Your Directors have pleasure in presenting the Twelfth Annual Report on business and
operations of the Company together with the Audited Financial Statements of the Company
for the Financial Year (F.Y.) ended 31 March 2023
1. FINANCIAL RESULTS:
The Company's financial performance for the year under review along with previous years
figures is given hereunder:
(Rs in Million)
Particulars |
For the F.Y. ended 31 March 2023 |
For the F.Y. ended 31 March 2022 |
Net Sales/Income from operations |
|
|
Income from operations |
21,612.20 |
21,232.14 |
Other Income |
289.57 |
147.04 |
Total Income |
21,901.77 |
21,379.18 |
Total Expenses |
15,615.68 |
15,729.93 |
Profit before exceptional and extraordinary items and tax |
6,286.09 |
5,649.25 |
Less: Exceptional Items |
- |
- |
Profit Before Tax |
6,286.09 |
5,649.25 |
Less: Current tax |
1,506.11 |
1,376.27 |
Less Deferred Tax |
110.37 |
85.74 |
Net Profit After Tax |
4,669.61 |
4,187.24 |
2. RESULTS OF OPERATIONS:
Total Income: Our total income increased by 2.4% to Rs 21,901.77
million for the F.Y. 2023 from Rs 21,379.18 million for the F.Y. 2022, primarily
due to an increase in revenue from operations.
Revenue from Operations: Our revenue from operations increased by 1.8% to Rs
21,612.20 million for the F.Y. 2023 from Rs 21,232.14 million for the F.Y. 2022,
primarily due to an increase in other operating income.
Our revenue from the sale of products decreased by 1.9% to Rs 20,478.40 million
for the F.Y. 2023 from Rs 20,874.48 million for the F.Y. 2022, majorily due to
higher base in F.Y. 2022 contributed by covid related products.
Our other operating revenue increased by 217.0% to Rs 1,133.80 million for the
F.Y. 2023 from Rs 357.66 million for the F.Y. 2022, primarily due to production
linked incentive (PLI) in the current year.
Other Income: Our other income increased to
Rs 289.57 million for the F.Y. 2023 from Rs 147.04 million for the F.Y.
2022, primarily due to exchange gain (net) and higher interest income.
Expenses:
Cost of Materials: Cost of materials decreased by 2.8% to Rs 10,140.89
million for the F.Y. 2023 from Rs 10,428.87 million during the F.Y. 2022. This
decrease was primarily on account of product mix.
Employee Benefits Expenses: Employee benefits expenses increased by 6.8% to Rs
1,801.80 million for the F.Y. 2023 from Rs 1,687.23 million for the F.Y. 2022,
primarily as a result of an increase in our number of employees due to the growth in our
business and operations and annual compensation increments given to our employees. Our
number of employees increased to 1,824 employees as of 31 March 2023 from 1,653 employees
as of 31 March 2022.
Finance Costs: Our finance costs decreased to Rs 5.47 million for the F.Y. 2023
from Rs 279.62 million for the F.Y. 2022 due to repayment of entire business
purchase consideration in the F.Y. 2022 relating to the Spin-off.
Depreciation and Amortization Expense: Our depreciation and amortization expenses
increased by 11.13% to Rs 420.94 million for the F.Y. 2023 from Rs 378.77 million
for the F.Y. 2022, primarily due to commissioning of new manufacturing capacities at our
Dahej and Ankleshwar site.
Other Expenses: Other expenses increased by 9.9% to Rs 3,246.59 million for
the F.Y. 2023 from Rs 2,955.44 million for the F.Y. 2022, primarily due to an
increase in power, fuel and water charges by 14.5% to Rs 1,155.98 million for the F.Y.
2023 from Rs 1,009.15 million for the FY. 2022, an increase in export commission by
128.8% to Rs 204.84 million for the F.Y. 2023 from Rs 89.54 million for the F.Y.
2022, and an increase in repairs and maintenance expenses by 32.1 % to Rs 327.62
million for the F.Y. 2023 from Rs 247.97 million for the F.Y. 2022.
Total Tax Expense: Our total tax expense increased to Rs 1,616.48 million
for the F.Y. 2023 from Rs 1,462.01 million for the F.Y. 2022, primarily in line
with profit before tax.
Profit for the Year: As a result of the foregoing, our net profit increased by
11.5% to Rs 4,669.61 million for the F.Y. 2023 from Rs 4,187.24 million for
the F.Y. 2022.
3. DIVIDEND:
Pursuant to Regulation 43A of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended (Listing
Regulations), the Board has approved and adopted a Dividend Distribution Policy. The
Dividend Distribution Policy are available on the Company's website at https://
www.glenmarklifesciences.com/pdf/Dividend-distribution- policy.pdf
Pursuant to the approval of the Board on 16 March 2023, your Company paid an interim
dividend of Rs 21/- per equity share of face value of Rs 2/- each, to shareholders
whose names were appearing in the register of members as on 24 March 2023, being the
record date fixed for this purpose, after deduction of applicable taxes. The total net
cash outflow was of Rs 2,573.07 million.
The interim dividend of Rs 21 per equity share, declared by the Board on 16 March 2023
shall be the final dividend for the financial year 2022-23. Your Company is in compliance
with its Dividend Distribution Policy as approved by the Board.
4. TAXATION ON DIVIDEND:
As per the provisions of the Income Tax Act, 1961, as amended by and read with the
provisions of the Finance Act, 2020, with effect from 1 April 2020, dividend declared
and paid by the Company is taxable in the hands of shareholders. The Company shall,
therefore, be required to calculate deduction of tax at source (TDS) at the time of
payment of dividend at the applicable rates.
5. INTEGRATED REPORT:
The Company has voluntarily provided the Integrated Report, which includes both
financial and non-financial information.
The Integrated Report also covers aspects such as materiality assessment, forward
looking strategy, value creation model, corporate governance, risk management, performance
and prospects of value creation based on the six forms of capitals viz. Financial,
Manufactured, Intellectual, Human, Social and Relationship and Natural.
6. AMOUNT PROPOSED TO BE CARRIED TO ANY RESERVES:
The Company has not transferred any amount to general reserves for the F.Y. 2022-23.
7. CORPORATE GOVERNANCE:
The Company is committed to follow the best Corporate Governance practices, including
the requirements under the Listing Regulations and the Board is responsible to ensure the
same from time to time. The Company has duly complied with the Corporate Governance
requirements. Further, a separate section on Corporate Governance in compliance with the
provisions of Regulation 34 of the Listing Regulations read with Schedule V of the said
regulations, along with a certificate from a Practicing Company Secretary confirming that
the Company is and has been compliant with the conditions stipulated under aforesaid
Regulations forms part of the Annual Report.
8. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:
The Company does not have any Subsidiary, Joint Venture or Associate Company as defined
in the Act during the F.Y. under review.
9. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:
In terms of the provisions of Investor Education and Protection / Investor Education
and Protection Fund (Awareness and Protection of Investors) Rules, 2001, there was no
unpaid / unclaimed dividends to be transferred during the F.Y. to the Investor Education
and Protection Fund.
10. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Appointment of Mr. Vinod Naik:
During the year, based on the recommendation of Nomination and Remuneration Committee,
the Board of the Directors approved the appointment of Mr. Vinod Naik (DIN - 03635487) as
whole time Director of the Company on 21 October 2022.
Subsequently, the Company has received approval of the Members of the Company by means
of Ordinary Resolution through Postal Ballot on 3 January 2023 for appointment of Mr.
Vinod Naik (DIN - 03635487) as the whole time Director for a period of 5 (five) years with
effect from 21 October 2022.
Resignation of Mr. Sumantra Mitra:
Mr. Sumantra Mitra (DIN 08748014) ceased to be the Executive Director with effect from
21 October 2022. The Board placed on record its appreciation for his invaluable
contribution during his tenure.
Retirement by Rotation:
Mr. Glenn Saldanha (DIN: 00050607) will retire by rotation and being eligible, offers
himself for re- appointment at the ensuing 12th AGM of the Company. A detailed profile(s)
of Mr. Glenn Saldanha seeking re-appointment at the forthcoming AGM as required under
Secretarial Standard on General Meetings issued by ICSI is provided separately by way of
an Annexure to the Notice of the AGM.
Independent Directors:
All Independent Directors have declared that they meet the criteria of Independence as
laid down under Section 149(6) of the Act and Regulation 16(b) of Listing Regulations.
In terms of Regulation 25(8) of the Listing Regulations, all the Independent Directors
have confirmed that they are not aware of any circumstance or situation, which exists or
may be reasonably anticipated, that could impair or impact their ability to discharge
their duties with an objective independent judgment and without any external influence.
The Independent Directors of the Company have confirmed that they have enrolled
themselves in the Independent DirectorsRs Databank maintained with the Indian Institute of
Corporate Affairs (Rs 11CARs) in terms of Section 150 of the Act read with Rule 6 of the
Companies (Appointment & Qualification of Directors) Rules, 2014, as amended. They
have also affirmed compliance to the Conduct for Independent Directors as prescribed in
Schedule IV of the Act.
During the year, the Non-Executive Independent Directors of the Company had no
pecuniary relationship or transactions with the Company, other than sitting fees and
reimbursement of expenses incurred by them for the purpose of attending
meetings of the Board/Committees of the Company.
Independent Directors of the Company are not liable to retire by rotation.
A note on the familiarisation programme adopted by the Company for orientation and
training of the Director in compliance with the provisions of the Act and Listing
Regulation is provided in the Report on Corporate Governance, which forms Part of this
Report.
Chief Financial Officer:
Mr. Bhavesh Pujara, Chief Financial Officer ceased to be the Chief Financial Officer
(CFO) with effect from 22 April, 2022. Mr. Tushar Mistry was appointed as Chief Financial
Officer (CFO) with effect from 1 June 2022.
Key Managerial Personnel:
In terms of Section 203 of the Companies Act, 2013, the following are the Key
Managerial Personnel (KMP) of the Company:
Dr. Yasir Rawjee - Managing Director & CEO
Mr. Vinod Naik - Whole Time Director (with effect from 21 October 2022)
Mr. Sumantra Mitra - Whole Time Director (up to 21 October 2022)
Mr. Tushar Mistry - Chief Financial Officer (with effect from 1 June 2022)
Mr. Bhavesh Pujara - Chief Financial Officer (up to 22 April 2022)
Mr. Rudalf Corriea - Company Secretary & Compliance Officer
11. BOARD AND COMMITTEE MEETINGS:
Details of composition, attendance of the Board of Directors and other details of the
Board & its Committees are provided in the Corporate Governance Report. The
Intervening gap between the Meetings was within the period prescribed under the Act and
Listing Regulations.
12. DIRECTORSRs RESPONSIBILITY STATEMENT:
In accordance with the provisions of Section 134(5) of the Companies Act, 2013 the
Directors confirm that:
a) in the preparation of the annual accounts, the applicable Accounting Standards have
been followed along with proper explanation relating to material departures, if any;
b) appropriate accounting policies have been selected and applied consistently and have
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 31 March 2023 and of the profit of the
Company for the year ended 31 March 2023;
c) proper and sufficient care has been taken for 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;
d) the annual accounts have been prepared on a going concern basis;
e) they have laid down internal financial controls to be followed by the Company and
such internal financial controls are adequate and were operating effectively;
f) proper systems have been devised to ensure compliance with the provisions of all
applicable laws and such systems were adequate and operating effectively.
13. BOARD PERFORMANCE EVALUATION:
The Company has devised a Performance Evaluation Framework and Policy, which sets out a
mechanism for the evaluation of the Board, Committees of the Board and the individual
Directors.
Pursuant to the provisions of the Act and Listing Regulations, the Board had carried
out an annual evaluation of its own performance and the performance of its Committees as
well as the individual Directors.
14. MEETINGS OF THE MEMBERS:
During the year under review, the shareholders met once. Eleventh Annual General
Meeting of the members was held on 26 September 2022.
15. SEPARATE MEETING OF INDEPENDENT DIRECTORS:
One meeting of Independent Directors was held during the year.
16. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management Discussion and Analysis Report on the operations of the Company, is
presented in a separate section forming part of this Annual Report.
17. AUDITORS AND AUDITORSRs REPORT:
A. Statutory Auditors:
M/s. Walker Chandiok & Co LLP, (Firm Registration no. 001076N/N500013) Chartered
Accountants were appointed as Statutory Auditors of the Company at the Shareholders
Meeting held on 25 July 2018, for a term of five consecutive years i.e. upto the
conclusion of ensuing 12th AGM.
As per the provisions of Section 139 of the Act, the Board of Directors of the Company,
on the recommendation of the Audit Committee, recommends re-appointment of M/s. Walker
Chandiok & Co LLP, Chartered Accountants for a further period of five years i.e. upto
the conclusion of 17th AGM.
M/s. Walker Chandiok & Co LLP, Chartered Accountants, (i) have expressed their
willingness to be re-appointed for a further term, (ii) have submitted their confirmation
to the effect that they continue to satisfy the criteria provided in Section 141 of the
Act and (iii) that their appointment is within the limits prescribed under Section
141(3)(g) of the Act.
A resolution proposing re-appointment of M/s. Walker Chandiok & Co LLP as the
Statutory Auditor of the Company and their remuneration pursuant to Section 139 of the
Act, along with the explanatory statement, forms part of the Notice of 12th AGM.
Auditor Report for the year under review forms part of this annual report. It does not
contain any qualifications, reservations or adverse remarks.
Further, there are no instances of any fraud reported by the Auditors to the Audit
Committee or to the Board pursuant to Section 143(12) of the Act.
B. Secretarial Auditor:
Pursuant to provisions of Section 204 of the Act and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules 2014, the Board had appointed M/s. Bhadresh
Shah and Associates, Practicing Company Secretaries to undertake the Secretarial Audit of
the Company for the F.Y. 2022 - 23.
Secretarial Audit Report in prescribed Form No. MR-3 is annexed to this report as
Annexure I. There are no qualifications or reservations or adverse remarks in
the Secretarial Audit Report.
C. Cost Auditor:
The Company maintains cost records as per the provisions of Section 148(1) of the Act
and the same are audited by the Cost Auditors.
The Board, on recommendation of Audit Committee, has appointed M/s. Kirit Mahta &
Associates, Practicing
Cost Accountants to audit the cost records of the Company for the F.Y. 2023 - 24 at a
remuneration of Rs 0.45 million plus applicable taxes and reimbursement of actual travel
and out of pocket expenses. Their remuneration is subject to ratification by shareholders
at the ensuing Annual General Meeting. Accordingly, resolution seeking MembersRs
ratification of their remuneration, forms part of the Notice convening the 12th Annual
General Meeting. Board recommends the same for approval of Members.
The Cost Auditors have certified that their appointment is within the limits of Section
141(3)(g) of the Act and that they are not disqualified from appointment within the
meaning of the said Act.
D. Internal Auditor:
Pursuant to the provisions of Section 138 of the Act and the Companies (Accounts)
Rules, 2014, the Board of the Company has appointed M/s. Sridhar & Associates, to
conduct internal audit for the Company.
The Auditors of the Company have not reported any fraud as specified under the second
proviso of Section 143(12) of the Act (including any statutory modification(s) or
re-enactment(s) thereof for the time being in force).
18. INTERNAL FINANCIAL CONTROL (IFC) AND ITS ADEQUACY:
The Company has laid down an adequate system of internal controls, policies and
procedures for ensuring orderly and efficient conduct of the business, including adherence
to the Company's policies, safeguarding of its assets, prevention and detection of frauds
and errors, accuracy and completeness of the accounting records and timely preparation of
reliable financial disclosures.
The current system of IFC is aligned with the statutory requirements and are adequate
and operating effectively.
Effectiveness of IFC is ensured through Management reviews, controlled self-assessment
and independent testing by the Internal Auditor.
19. RISK MANAGEMENT POLICY:
The Company has a Risk Management Policy with the objective to formalise the process of
identification of potential risk and adopt appropriate risk mitigation measures through a
risk management structure. The Risk Management Policy is a step taken by the Company
towards strengthening the existing controls. The details of risk management have been
included in the Management Discussion and Analysis Report, which forms part of this
report.
20. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
There were no loans, guarantees or investments made by the Company under Section 186 of
the Companies Act, 2013 during the year under review and hence the said provision is not
applicable.
21. CAPITAL STRUCTURE:
There was no change in paid-up share capital in the F.Y. 2022-23.
22. UTILISATION OF ISSUE PROCEEDS:
The net proceeds of the fresh issue were / will be utilised for payment of outstanding
purchase consideration to Glenmark Pharmaceuticals Limited (the Promoter) for
the spin-off of the API business from the Promoter into our Company pursuant to the
Business Purchase Agreement dated 9 October 2018, funding the Capital Expenditure
requirements and General Corporate purposes. The details of utilization of proceeds by the
Company are set out in following table and there was no deviation in utilization of the
proceeds of IPO:
(Rs in million)
Particular |
Estimated net proceeds as per Prospectus |
Revised net proceeds |
Utilisation upto 31 Mar 23 |
Unutilised amount as at 31 Mar 23 |
Payment of outstanding purchase consideration to the Promoter for the
spin-off of the API business from the Promoter into our Company pursuant to the Business
Purchase Agreement dated 9 October 2018 |
8,000.00 |
8,000.00 |
8,000.00 |
|
Funding the capital expenditure requirements |
1,527.64 |
1,527.64 |
1,125.93 |
401.71 |
General corporate purposes |
576.75 |
494.40 |
494.40 |
- |
Total |
10,104.39 |
10,022.04 |
9,620.33 |
401.71 |
23. EMPLOYEE STOCK OPTION SCHEME (ESOP):
In compliance with the provisions of Sections 62 of the Act and Rules made thereunder
and the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat
Equity) Regulations, 2021 (the SEBI SBEB Regulations), the Company has
formulated an employee stock option scheme, namely, Glenmark Life Sciences Limited
Employee Stock Option Plan, 2021, (the ESOP Scheme). The ESOP scheme has been
implemented in accordance with the SEBI SBEB Regulations and in accordance with the
resolution passed by the shareholders at the Extraordinary General Meeting held on 9 April
2021, approving such scheme.
ESOP Scheme of the Company aims to reward employees for their performance as well as to
attract and retain talent in the organization. The Company views the ESOP as an instrument
that would enable the Employees to get a share in the value, they create for the Company
in the years to come. 9,51,734 ESOP options have been granted to the eligible
Employees/Directors at Nomination and Remuneration Committee meeting held on 17 May 2021.
As of 31 March 2022, 9,44,751 options were outstanding. During the F.Y. 2022-23, 67,039
options were cancelled and no options were exercised under Employees Stock Options Scheme
viz. ESOSRs 2021. As of 31 March 2023, 8,77,712 options were outstanding and are due for
exercise. The information in compliance with Regulation 14 of the Securities and Exchange
Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, as
amended, is attached as Annexure-II and forms part of this Annual Report.
24. RELATED PARTY TRANSACTIONS:
Particulars of contracts or arrangements with related parties referred to in Section
188(1) of the Companies Act, 2013 in the prescribed Form AOC-2 is appended as Annexure III
to this report. The disclosure of transactions with related party for the year is given in
Notes to the Balance Sheet as on 31 March 2023.
All transactions with related parties were reviewed and approved by the Audit Committee
and were in accordance with the Policy on dealing with and materiality of related party
transactions and the related party framework, formulated and adopted by the Company. Prior
omnibus approval of the Audit Committee is obtained for the transactions which are
repetitive in nature.
Related Party Transactions and its materiality Policy is available on the Company's
website at https://www. glenmarklifesciences.com/pdf/GLS%20RPT%20Policv.pdf
In terms of Regulation 23 of the SEBI Listing Regulations, the Company submits details
of related party transactions as per
the format specified in the relevant accounting standards/ SEBI notification to the
stock exchanges on a half yearly basis.
Pursuant to the provisions of Regulation 23 (4) of Listing Regulations, approval of the
Members was obtained in the last AGM and a resolution proposing to approve Material
Related Party Transactions with Glenmark Pharmaceuticals Limited along with the
explanatory statement, forms part of the Notice of 12th AGM.
25. THE CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS &
OUTGO:
The information pertaining to Conservation of Energy, Technology Absorption, Foreign
Exchange Earnings and outgo as required under Section 134(3)(m) of the Act, read with Rule
8(3) of the Companies (Accounts) Rules, 2014 is appended herewith as Annexure IV to this
report.
26. CORPORATE SOCIAL RESPONSIBILITY:
The report on the CSR in the format prescribed in the Companies (Corporate Social
Responsibility Policy) Amendment Rules, 2021 including the composition of the CSR
Committee is appended herewith as Annexure V to this Report.
CSR Policy is available on Company's website at: https://
www.glenmarklifesciences.com/pdf/Glenmark-Life- Sciences-CSR-Policy-2021_22.pdf
27. ANNUAL RETURN:
Pursuant to Section 92 read with Section 134(3)(a) of the Act, the Annual Return as on
31 March 2023 is available on the Company's website at https://www.glenmarklifesciences.
com/reports.php#re
28. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION & REDRESSAL) ACT, 2013:
The Company has in place a policy on Prevention, Prohibition and Redressal of Sexual
Harassment at workplace in line with the requirements of The Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Internal Complaints
Committee (ICC) has been set up to redress complaints received regarding sexual
harassment.
The policy has set guidelines on the redressal and enquiry process that is to be
followed by complainants and the ICC, whilst dealing with issues related to sexual
harassment at the work place. All women employees (permanent, temporary, contractual and
trainees) are covered under this policy.
There were no complaints reported under the Sexual Harassment of Women at workplace
(Prevention, Prohibition & Redressal) Act, 2013 during F.Y. 2022-23.
The Company is committed to providing safe and conducive work environment to all of its
employees and associates.
29. VIGIL MECHANISM:
The Company, as required under Rule 7 of Companies (Meetings of Board and its Powers)
Rules, 2014, has established a Vigil Mechanism for their Directors and employees to report
their genuine concerns or grievances.
The Audit Committee of the Company shall oversees the vigil mechanism, which provides
for adequate safeguards against victimization of employees and Directors who avail of the
vigil mechanism.
All the employees and Directors of the Company are provided direct access to the
Chairman of the Audit Committee.
The details of the Policy are available on the Company's website at
https://www.glenmarklifesciences.com/pdf/ Whistle Blower Policy 22.pdf
30. HUMAN RESOURCES:
Company's industrial relations continued to be harmonious during the year under review.
31. PARTICULARS OF EMPLOYEES & REMUNERATION:
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 is provided
in Annexure VI to this report.
Information required under Section 197(12) of the Act read with rule 5(2) and rule 5(3)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is
appended herewith and forming part of this report.
32. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT:
In compliance with the provisions of Regulation 34 of the Listing Regulations, the
Business Responsibility and Sustainability Report (BRSR) to be submitted by top 1,000
listed entities based on their market capitalization as on 31 March 2023 is appended
herewith as Annexure VII to this Report.
33. OTHER DISCLOSURES:
During the F.Y. under review:
a) the Company has complied with the applicable Secretarial Standards, i.e. SS-1 and
SS-2, relating to RsMeetings of the Board of DirectorsRs and RsGeneral MeetingsRs,
respectively.
b) the Company did not accept any deposit within the meaning of Sections 73 and 74 of
the Act read with the Companies (Acceptance of Deposits) Rules, 2014 and accordingly no
amount on account of principal or interest on public deposits was outstanding as on 31
March 2023.
c) the Company has not issued shares with differential voting rights and sweat equity
shares during the year under review.
d) Neither the Managing Director nor the Whole-time Directors of the Company received
any remuneration or commission from any of its subsidiaries.
e) no significant or material orders were passed by the regulators or courts or
tribunals which could impact the going concern status of the Company and its future
operations.
f) no material changes and commitments have occurred after the close of the year till
the date of this report which may affect the financial position of the Company.
g) There was no change in the nature of business of the Company;
h) No application has been made under the Insolvency and Bankruptcy Code; hence the
requirement to disclose the details of application made or any proceeding pending under
the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their
status as at the end of the financial year is not applicable;
34. APPRECIATION AND ACKNOWLEDGEMENTS:
Your Directors express their gratitude to the Company's customers, business partnersRs
viz. distributors and suppliers, medical profession, Company's bankers, financial
institutions including investors for their valuable sustainable support and co-operation.
Your Directors commend the continuing commitment and dedication of employees at all
levels.
For and on behalf of the Board of Directors
|
Yasir Rawjee |
V. S. Mani |
|
Managing Director & CEO |
Director |
|
DIN: 01965174 |
DIN: 01082878 |
Place: Mumbai |
|
|
Date: 27 April 2023 |
|
|
|