Page 103 - Index

Mission-Critical Decisions, Made with Confidence.
and dealing with client- Not applicable as the
securities of the Company are not listed on the
Stock Exchanges;
f) The Securities and Exchange Board of India
(Delisting of Equity Shares) Regulations, 2021-
Not applicable as the securities of the Company
are not listed on the Stock Exchanges;
g) The Securities and Exchange Board of India
(Buy-back of Securities) Regulations, 2018- Not
applicable as the securities of the Company are
not listed on the Stock Exchanges;
h) The Securities and Exchange Board of India
(Issue and Listing of Non-Convertible Securities)
Regulations, 2021- Not applicable as the
securities of the Company are not listed on the
Stock Exchanges;
i) The Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements),
Regulations, 2015- Not applicable as the
securities of the Company are not listed on the
Stock Exchanges.
(vi) The Management has identified and confirmed the
following laws as being specifically applicable to the
Company:-
1. SEBI (Credit Rating Agencies) Regulations, 1999
We have also examined compliance with the applicable
provisions of the following:
(i) Secretarial Standards with regard to Meetings of Board
of Directors (SS-1) and General Meetings (SS-2) issued
by the Institute of Company Secretaries of India;
(ii) Listing Agreements entered into by the Company with
the BSE Limited and National Stock Exchange of India
Ltd.- Not applicable as the securities of the Company
are not listed on the Stock Exchanges
During the period under review, the Company has complied
with provisions of the Act, Rules, applicable Regulations,
Guidelines, Standards etc. mentioned above.
We further report that:
• The Board of Directors of the Company is duly constituted
with proper balance of Executive Directors, Non-
Executive Directors, Independent Directors including a
Woman Director. The changes in the composition of the
Board of Directors that took place during the audit period
were carried out in accordance with the provisions of
the Act;
• Adequate notice is given to all Directors to schedule Board
and Committee Meetings; agenda and detailed notes on
agenda were sent at least seven days in advance before
the meeting except for Board Meeting held on 9th August
2024 where the agenda items were considered based
on consent of all the Directors present at the Meeting,
and a system exists for seeking and obtaining further
information and clarifications on the agenda items
before the meeting and for meaningful participation at
the meeting;
• All the decisions of the Board and Committees thereof
were carried through with requisite majority.
We further report that based on review of compliance
mechanism established by the Company and on the basis
of the Compliance Certificate(s) issued by the Managing
Director, Chief Financial Officer and the Compliance Officer
and taken on record by the Board of Directors at their
meeting(s), we are of the opinion that the management has
adequate systems and processes commensurate with its
size and operations, to monitor and ensure compliance with
all applicable laws, rules, regulations and guidelines.
We further report that during the review period, no
major action having a bearing on the Company’s affairs in
pursuance of the above referred laws, rules, regulations,
guidelines, standards, etc. above have taken place.
This Report is to be read with our letter of even date which
is annexed as Annexure A and forms an integral part of
this report.
For S. N. ANANTHASUBRAMANIAN & Co.
Company Secretaries
ICSI Unique Code: P1991MH040400
Peer Review Cert. No.: 5218/2023
S. N. Ananthasubramanian
Partner
FCS: 4206
Date: February 6, 2025  COP No.: 1774
Place: Thane ICSI UDIN: F004206F003903651
Annual Report 2024
101
Statutory Reports