To,
The Members,
JYOTIRGAMYA ENTERPRISES LIMITED
Your Directors have pleasure in presenting their Annual
Report together with the Audited Financial Statements of the Company for the Year ended 31st
March 2023.
FINANCIAL SUMMARY AND PERFORMANCE OF THE COMPANY
Particulars |
2022-23 |
2021-22 |
Sales Turnover |
47,984 |
7,02,633 |
Other Income |
84,000 |
2,82,657 |
Total Income |
1,31,984 |
9,85,290 |
Total Expenditure |
1,20,943 |
9,75,095 |
Profit before Depreciation |
46,031 |
61,485 |
Less: Deprecation |
34,990 |
51,290 |
Profit after depreciation, Interest and other Expenses |
11,041 |
10,195 |
Less: Taxes (Including Deferred Tax) |
(10,790) |
(10,088) |
Net Profit after Tax before dividend |
252 |
107 |
Dividend (Including Interim, if any, and final) |
0.00 |
0.00 |
Net profit after dividend and Tax |
252 |
107 |
RESULTS OF OPERATIONS AND THE STATE OF COMPANY'S AFFAIRS:
During the year under review, the revenue of the company
from operations is Rs. Nil and it was attributed to an overall slowdown in the economy.
The Board of Directors is making all efforts for the better opportunities of the company.
PERFORMANCE REVIEW:
The Company has incurred loss during the financial year
ended 31st March, 2023. Your Directors are making all efforts to improve the
performance of the Company in future
SHARE CAPITAL
Company has an Authorized Share Capital of Rs. 2,80,00,000
(Rupees Two Crore eighty lakhs only), divided into 25,50,000 (Twenty Five Lakh Fifty
Thousand) Equity Shares of Rs. 10/- each and 2,50,000 (Two Lakh fifty Thousand) Preference
Shares of Rs. 10 each. It possesses a combined Paid-up Share Capital of Rs. 2,54,74,000
(Rupees Two Crore Fifty Four Lakh Seventy Four Thousand only), divided into 23,00,000
(Twenty Three Lakh) equity shares of face value of INR 10/- and 2,47,400 (Twenty Three
Lakh) Preference Share Capital of face value of INR 10 of the Company. No changes have
occurred in the current financial year as compared to the last financial year 2021-22.
CHANGES IN SHARE CAPITAL, IF ANY
There has been no Change in the Share Capital of the
Company during the financial year under review.
- Buy Back of securities: The Company has not bought back its
shares /securities during the year under review.
- Sweat Equity: No Sweat Equity Shares are issued during the
year under review.
- Bonus Shares: No Bonus Shares were issued during the year
under review.
- Employees Stock Option Plan: The Company has not provided
any Stock Option Scheme to the employees
DIVIDEND
Board of Directors of the Company do not recommend any
dividend for this financial year.
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND
PROTECTION FUND
The provisions of Section 125(2) of the Companies Act, 2013
do not apply as there was no dividend declared and paid last year.
CHANGES IN NATURE OF BUSINESS, IF ANY
There was no change in the nature of business during the
financial year 2022-23.
TRANSFER TO GENERAL RESERVE
During the financial Year under review, losses incurred by
the company were adjusted with the Revenue and Surplus account.
EMPLOYEE STOCK OPTION SCHEME
The Company has not provided any Employee Stock Option
Scheme to its employees. The Company has not issued equity share with differential rights
as to dividend, voting or otherwise.
INFORMATION ABOUT SUBSIDIARY/ JV/ ASSOCIATE COMPANY
Company does not have any Subsidiary, Joint venture or
Associate Company.
CHANGES IN THE NATURE OF BUSINESS:
During the Financial Year 2022-23, there had been no change
in the nature of the business of the Company.
EXTRACT OF ANNUAL RETURN:
An extract of Annual Return for the year ended March 31,
2023, as prescribed in Section 134(3)(a) and section 92(3) of the Companies Act, 2013 read
with Rule 12 of the Companies (Management and Administration) Rules, 2014, is available on
the website of the Company on the following link: www.jelglobe.com.
FRAUDS REPORTED BY AUDITORS UNDER SECTION 143:
There have been no instances of fraud reported by the
Statutory Auditors under Section 143 of the Act read with relevant Rules framed thereunder
either to the Company or to the Central Government.
DISCLOSURE REGARDING ISSUE OF EQUITY SHARES WITH
DIFFERENTIAL RIGHTS, EMPLOYEE STOCK OPTIONS & SWEAT EQUITY SHARES.
The Company has not issued any equity shares with
differential voting rights or employee stock options or sweat equity shares.
BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
- THE CURRENT COMPOSITION OF BOARD OF DIRECTORS AS ON DATE IS
AS FOLLOWS:
As on 31st March, 2023, the Board of your Company consists
of Eight Directors as follows:
S. No. |
DIN Number |
Name of Directors |
Appointment of Directors |
Designation |
1 |
06624897 |
SAHIL MINHAJ KHAN |
08/05/2018 |
Managing Director |
2 |
05123850 |
SAEED URREHMAN |
14/08/2019 |
Managing Director |
3 |
08257530 |
KRISHNA VEER SINGH |
16/10/2018 |
Independent Director |
4 |
08146148 |
SAMINA AHMAD |
30/05/2018 |
Executive Director |
5 |
06624899 |
TALAT KAMAL |
08/05/2018 |
Executive Director |
6 |
08539861 |
REKHA PAWAR |
19/08/2019 |
Independent Director |
7 |
07982681 |
MIRZA AZAMALI BEG |
06/11/2017 |
Independent Director |
8 |
06934142 |
DHEERAJ PARASHAR |
06/11/2017 |
Independent Director |
All the Directors are having vast knowledge and experience
in their relevant fields and the Company had benefitted immensely by their presence in the
Board.
- CHANGE IN DIRECTORS AND KEY MANAGERIAL PERSONNEL:
During the year under review, there was no change
in Board of Directors.
- RETIRE BY ROTATION
In terms of the provisions of Section 152 of the
Companies Act, 2013, Ms. Samina Ahmad (DIN: 08146148), is liable to retire by rotation at
the Annual General Meeting of the Company and on being eligible offers herself for
re-appointment as Director of the Company.
- APPOINTMENT
During the year under review, No Director had been
appointed onto the Board of your Company.
- BOARDS' INDEPENDENCE
The definition of Independence' of Directors is
derived from Section 149(6) of the Companies Act, 2013. A declaration has been received
from the following Non-Executive Directors confirming their Independence in terms of
Listing Regulations, 2015 and Section 149(6) of the Companies Act, 2013:-
- Mr. Dheeraj Parashar (DIN: 06934142)
- Mr. Mirza Azamali Beg (DIN: 07982681)
- Mr. Krishna Veer Singh (DIN: 08257530)
- Ms. Rekha Pawar (DIN: 08539861)
- BOARD MEETINGS
The Board of Directors of the Company met 5 times
during the financial year i.e. from April 1, 2022 to March 31, 2023. The necessary quorum
was present for all the Board Meetings. The maximum time gap between any of two
consecutive meetings did not exceed one hundred and twenty days.
The notice and detailed agenda and other material
information are sent in advance to enable the Board to discharge its responsibilities
effectively and take informed decisions.
DATE OF MEETING. |
BOARD STRENGTH |
NO. OF DIRECTORS PRESENT |
April 12, 2022 |
8 |
8 |
May 14, 2022 |
8 |
5 |
August 08, 2022 |
8 |
5 |
November 14, 2022 |
8 |
5 |
February 14, 2023 |
8 |
5 |
ATTENDANCE OF DIRECTORS IN THE BOARD MEETING
Name of Director |
No. of Meeting Attended |
Saeed Ur Rehman |
5 |
Sahil Minhaj Khan |
5 |
Talat Kamal |
5 |
Samina Ahmad |
5 |
Dheeraj Parashar |
1 |
Mirza Azamali Beg |
1 |
Krishna Veer Singh |
1 |
Rekha Pawar |
5 |
- BOARD COMMITTEES
With a view to have a more focused attention on business
and for better governance and accountability, the Board has constituted the various
committees. The Board Committees meet at regular intervals and take necessary steps to
perform its duties entrusted by the Board. The terms of reference of these Committees are
determined by the Board and their relevance reviewed from time to time. The Minutes of the
Committee Meetings are sent to all Directors and tabled at the Board Meetings.
Currently, the Board has following committees:
- Audit Committee;
- Nomination & Remuneration Committee;
- Stakeholder Relationship Committee;
- AUDIT COMMITTEE
The Audit Committee is constituted in accordance with the
provisions of Section 177 of the Companies Act, 2013 and the provisions of Regulation 18
of the Listing Regulation. The Committee comprises of members who possess financial and
accounting expertise/exposure.
- COMPOSITION
The Committee's composition is in compliance with
provisions of Section 177 of the Companies Act, 2013 and Regulation 18 of the Listing
Regulations.
The Audit Committee comprises of the following 3 Directors:
Name of the Director |
Position & Category |
Mr. Mirza Azamali Beg |
Chairman, Independent Directors |
Mr. Krishna Veer Singh |
Member, Independent Directors |
Mr. Sahil Minhaj Khan |
Member, Executive Director |
- MEETINGS & ATTENDANCE OF DIRECTORS
The Audit Committee met Four times during the Financial
Year 2022-23 on April 15, 2022, July 27, 2022, November 09, 2022 and February 11, 2023.
The necessary quorum was present for all Meetings. The details of attendance of the
members of the Committee at the said meetings are as below:
Name of the Director |
Number of Meetings Held during the year |
Number of Meetings Attended |
Mr. Mirza Azamali Beg |
4 |
4 |
Mr. Krishna Veer Singh |
4 |
4 |
Mr. Sahil Minhaj Khan |
4 |
4 |
It can be seen from the above details that the frequency of
the Committee Meetings was more than the minimum limit prescribed under applicable
regulatory requirements and the gap between two Committee Meetings was not more than one
hundred and twenty days.
- NOMINATION & REMUNERATION COMMITTEE (N&R COMMITTEE)
The Nomination and Remuneration Committee is
constituted in accordance with the provisions of Section 178 of the Companies Act, 2013
and the provisions of Regulation 19 of the Listing Regulation.
(i) COMPOSITION
The Committee's composition is in compliance with
provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of the Listing
Regulations.
The Nomination & Remuneration Committee comprises of
the following 3 Directors:
Name of the Director |
Position & Category |
Mr. Dheeraj Parashar |
Chairman, Independent Directors |
Mr. Mirza Azamali Beg |
Member, Independent Directors |
Mr. Krishna Veer Singh |
Member, Independent Directors |
ii) MEETINGS & ATTENDANCE OF
DIRECTORS
The Nomination & Remuneration Committee met four
times during the Financial Year 2022-23. The necessary quorum was present for all
Meetings. The details of attendance of the members of the Committee at the said meetings
are as below:
Name of the Director |
Number of Meetings Held during the ye |
Number of Meetings Attended |
Mr. Dheeraj Parashar |
4 |
4 |
Mr. Mirza Azamali Beg |
4 |
4 |
Mr. Krishna Veer Singh |
4 |
4 |
It can be seen from the above details that
the frequency of the Committee Meetings was more than the minimum
limit prescribed under applicable regulatory requirements
and the gap between two Committee Meetings was not more than one hundred and twenty days.
- STAKEHOLDER RELATIONSHIP COMMITTEE
The Stakeholder Relationship Committee is constituted in
accordance with the provisions of Section 178 of the Companies Act, 2013 and the
provisions of Regulation 20 of the Listing Regulation.
(i) COMPOSITION
The Committee's composition is in compliance with
provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of the Listing
Regulations.
The Stakeholder Relationship Committee comprises of the
following 3 Directors:
Name of the Director |
Position & Category |
Mr. Mirza Azamali Beg |
Chairman, Independent Directors |
Ms. Talat Kamal |
Member, Executive Director |
Mr. Krishna Veer Singh |
Member, Independent Director |
ii) MEETINGS & ATTENDANCE OF DIRECTORS
The Stakeholder Relationship Committee met four times
during the Financial Year 2022-23 on April 07, 2022, July 09, 2022, October 09, 2022 and
January 11, 2023. The necessary quorum was present for all Meetings. The details of
attendance of the members of the Committee at the said meetings are as below:
Name of the Director |
Number of Meetings Held during the ye |
Number of Meetings Attended |
Mr. Mirza Azamali Beg |
4 |
4 |
Ms. Talat Kamal |
4 |
4 |
Mr. Krishna Veer Singh |
4 |
4 |
It can be seen from the above details that the frequency of
the Committee Meetings was more than the minimum limit prescribed under applicable
regulatory requirements and the gap between two Committee Meetings was not more than one
hundred and twenty days.
DECLARATION BY INDEPENDENT DIRECTORS
The Independent Directors have given the declaration that,
they meet the criteria of independence as provided in Section 149(6) of the Companies Act,
2013 read with Rules made thereunder and Clause (6) of sub-regulation (i) of Regulation 16
of SEBI (LODR) Regulation 2015.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
As per the provisions of Section 186 of the Companies Act,
2013, details regarding Loans, Guarantees and Investments are given in the notes to the
Financial Statements.
RELATED PARTY TRANSACTION
Your Company has formulated the policy on materiality of
related party transactions and dealing with related party transactions. All
contracts/arrangements/transactions entered by the Company during the financial year with
related parties were in the ordinary course of business and on arm's length basis.
MATERIAL CHANGES AND COMMITMENTS
There have been no material changes which have occurred
between the end of financial year till the date of this report, affecting the financial
position of the Company.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE AS PER SECTION 134 (3) (m) OF THE COMPANIES ACT, 2013
Conservation of Energy: Since the Company is not
engaged in any manufacturing activity, issues relating to conservation of energy and
technology absorption are not quite relevant to its functioning.
Technology absorption: The Company has not imported any
technology. Hence, the particulars with respect to efforts made towards technology
absorption and benefits derived etc. are not applicab le to the Company.
Export Activities: There was no export activity in the
Company during the year under review. The Company is not planning any export in the near
future as well.
Foreign Exchange Earnings and Outgo: There was no
Foreign Exchange earnings and outgo during the year under review.
POLICIES OF THE COMPANY
Your Company has posted the following documents on its
website:
- Code of Conduct and Ethics
- Vigil's Mechanism Policy
- Risk Management Policy
- Policy on criteria for determining Materiality of events or
information.
- Preservation of Documents & Archival Policy.
- Familiarization programme for Independent Director.
- Policy on Board Diversity
- Related Party Transaction Policy.
- Code of practices & procedures for fair disclosure of
price sensitive information
VIGIL MECHANISM POLICY
Pursuant to Section 177 of the Companies Act, 2013 and
Regulation 22 of SEBI Listing Regulations, your Company has established a mechanism called
Vigil Mechanism (Whistle Blower Policy) for Directors, employees and Stakeholders of
the Company to report to the appropriate authorities about unethical behavior, actual or
suspected, fraud or violation of the Company's code of conduct or ethics policy and
provides safeguards against victimization of employees who avail the mechanism.
The Whistle Blower can directly approach the Chairperson of
the Audit Committee of the Company and make protective disclosures about the unethical
behaviour, actual or suspected fraud or violation of the Company's Code of Conduct in
exceptional circumstances.
RISK MANAGEMENT
The Company has a robust Risk Management framework to
identify, measure and mitigate business risks and opportunities. This framework seeks to
create transparency, minimise adverse impact on the business objective and enhance the
Company's competitive advantage. This risk framework thus helps in managing market, credit
and operations risks and quantifies exposure and potential
impact at a Company level.
REMUNERATION POLICY
The Board, on recommendation of the NRC, has framed a
remuneration policy. The policy, inter alia, provides (a) the criteria for determining
qualifications, positive attributes and independence of directors and (b) policy on
remuneration of directors, key managerial personnel and other employees. The policy is
directed towards a compensation philosophy and structure that will reward and retain
talent and provides for a balance between fixed and incentive pay reflecting short and
long-term performance objectives appropriate to the working of the Company and its goals.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
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.
INTERNAL CONTROL SYSTEM
The Company has an internal control system commensurate
with the scale, size and the operation of the organization. It evaluates the adequacy of
all internal controls and processes, and ensures strict adherence to clearly laid down
processes and procedures as well as to the prescribed regulatory and legal framework.
PUBLIC DEPOSITS
Your Company did not accept any deposits from public in
terms of the provisions of Section 73 of the Companies act, 2013 and the Companies
(Acceptance of Deposits) Rules, 2014 for the financial year 2020-21.
AUDITORS
In accordance with the provisions of Section 139 of the
Companies Act, 2013, M/s. Amit Agarwal & Co. (Firm Registration No.- 008359C)
appointed as the Statutory Auditors of the company.
ANNUAL EVALUATION
Pursuant to the provisions of the Companies Act, 2013, the
Board has carried out an annual performance evaluation of its own performance, the
directors individually as well as the valuation of the working of its Audit, Nomination
& Remuneration and Compliance Committees.
A structured questionnaire was prepared after taking into
consideration inputs received from the Directors, covering various aspects of the Board's
functioning such as adequacy of the composition of the Board and its Committees, Board
culture, execution and performance of specific duties, obligations and governance.
AUDITORS' REPORT
Report of the Statutory Auditors' on Annual Financial
Statements along with schedules and notes to accounts thereto, for the year ended on 31st
March, 2023 is self-explanatory and contains no adverse remark and do not call for any
comments.
EXPLANATION TO AUDITOR'S REMARKS
The comments on the Auditor's Report are self-explanatory,
thus, no explanation is required to be given.
INTERNAL FINANCIAL CONTROL
Your Company has put in place adequate internal financial
controls with reference to the financial statements,
some of which are outlined below:
Your Company has adopted accounting policies which are in
line with the Accounting Standards prescribed in the Companies (Accounting Standards)
Rules, 2006 that continue to apply under Section 133 and other applicable provisions, if
any, of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014.
These are in accordance with generally accepted accounting principles in India.
Pursuant to Section 138 of the Companies Act, 2013 read
with rule 13 of the Companies (Accounts) Rules, 2014, there was no internal auditor
appointed by the company for the FY-2022-2023.
Changes in policies, if any, are approved by the Audit
Committee in consultation with the Auditors.
CORPORATE GOVERNANCE
As per Regulation 15 of the SEBI (Listing Regulations and
Disclosure Obligations Requirements) Regulations, 2015, the provisions of Chapter IV of
the said Listing Regulations, 2015, the Compliance with the corporate governance
provisions as specified in Regulations 17, [17A,] 18, 19, 20, 21,22, 23, 24, 24A, 25, 26,
27and clauses
(b) to (i) of sub 23 regulation (2) of Regulation 46 and
para C, D and E of Schedule V shall not be mandatory, for the time being, in respect of
the following class of companies:
- The listed entity having Paid up Equity Share Capital not
exceeding Rs.10 Crore and Net Worth not exceeding Rs. 25 Crore, as on the last day of the
previous financial year.
- Listed entity which has listed its specified securities on
the SME Exchange.
SECRETARIAL AUDITOR AND THEIR REPORT
Pursuant to the provisions of Section 204 of the Companies
Act, 2013 and the Rules made thereunder M/s Srishti Singh & Associates Practicing
Company Secretaries was appointed to conduct the secretarial audit for the financial year
2022-23. The Secretarial Audit Report in MR-3, submitted by the Secretarial Auditor for
the FY 2022-2023 is annexed to Directors' Report.
BOARD'S RESPONSES TO OBSERVATIONS/QUALIFICATIONS IN
SECRETARIAL AUDIT REPORT
The Board's responses to the qualifications and other
observations are as follows:
The Secretarial Auditors have submitted their report in
form No. MR-3 and qualified their opinion/observations in respect of the Secretarial Audit
conducted for the financial year 2022-2023 and the Board's responses are given
w.r.t. qualification/ observation as follows:
Due to lack of financial sources, the Company was unable to
proceed with Compliances w.r.t. Stock exchange and other authorities. However, the
management ensures to do all the compliance in future.
COMPLIANCE OF SECRETARIAL STANDARDS
The Company has complied with the Secretarial Standard 1
(SS-1) relating to the meetings of the Board of Directors and Secretarial Standard 2
(SS-2) relating to the General meetings issued by the Institute of Company Secretarial of
India and approved by the Central Government.
PARTICULARS OF EMPLOYEES
- The ratio of the remuneration of each director to the median
employee's remuneration and other details in terms of sub-section 12 of Section 197 of the
Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and remuneration of
Managerial Personnel) Rules, 2014, are forming part of this report and is annexed to this
Report.
- The statement containing particulars of employees as
required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) and Rule 5
(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,
forms part of this report. In terms of Section 136 of the Companies Act, 2013 the same is
open for inspection at the Registered Office of the Company. Copies of this statement may
be obtained by the members by writing to the Company Secretary.
- There are no employees employed throughout the financial
year in receipt of remuneration of one crore and two lakh rupees or more, or employed for
part of the year in receipt of eight lakh and fifty thousand rupees per month or more, to
be reported under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
Your Company has zero tolerance for sexual harassment at
workplace and has set up Committee for safety of women employees at workplace. During the
year Company has not received any complaint of harassment.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
As stipulated under Regulation 34 read with Part B of
Schedule V of SEBI (LODR) Regulations, 2015, the details pertaining to Internal Financial
Control systems and their adequacy have been disclosed in the Management Discussion and
Analysis Report forming part of this Annual Report.
COST AUDIT
Cost Audit specified under Section 148 of the Companies
Act, 2013 does not apply to the Company since the turnover of the Company is less than the
limit prescribed.
LISTING
The equity shares of the Company are listed with Bombay
Stock Exchange with Scrip Code No. 539246.
SUSPENSION OF TRADING IN SHARES OF THE COMPANY
The Equity Shares of your Company are presently listed on
Bombay Stock Exchange (BSE). The Company is suspended from trading in the shares of the
Company on BSE due to non- compliance with the provision of SEBI (Listing Obligation and
Disclosure Requirements) Regulations, 2015 and your directors are taking necessary steps
for complying with the procedure and all extant norms prescribed for revocation of
suspension.
THE CORPORATE SOCIAL RESPONSIBILITY
As the provisions relating to the Corporate Social
Responsibility (CSR) as prescribed u/s. 135 of the Companies Act, 2013 along with Rules
made thereunder are not applicable to our Company and therefore, neither the CSR Committee
nor the CSR Policy are required to be framed by the Company.
GREEN INITIATIVES
Electronic copies of the Annual Report 2022-23 and the
Notice of the AGM are sent to all members whose email addresses are registered with the
Company / depository participants. For members who have not registered their email
addresses, physical copies are sent in the permitted mode.
BUSINESS RESPONSIBILITY REPORT
SEBI has mandated the top 100 listed entities, based on
market capitalization, to include Business Responsibility Report (BRR) as part of the
Annual Report describing the initiatives taken by the companies from Environmental, Social
and Governance perspective. Accordingly, this circular is not applicable to our company.
DETAILS OF APPLICATION / ANY PROCEEDING PENDING UNDER THE
INSOLVENCY AND BANKRUPTCY CODE, 2016
Neither any application was made nor any proceeding pending
under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the financial year
under review.
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 FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF
As Company has not done any one time settlement during the
year under review hence no disclosure is required.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to clause (c) of sub-section (3) of Section 134 of
the Companies Act, 2013, the Directors of the Company confirm the following:
- that in the preparation of the annual financial statements
for the year ended March 31, 2023 the applicable accounting standards have been followed
and no material departures have been made;
- that appropriate accounting policies and applied
consistently and judgments and estimates that are reasonable and prudent have been made,
so as to give a true and fair view of the state of affairs as at March 31, 2023 and of the
profits of the Company for the Financial year ended March 31, 2023;
- that proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 2013,
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities have been made; and
- that the Annual Financial Statements have been prepared on
going concern basis;
- that they have laid down internal financial controls to be
followed by the company and that such internal financial controls are adequate and were
operating effectively.
- that they have devised proper system to ensure compliance
with the provisions of all applicable laws and that such systems were adequate and
operative effective.
ACKNOWLEDGEMENT
Your directors place on record their sincere appreciation
for significant contribution made by the employees through their dedication, hard work and
commitment and the trust reposed on them and also acknowledge with gratitude the excellent
cooperation extended by Bankers and Vendors and look forward to their support in all
future endeavor.
By the order of the Board
For JYOTIRGAMYA ENTERPRISES LIMITED
Date: 06.03.2024
Place: New Delhi
SAHIL MINHAJ KHAN SAEED UR REHMAN
Managing Director Managing Director
DIN: 06624897 05123850
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