We are pleased to present the Thirty Eighth (38th) Annual Report on the business and
operations of your Company, along with Audited Financial Statements and the Auditor's
Report for the financial year ended March 31, 2023.
. FINANCIAL HIGHLIGHTS
The financial highlights for the year under review are given below: (Rs.in Lacs)
|
|
Standalone |
|
|
Consolidated |
|
Particulars |
|
|
|
|
|
|
|
2022-23 |
2021-22 |
Change % |
2022-23 |
2021-22 |
Change % |
Revenue from Operations |
2,05,274 |
2,85,898 |
(28.20) |
2,67,774 |
3,18,395 |
(15.90) |
Other Income |
7,740 |
1,994 |
288.16 |
7,502 |
1,962 |
282.36 |
Total Revenue |
2,13,014 |
2,87,892 |
(26.01) |
2,75,276 |
3,20,357 |
(14.07) |
EBITDA |
29,028 |
48,455 |
(40.09) |
34,604 |
54,992 |
(37.07) |
EBITDA Margin (%) |
14.14% |
16.95% |
(16.58) |
12.92% |
17.27% |
(25.19) |
EBIT |
17,224 |
37,070 |
(53.54) |
18,201 |
39,150 |
(53.51) |
Profit before tax |
(4,234) |
22,384 |
(118.92) |
(7,522) |
21,033 |
(135.76) |
Tax Expense |
(1,215) |
6,951 |
(117.48) |
(1,115) |
6,951 |
(116.04) |
Profit after tax |
(3,019) |
15,433 |
(119.56) |
(6,407) |
14,082 |
(145.50) |
? BUSINESS HIGHLIGHTS
Some key highlights of FY23 are as follows:
The Standalone Total Revenue for Financial Year 2022-23 decreased by 26.01% and
stood at fi 2,13,014 Lacs. Consequently, the Standalone EBITDA decreased by 40.09% and
stood at fi 29,028 lacs.
The operating performance during the fiscal was impacted due to a subdued demand
environment, extremely high levels of raw material infiation and high energy costs.
However, raw material costs, energy costs and global demand environment witnessed
improvement starting second half of the fiscal 23 leading to an improvement in operating
performance during the second half of the fiscal.
? CHANGE IN THE NATURE OF BUSINESS
There was no change in the nature of Business carried out by the Company during the
period under review. There were no material changes & commitments during the period
under review till the date of the report, affecting the financial position of the Company.
3. SHARE CAPITAL
During the year under review, Company has not issued and/or allotted any shares with/
without diferential voting rights as per Section 43 of Companies Act, 2013 read with Rule
4(4) of the Companies (Share Capital and Debentures) Rules, 2014. The Authorized Share
Capital of the Company is fi 67,00,00,000 divided into 13,40,00,000 Equity Shares of fi 5
/- each and the Paid-up Capital of the Company is fi 49,22,85,800/- divided into
9,84,57,160 Equity Shares of fi 5 each.
? ISSUE OF SECURITIES
The Board at its meeting held on December 15, 2022 approved the following items of
special business and shareholders of the Company consented to the same vide postal ballot
resolution passed on January 15, 2023:
Borrowing limits under section 180(1)(c) of the Companies Act, 2013 for an
amount upto fi 3500 crores.
Issuance of Securities including FCCBs to identified investors upto $ 13
Million.
Pursuant to delegation of powers to Securities Allotment Committee ("SAC"),
the following allotments were approved by Securities Allotment Committee:
3420 Unrated, Unlisted, Secured, Redeemable, NCDs of face value fi 10,00,000
aggregating fi 342,00,00,000/- (Rupees three hundred and forty-two crores only) to
International Finance Corporation ("IFC") on March 31, 2023 through Private
Placement.
8300 Unrated, Unlisted, Unsecured FCCBs of face value of US $ 1000 each
aggregating to US Dollar 8,300,000 (United States Dollar Eight Million Three Hundred
Thousand only) to IFC on April 27, 2023 through Private Placement.
210 Unrated, Unlisted, Secured, Redeemable, NCDs of face value fi 10,00,000
aggregating fi 21,00,00,000/- (Rupees twenty-one crores only) to IFC on July 06, 2023
through Private Placement.
4200 Unrated, Unlisted, Unsecured FCCBs of face value of US $ 1000 each
aggregating to US Dollar 4,200,000 (United States Dollar Four Million Two Hundred Thousand
only) to IFC on July 07, 2023 through Private Placement.
? DIVIDEND
In view of the Company's operating performance during the current fiscal, the Board has
not recommended any dividend to the shareholders for the year ended March 31, 2023.
? TRANSFER TO RESERVES
No amount has been transferred to reserves for the financial year ended March 31, 2023.
? SUBSIDIARY, JOINT VENTURES AND ASSOCIATE COMPANIES AND CHANGES THEREON
As on March 31, 2023, the Company had the following subsidiaries and Joint Ventures:
Subsidiaries
Himatsingka Wovens Private Limited (wholly owned subsidiary)
Himatsingka Holdings NA Inc. (wholly owned subsidiary)
Himatsingka America Inc. (Step down wholly owned subsidiary)
Joint Venture
Twill & Oxford LLC, is a Joint Venture Company based out of UAE and has
filed for voluntary liquidation under the applicable regulations and is same is under
process.
Consolidated Financial Statements
As required under section 129(3) of the Companies Act, 2013 the Company has prepared
Consolidated Financial Statements which form a part of the Annual Report. The Consolidated
Financial Statements presented by the Company include the financial results of its
subsidiary companies. A statement containing the salient features of the Financial
Statements of its subsidiaries in form AOC-1 is annexed to this report as Annexure 1.
Pursuant to section 136 of the Companies Act, 2013, the Annual Report of your Company
containing inter alia Financial Statements including Consolidated Financial Statements and
Financial Statements of the subsidiaries are available on the Company's website
https://www.himatsingka.com/investors/financial-reports
. ANNUAL RETURN
As required under the Companies Act, 2013, the draft of the Annual Return for the year
2023 is available on the website of the company
https://www.himatsingka.com/investors/financial-reports
? . PUBLIC DEPOSITS
The Company has not accepted any deposits from the public during the year as per the
provisions of the Companies Act, 2013.
? . BOARD OF DIRECTORS AND COMMITTEES
Composition of Board and changes thereto
As on March 31, 2023, the Board of the Company comprised of 7 (Seven) Directors of
which 3 (Three) were Independent Directors including one Independent Woman Director, 1
(One) Nominee Director, and 3 (Three) were Executive Directors two of whom were Promoter
Executive Directors. The details of changes in the composition of the Board and Committees
thereof are provided in the Corporate Governance Report forming part of the Annual Report.
As on date of the report i.e. Aug 10, 2023, the Board of the Company comprises of 6
(Six) Directors of which 3 (Three) are Independent Directors including one Independent
Woman Director and 3 (Three) are Executive Directors two of whom are Promoter Executive
Directors. In the opinion of Nomination & Remuneration Committee and Board,
Independent Directors appointed during the year hold requisite integrity, expertise and
experience to serve on the Board of the Company.
Board Meetings
The Board met 8 (Eight) times during the year under review and the intervening gap
between the meetings was within the period prescribed under the Companies Act 2013 and
SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 ("Listing
Regulations"). The details of the meetings and attendance thereof are provided in the
Corporate Governance Report forming part of the Annual Report.
Board Committees
The requisite details pertaining to the Committees of the Board are included in the
Corporate Governance Report which is part of the Annual Report.
Re-appointment of Director retiring by rotation
In accordance with the provisions of section 152(6) of the Companies Act, 2013, and
Articles of Association of the Company, Mr. S. Shanmuga Sundaram, Director, (DIN:
09816120), retires by rotation and being eligible, ofiers himself for re-appointment. His
re-appointment will be taken up at the ensuing Annual General Meeting for approval of
shareholders.
Declaration by Independent Directors
The Company has received from each of its Independent Directors, declaration as
stipulated under Section 149(7) of the Companies Act, 2013 and Regulation 25(8) of Listing
Regulations, confirming that the Director meets the criteria of independence as laid down
under section 149(6) of the Companies Act, 2013 and Regulation 16(b) of Listing
Regulations. The Independent Directors have also declared compliance with Rule 6(1) and
6(2) of Companies (Appointment and Qualification of Directors) Rules, 2014.
Directors' Responsibility Statement
As required by the provisions of Section 134(3)(c) of the Companies Act, 2013, we the
Directors of Himatsingka Seide Limited, confirm the following: a) in the preparation of
the Annual Financial Statements for the year ended March 31, 2023, the applicable
Accounting Standards have been followed along with proper explanation relating to material
departures; b) the Directors have 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 afiairs of the Company at the end of the
Financial Year 2022-23 and of the Profit and loss of the Company for that period; c) the
Directors have taken proper and suficient 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; d)
the Annual Financial Statements have been prepared on a Going Concern basis; e) the
Directors have laid down Internal Financial Controls to be followed by the Company and
that such Internal Financial Controls are adequate and were operating efiectively; and f)
the Directors have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating efiectively.
Key Managerial Personnel (KMP)
The Key Managerial Personnel(s) of the Company as on March 31, 2023 were Mr. D.K.
Himatsingka, Executive Chairman, Mr. Shrikant Himatsingka, Managing Director & CEO and
Mr. M. Sridhar, General Manager Corporate Compliance & Company Secretary.
Mr. D.K. Himatsingka has been re-appointed as Executive Chairman, for a period of 5
(Five) years w.e.f. June 1, 2023 and Mr. Shrikant Himatsingka has been re-appointed as
Executive Vice Chairman & Managing Director for a period of 5 (Five) years w.e.f. June
1, 2023. The details of the same is provided in the Corporate Governance Report. During
the year, Mr. K.P Rangaraj, President Finance & Group Chief Financial Officer ,
attained superannuation and retired from the services of the Company with efiect from
close of business hours on March 15, 2023.
Board Performance Evaluation
The Company has, during the year, conducted an evaluation of the Board as a whole, its
Committees and the individual Directors including the Independent Directors. The
evaluation was carried out through difierent evaluation forms which covered among others
the evaluation of the composition of the Board/committee, its efiectiveness, activities,
governance, and with respect to the Chairman and the individual Directors, their
participation, integrity, independence, knowledge, impact and infiuence on the Board. The
Independent Directors of the Company also convened a separate meeting and evaluated the
performance of the Board, the Non-Independent Directors and the Chairman.
? COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has complied with the provisions of Secretarial Standard (SS-1 on Meetings
of the Board of Directors) and Secretarial Standard (SS-2 on General Meetings).
? AUDITORS AND AUDITORS' REPORT a) Statutory Auditors
The Members of the Company at the 37th AGM held on September 28, 2022 had appointed M/s
MSKA & Associates, Chartered Accountants, as the Statutory Auditors of the Company to
hold Office for a period of 5 (Five) years from the conclusion of the 37th AGM till the
conclusion of 42nd AGM to be held in the year 2027. The report of Statutory
Auditors M/s MSKA & Associates, Chartered Accountants, for F.Y-2022-23 (forming part
of the Annual Report) does not have any qualification, reservation or adverse remarks.
b) Secretarial Audit
The Company had appointed CS Vivek Bhat, Company Secretary in Practice, to conduct the
secretarial audit as required under Section 204 of the Companies Act, 2013. The
Secretarial Audit Report for the financial year 2022-23 does not contain any adverse
remark, qualification or reservation. The report is appended as Annexure 2 to this
report.
c) Secretarial Compliance Report
The Company had appointed CS Vivek Bhat, Company Secretary in Practice for issuing the
Annual Secretarial Compliance Report under Regulation 24A of Listing Regulations which is
appended as Annexure 3 to this report.
d) Cost Auditors
Since the Company's export revenue in foreign exchange, for the financial year 2022-23
was greater than 75% (seventy-five percent) of the total revenue of the Company, the
Company falls within the exemption specified in Clause 4(3) of The Companies (Cost Records
and Audit) Rules, 2014. In view of this, there is no requirement to furnish cost audit of
cost records of the Company for its units at Hassan and Doddaballapur.
e) Internal Auditors
Pursuant to the provisions of Section 138 of the Companies Act, 2013, the Board of
Directors of the Company has reappointed Grant Thornton Bharat LLP for carrying out the
Internal Audit of the Company for the financial year 2023-24. The audit committee of the
Board of Directors in consultation with the Internal Auditor formulates the scope,
functioning, periodicity and methodology for conducting the internal audit of the Company.
f) Internal Financial Controls
The Board reviews the efiectiveness of controls as part of Internal Financial Controls
framework. There are regular scheduled reviews that covers controls, process level
controls, fraud risk controls and the Information Technology environment. Based on this
evaluation, no significant events have been noticed during the year that have materially
afiected, or are reasonably likely to materially afiect, our Internal Financial Controls.
The management has also come to a conclusion that Internal Financial Controls and other
financial reporting was efiective during the year and is adequate considering the business
operations of the Company. The Statutory Auditors of the Company has audited Internal
Financial Controls over Financial Reporting and their Audit Report is annexed as Annexure
A to the Independent Auditors' Report under Standalone Financial Statements and
Consolidated Financial Statements.
g) Fraud Reporting
There have been no instances of fraud reported by the Auditors under section 143(12) of
the Companies Act 2013 and Rules framed thereunder either to the Company or to the Central
Government.
? 3. PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS AND SECURITIES MADE
The particulars of loans made, guarantees given, investments made and securities
provided as per the provisions of Section 186 of the Companies Act, 2013 and the relevant
rules made thereunder are given in the notes to the Standalone Financial Statements.
? PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All transactions entered into by the Company with its related parties are at arm's
length and in the ordinary course of business. Therefore, there is no requirement to annex
AOC-2 to this Report.
? SIGNIFICANT OR MATERIAL ORDERS PASSED BY REGULATORS/ COURTS
There are no significant or material orders passed by Regulators/ Courts during the
year under review.
? CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
A statement containing the necessary information on Conservation of energy, Technology
absorption and Foreign exchange earnings and outgo stipulated under Section 134(3)(m) of
the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 is
annexed to this report as Annexure-4.
? . RISK MANAGEMENT
The Company has developed and implemented a comprehensive Risk Management Policy and
framework to counter and mitigate the various risks encountered by the Company. In terms
of the provisions of Section 134 of the Companies Act, 2013 a Risk Management Report is
set out elsewhere in this Annual Report.
? REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
a) The remuneration of Directors is given herein below:
(Rs.in Lacs)
Director |
DIN |
Sitting fees |
Salaries and perquisites |
Profit linked Commission |
Total |
Ratio to Median remuneration of employees |
Percentage (%) increase/ (Decrease) over previous year |
Mr. D.K. Himatsingka |
00139516 |
Nil |
141.52 |
Nil |
141.52 |
69.60:1 |
(70.47) |
Mr. Shrikant Himatsingka |
00122103 |
Nil |
137.01 |
Nil |
137.01 |
67.38:1 |
(41.48) |
Mr. Rajiv Khaitan |
00071487 |
9.50 |
Nil |
10.00 |
19.50 |
9.59:1 |
14.71 |
Mr. Harminder Sahni^ |
00576755 |
2.50 |
Nil |
10.00 |
12.50 |
6.15:1 |
NA |
Ms. Sandhya Vasudevan^ |
00372405 |
2.00 |
Nil |
10.00 |
12.00 |
5.90:1 |
NA |
Mr. Pradeep Bhargava^ |
00525234 |
8.00 |
Nil |
10.00 |
18.00 |
8.85:1 |
0.00 |
Mr. Raja Venkataraman^ |
00669376 |
7.50 |
Nil |
10.00 |
17.50 |
8.61:1 |
6.06 |
Mrs. Sangeeta Kulkarni^ |
01690333 |
3.50 |
Nil |
5.00 |
8.50 |
4.18:1 |
(41.38) |
Mr. V. Vasudevan^ |
07521742 |
4.00 |
Nil |
Nil |
4.00 |
1.97:1 |
(87.22) |
Mr. S. Shanmuga Sundaram^ |
09816120 |
Nil |
11.73 |
Nil |
11.73 |
5.77:1 |
NA |
^Not on the Board of the Company for the full Financial Year 2022-23 and Remuneration
details for the period of association.
In the remuneration mentioned above, the sitting fees, salaries and perquisites form
the fixed component of the total remuneration. The commission is a variable component and
is linked to the operating performance of the Company. b) Percentage Increase/ (Decrease)
in the Remuneration of the Key Managerial Personnel (other than Directors mentioned above)
Key Managerial Personnel |
Designation |
Percentage Increase/(Decrease) in the remuneration, if any |
Mr. K.P. Rangaraj |
President Finance and Group CFO |
(5.97) |
|
General Manager Corporate Compliance & |
|
Mr. M. Sridhar |
|
19.00 |
|
Company Secretary |
|
c) The percentage increase in median remuneration of the employees is 2.78 % d) The
number of permanent employees in the rolls of the Company is 7114 e) The average increase
in the salaries of managerial personnel during the year was 12.48% and the average
increase in the salaries of employees other than managerial personnel was 1.27%. f) The
Executive Directors were not eligible for payment of Commission in view of the operating
performance of the Company during the year.
g) During the year, there were four employees (including KMP) whose remuneration was
higher than that of the highest paid director.
h) It is hereby afirmed that the remuneration paid during the year is as per the
Nomination and Remuneration Policy of the Company.
i) Information as per rule 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014: The Statement containing names of top ten employees in
terms of remuneration drawn and particulars of employees as required under Section 197(12)
of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules 2014 shall be provided to the shareholders upon a request made
to the Company Secretary at investors@himatsingka.com. Further, the Annual Report is being
sent by email to the members excluding the aforesaid information in terms of Section 136
of the Act.
? . INVESTOR EDUCATION AND PROTECTION FUND:
Pursuant to the applicable provisions of the Companies Act, 2013 read with the IEPF
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (the Rules'), all
unpaid or unclaimed dividends are required to be transferred by the Company to the IEPF
established by the Government of India, after the completion of seven years. Further,
according to the Rules, the shares on which dividend has not been paid or claimed by the
shareholders for seven consecutive years or more shall also be transferred to the demat
account of the IEPF Authority. During the year, the Company has transferred the unclaimed
and unpaid dividends of fi10,99,818.00. Further, 11,627 corresponding shares on which
dividends were unclaimed for seven consecutive years were transferred as per the
requirements of the IEPF Rules. Year-wise amounts of unpaid / unclaimed dividends lying in
the unpaid account up to the year, and the corresponding shares, which are liable to be
transferred are provided in the Shareholder Information section of Corporate Governance
Report and are also available on our website https://www.himatsingka.com/investors/shareholder-information
? INSURANCE
The Company's assets are subject to risks/ peril and are adequately insured. In
addition, the Company has also taken a Directors & Officers Liability Policy to
provide coverage against the liabilities arising on them. The Policy extends to all
Directors and Officers of the Company and its Subsidiaries.
? POLICIES
a) Whistle Blower Policy
As a conscious and vigilant organization, Himatsingka Seide Limited believes in the
conduct of the afiairs of its constituents in a fair and transparent manner, by adopting
the highest standards of professionalism, transparency and ethics.
In its endeavour to provide its employees a secure working environment, the Company has
established a "Whistle Blower Policy" as required under the Companies Act, 2013
and Listing Regulations and the same is also available in the Company's website
https://www.himatsingka.com/investors/corporate-governance The Company Secretary of
the Company, has been designated as the Chief Compliance Officer under the policy and the
employees can report any instance of unethical behaviour, fraud and/or violation of the
Company's code of conduct or policy to the Chief Compliance Officer .
The Company has put in place adequate measures for the visibility of the whistle blower
policy to employees and stakeholders at the workplace and at the plants. In exceptional
and appropriate cases, an employee can make direct appeal to the Audit Committee Chairman.
The contact details of the Audit Committee Chairman are also available in the Whistle
Blower Policy. The details of complaints received, if any are provided in the Corporate
Governance Report forming part of the Annual Report.
b) Disclosure as required under Section 22 of Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013
The Company is committed to provide a safe and secure work environment to all its
employees. All employees (permanent, contractual, temporary, trainees) are covered under
this policy. Therefore, any discrimination and/or harassment in any form is unacceptable
and the Company has in place a Prevention of Sexual Harassment Policy and an Internal
Complaints Committee as per the requirements of Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013. The details of complaints thereof, if
any are provided in the Corporate Governance Report forming part of the Annual Report.
c) Nomination and Remuneration Policy
The Nomination and Remuneration Committee has formulated a policy as required under
Section 178(3) of Companies Act, 2013 and Regulation 19 read with Schedule II to the
Listing Regulations, stipulating the criteria for determining qualifications, required
experience and independence of a director and also the criteria relating to the
remuneration of the directors, key managerial personnel, senior management personnel and
other employees and their performance evaluation. The policy is available on the Company's
website https://www.himatsingka.com/investors/corporate-governance
. d) Dividend Distribution Policy
The Board of Directors of the Company have adopted a Dividend Distribution Policy as
required under Regulation 43A of Listing Regulations. The Policy is available at the
website of the company https://www.himatsingka.com/investors/corporate-governance.
e) Policy for determining material subsidiaries
As required under Regulation 24 of Listing Regulations, the Company has adopted a
policy for determining material subsidiaries. The policy has been disclosed on the
Company's website https://www.himatsingka.com/investors/corporate-governance
f) Policy on Related Party Transactions:
The Company has also formulated a policy on dealing with Related Party Transactions as
required under Regulation 23 of Listing Regulations. The same is available on the
Company's https://www.himatsingka.com/investors/corporate-governance.
g) Corporate Social Responsibility
Corporate Social Responsibility (CSR) is central to the operating philosophy of the
Company and it is the Company's constant endeavour to ensure that its businesses uphold
the highest standards of governance and compliance. It aims to deliver sustainable value
to society at large as well as shareholders. In keeping with its philosophy, the Company
has set up a CSR Committee that identifies CSR projects and overlooks, supervises and
provides guidance for the implementation of the projects. The CSR Committee explores
various activities based on the thrust areas, filters and shortlists projects for CSR
activities with the approval of Board of Directors. The company's CSR activities envisage
initiatives primarily in the areas of health, education, environmental protection,
community development and sanitation among others.
The details of the Composition of CSR Committee, the CSR Policy and the CSR spending
have been elaborated in the Annexure-5 to this report.
? CORPORATE GOVERNANCE REPORT fiCGRfi
We comply with the corporate governance code as prescribed by the Stock Exchanges and
the Securities and Exchange Board of India (SEBI). The detailed report on corporate
governance forms a part of the Annual Report and the Corporate Governance Report along
with the Practicing Company Secretary Certificate on compliance with the mandatory
recommendations on corporate governance is available in a separate section.
3. MANAGEMENT DISCUSSION AND ANALYSIS REPORT MDA
In terms of Regulation 34 of SEBI Listing Regulations, the Management Discussion and
Analysis Report (MDA) forms part of the Annual Report outlining the International and
Domestic economic outlook, key developments in the International and Domestic Textile
Industry.
? BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT BRSR
The Company has prepared Business Responsibility and Sustainability Report which forms
part of the Annual Report inter alia containing environmental, social and governance
disclosures.
? PENDING PROCEEDINGS UNDER THE IBC CODE,
During the year, Company filed an application before National Company Law Tribunal,
("NCLT"), Mumbai under Insolvency and Bankruptcy Code 2016 claiming an amount of
fi 1,29,07,257.6 from Textile Professional LLP and an amount of fi 6,21,47,627 from Umiya
Textiles Pvt. Ltd. As a counter, Textile Professional LLP had filed a petition at NCLT,
Bangalore.
The proceedings with respect to above are at difierent stages and are ongoing.
? VALUATION FOR LOANS OBTAINED FROM FINANCIAL INSTITUTIONS/ BANKS
There was no instance of one-time settlement with any Bank or Financial Institution
during the period under review.
Acknowledgement
Your Directors wish to place on record their appreciation of the continuous efiorts
made by all employees in ensuring excellent all-round operational performance. We also
wish to thank our Customers, Vendors, Shareholders and Financial Institution for their
continued support. Your Directors would like to express their grateful appreciation to the
Central Government and Government of Karnataka for their continued co-operation and
assistance.
|
For and on behalf of the Board |
|
Shrikant Himatsingka |
|
D.K. Himatsingka |
(Executive Vice Chairman & Managing Director) |
|
(Executive Chairman) |
Place: Bengaluru |
|
|
Date : August 10, 2023 |
|
|
|