There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days during the year and also as at 31st March, 2023. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.
The Remuneration of Sh. Rajneesh Bansal, Managing Director had been approved by the Shareholders of the Company by way of Special Resolution passed in their Annual General Meeting held on 29.09.2020 and 29.09.2022, wherein the Shareholders had approved payment of the above remuneration irrespective of the Profits and even in the event of absence or inadequacy of profits in any financial year. Vide the said Special Resolution, the shareholders had further approved that the remuneration of other Whole Time Directors of the Company shall remain unaffected in spite of the fact that the remuneration payable to them may exceed the limits prescribed in Section 197 of the Companies Act, 2013.
The Remuneration of Sh. Dharam Pal Sharma, Whole Time Director had been approved by the Shareholders of the Company by way of Special Resolution passed in their Annual General Meeting held on 29.09.2020, wherein the Shareholders had approved payment of the above remuneration irrespective of the Profits and even in the event of absence or inadequacy of profits in any financial year. Vide the said Special Resolution, the shareholders had further approved that the remuneration of other Whole Time Directors of the Company shall remain unaffected in spite of the fact that the remuneration payable to them may exceed the limits prescribed in Section 197 of the Companies Act, 2013.
The Remuneration of Sh. Ritesh Vaid, Whole Time Director had been approved by the Shareholders of the Company by way of Special Resolution passed through Postal Ballot Process on 29.03.2022, wherein the Shareholders had approved payment of the above remuneration irrespective of the Profits and even in the event of absence or inadequacy of profits in any financial year. Vide the said Special Resolution, the shareholders had further approved that the remuneration of other Whole Time Directors of the Company shall remain unaffected in spite of the fact that the remuneration payable to them may exceed the limits prescribed in Section 197 of the Companies Act, 2013.
During the Financial year ended March 31,2023, the Company has transferred its entire stake in Horizon Remit SDN. BHD., Malaysia, Joint Venture Company (“JV”) to M/s Al Jadeed Investment International SPC, Sultanate of Oman (“the buyer”).
As per the terms of the sale, the earlier shareholders of the JV including the company were to ensure that there was no outstanding debt on books of the JV on the date of transfer to the buyer. In accordance with such terms, company was obligated to contribute a total of USD 121200 towards its stake. As such, company had instructed the buyer to transfer company’s share of sale proceeds of USD 34380 (Rs. 25,56,497/-) directly to the creditors of the JV while balance USD 86820 was to be discharged separately by the company. The company had sought approval of the RBI for both such netting off to the extent of USD 34380 and outward remittance of balance USD 86820, however RBI had not acceded to Company's request vide communication dated 01.09.2022. Regarding the netting off of USD 34380, the payment outside India for discharge of debt is covered within the definition of repatriation as per Foreign Exchange Management (Realisation, Repatriation & Surrender of Foreign Exchange) Regulations, 2015 and therefore the company shall again make application to seek approval of RBI.
Regarding balance USD 86820, the company has recognised an equivalent current liability of Rs. 71,80,014/- as of 31.03.2023 in Note 20.
Paul Innovations LLP - Paul Innovations LLP has been considered to be Joint Venture within the meaning of the IND AS till 07.09.2022 as the Company has withdrawn its entire stake in the said Joint Venture with effect from the said date.The Company was one of the partner in Paul Innovations LLP holidng 50% share in which other partner is Espranza Innovations Private Limited.
Please refer to Note 1 ,6 & 37 for details on Securities/Assets pledged and Corporate Guarantee given for Sanction of Limits in Paul Merchants Finance Private Limited from Kotak Mahindra Bank Limited,ICICI Bank Limited,State Bank of India, AU Small Finance Bank , IDBI, Tata Capital Ltd., Capital Small Finance Bank,Uttkarsh Small Finance Bank, Cholamandalam Investment & Finance Co, Bajaj Finance Limited and Indian Overseas Bank
Note 45. Other Notes
Balance under Sundry Debtors, Sundry Creditors, Loans & Advances and Other Receivable and Payables are subject to confirmation and reconciliation.
b The previous Year figures have been regrouped/re-classified/re-stated wherever necessary to conform with the current presentation. c Notes form integral part of Accounts for the year ending 31st March 2023
The company has availed finance facilities from banks and other financial institutions against security of current assets and the quarterly statements submitted to bank in respect of the same are in agreement with the books of accounts. Further all banking facilities obtained by the company during the year have been utilised for the specified purposes only. All charges in respect of the finance facilities have also been duly registered with the Registrar of Companies within specified time under the Companies Act 2013.
The company confirms that title deeds of all immovable properties accounted in the financial statements are held in name of the company. No e proceedings are pending against the Company for holding any Benami property under the Benami Property (Prohibition) Act ,1988 (45 of 1988)and the rules made thereunder.
f The company has not been declared willful defaulter by any bank or financial institution or government or any government authority.
g The company does not have any transaction with the Strike Off Companies in the Financial Year.
h No registration or satisfaction of charges are pending to be filed with ROC.
. There are no undisclosed income /transactions which has been surrendered during the year as per income tax act,1961 . The company has not traded or invested in crypto currency or virtual currency during the financial year.
k There is no scheme of Amalgamation/Merger is approved by Court/NCLT, as no such case for Amalgamation/Merger related to company is pending before any Court/NCLT.
Additional information pursuant to Schedule III Division II part I & II of the Companies Act. 2013 other than stated above is either NIL or Not Applicable.
|