Your Directors have pleasure in presenting the 33rd Director’s Report of M/s.
Ashram online.com Limited (The Company) and along with it, the Audited Financial
statements for the Financial year ended 31st March 2024.
1. Financial Highlights
The financial results of the Company for the year ended 31st March 2024 is
summarized below:
| |
(Rupees
|
in lacs)
|
|
Particulars
|
Year Ended
|
Year Ended 31st
|
| |
31st March 2024
|
March 2023
|
|
Income from Operations
|
36.15
|
39.23
|
|
Non-operating Income
|
37.37
|
39.93
|
|
Total Income
|
73.52
|
79.16
|
|
T otal Expenditure
|
80.64
|
100.56
|
|
Profit / Loss before Depreciation, Interest and Taxation
|
(7.12)
|
(21.39)
|
|
Interest & Finance Charges
|
0.04
|
0.51
|
|
Depreciation
|
2.13
|
3.18
|
|
Profit / Loss before T ax
|
(9.29)
|
(25.09)
|
|
Prior Period T ax
|
3.00
|
-
|
|
Provision for Current Taxes
|
-
|
0.17
|
|
Provision for Deferred Taxes
|
-
|
-
|
|
Profit / Loss after T ax
|
(12.29)
|
(25.26)
|
|
Other Comprehensive Income
|
127.79
|
(47.28)
|
|
Transfer to Reserves
|
0.00
|
0.00
|
|
Balance carried to Balance Sheet
|
115.49
|
(72.54)
|
2. Operating Results And Business Operations
During the financial year 2023 - 2024, your Company has incurred a profit /
(Loss) of Rs. (12.29) Lakhs as compared to the profit / (Loss) of Rs. (25.26)
Lakhs incurred in previous year 2022 - 2023.
3. Dividend
The Board of Directors wish to conserve the profit for future development and
expansion and hence have not recommended any dividend for the financial year
2023 - 2024
4. Transfer of Unclaimed Dividend To Investor Education 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.
5. Transfer To Reserves
Due to loss the Company has abstained from transfer to any reserves other than
statutory transfers.
6. Change in Nature of Business of company
There is no change in the nature of business of your company during the year
under review
7. Material Change and Commitments of the Company
There are no material changes and commitments effecting the financial position of
the company which have occurred between end of the financial year of the
company to which the financial statements relate and the date of report.
8. Particulars of Loans, Guarantees and Investment
The Company has given loan of Rs. 20.00 lacs during the F.Y. 2023 — 2024 under
the provisions of Section 186 of the Companies Act, 2013 and has been disclosed
in the Note No. I (e) of the Financial Statements, forming a part of this Annual
Report. The Company has not given any guarantee during the financial year 2023
- 2024.
9. Deposit from Public
The Company has neither accepted nor renewed any fixed deposits during the
year. There are no outstanding or unclaimed deposits, unclaimed / unpaid
interest, refunds due to the deposit holders or to be deposited to the Investor
Education and Protection Fund as on March 31, 2024.
A. Directors and Key Management Personnel
|
S.no
|
Name of the Director
|
DIN
|
Designation
|
Appointme
nt dt
|
|
1
|
Mrs. Sangita Tatia
|
06932448
|
Executive / Promoter/ Whole Time
Director
|
31.07.2014
|
|
2
|
Mr. Tatia Jain Pannalal
Sampathlal
|
01208913
|
Non — Executive / Non — Independent
/ Promoter Director
|
13.11.2018
|
|
3
|
Mr. V. Ramasubramanian
|
07666326
|
Non — Executive / Independent
Director
|
31.10.2016
|
|
4
|
Mr. M. Palanivel
|
07743785
|
Non — Executive / Independent
Director
|
31.10.2016
|
There has been no change in the constitution of Board during the year under review i.e.
the structure of the Board remains the same.
11. Appointment / Re — Appointment of Directors
In accordance with the provisions of section 152 of the companies Act 2013 and
the Articles of Association of the Company, Mrs. Sangita Tatia Whole Time
Director of the Company and Mr. Tatia Jain Pannalal Sampathlal, Non-executive
Directors of your Company, are liable to retire by rotation at the AGM and,
being eligible, have offered themselves for re-appointment. Brief profiles of Mrs.
Sangita Tatia and Mr. Tatia Jain Pannalal Sampathlal, are provided in the
Corporate Governance Report
12. Key Management Personnel of the Company Are As Under
The following persons have been designated as the Key Managerial Personnel of
the Company pursuant to Sections 2(51) and 203 of the Companies Act, 2013
read with the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.
|
S.no
|
Name
|
Designation
|
|
1
|
Mrs. Sangita Tatia
|
Chairman and Whole Time Director
|
|
2
|
Mr. M. Thadhalingam
|
Chief Financial Officer
|
|
3
|
Mr. Raghuvender
|
Company Secretary cum compliance officer
— Appointed on 11.08.2024
|
|
4
|
Mrs. Mary Belinda Jyotsna S
|
Company Secretary cum compliance Officer
- Resigned on 10.09.2024
|
The Independent Directors of the Company have submitted declaration of
Independence confirming that they meet the criteria of independence under Section
149(6) of the Companies Act, 2013 and Listing Regulations.
All the Independent Directors of the Company have also confirmed that they are not
aware of any circumstance or situation, which exist or may be reasonably
anticipated, that could impair or impact their ability to discharge their duties with
an objective independent judgment and without any external influence and that they
are independent of the management. The Board is of the opinion that the
Independent Directors of the Company possess requisite qualifications, experience
and expertise and they hold highest standards of integrity.
14. Share Capital and Listing on Stock Exchange
|
T otal share capital of the Company
|
The paid up Equity Share Capital as on March 31,
2024 was Rs.12,00,00,000/-. Consisting of
1,20,00,000 equity Shares at Rs. 10/- each. No
additions and alterations to the capital were made
during the financial year 2023 - 2024.
|
|
Issue of equity shares with
differential rights
|
Your Company had not issued any equity shares
with differential rights during the year under review
|
|
Issue of sweat equity shares
|
Your Company had not issued any sweat equity
shares during the year under review.
|
|
Issue of employee stock options
|
Your Company has not issued any employee stock
options during the year under review.
|
|
Provision of money by Company for
purchase of its own shares by
employees or by trustees for the
benefit of the employees
|
Your Company has not made any provision of
money for the purchase of its own shares by
employees or by trustees for the benefit of the
employees during the year under review
|
|
Listing of Shares
|
The Shares of the Company are listed in Bombay
Stock Exchange Limited having Scrip Code 526187
|
|
Suspension of shares from trading
|
During the financial year 2023 - 2024, the shares of
the Company were not suspended from trading on
the stock exchange.
|
15. Subsidiaries, Associates and Joint Venture Companies
Your Company has no subsidiaries or joint ventures. There are also no associate
companies within the meaning of Section 2(6) of the Companies Act, 2013
(“Act”). Further during the year, no company has become or ceased to be its
subsidiaries joint ventures or associate companies.
16. Annual Performance Evaluation by the Board
The Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“the Listing Regulations”) stipulate the
evaluation of the performance of the Board, its Committees, Individual Directors
and the Chairperson. The Company has formulated a Policy for performance
evaluation of the Independent Directors, the Board, its Committees and other
individual Directors which includes criteria for performance evaluation of the
Non-Executive Directors and Executive Directors.
The evaluation framework for assessing the performance of Directors comprises
various key areas such as attendance at Board and Committee Meetings, quality
of contribution to Board discussions and decisions, strategic insights or inputs
regarding future growth of the Company and its performance, ability to
challenge views in a constructive manner, knowledge acquired with regard to the
Company’s business/activities, understanding of industry and global trends, etc.
The evaluation involves self-evaluation by the Board Member and subsequent
assessment by the Board of Directors. A member of the Board will not
participate in the discussion of his/her evaluation. Pursuant to the provisions of
the Companies Act, 2013 and Regulation 17 of the Listing Regulations, the
Board has carried out an annual evaluation of its own performance and that of its
Committees as well as performance of the Directors individually (including
Independent Directors). The evaluation process was based on the affirmation
received from the Independent Directors that they met the independence criteria
as required under the Companies Act, 2013, and the Listing Regulations.
A separate exercise was carried out by the Nomination and Remuneration
Committee of the Board to evaluate the performance of individual Directors who
were evaluated on several parameters such as level of engagement and
contribution, independence of judgment safeguarding the interest of the
Company and its minority shareholders and knowledge acquired with regard to
the Company’s business/activities.
The performance evaluation of the Non-Independent Directors and the Board as
a whole was carried out by the Independent Directors. The performance
evaluation of the Chairman of the Company was also carried out by the
Independent Directors, taking into account the views of the Executive Directors
and Non-Executive Directors.
The performance evaluation of the Independent Directors was carried out by the
entire Board excluding the Director being evaluated.
The outcome of the Board Evaluation for the Financial Year 2023- 2024 was
discussed by the Nomination and Remuneration Committee and the Board at
their respective meetings held in May 2024. Qualitative comments and
suggestions of Directors were taken into consideration by Chairman of the Board
and Chairman of the Nomination and Remuneration Committee. The Directors
have expressed their satisfaction with the evaluation process. Details of the
policy on evaluation of Board’s performance is available on the Company’s
website at www.ashramonline.in
17. Related Parties Transactions
Pursuant to the amendment in SEBI Listing Regulations, during the year under
review, Audit Committee has approved amendments to the existing Related
Party Transactions Policy of the Company including the limits that will
constitute material modification of an approved RPT, and the same is available
on the Company’s website, www.ashramonline.in.
All related party transactions during F.Y. 2023 - 2024 were in the ordinary
course of business and at arm’s length terms. During FY 2023 - 2024, Audit
Committee has reviewed on quarterly basis, the related party transactions of the
Company against the omnibus approval accorded by Audit Committee.
During F.Y. 2023 - 2024, The particulars of contracts or arrangements with
related parties referred to in Section 188(1) and applicable rules of the
Companies Act, 2013, in Form AOC-2, are provided as an “Annexure — 1” to
this report.
Related party transactions during F.Y. 2023 - 2024, were in compliance with the
Companies Act, 2013, SEBI Listing Regulations and Accounting Standards and
are disclosed in the notes forming part of the financial statements.
Further, the Company has not entered into any other transaction of a material
nature with the Promoters, Directors, Key Managerial Personnel or their
relatives etc. that may have potential conflict with the interests of the Company.
18. Management Discussion and Analysis
In compliance with the Regulation 34 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulation, 2015, a detailed analysis of the
Company’s performance is discussed in the Management Discussion and Analysis
Report, which forms part of this Annual Report. — “Annexure — 2”
19. Policy of Directors Appointment and Remuneration
The Nomination and Remuneration Policy is in place laying down the role of
NRC, criteria of appointment, qualifications, term / tenure, etc. of Executive
Directors & Independent Directors, annual performance evaluation,
remuneration of Executive Directors, Non-Executive/ Independent Directors,
Key Managerial Personnel and Senior Management, and criteria to determine
qualifications, positive attributes and independence of Director. NRC policy is
available on the Company’s website, at www.ashramonline.in.
20. Familiarization Program for Independent Directors
As stipulated by Section 149 read with Schedule IV, Part III of the Companies
Act, 2013 and Regulation 25 of the Listing Regulations, The Company has
formulated a policy on ‘familiarization programme for independent directors’
Further, the Company also familiarizes its Independent Directors on their roles,
rights, responsibilities, nature of the industry in which the Company operates,
business model of the Company, etc. The familiarization programme for
Independent Directors is disclosed on the Company’s website at
www. ashramonline. in
21. Other Disclosures
During the year under review, the Company has not obtained any registration/
license / authorization, by whatever name called from any other financial sector
regulators.
22. Number of Meetings of the Board
Five (5) meetings of the Board of Directors of the Company were held during
the year. The requisite quorum was present for all the Meetings. The intervening
gap between the Meetings was within the period prescribed under the companies
act, 2013, for detailed information on the Meetings of the Board and its
Committees,
Please refer to the Corporate Governance Report, which forms part of this
Annual Report.
23. Statutory Compliance
The Company has been adopting the policies and requirements as mandated
under various statutes to the extent and as far as possible and shall always strive
to abide by the laws and by- laws as applicable.
24. Directors’ Responsibility Statement
Pursuant to the requirement of Section 134(5) of the Companies Act 2013, the
Directors hereby confirm:
a. That in the Preparation of Annual Financial statements for the financial
year ended 31st March 2024, the applicable Accounting Standards have
been followed along with proper explanation relating to material
departures;
b. That they 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 or Loss of the
Company for that period;
c. That they had taken proper and sufficient care for the maintenance of
adequate Accounting Records in accordance with the provisions of the Act,
for safeguarding the Assets of the Company and for preventing and
detecting fraud and other irregularities;
d. They have prepared the Annual Financial Statements on a Going Concern
basis.
e. That they laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and operating
properly; and
f. They have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating
effectively.
25. Audit Committee
The Company has in place an Audit Committee in terms of the requirements of the
Act read with the rules made there under and Regulation 18 of the SEBI Listing
Regulations. The details pertaining to the same have been provided in Annexure ‘3’ -
Report on Corporate Governance forming part of this Report.
26. Nomination and Remuneration Committee
The Company has in place a Nomination and Remuneration Committee (NRC) in
terms of the requirements of the Act read with the rules made there under and
Regulation 19 of the SEBI Listing Regulations. The details of the same are given in
Annexure ‘3’ - Report on Corporate Governance forming part of this Board’s
Report.
27. Stakeholders’ Relationship Committee
The Company has in place a Stakeholders’ Relationship Committee (SRC) in terms of
the requirements of the Act read with the rules made there under and Regulation 20
of the SEBI Listing Regulations. The details of the same are given in Annexure ‘3’ -
Report on Corporate Governance forming part of this Board’s Report.
28. Disclosure on Acceptance of Recommendations Made By Board
Committees
During F.Y. 2023 - 2024, various recommendations were made by the Committees
to the Board of Directors, which were all accepted by the Board, after necessary
deliberations.
29. Details of Significant and Material Orders Passed By the Regulators or
Courts / Tribunal
There are no significant or material orders passed by the Regulators or Courts or
Tribunals which impacts the going concern status of the Company and its future
operations.
30. Corporate Governance Report
Your Directors wish to reiterate your Company’s commitment to the highest
standards of corporate governance in order to enhance trust of all its stakeholders.
Strong & robust corporate governance practices have facilitated your Company in
standing up to the continued scrutiny of domestic & international investors and
that of various Regulatory authorities.
In compliance with the Regulation 34 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulation, 2015, a Report on Corporate
Governance along with a Certificate from M/s. Darpan & Associates Chartered
Accountants., and Statutory Auditors of the company regarding compliance
with the conditions of Corporate Governance as stipulated in Regulations 17 to
27, clauses (b) to (i) of sub-regulation (2) of Regulation 46 and paragraphs C,
D and E of Schedule V of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, forms part of
the Annual Report as “Annexure — 3 & 5”
31. Managerial Remuneration and Employees and Related Disclosures
Disclosures pertaining to remuneration and other details as required under
Section 197(12) of the Act, read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, is
given in Annexure 4 to this Report. In accordance with the provisions of
Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
names and other particulars of employees drawing remuneration in excess of
the limits, set out in the aforesaid rules, forms part of this Report. In line with
the provisions of Section 136(1) of the Act, the Report and Accounts, as set out
therein, are being sent to all the Members of your Company, excluding the
aforesaid information about the employees.
32. CFO Certification
As required under Regulation 17 (8) read with Part B of Schedule II of SEBI
Listing Regulations, Mr. Thadhalingam, the Chief Financial Officer (CFO) of
the Company, certified to the Board regarding the Financial Statements and
internal controls relating to financial reporting for the year ended 31st March,
2024.
Also, in terms of Regulation 33 (2) of SEBI Listing Regulations, Mr.
Thadhalingam, the Chief Financial Officer of the Company gave
quarterly certification on financial results while placing the financial results
before the Board. — “Annexure — 6”.
33. Certificate of Non Disqualification of Directors
Certificate of Non-Disqualification of Directors (Pursuant To Regulation 34 (3)
And Schedule V Para C Clause (10) (I) of The SEBl (Listing Obligations And
Disclosure Requirements) Regulations, 2015) has been obtained From M/s.
AXN Prabhu & Associates, Mr. AXN Prabhu, Practicing Company
Secretary, M.No. 3902 COP. No 11440 which forms part of this report as
“Annexure-7”.
34. Failure to Implement Any Corporate Action
There were no instances where the Company failed to implement any
corporate action within the specified time limit.
35. Extract of Annual Return
The Submission of Extract of annual Return in MGT — 9 is dispensed with in
terms of Companies (Management and Administration) Amendment rules,
2021 dated 5th March, 2021. Hence the question of attaching MGT — 9 with
this report does not arise. However, the Annual Return can be viewed in the
website of the company www. ashram online. in
36. Audit & Auditors
|
S.no
|
Category
|
Auditors
|
|
1
|
Statutory
Auditors
|
M/s. Darpan & Assoictes. Chartered Accountants LLP [Firm
Registration No. 016156S09] were appointed as the Statutory Auditors of
your Company.
The report of the Statutory Auditors along with notes to financial statements
for the FY 2023-24 is enclosed to this Report.
The Auditors did not report any matter under Section 143(12) of the Act,
therefore no detail is required to be disclosed under Section 134(3) (CA) of
the Act.
The Auditors have expressed an unmodified opinion in their report on the
financial statements of the Company. As regards the qualification given by
the auditor in Point No. VII Annexure to Auditor Report. The Case is
pending with the Honorable High Court of Madras.
|
|
2
|
Internal
Auditors
|
M/s. V. Rajesh and Associates, Cost Accountants were appointed as
your Company’s Internal Auditor to conduct Internal Audit of your
Company for the FY 2023-24.
Internal Audit Reports are placed on Quarterly basis before the Audit
Committee for their review
|
|
3
|
Secretarial
Auditors
|
In terms of provisions of Section 204 of the Act, read with the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Board, at its meeting held on 28 May 2023 had appointed M/s. Lakshmmi
Subramanian & Associates, Company Secretaries [FCS.3584, CP.No.
1087, PR No.:1670/2022] to conduct Secretarial Audit for the FY 2023-24.
The report of the Secretarial Auditor is provided in Annexure VII, which
does not contain any qualification, reservation, or adverse remark.
|
|
4
|
Cost
Auditors
|
Cost Audit and Cost Records Maintenance of cost records and requirement
of Cost Audit as prescribed under Section 148(1) of the Companies Act,
2013 read with Companies (Cost Records and Audit) Rules, 2014 is not
applicable to the business activities carried out by your Company.
|
|
5.
|
Reporting
of Frauds
|
During the year under review, the Statutory Auditors and the Secretarial
Auditor have not reported any instances of frauds committed in the
Company by its officers or Employees, to the Audit Committee under
Section 143(12) of the Companies Act, 2013, and therefore, no details are
required to be disclosed under Section 134(3) (c) (a) of the Companies Act,
2013.
|
37. Internal Control System and Adequacy
The Company has adequate system of internal control in place. This is to
ensure that assets are safeguarded and all transactions are authorized, recorded
and correctly reported. The internal audit function is empowered to examine
the adequacy, relevance and effective control system, compliance with
policies, plans and statutory requirements. The top management and the
Audit Committee of the Board review the findings and recommend to the
Board for improvement on the same.
38. Risk Management
The Risk Management is overseen by the Audit Committee of the Company
on a continuous basis. The Committee oversees Company’s process and
policies for determining risk tolerance and review management’s
measurement and comparison of overall risk tolerance to established levels.
Major risks identified by the businesses and functions are systematically
addressed through mitigating actions on a continuous basis.
39. Disclosure as Per Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013
The Company has Zero Tolerance towards sexual harassment at the
workplace. A detailed POSH Policy is in place as per the requirements of The
Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 (“POSH Act”).
The POSH Policy of the Company is available on the Company’s website at
www.ashramonline.in and all employees (permanent, contractual, temporary,
trainees) as defined under the Act are covered by this Policy. The following is
the summary of sexual harassment complaints received and disposed off during
the current financial year.
Number of Complaints received: Nil
Number of Complaints disposed off: Nil
40. Compliance with the Provisions of Secretarial Standards
In terms of Section 118 (10) of the Companies Act, 2013, the Company is
complying with the applicable Secretarial Standards issued by the Institute of
Company Secretaries of India and approved by Central Government. During
the year the applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to
‘Meetings of the Board of Directors’ and ‘General Meetings’, respectively,
have been duly complied with, by your Company.
41. Disclosure of Shares Held By Promoters in Demat Form
The promoters of the Company hold all their shares in demat form and has been
disclosed in the Note No. 10 (a) (i) of the Financial Statements, forming a part
of this Annual Report.
42. Conservation of Energy, Technology Absorption and Foreign
Exchange Earnings and Outgo
The Disclosure stipulated as under Section 134(3) of Companies Act, 2013 read
with Rule 8 of the Companies (Accounts) Rules, 2014, is as under:
The Company is not a Manufacturing company nor does the company has any
Energy Consumption based business other than normal consumption of Energy in
Administrative Office. The company deploys all the possible measure to conserve
the energy and increase usage of green energy.
The Company is not involved in any Technological Absorption based activities.
Hence same is not reportable. The Company has not dealt in any Foreign
Exchange in any manner during the year under review. Hence the same is not
reportable.
43. Code of Conduct for Directors and Senior Management
The Directors and members of Senior Management have affirmed compliance with
the Code of Conduct for Directors and Senior Management of the Company. A
declaration to this effect has been signed by Mrs. Sangita Tatia, the Whole
Time Director of the Company and forms part of the Annual Report and the
website of the Company at www. ashramonline. in
44. Corporate Social Responsibility
The CSR Policy Rules are not applicable to the Company during the year under
review.
45. Vigil Mechanism
The Company has established a vigil mechanism for Directors and employees to
report their genuine concerns. For details, please refer to the Corporate
Governance Report attached to this Report and the website of the Company at
www. ashramonline. in
46. Details of One Time Settlement with Any Bank or Financial Institution
Along With the Reasons Thereof
During the year under review there was no instance of one-time settlement
with any bank or financial institution.
47. Details of Application Made or Any Proceeding Pending Under the
Insolvency and Bankruptcy Code 2016 (31 of 2016) During the Year Along
With Their Status as At the End of the Financial Year
There were no applications made nor any proceeding pending under the
insolvency and bankruptcy code, 2016 during the year.
48. Depository System
As the members are aware, the Company’s shares are compulsorily tradable in
electronic form only. As on March 31, 2024, 48.34% of the Company’s total paid up
capital representing 58,00,960 shares are in dematerialized form. In terms of
Regulation 40 (1) of SEBI Listing Regulations requests for effecting transfer of securities
shall be processed only if the securities are held in the dematerialized form. Further,
with effect from January 24, 2022, all requests for transmission, transposition, issue of
duplicate share certificate, claim from unclaimed suspense account, renewal / exchange
of securities certificate, endorsement, sub-division/splitting of securities certificate and
consolidation of securities certificates/folios will be processed and mandatorily a letter
of confirmation will be issued, which needs to be submitted to Depository Participant
to get credit of these securities in dematerialized form. Shareholders desirous of using
these services are requested to contact RTA of the company; the contact details of RTA
are available on the website of the Company at www. ashramonline. in.
Further in adherence to SEBI’s circular to enhance the due diligence for dematerialization
of the physical shares, the Company has provided the static database of the shareholders
holding shares in physical form to the depositories which would augment the integrity of its
existing systems and enable the depositories to validate any dematerialization request.
49. Request to Investors
a. Investors are requested to communicate change of address, if any, directly
to the registrar and share transfer agent of the Company.
b. As required by SEBI, investors shall furnish details of their respective bank
account number and name & address of the bank for incorporating in the
dividend warrants to reduce the risk to them of fraudulent encashment.
c. Investors holding shares in electronic form are requested to deal only with
their respective depository participant or change of address, nomination
facility, bank account number etc.
d. Shareholders, who have multiple folios in identical names, are requested to
apply for consolidation of such folios and send the relevant share
certificates to the Company.
50. Review & Amendments
The Board of Directors of the Company have from time to time framed and
approved various Policies in pursuance of the Companies Act, 2013 and the Listing
Agreement/ SEBI (LODR) Regulations, 2015. These Policies and Codes are
reviewed by the Board and are updated, if required.
The following policies have been framed and has been disclosed on the Company's
website www. ashramonline. in:
♦♦♦ Code of conduct for Directors, Senior Management and Independent Directors
♦♦♦ Policy for prevention of sexual harassment (POSH)
♦♦♦ Policy on determination of Materiality of Events or Information
♦♦♦ Board diversity policy
♦♦♦ Performance evaluation policy
♦♦♦ Succession plan for the Board and Senior Management
♦♦♦ Risk management Policy
♦♦♦ Vigil Mechanism or Whistle Blower Mechanism
♦♦♦ Policy on preservation of documents
♦♦♦ Policy on Related Party Transaction
♦♦♦ Criteria for making payment to Non-Executive Directors
♦♦♦ T erms and conditions for appointment of independent Directors
♦♦♦ Familiarization Program for Independent Directors
♦♦♦ Code for prevention of Insider Trading in securities
51. General
Your Directors state that no disclosure or reporting is required in respect of
the following matters as there were no transactions on these items during the
year under review:
a. There are no significant material orders passed by the Regulators or Courts or
Tribunal, which would impact the going concern status of the Company and its
future operation. However, Members attention is drawn to the Statement on
Contingent Liabilities and Commitments in the Notes forming part of the
Financial Statement.
b. No fraud has been reported by the Auditors to the Audit Committee or the
Board. There has been no change in the nature of business of the Company
c. Issue of equity shares with differential rights as to dividend, voting or
otherwise.
d. Issue of shares (including sweat equity shares) to employees of the Company
under any scheme.
e. There has been no change in the nature of business of the Company as on the
date of this Report.
f. There were no material changes and commitments affecting the financial position of
the Company between the end of the financial year and the date of this Report.
52. Green Initiative
Electronic copies of the Annual Report 2023-24 and the Notice of the 33rd
Annual General Meeting are sent to all members whose email addresses are
registered with the Company/RTA. The hard copy of Annual Report 2023-24
will be sent only to those shareholders who request for the same. For members
who have not registered their email addresses, physical copies are sent in the
permitted mode. In order to support Green Initiative, the Company requests
those members who have yet not registered their e-mail address, to register the
same directly with their Depository Participant, in case shares are held in
electronic form or with the RTA, in case shares are held in physical form.
53. Acknowledgement
The Board of Directors places on record its sincere thanks to the Statutory
Auditors, Secretarial Auditors, Internal Auditors, Registrar and Transfer Agents,
Stock Exchange, various State regulatory authorities and overseas for their valuable
guidance, support and cooperation. The Directors record their sincere gratitude to
the shareholders, esteemed customers, Suppliers and all other well-wishers for
their continued patronage. The Directors express their appreciation for the
contribution made by every employee of the company.
By Order of the Board of Directors
For Ashram Online.Com Limited
Sd/-
Sangita Tatia
Chairman / Whole Time Director
DIN. 06932448
Place: Chennai
Date: 03.09.2024
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