To,
The Shareholders, Velox Industries Limited
Your Directors are delighted to present the 40th Annual Report on Company's
Business Operations along with the Audited Financial Statements for the financial year
ended 31st March 2023.
FINANCIAL SUMMARY
The Standalone Financial Results of the Company for the year ended 31st
March, 2023 are as follows:
| Particulars |
Financial Year Ended31st March, 2023 |
Financial Year Ended 31st March 2022 |
| Income from operations |
- |
- |
| Other Income |
- |
- |
| Less : Expenses |
15.36 |
4.25 |
| Profit Before Tax |
(15.36) |
(4.25) |
| Income Tax |
|
|
| Profit After Tax |
(15.36) |
(4.25) |
OPERATIONS
During the financial year 2022-23, the Company has suffered a loss of Rs. 15.36 Lakhs
against loss of Rs 4.25 Lakhs during previous financial year 2022-23.
During the financial year 2022-23, the Company has not conducted any major business
activity.
DIVIDEND
In the absence of adequate profits during the financial year 2022-23, the Board does
not recommend any Dividend for the financial year 2022-23.
RESERVES
During the financial year, there was no amount proposed to be transferred to the
reserves.
CHANGE IN CAPITAL STRUCTURE AND LISTING OF SHARES
The paid up equity share capital of the Company as on 31st March, 2023 was Rs. 797.40
Lakhs consisting of total 79,74,000 equity shares of Rs. 10/- each. During the year under
review there was no Change in Capital Structure and Listing of Shares. During the year
Company has increased its Authorized Share Capital from Rs. 1,00,00,000/- (One Crore only)
divided into 10,00,000 (Ten Lakh only) equity shares of Rs. 10/- (Ten only) each to Rs.
13,00,00,000/- (Thirteen Crore only) divided into 1,30,00,000 (One crore Thirty Lakh)
equity shares of Rs. 10/- (Ten only) each by the creation of additional 12,00,00,000
(Twelve Crore only) equity shares of Rs. 10/- (Ten only) each. Necessary approval of the
shareholders of the Company has already been taken via postal ballot (through e-voting)
and the e-voting result has been intimated to Stock exchange on 05th August,
2022.
1. Issue of equity shares with differential rights:
During the year, company has not issued any equity shares with differential rights.
2. Issue of employee stock options:-
During the year, company has not issued employee stock options.
3. Provision of money by company for purchase of its own shares by employees or by
trustees for the benefit of employees:-
During the year, company has not made any Provision of money for purchase of its own
shares by employees or by trustees for the benefit of employees.
4. Bonus Shares:-
During the year under review, the Company had not issued any bonus shares.
5. Issue of Shares on Preferential Basis:
During the FY 2022-23, the Company raised funds through private placement basis, by
issue and allotment of Equity shares of 76, 25,000 face value of Rs. 10 each aggregating
to Rs.7,62,50,000 which have not been utilized yet during year.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
During The Year, Following Were the Changes in Directors/ Key Managerial Personnel:
1. Ms. Rashi dewan has resigned as an Independent Director with effect from 03rd
January, 2023.
2. Mr. Prabhat Khurana has resigned as an Independent Director with effect from 07th
February,2023
3. Mr. Lalit Goyal has resigned as a Chief Finance Officer with effect from 07th
December, 2022 Mr. Vishal Kothari has appointed as a Chief Finance Officer with effect
from 08th
December, 2022.
4. Mr. Abhay Sharma has resigned as a Company Secretary and Compliance officer with
effect from 10th December,2022 and Mr. Ebrahim Saifuddin Nimuchwala has
appointed as an Company Secretary officer with effect from 01st January,2023
5. The Board of Directors at its meeting held on 07th February, 2023, on the
recommendation by Nomination and Remuneration Committee, has approved the appointment of
Ms. Shobha Rustagi and Ms. Vani Alva as Additional Independent Director.
6. Ms. Shobha Rustagi and Ms. Vani Alva has resigned with effect from 06th
May, 2023. After the financial year end and up to the date of the Report, following were
the changes:
1. The Board of Directors at its meeting held on 25th May 2023, on the
recommendation by Nomination and Remuneration Committee, has approved the appointment of
Ms. Shobha Rustagi and Ms. Vani alva as Additional Independent Director for further period
of five years with effect from 25th May 2023 to 25th May 2028,
subject to approval of the shareholders at the 40th Annual General Meeting.
2. Mr. Vijay Bhutna has resigned as a Managing Director of the Company with effect from
with effect from 25th May 2023, Mr. Debashis Mukherjee has been appointed as a
Managing Director of the Company with effect from with effect from 25th May
2023.
3. Mr. Sanjiv Jain has resigned as a Non-Executive Director with effect from 25th
May 2023.
4. Mr. Sushil Dattatraya has appointed as a Non-Executive Director and Chairman of the
Company with effect from 25th May 2023.
Pursuant to the provisions of Section 152 of the Act, Mr. Sushil Dattatraya Directors
will retire by rotation at the ensuing Annual General Meeting and being eligible, offer
himself for re-appointment. The Board recommends his re-appointment.
The Company has received necessary declaration from all the Independent Directors under
Section 149(7) of the Companies Act, 2013, confirming that they meet the criteria of
independence as laid down in Section 149(6) of the Companies Act, 2013 and the Listing
Regulations. Further, in the opinion of the Board, the independent Directors also possess
the attributes of integrity, expertise and experience as required to be disclosed under
Rule 8 (5) (iii) of the Companies (Accounts) Rules, 2014. The Company has also received
from them declaration of compliance of Rule 6(1) & (2) that they have registered
themselves with databank of Independent Directors as maintained by Ministry of Corporate
Affairs.
Details and brief resume of the Director seeking reappointment required by Regulation
26 (4) and 36(3) of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (‘Listing Regulations') and as required
under Secretarial Standards 2 on General Meetings issued by “The Institute of Company
Secretaries of India” are furnished in the Notice convening the Annual General
Meeting forming part of the Annual Report.
DECLARATION OF INDEPENDENT DIRECTORS
Ms. Shobha Rustagi and Ms. Vani Alva, who are Additional independent directors, have
submitted declaration that each of them meets the criteria of independence as provided in
Section 149(6) of the Companies Act 2013 and SEBI (LODR) Regulations and there has been no
change in the circumstances which may affect their status as independent directors during
the year.
FAMILIARISATION PROGRAMME FOR THE INDEPENDENT DIRECTORS
In compliance with the requirements of Regulation 25(7) of the Listing Regulations, the
Company has put in place a Familiarisation Programme for the Independent Directors to
familiarise them with the Company, their roles, rights, responsibilities in the Company,
nature of the industry in which the Company operates, business model etc. The details of
the Familiarization Programme conducted are available on the website of the Company:
http://veloxindustriesltd.in/
EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS
During the year, annual performance evaluation of the Board and Committees of the
Board, individual Directors including the Chairman of the Company, was carried out as per
the criteria and process approved by Nomination and Remuneration Committee, which is in
line with the SEBI Guidance Note on Board Evaluation.
The Chairman and other members of the Board discussed upon the performance evaluation
outcome and concluded that they were satisfied with the overall performance of the Board
and Committees of the Board and Directors individually. The Board also assessed the
fulfillment of the independence criteria as specified in Listing Regulations, by the
Independent Directors of the Company and their independence from the management
MEETINGS OF BOARD
The Board meetings of your company are planned in consultation with the Board Members.
During the year, the Board met Six times on 24.05.2022, 29.06.2022, 08.08.2022,
23.08.2022, 26.08.2022, 14.11.2022, and 08.12.2022, 31.12.2022, 07.02.2023, 14.02.2023,
the intervening gap between any two meetings was within the period prescribed by the
Companies Act, 2013.
SEPARATE MEETING OF INDEPENDENT DIRECTORS
As stipulated by the Code of Independent Directors under Schedule IV of the Companies,
Act, 2013, a separate meeting of the Independent Directors of the Company was held to
review the performance of Non- Independent Directors, the Board as whole, including the
Chairman of the Company and to discuss the matters related to the quality, quantity and
timeliness of flow of information between the Company management and the Board. The
Independent Director Meeting for this Matter was held by the Company on 04th
February, 2023 and the information regarding this matter has been preserved and kept under
record by the Company Secretary of the Company.
COMMITTEES OF THE BOARD
As on March 31, 2023, the Board has 3 (Three) Committees. Audit Committee, Nomination
and Remuneration Committee, Stakeholders Relationship Committee. During the year under
review, all the recommendations made by the Committees of the Board, including the Audit
Committee, were accepted by the Board. The details of Composition and Number of Committee
Meetings held during the year shall be as follows:
A. Audit Committee:
| Name of the Director |
Category |
Number of meetings during the Financial Year 2022-23 |
|
|
Held |
Attended |
| Rashi dewan |
Independent Director (Chairman) |
4 |
3 |
| Prabhat Khurana |
Independent Director |
4 |
3 |
| Shobha Rustagi |
Independent Director |
4 |
1 |
| Vani Alva |
Independent Director |
4 |
1 |
| Sanjiv jain |
Non-Executive Director |
4 |
3 |
B. Nomination and Remuneration Committee:
| Name of the Director |
Category |
Number of meetings during the Financial Year 2022-23 |
|
|
Held |
Attended |
| Rashi dewan |
Independent Director (Chairman) |
3 |
2 |
| Prabhat Khurana |
Independent Director |
3 |
2 |
| Shobha Rustagi |
Independent Director |
3 |
1 |
| Vani Alva |
Independent Director |
3 |
1 |
| Sanjiv jain |
Non-Executive Director |
3 |
2 |
C. Stakeholders Relationship Committee:
| Name of the Director |
Category |
Number of meetings during the Financial Year 2022-23 |
|
|
Held |
Attended |
| Prabhat Khurana |
Independent Director |
1 |
1 |
| Shobha Rustagi |
Independent Director |
1 |
1 |
| Vani Alva |
Independent Director |
1 |
1 |
| Sanjiv jain |
Non-Executive Director |
1 |
1 |
DISCLOSURE OF TRANSACTIONS WITH PROMOTER/ PROMOTER GROUP
As per Schedule V of the LODR Regulations, 2015 every listed Company shall disclose the
transactions with any person or entity belonging to the promoter/promoter group which
holds 10% or more shareholding in the listed entity. Appu Financial Services Limited
(“the acquirer”) has entered into a Share Purchase Agreement (“SPA”)
with Zeus Trading Enterprise Limited (“Exiting Promoter”) for acquisition of
1,70,850 Equity Shares representing 48.95 % of the paid up equity share capital of the
Company (prior to preferential Allotment )Pursuant to the SPA and preferential allotment,
the Acquirer have triggered the obligation to make an Open Offer in terms of Regulation
3(1) and Regulation 4 of Securities and Exchange Board of India (Substantial Acquisition
of Shares & Takeovers) Regulations, 2011 and have already made a Public Announcement,
dated June 29, 2022, for acquisition of 33,40,740 Equity Shares from the shareholders of
the Company.
STATUTORY AUDITORS
The Shareholders of the Company at the 39thAnnual General Meeting (AGM) held
on 26th September, 2022, appointed M/s P. Shah & Co, Chartered Accountants (Firm Reg.
No. 109710W) as the Statutory Auditors of the Company for a second term of Five
Consecutive years from the conclusion of the 39th Annual general Meeting, till
the conclusion of the 44th Annual General Meeting of the Company to be held in
the year 2027. The Statutory Auditor report for the financial year ended March 31, 2023
does not contain any qualification, reservation or adverse remark on the financial
statements of the Company.
SECRETARIAL AUDITORS AND THEIR REPORT
Mr. Vishal Arora, Practicing Company Secretary was appointed as Secretarial Auditor of
the Company for the financial year 2022-23 pursuant to Section 204 of the Companies Act,
2013. The Secretarial Audit Report submitted by them in the prescribed form MR- 3 is
attached as ‘Annexure 1' to this report. The Secretarial Audit Report for the year
does not contain any qualification, reservation or adverse remark.
INTERNAL AUDITORS
The Internal Audit Department, heading by Mr. Vishal Kothari, performs the duties of
internal auditors of the company and their report is reviewed by the audit committee from
time to time.
COST AUDIT
During the Financial year 2022-23 Provisions related to Cost Audit were not applicable
on the Company
DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH AREREPORTABLE
TO CENTRAL GOVERNMENT
Pursuant to provisions of the Section 143(12) of the Companies Act, 2013, neither the
Statutory Auditors nor the Secretarial Auditor has reported any incident of fraud to the
Audit, Risk and Compliance Committee during the year under review.
INDIAN ACCOUNTING STANDARDS
The financial statements for the year ended on 31st March, 2023 has been
prepared in accordance with the Indian Accounting Standards (Ind AS) as per the Companies
(Indian Accounting Standards) Rules, 2015 and the Companies (Indian Accounting Standards)
Amendment Rules, 2016 notified under section 133 of Companies Act, 2013 and other relevant
provisions of the Act.
ANNUAL RETURN
The annual return of the Company as per the provision of Section 134(3)(a) and 92(3) of
the Companies Act, 2013 is available on website of the Company at
http://veloxindustriesltd.in/investor- relations/annual-returns/
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT,
2013
Pursuant to the provisions of Section 134(3)(g) of the Companies Act, 2013 (Act),
particulars of loans/guarantees/ investments/securities given under Section 186 of the Act
are given in the notes to the Financial Statements forming part of the Annual Report.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
Pursuant to the provisions of Section 178 (1) of the Companies Act, the Company has
constituted a committee under the name Nomination and Remuneration Committee to perform
the functions as specified under the said section.
The Nomination and Remuneration committee has laid down the criteria as specified under
Section 178 (3) of the Act and also carried out evaluation of every Director's
performance.
The Board of Directors has also framed a policy which lays down a framework in relation
to remuneration of Directors, key managerial personnel and senior management of the
company. This policy also lays down criteria for selection and appointment of Board
Members and related matters are put up on the website of the company.
The Nomination and remuneration Policy may be accessed on the Company's website at
www.veloxindustriesltd.in
RISK MANAGEMENT
The provision regarding the establishment of Risk Management Committee is not
applicable to the Company. However, Board of Directors, time to time in their meetings
discuss and evaluate about industry risks, political risks and all other risk which may
affect the business of the company and plans the strategies to mitigate these risks. The
Risk Management Policy is available on the website of the Company at
www.veloxindustriesltd.in
INTERNAL FINANCIAL CONTROL SYSTEM
According to Section 134(5) (e) of the Companies Act, 2013, the term Internal Financial
Control (IFC) means the policies and procedures adopted by the company for ensuring the
orderly and efficient conduct of its business, including adherence to company's policies,
the safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of
reliable financial information.
The Company has a well-placed, proper and adequate internal financial control system
which ensures that all assets are safeguarded and protected and that the transactions are
authorized, recorded and reported correctly.
CORPORATE SOCIAL RESPONSIBILITY
The provisions of Companies Act, 2013 regarding Corporate Social Responsibility are not
applicable to the company.
TRANSFER OF UNCLAIMED DIVIDEND/ SHARES TO INVESTOR EDUCATION & PROTECTION FUND
Since the Company has not declared any divided from last 7 years, so the provisions of
Section 125 of the act read with Rule 6 of the Investor Education and Protection Fund
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 is not applicable.
RELATED PARTY TRANSACTIONS
During the year under review, there were no contracts or arrangements with any related
parties as referred to in sub-section (1) of Section 188 of the Companies Act, Thus,
disclosure in Form AOC-2 is not required. In line with the requirements of the Act and
SEBI Listing Regulations the Company has formulated a Policy on Materiality of Related
Party Transactions which is also available on the Company's website at
www.veloxindustriesltd.in
VIGIL MECHANISM (WHISTLE BLOWER POLICY)
In compliance with the provisions of Section 177(9) of the Companies Act 2013 read with
Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014, your Company has
in place a ‘Whistleblower Policy,' which provides an opportunity to the directors and
employees to raise concerns about unethical and improper practices or any other wrongful
conduct in or in relation to the Company. The Whistle- Blower Protection Policy aims to:
Allow and encourage stakeholders to bring to the management notice concerns about
unethical behavior, malpractice, wrongful conduct, actual or suspected fraud or violation
of policies.
Ensure timely and consistent organizational response.
Build and strengthen a culture of transparency and trust.
Provide protection against victimization.
The Audit Committee periodically reviews the existence and functioning of the
mechanism. The policy permits all the directors and employees to report their concerns
directly to the Chairman ofthe Audit Committee of the Company. The Vigil mechanism /
Whistle Blower Policy is available on the website of the Company at
www.veloxindustriesltd.in
INTERNAL COMPLAINT COMMITTEE
Since the provisions for constitution of internal complaint committee is not applicable
on the company, the company has not constituted said committee.
During the financial year 2022-23, the company has not received any complaint related
to sexual harassment and no complaint has been filed with the local complaint committee.
PARTICULARS OF REMUNERATION OF DIRECTORS AND KMPs
There are no employees employed throughout the financial year who were in receipt of
remuneration of Rs. One Crore and Two Lakh Rupees or more or employed for part of the year
who were in receipt of remuneration of Rs. Eight Lakh and Fifty Thousand Rupees Per Month
under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Remuneration)
Rules, 2014. Disclosure u/s 197(12) and Rule 5(1) of the Companies Appointment and
Remuneration of Managerial Personnel) Rules, 2014 are annexed herewith as Annexure 2
COMPLIANCE OF CORPORATE GOVERNANCE PROVISIONS
The provision of Corporate Governance requirements as specified in regulation 17 to 27
and clauses (b) to (i) of sub regulation (2) of regulation 46 and Para C, D & E of
schedule V of SEBI (LODR) Regulations, 2015, are not applicable to the Company. The
Company has however complied with all the other applicable regulations of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
CONSERVATION OF ENERGY, TECHNOLOGY, ADOPTION & FOREIGN EXCHANGE EARNING & OUTGO
The requirements of disclosures with regard to Conservation of Energy in terms of
Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 are
not applicable to the Company since it doesn't own any manufacturing facility.
However, the company has undertaken various energy efficient practices which has
strengthened the Company's commitment towards becoming an environment friendly
organization. The Company makes all efforts towards conservation of energy, protection of
environment and ensuring safety. As far as possible, company is utilizing alternate
sources of energy.
(B)Technology absorption:
The business of the company is not technology driven. No technology has been imported.
There is nothing to be disclosed on account of technology absorption.
(C) Foreign exchange earnings and Outgo during the year:
| Particulars |
Rs. |
| Foreign Exchange Earned in terms of actual inflows |
Nil |
| Foreign Exchange Earned in terms of actual inflows |
Nil |
CORPORATE SOCIAL RESPONSIBILITY (CSR)
In terms of section 135(1) of the Companies Act, 2013, the provisions and compliance of
Corporate Social Responsibility are not applicable to the Company for the financial year
ended March 31, 2023.
ENVIRONMENT/POLLUTION CONTROL, HEALTH AND SAFETY
The Company is conscious of the importance of environmentally clean and safe
operations. The Company's policy requires conduct of operations in such a manner so as to
ensure safety of all concerned, compliances of environmental regulations and preservation
of natural resources.
CHANGE IN THE NATURE OF BUSINESS, IF ANY
There is no change in the nature of business during the year under review.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE
There is no order passed by the regulators or courts or tribunals that impact Company's
affairs.
DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES AND ITS PERFORMANCE AND
FINANCIAL POSITION INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENT
The Company does not have any Subsidiary, Joint venture or Associate Company.
ONE-TIME SETTLEMENT WITH THE BANKS OR FINANCIAL INSTITUTIONS
There were no instances of one-time settlement with any Banks or Financial Institutions
during the year under review.
NAME OF THE COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT
VENTURES OR ASSOCIATES DURING THE FINANCIAL YEAR 2022-23
During the financial year 2022-23, no entity has become or ceased to be its subsidiary,
joint venture or associate of the company.
HUMAN RESOURCE
Your Company is of the firm opinion that efficiency of its employees plays a key role
in achieving set goals and building a competitive work environment. The Company is
committed to provide a protective environment at workplace for all its women employees. To
ensure that every woman employee is treated with dignity and respect and as mandated under
“The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013” the Company has constituted an “Internal Complaints Committee”
for prevention of sexual harassment of its women employees. During the year, the Committee
has not received any complaint related to Sexual harassment.
POLICY ON BOARD DIVERSITY
The Board has framed a policy for Board Diversity which lays down the criteria for
appointment of Directors on the Board of your Company and guides organization's approach
to Board Diversity.
Your Company believes that, Board diversity on the basis of the gender, race and age
will help build diversity of thought and will set the tone at the top. A mix of
individuals representing different geographies, culture, industry experience,
qualification and skill set will bring in different perspectives and help the organization
grow. The Board of Directors is responsible for review of the policy from time to time.
Policy on Board Diversity has been placed on the Company's website at
http://veloxindustriesltd.in/
DIRECTORS RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the information and
explanations obtained by them, your Directors make the following statements in terms of
Section 134(3)(c) of the Companies Act, 2013:
a) that in the preparation of the annual financial statements for the year ended March
31, 2022, the applicable accounting standards have been followed along with proper
explanation relating to material departures, if any;that such accounting policies as
mentioned in Notes to the Financial Statements have been selected and applied consistently
and judgment and estimates have been made that are Reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company as at March 31, 2023 and of the
profit of the Company for the year ended on that date;
b) that proper and sufficient care for the maintenance of adequate accounting records
in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets
of the Company and for preventing and detecting fraud and other irregularities;
c) that the annual financial statements have been prepared on a going concern basis;
d) that proper internal financial controls were in place and that the financial
controls were adequateand were operating effectively;
e) That proper systems to ensure compliance with the provisions of all applicable laws
and such systems were adequate and operating effectively.
- PROCEEDING PENDING UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016
There are no admitted proceedings which are pending under the Insolvency and Bankruptcy
Code, 2016 before the National Company Law Tribunal or other Courts during the year under
review.
DEPOSITORY SYSTEMS
The Company has established connectivity with both depositories viz. National
Securities Depository Limited (NSDL) and Central Depository Services (India) Limited
(CDSL).
The Company has appointed M/s. Alankit Assignments Limited, a Category-I SEBI
registered R&T Agent as its Registrar and Share Transfer Agent across physical and
electronic alternative. The members are requested to contact the Registrar directly for
any of their requirements.
DEPOSITS
The Company has not accepted any deposits from the public, falling within the ambit of
section 73 of the act, read with the Companies (acceptance of deposits) rules, 2014.
LIST OF CREDIT RATINGS OBTAINED/REVISION
During the Financial Year, 2022-23, no fresh credit rating was obtained by the Company.
SECRETARIAL STANDARDS
The Company has complied with the applicable Secretarial Standards issued by the
Institute of Company Secretaries of India.
UNCLAIMED SHARES
Pursuant to Regulation 39(4) read with Schedule VI of the Listing Regulations, the
Company reportsthat there are no unclaimed shares as on 31st March, 2023.
STATUTORY COMPLIANCE, STRICTURES AND PENALTIES
The Company has complied with the requirement of the Stock Exchanges, SEBI and other
statutory authority on matters related to capital markets during the last three years.
ACKNOWLEDGEMENT
Your Directors place on record their gratitude to the Employees, Shareholders,
Customers and Suppliers, for their support and cooperation during the year under review.
| For and on behalf of |
| Velox Industries Limited |
| Sd/- |
| Debashis Mukherjee |
| DIN: 00537728 |
| Designation: |
| Chairman and Managing Director |
| Date: 04th July, 2023 |
| Place: Mumbai |
|