Silver Oak (India) Ltd
Directors Reports
To,
Dear Members,
The Directors present the 39th Annual Report of SILVER OAK (INDIA)
LIMITED along with the audited financial statements for the financial year ended March
31, 2023. The consolidated performance of the Company has been referred to wherever
required.
1. Financial results a) Standalone figures:
|
2022-23 |
2021-22 |
Particulars |
|
|
|
(Rs. in Thousands) |
| Revenue from operation and Other Income |
453.17 |
202.78 |
| Less: Expenditure |
13228.87 |
14247.96 |
Profit/(Loss) before tax |
(12221.20) |
(12097.23) |
Less: Tax Expense |
- |
- |
| Income tax (current year) |
|
|
| Mat Credit |
|
|
| Income tax paid for earlier years |
|
|
| Deferred tax |
|
|
Profit/(Loss) after tax |
(12221.20) |
(12097.23) |
b) Consolidated figures:
|
2022-23 |
2021-22 |
Particulars |
|
|
|
(Rs. in Thousands) |
| Revenue from operation and Other Income |
12544.87 |
11325.47 |
| Less: Expenditure |
25636.50 |
23962.95 |
Profit/(Loss) before tax |
(12537.12) |
(10689.53) |
Less: Tax Expense |
|
|
| Income tax (current year) |
- |
324.31 |
| Mat Credit |
- |
- |
| Income tax paid for earlier years |
- |
- |
| Deferred tax |
(17.41) |
(22.47) |
Profit/(Loss) after tax |
(12519.72) |
(10991.37) |
2. Dividend
The Company has incurred a Net loss of Rs. 12,221.20 thousand during the financial year
2022- 2023 and further in view of the future expansion plan and other business activities
your directors have decided not to recommend any dividend for the year ended 31st March,
2023.
3. Going Concern Status
During the year under review, there were no significant or material orders passed by
any regulators or court or tribunal, which can impact the going concern status of the
company and /or its future operations.
The paid up equity share capital of the Company as on 31st March, 2023 stood
at Rs. 3,79,02,000/- (Three Crore Seventy Nine Lac Two Thousand Only). During the year
under review, the Company has neither issued shares with differential voting rights nor
granted any stock options / sweat equity. Mrs. Leela Kalyani, Director of the Company
holds 3.30% of shares of the Company as on the date of this report.
During the year under review, no Stock Options were granted, vested or exercised. No
Stock Options are in force as on date. Hence, there are no disclosures required to be made
pursuant to the applicable requirements of the Securities and Exchange Board of India
(Share Based Employee Benefits) Regulations, 2014.
5. Insurance
Your company has taken all the necessary steps to insure its properties and insurable
interests, as deemed appropriate and also as required under the various legislative
enactments.
6. Transfer to reserves
The Company has not created any reserves during the financial year 2022-23.
7. Company's performance
Your Company has incurred net loss of Rs. 12,221.20 thousand on standalone basis,
during the Financial Year 2022-23 as against the loss of Rs. 12,097.23 thousand on
standalone basis during the Financial Year 2021-22, after taking into account interest,
depreciation, prior period adjustments and exceptional items.
8. Human resource development
Attracting, enabling and retaining talent have been the cornerstone of the Human
Resource function and the results underscore the important role that human capital plays
in critical strategic activities like growth.
9. Borrowings
The Total Term Loan amount of the Company on standalone basis as on 31.03.2023 is
7,54,50,000/- (Seven Crore Fifty Four Lac Fifty Thousand Rupees Only ) as against
6,63,00,000/- (Six Crore Sixty Three Lac Rupees Only), as on 31.03.2022.
10. Industry Overview
India is one of the fastest-growing alcohol markets in the world. Rapid increase in
urban population, a sizable middle-class population with increasing spending power, and a
sound economy are certain significant reasons behind the increase in alcohol consumption
in India. The Indian alcohol industry is segmented into IMFL (Indian made foreign liquor),
IMIL (Indian made Indian liquor), wine, beer and imported alcohol. Imported alcohol
accounts for a meager share of around 0.8% of the Indian market.
India is the largest consumer of whiskey in the world and constitutes about 60% of the
IMFL market. Though India is one of the largest consumers of alcohol in the world owing to
its huge population, the per capita alcohol consumption of India is low compared to
Western countries. The most popular channel of alcohol sale in India is the liquor store;
alcohol consumption is primarily an outdoor activity and supermarkets and malls are
present only in Tier I and Tier II cities of India. The trends and patterns of alcohol
consumption are changing in the country. With the increasing acceptance of women consuming
alcohol, growing popularity of wine and high demand for expensive liquor, the market
scenario seems to be optimistic.
11. Business Outlook/ Future Projects
Your company is making continuous endeavor to enter into new area of market. The high
standard and development will ensure cost reduction and cost control which preliminary
affect the bottom line of the company.
12. Directors' responsibility statement
Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of its
knowledge and ability, confirm that:
i. in the preparation of the annual accounts, the applicable accounting standards have
been followed and there are no material departures;
ii. they have 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 at the end of the financial year and of the profit
of the Company for that period;
iii. they have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
iv. they have prepared the annual accounts on a going concern basis;
v. they have laid down internal financial controls to be followed by the Company and
such internal financial controls are adequate and operating effectively; and
vi. they have devised proper systems to ensure compliance with the provisions of all
applicablelaws and that such systems are adequate and operating effectively.
Based on the framework of internal financial controls and compliance systems
established and maintained by the Company, the work performed by the internal, statutory
and secretarial auditors and external consultants, including the audit of internal
financial controls over financial reporting by the statutory auditors and the reviews
performed by management and the relevant board committees, including the audit committee,
the Board is of the opinion that the Company's internal financial controls were adequate
and effective during FY 2022-23.
13. Directors and key managerial personnel
Each of the Independent Directors have furnished their declarations of independence, as
required pursuant to the provisions of section 149(6) of the Act, stating that he/she
meet, the criteria of independence as provided in section 149(6) of the Companies Act,
2013.
Mr. Vivek Chibba retires by rotation and being eligible, offers himself for
re-appointment. A resolution seeking shareholders' approval for him re-appointment forms
part of the Notice.
Pursuant to the provisions of Section 149 of the Act, the independent directors have
submitted declarations that each of them meet the criteria of independence as provided in
Section 149(6) of the Act along with Rules framed there under and Regulation 16(1)(b) of
the SEBI Listing Regulations. There has been no change in the circumstances affecting
their status asindependent directors of the Company.
During the year under review, the non-executive directors of the Company had no
pecuniary relationship or transactions with the Company, other than sitting fees,
commission, if any and reimbursement of expenses incurred by them for the purpose of
attending meetings of the Board / Committee of the Company.
Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of
the Company as on March 31st, 2023 are:
1. Mr. Shirish Jaltare (Whole Time Director),
2. Mr. Sunil Khandelwal (Chief Financial Officer),
3. Mr. Deepak Meena (Company Secretary and Compliance Officer).
Mr. Vivek Chibba the Director cum Chief Executive Officer of the Company has resigned
from the Office of the Chief Executive Officer of the Company at the Board Meeting held on
30th May, 2022.
14. Profile of the Directors Seeking Appointment / Reappointment:
As required under SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, following Directors are liable to retire by rotation and seeking reappointment at
the ensuing Annual General Meeting is annexed to the notice convening 39th Annual
General Meeting. Mr. Vivek Chibba (Director) is liable to retire by rotation and
reappointment in ensuing Annual General Meeting.
15. Number of meetings of the Board
Six meetings of the Board were held during the year under review. For details of
meetings of the Board, please refer to the Corporate Governance Report, which is a part of
this report.
16. Managerial Remuneration:
Disclosures of the ratio of Remuneration of each director to the median employee's
remuneration and other details as require with respect to Section 197(12) of the Companies
Act, 2013 read with Rule 5 (1) of the Companies (Appointment and remuneration of
Managerial Personnel) Rules 2014 are given in the Annexure-A of the Director Report.
The Detail of remuneration paid to the directors including executive directors of the
Company are given in Form MGT-9 available on the website of the company at
www.silveroakindia.co.in .
17. Board evaluation
The Board of Directors has carried out an annual evaluation of its own performance,
board committees and individual directors pursuant to the provisions of the Act and SEBI
Listing Regulations. The performance of the Board was evaluated by the Board after seeking
inputs from all the directors on the basis of criteria such as the board composition and
structure, effectiveness of board processes, information and functioning, etc. The
performance of the committees was evaluated by the board after seeking inputs from the
committee members on the basis of criteria such as the composition of committees,
effectiveness of committee meetings, etc. The above criteria are broadly based on the
Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on
January 5, 2017.
In a separate meeting of independent directors, performance of non-independent
directors, the Board as a whole and the Chairman of the Company was evaluated, taking into
account the views of executive directors and non-executive directors.
The Board and the Nomination and Remuneration Committee reviewed the performance of
individual directors on the basis of criteria such as the contribution of the individual
director to the board and committee meetings like preparedness on the issues to be
discussed, meaningful and constructive contribution and inputs in meetings, etc. At the
board meeting that followed the meeting of the independent directors and meeting of
Nomination and Remuneration Committee, the performance of the Board, its Committees, and
individual directors was also discussed. Performance evaluation of Independent Directors
was done by the entire Board, excluding the independent director being evaluated.
18. Policy on directors' appointment and remuneration and other details
The contents of Nomination and Remuneration Policy of the Company prepared in
accordance with the provisions of Section 178 of the Companies Act, 2013 and Regulation 19
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are
provided in the Corporate Governance Report. The Policy may be referred to at the
Company's website at(www.silveroakindia.co.in).
19. Audit committee
Six Audit Committee meetings were held during the FY 2022-23. The details pertaining to
the composition of the Audit Committee are included in the Corporate Governance Report,
which is a part of this report.
20. Nomination and Remuneration Committee
The details pertaining to the meeting and composition of the Nomination and
Remuneration Committee are included in the Corporate Governance Report.
21. Statutory Auditors
Pursuant to provisions of section 139 of the Companies Act, 2013 and rules made there
under and on recommendation of the audit committee M/s. Mahendra Badjatya and Company,
Chartered accountants was Re-appointed as Statutory auditor of the company for a further
period of Five years commencing from the year 2022-23 to 2026-27 in the Annual General
Meeting held on 28th September 2022.
The Auditors Report given by M/s. Mahendra Badjatya & Co., Statutory Auditors, on
the Financial Statements of your Company, for the year ended March 31, 2023, forms part of
the Annual Report. There is no qualification, reservation or adverse remark or any
disclaimer in their Report.
22. Secretarial Auditor
According to the provision of section 204 of the Companies Act, 2013 read with Rule 9
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Mr.
Neelesh Gupta, Company Secretary in Practice, Indore has been appointed by the Board of
Directors to conduct the audit of the secretarial records of the Company for the year
ended 2022-23.
23. Auditor's report and Secretarial audit report
The Auditors' Report does not contain any qualification. Notes to Accounts and Auditors
remarks in their report are self-explanatory and do not call for any further comments.
1. Secretarial Audit Report
In terms of Section 204 of the Act and Rules made there under, Mr. Neelesh Gupta,
Company Secretary in Practice, Indore has been appointed Secretarial Auditors of the
Company. The report of the Secretarial Auditors is enclosed as Annexure - B to this
report. The report is self-explanatory and do not call for any further comments.
2. Internal Audit & Controls
The Company has appointed Professional Chartered Accountants, M/s. A.B. Doshi &
Co., as Internal Auditor for this financial year 2022-2023. During the year, the Company
continued to implement their suggestions and recommendations to improve the control
environment. Pursuant to provision of Section 138 of The Companies Act, 2013.
The Audit Committee of the Board of Directors in consultation with the Internal Auditor
formulates the scope, functioning, periodicity and methodologies for conducting the
Internal Audit subject to terms and conditions as decided by the Audit Committee.
24. Cost Auditor
The Ministry of Corporate Affairs (MCA) vides Notification dated 31st December,
2014 made amendment in the Companies (Cost Records and Audit) Rules, 2014, through
Companies (Cost Records and Audit) Amendment Rules, 2014. As per the said amendment rules,
our Company is exempted from the requirement to conduct Cost Audit. Therefore, the Company
did not appointed Cost Auditor for financial year 2022-23.
25. Risk management
The Company has established a well-defined process of risk management, wherein the
identification, analysis and assessment of the various risks, measuring of the probable
impact of such risks, formulation of risk mitigation strategy and implementation of the
same takes place in a structured manner. Though the various risks associated with the
business cannot be eliminated completely, all efforts are made to minimize the impact of
such risks on the operations of the Company. Necessary internal control systems are also
put in place by the Company on various activities across the board to ensure that business
operations are directed towards attaining the stated organizational objectives with
optimum utilization of the resources. Apart from these internal control procedures, a
well-defined and established system of internal audit is in operation to independently
review and strengthen these control measures, which is carried out by a reputed firm of
Chartered Accountants. The Audit Committee of the Company regularly reviews the reports of
the internal auditors and recommends actions for further improvement of the internal
controls.
26. Vigil Mechanism
The Company has a vigil mechanism named Whistle Bowler Policy to deal with instance of
fraud and mismanagement, if any. In staying true to our values of Strength, Performance
and Passion and the Company is committed to the high standards of Corporate Governance and
stakeholder responsibility. The Policy ensures that strict confidentiality is maintained
whilst dealing with concerns an Experts Committee has been constituted which looks into
the complaints raised. The Committee reports to the Audit Committee and the Board.
The Vigil Mechanism comprises three policies viz.,
i. The Whistle Blower Policy for Directors & Employees, ii. Whistle Blower Policy
for Vendors and iii. Whistle Blower Reward & Recognition Policy for Employees.
The constitution of the committee during the financial year under review is as follows:
Name of the Director |
Category |
| Mr. Suresh Kejriwal |
Independent Director |
| Mr. Prakash Kumar Gadia |
Independent Director |
| Mr. Shirish Jaltare |
Executive Director |
| Mrs. Leela Kalyani |
Non- Executive director |
| Mr. Vivek Chibba |
Director |
27. Particulars of loans, guarantees and investments
During the year under review, the Company has not given any loan or provided guarantees
or made any investments as prescribed under Section 186 of the Companies Act, 2013.
28. Transactions with related parties
The Company has entered into transaction with the related party during the financial
year 2022-23 with the related parties referred to in sub-section (1) of section 188 of the
Companies Act, 2013 and the Statutory auditors of the company has also verified through
its Auditor's Report that the related party transactions are undertaken at Arm's Length
Price. Details of the transactions are disclosed in Form AOC-2 as Annexure C2.
29. Corporate Social Responsibility
Provision relating to Corporate Social Responsibility is not applicable to the Company
as the turnover/net worth is below the threshold limit.
30. Extract of annual return
The extract of Annual Return in Form MGT 9 as required under Section 92 (2) of the act,
(as amended) read with Rule12 of the Companies ( Management and Administration) Rules 2014
(as amended) is available at the website of the Company at www.silveroakindia.co.in.
31. CEO/CFO Certification:
Certificate obtained from Mr. Shirish Jaltare, Whole-time Director and Mr. Sunil
Khandelwal, Chief Financial Officer, pursuant to Regulation 33 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, for the year under review has
been duly placed before the board and a copy of the certificate on the financial
statements for the year ended March 31, 2023 is annexed as annexure D along with this
report.
32. Ratio Of the Remuneration of Each Director to the Median Remuneration of the
Employees of the Company:
Pursuant to the provisions of Section 197(12) read with Rule 5 of (Appointment and
remuneration of managerial Personnel) Rules, 2014, the details are given in Annexure A
along with this report.
33. Particulars of employees:
Pursuant to Section 197 of Companies act, 2013 read with the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 as amended, Remuneration paid to all the
Key Managerial Personnel was in accordance with remuneration Policy adopted by the
Company.
Particulars of Employee of the company who are covered by the provisions contained in
Rule 5(2) and Rule 5 (3) of Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are as under.
Employee throughout the Year : NilEmployee for part of the year : Nil
34. Details of significant and material orders passed by the regulators or courts or
Tribunals:
There are no significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and company's operations in future.
35. Prevention of Insider Trading:
In terms of SEBI (Prohibition of Insider Trading) Regulation, 2018 The Company has
revised its Code of Conduct for Prevention of Insider Trading along with adoption of
Policy for Legitimate purpose with a view to regulate trading insecurities by the
Directors and designated employees of the Company. The Code requires pre-clearance for
dealing in the Company's shares and prohibits the purchase or sale of Company shares by
the Directors and the designated employees while in possession of unpublished price
sensitive information in relation to the Company and during the period when the Trading
Window is closed. The Board is responsible for implementation of the Code. All Board
Directors and the designated employees have confirmed compliance with the Code.
36. Subsidiary Companies:
During the financial year 2022-23, there is no change in the material subsidiary, the
Company's investment in M/s APT Infrastructure Private Limited (CIN:
U45400DL2007PTC170319), which is a subsidiary to your company stands at 6,00,000 (Six Lac)
Equity shares of Rs. 10 (Rupees ten only) each for Rs. 60,00,000/- (Sixty Lac only)
Statement containing salient features of the financial statement of subsidiary company
pursuant to first proviso to sub-section (3) of Section 129 read with Rule 5 of Companies
(Accounts) Rules, 2014) has been annexed with this report as Annexure -C1 along with this
report .
37. Listing of Equity Shares on Stock Exchanges:
The Company's shares are listed in Bombay Stock Exchange Limited with Security Code
531635 and ISIN INE870J01019.
38. Deposits from public:
The Company has not accepted any deposits from public.
39. Independent Directors' Meeting and Familiarization Programme:
In terms of SEBI Regulation, 2015, a meeting of Independent Directors was held in
absence of Non-Independent Directors and members of the Management. The Meeting was held
inter-alia, with a view to review the performance of non-independent directors and the
Board as a whole, review the performance of the Chairperson of the company, taking into
account the views of executive directors and non-executive directors; and to assess the
quality, quantity and timeliness of flow of information between the company management and
the Board.
The details of Independent Directors' Meeting and familiarization program are stated in
the Corporate Governance Report.
40. Adequacy of Internal Financial Control:
The Company has in place adequate internal financial control with reference to
financial statements. Periodic audit is undertaken on continuous basis covering all the
major operations. Reports of the Internal Auditors are reviewed by the management from
time to time and desired actions are initiated to strengthen the control and effectiveness
of the system. During the year, such control was tested and no reportable material
weaknesses were observed in the design or operation.
The Internal financial control with reference to financial statement as designed and
implemented by the company are adequate. During the year under review, no material or
serious observation has been received from the Internal Auditors of the company for
inefficiency of such control.
41. Internal Control System and Their Adequacy:
The Internal Control System provides for well documented policies/guidelines,
authorization and approval procedures. Considering the nature of its business and size of
operation, your company through its internal auditor carried out periodic audit based on
the plan approved by the audit committee.
The Summary of the Internal Audit observation and the status of the implementation are
submitted to the Audit Committee. The status of implementation of the recommendation is
reviewed by the Audit Committee on a regular basis and desired action are initiated to
strengthen the control and effectiveness of the system. Concerns, if any, reported to the
board.
42. Disclosure As Per the Sexual Harassment of Women at Workplace (Prevention,
Prohibition And Redressal) Act, 2013:
The Company has no tolerance towards sexual harassment at the workplace and has adopted
a policy on prevention prohibition and redressal of sexual harassment at workplace in line
with the provisions of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the Rules thereunder.
43. Policies As Per SEBI (Listing Obligations and Disclosure Requirements)
Regulations,2015:
Pursuant to requirements of provisions of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 the Company has adopted the following policies currently
which are available on the portal of the company (www.silveroakindia.co.in). sclosure of
Material Events.
tors
44. Green Initiative:
Your Directors would like to draw your attention to section 20 of the Companies act,
2013 read with the Companies (Management and administration) Rules, 2014 as may be amended
from time to time which permit the paperless compliances and also service of
notice/documents (including annual report) through electronic mode to its shareholders.
Your Directors hereby once again appeal to all those members who have not registered
their e- mail address so far are requested to register their email address in respect of
electronic holding with their concerned Depository participants and /or with the Company.
45. Health Safety and Environment:
Your company recognizes the protection and management of environments as one of the
highest priorities and every effort is made to conserve and protect the environment.
During the year, your company continued its focus in creating a aesthetic, environment
friendly, Industrial habitant in its factory units, mobilizing support generating interest
among staff and labors for maintaining hygienic and green surroundings.
46. Business Responsibility Report:
The business responsibility reporting as required by regulation 34(2) (f) of the SEBI
(listing obligations and disclosure requirements) regulations, 2015 is not applicable to
your company for the financial year ending March 31, 2023.
47. Management Discussion and Analysis Report:
A) Industry Structure & Development and Outlook
Indian Made Foreign Liquor (IMFL) is "state subject" and as such every State
has its own policies in respect of this industry. Madhya Pradesh, the state in which the
company operates, has its own policy, both for manufacture as well as for
marketing/distribution. The industry is expected to achieve average annual growth and many
new players are expected to be stepping into the industry.
B) Opportunities & Threats, Risks & Concerns
The Company's strength is built around domestic marketing network. The growth of the
industry provides the necessary opportunities for the company to grow. However, the
industry is under constant pressure due to steep competition from unorganized sector and
the industrial scenario in the nearby area.
C) Internal Controls and their adequacy
The company has adequate internal control systems, commensurate with the size and
operations of the company. The scope of the internal audit is to ensure the control
systems established by the management are correctly implemented and to suggest any
additional changes required to strengthen the existing systems. These Systems and
procedure are reviewed at regular intervals through internal audits, statutory audits and
audit committee.
D) Human Resource and Industrial Relations
Industrial relations continue to remain peacefully at the factory and other offices of
the Company and all the employees are working with the company for a common objective.
Industrial relations of the company were cordial during the year.
48. Code of Conduct:
The Board of Directors has approved a Code of Conduct which is applicable to the
Members of the Board and all employees in the course of day to day business operations of
the company. The Company believes in "Zero Tolerance" against bribery,
corruption and unethical dealings / behaviors of any form and the Board has laid down the
directives to counter such acts. The code laid down by the Board is known as "code of
business conduct" which forms an Appendix to the Code. The Code has been posted on
the Company's website www.silveroakindia.co.in.
The Code lays down the standard procedure of business conduct which is expected to be
followed by the Directors and the designated employees in their business dealings and in
particular on matters relating to integrity in the work place, in business practices and
in dealing with stakeholders. The Code gives guidance through examples on the expected
behavior from an employee in a given situation and the reporting structure. All the Board
Members and the Senior Management personnel have confirmed compliance with the Code. All
Management Staff were given appropriate training in this regard.
49. Conservation of energy, technology absorption, foreign exchange earnings and outgo
Conservation of energy:
Information in respect of Conservation of Energy, Technology Absorption and Foreign
Exchange earnings and outgo pursuant to provisions of Section 134 of the Companies Act,
2013 read with the Companies (Accounts) Rules, 2014, for the financial year ended
31.03.2023, is attached as Annexure-E which forms part of this Report.
50. Appreciation:
Your Directors wish to acknowledge the co-operation and assistance extended to the
company by the Company's Banker and state and Central Government agencies. Your directors
also acknowledge with gratitude the support of the shareholders customers, dealers, agents
and suppliers for their continued faith and support in the company and its management.
51. The details of application made or any proceeding pending under the Insolvency and
Bankruptcy Code, 2016 (31 of 2016):
No application has been made or any proceeding pending under the Insolvency and
Bankruptcy Code, 2016 (31 of 2016) during the year to which this financials relates.
52. The 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:
The Company has not undertaken any one-time settlement and hence there was no need to
undertake valuation also for the same.
53. General:
Your Directors state that no disclosure or reporting is required in respect of the
following items as there were no transaction on these items during the year under review:
1. No issue of equity shares with differential right as to dividend, voting or
otherwise.
2. There is no Employees' Stock Option Scheme (ESOS).
3. The Company has not issued any Sweat Equity Shares.
FOR SILVER OAK (INDIA) LTD. CIN: L11531MP1984PLC002635
|
Sd/- |
Sd/- |
|
Shirish Jaltare |
Leela Kalyani |
| Place: Indore |
Director |
Director |
| Date: 05.09.2023 |
DIN:00070935 |
DIN:06625369 |