The Directors of the Company are pleased to present their 41st Annual Report together with the Audited financiat statements of the Company for the financiat year ended March 31, 2024.
1. FINANCIAL HIGHLIGHTS
The Company's financiat performance, for the financiat year ended March 31, 2024 is summarized below:
(H in Lakhs)
2. BUSINESS PERFORMANCE & COMPANY'S AFFAIRS
Standalone Results
In the financiat year 2023-24 ('FY 2023-24'), the total revenue of your Company on standatone basis stood at H19,064.34 Lakhs as against H18,947.19 Lakhs in the previous financiat year 2022-23 ('FY 2022-23'). The Company recorded a net profit of H3,001.13 Lakhs in FY 2023-24 against net profit of H3,053.54 Lakhs in FY 2022-23.
Consolidated Results
In FY 2023-24, the totat revenue of your Company on consotidated basis stood at H20,006.15 Lakhs against H19,714.57 Lakhs in the previous FY 2022-23, The Company recorded a net profit of H3,406.92 Lakhs in FY 2023-24 against net profit of H3,438.20Lakhs in FY 2022-23.
The information on Company's affairs and retated aspects are detaited out under a separate section
of Management Discussion and Anatysis Report forming part of the Annuat Report.
3. TRANSFER TO RESERVES
The Directors do not propose to transfer any amount to the generat reserve and the entire amount of profit after tax for FY 2023-24 forms part of the 'Retained Earnings'.
4. DIVIDEND
Keeping in view, future expansion ptan of the Company, the Directors of the Company have decided not to recommend any dividend on the equity shares of the Company for FY 2023-24. Your Company continues with its task to buitd businesses with tong-term goats based on its intrinsic strengths in terms of its quatity manufacturing process, distribution strengths, customer retationships and evatuating new areas of growth.
5. CHANGE IN THE NATURE OF BUSINESS
There was no change in the nature of business of the Company during the year under review.
6. BUYBACK OF EQUITY SHARES
During FY 2023-24, your Directors announced buyback of Company's equity shares through tender offer process using the Stock Exchange Mechanism at a price not exceeding H250/- per share for an aggregate amount not exceeding H15,00,00,000/- (H Fifteen crores). The buyback commenced on February 20, 2024 and closed on February 26, 2024.
The Company bought back 6,00,000 fully paid- up equity shares of the Company of face value of H10 each representing 2.22% of the total number of equity shares in the issued, subscribed and paid-up equity shares of the Company from all the eligible shareholders as on the record date i.e. February 13, 2024 .
7. SHARE CAPITAL
During FY 2023-24, the Company has bought back 6,00,000 fully paid-up equity shares of the Company of face value of H10 each at a price of H250/- per equity share for an aggregate consideration of H15,00,00,000/- (H Fifteen crores).
Further, Pursuant to 'Orbit Exports Limited Employee Stock Option Scheme - 2021', the Company vide its Nomination and Remuneration Committee Meeting held on November 07, 2023, approved the allotment of 9,000 equity shares of H10/- each.
As a result of the said buyback of equity shares and allotment of ESOPs, share capital of the Company as on March 31, 2024, stood at H 26,42,34,020 comprising of 2,64,23,402 equity shares of H10/- each.
After the year under review, till the date of this Annual report, Company has allotted 44,000 equity shares of H10/- each pursuant to said 'Orbit Exports Limited Employee Stock Option Scheme - 2021' vide approval received from its Nomination and Remuneration Committee Meeting held on May 06, 2024. The same has been intimated to Stock Exchanges.
As on the date of this Annual Report, Company's paid up share capital stands at Rs. 26,46,74,020 comprising of 2,64,67,402 shares of Rs. 10/- each
Apart from the above, the Company has neither issued any shares through differential voting rights nor issued any sweat equity shares during the year under review.
8. CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the provisions of Section 129(3) of the Companies Act, 2013 ('Act') and Regulation 34(3) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ('Listing Regulations'), the Consolidated Financial Statements of the Company for the FY 2023-24 includes the financials of its subsidiary company named Orbit Inc. operating in US ('Subsidiary') and associate company named Rainbow Line Trading L.L.C. operating in Dubai ('Associate'). The Consolidated Financial Statements are prepared in accordance with the relevant Indian Accounting Standards (Ind AS) issued by the Institute of Chartered Accountants of India ('ICAI'). The Consolidated Financial Statement together with the Independent Auditors' Report thereon forms an integral part of this Annual Report.
9. SUBSIDIARY AND ASSOCIATE COMPANY
Pursuant to Section 129(3) of the Act read with Rule 5 of the Companies (Accounts) Rules, 2014 (as amended from time to time), a separate statement containing salient features of the financial statements of Company's Subsidiary and Associate in Form AOC-1 is attached to this report as Annexure I and forms an integral part of this report.
The standalone and consolidated financial statements of the Company along with the financial statements of Subsidiary, have been uploaded on the website of the Company at https://orbitexports.com/unaudited- results/ under the tab 'Company Results' and shall also be available for inspection through electronic mode.
10. MATERIAL CHANGES AND COMMITMENTS, AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FY 2023-24 AND THE DATE OF THIS REPORT
No material changes and commitments affecting the financial position of the Company occurred between the end of the FY 2023-24 and the date of this report.
11. ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3) of the Act, the Annual Return of the Company for FY 2023-24 is available on the website of the Company at https://orbitexports.com/annual-returns/ under the tab "Stock Exchange Intimation".
12. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Appointment/Re-appointment of Directors:
During FY 2023-24, following changes happened in the composition of Board of Directors
(i) The Board of Directors approved the appointment of Mr. Chetan Mehra (DIN: 00022021) and Mr. Parth Seth (DIN: 07684397) as Additional Directors w.e.f. August 2, 2023 to hold office till the date of 40th Annual General Meeting ('AGM').
13. The Board of Directors approved the Re- appointment of Mr. Sunil Buch, Non-Executive and Independent Director (DIN: 07780539) for the term of five years w.e.f. February 4, 2024
14. The Members approved the following resolutions at the said 40th AGM
(ii) Appointment of Mr. Chetan Mehra (DIN: 00022021) as an Independent Director of the Company for a period of 5 years w.e.f. August 2, 2023.
(iii) Appointment of Mr. Parth Seth (DIN: 07684397) as an Executive Director of the Company for a period of 3 years w.e.f. August 2, 2023.
15. Mr. Sunil Buch (DIN: 07780539) was re-appointed as Non-Executive Independent Director by the approval of shareholders via Postal ballot through re mote e-voting dated March 29, 2024 for the period of 05 years effective from February 04, 2024.
Retirement by Rotation
Pursuant to the provisions of Section 152 of the Act read with rules made thereunder (as amended from time to time) and Articles of Association of the Company, Mr. Varun Daga, Non-Executive Non- Independent Director (DIN: 01932805) retires by rotation at the ensuing AGM and being eligible, offers himself for re-appointment. Brief profile of Mr. Varun Daga has been provided in the Notice convening the AGM of the Company.
Key Managerial Personnel (KMP)
Pursuant to the provisions of Section 203 of the Act, following are the Key Managerial Personnel of the Company as on the date of this report:
Mr. Pankaj Seth - Chairman and Managing Director Mrs. Anisha Seth - Whole Time Director Mr. Parth Seth - Executive Director (appointed w.e.f August 2, 2023)
Mr. Rahul Tiwari - Chief Financial Officer Ms. Pranali Chawhan - Company Secretary cum Chief Compliance Officer (Appointed w.e.f June 26, 2024 )
Declaration from Independent Directors
Pursuant to Section 149(7) of the Act, all Independent Directors of the Company have made relevant declarations as laid down under Section 149(6) of the Act and Regulation 25 of the Listing Regulations. In the opinion of the Board, the Independent Directors fulfil the conditions of independence specified in the said provisions, possess requisite qualifications, experience, expertise, integrity and proficiency, and have complied with the Company's Code of Business Conduct & Ethics.
5. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Act, the Board of Directors to the best of their knowledge and ability, confirm 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. appropriate accounting policies have been selected and applied consistently, judgments and estimates are made reasonably and prudently so as to give a true and fair view of the state of affairs of the Company at the end of FY 2023-24 and of the profit and loss of the Company for that period;
c. proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d. the annual accounts have been prepared for the financial year ended March 31, 2024 on a 'going concern' basis;
e. proper internal financial controls have been laid down to ensure compliance with all the provisions of the applicable laws and that such internal financial controls are adequate and are operating effectively; and
f. proper systems had devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
6. MEETINGS OF THE BOARD AND ITS COMMITTEES
During FY 2023-24, 4 (four) meetings of the Board of Directors of the Company were convened. All meetings were held with a gap of less than 120 days. The Company followed the applicable Secretarial Standards in relation to the Board Meetings. The particulars of meetings held and attended by each Director are detailed in the Corporate Governance Report that forms part of this report.
Following are the Committees of the Board of Directors as on March 31, 2024:
(i) Audit Committee
(ii) Nomination and Remuneration Committee
(iii) Corporate Social Responsibility Committee and
(iv) Stakeholders' Relationship Committee.
The details of the Committees of the Board along with their composition, number of meetings and
attendance of members at each meeting are provided in the Corporate Governance Report that forms part of this report.
16. VIGIL MECHANISM/ WHISTLE BLOWER POLICY
Pursuant to the provisions of Section 177(9) of the Act and Regulation 22 of Listing Regulations, the Company has formulated a Vigil Mechanism/Whistle Blower Policy. The details are covered under the Corporate Governance Report which forms part of this report.
17. FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS
Pursuant to the provisions of Regulation 25(7) of Listing Regulations and Schedule IV to the Act, the Company has put in place a Familiarization Programme for the Independent Directors to familiarize them with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model etc.
The details of such programme imparted during FY 2023-24 are available on the website of the Company at https://orbitexports.com/investor-page/ under the tab Policies.
18. ANNUAL PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS
In accordance with the provisions of the Act and Listing Regulations, the Board has carried out an annual performance evaluation of its own performance, Individual directors including Independent Directors and Chairman, and its various Committees. A structured questionnaire was formulated taking into consideration the various aspects of the Board's functioning, composition of the Board and its Committees, culture, execution and performance of specific duties, obligations and governance. The Board of Directors expressed their satisfaction with the evaluation process.
Details of the annual performance evaluation have been provided in the Corporate Governance Report which forms part of this report.
19. DEPOSITS
During FY 2023-24, the Company has not invited or accepted any deposits from the public and as such no principal or interest amount was outstanding as on March 31, 2024.
20. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
During FY 2023-24, the Company has not granted any loans, provided any guarantees or made any investments under the provisions of Section 186 of the Act.
21. INSURANCE
The Company declares that all the properties including buildings, plant & machinery and stocks are adequately insured.
22. RELATED PARTY TRANSACTIONS
All related party transactions entered into during FY 2023-24 were on arms' length basis and in the ordinary course of business. During FY 2023-24, all related party transactions were placed before the Audit Committee for its approval on a quarterly basis. An omnibus approval from the Audit Committee was obtained for the related party transactions which were of repetitive nature, entered in the ordinary course of business and on an arm's length basis. There were no significant material related party transactions made by the Company with the Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large.
Disclosure of Related Party Transactions as required under Section 134(3)(h) of the Act is detailed in Form AOC-2 annexed in Annexure II and forms part of this report.
In accordance with Regulation 23 of Listing Regulations, the Company has formulated a Policy on Material Related Party Transactions and on dealing with Related Party Transactions. The said Policy is available on the Company's website at https://orbitexports.com/investor-page/ under the tab 'Policies'.
In terms of Regulation 23 of the Listing Regulations, the Company submits details of related party transactions on a consolidated basis as per the specified format to the stock exchanges on a half- yearly basis.
23. CORPORATE GOVERNANCE REPORT AND CERTIFICATE FROM SECRETARIAL AUDITOR
Your Company is committed to maintaining the highest standards of Corporate Governance and adhering to Corporate Governance requirements pursuant to Regulation 34 read with Schedule V of the Listing Regulations. The Corporate Governance
Report along with the Corporate Governance Certif?cate issued by the Secretarial Auditors of the Company for the year ended March 31, 2024 is provided in Annexure III which forms part of this report.
24. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as required under the provisions of Section 134(3)(m) of the Act read with the rules made thereunder (as amended from time to time) relating to conservation of energy, technology absorption, foreign exchange earnings and outgo are detailed in Annexure IV which forms part of this report.
25. HUMAN RESOURCES
Disclosures pertaining to employee remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are detailed in Annexure V forming part of this report.
The details as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 will be made available to the members upon request.
The Company had a head count of 428 employees as on March 31, 2024.
26. LISTING AT STOCK EXCHANGES
Equity shares of the Company continue to be listed on BSE Limited and the National Stock Exchange of India Limited. Applicable listing fees up to the f?nancial year 2023-24 have been duly paid to both the Stock Exchanges.
27. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an adequate system of internal control to safeguard and protect from loss, unauthorized use or disposition of its assets that commensurate with its size, scale and complexities of its operations. The Audit Committee of the Board actively reviews the adequacy and effectiveness of the internal control systems and suggests improvements to strengthen the same. All the transactions are properly authorized, recorded and reported to the Management. The Company follows all the applicable Accounting Standards for properly maintaining the books of accounts and reporting f?nancial statements. Based on the review, nothing has come to the attention of Directors to indicate
that any material breakdown in the function of these controls, procedures or systems occurred during the year under review.
28. AUDITORS AND AUDITORS' REPORT Statutory Auditors
The Company appointed M/s. G.M. Kapadia & Co., Chartered Accountants (Firm Registration No. 104767W) as the Statutory Auditors of the Company for a period of 5 (five) years from the conclusion of the 37th annual general meeting until the conclusion of the 42nd annual general meeting.
The Reports given by M/s. G.M. Kapadia & Co., Chartered Accountants on the standalone and consolidated f?nancial statements of the Company for FY 2023-24 do not contain any qualification, reservation or adverse remarks. There were no instances of fraud reported by the auditors.
Cost Auditors
In terms of Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014 (as amended from time to time), the Company is required to prepare, maintain and conduct audit of its cost records by a Cost Accountant.
M/s. Balwinder & Associates, Cost Accountants (Firm Registration No. 000201) were appointed as Cost Auditors of the Company for FY 2023-24. During the year under review, in accordance with Section 148(1) of the Act, the Company has maintained the accounts and cost records, as specified by the Central Government. The Cost Auditor will issue the Cost Audit Report for FY 2023-24 and the same shall be reviewed by the Board and filed by the Company with Ministry of Corporate Affairs (MCA).
The Cost Audit Report for FY 2022-23 in XBRL mode was filed by the Company within the due date with MCA.
Based on the recommendation of the Audit Committee, the Board appointed M/s. Balwinder & Associates, Cost Accountants (FRN: 000201), as the Cost Auditors of the Company to conduct audit of the cost records of the Company for the financial year ending March 31, 2025. The Company has received consent and certificate of eligibility from M/s. Balwinder & Associates to be appointed as Cost Auditors under Section 141 of the Act and rules framed thereunder.
Pursuant to the provisions of section 148(3) of the Act, members' consent is sought for payment of remuneration to the Cost Auditors for financial year ending March 31, 2025 as mentioned in item no. 5 of the Notice of AGM of the Company.
Secretarial Auditor
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and regulation 24A of Listing Regulations, M/s. S. K. Jain & Co., Practicing Company Secretaries (CP. No. 3076) were appointed as Secretarial Auditors of the Company to undertake the secretarial audit for financial year ended March 31, 2024.
Secretarial Audit Report in form MR-3 in accordance with Section 204 of Companies Act, 2013 is annexed in Annexure VI and forms part of this report.
The delay of 1 min and 19 seconds in uploading Outcome of 1st Board Meeting of FY 2023-24 held on 06th May 2024 on BSE portal happened because of unknown technical glitch in the internet network, which was outside of the control of the Company
Financial statement for quarter and year March 2023, approved at the Board Meeting held on May 06th, 2024, due to be published on May 08th, 2024 (within 48 Hours), were published on May 09th 2024 because there was vacancy in the office of Company Secretary at that point in time. However, Management tried their level best to do the necessary compliances.
A certificate confirming that none of the directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as directors of the Company by any statutory authority issued by the Secretarial Auditor forms part of this report as annexed in Annexure VII.
Secretarial Compliance Report for the financial year ended March 31, 2024 in accordance with Regulation 24A of Listing Regulations issued by the Secretarial Auditor has been filed with the stock exchanges on which the Company is listed within the statutory timelines.
29. CORPORATE SOCIAL RESPONSIBILITY
The Board has constituted a Corporate Social Responsibility ('CSR') Committee in terms of the provisions of Section 135 of the Act read the rules made thereunder. The details of composition, meetings held, CSR policy and the CSR initiatives undertaken during the year under review are mentioned in the Annual Report on CSR activities as annexed in Annexure VIII, which forms part of this report.
30. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
All the details pertaining to IEPF related activities undertaken by the Company during the year under review are provided under notes section of Notice of the AGM on page 187 of the Annual report.
31. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
In terms of Regulation 34 of the Listing Regulations, Management Discussion and Analysis Report on the operations of the Company is provided in a separate section on page 187 and forms an integral part of the Annual Report.
32. CREDIT RATING
During FY 2023-24, the credit ratings assigned by ICRA Limited has been revised on September 18, 2023 as below:
33. CODE OF CONDUCT FOR PROHIBITION OF INSIDER TRADING
Your Company has in place a Code of Conduct for Prohibition of Insider Trading, which lays down the process of trading in securities of the Company by the Designated Persons and to regulate, monitor and report trading by the employees of the Company either on their own behalf or on behalf of any other person, based on Unpublished Price Sensitive Information. The said code also lays down the procedure for inquiry in case of leak of Unpublished Price Sensitive Information including Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information.
The Code of Conduct for Prohibition of Insider Trading is displayed on the Company's website at https://orbitexports.com/investor-page/ under the tab 'Policies'.
34. SECRETARIAL STANDARDS
The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India to ensure compliance with all the applicable provisions read together with the relevant circulars issued by MCA.
35. DISCLOSURE AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
Pursuant to the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("POSH Act") and rules framed thereunder, the Company has formulated and implemented a policy on prevention, prohibition and redressal of complaints related to sexual harassment of women at workplace. All employees
(including trainees) whether permanent, temporary or contractual are covered under this policy. The Company has constituted Internal Complaints Committee(s) (ICC) across all Company locations to consider and resolve all sexual harassment complaints reported to this Committee.
The details of complaints are as under:
36. number of complaints filed during the financial year: NIL
37. number of complaints disposed of during the financial year: NIL
38. number of complaints pending as on end of the financial year: NIL.
(iv) EMPLOYEES' STOCK OPTION SCHEME
Pursuant to the "Orbit Exports Limited Employee Stock Option Scheme, 2021" (ESOP Scheme / Scheme) approved by the Company at 38th Annual General Meeting held on September 29, 2021, the Company is eligible to grant up to 10,00,000 options to its eligible employees.
During FY 2021-22, the Company granted 2,16,000 options to its eligible employees. No employee was issued stock options equal to or exceeding 1% of the issued capital of the Company at the time of grant.
During 2022-23, out of the 2,16,000 granted options, 18,000 options were forfeited and 49,500 options were vested. In the month of April 2023, out of 49,500 vested options, 39,500 options were exercised by the eligible employees and the Nomination and Remuneration Committee approved the allotment of 39,500 equity shares of H10/- each. The allotted shares were listed and admitted to dealings on the BSE Limited and the National Stock Exchange of India Limited from May 05, 2023.
The equity share capital of the Company post allotment of 39,500 equity shares stood at 2,70,14,402 equity shares of H10 each.
For the year under review, the Company vide its Nomination and Remuneration Committee Meeting held on November 07, 2023, approved the allotment of 9,000 equity shares of H10/- each.
After the year under review, till the date of this Annual report, the Company has allotted 44,000 equity shares of H10/- each vide approval received from its Nomination and Remuneration Committee Meeting held on May 06, 2024. All relevant disclosures were made to Stock Exchanges in timely manner.
Disclosures pursuant to Regulation 14 of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 with regard to Employees Stock Option Plan of the Company are available at Company's website at https://orbitexports.com/ investor-page/ under the tab 'ESOP'.
(v) NOMINATION AND REMUNERATION POLICY OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND OTHER EMPLOYEES
The Company has in place Nomination and Remuneration Policy (amended on August 2, 2023) formulated as per the provisions of the Act and the Listing Regulations. The Policy outlines role of the committee; appointment criteria and qualification of Directors, KMP and Senior Management; criteria for performance evaluation of Directors and committees; provisions regarding payment of remuneration to Directors, KMP and Senior Management; succession plan; importance of Board Diversity.
The Nomination and Remuneration Policy is available at Company's website at https://orbitexports.com/ investor-page/ under 'Policies' tab.
(vi) DETAILS OF SHARES IN DEMAT
SUSPENSE ACCOUNT/ UNCLAIMED
SUSPENSE ACCOUNT
The details of the shares in the Demat Suspense Account/Unclaimed Suspense Account for FY 202324 in compliance with Regulation 34 read with Schedule V of the Listing Regulations are as follows:
7. aggregate number of shareholders and the outstanding shares in the Suspense Account lying at the beginning of the year: 532 number of shareholders and 75,500 Equity Shares of H10 each.
8. number of shareholders who approached the Company for transfer of shares from Suspense Account during the year: 12 (twelve)
9. number of shareholders to whom shares were transferred from Suspense Account during the year: 3 (three)
10. Aggregate number of shareholders and the outstanding shares in the Suspense Account lying at the end of the year: 323 number of shareholders and 49,200 Equity Shares of H10 each.
11. that the voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares: 49,200 Equity Shares of H10 each.
39. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE
There are no significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and the Company's operations in future. There is no corporate insolvency resolution process initiated under the Insolvency and Bankruptcy Code, 2016.
40. ACKNOWLEDGEMENTS
The Board of Directors would like to express their sincere appreciation for the assistance and co- operation received from the members, financial
institutions, banks, regulatory authorities, customers, vendors and other business associates during the year under review. The Board also wishes to place on record their acknowledgment and appreciation for the committed services by the employees of the Company at all levels.