Objectone Information Systems Ltd
Directors Reports
Dear Members,
It gives us immense pleasure to present to you the 26lh Annual Report on the operations
of ObjectOne Information Systems Limited together with the audited financial statements
for the year ended March 31,2022. The financial results of the Company are as follows:
1 Financial Results
(Rs. In lakhs)
| Particulars |
Consolidated |
Standalone |
|
2021-22 |
2020-21 |
2021-22 |
2020-21 |
| Total Income |
3714.69 |
2878.41 |
1679.56 |
1453.64 |
| Operating profit (PBDIT) |
210.76 |
77.90 |
173.54 |
125.91 |
| Depreciation |
19.71 |
16.41 |
19.38 |
15.46 |
| Profit before tax (PBT) |
179.68 |
52.31 |
146.33 |
101.95 |
| Income Tax and Deferred Tax |
46.50 |
32 |
41.50 |
32 |
| Profit after tax [PAT) |
133.18 |
20.31 |
104.83 |
69.95 |
2 State of affairs of Company CONSOLIDATED
The Company has generated a Consolidated income of Rs. 3714.69 lakhs during the year
against previous year income of Rs. 2878.41 lakhs and Net profit of Rs. 133.18 lakhs
during the year against previous year Net profit of Rs. 20.31 lakhs.
STANDALONE
The Standalone income of the Company during the year was Rs. 1679.56 lakhs as against
previous year income of Rs. 1453.64 lakhs and Net Profit was Rs. 104.33 lakhs during the
year against previous year Net Profit of Rs. 69.95 lakhs.
BUSINESS OVERVIEW
As we walk out and walk free from the ‘once-in-a-lifetime' global crisis, viz a
viz the pandemic, our lives have changed for better.
Today, we are navigating through a phase of supply chain disruptions, geopolitical
concerns, global conflicts and de-globalization. This, has resulted in not just touching
lives world over, but has also left an indelible Impact on each of our lives.
The global digital entertainment space too has witnessed a paradigm shift in both
opportunities as well as challenges thrown up in an economy that is rapidly expanding.
Tastes of the myriad audience too has seen a sea-change.
Your company ObjectOne has been operating in the internet digi space with dependence on
YouTube. In terms of finances monetization is sought from the revenue that is obtained
from advertising.
Your company thrives on its ability to analyse trends, adapt to the ever vibrant world,
reorganize and implement innovation in digital technology and content.
While many companies are still reeling under the post pandemic effects, ObjectOne has
successfully waded through even the most acute challenges in such a highly competitive
world with all the media houses already preying into the digi media field.
The video economy is vibrant and ever changing, driven by trends, innovation and
emergence of upbeat alternatives to traditional broadcast and distribution models.
With the advent of the 4G and the soon to come 5G, both Video and viewing will further
facilitate viewers with ample opportunities for a multi-screen experience and a myriad
choice of content anywhere and everywhere.
In this scenario, ObjectOne has already aligned itself to the changes in content
production, packaging and distribution, creating a platform and the required
infrastructure for a supply chain from production to delivery, enabling both the content
creators as well the service providers in engaging and prospering in the ever evolving
video-ecology where change is the only constant
The idea that the entire world revolves around digital media, which is the quickest
method of communication, is a truth that can be accepted. Object One, pioneers in the
creation of digital media content, is now partnering with young people in India by
offering them the necessary training and opportunities to expand their understanding of
digital technology. Finding the ideal people and giving them in-depth training will result
in the qualified personnel needed to meet the market's rising demand for digital media. To
do this, Telugu One has made the decision to serve as a platform to highlight each
person's creativity by offering support and direction so that they are placed in roles
that are appropriate for their talents.
TeluguOne suggests taking the initiative to engage young people in rural areas who are
knowledgeable about digital media in order to build a solid technological foundation to
fulfill the exponential demand. Hence, undoubtedly, producing employment opportunities
Among the many videos on the internet, it would be simple to overlook the contribution
of international web portals to the commercialization of new professional film, which not
only demonstrates the capabilities of their brands but also their approach to digital
media marketing.
The portals are able to draw viewers to their shows by utilising the wide range of
content genres available on their platforms, including email services, breaking news,
financial markets, horoscopes, sports news, and dating services. We intentionally tap into
the youth audiences we have the greatest reach with since they are prescient by nature and
provide us with useful information about shifting viewer behaviour, in order to help
content producers and companies offer and cater to the preferences of their viewers, many
international analytics and research organisations claim to be able to evaluate watching
patterns on websites, mobile applications, and social media. To help clients offer more
effective tailored content to customers' screens, they even assess "individuality.1'
Short comedic videos and animated content are just two examples of the in-house,
original content your organisation has been creating. Additionally, your business is
producing alternative content in the fields of fashion, spirituality, lifestyle, and
health. The partnership between your company and YouTube for both short- and
long-form videos is producing healthy profits.
We have also ventured into the education arena with our new Tone Academy channel
joining the conglomerate. Our education channel providing very adaptive and highly
effective learning solutions for students preparing for competitive exams and government
services. Lakhs of aspirants are served each year through our videos to help learn easily
and quickly.
We are creating the right platform for students who wish to improve their exam scores
and their chances of being selected in competitive exams. Our meticulously designed
content in the form of videos, hands-on learning, experiential learning, live classes
through augmented reality learning, use of lessons, tests series, real-life examples, and
practice sessions help students become active learners. Delivering world-class learning
experience with elucidated solutions through very experienced faculty who make this
learning quite engaging through visual & contextual programs which help adapt to the
unique learning styles of each student.
With all these your Company increased Us turnover by 15% over the prior fiscal year,
and it expects to surpass that level in the years to come.
3 Share Capital
The paid-up equity share capital as on 31sl March 2022 was Rs. 14,00,00,000 comprising
of 1,40,00,000 equity shares of Rs.10/- each.
The paid-up equity share capital as on 31st March 2022 was Rs.10,51,19,000 comprising
of 1,05,11,900 equity shares ofRs,10/- each.
4 Issue of Equity Shares with Differential Rights or stock options
The Company has not made any issue of equity shares with Differential Rights under the
provision of Section 43, read with Rule 4(4) of the Companies (Share Capital and
Debentures) Rules, 2014 during the Financial Year under review nor has made any issue of
equity shares via Employee stock options during the Financial Year under review.
5 Material Changes and Commitments If any affecting the financial position of the
company which have occured between the end of the financial year of the company to which
the financial statements relate and the date of the report
There are no material changes and commitments affecting the financial position of the
Company.
6 Transfer to Reserves
The company had transferred an amount of Rs. 104.83 Lakhs to the General Reserve during
the financial year 2021-22.
7 Dividend
The Board of directors do not propose any dividend for the year ended 31.03.2022.
8 Particulars of Loans, Guarantees or investments
The company has not given any loans or guarantees covered under the provisions of
section 186 of the Companies Act, 2013 (Act).
9 Internal Financial Control Systems and their adequacy
The Company has adequate system of internal controls to safeguard and protect from
loss, unauthorised use or disposition of its assets. All the transactions are properly
authorised, recorded and reported to the Management. The Company is following all the
applicable Accounting Standards for proper maintenance of books of accounts and for
financial reporting.
10 Related Party Transactions
All the transactions with related parties are at arm's length and they fall outside the
scope of Section 188(1) of the Act except as otherwise mentioned in AOC-2 annexed to this
report. Information on transactions with related parties pursuant to Section 134(3)(h) of
the Act read with rule 8(2) of the Companies (Accounts) Rules, 2014 is given in Annexure-I
in Form AOC-2 and the same forms part of this report.
The policy on Related Party Transactions is hosted on the website of the Company under
the web link
http://www.objectinfo.com/images/investors/policies/Related-Party-Transaction-Policy.pdf.
11 Deposits
Your Company has not accepted any deposits and as such, no amount of principal or
interest was outstanding as of the Balance Sheet date.
12 Change in the Nature of Business, If Any
There is no material change in the nature of business affecting the financial position
of the Company for the year ended March 31, 2022.
13 Joint Venture
Information on Joint Venture pursuant to Section 129(3) of the Act read with rule 5 of
the Companies (Accounts) Rules, 2014 is not applicable to the Company as the Company has
not entered any Joint Venture contracts.
14 Subsidiary Company
The Company has a wholly owned subsidiary Company, Stiaos Technologies Inc., the
details of which are as follows: -
Form No. AOC -1
(Pursuant to the first provision to sub-section 3 of Section 129, read with Rule 5 of
Companies (Accounts) Rules, 2014); Salient Features of Financial Statements of
Subsidrary/associate companies/joint ventures as per Companies Act, 2013
Part "A": Subsidiaries
|
Amount in Rs. Lakhs |
| 1. Name of Subsidiary |
Stiaos Technologies Inc. USA |
| 2. Reporting period for the subsidiary concerned, if different from the holding
company's reporting period |
Accounting year of the Subsidiary Company - Calendar Year, Following
data related to FY 2021-22 |
| 3. Reporting currency and Exchange rate as on the last date of the relevant Financial
year in the case of foreian subsidiary |
USD @ Rs.77/- |
| 4. Share Capital |
0.66 |
| 5. Reserves & Surplus |
137.96 |
| 6. Total Assets |
1073.25 |
| 7. Total Liabilities |
1073.25 |
| B. Investments |
0.00 |
| 9. Turnover |
2035.13 |
| 10. Profit Before Taxation |
33.35 |
| 11. Provision for Taxation |
5.00 |
| 12. Profit after Taxation |
28.35 |
| 13. Proposed Dividend |
0 |
| 14. % of Shareholding |
100 |
Pursuant to the provisions of Section 136 of the Act, the financial statements
including consolidated financial statements are being made available on the website of the
Company www.objectinfo.com The financial statements of subsidiary companies will be
available for inspection during business hours at the registered office of the Company and
also on the website of the Company.
15 Directors and Key Managerial Personnel
In accordance with the provisions of Section 152(6} of the Companies Act, 2013 Mr. Ravi
Shankar Kantamneni retires by rotation at the forthcoming Annual General Meeting and being
eligible offered himself for re-appointment. Your Board recommends her appointment as
Managing director, liable to retire by rotation.
Mr S.N. Kumar Budhavarapu, Independent director of the Company passed away on
30.05.2022 the board places its sincere appreciation for the services rendered by Mr. S.N.
Kumar Budhavarapu.
16 Statement on the Declaration Given by The Independent Directors as Per Section
149(6)
The company has received necessary declaration from each independent director under
Section 149(7) of the Companies Act, 2013, that he /she meets the criteria of independence
laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBl (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
17 Policy on Directors' Appointment and Remuneration and Other Details
The Board has, on the recommendation of the Nomination & Remuneration Committee,
framed a policy for selection and appointment of Directors, Senior Management and fixing
their remuneration pursuant to the provisions of Section 178 of the Act and SEBl (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and the same is placed on the
Company's website www.objectinfo.com.
18 Number of Meetings of the Board
During the Financial Year 2021- 22, seven meetings of the Board of Directors of the
company were held and in respect of which meetings, proper notices were given and the
proceedings were properly recorded and signed in the Minutes Book maintained for the
purpose. The dates of the Meetings are as follows:
28m May, 2021, 30,h June, 2021; 14,h August, 2021, 6,h September 2021; 131t1 November,
2021,141h February, 2022 and 161h February, 2022,
ATTENDANCE OF DIRECTORS:
| S.no. Name of Director |
Total Meetings Held During the tenure of the director |
Attended |
| 1. K. Ravi Shankar |
7 |
7 |
| 2. K. Hima Hindu |
7 |
7 |
| 3. BSN Kumar |
7 |
7 |
| 4. E. Kavitha |
7 |
7 |
| 5. V. Jaya PrakashNarayana |
7 |
7 |
19 Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and SEBl (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Board carried out an annual performance
evaluation of its own performance, the directors as well as the evaluation of the working
of its Audit, Nomination and Remuneration and Stakeholders' Relationship Committees.
Independent Directors carried out a separate evaluation on the performance of Chairman and
non-independent directors. In a separate meeting of independent directors, performance of
non-independent directors, performance of the Board as a whole, performance of the
Chairman and quality, quantity and timeliness of flow of information between the Company
management and the Board was evaluated.
20 Report on corporate governance and management discussion and analysis report
Pursuant to the Regulation 15(2) of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, compliance with the Corporate
Governance provisions as specified in Regulations 17 to 27 and 46 (2) and para-C, D and E
of Schedule V are not applicable to the Company because, neither the paid-up share capital
exceeds Rs. 10 Crore nor the net-worth exceeds Rs, 25 Crore as on the last day of previous
financial year i.e. 31s1 March, 2022.
Accordingly, for the year under review, the reports stating compliance with the Code of
Corporate Governance have not been annexed to this report.
21 Committees of the Board a} Audit Committee:
The Audit Committee of the Company constituted in terms of Section 177(1) of the Act
and as per SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The
Audit Committee continues to provide valuable advice and guidance in the areas of
costing, finance and internal controls.
During the year under review, the Committee met five times on 28.05.2021, 30.06.2021,
14.08.2021, 13.11.2021 and 16.02.2022.
The details of the composition of the Committee and attendance of the members at the
meetings are given below:
| Name |
Designation |
category |
No. of Meetings held |
No. of meetings attended |
| Ms. E. Kavitha |
Chairperson |
NED(I) |
5 |
5 |
| *Mr, B.S.N. Kumar |
Member |
NED(I) |
5 |
5 |
| V. Jayaprakash Narayana |
Member |
NED(I) |
5 |
5 |
| *Ms. K. Himabindu |
Member |
NED |
0 |
0 |
‘Resigned and appointed w.e.f,, 30.03.2022
b) Nomination and Remuneration Committee
In terms of the provisions of Section 178(3) of the Act and Regulation 19 read with
Schedule II Part D of Listing Regulations, the Nomination and Remuneration Committee is
responsible for formulating the criteria for determining qualifications, positive
attributes and independence of a Director.The Nomination & Remuneration policy is
placed on the Company's website at www.objectinfo.com.
During the year under review, the Committee met on 30.06.2021 & 13,11.2021.
The details of the composition of the Committee and attendance of the members at the
meetings are given below:
| Name |
Designation |
category |
No. of Meetings held |
No. of meetings attended |
| Ms. E, Kavitha |
Chairperson |
NED(I) |
2 |
2 |
| *Mr. B.S.N. Kumar |
Member |
NED{I) |
2 |
2 |
| V. Jayaprakash Narayana |
Member |
NED(I) |
2 |
2 |
| *Ms. K. Hhnabindu |
Member |
NED |
0 |
0 |
‘Resigned and appointed w.e.f., 30.03.2022 c) Stakeholders Relationship Committee:
A Committee of the Board, designated as stakeholders relationship committee to
specifically look into the redressal of Shareholder/investor complaints and to strengthen
investors relations. The Stakeholders Relationship Committee ("SRC") comprises
of Mr. V. Jaya Prakash Narayana, independent Director as the Chairman, Mr. K. Ravi
Shankar, Managing Director and Mrs. K. Hima Bindu, Executive Director as the members of
the SRC, The composition of the Committee is as per the requirements of the provisions of
Section 178 of the Companies Act, 2013 and the SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015.
During the year under review, the Committee met four times on 30.06.2021, 14.08.2021,
13.11.2021, 16.02.2022.
The details of the composition of the Committee and attendance of the members at the
meetings are given below:
| Name |
Designation |
Category |
No, of Meetings held |
No. of meetings attended |
| Ms. E. Kavitha |
Chairperson |
NED(I) |
2 |
2 |
| Mr. K. Ravi Shankar |
Member |
ED |
2 |
2 |
| Ms. K. Himabindu |
Member |
NED |
0 |
0 |
22 Auditors
Statutory Auditors
At the Annual General Meeting (AGM) held on September, 29, 2017, M/s. PCN &
Associates (formerly known as Chandrababu Naidu & Co)., Chartered Accountants,
Hyderabad were appointed as Statutory Auditors of the company to hold office till
conclusion of the AGM to be held in the calendar year 2022. in terms of the first proviso
to Section 139 of the Companies Act, 2013
The Board in its meeting held on 03.09.2022 appointed M/s. P. Murali & Co,
Chartered Accountants as Statutory Auditors for the period of 5 years in place of M/s. PCN
& Associates., Chartered Accountants from the conclusion of ensuing AGM for FY
2021-22 till the conclusion of Annual General Meeting to be held in the calendar year
2027, subject to the approval of the shareholders in the ensuing Annual General Meeting.
The Auditors have confirmed that they have subjected themselves to the peer review
process of Institute of Chartered Accountants of India (ICAI) and hold valid certificate
issued by the Peer Review Board of the ICAI.
The Auditors' Report forms part of the Annua! report and does not contain any
qualification or adverse remarks.
Secretarial Audit
Mr. S Chidambaram, Company Secretary in Practice, Hyderabad, was appointed to undertake
the Secretarial Audit of the Company for the Financial Year 2021-22. The Secretarial Audit
Report is given in Annexure-ll.
Explanation/ comments by the Board on Qualifications, Reservations, Adverse Remarks or
Disclaimers made by the Statutory Auditors & the Practicing Company Secretary in their
Reports:
The Notes on financial statements referred to in the Auditors' Report are
self-explanatory and do not call for any further comments. The Auditors' Report &
Secretarial Audit Report does not contain any qualification, reservation or adverse
remark.
23 Directors' Responsibility Statement
In terms of Section 134(5) of the Companies Act 2013, your Directors would like to
state that:
a. in the preparation of the Annual Accounts, the applicable accounting standards have
been followed along with proper explanation relating to material departures:
b. The Directors have 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 ended
March 31, 2022 and the profit of the Company for that financial year;
c. The Directors have 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. 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 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.
24 Conservation Of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
Conservation of Energy:
The nature of the Company's operations requires a low level of energy consumption.
Research and Development (R&D):
The Company continues to look at opportunities in the areas of research and development
in its present range of activities.
Technology Absorption:
The Company continues to use the latest technologies for improving the productivity and
quality of its services and products. The Company has not imported any technology during
the yean
Foreign Exchange Earnings and Outgo:
| S.No. Purpose of |
2021-22 |
2020-21 |
|
Amount in Rs |
Amount in Rs |
| 1 Inflow - against IT, IT enabled Services and other Income |
Rs.9,79,81,573/- |
Rs.5,17,58,871/- |
| 2 Outflow - For Expenses - Paid through Credit Card |
Rs. 33,97,071 |
Rs. 21,54,583/- |
25 Particulars of Employees
(a) The information required under section 197 of the Companies Act, 2013 read with
rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 are given in Annexure-lll.
b) Pursuant to Rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, during the year under review, none of the employees of the Company
employed throughout the financial year, was in receipt of remuneration for the year which,
in the aggregate, In excess of sixty lakh rupees; none of the employees of the Company
employed for a part of the financial year, was in receipt of remuneration for any part of
the year, at a rate which, in the aggregate, in excess of five lakh rupees per month;
None of the employees of the Company employed throughout the financial year or part
thereof, was in receipt of remuneration in the 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 less than two percent of the equity shares of the company.
26 Annual Return
As required pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the
Companies (Management and Administration) Rules, 2014, an annual return is uploaded on
website of the Company www.objectinfo.com.
27 Risk Management
Pursuant to section 134 (3) (n) of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the company has formulated a
policy on risk management. At present the company has not identified any element of risk
which may threaten the existence of the company.
28 Vigil Mechanism / Whistle Blower Policy
The Company has formulated a Whistle Blower Policy and has established a Vigil
Mechanism for employees including Directors of the Company to report genuine concerns. The
provisions of this policy are In line with the provisions of Section 177(9) of the Act and
Regulation 22 of Listing Regulations. The whistle blower policy is available on the
Company's website at www.objectinfo.com
29 Corporate Social Responsibility (CSR)
The provisions relating to Corporate Social Responsibility under the Companies Act,
2013 do not apply to the company.
30 Disclosure under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013
The Company has in place a Policy on Prevention of Sexual Harassment in line with the
requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition
& Redressal) Act, 2013. All employees (permanent, contractual, temporary, trainees)
are covered under this policy.
Your Directors further state that during the year under review, there were no cases
filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013
31 The details of significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and company's operations in future
In terms of sub rule 5(vii) of Rule 8 of Companies (Accounts) Rules, 2014, there are no
significant material orders passed by the Regulators / Courts which would impact the going
concern status of the Company and its future operations.
32 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
There have been no frauds reported by the auditors u/s 143(12).
33 Cost Audit:
Cost Audit is not applicable to the Company.
34 Code of conduct for the prevention of insider Trading
The Board of Directors has adopted the Insider Trading Policy in accordance with the
requirements of the SEBI (Prohibition of Insider Trading) Regulation, 2015 and the
applicable Securities laws. The Insider Trading Policy of the Company lays down guidelines
and procedures to be followed, and disclosures to be made while dealing with shares of the
Company, as well as the consequences of violation. The policy has been formulated to
regulate, monitor and ensure reporting of deals by employees and to maintain the highest
ethical standards of dealing in Company securities.
The Insider Trading Policy of the Company covering code of practices and procedures for
fair disclosure of unpublished price sensitive information and code of conduct for the
prevention of insider trading, is available on our website www.objectinfo.com.
35 Familiarisation Programmes
The Company familiarises its Independent Directors on their appointment as such on the
Board with the Company, their roles, rights, responsibilities in the Company, nature of
the industry in which the Company operates, etc. through familiarisation programme. The
Company also conducts orientation programme upon induction of new Directors, as well as
other initiatives to update the Directors on a continuing basis. The familiarisation
programme for Independent Directors is disclosed on the Company's website
www.objectinfo.com.
36 Secretarial Standards
Pursuant to the provisions of Section 118 of the Companies Act, 2013, the Company has
complied with the applicable provisions of the Secretarial Standards issued by the
Institute of Company Secretaries of India and notified by Ministry of Corporate Affairs.
37 Internal Auditors
Pursuant to provisions of Section 138 read with Rule 13 of the Companies (Accounts)
Rules, 2014 and Section 179 read with Rule 8(4) of the Companies (Meetings of Board and
its Powers) Rules, 2014; during the year under review the Internal Audit of the functions
and activities of the Company was undertaken by the Internal Auditor of the Company by
Sri. DSNV Prasad, the Internal Auditor of the Company.
Deviations are reviewed periodically and due compliance ensured. Summary of Significant
Audit Observations along with recommendations and its implementations are reviewed by the
Audit Committee and concerns, if any, are reported to Board. There were no adverse remarks
or qualification on accounts of the Company from the Internal Auditor.
The Board has re-appointed Sri DSNV Prasad, Chartered Accountants,
Hyderabad as Internal Auditors for the Financial Year 2022-23.
38. Details Of Application Made or Proceeding Pending Under Insolvency and Bankruptcy
Code, 2016:
During the year under review, there were no applications made or proceedings pending in
the name of the Company under Insolvency and Bankruptcy Code, 2016.
39. Details of difference between valuation amount on one time settlement and valuation
while availing loan from banks and financial institutions:
During the year under review, there has been no one time settlement of loans taken from
banks and financial Institutions.
40. Acknowledgments
Your Directors would like to place on record their grateful appreciation for the
assistance and co-operation received from the Financial Institutions, Banks, Government of
India, State Governments, Government Authorities, Customers and Shareholders. Your
Directors place on record their appreciation of the valuable contribution made by the
employees at all levels.
|
FOR OBJECTONE INFORMATION SYSTEMS LIMITED |
|
Sdf- |
|
K. RAVI SHANKAR |
|
(DIN 00272407) |
| Place : Hyderabad |
Managing Director |
| ?ate : 03.09.2022 |
|
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