Amal Ltd 2019-20

5 08. Fixed deposits During 2019-20, the Company did not accept any fixed deposits. 09. Related party transactions All the transactions entered into with the related parties were in ordinary course of business and on arm’s length basis. Details of such transactions are given at page number 89. No transactions were entered into by the Company which required disclosure in Form AOC-2. 10. Corporate Social Responsibility Compositionof theCorporateSocial Responsibility (CSR) Committee, the CSR Policy and the CSR Report are given at page number 10. 11. Extract of the Annual Return This is given at page number 12. 12. Auditors Statutory Auditors Deloitte Haskins & Sells LLP, Chartered Accountants were appointed as the Statutory Auditors of the Company at the 43 rd Annual General Meeting (AGM) held on June 30, 2017 until the conclusion of the 48 th AGM. The relevant Notes forming part of the Financial Statements are self-explanatory and give full information and explanation in respect of the observationsmade by theAuditors in their report. Secretarial Auditors Nirali Solanki & Co. was appointed as the Secretarial Auditor by the Board of Directors in its meeting held on October 17, 2019 and its report is given at page number 20. 13. Directors’ responsibility statement Pursuant to Section 134(5) of the Companies Act, 2013, the Directors confirm that, to the best of their knowledge and belief: 13.1 The applicable accounting standards were followed along with proper explanations relating to material departures in the preparation of the annual accounts. 13.2 The accounting policies were selected and applied consistently and judgements 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. 13.3 Proper and sufficient care was taken for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. 13.4 The attached annual accounts for the year ended March 31, 2020 were prepared on a going concern basis. 13.5 Adequate internal financial controls to be followed by the Company were laid down and they were adequate and operating effectively. 13.6 Proper systems were devised to ensure compliance with the provisions of all applicable laws and the same were adequate and operating effectively. 14. Directors 14.1 Appointments | Reappointments | Cessations 14.1.1 According to the Articles of Association of the Company, Mr S S Lalbhai retires by rotation and being eligible, offers himself for reappointment at the forthcoming AGM scheduled on August 14, 2020. 14.2 Policies on appointment and remuneration 14.2.1 Appointment While recommending appointment of the Directors, the Nomination and Remuneration Committee considers the following factors: