Swadha Nature Ltd
Directors Reports
To The Members, Swadha Nature Limited (Formerly known as MS Securities Limited)
Your directors have pleasure in presenting their31st Annual Report on the
business and operations of the Company together with its Audited Accounts for the year
ended March 31, 2023. The Management Discussion and Analysis is also included in this
Report.
1. FINANCIAL RESULTS:
The highlights of the financial results of the Company for the financial year ended
March 31, 2023 are as under:
(Rs. In Lacs)
Particulars |
Year Ended |
|
31.03.2023 |
31.03.2022 |
Gross Sales/Income |
9.24 |
0.85 |
Depreciation |
0.00 |
0.05 |
Profit/(Loss) before Tax |
0.67 |
(15.44) |
Taxes/ Deferred Taxes |
0.00 |
0.00 |
Profit/(Loss) After Taxes |
(-354.24) |
(-349.43) |
P& L Balance b/f |
(-353.56) |
(-354.24) |
2. BRIEF DESCRIPTION OF THE COMPANY'S WORKING DURING THE YEAR/STATE OF COMPANY'S
AFFAIR:
During the year under review, the total income was Rs. 9.24 Lacs as compared to Rs.
0.85 Lacs of the previous Year 2021-22. After making all necessary provisions for current
year and after taking into account the current year net profit and total provisions for
taxation, the surplus carried to Balance Sheet is Rs. 0.67 Lacs. The Promoters, Board of
Directors and entire management team are putting their stern effort to achieve targeted
turnover in the segment of agriculture projects.
3. CHANGE IN THE NATURE OF BUSINESS:
The company has changed their object from “ Diversified Commercial Services”
to “Agriculture Business” through Postal ballot on October 18, 2022.
4. CHANGE OF NAME:
Company has changed their name from MS Securities Limited to Swadha Nature Limited
w.e.f. July 20, 2023.
5. DETAILS PERTAINING TO SHARES IN SUSPENSE ACCOUNT:
The Company does not have any shares in the demat suspense account or unclaimed
suspense account. Hence, Disclosures with respect to demat suspense account/ unclaimed
suspense account are not required to mention here.
6. FINANCE:
The Company has not borrowed loan from any Bank during the year under review.
7. SHARE CAPITAL:
The paid-up Equity Share Capital as on March 31, 2023 was Rs. 4,17,23,000.
A) Allotment of equity shares pursuant to conversion of convertible warrants:
During the year under review, the Company has not issued equity shares.
B) Issue of equity shares with differential rights:
During the year under review, the Company has not issued any shares with differential
voting rights.
C) Issue of sweat equity shares:
During the year under review, the Company has not issued any sweat equity shares.
D) Issue of employee stock options:
During the year under review, the Company has not issued any employee stock options.
E) Provision of money by company for purchase of its own shares by employees or by
trustees for the benefit of employees: The Company has no scheme of provision of money for
purchase of its own shares by employees or by trustees for the benefit of employees. Hence
the details under rule 16 (4) of Companies (Share Capital and Debentures) Rules, 2014 are
not required to be disclosed.
8. DIVIDEND:
The Board of Director of the company has not recommended dividend for the financial
year 2022-23.
9. REPORT ON PERFORMANCE AND FINANCIAL POSITION OF SUBSIDIARIES, ASSOCIATES AND
JOINT VENTURE COMPANIES:
Pursuant to Section 2(87) of Companies Act, 2013, MS Online Broking Services Ltd. Is
the Associate Company of MS Securities Limited (“the Company”) in which the
Company holds 47.03% of its paid-up share capital. Disclosures related to the particulars
of the Associate Company, as required under sub-section (3) of Section 129 read with rule
5 of Companies (Accounts) Rules, 2014, has been made in form AOC-1 and the same is annexed
to this report as Annexure A. Further, The Company does not have any subsidiary or joint
venture Company.
10. DIRECTORS AND KMP:
a) Key Managerial Personnel:
The following are the Key Managerial Personnel of the Company.
Mr. Manoj Kumar Saraf |
Chairman and Managing Director |
Mr. Dipakkumar Shah |
Managing Director |
Mr. Sangita Devi Saraf |
Chief Financial Officer |
Ms. Deshana Pathak |
Company Secretary & Compliance officer |
Mrs. Ruchita Adhyaru |
Company Secretary & Compliance officer |
b) Director:
The following are the Director of the Company.
Mr. Manoj Kumar Saraf |
Chairman and Managing Director |
Mr. Dipakkumar Shah |
Managing Director |
Mr. Sanjeev Saraf |
Executive Director |
Mr. Pulkit Shah |
Non-Executive-Independent Director |
Mrs. Kalindi Arun Sampat |
Non-Executive-Independent Director |
Mr. Rohitkumar Parikh |
Non-Executive-Independent Director |
Mrs. Rima Nanavati |
Non-Executive-Independent Director |
c) Appointment/Re-appointment:
Pursuant to the provisions of Section 152 and other applicable provisions if any, of
the Companies Act, 2013, Mr. Manoj Saraf (DIN: 00175213), Managing Director of the Company
is liable to retire by rotation at the forthcoming Annual General Meeting and he is being
eligible offers himself for re-appointment.
d) Changes in Directors and Key Managerial Personnel:
The following changes occurred in the Composition of Board Directors due to
Appointments and Resignations of several Directors and KMP:
Name and Designation |
Date of Appointment |
Date of Resignation |
Mr. Dipakkumar Shah |
25/04/2023 |
-- |
Ms. Deshana Pathak |
-- |
21/05/2023 |
Mrs. Ruchita Adhyaru |
12/06/2023 |
-- |
Mrs. Rima Nanavati |
10/02/2023 |
-- |
Mr. Rohitkumar Parikh |
30/09/2022 |
-- |
Mr. Pulkit Shah |
30/09/2022 |
-- |
e) Declaration by an Independent Director(s) and reappointment, if any:
All Independent Directors have given declarations that they meet the criteria of
independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation
25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Independent Directors have complied with the Code of Conduct for Independent
Directors prescribed in Schedule IV of the Companies Act, 2013 and the Code of conduct
formulated by the Company as hosted on the Company's Website i.e., www.snl.in.net.
11. ANNUAL RETURN:
Pursuant to Sub-section 3(a) of Section 134 and Sub-section (3) of Section 92 of the
Companies Act, 2013 read with Rule 12 of Companies (Management and Administration) Rules,
2014, the copy of the draft Annual Return of the Company for the Financial Year ended on
31 March 2023 in Form MGT-7 is uploaded on website of the Company and can be accessed at
www.snl.in.net.
12. INVESTOR EDUCATION AND PROTECTION FUND (“IEPF”)
There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company.
13. NUMBER OF MEETINGS OF THE BOARD:
During the year the Board of Directors met six times (06). The details of the board
meetings are provided in Corporate Governance Report.
| 25/05/2022 |
14/08/2022 |
20/08/2022 |
31/08/2022 |
| 14/11/2022 |
10/02/2023 |
|
|
The Board of Directors of the Company were present at the following Board Meeting held
during the year under review:
Name of Director |
Board Meeting Held |
Meetings attended |
Attendance at last AGM |
Mr. Manoj Saraf |
6 |
6 |
Yes |
Mr. Sanjeev Saraf |
6 |
6 |
Yes |
Mrs. Kalindi Sampat |
6 |
6 |
Yes |
Mrs. Neelam Asthana |
6 |
4 |
No |
Mr. Pulkit Shah |
6 |
5 |
Yes |
Mr. Rohitkumar Parikh |
6 |
1 |
No |
Mrs. Rima Nanavati |
6 |
0 |
No |
14. DIRECTORS' RESPONSIBILITY STATEMENT:
To the best of their knowledge and belief and according to the information and
explanations obtained by them, your Directors made the following statements in terms of
Section 134(3) (c) of the Companies Act, 2013:
a. That in the preparation of the annual financial statements for the year ended March
31, 2023, the applicable accounting standards have been followed along with proper
explanation relating to material departures, if any;
b. That such accounting policies have been selected and applied consistently and
judgment and estimates have been made that are reasonable and prudent so as to give a true
and fair view of the state of affairs of the Company as at March 31, 2023 and of the
profit of the Company for the year ended on that date;
c. That proper and sufficient care has been taken 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. That the annual financial statements have been prepared on a going concern basis.
e. That proper internal financial controls were in place and that the financial
controls were adequate and were operating effectively;
f. That system to ensure compliance with the provisions of all applicable laws were in
place and were adequate and operating effectively.
15. DETAIL OF FRAUD AS PER AUDITORS REPORT:
There is no fraud in the Company during the Financial Year ended March 31, 2023. This
is also being supported by the report of the auditors of the Company as no fraud has been
reported in their audit report for the financial year ended March 31, 2023.
16. BOARD'S COMMENT ON THE AUDITORS' REPORT:
There were no qualifications, reservations or adverse remarks made by Auditors in their
respective reports. Observation made by the Statutory Auditors in their Report are
self-explanatory and therefore, do not call for any further comments under section
134(3)(f) of the Companies Act, 2013.
17. AUDITORS: A. Statutory Auditors:
In terms of Section 139 of the Companies Act, 2013 (“the Act”), and the
Companies (Audit and Auditors) Rules, 2014, made thereunder, the present Statutory
Auditors of the Company M/s. Sanket Shah, Chartered Accountants (M. No.: 150873, FRN.
006103C), be and is hereby appointed. confirmed and ratified as the Statutory Auditors of
the Company for the financial year 2022-23, to fill the casual vacancy caused due to the
resignation of M/s. Subodh Goel & Co., Chartered Accountants. (M. No.: 074835. FRN.:
006103C), to hold office from November 04, 2022 till the conclusion of the 31st Annual
General Meeting, on such remuneration plus applicable taxes. and out of pocket expenses.
as may be recommended by the Audit Committee and as may be mutually agreed between the
Board of Directors of the Company and the Statutory Auditors." Further, M/s. Sanket
Shah, Chartered Accountants (M. No.: 150873, FRN. 006103C), be and are hereby appointed as
the Statutory Auditors of the Company, for the term of 5 years from the conclusion of this
31st Annual General Meeting until the conclusion of the 36th Annual General Meeting to be
held in the year 2028 on such remuneration plus applicable taxes, and out of pocket
expenses, as may be recommended by the Audit Committee and as may be mutually agreed
between the Board of Directors of the Company and the Statutory Auditors from time to
time."
B. Secretarial Audit:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has
appointed PCS Rupali Modi, Practicing Company Secretary, to undertake the Secretarial
Audit of the Company. The Secretarial Audit Report is annexed herewith as “Annexure
-B”.
Reply for qualification Remark in Secretarial Audit Report:
1. The Company has already informed all promoters about provisions relating to
100% promoter holding is not in demat form as required under Regulation 31(2) of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Promotors have
confirmed to comply with the same as and when ISIN will be informed to them. Accordingly,
the Company has initiated process of obtaining ISIN.
18. AUDIT COMMITTEE:
The Audit Committee of the Board of Directors of the Company comprises 3 (three)
Members. as well as those in section 177 of the Companies Act, 2013 and include the
reviewing of quarterly, half-yearly and annual financial statements before submission to
the Board, ensure compliance of internal control systems and internal audit, timely
payment of statutory dues and other matters.
During the year under review, 4 meetings of the committee were held 25/05/2022,
14/08/2022, 14/11/2022 and 10/02/2023. The composition of committee and attendance at its
meetings is given below:
Sr. No. |
Name |
Position |
Category |
Number of meeting Attend |
1 |
Mr. Manoj Saraf * |
Member |
Executive Director |
4 |
2 |
Mr. Rohitkumar Parikh |
Member |
Non-Executive - Independent Director |
2 |
3 |
Mr. Pulkit Shah |
Chairman |
Non-Executive- Independent Director |
2 |
4 |
Mrs. Rima Nanavati** |
Member |
Non-Executive- Independent Director |
0 |
*Mr. Manoj Saraf Resign from audit committee w.e.f. August 16, 2023.
**Mrs. Rima Nanavati appointed in audit committee w.e.f. August 16, 2023.
The Board accepted the recommendations of the Audit Committee whenever made by the
Committee during the year.
19. NOMINATION AND REMUNERATION COMMITTEE:
The Board of Directors of the company have constituted a Nomination & Remuneration
Committee of Directors mainly for the purposes of recommending the Company's policy on
Remuneration Package for the Managing/Executive Directors, reviewing the structure, design
and implementation of remuneration policy in respect of key management personnel.
The Nomination & Remuneration Committee consisted of 3 members. During the year
under review, 02 (Two) meetings of the committee were held on 20/08/2022 and 31/08/2022.
The name of members, Chairman and their attendance at the Remuneration Committee Meeting
are as under Committee of Board:
Sr. No. |
Name |
Position |
Category |
Number of meetings Attended |
1 |
Mrs. Sangita Saraf * |
Member |
Non-Executive Director |
1 |
2 |
Mr. Rohitkumar Parikh |
Member |
Non-Executive - Independent Director |
2 |
3 |
Mr. Pulkit Shah |
Chairman |
Non-Executive- Independent Director |
2 |
4 |
Mrs. Rima Nanavati** |
Member |
Non-Executive- Independent Director |
0 |
*Mrs. Sangita Saraf Resign w.e.f. August 20, 2023. **Mrs. Rima Nanavati appointed
w.e.f. August 16, 2023.
20. STAKEHOLDERS RELATIONSHIP COMMITTEE:
The Stakeholders Relationship Committee consisted of 3 members. During the year under
review, 1 meeting of the committee were held 08/10/2022. The name of members, Chairman and
their attendance at the Stakeholders Relationship Committee are as under Committee of
Board:
Sr. No. |
Name |
Position |
Category |
Number of meeting Attend |
1 |
Mrs. Sangita Saraf* |
Member |
Non-Executive Director |
0 |
2 |
Mr. Rohitkumar Parikh |
Member |
Non-Executive - Independent Director |
1 |
3 |
Mr. Pulkit Shah |
Chairman |
Non-Executive- Independent Director |
1 |
4 |
Rima Nanavati** |
Member |
Non-Executive- Independent Director |
0 |
*Mrs. Sangita Saraf Resign w.e.f. August 20, 2023. **Mrs. Rima Nanavati appointed
w.e.f. August 16, 2023.
The status o f shareholders' complaints received so far/number n ot solved to the
satisfaction o f shareholders/number of pending share transfer transactions (as on March
31, 2023 is given below): -
| Complaints Status: 01.04.2022 to 31.03.2023 |
Number of complaints received so far |
0 |
Number of complaints solved |
0 |
Number of pending complaints |
0 |
Compliance Officer:
Mrs. Ruchita Adhyaru, is Compliance Officer of the company for the purpose of complying
with various provisions of Securities and Exchange Board of India (SEBI), Listing
Agreement with Stock Exchanges, Registrar of Companies and for monitoring the share
transfer process etc.
a) Share Transfer System: All the transfers are received and processed by share
Transfer agents and are approved by share transfer committee. Share Transfer requests
received in physical form are registered within 30 days and demat requests are confirmed
within 15 days.
b) Dematerialization of shares and liquidity:
Details of Registrar and Share Transfer agent of the Company for dematerialization of
shares: Name : Accurate Securities and Registry Private Limited Address : 203, Shangrila
Arcade, Above Samsung Showroom, Nr. Shyamal Cross Road, Satellite, Ahmedabad - 380015 Tel
: +91-79-48000319 Email : investor@accuratesecurities.com
21.TRANSFER TO RESERVES:
Out of the profits available for appropriation, no amount has been transferred to the
General Reserve and the balance amount of Rs. 0.67/- lacs has been carried forward to
profit & loss account.
22. DEPOSITS:
The Company has not accepted or renewed any deposits during the year. There are no
outstanding and overdue deposits as at March 31, 2023.
23. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
The Company have not given any guarantee or provided any security in connection with a
loan to any other body corporate or any other person, during the year under review. The
directors do hereby confirm that the Company has complied with the necessary requirements
as mandated under the provisions of Section 186 of Companies Act, 2013 and the relevant
rules made there under.
24. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
The company has not entered into any contracts or arrangements with related party
during the year under review.
25. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
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.
26. PROCEEDINGS UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016:
During the year under review, there were no proceedings that were filed by the Company
or against the Company, which are pending (except the previous years which was already
disclosed) under the Insolvency and Bankruptcy Code, 2016 as amended, before National
Company Law Tribunal or other Courts.
27. 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 from the
Bank or Financial Institutions
28. BOARD EVALUATION:
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Board has carried out an annual
performance evaluation of its own performance, the directors individually as well as the
evaluation of the working of its Audit, Nomination & Remuneration and Compliance
Committees.
29. CORPORATE SOCIAL RESPONSIBILITY:
As per SEBI circular no: CFD/POLICYCELL/7/2014 dated 15th September, 2014,
(Regulation 27(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 shall not be mandatory to the following class of companies: Companies having paid up
equity share capital not exceeding Rs.10 crore and Net Worth not exceeding Rs.25 crore, as
on the last day of the previous financial year; Provided that where the provisions of
(Regulation 27(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 becomes applicable to a company at a later date, such company shall comply with the
requirements of (Regulation 27(2) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 within six months from the date on which the provisions
became applicable to the company. Accordingly, it may be noted that the paid-up share
capital of the Company is below Rs. 10 crore and Net Worth of the Company has not exceeded
Rs.25 crore, as on 31st March, 2023 and hence Corporate Governance is not
applicable to the Company.
30. BUSINESS RISK MANAGEMENT:
The Company has laid down a Risk Management Policy and identified threat of such events
which if occurs will adversely affect either / or, value to shareholders, ability of
company to achieve objectives, ability to implement business strategies, the manner in
which the company operates and reputation as “Risks”. Further such Risks are
categorized in to Strategic Risks, Operating Risks & Regulatory Risks. A detailed
exercise is carried out to identify, evaluate, manage and monitoring all the three types
of risks.
31. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an Internal Control System, commensurate with the size, scale and
complexity of its operations. During the year under review, the company retained external
audit firm to review its existing internal control system with a view of tighten the same
and introduce system of self-certification by all the process owners to ensure that
internal controls over all the key business processes are operative. The scope and
authority of the Internal Audit (IA) function is defined in the Internal Audit Charter.
The Internal Audit Department monitors and evaluates the efficacy and adequacy of
internal control system in the Company, its compliance with operating systems, accounting
procedures and policies at all locations of the Company and its subsidiaries. Based on the
report of internal audit function, process owners undertake corrective action in their
respective areas and thereby strengthen the controls. Significant audit observations and
corrective actions thereon are presented to the Audit Committee of the Board.
32. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO THE FINANCIAL STATEMENTS:
The Company has adequate and proper internal financial controls with reference to the
Financial Statements during the year under review.
33. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has a vigil mechanism named Whistle Blower Policy to deal with instances of
fraud and mismanagement.
34. EMPLOYEE RELATIONS:
Employee relations throughout the Company were harmonious. The Board wishes to place on
record its sincere appreciation of the devoted efforts of all employees in advancing the
Company's vision and strategy to deliver good performance.
35. NOMINATION & REMUNERATION POLICY OF THE COMPANY:
The Board has, on the recommendation of the Nomination & Remuneration Committee
framed a policy for selection and appointment of Directors, Senior Management and their
remuneration. The Remuneration Policy is stated in the Corporate Governance Report and is
also available on the Company's website at www.snl.in.net.
36. CORPORATE GOVERNANCE
The paid-up share capital and net worth is below the prescribed limit for mandatory
applicability of Corporate Governance Report so the Company has decided not to opt for the
time being.
37. MANAGEMENT DISCUSSION & ANALYSIS REPORT:
The Management Discussion and Analysis forms part of this Annual Report for the year
ended 31st March, 2023 and marked as “ANNEXURE-C”.
38. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
During the year conservation of energy, technology absorption and foreign exchange
earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with
Rule, 8 of the Companies (Accounts) Rules, 2014, is nil.
39. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION
OF THE COMPANY WHICH HAVE OCCURRED 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 which has occurred between the end of financial year as on 31st March,
2023 and the date of Director's Report.
40. PARTICULARS OF EMPLOYEES:
The table containing the names and other particulars of employees in accordance with
the provisions of Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided
as “Annexure- D” to the Board's report.
None of the employees of the Company drew remuneration of Rs.1,02,00,000/- or more per
annum and Rs.8,50,000/- or more per month during the year. No employee was in receipt of
remuneration during the year or part thereof which, in the aggregate, at a rate which is
in excess of the remuneration 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. Hence, no information is required to
be furnished as required under Rule, 5(2) and 5(3) of The Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
41. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has zero tolerance for sexual harassment at workplace and has adopted a
policy against sexual harassment in line with the provisions of Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed there
under.
During the financial year 2022-23, the company has not received any complaints on
sexual harassment and hence no complaints remain pending as of March 31, 2023.
42. SECRETARIAL STANDARDS:
The Directors State that applicable Secretarial Standards - 1, 2, 3 and 4 issued by the
Institute of Company secretaries of India relating to ‘Meetings of the Board of
Directors' and General Meetings' and ‘Report of the Board of Directors' respectively,
have been duly followed by the Company.
43. PREVENTION OF INSIDER TRADING:
In January 2015, SEBI notified the SEBI (Prohibition of Insider Trading) Regulation,
2015 which came into effect from May, 2015. Pursuant thereto, the Company has formulated
and adopted a new code for Prevention of Insider Trading. The New Code viz. “Code of
Internal Procedures and Conduct for regulating, Monitoring and reporting of Trading by
Insiders” and “Code of Practices and Procedures for fair Disclosure of
Unpublished price Sensitive Information” has been framed and adopted. The Code
requires pre-clearance for dealing in the Company's shares and prohibits purchase or sale
of Company shares by the Directors and designated employees while in possession of
unpublished price sensitive information in relation to the Company and during the period
when the Trading Window is closed. The Company is Responsible for implementation of the
Code.
44. ACKNOWLEDGMENT:
Your Directors acknowledge thanks ton to the v arious Central and State Government
Departments, Organizations and Agencies for the continued help and co-operation extended
by them. The Directors also gratefully acknowledge all stakeholders of the Company viz.
customers, members, dealers, vendors, banks and other business partners for the excellent
support received from them during the year. The Directors place on record their sincere
appreciation to all employees of the Company for their unstinted commitment and continued
contribution to the Company.
Date: 10/08/2023 |
By Order of the Board of Directors |
Place: Indore |
For Swadha Nature Limited |
|
(Formerly Known as MS Securities Limited) |
|
Sd/- |
Sd/- |
Sd/- |
|
Dipak kumar Shah |
Pulkit shah |
Ruchita Adhyaru |
|
Managing Director |
Director |
Company Secretary |
|
DIN: 08234203 |
DIN: 05272041 |
|
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