To the Members,
Your Directors have the pleasure in presenting the 32nd Annual Report
on the business and operations of the Company together with the audited financial
statements for the financial year ended March 31, 2023.
1. FINANCIAL RESULTS AND OPERATIONAL HIGHLIGHTS
(Rs. in Lakhs)
Particular |
Standalone
for year ended 31st March |
Consolidated
for year ended 31st March |
|
2023 |
2022 |
2023 |
2022 |
Revenue from operations |
3,793.69 |
12,230.69 |
7,491.57 |
13,824.48 |
Other Income |
902.35 |
927.36 |
991.02 |
951.71 |
Total Income |
4,696.04 |
13,158.05 |
8,482.59 |
14,776.19 |
Total Expenses |
14,711.55 |
16,649.56 |
9,960.45 |
19,620.56 |
Profit/(Loss) before share of
profit from Associates |
(10,015.51) |
(3,491.51) |
(1,477.86) |
(4,844.37) |
Add: share of profits from
Associates |
- |
- |
3.30 |
(39.10) |
Profit/(Loss) before Tax &
exceptional item |
(10,015.51) |
(3,491.51) |
(1,477.56) |
(4,883.48) |
Exceptional Item |
9,463.15 |
- |
9,463.15 |
(4.91) |
Profit/(Loss) before Tax &
after exceptional item |
(19,478.66) |
(3,491.51) |
(10,937.72) |
(4,878.57) |
Less: Tax Expense: |
|
|
|
|
(i) Current Year |
- |
- |
796.23 |
(0.20) |
(ii) Deferred tax |
- |
(705.54) |
(0.13) |
(705.53) |
Profit / (Loss)ofthe year |
(19,478.66) |
(2,785.97) |
(11,733.81) |
(4,182.65) |
Other Comprehensive Income |
|
|
|
|
A. (i) Items that will not be
reclassified to profit or loss |
40.77 |
66.36 |
40.32 |
66.36 |
(ii) Income tax relating to items
that will not be reclassified to profit or loss |
10.60 |
17.25 |
10.72 |
17.25 |
B. (i) Items that will be
reclassified to profit or loss |
- |
- |
- |
- |
(ii) Income tax relating to items
that will be reclassified to profit or loss |
- |
- |
- |
- |
Total Comprehensive Income |
(19,448.49) |
(2,736.86) |
(11,704.21) |
(4,133.53) |
Material Events Occurring after Balance Sheet Date
There have been no material changes and commitments affecting the
financial position of the Company which have occurred between the end of the financial
year to which the balance sheet relates and the date of this report.
2. DIVIDEND
The Board of Directors has not recommended any dividend on the Equity
Shares in view of the financial position of the Company for the financial year ended March
31, 2023.
As per Regulation 43A of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Dividend Distribution Policy is attached as Annexure
A, which form part of this report and is available on the website of the Company.
3. RESERVES
The Company has not transferred any amount to Reserve for the financial
year ended March 31, 2023. In terms of the provisions of Section 71 of the Companies Act,
2013 (the 'Act') read with Rule 18(7)(b)(iii) (B) of the Companies (Share Capital and
Debentures) Rules,2014, Debenture Redemption Reserve is not required to be created for
privately placed debentures issued by listed companies, hence no amount was transferred to
Debenture Redemption Reserve. Moreover, the said debentures will be redeemed by the
Company, 25% on March 23, 2024, 25% on April 23, 2024 and 50% on May 23, 2024.
4. CASH FLOW STATEMENT
As required by Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, Cash Flow Statement for the
financial year ended March 31, 2023 is enclosed with the Balance Sheet and Statement of
Profit and Loss of the Company.
Consolidated Cash Flow Statement of your Company and its Subsidiaries
is enclosed with the Consolidated Audited Accounts/Financial Statements.
5. FINANCIAL OVERVIEW STANDALONE
The Company's main business is real estate. During the year under
review, the profitability of Company has been decreased.
The total revenue of the Company stood at Rs. 4,696.04 Lakh as compared
to Rs. 13,158.05 Lakh in the previous year. Loss after Tax (PAT) stood at Rs. 19,448.66
Lakh as compared to Loss of Rs. 2,736.86 Lakh in the previous year, (after taking the
impact of INDAS).
The earnings per share on an equity share having face value of Rs. 1/-
stands at Rs. (16.23) per share as compared to Rs. (2.32) per share in the previous year.
CONSOLIDATED
The consolidated revenues stood at Rs. 8,482.59 Lakh as against Rs.
14,776.18 Lakh in the previous year. Loss after Tax (PAT) stood at Rs. 11,733.81 Lakh as
compared to Loss of Rs. 4,182.65 Lakh in the previous year, (after taking the impact of
INDAS).
The earnings per share on an equity share having face value of Rs. 1/-
stands at Rs. (9.78) per share as compared to Rs. (3.49) per share in the previous year.
The Company is taking effective steps to improve the performance of the
Company through growth in revenue, managing cost, strategic marketing, increasing brand
awareness and brand equity through advertisement campaign etc.
6. CORPORATE GOVERNANCE
The Directors adhere to the requirements set out by the Securities and
Exchange Board of India's Corporate Governance practices and have implemented all the
stipulations prescribed. Secretarial compliances, reporting, intimations etc. under the
Companies Act, 2013, listing agreement(s) and other applicable laws, rules and regulations
are noted in the Board/ Committee Meetings from time to time. The Company has
implemented several best corporate governance practices as prevalent
globally. The Corporate Governance Report as stipulated under Regulation 34(3) and other
applicable Regulations read with Part C of Schedule V of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 forms part of this Report.
The Company has laid down a Code of Conduct for the Directors as well
as for all Senior Management of the Company. As prescribed under Regulation 17(5) of the
listing regulation, a declaration signed by the Managing Director & Chief Executive
Officer affirming compliance with the Code of Conduct by the Director and Senior
Management personnel of the Company for the Financial Year 2022-23 forms part of the
Corporate Governance Report.
7. Business Responsibility and Sustainability Report
As per Regulation 34(2)(f) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the top thousand listed entities based on
market capitalization shall submit a business responsibility and sustainability report in
the format specified by Securities and Exchange Board of India through its vide circular
no . SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated May 10, 2021 regarding initiatives taken by
the listed entity from an environmental, social and governance perspective. In this
regard, it has been confirmed that the Company is not in the list of top thousand listed
entities based on market capitalization on the 31st day of March of financial year i.e.
April 01, 2022 to March 31, 2023. Hence the Company is not submitting business
responsibility and sustainability report to the stock exchanges where the equity shares of
the Company are listed.
8. MANAGEMENT DISCUSSION & ANALYSIS REPORT
The Management Discussion and Analysis Report as required under
Regulation 34(2)(e) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 forms part of this Report.
9. CHANGEIN NATURE OF BUSINESS, IF ANY
During the year under review, there is no change in nature of the
business of the Company.
10. MATERIAL CHANGES AND COMMITMENTS, IF ANY
During the year under review, there have been no material changes and
commitments affecting the financial position of the Company.
11. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS.
There are no significant material orders passed by the
Regulators/Courts/Tribunals, which would influence the going concern status of the Company
and its operations in future.
12. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company's internal control systems are commensurate with the nature
of its business, the size and complexity of its operations and such internal financial
controls with reference to the Financial Statements are adequate. The Company has designed
and implemented a process driven framework for Internal Financial Controls
("IFC") within the meaning of the explanation to Section 134(5)(e) of the
Companies Act, 2013 read with Rule 8(5)(viii) of the Companies (Accounts) Rules, 2014, the
Board is of the opinion that the Company has sound Internal Financial Control commensurate
with the nature and size of its business operations and operating effectively and no
material weakness exists. The Company has a process in place to continuously monitor the
same and identify gaps, if any, and implement new and/or improved controls wherever the
effect of such gaps would have a material effect on the Company's operations. The Company
has appointed independent audit firm as Internal Auditors to observe the Internal Control
system. The Board of Directors of the Company have adopted various policies like Related
Party Transactions Policy, Vigil Mechanism Policy, Policy to determine Material
Subsidiaries and such other procedures for ensuring the orderly and efficient conduct of
its business for safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information.
The Audit Committee of the Board of Directors actively reviews the
adequacy and effectiveness of the internal control system and suggests improvements to
strengthen the same. The Company has robust management information system, which is an
integral part of the control mechanism.
13. SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES.
As on March 31, 2023, the Company has 17 subsidiary companies and 05
Associate companies. There has been no change in the nature of business of subsidiaries,
during the yearunder review.
The Consolidated Financial Statement has been prepared in accordance
with the IND AS prescribed by the Companies Act, 2013 in this regard and the provisions of
the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 entered into with the Stock Exchange(s). The Audited
Consolidated Financial Statement and Cash Flow Statement, comprising of the Company &
its subsidiaries forms part of this Annual Report. The consolidated Profit and Loss
Statement does not include the financial information of one of the subsidiary alongwith
its four subsidiaries while the statement of consolidated Assets and Liabilities for the
year ended March 31, 2023 includes the Consolidated Balance Sheet of the said subsidiary
for the year ended March 31, 2020.
The Auditors who had audited the Consolidated Financial Statement of
the aforesaid subsidiaries had expressed a modified opinion on the Consolidated Financial
Statement for the Year Ended March 31, 2023, in the absence of Audited Financial Statement
for the Year ended March 31, 2021, March 31, 2022 and March 31, 2023, the Board is unable
to comment on whether the circumstances which resulted in the modified opinion still
exist.
Further, the Auditors who had audited had expressed a modified opinion
on the Standalone Financial Statement for the Year Ended March 31, 2023
In terms of Section 134 of the Act and Rule 8(1) of the Companies
(Accounts) Rules, 2014, the financial position and performance of the subsidiaries are
given at an Annexure to the Consolidated Financial Statements.
In accordance with third proviso of the Section 136(1) of the Companies
Act, 2013, the Annual Report of the Company, containing therein its standalone and the
consolidated financial statements has been placed on Company's website at
www.vipulgroup.in. Further, as per fourth proviso of the said section, audited annual
accounts of each of the subsidiary companies have also been placed on Company's website
atwww. vipulgroup.in. Web link is:
http://www.vipulgroup.in/investors-relations#balance-sheets-of-subsidiary- companies.
Members interested in obtaining a copy of the audited annual accounts
of the subsidiary companies may write to the Company at the Company's registered
office/corporate office.
Further, pursuant to the provisions of Section 129(3) of the Companies
Act, 2013, a statement containing the salient features on the performance and financial
position of each ofthe subsidiary companies included in the consolidated financial
statement is provided in Form AOC-1 and forms part of this Annual Report and also placed
on the Company's website at www.vipulgroup.in. Web-link is: http://www.vipulgroup.in/
investors-relations#balance-sheets-of-subsidiary-companies and hence not repeated here for
the sake of brevity.
The Company has framed and updated the policy for determining the
Material Subsidiaries. The Company does not have any material subsidiary as on March 31,
2023. The Policy for determining material subsidiaries of the Company is available on the
Company's website at www.vipulgroup.in. Web-link is:
http://www.vipulgroup.in/assets/invester-pdf/notice-shareholders-stock-exchange/notice-for-
shareholdersstock-exchange-policy-of-material-subsidiary62a9b3cd2c77c.pdf.
14. DEPOSITS
During the financial year 2022-23, your Company has not invited or
accepted any deposits from the public
and as such, no amount on account of principal or interest on public
deposits was outstanding as on the date of the Balance Sheet, except for unclaimed and
unpaid deposits pertaining to previous years.
15. A. SHARE CAPITAL
During the financial year 2022-23, there was no change in the share
capital of the Company.
The paid up Equity Share Capital as on March 31, 2023, was Rs. 11.99
Crores (i.e. 119,984,480 Equity Shares of Rs. 1 each).
During the year under review:
(a) Issue of equity Shares with differential rights: Nil
(b) Issue of sweat equity shares: Nil
(c) Issue of employee stock options: Nil
(d) Provision of money by company for purchase of its own shares by
employees or by trustees for the benefit of employees: Nil
B. TRANSFERS TO INVESTOR EDUCATION AND PROTECTION FUND
Members who have not yet encashed their dividend warrants for the
earlier years are requested to write to the Secretarial Department at the
Registered/Corporate Office of the Company to claim the dividend. Details of unclaimed
dividend as on September 30, 2022 (date of last Annual General Meeting) are available in
the investors section of the website of the Company i.e. www.vipulgroup.in.
Member may note that during the financial year 2023-24, the Company
will be required to transfer to the Investor Education and Protection Fund, interim
dividend declared by the Board of Directors of the Company in the month of November 2016
and which is lying unclaimed with the Company for a period of seven years from the date of
transfer to the Unpaid Dividend.
C. INVESTOR RELATIONS
Investor Relations have been cordial during the year. As per the
Circular No. CIR/OIAE/2/2011 dated June 03, 2011 issued by the Securities and Exchange
Board of India, Company is timely redressing the Investor Complaints through the SEBI
complaints Redress System (SCORES). As a part of compliance, the Company has an Investor
Grievance Committee to redress the issues relating to investors. The details of this
Committee are provided in the Corporate Governance Report forming part of the Annual
Report.
16. LISTING
The equity shares of your Company continues to be listed on BSE Limited
and National Stock Exchange of India Limited.
17. COMPLIANCE OF THE SECRETARIAL STANDARDS ISSUED BY ICSI
The Company has devised proper systems to ensure compliance with the
provisions of all applicable Secretarial Standards issued by the Institute of Company
Secretaries of India and that such systems are adequate and operating effectively.
18. ANNUAL RETURN
In terms of the Section 92 (3) of Companies Act, 2013 as amended, the
Annual Return of the Company is placed on the website of the Company www.vipulgroup.in.
Web link is:
http://www.vipulgroup.in/assets/invester-pdf/notice-shareholders-stock-exchange/notice-for-
shareholdersstock-exchange-annual-return-fy-2022-2364d9dccf45589.pdf.
19. AUDITORS AND AUDITORS REPORT
19.1 Statutory Auditors
M/s. JSUS & Associates, (JSUS) Chartered Accountants (ICAI Firm No.
329784E), were re-appointed as the Statutory Auditors of the Company for a tenure of 5
years commencing from the conclusion of the 31st AGM of the Company until the
conclusion of the 36th AGM of the Company to be held in the year 2027.
The Statutory Auditor's report contains qualifications, reservations,
adverse remarks or disclaimers, which would be required to be dealt with in the Boards'
Report, have been dealt accordingly.
- Independent Auditor's Repot
There are no adverse remarks, reservations and/or qualification made by
Statutory Auditor in their Report on the Standalone Financial Statements of the Company,
except two qualified opinion mentioned below. The notes to the financial statement as on
March 31, 2023, referred to in Auditor's Report are self-explanatory and therefore do not
call for any further comments.
During the year under review, the Auditors had not reported any matter
under Section 143(12) of the Companies Act, 2013; therefore no detail is required to be
discussed under Section 134(3)(ca) of the Companies Act, 2013.
- Qualified opinion: Cash and cash equivalents include cheques in hand
aggregating to Rs. 221.56 lakhs collected from customers towards advances/booking amount.
As stated by the management, these are yet to be presented for encashment at the request
of customers.
- Management's Reply:- As stated by the management, these are yet to be
presented for encashment at the request of customers. However, the Company has recovered
substantial amount during the year under review.
- Qualified opinion: The Company has taken as well as granted several
secured and unsecured loans and advances during the quarter. The agreements/ documentation
in respect of such loans and advances are in the process of being signed. In the absence
of such signed agreements, interest payable and receivable, as applicable, has been
computed on the basis of the details provided by the Management where available. The
impact, if any, will be recognized after the completion of such documentation.
- Management's Reply: The agreements are in the process of execution
and signing. However, in Consolidated Financial Statements of the Company for the
financial year ended March 31, 2023, the auditors have made qualified opinion in respect
of the Financial Statements of Vipul SEZ Developers Pvt. Ltd, subsidiary company of Vipul
Limited.
Further, the Consolidated Audited Financial Results for the financial
year ended March 31, 2023 inter- alia comprises of financial data as of March 31, 2020 of
Vipul SEZ Developers Private Limited & its subsidiaries. The qualified opinion
alongwith the board's explanations thereon are as follows:
- Qualified Opinion: The Consolidated Statement of Profit and Loss does
not include the financial statements of one subsidiary along with its four subsidiaries
while the Consolidated Balance Sheet and Consolidated Statement of Cash Flow for the year
ended 31st March 2023 and 31st March 2023 includes the consolidated Balance Sheet of the
said subsidiary for the year ended 31st March, 2020. The consolidated financial statements
for the year ended 31st March, 2023, 31st March 2022 and 31st March 2021 of the said
subsidiary is not available with the Parent's Management. The auditor who had audited the
consolidated financial statements of the said subsidiary had expressed a modified opinion
on the consolidated financial statements for the year ended March 31, 2020. In the absence
of audited consolidated financial statements for the year ended March 31, 2021, March 31,
2022 and March 31, 2023 we are unable to comment on whether the circumstances which
resulted in the modified opinion still exist.
- Management Reply: Pending audit, the consolidated financial statement
(including its four subsidiaries) of the said company, the Company has used last audited
consolidated assets and liability of the said company i.e. of 31.03.2020 for the purpose
of consolidation.
- Qualified Opinion: Cash and cash equivalents of the Holding Company
include cheques in hand aggregating to Rs. 221.56 lakhs collected from customers towards
advances/booking amount. As stated by the management, these are yet to be presented for
encashment at the request of customers. We are, therefore, unable to comment on the effect
of such advances/booking amount on the revenue recognition under the percentage completion
method.
- Management Reply: As stated by the management, these are yet to be
presented for encashment at the request of customers. However, the Company has recovered
substantial amount during the year under review.
- Qualified Opinion: The Holding Company and its subsidiaries have
taken as well as granted several loans and advances during the quarter. The
agreements/documentation in respect of such loans and advances are in the process of being
signed. In the absence of such signed agreements, interest payable and receivable, as
applicable, has been computed on the basis of the details provided by the Management where
available. The impact, if any, will be recognized after the completion of such
documentation.
- Management Reply: The agreements are in the process of execution.
- Qualified Opinion: In one of the associates not audited by us and
whose audit reports for financial year ending 31st March 2023 has been provided to us, the
concerned auditors have stated that the said associates have not complied with the
requirements of Ind AS 116 in respect of a leasehold land in the subsidiary.
- Management Reply: The project under the associate company is
abandoned since long and there is no activity in the said project. The company will do the
necessary IndAS compliance once the activity in the said project commences.
19.2 Cost Auditors
As per Section 148 of the Act, the Company is required to have the
audit of its cost records conducted by a Cost Accountant. The Board of Directors on the
recommendation of the Audit Committee, appointed M/s. Vijender Sharma & Co., Cost
Accountants, as Cost Auditors of the Company for the financial year 2023-24 at a
remuneration of Rs. 80,000/- (Rupees Eighty Thousand Only) p.a. (exclusive of out of
pocket expenses and applicable taxes). The Audit Committee has also received a Certificate
from the Cost Auditors certifying their independence and arm's length relationship with
the Company.
The Cost Audit Report was received by the Board of Directors on August
11, 2022 for the Financial Year 2021-22. The Cost Audit Report was filed in XBRL mode on
September 05, 2022.There are no qualifications or adverse remarks in the Cost Audit Report
which require any explanation from the Board of Directors.
The Board on recommendations of the Audit Committee have approved the
remuneration payable to the Cost Auditor, subject to ratification of their remuneration by
the Members at the forthcoming AGM. The resolution approving the above proposal is being
placed for approval of the Members in the Notice for this AGM.
The cost accounts and records of the Company are duly prepared and
maintained as required under Section 148(1) of the Companies Act, 2013.
19.3 Secretarial Auditors
The Secretarial Audit was carried out by M/s. AVA Associates, through
its Partner Mr. Amitabh,
practicing Company secretary (Membership No. 14190, COP No.5500) for
the financial year 2022-23. The Report given by the Secretarial Auditors is annexed as
"Annexure B" and forms an integral part of this Report. The said Secretarial
Audit Report does not contain any qualification, reservations, adverse remarks and
disclaimer.
During the year under review, the Secretarial Auditors had not reported
any matter under Section 143(12) of the Companies Act, 2013; therefore, no detail is
required to be disclosed under Section 134(3) (ca) of the Companies Act, 2013.
In terms of Section 204 of the Companies Act, 2013, on the
recommendation of the Audit Committee, the Board of Directors has appointed M/s. AVA
Associates, through its Partner Mr. Amitabh, Practicing Company secretary (Membership No.
14190, COP No.5500), as the Secretarial Auditors of the Company in relation to the
financial year 2023-24. The Company has received their consent for appointment.
20. ENERGY CONSERVATION AND TECHNOLOGY ABSORPTION
The information relating to Conservation of Energy and Technology
Absorption as required to be disclosed under Section 134(3) (m) read with Rule 8 of the
Companies (Accounts Rules) 2014, is not applicable to the Company.
21. FOREIGN EXCHANGE EARNINGS AND OUTGO:
The particulars regarding foreign exchange earnings and outgo are as
under:
S. No. |
Expenditure/Earning in |
(Rs. In Lakhs) |
|
|
Foreign Currency |
Year ended
31.03.2023 |
Year ended
31.03.2022 |
i. |
Expenditure in Foreign Currency |
|
|
|
Travelling |
Nil |
Nil |
|
Professional Charges |
Nil |
Nil |
|
Others |
Nil |
Nil |
ii. |
Earning in Foreign Currency
Receipt from customers |
Nil |
Nil |
Activities Relating to Exports; Initiatives taken to increase exports;
development of new export market for product & services and export plans are not
applicable to the Company.
22. Significant and Material Orders Passed by The Regulators or Courts
or Tribunals
There were no significant material orders passed by the
Regulators/Courts/Tribunals during the financial year 2022-23 which would impact the going
concern status of the Company and its future operations.
SEBI had initiated adjudication proceedings under Rule 4(3) of SEBI
(Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred
to as "SEBI Adjudication Rules") for alleged noncompliance of the previous
years. The adjudication proceedings concluded as per the Rules and a penalty was ordered
ofRs. 5 lakh, which was duly paid by the company.
The Company has started the process of amalgamation of five of its
subsidiaries with it, which are M/s Abhipra Trading Private Limited, M/s Graphic Research
Consultants India Private Limited, M/s United Buildwell Private Limited, M/s Vineeta
Trading Private Limited, and M/s Vipul Eastern Infracon Private Limited.
23. CORPORATE SOCIAL RESPONSIBILITY (CSR)
Vipul Limited continues to be a socially conscious business enterprise.
It is the philosophy of the Company that the benefits of growth and prosperity should be
continuously shared with the people at large. As part of initiatives under CSR, the
Company has undertaken projects in the areas of promotion of education & healthcare,
which are in accordance with the CSR policy of the Company and Schedule VII of the
Companies Act, 2013.
The CSR committee comprises of two Independent Directors namely Mr.
Vikram Kochhar*, Mrs. Ameeta Verma Duggal, Mr. Ajay Arjit Singh** and Ms. Vishaka
Beriwala, Non-Independent Non-Executive Director. The CSR Committee is responsible for
formulating and monitoring the CSR policy of the Company from time to time.
*ceased w.e.f. August 11, 2023 ** Appointed w.e.f. August 11, 2023
The CSR policy may be accessed on the Company's website at
www.vipulgroup.in. Web link is: http://
www.vipulgroup.in/assets/invester-pdf/notice-shareholders-stock-exchange/notice-for-shareholdersstock-
exchange-vipul-csr-policy64dc6e0ed4b22.pdf. The annual report on Corporate Social
Responsibility Activities is annexed herewith marked as "Annexure C" to this
report.
24. DIRECTORS AND KEY MANAGERIAL PERSONNEL
As per the provisions of the Companies Act, 2013, Ms. Vishaka Beriwala
retires by rotation at the ensuing Annual General Meeting and being eligible, offers
herself for re-appointment. Her profile is provided in the Notice of Annual General
Meeting. The board recommended her reappointment.
The Notice convening the Annual General Meeting includes the proposal
for re-appointment of Ms. Vishaka Beriwala as a Director. Specific information about the
nature of her expertise in specific functional areas and the names of the companies in
which she holds directorship and membership / chairmanship of the Board committees have
also been provided in the Notice convening the Annual General Meeting.
In terms of Section 149 of the Act and SEBI Listing Regulations, Mr.
Vikram Kochhar, Mrs. Ameeta Verma Duggal, Mr. Kapil Dutta and Mr. Ajay Arjit Singh are the
Independent Directors of the Company as on date of this report.
All Independent Directors of the Company have given requisite
declarations under Section 149(7) of the Act, that they meet the criteria of independence
as laid down under Section 149(6) of the Act alongwith Rules framed thereunder, Regulation
16(1)(b) of SEBI Listing Regulations and have complied with the Code of Conduct of the
Company as applicable to the Board of directors and Senior Managers. In terms of
Regulation 25(8) of the SEBI Listing Regulations, the Independent Directors have confirmed
that they are not aware of any circumstance or situation, which exists or may be
reasonably anticipated, that could impair or impact their ability to discharge their
duties with an objective independent judgement and without any external influence.
The Company has received confirmation from all the Independent
Directors of their registration on the Independent Directors Database maintained by the
Indian Institute of Corporate Affairs, in terms of Section 150 read with Rule 6 of the
Companies(Appointment and Qualification of Directors) Rules, 2014.
In the opinion of the Board, the Independent Directors possess the
requisite expertise and experience and are persons of high integrity and repute. They
fulfill the conditions specified in the Act as well as the Rules made thereunder and are
independent of the management.
The disclosures required pursuant to Regulation 36 of the SEBI Listing
Regulations and the Secretarial Standards on General Meeting ('SS-2') are given in the
Notice of this AGM, forming part of the Annual Report.
Brief resumes of Ms. Vishaka Beriwala have been provided in item no 2
of the Notice convening the Annual General Meeting.
Further, The Board of Directors on the recommendation of Nomination and
Remuneration Committee of the Company and in accordance with provisions of the Companies
Act, 2013 and SEBI Listing Regulations has appointed Mr. Punit Beriwala as a Chief
Financial Officer of the Company w.e.f. June 06, 2023 in place of Mr. Anil Kumar Tibrewal
who has tendered his resignation from the designation of Chief Financial Officer of the
Company w.e.f. November 30, 2022. Mr. Punit Beriwala have been re-designated as a Managing
Director, CEO & CFO of the Company.
Key Managerial Personnel
In terms of Section 203 of the Act, the Key Managerial Personnel
('KMPs') of the Company during FY 202223 were:
- Mr. Punit Beriwala, Managing Director , CEO & CFO*
- Mr. Anil Kumar Tibrewal, Chief Financial Officer**
- Mr. Sunil Kumar, Company Secretary & Compliance Officer
* re-designated as a Managing Director, CEO & CFO of the Company
w.e.f. June 06, 2023 ** resigned from the designation of Chief Financial Officer of the
Company w.e.f. November 30, 2022
25. ANNUAL EVALUATION OF BOARD PERFORMANCE AND PERFORMANCE OF ITS
COMMITTEES AND INDIVIDUAL DIRECTORS
Pursuant to the provisions of the Companies Act, 2013 and Regulation
17(10) of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Board of Directors has undertaken an evaluation of
its own performance, the performance of its Committees and of all the individual Directors
based on various parameters relating to roles, responsibilities and obligations of the
Board, effectiveness of its functioning, contribution of Directors at meetings and the
functioning of its Committees. The directors express their satisfaction with the
evaluation process.
The Board evaluated its performance after seeking inputs from all the
Directors on the basis of criteria such as the Board composition and structure,
effectiveness of Board processes, information and functioning, etc. The performance of the
Committees was evaluated by the Board after seeking inputs from the committee members on
the basis of criteria such as the composition of committees, effectiveness of committee
meetings, etc. The above criteria are broadly based on the Guidance Note on Board
Evaluation issued by the Securities and Exchange Board of India.
The Chairman of the Board had one-on-one meetings with the Independent
directors and the Chairman of NRC had one-on-one meetings with the Executive and
Non-Executive, Non-Independent Directors. These meetings were intended to obtain
Directors' inputs on effectiveness of the Board/Committee processes.
The Board and the NRC reviewed the performance of individual Directors
on the basis of criteria such as the contribution of the individual Director to the Board
and Committee Meetings like preparedness on the issues to be discussed, meaningful and
constructive contribution and inputs in meetings, etc.
In a separate meeting of Independent Directors, performance of
Non-Independent Directors, the Board as a whole and the Chairman of the Board after taking
into account the views of Executive Directors and Non-Executive Directors was evaluated.
The Board and the Nomination and Remuneration reviewed the performance of individual
directors on the basis of criteria such as the contribution of the individual director to
the Board and Committee meetings like preparedness on the issues to be discussed,
meaningful and constructive contribution and inputs in meetings, etc. In the Board meeting
that followed the meeting of the Independent Directors and meeting of the NRC, the
performance of the Board, its Committees, and individual Directors was also discussed.
Performance evaluation of Independent Directors was done by the entire Board, excluding
the Independent Director being evaluated.
Based on inputs received from the members, it emerged that the Board
has a good mix of competency, experience, qualifications and diversity. Each Board member
contributed in his/her own manner to the collective wisdom of the Board, keeping in mind
his/her own background and experience. There was active participation and adequate time
was given for discussing strategy. Overall, the Board was functioning very well in a
cohesive and interactive manner.
26. CODE OF CONDUCT FOR THE PREVENTION OF INSIDER TRADING
The Company has adopted the Insider Trading Policy of the Company in
accordance with the requirements of the Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 2015. The Insider Trading Policy of the
Company lays down guidelines and procedure to be followed, and disclosure to be made while
dealing with shares of the Company, as well as the consequences of violation. The policy
has been formulated to regulate, monitor and ensure reporting of deals of employees and
maintain the highest ethical standards of dealing in Company securities.
The Insider Trading Policy of the Company covering code of practices
and procedures for fair disclosure of unpublished price sensitive information and code of
conduct for the prevention of insider trading is available on the Company's website at
www.vipulgroup.in. Web-link is: - http://www.vipulgroup.in/assets/invester-
pdf/notice-shareholders-stock-exchange/Vipul-Directors%20Familarization%20Policy.pdf.
In compliance with the Securities and Exchange Board of
India(Prohibition of Insider Trading) Regulations, 2015 (Regulations), your Company has
adopted the following-
i) Code of Conduct for Regulating, Monitoring and Reporting of Trading
by Insiders- The Said Code lays down guidelines, which advise Insiders on the procedures
to be followed and disclosures to be made in dealing with the shares of the Company and
cautions them on consequences of non-compliances.
ii) Code of Practices and Procedures of Fair Disclosures of Unpublished
Price Sensitive Information- The Code ensures fair disclosure of events and occurrences
that could impact price discovery in the market.
iii) Policy for dealing with Unpublished Price Sensitive Information
(UPSI) and Whistle Blower Policy for employees to report any leak or suspected leak of
UPSI- The policy aims to enable the employees of the Company to report any leak or
suspected leak of UPSI, procedures for inquiry in case of leak of UPSI or suspected leak
of UPSI and initiate appropriate action and informing the SEBI promptly of such leaks,
inquiries and results of such inquiries.
iv) Internal Control Mechanism to prevent Insider Trading- The Internal
Control Mechanism is adopted to ensure compliances with the requirements given in the
regulations and to prevent Insider Trading. The Audit Committee reviewed and found the
same in order.
27. FAMILIARIZATION POLICY
The Independent Directors are eminent personalities having wide
experience in the field of business, finance, legal, industry, commerce and
administration. Their presence on the Board has been advantageous and fruitful in taking
business decisions.
The Directors appointed by the Board are given induction and
orientation with respect to the Company's vision, strategic direction, core values,
including ethics, corporate governance practices, financial matters and business
operations. They are also provided with necessary documents, reports, internal policies
and site visits to enable them to familiarize with the Company's operations, its
procedures and practices.
To familiarize the new inductees with the strategy, operations and
functions of our Company, the Managing Director/Senior Managerial Personnel make
presentations to the inductees about the Company's strategy, operations, organization
structure, facilities and risk management. Details of the familiarization program/ policy
of the independent directors are available on Company's website at www.vipulgroup.in.
Weblink is:
http://www.vipulgroup.in/assets/invester-pdf/notice-shareholders-stock-exchange/Vipul-Directors%20
Familarization%20Policy.pdf.
28. BOARD MEETING
Four meetings of Board of Directors were held during the financial year
2022-23 i.e. on May 30, 2022, August 11, 2022, November 11, 2022 and February 14, 2023 and
the gap between two consecutive
meetings did not exceeded one hundred and twenty days. In accordance
with the provisions of Companies Act, 2013, a separate meeting of Independent Directors
was held on February 14, 2023.
All Board Meetings / Committee Meetings in financial year 2022-23 were
held through Video Conferencing and information as mentioned in Schedule II Part A of the
SEBI Listing Regulations have been placed before the Board for its consideration.
The necessary quorum was present throughout, for all meetings. The
details of the Board Meetings and the attendance of the Directors are provided in the
Corporate Governance Report.
29. AUDIT COMMITTEE
The Audit Committee has been constituted in accordance with the
provisions of Section 177 of the Companies Act, 2013 and Regulation 18 of Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation,
2015.
The Audit Committee comprises of Independent Non-Executive Directors
namely, Mr. Vikram Kochhar* as Chairman, Mr. Kapil Dutta, Ms. Ameeta Verma Duggal**, Mr.
Ajay Ajit Singh*** and Mr. Punit Beriwala, Executive Director as its members.
All the recommendations made by the Audit Committee were accepted by
the Board of Directors.
*Ceased w.e.f. August 11, 2023
**re-designated as a Chairperson of the Commitee w.e.f. August 11, 2023
***Appointed w.e.f. August 11, 2023
30. COMMITTEES OF THE BOARD
The Committees of the Board focus on certain specific areas and make
informed decisions in line with the delegated authority. The following Committees
constituted by the Board function according to their respective roles and defined scope:
- Audit Committee
- Nomination and Remuneration Committee
- Corporate Social Responsibility Committee
- Stakeholders' Relationship and Share Transfer Committee
- Risk Management Committee
- Sexual Harassment Committee
Details of composition, terms of reference and number of meetings held
for respective committees are given in the Report on Corporate Governance, which forms a
part of this Annual Report. Further, during the year under review, all recommendations
made by the various committees have been accepted by the Board.
31. VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company believes in the conduct of the affairs of its constituents
in a fair and transparent manner by adopting the highest standards of professionalism,
honesty, integrity and ethical behavior. The Company has formulated a Whistle Blower/Vigil
Mechanism Policy to provide Vigil Mechanism for employees including Directors of the
Company to report genuine concerns. The provisions of this policy are in line with the
provisions of the Section 177(9) of the Companies Act, 2013 and Regulation 22 of
Securities and exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015. The said policy is available on Company's website at www.vipulgroup.in.
Web-link is: http://www.vipulgroup.
in/assets/invester-pdf/notice-shareholders-stock-exchange/notice-for-shareholdersstock-exchange-vigil
mechanism-vipul-group-financial-year64dc6f4ee416e.pdf.
The Code provides for adequate safeguards against victimization of
director(s)/employee(s) who avail of the mechanism and also provides for direct access to
the Chairman of the Audit Committee in exceptional cases. It is affirmed that no person
has been denied access to the Audit Committee.
32. SAFETY
Safety is a core value for the Company and is given top most priority.
The Company has developed and implemented standards and procedures, in order to achieve
world class safety practices. This has helped in establishing a safety culture and
inculcating safe behaviour among the employees and business associates. This ensures zero
harm to everyone associated with the Company's operations directly or indirectly.
The Company is committed to provide a safe and healthy working
environment for its employees and associates. A Company-level occupational health and
safety policy exists in line with Vipul group's occupational health and safety policy.
This ensures increased vigilance and awareness on health and safety.
33. NOMINATION, REMUNERATION AND PERFORMANCE EVALUATION POLICY
The Company has adopted the Company's policy on Directors' appointment
and remuneration including criteria for determining qualifications, positive attributes,
independence of a Director and other matters provided under subsection (3) of Section 178
of the Companies Act 2013, is appended as Annexure "D" to this Report.
Neither the Managing Director nor any other Director receives any
remuneration (except sitting fees) or commission from any of its subsidiaries except Ms.
Vishaka Beriwala as she receives salary being Whole Time Director in the of Wholly Owned
Subsidiary of the Company.
- Selection and procedure for nomination and appointment of Directors
The NRC is responsible for developing competency requirements for the
Board based on the industry and strategy of the Company. The Board composition analysis
reflects in-depth understanding of the Company, including its strategies, environment,
operations, financial condition and compliance requirements.
The NRC conducts a gap analysis to refresh the Board on a periodic
basis, including each time a director's appointment or re- appointment is required. The
NRC reviews and vets the profiles of potential candidates vis-a-vis the required
competencies, undertakes due diligence and meeting potential candidates, prior to making
recommendations of their nomination to the Board.
- Criteria for determining qualifications, positive attributes and
independence of a Director
In terms of the provisions of Section 178(3) of the Act, and Regulation
19 of the SEBI Listing Regulations, the NRC has formulated the criteria for determining
qualifications, positive attributes and independence of Directors, the key features of
which are as follows:
Qualifications - The Board nomination process encourages
diversity of thought, experience, knowledge, age and gender. It also ensures that the
Board has an appropriate blend of functional and industry expertise.
Positive Attributes - Apart from the duties of Directors as
prescribed in the Act, the Directors are expected to demonstrate high standards of ethical
behavior, communication skills and independent judgment. The Directors are also expected
to abide by the respective Code of Conduct as applicable to them.
Independence - A Director will be considered independent if he /
she meets the criteria laid down in Section 149(6) of the Act, the Rules framed thereunder
and Regulation 16(1)(b) of the SEBI Listing Regulations.
The Directors affirm that the remuneration paid to Directors, Key
Managerial Personnel and employees is as per the Remuneration Policy of the Company.
The said policy is also available on the Company's website. Web-link
is: http://www.vipulgroup.in/
assets/invester-pdf/notice-shareholders-stock-exchange/notice-for-shareholdersstock-exchange-vipul-
remuneration-policy64dc72696a990.pdf.
34. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
In terms of Section 134 of the Companies Act, 2013, the particulars of
loans, guarantees and investments made by the Company under Section 186 of the Companies
Act, 2013 is detailed in Notes to Accounts of the Financial Statements.
The Company has not granted any loan and advances in the nature of
loans to any of its subsidiaries/ associates except those which are permitted/exempted
under the provisions of the companies Act, 2013.
35. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
The Particulars of Related Party Transactions entered into by the
Company during the year pursuant to Section 188 of the Companies Act, 2013 are given in
Annexure "E" to this Report.
In line with the requirements of the Companies Act, 2013 and Securities
and Exchange Board of India (Listing Obligations & Disclosure Requirements)
Regulations, 2015, the Company has adopted policy on Materiality of and dealing with
related party transactions. The amended Policy can be accessed on the Company's website
www.vipulgroup.in. Web link is: http://www.vipulgroup.in/assets/invester-pdf/notice-
shareholders-stock-exchange/notice-for-shareholdersstock-exchange-policy-on-materiality-and-dealing-
with-related-party-transactions62a9b3bd8613e.pdf.
All Related Party Transactions are placed before the Audit Committee of
the Company for approval. Prior omnibus approval of the Audit Committee was obtained for
the transactions which are of a foreseen and repetitive nature. The statement of
transactions entered into pursuant to the omnibus approval so granted is placed before the
Audit Committee for approval on a quarterly basis.
All related party contracts/arrangements/transactions that were entered
into during the financial year were on an arm's length basis and were in the ordinary
course of business.
There are no pecuniary relationships or transactions of Non-Executive
Directors vis-a-vis the Company that have a potential conflict with the interests of the
Company.
In terms of Regulation 23 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Company has submitted the half yearly disclosure of
related party transactions to the BSE Ltd and National Stock Exchange of India Ltd.
There was no material contracts or arrangements entered into by the
Company with any of the related party, which requires Shareholders/Members approval.
No material Related Party Transactions i.e. transactions exceeding ten
percent of the annual consolidated turnover as per the last audited financial statements
were entered during the financial year of the Company. Accordingly, the disclosure of
Related Party Transactions as required under Section 134(3)(h) of the Companies Act, 2013
in Form AOC-2 is not applicable.
During FY 2022-23, the Non-Executive Directors of the Company had no
pecuniary relationship or transactions with the Company other than sitting fees,
commission and reimbursement of expenses, as applicable.
36. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
Disclosure pertaining to Remuneration and other details as required
under Section 197 (12) of the Companies Act, 2013 read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 are appended herewith
as "Annexure F(I)" to this Report.
In terms of the Provisions of Sections 197 (12) of the Companies Act,
2013 read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, a statement showing the names and the other particulars
of the employees drawing remuneration in excess of the limits set out in the said Rules is
appended herewith as "Annexure F(II)" to this Report. In terms of proviso to
Section 136(1) of the Act, the Report and Accounts are being sent to the Members,
excluding the aforesaid Annexure. The said Statement is also open for inspection by the
Members through electronic mode. Any member interested in obtaining a copy of the same may
write to the Company Secretary. None of the employees listed in the said Annexure are
related to any Director of the Company.
37. POLICY ON PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
The Company has zero tolerance for sexual harassment at workplace and
has adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at
workplace in line with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and Rules framed thereunder. An Internal
Complaints Committee has been set up to redress complaints regarding sexual harassment.
All employees (permanent, contractual, temporary, trainees) are covered
under this policy.
During the year under review, no complaints were received by internal
committee, pursuant to the Sexual Harassment of Women at Workplace (Prevention,
Prohibition And Redressal) Act, 2013.
A report under Section 21 of The Sexual Harassment of Women at
Workplace (Prevention, Prohibition And Redressal) Act, 2013read with Rule 14 of Sexual
Harassment of Women at Workplace (Prevention, Prohibition And Redressal) Rules, 2013 on
complaints was as under: -
(a) number of complaints of
sexual harassment received in the year |
: NIL |
(b) number of complaints disposed
off during the year |
: NIL |
(c) number of cases pending for
more than ninety days |
: NIL |
(d) number of workshops or
awareness programme against sexual harassment carried out |
: NIL |
(e) nature of action taken by the
employer or District Officer |
: NA |
38. DIVERSITY AND INCLUSION
The Company believes that diversity and Inclusion at workplace helps
nurture innovation, by leveraging the variety of opinions and perspectives coming from
employees with diverse age, gender and ethnicity. The Company has organized a series of
sensitisation and awareness campaigns, to help create an open mind and culture. The
network of Women@Work and the Diversity Council has widened to location councils as we
move along the journey. Women development and mentoring programme have increased, with
clear focus on nurturing their career journeys, to help the Company build a pipeline of
diversified leaders in near future.
39. RISK MANAGEMENT POLICY
The Company has a Risk Management Committee to frame, implement and
monitor the risk management plan for the Company. The Committee is responsible for
reviewing the risk management plan and ensuring its effectiveness. Through an Enterprise
Risk Management Program, the business units and the corporate functions address their
short term, medium term and long terms risks. The Audit Committee has additional oversight
in the area of financial risks and controls. The development and implementation of risk
management policy has been covered in the Report on Corporate Governance and Management
Discussion
and Analysis Report, which forms part of this Annual Report. There is
no major risk, which may threaten the existence of the Company.
The objective of risk management at the Company is to protect
shareholders value by minimizing threats or losses, and identifying and maximising
opportunities. An enterprise-wide risk management framework is applied so that effective
management of risk is an integral part of every employee's job.
The Risk Management Policy of the Company is in place. The Company's
risk management strategy is integrated with the overall business strategies of the
organization and is communicated throughout the organisation. Risk management capabilities
aide in establishing competitive advantage and allow management to develop reasonable
assurance regarding the achievement of the Company's objectives.
The annual strategic planning process provides the platform for
identification, analysis, treatment and documentation of key risks. It is through this
annual planning process that key risks and risk management strategies are communicated to
the Board. The effectiveness of risk management strategies is monitored both formally and
informally by management and process owners. There is no major risk which may threaten the
existence of the Company.
40. DIRECTORS' RESPONSIBILITY STATEMENT
Based on the framework of internal financial controls and compliance
systems established and maintained by the Company, work performed by the internal,
statutory, cost, secretarial auditors and external agencies, including audit of internal
controls over financial reporting by the Statutory Auditors and the reviews performed by
Management and the relevant Board Committees, including the Audit Committee, the Board is
of the opinion that the Company's internal financial controls were adequate and effective
during FY 202223.
Accordingly, pursuant to Section 134(5) of the Act, the Board of
Directors, to the best of their knowledge and ability, confirm that:
a. in the preparation of the annual accounts for the year ended March
31, 2023, the applicable accounting standards had been followed code along with proper
explanation relating to material departures;
b. the directors had selected such accounting policies and applied them
consistently and made judgment 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 Loss of the Company for the year ended on that date;
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; and
e. proper internal financial controls were in place and that the
financial controls were 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.
41. Electronic Communication
As a responsible corporate citizen, the Company supports the 'Green
Initiative' undertaken by the Ministry of Corporate Affairs, Government of India, enabling
electronic delivery of documents including the Annual Report etc. to shareholders at their
e-mail address registered with the Depository Participants and Registrar & Transfer
Agent.
To support the 'Green Initiative' and in compliance of Rule 18 of the
Companies (Management and Administration) Rules, 2014, as amended from time to time,
Members who have not yet registered their email addresses or want to update a fresh email
id are requested to register the same with their Depository Participant in case the shares
are held by them in electronic form and with Company's RTA in case the shares are held by
them in physical form for receiving all communications, including Annual Report, Notices,
Circulars, etc., from the Company electronically.
Further, In compliance with the General Circulars No. 20/2020 dated May
5, 2020, No. 02/2021 dated January 13, 2021 and Circular No. 10/2022 dated December 28,
2022 issued by the MCA and the SEBI Circulars, Notice of the AGM along with the Integrated
Annual Report 2022-23 is being sent only through electronic mode to those Members whose
e-mail addresses are registered with the Company/ Depositories/ RTA, unless any Member has
requested for a physical copy of the same.
42. GENERAL
Your Directors state that no disclosure or reporting is required in
respect of the following matters as there were no transactions on these items during the
year under review:
- There are no significant material orders passed by the Regulators or
Courts or Tribunal, which would impact the going concern status of the Company and its
future operation. However, Members attention is drawn to the Statement on Contingent
Liabilities and Commitments in the Notes forming part of the Financial Statement.
- No fraud has been reported by the Auditors to the Audit Committee or
the Board.
- There has been no change in the nature of business of the Company.
43. ACKNOWLEDGEMENT
The Board acknowledge with gratitude the co-operation and assistance
provided to your Company by its bankers, financial institutions, government as well as
non-government agencies. The Board wishes to place on record its appreciation to the
contribution made by employees of the Company and its subsidiaries during the year under
review. Your Directors thank the customers, clients, vendors and other business associates
for their continued support. Your Directors are thankful to members for their continued
patronage.
The Directors are thankful to the Government of India, the various
ministries of the State Governments, Haryana Real Estate Regularity Authority, communities
in the neighbourhood of our operations, municipal authorities of Gurugram, and local
authorities in areas where we are operational in India; as also partners, governments and
stakeholders in international geographies where the Company operates, for all the support
rendered during the year under review.
Finally, we appreciate and value the contributions made by all our
employees and their families for making the Company what it is.
|
For & on
behalf of the Board of Vipul Limited |
|
|
sd/- |
sd/- |
|
Punit Beriwala |
Vikram Kochhar |
|
Managing
Director, CEO & CFO |
Director |
Place: Gurugram |
DIN : 00231682 |
DIN : 03098195 |
Date: August 11, 2023 |
|
|
|