Dear Members,
Your Directors have pleasure in presenting the 33rd
Annual Report on the business and operations of the Company and the Audited Accounts
for the Financial Year ended 31st March, 2024.
1. FINANCIAL SUMMARY/ HIGHLIGHTS OF PERFORMANCE OF THE COMPANY:
(Rs. in Lakh)
| Particulars |
Standalone |
Consolidated |
|
Year ended 31/03/2024 |
Year ended 31/03/2023 |
Year ended 31/03/2024 |
Year ended 31/03/2023 |
| Sales & Other Income |
225.14 |
71.00 |
2770.37 |
1433.30 |
| Expenditure |
738.94 |
112.87 |
3201.01 |
1796.34 |
| Exceptional Items |
0.00 |
0.00 |
0.00 |
0.00 |
| Profit Before Depreciation, Extraordinary Items and Tax |
(513.80) |
(41.76) |
(322.11) |
(56.08) |
| Depreciation & Amortisation expense |
0.00 |
0.11 |
752.76 |
306.96 |
| Extraordinary Items |
0.00 |
0.00 |
0.00 |
(210.39) |
| Current Tax/ Interest on Income Tax/ Deferred Tax |
0.06 |
0.00 |
(42.60) |
46.53 |
| Net Profit/ (Loss) for the year |
(513.86) |
(41.87) |
(388.04) |
(619.96) |
The Company has prepared the Standalone and Consolidated Financial
Statements in accordance with the Companies (Indian Accounting Standards) Rules, 2015
prescribed under Section 133 of the Companies Act, 2013.
2. DIVIDEND:
Due to loss during the year, the Board of Directors of the Company have
not recommended any dividend for the year 2023-24.
3. SHARE CAPITAL:
During the year under review, the Authorized Share Capital of the
Company was Rs. 81,00,00,000/- divided into 8,10,00,000 equity shares of Rs. 10/- each.
The members of the Company at their Extra-Ordinary General Meeting held
on 12/07/2024 approved increase in Authorized Share Capital from Rs. 81,00,00,000/-
(Rupees Eighty One Crore) divided into 8,10,00,000 (Eight Crores Ten Lakh) Equity Shares
of Rs. 10/- (Rupees Ten) each to Rs. 1,31,00,00,000/- (Rupees One Hundred Thirty One
Crore) divided into 13,10,00,000 (Thirteen Crores Ten Lakh) Equity Shares of Rs. 10/-
(Rupees Ten) each.
During the year under review, the paid up share capital of the company
was Rs. 80,25,16,450/- divided into 80251645 Equity Shares of Rs. 10/- each.
4. PREFERENTIAL ISSUE OF SHARES:
The Board of Directors of the Company in its Board Meeting held on
20/02/2024 approved issue of 23500000 Equity Shares on Preferential Basis. Further, the
Shareholders of the Company approved the same in their meeting held on 21/03/2024.
Subsequently, the Board of Directors in their meeting held on 01/04/2024, unanimously
decided to cancel the said preferential issue due to unwillingness of the proposed
allottees to subscribe to the issue at the predetermined price.
5. RIGHTS ISSUE OF SHARES:
The Board of Directors of the Company in their meeting held on
10/06/2024, approved Fund raising of an amount less than Rs. 50 Crore, through issuing
Equity shares by way of Rights issue to the eligible equity shareholders of the Company as
on Record date
which shall be subsequently informed in due course of time.
6. CHANGE IN REGISTERED OFFICE ADDRESS:
During the year under review, the Board of Directors in their meeting
held on 06/11/2023 approved change in registered office address from 3rd Floor,
A Wing, Gopal Palace, Opp. Ocean Park, Nr. Nehru Nagar, Satellite Road, Ahmedabad - 380
015, Gujarat, India to 906-910, 9th Floor, ANAM-1, Nr. Parimal Garden,
Ellisbridge, Ahmedabad 380 006, Gujarat, India w.e.f. 06/11/2023.
7. RESERVES:
Reserves & Surplus at the end of the year stood at Rs. 3972.12
Lakhs as compared to Rs. 4485.98 Lakhs at the beginning of the year.
8. DEPOSITS:
Your Company has not accepted any deposits within the meaning of
Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules,
2014.
9. ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE:
During the period under review, several energy conservation initiatives
were adopted and were taken by the Company and its subsidiaries. There are no plans to
import any kind of technology for the project and hence information regarding its
absorption is
not applicable. There was no research activities carried out during the
year as well as no foreign exchange income or outgo during
the year.
10. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION
OF THE COMPANY:
There have been no material changes and commitments affecting the
financial position of the Company since the close of financial year i.e. since 31st
March, 2024.
The Company is engaged in the business of Oil & Gas exploration and
trading of goods and others.
11. STATE OF COMPANY AFFAIRS:
The state of your Company's affairs is given under the heading
‘Financial Summary/Highlights of performance of the Company.
12. SECRETARIAL STANDARDS:
The Company duly complies with the applicable Secretarial Standards
issued by the Institute of Company Secretaries of India.
13. INSTANCES OF FRAUD, IF ANY REPORTED BY THE AUDITORS:
Pursuant to provisions of Section 143(12) of the Companies Act, 2013,
as amended from time to time, the Statutory Auditors have not reported any incident of
fraud to the Company during the year under review.
14. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS:
No such orders have been passed by the Regulators/ Court or Tribunals
which can impact the going concern status and Company's operation in future.
15. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES:
With a view to market the Company across the globe, your company has 1
Indian Wholly-owned subsidiary and 3 Step-down international subsidiaries. There are no
associate companies or joint venture companies within the meaning of section 2(6) of the
Companies Act, 2013 ("Act"). There has been no material change in the nature of
the business of the subsidiaries.
Pursuant to the scheme of Amalgamation between GNRL Oil & Gas (I)
Private Limited (Indian Wholly-owned subsidiary) and GNRL Oil & Gas Limited (Step-down
international subsidiary), the said matter is pending before the Honorable National
Company Law
Tribunal (NCLT).
As required under Rule 8 (1) of the Companies (Accounts) Rules, 2014,
the Board's Report has been prepared on standalone financial statements and a report
on performance and financial position of each of the subsidiaries included in the
consolidated financial statements is included in the financial statements in Form AOC 1
and consolidated performance and financial position given here in above.
In accordance with third proviso of Section 136(1) of the Companies
Act, 2013, the Annual Report of the Company, containing therein its standalone and the
consolidated financial statements has been placed on the website of the Company,
www.gnrl.in.
Shareholders interested in obtaining a copy of the audited annual
accounts of the subsidiary companies may write to the Company Secretary at the
Company's registered office.
Pursuant to the provisions of Section 129(3) of the Companies Act, 2013
read with Rule 8(1) of the Companies (Accounts) Rules, 2014, a statement containing
salient features of the Financial Statements of your Company's subsidiaries in Form
AOC-1 is attached as ANNEXURE-I.
16. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH THE RELATED PARTIES:
During the year under review, the transactions entered by the Company,
with the related parties are at arm's length basis and in the
ordinary course of business.
17. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY THE COMPANY:
Details of Loans, Guarantees and Investments, if any covered under the
provisions of Section 186 of the Act are given in the notes to the Financial Statements.
18. MEETING OF BOARD OF DIRECTORS:
During the year under the review, 6 (Six) Board meetings were held,
with gap between Meetings not exceeding the period prescribed under the Companies Act,
2013 and Rules made thereunder. Details of Board and Board committee meetings held during
the year are given in the Corporate Governance Report.
Board meeting dates are finalized in consultation with all directors
and agenda papers backed up by comprehensive notes and detailed background information are
circulated well in advance before the date of the meeting thereby enabling the Board to
take informed decisions.
19. EXTRACTS OF ANNUAL RETURN:
Pursuant to Section 92(3) read with section 134(3)(a) of the Companies
Act, 2013, copies of the Annual Returns of the Company prepared in accordance with Section
92(1) of the Companies Act, 2013 read with Rule 11 of the Companies (Management and
Administration) Rules, 2014 are placed on the website of the Company and is accessible at
the web link: https://gnrl.in/annual-returns/
20. RELATED PARTY TRANSACTIONS:
There were related party transactions entered by the Company,
Directors, management, or their relatives. Hence, disclosure in
Form AOC-2 is provided as ANNEXURE II.
All the contracts/arrangements/transactions entered into by the Company
with the related parties during the financial year 2023-24 were in the ordinary course of
business and on an arm's length basis as disclosed in the financial statements and
were reviewed and approved by the Audit Committee. The details of related party disclosure
form a part of the notes to the financial statements provided in the annual report.
In terms of Regulation 23 of the SEBI Listing Regulations, your Company
submits details of related party transactions as per the
format specified in the relevant accounting standards to the stock
exchanges on a half-yearly basis.
21. DECLARATION BY INDEPENDENT DIRECTORS:
The Company has received requisite declarations from the Independent
Directors of the Company, confirming that they meet the criteria of independence as
prescribed under Section 149(6) of the Companies Act, 2013 read with rules made thereunder
and Regulation 16 of the SEBI Listing Regulations.
Independent Directors have also confirmed that they have complied with
Schedule IV of the Act and the Company's Code of
Conduct.
Further, the Independent Directors have also submitted their
declaration in compliance with the provisions of Rule 6(3) of Companies (Appointment and
Qualification of Directors) Rules, 2014, as amended from time to time, which mandated the
inclusion of an Independent Director's name in the data bank of Indian Institute of
Corporate Affairs ("IICA") for a period of one year or five years or life time
till they continues to hold the office of an independent director.
22. DIRECTORATE AND KEY MANAGERIAL PERSONNEL:
The Board of Directors of your company has various executive and
non-executive directors including Independent Directors who
have extensive and diverse experience in different disciplines of
corporate functioning.
In accordance with the provisions of Section 152 of the Companies Act,
2013 and Articles of Association of the Company, Mr. Ashok Shah (DIN: 02467830), retires
by rotation at the ensuing Annual General Meeting and being eligible in terms of Section
164 of the Act offers himself for re-appointment.
Mr. Chandrakant Chauhan (DIN: 08057354), Independent Director of the
Company resigned from the office of director w.e.f. 19/03/2024, citing personal reasons.
The Company had received a confirmation from him that there are no material reasons for
his resignation other than the reasons provided by him.
The Company had, pursuant to the provisions of Section 149 of the
Companies Act, 2013 and Regulation 17(1)(b) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, appointed Mr. Yash Bodade (DIN: 10669649) as Additional
(Independent) Directors of the Company w.e.f. 15/06/2024. His appointment was subsequently
ratified by the shareholders of the Company in their Extra-Ordinary General Meeting held
on 12/07/2024 as Independent Director.
As required under Section 203 of the Companies Act, 2013, the Company
has Mr. Shalin Shah (Managing Director), Mr. Hiteshkumar Donga (Chief Financial Officer)
and Ms. Barkha Lakhani (Company Secretary & Compliance Officer) as Key Managerial
Personnel of the Company.
In the opinion of the Board, all the Independent Directors on the Board
of the Company are persons of integrity, expert and
experienced (including the proficiency).
23. EVALUATION OF BOARD, COMMITTEES AND DIRECTORS:
Pursuant to the provisions of the Act and the corporate governance
requirements as prescribed by Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements), Regulations 2015 ("SEBI Listing Regulations"), the
Board had carried out performance evaluation of its own, the Board Committees and of the
Independent directors. Independent Directors at a separate meeting evaluated performance
of the Non-Independent Directors, Board as a whole and of the Chairman of the Board.
The following were the Evaluation Criteria:
(a) For Independent Directors:
- Knowledge and Skills
- Professional conduct - Duties, Role and functions
(b) For Executive Directors:
- Performance as Team Leader/Member.
- Evaluating Business Opportunity and analysis of Risk Reward Scenarios
- Key set Goals and achievements
- Professional Conduct, Integrity
- Sharing of Information with the Board
The Directors expressed their satisfaction with the evaluation process.
24. POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS:
The Board has on the recommendation of the Nomination &
Remuneration Committee, formulated criteria for determining Qualifications, Positive
Attributes and Independence of a Director and also a Policy for remuneration of Directors,
Key managerial
Personnel and senior management. The details of criteria laid down and
the Remuneration Policy are given in the Corporate
Governance Report.
25. MANAGERIAL REMUNERATION:
The Company has paid Mr. Shalin Shah (Managing Director) Rs. 18.00
Lakhs as managerial remuneration during the year.
26. INDEPENDENT DIRECTORS' MEETING:
Independent Directors of the Company had met on 29/02/2024 during the
year, review details of which are given in the Corporate
Governance Report.
27. COMMITTEES OF THE BOARD:
There are currently Three Committees of the Board, as follows:
1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholders' Relationship Committee
Details of all the Committees along with their charters, composition
and meetings held during the year, are provided in the "Report
on Corporate Governance", a part of this Annual Report.
28. AUDITORS:
A. Statutory Auditors
The Board of Directors of the Company, at their Meeting held on 30th
August, 2022, on the recommendation of the Audit Committee, had reappointed M/s. GMCA
& Co., Chartered Accountants (Firm Registration No.109850W) as the Statutory Auditors
of the Company, and recommended their appointment for a second term of
5 (five) years from the conclusion of 31st Annual
General Meeting (AGM) held in 2022 till the conclusion of the 36th
Annual General Meeting to be held in 2027.
The Members may note that consequent to the changes in the Companies
Act, 2013 and the Companies (Audit and Auditors) Rules, 2014 by the Ministry of Corporate
Affairs (MCA) vide notification dated May 7, 2018, the proviso to Section 139(1) of the
Companies Act, 2013 read with explanation to sub-rule 7 of Rule 3 of
the Companies (Audit and Auditors) Rules, 2014, the
requirement of ratification of appointment of Auditors by the Members
at every AGM has been done away with. Therefore, the
Company is not seeking any ratification of reappointment of M/s. GMCA
& Co., Chartered Accountants (Firm Reg. No. 109850W) as the Auditors of the Company,
by the Members at the ensuing AGM.
The Report given by the Auditors, M/s. GMCA & Co., on the financial
statements of the Company is a part of the Annual Report. The
notes to the accounts referred to in the Auditors' Report are
self-explanatory and therefore do not call for any further comments.
There has been no qualification, reservation, adverse remark or
disclaimer given by the Auditors in their Report.
B. Secretarial Auditors
Pursuant to the provisions of Section 204 of the Act and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has
appointed Chintan K. Patel, Practicing Company Secretary Ahmedabad to undertake the
Secretarial Audit of the Company. The Secretarial Audit Report is annexed herewith as ANNEXURE-IV.
The observations of the Secretarial Auditor in the Secretarial Audit
Report are self-explanatory and therefore do not call for any further comments.
29. INTERNAL FINANCIAL CONTROL SYSTEM AND COMPLIANCE FRAMEWORK:
The Company has an internal financial Control System, commensurate with
size, scale and complexity of its operations. The internal financial controls are adequate
and are operating effectively so as to ensure orderly and efficient conduct of business
operations. The Audit Committee formulates the scope, functioning, periodicity and
methodology for conducting the internal audit. The internal auditors carry out audit,
covering inter alia, monitoring and evaluating the efficiency & adequacy of internal
control systems in the
Company, its compliance with operating systems, accounting procedures
and policies at all locations and submit their periodical internal audit reports to the
Audit Committee. Based on the internal audit report and review by the Audit committee,
process
owners undertake necessary actions in their respective areas. The
internal auditors have expressed that the internal control system in the Company is robust
and effective. The Board has also put in place requisite legal compliance framework to
ensure compliance of all the applicable laws and that such systems are adequate and
operating effectively.
30. RISK MANAGEMENT:
Risk is an integral part of any business and therefore, Risk Management
is an important function that the business management has
to perform to ensure sustainable business growth. Company has
implemented an integrated risk management approach through which it reviews and assesses
significant risks on a regular basis to help ensure that there is a robust system of risk
controls and
mitigation in place. Senior management periodically reviews this risk
management framework to keep updated and address
emerging challenges. Major risks identified for the Company by the
management are Compliances of various applicable Laws,
Regulatory changes, Manufacturing & Supply, Litigation and
Technological Changes. The management is however, of the view that none of the above risks
may threaten the existence of the Company as robust Risk mitigation mechanism is put in
place to ensure
that there is nil or minimum impact on the Company in case any of these
risks materialize.
31. VIGIL MECHANISM AND WHISTLE BLOWER POLICY:
In accordance with Section 177 of the Companies Act, 2013 and
Regulation 22 of SEBI Listing Regulations, the Company has constituted a Whistle Blower
Policy / Vigil Mechanism to establish a vigil mechanism for the directors and employees to
report genuine concerns in such manner as may be prescribed and to report to the
management instances of unethical behaviour, actual or suspected fraud or violation of the
Company's code of conduct.
32. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:
As per the requirement of The Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013 (‘Act') and Rules made
thereunder, your Company has assigned the responsibilities to Audit Committee. During the
year, no complaint
with allegations of sexual harassment was filed with the Company.
33. PREVENTION OF INSIDER TRADING:
The Company has adopted a Code of Conduct for Prevention of Insider
Trading with a view to regulate trading in securities by the Directors and designated
employees of the Company. The Code requires pre-clearance for dealing in the
Company's shares and prohibits the purchase or sale of Company's shares by the
Directors and the designated employees while in possession of
unpublished price sensitive information in relation to the Company and
during the period when the Trading Window is closed. The Board is responsible for
implementation of the Code. Board of Directors and the designated employees have confirmed
compliance
with the Code.
The Company has adopted and amended its Code of Conduct for Prevention
of Insider Trading w.e.f. April 1, 2019 pursuant to Securities and Exchange Board of India
(Prohibition of Insider Trading) (Amendment) Regulations, 2018.
34. ANNUAL PERFORMANCE EVALUATION:
The Board carries out an annual performance evaluation of its own
performance, the directors individually as well as the evaluation of the working of its
committees. The performance of the board was evaluated by the board after seeking inputs
from all the directors on the basis of criteria such as the board composition and
structure, effectiveness of board processes, information and functioning etc. and the
performance of the committees was evaluated by the board after seeking inputs from the
committee members on the basis of criteria such as the composition of committees,
effectiveness of committee meetings etc.
In a separate meeting of independent directors, performance of
non-independent directors, the chairman of the Company and the
board as whole was evaluated, taking into account the views of
executive directors and non-executive directors.
The Board reviewed the performance of individual directors on the basis
of criteria laid by Nomination & Remuneration such as the contribution of the
individual director to the board and committee meetings like preparedness on the issues to
be discussed, meaningful and constructive contribution and inputs in meetings etc.
In the board meeting that followed the meeting of the independent
directors, the performance of the board, its committees, and individual directors was also
discussed. The performance evaluation of the Independent Directors was completed. The
performance
evaluation of the Chairman and the Non-Independent Directors was
carried out by the Independent Directors. The Board of
Directors expressed their satisfaction with the evaluation process.
35. DIRECTORS' RESPONSIBILITY STATEMENT:
In accordance with Section 134(5) of the Companies Act, 2013 and to the
best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors state
that-
i. In the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to material departures;
ii. The directors had selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the company at the end of the financial year 31st
March, 2024 and of the profit and loss of the company for that period; iii. The directors
had taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of Companies Act, 2013 and Rules made thereunder for
safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities; iv. The
directors had prepared the annual accounts on a going concern basis; v. The directors had
laid down internal financial controls to be followed by the company and that such internal
financial controls are adequate and were operating effectively, and vi. The directors had
devised proper systems to ensure compliance with the provisions of all applicable laws and
that such systems were adequate and operating effectively.
36. CORPORATE GOVERNANCE:
As required by the SEBI Listing Regulations, a detailed report on
Corporate Governance is given as a part of the Annual Report. The Company is in full
compliance with the requirements and disclosures that have to be made in this regard
except for appointment of
at least one independent director on the board of directors of an
unlisted material subsidiaries i.e. (1) Heramec Oil & Gas
(Singapore) Pte. Ltd. (2) GNRL Oil & Gas Limited. Report on
Corporate Governance is attached as ANNEXURE-V.
The Practicing Company Secretary's Certificate of the compliance
with Corporate Governance requirements by the Company is
attached to the Report on Corporate Governance as ANNEXURE-VI.
37. GENERAL SHAREHOLDER INFORMATION:
General Shareholder Information is given in Report on Corporate
Governance forming part of the Annual Report.
38. CORPORATE SOCIAL RESPONSIBILITY:
The Company is not required to constitute Corporate Social
Responsibility Committee or spend on social responsibility pursuant to
section 135 of the Companies Act, 2013.
39. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Report on Management Discussion and Analysis Report as required
under SEBI Listing Regulations is included in this Report as ANNEXURE-III. Certain
statements in the said report may be forward looking. Many factors may affect the actual
results, which could be different from what the Directors envisage in terms of the future
performance and outlook.
40. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES :
Disclosures pertaining to remuneration and other details as required
under Section 197 (12) of the Act read with Rule 5 (1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 is annexed herewith as ANNEXURE-VII.
41. LISTING OF SHARES:
The Equity Shares of the Company are listed on the BSE Limited (BSE)
with scrip code No. 513536 & security id: GNRL. The Company confirms that the annual
listing fee to the stock exchange for the financial year 2024-25 has been paid.
42. RECLASSIFICATION OF PROMOTER & PROMOTER GROUP:
The Company had received requests under Regulation 31A of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 from following Persons
falling under Promoter and Promoter Group category seeking re-classification from
'Promoter and Promoter Group' Category to 'Public' Category on
05/07/2024:
| Sr. No. Name of Promoter seeking
reclassification |
No. of Shares held |
% of holding |
| 1 Malav Ajitbhai Mehta |
48000 |
0.06 |
| 2 Jayshreeben Ajitbhai Mehta |
0 |
0 |
| 3 Advanced Energy Resources & Management Private Limited |
530000 |
0.66 |
| 4 Infinium Motors (Gujarat) Private Limited |
0 |
0 |
| 5 O3 Developers Private Limited |
0 |
0 |
| 6 Tiw Systems Private Limited |
0 |
0 |
The Board approved reclassification in their Board Meeting held on
10/07/2024. The Company has made application to BSE Limited for the same on 17/07/2024.
Approval for Reclassification from the stock exchange i.e. BSE is awaited.
43. RELATED PARTY DISCLOSURE:
Related Party disclosure under regulation 34(3) read with Schedule V of
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is as under:
| Sr. No. Disclosure of loans / advances /
investments / Outstanding during the year |
As at 31st March, 2024 |
Maximum amount during the year |
| 1 Loans and advances in the nature of loans to subsidiary |
Rs. 70,88,03,250/- |
Rs 71,47,90,322/- |
| 2 Loans and advances in the nature of loans to associate |
Nil |
Nil |
| 3 Loans and advances in the nature of loans to
firms/companies in which directors are interested |
Nil |
Nil |
Further, transactions if any of the Company with any person or entity
belonging to the promoter/promoter group which hold(s) 10%
or more shareholding in the listed entity are given in the notes to the
Financial Statements.
44. ACKNOWLEDGEMENT:
Your Directors take this opportunity to express their gratitude for the
generous commitment, dedication, hard work and significant contribution made by employees
at all levels in ensuring growth of the Company. Your Directors also sincerely thank to
all the
stakeholders, customers, vendors, bankers, business associates,
government, other statutory bodies and look forward to their
continued assistance, co-operation and support.
| Place: Ahmedabad |
|
For and on behalf of the Board |
| Date: 14th August, 2024 |
|
|
|
Sd/- |
Sd/- |
|
Shalin A. Shah |
Ashok C. Shah |
|
Managing Director |
Director |
|
DIN: 00297447 |
DIN: 02467830 |
|