The Board of Directors hereby submits the report of the business and operations of your
Company, along with the audited financial statements, for the financial year ended March
31, 2023.
FINANCIAL RESULTS AND OPERATIONS
The financial performance for the year ended March 31, 2023 is summarized below:
(Amount in Rs.)
Particulars |
Standalone |
Consolidated |
|
For the year ended March 31 |
For the year ended March 31 |
|
2023 |
2022 |
2023 |
2022 |
Net Sales /Income from Business |
|
|
|
|
Operations |
99,56,69,924 |
15,14,38,717 |
99,56,69,924 |
22,55,33,462 |
Other Income |
11,26,13,068 |
33,54,380 |
11,26,13,068 |
41,98,330 |
Total Income |
1,10,82,82,992 |
15,47,93,097 |
1,10,82,82,992 |
22,97,31,792 |
Cost of material consumed |
|
|
|
3,93,23,994 |
Purchase of Stock in trade |
97,48,06,430 |
15,06,26,318 |
97,48,06,430 |
15,06,26,318 |
Employee Benefit Expense |
24,88,178 |
13,79,920 |
24,88,178 |
34,03,197 |
Changes in Inventories |
46,61,755 |
|
46,61,755 |
2,78,267 |
Financial Costs |
1,69,908 |
|
1,69,908 |
36,47,853 |
Depreciation |
11,40,786 |
24,03,790 |
11,40,786 |
1,14,16,654 |
Other Expenses |
3,74,06,434 |
34,63,580 |
3,74,06,434 |
1,68,13,100 |
Profit before Exceptional items |
8,76,09,500 |
(30,80,511) |
8,76,09,500 |
42,22,409 |
Less : Exceptional items |
|
|
|
|
Net Profit Before Tax |
8,76,09,500 |
(30,80,511) |
9,44,57,498 |
42,22,409 |
Less Current Tax |
94,46,562 |
|
94,46,562 |
11,39,256 |
Less Previous year adjustment of |
|
|
|
|
Income Tax Less Deferred Tax |
11,19,925 |
(28,20,042) |
11,19,925 |
(30,63,803) |
Profit for the Period |
7,92,82,863 |
(20,22,015) |
8,61,30,861 |
40,15,258 |
Earnings per share |
0.208 |
(0.046) |
0.23 |
0.09 |
On Standalone basis, in Financial Year 2022-23, our revenue from operations increased
to Rs. 1,10,82,82,992/- as compared to Rs. 15,14,38,717/- in the last year. The Company
has a profit of Rs. 7,92,82,863/- on standalone basis as compared to loss of Rs.
(20,22,015) in previous year.
On consolidated basis, in Financial Year 2022-23, our revenue from operations increased
to Rs. 1,10,92,82,992/- as compared to Rs. 22,97,31,792/- in the last year. The Company
has a profit of Rs. 8,61,30,861/- on consolidated basis as compared to profit of Rs.
40,15,258/- in previous year.
CHANGE IN NAME OF THE COMPANY
During the year under review, there was no change in the name of Company.
CREDIT RATING
No credit rating was required to be obtained by the Company during the financial year
under review.
CHANGE IN REGISTERED OFFICE OF THE COMPANY FROM ONE STATE TO ANOTHER
Considering the fact that the Directors of the Company manages and controls the
business operations of the Company from the state of Delhi and in order to exercise better
administrative and economic control and enable the Company to rationalize and streamline
its operations as well as the management of affairs, the Board of Directors of the Company
has recommended to shift the Registered Office of the Company from the State of
Maharashtra to the State of Delhi. Such a change would enable the Directors to guide the
Company more effectively and efficiently and also result in operational and administrative
convenience and accordingly, members approval was obtained by way of passing Special
Resolution on May 29, 2022 and necessary application was made to Regional Director,
Western Region, Ministry of Corporate Affairs. The order of Regional Director is still
pending.
CHANGE IN NATURE OF BUSINESS
There has been no change in the nature of business during the financial year under
review.
BUSINESS OVERVIEW & FUTURE OUTLOOK
Detailed information on the Company's Business overview and future outlook is
incorporated in Management Discussion and Analysis forming part of the report.
STATE OF COMPANY'S AFFAIRS
i. Change in status of the company. |
There was no change in status of the company. |
ii. Key business developments. |
The company has taken various steps to develop and promote its
business. Please refer Management. Discussion and Analysis for details. |
iii. Change in the financial year. |
There was no change in the financial year of company. |
iv. Change in the Registrar and Share Transfer Agent (RTA) of the
Company. |
There was no change in the RTA of the company. |
v. Capital expenditure programmes. |
There was no capital expenditure programmes. |
vi. Developments, acquisition and assignment of material Intellectual
Property Rights. |
There were no Developments, acquisition and assignment of material
Intellectual Property Rights. |
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
In terms of Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ('Listing Regulations') Management Discussion and Analysis report
("MD&A Report") providing a detailed overview of your Company's performance,
industry trends, business and risks involved is provided separately and is forming part of
the Annual Report.
SUBSIDIARY COMPANIES, JOINT VENTURE AND ASSOCIATE
During the financial year 2022-23, the Company sold its shareholding in Shashi Beriwal
and Company Private Limited (Subsidiary Company) to Vikas Lifecare Limited on 15th
October, 2022 as a result of which Shashi Beriwal and Company Private Limited ceased to be
a subsidiary Company.
As on March 31, 2023 the Company have an Associate Company named GI Engineering
Solutions Limited.
BOARD OF DIRECTORS
Your Company's Board consists of learned professionals and experienced individuals from
different fields. Presently, your Board comprises of Six Directors amongst whom, two are
executive, one is Non-Executive Non-Independent and three are independent Directors
including one Women independent Director on the Board
There was no change in the composition of Board of Directors of the Company during the
financial year 2022-23, however, designation of Mr. Atul Sharma was changed from
"Whole Time Director" to "Managing Director" of the Company
During the year, the Board of the Company met 8 (Eight) times on April 27, 2022, May
28, 2022, August 03, 2022, August 09, 2022, September 7, 2022, November 14, 2022, January
12, 2023 and February 25, 2023, respectively. The maximum gap between the two Board
meetings was less than 120 days.
The number of Board Meetings and the attendance of Directors as well as their
attendance at the Last AGM held on September 30, 2022 are as mentioned below:
Name of Director |
Designation |
No. of Board Meetings attended |
Attendance at last AGM |
Atul Sharma |
Managing Director |
7 |
Attended |
Deepak Kumar Gupta |
Whole Time Director |
7 |
Attended |
Kamal Beriwal |
Director |
1 |
Not present |
Nitin Bansal |
Independent Director |
5 |
Attended |
Poonam Dhingra |
Independent Director |
4 |
Not present |
Om Prakash Aggarwal |
Independent Director |
6 |
Not present |
DECLARATION OF INDEPENDENCE
The Independent Directors have confirmed that they meet the criteria of Independence as
stipulated under Section 149(6) of the Companies Act, 2013 read with the Regulation 16 (1)
(c) of the Listing Regulations and they are not aware of any circumstances or situation,
which exist or may be reasonably anticipated, that could impair or impact their ability to
discharge their duties with an objective independent judgment and without any external
influence as an Independent Director of the Company.
The Board confirms to the declaration of the Independent Directors and there being no
doubts as to veracity of the same, places the same on record.
COMPLIANCE WITH CODE OF CONDUCT
All the Directors and senior management personnel have affirmed and complied with the
code of conduct formulated by the Company.
KEY MANAGERIAL PERSONNEL
In terms of provisions of Section 203 of the Companies Act, 2013, during the year ended
March 31, 2023, following changes took place in Key Managerial Personnel (KMPs) of the
Company:
i. Ms. Apruva Singh resigned as Company Secretary of the Company and Ms. Sapna
Tehanguriya was appointed in her place w.e.f. April 27, 2022;
ii. Ms. Sapna Tenhaguriya resigned as Company Secretary of the Company Ms. Meghna
Kashtwal was appointed as Company Secretary w.e.f. September 7, 2022; iii. Mr. Uttam Kumar
resigned as Chief Financial Officer of the Company w.e.f. September 23, 2022;
iv. Mr. Prakash Kukreja was appointed as Chief Financial Officer w.e.f. October 15,
2022.
Post closure of financial year 2022-23, Ms. Meghna Kashtwal resigned as Company
Secretary and Compliance Officer of the Company w.e.f. 24th June, 2023. Currently, Mr.
Sandeep Somani serving the office of Compliance Officer & Company secretary who was
appointed on June 30, 2023 and July 5, 2023 respectively. Further Mr. Prakash Kureja
Resigned from the post of CFO w.e.f. August 31, 2023 and Mr. Virender Sharma as Chief
Financial Officer (CFO) of the company with immediate effect i.e. September 02, 2023. Also
Mr. Anshu Jain appointed as Whole time Director and CEO of the company.
BOARD COMMITTEES
In compliance with the requirements of Companies Act, 2013 and Listing Regulations your
Board had constituted various Board Committees including Audit Committee, Nomination &
Remuneration Committee, and Stakeholders Relationship Committee.
Details of the constitution of these Committees, which are in accordance with
regulatory requirements, have been uploaded on the website of the Company viz.
www.ggelimited.com.
The composition as well as changes in their composition, if any, during the year and
the number and dates of meetings of such committees held during the year are covered in
Corporate Governance Report which forms part of Annual Report for the Financial year
2022-23.
BOARD EVALUATION
In terms of the requirement of the Companies Act, 2013 and Listing Regulations, the
Board carries out an annual evaluation of its own performance, Board Committees,
individual Directors including the Independent Directors and the Chairman of the Company
on the basis of criteria specified by the Nomination and Remuneration Committee as per the
policy adopted by the Board of Directors of your Company.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
Pursuant to Section 178(3) of the Companies Act, 2013, the Nomination and Remuneration
Committee constituted under the provisions of Section 178(1) of the Companies Act, 2013
recommended to the Board of Directors your Company a policy on Directors' appointment and
remuneration including criteria for determining qualifications positive attributes,
independence of a Director and other matters. The said policy is approved by the Board of
Directors is uploaded on the Company's website at www.ggelimited.com.
MATERIAL CHANGES BETWEEN THE END OF FINANCIAL YEAR AND DATE OF THIS REPORT
The Company issued 49,88,20,215 equity shares on rights basis for which allotment was
made on
August 4, 2023, pursuant to which the paid-up share capital of the Company was
increased from Rs. 38,06,78,585/- (Rupee Thirty-Eight Crores Six Lakh Seventy-Eight
Thousand Five Hundred and Eighty-Five) to Rs. 87,94,98,800/- (Rupees Eighty Seven Crores
Ninety Four Lakhs Ninety Eighty Thousand Eight Hundred)
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(C) read with Section 134(5) of the Act, the Directors, to
the best of their knowledge and ability, hereby confirm that:
i. in the preparation of the annual accounts for the financial year 2022-23, the
applicable accounting standards had been followed with proper explanation relating to
material departures; ii. they have selected such accounting policies in consultation with
Statutory Auditors and applied them consistently and made judgments and estimates that 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 March 31, 2023 and of the profit and loss of the
company for the Financial Year;
iii. they have taken proper and sufficient care, to the best of their knowledge and
ability, 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 frauds and other irregularities;
iv. The annual accounts of the Company have been prepared on a going concern basis.
v. The directors had laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively.
vi. They had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND PARTICULARS OF EMPLOYEES
As per provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, every listed
company is required to disclose the ratio of the remuneration of each director to the
median employee's remuneration and details of employees receiving remuneration exceeding
limits as prescribed from time to time in the Directors' Report.
CAPITAL STRUCTURE
During the year under review, following changes took place in the capital structure of
the Company:
i. Nominal value of equity share of the Company was sub-divided from Rs. 2/- (Rupees
Two) to Re. 1/-
(Rupee One) per share
ii. Authorised Share Capital of the Company was increased from Rs. 10,50,00,000/-
(Rupees Ten
Crores Fifty Lakh) to Rs. 50,00,00,000/- (Rupees Fifty Crores) via Postal Ballot Notice
dated April 27, 2022, concluded on May 29, 2022.
iii. The Company issued 277,578,135 equity shares on rights basis for which allotment
was made on
September 13, 2022, pursuant to which the paid-up share capital of the Company was
increased from Rs. 10,31,00,450/- (Rupees Ten Crore Thirty-one Lakh Four Hundred &
Fifty) to Rs. 38,06,78,585/- (Rupee Thirty-Eight Crores Six Lakh Seventy-Eight Thousand
Five Hundred and Eighty-Five)
iv. The Authorised Share Capital of the Company was further increased from Rs.
50,00,00,000/-
(Rupees Fifty Crores) divided into 50,00,00,000 equity shares of Re. 1/- (Rupee One)
each to Rs. Rs. 90,00,00,000/- (Rupees Ninety Crores) divided into 90,00,00,000 equity
shares of Re 1/- (Rupee One) each via resolution passed by the shareholders of the Company
through postal ballot on March 30, 2023.
LISTING OF EQUITY SHARES
Equity shares of the Company are presently listed and traded at BSE Limited
("BSE") (Scrip Code: 540614).
The Listing fees for the financial year 2023-24 have been paid to the stock exchanges.
AUDITORS AND AUDITORS' REPORT
Statutory Auditors
Pursuant to provisions of Sections 139, 142 and other applicable provisions, if any, of
the Companies Act, 2013 and rules made there under and pursuant to the recommendations of
Audit Committee, M/s A.K. Bhargav & Co. Chartered Accountants (Firm Registration No.
0034063N) was appointed as the Statutory Auditors of the Company to hold office from the
conclusion of 16th Annual General Meeting until the conclusion of ensuing 21st Annual
General Meeting to be held in the year 2027.
Further Auditor's Report on the Financial Statements of the Company for the Financial
Year 2022-23 as submitted by M/s A.K. Bhargav & Co., Chartered Accountants, did not
contain any qualification, reservation or adverse remark and is self-explanatory.
There have been no instances of fraud reported by the Auditors under Section 143(12) of
the Act and Rules framed thereunder either to the Company or to the Central Government.
Secretarial Auditor
M/s. Kumar G & Co., Practicing Company Secretary firm (COP. No: 7579) were
appointed as the Secretarial Auditor of your Company to carry out the Secretarial Audit
for the financial year under review. The Secretarial Audit Report issued by M/s. Kumar G
& Co., Practicing Company Secretary firm in Form No. MR-3 is annexed to this Annual
Report.
In terms of extant provisions of Listing Regulations read with SEBI circulars issued on
the subject, a Secretarial Compliance Report was also obtained by the Company from the
Secretarial Auditors and the same was also submitted to the Stock Exchange.
Further, pursuant to the Regulation 24A of Listing Regulations read with SEBI Circular
No CIR/CFD/CMD1/27/2019, dated February 08, 2019, the Annual Secretarial Compliance Report
for the financial year 2022-2023 was filed with Stock Exchanges(s), i.e. BSE Limited, on
May 29, 2023.
Cost Audit
The provisions of Section 148 of the Companies Act, 2013 are not applicable to the
Company, therefore, there is no requirement of Cost Audit.
BOARD'S COMMENT ON AUDITOR'S REPORT
There are no observations (including any qualification, reservation, adverse remark or
disclaimer) of the Auditors in their Audit Report that may call for any explanation from
the Directors. Further, the notes to accounts referred to in the Auditor's Report are
self-explanatory.
DEPOSITS
During the period under review the Company has not accepted any public deposits and
therefore no amount on account of principal or interest on public deposits was outstanding
as on the date of the Balance Sheet.
DIVIDEND
To conserve the resources for the expansion of business in the long run, your directors
have not recommended any dividend for the Financial Year 2022-23 and have decided to
retain the profits.
TRANSFER TO RESERVES IN TERMS OF SECTION 134(3) (J) OF THE COMPANIES ACT, 2013
For the financial year ended on March 31, 2023, the Company has not transferred any sum
to any reserve account therefore your company remained the balance of profit to profit
& loss account of the company to surplus account.
ANNUAL RETURN
The Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the
Companies (Management and Administration) Rules, 2014 of your Company for the financial
year under review is available at website of your Company i.e. www.ggelimited.com.
CORPORATE GOVERNANCE AND ETHICS
The Company believes in adhering to the best corporate governance practices and its
philosophy emphasizes on fair and transparent governance and disclosure practices which
helps your Company to follow the path of its vision and mission. It strongly believes in
developing best corporate governance policies and procedures based on principals of fair
and transparent disclosures, equity, accountability and responsibility.
A detailed report on Corporate Governance, in terms of Regulation 34 of the Listing
Regulations is forming part of the Annual Report. A certificate confirming compliance with
requirements of Corporate
Governance as enumerated under the extant provisions of Listing Regulations issued by
Mr. Pankaj Kumar Gupta, Proprietor of M/s. Kumar G & Co, Company Secretaries is also
annexed to the said report.
CORPORATE SOCIAL RESPONSIBILITY
The provisions of Corporate Social Responsibility are not applicable to the Company and
hence disclosures under Sec 135 of the Companies Act, 2013 are not applicable to the
Company.
RECLASSIFICATION FROM 'PROMOTER AND PROMOTER GROUP' TO 'PUBLIC CATEGORY'
The Company had submitted an application dated September 1, 2022 seeking
re-classification of certain individuals from the 'Promoter and Promoter Group' category
to the 'Public' Category under Regulation 31A of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and the same was approved by BSE Limited ("the stock
exchange") on March 13, 2023.
Pursuant to the said approval of stock exchange, following individuals have been
re-classified from the 'Promoter and Promoter Group' category to the 'Public' Category
with effect from March 13, 2023:
Ms. Sangeeta Vinod Beriwal (PAN: AAMPG0905E)
Mr. Vinod Harmukhrai Beriwal (PAN AADPA6979P)
Mr. Ashok Harmukhrai Beriwal (PAN AGEPB2056M)
Ms. Rashi Gupta (PAN AINPG2966J)
Ms. Shashi Devi Beriwal (PAN AEOPB0172J)
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNAL
There are no significant and material orders issued against the Company by any
regulating authority or court or tribunal affecting the going concern status and Company's
operation in future.
DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY AND BANKRUPTCY CODE
2016
During the year under review, there was no application made or proceedings pending in
the name of the company under the Insolvency Bankruptcy Code, 2016.
DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND VALUATION
WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS
During the year under review, there has been no one time settlement of Loans taken from
Banks and Financial institutions.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
In terms of Section 186 of the Companies Act, 2013, particulars of inter-corporate
loans, guarantees and investments are provided in the notes to Financial Statements.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO
IN SECTION 188
All Related party transactions are entered on an arm's length basis and are in
compliance with the applicable provisions of the Companies Act, 2013 and the Listing
Regulations. There are no materially significant related party transactions made by the
Company with Promoters, Directors or Key Managerial Personnel etc. which may have
potential conflict with the interest of the Company at large. Company's policy on related
party transactions can be accessed at its website www.ggelimited.com.
Details of related party transactions entered by the Company during the financial year
under review is attached as Annexure A.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO
Information on conservation of Energy, Technology absorption, Foreign Exchange earnings
and outgo required to be disclosed under Section 134 of the Companies Act, 2013 read with
Companies (Accounts) Rules, 2014 are provided hereunder:
PARTICULARS |
REMARKS |
A. CONSERVATION OF ENERGY: |
|
The Steps taken or impact on conservation of energy; The Steps taken
by the company for utilizing alternate sources of energy; |
The Company is taking due care for using electricity in the office and
its branches. Company usually takes care for optimum utilization of energy. |
The Capital investment on energy conservation equipment's |
No capital investment on Energy Conservation equipment made during the
financial year. |
B. TECHNOLOGYABSORPTION: |
|
The Company has nothing to disclose with regard to
technology absorption. |
C. FOREIGN EXCHANGE EARNINGS AND |
|
OUTGO: |
|
The Foreign Exchange earned in terms of actual inflows during the year
and the |
Foreign Exchange earned : Nil Foreign Exchange outgo : Nil |
Foreign Exchange outgo during the year in terms of actual outflows. |
|
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN 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 and Redressal)
Act, 2013. During the year under review, no compliant was received in this regard.
WHISTLE BLOWER POLICY / VIGIL MECHANISM
The Company has a vigil mechanism named Whistle Blower Policy / Vigil Mechanism to deal
with instances of fraud and mismanagement, if any. Details of the same are given in the
Corporate Governance Report.
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND
Your Company did not have any funds lying unpaid or unclaimed for a period of seven
years. Therefore, there were no funds which were required to be transferred to Investor
Education and Protection Fund (IEPF).
RISK MANAGEMENT POLICY
Risk Management is the process of identification, assessment and prioritization of
risks followed by coordinated efforts to minimize, monitor and mitigate/control the
probability and/or impact of unfortunate events or to maximize the realization of
opportunities. The Company has laid down a comprehensive Risk Assessment and Minimization
Procedure which is reviewed by the Board from time to time. These procedures are reviewed
to ensure that executive management controls risk through means of a properly defined
framework.
INTERNAL FINANCIAL CONTROLS
The Companies Act, 2013 re-emphasizes the need for an effective Internal Financial
Control system in the Company. The system should be designed and operated effectively.
Rule 8(5) (viii) of Companies (Accounts) Rules, 2014 requires the information regarding
adequacy of Internal Financial Controls with reference to the financial statements to be
disclosed in the Board`s report. To ensure effective Internal Financial Controls the
Company has laid down the following measures:
(i) The internal financial control systems are commensurate with the size and nature of
its operations.
(ii) All legal and statutory compliances are ensured on a monthly basis.
Non-compliance, if any, is seriously taken by the management and corrective actions are
taken immediately. Any amendment is regularly updated by internal as well as external
agencies in the system.
(iii) The Company follows a robust internal audit process. Transaction audits are
conducted regularly to ensure accuracy of financial reporting, safeguard and protection of
all the assets. Fixed Asset verification of assets is done on an annual basis. The audit
reports for the above audits are compiled and submitted to Board of Directors for review
and necessary action.
HUMAN RESOURCES AND INDUSTRIAL RELATIONS
The Company takes pride in the commitment, competence and dedication of its employees
in all areas of the business. The Company has a structured induction process at all
locations and management development programs to upgrade skills of managers. Objective
appraisal systems based on key result areas (KRAs) are in place for senior management
staff.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
Disclosure pertaining to remuneration and other details as required under Section 197
of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is given in Annexure-B to this report.
The statement containing the particulars of employees as required under Section 197(12)
of the Companies Act, 2013 read with rule 5(2) and rules 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 and other applicable
rules (if any) is provided in a separate annexure forming part of this report. Further,
the report and the accounts are being sent to members excluding the aforesaid annexure in
terms of Section 136 of the Companies Act, 2013. Any member interested in obtaining such
particulars may write to the Company Secretary at cs.ggengg@gmail.com.
HEALTH, SAFETY AND ENVIRONMENT PROTECTION
Company's Health and Safety Policy commits to comply with applicable legal and other
requirements connected with occupational Health, Safety and Environment matters and
provide a healthy and safe work environment to all employees of the Company.
COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND GENERAL MEETINGS
The Company has complied with Secretarial Standards issued by the Institute of Company
Secretaries of India on Board Meetings and General Meetings.
GREEN INITIATIVE
In compliance with the circulars issued by the Ministry of Corporate Affairs and
Securities and Exchange Board of India, notice of AGM along with the Annual Report for the
financial year ended on March 31, 2023 is being sent only through electronic mode to those
members whose e-mail addresses are registered with the Company Depositories. The members
may note that the notice of AGM and Annual Report for the financial year ended on March
31, 2023 will also be available on the Company's website www.ggelimited.com and website of
stock exchange i.e. BSE Limited at www.bseindia.com.
APPRECIATION AND ACKNOWLEDGEMENT
Your Director's place on record their deep appreciation to employees at all levels for
their hard work, dedication and commitment. The Board places on record its appreciation
for the support and cooperation, your company has been receiving from its Suppliers,
Retailers, Dealers & Distributors and others associated with the Company. The
Directors also take this opportunity to thank all Clients, Vendors, Banks, Government and
Regulatory Authorities for their continued support. Last but not the least, the Directors
wish to thank all shareholders for their continued support.
|