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Siti Networks

BSE: 532795|NSE: SITINET|ISIN: INE965H01011|SECTOR: Media & Entertainment
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Directors Report Year End : Mar '18    Mar 17

The Directors have pleasure in presenting the 12th Annual Report of the Company, together with the Audited Financial Statements for the financial year ended March 31, 2018 prepared as per Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 (Act).

FINANCIAL HIGHLIGHTS

The financial performance of your Company for the year ended March 31, 2018 is summarised below:

Rs. in million

Particulars

Standalone

Consolidated

2017-18

2016-17

2017-18

2016-17

Revenue from operations

8,378.08

7,736.79

14,104.01

11,949.16

Other Income

107.8

162.79

159.73

258.85

Total Income

8,485.88

7,899.58

14,263.74

12,208.01

Total Expenses

7,391.24

6,989.23

11,018.54

9,921.07

EBIDTA

1,094.64

910.35

3,245.20

2,286.95

Less: Finance costs

1,273.46

1,210.12

1,395.49

1,274.47

Less : Depreciation

1,830.15

1,345.24

3,261.70

2,411.82

Profit/(Loss) before share of profit/(loss) of associates and joint ventures, exceptional item and tax

(2,008.97)

(1,645.01)

(1,411.99)

(1,399.35)

Share of profit/(loss) of associates and joint ventures

0

0

(5.8)

2.04

Profit /(Loss) before exceptional item and tax

(2,008.97)

(1,645.01)

(1,417.79)

(1,397.31)

Exceptional items

46.8

202.36

163.41

202.36

Profit/(Loss) before tax & exceptional items

(2,055.77)

(1,847.37)

(1,581.20)

(1,599.67)

Provision for taxation (net)

0

2.58

117.77

192.64

Profit/(Loss) after tax & exceptional items

(2,055.77)

(1,849.95)

(1,698.97)

(1,792.31)

Remeasurement of defined benefit liability

1.73

(1.31)

3.91

2.25

Total comprehensive profit/(loss) for the period

(2,054.04)

(1,851.26)

(1,695.06)

(1,790.06)

There have been no material changes and commitments that have occurred after close of the financial year till the date of this report, which affect the financial position of the Company. Based on the internal financial control framework and compliance systems established in the Company, the work performed by Statutory, Internal, Secretarial Auditors and reviews performed by the Management and/or Audit Committee of the Board, your Board is of the opinion that the Company''s internal financial controls were adequate and working effectively during financial year 2017-18.

BUSINESS OVERVIEW

Your Company started the year on a very strong note, adding 1.6 million digital cable customers in Q1 itself and made its intent clear on how aggressively it was going to approach the final round of digitisation. We ended up adding 2.5 million customers to the SITI family and maintained our preponderance as India''s Leading MSO. The other focus area was to improve monetisation levels and we managed that to a great extent, improving our realisation in phase 3 & 4 areas by 14% and 72%, respectively. This cumulated in a strong subscription revenue of Rs.7,997 million with a growth of 41% YoY. In Broadband, we ended up with 2.5 lakh customers and 16.8 lakh home passes as we grew in a more selective manner during the course of the year.

Simultaneously, your Company scrutinised various cost lines and instilled a frugal culture in the organisation coupled with a war on waste The Company rightsized a significant portion of the workforce and created joint teams for video and broadband, bringing in synergies and cost efficiencies. This allowed us to be leaner and respond in a more flexible manner to the changing industry and macro environment. We value our human resources immensely and initiated several inhouse training programs to keep them conversant with current trends and industry developments. In addition, we focused on seven core values that make us extraordinary together and comprise of the DNA of various Essel group entities. Our shared values allowed us to consistently execute in a disciplined manner and take the right calls in ambiguous situations. It is also expected to drive a competitive culture that gets the best out of our employees and delivers steady profitable growth.

Several office locations and IP points were consolidated to reduce general and administrative spends. The biggest difference, however, was made in content cost moderation as we took a strong stand against abnormal increases in the same in the best interests of our end consumers as well as business associates.

The combination of strong revenue growth coupled with moderation in expenses led to our operating EBITDA expanding 2.6x to Rs.151 crores and operating margins doubling to 12% YoY. This was accompanied by a singular focus on collection efficiencies, in fact, your Company exited the year with an overall collection efficiency of 95% in Q4FY18.

Our finance expenses grew in part due to the stress in the banking sector because of which some of our LOUs had to be converted to term loans. Depreciation and amortisation expense also saw an increase due to robust seeding of STBs in FY18.

On the regulatory front, in a significant victory for customers, the tariff order was notified by TRAI. With this, the broadcasters need to declare their a la carte channel rates and pay TV/ Free-to-air channels within 60 days; b) Distributors need to declare network fees and retail prices within 180 days; c) Signing of interconnect agreements between broadcasters and distributors will happen within 150 days; and d) Migration of end customers to this new system will happen within 180 days. In summary, the tariff order is due for implementation latest by the January 3, 2019.

As an organisation, we are well prepared to implement it within the specified time frames and in fact, have already done beta testing on our systems and processes. We have upgraded our subscriber management system, servers and call center to respond effectively to the significantly higher volumes expected. We have started sensitizing and educating our business associates, distributors and end consumers on how things are going to change and the immense potential of this new regulation to alter things for the better, provide more bespoke choice and realign the value chain towards the bottom of the pyramid.

We continue to work with the Industry Regulator, TRAI and the Ministry of Information and Broadcasting to ensure a holistic and balanced growth of the sector in the best interests of the end consumer.

This year, your Company will further grow its Video subscriber base in a selective manner as we look to extend our leadership in certain key markets. This will be accompanied by a significant uptick of our current HD subscriber base, in line with our strategy to move the end consumer up the value chain. We will also be focusing on improving our monetisation levels further and upsell better value packs to our valuable customers.

In Broadband, your Company is looking to deepen its penetration levels in its existing markets to better utilize existing capital expenditure incurred. Going forward, we are also looking to arrive at an ideal business model that will allow us to grow profitably and sustainably in this segment, especially considering the disruptive pricing environment prevalent in mobile internet currently and the entry on new entities in wired broadband.

Content deals with most major broadcasters have been tied up to ensure permanence of content. Cost rationalisation initiatives will continue this year as well with focus on general, administrative, human resources and bandwidth costs as we look at each region on a standalone basis. We are looking at driving more synergies across our existing setup and better utilize our inherent systemic operational leverage.

Capital expenditure is expected to continue as we expand further and ensure that we grow our business in scale. We expect to fund this primarily through internal accruals with minimal increases in debt levels.

Your Company is committed to further improve at the operating EBITDA level and by the end of this year, business would have matured into a steady state annuity model that will provide strong recurrent cash flows. We are committed to appreciate shareholder''s wealth and we will ensure that the growth story continues this year as well.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to Section 134 of the Companies Act, 2013, in relation to Annual Financial Statements for the financial year 2017-18, your Directors hereby confirm that:

i. the Financial Statements of the Company comprising of the Balance Sheet as at March 31, 2018 and the Statement of Profit & Loss for the year ended on that date, have been prepared on a going concern basis;

ii. in preparation of these Financial Statements, the applicable accounting standards have been followed and there are no material departures;

iii. accounting policies selected were applied consistently and the judgments and estimates related to the financial statements have been made on a prudent and reasonable basis, so as to give a true and fair view of the state of affairs of the Company as at March 31, 2018 and of the profit/loss of the Company for the year ended on that date;

iv. proper and sufficient care has been taken for maintenance of adequate accounting records in accordance with the provisions of the Act, to safeguard the assets of the Company and for preventing and detecting fraud and other irregularities;

v. requisite internal financial controls were laid down and that such financial controls are adequate and operating effectively; and

vi. proper systems have been devised to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.

DIRECTORS & KEY MANAGERIAL PERSONNEL

Your Board currently comprises of five (5) Directors including four (4) Independent Directors and one (1) Executive Director. Independent Directors provide declarations both at the time of appointment and annually confirming that they meet the criteria of Independence as prescribed under the Act and SEBI (Listing Regulations and Disclosure Requirements) Regulations, 2015 (Listing Regulations). During the financial year 2017-18 your Board met eight (8) times details of which are available in the Corporate Governance Report annexed to this report.

During the year under review, your Board had, based on recommendations of Nomination & Remuneration Committee, appointed Mr. Sidharth Balakrishna as an Additional Director in the category of Whole-Time Director for a period of three (3) years with effect from July 14, 2017 and the same was approved by the Shareholders in 11th Annual General Meeting of the Company held on September 26, 2017.

At the 9th Annual General Meeting held on August 27, 2015, Ms.Kavita Kapahi was appointed as Independent Director to hold office up to March 31, 2018. Pursuant to the recommendation of the Nomination and Remuneration Committee, the Board at its meeting held on January 24, 2018 appointed Ms. Kavita Kapahi as Additional Director with effect from April 1, 2018 and decided to place the proposal for re-appointment of Ms. Kavita Kapahi as an Independent Director for second term of 3 years commencing April 1, 2018 till March 31, 2021, for approval of the members at the ensuing Annual General Meeting.

The Board of Directors of the Company had, based on recommendations of Nomination & Remuneration Committee, approved appointment of Prof. Sunil Kumar Maheshwari as Additional Director in the category of Independent Director with effect from November 3, 2017. In terms of Section 161 of the Companies Act, 2013, Prof. Sunil Kumar Maheshwari shall hold office up to the date of the ensuing Annual General Meeting of the Company.

The Company has received separate notices under Section 160 from members signifying their intention to propose appointment/re-appointment of Ms. Kavita Kapahi and Prof. Sunil Kumar Maheshwari as mentioned in the preceding paragraphs. Accordingly, necessary resolutions are being placed for approval of the members at the 12th Annual General Meeting of the Company.

Further, Mr. Sanjay Berry, who had resigned from the office of Chief Financial Officer effective from the close of business on April 28, 2017, has been appointed as Chief Financial Officer of the Company with effect from September 1, 2017.

During the year under review, Mr. V. D. Wadhwa had resigned from the Office of Executive Director and Chief Executive Officer of the Company with effect from June 5, 2017. Mr. Sureshkumar Agarwal and Mr. Sandeep Khurana have resigned from the Office of Director of the Company with effect from October 26, 2017 and November 3, 2017, respectively. Mr. Rajesh Sethi has been redesignated as Chief Business Transformation Officer with effect from July 14, 2017.

In compliance with the requirements of Section 203 of the Companies Act, 2013, Mr. Sidharth Balakrishna, Whole-Time Director, Mr. Sanjay Berry, Chief Financial Officer and Mr. Suresh Kumar, Company Secretary of the Company are Key Managerial Personnel of the Company.

Pursuant to the provisions under Section 134(3)(d) of the Companies Act, 2013, with respect to statement on declaration given by Independent Directors under Section 149(6) of the Act, the Board hereby confirms that all the Independent Directors of the Company have given a declaration and have confirmed that they meet the criteria of independence as provided in Section 149(6) read with Regulation 16 of Securities and Exchange Board of Indian (Listing Obligations and Disclosures Requirements) Regulations 2015 (SEBI Listing Regulations).

BOARD COMMITTEES

In compliance with the requirements of Companies Act, 2013 and SEBI Listing Regulations, your Board had constituted various Board Committees including Audit Committee, Nomination & Remuneration Committee, Stakeholders Relationship Committee and Corporate Social Responsibility Committee. Details of the constitution of these Committees, which are in accordance with regulatory requirements, have been uploaded on the website of the Company viz. www.sitinetworks.com.

Details of scope, constitution, terms of reference, number of meetings held during the year under review along with attendance of Committee Members therein form part of the Corporate Governance Report annexed to this report.

BOARD EVALUATION

In a separate meeting of Independent Directors, performance of Non-Independent Directors and performance of the Board as a whole was evaluated and also 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. The details of the evaluation process are set out in the Corporate Governance Report which forms part of this report.

AUDITORS

Statutory Auditors

Pursuant to Section 139 of the Companies Act, 2013 and the Rules made thereunder, the current Statutory Auditors of the Company, M/s Walker Chandiok & Co. LLP, Chartered Accountants, having Firm Registration No. 001076N/N500013, were appointed by the members at 9th Annual General Meeting of the Company to hold office until the conclusion of the 14th Annual General Meeting scheduled to be held in year 2020, subject to ratification at every Annual General Meeting. Pursuant to recent amendment to Section 139 of the Companies Act, 2013 effective May 7, 2018, ratification by the shareholders at every Annual General Meeting is no longer required and accordingly, the Notice of ensuing Annual General Meeting does not include the proposal for seeking shareholders'' approval for ratification of Statutory Auditors appointment. The Company has received certificate of eligibility from M/s Walker Chandiok & LLP in accordance with the provisions of the Companies Act, 2013 read with rules thereunder.

During the year the Statutory Auditors had not reported any matter under Section 143(12) of the Act, and as such no detail is required to be furnished under Section 134(3) (ca) of the Act.

Secretarial Auditors

M/s Amit Agrawal & Associates, Company Secretaries in Whole Time Practice, having Firm Registration No. I2001DE191600, were appointed as Secretarial Auditors of the Company for the financial year 2017-18 pursuant to Section 204 of the Companies Act, 2013. The Secretarial Audit Report submitted by them in the prescribed form MR-3 is annexed to this report as Annexure - I and forms part thereof.

The reports of Statutory Auditor and Secretarial Auditor forming part of this Annual Report do not contain any qualification, reservation or adverse remark(s).

Cost Auditor

In Compliance with the requirements of Section 148 of the Companies Act, 2013, read with Companies (Cost Records and Audit) Rules, 2014, as amended, M/s Jitender, Navneet and Co., Cost Accountants, having Firm Registration No. 000119, was appointed to carry out Audit of the Cost Records of the Company during financial years 2017-18 & 2018-19. Requisite proposals seeking ratification of remuneration payable/paid to the Cost Auditor for financial years 2017-18 & 2018-19 by the Members as per Rule 14 of the Companies (Audit and Auditors) Rules, 2014, forms part of the Notice of ensuing Annual General Meeting.

SUBSIDIARIES

During the financial year under review, there is no change in subsidiary companies of the Company. Accordingly, your Company continues to have 25 subsidiary companies. In addition to these subsidiary companies, your Company has incorporated on May 7, 2018, a wholly owned Limited Liability Partnership namely SITI Networks India LLP.

Your Company has prepared the consolidated financial statements in accordance with Section 129(3) of the Companies Act, 2013 read with the accounting principles generally accepted in India, including the Indian Accounting Standards (''Ind AS'') as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.

Further, in compliance with Section 129 of the Act, a statement containing requisite details including financial highlights of the operation of all the subsidiaries in Form AOC-I is annexed to this report as Annexure - II and forms part thereof.

In accordance with Section 136 of the Companies Act, 2013, the Audited Financial Statements including the Consolidated Financial Statements and related information of the Company and audited accounts of each of the subsidiaries are available on the website of the Company www.sitinetworks.com. These documents will also be available for inspection during business hours on all working days (except Saturday) at the Registered Office of the Company.

DEPOSITS

During the year under review, your Company has not accepted or invited any deposits as defined under Section 2(31) read with Chapter V of the Companies Act, 2013.

DIVIDEND

In view of the losses during the year under review, your Directors have not recommended any dividend either on Equity Shares or Preference Shares for the year under review.

EMPLOYEE STOCK OPTION SCHEME

In pursuance of Employees Stock Option Scheme of the Company (SITI ESOP 2015), your Company had granted 4,663,500 no. of options to eligible employees on September 3, 2015. During the year under review, neither any option was granted nor any grantee had exercised his vested option(s).

The applicable disclosures as stipulated under Regulation 14 of the Securities and Exchange of India (Share Based Employee Benefits) Regulations, 2014 with regard to SITI ESOP 2015 are available on website www.sitinetworks.com. The Statutory Auditors M/s Walker Chandiok & Co. LLP, Chartered Accountants have confirmed that the SITI ESOP 2015 has been implemented in accordance with SEBI Regulations and the resolution passed by the shareholders.

RECEIPT AND UTILISATION OF PREFERENTIAL ISSUE OF SECURITIES

During the year under review, the Company has utilised, in accordance with the object of the issue, the unutilised amount as on March 31, 2017 amounting to '' 4,77.16 million out of 75% consideration, amounting to '' 1,500 million received on February 27, 2017, towards 57,142,857 Warrants allotted on preferential basis to promoter entity namely Arrow Media & Broadband Private Limited.

SHARE CAPITAL

As on March 31, 2018, there is no change in Authorised Share Capital of the Company, which is Rs.1,300 million comprising of 1,290,000,000 no. of Equity Shares of Re. 1/- each and 10,000,000 no. of Preference Shares of Re. 1/- each and the Paid-Up Share Capital of the Company is Rs.872.69 million comprising 872,053,848 no. of Equity Shares of Re.1/- each and 23,436 no. of Preference Shares of Re. 1/- each and 1,227,123 forfeited Equity Shares of Re.1/- each, paid up Re.0.50/- per Equity Shares.

REGISTERED OFFICE

During the year under review, pursuant to approval granted by the Board of Directors, the Registered office of the Company has been shifted from ''4th Floor, Madhu Industrial Estate, P. B Marg, Worli, Mumbai - 400013'' to ''Unit No. 38, 1st Floor, A Wing, Madhu Industrial Estate, P. B Marg, Worli, Mumbai - 400013'' with effect from January 24, 2018.

CORPORATE GOVERNANCE & POLICIES

Your Company is in compliance with the Corporate Governance requirements mentioned under SEBI Listing Regulations and applicable provisions of the Companies Act, 2013. In terms of Schedule V of the Listing Regulations, a detailed report on Corporate Governance together with the Compliance Certificate issued by Secretarial Auditor of the Company is attached to this Annual Report. Management''s Discussion and Analysis Report as per Listing Regulations are presented as separate section forming part of the Annual Report.

In compliance with the requirements of Companies Act, 2013 and SEBI Listing Regulations, your Board has approved various Policies including Code of Conduct for Directors & Senior Management, Material Subsidiary Policy, Insider Trading Code, Document Preservation Policy, Material Event Determination and Disclosure Policy, Fair Disclosure Policy, Corporate Social Responsibility Policy, Whistle Blower and Vigil Mechanism Policy, Related Party Transaction Policy, Dividend Policy and Remuneration Policy. All these policies and codes have been uploaded on Company''s website www.sitinetworks.com. Additionally, Directors Familiarisation Programme and Terms and Conditions for appointment of Independent Directors can be viewed on Company''s website www.sitinetworks.com.

In compliance with the requirements of Section 178 of the Companies Act, 2013, the Nomination & Remuneration Committee of your Board had fixed various criteria for nominating a person on the Board which inter alia include desired size and composition of the Board, age limits, qualification / experience, areas of expertise and independence of individual. The Committee had also approved in-principle that the initial term of an Independent Director shall not exceed three (3) years.

CORPORATE SOCIAL RESPONSIBILITY

The provisions of Section 135(5) of the Companies Act, 2013, which provides for spending in every financial year at least two percent of the average net profits of the Company made during the three immediately preceding financial years, is not applicable to the Company as the Company had incurred losses during the three immediately preceding financial years.

DISCLOSURES

i. Loans, Guarantee or Investments Made by the Company:

Particulars of loans, guarantees and investments made by the Company required under Section 186(4) of the Companies Act, 2013 are contained in Note No. 6 to the Standalone Financial Statements and are not reproduced for the sake of brevity.

ii. Related Parties Transactions: All contracts/arrangements/ transactions entered by the Company during the financial year with related parties were on arm''s length basis, in the ordinary course of business and in compliance with the applicable provisions of the Companies Act, 2013 and Listing Regulations. During the financial year 2017-18, there are no materially significant Related Party Transactions by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons, if any, which may have a potential conflict with the interest of the Company at large.

iii. Extract of Annual Return: The extract of annual return in MGT-9 as required under Section 92(3) of the Companies Act 2013, read with Companies (Management & Administration) Rules, 2014 is annexed to this report as Annexure -III and forms part thereof.

iv. Internal Financial Control systems and their adequacy: Your Company has approved internal financial controls and policies/ procedures for orderly and efficient conduct of the business including safeguarding of assets, prevention and detection of frauds and errors, ensuring accuracy and completeness of the accounting records and the timely preparation of reliable financial information. The Audit Committee evaluates the internal financial control system periodically.

Your Company has adopted accounting policies which are in line with the Indian Accounting Standards (Ind-AS) notified under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015. These are in accordance with Generally Accepted Accounting Principles in India.

v. Vigil Mechanisms/Whistle Blower Policy: The Company has established a vigil mechanism/framed a whistle blower policy. The policy enables the employees and other stakeholders to report to the management instances of unethical behavior, actual or suspected fraud or violation of the Company''s code of conduct or ethics policy.

vi. Sexual Harassment: The Company has zero tolerance for Sexual Harassment at work place and has adopted a Policy on prevention of Sexual Harassment in line with the provisions of Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder.

During the year under review, one (1) complaint was received by the Company and was investigated in accordance with the procedure and resolved/action taken.

vii. Regulatory Orders: No significant or material orders were passed by the regulators or courts or tribunals which impact the going concern status and Company''s operations in future.

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

The Company is a Multi System Operator (MSO) and is carrying on business of, inter alia, reception of signals of channels of various Broadcasters and distribution of same through cable networks. Since this does not involve any manufacturing activity, most of the Information required to be provided under Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, are Nil / Not Applicable.

Conservation of Energy:

i.

The steps taken or impact or

Your Company, being

conservation of energy

a service provider,

ii.

The steps taken by the Company

has minimal energy

for utilizing alternate sources of

consumption though

energy

every endeavour is made

iii.

The capital investment on

to ensure optimal use of

energy conservation equipments

energy, avoid wastages

and conserve energy as

far as possible.

Technology Absorption:

i.

The efforts made towards

Your Company uses

technology absorption

latest technology

ii.

The benefits derived like product

and equipment for

improvement, cost reduction,

distribution of Cable

product development or import

TV signals. However,

substitution

since the Company

iii.

In case of imported technology

is not engaged in

(imported during the last

any manufacturing

three years reckoned from the

activity, the information

beginning of the financial year)-

in connection with

a. the details of technology

technology absorption

imported

is Nil.

b. the year of import;

c. whether the technology been

fully absorbed

d. if not fully absorbed, areas

where absorption has not

taken place, and the reasons

thereof

iv. The expenditure incurred on

Research and Development

Foreign Exchange Earnings and Outgo:

During the year under review, your Company had foreign exchange earnings of Rs.28.34 million and outgo of Rs.2473.64 million.

HUMAN RESOURCES

Human Resources at SITI Networks Limited (SITI) are business partners playing an integral role in achieving the organisational goals. We are enabling seamless and resourceful execution of organisation strategy, making sure to contribute in every possible manner to make SITI truly Zindagi ka Network. At SITI, people have always been our strongest assets. We focus on selecting the right talent - who fit into our culture and bring on board the right skill and attitude in sync with our organisational vision. This year SITI imbibed in itself the seven core values that make the organisation extraordinary together, stressing onto the importance of having a string work culture. Cross pollination is ensured through engaging professionals from different verticals and industries. Campus connect ensures inclusion of fresh talent from some of the best B Schools and Engineering colleges. Learning & Development is of vital importance to the organisation for growing people through internal & external learning platforms. A strong performance management system allows for continuous feedback dialogue and a robust review mechanism. Human Resources continues to evolve & adapt best in people practices and processes to fully support business growth and ensure agility towards being a customer responsive business.

In terms of the provisions of Section 197(12) of the Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules is attached as Annexure - IV which forms part of this report.

ACKNOWLEDGEMENTS

The Board of Directors would like to express their sincere appreciation for the assistance and co-operation received from the financial institutions, banks, various Governmental Authorities including Ministry of Information and Broadcasting, Telecom and Regulatory Authority of India, Stock Exchanges, Depositories and other stakeholders including local cable operators, viewers, broadcasters, vendors. The Board of Directors also wish to place on record its deep sense of appreciation for the committed services by the Company''s employees at all level. The Directors look forward to their continued support.

For and on behalf of the Board

B.K. Syngal Vinod Kumar Bakshi

Independent Director Independent Director

Gurugram, May 17, 2018

Source : Dion Global Solutions Limited
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