To
The Members,
SATHAVAHANA ISPAT LIMITED,
The Resolution Professional presents to the Members the 32'J Annual Report
of the Company for the year ended 3 f March, 2021, which includes the Directors' Report
("Annual Report'').
FINANCIAL RESULTS:
Your Board of Directors report the following financial results for the year 2020-21:
(Rupees in Lakhs)
SI. No Particulars |
Year ended 31-03-2021 |
Year ended 31.03.2020 |
1 Gross revenue from operations |
2676.09 |
27289.63 |
2 Other income |
1063.89 |
915.92 |
3 Operating profit/ (loss) Before finance costs and depreciation |
(1310.56) |
(8332.91) |
4 Finance costs |
28123.17 |
19177.73 |
5 Depreciation and amortization |
4230.53 |
4481.39 |
6 Profit / (loss) before tax |
(32600.37) |
(31076.10) |
7 Exceptional Item |
0 |
0 |
8 Tax expense |
0 |
0 |
9 Net Profit / (loss) after tax |
(32600.37) |
(31076.10) |
10 Earnings /(loss)per Equity Share-Basic |
(64.05) |
(61.05) |
11 Earnings/(loss)per Equity Share-Diluted |
(64.05) |
(61.05) |
The performance during the year was impacted adversely due to factors beyond the
control of the Company. The performance suffered due to working capital constraints and
the consequent financial stress which resulted in underutilization of capacities.
The gross revenue of Rs. 2676.09 Lacs is lower as compared to previous year's revenue
of Rs. 27289.63 Lacs. The year ended with loss before tax of Rs. 32600.37 Lacs as against
loss before tax of Rs. 31076.10 Lacs in the previous year. During the year, in the absence
of reasonable certainty deferred tax asset on account of unabsorbed depreciation and
business loss and others amounting to Rs. 13225.16 Lacs as against previous year's amount
of Rs. 11843.44 Lacs has been recognized to the extent it can be realised fully against
deferred tax liability. Accordingly, the tax impact is nil in both current and previous
years. The year ended with net loss aftertax of Rs. 32600.37 as against net loss aftertax
of Rs. 31076.10 in the year before. Accordingly, the loss per share accounted for at Rs.
64.05 as compared to loss per share of Rs. 61.05 in the previous year.
INITIATION OF CORPORATE INSOLVENCY RESOLUTION PROCESS (CIRP)
National Company Law Tribunal (NCLT) has initiated Corporate Insolvency Resolution
Process (CIRP) in respect of Sathavahana Ispat Limited ("the Company") under the
provisions of the Insolvency and Bankruptcy Code, 2016 ("the Code") with effect
from 28"' July, 2021.
In this connection, Mr. GollaRamaKantha Rao (IP Registration No.
IBBI/IPA-003/IP-N000310/2020-21/13364) has been appointed as an Interim Resolution
Professional (IRP) to carry outthe activities relating to CIRP as perthe rules,
regulations and guidelines prescribed by the Code.
The Committee of Creditors ('COC') in its first meeting held on 31/08/2021 appointed
Mr. Bhuvan Madan (IBBI/IPA-001/IP-P01004/2017-2018/11655)as Resolution Professional (RP)
pursuant to an order of the Honorable National Company Law Tribunal; Hyderabad Bench
('NCLT') dated 08'" September, 2021 to carry out the activities relating to CIRPas
per the rules, regulations and guidelines prescribed by the Code.
During this period, the NCLT has prescribed moratorium period for prohibiting all of
the following namely:
I. The institution of suits or continuation of pending suits or proceedings against the
corporate debtor including execution of any judgment, decree or order in any court of law,
tribunal, arbitration panel or other authority.
II. Transferring, encumbering, alienating, or disposing of by the corporate debtor any
of its assets or any legal right or beneficial interesttherein.
III. Any action to foreclose recover or enforce any security interest created by the
corporate debtor in respect of its property including any action under the securitization
and reconstruction of financial assets and enforcementofsecurityinterestact,2002.
IV. The recovery of any property by owner or lessor where such property is occupied by
or in the possession of the corporate debtor.
As per Section 17 of the Insolvency and Bankruptcy Code from the date of appointment of
the interim Resolution Professional -
a) the management affairs of the company shall vest in the resolution professional.
b) the power of the board of directors company shall stand suspended and be exercised
by the Resolution Professional.
c) the officers and managers of the company shall report to the resolution professional
and provide access to such documents and records of the company as maybe required by the
interim resolution professional.
d) the financial institutions maintaining accounts of the company shall act on the
instructions of the interim resolution professional in relating to such accounts furnish
all information relating to the company available with them to the Resolution
Professional.
CHANGE IN THE NATURE OF BUSINESS:
There is no change in the nature of business during the Financial Year 2020-21
DIVIDEND AND GENERAL RESERVE:
Your Company has not recommended any dividend for the year 2020-21 due to loss incurred
during the year and carry forward loss from earlier years. Company cannot declare dividend
until the carryforward loss is fully set off against the profits as provided in the
Companies Act, 2013.
Your Company also has not proposed to transfer any amount to General Reserve in view of
the carry forward loss.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 134(3)(c) of the Companies Act 2013 with
respect to Directors' Responsibility Statement, your Directors hereby state and confirm
that: I)
I) In the preparation of Annual Accounts for the Financial Year 2020-21 the applicable
Indian Accounting Standards (Ind-As) had been followed with proper explanation relating to
material departures;
ii) The Accounting Policies selected were applied consistently and the judgements and
estimates made are reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31a March 2021 and of the Loss of the Company
for the year ended on that date;
iii) Proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
iv) The Annual Accounts have been prepared on a going concern basis;
v) Internal financial controls to be followed by the Company have been laid down and
that such Internal Financial Controls are adequate and were operating effectively; and
vi) Proper systems had been devised to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
AUDIT COMMITTEE:
The Audit Committee is duly constituted as perthe provisions of the Act, applicable
Rules framed the reunder read with the listing regulations. The primary objective of the
committee is monitoring and supervising the Management's financial reporting process to
ensure accurate and timely disclosures with highest levels of transparency, integrity and
quality of financial reporting.
Committee comprises of Chairman - Shri K. Thanu Pillai, Independent Director and two
other Independent Director members -Shri Syed Anis Hussain, and Shri S.N.Rao. The
Committee met 4(four) times during the year. Details of terms of reference of the
Committee, number and dates of meetings held and attendance of Members dunng the year are
part of the Corporate Governance Report.
The Committee met 4(four) times during the year. Details of terms of reference of the
Committee, number and dates of meetings held and attendance of Members during the year are
part of the Corporate Governance Report.
The Audit Committee at its meeting held on 30"1 June 2021 has
considered and approved the Audited Accounts of the Company for the financial year ended
31'1 March 2021.
CORPORATE GOVERNANCE:
Pursuant to Listing Regulations 2015 the Company is required to comply with the Code of
Corporate Governance for the financial year under review. Accordingly, the Reports on
Corporate Governance and Management Discussion and Analysis together with Auditors' Report
on compliance of Code of Corporate Governance are attached to this Report and forms part
of the Annual Report. These Reports are to be read in conjunction with this Directors'
Report.
Policy on selection and appointment of Directors, Composition and category of
Directors, attendance of each Director at meetings, Number of other Directorships held
byeach Director, Number of Board meetings held and dates on which held, Board meetings
process, familiarisation programme of each Independent Directors, Board's evaluation
process are discussed in the Report on Corporate Governance which forms part of this
Report.
DECLARATION GIVEN BY INDEPENDENT DIRECTORS:
The Board of Directors confirms that based on the declarations given by all the
Independent Directors in pursuance of provisions of Section 149(7) of the Companies Act
2013, all the independent Directors meet the criteria of independence as provided in
Section 149(6) of the CompaniesAct2013.
DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL WHO WERE APPOINTED OR HAVE RESIGNED
DURINGTHEYEAR:
During the year Smt. G. Pushkarini, has been appointed as Company Secretary &
Compliance officer of your Company w.e.f 13'" May 2020 and she has resigned her
position Company secretary & Compliance officer of the Company resigned w.e.f
01"'April, 2021.
Except for the above there have been no changes in the office of directors or key
managerial personnel during the year.
MEETINGS:
During the year, five meetings of Board of Directors were held as more particularly
disclosed in the attached report of Corporate Governance. The intervening gap between any
two meetings was within the prescribed period.
The Number and dates of meeting held by the Board and its Committees, attendance of
Directors is given separately in Corporate Governance Report in terms of Section 134(3)(b)
of the Companies Act, 2013.
PERFORMANCE EVALUATION:
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and
Disclosure Requirements) Regulations, 2015, the Board has carried out the annual
performance evaluation of its own performance, the Directors individually as well as the
evaluation of the working of its Audit, Nomination and Remuneration and Shareholders
Grievance Committees.
A structured questionnaire was prepared after taking into consideration inputs received
from the Directors, covering various aspects of the Board's functioning such as adequacy
of the composition of the Board and its Committees, Board culture, execution and
performance of specific duties, obligations and governance.
Aseparate exercise was carried out to evaluate the performance of individual Directors
including the Chairman of the Board, who were evaluated on parameters such as level of
engagement and contribution, independence of judgments, safeguarding the interest of the
Company and its minority shareholders etc.
The performance evaluation of the Independent Directors was carried out by the entire
Board. The performance evaluation of the Chairman and the Non Independent Directors was
carried out by the Independent Directors who also reviewed the performance of the
Secretarial Department. The Directors expressed their satisfaction with the evaluation
process.
AUDITORS AND AUDIT REPORT:
The tenor of present Auditors M/s. Majeti & Co., Chartered Accountants, Hyderabad
has been fixed for period of five years at the Annual General Meeting held on 29.09.2017
subject to ratification of appointment at every subsequent Annual General Meeting. However
the Ministry of Corporate Affairs, Government of India, has vide Companies (Amendment) Act
2017 notified vide notification dated 07.05.2018 that such ratification of appointment of
statutory auditors is not required at the subsequent Annual General Meetings which in
other words means that appointment made initially continues to be effective until the
expiry of five years from the date of their appointment. Accordingly no ratifications of
appointment of statutory auditors is proposed in the ensuing Annual General Meeting.
With respect to the Independent Auditors' Report for the year ended 31s'March
2021 which forms part of the Annual Report containing emphasis of matters and
qualifications your Board of Directors state that the management replies to the same areas
under: 1 2 3 4 5 6 7
1. With respect to emphasis matter the explanation contained in Note No.33 to the
financial statements is self-explanatory and the opinion of the Auditors is unmodified in
respect ofthis matter.
2. With respect to Qualification on Trade receivables, supplier advances and capital
advances as at March 31,2021 the explanation contained in Note No.36 to the financial
statements is self-explanatory and does not require further explanations
3. With Respect to Statutory dues, statutory dues related to Income tax, Employee's
provident fund, Employee state insurance act, Gratuity and professional tax, amounting to
Rs. 11,05,80,126/- have become overdue and remain unpaid, the same is due to the cash
crunch and tight working capital constraints, the management is working closely with the
concerned authorities and will clear the dues based on the available cash flows.
4. With respect to Qualification on Advance from customer contained in Note No. 38 to
the financial statements is self explanatory and does not require further explanations.
5. With respect to Qualification on Non movement of inventories the explanation
contained in Note No. 39 to the financial statements is self explanatory and does not
require further explanations.
6. With respect to Qualification on overdue foreign currency payable to as company
facing financial difficultyit's pending for long on improving company financial stability
we make the payment to supplier.
7. With respect to emphasis matter the explanation contained in Note No. 41 to the
financial statements is self explanatory and does not require further explanations.
The Independent Auditors' Report for the financial year ended 3T1 March 2021
which forms part of the Annual Report do not require any further explanations from the
Board.
COST AUDITORS AND COST AUDIT REPORT:
Company appointed M/s. Nageswara Rao & Co, Hyderabad, Practicing Cost Accountants
(Firm's Registration Number 000332), as Cost Auditors for the financial year2020-21.
The Board of Directors based on the recommendations of the Audit Committee, has
appointed M/s. Nageswara Rao & Co, Practicing Cost Accountants (Firm's Registration
Number: 000332) as Cost Auditors for conducting Cost Audit of the Cost Records of the
Company fortheyear2020-21.
In pursuance of the provisions of Section 148 and other applicable provisions, if any,
of the Companies Act 2013, read with Companies (Audit and Auditors) Rules 2014 the
remuneration payable for conducting the Cost Audit for the year ending 31"' March
2022 to M/s. Nageswara Rao& Co, Practicing Cost Accountants is being placed before the
Members in the ensuing Annual General Meeting for their ratification and approval.
INTERNAL AUDITORS:
The Board of Directors based on the recommendation of the Audit Committee have
appointed ASK & CO, Chartered Accountants, as internal Auditors of your Company. The
Internal Auditors are submitting their reports on quarterly basis.
SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT:
M/s. D. Hanumanta Raju & Co., Practicing Company Secretaries, Hyderabad who have
been appointed as Secretarial Auditor for the financial year 2020-21 have conducted the
Audit of the Secretarial Records and submitted their Report in MR-3 which is annexed to
this Report (Annexure-IV).
The Secretarial Audit Report forthe financial year ended 31" March 2021, contains
the following observations.
1. There was no Company Secretary in the Company for more than six months as required
under Section 203 of Companies Act, 2013 read with Rule 8 of Chapter XIII of The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 6 (1)
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015; However, the Company has appointed a Company Secretary on 13.05.2020.
Reply : The Company is undergoing severe financial stress with subdued operations. In
spite of best efforts by the Company, prospective Company Secretaries have refused the
Offer of the Company forthe post of CS and Compliance officer. Hence there was a delay
beyond 6 Months.
2. The Company is yet to file Form IEPF-4 for statement of transfer of shares in
respect of Unclaimed dividend for seven years to IEPF authority as required under Section
124 (6) of Companies Act, 2013.
Reply : The Company has already transferred the shares to IEPF Authority. However due
to technical reasons the Company is unable to file e Form IEPF-4.
3. The Company has not taken prior approval of the secured creditors for payment of
remuneration to key managerial personnel as required under Part II of Schedule V of the
Companies Act, 2013.
Reply : The Company has missed to take the approval of the Secured Creditor by
oversight. Currently the Board of Directors is suspended by virtue of the order passed by
the Hon'ble NCLT under Section 9 of the IBC Code.
4. The Company has not disclosed to the Stock Exchanges about the details of default on
payment of interest / instalment obligations on loans from Banks/Financial Institutions
for the Quarters ended 31.03.2020 and 30.06.2020 and delayed by 7 days in disclosing to
the Stock Exchanges forthe Quarter ended 30.09.2020.
Reply : The non disclosure is by oversight as there was no Company Secretary and
Compliance officer during the period of default. Later on the Company has complied with
disclosure upon getting knowledge of pending Compliance.
5) The Company has taken advances from customers which were outstanding for more than
one year in terms of Section 73 of Companies Act, 2013 read together with Companies
(Acceptance of Deposits) Rules, 2014, (Rule 2(1 )(xii)(a)), such advances arc liable to be
treated as deposits and hence the company is in violation of the same and the same is also
not filed in Form DPT-3.
Reply: These advances are from parties whose address and contact details are not
traceable. Moreover the amounts also pertain to those vendors with whom the Company has
sought one time settlement due to non-performance of service / defect in goods supplied.
TRANSFER OF UNCLAIMED DIVIDEND AMOUNTS TO IEPF:
Pursuant to the provisions of Section 205A (5) of the Companies Act, 1956 and / or
Section 124(5) of the Companies Act 2013, previously declared dividends, which
remained unclaimed for a period of seven years, have been transferred by the Company to
the Investor Education and Protection Fund (IEPF) established by the Central Government
pursuant to Section 205C of the Companies Act, 1956 and / or Section 125 of the Companies
Act, 2013.
DIRECTORS, EMPLOYEES AND THEIR REMUNERATION:
The particulars of employees required to be furnished pursuant to Section 197(12) of
the Companies Act 2013 read with sub rule (2) to Rule 5 to the Companies (Appointment
& Remuneration) Rules, 2014, as amended, are not required to be provided as there were
no employees drawing remuneration more than the stipulated limits. Details of Remuneration
Policy and payment of remuneration to all Directors / Key Managerial Personnel / other
managerial employees is given in the Report on Corporate Governance under the head
Nomination and Remuneration Committee which forms part of this Report. Managing Director
and other Whole Time Directors have not received any remuneration or commission from
holding or subsidiary companies as the Company do not have such companies. In the opinion
of the Board the level and composition of remuneration to Directors, Key Managerial
Personnel and other managerial employees is reasonable and sufficient to attract, retain
and motivate the people who could run the Company efficiently.
The Board affirms that the remuneration paid is in accordance with Remuneration Policy
of the Company. The copy of Nomination and Remuneration policy is also posted in the
investors section of the company's website www.sathavahana.com. The relationship between
performance and remuneration is clear and meets appropriate benchmarks and that the
remuneration criteria succinctly balances between fixed and variable pay wherever set
reflecting short and long term performance objectives appropriate to the working of the
Company and its goals. Disclosures required to be made pursuant to Rule 5 to the Companies
(Appointment & Remuneration) Rules, 2014 are attached to this report (Annexure-ll).
DEMATERIALISATION OF EQUITY SHARES:
The Agreements entered into by the Company with the two Depositories viz., National
Securities Depository Limited (NSDL) and Central Depository Services (India) Limited
(CDSL) for dematerialisation of Shares are in force and the Company's Shares are in
dematerialised mode under ISIN No. INE176C01016. The Securities and Exchange of India
(SEBI) in its circular dated 20.04.2018 has stated that the equity shares have to
compulsorily convert into dematerialization before S'1 December 2018 the same
was further extended to 1" April 2019. and thereafter dematerialized equity shares
are only eligible for transfers with the exception of transmissions. In view of the
significant benefits that accrue on dematerialisation of securities, Members may avail the
facility.
LISTING OF SHARES ON STOCK EXCHANGES:
The Equity Shares of the Company are listed on BSE Ltd (formerly The Bombay Stock
Exchange Limited) Scrip Code:526093 and The National Stock Exchange of India Limited (NSE)
Scrip Code: SATHAISPAT.
The listing fee to above Stock Exchanges has not paid in financial year 2021-22.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
Information on conservation of energy, technology absorption, foreign exchange earnings
and out go required to be disclosed under Section 134 of the Companies Act 2013 read with
Companies (Accounts) Rules 2014, is given in the Annexure forming part of this Report
(Annexure-I).
DEPOSITS:
Your Company has not accepted any fixed deposits nor does the Company have any
outstanding deposits under section 73 of the Act, read with the Companies (Acceptance of
Deposits) Rules, 2014 as on the date of Balance Sheet.
DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY FOR THE COMPANY INCLUDING
IDENTIFICATION THEREIN OF ELEMENTS OF RISK, IF ANY. WHICH IN THE OPINION OF THE BOARD MAY
THREATEN THE EXISTENCE OF THE COMPANY:
The Board engaged it self with the task of Risk Management by preparing, implementing
and monitoring the risk management plan of the Company. The Board apart from ensuring the
effectiveness of risk management covering internal financial risks and controls also
reviews the same on regular basis. Major risks identified are monitored on a regular basis
bythe Board.
INTERNAL FINANCIAL CONTROL AND SYSTEMS AND THEIR ADEQUACY:
The Company has put in place Internal Financial Controls that will ensure the policies
and procedures of the Company are followed regularly so that the business of the Company
is conducted in orderly and efficient manner. The Internal Financial Controls are applied
inter alia to test various aspects in the conduct of business including adherence to
Company's policies, safeguarding Company's assets, prevention and detection offrauds and
errors or irregularities, the accuracy and completeness of the accounting records and
timely preparation of reliable financial information and the financial statements. In the
opinion of the Board such Internal Financial Controls are adequate and were operating
effectively. During the year such Internal Financial Controls have been tested and no
reportable weaknesses in the design and operations were observed. With respect to the
Independent Auditors' Report for the year ended 31" March 2021 which forms part of
the Annual Report containing qualification on the Internal Financial Controls your Board
of Directors state that the management replies to the same are contained in Note No.36 to
the financial statements which is self explanatory.
RELATED PARTY TRANSACTIONS:
In Compliance with the provision of the Act and the Listing Regulations, each Related
party transaction is placed before the Audit Committee for prior approval/noting.
There are no material related party transactions entered into by the Company falling
within the meaning of Section 188(1) of the Companies Act 2013. Other related party
transactions, contracts or arrangements entered into by the Company are in the ordinary
course of business and at arm's length price. The details of these contracts or
arrangements or transactions as required to be disclosed in terms of Section 134(3)(h)are
provided in Form AOC-2 which forms part of this Report (Annexure-lll) and accompanying
Financial Statements.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:
The Company has not granted loans, guarantees or made investments in or to companies,
firms or other parties covered in the Register maintained under Section 189 of the
Companies Act 2013. The Company has not extended any loans to the employees for purchase
of its shares. Other investments made bythe Company are given in the accompanying
Financial Statements which are in the ordinary course of business.
CORPORATE SOCIAL RESPONSIBILITY:
The details with respect to Corporate Social Responsibility of the Company as required
to be disclosed in terms of provisions of Section 135 read with Section 134(3) (o) and
Rule 9 of Companies (Accounts) Rules 2014 are given in the Report on Corporate Governance
attached to and forming part of this Report. During the year the Company, in terms of
provisions of sub section 5 to Section 135 of the Companies Act 2013, is not required to
ear mark any fund for Corporate Social Responsibility activities in view of the losses.
VIGIL MECHANISM/WHISTLE BLOWER POLICY:
Your Company has well-defined Vigil Mechanism policy in place to provide a formal
mechanism for all Directors, employees, business associates and vendors of the Company to
approach Chairman of the Audit Committee.
During the year under review, none of the Directors/employees/ business associates /
vendors was denied access to Chairman of Audit Committee
REPORTING OF FRAUD:
The auditors of the Company have not reported any fraud as specified under section
143(12) of the Act.
DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND
REDRESSAL) ACT, 2013:
Your Company has zero tolerance towards sexual harassment at the workplace. It has well
defined policy incompliance with the requirements of The Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed
thereunder. An internal Committee is in place to redress complaints received regarding
sexual harassment. All employees (permanent, contractual, temporary, trainees, etc.) are
covered under this Policy. The Company has not received any compliant of sexual harassment
during the F.Y. 2020-2021.
MATERIAL CHANGES ANDCOMMITMENTS:
In terms of Section 17 of the Code, on commencement of the Corporate Insolvency
Resolution Process (CIRP), the powers of the Board of Directors of Sathavahana Ispat
Limited stands suspended and the same are being exercised by Mr. Bhuvan Madan. The
management of the affairs of Sathavahana Ispat Limited has been vested with Mr. Bhuvan
Madan.
Except for the above mentioned, there are no other material changes and commitments
affecting the financial position of the company occurred between the end of financial year
of the company to which the financial statements relate and the date of the report.
ORDERS PASSED BY THE REGULATORS, COURTS OR TRIBUNALS:
The application filed by the M/s. Thirumala Logistics against the company under Sec. 9
of The Insolvency Bankruptcy Code 2016, has been approved by the Honorable National
Company Law Tribunal, Hyderabad Bench ('NCLT') dated 28lh July, 2021. The
Committee of Creditors meeting was conducted and a Resolution Professional was appointed.
Consequent to an order of the Honourable National Company Law Tribunal, Hyderabad Bench
('NCLT') dated 28"1 July, 2021, the Company is currently under Corporate
Insolvency Resolution Process ('CIRP') as per the provisions of the Insolvency and
Bankruptcy Code, 2016 (IBC)and as per Section 17of the Code, the powers of the Board of
Directors of Sathavahana Ispat Limited (Corporate Debtor) stands suspended and such powers
shall be vested with Mr. Bhuvan Madan, Resolution Professional.
Further there are no other significant material orders passed by the Regulators which
would impact the going concern status of the Company and its future operations.
THE NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT
VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR:
Your Company does not have any Subsidiaries or Associates or Joint ventures.
ACKNOWLEDGMENTS:
Your Company take this opportunity to express their grateful thanks to Canara Bank,
State Bank of India (formerly State Bank of Hyderabad), Union Bank of India, Shareholders,
Central and State Governments and valued suppliers and customers for their co-operation
and support. The Company also places on record its appreciation of the valuable services
rendered by the employees at all levels of the Company.
For Sathavahana Ispat Limited
|
Sd /- |
|
Bhuvan Madan |
Place: Hyderabad |
Resolution Professional |
Date: 29.11.2021 |
(IBBI/IPA-001/IP-P01004/2017-2018/11655) |
|