Dear Members,
Your Director's have pleasure in presenting the 16th Annual Report of the Synoptics Technologies Limited (‘The Company) for the financial year ended on March 31, 2024.
1. FINANCIAL HIGHLIGHTS/ PERFORMANCE OF THE COMPANY:
The Company's performance during the financial year ended 31st March, 2024 are summarized in the following table:
2. COMPANY'S PERFORMANCE REVIEW:
Consolidated Performance
• Total revenue (including other income) at T 4341.66 Lakhs, for the year 2024 as compared to T 5124.05 Lakh in financial year 2023.
• Profit After Tax at T 600.67 Lakhs in financial year 2024 as against T 663.09 Lakhs in financial year 2023.
• EBITDA stood at T 1386.41 Lakhs in financial year 2024 as against T 1559.87 Lakhs in financial year 2023.
Standalone Performance
• Total revenue (including other income) at T 4342.21 Lakhs, for the year 2024 as compared to T 5123.72 Lakh in financial year 2023.
• Profit After Tax at T 600.37 Lakhs in financial year 2024 as against T 662.50 Lakhs in financial year 2023.
• EBITDA stood at T 1384.17 Lakhs in financial year 2024 as against T 1558.93 Lakhs in financial year 2023.
Your Director's express their satisfaction on the overall financial performance and the progress made by the Company during the year under review.
3. DIVIDEND
The Board of Directors' do not recommend any dividend for the year under review due to net loss of Company, however Directors ensure for better performance and good result in the near future of the Company.
4. TRANSFER TO RESERVES
No amount has been transferred to reserves and the profit for the year has been retained in the profit and loss account.
5. MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE COMPANY FROM THE END OF THE FINANCIAL YEAR TILL THE DATE OF THE REPORT
i. Mr. Narendra Mairpady have resigned from the post of Non - Executive Independent Director with effect from April 04, 2023.
ii. Company have approved Prospectus for Public Issue of 22,80,000 Equity Shares (including 8,00,000 Equity Share as Offer Sale from existing Shareholders) of Rs. 10/- Each at a Premium of Rs. 237/- per Equity Share on June 22, 2023. Issue was open from June 30, 2023 till July 05, 2023. Company got listed on National Stock Exchange (SME Platform) on July 13, 2023.
iii. Company have allotted 14,80,000 Equity Share pursuant to Public Issue on July 10, 2023 thereby increasing Paid - Up Share Capital of the Company from Rs. 7,00,00,000/- divided into 70,00,000 Equity Shares of Rs. 10/- each to Rs. 8,48,00,000/- divided into 84,80,000 Equity Shares of Rs. 10/- Each.
iv. Mrs. Riddhi Mayak Mehta have resigned from the post of Non - Executive Director with effect from August 18, 2023.
v. During the year under review Mrs. Bijal Ashish Sanghavi (DIN: 10407741) have been appointed as Additional Director (Non - Executive) of the Company with effect from November 10, 2023.
Apart from the above, there have been no other material changes and commitments, which affect the financial position of the company which have occurred between the end of the financial year to which the financial statements relate and the date of this Report.
6. CHANGES IN NATURE OF THE BUSINESS, IF ANY
There is no change in its nature of business of Company during the year under review.
7. LISTING OF SHARES THROUGH IPO ON NSE EMERGE PLATFORM:
The Company has listed its equity shares on SME Platform of National Stock Exchange w.e.f. July 13, 2023.
8. SHARE CAPITAL
During the year under review, there is no change in the Authorized. As at March 31, 2024, the Authorized Share Capital of the Company is Rs. 10,00,00,000/- divided into 1,00,00,000/- equity shares of Rs. 10/- each.
However, during the Year under review, Company have allotted 14,80,000 Equity Share pursuant to Public Issue on July 10, 2023 thereby increasing Paid - Up Share Capital of the Company from Rs. 7,00,00,000/- divided into 70,00,000 Equity Shares of Rs. 10/- each to Rs. 8,48,00,000/- divided into 84,80,000 Equity Shares of Rs. 10/- Each.
9. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
The particulars of Loan, Guarantees and Investments covered under section 186 of the Companies have been disclosed in Notes to the Financial Statement.
10. PUBLIC DEPOSITS
During the year under review your company has not accepted any deposits falling within the meaning of Section 73 of Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.
11. SUBSIDIARY COMPANY / ASSOCIATE COMPANY / JOINT VENTURE
The Company has a wholly owned subsidiary company namely Synoptics Communications Private Limited.
The Board of Directors (‘the Board') reviewed the affairs of the subsidiaries. In accordance with Section 129(3) of the Companies Act, 2013, the Company has prepared consolidated financial statements of the Company and all its subsidiaries, which form part of the Annual Report. Further, a statement containing the salient features of the financial statement of our subsidiaries in the prescribed format AOC-1 is appended as Annexure-I to the Board's report.
The statement also provides the details of performance and financial positions of each of the subsidiaries. In accordance with Section 136 of the Companies Act, 2013, the Audited Financial Statements, including the consolidated financial statements and related information of the Company and audited accounts of each of its subsidiaries are available on our website www.synoptics.co.in
12. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
During the year under review all the related party transactions/contracts/arrangements that were entered into by the Company during the year under review were on an arm's length basis and were in compliance with the applicable provisions of the Act and the Listing Regulations. There are no material significant related party transactions entered into by the Company with its Promoters, Directors, KMP or Senior Management Personnel which may have a potential conflict with the interest of the Company at large. All related party transaction as required under AS-18 are reported in the notes to financial statement of the Company. Form AOC - 2 forming part of this Directors Report is attached herewith as Annexure II.
All related party transactions were placed before the Audit Committee for its approval and noting on quarterly basis. Prior omnibus approval of the Audit Committee is obtained for the transactions which are foreseen and of a repetitive nature.
13. DIRECTORS AND KEY MANAGERIAL PERSONNEL
i. The Directors and Key Managerial personnel of the Company as on 31st March, 2024 are as below:
ii. Changed in Board of Directors and KMP's during the Financial year 2023-24:
• Mrs. Bijal Ashish Sanghavi (DIN: 10407741) have been appointed as Additional Director of the Company with effect from November 10, 2023.
• Mrs. Riddhi Mayak Mehta (DIN: 07226826) have resigned from the post of Non - Executive Director with effect from August 18, 2023.
• Mr. Narendra Mairpady have resigned from the post of Non - Executive Independent Director with effect from April 04, 2023.
iii. Retire by Rotation
Pursuant to the provisions of Section 152 of the Companies Act, 2013, the Office of Mr. Jagmohan Manilal Shah (DIN: 02329506) Director liable to retire by rotation at this Annual General Meeting, and being eligible, he has offered herself for re-appointment. Accordingly the proposal for his reappointment has been included in the Notice convening the Annual General Meeting of the Company.
A brief resume of Director seeking appointment/re-appointment consisting nature of expertise in specific functional areas and name of Companies in which they hold directorship and/or membership/chairmanships of the Committees of the respective Boards, Shareholding and relationship between Directorship inter-se as stipulated under Reg. 36(3) of SEBI (LODR) Regulations, 2015 are given in Section of the notice of AGM forming part of the Annual Report.
iv. Declaration under Section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 from Independent Directors:
The Company has duly complied with the definition of 'Independence' in according to the provisions of Section 149(6) of, read with Schedule IV- Code of Independent Directors to, the Companies Act, 2013 and Regulation 16 (1) (b) and Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (as amended). All the Independent Director/s, have submitted a declaration that he/she meets the criteria of independence and submits the declaration regarding the status of holding other directorship and membership as provided under
law. The Independent Directors have also confirmed that they have complied with the Company's code of conduct for Board and Senior Management as per Regulation 26(3) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The Independent Directors affirmed that none of them were aware of any circumstance or situation which could impair their ability to discharge their duties in an independent manner.
v. Disqualification of Directors:
During the financial year 2023-2024 under review the Company has received Form DIR-8 from all Directors as required under the provisions of Section 164(2) of the Companies Act, 2013 read with Companies (Appointment and Qualification of Directors) Rules, 2014.
14. COMMITTEES OF THE BOARD
As on March 31, 2024, the Board has constituted various committees in accordance with the provisions of the Companies Act, 2013, the details of which are given as under:
i. Audit Committee
ii. Nomination and Remuneration Committee
iii. Stakeholder Relationship Committee
i. Audit Committee:
Your Company has constituted an Audit Committee ("Audit Committee") as per section 177 of the Companies Act, 2013.
The composition of the Audit committee as follows: -
All members of the Audit Committee have the requisite qualification for appointment on the committee and possess sound knowledge of finance, accounting practices and internal controls. All the recommendations made by the Audit Committee were accepted by the Board. The Company Secretary acts as a secretary to the Committee.
During the Financial Year 2023-24, the Audit Committee of the Board of Directors met Seven (7) times viz April 05, 2023, June 22, 2023, July 10, 2023, July 12, 2023, September 05, 2023, November 10, 2023 and February 07, 2024.
The Role and powers of the committee are as under:
1) Overseeing the Company's financial reporting process and the disclosure of its financial information to ensure that the financial statements are correct, sufficient and credible.
2) Recommending to the Board, the appointment, re-appointment and, if required, the replacement or removal of the statutory auditor and the fixation of audit fees.
3) Approval of payment to statutory auditors for any other services rendered by the statutory auditors.
4) Reviewing, the annual financial statements before submission to the board for approval, with particular reference to:
a) Matters required to be included in the Directors Responsibility Statement in the Board's report in terms of clause (c) of sub-section 3 of Section 134 of the Companies Act, 2013.
b) Changes, if any, in accounting policies and practices and reasons for the same.
c) Major accounting entries involving estimates based on the exercise of judgment by management.
d) Significant adjustments made in the financial statements arising out of audit findings.
e) Compliance with listing and other legal requirements relating to financial statements.
f) Disclosure of any related party transactions.
g) Modified opinion(s) in the draft audit report.
5) Reviewing, with the management, the half yearly and annual financial statements before submission to the board for approval.
6) Reviewing, with the management, the statement of uses / application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offer document/prospectus/notice and the report submitted by the monitoring agency monitoring the utilization of proceeds of a public or rights issue, and making appropriate recommendations to the Board to take up steps in this matter.
7) Reviewing and monitoring the auditor's independence and performance and effectiveness of audit process.
8) Approval of any transactions of the Company with Related Parties, including any subsequent modification thereof.
9) Scrutiny of inter-corporate loans and investments.
10) Valuation of undertakings or assets of the Company, wherever it is necessary.
11) Evaluation of internal financial controls and risk management systems.
12) Reviewing, with the management, performance of statutory and internal auditors, and adequacy of the internal control systems.
13) Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit.
14) Discussion with internal auditors on any significant findings and follow up there on.
15) Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the board.
16) Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern.
17) To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors.
18) To review the functioning of the Whistle Blower mechanism, in case the same exists.
19) Approval of appointment of CFO or any other person heading the finance function or discharging that function after assessing the qualifications, experience & background, etc. of the candidate.
20) To overview the Vigil Mechanism of the Company and take appropriate actions in case of repeated frivolous complaints against any Director or Employee.
21) To implement Ind AS (Indian Accounting Standards), whenever required.
22) Monitoring the end use of funds raised through public offers and related matters.
The Audit Committee shall mandatorily review the following information:
a. Management Discussion and Analysis of financial condition and results of operations.
b. Statement of significant related party transactions (as defined by the Audit Committee), submitted by management.
c. Management letters / letters of internal control weaknesses issued by the statutory auditors.
d. Internal Audit Reports relating to Internal Control Weaknesses.
e. The appointment, removal and terms of remuneration of the Chief Internal Auditor shall be subject to review by the audit committee.
23) Statement of deviations:
a. Half yearly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock exchange(s) in terms of Regulation 32(1).
b. Annual statement of funds utilized for purposes other than those stated in the offer document/prospectus/notice in terms of Regulation 32(7).
Powers of the Audit Committee:
? Investigating any activity within its terms of reference;
? Seeking information from any employee;
? Obtaining outside legal or other professional advice; and
? Securing attendance of outsiders with relevant expertise, if it considers necessary.
ii. Nomination & Remuneration Committee
The constitution of the Nomination and Remuneration Committee is in compliance with the provisions of Section 178 of the Companies Act, 2013.
The Composition of the Nomination and Remuneration Committee are as under:
The Board has in accordance with the provisions of sub-section (3) of Section 178 of the Companies Act, 2013, formulated the policy setting out the criteria for determining qualifications, positive attributes, independence of a Director and policy relating to remuneration for Directors, Key Managerial Personnel and other employees.
* The composition of Nomination & Remuneration committee has been re-constituted in the board meeting held on November 10, 2023.
During the Financial Year 2023-24, the Nomination and Remuneration Committee of the Board of Directors met Five Times i.e. April 05, 2023, July 10, 2023, September 05, 2023, November 10, 2023 and February 07, 2024.
ROLE OF THE COMMITTEE:
Role of Nomination and Remuneration Committee are as under:
a) Formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the Board of Directors a policy relating to, the remuneration of the directors, Key Managerial Personnel and other associates.
b) Formulation of criteria for evaluation of performance of Independent Directors and the Board of Directors.
c) Devising a policy on diversity of Board of Directors.
d) Identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, and recommend to the Board of Directors their appointment and removal.
e) Whether to extend or continue the term of appointment of the Independent Director, on the basis of the report of performance evaluation of Independent Directors.
f) Such other matters as may from time to time be required by any statutory, contractual or other regulatory requirements to be attended to by such committee.
iii. Stakeholders Relationship Committee
The Company has constituted a stakeholders relationship committee to redress the complaints/grievances of its shareholders/investors related to non-receipt of annual report, dividend payment, issue of duplicate share certificates, transmission of shares and other related complaints. The stakeholder relationship committee was constituted as per the provisions of Section 178(5) of the Companies Act, 2013 and Regulation 20 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.
The composition of the Stakeholders Relationship Committee is as under:
* The composition of Stakeholders Relationship committee has been re-constituted in the board meeting held on November 10, 2023.
During the Financial Year 2023-24, the Stakeholders Relationship Committee of the Board of Directors met Five Times i.e. April 05, 2023, July 10, 2023, September 05, 2023, November 10, 2023 and February 07, 2024.
The Stakeholder Relationships Committee shall oversee all matters pertaining to investors of our Company.
The terms of reference of the Investor Grievance Committee include the following:
a. Redressal of shareholders'/investors' complaints;
b. Reviewing on a periodic basis the Approval of transfer or transmission of shares, debentures or any other securities made by the Registrar and Share Transfer Agent;
c. Issue of duplicate certificates and new certificates on split/consolidation/renewal;
d. Non-receipt of declared dividends, balance sheets of the Company; and
e. Carrying out any other function as prescribed under the SEBI (Listing Obligation and Disclosure
b) Requirements) Regulations, 2015.
15. BOARD MEETINGS HELD DURING THE YEAR
The Board oversees the overall functioning of the Company. The Board provides and evaluates the strategic direction of the Company, management policies and their effectiveness and ensures that the long-term interests of the stakeholders are being served in order to effectively perform its responsibility of oversight. In compliance with the statutory requirements, and to provide a focused discharge of its responsibilities, the Board has constituted various committees with necessary terms of reference.
During the year 2023-24, Eleven (11) Board Meetings were held on 5th April, 2023, 10th April, 2023, 22nd June, 2023, 10th July, 2023, 12th July, 2023, 7th August, 2023, 5th September, 2023, 8th November, 2023, 10th November, 2023, 16th December, 2023 and 7th February, 2024. the Board met 11 times. The maximum interval between any two meetings was not more than 120 (one hundred and twenty) days, as stipulated under Section 173(1) of the Act, Regulation 17(2) of the Listing Regulations and the Secretarial Standards-1 issued by Institute of Company Secretaries of India.
16. FORMAL ANNUAL EVALUATION
The Board has devised a policy pursuant to the provisions of the Act and the SEBI Listing Regulations for performance evaluation of the Chairman, Board, individual directors (including independent directors) and Committees which includes criteria for performance evaluation of non-executive Directors and Executive Directors.
The Nomination and Remuneration Committee of the Company has specified the manner of effective evaluation of the performance of Board, its committees and individual directors of the Company and has authorized the Board to carry out their evaluation based on the manner specified by the Committee. The performance of the Chairman, each of the director and Committees was evaluated by the Board, based on report on evaluation received from the Board Members. The reports on performance evaluation of the individual directors were reviewed by the Board.
17. DIRECTORS' RESPONSIBILITY STATEMENT
The audited accounts for the year under review are in conformity with the requirements of the Companies Act, 2013 and the Accounting Standards. The financial statements reflect fairly the form and substance of transactions carried out during the year under review and reasonably present your Company's financial condition and results of operations.
Pursuant to Section 134 (3) (C) of the Companies Act, 2013 the Directors confirm that:
a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any;
b) The accounting policies selected have been applied consistently, and judgements and estimates are made that are reasonable and prudent, so as to give a true and fair view of the state of affairs of your Company as at 31st March 2024 and of the profit of your 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 Act for safeguarding the assets of your Company, and for preventing and detecting fraud and other irregularities;
d) The annual accounts have been prepared on a going concern basis;
e) Your company has laid down proper internal financial controls and that such internal financial controls are adequate and were operating effectively;
f) Your Company has devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
18. ENERGY CONSERVATION, TECHNOLOGY ABSORBTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 for the year ended March 31,2024 is given below:
CONSERVATION OF ENERGY:
• The Steps taken or impact on conservation of energy:
The operations of the Company do not involve high energy consumption. However, the Company has for many years now been laying great emphasis on the Conservation of Energy and has taken several measures including regular monitoring of consumption, implementation of viable energy saving proposals, improved maintenance of systems etc.
• The Steps taken by Company for utilizing alternate source of energy: Nil
• The capital investment on energy conservation equipment's: Nil TECHNOLOGY ABSORPTION:
• The efforts made towards technology absorption: Nil
• The benefits derived like product improvement, cost reduction, product development or import substitution: Nil
• In case of imported technology (imported during the last three years reckoned from the beginning of the Financial Year):
FOREIGN EXCHANGE EARNINGS AND OUTGO:
19. EXTRACT OF THE ANNUAL RETURN
As per the amendment in Rule 12 of Companies (Management and Administration) Rules, 2014, a company shall not be required to attach the extract of annual return with the Board's Report in Form No. MGT-9, in case the web link of such annual return has been disclosed in the Board's report in accordance with sub-section (3) of section 92 of the Companies Act, 2013.
The Annual return will be placed on the weblink of the company viz., https://www.synoptics.co.in.
20. CORPORATE GOVERNANCE
Company got listed on NSE Emerge platform on 13th July, 2023 but as the shares are listed on SME Platform of NSE, by virtue of Regulation 15 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the compliance with the corporate governance provisions as specified in regulations 17 to 27 and clause (b) to (i) of sub-regulation (2) of regulation 46 and Para C, D and E of schedule V are not applicable to the Company. Hence Corporate Governance does not form part of this Board's Report.
21. COMPLIANCES OF SECRETARIAL STANDARDS
The Company is in compliance with all the applicable standards issued by the Institute of Company Secretaries of India.
22. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has its internal financial control systems commensurate with the size and complexity of its operations, to ensure proper recording of financials and monitoring of operational effectiveness and compliance of various regulatory and statutory requirements. The management regularly monitors the safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records including timely preparation of reliable financial information.
23. PARTICULARS OF EMPLOYEES
The Company has no employee, who is in receipt of remuneration of Rs 8,50,000/- per month or Rs. 1,02,00,000/- per annum and hence the Company is not required to give information under sub rule 2 and 3 of rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Further the following details forming part of Annexure III to the Board Report.
> Pursuant to Rule 5(2) of the Companies (Appointment and remuneration of managerial personnel) Rules, 2014 statement containing the names and other particulars of Top Ten employees in terms of remuneration drawn by them
> Disclosure Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
24. MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis Report as required under Regulation 34 and Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is furnished as an Annexure IV.
25. AUDITORS
(a) Statutory Auditor
Members of the Company have approved the appointment of M/s. Yogesh J Walavalkar & Co., Chartered Accountants, Palghar, (FRN: 132628W), as the statutory auditors of the company for a consecutive term of five years at the Annual General Meeting held on September 29, 2023 till the conclusion of Annual General Meeting for the financial year 2027-28.
(b) Secretarial Auditor
During the year under review, the Board of Directors had appointed M/s. Mishra and Associates, Practicing Company Secretaries, Mumbai, as the Secretarial Auditors of the Company for the financial year 2023-24.
The Secretarial Audit Report issued by M/s. Mishra & Associates, Company Secretaries, for the Financial Year 2023-24. In Form MR-3 is annexed as "Annexure VI" and forms a part of this Report.
(c) Internal Auditor
M/s. Rishabh S Vora & Co, Chartered Accountants, Mumbai, were as Internal Auditors of the Company for conducting Internal Audit functions for the financial year 2023-24.
26. REPORTING OF FRAUDS BY AUDITORS
During the year under review, the Statutory Auditors have not reported any instances of frauds committed in the Company by its Officers or Employees under Section 143(12) of the Companies Act, 2013.
27. DETAILS OF SIGNIFICANT AND MATERIAL ORDER PASSED BY THE REGULATOR OR COURT OR TRIBUNAL
There were no significant and material orders issued against the Company by a regulating authority or court or tribunal that could affect the going concern status and company's operation in future.
28. VIGIL MECHANISM
Your Company has established a robust Vigil Mechanism for reporting of concerns through the Whistle Blower Policy of your Company, which is in compliance of the provisions of section 177 of the Companies Act, 2013, read with rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014, and the Listing Regulations. The Policy provides for framework and process whereby concerns can be raised by its employees against any kind of discrimination, harassment, victimization or any other unfair practice being adopted against them. Adequate safeguards are provided against victimization to those who avail of the mechanism, and access to the Chairman of the Audit Committee, in exceptional cases, is provided to them. The details of the Vigil Mechanism are also provided in the Corporate Governance Report, which forms part of this Annual Report and the Whistle Blower Policy has been uploaded on the website of your Company, www.synoptics.co.in under the head investor section.
29. REPORTING OF FRAUD BY AUDITORS
During the year under review, neither the statutory auditors nor the secretarial auditor have reported to the Audit Committee under section 143(12) of the Companies Act, 2013 any instances of fraud committed against your Company by its officers and employees, details of which would need to be mentioned in the Board's Report. There were no frauds disclosed during the Financial Year.
30. CODE OF CONDUCT
The Board has laid down a specific code of Conduct for all Board Members and Senior Management of the Company. All the Board Members and Senior Management Personnel have affirmed compliance with the Code on annual basis.
31. PREVENTION OF INSIDER TRADING
In compliance with the provisions of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, as amended, the Company has formulated and adopted the "Code of Conduct to regulate, monitor and report trading by designated persons in Listed" of the Company ("the Insider Trading Code"). The object of the Insider Trading Code is to set framework, rules and procedures which all concerned should follow, both in letter and spirit, while trading in listed securities of the Company.
The Company has also adopted the Code of Practice and Procedures for Fair Disclosure of Unpublished Price Sensitive Information („the Code") in line with the Securities and Exchange Board of India (Prohibition of Insider Trading) Amendment Regulations, 2018 and formulated a Policy for determination of, legitimate purposes as a part of the Code. The Code also includes policy and procedures for inquiry in case of leakage of Unpublished Price Sensitive Information (UPSI) and aims at preventing misuse of UPSI. The mechanism for monitoring trade in the Company's securities by the "Designated Employees" and their relative's helps in real time detection and taking appropriate action, in case of any violation/non-compliance of the Company's Insider Trading Code.
32. MEANS OF COMMUNICATION
The Board believes that effective communication of information is an essential component of Corporate Governance. The Company regularly interacts with its shareholders through multiple channels of communication such as Company's Website and stipulated communications to Stock Exchange where the Company's shares are listed for announcement of Financial Results, Annual Report, Notices, Outcome of Meetings, Company's Policies etc.
33. PREVENTION OF SEXUAL HARRASMENT OF WOMEN AT WORKPLACE
Your Company has Zero tolerance for sexual harassment at workplace. The Company has adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH Act) and the rules framed thereunder. All employees (permanent, contractual, temporary, trainees) are covered under this policy.
During the Financial Year 2023-24, the company has received no complaints on sexual harassment.
34. HUMAN RESOURCE
Your Company's human resources is the strong foundation for creating many possibilities for its business. During the year under review, your Company added greater employee talent through seamless integration of acquired assets. Continuous people development for developing knowledge and skills coupled with the Talent Management practices will deliver the talent needs of the organization. Your Company treats its "Human Resources" as one of its most important assets. Your Company continuously invests in attraction, retention and development of talent on ongoing basis. Your Company thrust is on the promotion of talent internally through job rotation and job enlargement.
35. WEBSITE
The Company has a website addressed as www.synoptics.co.in Website contains the basic information about the Company - details of its Business, Financial Information, Shareholding Pattern, Contact Information of the Designated Official of the Company who is responsible for assisting and handling investors grievances and such other details as may be required under sub regulation (2) of Regulation 46 of the Listing Regulations, 2015. The Company ensures that the contents of this website are periodically updated.
36. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS
A policy known as "Appointment criteria for Directors & Senior Management and their Remuneration Policy" approved by the Nomination and Remuneration Committee and Board is followed by the Company on remuneration of Directors and Senior Management employees as required under Section 178(3) of the Companies Act, 2013 and Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014. The Policy aims at attracting and retaining high caliber personnel from diverse educational fields and with varied experience to serve on the Board for guiding the Management team to enhanced organizational performance.
37. CORPORATE SOCIAL RESPONSIBILITY
In compliance with requirements of Section 135 of the Act, the Company has laid down a CSR Policy. The composition of the Committee, contents of CSR Policy and report on CSR activities carried out during the financial year ended March 31, 2023 in the format prescribed under the Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed herewith as Annexure V.
38. ACKNOWLEDGEMENT
Your Director's express their deep sense of gratitude to the banks, financial institutions, stakeholders, business associates, Central and State Governments for their co-operation and support and look forward to their continued support in future.
Your Director's very warmly thank all our employees for their contribution to your Company's performance. We applaud them for their superior levels of competence, dedication and commitment to your Company. We have immense respect for every person who risked their lives and safety to fight this pandemic.