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Procter & Gamble Health Directors Report, Procter&Gamble Reports by Directors
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Procter & Gamble Health

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Directors Report Year End : Dec '17    Dec 16

The are pleased to present the report on our business and operations for the year ended December 31, 2017.

FINANCIAL HIGHLIGHTS:

The Financial performance of your Company for the year ended December 31, 2017 is summarized below:

(Rupees million)

Particulars

2017

2016*

Income from Operations

11,194.5

10,297.7

Other Income

239.7

244.1

Profit before Interest,

1,958.2

1,484.8

Depreciation and Tax

Depreciation/ Impairment

436.3

333.0

Provision for Taxation (net)

582.8

360.5

Profit after tax

939.1

791.3

Profit available for

3,856.0

3,155.7

appropriations

Appropriations:

Transfer to General Reserve

-

75.9

Re-measurement gain/loss on

25.0

13.0

defined benefit plan (net of tax)

Dividend (including Tax on

219.8

150.0

Dividend)

Balance carried to the Balance

3,611.2

2,916.8

Sheet

EPS

- Basic (Rs.)

56.6

47.7

- Diluted (Rs.)

56.6

47.7

* Prior year figures have undergone changes in line with the Indian Accounting Standards (“Ind AS”) applicable to the company with effect from January 1, 2017

COMPANY’S OPERATIONAL PERFORMANCE:

The Company continued to operate in two business segments, i.e. Pharmaceuticals and Chemicals. Detailed operational working of your Company is provided in the Management Discussion and Analysis Report forming part of this report as Annexure I. During the financial year ended December 31, 2017, your Company achieved a turnover of Rs.10,885.7 million as against a turnover of Rs. 10,017.7 million in the previous year, registering a growth of 8.7%. During the year under report, the Pharmaceutical segment showed an increase in turnover by 7.5%, the Chemical segment registered an increase of 12.7% as compared to the respective segment turnover achieved during the previous financial year. After providing for taxes, net profit was Rs. 939.1 million higher by 18.7% over the previous year.

The export turnover of your Company during the year 2017 was Rs.995.4 million as against Rs.1008.1 million achieved in the previous year.

Pursuant to the notification issued by the Ministry of Corporate Affairs your Company has adopted Indian Accounting Standards (“Ind AS”) notified under the Companies (Indian Accounting Standards) Rules with effect from January 1, 2017.

CONSUMER HEALTH DIVISION:

Merck KGaA, Germany, the ultimate holding Company of the Company, has announced that it is preparing for strategic options for its Consumer Health business globally including a potential full or partial sale of the business as well as strategic partnerships. This strategic initiative would involve the Company’s Consumer Health business in India as well, the implementation of potential measures and their specific design are subject to further analysis and decision making by competent bodies.

DIVIDEND:

Your Board of Directors has recommended a dividend of Rs. 15/- (Rupees Fifteen Only) per equity share for the year ended December 31, 2017. This is subject to approval of the Members at forthcoming Annual General Meeting.

PUBLIC DEPOSITS:

Your Company has not accepted any public deposits from the public or the Members during the year 2017 and no amount on account of principal or interest on public deposits was outstanding as on the date of this Balance Sheet.

CORPORATE GOVERNANCE:

A Report on the compliance of Corporate Governance Code along with certificate from Secretarial Auditor thereon, as stipulated under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, is annexed at Annexure II to this Report.

CORPORATE SOCIAL RESPONSIBILITY:

Your Company has been carrying out CSR activities since many years. It has established, nurtured and promoted various Non-Profit Organizations primarily having focus on Education, Health care and Environment.

A brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in Annexure IV of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. In compliance with requirements of Section 135 of the Companies Act, 2013, the Company has laid down a CSR Policy which is published on its website www.merck.co.in

DIRECTORS’ RESPONSIBILITY STATEMENT:

In accordance with Section 134(5) of the Companies Act, 2013 (the Act), your Directors confirm that, to the best of their knowledge and belief that:

(a) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

(b) Such accounting policies have been selected 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) Proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

(d) The annual accounts have been prepared on a going concern basis.

(e) The directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

(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.

DIRECTORS:

Resignation of Mr. Anand Nambiar, Managing Director:

Mr. Anand Nambiar, (DIN 02006594) the Managing Director of the Company, has been offered a position as Head of Integrated Circuit Material Business Unit of Merck based out of Darmstadt, Germany. He has accepted the offer and, accordingly, he will demit Office of the director and Managing Director of the Company effective from close of business on March 31, 2018. Your Board placed on record its deep appreciation for the excellent contributions made by Mr. Anand Nambiar as the Managing Director of the Company.

Appointment of Mr. Milind Thatte, as Additional Director and Managing Director:

Board of Directors at their meeting held on March 27, 2018, on the recommendations of the Nomination and Remuneration Committee, has resolved to appoint Mr. Milind Thatte, General Manager - Healthcare, as an additional director and Managing Director of the Company in place of Mr. Anand Nambiar, for a term of 5 years effective from April 01, 2018. The required resolution for approval of appointment of Mr. Milind Thatte as Managing Director of the Company is placed before the ensuing Annual General Meeting of the shareholders of the Company.

Director liable to retire by rotation:

Mr. N. Krishnan, (DIN 01027659) Executive Director, Finance will retire by rotation at the forthcoming Annual General Meeting of the Company and being eligible offers himself for re-appointment as Director of the Company. The Board recommends his reappointment.

Independent Directors/Non- Executive Directors:

During the year, non-executive directors of the Company had no pecuniary relationship or transactions with the Company.

Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, is annexed at Annexure II to this Report.

CORPORATE SOCIAL RESPONSIBILITY:

Your Company has been carrying out CSR activities since many years. It has established, nurtured and promoted various Non-Profit Organizations primarily having focus on Education, Health care and Environment.

A brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in Annexure IV of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. In compliance with requirements of Section 135 of the Companies Act, 2013, the Company has laid down a CSR Policy which is published on its website www.merck.co.in

DIRECTORS’ RESPONSIBILITY STATEMENT:

In accordance with Section 134(5) of the Companies Act, 2013 (the Act), your Directors confirm that, to the best of their knowledge and belief that:

(a) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

(b) Such accounting policies have been selected 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) Proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

(d) The annual accounts have been prepared on a going concern basis.

(e) The directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

(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.

DIRECTORS:

Resignation of Mr. Anand Nambiar, Managing Director:

Mr. Anand Nambiar, (DIN 02006594) the Managing Director of the Company, has been offered a position as Head of Integrated Circuit Material Business Unit of Merck based out of Darmstadt, Germany. He has accepted the offer and, accordingly, he will demit Office of the director and Managing Director of the Company effective from close of business on March 31, 2018. Your Board placed on record its deep appreciation for the excellent contributions made by Mr. Anand Nambiar as the Managing Director of the Company.

Appointment of Mr. Milind Thatte, as Additional Director and Managing Director:

Board of Directors at their meeting held on March 27, 2018, on the recommendations of the Nomination and Remuneration Committee, has resolved to appoint Mr. Milind Thatte, General Manager - Healthcare, as an additional director and Managing Director of the Company in place of Mr. Anand Nambiar, for a term of 5 years effective from April 01, 2018. The required resolution for approval of appointment of Mr. Milind Thatte as Managing Director of the Company is placed before the ensuing Annual General Meeting of the shareholders of the Company.

Director liable to retire by rotation:

Mr. N. Krishnan, (DIN 01027659) Executive Director, Finance will retire by rotation at the forthcoming Annual General Meeting of the Company and being eligible offers himself for re-appointment as Director of the Company. The Board recommends his reappointment.

Independent Directors/Non- Executive Directors:

During the year, non-executive directors of the Company had no pecuniary relationship or transactions with the Company.

Mr. S.N. Talwar, (DIN 00001456) Mr. H.C.H. Bhabha [DIN 00286072] and Mrs. Rani Ajit Jadhav [DIN 07070938] are the Independent Directors on the Board of the Company, they have confirmed to the Company that they meet the criteria of independence as prescribed under Section149(6) of the Act.

None of the Non-Executive Directors serve as an Independent Directors on more than seven listed Companies and none of the Executive Directors serve as an Independent Director on any listed Company.

NUMBER OF MEETINGS OF THE BOARD:

Five meetings of the board were held during the year. For details of the meetings of the board and its committees, please refer to the corporate governance report, which forms part of this report.

BOARD PERFORMANCE EVALUATION:

Pursuant to the provisions of the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Board and Nomination & Remuneration Committee have adopted and reviewed the formal mechanism for evaluating its performance and effectiveness as well as that of its Committees and Individual Directors, including the Chairman of the Board. During the year under report the Board carried out an annual evaluation of performance of the Board, its committees and individual performance of directors.

For Board and its Committees, the performance evaluation was carried out through a structured evaluation process covering various aspects of the Board’s functioning such as composition of the Board & Committees, experience & competencies, performance of specific duties & obligations, governance issues, etc. For evaluation of performance of individual directors, non-executive and executive directors, response was solicited from each director by way of a questionnaire on various parameters and traits of the directors, level of participation, including their attendance and contribution in the Board and Committee meetings, domain knowledge, accessibility to management and others, objectivity in their decision making. Chief Financial Officer, who is also an executive director was evaluated on additional parameters including financial planning, cost effectiveness, tax planning and risk mitigation measures taken. Performance of the Chairman of the Board was separately evaluated on additional parameters including his ability to manage the Board, ability to deal with conflict, domain knowledge, etc. Each director also self-evaluated himself / herself. Individual response of each director was collated by Company Secretary and discussed with the Board and Nomination and Remuneration Committee. In conclusion, the Board and Nomination and Remuneration committee was satisfied with the performance and functioning of the Board, its Committees and individual members.

AUDITORS AND THEIR REPORT:

Auditors in their report and the Company Secretary in practice in their secretarial audit report have not made any adverse remark, qualification or reservation, in their respective reports.

The shareholders at their 50th Annual General Meeting (AGM) held on May 31, 2017 had approved the appointment of M/s. Haribhakti & Co. LLP, Chartered Accountants (Firm Registration No.: 103523W/W-100048), as statutory auditors of the Company, to hold office from the conclusion of the 50th AGM up to the conclusion of the 55th AGM to be held for the year 2022. In terms of first proviso of Section 139 of the Companies Act, 2013, the appointment of the auditors is subject to ratification by the shareholders at every subsequent AGM. Accordingly, the resolution for ratification of appointment of M/s. Haribhakti & Co. LLP, Chartered Accountants, as statutory auditors of the Company from the conclusion of the 51st AGM until the conclusion of the 52nd AGM, is being placed before the shareholders at the ensuing AGM. The Board has recommended the ratification of appointment of M/s. Haribhakti & Co. LLP to the shareholders.

COST AUDIT:

Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules, 2014, the Central Government has prescribed cost audit of the accounts to be maintained by your Company. To conduct the cost audit, M/s. Joshi Apte & Associates, Cost Accountants, has been re-appointed as Cost Auditors of your Company for the year 2018 in the meeting of Board of Directors held on Thursday, February 22, 2018, subject to the approval of the Central Government, if any, required. The Cost Audit Report in XBRL format for the financial year ended December 31, 2017 will be filed before the due date.

A resolution for ratification of the remuneration payable to the Cost Auditor is included in the Notice of the Annual General Meeting for seeking approval of Members.

SECRETARIAL AUDITOR AND THEIR REPORT:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Secretarial Audit has been carried out by M/s. Kanj & Associates, Practicing Company Secretaries for the year ended December 31, 2017and their report is annexed at Annexure III.

INTERNAL CONTROLS AND THEIR ADEQUECY:

The Board of Directors of the Company is responsible for ensuring that Internal Financial Controls have been established in the Company and that such controls are adequate and operating effectively.

The Company has laid down certain guidelines and processes which enables implementation of appropriate internal financial controls across the organisation. Such internal financial controls encompass policies and procedures adopted by the Company for ensuring orderly and efficient conduct of business, including adherence to its policies, safeguarding of its assets, prevention and detection of frauds and errors, the accuracy and completeness of accounting records and the timely preparation of reliable financial information.

Internal auditors in their review report to the audit committee has confirmed that basis their review no significant deficiencies were established in design and operating effectiveness of internal financial controls. The Statutory auditors in their audit report has opined that these controls are operating effectively.

The Internal Audit team develops an annual audit plan based on the risk profile of the business activities. The annual internal audit plan is approved by the Audit Committee, which also reviews compliance to the plan. The Internal Audit team monitors and evaluates the efficacy and adequacy of internal control systems in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company. Based on the report of internal audit function, process owners undertake corrective action(s) in their respective area(s) and thereby strengthen the controls. Significant audit observations and corrective action(s) thereon are presented to the Audit Committee.

The Audit Committee reviews the reports submitted by the Internal Auditors in each of its meeting. Also, the Audit Committee at frequent intervals has independent sessions with the external auditor and the Management to discuss the adequacy and effectiveness of internal financial controls.

The Board has implemented systems to ensure compliance of all applicable laws, these systems were effective and operative. At every quarterly interval the Managing Director and the Company Secretary place before the Board a certificate certifying compliance of laws and regulations as applicable to the business and operations of the Company after obtaining confirmation from all business unit and functional heads responsible for compliance of such applicable laws and regulations. The Company Secretary is responsible for compliance of corporate laws including Companies Act 2013, SEBI Act and rules/guidelines and listing rules applicable to the Company.

During the year no frauds were reported by auditors in terms of section 143 (12) of the Act.

AUDIT COMMITTEE RECOMMENDATIONS:

During the year all recommendations of the Audit Committee were accepted by the Board. The Composition, details of its meetings of the Audit Committee are fully described in the Corporate Governance Report, which form part of this report.

RISK MANAGEMENT:

The Company has well defined process to ensure the risks are identified and mitigation steps are put in place. The Company’s Risk Management process focus on ensuring that these risks are identified on a timely basis and reasonably addressed.

The Board of the Company has formed a risk management committee to frame, implement and monitor the risk mitigation plan for the Company. The committee is responsible for identifying the key risk areas and reviewing periodically the risk management plan and ensuring its effectiveness. The audit committee has additional oversight in the area of financial risks and controls. Major risks are identified by the businesses and functions and these are systematically addressed through mitigating actions on continuing basis.

The development and implementation of risk management policy has been covered in the management discussion and analysis, which forms part of this report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The particulars of loans, guarantees and investments have been disclosed in the financial statements.

RELATED PARTY TRANSACTIONS:

All Related party transactions that were entered into during the financial year were on arm’s length basis and were in the ordinary course of business. There were no materially significant related party transactions made by the Company which may have potential conflict with the interest of the Company.

The Company has implemented a Related Party Transactions policy for the purposes of identification and monitoring of such transactions. The policy on related party transactions as approved by the Board is uploaded on the Company’s website www.merck.co.in.

All related party transactions are placed before the Audit Committee for approval. Prior approval of the Audit Committee is obtained for the transactions which are planned and/ or repetitive in nature and omnibus approvals are taken within a criteria/ limit laid down for any unforeseen transactions.

The details of the material related party transactions as required under Section 134(3)(h) r/w Rule 8 of the Companies (Accounts) Rules, 2014, is attached as Annexure V.

MATERIAL ORDERS PASSED BY THE REGULATORS AND COURTS:

During the year under review no regulator or court has passed any significant and material orders impacting the going concern status of the Company and its future operations except in one show cause notice received from National Pharmaceutical Pricing Authority or NPPA, which was considered material by the Company and necessary disclosure to stock exchange was made.

During the year 2016, NPPA in its show cause notice alleged that the Company has overcharged price for one of its drugs during the period from Jan 2006 to June 2009. It demanded a sum of Rs.116.8 million plus interest Rs.157.8 million on this occasion. The Company has challenged the said orders by way of a writ petition before Hon’ble Delhi High Court. Currently the matter is pending with the Court. The Company has been legally advised it has a good defendable case on merits.

VIGIL MECHANISIM AND WHISTLE BLOWER POLICY:

In terms of the provisions of Section 177(9) of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has implemented a vigil mechanism which include implementation of the whistleblower policy. The purpose of the policy is to enable employees to raise concerns about unacceptable improper practices and/ or any unethical practices in the organisation. No employee has been denied access to the chairman of the audit committee. The Company in conjunction with the Corporate Compliance and Investigation policy of its ultimate holding Company has informed all its employees that any non-compliant behavior of directors or employees including the non-compliance of its code of conduct shall be brought to the notice of the management for investigation and necessary action, using the speak-up line number provided therein. The Company provides protection to employees and business associates reporting unethical practices and encourages employees to report the incidence of fraud. Whistleblower complaints and their redressal are discussed at each audit committee meeting of the Company. The Indian addendum to the global policy is available on the Company’s website www.merck.co.in.

NOMINATION AND REMUNERATION POLICY:

Pursuant to the provisions of Section 134(3)(e), 178 of the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company adopted a Nomination and Remuneration Policy. The Nomination and Remuneration Committee (NRC) is responsible for developing competency requirements for the Board, based on the industry and strategy of the Company. The NRC makes recommendations to the Board in regard to appointment of new directors. The Company’s Remuneration Policy provides a broad framework to support the implementation of the Merck Total Rewards Philosophy, specifically, it is intended to provide more detailed clarification on the guiding principles so as to support its implementation; guidance as to design of reward programs; and explanation as to roles, responsibilities and governance for program design, administration and communication. The performance linked bonus is driven by the outcome of the performance appraisal process and the performance of the Company. The remuneration of Directors and employees is a fair mix of fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the Company.

PARTICULARS OF EMPLOYEES:

The information as required under Section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given below:

(a) The ratio of the remuneration of each director to the median remuneration of the employees of the Company for the financial year:

Non- Executive Directors

Ratio of median remuneration

Mr. S.N. Talwar

2.23

Mr. HCH Bhabha

1.67

Mrs. Rani Ajit Jadhav

1.42

Ms. Zoe Tang

-

Executive Directors

Mr. Anand Nambiar

96.37

Mr. N. Krishnan

30.74

Note - Median means the numerical value separating the higher half of a population from the lower half and the median of a finite list of number may be found by arranging all the observations from lowest value to highest value and picking the middle one.

(b) The percentage increase in remuneration of each director, chief executive officer, chief financial officer, company secretary in the financial year:

Director, Chief Financial Officer & Company Secretary

% Increase in remuneration during the financial year

Mr. Suresh Talwar (Chairman and Independent Director)

10

Mr. H. C H Bhabha (Independent Director)

10

Mrs. Rani Ajit Jadhav (Independent Director)

27.27

Mr. Anand Nambiar (Managing Director)

19.24

Mr. N. Krishnan (Executive Director and Chief Financial Officer)

10.95

Mr. Vikas Gupta (General Counsel & Company Secretary)

9.5

(c) The percentage increase in the median remuneration of employees in the financial year: 9%

(d) The number of permanent employees on the rolls of Company: 1544 as on December 31, 2017

(e) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration

Average increase in the remuneration of salaries of the employees is based on a detailed performance evaluation which inter-alia include their performance viz-a-vis the objectives achieved by them during the year. The overall financial performance of the Company is also taken into consideration while arriving at the average percentage increase of the salaries of employees. Salaries of employees is adjusted periodically against the industry benchmark. During the year under review average increase in the salaries of employees was around 11%.

(f) Key Parameters for any variable component of remuneration availed by directors:

Executive Directors are entitled for payment of bonus which is dependent upon the Company’s overall performance and their individual performance rating. Additionally, non-executive independent directors are entitled for payment of commission which is determined based on the time spent by the Non-Executive Directors at the Audit Committee Meetings, Board Meetings, other Committee Meetings and contribution made by them from time to time on strategic matters.

(g) Affirmation that the remuneration is as per the remuneration policy of the Company:

It is hereby confirmed that the remuneration paid during the year is as per the Remuneration Policy of the Company.

The statement containing particular of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. Considering the first proviso of Section 136 (1) of the Companies Act, the report and the accounts are being sent to the members excluding the aforesaid annexure. The said annexure is open for inspection at the Registered Office of the Company on any working day upto the date of 51st Annual General Meeting. Any shareholder interested in obtaining a copy of the same may write to the Company Secretary.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The particulars as prescribed under Section 134(3)(m) of the Act, read with Rule 8 of the Companies (Accounts) Rules, 2014, are set out in Annexure VI.

EXTRACT OF ANNUAL RETURN:

Extract of Annual Return in the prescribed format under the Companies Act, 2013 forms part of this report and is annexed at Annexure VII.

DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The Company has zero tolerance towards sexual harassment at the 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 thereunder. The Company has ensured a wide dissemination of the Policy and have conducted various awareness program at all locations of the Company.

During the year ending December 31, 2017, the Company has not received any new complaint of sexual harassment. During the year under review the investigation into the sexual harassment complaint received in 2016 was completed and necessary disciplinary action was taken against the erring employee.

GREEN INITIATIVE:

Your Company has taken the initiative of going green and minimizing the impact on the environment. The Company has been circulating the copy of the Annual Report in electronic format to all those Members whose email address is available with the Company. Your Company would encourage other Members also to register themselves for receiving Annual Report in electronic form. Kindly refer the contact details and ways to register your email address given under the heading ‘Request to the Members’ at the end of the notice of the Annual General Meeting.

ACKNOWLEDGEMENTS:

Your Directors thank and express their gratitude to the Company’s employees, customers, vendors, investors, and institutions for their continued support to the Company. Your Directors also thank the State Government and concerned Government Departments/ Agencies for their co-operation.

Your Directors also register sincere thanks and infinite appreciations to the contributions made by every Member of the Merck family globally.

On behalf of the Board of Directors

S. N. Talwar

Chairman

Mumbai, March 27, 2018

Source : Dion Global Solutions Limited
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