As on: Sep 28, 2026 04:30 AM
To,
The Members of Veerkrupa Jewellers limited,
Your directors have pleasure in presenting their Report on the business and operations of the Company and the accounts for the Financial Year ended March 31, 2026.
OVERVIEW OF FINANCIAL PERFORMANCE
The Board's Report is prepared based on the standalone financial statements of the company.
FINANCIAL HIGHLIGHTS
During the financial year 2025-26, the Company recorded a significant increase in its operational scale. Total income for the year rose to Rs. 5,938.81 lakhs from Rs. 2,925.70 lakhs in the previous financial year, reflecting a growth of approximately 103%. The increase in revenue was driven by improved business operations, higher sales volumes, and better market demand.
Total expenses for the year stood at Rs. 5,928.57 lakhs, compared to Rs. 2,903.30 lakhs in FY 202425, an increase of approximately 104.2%, broadly in line with the expansion in business activity.
As a result, the Company's Net Profit before Tax stood at Rs. 10.24 lakhs, as against Rs. 22.40 lakhs in the previous year, reflecting a decline of approximately 54.3%, on account of the higher cost base relative to the growth in income. After accounting for a provision for tax of Rs. 2.91 lakhs (as against Rs. 3.50 lakhs in FY 2024-25) and a deferred tax credit of Rs. 9.32 lakhs (as against Rs. 1.02 lakhs in the previous year), the Profit After Tax stood at Rs. 16.65 lakhs, compared to Rs. 19.92 lakhs in the preceding year, registering a decline of approximately 16.4%.
The Company's Earnings Per Share (EPS) stood at Rs. 0.01 for FY 2025-26, as against Rs. 0.02 in FY 2024-25.
Overall, while the financial performance for FY 2025-26 reflects strong growth in the Company's operational scale and revenue, the profitability was impacted by a corresponding increase in
expenses. Management remains focused on strengthening operational efficiency, optimizing cost structures, and delivering sustainable long-term value to all stakeholders.
DIVIDEND
The Board of Directors of your Company has not recommended any dividend for the Financial Year ended 31st March 2026.
CHANGE IN CAPITAL STRUCTURE OF THE COMPANY
As of 31st March 2026, the Company's paid-up and subscribed share capital stood at Rs.13,10,52,533/-, comprising 13,10,52,533 equity shares of Rs.1/- each. Whereas, Authorised share capital stood at Rs.13,20,00,000/- comprising 13,20,00,000 equity shares of Rs.1/- each
During the year under review, there has been no change in the share capital structure of the company.
TRANSFER TO RESERVES
During the year under review, the Company has not transferred any amount to General Reserves Account.
CHANGE IN THE NATURE OF THE BUSINESS
During the year, there is no change in the nature of the business of the Company.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY
During the financial year under review, the Board of Directors, at its meeting held on 4th April 2025, approved the raising of funds through a rights issue. The Company subsequently received inprinciple approval for the same on 20th January 2026. However, the Company has not proceeded with the opening of the issue.
Further, the shareholders, through an Ordinary Resolution passed at the 6th Annual General Meeting held on 30th September 2025, approved an increase in the Authorised Share Capital of the Company from Rs. 13,20,00,000/- (Rupees Thirteen Crore Twenty Lakhs only), divided into 13,20,00,000 (Thirteen Crore Twenty Lakhs) equity shares of Rs. 1/- (Rupee One only) each, to Rs. 27,00,00,000/- (Rupees Twenty-Seven Crore only), divided into 27,00,00,000 (Twenty-Seven Crore) equity shares of Rs. 1/- (Rupee One only) each.
However, this resolution has not yet been given effect to. Accordingly, the Authorised Share Capital of the Company remains unchanged at Rs. 13,20,00,000/- (Rupees Thirteen Crore Twenty Lakhs only), divided into 13,20,00,000 (Thirteen Crore Twenty Lakhs) equity shares of Rs. 1/- (Rupee One only) each.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company does not have any Subsidiary, Joint venture or Associate Company.
DIRECTORS & KEY MANAGERIAL PERSONNEL
The Composition of Board of Director is as follow:
BOARD OF DIRECTORS
During the year, no changes in the composition of the Board of Directors took place.
KEY MANAGERIAL PERSONNEL
During the year, no changes in the composition of Key Managerial Personnel took place.
All the Independent Directors of the Company have given their declarations to the Company under Section 149(7) of the Act that they meet the criteria of independence as provided under Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations. In the opinion of the Board, they fulfil the conditions of independence as specified in the Act and the Listing Regulations and are independent of the management.
NUMBER OF BOARD MEETINGS
The Board of Directors duly met Seven (7) times on 4th April, 2025, 6th May 2025, 30th May 2025, 05th September 2025, 14th November 2025,15th January 2026 and 20th March 2026. Proper notices were given and proceedings were properly recorded and signed in the Minute Book maintained for the purpose.
The gap between two Board Meetings was within the maximum time gap prescribed under the Act and the Listing Regulations. The requisite quorum was present in all the meetings.
BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and SEBI (LODR) Regulation, 2015, the Board evaluated the effectiveness of its functioning and that of the Committees and of individual directors by seeking their inputs on various aspects of Board/Committee. The evaluation covered functioning and composition of the Board and its committees, understanding of the roles and responsibilities, experience, competencies, participation at the Board and Committee meetings, corporate governance practices etc.
Evaluation of the Board and its compositions was carried out through a defined process covering the areas of the Board's functioning viz. composition of the Board and Committees, understanding of roles and responsibilities, experience and competencies, contribution at the meetings etc.
MEETING OF INDEPENDENT DIRECTORS
During the year under review, a separate meeting of Independent Directors was held on 2 0th March, 2026, inter-alia, to discuss:
1. Evaluation of performance of Non-Independent Directors and the Board of Directors as a whole;
2. Evaluation of performance of the Chairman of the Company, taking into account the views of the Executive and Non-Executive Directors; and
3. Evaluation of the quality, content and timelines of flow of information between the Management and the Board that is necessary to effectively and reasonably perform its duties.
All the Independent Directors were present at the meeting.
DETAILS OF COMMITTEES OF THE BOARD
Audit Committee
The Company has formed the Audit Committee as per the applicable provisions of Section 177 of the Act read with the Companies (Meetings of Board and its Powers) Rules, 2014 (as amended) and also to comply with Regulation 18 of SEBI LODR Regulations. The Committee was constituted with the primary objective to monitor and provide effective supervision of the Managements' Financial Reporting Process with the view to ensure accurate, timely and proper disclosures and transparency, integrity and quality of financial reporting.
All the recommendations / submissions made by the Committee during the year were accepted by the Board.
The composition of the Committee and details of meetings attended by the members are given below:
Meeting dates: 6th May 2025, 30th May 2025, 14th November 2025, 15th January 2026 and 20th March 2026.
Nomination and Remuneration Committee
In compliance with the provisions of Section 178 of the Act and Regulation 19 of the Listing Regulations, the Board has constituted Nomination and Remuneration Committee (NRC). NRC of the Board has been constituted mainly to determine and recommend to the Board, the Company's policies on remuneration packages for Executive and Non-Executive Directors and policies on Nomination for Appointment of Directors, Key Managerial Personnel and Senior Management Personnel.
Meeting dates: 05th September, 2025.
The Policy of Nomination and Remuneration Committee has been placed on the website of the Company at https://www.veerkrupaiewellers.com/ .
Stakeholders' Relationship Committee
The Company has formed the Stakeholders' Relationship Committee as per Section 178 and other applicable provisions of the Act read with the Companies (Meetings of Board and its Powers) Rules, 2014 (as amended) and also to comply with Regulation 20 of SEBI Listing Regulations.
Meeting dates: 14th November, 2025.
ADEQUACY OF INTERNAL FINANCIAL CONTROLS
The Company has in place adequate internal financial Controls with reference to Financial Statements. The Board has inter alia reviewed the adequacy and effectiveness of the Company's internal financial controls relating to its financial statements.
During the year, such Controls were tested and no reportable material weakness was observed. RISK MANAGEMENT
The Company recognizes that risk is an integral part of business and is committed to managing the risks in proactive and efficient manner. The Company periodically assesses risk in the internal and external environment, along with the cost of treating risks and incorporates risk treatment plans in its strategy, business and operational plans.
The Company, through its risk management process, strives to contain impact and likelihood of the risk within the risk appetite as agreed from time to time with the Board of Directors.
Management Discussion and Analysis Report of the Annual Report identify key risks, which can affect the performance of the Company.
The Company has adopted a Risk Management Policy for a systematic approach to control risks. The Risk Management Policy of the Company developed in line with the business strategy lays down procedures for risk identification, evaluation, monitoring, review and reporting.
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
In terms of rule (9) of the Companies (Accounts) Rules, 2014, the Company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions are not applicable.
CORPORATE GOVERNANCE
As per Regulation 15(2) of the Listing Regulations, the compliance with the corporate governance provisions as speci6ied in Regulations 17, 17A, 18, 19, 20, 21, 22, 23, 24, 24A, 25, 26, 27 and clauses (b) to (i) of sub-regulation (2) of Regulation 46 and para-C, D and E of Schedule V shall not apply, in respect of-
A listed entity which has listed its specified securities on the SME Exchange.
Since the Company's specified securities are listed on the SME Exchange, the aforesaid corporate governance provisions, including the requirement to prepare and submit a Corporate Governance Report, are not applicable to the Company.
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 forms an integral part of this Report, and provides the Company's current working and future outlook. The Report is annexed herewith as "Annexure A".
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, with respect to Directors' Responsibility Statement, it is hereby confirmed that:
1. In the preparation of the annual accounts, the applicable accounting standards have been followed along with explanation relating to material departures;
2. The directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit/loss of the company for that period;
3. The directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
4. The directors have prepared the annual accounts on a going concern basis;
5. The directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and
6. The directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
AUDITORS AND THEIR REPORT
Statutory Auditors
M/s. Shah Karia & Associates, Chartered Accountants (ICAI Firm Registration No. 131546W),
were appointed as the Statutory Auditors of the Company for a first term of five consecutive financial years commencing from FY 2025-2026 to FY 2029-2030 at the 6th Annual General Meeting of the company held on 27th September, 2025. However, after the closure of financial year M/s. Shah Karia & Associates has tendered their resignation from the position of Statutory Auditor and M /S P H Shah and Co. [FRN:0115464W] has been appointed as Statutory Auditor for a period of 5 years commencing from 2026-27 to 2030-31 in the Board Meeting held on 04th September, 2026 and the same is subject to approval of Members.
M /S P H Shah and Co. [FRN:0115464W] have confirmed that they meet the eligibility criteria and are not disqualified under the provisions of the Companies Act, 2013 for appointment as Statutory Auditors of the Company.
Audit Report
The Board of Directors wishes to inform that the Statutory Auditors have issued a qualified opinion on the Standalone Financial Statements of the Company for the financial year ended 31st March, 2026. The Auditor's Report contains certain qualifications, as set out therein, on account of which the opinion expressed is not unmodified.
The Board's comments on the said qualifications, as required under Section 134(3)(f) of the Companies Act, 2013, are as under:
a) The Company has not maintained proper and updated books of account and financial records for the period ended March 31, 2026, as required under applicable accounting frameworks and statutory regulations. In the absence of complete and orderly accounting records, source documents, and internal control tracking, we were unable to perform standard review procedures to satisfy ourselves regarding the completeness, accuracy, and validity of the financial transactions reported in the Statement.
Management's Response:
The Company confirms that all books of account, financial records, and supporting documents relating to both the Head Office and the Narol Branch Office have been duly maintained, updated, reconciled, and made available to the Statutory Auditor for verification. Appropriate bifurcation of transactions between the Head Office and Branch Office has been maintained, and no material discrepancies were identified during the reconciliation process except for the reconciliation of sales figure of narol branch for one month with the GST return.
All accounting adjustments recommended by the Statutory Auditor in accordance with the applicable Indian Accounting Standards (Ind AS) have been duly incorporated in the books of account and financial statements for the year ended March 31, 2026.
The qualification in the Auditor's Report relates to a reconciliation difference of ^62,85,441/- pertaining to sales transactions of the Narol Branch, which arose due to an inadvertent mismatch in GST return reporting. The relevant sales were duly recorded in the books of account and reflected in the financial statements. The discrepancy has since been rectified through the applicable GST return filings and stands fully reconciled.
b) The Company has not reconciled the tax balances and transactions recorded in its books of account with the corresponding Goods and Services Tax (GST) portals and statutory returns (including GSTR-1, GSTR-3B, GSTR-2B, and annual ledgers). There are material unexplained variances between the input tax credit (ITC) claimed, output tax liabilities recorded, and the balances showing in the GST portal. In the absence of proper books of account and an updated GST reconciliation, we are unable to determine the extent of adjustments, potential tax liabilities, interest, penalties, or provisions required. Consequently, we cannot determine the consequential impact of these matters on the reported profit, assets, liabilities, and statutory compliance disclosures for the period.
The input tax credit (ITC) claimed in the GST returns has been reconciled with the ITC recorded in the books of account, and the related reconciliation statements along with supporting documents have been provided to the Statutory Auditors for their verification.
The Company notes that a difference of ^3.09 lakh continues to exist between the GST balances as per the books of account and those reflected on the GST portal. This variance primarily pertains to legacy items carried forward from earlier periods. The Company is undertaking a detailed review and reconciliation of these balances and expects to resolve the outstanding differences during the current financial year
c) The Company's inventory records are not detailed, lack item-wise identification, and lack precise valuation data for the period ending March 31, 2026. Managements valuation of inventory, totaling Rs. 1718.10 lacs, relied on estimates rather than on formal documentation or physical verification, leaving us unable to verify key inventory figures or their impact on the financial results
Considering the nature of the jewellery business, maintaining item-wise inventory records is not practicable. Accordingly, the Company maintains detailed gram-wise inventory records along with adequate supporting documentation.
The inventory as at March 31, 2026 has been valued based on the actual purchase cost and/or net realizable value of the respective inventory items, in accordance with the Company's accounting policies and the applicable financial reporting framework, and not on estimates or prevailing market prices.
Management believes that the inventory balance of ^1,718.10 lakh is fairly stated and supported by adequate records and documentation maintained by the Company.
d) We were unable to obtain independent external confirmations for Trade Receivables and Trade Payables as of March 31, 2026. In the absence of such confirmations, and because sufficient alternative review procedures were not feasible regarding the valuation, completeness, and reconciliation of these balances, we are unable to determine whether any adjustments are necessary to the carrying values of trade receivables and trade payables, or to the corresponding profit, assets, and liabilities reported for the period.
The Company confirms that balance confirmations from the relevant trade receivables and trade payables have been obtained and made available to the Statutory Auditors for verification. The matter referred to in the Auditor's Report relates solely to the timing of receipt and compilation of such confirmations during the course of the audit and does not cast any doubt on the existence, genuineness, recoverability, or settlement of the reported balances.
Based on the confirmations received, management is satisfied that the carrying values of trade receivables and trade payables are appropriately stated, and no adjustment to the financial statements is considered necessary in this regard.
The Company further notes that a confirmation received from one creditor, amounting to approximately ^10 lakh, does not reconcile with the balance reflected in the books of account due to an ongoing dispute. The matter is currently under resolution, and the related variance will be appropriately disclosed in the financial statements in accordance with the applicable disclosure requirements.
Cost Auditors
The Company has not appointed the Cost Auditor as pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules, 2014, the cost audit is not applicable to the Company.
Secretarial Auditors
In accordance with the provisions of Section 204 of the Companies Act, 2013, the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, and Regulation 24A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company appointed M/s Neelam Somani & Associates, Practicing Company Secretaries, as the Secretarial Auditor for a first term of five consecutive financial years, commencing from the Financial Year 2025-26 to 2029-30, at the 6th Annual General Meeting of the Company held on 30th September, 2025.
However, after the closure of financial year, M/s. Neelam Somani & Associates has tendered her resignation due to personal reason. Further, based on the recommendation of the Audit Committee, the Board of Directors has approved the appointment of M/s Madhav Upadhyay and Associates, Practicing Company Secretaries (Mem. No. A28110, COP No. 25760), as the Secretarial Auditors of the Company for a period of five consecutive years, to hold office from the conclusion of this Annual General Meeting Until the conclusion of the 12th Annual General Meeting of the Company to be held in the year 2031, to undertake the secretarial audit of the Company for the financial years 2026-27 to 2030-31.
The Company has received the requisite consent letter and eligibility certificate from M/s Madhav Upadhyay and Associates, Practicing Company Secretaries (Mem. No. A28110, COP No. 25760), confirming that the proposed appointment complies with the applicable provisions of the Companies Act, 2013, the SEBI Listing Regulations and other statutory requirements. The firm has also confirmed that it is a peer-reviewed firm and is not disqualified from being appointed as Secretarial Auditors in terms of the applicable laws. The proposal for appointment of Secretarial Auditors forms part of the Notice convening the ensuing Annual General Meeting and is placed before the Members for their approval.
Secretarial Audit Report:
In accordance with the provisions of the Section 204 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Secretarial Audit was carried out by M/s Neelam Somani & Associates, Company Secretary in Practice for the financial year 2025-26. The report of Secretarial Auditor for the financial year 2025-26 is annexed herewith marked as Annexure B to this Report.
The Secretarial Audit Report does not contain any qualification, reservation or adverse remark. RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the financial year ended March 31, 2026, were on an arm's length basis and were in the ordinary course of business. Therefore, the provisions of Section 188 of the Companies Act, 2013 were not attracted.
However, there are no materially significant related party transactions during the financial year made by the Company, thus, disclosure in Form AOC-2 is not required.
However, the disclosure of transactions with related parties for the financial year is given in Note no. M to the Balance Sheet i.e. as per Accounting Standard -18.
ANNUAL RETURN
In terms of Section 92(3) of the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company is available on the website of the Company at https://www.veerkrupajewellers.com/ .
PARTICULARS REGARDING EMPLOYEES
During, the financial year 2025-26, no employee of the Company was in receipt of remuneration exceeding the limits specified under Rule 5(2) of the said Rules. Accordingly, the disclosure of particulars under Rule 5(2) is not applicable.
SIGNIFICANT AND MATERIAL ORDER PASSED BY REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE
During the year under review, there is no significant and material order passed by regulators or courts or tribunals impacting the going concern status and Company's operations in future.
However, subsequent to the closure of the financial year, the Company received an order dated 29th May 2026 from the Securities and Exchange Board of India ("SEBI"), against the Company and its Director, Mr. Chirag Arvind Shah, alleging violations of Sections 12A(a), 12A(b), and 12A(c) of the SEBI Act, read with Regulations 3(a), 3(b), 3(c), 3(d), 4(1), 4(2)(f), 4(2)(k), and 4(2)(r) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, read with Regulation 2(1)(c) thereof. Pursuant to the said order, a monetary penalty of Rs. 20,00,000/- (Rupees Twenty Lakhs only) has been imposed on Mr. Chirag Arvind Shah under Section 15HA of the SEBI Act. Further, both the Company and Mr. Chirag Arvind Shah have been restrained from accessing the securities market and prohibited from buying, selling, or otherwise dealing in securities, directly or indirectly, in any manner, for a period of five (5) years.
An intimation in this regard, disclosing the material facts and information, was filed with BSE Limited on 5th June 2026.
The Company, along with Mr. Chirag Arvind Shah, has filed an appeal against the said SEBI order before the Securities Appellate Tribunal ("SAT"}, and the matter is currently pending adjudication before the said authority.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013
During the year, the Company has not given any loan, guarantee or provided security in connection with the loan to any other body corporate or person or made any investments. Hence, no particulars of the loans, guarantees or investments falling under the provisions of Section 186 of the Companies Act, 2013 are provided by the Board.
VIGIL MECHANISM
The Company has established the vigil mechanism through Whistle Blower Policy for all the stakeholders of the Company, which also provides for direct access to the Chairperson of the Audit Committee in appropriate or exceptional cases as per the Policy. The details of the Whistle Blower Policy are available on the website of the Company i.e. https://www.veerkrupajewellers.com/
DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has formulated and adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal} Act, 2013 and the Rules thereunder.
The Company always endeavors to create and provide an environment to its employees and external individuals engaged with the Company that is free from discrimination and harassment including sexual harassment. The Company has in place a robust policy on prevention of sexual harassment at workplace. The policy aims at prevention of harassment of employees as well as contractors and lays down the guidelines for identification, reporting and prevention of sexual harassment.
During the year under review, there were no incidences of sexual harassment reported and received.
COMPLIANCE WITH SECRETARIAL STANDARDS
During the year under review, the Company has complied with the provisions of Secretarial Standard 1 (relating to meetings of the Board of Directors} and Secretarial Standard 2 (relating to General Meetings} issued by the Institute of Company Secretaries of India.
DEPOSITS
The Company has not accepted or renewed any amount falling within the purview of provisions of Section 73 of the Companies Act, 2013 ("the Act"} read with the Companies (Acceptance of Deposit} Rules, 2014 during the period under review. Hence, the requirement for furnishing the details of deposits which are not in compliance with Chapter V of the Act is not applicable.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
In accordance with the requirements of Section 134(3)(m) of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014, the relevant details pertaining to conservation of energy, technology absorption, foreign exchange earnings, and outgo are annexed to this report as "Annexure C".
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
Since there was no unpaid/unclaimed dividend, the provisions of Section 125 of the Companies Act, 2013 do not apply.
INTERNAL AUDIT & CONTROLS
The Company has appointed Mr. Arvind Kumar as its Internal Auditors. During the year, the Company continued to implement their suggestions and recommendations to improve the control environment. Their scope of work includes review of processes for safeguarding the assets of the Company, review of operational efficiency, effectiveness of systems and processes, and assessing the internal control strengths in all areas. Findings of Internal Auditors are discussed with the process owners and suitable corrective actions were taken as per the directions of Audit Committee on an ongoing basis to improve efficiency in operations.
PROCEEDINGS PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE
There are no such proceedings or appeals pending and no application has been filed under Insolvency and Bankruptcy Code, 2016 during the year under review and from the end of the financial year up to the date of this report.
DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE-TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS
During the year under review, the Company has availed loans from the Banks. However, there was no instance of any one-time settlement for reporting details vis-a-vis Valuation.
ACKNOWLEDGEMENTS
Your directors wish to place on record their appreciation for the continuous support received from the Members, customers, suppliers, bankers, various statutory bodies of the Government of India and the Company's employees at all levels and look forward to their continued support in future.
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