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
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