Shree Renuka Sugars Ltd
Directors Reports
Dear Members,
The Board of Directors present their Twenty-Seventh Annual Report and audited financial
statements for the financial year ended 31st March 2023.
Standalone Financial Results
The highlights of the standalone financial results are as under:
(Rs. in Million)
| Particulars |
FY 2022-23 |
FY 2021-22 |
| Revenues |
86,862 |
62,091 |
| Earnings before interest, taxes, depreciation, and amortization (excluding foreign
exchange gain/loss) |
7,197 |
4,781 |
| Foreign exchange loss (net) |
720 |
315 |
| Financial expenses |
5,413 |
3,755 |
| Depreciation |
2,291 |
2,010 |
| Profit /(loss) before provision for tax and exceptional items |
(1,227) |
(1,299) |
| Exceptional Items |
- |
2,514 |
| Provision for taxation: |
|
|
| - Income Tax relating to earlier years |
- |
- |
| - Deferred Tax / (Income) |
130 |
84 |
| Net Profit/(Loss) |
(1,357) |
1,131 |
| Total comprehensive income/(loss) |
(328) |
3,125 |
| Retained Earnings and Items of Other Comprehensive Income (OCI) brought forward from
the previous year |
(29,782) |
(33,096) |
| Changes in Retained Earnings |
(656) |
1,599 |
| Changes in Items of OCI |
(799) |
1,715 |
| Closing Retained Earnings and Items of OCI |
(31,236) |
(29,782) |
Operating Highlights
The Company achieved total revenue of INR 86,862 million for the year ended 31st
March 2023 as against INR 62,091 million for the previous year. The EBITDA (excluding
foreign exchange gain/loss) for the year under review stood at INR 7,197 million as
compared to INR 4,781 million for the previous year, while the Net loss stood at INR 1,357
million as compared to Net profit of INR 1,131 million for the previous year. Analysis of
operating performance is covered under Management Discussion and Analysis which forms part
of this Report.
In February 2023, the Company commenced commissioning activities of its expanded
ethanol production capacity at Athani (from 300 KLPD to 450 KLPD) and at Munoli (from 120
KLPD to 500 KLPD).__ With this, the Company's ethanol production capacity stands increased
from 720 KLPD to 1250 KLPD.
There were no material changes in the nature of business of the Company during the year
under review.
Dividend & Dividend Distribution Policy
Since the Company has carried forward losses as on 31st March 2023, your
Directors have not recommended any dividend for the financial year ended 31st
March 2023. The Company has complied with the requirement of formulation of the Dividend
Distribution Policy of the Company which may be accessed on the Company's website at
https://renukasugars.com/pdf/corporate-governance/dividend-distribution-policy.pdf
Transfer to Reserves
Debenture Redemption Reserve (DRR) is created to the extent of 25% of the
non-convertible debentures (NCDs) equally over the period till maturity of the NCDs, as
per the requirements of the applicable laws. Since the Company has already transferred
requisite amount to DRR, the Company has not transferred any further amount to DRR during
the financial year ended 31st March 2023.
Deposits
During the year under review, your Company has not accepted any deposits from public
within the meaning of Sections 73 and 74 of the Companies Act, 2013 (the "Act")
and the Companies (Acceptance of Deposits) Rules, 2014.
Management Discussion and Analysis Report
The Management Discussion and Analysis (MDA) report on the business and operations of
the Company is given in a separate section and forms part of this Annual Report.
Subsidiary Companies and Consolidated Financial Statements
As stipulated by Regulation 33 of the Securities Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulation, 2015 ("SEBI Listing
Regulations"), the Consolidated Financial Statements have been prepared by the
Company in accordance with the applicable Accounting Standards. The audited Consolidated
Financial Statements, together with Auditors' Report, forms part of the Annual Report.
Pursuant to Section 129(3) of the Companies Act, 2013 ("the Act"), a
statement containing the salient features of the financial statements of each subsidiary,
joint venture and joint operations in the prescribed Form AOC-1 is provided in the
financial statements forming part of this Annual Report.
Pursuant to Rule 8 of the Companies (Accounts) Rules, 2014, the highlights of
performance of subsidiaries and their contribution to the overall performance of the
Company during the period under review is provided in the notes on consolidated financial
statements forming part of this Annual Report. There was no material change in nature of
the business of any of the subsidiaries during the year.
Pursuant to Section 136 of the Act, the audited financial statements, including the
consolidated financial statements and related information of the Company and accounts of
each of the subsidiaries of the Company are available on the website of the Company at
https://renukasugars.com/en/financials.html. These documents will be made available to the
Members for inspection electronically, upon request, up to the date of the ensuing Annual
General Meeting. The Company will make available the documents of the subsidiaries upon
request by any member of the Company interested in obtaining the same.
During the year under review, no company became or ceased to be a subsidiary of the
Company.
The Board of Directors, at its meeting held on 24th May 2022, approved the
Scheme of Amalgamation of wholly owned subsidiaries namely Monica Trading Private Limited
(MTPL), Shree Renuka Agri Ventures Limited (SRAVL), and Shree Renuka Tunaport Private
Limited (SRTPL) with the Company. The said scheme was filed with the Stock Exchanges on 1st
August 2022. The Company has filed an application with National Company Law Tribunal
(NCLT), Mumbai Bench for merger of MTPL and National Company Law Tribunal, Bangalore Bench
for merger of SRAVL and SRTPL with the Company. All t he necessary compliances as per
directions issued by the Mumbai bench have been complied and t he compliance affidavit has
been filed with Mumbai NCLT, which has issued order of amalgamation, a copy of which is
awaited. In respect of applications filed with Bangalore NCLT Bench, the Company has
complied with the dispatch notices to creditors and regulatory authorities. Clearance from
Registrar of Companies, Regional Director and Official Liquidator is awaited.
The Company's Policy for Determining Material Subsidiaries may be accessed on the
Company's website at https://renukasugars.com/pdf/corporate-governance/
policy-on-determining-material-subsidiaries.pdf
Merger of Gokak Sugars Limited with the Company
The Company had received an in-principle approval from BSE Ltd. and National Stock
Exchange of India Ltd. (NSE) on 11th March 2022 for merger of Gokak Sugars
Limited (GSL) with the Company. Company could not proceed with filing the application with
NCLT within the prescribed time line.
Subsequently, the Board of Directors the Board of Directors, at their meeting held on
11th August 2023, had approved revised scheme of merger of GSL with the
Company. The Company will be approaching BSE and NSE for their approval and proceed with
the filing of the application with NCLT as soon as the approvals are received.
CHANGE OF NAME:
The Shareholders had approved change in the name of the Company to "Shree Renuka
Enterprises Limited" vide their resolution dated 29th June 2022.
However, due to operational reasons, the Company did not apply the Central Government
for its approval to the change of name.
Share Capital
During the year under review, there was no change in the paid-up share capital of the
Company which stands at Rs. 212,84,89,773 comprising of 212,84,89,773 equity shares of Re
1 each fully paid-up. As on 31st March 2023, 99.85% of the total paid-up equity
share capital of the Company stands in the dematerialized form.
Directors and Key Managerial Personnel
Pursuant to the provisions of Section 152 of the Act, Mr. Kuok Khoon Hong (DIN:
00021957), Non-Executive Director of the Company, is liable to retire by rotation at
Meeting and being eligible, offers himself for reappointment. The Board of Directors
recommends his re-appointment at the ensuing Annual General Meeting ("AGM").
In terms of the Regulation 17(1A) of the SEBI Listing Regulations, with effect from 1st
April 2019, no listed Company shall appoint or continue the appointment of a Non-executive
Director, who has attained the age of 75 years, unless a special resolution is passed to
that effect. As Mr. Kuok Khoon Hong, will turn 75 years in the next financial year, on the
recommendation of the Nomination & Remuneration/Compensation Committee (NRC), and
taking in account Mr. Khoon Hong's seniority, expertise and vast experience, which has
immensely benefitted the Company, the Board of Directors at their meeting held on 11th
August 2023 had approved the continuation of Mr. Khoon Hong as a Non-Executive Director of
the Company, liable to retire by rotation subject to the special resolution passed by the
Members in the ensuing AGM.
Brief Resume of Mr. Khoon Hong is circulated to the Members as part of the Annual
Report.
The Board of Directors, through Circular Resolution and on the recommendation of the
NRC, appointed Mr. Arun Chandra Verma (DIN: 06981070) as an Independent Director of the
Company for a period of 5 (Five) years with effect from 1st April 2022.
Subsequently, the Members, vide their resolution passed through Postal Ballot on 29th
June 2022, approved the appointment of Mr. Verma as an Independent Director, to hold
office for a term of 5 (Five) years with effect from 1st April 2022.
Mr. Dorab Mistry (DIN:07245114) and Mr. Bhupatrai Premji (DIN: 07223590) retired as
Independent Directors of the Company, upon completion of their second term as Independent
Director on 21st August 2022. The Board placed its gratitude towards the
valuable contribution of Mr. Dorab Mistry and Mr. Bhupatrai Premji during their tenure.
The Board of Directors, on the recommendation of the NRC, appointed Mr. Seetharaman
Sridharan (DIN: 01773791) and Mr. Siraj Hussain (DIN: 05346215) as Independent Directors
of the Company as per the provisions of Sections 149, 152 and 161 of the Companies Act,
2013 for a term of 5 (Five) years with effect from 9th August 2022.
Subsequently, the Members, at the 26th Annual General Meeting held on 16th
September 2022, approved the appointments of Mr. Sridharan and Mr. Hussain as Independent
Directors, to hold office for a term of 5 (Five) years with effect from 9th
August 2022.
The Board of Directors, on the recommendation of the NRC, approved the appointment of
Mr. TK Kanan (DIN: 00020968) as an Alternate Director to Mr. Khoon Hong with effect
from 19th May 2022.
The Board of Directors, on the recommendation of the NRC, re-appointed Mr. Madhu Rao
(DIN: 02683483) as an Independent Director of the Company as per the provisions of
Sections 149, 152 and 161 of the Companies Act, 2013 for the second term of 5 (Five) years
effective from 27th June 2023. Subsequently, the Members had, vide resolution
passed through Postal Ballot on 17th June 2023, approved the appointment of Mr.
Rao as an Independent Director, to hold office for the second term of 5 (Five) years with
effect from 27th June 2023.
The Board is of the opinion that the Independent Directors of the Company including
those appointed during the year possess requisite qualifications, expertise and experience
and they hold highest standards of integrity. The Independent Non-Executive Directors of
the Company have confirmed compliance with relevant provisions of Rule 6 of the Companies
(Appointments and Qualifications of Directors) Rules, 2014.
The policy of the Company on Directors' appointment and remuneration including criteria
for determining qualifications, positive attributes, independence of a director and other
matters provided under Section 178(3) of the Act and SEBI Listing Regulations adopted by
the Board is appended as Annexure I to this Report. We affirm that the remuneration
paid to the directors is as per the terms laid out in the Nomination and Remuneration
Policy of the Company. The policy is available on the website of the Company
https://renukasugars.com/pdf/corporate-governance/nomination-remuneration-policy.pdf.
As on date of this report, Mr. Atul Chaturvedi, Executive Chairman, Mr. Vijendra Singh,
Executive Director & Dy. CEO, Mr. Ravi Gupta, Executive Director, Mr. Sunil Ranka,
Chief Financial Officer and Mr. Deepak Manerikar, Company Secretary, are the Key
Managerial Personnel of the Company.
Performance Evaluation
Pursuant to the provisions of the Act and SEBI Listing Regulations, the Board of
Directors has undertaken an evaluation of its own performance, the performance of its
Committees and of all the individual Directors based on various parameters relating to
roles, responsibilities and obligations of the Board, effectiveness of its functioning,
contribution of Directors at meetings and the functioning of its Committees. The
performance evaluation of the Chairman and Non-Independent Directors was carried out by
the Independent Directors in their separate meeting. The Board of Directors expressed
their satisfaction with the evaluation process.
The separate meeting of Independent Directors of the Company was held on 14th
March 2023 to discuss matters as per the provisions of Companies Act, 2013 and SEBI
Listing Regulations.
The Board hereby confirms that the Company has received necessary declaration from each
independent director under Section 149(7) of the Companies Act, 2013, that he / she meets
the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and
Regulation 25 of the SEBI Listing Regulations.
Meetings of the Board
During the year, five meetings of the Board of Directors were held, the details of
which are given in the report on Corporate Governance, which forms part of this Annual
Report.
The Company has complied with the requirements of SS-1 (Secretarial Standard on
meetings of the Board of Directors) in respect of the meetings of the Board of Directors
held during the year.
Directors' Responsibility Statement
To the best of their knowledge and belief and according to the information and
explanations obtained by them, your Directors make the following statements in terms of
Section 134(3)(c) of the Act:
(a) that in the preparation of the annual accounts, the applicable accounting standards
have been followed along with no material departures;
(b) that the Directors have 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 as at 31st
March 2023 and of the loss of the Company for the year ended on that date;
(c) that the Directors have 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) that the Directors have prepared the annual accounts on a going concern basis;
(e) that the Directors have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively; and
(f) that the Directors have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems are adequate and operating
effectively.
Auditors and Auditors' Report
M/s. S R B C & CO LLP, Chartered Accountants (Firm Registration No.
324982E/E300003) were re-appointed as Statutory Auditors of the Company at the 26th
AGM held on 16th September 2022, for a second term of 5 consecutive years to
hold office from the conclusion of the 26th AGM till the conclusion of 31st
AGM.
During FY 2022-23, the Statutory Auditors had not reported any matter under Section
143(12) of the Act and therefore, no details are required to be disclosed under Section
134(3) of the Act.
Secretarial Auditors
Pursuant to the provisions of Section 204 of the Act, the Board had appointed M/s. DVD
& Associates, Practicing Company Secretary (Membership No. F6055/CP No. 6515), to
conduct Secretarial Audit for the financial year 2022-23. The Secretarial Audit Report for
the financial year ended 31st March 2023 is annexed herewith as Annexure II to
this Report. There are no qualifications or observations made by the Secretarial Auditor
in the said report.
During the year, the Secretarial Auditors had not reported any matter under Section
143(12) of the Act and therefore, no details are required to be disclosed under Section
134(3) of the Act.
Cost Auditors
The Board of Directors, on the recommendation of the Audit Committee, had appointed
M/s. B. M. Sharma & Co, Cost Accountants, as the Cost Auditor to audit the cost
records for the financial year ending 31st March 2023. Remuneration payable to
the Cost Auditor is subject to ratification by the Members of the Company. Accordingly, a
resolution seeking Members' approval for ratification of the remuneration payable to M/s.
B. M. Sharma & Co, Cost Accountant, forms a part of the Notice of the enusing AGM,
along with relevant details, including the proposed remuneration.
In terms of Section 148 of the Act, read with Rule 8 of the Companies (Accounts) Rules,
2014, it is stated that the cost accounts and records are made and maintained by the
Company as specified by the Central Government under sub-section (1) of Section 148 of the
Act.
ConservationofEnergy,TechnologyAbsorption, Foreign Exchange Earnings and Outgo
Information pursuant to the provisions of Section 134(3) (m) of the Act and the rules
framed thereunder relating to conservation of energy, technology absorption, foreign
exchange earnings and outgo as per the Companies Act, 2013 forms part of this Report and
is annexed hereto as
Annexure III.
Corporate Governance
In compliance with Regulation 34 read with Schedule V of SEBI Listing Regulations, a
detailed report on Corporate Governance forms part of this Annual Report. A Certificate
from the Practising Company Secretary confirming compliance of the conditions of Corporate
Governance as stipulated under SEBI Listing Regulations is appended to the Corporate
Governance Report.
Particulars of Employees
The information in terms of Section 197(12) of the Act read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given as Annexure
IV. Further, the statement containing particulars of employees as required under
Section 197(12) of the Companies Act, 2013 read with Rule 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in an Annexure
and forms part of this report. In terms of Section 136(1) of the Companies Act, 2013, the
annual report and the financial statements are being sent to the Members excluding the
aforesaid Annexure. The Annexure is available for inspection and any Member interested in
obtaining a copy of the Annexure may write to the Company Secretary.
Employee Stock Option Scheme
The NRC of the Board of Directors of the Company, inter alia, administers and monitors
the SRSL Employees Stock Option Plan-2011 ("Scheme") of the Company in
accordance with applicable SEBI regulations.
During the year under review, the Company has not granted any fresh Stock Options to
the employees.
Contracts and Arrangement with Related Parties
All Contracts/arrangements entered by the Company during the financial year with
related parties were in the ordinary course of business and on an arm's length basis. The
details required under Section 134 of the Companies Act, 2013, and Rule 8(2) of the
Companies (Accounts) Rules, 2014 are annexed herewith as Annexure V. The details of
transactions with related parties are given in notes to the financial statements. Details
showing the disclosure of transactions with related parties as required under Ind AS-24
and 2A of Schedule V of SEBI Listing Regulations are set out in the financial statements.
The Company's Policy on Related Party Transactions may be accessed on the Company's
website at https:// renukasugars.com/pdf/corporate-governance/tpt-policy-srsl.pdf
Particulars of Loans, Guarantees or Investments
Particulars of loans, guarantees given, securities provided and investments made are
provided in the notes to the financial statements.
Corporate Social Responsibility
Your Company is committed to Corporate Social Responsibility (CSR) by catering to the
needs of the weaker sections of the society. The CSR Committee vide Circular Resolution
dated 1st March 2023, approved the CSR spending for the financial year
2021-2022 and carried out the same. The CSR Policy of the Company may be accessed on the
Company's website at https://
renukasugars.com/pdf/corporate-governance/policy-on-corporate-social-responsibility.pdf
The report on the CSR activities is appended as Annexure VI to the Board's
Report.
Investor Education and Protection Fund (IEPF)
PursuanttotheprovisionsofSection124oftheAct,Investor Education and Protection Fund
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (‘IEPF Rules') read
with the relevant circulars and amendments thereto, the amount of dividend remaining
unpaid or unclaimed for a period of seven years from the due date is required to be
transferred to the Investor Education and Protection Fund (‘IEPF'), constituted by
the Central Government. Further, all shares in respect of which dividend has not been paid
or claimed for seven consecutive years shall be transferred by the Company to IEPF.
During the year under review, the Company was not required to transfer any
unclaimed/unpaid dividend and shares to IEPF.
The details of unclaimed/unpaid dividends and equity shares transferred to IEPF are
available on the website of the Company at https://renukasugars.com/en/
shareholders-service.html
The contact details of Nodal Officer of the Company are available on the website of the
Company at https:// renukasugars.com/en/shareholders-service.html
Annual Return
In terms of Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies
(Management and Administration) Rules 2014, the Annual Return of the Company for FY
2022-23 is available on the website of the Company at
https://renukasugars.com/en/financials.html
Risk Management & Internal Financial Controls
The Company has adopted a Risk Management Policy which is reviewed on a periodic basis
in order to recognize, assess and reduce exposure to risks wherever possible, identify
steps to mitigate risks and to identify risk owners for all types of risks.
The Company's Risk Management Policy is based on the philosophy of achieving
substantial growth while mitigating and managing risks involved. The Company's internal
control systems with reference to the financial statements are adequate and commensurate
with the nature of its business and the size and complexity of its operations. Periodic
audits and checks are conducted and the controls to prevent, detect and correct any
irregularities in the operations have been laid down by the Company.
The details relating to the composition, powers, roles, terms of reference, number of
meetings held, attendance at the meetings etc. of Risk Management Committee are given in
detail in the Corporate Governance Report, which forms part of this Annual Report.
Whistle Blower Policy
Pursuant to SEBI Listing Regulations, SEBI (Prohibition of Insider Trading)
Regulations, 2015, and the Act, the Company has in place a Whistle blower Policy/ Vigil
Mechanism to deal with unethical behaviour, victimisation, fraud and other grievances or
concerns of directors, employees and stakeholders. The Whistle blower Policy may be
accessed on the Company's website at https://renukasugars.com/pdf/corporate-governance/
whistle-blower-policy.pdf During the year under review, no complaints were received by the
Company under the policy.
Prevention of Sexual Harassment at Workplace
The Company has complied with the requirement of constitution of Internal Complaints
Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition &
Redressal) Act, 2013 and Rules made thereunder.
During the year, there were no complaints received by the Company under the said Act.
Human Resources (HR)
The Company's HR policies and procedures are designed to recruit and retain the best
talent to support the operations of the Company and to align the interest of employees
with the long term organizational goals.
HR department has outlined a talent management strategy in place designed for the
company to gain optimal results. In order to achieve desired goals, HR has facilitated the
Company to transform from good to great and made efforts in building "A People
Centric Organisation".
Further, by marching forward, HR has been able to transform the organisation by
building "A People Centric Organisation" by aligning people with the Company's
goals and visions, by objective and key result-driven performance, custom made training
programs at all levels, investing in existing and future talent supply and optimizing
talent pipeline.
Material Changes & Events after Balance Sheet Date
1. The Company entered into a non-binding term sheet for acquisition of 100% equity
shares in a sugar manufacturing company based in Uttar Pradesh. The proposal may be
finalized after satisfactory due diligence.
2. The Board of Directors approved Merger of Gokak Sugars Limited (93.6% subsidiary)
with the Company in its meeting held on 11th August 2023.
This is subject to the Company obtaining all the requisite approvals.
Business Responsibility and Sustainability Report" ("BRSR")
In terms of Regulation 34 of SEBI Listing Regulations read with circular No.
SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated 10th May 2021, new reporting
requirements on Environment, Social and Governance (ESG) parameters were prescribed under
"Business Responsibility and Sustainability Report" (‘BRSR'). The BRSR
seeks disclosure on the performance of the Company against nine principles of the
"National Guidelines on Responsible Business Conduct" (‘NGRBCs'). As per
the SEBI Circulars, effective from the financial year 2022-23, filing of BRSR is mandatory
for the top 1000 listed companies by market capitalization. Accordingly, BRSR for the
financial year ended 31st March 2023, is annexed as Annexure VII.
Restructuring of Non-convertible Debentures
During the year under review, the company restructured the terms of 1,500, 11.70%
Non-Convertible Debentures (NCDs) and 1,000, 11.30% Non-Convertible Debentures (NCDs) of
the Company aggregating to Rs. 250 crores, issued to LIC of India. These NCDs are listed
on the Wholesale Debt Market (WDM) Segment of BSE Limited. The in-principle approval for
the restructuring was issued by BSE on 15th March 2023 and execution of
documentation for restructuring/amendments of existing terms was made on 27th
and 28th March 2023. The Company is in the process of completing the
documentation/formalities for listing of these restructured NCDs on BSE Limited. The
summary of restructured NCDs are as given below:
| ISIN |
ROI |
Nos. of NCDs |
Face value |
(In Rs. ) |
Maturity |
| INE087H07094 |
11.70% |
750 |
10,00,000 |
75,00,00,000 |
31-Mar-28 |
| INE087H07102 |
11.00% |
750 |
10,00,000 |
75,00,00,000 |
31-Mar-32 |
| INE087H07128 |
11.30% |
500 |
10,00,000 |
50,00,00,000 |
31-Mar-28 |
| INE087H07110 |
11.00% |
500 |
10,00,000 |
50,00,00,000 |
31-Mar-32 |
Other Disclosures/Reporting
Your Directors state that no disclosure or reporting is required in respect of the
following items as there were no transactions on these items during the year under review.
• Issue of equity shares with differential rights as to dividend, voting or
otherwise.
• Issue of shares (including sweat equity shares) to employees of the Company
under any scheme.
• No significant or material orders were passed by the Regulators or Courts or
Tribunals which impact the going concern status and Company's operations in future.
• No application has been made by the Company and neither any proceeding is
pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year.
• The Company has not done any one-time settlement during the year, and hence, the
details of difference between amount of the valuation done at the time of one-time
settlement and the valuation done while taking loan from the Banks or Financial
Institutions along with the reasons thereof, is not applicable.
• The Whole time Directors of the Company are not receiving any remuneration or
commission from the Holding Company or Subsidiary Company of the Company.
• All recommendations of Audit Committee during the year were accepted by the
Board.
Appreciation & Acknowledgements
The Board wishes to place on record its gratitude for the assistance and co-operation
received from the financial institutions, banks, lenders, government authorities,
customers, vendors and cane growers and finally to all its Members for the trust and
confidence reposed in the Company. The Board further wishes to record its sincere
appreciation for the significant contributions made by the employees at all levels for
their competence, dedication and contribution towards the operations of the Company.
For and on behalf of the Board
|
Atul Chaturvedi |
| Date: 11th August 2023 |
Executive Chairman |
| Place: Mumbai |
DIN: 00175355 |