To
The Shareholders of
IL&FS Investment Managers Limited
Your Directors have pleasure in presenting for your consideration and approval the Thirty-Eighth Annual Report with the Audited Financials of the Company ("IIML") for the year ended March 31,2024
FINANCIAL ACHIEVEMENTS AND DIVIDEND
The Company does not propose to transfer any amount to the General Reserves
DIVIDEND
Your Directors recommend a Final Dividend of Rs. 0.70 per equity share of the Face Value of Rs. 2/- each. The total amount of Dividend is Rs. 219.82 mn
REVIEW OF OPERATIONS
The global economy is expected to remain under pressure due to geopolitical uncertainties from the past year. This trend may affect India as well. However, there are several positive indicators that will help India's economic prospects in FY2025. The private sector has improved its balance sheet, indicating potential for increased spending and capital expenditures. Banks have also benefited from corporate deleveraging, improving their balance sheets and helping them emerge from the asset quality cycle. Additionally, high GST and direct tax collections have given the government resources to spend and support the economy during the global slowdown. Consumer demand among the affluent remains strong, as evidenced by growth in the retail industry and the profit performance of consumer staples and discretionary companies
Indian PE-VC remained the Asia-Pacific's second-largest destination for VC and growth funding. The investors will likely remain bullish, as the markets demonstrated macroeconomic fundamentals, fiscal and monetary discipline, latent talent pools, and ever-expanding digital backbone presents attractive prospects for venture building
At IIML, the team continues to focus on divesting its current portfolio and return money to its investors. The developments at the Infrastructure Leasing & Financial Services Limited ("IL&FS") Group has had a negative impact on IIML and its brand equity. These developments have significantly impinged on IIML's business plans for revenue growth. The newly constituted IL&FS Board has again initiated the process to sell its holding in IIML. The process is underway
On the debt side, IIML, through its subsidiary operates the Infrastructure Debt Fund ("IDF"). The IDF has closed ended schemes and AUM as of March 31, 2024 was Rs. 1,632.30 Crores across 5 schemes
IIML's joint venture with Government of Andhra Pradesh continues to bag new contracts and is implementing a slew of projects in the State of Andhra Pradesh
On a consolidated basis, the Income from Operations of the Company for FY2024 was Rs. 519.24 mn and Other Income was Rs. 144.94 mn. Accordingly, the Total Income on a consolidated basis for FY2024 was Rs. 664.18 mn. The Total Expenses on consolidated basis were Rs. 508.16 mn. The resultant Profit Before Tax and Exceptional Items on a consolidated basis for FY2024 was Rs. 156.02 mn
On a standalone basis, the Total Income of the Company for FY2024 was Rs. 307.68 mn and the Total Expenses for the year were Rs. 94.31 mn and the resultant Profit After Tax before other comprehensive income for FY2024 was Rs. 216.24 mn. This includes Rs. 250.84 mn as Dividend from its subsidiaries
MATERIAL CHANGES FROM THE END OF THE FINANCIAL YEAR
There have been no material changes and commitments affecting the financial position of the Company, which have occurred from the end of the financial year for the Company to which the financial statement relates and till the date of the Directors' Report
SUBSIDIARIES AND JOINT VENTURES
Your Company has Six Domestic Subsidiaries viz. IL&FS Asian Infrastructure Managers Limited, IL&FS Urban Infrastructure Managers Limited, IIML Asset Advisors Limited, Andhra Pradesh Urban Infrastructure Asset Management Limited, IL&FS Infra Asset Management Limited and IL&FS AMC Trustee Limited and two Offshore Subsidiaries viz. IL&FS Investment Advisors LLC, Mauritius and IIML Fund Managers (Singapore) Pte Ltd, Singapore
Your Company also has two Joint Venture Companies viz. Standard Chartered IL&FS Management (Singapore) Pte Limited, Singapore and IL&FS Milestone Realty Advisors Private Limited
As per Section 129(3) of the Companies Act, 2013 ("Act") and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR") the consolidated financial statements of the Company with its Subsidiaries forms part of the Annual Report
The copies of the Audited Annual Accounts and other related documents of the Company's Subsidiaries can be sought by any shareholder of the Company or its Subsidiaries on making a written request to the Company Secretary in this regard. The Annual Accounts of the Subsidiary Companies are also available for inspection by any shareholder at the Company's Registered Office and are also uploaded on the Company's website at https://www.iimlindia.com/financials_SubsidiaryCompanies.aspx
A separate statement pursuant to Section 129(3) of the Act read with the Companies (Accounts) Rules, 2014 containing the salient features of the Financial Statements of the Company's Subsidiaries and Joint Ventures in Form AOC 1 is given as an Annexure to the Standalone Financial Statements
Performance and Financial position of the Subsidiaries and the Joint Venture Companies :
IL&FS Asian Infrastructure Managers Limited and IIML Asset Advisors Limited :
The Board had approved a Scheme of Amalgamation for the amalgamation of two of its wholly owned subsidiaries, viz., IL&FS Asian Infrastructure Managers Limited ("IAIML") and IIML Asset Advisors Limited ("IAAL") with the Company. The process is underway and would be completed during the current year
IAIML was set up to manage the Pan Asia Project Development Fund, India (the Fund). The Fund, having a corpus of Rs. 1125 mn, invested across seven investments. The Fund is in the process of being wound up IAAL acted as the India advisor to two Mauritius based Real Estate Funds. These funds are now fully divested and have been wound up
The Total Income of IAIML for FY2024 was Rs. 3.80 mn. The Total Expenses of IAIML for the year were Rs. 0.19 mn and the resultant total comprehensive income was a profit of Rs. 2.63 mn
The Total Income of IAAL for FY2024 was Rs. 8.78 mn. The Total Expenses of IAAL for the year were Rs. 0.23 mn and the resultant total comprehensive income was a profit of Rs. 6.22 mn
IL&FS Urban Infrastructure Managers Limited :
IL&FS Urban Infrastructure Managers Limited ("IUIML") functions as the Asset Manager for the Pooled Municipal Debt Obligations ("PMDO") Facility. The objective of the PMDO Facility is to provide long tenure term loans to meet the debt requirements of urban infrastructure projects across cities in India
The Total Income for FY2024 was Rs. 43.66 mn inclusive of Other Income of Rs. 1.41 mn. The Total Expenses of IUIML for the year were Rs. 42.96 mn and the resultant total comprehensive income was a profit of Rs. 0.53 mn
IL&FS Investment Advisors LLC :
IL&FS Investment Advisors LLC, Mauritius ("IIAL") acts as the Investment Manager to Tara India Fund III LLC
The Total Income of IIAL for FY2024 was US$ 0.51 mn. The Total Expenses of IIAL for the year were US$ 0.16 mn and the resultant profit for the year was US$ 0.34 mn
IIML Fund Managers (Singapore) Pte Ltd :
IIML Fund Managers (Singapore) Pte Ltd ("IFMSPL") was incorporated for the purposes of managing funds from Singapore. This company is in the process of being wound up in compliance with the applicable regulatory requirements of Singapore and India
The Total Income of IFMSPL for FY2024 was NIL. The Total Expenses of IFMSPL for the year were US$ 0.02 mn and the resultant loss for the year was US$ 0.02 mn
Andhra Pradesh Urban Infrastructure Asset Management Limited :
The Company has set up a subsidiary namely, Andhra Pradesh Urban Infrastructure Asset Management Limited ("APUIAML") along with the Government of Andhra Pradesh. IIML and the Government of Andhra Pradesh hold 51% : 49% equity stake, respectively in APUIAML
APUIAML had been created with the objective to finance the Urban Local Bodies in the State of Andhra Pradesh. It is involved in integrated urban infrastructure project development and program management for the Urban Local Bodies and provides end to end solutions to them. The Company is currently handling projects of around Rs. 120 bn
The Total Income of APUIAML for FY2024 was Rs. 338.62 mn inclusive of Other Income of Rs. 6.87 mn. The Total Expenses for the year were Rs. 317 mn and the resultant total comprehensive income for the year was Rs. 12.35 mn
IL&FS Infra Asset Management Limited :
IL&FS Infra Asset Management Limited ("IIAML") is the asset manager of the IL&FS Mutual Fund (IL&FS IDF) which is an Infrastructure Debt Fund as per SEBI Mutual Fund Regulations. Its AUM as of March 31,2024 stands at Rs. 1,632.30 Crore across 5 schemes
The Total Income of IIAML for FY2024 was Rs. 178.81 mn and the total comprehensive income for the year was a profit of Rs. 98.77 mn
IL&FS AMC Trustee Limited :
IL&FS AMC Trustee Limited ("IATL") acts as the Trustee of the IL&FS IDF
The Total Income of IATL for FY2024 was Rs. 1.92 mn and the total comprehensive income for the year was a profit of Rs. 0.73 mn Standard Chartered IL&FS Management (Singapore) Pte Limited :
Standard Chartered IL&FS Management (Singapore) Pte Limited, is a 50:50 Joint Venture Company established with the Standard Chartered Bank to manage the Standard Chartered IL&FS Asia Infrastructure Growth Fund. The Fund has completed divestments from all its investments and the Fund has been wound up. The regulatory process of winding up of this entity has been initiated and is expected to be completed during the financial year
IL&FS Milestone Realty Advisors Private Limited :
IL&FS Milestone Realty Advisors Private Limited is a Joint Venture (JV) Company established with the objective of raising funds that would invest in income yielding assets. Since inception, the JV raised three funds and the Company has been able to successfully divest from all the investments of these three funds
DIRECTORS & KEY MANAGERIAL PERSONNEL
Mr Kaushik Modak [DIN 01266560] retires by rotation at the ensuing Annual General Meeting ("AGM") pursuant to the provisions of Section 149, Section 152 and Section 162 of the Act
Mr Susim Mukul Datta [DIN 00032812] ceased as an Independent Non-Executive Director of the Company w.e.f. April 1, 2024 due to end of his tenure on March 31,2024, pursuant to Section 149(11) of the Companies Act, 2013. Consequently, Mr Datta also ceased to be the Chairman of the Company
The Board of Directors approved the appointment of Mr Chitranjan Singh Kahlon [DIN 02823501] as the Independent Non-Executive Chairman of the Company w.e.f. April 1, 2024 till the end of his balance tenure i.e. August 27, 2028
The Board of Directors vide Circular Resolution dated March 23, 2024 approved the appointment of Mr Munish Saraogi [DIN 10422742] as an Additional Director and as an Independent Non-Executive Director of the Company for a period of five years to hold office from April 1, 2024 up to March 31,2029, subject to the approval of the shareholders
The Board recommends the appointment of Mr Munish Saraogi as an Independent Non-Executive Director of the Company for a term of five years and appointment of Mr Chitranjan Singh Kahlon as an Independent Non-Executive Chairman of the Company
Pursuant to Section 203 of the Act, the Company has designated Mr Manoj Borkar, Chief Executive Officer & Chief Financial Officer and Mr Sanjay Mitra, Company Secretary as the Key Managerial Personnel of the Company
There have been no changes in the Directors and Key Managerial Personnel of the Company other than the above during the year under review
BOARD INDEPENDENCE
The Independent Directors have submitted declarations that each of them meet the criteria of independence as provided in Section 149(6) of the Act along with Rules framed thereunder and Regulation 16(1)(b) of the SEBI LODR. There has been no change in the circumstances affecting their status as Independent Directors of the Company
NUMBER OF MEETINGS OF THE BOARD
The Board of Directors met six times during the Financial Year ended March 31, 2024 and the gap between two meetings did not exceed 120 days. The meetings were held during the year on May 30, 2023, July 10, 2023, August 14, 2023, November 9, 2023, February 13, 2024 and March 15, 2024
The details of the composition of the Board Committees and attendance of the Directors at the Board meetings/Committee meetings are given in the Corporate Governance Report
SELECTION CRITERIA FOR APPOINTMENT OF DIRECTORS
The Board has framed a selection criteria for determining the necessary qualifications and attributes for appointment of Directors and also to ensure Board diversity. The details of the same are provided in the Corporate Governance Report
REMUNERATION POLICY
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 paid to the Directors and the Senior Management is as per the Managerial Remuneration Policy of the Company. The Management Remuneration Policy is posted on the Company's website at : https://www.iimlindia.com/Policies.aspx and the brief details thereof are given in the Corporate Governance Report
BOARD EVALUATION
Pursuant to the provisions of the Act and the SEBI LODR, the Board has carried out an annual performance evaluation of the Board and Committees thereof. The manner in which the evaluation has been carried out has been detailed in the Corporate Governance Report
COMMITTEES OF THE BOARD
As on March 31, 2024, the Board had four Committees : the Audit Committee, the Nomination & Remuneration Committee, the Stakeholders' Relationship Committee and the Corporate Social Responsibility Committee. During the year, all recommendations made by all the committees were accepted by the Board. A detailed note on the composition of the Board and its Committees is provided in the Corporate Governance Report
DIRECTORS' RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Act :
(a) in the preparation of the Annual Accounts for the year ended March 31, 2024, the applicable Accounting Standards have been followed along with proper explanations relating to material departures, if any;
(b) that such accounting policies as mentioned in Note No. 2 of the Notes to the Annual Accounts have been selected and applied consistently and judgments 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 at the end of March 31,2024 and of the Profit of the Company for the year ended on that date;
(c) 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 Accounts are prepared on a going concern basis;
(e) that proper internal financial controls were in place and that the internal financial controls were adequate and were operating effectively; and
(f) that proper systems were devised to ensure compliance with the provisions of all applicable laws and such systems were adequate and operating effectively
STATUTORY AUDITORS
M/s KKC & Associates LLP were appointed as the Statutory Auditors of the Company at the 33rd AGM of the Company held on September 30, 2019, for a term of five years from the conclusion of the 33rd AGM up to the conclusion of the 38th AGM
The Statutory Auditors of the Company, accordingly, retire at the conclusion of the ensuing AGM and have expressed their willingness to continue as Statutory Auditors for a second term of five years, if re-appointed, at the ensuing AGM of the Company
M/s KKC & Associates LLP have confirmed that their re-appointment continues to satisfy the criteria specified in Section 141 of the Act and Regulation 33 of the SEBI LODR
The Board at its meeting held on May 22, 2024 on the recommendation of the Audit Committee and subject to the approval of the shareholders recommended the re-appointment of M/s KKC & Associates LLP as the Statutory Auditors of the Company for a term of five years from the conclusion of the 38th AGM up to the conclusion of the 43rd AGM
Accordingly, at the ensuing AGM an ordinary resolution is proposed for the appointment of M/s KKC & Associates LLP as the Statutory Auditors of the Company for a term of five years from the conclusion of the 38th AGM up to the conclusion of the 43rd AGM
SECRETARIAL AUDIT
The Company has appointed M/s Mehta & Mehta, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company pursuant to the provisions of Section 204 of the Act and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The Secretarial Audit Report for the Financial Year ended March 31, 2024 is attached herewith as Annexure 1(I)
According to Regulation 24A of the SEBI LODR every listed entity and its material unlisted subsidiaries incorporated in India shall undertake secretarial audit and shall annex with its annual report, a secretarial audit report, given by a company secretary in practice, in such form as may be specified. Accordingly, Secretarial Audit Reports of APUIAML and IIAML are attached as Annexures 1(II) and 1(III), respectively
REPORTING OF FRAUDS BY AUDITORS
During the year under review, neither the Statutory Auditors nor the Secretarial Auditors have reported under Section 143(12) of the Act, any instances of fraud committed against the Company by its officers or employees to the Audit Committee of the Company
QUALIFICATIONS IN THE AUDITORS' REPORT AND ITS EXPLANATIONS
The Statutory Auditors M/s KKC & Associates LLP have qualified the Standalone and Consolidated Financials of the Company in their Statutory Audit Report
The explanations or comments by the Board on the Statutory Audit qualifications are as follows :
Statutory Auditors' qualification and its explanation :
On Standalone Financials :
Qualification :
In view of the ongoing investigation by Serious Fraud Investigation Office of Ministry of Corporate Affairs (SFIO) against Infrastructure Leasing & Financial Services Limited (‘IL&FS' or ‘the Holding Company'), and its subsidiaries (including the Company), the Auditors are unable to comment on the consequential impact(s) upon conclusion of the said investigation on these Standalone Financial Statements Explanation :
The Company, based on its current understanding, believes that the above would not have a material impact on the financial statements. The implications, if any, arising from the aforesaid developments would be known only after the aforesaid investigation is concluded and hence are not determinable at this stage
On Consolidated Financials :
In view of the ongoing investigation by Serious Fraud Investigation Office of Ministry of Corporate Affairs (SFIO) against Infrastructure Leasing & Financial Services Limited (‘IL&FS' or ‘the Holding Company'), and its subsidiaries (including the Company), the Auditors are unable to comment on the consequential impact(s) upon conclusion of the said investigation on these Consolidated Financial Statements Explanation :
RELATED PARTY TRANSACTIONS
All Related Party Transactions that were entered into during the Financial Year were on an arms' length basis and were in the ordinary course of business. No Material Related Party Transactions were entered during the year by your Company. There are no materially significant Related Party Transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3) of the Act in Form AOC 2 is not applicable
The disclosure of transactions with Related Parties is set out in Note No. 25 of the Standalone Financial Statements, forming part of the Annual Report
The Company has developed a Related Party Transactions Framework for the purpose of identification and approval of such transactions. The Policy on Related Party Transactions as approved by the Board has been uploaded on the Company's website and is available at : https://www.iimlindia.com/Policies.aspx
CORPORATE SOCIAL RESPONSIBILITY
The Company has adopted a Corporate Social Responsibility ("CSR") Policy, which aims at nurturing socio-economic development, livelihood creation, quality education, empowerment of people, etc. with the primary goal of ensuring that benefits reach the targeted beneficiaries. The Company contributes to the social welfare schemes and/or Funds promoted by the Central or State Government(s)
The Annual Plan for CSR is approved at the start of each financial year. Reviews and/or modifications to the projects and allocations are undertaken periodically. The CSR Policy is posted on the Company's website at : https://www.iimlindia.com/Policies.aspx
The Composition of the CSR Committee is given in the Corporate Governance Report. The Annual Report on the CSR activities is attached herewith as Annexure 2
POLICY FOR PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
The Company has always been committed to providing safe and dignified work environment for its employees which is free of discrimination, intimidation and abuse. The Company has adopted a Policy for Prevention of Sexual Harassment of Women at Workplace under the provisions of The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The objective of this policy is to provide protection against sexual harassment of women at workplace and for redressal of complaints of any such harassment. The IL&FS group has also constituted an Internal Complaints Committee ("ICC") for all the group companies to redress the complaints under the Act. During the year, no complaints pertaining to the Company were received by the ICC
WHISTLE BLOWER POLICY/VIGIL MECHANISM
The Company has adopted a Whistle Blower Policy/Vigil Mechanism for Employees and Directors to report instances of unethical behaviour, actual or suspected fraud or violation of the Company's Code of Conduct. During the year, no personnel has been denied access to the Audit Committee
The details of the Whistle Blower Policy are provided in the Corporate Governance Report and also posted on the Company's website at : https://www.iimlindia.com/Policies.aspx
RISK MANAGEMENT & INTERNAL CONTROL SYSTEMS
Risk Management forms an integral part of the business of the Company. The Company has a Risk Management Framework, which not only ensures timely identification of risks, analysis of the reasons for such risk, assessment of its impact but also adequate risk mitigation processes. The Risk Management Framework encompasses all areas of the Company's business including the Funds under its management. The Risk Management Framework ensures that all risks which could potentially threaten the existence of the Company are identified and risk mitigation is initiated in due time
The Company has an adequate system of internal controls including financial controls with reference to Financial Statements, commensurate with the nature of its business and complexity of its operations to ensure accuracy of accounting records, compliance with all laws and regulations and compliance with all rules, processes and guidelines prescribed by the management
An extensive internal audit is carried out by an independent firm of Chartered Accountants. Post audit reviews are also carried out to ensure follow up on the observations made. The scope of the internal audit is determined by the Audit Committee and the Internal Audit Reports are reviewed by the Audit Committee on a regular basis
INTERNAL FINANCIAL CONTROL AND ITS ADEQUACY
The Board has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Company's policies, safeguarding of its assets, prevention and detection of fraud, error reporting mechanisms, accuracy and completeness of the accounting records and timely preparation of reliable financial disclosures
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
Details of the Loans, Guarantees and Investments covered under the provisions of Section 186 of the Act are given in Note Nos. 5 & 6 of the Standalone Financial Statements
PARTICULARS OF EMPLOYEES
The particulars of the employees as required under Section 197(12) of the Act read with Rule 5(1) and Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of the Directors' Report for the year ended March 31,2024 and are attached as Annexure 3 and Annexure 4, respectively
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Since the Company does not own any manufacturing facility, the Energy Conservation and Technology Absorption particulars in the Companies (Accounts) Rules, 2014, are not applicable
The particulars regarding foreign earnings and expenditure appear as Note Nos. 20(c) and 20(d) of the Notes to Accounts of the Standalone Financial Statements respectively
The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange outgo during the year in terms of actual outflows is as follows :
DEPOSITS
Your Company has not accepted any deposits from the public for the year under consideration COST RECORDS
Maintenance of cost records as specified by the Central Government under Section 148(1) of the Act are not required to be maintained by the Company and accordingly such accounts and records are not maintained for FY 2023-24
CHANGE IN SHARE CAPITAL
There has been no change in the share capital of the Company
UNPAID AND UNCLAIMED DIVIDEND
As per applicable provisions of the Act and Rules made thereunder, the Company will be obliged to transfer any money lying in the Unpaid Dividend Account, which remains unpaid or unclaimed for a period of seven years, to the credit of the Investor Education and Protection Fund ("IEPF"). Hence, shareholders who have not encashed their dividend should contact the Registrars of the Company for the same. Please note that the dividend paid for the year 2016-2017 is due for transfer to IEPF by November 8, 2024. Further, please note that the dividend paid for the year 2017-2018 is due for transfer to IEPF next year
During the year, the Company has transferred the unclaimed and unpaid dividends of Rs. 5,688,780/- for the year 2015-2016 to IEPF. The details of the outstanding unclaimed dividend and corresponding due dates for transfer to IEPF as on March 31,2024 are as under :
ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on March 31, 2024 is available on the Company's website at : https://www.iimlindia.com/annual_reports.aspx
SECRETARIAL STANDARDS
The Company complies with all applicable secretarial standards issued by the Institute of Company Secretaries of India DISCLOSURE REQUIREMENTS
Pursuant to Regulation 34(3) of the SEBI LODR, Related Party Disclosures, Management Discussion and Analysis, Disclosure of Accounting treatment, Report on Corporate Governance have been included in this Annual Report as separate sections
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
NCLT passed an Order on October 1,2018 under the provisions of Sections 241 and 242 of the Companies Act, 2013 for suspending the existing Board of Directors of IL&FS, the Holding Company and new members were inducted on the Board of IL&FS
The NCLT based on a petition by IL&FS vide its Order dated April 26, 2019, granted its exemption to IL&FS and its Group Companies from appointing Independent Directors and Woman Directors on the Board of IL&FS and its Group Companies
The NCLT by an Order passed on February 11, 2019 has categorized ‘169 IL&FS Group Entities' incorporated within the territorial jurisdiction of India into (a) "Green Entities" (b) "Amber Entities" (c) "Red Entities". Our Company and its subsidiaries have been categorised as Green Entities - meaning one which can continue to meet all its payment obligation (both financial and operational) as and when they become due
ACKNOWLEDGEMENT
The Board of Directors take this opportunity to thank the Investors of the Funds under management, shareholders, employees, bankers, Reserve Bank of India, Securities and Exchange Board of India, other Regulatory authorities for their co-operation and continued support to the Company. We look forward to their continued patronage and encouragement in all our future endeavours