The Members
Bansisons Tea Industries Limited
Your Directors here by present the 38th Annual Report together with the
Audited statements of Accounts for the financial year ended on 31st March,
2025.
1) FINANCIAL RESULTS AND OPERATIONAL REVIEW:
(Amount in Rs.'QQ)
| Particulars |
31st March, 2Q25 |
31st March, 2024 |
| Income: |
|
|
| Revenue from Operations |
0.00 |
0.00 |
| Other Income |
4800.00 |
0.00 |
| Total Revenue (A) |
|
|
| Expenditure: |
|
|
| Cost of Materials Consumed |
0.00 |
0.00 |
| Purchase of Trade |
0.00 |
0.00 |
| Employee Benefits Expenses |
3840.00 |
2850 |
| Depreciation and Amortization Expenses |
3340.00 |
1896.81 |
| Operating & Other Expenses |
3970.00 |
11193.20 |
| Total Expenses (B) |
11160.00 |
(15940.01) |
| Profit Before Tax (A-B) |
(6360.00) |
(15940.01) |
| Tax Expenses: |
|
|
| (1) Current Tax |
0.00 |
0.00 |
| (2) Tax Expense for Earlier Year |
0.00 |
0.00 |
| Profit for the year |
(6360.00) |
(15940.01) |
| Appropriated as under: |
|
|
| Dividend proposed |
0.00 |
0.00 |
| Tax on Proposed Dividend |
0.00 |
0.00 |
| Balance carried to Balance sheet |
(6360.00) |
(15940.01) |
2) NATURE OF BUSINESS:
There was no change in the nature of the business of the Company during the year under
review.
3) DIVIDEND:
Keeping in view the conservation of financial resources, the board of Directors of your
company has not recommended any Dividend payment relating to the financial year ended on
31st March, 2025.
4) TRANSFER TO RESERVES:
(Rs.1594001) was transferred to the reserves during the financial year ended 31st
March, 2025.
5) REPORT ON PERFORMANCE AND FINANCIAL POSITION OF SUBSIDIARIES, ASSOCIATES AND
JOINT VENTURE COMPANIES:
The Company does not have any subsidiaries, Associate and Joint Venture Companies.
Hence, details for the same are not required to mention here.
6) CHANGE OF NAME:
The Company not changed its name during the year under review.
7) PARTICULARS OF EMPLOYEES:
The table containing the names and other particulars of employees in accordance with
the provisions of Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided
as "Annexure- A" to the Board's report.
None of the top ten employees of the Company drew remuneration of Rs.1,02,00,000/- or
more per annum or Rs. 8,50,000/- or more per month during the year as per amendment by
Ministry of Corporate Affairs dated 30th June, 2016. Hence, no information is required to
be furnished as required under Rule 5(2) and 5(3) of The Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
8) SHARE CAPITAL:
The issued, subscribed and Paid up Equity Share Capital of the Company as on March 31st,
2025, is Rs.6,33,00,000/- divided into 63,30,000 equity shares of Rs. 10 each
A) Issue of equity shares with differential rights:
During the year under review, the Company has not issued any shares with differential
voting rights.
B) Issue of sweat equity shares
During the year under review, the Company has not issued any sweat equity shares.
C) Issue of employee stock options
During the year under review, the Company has not issued any sweat equity shares.
D) Provision of money by company for purchase of its own shares by employees or by
trustees for the benefit of employees
The Company has no scheme of provision of money for purchase of its own shares by
employees or by trustees for the benefit of employees. Hence the details under rule 16 (4)
of Companies (Share Capital and Debentures) Rules, 2014 are not required to be disclosed.
9) FINANCE:
The Company has not borrowed loan from any Bank or Financial institution during the
year under review.
10) FIXED DEPOSIT:
During the year under review the Company has not accepted any deposits to which the
provisions of section 73, 74 of the Companies Act, 2013 read with Acceptance of Deposits
Rules, 2014 as amended are applicable.
11) PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
The Company has not given any loans or guarantees covered under the provisions of
section 186 of the Companies Act, 2013.
12) SIGNIFICANT ORDERS PASSED BY THE REGULATORS, COURTS OR TRIBUNALS IMPACTING GOING
CONCERN AND CO.'S OPERATIONS:
To the best of our knowledge, the company has not received any such orders passed by
the regulators, courts or tribunals during the year, which may impact the going concern
status or company's operations in future.
13) EMPLOYEE RELATIONS:
Employee relations throughout the Company were harmonious. The Board wishes to place on
record its sincere appreciation of the devoted efforts of all employees in advancing the
Company's vision and strategy to deliver good performance.
14) BUSINESS RISK MANAGEMENT:
The Company has laid down a Risk Management Policy and identified threat of such events
which if occurs will adversely affect either / or, value to shareholders, ability of
company to achieve objectives, ability to implement business strategies, the manner in
which the company operates and reputation as "Risks". Further such Risks are
categorized in to Strategic Risks, Operating Risks & Regulatory Risks. A detailed
exercise is carried out to identify, evaluate, manage and monitoring all the three types
of risks.
15) INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an Internal Control System, commensurate with the size, scale and
complexity of its operations. During the year under review, the company retained external
audit firm to review its existing internal control system with a view of tighten the same
and introduce system of selfcertification by all the process owners to ensure that
internal controls over all the key business processes are operative. The scope and
authority of the Internal Audit (IA) function is defined in the Internal Audit Charter.
The Internal Audit Department monitors and evaluates the efficacy and adequacy of
internal control system in the Company, its compliance with operating systems, accounting
procedures and policies at all locations of the Company and its subsidiaries. Based on the
report of internal audit function, process owners undertake corrective action in their
respective areas and thereby strengthen the controls. Significant audit observations and
corrective actions thereon are presented to the Audit Committee of the Board.
16) VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has a vigil mechanism named Whistle Blower Policy to deal with instances of
fraud and mismanagement, if any. The company has adopted a Whistle Blower Policy, which
affords protection and confidentially to Whistle blowers. The Audit Committee Chairman is
authorized to receive Protected Disclosures under this Policy. The Audit Committee is also
authorized to supervise the conduct of investigations of any disclosures made whistle
blowers in accordance with policy.
No personnel have been denied access to the Audit Committee. As of March 31, 2025, No
Protected Disclosures have been received under this policy.
17) PREVENTION OF INSIDER TRADING:
In January 2015, SEBI notified the SEBI (Prohibition of Insider Trading) Regulation,
2015 which came into effect from May, 2015. Pursuant thereto, the Company has formulated
and adopted a new code for Prevention of Insider Trading.
The New Code viz. “Code of Internal Procedures and Conduct for regulating,
Monitoring and reporting of Trading by Insiders" and “Code of Practices and
Procedures for fair Disclosure of Unpublished price Sensitive Information" has been
framed and adopted. The Code requires preclearance for dealing in the Company's shares and
prohibits purchase or sale of Company shares by the Directors and designated employees
while in possession of unpublished price sensitive information in relation to the Company
and during the period when the Trading Window is closed. The Company is Responsible for
implementation of the Code.
CODE OF CONDUCT FOR DIRECTORS AND SENIOR MANAGEMENT PERSONNEL
In terms of SEBI (Listing Obligations and Disclosure Requirement), Regulations, 2015,
the Board of Directors of the Company has laid down a Code of Conduct for all Board
Members and Senior Management Personnel of the Company. The said Code of Conduct has been
posted on the website of the Company. The Board Members and Senior Management Personnel of
the Company have affirmed compliance with the Code. The Chairman & Managing Director
of the Company has given a declaration to the Company that all the Board Members and
Senior Management Personnel of the Company have affirmed compliance with the Code.
The Board of Directors and designated employees have confirmed compliance with the
Code.
18) DIRECTORS:
a) Composition of Board of Directors as on 31st March, 2025:
| Sr. No. |
Name of Director |
Category |
| 1 |
Mr. Sandeep Agarwal |
Whole-time Director |
| 2 |
Mr. Amit Mitruka |
Director |
| 3 |
Mr. Jayanta Kundu |
CFO |
| 4 |
Mrs. Mamy Ghosh |
Non-Executive Independent Director |
| 5 |
Mrs. Sushilaben Dipakkumar Shah |
Non-Executive Independent Director |
| 6 |
Mr. Chirag Kirtikumar Nanavati |
Non-Executive Independent Director |
| 7 |
Mr. Hiren Dhirajlal Shah |
Non-Executive Independent Director |
None of the Director is a member in more than 10 Companies and Act as Chairman in more
than 5 Companies across all Companies in which he/she is a director.
b) Declaration By Independent Directors:
The Company has received necessary declaration from each Independent Director under
Section 149 (7) of the Companies Act, 2013, that they meet the criteria of independence
laid down in Section 149(6) of the Companies Act, 2013.
c) Meeting of Board of Directors and attendance thereon:
The meetings of the Board of Directors are held at periodical intervals and are
generally at the registered office of the Company. The meeting dates are decided well in
advance and the agenda and notes on agenda are circulated in advance to the directors. All
material information is incorporated in the notes on agenda for facilitating meaningful
and focused discussion at the meeting. Where it is not perusable to attach supporting or
relevant documents to the agendas, the same is tabled before the meeting. In case of
business exigencies or urgency of matters, resolutions are passed by circulation. Senior
Management persons are often invited to attend the Board Meetings and provide
clarifications as and when required.
During the year 2024-25, 07 (Seven) Board Meetings were convened and duly held on:
| 30/05/2024 |
02/08/2024 |
04/09/2024 |
05/09/2024 |
| 11/09/2024 |
12/11/2024 |
05/02/2025 |
|
The Board of Directors of the Company was present at the following Board Meeting held
during the year under review.
| Name of Director |
Board Meetings Held |
Meetings attended |
Attendance at last AGM i.e. 30/09/2024 |
| Mr. Sandeep Agarwal |
7 |
7 |
Yes |
| Mr. Amit Mitruka |
7 |
7 |
Yes |
| Mr. Jayanta Kundu |
7 |
7 |
Yes |
| Mrs. Mamy Ghosh |
7 |
7 |
Yes |
| Mrs. Sushilaben Dipakkumar Shah |
7 |
7 |
Yes |
| Mr. Chirag Kirtikumar Nanavati |
7 |
7 |
Yes |
| Mr. Hiren Dhirajlal Shah* |
2 |
2 |
Yes |
*Appointed on 11/09/2024
Details of the last three Annual General Meetings:
| Meeting |
Year |
Venue of AGM |
Date |
Time |
Whether Special resolution Passed |
| Annual General Meeting |
2023-24 |
264, M.G. Road, Siliguri, Darjeeling, West Bengal- 734405 |
30th September, 2024 |
11:00 A.M. |
Yes |
| Annual General Meeting |
2022-23 |
264, M.G. Road, Siliguri, Darjeeling, West Bengal- 734405 |
30th December, 2023 |
12:00 Noon |
No |
| Annual General Meeting |
2021-22 |
264, M.G. Road, Siliguri, Darjeeling, West Bengal- 734405 |
22nd September, 2022 |
12:00 Noon |
No |
Details for Special Resolution had passed in last AGM:
2023-2024
Following Special Resolutions were passed:
1) Regularisation of appointment of Mrs. Sushilaben Dipakkumar Shah (DIN: 08234697) as
a Non-Executive Independent Director of the Company.
2) Regularisation of appointment of Mr. Chirag Kir0kumar Nanava0 (DIN: 08196966) as a
NonExecutive Independent Director of the Company.
3) Disposal of Undertaking/Asset of the company under section 180(1)(a) of the
Companies Act, 2013.
4) To approve, confirm and ratify the appointment of Statutory Auditors of the Company
to fill the casual vacancy caused due to the resignation.
5) To appoint the Statutory Auditors of the Company for the term of 5 consecutive
years.
2022-2023
No Special Resolution was passed.
2021-2022
No Special Resolution was passed.
Extra Ordinary General Meeting/Postal Ballot during the year under review:
One Extra Ordinary General Meeting through Postal Ballot was held on Monday, 24th
March, 2025 to pass following resolutions:
1) Shifting of registered office of the company from one state to another state.
2) Regularization of appointment of Additional Director Mr. Hiren Dhirajlal Shah (DIN:
09842161) as an Independent Director of the Company.
d) Changes in Directors and Key Managerial Personnel:
Mr. Sandeep Agarwal, Director of the Company is liable to retire by rotation at the
ensuing Annual General Meeting and being eligible, offer himself for re- appointment.
During the year, Mr. Hiren Dhirajlal Shah (DIN: 09842161) has been appointed as
Additional Director of the Company w.e.f. 11th September, 2025, also his
appointment was regularised as Non-Executive Independent Director of the Company, in the
extra ordinary General Meeting held on 24th March, 2025
Further in the last Annual General Meeting held in 2024, the Company has regularised
appointment of Mrs. Sushilaben Dipakkumar Shah (DIN: 08234697) and Mr. Chirag Kir0kumar
Nanava0 (DIN: 08196966) as Non-Executive Independent Director of the Company.
e) Declaration by an Independent Director(s) and reappointment, if any:
All Independent Directors have given declarations that they meet the criteria of
independence as laid down under Section 149(6) of the Companies Act, 2013 and SEBI
(Listing Obligations and Disclosure Requirement), Regulations, 2015.
f) Formal Annual Evaluation:
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirement), Regulations, 2015, the Board has carried out an annual
performance evaluation of its own performance, the directors individually as well as the
evaluation of the working of its Audit, Nomination and Remuneration Committees.
During the year, the Board adopted a formal mechanism for evaluating its performance
and as well as that of its Committees and individual Directors, including the Chairman of
the Board. The exercise was carried out through a structured evaluation process covering
various aspects of the Boards functioning such as composition of the Board &
committees, experience & competencies, performance of specific duties &
obligations, governance issues etc. Separate exercise was carried out to evaluate the
performance of individual Directors including the Board Chairman who were evaluated on
parameters such as attendance, contribution at the meetings and otherwise, independent
judgment, safeguarding of minority shareholders interest etc.
The evaluation of the Independent Directors was carried out by the entire Board and
that of the Chairman and the Non-Independent Directors were carried out by the Independent
Directors.
The Directors were satisfied with the evaluation results, which reflected the overall
engagement of the Board and its Committees with the Company.
g) Remuneration Policy:
The Board has, on the recommendation of the Nomination & Remuneration Committee
framed a policy for selection and appointment of Directors, Senior Management and their
remuneration. The Remuneration Policy is stated under the head Nomination and Remuneration
Committee.
h) Number of Meetings of the Board of Directors and Audit Committee:
A calendar of Meetings is prepared and circulated in advance to the Directors.
During the year seven Board Meetings and One Independent Directors' meeting and four
Audit Committee Meetings were convened and held. The intervening gap between the Meetings
was within the period prescribed under the Companies Act, 2013.
19) COMMITTEES OF BOARD OF DIRECTORS:
The Company had Three Board Committees. These are as under:
I. Audit Committee
II. Remuneration Committee
III. Share Transfer & Shareholders/Investor Grievance Committee
Moving with various committees formed and reported in the previous Annual Report and in
line with the requirements of SEBI and Stock Exchanges, the Board has formally constituted
the following committees of Directors.
I. Audit Committee:
The Audit committee constituted by the Board of directors as per the Regulation 18 of
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as well as in
Section 177 of the Companies Act, 2013. The members of the Committee presently comprises
of three Members Mr. Sandeep Agarwal (DIN: 00688647), Mr. Amit Mrituka (DIN: 00741569) and
Mrs. Mamy Ghosh (DIN: 06532484) who are aware with finance, accounts, management and
corporate affairs. Three independent members constitute the quorum of the said Audit
Committee Meeting.
The Audit Committee of the Board of Directors of the Company, Inter-alia, provides
assurance to the Board on the adequacy of the internal control systems and financial
disclosures.
The audit committee while reviewing the Annual Financial Accounts ensures compliance of
the Accounting Standard (AS) issued by the Institute of Chartered Accountants of India.
Review the financial reporting process and disclosure of its financial information;
Review with the management, Annual financial statements before submission to the Board;
Review with the management, statutory Auditors and Internal Auditors and adequacy of
internal control systems;
Review the company's accounting and risk management policies;
Review the company's accounting and management reporting systems and updates the same
from time to time;
Recommend the appointment and removal of statutory and Internal Auditors and fixation
of fees for the same;
Review quarterly financial statement;
Review internal investigations made statutory/ Internal Auditors;
Scope of Statutory/ Internal Audit;
Review fixed deposits/repayment systems etc.;
Review related party transactions.
The terms and reference of the Audit Committee covers the matters specified as per SEBI
(Listing Obligations and Disclosure Requirement), Regulations, 2015 besides other terms as
may be referred from time to time by the Board of Directors. The Audit Committee met four
times during the year;
| 04/06/2024 |
02/08/2024 |
12/11/2024 |
05/02/2025 |
II. Remuneration Committee:
The Remuneration Committee shall act in accordance with the prescribed provisions of
Section 178 of the Companies Act, 2013. Remuneration Committee reviews the overall
compensation policy, service agreements and other employment conditions of Managing/Whole
time Directors and Managing Director.
Members of the Committee has been changed on 26th October, 2023 due to
change in Directorship of the Company. Nomination and Remuneration Committee of the
Company presently comprises of Mr. Sandeep Agarwal (DIN: 00688647), Mr. Amit Mrituka (DIN:
00741569) and Mrs. Mamy Ghosh (DIN: 06532484).
Remuneration Committee constituted for the purpose of considering remuneration of
executive and non-executive directors.
Non- Executive Director
The Company has not paid any sitting fees to any of the Directors of the Company.
One Meeting of the Nomination and remuneration committee was held on 11/09/2024 during
the year under review.
Terms of reference of the Committee inter alia, include the following: Nomination of
Directors / Key Managerial Personnel / Senior Management*
i. To evaluate and recommend the composition of the Board of Directors;
ii. To identify persons who are qualified to become Directors and who may be appointed
in senior management in accordance with the criteria laid down by the Committee;
iii. Consider and recommend to the Board appointment and removal of directors, other
persons in senior management and key managerial personnel (KMP);
iv. Determining processes for evaluating the effectiveness of individual directors and
the Board as a whole and evaluating the performance of individual Directors;
v. To administer and supervise Employee Stock Options Schemes (ESOS) including framing
of policies related to ESOS and reviewing grant of ESOS;
vi. Formulate the criteria for determining qualifications, positive attributes and
independence of a Director;
vii. To review HR Policies and Initiatives.
Role of the Committee:
The Committee shall:
a. Formulate the criteria for determining qualifications, positive attributes and
independence of a Director and recommend to the board of directors a policy relating to,
the remuneration of the directors, key managerial personnel and other employees;
b. Identify persons who are qualified to become Director and persons who may be
appointed in Key Managerial and Senior Management positions in accordance with the
criteria laid down in this Policy;
c. Lay down the evaluation criteria for performance evaluation of Independent Director
and the Board;
d. Recommend to the Board, appointment, remuneration and removal of Director, KMP and
Senior Management;
e. To devise a Policy on Board diversity.
f. Whether to extend or continue the term of appointment of the independent director,
on the basis of the report of performance evaluation of independent directors.
Remuneration of Directors / Key Managerial Personnel / Senior Management*/ other
Employees
Evolve the principles, criteria and basis of Remuneration policy and recommend to the
Board a policy relating to the remuneration for all the Directors, KMP, Senior Management
and other employees of the Company and to review the same from time to time.
The Committee shall, while formulating the policy, ensure the following:
The level and composition of remuneration is reasonable and sufficient to attract,
retain and motivate Directors of the quality required to run the Company successfully;
Relationship of remuneration to performance is clear and meets appropriate performance
benchmarks; and
Remuneration to Directors, KMP and Senior Management involves a balance between fixed
and incentive pay reflecting short and long term performance objectives appropriate to the
working of the Company and its goals.
*Senior Management for the above purpose shall mean personnel of the Company who are
members of its core management team excluding Board of Directors comprising all members of
management one level below the executive directors, including the functional heads.
NOMINATION & REMUNERATION POLICY:
Purpose of this Policy:
The company has adopted this Policy on appointment and remuneration of the Directors,
Key Managerial Personnel and Senior Management (the "Policy") as required by the
provisions of Section 178 of the Companies Act, 2013 (the "Act") and Regulation
19 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The purpose of this Policy is to establish and govern the procedure applicable:
a) To evaluate the performance of the members of the Board.
b) To ensure that remuneration to Directors, KMP and Senior Management involves a
balance between fixed and incentive pay reflecting short and long-term performance
objectives appropriate to the working of the Company and its goals.
c) To retain, motivate and promote talent and to ensure long term sustainability of
talented managerial persons and create competitive advantage.
The Committee should ensure that the level and composition of remuneration is
reasonable and sufficient to attract, retain and motivate Directors of the quality
required to run the Company successfully and the relationship of remuneration to
performance is clear and meets appropriate performance benchmarks.
Definitions:
Independent Director means a director referred to in Section 149(6) of the Act and the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from
time to time.
Key Managerial Personnel (the "KMP") shall mean "Key Managerial
Personnel" as defined in Section 2(51) of the Act.
Nomination and Remuneration Committee, by whatever name called, shall mean a Committee
of Board of Directors of the Company, constituted in accordance with the provisions of
Section 178 of the Act and the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
Remuneration means any money or its equivalent given or passed to any person for
services rendered by him and includes perquisites as defined under the Income-tax Act,
1961.
Senior Management means personnel of the Company who are members of its core management
team excluding Board of Directors. This would include all members of management one level
below the Executive Directors, including all functional heads.
Words and expressions used and not defined in this Policy, but defined in the Act or
any rules framed under the Act or the Securities and Exchange Board of India Act, 1992 and
Rules and Regulations framed there under or in the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 or the Accounting Standards shall have the
meanings assigned to them in these regulations.
Criteria for Determining the followings:-
1 Qualifications for appointment of Directors (including Independent Directors)
a) Persons of eminence, standing and knowledge with significant achievements in
business, professions and/or public service;
b) Their financial or business literacy/skills;
c) Other appropriate qualification/experience to meet the objectives of the Company;
d) As per the applicable provisions of Companies Act, 2013, Rules made there under and
SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Nomination and Remuneration Committee shall have discretion to consider and fix any
other criteria or norms for selection of the most suitable candidate/s.
2 Positive attributes of Directors (including Independent Directors):
Directors are to demonstrate integrity, credibility, trustworthiness, ability to handle
conflict constructively and the willingness to address issues proactively;
Actively update their knowledge and skills with the latest developments in the
railway/heavy engineering/infrastructure industry, market conditions and applicable legal
provisions;
Willingness to devote sufficient time and attention to the Company's business and
discharge their responsibilities;
To assist in bringing independent judgment to bear on the Board's deliberations
especially on issues of strategy, performance, risk management, resources, key
appointments and standards of conduct;
Ability to develop a good working relationship with other Board members and contribute
to the Board's working relationship with the senior management of the Company;
To act within their authority, assist in protecting the legitimate interests of the
Company, its shareholders and employees;
Independent Directors to meet the requirements of the Companies Act, 2013 read with the
Rules made there under and SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 as amended from time to time.
3 Independence Standards
The following would be the independence review procedure and criteria to assist the
Committee to evaluate the independence of Directors for recommending to the Board for
appointment. A Director is independent if the Board affirmatively determines that the
Director does not have a direct or indirect material relationship with the Company,
including its affiliates or any member of senior management. "Affiliate" shall
mean any company or other entity that controls, is controlled by, or is under common
control with the Company.
Also, the candidate shall be evaluated based on the criteria provided under the
applicable laws including Companies Act, 2013 read with Rules thereon and the Listing
Agreement with the Stock Exchanges. In addition to applying these guidelines, the Board
will consider all relevant facts and circumstances in making its determination relating to
a director's independence.
Independence Review Procedures
1. Annual Review
The director's independence for the independent director will be determined by the
Board
on an annual basis upon the declaration made by such Director as per the provisions of
the
Companies Act, 2013 read with Rules thereon and the Listing Agreement.
2. Individual Director's Independence Determinations
If a director nominee is considered for appointment to the Board between Annual General
Meetings, a determination of independence, upon the recommendation of the Committee, shall
be made by the Board prior to such appointment.
All determinations of independence shall be made on a case-by-case basis for each
director after consideration of all the relevant facts and circumstances and the standards
set forth herein. The Board reserves the right to determine that any director is not
independent even if he or she satisfies the criteria set forth by the provisions of the
Companies Act, 2013 read with Rules thereon and the Listing Agreement.
3. Notice of Change of Independent Status
Each director has an affirmative obligation to inform the Board of any change in
circumstances that may put his or her independence at issue.
Criteria for appointment of KMP/Senior Management
To possess the required qualifications, experience, skills & expertise to
effectively discharge their duties and responsibilities;
To practice and encourage professionalism and transparent working environment;
To build teams and carry the team members along for achieving the goals/objectives and
corporate mission;
To adhere strictly to code of conduct Term
The Term of the Directors including Managing / Whole time Director / Independent
Director shall be governed as per the provisions of the Act and Rules made there under and
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
from time to time. Whereas the terms of the KMP (other than the Managing/Whole time
Director) and Senior Management, shall be governed by the prevailing H R policies of the
Company.
Evaluation
The Committee shall carry out evaluation of performance of every Director. The
Committee shall identify evaluation criteria which will evaluate Directors based on
knowledge to perform the role, time and level of participation, performance of duties,
level of oversight, professional conduct and independence. The appointment / re-
appointment / continuation of Directors on the Board shall be subject to the outcome of
the yearly evaluation process.
Removal
Due to reasons for any disqualification mentioned in the Act or under any other
applicable Act, Rules and Regulations there under and / or for any disciplinary reasons
and subject to such applicable Acts, Rules and Regulations and the Company's prevailing HR
policies, the Committee may recommend, to the Board, with reasons recorded in writing,
removal of a Director, KMP or Senior Management.
Remuneration of Managing / Whole-time Director, KMP and Senior Management
The remuneration / compensation / commission, etc., as the case may be, to the Managing
/ Whole time Director will be governed by the relevant provisions of the Companies Act,
2013 and applicable Rules and Regulations and will be determined by the Committee and
recommended to the Board
for approval. The remuneration / compensation / commission, etc., as the case may be,
shall be subject to the prior / post approval of the shareholders of the Company and
Central Government, wherever required. Further, the Chairman & Managing Director of
the Company is authorised to decide the remuneration of KMP (other than Managing / Whole
time Director) and Senior Management based on the standard market practice and prevailing
HR policies of the Company.
Remuneration to Non-executive / Independent Director
The remuneration / commission / sitting fees, as the case may be, to the Non-Executive
/ Independent Director, shall be in accordance with the provisions of the Act and the
Rules made there under for the time being in force or as may be decided by the Committee /
Board / shareholders. An Independent Director shall not be entitled to any stock option of
the Company unless otherwise permitted in terms of the Act and the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time.
III. Share Transfer & Shareholders'/Investor Grievance Committee:
This committee presently consists of Mr. Sandeep Agarwal (DIN: 00688647), Mr. Amit
Mrituka (DIN: 00741569) and Mrs. Mamy Ghosh (DIN: 06532484).
The committee is responsible for approving and monitoring transfers, transmission,
splitting and consolidation of shares issued by the Company. In addition to that, the
committee also monitors redressal of complaints from shareholders relating to transfer of
shares, non-receipt of balance sheet etc., No sitting fees is paid to the committee
members. The Committee reviewed redressal of investors Grievances pertaining to share
transfer, dematerialization of shares, replacement of lost, mutilated and old share
certificates, change of address etc. The committee has also taken steps to strengthening
investors relations.
The meetings of the members of Share Transfer and Share Holder Grievance Committee were
held on below mentioned date, met four times during the year;
| 11/04/2024 |
11/07/2024 |
15/10/2024 |
13/01/2025 |
The status of shareholders' complaints received so far/number not solved to the
satisfaction of shareholders/number of pending share transfer transactions (as on 31st
March, 2025) is given below:-
Complaints Status: 01.04.2024 to 31.03.2025
Number of complaints received so far : 4
Number of complaints solved : 4
Number of pending complaints : 0
20) STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF
THE COMPANY:
Risk management is embedded in your company's operating framework. Your company
believes that managing risk helps in maximizing returns. The company's approach to
addressing business risk is comprehensive and includes periodic review of such risks and a
framework for mitigating controls and reporting mechanism of such risks. The risk
management framework is reviewed periodically by the Board and the Audit Committee. Some
of the risks that the company is exposed to are:
Commodity Price Risks
The Company is exposed to the risk of price fluctuation of raw material as well as
finished goods. The company proactively manages these risks through forward booking,
Inventory management and proactive vendor development practices. The Company's reputation
for quality, product differentiation and service, coupled with existence of powerful brand
image with robust marketing network mitigation the impact the impact of price risk on
finished goods.
Regulatory Risks
The company is exposed to risks attached to various statues and regulations including
the company Act. The company is mitigating these risks through regular review of legal
compliances carried out through internal as well as external compliance audits.
Human Resources Risks
Retaining the existing talent pool and attracting new talent are major risks. The
company has initialed various measures including rolling out strategic talent management
system, training and integration of learning and development activities.
Strategic Risks
Emerging businesses, capital expenditure for capacity expansion, etc., are normal
strategic risk faced by the company. However, the company has well-defined processes and
procedures for obtaining approvals for investments in new business and capacity expansion
etc.
21) CORPORATE GOVERNANCE:
SEBI vide its circular no. CIR/CFD/POLICY CELL/2/2014 dated 17th April, 2014 had
amended Erstwhile Clause 49 and made it applicable to all the listed Companies. Further,
SEBI vide its circular no. CIR/CFD/POLICY CELL/7/2014 dated 15th September,
2014 read with Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 had made the provisions of Corporate Governance
non-mandatory to the following class of Companies:
a) Companies having paid up equity share capital not exceeding Rs.10 crores and Net
worth not exceeding Rs.25 crores, as on the last day of the previous financial year;
Provided that where the provisions of Clause 49 becomes applicable to a company at a later
date, such company shall comply with the requirements of Clause 49 within six months from
the date on which the provisions became applicable to the company.
b) Companies whose equity share capital is listed exclusively on the BSE Platform.
Accordingly the paid up capital and net worth is below the prescribed limit for
mandatory applicability of Corporate Governance clause. The Company has decided not to opt
for compliance of Erstwhile Clause 49 for the time being.
22) 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, 2025, the applicable accounting standards have been followed along with proper
explanation relating to material departures, if any;
b. That such accounting policies 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, 2025 and of the
profit of the Company for the year ended on that date;
c. that proper and sufficient care has been taken 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;
d. that the annual financial statements have been prepared on a going concern basis;
e. that proper internal financial controls were in place and that the financial
controls were adequate and were operating effectively;
f. that systems to ensure compliance with the provisions of all applicable laws were in
place and were adequate and operating effectively.
23) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
The details of conservation of energy, technology absorption etc. as required to be
given under Section 134(3)(m) of the Companies Act, 2013 read with Rule, 8 of The
Companies (Accounts) Rules, 2014, are not applicable to Company, as our Company has not
carried out in the manufacturing activities. The foreign exchange earnings on account of
the operation of the Company during the year is Rs. Nil.
24) RELATED PARTY TRANSACTIONS:
There were no materially significant related party transactions made by the Company
with Promoters, Directors, Key Managerial Personnel or other designated persons which may
have a potential conflict with the interest of the Company at large.
25) SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
There are no significant material orders passed by the Regulators / Courts which would
impact the going concern status of the Company and its future operations.
26) DETAIL OF FRAUD AS PER AUDITORS REPORT:
There is no fraud in the Company during the Financial Year ended 31st March,
2025. This is also being supported by the report of the auditors of the Company as no
fraud has been reported in their audit report for the financial year ended 31st
March, 2025.
27) BOARD'S COMMENT ON THE AUDITORS' REPORT:
There were no qualifications, reservations or adverse remarks made by Auditors in their
respective reports. Observation made by the Statutory Auditors in their Report are self-
explanatory and therefore, do not call for any further comments under section 134(3) (f)
of the Companies Act, 2013.
28) COST AUDITOR AND COST AUDIT REPORT:
Cost Audit is not applicable to your Company.
29) AUDITORS:
A. Statutory Auditors:
In terms of Section 139 of the Companies Act, 2013 (“the Act"), and the
Companies (Audit and Auditors) Rules, 2014, made thereunder, the present Statutory
Auditors of the Company M/s. D.G.M.S & Co., Chartered Accountants (FRN: 0112187W), has
been appointed, confirmed and ratified as the Statutory Auditors of the Company for the
financial year 2024-25, to fill the casual vacancy caused due to the resignation of M/s A
A A M & CO LLP, Chartered Accountants (FRN: 038189N), with effect from May 10, 2025
and to hold office till the date of next annual general meeting of the Company to be held
in 2025, duly recommended by the Audit Committee of the Company.
Further, M/s. D.G.M.S & Co., Chartered Accountants (FRN: 0112187W), is required to
appoint as the Statutory Auditors of the Company, for the term of 5 years from the
conclusion of this 38th Annual General Meeting until the conclusion of the 43 rd
Annual General Meeting to be held in the year 2030 on such remuneration plus applicable
taxes, and out of pocket expenses, as may be recommended by the Audit Committee and as may
be mutually agreed between the Board of Directors of the Company and the Statutory
Auditors from time to time.
B. Internal Auditor
The Company has appointed internal auditors of the company.
C. Secretarial Audit:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has
appointed Mrs. Rupal Patel (FCS - 6275), Practicing Company Secretary, to undertake the
Secretarial Audit of the Company. The Secretarial Audit Report is annexed herewith as
“Annexure -B".
Reply to the qualification Remarks in Secretarial Audit Report:
| Sr. No. |
Remarks |
Reply |
| 1. |
The Company has not published notice of meeting of the board of
directors where financial results shall be discussed and financial results, as required
under Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015. |
The company has take note of the same and company is in process of
compliance of the same. |
| 2. |
The company has no functional website as per Regulation 46 of SEBI
(Listing Obligation and Disclosure Requirement), 2015. |
It was held due to certain technical issues. The Company has taken
serious note on such non-compliance and committed to comply. |
| 3. |
BSE Limited has imposed fines for Delayed Submission of compliances
under various regulations of SEBI LODR during the year under review. |
The Company has started to comply with all pending compliances and
planning to apply for waiver of the fine. |
| 4. |
The Company is SDD (Database of designated Persons) non-compliant during
the year under review. |
It was held due to certain technical issues. The Company has installed
designed software, entered all data and complied with the same as on date of this Report. |
| 5. |
The Exchange vide email dated September 8, 2023, has requested all
listed entities to submit the details of its Statutory Auditors by September 18, 2023. It
has been observed that the Company has still not submitted the said details. |
The company has taken serious note of the same and complied with as on
date of this Report. |
| 6. |
It has been observed that the company is noncompliant with provisions of
Reg. 3(5) and Reg. 3(6) of SEBI (Prohibition of Insider Trading) Regulations, 2015 during
period under review. |
It was held due to certain technical issues. The Company has installed
designed software, entered all data and complied with the same as on date of this Report. |
| 7. |
100% promoter holding is not in demat form as required under Regulation
31(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. |
The company has taken serious note of the same and company is in process
of compliance with the dematerialization of the shares of the promoters. |
| 8. |
BSE has categorized the company under stage- I Enhanced Surveillance
Measure (ESM) vide its notice dated June 02, 2023. |
Since it is market divern factor, the Company has no comment to offer. |
| 9. |
It has been observed that there are partly paid up shares in the audited
books of accounts of the Company, however, no reporting of partly paid-up shares has been
made/disclosed in the Shareholding Pattern which had been submitted to BSE on quarterly
basis. |
The company has already taken up this issue with the RTA and planning to
come out from this query in a short period of time. |
| 10. |
Mrs. Mamy Ghosh (Executive Director) tenure has completed on 17/03/2023,
now she is not eligible to be appointed on the board of directors. Company is in
contravention of section 149 of the Companies Act, 2013, the vacancy must be filed within
three months. |
The company has taken the serious note of noncompliance and include the
same agenda in this Report also. |
30) MANAGEMENT DISCUSSION AND ANALYSIS:
Management discussion and analysis Report, pursuant to Schedule V of the SEBI (Listing
Obligations and Disclosure Requirement), Regulations, 2015, forms part of this Report and
the same is annexed hereto as "Annexure-C".
31) SEGMENT:
Your Company is engaged in a single segment only.
32) EXTRACT OF THE ANNUAL RETURN:
Pursuant to Sub-section 3(a) of Section 134 and Sub-section (3) of Section 92 of the
companies Act 2013, read with Rule 12 of Companies (Management and Administration) Rules,
2014, the copy of the Draft Annual Return of the Company for the Financial year ended on
March, 31st 2025 in Form MGT-9 is uploaded on website of the company and can be
accessed at www.bansisonstea.in
33) DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has zero tolerance for sexual harassment at workplace and has adopted a
policy against sexual harassment in line with the provisions of Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed there
under.
Since there are no women employees in the Company, hence during the financial year
2024-25, the company has not received any complaints on sexual harassment and hence no
complaints remain pending as of 31st March, 2025.
34) MATERNITY BENEFIT PROVIDED BY THE COMPANY UNDER MATERNITY BENEFIT ACT 1961:
The Company declares that it has duly complied with the provisions of the Maternity
Benefit Act, 1961. All eligible women employees have been extended the statutory benefits
prescribed under the Act, including paid maternity leave, continuity of salary and service
during the leave period, and post-maternity support such as nursing breaks and flexible
return-to-work options, as applicable. The Company remains committed to fostering an
inclusive and supportive work environment that upholds the rights and welfare of its women
employees in accordance with applicable laws.
35) DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 AND OTHER
DISCLOSURES AS PER RULE 5 OF COMPANIES (APPOINTMENT & REMUNERATION) RULES, 2014:
Pursuant to Section 197(12) of the Companies Act, 2013 and Rule 5 of Companies
(Appointment & Remuneration) Rules, 2014, every Listed Company mandates to disclose in
the Board's Report the ratio of the remuneration of each director to the permanent
employee's remuneration. However, since there is no permanent employee in the Company, no
disclosure under the said provision has been furnished.
36) DISCLOSURES:
a) Materially significant related party transactions:
The same are appropriate disclosed in the note forming parts of the financial
statement.
b) During the last three Years, there were no penalties, strictures imposed by either
SEBI or stock Exchange or any statutory authority for non- Compliance of any matter
related to the capital market.
Share Transfer System:
All the transfers are received and processed by share Transfer agents and are approved
by share transfer committee. Share Transfer requests received in physical form are
registered within 30 days and demat requests are confirmed within 15 days.
Dematerialization of shares and liquidity:
Details of Registrar and Share Transfer agent of the Company for dematerialization of
shares:
Name: S. K. INFOSOLUTIONS PVT. LTD.
Address: 34/1A Sudhir Chatterjee Street, Kolkata, West Bengal,700006.
Tel: 033-22194815,22196797
Fax: 033-22194815
Email: skcdilip@gmail.com; contact@skcinfo.com
Date, Time and venue of : 29th September, 2025 at 11.00 A.M.
Annual General Meeting :Through Video Conferencing/ Other Audio-Visual Means
(VC/OAVM). The venue of the Meeting shall be deemed to be at its registered office.
37) MEANS OF COMMUNICATIONS:
The half Yearly and quarterly results of the Company were not published in any
newspaper but regularly forwarded to the Bombay Stock Exchange where the Company's share
are listed. The Company has not considered it necessary to circulate half yearly results
at the residence of shareholders as there is no significant up and down in the activities
of the company having material impact on the shareholders interest.
The Company's financial results and officials news releases are displayed on the
Company's website i.e. www.bansisonstea.in
Further the Company has not made any presentation to any financial institutional
Investors/analysts or banks during the year.
Listing of Equity Shares on Stock Exchanges: BSE Limited:
a. Stock Code: BSE 519353
b. Demat ISIN number: INE856E01019
c. Market price data :
High / Low of Monthly Market Price of the Companies Equity Shares traded on Bombay
Stock Exchange during the financial year 2024-25:-
Month |
BSE |
BSE SENSEX |
| High (Rs.) |
Low (Rs.) |
High (Rs.) |
Low (Rs.) |
| April - 2024 |
4.07 |
3.50 |
75,124.28 |
71,816.46 |
| May - 2024 |
3.80 |
3.80 |
76,009.68 |
71,866.01 |
| June - 2024 |
3.99 |
3.99 |
79,671.58 |
70,234.43 |
| July - 2024 |
4.38 |
3.80 |
81,908.43 |
78,971.79 |
| August - 2024 |
7.42 |
4.59 |
82,637.03 |
78,295.86 |
| September -2024 |
8.74 |
7.79 |
85,978.25 |
80,895.05 |
| October -2024 |
8.90 |
8.00 |
84,648.40 |
79,137.98 |
| November - 2024 |
7.60 |
5.61 |
80,569.73 |
76,802.73 |
| December - 2024 |
-- |
-- |
82,317.74 |
77,560.79 |
| January - 2025 |
-- |
-- |
80,072.99 |
75,267.59 |
| February - 2025 |
5.89 |
5.89 |
78,735.41 |
73,141.27 |
| March - 2025 |
-- |
-- |
78,741.69 |
72,633.54 |
d. Registered and Transfer Agent: The Company has Appointed S. K. Infosolutions Private
Limited
as the common agency both in respect of demat shares.
e. Share Transfer System: Valid Share transfer in physical form and complete in all
respects were approved and registered within the stipulated period.
Dividend Payment Date (Proposed): Dividend, if any will be paid within the stipulated
period after its declaration by the members at the AGM.
Shareholding pattern as on 31st March, 2025:-
| Category |
No. of share held |
% of Holding |
| a) Promoters and persons who may be deemed to be acting in concert
including promoter/directors group Companies |
14,65,700 |
23.15 |
| b) Financial Institutions |
0 |
0 |
| / Banks b) Other Bodies Corporate |
41,500 |
0.66 |
| c) NRI, HUF, Firm |
500 |
0.01 |
| c) Indian public |
48,22,300 |
76.18 |
| Total |
63,30,000 |
100.00 |
Dematerialization of shares: As on 31-03-2025, Demat shares accounted for 4,75,505
Equity Shares of total equity.
Listing on Stock Exchanges : BSE Limited
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400023
Address for Correspondence:
Bansisons Tea Industries Limited,
3rd Floor Metro Plaza, S.F. Road, PO- Siliguri, Siliguri Junction,
Darjiling, Siliguri- 34001,
West Bengal, India
Website: www.bansisonstea.in
Email: bansisonstea@gmail.com
Tel.: 0353-2501808
S. K. Infosolutions Private Limited
34/1A Sudhir Chatterjee Street, Kolkata, West Bengal,700006.
Tel.: 033-22194815,22196797 Fax: 033-22194815
Email: skcdilip@gmail.com; contact@skcinfo.com Financial Calendar:
1st quarterly results - Second week of August, 2025 2nd quarterly
results-Second week of November, 2025 3rd quarterly results - Second week of
February, 2026 4th quarterly results - Second week of May, 2026
Date of Book Closure: September 23rd 2025 to September 29th 2025
(both days inclusive)
38) MATERIAL CHANGES AND COMMITMENT:
No material changes and commitments affecting the financial position of the company
occurred between the ends of the financial year to which these financial statements relate
on the date of this report.
39) CORPORATE SOCIAL RESPONSIBILITY (CSR):
The Company has not developed and implemented any Corporate Social Responsibility
initiative under the provisions of Section 135 of the Companies Act, 2013, read with Rule
9 of Companies (Corporate Social Responsibility Policy) Rules, 2014, as the said
provisions are not applicable.
40) DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO
THE FINANCIAL STATEMENTS:
The Company has adequate of internal financial controls with reference to the Financial
Statements during the year under review.
41) SECRETARIAL STANDARDS:
The Directors State that applicable Secretarial Standards i.e. SS-1 and SS-2 relating
to 'Meetings of the Board of Directors' and General Meetings', respectively, have been
duly followed by the Company.
42) ACKNOWLEDGEMENT:
The management is grateful to the government authorities, Bankers, Vendors for their
continued assistance and co-operation. The directors also wish to place on record the
confidence of members in the company.
By Order of the Board of Directors For Bansisons Tea Industries Limited
Date: 28/08/2025 Place: West Bengal
Sandeep Agarwal
Whole-time Director DIN:00688647
Mamy Ghosh Director DIN: 06532484
ANNEXURE - B
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