Dear Members,
Your Directors have pleasure in presenting their 94th Annual Report on the
business and operations of the Company, together with the Audited Financial Statements for
the financial year ended March 31, 2023 (the "Report").
1. FINANCIAL PERFORMANCE
The summarized financial results of the Company for the financial year ended March 31,
2023 are presented below:
Particulars |
Standalone |
|
2022-2023 |
2021-2022 |
Revenue from Operations |
- |
- |
| Other Income |
125 |
77 |
Total Revenue |
125 |
77 |
| Profit/(Loss) before Interest & depreciation |
(364) |
(417) |
| Less: Interest |
- |
- |
| Less: Depreciation |
- |
- |
Profit/(Loss) Before Tax and Exceptional Items |
(364) |
(417) |
Add: Exceptional Items_ Premium on |
|
|
Redemption of Debentures pertaining to previous year |
- |
(239) |
Profit/(Loss) Before Tax |
(364) |
(656) |
| Add/Less: Provison of Tax |
- |
- |
Profit/(Loss) After Tax |
(364) |
(656) |
| Other Comprehensive Income |
- |
- |
Total Comprehensive Income |
(364) |
(656) |
Note: The above figures are extracted from the standalone financial statements prepared
in compliance with Indian Accounting Standards (IND AS). The Financial Statements of the
Company complied with all aspects with Indian Accounting Standards (IND AS) notified under
section 133 of the Companies Act, 2013 (the Act) read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended from time to time and other relevant
provisions of the Act.
2. STATE OF COMPANYfS AFFAIRS, BUSINESS OVERVIEW AND FUTURE OUTLOOK
The Company is engaged in the business of Textile Manufacturing. However, As per
directed in the sanctioned scheme the company shall set up same textile product with
similar modern textile machinery on 40% of the company's land and remaining 60% land will
be utilized for real Estate Development and the funds generated from real estate operation
will be utilized to redeemed Debentures as well as set up the New Textile units with
working capital Requirements. However, during the year under review, the Company has not
earned any revenue from operation and earned other income of Rs.125 lakhs against Rs.77
lakhs of the previous year. The Company has incurred net loss of Rs.364 lakhs as compared
to Rs. 656 lakhs of the previous year.
During the year, there were no changes in business of the Company, the detailed
discussion on Company's overview and future outlook has been given in the section on
‘Management Discussion and Analysis' (MDA).
3. DIVIDEND
The Company has incurred losses, hence the Board of Director could not recommend any
dividend for the financial year under review.
As per Regulation 43A of the SEBI (Listing Obligation and Disclosures Requirements)
Regulations, 2015 (the Listing Regulations) the top 1000 listed Companies shall formulate
a Dividend Distribution Policy. The Company does not come under the category of top 1000
listed Companies based on the market capitalization.
4. TRANSFER TO RESERVES
The Company has not transferred any amount of profit to the reserves during the
financial year under review. Further, the details of movement in Reserve and Surplus is
given in note no. 9 of the Financial Statement.
5. DEBENTURES
The Debenture holder after considering the situation of Covid-19 affect the business
operation of the Company, has agreed to extend the maturity date of series A Debentures of
Rs.30 Crores to 31st March, 2025 on condition that the premium on redemption
shall increase by 40% of the face value of the debentures over and above agreed earlier
(i.e. 19.2 Crores being 40% of 48 Crores) and series B Debentures of Rs.5 Crores to 31st
March, 2025 on condition that the premium on redemption shall increase by 40% of the face
value of the debentures over and above agreed earlier (i.e. 2 Crores being 40% of 5
Crores).
6. DEPOSITS
During the year, your Company has not accepted any deposits within the meaning of
sections 73 and 76 of the Companies Act, 2013 read with the Companies (Acceptance of
Deposits) Rules, 2014, hence there are no details to disclose as required under Rule 8 (5)
(v) and (vi) of the Companies (Accounts) Rules, 2014.
7. DETAILS OF SUBSIDIARIES/JOINT VENTURES/ASSOCIATE COMPANIES
During the year under review, no Company has become or ceased to be a Subsidiary/Joint
Venture/ Associate Company of your Company.
8. SHARE CAPITAL
? During the year under review, there were no changes in Authorised and Paid up Share
Capital of the Company.
? The Company has not issued any equity shares with differential rights as to dividend,
voting or otherwise, during the year under review. ? The Company has not issued any sweat
equity shares to its directors or employees, during the period under review.
9. DIRECTORS AND KEY MANAGERIAL PERSONNEL
The Board as on March 31, 2023, comprised of 4 (Four) Directors out of which 3 (Three)
are Independent Directors and 1 (One) is Whole Time Director.
Mrs. Shweta Dhruv Shah (DIN 03287393), Whole Time Director, Mr. Dhruv Nikunj Shah, CFO
and Ms. Nidhi Vinodkumar Darak, Company Secretary are the Key Managerial Personnel as per
the provisions of the Companies Act, 2013 and rules made there under.
None of the Directors of the Company have been debarred or disqualified from being
appointed or continuing as Director of company by the Securities and Exchange Board of
India (SEBI) and Ministry of Corporate Affairs (MCA) or any such other Statutory
Authority.
a. Appointments and Resignations of Directors and Key Managerial Personnel During
the year under consideration, no such changes have been occurred: b. Director Liable to
Retire by Rotation
In terms of Section 152 of the Companies Act, 2013, Shweta Dhruv Shah (DIN: 03287393),
Director liable to retire by rotation shall retire at the ensuing Annual General Meeting
and being eligible for re-appointment, offers herself for reappointment. The information
as required to be disclosed under Regulation 36 of the Listing Regulations will be
provided in the notice of ensuing Annual General Meeting.
c. Independent Directors
The Company has received declarations/ confirmations from each Independent Directors
under section 149(7) of the Companies Act, 2013 and regulation 25(8) of the Listing
Regulations confirming that they meet the criteria of independence as laid down in the
Companies Act, 2013 and the Listing Regulations.
The Company has also received requisite declarations from Independent Directors of the
Company as prescribed under rule 6(3) of Companies (Appointment and Qualification of
Directors) Rules, 2014.
All Independent Directors have affirmed compliance to the Code of Conduct for
Independent Directors as prescribed in Schedule IV to the Companies Act, 2013.
In the opinion of the Board, Independent Directors of the Company possess requisite
qualifications, experience and expertise and hold highest standards of integrity. Further,
2(two) independent directors of the Company are in process of inclusion of their name in
Data Bank of Independent Directors.
10. NUMBER OF MEETINGS OF BOARD OF DIRECTORS
The Board meets at regular intervals to discuss and decide on Company/business policies
and strategies apart from other Board businesses. The Board/Committee Meetings are
prescheduled, and a tentative annual calendar of the Board and Committee Meetings is
circulated to the Directors in advance to facilitate them to plan their schedule and to
ensure meaningful participation in the meetings.
The Board of Directors of your Company met 5 (Five) Times during the year to carry the
various matters.
The maximum interval between any two consecutive Board Meetings did not exceed the
period prescribed under the Companies Act, 2013, the Listing Regulation and circular
issued by MCA in this regard.
The Composition of Audit Committee are as under:
| 1. Mr. Girishbhai Champaklal Shah |
Chairman |
| 2. Mr. Ratan Noshir Karanjia |
Member |
| 3. Mrs. Shweta Dhruv Shah |
Member |
Further, during the year, there are no such cases where the recommendation of any
Committee of Board, have not been accepted by the Board.
11. DIRECTORS
RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134 (3) (c) of the Companies Act, 2013, the
Directors hereby confirm and state that:
(a) in the preparation of the annual accounts for the financial year ended March 31,
2022, the applicable accounting standards have been followed and that no material
departures have been made from the same;
(b) the Directors have selected such accounting policies and applied them 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 at the end of the financial year and of
the profit of the Company for that period;
(c) the Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
(d) the Directors have prepared the annual accounts on a going concern basis;
(e) the Directors have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively; and
(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.
12. POLICY ON DIRECTORSf APPOINTMENT AND REMUNERATION
The Nomination and Remuneration Committee (‘NRC') works with the Board to
determine the appropriate characteristics, skills and experience for the Board as a whole
as well as for its individual members with the objective of having a Board with diverse
backgrounds and experience in business, government, education and public service.
Characteristics expected of all Directors include independence, integrity, high personal
and professional ethics, sound business judgement, ability to participate constructively
in deliberations and willingness to exercise authority in a collective manner. The Company
has in place a Policy on appointment & removal of Directors (‘Policy').
The salient features of the Policy are:
It acts as a guideline for matters relating to appointment and re-appointment of
Directors.
It contains guidelines for determining qualifications, positive attributes for
Directors and independence of a Director.
It lays down the criteria for Board Membership
It sets out the approach of the Company on board diversity
It lays down the criteria for determining independence of a Director, in case of
appointment of an Independent Director.
The Nomination and Remuneration Policy is posted on website of the Company and may be
viewed at http://www.gaekwarmills.in
13. PERFORMANCE EVALUATION OF THE BOARD
The Board evaluation framework has been designed in compliance with the requirements
under the Companies Act, 2013 and the Listing Regulations, and in accordance with the
Guidance Note on Board Evaluation issued by SEBI on January 05, 2017. The Board evaluation
was conducted through questionnaire designed with qualitative parameters and feedback
based on ratings.
The Nomination and Remuneration Committee of the Company has laid down the criteria for
performance evaluation of the Board, its Committees and individual directors including
Independent Directors covering various aspects of the Board's functioning such as
adequacy of the composition of the Board and its Committees, Board culture, execution and
performance of specific duties, obligations and governance.
Pursuant to the provisions of the Companies Act, 2013 and Regulation 17 of the Listing
Regulations, based on the predetermined templates designed as a tool to facilitate
evaluation process, the Board has carried out the annual performance evaluation of its own
performance, the Individual Directors including Independent Directors and its Committees
on parameters such as level of engagement and contribution, independence of judgment,
safeguarding the interest of the Company and its minority shareholders etc.
14. CORPORATE SOCIAL RESPONSIBILITY(CSR)
Your company does not fall in the ambit of limit as specified in Section 135 of the
Companies Act, 2013 read with Rule framed there under in respect of Corporate Social
Responsibility. However, the directors of the Company, in their personnel capacity, are
engaged in philanthropy activities and participating for cause of upliftment of the
society.
15. MANAGEMENT DISCUSSION & ANALYSIS REPORT
The Management Discussion and Analysis Report for the year under review as stipulated
under Regulation 34(2)(e) of the Listing Regulations is presented in a separate section
and forming part of this Report.
16. CORPORATE GOVERNANCE
As your Company's Paid up Equity Share Capital and Net Worth not exceeding Rs.10
Crores and Rs.25 Crores respectively, there corporate governance provision as specified
in regulations 17, 17A, 18, 19, 20, 21,22, 23, 24, 24A, 25, 26, 27 and clauses (b) to (i)
and (t) of sub-regulation (2) of regulation 46 and para C , D and E of Schedule V shall
not apply to the Company.
17. VIGIL MECHANISM / WHISTLE BLOWER POLICY
Your Company has in place Whistle Blower Policy ("the Policy"), to provide a
formal mechanism to its directors and employees for communicating instances of breach of
any statute, actual or suspected fraud on the accounting policies and procedures adopted
for any area or item, acts resulting in financial loss or loss of reputation, leakage of
information in the nature of Unpublished Price Sensitive Information (UPSI), misuse of
office, suspected/actual fraud and criminal offences. The Policy provides for a mechanism
to report such concerns to the Chairman of the Audit Committee through specified channels.
The frame work of the Policy strives to foster responsible and secure whistle blowing. In
terms of the Policy of the Company, no employee including directors of the Company has
been denied access to the chairman of Audit Committee of the Board. During the year under
review, no concern from any whistle blower has been received by the Company. The whistle
blower policy is available at the link http://www.gaekwarmills.in
18. STATEMENT ON RISK MANAGEMENT POLICY
Risk assessment and management are critical to ensure long-term sustainability of the
business. The Company has in place, a strong risk management framework with regular
appraisal by the top management. The Board of Directors reviews the Company's business
risks and formulates strategies to mitigate those risks. The Senior Management team, led
by the Whole Time Director, is responsible to proactively manage risks with appropriate
mitigation measures and implementation thereof.
19. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The Company has made investment in security of body corporate and given loan to Private
Limited Company, the details of the same is given in note no.10, 12 and related party
notes of the Financial Statement. Further, the Company has not given any guarantees or
provided security in connection with a loan to any other body corporate or person.
20. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All the transactions with related parties are in the ordinary course of business and on
arm's length basis and there are no ‘material' contracts or arrangement or
transactions with related parties and thus disclosure in Form AOC-2 [Pursuant to clause
(h) of sub-section (3) of Section 134 of the Companies Act, 2013 and Rule 8(2) of the
Companies (Accounts) Rules, 2014] is not required.
The statement showing the disclosure of transactions with related parties in compliance
with applicable provisions of Ind AS, the details of the same are provided in Note No. 22
of the Standalone Financial Statement. All related party transactions were placed before
the Audit Committee and the Board, wherever applicable for their approval.
The Policy on materiality of related party transactions and dealing with related party
transactions as approved by the Board is available at https://www.gaekwarmills.in
21. INTERNAL FINANCIAL CONTROL SYSTEM
The Company has in place adequate standards, processes and structures to implement
internal financial controls with reference to financial statements. Internal control
systems comprising of policies and procedures are designed to ensure sound management of
your
Company's operations, safekeeping of its assets, optimal utilizations of resources,
reliability of its financial information and compliance.
Systems and procedures are periodically reviewed to keep pace with the growing size and
complexity of your company's operation.
22. LISTING REGULATIONS, 2015
The Equity Shares of the Company are listed on BSE Limited (BSE). The Company has paid
its Annual Listing Fees to the stock exchanges for the Financial Year 2022-2023.
The Company has formulated following Policies as required under the Listing
Regulations, the details of which are as under:
1. "Documents Preservation & Archival Policy" as per Regulation 9 and
Regulation 30 which may be viewed at https://www.gaekwarmill.in
2. "Policy for determining Materiality of events/information" as per
Regulation 30 which may be viewed at https://www.gaekwarmill.in
23. AUDITORS
(a) Statutory Auditor
M/s. M.D. Pandya & Associates, Chartered Accountants (Firm Registration
No. 107325W) has been appointed as Statutory Auditors of the Company for a period of 5
Years from the conclusion of 93rd Annual General Meeting till the conclusion of
98th Annual General Meeting of the Company. Your Company has received necessary
confirmation from them stating that they satisfy the criteria provided under section 141
of the Companies Act, 2013.
The report of the Statutory Auditor forms part of the Annual Report. The said report
does not contain any qualification, reservation, adverse remark or disclaimer
(b) Secretarial Auditor
Pursuant to provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had
appointed Mr. Anish Gupta, M/s VKMG & Associates LLP, Practicing Company
Secretaries, as the Secretarial Auditors of the Company to undertake Secretarial
Audit for the financial year ended March 31, 2023. The Secretarial Audit Report for the
financial year ended March 31, 2023 is annexed herewith and marked as eAnnexure-1f
to this Report.
SECRETARIAL AUDITORfS OBSERVATIONS & COMMENTS FROM BOARDS: -
(a) The Company has not updated its website and uploaded the documents and information
as required under provisions of the Companies Act 2013 and Regulation 46 of SEBI (LODR)
Regulations 2015. Comments by the Board: - The Directors have taken the note of the same
and will do the compliance at the earliest.
(b) The Company has not filed e-Form DPT-3 in respect of Particulars of transactions by
a company not considered as deposit as per rule 2(1)(c) of the Companies (Acceptance of
Deposit) Rules, 2014 for the year ended March 31, 2022, as required under rule 16 of
Companies (Acceptance of Deposits) Rules, 2014.
Comments by the Board:- The Company has already filed DPT-3 for the year ended 31st
March, 2022 with late filing fees.
(c) The company has not complied with regulation 31(2) of SEBI (Listing Obligation and
Disclosure Requirements) Regulation, 2015 according to which 100% shareholding of
promoters shall be in Dematerialized Form. Comments by the Board: - The promoters and
promoter group of the Company got an approval for reclassification of their shares into
public category. Now, 100 % Shares of the Company are in Public category.
(d) There was a delay in uploading the Outcome of the Board Meeting on the website of
the Stock Exchange.
Comments by the Board:- The Company will ensure compliance
(e) The Company has not filed e-Form MGT-14, to grant loans or give guarantee or
provide security in respect of loans as required under Section 117 read with 179(3) of the
Companies Act, 2013.
Comments by the Board:- The Company will ensure compliance
(f) The Company has given loans/advances to another company in excess of the limit
specified under section 186 of the Companies Act, 2013.
Comments by the Board:- The Company will ensure the compliance and the Company has
proposed the necessary resolution for the approval of the members in the ensuing Annual
General Meeting. The company was a sick company and scheme of rehabilitation was approved
and as per direction under the sanctioned scheme the company was allowed to set up same
textile product with similar modern textile machinery on 40% of the company's land and
remaining 60% land will be utilized for real
Estate Development and infrastructure facilities. The Company is accordingly allowed by
the court to carry on the real estate and infrastructure development.
(g) The Company appointed Mr. Girish Shah and Mr. Mipan Shah as an Independent
Directors under section 149 of the Companies Act, 2013 however, both the directors have
not registered their names as per The Companies (Creation and Maintenance of databank of
Independent Directors) Rules, 2019 and also not appeared for Online Proficiency Test.
Comments by the Board:- The Independent Directors of the Company possess requisite
qualifications, experience and expertise and hold highest integrity. Further, 2(two)
independent Directors of the Company are in process of inclusion of their name in Data
Bank of Independent Directors.
24. REPORTING OF FRAUDS BY AUDITORS
During the year under review, the Auditors of the Company have not reported to the
Audit Committee, under section 143(12) of the Companies Act, 2013, any instances of fraud
committed against the Company by its Officers or Employees, the details of which would
need to be mentioned in the Board's Report.
25. MATERIAL CHANGES AND COMMITMENTS
There were no material changes and commitments, affecting the financial position of the
Company, which has occurred between the end of the financial year of the Company, i.e.
March 31, 2023 till the date of this Directors' Report.
26. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS
There were no other significant and material orders passed by the regulators/ courts/
tribunals, which may impact the going concern status and the Company's operations in
future.
27. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
(a) The ratio of the remuneration of each Director to the median employee's
remuneration and other details in terms of sub-section 12 of Section 197 of the Companies
Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, are as under:
1. the Ratio of the Remuneration of each Director to the median employeefs
remuneration, the percentage increase in remuneration of each director, Chief Financial
Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the financial
year
During the year 2022-2023, the Company has only paid remuneration to Ms. Nidhi
Vinodkumar Darak, the Company Secretary of the Company of an amount of Rs.1.8 lakhs and
not paid any remuneration to its Directors CFO, and other employees of the Company. Ms.
Nidhi Vinodkumar Darak appointed w.e.f 1st November, 2021, hence percentage
increase in remuneration is not comparable.
2. The percentage increase in the median remuneration of employees in the financial
year and number of permanent employees on the rolls of the Company.
The Company has only paid remuneration to the Company Secretary of the Company and
justification for percentage increase in salary already provided in point no.1 above. The
Number of permanent employees on the rolls of the Company as on 31st March 2023 is 1(one).
3. Average percentile increase made in the salaries of employees other than the
managerial personnel in the last financial year and its comparison with the percentile
increase in the managerial remuneration and justification thereof:
The Company has not paid any managerial remuneration and only paid salary to Company
Secretary of the Company, therefore average percentile increase could not be provided.
4. Affirmation that the remuneration is as per the remuneration policy of the
Company:
The Company has only paid remuneration to Company Secretary of the Company as per the
NRC policy of the Company.
(b) In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and
5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,
the requisite details are as under:
The Company has only paid remuneration to its Company Secretary, the disclosure of the
same areas under:
Name Director/Key Managerial Personnel and Designation |
Remuneration of Director/KMP (Amount in Lakhs) |
% increase in remuneration on FY 2022- 2023 |
Ratio of Remuneration of each Director to median Remuneration of
employee |
1 NIDHI VINODKUMAR DARAK, Company Secretary |
1.8 |
- |
NA |
28. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND
The Company does not have any unpaid/unclaimed amount which is required to be
transferred, under the provisions of Companies Act, 2013 into the Investor Education and
Protection Fund (IEPF) of the Government of India.
29. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
The disclosures to be made under Section 134 (3) (m) of the Companies Act, 2013 read
with Rule 8 (3) of the Companies (Accounts) Rules, 2014 by the Company are as under:
(A) Conservation of Energy
(i) The steps taken or impact on conservation of energy:
Though business operation of the Company is not energy-intensive, the Company, being a
responsible corporate citizen, makes conscious efforts to reduce its energy consumption.
The Company has not carried our any business activities during the year.
(ii) Steps taken by the Company for utilizing alternate source of energy.
Apart from above no other steps were taken as the Company has not carried our any
business activities during the year.
(iii) The capital investment on energy conservation equipment:
There is no capital investment on energy conservation equipment during the year under
review.
(B) Technology Absorption
The Company has not imported any technology during last three years from the beginning
of the financial year. The Company has not incurred any expenditure on Research and
Development during the year under review.
(C) Foreign Exchange Earnings and Outgo
There were neither earnings nor outgo in foreign exchange during the year under
consideration.
30. ANNUAL RETURN
Pursuant to sub-section 3(a) of Section 134 and sub-section (3) of Section 92 of the
Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration)
Rules, 2014, the copy of Annual Return of the Company as on March 31, 2023 is available on
the Company's website and can be accessed at https://www.gaekwarmills.in.
31. SECRETARIAL STANDARD OF ICSI
The Company has complied with the Secretarial Standards on Meeting of the Board of
Directors (SS-1) and General Meetings (SS-2) specified by the Institute of Company
Secretaries of India (ICSI).
32. MAINTENANCE OF COST RECORDS
Maintenance of cost records as prescribed by the Central Government under sub-section
(1) of Section 148 of the Companies Act 2013 is not applicable to the Company.
33. PREVENTION OF SEXUAL HARASSMENT
Your Company is fully committed to uphold and maintain the dignity of women working in
the Company and has zero tolerance towards any actions which may fall under the ambit of
sexual harassment at workplace. Since, the Company has less than Ten Employees
constitution of Internal Complaints Committee under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 is not applicable. Further,
during the year the Company has not received any case related to sexual harassment.
The policy framed pursuant to the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 read with Rules framed thereunder may be viewed at
https://www.gaekwarmills.in.
34. GENERAL DISCLOSURES
The Company has been engaged in the business of manufacturing Fabrics (Textile
Industry), however the said unit was declared sick and to set up fresh unit, clear all
liabilities and pursuant to a Scheme u/s 391 of Companies Act, 1956 sanctioned by Bombay
High Court, Company at present is into development of 60% of its own land at Bilimora
Your directors state that no disclosure or reporting is required in respect of the
following matters as there were no transactions on these matters during the year under
review:
? Neither the Managing Director nor the Whole-time Directors of the Company receive any
remuneration or commission from any of its subsidiaries. ? Issue of shares under ESOP
scheme ? Scheme of provision of money for the purchase of its own shares by employees or
by trustees for the benefit of employees. ? Instance of one-time settlement with any Bank
or Financial Institution. ? Application or proceedings under the Insolvency and Bankruptcy
Code, 2016
35. ACKNOWLEDGEMENTS
Your Directors take the opportunity to express our deep sense of gratitude to all
users, vendors, government and non-governmental agencies and bankers for their continued
support in Company's growth and look forward to their continued support in the future.
Your Directors would also like to express their gratitude to the shareholders for
reposing unstinted trust and confidence in the management of the Company.
|
By Order of the Board of Directors |
|
For Gaekwar Mills Limited |
Place: Mumbai |
Ratan Karanjia |
Date:14.08.2023 |
Chairman |
|
DIN:-00033108 |
Registered office: |
|
Gaekwar Mills Limited |
|
| 2/2, Plot 2, New Sion CHS, |
|
| Swami VallabhdasMarg, Road |
|
| No. 24, Sindhi Colony, Sion, |
|
| Mumbai 400022 |
|
| Tel.:022 24018811 |
|
| Website: www.gaekwarmills.in |
|
| Email: gaekwarmills1928@gmail.com |
|
|