To,
The shareholder(s),
Your Directors have pleasure in presenting the 37th Annual
Report together with the audited financial statement of the Company for the year ended on
31st March 2023.
Financial Summary and State of Affairs
Standalone
Rs. (in Lakhs)
Sl. No. |
Particulars |
Current Year (2022-23) |
Previous Year (2021-22) |
1. |
Sales and other income |
36,499 |
18,193 |
2. |
Profit before Depreciation, Taxation and
Exceptional Items |
4,004 |
(36) |
3. |
Depreciation |
768 |
767 |
4. |
Profit after Depreciation but before
Taxation and Exceptional Items |
3,236 |
(803) |
5. |
Exceptional Items |
- |
408 |
6. |
Profit after Depreciation and Exceptional
Items but before Taxation |
3,236 |
(1,211) |
7. |
Provision for Taxation |
530 |
(618) |
8. |
Profit after Depreciation, Taxation and
Exceptional Items |
2,706 |
(593) |
9. |
Surplus brought forward from previous year |
1,843 |
3,404 |
10. |
Profit available for Appropriation |
4,549 |
2,810 |
11. |
Proposed Dividend/ Interim Dividend |
(512) |
(819) |
12. |
Tax on Proposed Dividend/Interim Dividend |
- |
- |
13. |
Transfer to Other Comprehensive income |
0.23 |
(149) |
14. |
Transfer from FVTOCI Reserve |
- |
- |
15. |
Transfer from/ (to) General Reserve |
- |
- |
16. |
Transfer to Debenture Redemption Reserve |
- |
- |
17. |
Transfer from Debenture Redemption Reserve |
- |
- |
18. |
Transfer from Equity Investment Reserve |
0.22 |
1 |
19. |
Balance Surplus carried to Balance Sheet |
4,038 |
1,843 |
Consolidated
Rs. (in Lakhs)
Sl. |
|
Current Year |
Previous Year |
|
Particulars |
|
|
No. |
|
(2022-23) |
(2021-22) |
1. |
Sales and other income |
42,519 |
23,359 |
2. |
Profit before Depreciation, Taxation and
Exceptional Items |
4,274 |
(200) |
3. |
Depreciation |
841 |
838 |
4. |
Profit after Depreciation but before
Taxation and Exceptional Items |
3,432 |
(1,037) |
5. |
Exceptional Items |
- |
426 |
6. |
Profit after Depreciation and Exceptional
Items but before Taxation |
3,432 |
(1,463) |
7. |
Provision for Taxation |
645 |
(759) |
8. |
Profit after Depreciation, Taxation and
Exceptional Items |
2,787 |
(704) |
9. |
Surplus brought forward from previous year |
895 |
2,521 |
10. |
Profit available for Appropriation |
3,682 |
1,816 |
11. |
Proposed Dividend/ Interim Dividend |
(512) |
(819) |
12. |
Tax on Proposed Dividend/Interim Dividend |
- |
- |
13. |
Transfer to Other Comprehensive income |
(3) |
(103) |
14. |
Transfer from FVTOCI Reserve |
- |
- |
15. |
Transfer to General Reserve |
- |
- |
16. |
Transfer to Debenture Redemption Reserve |
- |
- |
17. |
Transfer from Debenture Redemption Reserve |
- |
- |
18. |
Transfer from Equity Investment Reserve |
0.22 |
1 |
19. |
Balance Surplus carried to Balance Sheet |
3,167 |
895 |
Key Highlights of the Business and Operations:
The company registered a sales volume of 25.86 Lakhs sq. ft Vs.
14.76 Lakhs Sq. ft. in FY 2021-22, an increase by more than 75%. The average realisation
price increased from Rs. 3,883 per sq. ft. to Rs. 5,080 per sq. ft. in FY 2021-22 an
increase by 31%.
On execution front, we clocked an Equivalent Area Constructed
(EAC) of 16.73 Lakhs sq. ft. (AHL: 16.69 Lakhs sq. ft. and Partnerships: 0.04 Lakhs sq.
ft.) vs. 16.20 Lakhs sq. ft. (AHL: 13.91 Lakhs sq. ft. and Partnerships: 2.29 Lakhs sq.
ft.) in FY 2021-22.
A summary of the on-going projects as on 31st March 2023 are
as follows:
|
|
Saleable Area as on |
Area Booked as on |
Project Name & Location |
Type |
31-03-2023 (Lakhs sq.ft.) |
31-03-2023 (Lakhs sq.ft.) |
Ashiana Nirmay (Phase 4) (Bhiwadi) |
Senior Living |
2.09 |
1.81 |
Ashiana Tarang (Phase 3, 4A & 4B)
(Bhiwadi) |
Premium Homes |
2.55 |
1.69 |
Ashiana Advik (Phase 1) (Bhiwadi) |
Senior Living |
3.55 |
1.49 |
Ashiana Shubham (Phase 4 & 4B) (Chennai) |
Senior Living |
4.23 |
3.31 |
Ashiana Anmol (Phase 2 & 3) (Gurugram) |
Kid Centric Homes |
7.30 |
6.15 |
Ashiana Amarah (Phase 1) (Gurugram) |
Kid Centric Homes |
3.95 |
3.95 |
Ashiana Daksh (Phase 2 & 3) (Jaipur) |
Premium Homes |
3.52 |
3.52 |
Ashiana Amantran (Phase 1, 2, 3 and Shops)
(Jaipur) |
Premium Homes |
8.66 |
6.98 |
Ashiana Ekansh (Phase 1&2) (Jaipur) |
Premium Homes |
4.76 |
2.34 |
Ashiana Umang (Phase-5 & 6) (Jaipur) |
Kid Centric Homes |
6.71 |
4.18 |
Ashiana Aditya (Phase 1 &2) (Jamshedpur) |
Premium Homes |
6.30 |
6.30 |
Ashiana Prakriti (Phase 1) (Jamshedpur) |
Premium Homes |
2.57 |
2.57 |
Ashiana Dwarka (Phase 4 & 5) (Jodhpur) |
Premium Homes |
3.28 |
1.44 |
Ashiana Malhar (Phase 1) (Pune) |
Premium Homes |
2.62 |
1.59 |
Ashiana Utsav* (Phase-4) (Lavasa) |
Senior Living |
- |
- |
Total |
|
62.09 |
47.32 |
Note: *Ashiana Utsav Lavasa Phase 4 - Construction is complete and OC
has been applied for. The Phase is yet to be launched for sales.
During the financial year under review there is no change in the nature
of business of your company.
Launches:
FY 2022-23 was a heavy year for project launches for the company.
Launches pertaining to the business of your company, including its subsidiaries and
partnerships, for the year 2022-23 are given hereunder:
1. Ashiana Shubham, Chennai (Tamil Nadu): Launched Phase-4B
of Ashiana Shubham, a Senior Living Project in Chennai comprising of 2 and 3 BHK flats
with saleable area of 1.77 lakhs sq. ft.
2. Ashiana Tarang, Bhiwadi (Rajasthan): Launched Phase-4A
(Villas) and Phase-4B of Ashiana Tarang, a Premium Homes Project in Bhiwadi comprising of
Villas and 3 BHK flats with saleable area of 0.64 lakhs sq. ft. and 0.76 lakhs sq. ft,
respectively.
3. Ashiana Prakriti, Jamshedpur (Jharkhand): Launched
Phase-1 of Ashiana Prakriti, a new Premium Homes Project in Jamshedpur comprising of 2 and
3 BHK flats and penthouses with saleable area of 2.57 lakhs sq. ft.
4. Ashiana Ekansh, Jaipur (Rajasthan): Launched Phase-1 and
2 of a new Premium Homes Project, namely Ashiana Ekansh in Jaipur comprising of 2, 3 and 4
BHK flats with total saleable area of 4.76 lakhs sq. ft.
5. Ashiana Malhar, Pune (Maharashtra): Launched Phase-1 of
Ashiana Malhar, another new Premium Homes Project located in Pune comprising of 2 and 3
BHK Flats having total saleable area of 2.62 lakhs sq. ft.
6. Ashiana Amarah, Gurugram (Haryana): Launched Phase-1 of
Ashiana Amarah, a new Premium Homes Project located in Gurugram comprising of 2, 3 and 4
BHK Flats having saleable area of 3.95 lakhs sq. ft.
7. Ashiana Dwarka, Jodhpur (Rajasthan): Launched Phase-5 of
Ashiana Dwarka, a Premium Homes Project located in Jodhpur comprising of 2 and 3 BHK Flats
having saleable area of approximately 2.00 lakhs sq. ft.
8. Ashiana Advik, Bhiwadi (Rajasthan): Launched Phase-1 of
Ashiana Advik, a new Senior Living Project located in Bhiwadi comprising of 1,2 and 3 BHK
Flats and Villas having saleable area of 3.55 lakhs sq. ft.
9. Ashiana Anmol, Gurugram (Haryana): Launched Phase-3 of
Ashiana Anmol, a Kid Centric Homes Project located in Gurugram comprising of 2 and 3 BHK
Flats having saleable area of 4.47 lakhs sq. ft.
10. Ashiana Amantran, Jaipur (Rajasthan): Launched shops having
saleable area of 0.09 lakhs sq. ft. of Ashiana Amantran, a Premium Homes Project located
in Jaipur. Rajasthan.
Recognitions:
Your company was accorded following awards/ recognitions during the
financial year 2022-23:
1. Ranked as India's No. 1 Senior Living Brand 6 times in a row by
Track 2 Realty.
2. Received Bhamashah Award from the Govt. of Rajasthan.
3. The Govt. has also conferred the title "Shiksha Bhushan"
for Ashiana's contribution to basic education in the state of Rajasthan.
4. Bestowed with Best Pavilion Award at the CREDAI Real Estate Expo
held in Jaipur (Rajasthan).
Other Developments
1. CARE has maintained our credit rating as "CARE A(Is) [Single A
(Issuer Rating), Outlook: Stable]"
2. CARE has re-affirmed us as CARE(A); Stable for Rs. 97 Crores and Rs.
35 Crores Non- Convertible Debentures (NCDs) allotted on 31st May 2021 and 20th
July 2022, respectively.
3. ICRA has rated us as ICRA A for Rs. 20 Crores and Rs. 100 Crores
Non-Convertible Debentures.
4. Handover started of Phase 3 of Ashiana Shubham, Chennai.
5. Handover started of Phase 1 of Ashiana Sehar, Jamshedpur.
6. Handover started of Phase 1 of Ashiana Daksh, Jaipur.
Management Discussion & Analysis
Management Discussion & Analysis which forms part of
Directors' Report as per Regulation 34(2)(e) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 is given in the annual report.
Business Responsibility and Sustainability Report
The Business Responsibility and Sustainability Report as per Regulation
34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
is annexed to this report as Annexure I in the format on the principles of
National Guidelines on Responsible Business Conduct (NGRC) specified by Ministry of
Corporate Affairs in 2019 and forms part of the Annual Report.
Capital and Debt Structure
There has been no change in authorised, issued, and subscribed capital
of the company during the period under review. There are no shares with differential
rights as to dividend, voting or otherwise. Further, there are no debentures with
convertible rights. During the financial year under review, the Company has neither issued
nor allotted any equity or preference shares and not redeemed any preference shares or
bought back any shares. However, during the FY 2022-23, the company repaid Rs. 9.70 Crores
of Non- Convertible Debentures (NCDs) issued to ICICI Prudential Regular Savings Plan in
2018 bearing ISIN INE365D07077. Further during the Financial Year 2022-23, the company
issued and allotted of Non- Convertible Debentures (NCDs) to the tune of Rs. 26.40 Crores
to International Finance Corporation (IFC) on 20th July 2022.
The Details of all outstanding NCDs as on 31st March 2023
are given below:
Sl. No. |
Name of the Allottees |
ISIN of Active NCDs |
Coupon Rate |
Outstanding as on
31.03.2023 |
Brief Terms |
1. |
#ICICI Prudential Regular Savings Plan
issued Rs. 100 Crores# |
INE365D07077 |
10.15% Payable monthly* |
Rs..80 crores |
Non-convertible, Redeemable, Rated, Secured
against Unsold Inventory and Receivables thereon, Listed, Tenure: 5 years from the date of
allotment i.e. 26th April 2018 |
2. |
*International Finance Corporation |
INE365D08018 |
8% per annum provided that the interest rate
may be varied in accordance with the reset process set out in the Debenture Trust Deed
dated 28th August 2018. |
Rs. 2.43 crores |
Non-convertible, Redeemable,
Rated,Unsecured, Listed, Tenure: 20 years from the date of allotment i.e. 28th
September 2018. |
3. |
**International Finance Corporation |
INE365D08026 |
8% per annum provided that the interest rate
may be varied in accordance with the reset process set out in the Debenture Trust Deed
dated 04th May 2021. |
Rs. 97 crore |
Non-convertible, Redeemable, Rated,
Unsecured, Listed, Tenure: 20 years from the date of allotment i.e. 31st May
2021. |
4. |
***International Finance Corporation |
INE365D08034 |
8% per annum provided that the interest rate
may be varied in accordance with the reset process set out in the Debenture Trust Deed
dated 21st June 2022. |
Rs. 26.40 crore |
Non-convertible, Redeemable, Rated,
Unsecured, Listed, Tenure: 20 years from the date of allotment i.e. 20th July
2022. |
For all the above issues of NCDs VISTRA ITCL (India) Limited has been
appointed as Debenture Trustee. All the above NCDs are listed on BSE.
#The above Non-Convertible Debentures have been redeemed by the company
on 26th April 2023.
* The investment is for the identified project of the company
"Ashiana Daksh" with returns linked to project specific returns.
** The investment is for the identified project of the company
"Ashiana Amarah", Gurugram, with returns linked to project specific returns. ***
The investment is for the identified project of the company "Ashiana Vatsalya",
Chennai, with returns linked to project specific returns.
Note: Details of the credit ratings are provided in the Management
Discussion & Analysis section forming part of the Director's Report.
Extract of Annual Return
An extract of the Annual Return of your company, pursuant to Section
92(3) read with Section 134(3)(a) of the Companies Act, 2013, is available on the website
of the Company at the following link: https://
www.ashianahousing.com/real-estate-investors/financial-reports#3
Number of Meetings of the Board of Directors
The Board of Directors duly met five times during the year i.e. on 27th
May 2022, 29th July 2022, 09th August 2022, 14th November
2022, 14th February 2023, in respect of which meetings proper notices were
given and the proceedings were properly recorded and signed in the minutes book maintained
for the purpose.
Directors' Responsibility Statement
As required under Section 134(5) of the Companies Act, 2013, the
Directors of your company hereby states that:
1. In the preparation of the annual accounts, the applicable Accounting
Standards had been followed along with proper explanation relating to material departures.
2. The Directors had 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 and Loss of the company for that period.
3. The Directors had 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.
4. The Directors had prepared the annual accounts on going concern
basis.
5. The Directors had laid down Internal Financial Controls to be
followed by the company and that such Internal Financial Controls were adequate and were
operating effectively.
6. The Directors had devised proper system to ensure compliance with
the provisions of all applicable laws and such system were adequate and operating
effectively.
Disclosures from Independent Directors
Mr. Abhishek Dalmia, Mr. Narayan Anand, Ms. Piyul Mukherjee and Ms.
Sonal Mattoo, all independent directors of the company have given requisite declaration in
the first Board meeting stating that they meet the criteria of independence as provided in
Section 149(6) of Companies Act, 2013, and that they have adhered and have complied with
the Code of Conduct for Independent Directors as prescribed in Schedule IV of the Act and
Code of Conduct of the company.
Further, all the independent directors of the company have also given
the requisite declaration stating that they have complied with Rule 6 (1) & (2) of the
Companies (Appointment & Qualification of Directors) Rules, 2014 regarding
registration of their names in the Databank of Independent Directors maintained with
Indian Institute of Corporate Affairs (IICA) as per MCA Notification No. G.S.R. 804 (E)
dated 22nd October 2019.
A statement regarding opinion of the Board with regard to integrity,
expertise, and experience (including the proficiency) of the Independent Directors
appointed / reappointed during the year are given in the corporate governance section of
the annual report which forms part of the Director's Report.
Audit Committee and Vigil Mechanism
Details of the audit committee, terms of reference of the audit
committee and vigil mechanism of the company is given in the corporate governance section
of the annual report which forms part of the Director's Report.
Policy of Nomination and Remuneration Committee
Details of the Nomination & Remuneration Committee, terms of
reference of this Committee are given in the corporate governance section of the annual
report which forms part of the Director's Report.
Reservation and qualification in Auditor's Report
There are no adverse remarks or any reservation or qualifications
either by the Statuary Auditors of the company or by the Secretarial Auditor in their
report for the year under review.
Remuneration of Directors
The disclosure pursuant to Section 197(12) of the Companies Act, 2013
relating to the remuneration of each director is given in
Annexure II.
Loans, Guarantee, and Investments
The particulars of Loans, Guarantee and Investments made by company
under Section 186 of Companies Act, 2013 is given in
Annexure III.
Particulars of Related Party Transaction
The particulars of related party transactions entered into by the
company during the year pursuant to Section 188 of Companies Act, 2013, are given in Annexure
IV.
General Reserve
No amount has been transferred to General Reserve in respect of
Financial Year under review.
Dividend
The Board of Directors of your company has recommended the final
dividend @ 25 % i.e. Re. 0.50 per equity share of Rs. 2/- for the Financial Year 2022-23,
approval for which is being placed before the members in the upcoming Annual General
Meeting.
Material Changes and Commitments
There are no material changes and commitments, which have affected the
financial position of the company between the end of financial year and the date of this
report.
Particulars of Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings and Outgo
Particulars with respect to Conservation of Energy and Technology
Absorption as per section 134(3)(m) read with Rule 8(3) of Chapter IX of the Companies
Act, 2013 are given in Annexure V.
During the year under review, there has been no foreign exchange
earnings but there has been foreign exchange outgo of Rs. 314.27 Lakhs.
Risk Management
Your company has a Risk Management Committee. Details of the Risk
Management Committee and Risk Management Policy are given in the Corporate Governance
section of the Annual Report. Major risk perception of management which may threaten
existence of the Company are discussed in the Management Discussion and Analysis section
of the Annual Report.
Corporate Social Responsibility (CSR) Initiatives
Details of the Corporate Social Responsibility Committee are given in
the Corporate Governance section and in Management Discussion and Analysis of the annual
report which forms part of the Director's Report.
Details of activities undertaken under the CSR initiatives of the
company are given in a separate section in the Annual Report followed by Management
Discussion and Analysis Report.
Statutory Report on Corporate Social Responsibility initiatives
undertaken by the company during the year are given in Annexure VI.
Formal Annual Evaluation of the Board
A statement indicating the performance of the Board and its committee,
and its individual directors is given in Annexure VII.
Directors and Key Managerial Personnel (KMP)
The Board of Directors of the company comprises of seven directors out
of whom three are Executive Directors and four are Independent Directors. The names of
Board of Directors of the Company are as follows:
Sl. No. |
Name |
Category of Directorship |
1. |
Mr. Vishal Gupta |
Managing Director |
2. |
Mr. Ankur Gupta |
Jt. Managing Director |
3. |
Mr. Varun Gupta |
Whole Time Director |
4. |
Mr. Abhishek Dalmia |
Independent Director |
5. |
Ms. Sonal Mattoo |
Independent Director |
6. |
Ms. Piyul Mukherjee |
Independent Director |
7. |
Mr. Narayan Anand |
Independent Director |
Further, there are two other KMPs in the Company, namely.
a) Mr. Vikash Dugar, Chief Financial Officer (CFO).
b) Mr. Nitin Sharma, Company Secretary (CS) and Compliance Officer.
During the year under review, Mr. Hemant Kaul completed his two terms
as an Independent Director and his office as Independent Director ceased w.e.f. from 27th
August 2022. Apart from this, there has been no change in the composition of the Board of
Directors of the Company.
Further, Mr. Narayan Anand, and Ms. Piyul Mukherjee have been
re-appointed as Independent Directors for another term of 5 years, and Mr. Vishal Gupta,
Mr. Ankur Gupta and Mr. Varun Gupta have been re-appointed as Managing Director, Jt.
Managing Director, and Whole Time Director of the company, respectively for another term
of 3 years by the shareholders in the Annual General Meeting held on 17th
September 2022.
Subsidiary Companies
A statement pursuant to Rule 5 & 8 of Chapter IX of the Companies
Act, 2013 containing salient features of the financial statements of the
subsidiaries/associate companies/joint ventures of the company and their contribution to
the overall performance of the company during the period under review is given in Annexure
VIII. During the year under review no new company has become or ceased to be
subsidiaries, associate, and joint venture.
Fixed Deposits
During the year under review your company had neither invited nor
accepted any deposits from the public in terms of the provisions of the Companies Act,
2013 read with Rules.
Orders of Court/Tribunal/Regulator
During the year under review there was no order passed by the
regulators or courts or tribunals which was material enough to impact the going concern
status and operations of your company.
Internal Financial Controls
The Company has in place adequate internal financial controls with
reference to financial statements. During the year, such controls were tested and no
reportable material weakness in the design or operation were observed. Please also refer
to Internal Controls section in the Management Discussion and Analysis which forms part of
the Director's Report.
Auditors
a) Statutory Auditors
The shareholders of the Company had appointed B. Chhawchharia
& Co., Chartered Accountants, as Statutory Auditors of the company
for a period of five years from the conclusion of their Annual General Meeting held on 17th
September 2022. They have been appointed as Statutory Auditors in place of the M/s. VMSS
& Associates, Chartered Accountants, the outgoing Statutory Auditors.
The Notes on financial statement referred to in the Auditors'
Report are self-explanatory and do not call for any further comments. The Auditors'
Report does not contain any qualification, reservation, or adverse remark.
b) Secretarial Audit Report
The Board has appointed M/s. A.K. Verma & Co., Practising Company
Secretary, to conduct Secretarial Audit for the financial year 2022-23. The Secretarial
Audit Report for the financial year ended 31st March 2023 is given in Annexure
IX.
The Secretarial Audit Report does not contain any qualification,
reservation, or adverse remark. The company has complied with the applicable Secretarial
Standard Issued by the ICSI.
c) Cost Auditor
Maintenance of Cost Records and Cost Audit as prescribed under section
148 of the Companies Act, 2013 are applicable on our company and accordingly such records
and accounts are maintained by the company. Your company also gets annual audit of cost
records under this section.
Based on the recommendation of Audit Committee, Mr. Santosh Pant of
M/s. Pant S. & Associates, Cost Accountant having Membership No. 32283, had been
appointed by the Board as the Cost Auditors of the company for the FY 2022-23 on 27th
May 2022. Further, the Board has appointed him as Cost Auditor for the FY 2023-24 also
subject to ratification of remuneration by the shareholders in their upcoming AGM. The
company has received a letter from him to the effect that this appointment would be within
the limits prescribed under section 141(3)(g) of the Companies Act, 2013 and that he is
not disqualified for such appointment in terms of the provisions of the Companies Act,
2013.
d) Internal Auditor
Based on the recommendation of Audit Committee, Grant Thornton (Bharat)
LLP, Chartered Accountants, had been appointed by the Board as Internal Auditors of the
Company.
Compliance with the provisions under The Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013
Your company has complied with the provisions of the above Act in
letter and spirit. Your company has an Internal Complaints Committee to look after any
complaints of this sort.
Insolvency and Bankruptcy Code, 2016
There are no proceedings initiated or pending against the company under
the Insolvency and Bankruptcy Code, 2016.
The requirement of sub rule xii of rule 8 of the Companies (Accounts)
Rules, 2014 pertaining to difference in the valuation in respect of loans taken from
banks/ financial institutions does not apply on the company.
Transfer of dividend and shares to Investor Education and Protection
Fund
The company transferred Rs. 24,78,366/- on 01st November
2022 to the Investor Education and Protection Fund established by the central government
in compliance with section 125 of the Companies Act, 2013. This amount represented the
unclaimed dividend in respect of the FY 2014-15, which was lying with the company for a
period of seven years from the date of transfer to unpaid-unclaimed dividend account.
Prior to transferring the aforesaid sum, the company had sent reminders to the
shareholders, and have been intimated to the shareholders about unpaid unclaimed dividend
in every AGM notice. The company had transferred 1,31,511 number of shares to the Investor
Education and Protection Fund established by the Central Government in compliance with
section 125 of the Companies Act, 2013. These shares are in respect of which dividend has
not been paid or claimed for seven consecutive years. Prior to transferring the aforesaid
shares, the company had sent reminders to the shareholders. The Company Secretary, Mr.
Nitin Sharma, is the
Nodal Officer for the Transfer of Shares to Investor Education Fund and
the shareholder can check their details on website https://www.
ashianahousing.com/real-estate-investors/investors-contact#5 or can mail at
nitin.sharma@ashianahousing.com.
Particulars of Employees and Related Disclosures
During the year under review none of the employees of the company was
in receipt of remuneration of Rs. 1.02 Crore p.a. or Rs. 8.50 Lakhs, as the case may be,
as specified in rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, read with the provisions of section 197(12) of the
Companies Act, 2013, or was in receipt of remuneration in excess of that drawn by the
Managing Director or Whole Time Director, and is/was holding, alongwith his/her spouse and
dependent children not less than two percent of the equity shares of the company.
The information relating to particulars of employees under Section 197
of Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is attached as Annexure II.
Further, the statement containing names of top ten employees in terms
of remuneration drawn and the particulars of employees as required under Section 197(12)
of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this
report.
Further, the report and the accounts are being communicated to the
Members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said
annexure is open for inspection and any member interested in obtaining a copy of the same
may write to the Company Secretary at nitin.sharma@ashianahousing.com.
Other Committees of the Board
Details of the other committees of the Board are provided under the
Corporate Governance Section of the Report.
Failure to implement Corporate Action
During the financial year under review, there was no failure to
implement any Corporate Action.
Other Disclosures
(a) wherever applicable, that the consolidated financial statement is
also being presented in addition to the standalone financial statement of the company.
(b) details about key initiatives with respect to Stakeholder
relationship, Customer relationship, Environment, Sustainability, Health, and Safety are
given in the Business Responsibility Statement section (Annexure I) to this report.
(c) there was no delay in holding the annual general meeting for the
financial year 2021-22.
(d) cost records are required to be maintained by the company pursuant
to section 148 of the Companies Act, 2013 and accordingly such records and accounts are
maintained.
Acknowledgements
The Board of Directors takes this opportunity to express its grateful
thanks and wish to place on record its appreciation to the Government of India, the Govt.
of Rajasthan, the Government of Maharashtra, the Govt. of Jharkhand, the Govt. of Gujarat,
the Govt. of Haryana, the Govt. of West Bengal and Govt. of Tamil Nadu and their agencies
for providing us excellent business opportunities, to our bankers for their continued
support and guidance from time to time and to the employees of the company at all levels
for the continued co-operation and unstinted support extended to the company. The
Directors also express their sincere thanks to all the shareholders, suppliers/ vendors,
investors, and customers for their continued support and trust they have reposed in the
Management.
|
For and on behalf of the Board |
Vishal Gupta |
Ankur Gupta |
(Managing Director) |
(Jt. Managing Director) |
|