Waaree Renewables Technologies Ltd
Directors Reports
Dear Members
Waaree Renewable Technologies Limited
Mumbai
Your Directors have the immense pleasure to present the 24th (Twenty
Fourth) Board's Report on the business and operations of the Company and the accounts for
the Financial Year ended March 31, 2023.
1. FINANCIAL RESULTS
The Company's financial performance for the year ended March 31, 2023
is summarised below:
(Amount in Lakhs)
| Particulars |
Consolidated |
Standalone |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
| Total Income |
35,248.49 |
16,981.83 |
34,691.61 |
16,791.35 |
| Less: Expenditure |
27,547.07 |
14,860.28 |
26,710.66 |
14,195.94 |
| Profit/(Loss) before Tax |
7,701.42 |
2,121.55 |
7,980.95 |
2,595.41 |
| Tax Expense (including Previous Year Tax Adjustment) |
2,168.15 |
1,232.41 |
2,040.29 |
555.19 |
| Profit/(Loss) after Tax |
5,533.27 |
889.14 |
5,940.66 |
2,040.22 |
2. OPERATIONS & STATE OF COMPANY'S AFFAIRS
During Financial Year 2022-23 (the year under review), the Company
along with its subsidiaries commissioned and executed 295 MW (approx) projects. A total of
817 MW is under execution.
During the year under review, standalone gross revenue was at H34691.61
lacs as against H16791.35 lacs. At consolidated level the Company achieved a gross revenue
of H35248.49 lacs as against H16981.83 lacs the in the previous year.
Standalone profit before tax of the Company was at H7980.95 lacs during
the year under review as against H2,595.41 lacs in the previous financial year. The
Company earned a consolidated profit before tax of H7701.42 lacs during the year under
review, as against H2121.55 lacs in the FY 2021-22.
3. DIVIDEND AND RESERVES
Your directors have recommended a dividend of H1.00/- per equity share
ofH10/- each for the financial year ended March 31, 2023 The payment of dividend will
result into a cash outflow of H208.15 lacs. The dividend, if approved, by the Members at
the ensuing Annual General Meeting shall be paid to all the eligible Members by October
25, 2023.
The Company does not propose to transfer any amount to reserves.
4. SHARE CAPITAL
The authorised share capital of the Company is H210,000,000 (Rupees
Twenty-One crores only) comprising of 21,000,000 equity shares of face value of H10/-
each.
The paid-up equity share capital as at March 31, 2023 stood at
H208,148,340 (Rupees Twenty Crore Eighty-One Lakh Forty-Eight Thousand three hundred and
forty only).
There was no change in the share capital of the Company during the
financial year ended on March 31, 2023.
The Company has not issued any equity shares with or without
differential rights during the year under review and hence no information as per
provisions of Rule 4(4) of the Companies (Share Capital and Debenture) Rules, 2014 is
furnished.
The Company has not issued any sweat equity shares during the year
under review and hence no information as per provisions of Rule 8(13) of the Companies
(Share Capital and Debenture) Rules, 2014 is furnished.
There are no shares held by trustees for the benefit of employees and
hence no disclosure under Rule 16(4) of the Companies (Share Capital and Debentures)
Rules, 2014 has been furnished.
5. EMPLOYEES STOCK OPTION SCHEME (ESOP)
The Waaree Renewable Technologies Limited - Employee Stock Options Plan
2022" ("Waaree RTL ESOP 2022") was approved by the Members of the Company
by Special Resolution passed by Postal Ballot on June 25, 2022. The Company has granted
1,15,730 Stock options to the eligible employee under the Waaree RTL ESOP 2022 during the
year under review. Each option, when exercised, would entitle the holder to subscribe for
one equity share of the Company of face value H10 each.
A certificate from the Secretarial Auditor on the implementation of
Waaree RTL ESOP 2022 will be placed at the ensuing Annual General Meeting for inspection
by the Members.
1,15,730 stock options were available for grant to the eligible
employees as on March 31, 2023.
The particulars with regard to stock options as on March 31, 2023, as
required to be disclosed pursuant to the provisions of Companies (Share Capital and
Debentures) Rules, 2014 read with the applicable SEBI (Share Based Employee Benefits and
Sweat Equity) Regulations, 2021, are set out at Annexure-1 to this Report.
6. SUBSIDIARY AND ASSOCIATES COMPANIES
As on March 31, 2023 the Company has the following subsidiaries:
• Waasang Solar One Private Limited (51% shareholding)
• Waasang Solar Private Limited (100% Wholly owned)
• Waaree PV Technologies Private Limited (100% Wholly owned)
• Sangam Rooftop Solar Private Limited (100% Wholly owned)
The Company has no associate orjoint venture Company during the
financial year and as on March 31, 2023.
The details as required under Rule 8 of the Companies (Accounts) Rules,
2014 regarding the performance and financial position of the Subsidiaries, Associates and
Joint Ventures of the Company are provided in Form AOC-1 as Annexure -2, which form part
of the Consolidated Financial Statements of the Company for the financial year ended March
31, 2023.
7. CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Act and implementation requirements of Indian
Accounting Standards ('IND- AS') on accounting and disclosure requirements and as
prescribed by the SEBI Listing Regulations, the Audited Consolidated Financial Statements
are provided in this Annual Report
Pursuant to Section 129(3) of the Act, a statement containing the
salient features of the Financial Statements of the Subsidiaries, Associates and Joint
Ventures of the Company in the prescribed form AOC-1 is annexed at Annexure -2 to this
Annual Report
Pursuant to Section 136 of the Act, the Financial Statements of the
Subsidiaries are available on the website of the Company i.e., www.waareertl.com. under
the Investors Section.
8. CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of Corporate
Governance and adheres to the Corporate Governance requirements as stipulated by the
Securities and Exchange Board of India ('the SEBI').
The report on Corporate Governance as prescribed in the SEBI Listing
Regulations forms an integral part of this Annual Report.
The requisite certificate from Zarna Sodagar & Co., Practising
Company Secretary, confirming compliance with the conditions of Corporate Governance along
with a declaration signed by CEO of the Company stating that the
Members of the Board of Directors and Senior Management have affirmed the compliance with
code of conduct of the Board of Directors and Senior Management, is attached to the report
on Corporate Governance.
9. ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3) (a) of the Act, the
Annual Return as on March 31, 2023 is available on the website of the Company at www.
waareertl.com. under Investor relations tab.
10. DIRECTORS AND KEY MANAGERIAL PERSONNEL
• In terms of the provision of Section 152 of the Companies Act,
2013 and of Articles of Association of the Company, Mr. Hitesh Pranjivan Mehta
(DIN:00207506), Director of the Company retires by rotation at seeks re-appointment as non
executive director.
• All Independent Directors have furnished the declarations to the
Company confirming that they meet the criteria of Independence as prescribed under Section
149 of the Act and Regulation 16 (1) (b) read with Regulation 25(8) of the SEBI Listing
Regulations and the Board has taken on record the said declarations after undertaking due
assessment of the veracity of the same.
• The Company has also received Form DIR-8 from all the Directors
pursuant to Section 164(2) and Rule 14(1) of Companies (Appointment and Qualification of
Directors) Rules, 2014.
• Brief profile of the Director seeking re-appointment has been
given as an annexure to the Notice of the ensuing AGM.
• As on March 31, 2023 the following persons were the Key
Managerial Personnel (KMP) of the Company pursuant to Section 2(51) and Section 203 of the
Act read with the Rules framed thereunder:
^ Mr. Pujan P. Doshi : Managing Director
^ Mr. Hitesh P Mehta : Chief Financial Officer
^ Mr. Heema Shah : Company Secretary &
Compliance Officer
11. MEETINGS
A calendar of Board Meetings, Annual General Meeting and Committee
Meetings is prepared and circulated in advance to the Directors of your Company. The Board
of Directors of your Company met 10 (ten) times during the financial year 2022-23. The
details of these Meetings are provided in the Corporate Governance Section of the Annual
Report. The maximum time gap between any two consecutive Meetings did not exceed one
hundred and twenty days.
12. BOARD COMMITTEES
The Board had constituted/re-constituted various Committees in
compliance with the provisions of
the Act and the SEBI Listing Regulations viz. Audit Committee,
Nomination and Remuneration Committee, Stakeholders Relationship Committee and Corporate
Social Responsibility Committee.
All decisions pertaining to the constitution of Committees, appointment
of Members and fixing of terms of reference/role of the Committees are taken by the Board
The details of the role and composition of these Committees, including
the number of Meetings held during the financial year and attendance at these Meetings are
provided in the Corporate Governance Section of the Annual Report.
13. PERFORMANCE EVALUATION
Pursuant to the applicable provisions of the Act and the SEBI Listing
Regulations, the Board has carried out an Annual Evaluation of its own performance,
performance of the Independent Directors and the working of its committees based on the
evaluation criteria specified by Nomination and Remuneration Committee for performance
evaluation process of the Board, its Committees and Directors.
The Board's functioning was evaluated on various aspects, including,
inter-alia, the structure of the Board, Meetings of the Board, functions of the Board,
degree of fulfilment of key responsibilities, establishment, and delineation of
responsibilities to various Committees and effectiveness of Board processes, information
and functioning.
The Committees of the Board were assessed on the degree of fulfilment
of key responsibilities, adequacy of Committee composition and effectiveness of Meetings.
The Directors were evaluated on aspects such as attendance, contribution at Board/
Committee Meetings and guidance/support to the management outside Board/Committee
Meetings.
As mentioned earlier, the performance assessment of Non-Independent
Directors, Board as a whole and the Chairman were evaluated in a separate Meeting of
Independent Directors. The same was also discussed in the Board Meeting. Performance
evaluation of Independent Directors was done by the entire Board, excluding the
Independent Director being evaluated.
14. CRITERIA FOR SELECTION OF CANDIDATES FOR APPOINTMENT AS DIRECTORS,
KEY MANAGERIAL PERSONNEL AND SENIOR MANAGEMENT PERSONNEL
The Nomination and Remuneration Committee has laid down well-defined
criteria, in the Nomination and Remuneration Policy, for selection of candidates for
appointment as Directors, Key Managerial Personnel and Senior Management Personnel.
The said Policy is available on the Company's website and can be
accessed by weblink www.waareertl.com.
15. FAMILIARIZATION PROGRAM OF
INDEPENDENT DIRECTORS
In compliance with the requirements of the SEBI Listing Regulations,
the Company has put in place a familiarization program for Independent Directors to
familiarize them with their role, rights and responsibility as Directors, the operations
of the Company, business overview etc.
The details of the familiarization program are explained in the
Corporate Governance Report and the same is also available on the website of the Company
and can be accessed by weblink www.waareertl.com .
16. A STATEMENT REGARDING OPINION OF THE BOARD WITH REGARD TO
INTEGRITY, EXPERTISE, AND EXPERIENCE (INCLUDING THE PROFICIENCY) OF THE INDEPENDENT
DIRECTORS APPOINTED DURING THE YEAR
The Company has received declaration from the Independent Directors
that they meet the criteria of independence as prescribed under Section 149 of the Act and
Regulation 16 (1)(b) read with Regulation 25(8) of the SEBI Listing Regulations. In the
opinion of the Board, they fulfil the condition for appointment/re- appointment as
Independent Directors on the Board and possess the attributes of integrity, expertise and
experience as required to be disclosed under Rule 8(5) (iiia) of the Companies (Accounts)
Rules, 2014.
17. INDEPENDENT DIRECTORS' MEETING
In terms of Schedule IV of the Act and Regulation 25 of the SEBI
Listing Regulations, Independent Directors of the Company are required to hold at least
one meeting in a financial year without the attendance of NonIndependent Directors and
Members of Management.
During the year under review, Independent Directors met separately on
March 14, 2023, inter-alia, for
• Evaluation of performance of Non-Independent Directors and the
Board of Directors of the Company as a whole.
• Evaluation of performance of the Chairman of the Company, taking
into views of Executive and NonExecutive Directors; and
• Evaluation of the quality, content, and timelines of flow of
information between the Management and the Board that is necessary for the Board to
effectively and reasonably perform its duties.
18. REMUNERATION POLICY FOR DIRECTORS, KEY MANAGERIAL PERSONNEL AND
SENIOR MANAGEMENT EMPLOYEES
The Nomination and Remuneration Committee has laid down the framework
for remuneration of Directors, Key Managerial Personnel and Senior Management Personnel in
the Nomination and Remuneration Policy
recommended by it and approved by the Board of Directors. The Policy,
inter-alia, defines Key Managerial Personnel and Senior Management Personnel of the
Company and prescribes the role of the Nomination and Remuneration Committee. The Policy
lays down the criteria for identification, appointment and retirement of Directors and
Senior Management. The Policy broadly lays down the framework in relation to remuneration
of Directors, Key Managerial Personnel and Senior Management Personnel. The Policy also
provides for the criteria for determining qualifications, positive attributes and
independence of Director and lays down the framework on Board diversity.
The said Policy is available on the Company?s website and can be
accessed by weblink www.waareertl.com.
19. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY COMPANY
Particulars of Loans, Guarantees and Investments made during the year
as required under the provisions of Section 186 of the Act are given in the notes to the
Financial Statements forming part of Annual Report.
Also, pursuant to Paragraph A (2) of Schedule V of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, ('SEBI Listing Regulations?) particulars of Loans/ Advances given to
subsidiaries have been disclosed in the notes to the Financial Statements forming part of
Annual Report.
20. WHISTLE BLOWER POLICY/VIGIL MECHANISM
The Company has adopted a Whistle Blower Policy to provide a formal
mechanism to the Directors and employees to report their concerns about unethical
behaviour, actual or suspected fraud or violation of the Company?s Code of Conduct or
Ethics Policy. The Policy provides for adequate safeguards against victimization of
employees who avail of the mechanism and provides for direct access to the Chairman of the
Audit Committee. It is affirmed that no person has been denied access to the Audit
Committee.
The said Policy is available on the Company website and can be accessed
by weblink www.waareertl.com .
21. RELATED PARTY TRANSACTIONS AND POLICY
The related party transactions attracting the compliance under the
Companies Act, 2013 and/or the SEBI Listing Regulations were placed before the Audit
Committee and/or Board and/or Members for necessary review/ approval.
The routine related party transactions were placed before the Audit
Committee for its omnibus approval. A statement of all related party transactions entered
was presented before the Audit Committee on a quarterly basis, specifying the nature,
value and any other related terms and conditions of the transactions.
Transactions to be reported in Form AOC-2 in terms of Section 134 of
the Act read with Companies (Accounts) Rules, 2014, with related parties are annexed as
Annexure - 3 .
The Related Party Transactions Policy in line with the requirements of
Regulation 23 of the SEBI Listing Regulations is available on the Company website and can
be accessed by weblink www.waareertl.com .
22. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant and material orders passed by the
Regulators/Courts that would impact the going concern status of the Company and its future
operations.
23. MATERIAL CHANGES AND COMMITMENT IF ANY, AFFECTING FINANCIAL
POSITION OF THE COMPANY FROM THE END OF FINANCIAL YEAR TILL THE DATE OF THE REPOR
There have been no material changes and commitments affecting the
financial position of the Company which have occurred between the end of the financial
year to which the Financial Statements relate and the date of this Report.
24. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of section 134(5) of the Companies Act,
2013, the Directors confirm that;
i. in the preparation of the Annual Accounts for the year ended March
31, 2023, the applicable accounting standards have been followed along with proper
explanation relating to departures, if any;
ii. appropriate accounting policies have been selected and applied
consistently and such judgments and estimates have been made that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the Company as at
March 31, 2023 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 this Act 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. proper internal financial controls are laid down and such internal
financial controls are adequate and operating effectively;
vi. proper systems to ensure compliance with the provisions of all
applicable laws have been devised and such systems were adequate and operating
effectively.
Your Auditors have opined that the Company has in, all material
respects, maintained adequate internal financial controls over financial reporting and
that they were operating effectively
25. STATUTORY AUDITORS
Pursuant to the provisions of Section 139 of the Companies Act, 2013
and Companies (Audit and Auditors)
Rules, 2014, M/s KKC & Associates LLP (Formerly known as Khimji
Kunverji & Co. LLP) Chartered Accountants (FRN 105146W/ W100621) were appointed as
Statutory Auditors of the Company at the 22nd Annual General Meeting held on September 30,
2021 for the term of Five years i.e.; from the conclusion of 22nd Annual General Meeting
till the conclusion of 27th Annual General Meeting to be held in 2026. As required under
Section 139 of the Act, the Company has obtained certificate from them to the effect that
their continued appointment, would be in accordance with the conditions prescribed under
the Act and the Rules made thereunder, as may be applicable.
The Auditors' Report is unmodified i.e., it does not contain any
qualification, reservation or adverse remark
26. REPORTING OF FRAUD
There was no instance of fraud during the year under review, which
required the Statutory Auditors to report under Section 143(12) of the Act and the Rules
made thereunder.
27. COST AUDIT AND COST RECORDS
Provision of Section 148 of the Companies Act, 2013 read with the
Companies (Cost Records and Audit) Rules, 2014 are not applicable to the Company during
the financial year under review.
28. SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and rules made thereunder, the Company has appointed R M Mimani & Associates LLP,
Company Secretaries to undertake the Secretarial Audit of the Company for the financial
year 2022-23 and the same was conducted by them in accordance with the provisions of
Section 204 of the Act. The Secretarial Auditor's Report is attached to this Annual Report
at Annexure -4
The Secretarial Auditor's observations are selfexplanatory.
29. SECRETARIAL STANDARDS
The Company has complied with the applicable SS-1 (Secretarial Standard
on Meetings of the Board of Directors) and SS-2 (Secretarial Standard on General Meetings)
issued by the Institute of Company Secretaries of India and approved by the Central
Government under Section 118(10) of the Companies Act, 2013.
30. TRANSFER OF UNCLAIMED DIVIDEND AND EQUITY SHARES TO INVESTOR
EDUCATION AND PROTECTION FUND (IEPF)
Pursuant to Section 124 of the Act read with the Investor Education and
Protection Fund Authority (Accounting, Audit, Transfer and Refund Rules), 2016 ('the IEPF
Rules?), during the year under review, no amount of Unclaimed
dividend and corresponding equity shares were due to be transferred to
IEPF account
31. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an adequate system of internal control to ensure that
the resources are used efficiently and effectively so that:
• assets are safeguarded and protected against loss from
unauthorized use or disposition.
• all significant transactions are authorised, recorded and
reported correctly.
• financial and other data are reliable for preparing financial
information.
• other data are appropriate for maintaining accountability of
assets.
The internal control is supplemented by an extensive internal audits
programme, review by management along with documented policies, guidelines and procedures.
32. INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY
The Company has in place adequate internal financial controls
commensurate with the size, scale and complexity of its operations. The Company has
policies and procedures in place for ensuring proper and efficient conduct of its
business, 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 adopted accounting policies, which are
in line with the Accounting Standards and the Act
33. RISK MANAGEMENT
The Company has established a well-documented and robust risk
management framework under the provisions of the Act. Under this framework, risks are
identified across all business processes of the Company on a continuous basis. Once
identified, these risks are managed systematically by categorizing them into Enterprise
Level Risk & Project Level Risk. These risks are further broken down into various
subcategories of risks such as operational, financial, contractual, order book, project
cost and time overrun etc. and proper documentation is maintained in the form of activity
log registers, mitigation reports, and monitored by respective functional heads.
The Company has constituted a Risk Management Committee on May 29, 2023
as required in term of the provisions of regulation 21 of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 to
provide guidance in management of risk and to support the achievement of corporate
objectives, protect staff and business assets and ensure financial stability.
34. PREVENTION OF SEXUAL HARASSMENT POLICY
The Company has always believed in providing a conducive work
environment devoid of discrimination and harassment including sexual harassment. The
Company has a well formulated Policy on Prevention and Redressal of Sexual Harassment. The
objective of the Policy is to prohibit, prevent and address issues of sexual harassment at
the workplace. This Policy has striven to prescribe a code of conduct for the employees
and all employees have access to the Policy document and are required to strictly abide by
it. The Policy covers all employees, irrespective of their nature of employment and is
also applicable in respect of all allegations of sexual harassment made by an outsider
against an employee.
The Company has duly constituted an Internal Complaints Committee in
line with the provisions of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the Rules thereunder. During the year 2022-23, no
case of Sexual Harassment was reported.
35. CORPORATE SOCIAL RESPONSIBILITY (CSR)
A brief outline of the Corporate Social Responsibility ('CSR') Policy
as recommended by the CSR Committee and approved by the Board of Directors of the Company,
and the initiatives undertaken by the Company on CSR activities during the year are set
out in Annexure-5 of this Report in the prescribed format.
The said Policy is available on the Company?s website and can be
accessed by weblink www.waareertl.com .
36. ENVIRONMENT AND SAFETY
Your Company is committed to ensure sound Safety, Health and
Environmental (SHE) performance related to its activities, products and services. Your
Company is taking continuous steps to develop Safer Process Technologies and Unit
Operations and has been investing heavily in areas such as Process Automation for
increased safety and reduction of human error element.
The Company is committed to continuously take further steps to provide
a safe and healthy environment.
37. INDUSTRIAL RELATIONS
The industrial relations continued to be generally peaceful and cordial
during the year under review.
38. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information relating to the Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo as required to be disclosed under the
Companies (Accounts) Rules, 2014 is given in Annexure -6 forming part of this Report.
39. PUBLIC DEPOSITS
Your Company has not accepted any deposit falling under Chapter V of
the Act during the year under review. There were no such deposits outstanding at the
beginning and end of the FY 2022-23.
40. PARTICULARS OF EMPLOYEES AND OTHER ADDITIONAL INFORMATION
Disclosure 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 annexed to the Report as Annexure -7.
In terms of proviso to Section 136(1) of the Act, the Report and Accounts are being sent
to the Members, excluding statement containing particulars of top 10 employees and the
employees, drawing remuneration in excess of limits prescribed under Rule 5(2) and (3) of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The said
Statement is also open for inspection. Any member interested in obtaining a copy of the
same may write to the Company Secretary
41. BUSINESS RESPONSIBILITY AND
SUSTAINABILITY REPORT
The Company, being part of the top 1,000 listed companies as per the
Market capitalization as on March 31, 2023, has annexed Business Responsibility and
Sustainability Report for the financial year 202223 in the format prescribed by the SEBI,
covering the performance of the Company on the nine principles as per National Voluntary
Guidelines (NVGs) at Annexure -8 of this Annual Report.
42. MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis Report for the year 22-23 as
stipulated under SEBI (LODR), Regulations, 2015 has annexed as Annexure -9 of this Report.
43. DIVIDEND DISTRIBUTION POLICY
Dividend Distribution Policy of the Company ('the Policy), endeavours
for fairness, consistency and sustainability while distributing profits to the Members and
same is attached to this Report as Annexure-10.
44. DISCLOSURE OF AGREEMENTS
As on date of the notification i.e., June 14, 2023, there was no
agreement are subsisting as specified in clause 5A of part A of Schedule III of SEBI LODR
Second Amendment Regulations, 2023.
45. CAUTIONARY STATEMENT
Statements in this Report, Management Discussion and Analysis,
Corporate Governance, notice to the Shareholders or elsewhere in this Annual Report,
describing the Company?s objectives, projections, estimates and expectations may
constitute 'forward looking statement' within the meaning of applicable laws and
regulations. Actual results might differ materially from those either expressed or implied
in the statement depending on the Market conditions and circumstances.
46. ACKNOWLEDGEMENT AND APPRECIATION
Your directors would like to acknowledge and place on record their
sincere appreciation to all Stakeholders,
Clients, Financial Institutions, Banks, Central and State Governments,
the Company's valued Investors and all other Business Partners, for their continued
cooperation and support extended during the year.
Your Directors recognize and appreciate the efforts and hard work of
all the employees of the Company and their continued contribution to promote its
development.
|
On behalf of the Board of Directors For Waaree Renewable
Technologies Limited |
|
|
Pujan Doshi Hitesh Mehta |
|
| Place: Mumbai |
(Managing Director) |
(Executive Director) |
| Dated: July 24, 2023 Registered office 504, Western Edge-I,
off. Western Express Highway Borivali (East), Mumbai 400066 |
DIN: 07063863 |
DIN: 00207506 |