To the Members,
We are pleased to present the Twenty Sixth Annual Report on our business and operations
for the year ended 31st March 2019, of Polaris Consulting & Services Limited
("Company").
1. Results of Operations
|
|
(Rs. in Lacs, except EPS data) |
| Description |
Standalone |
Consolidated |
|
March 31, 2019 |
March 31, 2018 |
March 31, 2019 |
March 31, 2018 |
| Income (Including Other Income) |
204,962.88 |
184,568.18 |
317,316.26 |
264,300.43 |
| Expenses(Including exceptional items) |
176,473.31 |
154,553.99 |
279,146.92 |
228,026.19 |
| Profit before Interest, Depreciation & Tax (PBIDTA) |
28,489.57 |
30,014.19 |
38,169.34 |
36,274.24 |
| Finance Charges |
- |
- |
- |
- |
| Depreciation & amortization |
2,941.54 |
2,372.33 |
3,023.42 |
2,516.78 |
| Net Profit Before Tax |
25,548.03 |
27,641.86 |
35,145.92 |
33,757.46 |
| Provision for tax including Deferred Tax |
9,300.03 |
9,559.78 |
11,238.36 |
11,046.67 |
| Net Profit after tax |
16,248.00 |
18,082.08 |
23,907.56 |
22,710.79 |
| Add / (Less): Share of Profit / (Loss) on Joint venture |
- |
- |
27.12 |
75.74 |
| Add / (Less): Minority Interest - Share of Loss / (Profit) |
- |
- |
- |
- |
| Net Profit |
16,248.00 |
18,082.08 |
23,880.44 |
22,635.05 |
| EPS |
|
|
|
|
| Basic Rs. |
15.75 |
17.67 |
23.15 |
22.11 |
| Diluted Rs. |
15.73 |
17.60 |
23.12 |
22.03 |
2. Composite Scheme of Arrangement between Polaris Consulting & Services Limited
and Virtusa Consulting Services Private Limited
The Company had submitted its application and subsequently its petition wide CP No.
1145 & 1146 / CAA/2019 in CA/695 & 696 / CAA/2019 with National Company Law
Tribunal ("NCLT") Chennai bench on 20th September 2019, praying order
for approving the Composite Scheme of arrangement between Polaris Consulting &
Services Limited and Virtusa Consulting Services Private Limited and their shareholders
subsequent to the approval of shareholders as well as the unsecured Creditors in their
meeting held on 6th September 2019 with requisite majority. NCLT has heard the
petition on 28th November 2019 and reserved the order. We are awaiting the
final order approving the Scheme.
3. A Share Purchase Agreement ("SPA") was executed amongst the Company and
its subsidiary company, Optimus Global Services Limited ("Optimus") and
Increment Language Solutions Private Limited ("ILSPL") for transfer of shares
held by the Company in Optimus to ILSPL vide SPA dt.30/05/2019 and addendum to SPA
dt.26/07/2019 and the said transfer was effected and recorded in the books of Optimus on
the 16th of September 2019.
4. Business Performances
The consolidated revenue of the Company from Software Development Services for the year
ended March 31, 2019 stood at Rs.312,507.15 lakhs as against the previous year's revenue
of Rs.262,787.17 lakhs. The consolidated Net Profit for the fiscal year ended March 31,
2019 stood at Rs.23,880.44 lakhs as against the previous year's Net Profit of Rs.22,635.05
lakhs.
The standalone revenue of the Company for the year ended March 31, 2019 stood at Rs.
201,017.36 lakhs as against the previous year's revenue of Rs.181,730.87 lakhs. The
Standalone Net Profit for the fiscal year ended March 31, 2019 stood at Rs.16,248.00 lakhs
as against the previous year's Net Profit of Rs.18,082.08 lakhs.
The reserves and surplus as of 31st March 2019 stood at Rs.104,521.80 lakhs
as against Rs.87,906.05 lakhs of the period as of March 31, 2018.
5. Subsidiaries
Details of Subsidiary Companies, Joint Ventures and and their financial position.
Your Company has 14 subsidiary company(ies) for the financial year ended on March 31,
2019 and a Joint Venture company
The information as required under the first proviso to sub-section (3) of Section 129
is given in Form AOC-1 in Annexure [1].
Further, pursuant to the provisions of Section 136 of the Companies Act, 2013,
("Act") financial statements of the Company, Consolidated Financial Statements
along with the relevant documents and separate audited accounts in respect of the
subsidiaries of the Company are available in the website of the Company and the weblink is
provided below: www.polarisft.com/investor/ investor.asp.
6. Cash & Cash Equivalents
Your Company's liquidity remains healthy with a cash reserve of Rs.772 crores. The DSO
is at an impressive 75 days.
7. Share Capital
During the year, under ASOP 2003 Scheme the company has allotted 10,200 equity shares
of Rs.5/- each to 4 Associates and under ASOP 2011 Scheme company has allotted 262,155
equity shares of Rs.5/- each to 56 Associates/Directors pursuant to exercise of options
granted and under ASOP 2015 Scheme company has allotted 50,700 equity shares of Rs.5/-
each to 23 Associates pursuant to exercise of options granted.
As the result of the above allotments paid-up equity share capital of the company was
increased from Rs.514,705,645/- comprising of 102,941,129 number of equity shares of
Rs.5/- each as on March 31, 2018 to Rs.516,320,920/- comprising of 103,264,184 number of
equity shares of Rs.5/- each as on March 31, 2019. The equity shares allotted during the
period April 2018 to July 2018 were listed and traded in the Stock Exchanges till 25th
July 2018 as the shares of the company were delisted effective 1st August 2018.
The information as required under the provisions of Securities and Exchange Board of
India (Share Based Employee Benefits) Regulations, 2014 read with under Rule 12(9) of the
Companies (Share Capital and Debentures) Rules, 2014, and also the information required
under the Guidance note of ICAI, in relation to ESOPs are set out in the Annexure 2 to the
Directors' Report.
During the year under review, the Company has not issued shares with differential
voting rights and sweat equity shares.
8. Research and Development Expenses
The details of Research and Development Expenses are as under :
| Expenditure on R&D |
Standalone |
Consolidated |
|
FY 2019 |
FY 2018 |
FY 2019 |
FY 2018 |
| Capital |
454.98 |
375.15 |
454.98 |
375.15 |
| Recurring |
- |
- |
4,855.17 |
5,094.03 |
| Total |
454.98 |
375.15 |
5,310.15 |
5,469.18 |
9. Dividend
The Company has not declared any dividend during the financial year 2018-19.
As required under the provisions of Investor Education and Protection Fund Authority
(Accounting, Audit, Transfer & Refund) Rules, 2016 and Section 124(5) and 125(2)(c) of
Companies Act, 2013, dividends that remain unpaid/unclaimed for a period of seven years,
are to be transferred to the account administered by the Central Government viz: Investor
Education and Protection Fund ("IEPF"). Once the amounts that are due for refund
are transferred to the IEPF, no claim shall lie in respect of those amounts against the
Company. The Company had transferred unpaid dividend amounts within the stipulated time to
the IEPF. During the financial year 2018-19, unpaid or unclaimed dividend for the Interim
Dividend for the year ended 31st March 2012 declared on 16/02/2012 amounting to
Rs.574,280/- was transferred to Investors Education and Protection Fund on 18/03/2019.
As required under Investor Education and Protection Fund Authority (Accounting, Audit,
Transfer & Refund) Rules, 2016 the equity shares in respect of which dividend has not
been claimed for the financial years mentioned above will be transferred to the IEPF
authority in accordance with the aforesaid rules.
The Board draws your attention that the unclaimed/unpaid dividend for the Final
Dividend declared for the financial year ended 31st March 2012 declared on
19/11/2012 are due for transfer to IEPF on 18/12/2019. Members, who have not yet encashed
their dividend warrant or those, are yet to claim their dividend amounts which were
declared on 19/11/2012 for the financial year ended 31st March 2012 may write
to the Company/Company's Registrar and Share Transfer Agent, Karvy Fintech Private
Limited.
10. Transfer to Reserves
The company did not transfer any amounts to General Reserve during the year.
11. Policy on Director's Appointment and Remuneration
The Nomination and Remuneration Committee has framed a policy for selection and
appointment of Directors including determining qualifications and independence of a
Director, Key Managerial Personnel, Senior Management Personnel and their remuneration as
part of its charter and other matters provided under Section 178(3) of the Companies Act,
2013. The Policy covering these requirements is provided elsewhere in the Annual Report
and is also hosted in the Company's website at www.polarisft.com. We affirm that the
remuneration paid to Directors is as per the remuneration policy of the Company.
12. Internal Financial Control and their adequacy
The Board has adopted policies and procedures for ensuring the orderly and efficient
conduct of its business including adherence to the company's policies, the safeguarding of
its assets, the prevention and detection of fraud, error reporting mechanism, the accuracy
and completeness of the accounting records and the timely preparation of reliable
financial disclosures.
13. Conservation of energy, technology absorption, foreign exchange earnings and outgo
The particulars as prescribed under Section 134(3)(m) of the Act, read with Rule 8 of
the Companies (Accounts) Rules, 2014, are set out in the Annexure 3 to this Report.
14. Particulars of employees
Information required pursuant to Section 197(12) of Companies Act,2013 read with rule
5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
is provided as Annexure 4A to this report.
A statement containing inter alia the names of the top 10 employees in terms of
remuneration drawn and every employee employed throughout the financial year and in
receipt of remuneration of Rs.102 lakhs or more and employees employed for part of the
year and in receipt of Rs. 8.50 lakhs or more per month pursuant to Rule 5(2) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided
as Annexure 4B to this report.
In accordance with Rule 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 the particulars of employees drawing salary outside
India is not forming part of this report. The details of the same are available at the
registered office of the Company. Any member interested in obtaining a copy of the same
may write to the Company Secretary.
15. Directors' responsibility statement as required under Section 134(5) of the
Companies Act, 2013
Pursuant to the provisions of Section 134(5) of the Companies Act, 2013 the Directors
of your company confirm that:
a) In the preparation of the Annual Accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures;
b) The Directors have selected such accounting policies and applied them consistently
and made judgements 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 or loss of the company for that period;
c) The Directors have taken proper and sufficient care 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.
d) The Directors have prepared the Annual Accounts on a "going concern
basis".
e) The Board of 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.
f) The Board of Directors have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
16. Board Meetings, Board of Directors, Key Managerial Personnel & Committees of
Directors
(a) Board Meetings:
The Board of Directors of the Company met 7 times during 2018-19. The gap intervening
between two meetings of the board is within the limits as prescribed in the Companies Act
2013.
(b) Changes in Directors & Key Managerial Personnel
The following directors have resigned from the Board of Directors of the Company.
| Name of the Director |
Effective date of resignation |
| ProfJayaraman Ramachandran |
2nd August 2018 |
| Mr.Sunil Bowry |
3rd August 2018 |
(c) Re-appointment :
As per Article 10.22 of the Articles of Association of the Company, one third of the
Directors are liable to retire by rotation at the Annual General Meeting of the Company.
Mrs.Rama Sivaraman (DIN: 07425519) retires by rotation and being eligible, offers herself
for re-appointment at the ensuing Annual General Meeting.
There were no changes in Key Managerial Personnel.
(d) Independent Directors
The Company has received necessary declaration from each Independent Director of the
Company under Section 149(7) of the Act, that they meet the criteria of independence as
laid down in Section 149(6) of the Act.
(e) Details of remuneration to Directors: The information relating to remuneration of
directors as required under Section 197(12) of the Act, is given as part of MGT 9. The
extract of the policy framed by the Nomination and Remuneration Committee under the
provisions of Section 178(4) of the Act, is as below:
Remuneration Policy The Company's Remuneration Policy is aimed to attract and retain
the best talents by ensuring a fair, transparent and equitable remuneration to employees
and Directors, based inter alia on individual roles and responsibilities, experience, the
performance of the Company and the performance / contribution of the individual employee.
The policy enables a framework that allows for fair rewards for the achievement of key
deliverables, in line with industry and group practice.
The Board in consultation with the Nomination and Remuneration Committee decides the
remuneration for directors and, Key Managerial Personnel. The Company has made adequate
disclosures to the members on the remuneration paid to Directors from time to time.
(f) Board Committees
The Company had the following Committees of the Board:
1. Audit Committee
2. Nomination and Remuneration committee
3. Stakeholder's Relationship committee
4. Corporate Social Responsibility committee
5. Risk Management Committee
Sub-committees:
Share transfer Committee
M&A Committee
The following committees were reconstituted in the Board Meeting held on 6th
August 2018
1. Audit Committee
2. Nomination and Remuneration committee
4. Corporate Social Responsibility committee
5. Risk Management Committee
The members of the aforementioned reconstituted committees are as follows:
Audit Committee :
| Name |
Designation |
| Hari Raju Mahadevu |
Chairman |
| Arvind Sharma |
Member |
| Anuranjan Krishan Kalia |
Member |
Nomination and Remuneration Committee :
| Name |
Designation |
| Hari Raju Mahadevu |
Chairman |
| Arvind Sharma |
Member |
| Anuranjan Krishan Kalia |
Member |
| Krishan Aruna Canekeratne |
Member |
Risk Management Committee :
| Name |
Designation |
| Hari Raju Mahadevu |
Chairman |
| Arvind Sharma |
Member |
| Anuranjan Krishan Kalia |
Member |
Corporate Social Responsibility Committee :
| Name |
Designation |
| Rama Sivaraman |
Chairman |
| Hari Raju Mahadevu |
Member |
| Arvind Sharma |
Member |
The following committees of the Board of Directors of the Company were dissolved in the
Board Meeting held on 6th August 2018:
M&A Committee and Risk Management Committee
(g) Board Evaluation
In line with the requirements of the Companies Act, 2013 the Annual Performance
Evaluation was conducted for all Board Members as well as the working of the Board and its
Committees on 15th March 2019.
The evaluation was led by the Chairman of the Nomination and Remuneration Committee
with specific focus on the performance and effective functioning of the Board. The Board
evaluation framework has been designed in compliance with the requirements under the
Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and in consonance with Guidance Note on Board Evaluation issued by SEBI
recently. The Board evaluation was conducted through questionnaire having qualitative
parameters and feedback based on ratings.
(h) Vigil Mechanism
The Company has established a whistle-blower policy and also established a mechanism
for directors and employees to report their concerns. The details of the same is explained
in the Corporate Governance Report.
(i) Related Party Transactions
All related party transactions that were entered into during the financial year were on
an arm's length basis and were in the ordinary course of business. There were no
materially significant related party transactions made by the Company during the year with
Promoters, Directors, Key Managerial Personnel or other designated persons which may have
a potential conflict with the interest of the Company at large.
The details of the related party transactions as required under Section 134(3)(h) read
with Rule 8 of the Companies (Accounts) Rules, 2014, is attached as Annexure 5.
17) Statutory Auditors and Report
The Company's Statutory Auditors, M/s.BSR & Co. LLP, Chartered Accountants (firm
registration no.101248W/W-100022) issued their report on the Standalone and Consolidated
Financial Statements of the company. The Auditors' Report on the Standalone and
Consolidated Financial Statements does not contain any qualification, reservation or
adverse remarks.
In terms of Section 139 of the Companies Act, 2013, the term of appointment of M/s B S
R & Co. LLP appointed at the 23rd Annual General Meeting of the Company
held on the 7th July 2016 is till the conclusion of the Annual General Meeting
of the Company to be held in the calendar year 2021.
Pursuant to provisions of Section 143(12) of the Companies Act, 2013, the Statutory
Auditors have not reported any incident of fraud to the Audit Committee during the year
under review.
18) Secretarial Auditiors Report :
Mr. S Bhaskar, Company Secretary, holding Membership No.10798 and COP No.8315, No.74
"Akshaya Flats", 3rd Floor, 12th Avenue, Ashok Nagar, Chennai-600 083 was
appointed as Secretarial Auditor for the year 2018-19 under Section 204(1) of the
Companies Act, 2013 in the meeting of the Board of Directors held on 14th May 2018.
Mr. S.Bhaskar, had intimated to the Board of Directors vide his letter dated 5th
November 2019 conveying his voluntary retirement from the profession of Company Secretary
in practice due to personal reasons.
The Board of Directors in the meeting held on 8th November 2019 took the
same on record and approved the engagement of Mr.C.Prabhakar, Practising Company Secretary
holding membership No.30433 and COP No.11033 having office at No.74 "Akshaya
Flats", 3rd Floor, 12th Avenue, Ashok Nagar, Chennai-600 083, in place of
Mr.S.Bhaskar, who is a partner in the firm headed by Mr. S Bhaskar for signing the
secretarial audit report in respect of the year ended 31st March 2019.
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, Secretarial Audit has
been carried out and the report signed by Mr.C.Prabhakar, Practising Company Secretary is
annexed as Annexure 6. There are no qualifications, reservations or adverse remarks made
by the Secretarial Auditor in his report.
19) Fixed Deposits
Our Company has not accepted any deposits during the financial year and as such, no
amount of principal or interest was outstanding as on March 31, 2019.
20) Details of CSR activity through its implementation agencies
Your company has contributed towards CSR activities through Computer Shiksha and IIT
Madras for the financial year 2018-19.
An amount of Rs. 191.84 lakhs remains unspent since the Company was not able to
finalize a project which meets the CSR essence of the company. Company spends amount on
projects keeping in mind sustainability, impact on the desired recipients,and efficacy of
implementing agencies. Considering the multi year projects, total amount to be spent and
the extent of due diligence to be performed, the Company is focusing on select projects to
ensure maximum impact to society and employee participation.
A brief note about their organisations are as given under.
a) Computer Shiksha:
Computer Shiksha is an 80G, 12A certified and FCRA approved non-profit organization,
working towards computer literacy among the underprivileged.
Vision of computer Shiksha is to bridge the divide between haves and have-nots using
technology.
Mission
To build an ecosystem for providing Computer Knowledge and Training with passion and
commitment, to deliver value in the form of Computer trained people, who use this skill
for the betterment of their lives in every possible way. To use technology to deliver
solutions & reduce challenges faced by Underserved communities in every walk of life.
Salient Features of the Organization
| Date of Inception |
5th May 2012 |
| Founders & Trustees |
• Dr. Rakesh Suri, PhD in Management (AMU), BE (BITS Pilani), ex CEO IT Division,
DCM Ltd., currently Entrepreneur, Visiting Professor and Corporate Trainer in leadership |
|
• Ms Swapnalekha Basak, B.Tech., PGDBM, ex Head - HR SAS India, Entrepreneur
www.hcswellnessworld.com |
|
• Sandeep Rana, Entrepreneur |
|
• Rajeev Lochan, Co-Founder Lochan & Co. |
|
• Sharad Agarwal, Co-Founder Lochan & Co. |
|
• ManMohan Thandi - Serial Entrepreneur |
|
• Arjun Verma - Retired businessman. Philanthropist |
|
• Vinod Jain - Entrepreneur at Diaspark |
| Date of Inception |
5th May 2012 |
| Brief History |
• Started with taking 15 laptops to school and 60 children (Model I) |
|
• Had reached 1000 students by April 2013 (Model I) |
|
• Model II launched in April 2016 |
|
• Currently they are providing computer education to 18000+ students |
| Working Patrons |
• Sumit Malhotra - Technocrat |
|
• Anil Singhal - Vice President , HCS Wellness World |
|
• Rajiv Popli - Business Consultant |
|
• Raj Singh - Serial Entrepreneur |
|
• Rajesh Gulati - Real estate Entrepreneur |
|
• Prem Kumar - Entrepreneur |
|
• Y K Singh - Entrepreneur |
|
• Vinod Jain - Entrepreneur |
| Nature of the Organization |
• Computer Shiksha is a charitable trust. It does not charge any fee for its
services from anyone. |
|
• The 'trustees' and 'patrons' are senior people from the industry and work pro
bono. |
| Curriculum |
All learning is practical in nature. |
|
Components of course |
|
Learning Uses and Parts of a computer; Using Paint to draw - File Management - Text
processing & formatting - Using spreadsheets as database and calculator - Presentation
Skills - Internet applications for browsing & searching - E-mailing - Uploading &
Downloading. |
| Length of course |
Basic and Basic Plus Course - 31 weeks, assuming 2 classes per week (schools can take
up to 62 weeks depending on the level of classes being taught) |
|
Advanced Course - 24 weeks assuming 2 classes per week (schools can take up to 48
weeks depending on the level of classes being taught) |
| Operational Model(s) |
|
| Delivery Model II |
Model II (which is the only option available now) enables partner schools to conduct
classes by |
|
• Enabling teachers / resources to facilitate the class. A 10th standard pass
person who may have never seen a computer in life can become a computer trainer after 8
days training in Gurgaon |
|
• Sharing the self learning videos and bilingual manuals which have been created,
currently in Hindi and English medium |
|
• Support arranging the required hardware and maintaining it for ever |
|
• Monitoring the class live, wherever possible, through CCTV on internet |
|
• evaluating students to certify them |
|
• having flexibility to design their own time table |
|
The entire set of Self Learning Videos in multiple languages. Viz. Hindi, English,
Tamil, Telugu, Marathi, Bengali and Oriya complete with the teachers' manual is now also
available on the Computer Shiksha website /YouTube link for free download. |
| Current # of students & Geographical spread |
18013 at 130 CS enabled centers in 10 states viz., U.P., M.P., Delhi, Haryana,
Uttarakhand, Rajasthan, Assam, Karnataka, Punjab and Bihar |
| Partner Schools |
130 learning centers (as on 30.04.2018) and expanding fast |
| No. of employees |
11 employees |
| Supporting Organizations |
MPS, C.K.Birla Group, Polaris, Virtusa, Ethical Realty, Excel Warehousing, Bajaj Auto,
Kisankraft, SKF, Snofi, G.E., MaxLife Insurance, GenPact, Ford Motors....and many more |
| Financial Statements |
Uploaded on the website http://www.computershiksha.org/. All IT returns are also
uploaded. |
AWARD
Computer Shiksha has won the top award in the 'Education & Learning' category
amongst 331 entries from NGOs from SAARC countries in the E-NGO challenge, held on
25.02.2017 at Prayag 2017, Surajkund, Faridabad
Computer Shiksha has been certified to be having 'Desirable Norms prescribed for Good
Governance of voluntary organizations" by CAI, Credibility Alliance, a global
organization certifying NGOs.
(c) IIT - Madras :
IIT Madras is one among the foremost institute which was established in the year 1959
and is spread over in a campus admeasuring 250 hectares. It is an autonomous statutory
organization which is functioning under the Institute of Technology Act. IIT Madras houses
16 departments and has a faculty strength of 582. The number of students are around 9000
and the alumini strength is 44,470.
IIT Madras initiative of Carbon Zero Challenge (CZC) Ensures Environmental
Sustainability, promoters education and is working towards a practical problem with
mentors from industry and academia.
Polaris Consulting & Services Limited participated in the said initiative
partnering with United States Consulate and facilitiated students and provided them with a
platform to think innovatively, made them aware of the current environmental issues and
look at renewables as the future forward, experiment with their ideas and build prototypes
to prove their ideas - Great Learning opportunity, Interact with some of the
professionals, as mentors and Support "Make in India" Initiative
Corporate Social Responsibility: Details of the policy and implementation of the CSR
activities during the year are as provided under Annexure 8.
21) Audit Committee Recommendation
During the year all the recommendations of the Audit Committee were accepted by the
Board.
22) Extract of Annual Return
The details forming part of the extract of the Annual Return in Form MGT 9 is annexed
herewith as Annexure [7].
23) Significant & Material Orders passed by the Regulators or Courts
The company has not obtained any significant and material orders passed by any
regulators or court.
24) Particulars of Loans, Guarantees and Investments u/s 186
Pursuant to Section 186 of Companies Act, 2013, disclosure on particulars relating to
Loans, Advances, Guarantees and Investments are provided as part of the financial
statements.
Disclosure as required under Section 22 of Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013
The Company has in place an Anti Sexual Harassment Policy in line with the requirements
of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013. The Internal Complaints Committee ("ICC") has been set up to redress
the complaints received regarding sexual harassment. All employees are covered under this
policy.
The following is the summary of the complaints received and disposed off during the
financial year 2018-19:
a) No. of complaints received : NIL
b) No. of complaints disposed off : NIL
26) Listing Fees payable
The Company confirms that it has paid the annual listing fees for the year 2018-19 to
both National Stock Exchange of India Limited ("NSE") and BSE Limited
("BSE") (NSE and BSE collectively called as the "stock exchanges").
Further the company has been delisted from the stock exchanges w.e.f 1st
August 2018 and the shares of the Company are no longer traded in the stock exchanges.
27) Acknowledgement
Your Directors take this opportunity to express the gratitude to all investors,
clients, vendors, bankers, Regulatory and Government authorities, Stock Exchanges and
business associates for their cooperation, encouragement and continued support extended to
the Company. Your Directors also wish to place on record their appreciation to the
Associates for their continuing support and unstinting efforts in ensuring an excellent
all round operational performances at all levels.
|
By Order of the Board |
|
For Polaris Consulting & Services Limited |
| Place: Hyderabad |
Hari Raju Mahadevu |
Arvind Sharma |
| Date : November 8, 2019 |
Director |
Director |
|