Your Board of Directors hereby present to you the Fifty-Second
Annual Report covering the operational and financial performance together with the
accounts for the year ended March 31, 2024 and other prescribed particulars:
1. State of Company's affairs
The financial year 2023-24 saw a pick-up in the business at the
backdrop of a robust growth of the Indian and global economy. The automotive and auto
components industry faced supply chain challenges due to semiconductor shortage, shipping
and logistics constraints.
The turnaround and sustenance plan started couple of years back has
yielded results in operational efficiency, capacity realization, export growth and better
cost management. This resulted in the Company improving operational profits significantly
when compared to last year.
Continued focus on productivity and quality improvements during the
year yielded desired results. The capacity utilization in all the plants improved
significantly.
1.1. Financial Performance
The financial highlights for the year under review are as follows:
(Rs in Crores)
Particulars |
2023-24 |
2022-23 |
Revenue from Operations |
566.75 |
497.57 |
Other Income |
3.59 |
2.06 |
Profit / loss before Depreciation, |
|
|
Finance Costs, Exceptional items and Tax Expense |
50.31 |
36.22 |
Less: Depreciation / Amortisation / Impairment |
19.02 |
19.28 |
Profit / loss before Finance Costs, Exceptional items and Tax
Expense |
31.29 |
16.94 |
Less: Finance Costs |
10.19 |
10.11 |
Profit / loss before Exceptional items and Tax Expense |
21.10 |
6.83 |
Add / (less): Exceptional items |
(5.42) |
(6.67) |
Profit / (loss) before Tax Expense |
15.68 |
0.16 |
Less: Tax Expense (Current & Deferred) |
(4.22) |
(0.22) |
Profit / (loss) for the year (1) |
11.46 |
(0.06) |
Other Comprehensive Income / loss (2) |
0.75 |
0.26 |
Total Comprehensive Income (1+2) |
12.21 |
0.20 |
Balance of profit / loss for earlier years |
(47.40) |
(47.60) |
Particulars |
2023-24 |
2022-23 |
Less: Transfer to Reserves |
- |
- |
Less: Dividend paid on Equity Shares |
- |
- |
Less: Dividend Distribution Tax |
- |
- |
Balance carried forward |
(35.19) |
(47.40) |
The Key Performance Indicators (KPI), operational performance and
summary on balance sheet are furnished in page no.1 of this annual report and significant
changes in key ratios are discussed in Management Discussion and Analysis Report and notes
to the financial statements.
The net sales and operating revenue of the Company for the year 2023-24
was 566.75 crores as against 497.57 crores for the previous year. The Company made a net
profit of 11.46 crores as against loss of 0.06 crores in the previous year. The Earnings
Per Share (EPS) for the year 2023-24 was 15.93 as against (0.09) in the previous year.
The Company continues to be a Subsidiary of Rane Holdings Limited (RHL
/ Holding Company). There was no material change or commitments, affecting the financial
position of the Company between the end of the financial year of the Company and date of
the report other than those disclosed in the financial statements section of this annual
report. There was no change in the nature of business during the year.
1.2. Appropriation
The Board of Directors, taking into consideration, the operational
performance and financial position of the Company, have recommended a dividend of 50%
(i.e., 5/- per share of 10/- each, fully paid-up) for approval of shareholders at the
ensuing 52nd Annual General Meeting (AGM) scheduled to be held on July 23,
2024. The total dividend payable on equity shares for FY_2023-24 would be 3.62 crores.
On declaration of the dividend by the shareholders, it will be paid on
August 01, 2024 to all the eligible shareholders, whose name appears in the register of
members of the Company as on July 16, 2024, being the Record Date fixed for this purpose,
subject to deduction of tax at source where applicable. The total of dividend payable for
the FY 2023-24 would be 5/- per equity share of a face value of 10/- each. This
represents a payout ratio of 32%.
Considering the above, the Board has carried forward 35.19_Crores as
deficit in the profit and loss account.
The dividend pay-out is in accordance with the Company's
Dividend Distribution Policy. The policy is available under the Corporate Governance
Section on the Investor's page on the website of the company at the web-link: https://ranegroup.com/investors/rane-engine-valve-limited/.
1.3. Merger / Scheme of Amalgamation
The Board of Directors of the Company at its meeting held on February
09, 2024 has considered and approved Scheme of Amalgamation of Rane Engine Valve Limited
and Rane Brake Lining Limited with and into Rane (Madras) Limited and their respective
shareholders, in terms of the provisions of Section(s) 230 to 232 and other applicable
sections and provisions of the Companies Act, 2013 read together with the rules made
thereunder (Scheme').
The Scheme is subject to the approval of shareholders, creditors, Stock
Exchanges viz. BSE Limited and National Stock Exchange of India Limited, National Company
Law Tribunal and such other approvals as may be required. The merger significantly
simplifies the group structure by consolidating listed group companies and aligns public
shareholder's interest by converging the stake at a single listed entity. The
Management Discussion and Analysis section of this Annual Report carries the rationale and
benefits of the Scheme of Amalgamation.
1.4. Credit rating
During the year, CRISIL revised and upgraded the Long-Term Rating
CRlSlL BBB' to CRISIL BBB+' with outlook as Stable' and
Short-Term Rating CRlSlL A3+' to CRlSlL A2' on May 24, 2023. The
rating action reflects CRISIL Ratings expectation that REVL sustain double digit revenue
growth driven by better offtake from Passenger Vehicles (PV) and Commercial Vehicles (CV)
makers._ Further, Long-Term Rating and Short-Term Rating was kept under review as
Rating Watch with Positive Implications' on February 20, 2024, the rating
action follows the announcement of merger referred to in para 1.3 of this report.
This has been disclosed to stock exchange and made available in the
Company's website. The Corporate Governance section of this Annual Report carries the
details of credit rating.
1.5. Share capital
The paid up equity share capital of the Company as on March 31, 2024
stood at 7,23,44,550 consisting of 72,34,455 fully paid-up equity shares of 10/- each.
1.6. Management Discussion & Analysis
The business of your Company is manufacturing and marketing of auto
components for transportation industry viz., engine valves, valve guide and tappet. The
analysis on the performance of the industry, the Company, internal control systems, risk
management are presented in the Management Discussion and Analysis report forming part of
this report and provided in Annexure A'.
1.7. Subsidiaries, Associate and Joint Venture Companies
The Company does not have any subsidiary, associate or joint venture.
There was no Company which has become or ceased to be Company's subsidiary, Joint
venture or associate during the financial year 2023-24.
2. Board of Directors, Committees and Management 2.1. Composition
The composition of the Board of Directors and its Committees, viz.,
Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship
Committee and Corporate Social Responsibility Committee are constituted in accordance with
Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (SEBI LODR), wherever applicable. The Board of Directors have also
constituted an Executive Committee and a Finance Committee. The Corporate Governance
Report given in Annexure D' contains an overview of the role, terms of
reference, meetings and composition of the Board of Directors of the Company and its
Committees. The following were the changes in the composition of Board of Directors and
its Committees: a. Mr. L Ganesh (DIN:00012583), retired as Chairman of the Board,
effective from close of business hours on March 31, 2024 and is continuing to serve on the
Board, as a Non-Executive Director. The Board, appointed Mr. Harish Lakshman
(DIN:00012602) as Chairman of the board, effective from April 01, 2024. b. Mr.
Vikram Taranath Hosangady (DIN:09757469) was appointed as a Non-Executive and Non-Independent
Director by the shareholders of the Company vide Postal Ballot Notice dated November 07,
2023 with effect from December 07, 2023 and he is liable to retire by rotation. c. Mr.
Anil Kumar Venkat Epur (DIN:00202454), Independent Director ceased to be director
consequent to his retirement as per the retirement policy of the Company w.e.f closure of
Business hours on October 31, 2023. The Board placed on record its appreciation for his
valuable advice and guidance rendered during her tenure. d. Ms. Vasudha Sundararaman
(DIN:06609400) was appointed as an Independent Director by the shareholders of the Company
at its 51st AGM held on July 25, 2023 for a term of 5 consecutive years with
effect from May 04, 2023 upto May_03, 2028. e. Ms. Brinda Jagirdar (DIN:06979864)
ceased to be the director on completion of her second term as Independent Directors of the
Company w.e.f closure of Business hours on July 22, 2023. The Board placed on record its
appreciation for her valuable advice and guidance rendered during her tenure.
There were no other change in the composition of the Board of Directors
during this year.
The Board of Directors are of the opinion that the Directors proposed
for appointment / re-appointment at the ensuing 52nd AGM of the Company possess
integrity, necessary expertise, relevant experience and the Corporate Governance report
annexed to this report contains necessary disclosures regarding the Director(s).
The terms and conditions of appointment of Independent Directors have
been disclosed under the Corporate Governance Section on the website of the company at the
web-link: https://ranegroup.com/investors/rane-engine-valve-limited/.
All the Directors have affirmed compliance with the Code of Conduct of
the Company. The Independent Directors have affirmed that they satisfy the criteria laid
down under section 149(6) of the Act and Regulation 25 and other applicable regulations of
SEBI LODR, as amended from time to time. Further, in terms of Section 150 of the Companies
Act, 2013 read with Rule 6 of the Companies (Appointment and Qualification of Directors)
Rules, 2014, Independent Directors of the Company have confirmed that they have registered
themselves with the databank maintained by the Indian Institute of Corporate Affairs
(IICA) and have passed the proficiency test, if applicable to them. The Board of Directors
at its first meeting of the FY 2023-24 has taken on record the declarations and
confirmations submitted by the Independent Directors. During the year, the Board had not
appointed any person as an Alternate Director for an Independent Director on the Board.
The Company has obtained a certificate from a Company Secretary in Practice that none of
the Directors on the Board of the Company have been debarred or disqualified from being
appointed or continuing as Directors of Companies by the SEBI / Ministry of Corporate
Affairs or any such statutory authority.
2.2. Retirement by rotation
Mr. Ganesh Lakshminarayan (DIN:00012583) retires by rotation at the
ensuing 52nd Annual General Meeting (AGM), being eligible, he offers himself
for re-appointment. The proposal for re-appointment of Mr. Ganesh Lakshminarayan as
a Director is included in the notice convening the 52nd AGM.
2.3. Board and Committee Meetings
The schedule of meetings of the Board of Directors and Committees of
the Board is circulated to the Directors in advance. During the year, six (6) Board
Meetings were convened and held, the details of which are given in the Corporate
Governance report. The gap between two consecutive meetings of the Board of Directors was
less than 120 days. The details of Committee meetings are provided in the Corporate
Governance Report annexed to this report of the Board. For eligible matters, if any, the
Board / its Committees may also accord approvals through resolutions passed by
circulation.
2.4. Meeting of Independent Directors
A meeting of Independent Directors was held to assess the quality,
quantity, timeliness of flow of information between the management and the Board and
review the performance of the Non-Independent Directors. The Independent Directors
expressed that the current flow of information and contents were good which enabled them
to perform their duties and that they are satisfied with the performance of
Non-Independent Directors.
2.5. Board evaluation
The annual evaluation of the performance of the Board, functioning of
its committees, individual Directors, and the Chairman of the Board was carried out based
on the criteria formulated by the Nomination and Remuneration Committee.
To all the directors, a structured questionnaire was sent seeking
feedback and any comments on various parameters as recommended by the Nomination and
Remuneration Committee. As regards evaluation of the functioning of the Board as a whole,
including Committee(s) thereof, key focus areas for evaluation were on aspects like Board
diversity and skill set to review strategies, risk management dimensions and processes,
flow of information, adequacy and timeliness of agenda materials, effectiveness of
presentations and more importantly the processes of reviewing strategic matters, annual
operating plan, strategic business plan and guiding the management.
The performance of the Individual Directors, including Independent
Directors were evaluated through peer evaluation. The performance of Chairman was also
evaluated on countenances such as ensuring top-level policy framework, creating an open
environment for exchange of views besides ensuring effective mechanism for implementing
board action points.
In forming the evaluation criteria of Directors, attributes such as
commitment, competency and sectoral knowledge, contributions to Board decisions and
discussions and staying up to date on recent trends, being aware of macrolevel
developments and networking skills were considered.
The feedback on outcomes including comments / suggestions, along with
action plans, if any, on matters requiring attention of the board were discussed by the
Chairman.
The evaluation framework includes mechanism to share evaluation
feedback on individual Directors to the Nomination and Remuneration Committee, wherever
required.
The performance review of Non-Independent Directors were carried out by
the Independent Directors in their separate meeting held during the year.
2.6. Familiarisation program for Independent Directors
The details of familiarisation program for Independent Directors have
been disclosed under the Corporate Governance section of the website of the Company at the
web-link: https://ranegroup.com/investors/rane-engine-valve-limited/.
2.7. Key Managerial Personnel & Senior Management Personnel
Mr. S Anand was appointed as Secretary, w.e.f. February 01, 2024 in
place of Mr. Vivekanandaa_M, Secretary who resigned from the services of the Company w.e.f
the close of business hours on January 31, 2024.
As at the year ended March 31, 2024, Dr. S Rajkumar, President &
Manager, Mr. V K Vijayaraghavan, Senior Vice President-Finance & Chief Financial
Officer (CFO), Mr. S Anand, Secretary hold the office of Key Managerial Personnel (KMP),
respectively, within the meaning of Section 2(51) of the Companies Act, 2013.
During the year, there were no changes in Senior Management Personnel
of the Company. The Senior Management Personnel other than KMP's were Mr._Venkat Raj
S R (Marketing Head), Mr._Navin_Alocius_J (Materials Management Department
Head) and Mr.Jaswanth Sharanarthy (HR Head).
2.8. Remuneration policy
The policy contains criteria for determining positive qualifications,
positive attributes, independence of a Director and also covers aspects of remuneration
which is reasonable and sufficient to attract, retain and motivate Directors / high
potential employees of the Company to run successfully.
The policy on appointment and remuneration of Directors, KMP and Senior
Management Personnel (SMP) as laid down by the NRC of the Board has been disclosed under
the Corporate Governance section of the website of the Company at the web-link:
https://ranegroup.com/investors/rane-engine-valve-limited/. There has been no
change in this policy during the financial year 2023-24.
The details of remuneration paid / payable to the Directors during the
financial year 2023-24 is furnished in the Corporate Governance report annexed to this
report of the Board.
3. Audit and allied matters 3.1. Audit Committee
The composition, terms of reference and meetings of the Audit Committee
are disclosed in the Corporate Governance Report section of the Annual Report. The Audit
Committee of the Board acts in accordance with the terms of reference, which is in
compliance with the provisions of Section 177 of the Companies Act, 2013 (Act) and
Regulation 18 of SEBI LODR and other applicable provisions of SEBI LODR, as amended from
time to time.
3.2. Statutory Auditor
M/s. Varma & Varma, Chartered Accountants (Varma & Varma) (Firm
registration Number. 004532S) hold the office of Statutory Auditors of the Company, in
terms of Section 139 of the Companies Act, 2013 read with applicable rules thereunder and
as per the members' approval accorded at the 50th Annual General Meeting
(AGM) for the second term of five consecutive years i.e., from the conclusion of the 50th
AGM (2022) till the conclusion of the 55th AGM (2027).
The Statutory Auditors report to the members for the year ended March
31, 2024 does not contain any qualification, reservation, adverse remark or disclaimer.
Also there has been no instance of fraud reported by the statutory auditors for the period
under review.
3.3. Cost Audit & maintenance of cost records
Pursuant to section 148 of the Companies Act, 2013 read with the
Companies (Cost Records and Audit) Rules, 2014, the Board of Directors, at their meeting
held on July 25, 2023, had appointed M/s. Jayaram & Associates, Cost Accountants, Cost
Auditor of the Company for the financial year 2023-24 as per the recommendations of the
Audit Committee, after obtaining necessary certificate under Section 141 of the Act
conveying his eligibility for re-appointment. In terms of Section 148(3) of the Companies
Act, 2013 the remuneration as fixed by the Board, based on the recommendation of the Audit
Committee, is required to be ratified by the members at the AGM in terms of Section 148(3)
of the Act. The notice convening the ensuing AGM includes the proposal for ratification of
the remuneration payable to the Cost Auditor. The Company maintains all such accounts and
records as specified by the Central Government under section_148_(1) of the Companies Act,
2013.
3.4. Secretarial Auditor
M/s. S Krishnamurthy & Co., a firm of Company Secretaries in
practice, have been appointed by the Board of Directors as Secretarial Auditors for the
FY_ 2023-24. The Secretarial Audit report pursuant to Section 204 of the Companies Act,
2013 is annexed in Annexure B' and was taken on record by the Board of
Directors at its meeting held on May 07, 2024. The report does not contain any
qualification, reservation, adverse remark or disclaimer.
3.5. Internal Auditor
M/s. Capri Assurance and Advisory Servicies, a firm of independent
assurance service professionals are the Internal Auditors appointed by the Board of
Directors based on the recommendation of the Audit Committee.
Their scope of work includes review of processes for safeguarding the
assets of the Company, review of operational efficiency, effectiveness of systems and
processes, review of statutory and legal compliances with applicable statutes / laws and
assessing the internal control strengths in all these areas including financial reporting.
Internal Auditor findings are discussed with the process owners and suitable
corrective actions are taken as per the directions of the Audit Committee on a regular
basis to improve efficiency in operations. The Internal Auditor reports directly to the
Audit Committee. The Committee, while reviewing their performance scope, functioning,
periodicity and methodology for conducting the internal audit, has taken into
consideration their confirmation to the effect that their infrastructure viz., internal
audit structure, staffing and seniority of the officials proposed to be deployed etc., are
adequate and commensurate to the scope, functioning, periodicity and methodology for
conducting the internal audit.
4. Directors' responsibility statement
In terms of Section 134(3)(c) read with section 134(5) of the Companies
Act, 2013, the Directors, to the best of their knowledge and belief, based on the
information and explanations obtained by them, confirm that:
a. in the preparation of the annual accounts, the applicable accounting
standards had been followed and there were no material departures;
b. they had selected such accounting policies and applied them
consistently and made judgments and estimates that were reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company at the end of the
financial year and of the loss of the Company for the year under review;
c. they had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company, preventing and detecting fraud and other irregularities;
d. they had prepared the financial statements for the financial year on
a going concern' basis;
e. they had laid down internal financial controls to be followed by the
Company and such internal financial controls were adequate and were operating effectively;
and
f. they had devised proper systems to ensure compliance with the
provisions of all applicable laws and such systems were adequate and operating
effectively.
5. Related Party Transactions (RPT)
All RPTs that were entered into during the financial year were on an
arm's length basis and were in the ordinary course of business. There are no
materially significant related party transactions made by the Company with Related parties
which requires approval of the shareholders / which may have potential conflict with the
interest of the Company at large.
All RPTs are placed before the Audit Committee and the Board, wherever
required, for approval. Prior omnibus approval of the Audit Committee is obtained for the
transactions which are entered into in the ordinary course of business and are repetitive
in nature. The transactions entered into pursuant to the omnibus approval so granted are
reviewed by the Audit Committee on a quarterly basis.
All RPT are approved by the Independent Directors who are members of
the Audit Committee.
The Company has put in place a proper system for identification and
monitoring of such transactions. Save as disclosed in this report, none of the Directors
or Key Managerial Personnel has any pecuniary relationships or transactions with the
Company. The policy as approved by the Board has been disclosed under the Corporate
Governance section of the website of the Company at the web-link:
https://ranegroup.com/investors/rane-engine-valve-limited/.
None of the Directors or Key Managerial Personnel or Senior Management
Personnel has any material, financial and commercial transactions (except receipt of
remuneration, as applicable), which may have potential conflict with interest of the
Company at large.
6. Corporate Social Responsibility (CSR)
The Rane Group's vision on Corporate Social Responsibility (CSR)
is: "To be socially and environmentally responsible corporate citizen". The CSR
activities of Rane Group focus on four specific areas of:
(a)Education;(b)Healthcare;(c)CommunityDevelopment; and (d)
Environment. The CSR policy of the Company has been disclosed under the Corporate
Governance section of the website of the Company at the web-link:
https://ranegroup.com/investors/rane-engine-valve-limited/.
Owing to the inadequacy of profits / loss during the immediately
preceding three financial years, the Company was not required to spend towards CSR
activities during FY 2023-24 as per Section 135 of the Companies Act, 2013 read with rules
thereunder.
7. Energy conservation, technology absorption and foreign exchange
earnings and outgo
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo as required under Section 134(3)(m) of the Companies
Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, after 2014 the following to
be included is available in Annexure C'.
8. Corporate Governance Report
The Company is committed to maintaining the highest standards of
corporate governance and effective compliance with the regulatory norms under the SEBI
regulations and other laws and regulations applicable to the Company. The Corporate
Governance Report and the certificate issued by the Statutory Auditors are available in
Annexure D' to this report.
9. Particulars of Directors, Key Managerial Personnel and Employees
The details in terms of Section 197(12) of Companies Act, 2013 read
with Rule 5 of the Companies (Appointment and remuneration of Managerial Personnel) Rules,
2014 is available in Annexure E' to this report.
Pursuant to Section 136(1) of the Companies Act, 2013, the report of
the Board of Directors is being sent to the shareholders of the Company excluding the
statement prescribed under Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014. The said statement is available for inspection by the
shareholders at the Registered Office of the Company during business hours.
10. Risk Management
The Company has laid down well-structured procedures for monitoring the
Risk Management plan and implementing risk mitigation measures and it has been elaborately
discussed under the Management Discussion and Analysis Report which forms part of the
annual report.
11. Other disclosures a. Details of loan, guarantees and investments,
if any, under the provisions of Section 186 of the Companies Act, 2013 are given in the
notes to the financial statements. b. The Internal control systems and their adequacy are
discussed in detail in the Management Discussion and Analysis annexed to the Directors
Report. c. There was no significant / material order passed by the Regulators / Courts
which would impact the going concern status of the Company and its future operations. d.
The policies approved and adopted by the Board have been made available under the
Corporate Governance section of the website of the Company at the web-link: https://ranegroup.com/investors/rane-engine-valve-limited/.
e. The copy of the Annual Return is available under the Corporate Governance section of
the website of the Company at the web-link: https://ranegroup.com/investors/rane-engine-valve-limited/.
f. The Company has complied with the applicable secretarial standards viz., SS-1 on
meetings of Board of Directors and SS-2 on General Meetings issued by Institute of Company
Secretaries of India (ICSI) as per section 118(10) of the Companies Act, 2013. g. Business
Responsibility and Sustainability Reporting is not applicable for the year under review to
the Company since it does not fall under the top 1000 listed companies based on market
capitalization. h. The details regarding shares and dividend transferred / proposed to be
transferred to the Investor Education and Protection Fund (IEPF) and other relevant
details in this regard, have been provided in the corporate governance section of this
annual report. i. The Company does not accept any deposit falling under the provisions of
section 73 of the Companies Act, 2013 and the rules framed thereunder. j. The
Company has established a formal vigil mechanism named Rane Whistle Blower
Policy' for reporting improper or unethical practices or actions which are violative
of the code of conduct of the Company. The policy which is also available on the intranet
portal of the Company provides adequate safeguard against victimisation and for direct
access to the Chairman of the Audit Committee for the employees and state their complaints
/ grievances.
k. The Company has always provided a congenial atmosphere for work that
is free from discrimination, harassment and has provided equal opportunities of
employment to all irrespective of their caste, religion, colour, marital status and
gender. The Company believes that women should be able to do their work in a safe and
respectful environment that encourages maximum productivity.
The Company has a zero tolerance towards sexual harassment. The Company
has adopted a policy on prevention of sexual harassment of women at work place and put in
place proper dissemination mechanism across the Company. The Company has carried out
awareness programmes / sessions on the mechanism established under this policy, across its
various locations. The Company has complied with the provisions relating to the
constitution of Internal Complaints Committee (ICC) under The Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH), comprising of
Presiding Officers and members with an appropriate mix of employees and external subject
matter experts. During the period, the details of complaints received / resolved or
pending are as under:
No. of complaints received during the year Nil No. of complaints
disposed off during the year Nil No. of complaints pending as at end of the year
Nil l. In view of the exemptions available vide General circular 09/2023 dated
September 25, 2023, issued by the Ministry of Corporate Affairs ("MCA") read
with previous circulars and SEBI Circular dated October_ 07, 2023, the Company will not be
dispatching hard copies of the Annual Report to the shareholders. The full Annual Report
will be made available on the website of the Company and will also be disseminated to the
stock exchanges where shares of the Company are listed. The hard copies of the Annual
Report will be made available to those members who are specifically requesting for the
same. electronic copies of the annual report and the notice convening the 52nd
AGM would be sent to all the members whose e-mail addresses were registered with the
Company or their respective Depository Participants (DP).
Annual General Meeting
m. The 52nd AGM would be conducted through video
conferencing or other audio visual means on Tuesday, July 23, 2024 at 14:00 hrs (IST), as
per the framework notified by the Ministry of Corporate Affairs. The notice convening the
52nd AGM contains detailed instructions and notes in this regard.
Acknowledgement
We thank our Customers, Investors, Suppliers, Vendors, Bankers,
Government, Regulatory Authorities and other Business Associates for their continued
support in successful performance of the Company. We place on record our appreciation for
the committed services of all our employees.
|
For and on behalf of the Board |
|
Ganesh Lakshminarayan |
Harish Lakshman |
Chennai |
Director |
Chairman |
May 07, 2024 |
DIN:00012583 |
DIN:00012602 |