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FORFEITURE OF SHARES |
| The Board, during the year under report, forfeited 2238 Equity Shares standing in the name of 175 allottees who did not pay the Allotment Money against the convertible portion of the Company's 16% Secured Partly Convertible Debentures issued in the financial year 1992-93 despite repeated reminders. These Shares have not been re-issued. |
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DIRECTORS' RESPONSIBILITY STATEMENT |
| Pursuant to Section 217(2AA) of the Companies Act, 1956 and, based upon representations from the management, the Board, to the best of its knowledge and belief, confirms that : |
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In the preparation of the Annual Accounts, applicable Accounting Standards have been followed and there are no material depatures; |
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It has selected such Accounting Policies 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 as at 31st March, 2013 and of the loss of the Company for the Financial Year ended on that date; |
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Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities; and |
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The Annual Accounts have been prepared on a going concern basis. |
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MANAGEMENT DISCUSSION AND ANALYSIS AND CORPORATE GOVERNANCE |
| A Management Discussion & Analysis and a Report on Corporate Governance together with the corresponding Compliance Certificate are attached as part of this Annual Report. |
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DIRECTORS |
Smt. Manjushree Khaitan, a Non-executive Director, was appointed a Whole-time Director effective 5th February, 2013 and designated Executive Vice Chairperson.
Shri B K Birla and Shri P K Mallik retire by rotation and being eligible, offer themselves for reappointment.
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