Dear Members,
The Board of Directors are pleased to present the Thirty Eighth Annual Report on the
business and operations of your Company along with the Audited financial statements for
the financial year ended 31st March, 2023. The Statement of Accounts,
Auditors Report, Boards Report and attachment thereto have been prepared in
accordance with the provisions contained in Section 134 of Companies Act, 2013 and Rule 8
of the Companies (Accounts) Rules, 2014.
During the Financial Year 2022-23, the company registered revenue of Rs.7055.72 lacs
and profit of Rs.675.65 Lakhs as against revenue of Rs.3341.86 lakhs and profit of
Rs.293.93 lakhs. Indias travel and tourism industry has reached to the pre pandemic
level and offers huge potential for sustained growth. With introduction of more
digitalization and use of digital tools for planning, booking, and service delivery,
travel & tourism industry is experiencing a huge fillip. Indias rising middle
class and increasing disposable income is expected to be a major factor for the future
growth of domestic and outbound tours and travel. The transport business, comprising
mainly of executive car rentals, is a major contributor to the growth of travel related
services business.
1. FINANCIAL RESULTS
The Companys financial performance for the year ended March 31, 2023 is
summarized below:
|
For the year ended |
For the year ended |
Particulars |
31.03.2023 |
31.03.2022 |
|
(Rs. in Lacs) |
(Rs. in Lacs) |
Total Revenue |
7090.45 |
3378.01 |
Total Expenses |
5103.18 |
2388.56 |
Operating Profit |
1987.27 |
989.45 |
Finance Cost |
215.68 |
143.53 |
Depreciation & Amortization |
720.58 |
540.05 |
Expenses |
|
|
Profit before Tax |
1051.01 |
305.87 |
Tax Expenses: |
|
|
Current Tax |
(220.00) |
(6.5) |
Deferred Tax |
(144.22) |
(14.59) |
Tax Adjustments |
(11.14) |
9.15 |
Profit for the year |
675.65 |
293.93 |
Earnings Per Share |
136.68 |
61.61 |
2. RESERVES
During the year under review, your Company has not transferred any amount to the
General Reserves.
3. PERFORMANCE AND AFFAIRS OF THE COMPANY
During the year under review, the Company recorded revenue of Rs. 7055.72 lacs as
against last year revenue of Rs. 3341.86 lacs. The profit before tax stood at Rs. 1051.01
lacs against profit before tax of Rs.305.87 lacs previous year.
4. SHARE CAPITAL
During the year under review, there was no change in the share capital structure of the
Company. The paid-up capital as on 31st March 2023 was Rs.49,01,400.
5. DIVIDEND
During the year under review, the management is not recommending any dividend to
conserve the resources for the future endeavors.
6. CURRENT STATUS
The financial position of the Company in the financial year 2022-23 is extremely
satisfactory. The Company expects to achieve better performance during the F.Y. 2023-24.
7. CHANGES IN NATURE OF BUSINESS AND REVISION IN THE BOARDS REPORT
There is no change in the nature of business of the Company during the year and there
is no revision in Boards Report and whatever submitted herewith is the final report.
8. REPORT DETAILS OF SUBSIDIARY/ JOINT VENTURES/ASSOCIATE COMPANIES AND STATEMENT
CONTAINING SALIENT FEATURES OF FINANCIAL STATEMENTS OF ASSOCIATE COMPANY
Company is not having any subsidiary, joint venture, associate Company and hence the
statement containing the salient feature of the financial statement of a companys
subsidiary, joint venture, associate company under the first proviso to subsection (3) of
section 129 in the prescribed Form AOC-1 is not applicable.
9. DETAILS OF THE COMPANY WHO CEASED TO BE ITS SUBSIDIARY/ JOINT VENTURES/ASSOCIATE
COMPANIES
Sr. No. |
Name of Company |
Subsidiary /Joint ventures/Associate Company |
Date of cessation of Subsidiary / Joint ventures/ Associate Company. |
|
|
N.A. |
|
10. DETAILS OF NEW SUBSIDIARY/ JOINT VENTURES/ASSOCIATE COMPANIES
There are no new Subsidiary/Joint Ventures/Associate Companies of the Company during
the year under review.
11. REPORT ON PERFORMANCE OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE
COMPANIES
During the year under review, your Company did not have any subsidiary, associate and
joint venture Company.
12. CORPORATE GOVERNANCE
Corporate Governance deals with ethical conduct, integrity and accountability.
Corporate Governance essentially involves balancing the interest of all the stakeholders
of the Company.
The Company firmly believes in good Corporate Governance and has made it a practice and
a continuous process of development right across the Company. The Companys
philosophy on Corporate Governance envisages attainment of high level of transparency and
accountability in the functioning of the Company and conduct of business and places due
emphasis on regulatory compliances. It has empowered the Executive Management to take
decisions with regard to day-to-day operations and has also created checks and balances
that such decisions are taken with care and responsibility to meet stakeholders
aspirations and societal expectations.
The Companys governance philosophy is focused on its people who are its most
important asset and it values its employees integrity, creativity, ability,
judgement and opinions, who in turn demonstrate the highest ethical standards and
responsibility towards the shareholders. This has helped the Company take rapid strides in
its pursuit of excellence. The Company is committed to enhance shareholder value in a fair
and transparent manner and has been in the forefront for benchmarking itself with the best
business practices globally.
The Corporate Governance provisions specified in SEBI (Listing Obligation and
Disclosure Requirement) Regulation, 2015 are not applicable to the Company for the
Financial Year 2022-23, hence, reporting on the same is not annexed with the report.
13. PUBLIC DEPOSITS
Your Company has not accepted any deposits within the meaning of Section 73 and 76 of
the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.
14. DIRECTORS AND KEY MANAGERIAL PERSONNEL
(i) Directors
Your Board currently comprises of 5 Directors including 3 Non-Executive Directors and 2
Executive Director.
Mr. Pranav Salil Kapur, (DIN NO: 07813604) Director will retire by rotation and being
eligible and not disqualified under section 164 of the Companies Act, 2013, offers himself
for re-appointment.
(ii) Key Managerial Personnel
Following are Key Managerial Personnel of the Company during the financial year
2022-23:
Sr. No. |
Name |
Designation |
1. |
Mr. Chintan a. Patel |
Managing Director & CEO |
2. |
Mr. Ramachandran C.G |
Chief Financial Officer |
3. |
Ms. Sweety D. Dhumal |
Company Secretary |
Mr. Chintan Amrish Patel, Managing Director & CEO of the Company has been appointed
as a Chairman of the Company in the Board Meeting held on Thursday, 25th May,
2023 and recommended to the Members of the Company to approve the same in the 38th
Annual General Meeting.
(iii) Statement on Declaration by an Independent Director(s)
The Company has complied with the provisions of section 149(6) of the Companies Act,
2013. The Company has also obtained declarations from all Independent Directors pursuant
to section 149(7) of the Companies Act, 2013.
(iv) Annual Evaluation of Board
Pursuant to provision of the Companies Act, 2013 and Statement on Annual Evaluation of
the Company, the Board has carried out the annual performance evaluation of its own
performance and other Directors. A structured questionnaire was prepared after taking into
consideration inputs received from the Directors, covering various aspects of the
Boards functioning such as adequacy of the composition of the Board and its
Committees, Board culture, execution and performance of specific duties, obligations and
governance. A separate exercise was carried out to evaluate the performance of individual
Directors including the Chairman of the Board, who were evaluated on parameters such as
level of engagement and contribution, independence of judgment, promotion of participation
by all directors and developing consensus amongst the directors for all decisions.
15. NUMBER OF BOARD MEETINGS
During the Financial year, total 5 (Five) meetings of the Board of Directors were held
on following dates:
No. |
|
Mulchandani |
Pranav Kapur |
Vinay Rane |
Chintan Patel |
Kulkarni |
1 |
30.05.2022 |
Yes |
No |
Yes |
Yes |
Yes |
2 |
27.06.2022 |
Yes |
No |
Yes |
Yes |
Yes |
3 |
12.08.2022 |
Yes |
No |
Yes |
Yes |
Yes |
4 |
14.11.2022 |
Yes |
No |
Yes |
Yes |
Yes |
5 |
13.02.2023 |
Yes |
Yes |
Yes |
Yes |
Yes |
16. DIRECTORS RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the information and
explanations obtained by your Directors they make the following statements in terms of
Section 134(3)(c)of the Companies Act, 2013 and hereby confirm that:-
a. in the preparation of the annual accounts, the applicable accounting standards have
been followed along with proper explanation relating to material departures;
b. the Directors have selected such accounting policies and applied 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. 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 Directors, had is in process of laying down internal financial controls to be
followed by the company and that such internal financial controls are adequate and were
operating effectively.
f. the Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
17. NOMINATION AND REMUNERATION COMMITTEE
The Board has in accordance with the provisions of sub-section (3) of Section 178 of
the Companies Act, 2013, formulated the policy setting out the criteria for determining
qualifications, positive attributes, independence of a Director and policy relating to
remuneration for Directors, Key Managerial Personnel and other employees. The said policy
is available on www.autoriders.com website of the Company.
(a) Brief description of Terms of Reference:
Apart from determining the Companys Policy on specific remuneration packages for
Executive Directors including pension rights and any compensation payment and to fix the
remuneration payable to executive directors, the terms of reference is as per the
provisions of section 178 of the Companies Act, 2013 and rules framed there under.
(b) Composition, Name of Members and Chairman as on 31.03.2023:
Nomination and Remuneration Committee comprises of:
1. Mr. Vinay Rane- Independent Director (Chairman of the Committee)
2. Mr. Anil Kulkarni- Independent Director
3. Mr. Chintan Patel - Managing Director and CEO
(c) Composition, Name of Members and Chairman:
The Nomination and Remuneration Committee met one (1) time during the year. The details
of the same are as follows:
Sr. No. |
Date |
Mr. Vinay Yeshwant Rane |
Mr. Anil Shankar Kulkarni |
Mr. Chintan Amrish Patel |
1 |
12.08.2022 |
YES |
YES |
YES |
(d) Remuneration Policy:
The Nomination and Remuneration Policy for Working Directors is reviewed periodically
to ensure that the same is in line with the peer companies. The payment of remuneration is
duly approved by the Remuneration Committee, the Board of Directors and the Shareholders.
18. AUDIT COMMITTEE
The Audit Committee of Directors was constituted pursuant to the provisions of Section
177 of the Companies Act, 2013. The details of the Committee and its terms of reference
are as follows:
a) Brief description of terms of reference:
The terms of reference of the Audit Committee are pursuant to section 177 of the
Companies Act, 2013. In addition, the Audit Committee reviews the Accounting Policies,
interacts with the Statutory Auditor and Internal Auditor and discusses the Audit program
with them. The committee acts as a link between the Management, Auditors and Board of
Directors of the Company and has full access to financial information.
Recommendations of the Audit Committee, if any, are considered and implemented by the
Board from time to time
b) Composition, Name of Members and Chairman as on 31.03.2023:
Audit Committee comprises of:
3. Mr. Vinay Rane- Independent Director (Chairman of the Committee)
4. Mr. Anil Kulkarni- Independent Director
5. Mr. Chintan Patel - Managing Director and CEO c) Meetings and Attendance during the
year:
The Audit Committee met Four (4) times during the year. The details of the same are as
follows:
Sr. No. |
Date |
Mr. Vinay Yeshwant Rane |
Mr. Anil Shankar Kulkarni |
Mr. Chintan Amrish Patel |
1 |
30.05.2022 |
YES |
YES |
YES |
2 |
12.08.2022 |
YES |
YES |
YES |
3 |
14.11.2022 |
YES |
YES |
YES |
4 |
13.02.2023 |
YES |
YES |
YES |
The minutes of the audit committee meetings were noted at the subsequent Board
meetings.
The Company Secretary is the secretary to the committee.
19. STAKEHOLDERS RELATIONSHIP COMMITTEE
The Stakeholders Relationship Committee was constituted pursuant to the provisions of
Section 178 of the Companies Act, 2013.
a) Composition, Name of Members and Chairman as on 31.03.2023:
Stakeholders Relationship Committee comprises of:
1. Mr. Vinay Rane- Independent Director (Chairman of the Committee)
2. Mr. Anil Kulkarni- Independent Director
3. Mrs. Maneka Vijay Mulchandani - Director b) Meetings and Attendance during the year:
The Stakeholders Relationship Committee met Four (4) times during the year. The details
of the same are as follows:
Sr. No. |
Date |
Mr. Vinay Yeshwant Rane |
Mr. Anil Shankar Kulkarni |
Mrs. Maneka Vijay Mulchandani |
1 |
30.05.2022 |
YES |
YES |
YES |
2 |
12.08.2022 |
YES |
YES |
YES |
3 |
14.11.2022 |
YES |
YES |
YES |
4 |
13.02.2023 |
YES |
YES |
YES |
The minutes of the Stakeholders Relationship committee meetings were noted at the
subsequent board meetings.
The Company Secretary is the secretary to the committee.
20. VIGIL MECHANISM POLICY FOR THE DIRECTORS AND EMPLOYEES:
The Company promotes ethical behavior in all its business activities and has put in
place a mechanism for reporting illegal and unethical behavior.
The Board of Directors of the Company have, pursuant to the provisions of Section
177(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and
its Powers) Rules, 2014, framed Vigil Mechanism Policy for Directors and
employees of the Company to provide a mechanism which ensures adequate safeguards to
employees and Directors from any victimization on raising of concerns of any violations of
legal or regulatory requirements, incorrect or misrepresentation of any, financial
statements and reports, etc.
The employees of the Company have the right/option to report their concern/grievance to
the Chairman of the Audit Committee. The Company is committed to adhere to the highest
standards of ethical, moral and legal conduct of business operations.
During the Financial year 2022-23, no complaint of Harassment had been received from
any of the employee of the Company.
21. INSURANCE AND RISK MANAGEMENT POLICY:
The Company has obtained adequate insurance on all of its fixed and other assets. In
accordance with the risk management policy of the Company, the Board of Director of the
Company identifies the potential risks against the business of the Company time to time
and take proper safeguards to mitigate / minimize the risks. Key business risks and their
mitigation are considered in the annual/strategic business plans and in periodic
management reviews. The risk management policy is available on www.autoriders.com website
of the Company.
22. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO:
The information as per Section 134(3) (m) of the Companies Act, 2013 read with the
Companies (Account) Rules, 2014 with respect to conservation of energy, technology
absorption & foreign exchange earnings and outgo is as follows:
A. CONSERVATION OF ENERGY:
(i) The steps taken or impact on conservation of energy:
Energy conservation dictates how efficiently a Company can conduct its operations. The
Company has recognized the importance of energy conservation in decreasing the deleterious
effects of global warming and climate change. The Company has strengthened the
Companys commitment towards becoming an environment friendly organization. The
Company carries out regular maintenance and development work of electricity equipment to
save the energy. The Company is also using the energy efficient products to reduce wastage
of scarce energy.
(ii) The steps taken by the Company for utilizing alternate sources of energy:
The Company is using the electricity as main source of its energy requirement. The
Company is not having/exploring any alternate source of energy.
(iii) The capital investment on energy conservation equipments:
For the year under review, there was no investment in energy conservation equipment.
B. TECHNOLOGY ABSORPTION:
i) The efforts made towards technology absorption: No efforts were taken. ii) The
benefits derived like product improvement, cost reduction, product development or import
substitution:
The Company has not absorbed/made any new technology during the year.
iii) In case of imported technology (imported during the last three years reckoned from
the beginning of the financial year)
No technology was imported during the three years preceding to the year under report.
iv) The expenditure incurred on Research and Development: Nil.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO:
Foreign Exchange Earnings during the year: |
Rs. 2099610/- (C. Y.) |
|
Rs. 708192 /- (P.Y.) |
Foreign Exchange Outgo during the year: |
Rs. NIL/- (C.Y.) |
|
Rs. NIL/- (P.Y) |
23. INTERNAL CONTROL SYSTEMS
Adequate internal control systems commensurate with the nature of the Companys
business, size and complexity of its operations. The internal control systems are in place
and it has been operating satisfactorily. Internal control systems comprising of policies
and procedures are designed to ensure reliability of financial reporting, timely feedback
on achievement of operational and strategic goals, compliance with policies, procedure,
applicable laws and regulations and that all assets and resources are acquired
economically, used efficiently and adequately protected.
24. EXTRACT OF ANNUAL RETURN
Extract of the Annual Return in form MGT-9 for the financial year ended 31st March,
2023 made under the provisions of Section 92(3) of the Act is annexed as ANNEXURE- A which
forms part of this Report. You may also find extract of the Annual Return in form MGT-9 on
the Companys website i.e. www.autoriders.com.
25. CORPORATE SOCIAL RESPONSIBILITY
The Corporate Social Responsibility is not applicable to the Company for the F.Y.
2022-23, hence there is no report on the same.
26. AUDITORS
(i) STATUTORY AUDITOR
In the 37th Annual General Meeting held on 14th September, 2022
M/s K.P.D. & Co., Chartered Accountants (ICAI FRN: 136856W) has been appointed as a
Statutory Auditors of the Company for a tenure of 5 years.
AUDIT REPORT
The Statutory Auditor has not made any qualification in their Report dated 25th
May, 2023 for the financial year ended 31st March 2023, However, they have
emphasized on some matters in their report to the Board of Directors of the Company.
(ii) SECRETARIAL AUDITOR
The Board has appointed Mr. Naveen Karn, Company Secretaries in Practice to undertake
the Secretarial Audit of the Company for the financial year 2022-23. The Report of the
Secretarial Audit Report is annexed herewith as ANNEXURE- B.
AUDIT REPORT
The Secretarial Auditors have not made any qualification in their Report dated 31st
August, 2023 for the financial year ended 31st March 2023, However, they have
observations on some matters in their report to the Board of Directors of the Company
which are annexed as ANNEXURE-C
(iii) COST AUDITOR
The Company is not required to appoint Cost Auditor as it is not required to submit
cost audit report pursuant to the provision of the Companies (Cost Records and Audit)
Rules, 2014.
27. GREEN INITIATIVES
Pursuant to Sections 101 and 136 of the Companies Act, 2013 The Company will be sending
Annual Report through electronic mode i.e. email to all the shareholders who have
registered their email addresses with the Company.
28. SECRETARIAL STANDARDS
It is hereby confirmed that the Company has complied with the provisions of all
applicable Secretarial Standards issued by the Institute of Company Secretaries of India
(ICSI).
29. HUMAN RESOURCES
Employees are considered to be team members being one of the most critical resources in
the business which maximize the effectiveness of the Organization. Human resources build
the Enterprise and the sense of belonging would inculcate the spirit of dedication and
loyalty amongst them towards strengthening the Companys Polices and Systems. The
Company maintains healthy, cordial and harmonious relations with all personnel and thereby
enhancing the contributory value of the Human Resources.
30. ENVIRONMENT AND SAFETY
The Company is conscious of the importance of environmentally clean and safe
operations. The Companys policy requires conduct of operations in such a manner, so
as to ensure safety of all concerned, compliances environmental regulations and
preservation of natural resources. There was no accident during the year.
31. A STATEMENT REGARDING OPINION OF THE BOARD WITH REGARD TO
INTEGRITY, EXPERTISE AND EXPERIENCE (INCLUDING THE PROFICIENCY) OF THE INDEPENDENT
DIRECTORS APPOINTED DURING THE YEAR
The Company is having Mr. Anil Kulkarni & Mr. Vinay Rane on Board as an Independent
Director. Both the Independent Directors are having expertise in the field of Vehicle
acquisition, prompt registration of vehicle acquired, advising over various insurance
cover of vehicles as well as for passengers and other related things associated with the
Business. Independent Directors contributes towards obtaining various business
opportunities, combating the Risks arising in achieving business objective of the company
and to lessen the losses in every possible way.
Mr. Anil Kulkarni & Mr. Vinay Rane have cleared self-proficiency test in the month
of November, 2021with 78% score and October, 2021 with 74% score, respectively.
32. MATERIAL CHANGES AND COMMITMENTS, IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE FINANCIAL YEAR END OF THE
COMPANY TO WHICH FINANCIAL RESULTS RELATED
Except as disclosed elsewhere in this report, no material changes and commitments which
could affect the Companys financial position have occurred between the end of the
financial year of the Company and date of this report.
33. ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE
FINANCIAL STATEMENTS
The Internal Financial Controls with reference to financial statements as designed and
implemented by the Company are adequate.
34. PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS AND SECURITIES UNDER
SECTION 186 OF THE COMPANIES ACT OF 2013
The Company had given a loan of Rs.3,00,00,000 to Group Company during the year 2019-20
within the limit as specified under Section 186 of Companies Act, 2013.
However, the Company has not granted any loans, not given any guarantees and not made
any investment during the financial year 2022-23.
35. PARTICULAR OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES
During the year under review the company had entered into transactions with the
Directors, Relatives of KMP and with the entity in which the Directors are common. Details
of the said transactions are disclosed in Note No. 35 i.e. Related Party Disclosures in
notes to accounts.
Pursuant to provision of section 188 of the Companies Act, 2013 and the rules made
thereunder all the transactions entered into by the Company during the Financial year
2022-23 with the related parties are entered in ordinary course of business and are at
arms length basis and not material in nature. Hence, the disclosure under Form No.
AOC-2 is not applicable to the Company.
36. DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 AND
OTHER DISCLOSURES AS PER RULE 5 OF COMPANIES (APPOINTMENT & REMUNERATION) RULES,
2014
There were no employees of the Company drawing remuneration of Rs. 1.02 crore per annum
or more or Rs.8.5 lacs per month or more during the year under review. The details
pursuant to Rule 5(2) of The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are annexed herewith as ANNEXURE- D.
37. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013
The Company has zero tolerance for sexual harassment and has constituted an Internal
Complaints Committee (ICC) for providing a Redressal mechanism pertaining to Sexual
harassment of women employees at workplace. There were no complaints received during the
year under review. The report of the same has been submitted to The District Officer and
Deputy Collector, Mumbai Suburban District.
38. GENERAL DISCLOSURES
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:
1. The Company has not issued any shares with differential rights and hence no
information as per provisions of Section 43(a)(ii) of the Act read with Rule 4(4) of the
Companies (Share Capital and Debenture) Rules, 2014 is furnished.
2. The Company has not issued any sweat equity shares during the year under review and
hence no information as per provisions of Section 54(1)(d) of the Act read with Rule 8(13)
of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.
3. The Company has not issued any equity shares under Employees Stock Option Scheme
during the year under review and hence no information as per provisions of Section
62(1)(b) of the Act read with Rule 12(9) of the Companies (Share Capital and Debenture)
Rules, 2014 is furnished.
4. During the year under review, there were no instances of non-exercising of voting
rights in respect of shares purchased directly by employees under a scheme pursuant to
Section 67(3) of the Act read with Rule 16(4) of Companies (Share Capital and Debentures)
Rules, 2014 is furnished.
5. No orders have been passed by any Regulator or Court or Tribunal which can have an
impact on the going concern status and the Companys operations in future.
6. No frauds were reported by auditors under sub-section (12) of section 143.
7. The Company has not made any application nor any proceedings of the Company are
pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year.
8. 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- Not Applicable during the
Financial Year.
35. ACKNOWLEDGEMENT
Your Directors wish to thank Bankers, Government authorities and various
stakeholders, such as, shareholders, customers and suppliers, among others for their
support and valuable guidance to the Company. Your Directors also wish to place on
record their appreciation for the committed services of all the Employees of the Company.
|
By order of the Board, |
For |
AUTORIDERS INTERNATIONAL LIMITED, |
Sd/- |
Sd/- |
Maneka mulchandani |
Chintan patel |
Director |
Managing director & CEO |
DIN:- 00491027 |
DIN:- 00482043 |
|