Mar 31, 2014
THE SHARE HOLDERS
The Directors present the 32nd Annual Report on the business of the
Company and the audited Balance Sheet and Profit & Loss Account for the
year ended 31st March, 2014.
FINANCIAL RESULTS & WORKING OF THE COMPANY (Rs. in Lakhs)
Particular Year Ended
31st March, 2014 31st March, 2013
Profit/(Loss)Before Tax (32.32) (38.68)
Less : Provision for Tax
1. Current tax NIL NIL
2. Short Provision of Tax NIL NIL
3. Deferred Tax (9.99) (11.95)
Profit/(Loss) After Tax (22.33) (26.73)
Add : Balance brought from previous year (568.11) (541.38)
Balance carried to Balance Sheet (590.44) (568.11)
DIVIDEND
No dividend is declared in the absence of profit.
OPERATIONS
Your Company is a media Company, at present we are promoting our
"Arihant" TV Channel also we have got license of Teleport from Ministry
of Corporate Affairs and we are making efforts to setup Teleport.
DIRECTORS
In accordance with the provisions of Section 255 of the Companies Act,
1956, Shri Prabhat Jain, Director, retires by rotation and being
eligible, offer himself for re- appointment at the ensuing Annual
General Meeting. The Board recommends his re- appointment for
consideration of the shareholders.
During the year Board have appointed Shri Kishan Vir Sharma as
Additional director of the Company on 24/01/2014 and now Board proposed
for his regularization as director of the Company from the Shareholders
of the Company. Further on 14/06/2014 he was appointed as Chairman &
Managing Director (CMD) of the Company, the Board again recommends his
confirmation as Chairman & Managing Director (CMD) from the
Shareholders.
On 24/01/2014 the Board has appointed Shri Siddhartha Ananta Bhargava
as Additional Director of the Company and now Board proposed for his
regularization as director of the Company from the Shareholders of the
Company.
DIRECTORS'' RESPONSIBILITY STA TEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, in respect of Directors'' Responsibility Statement, it is
hereby Confirmed that:
a) In the preparation of the annual accounts, for the financial period
ended 31st March, 2014, the applicable accounting standards have been
followed along with proper explanation relating to material departures.
b) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial period and of the profit or
loss of the Company for the above period under review.
c) The Directors have taken proper and sufficient care 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.
d) The Directors have prepared the annual accounts for the financial
year ended 31st March, 2014 on ''going concern'' basis.
LISTING OF SHARES
The Equity Shares of the Company (except the preferential allotment of
shares) are listed on Bombay Stock Exchange Limited (BSE), and legal
proceedings are continued to get listing of preferential allotment. The
Company has paid the Annual Listing Fee for the Year 2013-2014.
The Company has sorted out previous irregularities and now the Company
is in the process to restoring trading of the shares with BSE.
FIXED DEPOSIT
During this Financial year and also in past Company has never accepted
any fixed
deposit from the public.
AUDITORS
M/s K.U. Kothari & Co., Chartered Accountants, Mumbai, Statutory
Auditors of the Company retire at the conclusion of this Annual General
Meeting and, being eligible, offers themselves for re-apportmert as
Statutory Auditors of the Company. Vour Directors recommend their
appointment.
AUDITORS'' REPORT
Comments made by the Statutory Auditors in the Auditors'' Report are
self-explanatory and do not require any further clarification.
SECRETARIAL COMPLIANCE CERTIFICATE
In terms of the provisions of Section 383A of the Companies Act, 1956
read with the Companies (Compliance Certificate) Rules, 2001 and
Notification issued by the Ministry of Corporate Affairs, the Company
is not required to take Compliance Certificate under Section 383A of
the Companies Act, 1956.
COMPANY SECRETARY & COMPLIANCE OFFICER
As per the provisions of Section 383A of the Companies Act, 1956 and
Clause 47(a) of the Listing Agreement, Mr. Raj Mani Tiwari is the
Company Secretary & Compliance Officer of the Company.
PARTICULARS OF EMPLOYEES
During the financial year ended on 31st March 2014, the Company did not
have any employee whose particulars are required to be given pursuant
to the provisions of Section 217(2A) of the Companies Act, 1956 read
with the Companies (Particulars of Employees) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO
A. Your Company is conscious about energy consumption and environmental
issues related with it. It is continuously making sincere efforts
towards conservation of energy and optimizing its usage in all aspects
of operations.
B. The Company is taking advantage of the latest development and
advancement in the Media Industry. The Company is using latest
technology which is well established in the Country and no foreign
technology / know-how was purchased during the year. The Company has
not incurred any R & D expenditure during the year.
C. There was no export activity in the Company during the period under
review. The Company is not planning any export in the near future as
well.
D. Foreign Exchange Earnings : Rs. NIL
Foreign Exchange Outgo : Rs. NIL
CORPORATE GOVERNANCE
As per the provisions of Clause 49 of the Listing Agreement with the
Bombay Stock Exchange, the Company has implemented the Code on
Corporate Governance. The Corporate Governance Compliance Certificate
obtained from the M/s Saurabh Srivastava & Associates, Practicing
Company Secretaries is attached to this report.
ACKNOWLEDGEMENTS
Your Directors acknowledge the support and thank to the Shareholders,
Investors, Bankers and Government Departments for their continued
support. Your Directors are also thankful to the clients for their
continued faith and support reposed in them. Last but not the least,
your directors'' places on record their sense of appreciation for the
valuable contribution made by the employees of the Company.
Santosh Kumar Jain Hiren Harshad Doshi
Director Director
Place : Kolkata
Dated : 14//06/2014
Mar 31, 2012
The Directors present the 30lh Annual Report on the business of the
Company and the audited Balance Sheet and Profit & Loss Account for the
9 months' period ended 31st March, 2012.
FINANCIAL RESULTS & WORKING OF THE COMPANY
(Rs. in Lakhs)
Particular Year Ended
31st March, 2012 30th June, 2011
Profit/(Loss)Before Tax (158.56) (219.85)
Less : Provision for Tax
1. Current tax NIL NIL
2. Short Provision of Tax - 0.63
3. Deferred Tax (77.75) (47.13)
Profit/(Loss) After Tax (80.81) (173.35)
Add : Balance brought
from previous year (460.57) (287.22)
Balance carried to
Balance Sheet (541.38) (460.57)
DIVIDEND
No dividend is declared in the absence of profit.
OPERATIONS
Your company is broadcasting and attempting to popularise it's
"Arihant" TV Channel with resources at the disposal of the company.
DIRECTORS
In accordance with the provisions of Section 255 of the Companies Act,
1956, Shri Prabhat Jain, Director, retires by rotation and being
eligible, offer themselves for re- appointment at the ensuing Annual
General Meeting. The Board recommends his re- appointment for
consideration of the shareholders.
Shri Hiren Harshad Doshi, whole Time Director of the Company was
re-appointed Whole Time Director of the Company with effect from 1st
October 2011 for a period of one years expiring on 30/09/2012.
Shri Krishan Kumar Khadaria, Director of the Company has resigned from
the Company with effect from 9th August 2011 and the Board has accepted
his resignation in the Board Meeting dated 23/08/2011.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, in respect of Directors' Responsibility Statement, it is
hereby Confirmed that:
a) In the preparation of the annual accounts, for the financial period
ended 31st March, 2012, the applicable accounting standards have been
followed along with proper explanation relating to material departures.
b) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial period and of the profit or
loss of the Company for the above period under review.
c) The Directors have taken proper and sufficient care 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.
d) The Directors have prepared the annual accounts for the financial
period ended 31st March, 2012 on 'going concern' basis.
LISTING OF SHARES
The Equity Shares of the Company (except the preferential allotment of
shares) are listed on Bombay Stock Exchange Limited (BSE), and legal
proceedings are continued to get listing of preferential allotment. The
Company has paid the Annual Listing Fee for the Year 2011- 2012.
The Company has sorted out previous irregularities and now the Company
is in the process to restoring trading of the shares with BSE.
FINANCIAL YEAR
In the earlier year Company had extended its Financial period to 15
months from 1st April 2010 to 30th June 2011 and therefore, this
financial reporting period is for nine months from 1st July 2011 to
31st March 2012.
AUDITORS
M/s K.U. Kothari & Co., Chartered Accountants, Mumbai, Statutory
Auditors of the Company retire at the conclusion of this Annual General
Meeting and, being eligible, offers themselves for re-appointment as
Statutory Auditors of the Company. Your Directors recommend their
appointment.
AUDITORS' REPORT
Comments made by the Statutory Auditors in the Auditors' Report are
self-explanatory and do not require any further clarification.
SECRETARIAL COMPLIANCE CERTIFICATE
In terms of the provisions of Section 383A of the Companies Act, 1956
read with the Companies (Compliance Certificate) Rules, 2001 and
Notification issued by the Ministry of Corporate Affairs, the Company
is not required to take Compliance Certificate under Section 383A of
the Companies Act, 1956.
COMPANY SECRETARY & COMPLIANCE OFFICER
As per the provisions of Section 383A of the Companies Act, 1956 and
Clause 47(a) of the Listing Agreement, Mr. Raj Mani Tiwari has been
appointed as Company Secretary & Compliance Officer with effect from
4lh September 2010.
PARTICULARS OF EMPLOYEES
During the financial period ended on 31sl March 2012, the Company did
not have any employee whose particulars are required to be given
pursuant to the provisions of Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO
A. Your Company is conscious about energy consumption and
environmental issues related with it. It is continuously making sincere
efforts towards conservation of energy and optimizing its usage in all
aspects of operations.
B. The Company is taking advantage of the latest development and
advancement in the Media Industry. The Company is using latest
technology which is well established in the Country and no foreign
technology / know-how was purchased during the year. The Company has
not incurred any R&D expenditure during the year.
C. There was no export activity in the Company during the period of 9
months under review. The Company is not planning any export in the near
future as well.
D. Foreign Exchange Earnings : Rs. NIL
Foreign Exchange Outgo : Rs. NIL
CORPORATE GOVERNANCE
As per the provisions of Clause 49 of the Listing Agreement with the
Bombay Stock Exchange, the Company has implemented the Code on
Corporate Governance. The Corporate Governance Compliance Certificate
obtained from the M/s Saurabh Srivastava & Associates, Practicing
Company Secretaries, New Delhi is attached to this report.
ACKNOWLEDGEMENT
Your Directors acknowledge the support and thank the Shareholders,
Investors, Bankers and Government Departments for their continued
support. Your Directors are also thankful to the clients for their
continued faith and support reposed in them. Last but not the least,
your directors' places on record their sense of appreciation for the
valuable contribution made by the employees of the Company.
Sd/- Sd/-
Shiv Kumar Garg Hiren H. Doshi
Chairman & Managing Director Whole Time Director
Place : Lucknow
Dated : 30th May, 2012
Jun 30, 2011
The Directors of your Company are pleased to present the 29th Annual
Report on the business of the Company and audited Balance Sheet and
Profit & Loss Account for the 15 months period ended June 30th 2011.
FINANCIAL RESULTS & WORKING OF THE COMPANY (Rs. in Lakhs)
Particular Year Ended
30th June 2011 31st March 2010
Profit/(Loss)Before Tax (219.85) (135.97)
Less : Provision for Tax
1. Current tax NIL NIL
2. Short Provision of Tax 0.63 NIl
3. Deferred Tax <47.13) 10.51
Profit/(Loss) After Tax (173.35) (146.48)
Add : Balance brought from
previous year (287.22) (140.74)
Balance carried to Balance Sheet (460.57) (287.22)
DIVIDEND
No dividend is declared in the absence of profit.
OPERATIONS
Your Company has launched a new television channel named "ARIHANT". The
Company has also received requisite permission from the Ministry of
Information and Broadcasting for setting Lipof Teleport (Earth Station)
which the Company is in the process of setting up.
DIRECTORS
In accordance with the provisions of Section 255 of the Companies Act,
1956, Shri San tosh Kumar Jain, Director, retires by rotation and being
eligible, offer themselves for re-appointment at the ensuing Annual
General Meeting. The Board recommends his re-appointmenl for
consideration of the shareholders.
Shri Hiren Harshad Doshi, whole Time Director of the Company was
re-appointed Whole Time Director of the Company with effect from l"
October 2009 for a period of two years expiring on 30/09/2011, and the
Board of Directors has decide to re-appoint him for a term Of one year
as Whole Time Director, w.e.f. 1SI October 2011 to 30th September 2012.
The Board recommends his re-appointment for consideration of the
shareholders as Special Resolution.
As per provision of Section 283 of the Companies Act, 1956 Shri Kashyap
Patel has vacated the Office and Board of Directors approve it on
04/09/2011, Company has removed two directors Shri Kirit C. Mehta and
Smt. Neena K. Mehta under Section 284 of the Companies Act, 1956 upon
receiving the Notice under Section 190 from the shareholders during the
period. Brief details of the other directors, nature of their
experience in specific functional areas and names of the Companies in
which they hold directorship and membership/Chairmanship of Committees
of the Board, as stipulated under Clause 49 of the Listing Agreement
with the Bombay Stock Exchange are given in the Section on Corporate
Governance in the Annual Report.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217{2AA) of the Companies
Act,1956, in respect of Directors' Responsibility Statement, it is
hereby Confirmed that:
a) In the preparation of the annual accounts, for the financial period
ended 30th June, 2011, the applicable accounting standards have been
followed along with proper explanation relating to material departures.
b) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and Fair view of the state of affairs
of the Company at the end of the financial period and of the profit or
loss of the Company for the above period under review.
c) The Directors have taken proper and sufficient care 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.
d) The Directors have prepared the annual accounts for the financial
period ended 30th June, 2011 on 'going concern' basis.
LISTING OF SHARES
The Equity shares of the Company (except the preferential allotment of
shares) are listed on Bombay Stock Exchange Limited (BSE), and legal
proceedings are continued to get listing of preferential allotment. The
Company has paid the Annual Listing Fee for the Year 2010-2011. Due to
some extra ordinary circumstances Company could not prepare its
accounts and therefore could not file quarterly results to the BSE,
hence BSE has suspended trading of the shares since January 2011 due to
all this reasons, the Company is in the process to restore trading of
the shares by complying the provisions of Listing Agreement of BSE.
FINANCIAL YEAR
Due to some extra ordinary circumstances Company has changed its
present financial year from 1 April 2010 to 30th June 2011 (12 months
to 15 months).
AUDITORS
M/s K.U. Kothari & Co., Chartered Accountants, Mumbai, Statutory
Auditors of the Company retire at the conclusion of this Annual General
Meeting and, being eligible, offers themselves for re- appointment as
Statutory Auditors of the Company. Your Directors recommend their
appointment.
AUDITORS' REPORT
Comments made by the Statutory Auditors in the Auditors' Report are
self-explanatory and do not require any further clarification.
SECRETARIAL COMPLIANCE CERTIFICATE
In terms of the provisions of Section 383A of the Companies Act, 1956
read with the Companies (Compliance Certificate} Rules, 2001 and
Notification issued by the Ministry of Corporate Affairs, the Company
is not required to take Compliance Certificate under Section 383A of
the Companies Act, 1956.
COMPANY SECRETARY & COMPLIANCE OFFICER
As per the provisions of Section 383A of the Companies Act, 1956 and
Clause 47(a) of the Listing Agreement, Mr, Raj Mani Tiwari has been
appointed as Company Secretary & Compliance Officer with effect from
4lS September 2010.
PARTICULARS OF EMPLOYEES
During the financial period ended on 30(tl June 2011, the Company did
not have any employee whose particulars are required to be given
pursuant to the provisions of Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO
A. Your Company is conscious about energy consumption and
environmental issues related with it. It is continuously making
sincere efforts towards conservation of energy and optimizing its usage
in all aspects of operations.
B. The Company is taking advantage of the latest development and
advancement in the Media Industry. The Company is using latest
technology which is well established in the Country and no foreign
technology / know-how was purchased during the year. The Company has
not incurred any R&D expenditure during the year.
C. There was no export activity in the Company during the period of 15
months under review. The Company is not planning any export in the near
future as well.
D. Foreign Exchange Earnings : Rs. NIL Foreign Exchange Outgo : Rs.
75050
CORPORATE GOVERNANCE
As per the provisions of Clause 49 of the Listing Agreement with the
Bombay Stock Exchange, the Company has implemented the Code on
Corporate Governance. The Corporate Governance Compliance Certificate
obtained from the M/s Saurabh Srivastava & Associates, Practicing
Company Secretaries, New Delhi is attached to this report.
ACKNOWLEDGEMENTS
Your Directors acknowledge the support and owe a debt of gratitude to
the Shareholders, Investors, Bankers and Government Departments. Your
Directors are also thankful to the clients for their continued faith
and support reposed in them. Last but not the least, your directors'
place on record their sense of appreciation for the valuable
contribution made by the employees of the Company. Board expresses its
sincere gratitude to the shareholders, bankers and clients for their
continued support. The Board also wholeheartedly acknowledges the
dedicated efforts of staffs and employees of the Company.
For and on behalf of the Board
SHIV KUMAR GARG
CHAIRMAN & MANAGING DIRECTOR
Place : Lucknow
Date : 15th November, 2011
Mar 31, 2010
The Directors of your Company present the Twenty Eighth Annual Report
on the business of the Company and audited Balance Sheet and Profit &
Loss Account as at March 31st 2010.
FINANCIAL RESULTS & WORKING OF THE COMPANY
(Rs. in Lakhs)
Particular Year Ended
31st March2010 31st March 2009
Profit/(Loss)Before Tax (135.97) (123.17)
Less: Provision for Tax
1. Current tax NIL NIL
2. Fringe Benefit Tax NIL 1.41
3. Deferred Tax (10.51) 43.63
Profit/(Loss) After Tax (146.48) (80.95)
Add : Balance brought from (140.74) (59.79)
previous year_
"Balance carried to Balance Sheet (287.22) (140.74)
DIVIDEND
No dividend is declared in view of the requirements of the funds for
strengthening the fundamentals of the Company.
OPERATIONS
Your Company proposes launching a new television channel named
"ARIHANT" for which the Company has received requisite permission from
the Ministry of Information and Broadcasting on 18th November, 2009.
DIRECTORS ,
In accordance with the provisions of the Companies Act, 1956 Shri
Krishan Khadaria and Shri Prabhat Kumar Jain, Directors, retire by
rotation and being eligible, offer themselves for re-appointment at the
ensuing Annual .
General Meeting. The Board recommends their re-appointment for
consideration of the shareholders.
On 25th August, 2010, Company on the requisition of Shareholders called
an Extraordinary General Meeting and removed Shri Kirii C. Mehta and
Smt. Neena Kirit Mehta from the directorship of the Company under
section 284 of the Companies Act, 1956, also Shri Kashyap P. Patel
disqualified from the directorship of the Company under Section 283(1
)(g) of the Companies Act, 1956 and the Company has therefore removed
his name from the directorship of the Company at a duly convened Board
Meeting held today i.e. on 4th September 2010.
Brief details of the other directors, nature of their experience in
specific functional areas and names of the Companies in whom they hold
directorship and membership/Chairmanship of Committees of the Board, as
stipulated under Clause 49 of the Listing Agreement with the Bombay
Stock Exchange are given in the Section on Corporate Governance in the
Annual Report.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA] of the Companies
Act, 1956, with respect of Directors' Responsibility Statement, it is
here by Confirmed:
a) That in the preparation of the annual accounts, for the financial
year ended 31st March, 2010, the applicable accounting standards have
been followed along with proper explanation relating to material
departures.
b) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review.
c) That the Directors have taken proper and sufficient care 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.
d) That the Directors have prepared the annual accounts for the
financial year ended 31st March,20l0on a 'going concern' basis.
AUDITORS
M/s Vimal Punmiya & Co., Chartered Accountants, Mumbai, The Statutory
Auditors of the Company held office until the conclusion of this Annual
General Meeting as they have expressed their unwillingness to
re-appoint as Statutory Auditors of the Company after conclusion of
this Annual General Meeting. Therefore Company has approached M/s K.U.
Kothari & Co., Chartered Accountants, Mumbai being eligible for
appointment as new Statutory Auditor of the Company from the conclusion
of this Annual General Meeting until the conclusion of the next Annual
General Meeting. A certificate under Section 224(1) of the Companies
Act, 1956 regarding eligibility of M/s K.U. Kothari & Co., Chartered
Accountants, Mumbai for the proposed appointment has been obtained from
them. Your Directors recommend their appointment.
AUDITORS' REPORT
Comments made by the Statutory Auditors in the Auditors' Report are
self- explanatory and do not require any further clarification.
SECRETARIAL COMPLIANCE CERTIFICATE
In terms of the provisions of Section 383A of the Companies Act, 1956
read with the Companies (Compliance Certificate) Rules, 2001 and
Notification issued by the Ministry of Corporate Affairs, the Company
is not required to take Compliance Certificate under Section 383A of
the Companies Act,1956.
PARTICULARS OF EMPLOYEES
During the financial year ended on 31st March 2010. The Company does
not have any employee whose particulars are required to. be given
pursuant to the provisions of Section 217(2A} of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO
A. Your Company is conscious about energy consumption and
environmental issues related with it. It is continuously making sincere
efforts towards conservation of energy and optimizing its usage in all
aspects of operations.
B. The Company is taking advantage of the latest development and
advancement in the Media Industry. The Company is using latest
technology which is well established in the Country and no foreign
technology / know how was purchased during the year. The Company has
not incurred any R & D expenditure during the year.
C. There was no export activity in the Company during the year under
review. The Company is not planning any export in the near future as
well.
LISTING
The Equity shares of the Company except the preferential allotment of
shares are listed on Bombay Stock Exchange Limited, and legal
proceedings are continued to get listing of preferential allotment. The
Company has paid the Annual Listing Fee for the Year 2010-2011.
CORPORATE GOVERNANCE
As per the provisions of Clause 49 of the Listing Agreement with the
Bombay Stock Exchange, the Company has implemented the Code on
Corporate Governance. The Corporate Governance Compliance Certificate
obtained from the Auditors of the Company is attached to this report.
ACKNOWLEDGEMENTS
Your Directors acknowledge the support and owe a debt of gratitude to
the Shareholders, Investors, Bankers and Government Departments. Your
Directors are also thankful to the clients for their continued faith
and support reposed in them. Last but not the least, you. directors'
place on record their sense of appreciation for the valuable
contribution made by the employees of the Company. Board express its
sincere gratitude to the shareholders, bankers and clients for their
continued support. The Board also wholeheartedly acknowledges the
dedicated efforts of staff and employee of the Company.
HIRENH. DOSHI SHIVKUMAR GARG
WHOLE TIME DIRECTOR CHAIRMAN & MANAGING DIRECTOR
Place : Mumbai
Date : 23rd August, 2011
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