Directors' Report
To,
The Members,
RIDDHI SIDDHI GLUCO BIOLS LIMITED
Your Directors are pleased to present the 34th Annual Report and the Audited Accounts
of the Company for the Financial Year ended on 31st March, 2025:
FINANCIAL RESULTS:
|
|
(Rs. in Lakhs) |
PARTICULARS |
Standalone |
Consolidated |
|
31.03.2025 |
31.03.2024 |
31.03.2025 |
31.03.2024 |
Revenue from operations and other Income |
21,194.16 |
33,769.43 |
22,328.39 |
34,890.36 |
Earnings before Interest, Taxes, Depreciation and Amortization
(EBITDA) |
11,553.31 |
11,357.73 |
8,976.20 |
8,430.28 |
Finance Cost |
863.25 |
722.63 |
975.60 |
884.94 |
Depreciation |
434.92 |
660.30 |
852.21 |
1,074.74 |
Profit /(Loss) before Tax |
10,255.14 |
9,974.80 |
7,148.39 |
6,470.60 |
Net Tax Expense (benefit) |
843.23 |
751.86 |
843.23 |
751.86 |
Net Profit |
9,411.91 |
9,222.94 |
6,305.16 |
5,718.74 |
Total Comprehensive Income/ (Loss) for the Year |
10,335.27 |
14,945.16 |
(292.50) |
10,115.20 |
REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS:
During the financial year 2024-25, the Company's revenue from operations and other
income declined from Rs.33,769.43 Lakhs to Rs. 21,194.16 Lakhs, primarily due to a
reduction in sales of traded goods. The year witnessed significant volatility in
agro-commodity prices, leading the Company to scale down its trading activities. Despite
the fall in revenue, the Net Profit increased from Rs. 9,222.94 Lakhs to Rs. 9,411.91
Lakhs, largely attributable to higher gains realized from the sale of investments.
DIVIDEND:
Your Directors recommended a Dividend of Rs.3.00/- (Rupees Three Only) per share on
fully paid up equity shares of the face value of Rs.10/- (Rupees Ten Only) each i.e. 30%
on paid up equity share capital of the Company for the Financial Year ended on 31st March,
2025. Dividend is subject to approval of members at the ensuing Annual General Meeting
("AGM") and shall be subject to deduction of income tax at source.
The total outgo towards dividend would be Rs.213.89 Lakhs.
The Dividend Distribution Policy, in terms of Regulation 43A of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 ("SEBI Listing Regulations") is disclosed in the Corporate Governance
Report and is uploaded on the Company's website www.riddhisiddhi.co.in and weblink
for the same is http://www.riddhisiddhi.co.in/pdf/dividend-distribution-policy.pdf
TRANSFER TO RESERVE:
During the year under review, the Board does not propose to carry any amount to
reserves out of profit.
CHANGE IN NATURE OF BUSINESS:
During the year under review, there was no change in the nature of business of the
Company.
DEPOSIT:
During the period under review, Company has not accepted or renewed any deposits from
the public.
SHARE CAPITAL:
The Authorised Equity Share Capital of the Company as at 31st March, 2025 is
Rs.14,00,00,000/- divided in to 1,40,00,000 Equity shares of Rs.10/- each and the
Authorised Preference Share Capital of the Company is Rs.12,00,00,000/- divided into
1,20,00,000 preference shares of Rs.10/- each.
The paid up Equity Share Capital as at 31st March, 2025 is Rs.7,12,97,860/- divided in
to 71,29,786 equity shares of Rs.10/- each.
During the year under review, Company has not issued shares or convertible securities
or shares with differential voting rights and has also not granted any stock options or
sweat equity or warrants.
FORFEITURE OF SHARES:
During the year under review, the Company has not forfeited any equity shares.
DETAILS OF CHANGE IN DIRECTORS OR KEY MANAGERIAL PERSONNEL:
• Mr. Ganpatraj Chowdhary (DIN: 00344816), Managing Director of the Company will
retire by rotation at the ensuing 34th Annual General Meeting and being eligible offers
himself for reappointment.
• Further the term of Mr. Ganpatraj Chowdhary as Managing Director and Mr.
Siddharth Chowdhary as Executive Director of the Company will expire on 30.09.2025
respectively. The Board pursuant to recommendation of Nomination & Remuneration
Committee seek approval of the shareholders in ensuing 34th AGM for reappointment of Mr.
Ganpatraj Chowdhary as Managing Director and Mr. Siddharth Chowdhary as Executive Director
for a period of three years from 01.10.2025 on the terms and conditions as set out in the
resolution.
• During the year under review, Mr. R. Sathymurthy (DIN: 00013097) ceased to be an
Independent Director of the Company due to completion of his second and final term as an
Independent Director on 19th May, 2024. The Board of Directors and the Management of the
Company express its deep appreciation and gratitude to Mr. Sathyamurthi Rajagopal for his
extensive contribution towards the Company.
• Further pursuant to recommendation of Nomination and Remuneration Committee,
Board of Directors of the Company through circular resolution passed on 18th May, 2024 has
appointed Mr. Pratik Shah (DIN: 01738382) as Additional Non-Executive, Non-Independent
Director of the Company w.e.f 18th May, 2024. Subsequent to that Board of Directors of the
Company has re-designated Mr. Pratik Shah from Additional Non-Executive, NonIndependent
Director to Additional Non-Executive, Independent Director through circular resolution
passed on 08th July, 2024 for five consecutive years commencing from 08.07.2024 to
07.07.2029. The approval of members of the Company is obtained for confirming his
appointment as a Non-Executive Independent Director by way of passing special resolution
through Postal Ballot on 11th August, 2024.
There were no other changes took place in Directorship of the Company during the year
and there was no changes in KMP during the year under review.
STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS:
Pursuant to Section 149(6) of the Companies Act, 2013, Independent Directors of the
Company have made a declaration confirming the compliance of the conditions of the
independence stipulated in the aforesaid section read with Schedule IV of the Companies
Act, 2013.
NUMBER OF MEETINGS OF THE BOARD:
During the year under review, 4 (four) Board Meetings of the Company were convened on
20.05.2024, 14.08.2024, 11.11.2024 and 05.02.2025.
The intervening gap between the Meetings was within the period prescribed under the
Companies Act, 2013 and Secretarial Standards as prescribed by the Institute of Company
Secretaries of India.
DIRECTORS' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 134(3)(c) OF THE COMPANIES ACT,
2013:
Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the
best of their knowledge and ability, state the following:
i) that in the preparation of the annual accounts, the applicable accounting standards
had been followed along with proper explanation relating to material departures, if any;
ii) that accounting policies had been selected and applied them consistently and
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the company at the end of the financial year ended on 31st
March, 2025 and of the profit and loss of the company for that period;
iii) the Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities;
iv) the Directors had prepared the annual accounts on a going concern basis;
v) the Directors had laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and were operating
effectively; and
vi) the Directors had devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
DETAILS OF COMMITTEE OF DIRECTORS:
Detailed note on Composition of Audit Committee of Directors, Nomination and
Remuneration Committee of Directors, CSR Committee, Finance & Investment Committee and
Stake Holders Relationship Committee of Directors, number of meetings held of each
Committee during the financial year 2024-25 and meetings attended by each member of the
Committee as required under the Companies Act, 2013 are provided in Corporate Governance
Report.
CORPORATE SOCIAL RESPONSIBILITY:
The details of policy developed and implemented by the Company on Corporate Social
Responsibility is available on website of Company at www.riddhisiddhi.co.in.
Further Annual Report on CSR activities pursuant to Rule 8 of Companies (Corporate Social
Responsibility policy) Rules, 2014 as amended is attached as "Annexure-I" to
this report.
ANNUAL EVALUATION BY THE BOARD OF ITS OWN PERFORMANCE, ITS COMMITTEES AND INDIVIDUAL
DIRECTORS:
The Company has devised a Policy for performance evaluation of the Board, Committees
and other individual Directors (including Independent Directors) which includes criteria
for performance evaluation of the Non-Executive Directors and Executive Directors. The
evaluation process inter alia considers attendance of Directors at Board and committee
meetings, acquaintance with business, communicating inter-se board members, effective
participation, domain knowledge, compliance with code of conduct, vision and strategy,
benchmarks established by global peers, etc., which is in compliance with applicable laws,
regulations and guidelines.
The Board carried out annual performance evaluation of the Board, Board Committees and
Individual Directors and Chairman. The Chairman of the respective Board Committees shared
the report on evaluation with the respective Committee members. The performance of each
Committee was evaluated by the Board, based on report on evaluation received from
respective Board Committees.
The reports on performance evaluation of the Individual Directors were reviewed by the
Chairman of the Board.
In compliance with the provisions of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosures Requirements) Regulations, 2015, the performance evaluation
was carried out as under Board:
Board:
In accordance with the criteria suggested by the Nomination and Remuneration Committee,
the Board of Directors evaluated the performance of the Board, having regard to various
criteria such as Board composition, Board processes, Board dynamics etc. The Independent
Directors, at their separate meetings, also evaluated the performance of the Board as a
whole based on various criteria specified by Companies Act, 2013. The Board and the
Independent Directors were of the unanimous view that performance of the Board of
Directors as a whole was satisfactory.
Committees of the Board:
The performance of the Audit Committee, the Nomination and Remuneration Committee and
the Stakeholders Relationship Committee was evaluated by the Board having regard to
various criteria such as committee composition, committee processes, committee dynamics
etc. The Board was of the unanimous view that all the committees were performing their
functions satisfactorily and according to the mandate prescribed by the Board under the
regulatory requirements including the provisions of the Act, the Rules framed there under
and the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.
Individual Directors:
Independent Directors: -
In accordance with the criteria suggested by the Nomination and Remuneration Committee,
the performance of each Independent Director was evaluated by the entire Board of
Directors (excluding the Director being evaluated) on various parameters like engagement,
leadership, analysis, decision making, communication, governance and interest of
stakeholders. The Board was of the unanimous view that each Independent Director was a
reputed professional and brought his/her rich experience to the deliberations of the
Board. The Board also appreciated the contribution made by all the Independent Directors
in guiding the management in achieving higher growth and concluded that continuance of
each Independent Director on the Board will be in the interest of the Company.
Non-Independent Directors: -
The performance of each of the Non-Independent Directors (including the chairman) was
evaluated by the Independent Directors at their separate meeting. Further, their
performance was also evaluated by the Board of Directors. The various criteria considered
for the purpose of evaluation included leadership, engagement, transparency, analysis,
decision making, functional knowledge, governance and interest of stakeholders. The
Independent Directors and the Board were of the unanimous view that each of the
non-independent directors was providing good business and people leadership.
INTERNAL CONTROL SYSTEMS:
The Company has an adequate system of internal control procedures which is commensurate
with the size and nature of business. Detailed procedural manuals are in place to ensure
that all the assets are safeguarded, protected against loss and all transactions are
authorized, recorded and reported correctly. The internal control systems of the Company
are monitored and evaluated by internal auditors and their audit reports are periodically
reviewed by the Audit Committee of the Board of Directors.
ANNUAL RETURN:
The Annual Return of the Company for the Financial Year 2024-25 pursuant to Section
92(3) of the Companies Act, 2013 is available on website of the Company and web link of
the same is http://www.riddhisiddhi.co.in/investors. html#horizontalTab16
APPOINTMENT AND REMUNERATION POLICY:
The Board has, on the recommendation of the Nomination & Remuneration Committee,
framed a policy and defined the scope of the Committee which is in line with the
provisions of the Companies Act, 2013. The policy is available on Company's website at
www.riddhisiddhi.co.in and weblink for the same is
http://www.riddhisiddhi.co.in/pdf/policy-for-
appointment-of-directors-kmp-and-senior-management-employees.pdf
WHISTLE BLOWER POLICY:
The Company has formulated a Whistle Blower Policy to establish a vigil mechanism for
Directors, Employees and other Stakeholders of the Company to report concerns about
illegal and unethical practices, unethical behavior, actual or suspected fraud or
violation of the Company's Code of Conduct or Ethics Policy which is available at the
Company's website at www.riddhisiddhi.co.in and weblink for the same is
http://www.riddhisiddhi.co.in/pdf/vigil-mechanism- policy.pdf
RISK MANAGEMENT:
The Management has evaluated various risks and that there is no element of risk
identified that may threaten the existence of the Company. Though, rules relating to Risk
Management Policy does not apply to the Company, Company has voluntarily adopted the Risk
Management Policy and uploaded the same on Company's website at www.riddhisiddhi. co.in
and weblink for the same is
http://www.riddhisiddhi.co.in/pdf/risk-management-policy-rsgbl.pdf
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
Details of loans, guarantees and investments covered under section 186 of the Companies
Act, 2013 are given in the notes to the financial statements.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:
The Company does not have any associate company and joint ventures. The Company has
following subsidiary within the meaning of Section 2(87) of the Companies Act, 2013:
Sr. No. Name of Entity |
CIN/LLPN |
Status |
1 Shree Rama Newsprint Limited Village Barbodha, Taluka Olpad,
District Surat - 395 005 Gujarat |
L21010GJ1991PLC019432 |
Subsidiary |
PERFORMANCE AND FINANCIAL POSITION OF THE SUBSIDIARY COMPANIES/JOINT VENTURE/ ASSOCIATE
COMPANY:
A statement containing the salient features of the financial statement of the Company's
subsidiary under the provisions of Section 129(3) of the Companies Act, 2013 read with
Rule 5 of the Companies (Accounts) Rules, 2014 has been annexed as "Annexure-II"
in prescribed form AOC-1.
RELATED PARTY TRANSACTIONS:
During the year under review, all related party transactions entered into by the
Company, were approved by the Audit Committee and were at arm's length in the ordinary
course of business. Prior omnibus approval is obtained for related party transactions
which are of repetitive nature and entered in the ordinary course of business on an arm's
length basis. The particulars of contract or arrangements entered into by the Company with
related parties in terms Section 188 (1) of the Companies Act, 2013 are disclosed in Form
No. AOC-2 as annexed "Annexure-III". Details of related party
transactions entered into by the Company, in terms of IND AS-24 have been disclosed in the
notes to the standalone/consolidated financial statements.
In line with the requirements of the Companies Act, 2013 and SEBI (Listing Obligations
and Disclosure Requirements) Regulation, 2015, your Company has formulated a Policy on
Material Related Party Transactions which is available on Company's website at
www.riddhisiddhi.co.in and weblink for the same is
http://www.riddhisiddhi.co.in/pdf/Policy%20 on%20 Related% 20Party%20Transactions.pdf
LISTING OF SHARES:
Equity Shares of Company continue to be listed on BSE Limited till the signing date of
this report. The Company has paid the requisite listing fees to the stock exchange.
DELISTING OF SHARES:
Mr. Ganpatraj L. Chowdhary, Promoter of Riddhi Siddhi Gluco Biols Limited
("Company") vide his letter dated 07.12.2017 expressed his intention to purchase
entire 17,89,634 equity shares representing 25.18% paid up equity share capital held by
public shareholders in order to voluntary delist the equity shares of Company from BSE
Ltd. BSE Ltd. had given inprincipal approval on 20.02.2018 but the same was withdrawn on
26.12.2018 hence the delisting process was dropped.
After withdrawn of in-principle approval, SEBI issued Show Cause Notice on 20.12.2019
and 08.10.2020 alleging violations of various securities laws with respect to delisting
matter to various persons/ entities including promoters and the Company.
Relating to Show Cause Notice dated 08.10.2020, the Company is in receipt of order
dated 02.07.2021 from Adjudicating Officer of SEBI imposing penalty of Rs. 5,00,000/- each
on Company and two of its promoter Directors. The said order was challenged before Hon'ble
Securities and Appellate Tribunal ("SAT"). The Company on directions of Hon'ble
SAT has deposited penalty amount with SEBI.
Relating to Show Cause Notice dated 20.12.2019, the Company is in receipt of order
dated 11.08.2021 from Learned Whole Time Member ("WTM") of SEBI directing the
Company to comply with Minimum Public Shareholding ("MPS") Requirement and
restraining the Company along with its 2 Promoters Directors and CFO from accessing
securities market for period of 1 year/2 years. The said order was also challenged before
Hon'ble Securities and Appellate Tribunal ("SAT") and Hon'ble SAT vide its order
dated 28.10.2021 have stayed the effect and operation of the order passed by Learned WTM
of SEBI dated 11.08.2021.
Both the matters are listed for final hearing and disposal and next date of hearing
before Hon'ble SAT is 19.08.2025.
INVESTOR EDUCATION AND PROTECTION FUND:
During the year under review, the Company has transferred Rs. 1,30,540/- unpaid
dividend amount to Investor Education and Protection Fund (IEPF) in terms of Section
124(5) of Companies Act, 2013 w.r.t unpaid dividend account of Financial Year 2016-17.
Further, the Company has also transferred 3250 Equity Shares in respect of which dividend
was unclaimed/unpaid for a period of 7 consecutive years to the demat account of IEPF
Authority pursuant to Section 124(6) of Companies Act, 2013 read with Investor Education
and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.
The details of amount lying in unpaid dividend accounts of the Company is available on
website of the Company i.e. www.riddhisiddhi.co.in.
Further the details of equity shares which are transferred to Investor Education and
Protection Fund upto date is also available on website of the Company at
www.riddhisiddhi.co.in.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
Particulars with respect to Conservation of Energy, Technology Absorption, Foreign
Exchange Earnings and Outgo as required u/s 134(3)(m) of the Companies Act, 2013 read with
Companies (Accounts) Rules, 2014 are not applicable to the Company as Company was not
engaged in any manufacturing during the year under review. Foreign Exchange Earnings is
Nil and Foreign Exchange Outgo amounts to Rs. Nil during the year under review.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS:
Report on Corporate Governance, Management Discussion & Analysis Report, in terms
of Regulation 34 read with Schedule V of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) 2015 is made part of this report. A certificate
from the Practicing Company Secretary confirming compliance with the conditions of
Corporate Governance is also annexed to this Annual Report.
PARTICULARS OF EMPLOYEES:
Company does not have any employees who is drawing remuneration in excess of limit
prescribed under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
The information required under section 197(12) of the Act read with rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, attached as "Annexure-
IV"
The statement containing the names of top ten employees will be made available on
request sent to the Company on ahmd@riddhisiddhi.co.in.
SECRETARIAL AUDIT:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with Rule 9
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Board on the recommendations of the Audit Committee, has appointed Mr. Kinjal Shah,
Practicing Company Secretary, Ahmedabad (Membership no. F7417 and COP No. 21716) to
undertake the Secretarial Audit of the Company for the financial year ended on 31st March,
2025. Secretarial Audit Report issued by Mr. Kinjal Shah in Form MR-3 forms part of this
report and marked as "Annexure-V".
Further, subject to approval of shareholders of the Company at ensuing AGM, the Board
of Directors of the Company in its meeting held on 13th August, 2025 has appointed Mr.
Kinjal Shah, Practicing Company Secretary, Ahmedabad (Membership No. FCS 7417 & CoP
No. 21716) to undertake Secretarial Audit of the Company for a period of consecutive 5
Financial Years from Financial Year 2025-26 to Financial Year 2029-30.
CASH FLOW STATEMENT:
As required under Regulation 34 of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements), 2015, the Cash Flow Statement forms part to
Financial Statements is attached to the Annual Report.
AUDITORS:
The Board of Directors of the Company at its meeting held on 31.05.2021 had approved
the appointment of M/s. Batliboi 6 Purohit, Chartered Accountants (FRN: 101048W) for a
period of five financial years from the conclusion of 30th Annual General Meeting and
accordingly they will hold the office as a Statutory Auditors till the conclusion of 35th
Annual General Meeting to be held in the year 2026. The said appointment was subsequently
approved by the shareholders in their 30th Annual General Meeting held on 25.09.2021.
EXPLANATIONS/COMMENTS BY THE BOARD ON QUALIFICATIONS, RESERVATION OR ADVERSE REMARKS OR
DISCLAIMER MADE BY THE AUDITOR/COMPANY SECRETARY IN PRACTICE IN THEIR REPORT:
(i) By the Statutory Auditors in their report;
There is no qualification, reservation or adverse remark or disclaimer in audit report
issued by the Statutory Auditors of the Company.
(ii) By the Company Secretary in Practice in his Secretarial Audit Report;
There is no qualification, reservation or adverse remark or disclaimer in secretarial
audit report issued by the Company Secretary in Practice.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION &
REDRESSAL) ACT, 2013:
The provisions regarding Sexual Harassment of Women at Workplace (Prevention,
Prohibition & Redressal) Act, 2013 are applicable to the Company and the Company has
constituted Internal Complaint Committee as per the provisions of Sexual Harassment of
Women Act Workplace (Prevention, Prohibition & Redressal) Act, 2013. There is no
complaint received or pending till 31st March, 2025 under the said policy.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:
In terms of Section 134(3)(i) of the Companies Act, 2013, it is reported that, except
as disclosed elsewhere in this report, no material changes and commitments which could
affect the Company's financial position have occurred between the end of the financial
year of the Company and date of this report.
SIGNIFICANT AND MATERIAL ORDERS:
There are no material orders passed by Regulators, Courts or Tribunals impacting the
going concern status and company's operations in future.
INDUSTRIAL RELATIONS:
The industrial relations remained cordial throughout the year under review.
DISCLOSURE REGARDING MAINTENANCE OF COST RECORDS AND APPOINTMENT OF COST AUDITOR:
Provisions of maintenance of Cost Accounts and Records as specified by the Central
Government under sub-section (1) of section 148 of the Companies Act, 2013 and provisions
regarding appointment of Cost Auditors are not applicable to the Company.
ADOPTION OF POLICES AS PER THE SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING
OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015:
The Board framed policies on Preservation of Documents and Determining Materiality for
Disclosure to Stock Exchanges which are available at the Company's website at
www.riddhisiddhi.co.in and weblink for the same is https://www.
riddhisiddhi.co.in/pdf/policy-on-preservation-of-documents.pdf .
REPORTING OF FRAUD:
There was no instance of fraud during the year under review, which required the
Statutory Auditors to report to the Audit Committee and/ or Board under section 143(12) of
Act and Rules framed thereunder.
COMPLIANCE WITH SECRETARIAL STANDARDS:
Your Directors confirm that, Company complies with applicable mandatory Secretarial
Standards issued by The Institute of Company Secretaries of India.
THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE FINANCIAL YEAR:
During the year under review, the Company has not made any application before the
National Company Law Tribunal under Insolvency and Bankruptcy Code, 2016 for recovery of
outstanding loans against customer and there is no pending proceeding against the Company
under Insolvency and Bankruptcy Code, 2016.
THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME
SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH THE REASONS THEREOF DURING THE FINANCIAL YEAR:
It is not applicable to the Company, during the financial year.
MATERNITY BENEFIT COMPLIANCE:
During the year under review, the provisions of the Maternnity Benefit Act, 1961 are
not applicable on the company.
ACKNOWLEDGEMENT:
The Directors wish to place on record and acknowledge their appreciation and gratitude
for the continued co-operation and support received from the Central Government, the State
Government of Gujarat, Regulatory Bodies, participating Financial Institutions and Banks,
Customers, Suppliers and Dealers. The Directors take this opportunity to express their
appreciation towards the dedication, commitment and teamwork shown by employees, which has
contributed in taking the Company on the path of prosperity. Your Directors further thank
the fraternity of Members/Shareholders for their continued confidence reposed in the
management of the Company.
|
For and on behalf of the Board of Directors of |
|
Riddhi Siddhi Gluco Biols Limited |
|
Ganpatraj L. Chowdhary |
Siddharth Chowdhary |
Date: 13/08/2025 |
Managing Director |
Whole-time Director |
Place: Ahmedabad |
DIN:00344816 |
DIN:01798350 |
|