Your directors are delighted to present the 41st Board Report on Company's Business Operations
along with the Audited Financial Statements for the financial year ended 31st March 2024.
FINANCIAL SUMMARY
The Standalone Financial Results of the Company for the year ended 31st March, 2024 are as follows:
(Amount in Lakhs)
|
PARTICULARS
|
Year Ended 31st March,
|
Year Ended 31st March,
|
| |
2024
|
2023
|
|
Total Revenue
|
40.67
|
-
|
|
Less: Expenses
|
22.70
|
15.36
|
|
Profit/ (Loss) before taxation
|
17.96
|
(15.36)
|
|
Less: Tax Expenses
|
0.01
|
-
|
|
Profit/ Loss after tax
|
17.95
|
(15.36)
|
No material changes and commitments affecting the financial position of the Company have occurred
after the closure of the financial year to which this financial statement relates and the date of this
report.
PERFORMANCE REVIEW
During the financial year 2023-24, the Company has earned a revenue of Rs.40.67/- (In Lakhs) and
earned a profit of Rs.17.95/- (In Lakhs) as compared to the loss of previous year Rs.15.36/- In Lakhs.
DIVIDEND
In the absence of adequate profits during the financial year 2023-24, the Board does not recommend
any Dividend. Your directors have not paid any interim Dividend during the year. There is no unpaid
Dividend of earlier years which has been transferred or due to be transferred to Investor Education
and Protection Fund during the year.
RESERVES
During the year under review, there was no amount transferred to any of reserves by the Company.
CHANGE IN CAPITAL STRUCTURE AND LISTING OF SHARES
As at March 31, 2024, the Authorized Share Capital of the Company is Rs.1,300/- (in Lakhs) divided into
1,30,00,000 (One Crore Thirty Lakh) equity shares of Rs.10/- (Ten only).
The Issued, Subscribed and Paid-up Share Capital of the Company as at March 31, 2024 is Rs.797.40/-
(In Lakhs) consisting of total 79,74,000 equity shares of Rs. 10/- each. During the year under review,
there is no change in the Issued, Subscribed and Paid-up Share Capital of the Company.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Presently, the Board comprises of the following Directors and Key Managerial Personnel:
Mr. Debashis Mukherjee - Managing Director
Mr. Sushil Dattatraya Sindhkar - Non-Executive Director
Mrs. Vani Ramesh Alva - Independent Director
Mr. Moti Dabhi - Independent Director
Mr. Vishal Nilesh Kothari - Chief Financial Officer
Mrs. Pinal Rahul Parekh - Company Secretary & Compliance Officer
During the Year, Following were the changes in Directors/ Key Managerial Personnel:
1. Mrs. Shobha Rustagi and Mrs. Vani Alva has resigned with effect from 06th May, 2023.
2. Mrs. Shobha Rustagi and Mrs. Vani Alva was appointed as an Additional Independent Director, on
the recommendation by Nomination and Remuneration Committee, with effect from 25th May,
2023.
3. Mr. Vijay Bhutna has resigned as a Managing Director of the Company with effect from with effect
from 25th May 2023 and Mr. Debashis Mukherjee has been appointed as a Managing Director of
the Company with effect from with effect from 25th May, 2023.
4. Mr. Sanjiv Jain has resigned as a Non-Executive Director with effect from 25th May, 2023.
5. Mr. Sushil Dattatraya has appointed as a Non-Executive Director and Chairman of the Company
with effect from 25th May, 2023.
6. Ms. Nishi was appointed as a Company Secretary and Compliance Officer with effect from 14th
September, 2023 and Mr. Ebrahim Nimuchwala has resigned with effect from 25th May, 2023 from
the post of Company Secretary and Compliance Officer.
7. Ms. Nishi has resigned as a Company Secretary and Compliance officer with effect from 19th
January, 2024 and Mrs. Pinal Parekh has been appointed as a Company Secretary officer with
effect from 25th January, 2024.
8. Mrs. Shobha Rustagi has resigned as an Independent Director with effect from 24th January, 2024.
All Directors of your Company have given requisite declaration pursuant to Section 164 of the
Companies Act, 2013 that they are not disqualified to be appointed as Directors. The Company has
received necessary declaration from all the Independent Directors under Section 149(7) of the
Companies Act, 2013, confirming that they meet the criteria of independence as laid down in Section
149(6) of the Companies Act, 2013 and the Listing Regulations. Further, in the opinion of the Board,
the independent Directors also possess the attributes of integrity, expertise and experience as
required to be disclosed under Rule 8 (5) (iii) of the Companies (Accounts) Rules, 2014. The Company
has also received from them declaration of compliance of Rule 6 (1) & (2) that they have registered
themselves with databank of Independent Directors as maintained by Ministry of Corporate Affairs.
Mrs. Vani Alva, Mrs. Shobha Rustagi and Mr. Debashis Mukherjee was regularized as a Director in the
Annual General Meeting of the Company held on 30th September, 2023.
DECLARATION OF INDEPENDENT DIRECTORS
All Independent Directors have given declarations that they comply with the criteria of Independence
as laid down under Section 149(6) of the Companies Act, 2013 and as per SEBI (LODR) Regulations,
2015
FAMILIARISATION PROGRAMME FOR THE INDEPENDENT DIRECTORS
In compliance with the requirements of Regulation 25(7) of the Listing Regulations, the Company has
put in place a Familiarization Programme for the Independent Directors to familiarize them with the
Company, their roles, rights, responsibilities in the Company, nature of the industry in which the
Company operates, business model etc. The details of the Familiarization Programme conducted are
available on the website of the Company: http://veloxindustriesltd.in/
EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS
During the year, annual performance evaluation of the Board and Committees of the Board, individual
Directors including the Chairman of the Company, was carried out as per the criteria and process
approved by Nomination and Remuneration Committee, which is in line with the SEBI Guidance Note
on Board Evaluation.
The Chairman and other members of the Board discussed upon the performance evaluation outcome
and concluded that they were satisfied with the overall performance of the Board and Committees of
the Board and Directors individually. The Board also assessed the fulfillment of the independence
criteria as specified in Listing Regulations, by the Independent Directors of the Company and their
independence from the management
MEETINGS OF BOARD
The Board of Directors of your Company 11 (Eleven) times during the year under review. The
intervening gap between the Meetings was within the period prescribed under the Companies Act,
2013. In compliance with the Companies Act, 2013 and the Rules framed there under, where
permitted.
SEPARATE MEETING OF INDEPENDENT DIRECTORS
As stipulated by the Code of Independent Directors under Schedule IV of the Companies, Act, 2013, a
separate meeting of the Independent Directors of the Company was held to review the performance
of Non- Independent Directors, the Board as whole, including the Chairman of the Company and to
discuss the matters related to the quality, quantity and timeliness of flow of information between the
Company management and the Board. The Independent Director Meeting for this Matter was held by
the Company on 25th January, 2024 and the information regarding this matter has been preserved and
kept under record by the Company Secretary of the Company.
COMMITTEES OF THE BOARD
As on March 31, 2024, the Board has 3 (Three) Committees. Audit Committee, Nomination and
Remuneration Committee, Stakeholders Relationship Committee.
During the year under review, all the recommendations made by the Committees of the Board,
including the Audit Committee, were accepted by the Board.
The details of Composition and Number of Committee Meetings held during the year shall be as
follows:
A. Audit Committee:
|
Name of the Director
|
Category
|
Number of meetings during the
|
| |
|
Financial Year 2023-24
|
| |
|
Held
|
Attended
|
|
Sushil Sindhkar
|
Non-Executive Director
|
4
|
4
|
|
Shobha Rustagi
|
Independent Director
|
4
|
4
|
|
Vani Alva
|
Independent Director
|
4
|
4
|
|
Debashis Mukherjee
|
Managing Director
|
4
|
4
|
B. Nomination and Remuneration Committee:
|
Name of the Director
|
Category
|
Number of meetings during the
Financial Year 2023-24
|
|
Held
|
Attended
|
|
Sushil Sindhkar
|
Non-Executive Director
|
4
|
4
|
|
Shobha Rustagi
|
Independent Director
|
5
|
5
|
|
Vani Alva
|
Independent Director
|
5
|
5
|
|
Debashis Mukherjee
|
Managing Director
|
4
|
4
|
C. Stakeholders Relationship Committee:
|
Name of the Director
|
Category
|
Number of meetings during the
Financial Year 2023-24
|
|
Held
|
Attended
|
|
Sushil Sindhkar
|
Non-Executive Director
|
1
|
1
|
|
Shobha Rustagi
|
Independent Director
|
1
|
1
|
|
Vani Alva
|
Independent Director
|
1
|
1
|
|
Debashis Mukherjee
|
Managing Director
|
1
|
1
|
The Shareholders of the Company at the 39th Annual General Meeting (AGM) held on 26th September,
2022, appointed M/s. P. Shah & Co, Chartered Accountants (Firm Reg. No. 109710W) as the Statutory
Auditors of the Company for a second term of Five Consecutive years from the conclusion of the 39th
Annual general Meeting, till the conclusion of the 44 th Annual General Meeting of the Company to be held
in the year 2027. M/s. P. Shah & Co, Chartered Accountants, had tendered their resignation letter dated
May 30, 2024 and to fill the casual vacancy, the Company had appointed M/s. Bilimoria Mehta & Co.,
Chartered Accountants (Firm Registration No. 101490W) to act as Statutory Auditors of the Company till
the conclusion of this Annual General Meeting.
Based on the recommendation of the Audit Committee and Board of Directors, M/s. Bilimoria Mehta &
Co., Chartered Accountants (Firm Registration No. 101490W) were appointed as the Statutory Auditors
of the Company to hold the office for a term of 5 years starting from the conclusion of 41st Annual General
Meeting till the conclusion of 46th Annual General Meeting to be held in the year 2029.
The Statutory Auditors of the Company viz. M/s. Bilimoria Mehta & Co., Chartered Accountants (Firm
Registration No. 101490W), have confirmed their eligibility and qualification required under Section 139,
Section 141 and other applicable provisions of the Companies Act, 2013 and Rules issued thereunder
(including any statutory modification(s) or re-enactments thereof for the time being in force) and are not
disqualified from continuing as Statutory Auditors of the Company.
The Notes on financial statements referred to in the Auditors' Report are self-explanatory and do not call
for any further comments.
The Statutory Auditor report for the financial year ended March 31, 2024 does not contain any
qualification, reservation or adverse remark on the financial statements of the Company.
SECRETARIAL AUDITORS AND THEIR REPORT
CS Hiren Gediya, Practicing Company Secretary was appointed as Secretarial Auditor of the Company
to conduct a secretarial auditfor the financial year 2023-24 pursuant to Section 204 of the Companies
Act, 2013. The Secretarial Audit Report submitted by them in the prescribed form MR- 3 is attached as
'Annexure 1' to this report.
Qualification: The Secretarial Audit report mentioned that the Change in the composition of Directors
or KMP had to be submitted to the Stock Exchange in both XBRL and PDF format as per circular notice
number 20230127-37 dated 27th January, 2023 but only PDF format was submitted by the Company.
Clarification by the Company: We would like to inform you that the filing in the XBRL format was
missed inadvertently. Prior to the circular, intimation to the Stock Exchange was mandatory only in the
PDF format. Also, the Stock Exchange did not notify the Company and hence the XBRL filing was missed
inadvertently.
The Internal Audit Department lead by Mr. Vishal Kothari, performs the duties of internal auditors of
the Company and their report is reviewed by the audit committee from time to time.
COST RECORDS & COST AUDIT
During the Financial year 2023-24, provisions related to maintenance of cost records and cost audit
were not applicable on the Company.
DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE
REPORTABLE TO CENTRAL GOVERNMENT
Pursuant to provisions of the Section 143(12) of the Companies Act, 2013, neither the Statutory
Auditors nor the Secretarial Auditor has reported any incident of fraud to the Audit, Risk and
Compliance Committee during the year under review.
INDIAN ACCOUNTING STANDARDS
The financial statements for the year ended on March 31, 2024 has been prepared in accordance with
the Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules,
2015 and the Companies (Indian Accounting Standards) Amendment Rules, 2016 notified under
Section 133 of Companies Act, 2013 and other relevant provisions of the Act.
ANNUAL RETURN
The annual return of the Company as per the provision of Section 134(3)(a) and 92(3) of the Companies
Act, 2013 is available on website of the Company at http://veloxindustriesltd.in/investor-
relations/annual-returns/
DEPOSITS
During the period under review, the Company had not accepted any fixed deposits or deposits from
the public falling within the ambit of Section 73 to 76 of the Companies Act, 2013 read with the
Companies (acceptance of deposits) Rules, 2014.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES
ACT, 2013
The Company has not granted any loans, provided any securities and not made any investments
pursuant to Section 186 of the Companies Act, 2013 during the year under review.
The Company has accepted an unsecured loan from the Directors of the Company in compliance of the
provision of the Rule 2(c)(viii) of the Companies (Acceptance of Deposits) Rules, 2014.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
Pursuant to the provisions of Section 178 (1) of the Companies Act, the Company has constituted a
committee under the name Nomination and Remuneration Committee to perform the functions as
specified under the said section.
The Nomination and Remuneration committee has laid down the criteria as specified under Section
178 (3) of the Act and also carried out evaluation of every Director's performance.
The Board of Directors has also framed a policy which lays down a framework in relation to
remuneration of Directors, key managerial personnel and senior management of the Company. This
policy also lays down criteria for selection and appointment of Board Members and related matters
are put up on the website of the Company.
The Nomination and remuneration Policy may be accessed on the Company's website at
www.veloxindustriesltd.in
RISK MANAGEMENT
The provision regarding the establishment of Risk Management Committee is not applicable to the
Company. However, Board of Directors, time to time in their meetings discuss and evaluate about
industry risks, political risks and all other risk which may affect the business of the Company and plans
the strategies to mitigate these risks. The Risk Management Policy is available on the website of the
Company at www.veloxindustriesltd.in
INTERNAL FINANCIAL CONTROL SYSTEM
According to Section 134(5)(e) of the Companies Act, 2013, the term Internal Financial Control (IFC)
means the policies and procedures adopted by the Company for ensuring the orderly and efficient
conduct of its business, including adherence to Company's policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the accounting
records, and the timely preparation of reliable financial information.
The Company has a well-placed, proper and adequate internal financial control system which ensures
that all assets are safeguarded and protected and that the transactions are authorized, recorded and
reported correctly.
Since the Company has not declared any divided from last 7 years, so the provisions of Section 125 of
the act read with Rule 6 of the Investor Education and Protection Fund Authority (Accounting, Audit,
Transfer and Refund) Rules, 2016 is not applicable.
RELATED PARTY TRANSACTIONS
All the related party transactions that were entered in to during the financial year were on arm's length
basis and were in ordinary course of business. The Company presents all related party transactions
before the Audit Committee and Board specifying the nature, value, and terms and conditions of the
transaction. The transactions with related parties are conducted in a transparent manner with the
interest of the Company and Stakeholders as utmost priority. During the year under review, the
Company has not entered in to any contract or agreement with related parties which qualify as
material.
Accordingly, the disclosure of Related Party Transaction as required under Section 134(3)(h) of the
Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 in Form AOC-2 is not
applicable upon the Company.
In line with the requirements of the Act and SEBI Listing Regulations the Company has formulated a
Policy on Materiality of Related Party Transactions which is also available on the Company's website
at www.veloxindustriesltd.in
VIGIL MECHANISM (WHISTLE BLOWER POLICY)
In compliance with the provisions of Section 177(9) of the Companies Act 2013 read with Rule 7 of the
Companies (Meetings of Board and its Powers) Rules, 2014, your Company has in place a
'Whistleblower Policy,' which provides an opportunity to the directors and employees to raise
concerns about unethical and improper practices or any other wrongful conduct in or in relation to the
Company. The Whistle- Blower Protection Policy aims to:
• Allow and encourage stakeholders to bring to the management notice concerns about unethical
behavior, malpractice, wrongful conduct, actual or suspected fraud or violation of policies.
• Ensure timely and consistent organizational response.
• Build and strengthen a culture of transparency and trust.
• Provide protection against victimization.
The Audit Committee periodically reviews the existence and functioning of the mechanism. The policy
permits all the directors and employees to report their concerns directly to the Chairman ofthe
Audit Committee of the Company.
The Vigil mechanism/ Whistle Blower Policy is available on the website of the Company at
www.veloxindustriesltd.in
INTERNAL COMPLAINT COMMITTEE
Since the provisions for constitution of internal complaint committee is not applicable on the
Company, the Company has not constituted said committee.
During the financial year 2023-24, the Company has not received any complaint related to sexual
harassment and no complaint has been filed with the local complaint committee.
PARTICULARS OF REMUNERATION OF DIRECTORS AND KMPs
There are no employees employed throughout the financial year who were in receipt of remuneration
of Rs. One Crore and Two Lakh Rupees or more or employed for part of the year who were in receipt
of remuneration of Eight Lakh and Fifty Thousand Rupees Per Month under Rule 5(2) of the Companies
(Appointment and Remuneration of Managerial Remuneration) Rules, 2014. The disclosure u/s
197(12) and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 are annexed herewith as Annexure - 2.
COMPLIANCE OF CORPORATE GOVERNANCE PROVISIONS
The provision of Corporate Governance requirements as specified in regulation 17 to 27 and clauses
(b) to (i) of sub regulation (2) of regulation 46 and Para C, D & E of schedule V of SEBI (LODR)
Regulations, 2015 are not applicable upon the Company. The Company has however complied with all
the other applicable regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015.
CONSERVATION OF ENERGY, TECHNOLOGY, ADOPTION & FOREIGN EXCHANGE EARNING & OUTGO
The Company has no particulars to report regarding conservation of energy as required under Section
134(3) (m) of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014 thereunder.
However, the Company has undertaken various energy efficient practices which has strengthened the
Company's commitment towards becoming an environment friendly organization. The Company
makes all efforts towards conservation of energy, protection of environment and ensuring safety. As
far as possible, Company is utilizing alternate sources of energy.
(B) Technology absorption:
The operations of the Company are not technology driven. No technology has been imported. There is
nothing to be disclosed on account of technology absorption.
(C) Foreign exchange earnings and Outgo during the year:
|
Particulars
|
Amount (In Lakhs)
|
|
Foreign Exchange Earned in terms of actual
|
NIL
|
|
inflows
|
|
|
Foreign Exchange Earned in terms of actual
|
NIL
|
|
inflows
|
|
ENVIRONMENT/ POLLUTION CONTROL, HEALTH AND SAFETY
The Company is conscious of the importance of environmentally clean and safe operations. The
Company's policy requires conduct of operations in such a manner so as to ensure safety of all
concerned, compliances of environmental regulations and preservation of natural resources.
CHANGE IN THE NATURE OF BUSINESS, IF ANY
The Company is now engaged in the business of carrying on all or any of the trades and business of
freight contractors, carriers, shippers, shipping agent, agents of operators of shipping lines
consolidation and multi model transport operations. Earlier the Company was engaged in food
industry.
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
There are no significant and material orders passed by the Regulators/ Courts/ Tribunals which would
impact on the going concern status of the Company and its future operations.
DETAILS OF SUBSIDIARY/ JOINT VENTURES/ ASSOCIATE COMPANIES AND ITS PERFORMANCE AND
FINANCIAL POSITION INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENT
The Company does not have any Subsidiary, Joint venture or Associate Company.
NAME OF THE COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT
VENTURES OR ASSOCIATES DURING THE FINANCIAL YEAR 2023-24
During the financial year 2023-24, no entity has become or ceased to be its subsidiary, joint venture
or associate of the Company.
HUMAN RESOURCE
Your Company is of the firm opinion that efficiency of its employees plays a key role in achieving set
goals and building a competitive work environment. The Company is committed to provide a
protective environment at workplace for all its women employees. To ensure that every woman
employee is treated with dignity and respect and as mandated under "The Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013" the Company has constituted
an "Internal Complaints Committee" for prevention of sexual harassment of its women employees.
During the year, the Committee has not received any complaint related to Sexual harassment.
POLICY ON BOARD DIVERSITY
The Board has framed a policy for Board Diversity which lays down the criteria for appointment of
Directors on the Board of your Company and guides organization's approach to Board Diversity. Your
Company believes that, Board diversity on the basis of the gender, race and age will help build diversity
of thought and will set the tone at the top. A mix of individuals representing different geographies,
culture, industry experience, qualification and skill set will bring in different perspectives and help the
organization grow. The Board of Directors is responsible for review of the policy from time to time.
Policy on Board Diversity has been placed on the Company's website at http://veloxindustriesltd.in/
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(c) of the Companies Act, 2013, your Directors, based on representation from
operating management and after due enquiry, confirm that:
(i) In the preparation of the annual accounts, the applicable accounting standards have been followed
and there have been no departures;
(ii) Accounting policies have been selected in consultation with the Statutory Auditors and these have
been applied consistently and reasonable and prudent judgments and estimates have been made so
as to give a true and fair view of the state of affairs of the Company as at March 31, 2024 and of the
Profit of the Company for the year ended on that date;
(iii) 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) The annual accounts have been prepared on a going concern basis;
(v) The Company has laid down internal financial controls. The Company has also assessed the adequacy
of the Company's internal controls over financial reporting as of March 31, 2024 and have found
them to be adequate; and
(vi) Proper systems have been devised to ensure compliance with the provisions of all applicable laws
and that such systems were adequate and operating effectively.
DEPOSITORY SYSTEMS
The Company has established connectivity with both depositories viz. National Securities Depository
Limited (NSDL) and Central Depository Services (India) Limited (CDSL).
The Company has appointed M/s. Alankit Assignments Limited, a Category-I SEBI registered R & T
Agent as its Registrar and Share Transfer Agent (RTA) across physical and electronic alternative. The
members are requested to contact the Registrar directly for any of their requirements.
LIST OF CREDIT RATINGS OBTAINED/ REVISION
During the year under review, no fresh credit rating was obtained by the Company.
SECRETARIAL STANDARDS
Your Directors confirm that pursuant to Section 118(10) of the Companies Act, 2013, applicable
Secretarial Standards, i.e. SS-1 and SS- 2, pertaining to Meeting of Board of Directors and General
Meetings, respectively specified by the Institute of Company Secretaries of India has been duly
complied by the Company.
The Directors have devised proper systems to ensure compliance with the provisions of all applicable
Secretarial Standards and that such systems are adequate and operating effectively.
UNCLAIMED SHARES
Pursuant to Regulation 39(4) read with Schedule VI of the Listing Regulations, the Company reports
that there are no unclaimed shares as on March 31, 2024.
STATUTORY COMPLIANCE, STRICTURES AND PENALTIES
The Company has complied with the requirement of the Stock Exchanges, SEBI and other statutory
authority on matters related to capital markets during the last three years.
GENERAL DISCLOSURES
Your directors state that no disclosure or reporting is required in respect of the following items as they
were not applicable to your Company during the year under review:
1. Issue of equity shares with differential rights as to dividend, voting or otherwise.
2. Issue of Shares (Including Sweat Equity Shares) to employees of the Company under any Scheme.
3. Shares having voting rights not exercised directly by the employees and for the purchase of which
or subscription to which loan was given by the Company.
4. The application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016
during the year.
5. The one-time settlement with any Bank or Financial Institution.
ACKNOWLEDGEMENT
Your directors are pleased to take this opportunity to thank the Employees, Investors, Bankers
Customers, Vendors and all the other Stakeholders for their continued support during the year. We
are grateful to the various authorities for their continued cooperation. We place on record our
appreciation of the contribution made by our employees at all levels. Our consistent growth was made
possible by their hard work, solidarity, co-operation and support.
FOR AND ON BEHALF OF
VELOX INDUSTRIES LIMITED
Sd/-
DEBASHIS MUKHERJEE
CHAIRMAN & MANAGING DIRECTOR
DIN:00537728
Date: 05th September, 2024
Place: Mumbai
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