Dear Member(s),
The Board of Directors of your Company take pleasure in presenting the
Twenty-Fourth (24th) Annual Report of IndiaMART InterMESH Limited ('Company'),
on the business and operations of the Company together with Audited Standalone &
Consolidated Financial Statements and the Auditor's Report thereon for the financial year
ended March 31, 2023 ('FY 2023').
FINANCIAL PERFORMANCE
A summary of the financial performance of the Company in FY 2023 is
detailed below:
('Amount in Rs Million')
Particulars |
Standalone |
Consolidated |
|
FY 2023 |
FY 2022 |
FY 2023 |
FY 2022 |
Revenue from Operations |
9,388.17 |
7,507.70 |
9,853.99 |
7,534.85 |
Other Income |
1,128.83 |
1,078.60 |
1,805.26 |
1,121.94 |
Total Income |
10,517.00 |
8,586.30 |
11,659.25 |
8,656.79 |
Employee Benefit Expenses |
3,992.19 |
2,628.47 |
4,247.35 |
2,675.52 |
Financial Cost |
46.79 |
54.02 |
81.51 |
54.02 |
Depreciation and amortisation expenses |
192.68 |
119.01 |
310.75 |
119.46 |
Other Expenses |
2,779.76 |
1,758.31 |
2,927.81 |
1,780.87 |
Total Expenses |
7,011.42 |
4,559.81 |
7,567.42 |
4,629.87 |
Exceptional items |
52.61 |
- |
- |
- |
Share in Net Profit/(loss) of Associate |
- |
- |
(379.05) |
(122.49) |
Profit/(Loss) before tax |
3,452.97 |
4,026.49 |
3,712.78 |
3,904.43 |
Total Tax Expenses |
731.11 |
928.25 |
874.51 |
928.25 |
Profit/(Loss) for the year |
2,721.86 |
3,098.24 |
2,838.27 |
2,976.18 |
Other Comprehensive income for the financial year |
39.78 |
4.28 |
45.06 |
3.06 |
Total Comprehensive income/(loss) for the financial year |
2,761.64 |
3,102.52 |
2,883.33 |
2,979.24 |
Earnings per Equity Share (Rs) - Face value of ' 10/- each |
89.14 |
101.83 |
92.96 |
97.82 |
Note: The above figures are extracted from the Standalone and
Consolidated Financial Statements prepared in compliance with Indian Accounting Standards
(IND AS). The Financial Statements of the Company complied with all aspects of Indian
Accounting Standards (IND AS) notified under Section 133 of the Companies Act, 2013 ('the
Act') read with the Companies (Indian Accounting Standards) Rules, 2015, as amended from
time to time and other relevant provisions of the Act.
REVIEW OF OPERATIONS AND THE STATE OF COMPANY'S AFFAIRS
The highlights of the Company's performance on Standalone basis are as
under:
a) Revenue from Operations reached ' 9,388.17 million in FY 2023 as
against ' 7,507.70 million in FY 2022, a growth of around 25.05% year on year.
b) The total income increased by 22.49% from ' 8,586.30 million in FY
2022 to ' 10,517.00 million in FY 2023.
c) Operating EBITDA, in FY 2023, recorded a decrease of 16.17% over FY
2022 and stood at 2,616.21 million in comparison with ' 3,120.91 million in FY 2022.
d) Profit before tax (PBT) from ordinary activities (before exceptional
items) is ' 3,505.58 million in FY 2023 as against ' 4,026.49 million in FY 2022.
DIVIDEND
Based on Company's Performance and in terms of Dividend Distribution
Policy of the Company, the Board of Directors in its meeting held on April 28, 2023
recommended a final dividend of ' 20 (i.e., 200%) per equity share of ' 10 each fully
paid-up for FY 2023, subject to the approval of the members at the ensuing Annual General
Meeting ('AGM') of the Company. The Dividend will be payable to all those members whose
names will appear in the Register of Member as on the record date.
As per the provisions of Section 115 - O of Income-tax Act, 1961 and
amendments introduced vide Finance Act, 2020, w.e.f. April 01, 2020, Dividend paid or
distributed by the Company shall be taxable in the hands of the Members of the Company.
The Company shall accordingly make the payment of the final dividend after deduction of
tax at source.
Pursuant to Regulation 43A of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing
Regulations'), the Company has formulated and implemented the Dividend Distribution Policy
which is displayed on Company's Website. The web-link for the same is
https://investor.indiamart.com/CorporateGovernance. aspx.
TRANSFER TO RESERVES
The Company has not transferred any amount to the General Reserve for
the financial year ended March 31, 2023.
BUYBACK OF EQUITY SHARES
The Board of Directors of the Company approved, through a resolution
passed at its duly convened meeting held on April 28, 2022, buyback of upto 1,60,000 fully
paid-up equity shares of the Company having face value of ' 10/- (Indian Rupees Ten Only),
at a price of ' 6,250 (Indian Rupees Six Thousand Two Hundred Fifty only) per equity share
payable in cash, for an aggregate amount not exceeding ' 100 Crores (Indian Rupees One
Hundred Crores only).
The buyback was approved for participation from all shareholders /
beneficial owners of the Equity Shares of the Company, including promoters and members of
the promoter group, on a proportionate basis as on the Record Date through the
"Tender Offer" route, using mechanism for acquisition of shares through stock
exchange as prescribed under Securities and Exchange Board of India (Buy-Back of
Securities) Regulations, 2018, as amended (the "Buyback Regulations"), the
Companies Act, 2013 and Rules made thereunder, as amended from time to time and such other
circulars or notifications issued by the Securities and Exchange Board of India.
The Buyback of equity shares commenced on Thursday, June 02, 2022 and
closed on Wednesday, June 15, 2022. During this buyback period, the Company extinguished a
total of 1,60,000 equity shares at a price of ' 6,250/- (Indian Rupees Six Thousand Two
Hundred Fifty Only) per Equity Share for an aggregate amount not exceeding ' 100 Crores
(Indian Rupees One Hundred Crores only). The Buyback Offer Size represents 5.32% and 5.37%
of the aggregate of the Company's fully paid-up capital and free reserves as per the
standalone and consolidated audited financial statements of the Company, respectively, as
on March 31, 2022, which was less than 10% of the total paid-up equity share capital and
free reserves of the Company. The Buyback of equity shares was completed on June 23, 2022.
The details of the Buyback are available on Company's Website and can
be accessed through the web-link https://investor. indiamart.com/buyback.aspx.
BONUS ISSUE
The Board of Directors at its meeting held on April 28, 2023,
recommended issue of bonus shares, subject to the approval of members of the Company in
the Annual General Meeting, to the holders of equity shares of the Company in the
proportion of 1 (one) equity share of ' 10/- (Rupees Ten) each fully paid up for 1 (one)
existing equity share of ' 10/- (Rupees Ten) each fully paid up as on the record date
fixed for this purpose. The Bonus issue will be issued out of Capital Redemption Reserve
and balance from the Securities Premium Account of the Company available as at March 31,
2023.
MATERIAL CHANGES AND COMMITMENTS
As prescribed under Section 134(3) of the Act, there have been no
material changes and commitments affecting the financial position of your Company which
occurred between the end of the financial year of the Company and date of this report,
except as disclosed elsewhere in report:
In the nature of Company's Business, and
In the Company's Subsidiaries or in the nature of business
carried out by them.
SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES
As on March 31, 2023, the Company has five (5) Wholly- owned Subsidiary
Company(s), one (1) Subsidiary Company and eight (8) Associate Company(s).
Wholly owned Subsidiary Companies:
1. Busy Infotech Private Limited ('BUSY')
2. Tradezeal Online Private Limited ('TOPL')
3. Pay With Indiamart Private Limited ('PWIPL')
4. Tolexo Online Private Limited ('Tolexo')
5. Hello Trade Online Private Limited ('HTOPL')
Subsidiary Company:
1. Livekeeping Technologies Private Limited ('LIVEKEEPING') (Formerly
known as Finlite Technologies Private Limited)
- Livekeeping Private Limited (Wholly owned Subsidiary of Livekeeping)
Associate Companies:
1. Simply Vyapar Apps Private Limited ('Vyapar')
2. Mobisy Technologies Private Limited ('Mobisy')
3. IB MonotaRO Private Limited ('Industry Buying')
4. Truckhall Private Limited ('SuperProcure')
5. Adansa Solutions Private Limited ('Realbooks')
6. Shipway Technology Private Limited ('Shipway')
7. Edgewise Technologies Private Limited ('EasyEcom')
8. Agillos E-Commerce Private Limited ('Aerchain')
Development/Performance and Financial Position of each Subsidiary is
presented below:
1. Busy Infotech Private Limited ('BUSY'): During the financial
year, the Company acquired 100% of the paid- up capital of BUSY for an aggregate cash
consideration of ' 5,000 million and subsequently, became the wholly- owned subsidiary of
the Company on completion of the acquisition on April 06, 2022.
Busy was incorporated on August 12, 1997 with the main object to carry
on the business for providing software and solutions, which are Easy-to-use, Powerful, and
Scalable. Busy is one of the largest accounting software companies
in India. BUSY through its product 'BUSY Accounting Software' &
'BUSY' offers web-based business accounting solution for the companies including GST
billing & return filing, TDS/TCS, configurable GST compliant invoicing, inventory
management. The solution is offered in three variants namely Basic, Standard and
Enterprise Edition. During FY 2023, BUSY's total Income was ' 471.40 million and
net profit after taxation was ' 103 million.
2. Livekeeping Technologies Private Limited
('Livekeeping') (Formerly known as Finite Technologies Private
Limited). During the financial year, the Company acquired 51.09% of the paid-up
capital of Livekeeping for an aggregate consideration of ' 459.8 million and
subsequently, became the subsidiary of the Company on completion of the acquisition on May
23, 2022.
Livekeeping was incorporated on January 28, 2015 and offers value added
services to businesses over their existing on-premises accounting software like Tally. It
provides desktop based digital integration with on premise accounting software which syncs
the data automatically to its mobile based application enabling the user to view their
accounting data on mobile. Businesses can access, analyse and share accounting information
like sales, receivables, outstanding payments in real time through Livekeeping
application. During FY 2023, Livekeeping's total Income was ' 17.71 million and net
loss after taxation was ' 31.95 million.
3. Tradezeal Online Private Limited ('TOPL'), formerly known as
Tradezeal International Private Limited, was incorporated on May 31, 2005 as a
wholly-owned subsidiary of the Company. The main object of TOPL is to carry out business
related to Investment and allied activities by making strategic investments in multiple
ventures. Such investments are in line with the Company's long-term objective of offering
various SaaS solutions for businesses.
During FY 2023, TOPL has no revenue, however its total Income from
other sources was ' 601.21 million and net profit after taxation was '
444.09 million.
4. Pay With Indiamart Private Limited ('PWIPL'), was incorporated
on February 07, 2017, as a wholly-owned subsidiary of the Company. PWIPL is engaged in the
business of digital payment facilitation mechanisms. During FY 2023, PWIPL's total income
was ' 29.79 million and net loss after taxation was ' 1.15 million.
5. Tolexo Online Private Limited ('Tolexo'), was incorporated on
May 28, 2014, as a wholly-owned subsidiary of the Company. Tolexo is primarily engaged in
the business of building a cloud-based solution for SME businesses to help them manage
their business with increased efficiency. During FY 2023, Tolexo's total revenue was '
10.99 million and net loss after taxation was ' 67.15 million.
6. Hello Trade Online Private Limited ('HTOPL'), was incorporated
on July 03, 2008 as a wholly-owned subsidiary of the Company. HTOPL being not actively
engaged in any business is, however, authorized to indulge in a gamut of businesses, like
conducting domestic trade and international business facilitation, including sales,
marketing, operational, technological, information processing and other trade and
business- related services. During FY 2023, HTOPL has no revenue and net loss after
taxation was ' 0.07 million.
Development/Performance and Financial Position of each Associate
Company(s) is presented below:
1. Simply Vyapar Apps Private Limited ('Vyapar'), was incorporated
on March 08, 2018. It is engaged in the business of selling 'Vyapar', a Business
Accounting Software (both mobile app as well as desktop versions) with Billing, GST
Invoice, Stock Inventory & Accounting solutions. Vyapar has become our Associate
company on September 05, 2019.
As on March 31, 2023, the Company holds 27.45% of its paid-up share
capital on fully diluted basis in Vyapar. During FY 2022, its total Income was '
209.02 million and the net loss after taxation was ' 266.1 1 million.
2. Mobisy Technologies Private Limited ('Mobisy'): was incorporated
on February 04, 2008. It is engaged in a business of developing web and mobile
applications in relation to sales force and supply chain automation solutions. It's main
product, Bizom, is a SaaS based end to end retail intelligence platform for brands and B2B
retailers. It allows businesses to digitize the end- to-end sales and distribution
platform from Sales Force Automation (SFA), Distributor Management System (DMS), and
retail execution and management. It uses a proprietary analytics engine with AI and ML to
deliver custom reports, alerts and actionable insights to businesses. Mobisy has become
our Associate company on November 15, 2022.
During FY 2023, the Company increased it's stake by 7.96% by way of
subscription, purchase or otherwise, in the equity shares, preference shares, debentures
and/or other securities of Mobisy aggregating to 25.08% in the share capital of Mobisy, on
fully diluted basis.
During FY 2022, its total Income was ' 447.79 million and net
loss after taxation was ' 47.78 million.
3. IB MonotaRO Private Limited ('Industry Buying'), was
incorporated on July 28, 2020. It is engaged in the e-commerce business for Industrial and
Business supplies in India, under its brand name 'Industry Buying'. It offers utility
products in Maintenance, Repairs and Overhaul ('MRO') categories like power tools,
abrasives, electronics, robotics, hand tools and many more such products to its customers
primarily for industrial purposes. Industry Buying has become our Associate company on
March 03, 2022.
As on March 31, 2023, the Company holds 26% of its paid-up share
capital on fully diluted basis in Industry Buying. During FY 2022, its total Income was '
279.58 million and net loss after taxation was ' 188.37 million.
4. Truckhall Private Limited ('SuperProcure') was incorporated on
August 18, 2016. It is engaged in the business of creating online marketplace and software
development for the logistics industry including running and managing a digital platform
'SuperProcure'. SuperProcure is a SaaS based platform that digitizes the entire freight
sourcing and dispatch monitoring system of the logistics department of an organisation. It
allows logistics departments to find the best possible rates through a transparent bidding
and auction structure, thus saving costs. SuperProcure has become our Associate company on
June 05, 2021.
As on March 31, 2023, the Company indirectly through its wholly-owned
subsidiary, Tradezeal Online Private Limited, holds 25.02% share capital of SuperProcure
on fully converted and diluted basis.
During FY 2022, its total Income was ' 41.51 million and net
loss after taxation was ' 42.50 million.
5. Adansa Solutions Private Limited ('Realbooks') was incorporated
on May 22, 1973. It is engaged in a business of offering a cloud-based accounting software
product for businesses. Furthermore, it enables businesses to create customized invoices,
attach files to vouchers, and manage their inventory. It also enables businesses to manage
their different business units at multiple locations from a single dashboard.
During FY 2023, the Company indirectly through its wholly-owned
subsidiary, Tradezeal Online Private Limited, acquired 26.01% share capital of Realbooks
on fully converted and diluted basis. Subsequently, Realbooks became the Associate company
on completion of the acquisition on April 06, 2022.
During FY 2022, its total Income was ' 35.48 million and net
loss after taxation was ' 6.90 million.
6. Shipway Technology Private Limited ('Shipway'), was incorporated
on August 06, 2015. It is engaged in the business of developing SaaS based solutions which
allow small business to automate their shipping operations via its flagship product
'Shipway'. The product allows sellers to improve the shipping experience for their
customers by providing branded tracking pages, sending out automatic delivery
notifications and capturing customer feedback. Additionally, via its 'Ezyslips product',
the entity allows sellers to automate their back-office shipping workflows' including
courier allocation, bulk label printing, fraud detection and returns management.
Shipway has become our Associate company on April 29, 2021.
As on March 31, 2023, the Company indirectly through its wholly-owned
subsidiary, Tradezeal Online Private Limited, holds 26% share capital of Shipway on fully
converted and diluted basis.
During FY 2022, its total income was ' 55.58 million and net
loss after taxation was ' 18.91 million.
7. Edgewise Technologies Private Limited ('EasyEcom'), was
incorporated on January 22, 2015. It offers SaaS based online commerce enablement
solutions to the merchants under the brand name EasyEcom. It's flagship inventory and
warehouse management solutions allow merchants to allocate, track, and reconcile inventory
across various online and offline sales channels. It also offers additional modules which
automate other back- office functions of merchants, such as shipping related payments
reconciliation and returns reconciliation. EasyEcom has become our Associate company on
January 03, 2022.
As on March 31, 2023, the Company indirectly through its wholly-owned
subsidiary, Tradezeal Online Private Limited, holds 26.01% share capital of EasyEcom on
fully converted and diluted basis.
During FY 2022, its total Income was ' 41.36 million and net
loss after taxation was ' 1.43 million.
8. Agillos E-Commerce Private Limited ('Aerchain'), was
incorporated on May 05, 2016. It is engaged in the business of offering SaaS based
solutions for businesses to automate their procurement operations under its brand name
'Aerchain'. Aerchain seamlessly connects relevant stakeholders, brings visibility,
improves efficiency and spreads intelligence across the entire Source to Pay lifecycle of
enterprises. Further, through their AI & ML based sourcing engine, they help
procurement teams by identifying, analysing and recommending suppliers to drive cost
benefits. Aerchain has become our Associate company on August 16, 2021.
As on March 31, 2023, the Company indirectly through its wholly-owned
subsidiary, Tradezeal Online Private Limited, holds 26.23% share capital of Aerchain on
fully converted and diluted basis.
During FY 2022, its total Income was ' 43.52 million and net
loss after taxation was ' 15.63 million.
During the financial year, the Board of Directors of the Company
reviewed the affairs of its subsidiary and associate company(s). Pursuant to the
provisions of Section 136 of the Act, separate audited accounts of the subsidiaries are
available on the website of the Company at https://investor. indiamart.com/Subsidiary
Financials.aspx.
Pursuant to the provisions of Section 129(3) of the Act and Ind - AS
110 issued by the Institute of Chartered Accountants of India, the Consolidated Financial
Statements of the Company have been prepared including the financial statements of its
subsidiary and associate company(s), which forms integral part of this Annual Report. A
statement containing the salient features of the financial statements of the subsidiary
and associate company(s) and their performance is provided in Form AOC-1 which is attached
as 'Annexure - 1' to this report.
Further, apart from the above, no other company have become or ceased
to be subsidiary, joint venture or associate of the Company during the financial year
except to the following:
a) Ten Times Online Private Limited ('10times'), was incorporated
on February 26, 2014. 10times is currently engaged in the business of operating
www.10times.com. a platform for business events discovery and networking. It creates a
unique virtual experience by streaming services thereby, enabling customers to create,
manage and host events as well as communities.
During FY 2023, 10times ceased to be an Associate company as the
Company has disinvested its entire shareholding, i.e. 30% of Equity Share Capital of
10times.
As on March 31, 2023, there is no material subsidiary of the Company.
The Policy for determining material subsidiaries is available on the Company's website at
https://investor. indiamart.com/CorporateGovernance.aspx.
SHARE CAPITAL
During FY 2023, there is no change in the Authorised Share Capital of
the Company. As on March 31, 2023, the Authorised Capital of the Company is '
99,44,25,584/- divided into 9,94,42,460 Equity Shares having face value of ' 10/- each and
3 (Three) 0.01% Cumulative Preference Shares having face value of ' 328/- each.
The movement of the issued, subscribed and paid-up share capital of the
Company during the financial year is as follows:
Amount (In ')
Issued, Subscribed and Paid-up Share Capital |
Equity Share Capital |
At the beginning of the year i.e., as on April 01, 2022
(3,05,64,574 equity shares of ' 10/- each) |
30,56,45,740 |
Stock Options allotted during the financial year under:
Indiamart Employee Stock Benefit Scheme - 2018 (2,10,000 equity shares of ' 10/- each to
Indiamart Employee Benefit Trust) |
21,00,000 |
Equity Shares extinguished on Buyback (1,60,000 equity shares
of ' 10/- each) |
(16,00,000) |
At the end of the year i.e., as on March 31, 2023
(3,06,14,574 equity shares of ' 10/- each) |
30,61,45,740 |
*The equity shares so allotted were duly listed on the Stock Exchanges.
EMPLOYEES STOCK BENEFIT SCHEMES
Your Company has always believed in motivating employees and rewarding
them for their continuous hard work, dedication and support, which has led the Company on
the growth path.
In view of the above, the Company currently has the following scheme:
i. Indiamart Employee Stock Benefit Scheme 2018
Pursuant to a resolution of the Board of Directors dated April 30, 2018
and the shareholders' resolution dated May 07, 2018, the Company instituted an Employee
Stock Benefit Scheme. In terms of the Indiamart Employee Stock Benefit Scheme 2018
('Scheme'), eligible employees may be granted options and/or stock appreciation rights
('SARs'). Pursuant to a trust deed dated June 14, 2018, a trust by the name
"IndiaMART Employee Benefit Trust" ('EBS Trust') has been set up in connection
with the implementation of Indiamart Employee Stock Benefit Scheme 2018. The current
trustees of the ESOP Trust are Mr. Madhup Agrawal, Mr. Abhishek Bhartia, Mr. Vivek Agrawal
and Ms. Vasudha Bagri. The EBS Trust has been set up to implement equity-based incentive
schemes of our Company, including the Indiamart Employee Stock Benefit Scheme 2018,
whereby the Company will initially issue and allot the Equity Shares to the EBS Trust,
which will subsequently, transfer the Equity Shares to our employees when they exercise
their stock options or SAR units.
In terms of the Scheme and resolutions passed by the Board of Directors
on June 04, 2018 and Shareholders on June 11, 2018, a maximum of 45,492 stock options
resulting into 45,492 Equity Shares and 1,400,000 SAR units resulting into not more than
7,00,000 Equity Shares in aggregate may be granted to eligible employees, identified in
accordance with the Scheme. Further, the Board of Directors in it's meeting held on July
21, 2022 and the shareholders in the 23rd Annual General Meeting of the Company
on September 20, 2022 approved the increase in the equity pool of existing number of
resultant equity shares against the SAR units by adding 3,00,000 (Three Lakh Only) fresh
equity shares aggregating to not more than 10,00,000 (Ten Lakh Only) Equity Shares under
the Scheme and consequent amendment in the Scheme. The Scheme is administered and
monitored by the Nomination and Remuneration Committee of the Company.
During FY 2023, all vested 4,205 ESOP options and 208,351 SARs units
were duly exercised. SAR units so exercised resulted in issue of 182,026 Equity Shares of
the Company.
The details of the Employee Stock Options/SARs as per Rule 12 of the
Companies (Share Capital and Debentures) Rules, 2014 is attached as 'Annexure - 8' to
this Report.
During the financial year, apart from the above mentioned changes, no
other change has been made in the scheme and the scheme is in line with SEBI (Share Based
Employee Benefits and Sweat Equity) Regulations, 2021 ("the SEBI (SBEB & SE)
Regulations"). A Certificate from Secretarial Auditors of the Company that the Scheme
is implemented in accordance with the SEBI (SBEB & SE) Regulations would be available
at the AGM for the inspection by the members of the Company. The applicable disclosures as
stipulated under SEBI (SBEB & SE) Regulations regarding Employees Stock Option Plan of
the Company as on March 31, 2023 is available on the website of the Company at
https://investor. indiamart. com/ESOP Disclosure.aspx.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
A) Appointment of Independent Director:
During FY 2023, the Board of Director's, on the recommendations of the
Nomination and Remuneration Committee, in it's meeting held on October 20, 2022, approved
and recommended to the shareholders for their approval, an appointment of Ms. Pallavi
Dinodia Gupta (DIN:06566637) as a Woman Independent Director of the Company, not liable to
retire by rotation, to hold office for a period of three (3) consecutive years w.e.f.
October 20, 2022.
The Company has received approval of the Members of the Company on
December 31, 2022 through Postal Ballot for the appointment of Ms. Gupta as a Woman
Independent Director of the Company.
B) Re-appointment of Independent Director:
During FY 2023, the Board of Director's on the recommendations of the
Nomination and Remuneration Committee, in it's meeting held on October 20, 2022, also
approved the re-appointment of Mr. Vivek Narayan Gour (DIN:00254383) as an Independent
Director of the Company, not liable to retire by rotation, to hold office for a second
term of five (5) consecutive years w.e.f. May 07, 2023 after taking into account the
performance evaluation of the first term of five years and considering the knowledge,
expertise, vast experience, acumen and the substantial contribution made by him.
The Company has received approval of the Members of the Company on
December 31, 2022 through Postal Ballot for the appointment of Mr. Gour as an Independent
Director of the Company.
C) Resignation of Independent Director:
During FY 2023, Ms. Elizabeth Lucy Chapman (DIN: 06459440) tendered her
resignation as an Independent Director of the Company with effect from October 07, 2022
due to preoccupation and personal commitments. She also confirmed that there are no
material reasons for her resignation other than those provided in her resignation letter.
The intimation which has been furnished to stock exchanges can be accessed at https://
investor.indiamart.com/CorporateAnnouncements.aspx.
D) Director liable to Retire By Rotation
Pursuant to Section 152 and other applicable provisions of the Act,
read with the Articles of Association of the Company, one-third of the Directors, as are
liable to retire by rotation, shall retire every year and, if eligible, may offer
themselves for re-appointment at every AGM. Accordingly, one of the Directors, other than
an Independent Director or Managing Director, would be liable to retire by rotation at the
ensuing AGM.
Mr. Dhruv Prakash, Non-Executive Director of the Company, is liable to
retire by rotation at the ensuing AGM and being eligible, offer himself for re-
appointment. The Board of Directors of the Company, on the recommendation of Nomination
and Remuneration Committee, recommends his re-appointment for consideration by the members
of the Company at the ensuing AGM. A brief profile, expertise of Director and other
details as required under the Act, Regulation 36 of the Listing Regulations and
Secretarial Standards - 2 notified by Ministry of Corporate Affairs related to the
Director proposed to be re-appointed is annexed to the Notice convening the 24th
AGM.
Further, in terms of Rule 8(5)(iiia) of the Companies (Accounts) Rules,
2014, in the opinion of the Board, all the above mentioned appointment/ re-appointments of
Independent Directors were made after due veracity of their integrity, expertise and
experience (including the proficiency) and fulfils the conditions specified in the Act and
under Listing Regulations.
The details of Directors and Key Managerial Personnel's ('KMPs') of the
Company has been disclosed in the Corporate Governance Report forming an integral part of
this Report. None of the Directors or KMPs of the Company, except as stated above, have
resigned during the financial year.
Number of meetings of the Board of Directors
During FY 2023, five (5) board meetings were held. The details of the
meetings of the Board and its Committees are given in the Corporate Governance Report,
which forms an integral part of this Report.
Declaration by Independent Directors
Pursuant to the provisions of Section 149 of the Act, the Independent
Directors of the Company have given their declarations to the Company that they meet the
criteria of independence as provided under Section 149(6) of the Act read along with Rules
framed thereunder and Regulation 16(1)(b) & 25(8) of the Listing Regulations and are
not disqualified from continuing as an Independent Director of the Company. The
Independent Directors have also confirmed that they are not aware of any circumstance or
situation, which exists or may be reasonably anticipated, that could impair or impact
their ability to discharge their duties with an objective independent judgement and
without any external influence.
Further, in compliance with Rule 6(1) and 6(2) of the Companies
(Appointment and Qualification of Directors) Rules, 2014, all Independent Directors of the
Company have registered themselves with the Indian Institute of Corporate Affairs (IICA).
Based on the disclosures received, the Board is of the opinion that,
all the Independent Directors fulfil the conditions specified in the Act and Listing
Regulations and are independent of the management.
Board Diversity
The Company recognizes and embraces the importance of a diverse Board
in its success. We believe that a truly diverse Board will leverage differences in
thought, perspective, knowledge, skill, regional and industry experience, cultural and
geographical background, age, ethnicity & gender, which will help us retain our
competitive edge. Your Board comprises of experts in the field of Finance, Corporate
Governance, Technology in Financial Inclusion, Enterprise Management, People Management
and Leadership skills. Your Company has also appointed a Woman Director on the Board.
In terms of Regulation 19 of Listing Regulations and under Part D,
Schedule II to the said Regulations, a Board Diversity Policy has been framed, and duly
approved by Nomination and Remuneration Committee of the Board. The Board Diversity Policy
of the Company can be accessed on the Company's website i.e., https://investor.
indiamart.com/CorporateGovernance.aspx.
Familiarisation Programme for Independent Directors
The Company familiarizes the Independent Directors with the Company,
their roles, rights and responsibilities in the Company, nature of the industry in which
the Company operates, business model of the Company, etc., through various programme at
periodic intervals.
As a part of the ongoing familiarisation process of the Company,
Independent Directors were apprised, during and/or after quarterly Board Meetings, by the
Managing Director and Chief Executive Officer and/or Whole-time Director about the
operations of the Company, market scenario, governance, internal control processes and
other relevant matters including strategy, important developments and new initiatives
undertaken by the Company.
Further, around the quarterly Board Meetings, the Senior Management
Personnel made presentations on relevant topics including business, markets, controls,
changes in the regulatory framework and business environment having an impact on the
Company to the Directors of the Company.
The details pertaining to Familiarisation Programme for Independent
Directors has been incorporated in the 'Corporate Governance Report' forming an integral
part of this Report.
EVALUATION OF THE BOARD'S PERFORMANCE
Pursuant to applicable provisions of the Act and the Listing
Regulations, the Board, in consultation with its Nomination and Remuneration Committee,
has formulated a framework containing, inter-alia, the criteria for performance evaluation
of the entire Board of the Company, its Committees and individual Directors, including
Independent Directors
The annual performance evaluation of the Board as a whole, its
Committees and individual Director has been carried out in accordance with the framework.
The details of evaluation process of the Board as a whole, its Committees and individual
Directors, including Independent Directors has been disclosed in the Corporate Governance
Report forming an integral part of this Report.
During the reporting period, no adverse remarks or qualifications were
notified and/or in respect of the Board, its Committees and/or any of the Directors'.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134 of the Act, your Directors, to the best of
their knowledge and belief and according to the information & explanations obtained by
them, confirm that:
a) in the preparation of annual accounts, the applicable accounting
standards have been followed, along with proper explanation relating to material
departures, wherever applicable;
b) the Directors had 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 as on March 31, 2023 and
of the profit and loss of the Company for the period ended on that date;
c) the Directors had taken proper and sufficient care for maintenance
of adequate accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
d) the Directors have prepared the annual accounts on a going concern
basis;
e) 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;
f) the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were adequate and operating
effectively.
NOMINATION AND REMUNERATION POLICY
The Company has formulated and adopted the Nomination and Remuneration
Policy ('NRC Policy') in accordance with the provisions of the Act read with the Rules
issued thereunder and the Listing Regulations. The Board modified the NRC Policy with
effect from July 21, 2022 to align the same with the amendments in the Listing
Regulations. The NRC Policy of the Company can also be accessed on the Company's website
at https://investor.indiamart.com/CorporateGovernance.aspx. The salient features of the
NRC Policy have been disclosed in the Corporate Governance Report forming an integral part
of this report.
LISTING OF SHARES
The Equity Shares of the Company are listed on BSE Limited ('BSE') and
National Stock Exchange of India Limited ('NSE') with effect from July 04, 2019. The
annual listing fees for FY 2023-24 has been paid to both the Stock Exchanges i.e., BSE and
NSE.
UTILISATION OF QIP PROCEEDS
Pursuant to SEBI (Issue of Capital and Disclosure Requirements)
Regulations, 2018, Sections 42 and 62 of the
Act, the Company allotted 12,42,212 equity shares through Qualified
Institutional Placement ('QIP') at an issue price of ' 8,615 per equity share (including a
premium of ' 8,605 per equity share) aggregating to ' 10,701.66 million on February 22,
2021. The proceeds of funds raised under QIP of the Company are utilised as per Objects of
the Issue. The details of the utilisation of the funds raised have been provided in the
Corporate Governance Report forming an integral part of this Report.
COMMITTEES OF THE BOARD
The Company has several committees, which have been established as part
of best corporate governance practices and comply with the requirements of the relevant
provisions of applicable laws and statutes.
The Committees and their Composition as on March 31, 2023 are as
follows:
|
Details of Committee
Memberships |
Particulars of the Committee |
Mr. Dinesh Chandra Agarwal |
Mr. Brijesh Kumar Agrawal |
Mr. Dhruv Prakash |
Mr. Vivek Narayan Gour |
Ms. Pallavi Dinodia Gupta |
Mr. Rajesh Sawhney |
Audit |
- |
- |
Member |
Chairman |
Member |
Member |
Nomination and Remuneration |
- |
- |
Member |
Chairman |
Member |
Member |
Stakeholders' Relationship |
- |
Member |
Member |
Chairman |
- |
- |
Corporate Social Responsibility & Sustainability |
|
Member |
|
Chairman |
Member |
|
Risk Management |
- |
- |
Member |
Member |
Chairperson |
Member |
Investment and Finance |
- |
Member |
- |
Member |
- |
Chairman |
Share Allotment |
Member |
Member |
Chairman |
- |
- |
- |
Independent Directors |
- |
- |
- |
Member |
Chairperson |
Member |
AUDIT COMMITTEE
The terms of reference, meetings and attendance have been disclosed in
the Corporate Governance Report forming an integral part of this Report. All the
recommendations made by the Audit Committee were accepted by the Board of Directors of the
Company.
CORPORATE SOCIAL RESPONSIBILITY & SUSTAINABILITY ('CSRS')
Your Company believes in the philosophy of transforming businesses and
lives through our constant efforts and actions for empowering societies. With a mission to
achieve long- term socio-economic development of the communities, the Company has focused
its Corporate Social Responsibility ('CSR') initiatives on programs that bring sustainable
change in education, the environment, and healthcare systems. Being a responsible
corporate citizen, our initiatives are focussed at delivering maximum value to the
society, under our CSR initiatives.
The Company constituted Corporate Social Responsibility Committee in
accordance with the provisions of the Act. During FY 2023, to ensure sustainability being
observed at Board level, the Board of Directors in their meeting held on March 24, 2023
expanded the scope of the Committee and renamed the same as Corporate Social
Responsibility & Sustainability Committee ('CSRS Committee').
As on March 31, 2023, the CSRS Committee comprises of three (3) members
i.e., Mr. Brijesh Kumar Agrawal, Mr. Vivek Narayan Gour and Ms. Pallavi Dinodia Gupta. Mr.
Vivek Narayan Gour is the Chairman of CSRS Committee.
In accordance with the provisions of Section 135 of the Act read with
the Companies (Corporate Social Responsibility Policy) Rules, 2014 ('CSR Rules'), the
Company has formulated the CSR Policy which can be accessed on the Company's website at
https://corporate.indiamart.com/Social-Responsibility/. The CSR Policy outlines the
Company's philosophy and responsibility and lays down the guidelines and mechanism for
undertaking socially impactful programs towards welfare and sustainable development of the
community.
In terms of Section 135 of the Act read with Rule 8 of the CSR Rules as
amended, the Annual Report on CSR Activities undertaken by the Company during FY 2023 is
annexed herewith as Annexure - 2 to this Report.
MANAGEMENT DISCUSSION AND ANALYSIS
In term of Regulation 34 of the Listing Regulations, Management's
Discussion and Analysis Report for the year under review, is presented in a separate
section, forming an integral part of this Annual Report.
CORPORATE GOVERNANCE REPORT
Your Company always places a major emphasis on managing its affairs
with diligence, transparency, responsibility and accountability. The Company continues to
focus on building trust with shareholders, employees, customers, suppliers and other
stakeholders based on the principles of good corporate governance viz. integrity, equity,
transparency, fairness, sound disclosure practices, accountability and commitment to
values.
In compliance with Regulation 34 of the Listing Regulations, a separate
report on Corporate Governance along with a certificate from the Practicing Company
Secretaries conforming compliance to the conditions of Corporate Governance as stipulated
under Regulation 34(3) of the Listing Regulations, is also annexed to the Corporate
Governance Report which forms part of this Report as Annexure - 3'.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has established a robust Vigil Mechanism and adopted a
Whistle Blower Policy in accordance with provisions of Section 177(9) of the Act and
Regulation 22 of the Listing Regulations, to provide a formal mechanism to its Directors/
Employees/Stakeholders of the Company for reporting any unethical behaviour, breach of any
statute, actual or suspected fraud on the accounting policies and procedures adopted for
any area or item, acts resulting in financial loss or loss of reputation, leakage of
information in the nature of Unpublished Price Sensitive Information (UPSI), misuse of
office, suspected / actual fraud and criminal offences.
The details of vigil mechanism as provided in the Whistle Blower Policy
have been disclosed in the Corporate Governance Report forming an integral part of this
Report. During the year under review, no such concern from any whistle-blower has been
received by the Company. The Whistle Blower Policy is available on Company's Intranet and
can also be accessed on the Company's website at https://investor.indiamart.com/
CorporateGovernance.aspx.
INTERNAL FINANCIAL CONTROLS
The Company has adequate internal financial control systems in place
which are supplemented by an extensive internal audit program conducted by an independent
professional agency.
The internal control system is designed to ensure that all financial
and other records are reliable for preparing financial statements and for maintaining
accountability of assets. During the financial year, such controls were tested and no
reportable material deficiency in controls were observed.
RISK MANAGEMENT
Risk Management is an integral and important component of Corporate
Governance. If risks are not properly managed and controlled, they can affect the
Company's ability to attain its objectives. The Board of Directors of the Company has
constituted Risk Management Committee ('RMC') which assists the Board in monitoring and
reviewing the risk management plan, implementation of the risk management framework of the
Company and such other functions as Board may deem fit. Pursuant to Section 134(3) of the
Act, the Company has in place, an effective risk management framework, which is governed
at the highest level by the Board. The Risk Management Policy identifies elements of risk,
if any, which in the opinion of the Board may threaten the existence of the Company.
Further, during FY 2023, the Company identified few more risks which could influence the
achievement of the Company's business objectives and accordingly modified the Risk
Management Policy with effect from October 20, 2022.
A detailed section on Risk Management is provided in the Management
Discussion and Analysis Report forming an integral part of the Annual Report.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
Particulars of Investments made during the financial year under the
provisions of Section 186 of the Companies Act, 2013, have been disclosed in Note No. 7
& 8 to the Standalone Financial Statements forming an integral part of the Annual
Report. Further, investment made directly and indirectly by the Company are mentioned
elsewhere in this report.
Additionally, the Company has invested the surplus funds available in
the units of mutual funds, debt securities, equity ETFs/index funds, units of
infrastructure investment trusts etc., the details of which have been disclosed in Note
No. 8 to the Standalone Financial Statements forming an integral part of the Annual
Report.
During FY 2023, the Company has not given any loan or provided any
guarantees pursuant to Section 186 of the Act.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
Pursuant to Section 134(3)(h) of the Act, all the contracts,
arrangements and transactions with the related parties as entered by the Company during
the financial year under review were on arm's length basis and in the ordinary course of
business and were approved by the Audit Committee. The Board of Directors of the Company
had laid down the criteria for granting the omnibus approval by the Audit Committee, in
line with the Company's Policy on Materiality of and dealing with Related Party
Transactions ('RPT Policy').
Further, during the financial year, the Company has not entered into
any material related party transactions in accordance with the Company's Policy on Related
Party Transactions, read with the Listing Regulations and accordingly, the disclosure of
related party transactions in Form AOC-2 is not applicable. The statement showing the
disclosure of Related Party Transactions have been disclosed in Note No. 33 to the
Standalone Financial Statement forming an integral part of this Annual Report.
The Board of Directors in its meeting held on April 28, 2022 modified
the RPT policy of the Company to align the same with the amendments in Listing
Regulations. The RPT Policy can be accessed at the Company's website at https://investor.
indiamart.com/CorporateGovernance.aspx.
PARTICULARS OF EMPLOYEES
Disclosure pursuant to Section 197 of the Act read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:
a) Ratio of the remuneration of each Director to the median
remuneration of the employee's ('MRE') and other details pursuant to Section 197 (12) of
the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014. The aforesaid disclosure is annexed herewith as 'Annexure - 4' to
this report.
b) Detail of every employee of the Company as required pursuant to Rule
5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014. The aforesaid disclosure is annexed herewith as 'Annexure - 5' to this
report.
c) No Director of the Company, including its Managing Director or
Whole-Time Director, is in receipt of any commission from the Company or its Subsidiary
Company.
AUDITORS
a) Statutory Auditors
B S R & Co. LLP, Chartered Accountants, (Firm Registration No:
101248W/W-100022) were appointed as Statutory Auditors of the Company at the Annual
General Meeting of the Company held on September 25, 2019, for a term of 5 (Five)
consecutive years, i.e., to hold office from the conclusion of the 20th Annual
General Meeting till the conclusion of the 25th Annual General Meeting of the
Company.
The report of the Statutory Auditors forms part of the Annual Report.
The said report is self-explanatory and does not contain any qualification, reservation,
adverse remarks or disclaimer.
b) Internal Auditors
Baker Tilly Business Advisory Services Private Limited (Formerly known
as Mazars Business Advisory Private Limited), who were appointed as an Internal Auditors
of the Company for FY 2023, have conducted the internal audits periodically and shared
their reports and findings with the Audit Committee including significant observations, if
any, and follow-up actions thereon from time to time. The Audit Committee reviews the
adequacy and effectiveness of the Company's internal control environment and monitors the
implementation of audit recommendations including those relating to strengthening the
Company's risk management policies and systems.
c) Secretarial Auditors
M/s Chandrasekaran & Associates, Practicing Company Secretaries
were appointed to conduct the Secretarial Audit of the Company for FY 2023, as required
under Section 204 of the Act and Rules made thereunder. The Secretarial Auditors' Report
for FY 2023 is annexed herewith as Annexure - 6' to this Report. The report of Secretarial
Auditor is self-explanatory and does not contain any qualification, reservation, adverse
remarks or disclaimer.
Reporting of frauds by Auditors
During the year under review, the Auditors of the Company have not
reported to the Audit Committee, under Section 143(12) of the Act, any instances of fraud
committed against the Company by its officers or employees, therefore no detail is
required to be disclosed under Section 134 (3)(ca) of the Act.
EXTRACTS OF ANNUAL RETURN
Pursuant to Section 134(3)(a) of the Act, the Annual Report referred to
in Section 92(3) of the Act read with Rule 12 of the Companies (Management and
Administration) Rules, 2014, the Annual Return for the financial year ended March 31, 2023
is available on the Company's website at https://investor. indiamart.com/annual
return.aspx.
PREVENTION OF SEXUAL HARASSMENT
Your Company is fully committed to uphold and maintain the dignity of
women working in the Company and has zero tolerance towards any actions which may fall
under the ambit of sexual harassment at workplace. An Internal Complaints Committee
('ICC') under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 ('POSH Act') has been constituted to redress the complaints received
regarding sexual harassment and it presently comprises of five (5) members out of which
three (3) members are women as on the date of this report.
The Company has adopted a Policy for Prevention of Sexual Harassment of
Women at Workplace. Periodic sessions were also conducted to apprise employees and build
awareness on the subject matter. The details of sexual harassment complaints received and
disposed-off during period under review are as follows:
No. of Complaints received |
: Nil |
No. of Complaints disposed-off |
: Nil |
No. of Cases pending for more than 90 days |
: Nil |
No. of Workshops or Awareness Programmes |
: 52 |
Nature of action taken by the Company |
: NA |
Nature of business conducted throughout the workshops in respect of
POSH:
The workshop is part of Company's induction programme,
Shubharambh for all new joiners;
A presentation is given by the human resource business partners
('HRBP') to all new joiners sensitising on the policy in place;
Activities falling under the purview of the POSH Policy are
clearly enunciated;
The repercussions of indulging in any distasteful act are duly
communicated; and
Introducing ICC members and sharing their contact information to
park complaints.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
Your Company believes that it can only be successful in the long term
by creating value both for its shareholders and for society. Your Company is mindful of
the needs of the communities and works to make a positive difference and create maximum
value for the society.
SEBI, vide its circular dated May 10, 2021, made BRSR mandatory for the
top 1,000 listed companies (by market capitalisation) from FY 2023 in respect of reporting
on ESG (Environment, Social and Governance) parameters. In terms of Regulation 34 of the
Listing Regulations, Business Responsibility & Sustainability Report for FY 2023
detailing various initiatives taken by the Company on the environmental, social and
governance front is annexed herewith as 'Annexure - 7' to this Report.
TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND
The Company does not have any unpaid / unclaimed amount which is
required to be transferred, under the provisions of the Act into the Investor Education
and Protection Fund ('IEPF') of the Government of India. Further, the Company has also
uploaded the details of unpaid and unclaimed dividend amounts lying with the Company as on
March 31, 2023 on the website of the Company's at https://investor.indiamart. com/Unpaid
Unclaimed Dividend.aspx.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Act read
with Rule 8(3) of the Companies (Accounts) Rules, 2014, is annexed herewith as 'Annexure -
9 to this Report.
OTHER STATUTORY DISCLOSURES
a) PUBLIC DEPOSITS: Your Company has not accepted any deposits from
the public, during the financial year, within the meaning of Section 73 of the Act read
with the Companies (Acceptance of Deposits) Rules, 2014, and no amount of principal or
interest on deposits from the public was outstanding at the beginning and end of FY 2023.
b) COST RECORDS: Maintenance of cost records under Section 148(1)
of the Act is not applicable to the Company.
c) ISSUANCE OF SHARES WITH DIFFERENTIAL VOTING RIGHTS AND SWEAT EQUITY
SHARES: Your Company has not issued any shares with differential voting rights and
sweat equity shares during the financial year.
d) DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNALS: No
significant material orders have been passed by any Regulators/Courts/ Tribunals which has
been received by the Company having impact on the going concern status and the Company's
operation in future.
e) CHANGE IN NATURE OF BUSINESS: There was no change in nature of
the business of the Company in FY 2023.
f) COMPLIANCE OF SECRETARIAL STANDARDS: The Company has complied
with the applicable Secretarial Standards on Meeting of the Board (SS-1) and General
Meetings (SS-2) specified by the Institute of Company Secretaries of India.
g) APPLICATION/PROCEEDINGS PENDING UNDER THE INSOLVENCY AND BANKRUPTCY
CODE, 2016: No application has been made under the Insolvency and Bankruptcy Code;
hence the requirement to disclose the details of application made or any proceeding
pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year
alongwith their status as at the end of the financial year is not applicable; and
h) DETAILS OF DIFFERENCE BETWEEN THE AMOUNT OF VALUATION DONE: The
requirement to disclose the details of difference between amount of the valuation done at
the time of onetime settlement and the valuation done while taking loan from the Banks or
Financial Institutions along with the reasons thereof, is not applicable.
CERTIFICATIONS
In adherence to the best practices prescribed under the Information
Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or
Information) Rules, 2011, the Company has undertaken certification under the ISO 27001,
ISO 22301, ISO 31000 and ISO27701 standards thereby establishing compliance with
reasonable security practices and procedures. Further, various policies and procedures
have been instituted, including 'Information
Security Policy' and 'Risk Management Procedure', that are commensurate
with the information assets being protected with the nature of business.
ACKNOWLEDGEMENT
Your Directors take this opportunity to thank and acknowledge with
gratitude, the contributions made by the employees through their hard work, dedication,
competence, commitment and co-operation towards the success of your Company and have been
core to our existence that helped us to face all challenges.
Your Directors are also thankful for consistent co-operation and
assistance received from its shareholders, investors, business associates, customers,
vendors, bankers, regulatory and government authorities and showing their confidence in
the Company.
|
|
On behalf of the Board |
|
|
For IndiaMART InterMESH Limited |
|
Sd/- |
Sd/- |
Place: Noida |
Brijesh Kumar Agrawal |
Dinesh Chandra Agarwal |
Date: April 28 ,2023 |
(Whole Time Director) |
(Managing Director & CEO) |
|
DIN: 00191760 |
DIN: 00191800 |
|