Your Directors have great pleasure in presenting the 37th Annual Report together with
the Audited Statement of Accounts of the Company for the year ended 31st March, 2022.
FINANCIAL HIGHLIGHTS:
Particulars |
Year ended 31.03.2022 |
Year ended 31.03.2021 |
|
(Rs. In Lakhs) |
(Rs. In Lakhs) |
Sales & Other Income |
134.58 |
40.42 |
Total Expenses |
124.28 |
120.62 |
Profit / (Loss) before exceptional items and tax |
10.30 |
(80.20) |
Less: Exceptional items |
- |
30.00 |
Less: Tax Expenses |
- |
- |
Add: Provisions Reversed |
- |
- |
Profit / (Loss) after tax |
10.30 |
(110.20) |
Add: Adjustment for depreciation as per Companies Act 2013 |
- |
- |
Add: Balance brought forward from previous year |
- |
- |
Balance carried to Balance Sheet |
10.30 |
(110.20) |
OPERATIONAL REVIEW& STATE OF COMPANYS AFFAIRS:
The Company has entered in the Solar Power Sector, incubated a business proposition for
the last 6 years, launched during November, 2015 the Shop-on-line, plug-in-play, stock
& sale model and integrated solar PV power generating system catering to B to C and B
to B segments. During the year under review, Covid-19 situation impacted the business
operations of the Company significantly.
During the year under review, the Company has recorded total revenue of Rs.134.58 Lakhs
including the other income against the total revenue in the previous year of Rs.40.42
Lakhs. Company has posted a Profit of Rs.10.30 Lakhs for the year ended 31st March, 2022.
RESERVES:
Your Directors do not propose to transfer any amount to the General Reserve Account
during the Financial Year 2021 -22. The Profit for the Financial Year 2021-22 has been
transferred to the Profit and Loss Account.
DIVIDEND:
Your Directors have not recommended any dividend for the year ended 31st March, 2022.
SHARE CAPITAL OF THE COMPANY:
The Paid up Equity Share Capital, as at 31st March, 2022 was Rs.5,09,60,000/- divided
into 50,96,000 Equity shares, having face value of Rs.10/- each fully paid up. During the
year under review, the Company has not issued any shares with differential voting rights
neither granted any stock options nor sweat equity.
SUBSIDIARIES, ASSOCIATE COMPANIES& JOINT VENTURES:
The Company is not having any associate Company, Subsidiary Company or Joint venture.
PUBLIC DEPOSITS:
During the financial year under review, the Company has not accepted or renewed any
deposit falling within the purview of the provisions of Sections 73 and 74 of the
Companies Act, 2013 (the "Act") read with the Companies (Acceptance of Deposits)
Rules, 2014.Accordingly the requirement for furnishing of details of deposits which are
not in compliance with the Chapter V of the Act is not applicable.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The Company has not issued any loans or provided any Guarantees or made Investments
covered under the provisions of Section 186 of the Companies Act, 2013 for the Financial
Year 2021-22.
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:
The provisions of CSR activities under the Companies Act, 2013 are not applicable to
the Company.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
Due to non-compliances with the provisions of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (Listing Regulations), trading on Bombay Stock
Exchange where Company is listed has been suspended with effect from 10th January, 2019.
The Company had not paid Annual Listing Fees within the prescribed time limit and was in
violation of certain SEBI Regulations/ Listing Requirements.
Except this, there were no significant and material orders passed by the Regulators or
Courts that would impact the going status of the Company and its future operations.
CORPORATE GOVERNANCE REPORT: Not Applicable
As per Regulation 27(2) and Regulation 15 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 the Paid up Equity Share Capital of the Company
being less than Rs.10 Crore and Net worth being less than Rs.25 Crore as on 31st March,
2022, Corporate Governance Report is not applicable to the Company.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an Internal Control System, commensurate with the size, scale and
complexity of its operations. The Internal Audit Department monitors and evaluates the
efficacy and adequacy of internal control system in the Company, its compliance with
operating systems, accounting procedures and policies of the Company. Based on the report
of internal audit function, the Company undertakes corrective action in their respective
areas and thereby strengthen the controls. Significant audit observations and
recommendations along with corrective actions thereon are presented to the Audit Committee
of the Board.
DIRECTORS RESPONSIBILITY STATEMENT:
To the best of our knowledge and belief and according to the information and
explanations obtained, Directors make the following statement in terms of Section 134
(3)(c) of the Companies Act, 2013:
(a) that in the preparation of the Annual Accounts, the applicable accounting standards
had been followed along with proper explanation relating to material departures, if any;
(b) that 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 and of the profit of the company for that period;
(c) the Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities;
(d) the Directors had prepared the annual accounts on a going concern basis;
(e) 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.
(f) 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.
EXTRACT OF ANNUAL RETURN:
In terms 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, the Annual Return of the
Company is available on the website of the Company at the link: https://splsolar.in/R&R.html.
BOARD OF DIRECTORS:
In accordance with the provisions of Section 152 of the Companies Act, 2013 and the
Articles of Association of the Company, during the year 2021-22 there was a change in the
Composition of Board of Directors and the Committees of the Board stated as under:
1. Due to death of Mr. Ramesh Chandra Sharma, Independent Director of the Company there
was a change in the composition of the Board of Directors, Audit Committee &
Nomination and Remuneration Committee of the Board by deletion of his name from the Board
and its committees.
2. In view of appointment of Mr. Shankar Ramnath Iyer as Independent Director of the
Company, the Board and the Committees were reconstituted by addition of Mr. Shankar
Ramnath Iyer as member in the Audit Committee and the Nomination and Remuneration
Committee.
All Independent Directors have given declarations that they meet the criteria of
Independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation
16(b) of the SEBI (Listing Obligations and Disclosure Requirements).
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
The following persons are the Directors and Key Managerial Personnel of the Company as
on 31st March, 2022:
Sr. No. Name of the person |
Designation |
1 Sankaran Venkata Subramanian |
Managing Director |
2 Rajlaxmi Iyar * |
Non-Executive Director |
3 Yash Dharmendra Sanghvi |
Non-Executive Director |
4 Shankar Ramnath Iyer** |
Independent Director |
5 Harishchandra Bharama Naukudkar |
Independent Director |
6 Pundlik Ranaba Davane |
Chief Financial Officer |
7 Gaurav Kaushik |
Company Secretary and Compliance Officer |
*Mrs. Rajlaxmi Iyar, Non Executive Director of the Company retires by rotation at the
forthcoming Annual General Meeting (AGM) and being eligible, offers herself for
re-appointment.
**Mr. Shankar Ramnath Iyer was appointed as Independent Director with effect from
04/01/2022.
*** Mr. Ramesh Chandra Sharma, Independent Director ceased to be Director of the
Company w.e.f. 15/10/2021 due to death. BOARD EVALUATION:
Pursuant to the provisions of Section 134 of the Companies Act, 2013 and Regulation 17
of the SEBI Listing Regulations, the Board has carried out an evaluation after taking into
consideration various aspects of the Board's functioning, composition of the Board and its
Committees, culture, execution and performance of specific duties, remuneration,
obligations and governance.
The performance evaluation of the Independent Directors was carried out by the entire
Board and 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.
REMUNERATION POLICY:
The Company has a Nomination and Remuneration Committee. The Committee reviews and
recommends the Board about remuneration for Directors and Key Managerial Personnel and
other employees up to one level below of the Key Managerial Personnel. During the
Financial year 2021-22 the Company did not pay any sitting fees to the Non-Executive
Director and Independent Directors for attending the Board Meetings. Remuneration to
Executive Directors is governed under the relevant provisions of the Companies Act, 2013.
The Company has devised the Nomination and Remuneration Policy for the appointment,
re-appointment and remuneration of Directors & Key Managerial. All the appointment,
re-appointment and remuneration of Directors and Key Managerial Personnel are in
compliance of the Nomination and Remuneration Policy of the Company.
STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS:
All Independent Directors have given declarations that they meet the criteria of
independence as laid down pursuant to Section 149 (6) of the Companies Act, 2013.
BOARD DIVERSITY:
None of the Directors of the Company is disqualified for being appointed as Director as
Specified in Section 164(2) of the Companies Act, 2013.
FAMILIARISATION PROGRAMME OF INDEPENDENT DIRECTORS:
In compliance with the requirements of SEBI Listing Regulations, the Company has put in
place a familiarisation program for Independent Directors' to familiarize them with their
role, rights & responsibilities as Directors, the operations of the Company, business
overview, etc.
The detail of familiarisation program is available on the website of the Company.
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:
During the financial year ended 31st March, 2022, Eight Board Meetings were held on the
following dates:
(1)29th June, 2021 (2)14th August, 2021 (3) 25th August, 2021 (4) 18th October, 2021
(5) 11th November, 2021 (6) 04th January, 2022 (7) 12th February, 2022 and (8) 24th
February, 2022. The composition is as under:-
Name of the Directors |
Category of Directors |
Number of outside Directorship |
Attendance |
No. of Shares held in the Company As at 31.03.2022 |
|
|
Directorship # |
|
|
|
|
|
Public |
Private |
Board meeting |
Last AGM |
|
Sankaran Venkata Subramanian |
Managing Director |
- |
- |
8 |
Yes |
4,64,350 |
Rajlaxmi Iyar |
Non-Executive Director |
- |
- |
8 |
Yes |
9000 |
Yash Dharmendra Sanghvi |
Non-Executive Director |
- |
- |
8 |
Yes |
Nil |
Shankar Ramnath Iyer** |
Independent Director |
- |
- |
2 |
No |
Nil |
Harishchandra Bharama Naukudkar |
Independent Director |
- |
- |
8 |
Yes |
Nil |
Ramesh Chandra Sharma*** |
Independent Director |
- |
- |
0 |
No |
Nil |
*Mrs. Rajlaxmi lyar, Non-Executive Director of the Company retires by rotation at the
forthcoming Annual General Meeting (AGM) and being eligible, offers himself for
re-appointment.
**Mr. Shankar Ramnath Iyer was appointed as Independent Director w.e.f 04/01/2022.
***Mr. Ramesh Chandra Sharma ceased to be Director of the Company w.e.f. 15/10/2021.
#Excluding Directorships in Foreign Companies and Companies under Section 8 of the
Companies Act, 2013.
Memberships of the Directors in various Committees are within the permissible limits of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The members
of the Board have been provided with the requisite information mentioned in the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 well before the Board
Meetings.
COMMITTEE MEETINGS:
AUDIT COMMITTEE:
In accordance with the provisions of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Company is having in place an Audit Committee
comprising of Independent Directors and Non-Executive Director. The Audit Committee acts
in accordance with the terms of reference specified from time to time by the Board. All
the Members of the Audit Committee are financially literate.
During the financial year ended 31st March, 2022, Audit Committee Meetings were held on
the following dates:
(1) 29th June, 2021 (2)14th August, 2021 (3) 25th August, 2021 (4) 11th November, 2021
(5) 12th February, 2022 and (6) 24th February, 2022. The composition is as under:-
The name and attendance of Audit Committee members are as under:
Name of Director |
Designation |
Category of Directorship |
No. of Meetings during the Year |
Entitled to attend |
Attended |
Mr. Harishchandra Bharama Naukudkar |
Chairperson |
Independent Director |
6 |
6 |
Mr. Ramesh Chandra Sharma |
Member |
Independent Director |
2 |
0 |
Mr. Sankaran Venkata Subramanian |
Member |
Executive Director |
6 |
6 |
Mr. Shankar Ramnath Iyer** |
Member |
Independent Director |
2 |
2 |
*Mr. Ramesh Chandra Sharma ceased to be Director of the Company w.e.f. 15/10/2021 &
accordingly ceased to be Member of the Committee.
**Mr. Shankar Ramnath Iyer was appointed as Independent Director w.e.f. 04/01/2022 and
after approval of Board became member of the Committee.
At the invitation of the Committee, other Financial Executives of the Company also
attended the meetings to respond to queries raised at the Committee meetings.
NOMINATION & REMUNERATION COMMITTEE:
The Company is having in place the Nomination and Remuneration Committee
("NRC") for reviewing and recommending the remuneration payable to the Directors
and senior executives of the Company and assisting the Board with respect to the process
of appointment or re-election of Chairman of the Board of Directors and other executive
and non-executive Directors.
The particulars of Members of Nomination & Remuneration Committee and their
attendance at the Meetings are as under:
During the financial year ended 31st March, 2022, the Nomination & Remuneration
Committee Meetings were held on the following dates:
(1) 29th June, 2021 (2) 25th August, 2021 (3) 18th October, 2021 (4) 04th January, 2022
and (5) 24th February, 2022.
Name of Director |
Designation |
Category of Directorship |
No. of Meetings during the Year |
Entitled to attend |
Attended |
Mr. Ramesh Chandra Sharma* |
Chairperson |
Independent Director |
1 |
0 |
Mrs. Rajlaxmi Iyar |
Member |
Non-Executive Director |
5 |
4 |
Mr. Harishchandra Bharama Naukudkar |
Member |
Independent Director |
5 |
5 |
Mr. Shankar Ramnath Iyer** |
Chairperson |
Independent Director |
2 |
2 |
*Mr. Ramesh Chandra Sharma ceased to be Director of the Company w.e.f. 15/10/2021 &
accordingly ceased to be Member of the Committee.
**Mr. Shankar Ramnath Iyer was appointed as Independent Director w.e.f. 04/01/2022 and
after approval of Board become member of the Committee.
POLICY ON DIRECTOR'S APPOINTMENT AND REMUNERATION
The Nomination & Remuneration Committee has framed a policy for selection and
appointment of Directors including determining qualifications and independence of a
Director, Key Managerial Personnel (KMP), Senior Management Personnel and their
remuneration as part of its charter and other matters provided under Section 178(3) of the
Companies Act, 2013. Pursuant to Section 134(3) of the Companies Act, 2013, the nomination
and remuneration policy of the Company which lays down the criteria for determining
qualifications, competencies, positive attributes and independence for appointment of
Directors and policies of the Company relating to remuneration of Directors, KMP and other
employees is available on the Company's website https://splsolar.in/Policies . We affirm
that the remuneration paid to Directors, senior management and other employees is in
accordance with the remuneration policy of the Company.
STAKEHOLDERS RELATIONSHIP COMMITTEE:
The Company is having in place the Stakeholders Relationship Committee
("SRC") for the redressal of the grievances of security holders of the Company.
Composition, Meetings and Attendance of the committee is as follows:
During the financial year ended 31st March, 2022, the Stakeholders Relationship
Committee Meetings were held on the following dates:
(1) 29th June, 2021 (2) 25th August, 2021 (3) 11th November, 2021 and (4) 12th
February, 2022
Name of Director |
Designation |
Category of Directorship |
No. of Meetings during the Year |
Entitled to attend |
Attended |
Mrs. Rajlaxmi Iyar |
Chairperson |
Non-Executive Director |
4 |
4 |
Mr. Harishchandra Bharama Naukudkar |
Member |
Executive Director |
4 |
4 |
Mr. Yash Dharmendra Sanghvi |
Member |
Independent Director |
4 |
4 |
SEXUAL HARASSMENT:
The Constitution of Internal Complaint Committee under Section 4 of the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
("the Act") is not applicable to the Company since the Company has less than 10
employees. Yet as a part of good governance, the Board monitors and assesses the
complaints received, if any from the employees relating to sexual harassment at workplace
in accordance with the Act and rules made there under. During the year under review, no
complaints were reported.
VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has a Vigil Mechanism/Whistle Blower policy to report genuine concerns,
grievances, frauds and mismanagements, if any. The Vigil Mechanism/Whistle Blower policy
has been posted on the website of the Company i.e. www.splsolar.in.
RELATED PARTY TRANSACTIONS:
All transactions entered into with Related Parties for the year under review were on
arm's length basis and were in the ordinary course of the business and provisions of
Section 188 of the Companies Act, 2013 are not attracted. The disclosure in Form AOC-2 is
accordingly, not required.
DEPOSITORY SERVICES:
The Company's Equity Shares have been admitted to the depository mechanism of the
National Securities Depository Limited (NSDL) and also the Central Depository Services
(India) Limited (CDSL). As a result, the investors have an option to hold the shares of
the Company in a dematerialized form in either of the two Depositories. The Company has
been allotted ISIN No. INE067E01013. Shareholders therefore are requested to take full
benefit of the same and lodge their holdings with Depository Participants [DPs] with whom
they have their Demat Accounts for getting their holdings in electronic form.
REPORTING OF FRAUDS:
There have been no instances of fraud reported by the Statutory Auditors under Section
143(12) of the Acts & Rules framed thereunder either to the Company or to the Central
Government.
CODE OF CONDUCT:
Your Company is committed to conducting its business in accordance with the applicable
laws, rules and regulations and highest standards of business ethics. In recognition
thereof, the Board of Directors has implemented a Code of Conduct for adherence by the
Directors, Senior Management Personnel and Employees of the Company. This will help in
dealing with ethical issues and also foster a culture of accountability and integrity. The
Code has been posted on the Company's website www.splsolar.in. All the Board
Members and Senior Management Personnel have confirmed compliance with the Code.
STATUTORY AUDITOR:
M/s. D. G. M. S. & Co., Chartered Accountants, Mumbai (FRN- 112187W) (Previously
known as M/s. Doshi Maru & Associates), were appointed as the Statutory Auditors of
the Company at its 32nd Annual General Meeting from the conclusion of the said meeting
until the conclusion of the 37th Annual General Meeting. The report of the Statutory
Auditors, M/s. D. G. M. S. & Co, Chartered Accountants on the financial statements of
the Company for the Financial Year 2021-22 forms part of this Annual Report. The Statutory
Auditors have submitted an unmodified opinion on the audit of financial statements for the
Financial Year 2021-22 and there is no qualification, reservation, adverse remark or
disclaimer given by the Auditors in their Report.
Further, M/s. D. G. M. S. & Co., Chartered Accountants, Mumbai (FRN- 112187W)
(Previously known as M/s. Doshi Maru & Associates), retire at the ensuing AGM and are
eligible for re-appointment. The Auditors have furnished their certificate of eligibility
for re-appointment under Section 139(1) of the Companies Act, 2013 and have indicated
their willingness to continue as Auditors till the Conclusion of the 42nd Annual General
Meeting of the Company.
SECRETARIAL AUDIT:
Pursuant to provisions of Section 204 of the Companies Act, 2013 and the Rules made
thereunder, the Company has appointed CS Deepak Chheta, a Company Secretary in Practice
having COP No.: 20966 to undertake the Secretarial Audit of the Company for the period
under review. The Secretarial Audit report for the Financial Year 2021-22 is annexed
herewith as Annexure 'A' and forms an integral part to this Report.
AUDITOR'S REPORT/ SECRETARIAL AUDIT REPORT:
The observations of the Statutory Auditors contained in their Report have been
adequately dealt with in the Notes to the Accounts which are self-explanatory and,
therefore, do not call for any further comments.
With respect to Secretarial Auditors qualification in the Secretarial Audit Report,
Your Directors wish to state the following:
Sr. No. Secretarial Auditor's Qualifications |
Management's view on the same |
1. In terms of Companies Act, 2013, there was a delay in filing of e-form CHG-1 for
modification of Charge ID: 10552281 with the Registrar of Companies. |
The Company has tried to be fully compliant in relation to submission of
documents in compliance of the Companies Act, and other acts as applicable to the Company. |
2. In terms of regulation 23(9) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 there was a delay in submission of disclosures of related
party transactions during the period under review. |
The Company has tried to be fully compliant in relation to submission of
compliances. |
3. The Company has not paid the Annual listing fees for the Financial Year 2021-22
within the prescribed time limit. |
The Company has not yet paid the Annual Listing Fees since the Company
has not received the invoice for the same yet. The Company is in a process to avail the
invoice from the BSE after which it shall duly pay the Annual Listing Fees for the
Financial Year 2021-22. |
4. Due to non-compliances with the provisions of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (Listing Regulations), trading on Bombay Stock
Exchange where Company is listed has been suspended with effect from 10th January, 2019 to
till now. |
Company had applied for the revocation of suspension of securities with
BSE after complying with the norms of revocation. |
5. During the period under review Company has not paid the Statutory dues including of
Provident Fund as per Employees' Provident Funds and Miscellaneous Provisions Act, 1952,
Profession Tax under The Professional Tax Act, 1975 and TDS under Income Tax Act,1961. |
The Company is going through financial distress and severe cash flow
problems, which has caused Employee/ Resource Crunch leading to disturbance in Compliance
Pattern/tax payments. Company is trying its best to overcome from the financial issues and
clear all the dues. |
However, your Directors assure that the Company continues its principles of abiding by
the Law in its Letter and Spirit. Your Directors assure that some of the Compliance/Tax
payments reported as not done have subsequently been done and balance too will be
completed in due course.
Your Directors are putting maximum efforts to make Company fully compliant in all
respects and expect Company to be fully compliant at the earliest.
PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNING AND OUTGO:
The information on conservation of energy, technology absorption and foreign exchange
earnings and outgo pursuant to Section 134(3)(m) of the Companies Act, 2013, read with the
Rule 8(3) of the Companies (Accounts) Rules, 2014 is given in Annexure 'B' to this Report.
MANAGEMENT DISCUSSION AND ANALYSIS:
The Management Discussion and Analysis Report for the financial year under review as
stipulated under Regulation 34 of the SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015 is presented in the separate section forming part of this
Annual Report as "Annexure - C".
RISK MANAGEMENT:
Your Company recognizes that risk is an integral part of business and is committed to
managing the risks in a proactive and efficient manner. The Board periodically reviews the
risks and measures taken for mitigation.
ENVIRONMENT AND SAFETY:
The Company is aware of the importance of environmentally clean and safe operations.
The Company's policy requires conduct of operations in such a manner, so as to ensure
safety of all concerned compliances, environmental regulations and preservation of natural
resources at the Plant.
PARTICULARS OF EMPLOYEES:
Disclosures with respect to remuneration required pursuant to Section 197 read with
rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 in respect of employees of the Company is Annexed here as "Annexure-D".
Further, the Company does not have any employee whose remuneration exceeds the limits
prescribed in rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.
LISTING:
The Company's Shares are listed on Bombay Stock Exchange (BSE Limited).
MATERIAL CHANGES AND COMMITMENTS:
There have been no material changes and there are no commitments, affecting the
financial position of the Company, which occurred between the end of the financial year to
which these financial statements relate and the date of this Report except:
During the year, the Company passed a Special Resolution through Postal Ballot dated
31st March, 2022 to alter its Object Clause of the Memorandum of Association of the
Company by inserting the following clauses:
(4) To carry on all or any of the businesses of procurers, suppliers, distributors,
producers, developers, manufacturers, purchasers, refiners, distillers, processors,
converters, storers, carriers, importers and exporters, explorers, dealers and to act as
Project Management consultant or to act as facilitator in projects relating to Green
Hydrogen, Hydrogen Peroxide and other hydrocarbons, natural and other gases, solar power
system, all type of chemicals, and any other energy raw materials, chemicals, and products
derived from or connected with any of them through Downstream Operations of Chemicals,
components & materials.
(5) To enter into a business of consulting and advising any firm, body corporate,
association or other undertaking or to act as facilitator or mediators in various field
including but not limited to providing financial, technical, Real Estate, mergers,
amalgamation, acquisitions, Deal Execution, Property Dealing, Business Plan Formulation
services in India and outside India and to take part in the formation, supervision or
control of the business operations of any company or undertaking and for that purpose to
act as a Business Consultant, Financial Advisors and/or Technical Consultants or endorse
aid in any other capacity.
(6) To carry on the business of buying, selling, reselling, importing, exporting,
transporting, storing, developing, promoting, marketing or supplying, trading, dealing or
to act as facilitator in any manner whatsoever in all type of commodities on retail as
well as on wholesale basis in India or elsewhere.
IMPACT OF COVID-19:
The COVID-19 pandemic continues to be a global challenge, creating disruptions across
the world. The 2nd Wave of the COVID-19 brought further restrictions of varying extent
across larger part of the world which further impacted the business operations of the
Company. By staying true to its purpose and its values, the top-most priority for the
Company was and has been to ensure the safety of its employees.
SECRETARIAL STANDARDS:
During the year under review, your Company has complied with all the applicable
secretarial standards issued by the Institute of Company Secretaries of India.
ACKNOWLEDGEMENT:
The Directors would like to express their sincere appreciation to the Company's
Shareholders, Vendors and Stakeholders including Banks, Government authorities, other
business associates, who have extended their valuable sustained support and encouragement
during the year under review. The Directors also wish to place on record their
appreciation for impressive growth achieved through the competence, hard work, solidarity,
cooperation and support of employees at all levels.
|
By order of the Board |
DATE: 30/05/2022 |
For STERLING POWERGENSYS LIMITED |
|
Sd/- |
|
SANKARAN VENKATASUBRAMANIAN |
REGISTERED OFFICE: |
MANAGING DIRECTOR (DIN: 00107561) |
STERLING POWERGENSYS LIMITED OFFICE NO. 121, RUNWAL COMMERCIAL COMPLEX, CO-OP
PREMISES LTD, L.B.S. MARG, MULUND (WEST), MUMBAI-400080, MAHARASHTRA, INDIA. |
Sd/- |
|
RAJLAXMI IYAR |
|
DIRECTOR |
Email: investor@splsolar.in |
(DIN: 00107754) |
|