To, The Members,
DC Infotech and Communication Limited
Your Directors have pleasure in presenting the Fifth Annual Report on business and
operations along with the Audited Financial Statements for the year ended March 31, 2023.
BACKGROUND:
Company was originally formed as a Partnership Firm, under the Indian Partnership Act,
1932 in the name and style of DC Infotech pursuant to partnership deed dated
April 01, 1998. Further the Partnership Firm was converted into Public Limited Company
DC Infotech and Communication Limited on January 15, 2019 pursuant to Part I
of Chapter XXI of the Companies Act, 2013 vide certificate of incorporation issued by
Registrar of Companies, Central Registration Centre. The Corporate Identification Number
of our Company is U74999MH2019PLC319622
FINANCIAL HIGHLIGHTS
The highlights of the Financial Results are:
(Amount Rs. in Lacs)
Particulars |
March 31, 2023 |
March 31, 2022 |
Revenue from Operations and Other Income |
35989.39 |
23260.36 |
Less: Expenses |
35040.51 |
22713.03 |
Profit Before Tax |
948.88 |
547.33 |
Less: Exceptional Items |
- |
- |
Less: Extraordinary Items |
- |
- |
Less: Tax Expenses |
241.31 |
146.94 |
Profit after Tax |
707.57 |
400.39 |
Balance brought forward |
805.29 |
404.90 |
Amount available for Appropriation, |
|
|
Add: Share Premium Account |
240.00 |
840.00 |
Less: Share Premium transferred to Equity Share |
- |
600.00 |
Capital for Bonus |
|
|
Less: Dividend Paid |
- |
- |
Less: Dividend Distribution Tax Paid |
- |
- |
Balance carried to Balance Sheet |
1752.86 |
1045.29 |
Earnings per Share (Basic) |
5.90 |
3.34 |
Earnings per Share (Diluted) |
5.90 |
3.34 |
BUSINESS PERFORMANCE
The year gone by has been really profitable. The Company's revenue increased to Rs.
35962.51 as compared to Rs. 23251.18 in the previous year marking an increase by
Rs.12711.33.
The Company's Net Profit after Tax stood at 707.57 as compared to Rs. 400.39 in the
previous year registering an increase of by Rs. 307.18.
DIVIDEND
In order to conserve the financial resources for the further growth and aiding the
financial resources, your directors have decided not to recommend any dividend for the
financial year ended 31st March, 2023. Dividend distribution policy is
available on below link: https://www.dcinfotech.com/investor-relationships/1
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
The provisions of Section 125(2) of the Companies Act, 2013, do not apply as there was
no dividend which were unclaimed or unpaid since last seven years.
TRANSFER TO RESERVES
The whole profit after tax has been transferred to Surplus in the Statement of Profit
& Loss.
ALTERATION OF MEMORANDUM OF ASSOCIATION
During the period under review the company has not altered Memorandum of Association of
the company.
ALTERATION OF ARTICLES OF ASSOCIATION
During the period under review the company has not altered Memorandum of Association of
the company.
SHARE CAPITAL
The Authorized Share Capital of your Company is Rs. 15,00,00,000 (Rupees Fifteen Crore)
divided into 1,50,00,000 (One Crore Fifty Lakhs) Equity Shares of Rs. 10/- each.
The Issued, Subscribed and Paid Up Share Capital of the Company Rs. 12,00,00,000
divided into 1,20,00,000 Equity Shares of face value of Rs. 10.00 each
DEPOSITORY SYSTEM
The Company has entered into an agreement with the National Securities Depository
Limited (NSDL) as well as the Central Depository Services (India) Limited (CDSL) to enable
shareholders to hold shares in dematerialized form. The Company also offers simultaneous
dematerialisation of the physical shares lodged for transfer.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
The Board consists of Executive and Non-executive Directors including Independent
Directors along with Key Managerial Personnel who have vast experience in the core
business activity of the Company. The composition of the Board is in consonance with norm
specified in the SEBI Regulations with the Stock Exchange.
Sr No |
Name of Director |
Designation |
Date of Appointment |
Date of Resign ation |
DIN |
1 |
Mr. Chetankumar Hasmukhlal Timbadia |
Managing Director |
15/01/2019 |
- |
06731478 |
2 |
Mr. Devendra Kishorkumar Sayani |
Wholetime Director |
15/01/2019 |
- |
06731484 |
3 |
Mr. Jayeshkumar Kishorekumar Sayani |
Director |
15/01/2019 |
- |
08332277 |
4 |
Ms. Sneha Atul Chotai |
Independent Director |
30/05/2019 |
- |
08456107 |
5 |
Mrs. Lipee Rajesh Rajani |
Independent Director |
29/07/2019 |
- |
08521484 |
6 |
Mr. Chandrashekar Maruti Gaonkar |
Independent Director |
27/06/ 2022 |
- |
00002016 |
7 |
Mr. Piyush Shah |
Chief Financial officer |
02/05/2019 |
- |
- |
8 |
Mr. Bhavesh Singh |
Company Secretary & Compliance Officer |
16/03/2020 |
- |
- |
In terms of the provisions of the Act, Mr. Chetankumar Hasmukhlal Timbadia (DIN:
06731478), Director of the Company retires by rotation and being eligible offers himself
for reappointment at the ensuing Annual General Meeting. The Board recommends his
reappointment for the consideration of the Members of the Company at the ensuing Annual
General Meeting.
BOARD MEETINGS
During the year, 8 Meetings of Board of Directors were convened and held on 05/05/2022,
30/05/2022, 27/06/2022, 02/09/2022, 14/11/2022, 03/12/2022, 14/02/2023 and 30/03/2023. 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.
Sr. No. |
Name of Director |
Category of Director |
No of Board Meetings attended |
|
|
|
Held |
Attended |
1. |
Mr. Chetankumar Hasmukhlal Timbadia |
Managing Director |
8 |
8 |
2. |
Mr. Devendra Kishorkumar Sayani |
Wholetime Director |
8 |
8 |
3. |
Mr. Jayeshkumar Kishorekumar Sayani |
Non Executive Director |
8 |
8 |
4. |
Ms. Sneha Atul Chotai |
Independent Director |
8 |
8 |
5. |
Mrs. Lipee Rajesh Rajani |
Independent Director |
8 |
8 |
6 |
Mr. Chandrashekar Maruti Gaonkar |
Independent Director |
5 |
5 |
GENERAL MEETING
Below are the details of General Meeting held during the financial year.
Sr No |
Types of Meeting |
Date of Meeting |
1 |
Extra Ordinary General Meeting (EGM) |
Nil |
2 |
Annual General Meeting |
30/09/2022 |
DIRECTORS' RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the information and
explanations obtained by them, your Directors make the following statements in accordance
with the provisions of Section 134 (3) (c) and 134(5) of the Companies Act, 2013:
1. That in preparation of the Annual Accounts for the year ended March 31, 2023,
the applicable accounting standards had been followed along with proper explanation
relating to material departures, if any;
2. That the directors had selected such accounting policies and applied
consistently and made judgments and estimates that were reasonable and prudent so as to
give true and fair view of the state of affairs of the Company at the end of the financial
year ended March 31, 2023 and the profits of the Company for the year under review;
3. That proper and sufficient care has been taken for the maintenance of
adequate accounting records for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities;
4. That the annual accounts for the year ended March 31, 2023, have been
prepared on a going concern basis.'
5. That proper internal financial controls were in place and that such internal
financial controls are adequate and were operating effectively.
6. That proper systems to ensure compliance with the provisions of all
applicable laws were in place and that such systems were adequate and operating
effectively.
STATUTORY AUDITORS
Pursuant to the provisions of Section 139 of the Act read with the Companies (Audit
& Auditors) Rules, 2014 and the rules framed there under, appointment of M/s. D G M S
& Co, Chartered Accountants, (Firm Registration No. 0112187W), as the Statutory
Auditors of the Company were done at 1st Annual General Meeting of the company
for the period of 5 years.
The Company has obtained a certificate for their independence and eligibility for their
appointment as Statutory Auditors, and the same are within the limits as specified in
section 141 of the Companies Act, 2013.
The Auditors' Report for the financial year 2022-23 does not contain any qualification,
reservation or adverse remark.
The Auditors' Report on the financial statements for the financial year 2022-23 is
self-explanatory and do not call for any further explanation of the Board.
During the Period under review, no matter of actual or alleged fraud were reported by
the auditor (Statutory Auditor, Secretarial Auditor) to the Board.
The Auditors' Report on the financial statements of the Company for the year ending
March 31, 2023 is unmodified i.e. it does not contain any qualification, reservation or
adverse remark. The Auditors' Report is enclosed with the financial statements forming
part of the Annual Report.
INTERNAL AUDIT AND INTERNAL FINANCIAL CONTROLS
The Company has in place well defined and adequate internal controls commensurate with
the size of the Company and the same were operating effectively throughout the year. The
Company has an Internal Control System, commensurate with the size, scale and complexity
of its operations. Apart from in-house Internal Audit function, to strengthen and maintain
transparency, the Company has also appointed M/s Gaurav Radia., Chartered Accountants,
Mumbai, as Internal Auditors of the Company in accordance with Section 138 of the
Companies Act, 2013, to examine the effectiveness of internal control system.
INDEPENDENT DIRECTORS:
Pursuant to the provisions of Section 161 of the Act, Ms. Sneha Atul Chotai (DIN:
08456107), Mrs. Lipee Rajesh Rajani (DIN: 08521484) and Mr. Chandrashekar Maruti Gaonkar
(DIN: 00002016) were appointed as an Independent Directors by members of the Company w.e.f
30/05/2019, 29/07/2019 and 27/06/2022 respectively.
DECLARATION BY INDEPENDENT DIRECTORS AND STATEMENT ON COMPLIANCE OF CODE OF CONDUCT
The Company has received declarations from all the Independent Directors of the Company
confirming that they meet with the criteria of independence as prescribed under
sub-section (6) of Section 149 of the Companies Act, 2013 and SEBI Listing Regulations
2015. Further, The Independent Directors are not liable to retire by rotation.
The Board of Directors has adopted the Code of Conduct for the Independent directors of
the Company and the compliance of the same is affirmed by them annually.
SEPARATE MEETING OF INDEPENDENT DIRECTORS:
As stipulated by the Code of Independent Directors under Companies Act, 2013 and the
Listing Regulations, a separate meeting of the Independent Directors of the Company was
held on 14th February, 2023 to review the performance of Non-independent
Directors (including the Chairman) and the entire Board. The Independent Directors also
reviewed the quality, content and timelines of the flow of information between the
Management and the Board and its' Committees which is necessary to effectively and
reasonably perform and discharge their duties.
CORPORATE SOCIAL RESPONSIBILITY
As per the provisions of section 135(1) of the Companies Act, 2013 the Company has
earned a Net Profit after tax of Rs.707.57 Lac during the Financial Year 2022-23, and the
company is falling under the prescribed limit for constitution of CSR committee to
allocate expenditure, monitor policy, undertake, supervise & report the CSR Activities
of the Company as prescribed under the Act.
Accordingly, the Board of Directors have constituted Corporate Social Responsibility
(CSR) Committee on 11th August 2023 and prepared a policy on CSR Activities to
be undertaken.
The details regarding constitution of CSR Committee, terms of reference are as follows:
Sr No |
Names |
Designation |
Status |
1 |
Ms. Lipee Rajesh Rajani |
Chairman |
Independent Director |
2 |
Mr. Chetankumar Timbadia |
Member |
Managing Director |
3 |
Mr. Jayeshkumar Sayani |
Member |
Non-Executive Director |
Terms of Reference: i. Formulate and recommend to the Board, a Corporate Social
Responsibility Policy which shall indicate the activities to be undertaken by our company
in accordance with the provisions of Section 135 of the Companies Act, 2013. ii. Review
and recommend the amount of expenditure to be incurred on activities to be undertaken by
the Company. iii. Monitor the Corporate Social Responsibility of the Company and its
implementation from time to time: and iv. Any other matter as the Corporate Social
Responsibility Committee may deem appropriate after approval of the Board of Directors or
as may be directed by the Board of Directors from time to time.
AUDIT COMMITTEE
During the year, 5 Meetings of Audit Committee were convened and held on 05/05/2022,
30/05/2022, 02/09/2022, 14/11/2022 and 14/02/2023. Your Directors ensures that Audit
Committee meets regularly to review reports, including significant audit observations and
follow-up actions thereon. The Audit Committee also meets the Company's Statutory Auditors
to ascertain their views on financial statements, including the financial reporting
system, related parties transactions, compliance to accounting policies and procedures.
Composition and Details of Meeting of Audit Committee:
Sr No |
Names |
Designation |
Status |
5 Meeting held in 2022-23 |
|
|
|
|
Held |
Attended |
1 |
Ms. Lipee Rajesh Rajani |
Chairman |
Independent Director |
5 |
5 |
2 |
Ms. Sneha Chotai |
Member |
Independent Director |
5 |
5 |
3 |
Mr. Chandrashekhar Gaonkar* |
Member |
Independent Director |
1 |
1 |
4 |
Mr. Chetankumar Timbadia* |
Member |
Managing Director |
4 |
4 |
*During the year under review Mr. Chandrashekhar Gaonkar appointed as member of Audit
Committee w.e.f 03.12.2022 and Mr. Chetankumar Timbadia resigned as member of Audit
Committee w.e.f 03.12.2022.
NOMINATION AND REMUNERATION COMMITTEE
During the year, Two Meeting of Nomination and Remuneration Committee was convened and
held on 30/05/2022 and 27/06/2022. Your Directors ensures that the Company follows a
Policy on Remuneration of Directors and Senior Management Employees. The policy shall be
approved by the Nomination & Remuneration Committee and the Board. The main objective
of the said policy is to ensure that the level and composition of remuneration is
reasonable and sufficient to attract, retain and motivate the Directors, KMP and Senior
Management employees.
Composition and Details of Meeting of Nomination And Remuneration Committee:
Sr No |
Names |
Designatio n |
Status |
2 Meeting held in 2022-2023 |
|
|
|
|
Hel d |
Attende d |
1 |
Ms. SnehaChotai |
Chairman |
Independent Director |
2 |
2 |
2 |
Ms. Lipee Rajesh Rajani Mr. Jayeshkumar |
Member |
Independent Director Non Executive |
2 2 |
2 2 |
3 |
Sayani |
Member |
Director |
|
|
The policy of the Company on Director's appointment and remuneration is uploaded on to
the Company's website and the same is available at
http://dcinfotech.com/investor-relationships/1.
STAKEHOLDERS' RELATIONSHIP COMMITTEE
During the year, One Meeting of Stakeholders' Relationship Committee was convened and
held on 14/02/2023. During the year, under review, Company has complied with all
compliances as mandated by various government authorities and Company has not received any
complaint from its Investor or shareholders or any individuals.
Composition and Details of Meeting of Stakeholders' Relationship Committee:
|
|
|
|
1 Meeting held in 2022-2023 |
Sr No |
Names |
Designation |
Status |
Held |
Attended |
1 |
Ms. Sneha Chotai |
Chairman |
Independent Director |
1 |
1 |
2 |
Ms. Lipee Rajesh Rajani |
Member |
Independent Director |
1 |
1 |
3 |
Mr. Devendra Sayani |
Member |
Whole Time Director |
1 |
1 |
RISK MANAGEMENT COMMITTEE
During the year, One Meeting of Risk Management Committee was convened and held on
05/05/2022 and 14/02/2023. During the year, under review, Company has complied with all
compliances as mandated by provisions of SEBI LODR Regulation 2015.
Composition and Details of Meeting of Risk Management Committee:
|
|
|
|
2 Meeting held in 2022-2023 |
Sr No |
Names |
Designatio n |
Status |
Hel d |
Attende d |
1 |
Mr. Devendra Sayani |
Chairman |
Whole Time Director |
2 |
2 |
2 |
Mr. Chetankumar Timbadia |
Member |
Managing Director |
2 |
2 |
3 |
Ms. Sneha Chotai |
Member |
Independent Director |
2 |
2 |
PREVENTION AND REDRESSAL OF SEXUAL HARASSMENT AT WORK PLACE
During the year, No Meeting of Internal Compliant Committee (under Sexual Harassment
Policy) were held. The Company has a Policy on Prevention of Sexual Harassment of
Women at Work Place and matters connected therewith or incidental thereto covering
all the aspects as contained under the The Sexual Harassment of Women at Work Place
(Prohibition, Prevention and Redressal) Act, 2013'. Your Directors state that during the
year under review, no cases were filed pursuant to the Sexual Harassment of Women at Work
Place (Prevention, Prohibition and Redressal) Act, 2013.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has adopted a Whistle Blower Policy establishing vigil mechanism, to
provide a formal mechanism to the Directors and employees to report their concerns about
unethical behaviour, actual or suspected fraud or violation of the Company's Code of
Conduct or other policies. The policy provides for adequate safeguards against
victimization of employees who avail of mechanism and also provides for direct access to
the Chairman of the Audit Committee. It is affirmed that no personnel of the Company has
been denied access to the Audit Committee. The policy of vigil mechanism is available on
the Company's website.
The policy of the Company on Vigil Mechanism / Whistle Blower is uploaded on to the
Company's website and the same is available at
https://dcinfotech.com/investor-relationships/4.
FAMILIARIZATION PROGRAMME
The familiarization programme aims to provide Independent Directors with the industry
scenario, the socio-economic environment in which the Company operates, the business
model, the operational and financial performance of the Company, significant developments
so as to enable them to take well informed decisions in a timely manner. This programme
also seeks to update the Directors on the roles, responsibilities, rights and duties under
various Acts and other statutes.
CRITERIA OF MAKING PAYMENTS TO NON-EXECUTIVE DIRECTORS
The policy of the Company on Criteria of making payments to Non-executive Directors is
uploaded on to the Company's website and the same is available at
http://dcinfotech.com/investor-relationships/1.
BOARD EVALUATION
In compliance with the provisions of Section 134(3)(p) of the Act read with Rule 8(4)
of the Companies (Accounts)Rules, 2014, the Board carried out annual evaluation of its own
performance, that of its Committees and individual directors.
The performance of the Board and its committees and individual directors were evaluated
by the Board after seeking inputs from all the Directors on the basis of criteria, such as
composition and structure of the Board, quality of deliberations, effectiveness of the
procedures adopted by the Board, participation of the Board and committee meetings and
governance reviews etc.
As per Schedule IV to the Companies Act, 2013 a separate meeting of Independent
Directors was held to be held to reviewed the performance of Non Independent Directors,
the Board as a whole, and the Chairman of the Company.
Criteria for evaluation of Board as a whole
i. The frequency of meetings; ii. The length of meetings; iii. The administration of
meeting; iv. The number of committees (if any) and their roles ; v. The flow of
information to board members and between board members; vi. The quality and quantity of
information; and vii.The Disclosure of Information to the stakeholders.
Criteria for evaluation of the Individual Directors
i. Ability to contribute and monitor corporate governance practices; ii. Ability to
contribute by introducing best practices to address top management issues; iii.
Participation in long term strategic planning; iv. Commitment to the fulfilment of
director obligations and fiduciary responsibilities; v. Guiding strategy; vi. Monitoring
management performance and development; vii. Statutory compliance & corporate
governance; viii. Attendance and contribution at Board /Committee (if any) meetings; ix.
Time spent by each of the member; and x. Core competencies.
REMUNERATION OF DIRECTORS AND EMPLOYEES OF COMPANIES
The information required under Section 197(12) of the Act read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of
this Report is appended as to the Board's report. In terms of first proviso to Section 136
of the Act, the Report and Accounts are being sent to the Members and others entitled
thereto, excluding the information on employees' particulars as required pursuant to
provisions of Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014. The said information is available for inspection by the
Members at the Registered Office of the Company during business hours on working days of
the Company up to the date of the ensuing AGM. If any Member is interested in obtaining a
copy thereof, such Member may write to the Company Secretary in this regard. The
Information Required under Section 197 of the Act read with rule 5(1) Of The Companies
(Appointment & Remuneration Of Managerial Personnel) Rules, 2014 A. Remuneration of
each Director & Key Managerial Personnel, percentage of increase during the FY
2022-23, the ratio of the remuneration of each of the director to the median remuneration
of the employees of the company for the financial year 2022-23 is marked as Annexure A.
DEPOSITS
Your Company has not accepted any deposit and as such no amount of principal and
interest were outstanding as at the Balance Sheet date.
HUMAN RESOURCES
A. Employee Relations
We believe that success of Company depends on the talent and dedication of our
employees and we strive to attract, hire, develop and retain outstanding employees. In
view of this, we have laid down a comprehensive set of policies aiming at attracting,
retaining and motivating employees. We believe significant benefits are realized from
having a strong and seasoned management team with many years of experience in technology
distribution and related industries. We consider relations with our employees to be good.
B. Trade Relations
The Company maintained healthy, cordial and harmonious industrial relations at all
levels. Despite severe competition, the enthusiasm and unstinting efforts of the employees
have enabled the Company to remain at the forefront of the Industry. This accord
incorporates novel elements such as introducing wide range of products, nurturing healthy
competition, giving pocket friendly credit cycles, timely clearance of dues, easy
accessibility to product heads, etc. Your Company will continue in its endeavour to build
and nurture strong links with trade allies, based on mutuality, respect and co-operation
with each other and with consistent consumer interest.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The information pertaining to conservation of energy, technology absorption, foreign
exchange earnings and outgo, as required under the Companies Act, 2013, read with the
Companies (Accounts) Rules, 2014 is given hereunder:
A. Conservation of energy
Your Company is primarily engaged in Trading activities and has not consumed energy of
any significant level and hence no additional investment is required to be made
forreduction of energy consumption. However, the Company will continue with its efforts to
conserve the energy.
B. Technology absorption
The Company's operations do not require significant absorption of technology.
C. Foreign Exchange Earnings and Outgo
Particulars |
Current Year (in Rs. Lacs) |
Previous Year (in Rs. Lacs) |
Foreign Exchange Earnings |
448 |
404.89 |
Foreign Exchange Outgo |
13,017.07 |
8,094.09 |
EXTRACT OF THE ANNUAL RETURN
In terms of Section 92(3) and section 134(3)(a) of the Companies Act, 2013 read with
Rule 12 of The Companies (Management and Administration) Rules, 2014, the Annual Return as
on March 31, 2023 is available on the Company's website on www.dcinfotech.com
RELATED PARTY TRANSACTIONS
During the year, Company has made several related party transactions which were in the
ordinary course of business and on an arm's length basis. The particulars of
contracts or arrangements entered into by the Company with related parties as referred in
sub-section (1) of section 188 of the Companies Act, 2013, in prescribed Form No. AOC-2,
is appended as Annexure B to the Board's Report.
MANAGEMENT DISCUSSION AND ANALYSIS
A Management Discussion and Analysis as required under the Regulation 34(2)(e) of SEBI
(Listing Obligations and Disclosure Requirements) Regulation is annexed herewith as
Annexure C and forms part of the Boards' Report.
SECRETARIAL AUDIT
The Secretarial Audit Report in form MR-3, for the financial year 2022-23, forms part
of the Directors' Report as Annexure-D.
Further the Secretarial Audit Report doesn't contain any adverse remark or comments.
CORPORATE GOVERNANCE
A separate report on Corporate Governance is provided together with the Certificate
from the Practicing Company Secretary confirming compliance of conditions of Corporate
Governance as stipulated under the SEBI Listing Regulations is attached separately as
Annexure E and forms part of this Annual Report.
DISCLOSURES RELATING TO SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES:
As on March 31, 2023, Company does not have any Subsidiary/Joint Ventures/Associate
Companies.
LOANS, GUARANTEES & INVESTMENTS:
The particulars of loans, guarantees and investments have been disclosed in the
financial statements.
MATERIAL CHANGES AND COMMITMENTS
No material changes have took Place affecting the financial position of the Company
from the date of closure of financial year till the date of signing of this report.
CHANGE IN ACCOUNTING TREATMENT
There has been no change in the accounting policies during the period under review.
CHANGE IN NATURE OF BUSINESS
There has been no change in nature of business of the Company, during the period, under
review.
COMPLIANCE WITH SECRETARIAL STANDARDS:
The Company has complied with the applicable provisions of Secretarial Standards issued
by the Institute of Company Secretaries of India.
MATERIAL ORDERS OF JUDICIAL BODIES/REGULATORS:
During the year, there were no significant and material orders passed by the
Regulators/Courts which would impact the going concern status of the Company and its
future operations. Further, no penalties have been levied by the RBI or any other
regulator during the year under review.
DETAILS OF APPLICATION MADE OR ANY PROCEEDINGS PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 DURING THE YEAR AND THEIR STATUS AS AT THE END OF THE YEAR:
No application was made, or any proceedings was pending under the Insolvency and
Bankruptcy Code, 2016 during the Year under review.
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
This provision is not applicable on the Company.
APPRECIATION
The Directors wish to place on record their sincere appreciation for the continued
cooperation, guidance, support and assistance extended during the period under report by
the bankers, suppliers and Government agencies. The Board of Directors wishes to express
its appreciation for the valuable contribution made by the employees at all levels during
the year under report.
For and on behalf of Board of Directors DC Infotech & Communication Limited
Mr. ChetankumarTimbadia |
Mr. DevendraSayani |
Managing Director |
Whole-Time Director |
DIN: 06731478 |
DIN: 06731484 |
Place: Mumbai |
|
Date: 1st September, 2023 |
|
Place: Mumbai |
|
Registered Office: |
|
DC Infotech and Communication Limited |
|
Registered Office: |
|
Unit No.2, Aristocrate, Lajya Compound, Mogra Road,
Andheri (E), |
Mumbai - 400069, Maharashtra, India |
|
Telephone No. 022 28329000(Hunting), |
|
Email: info@dcinfotech.com website : www.dcinfotech.com |
|