C J Gelatine Products Ltd
Directors Reports
To,
The Members of C.J.Gelatine Products Limited (CIN: L24295MH1980PLC023206)
Your directors have pleasure in presenting the 43rd Annual Report and
Audited Financial Statements of your Company for the year ended March 31, 2023.
Financial Highlights (Rs. in Lakhs except EPS)
Particulars |
For the year ended March 31, 2023 |
For the year ended March 31, 2022 |
Revenue From Operation (Net) |
3680.38 |
3967.23 |
Other Income |
59.35 |
4.19 |
Total Revenue/ Income |
3739.73 |
3971.43 |
Profit/ (Loss) before Exceptional & Extraordinary Items and tax |
31.87 |
40.74 |
Exceptional Items |
-- |
-- |
Extraordinary Items |
-- |
-- |
Prior Period Items |
-- |
-- |
Profit/ (Loss) before tax |
31.87 |
40.74 |
Current Tax Expenses for Current Year |
10.52 |
6.36 |
Deferred Tax Assets / (Liability) |
(1.59) |
(0.31) |
Profit / (Loss) After Tax |
22.93 |
34.69 |
Earning Per Shares (EPS) |
0.48 |
0.72 |
Basic |
Diluted |
0.48 |
0.72 |
1 STATE OF COMPANY'S AFFAIRS:
During the financial year under review, the total Income (including other income) of
the Company was Rs. 3739.73/- Lakh against Rs. 3971.43/- Lakhs in the previous year. The
Company has earned a Profit (After Tax) of Rs. 22.93/- Lakhs as compared to Profit
(After Tax) of Rs. 34.69/- Lakhs in the previous year.
Your directors are continuously looking for avenues for future growth of the Company.
2. DIVIDEND:
Your directors do not recommend any dividend for the financial year ended March 31,
2023.
3. TRANSFER TO RESERVES IN TERMS OF SECTION 134(3)0) OF THE COMPANIES ACT, 2013:
For the financial year ended March 31, 2023, the Company has transferred Rs. 22.93/-
Lakhs to Surplus Balance in Statement of Profit and Loss under Reserves and Surplus head.
4. MATERIAL CHANGES BETWEEN THE END OF FINANCIAL YEAR AND DATE OF THE BOARDS' REPORT:
No material changes and commitments affecting the financial position of the Company
occurred between the end of the financial year to which these financial statements relate
and on the date of this report.
5. CHANGE IN THE NATURE OF BUSINESS:
There is no change in the nature of the business of the Company during the year.
6. MEMORANDUM OF ASSOCIATION:
During the year under review the Company at 42nd Annual General Meeting held
on September 24, 2022 has adopted new set of the Memorandum of Association of the Company
under provisions of the Companies Act, 2013 and Rules made thereunder.
7. WEB ADDRESS, IF ANY, WHERE ANNUAL RETURN U/S 92(3) HAS BEEN PLACED:
In accordance with the provisions of Companies (Amendment) Act, 2017, read with Section
134(3) of the Companies Act, 2013, the copy of Annual Return under section 92(3) is hosted
on the Company's website viz. www.cjgelatineproducts.com
8. MEETINGS OF THE BOARD OF DIRECTORS:
During the year ended March 31, 2023, Five (05) Board Meetings were held on 28/05/2022,
06/08/2022, 12/11/2022, 11/02/2023 and 18/03/2023.
9. DETAILS OF SUBSIDIARY/ JOINT VENTURES/ ASSOCIATE COMPANIES:
As on March 31, 2023, the Company does not have any Subsidiary / Joint Venture /
Associate Companies.
Further no Company has become or ceased to be Subsidiaries, Joint Ventures or Associate
Company, during the financial year under review.
10. PERFORMANCE OF SUBSIDIARY/ ASSOCIATES/ JOINT VENTURE COMPANIES: Not applicable 11
DIRECTORS:
(A) Changes in Directors, Key Managerial Personnel and Senior Management:
During the financial year under review, following changes have occurred in the
Constitution / Composition of the Board of Directors:
? Changed the Occupation Category of Mrs. Jasneet Kaur (DIN: 06995139), from
Professional/Executive to Promoter/Executive director of the Company at the 42nd
Annual General Meeting of the Company held on September 24, 2022.
? Mr. Vikas Jain (M. No.: A50716) was appointed as a Company Secretary of the Company
with effect from May 28, 2022 and resigned with effect from the closure of the business
hours of February 28, 2023 due to personal reason.
? Mr. Mayank Lashkari (M. No.: A34448) has been appointed as a Company Secretary of the
Company with effect from March 18, 2023.
? There is no change in senior management.
Further, Mr. Vikas Gupta (DIN: 03603519), Mr. Sandeep Singh (DIN: 03603531) and Mr.
Amarjot Singh (DIN: 07115513) Independent Directors of the Company who were appointed at
39th Annual General Meeting of the Company duly held on September 30, 2019 for
second term of five years upto March 31, 2024 and due to such completion of their tenure,
it is being required to appoint any other person(s) at their place on account of vacation
of office.
Pursuant to provisions of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Company requires approval
of Shareholders for appointment / reappointment of a person on the Board of Directors
within three months from the date of such appointment / reappointment. Hence, based on
recommendation of Nomination and Remuneration Committee, the Board of Directors of the
Company proposes the appointment of the following person(s) as Independent Directors of
the Company for a term of five consecutive years w.e.f. date of 43rd Annual
General Meeting:
1. Mr. Harish Pande (DIN 01575625);
2. Mr. Satish Chander Mathur (DIN 02847887); and
3. Mr. Rajesh Divetia (DIN 10253214).
The necessary details / disclosure of the proposed appointments is part of Notice of
the 43rd Annual General meeting read with Explanatory Statement enclosed with
the said Notice.
Further, Mr. Harman Singh (DIN: 01406962), Executive Director of the Company, is being
retired by rotation at the 43rd Annual General Meeting and being eligible offer
himself for reappointment.
The Board of Directors recommends the aforesaid appointment / re-appointment.
(B) Declaration by Independent Directors:
All the Independent Directors have submitted to the company, declarations to the effect
that they meet the criteria of Independence as specified/provided in Section 149 of the
Companies Act, 2013 and Regulation 16 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
Further in terms of the Regulation 25(8) of the Securities Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015; they have confirmed
that they are not aware of any circumstances or situation which exists or may be
reasonably anticipated that could impair or impact their ability to discharge their duties
with an objective independent judgment and without any external influence.
A separate meeting of Independent Directors of the Company was conducted on March 2,
2023 in terms of provisions of Schedule IV of the Companies Act, 2013. All the independent
directors of the Company except Mr. Amarjot Singh (DIN: 07115513) were present at the
meeting.
(C) Opinion of the Board with regard to integrity, expertise and experience of the
Independent Director appointed during the year: NA
During the year under review, Company has not appointed any Independent Directors.
Further, the persons propose to be appointed as Independent Directors of the Company
holds the requisite integrity, expertise and experience in the specific area. The details
are given in the explanatory statement enclosed with the Notice of 43rd Annual
General Meeting.
(D) Formal Annual Evaluation:
Pursuant to the provisions of section 134 (3)(P) of the Companies Act, 2013 and other
applicable Regulations of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Board adopted a formal mechanism for evaluating its performance and
as well as that of its Committees and Individual Directors, including the Chairman of the
Board. The exercise was carried out through a structured evaluation process covering
various aspects of the Boards functioning such as composition of the Board &
committees, experience & competencies, performance of specific duties &
obligations, governance issues etc.
The evaluation of the Independent Directors was carried out by the entire Board and
that of the Chairman and Non-Independent Directors were carried out by the Independent
Directors.
The Directors were satisfied with the evaluation results, which reflected the overall
engagement and effectiveness of the Board and its Committees with the Company.
12. AUDITORS:
(A) Statutory Auditors:
In terms of the provisions of Section 139 of the Companies Act, 2013, Members of the
Company in the 39th Annual General Meeting (AGM) held on 30th
September, 2019 have appointed M/s S P A R K & Associates, Chartered Accountants LLP
(FRN: 005313C/C400311) erstwhile M/s S P A R K & Associates (FRN: 005313-C400311), as
the Statutory Auditors of the Company for a period of Five years i.e. up to the conclusion
of the 44th Annual General Meeting of the Company to be held in the financial
year 2024-2025.
There are no qualifications or adverse remarks in the Auditors' Report for the
financial year ended March 31, 2023, which require any clarification/explanation.
The notes on financial statements are self-explanatory and needs no further
explanation.
Further the Auditors' Report for the financial year ended, March 31, 2023 is annexed
herewith for your kind perusal and information.
(B) Secretarial Auditors:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and Rules made
thereunder, the Company has appointed M/s M M Chawla & Associates, Company Secretary
in Practice (FCS 67, CP 716), to undertake the secretarial audit of the Company.
Secretarial Audit Report for the financial year 2022-23 in the prescribed Form MR-3 is
attached as Annexure-I to this report.
There are no qualifications or adverse remarks in the Secretarial Audit Report for the
financial year ended March 31, 2023, which require no clarification/explanation.
(C) Cost Auditors:
During the reporting period, the provisions of the Cost Audit / Cost Audit Report are
not applicable to the Company.
13. ANNUAL SECRETARIAL COMPLIANCE REPORT:
Pursuant to Regulation 24A of the Securities Exchange Board of India (Listing
Obligations & Disclosure Requirements) Regulations, 2015, the Annual Secretarial
Compliance Report for the financial year 2022-23 issued by M/s M M Chawla &
Associates, Company Secretary in Practice (FCS 67, CP 716) is attached as Annexure-II to
this report.
14. LOANS, GUARANTEES AND INVESTMENTS:
The Company has not given any loan to any person or other body corporate, or given any
guarantee or provided security in connection with a loan to any other body corporate or
person, or acquired by way of subscription, purchase or otherwise, the securities of any
other body corporate, during the financial year under review.
15. RELATED PARTY TRANSACTIONS:
During the financial year under review, the Company has not entered into any contracts
/ arrangements / transactions with its related parties under Section 188(1) of the
Companies Act 2013.
16. CORPORATE SOCIAL RESPONSIBILITY (CSR):
During the reporting period, the provisions of the CSR are not applicable to the
Company.
17. CONSERVATION OF ENERGY:
In terms of Section 134(3)(m) of the Companies Act, 2013 and the rules made there
under, relevant information about Conservation of Energy are as follows:
(i) The steps taken or impact on conservation of energy:
• Installation of new energy efficient chilling equipment.
• Replaced old pumps with energy efficient new pumps.
• Regular and Halogen lights are being replaced phase-wise in selective areas by
LED lights for energy saving.
On implementation of the above, the Company expects to substantially benefit in saving
power and water consumption at various stages of the production cycle.
(ii) the steps taken by the Company for utilizing alternate sources of energy:
• Study on use of other alternate fuel for boiler in order to reduce energy cost.
• Replacement of existing air compressors with few new energy efficient air
compressors.
• Studying feasibility of PPA for solar/ hybrid energy for electricity generation.
• Studying feasibility of using ancillary equipment that could help in reducing
cost of chemicals, electricity saving and downtime of pivitol utility equipment.
(iii) the capital investment on energy conservation equipments: The Company has spent
an amount of Rs. 16.84 Lakhs as capital expenditure on energy saving equipment during the
year 2022-23.
18. TECHNOLOGY ABSORPTION:
In terms of Section 134(3)(m) of the Companies Act, 2013 and the rules made there
under, relevant information about Technology Absorption are as follows:
(i) the efforts made towards technology absorption & the benefits derived like
product improvement, cost reduction, product development or import substitution: NA
As the company's products are manufactured by using in-house know how and no outside
technology is being used for manufacturing activities. Therefore, no technology absorption
is required. The Company constantly strives for maintenance and improvement in quality of
its products and entire Research & Development activities are directed to achieve the
aforesaid goal.
(ii) in case of imported technology (imported during the last three years reckoned from
the beginning of the financial year)-
(a) the details of technology imported: Nil
(b) the year of import: Nil
(c) whether the technology been fully absorbed: Nil
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons
thereof: Nil
(iii) the expenditure incurred on Research and Development: Nil
19. FOREIGN EXCHANGE EARNINGS AND OUTGO:
In terms of Section 134(3)(m) of the Companies Act, 2013 and the rules made there
under, relevant information about Foreign Exchange Earnings and Outgo are as follows:
(i) The Foreign Exchange earned in terms of actual inflows during the year: Nil
(ii) The Foreign Exchange outgo during the year in terms of actual outflows: Nil
20. RISK MANAGEMENT:
The Board of Directors and Management of the Company has evaluated the various risks
faced by the Company and suggests steps to be taken to control and mitigate the same
through a properly defined framework to sustain the operations of the Company for the
foreseeable future.
? Some of the key risk areas identified for mitigation and corrective action include:
• Crushed Bone availability and pricing patterns;
• Impact of the high cost of Crushed Bone on the cost of production;
• Water scarcity for operational requirements;
• Coal Prices & Availability; and
• Energy Charges.
21 INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:
The Company has in place adequate Internal Financial Controls with reference to
financial statements.
22. DETAILS OF FRAUDS REPORTABLE U/S 143(12):
During the financial year under review, there is no fraud being or has been committed
in the Company or against the Company by officers or employees of the Company, which are
reportable by the Auditors to the Central
Government or to the Board or to the Audit Committee under Section 143(12) of the
Companies Act, 2013; Therefore, no disclosure required in this regard.
23. DEPOSITS:
Your directors state that no disclosure or reporting is required in respect of details
relating to deposits covered under Chapter V of the Act, because there were no
transactions on these items during the financial year under review.
24. DETAILS OF MONEY/UNSECURED LOAN ACCEPTED UNDER RULE 2(1)(C).
During the financial year under review, the Company has accepted unsecured loan from
the Managing Director of the Company and there is an outstanding balance of Rs.
4,67,00,000/- (Rupees Four Crore and Sixty-Seven Lakh only) as on March 31, 2023.
25. GENERAL DISCLOSURES:
Your directors state that no disclosure or reporting is required in respect of the
following items as there were no transactions on these items during the year under review:
1. Issue of Bonus Shares and/or Right Shares.
2. Issue of equity shares with differential rights as to dividend, voting or otherwise.
3. Issue of Sweat Equity Shares.
4. Issue of shares through/ under the Employee Stock Option Scheme.
5. Detailed reasons for revision of financial statement or Board's Report.
6. Buy Back of Shares.
26. SIGNIFICANT OR MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
WHICH IMPACT THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:
During the financial year under review, no significant or material orders passed by the
Regulators or Courts or Tribunals which impact the going concern status and Company's
operations in future.
27. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 134(3)(c) and 134(5) of the Companies Act, 2013 the Directors
confirm that:
(a) in the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures;
(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 at the end of the financial year and of
the profit and loss of the company for that period;
(c) 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;
(d) the directors had prepared the annual accounts on a going concern basis; and
(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 had devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
28. COMPLIANCES OF SECRETARIAL STANDARDS:
The Directors have devised proper systems to ensure compliance with the provisions of
all applicable Secretarial Standards and that such systems are adequate and operating
effectively.
29. MAINTENANCE OF COST RECORD U/S 148(1) OF THE COMPANIES ACT 2013:
During the reporting period the provisions with respect to Cost Audit or Cost Records
is not applicable on the Company.
30. COMPLIANCE WITH PROVISIONS RELATING TO THE CONSTITUTION OF INTERNAL COMPLAINTS
COMMITTEE
The Company has complied with the provision relating to the constitution/
re-constitution of Internal Complaints Committee under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.
Further during the financial year under review, there were no cases filed under the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
31 VIGIL MECHANISM:
As per provisions of Section 177(9) and Section 177(10) of the Companies Act, 2013 and
Rules made thereunder, the Company has established a Vigil Mechanism for Directors and
Employees to report their genuine concerns/ grievances, and said mechanism is overseen by
the Audit Committee of the Company and the Company has also made provisions for direct
access to the Chairman of the Audit Committee in appropriate or exceptional cases.
32. COMMITTEES OF THE BOARD:
The Company has constituted various Committees of the Board as required under the
Companies Act, 2013 and the Listing Regulations. For details namely composition, number of
meetings held, attendance of members, etc. of such Committees, please refer to the
Corporate Governance Report which forms a part of this Annual Report.
33. COMPANY'S POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION INCLUDING CRITERIA FOR
DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES, INDEPENDENCE OF A DIRECTOR AND OTHER
MATTERS PROVIDED UNDER SUB-SECTION (3) OF SECTION 178 & REMUNERATION POLICY:
Policy on Directors' appointment is to follow the criteria as laid down under the
Companies Act, 2013, the Listing Agreement with Stock Exchanges and good corporate
practices. Emphasis is given to persons from diverse fields or professions.
The policy of the Company on Directors' appointment and remuneration, including the
criteria for determining the qualifications, positive attributes, independence of a
Director and other matters, as required under Section 178(3) of Companies Act, 2013 is
available on our website i.e. www.cjgelatineproducts.com.
34. DISCLOSURE ON RECEIVING OF REMUNERATION OR COMMISSION FROM ANY HOLDING OR
SUBSIDIARY COMPANY: Not applicable.
35. DISCLOSURE PURSUANT TO SECTION 197 READ WITH RULE 5(1) OF THE COMPANIES
(APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014:
The information required under Section 197 of the Act read with rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given
below:
(i) The ratio of the remuneration of each director to the median remuneration of the
employees of the Company for the financial year:
Sr. Name & Designation of Directors No. |
Remuneration Paid during the Financial year
2022-23 |
Ratio of the remuneration of each director to the median
remuneration of the employees |
1. Mr. Jaspal Singh-Managing Director |
Rs. 24,00,000/- |
9.36:1 |
2. Mr. Harman Singh-Director & Chief Financial Officer |
Rs.6,09,000/- |
2.38:1 |
3. Mrs. Jasneet Kaur-Director |
Rs. 4,50,000/- |
1.76:1 |
(Note: Median Remuneration of the Employee is Rs. 2,56,352/-)
(ii) The percentage increase in remuneration of each director, Chief Financial Officer,
Chief Executive Officer, Company Secretary or Manager if any, in the financial year:
> There were no increase in the remuneration of Mr. Jaspal Singh (DIN: 01406945),
Managing Director.
> Remuneration of Mrs. Jasneet Kaur (DIN: 06995139), Director of the Company has
been increased to 50.00%.
> Remuneration of Mr. Harman Singh (DIN: 01406962), Director and Chief Financial
Officer of the Company has been increased to 16.27%.
(iii) The percentage increase in the median remuneration of employees in the financial
year: 7.13%
(iv) The number of permanent employees on the rolls of Company (As on 31-03-2023): 95
(v) Average percentile increases already made in the salaries of employees other than
the managerial
personnel in the last financial year and its comparison with the percentile increase in
the managerial
remuneration and justification thereof and point out if there are any exceptional
circumstances for
increase in the managerial remuneration. (Rs. in Lakhs)
Remuneration paid to employees excluding managerial personnel for
the FY 2021-22 |
Remuneration paid to employees excluding managerial personnel for
the FY 2022-23 |
% change in remuneration paid to employees excluding
managerial personnel |
Remuneration paid to managerial personnel for the FY 2021-22 |
Remuneration paid to managerial personnel for the FY 2022-23 |
% change in remuneration paid to managerial personnel |
227.50 |
232.27 |
2.10% |
35.96 |
39.04 |
8.57% |
(vi) The Company affirms that the remuneration is as per the remuneration policy of the
Company.
36. PARTICULARS OF EMPLOYEES PURSUANT TO SECTION 197 READ WITH RULE 5(2) OF THE
COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014:
List of top ten employees in terms of remuneration drawn is attached as Annexure-III
to this report.
There was no employee who in terms of remuneration drawn:
i. if employed throughout the financial year, was in receipt of remuneration for that
year which, in the aggregate, was not more than one crore and two lakh rupees;
ii. if employed for a part of the financial year, was in receipt of remuneration for
any part of that year, at a rate which, in the aggregate, was not more than eight lakh and
fifty thousand rupees per month;
iii. if employed throughout the financial year or part thereof, was in receipt of
remuneration in that year which, in the aggregate, or as the case may be, at a rate which,
in the aggregate, is in excess of that drawn by the managing director or whole-time
director or manager and holds by himself or along with his spouse and dependent children,
not more than two percent of the equity shares of the company.
37. LISTING OF EQUITY SHARES and LISTING FEES:
The Company's shares are listed at BSE Limited (Formerly Bombay Stock Exchange), which
provides a wider access to the investors nationwide.
The Company has paid the annual listing fees up to March 31, 2024 to the BSE Ltd and
Annual Custody / Issuer Fees to National Securities Depository Limited and Central
Depository Services (India) Limited upto March 31, 2024.
38. SHARES IN SUSPENSE ACCOUNT AND UNCLAIMED SUSPENSE ACCOUNT:
As on March 31, 2023, there are 160 equity shares which are lying into Unclaimed
Suspense Account.
39. CORPORATE GOVERNANCE:
The Company has complied with the corporate governance requirements as stipulated under
the SEBI (LODR) Regulations. A separate report on corporate governance is attached as Annexure-IV
to this report.
Further, a certificate from M/s M M Chawla & Associates, Company Secretary in
Practice (FCS 67, CP 716) confirming the compliance of conditions of corporate governance
is attached as Annexure-V to this report.
40. MANAGEMENT DISCUSSION & ANALYSIS REPORT:
As per Regulation 34(2)(e) of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Company was required to
prepare/attach a Management Discussion and Analysis Report as a part of this Board's
Report or addition thereto and the same is attached as Annexure-VI to this Report.
41. INTER - SE RELATIONSHIP OF DIRECTORS:
S. Name & DIN of Director
No. |
Relation with Directors |
1 Mr. Jaspal Singh (DIN: 01406945) |
Father of Mr. Harman Singh (DIN: 01406962), Director & Chief
Financial Officer and Mrs. Jasneet Kaur (DIN: 06995139), Director |
2 Mr. Harman Singh (DIN: 01406962) |
Son of Mr. Jaspal Singh (DIN: 01406945) Chairman and Managing Director
and Brother of Mrs. Jasneet Kaur (DIN: 06995139), Director |
3 Mrs. Jasneet Kaur (DIN: 06995139) |
Daughter of Mr. Jaspal Singh (DIN: 01406945) Chairman and Managing
Director and Sister of Mr. Harman Singh (DIN: 01406962), Director & Chief Financial
Officer |
4 Mr. Vikas Gupta (DIN: 03603519) |
No Relation with Directors |
5 Mr. Sandeep Singh (DIN: 03603531) |
No Relation with Directors |
6 Mr. Amarjot Singh (DIN: 07115513) |
No Relation with Directors |
42. PREVENTION OF INSIDER TRADING
The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view
to regulate trading in securities by the Directors and designated employees of the Company
and other Connected Persons within the meaning of the concerned SEBI Regulation. The Code
requires pre-clearance for dealing in the Company's shares and prohibits the purchase or
sale of Company shares by the Directors and the designated employees who have access to
unpublished price sensitive information in relation to the Company and during the period
when the Trading Window is closed. The Board is responsible for implementation of the
Code.
43. THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 DURING THE YEAR ALONGWITH THEIR STATUS AS AT THE END OF THE
FINANCIAL YEAR:
No such event occur during the reporting period.
44. 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:
No such event occur during the reporting period.
45. ACKNOWLEDGEMENT:
Your Directors wish to express their grateful appreciation to the continued
co-operation received from the Banks, Government Authorities, Customers, Vendors and
Members/Shareholders during the financial year under review. Your Directors also wish to
place on record their deep sense of appreciation for the committed service of the
Executives, staff and Workers of the Company.
Place: Mandideep |
For and on Behalf of Board of Directors |
Date: 12/08/2023 |
|
SD/-
Jaspal Singh
(DIN: 01406945) Chairman & Managing Director
  Â