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Adani Power
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Directors Report Year End : Mar '15    Mar 14
Dear Shareholders,
 
 The Directors are pleased to present the 19th Annual Report along with
 the audited accounts of your Company for the financial year ended 31st
 March, 2015.
 
 Financial Performance:
 
 The financial highlight is depicted below:            (Rs.in crores)
   
                                                Consolidated Results
 Particulars                                    2014-15       2013-14
 
 Income from operations                       18,823.73       15,463.90
 
 Other Income                                    241.41          231.43
 
 Total revenue                                19,065.14       15,695.33
 
 Operating & Administrative expenses          13,664.36       10,870.60
 
 Operating Profit before Interest, 
 Depreciation                                  5,400.78        4,824.73
 and Tax
 
 Depreciation / Amortization                   1,818.19        1,937.47
 
 Profit /(Loss) before finance costs and       3,582.59        2,887.26
 
 exceptional items
 
 Interest and Financial Charges                4,863.53        4,162.16
 
 Exceptional Item                                 16.85               -
 
 Profit /(Loss) before tax                    (1,297.79)      (1,274.90)
 
 Provision for Tax (including Deferred Tax)           -       (1,078.99)
 
 Net Profit / (Loss) before Minority Interest  (1,297.79)       (195.91)
 
 Add/ (Less) share of Minority Interest                -              -
 
 Net Profit / (Loss) for the year after 
 Minority                                      (1,297.79)       (195.91)
 
 Interest
 
 Surplus brought forward from previous
 year                                                  -              -
 
 Balance available for appropriation            (1,29779)       (195.91)
 
 Profit / (Loss) after Tax                     (1,297.79)       (195.91)
 
 Profit/(Loss) after tax from discontinuing       482.16         (94.64)
 
 operations
 
 Profit / (Loss) from Total Operations           (815.63)       (290.55)
 
 Balance carried to Balance Sheet                 815.63        (290.55)
 
 
 
 Particulars                                      Standalone Results
                                                  2014-15      2013-14
 
 Income from operations                         10,624.61      10,852.58
 
 Other Income                                      412.40         621.25
 
 Total revenue                                  11,037.01      11,473.83
 
 Operating & Administrative expenses             8,162.57       7,274.62
 
 Operating Profit before Interest,               2,874.44       4,199.21
 Depreciation and Tax
 
 Depreciation / Amortization                       881.37       1,187.83
 
 Profit /(Loss) before finance costs and         1,993.07       3,011.38
 exceptional items                               
 
 Interest and Financial Charges                  2,497.62       3,338.59
 
 Exceptional Item                                 (211.87)             -
 
 Profit /(Loss) before tax                        (292.68)       (327.21)
 
 Provision for Tax (including Deferred Tax)             -      (1,060.63)
 
 Net Profit / (Loss) before Minority Interest     (292.68         733.42
 
 Add/ (Less) share of Minority Interest           (292.68)        733.42
 
 Net Profit / (Loss) for the year after 
 Minority Interest                                (292.68)        733.42
 
 Surplus brought forward from previous year             -              -
 
 Balance available for appropriation              (292.68         733.42
        
 Profit / (Loss) after Tax                        (292.68         733.42
 
 Profit/(Loss) after tax from discontinuing        224.05         138.16
 operations                                        
 
 Profit / (Loss) from Total Operations             (68.63)        595.26
 
 Balance carried to Balance Sheet                  (68.63)        595.26 
 
 
 Performance Highlights:
 
 Consolidated:
 
 The consolidated total revenue of your Company for FY 2014-15 stood at
 Rs. 19,791.44 crores as against Rs. 16,005.38 crores for FY 2013-14
 (including revenue from discontinuing operations of Rs. 726.30 crores for
 FY 2014-15 and Rs. 310.05 crores for FY 2013-14) showing an increase of
 24%.
 
 The EBIDTA (before exceptional items but including discontinuing
 operations) increased by 17% from Rs. 5,210.86 crores in FY 2013-14 to Rs.
 6,082.98 crores in FY 2014-15. Increase in EBIDTA is on account of
 increase in revenue.
 
 Consolidated Net Loss for the year increased from Rs. 290.55 crores in FY
 2013-14 to Rs. 815.63 crores in FY 2014-15.
 
 During the year, the Company (alongwith subsidiaries) emerged as
 largest private power producer with installed capacity of 9240 MW. The
 Company also set a record in power generation by achieving full load of
 4620 MW at Mundra power plant.
 
 Consolidated Financial Statements:
 
 The audited consolidated financial statements of your Company as on
 31st March, 2015, have been prepared in accordance with the relevant
 Accounting Standards issued by the Institute of Chartered Accountants
 of India and Clause 41 of the Listing Agreement and provisions of the
 Companies Act, 2013 and form part of this Annual Report.
 
 The detailed operational performance of the Company has been
 comprehensively discussed in the Management Discussion and Analysis
 Report which forms part of this Report.
 
 Standalone:
 
 The total revenue of your Company for FY 2014-15 stood at Rs. 11,037.01
 crores as against Rs. 11,769.44 crores for FY 2013-14 (including revenue
 from discontinuing operations of Nil for FY 14-15 and Rs. 295.61 crores
 for FY 2013-14) showing a decrease of 6%.
 
 The EBIDTA (before exceptional items but including discontinuing
 operations) decreased by 35% from Rs. 4,444.46 crores in FY 2013-14 to Rs.
 2,874.44 crores in FY 2014-15.
 
 Net Profit/(loss) for the FY 2014-15 stood at Rs. (68.63) crores from Rs.
 595.26 crores in FY 2013-14.
 
 Dividend:
 
 In view of accumulated losses, your Directors have not recommended any
 dividend on Equity Shares for the year under review.
 
 Material Changes and Commitments:
 
 No material changes and commitments have occured between the end of
 financial year of the company and the date of this report affecting the
 financial position of the company as at 31st March, 2015.
 
 A) Key developments during the financial year:
 
 Demerger of transmission business:
 
 The Scheme of Demerger of transmission line business of Adani Power
 Limited (APL or the Company) and Adani Power Maharashtra Limited (APML)
 into another Wholly Owned Subsidiary of the Company viz. Adani
 Transmission (India) Limited (ATIL) was approved by the Hon''ble High
 Court of Gujarat vide its order dated 26th September, 2014 which has
 come into effect on 12th January, 2015 upon receipt of requisite
 approvals of regulatory authorities. As per the said scheme of
 demerger, your Company had received 10,00,00,000 Equity Shares of Rs.
 10/- each of ATIL.
 
 Subsequent to the approval of the Board of Directors and Shareholders
 through postal ballot process, your Company has divested its 90.91%
 equity investment held in Adani Transmission (India) Limited
 (subsidiary of the Company) to Adani Transmission Limited (wholly owned
 subsidiary of Adani Enterprises Limited) at an aggregating value of ''
 311.92 crores determined on the basis of independent valuation report.
 Adani Transmission (India) Limited ceased to be a subsidiary of the
 Company w.e.f. 4th March, 2015.
 
 B) Key developments between the end of the financial year and the date
 of this report:
 
 i. Demerger of Power Undertaking of Adani Enterprises Ltd. with the
 Company:
 
 During the year under review, the Board of Directors at its meeting
 held on 30th January, 2015 had approved the Composite Scheme of
 Arrangement between Adani Enterprises Limited (AEL) and Adani Ports and
 Special Economic Zone Limited (APSEZ) and Adani Power Limited (the
 Company) and Adani Transmission Limited (ATL) and Adani Mining Private
 Limited (AMPL) and their respective shareholders and creditors for
 demerger of the diversified businesses of its parent company, AEL
 including demerger of the Power Undertaking of AEL and the shareholding
 of AEL into the Company. The rational for demerger of Power Undertaking
 from AEL to the Company are as under:
 
 a. To enable independent focus of management in varied businesses.
 
 b. To facilitate vertical integration for the Company by housing
 similar business under single identified entities thereby facilitating
 the management to efficiently exploiting any opportunities for each of
 the businesses.
 
 c. To provide the companies with opportunities for independent
 collaboration and expansion without committing the existing
 organization in its entirety.
 
 d. To create enhanced value for shareholders by allowing more
 concentrated strategy in operations.
 
 e. To facilitate varied class of investors to separately hold
 investments in each of such identified businesses with different
 characteristics thereby enabling them to opt for investment which would
 best suit their investment strategies and risk profiles.
 
 The shareholders of the Company have approved the above Composite
 Scheme of Arrangement by Postal Ballot and Court Convened Meeting, the
 result of which was announced on 20th April, 2015.
 
 The said Composite Scheme of Arrangement was approved by the Hon''ble
 High court of Gujarat vide its order dated 7th May, 2015.
 
 ii. Acquisition of Udupi Power Corporation Limited (UPCL)
 
 Pursuant to receipt of all necessary consents and approvals, your
 Company has acquired 100% stake of Udupi Power Corporation Limited
 (UPCL) on 20th April, 2015 at an enterprise value of Rs. 6,300 Crores.
 
 iii. Share Purchase Agreement - Korba West Power Company Limited
 (KWPCL)
 
 Your Company has executed a share purchase agreement with the owners of
 Korba West Power Company Limited (KWPCL) for acquisition of 100% stake
 in KWPCL which owns a 600 MW Coal based thermal power plant in state of
 Chhattisgarh.
 
 Fixed Deposits:
 
 During the year under review, your Company has not accepted any fixed
 deposits within the meaning of Section 73 of the Companies Act, 2013
 read with rules made there under.
 
 Non-Convertible Debentures:
 
 During the year under review, your Company has issued 1000 Rated,
 Unlisted, Redeemable, Non-Convertible Debentures of face value of Rs.
 1,00,00,000 each aggregating to Rs. 1000 crores issued on a private
 placement basis.
 
 Particulars of loans, guarantees or investments:
 
 The provisions of Section 186 of the Companies Act, 2013, with respect
 to a loan, guarantee or security is not applicable to the Company as
 the Company is engaged in providing infrastructural facilities and is
 exempted under Section 186 of the Companies Act, 2013. The details of
 investment made during the year under review are disclosed in the
 financial statements.
 
 Subsidiaries, Joint Ventures and Associate Companies:
 
 Your Company has four (direct and indirect) subsidiaries as on 31st
 March, 2015.
 
 1) Adani Power Maharashtra Limited (APML)
 
 2) Adani Power Rajasthan Limited (APRL)
 
 3) Adani Power Resources Limited (erstwhile Adani Transmission
 (Maharashtra) Limited) [Company holds 50%, APML holds 30% & APRL holds
 20%]
 
 4) Adani Power (Karnataka) Limited
 
 During the year under review, the following changes have taken place in
 Subsidiary / Joint Venture Companies:
 
 A. The Company has acquired Udupi Power Corporation Limited (UPCL), a
 1200 MW power plant based on imported coal from Hyderabad based - Lanco
 Infratech Limited on 20th April, 2015. With this acquisition, Adani
 Power''s installed capacity has increased to 10,440 MW.
 
 B. Adani Power (Karnataka) Limited (APKL) was incorporated as Wholly
 Owned Subsidiary of the Company.
 
 C. In order to consolidate transmission lines business across the Group
 under one entity, the Board of Directors of the Company had approved
 the divestment of its investment held in Adani Transmission (India)
 Limited (ATIL) to Adani Transmission Limited (ATL), a Wholly Owned
 Subsidiary of Adani Enterprises Limited (AEL) based on the Independent
 Valuation Report. The said divestment was approved by the shareholders
 by way of postal ballot on 20th February, 2015. Accordingly, the entire
 Equity Shares of ATIL as held by the Company had been transferred to
 ATL and hence ATIL ceased to be subsidiary of the Company w.e.f. 4th
 March, 2015.
 
 D. Adani Power Resources Limited has become a subsidiary of your
 Company as per the definition of subsidiary as given in Section 2(87)
 of the Companies Act, 2013 w.e.f. 21st January, 2015.
 
 E. Pursuant to the provisions of Section 129, 134 and 136 of the
 Companies Act, 2013 read with rules framed thereunder and pursuant to
 clause 41 of the Listing Agreement, the Company had prepared
 consolidated financial statements of the Company and its subsidiaries
 and a separate statement containing the salient features of financial
 statements of subsidiaries, joint ventures and associates in Form AOC-1
 are forming part of the Annual Report.
 
 F. The annual financial statements and related detailed information of
 the subsidiary companies shall be made available to the shareholders of
 the holding and subsidiary companies seeking such information on all
 working days during business hours. The financial statements of the
 subsidiary companies shall also be kept open for inspection by any
 shareholder/s during working hours at the Company''s registered office
 and that of the respective subsidiary companies concerned. The separate
 audited financial statement in respect of each of the subsidiary
 companies is also available on the website of the Company. Details of
 developments of subsidiaries of the Company are covered in the
 Management Discussion and Analysis Report which forms part of this
 Annual Report.
 
 Directors and Key Managerial Personnel:
 
 Mr. B.B. Tandon (DIN: 00740511) retired w.e.f. 1st February, 2015.
 
 Ms. Nandita Vohra (DIN: 06962408) was appointed as an Additional
 Director of the Company w.e.f.  30th March, 2015 to hold office up to
 the ensuing Annual General Meeting. Your Company has received notice
 from a member proposing her appointment as Director of the Company. The
 Board welcomes her and looks forward to her valued contribution to your
 Company.
 
 In accordance with the provisions of Section 149 of the Companies Act,
 2013, Ms. Nandita Vohra is appointed as Woman Independent Director to
 hold office as per her tenure of appointment mentioned in the Notice of
 the forthcoming Annual General Meeting of the Company.
 
 The tenure of Mr. Vneet S Jaain, Executive Director of the Company will
 expire on 13th May, 2015. The Nomination and Remuneration Committee and
 the Board of Directors at their respective meetings held on 11th May,
 2015 recommended and approved the re-appointment of Mr. Vneet S Jaain
 as an Executive Director of the Company for a further period of three
 years i.e. upto 13th May, 2018, subject to the approval of members.
 Terms and conditions for his re-appointment are contained in the
 Explanatory Statement forming part of the notice of the ensuing Annual
 General Meeting.
 
 Pursuant to the provisions of Section 149 of the Act, which came into
 effect from 1st April, 2014, Mr. B.B. Tandon, Mr. Vijay Ranchan and Mr.
 C.P. Jain were appointed as Independent Directors at the Annual General
 Meeting of the Company held on 9th August, 2014. The terms and
 conditions of appointment of Independent Directors are as per Schedule
 IV of the Act. Your Company has received declarations from all the
 Independent Directors of the Company confirming that they meet with the
 criteria of Independence provided in Section 149(6) of the Act and
 Clause 49 of the Listing Agreement and there has been no change in the
 circumstances which may affect their status as Independent Director
 during the year.
 
 Pursuant to the requirements of the Companies Act, 2013 and Articles of
 Association of the Company, Mr. Rajesh S. Adani (DIN: 00006322) is
 liable to retire by rotation and being eligible offer himself for
 re-appointment.
 
 Brief details of Directors proposed to be appointed/re-appointed as
 required under Clause 49 of the Listing Agreement are provided in the
 Notice of Annual General Meeting forming part of this Annual Report.
 
 The appointments of the Key Managerial Personnel have been made before
 the commencement of the financial year under review and the same have
 been formalised during the year as per the Companies Act, 2013.
 
 Directors'' Responsibility Statement:
 
 Pursuant to Section 134(5) of the Companies Act, 2013, the Board of
 Directors, to the best of their knowledge and ability, state the
 following:
 
 a. that in the preparation of the annual financial statements, the
 applicable accounting standards have been followed along with proper
 explanation relating to material departures, if any;
 
 b. that such accounting policies have been selected and applied
 consistently and judgement and estimates have been made that are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company as at 31st March, 2015 and of the loss of the
 Company for the year ended on that date;
 
 c. that proper and sufficient care has been taken 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. that the annual financial statements have been prepared on a going
 concern basis;
 
 e. that proper internal financial controls were in place and that the
 financial controls were adequate and were operating effectively;
 
 f. that proper systems to ensure compliance with the provisions of all
 applicable laws were in place and were adequate and operating
 effectively.
 
 Number of Board Meetings:
 
 The Board of Directors met 6 (six) times during the year under review.
 The details of Board meetings and the attendance of the Directors are
 provided in the Corporate Governance Report which forms part of this
 Report.
 
 Independent Directors'' Meeting:
 
 The Independent Directors met on 26th March, 2015, without the
 attendance of Non-Independent Directors and members of the Management.
 The Independent Directors reviewed the performance of Non-Independent
 Directors and the Board as a whole; the performance of the Chairman of
 the Company, taking into account the views of Executive Directors and
 Non-Executive Directors and assessed the quality, quantity and
 timeliness of flow of information between the Company Management and
 the Board that is necessary for the Board to effectively and reasonably
 perform their duties.
 
 Board Evaluation:
 
 The Board adopted a formal mechanism for evaluating its performance as
 well as that of its Committees and individual Directors, including the
 Chairman of the Board. The exercise was carried out through a
 structured evaluation process covering various aspects of the Board
 functioning such as composition of the Board & committees, experience &
 competencies, performance of specific duties & obligations,
 contribution at the meetings and otherwise, independent judgment,
 governance issues etc.
 
 Policy on Directors'' appointment and remuneration:
 
 The Company''s policy on Directors'' appointment and remuneration and
 other matters provided in Section 178(3) of the Companies Act, 2013 is
 available on the website of the Company.
 
 Internal Financial control system and their adequacy:
 
 The details in respect of internal financial control and their adequacy
 are included in the Management Discussion & Analysis Report, which
 forms part of this report.
 
 Risk Management:
 
 The Board of the Company has formed 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. The audit committee has additional
 oversight in the area of financial risks and controls.
 
 Committees of Board:
 
 Details of various committees constituted by the Board of Directors as
 per the provisions of Clause 49 of the Listing Agreement and Companies
 Act, 2013 are given in the Corporate Governance Report and forms part
 of this report.
 
 Sustainability and Corporate Social Responsibility:
 
 The Company has constituted Corporate Social Responsibility (CSR)
 Committee and has framed a CSR Policy.  The said Committee has been
 renamed as Sustainability & Corporate Social Responsibility Committee
 (S&CSR).  The brief details of S&CSR Committee are provided in the
 Corporate Governance Report. The Annual Report on CSR activities is
 annexed which forms part of this Report. The CSR policy is available on
 the website of the Company.
 
 Corporate Governance and Management Discussion and Analysis Report:
 
 A separate report on Corporate Governance compliance and a Management
 Discussion and Analysis Report as stipulated by Clause 49 of the
 Listing Agreement forms part of this Annual Report along with the
 required Certificate from a Practicing Company Secretary regarding
 compliance of the conditions of Corporate Governance as stipulated by
 Clause 49 of the Listing Agreement.
 
 In compliance with Corporate Governance requirements as per Clause 49
 of the Listing Agreement, your Company has formulated and implemented a
 Code of Business Conduct and Ethics for all Board members and senior
 management personnel of the Company, who have affirmed the compliance
 thereto.
 
 Business Responsibility Report:
 
 The Business Responsibly Report for the year ended 31st March, 2015 as
 stipulated under Clause 55 of Listing Agreement is annexed which forms
 part of this Report.
 
 Prevention of Sexual Harassment at Workplace:
 
 As per the requirement of The Sexual Harassment of Women at Workplace
 (Prevention, Prohibition & Redressal) Act, 2013 read with rules made
 thereunder, your Company has constituted Internal Complaints Committee
 which is responsible for redressal of complaints related to sexual
 harassment. During the year under review, there were no complaints
 pertaining to sexual harassment.
 
 Extract of Annual Return:
 
 The details forming part of the extract of the Annual Return in Form
 MGT 9, is annexed to this Report as Annexure - A.
 
 Related Party Transactions:
 
 All the related party transactions entered into during the financial
 year were on an arm''s length basis and were in the ordinary course of
 business. Your Company had not entered into any transactions with
 related parties which could be considered material in terms of Section
 188 of the Companies Act, 2013. 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 the year under review, your Company has entered into
 transactions with related parties which are material as per Clause 49
 of the Listing Agreement and the details of said transactions are
 provided in the Notice of the Annual General Meeting.
 
 Significant and material orders passed by the regulators or courts or
 tribunals impacting the going concern status of the Company:
 
 There are no significant and material orders passed by the Regulators
 or Courts or Tribunals which would impact the going concern status and
 the Company''s future operations.
 
 Insurance:
 
 Your Company has taken appropriate insurance for all assets against
 foreseeable perils.
 
 Auditors & Auditors'' Report:
 
 M/s. Deloitte Haskins & Sells, Chartered Accountants (Firm Registration
 No.: 117365W), the Statutory Auditors of the Company, will retire at
 the conclusion of the ensuing Annual General Meeting and are eligible
 for re-appointment. Your Company has received letter from M/s. Deloitte
 Haskins & Sells, Chartered Accountants, to the effect that their
 appointment, if made, would be within the prescribed limits under
 Section 141 of the Companies Act, 2013 read with rules made thereunder
 and that they are not disqualified for such appointment.
 
 Your Directors recommend the re-appointment of M/s. Deloitte Haskins &
 Sells, Chartered Accountants, as Statutory Auditors of the Company to
 hold office from the conclusion of this Annual General Meeting (AGM)
 till the conclusion of 21st AGM of the Company to be held in the
 calendar year 2017.
 
 Audit Qualification:
 
 The Auditors Qualification has been appropriately dealt in Note No. 36
 of the Standalone Financial Statements and is self-explanatory.
 
 Cost Auditors:
 
 Your Company has appointed M/s K. V. Melwani & Associates, Cost
 Accountants (Firm Regi. No. 100497) to conduct audit of cost records of
 the Company for the year ended 31st March, 2016.
 
 Secretarial Audit:
 
 Pursuant to the provisions of Section 204 of the Companies Act, 2013
 and the rules made thereunder, the Company had appointed Mr. Chirag
 Shah, Practising Company Secretary to undertake the Secretarial Audit
 of the Company. The Secretarial Audit Report for FY 2014-15 is annexed,
 which forms part of this report as Annexure - B. There were no
 qualifications, reservation or adverse remarks in the Secretarial Audit
 Report of the Company.
 
 Information Technology: An enabler for Growth:
 
 Your Company continues to pioneer usage of innovative and modern IT
 solutions to drive the operations in an efficient and effective manner.
 Your Company deploys best in class applications and systems which
 streamline business processes, to improve performance and reduce costs.
 These systems provide seamless integration across modules and functions
 resulting into strong MIS platform and informed decision-making by the
 Management.
 
 Awards & Recognitions:
 
 During the year under review, your Company had won the following
 awards:
 
 1. 5S Certification conferred by Quality Circle Forum of India for 5S
 implementation.
 
 2. Top Plant - Coal Category conferred by Power Magazine.
 
 3. Gold Medal - Best Lean Quality Circle Team conferred by Quality
 Circle Forum of India for the ground performance and application of the
 universally acclaimed and accepted principle of the quality Management.
 
 4. Gold Medal - Best 5S Team conferred by Quality Circle Forum of India
 for ground performance and application of the universally acclaimed and
 accepted principle of the 5S Concept.
 
 5. Bronze Medal - Best Quality Circle Team conferred by Quality Circle
 Forum of India for the ground
 
 performance and application of the universally acclaimed and accepted
 principle of the quality
 
 Management.
 
 6. Excellent category awards for technical paper presentation conferred
 by Quality Circle Forum of India for Technical Paper Presentation on
 5S.
 
 7. Distinguish award - Best Quality Circle Case presentation conferred
 by Quality Circle Forum of India for the ground performance and
 application of the universally acclaimed and accepted principle of the
 quality Management for the ground performance and application of the
 universally acclaimed and accepted principle of the quality Management.
 
 8. Par Excellent award - Best Lean Circle Team conferred by Quality
 Circle Forum of India for the ground
 
 performance and application of the universally acclaimed and accepted
 principle of the quality
 
 Management.
 
 9. Par Excellent award - Best 5S Circle conferred by Quality Circle
 Forum of India for the ground performance and application of the
 universally acclaimed and accepted principle of the quality Management.
 
 Particulars of Employees:
 
 The information required under Section 197 of the Companies Act, 2013
 read with rule 5(1) of the Companies (Appointment and Remuneration of
 Managerial Personnel) Rules, 2014 are provided in separate annexure
 forming part of this Report as Annexure - C.
 
 The statement containing particulars of employees as required under
 Section 197 of the Companies Act, 2013 read with rule 5(2) of the
 Companies (Appointment and Remuneration of Managerial Personnel) Rules,
 2014, will be provided upon request. In terms of Section 136 of the
 Companies Act, 2013, the Report and Accounts are being sent to the
 Members and others entitled thereto, excluding the information on
 employees'' particulars which is available for inspection by the members
 at the Registered Office of the Company during business hours on
 working days of the Company. If any member is interested in obtaining a
 copy thereof, such Member may write to the Company Secretary in this
 regard.
 
 Conservation of Energy, Technology Absorption, Foreign Exchange
 Earnings and Outgo:
 
 The information on conservation of energy, technology absorption and
 foreign exchange earnings and outgo stipulated under Section 134(3)(m)
 of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts)
 Rules, 2014, as amended from time to time is annexed to this Report as
 Annexure - D.
 
 Acknowledgement:
 
 Your Directors place on record their appreciation for assistance and
 co-operation received from various Ministries and Department of
 Government of India and other State Governments, financial
 institutions, banks, shareholders of the Company etc. The management
 would also like to express great appreciation for the commitment and
 contribution of its employees for their committed services.
 
 Your Directors wish to place on record their sincere appreciation for
 the dedicated efforts and consistent contribution made by the employees
 at all levels, to ensure that the Company continues to grow and excel.
    
                           For and on behalf of the Board of Directors
 
 Place : Ahmedabad         Gautam S. Adani
 Date : 11th May, 2015     Chairman
                           (DIN: 00006273)
 
 
Source : Dion Global Solutions Limited
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