debenture) Rules 2014is furnished.

d) The Company has not bought back any of its shares and hence no information as perprovision of Section 67(3) of the act read with Rule 16(4) of the Companies (Share Capitaland Debenture) Rules 2014 is furnished;

DEMATERIALISATION OF SHARES.

77.14% approximate of the Company's paid up Equity Share Capital of the Company is indematerialized form as on 31st March 2022 and balance 22.86% is in physicalform. The Company's Registrar and Share Transfer Agent is M/s. C. B. Management Services(P) Ltd having its registered office at P-22 Bondel Road Kolkata-700 019.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

In pursuance to provisions of section 177(9) & (10) of the Companies Act 2013 aVigil Mechanism for Directors and Employees to report genuine concerns has beenestablished. The purpose of the policy is to allow employees to raise concerns aboutunacceptable improper or unethical practices being followed in the organization. Theywill be protected against any adverse action and/ or discrimination as a result of such areporting provided it is justified and made in good faith. The Chairman of the AuditCommittee has been designated for the purpose.

The policy on the aforesaid mechanism is available in the Company's website (weblink:http://www.siddhaventures.com/links.html)

STATUTORY & LEGAL MATTERS

The Company has no significant and/or material order (s) passed by anyregulators/Courts/Tribunals impacting the going concern status and the Company'soperations in future.

ACKNOWLEDGEMENTS

The Directors take opportunity to express their grateful appreciation for the excellentassistance and cooperation received from the banks and other authorities. The Directorsalso thank the employees of the Company for their valuable service and support during theyear. The Directors also gratefully acknowledge with thanks the cooperation and supportreceived from the shareholders of the Company.

For and on behalf of the Board
Date: 25.05.2022
Place: Kolkata
SD/- SD/-
SIDDHARTH SETHIA LAXMIPAT SETHIA
DIRECTOR MANAGING DIRECTOR
DIN: 00038970 DIN: 00413720

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