Your Directors have pleasure in presenting the 38th Annual Report of Kiduja India Limited (“the Company”) on the business and operations for the Financial Year ended 31st March 2024.
1. Business Overview / State of Company’s affairs
Kiduja India Limited is an India-focused Investments Company (NBFC) specialising in investment and dealing in shares and securities listed on the various Indian Stock Exchanges. During the year under review, the Company has made profit of Rs.3,39,402.91 thousand.
2. Financial Performance
The Financial performance of the Company for the financial year ended 31st March 2024 is summarized below:
|
Particulars
|
Financial Year
|
Financial Year
|
|
2023-24
|
2022-23
|
|
Revenue from Operations
|
4,50,268.71
|
-
|
|
Other Income
|
-
|
-
|
|
Total Revenue
|
4,50,268.71
|
-
|
|
Less: Expenses
|
1,10,865.80
|
66,088.85
|
|
Profit / (Loss) before Tax & Exceptional Item
|
3,39,402.91
|
(66,088.85)
|
|
Exceptional item
|
-
|
-
|
|
Profit / (Loss) before Tax
|
3,39,402.91
|
(66,088.85)
|
|
Less: Tax Expenses
|
-
|
-
|
|
Profit / (Loss) after Tax
|
3,39,402.91
|
(66,088.85)
|
|
Other Comprehensive Income
|
-
|
-
|
|
Total Comprehensive Income for the year
|
3,39,402.91
|
(66,088.85)
|
The Company made a profit of Rs.3,39,402.91 thousand during the FY 23-24 as against a loss of Rs. 66,088.85 thousand during the FY 22-23.
3. Dividend
To fuel the aggressive investment growth plans in the near future, we need to conserve the financial resources of your Company. Therefore, the Directors do not recommend any dividend.
4. Transfer to Reserves
No amount is proposed to be transferred to the General Reserve during the year under review.
5. Holding, Subsidiary and Associate Company
During the year under review, the Company did not have any Holding, Subsidiary, Associate and Joint Venture Company and there were no companies which became or ceased to be the Company’s Subsidiary, Joint Venture, or Associate Company. Accordingly, reporting on the highlights of performance of Subsidiaries, Associates and Joint Venture companies and their contribution to the overall performance of the Company during the period under report, is not required to be made.
6. Revision of Financial Statements
There was no revision of the financial statements pertaining to previous financial years, during the year under review.
7. Deposits
The Company has not accepted any deposits within the directives issued by the Reserve Bank of India (RBI) and under Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 during the year ended 31st March 2024 and accordingly, no amounts on account of principal or interest on public deposits were outstanding as on 31st March 2024.
8. Directors and Key Managerial Personnel
Mr. Ashish D. Jaipuria was re-appointed as the Managing Director and Chairman of the Company for a term of 5 years with effect from 01st July 2023.
There were no changes in the composition of the Board of Directors during the year under review.
As on 31st March 2024, the Board of the Company comprises of the following 6 (Six) Directors:
|
Sr. No.
|
Name
|
DIN
|
Designation
|
|
1
|
Mr. Ashish D. Jaipuria
|
00025537
|
Chairman and Managing Director
|
|
2
|
Mrs. Archana A. Jaipuria*
|
00025586
|
Non-Executive Woman Director
|
|
3
|
Mr. Ujjval A. Jaipuria
|
09262693
|
Non-Executive Director
|
|
4
|
Mr. Kushal A. Jaipuria
|
09262684
|
Non-Executive Director
|
|
5
|
Mr. Samir Sanghai
|
02469690
|
Independent Director
|
|
6
|
Mr. Vivek Tekriwal
|
05343775
|
Independent Director
|
*In terms of Section 152(6) of the Act read with the Articles of Association of the Company, Mrs. Archana A. Jaipuria, Director being longest in office, shall retire by rotation and being eligible has offered herself for re-appointment at the ensuing Annual General Meeting of the Company.
The appointment of Mrs. Archana A. Jaipuria, liable to retire by rotation, as Non-Executive Woman Director of the Company forms part of the notice of the forthcoming Annual General Meeting and the resolution is recommended for Members’ approval. A brief profile of Mrs. Archana A. Jaipuria has also been included in the notice convening the ensuing Annual General Meeting of the Company.
Based on the declarations and confirmations received in terms of the provisions of Section 164 of the Companies Act 2013 none of the Directors on the Board of your Company are disqualified / debarred from securities market nor from being appointed / continued as Directors.
Pursuant to the provisions of Section 203 of Companies Act, 2013, Mr. Sanjay Nawal has been appointed as the Chief Financial Officer (Key Managerial Personnel), w.e.f. 03rd April 2023 as on the date of this Report.
Further, after the closure of the financial year, CS Pooja M. Chavan (ACS - 40098) resigned from the post of Company Secretary & Compliance Officer and a Key Managerial Personnel of the Company with effect from closing of business hours of 06th June 2024.
9. Statement on Declaration given by Independent Directors
In terms of Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014 every individual who is appointed as Independent Director or who intends to get appointed as an Independent Director needs to apply to the institute for inclusion of his name in the data bank.
In this regard, declarations were received from Mr. Samir Sanghai and Mr. Vivek Tekriwal, Independent Directors of the Company confirming that they meet the criteria of independence as specified in Section 149(6) and Section 149(7) of the Companies Act, 2013.
The Board of the Company also confirms its overall satisfaction on the integrity, expertise, and experience of the Independent Directors of the Company.
10. Annual Evaluation of the performance of the Board, its committees and of Individual Directors
The Board of Directors at their Meeting held on 01st April 2024 carried out the annual evaluation of its own performance as well as the evaluation of the working of its committees and individual Directors, including Chairman of the Board for the Financial Year 2023-24 and expressed its satisfaction as to their performance.
This exercise was carried out through a structured questionnaire prepared separately for Board, Committees, and individual Directors. The questionnaire for Board evaluation was prepared taking into consideration various aspects of the Board’s functioning such as adequacy of the composition and role of the Board, Board meeting and reporting process, effectiveness of strategies, risk management systems, external relationships, ethics, and governance framework. Committee performance was evaluated on the basis of its composition and effectiveness of committee meetings, etc.
The Board and the Nomination and Remuneration Committee reviewed the performance of individual directors on the basis of criteria such as the contribution of the individual director to the board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc.
In a separate meeting of the Independent Directors, the performance of Non-Independent Directors, the Board as a whole and of the Chairman was evaluated, considering the views of
Executive Director and Non-Executive Directors. Performance evaluation of both the Independent Directors was carried out by the entire Board, excluding the Independent Director being evaluated.
11. Significant and Material Orders passed by the Regulators or Courts or Tribunals
There were no significant material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company and its future operations.
12. Material Changes and Commitments affecting the Financial Position of the Company
There were no material changes and commitments, which would affect financial position of the Company from the end of the financial year of the Company to which the financial statements relate and the date of the director’s report.
13. Change in nature of business, if any
During the year under review, there has been no change in the nature of the business of the Company.
14. Conservation of Energy, Research and Development, Technology Absorption and Foreign Exchange Earnings & Outgo
• Conservation of Energy
As required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014, the Company has taken necessary steps in minimizing the usage of energy to the extent possible to reduce the cost of energy.
• Research & Development and Technology Absorption
Since the Company is in the business of Financial Investments and dealing in Shares and Securities, provisions of Research & Development and Technology Absorption are not applicable to the Company.
• Foreign Exchange Earnings and Outgo
The Company has no foreign exchange earnings and outgo.
15. Particulars of Employees pursuant to Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules. 2014
A statement giving particulars of employees pursuant to Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is enclosed to this Report as Annexure A appended hereto and forms part of this report.
16. Board Meetings
The Board generally meets 5-8 times during the year. All the meetings are conducted as per designed and structured agenda. All agenda items are backed by necessary supporting information and documents to enable the board to take informed decisions. Adequate notice is given to all Directors to schedule the Board Meetings. Agenda and detailed notes on agenda are sent in advance.
The Company held a minimum of one Board meeting in every quarter with a gap not exceeding 120 days between two board meetings. During the year ended 31st March 2024, 11 (Eleven) Board Meetings were held, the details of which is as under:
Rnarri Meetinn<: held riurinn the Year-
|
Sr.
No.
|
Dates on which the Board Meetings were held
|
Total Strength of the Board
|
No of Directors Present
|
|
1
|
03.04.2023
|
6
|
6
|
|
2
|
30.05.2023
|
6
|
6
|
|
3
|
24.07.2023
|
6
|
6
|
|
4
|
10.08.2023
|
6
|
6
|
|
5
|
23.08.2023
|
6
|
6
|
|
6
|
13.11.2023
|
6
|
6
|
|
7
|
16.11.2023
|
6
|
6
|
|
8
|
09.01.2024
|
6
|
6
|
|
9
|
02.02.2024
|
6
|
6
|
|
10
|
16.03.2024
|
6
|
6
|
|
11
|
28.03.2024
|
6
|
6
|
|
Name of the Director
|
Attendance at the Board Meetings held on
|
AGM held on
|
EGM held on
|
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
10
|
11
|
28.09.2023
|
16.12.2023
|
|
Mr. Ashish D. Jaipuria
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
|
Mrs. Archana A. Jaipuria
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
|
Mr. Ujjval A. Jaipuria
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
|
Mr. Kushal A. Jaipuria
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
|
Mr. Samir Sanghai
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
|
Mr. Vivek Tekriwal
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
?
|
17. Share Capital
As on 31st March 2024, the Authorised Share Capital of the Company is Rs.2,40,00,000 divided into 24,00,000 Equity Shares of Rs.10/- each and the Subscribed and Paid-up Share Capital of the Company is Rs.2,00,00,000 divided into 20,00,000 Equity Shares of Rs.10/- each.
During the year under review, the Authorised Share Capital of the Company was increased from Rs.1,75,00,000 divided into 17,50,000 Equity Shares of Rs.10/- each to Rs.2,40,00,000 divided into 24,00,000 Equity Shares of Rs.10/-
During the year under review, the Company had issued 6,85,000 Convertible Equity Warrants of Rs.100 each on preferential basis to person belonging to Promoter and Promoter group pursuant to the approval granted by the Board of Directors and Shareholders at their respective meetings held on 16th November 2023 and 16th December 2023. These warrants were convertible at the option of warrant holders in one or more tranches, within 18 months from the date of allotment, into equal number of fully paid-up Equity Shares of the Company of Rs.10/- each.
Further, the Company had received approval dated 04th March 2024 from SEBI condoning delay of one day in making application for in-principle approval for allotment of warrants in compliance with Regulation 160(f) of SEBI (Issue of Capital and Disclosure Requirements) Regulation 2018.
The Board at its meeting held on 16th March 2024 allotted 6,85,000 Convertible Equity Warrants to Mr. Ashish D. Jaipuria, Mr. Ujjval A. Jaipuria and Mr. Kushal A. Jaipuria.
The Company has received applications from the share warrants holders for conversion of 2,85,000 Equity Convertible Warrants into Equity shares. Accordingly, 2,85,000 equity shares of Rs.10/- each were allotted on 28th March 2024 on conversion of share warrants as per details given below:
|
Sr.
No.
|
Name of the Promoter
|
Pre 1st Conversion holding
|
No. of Convertible Equity Warrants held
|
No. of Convertible Equity Warrants converted into Equity Shares
|
No. of Equity Shares held post preferential issue
|
|
1
|
Mr. Ashish D. Jaipuria
|
11,15,000
|
2,05,000
|
5,000
|
11,20,000
|
|
2
|
Mr. Ujjval A. Jaipuria
|
0
|
2,40,000
|
1,40,000
|
1,40,000
|
|
3
|
Mr. Kushal A. Jaipuria
|
0
|
2,40,000
|
1,40,000
|
1,40,000
|
The Company received Listing Approval and Trading Approval for the above-mentioned Equity Shares from BSE on 21st May 2024 and 24th May 2024 respectively.
The Company does not have a Scheme of ESOP and accordingly, disclosure under Section 67(3) of the Companies Act, 2013 in respect of voting rights not exercised directly by the employees in respect of shares to which the scheme relates is not required to be made.
Mr. Ashish D. Jaipuria, Managing Director of the Company holds 11,20,000 (56%); Mr. Ujjval A. Jaipuria, Director of the Company holds 1,40,000 (7%) & Mr. Kushal A. Jaipuria, Director of the Company holds 1,40,000 (7%) Equity Shares of the Company as on 31st March 2024.
After the closure of financial year, the Company has received an application from the equity convertible warrant holders for conversion of 4,00,000 equity convertible warrants into Equity Shares. Accordingly, 4,00,000 equity shares of Rs.10/- each were allotted on 20th June 2024 on conversion of share warrants as per details given below:
|
Sr.
No.
|
Name of the Promoter
|
Pre 2nd Conversion holding
|
No. of Convertible Equity Warrants held
|
No. of Convertible Equity Warrants converted into Equity Shares
|
No. of Equity Shares held post preferential issue
|
|
1
|
Mr. Ashish D. Jaipuria
|
11,20,000
|
2,00,000
|
2,00,000
|
13,20,000
|
|
2
|
Mr. Ujjval A. Jaipuria
|
1,40,000
|
1,00,000
|
1,00,000
|
2,40,000
|
|
3
|
Mr. Kushal A. Jaipuria
|
1,40,000
|
1,00,000
|
1,00,000
|
2,40,000
|
The Company received Listing Approval and Trading Approval for the above-mentioned Equity shares from BSE on 19th August 2024 and 27th August 2024 respectively.
18. Particulars of contracts or arrangements with Related Parties
In accordance with the provisions of section 188 of the Companies Act, 2013 and rules made thereunder, the transactions entered with related parties are in the ordinary course of business and are on an arm’s length pricing basis, the details of which are provided under Note 23 forming part of the audited financial statements for the year ended 31st March 2024.
19. Particulars of Investments, Loans and Guarantees under Section 186 of the Companies Act, 2013
As the Company is a Non-Banking Financial Company registered with the RBI, the provisions of Section 186 except sub-section (1) regarding particulars of the investment made shall not apply to the Company pursuant to Section 186(11) of the Companies Act, 2013.
The Company has not advanced any loans or given any guarantee or security which is covered under Section 186 of the Companies Act, 2013.
20. Internal Control Systems and their adequacy
Your Company has proper and adequate systems, documented polices, defined authority matrix, and internal controls to ensure efficiency of operations, compliance with internal systems/policies and applicable laws.
All audit observations and follow up actions thereon are reported to the Audit Committee of the Board. The Audit Committee reviews and evaluates adequacy and effectiveness of the Company’s internal control environment and monitors the implementation of audit recommendations. The Board of Directors are of the view that your Company’s internal control systems are commensurate with the nature of its business, size, and complexity of its operations.
The internal control systems / policies of your Company are supplemented with regular reviews by the management and checks by internal auditors. The main function of the Internal Auditors is to provide to the Audit Committee and the Board of Directors, an objective assurance of the adequacy and effectiveness of the organization’s risk management control and governance process. The Audit Committee periodically reviews various risks associated with the business of the Company and ensure that they have an integrated view of risks faced by the Company.
21. Adequacy of Internal Financial Controls related to Financial Statements
The Company has in place adequate Internal Financial Controls related to Financial Statements. The Company’s Internal Financial Controls are commensurate with the size, nature, and operations of the Company.
22. Corporate Governance
Pursuant to Regulation 15(2) of SEBI LODR, the compliance with Corporate Governance provisions (Reg 17 to 27 and clauses (b) to (i) and (t) of sub-regulation (2) of regulation 46 and para C, D and E of Schedule V) are not applicable to the Company where Equity Share Capital has not exceeded Rupees Ten Crore and Net Worth has not exceeded Rupees Twenty Five Crore.
23. Transfer of amounts to Investor Education and Protection Fund
There are no amounts due and outstanding to be credited to Investor Education and Protection Fund as on 31st March 2024.
24. Statutory Auditors
At the 37th Annual General Meeting held on 28th September 2023, M/s Lodha & Co. LLP, Chartered Accountants, having Firm Registration No. 301051E were appointed as Statutory Auditors of the Company to hold office for a term of five years from the conclusion of that Annual
General Meeting till the conclusion of the Annual General Meeting to be held for the financial year ending on 31st March 2027.
The observations raised by M/s Lodha & Co. LLP; Chartered Accountants as the Statutory Auditors of the Company in their Audit Report are as under:
The financial statements indicates that the Company’s net worth has fully eroded and the Company’s current liabilities exceeded its total assets. These events or conditions, along with other matters as set forth, indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern.
Management’s reply:
The Management has taken various necessary steps including preferential issue of securities towards making the Company’s Networth positive. The report issued by the Statutory Auditors and Notes on Financial Statements referred to in the Auditors’ Report and their observations therein are self-explanatory and do not call for any further clarifications / comments.
25. Internal Auditors
The Company had appointed Mr. Ravindra Gurav, as Internal Auditor for carrying out the activities of Management Testing of Internal Financial Controls and Internal Audit of various business/ functions process for the financial year 2023-24.
Internal Audit Reports are reviewed by the Audit Committee of the Company at their meetings held during quarterly intervals. Internal auditors carry out their functions as per the scope of work assigned and place their reports at the meetings of the Audit Committee, during quarterly intervals.
26. Fraud Reporting
No frauds were reported by the Auditors in their Report on the Financial Statements of the Company under Section 143(12) of the Companies Act, 2013.
27. Secretarial Auditors
Pursuant to Section 204 of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, the Board has appointed M/s Purwar & Purwar Associates LLP, Practising Company Secretary, to conduct Secretarial Audit for the financial year 2023-24. Your Company has provided all assistance and information to the Secretarial Auditors for conducting their audit. The Secretarial Audit Report for the financial year ended 31st March 2024 is annexed herewith and marked as Annexure B to this Report.
The Management’s reply to the observations raised in the Secretarial Audit Report are as under:
|
Sr
No
|
Observations
|
Management’s Reply
|
|
1(a)
|
Delay in filing following Forms:
• Form MGT-14 for Reappointment of Mr. Ashish D. Jaipuria (DIN: 00025537) as Managing Director and Chairman of the Company.
• Form MR-1 for Reappointment of Mr. Ashish D. Jaipuria (DIN: 00025537) as Managing Director and Chairman of the Company.
|
The filing of the mentioned two e-forms were unfortunately delayed by the Company. We have now tightened our internal controls to ensure that such delay does not repeat.
|
|
1(b)
|
Non-Compliance under Section 91 of the Act with respect to publication of notice of book closure in the newspaper.
|
Publication of advertisement of Notice of Book Closure in the newspaper was inadvertently missed out by the Company. The Company will ensure compliance with LODR Regulations in future.
|
|
1(c)
|
Non-compliance under Rule 20 Companies (Management and Administration) Rules, 2014 of the Act with respect to the publication of advertisement of Notice of AGM in the newspaper.
|
Publication of advertisement of Notice of AGM in the newspaper was inadvertently missed out by the Company. The Company will ensure compliance with LODR Regulations in future.
|
|
2(a)
|
Regulation 39(3) - Non-Compliance with respect to submission of information
|
We had received the intimation regarding loss of the share certificates vide email on Friday,
|
| |
regarding loss of share certificates within two days of receipt of information.
|
13-10-2023. Whereas we informed the BSE on Monday, 16-10-2023 i.e. after 3 days (instead of 2 days). This delay of 1 day was caused due to our office being closed for the weekend.
|
|
2(b)
|
Regulation 44 - Non-compliance with respect to submission of voting results to the stock exchange, within two working days of conclusion of its Annual General Meeting held on 28th September 2023.
|
The Voting Result in XBRL mode & Scrutinizer Report were both submitted on 29-09-2023, i.e. one day after the AGM. However, the Voting Result in PDF format was submitted later on 05-10-2023. This lapse shall not recur.
|
|
2(c)
|
Regulation 47 - Non-compliance with respect to publication of Audited and Unaudited financial results, notice of Board Meetings and Annual General Meeting in the newspaper.
|
Non-compliance of regulations 47 of SEBI (LODR) Regulations, 2015 was inadvertent on the part of the Company. The Company will ensure compliance with LODR Regulations in future.
|
|
2(d)
|
Regulation 46 - Non-compliance with respect to the publication of copy of advertisement for AGM Notice, on the website of the Company.
|
Since, the notice of the AGM could not be published inadvertently, hence the same could not be published on the website of the Company. The Company will ensure compliance with LODR Regulations in future.
|
|
3
|
Net Owned Fund of the Company is reduced below Rs.2 Crores
|
The Management has taken various necessary steps, including preferential issue of securities towards making the Company Networth positive in the near future.
|
28. Policies, Charters, and Code of Conduct of the Company
During the year under review, the Company has continued with the existing statutory policies, Charters and Code of Conduct as required in terms of provisions of Companies Act, 2013, RBI Act, 1934 and SEBI Act, 1992 and rules and regulations made thereunder as amended from time to time.
29. Audit Committee
Pursuant to Section 177 of the Companies Act, 2013 the Audit Committee is required to consist of minimum three Directors with Independent Directors forming a majority.
1. Mr. Samir Sanghai (Chairperson) - Independent Director
2. Mr. Vivek Tekriwal (Member) - Independent Director
3. Mr. Ashish D. Jaipuria (Member) - Managing Director
All the recommendations made by the Audit Committee were accepted by the Board.
The Committee held 5 (five) meetings during the financial year 2023-24 on 30th May 2023, 10th August 2023, 13th November 2023, 16th November 2023 and 02nd February 2024.
Attpnrlanrp of mpmhprc at AnHit Cnmmittpp Mpptinnc
|
Name of th e Member
|
Attendance at the meetings held on:
|
|
30th May 2023
|
10th Aug 2023
|
13th Nov 2023
|
16th Nov 2023
|
02nd Feb 2023
|
|
Mr. Samir Sanghai
|
?
|
?
|
?
|
?
|
?
|
|
Mr. Vivek Tekriwal
|
?
|
?
|
?
|
?
|
?
|
|
Mr. Ashish D. Jaipuria
|
?
|
?
|
?
|
?
|
?
|
30. Nomination and Remuneration Committee
Pursuant to Section 178(1) of the Companies Act, 2013 the Nomination & Remuneration Committee (NRC) is required to be consist of three or more Non-executive Directors out of which not less than one-half shall be Independent Directors.
1. Mr. Samir Sanghai (Chairman) - Independent Director
2. Mr. Vivek Tekriwal (Member) - Independent Director
3. Mrs. Archana A. Jaipuria (Member) - Non-executive Director
During the year under review, the Committee held 1 (one) meeting on 30th May 2023. All the members of the committee were present at the meeting.
Attendance of members at Nomination & Remuneration Committee Meetings:
|
Name of the Member
|
Attendance at the meeting held on:
|
| |
30th May 2023
|
|
Mr. Samir Sanghai
|
?
|
|
Mr. Vivek Tekriwal
|
?
|
|
Mrs. Archana A. Jaipuria
|
?
|
31. Stakeholders’ Relationship Committee
Pursuant to Section 178(5) of the Companies Act, 2013 the Stakeholders’ Relationship Committee (SRC) shall consist of a Chairperson who shall be a Non-executive Director, and such other members as may be decided by the Board.
1. Mr. Samir Sanghai (Chairman) - Independent Director
2. Mr. Vivek Tekriwal (Member) - Independent Director
3. Mr. Ashish D. Jaipuria (Member) - Managing Director
During the year under review, the Committee held 2 (two) meetings on 30th May 2023 and 28th March 2024. All the members of the committee were present at the meeting.
Attenrianre of memhers at Stakeholders’ Relationshin Committee Meetinns-
|
Name of the Member
|
Attendance at the meetings held on:
|
|
30th May 2023
|
28th March 2024
|
|
Mr. Samir Sanghai
|
?
|
?
|
|
Mr. Vivek Tekriwal
|
?
|
?
|
|
Mr. Ashish D. Jaipuria
|
?
|
?
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32. Vigil Mechanism
In terms of Section 177(9) and Section 177(10) of the Companies Act, 2013 read with the rules made there under, the Company has adopted a Whistle Blower Policy and has established the necessary Vigil Mechanism for Directors, Employees and External Stakeholders to approach the Chairman of the Audit Committee of the Company and to report genuine concerns about unethical behaviour, actual or suspected fraud or violation of the Company’s code of conduct and provide adequate safeguards against victimization of Whistle Blower who avails of such mechanism. None of the Whistle Blowers have been denied access to the Audit Committee.
33. Investment Policy
The Board has framed the Investment Policy of the Company, in terms of the RBI Master Circular DNBS (PD) CC No.380/03.02.001/2014-15 dated 01st July 2014, which includes criteria to classify the investments into current and long-term investments, grouping of quoted current investments for the purpose of valuation, valuation of unquoted equity shares, preference shares, government securities, units of mutual funds, commercial papers, long term investments, etc.
34. Risk Management Policy
The Board of the Company has adopted the Risk Management Policy to assess, monitor and manage risk throughout the Company.
Risk is an integral part of the Company’s business, and robust risk management is critical to the success of the organization.
35. Share Registrar & Transfer Agent (R&T)
M/s. Link Intime India Private Limited is the Registrar and Transfer Agent of the Company.
36. Annual Return
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on 31st March 2024 is available on the Company’s website at https://kiduja.com/
37. Details of policy developed and implemented by the Company on its Corporate Social Responsibility initiatives
The provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 were not applicable to your Company during the financial year 2023-24.
38. Remuneration Policy for Directors, Key Managerial Personnel and Other Employees
The Nomination and Remuneration Committee has formulated criteria for determining qualifications, positive attributes, and independence of directors. The Company has put in place
appropriate policy on Directors’ appointment and remuneration and other matters provided in Section 178(3) of the Companies Act, 2013, which has been disclosed in the Annexure C, which forms part of this Report.
39. Directors’ Responsibility Statement
To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(5) of the Companies Act, 2013:
(i) that in the preparation of the annual financial statements for the year ended 31st March 2024, the applicable accounting standards have been followed along with proper explanation relating to material departure;
(ii) that appropriate accounting policies have been selected and applied consistently, and have made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at the end of the financial year and of the profit of the Company for that year;
(iii) that proper and sufficient care has been taken 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;
(iv) that the annual accounts have been prepared on a ‘going concern’ basis;
(v) that internal financial controls have been laid down to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and
(vi) that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.
40. Maintenance of Cost Records
The provisions of maintenance of cost records under sub section (1) of Section 148 of the Act is not applicable to the Company under the Companies (Cost Record and Audit) Rules, 2014.
41. Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
The Company has Zero tolerance for Sexual harassment at Workplace. Appropriate reporting mechanisms are in place for ensuring protection against sexual harassment and right to work with dignity.
Internal Complaints Committee was not required to be constituted since the Company does not have more than ten employees and no cases in the nature of sexual harassment were reported to Local Complaints Committee at workplace of the Company during the financial year 2023-24.
42. Compliance with Secretarial Standards
The Company has generally complied with Secretarial Standards i.e. SS-1 and SS-2 relating to “Meetings of the Board of Directors” and “General Meetings”, respectively, specified by the Institute of Company Secretaries of India under Section 118 of the Companies Act, 2013.
43. Acknowledgement
Your Directors are happy to place on record their sincere appreciation to the various Central and State Government Departments, Organizations and Agencies for the continued help and cooperation extended by them. The Directors also gratefully acknowledge all stakeholders of the Company viz. employees, members, customers, dealers, vendors, banks and other business partners for their unstinted commitment and continued support and contribution to the Company.
For and on behalf of the Board of Directors of KIDUJA INDIA LIMITED
Sd/- Sd/-
Ashish D. Jaipuria Archana A. Jaipuria Managing Director Director
DIN:00025537 DIN: 00025586
Place : Mumbai Date : 30.08.2024
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