To,
The Members,
Oasis Tradelink Limited (In Liquidation)
(CIN: L51909GJ1996PLC031163)
Pursuant to order dated 26-02-2019 of the Hon'ble National Company Law Tribunal -
Ahmedabad Bench at Ahmedabad (NCLT Order), Corporate Insolvency Resolution
Process (CIRP Process) has been initiated for the Company in accordance with
the provisions of the Insolvency and Bankruptcy Code, 2016, (Code) and related
rules and regulations issued there under with effect from 26-02-2019 (Corporate Insolvency
Resolution Process Commencement Date). The Hon'ble NCLT has appointed Mr. Ramchandra
Dallaram Choudhary as Resolution Professional vide order dated 13-06-2019 which was
confirmed by the Board on 26-07-2019. Further, the Hon'ble NCLT, Ahmedabad had on
04-12-2019, in the matter C.P. (I.B) No. 433/NCLT/AHM/2018, passed an order for initiation
of Liquidation against the Corporate Debtor, M/s. Oasis Tradelink Limited (In
liquidation). In the same order, Mr. Ramchandra Dallaram Choudhary have been appointed as
the Liquidator by the NCLT u/s 34(1) of the Insolvency and Bankruptcy Code, 2016 (the
Code).
Further, the Hon'ble NCLT, Ahmedabad Bench has vide order dated 21-03-2022 in
IA/224(AHM) 2022 in CP (IB) 433 of 2018 allowed the Liquidator to sell the Corporate
Debtor as a going concern to the interested buyer namely Mr. Niranjan Jain. Further, vide
order dated 04-05-2022 in IA 342 (AHM) 2022 in CP (IB) 433 of 2018 read with interim order
dated 20-04-2022 the Hon'ble NCLT, Ahmedabad Bench have ordered that the applicant is
entitled to the reliefs and concessions subject to the Provisions of Law relating to them
and Rulings of the Apex Court in case of 'Ghanshyam Mishra".
The powers of the Board of Directors of the Company stand suspended effective from the
Liquidation Process commencement date and such powers along with the management of affairs
of the Company are vested with the Liquidator. In view hereof, Annual General Meeting is
being called and convened by the Order of Liquidator.
1. FINANCIAL HIGHLIGHTS
(Amount in Lakhs)
Particulars |
FY 2022-23 |
FY 2021-22 |
Revenue from Operations |
0 |
0 |
Other Income |
0 |
0 |
Total Income |
0 |
0 |
Regd. Office: Ground Floor, Maruti House Bldg, Toran Dinning Hall, Navrangpura,
Ahmedabad-380009 CIN: L51909GJ1996PLC031163 : Website: www.oasistradelink.com Email :
oasistradelink@gmail.com Correspondence No. 079-26566577
Expenses: |
8.64 |
0.00 |
Profit/(Loss) before exceptional items and tax |
(8.64) |
(0.00) |
Exceptional Items |
0 |
0 |
Profit/(Loss) before tax |
(8.64) |
(0.00) |
Provision for current tax, deferred tax and other tax expenses |
|
|
Profit/ (loss) for the period |
(8.64) |
(0.00) |
2. OPERATION & REVIEW
During the year period under review, the total revenue from the operation of the
company is Nil and Profit/(Loss) after tax is (8.64) lakhs.
3. DIVIDEND
Your Company is under Liquidation and incurring losses, therefore does not recommend
any dividend for the year 2022-23.
4. SHARE CAPITAL
The issued Equity Share capital as on 31st March, 2023 is Rs. 10,87,46,360.
During the year under review, the Company has not issued shares with differential voting
rights nor granted stock options nor sweat equity. Paid up Equity capital of the company
as on 31st March, 2023 stands at Rs. 10,87,46,360.
5. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
Since there was no unpaid/ unclaimed dividend, the provisions of Section 125 of the
Companies Act, 2013 does not apply during the financial year.
6. TRANSFER TO RESERVES
The Company has not transferred any amount to reserves during the year under review.
7. CHANGE IN THE NATURE OF THE BUSINESS
During the year, there is no change in the nature of the business of the Company.
Regd. Office: Ground Floor, Maruti House Bldg, Toran Dinning Hall, Navrangpura,
Ahmedabad-380009 CIN: L51909GJ1996PLC031163 : Website: www.oasistradelink.com Email :
oasistradelink@gmail.com Correspondence No. 079-26566577
Oci/i/ Tradelink UcJ.
8. LISTING ON STOCK EXCHANGES
Your Company's shares are listed on BSE Limited.
9. DIRECTORS AND KEY MANAGERIAL PERSONNEL
The directors and KMP of the company as on March 31, 2023, are as under:
Name Designation |
Name Designation |
Snehal Bharatbhai Patel |
Whole Time Director |
Olga Vinchentpaul Menezes |
Independent Director |
Rajasekharan Krishnan Nair |
Independent Director |
Pursuant to the NCLT order for commencement of the CIRP/ initiation of the Liquidation
process and in line with the provisions of the Code, the powers of the Board of Directors
stand suspended and exercised by Liquidator.
10. NUMBER OF BOARD MEETINGS
During the year under review, no board meeting was held as the power of the board
remain suspended and vested with the liquidator as per the provisions of the Insolvency
and Bankruptcy Code, 2016.
11. BOARD EVALUATION
During the financial year, no evaluation of the board is being carried out as the power
of the board remains suspended and vested with the liquidator as per the provisions of The
Insolvency and Bankruptcy Code, 2016.
12. DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013, based on internal financial
controls, work performed by the internal, statutory, cost, and secretarial auditors and
external agencies, the reviews performed by the management and with the concurrence of the
Liquidator that for the year ended 31st March 2023, the confirmation is hereby given for
the Company having:
a. Followed in the preparation of the annual accounts, and the applicable accounting
standards with proper explanation relating to material departures.
b. Selected such accounting policies and applied them consistently and made 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 and of the profit and
loss of the Company for that period.
c. Taken proper and sufficient care for the maintenance of adequate accounting records
in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets
of the Company and for preventing and detecting fraud and other irregularities;
d. Prepared the annual accounts on a going concern basis.
e. Laid down internal financial controls to be followed by the Company and that such
internal financial controls are adequate and were operating effectively; and
f. Devised proper systems to ensure compliance with the provisions of all applicable
laws and that such systems were adequate, operating effectively and the same is being
strengthened on a continuous basis from time to time.
13. A STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER SUB-SECTION (6) OF
SECTION 149
The power of the board including the Independent directors remain suspended and vested
with the liquidator as per the provisions of the Insolvency and Bankruptcy Code, 2016.
14. CORPORATE GOVERNANCE
As per Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 the provisions of corporate governance are not applicable to the company
as company has not fall under the prescribed limit as mentioned hereunder:
The Corporate Governance norms shall not be mandatory for companies having paid up
capital not exceeding Rs. 10 Crores and net worth not exceeding Rs. 25 Crores as on the
last day of the previous financial year.
15. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As required by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
with the Stock Exchange, the Management Discussion and Analysis report form part of the
Annual Report and is annexed herewith as Annexure A.
16. ADEQUACY OF INTERNAL FINANCIAL CONTROLS
The Company's internal financial control systems are commensurate with the nature of
its business and the size and complexity of its operations, However the operations of the
company remain suspended and during the year under review there is no sale/ purchase
transaction.
17. DEPOSITS
Your Company has neither invited not accepted any fixed deposit from the public during
the year under review.
18. RELATED PARTY TRANSACTIONS
No related party transactions had taken place during the year under review.
19. LIQUIDATION PROCESS
Pursuant to order dated 26-02-2019 of the Hon'ble National Company Law Tribunal -
Ahmedabad Bench at Ahmedabad (NCLT Order), Corporate Insolvency Resolution
Process (CIR Process) has been initiated for the Company in accordance with
the provisions of the Insolvency and Bankruptcy Code, 2016, (Code) and related
rules and regulations issued there under with effect from 26-02-2019 (Corporate Insolvency
Resolution Process Commencement Date). The Hon'ble NCLT has appointed Mr. Ramchandra
Dallaram Choudhary as Resolution Professional vide order dated 13-06-2019 which was
confirmed by the Board on 26-07-2019. Further, the Hon'ble NCLT, Ahmedabad had on
04-12-2019, in the matter C.P. (I.B) No. 433/NCLT/AHM/2018, passed an order for initiation
of Liquidation against the Corporate Debtor, M/s. Oasis Tradelink Limited (In
liquidation). In the same order, Mr. Ramchandra Dallaram Choudhary have been appointed as
the Liquidator by the NCLT u/s 34(1) of the Insolvency and Bankruptcy Code, 2016 (the
Code).
Further, the Hon'ble NCLT, Ahmedabad Bench has vide order dated 21-03-2022 in
IA/224(AHM)2022 in CP (IB) 433 of 2018 allowed the Liquidator to sell the Corporate Debtor
as a going concern to the interested buyer namely Mr. Niranjan Jain. Further, vide order
dated 04-05-2022 in IA 342 (AHM) 2022 in CP (IB) 433 of 2018 read with interim order dated
20-04-2022 the Hon'ble NCLT, Ahmedabad Bench have ordered that the applicant is entitled
to the reliefs and concessions subject to the Provisions of Law relating to them and
Rulings of the Apex Court in case of 'Ghanshyam Mishra".
20. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
During the year under review, the Company has not given any loan, guarantee or provided
security in connection with the loan to any other body corporate or person or made any
investments. hence no particulars of the loans, guarantees or investments falling under
the provisions of Section 186 of the Companies Act, 2013 are provided by the Board.
21. EXTRACT OF ANNUAL RETURN
As per Section 92(3) read with 134(3)(a) of the Companies Act, 2013, the Annual return
as on March 31, 2023, is available on the website of the Company i.e.
http://oasistradelink.com/Investors.html.
22. A STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY
FOR THE COMPANY INCLUDING IDENTIFICATION THEREIN OF ELEMENTS OF RISK, IF ANY, WHICH IN THE
OPINION OF THE BOARD MAY THREATEN THE EXISTENCE OF THE COMPANY
The main objective of Risk Management is risk reduction and avoidance as also
identification of the risks faced by the business and optimize the risk management
strategies. The Company has put in place a well-defined Risk Management framework for
drawing up, implementing, monitoring and reviewing the Risk Management.
23. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIAL
RESPONSIBILITY INITIATIVES
The Company has not developed and implemented any Corporate Social Responsibility
initiatives as the said provisions are not applicable.
24. SIGNIFICANT AND MATERIAL ORDER PASSED BY REGULATORS OR COURTS OR TRIBUNALS
IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE
The Liquidator has filed application for seeking necessary directions against
respondents under section 43, 66 and 68 of the Insolvency and Bankruptcy Code, 2016 in the
matter of Shri Ramchandra D. Choudhary Liquidator of M/s Oasis Tradelink Limited Vs.
Snehal Bharatbhai Patel & Ors. The said matter is pending before the Hon'ble NCLT,
Ahmedabad Bench.
25. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY
WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH
FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
Except as disclosed in this report, there were no material changes and commitments
affecting the financial position of the Company which have occurred between the end of the
financial year and the date of this report.
26. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO
The particulars as required under the provisions of Section 134(m) of the Companies
Act, 2013 in respect of conservation of energy and technology absorption have not been
furnished as the operation of the company remain suspended. Further, during the year under
review, the Company has neither earned nor used any foreign exchange.
27. PARTICULARS OF EMPLOYEES:
There are no employees during the year under review.
28. AUDITORS:
STATUTORY AUDITORS
Pursuant to the provisions of Section 139 of the Companies Act, 2013 read with rules
made thereunder, as amended from time to time, the company in its 26th annual general
meeting held on Friday, 30th September, 2022 has appointed M/s. Prakash Tekwani &
Associates (FRN: 120253W), the Auditor as statutory auditors of the Company
for its first term of 5 years from the conclusion of 26th Annual General
Meeting till the conclusion of the Annual General Meeting of the Company to be held in the
calendar year 2027, on such remuneration (including fees for certification) and
reimbursement of out of pocket expenses for the purpose of audit as may be fixed by the
Company in consultation with the said Statutory Auditor.
Notes to the financial statements referred in the Auditors Report are self-explanatory
and therefore do not call for any comments under Section 134 of the Act. The Auditors'
Report is enclosed with the financial statements in this Annual Report.
Further on 05/09/2023, the auditor resigned and to fill the casual vacancy of the
retiring auditor the Liquidator of the company have recommended the appointment of new
auditors as detailed in the notice of this annual report.
The Statutory Auditor M/s. Purushottam Khandelwal & Co., (FRN: 123825W), Chartered
Accountants, Ahmedabad will be appointed in the 27th Annual General Meeting
which is to be held on 29th September 2023, for the Term of One Year from the
conclusion of this annual general meeting till the conclusion of annual general meeting to
be held in the year 2024.
COST AUDITORS
The Company has not appointed the Cost Auditor as pursuant to Section 148 of the
Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules,
2014, as the provisions of the cost audit are not applicable to the Company.
SECRETARIAL AUDITORS & SECRETARIAL COMPLIANCE REPORT
Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Liquidator has appointed M/s
Anisha Jhunjhunwala & Associates, Company Secretaries in Practice to undertake the
Secretarial Audit of the Company. The Secretarial Audit Report is attached herewith as Annexure
B.
The Remarks given by the Secretarial Auditor & its reply is mentioned hereunder:
1. The Company has failed to appoint a qualified Company Secretary as Compliance
Officer and Chief Financial Officer, during the year under review.
2. The Company has failed to appoint the Internal Auditor during the financial year.
3. The Company has not implemented system for maintenance of the Digital Database under
the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations,
2015.
4. The Company has not complied the SEBI circular no. SEBI/CIR/CFD/DCR1/ CIR/P/2020/181
dated September 23, 2020 with respect to System-Driven Disclosures.
5. The Company has not paid the listing fee of the Stock Exchange for the F. Y 2021-22.
6. The Company has not filed any Forms with ROC/ MCA-21 during the financial year under
review.
7. The company is not maintaining a functional website for the year under review.
Further, reported during the financial year the power of the Board stood suspended
as the Company is undergoing the liquidation process vide the order of the Hon'ble
National Company Law Tribunal, Ahmedabad Bench dated Dec 4, 2019 and Mr. Ramchandra
Dallaram Chaudhary is being appointed as Liquidator. The power of the Board is being
exercised by Liquidator and no Board Meeting/Committee Meeting/Independent Director
meeting held during the financial year under review.
29. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION (12) OF SECTION
143 OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT
During the year under review, there have been no instances of fraud reported by the
Statutory Auditors under Section 143(12) of the Act and Rules framed thereunder, either to
the Company or to the Central Government.
30. AUDIT COMMITTEE/ NOMINATION AND REMUNERATION COMMITTEE/ STAKEHOLDERS' RELATIONSHIP
COMMITTEE
No committee meetings were held during the year under review, as the power of the Board
of directors stood suspended as per the provisions of Insolvency & Bankruptcy Code,
2016.
The following are the members of the Committee,
Audit Committee
Name of the Director |
Designation |
Snehal Bharatbhai Patel |
Whole-time Director |
Olga Vinchentpaul Menezes |
Independent Director |
Rajasekharan Krishnan Nair |
Independent Director |
Remuneration Committee
Name of the Director |
Designation |
Snehal Bharatbhai Patel |
Whole-time Director |
Olga Vinchentpaul Menezes |
Independent Director |
Rajasekharan Krishnan Nair |
Independent Director |
Stakeholder Relationship Committee
Name of the Director |
Designation |
Snehal Bharatbhai Patel |
Whole-time Director |
Olga Vinchentpaul Menezes |
Independent Director |
Rajasekharan Krishnan Nair |
Independent Director |
31. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION, AND REDRESSAL) ACT, 2013
Not applicable during the financial year under review as there is no employee in the
company during the year.
32. ACKNOWLEDGEMENTS
Liquidator place on record their gratitude for the continuing support of Shareholders,
bankers and Business associates at all levels.
For Oasis Tradelink Limited (Under Liquidation)
Sd\-
Ramchandra Dallaram Choudhary Liquidator
IP Reg. No: IBBI/IPA-001/IP-P00157/2017-18/10326 Validity of AFA till 15.11.2023
Date: 05th September, 2023 Place: Ahmedabad
|