TO THE MEMBERS

Your Directors present the 32 Annual Report together with the Audited Statement of
Accounts of the Company for the financial year ended March 31, 2023.


FINANCIAL RESULTS:

(Rs. in Lacs)


  

    
Particulars
    
2022-23
    
2021-22
  
  

    
Revenue from operation
    
18.13
    
43.70
  
  

    
Other Income
    
1.27
    
0.72
  
  

    
Total Income
    
19.40
    
44.42
  
  

    
Expenditure
    
(268.08)
    
(310.82)
  
  

    
Profit / Loss for the period
    
(248.68)
    
(266.42)
  
  

    
Loss due to assets discarded
    
-
    
-
  
  

    
Profit / Loss Before Tax
    
(248.68)
    
(266.42)
  
  

    
Other comprehensive Income
    
-
    
-
  
  

    
Total Comprehensive Income
    
(248.68)
    
(266.42)
  
  

    
(Net of Tax)
    

    

  


The Ministry of Corporate Affairs (‘MCA') has notified the mandatory adoption of
Indian Accounting Standards (Ind-AS) by all companies other than Insurance Companies,
Banking companies and Non-Banking Finance companies.


DIVIDEND:

Your directors have not recommended any dividend on equity shares for the year as there
is no profit in the year.


TRANSFER OF RESERVES

The closing balance of the retained earnings of the Company for FY 2023, after all
appropriation and adjustments was (5,089.25lakhs). During the year under review, the
Company does not propose to transfer any amount to reserves.

STATE OF COMPANY'S AFFAIRS:

Company abandoned its PTA project in 2018 and is utilizing its infrastructure for some
new industry as advised by international consultants EY. The company with other partners
has set up a new special purpose vehicle (SPV) in the name of Nandavan Mega Food Park
Private Limited for setting up a Mega Food Park. The Company in FY2018-2019 has granted 76
years long term lease for 57.42 acres of its land to this new SPV incompliance with the
Government Scheme to start Mega Food Park business under approval from Ministry of Food
Processing Industry (MOFPI) of Government of India on 11th April'2018 and now kept in
abeyance due to pending application for approval with Ministry Of Food Processing
Industries (MoFPI).


DETAILS OF SIGNIFICATION AND MATERIAL ORDERS PASSED BY THE REGULATORS / COURTS /
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND THE COMPANY'S OPERATIONS IN FUTURE:

In the year under review no material order has been passed by above said authorities
impacting the going concerned status.


INTERNAL FINANCIAL CONTROL(IFC):

The Company has in place adequate internal financial controls, with reference to
financial statement. It has established an integrated framework for managing risks and
internal controls. 

The Board has also adopted the 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 frauds and errors, the accuracy and
completeness of the accounting record and timely preparation of reliable financial
disclosures.

The internal financial controls have been documented and embedded in the business
processes. Such controls have been assessed during the year under review and have been
operating effectively.

The Audit Committee reviews and evaluates adequacy and effectiveness of the Company's
internal control environment and monitors the implementation of audit recommendations. The
Company has appointed Mr. S.K. Khandelwal, Chartered Accountants as the Internal Auditor
in compliance with section 138 of the Companies Act, 2013. The scope of audit and the
outcome of the audit are reviewed by Audit Committee at regular intervals.


DEPOSITS UNDER CHAPTER V OF THE COMPANIES ACT, 2013:

The Company has neither accepted nor renewed any Deposits from the public within the
ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits)
Rules,2014. 

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS 

The particulars of loans given, guarantees provided and investments made, have been
duly disclosed in the financial statements. 

STATURORY AUDITORS:

Pursuant to Section 139 of the Act and Rules made thereunder, the Company at its 131st
AGM appointed M/s. B.M. Chaturvedi & Co. (Firm Registration No. 114317W) as the
Statutory Auditors of the Company for a period of 5 years from the conclusion of 31st AGM
until the conclusion of 37th AGM of the Company. Pursuant to amendments in Section 139 of
the Act, the requirements to place the matter relating to such appointment for
ratification by Members at every AGM has been done away with. The Reports given by M/s. B.
M. Chaturvedi & Co., Chartered Accountants on the financial statements of the Company
for FY 2022-23 are part of the Annual Report. 

AUDITOR'S REPORT:

The observations by the Auditors in their report are self-explanatory and, in the
opinion of the Board, do not require any further explanation. 

SHARE CAPITAL:

At present we have only one class of shares i.e. equity shares of Rs. 10 each. Our
authorised share capital is Rs. 170 Crores divided into 17 Crores equity shares of Rs. 10
each. The issued, subscribed and paid-up capital of the Company is Rs. 161.86 Crores as on
March 31, 2023. The Company has neither issued any shares with differential rights as to
dividend, voting or otherwise, nor issued any sweat equity shares or employee stock
options during the financial year under review. Further, your Company's equity shares are
listed on BSE Ltd. 

ANNUAL RETURN: 

As required under section 134(3)(a) of the Companies Act, 2013, the annual return once
filed with registrar of companies/MCA shall be placed on the website of the Company and
can be accessed at https://svcindustriesltd.com/investors/

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:

The particulars of conservation of energy, technology absorption, foreign exchange
earnings and outgo for the financial year under review as required to be given under
Section 134(3)(m) of the Companies Act, 2013 and Rule 8(3) of the Companies (Accounts)
Rules, 2014 is not applicable to the Company. 

FOREIGN EXCHANGE EARNINGS & OUTGO: 

The Company has not utilized any foreign exchange and has not earned any foreign
exchange during the financial year ended March 31, 2023. 

CORPORATE SOCIAL RESPONSIBILTIY:

The Provision with respect to Corporate Social Responsibility is not attracted to the
Company . 

CHANGE IN DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of the Companies Act, 2013 and the Articles of
Association of the Company, Mr. Advait Chaturvedi (DIN: 05003448), Director of the company
retires by rotation at the ensuing Annual General Meeting and being eligible, offer
himself for re-appointment. The brief resume/details about Mr. Advait Chaturvedi (DIN:
05003448) is given in the Notice of the ensuing AGM sent to the shareholders along with
the Annual Report. 

Ms. Gayatri Chauhan was resigned from the post of Company Secretary and Compliance
Officer of the Company w.e.f. August 13, 2022. To fulfill the casual vacancy, the Company
appointed Ms. Vrushali Darji as the Company Secretary and Compliance Officer at the Board
Meeting held on May 26, 2023. 

During the year under review, Mr. Manoj Patel was appointed as Chief Financial Officer
& Manager with effect from 11th November 2022 due to sad demise of our
former CFO and Manager Mr. Sanjay Agarwal and Mr. Manoj Patel resigned as Chief Financial
Officer and Manager on July 28, 2023. Mr. Kapil Chaturvedi is appointed as a Manager and
Chief Financial Officer of the Company under section 2(51), 2(53) and 203 of the Act, for
a period of 5 years from July 28, 2023 subject to approval by shareholders. Necessary
resolutions for his appointment as Manager have been included in the Notice convening the
ensuing AGM and requisite details have been provided in the explanatory statement of the
Notice. The Board recommends his appointment. 

As on date 31 March 2023, the Company has Mr. Suresh Chaturvedi, Mr. Subhash Chandra
Rastogi, Mr. Advait Chaturvedi, Mr. Ambuj Chaturvedi & Ms. Sonal Jitendra Waghela as
Director of the Company. Mr. Manoj Patel, Chief Financial Officer & Manager are Key
Managerial Personnel of the Company. 

None of the Directors of the company are disqualified for being Directors as specified
164 under Section of the Companies Act, 2013. Report from Independent Company Secretary in
Practice is attached as Certificate of Non disqualification of Directors. 

STATEMENT ON DECLARATION BY AN INDEPENDENT DIRECTOR (S) AND RE - APPOINTMENT, IF ANY:

All the Independent Directors have given a declaration that they meet the criteria of
independence as laid down under Section 149(6) of the Act and affirmed compliance with
Wadia Code of Ethics and Business Principles as required under Regulation 25 of Listing
Regulations. 

During the year, the non-executive directors of the Company had no pecuniary
relationship or transactions with the Company, other than sitting fees, commission, and
reimbursement of expenses incurred by them for the purpose of attending meetings of the
Company. 

In the opinion of the Board, all the Independent Directors possess the integrity,
expertise and experience including the proficiency required to be Independent Directors of
the Company, fulfill the conditions of independence as specified in the Act and Listing
Regulations and are independent of the management and have also complied with the Code for
Independent Directors as prescribed in Schedule IV of the Act. 

COMPANY'S POLICY ON DIRECTOR'S APPOINTMENT AND REMUNERATION

In accordance with the provisions of the Section 178 of the Companies Act, 2013 read
along with the applicable Rules thereto and regulation 19 of the SEBI LODR, the Company
has constituted Nomination and Remuneration Committee and has formulated "Nomination
and Remuneration Policy" containing criteria for determining the qualifications,
positive attributes, independence of a director and other matters provided under section
178(3) of the Companies Act, 2013 for selection of any Director, Key Managerial Personnel
and Senior Management Employees.

The said policy of the Company is directed towards rewarding performance, based on the
review of achievements on a periodic basis. The Board of Directors has approved a
Nomination and Remuneration policy and the same is available on the website of the company
at https://svcindustriesltd.com/policies/. 

The details pertaining to the composition of the Nomination and Remuneration Committee
are included in the Corporate Governance Report, which forms part of this Report.


ANNUAL EVALUATION

The Nomination and Remuneration Committee (NRC) has approved a framework / policy for
performance evaluation of the Board, Committees of the Board, and the individual members
of the Board (including the Chairperson) which includes criteria for performance
evaluation, which is reviewed annually by the Committee. A questionnaire for the
evaluation of the Board, its committees and the individual members of the Board (including
the Chairperson), designed in accordance with the said framework and covering various
aspects of the performance of the Board and its Committees, including composition and
quality, roles and responsibilities, processes and functioning, adherence to Code of
Conduct and Ethics and best practices in Corporate Governance as mentioned in the Guidance
Note on Board Evaluation issued by the Securities and Exchange Board of India on January
5, 2017 was circulated to the Directors. Pursuant to the provisions of the Act and SEBI
LODR and based on policy devised by the committee, the board has carried out annual
evaluation of its own performance, its committees and individual directors. The board
performance was evaluated on inputs received from all the Directors after considering
criteria as mentioned aforesaid. The performance of the committees was evaluated by the
Board of Directors on inputs received from all the committee members after considering
criteria as mentioned aforesaid. Pursuant to SEBI LODR, performance evaluation of
independent director was done by the entire board, excluding the independent director
being evaluated. The performance evaluation of non-independent directors and the board as
a whole and Chairman of the Board was also carried out by the Independent Directors of the
Company through separate meeting of independent directors held on February 23,2023.


NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:

During the year under review, 4 (Four) Board Meetings were conveyed and held. The
details of which are given in the Corporate Governance Report. The intervening gap between
the Meetings was within the period prescribed under the Companies Act, 2013 and SEBI
Listing Regulations.


COMMITTEE OF THE BOARD

The Board of Directors have the following Committees:

1. Audit Committee

2.Nomination and Remuneration Committee 3.Stakeholders' Relationship Committee

The details of the Committees along with their composition, number of meetings and
attendance at the meetings are provided in the Corporate Governance Report.


COMPLIANCE WITH THE PROVISIONS OF SECRETARIAL STANDARD - 1 (SS-1) AND SECRETARIAL
STANDARD - 2(SS-2)

The Directors have devised a proper system to ensure compliance with the provisions of
all applicable Secretarial Standards issued by the Institute of Company Secretaries of
India and that such systems are adequate and operating effectively. The company has
complied with SS-1 and SS-2.


AUDIT COMMITTEE:

The Audit Committee acts as a link between the statutory and internal auditors and the
Board of Directors. Its purpose is to assist the Board in fulfilling its oversight
responsibilities of monitoring financial reporting processes, reviewing the Company's
established systems and processes for internal financial controls, governance and
reviewing the Company's statutory and internal audit activities. The Committee is governed
by a Charter which is in line with the regulatory requirements mandated by the Companies
Act, 2013 and Regulation 18 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.


STAKEHOLDER RELATIONSHIP COMMITTEE:

Your Company believes that its members are amongst its most important stakeholder. The
Stakeholder Relationship Committee of the Company consists of Mr. Suresh V. Chaturvedi as
Chairman, Mr. Subhash Chandra Rastogi and Mr. Advait Chaturvedi as a Member. During the
year under review, the Stakeholders Relationship Committee met for 5(Five) times.


NOMINATION AND REMUNERATION COMMITTEE:

The Board has, on the recommendation of the Nomination and Remuneration Committee
framed a policy for selection and appointment of Directors, Key Managerial Personal and
their remuneration. The Nomination and Remuneration Committee consist of Mr. Subhash
Chandra Rastogi as a Chairman, Ms. Sonal Waghela and Mr. Suresh V. Chaturvedi as a Member.
This Committee has been constituted as per terms or provision of the Companies Act and
under regulation of SEBI (Listing Obligations and Disclosure Requirements)
Regulations,2015. During the year under review the Committee met 1 (one) time.


MEETING OF INDEPENDENT DIRECTOR:

During the year 2022-23, one meeting of independent director was held on 12 February
2023. The Independent Directors Mr. Subhash Chandra Rastogi and Ms. Sonal Waghela met
without the attendance of Non- Independent Directors and the members of the Management.
The Independent Directors, inter alia, reviewed the performance of Non- Independent
Directors and the Board as a whole; the performance of the Chairman of the Company and
assessed the quality, quantity, and timeliness of flow of information between the Company
Management and the Board that is necessary for the Board to perform their duties
effectively and reasonably.


VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has implemented a Whistle Blower Policy pursuant to which Whistle Blower
can raise concerns relating to Reportable Matters (as defined in the policy) such as
breach of Code of Conduct, fraud, bribery, corruption, employee misconduct, illegality,
health & safety, environmental issues and wastage/misappropriation of bank
funds/assets, etc. Further, the mechanism adopted by the Company encourages the Whistle
Blower to report genuine concerns or grievances and provides for adequate safe guards
against victimization of Whistle Blower, who can avail such mechanism and has direct
access to the Chairman of the Audit Committee, in exceptional cases.

The functioning of the Vigil Mechanism is reviewed by the Audit Committee from time to
time. None of the Whistle Blower has been denied access to the Audit Committee of the
Board. The details of the Whistle Blower Policy are available on the website of the
Company i.e. www.svcindustriesltd.com


CONTRACT / ARRAGEMENT WITH RELATED PARTIES:

All related party transactions that were entered during the financial year were in
ordinary course of the business of the company and were on arm's length basis. There are
no materially significant related party transactions made by the Company with Promoters,
Directors, Key Managerial Personnel or other designated persons which may have potential
conflict with the interest of the Company. The policy on materiality of Related Party
Transactions is uploaded on the website of the company.


RISK MANAGEMENT:

Your Company has an elaborate Risk Management Framework, which is designed to enable
risks to be identified, assessed and mitigated appropriately. The Board is entrusted with
the responsibility to assist in (a) Overseeing and approving the Company's enterprise wide
risk management framework; and (b) Overseeing that all the risks that the organization
faces such as financial, credit, market, liquidity, security, property, IT, legal,
regulatory, reputational and other risks have been identified and assessed and there is an
adequate risk management infrastructure in place, capable of addressing those risks.


DISCLOSURE, AS TO WHETHER MAINTENANCE OF COST RECORDS AS SPECIFIED BY THE CENTRAL
GOVERNMENT UNDER SUB-SECTION (1) OF SECTION 148 OF THE COMPANIES ACT, 2013, IS REQUIRED BY
THE COMPANY AND ACCORDINGLY SUCH ACCOUNTS AND RECORDS ARE MADE AND MAINTAINED

The provision of the same is not applicable to the Company.


MANAGERIAL REMUNERATION:

The information as required under Section 197(12) of the Act read with Rule 5(1) and 5
(2)of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is
given in Annexure -D forming part of this report. 


SECRETARIAL AUDIT REPORT:

Pursuant to provisions of section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has
appointed Ranjeet Kumar Sharma & Associates, a practicing Company Secretaries in
practice to undertake the Secretarial Audit of the Company for the financial year 2022-23.
The report of the Secretarial Audit is annexed herewith as "Annexure A".


SECRETARIAL COMPLIANCE REPORT:

While the Annual Secretarial Audit shall cover a broad check on compliance with all
laws applicable to the entity, listed entities shall additionally, on an annual basis,
require a check by the Company Secretary in Practice on compliance of all applicable SEBI
Regulations and circulars / guidelines issued thereunder, consequent to which, the Company
Secretary in Practice shall submit a report to the listed entity in the manner specified
in the SEBI Circular No. CIR/CFD/CMD1/27/2019 dated February 08, 2019. Your Company has
appointed Ranjeet Kumar Sharma & Associates, a practicing Company Secretaries in
practice to give Secretarial Compliance Report of the Company. The observations and
comments given by the Secretarial Auditor are provided in Secretarial compliance Report
attached herewith as "Annexure B". and the same is submitted to Stock
Exchange within the prescribed due date. 

Our Reply: The Company is generally regular in meeting the statutory compliances.
However, due to the outbreak of COVID-19pandemic and due to lack of co-ordination and
technological challenges, resulted in a delay in filing compliances. However, the Company
going forward shall ensure compliances being done within the prescribed timeline.


MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report for the financial year 2022-23, as stipulated
under Regulation 34(2)(e) of the SEBI (Listing obligations and Disclosure
Requirements)Regulations, 2015 (hereinafter referred to as "the SEBI LODR"),is
presented in a separate section forming part of Directors' report is as Annexure
"C".


FRAUD REPORTING:

There were no frauds reported by the Auditors under provisions of Section 143(12) of
the Companies Act, 2013 and rules made thereunder.


DIRECTORS' RESPONSIBILITY STATEMENT:

As required u/s 134 (5) of the Companies Act, 2013, the Directors confirm that;

I. In the preparation of the annual accounts for the year ended

st

31 March 2023, the applicable accounting standards have been followed along with
explanation relating to material departures;

II. They have selected such accounting policies and applied them consistently except
for the non-provision of interest on all secured loans as mentioned in Note No. 29 forming
part of the Balance Sheet and made judgments and estimates that are reasonable and prudent
so as to give a true and fair view

st

of the state of affairs of the Company as on 31 March 2023;

III. The Directors have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 2013
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities; and

IV. The Directors have prepared the annual accounts for the

st

financial year ended 31 March, 2023 on a going concern basis.

V. They have laid down 'internal financial controls' to be followed by the Company and
that such internal financial controls are adequate and were operating effectively.

vi. 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.


TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND:

Your Company did not have any funds lying unpaid or unclaimed for a period of seven
years. Therefore, there were no funds which were required to be transferred to Investor
Education and Protection Fund (IEPF).


CORPORATE GOVERNANCE:

The Company has taken adequate steps to ensure that all mandatory provisions of
Corporate Governance, in terms of Regulation 34 of the Securities Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 are complied with. A
separate report on Corporate Governance is being incorporated as a part of the Annual
Report along with a certificate from the Auditors of the Company regarding Compliance of
the conditions of Corporate Governance which is annexed to the Directors' Report.


RECONCILIATION OF SHARE CAPITAL AUDIT REPORT:

As directed by the Securities and Exchange Board of India (Depositories and
participants) Regulations,1996, Reconciliation of Share Capital is being carried out at
the specified periodicity by the practicing Company Secretary. The findings of the
Reconciliation of Share Capital Audit are regularly taken at the Board Meeting, besides
submitting it to the BSE Limited.


CODE OF CONDUCT:

The Board has adopted, the Code of Ethics and Business for the Non-Executive Directors
as also for the employees and other members of Senior Management. The said code has been
communicated to all the Directors and Members of the Senior Management. Board members and
senior management personnel have affirmed compliance with the Code for the financial year
2022-23.


CEO / CFO CERTIFICATION:

As there is no CEO in the Company, CFO of the Company have certified to the Board of
Directors, inter alia, the accuracy of financial statements and adequacy of internal
controls for the financial reporting as required under Regulation 17(8) of the Listing

st

Regulations for the year ended 31 March, 2023.


INSIDER TRADING:

The Company has adopted a Code of Conduct for Prevention of Insider Trading in
accordance with the requirements of SEBI (Prohibition of Insider Trading) Regulations,
2015 and Companies Act, 2013 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 beyond threshold limits. Further, it 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 disclosures obtained under the code are submitted to the BSE Limited, from time to
time. The Company regularly follows the system of Share Trading Window mechanism as per
the Insider Regulation.


LISTING OF SECURITIES

The Equity shares of the Company are listed on the Bombay Stock Exchange Limited. 


DEMATERIALISATION OF SHARES:

As part of its efforts to provide better investor services, your Company has admitted
its equity in the Depository System of the National Securities Depositories Ltd. (NSDL)
and Central Depository Services (India) Ltd. (CDSL) since 07.03.2000 and 23.03.2000
respectively and has offered investors the facility to hold the shares in electronic form
and enter into script less trades. Your Company has always paid utmost attention to
improve investor's relationship. As on March 31, 2023 approximately 88.18 % of the total
shares of the Company has already been dematerialized.


DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION, PROHIBITION AND
RED RESSAL)

The Company is committed and dedicated in providing a healthy and harassment free work
environment to every individual of the Company, a work environment that does not tolerate
sexual harassment. We highly respect the dignity of everyone involved at your work place,
whether they are employees, suppliers or our customers. We require all employees to
strictly maintain mutual respect and positive attitude towards each other. The said policy
is available on the Company's website and the web link thereto is
https://svcindustriesltd.com/policies/. The company has complied with provisions relating
to the constitution of Internal Complaints Committee under the Sexual Harassment of Women
at Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. 

Number of complaints pending as on the beginning of the financial year Nil Number of
complaints filed during the financial year Nil Number of complaints pending at the end of
the financial year Nil


DISCLOUSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT / UNCLAIMED SUSPENSE ACCOUNT:

The Company does not have any of its securities lying in demat suspense account /
unclaimed suspense account / Suspense Escrow account arising out of public / bonus /
rights issue / expiration of period of 120 days from date of issuance of 'Letter of
Confirmation' by the RTA in terms of SEBI Circular No. SEBI / LAD-NRO / GN / 2022 / 66
dated 24 January 2022 read with SEBI Circular No SEBI / HO / MIRSD / MIRSD_RTAMB / P / CIR
/ 2022 / 8 dated 25 January, 2022 in matters w.r.t. issue of duplicate securities
certificate; claim from unclaimed suspense account; renewal / exchange of securities
certificate; endorsement; subdivision / splitting of securities certificate; consolidation
of securities -certificates / folios; transmission and transposition received from the
shareholder / claimant. Hence, providing particulars relating to aggregate number of
shareholders and outstanding securities in suspense account and other related matters are
not required.


DETAILES OF PROCEEDINGS UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016

During the financial year under review, no application was made or proceeding initiated
against the Company under the insolvency and bankruptcy Code, 2016 nor any such proceeding
was pending at the end of the financial year under review.


VALUATION OF ASSETS

During the financial year under review, there was no instance of one-time settlement of
loans / financial assistance taken from Banks or financial institutions, hence the company
was not required to carry out valuation of its assets for the said purpose.


ACKNOWLEDGEMENT:

Your Directors would like to place on record their sincere thanks for the co-operation
and support received from various agencies of the Central and State Governments, all
Shareholders and Creditors.

Your Directors also take this opportunity to place on record their appreciation of the
dedication and sense of commitment shown by the officers and employees of the Company at
all levels.


For and on behalf of the Board SVC Industries Limited


  

    
Suresh V. Chaturvedi
    
Ambuj Chaturvedi
  
  

    
Director
    
Director
  
  

    
(DIN: 00577689)
    
(DIN: 05003458)