Persistent Systems

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102 • Annual Report 2018-19
Shaping the future of software driven business
The Board of Directors of your Company has further approved the CSR Policy of your Company to provide a guideline for the
Company’s CSR activities. The CSR Policy is also uploaded on your Company’s website at
The Company’s CSR Policy highlights that the need for contributing to the society is very large and your Company can make a
more significant contribution by staying focused on few areas through its social initiatives. The CSR policy recommends that
your Company should encourage Persistent Foundation to contribute in the following areas:
• Health
• Education
• Community Development
• Assistance in Natural Calamities
The constitution of the CSR Committee is provided elsewhere in the Annual Report.
Other matters
Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions
on these items during the year under report:
1. Neither the Managing Director nor the Executive Director of your Company receive any remuneration or commission from
any of its subsidiaries.
2. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern
status and your Company’s operations in future.
Future Outlook
Even though the year under report has been challenging and a year of transition for your Company, the Directors are very
optimistic about the progress made and the results that were observed towards the end of the year. The fundamentals of the
Company are strong and stable.
Your Company has an impressive list of customers who are well-established in their fields. Customers are satisfied with the
work done by the employees of your Company and are keen to extend the work they do with your Company. Your Company has
established an excellent set of partnerships with the leading Companies and these partnerships have helped your Company
establish credibility and leadership as customers are starting to transform their business by becoming software driven business.
The investments made by your Company in technology areas are spot on and your Company is working with and has added
specialists who understand the business domain and they helped your Company to elevate the conversation to business value.
With a new team in place, the Directors expect that your Company will be on an improved growth trajectory and will be able to
post industry leading growth rates in the next few years.
Acknowledgments and appreciation
Your Board places on record the support and wise counsel received from the Government of India, particularly the Department
of Electronics and Information Technology, the Ministry of Corporate Affairs, the Ministry of Finance, the Ministry of Commerce
and Industry, the Reserve Bank of India and the Securities and Exchange Board of India (SEBI) throughout the financial year.
Your Board extends its sincere thanks to the officers and staff of the Software Technology Parks of India - Pune, Nagpur, Goa,
Hyderabad, Bengaluru, Visakhapatnam Special Economic Zone – Andhra Pradesh, SEEPZ Special Economic Zone – Mumbai,
Cochin Special Economic Zone, Central Excise and Customs Department, Department of Revenue, Income Tax Department,
Department of Electronics, Director General of Foreign Trade, Director of Industries, Department of Shops and Establishments,
Department of Telecommunication, Department of Commerce (SEZ Section), Regional Director of Western Region, Registrar
of Companies, Maharashtra, Pune, Goods and Service Tax Department, Infotech Corporation of Goa Limited, Goa Industrial
Development Corporation, National Stock Exchange of India Limited, BSE Limited, Central Depository Services (India) Limited,
National Securities Depository Limited, local Municipal Corporations where Company operates, Maharashtra State Electricity
Distribution Company Limited, Telangana (erstwhile Andhra Pradesh) State Electricity Board, Telangana State Industrial
Infrastructure Corporation, Maharashtra Industrial Development Corporation, Bengaluru Municipal Corporation, Karnataka
Industrial Development Corporation, BSNL and Mobile / Internet Service providers.
Your Board also extends its sincere thanks to M/s. Deloitte Haskins & Sells LLP, Chartered Accountants, Statutory Auditors,
M/s. Joshi Apte & Co., Chartered Accountants, Tax Auditors and M/s. SKO and Associates, Company Secretaries, Secretarial
Auditors for their services to your Company.