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Sunteck Realty Directors Report, Sunteck Realty Reports by Directors
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Sunteck Realty

BSE: 512179|NSE: SUNTECK|ISIN: INE805D01034|SECTOR: Construction & Contracting - Real Estate
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Directors Report Year End : Mar '18    Mar 17

To

The Members, Sunteck Realty Limited

The Directors have the pleasure in presenting the 35th Annual Report of the Company on the business and operations of the Company together with the Audited Statement of Accounts for the year ended 31st March 2018.

FINANCIAL HIGHLIGHTS

The Company’s performance during the financial year ended 31st March, 2018 as compared to the previous financial year, is summarised below:

(Rs. In Lakhs except as stated)

Particulars

Standalone

Consolidated

For the year ended on 31.03.2018

For the year ended on 31.03.2017

For the year ended on 31.03.2018

For the year ended on 31.03.2017

Revenue from Operations

17,572.67

19,724.14

88,828.63

95,219.65

Other Income

2,262.03

1,843.72

925.13

816.38

Total Income

19,834.70

21,567.86

89,753.76

96,036.03

Total Expenditure

6,836.98

5,612.60

56,002.03

65,192.00

Profit for the period before tax and share of profit/ (loss) of Associates/ Joint ventures

12,997.72

15,955.26

33,751.73

30,844.03

Share of profit/(loss) of Associate/ Joint Ventures

-

-

(568.16)

(509.76)

Profit Before Tax

12,997.72

15,955.26

33,183.57

30,334.27

Current Tax

237.62

35.92

10,002.45

8,671.43

Taxation of Earlier Years

(5.08)

0.25

23.37

5.23

Deferred Tax

405.96

83.63

759.86

81.20

MAT Credit

-

-

(0.75)

(37.60)

Profit After Tax

12,359.22

15,835.46

22398.64

21614.01

Other Comprehensive Income

14.27

7.37

(65.87)

406.38

Total Comprehensive Income

12,373.49

15,842.83

22,332.77

22,020.39

Note: Your Company has adopted Indian Accounting Standards (referred to as Ind AS) with effect from 1st April, 2016 and accordingly these financial statements along with the comparatives have been prepared in accordance with the recognition and measurement principles stated therein, prescribed under Section 133 of the Companies Act, 2013 read with relevant rules framed thereunder and other accounting principles generally accepted in India.

REVIEW OF OPERATIONS

During the year under review, the consolidated revenue for the current year amounted to Rs. 89,753.76/- Lakhs against Rs. 96,036.03/- Lakhs compared to the previous year. The profit before tax on consolidated basis stands at Rs. 33,183.57/- Lakhs as compared to Rs. 30,334.27/- Lakhs during the previous year.

The total revenue earned is Rs. 19,834.70. /- Lakhs compared to previous year’s revenue of Rs. 21,567.86/- Lakhs on standalone basis. The profit before tax on standalone basis stands at Rs. 12,997.72/- Lakhs as compared to a loss of Rs. 15,955.26/- Lakhs during the previous year.

NATURE OF BUSINESS

The Company is engaged in the activities of real estate development of residential and commercial projects. During the year under review, there was no change in the nature of business of the Company.

DIVIDEND

Your Directors are pleased to recommend a dividend of 150 % i.e. Rs. 1.5/- per Equity share on 146315027 Equity Shares of face value Re. 1.00/- each out of the profits of the Company for the financial year 2017-18 subject to approval of shareholders at the ensuing Annual General Meeting. Total outflow on account of dividend shall amount to Rs. 21,94,72,541/- (Rupees Twenty One Crores Ninety Four Lakhs Seventy Two Thousand Five Hundred and Forty One Only) excluding dividend distribution tax.

TRANSFER TO RESERVES

Your Directors do not propose to transfer any amount to reserves out of the profits earned during financial year 2017-18.

SHARE CAPITAL

1. The Equity Share Capital of the Company was sub-divided, 1 (One) Equity Share of the nominal value of Rs. 2/- each (Rupees Two Only) into 2 (Two) Equity Shares of Re.1/- each (Rupee One Only) thereby 6,29,92,735 (Six Crores Twenty Nine Lakhs Ninety Two Thousand Seven Hundred and Thirty Five) paid up Equity Shares of Rs. 2/- (Rupees Two Only) each were sub-divided into 12,59,85,470 (Twelve Crores Fifty Nine Lakhs Eighty Five Thousand Four Hundred and Seventy) Equity Shares of Re. 1/- (Rupee One Only) each w.e.f. 26th July, 2017.

2. Your Company allotted 1, 55, 27,950 (One Crore Fifty Five Lakhs Twenty Seven Thousand Nine Hundred and Fifty) Equity Shares of Re. 1/- (Rupee One Only) per share to the Qualified Institutional Buyers on 31st October, 2017 through a Qualified Institutions Placement in accordance with Chapter VIII and other applicable provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and as amended from time to time. All issued shares rank pari-passu to the existing shares of the Company in all respects.

3. Your Company allotted 46,67,697 (Forty Six Lakhs Sixty Seven Thousand Six Hundred and Ninety Seven) Equity shares of face value Re. 1/- (Rupee One Only) to Promoter Group Entities under Preferential Issue on 7th December, 2017 under Chapter VII and other applicable provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and as amended from time to time. The said shares shall rank pari-passu the existing shares of the Company in all respects.

4. Your Company allotted 1,33,910 (One Lakh Thirty Three Thousand Nine Hundred and Ten) Equity Shares of Re. 1/- (Rupee One Only) per share to option grantees on 18th December, 2017 who had exercised their options during the year under the Company’s Employee Stock Option Scheme 2013 (ESOP 2013). All issued shares rank pari-passu to the existing shares of the Company in all respects.

Pursuant to the above allotments, the paid up capital of the Company stands increased to 14,63,15,027 (Fourteen Crores Sixty Three Lakhs Fifteen Thousand and Twenty Seven) Equity shares of Re. 1/- each aggregating to Rs. 14,63,15,027/- (Rupees Fourteen Crores Sixty Three Lakhs Fifteen Thousand and Twenty Seven Only).

REDEMPTION OF NON-CONVERTIBLE DEBENTURES DURING THE YEAR

The Company has made timely interest and redemption amount payment to the Debentureholders of 500, 11.75% Secured, Redeemable, Non-Convertible Debentures Series B (“NCD-B”), of Rs. 100,000/- each. The balance 3,000 11.75% Secured, Redeemable, Non-Convertible Debentures is shown in its books as per the details provided below:

Sr. No.

Particulars

Quantity

ISIN

1

11.75 % Secured, Redeemable, Non-Convertible Debentures Series C

1000

INE805D07031

2

11.75 % Secured, Redeemable, Non-Convertible Debentures Series D

2000

INE805D07049

TOTAL

3000

DEPOSITS

In terms of Sections 73 and 74 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014 during the year financial year 2017-18, your Company has not accepted any deposits from public and as such, no amount on account of principal or interest on public deposits was outstanding as on the date of the Balance Sheet.

SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES

The Company has 20 subsidiaries including step down subsidiaries, 2 LLPs where Company exercises significant control and 2 Associates/Joint Ventures of which 1 Company is Joint Venture entity in UAE.

The names of subsidiaries, Associates/Joint Ventures and the performance and financial position of each of the subsidiaries, associates and joint venture companies for the year ended 31st March, 2018 is attached to the financial statements hereto in Form AOC 1.

As per Section 129(3) of the Companies Act, 2013, the Company has prepared consolidated financial statements of the Company and its subsidiaries, its associates and Joint Venture in accordance with applicable Accounting Standards issued by The Institute of Chartered Accountants of India, forms part of this Annual Report. The performance and financial position of each of the subsidiaries, associates and Joint Venture companies for the year ended 31st March, 2018 is attached to the financial statements hereto in Form AOC 1.

In terms of Section 136 of the Companies Act, 2013 (‘the Act’), Financial statements of the subsidiaries are not required to be sent to the members of the Company. The Company will provide a copy of separate annual accounts in respect of each of its subsidiary to any shareholder of the Company, if so desired and said annual accounts will also be kept open for inspection at the Registered Office of the Company.

The Company has formulated a policy for determining ‘material’ subsidiaries and such policy is disclosed on Company’s website.

MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL

The tenure of Mr. Kamal Khetan (DIN 00017527) as Chairman and Managing Director of the Company ends on 29th May, 2018. In accordance with the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company at its meeting held on 23rd May, 2018 re-appointed him as the Chairman and Managing Director of the Company for a period of Five years with effect from 30th May, 2018 upto 29th May, 2023, subject to approval of the members of the Company at the ensuing AGM and such other consents as may be required. The resolution seeking your approval for his re-appointment is incorporated in the Notice of the ensuing Annual General Meeting.

In Compliance with provisions of Section 152 of the Companies Act, 2013, Mrs. Rachana Hingarajia (DIN: 07145358), Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, offers herself for re-appointment. Appropriate resolution for her re-appointment is being placed for approval of the members at the ensuing AGM.

Mr. Desh Raj Dogra was appointed as an Independent Director of the Company on 26th May, 2017 but due to his pre-occupation, he resigned as Independent Director w.e.f. 10th August, 2017.

Mr. Jitendra Mehta was appointed as Chief Financial Officer of the Company on 16th August, 2017 and he ceased to act as Chief Financial Officer of the Company w.e.f. from 2nd April, 2018.

The Board has received declarations from the Independent Directors as per the requirement of Section 149(7) of the Companies Act, 2013 and the Board is satisfied that the Independent Directors meet the criteria of independence as mentioned in Section 149(6) of the Companies Act, 2013.

DISCLOSURES RELATED TO BOARD, COMMITTEES AND POLICIES

Board Meetings

The Board of Directors met 7 (Seven) times during the financial year ended 31st March, 2018 in accordance with the provisions of the Companies Act, 2013 and rules made thereunder. The Directors actively participated in the meetings and contributed valuable inputs on the matters brought before the Board of Directors from time to time.

The Independent Directors held a separate meeting in compliance with the requirements of Schedule IV of the Companies Act, 2013 and Regulation 25(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as “Listing Regulations”). For further details of the meetings of the Board, please refer to the Corporate Governance Report, which forms part of this Annual Report.

Director’s Responsibility Statement

In terms of Section 134(5) of the Companies Act, 2013, in relation to the audited financial statements of the Company for the year ended 31st March, 2018, the Board of Directors hereby confirms that:

a. in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b. such accounting policies have been selected and applied consistently and the Directors 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 as on 31st March, 2018 and of the profits of the Company for the year ended on that date;

c. proper and sufficient care was 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. the annual accounts of the Company have been prepared on a going concern basis;

e. internal financial controls have been laid down to be followed by the Company and that such internal financial controls are adequate and were operating effectively;

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

Committees of the Board

a) Audit Committee

An Audit Committee is in existence in accordance with the provisions of Section 177 of the Companies Act, 2013. Kindly refer to the section on Corporate Governance, under the head, ‘Audit Committee’ for matters relating to constitution, meetings and functions of the Committee.

b) Nomination and Remuneration Committee

A Nomination and Remuneration Committee is in existence in accordance with the provisions of subsection (3) of Section 178 of the Companies Act, 2013. Kindly refer to the section on Corporate Governance, under the head, ‘Nomination and Remuneration Committee’ for matters relating to constitution, meetings, functions of the Committee and the remuneration policy formulated by this Committee.

c) Corporate Social Responsibility Committee

The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the initiatives undertaken by the Company during the year are set out in Annexure I of this report as per the format prescribed in Companies (Corporate Social Responsibility Policy) Rules, 2014.

The CSR Policy may be accessed on the Company’s website at the link http://www.sunteckindia.com/codes-policies.aspx.

The Company has undertaken projects in the areas of Health, Education and Environment Sustainability as part of its initiatives under Corporate Social Responsibility (CSR). These projects are largely in accordance with Schedule VII of the Companies Act, 2013.

d) Other Board Committees

For details of other Board Committees’ viz. Stakeholders Relationship Committee and others, kindly refer to the section ‘Committees of the Board of Directors’ which forms part of the Corporate Governance Report.

Vigil Mechanism for the Directors and Employees

In compliance with provisions of section 177(9) and (10) of the Companies Act, 2013 read with Regulation 22 of the Listing Regulations, your Company has adopted whistle blower policy for Directors and employees to report genuine concerns to the management of the Company. The whistle blower policy of the Company is posted on the website of the Company and may be accessed at http://www.sunteckindia.com/codes-policies.aspx.

Risk Management

The Company’s management systems, organisational structures, processes, standards, code of conduct and behaviors together form the system that governs how the Group conducts the business of the Company and manages associated risks.

The approach is based on identification, evaluation, and mitigation of operational, strategic and environmental risks, disciplined risk monitoring and measurement and continuous risk assessment and mitigation measures.

Annual Evaluation of Directors, Committee and Board

Pursuant to the provisions of the Companies Act, 2013 and the Listing Regulations, the Board is required to monitor and review the Board evaluation framework. The Evaluation process provides the manner in which the performance of Directors, as a collective body in the form of Board Committees and the Board functions and performs. The overall performance of the Board was satisfactory.

Particulars of Remuneration

The information as required under the provisions of Section 197(12) of the Companies Act, 2013 and Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are set out in Annexure V attached hereto.

During the financial year 2017-18, there were 5 persons employed, for a part of the financial year who were in receipt of remuneration of not less than Rs. 8.50 lakhs p.m. As on 31st March, 2018, there were total 239 permanent employees.

However, in accordance with the provisions contained in the proviso to Section 136(1) of the Companies Act, 2013, the particulars relating to other employees of the Company are not being sent as a part of this Annual Report. The same is available for inspection by any Member at the registered office of the Company during working hours on working days of the Company up to the ensuing Annual General Meeting. Any Member interested in obtaining a copy of the same may write to the Company Secretary at the registered office of the Company.

DISCLOSURE RELATING TO EMPLOYEE STOCK OPTION SCHEME

In compliance with the provisions of Rule 12(9) of the Companies (Share Capital and Debenture) Rules, 2014 and SEBI (Share Based Employee Benefits) Regulations, 2014, as amended thereto, the details of Employees Stock Option Schemes of the Company as on 31st March, 2018 are furnished in Annexure II attached herewith and forms part of this Report.

PARTICULARS OF LOANS, ADVANCES, GUARANTEES, AND INVESTMENTS

Pursuant to Section 186 of the Companies Act, 2013 and Schedule V of the Listing Regulations, details of Loans, guarantees and investments given/made during the financial year under review are part of note no. 42 and note no. 16 in the financial statements.

PARTICULARS OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES

All the transactions/contracts/arrangements of the nature as specified in Section 188(1) of the Companies Act, 2013 entered by the Company during the year under review with related party (ies) are in the ordinary course of business and on arm’s length basis. There are no material significant related party transactions made by the Company with Promoters, Directors, or Key Managerial Personnel which may have a potential conflict with the interest of the Company at large and consequently form AOC-2 is not required to be furnished.

The Policy on related party transactions and procedures dealing with related party transactions as approved by the Board may be accessed on the Company’s website at http://www.sunteckindia.com/codes-policies.aspx.

Disclosure on related party transactions is provided in notes to financial statements as note no. 42.

DISCLOSURES UNDER SECTION 134(3) (L) OF THE COMPANIES ACT, 2013

Except as disclosed elsewhere in this report, no material changes and commitments which could affect the Company’s financial position have occurred between the end of the financial year of the Company and the date of this report.

INTERNAL FINANCIAL CONTROLS

The Company has adequate Internal Financial Controls in place with reference to financial statements and is operating effectively. The Company’s IFC framework commensurate with its size, scale and complexity of operations. The controls, based on the prevailing Business conditions and processes have been reviewed by the Company to strengthen the same wherever required. In compliance with the provisions of section 138 of the Companies Act, 2013 read with Rule 13 of Companies (Accounts) Rules, 2014, the internal control systems are supplemented by Internal Audit carried out by independent firm of Chartered Accountants, M/s. Price Waterhouse & Co. Bangalore LLP for periodical review by management. The Audit committee reviews the reports submitted by the Internal Auditors in its meeting.

POSTAL BALLOT AND EXTRA ORDINARY GENERAL MEETING FOR OBTAINING APPROVAL OF MEMBERS

During the financial year 2017-18:

1. The Company sought approval of the members for the following resolutions by way of Postal Ballot on 4th July, 2017:

Sr. No.

Particulars

1.

Raising of funds by way of further issue of securities;

2.

Appointment of Mr. Desh Raj Dogra (DIN: 00226775) as an Independent Director of the Company;

3.

Revision in remuneration of Mr. Kamal Khetan (DIN: 00017527), Chairman and Managing Director of the Company;

4.

Revision in remuneration of Mr. Atul Poopal (DIN: 07295878), Executive Director of the Company;

5.

Revision in remuneration of Ms. Rachana Hingarajia (DIN: 07145358), Company Secretary and Woman Director of the Company.

2. The Company sought approval of the members for the following resolutions by way of Postal Ballot on 12th July, 2017:

Sr. No.

Particulars

1.

Alteration of Memorandum of Association as per the provisions of the Companies Act, 2013;

2.

Adoption of new set of Articles of Association of the Company;

3.

Sub-division of Equity Shares of the Company;

4.

Alteration of Capital Clause in Memorandum of Association of the Company.

3. The Company held Extra Ordinary General Meeting on 22nd November, 2017 for approval of Members for issue and allotment of 46, 67, 697 Equity shares of face value Re. 1/- to Promoter Group Entities under Preferential Issue under Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and as amended from time to time.

DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL

There are no significant material orders passed by the Regulators/ Courts which would impact the going concern status of the Company and its future operations.

DISCLOSURES IN RESPECT OF VOTING RIGHTS NOT DIRECTLY EXERCISED BY EMPLOYEES

There are no shares held by trustees for the benefit of employees and hence no disclosure under Rule 16(4) of the Companies (Share Capital and Debentures) Rules, 2014 has been furnished.

STATUTORY AUDIT AND AUDITORS’ REPORT

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014, M/s. Lodha & Co. (Firm Registration No. 301051E), Chartered Accountants, were appointed as Statutory Auditors of the Company, to hold office from the conclusion of the 32nd Annual General Meeting (AGM) held on on 29th September, 2015, till the conclusion of the AGM to be held in 2020.

The provisions of Section 139 of the Companies Act, 2013 have been amended by the Companies (Amendment) Act, 2017 and notified with effect from 7th May, 2018. In terms of the said amendment, ratification of the appointment of the Statutory Auditors by members at subsequent AGM is no longer required. In view of this, no resolution is proposed for ratification of the appointment of the Auditors at the ensuing AGM.

The Company has received a certificate from the said Auditors that they are eligible to hold office as the Auditors of the Company and are not disqualified for being so appointed.

Observations of statutory auditors on accounts for the year ended 31st March, 2018:

There are no qualifications, reservations or adverse remarks made by M/s. Lodha & Co. Chartered Accountants, Statutory Auditors of the Company, in their report for the financial year ended 31st March, 2018.

Pursuant to provisions of section 143(12) of the Companies Act, 2013, the Statutory Auditors have not reported any incident of fraud to the Audit Committee during the year under review.

SECRETARIAL AUDIT

As required under provisions of Section 204 of the Companies Act, 2013, and the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014, the report in respect of the Secretarial Audit carried out by Veeraraghavan N., Company Secretary in practice in Form MR-3 for the financial year 2017-18 forms part to this report. The said Secretarial Audit Report does not contain any qualification, reservation or adverse remark or disclaimer made by the Secretarial Auditor.

COST AUDIT

Pursuant to Section 148 of the Companies Act, 2013 and the rules made thereunder, the Board of Directors had, on the recommendation of the Audit Committee, re-appointed M/s. Kejriwal & Associates, Cost Accountants (Firm Registration No. 101363), to audit the cost accounts of the Company for the Financial year ending on 31st March, 2019, on a remuneration of Rs. 30,000 p.a. plus applicable taxes and out-of-pocket expenses, subject to ratification by members at the ensuing Annual General Meeting. Accordingly, a resolution seeking members’ ratification for the remuneration payable to the Cost Auditor is included in the Notice convening the Annual General Meeting.

EXTRACT OF ANNUAL RETURN

Pursuant to the provisions of Section 134(3)(a) of the Companies Act, 2013, Extract of the Annual Return for the financial year ended 31st March, 2018 made under the provisions of Section 92(3) of the Act is attached as Form MGT 9 as Annexure III which forms part of this Report.

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

Considering the nature of activities of the Company, the Company is not required to furnish information as required under the provisions of Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 in respect of conservation of energy and technology absorption.

The details of foreign exchange earnings and outgo during the year under review is as below:

i) Foreign Exchange Earned: Rs. 1,11,91,983

ii) Foreign Exchange Outflow: Rs. 1,19,76,134

INFORMATION REQUIRED UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2014

During the year under review, no case was filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Your Company has a policy and framework for employees to report sexual harassment cases at workplace and the Process ensures complete anonymity and confidentiality of information.

COMPLIANCE WITH SECRETARIAL STANDARDS

Pursuant to the provisions of the Companies Act, 2013, the Company has complied with the Secretarial Standard on the Meetings of the Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company Secretaries of India (ICSI) and approved by the Central Government under Section 118(10) of the Companies Act, 2013.

OTHER DISCLOSURES

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

1. Issue of equity shares with differential rights as to dividend, voting or otherwise.

2. Neither the Managing Director nor the Whole-time Directors of the Company receive any remuneration or commission from any of its subsidiaries.

Service of documents through electronic means

All documents, including the Notice and Annual Report shall be sent through electronic transmission in respect of members whose email IDs are registered in their demat account or are otherwise provided by the members. A member shall be entitled to request for physical copy of any such documents.

Corporate Governance

The report on Corporate Governance and the certificate from the Statutory Auditors regarding compliance with the conditions of Corporate Governance have been furnished in the Annual Report and forms a part of the Annual Report.

Management Discussion and Analysis Report

The Management Discussion and Analysis report has been separately furnished in the Annual Report and forms a part of the Annual Report.

Business Responsibility Report

Pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Business Responsibility Report of the Company for the financial year ended 31st March, 2018 is attached as Annexure IV which forms part of this Report.

Investor Education and Protection Fund (‘IEPF’)

Pursuant to Section 124 of the Companies Act, 2013, amounts lying unpaid or unclaimed in the Unpaid Dividend Account of the Company for a period of seven years from the date of transfer of the dividend amount to the Unpaid Dividend Account shall be transferred by the Company to the Investor Education and Protection Fund established by the Central Government. Hence, the Company urges all the shareholders to encash/claim their respective dividend during the prescribed period.

Accordingly, the unclaimed and unpaid dividend amounts pertaining to the financial year 2010-11 will be transferred to the IEPF Account during financial year 2018-19. The shareholders whose dividend amounts will be transferred to the IEPF Account can now claim their dividends from the Authority by following the Refund Procedure as detailed on the website of IEPF Authority http://iepf.gov.in/IEPFA/refund.html.

The details of the unclaimed dividend along with the names and addresses of the shareholders are mentioned on the website of the Company www.sunteckindia.com. Members who have so far not encashed the dividend warrant are requested to encash the same.

ACKNOWLEDGEMENT AND APPRECIATION

Your Directors would like to express their sincere appreciation and gratitude for the co-operation and assistance from its shareholders, bankers, regulatory bodies and other business constituents during the year under review.

Your Directors also wish to place on record their deep sense of appreciation for the contribution and commitment made by every member of the Sunteck Family.

For and on behalf of Board of Directors

Mumbai, 23rd May, 2018 Kamal Khetan

Chairman and Managing Director

DIN:00017527

Source : Dion Global Solutions Limited
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