<dhhead>Directors’ Report</dhhead>
The Board of Directors of Haryana Financial Corporation has pleasure in
presenting the 57th Annual Report on the working of the Corporation together with the
Audited statements of Accounts for the year ended 31st March, 2024.
Financial Results
During the financial year 2023-24 the Corporation has achieved the
following working results.
|
2023-24 |
2022-23 |
| A. Income |
|
|
| Income from operations |
1.37 |
0.52 |
| Other Income |
30.19 |
4.42 |
| Total Income |
31.56 |
4.94 |
| B. Expenditure |
|
|
| Interest & Other Financial Expenses |
0.04 |
0.04 |
| Personnel Expenses |
3.74 |
3.53 |
| Administrative Expenses |
0.55 |
0.76 |
| Bad debts / Leasing Assets written off |
0.03 |
|
| Depreciation |
0.01 |
0.12 |
| Total Expenditure |
4.37 |
4.45 |
| C. Operating Profit / (Loss) ( A - B ) |
27.19 |
0.49 |
| D. Add : Excess Provision against Investments and |
0.00 |
0.32 |
| Income Tax written back |
|
|
| E. Less : i) Provision against NPAs Loan Assets,
Investments |
0.10 |
0.09 |
| ii) Provision against Income Tax |
1.65 |
|
| Net Profit / (Loss) ( C + D - E ) |
25.44 |
0.72 |
Explaination :
* During the FY 2023-24, the Other Income was Rs. 30.19 crores which
includes a sum of Rs. 26.43 crore, income from sale of Corporate Building at Panchkula and
Rs. 2.27 crore (P.Y. 1.77 crore) as interest income from Bank deposits.
Operational Highlights
The Corporation has already stopped sanction of the loans w.e.f. May,
2010 as already stated in the previous Annual Reports. The details of the operations of
the Corporation i.e recovery of its dues during the year are given as under:-
|
Performance for the Year 2023-24 |
Performance for the Year 2022-23 |
| Sanction |
0.00 |
0.00 |
| Disbursement |
0.00 |
0.00 |
| Recovery |
0.96 |
0.52 |
Resources Management
The Corporation has stopped fresh Sanctions since May, 2010. No
borrowings from the market/banks have been made during the year. As stated earlier, the
Corporation has since repaid its borrowings and there is no outstanding loan against the
Corporation. The Corporation utilized its limited resources for meeting the
commitments/liabilities during the year.
Share Capital from State Government
Since the State Government has already decided to wind up the
Corporation, the State Govt. has not sanctioned/ released any amount towards share capital
during the year.
Corporate Governance/ Management Discussion & Analysis Report
The Corporate Governance and Management discussion and Analysis report
as per SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 is
annexed as Annexure with the Directors' Report. A certificate from M/s Sharma Sarin &
Associates, Company Secretaries on the above for the year ending on 31st March, 2024 is
also annexed with this report.
DEMATERIALIZATION FACILITY
The demat facility of the Corporation has been activated. The ISIN No.
issued to the Corporation is INE737G01016
Listing
The equity shares of the Corporation are listed at Bombay Stock
Exchange Ltd. (BSE Script Code No. 530927). The Corporation has paid the Annual Listing
fee of Rs. 3.25 lakh plus GST to the Stock Exchange (BSE) within time. The State Govt.
(being promoters) had filed an exemption application with SEBI in accordance with
Regulation 42 of SEBI (Delisting of equity shares) regulations, 2021 for delisting of
shares of the Corporation from Bombay Stock Exchange and the SEBI has granted certain
exemptions/relaxations to the Corporation from delisting procedure subject to certain
conditions.
Audit
The shareholders in its 56th Annual General Meeting held on 27.03.2024
as per provisions of section 37 of State Financial Corporations’ Act, 1951 had
appointed M/s Prem Ravinder & Co., Chartered Accountants, Chandigarh (on the panel of
the RBI) as Statutory Auditors for the financial year 2023-24, (for 3rd term), who have
conducted audit of the Financial Statements of the Corporation, which form part of the
Report.
As per RBI guidelines, in the normal course, an audit firm may continue
for a term of 4 years in one spell. The re-appointment of existing Statutory Auditors M/s
Prem Ravinder & Co., Chartered Accountants, Chandigarh for F.Y 2024-25 is subject to
confirmation of the same by the RBI. Accordingly, the RBI vide their letter dated
12.06.2024 have confirmed the eligibility of the Statutory Auditor for F.Y 2024-25.
Audit By Comptroller & Auditor General of India(CAG)
The Comptroller & Auditor General of India (CAG) had conducted the
audit of the accounts of the Corporation upto FY 2023-24 and their reports has nill
comments and the same shall form part of this Director’s Report and is being
forwarded to the Sate Govt. for placing before the the State Legislature.
Cash flow Statement
In conformity with the provisions of SEBI (LODR) Regulations, 2015, the
Cash Flow Statement for the year ending on 31.03.2024 is annexed with the Annual Accounts.
Board of Directors
The composition of Board of Directors of your company as on 31.03.2024
is as under :
| 1. Shri V Umashankar, IAS |
Chairman |
| 2. Shri Anand Mohan Sharan, IAS |
Director |
| 3. Smt. Amneet P. Kumar, IAS |
Director |
| 4. Shri C. G. Rajini Kaanthan,IAS |
Director |
| 5. Smt. Radhika Singh, HCS |
Director |
| 6. Shri Kashmiri Lal Kukreja |
Director |
| 7. Shri Piyush Bhargava |
Director |
| 8. Shri Shrawan Kumar Anand |
Director |
| 9. Shri Mohinder Kumar Chopra |
Director |
| 10. Shri Yash Garg, IAS |
Managing Director |
During the year under review, four meetings of Board of Directors were
held on 24.06.2023, 21.09,2023, 09.11.2023 and 16.02.2024. The detail of the number of
meetings of the Board held during the FY 2023-24 forms part of the Report on Corporate
Governance in terms of regulation 34(3) of SEBI (LODR) Regulations, 2015.
Position of Winding Up/Liquidation of Corporation
It was already informed to the shareholders in the previous Annual
General Meetings that the proposal for liquidation/ winding up of the Corporation has been
forwarded to the State Govt and the State Govt. has appointed MD, HSIIDC as the Nodal
Officer for commencing and completing the liquidation proceedings. Further, the Merchant
Banker for delisting procedure of the Corporation has already been appointed.
Further, the Board of Directors of the Corporation in its meeting held
on 09.11.2023 had reconstituted the Winding up Committee, which comprises of the following
:
| 1. Managing Director, HSIIDC |
Chairman |
| 2. Nominee from Finance Deptt., Haryana |
Member |
| 3. Nominee of SIDBI |
Member |
| 4. Shri M.K. Chopra |
Member |
Acknowledgements
The Board of the Haryana Financial Corporation wishes to place on
record its special thanks and gratitude to Govt. of Haryana, Department of Industries
& Commerce and Small Industrial Development Bank of India (SIDBI) for their continuous
co-operation and support in all the operational/financial matters.
The Board wishes to take the opportunity to thank the Banks and
shareholders for extending their support and cooperation.
The Board of Directors placed on record its appreciation of the
contribution made by the outgoing Directors. The Board placed on record its appreciation
for the services rendered by the staff of the Corporation at different levels during the
year.
|
For and on behalf of Board of Directors |
| Dated : 28 .11. 2024 |
|
| Place : Chandigarh |
Managing Director |