85 | Annual Report | 2024-2025 They shall hold office till the conclusion of the Annual General Meeting to be held for FY 202627. Their appointment was approved by the shareholders at the Annual General Meeting of the Company held on August 06, 2024. M/s. B S R & Co. LLP have confirmed their eligibility to be appointed as Statutory Auditors under Section 141 of the Companies Act, 2013, and have also confirmed compliance with the RBI Guidelines. (ii) Secretarial Auditors – M/s. S. Basu & Associates was appointed by the Board of Directors for the FY 2024-25 in its meeting held on May 23, 2024 as required under the provisions of Section 204 of the Companies Act, 2013. Further, M/s. MR & Associates, Company Secretaries (Peer Review Certificate No: 5598/2024) has been appointed as a Secretarial Auditors of the Company for the Financial Year 2025-26. The Secretarial Audit Report for the FY 2024-25 is annexed as Annexure II to the Directors’ Report. (iii) Cost Auditors – The Company is not required to maintain cost records as specified by the Central Government under Section 148(1) of the Companies Act, 2013 and accordingly such records are not made and maintained. There are no qualifications, reservation or adverse remark made by the Statutory Auditor and Secretarial Auditor in their reports. DETAILS OF FRAUDS REPORTED BY THE AUDITORS During the year under review, the Auditors of the Company have not reported any fraud as required under Section 143(12) of the Companies Act, 2013. COMPLIANCE WITH SECRETARIAL STANDARDS The Company has in place proper systems to ensure compliance with the provisions of the applicable secretarial standards issued by The Institute of Company Secretaries of India as per Section 118(10) of the Companies Act, 2013 and such systems are adequate and operating effectively. CORPORATE INSOLVENCY RESOLUTION PROCESS INITIATED UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (IBC) During the year, no applications were filed against the Company by any financial or operational creditors. The details of the difference between the valuation amount at the time of one-time settlement and the valuation done while obtaining loans from Banks or Financial Institutions, along with the reasons thereof, are not applicable PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS The Board hereby confirms that during the financial year under review, it has not granted any loans, made any investments, or provided guarantees or securities to any person or entity, to which the provisions of Section 186 of the Companies Act, 2013 apply. Accordingly, there are no transactions or disclosures required under this section for the said period. RELATED PARTY TRANSACTIONS All transactions entered into with Related Parties as defined under the Companies Act, 2013 and during the year under review were in the ordinary course of business and at an arm’s length pricing basis and do not attract the provisions of Section 188 of the Companies Act, 2013. The details of the transactions with related parties were placed before the Audit Committee and the Board of Directors from time to time and the same is disclosed in Notes to the Financial Statements. There were no materially significant related party transactions entered into by the Company which may have potential conflict with the interest of the Company. The policy on Related Party Transaction, as approved by the Board, and the same is annexed as Annexure III.
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