Home  »  Company  »  PALCO  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of PALCO Ltd.

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the 24th Annual Report together with the audited Accounts of the Company for the financial year ended 31st March, 2014 and the Auditors Report thereon.

Financial Results

The Company had no operations during the year, as the assets of the Company had been taken over by Asset Reconstruction Company (India) Limited (ARCIL) under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

Dividend:

The company has not declared any dividend as there were no operations in the company and the company do not have any surplus to distribute.

Directors:

The Directors of the Company remain the same as in the last year.

Pursuant to the Provision of Section 152 of the Companies Act, 2013, Mr. Vijay Chandra Puljal (DIN No. 00090286) retires by rotation at the ensuing AGM and offer himself for re-appointment and Mr. A. Krishna Rao (DIN N0. 00090662) and Mr. S.V Ramachandra Rao (DIN No. 01869061) are proposed to be appointed as Independent Directors for a period of 5 years under the Companies Act, 2013 not liable to retire by rotation.

Corporate governance:

As required under Clause 49 of the Listing Agreement with the Stock Exchanges, Corporate Governance report as well as Auditors Certificate on Compliance of Corporate Governance are annexed and form part of the Annual Report.

Management Discussion and Analysis

A separate section titled "Management''s Discussion and Analysis Report" confirming compliance of the conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement is annexed hereto and forms part of this Annual Report.

Directors'' Responsibility Statement

Pursuant to the requirement under section 217 (2AA) of the Companies Act, 1956 with respect to Directors'' Responsibility statement, it is hereby confirmed:

(i) That in the preparation of the accounts for the financial year ended 31st March, 2014, the applicable accounting standards have been followed and there were no material departures.

(ii) That the directors have selected such accounting policies and applied them consistently and made judgments and estimates which 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 the year under review;

(iii) That the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the Provisions of Companies Act 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

(iv) That the directors have prepared the accounts for the financial year ended 31st March, 2014 on a ''non going concern'' basis.

Auditors

The Statutory Auditors of the Company, M/s. Rambabu & Co., Chartered Accountants, Hyderabad retire at the conclusion of the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.

The Company has received letter from them to the effect that their appointment if made would be within the prescribed limits under Section 139 of the Companies Act, 2013

Boards Reply to the Auditors Qualifications

The company is unable to continue its business as a going concern because the total assets of the company have been taken over by ARCIL and sold.

Fixed Deposits

The Company has not invited / accepted deposits from the public within the meaning of Section 58A of the Companies Act, 1956.

Particulars of Employees:

There are no employees whose details are required to be given under Section 217(2A) of the Companies Act, 1956.

Additional Information

Information as per Section 217(1)(e) read with Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1998 and forming part of report for the year ended March 31,2014.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

A. Conservation of Energy The Company had no operations during the year and therefore power and fuel consumptions are NIL.

B. Technology Absorption Research and Development (R&D): Nil

C. Foreign Exchange Earnings and Outgo : NIL

Acknowledgement

Your Directors express their gratitude to the shareholders and debenture holders.

By Order of the Board For PALCO LIMITED

Vijay Chandra Puljal Place: Hyderabad Chairman Date: 13.08 2014


Mar 31, 2012

The Directors have pleasure in presenting the 22nd Annual Report together with the Audited Accounts of the Company for the financial year ended 31st March, 2012 and the Auditors Report thereon.

Financial Results

The Company has no operations during the year, as the assets of the Company had been taken over by Asset Reconstruction Company (India) Limited (ARCIL) under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

Dividend:

The company has not declared any dividend as there is no operations in the company and the company do not have any surplus to distribute.

Directors

In terms of the provisions of Section 255 and 256 of the Companies Act, 1956, Shri. Vijay Chandra Puljal will retire at the ensuing Annual General Meeting and being eligible offers himself for re-appointment. Mr. A Krishna Rao and Mr. S V Ramachandra Rao who were appointed as Additional Directors will cease to be directors at the Annual General Meeting. The Company has received notice under Section 257 proposing them as Directors of the Company.

Management Discussion and Analysis

A separate section titled "Management's Discussion and Analysis Report" confirming compliance of the conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement is annexed hereto and forms part of this Annual Report.

Directors' Responsibility Statement

Pursuant to the requirement under section 217 (2AA) of the Companies Act, 1956 with respect to Directors' Responsibility statement, it is hereby confirmed:

(i) That in the preparation of the accounts for the financial year ended 31st March, 2012, the applicable accounting standards have been followed and there were no material departures.

(ii) That the directors have selected such accounting policies and applied them consistently and made judgments and estimates which 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 the year under review;

(iii) That the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the Provisions of Companies Act 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

(iv) That the directors have prepared the accounts ' for the financial year ended 31st March, 2012 on a 'non going concern' basis.

Redemption Debentures

The Company has redeemed 2,53,775 No. of Debentures as on 31.03.2012 and paid an amount of Rs. 2,61,38,825/- to the public debenture Holders who have surrendered their original debenture certificate to the Company. The Company is yet to redeem 471510 No. of Debentures to the public debenture holders. The public debenture holders who are yet to surrender their original debenture certificate to the Company can claim @ Rs.103/- per debenture after surrendering the original debenture certificate. The same will be paid by Induslnd Bank Limited where the debenture holders money is kept under no lien account.

Auditors

The Statutory Auditors of the Company, M/s. Rambabu & Co., Chartered Accountants, Hyderabad retire at the conclusion of the ensuing Annual General Meeting and being eligible, offer themselves for re- appointment.

The Company has received letter from them to the effect that their appointment if made would be within the prescribed limits under Section 224(1-B) of the Companies Act, 1956.

Boards Reply to the Auditors Qualifications :

The company is enable to continue its business as going concern because the total assets of the company is been taken over by ARCIL and been sold, due to which the company is enable to continue its operations.

Fixed Deposits

The Company has not invited/accepted deposits from the public within the meaning of Section 58A of the Companies Act, 1956.

Particulars of Employees:

There are no employees whose details are required to be given under Section 217(2A) of the Companies Act, 1956.

Additional Information

Information as per Section 217(1)(e) read with Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1998 and forming part of report for the year ended March 31, 2012.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

Particulars required under Section 217(1) (e) of the Companies Act, 1956 read with Rule 2 of the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules are given in ANNEXURE - I.

Acknowledgement

Your Directors express their gratitude to the shareholders and debenture holders.

By Order of the Board For Pennar Aluminium Company Limited

J V Nrupender Rao Vijay Chandra Puljal Chairman Director

Place : Hyderabad Date : 18.05.2012


Mar 31, 2011

The Members

The Directors present the Twenty-first Annual Report together with the Audited Accounts and Cash Flow Statement for the period ended 31st March 2011.

FINANCIAL RESULTS

The Company has no operations during the year, as the assets of the Company had been taken over by Asset Reconstruction Company (India) Limited (ARCIL) under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

AUDITORS' QUALIFICATIONS

The qualifications made by the auditors in their report have been dealt with in the Notes to Accounts (Schedule VIII) and are self-explanatory.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of Section 217(2AA) of the Companies Act, 1956, the Directors would like to state that:

i) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii) They have selected such accounting policies and applied them consistently and made judgments and estimates that were 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;

iii) They 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;

iv) The annual accounts are prepared based on the expenditure incurred in the Company which are mainly statutory in nature.

REDEMPTION OF DEBENTURES

The Company has redeemed 252845 No. of Debentures as on 31.03.2011 and paid an amount of Rs. 2,60,43,035/- to the public debentureholders who have surrendered their original debenture certificate to the Company. The Company is yet to redeem 218665 No. of Debentures to the public debentureholders. The public debentureholders who are yet to surrender' their original debenture certificate to the Company can claim @ Rs.103/- per debenture after surrendering the original debenture certificate. The same will be paid by Induslnd Bank Limited where the debentureholders money is kept under no lien account.

AUDITORS

M/s. Rambabu & Co., Chartered Accountants, Hyderabad, the Auditors of the Company, retire at the conclusion of the ensuing Annual General Meeting and being eligible offer themselves for reappointment.

LISTING OF SECURITIES

Your Company's securities is listed on The Bombay Stock Exchange Limited (BSE).

ACKNOWLEDGEMENTS

Your Directors express their gratitude to the shareholders and debenture holders.

For and on behalf of the Board Nrupender Rao Chairman

Hyderabad 06.09.2011




Mar 31, 2010

The Directors present the Twentieth Annual Report together with the Audited Accounts and Cash Flow Statement for the period ended 31st March 2010.

FINANCIAL RESULTS

The Company has no operations during the year, as the assets of the Company had been taken over by Asset Reconstruction Company (India) Limited (ARCIL) under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

AUDITORS QUALIFICATIONS

The qualifications made by the auditors in their report have been dealt with in the Notes to Accounts (Schedule IX) and are self-explanatory.

DIRECTORS RESPONSIBILITY STATEMENT

In terms of Section 217(2AA) of the Companies Act,

1956, the Directors would like to state that:

i) in the preparation of the annual accounts, the

applicable accounting standards have been

followed along with proper explanation relating

to material departures;

ii) they have selected such accounting policies and applied them consistently and made judgments and estimates that were 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;

iii) they 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;

iv) The annual accounts are prepared based on the expenditure incurred in the Company which are mainly statutory in nature.

REDEMPTION OF DEBENTURES

The Company has redeemed 242775 No. of Debentures as on 31.03.2010 and paid an amount of Rs.25005825/- to the public debentureholders who have surrendered their original debenture certificate to the Company. The Company is yet to redeem 228735 No. of Debentures to the public debentureholders. The public debentureholders who are yet to surrender

their original debenture certificate to the Company can claim @ Rs.103/- per debenture after surrendering the original debenture certificate. The same will be paid by Induslnd Bank Limited where the debentureholders money is kept under no lien account.

AUDITORS

M/s. Rambabu & Co., Chartered Accountants, Hyderabad, the Auditors of the Company, retire at the conclusion of the ensuing Annual General Meeting and being eligible offer themselves for reappointment.

LISTING OF SECURITIES

Your Companys securities is listed on The Bombay Stock Exchange Limited (BSE). The listing fee is paid up to the year 2010-11.

ACKNOWLEDGEMENTS

Your Directors express their gratitude to the shareholders and debenture holders.

For and on behalf of the Board

Hyderabad Nrupender Rao

06.09.2010 Chairman

 
Subscribe now to get personal finance updates in your inbox!