To
The Members of
STERLING GREENWOODS LIMITED
Your Directors have pleasure in presenting 32nd Annual Report together with
the Audited Accounts of the company for the year ended 31st March, 2024.
1. FINANCIAL HIGHLIGHTS:
(Rs. In Lakh)
Particulars |
2023-24 |
2022-23 |
Revenue from Operations |
190.38 |
346.52 |
Total Income |
249.56 |
389.67 |
Profit before interest, depreciation and tax (PBIDT) |
-92.18 |
-14.32 |
Less: |
|
|
Exceptional Items |
NIL |
NIL |
Financial Expenses |
104.39 |
86.21 |
Depreciation |
52.74 |
54.79 |
Profit / (Loss) before tax |
(249.31) |
(155.32) |
Provision for taxation |
|
|
(i) Current Income Tax, |
NIL |
NIL |
(ii) Tax Expenses relating to prior years |
NIL |
NIL |
(iii) Deferred Tax |
65.71 |
36.33 |
(iv) Mat Credit Entitlement |
NIL |
NIL |
Profit after tax |
(183.60 |
(118.99) |
Add / (Less): Prior Period Adjustment |
NIL |
Nil |
Profit available for appropriation |
(183.60) |
(118.99) |
2. OPERATIONS:
During the year 2023-24 revenue from Operations of the Company has been decreased to
Rs. 190.38 lacs compared to previous financial year i.e. 2022-23 of Rs. 346.52 lacs and
accordingly profit after tax of the Company also decreased to Rs. (183.60) lacs compared
to Rs. (118.99) lacs for the previous financial year i.e. 2022-23.
Revenue from Operations and Profitability of the Company were decreased mainly due to
scrawny market condition and the resort has been leased out to school project. However,
your Directors are hopeful to have better results in the upcoming financial year.
3. DIVIDEND:
During the year under review, the Company has incurred the loss hence the Directors of
the Company do not recommend dividend.
4. INDUSTRIAL RELATIONS:
Industrial relations remained cordial throughout the year. Your Directors place on
record their deep appreciation of the contribution made by the employees at all levels.
5. TRANSFER TO RESERVE
During the year under review Company has not transferred any amount to reserves.
6. CORPORATE SOCIAL RESPONSIBILITY
Section 135 of the Companies Act, 2013 and Rules framed thereunder provides that
certain companies are require to spend 2% of its average net profit during 3 preceding
years on CSR activities. It also provides 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 thereunder for the financial year under report. CSR Committee of the Board will be
constituted at the time of applicability of section 135 of the Act. Hence CSR report is
not required to be annexed.
7. DISCLOSURE UNDER COMPANIES ACT, 2013 (i) Number of Meetings
During the year under review, 07, (Seven) Board Meetings were convened and held on 4th
May, 2023, 2nd August, 2023, 2nd September, 2023, 12th
December, 2023, 2nd November, 2023 and 9th February, 2024 details of
which are given below.
The intervening gap between the Meetings was within the period prescribed under the
Companies Act, 2013.
Name |
Category |
No. of Meetings during the year |
|
|
Held |
Attended |
Mr. Bharat Kumar Lekhi |
Managing Director |
7 |
7 |
*Mr. Paresh Desai |
Director |
7 |
3 |
Mr. Nishant Singh |
Independent Director |
7 |
7 |
Mrs. Shivani Shah |
Independent Director |
7 |
7 |
Mr. Narendra Saini |
Whole-time Director |
7 |
1 |
Mr. Sunny Mandalia |
Independent Director |
7 |
7 |
* Ceased to be a Director w.e.f. 10th December, 2023
(ii) Statement on Declaration Given by Independent Director
All Independent Directors have given their declarations that they meet the criteria of
independence as laid down under Section 149 (6) of the Companies Act, 2013.
(iii) Directors' Meeting
The Independent Directors met on 24th January 2024 without attendance of
Non-Independent Directors and members of the Management. The Directors reviewed
performance of the non-Independent Director and the Board as whole; the performance of the
Chairman of the Company, taking into account the views of Executive Directors and
Non-Executive Directors and assessed the quality, quantity and timeliness of flow of
information between the Company Management and the Board that is necessary for the Board
to effectively and reasonably perform their duties.
(iv) Particulars of loans, guarantees or investments:
The Company has neither given any loans, guarantees nor made investments covered under
the provisions of Section 186 of the Companies Act, 2013
(v) Composition of Audit Committee
During the year under review, Audit Committee met four times on 4th May,
2023, 2nd August, 2023, 2nd November, 2023 and 9th
February, 2024.
The Composition of the Audit Committee and details of attendance of the members at the
committee meetings during the year are given below:
Name |
Category |
No. of Meetings during the year |
|
|
Held |
Attended |
Mr. Nishant Singh |
Chairman |
4 |
4 |
Independent Non-Executive Director |
|
|
|
Mrs. Shivani Shah |
Member |
4 |
4 |
Independent Non-Executive Director |
|
|
|
Mr. Bharat Lekhi |
Member |
4 |
4 |
Managing Director |
|
|
|
The Managing Director, Chief Financial Officer, Company Secretary and representatives
of Statutory Auditors and Secretarial Auditors are invited to the meetings of the Audit
Committee.
After the appointment of Independent Directors on the Board Audit Committee got
reconstituted.
The Committee discharges such duties and functions generally indicated in Section 177
of the Companies Act, 2013 and such other functions as may be specifically delegated to
the Committee by the Board from time to time.
(vi) Nomination & Remuneration Committee:
During the year under review, Nomination & Remuneration Committee met on 12th
December, 2023. Following was the composition of the Committee as on 31st
March, 2024.
Name |
Category |
No. of Meetings during the year |
|
|
Held |
Attended |
Mr. Nishant Singh |
Chairman |
1 |
1 |
Independent Non-Executive Director |
|
|
|
Mrs. Shivani Shah |
Member |
1 |
1 |
Independent Non-Executive Director |
|
|
|
Mr. Sunny Mandalia |
Member |
1 |
1 |
Independent, Non-Executive Director |
|
|
|
8. Stakeholders Relationship Committee:
During the year under review, Stakeholders Relationship Committee met four times on 4th
May, 2023, 2nd August, 2023, 2nd November, 2023 and 9th
February, 2024.
The Composition of the Stakeholders Relationship Committee and details of attendance of
the members at the committee meetings during the year are given below:
Name |
Category |
No. of Meetings during the year |
|
|
Held |
Attended |
Mr. Nishant Singh |
Chairman |
4 |
4 |
Independent Non-Executive Director |
|
|
|
Mrs. Shivani Shah |
|
|
|
Independent Non-Executive Director |
Member |
4 |
4 |
Mr. Bharat Lekhi |
|
|
|
Managing Director |
Member |
4 |
4 |
9. CORPORATE GOVERNANCE
Pursuant to Regulation 15 of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, since the equity paid up share
capital of the Company and net worth is below the threshold limits prescribed under SEBI
(Listing Obligation and Disclosure Requirements) Regulations, 2015. Hence Corporate
Governance provision is not applicable to the Company for the year under review.
10. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Pursuant to regulations of SEBI (Listing Obligations and Disclosures) Regulations 2015,
Management Discussion and Analysis Report form part of this report is enclosed as
"Annexure-A".
11. BUSINESS RISK MANAGEMENT
The management is aware of the risk element in the operations of the Company and has
taken the various steps to minimize/eliminate the risk.
12. INTERNAL CONTROL SYSTEM
The Company has laid down Internal Financial Control Policy under Section 134 (5) (e)
of the Companies Act, 2013 which helps in ensuring the orderly and efficient conduct of
its business, including adherence to Company's policies, the safeguarding of its assets,
the prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records and timely preparation of reliable financial information. The Company
has an Internal Control System, commensurate with the size, scale and complexity of its
operations.
The Internal Audit is being carried out by a firm of Chartered Accountants and
evaluates the efficacy and adequacy of Internal Control System in the Company, its
compliance with operating systems, accounting procedures and policies at all locations of
the Company. Based on the report of internal audit function, process owners undertake
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.
13. APPOINTMENT AND REMUNERATION POLICY:
The Board has, on the recommendation of the Nomination & Remuneration Committee,
framed a policy and defined the scope of the Committee which is in line with the
provisions of the Companies Act, 2013. The policy is available on Company's website at
www.sterlinggreenwoods.com and web link for the same is www.sterlinggreenwoods.com
14. VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Company has a vigil mechanism named Fraud and Risk Management Policy to deal with
instance of fraud and mismanagement, if any.
In staying true to our values of Strength, Performance and Passion and in line with our
vision of being one of the most respected companies in India, the Company is committed to
the high standards of Corporate Governance and stakeholder responsibility.
15. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Mr. Narendra Saini was appointed as an Additional Director on 12th December,
2023. He holds the term up to the ensuing AGM. Accordingly, the Board has proposed his
appointment a Director in the ensuing AGM of the Company. Mr. Paresh Desai has resigned as
an Executive Director of the Company w.e.f. 10.12.2023. After the closure of financial
year, the Board of Directors of the Company on recommendation of Nomination and
Remuneration Committee of the Company and subject to approval of shareholders of the
Company at ensuing AGM of the Company, appointed Mr. Narendra Saini as a Whole-time
Director of the Company w.e.f. 28th August, 2024.
After closure of the financial year, Ms. Purnima Jain has resigned from the post of
Company Secretary and Compliance Officer w.e.f. 8th May, 2024 and Mr. Sidharth
Shah was appointed as Company Secretary and Compliance Officer w.e.f. 8th
August, 2024.
In accordance with the provisions of the Companies Act 2013 and the Articles of
Association of the Company, Mr. Bharat Lekhi , Managing Director of the Company, retire by
rotation at the ensuing Annual General Meeting. The Board of the Directors has recommended
his re-appointment.
The events occurred after the year end but before the signing of the Directors' Report;
has been disclosed here to update the shareholders.
Pursuant to the provisions of the Companies Act, 2013 and applicable regulations of
SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Board has
carried out an evaluation of its own performance, the directors individually including
Non-Executive and Independent Directors as well as the evaluation of the working of its
Audit, Nomination & Remuneration Committees.
At present the Company does not have the policy of payment of remuneration to
Non-Executive Directors except by way of sitting fees for attending the meeting of the
Board or a committee thereof.
The Company has policy for determining and accounting for the remuneration of Executive
Directors. Their remuneration is governed by external competitive environment; track
record, potential, individual performance and performance of the Company. The remuneration
determined for the Executive Directors is subject to the approval of Remuneration
Committee of the Board of Directors.
16. DIRECTOR RESPONSIBILITY STATEMENT
In terms of Section 134 (5) of the Companies Act, 2013, the Directors would like to
state that:
(i) In the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures;
(ii) The Directors had selected such accounting policies and applied them consistently
and made judgments and estimates that 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 profit or loss of the Company for the year under review;
(iii) 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;
(iv) The Directors had prepared the annual accounts on a going concern basis;
(v) The Directors had laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively;
(vi) The Directors had devised proper system to ensure compliance with the provisions
of all applicable laws and that such system were adequate and operating effectively.
17. DEPOSIT:
Your Company has not accepted any deposits within the meaning of Section 73 of the
Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.
18. RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the financial year were on
arm's length basis and were in the ordinary course of the business. There are no
materially significant related party transactions made by the Company with Promoters, Key
Managerial Personnel or other designated persons which may have potential conflict with
interest of the Company at large. The disclosure of related party transactions as required
under section 134(3) (h) of the Companies Act, 2013 in form AOC-2 is attached as
Annexure-I.
19. ANNUAL EVALUATION BY THE BOARD OF ITS OWN PERFORMANCE, ITS COMMITTEES AND
INDIVIDUAL
DIRECTORS:
The Company has devised a Policy for performance evaluation of the Board, Committees
and other individual Directors (including Independent Directors) which includes criteria
for performance evaluation of the Non-Executive Directors and Executive Directors. The
evaluation process inter alia considers attendance of Directors at Board and committee
meetings, acquaintance with business, communicating inter-se board members, effective
participation, domain knowledge, compliance with code of conduct, vision and strategy,
benchmarks established by global peers, etc., which is in compliance with applicable laws,
regulations and guidelines.
The Board carried out annual performance evaluation of the Board, Board Committees and
Individual Directors and Chairman. The Chairman of the respective Board Committees shared
the report on evaluation with the respective Committee members. The performance of each
Committee was evaluated by the Board, based on report on evaluation received from
respective Board Committees.
The reports on performance evaluation of the Individual Directors were reviewed by the
Chairman of the Board.
In compliance with the provisions of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosures Requirements) Regulations, 2015, the performance evaluation
was carried out as under Board:
Board:
In accordance with the criteria suggested by the Nomination and Remuneration Committee,
the Board of Directors evaluated the performance of the Board, having regard to various
criteria such as Board composition, Board processes, Board dynamics etc. The Independent
Directors, at their separate meetings, also evaluated the performance of the Board as a
whole based on various criteria specified by Companies Act, 2013. The Board and the
Independent Directors were of the unanimous view that performance of the Board of
Directors as a whole was satisfactory.
Committees of the Board:
The performance of the Audit Committee, the Nomination and Remuneration Committee and
the Stakeholders Relationship Committee was evaluated by the Board having regard to
various criteria such as committee composition, committee processes, committee dynamics
etc. The Board was of the unanimous view that all the committees were performing their
functions satisfactorily and according to the mandate prescribed by the Board under the
regulatory requirements including the provisions of the Act, the Rules framed there under
and the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.
Individual Directors:
Independent Directors: -
In accordance with the criteria suggested by the Nomination and Remuneration Committee,
the performance of each Independent Director was evaluated by the entire Board of
Directors (excluding the Director being evaluated) on various parameters like engagement,
leadership, analysis, decision making, communication, governance and interest of
stakeholders. The Board was of the unanimous view that each Independent Director was a
reputed professional and brought his/her rich experience to the deliberations of the
Board. The Board also appreciated the contribution made by all the Independent Directors
in guiding the management in achieving higher growth and concluded that continuance of
each Independent Director on the Board will be in the interest of the Company.
Non-Independent Directors: -
The performance of each of the Non-Independent Directors (including the chairman) was
evaluated by the Independent Directors at their separate meeting. Further, their
performance was also evaluated by the Board of Directors. The various criteria considered
for the purpose of evaluation included leadership, engagement, transparency, analysis,
decision making, functional knowledge, governance and interest of stakeholders. The
Independent Directors and the Board were of the unanimous view that each of the
non-independent directors was providing good business and people leadership.
INTERNAL CONTROL SYSTEMS:
The Company has an adequate system of internal control procedures which is commensurate
with the size and nature of business. Detailed procedural manuals are in place to ensure
that all the assets are safeguarded, protected against loss and all transactions are
authorized, recorded and reported correctly. The internal control systems of the Company
are monitored and evaluated by internal auditors and their audit reports are periodically
reviewed by the Audit Committee of the Board of Directors.
20. SIGNIFICANT MATERIAL ORDERS PASSED BYTHE REGULATORS/COURTS:
There are no significant material orders passed by the Regulators/ Courts which would
impact the going concern status of the Company and its future operations. However
following are the some of cases in the name of Company as on date.
NCLT Cases and other Legal Cases:
(1) (a) Special notice and requisition under section 100(2) read with section 169 of
The Companies Act, 2013 and the rules framed there under received from one shareholder for
removal of one of the Director of the Company.Pursuant to special notice Extra Ordinary
Genereal Meeting (EOGM) was heald on 10th May, 2017. However, director approched National
Compnay Law Tribunal (NCLT) under Section 241 & 242 of the Companies Act, 2013. NCLT
has directed that results of voting at EOGM can be declared by the company, however
implementation have been stayed till the tribunal directs otherwise.
(1) (b) One of the Shareholder approach National Company Law Tribunal (NCLT) under
section 58 & 59 of the Companies Act, 2013 for rectification of register of member.
(1) (c) The Company is in receipt of NCLT order stating that the original petitioners
to the CP 65 of 2017 with the Company Appeal No.15 of 2017 unconditional withdrawn allowed
by the NCLT along with pending IAS dismissed as removed infrctuous vide order delivered on
13.09.2023.
(1) (d). The Company is in process of assessing the impect, if any, on the financial
statements of the said order received on 13.09.2023.
2. The Company has filed a case against one of the Director of the Company under
section 452 of The Companies Act, 2013 and Section 403,404 and 406 of The Indian Penal
Code for Eviction of the Company s Property Situated at Flat No. 201, Ambience
Tower, Bodakdev, Ahmedabad, Vide Criminal Case No. 633115/2018 in the Metropolitan
Magistrate Court. The Court had already issued a summon to Director. The order is passed
by the H'nble Court dated 31.03.2023 is received by the Company and possession of the
premises have been taken back by the Company. during the year.
3. The Compnay has filed a FIR No. I/71/2018 under Section 406,409,418,420 and 114 of
The Indian Penal Code for Misappropriation of Funds/Wrongfully holding property acquired
from Company Funds at Vastrapur Police Station against Director and Ex Managing Director
of the company during their tenure.During the year in course of hearing the Company and
defeendents submitted in the court that both the parties have arrived at conensus and have
no objection if the impugned complaint is quashed vide order dated 11/08/23 the learned
judges of Gujarat high court quashed impugned FIR and set aside .
(4) (a). The Company is in receipt of letter dt.15.06.18 from BSE and subsequently
email communication dated 06.08.2018 from SEBI alongwith encloser of letter from anonymous
person asking clarification on Transfer of substantial Companies Projects/Land parcels/
assets in FY 2009-10. The Company had appointed an independent professional to inquire in
the subject matter.
The Company is in receipt of Scrutiny Report of D.Shah & Associates, Chartered
Accountants on 02/11/2018, and this was placed before Audit Committee and Board meeting.
It was discussed and approved by the Board to study the impact on financial and/or any
other subject matter. Thereafter, the Board of Directors of the Company at its meeting
held on 14th December, 2018, inter alia, unanimously decided to engage legal and other
professionals to discuss the scrutiny report dated 31st October, 2018 and to take /
initiate all necessary steps/legal actions. We have been informed that the Company has
filed civil suit no.21 of 2019 in the court of civil judge (S.D.) at Sanand on 18/04/2019
and another civil suit no.32 of 2019 in the court of civil judge ( S.D.) at Kalol on
26/04/2019, against Paksh Developers Private Limited and against then Directors namely
Mrs. Meeta Mathur, Mr.Ankit Mathur,,Mr.Kunal Mathur and Mr.Anurag D. Agrawal. The Company
is in receipt of the order from Kalol Court which is passed on 31.03.23 and as informed by
the Management of the Company, the Company is in process of finalising further course of
action with it's legal team. Since the matter are subjudice,we are unable to disclose, the
effect, if any, on financial statement and/or in any other matter.
As informed by the Management of the Company, the order from Sanand Court is pending as
on date 5.As per information and explanation, the Company has lodge FIR on 06/11/ 2019
against Company's Resort Manager, Mr. Kishan P. Somani for mis- appropriation/ siphoning
of company's collection (fund) from various customer, amounting Rs. 16.85 lakhs. On
completion of event/function said amount has been accounted and debited to Mr. K.
P.Somani. Recoverable year end outstanding balance is of Rs.17.55 lakhs (P.Y.Rs.17.55
Lakhs) The Company has provided for Rs. 17.55 lakhs as on 31st March 2022,as Expected
Credit loss.
21. SUBSIDIARY COMPANY
The Company has one Subsidiary Company i.e. Sterling Resorts Private Limited. A
statement containing brief financial details of the subsidiary is included in the Annual
Report.
As required under the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 into with the Stock Exchanges, a consolidated financial statement of the
Company and its subsidiary is attached. The consolidated financial statements have been
prepared in accordance with the relevant accounting standards as prescribed under Section
129(3) of the Act. These financial statements disclose the assets, liabilities, income,
expenses and other details of the Company and its subsidiary.
Pursuant to the provisions of Section 129, 134 and 136 of the Companies Act, 2013 read
with rules framed thereunder and pursuant to regulation 33(3) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, your Company had prepared
consolidated financial statements of the company and its subsidiaries and a separate
statement containing the salient features of financial statement of subsidiaries, joint
ventures and associates in Form AOC-1 forms part of the Annual Report.
22. AUDITORS
(1) STATUTORY AUDITORS:
The Company had appointed M/s. Keyur Bavishi & Co. Chartered Accountants,
Ahmedabad, (M. No. 13571/FRN: 131191W) as auditors for the term of five years in 28th
Annual General Meeting to audit Company's Financial Statements from the Financial Year
2020-2021 till 2024-2025.
EXPLANATIONS / COMMENTS BY THE BOARD ON QUALIFICATIONS, RESERVATION OR ADVERSE REMARKS
OR DISCLAIMER MADE BY THE AUDITORS IN THEIR REPORT:
The Statutory Auditor has raised the following qualifications in his Audit Report:
1. Company has not used the accounting software for maintain its books of accounts
which has a feature of recording audit trail (edit log) facility.
2. During the year Audit the Company has not ascertained the impairment of some of the
assets held at resort pursuant to the decision taken in Board Meeting dated 9th February,2024.
This being technical in nature, the impairment is not quantifiable.
MANAGEMENT REPLY FOR QUERIES RAISED BY STATUTORY AUDITORS OF THE COMPANY:
With reference to query mentioned in point no. 1 of above qualification raised by
Statutory Auditors of the Company, the Board of Directors of the Company submit that the
management is under process to purchase the suitable software and implementation of the
same in due course of time.
With reference to query mentioned in point no. 2 of above qualification raised by
Statutory Auditors of the Company, the Board of Directors of the Company submit that the
Company is in process of identifying and quantifying impairment of loss of the assets of
the Company with the help of technical persons and the same will be accounted upon
quantifying the same
(2) SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT
Pursuant to provisions of section 204 of the Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 the company has
appointed Mr. Punit Santosh Kumar Lath a Company Secretary in practice to undertake the
Secretarial Audit of the Company. The Secretarial Audit report is annexed herewith as
"Annexure B.
EXPLANATIONS / COMMENTS BY THE BOARD ON QUALIFICATIONS, RESERVATION OR ADVERSE REMARKS
OR DISCLAIMER MADE BY THE SECRETARIAL AUDITORS IN THEIR REPORT:
The Secretarial Auditor has raised the following qualifications in his Audit Report:
(i) Submission of Newspaper Publication of Financial Results for the quarter ended
June, 2023.
(ii) Intimation of appointment of Secretarial Auditors and filing of Form MGT-14 with
registrar of Companies.
(iii) Submission of Annual Report in XBRL mode after submission with MCA.
MANAGEMENT REPLY FOR QUERIES RAISED BY SECRETARIAL AUDITORS OF THE COMPANY:
With reference to query above queries raised by Secretarial Auditors of the Company,
your Directors submit that the said non-compliance were due to inadvertence and without
any malafide intention of the Company. However, the Board of Directors of the Company
ensures the future compliance in this matter.
23. WEBLINK OF ANNUAL RETURN:
The extract of Annual Return is no longer required to be attached with the Director's
Report u/ s 134(3)(a) of the Companies Act, 2013 read with Rule 12(1) of the Companies
(Management & Administration) Rules, 2014 vide notifications issued by Ministry of
Corporate Affairs (MCA) dated 28/08/2020 and 05/03/2021.
Pursuant to Sub-section 3(a) of Section 134 and Sub-section (3) of Section 92 of the
Companies Act, 2013 read with Rule 12 of Companies (Management and Administration) Rules,
2014, the copy of the Annual Return of the Company for the Financial Year ended on
31.03.2024 in the Form MGT-7 is available on the website of the Company.
The link to access the Annual Return is
https://sterlinggreenwoods.com/wp-content/uploads/ 2023/09/
Annual%20Return%20-2022-2023.pdf
24. CASHFLOW STATEMENT
As required under Regulation 34 of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements), 2015, the Cash Flow Statement is attached to the
financial statements.
25. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY
There are no material changes and commitments which could affect the Company's
financial position have occurred between the end of the financial year of the company and
date of this report.
However, during the year 2023-24 company has no business operations and the Board after
detailed discussion in the Board meetings and after getting the approval from shareholders
has decided to lease out the Greenwoods Lake Resorts to School Project.
26. PREVENTION OF INSIDER TRADING
The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view
to regulate trading in securities by the Directors and designated employees of the
Company. The Code requires pre-clearance for dealing in the Company's shares and prohibits
the purchase or sale of Company shares by the Directors and the designated employees while
in possession of unpublished price sensitive information in relation to the Company and
during the period when the Trading Window is closed. The Board is responsible for
implementation of the Code.
27. PREVENTION OF SEXUAL HARASSMENTAT WORKPLACE
During the year under review, there were no complaints pertaining to sexual harassment
was received by the management.
28. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGSAND OUTGO:
As required under section 134 (3) (m) of the Companies Act, 2013 and the rules made
therein, the concerned particulars relating to, the Company does not consume Energy in its
business so matter of Energy Conservation is not applicable to Company. Company does not
engage in such business to undertake any Technology Absorption. However, to save the
power, it has installed Solar Water Heating Systems and also installed CFL lamps at its
Resort. Company does not have any Export Earnings and Outgo in the Financial Year
2023-2024 hence particulars of Foreign Exchange earnings and outgo are not applicable to
the Company.
29. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE ,2016 DURING THE YEAR AND THEIR STATUS AS AT THE END OF THE FINANCIAL
YEAR:
During the year under review there are no applications made/pending by or against the
company under the Insolvency and Bankruptcy Code, 2016.
30. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME
SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FIANCIAL
INSTITUTIONS ALONG WITH THE REASONS THERE OF:
During the year under review there were no settlement instances arose which required to
provide details of difference in valuation done pursuant to One time Settlement and
valuation done at the time of disbursement of loan from the bank.
31. PARTICULARS OF EMPLOYEES
Company does not have any employees who is drawing remuneration in excess of limit
prescribed under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
The information required under section 197(12) of the Act read with rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, attached as
"Annexure- II"
The statement containing the names of top ten employees will be made available on
request sent to the Company on kantilal.sterlinggreenwoods@gmail.com
32. COMPLIANCE WITH SECRETARIAL STANDARDS:
Your Directors confirm that, Company complies with applicable mandatory Secretarial
Standards issued by The Institute of Company Secretaries of India.
33. ACKNOWLEDGEMENT
The Directors extend their sincere thanks to the Bankers, Financial Institutions,
Central Government and State Government Authorities and all business associates ofthe
Company for the cooperation.
The Directors also place on record the efforts made by the employees, workers and all
other associated with the Company for making their organization successful.