Dear Members,
Your Directors have immense pleasure in presenting the Annual Report on
the business and operations of your company along with the Audited Financial Statements
(Standalone and Consolidated) for the Financial Year ended 31st March, 2024.
1. Financial Summary
The summarized standalone and consolidated Financial Statements of your
Company are given in the table below:
(Rs in Lakhs)
Particulars |
Standalone |
Consolidated |
|
2023-24 |
2022-23 |
2023-24 |
2022-23 |
Total Revenue |
4,29,028.48 |
4,04,135.51 |
5,36,889.36 |
5,08,698.55 |
Profit / (Loss) Before Interest, |
43,992.56 |
33,057.49 |
59,456.21 |
47,139.82 |
Depreciation and Tax (PBITDA) |
|
|
|
|
Finance Charges |
54.36 |
74.40 |
130.70 |
202.13 |
Depreciation |
3,238.07 |
2302.19 |
5,639.92 |
4,259.45 |
Provision for Income Tax (including for |
9,894.48 |
7,396.48 |
14,304.66 |
11,453.01 |
earlier years) |
|
|
|
|
Net Profit / (Loss) After Tax |
30,805.65 |
23,284.42 |
39,380.93 |
31,225.23 |
Profit / (Loss) brought forward from |
1,49,921.56 |
1,37,679.51 |
1,83,080.22 |
1,66,163.92 |
previous year |
|
|
|
|
Profit / (Loss) carried to Balance Sheet |
1,69,596.87 |
1,49,921.56 |
2,06,821.29 |
1,83,080.22 |
2. Summary of Operations & State of Company's Affairs
The profit for the year under consideration i.e., Financial year
2023-24, before depreciation, finance charges and tax is Rs 43,992.56 Lakhs as compared to
a profit of Rs 33,057.49 Lakhs in the previous financial year i.e., Financial year
2022-23. The profit for the year after tax is Rs 30,805.65 Lakhs as against a profit of Rs
23,284.42 Lakhs during the previous financial year.
Your Company reported 5,31,967 MTs sales of Shrimp Feed during
Financial year 2023-24 as compared to 4,97,550 MTs Shrimp Feed sales in the immediately
preceding Financial year 202223, a growth of 6.92% in volume.
The Four Windmills of your Company located in Karnataka State with a
total capacity of 3.2 MWs have generated 43.34 Lakh units as against 47.95 Lakh units in
the previous year. The power generated during the year was sold to Karnataka Power
Transmission Corporation Limited (KPTCL) under the Power Purchase Agreement (PPA).
There have been no material changes and commitments, which affect the
financial position of the Company which have occurred between the end of the financial
year to which the financial statements relate and the dates of this report.
During the year under review, there is no change in nature of the
business of the Company. The affairs of the Company are conducted in accordance with the
accepted business practices and within the purview of the applicable legislations.
3. Share Capital
During the year under review, there was no change in the share capital
of the Company. Authorized Share Capital
The Authorized Share Capital of the Company as on 31st
March, 2024 is Rs 15,85,00,000 (Rupees Fifteen Crores and Eighty Five Lakhs) divided into
15,85,00,000 equity shares having face value of Rs 1/- each.
Paid-up Equity Share Capital
The paid-up Equity Share Capital is Rs 13,62,45,630 (Rupees Thirteen
Crores Sixty Two Lakhs Forty Five Thousand Six Hundred and Thirty) divided into
13,62,45,630 equity shares having face value of Rs 1/- each.
Re-classification from promoter group to public
Pursuant to Regulation 31A of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended from time to time, with effect from 13th
March, 2024, the BSE and National Stock exchange of India, approved the reclassification
of Mrs. Madhavi Chukkapalli, holding 37,500 Equity Shares (0.03%) @ Rs1/- each, fully
paid-up from "Promoter Group" category of the Company to "Public"
category. Therefore, Mrs. Madhavi Chukkapalli has been removed from the "Promoter
Group" category and was included in the "Public" category.
4. Reserves
During the year under review, an amount of Rs 2,500 Lakhs was
transferred to Reserves out of the current year profits.
5. Dividend
Your Directors have recommend a dividend of Rs 6.75 (Six Rupees Seventy
Five Paisa only) per equity share of Rs 1/- each fully paid for the Financial year
2023-24. The dividend, if declared by the members at the ensuing 31st Annual
General Meeting will be paid within the time line as prescribed under the Companies Act,
2013 ("the Act") subject to deduction of tax at source (TDS) as applicable.
The dividend, if approved, would result in a cash outflow of
approximately Rs 9,197 Lakhs resulting in a dividend payout of 30.23% of the standalone
profits of the Company.
The dividend recommended is in accordance with the Dividend
Distribution Policy of the Company. The policy in terms of Regulation 43A of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, ("Listing
Regulations") is available on the Company's website at
https://avantifeeds.com/policies/
6. Alteration of Articles of Association
During the year under review, your Company has not altered its Articles
of Association.
7. Board of Directors
a. Composition of the Board
The Composition of the Board of Directors is in conformity with
Regulation 17 of Listing Regulations. The present strength of the Board of the Company is
as follows:
Sl. No. |
Name |
Designation |
1 |
Dr. A. Indra Kumar |
Chairman and Managing Director |
2 |
Sri J. V. Ramudu |
Chairman of the Board and Independent Director |
3 |
Sri C. Ramachandra Rao |
Joint Managing Director, Company Secretary, Compliance
Officer and Chief Financial Officer |
4 |
Sri N. Ram Prasad |
Non-Executive Director |
5 |
Sri A. Venkata |
Executive Director |
6 |
Sanjeev Mr. Bunluesak Sorajjakit |
Non-Executive Director |
7 |
Mr. Peerasak Boonmechote |
Non-Executive Director |
8 |
Smt. K. Kiranmayee |
Independent Woman Director |
9 |
Sri NVDS Raju |
Independent Director |
10 |
Sri V. Narsi Reddy |
Independent Director |
11 |
Sri V Raghunath |
Nominee Director (Nominee of Andhra Pradesh Industrial
Development Corporation Limited) |
b. Number of Meetings of the Board
During the period, Eight (8) meetings of the Board of Directors were
held. The details of the meetings held and attended by the Directors are given in the
Report on Corporate Governance, which forms part of this Board's Report.
8. Changes in Directors and Key Managerial Personnel
During the year under review, Mr. Peerasak Boonmechote, who was
appointed as an Additional Non-Executive Director w.e.f 20th February 2023,
appointed as Director vide approval of the members at the Extra-ordinary General Meeting
held on 29th April, 2023, by way of passing ordinary resolution.
Change in Nominee Director:
During the year under review, APIDC vide its letter dated 25th
September, 2023 withdrawn its nomination of Sri Gurrala Sudarsan Babu, (DIN: 09402807),
from the Board of the Company and nominated Sri V. Ragunath, VC and MD of APIDC as
Non-Executive Nominee Director, in his place. Hence, Sri Gurrala Sudarsan Babu, (DIN:
09402807) was resigned from the Board w.e.f. 25th September, 2023. And
subsequently Sri Raghunath Vemali, (DIN: 10405110) was appointed as Nominee Director in
the Board Meeting held in 21st December, 2023 and later on the members approved
his appointment through postal ballot resolution dated 16th February, 2024.
Appointment of Independent Director
1. During the year under review, Sri J. V. Ramudu, has completed his
first term of Five (5) years as an Independent Director and Chairman of the Board of the
Company. Based on the recommendation of Nomination & Remuneration Committee, the Board
recommended the re-appointment of Sri J. V. Ramudu as an Independent Director on the Board
of the Company for a second term of Five (5) consecutive years commencing from 10th
November, 2023, up to 9th November, 2028 (both days inclusive), and the members
given approval in the 30th Annual General Meeting held on 11th
August, 2023.
2. The Board at its meeting held on 22nd May, 2024, on the
recommendation of Nomination and Remuneration Committee, appointed Smt. Y. Prameela Rani
and Dr. Sunkara Venkata Satya Shiva Prasad as Non-Executive, Independent Directors for a
period of Five (5) years w.e.f 9th August, 2024 to 8th August, 2029
(first term) is subject to approval of the members at the ensuing Annual General Meeting.
Retirement of Directors
In terms of Article 80 and 87 of the Articles of Association of the
Company, Sri N. Ram Prasad and Mr. Peerasak Boonmechote, Directors liable to retire by
rotation at the ensuing 31st Annual General Meeting ("AGM") and being
eligible, offer themselves for re-appointment. The Nomination and Remuneration Committee
and Board recommended their re-appointment for approval of the Shareholders at the ensuing
31st AGM.
Key Managerial Personnel ("KMP")
Dr. A. Indra Kumar, Chairman and Managing Director, Sri C. Ramachandra
Rao, Joint Managing Director, Company Secretary, Compliance Officer and Chief Financial
Officer, and Sri A. Venkata Sanjeev, Executive Director are the KMPs of the Company.
After the financial year, the Nomination & Remuneration Committee
and Audit Committee at their Meetings held on 21st May, 2024 and the Board of
Directors at their Meeting held on 22nd May, 2024 recommended the
re-appointment of Sri A. Venkata Sanjeev, Whole-Time Director designated as an Executive
Director for a period from 9th August, 2024 to 31st March, 2029,
whose term of appointment will conclude on 8th August, 2024, subject to
approval of the Shareholders at the ensuing 31st AGM.
Apart from aforesaid, there were no other changes in Directors and Key
Managerial Personnel of the Company. The details of Directors, Key Managerial Personnel
and composition of various Committees and changes of the Board are given in the Report on
Corporate Governance which forms part of the Board's Report.
9. Committees of the Board
The details of the Committees of the Board viz., Audit Committee,
Nomination and Remuneration Committee, Stakeholders Relationship Committee, Risk
Management Committee and Corporate Social Responsibility Committee, are given in the
Report on Corporate Governance which forms part of the Board's Report.
10. Familiarization Programme for Independent Directors
All Independent Directors are familiarised with the operations and
functioning of the Company at the time of appointment and on an on-going basis. The
details of the training and familiarisation programme are given in the Report on Corporate
Governance which forms part of the Board's Report and is available on the website of the
Company at www.avantifeeds.com/investors
11. Statement of Declaration given by Independent Directors
As required under Section 149 of the Act, the Independent Directors
have submitted the declaration affirming that they meet the Criteria of Independence as
provided in Section 149(6) of the Act and Regulation 25 of Listing Regulations. In the
opinion of the Board, the Independent Directors of the Company possess necessary
expertise, integrity and experience.
12. Separate Meeting of Independent Directors
A separate meeting of Independent Directors was held on 6th
April, 2024, to review the performance of the Non-Independent Directors and the Board as a
whole, to review the performance of Chairperson of the Company and assess the quality,
quantity 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. All the
Independent Directors were present at the meeting.
13. Nomination and Remuneration Policy.
The Company's policy on Directors' Appointment and Remuneration and
other matters as provided in Section 178(3) of the Act are given in the Report on
Corporate Governance which forms part of the Board's Report and is also available on the
website of the Company at https:// avantifeeds.com/ policies.
14. Annual Return
Pursuant to the provisions of Section 92(3) and Section 134(3) of the
Act read with Rule 12 of the Companies (Management and Administration) Rules, 2014 as
amended from time to time, the Annual Return of the Company as on 31st March,
2024 in e-form MGT-7, is available on the Company's website and can be accessed at
www.avantifeeds.com/downloads/.
15. Loans, Guarantees or Investments
Pursuant to provisions of Section 186 of the Act, read with Companies
(Meetings of Board and its Powers) Rules, 2014, the particulars of loans given, guarantees
provided and investments made by the Company during the Financial year 2023-24 are
disclosed in the notes to Financial Statements which forms part of this report.
16. Particulars of Contracts or arrangements with Related Parties
All contracts / arrangements / transactions entered by the Company
during the Financial year 2023-24 with related parties were in its ordinary course of
business and are on an arm's length basis. During the year, the Company had not entered
into any contract / arrangement / transaction with related parties which could be
considered material in accordance with the policy of the Company on materiality of related
party transactions or which is required to be reported in Form No. AOC-2 in terms of
Section 134(3)(h) read with Section 188 of the Act and Rule 8(2) of the Companies
(Accounts) Rules, 2014.
However, the details of all the related party transactions are
disclosed in the notes to the Financial Statements.
The Company formulated a Policy on dealing with Related Party
Transactions. The policy is available on the Company's website and can be accessed at:
https://avantifeeds.com/policies.
17. Evaluation of Performance of Board, Committees and Directors
Performance evaluation of the Board as a whole, the committees and all
individual directors including Independent Directors has been carried out for the
Financial year under review in accordance with the criteria framed pursuant to the
provisions of the Companies Act, 2013, Listing Regulations and Guidance notes issued by
SEBI. The manner in which the evaluation was carried out is given in the Report on
Corporate Governance which forms part of the Board's Report.
18. Corporate Governance
Report on the Corporate Governance together with a Certificate from
Independent auditors on compliance with conditions of Corporate Governance as stipulated
under Listing Regulations forms part of this Board's Report.
19. Risk Management Policy
In terms of the requirement of Section 134(3)(n) of the Act, the
Company has developed and implemented the Risk Management Policy. The Company has
constituted a Risk Management Committee which frames, implements and monitors Risk
Management Plan and lays down procedures periodically to inform the Board on the risk
assessment and risk minimization procedures much before it was introduced as a Statutory
Compliance.
The Risk Management Committee is in compliance with the provisions of
Regulation 21 of Listing Regulations. The Company has adopted a structured Risk Management
Policy in accordance with the provisions of the Act and Regulation 21 of Listing
Regulations.
The Risk Management Committee has an additional oversight in the area
of risk management. Any major risks identified by the business and functions are
systematically addressed through mitigating actions on a continuing basis.
The Board oversees Company's processes for determining risk tolerance
and review management's action and comparison of overall risk tolerance to established
levels. The framework is designed to enable risks to be identified, assessed and mitigated
appropriately. Any major risks identified by the businesses and functions are
systematically addressed through appropriate actions on a continuous basis.
20. Whistle Blower Policy-Vigil Mechanism
The Company has established a Whistle Blower Policy for its Directors
and Employees to report their concerns about any unethical behavior, actual or suspected
fraud or violation of the Company's code of conduct or ethics policy and Code of Conduct
to regulate, monitor and report trading by Insiders. The practice of Whistle Blower Policy
is overseen by the Audit Committee and no employee has been denied access to the
Committee. The Whistle Blower Policy is available at the Company's website at
https://avantifeeds.com/policies/.
21. Maintenance of Cost Records
The Company has maintained the Cost records as required to be
maintained under Section 148(1) of the Act.
22. Corporate Social Responsibility (CSR)
As per Section 135(5) of the Act, the Company shall ensure that an
amount of 2% of the average Net Profits of the Company made during the three immediately
preceding financial years shall be spent towards Corporate Social Responsibility
activities. For the Financial year 2023-24, the amount to be spent towards CSR activities
works out to Rs 569.10 Lakhs. The Company has spent Rs 269.10 Lakhs towards the CSR
activities in the Financial Year 2023-24 and Rs 300.00 Lakhs has been set aside for the
utilization of ongoing project, AU-AVANTI - Aquaculture Skill Development Center and
Avanti Vocational Training Centers to be established.
The Annual Report on CSR activities in terms of the requirements of
Companies (Corporate Social Responsibility Policy) Rules, 2014 is enclosed at Annexure-1,
which forms part of this Board's Report.
23. Subsidiaries, Joint Ventures and Associate Companies
23.1 Subsidiaries
1. Avanti Frozen Foods Private Limited ("AFFPL"):
During the year, AFFPL has reported a turnover of Rs 1,08,186.65 Lakhs
and the profit before tax is Rs 13,627.51 Lakhs. The Profit after tax reported by AFFPL is
Rs 9,209.40 Lakhs for the Financial year 2023-24.
The Secretarial Audit report of AFFPL as required under regulation 24 A
of the Listing Regulations, is provided as a separate annexure forming part of this
Board's Report. Further, the annual report is being sent to the members excluding the
aforesaid annexure. The same is available for inspection and any member interested in
obtaining a copy of the same may write to the company at investors@avantifeeds.com.
2. Avanti Pet Care Private Limited (APCPL):
During the year under review, the Company has incorporated a new
Subsidiary Company i.e. Avanti Pet Care Private Limited (APCPL) on 18th July,
2023, in the state of Telangana, India for the purpose of setting up Pet Care Products
project with 51% equity participation. Initially, the subsidiary Company incorporated with
Dr. A. Indra Kumar and Sri A. Venkata Sanjeev as promoter Director, subsequently it will
be joined by foreign collaborator. At present the Memorandum of Understanding followed by
Technical Collaboration Agreement with JV Agreement had already executed between the
Partners. The Company has not yet commenced its commercial production.
3. Srivathsa Power Projects Private Limited ("SPPPL"):
The Company continued to stop generating power due to increase in
APM-gas and non availability of APM-gas since May, 2022. In addition to that in the month
of July, 2022, Gail India Limited - a Government of India undertaking - a Maharatna
Company, who is a natural gas supplier to Srivathsa, had informed that, as per the
Ministry of Petroleum and Natural Gas guidelines and directives, the APM gas from KG basin
allocated to power plants will be diverted to CGD (City Gas Distribution) entities outside
KG basin w.e.f 01st August, 2022. As per the above guidelines, Srivathsa is not
getting APM gas from Gail India Limited. As a result, there is no power generation during
the financial year. During the year 2023-24, the Company reported Other Income of Rs 23.74
Lakhs and a loss of (Rs 161.42) Lakhs after charging interest and depreciation, as per
audited financials.
23.2 The consolidated financial statements of the Company and its
subsidiaries were prepared in accordance with the accounting principles as generally
accepted in India, including the Accounting Standards as specified under Section 133 of
the Act, read with relevant Rules, form part of the Annual Report and are reflected in the
Consolidated Financial Statements of the Company.
23.3 The Annual financial statements of the subsidiaries and related
detailed information will be kept at the Registered Office and Corporate Office of the
Company and also at the Registered Offices of the respective subsidiaries and also
available on the website of the Company at https://avantifeeds.com/financial-reporting.
23.4 The Company has adopted a Policy for determining Material
subsidiaries in terms of Regulation 16(1)(c) of Listing Regulations. The Policy approved
by the Board is available on the website of the Company at
https://avantifeeds.com/policies/.
23.5 Joint Ventures
Your Company has no Joint Venture.
23.6 Associate Company
Patikari Power Private Limited ("PPPL")
The Company holds 25.88% equity shares in PPPL which has a 16 MW Hydel
Power Project in Himachal Pradesh, India. During the Financial year 2023 24 as per audited
financials the Company generated 36.13 Million saleable energy units,
yielding a gross sales income of Rs 693.15 Lakhs which resulted in a
net profit of Rs 82.71 Lakhs after charging interest, depreciation and tax. For the FY
2023-24, the Company has not declared any dividend to the shareholders during the
financial year 2023-24 as the plant was shutdown from 12th August, 2023 to 24th
February, 2024 due to heavy rains with unexpected floods and land slide the project was
heavily damaged. The plant was restored and the damaged was recovered thru Insurance.
23.7 Names of companies which have become or ceased to be, its
Subsidiaries, joint ventures or Associate companies:
During the year under review, the Company has incorporated a new
Subsidiary Company i.e. Avanti Pet Care Pvt. Ltd. (APCPL) on 18th July, 2023.
There were no Joint Ventures or Associate Companies incorporated or ceased during the
year.
Statement containing salient features of financial statements of
subsidiaries and associates. Pursuant to Section 129(3) of the Act, the statement
containing the salient features of the financial statements of Company's subsidiary and
associate companies in the Form AOC-1 is enclosed at Annexure-2 of Board's Report.
24. Management Discussion & Analysis
A Report on Management Discussion and Analysis (MDA) which forms part
of the Board's Report as per the requirements of Regulation 34 of Listing Regulations is
enclosed at Annexure-3.
25. Business Responsibility and Sustainability Report
The Business Responsibility and Sustainability Report (BRSR) of your
Company for the Financial year 2023-24, which forms part of this Board's Report as
required under regulation 34(2)(f) of listing regulations is enclosed at Annexure-4.
26. Listing at Stock Exchanges
The equity shares of your Company continue to be listed and traded on
the BSE Limited and National Stock Exchange of India Limited. The Annual Listing fee for
the Financial year 2024-25 has been paid to both the Stock Exchanges.
27. Internal Controls Systems and Adequacy
The Company has in place an adequate system of internal controls. The
details of the internal controls System are given in the MDA Report which forms part of
the Board's Report.
The internal financial controls with reference to the Financial
Statements for the Financial year ended 31st March, 2024 commensurate with the
size and nature of business of the Company.
The measures implemented for internal financial controls include
multiple authority levels for approval of expenditures, budgetary controls and internal
audit etc.
28. Audit and Auditors
a. Independent Auditors, their Report and Notes to Financial Statements
M/s. Tukaram and Co. LLP, Chartered Accountants (Firm Registration No.
004436S/ S200135) were re-appointed as Statutory Auditors of the Company at the 29th
AGM held on 12th August, 2022, to hold office till the conclusion of the 34th
AGM.
The report of the Independent Auditors along with notes and Schedules
are annexed to this Board's Report.
There were no qualifications, reservations or adverse remarks or
disclaimers made by Independent Auditors i.e. Tukaram and Co., LLP, Chartered Accountants,
Hyderabad, in their report.
b. Internal Auditor
In terms of Section 138 of the Act, and the relevant Rules, the Company
re-appointed M/s. Manohar Chowdhry and Associates, Chartered Accountants as Independent
Internal Auditors of the Company for a further period of three years. The Internal Auditor
directly reports to the Audit Committee.
c. Secretarial Auditor
In terms of Section 204 of the Act, and the Rules made thereunder, M/s.
V. Bhaskara Rao and Co., Hyderabad, Practicing Company Secretaries have been appointed as
the Secretarial Auditors of the Company for the Financial year 2023-24. The report of the
Secretarial Auditor is annexed to this Report. There were no qualifications, reservations
or adverse remarks or disclaimers made by the Secretarial Auditors.
d. Annual Secretarial Compliance Report
The Annual Secretarial Compliance Report for the Financial year ended
31st March, 2024, on compliance of all applicable SEBI Regulations and
circulars / guidelines, issued by M/s. V. Bhaskara Rao and Co., Company Secretaries, was
submitted to BSE Limited and National Stock Exchange of India Limited.
29. Compliance with Secretarial Standards
The Company complies with the applicable Secretarial Standards issued
by the Institute of Company Secretaries of India (ICSI).
30. Director's Responsibility Statement
Pursuant to the requirement Section 134(3)(c) of the Act, your
Directors confirm 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 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 that period;
c. the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of this Act
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.
31. Details of Conservation of Energy, Technology Absorption, Foreign
Exchange Earnings and Outgo
a. Conservation of Energy
i The steps taken or impact on conservation of energy |
We have decided to promote energy conservation by exclusively
utilizing LED lighting and phasing out traditional lighting methods. In addition, We
installed a 15 KW roof top Grid power plant as an expansion to the existing 256.34 KW
solar power plant. |
ii The steps taken by the Company for utilizing alternate
sources of energy |
We are implementing VFDs (Variable Frequency Drives) for our
bucket elevators to reduce energy consumption during idle periods. |
iii The capital investment on energy conservation Equipment's |
Solar Power Plant 589.86 Lakhs |
b. Technology absorption: Not applicable.
c. Foreign Exchange Earnings and Outgo:
During the year under review, the details of Foreign Exchange Earnings
and outgo are as under:
Inflow - Rs 1,749.64 Lakhs Outflow - Rs 6,627.58 Lakhs
32. Public Deposits
During the period, the Company has not accepted any deposit(s) within
the meaning of Section 73 & 74 of the Act, read the Companies (Acceptance of Deposits)
Rules, 2014.
33. Significant and Material Orders Passed by the Regulators
During the period under review, there have been no significant and
material orders passed by the Regulators, Courts, or Tribunals which would impact the
going concern of the Company.
34. Particulars of Employees
In terms of the provisions of Section 197(12) of the Act read with
Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, a statement showing the names of the top ten employees in terms of
remuneration drawn and names and other particulars of the employees drawing remuneration
in excess of the limits set out in the said rules forms part of this Report. Disclosures
relating 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 forms part of this Report. Having regard to the provisions of the
second proviso to Section 136(1) of the Act, the Annual Report excluding the aforesaid
information is being sent to the members of the Company. Any member interested in
obtaining such information may write to the Company at investors@avantifeeds.com.
35. Disclosure as for 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. Internal Complaints Committee (ICC) has been set up
to redress complaints received regarding sexual harassment. All employees (permanent,
contractual, temporary, trainees) are covered under this policy.
During the Financial year ended 31st March, 2024, the
Company has not received any complaints pertaining to Sexual harassment of Women at the
Workplace. The Company has complied with provisions relating to the constitution of
Internal Complaints Committee under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.
36. General
Your Directors state that no disclosure or reporting is required in
respect of the following matters as there were no transactions on these matters during the
year under review:
Issue of equity shares with differential rights as to dividend,
voting or otherwise.
Issue of shares (including sweat equity shares) to employees of
the Company under any scheme save and except Employees' Stock Options Schemes referred to
in this Report.
the Whole-time Directors of the Company receive any remuneration
or commission from any of its subsidiaries.
No instances of frauds reported by Auditors under Section
143(12) of the Act.
There are no proceeding pending under the Insolvency and
Bankruptcy Code, 2016.
There was no instance of one time settlement with any Bank or
Financial Institution.
37. Acknowledgements
Your Directors take this opportunity to express their deep and sincere
gratitude and appreciation for co- operation extended by the Governmental Agencies,
Shareholders and Banks from time to time. Your Directors also place on record their
appreciation for the contributions made by the employees through their dedication, hard
work and commitment. Your Directors also convey thanks and appreciation to the valued
customers and dealers for their continued patronage.
|
For and on behalf of the Board |
|
AVANTI FEEDS LIMITED |
|
A. Indra Kumar |
Place : Hyderabad |
Chairman and Managing Director |
Date : 22nd May, 2024 |
DIN:00190168 |
|