To
The Members of, Banas Finance Limited
Your Directors have pleasure in presenting the 40th Annual Report along with the
Audited Accounts for the financial year ended March 31, 2023.
FINANCIAL RESULTS:
Summary of the Company's consolidated financial performance for F.Y. 2022-2023as
compared to the previous financial year is given below:
(Figures in Lakhs)
Particulars |
F.Y. 2022 |
F.Y. 2021 |
F.Y. 2022 |
F.Y. 2021 |
|
2023 |
2022 |
2023 |
2022 |
|
Standalone |
Consolidated |
| Income from Share Trading |
1337.85 |
949.70 |
1337.85 |
949.70 |
| Income from Finance Activities (Operations) |
434.56 |
242.09 |
434.56 |
242.09 |
| Total Operational Revenue |
1772.41 |
1191.79 |
1772.41 |
1191.79 |
| Other Incomes |
315.68 |
8903.07 |
315.68 |
8903.07 |
| Total Revenue |
2088.09 |
10094.86 |
2088.09 |
10094.86 |
| Profit before Dep. & Int. |
(9959.12) |
9175.12 |
(9959.12) |
9175.12 |
| Depreciation |
0.25 |
0.22 |
0.25 |
0.22 |
| Interest |
9.64 |
10.93 |
9.64 |
10.93 |
| Profit after Depreciation & Interest |
(9969.01) |
9163.97 |
(9969.01) |
9163.97 |
| Current Tax |
0 |
51.00 |
0 |
51.00 |
| Deffered tax |
(4497.99) |
2176.38 |
(4497.99) |
2176.38 |
| Tax of earlier years |
5.12 |
0.00 |
5.12 |
0.00 |
| Profit/ Loss after Tax |
(5476.14) |
6936.59 |
(5476.14) |
6936.59 |
| Share of profit (loss) of associate company |
-- |
-- |
118.10 |
-18.81 |
| Share of other comprehensive Income |
-- |
-- |
(77.83) |
-11.58 |
Total Comprehensive income for the year |
(5476.14) |
6936.59 |
(5435.87) |
6906.21 |
HIGHLIGHTS:
The Company is Non-Banking Financial Corporation mainly engaged into business of
Finance and trading, from which company has generated its revenue. During the year under
review Company's Standalone total revenue has decreased to Rs. 2088.09 lakhs from Rs.
10094.86 lakhs as compared to previous financial year. The Company has registered a net
loss of Rs. 5476.14 lakhs as compared to profit of Rs.6936.59 lakhs in previous year.
During the year under review, consolidated total revenue has decreased to Rs.
2088.09laks from Rs. 10094.86lakhs as compared to previous financial year, the company has
net loss of Rs. 5435.87 lakhs as compared to 6906.21 lakhs.
The management of the Company is very optimistic regarding performance of the Company
in future and taking every steps and making every efforts to turn the Company in to
profitable organization.
DIVIDEND:
With view to conserve financial resources of the company, directors do not recommend
any dividend on Equity Shares for the year underreview.
CHANGES IN SHARE CAPITAL
The Company has not issued shares with differential voting rights in the F.Y.
2022-2023. It has neither issued employee stock options nor sweat equity shares as on
March 31, 2023.
However during the year the Company has allotted 2,23,97,502 (Two Crores Twenty Three
Lakhs Ninty Seven Thousand Five Hundred And Two) Fully Paid-Up Rights Shares Of Face Value
Of 10.00/- (Rupees Ten Only) (‘Equity Shares') Each At A Price Of Rs.20.00/- (Rupees
Twenty Only) Per Right Share (Including A Premium Of Rs.10.00/- (Rupees Ten Only) Per
Right Share). Therefore the Current paid up Capital of the Company is Rs. 48,04,62,320/-.
DEPOSITS:
Your Company has not accepted any deposits within the meaning of Section 73 (1) and 74
of the Companies Act, 2013 read together with the companies (Acceptance of Deposits)
Rules, 2014.
AMOUNTS TO BE TRANSFERRED TO RESERVES
Under review, the Company has not transferred any amount to Statutory Reserves as per
provision of Section 45 (i)(c) of the Reserve Bank of India Act, 1934.
CHANGE IN DIRECTORS AND KMP:
During the Financial year ended 2022-2023 under review, there is change in Director and
KMP of the Company.
The Board in their Meeting held on 28th May, 2022 appointed Mr. Pratham Jethliya as
Additional Independent Director of the Company. Later he resigned w.e.f. 20th
August, 2022 due to his pre-occupancy. The Board thanks Mr. Pratham Jethliya for guidance
during his tenure as Additional Director of the Company. Further the Board of Directors on
recommendation of Nomination and Remuneration Committee in their Meeting held on 29th
August, 2022 approved and appointed Mr. Ashish Kachhara as Non Executive Independent
Director of the Company w.e.f. 29th August, 2022. After the Closure of
Financial year but before the approval of Board Report, Mr. Nemichand Saini has tendered
his resignation from the post of CFO of the company w.e.f. 09th August, 2023.
The Board accepted and appointed Mrs. Babita Amit Mehta as the CFO of the Company w.e.f.
10th August, 2023
DIRECTORS' RESPONSIBILITY STATEMENT:
In accordance with the provisions of Section 134 (3) (c) and 134 (5) of the Companies
Act, 2013, and based on the information provided by management, your Directors' state
that:
a) In the preparation of the annual accounts for the financial year ended 31st March,
2023 the applicable accounting standards have been followed.
b) Directors have selected such Accounting policies 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 corporation as at the endofMarch31,2023 and of the profit
of the Company for the year ended on that date.
c) Directors have taken proper and sufficient care to the best of their knowledge and
ability for the maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the
assetsoftheCompanyandforpreventinganddetectingfraudandotherirregularities.
d) Directors have prepared the annual accounts on a‘ going concern ‘basis.
e) Director have laid down internal financial controls commensurate with the size of
the Company and that such financial controls were adequate and were operating effectively.
f) Directors have devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems are adequate and operating effectively.
DECLARATION OF INDEPENDENCE BY DIRECTORS:
The Non-executive Independent Directors of the Company as on 31.03.2023, viz. Mr.
Chirag Goyal, Mr. Vikash Kulhriya and Mr. Ashish Kachhara have affirmed that they continue
to meet all the requirements specified under Regulation 16(1)(b)of the listing regulations
in respect of their position as an "Independent Director" of Banas Finance
Limited.
POLICIES ON DIRECTORS' APPOINTMENT AND REMUNERATION:
The Company adheres to the requirements prescribed in the Companies Act, 2013, rules
and amendments made there under and SEBI regulations for the Appointment and Remuneration
of the Directors of the Company.
The policies of the Company on Directors' appointment and remuneration including
criteria for determining qualifications, positive attributes, independence of a Director
and other matters provided under sub-section (3) of Section 178 of the Act is available on
the website of the company on the following
linkhttps:/banasfinance.files.wordpress.com/2017/06/policy-on-selection-remuneration-of-director2.pdf
FORMAL ANNUAL EVALUATION OF THE PERFORMANCE OF THE BOARD AND THAT OF ITS COMMITTEES AND
INDIVIDUAL DIRECTORS:
Pursuant to the provisions of section 134(3)(p) The Companies Act, 2013, evaluation of
performance of all Directors is undertaken annually. The Company has implemented a system
of evaluating performance of the Board of Directors and of its Committees and individual
Directors on the basis of a structured questionnaire which comprises evaluation criteria
taking into consideration various performance related aspects, execution of specific
duties, obligations and governance.
During the year, a Separate Meeting of Independent Directors was held on 06th
February, 2023 for the financial year 2022-2023, the Boardhas expressed their
satisfaction onthe quality, quantity and timeliness of flow of information between the
Company's
Management and the Board.
With a view to leveraging technology and moving towards paperless systems for the
preservation of the environment, the Company has adopted electronic form for transmitting
Board/Committee meetings papers.
INTERNAL AUDITOR
Company has appointed Mr. Deepak Mehta as an Internal Auditor F.Y 2022-2023 and
2023-2024 in their Board Meeting held on 10th November, 2022.He has conducted
the Internal Audit as per the provisions of Section 138 of the Companies act and other
applicable provisions and acts, and issued his report to the management of the Company.
During the year under review, Mr. Ravi Toshniwal has resigned as Internal Auditor
w.e.f. 10th November, 2022.
STATUTORY AUDITORS:
Due to resignation of M/s. Dassani& Associates, Chartered Accountant, as Statutory
Auditor of the Company. The Board in their Meeting held on 06th September, 2023
proposed to appoint M/s. A K Kocchar &Associates, Chartered Accountants having Firm
Registration No. 120410W, for a period of 5 years from the completion of 40th
Annual General Meeting till the completion of 5 consecutive Annual General Meeting.
The Statutory Auditors have confirmed their eligibility pursuant to section 139 of the
Companies Act, 2013.
The Board proposed the resolution for appointment of M/s.A K Kocchar & Associates,
Chartered Accountants for approval of the Members in the ensuing 40thAnnual
General Meeting of the Company.
AUDITORS REPORT:
M/s. Dassani &Associates, Chartered Accountants FRN 009096C, Statutory Auditors of
the Company conducted the statutory audit as per the provisions and requirements of
Statutory Audit under Companies Act 2013, Accounting Standards and other applicable laws
and acts, and submitted there audit report on (Standalone & Consolidated) Financial
Statements as on 31.03.2023.
Observations made in the Auditors' Report are self-explanatory and therefore do not
call for any further comments under Section 134 (1) of the Companies Act, 2013.
COMMENTS ON OBSERVATION MADE BY STATUTORYAUDITORS:
M/s. Dassani& Associates, Practicing Chartered Accountant, in his Independent
Auditor Report for financial year 2022-2023 have drawn the attention of the management,
which have been marked as qualification in his report. In connection with the same,
management here with gives the explanation for the same as follows:
(a)The Company did not have an appropriate internal control system for granting
Loans. Demand and other loans given are governed by the Board policies. Considering the
close monitoring of Board no appraisal, renewal, Policies, Procedure, Committee or
documents have been prescribed and executed.
The Management is of having view that that the Company is mid-size NBFC, as compared to
other giants in the market. Company has not acknowledged any deposits from public. The
Company is doing business out of its own fund. The Company functions its business with at
most caution and carefulness. As far as making of Loan and Advances are concerned,
management grants demand loan only either to the parties recognized to the Company or by
reference which are administered by the Board policies.
(b)The Company's internal control system is not commensurate to the size and scale
of operation over purchase and sale of shares and inventory and for expenses incurred.
With regards to appropriateness of internal control system is concerned, management is
having views that the company has an effective and sufficient internal control system in
place for granting of loans, management grants loans only either to the parties known to
the Company or by references which are governed by the Board policies. The Loan and
Advances granted by the Company has been closely supervised and monitored on regular
basis.
However, as per recommendation of Auditors, the Company is under process to strengthen
its controls procedures.
SECRETARIAL AUDITORS:
Pursuant to the requirements of Section 204(1) of the Act, and Rule 9 of Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has
appointed M/s Nitesh Chaudhary&Associates., Practicing Company Secretaries, to conduct
the Secretarial Audit for the financial year 2022-2023. The Secretarial Audit Report as
received from M/s Nitesh Chaudhary& Associates is appended to this Report as Annexure
I.
COMMENTS ON OBSERVATION AND QUALIFICATION MADE BY SECRETARIAL AUDITORS:
M/s Nitesh Chaudhary &Associates, Company Secretary in Practice, in his Secretarial
Audit Report for financial year 2022-2023have drawn the attention of the management on
some of the non-compliances, which have been marked as qualification in his report. In
connection with the same management herewith give the explanation for the same asfollows:
1. The Company has received a notice from BSE that the Company has made Non
compliances with the constitution of nomination and remuneration committee
The Management has informed, that the company has submitted the clarification letter,
stating that company is complied with respect of Constitution of Nomination and
Remuneration Committee and also filed waiver application to BSE Ltd., Later on BSE Ltd.
has waived of penalty imposed on company, and no action or penalty was taken by BSE/SEBI
against the Company or its Promoters. The company has complied the Regulation 19 (1)&
(2) of SEBI LODR Regulation and no penalty has been paid or no promoter Demat account has
been frozen by BSE Ltd.
NUMBER OF MEETINGS OF THEBOARD:
The Board meets at regular intervals to discuss. The intervening gap between the two
consecutive meetings did not exceed120 days as prescribed under the Companies Act, 2013.
The details of the number of meetings of the Board held during the Financial Year
2022-2023 forms part of the Corporate Governance Report.
COMMITTEES OF THE BOARD:
The Board of Directors has the following Committees:
1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholders' Relationship Committee
4. Corporate Social Responsibility Committee
The details of the Committees along with their composition, number of meetings and
attendance at the meetings are provided in the Corporate Governance Report.
RIGHT ISSUE OF SHARES
During the year under review, the Board of Directors in their Meeting held on 24th
December, 2021 approved Raising of funds through issuance and allotment of equity shares
having face value of Rs.10.00/- (Rupee Ten Only) (‘Equity Shares') for an aggregate
amount of up to 49,80,00,000/- (Rupees Forty Nine Crores Eighty Lakhs Only) on right issue
basis, to the eligible equity shareholders of the Company, through Letter of offer dated
June 29, 2022. Simaltaneously with the In-principle Approval of Bombay Stock Exchange, the
Board of Director in their Meeting held on 27th July, 2022 allotted 2,23,97,502 (Two
Crores Twenty Three Lakhs Ninty Seven Thousand Five Hundred And Two) Fully Paid-Up Rights
Shares Of Face Value Of 10.00/- (Rupees Ten Only) (‘Equity Shares') Each At A Price
Of Rs.20.00/- (Rupees Twenty Only) Per Right Share (Including A Premium Of Rs.10.00/-
(Rupees Ten Only) Per Right Share).
UTILISATION OF FUNDS
| Name of listed entity |
Banas Finance Limited |
| Mode of Fund Raising |
Rights Issue |
Date of Raising Funds |
The company has made an allotment of 2,23,97,502 fully paid-up shares
on 27th July 2022 at Rs 20/- (FV 10/- and premium Rs. 20/-per share) as per the
Letter of Offer dated June 29,2022 |
| Amount Raised |
Rs. 44,79,50,040/- |
Objects for which funds have been raised and where there has been a deviation, in the
following table:-
Original Object |
Original Allocation as per Letter of Offer# |
Funds Utilised |
| 1.Trade Receivables |
Rs.19,75,000.00 |
Rs.19,75,000.00 |
| 2.Cash and Cash Equivalents |
Rs. (4,50,00,000.00) |
- |
| 3. Other Financial Assets |
Rs.15,36,45,000.00 |
Rs.26,23,97,040.00 |
| 4. Short-term loans and advances |
Rs.11,80,00,000.00 |
Rs. 1,58,28,000.00 |
Total Working Capital |
Rs.22,86,20,000.00 |
28,02,00,040.00 |
| Investment in our Associate, Tilak Ventures |
Rs. 16,52,50,000.00 |
Rs. 16,52,50,000.00 |
Limited for augmentation of funding requirements for its business
activities |
|
|
General Corporate purposes |
Rs.9,28,61,000.00 |
- |
TOTAL |
*Rs.48,67,31,000.00 |
Rs. 44,54,50,040.00 |
*The company has made the right Issue of Rs. 49,24,56,000.00 (out of which net proceeds
after the deduction of issue related expenses ( Rs 57,25,000.00 ) was Rs. 48,67,31,000) as
per the letter of offer dated June 24 2022 but the actual capital raised was Rs.
44,79,50,040 against the allotment of 2,23,97,502 fully paid-up shares on 27th July 2022.
The Funds utilised is after the deduction of Issue related Expenses (Approx) of Rs
25,00,000.00. Net Proceeds is Rs.44,54,50 ,040.00
#The Original allocation amount is the difference between the audited financial
statements of FY 2021 -22 and Estimated Financial Statement for the Financial Year ending
March 31, 2023 as stated in the Objects of the Issue Page 50 & 51 of the Letter of
Offer dated June 24 2022.
ADDITIONAL INFORMATION REQUIRED UNDER THE NON-BANKING FINANCIAL COMPANIES (RESERVE
BANK) DIRECTIVES, 1998:
The Company is registered with the RBI as a Non Deposit taking Non-Systemically. The
Company has complied with and continues to comply with all applicable laws, rules,
circulars and regulations, including the Master Direction ("RBI Directions"), as
amended from time to time, and it does not carry on any activity other than those
permitted by the RBI for
Non Deposit taking Non-Systemically.
The relevant provisions, for disclosure in the Director's Report, of Non-Banking
Financial Companies (Reserve Bank) Directions, 1998 issued by the Reserve Bank of India
are not applicable, as the Company is not holding any public deposits.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:
No significant or material order passed by the regulators or court or tribunals.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY:
No material changes and commitments affecting the financial position of the Company
occurred during Financial Year 2022-2023, till the date of this report. Further there was
no change in the nature of business of the Company.
There are no details in respect of frauds reported by auditors under section 143 of the
Companies Act, 2013.
SUBSIDIARY, JOINT VENTURE OR ASSOCIATE COMPANIES:
During the year, no company has become or ceased to be a subsidiary, joint venture of
the Company.
During the year under review, the company holds 48.55% of Equity Shares of Tilak
Ventures Limited and thereby, Tilak Ventures Limited becomesan Associate Company of the
Company (BANAS).
A separate statement containing the salient features of financial statements of
Associate Company of your Company forms part of Annual Report in the prescribed Form AOC-1
as Annexure II in compliance with Section 129 and other applicable provisions, if
any, of the Companies Act, 2013.
The Financial Statements of the Associate company and related information are available
for inspection by the Members at the Registered Office of the Company during the business
hours on all days except Saturdays, Sundays and public holidays up to the date of the
Annual General Meeting (AGM) as required under Section 136 of the Companies Act, 2013.
Further in line with the SEBI (Listing Obligations and Disclosures Requirements)
Regulations, 2015 and in accordance with IND AS 110, Consolidated Financial Statement
prepared by the Company includes financial information of its Associate Company.
REPORTS ON CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS:
The Company is committed to maintain the highest standards of Corporate Governance and
adhere to the Corporate Governance requirements set out by SEBI.
In compliance with Regulation 34 and Schedule V of SEBI Listing Regulations 2015,
report on the Corporate Governance, along with a certificate from the Statutory Auditors
of the Company on compliance with the provisions is annexed and forms part of the Annual
Report.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
In line with the requirements of the Companies Act, 2013 and Listing Regulations 2015,
all Related Party Transactions are placed before the Audit Committee for review and
approval. Prior omnibus approval is obtained for Related Party Transactions on yearly
basis for transactions which are of repetitive nature and / or entered in the Ordinary
Course of Business and are at Arm's Length.
All Related Party Transactions entered during the year 2022-2023 were in Ordinary
Course of the Business and on Arm's Length basis; and there were no material contracts and
arrangements.
The particulars of contracts or arrangements with related parties referred to in
Section 188(1), as prescribed in Form AOC - 2 are appended asAnnexureIII.
EXTRACT OF ANNUAL RETURN:
Pursuant to the requirements under Section 92(3) and Section 134(3) of the Act read
with Rule 12 of Companies (Management and Administration) Rules, 2014, an extract of
Annual Return in prescribed Form MGT-9 for F.Y. 2022-2023 is given in the Report as
Annexure IV.
PARTICULARS OF EMPLOYEES AND RELATED INFORMATION:
In terms of the provisions of Section 197(12) of the Act read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement
containing the disclosures pertaining to remuneration and other details as required under
the Act and the above Rules are provided in the Annual Report. The disclosures as
specified under Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, have been appended to this Report as Annexure V.
POSTAL BALLOT:
During Financial year2022-2023, no postal ballot was conducted by the Company.
RISK MANAGEMENT AND INTERNAL CONTROLS:
The Board has reviewed the Risk assessment and Minimization procedure as per Regulation
17 (9) of the SEBI (LODR) Requirements, 2015; there are no material risk which in the
opinion of the management affects the continuity and existence of the business. The
details of the risks faced by the Company and the mitigation thereof are discussed in
detail in the Management Discussion and Analysis report that forms part of the Annual
Report.
The Company has in placed the internal control framework in commensurate with the size
of the Company. However Company is trying to strengthen the same. The Board has adopted
policies and procedures for ensuring the orderly and efficient conduct of its business,
including adherence to the company's policies, the safeguarding of its assets, the
prevention and detection of fraud, error reporting mechanism, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
disclosures.
PARTICULARS OF LOANS, GUARANTEES ORINVESTMENTS:
Details of investments covered under the provisions of Section 186 of the Companies
Act, 2013 will be produced for verification to the members on their specific request.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:
In view of the nature of activities which are being carried on by the Company, the
particulars as prescribed under Section 134(3) (m) of the Act read with Companies'
(Accounts) Rules, 2014 regarding Conservation of Energy and Technology Absorption, and
research and development are not applicable to the Company.
MEMBER OF CREDIT RATING AGENCY:
During the year under review your company has maintained the membership with all four
Credit Information Company (CIC) registered with RBI i.e. CIBIL Limited, CRIF High Mark
Credit Information Services Pvt. Ltd., Equifax Credit Information Services Pvt. Ltd. and
Experian Credit Information Company of India Pvt. Ltd.
LISTING OF SHARES:
Equity shares of your Company are listed on Bombay Stock Exchange only and the Company
has paid the necessary Listing fees for the year2022-2023.
FOREIGN EXCHANGE:
There is no inflow and outflow of Foreign Exchange.
CHANGE IN NATURE OF BUSINESS:
There was no change in nature of business during the year under review.
VIGIL MECHANISM/WHISTLE BLOWER POLICY:
The Company has established a vigil mechanism to provide appropriate avenues to the
Directors and employeestobring to the attention of the Management, the concerns about
behavior of employees that raise concerns including fraud by using the mechanism provided
in the Whistle Blower Policy. The Whistle Blower Policy is hosted on company's website
athttps://banasfinance.files.wordpress.com/2018/04/whistle-blower-policy_banas-finance1.pdf
During the financial year 2022-2023, no cases under this mechanism were reported in the
Company.
POLICY FOR PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE:
The company has framed policy in accordance with The Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Internal Complaint
Committee (ICC) has been set up in compliance with the said Act. During the year under
review no cases in the nature of sexual harassment were reported at any workplace of the
company.
THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE IS HOSTED ON COMPANY'S WEBSITE
AThttps://banasfinance.files.wordpress.com/2015/07/sexual-harassment-policy_banas-finance.pdf
During the financial year 2022-2023, no cases in the nature of sexual harassment were
reported at any workplace of the company.
DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY AND BANKRUPTCY CODE
2016:
During the year under review, there were no applications made or proceedings pending in
the name of the Company under the Insolvency Bankruptcy Code, 2016.
DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND VALUATION
WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS
During the year under review, there has been no one time settlement of Loans taken from
Banks and Financial Institutions.
CORPORATE SOCIAL RESPONSIBILITY
The Company in its Board Meeting held on 03rd September, 2021 has adopted
and framed CSR Committee as required under Section 135 of the Companies Act, 2013. The
Committee consists of three Directors of which one Director is Non Independent and two
Directors are Independent Non-Executive Directors as follows;
Shri Girraj Kishor Agrawal - Chairman Shri Chirag Goyal - Member Shri Vikash Kulhriya -
Member
The Committee roles / powers are-
1. To formulate and recommend to the Board, a CSR policy which shall indicate the
activities to be undertaken by the Company as per the Companies Act, 2013;
2. To review and recommend the amount of expenditure to be incurred on the activities
to be undertaken by the Company.
3. To monitor the Corporate Social Responsibility policy of the Company from time to
time.
The CSR committee has adopted the policy for the activities to be undertaken under the
Corporate Social Responsibility as per Schedule VIII of the Companies Act, 2013. The
Policy as adopted is available on the website of the Company
www.banasfinance.wordpress.com.
CSR ACTIVITIES
During the year under review, the Company has not Spend any amount as CSR due to the
Net profit reflect the profit as Notional profit and therefore the Company is not liable
to not spend any amount as CSR.
CEO AND CFO CERTIFICATION:
The Chief Executive Officer and Chief Financial Officer Certification as required under
Regulation 17(8) read with Part B of Schedule II of the SEBI(LODR) Regulation, 2015 have
been appended to this report in Annexure VI.
ACKNOWLEDGEMENT:
The Board of Directors wishes to express sincere thanks to Bankers, Shareholders,
clients, Financial Institutions, customers, suppliers and employees of Companies for
extending support during the year.
FOR & ON BEHALF OF THE BOARD Sd/- Sd/-
TanuAgrawal GirrajKishorAgrawal
Director Director DIN:00290966
\IN: 00290959
Place: Mumbai
Date: 06/09/2023
