To
The Members,
Your Directors are pleased to present the 35th Annual Report
together with the Audited Standalone and Consolidated Financial Statements of the Company
for the year ended 31st March, 2023.
1. FINANCIAL RESULTS
( Rs. in Lakhs)
|
Standalone |
Consolidated |
PARTICULARS |
2022-23 |
2021-22 |
2022-23 |
2021-22 |
REVENUE FROM OPERATIONS |
1,72,628.31 |
1,92,066.56 |
2,35,539.56 |
2,32,288.36 |
Other Income |
975.65 |
1,839.49 |
1,524.64 |
1,471.85 |
Total Revenue |
1,73,603.95 |
1,93,906.05 |
2,37,064.20 |
2,33,760.21 |
Total Expenses excluding Depreciation, Finance
Cost and Tax Expenses |
1,39,667.06 |
1,47,971.09 |
1,74,628.17 |
1,70,021.50 |
Profit before Depreciation, Finance Cost and Tax Expenses |
33,936.89 |
45,934.96 |
62,436.03 |
63,738.71 |
Less: Depreciation |
3,126.24 |
2,916.85 |
4,557.34 |
4,199.86 |
Profit before Finance Cost and Tax Expenses |
30,810.65 |
43,018.11 |
57,878.69 |
59,538.85 |
Less: Finance Cost |
273.35 |
704.08 |
1,197.17 |
1,710.03 |
Profit before Tax |
30,537.31 |
42,314.03 |
56,681.52 |
57,828.82 |
Current Tax |
7,838.28 |
11,522.74 |
16,072.72 |
15,888.28 |
Adjustment of earlier years' Tax |
(55.18) |
(2.81) |
40.50 |
150.47 |
Total Tax |
7,783.09 |
11,519.93 |
16,113.22 |
16,038.75 |
Profit after Tax |
22,754.22 |
30,794.10 |
40,568.30 |
41,790.07 |
Other Comprehensive Income |
(16.36) |
- |
(22.82) |
- |
Total Comprehensive Income |
22,737.86 |
30,794.10 |
40,545.48 |
41,790.07 |
(a) Shareholders of the Company |
22,737.86 |
30,794.10 |
32,551.96 |
36,841.88 |
(b) Non-controlling interests |
- |
- |
8,016.34 |
4,948.19 |
Less : Transfer to Reserves |
2,275.42 |
3,078.70 |
2,275.42 |
3,078.70 |
Balance |
20,462.44 |
27,715.40 |
30,276.56 |
33,763.18 |
Balance of profit of earlier years |
1,04,905.04 |
78,485.68 |
1,10,651.06 |
78,183.92 |
Add(Less): Final Dividend Paid, Other
Comprehensive income net of taxes etc. |
(1,944.06) |
(1,296.04) |
(2,113.36) |
(1,296.04) |
Balance Carried Forward |
1,23,423.42 |
1,04,905.04 |
1,38,814.26 |
1,10,651.06 |
2. PERFORMANCE HIGHLIGHTS
Your company has achieved a Gross Income of H1,73,603.95
Lakhs on standalone basis during the financial year 2022-23. The Profit
After Tax for the year stood at H22,754.22 Lakhs.
Further details of operations are given in the Management Discussion
and Analysis Report which forms part of this report.
3. DIVIDEND
During the Financial Year, based on the Company's performance, the
Board of Directors have declared dividend of H10/- each per equity share at 500% of the
face value of H2/- each, if approved by the Members would involve a cash outflow of
H3,240.10 lakhs. Pursuant to Regulation 43A of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Company has framed a Dividend Distribution Policy and
the same is herewith annexed as Annexure I' to this report. The Dividend
Distribution Policy is posted on the website of the Company at
http://www.balajiamines.com/pdf/1663741568DDP.pdf
4. TRANSFER TO RESERVES
The Company proposes to transfer a sum of H2,275.42 lakhs to the
General Reserves. An amount of H18,518.38 Lakhs is proposed to be retained in the
statement of profit and loss.
5. SUBSIDIARIES
Balaji Speciality Chemicals Limited (BSCL) is the only Subsidiary of
the Company. BSCL is engaged in Manufacturing of Ethylenediamine (EDA), Piperazine
(Anhydrous), Aminoethylpiperazine (AEP) and Diethylene triamine (DETA) and other Specialty
Chemicals.
During the period under review, BSCL has filed the draft Red Herring
Prospectus with SEBI for Initial Public Offering of Equity Shares on 10th
August, 2022 and subsequently obtained in-principle approvals from both the Stock
Exchanges (i.e BSE and NSE) and received the final observations for filing of Updated
Draft Red Herring Prospectus with SEBI.
6. CONSOLIDATED FINANCIAL STATEMENTS
As required pursuant to the provisions of Section 129 of the Companies
Act, 2013, and the Securities and Exchange Board of India (Listing Regulations and
Disclosure Requirements) Regulations, 2015, the Consolidated Financial Statements of the
Company are prepared in accordance with the Indian Accounting Standards (Ind-AS) issued by
the Institute of Chartered Accountants of India on the basis of the Audited Financial
Statements of the Company and its Subsidiary.
As per the provisions of Section 136 of the Companies Act, 2013, the
Company will also place separate audited accounts of its Subsidiaries on its website. The
audited financial statements of the subsidiary are available on the website of the Company
at http://www.balajiamines.com/investor-relations.
The Statement containing salient features of the financial statements
of the subsidiaries in Form AOC-1 is attached as Annexure II' to this Annual
Report.
7. CREDIT RATING
The Credit Rating of the Company is affirmed during the year as
"IND AA/ Stable/INDA1+" by India Ratings and Research Private Limited.
8. DETAILS OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS
SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE FINANCIAL YEAR
During the Financial Year 2022-23, no company ceased to be a subsidiary
of the company and your company does not have any associates or joint ventures.
9. DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL WHO WERE
APPOINTED OR HAVE RESIGNED DURING THE FINANCIAL YEAR
The constitution of the Board is in Compliance with the provisions of
Section 149 of the Companies Act, 2013, and the Listing Regulations.
During the year 2022-23, there were no changes in the directors or key
managerial personnel of the Company.
However, after the financial year following changes took place in the
office of directors and key managerial personnel of the Company:
Mr. Hemanth Reddy Gaddam, Whole-time Director & CFO who has been
designated as a Whole-time Director in Balaji Speciality Chemicals Limited, a subsidiary
company has demitted from the office of Whole-time Director & CFO of the Company with
effect from closing hours on 20th May, 2023.
Mr. Naveena Chandra Thammishetty, Mr. Amarender Reddy Minupuri, Mr.
Satyanarayana Murthy Chavali, Mr. Kashinath Revappa Dhole and Mrs. Vimala Behram
Madon resigned from the office of Independent Director of the Company with effect from
closing hours on 20th May, 2023.
Based on the recommendations of the Nomination and Remuneration
Committee, the Board of Directors at their meeting held on 20th May, 2023,
appointed Dr. Suhasini Yatin Shah, Dr. Uma Rajiv Pradhan, Mr. Mohan Kumar Ramakrishna and
Mr. Adabala Seshagiri Rao as Additional Directors under the Category of Independent
Directors of the Company for a period of 5 years subject to the approval of members at
this 35th Annual General Meeting of the Company.
Mr. Ande Srinivas Reddy, Whole-time Director retires by rotation and
being eligible, offers himself for re-appointment at the 35th Annual General
Meeting of the Company.
10. DECLARATION BY INDEPENDENT DIRECTORS
The Company has received declarations from all the Independent
Directors of the Company confirming that they fulfill the criteria of independence as
prescribed under sub-section (6) of Section 149 of the Companies Act, 2013, and the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
11. MEETINGS
During the year, four meetings of the Board of Directors were held, as
more particularly disclosed in the attached Report on Corporate Governance. The
intervening gap between any two meetings was within the prescribed period.
The number and dates of meetings held by the Board and its Committees,
attendance of Directors and details of remuneration paid to them is given separately in
the Report on Corporate Governance in terms of Section 134(3) (b) of the Companies Act,
2013.
None of the Directors are disqualified under Section 164(2) of the Act.
Certificate on non-disqualification, as required under Regulation 34 of SEBI (Listing
Obligation & Disclosure Requirements) Regulations, 2015 is annexed to the Report on
Corporate Governance.
Committees of the Board
Details of committees of the Board, their composition and other details
are provided in the Report on Corporate Governance, which forms part of this annual
report.
Meetings of Independent Directors
As stipulated by the Code of Independent Directors under the Act and
the Listing Regulations, one meeting of Independent Directors was held during the year.
The Independent Directors reviewed the performance of Non-Independent Directors and the
Board as a whole, reviewed the performance of the Chairman of the Company.
12. BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and regulations
contained in the chapters of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out the
annual performance evaluation of its own performance by the Directors individually
(including Independent Directors) as well as the evaluation of the working of its Audit,
Nomination and Remuneration and other Committees.
A structured questionnaire was prepared after taking into consideration
inputs received from the Directors, covering various aspects of the Board's
functioning such as adequacy of the composition of the Board and its Committees, Board
culture, execution and performance of specific duties, obligations and governance.
A separate exercise was carried out to evaluate the performance of
individual Directors including the Chairman of the Board, who were evaluated on parameters
such as level of engagement and contribution, independence of judgments, safeguarding the
interest of the Company.
The performance evaluation of the Independent Directors was carried out
by the entire Board. The performance evaluation of the Chairman and the Non-Independent
Directors was carried out by the Independent Directors. The Directors expressed their
satisfaction with the evaluation process.
Familiarization program for Independent Directors
The Company familiarizes its Independent Directors pursuant to the
requirements of the Listing Regulations with their roles, rights and responsibilities in
the Company. The details of the familiarization programme imparted to Independent
Directors of the Company during Financial Year 2022-23 are available on the website of the
Company at http://www.balajiamines. com/pdf/1686306196Details%20of%20familiarisation%20
Programme%20for%20Independent%20Directors.pdf
It is the general practice of the Company to notify the changes in all
the applicable laws from time to time in Board Meetings conducted.
13. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134 (5) of the Companies Act, 2013, your Directors
confirm that, to the best of their knowledge and belief and according to the information
and explanation available to them that-
(a) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation relating to material
departures;
(b) such accounting policies as mentioned in the notes to the financial
statements have been selected and applied consistently and judgments and estimates that
are reasonable and prudent made so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year 2022-23 and of the statement of profit of
the Company for that period;
(c) 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;
(d) the annual accounts for the year 2022-23 have been prepared on a
going concern basis;
(e) the proper internal financial controls are in place and that the
financial controls were adequate and were operating effectively.
(f ) the proper systems have been devised to ensure compliance with the
provisions of all applicable laws and were adequate and operating effectively mentioned
under various heads of the departments which are in turn reporting to the Whole-time
Directors.
14. RESEARCH & DEVELOPMENT
Your Company has been carrying out continuous Research and Development
activities in the following areas: a) Adoption of advanced technology in recovering waste
water has resulted in minimizing the impact on the environment and reiterated our focus on
core principle of Reduce, Reuse and Recycle of all the resources. b) Several improvements
in the ACETONITRILE plant have been initiated which have resulted in lower consumption
coefficient and higher efficiency of plant operations. c) Backward & forward
integration of products to improve value chain and better utilization of all the
resources. d) Identification of new products and development activities of latest process
technologies are continuously worked on. e) Continuous improvement of processes and fine
tuning of process parameters to optimize utilization of energy, utilities & raw
materials consumption and alternate routes are being looked at. f ) For sustainable usage
of natural resources, the Company has initiated various methods and Processes, equipments
for reducing, reusing and recycling of various natural resources g) The R&D
demonstration projects for the Manufacture of THF, NEM, NMM, NMMO and MIPA were undertaken
during the year by your company.
15. EXPANSION/DIVERSIFICATION a) N Butylamines: The new expansion
project works are progressing at brisk speed. The Plant is expected to be commissioned
during the FY 2023-24 b) Methylamines: The project implementation work is started. The
project is likely to be commissioned around March -2024. c) Dimethyl Ether (DME): This
project is newly proposed to be taken up in Unit -IV, Second Phase with an installed
capacity of 1,00,000 MT P.A. This is mainly used in the place of LPG either blended or
directly. The expected commencement of commercial production is by end of FY 23-24. d)
Dimethyl Formamide(DMF):The Company has obtained the environmental clearance for the
capacity of 36,000 MT PA. The project will be implemented on the basis of market
situation. e) Acetonitrile: The Company has obtained the environmental clearance for the
capacity of 16,000 MT PA. The project will be implemented on the basis of market
situation. f ) All other expansion plans are in the final stages of order placement for
plant & machinery for long delivery equipment.
16. CHANGE IN NATURE OF BUSINESS
There is no change in the nature of business during the year.
17. MATERIAL CHANGES AND COMMITMENTS
There have been no material changes and commitments, if any affecting
the financial position of your Company which have occurred after the closure of the
Financial Year 2022-23 till the date of this Report.
18. REMUNERATION POLICY
The Board has, on the recommendation of the Nomination and Remuneration
Committee, framed a policy for selection and appointment of Directors and Senior
Management personnel and fix their remuneration. The Remuneration Policy is placed on the
website of the Company at the link: www.balajiamines. com/investor-relations.
19. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013, are given in the notes to the
Financial Statements.
20. ANNUAL RETURN
Pursuant to the provisions of Section 92(3) of the Act, the Annual
Return of the Company as on 31st March 2023 is available on the Company's
website at www.balajiamines.com/ investor-relations.
21. PARTICULARS OF EMPLOYEES
In term of the provisions of Section 197(12) of the Companies Act, 2013
read with Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 a statement showing the names and other particulars of the
employees drawing remuneration in excess of the limits set out in the said rules are
provided in Annexure III' to this report.
22. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO THE FINANCIAL STATEMENTS
The Company has in place proper and adequate internal control systems
commensurate with the nature of its business, size and complexity of its operations.
Internal control systems comprising policies and procedures designed and implemented to
ensure reliability of financial reporting, timely feedback on achievement of operational
and strategic goals, compliance with policies, procedure, applicable laws and regulations,
and that all assets and resources acquired are used optimally.
23. STATUTORY AUDITORS
M/s. M. Anandam & Co., Chartered Accountants (Firm Registration No.
000125S), were appointed as Statutory Auditors of the Company for a period of 5 years from
the conclusion of 34th Annual General Meeting of the Company till the
conclusion of 39th Annual General Meeting of the Company.
The Independent Auditors Report given by M/s. M. Anandam & Co.,
Chartered Accountants, Statutory Auditors of the Company on Standalone and Consolidated
Financial Statements of the Company does not contain any qualification, reservation or
adverse remark.
24. REPORTING OF FRAUDS
During the year under review, there was no instance of fraud, which
required the Statutory Auditors to report to the Audit Committee and /or Board under
Section 143(12) of the Companies Act, 2013 and the rules made thereunder.
25. INTERNAL AUDITORS
The Board of Directors based on the recommendation of the Audit
Committee have appointed M/s. Aherkar & Co, Chartered Accountants, Solapur, as the
Internal Auditors of your Company. The Internal Auditors are submitting their reports on a
monthly basis.
26. COST AUDITORS
In accordance with Section 148(3) and other applicable provisions, if
any, of the Companies Act, 2013, and the Companies (Audit and Auditors) Rules, 2014, the
Audit Committee has recommended and the Board of Directors had appointed Mr. Narayan D.
Dontul, Practicing Cost Accountants, Solapur, (FRN No. 100224) as Cost Auditors of the
Company, to carry out the cost audit of the products manufactured by the Company during
the financial year 2022-2023 on a remuneration of H75,000/- (Rupees Seventy Five Thousand
only). The remuneration payable to the cost auditor is required to be placed before the
Members in a general meeting for their approval. Accordingly, a Resolution seeking
Members' approval for the remuneration payable to Mr. Narayan D. Dontul, Cost
Accountants, is included at Item No. 4 of the Notice convening the Annual General Meeting.
27. SECRETARIAL AUDITORS & SECRETARIAL AUDIT REPORT
Pursuant to provisions of Section 204 of the Companies Act, 2013, read
with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Board has appointed M/s. P. S. Rao & Associates, Practicing Company Secretaries, to
conduct Secretarial Audit for the financial year 2022-23. The Secretarial Audit Report,
pursuant to Section 204(1) of the Companies Act, 2013, for the financial year ended 31st
March, 2023 is given in Annexure IV' attached hereto and forms part of this
Report.
The Secretarial Audit Report of Unlisted Material Subsidiary, Balaji
Speciality Chemicals Limited issued by M/s. P. S. Rao & Associates, Practicing Company
Secretaries is forming part of the Report on Corporate Governance.
The Secretarial Audit Report does not contain any qualification,
reservation or adverse remark on the Company.
As per Regulation 24A of the Listing Regulations, the Annual
Secretarial Compliance Report issued by M/s. P.S. Rao & Associates, Practicing Company
Secretaries pursuant to SEBI circular dated February 8, 2019 and is forming part of the
Report on Corporate Governance.
28. VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has formulated a Whistle Blower Policy in terms of Section
177 of the Companies Act, 2013, and as per Regulation 22 of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and
Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015
for the employees to report their grievances / concerns about instances of unethical
behavior, actual or suspected fraud or violation of Company's Code of Conduct by
means of Protected Disclosure to the Authorized Officer or the Chairman of the Audit
Committee.
The vigil mechanism / whistle blower policy may be accessed on the
Company's website at the link:http://www.balajiamines.
com/pdf/1644382399whistle_blower_policy_balajiamines_ final.pdf.
29. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo stipulated under Section 134(3) (m) of the Companies
Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014 is annexed herewith as
Annexure V'.
30. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTY
All related party transactions that were entered into during the
financial year were at an arm's length basis and were in the ordinary course of
business. There are no materially significant related party transactions made by the
Company with Promoters, Directors, Key Managerial Personnel or other designated persons
which may have a potential conflict with the interest of the Company at large.
During the year, all Related Party Transactions were placed before the
Audit Committee and also to the Board for approval. Prior omnibus approval of the Audit
Committee was obtained for the transactions which were of a foreseen and repetitive
nature.
The Policy on Related Party Transactions as approved by the Board of
Directors of the Company is uploaded on the website of the Company and the same can be
accessed at the link: http://www.
balajiamines.com/pdf/1549342970Policy-on-Related-Party-Transactions.pdf.
The particulars of contracts or arrangements with related parties
referred to in sub-section (1) of Section 188 of the Companies Act, 2013, in Form AOC-2
and disclosures under Schedule V of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, is annexed as Annexure
VI' to this report.
31. RISK MANAGEMENT
The Company has constituted a Risk Management Committee and formulated
a policy on Risk Management in accordance with the Companies Act, 2013 and Regulation 21
of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The details
of the Committee and its terms of reference are set out in the Report on Corporate
Governance forming part of the Board's Report. The Risk Management Policy of the
Company is posted on the website of the Company and the web link:
http://www.balajiamines.com/pdf/1568700507Risk%20 Managment%20Policy.pdf.
32. CORPORATE SOCIAL RESPONSIBILITY
The Board in compliance with the provisions of Section 135(1) of the
Companies Act, 2013, and rules made thereunder has constituted Corporate Social
Responsibility (CSR) Committee. The details of the Committee and its terms of reference
are set out in the Report on Corporate Governance forming part of the Board's Report.
The CSR policy has been placed on the Website of the Company and can be accessed through
the link: http://www.balajiamines.com/pdf/1512734314Corporate%20
social%20reponsibility%20Policy.pdf. and a brief outline of the CSR Policy and the CSR
initiatives undertaken by the Company during the year as per Annexure prescribed in the
Companies (Corporate Social Responsibility Policy) Rules, 2014 have been appended as
Annexure VII' to this Report.
33. FIXED DEPOSITS
Your Company has not accepted any fixed deposits and as such no
principal or interest was outstanding as on the date of the Balance Sheet.
34. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS
OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND THE COMPANY'S
OPERATIONS IN FUTURE
There are no significant and material orders passed by the regulators
or courts or tribunals that would impact the going concern status of the Company and its
future operations.
35. MANAGEMENT DISCUSSION & ANALYSIS
The Management Discussion and Analysis as required under Schedule V of
the Listing Regulations forms is shown in a separate section forming part of the Annual
Report.
36. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER
INSOLVENCY AND BANKRUPTCY CODE, 2016
During the year under review, the Company has not filed any application
or no proceeding is pending against the Company under the Insolvency and Bankruptcy Code,
2016.
37. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE
TIME OF ONE_TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR
FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF
During the year under review, the Company has not made any one-time
settlement while taking any loans from the Banks or Financial Institutions.
38. COMPLIANCE WITH SECRETARIAL STANDARDS
During the year under review, your Company has complied with the
respective Secretarial Standards issued by the Institute of Company Secretaries of India
on Board Meetings, General Meetings and Dividend.
39. EMPLOYEE STOCK OPTIONS
The Company is yet to implement the ESOP Scheme.
40. BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT WITH
ENVIRONMENT, SOCIAL & GOVERNANCE
Business responsibility & Sustainability reporting for the year
under review, as stipulated under Regulation 34(2)(f ) of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is
provided in a separate section forming part of the Annual Report.
41. CORPORATE GOVERNANCE
Your Company practices a culture that is built on core values and
ethical governance practices and is committed to transparency in all its operations and
activities. A Report on Corporate
Governance along with a Certificate from the Practising Company
Secretaries of the Company regarding compliance with the conditions of Corporate
Governance as stipulated in Regulations 17 to 27, clauses (b) to (i) of sub-regulation (2)
of Regulation 46 and paragraphs C, D and E of Schedule V of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is
annexed to this Report.
42. HUMAN RESOURCES
Your Company considers its Human Resource as the major strength to
achieve its objectives. Keeping this in view, your Company takes all the care to attract,
train and retain well qualified and deserving employees. The employees are sufficiently
empowered and enabled to work in an environment that inspires them to achieve higher
levels of performance. The unflinching commitment of the employees is the driving force
behind the Company's vision being accomplished.
43. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMAN AT WORKPLACE
_PREVENTION, PROHIBITION AND REDRESSAL_ ACT, 2013
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 & Redressal) Act,
2013. Internal Complaints Committee (ICC) has been set up to redress complaints received
regarding sexual harassment. All employees (permanent, contractual, temporary, trainees)
are covered under this policy. This policy is placed on the Company's Website at
http://www.balajiamines.com/ pdf/1645091304Anti%20Sexual%20Harassment%20Policy.pdf.
The following is a summary of sexual harassment complaints received and
disposed of during the year: No. of Complaints received : Nil No. of Complaints disposed
off : Nil
44. LISTING WITH STOCK EXCHANGES
The Equity Shares of the Company are listed on NSE Limited and BSE
Limited. The annual listing fees for the year 2023-24 have been paid to these exchanges.
45. ACKNOWLEDGMENT
Your Directors express their sincere appreciation to the customers,
members, dealers, employees, bankers, State and Central Government, Stock Exchanges and
all the stakeholders for their cooperation and confidence reposed in the Company.
For and on Behalf of the Board of Directors |
|
Sd/- |
|
Ande Prathap Reddy |
|
Executive Chairman |
Date: 20th May, 2023 |
DIN: 00003967 |
Place: Hyderabad |
|