To the Members,
The Board of Directors present this 39th Annual Report of the Company,
along with the financial statements for the financial year ended March 31,2026, in
compliance with the provisions of the Companies Act, 2013, the rules and regulations
framed thereunder ("Act") and the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements), Regulations 2015 ("Listing
Regulations").
FINANCIAL RESULTS:
The Company's performance (Standalone and Consolidated) for the
financial year ended March 31, 2026, is summarized below:
| Particulars |
Standalone |
Consolidated |
|
31.03.2026 |
31.03.2025 |
31.03.2026 |
31.03.2025 |
| Revenue from operations |
3,525.30 |
3,556.59 |
3,714.79 |
3,708.78 |
| Operating Profit / (Loss) before Interest, Depreciation and
Taxes |
48.14 |
42.55 |
103.00 |
21.68 |
| Minority Interest and Share in Profit of Associates |
- |
- |
(0.91) |
(0.96) |
| Profit / (Loss) before Tax and exceptional items |
(810.60) |
(862.95) |
(775.92) |
(905.55) |
| Exceptional items |
30.79 |
94.14 |
30.79 |
94.14 |
| Profit / (Loss) before Tax |
(779.81) |
(768.81) |
(745.13) |
(811.41) |
| Tax Expenses (including Deferred Tax) |
- |
- |
(1.02) |
5.02 |
| Profit / (Loss) after Tax |
(779.81) |
(768.81) |
(744.11) |
(816.43) |
| Other Comprehensive Income |
6.70 |
0.79 |
(153.54) |
(37.82) |
| Total Comprehensive Income |
(773.11) |
(768.02) |
(897.65) |
(854.25) |
TRANSFER TO RESERVES:
No amount is proposed to be transferred to Reserves.
DIVIDEND:
On account of the Loss during the financial year 2025-26, the Board of
Directors do not recommend any dividend (previous year Nil).
The Dividend Distribution Policy of the Company approved by the Board
of Directors of the Company is in line with the requirements of Listing Regulations. The
Policy is available on the Company's website and can be accessed through the link:
https://www.alokind.com/assets/pdf/investor- relations/policies/Dividend Distribution
Policy.pdf
There has been no change in the policy during the year under review.
RESULTS OF OPERATIONS AND THE STATE OF COMPANY'S AFFAIRS:
(a) The highlights of the Company's standalone performance for the
financial year ended March 31, 2026, are set out below:
During the year under review, the Company recorded total sales of
Rs.3,525.30 crore, reflecting a marginal decline of 0.88% as compared to Rs.3,556.59 crore
in the previous financial year.
Domestic sales demonstrated steady growth, increasing by 3.70% to
Rs.2,813.02 crore from Rs.2,712.72 crore in the preceding year. In contrast, export sales
witnessed a decline of 15.59%, reducing to Rs.712.28 crore as against Rs.843.87 crore in
the previous year, primarily impacted by external market conditions.
The Company's operating performance showed improvement, with Operating
EBITDA rising to Rs.48.14 crore as compared to Rs.42.55 crore in the previous year.
However, the Company reported a negative Operating Profit Before Tax
(PBT) and Profit After Tax (PAT) of Rs.779.81 crore during the year, as against a negative
PBT/PAT of Rs.768.81 crore in the previous year.
(b) The highlights of the Company's consolidated performance for
the financial year ended March 31, 2026, are as follows:
On a consolidated basis, the Company achieved revenue of Rs.3,714.79
crore during the year under review, as compared to Rs.3,708.78 crore in the previous
financial year.
Operating EBITDA registered an improvement and stood at Rs.103.00
crore, as against Rs.21.68 crore in the previous year.
The consolidated Profit Before Tax (PBT) remained negative at Rs.745.13
crore, though it showed an improvement over the negative PBT of Rs.811.41 crore reported
in the previous year.
The consolidated Loss After Tax (LAT) for the year stood at Rs.744.11
crore, as compared to Rs.816.43 crore in the preceding year.
A detailed analysis of the Company's financial performance and
operations is provided in the Management Discussion and Analysis Report, which forms an
integral part of this Annual Report.
CONSOLIDATED FINANCIAL STATEMENTS:
In accordance with the provisions of the Act and the Listing
Regulations read with Ind AS 110-Consolidated Financial Statements, Ind AS 28-Investments
in Associates and Joint Ventures and Ind AS 31-Interests in Joint Ventures, the
Consolidated Audited Financial Statement forms part of this Annual Report.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:
During the year under review, the Company has not granted any loans,
made any investments and provided any guarantee or security. The particulars of the loans
granted, investments made and guarantee or security provided in earlier years are given in
the Standalone Financial Statement (Refer Note 5 and 6 to the Standalone Financial
Statement).
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management Discussion and Analysis Report for the year under review, as
stipulated under the Listing Regulations, is presented in a separate section, which forms
part of this Annual Report.
CREDIT RATING:
The details of credit ratings are disclosed in the Corporate Governance
Report, which forms part of this Annual Report.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:
During the year under review, no Company became / ceased to be a
Subsidiary, Joint Venture or Associate of the Company.
None of the subsidiaries is a 'Material Subsidiary' as defined in the
Listing Regulations. As required under Regulations 16(1)(c) of the Listing Regulations,
the Board of Directors has approved the Policy for determining Material Subsidiaries ("Policy").
The details of the Policy are available on the Company's website and can be accessed
through the link: https://www.alokind.com/assets/pdf/investor-relations/ policies/Material
Subsidiaries.pdf. There has been no change in the policy during the year under review.
The Audited Financial Statements including the Consolidated Financial
Statements of the Company and all other documents required to be attached thereto are
available on the Company's website and can be accessed through the link:
https://www.alokind.com/annualreport.html. The Financial Statements of the subsidiaries,
as required, are available on the Company's website and can be accessed through the link:
https://www.alokind.com/financialresult. html.
The development in business operations / performance of the
Subsidiaries / Joint Venture companies, is given in Management Discussion and Analysis
Report which forms part of this Annual Report.
A statement providing details of performance and salient features of
the Financial Statements of Subsidiary / Joint Venture companies, as per Section 129(3) of
the Act, is annexed to the Consolidated Financial Statements and therefore not repeated in
this Board's Report.
CORPORATE SOCIAL RESPONSIBILITY ("CSR") INITIATIVES:
The CSR Policy of the Company, inter alia, includes CSR activities to
be undertaken by the Company in line with Schedule VII of the Act. The Policy on CSR as
approved by the Board of Directors in accordance with the requirements of the Act is
available on the Company's website and can be accessed through the link:
https://www.alokind.com/assets/ pdf/investor-relations/policies/CSR Policy.pdf and is also
annexed herewith and marked as Annexure-1. There has been no change in the policy
during the year under review.
The average net profit of the Company made during the three immediately
preceding financial years was negative; therefore, the Company is not required to spend on
CSR activities in accordance with CSR Policy adopted by the Board, during the year under
review.
Annual Report on CSR activities as prescribed under the Companies
(Corporate Social Responsibility Policy) Rules, 2014, as amended, is annexed herewith and
marked as Annexure-2.
RISK MANAGEMENT:
The Company, like any other enterprise, is exposed to business risks
which can be internal risks as well as external risks. Any unexpected changes in the
regulatory framework pertaining to fiscal benefits and other related issues can affect our
operations and profitability.
A key factor in determining a Company's capacity to create sustainable
value is the ability and willingness of the Company to take risks and manage them
effectively and efficiently. However, the Company is well aware of the above risks and as
part of business strategy has put in a mechanism to ensure that they are mitigated with
timely action.
The Company has an elaborate Risk Management Framework, which is
designed to enable risks to be identified, assessed and mitigated appropriately. The Board
of Directors of the Company has constituted Risk Management Committee which has,
inter-ala, been entrusted with the responsibility of overseeing implementation/ monitoring
of Risk Management Plan and Policy and continually obtaining reasonable assurance from
Management that all known and emerging risks have been identified and mitigated or
managed.
The current constitution and role of the Risk Management Committee is
in compliance with the requirements of Regulation 21 of the Listing Regulations. Pursuant
to the provisions of the Act and Listing Regulations, the Company has adopted Risk
Management Policy. The details of the Risk Management Policy are available on the
Company's website and can be accessed through the link: https://www.alokind.
com/assets/pdf/investor-relations/policies/Risk Policy.pdf. There has been no change in
the policy during the year under review.
Further details on the Risk Management activities including the
implementation of Risk Management Policy, key risks identified, and their mitigations are
covered in Management Discussion and Analysis section, which forms part of this Annual
Report. In the opinion of the Board of Directors, none of these risks affect and/or
threaten the existence of the Company.
VIGIL MECHANISM AND WHISTLE - BLOWER POLICY:
Pursuant to the provisions of Section 177(9) of the Act, read with the
Rules made thereunder, the Company has adopted a Whistle-Blower Policy for Directors and
Employees to report genuine concerns and to provide adequate safeguards against
victimization of persons who may use such mechanism. The functioning process of this
mechanism has been more elaborately mentioned in the Corporate Governance Report which
forms part of this Annual Report. The said Policy is available on Company's website and
can be accessed through the link: https://www.alokind.com/assets/
pdf/investor-relations/policies/Whistle Blower Policy.pdf.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Directors:
In accordance with the provisions of the Act and the Articles of
Association of the Company, Shri Venkataraman Ramachandran (DIN 02032853), retires by
rotation at the ensuing Annual General Meeting. The Board of the Directors of the Company,
based on recommendation of Nomination and Remuneration Committee, has recommended his
appointment.
A detailed profile of Shri Venkataraman Ramachandran along with
additional information required under Regulation 36(3) of the Listing Regulations and
Secretarial Standard on General Meetings is provided separately by way of Annexure to the
Notice of the AGM which forms part of this Annual Report.
During the year under review, Shri Achuthan Siddharth, Ms. Mumtaz
Bandukwala, and Shri Rahul Dutt were re-appointed as Independent Directors for a second
term on the Board of the Company by passing a special resolution by the members of the
Company at the Annual general meeting held on September 4, 2025.
The Company has received declarations from all the Independent
Directors of the Company confirming that:
a) they meet the criteria of independence prescribed under the Act and
the Listing Regulations;
b) they have registered their names in the Independent Directors'
Databank;
c) they have complied with the Code for Independent Directors
prescribed in Schedule IV to the Act.
In the opinion of the Board, the Independent Directors of the Company
possess the requisite qualifications, experience (including proficiency), expertise and
integrity.
The terms and conditions of appointment of Independent Directors are
also available on the Company's website and can be accessed through the link:
https://www.alokind. com/assets/pdf/investor-relations/policies/Terms and Conditions of
Appointment of the Independent Directors.pdf.
Changes in Key Managerial Personnel during the year under review:
In the beginning of the financial year 2025-26, Shri Harsh Bapna, Chief
Executive Officer, Shri Anil Kumar Mungad, Chief Financial Officer and Shri Hitesh Kanani,
Company Secretary were Key Managerial Personnel of the Company.
During the year under review, the following changes took place in the
Key Managerial Personnel of the Company.
- Shri Anil Kumar Mungad stepped down from the position of Chief
Financial Officer and Key Managerial Personnel of the Company with effect from April 29,
2025.
- Shri Jinendra Kumar Jain was appointed as Chief Financial Officer and
Key Managerial Personnel of the Company with effect from April 30, 2025.
- Shri Hitesh Kanani resigned from the position of Company Secretary,
Compliance Officer and Key Managerial Personnel of the Company with effect from May 2,
2025.
- Shri Anshul Kumar Jain was appointed as Company Secretary, Compliance
Officer and Key Managerial Personnel of the Company with effect from May 5, 2025.
- Shri Harsh Bapna resigned from the position of Chief Executive
Officer and Key Managerial Personnel of the Company with effect from January 31,2026.
At the end of the financial year 2025-26 and as on the date of this
report, Shri Jinendra Kumar Jain, Chief Financial Officer and Shri Anshul Kumar Jain
Company Secretary are / were the Key Managerial Personnel of the Company.
The Board on the recommendation of the Nomination and Remuneration
Committee has framed Policy for Selection of Directors and Determining Directors'
Independence and Remuneration Policy for Directors, Key Managerial Personnel and Other
Employees in compliance with Section 178(3) of the Act and Regulation 19 of the Listing
Regulations and the same are available on the Company's website and can be accessed
through the link: https://www. alokind.com/assets/pdf/investor-relations/policies/Policy
for Selection of Directors and Determining Directors' Independence.pdf, and
https://www.alokind.com/assets/ pdf/investor-relations/policies/Remuneration Policy.pdf,
respectively.
The Policy for Selection of Directors and determining Directors'
Independence sets out guiding principles for Nomination and Remuneration Committee for
identifying persons who are qualified to become Directors and determining Directors'
Independence, if the person is intended to be appointed as Independent Director. There has
been no change in the policy during the year under review.
The Remuneration Policy for Directors, Key Managerial Personnel and
other Employees sets out guiding principles for Nomination and Remuneration Committee for
recommending to the Board the remuneration of Directors, Key Managerial Personnel and
other employees. There has been no change in the policies during the year under review.
PERFORMANCE EVALUATION:
The Company has a policy for performance evaluation of the Board,
Committees and other Individual Directors (including Independent Directors) which includes
criteria for performance evaluation of Non-executive Directors and Executive Directors.
In accordance with the manner of evaluation specified by the Nomination
and Remuneration Committee, the Board carried out annual performance evaluation of the
Board, its Committees and Individual Directors. The Independent Directors carried out
annual performance evaluation of the Chairman, the Non-Independent Directors and the Board
as a whole. The Chairperson of the respective Committees shared the report on evaluation
with the respective
Committee Members. The performance of each Committee was evaluated by
the Board, based on the report of evaluation received from respective Committees.
A consolidated report was shared with the Chairman of the Board for his
review and giving feedback to each Director.
MEETINGS OF THE BOARD:
Four meetings of the Board of Directors were held during the year. The
particulars of meetings held and attendance of each Director are detailed in the Corporate
Governance Report forming part of this Annual Report.
BOARD COMMITTEES:
The composition of the Committees as on March 31, 2026, is as under:
A. Audit Committee:
The Audit Committee comprises Shri A. Siddharth (Chairman), Ms. Mumtaz
Bandukwala, Shri Rahul Dutt and Shri V. Ramachandran.
During the year under review, all the recommendations made by the Audit
Committee were accepted by the Board.
B. Nomination and Remuneration Committee:
The Nomination and Remuneration Committee comprises Shri Rahul Dutt
(Chairman), Shri A. Siddharth and Shri Hemant Desai.
C. Stakeholders Relationship Committee:
The Stakeholders Relationship Committee comprises Shri Anil Kumar
Rajbanshi (Chairman), Ms. Mumtaz Bandukwala, Shri A. Siddharth and Shri V. Ramachandran.
D. Corporate Social Responsibility and Governance Committee:
The Corporate Social Responsibility and Governance Committee comprises
Ms. Mumtaz Bandukwala (Chairperson), Shri Rahul Dutt and Shri V. Ramachandran.
E. Risk Management Committee:
The Risk Management Committee comprises Ms. Mumtaz Bandukwala
(Chairperson), Shri Anil Kumar Rajbanshi and Shri V. Ramachandran.
F. Managing Committee [Voluntary Committee]:
The Board has constituted a Voluntary Committee known as the 'Managing
Committee' to manage the day-to-day affairs of the Company and who are authorised to take
all such decisions and actions as may be required to be taken in the ordinary course of
the business.
During year under review, the Managing Committee was re-constituted by
appointing Shri Jinendra Kumar Jain as member of the Committee while Shri Anil Kumar
Mungad and Shri Harsh Bapna ceased to be members of the Committee.
The Managing Committee as on date of this report comprises Shri V.
Ramachandran, Shri Jinendra Kumar Jain, and Shri Rajbir Saini.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 134 of the Act, with respect
to Directors' Responsibility Statement, your
Directors state that:
(i) in the preparation of the annual accounts for the financial year
ended March 31, 2026, the applicable accounting standards read with requirements set out
under Schedule III to the Act have been followed and there are no material departures from
the same;
(ii) the Directors have selected such accounting policies and applied
them consistently and made judgements and estimates 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, 2026
and of the losses of the Company for the financial year ended on that date;
(iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
(iv) the Directors have prepared the annual accounts for the financial
year ended March 31, 2026 on a going concern basis;
(v) the Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are adequate and are
operating effectively; and
(vi) the Directors have devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems are adequate and
operating effectively.
CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
During the year under review:
a) All contracts / arrangements / transactions entered by the Company
during the financial year with related parties were in the ordinary course of business and
on arms' length basis.
b) Details of contracts / arrangements / transactions with related
parties which are required to be reported in Form No. AOC-2 in terms of Section 134(3)(h)
read with Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014 are
annexed herewith and marked as Annexure - 3 to this Report.
The Policy on Materiality of Related Party Transactions and on dealing
with Related Party Transactions as approved by the Board is available on the Company's
website and can be accessed at https://www.alokind.com/assets/pdf/investor-
relations/policies/Policy on Materiality of RPT.pdf. There has been no change in the
policy during the year under review.
There were no materially significant related party transactions which
could have potential conflict with the interests of the Company at large.
Members may refer to Note 39 of the Standalone Financial Statement
which sets out related party disclosures pursuant to Ind AS.
INTERNAL FINANCIAL CONTROLS:
The Company has adequate system of internal financial controls to
safeguard and protect the Company from loss, unauthorized use or disposition of its
assets. All the transactions are properly authorized, recorded and reported to the
Management. The Company is following the applicable Accounting Standards for properly
maintaining the books of accounts and reporting Financial Statements.
The internal financial controls have been embedded in the business
processes. Assurance on the effectiveness of internal financial controls is obtained
through management reviews, continuous monitoring by functional leaders as well as testing
of the internal financial control systems by the internal auditors during the course of
their audits.
The Audit Committee reviews the adequacy and effectiveness of Company's
Internal Controls and monitors the implementation of audit recommendations.
AUDITOR AND AUDITORS' REPORT:
(a) Statutory Auditors:
M/s. Chaturvedi & Shah LLP (ICAI Regn. No.101720W/ W100355) were
appointed as the Statutory Auditors of the Company for a term of 5 (five) consecutive
years, at the 38th AGM, held on September 4, 2025. The Company has received confirmation
from them to the effect that they are not disqualified from continuing as Auditors of the
Company.
The Auditors' Report does not contain any qualification, reservation,
adverse remark or disclaimer. The Notes to the Financial Statements referred to in the
Auditors' Report are self-explanatory and do not call for any further comments.
(b) Cost Auditors:
Pursuant to the provisions of Section 148 of the Act, read with the
Rules made thereunder, the Company has appointed B.J.D. Nanabhoy & Co., Cost
Accountants, Mumbai (Reg. No. FRN-000011) to undertake the audit of the cost records of
the Company for the financial year ended March 31,2026.
The remuneration payable to the Cost Auditors is required to be placed
before the Members in a general meeting for their ratification and the same forms part of
the Notice convening the Annual General Meeting.
In accordance with the provisions of Section 148(1) of the Act, read
with the Rules made thereunder, the Company has maintained cost accounts and records.
(c) Secretarial Auditors:
Shri Virendra G. Bhatt, Company Secretaries, were appointed as the
Secretarial Auditor of the Company for a term of 5 (five) consecutive years, at the 38th
AGM, held on September 4, 2025. They have confirmed their eligibility and qualification
required under the Act and the Listing Regulations for holding the office, as the
Secretarial Auditor of the Company.
The Secretarial Audit Report relating to the financial year 2025-26 is
annexed herewith and marked as Annexure - 4 to this Report. The Secretarial Audit
Report does not contain any qualification, reservation, adverse remark or disclaimer.
CORPORATE GOVERNANCE:
The Company is committed to maintain the highest standards of Corporate
Governance and adheres to the Corporate Governance requirements set out by the Securities
and Exchange Board of India. The Company has also implemented several best governance
practices. The Corporate Governance Report as stipulated under the Listing Regulations
forms part of this Annual Report. Certificate from the Secretarial Auditor of the Company
confirming compliance with the conditions of Corporate Governance is attached to the
Corporate Governance Report.
COMPLIANCE OF SECRETARIAL STANDARDS:
The Company has followed the applicable Secretarial Standards, with
respect to Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by
the Institute of Company Secretaries of India.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT:
In accordance with the Listing Regulations, the Business Responsibility
and Sustainability Report describing the initiatives taken by the Company from
Environmental, Social and Governance perspective is available on the Company's website and
can be accessed at: https://www.alokind.com/
assets/pdf/investor-relations/general-meetings/2025-26/ Business Responsibility and
Sustainability Report.pdf.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The disclosure of particulars with respect to Conservation of Energy,
Technology Absorption and Foreign Exchange Earnings and Outgo as required pursuant to
provisions of Section 134(3)(m) of the Act, read with the Rules made thereunder, is
annexed herewith and marked as Annexure - 5.
ANNUAL RETURN:
The Annual Return of the Company as on March 31, 2026, is available on
the Company's website and can be accessed through the link:
https://www.alokind.com/qeneralmeetinq. html.
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:
The Company has complied with the provisions relating to the
constitution of Internal Complaints Committee under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("POSH Act") and
Rules made thereunder.
During the year under review:
a. Number of complaints of sexual harassment received in the year - One
b. Number of complaints disposed off during the year - One
c. Number of cases pending for more than ninety days - Nil
THE CODE ON SOCIAL SECURITY, 2020 - MATERNITY BENEFIT:
The Company is in compliance with the applicable provisions relating to
maternity benefits as prescribed under the Maternity Benefit Act, 1961/ the Code on Social
Security, 2020.
INDUSTRIAL RELATIONS:
Industrial relations have been cordial at all the manufacturing units
of the Company.
PARTICULARS OF EMPLOYEES:
In terms of Section 197(12) of the Act read with Rules 5(2) and 5(3) of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a
statement showing the names of the top ten employees in terms of remuneration drawn and
names and other particulars of the employees drawing remuneration in excess of the limits
set out in the said rules forms part of this Board's Report. Disclosures relating to
remuneration and other details as required under Section 197(12) of the Act read with Rule
5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
forms part of this Board's Report.
Having regard to the provisions of the second proviso to Section 136(1)
of the Act and as advised, the Annual Report excluding the aforesaid information is being
sent to the Members of the Company. Any Member interested in obtaining such information
may send their e-mail to investor.relations@alokind.com.
GENERAL DISCLOSURE:
Your Directors state that no disclosure or reporting is required in
respect of the following matters as there were no transactions on these matters during the
year under review:
1. Details relating to deposits covered under Chapter V of the Act.
2. Issue of equity shares with differential rights as to dividend,
voting or otherwise.
3. Issue of shares (including sweat equity shares and Employees Stock
Option Scheme) to Directors and employees of the Company under any scheme.
4. None of the Directors of the Company have received any remuneration
or commission from any of its subsidiaries.
5. No fraud has been reported by the Auditors to the Audit Committee or
the Board.
6. There has been no change in the nature of business of the Company.
7. There has been no change in capital structure of the Company.
8. The Company has not issued any warrants, debentures, bonds or any
non-convertible securities.
9. The Company has not bought back its shares, pursuant to the
provisions of Section 68 of Act and the Rules made thereunder.
10. The Company does not have any scheme of provision of money for the
purchase of its own shares by employees or by trustees for the benefit of employees.
11. Statement of deviation or variation in connection with preferential
issue.
12. The Financial Statements of the Company were not revised.
13. The Company has not failed to implement any corporate action.
14. No significant or material orders were passed by the Regulators or
Courts or Tribunals, which impact the going concern status and Company's operations in
future.
15. There are no material changes and commitments affecting the
financial position of the Company, which have occurred between the end of the financial
year upto the date of this Annual Report. Further, there are no other significant
development during the year which can be considered as Material.
16. There was no application made/ proceeding pending under the
Insolvency and Bankruptcy Code, 2016.
17. There was no instance of one-time settlement with any Bank or
Financial Institution.
ACKNOWLEDGEMENTS:
The Board of Directors wish to place on record its deep sense of
appreciation for the committed services by all the employees of the Company. The Board of
Directors would also like to express their sincere appreciation for the assistance and
co-operation received from the Government and Regulatory Authorities, Stock Exchanges,
Depositories, Banks, Customers, Vendors and Members during the year under review.
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