9 in the process of upgrading the system to meet the database level audit trail requirement and expects to implement this from May 01, 2024. 07. Internal financial controls The internal financial controls over financial reporting are designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Financial Statements. These include those policies and procedures that: a) pertain to the maintenance of records, which in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company, b) provide reasonable assurance that transactions are recorded as necessary to permit the preparation of the Financial Statements in accordance with Generally Accepted Accounting Principles and that receipts and expenditures are being made only in accordance with authorisations of the Management and the Directors of the Company, c) provide reasonable assurance regarding the prevention or timely detection of unauthorised acquisition, use or disposition of the assets that can have a material effect on the Financial Statements. A reputed international consultancy firm has reviewed the adequacy of the internal financial controls with respect to the Financial Statements. The Management assessed the effectiveness of the internal financial controls over financial reporting as of March 31, 2024, and the Board believes that the controls are adequate. 08. Fixed deposits The Company did not accept any deposits from public and as such no amount on account of principal or interest on deposits from public was outstanding as of March 31, 2024. 09. Loans, guarantees, investments and security During the year under review, loans totaling ` 1,699 lakhs as of March 31, 2023, were converted into 1,69,90,000 non-cumulative redeemable preference shares at ` 10 per share, amounting to ` 1,699 lakhs. An additional investment of ` 500 lakhs was made into 50,00,000 non-cumulative redeemable preference shares at ` 10 per share. Particulars of loans, guarantees, investments and security provided are given on page numbers 98 and 99. 10. Subsidiary company Amal Speciality Chemicals Ltd has been classified as the material subsidiary in accordance with the applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations). 11. Related party transactions All the transactions entered into with the related parties were in the ordinary course of business and on an arm’s length basis and were reviewed and approved by the Audit Committee. During 2023-24, material-related party transactions, in terms of the Listing Regulations, were approved by the members. Details of such transactions are given on page number 111. No transactions were entered into by the Company that required disclosure in Form AOC -2. The Company submits details of related party transactions in the specified format to the stock exchanges on a half-yearly basis. 12. Corporate social responsibility The Corporate Social Responsibility (CSR) Policy, the CSR Report and the composition of the CSR Committee are given on page number 15. 13. Annual return Annual return is available on the website of the Company at: www.amal.co.in/investors/information-for- stakeholders/annual-general-meeting
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