To
The Members,
Your directors have great pleasure in presenting the THIRTIETH Annual
Report together with the Audited Accounts of your Company for the Financial Year ended
31.03.2024.
FINANCIAL HIGHLIGHTS:
The financial results of the company compared to the previous year are
summarized as under:
Particulars |
2023-2024 (In lakhs) |
2022-2023 (In lakhs) |
Revenue from operation |
25.75 |
20.40 |
Other income |
255.15 |
127.71 |
Total income |
280.90 |
148.11 |
Total Expense |
134.29 |
72.69 |
Profit/(loss) before Tax |
146.62 |
75.43 |
Tax Expense |
|
|
Current |
42.95 |
19.00 |
Deferred Tax |
- |
- |
Profit / (Loss) After Tax |
103.66 |
56.43 |
MATERIAL CHANGES AND COMMITMENTS:
There have been no material changes & Commitments which have
occurred between the end of the financial year of the company to which the balance sheet
relates and the date of the report affecting the financial position of the company.
RESERVES:
The company does not propose to carry any amount to reserves during the
financial year. TRANSFERS TO RESERVE FUND:
Under section 45-IC (1) of Reserve Bank of India ('RBI') Act, 1934,
non-banking financial Companies ('NBFCs') are required to transfer a sum not less than 20%
of its net profit every year to reserve fund before declaration of any dividend.
Accordingly, in the year 2023-24, Arihant's Securities Limited (the 'Company') has
transferred a sum of ^ 20.73 lakh to its reserve fund.
DIVIDEND:
The Board of Directors has not recommended any dividend for the
financial year ended on 31st March, 2024. Since the Board have considered it
financially prudent in the long-term interest of the
Company to re-invest the profits into the business of the Company to
build a strong reserve base and grow the business of the Company.
PARTICULARS OF SUBSIDIARY COMPANY, ASSOCIATE COMPANY AND IOINT VENTURE
COMPANY:
The Company does not have any Subsidiary, Joint Venture or Associate
Company; hence provisions of section 129(3) of the Companies Act, 2013 relating to
preparation of consolidated financial statements are not applicable.
BOARD OF DIRECTORS:
The Current Directors on the Board are as follows: -
Name |
Designation |
Nishikant Mohanlal Choudhary |
Managing Director |
Prakashchand Ankush Jain |
Independent Director |
Aarisha |
Director |
Mohana |
Independent Director |
Mrs. Aarisha, Director is liable to retire by rotation and being
eligible has offered herself for reappointment. Your Directors recommend the
re-appointment of the Mrs. Aarisha retiring by rotation to the members.
Composition and Category:
The Board has an optimum combination of Executive and Non-Executive
Directors. The composition of the Board is in conformity with SEBI (Listing Obligation and
Disclosure Requirement) Regulations, 2015 with reference to number of Executive and
Non-Executive Directors.
The Executive Director is involved in the day today management of the
Company and Non-Executive Directors, including the Independent Director, bring external
and wider perspective and independence to the decision making.
Mr. Nishikant Mohanlal Choudhary, Managing Director of the Company,
works under the direction, control, and supervision of the Board of Directors. The Board
of Directors meet regularly to discuss, appraise, and approve matters relating to the
company's strategy, plans, budgets, financials and operations.
Board Meeting:
During the financial year ended 31st March 2024 Five (5)
Board Meetings were held. The dates on which the Board Meetings were held are 30.05.2023,
14.08.2023, 02.09.2023, 10.11.2023, and 29.01.2024.
Details of attendance at the Board meetings and the last Annual General
Meeting:
Board Agenda:
Name of Director |
Board Meetings Attended |
Attendance in Last AGM |
Mr. Nishikant Mohanlal
Choudhary |
5 |
Yes |
Mr. Prakashchand Ankush Jain |
5 |
Yes |
Mrs. Mohana |
5 |
Yes |
Mrs.Aarisha |
5 |
Yes |
Meetings are governed by a structured Agenda and a Board member may
bring up any matter for consideration of the meeting in consultation with the Chairman.
The detailed agenda and relevant information are sent to every director at least 7 working
days in advance for each meeting, facilitating effective discussion and decision making.
An indicative list of the information usually placed before the Board is as under:
> Annual Budgets and updates thereon.
> Capital expenditure proposals if any and review of their
implementation.
> Quarterly, Half yearly and Annual Results.
> Business performance and steps for improvement.
> Legal proceedings involving the Company.
> Minutes of meetings of Audit Committee, Remuneration Committee and
Shareholders Committee.
> Materially important show cause notices, non-compliances, if any,
etc.
BOARD COMMITTEESAND MEETINGS
In compliance to the provisions of Companies Act, 2013 and SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has
various Committees of the Board. Details of scope, constitution, terms of reference,
numbers of meetings held during the year under review along with attendance of Committee
Members therein are as mentioned below.
Name of the Committee |
Composition of the
Committee/ No. of times the committee met |
Highlights of duties,
responsibilities & Activities |
Audit Committee |
Mrs. Mohana
DIN:07239307 {Independent and NonExecutive Director}
Chairman of the Committee |
> The Audit Committee was
mandated with the same Terms of Reference specified in SEBI (LODR) REGULATIONS, 2015 |
|
Mr. Prakashchand Ankush
Jain
DIN:09301089
{Independent and NonExecutive Director}
Member
Mrs. Aarisha
DIN:08776407
(Director (Non-Executive - |
> The current Terms of
Reference fully conform to the requirements of the Companies Act-2013.
> The Audit committee is responsible for overseeing the Company's
financial reporting process, reviewing the quarterly/half yearly/annual financial
statements, reviewing with |
|
Non Independent Director) -
Member
The Committee met 5 times on: -
30 th May, 2023 14th August, 2023 02nd
September, 2023 10th November, 2023 29th January, 2024 |
the management the financial
statements and adequacy of internal audit function, recommending the
appointment/reappointment of statutory auditors and fixation of audit fees, reviewing the
significant internal audit findings/related party transactions, reviewing the Management
Discussion and Analysis of financial condition and result of operations and also statutory
compliance issues
> The Committee acts as a link between the management, external and
internal auditors and the Board of Directors of the Company. |
Nomination & Remuneration
Committee |
Mr. Prakashchand Ankush Jain
DIN:09301089
{Independent and Non- ExecutiveDirector}
Chairman of the Committee
Mrs. Mohana
DIN:07239307 {Independent and NonExecutive Director}- Member
Mrs. Aarisha
DIN:08776407
(Director (Non-Executive - Non Independent Director) - Member
The Committee met 1 times on: -
02nd September, 2023 |
> To fix salary
allowances and other perks to senior level personnel as and when appointed by the Company.
> REMUNERATION POLICY: The managing director is the only executive
director on the board who is entitled to receive remuneration. The non-executive directors
are not entitled to any remuneration. The compensation to the managing director is within
the scale approved by the shareholders. The elements of compensation comprise a fixed
component and a performance incentive. The compensation is determined based on the level
of responsibility and scales prevailing in the industry. The managing director is not paid
sitting fees for any board / committee meetings attended by him. |
Shareholders
Relationship
Committee |
Mrs. Mohana
DIN:07239307 {Independent and Non- |
> The role of the
committee includes formulation of shareholders' servicing plans |
|
Executive Director}
Chairman of the Committee
Mr. Prakashchand Ankush Jain
DIN:09301089
{Independent and NonExecutive Director}
Mr. Nishikant Mohanlal Choudhary
DIN:02142746
(Managing Director)- Member
The Committee met 1 times on: - 02nd September, 2023 |
and policies, consideration
of valid share transfer requests, share transmissions, issue of duplicate share
certificates, issue of share certificates for split, dematerialization, consolidation of
shares, etc..
> It further looks into the redressing of shareholder's grievances
like non-receipt of balance sheet, non-receipt of declared dividends and determining,
monitoring and reviewing the standards for resolution of shareholders' grievances.
> No Compliant received for this financial year, no instrument of
transfers was pending on 31st March 2024. |
Risk Management Committee |
Mrs. Aarisha
DIN:08776407
(Director (Non-Executive - Non Independent Director) - Chairman of the
Committee
Mr. Nishikant Mohanlal Choudhary
DIN:02142746
(Managing Director)- Member
Mrs. Mohana
DIN:07239307 {Independent and Non- ExecutiveDirector}- Member
The Committee met 2 times on: -
14th August, 2023 29th January, 2024 |
> The role of the
committee includes monitor credit risks, operational risks, market and liquidity risks,
and information security risks. Oversight over all material risks is carried out through
regular monitoring of risk indicators, policy management and testing of controls, for
their design and effectiveness.
> It further review the risk management policy developed by the
management, review the risk management framework document tand implementation of the
actions planned in and periodical, review the process for systematic identification and
assessment of the business risks. |
Share Transfer Committee |
Mr. Nishikant Mohanlal
Choudhary
DIN:02142746
(Managing Director)- |
> This committee also
monitors and reviews the mechanism of share, transfers, dematerialization |
|
Chairman of the Committee |
of shares and payment of
dividends. |
|
Mrs. Mohana
DIN: 07239307 {Independent and Non- ExecutiveDirector} |
|
|
Mr. Prakashchand Ankush
Jain
DIN:09301089
{Independent and NonExecutive Director} |
|
|
The Committee met 1 times
on :- 14th August, 2023 |
|
Details of Recommendations of Audit Committee which were not Accepted
by the Board along with Reasons,
The Audit Committee generally makes certain recommendations to the
Board of Directors of the Company during their meetings held to consider any financial
results (Unaudited and Audited) and such other matters placed before the Audit Committee
as per the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 from time to time. During the year the Board of Directors has considered
all the recommendations made by the Audit Committee and has accepted and carried on the
recommendations suggested by the Committee to its satisfaction. Hence there are no
recommendations unaccepted by the Board of Directors of the Company during the year under
review
INDEPENDENT DIRECTORS AND FAMILIRISATION PROGRAMME
In terms of the provisions of Section 149(7) of the Companies Act,
2013, all the Independent Directors of the Company have furnished a declaration to the
Company stating that they fulfill the criteria of Independent Director as prescribed under
Section 149(6) of the Companies Act, 2013 and are not being disqualified to act as an
Independent Director.
In compliance with Regulation 25 & 16 SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and amendments made under thereto. the Board
has adopted a policy on a familiarization programme for Independent Directors of the
Company. The policy familiarizes the Independent Directors with the nature of industry in
which the Company operates business model of the Company, their roles, rights, and
responsibilities in the Company.
DECLARATION OF INDEPENDENT DIRECTORS:
The Independent Directors have submitted their disclosures to the Board
that they fulfill all the requirements as stipulated in Section 149(6) of the Companies
Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the
provisions of Companies Act, 2013 and the relevant rules.
BOARD EVALUATION
The Board of Directors of the Company has carried out the annual
evaluation of its own performance as well as the evaluation of the working of its
committees and individual Directors. This exercise was carried out through structured
questionnaires formulated by the Nomination & Remuneration Committee. The
questionnaires are circulated to all the directors to seek their response on the
evaluation. The evaluation framework provides for performance parameters and possible
paths for improvements.
The performance evaluation of the Non-Independent Directors, Chairman
and the Board as a whole were carried out by the Independent Directors.
The Directors have expressed their satisfaction with the evaluation
process and its results.
KEY MANAGERIAL PERSONNEL
The following Directors/Officials of the Company have been designated
as Key Managerial Personnel (KMP) of the Company by the Board of Directors in terms of
provisions of Section 203 of the Companies Act, 2013 and the SEBI Listing Regulations:
1. Mr. Nishikant Mohanlal
Choudhary |
: Managing Director |
2. Mrs. Rajshri Choudhary |
: Chief Financial Officer |
3. Mrs. Nutika Jain |
: Company Secretary |
REMUNERATION POLICY OF THE COMPANY
The policy of the Company on directors' appointment and remuneration,
including criteria for determining qualifications, positive attributes, independence of a
director and other matters, as required under Section 178(3) of the Companies Act, 2013,
can be viewed on the Company's website www.arihantssecurities.com. There has been
no change in the policy since the last financial year.
COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND GENERAL MEETINGS
During the Financial Year 2023-24, your Company has complied with
applicable Secretarial Standards, namely SS-1 & SS-2 issued by the Institute of
Company Secretaries of India
ESTABLISHMENT OF VIGIL MECHANISM/ WHISTLE BLOWER POLICY
Pursuant to Section 177(9) of Companies Act 2013 and Regulation 22 of
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Company has
formulated a whistle blower mechanism for directors and employees to report concerns about
unethical behavior, actual or suspected frauds or violation of the Company's code of
conduct and ethics. The Audit Committee of the Board oversees the functioning of Whistle
Blower Policy. The Whistle Blower Policy covering all employees and directors is available
in the Company's website at www.arihantssecurities.com
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
During the year under review, no significant and material orders were
passed by the regulators or courts or tribunals which impact the going concern status and
future operations of the Company.
DEPOSITS:
The Company being non-deposit taking NBFC, has not accepted any
deposits from the public during the year under review
PARTICULARS OF LOANS, INVESTMENT, GUARANTEE AND SECURITY U/S 186(4) OF
THE COMPANIESACT, 2013
The Company has not given any loans or made investment or provided any
guarantee/ security during the financial year under review. The Company has not given any
guarantees other than bank guarantees in the normal course of business to meet contractual
obligations.
LISTING:
The Equity Shares of the Company are listed at the Bombay Stock
Exchange. The Annual Listing Fees for the financial year 2023-2024 has been paid to Bombay
Stock Exchange.
AUDITORS:
M/s. VARADARAJAN & CO (Firm Registration No. 04515S), Chartered
Accountants, No. 68, 1st Main Road, C.I.T. Nagar Nadanam, Chennai-600035 is the Statutory
Auditor of the Company and they hold office till the conclusion of the 33rdAnnual
General Meeting to be held in the calendar year 2027. However, due to other professional
reasons the statutory auditor has tendered their resignation on conclusion of the
forthcoming Annual General Meeting.
In order to fill up such casual vacancy, based on the recommendation of
the Audit Committee, the Board of Directors has proposed the appointment of M/S. N.R.
Krishnamoorthy & Co. Chartered Accountants, Chennai (Firm Registration Number:
001492s), as the Statutory Auditors of the Company for a period of Five years to hold the
office of Statutory Auditors from the conclusion of this AGM till the conclusion of AGM to
be held in the year 2029.
AUDITORS REPORT:
There were no qualification, reservation, or adverse remark in the
Auditor's Report for the financial year ended on March 31, 2024.
SECRETARIAL AUDITOR:
The Board of Directors of the company had appointed Mr. AJAY KUMAR
BANTIA, Practicing Company Secretary (C.P. No-13620), having address at I Floor, No. 30,
Raja Bather Street T. Nagar, Chennai, Tamil Nadu 600017 who has conducted the Secretarial
Audit of the Company for the Financial Year 2023-2024. The Secretarial Audit report issued
by him is attached to this report as Annexure-C.
SECRETARIAL AUDIT REPORT:
As there are no qualifications, reservation or adverse remark or
disclaimer made by the Company secretary in whole time practice in the secretarial audit
report, the need for providing explanation or comments on the same by the Board of
Directors does not arise.
EXTRACT OF ANNUAL RETURN
Pursuant to the provisions of Section 134(3) (a) of the Companies Act,
2013, the Annual return as per provisions of Section 92 (3) of the Companies Act, 2013 can
be viewed on the website of the company www.arihantssecurities.com.
RELATED PARTY TRANSACTIONS
All related party transaction that was entered into during the
financial year was on an arm's length basis in the ordinary course of business. There are
no 'material' contracts or arrangements or transactions which were not at arm's length
basis and therefore disclosure in form AOC -2 is not required.
All Related Party Transactions are placed before the Audit Committee as
also the Board for approval. Prior omnibus approval of the Audit Committee is obtained for
the transactions which are foreseeable and repetitive nature. For the transactions entered
into pursuant to the omnibus approval so granted, a statement giving details of all
related party transactions is placed before the Audit Committee and the board of Directors
for their approval on a quarterly basis.
EMPLOYEES
The information as required under the provisions of Section 197(12) of
the Companies Act, 2013 and read with Rule 5(1), 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, are set out in ANNEXURE-A
attached herewith which forms part of this report.
The statement containing such particulars of employees as required in
terms of the provisions of Section 197(12) of the Act read with rules 5(2) and 5(3) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part
of the Annual Report. Pursuant to the provisions of the Section 136(1) of the Companies
Act, 2013, the reports and accounts, as set out therein, are being sent to all members of
the Company, excluding the aforesaid information and the same is open for inspection at
the registered office of the Company during working hours up to the date of Annual General
Meeting and if any member is interested in obtaining such information, may write to the
Company Secretary at the registered office of the Company in this regard.
CORPORATE GOVERNANCE:
As prescribed under the provisions of Regulation 15(2) of SEBI (Listing
Obligations and Disclosures Requirements) Regulations 2015, your Company does not fall
under the purview of complying with the provisions of Corporate Governance. During the
year your Company has informed the nonapplicability provision to the Bombay Stock
Exchange. Since, the provision of Corporate Governance is not applicable for the entire
Financial Year 2023-24, a separate report of Corporate Governance is not disclosed in the
Annual Report 2023-24.
CORPORATE SOCIAL RESPONSIBILITY:
As per the provisions of Section 135 of the Companies Act, 2013 read
with rules framed thereunder, certain class of companies is required to spend 2 % of its
average net profits of the company made during 3 immediately preceding financial years on
CSR activities. It also provides for formation of CSR committee of the Board. The rules
prescribe the activities qualify under CSR and the manner of spending the amount. The
company is not covered under section 135 of the Companies Act, 2013 and the rules framed
there under for the financial year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS OUTGO:
A. Details of Conservation of Energy: NIL
I. Steps taken or impact on conservation of energy
II. Steps taken by the company for utilizing alternate sources of
energy
III. Capital investment on energy conservation equipment
B. Technology Absorption: Nil
I. Efforts made towards technology absorption:
II. Benefits derived as a result of the above efforts:
III. In case of imported technology (imported during the last 3 years
reckoned from the beginning of the financial year):
(a) Details of technology imported:
(b) Year of import:
(c) Whether the technology been fully absorbed:
(d) If not fully absorbed, areas where absorption has not taken place,
and the reasons thereof:
IV. Expenditure incurred on Research and Development:
The Company has not incurred any cost towards undertaking R&D
Activity during the period under review.
C. Foreign Exchange Earnings and Outgo:
Foreign Exchange earned in terms of actual inflows during the year: NIL
Foreign Exchange outgo during the year in terms of actual outflows: NIL
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION- PROHIBITION AND REDRESSAL) ACT, 2013
Your company has always believed in providing a safe and harassment
free work place for every individual working in the company's premises through various
interventions and practices. The company always endeavors to create and provide an
environment that is free from discrimination and harassment including sexual harassment.
The company have a formal Anti Sexual Harassment policy in line with the requirements of
The Sexual Harassment of Workmen at the Workplace (Prevention, Prohibition &
Redressal) Act, 2013. Internal complaints committee has been set up to redress complaints
contractual, temporary and trainees are covered under the policy.
The following is the summary of sexual harassment complaints received
and disposed of during the 2023-2024:-
No. of complaints received: NIL No. of complaints disposed off: NIL
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Pursuant to Regulation 34(2) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 read with Schedule-V thereof, the Management
Discussion and Analysis report has been annexed to the Boards Report as ANNEXURE-B
and forms part of the Annual Report
RBI GUIDLINES:
The Company is registered with RBI as a NBFC-ND-NSI. The Company has
complied with and continues to comply with all applicable laws, rules, circulars and
regulations, including the Master Direction's Reserve Bank of India (Non-Banking Financial
Company n Scale Based Regulation) Directions, 2023 and guidelines notified there under.
COMPANY'S VISION AND PHILOSOPHY ON THE CODE OF GOVERNANCE:
The vision of Arihant's Securities Limited is to be a financially
sound, profitable, growth oriented and technology friendly Company committed to building
values and maximizing gains for all its stakeholders, for those doing business with it,
and for others associated with it. In its pursuit to attain its goals, the Company is
laying maximum emphasis on the effective system of Corporate Governance particularly with
a view to improve its image, efficiency, effectiveness, and integrity in all its dealings.
The Company's Corporate Governance philosophy is to be ethical in its conduct of its
business, to constantly strive to grow with profits, and to enhance shareholders value to
the maximum extent. The Corporate Governance policies of your Company recognize the
accountability of the Board Of Directors vis-a-vis all its constituents viz. Borrowers,
Shareholders, Employees, Government & other Regulatory Authorities, and others dealing
with it and doing business with it.
POLICES OF COMPANY
All policies of the company viewed on the website of the company
www.arihantssecurities.com. DIRECTORS' RESPONSIBILITY STATEMENT:
As per Section 134(3)(c) of the Companies Act, 2013 the Board of
Directors hereby confirm the following statement:
(i) In the preparation of the annual accounts for the financial year
ended 31st March 2024, 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 as at March 31st,
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 the
Companies Act, 2013 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; and
(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.
ACKNOWLEDGEMENT:
Your directors wish to place on record their deep appreciation of the
dedication and commitment of employees to the growth of your company during the year. Your
directors also express their sincere gratitude to the customers, bankers, consultants,
Auditors and the shareholders for their continued patronage and cooperation.
ANNEXURE-A
Disclosure of remuneration under section 197 (12) of the companies act,
2013 read with rule 5 (1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules,
2014
Nature of Disclosure |
Name of the Director /
Designation |
Ratio of Remuneration to
Median Remuneration of employees |
% increase in remuneration in
the financial year 2023-24 |
a) Ratio of the
remuneration of each director to the median remuneration of the employees of the company
for the financial year; Percentage increase in remuneration of each Director, in the
financial year |
Mr. Nishikant Mohanlal
Choudhary Managing Director |
NIL |
NIL |
b) Percentage
increase in remuneration of CFO, CS in the financial year |
Mrs. Rajshri Choudhary Chief
Financial Officer |
NIL |
NIL |
Mrs. Nutika Jain Company
Secretary |
NIL |
NIL |
c) Percentage
increase in median remuneration of employees in the financial year |
Not applicable |
d) Number of
permanent employees on the rolls of company (as of 31 March, 2024) |
(i) Directors : 1
(ii) Employees : 8 |
e) Explanation on
the relationship between average increase in remuneration and company performance |
The
improvement in company's performance on key parameters(as compared to previous year) was
as follows:
Operating Income: 2.63 %
Profit Before Tax : 94.13 %
Profit After Tax : 83.69 % |
f) Comparison of the
remuneration of the KMP against performance of the company |
Not applicable |
g) Variations in
the market capitalization of the company, price earnings ratio as at the closing date of
the current financial year and previous financial year & percentage increase over
decrease in the market quotations of the shares of the company in comparison to the rate
at |
Market
capitalization has increased from Previous Year Market cap to Current Year Market cap.
Over the same period, the price earnings ratio moved to - 0.19 from 3.69.
The stock price of the company as of FY 2023-24 has increased by 10.51 to
Rs. 19.51 per share in comparison to Rs. 9.00 per share in FY 2022-23. |
which the company came out
with the last public offer in case of listed companies |
|
h) Average
percentile increase already made in the salaries of employees other than the managerial
personnel in the last financial year and its comparison with the percentage increase in
the managerial remuneration and justification thereof and point out if there are any
exceptional
circumstances for increase in the managerial remuneration |
The remuneration
is in line with the remuneration policy of the company and any increase is approved by the
appropriate authority. |
i) Comparison of
each remuneration of the KMP against the performance of the company |
Nil |
j) The key parameters
for any variable component of remuneration availed by the directors |
Managing Director:
There were no variable components in director's remuneration.
Other Directors:
The were no sitting fee is a fixed fee paid on the basis of the
director's attendance at a meeting of the board /committee. |
|
|
k) The ratio of the
remuneration of the highest paid director to that of the employees who are not directors
but receive remuneration in excess of the highest paid director during the year |
Nil |
|
|
1) Affirmation that
the remuneration is as per the remuneration policy of the company |
The remuneration is in line
with the remuneration policy of the company. |
|
|