Mar 31, 2018
The Directors are pleased to present the 33rd Annual Report on the business and operations of your Company along with the financial statements for the period ended 31st March, 2018.
FINANCIAL HIGHLIGHTS
The Company''s financial performance for the year ended 31st March, 2018 forming part of this Annual Report, have been prepared in accordance with the Indian Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs.
(Rupees in Lakhs)
PARTICULARS |
Year ended 31st March, 2018 |
Period ended 31st March, 2017 |
Income from Operations |
0 |
33.06 |
Other Incomes |
2.34 |
- |
Expenses |
24.08 |
70.09 |
Profit/loss before tax |
(21.74) |
(37.03) |
Provision for Taxation |
- |
1.91 |
Profit/loss after Taxation |
(21.74) |
(38.94) |
Earning per Equity shares (Basic And Diluted) |
(0.20) |
(0.35) |
PPERFORMANCE REVIEW
During the period under review, the Company earned revenue from operations and other Income amounting to Rs.2.34 Lakhs as compared to Rs. 33.06 Lakhs in the previous year. Loss after Tax for the financial year 2017-18 stood at Rs. 21.74 Lakhs against Loss after Tax of Rs. 38.94 Lakhs in the previous year.
The state of affairs of the Company is presented as part of the Management Discussion and Analysis Report forming part of this Annual Report.
DIVIDEND
The Board of Directors has not recommended any dividend for the period 2017-18.
CHANGES IN CAPITAL STRUCTURE
During the year under review, there has been no change in the Capital Structure of the Company.
STATE OF COMPANY''S AFFAIRS
The state of affairs of the Company is presented as part of the Management Discussion and Analysis Report forming part of the Annual Report.
CORPORATE GOVERNANCE
The Company is committed to maintain high standards of Corporate Governance and adhere to the Corporate Governance requirements set out by SEBI. The Report on Corporate Governance as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms an Integral part of the Annual Report. Requisite Certificate from the Auditors of the Company confirming compliance with the conditions of Corporate Governance is attached to this Report.
DIRECTORâS RESPONSIBILITY STATEMENT
Pursuant to the provisions contained in Section 134(5) of the Companies Act, 2013, the Directors hereby confirm that:
a) in the preparation of the annual accounts for the period ended 31st March, 2018, the applicable Accounting Standards read with requirements have been followed and there are no material departures 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 as at 31st March, 2018 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 the Companies Act, 2013 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 are operating effectively; and
f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
As on 31.03.2018 the Company does not have any Subsidiaries, Joint Ventures or Associates.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the Financial year ended March 31, 2018, Ms. Ankita Wadhwan has resigned on 14th September, 2017 and Ms. Anuradha Kapur appointed as an Additional Director (Independent) on 14th Sep. 2017 and Mr. Vinod Kumar Uppal has resigned on 15th May, 2018 and there was no change key managerial personnel (KMPs) in the Company.
Retirement by Rotation In accordance with the provisions of Section 152 the Companies Act, 2013 and the Article of Association of the Company read with Companies (Appointment and Qualification of Directors) Rules, 2014 Mr. Anubhav Dham (DIN: 02656812) retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. The details as required under Regulation 36 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 regarding Mr. Anubhav Dham are provided in the Notice of the 33rd Annual General Meeting. The Board recommends his re-appointment.
A brief resume of the Director proposed to be appointed/ re-appointed, as required under Regulation 36 (3)(a) of SEBI (Listing Obligations and disclosure Requirements) Regulations, 2015 and Companies Act, 2013, forms part of the notice convening Annual General Meeting.
INDEPENDENT DIRECTORS DECLARATION
The Company has received the necessary declaration from each Independent Director in accordance with Section 149 (7) of the Companies Act, 2013, that they meet the criteria of independence as provided in Section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
BOARD MEETINGS
The Board met Four times during the year under review, the details of which are provided in the Corporate Governance Report that forms part of this Annual Report. The intervening gap between the meetings was within the period prescribed under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
BOARD EVALUATION
The Board evaluated the effectiveness of its functioning and that of the committees and of individual Directors by seeking their inputs on various aspects of Board/Committee governance such as the Board composition and structure, effectiveness of board processes, active participation and contribution of directors in the Board/Committee meetings and the fulfillment of Directors obligation and their fiduciary responsibilities.
Further, the Independent Directors at their meeting, reviewed the performance of the Board, chairman of the Board and of Non Executive Directors. The co-ordination between the Company management and the Board which is required for the Board to effectively and reasonably perform their duties was also reviewed during the meeting.
MATERIAL CHANGES AFFECTING THE COMPANY
There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and date of this report. There has been no change in the nature of business of the Company.
CHANGE IN THE NATURE OF BUSINESS, IF ANY
During the period under review, there has been no change in the nature of business.
INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. To maintain its objectivity and independence, the internal audit function reports to the chairman of the Audit Committee and all significant audit observations and corrective actions are presented to the Committee.
STATUTORY AUDITORS AND AUDITORS REPORT
M/s. B. Lugani & Associates, Chartered Accountants, has resigned as Statutory Auditors of the Company, due to preoccupation. Consequently, the Board of Directors had approached M/s. Gurvir Makkar & Co., (Firm Registration No.014293N), Chartered Accountants, to act as the Statutory Auditors of the Company to fill up casual vacancy caused due to the resignation of M/s. B. Lugani & Associates. The Board of Directors vide their resolution dated 15th May,2018 , recommended Appointment of M/s. Gurvir Makkar & Co., Chartered Accountants as Statutory Auditors of the Company for the Financial Year 2017-2018 and the same has approved their re-appointment till the ensuring Annual General Meeting (i.e. 33rd AGM) by Members through postal ballot dated 25th June,2018.
The proposal for their re-appointment is included in the notice for Annual General Meeting sent herewith.
The Company has received a consent letter from the statutory auditors for their appointment, and a certificate from them that their re-appointment, if made, shall be in accordance with the conditions as prescribed under the Companies Act, 2013 and that they are not disqualified for appointment.
The Auditor''s Report does not contain any qualifications, reservations or adverse remarks. The Report is attached hereto and is self-explanatory requiring no further elucidation.
SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has Audit in Form MR 3 for the period ended March 31, appointed M/s K. Rahul & Associates, Company Secretaries, New Delhi to undertake the Secretarial Audit of the Company. The Report of the Secretarial 2018 is annexed as Annexure I to the Report. There are no qualifications, reservations or adverse remarks made by Secretarial Auditor in their report.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Disclosure on particulars relating to loans, guarantees or investments under section 186 of the Companies Act, 2013 have been provided as part of the financial statements.
TRANSACTIONS WITH RELATED PARTIES
There were no related party transactions during the financial year, accordingly, the disclosures pursuant to section 134(3)(h) read with Rule 8(2) of the Companies (Accounts) Rules, 2014, in Form AOC-2 is not applicable and is annexed as Annexure II to this report.
EXTRACT OF ANNUAL RETURN
In terms of Section 134(3)(a) of the Companies Act, 2013 read with Rule 12(1) of Companies (Management & Administration) Rules, 2014, the extracts of Annual Return of the Company in Form MGT-9 is annexed as Annexure III to this Report.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The details as required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of Companies (Accounts) Rules, 2014, regarding conservation of energy, technology absorption and foreign exchange earnings and outgo are annexed as Annexure IV to this Report.
COMMITTEES OF THE BOARD
The Company''s Board has the following Committees:
1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholders Relationship Committee
The details of the membership and attendance of the meetings of the above Committees of the Board are provided in the Corporate Governance section of the Annual Report.
TRANSFER TO RESERVES
Your Company has not transfer any amount under the head Reserve in the Financial Statements for the Financial Year ended March 31, 2018. Whereas, the company has incurred losses during the period and has transfer the amount under the head Retained Earnings in Other Reserves to the Financial Statements for the Financial Year ended March 31, 2018 as prepared according to Indian Accounting Standards (Ind AS).
POLICY ON APPOINTMENT AND REMUNERATION
Pursuant to Section 178(3) of the Companies Act 2013, the Nomination and Remuneration Committee of the Board has framed a policy for selection and appointment of Directors and senior management personnel, which inter alia includes the criteria for determining qualifications, positive attributes and independence of a Director(s)/ Key managerial personnel and their remuneration. An extract of the policy covering these requirements is provided in the Corporate Governance Report that forms part of this Annual Report. The nomination and remuneration policy is available on the website of the Company (http://www.adhbhutinfra.com/investors)
AUDIT COMMITTEE
The Audit Committee was reconstituted by Board of Directors. The Composition of Audit Committee is Mr. Sanjay Chhabra, Independent Director as Chairman and Ms. Anuradha Kapur, Non-executive and Independent Director and Mr. Saurabh Khanjo, Non-executive and Independent Director as Members. The Board of Directors has accepted all the recommendations of the Audit Committee.
VIGIL MECHANISM
The Company has in place a vigil mechanism in the form of Whistle Blower Policy. It aims at providing avenues for employees to raise complaints and to receive feedback on any action taken and seeks to reassure the employees that they will be protected against victimization and for any whistle blowing conducted by them in good faith. The policy is intended to encourage and enable the employees of the Company to raise serious concerns within the organization rather than overlooking a problem or handling it externally.
The Company is committed to the highest possible standard of openness, probity and accountability. It contains safeguards to protect any person who uses the Vigil Mechanism (whistle blower) by raising any concern in good faith. The Company protects the identity of the whistle blower if the whistle blower so desires, however the whistle blower needs to attend any disciplinary hearing or proceedings as may be required for investigation of the complaint. The mechanism provides for a detailed complaint and investigation process.
If circumstances so require, the employee can make a complaint directly to the Chairman of the Audit Committee. The Company also provides a platform to its employees for having direct access to the Managing Director. The Company Secretary is the Compliance Officer. The confidentiality of those reporting violations is maintained and they are not subjected to any discriminatory practice.
RISK MANAGEMENT
The Company has developed and implemented a Risk Management Policy. The details of elements of risk are provided in the Management Discussion and Analysis section of the Annual Report.
ANTI SEXUAL HARASSMENT POLICY
The Company has in place an Anti Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressed) Act, 2013. Internal Complaints Committee has been set up to redress complaints received regarding sexual harassment. All women employees (permanent, contractual, temporary, trainees) are covered under this policy. During the period 2017-18, no complaints were received by the committee.
PARTICULARS OF EMPLOYEES
The details as required in terms of the provisions of Section 197 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are attached as Annexure - V to this Report.
The details of employees as required in terms of the provisions of Section 197 read with Rule 5 (2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is NIL.
PUBLIC DEPOSITS
During the period under review, the Company has not accepted any fixed deposits from public, shareholders or employees under the Companies Act, 2013 and as such, no amount of principal or interest on public deposits was outstanding as on the date of balance sheet.
SIGNIFICANT AND MATERIAL ORDERS
No significant and material orders have been passed by any regulators or courts or tribunals impacting the going concern status and Company''s operations in future.
DEMATERIALISATION AND LISTING
The equity shares of the Company are admitted to the depository system of National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). As on 31st March, 2018, 9648098 Equity Shares representing 87.71% of the Equity Share Capital of the Company are in dematerialized form. The Equity Shares of the Company are compulsorily traded in dematerialized form as mandated by the Securities and Exchange Board of India (SEBI). The International Securities Identification Number (ISIN) allotted to the Company with respect to its Equity Shares is INE 578L01014.
The Equity shares of the Company are listed on BSE Limited.
CAPITAL STRUCTURE OF THE COMPANY
The Share Capital Structure of the Company is categorised into two classes:-
S.No |
Particulars |
Equity Shares (in Rs.) |
1% Non Cumulative Redeemable Preference Shares (in Rs.) |
1. |
Authorised Share Capital |
1,10,000,000 |
15,000,000 |
2. |
Paid Up Share Capital |
1,10,000,000 |
15,000,000 |
3. |
Value per Share |
10 |
10 |
During the period under review, there was no public issue, rights issue, bonus issue or preferential issue, etc. during the year. The Company has not issued shares with differential voting rights, sweat equity shares, nor has it granted any stock options.
RECONCILIATION OF SHARE CAPITAL AUDIT
As per the directive of the Securities & Exchange Board of India, the Reconciliation of Share Capital Audit was carried out on quarterly basis for the quarter ended June 30, 2017, September 30, 2017, December 31st, 2017 and March 31, 2018 by M/s S. Khurana & Associates, Company Secretary in Practice. The purpose of the audit was to reconcile the total number of shares held in National Securities Depository Limited (NSDL), Central Depository Services (India) Limited (CDSL) and in physical form with respect to admitted, issued and paid up capital of the Company.
The aforesaid Reports of Reconciliation of Share Capital were submitted to the BSE Limited, where the equity shares of the Company are listed.
CORPORATE SOCIAL RESPONSIBILITY
As on the close of financial year on 31.03.2018, the Company did not fall in the ambit of section 135 of the Companies Act, 2013 and accordingly has not constituted a Corporate Social Responsibility Committee of the Company.
INDUSTRIAL RELATIONS
During the year under review, the relations between the Management and the workmen were highly cordial. Human resources initiatives such as skill up gradation, training, appropriate reward & recognition systems and productivity improvement were the key focus areas for development of the employees of the Company.
INVESTOR RELATIONS
Your Company always endeavors to promptly respond to shareholders'' requests/grievances. Each and every issue raised by the shareholders is taken up with utmost priority and every effort is made to resolve the same at the earliest. The Stakeholders Relationship Committee of the Board periodically reviews the status of the redressed of investors'' grievances.
FAMILIARIZATION PROGRAMME
As per requirement under the provisions of Section 178 of the Companies Act, 2013 read with Companies (Meeting of the Board and its powers) Rules, 2014 and SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, yours Company had adopted a familiarisation programme for Independent Directors to familiarise them with the Company, their role, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model, management structure, industry overview, internal control system and processes, risk management framework, functioning of various divisions, Hr Management, CSR activities etc.
Your company aims to provide its Independence Directors, insight into the Company enabling them to contribute effectively. The Company arranges site visit for the Directors, giving them insight of various projects and Directors are also informed of various developments relating to the industry on regular basis and are provided with specific regulatory updates from time to time.
Details of the familiarization programme of the Independent Directors are available on the website of the Company www.adhabhutinfra.com.
ACKNOWLEDGEMENT
Your Directors wish to place on record the sincere and dedicated efforts of all the employee of the Company. Your Directors also take this opportunity to offer their sincere thanks to the Financial Institutions, Banks and other Government Agencies, valued customers and the investors for their continued support, co-operation and assistance.
By Order of the Board
For ADHBHUT INFRASTRUCTURE LIMITED
Saurabh Khanijo
Date: 10/08/2018 DIN : 00956046
Place: New Delhi (Chairman)
Jun 30, 2015
The Directors are pleased to present the 30th Annual Report on the
business and operations of your Company along with the financial
statements for the financial year ended 30th June, 2015.
FINANCIAL HIGHLIGHTS
(Rupees in Lacs)
PARTICULARS Year ended Year ended
30th June, 2015 30th June, 2014
Income from Operations 115.23 102.75
Less : Expenses 10.46 62.78
Profit/(Loss) before tax 104.77 39.97
Less : Provision for Taxation 22.04 12.40
Profit/(Loss) after Taxation 82.73 27.57
Add: Profit/(Loss) brought
forward 251.00 248.42
Balance Available for
appropriation 333.73 276.00
APPROPRIATION
Transferred to General
Reserve 25.00 25.00
Surplus carried to Balance
Sheet 308.73 251.00
PERFORMANCE
During the year under review, the Company earned revenue from
operations amounting to Rs. 115.23 lacs as compared to Rs. 102.75 lacs
in the previous year. Profit after Tax for the financial year 2014-15
stood at Rs. 82.73 Lacs against profit after Tax of Rs. 27.57 Lacs in
the previous year.
DIVIDEND
The Board of Directors has not recommended any dividend for the
Financial Year 2014-15.
CHANGES IN CAPITAL STRUCTURE
During the year under review, there has been no change in the Capital
Structure of the Company.
STATE OF COMPANY'S AFFAIRS
The state of affairs of the Company is presented as part of the
Management Discussion and Analysis Report forming part of the Annual
Report.
CORPORATE GOVERNANCE
As stipulated under Clause 49 of the Listing Agreement executed with
BSE Limited the report on Management Discussion and Analysis, the
Report on Corporate Governance and the requisite Certificate from the
Auditors of the Company confirming compliance with the conditions of
Corporate Governance are provided in a separate section and forms part
of the Annual Report.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions contained in Section 134(5) of the Companies
Act, 2013, the Directors hereby confirm that:
a) in the preparation of the annual accounts for the financial year
ended 30th June, 2015, the applicable Accounting Standards have been
followed and there are no material departures 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 as at 30th June, 2015 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 the Companies Act, 2013 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 are operating effectively; and
f) the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively.
SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
As on 30.06.2015 the Company did not have any Subsidiaries, Joint
Ventures or Associates.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the year under review, to meet the requirement of Section 149 of
the Companies Act, 2013 and the Listing Agreement, the Board of
Directors co-opted Ms. Ankita Wadhawan (DIN: 06971383) on the Board as
a woman Director effective from March 31, 2015. Ms. Wadhawan is
proposed to be appointed as an Independent Director in the ensuing
Annual General Meeting.
Pursuant to Section 203 of the Companies Act, 2013 the Board of
Directors of the Company upon recommendation of Nomination and
Remuneration Committee, appointed Mr. Amarjeet Singh Rawat as Chief
Financial Officer of the Company effective from August 28, 2014.
Ms. Rashmi Sharma resigned from the post of Company Secretary and Mr.
Ajai Kumar Gupta was inducted as Company Secretary and Compliance
Officer of the Company effective from May 4, 2015. Subsequent to the
year under review, Ms. Prerna Wadhwa has been appointed as a Company
Secretary of the Company in place of Mr. Ajai Kumar Gupta effective
from 22nd September, 2015.
Mr. Amman Kumar, (DIN: 03456445) Director of the Company retires by
rotation at the ensuing Annual General Meeting and being eligible
offers himself for re-appointment.
A brief resume of the Directors proposed to be appointed/ re-appointed,
as required under Clause 49 of the Listing Agreement and Companies Act
2013, forms part of the notice convening Annual General Meeting.
INDEPENDENT DIRECTORS DECLARATION
The Company has received the necessary declaration from each
Independent Director in accordance with Section 149 (7) of the
Companies Act, 2013, that they meet the criteria of independence as
provided in Section 149(6) of the Companies Act, 2013 and Clause 49 of
the Listing Agreement.
BOARD MEETINGS
The Board met 9 times during the year under review, the details of
which are provided in the Corporate Governance Report that forms part
of this Annual Report. The intervening gap between the meetings was
within the period prescribed under the Companies Act, 2013 and the
Listing Agreement.
BOARD EVALUATION
The Board evaluated the effectiveness of its functioning and that of
the committees and of individual Directors by seeking their inputs on
various aspects of Board/Committee governance such as the Board
composition and structure, effectiveness of board processes, active
participation and contribution of directors in the Board/Committee
meetings and the fulfillment of Directors obligation and their
fiduciary responsibilities.
Further, the Independent Directors at their meeting, reviewed the
performance of the Board, chairman of the Board and of Non Executive
Directors. The co-ordination between the Company management and the
Board which is required for the Board to effectively and reasonably
perform their duties was also reviewed during the meeting.
INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an Internal Control System, commensurate with the size,
scale and complexity of its operations. To maintain its objectivity
and independence, the internal audit function reports to the chairman
of the Audit Committee and all significant audit observations and
corrective actions are presented to the Committee.
STATUTORY AUDITORS AND AUDITORS REPORT
M/s B. Lugani & Associates, Chartered Accountants, Statutory Auditors
of the Company (Firm Regd. No.- 002560N) who retire at the ensuing
General Meeting, have confirmed their eligibility and willingness to
accept office, if reappointed. The proposal for their reappointment is
included in the notice for Annual General Meeting sent herewith.
The Company has received a consent letter from the statutory auditors
for their appointment, and a certificate from them that their
appointment, if made, shall be in accordance with the conditions as
prescribed under the Companies Act, 2013 and that they are not
disqualified for appointment.
The Auditor's Report does not contain any qualifications, reservations
or adverse remarks. The Report is attached hereto and is
self-explanatory requiring no further elucidation.
SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed M/s S. Khurana &
Associates, Company Secretaries, New Delhi to undertake the Secretarial
Audit of the Company. The Report of the Secretarial Audit in Form MR 3
for the Financial Year ended June 30, 2015 is annexed as Annexure I to
the Report. There are no qualifications, reservations or adverse
remarks made by Secretarial Auditor in their report.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Disclosure on particulars relating to loans, guarantees or investments
under section 186 of the Companies Act, 2013 have been provided as part
of the financial statements.
TRANSACTIONS WITH RELATED PARTIES
There were no related party transactions during the financial year,
accordingly, the disclosures pursuant to section 134(3)(h) read with
Rule 8(2) of the Companies (Accounts) Rules, 2014, in Form AOC-2 is not
applicable.
EXTRACT OF ANNUAL RETURN
In terms of Section 134(3)(a) of the Companies Act, 2013 read with Rule
12(1) of Companies (Management & Administration) Rules, 2014, the
extracts of Annual Return of the Company in Form MGT-9 is annexed as
Annexure II to this Report.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The details as required under Section 134(3)(m) of the Companies Act,
2013 read with Rule 8(3) of Companies (Accounts) Rules, 2014, regarding
conservation of energy, technology absorption and foreign exchange
earnings and outgo are annexed as Annexure III to this Report.
COMMITTEES OF THE BOARD
The Company's Board has the following Committees:
1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholders Relationship Committee
The details of the membership and attendance of the meetings of the
above Committees of the Board are provided in the Corporate Governance
section of the Annual Report.
POLICY ON APPOINTMENT AND REMUNERATION
Pursuant to Section 178(3) of the Companies Act 2013, the Nomination
and Remuneration Committee of the Board has framed a policy for
selection and appointment of Directors and senior management personnel,
which inter alia includes the criteria for determining qualifications,
positive attributes and independence of a Director(s)/ Key managerial
personnel and their remuneration. An extract of the policy covering
these requirements is provided in the Corporate Governance Report that
forms part of this Annual Report.
AUDIT COMMITTEE
The Audit Committee comprises of Mr. Sanjay Chhabra, Independent
Director as Chairman and Mr. Amman Kumar, Non-executive and
Non-independent director and Mr. Saurabh Khanijo, Non-executive and
independent director as Members. The Board of Directors have accepted
all the recommendation of the Audit Committee.
VIGIL MECHANISM
The Company has in place a vigil mechanism in the form of Whistle
Blower Policy. It aims at providing avenues for employees to raise
complaints and to receive feedback on any action taken and seeks to
reassure the employees that they will be protected against
victimization and for any whistle blowing conducted by them in good
faith. The policy is intended to encourage and enable the employees of
the Company to raise serious concerns within the organization rather
than overlooking a problem or handling it externally.
The Company is committed to the highest possible standard of openness,
probity and accountability. It contains safeguards to protect any
person who uses the Vigil Mechanism (whistle blower) by raising any
concern in good faith. The Company protects the identity of the whistle
blower if the whistle blower so desires, however the whistle blower
needs to attend any disciplinary hearing or proceedings as may be
required for investigation of the complaint. The mechanism provides for
a detailed complaint and investigation process.
If circumstances so require, the employee can make a complaint directly
to the Chairman of the Audit Committee. The Company also provides a
platform to its employees for having direct access to the Managing
Director. The Company Secretary is the Compliance Officer. The
confidentiality of those reporting violations is maintained and they
are not subjected to any discriminatory practice.
RISK MANAGEMENT
The Company has developed and implemented a Risk Management Policy. The
details of elements of risk are provided in the Management Discussion
and Analysis section of the Annual Report.
ANTI SEXUAL HARASSMENT POLICY
The Company has in place an Anti Sexual Harassment Policy in line with
the requirements of the Sexual Harassment of Women at the Workplace
(Prevention, Prohibition and Redressed) Act, 2013. Internal Complaints
Committee has been set up to redress complaints received regarding
sexual harassment. All women employees (permanent, contractual,
temporary, trainees) are covered under this policy. During the year
2014-15, no complaints were received by the committee.
PARTICULARS OF EMPLOYEES
The details as required in terms of the provisions of Section 197 read
with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 are attached as Annexure  IV to this
Report.
The details of employees as required in terms of the provisions of
Section 197 read with Rule 5 (2) & (3) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 is NIL.
PUBLIC DEPOSITS
During the year under review, the Company has not accepted any fixed
deposits from public, shareholders or employees under the Companies
Act, 2013 and as such, no amount of principal or interest on public
deposits was outstanding as on the date of balance sheet.
-SIGNIFICANT AND MATERIAL ORDERS
No significant and material orders have been passed by any regulators
or courts or tribunals impacting the going concern status and Company's
operations in future.
DEMATERIALISATION AND LISTING
The equity shares of the Company are admitted to the depository system
of National Securities Depository Limited (NSDL) and Central Depository
Services (India) Limited (CDSL). As on 30th June, 2015, 9648100 Equity
Shares representing 87.71% of the Equity Share Capital of the Company
are in dematerialized form. The Equity Shares of the Company are
compulsorily traded in dematerialized form as mandated by the
Securities and Exchange Board of India (SEBI). The International
Securities Identification Number (ISIN) allotted to the Company with
respect to its Equity Shares is INE 578L01014.
Effective from June 19, 2015, the equity shares of the Company have
been listed under Direct Listing Route and admitted for dealings on BSE
Limited. Previously, the Company was listed on Delhi Stock Exchange
Limited. However, Delhi Stock Exchange Limited vide their letter no.
DSE LIST/4863/1469 dated 18.05.2015 has informed that the Company is
not required to comply with the Listing Agreement made with Delhi Stock
Exchange Limited any further and is also not required to pay the
listing fee from 1st April, 2015 onwards.
RECONCILIATION OF SHARE CAPITAL AUDIT
As per the directive of the Securities & Exchange Board of India, the
Reconciliation of Share Capital Audit on a quarterly basis for the
quarter ended September 30, 2014, December 31, 2014, March 31, 2015 and
June 30, 2015 was carried out by a Company Secretary in practice. The
purpose of the audit was to reconcile the total number of shares held
in National Securities Depository Limited (NSDL), Central Depository
Services (India) Limited (CDSL) and in physical form with respect to
admitted, issued and paid up capital of the Company.
The aforesaid Reports of Reconciliation of Share Capital were submitted
to the Delhi Stock Exchange Limited till March 31, 2015 and report for
the quarter ended June 30, 2015 was submitted to the BSE Limited.
CORPORATE SOCIAL RESPONSIBILITY
As on the close of financial year on 30.06.2015, the Company did not
fall in the ambit of section 135 of the Companies Act, 2013 and
accordingly has not constituted a Corporate Social Responsibility
committee of the Company.
INDUSTRIAL RELATIONS
During the year under review, the relations between the Management and
the workmen were highly cordial. Human resources initiatives such as
skill up gradation, training, appropriate reward & recognition systems
and productivity improvement were the key focus areas for development
of the employees of the Company.
INVESTOR RELATIONS
Your Company always endeavors to promptly respond to shareholders'
requests/grievances. Each and every issue raised by the shareholders is
taken up with utmost priority and every effort is made to resolve the
same at the earliest. The Stakeholders Relationship Committee of the
Board periodically reviews the status of the redressal of investors'
grievances.
ACKNOWLEDGEMENT
Your Directors wish to place on record the sincere and dedicated
efforts of all the employee of the Company. Your Directors also take
this opportunity to offer their sincere thanks to the Financial
Institutions, Banks and other Government Agencies, valued customers and
the investors for their continued support, co-operation and assistance.
By Order of the Board
For Adhbhut Infrastructure Limited
Sd/-
Place : New Delhi (Amman Kumar)
Date:4th December, 2015 Chairman
DIN: 03456445
Jun 30, 2014
Dear MEMBERS,
The Directors take pleasure in presenting the Twenty Ninth Annual
Report and the Audited Annual Accounts of the Company for the financial
year ended 30th June, 2014.
FINANCIAL RESULTS (Amount in Rs.)
PARTICULARS Year ended Year ended
30th June, 2014 30th June, 2013
Income from Operation 1,02,75,495 1,45,03,279
Expenses 62,77,903 77,47,651
Profit before Taxation 39,97,592 67,55,628
Provision for Taxation 12,40,254 14,77,137
Profit after Tax 27,57,339 52,78,491
Add: Profit / (Loss) 2,48,42,902 2,22,39,904
brought forward
Balance Available for 2,76,00,241 2,75,18,395
appropriation
APPROPRIATIONS
Proposed Dividend on Preference - 1,50,000
Shares
Tax on Dividend of Preference - 25,493
Shares
Transferred to General Reserve 25,00,000 25,00,000
Surplus carried to Balance Sheet 2,51,00,241 2,48,42,902
PPERFORMANCE
During the period under review, the Company has generated an income of
Rs. 1,02,75,495/- as against Rs. 1,45,03,279/- in the previous year
ended 30th June, 2013 and profit after tax is Rs. 27,57,339/- in
current Year as against Rs. 52,78,491/- in the previous year.
DIVIDEND
During the year under review, the Board of Directors have not
recommended any dividend on its shares. CHANGES IN CAPITAL STRUCTURE
During the year under review, there is no change in the Capital
Structure of The Company.
CASH FLOW STATEMENT
As required by Clause-32 of the Listing Agreement a Cash Flow Statement
is annexed and forms part of this Annual Report.
PUBLIC DEPOSITS
Since, the Company has not accepted any public deposit. Hence, No
information is required to be furnished in this regard.
AUDITORS
M/s B. Lugani & Associates, Chartered Accountants, , Statutory Auditors
of the Company, retires at the ensuing Annual General Meeting of the
Company and have expressed their willingness for appointment as
Statutory Auditors in accordance with the Companies Act, 2013 and
confirmed that their appointment, if made, will be within the
prescribed limits under Section 141 (3)(g) of the Companies Act, 2013
and they are not disqualified for appointment within the meaning of
Section 141 of the said Act.
AUDITOR''S REPORT
The Auditor''s Report is attached hereto and is self-explanatory
requiring no elucidation.
CHANGES IN MANAGEMENT
During the year under review, Mr. Arvind Dham, Mr. Anubhav Dham and Ms.
Anita Dham acquired 58.51% shares from the outgoing promoter of the
Company and further acquired 16.31% shares from the general public
through open offer pursuant to SEBI (SAST) Regulations, 2011 which
resulted in acquisition of 74.82% Equity Stake in the Company.
Consequent to the above acquisition, Mr. Arvind Dham, Mr. Anubhav Dham
and Ms. Anita Dham became the new promoters of the Company.
Subsequently, the management of the company was also changed. Mr. K.T.
James, Mr. Deshpal Singh Malik and Mr. Sanjiv Bhasin ceased to be
Directors of the Company and Mr. Anubhav Dham, Mr. Sanjay Chabbra, Mr.
Saurabh Khanijo and Mr. Amman Kumar were appointed as Directors of the
Company.
CHANGE IN DIRECTORS
Pursuant to the provisions of section 260 of the Companies Act, 1956
and Section 161(1) of the Companies Act, 2013, Mr. Anubhav Dham, Mr.
Sanjay Chabbra, Mr. Saurabh Khanijo, Mr. Amman Kumar and Mr. Vinod
Kumar Uppal, Additional Directors shall hold office up to the date of
the ensuing Annual General Meeting of the Company. Notices signifying
the intention to appoint them as directors have been received from
members of the Company and accordingly respective resolutions to that
effect have been provided.
Further Pursuant to the Companies Act, 2013 Mr. Saurabh Khanijo and Mr.
Sanjay Chhabra are proposed to be appointed as independent directors of
the Company. The Company has received declarations from all the
Independent directors confirming that they meet with the criteria of
independence as prescribed under Section 149(6) of the Companies Act,
2013 and Clause 49 of the Listing Agreement with the stock Exchange.
During the year under review, Ms. Bindiya Jassal resigned from the post
of Company Secretary and in her place Ms. Rashmi Sharma was designated
as Company Secretary & Compliance Officer of the Company w.e.f. 29th
March, 2014
Further the approval of shareholders pursuant to Section 203 of the
Companies Act, 2013 read with Schedule V thereof, is sought for the
re-appointment of Mr. Anubhav Dham (02656812) as Wholetime Director of
the Company on remuneration for a period of 5 years w.e.f. 24.04.2014
Brief resume of the Directors proposed to be appointed as stipulated
under Clause 49 of the Listing Agreement is provided in the notice
forming part of the Annual Report. Further, the companies in which they
hold memberships/ chairmanships of Board Committees, is provided in the
Corporate Governance Section of this Annual Report.
DEMATERIALISATION OF SHARES
As on 30th June, 2014, 96,48,100 Equity Shares representing 87.71% of
your Company''s Equity Share Capital are in dematerialized form.
LISTING AT STOCK EXCHANGE
The Shares of Company are listed on Delhi Stock Exchange Association
Limited. The Company has paid the annual listing fee to the Stock
exchange for the year 2014-2015. During the Year under review, the
company has applied for direct listing of its equity shares at Bombay
Stock Exchange Limited, which is still in process.
RECONCILIATION OF SHARE CAPITAL AUDIT
As per the directive of the Securities & Exchange Board of India
("SEBI"), M/s Iqneet Kaur & Company, Company Secretaries, New Delhi,
undertakes the Share Capital Audit on a quarterly basis. The purpose of
the audit is to reconcile the total number of shares held in National
Securities Depository Limited (NSDL), Central Depository Services
(India) Limited (CDSL) and in physical form with the admitted, issued
and paid up capital of the Company.
The Share Capital Audit Reports as submitted by M/s Iqneet Kaur &
Company, Company Secretaries, New Delhi, on quarterly basis were
forwarded to the Delhi Stock Exchange Limited Limited where the Equity
Shares of the Company are listed
STATUTORY INFORMATION
* Particulars of Employees under Section 217 (2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975-
NIL
* R & D activities and Foreign Exchange Earning and Outgo, as required
under Section 134(3)(m) of the Companies Act, 2013 (corresponding
Section 217(1)(e) of the Companies Act, 1956) - NIL
* Statutory details of Energy Conservation as required under Section
134(3)(m) of the Companies Act, 2013 (corresponding Section 217(1)(e)
of the Companies Act, 1956) and rules prescribed thereunder are not
applicable to the Company.
CORPORATE GOVERNANCE
A separate Section on Corporate Governance, Management Discussion and
Analysis and the certificate from the CEO, CFO and Company''s Statutory
Auditors as required under Clause 49 of the Listing Agreement with
stock exchange, is forming part of the Annual Report.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the provisions contained in Section 217(2AA) of the
Companies Act, 1956, it is hereby confirmed:
(i) that in the preparation of the annual accounts for the year ended
30th June, 2014, the applicable Accounting Standards have been
followed;
(ii) that the Directors have 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 or loss of the Company for that period;
(iii) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company for preventing and detecting fraud and other
irregularities; and
(iv) that the Directors have prepared the Annual Accounts on Going
Concern Basis.
INDUSTRIAL RELATIONS
During the year under review, the relations between the Management and
the workmen were highly cordial. HRD INITIATIVE
In the field of Human Resource Development, your Company stresses on
the need to continuously upgrade the competencies of its employees. The
participation of the employees and their constructive suggestions are
encouraged in all major activities pertaining to the overall
improvement in the functioning of the Company.
INVESTOR RELATIONS
Your Company always endeavors to promptly address all the issues raised
by the shareholders and provide them a satisfactory reply at the
earliest possible time. The Stakeholder Relationship Committee of the
Board meets periodically and reviews the status of the redressal of
investors'' grievances.
ACKNOWLEDGEMENT
The Directors place on record their appreciation for the continued
co-operation extended by all stakeholders including various departments
of the Central and State Government, Shareholders, Investors, Bankers,
Financial Institutions, Customers, Dealers and Suppliers. The Board
also place on record its gratitude and appreciation for the committed
services of the executives and employees of the Company.
By Order of the Board
For Adhbhut Infrastructure Limited
Sd/-
Place : New Delhi (Amman Kumar)
Date : 04.12.2014 Chairman
Jun 30, 2013
Dear MEMBERS,
The Directors take pleasure in presenting the Twenty Eighth Annual
Report and the Audited Annual Accounts of the Company for the financial
year ended 30th June, 2013.
FINANCIAL RESULTS (Amount in Rs.)
PARTICULARS Year ended 30th Period ended 30th
June, 2013 June, 2012
(15 months)
Income from Operation 1,45,03,279 2,34,73,988
Expenses 77,47,651 99,51,445
Profit before Taxation 67,55,628 1,35,22,543
Provision for Taxation 14,77,137 49,94,512
Profit after Tax 52,78,491 85,28,031
Add: Profit / (Loss) brought
forward 2,22,39,904 1,62,11,873
Balance Available for
appropriation 2,75,18,395 2,47,39,904
APPROPRIATIONS
Dividend on Preference Shares 1,50,000
Tax on Dividend of Preference Shares 25,493
Transferred to General Reserve 25,00,000 25,00,000
Surplus carried to Balance
Sheet 7,40,42,902 16,89,39,904
PERFORMANCE
During the period under review, the Company has generated an income of
Rs. 1,45,03,279/- as against Rs. 2,34,73,988/- in the previous period
along with profit after tax of Rs. 52,78,491/- as against Rs.
85,28,031/- in the previous period.
DIVIDEND
During the period under review, the Board of Directors recommends
dividend @ 1% on Fully Paid- up Redeemable Non Cumulative Preference
Shares. However, in view of the ongoing expansion projects of the
Company, no dividend is recommended on Equity Shares of the Company.
The total outgo on account of dividend on Preference Shares will be Rs.
1,75,493/- (including dividend tax of Rs. 25,493/-).
DIRECTORS
During the period under review, Mr. Deshpal Singh Malik retires at the
ensuing Annual General Meeting and being eligible offers himself for
re-appointment.
AUDITORS
M/s B. Lugani & Associates, Chartered Accountants, vacate their office
at the conclusion of ensuing Annual General Meeting and have confirmed
their eligibility and willingness to accept their appointment as
Statutory Auditors of the Company, if appointed.
AUDITOR''S REPORT
The Auditor''s Report attached hereto is self explanatory and therefore,
does not call for any further comments.
DEPOSITS
During the period under review, the Company has not accepted any
deposits under Section 58A and 58AA of the Companies Act, 1956 read
with the Companies (Acceptance of Deposits) Rules, 1975. Therefore, no
information is required to be furnished in this respect.
LISTING AT STOCK EXCHANGE
The Shares of Company are listed on Delhi Stock Exchange Limited. The
Company has paid the annual listing fee to the Stock exchange for the
year 2013-2014.
STATUTORY INFORMATION
* Particulars of Employees under Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975 are
Nil.
* Statutory details of Energy Conservation and Technology Absorption, R
& D activities and Foreign Exchange Earnings and Outgo, as required
under Section 217(l)(e) of the Companies Act, 1956 and rules prescribed
thereunder i.e. the Companies (Disclosure of Particulars in Report of
Board of Directors) Rules, 1988 are Nil.
CORPORATE GOVERNANCE
A separate section on Corporate Governance forms part of Directors''
Report and the certificate from the Director and Auditors confirming
compliance of Corporate Governance norms as stipulated in Clause 49 of
the Listing Agreement with the Stock Exchange is included in this
Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis Report, as required under Clause 49
of the Listing Agreement with Stock Exchange is presented in a separate
section and forms part of this Annual Report.
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, as amended by the Companies (Amendment) Act, 2000 with
respect to Directors'' Responsibility Statement, it is hereby confirmed
* that in the preparation of the annual accounts, the applicable
accounting standards had been followed;
* that the Directors had 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 or
loss of the Company for the period under review;
* that 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; and
* that the Directors had prepared the annual accounts on a going
concern basis.
INVESTOR RELATIONS
Your Company always endeavors to promptly address all the issues raised
by the shareholders and provide them a satisfactory reply at the
earliest possible time. The Shareholders''/Investors'' Grievance
Committee of the Board meets periodically and reviews the status of the
redressal of investors'' grievances.
EMPLOYEE WELFARE
Your Company continued to implement several welfare measures for the
employees and their families. Employee welfare programmes and schemes
were implemented with utmost zeal and they were constantly reviewed and
improvements were made wherever necessary.
ACKNOWLEDGEMENT
Your Directors wish to place on record their sincere thanks to the
shareholders, banks and other Government Agencies. Your Directors also
wish to acknowledge the contribution made by the employees at all
levels.
By Order of the Board
For Adhbhut Infrastructure Limited
Place: New Delhi Sd/-
Dated : 05.12.2013 (K. T. James)
Chairman
Mar 31, 2011
DEAR MEMBERS,
The Directors have pleasure in presenting the Twenty Sixth Annual
Report and the Audited Accounts of the Company for the year ended 31st
March, 2011.
FINANCIAL RESULTS (Amount in Rs)
PARTICULARS Year ended Year ended
31st 31st
March, 2011 March, 2010
Sales / Income from Operations 19,928,207 3,918,375
Expenditures 1,467,246 408,767
Profit before Taxation 18,460,961 3,509,608
Provision for Taxation 2,200,000 810,000
Profit after Tax 16,260,961 2,699,608
Add: Profit / (Loss) brought 2,450,912 2,251,304
forward
Surplus carried to Balance 18,711,873 4,950,912
Sheet
PERFORMANCE
During the year under review, the company generated an income of Rs.
19,928,207/- as against Rs. 3,918,375/- in the previous year along with
profit after tax of Rs. 16,260,961/- as against Rs. 2,699,608/- in the
previous year.
DIVIDEND
The Directors do not recommend any dividend for the year ended 31st
March, 2011. DIRECTORS
Mr. Deshpal Singh Malik retires at the ensuing Annual General meeting
and being eligible offers himself for re-appointment.
AUDITORS
M/s B. Lugani & Associates, Chartered Accountants, vacate their office
at the conclusion of ensuing Annual General Meeting and have confirmed
their eligibility and willingness to accept their appointment as
statutory auditors of the Company, if appointed.
FIXED DEPOSITS
During the year under review, the Company has not accepted any deposits
under section 58 - A of the Companies Act, 1956.
LISTING AT STOCK EXCHANGE
The shares of company are listed on The Delhi Stock Exchange
Association Limited. The company has paid the annual listing fee to the
Stock exchange for the year 2011 - 2012.
STATUTORY INFORMATION
* Particular of Employees under section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975 are
Nil.
* Statutory details of Energy Conservation and Technology Absorption, R
& D activities and Foreign Exchange Earning and Outgo, as required
under Section 217(1) (e) of the Companies Act, 1956 and rules
prescribed there under i.e. the Companies (Disclosure of Particulars in
Report of Board of Directors) Rules, 1988 are given in the Annexure and
form part of this Report (Please refer Annexure-1)
* Certificate received from the Managing Director & the Auditors of the
Company regarding Compliance of conditions of Corporate Governance, as
required under clause 49 of the Listing Agreement, is Annexed and forms
part of this report. (Please refer Annexure - II).
* As required under clause 49 of the listing Agreement, Management
Discussion and Analysis Report is Annexed and forms part of this report
(Please refer Annexure - III).
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, as amended by the Companies (Amendment) Act, 2000 with
respect to Directors'' Responsibility Statement, it is hereby confirmed
* That in the preparation of the annual accounts, the applicable
accounting standards had been followed;
* That the Directors had 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 or
loss of the Company for the period under review;
* That 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; and
* That the Directors had prepared the annual accounts on a going
concern basis.
INVESTOR RELATIONS
Your Company always endeavors to keep the time of response to
shareholders'' requests / grievances at the minimum. Priority is
accorded to address all the issues raised by the shareholders and
provide them a satisfactory reply at the earliest possible time. The
shareholders'' and investors'' Grievances Committee of the Board meets
periodically and reviews the status of the redressal of investors''
grievances.
EMPLOYEE WELFARE
Your Company demonstrated that it is a caring organization by
constantly devising and implementing several welfare measures for the
employees and their families. Employee welfare programmes and schemes
were implemented with utmost zeal and they were constantly reviewed and
improvements were made wherever necessary at the earliest.
ACKNOWLEDGEMENT
Your Directors wish to place on record their sincere thanks to the
banks and other Government Agencies.
Your Directors also wish to acknowledge the contribution made by the
employees at all levels and above all the trust and confidence reposed
by the shareholders.
By Order of the Board
for Adhbhut Infrastructure Limited
Place : New Delhi Sd/-
(K. T. James)
Date: 25-08-2011 Chairman