Mar 31, 2015
Dear members,
The Directors take pleasure in presenting before the shareholders the
55th Annual Report together with the audited statement of accounts of
the Company for the year ended 31st March, 2015
1. Financial Highlights
Particulars Year ended Year Ended
March 31, 2015 March 31,2014
Revenue from Operations - 126,10,026
Other lncome 59,913 -
Profit/Loss before Taxation (22,32,672) 9,30,750
Less: Taxation
* Current Tax - -
* Deferred Tax (4,72,143) 3,63,492
Profit / Loss after Tax (17,60,529) 5,67,259
Balance Carried to (17,60,529) 5,67,259
Balance Sheet
2. Operations:
During the year under review, the company posted a loss of Rs. 17.61
lacs as against a profit of Rs.5.67 lacs earned during the previous
year.
As reported earlier, the company has made considerable progress in Slum
Rehabilitation Project at Bhandup The Board of Directors are pleased to
place before the members additional developments in its operations:
I. The company was hitherto jointly developing an area admeasuring
2159 sq. mtrs of slum property with Mr. Vaibhav Kokate. During the
year the company has entered into a partnership with Mr. Kokate in a
firm named Shree Swami Samrath Builders and Developers wherein the
company has contributed to 50% of the capital of the partnership.
II. By virtue of a registered deed the company has transferred
development rights pertaining to 2159 sq. mtrs owned by it to the
partnership firm SSSBD. Mr. Kokate has also transferred land belonging
to him into the partnership, In lieu of the company transferring the
development rights it be entitled to a percentage of the saleable area
post the merger of the two land parcels which would be delivered to the
company post obtaining the Occupation Certificate by SSSBD.
III. Further the company is entitled to 50% share in the profits of the
firm SSSBD less what it would have received during the pendency of the
project.
3. Future Prospects:
There is tremendous growth potential in the area of redevelopment of
slums. With acute scarcity of land in Mumbai Slum redevelopment offers
considerable scope. With the handing over of the new houses developed
and built up under the Slum Rehabilitation Project the Company has
witnessed considerable inflow of enquiries for further projects
relating to slum rehabilitation. These are being explored in detail.
4. Details in respect of adequacy of internal financial controls with
reference to the Financial Statements.
The internal control commensurate with the activities is supplemented
by continuous review by the management. The internal control system is
designed to ensure that every aspect of the company's activity is
properly monitored.
5 Public Deposits:
The company has not accepted any deposits, covered under Chapter V of
the Act,-
6. Particulars of Loans, Guarantees or investments:
The Company has not made investments and/or given loans, guarantees
during the year under review.
7. Statutory Auditors:
Pursuant to Section 139 of the Companies Act 2013, M/s.Bipin Shah &
Associates, Chartered Accountants, were appointed as the Auditors of
the Company for a period of five years from the conclusion of the 54th
Annual General Meeting. In terms of Section 139 of the Companies Act
2013 members need to ratify its appointment at the ensuing Annual
General Meeting.
8. Auditors' Report
There are no qualification, reservation or adverse remark or disclaimer
made by the auditor in their report.
9. Extract of the annual return
Extract of the annual return in Form No. MGT 9 is attached and forms
part of the report. (Annexure -1).
10 Corporate Social Responsibility (CSR)
Provisions of CSR are currently not applicable to the company
11 Corporate Governance:
The Company is committed to maintain the highest standards of Corporate
Governance and adheres to the Corporate Governance requirements as
stipulated by Securities and Exchange Board of India (SEBI).
The report on Corporate Governance as per the requirement of the
Listing Agreement forms an integral part of this Annual Report. The
requisite certificate from a Practising Company Secretary confirming
compliance with the conditions of Corporate Governance is attached to
the report on Corporate Governance.
12. Board of Directors:
A. Composition of the Board:
The composition of the Board is in conformity with Clause 49(H) of the
Listing Agreement which, inter alia, stipulates that the Board should
have an optimum combination of executive and non-executive directors
with at least one woman director and at least 50% of the Board should
consist independent directors, if the chairman of the board is an
executive director. If the chairman is a non-executive director, 1/3rd
of the Board should be independent directors.
As on 31st March, 2015 the Board comprised six Directors, of these, two
are independent Directors.
B Changes in Directors and Key Managerial Personnel:
The Board of Directors have appointed Ms. Sonal M. Shah, having
requisite DIN: 00199734 as the first woman director of the company with
effect from March 25, 2015, in compliance of regulatory directive under
Clause 49 of the amended Listing Agreement. Pursuant to Section 161 of
the Companies Act 2013, read with the Rules framed there under, she
shall hold the office up to the date of ensuing annual general meeting
or the last date on which the annual general meeting should have been
held, whichever is earlier. Notice along with the necessary deposit of
Rs One lac has been received from a member under Section 160 of the
Companies Act, 2013, proposing the appointment of Ms. Sonal M. Shah as
Director of the Company. Ms. Sonal M. Shah would be liable to retire by
rotation in terms of Sections 149 and 152 of the Companies Act 2013.
Mr. S. Ramamurthi, who retires by rotation at the ensuing Annual
General Meeting and being eligible, offers himself for reappointment.
C. Number of Board Meetings held during the year ended 31st March, 2015
and the dates of the Board Meetings:
Four Meetings of the Board of Directors were held. The dates on which
the said meetings were held are as follows:
27th May, 2014; 14thAugust, 2014; 5th November, 2014 and 13th February,
2015
Directors' attendance records:
Name of Director Designations No.of
Category of Board
Directorship Meeting
attended
Mr. V.B.Haribhakti Chairman 4
Non-Executive
Independent
Director
Mr.S.Ramamurthi Non-Executive 4
Director promoter
Mr.Nilesh Dand Non-Executive 4
Director promoter
Mr.Chetan R. Shah Non-Executive 4
Director promoter
Mr.V.Ranganathan Non-Executive 4
Independent
Director
Mrs.Sonal M.Shah* Non-Executive -
Director-Promoter
* Mrs. Sonal M. Shah has been appointed Additional Director of the
Company effective from 25th March, 2015.
13. Board Committees:
The Board of Directors has constituted four Committees viz. Audit
Committee, Nomination and Remuneration Committee, Stakeholders'
Grievance Committee and Committee of Board of Directors. All decisions
pertaining to the constitution of Committees, appointment of Members
and fixing of terms of reference / role of the committees are taken by
the Board of Directors.
14. Particulars of contracts or arrangements with related parties:
During the financial year no transactions fall under the purview of
section 188 of Companies Act. 2013, hence it is not applicable.
15 Secretarial Audit Report
Secretarial Audit for the F.Y. 2014-15 was conducted by Mr.V.
Nagarajan, Company Secretary in Practice in accordance with the
provisions of Section 204 of the Companies Act, 2013. The Secretarial
Auditor's Report is attached to this Report (Annexure II).
16. Cost Auditor:
Pursuant to Section 148 (1) of the Central Government and Companies
(Cost Record & Audit) Rules 2014 dated June 30, 2014 the appointment of
Cost Auditors is not applicable to the Company. However, in compliance
of Section 209 (1) (d), 600 (3) (b) of the Companies Act, 1956 and
relevant Cost Accounting Records Rules, 2011 a Compliance Report
obtained from the practicing cost accountant is uploaded in MCA Portal
every year.
17. Vigil Mechanism
Vigil Mechansim policy has been introduced by the Board on the
framework for reporting instances of unethical/improper conduct and
action for suitable steps to investigate and correct the same.
18. Risk management policy
Risk Management Policy has been adopted by the Board to ensure
sustainable growth by implementing a pro-active approach in reporting,
evaluating and controlling/resolving risks associated with the business
of the company. In order to achieve this, the Policy establishes a
structured and disciplined approach to Risk Management, including the
development of the risk areas, so as to guide decisions on risk related
issues.
19. Declaration of Independence:
Your Company has received declarations from all the Independent
Directors confirming that they meet the criteria of Independence as
prescribed under the provisions of the Companies Act, 2013 read with
the Schedules and Rules issued thereunder as well as Clause 49 of the
Listing Agreement.
20. Directors' Responsibility Statement:
The Directors' Responsibility Statement referred to in Clause (c) of
sub-section (3) of Section 134 of the Companies Act, 2013 states that:
-
i. That in the preparation of the accounts for the year ended 31st
March 2015, the applicable accounting standards have been followed;
ii. That appropriate accounting policies have been selected and
applied consistently and reasonably so as to give a true and fair view
of the state of affairs of the Company and of the profit or loss of the
Company for the year under review, as at 31-3-2015;
iii That proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
iv That the annual accounts for the year ended 31st March, 2015 have
been prepared on the basis that the Company is "Going Concern".
v. The directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
vi. Being a listed company, the directors had laid down internal
financial controls to be followed by the company and that such internal
financial controls are adequate and were operating effectively.
21. Disclosure under Section 134(3)(m) of the Companies Act, 2013:
The disclosure relating to conservation of energy, technology
absorption and foreign exchange earnings and outgo as required under
Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the
Companies (Accounts) Rules, 2014 is not applicable.
However, while developing the SRA Project and the sale of buildings the
Company adopts basic environment friendly measures in it construction
activities and endeavour to practice the sustainability measures to
improve the livelihood of the society at large.
22. Listing:
The Equity Shares of the company are listed with the Bombay Stock
Exchange Limited. The company has paid the Annual Listing fee for the
year2014-15.
23. Dematerialization of shares:
Members are aware that the company's equity shares are under compulsory
trading in dematerialized form for all categories of investors.
24. Particulars of employees:
The Company has no employee who receives remuneration to the extent
provided in Rule 5 (2) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 for the year ended 31st March,
2015.
ON BEHALF OF THE BOARD OF DIRECTORS
CHAIRMAN
Regd. Office:
Marathon FutureX,
N. M. Joshi Marg, Lower Parel (W),
Mumbai 400013
Place: Mumbai
Dated: 27th May, 2015
Mar 31, 2014
Dear Members,
The Directors take pleasure in presenting before the shareholders the
54th Annual Report together with the audited statement of accounts of
the Company for the yearendedSf ''March, 2014.
FINANCIAL RESULTS:
During the year under review, the company posted a profit of Rs.5.67
lacs as against a profit of Rs.6.48 lacs earned during the previous
year.
OPERATIONS:
As reported earlier, the company has made considerable progress in Slum
Rehabilitation Project at Bhandup - details whereof are summarized
hereunder:
i) The first phase of the Slum Rehabilitation project at Bhandup has
been completed successfully and new houses were handed to the
authorities concerned;
ii) In the sale building of the first phase Project around 18% of the
construction activities has been completed;
ill) During the Financial year 2014-15 around 60% of the sale of
building of the project is expected to be completed.
FUTURE PROSPECTS:
There is growth potential in the area of redevelopment of slums. With
the handing over of the new houses developed and built up under the
Slum Rehabilitation Authority the Company has witnessed considerable
inflow of enquiries for further projects relating to slum
rehabilitation.
DIRECTORS:
The Board of Directors has appointed Mr. V. Ranganathan as an
Additional Director of the Company at their meeting held on the 7th
February 2014. Pursuant to Section 161(1) of the Companies Act, 2013,
he holds office up to the date of the ensuing Annual General Meeting.
Notice along with the necessary deposit has been received from a member
under Section 160 of the Companies Act 2013 proposing the appointment
of Mr. V. Ranganathan as Independent Directorof the Company.
In accordance with the provisions of the Companies Act 2013 and the
Articles of Association of the Company, Mr. V. B. Haribhakti a
Non-Executive Directorof the Company will be appointed as an
Independent Director for a period of five years.
Mr. Nilesh D. Dand retire by rotation at the ensuing Annual General
Meeting and being eligible, offer himself for reappointment.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of
independence as prescribed both under sub-section (6) of Section 149 of
the Companies Act, 2013.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, the
Board of Directors of the Company hereby confirms:-
i. That in the preparation of the accounts for the year ended 3f March
2014, the applicable accounting standards have been followed;
ii. That appropriate accounting policies have been selected and applied
consistently and reasonably so as to give a true and fair view of the
state of affairs of the Company and of the profit or loss of the
Company fortheyearunderreview,asat31-3-2014;
iii. That proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
iv. That the annual accounts for the year ended 318l March, 2014 have
been prepared on the basis that the Company is "Going Concern".
DISCLOSURE UNDER SECTION 217(1)(e) OF THE COMPANIESACT.1956:
The information relating to conservation of energy, technology
absorption and foreign exchange earnings and outgo as 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 Board of
Directors) Rules, 1988 is notapplicable.
CORPORATE GOVERNANCE:
As required by Clause 49 of the Listing Agreement, Corporate Governance
Report together with a certificate of compliance from practicing
Company Secretary is attached asAnnexure 1 to this report.
PARTICULARS OF EMPLOYEES:
The Company has no employee who receives remuneration to the extent
provided in Section 217 (2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1975, as amended from time
to time, fortheyearended31stMarch,2014.
AUDITORS:
Pursuant to Section 139 of the Companies Act 2013, M/s.Bipin Shah
&Associates, Chartered Accountants, being eligible, are to be appointed
as Auditors of the Company for a period of five years from the date of
this Annual General Meeting till the conclusion of the Fifty-Ninth
(59*) Annual General Meeting subject however to the proviso that
matters relating to such appointment have to be ratified at each Annual
General Meeting. You are requested to appoint Auditors to hold office
until the Fifty-Ninth Annual General Meeting and authorize the Board to
consider and fix their remuneration.
ON BEHALF OF THE BOARD OF DIRECTORS
CHAIRMAN
Marathon FutureX,
N. M.JoshiMarg, Lower Parel(W),
Mumbai 400013
Place: Mumbai
Dated: 27th May,2014
Mar 31, 2013
The Directors take pleasure in presenting before the shareholders the
53rd Annual Report together with the audited statement of accounts of
the Company for the yearended3f''March,2013.
FINANCIAL RESULTS:
During the year under review the company registered a profit of Rs.6.48
lacs as against a profit of Rs 675.86 lakhs earned during the previous
year.
OPERATIONS:
The company has made considerable progress in the joint development of
the Slum Rehabilitation Project that it is undertaking in Bhandup. The
rehabilitation building is completed in all respects which had resulted
in a satisfactory execution of the SRA Project. The construction of the
resale buiding is in progress and it is expected that it would
successfully be completed by end oftheFinancialYear2015
FUTURE PROSPECTS
The Company foresees immense growth potential in redevelopment of
slums. Overa hundred acre of land has been identified for development.
With the handing over of the units developed and built up under the
Slum Rehabilitation Project to the slum dwellers the performance of the
Company has been admired by the inhabitants in and around the said
project, resulting inflow of more enquiries from the public about
possible redevelopment in the area.
DIRECTORS:
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company, Mr.Chetan R. Shah and Mr.
Nilesh D. Dand, retire by rotation at the ensuing Annual General
Meeting and being eligible, offer themselves for reappointment.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, the
Board of Directors of the Company hereby confirm :-
i. That in the preparation of the accounts for the year ended 31s''
March 2013, the applicable accounting standards have been followed;
ii. That appropriate accounting policies have been selected and applied
consistently and reasonably so as to give a true and fair view of the
state of affairs of the Company and of the profit or loss of the
Company fortheyearunderreviewasat31-3-2013;
iii. That proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
iv That the annual accounts for the year ended 3f March, 2013 have been
prepared on the basis that the Company is a "Going Concern".
DISCLOSURE UNDER SECTION 217(1)(e) OF THE COMPANIESACT,1956:
The information relating to conservation of energy, technology
absorption and foreign exchange earnings and outgo as 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 Board of
Directors) Rules, 1988 is not applicable
CORPORATEGOVERNANCE:
As required by Clause 49 of the Listing Agreement, Corporate Governance
Report together with a certificate of compliance from Practicing
Company Secretary is attached as Annexurel to this report.
PARTICULARSOF EMPLOYEES:
The Company has no employee who receives remuneration to the extent
provkied in Section 217(2A) read with the Companies (Particulars of
Employees Rules1975fortheyearended318lMarch,2013.
AUDITORS:
The Auditors of the Company, M/s. Bipin Shah & Associates retire at
this Annual General Meeting and are eligible for reappointment. You are
requested to appoint Auditors to hold office until the next Annual
General Meeting and fix their remuneration.
ON BEHALF OF THE BOARD OF DIRECTORS
CHAIRMAN
Regd. Office:
Marathon FutureX.
N. M. Joshi Marg,
Lower Parel (W).
Mumbai 400013
Place: Mumbai
Dated: 21st May, 2013
Mar 31, 2012
The Directors take pleasure in presenting before the shareholders the
52nd Annual Report together with the audited statement of accounts of
the Company for the year ended 31st March, 2012.
FINANCIAL RESULTS:
After very many years your company has posted a profit through its
construction activity. This has been largely due to the support that it
has received from the Marathon Group.
OPERATIONS:
Members were informed in the previous year about the Company jointly
developing a project under the aegis of the Slum Rehabilitation
Authority. During the year under review the Company has transferred 25%
of the portion at prevailing market rates. It had realized revenues
aggregating to Rs. 7.97 Crores and after deducting project relating
expenses a profit has been generated.
In view of the carry forward of assessed losses available there is no
Income Tax liability, whichever is lower.
FUTURE PROSPECTS
The Company sees considerable growth prospects in developing of slums
and would concentrate on this segment. It would take about two years to
complete the current project and the Company is confident of procuring
further projects in this segment in nearby locations.
DIVIDEND
In view of the lack of distributable surplus, your directors regret
their inability to recommend any dividend.
DIRECTORS:
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company, Mr.S. K. Diwanji and Mr. S.
Ramamurthi retire by rotation at the ensuing Annual General Meeting and
being eligible, offer themselves for reappointment.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, the
Board of Directors of the Company hereby confirms: -
i. That in the preparation of the accounts for the year ended 31st
March 2012, the applicable accounting standards have been followed;
ii. That appropriate accounting policies have been selected and applied
consistently & reasonably so as to give a true and fair view of the
state of affairs of the Company and of the profit or loss of the
Company for the year under review, as at 31 -3-2012;
iii. That proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
iv. That the annual accounts for the year ended 31st March, 2012 have
been prepared on the basis that the Company is "Going Concern".
DISCLOSURE UNDER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956:
The information relating to conservation of energy, technology
absorption and foreign exchange earnings and outgo as 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 Board of
Directors) Rules, 1988 is not applicable.
CORPORATE GOVERNANCE:
As required by Clause 49 of the Listing Agreement, Corporate Governance
Report together with a certificate of compliance from Practicing
Company Secretary is attached as Annexure 1 to this report.
PARTICULARS OF EMPLOYEES:
The Company has no employee who receives remuneration to the extent
provided in Section 217(2A) read with the Companies (Particulars of
Employees) Rules 1975 for the year ended 31st March, 2012.
AUDITORS:
The current Auditors of the Company, Bipin Shah & Co., Proprietor firm,
Chartered Accountants, is not seeking reappointment as Statutory
Auditors of the Company from the conclusion of the ensuing Annual
General Meeting. Notice has been received from a member under Sections
190 and 225 of the Companies Act, 1956 proposing the appointment of the
M/s. Bipin Shah & Associates, Partnership firm, Chartered Accountants as
Auditors of the company. M/s Bipin Shah & Associates, Partnership firm,
Chartered Accountants by their letter dated 30th May, 2012, being
eligible, have signified their consent to act as Auditors of the
Company, if appointed, and to hold office from conclusion of the
ensuing Annual General Meeting until conclusion of the next Annual
General Meeting.
You are requested to appoint Auditors to hold office until the next
Annual General Meeting and fix their remuneration.
FOR AND ON BEHALF OF THE BOARD
CHAIRMAN.
Regd. Office:
Marathon FutureX N. M. Joshi Marg
Lower Parel (W) Mumbai 400013
Place: Mumbai
Dated: May 30, 2012
Mar 31, 2010
The Directors take pleasure in presenting before the shareholders the
Fiftieth Annual Report together with the audited statement of accounts
of the Company for the year ended 31st March, 2010.
During the year under review the real estate sector showed considerable
signs of improvement especially in the housing segments. The future
business of your company would be concentrated in this sector. However
the Balance Sheet of your company is currently not strong enough to
embark in this sector on a stand alone basis and accordingly one of the
associates of the Company is negotiating for the development of a
project near Bhandup in which your company would be involved within the
umbrella of the Group.
FINANCIAL RESULTS:
During the year under review the company posted a loss of Rs. 9.73
lakhs as against a loss of Rs.11.60 lakhs incurred during the previous
year.
OPERATIONS:
The Company has not carried out any commercial activity during the year
under review.
DIRECTORS :
At the meeting of the Board of Directors held on 14th January, 2010,
Mr. Chetan R. Shah was appointed as an Additional Director of the
Company. Pursuant to Section 260 of the Companies Act, 1956 Mr. Shah
would hold office up to the date of the ensuing Annual General Meeting.
The Company has received notice in writing from a member proposing the
candidature of Mr. Shah for office of Director, liable to retire by
rotation. Mr. Shah is the Chairman and Managing Director of the
Marathon Nextgen Realty Ltd. and brings with him wealth of experience
in the realty sector. The company would benefit enormously in its
association with Mr. Shah.
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company, Mr. S. Ramamurthi retires by
rotation at the ensuing Annual General Meeting and being eligible,
offers himself for reappointment.
In view of certain technical factors the allotment of preferential
allotment of Equity Shares has been withdrawn.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors Responsibility Statement, the
Board of Directors of the Company hereby confirms : -
I. That in the preparation of the accounts for the year ended 31st
March 2010, the applicable accounting standards have been followed;
ii. That appropriate accounting policies have been selected and applied
consistently and reasonably so as to give a true and fair view of the
state of affairs of the Company and of the profit or loss of the
Company for the year under review, as at 31st March, 2010;
iii. That proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
iv. That the annual accounts for the year ended 31st March, 2010 have
been prepared on the basis that the Company is ÃGoing ConcernÃ.
DISCLOSURE UNDER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956:
The information relating to conservation of energy, technology
absorption and foreign exchange earnings and outgo as 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 Board of
Directors) Rules, 1988 are not applicable.
CORPORATE GOVERNANCE :
As required by Clause 49 of the Listing Agreement, Corporate Governance
Report together with a certificate of compliance from practicing
Company Secretary is attached as Annexure 1 to this report.
PARTICULARS OF EMPLOYEES :
In view of the cessation of operations the provisions of Section
217(2A) of the Companies Act, 1956 read with the Companies (particulars
of employees) Rules, 1975 as amended from time to time is not
applicable.
AUDITORS :
The Auditors of the Company, M/s.Bipin B. Shah & Company retire at this
Annual General Meeting and are awaiting their peer review certificate
and are eligible for reappointment. You are requested to appoint
Auditors to hold office until the next Annual General Meeting and fix
their remuneration.
ON BEHALF OF THE BOARD OF DIRECTORS
Place: Mumbai V. B. HARIBHAKTI
Dated: 26th May, 2010 CHAIRMAN.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article