Amal Ltd 2014-15

3 mitigation decisions at both individual and aggregate levels. It is also responsible for the implementation, tracking and reporting of defined mitigation plans, including periodic reporting to the Audit Committee and the Board. 08. Fixed deposits During 2014-15 the Company did not accept any fixed deposits. 09. Related Party Transactions Particulars of contracts or arrangements with related parties are given in the Notes to Accounts at page number 70. 10. Extract of annual return This is given on page number 7. 11. Auditors Haribhakti & Co LLP, the Statutory Auditors of the Company, will retire at the conclusion of the ensuing Annual General Meeting (AGM). They have given their consent to continue to act as the Auditors for 2015-16, if reappointed. The relevant notes forming a part of the accounts are self explanatory and give full information and explanation in respect of the observations made by the Auditors in their report. The Shareholders appointed R Nanabhoy & Co. as the Cost Auditors for 2015-16 on August 01, 2014. The Board appointed Nilesh A Pradhan & Co, Practising Company Secretary as the Secretarial Auditor for 2014-15 on April 25, 2014 and his report is given at page number 12. 12. Directors’ responsibility statement Pursuant to Section 134 (5) of the Companies Act, 2013, the Directors confirm this to the best of their knowledge and belief: 12.1 The applicable Accounting Standards were followed along with proper explanations relating to material departures in the preparation of the annual accounts. 12.2 The Accounting Policies were selected and applied consistently and judgments and estimates were made that were 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 and loss of the Company for that period. 12.3 Proper and sufficient care was taken 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. 12.4 The attached annual accounts for the year ended March 31, 2015 were prepared on a going concern basis as the Company has restarted its manufacturing operations at Ankleshwar and intends to expand and diversify its operations as per the proposal submitted to the BIFR. The Company is in the process of putting up the MDRS covering the proposed merger with Atul Ltd. 13. Directors 13.1 Appointments | Reappointments | Cessations 13.1.1 Subject to the approval of the Members in the AGM: i) Ms S Mahalakshmi was appointed by the Board as an Independent Director, effective August 05, 2014. ii) Mr T T P Shaheel was appointed by the Board as the Managing Director effective October 18, 2014 and he has resigned on July 11, 2015. iii) Mr P N Ogale was appointed by the Board as the Managing Director effective July 12, 2015. 13.1.2 According to Article 134 of the Articles of Association of the Company, Mr T R Gopi Kannan retires by rotation and being eligible, offers himself for reappointment at the forthcoming AGM scheduled on September 25, 2015. 13.1.3 During 2014-15 Mr V Koppaka resigned as the Managing Director effective October 18, 2014 and Mr N C Singhal resigned effective February 01, 2015. The Board