To,
The Members,
Riddhi Corporate Services Limited,
Your Directors have pleasure in presenting the 13th Annual Report
together with the Audited accounts of the Company for the financial year ended on March
31, 2023.
FINANCIAL RESULTS: (Rs. In lacs)
PARTICULARS |
FOR THE YEAR ENDED ON 31ST
MARCH, 2023 |
FOR THE YEAR ENDED ON 31ST
MARCH, 2022 |
Net Total Income |
20154.55 |
11,629.22 |
Less: Operating and Admin. Exps. |
17049.85 |
9739.61 |
Profit before depreciation and Taxes |
3104.7 |
1889.61 |
Less: Depreciation |
1998.05 |
1,105.53 |
Less: Extraordinary/Exceptional Items |
- |
- |
Profit before Tax (PBT) |
1106.65 |
784.08 |
Less: Taxes (including deferred tax and fringe benefit
tax) |
264.64 |
199.65 |
Profit after Tax (PAT) |
842.01 |
584.43 |
Surplus Carried to Balance Sheet |
- |
- |
Earnings Per Equity Share |
|
|
Basic |
7.34 |
5.14 |
Diluted |
7.30 |
5.14 |
HIGHLIGHTS OF PERFORMANCE:
The company has posted a good performance for the year under review as
compared to previous year i.e.2021-2022. The total revenue of the Company has increased
from Rs. 116,29,22,035 /- to 201,54,54,593 /-.
DIVIDEND:
During the Period under review the board of directors of company has
not recommended any dividend.
PUBLIC DEPOSITS:
Your Company has not accepted any deposits within the meaning of
Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules,
2014.
RESERVES:
The Company has not transferred any amount to General Reserve / Capital
Redemption Reserve during the Period under review.
21
BOARD MEETINGS HELD DURING THE YEAR:
SR NO. |
DATE ON WHICH BOARD MEETINGS
WERE HELD |
TOTAL STRENGTH
OF THE BOARD |
NO OF DIRECTORS
PRESENT |
1 |
30/05/2022 |
06 |
06 |
2 |
13/08/2022 |
06 |
06 |
3 |
06/09/2022 |
06 |
06 |
4 |
22/09/2022 |
06 |
06 |
5 |
14/11/2022 |
06 |
06 |
6 |
16/01/2023 |
06 |
06 |
7 |
18/01/2023 |
06 |
06 |
8 |
24/01/2023 |
06 |
06 |
9 |
08/02/2023 |
06 |
06 |
10 |
14/02/2023 |
06 |
06 |
11 |
23/02/2023 |
06 |
06 |
ATTENDANCE OF DIRECTORS AT BOARD MEETINGS:
SR NO. |
NAME OF DIRECTORS |
NO. OF MEETING
HELD |
NO. OF MEETING
ATTENDED |
1 |
ALPITKUMAR P. GOR |
11 |
11 |
2 |
PRAVINCHANDRA K. GOR |
11 |
11 |
3 |
UMESH ARVINDBHAI BHADRESWARA |
11 |
11 |
4 |
BHAVIN KIRITKUMAR PANDYA |
11 |
11 |
5 |
KALPANABEN DIPAKBHAI SUTHAR |
11 |
11 |
6 |
JASHUBHAI M PATEL |
11 |
11 |
DEPOSITORY SYSTEM:
All the Shareholding of the company is in Dematerialized form only.
SUBSIDIARY/ JOINT VENTURE/ ASSOCIATE COMPANY:
Company does not have any Subsidiary / Associate / Joint Venture
Company as on 31st March, 2023.
CORPORATE GOVERNANCE:
Pursuant to the provisions of Regulation 34(3) read with Schedule V(C)
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
("Listing Regulations"), the Report on Corporate Governance is annexed hereto
and forms part of this Report. Your Company is committed to transparency in all its
dealings and places high emphasis on business ethics. The requisite Compliance Certificate
as required under Part E of Schedule V of the Listing Regulations, issued by Mr. Amrish N.
Gandhi (C P No. 5656), proprietor of M/s. Amrish Gandhi & Associates, Practising
Company Secretaries, Ahmedabad pertaining to the compliance of the conditions of Corporate
Governance, is also annexed herewith as "Annexure
- D".
EXTRACT OF ANNUAL RETURN AS PER SECTION 92 (3) OF COMPANIES ACT 2013:
The Annual Return in form MGT-9 as per section 92(3) will be available
at the Website of the company - https://riddhicorporate.co.in/
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
In terms of Section 152 of the Companies Act, 2013, Mr. Umesh
Arvindbhai Bhadreswara (DIN: 07582046) is liable to retire by rotation
at forthcoming AGM and being eligible offers himself for re-appointment.
The Company has received necessary declaration from each independent
director under Section 149(7) of the Companies Act, 2013, that he/she meets the criteria
of independence laid down in Section 149(6) of the Companies Act, 2013.
All the directors of the Company have confirmed that they are not
disqualified from being appointed as directors in terms of Section 164 of the Companies
Act, 2013.
CHANGES IN THE DIRECTORSHIP OF THE COMPANY:
During the period under review there is no change in the Directorship
of the Company.
MATTERS AS PRESCRIBED UNDER SUB-SECTIONS (1) AND (3) OF SECTION 178 OF
THE COMPANIES ACT, 2013:
The policy of the Company on directors' appointment and remuneration,
including criteria for determining qualifications, positive attributes, independence of a
director and other matters provided under Sub section (3) of Section 178 of the Companies
Act, 2013. We affirm that the remuneration paid to the directors is as per the terms laid
out in the nomination and remuneration policy of the Company.
BOARD EVALUATION:
Pursuant to the provisions of the Companies Act, 2013, the Board has
carried out an annual evaluation of its own performance, the directors individually, as
well as the evaluation of the working of its Committees. At the meeting of the Board all
the relevant factors that are material for evaluating the performance of individual
Directors, the Board and its various committees were discussed in detail. A structured
questionnaire each for evaluation of the Board, its various Committees and individual
Directors was prepared and recommended to the Board by Nomination & Remuneration
Committee for doing the required evaluation after taking into consideration the input
received from the Directors covering various aspects of the Board's functioning such as
adequacy of the composition of the Board and its Committees, execution and performance of
specific duties, obligations and governance etc.
AUDITORS:
STATUTORY AUDITORS:
M/s Ravi Shah & Co., Chartered Accountants, , (Firm Registration
No. 121394W), the Statutory Auditors of the Company, has been appointed by the company at
its Extra Ordinary General Meeting held on 20th March, 2023 till the conclusion of its
13th Annual General Meeting.
23
The Statutory Auditors report for the financial year ended March, 2023
is attached to this report.
No Qualification or Adverse Remarks made in Statutory Report by
Statutory auditors for the financial year 2022-2023.
SECRETARIAL AUDITORS:
Your directors have appointed Amrish Gandhi & Associates,
Company Secretary, 504, Shivalik Abaise, Opp. Shell Petrol Pump, Anandnagar Road,
Satellite, Ahmedabad-380015, as secretarial auditors for the financial year 2022-23.
The Secretarial Audit Report for the Financial Year ended March, 2023
is attached to this report as "Annexure-B".
COST AUDITORS
Provision for appointment of Cost Auditor is not applicable to your
company.
INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY:
Your Company has established effective internal control systems to
ensure accurate, reliable and timely compilation of financial statements, to safeguard
assets of your Company and to detect and mitigate irregularities and frauds. Your
Company's management has established adequate internal control procedures over
financial reporting.
In accordance with the requirements of Section 143(3)(i) of the Act,
the Statutory Auditors have confirmed the adequacy and operating effectiveness of the
internal financial control systems over financial reporting.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
Details of Loans, Guarantees and Investments under the provisions of
Section 186 of the Companies Act, 2013 are given in the Financial Statement of the company.
AUDIT COMMITTEE:
Audit Committee comprises of three members and all members are
Independent Directors. All transactions with related parties are on an arm's length basis.
During the year, there are no instances where the Board had not accepted the
recommendations of the Audit Committee.
The composition of the Audit Committee of the Board of Directors of the
Company mentioned below:
NAME OF DIRECTORS |
DESIGNATION |
NATURE OF
DIRECTORSHIP |
BHAVIN KIRITKUMAR PANDYA |
Chairman |
Independent Director |
JASHUBHAI PATEL |
Member |
Independent Director |
KALPANA D SUTHAR |
Member |
Independent Director |
NOMINATION AND REMUNERATION COMMITTEE:
Nomination and Remuneration Committee comprises of three members of
which three, including the Chairman of the Committee, are Independent Directors.
The composition of the Nomination and Remuneration Committee of the
Board of Directors of the Company is mentioned below:
24
NAME OF DIRECTORS |
DESIGNATION |
NATURE OF
DIRECTORSHIP |
BHAVIN KIRITKUMAR PANDYA |
Chairman |
Independent Director |
JASHUBHAI PATEL |
Member |
Independent Director |
KALPANA D SUTHAR |
Member |
Independent Director |
STAKEHOLDER RELATIONSHIP COMMITTEE:
Stakeholder Relationship Committee comprises of three members of which
three including the Chairman of the Committee, are Independent Directors.
The composition of the Stakeholder Relationship Committee of the Board
of Directors of the Company is mentioned below:
NAME OF DIRECTORS |
DESIGNATION |
NATURE OF
DIRECTORSHIP |
BHAVIN KIRITKUMAR PANDYA |
Chairman |
Independent Director |
JASHUBHAI PATEL |
Member |
Independent Director |
KALPANA D SUTHAR |
Member |
Independent Director |
RELATED PARTY TRANSACTIONS:
All the related party transactions entered into during the financial
year were on an arm's length basis and were in the ordinary course of business.
Accordingly, the disclosure of related party transactions as required under Section 134(3)
(h) of the Companies Act, 2013 in Form AOC-2 which is attached with this report as "Annexure-A".
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
There are no significant material orders passed by the Regulators /
Courts which would impact the going concern status of the Company and its future
operations.
MATERIAL CHANGES:
No material changes and commitments affecting the financial position of
the company occurred between the end of the financial year to which this financial
statements relate and the date of the report.
CHANGES IN CAPITAL STRUCTURE OF THE COMPANY:
During the Period under review, there is no change in Capital Structure
of the Company.
EMPLOYEE STOCK OPTION:
The Company has not issued any shares during the financial year under
the Employee Stock Option Scheme.
CASH FLOW ANALYSIS:
The Cash Flow Statement for the year under reference forms part of the
Annual Report under Independent Auditor Report.
CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY
ABSORPOTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
- CONSERVATION OF ENERGY:
The clause is not applicable.
25
- TECHNOLOGY ABSORPTION:
Your company has not made any efforts towards technology absorption
and neither imported any technology nor made any expenditure on research and developments.
- FOREIGN EXCHANGE EARNINGS AND OUTGO:
Foreign Exchange inflow (Rs.): 1.56 Lakhs
Foreign Exchange outflow (Rs.): 26.63 Lakhs MANAGEMENT
DISCUSSION AND ANALYSIS:
ECONOMIC SCENARIO:
For second year running, Over the course of the past year, the
global economy has experienced numeruous challenges in the form of geopolitical tension,
rising interest rates, high inflation levels. Alongside, the consequences of a sudden
surge in COVID-19 cases in China also impacted growth projections. As per the latest
estimates by the International Monetary Fund, the global GDP growth rate is estimated to
be 3.4% in FY22 showing resilience towards the recessionary fears. On account of these
headwinds, supply chain disruptions were also rampant. Moreover, due to geopolitical
conflicts, crude oil prices soared, global trade was impacted and inflationary pressures
worsened. To rein in inflation, Central Banks across the world, including the US Federal
Reserve, responded with synchronised rate hikes. A stronger boost from pent-up demand in
numerous economies or a fall in inflation is expected in the course of 2023. The emerging
and developing economies of the world are likely to play a major role in accelerating
global economic growth. Another silver lining is the fact that global inflation is likely
to decline from *8.8% in C.Y. 2022 to 6.6% in C.Y. 2023 and 4.3% in C.Y. 2024.
The Indian economy remained remarkably resilient to global challenges
in F.Y. 2022-23. This is evident by robust domestic demand and upbeat investment activity.
Sectoral analysis reveals that growth was driven by robust construction activity aided by
increased infrastructure investment both by the Central Government and State Governments,
which paved the way for large-scale employment opportunities. Building on the gains of
first half of the fiscal year, the second half continued to see a gradual upswing in
demand and economic activity. While post- covid, private investment recovery is still at a
nascent stage, there are early signals, which indicate that India is poised for a stronger
investment upcycle in both manufacturing and services sectors. The number of private
investment projects under implementation in the manufacturing sector is also steadily
growing.
INDUSTRY REVIEW:
The Indian economy is the fifth largest in the and we have our
sights set on becoming a $5 trillion economy by 2025. One of the big drivers of this
growth is expected to come with the expansion of the logistics industry in India which
employs million people and acts as the backbone for multiple industries. Investing in
infrastructural development by creating dedicated freight corridors, improving
connectivity by road, rail and the sea, and enabling technology driven solutions for
improved visibility across the supply chain will be critical if India is to accelerate and
sustain GDP growth.
26
India is one of the countries with the largest population and an
expansive geographical coverage which contributes to many of the factors that influence
logistics in the country. The pandemic seen a shift with countless challenges unique to
each region. The logistics industry is seeing its fair share ups and downs but trends
suggest better growth for this sector in the coming year. As of 2021, the size of the
logistics industry in India was valued at $250 billion with the market poised to grow to
an impressive $380 billion by 2025, registering a healthy growth rate of 10%-12% year on
year. However, the ecosystem is still coming grips with many challenges, with India
ranking 44th in the Logistics Performance Index (LPI) released the World Bank, and
industry watchers agreeing that the cost of logistics needs to be brought down. The year
2022 was a hit-and-miss for many of the key players in the industry. ICRAs reports
suggested a growth rate of 14-17 % for the 21-22 fiscal year Moreover, around 14.4 % of
the GDP is accounted for by the logistics industry. A substantial amount the population
that are employed work in this sector In India, the cost of logistics hovers around 12%
13% of GDP mark which is much higher compared to BRICS countries, or US and Germany that
are at 11%, 9.5 % and 8%, respectively. The Government has already outlined many steps to
bring this number down to 8% by 2030, in order to drive enterprise efficiency.
As regards the Union Budget of 2023, expectations center around
implementation of plans outlined as part of the National Logistics Policy (NLP) that PM
Modi launched in September 2022. Aimed at enhancing economic growth, increasing employment
and improving the competitiveness of domestic products in local markets and abroad, the
NLP will establish a single-window e-logistics market and promote the seamless movement of
goods across the country. This was a natural next step following the Gati Shakti National
Master Plan that seeks to urgently improve first and last-mile connectivity, which
continues to be a roadblock for e- commerce players, MSMEs across the board. With the
unorganized sector amounting to over 90% of the logistics industry, there is a need for
less-fragmented communication between various stakeholders. A technology driven framework
can bridge the gap between manufacturers, government has bodies, customs, shippers,
service providers by enabling information exchange in a secure, confidential and real time
or near real time manner, as outlined by the Unified Logistics Interface Platform (ULIP.)
The implementation of ULIP will prove to be a game changer in times to come, by improving
logistics visibility multi fold, cutting down expensive delays and transports costs, and
enhancing enterprise efficiency. And, Indian startups will play a critical role in the
strengthening and adoption of this open-source protocol to break communication, promote
standardization and service quality assessment, and improve automation for greater
reliability and ease of doing business.
There is also a need for better warehousing, cold . storage
infrastructure and enhanced first and last mile connectivity to reduce wastage, and of
promote quicker transport of goods from port . to port, city to city, from state to state.
Cost of - operations will stand to come down by reducing the tax burden on last mile
services that currently attracts 18% tax and incentively warehousing. With over 60% of all
freight in India transported by road (as compared to the global average of 25%), our
highways are the lifeline for goods transport. And initiatives like FASTag are helping cut
trucking and transport times. However, in this Union Budget the industry expects a push
for the creation of Dedicated Freight Corridors (DFC) and the creation of multi-modal
logistics parks, with freight stations, improved connectivity by rail, more efficient
trade across state borders.
27
REVIEW AND FUTURE OUTLOOK OF THE COMPANY:
The Company is continuously trying to accomplish the desired
results. Steps have been taken for cost diminution and quality of work by the Company. The
Company will achieve more turnover by various marketing strategies, offering more quality
products, launching new products and services etc. in coming years followed by increase in
profit margin by way of various cost cutting techniques and optimum utilization of various
resources of the Company.
INTERNAL CONTROL SYSTEM:
The Company has proper and adequate system of internal control,
commensurate with the size and nature of its business. Regular Internal Audits and Checks
carried out and also management reviews the internal control system and procedures to
ensure orderly and efficient conduct of business and to ensure that all assets are
safeguarded and protected against loss from unauthorized use or disposition and that
transactions are authorized, recorded and reported correctly. The Company has well defined
internal control system. The Company takes abundant care to design, review and monitor the
working of internal control system. Internal audit in the organization is an independent
appraisal activity and it measures the efficiency, adequacy and effectiveness of other
controls in the organization. The Audit Committee, comprising Independent Directors,
regularly reviews audit plans, significant audit findings, adequacy of internal controls,
and compliance with Accounting Standards, among others.
HUMAN RESOURCES:
The Company believes that its people are its most important asset
and thus continuously strives to scale up its employee engagement through well structured
systems and a visionary HR philosophy. The Company continues to lays emphasis on building
and sustaining the excellent organization climate based on human performance. Performance
management is the key word for the Company. Pursuit of proactive policies for industrial
relations has resulted in a peaceful and harmonious situation in the Company. We are
highly focused on developing our employees to perform with the same excellence for the
challenges and huge business opportunities that are envisaged in future. The Company
firmly believes that intellectual capital and human resources is the backbone of the
Company's success.
CAUTIONARY STATEMENT:
Statement in the Management Discussion and Analysis describing
Company's objectives, projections, estimates, expectation may be forward-looking
statements within the meaning of applicable securities laws and regulations. Actual result
could differ materially from those expressed or implied. Important factors that could make
a difference to the Company's operation include economic conditions affecting
demand/supply and price conditions in the Government regulations, tax laws and other
status and other incidental factors.
Further, the discussion following herein reflects the perceptions on
major issues as on date and the opinion expressed here are subject to change without
notice. The Company undertakes no obligations to publicly update or revise any of the
opinions of forward looking statements expressed in this report, consequent to new
information future events, or otherwise. Readers are hence cautioned not to place undue
reliance on these statements and are advised to conduct their own investigation and
analysis of the information contained or referred to this statement before taking any
action with regard to specific objectives.
28
RISK MANAGEMENT:
The Board of Directors have developed & implemented a robust
risk management policy which identifies the key elements of risks that threatens the
existence of the Company. The Audit Committee reviews the Company's financial and
risk management policies and steps taken by the Company to mitigate such risks.
CORPORATE SOCIAL RESPONSIBILITY:
The Corporate Social Responsibility is applicable to the Company
during the period under review and your company and its board has contributes as follows.
Sr. No |
Name of Organisation |
Amount Spent
towards CSR |
Remarks, if any |
1. |
SHREE SHRADDHA EDUCATION AND
CHARITABLE TRUST |
7.00 Lacs |
"Vocational Training
for
Reaching to unreached" |
PREVENTION OF SEXUAL HARASSMENT POLICY:
The Company has in place Prevention of Sexual Harassment Policy in
line with the requirements of The Sexual Harassment of Women at Workplace (Prevention,
Prohibition & Redressal) Act, 2013. All employees (permanent, contractual, temporary,
trainees) are covered under this policy. Your Directors state that during the year under
review, there were no cases filed pursuant to the aforesaid Act.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 134(5) of the Companies Act, 2013, the Board of
Directors, to the best of their knowledge and ability, state the following:
- that in the preparation of the annual financial statements for the year ended March 31,
2023, the applicable accounting standards have been followed along with proper explanation
relating to material departures, if any;
- that such accounting policies as mentioned in Notes to the Financial Statements have
been selected and applied consistently and judgement and estimates have been made 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 profit of the Company for the year ended on that
date;
- that proper and sufficient care has been taken 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;
- That the annual financial statements have been prepared on a going concern basis.
- That proper internal financial controls were in place and that the financial controls
were adequate and were operating effectively.
- That system to ensure compliance with the provisions of all applicable laws were in
place and were adequate and operating effectively.
29
KEY MANAGERIAL PERSON:
Mr. Pravinchandra Gor, Chairman & Managing Director (C&MD),
Mr. Alpit Pravinchandra Gor (Wholetime Director) Mr. Hardik Bhavsar, Chief Financial
Officer (CFO) and Mr. Mustafa Sibatra, Company Secretary Cum Compliance Officer (CS) are
the Key Managerial Personnel of the Company.
ENVIRONMENT AND POLLUTION CONTROL:
The Company is well aware of its responsibility towards a better
and clean environment. Our efforts in environment management go well beyond mere
compliance with statutory requirements. The Company has always maintained harmony with
nature by adopting eco- friendly technologies and upgrading the same from time to time
incidental to its growth programmers.
VIGIL MECHANISM/WHISTLE BLOWER POLICY:
Your Company is committed to highest standards of ethical, moral
and legal business conduct. Accordingly, the Board of Directors has formulated a Whistle
Blower Policy which is in compliance with the provisions of Section 177(10) of the
Companies Act, 2013. The company has adopted Whistle Blower Policy to deal with any
instance of fraud and mismanagement. The employees of the company are free to report
violations of any laws, rules, regulations and concerns about unethical conduct to the
Audit Committee under this policy. The policy ensures that strict confidentiality is
maintained whilst dealing with concerns and also that no discrimination with any person
for a genuinely raised concern.
THE CHANGE IN NATURE OF BUSINESS:
There is no material changes in the company held during the year.
PARTICULARS OF EMPLOYEES:
A statement containing the names and other particulars of employees
in accordance with the provisions of section 197(12) of the Companies Act, 2013 read with
rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 is appended as "Annexure C" to this report.
EQUITY AND FUND RAISING:
Your Company has taken approval from the members of the company in
the Extra-ordinary General Meeting of the Members of the company held on 18th October,
2022 for issue and allotment of 10,02,000 Equity Shares on Preferential Basis to the
holders details of which were already provided in the Notice dated 26th September, 2022
calling Extra-Ordinary General Meeting of the Members of the company. However after Stock
exchange approval and amount of consideration received from the investors, the board has
allotted 4,92,000 (Four Lakh Ninety Two Thousand Only) of face value of Rs. 10/- each at
an issue price of Rs. 143/ and issued 7,05,000 (Seven Lakhs Five Thousand) warrants, each
convertible into, or exchangeable for, 1 (one) fully paid-up equity share of the Company
having face value of Rs. 10/- ( Rupee Ten Only) ("Equity Share") each
("Warrants") at a price (including the Warrant Subscription Price and the
Warrant Exercise Price) of Rs. 143/- (Rupees One Hundred Forty Three) each.
30
Details of Violation/ Deviations and Management remarks.
Company was required make an application for In-principal approval
to the Bombay Stock Exchange (BSE) on the 27th September, 2022 for Preferential Issue of
Equity Shares and Share Warrants. However the company has made delay of 31 Days and 34
Days for filing the documents for In-principal approval of Bombay Stock Exchange for
Preferential Issue of Equity Shares and Share Warrants. Company has received notice from
SEBI in relation to the Adjudication Application filed with the Bombay Stock Exchange for
violation of Regulation 160(f) of SEBI (ICDR) (Amendment) Regulations, 2022.
However Company had filed an application with BSE for Condonation of
delay in filing applications for in principal approval for our proposed preferential
issues. Company has also submitted requisite documents and replies to SCN received from
SEBI. After personal hearing and submissions of documents, SEBI Adjudication officer
issued final order demanding monetary penalties of Rs. 100000 for delay in filling for
In-principal approval for Preferential Issue of Equity Shares and Rs. 100000 for delay in
filling for In-principal approval for Preferential Issue of Share Warrants. Your Company
has paid the above said penalties as on 01- 09-2023 by indicating not to challenge the
order further.
ACKNOWLEDGMENT:
Your Directors are grateful to the Central Government, the State
Government, the Registrar of Companies, Gujarat, Securities and Exchange Board of India
and other Regulatory Authorities, Bankers, Financial Institutions, Vendors and Customers
for their continued support, co- operation and guidance. We would like to express our deep
sense of appreciation for the hard work and efforts put in by the employees at all levels.
We would like to thank our shareholders for their cooperation and assistance during the
year under report.
By order of the Board of Directors RIDDHI CORPORATE SERVICES LIMITED
Sd/-
Place: - AHMEDABAD PRAVINCHANDRA GOR
Date: - 06/09/2023 CHAIRMAN & MANAGING DIRECTOR
CIN:L74140GJ2010PLC062548 DIN: 03267951
|