Your Directors are pleased to present the Directors' Report of the Company together with the Audited Financial
Statements for the Financial Year ended March 31, 2024.
1. FINANCIAL HIGHLIGHTS:
(Rs. in lakhs i
|
Sr
No.
|
Particulars
|
For the Year ended
31st March, 2024
|
For the Year ended
31st March, 2023
|
|
1
|
Total Revenue (Net)
|
1.11
|
-
|
|
2
|
Profit before Depreciation &
Amortization Expenses, Finance
Cost and Tax
|
(7.21)
|
|
|
3
|
Less: Depreciation and
Amortization Expenses
|
-
|
-
|
| |
Finance Cost
|
-
|
-
|
|
4
|
Profit before Tax
|
(7.21)
|
-
|
|
5
|
Exceptional Items
|
(5266.66)
|
-
|
| |
Profit before Extraordinary item
and tax
|
(5273.87)
|
-
|
|
6
|
Extraordinary Items
|
|
-
|
| |
Less: Tax Expense (Deferred Tax)
|
-
|
-
|
|
7
|
Profit after Tax
|
(5273.87)
|
-
|
|
8
|
Other Comprehensive Income
|
-
|
-
|
|
9
|
Balance of Profit as per last Balance
Sheet
|
(5273.87)
|
-
|
|
10
|
Balance Available for
Appropriation
|
(313.40)
|
-
|
|
11
|
Bonus Shares issued
|
-
|
-
|
|
12
|
Dividend paid
|
-
|
-
|
|
13
|
Transfer to General Reserve
|
-
|
-
|
|
14
|
Balance of Profit carried to Balance
Sheet
|
(313.40)
|
-
|
2. COMPANY'S PERFORMANCE AND REVIEW
The last couple of years under review were adversely affected due to extreme financial crunch and various
reasons beyond the control of the Management and your Company had under gone CIRP process. Our
company went into liquidation and has been taken over by Pardeep Garg Family Trust.
The total revenue (net) of the Company for the year ended 31st March 2024 stood at ? 1.11 Lakhs. During the
year, the Company has incurred losses of ? 5273.87 lakhs. The performance during the year was not satisfactory
due to various reasons beyond the control of the Management. The CIRP process, shortage of funds and
financial crisis has affected the working of Company.
3. STATE OF THE COMPANY'S AFFAIR AND BUSINESS REVIEW
The details of the Company's affairs including its operations are more specifically given in the Management
Discussion and Analysis Report, which is given in this Annual Report.
4. SHARE CAPITAL:
As per the approved Resolution Plan, the Face Value of existing Equity shares is reduced from Rs. 10.00 per
share to Rs. 1.00 per share. However, the application for capital reduction and preferential allotment is still
under processing on NSE and BSE for their respective approval.
The Company alloted shares to new promoters and public in terms of resolution plan and to issue and alloted
up to 6,04,83,603 (Six Crores Four Lakh Eighty Three Thousand Six Hundred and Three) Equity Shares of Rs.
1/- (Rupees One Only) each per share and following is the post CIRP shareholding:
|
S.NO.
|
Category of
Shareholder
|
No. of shares
held before
CIRP
|
No. of
Shares held
after CIRP
|
Voting
Share (%)
held before
CIRP
|
Voting
Share (%)
held after
CIRP
|
|
1.
|
Existing Promoters
|
14,78,039
|
0
|
5.07%
|
NIL
|
|
2.
|
Existing Public
shareholders
|
2,75,57,061
|
30,12,389
|
94.54%
|
4.98 %
|
|
3.
|
Stress Asset
Stabilisation Fund
|
1,15,000
|
12,560
|
0.39%
|
0.02%
|
|
4.
|
Pardeep Garg
Family Trust
|
0
|
5,74,58,654
|
0%
|
95%
|
|
TOTAL
|
2,91,50,100
|
6,04,83,603
|
100%
|
100%
|
5. LISTING OF SHARES:
The Equity shares of the Company are listed on National Stock Exchange of India Limited (NSE) and Bombay
Stock Exchange Limited (BSE). The Company has paid the requisite listing fees to the respective Stock
Exchanges for the financial year 2023-24.
6. DIVIDEND AND RESERVE:
In view of accumulated losses and Company went into CIRP process, your Directors do not recommend any
dividend for the Financial Year 2023-2024. The details of the reserves and surplus are provided in the notes to
the Audited Financial Statements.
7. TRASNFER TO RESERVE:
During the year under review, no amount was transferred to reserves.
8. CHANGE IN THE NATURE OF BUSINESS:
To expand the business and smooth functioning of the Company and to set the object in line with the new name
of the Company, the main objects of the Company has been changed relating to Minerals and Metals.
9. PUBLIC DEPOSITS:
During the year under review, the Company has not accepted any deposits within the meaning of Sections 73
and 76 of the Companies Act, 2013 ('the Act') read with Companies (Acceptance of Deposits) Rules, 2014.
10. HOLDING, SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:
As on March 31, 2024, the Company does not have any Subsidiary, Associate or Joint Venture Company. Hence,
preparation of consolidated financial statements and statements containing salient features of the Subsidiary/
Associate or Joint Ventures companies in Form AOC-2 as per the provisions of Section 129 of the Companies
Act, 2013 is not applicable to the Company.
11. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
The whole management has been changed and new Directors on Board has been appointed which was also
placed before the shareholders for their due approval in EGM dated 27/03/2024 and mandatory committees
has been reconstituted.
Further, the previous Board and KMPs stood dissolved and they were relieved from their duties and
responsivities.
However, company had made requisite applications and intimations to the stock exchanges for the said
appointment of new management on the Board and KMPs. The details of the same are uploaded on the website
of the Company and stock exchanges as well for the kind information of members.
Mr. Siddharth Gogia, Director of the Company, is entitled to retire by rotation at the ensuing Annual General
Meeting (AGM) and being eligible has offered himself for re-appointment.
Appointment:
• Mr. Siddharth Gogia (DIN: 07202627) was appointed from backend on 16/12/2023.
• Mr. Vidit Garg (DIN:02790545), Mr. Deepak Gupta (DIN:06643918), Ms. Sidhi Maheshwari(DIN:
10001209), Mr. Rahul Bhardawaj (DIN: 10101443) and Mr. Rahul Sharma (DIN:
10498796) were appointed w.e.f. 27/ 02/2024.
• Mr. Vidit Garg and Mr. Deepak Gupta was appointed as CEO and CFO of the Company respectively
w.e.f. 27/02/2024.
• Mr. Deepak Singh Bhandari was appointed as Company Secretary & Compliance Officer of the
Company w.e.f. 27/02/2024.
12. ANNUAL EVALUATION OF PERFORMANCE BY THE BOARD:
As per the provisions of Section 134 and Schedule IV of the Companies Act, 2013 the Board of Directors need
to evaluate its own performance, the performance of all the individual Directors of the Company and the
performance of committees of the Board.
The Board has carried out evaluation of its own performance, the directors individually as well as the working
of its Audit Committee, Nomination & Remuneration Committee and Stakeholders' Relationship Committee
of the Company. The Board has devised questionnaire to evaluate the performances of each of Executive, Non¬
Executive and Independent Directors. Such questions are prepared considering the business of the Company
and the expectations that the Board have from each of the Directors. The evaluation framework for assessing
the performance of Directors comprises of the following key areas:
i. Attendance of Board Meetings and Board Committee Meetings;
ii. Quality of contribution to Board deliberations;
iii. Strategic perspectives or inputs regarding future growth of Company and its performance;
iv. Providing perspectives and feedback going beyond information provided by the management.
v. Ability to contribute to and monitor our corporate governance practices
The Directors expressed their satisfaction to the outcome of the aforesaid evaluations and consented for
continuation of present term of appointment of each of the Independent Directors.
13. DIRECTORS' RESPONSIBILITY STATEMENT:
Your Directors, to the best of their knowledge and belief and according to the information and explanations
obtained by them and as required under Section 134(3)(c) of the Companies Act, 2013 hereby state that:
1. in the preparation of the annual accounts, the applicable accounting standards have been followed along with
proper explanation relating to material departures, if any;
2. your 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 affairs of the company
at the end of the financial year March 31st, 2024 and of the loss of the company for that period;
3. your Directors have 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;
4. your Directors have prepared the annual accounts on a going concern basis;
5. your Directors have laid down internal financial controls to be followed by the company and that such internal
financial controls are adequate and were operating effectively; and
6. your Directors have devised proper systems to ensure compliance with the provisions of all applicable laws
and that such systems were adequate and operating effectively.
14. MEETINGS OF THE BOARD OF DIRECTORS:
Since, the Company went into CIRP process during the FY 2023-24, the Board meets at one time on 27/02/2024
to appoint new management and to discuss and decide on Company's business policy and strategies apart
from the other business of the Board.
15. COMMITTEES OF THE BOARD:
Since, the Company went into CIRP process during the FY 2023-24, the Board meets at one time on 27/02/2024
to constitute new committees and new management on Board. The Board has constituted its Committees in
accordance with the provisions of the Companies Act, 2013 and as per the Listing Regulations. There are
currently four Committees of the Board, which are stated as follows:
a. Audit Committee;
b. Stakeholders' Relationship Committee;
c. Nomination and Remuneration Committee;
d. Risk Management Committee.
16. AUDIT COMMITTEE AND ITS COMPOSITION:
The Audit Committee is duly constituted as per the provisions of Section 177 of the Companies Act, 2013 and
Regulation 18 of the Listing Regulations. The Audit Committee of the Company reviews the reports to be
submitted with the Board of Directors with respect to auditing and accounting matters. It also supervises the
Company's internal control and financial reporting process.
All the recommendations made by the Audit Committee were accepted and approved by the Board.
The Composition of the Audit Committee is also given in the "Report on Corporate Governance" which forms
part of this Annual Report.
17. STATUTORY AUDITORS:
In terms of Section 139 of the Act, the company recommended to its Members of the Company at the AGM to
be held on September 30, 2024 for the appointment of M/s. Ashwani & associates (Firm Registration No.
000497N) as the Statutory Auditors for a term of 5 years commencing from the conclusion this ensuing AGM
till the conclusion of the AGM to be held in year 2029.
18. SECRETARIAL AUDITORS:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with Companies (Appointment and
Remuneration Managerial Personnel) Rules, 2014, the company has appointed M/s. Sudhanshu Singhal &
Associates, Company Secretaries, Delhi as Secretarial Auditor of the Company for the Financial Year ended
March 31, 2024.
The Report of the Secretarial Auditor for F.Y. 2023-24 is appended to this Report as (Annexure I) which forms
part of this Annual Report.
With regard to observations made by the Secretarial Auditors' in their Report, your Directors would like to
state as under:
I) Pertaining to Companies Act, 2013:
1. Secretarial Standards:
The Company has complied the applicable Secretarial Standards only in fourth quarter of the financial year 2023-24 and
remaining quarters has not been complied due to CIRP Process.
Board response- The Company went into CIRP process and whole management was under RP. But later,
resolution plan was approved by NCLT vide order dated 04/10/2024 and the company is in continuous
compliance.
2. PAS-3 Allotment of share
Filing of the Form PAS-3 for allotment of equity shares as per Hon'ble NCLT order dated 04.10.2023, has been filed
delayed by the Company.
Board response- Due to some technical, the form delayed but later when the issues was resolved, the
Company filed the form.
3. No financial statements are prepared during CIRP for financial year ending 31st March 2023. Therefore, figures of
the audited financial statement as on 31st March, 2022 has been considered while preparing the financial statement
ending 31st March, 2023 without any adjustment.
Board response- The Company went into CIRP process that is why the financial were not prepared.
II) Pertaining to Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015:
1. Regulation 13(3)- of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- The listed entity
shall file with the recognized stock exchange(s) on a quarterly basis, within twenty one days from the end of
each quarter, a statement giving the number of investor complaints pending at the beginning of the quarter, those
received during the quarter, disposed of during the quarter and those remaining unresolved at the end of the
quarter
No disclosure for the quarter ended 31.12.2023 has been given by the Company.
2. Regulation 24A(2)- of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- Every listed entity
shall submit a secretarial compliance report in such form as specified, to stock exchanges, within sixty days from end of
each financial year.
Secretarial Compliance Report(‘SCR ’) has not been filed for the financial year 2022-23.
3. Regulation 27(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- The listed entity
shall submit a quarterly compliance report on corporate governance in the format as specified by the Board from time to
time to the recognized stock exchange(s)within twenty-one days from the end of each quarter.
Non submission of the Corporate Governance report since September 2022 quarter till December, 2023 quarter.
4. Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- Disclosure of events or
information.
Resignation of Ankita Srivastava, Chandan Sharma, Khusboo Sharma, director of the Company has been resigned on
dated 01.05.2023 which was intimated by the company on dated 20.06.2023 which was delayed filed.
5. Regulation 31(1)(b)- of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015-(1) The listed
entity shall submit to the stock exchange(s) a statement showing holding of securities and shareholding pattern separately
for each class of securities, in the format specified by the Board from time to time within the following timelines —(b) on
a quarterly basis, within twenty-one days from the end of each quarter.
Non submission of the compliance since September 2022 quarter till December, 2023 quarter.
6. Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- Financial Results.
Non-Submission of the quarterly and annual financials during the financial year 2022-23 and 1st, 2nd and 3rd quarter of
the financial year 2023-24.
7. Regulation 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- Website
Website of the Company during the CIRP process was not updated.
8. Regulation 47- of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- Advertisements in
Newspapers.
New Paper publication has not been given during the 1st- 2nd and 3rd quarter of the financial year 2023-24.
9. Regulation 74 (5) SEBI (Depositories and Participants) Regulations, 2018-Manner of surrender of certificate of security.
No compliance has been complied during the 1st, 2nd and 3rd quarter of the financial year 2023-24.
10. Regulation 76 SEBI (Depositories and Participants) Regulations, 2018-Reconciliation of Share Capital Audit Report.
Share Capital Audit report has not been filed during the financial year 2023-24.
Board Response: The Company went into CIRP process and acquired by Pardeep Garg Family Trust
through NCLT Order dated 04/10/2024. The company was suffering from financial crises and whole
management was dissolved through NCLT Order. However, after the company was successfully acquired
by the new promoter, the company is in continuous compliance of every rules and regulations.
19. INTERNAL AUDIT:
Pursuant to the provisions of Section 138 of the Companies Act, 2013 read with Companies (Accounts) Rules,
2014, M/ s. S. Lall & Co., Chartered Accountants, Delhi, was appointed as Internal Auditors of the company for
the Financial Year 2023-24.
Based on the report of internal audit, the management takes corrective action in respective areas observed and
thereby strengthen the controls.
20. INTERNAL FINANCIAL CONTROL:
Your Company has an adequate Internal Control System commensurate with the size, scale and complexity of
its operations and well-documented procedures for various processes which are periodically reviewed for
changes warranted due to business needs.
The Audit Committee evaluates the efficiency and adequacy of financial control system prevailing in the
Company, its compliance with operating systems, accounting procedures and policies at all locations of the
Company and strives to maintain the Standards in Internal Financial Controls. This system of internal control
facilitates effective compliance of Section 138 of the Act and the Listing Regulations.
During the year under review, no reportable material weakness in the operation was observed. Regular audit
and review processes ensure that such systems are reinforced on an ongoing basis.
21. ANNUAL RETURN
Pursuant to the provisions of section 134(3)(a) and 92(3) of the Act read with Rule 12(1) of the Companies
(Management and Administration) Rules, 2014, Annual return as on March 31, 2024, is placed on the website
of the Company at www.easternsugar.in
22. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Vigil Mechanism/Whistle Blower Policy has been put in place in accordance with Section 177 of the
Companies Act, 2013 for the Directors and Employees to report their genuine concerns about unethical
behaviour, actual or suspected fraud or violation of the Company's Code of Conduct. The mechanism provides
for adequate safeguards against the victimization of Director(s) and Employee(s) who avail of the mechanism.
Directors and Employees may make protected disclosure under the policy to the Compliance Committee
constituted by the Company to administer the internal code of business conduct. In exceptional cases, Directors
and Employees have direct access to the Chairman of the Audit Committee. Further no personnel have been
denied access to the Compliance Committee/ Chairman of the Audit Committee, as the case may be. The details
of the Vigil Mechanism/ Whistle Blower Policy is explained in the Report on Corporate Governance and is also
made available on the website of the Company at www.easternsugar.in
No complaints were received under whistle blower mechanism during the year under review.
23. REMUNERATION POLICY:
Pursuant to the provisions of Section 178 of the Companies Act, 2013 and on recommendation of the
Nomination and Remuneration Committee, the Board framed a Policy relating to the selection and
appointment of Directors, Key Managerial Personnel, Senior Management and their remuneration. The Policy
includes criteria for determining qualifications, positive attributes and independence of a director and other
matters. The functions of the Nomination and Remuneration Committee are disclosed in the Corporate
Governance Report, which forms part of the Annual Report.
24. PARTICULARS OF EMPLOYEES:
Disclosure with respect to the ratio of remuneration of each Directors to the median employees' remuneration
as required under Section 197 of the Companies Act, 2013 read with Rule 5(1) of Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 has been appended as Annexure II to this Report.
During the year under review, no employee was in receipt of remuneration exceeding the limits as prescribed
under provisions of Section 197 of the Companies Act, 2013 read with Rule 5(2) and 5(3) of Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014.
The information required pursuant to Section 197 of the Act read with Rule 5 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, will be
provided on request. In terms of Section 136 of the Act, the reports and accounts are being sent to the
shareholders and others entitled thereto, excluding the said information which will be made available for
inspection by the shareholders at the Registered Office of the company during business hours on any working
days of the Company up to the date of the ensuing Annual General Meeting. If any shareholder is interested
in inspecting the same, such shareholders may write to the Company Secretary in advance.
25. BUSINESS RISK MANAGEMENT:
The Company has formulated and implemented a Risk Management policy in accordance with the provisions
of the Act in order to address the business risks associated with the Company. The Company periodically
reviews the risk management practices and actions deployed by the management with respect to the
identification, impact assessment, monitoring, and mitigation and reporting of key risks while trying to achieve
its business objectives.
26. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN
SECTION 188(1) OF THE COMPANIES ACT, 2013:
All Related Party Transactions entered during the year under review were on arm's length basis and in
ordinary course of the business and none of them were material.
No material related party transactions were entered during the year under review by your Company. Hence,
accordingly disclosure as required under Section 134(3) of the Companies Act, 2013 in Form AOC-2 is not
applicable to the company.
All the RPTs were placed before the Audit Committee for its approval and the Committee had granted its prior
approval/omnibus approvals, as the case may be, for all related party transactions considering their nature.
27. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE
COMPANIES ACT, 2013:
During the year under review, the Company has not made any investments, advanced any loans or provided
any guarantee falling under Section 186 of the Companies Act, 2013 ("the Act"). The details of the same is
provided in the Balance sheet.
28. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN
FUTURE
The Company went into CIRP process and the company was acquired by Pardeep Garg Family Trust by NCLT
order dated 04/10/2023.
29. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE
COMPANY
There has been some material changes/commitment the period from the end of the financial year on 31st March,
2024 to the date of this Report. There has been change in the nature of business of the Company as the main
objects of the Company has been changed. The following are changes that took place during the year:
As the last couple of years under review were adversely affected due to extreme financial crunch and various
reasons beyond the control of the Management and your Company had under gone CIRP process. Hon'ble
NCLT appointed Mr. Anup Kumar Singh as the Resolution Professional for assuming control and overall
management of the company's affairs. Our company went into liquidation and has been taken over by Pardeep
Garg Family Trust. The Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy
Code, 2016 (IBC) has been initiated for the Company after the petition filed and was admitted by the Hon'ble
National Company Law Tribunal (NCLT) which led to the Order on 04th October, 2024 to successfully take
over our company by Pardeep Garg Family Trust.
Furthermore, apart from these, the Company would like to highlight some major changes, happenings and
decisions taken by the Board to accelerate the growth and keep your company on track.
About Future Businesses and its Vision: Kundan Minerals and Metals Limited is very much excited about
new idea of businesses and believe it to be the growing economy in the future, irrespective of what industry
we are in or going to be and what products or services we offer in the market, the Company is extremely happy
to report that in the face of intense adversity, the Company has been taken over by the new promoter of the
company- Pardeep Garg Family Trust.
Moreover, to expand the business and smooth functioning of the Company it has been decided to change Main
Objects of the Company which is in line with the business of minerals, metals, mining, refining of gold and
precious metals.
This is to bring into your kind attention that the whole management has been changed and new Directors on
Board has been appointed which is also placed on the website of the Company and the website of NSE and
BSE.
Further, the existing Board and KMPs stand dissolved and they have relieved from their duties and
responsivities.
Moving forward, the shareholders are informed about the change of name of the company from M/ s Eastern
Sugar & Industries Limited to M/ s Kundan Minerals and Metals Limited and had made an application in RUN
(Reserve Unique Name) for name reservation Pursuant to Section 4 and 13 of the Companies Act, 2013 Read
with Rule 8, 9 and 29 of Companies (Incorporation) Rules, 2014 vide SRN AA6985410 and CRC vide its
approval letter dated 08th March 2024, has confirmed that the new name i.e., "Kundan Minerals and Metals
Limited" is available for registration. The final name change application is also approved by MCA dated
26/07/2024 and issued Certificate of Incorporation under Certificate of Incorporation pursuant to change of
name [Pursuant to rule 29 of the Companies (Incorporation) Rules, 2014]. The objective behind the change of
name is to justify the name with its objectives.
Your Company is committed to its objective and is poised to undertake development in order to ensure growth
and our development of agenda.
30. PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN
EXCHANGE EARNINGS AND OUTGO:
The information pertaining to conservation of energy and technology absorption as required under Section 134
(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished in
"Annexure - III" to this report.
There were no foreign exchange inflow and outflow during the year under review.
31. DETAILS OF PROCEEDING UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016
During the financial year under review, no application was made or proceedings initiated against the Company
under the Insolvency and Bankruptcy Code, 2016 nor any such proceedings was pending at the end of financial
year under review.
32. REPORT ON CORPORATE GOVERNANCE
Pursuant to the provisions of Regulation 34 read with Schedule V of the Listing Regulation, the following have
been made a part of the Annual Report and are appended to this report:
a. Management Discussion and Analysis;
b. Report on Corporate Governance;
c. Declaration on Compliance with Code of Conduct;
d. Certificate from Practicing Company Secretary that none of the Directors on the Board of the Company have
been debarred or disqualified from being appointed or to act as director of the Company; and
e. Auditors' Certificate regarding compliance with conditions of Corporate Governance.
33. PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE UNDER (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013
The Company has zero tolerance towards sexual harassment at workplace and has adopted a policy to abide
by letter and spirit requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 and the Rules made thereunder. All the women employees either permanent,
temporary or contractual are covered under the said policy. The said policy is updated internally to all the
employees of the Company. The policy is updated on the website of the Company at www.easternsugar.in .An
Internal Complaint Committee (ICC) is not constituted as the same is not applicable to the Company.
The details of the complaints' in relation to the Sexual Harassment of Women at Workplace
filed/disposed/pending is given in the Report on Corporate Governance which is forming part of this Annual
Report.
34. CORPORATE SOCIAL RESPONSIBILITY ("CSR")
The provisions relating to Corporate Social Responsibility under Section 135 of the Companies Act, 2013 and
rules made thereunder are not applicable to the Company. Therefore, the Company has not developed and
implemented any policy on Corporate Social Responsibility initiatives.
35. MAINTAINENCE OF COST RECORDS:
The provisions of Rule 8(5)(ix) of Companies (Accounts) Rules, 2014 of Section 134(3) of Companies Act, 2013
regarding maintenance of cost records are applicable to the Company and the specified accounts and records
have been made and maintained are in order.
36. COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has devised proper systems to ensure compliance with the applicable Secretarial Standards
issued by the Institute of Company Secretaries of India and the Company has complied with all the applicable
provisions of the same during the year under review.
37. ACKNOWLEDGEMENTS
Your Directors gratefully acknowledge the support and cooperation received from various departments of the
Central and State governments, members, business associates, analysts, banks, financial institutions,
customers, distributors and suppliers, Business Partners and other stakeholders of the Company and also
convey a sense of high appreciation to all the employees of the Company for their hard work, dedication,
continued commitment and contributions.
For and on behalf of the Board of Directors
For Kundan Minerasl and Metals Limited
Siddharth Gogia
Place: Delhi Director
Date: August 14, 2024 DIN: 07202627
|