documentation and information to enable preparation of the same were not made available to the New Board. At the time of handover of control, only the audited financial statements up to FY 2019 were handed over to the New Board.
It is the new management which incurred additional costs and took all efforts to prepare the consolidated financial statements up to FY 2024 and has successfully completed the statutory audit of the same along with standalone financial statements. However, the accounts of the Company for the financial year ending March 31, 2023 ('
Subject Accounts
'), which pertain to the period prior to the Closing Date (June 12, 2023 (As per terms of the Resolution Plan)), and the date of appointment of New Board (i.e. June 12, 2023 and September 08, 2023), are required to be adopted by the shareholders of the Company.
It is pertinent to note that this Board's Report and Subject Accounts are required to: (i) be approved , and signed by or on behalf of the New Board and KMPs; (ii) undergo statutory audit by the Company's auditors; (iii) approved by the Company's shareholders; (iv) filed with the ROC in order to (a) fulfill requisite compliance requirements, including under the Companies Act and (b) to cure/regularize the non-compliance of the Company with respect to its filing requirements under the Companies Act including to make its status 'Active Compliant' with the registrar of companies (and as reflected on the portal of Ministry of Corporate Affairs) in terms of and for the implementation of the Approved Resolution Plan. Accordingly, in fulfilling these compliance requirements certain inherent limitations and inhibitions are involved for the New Board and KMPs and management of the Company
('
Inherent Limitations and Inhibitions
'), as is set out below in further detail.
The Subject Accounts have been signed by Mr. Hardik B. Patel, the Chairman & Whole-Time Director,
Mr. Parashiva Murthy B S, Director & Mr. Punit Bajaj, Company Secretary and this Board Report is being approved by the Company's New Board, only for the purpose of statutory compliance as set out in the preceding paragraphs, subject to the following Inherent Limitations and Inhibitions:
(i) the New Board and KMPs had no access to or role in relation to the affairs and or management Company for and during the financial year ending March 31, 2023
('
Subject Period
');
(ii) the New Board and KMPs have, in this regard, relied solely and exclusively on the books, papers, records and other information, documents, clarifications, representations, communications, notices and/or certifications (collectively, '
Books and Records
') furnished to them by or on behalf of the Resolution Professional and the records and details available with the staff of the Company. The New Board has approved this Board Report and Mr. Hardik B. Patel, Whole Time Director & Chief Financial Officer had signed the Subject Accounts on the basis that the available Books and Records believing that the same: (a) are genuine, correct and accurate; (b) have been prepared and maintained in accordance with the applicable accounting standards, policies and conventions , and the New Board and KMPs are not aware of any significant exercise of judgment which has not been disclosed to them in writing in this regard; and (c) are not in any way fraudulent or misleading;
(iii) in addition to, and without prejudice to what is stated in paragraph (ii) above, the New Board and KMPs, without being under an obligation to do so, have ascertained that they don't have access to certain information and details for the Subject Period which may have a bearing on the Books and Records required for finalization and approval of this Board Report and the Subject Accounts (non-illustrative list):
a. Due to the Parent's status under Corporate Insolvency
Resolution Process (CIRP) & the effects of COVID-19, there was a shortage of available employees. Consequently, the Parent's management did not conduct the physical count of inventories as at 31st March 2023. Accordingly, it is not possible to conclude whether the inventories are fairly stated in the consolidated financial statement.
b. The Company had carried forward deferred tax assets
(net) of Rs. 11,924 lakhs from earlier years. During the year the company has not created any deferred tax liability/asset.
c. Bank reconciliation statements of the parent as at 31
March 2023 have not been prepared for 11 bank accounts having a carrying amount of Rs. 9.07 Lakhs since the bank statements were not available for these bank accounts. Also, no balance confirmation could be obtained from any of the banks. d. Bank reconciliation statements of the parent as at 31
March 2023 have not been prepared for 5 bank accounts related to unpaid dividend having a carrying amount of Rs. 27.59 Lakhs since the bank statements were not available for these bank accounts. Also, no balance confirmation could be obtained from any of the banks.
e. Details of bank deposits of the parent with original maturity exceeding 3 months but less than 12 months as at 31 March 2023 are not available. Also, neither the balance confirmation certificate nor interest on bank deposit certificate could be obtained from bank.
f. Confirmation of balances had not been received by the auditors of the Company in respect of certain loans and advances, balances with banks, borrowings (including interest accrued thereon), dues to/from related parties, trade and other payables. The impact of any change in the carrying amount of these balances on consolidated financial statements is unascertainable.
g. The company has migrated its accounting system from Oracle to Tally Accounting system during the current Financial Year. A migration audit was not performed by the company, and therefore, the completeness and accuracy of the data could not be confirmed.
h. The Financial Statements of 2 step down foreign subsidiaries (Mirabelle Trading Pte. Ltd. and Bilt Graphic Trading FZE) and 1 domestic subsidiary (Avantha Agritech Ltd) which have a total assets base of Rs. 67,542 lakhs and which are material to the group are unaudited. Since Financials statements of these companies were unavailable the asset bases of Mirabelle Trading Pte Ltd and Avantha Agritech Ltd as on March 31, 2020 and as on March 31, 2019 of Bilt General Trading FZE was considered for consolidation purpose. i. One of the foreign subsidiary Ballarpur Speciality
Paper Holdings B.V. has fully written off its investment in BILT General Trading FZE, UAE ('BGT') as BGT does not carry on any operations and there is no intention to carry on the business in future also the license of BGT was expired.
(iv) the New Board and KMPs do not take any responsibility or liability for the Books and Records not being in line with the matters stated in paragraph (ii) above, and for the matters that are not available as detailed in paragraph (iii) above. No statement, fact, information (whether current or historical) or opinion contained herein should be deemed or construed as a representation or warranty, confirmation, undertaking and / or assurance, whether express or implied, by the New Board and KMPs.
(v) Additionally, and without prejudice to the above, the New Board and KMPs further disclaim all responsibility as to matters regarding: (a) recording, disclosing and dissemination of matters set out in, and record-keeping and preservation of, the Books and Records; (b) matters that require specific disclosure in this Board Report and the Subject Accounts, including (without limitation) identification of related parties and related party transactions; and (c) matters concerning maintenance of internal controls, systems and processes;
(vi) The New Board and KMPs believe and have relied upon the accounts and financial statements of all the subsidiaries, joint ventures and related parties, being duly and properly prepared, verified and approved in accordance with applicable laws including the relevant accounting . standards, for the purpose of consolidation of such financial statements and preparation of this Board Report and the Subject Accounts.
For the reasons set out in the preceding paragraphs, the New Board and KMPs are submitting this Board Report (including for sake of clarity, the Director's Responsibility Statement set out herein) in compliance with the provisions of the Companies Act and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015 and in good faith and strictly on a without liability basis; and no suit, prosecution or other legal proceeding shall lie against them, now or in future, in relation to or in connection with (in any manner whatsoever) this Board Report or any matter stated herein (including, for sake of clarity, the Director's Responsibility Statement set out herein) and the Subject Accounts.
Successful Implementation of Resolution Plan
The Hon'ble National Company Law Tribunal, Mumbai Bench ('NCLT'), vide its order dated March 31, 2023, approved the Resolution Plan submitted by Finquest Financial Solutions Private Limited under Section 31 of the Insolvency and Bankruptcy Code, 2016, and the plan was successfully implemented by Finquest Financial Solutions Private Limited. Upon successful implementation of the Resolution Plan, the following activities have been made in the Company:
a. Reduction and extinguishment of issued Share Capital of the Company prior to approval of Resolution Plan, b. Allotment of securities pursuant to the Resolution Plan; c. Reconstitution of the Board of Directors of the
Company and its Committees; and d. Revocation of Power of Attorney/Authorizations issued before and during CIRP by the Company.
.
Financial Performance
The financial performance of your Company for the financial year ended March 31, 2023, is given below:
(Rs. in Lakh)
|
Particulars
|
Standalone
|
Consolidated
|
|
|
2022-
23
|
2021- 22
|
2022-
23
|
2021- 22
|
|
Revenue from Operations
|
0
|
38
|
-
|
38
|
|
Other Income
|
26
|
8
|
13,295
|
12,323
|
|
Less:
|
(1,316)
|
(2,164)
|
(14,414)
|
(30,213)
|
|
Expenses
|
|
|
|
|
|
EBIDTA
|
(1,290)
|
(2,118)
|
(1,119)
|
(17,852)
|
|
Less:
|
(47,882)
|
(47,761)
|
(56,315)
|
(55,050)
|
|
Finance Cost Less:
|
(3,756)
|
(5,257)
|
(3,756)
|
(5,257)
|
|
Depreciation Profit/(Loss) before
|
(52,928)
|
(55,136)
|
(61,190)
|
(78,159)
|
|
Exceptional Items and Taxes Share of
|
-
|
-
|
23,368
|
1,199
|
|
Profit/(Loss) in Associate and Joint Venture Exceptional
|
4,98,237
|
(1,37,710)
|
4,98,237
|
1,24,717
|
|
Items Profit / (Loss) before Tax
|
4,45,309
|
(1,92,846)
|
4,60,415
|
47,757
|
|
Less: Tax
|
-
|
-
|
-
|
-
|
|
Profit/(Loss)
|
4,45,309
|
(1,92,846)
|
4,60,415
|
47,757
|
|
After Tax
|
|
|
|
|
|
Profit/ (loss) from discontinue d operations before tax
|
-
|
-
|
-
|
-
|
|
Less: Tax expense on discontinu ed operations
|
-
|
-
|
-
|
-
|
|
Net profit/ (loss) from discontinu ed operations after tax
|
-
|
-
|
-
|
-
|
|
Net profit/ (loss) after tax
|
4,45,309
|
(1,92,846)
|
4,60,415
|
47,757
|
Operations
A detailed review of the operations and performance of the Company and its subsidiaries is provided in the chapter on Management Discussion and Analysis in this Annual Report.
Dividend
In view of the fact that the Company was undergoing Corporate Insolvency Resolution Process as at March 31, 2023 and no record / evidence recommending dividend by the erstwhile board was made available to the New Board, it is deemed fit that no dividend be recommended on the Equity Share Capital of the Company for the financial year ended 31
st
March 2023.
Particulars of loans, guarantees or investments
Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 form part of the notes to the financial statements provided in this Annual Report.
Transfer to Reserves and Share Capital
In view of the fact that the Company was undergoing Corporate Insolvency Resolution Process as at March 31, 2023, and no record / evidence recommending transfer of any amount to general reserve was made available to the New Board, it is deemed fit that no amount be transferred to reserves during the period under review.
Fixed Deposits
As per the information made available to the New Board, no amount of principal or interest on erstwhile fixed deposits was outstanding as on 31 March 2023. Further, the Company has not invited any fresh deposits.
Changes in the nature of business
As per the information made available to the New Board, the Company did not undergo any change in the nature of its business during the period under review.
Management's discussion and analysis
In terms of the provisions of Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('the Listing Regulations'), the Management's discussion and analysis is separately set out in this Annual Report.
Board of Directors and Key Managerial Personnel
As on March 31, 2023, the Board of Directors of the Company comprised of the following directors:
1.
Mr. Rajeev Ranjan Vederah – Independent Director (DIN: 00012252)
2.
Dr. Padmakumar Nair – Independent Director (DIN: 03109973)
3.
Ms. Yashashree Gurjar – Non-Executive Director (DIN: 02674807)
Appointments
As per the information made available to the New Board, there were no fresh appointments of directors during the Financial Year 2022-23.
Resignations
As per the information made available to the New Board, there were no resignation of Directors during the Financial Year 2022-23.
Nomination and Remuneration Policy
An excerpt of the Nomination and Remuneration Policy of the Company is annexed along with the Corporate Governance Report of the Company.
In view of commencement of CIRP during the year under review, the New Board does not have any evidentiary documents which show that erstwhile Management had is carried out an annual evaluation of itself, its Committees, Independent Directors and its Directors in accordance with
st
the criteria specified by the Nomination and Remuneration Committee.
Declaration by Independent Directors
The New Board has not been provided with any records evidencing declaration by Independent Directors as provided in Section 149(6) of The Companies Act, 2013 (the Act) and
Regulation 16(1)(b) of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015.
Meetings of the Board
During the financial year, the company was undergoing the Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). Pursuant to Regulation 15(2A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR), the requirement to hold board meetings and comply with the provisions relating to the composition and roles of the Board of Directors was not applicable during the CIRP period.
Accordingly, no meetings of the Board of Directors were held during the CIRP period, and the powers of the Board were exercised by the Resolution Professional (RP) appointed under the IBC.
Promoter Group
The Company was a part of the Avantha Group, a global business conglomerate led by Mr. Gautam Thapar and the periodical disclosures of the Company provides for the details of its Promoter, Promoter Group and persons acting in concert in the shareholding pattern and other filings with the Stock Exchanges. It is pertinent to note that with effect from the approval of resolution plan, the Company is not a part of the Avantha Group.
Subsidiary Companies & Consolidation of Accounts
The Company has 1 Indian subsidiary, viz. Avantha Agritech Limited (AAL) which was formerly BILT Tree Tech Limited. In the last few years excess availability of wood in the market resulted in a substantial reduction of wood prices and consequently, the farmers have been shifting away from growing wood to other crops and horticulture plants. In view of the same AAL sold part of its Agroforestry Business.
The Company also has five foreign subsidiaries. Of these, three are based in The Netherlands: (i) Ballarpur International Holdings B.V. (BIH), (ii) BILT Paper B.V. (BPBV), and (iii) Ballarpur Speciality Paper Holdings B.V. (BSPH). One international subsidiary, namely, BILT General Trading (FZE) is based in the UAE, and another, namely, Mirabelle Trading Pte Ltd. is based in Singapore.
Ballarpur Paper Holdings B.V. (BPH B.V.), Bilt Graphic Paper Products Limited and Sabah Forest Industries are the associates of the Company.
The following updates are extremely important to be noted by the Members of the Company: a. The Financial Statements of 2 step down foreign subsidiaries (Mirabelle Trading Pte. Ltd. and Bilt Graphic Trading FZE) and 1 domestic subsidiary (Avantha Agritech Ltd) which have a total assets base of Rs. 67,542 lakhs and which are material to the group are unaudited.
b. One of the foreign subsidiaries, Ballarpur Speciality
Paper Holdings B.V. has fully written off its investment in BILT General Trading FZE, UAE ('BGT') in Financial Year 2019-20 as BGT does not carry on any operations and there is no intention to carry on the business in future also the license of BGT has expired. However, the auditors were not provided with sufficient information and documents related to closure of business of BGT and therefore, the auditors were unable to comment upon the reasonableness of consolidation of BGT in the consolidated financial statement.
The performance and financial position of each subsidiary and joint venture are detailed in the 'Statement containing salient features of the financial statement of subsidiaries, associate companies/joint ventures in Form AOC-1, pursuant to Section 129 of the Act which is enclosed as Annexure-1 to this Board's Report. Material changes and commitments affecting financial position between the end of the financial year and date of the report.
Commencement of Corporate Insolvency Resolution Process (CIRP)
The National Company Law Tribunal (NCLT), Mumbai Bench, initiated the Corporate Insolvency Resolution Process (CIRP) against the Company on January 17, 2020, based on the application filed by Finquest Financial Solutions Private Limited ('FFSPL'). Mr. Divyesh Desai initially served as the Interim Resolution Professional. Later, Mr. Anuj Jain was appointed as the resolution professional (RP) by the NCLT on May 27, 2020. This process suspended the powers of the Company's erstwhile board of directors, mandating the IRP and RP to manage its affairs.
Approval and Implementation of the Resolution Plan
The NCLT approved the resolution plan submitted by FFSPL on March 31, 2023, marking a significant milestone in the Company's restructuring under the Insolvency and Bankruptcy Code. Pursuant to the Approved Resolution Plan, a monitoring committee oversaw the Company's operations and the plan's implementation until October 25, 2023. FFSPL acquired majority shareholding in the Company, leading to the appointment of a new board of directors on June 12, 2023, and September 08, 2023.
Current Governance Structure and Compliance
The New Board, led by Mr. Hardik B. Patel as the Chairman cum Whole-Time Director and Chief Financial Officer, comprises independent directors and key management personnel appointed in accordance with the Approved Resolution Plan and the NCLT Order. The plan is binding on all stakeholders, including employees, creditors, and government authorities. Mr. Punit A. Bajaj serves as the Company Secretary, ensuring compliance with regulatory requirements under the new governance framework established post-resolution.
Directors' Responsibility Statement
In accordance with Section 134(5) of the Companies Act, 2013, and subject to Inherent Limitations and Inhibitions as provided in the beginning of the Board's Report, the New Board is setting out this Director's Responsibility Statement in compliance with the provisions of the Companies Act and the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 and in good faith and strictly on a without liability basis; and no suit, prosecution or other legal proceeding shall lie against them, now or in future, in relation to or in connection with (in any manner whatsoever) this Director's Responsibility Statement set out herein. Subject to the above and based on the information provided to the New Board from time to time including the information made available during the CIRP of the Company by the Interim Resolution Professional / Resolution Professional, the New Board believes that:
•
In the preparation of the annual accounts, the applicable accounting standards have been followed and that there is no material departure;
•
The accounting policies selected and applied ought to be consistently and judgments made 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 loss of the Company for the financial year;
•
Proper and sufficient care for maintenance of adequate accounting records as provided in the Companies Act, 2013, ought to have been taken for safeguarding the assets of the Company and for preventing and detecting frauds and otherirregularities;
•
The annual accounts of the Company have been prepared on a 'going concern' basis;
•
Internal financial controls ought to have been followed by the Company and that such controls ought to be adequate and operated effectively; and
•
Proper systems to ensure compliance with the provisions of all applicable laws ought to have been in place and that such systems were adequate and operating effectively.
Secretarial standards
The New Board has not been provided with any information pertaining to compliance with all the applicable provisions of Secretarial Standards issued by the Institute of Company Secretaries of India and approved by the Central Government.
Listing on stock exchanges
The Company's shares are listed on BSE Limited and the National Stock Exchange of India Limited.
Auditors and Auditors' Reports
Statutory auditor
Pursuant to the terms of the approved resolution plan, the New Board had appointed M/s. Batliboi & Purohit, Chartered Accountants (Firm Registration No. 101048W) as the Statutory Auditors of the Company for a term of 5 years, who shall hold office from conclusion of Seventy Fifth Annual General Meeting till conclusion of Eightieth Annual General Meeting to be held in the year 2025, to audit the consolidated financial statements of the Company. M/s Batliboi & Purohit, have made disclaimer of opinion in their report on the consolidated financial statements of the Company for the financial year ended 31
st
March 2023.
The New Board is not in a position to provide any response to such disclaimer of opinion made by the Statutory Auditors of the Company, as the Board was constituted pursuant to the implementation of the Resolution Plan, approved by the National Company Law Tribunal.
Particulars of contracts or arrangements made with related parties
As per Note 38 of the audited financial statements of the company on standalone basis for the financial year 2022-23, all the transactions with related parties entered during the review period were in the ordinary course of business. The New Board, having recently assumed its responsibilities, is not in a position to confirm the same and therefore is relying on the disclosure in the audited financial statements of the company on standalone basis. The details of material contracts, arrangements or transactions with related parties which require disclosure in Form AOC–2, is annexed to this report as
Annexure-2
.
Secretarial auditor
The Board had appointed M/s Viral Sanghavi & Associates, Company Secretaries (Firm Registration No.: 3130), to conduct Secretarial Audit of the Company for the financial year 2022-23. The Secretarial Audit Report is annexed to this report as
Annexure-3
.
Cost Auditor
Bahadur Murao & Co., Cost Accountants, New Delhi (Firm Registration No. 000008) were appointed as the Cost Auditors of the Company, to carry out the cost audit of paper manufactured and pulp, if any, in relation to the financial year ending 31
st
March 2023.
Further, the Company is required to maintain cost records as required under Section 148(1) of the Companies Act, 2013 and the Cost Audit Report confirms that such accounts and records are being made and maintained by the Company.
Corporate Governance
The report on Corporate Governance together with the Compliance Certificate is attached and forms part of this Annual Report.
Adequacy of internal financial controls
The New Board, is not in a position to provide a detailed assessment of the internal financial controls and their adequacy for FY 2022-23 at this time, as it has assumed the responsibilities pursuant to approval of Resolution Plan. However, we want to assure you that the New Board is unwavering in its commitment to implementing and upholding stringent internal control practices. Our priority is to ensure that the highest standards of governance and accountability are adhered to, and we will be taking all necessary steps to evaluate and enhance our internal control systems moving forward.
Investor Education and Protection Fund (IEPF)
As per the information made available to the New Board, during the period under review the Company was not required to transfer any amount towards the fund.
Risk Management report
The New Board has not been provided with any information pertaining to risk management during the period under review.
Statutory Committees
The Corporate Governance Report may be referred for details on Statutory Committees.
Statutory Policies
In compliance of the various provisions of the Companies Act, 2013, and Listing Regulations, the Company has made the following policies which are available on its website: www.biltpaper.in
•
Policy on materiality of and dealing with related party transactions.
•
Policy for preservation of documents.
•
Policy on determination of materialityof events.
•
Policy on disclosure of unpublished price sensitive information.
•
Whistle Blower Policy, covering all employees and Directors, for the vigil mechanism
inter alia
providing direct access to any whistle blower to the Chairman of the Audit Committee, as per said policy.
•
Policy on Prevention of Sexual Harassment of Women at Workplace in line with the requirement of 'The Sexual Harassment of Women at Workplace (Prohibition, Prevention and Redressal) Act, 2013'.
In view of the fact that no record / evidence is made available to the New Board, it is not prudent for the New Board to comment on the compliance with the provisions relating to constitution of Internal Complaints Committee under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The New Board was not made available with details of any complaints received during the period under review and hence the New Board could not confirm the same.
Significant/ Material Orders passed by Regulators
Commencement of Corporate Insolvency Resolution Process (CIRP)
The National Company Law Tribunal (NCLT), Mumbai Bench, initiated the Corporate Insolvency Resolution Process (CIRP) against the Company on January 17, 2020, based on the application filed by Finquest Financial Solutions Private Limited ('FFSPL'). Mr. Divyesh Desai was appointed as the Interim Resolution Professional. Later, Mr. Anuj Jain was appointed as the resolution professional (RP) by the NCLT on May 27, 2020. This process suspended the powers of the Company's erstwhile board of directors, mandating the IRP and RP to manage its affairs.
Approval and Implementation of the Resolution Plan
The NCLT approved the resolution plan submitted by FFSPL on March 31, 2023, marking a significant milestone in the Company's restructuring under the Insolvency and Bankruptcy Code. Pursuant to the Approved Resolution Plan, a monitoring committee oversaw the Company's operations and the plan's implementation until October 25, 2023. FFSPL acquired majority shareholding in the Company, leading to the appointment of a new board of directors on June 12, 2023, and September 08, 2023.
Particulars of employees
Information required under Section 197(12) of the Companies Act, 2013, read with Rule 5 of Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, as amended, is annexed with this Annual Report as
Annexure-4.
Conservation of Energy, Research & Development, Technology Absorption and Foreign Exchange Earnings and Outgo
The particulars regarding foreign exchange earnings and outgo are not being provided to the New Board and it is informed that these figures are not material in nature due to the poor performance of the Company.
Corporate Social Responsibility (CSR)
As per the criteria mentioned in Sub-Section (1) of Section 135 of Companies Act, 2013, the Company is not required to constitute CSR committee. Also, provisions relating to formulation of CSR (Corporate Social Responsibility) Policy are not applicable to the Company. The Annual Report on CSR is annexed with this Annual Report as
Annexure-5
.
Business Responsibility and Sustainability Report (BRSR)
In accordance with Regulation 34(2)(f) of the Listing Regulations, only top one thousand listed entities based on market capitalization are mandated to prepare BRSR and accordingly, the same is not applicable to the Company.
Cautionary Statement
This Board's Report reflects the diligent efforts of the New Board to compile and analyze relevant data for the purpose of consumption of the Members of the Company. The New Board has relied on the best available data and records accessible to us at this time. Certain historical data and performance metrics may be based on estimates or assumptions due to incomplete or pending verification of records.
Members are advised to exercise caution when interpreting the financial and operational analyses presented in this Report. The New Board assumes no liability for any inaccuracies or omissions that may arise from the transition and lack of historical records. We are committed to enhancing our internal controls and information systems to ensure more robust and reliable reporting in future periods. We appreciate your understanding and support as we navigate this transition and work towards restoring comprehensive reporting for Ballarpur Industries Limited.
For and on behalf of the Board of Directors
Sd/-
Hardik Bharat Patel
Whole-Time Director & Chief Financial Officer DIN: 00590663
Date: April 16, 2025 Place: Mumbai
|