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Mission-Critical Decisions, Made with Confidence.
h) The Securities and Exchange Board of India
(Issue and Listing of Non-Convertible Securities)
Regulations, 2021 – Not Applicable as the
Company has not issued and listed Non-
Convertible Securities during the financial year
under review and;
i) The Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements),
Regulations, 2015.
(vi) The Management has identified and confirmed the
following laws as being specifically applicable to
the Company:
The Securities and Exchange Board of India (Research
Analysts) Regulations, 2014.
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 Ltd and National Stock Exchange of India Ltd.
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
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 and Listing Regulations;
• 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 where consent of
directors was received for circulation of notices, agenda
and notes to Agenda at a shorter notice 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 and CEO, President – Risk and Compliance and
CFO 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.
Statutory Reports
For S. N. ANANTHASUBRAMANIAN & Co.
Company Secretaries
ICSI Unique Code: P1991MH040400
Peer Review Cert. No.: 5218/2023
S. N. Ananthasubramanian
Founding Partner
FCS: 4206
Date: February 10, 2025 COP No.: 1774
Place: Thane ICSI UDIN: F004206F003903431
Annual Report 2024
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