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  • Company Info.

    Covidh Technologies Ltd.

    Directors Report



    Market Cap.(`) 0.07 Cr. P/BV -0.67 Book Value (`) -3.03
    52 Week High/Low ( ` ) 2/1 FV/ML 10/1 P/E(X) 0.47
    Book Closure 22/03/2024 EPS (`) 4.30 Div Yield (%) 0.00
    You can view full text of the latest Director's Report for the company.
    Year End :2024-03

    The Directors have pleasure in submitting their 32nd Annual Report together with the Company’s Audited Financial
    Statements for the financial year ended March 31, 2024

    1. Financial summary or highlights/Performance of the Company and Brief description of the Company’s
    working during the vear/State of Company’s affairs
    :

    During the period under review, There is no change in the nature of business and no operating activity was taken place
    due to Insolvency and Bankruptcy Code 2016 for liquidation and a petition under Sec.9 of Indian Bankruptcy Code, 2016
    at National Company Law Tribunal, Hyderabad.

    2. Important Highlights of the Company

    Applied on original NCLT order, mentioned 100% extinguishment of existing shareholding and issue of 300000 shares to
    successful resolution applicants. However BSE, raised observation on minimum 5% public shareholding as per SEBI
    (ICDR) Regulations. The Company filed IA for Change in NCLT order as per BSE direction.The Hon’ble NCLT issued
    revised order to accommodate minimum 5% public shareholding.Revised number of shares are 3,23,422 as per the
    Hon,ble NCLT order.

    3. Dividend and Reserves

    Since the company is incurring losses, the members expresses his inability to recommend any dividend for the financial
    year 2023 - 2024. Also, during the period under review, profits were not appropriated to any reserves.

    4. Change in Capital Structure

    No changes in capital structure

    5. Subsidiary Company

    As on March 31, 2023, the Company has no subsidiary companies.

    6. Public Deposits

    Company has not accepted any deposits from the public within the meaning of Chapter V of the Act and as such, no
    amount of principal or interest was outstanding as on the balance sheet date.

    7. Corporate Governance Report and Management Discussion And Analysis

    A Separate report on Corporate Governance Report and Management Discussion and Analysis as required by Securities
    and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ["SEBI (LODR),
    2015"] forms part of this Annual Report along with the required Certificate from the Statutory Auditors of the Company
    confirming the compliance of requirements of Corporate Governance as stipulated in the SEBI (LODR) Regulations,
    2015.

    8. Directors and Key Managerial Personnel

    S. No.

    Name

    Designation

    DIN

    1.

    SIVAJI GOPALAM

    Non-Executive Director

    08458673

    2.

    GANESH AMIRINENI

    Non-Executive Director

    08564294

    3.

    G.NARSI REDDY

    Executive Director

    09482406

    9. Declaration of Independence by Independent Directors

    The Independent Directors of your Company have submitted declaration confirming that they meet the criteria of
    independence as laid down under Section 149(6) of the Act and Regulation16(1)(b) of the Listing Regulations

    10. Familiarization Program

    The Company has formulated a Familiarization Program for Independent Directors with an aim to familiarize the
    Independent Directors with the Company, their roles, rights, responsibilities in the Company, nature of the industry in
    which the Company operates, business model of the Company etc., to provide them with better understanding of the
    business and operations of the Company and so as to enable them to contribute significantly to the Company.

    11. Particulars of Employees

    None of the employees has received remuneration exceeding the limit as stated in rule 5 (2) of the Companies
    (Appointment and remuneration of Managerial Personnel) Rules 2014.

    12. Meetings

    During the year Four (6) Board Meetings and Five (5) Audit Committee Meetings were convened and held at the
    registered office of the Company. The details of which are given in the Corporate Governance Report. The Intervening
    Gap between the meetings was within the period prescribed under the Companies Act,2013

    13. Board Evaluation

    Pursuant to section 178 (2) of the Companies Act,2013 the Nomination and Remuneration Committee has evaluated the
    performance of individual directors in its duly convened meeting. Pursuant to section 134(3)(p) of the Companies
    Act,2013 and Regulation 4(2)(f)(ii)(9) of the SEBI (LODR)(Erstwhile Clause 49 of the Listing Agreement), the Board has
    carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation
    of the working of its Audit, Nomination & Remuneration and Compliance Committees. The manner in which the
    evaluation has been carried out has been explained in the Corporate Governance Report.

    14. Remuneration Policy

    The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and
    appointment of Directors, Senior Management and their remuneration. Remuneration policy is stated in the Corporate
    Governance Report.

    15. Auditors:

    M/s V Ravi & Co, Chartered Accountants (FRN No. 0006492S) is the present statutory auditors of the Company from
    conclusion of 28th annual general meeting till conclusion of 33rd Annual general meeting of the Company.

    16. Auditors’ Report

    The Auditors’ Report contains qualifications. Notes to Accounts and Auditors remarks in their report are self-explanatory
    and do not call for any further comments.

    17. Secretarial Audit Report

    In terms of Section 204 of the Act and Rules made there under, M/s. VCSR & ASSOCIATES., Practicing Company
    Secretaries, have been appointed as Secretarial Auditors of the Company. The report of the Secretarial Auditors is
    enclosed as Annexure II to this report. The report is self-explanatory and do not call for any further comments.

    18. Risk management policy

    A statement indicating development and implementation of a risk management policy for the Company including
    identification therein of elements of risk, if any, this in the opinion of the Board may threaten the existence of the
    company.

    19. Extract of Annual Return:

    As required pursuant to Section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and
    Administration) Rules, 2014, an extract of annual return in
    MGT 9 as a part of this Annual Report is annexed as
    Annexure I.

    20. Material changes and commitments, if any, affecting the financial position of the company which have
    occurred between the end of the financial year of the company to which the financial statements relate and the
    date of the report

    No material changed for the period 2023-24

    21. 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

    No material changed for the period 2023-24

    22. Deposits

    During the period under review, the company has not accepted any deposits as envisaged under Section 74 and 76 and
    Companies (Acceptance of Deposits) Rules, 2014.

    23. Particulars of loans, guarantees or investments under section 186

    During the period under review, the company has not given any loans, guarantees but has made investments as envisaged
    under Section 186 of Companies Act, 2013.

    24. Particulars of contracts or arrangements with related parties

    There are no related party transactions in the Company during the year

    25. Corporate Governance Certificate

    The Compliance certificate from the auditors regarding compliance of conditions of corporate governance as stipulated in
    Regulation 27 of SEBI (Listing Obligations and Disclosure Requirement), Regulations, 2015 (Erstwhile Clause 49 of the
    Listing Agreement) is annexed with the report.

    26. Management Discussion and Analysis

    The Management Discussion and Analysis forming part of this Annual Report has been discussed elsewhere in the
    Report.

    27. Statutory Disclosures:

    In terms of the provisions of Section 134 of the Companies Act, 2013, read with the Companies Rules as amended, the
    names and other particulars of the employees are set out in the Directors’ Report. However, as per the provisions of
    Section 219 (b) (IV) of the said Act read with Regulation 36 of Listing Obligations and Disclosure Requirements, 2015
    (Erstwhile Clause 32 of the Listing Agreement), the Annual Report excluding the aforesaid information is being sent to all
    the members of the Company and others entitled thereto. Any member interested in obtaining such particulars may write
    to the Company at the registered office of the Company.

    28. Obligation of Company Under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
    Redressal) Act, 2013

    In order to prevent sexual harassment of women at work place a new act the Sexual Harassment of Women at Workplace
    (Prevention, Prohibition and Redressal) Act, 2013 has been notified on 9thDecember, 2013. Under the said Act every
    company is required to set up an Internal Complaints Committee to look into complaints relating to sexual harassment at
    workplace of any women employee.

    The Final charter of policy for prevention of Sexual Harassment of Women at workplace is yet to be adopted.

    29. Conservation of energy, technology absorption and foreign exchange earnings and outgo

    As per section 134 (3) (m) of the Companies Act, 2013 the details of conservation of energy, technology absorption,
    foreign exchange earnings and outgo are as follows

    (a) Energy, technology absorption: Nil

    (b) Foreign exchange earnings: Nil

    (c) Foreign exchange Outgo: Nil

    30. Corporate Social Responsibility (CSR)

    Corporate Social Responsibility (CSR) is not applicable to the company as the threshold as mentioned in the provisions
    Companies Act, 2013 is not applicable to our Company.

    31. Vigil Mechanism/Whistle Blower

    Your Company has a Vigil Mechanism in place as required under Section 177 of the Act and the SEBI (LODR)
    Regulations, 2015 and SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018. The mechanism provides
    for adequate safeguards against victimization of persons who use such mechanism and make employees. aware of such
    policy to enable employees to report instances of leak of unpublished price sensitive information and make provisions for
    direct access to the Chairman of the Audit Committee.

    32. Directors’ Responsibility Statement

    The Directors’ Responsibility Statement referred to in clause (c) of sub-section (3) of Section 134 of the Companies Act,
    2013, shall state that—

    (a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper
    explanation relating to material departures.

    (b) the directors had 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 and of the profit and loss of the company for that period;

    (c) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance
    with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and
    other irregularities.

    (d) The directors had prepared the annual accounts on a going concern basis; and

    (e) The directors had laid down internal financial controls to be followed by the company and that such internal financial
    controls are adequate and were operating effectively.

    (f) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that
    such systems were adequate and operating effectively.

    33. Listing with Stock Exchanges:

    The Company confirms that it has not paid the Annual Listing Fees for the year 2022-2023 to BSE Limited, where the
    Company’s Shares are listed. The trading in the equity shares is suspended in BSE Limited due to non-payment of listing
    fee.

    34. Acknowledgements

    Directors take this opportunity to express their gratitude for the valuable support extended by the customers, banks,
    financial institutions, investors, business associates, central & state government authorities. Your Directors also appreciate
    the employees at all levels for their continued support to the Company. Your Directors believe that with the whole hearted
    support of employees, stakeholders, bankers and our valuable customers, we will continuously excel in the path of success
    and growth.

    For Covidh Technologies Limited

    Sd/- Sd/-

    G. Narsi Reddy G. Narsi Reddy

    Director Director

    (DIN: 09482406) (DIN: 09482406)

    Date: 29.05.2024 Date: 29.05.2024

    Place: Hyderabad Place: Hyderabad

  • Covidh Technologies Ltd.

    Company News



    Market Cap.(`) 0.07 Cr. P/BV -0.67 Book Value (`) -3.03
    52 Week High/Low ( ` ) 2/1 FV/ML 10/1 P/E(X) 0.47
    Book Closure 22/03/2024 EPS (`) 4.30 Div Yield (%) 0.00
    You can view the latest news of the Company.

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