Board's Report
On behalf of the Board of Directors (the "Board") of the Company, it gives me
immense pleasure to present the 30th Board's Report, along with the Balance
Sheet, Profit and Loss account and Cash Flow statements, for the financial year ended
March 31, 2024.
Financial Performance:
Key highlights of financial performance of your Company for the financial year 2023-24
are provided below:
|
|
(Rs in Lakhs) |
|
Current Year |
Previous Year |
|
March 31, 2024 |
March 31, 2023 |
| Profit/(Loss) before Interest & Depreciation |
275.46 |
111.48 |
| Finance Cost |
(170.06) |
(138.92) |
| Profit/(Loss) before Depreciation |
105.40 |
(27.44) |
| Depreciation |
(20.60) |
(21.10) |
| Profit/(Loss) before Tax |
84.80 |
(48.54) |
| Tax Expenses: |
|
|
| Current tax |
0 |
0 |
| Deferred Tax Asset /(Liabilities) |
(27.58) |
(6.82) |
| Profit / (Loss) after Tax |
57.22 |
(55.36) |
Principal Activity:
The principal activity of the Company is Manufacturing of garments. There have been no
significant changes in the nature of the principal activities during the financial year.
The Company is trying to make the optimum use of the resources so available.
Dividend:
Your directors at their meeting held on June 12, 2024 have declared a First Interim
Dividend for the financial year ended March 31, 2024 of Re. 1 per share/- i.e. 10% on
equity shares of face value of Rs. 10/- each.
Directors' Responsibility Statement:
Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the
best of their knowledge, confirms that:
a) in the preparation of the accounts, the applicable accounting standards have been
followed along with proper explanations relating to material departure;
b) appropriate accounting policies have been selected and applied consistently and have
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
loss of the Company for that period;
c) proper and sufficient care has been taken for the maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities;
d) the annual accounts have been prepared on a going concern basis;
e) they have laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and were operating effectively;
f) they have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
Reserves:
The company does not propose to carry any amount to the reserves. However, balance of
Profit of Loss account transferred to Reserves and Surplus.
Performance of the Company:
As reported in the previous year, manufacturing garments was suspended and processing
division was disposed-off. The Company didn't have any operation revenue in the Financial
Year. However, the Company earned 542.08 Lacs through its other business activities viz.
property leasing and hostel business. Total revenue was limited to revenue from other
business activity and increased to Rs. 542.08 lacs as against Rs. 274.46 lacs a year ago.
The Company earned a profit of Rs. 84.80 lacs as against a loss of Rs. 48.54 lacs in the
previous year.
The Audited Standalone Financial Statements of the Company for the year ended March 31,
2024 have been prepared in accordance with Indian Accounting Standards (IND-AS), the
relevant provisions of sections 129 and 133 of Companies Act, 2013 (hereinafter referred
to as "the Act"), Regulation 33 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (hereinafter referred to as "SEBI Listing
Regulations"), which have been reviewed by the Statutory Auditors.
Share Capital:
The Authorised Share Capital of the Company is Rs. 7,50,00,000/- (Rupees Seven Crores
Fifty Lakhs only) that is divided into 75,00,000 (Seventy-Five Lakhs only) Equity Share of
Rs. 10/- (Rupees Ten only) each. Presently, the Paid-up Share Capital of the Company is
Rs. 3,35,00,000/- (Rupees Three Crore Thirty-Five Lakhs only) divided in to 33,50,000
(Thirty Three Lakh and Fifty Thousand Only) Equity Shares of Rs. 10/- (Rupees Ten only)
each. There were no changes in share capital of the Company during the period under
review.
Material Changes and Commitment:
There were no operations in the Company having material change and commitments
affecting the financial position of the Company.
Subsidiary, Associate and Joint Venture Companies:
Your Company does not have any subsidiary or associate Company. Further, the Company
has not entered into any joint venture.
Consolidated Financial Statements:
Since the Company does not have any subsidiary company or associate or joint venture,
consolidated financial statements are not prepared.
Loans, Guarantees and investments:
The Company has not given any loan or guarantee nor has provided any security. The
Company has made investments in shares, the details of which are provided in the financial
statements.
Public Deposits:
Your Company has not accepted any deposit from the public, its shareholders or
employees during the year under review.
Internal Control System and their Adequacy:
The Company has adequate system of internal control to safeguard and protect from loss,
unauthorized use or disposition of its assets. All the transactions are properly
authorized, recorded and reported to the Management. The Company is following all the
applicable Accounting Standards for properly maintaining the books of accounts and
reporting financial statements. The internal auditor of the company checks and verifies
the internal control and monitors them in accordance with policy adopted by the company.
The Company continues to ensure proper and adequate systems and procedures commensurate
with its size and nature of its business.
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:
The information pursuant to section 134(3)(m) of the Companies Act, 2013 read with Rule
8 of the Companies (Accounts) Rules, 2014 is as follows:
[A] CONSERVATION OF ENERGY:
1. Steps taken and impact on conservation of energy: Regular inspection and maintenance
of all machinery and electric installations has resulted in minimum wastage of energy.
2. Steps taken by the Company for utilizing alternate sources of energy: None
3. Capital investment on energy conservation equipment: None
[B] TECHNOLOGY ABSORPTION:
1. Efforts made towards technology absorption: There is no imported technologies
2. Benefits derived like product improvement, cost reduction, product development or
import substitution: Not Applicable
3. Information regarding technology imported ruing the last three years: No Technology
is imported
4. Expenditure incurred on Research and Development:
|
Amt in Rs. |
|
2023-24 |
| Capital |
NIL |
| Recurring |
NIL |
| Total: |
NIL |
| Total R&D expenditure as a percentage of total turnover |
N.A. |
The details of Foreign Exchange Earnings and Outgo during the year are as follows:
| Foreign Exchange Earnings |
INR 0.00/- |
| Foreign Exchange Outgo |
INR 0.00/- |
Corporate Governance:
Pursuant to Regulation 15(2)(a) of the SEBI Listing Regulations, the provisions of
regulations 17, 17A, 18, 19, 20, 21, 22, 23, 24, 24A, 25, 26, 27 and clauses (b) to (i)
and (t) of sub regulation (2) of regulation 46 and para C, D and E of Schedule V of SEBI
Listing Regulations are not applicable to the Company.
The company has duly filed Non-Applicability Certificate of Corporate Governance under
Regulation 27 of (Listing Obligations and Disclosure Requirements) Regulations, 2015 with
the exchange.
Board of Directors, Key Managerial Personnels and Board Committees:
a. Directors and Key Managerial Personnel:
During the year under review, following changes took place in the composition of Board
of Directors:-
a. Due to pre-occupation and other personal commitments, Mr. Anshul Kukreja (DIN:
08617459) resigned from the post of Non-Executive Independent Director of the Company with
effect from close of business hours of July 31, 2023. There were no other material reason
for her resignation.
b. Due to pre-occupation and other personal commitments, Mrs. Roopa Teckchandani (DIN:
07037084) resigned from the post of Non-Executive Independent Director of the Company with
effect from close of business hours of July 31, 2023. There were no other material reason
for her resignation.
c. Due to personal reasons, Ms. Pragya Paharia (ACS No. A68912) resigned from the post
of Company Secretary and Compliance Officer of the Company with effect from close of
business hours of July 31, 2023. There were no other material reason for her resignation.
d. To fill the vacant position of Company Secretary, Mr. Bhagwan Gore (ACS No. A72095),
was appointed as a Company Secretary and Compliance Officer of the Company with effect
from October 14, 2023.
e. Ms. Devanshi Damani (DIN: 10349011) was appointed as an Additional Director in the
category of Non- Executive, Independent Director with effect from close of business hours
of October 14, 2023 and was regularized by the members by way of special resolution passed
through postal ballot on January 07, 2024.
f. Mrs. Nidhi Grover (DIN: 08792362) was appointed as an Additional Director in the
category of Non- Executive, Independent Director with effect from close of business hours
of October 14, 2023 and was regularized by the members by way of special resolution passed
through postal ballot on January 07, 2024.
The composition of Board of directors and Key Managerial Personnel as on March 31, 2024
are as follows: -
| 1) Mrs. Kavita Narain Hingorani (DIN: 00275442) |
Director |
| 2) Mr. Narain Nanik Hingorani (DIN: 00275453) |
Executive Director, Managing Director |
| 3) Ms. Devanshi Damani (DIN: 10349011) |
Non-Executive Independent Director |
| 4) Mrs. Nidhi Grover (DIN: 08792362) |
Non-Executive Independent Director |
| 5) Mr. Dhondiram Karnale (PAN: AUJPK5041Q) |
Chief Financial officer (KMP) |
| 6) Mr. Bhagwan Gore (ACS No. A72095) |
Company Secretary |
Post financial year the following changes have taken place;
a. Due to pre-occupation and other professional commitments, Mrs. Nidhi Grover (DIN:
08792362) has resigned from the position of Non-Executive Independent Director of the
Company with effect from closure of working hours of June 12, 2024. There were no other
material reason for her resignation.
b. Due to personal reasons, Mr. Bhagwan Gore (ACS No. A72095) has resigned from the
post of Company Secretary and Compliance Officer of the Company with effect from July 03,
2024. There were no other material reason for his resignation.
As on March 31, 2024, none of the other Directors are disqualified for being appointed
as the Director of the Company in terms of Section 164 of the Companies Act, 2013. The
Company has received declaration from all the Independent Directors confirming that they
meet the criteria of Independence as prescribed under section 149(6) of the Companies Act,
2013 and Regulation 16 read with Regulation 25(8) of the SEBI (Listing Obligations &
Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations) and has complied
with the Code for Independent Directors prescribed in Schedule IV to the Act. The
Indepdendent Directors have confirmed that they are not aware of any circumstances or
situation, which exists or reasonably anticipated that could impair or impact his/her
ability to discharge his/her duties with an objective independent judgment and without any
external influence.
In the opinion of the board, the independent directors possess the requisite expertise
and experience and are the person of integrity and repute. They fulfill the Conditions
specified in the Companies Act, 2013 and the rules made thereunder and are independent of
the management. Further, all the independent directors on the Board of the Company have
complied with the provisions of Section 150 of the Companies Act, 2013 read with rules
framed thereunder.
b. Number of Board Meetings:
During the financial year ended March 31, 2024, Four (4) meetings of the Board of
Directors were conducted on May 25, 2023; August 11, 2023; October 14, 2023; January 16,
2024. All the information required to be furnished to the Board was made available to them
along with detailed Agenda notes.
The name and the categories of the directors on the Board, and then number of
directorship and committee chairmanship/membership held by them in other Companies are
given herein below:
| Name of Director |
Designation |
No. of shares held |
No. of other Directorships in other Company including this company |
No. of Committee position held in the Company* |
|
|
|
|
Chairman |
Member |
| Mrs. Kavita Narain Hingorani |
Director |
5,50,500 |
3 |
- |
1 |
| Mr. Narain Nanik Hingorani |
Managing Director |
9,67,190 |
3 |
- |
1 |
| Mrs. Roopa Haresh Teckchandani** |
Non Executive Independent Director |
- |
1 |
1 |
- |
| Mr. Anshul Darshan Kukreja** |
Non Executive Independent Director |
- |
1 |
1 |
1 |
| Mrs. Nidhi GroverS |
Non Executive Independent Director |
- |
2 |
5 |
1 |
| Ms. Devanshi Damani $ |
Non Executive Independent Director |
- |
1 |
1 |
2 |
Notes:
* For the purpose of considering the limit of committee memberships and chairmanships
of a Director, Audit Committee and Stakeholders Relationship Committee of public limited
companies have been considered.
** resigned from the post of Non-Executive Independent Directors of the Company with
effect from close of business hours of July 31, 2023.
$ appointed as an Additional Directors in the category of Non- Executive, Independent
Directors with effect from close of business hours of October 14, 2023 and was regularized
by the members by way of special resolution passed through postal ballot on January 07,
2024.
c. Meeting of Independent Directors:
One meeting of the Independent Directors was held on January 16, 2024 pursuant
to Section 149(8) read with Schedule V to the Companies Act, 2013 and Regulation 25(3) of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
d. Director Retiring by Rotation:
Pursuant to provisions of section 152 of the Companies Act, 2013 (the "Act")
and in terms of the Memorandum and Articles of Association of the Company, Mrs. Kavita
Narain Hingorani (DIN: 00275442), Director is liable to retire by rotation at the ensuing
AGM and being eligible, have offered themselves for re-appointment. The re-appointment is
being placed for your approval at
the AGM. The Members of the Company may wish to refer to the accompanying Notice of the
30th AGM of the Company, for a brief profile of the Director.
e. Board Committees:
I. Audit Committee:
The Audit Committee of the Company is constituted in line with the provisions of
Section 177 of the Companies Act, 2013 read with Regulation 18 of the SEBI Listing
Regulations. The Audit Committee should comprise of minimum three directors as members out
of which at least two third should be Independent Directors and all directors shall be
financially literate and at least one member shall have accounting or related financial
management expertise. Chairperson of the committee shall be an independent director.
The Committee met 4 times during the financial year 2023-2024 i.e. on May 25, 2023;
August 11, 2023; October 14, 2023; January 16, 2024. The composition of the Audit
Committee & attendance of the members in the meeting during the year in line with the
applicable provisions of the Companies Act, 2013 read with applicable regulation of the
SEBI Listing Regulations.
The terms of reference of are stipulated by the Board of Directors to the Audit
Committee are as contained under Regulation 18 read with Part C of Schedule II of the SEBI
Listing Regulations and Section 177 of the Companies Act, 2013.
II. Nomination & Remuneration Committee:
Pursuant to section 178 of the Act, nomination and remuneration committee must fulfill
below mentioned points:
o The committee shall comprise of at least three directors;
o All directors of the committee shall be non-executive directors;
o At least one half of the directors shall be independent directors.
During the year under the review, the committee met 1 (once) i.e. on October 14, 2023.
The composition of the Nomination and Remuneration Committee of the Board of Directors
& attendance of the members in the meeting during the year are in line with the
section 177 of the Companies Act, 2013 read with applicable regulation of the SEBI Listing
Regulations.
The terms of reference of Nomination and Remuneration Committee are as contained under
Section 178 of the Companies Act, 2013.
III. Stakeholder Relationship Committee:
Pursuant to section 178 (5) of the Act, stakeholders' relationship committee must
fulfill below mentioned points:
o Chairman of this committee shall be a non-executive director.
The composition of the Stakeholders' Relationship Committee is in compliance with the
provisions of Section 178 of the Companies Act, 2013.
a. The Committee periodically reviews the status of shareholders' grievances and
redressal of the same. The Committee met four times in the financial year. The necessary
quorum was present for all the meetings.
All the complaints received during the year have been disposed-off by the Company. No
complaints are pending as on the year ended March 31, 2024.
The terms of reference of the Stakeholders Relationship Committee are as contained
under Section 178 of the Companies Act, 2013.
Performance Evaluation of the Board, Committees and Directors:
Pursuant to the provisions of the Act and Regulation 17 of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, the Board of Directors had done the annual
evaluation of its own performance, its committees and individual directors. The Nomination
and Remuneration Committee reviewed the performance of the individual directors on the
basis of criteria such as the contribution of the individual director to the Board and
committee meetings.
In a separate meeting of independent directors, performance of non-independent
directors, performance of the Board as a whole was evaluated, taking into account the
views of the management and non-executive directors.
Remuneration Policy:
The Board has, on the recommendation of the Nomination & Remuneration committee
framed a policy for selection and appointment of Directors, Managerial Personnel and their
remuneration. The remuneration policy, as adopted by the company, envisages payment of
remuneration according to qualification, experience and performance at different levels of
the organization.
Code of Conduct:
The Board of Directors has laid down a Code of Conduct for the Board of Directors and
Senior Management (the Code) for all the Board members and all the employees in the
management grade of the Company. The Code covers amongst other things like Company's
commitment to honest & ethical personal conduct, fair competition, corporate social
responsibility, sustainable environment, health & safety, transparency and compliance
of laws & regulations etc. The Code of Conduct is hosted on the website of the
Company.
The Company has also adopted a Code of Conduct for Prevention of Insider Trading and
Code for Fair Disclosure with a view to regulate trading in securities by the Directors
and designated employees person of the Company in compliance with SEBI (Prohibition of
Insider Trading) Regulations, 2015.
Remuneration Ratio of the Directors / Key Managerial Personnel (KMP) / Employees:
Disclosures of the ratio of the remuneration of each director to the median employee's
remuneration and other details as required pursuant to Section 197(12) of the Companies
Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 is provided as Annexure I.
Relations between the management and employees remained cordial throughout the year.
The Company had a total of 4 permanent employees as on 31st March, 2024.
During the year under review, there are no employees who come within the purview of
Section 134 (3)(q) of the Companies Act, 2013 read with Rule 5(2) & 5(3) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Familiarisation Programme for Independent Directors:
Independent Directors are familiarised with their roles, rights and responsibilities in
the company as well as with the nature of industry and business model of the company
through various internal programmes and through presentations on economy & industry
overview, key regulatory developments, strategy and performance which are made to the
Directors from time to time.
CSR Committee:
The Company does not fulfil any of the three criteria specified in Section 135(1) of
the Companies Act, 2013 and as such is not required to comply with the provisions of
Section 135 and the Companies (Corporate Social Responsibility Policy) Rules, 2014.
Internal Control System and its Adequacy:
Adequate internal control systems are in place to maintain quality of product, proper
accounting as per norms and standards prescribed, asset maintenance and its proper use.
The Company has an independent internal auditor, who periodically reviews the accounts and
reports to the Audit Committee.
Transactions with related parties:
There were no materially significant related party transactions with the Company's
Promoters, Directors, Management or their relatives, which could have had a potential
conflict with the interests of the Company; hence details are not required to be given
under AOC-2. The details of the related party transactions are provided elsewhere in this
annual report in the Notes to Accounts to the Financial Statements.
Development and Implementation of a Risk Management Policy:
The Company has in place a mechanism to identify, assess, monitor and mitigate various
risks to key business objectives. Major risks identified by the businesses and functions
are systematically addressed through mitigating actions on a continuing basis. The company
has been addressing various risks impacting the company and the policy of the company on
risk management is provided elsewhere in this annual report in Management Discussion and
Analysis.
Auditors:
i) Statutory Auditor:
M/s. J.S. Uberoi & Co., Chartered Accountants (Registration No. 111107W), were
appointed as the Statutory Auditor of your Company to hold office from the conclusion of
25th AGM till the conclusion of ensuing AGM.
M/s. J.S. Uberoi & Co., Chartered Accountants will be completing their first term
of five consecutive years as the statutory auditors of the company at the conclusion of
this 30th AGM of the Company.
Pursuant to Section 139(2) of the Act, the Company can re-appoint an auditors firm for
a second term of five consecutive years.
M/s. J.S. Uberoi & Co, have consented to the said re-appointment and confirmed that
their reappointment, if made would be within the limits specified under the Act, They have
further confirmed that they are not disqualified to be re-appointed as statutory auditors
in terms of the provisions of the Act read with rules made thereunder.
On recommendation of the Audit Committee, The Board is of the opinion that continuation
of M/s. J. S. Uberoi & Co, as Statutory Auditors will be in the best interests of the
Company and therefore, has recommended the members to consider their re-appointment as
Statutory Auditors of your Company, for a term of five years, from the conclusion of the
ensuing 30th AGM, till the conclusion of 35th AGM of the Company.
ii) Secretarial Auditor:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors
of the Company, has appointed Mrs. Amita Karia, Practicing Company Secretary, to conduct
the Secretarial Audit of the Company for the financial year ended March 31, 2024. The
Secretarial Audit Report is annexed herewith as "Annexure-IE".
The qualifications provided in the report are self-explanatory and along with
explanation of Board are as follows.
Comments on qualifications in Secretarial Audit Report:
| Comments in Secretarial Audit Report |
Directors Comment |
| The website of the company is not maintained properly |
With respect to maintenance of website, there have been continuous technical issues
from the website vendor. The management of the company shall take all necessary steps and
actions to do proper and timely compliance. It assures to do timely compliance in future
under various applicable acts & regulations. |
| Due to sudden resignation of Independent |
Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) |
| Directors on July 31, 2023, the Audit Committee meeting was not held on August 11,
2023 for consideration, approval and recommendation of financial results to the Board of
Directors for the quarter ended June, 2023. |
Regulations, 2015, The listed entity shall submit the financial results quarterly and
year-to-date standalone financial results to the stock exchange within 45 days of end of
each quarter. Since the last date of submission of financials results for the quarter
ended June 30, 2023 was August 14, 2023 and due to sudden resignation of Independent
director on July 31, 2023, The Company was under an obligation to approve and submit the
financial results without the composition of Audit Committee. |
|
However, the Company has complied the provisions of Section 149 of Companies Act, 2013
read with Rule 4 of The Companies (Appointment and Qualifications of Directors) Rules,
2014 w.r.t filing the vacancy of Independent Director in the immediate next Board meeting
or three months from the date of such vacancy, whichever is later. |
The other comments of the auditor are self-explanatory and the company shall strive its
best to comply with the statutory compliance in the future. The management of the company
shall take all necessary steps and actions to do proper and timely compliance. It assures
to do timely compliance in future under various applicable acts & regulations.
iii) Internal Auditor:
Mr. Sunil Powar was appointed as Internal Auditor of the Company for the financial year
202324.
iv) Cost Auditor:
The Company is not required to appoint cost auditor pursuant to provisions of section
148 of the Companies Act, 2013 and rules made thereunder.
Details of Significant and Material Orders passed by the Regulators or Courts or
Tribunals:
No such order was passed by any of the authorities, which impacts the going concern
status and company's operations in future.
Reporting of Fraud:
During the year, no fraud whether actual, suspected or alleged was reported to the
Board of Directors.
Annual Return:
Pursuant to the provisions of Section 92(3) and Section 134 (3)(a) of the Companies
Act, 2013 and Rule 12 of the Companies (Management and Administration) Rules, 2014, a copy
of the Annual Return of the Company for the year ended 31st March, 2024 shall
be placed on the website of the Company at www.ceenik.in.
Vigil Mechanism:
The Company has a vigil mechanism policy to deal with instances of fraud and
mismanagement. The whistle blower policy adopted by the Board of Directors is hosted on
the website of the Company.
Prevention of Sexual Harassment at Workplace:
In compliance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 your Company has duly constituted an internal complaint
committee. The Committee has formulated policy to ensure protection to its female
employees.
Management Discussion and Analysis Report:
The Management Discussion and Analysis Report in terms of the provisions of Regulation
34 of the SEBI (Listing Regulations and Disclosure Requirements) Regulations, 2015
(Listing Regulations) is enclosed as a part of this report.
WTD/CEO/CFO Certification:
In terms of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 the certification by the Chief Financial Officer on the
financial statements and Internal Controls relating to financial reporting has been
obtained.
Indian Accounting Standards (IND AS):
The Ministry of Corporate affairs vide its notification dated February 16, 2015 has
notified the Companies (Indian Accounting Standards) Rules, 2015. In pursuance of this
notification, the Company has adopted IND AS and the financial statements for the year
ended March 31, 2024 are prepared in accordance to the same.
Secretarial Standards Disclosure:
The Directors state that 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.
Transfer of Amounts to Investor Education and Protection Fund:
Your Company did not have any funds lying unpaid or unclaimed for a period of Seven
years. Therefore there were no funds which were required to be transferred to Investor
Education and Protection Fund (IEPF).
General:
Your Directors state that no disclosure or reporting is required in respect of the
following items as there were no transactions on these items during the year under review.
a. Issue of equity shares with differential right as to dividend, voting or otherwise
b. Issue of Shares (Including sweat equity shares) to employees of the Company under
any scheme save and except ESOS referred to in this Report.
c. Neither the Managing Director nor the Whole-time Director of the Company receives
any remuneration or commission.
d. The Company has not raised funds through preferential allotment or qualified
institutional placement.
e. There were no applications made or pending proceedings against your Company under
the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year.
f. There was no one-time settlement done during the year, hence disclosure of details
of difference between amount of the valuation done at the time of one-time settlement and
the valuation done while taking loan from the Banks or Financial Institutions is not
applicable.
Acknowledgement:
The Board of Directors of your Company wishes to express gratitude for the cooperation,
guidance and support received from the Ministry of Finance, various other Ministries and
Departments of the Government of India, Securities and Exchange Board of India, the
Reserve Bank of India, other regulatory bodies and State Governments. The Board of
Directors also acknowledges the constant cooperation received from all correspondent banks
and other members of the banking fraternity. The Board of Directors would like to
sincerely thank Banks, Financial Institutions and other investors and shareholders for
their continued support. The Directors of your Company place on record their appreciation
of the dedicated and sincere service rendered by the officers and staff at all levels.
|
By the order of the Board |
|
For Ceenik Exports (India) Limited |
|
s/d |
| Place: Navi Mumbai |
(Narain Nanik Hingorani) |
| Date: 19/07/2024 |
Chairman & Managing Director |
|
DIN:00275453 |
|