<dhhead>BOARD'S REPORT</dhhead>
The Board takes pleasure in presenting the 40th Annual
Report of the Company along with the Audited Financial Statements and other reports for
the year ended March 31, 2023.
COMPANY OVERVIEW
There are two business segments of NATCO: Pharmaceuticals and
Agrochemicals. Pharmaceuticals is the dominant business segment contributing a major
portion of revenue. It comprises of FDFs and APIs. APIs business is strategic and serves
captive requirements and third party sales. Capabilities in APIs include complex
multi-step synthesis & scale-up, advanced synthetic/ separation technologies,
containment facility for handling high-
potency APIs, synthesis of peptide (solid phase pharmaceuticals, oligo
nucleotide pharmaceuticals etc. and a well established process safety engineering lab. FDF
business is predominantly focused on high-barrier-to-entry products. It serves
international customers in United States, Canada, Brazil, Philippines, Asia Pacific etc.
Our R&D capabilities are demonstrated by its complex and niche product filings in
formulations and API segments. Agrochemicals business segment is carried under Crop Health
Sciences division of the Company. It has successfully launched broad-spectrum insecticide
Chlorantraniliprole (CTPR) and its combination products in India across key agrarian
states.
FINANCIAL SUMMARY
|
STANDALONE |
CONSOLIDATED |
PARTICULARS |
Year ended 31st March 2023 |
Year ended 31st March 2022 |
Year ended 31st March 2023 |
Year ended 31st March 2022 |
Net Revenue /Income |
24365 |
18624 |
28117 |
20438 |
Gross profit before interest
and depreciation |
9302 |
3076 |
10402 |
3625 |
Finance Cost |
86 |
133 |
145 |
177 |
Profit before depreciation and
Amortisation - (Cash Profit) |
9216 |
2943 |
10257 |
3448 |
Depreciation and Amortisation |
1509 |
1384 |
1638 |
1426 |
PBT before exceptional items |
7707 |
1559 |
8619 |
2022 |
Exceptional items |
- |
- |
- |
- |
Profit before Tax (PBT) |
7707 |
1559 |
8619 |
2022 |
Provision for Tax -Current |
1331 |
325 |
1627 |
478 |
Provision for Tax -Deferred |
5 |
(157) |
(161) |
(156) |
Profit after Tax |
6371 |
1391 |
7153 |
1700 |
Other comprehensive income (OCI) |
(194) |
404 |
27 |
497 |
Total Comprehensive income for
the year |
6177 |
1795 |
7180 |
2197 |
The details of the Company's operations have been further discussed in
detail in the Management Discussion and Analysis Report.
DIVIDEND
The Company declared three interim dividends for the FY 202223, the
details of which are as follows:
S. NO. DATE OF BOARD MEETING |
DATE OF PAYMENT |
INTERIM DIVIDEND DECLARED ON PER EQUITY
SHARE OF FACE VALUE J 2/- EACH (Amount in J) |
1. August 9, 2022 |
August 30, 2022 |
3.50 |
2. November 10, 2022 |
November 30, 2022 |
0.75 |
3. February 9, 2023 |
March 1, 2023 |
1.25 |
TOTAL |
|
5.50 |
The total dividend pay-out amounted to Rs 1004 million resulting in a
pay-out of 15.76% of the standalone profit after tax of the Company.
The three Interim Dividends have been paid to all eligible
shareholders. Accordingly, your Directors recommend that the above three interim dividends
be treated as the final dividend of the Company for the Financial Year 2022-23. The
Dividend Distribution Policy is available on the website of the Company at
https://www.natcopharma.co.in/wp-content/uploads/2019/08/ Dividend-Distribution-Policy.pdf
TRANSFER TO RESERVES
The Company has not transferred any amount to the general reserve for
the financial year ended March 31, 2023.
SHARE CAPITAL
During the year under review, 37,000 equity shares were allotted on May
16, 2022 under Natco Employee Stock Option Scheme,
2017 (NATSOP2017), which were due for allotment as per the NATSOP2017
Scheme.
Further, during the year under review, the Company has bought back
87,050 shares and the same were extinguished as on March 31, 2023.
Accordingly, the issued and subscribed share capital of the Company as
on March 31, 2023, stood at Rs 365 million divided into 18,24,70,115 equity shares of Rs
2/- each as against Rs 365 million divided into 18,25,20,165 equity shares of Rs 2/- each
as on March 31, 2022.
BUYBACK OF EQUITY SHARES
The Board of Directors at their meeting held on March 8, 2023, the
Company was authorised to buyback its fully paid-up equity shares of face value of Rs 2/-
(Rupees Two only) each at a price not exceeding Rs 700/- (Rupees Seven Hundred only) per
Equity Share (the Maximum Buyback Price) payable in cash for an aggregate amount not
exceeding Rs 210,00,00,000/- (Rupees Two Hundred and Ten Crores only) (the Maximum
Buy-back Size), from the shareholders of the Company excluding promoters, promoter group
and persons who are in control of the Company, via the "Open Market" route
through the stock exchanges mechanism, i.e., using the electronic trading facilities of
the stock exchanges where the Equity Shares of the Company are listed (i.e., BSE Limited
and National Stock Exchange of India Limited), in accordance with the provisions of
Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as
amended ("Buyback Regulations") and the Companies Act, 2013 (including the rules
and regulations framed thereunder), as amended, and other applicable provisions (the
process hereinafter referred to as the "Buyback").
The Buyback commenced on March 21, 2023 in accordance with the
provisions of Buyback regulations. In this regard, as on May 12, 2023, the Company has
bought back 34,47,295 (Thirty Four Lakhs Forty Seven Thousand Two Hundred and Ninety Five)
Equity Shares at an average price of H 609.1712 (Rupees Six Hundred Nine and paisa
One Seven One Two only) per Equity Share for an aggregate consideration of H
209,99,92,885.33 (Rupees Two Hundred and Nine Crores Ninety Nine Lakhs Ninety Two Thousand
Eight Hundred Eighty Five and paisa Three Three only) which represents 100.00% of the
Maximum Buyback Size. Accordingly, the Buyback Committee has approved the closure of
Buyback pursuant to the terms of the Public Announcement, with effect from the closing of
trading hours of May 12, 2023, prior to the six months from the date of commencement of
the Buyback.
Accordingly, the Company has made payment to the shareholders and
extinguished all the shares bought back within stipulated time period and complied with
all the regulatory filings.
DEPOSITS
During Financial Year 2022-23, the Company did not accept any deposit
within the meaning of Sections 73 and 74 of the Companies Act, 2013 read together with the
Companies (Acceptance of Deposits) Rules, 2014 and therefore no amount
of principal or interest was outstanding, as on the date of balance
sheet.
CHANGE IN THE NATURE OF BUSINESS, IF ANY
During the year under review, there was no change in the nature of
business of the Company or any of its Subsidiaries.
SUBSIDIARIES
The Company has Eight (8) international subsidiaries including (2)
step-down subsidiaries as on 31st March, 2023. The consolidated financial
statement of the Company and all its subsidiaries prepared under Indian Accounting
Standards (Ind AS) specified under Section 133 of the Companies Act, 2013 form part of the
annual report. The Company has not acquired any other Subsidiary Company nor any of the
existing Subsidiary Company(s) are ceased to become Subsidiary of the Company during the
Financial Year 2022-23.
Further, the Board of Directors at their meeting held on April 20, 2023
have approved to incorporate a Subsidiary Company in Indonesia. The Board of Directors at
their meeting held on May 29, 2023 have approved to incorporate a wholly-owned subsidiary
Company in Colombia and approved to acquire M/s. Zista Pharma Limited, United Kingdom
i.e., 100% on acquisition and will become a Wholly-owned Subsidiary Company to the Company
subject to due diligence and compliance with regulatory requirements.
Further, a Statement containing the salient features of the Financial
Statements of the Subsidiaries in the prescribed Form AOC-1, is attached as "Annexure
- I" to the Board's Report. This Statement also provides the details of the
performance and financial position of each Subsidiary.
In accordance with Section 136 of the Companies Act, 2013, the Audited
Financial Statements and related information of the Subsidiaries, where applicable, will
be available for inspection during regular business hours i.e., from 9:00 a.m. to 5:30
p.m. at the Company's registered office in Hyderabad, Telangana, India.
MATERIAL SUBSIDIARIES
As per Regulation 16 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("Listing Regulations"), a "material
subsidiary" to mean a subsidiary, whose income or net worth exceeds ten percent of
the consolidated income or net worth respectively, of the listed entity and its
subsidiaries in the immediately preceding accounting year. None of the Subsidiary
Companies are material subsidiary to the Company based on the income or net worth as on
March 31, 2023.
However, NATCO Pharma (Canada) Inc., Canada is the material subsidiary
of the Company based on the income or net worth of the Company for Financial Year 2020-21
and will continue as material subsidiary as per Regulation 3 of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015.
In addition to the above, Regulation 24 of the Listing Regulations
requires that at least one Independent Director on the Board of
Directors of the listed entity shall be a Director on the Board of
Directors of an unlisted material subsidiary, whether incorporated in India or not. For
the purpose of this Regulation, material subsidiary means a subsidiary, whose income or
net worth exceeds twenty percent of the consolidated income or net worth respectively, of
the listed entity and its subsidiaries in the immediately preceding accounting year.
Accordingly, the said provision of the appointment of an Independent Director of the
Company in the Board of the material subsidiary Company is not applicable, since, the
prescribed limits are not exceeded by the Company.
The other requirements of Regulation 24 of the Listing Regulations with
regard to Corporate Governance requirements for Subsidiary Companies have been complied
with.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
The Company provides investments, loans and guarantees to its
subsidiaries /other Companies for its business purpose. Details of investments, loans and
guarantees covered under Section 186 of the Companies Act, 2013, form part of the notes to
the financial statements provided in this Annual Report.
CORPORATE GOVERNANCE AND ADDITIONAL SHAREHOLDERS INFORMATION
Pursuant to the Listing Regulations, a detailed report on the Corporate
Governance systems and practices of the Company is given under Corporate Governance Report
which is part of this Annual Report.
A certificate from CS D. Renuka, Company Secretary in Practice (C.P.
No. 3460) on the compliance with the conditions of Corporate Governance is part of the
Corporate Governance Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A detailed report on the Management Discussion and Analysis is provided
as a separate chapter in this Annual Report.
BOARD OF DIRECTORS
In accordance with the provisions of the Companies Act, 2013, Sri.
Rajeev Nannapaneni (DIN: 00183872) and Sri P.S.R.K. Prasad (DIN: 07011140), Directors are
liable to retire by rotation and being eligible offers themselves for reappointment at the
ensuing Annual General Meeting of the Company.
During the year under review the Board of Directors of the Company has
appointed Dr. Pavan Ganapati Bhat (DIN: 09691260) as Director & Executive Vice
President (Technical Operations) of the Company with effect from August 9, 2022 which was
subsequently approved by the members of the Company at the 39th Annual General
Meeting held on September 30, 2022.
During the year under review there has been no change in the Board of
Directors of the Company except the above mentioned changes.
BOARD EVALUATION
A formal annual evaluation has been made by the Board of its own
performance, Chairman of the Board, its Committee(s) and individual Director(s). The
performance evaluation has been done by the entire Board of Directors, excluding the
Director being evaluated. Various evaluation techniques are used to assess the performance
of the Directors. The Directors have participated in this evaluation process. The
Independent Directors in their separate meeting have also evaluated the performance of the
Chairman of the Company, Non-Independent Directors and the Board as a whole.
APPOINTMENT OF DIRECTOR(S), KMPS AND REMUNERATION POLICY
The assessment and appointment of members to the Board is based on a
combination of criterion that includes ethics, personal and professional stature, domain
expertise, gender diversity and specific qualification required for the position. The
Independent Board member is also assessed on the basis of independence criteria defined in
Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the Listing
Regulations.
In accordance with Section 178(3) of the Companies Act, 2013 and on
recommendations of Nomination and Remuneration Committee, the Board adopted a remuneration
policy for Directors, Key Managerial Personnel (KMPs) and Senior Management which is
available on the website of the Company
https://www.natcopharma.co.in/wp-content/uploads/2022/06/
Nomination-Remuneration-Policy.pdf
Dr. Pavan Ganapati Bhat (DIN: 09691260) was appointed as Directors and
Executive Vice President (Technical Operations) of the Company with effect from August 9,
2022.
DECLARATION BY INDEPENDENT DIRECTORS
All Independent Directors of the Company have submitted requisite
declarations confirming that they continue to meet the criteria of independence as
prescribed under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the
SEBI Listing Regulations. The Independent Directors have also confirmed that they have
complied with the Company's Code of Conduct.
REGISTRATION OF INDEPENDENT DIRECTORS IN INDEPENDENT DIRECTOR'S
DATABANK
All the Independent Directors of the Company have been registered and
are members of Independent Directors Databank maintained by Indian Institute of Corporate
Affairs.
CONFIRMATION FROM THE BOARD
All the Independent Directors of the Company have given their
respective declaration/disclosures under Section 149(7) of the Act and Regulation 25(8) of
the Listing Regulations and have confirmed that they fulfill the independence criteria as
specified under Section 149(6) of the Act and Regulation 16 of the Listing Regulations and
have also confirmed that they are not aware of
any circumstance 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. Further, the Board
after taking these declaration/disclosures on record and acknowledging the veracity of the
same, concluded that the Independent Directors are persons of integrity and possess the
relevant expertise and experience to qualify as Independent Directors of the Company and
are Independent of the Management.
OPINION OF THE BOARD
The Board opines that all the Independent Directors of the Company
strictly adhere to corporate integrity, possesses requisite expertise, experience and
qualifications to discharge the assigned duties and responsibilities as mandated by the
Companies Act, 2013 and Listing Regulations diligently.
NUMBER OF MEETINGS OF THE BOARD AND ITS COMMITTEES AND OTHER COMMITTEES
The Board currently has eight (8) Committees, namely, Audit Committee,
Nomination and Remuneration Committee, Stakeholders Relationship Committee, Compensation
Committee, Corporate Social Responsibility Committee, Risk Management Committee, Committee
Dealing with Land Property and Buyback Committee.
A detailed update on the Board, its composition, detailed charter
including terms of reference of various Board Committees, number of Board and Committee
meetings held during Financial Year 2022-23 and attendance of the Directors is provided in
the Corporate Governance Report, which forms part of the Annual report.
All the recommendations made by the Committees of Board including the
Audit Committee were accepted by the Board.
MEETING OF INDEPENDENT DIRECTORS
A separate meeting of the Independent Directors was held on February 9,
2023, inter-alia, to discuss evaluation of the performance of Non-Independent Directors,
the Board as a whole, evaluation of the performance of the Chairman, taking into account
the views of the Executive and Non- Executive Directors and the evaluation of the quality,
content and timeliness of flow of information between the management and the Board that is
necessary for the Board to effectively and reasonably perform its duties.
The Independent Directors expressed satisfaction with the overall
performance of the Directors and the Board as a whole.
BUSINESS RISK MANAGEMENT
The Company has a risk management mechanism in place to manage
uncertainties through identification, analysis, assessment, implementing and monitoring to
reduce the impact of risks to the business which is discussed in detail in the Management
Discussion and Analysis section of this Annual Report.
MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN
END OF FINANCIAL YEAR AND DATE OF REPORT
No material changes and commitments have occurred after the close of
the financial year till the date of this report which may affect the financial position of
the Company.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
The Company has adopted the Business Responsibility and Sustainability
Report (BRSR) in the format specified by SEBI for Financial Year 2022-23. The BRSR is
forming part of this Annual Report.
INTERNAL FINANCIAL CONTROLS
The Company has in place adequate the Internal Financial Controls
commensurate with the business operations of the Company which are operating effectively.
Your Company has adopted policies and procedures for ensuring the orderly and efficient
conduct of its business, including adherence to the Company's policies, the safeguarding
of its assets, prevention and detection of frauds and errors, accuracy and completeness of
the accounting records, and timely preparation of reliable financial disclosure.
INSURANCE
The Company's plant, property, equipment and stocks are adequately
insured against all major risks. The Company also has appropriate liability insurance
covers particularly for product liability and clinical trials. The Company has also taken
Director's and Officer's Liability Policy to provide coverage against the liabilities
arising on them.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(c) of the Companies Act, 2013 in relation to
Financial Statements of the Company for the year ended March 31, 2023, the Board of
Directors state that:
a) In the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to material departures;
b) The Directors had selected such accounting policies and applied them
consistently and made judgements 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 and of the profit and loss of the Company for that period;
c) The Directors had taken proper and sufficient care 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 Directors had prepared the annual accounts on a going concern
basis;
e) 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; and
f) The Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were adequate and operating
effectively.
RELATED PARTY TRANSACTIONS
In accordance with Section 134(3)(h) of the Companies Act, 2013 and
Rule 8(2) of the Companies (Accounts) Rules, 2014, the particulars of contract(s) or
arrangement(s) entered into by the Company with related parties referred to in Section
188(1) in Form AOC-2 is attached as "Annexure - II" to this Board's
Report.
The details of related party disclosures form part of the notes to the
Financial Statements provided in this Annual Report.
VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Company believes in upholding professional integrity and ethical
behaviour in the conduct of its business. To uphold and promote these standards, the
Company has a Vigil Mechanism / Whistle Blower Policy which serves as a mechanism for its
Director(s) and employee(s) to report genuine concerns about unethical behaviour, actual
or suspected fraud or violation of the Code of Conduct without fear of reprisal. The
policy also provides employee(s) access to the Chairperson of the Audit Committee under
certain circumstances. The details of the procedures are also available on the website of
the Company https://www.natcopharma.co.in/wp-content/uploads/2022/06/
Whistle-Blower-Policy.pdf
A brief note on the Whistle Blower Policy is also provided in the
Report on Corporate Governance, which forms part of this Annual Report.
INTERNAL COMPLAINTS COMMITTEE
The Company has Internal Complaints Committees in place in all the
units in line with the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013. A brief note on the same is provided in the Report on Corporate
Governance, which forms part of this Annual Report.
AUDITORS
STATUTORY AUDITORS
The members of the Company at their Annual General Meeting held on
September 5, 2019 appointed M/s. B S R & Associates LLP (Firm Registration No.
116231W/W-100024) as the Statutory Auditors of the Company to act as such from the
conclusion of 36th Annual General Meeting (AGM) held for the Financial year
2018-19 till the conclusion of the 41st AGM to be held for the Financial Year
2023-24.
SECRETARIAL AUDITOR
Pursuant to Section 204 of the Companies Act, 2013 read with Rule 9 of
the Companies (Appointment & Remuneration
of Managerial Personnel) Rules, 2014, CS B. Kiran Kumar with
Certificate of Practice (CP) No. 15876, Proprietor, M/s. B K & Associates, a
Practicing Company Secretary conducted the Secretarial Audit of the Company for Financial
Year 2022-23. The Secretarial Audit Report in Form No. MR-3 is attached as "Annexure
- III" to this Board's Report.
Upon recommendation of the Audit Committee, the Board has re-appointed
CS B. Kiran Kumar (CP No. 15876) Proprietor, M/s. B K & Associates, a Practicing
Company Secretary as Secretarial Auditor of the Company for the financial year 2023-24.
COST AUDITORS
Pursuant to Section 148 of the Companies Act, 2013 read with the
Companies (Audit and Auditors) Rules, 2014 and the Companies (Cost Records and Audit)
Rules, 2014, the Company maintains the Cost Audit records which are required to be
maintained. The Board on the recommendation of the Audit Committee, reappointed M/s. S.S.
Zanwar & Associates (Firm Registration No.100283) as Cost Auditors of the Company for
Financial year 2023-24. The provisions also require that the remuneration of the Cost
Auditors be ratified by the shareholders and accordingly the same is put forward to the
shareholders for their ratification in the ensuing Annual General Meeting. The Cost Audit
report for the Financial Year 2022-23 will be filed with the Central Government within the
stipulated timeline and the relevant Cost Audit report for FY 2021-22 was filed within the
due date to the Central Government.
INTERNAL AUDITORS
The Company has appointed M/s. Grant Thornton Bharat LLP as Internal
Auditors of the Company for FY 2023-24 and the Internal Auditors will report to the Audit
Committee and the Board of Directors of the Company.
AUDITORS' QUALIFICATIONS/ RESERVATIONS/
ADVERSE REMARKS/ FRAUDS REPORTED
There are no Auditors' Qualifications or reservations or adverse
remarks on the financial statements of the Company. The Auditors have not reported any
frauds to the Audit Committee as prescribed under Section 143(12) of the Companies Act,
2013.
There is an observation by the Secretarial Auditor that there was delay
in transferring the Unclaimed dividend amounts, required to be transferred from the
Unclaimed Suspense Account to the Investor Education and Protection Fund (IEPF) by the
Company pertaining to the Financial Years 2014-15 and 2015-16, while the due date(s) of
transfer as per the provisions of the Act were 19th March, 2022 and 19th
March 2023, respectively, the same were actually transferred on 17th May, 2023
severally.
EXPLANATIONS OR COMMENTS BY THE BOARD ON QUALIFICATION, RESERVATION OR
ADVERSE REMARK OR DISCLAIMER MADE
The reason for delay in transfer of Unclaimed dividend amounts from the
Unclaimed Suspense Account to the Investor Education and Protection Fund (IEPF) by the
Company due to
the reconciliation for the aforesaid Financial Years could not be
completed on time to affect the said transfer to IEPF. Hence, there was delay in transfer
of the said unclaimed dividend pertaining to the Unclaimed Suspense Account.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE COURTS/REGULATORS
During Financial year 2022-23, there were no significant and/or
material orders, passed by any Court or Regulator or Tribunal, which may impact the going
concern status or the Company's operations in future.
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
The Board formulated a Corporate Social Responsibility (CSR) Policy
which is in full force and operation and is subject to monitoring by the CSR Committee of
Directors from time to time.
The details about the CSR initiatives taken during the Financial Year
2022-23 are discussed in a separate head "Corporate Social Responsibility" which
forms a part of this Annual Report.
The Annual Report on CSR activities of the Company is attached as "Annexure
- IV" and Impact Assessment report issued by M/s. Give Grants Foundation, Gurgaon
is available on the website of the Company at https://www.natcopharma.co.in/investors/
Impactassessmentreport.
TRANSFER OF UNPAID AND UNCLAIMED DIVIDEND AMOUNTS TO INVESTOR EDUCATION
AND PROTECTION FUND
Pursuant to the provisions of Section 124(5) of the Companies Act,
2013, the declared dividends which remained unpaid or unclaimed for a period of seven
years, have been transferred by the Company to the Investor Education and Protection Fund
(IEPF) established by the Central Government pursuant to Section 125 of the said Act the
details of which are disclosed in the Corporate Governance Report.
EMPLOYEES STOCK OPTION SCHEME
Details pertaining to the Employee Stock Option Schemes is disclosed in
the Corporate Governance Report which forms a part of this Annual Report.
CREDIT RATING
The Company's credit ratings from ICRA on long term borrowings is
"AA" and on short term borrowings is "A1+"
PARTICULARS OF EMPLOYEES
The information as required under Section 197 of the Act read with Rule
5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
are attached as "Annexure-V" to this Board's Report.
The information required under Rule 5(2) and (3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules,
2014, is provided in an Annexure forming part of this Report. In terms
of the second proviso to Section 136 of the Act, the Report and Accounts are being sent to
the Members excluding the aforesaid Annexure. The said annexure is open for inspection at
the Registered Office of the Company and any member interested in obtaining the same may
write to the Company Secretary at the Registered Office of the Company.
CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The details of Energy Conservation, Research and Development,
Technology Absorption and Foreign Exchange Earnings and Outgo as required under Section
134(3)(m) of the Companies Act, 2013, read with Rule 8(3) of the Companies (Accounts)
Rules, 2014 is attached as "Annexure-VI" to this Board's Report.
ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the
Annual Return as on 31st March, 2023 is available on the Company's website on
https://www.natcopharma. co.in/investors/ annual return
COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has complied with Secretarial Standards issued by the
Institute of Company Secretaries of India.
GREEN INITIATIVE
To preserve environment, the Company has undertaken number of green
initiatives which not only reduce burden on environment but also ensure secured
dissemination of information. Such initiatives include energy saving, water conservation
and usage of electronic mode in internal processes and control, statutory and other
requirement(s).
ACKNOWLEDGEMENTS
The Board wish to place on record their appreciation to shareholders,
Government Authorities, banks, business partners, medical practitioners and other
stakeholders for the assistance, co-operation and encouragement extended to the Company.
The Board also commend the continuing commitment and dedication of the employees at all
levels, which has been critical for the Company's success. The Board look forward to their
continued unstinted support in future also.
For and on behalf of the Board of Directors |
|
V.C. Nannapaneni |
Rajeev Nannapaneni |
Managing Director |
Director & Chief Executive Officer |
DIN: 00183315 |
DIN: 00183872 |
Place: Hyderabad |
|
Date: August 09, 2023 |
|
|