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Shaping the future of software driven business
Report of the Directors •
89
4.
The Company filed Form IEPF 1 and IEPF 4 with the
Registrar of Companies, beyond prescribed time.
The Company has been prompt in filing Form IEPF 1 and
IEPF 4 with the Ministry of Corporate Affairs (MCA), within
prescribed time.
In FY 2010-11, to ensure the security of dividend amount
and to transfer it to the rightful owners, the Company
opened a separate Bank Account to credit the unclaimed
dividend amount out of Final Dividend of FY 2009-10 with
respect to unclaimed 600 Equity Shares from its IPO
in 2010.
Due to oversight, the Company did not transfer
`
300 from
the above Bank Account at the time of transferring the
unpaid amount from the Final Dividend of FY 2009-10.
After recognizing, the Company took steps in this regard
to transfer the abovementioned
`
300 to the IEPF Bank
Account and has completed the transfer of funds on
October 17, 2018. As per Section 124(3) of Companies Act,
2013, the Company has paid an interest of
`
42 @ 12% p.a.
on
`
300 and has transferred an aggregate amount of
`
342 (Rupees Three Hundred and Forty-Two only) to the
IEPF Account.
After completing the above additional transfer to the IEPF
Authorities, the Company immediately filed Form IEPF 1
and IEPF 4 and complied with the requirements.
5.
Under the Foreign Exchange Management Act, 1999,
there was delay in two cases for submission of Forms
ODI relating to reporting of certain events in case of
step-down subsidiaries.
The Company was following practice of reporting
events in case of stepdown subsidiaries through Annual
Performance Reports (APRs) every year. The said APRs
include financial and structural updates regarding the
step-down subsidiaries; and the same is taken on record
by the Reserve Bank of India from time to time.
However, during the year, the Company received a
guidance from the subject matter expert to submit
FormODI separately for the events (equity/loan/guarantee)
in case of stepdown subsidiaries.
Accordingly, the Company filed Forms ODI relating to
reporting of certain events (equity/guarantee) in case of
stepdown subsidiaries which was beyond prescribed time.
Henceforth, the Company will follow the above process to
submit Form ODI separately for the events (equity/loan/
guarantee) in case of stepdown subsidiaries.
Board and Corporate Governance
Board Meetings
The details pertaining to the composition, terms of reference and other details of the Board of Directors of your Company and
the meetings thereof held during the financial year 2018-19 are given in the Report on Corporate Governance section forming
part of this Annual Report.
Directors and Key Managerial Personnel
During the period from April 1, 2019 till the date of this report, the Board has appointed the following Directors:
a.
Mr. Christopher O’Connor as an Additional Director (Executive Director) with effect from April 27, 2019 for a term of
3 years i.e. up to April 26, 2022. He has also been also appointed as the Chief Executive Officer of your Company.
b.
Mr. Sandeep Kalra as an Additional Director (Executive Director) with effect from June 11, 2019 for a term of 3 years i.e.
up to June 10, 2022. He has also been appointed as the President-Technology Services Unit of your Company.