Your Directors are pleased to present the thirtieth Annual Report of
the Company together with the Audited Financial Statements for the financial year ended
March 31, 2024. The consolidated performance of the Company and its subsidiaries has been
referred to wherever required.
(Rs. in Lakhs)
STATE OF THE COMPANY'S AFFAIRS
On a consolidated basis, the Revenue from operation for Financial Year
2023-24 was Rs. 9735.06 Lakhs, higher by 25.30% percent over the previous year's
revenue of Rs. 7769.30 Lakhs. The profit after tax (PAT) attributable to shareholders for
Financial Year 2023-24 and Financial Year 2022-23 was Rs. 950.20 Lakhs
and Rs. 373.38 Lakhs, respectively.
On a standalone basis, the revenue from operation for Financial Year
2023-24 was Rs.9617.96 Lakhs, higher by 25.85% percent over the previous year's
revenue of Rs. 7642.61 Lakhs. The profit after tax (PAT) attributable to shareholders for
Financial Year 2023-24 and Financial Year 2022-23 was Rs. 949.92 Lakhs
and Rs. 316.44 Lakhs, respectively.
DIVIDEND
Your Directors are pleased to recommend a Dividend of Rs. 0.15/- (7.5%)
per equity share of Rs. 2/- each for the financial year
2023-24, which is subject to consideration and approval of the
Shareholders at the ensuing Annual General Meeting of the Company, and shall be paid
within the statutory period to those members whose names appear in the Register of Members
as on the cut off date.
The total outflow on account of the proposed dividend shall amount to
Rs. 122.51 Lakhs.
RESERVES
There is no amount proposed to be transferred to Reserves out of
profits of the financial year 2023-24.
WARRANTS
The Board of Directors in their meeting held on May 20, 2022 proposed
to raise funds through Issue of warrants on preferential basis to Promoter & Promoter
Group Entity. The said proposal was duly approved by the Members at the 28th
Annual General Meeting held on June 20, 2022. On June 27, 2023 798,403 Equity Shares of
face value of Rs. 2/- each fully paid up were approved and allotted to Mr. Mahendra
Vasantrai Doshi, Promoter, pursuant to conversion of 798,403 Warrants.
On November 22, 2023, 11,97,605 and 9,98,004 Equity Shares of face
value of Rs. 2/- each fully paid up were approved and allotted to Bhavana Holdings Private
Limited, Promoter Group and Mr. Mahendra Vasantrai Doshi, Promoter respectively, pursuant
to conversion of entire balance of 21,95,609 Warrants.
Each warrant was convertible into one equity share of face value of Rs.
2/- each at an issue price of Rs.16.70/- [inclusive of a premium of Rs.14.70/-]. Equity
Shares have been allotted pursuant to receipt of the balance 75% of the warrant issue
price @ Rs. 12.525/- per warrant.
EMPLOYEES STOCK OPTIONS PLAN
The Members of the Company had passed the resolutions at its Annual
General Meeting held on May 24, 2017 and approved the LKP Securities Limited's
Employees' Stock Option Scheme 2017 ("LKPS ESOP - 2017")
and also approved to offer, issue and allot at any time or to acquire by way of secondary
acquisition, to or for the benefit of eligible employees under LKPS ESOP
- 2017, not exceeding 50,00,000 Equity Shares of Rs. 2 each, in one or
more tranches, at such price and on such terms and conditions as may be fixed or
determined by the Nomination and Remuneration Committee. The Members of the Company had
verified, modified and amended LKPS ESOP 2017 by way of postal ballot dated October 16,
2020, the result of which was declared on November 27, 2020 and, subsequently the Company
has granted 4,67,000 stock options on February 03, 2021 and 11,75,580 stock options on
October 21, 2021 to its employees under the modified LKPS ESOP 2017. The scheme was
furtherverified,modified General Meeting held on June 20, 2022, subsequently the Company
has granted 3,50,000 stock options on July 27, 2022 and 1,50,000 stock options on October
31, 2023 under the modified scheme.
The Members of the Company at its Annual General Meeting held on July
05, 2019 had approved the LKP Securities Limited's Employees' Stock Option
Scheme 2019 ("LKPS ESOP - 2019") and also approved to
offer, issue and allot at any time, to or for the benefit of eligible employees including
the employees of its subsidiaries under LKPS ESOP - 2019, not exceeding
35,00,000 Equity Shares of Rs. 2 each, in one or more tranches, at such
price and on such terms and conditions as may be fixed or determined by the Nomination and
Remuneration Committee.
Pursuant to the applicable provisions of the Companies Act, 2013
("the Act") and Securities and Exchange Board of India
(Share Based Employee Benefits and Sweat Equity) Regulations, 2021
("SBEB Regulations"), the scheme is administered by the Nomination and
Remuneration Committee of the Company.
MGB & TheCompanyhasreceived Co. LLP, Chartered Accountants, certificate
that the Scheme has been implemented in accordance with the SBEB Regulations and the
resolutions passed by the Members.
During year under review, the Company has allotted 2,91,675 equity
shares of Rs. 2/- each pursuant to exercise of stock options under the LKP Securities
Limited's Employees' Stock Option Scheme 2017.
The applicable disclosures as stipulated under SBEB Regulations as on
March 31, 2024 with regard to the LKPS ESOP – 2017 are provided in Annexure - I to
this Report.
DEBT SECURITIES
The Company has issued and allotted 815 unrated, unlisted, secured,
redeemable, taxable, transferable, non-convertible debentures of face value of Rs.
1,00,000/- per debenture. IDBI Trusteeship Services Limited is the Debenture Trustee for
same.
SHARE CAPITAL
SUBSIDIARIES AND ASSOCIATE
During the year under review, the Board has reviewed the affairs of LKP
Wealth Advisory Limited & LKP IFSC Private Limited, subsidiaries. LKP Wealth Advisory
Limited has income from operations amounting to Rs. 174.68 Lakhs and its net profit stood
at Rs. 51.65 Lakhs. There has been no material change in the nature of the business of the
subsidiary. intends to offer an option to its customers for trading in US stocks under
Withaview toofferdiversified its subsidiary ‘LKP IFSC Private Limited'. Further
the required SEBI & IFSC approval for commencement of IFSC business is obtained. The
company is yet to commenced its business and generate income from operations.
Wise Tech Platforms Private Limited is an associate company of your
Company. Wise Tech Platforms Private Limited is also a newly incorporated company, thereby
is yet to start its business and generate income from operations.
Pursuant to the provisions of Section 129(3) of the Act, a statement
containing salient features of the financial statements of the subsidiaries as on March
31, 2024 in the prescribed Form AOC-1 is attached to the financial statementsas Annexure
- II, which forms part of this Annual Report.
There are no joint venture companies within the meaning of Section 2(6)
of the Act.
CONSOLIDATED FINANCIAL STATEMENTS
The Consolidated Financial Statements of the Company prepared in
accordance with the Act and applicable Indian Accounting Standards along with the relevant
documents and Auditors' Report is also presented to you and form part of this Annual
Report. In accordance with the provisions of Section 136(1) of the Act, the Annual Report
of the Company containing therein the audited standalone and consolidated financial
statements and the audited financial statement of the subsidiary will be available for
inspection to any member of the Company and has been placed on the website of the Company
at www.lkpsec.com.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
Details of loans granted, guarantee provided and investment made by the
Company which are covered under the provisions of Section 186 of the Act, is provided in
Notes forming part of Financial Statements.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis in accordance with Regulation 34
read with Schedule V of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations")
forms part of this Annual Report as Annexure - III.
CORPORATE GOVERNANCE
Pursuant to the SEBI Listing Regulations, Company's Corporate
Governance Report forms part of this Annual Report along with the reports on Management
Discussion and Analysis and General Shareholder Information.
Further all the Board members and Senior Management personnel have
affirmed compliance with the Code of Conduct for the financial year 2023-24. A declaration
to this effect signed by the Managing Director of the Company also forms part of this
Annual Report.
ACertificate the compliance with the conditions of Corporate Governance
as stipulated under Regulation 34 read with Schedule V of the SEBI Listing Regulations is
annexed to this Report as Annexure - IV.
DIRECTORS AND KEY MANAGERIAL PERSONNEL(S)
In terms of Section 152 of the Act, Mr. Pratik Doshi (DIN: 00131122),
Executive Chairman & Managing Director of the Company is liable to retire by rotation
at the forthcoming Annual General Meeting ("AGM") and being eligible,
offers himself for reappointment. Your Directors have recommended his appointment for
approval of the shareholders, in the ensuing AGM of your Company.
The Company has received necessary disclosures and confirmations from
concerned Director(s) in connection with their appointment / re-appointment. Additional
information on appointment / re-appointment of Directors as required under Regulation 36
of SEBI Listing Regulations is given in the Notice convening the ensuing AGM.
Pursuant to section 134(3)(d) of the Act, the Company has received
necessary declarations from all the Independent Directors under Section 149(7) of the Act
that they meet the criteria of independence laid down in Section 149(6) of the Act,
Regulation 16(1)(b) and Regulation 25 of SEBI Listing Regulations. None of the Independent
Directors held any equity shares of your
Company during the financial year ended March 31, 2024. Further, in the
opinion of the Board of Directors of the Company, all Independent Directors possess
requisite integrity,expertiseandexperienceincludingtheproficiencyrequired to discharge the
duties and responsibilities as Directors of the Company.
During the year under review, the Company did not have any pecuniary
relationship or transactions with any of its Directors, other than payment of remuneration
and payment of sitting fees and reimbursement of expenses incurred by them for the purpose
of attending meetings of the Company.
In terms of Section 203 of the Act, the Company has the following Key
Managerial Personnel: Mr. Pratik M. Doshi, Chairman and Managing Director, Mr. Girish
Majrekar, Chief Financial Officer and Mr. Sahil Gurav, Company Secretary.
During the year under review, the Nomination and Remuneration Committee
meeting and Board of Directors at its meeting held on October 31, 2023, re-appointed Mrs.
Anjali Suresh (DIN: 02545317) as Non-Executive, Independent Directors of the Company for a
second term of 5 consecutive years w.e.f. December 18, 2023 upto December 17, 2028 and
same is also approved by the members through postal ballot. Mrs. Anjali Suresh fulfils the
criteria and conditions specified in the Companies
Act, 2013 for such appointment.
As per Regulation 17(1)(a) of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, no listed
company shall appoint or continue the directorship of any person as a Non-Executive
Director who has attained the age of seventy five years unless the of
Special Resolution. The requisite consent of the members was accorded to continue the
holding of office of Director (Non-Executive) by Mr. Mahendra V. Doshi (DIN: 00123243),
despite his age crossing 75 years and whose office shall be liable to retire by rotation
and on the same terms as passed by the members at the 27th Annual General
Meeting held on July 15, 2021.
During the year under review, Ms. Akshata Vengurlekar resigned from the
office of Company Secretary & Compliance Officer the Company w.e.f June 30, 2023 and
Ms. Sneha Lohogaonkar was appointed as Company Secretary and Compliance Officer of the
Company with effect from July 24, 2023 and resigned w.e.f October 31, 2023. Further, Ms.
Heta Raval was appointed as Company Secretary and Compliance Officer of the Company with
effect from January 20, 2024 and resigned w.e.f April 2024. Thereafter, Mr. Sahil Gurav
was appointed as Company Secretary and Compliance Officer of the Company with effect from
April 23, 2024.
The composition of the Board of Directors of the Company is in
accordance with the provisions of Section 149 of the Act and Regulation 17 of the SEBI
Listing Regulations, with an appropriate combination of Executive, Non-Executive and
Independent Directors.
COMMITTEES OF THE BOARD
Details of Committees of the Board of Directors of the Company along
with their terms of reference, composition and meetings held during the year, are provided
in the Corporate Governance Report, which forms part of this Annual Report.
NUMBER OF MEETINGS OF THE BOARD
The Board meetings are normally held on a quarterly basis, during the
year under review, Five (5) meetings of the Board of Directors were held. Meetings of
Board of Directors were held on April 26, 2023, July 24, 2023, October 31, 2023, January
20, 2024 and February 27, 2024. The necessary quorum was present for all the meetings. The
details of date of above meeting including the attendance of the Directors are given in
the Corporate Governance Report that forms part of this Annual Report.
PERFORMANCE EVALUATION OF BOARD
Pursuant to the provisions of the Companies Act, 2013 and the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Board has carried out an annual evaluation of performance of its
own, the Committees thereof and the Directors individually.
At the meeting of the Board all the relevant factors that are material
for evaluating the performance of the Committees and of the Board were discussed in
detail.
A separate exercise was carried out to evaluate the performance of
individual Directors including the Chairman of the Board, who were inter-alia evaluated on
parameters such as level of engagement, contribution, independence of judgment,
safeguarding the interest of the Company and its minority shareholders, etc. The
performance evaluation of the Independent Directors was carried out by the entire Board
except the Director being evaluated. The performance evaluation of the Chairman and
Non-Independent Directors was carried out by the Independent Directors.
The Directors expressed their satisfaction with the evaluation process.
The Board has, on the recommendation of the Nomination &
Remuneration Committee framed a policy for selection and appointment of Directors, Senior
Management and their remuneration. The Remuneration Policy is stated in the Corporate
Governance Report.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
Company's policy is to have an appropriate mix of executive,
non-executive and independent directors to maintain the independence of the Board, and
separate its functions of governance and management. As on March 31, 2024, the Board had
six members, one of whom is an executive managing director, two non-executive
non-independent director and three independent directors. One of whom is a woman
independent director. The Company's policy on Directors' appointment and
remuneration and other matters provided in Section 178(3) of the Act, has been disclosed
in the Corporate Governance Report, which forms part of this Annual Report.
VIGIL MECHANISM/ WHISTLE BLOWER
In accordance with Section 177(9) of the Act read with Rule 7 of the
Companies (Meetings of Board and its Powers) Rules, 2014 and Regulation 22 of the SEBI
Listing Regulations, the Company has established a vigil mechanism to provide a framework
to promote responsible and secure whistle blowing and to provide a channel to the
employee(s) and Directors to report to the management, concerns about unethical behaviour,
actual or suspected fraud or violation of the code of conduct or policy/ies of the
Company, as adopted/framed from time to time. The mechanism provides for adequate
safeguards against victimisation of employee(s) and also provides for direct access to the
Chairperson of the Audit Committee in exceptional cases. No personnel have been denied
access to the Chairman or members of the Audit Committee. The said Policy is placed on the
Company's website at www.lkpsec.com.
During the financial year 2023-24, no cases under this mechanism were
reported to the Company.
PREVENTION OF INSIDER TRADING
The Company has adopted a Code of Conduct for Prevention of Insider
Trading as amended from time to time with a view to regulate trading in securities by the
Directors and designated employees of the Company. The Code requires pre-clearance for
dealing in the Company's shares and prohibits the purchase or sale of Company shares
by the Directors and the designated employees while in possession of unpublished price
sensitive information in relation to the Company and during the period when the Trading
Window is closed. The Board is responsible for implementation of the Code.
All Board Directors and the designated employees have confirmed
compliance with the Code.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
The Company has put in place a policy for Related Party Transactions
(‘RPT'), which has been approved by the Board of Directors. The policy provides
for identification of RPTs, necessary approvals by the Audit Committee/Board/Members,
reporting and disclosure requirements in compliance with the Act and provisions of SEBI
Listing Regulations. During the year under review, all contracts/ arrangement/
transactions entered by the Company with related parties were in compliance with the
applicable provisions of the Act and SEBI Listing Regulations. Requisite approval of the
Audit Committee was obtained for all related party transactions. All related party
transactions entered during the year were on arm's length basis and in the ordinary
course of business of the Company. The details of transactions with related parties are
provided in the
Company's financial statements in accordance with the Indian
Accounting Standards.
The particulars of contract or arrangement in Form AOC-2 as required
under Section 134(3)(h) of the Companies Act, 2013 and Rule 8(2) of the Companies
(Accounts) Rules, 2014 is annexed to this Report as Annexure - V. The details of other
loans and advances are mentioned in notes to accounts and are not repeated here.
The Company's policy on materiality of and dealing with related
party transactions, as approved by the Board, is uploaded on the website of the Company
and can be accessed at www.lkpsec.com.
DIRECTORS' RESPONSIBILITY STATEMENT
The Board of Directors acknowledges the responsibility for ensuring
compliance with the provisions of section 134(3)(c) read with section 134(5) of the
Companies Act, 2013 in the preparation of the annual accounts for the year ended on March
31, 2024 and state that: i. in the preparation of the annual accounts for the financial
year ended March 31, 2024, the applicable accounting standards have been followed along
with proper explanation relating to material departures; ii. they have selected such
accounting policies 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 and of the profit of the Company for the year
ended March 31, 2024; iii. they have taken proper and sufficient care for the the
provisions of the Act for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities; iv. they have prepared the annual accounts for
the financial year ended March 31, 2024 on a going concern basis; v. they have laid down
Internal Financial Controls tobefollowedbytheCompanyandthatsuchinternalfinancialcontrols
are adequate and are operating effectively; and vi. they have devised proper systems to
ensure compliance with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
AUDIT COMMITTEE
The Audit Committee of the Company comprises of Mr. Ganesh Malhotra,
Independent Director as Chairperson of the Committee, Mr. Sajid Mohamed and Mrs. Anjali
Suresh, Independent Directors and Mr. Pratik M. Doshi, Managing Director are other Members
of the Audit Committee. The said composition is as per Section 177 of the Companies Act,
2013 and Regulation 18 of the Listing Regulations. There are no instances where the Board
did not accept the recommendations of the Audit Committee. The terms of reference, powers
and roles of the Committee are disclosed in the Corporate Governance Report, which forms
part of this Annual Report.
PARTICULARS OF EMPLOYEES
Disclosures pertaining to remuneration and other details, as required
under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, regarding remuneration of Directors,
Key Managerial Personnel and other related disclosure is given as Annexure - VI to
the Board's Report. Further, a statement showing the names and other particulars of
employees drawing remuneration in excess of the limits as set out in the Rule 5(2) and
5(3) of the aforesaid Rules, forms part of this report. However, in terms of first proviso
to Section
136(1) of the Act, the Annual Report and Accounts are being sent to the
members and others entitled thereto, excluding the aforesaid information. The said
information is available for inspection by the Members at the Registered Office of the
Company during business hours on working days and through electronic means. Further in
terms of proviso to said Rule 5(3), such particulars shall be available to any shareholder
on specific request made by him in writing or e- mail to Company Secretary, at
ho_compliance@lkpsec.com.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an Internal Control System, commensurate with the size,
scale and complexity of its operations. The scope and authority of the Internal
Auditors' function is defined in their letter of engagement. To maintain its
objectivity and independence, the Internal Auditor reports to the Chairperson of the Audit
Committee of the Board and to the Managing Director.
The Internal Auditor monitors and evaluates the efficacy and adequacy
of internal control system in the Company, its compliance with operating systems,
accountingproceduresandpoliciesoftheCompany.Significantaudit observations and
recommendations along with corrective actions thereon are presented to the Audit Committee
of the Board.
RISK MANAGEMENT
Your Company recognizes that risk is an integral part of business and
is committed to managing the risks in a proactive and efficient manner. The Board of the
Company at regular intervals monitors the financial, operational, legal risk to the
Company.
There is no risk, which in the opinion of the Board which may threaten
the existence of the Company.
Pursuant to Section 134 (3) (n) of the Act it is stated that at present
the company has not identified any element of risk which may threaten the existence of the
Company.
STATUTORY AUDITORS
The term of the existing Statutory Auditors M/s MGB & Co. LLP,
Chartered Accountants is coming to an end at the ensuing
AGM. The Board of Directors have recommended re-appointment office M/sMGB&Co.LLPtohold
this AGM till the conclusion of the thirty-first AGM. The Company has received a written
confirmation from the Statutory Auditors confirmingthat their continued appointment shall
be in accordance with the applicable provisions of the Act. The Statutory Auditors have
confirmed that they satisfy the criteria of independence, as required under the provisions
of the Companies Act,2013andthattheyareholding certificateissued valid by the Peer
Review Board of the Institute of Chartered Accountants of India.
AUDITORS' REPORT
There are no qualifications, reservations or adverse remarks for the
financial year ended March 31, 2024.
Pursuant to provisions of the Section 143(12) of the Act, the Statutory
Auditors have not reported any incident of fraud to the Audit Committee or the Board
during the year under review.
SECRETARIAL AUDITOR
As required under provisions of Section 204 of the Act and read with
Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
made thereunder, Mr. V. Ramachandran (Membership No: A-7731 / CP No. 4731) Proprietor of
M/s. V. R. Associates, Practicing Company Secretaries was appointed as Secretarial Auditor
to conduct the
Secretarial Audit of the Company for the financial year 2023-24.
The Secretarial Audit Report for the financial year 2023-24 is appended
as Annexure - VII, which forms part of this Report. There are no qualifications,
reservations or adverse remarks made by M/s V. R. Associates, Practicing Company
Secretaries, in their report for the financial year ended March 31, 2024.
In addition to the above and pursuant to SEBI circular dated February
08, 2019, a report on secretarial compliance by M/s.
V. R. Associates, Practicing Company Secretaries for the financial year
ended March 31, 2024 is being submitted to stock exchanges.
COMPLIANCE WITH SECRETARIAL STANDARDS
The Board of Directors states that the Company has complied with
Secretarial Standards on meetings of the Board of Directors ("SS-1") and on
General Meetings ("SS-2") as amended and issued from time to time by the
Institute of Company Secretaries of India in terms of Section 118(10) of the Act.
EXTRACT OF ANNUAL RETURN
In accordance with Section 92(3) of the Act, a copy of the Annual
Return is available on the website of the Company at www.lkpsec.com.
CORPORATE SOCIAL RESPONSIBILITY STATEMENT (CSR)
During the financial year ended March 31, 2024 pursuant to the
provisions of Section 135(1) of the Act, read with the Companies
(Corporate Social Responsibility Policy) Rules 2014, CSR provisions are
not applicable to the Company.
TRANSFER OF UNCLAIMED/UNPAID AMOUNTS TO THE INVESTOR EDUCATION AND
PROTECTION FUND (‘IEPF')
In terms of the provisions of Section 124, 125 and other applicable
provisions, if any, of the Act, read with provisions of the Investor Education and
Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 and other
applicable provisions, all unpaid or unclaimed dividends are required to be transferred by
the Company to the Investor Education and Protection Fund ("IEPF") established
by the Central Government, after completion of seven years from the date the dividend.
Further, in terms of Section 124(6) of the Act, read with the IEPF Rules, all the shares
in respect of which dividend has remained unpaid/unclaimed for seven consecutive years or
more from the date of transfer to the unpaid dividend account are required to be
transferred to the demat account of the Investor Education and Protection Fund Authority
(‘IEPFA'). The details of unpaid/ unclaimed dividend and equity shares so
transferred are uploaded on the website of the Company at https://www.lkpsec.com as well
as that of the Ministry of Corporate Affairs, Government of India athttp://www.mca.gov.in.
The Members/Claimants whose shares and unclaimed dividend have been transferred to IEPF
may claim the shares or apply for refund by making an application to IEPF Authority in
Form IEPF 5 (available on www.iepf.gov.in). The Member/Claimant can file only one
consolidated claim FinancialYear as per the IEPF Rules.
CONSERVATION OF ENERGY
The operations of the Company are not energy intensive. However, the
Company has taken various measures for conservation of energy, like switching from
conventional lighting systems to LED lights etc. All efforts are made to use more natural
lights in office premises to optimize the consumption of energy.
TECHNOLOGY ABSORPTION
The Company, primarily being a securities broking company and not
involved in any industrial or manufacturing activities, has no particulars to report
regarding technology absorption as required under Section 134 of the Act and Rules made
thereunder.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Company did not enter into any foreign currency transactions except
for investment in LKP IFSC Private Limited upto $ 1,79,992.8.