Automotive Axles Ltd
Directors Reports
To the Members,
Your Directors have the pleasure in presenting the 42nd Annual Report on the
business and operations of your Company together with the Audited Statements of Accounts
for the financial period ended March 31, 2023:
Financial Highlights:
(Rs' in million)
Particulars |
2022-2023 |
2021-2022 |
Total Revenue |
23,286.20 |
14,948.78 |
Profit before depreciation & tax |
2,594.67 |
1,364.68 |
Less : Depreciation, amortization expenses |
413.72 |
364.18 |
Profit before tax |
2,180.95 |
1000.50 |
Tax expenses |
560.66 |
256.92 |
Profit for the year after tax |
1,620.29 |
743.58 |
Other comprehensive income/(Loss) for the year, net of tax |
(10.99) |
(5.50) |
Total comprehensive income for the year |
1,609.30 |
738.08 |
Balance of Profit from Previous Year |
5,485.09 |
4,815.02 |
Less: Dividend |
226.68 |
68.01 |
Profit available for appropriation |
6,867.71 |
5,485.09 |
Dividend
The Board, at its meeting held on May 16, 2023, is pleased to recommend a dividend of '
32/- per Equity Share of the face value of '10/- each for the financial year ended March
31, 2023 subject to the approval of shareholders at the ensuin g An nual General Meeting
to be held on Thursday, August 3, 2023.
The total amount of Dividend aggregates to ' 483.58 million.
The register of members and share transfer books will remain closed from July 28, 2023
to August 3, 2023 (both days inclusive) for the payment of final dividend to the
shareholders of the Company, for the year ended on March 31, 2023.
The Dividend will be paid to members within 30 days from the date of declaration of
dividend whose names appear in the Register of Members as on July 27, 2023 and as per the
Dividend Distribution Policy of the Company.
The Dividend Distribution Policy, in terms of Regulation 43A of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 ("SEBI Listing Regulations") is available on the Company's website at
https://www.autoaxle.com/Downloads/ DividendX20DistributionX20Policy.pdf.
Transfer of unpaid or unclaimed amount to Investor Education and Protection Fund (IEPF)
Pursuant to provisions of the Companies Act, 2013, the declared dividends, which
remained unpaid or unclaimed for a period of seven years, shall be transferred by the
Company to the Investor Education and Protection Fund (IEPF) established by the Central
Government.
Pursuant to Section 124(6) of the Companies Act, 2013 read with Investor Education and
Protection Fund Authority (Accounting , Audit, Transfer and Refund) Rules, 2016 as
amended, all shares in respect of which dividend has not been paid or claimed for seven
consecutive years or more, shall be transferred by the Company to the IEPF.
Accordingly, the Company has sent notice to the respective shareholders who have not
claimed their dividend for seven consecutive years or more and the newspaper advertisement
stating the same has been published in the newspapers.
In terms of the provisions of the Companies Act, 2013 and Investor Education and
Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 a sum of
Rs' 59,076/- which is unpaid/unclaimed dividends pertaining to the FY 2014-15 was
transferred to the Investor Education and Protection Fund during the year.
The list of equity shareholders whose shares are transferred to IEPF can be accessed on
the website of the Company at below mentioned link: https://autoaxle.com/Annual_reports.
aspx under the head IEPF Transfers
Performance of the Company
The total income for the financial year under review was Rs ' 23,286.20 million as
against ' Rs 14,948.78 million for the previous financial year. The Profit before tax
(PBT) was ' Rs 2,180.95 million for the financial year under review, as against Rs '
1000.50 million for the previous financial year.
General Information
Cummins Inc. acquire 145 number of Equity Shares of the Company on January 11,2023
against the open offer made, pursuant to the Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers) Regulations, 2011, for indirect
acquisition of up to 3,929,114 fully paid-up equity shares with a face value of ' 10/-
representing 26% of the Voting Share Capital of the Company. Cummins Inc. is categorized
under Promoter Group of the Company.
Share Capital
The paid up Equity Share Capital as on March 31, 2023 stood at ' Rs 151.12 million.
During the year under review, the Company has not issued shares with differential voting
rights nor has granted any stock options nor sweat equity.
Deposits
Your Company has not accepted any deposits under Chapter V of the Companies Act, 2013
during the year.
Transfer to Reserve
The company has not proposed any amount to be transferred to the General Reserves.
Listing
The equity shares of the Company are listed with BSE Limited and National Stock
Exchange of India Limited. There are no arrears on account of payment of listing fees to
the Stock Exchanges.
Directors & Key Managerial Personnel
As on March 31, 2023 there were six (6) Directors on the Board of your Company,
consisting of three (3) Independent Directors, one (1) Executive Director and two (2)
NonExecutive Directors of whom one is the Chairman.
Mr. Nagaraja Sadashiva Murthy Gargeshwari, (DIN:00839616) has been appointed as
President and Whole-time Director of the Company w.e.f. April 7, 2022 for a period of five
years subject to the approval of Central Government, which is still pending.
Dr. Muthukumar N. (DIN : 06708535) has resigned from the position of Wholetime Director
of the company with effect from April 05, 2022.
Below two resolutions were passed by the shareholders through postal ballot on April
26, 2022;
1. Appointment of Mr. Nagaraja Sadashiva Murthy Gargeshwari, (DIN:00839616) as Whole
Time Director of the Company for a period of five (5) years effective April 7, 2022.
2. Ratification of appointment of Dr. Muthukumar N., (DIN : 06708535) as Whole Time
Director of the Company from January 27, 2022 to April 5, 2022.
Mr. Rakesh Kalra (DIN : 00780354) has ceased from the position of Independent Director
of the company with effect from February 13, 2023 due to completion of his term.
In terms of the provisions of the Companies Act, 2013, Mr. Kenneth James Hogan,
Director of the Company retires by rotation at the ensuing Annual General Meeting and,
being eligible, offers himself for re-appointment.
Declaration by Independent Directors
The Company has received declarations from all the Independent Directors of the Company
confirming that they meet with the criteria of independence and that there has been no
change in the circumstances which may affect their status as independent director during
the year as prescribed under sub-section (6) of Section 149 of the Companies Act, 2013 and
Securities and Exchange Board of India (Listing Obligations and Disclosure requirements)
Regulations, 2015.
Further the names of the Independent Directors of the Company have been included in the
Data bank maintained by the Indian Institute of Corporate Affairs of Independent directors
as per the provisions of the Companies Act, 2013 and the rules made thereunder.
Independent Directors have complied with the Code for Independent Directors prescribed
in Schedule IV to the Act.
Company has received a confirmation from the Directors and senior management personnel
of the company w.r.t. compliance of the code of conduct required under Regulation 26 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Board Evaluation
The Companies Act, 2013 states that a formal Annual Evaluation needs to be made by the
Board of its own performance and that of its committees and individual Directors.
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, mandates that the Board shall monitor and review the Board evaluation
framework. Pursuant to these provisions, the Company has developed a framework for the
Board evaluation. The framework includes evaluation on various parameters such as
information flow, Board dynamics, decision making, company performance and strategy, Board
and committee's effectiveness and peer evaluation.
The evaluation of all the Directors and the Board as a whole was conducted based on the
criteria and framework adopted by the Board.
During the year 2022-23, Independent Directors met on March 31, 2023, discussed and
reviewed the below:
• Performance of Non Independent Directors;
• Performance of the Chairman;
• Performance of the Board Committees;
• Discussed on the quality, quantity and timeliness of flow of information between
the Company management and the Board Members;
• Overall performance of the Company;
The Nomination and Remuneration Committee is responsible for the formulation of
criteria for evaluation.
Familiarization program for the Board Members
Your Company has in place a structured induction and familiarization program for all
its Directors including Independent Directors and new appointee(s) to the Board. Through
such programs, the Directors are briefed on the background of your Company, their roles,
rights, responsibilities, nature of the industry in which it operates, business model
operations, ongoing events etc.
The Board members are provided with the necessary documents, brochures, reports and
internal policies to enable them to familiarize with the Company's procedure and practice.
Periodic presentations are made at the Board Meetings, Board Committee Meetings and
Independent Directors Meetings on business and overall performance updates of the Company,
business strategy and risk involved.
The details of programs for Familiarization for Independent Directors are posted on the
website of the Company and can be accessed at below weblink:
https xle.com/Downloads/Familiarisation%20
Programme%20for%20Independent%20Directors%20 of%2 0Au tomoti ve%2 0Axles%2 0Limited.pdf
Directors' Responsibility Statement
Pursuant to the requirements under Section 134(5) of the Companies Act, 2013 with
respect to Directors' Responsibility Statement, your Directors make the following
statements:
(a) in the preparation of the annual accounts 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) we 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 as at March 31, 2023 and of the profit of the
company for the year ended on that date;
(c) we 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) we have prepared the annual accounts on a going concern basis;
(e) we have laid down internal financial controls to be followed by the company and
that such internal financial controls are adequate and were operating effectively;
(f) we have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.
Auditors & Auditors' Report
a. Statutory auditor
M/s. S R Batliboi & Associates LLP, Chartered Accountants [Firm Registration No.:
101049W/ E300004] are holding the position of Statutory Auditors of the Company.
The Auditors' Report does not contain any qualification, reservation or adverse
remarks.
Further, no frauds have been reported by the Auditors in their reports.
b. Internal Auditor
On recommendation of the Audit Committee the Board of Directors approved the
re-appointment of M/s PriceWaterhouse Coopers Services LLP as Internal Auditors of the
Company for the Financial Year 202223.
c. Secretarial Auditor
Pursuant to the provisions of the Section 204 of the Companies Act, 2013 and the rules
made there under and based on the recommendations of the Audit Committee, CS Pracheta M,
Practicing Company Secretary has been appointed to conduct Secretarial Audit of the
Company's secretarial and other related records for the financial year 2022-23.
The Secretarial Audit Report for the financial year ended March 31, 2023 in Form MR-3
is appended to this report under Annexure - A
Internal Financial Controls
The Board has adopted policies and procedures for ensuring the orderly and efficient
conduct of its business, including adherence to the Company's policies, the safeguarding
of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
disclosures.
During the year, such controls were tested and no reportable material weaknesses in the
design or operation were observed.
Corporate Governance
Corporate Governance is about maximizing the value and to ensure fairness to all its
shareholders. Your Company is renowned for its exemplary governance standards and believes
that sound corporate governance is critical to
enhance and retain investor trust. Your Company ensures that performance is driven by
integrity.
The Companies Act, 2013 and the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 have strengthened the
governance regime in the country and your Company is in compliance with the governance
requirements provided under the law both in letter and spirit. The Board also exercises
its fiduciary responsibilities in the widest sense of the term.
Your Company has in place all the statutory committees required under the law. Details
of the Board Committees along with their terms of reference, composition and meeting of
the Board and its Committees held during the year are provided in the Corporate Governance
Report which is presented in a separate section forming part of the Annual Report.
A Certificate from CS. Pracheta M., Practicing Company Secretary confirming compliance
with the conditions of Corporate Governance as stipulated under the aforesaid Regulation
34(3) Schedule V (E) of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 is attached to the Corporate Governance Report.
Meetings of the Board
During the financial year, the Board met four times, details of which are provided in
the Corporate Governance Report. The maximum interval between any two meetings did not
exceed 120 days as prescribed under the Companies Act, 2013.
Committees of the Board
Your Company has the following committees which have been established as a part of the
corporate governance practices and are in compliance with the requirements of the
Companies Act, 2013 and the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirement) Regulations, 2015.
• Audit Committee
• Nomination and Remuneration Committee
• Stakeholders Relationship Committee
• Corporate Social Responsibility Committee
• Risk Management Committee
The details with respect to the compositions, roles, number of meetings held during the
year is detailed in the corporate governance report of the Company, which forms a part of
this Board's Report.
As per Regulation 26(6) of Securities and Exchange Board of India (Substantial
Acquisition of Shares and Takeovers) Regulations, 2011, the board of directors had
constituted a committee of independent directors on November 7, 2022 with the chairmanship
of Mr. B. C. Prabhakar to provide reasoned recommendations on the Open offer for
acquisition of up to 3,929,114 (three million nine hundred twenty nine thousand and one
hundred fourteen) fully paid- up equity shares of face value of ' 10/- (Indian Rupees ten)
each, representing 26.00% of the Voting Share Capital of the Company made by Cummins Inc.
to the shareholders of the company.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
The particulars relating to conservation of energy, technology absorption, foreign
exchange earnings and outgo, as required to be disclosed under Section 134 of the
Companies Act, 2013 read with Companies (Accounts) Rules, 2014 are appended as Annexure
- B to this report.
Particulars of Remuneration of Directors & certain specified employees
In terms of the provisions of Section 197(12) of the Companies Act, 2013 read with Rule
5 of Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014, the
ratio of remuneration of each Director to the median of the employees' remuneration, a
statement containing the names of top ten employees in terms of remuneration drawn and
every employee who is employed throughout the financial year and was in receipt of a
remuneration of ' 102 lacs per annum or more and of every employee who is employed part of
the financial year, was in receipt of remuneration of ' 8.50 lacs or more per month is
appended as Annexure - C.
Annual Return 2022-23
The copy of Annual Return for the financial year ending March 31, 2023- is available at
https://www.autoaxle.com/ Annual_Return.aspx
Particulars of Loans, Guarantees or Investment under Section 186 of the Companies Act,
2013
Particulars of loans covered under Section 186 of the Companies Act, 2013 form part of
the notes to the financial statement provided in this Annual Report. These loans are
primarily granted for furtherance of business of the borrowing companies.
Your Company has not given any guarantee or provided any security in connection with a
loan to any other body corporate or persons.
Company has made investment of ' 22.50 million during the FY-2022-23 in Parola
Renewables Private Limited to acquire 25,00,000 number of Equity Shares of ' 10/- each,
constituting 26% of total equity shareholding as per Share Subscription and Shareholder's
Agreement entered into with Parola Renewables Private Limited on February 7, 2022, to
comply with regulatory requirements of the Electricity Act, 2003 read with Electricity
Rules, 2005 to procure Solar Power. Particulars of Investment made by the company form
part of the notes to the financial statement provided in this Annual Report.
Policy on Directors' Appointment & Remuneration
The current policy is to have an appropriate mix of executive and independent directors
to maintain the independence of the Board and separate its functions of governance and
management. On March 31, 2023, the Board consist of six members, one of whom is executive
or whole-time director, two are non executive directors and three are independent
directors out of whom one is an Independent Woman Director.
The Nomination and Remuneration Policy of the Company has been formulated in accordance
with the Act and Listing Regulations. The Policy is designed to guide the Board in
relation to appointment and removal of directors, Key Managerial Personnel and Senior
Management and recommend to the Board on remuneration payable to them. Policy enables the
Company to retain, motivate and promote talent and to ensure long term sustainability of
talented managerial persons and create competitive advantage. The policy was modified due
to the changes in the definition of Senior Management as per the notification of SEBI
(Listing Obligation and Disclosure Requirements) Amendment Regulation, 2023 dated 17th
Jan, 2023. The current policy is available on Company's website at https://www.autoaxle.
com/Investor_Policy.aspx
Particulars of contracts or arrangements with Related Parties (RPT)
The related party transactions that were entered into during the financial year were in
the ordinary course of business and on the arm's length basis.
All related party transactions are placed before the Audit Committee and also the Board
for approval. Prior omnibus approval of the Audit Committee is obtained on a yearly basis
for the transactions, which are foreseen and of repetitive nature.
For transactions with Meritor HVS (India) Limited, the Company has obtained
shareholders' approval at their 37th Annual General Meeting held on August 13,
2018 for transaction value annually of ' 30,000 million for a period of five (5) financial
years starting from April 1, 2019.
Further, all transactions entered into pursuant to the omnibus approval so granted are
reviewed and a statement giving details of all related party transactions is placed before
the Audit Committee and the Board of Directors for their review on a quarterly basis.
In accordance with the requirements of the Companies Act, 2013 and Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, your Company has formulated a Policy on Related Party Transactions which is also
available on Company's website at https://www.autoaxle.com/Investor_Policy.aspx
Related Party disclosures as per Indian Accounting Standards (Ind AS) -24 have been
provided in Note No. 37 to the financial statement.
The particulars on RPTs in Form AOC - 2 is annexed to the Report as Annexure - D
Risk Management System
The Company has a robust risk management framework comprising risk governance structure
and defined risk management processes. Th
development and implementation of a risk management policy for the company including
identification therein of elements of risk, if any, which in the opinion of the Board may
threaten the existence of the company. The risk governance structure of the Company is a
formal organisation structure with defined roles and responsibilities for risk management.
The processes and practices of risk management of the Company encompass risk
identification, classification and evaluation. The Company identifies all strategic,
operational and financial risks that the Company faces, by assessing and analysing the
latest trends in risk information available internally and externally and using the same
to plan for risk activities.
The Company has set up a Risk Management Committee to review the risks faced by the
Company and monitor the development and deployment of risk mitigation action plans and the
status is updated to the members of the Audit Committee and the Board of Directors on
quarterly basis.
Corporate Social Responsibility (CSR)
The Company has been carrying out various Corporate Social Responsibility (CSR)
activities. These activities are in terms of Section 135 read with Schedule VII of the
Companies Act, 2013 and Companies (Corporate Social Responsibility Policy) Rules, 2014
read with CSR policy of the Company. During the year the Company has spent ' 13.11 million
on various CSR activities including the excess spent of previous year of ' 0.51 million.
The Annual Report on CSR activities that includes details about the CSR policy
developed and implemented by the Company and CSR initiatives taken during the year is
appended to the Report as Annexure - E.
State of Company's Affairs
Discussion on state of Company's affairs has been covered as part of the Management
Discussion and Analysis (MDA). MDA for the year under review, as stipulated under
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, is presented in a separate section forming part of the Annual Report.
Management Discussion and Analysis Report
Pursuant to Regulation 34(2)(e) of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 Management Discussion and
Analysis Report is presented in a separate section forming part of the Annual Report.
Business Responsibility & Sustainability Report
A detailed Business Responsibility & Sustainability Report in terms of the
provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 is available as a separate section in the Annual Report.
Vigil Mechanism
Your Company is committed to highest standards of ethical, moral and legal business
conduct. Accordingly, the Board of Directors has formulated a Whistle Blower Policy which
is in compliance with the provisions of Section 177 of the Companies Act, 2013 and
Regulation 22 of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015. Under the policy, the Directors and employees
are free to report any violation of the applicable laws and regulations and the code of
conduct of the Company. The reportable matters are to be disclosed to the Audit Committee.
During the year under review, the Company has not received any complaints under the said
mechanism.
Whistle Blower Policy of the Company can be accessed at below weblink:
https://www.autoaxle.com/Downloads/Whistle%20
Blower%20Policy.pdf
Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013
Your Company has always believed in providing a safe workplace for every individual
working in Company's premises through various interventions and practices. The Company
always endeavours to create and provide an environment that is free from discrimination
and harassment including sexual harassment.
In terms of provisions of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013, the Company has formulated a Policy to prevent
Sexual Harassment of Women at Workplace. The Company has also constituted Internal
Committee, as required under the said enactment. 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.
Significant or Material Orders
No significant or material orders were passed by the Regulators or Courts or Tribunals
which impact the going concern status and Company's operations in future.
Material Changes and Commitments, if any, affecting the Financial Position of the
Company
There were no adverse material changes or commitments occurred after March 31, 2023
which may affect the financial position of the Company or may require disclosure.
Subsidiaries, Joint Ventures and Associates
Your Company does not have any subsidiary, joint venture.
Company has made investment of ' 25 million during the FY-2022-23 in Parola Renewables
Private Limited to acquire 25,00,000 number of Equity Shares of ' 10/- each, constituting
26% of total equity shareholding as per Share Subscription and Shareholder's Agreement
entered into with Parola Renewables Private Limited on February 7, 2022, to comply with
regulatory requirements of the Electricity Act, 2003 read with Electricity Rules, 2005 to
procure Solar Power.
Hence 26% voting interest is a mere requirement of the regulators and the Company
doesn't have any significant influence on Parola Renewables Private Limited and therefore
Parola Renewables Private Limited doesn't qualify as an associate of the Company as per
IND AS 28.
Change in the nature of business
There is no change in the nature of business of your Company.
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.
Awards and Recognition
During FY 2022-23, your company received recognitions from the following
bodies/customers as listed below:
1. Awarded the 'DICV Quality QUAD 2022 Excellent Performance Award' by Daimler India
Commercial Vehicles (DICV) in recognition of our outstanding performance in quality
metrics.
2. Recognised as the 'Best Supplier' for our commendable product development and
delivery performance in supply chain management by Mahindra & Mahindra.
3. Received 'Gold' award in recognition of our outstanding performance in cost
excellence from Ashok Leyland.
4. Awarded the title of '2nd Best Supplier of the Year' for our admirable
performance in demand fulfilment of spare parts.
5. Awarded the 'Engineering Gold Award' by Meritor for our successful implementation of
a digital poke-yoke on brake shoe conveyor assembly, which led to a reduction in rework
and inspection costs.
6. Received 2 Gold and 1 Bronze awards from Meritor for our global quality achievements
in Quality Improvement projects.
7. Won 20 Gold Awards and 1 Silver Award at the Mysuru Chapter Convention on Quality
Concept-CCQC Kaizens competition conducted by Quality Forum of India - QCFI. (CCQC-2022).
8. Received 4 Excellence Awards and 1 Distinguish Award in the NCQC-2022 Allied Case
Study Presentation competition during the National Convention on
Allied Concepts.
9. Won the Prime Gold Award in the ICQCC-2022 Allied Case Study Presentation
competition at the International Convention on Allied Concepts.
Maintenance of Cost records
The maintenance of cost records as specified by the Central Government under
sub-section (1) of section 148 of the Companies Act, 2013, is required by the Company and
accordingly such accounts and records are made and maintained.
Other Disclosure
Your company has not made any application, nor any proceeding is pending against the
company under the Insolvency and Bankruptcy Code, 2016 during the year under review.
As the company has not made any one time settlement with any banks or financial
institution during the year under review, Rule (8) sub-rule (4) clause (xii) of Companies
(Accounts) Rules,2014 is not applicable.
Acknowledgements
Your Directors wish to convey their gratitude and place on record their appreciation
for the employees at all levels for their hard work, cooperation and dedication during the
year. Your Directors sincerely convey their appreciation to customers, shareholders,
bankers, business associates, regulatory and government authorities for their continued
support.
Your Directors wish to place on record their appreciation for the continued
co-operation and support extended by Kalyani Group, Pune, and Meritor Inc., USA.
For and on behalf of the Board of Directors
Place : Pune |
B. N. Kalyani |
Date : May 16, 2023 |
Chairman |
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