To,
The Members,
The Interim Resolution Professional (IRP) presents to the Members the
15th Annual Report of the Company together with the Audited Financial Statements
(Standalone and Consolidated) and the Auditor's Report for the Financial Year ended 31st
March, 2022, which includes the Report to the Shareholders.
Corporate Insolvency Resolution Process (CIRP)
Pursuant to the directive of Reserve Bank of India (RBI) dated 15th
June, 2017 IDBI Bank Limited, the lead lender for consortium of lenders filed an
application under section -7 of the Insolvency and Bankruptcy Code, 2016 read with Rule -
4 of the Insolvency and Bankruptcy Code, 2016 (Insolvency Code) at Hon'ble National
Company Law Tribunal (NCLT) at Allahabad to initiate Insolvency Resolution Process against
the Company.
The Company has been undergoing Corporate Insolvency Resolution Process
(CIRP) under the provisions of the Insolvency and Bankruptcy Code, 2016 (Insolvency Code)
in terms of order dated August 9, 2017 passed by Hon'ble National Company Law Tribunal
(NCLT), Allahabad Bench. Pursuant to the initiation of CIRP vide aforesaid order, the
Adjudicating Authority appointed Mr. Anuj Jain, as Interim Resolution Professional (IRP)
to carry the functions as mentioned under the Code and later on Committee of Creditors
(CoC) approved the appointment of Mr. Anuj Jain, the IRP as Resolution Professional (RP).
As per the CIRP the Resolution Plan submitted by prospective Resolution Applicant as
shortlisted by CoC and put to vote was not approved by CoC.
Further, the Hon'ble Supreme Court of India, in disposal of Writ
Petition (Civil) No. 744/2017 filed by some of the home-buyers revived the period
prescribed under Insolvency Code by another 180 days w.e.f. the date of the order, i.e.
9th August, 2018 and directed the Interim Resolution Professional (IRP) to follow the
provisions of Insolvency Code afresh in all respects. The order also permitted the NCLT to
grant a further extension of 90 days, if required, in accordance with the provisions of
Insolvency Code. Hon'ble NCLT vide its order dated 28th January, 2019 extended the CIRP
for a period of 90 days beyond 180 days.
The Hon'ble NCLT, Allahabad, in an application filed by the IDBI Bank
directed per its orders dated 6th May, 2019 and 21st May, 2019 that CoC and IRP must be
allowed to proceed further with the CIRP in accordance with law. The matter was
subsequently heard before Hon'ble National Company Law Appellate Tribunal (NCLAT).
Further, Hon'ble Supreme Court of India vide order dated 6th November, 2019 directed IRP
to complete the CIRP within a period of 90 days from the date of the said order. As per
directions of the order, IRP invited the Resolution Plans from two Resolution Applicants.
The Committee of Creditors approved the resolution plan submitted by NBCC (India) Limited
and IRP filed the same with Hon'ble NCLT for its approval. The Hon'ble NCLT, Principal
Bench, New Delhi approved the Resolution plan of the NBCC (India) Limited with certain
modifications on 3rd March, 2020.
The successful Resolution Applicant, NBCC (India) Limited preferred to
file an appeal with NCLAT on 20th March, 2020 against the modifications made to the
Resolution Plan by NCLT. The Hon'ble NCLAT vide its interim order dated 22nd April, 2020
directed that:
‘Meanwhile till further orders, the approved ‘Resolution
Plan' may be implemented subject to outcome of this Appeal. It was further directed that
the Interim Resolution Professional may constitute ‘Interim Monitoring Committee'
(IMC) comprising of the ‘Successful Resolution Applicant', i.e., the Appellant and
the three major Institutional Financial Creditors, who were Members of the ‘Committee
of Creditors' as named above.'
Accordingly, the IRP constituted the IMC comprising of NBCC (India)
Limited, IDBI Bank Limited (Lender), India Infrastructure Finance Company Limited
(Lender), LIC of India (Lender) and Sh. Anuj Jain (IRP). The Resolution Plan was not
implemented by the Resolution Applicant (RA).
Hon'ble Supreme Court in the Civil Appeal Diary No(s). 14741/2020
between Jaypee Kensington Boulevard Apartments Welfare Association &Ors. Vs NBCC
(India) Ltd & Ors. vide its order dated 06.08.2020 transferred all the pending
appeals/cases with NCLAT to itself i.e. to Supreme Court to avoid further delay in
execution of scheme. Further, it stayed the order dated 22.04.2020 of Hon'ble NCLAT and
ordered the Interim Resolution Professional (IRP) to manage the affairs of the company.
The arguments in the matter concluded on 08th October, 2020 and Hon'ble
Supreme Court of India vide its order dated 24th March, 2021 directed to complete CIRP
within 45 days from the date of the order while inviting fresh/modified resolution plans
from Suraksha and NBCC only.
Pursuant to the directions of Hon'ble Supreme Court, the Interim
Resolution Professional invited fresh/modified Resolution Plan from NBCC and Suraksha
Realty Limited, which were put to vote by the CoC. The final Resolution Plan of Suraksha
Realty Limited along with Lakshdeep Investments and Finance Private Limited
("Suraksha") was passed with 98.66% votes. The Interim Resolution Professional
has filed the resolution plan of Suraksha as approved by Committee of Creditors with the
Adjudicating Authority i.e. Hon'ble National Company Law Tribunal, Principal Bench, New
Delhi on 07.07.2021 and the same is pending adjudication before Adjudicating Authority.
The Hon'ble Supreme Court has also allowed the time extension
application of CoC to complete the CIRP
Approval of the Financial Statements 2021-22 and the Report to the
Shareholders
As the powers of the Board of Directors have been suspended, the
financial statements have not been approved by the Board of Directors. However, the same
has been approved and signed by IRP & signed by Company Secretary. The position of CFO
had become vacant pursuant to resignation of former CFO since July 31,2020.
The IRP in view of having entrusted with the management of the affairs
of the Company, is submitting this Report in compliance with the provisions of the
Companies Act, 2013, the rules framed thereunder ("Act") and the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations
2015 ("Listing Regulations"). This Report was discussed in a meeting held with
the key management persons and thereafter approved by the IRP
1. FINANCIAL HIGHLIGHTS
The financial performance of the Company (Standalone) for the financial
year ended 31st March, 2022 is summarized below:-
(Rs. in Lacs)
|
Particular |
Current year ended 31.03.2022 |
Previous Year ended 31.03.2021 |
| (A) |
|
PROFITABILITY |
| 1 |
Gross Total Revenue |
78601.07 |
61582.78 |
| 2 |
Total Expenses (except depreciation & finance costs) |
69067.30 |
79198.57 |
| 3 |
Finance Costs |
236183.74 |
204374.50 |
| 4 |
Depreciation & amortization |
5445.25 |
4859.86 |
| 5 |
Total Expenses (2:4) |
310696.29 |
288432.93 |
| 6 |
Profit/(Loss) before Exceptional/ Extra-ordinary item |
(232095.22) |
(226850.15) |
| 7 |
Exceptional/Extra-ordinary items |
- |
- |
| 8 |
Profit/(Loss) before Tax |
(232095.22) |
(226850.15) |
| 9 |
Profit/(Loss) after Tax |
(232095.22) |
(226850.15) |
| 10 |
Other Comprehensive Income |
0.64 |
(4.10) |
| 11 |
Total Comprehensive Income |
(232094.58) |
(226854.25) |
| (B) |
ASSETS & LIABILITIES |
|
|
| 1 |
Non Current Assets |
1003453.07 |
998369.44 |
| 2 |
Current Assets |
1348054.47 |
1333121.21 |
| 3 |
Total Assets (1+2) |
2351507.54 |
2331490.65 |
| 4 |
Equity Share Capital |
138893.35 |
138893.35 |
| 5 |
Other Equity |
(694966.30) |
(462871.72) |
| 6. |
Non Current Liabilities |
567996.92 |
622255.95 |
| 7 |
Current Liabilities |
2339583.56 |
2033213.06 |
| 8 |
Total Equity & Liabilities (4+5+6+7) |
2351507.54 |
2331490.65 |
2 RESULTS OF OPERATIONS AND STATE OF COMPANY?S AFFAIRS
Jaypee Infratech Limited (JIL) has developed Yamuna Expressway project
which inter-alia includes 165 km six lane access controlled expressway from Noida to Agra
with provision for expansion to eight lanes with service roads and associated structures.
Yamuna Expressway was opened for the public on 09th August, 2012 and commenced toll
collection w.e.f. 16th August, 2012.
The Average Annual Daily Traffic (AADT) for the year ended on 31st
March, 2022 was 30685 PCUs as compared to 26,767 PCUs for the previous year ended on 31st
March, 2021, which is higher by 14.63 % over the previous year.
The revenue from Toll Collection for the year ended 31st March, 2022
aggregated to Rs. 380.03 crores as compared to Rs. 334.18 Crores for the previous year
ended 31st March, 2021, which is higher by 13.72% over the previous year.
The Average Annual Daily Traffic (AADT) and Toll Revenue registered a
Compound Annual Growth Rate (CAGR) of
13.41% and 16.78% respectively, since commencement of commercial
operations on 16th August, 2012.
The company has launched 37,510 Units till 31st March 2022 (37,510
Units till 31st March 2021) across its land parcel 1 i.e. Noida; Land parcel 3 i.e.
Mirzapur & land parcel 5 i.e. Agra. Out of the said 37,510 Units, the company has sold
32,728 Units (Out of the same, Occupancy Certificate (OC) applied/ received for 13,390
Units and Offer of Possession were issued for 13,215 Units) till 31st March 2022.
The revenue from real estate for the year ended 31st March, 2022
aggregated to Rs. 108.09 Crores as compared to Rs. 36.26 Crores for the corresponding
previous year ended 31st March, 2021.
There is no change in the nature of business of the company during the
financial year 2021-22.
3. INDIAN ACCOUNTING STANDARDS
As per the requirements of notification dated 16th February, 2015
issued by the Ministry of Corporate Affairs (MCA), Standalone and Consolidated Financial
Statements of the Company for the Financial Year 2021-22 have been prepared as per Ind AS.
4. DIVIDEND
In view of the CIRP and losses, the matter was not considered.
5. TRANSFER TO RESERVES
No amount is proposed to be transferred to the Reserves.
6. SHARE CAPITAL
During the year under report, there was no change in the Authorized and
Paid-up Share Capital of the Company. As at 31st March, 2022 the Authorized Share Capital
of the Company was Rs. 3000 crores. The Paid-up Share Capital of the Company as on 31st
March, 2022 was Rs. 1388,93,34,970 divided into 138,89,33,497 Equity Shares of Rs.10 each.
During the year under report, your Company has not issued any shares
under any employee stock option schemes, sweat equity shares or any equity shares with
differential rights, as to dividend, voting or otherwise. Further, the Company has not
bought back its own securities, during the year under report.
7. NON-CONVERTIBLE DEBENTURES
As at 31st March, 2022, the Secured Redeemable NonConvertible
Debentures (NCDs) of the Company aggregates to Rs. 211.95 crore. The said Debentures are
listed on BSE Limited. The Trustee for the said Debentures is M/s Axis Trustee Services
Limited.
The NCDs are part of the Resolution Plan and shall be dealt with
accordingly upon its approval/implementation.
8. SUBSIDIARY COMPANY
As on 31st March, 2022, the Company has one subsidiary "Jaypee
Healthcare Limited (JHCL)" which was incorporated on 30th October, 2012 as wholly
owned subsidiary of the Company with a vision of promoting world-class healthcare by
providing quality and affordable medical care with commitment. Jaypee Healthcare Limited
has established a 504 bed Super Speciality Hospital at Noida which is currently
operational. During the year under review, the Company does not have any Joint venture or
associate company.
Financial Performance of the Subsidiary Company
(Rs. in crores)
|
Particular |
Year ended 31.03.2022 |
Year ended 31.03.2021 |
| (A) |
PROFITABILITY |
|
|
| 1 |
Gross Total Revenue |
293.09 |
188.35 |
| 2 |
Profit before Interest, Depreciation & Tax |
34.45 |
(2.50) |
| 3 |
Profit before Exceptional Items & Tax |
(101.17) |
(122.39) |
| 4 |
Exceptional Items |
8.66 |
- |
| 5 |
Profit /(Loss) before Tax |
(92.51) |
(122.39) |
| 6 |
Profit/ (Loss) after Tax |
(92.51) |
(122.39) |
| 7 |
Total Comprehensive Income |
(92.16) |
(122.08) |
| (B) |
ASSETS & LIABILITIES |
|
|
| 1 |
Non Current Assets |
648.57 |
808.76 |
| 2 |
Current Assets |
66.39 |
49.48 |
| 3 |
Total Assets (1+2) |
714.96 |
858.24 |
| 4 |
Equity Share Capital |
427.50 |
427.50 |
| 5 |
Other Equity |
(677.85) |
(585.69) |
| 6 |
Non Current Liabilities |
129.39 |
140.49 |
| 7 |
Current Liabilities |
835.91 |
875.94 |
| 8 |
Total Equity & Liabilities (4+5+6+7) |
714.96 |
858.24 |
Operational Performance
During the Financial Year 2021-22, the revenue of JHCL was Rs. 293.08
Crores which has been increased by 55.61% as compared to the previous year. It incurred
loss of Rs. 92.51 Crores in Financial Year 2021-22 as against a loss of Rs. 122.39 Crores
incurred during the Previous Financial Year.
In the month of April-May, 2021, the Country was again affected by the
second wave of Covid-19 Pandemic. To deal with such an emergency situation, JHCL equipped
itself with proper Oxygen Beds /ICUs, Ventilators and also established its own Oxygen
Plant.
With committed display in respective fields, all employees led by a
team of able doctors helped in building a respectable name for Jaypee Hospital in Noida.
Presently, the focus of the Company is on domestic and international marketing.
Jaypee Hospital at Chitta was taken over by Government of U.P for COVID
Services during FY 2020-21. Low-key operations were started at Chitta Hospital w.e.f.
October 11, 2021 and gradually certain key departments of the Hospital were opened such as
General Medicine, Gynaecology, Pediatrics, General Surgery etc. Necessary Staff and
Doctors have been appointed.
Application under IBC, 2016 by Lender
Yes Bank Limited had filed an Application under Section 7 of Insolvency
& Bankruptcy Code, 2016 ("IBC") before NCLT, Allahabad Bench against Jaypee
Healthcare Limited ("the Company") in December, 2019 for initiation of the CIRP
process for non-payment of outstanding amount. Final arguments of both the parties were
heard by a Special Bench at NCLT, Allahabad on 17th January, 2022 and as directed,
written submissions were duly filed within the prescribed time. At the
end of the Financial Year, the order on the said matter was reserved by the Hon'ble NCLT.
NCLT (Allahabad Bench) has vide Order dated 27th June'22 held that the proceedings in the
matter be kept in abeyance till the Order on the Resolution Plan of Jaypee Infratech
Limited in IA-2836/2021 in CP-77/2017 is passed by the Hon'ble Principal Bench.
Yes Bank has also approached the NCLAT, Principal Bench, New Delhi vide
Company Appeal (AT) (Insolvency) No. 873 of 2022 which was first listed on 28th July'22.
JHL's reply has been duly filed before NCLAT on 12th Aug'22. The Appeal is now listed for
1st Sep'22.
Matter has been taken up before NCLT, Allahabad on 1st Aug'22. On the
said date, Yes Bank mentioned that they have appealed against the Order passed by NCLT on
27th June'22 before NCLAT. Hence, the matter may be taken up after the hearing before
NCLAT. Matter has now been fixed before NCLT, Allahabad for 2nd Nov'22.
9. CONSOLIDATED FINANCIAL STATEMENTS
The Statement containing salient features of the financial statements
of the subsidiary company, in the prescribed format AOC-1, has been annexed as Annexure-I
to this Report in terms of Section 129 (3) of the Companies Act, 2013.
The Audited Financial Statements including the Consolidated Financial
Statements of the Company with its subsidiary company and related information thereto
along with the Standalone Audited Financial Statements of the subsidiary Company prepared
in accordance with the Indian Accounting Standard (Ind AS - 110) on Consolidated Financial
Statements is provided in this Annual Report and is also available on the website of the
Company at www.jaypeeinfratech.com. These documents will be available for inspection
during business hours at the Registered Office of the Company.
10. DIRECTORATE & KMPs
10.1 Changes in the Board / KMPs
Due to ongoing CIRP the Board of Directors continue to remain suspended
during the year under review. During Financial Year 2018-19 following Independent
Directors had submitted resignations as per details given below:
| S. No. |
Name of Independent Director |
Resignation submitted on |
Expiry of tenure as per term of appointment |
| 1 |
Shri Brij Behari Tandon |
17-08-2018 |
30-09-2019 |
| 2 |
Shri Shanti Sarup Gupta |
17-08-2018 |
31-07-2020 |
| 3 |
Shri Sundaram Balasubramanian |
24-08-2018 |
30-09-2019 |
| 4 |
Shri Keshav Prasad Rau |
09-09-2018 |
31-07-2020 |
| 5 |
Shri Basant Kumar Goswami |
10-09-2018 |
30-09-2019 |
| 6 |
Shri Lalit Bhasin |
12-09-2018 |
08-02-2020 |
| 7 |
Shri Sham Lal Mohan |
17-09-2018 |
22-11-2021 |
These Directors had also filed Form DIR-11 with the Ministry of
Corporate Affairs.
The resignations received by Interim Resolution Professional, placed
for approval before the CoC on 17-10-2018 in terms
of the provisions of Section 28(1)(j) of the Insolvency and Bankruptcy
Code, 2016, were deemed to be rejected since 41.38% of the member of CoC abstained from
voting (which was considered as negative vote under Insolvency Code). The resolution for
acceptance of resignations required approval by 66% voting rights.
Thus, whereas in terms of the decisions of the CoC, the resignations of
these directors have not been accepted, the Ministry of Corporate Affairs has taken the
cognizance of Form DIR-11 filed by respective Independent Director.
As informed earlier the Interim Resolution Professional has filed on
07.07.2021, the resolution plan of Suraksha as approved by Committee of Creditors with the
Adjudicating Authority i.e. Hon'ble National Company Law Tribunal, Principal Bench, New
Delhi. A new Board of Directors of the Company may be constituted by the Resolution
Applicant in due course.
10.2 Retirement by Rotation
In view of Resolution Plan of Suraksha Realty Limited, as approved by
the CoC, having been filed with Adjudicating Authority, the matter for re-appointment of
Directors retiring by rotation is not considered.
10.3 Key Managerial Personnel
The details about the Whole-time Key Managerial Personnel are given in
the Corporate Governance Report which forms part of the Annual Report.
10.4 Declarations of Independence
The Company had received Declarations of Independence from all the
Independent Directors in the beginning of Financial Year 2018-19, confirming that they
meet the criteria of independence, as prescribed under Section 149(6) of the Companies
Act, 2013 and Regulations 16(1)(b) and 25 of SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015 (the "Listing Regulations"). However, during the
Financial Year 2018-19 the Independent Directors submitted resignation. After the
resignation filed by the independent directors the company has not received any
declaration of independence from any of the independent directors of the company.
In view of above the statement regarding opinion of the Board with
regard to integrity, expertise and experience (including the proficiency) of the
independent directors during the financial year is not provided.
10.5 Board Evaluation
As the Company remained under CIRP from 09th August, 2017 onwards, the
powers of the Board of Directors remained suspended. The affairs of the Company were being
conducted by IRP during Financial Year under review. Consequently, no meeting of the
Directors was held during the Financial Year 2021-22 for such evaluation.
10.6 Familiarization of Independent Directors
During pre-CIRP period, as and when required the Company used to
conduct programmes for familiarization of Independent Directors with the Company and
details of such programmes were updated on its website i.e. www.jaypeeinfratech.com.
Further, roles, rights, responsibilities of Independent Directors in the Company, nature
of the industry in which the Company operates, business model of the Company and other
related
matters are available on the Company's website. During the period under
review, it was not required to conduct programmes for familiarization of Independent
Directors in view of the CIRP and the resignations submitted by the Independent Directors.
10.7 Remuneration Policy
The Company has in place the following policies that were duly approved
by the erstwhile Board on the recommendations of the Nomination and Remuneration Committee
prior to commencement of CIRP:
a) Policy for selection of Directors and determining Directors'
independence which is annexed as Annexure II-A to this Report.
b) Remuneration Policy for Directors, Key Managerial Personnel and
other employees which is annexed as Annexure II-B to this Report.
11. RESPONSIBILITY STATEMENT UNDER SECTION 134(5)
Pursuant to Section 134(5) of the Companies Act, 2013, based on
internal financial controls, work performed by the internal, statutory, cost and
secretarial auditors and external agencies, the reviews performed by the management and
with the concurrence of the IRP that for the year ended 31st March, 2022, the confirmation
is hereby given for the Company having:
a) Followed in the preparation of the annual accounts, the applicable
accounting standards with proper explanation relating to material departures;
b) 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 and loss of the Company for that period;
c) Taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
d) Prepared the annual accounts on a going concern basis;
e) Laid down internal financial controls to be followed by the Company
and that such internal financial controls are adequate and were operating effectively; and
f) Devised proper systems to ensure compliance with the provisions of
all applicable laws and such systems are adequate, operating effectively and the same are
being strengthened on continuous basis from time to time.
12. MEETINGS OF THE BOARD OF DIRECTORS
The powers of the Board of Directors remained suspended during CIRP
period from 09.08.2017 onwards and no Board/ Committee meetings were held during the
Financial Year 202122. The powers of board of directors were being exercised by the
Interim Resolution Professional (IRP) in accordance with Sections 17 and 23 of the
Insolvency Code. Further details are given in the Corporate Governance Report.
13. COMMITTEES OF THE BOARD
The Board had six committees namely, the Audit Committee, Nomination
and Remuneration Committee, Stakeholders'
Relationship Committee, Corporate Social Responsibility Committee,
Finance Committee and Fund Raising Committee prior to CIRP period. The Board had a defined
set of guidelines, duties and responsibilities and an established framework commensurate
with the applicable provisions of the Companies Act, 2013 and Listing Regulations for
conducting the meetings of the said Committees. A detailed note on the Board of Directors
and its committees, their scope etc. is provided under the Corporate Governance Report
section of this Annual Report. The powers of board of directors and its committees
remained suspended during period under review and were being exercised by the IRP in
accordance with Sections 17 and 23 of the Insolvency Code. Accordingly, no meetings of the
Committees were held during the Financial Year 2021-22. Further details are given in the
Corporate Governance Report.
14. CORPORATE GOVERNANCE
The Company is committed to maintaining high standards of Corporate
Governance and adheres to the Corporate Governance requirements set out by the Securities
and Exchange Board of India (SEBI). The Company continues to lay a strong emphasis on
transparency, accountability and integrity and has also implemented several corporate
governance practices in this regard. A separate report on Corporate Governance in terms of
Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (‘the Listing Regulations') is provided in this
Annual Report together with the Certificate from the Statutory Auditors of the Company
confirming compliance with the conditions of Corporate Governance, as stipulated under the
Listing Regulations.
There being no Chief Financial Officer (CFO) of the Company, the
certificate in terms of the Regulation 17(8) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (Listing Regulations) was not signed.
A company undergoing insolvency resolution process, however, is
exempted from the requirement of, amongst others, composition of board of directors,
constitution, meetings and terms of reference of the audit committee, constitution,
meetings and terms of reference of the nomination and remuneration committee,
constitution, meetings and terms of reference of the stakeholders' relationship committee
as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015.
15. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report on the operations and
financial position of the Company, as stipulated under Regulation 34(2)(e) the Listing
Regulations is presented in a separate section forming part of this Report.
16. LOANS, GUARANTEES OR INVESTMENTS
The particulars of loans, guarantees, securities and investments made
by the Company during the year, along with the purpose for which such loan or guarantee or
security is utilized/proposed to be utilized are provided in Note 15, 6, 41 and 45 of the
accompanying Standalone Financial Statements.
17. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
Till the commencement of CIRP all Related Party Transactions entered
into were in the ordinary course of business and on
an arm's length basis and were not considered material in terms of the
Company's Policy on materiality of related party transactions, which may be accessed on
the website of the Company at the following link http://www.jaypeeinfratech. com
/policies/Policyon-Related-Party-Transactions.pdf. Since commencement of CIRP such
transactions, if any, were being carried out in accordance with Insolvency Code.
Form AOC-2, pursuant to Section 134(3)(h) of the Companies Act, 2013
read with Rule 8(2) of the Companies (Accounts) Rules, 2014, is annexed as Annexure-III to
this report.
The disclosure of transactions with related parties, if any, as
required under Indian Accounting Standard (Ind AS) 24, is set out in Note No. 56 of the
accompanying Standalone Financial Statements.
18. RISK MANAGEMENT
The Company has put in place a mechanism to identify, assess, monitor
and mitigate various risks associated with the business. Risks are analyzed and corrective
actions are taken for managing/mitigating them. Major risks identified were systematically
discussed at the meeting of the CoC of the Company. In line with the regulatory
requirements, the Company has in place the Risk Management Policy to identify and assess
the key risk areas, monitor and report compliance and effectiveness of the policies and
procedures.
19. VIGIL MECHANISM
The Company has in place Whistle Blower (Vigil) Mechanism for its
Directors and Employees to report instances of any genuine concerns/grievances about any
suspected or actual misconduct/ malpractice/ fraud/ unethical behavior without fear of
intimidation or retaliation. The Policy on Whistle Blower (Vigil) Mechanism may be
accessed on the Company's website at www.jaypeeinfratech.com.
20. INTERNAL FINANCIAL CONTROLS AND ITS ADEQUACY
The Company's internal financial control systems are commensurate with
the nature of its business and the size and complexity of its operations. The compliance
of checks and balances is ensured by the Internal Auditor and Statutory Auditors of the
Company. The Board had also adopted policies and procedures for ensuring orderly and
efficient conduct of its business, including adherence to the Company's Policies,
safeguarding of its assets, prevention and detection of frauds and errors, accuracy and
completeness of the accounting records and timely preparation of the reliable financial
disclosures. During the year under report, the Company has, in all material respects, an
adequate internal financial control system over financial reporting and the same are
operating effectively.
21. CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company had constituted CSR Committee, brief details whereof are
provided in the Report on Corporate Governance. The Company has also framed a CSR Policy,
as recommended by the CSR Committee and approved by the erstwhile Board of Directors of
the Company. The said CSR Policy is available on the Company's website at
www.jaypeeinfratech.com. Further, the CSR activities as mentioned in the Company's CSR
Policy are carried out under the guidance of IRP
The Company was not required to spend any amount on the basis of the
average net profits during the three immediately
preceding financial years, on the Company's CSR activities during the
Financial Year 2021-22. The Annual Report on CSR activities as required under Section 135
of the Companies Act, 2013 read with Rule 8 of the Companies (Corporate Social
Responsibility Policy) Rules, 2014 is annexed herewith as Annexure-IV to this Report.
22. AUDITORS AND AUDITORS? REPORT
22.1 STATUTORY AUDITORS
In terms of the provisions of Section 139(2) of the Companies Act,
2013, M/s Dass Gupta & Associates, Chartered Accountants (Firm Registration No.
000112N), Statutory Auditors of the Company hold office till the conclusion of the ensuing
AGM.
M/s Dass Gupta & Associates, Chartered Accountants have confirmed
that they have subjected themselves to the peer review process of the Institute of
Chartered Accountants of India (ICAI) and hold a valid certificate issued by the Peer
Review Board of the ICAI. They have also furnished a declaration confirming their
independence as well as their arm's length relationship with the Company.
M/s. Dass Gupta & Associates had been appointed as the Statutory
Auditors of the Company for a term of five years in the 10th Annual General Meeting and
hold office until the conclusion of the ensuing Annual General Meeting. It is proposed to
the members for re-appointment of M/s Dass Gupta & Associates, as the statutory
auditors of the Company to hold office for a second term of five consecutive years
effective from the conclusion of this meeting until the conclusion of the AGM to be held
in the year 2027. An item in this regard is included the Notice.
The Auditors' Report furnished by M/s Dass Gupta & Associates on
the financial statements for the financial year ended 31st March, 2022 contains the
following observations:
Point No. (ix) (a) of Annexure-B of the Auditors? Report on
Standalone Financial Statements
In our opinion and according to the information and explanations given
to us and the records examined by us, the company has defaulted in repayment of principal
and interest to banks, financial institutions & privately placed debenture holders
wherein the period of delay ranges from 1 to 2394 days.
Details of overdue principal repayments and overdue interest on
borrowings from banks, financial institutions & privately placed debenture holders
amounting to Rs. 2,67,574 Lakhs and Rs. 9,96,397 lakhs respectively reflected in Note no.
24 & Note no. 26 to the standalone financial statements which were outstanding as at
31st March, 2022 are given below:
| Nature of borrowing, including debt securities |
Name of lender |
Amount not paid on due date (Rs. In Lakhs) |
Whether principal or interest |
No. of days delay or unpaid |
| Term Loan |
IDBI Bank-Tranche I |
10,600 |
Principal |
1 to 1550 |
| Term Loan |
IDBI Bank-Tranche II |
13,950 |
Principal |
1 to 820 |
| Term Loan |
IDBI Bank - RTL-A |
15,750 |
Principal |
1 to 1550 |
| Term Loan |
IDBI Bank - RTL-B |
10,000 |
Principal |
1 to 1915 |
| Nature of borrowing, including debt securities |
Name of lender |
Amount not paid on due date (Rs. In Lakhs) |
Whether principal or interest |
No. of days delay or unpaid |
| Term Loan |
IIFCL Tranche II |
4,050 |
Principal |
1 to 820 |
| Term Loan |
LIC-Tranche A |
30,000 |
Principal |
1 to 2394 |
| Term Loan |
LIC-Tranche C |
9,429 |
Principal |
1 to 2190 |
| Term Loan |
Corporation Bank-Tranche I |
10,600 |
Principal |
1 to 1550 |
| Term Loan |
Corporation Bank-Tranche II |
1,350 |
Principal |
1 to 820 |
| Term Loan |
Corporation Bank-RTL- B |
7,000 |
Principal |
1 to 1915 |
| Term Loan |
State Bank of Patiala - I |
10,600 |
Principal |
1 to 1550 |
| Term Loan |
State Bank of Patiala - A |
4,500 |
Principal |
1 to 1550 |
| Term Loan |
State Bank of Patiala - B |
7,000 |
Principal |
1 to 1915 |
| Term Loan |
Syndicate Bank -Tranche I |
13,250 |
Principal |
1 to 1550 |
| Term Loan |
Syndicate Bank-RTL-B |
7,000 |
Principal |
1 to 1915 |
| Term Loan |
Bank of Maharastra - Tranche-I |
13,250 |
Principal |
1 to 1550 |
| Term Loan |
Bank of Maharastra RTL-B |
7,000 |
Principal |
1 to 1915 |
| Term Loan |
ICICI Bank -RTL-A |
13,500 |
Principal |
1 to 1550 |
| Term Loan |
Union Bank of India -Tranche-I |
10,600 |
Principal |
1 to 1550 |
| Term Loan |
Union Bank of India--RTL-B |
7,000 |
Principal |
1 to 1915 |
| Term Loan |
State Bank of Hyderabad-Tranche-I |
7,950 |
Principal |
1 to 1550 |
| Term Loan |
State Bank of Hyderabad-RTL A |
4,500 |
Principal |
1 to 1550 |
| Term Loan |
State Bank of Hyderabad-RTL B |
4,490 |
Principal |
1 to 1915 |
| Term Loan |
IFCI Limited -RTL-A |
10,350 |
Principal |
1 to 1550 |
| Term Loan |
The J&K Bank -Tranche-I |
10,600 |
Principal |
1 to 1550 |
| NCD |
Axis Bank Limited NCDs -11% |
21,195 |
Principal |
1 to 1551 |
| Term Loan |
SREI Equipment Finance Limited-II |
2,060 |
Principal |
1 to 1597 |
| Total Principal Overdue (A) |
267,574 |
|
|
|
| Term Loan |
IDBI Bank-Tranche I |
23,419 |
Interest |
1 to 1977 |
| Term Loan |
IDBI Bank-Tranche II |
375,381 |
Interest |
1 to 2069 |
| Term Loan |
IDBI Bank - RTL-A |
43,934 |
Interest |
1 to 1977 |
| Term Loan |
IDBI Bank - RTL-B |
13,094 |
Interest |
1 to 1977 |
| Term Loan |
IIFCL Tranche II |
104,460 |
Interest |
1 to 2069 |
| Term Loan |
LIC-Tranche A |
39,282 |
Interest |
1 to 2312 |
| Term Loan |
LIC-Tranche C |
35,780 |
Interest |
1 to 2312 |
| Term Loan |
Corporation Bank-Tranche I |
25,139 |
Interest |
1 to 2251 |
| Term Loan |
Corporation Bank-Tranche II |
37,859 |
Interest |
1 to 2282 |
| Term Loan |
Corporation Bank-RTL- B |
11,408 |
Interest |
1 to 2313 |
| Term Loan |
State Bank Of Patiala - I |
21,187 |
Interest |
1 to 2100 |
| Term Loan |
State Bank Of Patiala - A |
11,535 |
Interest |
1 to 2100 |
| Term Loan |
State Bank Of Patiala - B |
7,641 |
Interest |
1 to 2100 |
| Term Loan |
Syndicate Bank -Tranche I |
28,821 |
Interest |
1 to 2251 |
| Term Loan |
Syndicate Bank-RTL-B |
8,681 |
Interest |
1 to 2282 |
| Term Loan |
Bank Of Maharastra - Tranche-I |
32,881 |
Interest |
1 to 2251 |
| Term Loan |
Bank Of Maharastra RTL-B |
10,152 |
Interest |
1 to 2282 |
| Term Loan |
ICICI Bank -RTL-A |
27,935 |
Interest |
1 to 1735 |
| Term Loan |
Union Bank Of India -Tranche-I |
23,490 |
Interest |
1 to 2260 |
| Term Loan |
Union Bank Of India--RTL-B |
8,588 |
Interest |
1 to 2290 |
| Nature of borrowing, including debt securities |
Name of lender |
Amount not paid on due date (Rs. In Lakhs) |
Whether principal or interest |
No. of days delay or unpaid |
| Term Loan |
State Bank Of Hyderabad-Tranche-I |
14,527 |
Interest |
1 to 1977 |
| Term Loan |
State Bank Of Hyderabad-RTL A |
10,537 |
Interest |
1 to 1977 |
| Term Loan |
State Bank Of Hyderabad-RTL B |
4,468 |
Interest |
1 to 1977 |
| Term Loan |
IFCI Limited -RTL-A |
38,495 |
Interest |
1 to 2161 |
| Term Loan |
The J&K Bank -Tranche-I |
24,020 |
Interest |
1 to 2251 |
| NCD |
AXIS Bank Limited NCDs -11% |
10,942 |
Interest |
1 to 1765 |
| Rupee Term Loan |
SREI Equipment Finance Limited-II |
2,739 |
Interest |
1 to 1658 |
| Total Interest Overdue (B) |
996,397 |
|
|
|
| Total Principal and Interest Overdue (C)=(A)+(B) |
1,263,981 |
|
|
|
Remarks:- As per agreements with respective banks/financial
institutions subject to final outcome of CIRP (Refer Note No. 19 of the standalone
financial statements)
Company?s Reply
The Company, has been undergoing Corporate Insolvency Resolution
Process ("CIRP") since 09.08.2017 in terms of the provisions of the Insolvency
& Bankruptcy Code, 2016 ("Insolvency Code") vide order dated 09.08.2017 and
14.08.2018 passed by the Hon'ble National Company Law Tribunal ("NCLT")
Allahabad read with order dated 09.08.2018 passed by the Hon'ble Supreme Court of India in
Writ Petition (Civil) No. 744/2017 and order dated 06.11.2019 passed by the Hon'ble
Supreme Court of India in the matter of Jaiprakash Associates Ltd. & Anr. Vs. IDBI
Bank Ltd. & Anr. (Civil Appeal bearing Diary No 27229 of 2019 and Civil Appeal No 6486
of 2019).
The Hon'ble Supreme Court in the Civil Appeal Diary No(s). 14741/2020
between Jaypee Kensington Boulevard Apartments Welfare Association &Ors. Vs NBCC
(India) Ltd &Ors. vide its order dated 06.08.2020 transferred all the pending
appeals/cases with NCLAT to itself. In the meantime, Hon'ble Supreme Court directed the
IRP to manage the affairs of Jaypee Infratech Limited. Further, the Hon'ble Supreme Court
vide its judgment dated 24 March 2021 has directed the Interim Resolution Professional
(IRP) to complete the CIRP within the extended time of 45 days from the date of this
judgment by inviting modified/fresh resolution plans from by Suraksha Realty Limited along
with Lakshdeep Investments and Finance Private Limited ("Suraksha Group") and
NBCC only, giving them time to submit the same within 2 weeks from the date of this
judgment. It is made clear that the IRP shall not entertain any expression of interest by
any other person nor shall be required to issue any new information memorandum.
Accordingly, The IRP invited fresh/ modified Resolution Plan from NBCC
and Suraksha Group. Consequently, both applicants have submitted their bids on 07.04.2021.
Upon discussion of said resolution plan in CoC from time to time, both applicants have
revised their bids. Subsequently, the CoC approved the Final Resolution Plan submitted by
Suraksha Group dated June 7, 2021 (read with its addendum) on June 23, 2021 and has been
submitted to the Hon'ble NCLT principal bench Delhi on 07.07.2021. Objections were filed
by ICICI bank , Yamuna Expressway Industrial
Development Authority, Jaiprakash Associates Limited and others against
the approved Resolution Plan of Suraksha group with Hon'ble NCLT Principal bench Delhi. At
present, the Matter is pending before Hon'ble NCLT Principal Bench Delhi for final
adjudication.
The CoC also sought extension from Hon'ble Supreme Court till
07.07.2021 to complete the CIRP which was granted by Hon'ble Supreme Court vide its order
dated 27.07.2021. The IRP is currently managing the operations of the JIL and accordingly,
the financial results have been prepared on going concern basis.
The payment to the financial creditors (including lenders) is incumbent
upon the final outcome of the CIRP
The remaining Notes to the financial statements are selfexplanatory and
do not call for any further comments.
During the year under report, no fraud was reported by the Auditors
under second proviso to Section 143 (12) of the Companies Act, 2013.
22.2 SECRETARIAL AUDITOR
Ms. Sunita Mathur, Practising Company Secretary, the Secretarial
Auditor of the Company conducted the secretarial audit for the Financial Year ended 31st
March, 2022, as required under Section 204 of the Companies Act, 2013 and Rules
thereunder. The Secretarial Audit Report for the Financial Year ended 31st March, 2022 is
annexed as Annexure V to this Report.
The Secretarial Audit Report furnished by Ms Sunita Mathur for the
financial year ended 31st March, 2022 contains some observations that are self-explanatory
and need no further comments. On other observations Company's reply under section
134(3)(f)(ii) of the Companies Act, 2013 is as under:
Observation: Order of Hon'ble Supreme Court for grant of further time
beyond 45 days. The Hon'ble Supreme Court in its VC hearing held 27th July, 2021 has
granted the relief's claimed in the application. The order was filed on 29th July 2021
Company Reply: The order was uploaded on the website of Hon'ble Supreme
Court on 28.07.2021 and the same was disclosed to Stock Exchanges within stipulated time.
Observation: a) Company has not filed Quarterly Progress Report (QPR)
module on UPRERA
b) All the 27 Projects registered under it are still pending completion
Company Reply: The Company replied to the government authorities and
informed that the resolution plan is under consideration and accordingly the information
shall be furnished on its approval/implementation.
Observation: Environment clearance has expired on
11.10.2020. for Jaypee Greens Sports City, North (LFD- 2) Company has
not made any application for renewal Company Reply: The Company shall be filing the
application once the Resolution Plan which is under consideration of Adjudicating
Authority is approved/implemented.
Observation: Jaypee Infratech has applied to SIEAA, UP vide online
application Ref No. SIA/UP/NCP/50919/2020 dated 13.2.2020 for JP Greens Sports City (Part
III) and SIA/UP/NCP/ 50900/2020 dated 13.2.2020 for JP Greens Sports City (Part I &
II) seeking their approval to extend environment clearance for a period of 3 years (from
11.10.2020 to 10.10.2023). Project was deferred by the authorities on the request of
Project Proponent/ Consultant
Company Reply: The Company shall be taking up the matter once the
Resolution Plan which is under consideration of Adjudicating Authority is
approved/implemented.
Observation: Jaypee Infratech has applied to SIEAA, UP vide it online
application SIA/UP/MIS/ 168661/2020 dated 19.8.2020 seeking approval to extend environment
clearance. The SEAC recommended the Proposal for extending the Validity by a Period of
Three Years. However, SEIAA sent the Proposal back to SEAC to review the Proposal as it
lies in Eco Sensitive Zone. Proposal was not pursued thereafter.
Company Reply: The Company shall be taking up the matter once the
Resolution Plan which is under consideration of Adjudicating Authority is
approved/implemented.
Observation: The Company is yet to fill the vacancy of CFO as per
provisions of Section 203(1) of the Companies Act, 2013 and Rule 8 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 since vacancy arose due
to resignation of last CFO w.e.f. July 31st, 2020
Company Reply: The RA of the Company will fill the vacancy once the
resolution plan gets approved/Implemented.
22.3 SECRETARIAL STANDARDS
The Company remained under CIRP and no meeting of the Board of
Directors was held during the year under report. Therefore the Secretarial Standards i.e.
SS-1 and SS-2 relating to meeting of the Board of Directors and General Meetings,
respectively have been followed by the company to the extent possible.
22.4 COST AUDIT AND COST AUDITORS
The Company has made and maintained the cost records specified by the
Central Government under sub-section (1) of section 148 of the Companies Act, 2013.
M/s Jatin Sharma & Co., Cost Accountants (Firm Registration No.
101845), is the Cost Auditor of the Company to audit the cost records for the Financial
Year 2021-22 as required under Section 148(3) of the Companies Act, 2013 and Rule 14 of
the Companies (Audit and Auditors) Rules, 2014.
23. FIXED DEPOSITS
During the year under report, the Company has not accepted any fixed
deposits under Chapter V of the Companies Act, 2013. As on 1st April, 2014, when new
provisions of Companies Act, 2013 regulating the acceptance of deposits by the Company
were introduced, the Company had 46,253 outstanding Fixed Deposits aggregating Rs.363.19
crores (excluding interest). Upto 31st March, 2022, the Company has settled 40,584 fixed
deposits aggregating Rs. 250.02 crores. Consequently, there were 5669 outstanding fixed
deposits aggregating Rs.113.17 crores as on that date.
The Company was granted extensions of time for repayment of the
existing fixed deposits, by the Hon'ble Company Law Board (CLB)/ National Company Law
Tribunal (NCLT) vide its Orders passed from time to time and has made repayment of certain
fixed deposits along with interest upto the date of maturity in compliance of the
directions of Hon'ble NCLT
Further, it is mandatory for adjudicating authority to announce
moratorium when commencing the Insolvency Resolution process under Section 14 of
Insolvency Code prohibiting transferring, encumbering, alienating or disposing off by the
Company any of its assets or any legal right or beneficial interest therein; any action to
foreclose, recover or enforce any security interest created by the Company in respect of
its property including any action under the SARFAESI Act, 2002. Accordingly, the
Adjudicating Authority had announced the moratorium in its order dated August 9, 2017 and
the same continues till the completion of CIRP
Consequent to prohibitions in place by virtue of moratorium u/s 14 of
Insolvency Code as detailed above, preferential payment to a class of creditors is
impermissible under the Code. This view was substantiated by Hon'ble Supreme Court in the
above mentioned writ petition, while disallowing refund to some of the home-buyers who had
opted for refund of amount paid for the purchase of home. Hon'ble NCLT on September 26,
2018 also took similar view in the petition CP No. 10/03/2015 of the company dealing with
outstanding Fixed Deposits (whose holders are also Financial Creditor) and the same was
disposed of accordingly. Consequent to the above, the Company did not make any payments to
any class of creditors during the period under review.
During the CIRP period, the IRP had sent communication/ issued
advertisements and interalia Fixed Deposit holders were requested to file their claim. The
claims filed upto 06.12.2019 were part of the Resolution Plan of NBCC (India) Limited
The Hon'ble Supreme Court and in its Order dated March 24, 2021, it has
interalia directed:
"225.3. It is made clear that the IRP shall not entertain any
expression of interest by any other person nor shall be required to issue any new
information memorandum. The said resolution applicants shall be expected to proceed on the
basis of the information memorandum already issued by IRP and shall also take into account
the facts noticed and findings recorded in this judgment."
Accordingly, accepting any new claims received after December 6, 2019
would lead to updating of information memorandum which is clearly prohibited in terms of
the above direction.
The CoC has approved the Final Resolution Plan read with its addendum
submitted by Suraksha on June 23, 2021 and all claims received post December 6, 2019 have
not been incorporated in the Committee of Creditors ("CoC") and are/ were
forwarded to Suraksha.
Further the CoC approved resolution plan of Suraksha states that
against the Claims filed subsequent to IM however prior to NCLT Approval Date, an amount
of Rs. 9.16 Crore shall be paid to Fixed Depositors, on pro-rata basis as full and final
settlement of all the claims of Fixed Deposit holders.
The list of claims which were not forming part of the CoC constituted
as on December 6, 2019 and have been received post December 6, 2019 are being forwarded to
Suraksha from time to time and are also available on the website of the Company
www.jaypeeinfratech.com.
The Final Resolution plan (read with its addendum) of Suraksha has
proposed that claims which have not been received till the date of approval of the
Resolution Plan by the Hon'ble NCLT, such claims shall stand abated, extinguished and
settled in perpetuity without any claim whatsoever.
24. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo, as stipulated under section 134(3) (m) of the
Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, as amended,
is annexed as Annexure VI to this Report.
25. ANNUAL RETURN
The Company has placed Annual Returns in terms of Section 92(3) of the
Companies Act, 2013 at www.jaypeeinfratech. com/sebi.html
26. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
a) Statement showing details of remuneration to be disclosed by listed
companies, in terms of Section197(12) of the Companies Act, 2013 read with Rule 5(1)of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 has been
provided as Annexure VII-A, which forms part of this Annual Report.
b) Statement showing details of employees as required under Section
197(12) of the Companies Act, 2013 read with Rule 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 has been provided in
Annexure VII-B, which forms part of this Annual Report.
27. SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS & COURTS
OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY?S OPERATIONS IN FUTURE
During the year under report, no significant and material orders were
passed by the Regulators or Courts or Tribunals impacting the going concern status of the
Company and its operations in future. However, Securities and Exchange Board of India
passed an order dated 14.03.2022 imposing a penalty of Rs. 7 lacs for non-compliance with
SEBI LODR. The Company appealed against the order with Appellate Authority i.e. Securities
Appellate Tribunal and vide order dated 12.07.2022 the order dated 14.03.2022 of SEBI has
been quashed.
28. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMAN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has in place an Anti Sexual Harassment Policy and Internal
Complaints Committee in line with the requirements of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the year under report,
the Company has not received any complaint.
29. 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 were no material changes and commitments which adversely affected
the financial position of the Company after the end of Financial Year to the date of
report except the Hon'ble NCLT/NCLAT/Hon'ble Supreme Court order(s) related to matters
under CIRP
30. INVESTOR EDUCATION AND PROTECTION FUND
Refer Report on Corporate Governance para on Transfer of unclaimed /
unpaid amounts / shares to the Investor Education and Protection Fund (‘IEPF') for
additional details.
31. CAUTIONARY STATEMENT
Statements in the Annual Report, particularly those which relate to the
Management's Discussion and Analysis, describing the Company's objectives, projections,
estimates and expectations, may constitute ‘forward looking statements' within the
meaning of applicable laws and regulations. Though the expectations are based on
reasonable assumptions, the actual results may differ.
32. ACKNOWLEDGEMENT
The Company places on record its sincere appreciation and gratitude for
the assistance and co-operation received from the Financial Institutions, Banks,
Government authorities, Customers and Vendors during the year under report. Your Company
also wishes to place on record its deep sense of appreciation for the committed services
by the Company's executives, staff and workers.
|
For Jaypee Infratech Limited |
| Place: Noida |
Anuj Jain |
| Dated:26th August, 2022 |
Interim Resolution Professional |
|
IP Registration No. IBBI/IPA-001/ |
|
IP-P00142/2017-18/10306 |
|