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EQUITY - MARKET SCREENER

GFL Ltd
Industry :  Finance & Investments
BSE Code
ISIN Demat
Book Value()
500173
INE538A01037
240.0659991
NSE Symbol
P/E(TTM)
Mar.Cap( Cr.)
GFLLIMITED
0
745.55
EPS(TTM)
Face Value()
Div & Yield %
0.11
1
0
 

As on: Mar 29, 2024 08:02 AM

To,

The Members,

GFL Limited

Your Directors take pleasure in presenting to you Thirty Sixth Annual Report of your Company together with Audited Financial Statements for the Financial Year ended on 31st March, 2023.

1. FINANCIAL PERFORMANCE

The financial performance of your Company on standalone bases for the year ended 31st March, 2023 is highlighted below:

Amount (Hin Lakhs)

Standalone
Sr. No. Particulars 2022-23 2021-22
I. Revenue from Operations
(i) Interest Income - 5.48
(ii) Fees and commission income 260.36 148.96
(iii) Net gain on fair value changes 62.07 21.45
Total Revenue from operations 322.43 175.89
II. Other income - 42.19
III. Total Revenue (I+II) 322.43 218.08
IV. Total Expenses 225.04 140.61
V. Profit/(loss) before exceptional items and tax (III-IV) 97.39 77.47
VI. Exceptional items 246,673.67 69.51
VII. Profit/(loss) before tax (V-VI) 246,771.06 146.98
VIII. Total Tax expenses 14,362.99 50.17
IX. Profit/(Loss) for the year from continuing operations (VII-VIII) 232,408.07 96.81
X. Profit from discontinued operations (after tax) - -
XI. Other comprehensive income (including discontinued operations) 21.34 (2.52)
XII. Total comprehensive income for the year (IX+X+XI) 232,429.41 94.29

The financial performance of your Company on consolidated bases for the year ended 31st March, 2023 is highlighted below:

Amount (H in Lakhs)

Consolidated
Sr. No. Particulars 2022-23 2021-22
I. Revenue from Operations 322.43 175.89
II. Other income 24.19 82.09
III. Total Revenue (I+II) 346.62 257.98
IV. Total Expenses 243.11 873.64
V. Share of profit / (loss) of associate (5,522.08) 199.96
VI. Profit/(loss) before exceptional items and tax (III-IV+V) (5,418.57) (415.70)
VII. Exceptional items 245,026.71 69.51
VIII. Profit/(loss) before tax (VI-VII) 239,608.14 (346.19)
IX. Total Tax expense 13,739.86 64.32
X. Profit/(Loss) for the year from continuing operations (VIII-IX) 225,868.28 (410.51)

Amount (H in Lakhs)

Consolidated
Sr. No. Particulars 2022-23 2021-22
XI. Loss from discontinued operations (after tax) (2,369.10) (23,943.30)
XII. Other comprehensive income (including discontinued operations) 22.76 91.60
XIII. Total comprehensive income for the year (X+XI+XII) 223,521.94 (24,262.21)
XIV. Total comprehensive income for the year attributable to
- Owners of the Company 224,866.27 (11,086.97)
- Non-controlling interests (1,344.33) (13,175.24)

Detailed analysis of the Financial and Operational Performance of the Company has been given in the Management Discussion and Analysis forming part of this Annual Report.

2. CONSOLIDATED FINANCIAL STATEMENTS

As per Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as "Listing Regulations") and applicable provisions of the Companies Act, 2013 read with the Rules issued there under, the Consolidated Financial Statements of the Company for the Financial Year 2022-23 have been prepared in compliance with applicable Accounting Standards and on the basis of Audited Financial Statements of the Company and its subsidiaries and Unaudited Financials of its associate, as approved by the respective Board of Directors.

The Consolidated Financial Statements together with the Auditors' Report form part of this Annual Report. The Audited Standalone and Consolidated Financial Statements for the Financial Year 2022-23 shall be laid before the Annual General Meeting for approval of the Members of the Company.

3. RE-CLASSIFICATION OF PERSONS FORMING PART OF THE ‘PROMOTER AND PROMOTER GROUP CATEGORY' TO THE ‘PUBLIC CATEGORY'

During the year under review, the Company has reclassified INOX Leasing and Finance Limited (ILFL), Devansh Trademart LLP, Aryavardhan Trading LLP (Earlier known as Siddhapavan Trading LLP), Mr. Vivek Kumar Jain, Mr. Devansh Jain, Mrs. Nandita Jain, Mrs. Hem Kumari Jain and Mr. Kapoor Chand Jain forming part of the ‘Promoter and Promoter Group Category' to the ‘Public Category'. The notice of the postal ballot dated November 14, 2022, was sent via email to shareholders with registered email addresses for electronic communication.

The Company had obtained Shareholders approval dated 15th December, 2022 passed through Postal Ballot, approving the resolution for Re-classification of Persons forming part of the ‘Promoter and Promoter Group Category' to the ‘Public Category'.

The results of the postal ballot were announced on December 15, 2022. The resolution was passed with requisite majority.

The Company have received approval letters from BSE and NSE dated 29th March, 2023 and intimated the same to Stock Exchanges on 29th March, 2023.

4. AMALGAMATION OF A SUBSIDIARY COMPANY

The Board of Directors of the erstwhile INOX Leisure Limited (which was a subsidiary of the Company), at its meeting held on 27 March 2022, approved a Scheme of Amalgamation ("the Scheme") of INOX Leisure Limited ("the Transferor Company") with PVR Limited ("the Transferee Company" and now known as PVR INOX Limited) under Sections 230 to 232 of the Companies Act, 2013. As per the Scheme, the share exchange ratio was 3 equity shares of the face value of H 10 of the Transferee Company, credited as fully paid-up, for every 10 equity shares of the face value of H 10 each fully paid-up held by such member in the Transferor Company. Over time, the Scheme had received all the necessary approvals from the authorities and a certified copy of the National Company Law Tribunal order was filed with the Registrar of Companies (ROC) on 6th February 2023 i.e., the effective date of merger. The appointed date was 1st January 2023. Upon the Scheme becoming effective, the Transferor Company stood dissolved, without following the procedure of winding up. As per the Scheme, on the merger of the Transferor Company with the Transferee Company, the Company has received 158,35,940 fully paid-up equity shares of the Transferee Company, which represents 16.16% of the total paid-up equity capital of the Transferee Company.

Accordingly, the Company has derecognised its investment in its subsidiary INOX Leisure Limited, recognised the resultant investment in PVR INOX Limited at fair value and the resultant gain of H 2,46,674 lakhs is recognised in the statement of profit and loss as an exceptional item. Further, the resultant investment in PVR INOX Limited is classified as investment in an associate.

5. SHARE CAPITAL

The paid-up equity share capital of the Company as on March 31, 2023 was H 10,98,50,000 (Rupees Ten crore Ninety Eight Lakhs and Fifty Thousand only) comprising of 10,98,50,000 equity shares of H 1/- each. The Company has neither issued share with differential voting rights nor sweat equity.

No change in the Share Capital of the Company during the year.

6. DIVIDEND

Your Directors have not recommended any dividend for the Financial Year ended 31st March, 2023.

In accordance with Regulation 43A of the Listing Regulations, the Company has formulated a ‘Dividend Distribution Policy' and details of the same have been uploaded on the Company's website https://www. gfllimited.co.in/pdf/company_policies/gfl%20limited_ dividend_distribution_policy.pdf .

7. TRANSFER OF UNAPID DIVIDEND /UNCLAIMED AMOUNT AND SHARES TO INVESTOR EDUCATION AND PROTECTION FUND

During the year under review, the Company has credited Unpaid Dividend (Final – FY 2014 -15) aggregating to H 27.06 lakhs to the Investor Education and Protection Fund (IEPF) pursuant to the provisions of the Companies Act, 2013.

In accordance with the provisions of Companies Act, 2013, the Company during the Financial Year 2022-23, has transferred 57,314 equity shares of Re 1 each, to the credit of IEPF Authority, in respect of which dividend had not been paid or claimed by the members for seven consecutive years. The Company has uploaded on its website the details of unpaid and unclaimed amounts lying with the Company as on date of last Annual General Meeting (i.e. 26th September, 2022) and details of shares transferred to IEPF. The aforesaid details are available on the Company's website http://www.gfllimited.co.in/IEPF_Shares.php and can be accessed at the website of the IEPF Authority (www.iepf.gov.in).

The voting rights on the shares transferred to IEPF Authority shall remain frozen till the rightful owner claims the shares.

8. TRANSFER TO RESERVES

During the year under review, the Company has not transferred any amount to the General Reserves.

9. DIRECTORS AND KEY MANAGERIAL PERSONNEL

Director

Re-appointment

• Pursuant to the provisions of Section 152 of the Companies Act, 2013, Mr. Pavan Kumar Jain (DIN: 00030098), was re-appointed as a Non-Executive Director of the Company as he was liable to retire by rotation.

Retirements / Resignations

We would like to inform that no director (Executive, Non- Executive and Independent Director) had resigned during the Financial Year 2022-23.

Key Managerial Personnel

In terms of Section 203 of the Act, the Board has designated the following persons as Key Managerial Personnel of your Company:

• Mr. Devendra Kumar Jain, Managing Director

• Mr. Dhiren Asher, Chief Financial Officer (Appointed w.e.f. 06th April, 2023)

• Mr. Mukesh Patni, Chief Financial Officer (Resigned w.e.f. 31st March, 2023)

• Ms. Bhavi Shah, Company Secretary (Resigned w.e.f. 10th June, 2022)

• Ms Divya Shrimali, Company Secretary (Appointed w.e.f. 11th June, 2022).

10. NOMINATION AND REMUNERATION POLICY

The Company has in place a Nomination and Remuneration Policy for the Directors, Key Managerial Personnel, Senior Management and other Employees pursuant to the provisions of the Act and Regulation 19 of the SEBI Listing Regulations.

The Nomination and Remuneration Policy of the Company is uploaded on the Company's website www.gfllimited.co.in. Salient features and objectives of the Policy are as follows:

a. To lay down criteria for identifying persons who are qualified to become Directors and who may be appointed in Senior Management of the Company in accordance with the criteria laid down by Nomination and Remuneration Committee and recommend to the Board their appointment and removal;

b. To formulate criteria for determining qualification, positive attributes and Independence of a Director;

c. To evaluate 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;

d. Todeterminethecompositionandlevelofremuneration, including reward linked with the performance, which is reasonable and sufficient to attract, retain and motivate Directors, KMP, Senior Management Personnel & other employees to work towards the long term growth and success of the Company;

e. To recommend to the board, all remuneration, in whatever form, payable to senior management;

f. To formulate criteria for evaluation of performance of independent directors and the board of directors;

g. devising a policy on diversity of board of directors;

h. To formulate 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 employees;

11. DECLARATION OF INDEPENDENCE

The Company has received declarations from all the Independent Directors confirming that they meet the criteria of independence as prescribed under the provisions of Section 149 (6) of the Act read with the Schedules and Rules issued thereunder as well as Regulation 16 of Listing Regulations (including any statutory modification(s) or re-enactment(s) thereof for the time being in force). There has been no change in the circumstances affecting their status as Independent Directors of the Company. Further, all Independent Directors of the Company have registered their names in the Independent Directors' Databank.

The Independent Directors have complied with the code for Independent Directors prescribed in Schedule IV of the Act.

12. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS

Details of Familiarisation Programme for Independent Directors are given in the Corporate Governance Report, which forms part of this Annual Report.

13. PERFORMANCE EVALUATION

Performance Evaluation forms containing criteria for evaluation of Board as a whole, Committees of the Board and individual Directors and Chairperson of the Company were sent to all the Directors with a request to provide their feedback to the Company on the Annual Performance Evaluation of Board as a whole, Committees of Board, Individual Directors and Chairperson of the Company, fulfillment of the independence criteria and independence of Independent Directors from the management for the Financial Year 2022-23. Further, based on the feedback received by the Company, the Board of Directors at its Nomination and Remuneration Committee Meeting held on 6th April, 2023 had noted that the Annual Performance of each of the Directors is highly satisfactory and decided to continue the terms of appointment of all the Independent Directors of the Company.

14. MEETINGS OF THE BOARD

During the year under review, five (5) Meetings of the Board of Directors of the Company.

The details of the meetings of the Board of Directors of the Company held and attended by the Directors during FY2023 are detailed in the Corporate Governance Report, forming part of this Report.

15. AUDIT COMMITTEE

The Composition of Audit Committee is disclosed in the Corporate Governance Report which forms part of this Annual Report.

The Board accepted the recommendations of the Audit Committee whenever made by the Committee during the year.

16. DIRECTORS' RESPONSIBILITY STATEMENT AS PER SUB-SECTION (5) OF SECTION 134 OF THE COMPANIES ACT, 2013

To the best of their knowledge and belief and according to the information and explanations obtained by your Directors, they make the following statements in terms of Section 134(3) (c) of the Companies Act, 2013:

i. in the preparation of the Annual Accounts for the Financial Year ended 31st March, 2023, the applicable Accounting Standards and Schedule III of the Companies Act, 2013, have been followed and there are no material departures from the same;

ii. the Directors had 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;

iii. the Directors had 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;

iv. the Directors had prepared the Annual Accounts on a going concern basis;

v. the Directors had laid down Internal Financial Controls to be followed by the Company and that such Internal Financial Controls were adequate and were operating effectively and

vi. the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

17. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE

There are no orders passed by the regulators or courts or tribunals impacting the going concern status and the Company's operations in future.

18. PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN AND SECURITIES PROVIDED

Particulars of investments made under section 186 of the Act are disclosed in the Standalone Financial Statements of the Company. The Company has not given any loan or provided any securities or given any guarantee during the year covered under Sections 185 and 186 of the Act. Please refer to Note nos. 8 and 27 to the Standalone Financial Statements of the Company.

19. CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES

All contracts / arrangements / transactions entered by the Company during the year under review with Related Parties were on arm's length basis as approved by the Audit Committee and/or Board, as per the provisions of Section 188 of the Companies Act, 2013 read with the Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014 and Regulation 23 of the Listing Regulations. During the year under review, the Company had not entered into any contract / arrangement / transaction with Related Parties which could be considered material in accordance with the Policy of the Company on materiality of Related Party Transactions.

The Policy on materiality of Related Party Transactions and dealing with Related Party Transactions as approved by the Board may be accessed on the Company's website at the link: https://www.gfllimited.co.in/company_policies.html

All transactions entered with Related Parties for the year under review were on arm's length basis and were free from material transactions, therefore disclosure in Form AOC -2 is not required to be annexed to this report.

20. DEPOSITS

The Company has not accepted any deposits covered under Chapter V of the Act.

21. SUBSIDIARY COMPANY AND ASSOCIATE COMPANY

A separate statement containing the salient features of financial statements of Subsidiaries and Associate Company of the Company forms a part of consolidated financial statements in compliance with Section 129 and other applicable provisions, if any, of the Companies Act, 2013. In accordance with Section 136 of the Companies Act, 2013, the financial statements of the subsidiary company and associate company are available for inspection by the members at the Registered Office of the Company during business hours on all days except Saturdays, Sundays and public holidays upto the date of the Annual General Meeting (‘AGM'). Any member desirous of obtaining a copy of the said financial statements may write to the Company Secretary at the Registered Office of the Company. The financial statements including the consolidated financial statements, financial statements of subsidiary and all other documents required to be attached to this report have been uploaded on the website of the Company www.gfllimited.co.in . The Company has formulated a policy for determining material subsidiaries. The policy may be accessed on the website of the Company www.gfllimited.co.in .

The Report on the performance and financial position of each of the Subsidiaries and Associates of the Company is annexed to this report in Form no AOC-1 pursuant to first proviso to sub-section (3) of Section 129 of the Companies Act, 2013 and Rule 5 of Companies (Accounts) Rules, 2014 is annexed to this report as Annexure A.

INOX Leisure Limited ceased to be Subsidiary of the Company w.e.f. 31st December, 2022.

PVR INOX Limited (formerly known as PVR Limited) become Associate company w.e.f. 1st January, 2023.

22. INTERNAL FINANCIAL CONTROLS

The Company has adequate Internal Financial Controls commensurate with its size and nature of its business. The Board has reviewed Internal Financial Controls of the Company and the Audit Committee monitors the same in consultation with Internal Auditor of the Company.

23. VIGIL MECHANSIM

The Company has established a vigil mechanism vide its Whistle Blower Policy to deal with instance of fraud and mismanagement, if any.

The details of the policy have been disclosed on the Company's website at www.gfllimited.co.in.

24. INDEPENDENT AUDITOR'S REPORT

There are no reservations, modifications or adverse remarks in the Independent Auditor's Report. The notes forming part of the accounts are self-explanatory and do not call for any further clarifications under Section 134 (3) (f) of the Companies Act, 2013.

25. INDEPENDENT AUDITORS

Members at their 35th Annual General Meeting held on 26th September, 2022 had appointed M/s. Patankar & Associates, Chartered Accountants, Pune, as Independent Auditors of the Company from the conclusion of 35th Annual General Meeting until conclusion of 40th Annual General Meeting of the Company.

The Board approved the appointment of M/s. Patankar & Associates, Chartered Accountants, Pune (Firm Registration No. 107628W) as statutory auditors in place of the retiring auditors after evaluating and considering various factors such as competency in audit, industry experience, efficiency in conduct of audit, independence, etc., for a period of five years from the conclusion of 35th Annual General Meeting till the conclusion of 40th Annual General Meeting of the Company based on the recommendations of the Audit Committee and the same was approved by the Members of the Company.

26. COST AUDITOR

In terms of Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, the Company is not required to appoint the Cost Auditor.

27. SECRETARIAL AUDITOR

In terms of Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2013, the Company has appointed M/s Dhrumil. M Shah & Co LLP, a firm of Practising Company Secretaries to conduct Secretarial Audit of the Company for Financial Year 2022-23.

The Secretarial Audit Report given by M/s Dhrumil. M Shah & Co.LLP for the financial year 2022-23, is annexed herewith as Annexure B in Form no. MR-3. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

28. SECRETARIAL STANDARDS

During the year under review, the Company has complied with the applicable provisions of the Secretarial Standards.

29. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT

The Statutory Auditors and Secretarial auditors of the Company have not reported any frauds to the Audit committee or the Board of Directors under Section 143 (12) of the Act, including rules made thereunder.

30. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management's Discussion and Analysis Report for the year under review, as stipulated under Regulation 34 of the Listing Regulations is presented in a separate Section forming part of this Annual Report.

31. CORPORATE GOVERNANCE REPORT

Pursuant to Regulation 34 read with Para C of Schedule V of Listing Regulations, the Corporate Governance Report of the Company for the year under review and the Auditors' Certificate regarding compliance of conditions of Corporate Governance is annexed to this report as

Annexure E.

In compliance with the requirements of Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a certificate from the Managing Director and Chief Financial Officer of the Company, who are responsible for the finance function, was placed before the Board.

All the Board Members and Senior Management Personnel of the Company had affirmed compliance with the Code of Conduct for Board and Senior Management Personnel. A declaration to this effect duly signed by the Chairman and Managing Director is annexed as a part of the Corporate Governance Report.

32. BUSINESS RESPONSIBILITY AND SUSTINABILITY REPORT

A Business Responsibility and Sustainability Report as per Regulation 34 of the Listing Regulations, detailing the various initiatives taken by the Company on the environmental, social and governance front forms an integral part of this report. The said report is available on the website of the Company www.gfllimited.co.in

33. EXTRACT OF ANNUAL RETURN

In terms of Section 92 (3) of the Companies Act, 2013 read with Rule 12 of the Companies (Management & Administration) Rules, 2014, the Annual Return has been placed on the website of the Company at www.gfllimited.co.in

34. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Information in respect of conservation of energy, technology absorption, foreign exchange earnings and outgo required to be given pursuant to Section 134 of the Companies Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014, is not applicable to the Company.

35. PARTICULARS OF EMPLOYEES

Disclosure pertaining to remuneration and other details as required under Section 197 (12) read with Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed to this report as Annexure C.

In accordance with the provisions of Section 197 (12) of the Companies Act, 2013 read with Rules 5 (2) and 5 (3) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, No employees are drawing remuneration in excess of the limits set out in the said rule.

In terms of Section 136 of the Companies Act, 2013, the Report and Accounts are being sent to the Members of the Company excluding information on employees' particulars which is available for inspection by the Members at the Registered Office of the Company during the business hours on working days of the Company up to the date of the ensuing Annual General Meeting.

36. CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES

The Corporate Social Responsibility (CSR) Committee of the Company comprises of Mr. Shanti Prashad Jain, Independent Director, Mr. Devendra Kumar Jain, Managing Director and Mr. Pavan Kumar Jain, Director of the Company. The CSR Policy of the Company is disclosed on the website of the Company which can be viewed at http://www.gfllimited.co.in/pdf/company_ policies/gfllimited_csr_policy.pdf.

The report on CSR activities as per Companies (Corporate Social Responsibility) Rules, 2014 is annexed to this Report as Annexure D.

37. INSURANCE

The Company's property and assets have been adequately insured.

38. RISK MANAGEMENT

The Company has minimal risks as it holds investment in its subsidiaries/associates. The Company proactively identifies its business risks and systemically resolves all the risks.

39. INSOLVENCY AND BANKRUPTCY

The Company has not made any application or no proceeding is pending under the Insolvency and Bankruptcy Code, 2016 during the year and hence not being commented upon.

40. INFORMATION UNDER THE SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Your Company has formed an Internal Complaints Committee (ICC) to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this Policy.

The following is the summary of sexual harassment complaints received and disposed of during the year 2022-23.

No. of Complaints Received Nil
No. of Complaints disposed of Nil
No. of Complaints pending Nil

Hence, the company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

41. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

There are no material changes and commitments affecting the financial position of the Company which have occurred between the end of the Financial Year of the Company to which the Financial Statements relate and the date of this report.

42. ACKNOWLEDGEMENT

Your Directors express their gratitude to all other external agencies for the assistance, co-operation and guidance received. Your Directors place on record their deep sense of appreciation for the dedicated services rendered by the workforce of the Company.

By order of the Board of Directors

Place: New Delhi Devendra Kumar Jain
Date: 9th August, 2023 Chairman and Managing Director