Your Directors’ have pleasure in presenting the 11th Annual Report of your Company together with the audited financial statements for the financial year ended March 31, 2024.
1. Financial Highlights
|
INR Million
|
|
Particulars
|
Financial year ended March 31, 2024
|
Financial year ended March 31, 2023
|
|
Revenue from operations
|
17,538
|
17,809
|
|
Other Income
|
353
|
209
|
|
Total Income
|
17,891
|
18,018
|
|
Operating Expenditure
|
24,385
|
24,885
|
|
Depreciation and amortization expenses
|
1,467
|
1,128
|
|
Total Expenses
|
25,852
|
26,013
|
|
Loss before finance costs, exceptional item and tax
|
(7,961)
|
(7,995)
|
|
Finance costs
|
890
|
650
|
|
Loss before exceptional items and tax
|
(8,851)
|
(8,645)
|
|
Exceptional items
|
1,746
|
0
|
|
Loss before tax
|
(10,597)
|
(8,645)
|
|
Tax expense
|
0
|
0
|
|
Loss for the year
|
(10,597)
|
(8,645)
|
2. Dividend
In view of the losses for the financial year, no dividend is recommended as per the provisions of the Companies Act, 2013 and the Rules framed thereunder.
3. Transfer to Reserves
Due to losses in financial year 2023-24, no amount has been transferred to Reserves.
4. State of Company’s Affairs
During the year, your Company delivered 1,09,577 units of electric scooters as compared to 92,093 units in the previous year. The Company’s electric scooter had excellent traction amongst the premium scooter buyers with ~88.8% of the total units sold being vehicle with top end features.
» Hosur Plant Manufacturing Facility
During the financial year 2022-23 the Company expanded its footprint with the establishment of a second greenfield plant to assemble and test vehicles in the same logistics park as the existing plant. With this change, the Company has a plant dedicated to manufacturing of Li-
Ion battery packs while the second plant focuses on Vehicle assembly and testing. In financial year 2023-24 production capacity stands at 4.2 Lakhs vehicles per annum and 4.1 lakhs Li-Ion battery packs per annum.
• Marketing
The marketing objective for financial year 2023-2024 was to increase awareness of the brand and to drive higher footfaLls to the experience centers.
1. Awareness initiatives in newer markets, specificaLLy North and Western markets, was driven through sustained ATL and BTL investments.
2. To increase footfalls, we focused on driving consideration for the brand through zonal level initiatives, ecosystem communication to aLlay the barriers for EV adoption and through pricing interventions.
3. We took up field work to understand the family scooter segment and crafted the positioning for Rizta during the year, while further sharpening the “performance” positioning for 450 series portfolio.
4. Strengthened the performance marketing initiatives across Meta, Google and on-boarded big 3 Auto aggregators to drive cost efficiencies. SEO was also taken up during the year to increase organic traffic.
The year also saw expansion of the 450 series portfolio with two new launches i.e.450s and 450 Apex. These Launches were strengthened by marketing campaigns to drive awareness and aspiration for the brand.
To maximize the effectiveness of marketing, we took an extended marketing approach for the 450 Apex as well as for Rizta launch. We built a strong pre-launch marketing calendar through Teaser content, Influencer narratives, and PR initiatives for the products to drive anticipation and keep the consumers engaged with the brand.
To expand our capabilities in the creative domain, we empanelled a new creative agency TILT. And, in the evolving media scape, we need to have an integrated view of our consumer touch points. To enable this, we on-boarded new media agency INITIATIVE for integrated media planning and execution.
• Government Policies
The Indian Government's unwavering support for advancing the adoption of EVs is evident through its ongoing introduction of policies geared towards bolstering the EV industry. Noteworthy progress has been made during the financial year 2023-2024.
The Ministry of Heavy Industries, serving as the nodal ministry for the EV ecosystem, launched the Electric Vehicle Promotion Scheme for EV2W & 3W. This Rs 500 crore EMPS 2024 initiative aims to stimulate electric vehicLe uptake until July, providing support for 3,72,215 EVs through incentives spanning various vehicLe types and advanced batteries, aligning with the Atmanirbhar Bharat initiative. This scheme is poised to sustain sales momentum until the announcement of FAME III. Additionally, the Ministry of Heavy Industries has commenced stakeholder consultations to develop a 10-year roadmap for the Indian EV sector, underscoring the ministry’s commitment to promoting EV technology.
The adoption of LECCS by the BIS committee, officially published as IS 17017 (Part 31):2023 and notified by the Ministry of Consumer Affairs, signifies a significant milestone. LECCS has now been officially embraced by the Government of India as a National Standard, paving the way for interoperability and further EV adoption in the country.
Furthermore, the Ministry of Power (MoP) is actively amending guidelines for EV charging infrastructure, including the incorporation of IS 17017 (Part 31):2023 standards, and setting timelines for providing grid connectivity for installing public charging stations.
The Department Related Parliamentary Standing Committee's reports consistently emphasize the importance of sustained government support for the EV industry. Recommendations include extending demand incentives for an additional two years.
Several states and Union Territories, such as the NCT of Delhi, Gujarat, and Tamil Nadu, are revising state-specific EV policies to incentivize EV purchases. Others, like Maharashtra and Telangana, are offering attractive incentives for original equipment manufacturers (OEMs) to establish manufacturing facilities. These policies have significantly contributed to the sector's growth and development, addressing the concerns of manufacturers, sellers, and customers.
The Indian Government remains steadfast in its commitment to promoting EV adoption and establishing a safe, reliable, accessible, and affordable EV ecosystem in the country.
5. Share Capital
The paid up share capital of the Company as on March 31, 2024 is detailed below:
|
1 S.no
|
Type of Security
|
No of shares
|
Face value (in INR)
|
Paid up capital (in INR)
|
|
1
|
Equity shares
|
1,11,030
|
1 each
|
1,11,030
|
|
2
|
Equity shares
|
3,530
|
37 each
|
1,30,610
|
|
\3
|
Compulsory Convertible Preference Shares
|
74,732
|
1 each
|
74,732
|
|
4
|
Compulsory Convertible Preference Shares
|
23,490
|
37 each
|
8,69,130
|
|
rs-
|
Compulsory Convertible Preference Shares
|
7,35,227
|
10 each
|
73,52,270
|
|
Total paid up capital
|
85,37,772
|
The Company at Extraordinary General Meeting held on August 07, 2023 vide ordinary resolution increased and reclassified the authorised share capital of the Company from:
INR 77,91,630/- (Rupees Seventy Seven Lakhs Ninety One Thousand Six Hundred and Thirty only) comprising of
(i) 2,87,158 (Two Lakhs Eighty Seven Thousand One Hundred and Fifty Eight) Equity Shares having a face value of INR 1/- (Rupees One only) each;
(ii) 3,530 (Three Thousand Five Hundred and Thirty) Equity Shares having a face value of INR 37/- (Rupees Thirty Seven only) each;
Oil) 710 (Seven Hundred and Ten) Series Seed - One Compulsorily Convertible Preference Shares having a face value of INR 37/- (Rupees Thirty Seven only)
(iv) 530 (Five Hundred and Thirty) Series Seed - Two Compulsorily Convertible Preference Shares having a face value of INR 37/- (Rupees Thirty Seven only)
(v) 350 (Three Hundred and Fifty) Series Seed - Three Compulsorily Convertible Preference Shares having a face value of INR 37/- (Rupees Thirty Seven only)
M) 21900 (Twenty One Thousand Nine Hundred) Series Seed - Four Compulsorily Convertible Preference Shares having a face value of INR 37/- (Rupees Thirty Seven only) each;
(vij) 74,732 (Seventy Four Thousand Seven Hundred and Thirty Two) Series A Compulsorily Convertible Preference Shares having a face value of INR 1/-
(Rupee One only); ...
(viii) 99 826 (Ninety Nine Thousand Eight Hundred Twenty Six) Series B Compu ori y Convertible Preference Shares having a face value of INR 10/- (Rupees Ten
only) each; „ . _ . a,
(ix) 29,347 (Twenty Nine Thousand Three Hundred and Forty Seven) Series B
Compulsorily Convertible Preference Shares having a face value of INR 10/-
(Rupees Ten only) each; , _ . r
(x) 29,599 (Twenty Nine Thousand Six Hundred and Ninety Nine) Series Compulsorily Convertible Preference Shares having a face value of INR 10/-
(Rupees Ten only) each; ..
Cxi! 20 688 (Twenty Thousand Six Hundred Eighty Eight) Series Cl Compu son y Convertible Preference Shares having a face vaLue of INR 10/- (Rupees Ten
(xii) 88,040 (Eighty Eight Thousand and Forty) Series D Compulsorily Convertible Preference Shares having a face value of INR 10/- (Rupees Ten only) each;
(xiii) 193 789 (One Lakh Ninety Three Thousand Seven Hundred Eighty Nine) Series E Compulsorily Convertible Preference Shares having a face value of INR 10/-(Rupees Ten only) each; and
(xiv) 51 359 (Fifty One Thousand Three Hundred Fifty Nine) Series El Compulsorily Convertible Preference Shares having a face value of INR 10/- (Rupees Ten
only) each. „ _ ,
(yni) 130 252 (One Lakh Thirty Thousand Two Hundred Fifty Two) Compulsorily
Convertible Preference Shares having a face value of INR 10/- (Rupees Ten only) each.
]nr 92,91,630 /- (Rupees Ninety Two Lakhs Ninety One Thousand Six Hundred and Thirty only) comprising of
(i) 2,87,158 (Two Lakhs Eighty Seven Thousand One Hundred and Fifty Eight) Equity Shares having a face value of INR 1/- (Rupees One only) each;
(ii) 3,530 (Three Thousand Five Hundred and Thirty) Equity Shares having a face value of INR 37/- (Rupees Thirty Seven only) each;
(iii) 710 (Seven Hundred and Ten) Series Seed - One Compulsorily Convertible Preference Shares having a face value of INR 37/- (Rupees Thirty Seven only) each;
(iv) 530 (Five Hundred and Thirty) Series Seed - Two Compulsorily Convertible Preference Shares having a face value of INR 37/- (Rupees Thirty Seven only) each;
(v) 350 (Three Hundred and Fifty) Series Seed - Three Compulsorily Convertible Preference Shares having a face value of INR 37/- (Rupees Thirty Seven only) each;
(vi) 21,900 (Twenty One Thousand Nine Hundred) Series Seed - Four Compulsorily Convertible Preference Shares having a face value of INR 37/- (Rupees Thirty Seven only) each;
(vii) 74,732 (Seventy Four Thousand Seven Hundred and Thirty Two) Series A Compulsorily Convertible Preference Shares having a face value of INR 1/-(Rupee One only);
(viii) 99,825 (Ninety Nine Thousand Eight Hundred Twenty Six) Series B Compulsorily Convertible Preference Shares having a face value of INR 10/- (Rupees Ten only) each;
(ix) 29,347 (Twenty Nine Thousand Three Hundred and Forty Seven) Series B1 Compulsorily Convertible Preference Shares having a face value of INR 10/-(Rupees Ten only) each;
(x) 29,699 (Twenty Nine Thousand Six Hundred and Ninety Nine) Series C Compulsorily Convertible Preference Shares having a face value of INR 10/-(Rupees Ten only) each;
(xi) 20,688 (Twenty Thousand Six Hundred Eighty Eight) Series Cl Compulsorily Convertible Preference Shares having a face value of INR 10/- (Rupees Ten only) each;
(xii) 88,040 (Eighty Eight Thousand and Forty) Series D Compulsorily Convertible Preference Shares having a face value of INR 10/- (Rupees Ten only) each;
(xiii) 1,93,789 (One Lakh Ninety Three Thousand Seven Hundred Eighty Nine) Series E Compulsorily Convertible Preference Shares having a face value of INR 10/-(Rupees Ten only) each; and
(xiv) 51,359 (Fifty One Thousand Three Hundred Fifty Nine) Series El Compulsorily Convertible Preference Shares having a face value of INR 10/- (Rupees Ten only) each.
(xv) 2,29,120 (Two Lakh Twenty Nine Thousand One Hundred and Twenty)5eries E2 CompuLsorily Convertible Preference Shares (CCPS) with face value of INR 10/-(Rupees Ten only) each.
(xvi) 51,132 (Fifty One Thousand One Hundred and Thirty Two) Compulsorily Convertible Preference Shares having a face value of INR 10/- (Rupees Ten only) each.
In September 2023, the Company allotted 204,391 (Two Lakh Four Thousand Three Hundred and Ninety One) Series E2 CCPS at nominal value of INR 10/- each at a premium of INR 44,080 on rights issue basis.
In December 2023, the Company allotted 18,088 (Eighteen Thousand Eighty Eight) Bonus CCPS of INR 10/- each to the identified classes of CCPS hoLders
The Company has not issued any equity shares with differential rights, sweat equity shares or equity bonus shares during the year.
6. Issue of Debentures
In August 2023, the Company allotted 10,000 Series B unlisted, secured, redeemable Nonconvertible Debentures (NCD) at a face value of Rs. 1,00,000 per NCD to InnoVen Capital India Fund.
In September 2023, the Company allotted 3,000 Series Bl unlisted, secured, redeemable Non-Convertible Debentures (NCD) at a face value of Rs. 1,00,000 per NCD to Alteria Capital Fund.
7. Disclosure on Employee Stock Option Scheme (ESOP)
For the year under review, the disclosures required under the Companies (Share Capital and Debentures) Rules 2014 are as under:
|
Particulars
|
Details
|
|
Options granted during the year
|
8,510
|
|
Options Vested during the year
|
9,483
|
|
Options Exercised during the year
|
NIL
|
|
Total number of shares arising as a result of exercise of option during the year
|
NIL
|
|
Options lapsed/cancelled/settled during the year
|
766
|
|
Exercise price (INR)
|
1/-
|
|
Variation of terms of options
|
NA
|
|
Money realized by exercise of options during the year
|
NA
|
|
Total number of options in force as on March 31, 2024
|
46,579
|
|
Employee wise details of options granted (during FY 2023-24)
|
|
- Key managerial personnel
Ms. Puja Aggarwal (Company Secretary)
|
26
|
|
- any other employee who receives a grant of options in any one year of option amounting to five percent or more of options granted during that year.
|
NA
|
|
- identified employees who were granted option, during any one year, equal to or exceeding one percent of the issued capital (excluding outstanding warrants and conversions) of the company at the time of grant.
|
NA
|
8. Public Deposits
The Company has not accepted any public deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.
9. Directors and Key Managerial Personnel
The Composition of Board of Directors and Key Managerial Personnel as on March 31, 2024 is detailed below:
|
S. No
|
Name of Director/KMP
|
DIN
|
Designation
|
|
1
|
Tarun Sanjay Mehta
|
06392463
|
Director
|
|
2
|
Swapnil Babanlal Jain
|
06682759
|
Director
|
|
3
|
Niranjan Kumar Gupta
|
07806792
|
Director
|
|
4
|
Nilesh Shrivastava
|
09632942
|
Nominee Director
|
|
5
|
Pankaj Sood
|
05185378
|
Nominee Director
|
|
l~6
|
Ram Kuppuswamy
|
09817635
|
Director
|
|
7
|
Deepak Jain
|
NA
|
Chief Financial officer
|
|
8
|
Puja Aggarwal
|
NA
|
Company Secretary
|
| |
Below were the changes in Directors and Key Managerial personnel during financial year 2023-2024:
|
| |
S. No
|
Name of Director/KMP
|
Change
|
Designation
|
Effective
date
|
|
1
|
Puja Aggarwal
|
Appointment
|
Company Secretary
|
26-04-2023
|
|
2
|
Pankaj Sood
|
Regularisation at EGM
|
Director
|
24-08-2023
|
|
3
|
Ram Kuppuswamy
|
Regularisation at EGM
|
Director
|
24-08-2023
|
|
4
|
Deepak Jain
|
Resignation
|
Chief Financial officer
|
31-03-2024
|
|
*
|
Mr. Sohil Parekh appointed as Chief Financial Officer with effect from April 01, 2024.
|
10. Meetings of Board of Directors
During the year, eleven (11) meetings of the Board of Directors were held. The meetings were held on April 26, 2023, May 17, 2023, July 28, 2023, August 03, 2023, August 09, 2023, August 24, 2023, September 12, 2023, October 27, 2023, November 22, 2023, January 29, 2024, February 20, 2024. The intervaL between any two consecutive Board Meetings did not exceed 120 days. The attendance of the Directors at the Board meetings is mentioned below:
|
S. No
|
Name of the Director
|
DIN
|
Date of appointment
|
No. Of Meetings entitled to attend
|
No. of Meetings attended
|
|
1
|
Tarun Sanjay Mehta
|
06392463
|
21-10-2013
|
11
|
11
|
|
2
|
Swapnil Babanlal Jain
|
06682759
|
21-10-2013
|
11
|
11
|
|
3
|
Niranjan Kumar Gupta
|
07806792
|
03-11-2020
|
11
|
8
|
|
4
|
Nilesh Shrivastava
|
09632942
|
22-07-2022
|
11
|
11
|
|
5
|
Pankaj Sood
|
05185378
|
11-11-2022
|
11
|
11
|
|
6
|
Ram Kuppuswamy
|
09817635
|
27-01-2023
|
11
|
11
|
The 10th Annual General Meeting for the financial year 2022-2023 was held on August 24, 2023. The Company had Extraordinary General Meeting on August 07, 2023, September 14,
2023 and December 06, 2023.
11. Independent Directors Declaration
The Company does not have any independent directors and hence disclosure requirement under 134(3)(d) of the Companies Act, 2013 is not applicable.
12. Directors' Responsibility Statement
in accordance with the provisions of section 134(5) the Board confirms and submits the Directors’ Responsibility Statement as follows:
a) In the preparation of the annual accounts the applicable accounting standards has been followed along with proper explanation relating to material departures;
b) The directors have selected such accounting policies and applied themi consistently and made judgments and estimates that are reasonable and prudent so as to give a true a fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;
c) The directors have taken proper and sufficient care for the maintenance of adequate accounting records for safeguarding the assets of the company and for preventing a detecting fraud and other irregularities;
d) The directors have prepared the annual accounts on a going concern basis; and
e) The directors have devised proper systems to ensure compliance with the provisions of all applicable Laws and that such systems were adequate and operating effectively.
13. Loan from Directors
The Company has not obtained any loan from any of the directors of the Company.
14. Subsidiary, Joint Venture and Associate Company
The Company is an associate of Hero MotoCorp Limited. The Company does subsidiary(s), joint ventures, or associate companies. Hence, a separate section on the performance and financial position of each of the subsidiaries, associates, and jo.nt venture companies in Form AOC-1 under the provisions of Section 129(3) of the Companies Act, 2 is not applicable to the Company.
15. Particulars of Employees
Information as raquired pursuant to Rule 5(1) & (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, is not applicable to the Company and hence no report is furnished hereunder.
16. Particulars of loans, guarantees or investments
Details of Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 form part of the Notes to the financial statements.
17. Particulars of contracts or arrangements with related parties
Information on transactions with related parties pursuant to Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 in Form AOC-2 is annexed herewith as “Annexure -1” to this Report. Your attention is drawn to Note 36 to the financial statements which sets out related party disclosures. All the Related Party Transactions entered by the Company were in ordinary course of business and on arm’s length basis.
18. Auditorsi) Statutory Auditors
Pursuant to the provisions of section 139 of the Companies Act, 2013, Deloitte Haskins & Sells, Chartered Accountants (Firm Registration 008072S) were appointed as Statutory Auditors of the Company at the Annual General Meeting of the Company held on 15th July 2021 to hold office from the conclusion of 8th annual general meeting till the conclusion of 13th annual general meeting, covering one term of five consecutive years.
ii) Secretarial Auditors
M/s. BMP & Co. LLP, Practising Company Secretaries, [Firm registration number: L2017KR003200] were appointed as Secretarial Auditor of the Company for the financial year 2023-24, as required under Section 204 of the Companies Act, 2013 and Rules thereunder.
19. Audit Reporti) Statutory Audit Report
The Audit report on the financial statements of the Company for the financial year 2023-24 is being circulated to the shareholders along with the financial statements. There are no qualifications or adverse remarks made by the Statutory Auditors in their report for the financial year ended March 31, 2024.
ii) Secretarial Audit Report
The Secretarial Audit report issued by M/s. BMP & Co. LLP, Practising Company Secretaries, [Firm registration number: L2017KR003200] for the financial year 2023-24 is annexed as "Annexure - II” to this report. There are no qualifications or observations made by the Secretarial Auditor in their report for the financial year ended March 31, 2024.
20. Reporting of frauds by auditors
During the year under review, there has been no instances of fraud reported by the auditors of the Company under Section 143(12) of the Companies Act, 2013.
21. Maintenance of Cost records
The provisions of Section 148(1) of the Companies Act, 2013 with respect to maintenance of cost records is applicable to the Li-Ion battery packs manufactured by the Company. The Company has maintained cost records and accounts as specified by the Central Government Snder Section 148(1) of the Companies Act, 2013 and Companies (Cost RecordsandI Aud t RuLes, 2014. The Company is not meeting the requirements of appointment of Cost Auditor prescribed under the Companies (Cost Records and Audit) Rules, 2014.
22. Internal Financial Controls and Internal Audit
The Company has instituted adequate internal financial controls with reference to fmancial statements During the year, the controls were tested, and no reportable matenaL weakness was observed The Board is satisfied with the internal finance control process. Internal control environment of the Company is reliable with well documented framework to mitigate risks.
Further in terms of section 138 of the Companies Act, 2013, the Company had appointeeI M\s. Ernst & Young Private Limited as Internal Auditors of the Company for the financial year 2 2024 eI? team had conducted risk-based audits and based on the review, ac ,on plans av been agreed with process owners for addressing the gaps identified. These will be closure both by process owners and Internal Audit team.
23. Disclosures under Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act 2013.
The Company has Anti-Sexual Harassment Policy in line with the requirements of theSexual Harassment of Women at Workplace (Prevention, Prohibition anp Redressal) Act 2013. The IntXn^Tcomp^ltTntTcommittee has been set up to redress the complaints received regard, 9 sexual harassment ALl employees including contract labour, consultants, service providers etc ass" a«ed w th the Company are covered in this policy. During the year, the Company comp ed w!thTpr“isions of L said Act Following is the summary of complaints received and
disposed during the year:
Number of complaints received: 1 Number of complaints disposed: 0 Number of complaints withdrawn: NiL Number of complaints pending: 1*
*The complaint is under investigation
24. Whistle Blower/Vigil Mechanism
The Comoanv strongLy believes in conduct of its business in a fair, transparent, lawful, and Ithical manner Your Company has implemented a Whistle-blower policy in line with Section 177 (9) & (10) of the compahies Act, 2013 read with Rule 7 of Companies <^"0* * and its Powers) Rules, 2014, for its stakeholders to raise and report genum rena d ng unethical behaviour, actual or suspected fraud, violation of Company s policies or applicable Unvs. The details are available on Company's website and had been disseminated
to employees of the Company.
25. Compliance with Secretarial Standards
The Company is compliant with the provisions of Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of Company Secretaries of India.
26. Risk Management Policy
The Company has developed a Risk Management Policy which deals with major elements of risks that may threaten existence of the Company and suitable steps to mitigate the same.
27. Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo
The details of conservation of energy, technology absorption, and foreign exchange earnings and outgo are enclosed to this report vide “Annexure-III”.
28. Material Changes Affecting the Financial Position of the Company
No material changes and commitments affecting the financial position of the Company have occurred since the end of the financial year till the date of this report.
29. Significant and Material Orders Passed by the Regulators or Courts or Tribunals impacting the Going Concern Status of the Company.
During the year under review, there were no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the Company.
30. Change in the Nature of Business, if any.
There has been no change in the nature of business of the Company during the year.
31. Corporate Social Responsibility
Corporate Social Responsibility (CSR) is a significant and foremost attitude of responsibility towards society. The Company’s believes in actively contributing to the social, economic and environmental development of the community in which it operates ensuring participation from the community and thereby create value for the nature and its inhabitants through sustainable means.
While the Company does not meet the criteria set out for constitution of CSR Committee and contributions based on the statutory norms required under section 135 of the Companies Act, 2013 yet, the Company has always been committed to building a sustainable ecosystem and is in the process of putting in place a composed CSR work.
The Company has a well-defined policy on CSR as per the requirement of Section 135 of the Companies Act, 2013.
|
During the year, the company had undertaken below mentioned C5R activities for betterment of communities with which it operates:
|
|
Month
|
Activity
|
Beneficiaries
reached
|
|
June 2023
|
World Environment Day - Awareness for Children of Govt. Hr. Sec. SchooL, Mathagondapally on Effects of Single Use Plastics and distribution of reusable cloth Bags
|
200 children
|
|
June 2023
|
Volunteering at Treebank - 600 sapLings made by Factory associates ----------
|
NA
|
|
July 2023
|
Hepatitis awareness & Hand Hygiene training or. World Hepatitis Day ----------
|
28 Truck drivers
|
|
Nov 2023
|
Donation Drive among Ather team members for supporting pdiir.ation needs of 3 schools in BangaLore ----
|
325 children
|
|
Dec 2023 Dec 2023
|
Revamping school environment at BBMP School Lakksandra with Wall murals by Ather volunteers. 40 Volunteers participated. ----
|
1 school, 450 Sqft covered
|
|
Cyclone Michaung Flood Response - Donation of immediate food needs such as Oil and pulses by Ather team members at Factory. --------
|
116 Families
|
|
March 2024
|
Support for block level Polio Vaccination Drive - hospitality for heaLth workers and travel support to reach remote Locations
|
276 children from migrant families
|
32. Copy of Annual Return
The copy of annual return can be accessed
h^pc.//accord afhprpnerav.cQni/aimuaLrPtiirniPf<f?
*na FfiPH8BR8(l^ MTY4Nnk7M^AOMC4nOS4Tl iE2QDQhM7AwNTQuNDYulid£
return ,n form
MGT-7 with the Registrar.
33. Industrial Relations
ThP industrial relations in respect of all facilities and divisions of the Company are normal. Z company "relationship with the workers at cordial lave* and Is committed to provide necessary support for the welfare of its employees.
34. Transfer of unclaimed dividend to investor education and protection fund
The Company has not declared any dividend in the past and hence there is no unclaimed amount required to be transferred to investor education and protection fund.
35 Detail of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 Of 2016) during the year along with their status as at the end ofinancial Year
None during the financial year.
36. Details of difference between amount of the valuation done at the time of one time settlement and the valuation done while taking loan from the banks or financial institutions along with the reasons thereof
None during the financial year.
37. Cautionary Statement
Shareholders and readers are cautioned that in the case of data and information external to the Company, no representation is made on its accuracy or comprehensiveness though the same are based on sources believed to be reliable. Utmost care has been taken to ensure that the opinions expressed by the management herein contain its perceptions, as on the date of the report, on the material impacts on the Company’s operations, but it is not exhaustive as they contain forward Looking statements which are extremely dynamic and increasingly fraught with risk and uncertainties. Actual results, performances, achievements or sequence of events may be materially different from the views expressed herein.
38. Acknowledgement -
The Board expresses its sincere thanks to the various Government/Regulatory authorities, Company's valued customers, suppliers, vendors and bankers for their continued co-operation, trust and support. Further, the Board conveys its thanks to the Company’s Founders, Shareholders and other stakeholders for their continued support. The Board also expresses its gratitude and deep sense of appreciation to all the employees, for their professional commitment and dedication in furthering Company’s objectives.
|