To
The Members,
DEV INFORMATION TECHNOLOGY LIMITED
Your directors are pleased to present the Twenty Sixth Annual Report of your company
together with the Audited
Financial Statement of your company for the financial year ended, 31 st
March, 2023. The summarized financial results for the year ended on 31st March,
2023 is as under:
1. HIGHLIGHTS:
The key highlights for the Financial Year 2022-23 are:
The company have recommended final dividend @5% (i.e. Rs. 0.25 per equity
shares) of Rs. 5/- each on the equity shares out of the profit of the
Awards:
ChannelWorld Premier 100 DEV IT bags ChannelWorld Premier 100 Award by Foundry
(formerly IDG Communications) under "The Futuristic 100" category.
CRN Excellence Award 2022- DEV IT bags CRN Excellence Award 2022 under "Document
Management Solution" category for e-file solution pertaining to public sector, in the
domain of Enterprise Application Service Provider.
Cloud Champion Award DEV IT bags Cloud Champions Season 3 awards organised by
Microsoft'. Amongst Nationwide participation of Microsoft partners for Cloud
championship DEV IT was selected as one of the 13 top nationwide performers. Microsoft
also recognised DEV IT for accelerating cloud business growth in Small & Medium
Businesses (SMB).
DEV IT appraised at Level 3, Version 2.0 of the CMMI Institute's Capability Maturity
Model Integration (CMMI)
DEV IT had been successfully appraised at Level 3, Version 2.0 of the CMMI Institute's
Capability Maturity Model Integration (CMMI) for Development.
2. FINANCIAL RESULTS:
Summary of the financial results of the Company for the year under review is as under:
(Rs. In lakhs)
Particulars |
Standalone |
Consolidated |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
Net Total Income |
12,893.76 |
10,005.83 |
13,112.27 |
10,091.29 |
Less: Operation and Admin Expenses |
1,1570.54 |
9,359.19 |
11,723.00 |
9,500.73 |
|
1,323.22 |
646.65 |
1,389.27 |
590.56 |
Less: Depreciation |
121.32 |
181.02 |
124.83 |
181.86 |
(PBIT) |
1,201.90 |
465.63 |
1,264.44 |
408.7 |
Less: Interest |
119.66 |
82.82 |
138.81 |
93.62 |
|
1082.24 |
382.79 |
1,125.93 |
315.08 |
Add: Extraordinary/ Exceptional Items |
|
|
- |
(118.50) |
Share of Profit/Loss of Associate |
|
|
|
|
Profit before Tax (PBT) |
1082.24 |
|
1,125.93 |
196.58 |
Less: Taxes (including deferred tax and fringe benefit tax) |
209.76 |
191.28 |
223.55 |
203.67 |
(PAT) |
872.48 |
191.51 |
902.28 |
(7.09) |
Less: Minority Share in Company |
|
|
4.63 |
(20.49) |
Profit Attributable to Owners |
|
|
897.45 |
13.40 |
Other Comprehensive Income |
|
- |
|
|
Items that will not be reclassified to profit or loss |
0.52 |
(4.98) |
0.52 |
(4.98) |
Income tax relating to items that will not be reclassified to
profit or loss |
(0.13) |
1.25 |
(0.13) |
1.25 |
Total Comprehensive Income for the year |
872.88 |
187.79 |
897.84 |
9.67 |
3. DIVIDEND:
Based on t he Company's performance, the Board of Directors at their meeting held on
May 16th, 2023, has recommended payment of 0.25 per equity shares @ 5% per
equity share of the face value of 5/- ( Five only) each as final dividend for the
financial year ended March 31, 2023. The payment of final dividend is subject to the
approval of the shareholders at the ensuing Annual General Meeting ("AGM") of
the Company.
4. DEPOSIT:
In terms of the provision of Sections 73 and 74 of the Companies Act, 2013 read with
the relevant rules, your
Company has not accepted any fixed deposits during the year under review.
5. CHANGES IN NATURE OF BUSINESS: There is no significant change made in the
nature of the company during the financial year.
6. TRANSFER TO INVESTOR EDUCATION & PROTECTION FUND:
In accordance with the applicable provisions of Companies Act, 2013 (hereinafter
referred to as "the Act") read with Investor Education and Protection Fund
(Accounting, Audit, Transfer and Refund) Rules, 2016 (hereinafter referred to as the
"IEPF Rules"), all unclaimed dividends are required to be transferred by the
Comp any to the
IEPF, after completion of seven (7) years. Further, according to IEPF Rules, the shares
on which dividend has not been claimed by the shareholders for seven (7) consecutive years
or more shall be transferred to the de-mat account of the IEPF Authority. During the
Financial Year 2022-23 the Company has not completed Seven (7) years. Hence, the unclaimed
amount of dividend is not transferred in the IEPF.
7. NAME OF THE COMPANIES WHICH HAVE BECOME OR CEASED TO BE SUBSIDIARIES, JOINT
VENTURES OR ASSOCIATE COMPANIES:
During the year under review, no company/body corporate/any other entity have ceased to
be the subsidiary Joint Ventures or Associate Companies.
During the previous year, the Company acquired M/s. Minddeft Technologies Private
Limited as a wholly owned subsidiary in India, with the effective date of acquiring
control being March 2023.
8. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES: As on March 31,
2023, the Company has one Foreign subsidiary and Indian associate:
Sr. No. |
Name of Subsidiary/ Associate Companies |
Country of Incorporation |
Percentage of holding |
1. |
Dev Info- Tech North America Limited - Subsidiary |
Canada |
74.42% |
2. |
Dev Accelerator Private Limited- Associate |
India |
31.86% |
3. |
Minddeft Technologies Private Limited |
India |
100% |
The Board reviews the affairs of the Company's subsidiaries and associates at regular
intervals. In ccordance with section 129(3) of the Companies Act, 2013, the Company has
prepared Consolidated Financial Statements of the Company which form part of this Annual
Report. Further, a statement containing salient features of the Financial Statements of
the Company's subsidiaries and associates is given in prescribed form AOC-1 which forms
part of this Annual report. The said Form also highlights the financial performancech of
the of ea subsidiaries and associate companies included in the Consolidated Financial
Statements.
In accordance with section 136(1) of the Companies Act, 2013, the Financial Statements
of the subsidiary and associate companies are available for inspection by the members at
the Registered Officey during business hours on all days except Saturday, Sunday and
Public Holiday. Any person desirous of obtaining said financial statement may write
atcs@devitpl.com . The Annual Report of the Company and Audited Financial Statements of
each of the subsidiary companies have been placed on the website of the Company
www.devitpl.com.
9. SHARE CAPITAL: Authorized Capital:
During the year under review, the Authorized Share Capital of the Company remained Rs.
12,00,00,000/- (Rupees Twelve Crore only) divided into 2,40,00,000 (Two Crore Forty Lakhs
only) Equity Shares of face value Rs. 5/- each ranking pari-passu in all respect with the
existing Equity Shares of the Company.
Issued, subscribed and paid-up share capital:
During the year under review, the company approved the subdivision of 1 (One) fully
paid-up Equity Share of the Company having face value of 10/- (Rupees Ten) each, into 2
(Two) fully paid-up Equity Share having face value of 5/- (Rupees Five only) each fully
paid-up.
As on March 31, 2023, the issued, subscribed and paid-up share capital of the Company
is .11,05,92,300/- comprising of 2,21,18,460 Equity Shares of 5/- each.
Grant and allotment of shares under ESOP Schemes:
During the year under review, the Company has granted 1,07,562 fully paid-up equity
shares of 5/- each to various employees under ESOP Scheme 2018.
During the year under review, the company have allotted 36,460 fully paid up equity
shares of 5/- each to various employees under ESOP Scheme 2018.
10. RISK MANAGEMENT AND INTERNAL CONTROL SYSTEM:
As a global enterprise, the company is exposed to a range of external as well as
internal risks that have a performance. In order to efficiently manage such risk, the
Company has establ ished a well-defined process of risk management, wherein the
identification, analysis and assessment of the various risks, measuring of the probable
impact of such risks, formulation of risk mitigation strategy and implementation of the
same takes place in a structured manner. Though the various risks associated with the
business cannot be eliminated completely, all efforts are made to minimize the impact of
such risks on the operations of the Company. Our robust internal control system, for
minimizing the risk, propels our culture of informed and responsible risk handling for
attaining the organizational objectives with optimum utilization of resources.
11. RELATED PARTY TRANSACTIONS:
All contracts/transactions entered into by the Company during the financial year with
related parties were in the ordinary course of business and on an arm's length basis.
No material Related Party Transactions, i.e. transactions exceeding ten percent of the
annual consolidated turnover as per the last audited financial statements, were entered
during the year by your Company Accordingly, the disclosure of Related Party Transactions
as required under Section 134(3)(h) of the Act in
Form AOC-2 is not applicable.
All Related Party Transactions are placed before the Audit Committee for review and
approval. Prior omnibus approval is obtained for Related Party Transactions for
transactions which are of repetitive nature and entered in the ordinary course of business
and are at arm's length. All Related Party Transactions are subjected to independent
review by a reputed accounting firm to establish compliance with the requirements of
Related
Party Transactions under the Act and SEBI LODR Regulations. Your Company has formulated
a Policy on Related Party Transactions which is also available on Company's website at
https://www.devitpl.com/wp-content/uploads/Policy-on-Related-Party-Transaction.pdf .
12. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
There are no significant and material orders passed by the Regulators/Courts which
would impact the going concern status of the Company and its future operations.
13. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
Disclosure on details of loans, guarantees and investments pursuant to the provisions
of Section 186 of the financial statements. Companies Act, 2013, and LODR Regulations, are
provided in the
14. DIRECTORS & KEY MANAGERIAL PERSONNEL:
The Board of the Company comprises of Eight (08) directors; one Executive Chairman, one
Managing Director, two Whole-time Directors and remaining four being Independent
Directors. As on the date of this report, the Board of the company constitutes of the
following directors:
Name of Directors |
DIN |
Designation |
Mr. Pranav Niranjanbhai Pandya |
00021744 |
Chairman and Whole-time Director |
Mr Jaimin Jagdishbhai Shah |
00021880 |
Managing Director |
Mr. Vishal Nagendra Vasu |
02460597 |
Whole-time Director |
Mr. Prerak Pradyumna Shah |
02805369 |
Whole-time Director |
Dr. Venkata Rama Subba Rao Velamuri |
06502798 |
Non-Executive Independent Director |
Dr. Rama Moondra |
01764539 |
Non-Executive Woman Independent Director |
Mr. Jatin Yagneshbhai Trivedi |
01618245 |
Non-Executive Independent Director |
Mr. Umesh Rateja (w.e.f 16.06.2022) |
07269459 |
Non-Executive Independent Director |
I. Retire by Rotation- Prerak Pradyumna Shah (DIN: 02805369):
Pursuant to Sections 149, 152 and other applicable provisions of the Companies Act,
2013, one-third of the directors of the company are liable to retire by rotation, and if
eligible, they can offer themselves for the re-appointment. In this Annual General
Meeting Mr. Prerak Pradyumna Shah (DIN: 02805369), Whole-timeDirector of the Company
is liable to retire by rotation and being eligible, offers himself for re-appointment.
II. Board Evaluation:
The board of directors has carried out an evaluation of its own performance, Board
Committees and individual directors, pursuant to the provisions of Companies Act and
Listing Regulations.
The manner in which the evaluation has been carried out has been explained in the
Corporate Governance Report.
III. Nomination and Remuneration Policy:
The policy on nomination and remuneration of Directors, Key Managerial Personnel and
other employees has been formulated in terms of the provision of The Companies act, 2013
and SEBI (LODR) Regulation, 2015 in order to pay equitable remuneration to the Directors,
Key Managerial Personnel and employees of the Company and to harmonise the aspiration of
human resources consistent with the goals of the Company.
The Remuneration Policy has been updated on the website of the Company at:
https://www.devitpl.com/ investor-relations/.
Particulars of Employees:
The statement containing particulars of employees as required under Section 197(12) of
the Act read with Rule
5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, is provided in a separate Annexure-D forming part of this report. In terms of
Section 136 of the Act, the said annexure is open for inspection at the Registered Office
of your Company. Any member interested in obtaining aopy of c the same may write to the
Company Secretary.
Employees' Stock Option Schemes:
The Company has introduced one employee stock options plans namely "Dev
Information Technology Limited EMPLOYEE STOCK OPTION PLAN- 2018" Or
"ESOP-2018" to motivate, incentivize, attract new talent and inculcate the
feeling of employee ownership, and reward employees of the Company and employees of
Subsidiaries. The Nomination and Remuneration Committee administers the ESOP- 2018 scheme.
The stock option plans are in compliance with Securities and Exchange Board of India
(Share Based Employee Benefits) Regulations, 2014Benefits Regulations") and Companies
Act, 2013, read with the Rules issu ("Employee ed thereunder. There have been no
material changes to these plans during the financial year.
The disclosures required to be made under relevant provisions of the Act and the SEBI
(Share Basedmployee E Benefits) Regulations, 2014 is given as Annexure B to this
report including details on the grant, vesting, exercise, and lapsed options under the
aforesaid schemes.
IV. Details of Director's Remuneration:
The information relating to remuneration paid to directors as required under Section
197(12) of Companies Act, is given under Corporate Governance Report, under Annexure F.
V. Certificate of Practicing Company Secretary:
The Company has obtained a certificate from M/s. Murtuza Mandorwala & Associates,
Practicing Company
Secretary, Ahmedabad stating that none of the Directors on the Board of the Company
have been debarred/ disqualified from being appointed / continuing Ministry of Corporate
Affairs or any such Statutory authority, underAnnexure- G.
15. DECLARATION BY INDEPENDENT DIRECTORS: The company has received necessary
declaration from the Independent Directors as required under Section 149(7) of the
Companies Act and LODR Regulations confirming that they meet the criteria of independence
as laid down in Section 149(6) of the Act and that of LODR Regulations.
Independent Directors are in compliance with the Code of Conduct prescribed under
Schedule IV of the Companies Act, 2013.
In the opinion of Board, the Independent Directors of the company possess the
integrity, requisite experience and expertise, relevant for the industry in which the
company operates. Further, all the Independent Directors of the Company have successfully
registered with the Independent Director's Databank of the Indian Institute of Corporate
Affairs. The online proficiency self- assessment test conduct by the said institute have
been cleared by all the independent directors.
16. MEETING OF BOARD OF DIRECTORS AND COMPLIANCE TO SECRETARIAL STANDARD:
I. Number of Board Meetings in the year:
The Board of Directors of the Company met Nine (09) times during the year. The
intervening gap between the meetings was within the period prescribed under the Companies
Act, 2013, as permitted by Ministry of
Corporate Affairs and Securities Exchange Board of India (SEBI).
The Company has complied with the provisions of Secretarial Standard-1 (relating to
meetings of the Board of Directors) and Secretarial Standard-2 (relating to General
meetings) during the year.
17. BOARD COMMITTEES:
The company has 5 (Five) Board Committees as on March 31, 2023.
1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholders Relationship Committee
4. Corporate Social Responsibility Committee
5. Executive Committee
The composition of each of the above Committees, their respective roles and
responsibilities are provided in detail in the Corporate Governance Report. The details of
all the committees along with their main terms, composition and meetings held during the
year under review are provided in the Report on Corporate Governance, a part of this
Annual Report.
18. EXTRACT OF ANNUAL RETURN:
As per the requirements of Section 92(3) of the Act and the Companies (Amendment)
Act,2017 Effective from 28th August, 2020 and rules framed thereunder, a copy
of the annual return is uploaded on the website of the company i.e. www.devitpl.com.
19. DIRECTORS' RESPONSIBILITY STATEMENT:
Your Company's Directors make following statement in terms of sub-section (5) of
Section 134 of the Act, which is to the best of their knowledge and belief and according
to the information and explanations obtained by them: i. That in the preparation of the
annual financial statements for the year ended March 31, 2023, the applicable accounting
standards have been followed along with proper explanation relating to material
departures, if any; ii. That such accounting policies, as mentioned in the Financial
Statements as Significant Accounting Policies' have been selected and applied
consistently and judgments and estimates have been made that are reasonable and prudent so
as to give a true and fair view of the state of affairs of the company at March as 31,
2023 and of the profit of the Company for the year ended on that date; 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; iv. That the
annual financial statements have been prepared on a going concern basis; v. That proper
internal financial controls were in place and that the financial controls were adequate d
were an operating effectively; vi. That proper systems to ensure compliance with the
provisions of all applicable laws were in place and were adequate and operating
effectively.
20. AUDITORS:
I. Statutory Auditors: The members at the 23rd Annual General Meeting held
on 30th December, 2020 appointed M/s Rinkesh Shah & Co., Chartered
Accountant, (Firm Registration No. 129690W), Ahmedabad, as Statutory Auditors of the
Company until the Conclusion of 28thAnnual General Meeting of the Company.
II. Auditors Report: The report of the Statutory Auditors along with Notes to Accounts
is enclosed to this report. The observations made in the Auditors Report are
self-explanatory and therefore do not call for any further comments.
III. Secretarial Auditor: Pursuant to the provisions of Section 204 of the Act and the
Companies (Appointment and Remuneration of Managerial Personnel) Rule, 2014, the company
has appointed M/s. Murtuza Mandorwala & Associates, Practising Company Secretary,
Ahmedabad, to carry out the Secretarial Audit of the company. The Report of the
Secretarial Audit for F.Y. 2022-23 is attached herewith as Annexure-C.
There are no qualifications, observations or adverse remark or disclaimer in the said
report.
IV. Internal Auditor: In terms of Section 138 of the Companies Act, 2013 and Rules made
there under, M/s. Nisarg J. Shah & Co., Chartered Accountants, Ahmedabad have been
appointed as an Internal Auditors of the Company for Financial Year 2022-23. During the
year, the Company continued to implement their suggestions and recommendations to improve
the control environment. Their scope of works includes,
Review of the accuracy and reliability of the Corporation accounting records and
financial reports, eview of r operational efficiency, effectiveness of systems and
processes, and assessing the internal control ngths, stre opportunities for cost saving
and recommending company for improving cost efficiencies.
21. CORPORATE GOVERNANCE:
Your company provides utmost importance at best Governance Practices and are designated
to act in the best interest of its stakeholders. Better governance practice enables the
company to introduce moreeffective internal controls suitable to the changing nature of
business operations, improve performance and also provide an opportunity to increase
stakeholders understanding of the key activities and policies of the organization.
Your Company has incorporated the appropriate standards for corporate governance.
Pursuant to Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. Separate reports on Corporate Governance Report as required by
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ["SEBI (LODR), 2015"] forms part of this Annual Report.
Details regarding Corporate Governance Report of the Company regarding Compliance of the
Conditions of Corporate Governance pursuant to SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 are annexed herewith as "Annexure-F".
A certificate from M/s Murtuza Mandorwala & Associates, Practicing Company
Secretary, Ahmedabad confirming compliance to the conditions of Corporate Governance as
stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
is annexed to Corporate Governance Report.
22. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management's Discussion and Analysis Report for the year under review, is presented in
a separate section forming part of the Annual Report and is annexed herewith as
"Annexure E".
23. VIGIL MECHANISM/WHISTLE BLOWER POLICY:
The Company has constituted an audit committee, therefore it is also mandatory for such
Committee to operate the vigil mechanism, and if any of the members of the committee have
a conflict interest in a given of case, they should rescue themselves and the others on
the committee would deal with the matter on hand, to whom other directors and employees
may report their concerns. It provides adequate safeguard against victimization of
employees and directors who avail of the vigil mechanism and also provide for direct
access to the chairperson of the Audit committee or the director nominated to play the
role of audit committee, as the case may be, in exceptional cases. The existence of the
mechanism may be appropriately communicated within the organization. The detailed Whistle
Blower Policy/Vigil Mechanism available on below link:
https://www.devitpl.com/wp-content/uploads/Vigil-Mechanism-for-Directors-and-Employees.pdf
24. BUSINESS RESPONSIBILITY REPORT
As stipulated under the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Business
Responsibility Report describing the initiatives taken by the Company from an
environmental, social and governance perspective is not applicable to your company as per
the exemptions provided under SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
25. EQUAL EMPLOYMENT OPPRTUNITIES:
Being an equal opportunity employer, the company will do its utmost to ensure that all
of its employees are treated fairly during the period of their employment irrespective of
their race, religion, sex (including pregnancy), color, creed, age, national origin,
physical or mental disability, citizenship status, ancestry, marital status, veteran
status, political affiliation, or any other factor protected by law. All ions regarding
decis employment will be taken based on merit and business needs only.
26. PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:
Your Company has in place a formal policy for the prevention of sexual harassment of
its women employees in line with "The Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013". The Company has formed Internal
Complaint Committee who periodically conducts sessions for employees across the
organization to build awareness about the Policy and the provisions of Prevention of
Sexual Harassment Act.
27. POLICY ON CODE OF CONDUCT AND ETHICS:
Being a SME listed Company exemption has been provided to the Company from formulating
of Code of Conduct for Board of Directors and Senior Management Personnel. However, Board
of Directors has formulated and adopted Code of Business Conduct Ethics for Director &
Senior Management Executive policy. As an organization your Company places a great
importance in the way business is conducted and the way each employee performs his/her
duties. Your Company encourages transparency in all its operations, responsibility for
delivery of results, accountability for the outcomes of our actions, participation in
ethical business practices and being responsive to the needs of our people and society.
Towards this end, your Company has laid down a Code of conduct applicable to all the
employees of your Company and conducted various awareness sessions across the Company. The
Code provides for the matters related to governance, compliance, ethics and other matters.
In this regard certificate from the managing director as required under Schedule V of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 has been received by
the Board and the same is attached herewith as per Annexure H.
The detailed Code of Business Conduct Ethics for Director & Senior Management
Executive policy available on below link:
https://www.devitpl.com/wp-content/uploads/Code-of-Business-Conduct-Ethics-for-Directors-Senior-Management-Executive.pdf
28. MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF YOUR COMPANY:
There are no material changes and commitments, affecting the financial position of your
Company which has occurred between end of financial year of the Company i.e. March 31,
2023 and the date of Directors' Report i.e. 02nd September, 2023.
29. FOREIGN EXCHANGE EARNINGS AND OUTFLOW:
During the year, the total foreign exchange outflow was NIL, and the total foreign
exchange earned was Rs. 23,67,33,565.08 /-.
30. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:
The details of conservation of energy and technology absorption are not applicable to
the company hence not furnished.
31. MAINTENANCE OF COST RECORDS:
Maintenance of cost records as specified by 48 of the Central the Companies Act, 2013
is not applicable to the company having regards to the nature of the Company's business/
activities.
32. CORPORATE SOCIAL RESPONSIBILITY:
During year under review, the Company incurred CSR expenditure of Rs. 3,01,000/- which
was higher than the obligation to spend 2% of average net profit for the past three
financial years. The CSR activities by the
Company were under the thrust areas of Health, Education, Water, Livelihood,
Environment and Disaster Relief. The brief outline of the CSR policy of the Company and
the details of key CSR activities are provided in the Report on CSR Activities annexed
herewith as Annexure -A.
33. CEO/ CFO CERTIFICATION:
In terms of Regulation 17(8) of the Listing Regulations, the CFO has certified to the
Board of Directors of the Company with regard to the financial statements and other
matters specified in the said regulation for the financial year 2022-23. The certificate
received from CFO is attached herewith as per Annexure I.
34. LISTING FEES:
The Company affirms that the annual listing fees for the year 2022-23 to The National
Stock Exchangeof India
Limited (NSE) and Bombay Stock Exchange (BSE) has been duly paid.
35. APPRECIATION AND ACKNOWLEDGEMENT:
The Board wishes to place on record their sincere appreciation to all the DEVITians
and acknowledge with gratitude for the efforts made by them in adopting the Vision,
Mission and values of the Company. The board immensely thank all the Departments of
Central and State Governments, Tax Authorities, Reserve Bank of India, Ministry of
Corporate Affairs, Securities and Exchange Board of India, The National Stock Exchange of
India Limited (NSE), Bombay Stock Exchange (BSE) and other governmental bodies and look
forward to their continued support in near future. The board also places on record deep
sense of appreciation and cooperation extended by bankers, shareholders, investors and all
other stakeholders, other bodies or agencies for their continued and consistent support to
the company during the year.
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