To,
The Members of
INDIAN INFOTECH AND SOFTWARE LIMITED Mumbai
The Directors have pleasure in presenting their 41st
ANNUAL REPORT on the business and operations of the Company for the year ended 31st
March, 2023.
FINANCIAL RESULTS:
Particulars |
31.03.2023 |
31.03.2022 |
Income from sales & Other Sources |
47,06,12,802 |
55,39,23,210 |
Expenses & Depreciation |
46,28,04,457 |
549,635,808 |
Net Profit/ (Loss) before Taxation |
78,08,345 |
4,287,402 |
Provision for Taxation |
17,49,069 |
1,114,725 |
Deferred Taxation Assets |
- |
- |
Profit/ (Loss) after Taxation |
60,59,276 |
3,172,677 |
FINANCIAL PERFORMANCE & HIGHLIGHTS:
The Company?s Profit after tax is Rs. 60,59,276/- during
the current financial year ended on 31.03.2023 as compared to profit of Rs. 31,72,677 /-
in previous year ended on 31.03.2022.
DIVIDEND:
Board of Directors does not recommend any dividend for the year under
review.
TRANSFER TO RESERVES:
During the current financial year, the Company has earned a net profit
of Rs. 60,59,276/- therefore no amount of Rs. transfers made to statutory reserves
as per NBFC Guidelines.
CHANGE(S) IN THE NATURE OF BUSINESS, IF ANY:
There is no change in the nature of business carried on by the Company.
The Company has not changed the class of business in which the Company has an interest.
DIRECTORS:
The Companies Act, 2013, provides for the appointment of independent
directors. Sub-section (10) of Section 149 of the Companies Act, 2013 provides that
independent directors shall hold office for a term of up to five consecutive years on the
board of a company; and shall be eligible for re-appointment on passing a special
resolution by the shareholders of the Company.
Further, according to Sub-section (11) of Section 149, no independent
director shall be eligible for appointment for more than two consecutive terms of five
years. Sub-section (13) states that the provisions of retirement by rotation as defined in
Sub-sections (6) and (7) of Section 152 of the Act shall not apply to such independent
directors.
As on 31st March, 2023 the following director?s was on
the Board of the company:
Sr. No |
Name of Director |
Designation |
Date of Appointment |
1 |
Mr. Manish Badola |
Managing Director |
19/03/2019 |
2. |
Ms. Aksha Bihani |
Independent Director |
19/03/2019 |
3. |
Mr. Sandeep Sahu |
Independent Director |
03/09/2022 |
4. |
Mr. Vinay Kumar Yada |
Non-executive Independent Director |
08/06/2022 |
5. |
Mr. Hari Singh Rao |
Non-executive Independent Director |
08/06/2022 |
6. |
Mr. Hemant Vadilal Modi |
Executive Director |
08/06/2022 |
RETIRE BY ROTATION:
In accordance with the provisions of Section 152 of the Companies Act,
2013 and Articles of Association of the Company Mr. Hemant Vadilal Modi Director of the
Company, retires by rotation at the ensuing Annual General Meeting and being eligible has
offered for re-appointment.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE
COMPANY TO WHICH THE FINANCIAL STATEMENT RELATE AND THE DATE OF THE REPORT:
Save as mentioned elsewhere in this Report, no material changes and
commitments affecting the financial position of the Company has occurred between the ends
of the financial year of the Company 31st March, 2023 till the date of this report.
DEPOSITS:
During the year under report the company has neither invited nor
accepted any public fixed deposits within the meaning of Section 73 and 74 of the
Companies Act, 2013 and rules made there under.
MANAGEMENT?S DISCUSSION AND ANALYSIS:
Management?s Discussion and Analysis Report for the year under
review, as stipulated under Regulation 34 of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 with the Stock
Exchanges in India, is presented in a separate section forming part of the Annual Report.
CORPORATE GOVERNANCE:
Your Company has taken adequate steps to ensure that all mandatory
provisions of Corporate Governance in terms of Regulation 34 (3) of Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 with Bombay Stock Exchange Limited have been complied with.
A separate report on Corporate Governance along with certificate from
the Statutory Auditors of the Company regarding the compliance of conditions of corporate
governance as stipulated under Regulation 34 (3) of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 forms a part of this
Annual Report.
REPORTS ON CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION &
ANALYSIS:
The Company is committed to maintain the standards of Corporate
Governance and adhere to the Corporate Governance requirements set out by SEBI.
In compliance with Regulation 34 and Schedule V of SEBI (LODR)
Regulations 2015, report on the Corporate Governance, along with a certificate from the
Statutory Auditors of the Company on compliance with the provisions is annexed and forms
part of the Annual Report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
In pursuant of the provisions of Section 135 of the Companies Act,
2013, the CSR provisions are not applicable to the Company.
SHARE CAPITAL:
The paid up share capital of the Company as On 31st March,
2023 was Rs. 100,55,89,500/-, During the year under review, therehas been no change in the
Share Capital of the Company. Details of Directors shareholding as on March 31, 2023 are
mentioned in the Corporate Governance Report, which forms a part of this Annual Report.
However, During the year, the Board of Directors at its meeting held on
12th January 2023, has approved the Rights Issue of up to 26,14,53,270 (Twenty-Six Crores
Fourteen Lakhs Fifty-Three Thousands Two Hundred Seventy) Equity Shares of face value
Rupee 1/-, to the existing shareholders, the right issue shares has not been issued
allotted till the 31st March, 2023 i.e. end of Financial Year, the In-Principle
application of Right issue is pending before BSE Ltd.
EXTRACT OF ANNUAL RETURN:
An extract of Annual Return in Form as on March 31, 2023 is attached as
Annexure II to this Report and also available on the website of the Company
https://indianinfotechandsoftwareltd.in
NUMBER OF MEETINGS OF THE BOARD
The Board met Eleven times during the financial year 2022-23. The
details of the meeting are furnished in the Corporate Governance Report that forms part of
this Annual Report.
27th May,2023, 08th June 2022, 17th June 2022, 10th August,2022, 03rd
September,2022, 18th October,2022, 07th November,2022, 14th November,2022, 18th
November,2022, 12th January,2023 and 08th February,2023.
The intervening gap between any two meetings was within the period
prescribed by the Companies Act, 2013 And SEBI Regulation.
DIRECTOR`S RESPONSIBILITY STATEMENT:
As per Section 134 (5) of the Companies Act, 2013; the Board of
Directors, to the best of their knowledge and ability, confirm that:
1. In preparation of the annual accounts for the financial year ended
March 31, 2023, the applicable accounting standards have been followed
2. The directors have taken proper and sufficient care towards 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.
3. 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 at the end of the
financial year and of the profit and loss of the Company for that period.
4. The directors have prepared the annual accounts on a going concern
basis.
5. The directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and such systems are adequate and operating
effectively.
6. The directors have laid down internal financial controls, which are
adequate and are operating effectively.
AUDITORS:
A. Statutory Auditors:
M/s. ADV and Associates, Chartered Accountants (Firm Registration
No.- 128045W), are appointed as Statutory Auditors of the Company who shall
hold office of auditors for a term of 5 years from the conclusion of the 39th
Annual General Meeting till the of the conclusion of 44th Annual General
Meeting i.e. the year 2026 as required undersection 139 (1) of the Companies Act, 2013.
Auditors Qualification:
There are no qualifications, reservations or adverse remarks or
disclaimers made by M/s. ADV and Associates, Chartered Accountants (Firm Registration
No.- 128045W) Statutory Auditors of the company in their Reports dated May 30,
2023, on the Financial Statements of the Company for FY 2022-23.
B. Secretarial Audit Report:
Pursuant to provisions of Section 204 of the Companies Act, 2013 read
with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules
2014, your Company engaged the services of Mr. Brajesh Gupta, Company Secretary in
Practice, (Mem. No. A-33070and COP No.: 21306) to conduct the Secretarial Audit of the
Company for the financial year ended March 31, 2023.
The report of the Secretarial Auditor is appended as Annexure I, the
following Observations and Remarks was given by him in his Secretarial Audit Report:
C. Internal Auditor Report:
The Company has appointed Internal Auditor and Internal Auditor has
carried out the internal audit for the Financial Year 2022-23. The Report is based on the
books of accounts and other records of the Company.
d. Cost Auditors:
The Appointment of Cost Auditor is not applicable to the Company.
Hence, the company has not appointed any Cost Auditor and cost accounts and records are
not required to maintain by the company. During the year under review, the Statutory
Auditor and Secretarial Auditor have not reported any instances of frauds Committed in the
Company by its Officers or Employees, to the Audit Committee under Section 143(12) of the
Act details of which needs to be mentioned in this Report.
LISTING OF SHARES:
The Equity Shares of the Company are listed on Bombay Stock Exchange
Limited (BSE), further the Company has paid necessary listing fee to BSE as per the
Listing Agreement.
PARTICULARS OF CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:
All related party transactions that were entered into during the
financial year were on arm's length basis and were in the ordinary course of the business.
There are no materially significant related party transactions made by the company with
Promoters, Key Managerial Personnel or other designated persons which may have potential
conflict with interest of the company at large.
VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has a vigil mechanism named Fraud and Risk Management
Policy to deal with instance of fraud and mismanagement, if any, in staying true to our
values of Strength, Performance and Passion and in line with our vision of being one of
the most respected companies in India, the Company is committed to the high standards of
Corporate Governance and stakeholder responsibility.
The Company has a Fraud Risk and Management Policy to deal with
instances of fraud and mismanagement, if any. The FRM Policy ensures that strict
confidentiality is maintained whilst dealing with concerns and also that no discrimination
will be meted out to any person for a genuinely raised concern.
A high level Committee has been constituted which looks into the
complaints raised. The Committee reports to the Audit Committee and the Board.
POSTAL BALLOT:
During FY2022-23, the Company sought the approval of the shareholders
by way of postal ballot, the details of which are given below:
1. Postal Ballot vide notice dated 17th June, 2022, on the following
Resolution(s):
Sr. |
Type of Resolution |
Description of the Resolution(s) |
No |
|
|
1. |
Ordinary Resolution |
Increase in Authorized Share Capital of the Company |
2. |
Ordinary Resolution |
Alteration of Capital Clause of Memorandum of Association of
the Company |
3. |
Special Resolution |
To Adopt a New Set of Memorandum of Association |
|
|
(MOA) of the Company as per the Companies Act, 2013 |
4. |
Special Resolution |
To Adopt a New Set of Articles of Association (AOA) of the
Company as per the Companies Act, 2013 |
5. |
Special Resolution |
Alteration of Article of Association of the Company for |
|
|
Purpose of Assigning of Special Powers to Mr. Shyama Charan
Kumar: |
6. |
Special Resolution |
To Regularize Mr. Vinaykumar Kadedeen Yadav (DIN: |
|
|
09630182) as a Non- Executive Independent Director |
7. |
Special Resolution |
To Regularize Mr. Hari Singh Rao (DIN: 05132581) as a
Non-Executive Independent Director |
8. |
Special Resolution |
To Regularize Mr. Hemant Vadilal Modi (DIN: 09630204) as a
Non-Executive Non-Independent Director: |
9. |
Ordinary Resolution |
To Appoint Mr. Manish Badola (DIN: 05016172) as a Managing
Director of the Company: |
2. Postal Ballot vide notice dated 7th November, 2022, on the following
Resolution(s):
Sr. No |
Type of |
Description of the Resolution(s) |
|
Resolution |
|
1. |
Ordinary |
Increase in Authorized Share Capital Of The
Company. |
|
Resolution |
|
2. |
Ordinary |
Alteration of Capital Clause of Memorandum
Of |
|
Resolution |
Association of The Company |
RISK MANAGEMENT POLICY:
The Company has developed and implemented a mechanism for risk
management and has developed a Risk Management Policy. The Audit Committee and the Board
periodically reviewed the risk assessment and minimization procedures as required Schedule
V of Annual Report (Regulations 34 (3) and 53 (f) of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 so as to ensure
that risk is controlled by the Executive Management.
NOMINATION AND REMUNERATION POLICY:
The Board has adopted, on recommendation of the Nomination &
Remuneration Committee, a policy for selection and appointment of Directors, Senior
Management and their remuneration. A brief detail of the policy is given in the Corporate
Governance Report and also posted on the website of the Company i.e.
www.indianinfotechandsoftwareltd.in.
PREVENTION OF SEXUAL HARASSMENT POLICY:
The Company has in place a Prevention of Sexual Harassment Policy in
line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention,
Prohibition and Redressal) Act, 2013. An Internal Complaints Committee has been set up to
redress complaints received regarding sexual harassment. All employees (permanent,
contractual, temporary, trainees) are covered under this policy.
Further, during the year 2022-23, no complaints were received by the
Company related to sexual harassment. No of Complaint filed during the Financial Year
2022-23: NIL, No of Complaint disposed during the Financial Year 2022-23: NIL, No of
Complaint pending as on end of the Financial Year 2022-23: NIL
CODE OF CONDUCT:
The Board of Directors has approved a Code of Conduct which is
applicable to the Members of the Board and all employees in the course of day to day
business operations of the company. The Company believes in "Zero Tolerance"
against bribery, corruption and unethical dealings / behaviors of any form and the Board
has laid down the directives to counter such acts. The Code has been posted on the
Company's website www.indianinfotechandsoftwareltd.in.
The Code lays down the standard procedure of business conduct which is
expected to be followed by the Directors and the designated employees in their business
dealings and in particular on matters relating to integrity in the work place, in business
practices and in dealing with stakeholders. The Code gives guidance through examples on
the expected behavior from an employee in a given situation and the reporting structure.
All the Board Members and the Senior Management personnel have
confirmed compliance with the Code. All Management Staff were given appropriate training
in this regard.
PREVENTION OF INSIDER TRADING:
The Company has adopted a Code of Conduct for Prevention of Insider
Trading with a view to regulate trading in securities by the Directors and designated
employees of the Company. The Code requires pre-clearance for dealing in the Company's
shares and prohibits the purchase or sale of Company shares by the Directors and the
designated employees while in possession of unpublished price sensitive information in
relation to the Company and during the period when the Trading Window is closed. The Board
is responsible for implementation of the Code. All Board of Directors and the designated
employees have confirmed compliance with the Code.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has in place an established internal control system
designed to ensure proper recording of financial and operational information, compliance
of various internal controls and other regulatory and statutory compliances. Services of
internal auditors are utilized from time to time, as also in-house expertise and
resources. The Company continuously upgrades these systems in line with the best available
practices. Internal Audit is conducted throughout the organization by qualified
independent Internal Auditors. Findings of the Internal Audit Report are reviewed by the
Management and by the Audit Committee of the Board and proper follow up actions are
ensured wherever required.
ADDITIONAL INFORMATION REQUIRED UNDER THE NON-BANKING FINANCIAL
COMPANIES (RESERVE BANK) DIRECTIVES, 1998:
The Company is registered with the RBI as a loan and investment
company. The Company has not complied with all applicable laws, rules, circulars and
regulations, included in the Master Direction loan and investment company
(Reserve Bank) Directions, 2016 ("RBI Directions"), as
amended from time to time, and it does not carry on any activity other than those
permitted by the RBI for loan and investment company.
The relevant provisions, for disclosure in the Director?s Report,
of Non-Banking Financial Companies (Reserve Bank) Directions, 1998 issued by the Reserve
Bank of India are not applicable, as the Company is not holding any public deposits.
SUBSIDIARY COMPANIES, JOINT VENTURES AND ASSOCIATE COMPANIES:
The Company does not have any Subsidiary, Joint venture or Associate
Company during the period under review.
DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP):
A. Policy On Directors' Appointment and Remuneration
The current policy is to have an appropriate mix of executive and
independent directors to maintain the independence of the Board and separate its functions
of governance and management. As on March 31, 2023, the Board consists of 6 members. Out
of which one is the Managing Director & two are Independent Directors on the Board of
the Company.
The policy of the Company on directors' appointment and remuneration,
including criteria for determining Experience, qualifications, positive attributes,
independence of a director and other matters provided under Sub- section (3) of Section
178 of the Companies Act, 2013, adopted by the Board, are stated in this Board report. We
affirm that the remuneration decision to the directors is subject to approval and as per
the terms laid out in the nomination and remuneration policy of the Company.
B. Declaration by Independent Directors
All the Directors of the Company have confirmed that they are not
disqualified from being appointed as Director in terms of Section 164 (2) of the Companies
Act, 2013.
All Independent Directors have given declarations that they meet the
criteria of independence as laid down under Section 149 (6) of the Companies Act, 2013 and
as per Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015. Further, In compliance with Schedule IV to the Companies
Act, 2013 and Regulation 25(3) of the SEBI Listing Regulations, 2015, the independent
directors held their separate meeting on 10th March, 2023 without the
attendance of non-independent directors and members of Management, inter alia, to discuss
the following:
i) review the performance of non-independent directors and the Board as
awhile; ii) review the performance of the Chairperson of the Company, taking into account
the views of executive directors and non-executive directors; iii) assess the quality,
quantity and timeliness of flow of information between the Company Management and the
Board that is necessary for the Board to effectively and reasonably perform their duties;
and iv) review the responsibility of independent directors with regard to internal
financial controls.
All independent directors were present at the meeting, deliberated on
the above and expressed their satisfaction on each of the matters.
At the time of appointment of an Independent Director, the Company
issued a formal letter of appointment outlining his / her role, function, duties and
responsibilities as a director. The formal letter of appointment is available at the
website of the Company i.e. www.indianinfotechandsoftwareltd.in.
C. Familiarization programmer for Independent Director
The Company proactively keeps its Directors informed of the activities
of the Company, its management and operations and provides an overall industry perspective
as well as issues being faced by the industry.
D. Training of Independent Directors
Every new independent director of the Board attended an orientation
program. To familiarize the new inductees with the strategy, operations and functions of
our Company, the executive directors / senior managerial personnel make presentations to
the inductees about the Company's strategy, operations policies, service offerings,
markets, organization structure, finance, human resources, technology, quality, facilities
and risk management.
The Company has organized the following workshops for the benefit of
Directors and Independent Directors:
(a) a program on how to review, verify and study the financial reports;
(b) a program on Corporate Governance; (c) provisions under the Companies Act, 2013; and
(d) SEBI Insider Trading Regulation,2015; (e) NBFC norms and regulation applicable on the
Company.
Further, at the time of appointment of an independent director, the
Company issues a formal letter of appointment as a director.
E. Key Managerial Personnel
During the year there were changes/appointments in the Key Managerial
Personnel:
1. Mr. Manish Kumar Badola was designated as Managing Director for the
period from 17/06/2022 till 16th June 2027.
2. Mr. Hemant Vadilal Modi was designated as CFO w.e.f 03rd
September,2022
COMPLIANCE UNDER COMPANIES ACT, 2013:
Pursuant to Section 134 of the Companies, Act 2013 read with rules
Companies (Accounts) Rules, 2014, your Company complied with the compliance requirements
and the detail of compliances under Companies Act, 2013 are enumerated below: a. Board
Evaluation:
As per Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 mandates the Board shall monitor and review the
Board evaluation framework. As per Section 134 (p) of the Companies Act, 2013 states that
a formal annual evaluation needs to be made by the Board of its own performance and that
of its committees and Independent Directors. Schedule IV of the Companies Act, 2013 states
that the performance evaluation of Independent Directors shall be done by the entire Board
of Directors, excluding the Director being evaluated. None of the Independent Directors
are due for re-appointments. b. Particulars of Employees:
None of the employees of the Company is in receipt of remuneration
prescribed under Section 197(12) of the Companies Act, 2013, read with the Companies
(Particulars of Employees) Rules, 1975. Thus, furnishing of particulars under the
Companies (Particulars of Employees) Rules 1975 does not arise.
c. Particulars of Loans, Guarantees or Investments:
As on March 31, 2022, as the company engaged in the business of
financing therefore section 186 of the Companies Act, 2013 not applicable and there were
outstanding loans or guarantees covered under the provisions of Section 186 of the
Companies Act, 2013.
d. Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo:
Particulars with respect to conservation of Energy, Technology
Absorption and Foreign Exchange Earning & Outgo pursuant to Section 134 read with rule
8 (3) of the Companies (Accounts) Rules, 2014, is set out hereunder:
Sr. No. |
Particulars |
Disclosures |
1. |
Conservation of Energy and Power Consumption |
Your Company has continued to accord priority to Conservation
of energy and is continuing its efforts to utilize energy more efficiently |
2 |
Technology Absorption and Research & Development |
Your Company has not absorbed or imported any technology and
no research and development work is carried out. |
3. |
Foreign Exchange |
Earnings Exports of Goods US $: Nil |
|
|
Outgo Rs.: Nil |
a. MEETING OF INDEPENDENT DIRECTORS:
During the year under review, a separate meeting of the Independent
Directors was held on 10th March, 2023. At the said meeting, the Independent
Directors reviewed the performance of Non- Independent Directors, the Board as a whole and
the Chairman, after taking into account the view of Executive Director(s) & Non-
Executive Director(s). They also assessed the quality, quantity and timeliness of flow of
information between the Company?s management to the Board. b. INDEPENDENT
DIRECTORS DECLARATIONS:
In the opinion of the Board, the independent directors are,
individually, person of integrity and possess relevant expertise and experience. The
Independent Directors under section 149(6) of the Companies Act, 2013 declared that:
1. They are not a promoter of the Company or its holding, subsidiary or
associate company;
2. They are not directors in the company, its holding, subsidiary or
associate company.
3. The independent Directors have/had no pecuniary relationship with
company, its holding, subsidiary or associate company, or their promoters, or directors,
during the two immediately preceding financial years or during the current financial year;
4. None of the relatives of the Independent Directors have or had
pecuniary relationship or transaction with the company, its holding, subsidiary or
associate company, or their promoters, or directors, amounting to two percent or more of
its gross turnover or total income or fifty Lakhs rupees or such higher amount as may be
prescribed, whichever is lower, during the two immediately preceding financial years or
during the current financial year;
5. Independent Director, neither himself nor any of his relatives
? holds or has held the position of a key managerial personnel or is or
has been employee of the company or its holding, subsidiary or associate company in any of
the three financial years immediately preceding the financial year in which he is proposed
to be appointed;
? is or has been an employee or proprietor or a partner, in any of the
three financial years immediately preceding the financial year in which he is proposed to
be appointed, of
? a firm of auditors or company secretaries in practice or cost
auditors of the company or its holding, subsidiary or associate company; or
SIGNIFICANT AND MATERIAL ORDERS:
1. The CRB Trustee Ltd has filed a case against the Company with High
Court Delhi for contempt of court order for not getting listing of shares issued to CRB
Trustee Limited, however the company has received the trading permissions from BSE
Limited, vide Notice No. 20230316-20, dated 16/03/2023 for listing of 21,48,490 Equity
shares of Re. 1/- each. to CRB Trustee Ltd, which were earlier forfeited due to
non-payment of allotment/call monies pursuant to the directions given by Honorable Delhi
High Court vide its order dated December 11, 2014.
2. An adjudicating Order was passed by Adjudicating Officer vide SEBI
ADJUDICATION ORDER NO. Order/SM/AD/2022-23/19863-19864 dated 30th September, 2022 Against
Company and its Previous Director(s) and penalty was imposed of Rs. 13,00,000 on Company
and Rs. 7,00,000 was on Previous Director of the Company and further company filed an
Appeal No. 950 of 2022 before THE SECURITIES APPELLATE TRIBUNAL MUMBAI in which the
Appellate authority reduced the penalty on Company to Rs. 5,00,000 which was paid by the
Company and the penalty was also paid by previous Director.
COMMITTEES OF THE BOARD:
Currently, the Board has four committees:
3. Audit Committee,
4. Nomination and Remuneration Committee,
5. Stake Holders Relationship Committee,
6. Independent Directors Committee.
A detailed note on the Board and its committees is provided under the
corporate governance report section in this Annual Report.
CFO CERTIFICATION:
The Chief Executive Officer and Chief Financial Officer Certification
as required under Regulation 17(8) read with Part B of Schedule II of the SEBI(LODR)
Regulation, 2015 have been appended to this report in Annexure 4.
GREEN INITIATIVES:
As part of the Green Initiative in Corporate Governance, the Ministry
of Corporate Affairs ("MCA"), Government of India, through its Circular Nos.
17/2011 and 18/2011, dated April 21, 2011 and April 29, 2011 respectively has allowed
companies to send official documents through electronic mode. Like the previous year,
electronic copies of the Annual Report and Notice of the 41st Annual General Meeting are
sent to all the members whose email addresses are registered with the Company/Depository
Participant(s) for communication purposes.
DETAILS OF APPLICATION MADE TO OR ANY PROCEEDING PENDING UNDER
INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 of 2016) DURING THE YEAR ALON WITH THE STATUS:
The Company have not made any Application under Insolvency and
Bankruptcy Code, 2016 nor there are any proceedings pending under the Insolvency and
Bankruptcy Code, 2016 involving Company during the year under Review.
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 THERE OF:
Our Company have not engaged itself in the valuation during the time of
taking loan from Bank or Financial Institutions and hence there are no difference.
ACKNOWLEDGEMENTS:
The Directors wish to express their appreciation for the continued
co-operation of the Central and State Governments, Registers, bankers, financial
institutions, Share Transfer Agents. The Directors also wish to thank all the employees
for their contribution, support and continued co-operation throughout the year.
|
ON BEHALF OF THE BOARD OF DIRECTORS |
|
Date: 04/09/2023 |
|
|
Place: Mumbai |
|
|
|
Indian Infotech and Software Limited |
|
|
Sd/- |
Sd/- |
|
Manish Badola |
Hemant Vadilal Modi |
|
Managing Director |
Executive Director |
|
(DIN- 05016172) |
DIN:09630204 |
|