Indian Indices
22,519.40 -234.40
74,244.90 -793.25
( -1.06%)
Bank Nifty
48,564.55 -422.05
( -0.86%)
Nifty IT
35,018.10 -275.05
( -0.78%)
Global Indices
16,175.09 -267.11
Dow Jones
37,983.24 -475.84
Hang Seng
16,721.69 -373.34
Nikkei 225
39,523.55 80.92
83.36 0.07
89.47 -0.51
104.58 -0.51
0.54 0.00


Industry :  
BSE Code
ISIN Demat
Book Value()
NSE Symbol
Mar.Cap( Cr.)
Face Value()
Div & Yield %

As on: Apr 14, 2024 01:16 PM



Your Directors have pleasure in presenting the 9th Directors' Report on the business and operations of your Company together with the Audited Statement of Accounts for the financial year ended 31st March, 2022.


Your Company's performance for the financial year ended 31st March, 2022 is summarized below:

(Rs. in Crore)

Sl. No. Particulars For the financial year ended (Standalone) For the financial year ended (Consolidated)
31.3.2022 31.3.2021 31.3.2022 31.3.2021
I Revenue from operations 13,549.29 8,399.70 15,011.36 9,400.29
II Other Income 114.09 95.26 119.07 107.22
III Total Income 13,663.38 8,494.96 15,130.43 9,507.51
IV Total Expenses (excluding finance cost and depreciation) 11,609.30 7,397.13 12,858.09 8,273.25
V EBITDA* 1,939.99 1,002.57 2,153.27 1,127.04
VI Finance Cost 112.43 235.71 131.24 250.94
VII Depreciation 226.90 265.89 250.08 290.38
VIII Profit before exceptional Items, share of profit of an associate and tax 1,714.75 596.23 1,891.02 692.94
IX Share of Profit from Associates


- 544.61 145.75
X Exceptional items - Gain




XI Profit after exceptional items but before tax 1,714.75 636.30 2,435.63 880.08
XII Tax expense 439.52 158.52 488.39 184.48
XIII Net Profit for the year 1,275.23 477.78 1,947.24 695.60
XV Total Comprehensive Income for the year (comprising Profit and 1,274.54 478.76 2,011.60 702.04

*EBITDA = Earnings before Interest, Tax, Depreciation & Amortization and Other Income FINANCIAL HIGHLIGHTS

During the financial year the revenue from operations of your Company on standalone basis stood at Rs. 13,549.29 Crore as compared to Rs.8,399.70 Crore during previous financial year 2020-21. The Profit before other income, Finance Cost, Exceptional Items, Tax and Depreciation & Amortization (EBITDA) on standalone basis stood at Rs. 1,939.99 Crore as compared to Rs.1,002.57 Crore during previous year. The Net profit on standalone basis stood at Rs.1,275.23 Crore as compared to a net profit of Rs. 477.78 Crore during previous year.

Further, during the financial year, the consolidated revenue from operations of your Company stood at Rs.15,011.36 Crore as compared to Rs.9,400.29 Crore during previous financial year 2020-21. Consolidated Profit before other income, Finance Cost, Exceptional Items, Tax and Depreciation & Amortization (EBITDA) stood at Rs.2,153.27 Crore as compared to Rs.1,127.04 Crore during previous financial year. The Net profit for the financial year 2021-22 on consolidated basis stood at Rs.1,947.24 Crore as compared to Rs.695.60 Crore during previous financial year.


Hisar Division:

Your Company's performance was exemplary during the financial year 2021-22. The Company overcame the strong headwinds emerging from the supply chain disruptions caused by the ongoing Lockdowns in the initial part of the financial year and inflationary environment caused by geo political crisis in the later part of the year. Inflation continues to be a major challenge for businesses worldwide. In addition to surviving these trying times, your Company made tremendous progress towards expanding the business sustainably.

Your Company adjusted its risk appetites to accommodate shifting customer behaviors. Pandemic dampened the demand in Q1 and surged demand of shifted customer behaviors made it necessary for volumes to increase swiftly, starting in Q2. Pandemic taught us to work in a dynamic & agile way. Managing risk and navigating safely in this unpredictable future has become a new norm for us.

Your Company has always been to the fore front of helping society and enriching lives. Your Company has proactively completed pipeline and auxiliary, for supplying oxygen to 500 bedded Emergency Covid hospitals in Hisar, in record times. Company provided uninterrupted Liquid Medical Oxygen supply to several hospitals. Your Company also provided medical facilities, on call assistance & free vaccination to all employees.

Your Company commissioned the phase 1 of Brownfield expansion of Specialty Product Division and logged the ever highest dispatch of Precision Strips. By carrying the tradition of value creation, your Company has improved its product acceptance across segments & geographies. We brought several internationally reputed organizations such as UK Mint to our fold.

Your Company has always accorded the utmost importance to Safety, Health & Environment. Company has taken giant strides in improving our practices to a sustainable future & growth. Company has received the International Safety Award from British Safety Council for the third consecutive year, most sought award in the category. Company's efforts to reduce its impact bore fruit and were also recognized by the prestigious bodies. Company was conferred the Golden Peacock Award for Energy Efficiency for the year 2021 by the Institute of Directors, CII National Award for Excellence in Energy Management 2021, Global Environment Award by Energy & Environment Foundation, National Award for Energy Efficient Unit by Industrial Chronicle and Best Organization award for Adopting Exemplary Environment Practices by National EHS Circle Competition.

Your Company has been continuously outdoing its own quality accomplishments and being recognized by the industrial bodies for the same. Company received the highest ever "PAR EXCELLENCE" awards in Quality circle front by NCQC (National Convention on Quality Circles) & numerous awards in CCQC (National Convention on Quality Circles.

Your Company has completed the ground work of launching the future growth, with sustainable operations, to the next orbit.

Vizag Division:

Vizag Division produces High Carbon Ferro Chrome ("HCFC") with an annual capacity of 40,000 MT. Vizag Division uses Chrome Ore purchased from Odisha Mining Corporation Limited, Tata Steel Limited and others and transfers output to Hisar plant, Jindal Stainless Limited and exports also. The operations at Vizag Division were suspended since 25th March, 2020 and restored on 4th October, 2021.

The Vizag Division produced 12,135 MT of HCFC during financial year 2021-22 as compared to Nil production during financial year 2020-21. Vizag Division dispatched/sold 11,516 tons of HCFC in aggregate to Hisar plant and Jindal Stainless Limited during the financial year 2021-22.


The credit ratings for the long term/short term borrowings of the Company as on date of this report is as under:

• India Ratings : IND AA-/ Stable / IND A1+

. CRISIL Ratings : CRISIL AA-/ Stable / CRISIL A1+

• CARE Ratings: CARE AA- (Outlook: Stable) / CARE A1+


In terms of the Dividend Distribution Policy, as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR"), equity shareholders of the Company may expect dividend if the Company is having surplus funds and after taking into consideration the relevant internal and external factors as mentioned in the said Policy. Accordingly, considering the cash position, fund requirements for growth of business of your Company and agreement with the Lenders, the Board of Directors has not recommended any dividend for the financial year ended 31st March, 2022. Further, no amount is proposed to be transferred to the reserves of your Company. The Dividend Distribution Policy is available on Company's website at the following link: https://www.jshlstainless.com/wp-content/uploads/2020/10/Dividend-Distribution-Policy20818.pdf


As on 31st March, 2022, paid up share capital of the Company was Rs.47,18,69,370 divided into 23,59,34,685 equity shares of Rs.2/- each. There was no change in share capital of the Company during the Financial Year 2021-22.


The company is closely monitoring the impact of the Covid-19 pandemic and believes that there will not be any adverse impact on the long term operations and performance of the company.


Management Discussion and Analysis Report as required under SEBI LODR forms part of this Director's Report.


During the year under review , there was no unclaimed amount required to be transferred to Investor Education and Protection Fund of Government of India.


An organisation succeeds when it evolves in tandem with new technology. Jindal Stainless has always been passionate and adaptable when it comes to embracing change. The financial year 2021-2022 was no different as we successfully completed the year with significant improvements in the IT infrastructure of the company. The highlight of the year was initiating the Digital upgradation of ERP systems for streamlined and transparent business processes.

System applications are not just where it ends, overall Digital Transformation was also one of the major focus area for the financial year. This was made possible by rigorous researching and understanding of the gaps, and defining the roadmap for the upcoming years. Currently we are looking forward to being an early Industry 4.0 adapter soon.

Keeping this vision in mind we launched a plethora of digital initiatives to change the way we conduct our business. A few of them are listed below:

• Digital Logistics Management Solution

Specifically designed to ensure proper supply chain execution.

• The Historical Data Archiving

The initiative archives unwanted mass from the database for future use.

• Procure Easy

A platform that enables suppliers to participate in online sourcing opportunities created by Jindal Stainless.

• Enhanced Cyber Security

Implementing enhanced cyber security measures to protect against external/internal threats and reduce downtime efficiently.

• The Digital Signature

Platform which lets the user sign a document electronically.

Your Company believes in the potential of Information Technology in transforming the world, and hence, our IT team is fully committed to taking the organisation to new heights with the help of cutting-edge technology.


In accordance with the Companies Act, 2013 ("the Act"), SEBI LODR and Ind-AS 110 on Consolidated Financial Statements read with Ind-AS 28 on investments in Associates and Ind- AS 31 on interests in Joint Ventures, the Audited Consolidated Financial Statements for the financial year ended 31st March, 2022 are provided in the Annual Report.


Your Company has eight subsidiaries, namely:

i. Jindal Stainless Steelway Limited;

ii. JSL Lifestyle Limited;

iii. Green Delhi BQS Limited;

iv. JSL Media Limited;

v. JSL Logistics Limited;

vi. Jindal Lifestyle Limited;

vii. Jindal Strategic Systems Limited; and

viii. J.S.S. Steelitalia Limited

Your Company also has two associate companies namely Jindal Stainless Limited and Jindal Stainless Corporate Management Services Private Limited. There is no joint venture of your Company. Jindal Stainless Steelway Limited is a material subsidiary of your Company.

In terms of the provisions of Section 136 of the Act, the standalone financial statements of the Company, consolidated financial statements of the Company, along with other relevant documents and separate audited accounts of the subsidiaries, are available on the website of the Company, at the link: viz. https://wwwjshlstainless.com/financials/#finstatements

The members, if they desire, may write to the Secretarial Department of the Company at its registered office at O.P. Jindal Marg, Hisar - 125005 (Haryana) to obtain the copy of the financial statements of the subsidiary companies. A statement containing the salient features of the financial statement of the subsidiaries and associate companies in the prescribed Form AOC- 1 is attached along with financial statements. The statement also provides the details of performance and financial position of each of the subsidiary company. Your Company has framed a policy for determining "Material Subsidiary" in terms of Regulation 16(6) of SEBI LODR, which is available at the website of the Company at the link:

https://www.jshlstainless.com/wp-content/uploads/2021/08/JSHL-Policy-for-determining- material-subsidiaries.pdf


The Board of Directors upon the recommendation of the Nomination and Remuneration Committee approved to appoint Mr. Jayaram Easwaran as a non-executive Independent Director, to hold office for a term of 3 (three) years w.e.f. 27th April 2022. In the opinion of the Board, he possesses adequate integrity, expertise and experience including the proficiency as ascertained from the online proficiency self-assessment test conducted by the Indian Institute of Corporate Affairs, for appointment as an Independent Director of the Company. The shareholders of the Company approved his appointment through postal ballot on 29th June, 2022.

Further, in accordance with the provisions of the Act, Mr. Abhyuday Jindal is liable to retire by rotation at the ensuing AGM and being eligible, offers himself for re- appointment.

Brief resume and other details as stipulated under Regulation 36(3) of SEBI LODR and Secretarial Standard - 2 issued by The Institute of Company Secretaries of India of Mr. Abhyuday Jindal, Director being liable to retire at the ensuing AGM are given in the Notice forming part of the Annual Report.

Mr. Girish Sharma ceased to be Director of your Company with effect from 30th April, 2022 consequent upon completion of second term of his appointment as an independent director. The Board of Directors places on records its appreciation for the valuable contribution made by him during his tenure as Director of the Company.


All the Independent Directors have given declaration to the Company under section 149 (7) of the Act that they meet the criteria of independence as provided in Section 149(6) of the Companies Act, 2013 and Regulation 16 of SEBI LODR. The Independent Directors have also confirmed that they have complied with the Company's Code of Conduct for Board Members and senior management and they are not debarred to act as a Director by virtue of any SEBI order or any other statutory authority.

Your Company has also devised a Policy on Familiarization Programme for Independent Directors which aims to familiarize the Independent Directors with your Company, nature of the industry in which your Company operates, business operations of your Company etc. The said Policy may be accessed on your Company's website at the link:

https://www.jshlstainless.com/wp-content/uploads/2020/10/Policy-on-Familiarization- programme-9-4-118.pdf


An annual performance evaluation of all Directors, the Committees of Directors and the Board as a whole was carried out during the year. For the purpose of carrying out performance evaluation, assessment questionnaires were circulated to all Directors and their feedback was obtained and recorded.


The Board of Directors of your Company at its meeting held on 29th December 2020 upon the recommendation of its committee(s) had considered and approved a Composite Scheme of Arrangement pursuant to Sections 230 to 232 and other relevant provisions of Companies Act, 2013, amongst the Company, Jindal Stainless Limited ("JSL"), JSL Lifestyle Limited, Jindal Lifestyle Limited, JSL Media Limited and Jindal Stainless Corporate Management Services Private Limited ('Scheme'). The first motion petition was filed before Hon'ble National Company Law Tribunal, Chandigarh bench ("Hon'ble NCLT") on 17th March, 2021.

The NCLT vide its order dated 25th February, 2022 as rectified by order dated 3rd March, 2022 directed the convening of meetings of equity shareholders, secured creditors and unsecured creditors of Jindal Stainless Limited and Jindal Stainless (Hisar) Limited on 23rd April, 2022 and meetings of secured creditors and unsecured creditors of JSL Lifestyle Limited on 24th April, 2022. As per regulatory requirement, the said companies convened meetings of their respective shareholders and creditors for approving the Scheme of Arrangement between the Companies. Post receipt of approval of the shareholders and creditors, the second motion petition was filed with Hon'ble NCLT on 23rd April, 2022. Hon'ble NCLT while hearing the second motion application directed to issue notice(s) to the sectoral regulator(s).


During the financial year ended 31st March, 2022, apart from holding the Annual General Meeting of the Company on 16th September, 2021, the Company conducted a Postal Ballot exercise vide notice dated 9th February 2022, to seek approval of the shareholders for entering into/continue with material related party contracts / arrangements / transactions for financial year 2021-22. The aforesaid matter was duly approved by the shareholders of the Company and the result of postal ballot was declared on 22nd March, 2022.

Further, the Company vide Postal Ballot notice dated 24th May, 2022, sought approval of the shareholders for appointment of Mr. Jayaram Easwaran (DIN: 02241192) as an independent director of the Company; to enter into / continue with material related party contracts / arrangements / transactions for financial year 2022-23; and for material related party contracts / arrangements / transactions for financial year 2022-23 between Jindal Stainless Steelway Limited (a wholly-owned subsidiary of the Company) and Jindal Stainless Limited (an associate company of the Company). All the three resolutions were approved by the shareholders of the Company and result of postal ballot was declared on 30th June, 2022.


Your Company has not accepted any deposit from the public. Hence, no information is required to be appended to this report.


Since the Company has not issued any stock options, the requirement of disclosure under Regulation 14 of Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 is not applicable to the Company.


The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, is annexed herewith as Annexure - I forming part of this Report.


Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in the prescribed format and annexed herewith as Annexure - II to this Report.

The statement containing particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this Report. Having regard to the provisions of the second proviso to Section 136(1) of the Act, the Annual Report excluding the aforesaid information is being sent to the members of the Company. The said information is available for inspection at the Registered Office of the Company during working hours and any member interested in obtaining such information may write to the Secretarial Department of the Company and the same will be furnished on request.


M/s. Lodha & Co. and M/s. S.S. Kothari Mehta & Co., Joint Statutory Auditors of the Company and M/s. N.C. Aggarwal & Co., Branch Auditor of the Company's branch located at Kothavalasa in Vizianagaram district, Andhra Pradesh (hereinafter referred to as "Branch Auditor"), were appointed by the members at the 7th Annual General Meeting of the Company held on 21st August, 2020, for a period of five consecutive years i.e. until the conclusion of the 12th Annual General Meeting of the Company. The Auditors have confirmed that they are not disqualified from continuing as Auditors of the Company.

The Notes to financial statement referred to in the Auditors' Report are self-explanatory and do not call for any further comments. The Auditors' Report does not contain any qualification, reservation or adverse remark. During the year under review, the Statutory Auditors have not reported any incident related to fraud to the Audit Committee or the Board under Section 143 (12) of the Act.


In accordance with the provisions of Section 148 of the Act, read with the Companies (Cost Records and Audit) Rules, 2014, your Company is required to get its cost accounting records audited by a Cost Auditor. The Board has appointed M/s. Ramanath Iyer & Co., Cost Accountants, for this purpose for the financial year 2022-23.

The remuneration payable to the Cost Auditors for the financial year 2022-23 shall be placed for ratification by members at the ensuing AGM in terms of Section 148 of the Act read with Rule 14 of the Companies (Audit and Auditors) Rules, 2014.


The Board had appointed M/s Vinod Kothari & Co., Practicing Company Secretaries to conduct Secretarial Audit for the financial year 2021-22. The Secretarial Audit Report for the financial year ended 31st March, 2022 is annexed herewith marked as Annexure - III(a) to this Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

Jindal Stainless Steelway Limited, material subsidiary of your Company, has been undertaken its secretarial audit for the financial year ended 31st March, 2022 by Practicing Company Secretaries. The Secretarial Audit Report is annexed herewith marked as Annexure - III(b). The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

In line with the Circular dated February 8, 2019 issued by the Securities and Exchange Board of India, Annual Secretarial Compliance Report for the year ended 31st March, 2022 confirming compliance of all applicable SEBI Regulations, Circulars and Guidelines by the Company was issued by M/s Vinod Kothari & Co., Practicing Company Secretaries. The same is available on the website of the Company at www.jshlstainless.com.

The Board of Directors at its meeting held 5th May, 2022 has re-appointed M/s. Vinod Kothari & Co., Practicing Company Secretaries, as Secretarial Auditor for conducting Secretarial Audit of the Company for financial year 2022-23.


The Board of Directors had constituted a Risk Management Committee which has been entrusted inter alia with the following functions: (a) Framing of Risk Management Plan and Policy; (b) Overseeing implementation / Monitoring of Risk Management Plan and Policy; (c) Identifying emerging risks and reviewing risk mitigation strategies; and (d) Formulating a cyber security plan and overseeing its implementation.

Your Company has laid down procedures to inform Board members about risk assessment and minimization strategy. The Board doesn't foresee any immediate risk which threatens the existence of the Company. The details of Risk Management Committee meeting held during financial year under review and attendance of committee members are mentioned in the Corporate Governance Report.


Your Company has in place adequate internal financial controls with reference to financial statements. During the year, such controls were tested and no reportable material weakness in the design or operation was observed.


Composition of the Audit Committee of the Board, along with the details of meetings held during the financial year under review and attendance of Committee members at the said meetings, have been provided in the Corporate Governance Report. All the recommendations made by the Audit Committee during the financial year 2021-22 were accepted by the Board.


Your Company has a comprehensive Corporate Social Responsibility Policy ("CSR Policy") in place, indicating the focus areas of Company's CSR activities.

In line with the CSR philosophy and all the focus areas, your Company has planned interventions in the fields of education & vocational training, integrated health care, women empowerment, social projects, rural infrastructure development, environment sustainability, sports, preservation of art and culture.

The Disclosure as per Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed to this Report at Annexure-IV.

The CSR Policy can be accessed on the Company's website at the link:

The CSR Policy can be accessed on your Company's website at the following link:



As on 31st March, 2022, the CSR Committee comprises of the following members:

Sl. No. Name of Director Status Category
1 Mrs. Deepika Jindal Chairperson Non-Executive, Non Independent
2 Mr. N.C. Mathur Member Non- Executive, Independent Director
3 Mr. Jagmohan Sood Member Executive, Non Independent

The details of meeting held during the financial year under review and attendance of Committee members at the said meeting are provided in the Corporate Governance Report, forming part of the Annual Report.


Your Company is committed to grow the business responsibly with a long term perspective as well as to the nine principles enshrined in the National Voluntary Guidelines (NVGs) on social, environmental and economic responsibilities of business, as notified by the Ministry of Corporate Affairs, Government of India, in July, 2011.

The Business Responsibility Report ("BRR") of your Company as per requirement of Regulation 34(2)(f) of the SEBI LODR describing the initiatives taken by the Company from an environmental, social and governance perspective, along with all the related policies can be viewed on the Company's website at www.ishlstainless.com.


Your Company has in place a policy on prevention of sexual harassment at work place in accordance with the provisions of Prevention, Prohibition and Redressal of Sexual Harassment of Women at Workplace Act, 2013 ("POSH Act"). The policy aims at prevention of harassment of women employees and lays down the guidelines for identification, reporting and prevention of sexual harassment. There is an Internal Complaints Committee (ICC) which is responsible for redressal of complaints related to sexual harassment and follows the guidelines provided in the policy.

During the year, one complaint was received and the same has been closed within the stipulated time limits and in accordance with the law. There are no pending complaints either at the beginning or end of the financial year.


National Stock Exchange of India Limited ("NSE"), BSE Limited ("BSE")
Exchange Plaza, 5th Floor, Plot No. C/1, Phiroze Jeejeebhoy Towers,
G - Block, Bandra-Kurla Complex, Dalal Street
Bandra (E), Mumbai - 400 051 Mumbai - 400 001

The Company pays annual listing fee to NSE and BSE. No shares of your Company were delisted during the financial year 2021-22. The Global Depository Shares ("GDS") are listed on Luxembourg Stock Exchange.


In terms of Sections 92(3) and 134(3) of the Act, annual return is available on the Company's website and can be viewed at the link: https://www.ishlstainless.com/annual-return


The Board of Directors met five times during the financial year ended on 31st March, 2022. The details of Board Meetings and the attendance of the Directors are provided in the Corporate Governance Report forming part of this Annual Report.


Pursuant to the provisions of Section 177(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014 and Regulation 22 of the SEBI LODR, your Company has a Whistle Blower Policy for its directors, employees and business partners to report genuine concerns about unethical behavior, actual or suspected fraud or violation of your Company's Code of Conduct or ethics policy.

The Whistle Blower Policy can be accessed on the Company's website at the link: https://www.ishlstainless.com/wp-content/uploads/2020/10/Whistle-Blower-Policy-JSHL.pdf


The particulars of loans, guarantees or investments by your Company under Section 186 of the Companies Act, 2013 are stated in Notes to Accounts of the financial statements, forming part of the Annual Report.


All related party transactions that were entered and executed during the year under review were at arms' length basis. As per the provisions of Section 188 of the Companies Act, 2013 and Rules made thereunder read with Regulation 23 of SEBI LODR, your Company had obtained approval of the Audit Committee under omnibus approval route and / or under specific agenda items before entering into such transactions.

Particulars of contracts or arrangements entered into by the Company with the related parties referred to in Section 188(1) of the Companies Act, 2013, in prescribed form AOC-2, is attached as Annexure - V to this Report.

Your Directors draw attention of the members to Notes to the financial statements, which inter alia set out related party disclosures. The Policy on materiality of related party transactions and dealing with related party as approved by the Board may be accessed on your Company's website at the link: https://www.ishlstainless.com/wp-content/uploads/2022/05/JSHL-Policy-on-dealing- with-RPT-2022.pdf

In terms of Regulation 23 of the SEBI LODR, the shareholders of the Company approved to enter into material related party transactions during the financial year 2022-23 by way of postal ballot for which the result was declared on 30th June, 2022.

The details pertaining to transactions with person(s) or entity(ies) belonging to the promoter/ promoter group or any person or any entity holding equity shares of twenty percent or more in the Company are mentioned in the Standalone Financial Statement.


There has been no change in the nature of Company's business during the financial year ended on 31st March, 2022.


The Nomination and Remuneration Committee (NRC) considers the best remuneration practice in the industry and while fixing the appropriate remuneration package and for administering the long- term incentive plans. Further, the compensation and packages of the Directors, key Managerial Personnel, Senior Management and other employees are designed in terms of remuneration policy framed by the NRC. The remuneration policy of your Company can be viewed at the following link: https://www.j shlstainless.com/wp- content/uploads/2020/10/Remuneration-Policy.pdf


There were no material changes and commitments affecting the financial position of your Company which occurred between the end of the financial year to which this financial statement relates on the date of this report.


During the financial year 2021 -22, there were no such significant material orders passed by the regulators or courts or tribunals impacting the going concern status and company's operations in future.


The applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to ‘Meetings of the Board of Directors' and ‘General Meetings', respectively, have been duly followed by the Company.


Pursuant to the requirement under Section 134(5) of the Companies Act, 2013 with respect to Directors' Responsibility Statement, it is hereby confirmed that:

(a) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(b) 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 as at 31st March, 2022 and of the profit and loss of the Company for the year ended on that date;

(c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) the Directors have prepared the annual accounts of the Company on a ‘going concern' basis.

(e) the Directors have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and were operating effectively.

(f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems were adequate and operating effectively.


A separate section on Corporate Governance and certificate from the Practicing Company Secretary regarding compliance of conditions of Corporate Governance as stipulated under the SEBI LODR form part of the Annual Report.


Your Directors state that no disclosure or reporting is required in respect of the following items, during the period under review:

(a) There was no issue of equity shares with differential voting rights as to dividend, voting or otherwise.

(b) There was no issue of shares (including sweat equity shares) to the employees of the Company under any Scheme.

(c) There is no proceeding pending under the Insolvency and Bankruptcy Code, 2016.

(d) There was no instance of one time settlement with any bank or financial institution.

(e) Neither the Managing Director nor the Whole-time Director of the Company received any remuneration or commission from any of the subsidiary companies.


Your Directors would like to express their gratitude for the valuable assistance and co-operation received from shareholders, banks, government authorities, customers and vendors. Your Directors also wish to place on record their appreciation for the committed services of all the employees of your Company.