23 vii) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021; viii) The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018; and ix) The Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 However, it has been found that there were no instances requiring compliance with the provisions of the laws indicated at point no. (ii), (iii) and (v) mentioned hereinabove during the period under review. f) For review of other sector-specific laws as applicable to the Company, due to diverse laws applicable to the sector in which the Company operates and the remote location of manufacturing operations carried out by the Company, it was not feasible to verify the compliance management system relating to sector-specific laws and therefore, the same has not been verified and reported. I have also examined compliance with the applicable clauses of the following: i) Secretarial Standards issued by The Institute of Company Secretaries of India. ii) The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; However, it was noted that the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, are not applicable to the Company as securities of the Company are not listed on any recognised stock exchange. During the period under review, the Company has complied with the provisions of the Act, rules, regulations, guidelines and standards mentioned hereinabove and there is an adequate compliance management system for the purpose of laws applicable to the Company as mentioned hereinabove. I have relied on the representations made by the Company and its representatives for systems and mechanisms formed by the Company for the compliance of laws and regulations applicable to the Company. I further report that the Board of Directors of the Company is duly constituted with the proper balance of Directors, Non-executive Directors and Independent Directors, wherever applicable. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act. During the year under review, the designation of Mr Syamal Kumar Prankrishna De (DIN: 08963169), was changed from Director to Whole-time Director of the Company effective September 20, 2023, for a period of five years and Ms Mahalakshmi Subramanian (DIN: 06940781), Independent Director of holding company was appointed as an Additional Director of the Company being a material subsidiary company. Adequate notice is given to all Directors to schedule the Board meetings. The agenda and detailed notes on agenda were sent at least seven days in advance in all cases except cases where shorter notice was given, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting. Majority decision is carried through while the views of the dissenting members are captured and recorded as part of the minutes, wherever required. I further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines mentioned hereinabove. I further report that during the audit period of the Company there were no specific events | actions having a major bearing on the Company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc except the following:
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