The Board of Directors of your Company is pleased to present the 15th
Annual Report along with the Audited Financial Statements of MAKS Energy
Solutions India Limited ("the Company") for the financial year ended 31st
March 2025.
FINANCIAL PERFORMANCE:
The summarized standalone results of your Company are given below.
(Amount in lakhs)
Particulars |
Financial Year 31-03-2025 |
Financial Year 31-03-2024 |
Total Income |
6,674.91 |
6666.41 |
Total Expenses |
6,578.15 |
6580.41 |
Profit/(Loss) Before Tax |
73.74 |
39.57 |
Less: Tax Expenses |
|
|
Current tax |
20.85 |
12.02 |
Deferred tax |
(0.84) |
(0.25) |
Short Provision for Income Tax for earlier year |
(1.43) |
(0.35) |
Profit/(Loss) for the Period |
55.16 |
28.18 |
1. STATE OF COMPANY'S AFFAIRS AND FUTURE OUTLOOK
Revenue from Business Operations is Rs 6,648.16 Lakhs as compared to the
previous year of Rs. 6,625.97 Lakhs There is increase of in Revenue from Business
Operations as compared to the previous year. The Net Profit of the Company stands at Rs.55.16
Lakhs as compared to the previous year profit of Rs.28.18 Lakhs. The Earnings
per Share is Rs. 0.80 as compared to the previous EPS of Rs. 0.41.
2. EXTRACT OF ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3) (a) of the Act, the extract of the
Annual Return of the Company for the financial year 2024-25 shall available on the website
of the Company at https://www.maksgenerators.com/annual-return.php
3. TRANSFER TO RESERVE
Company has not proposed to transfer any amount to the General Reserve.
However, the closing balance of the retained earnings of your Company as on 31st March
2025, after necessary provisions in the Statement of Profit and Loss a sum of Rs 55.16
Lakhs has been carried forward as the Balance in Profit and Loss Account, (Previous year
Rs. 28.18 Lakhs).
4. CHANGE IN NATURE OF BUSINESS
There was no change in the nature of business during the year under review.
5. DIVIDEND
In order to retain profits for the future years, the Board of Directors of the company
do not recommend any dividend for the financial year 2024-25.
6. INFORMATION ABOUT SUBSIDIARY/ JV/ ASSOCIATE COMPANY
The Company does not have any Holding, Subsidiary, Joint Venture or Associate during
the year under review.
7. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
Since there was no unpaid/unclaimed Dividend in the books or any Unpaid Dividend
declared and paid last year, the provisions of Section 125 of the Companies Act, 2013 do
not apply to your company.
8. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL YEAR TO
WHICH THIS FINANCIAL STATEMENT RELATES AND THE DATE OF THE REPORT
No material changes and commitments affecting the financial position of the Company
occurred between the end of the financial year 2024-25 to which these financial statements
relate and the date of this report.
9. PUBLIC DEPOSITS
During the year under review, the Company has not accepted any deposits within the
meaning of Section 73 and 76 of the Companies Act, 2013 read with Companies (Acceptance of
Deposits) Rules, 2014.
10. CHANGES IN SHARE CAPITAL
During the year under review, there has been no change in the Share Capital of the
Company.
11. RELATED PARTY TRANSACTIONS
The summary of related party transaction in Form AOC-2 is enclosed as Annexure IV.
12. FIXED DEPOSITS
Your Company has not accepted any deposits from public, Therefore, details relating to
deposits covered under Chapter V of the Companies Act, 2013 are not applicable to the
Company.
13. DEPOSITORY SERVICES
The Company's Equity Shares have been admitted to the depository mechanism of the
National Securities Depository Limited (NSDL) and also the Central Depository Services
(India) Limited (CDSL). As a result the investors have an option to hold the shares of the
Company in a dematerialized form in either of the two Depositories. The Company has been
allotted ISIN No. INE0CDK01019
Shareholders therefore are requested to take full benefit of the same and lodge their
holdings with Depository Participants [DPs] with whom they have their Demat Accounts for
getting their holdings in electronic form.
14. CHANGE IN BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)
Based on the recommendations of the Nomination and Remuneration Committee (NRC) and in
view of his long tenure and valuable expertise, Mr. Mahendra Shaw was re-appointed as the
Whole-time Director of the Company for a period of five years commencing from 12th
February, 2025 to 11th August, 2030. He shall not be liable to retire by rotation.
Similarly, Mr. Sourabh Shaw, considering his extensive experience and significant
contribution to the growth of the Company, was re-appointed as the Managing Director for a
period of five years commencing from 12th February, 2025 to 11th August, 2030, and he
shall also not be liable to retire by rotation.
Further, the Board approved the appointment of Mr. Shubham Bhutra, Ms. Usha Toshniwal,
and Ms. Priti Singrodia as Independent Directors of the Company. Each of them brings with
them strong academic credentials and rich professional experience across Executive and
Non-Executive roles, which is expected to further strengthen the governance framework of
the Company.
The term of Mr. Ketan Harishchandra Shah as an Independent Director of the Company
ended on 11th February, 2025. Considering the contribution towards the growth and
stability of the Company during his tenure and recognising the continued need for his
expertise, the Board has appointed him as a Non-Executive Director of the Company w.e.f.
11th February, 2025
Further, the terms of Mr. Rahul Bhagwanrao Kadam and Mr. Rahul Choithram Dingreja as
Independent Directors of the Company also expired on 11th February, 2025. The Board
expressed its deep gratitude for their sincere efforts and valuable contribution towards
the well-being and sustainable growth of the Company during their tenure.
The Board of Directors of the company is duly constituted and has a combination of
Executive, NonExecutive and Independent Directors including one woman director. Based on
the disclosures as received by the Directors of the company, pursuant to provisions of
Section 164(2) of the Companies Act, 2013, none of the Directors of the Company are found
to be disqualified.
All the Independent Directors have furnished declarations that they meet the criteria
of independence as laid down under Section 149 (6) of the Companies Act, 2013.
However, there was no change in any KMPs apart from above mentioned WTD and MD.
After the above changes during the year, the Board of Directors and KMP as on 31st
March 2025 is as follows:
Sr. Name of the Director No |
Designation |
1. Mr. Sourabh Mahendra Shaw |
Managing Director |
2. Mr. Mahendra Madhairam Shaw |
Whole-time Director |
3. Ms. Swati Sourabh Shaw |
Non- Executive Director |
4. Mr. Ketan Harishchandra Shah |
Non- Executive Director |
5. Mr. Shubham Bhutra and |
Independent Director |
6. Ms. Usha Toshniwal |
Independent Director |
7. Ms. Priti Singrodia |
Independent Director |
8. Mr. Nikhil Badrilal Agrawal |
C hief F i n a n c i a l Officer |
9. Mr. Vishal Nandu Nadhe |
Company Secretary & Compliance Officer |
15.MEETINGS OF THE BOARD OF DIRECTORS
As required by clause (b) of sub-section (3) of Section 134 of the Companies Act, 2013,
your directors report that during the Financial Year 2024-25, the Board meets at regular
intervals to discuss and review the business operations.
The intervening gap between the two consecutive meetings was within the period
prescribed under the Companies Act, 2013. The notice of Board meeting including detailed
agenda is given well in advance to all the Directors prescribed under theCompanies Act,
2013.
During the year under review, the Board met five times, namely on May 28, 2024;
September 3, 2024; November 27, 2024; February 10, 2025; and February 20, 2025.
Following is the attendance of each of the Directors at the Board Meetings held during
the period under review:
Sr. Name of the Directors No. |
Number of Board meeting |
| Entitled to Attend |
Attend |
1 Mr. Sourabh Mahendra Shaw |
5 |
5 |
2 Mr. Mahendra Madhairam Shaw |
5 |
5 |
3 Ms. Swati Sourabh Shaw |
5 |
5 |
4 Mr. Rahul Bhagwanrao Kadam |
4 |
4 |
5 Mr. Rahul Choithram Dingreja |
4 |
4 |
6. Mr. Ketan Harishachandra Shah |
5 |
5 |
7. Mr. Shubham Bhutra |
1 |
1 |
8. Ms. Usha Toshniwal |
1 |
1 |
9. Ms. Priti Singrodia |
1 |
1 |
16.DECLARATION OF INDEPENDENT DIRECTORS
The Company has received declaration pursuant to Section 149(7) of the Companies Act,
2013 from each of its Non-Executive and Independent Directors to the effect that they meet
the criteria of independence as provided in Section 149(6) of the Companies Act, 2013,
Regulation 16(1) (b) and Regulation 25 of the SEBI (Listing obligations and Disclosure
Requirements) Regulations, 2015 (hereinafter referred as "Listing Regulations").
These declarations have been placed before and noted by the Board.
17.SEPARATE MEETINGS OF INDEPENDENT DIRECTORS
As stipulated by the Code of Independent Directors under Schedule IV of the Companies,
Act, 2013,a separate meeting of the Independent Directors of the Company was held to
review the performance of Non- Independent Directors, the Board as whole, including the
Chairman of the Company and to discuss the matters related to the quality, quantity and
timeliness of flow of information between the Company management and the Board. The
Independent Director Meeting for this Matter was held by the Company on 10th
February 2025 and the information regarding this matter has been preserved and kept under
record by the Company Secretary of theCompany.
18. BOARD COMMITTEES
Your Company has in place, all the Committee(s) as mandated under the provisions of the
Act and Listing Regulations. Currently, there are four Committees of the Board, namely:
• Audit Committee
• Nomination and Remuneration Committee
19. AUDIT COMMITTEE
Pursuant to changes in Board as mentioned in clause No.13, the Audit Committee was
reconstituted on 20th February 2025. The Composition of the Audit Committee as
on 31st March 2025 is as follows:
Member |
Designation |
Nature of Directorship |
Mr. Shubham Bhutra and |
Chairperson |
Independent Director |
Ms. Priti Singrodia |
Member |
Independent Director |
Mr. Sourabh Mahendra Shaw |
Member |
Managing Director |
Mr. Ketan Harishachandra Shah |
Member |
Non-Executive Director |
During the year under review, the Audit Committee met four times, on May 28, 2024;
September 3, 2024; November 27, 2024; and February 20, 2025.
20.NOMINATION AND REMUNERATION COMMITTEE:
Pursuant to changes in Board as mentioned in clause No.13, the Nomination and
Remuneration Committee was reconstituted on 20th February 2025. The Composition
of the Nomination and Remuneration Committee as on 31st March 2025 is as
follows:
Member |
Designation |
Nature of Directorship |
Mr. Shubham Bhutra and |
Chairperson |
Independent Director |
Ms. Priti Singrodia |
Member |
Independent Director |
Ms. Swati Sourabh Shaw |
Member |
Director |
During the year under review, the Nomination & Remuneration Committee met once on
February 10, 2025.
21.CORPORATE SOCIAL RESPONSIBILITY
Since, the Company does not fall within the criteria specified under the provisions of
Section 135 of the Companies Act 2013, hence the Company is not required to form a
Corporate Social Responsibility
Committee of the Board of directors of the Company, and accordingly was not obliged to
adopt Corporate Social Responsibility Policy for the Company.
22. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors of the
Company confirms that-
a) In the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures;
b) The directors had selected such accounting policies and applied them consistently
and made judgments and estimates that are 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 of the company for that period;
c) The directors had taken proper and sufficient care 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;
d) The directors had prepared the annual accounts on a going concern basis;
e) The directors of the Company, had laid down internal financial controls to be
followed by the company and that such internal financial controls are adequate and were
operating effectively; and
f) The directors had devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating effectively.
23. CODE OF CONDUCT
The Board has adopted the Policy on Code of Conduct for members of the Board and Senior
Management personnel of the Company. The Code lays down, in details, the standards of
business conduct, ethics and governance. Code of Conduct has also been posted on the
Company's Website https://www.maksgenerators.com/corporate-governance.php
24. COMPANY'S POLICY ON APPOINTMENT AND REMUNERATION:
The Nomination and Remuneration Policy of the Company, inter alia, provides that the
Nomination and Remuneration Committee shall formulate the criteria for appointment of
Directors on the Board of the Company and persons holding Senior Management positions in
the Company, including their remuneration and other matters as provided under Section 178
of the Act and Listing Regulations. the said policy is available on the Company's Website.
Website Link: https://www.maksgenerators.com/corporate-governance.php.
25. VIGIL MECHANISM/WHISTLE BLOWER POLICY
In accordance with Section 177 of the Companies Act, 2013, the Company has adopted a
Vigil mechanism / Whistle Blower Policy to deal with instance of fraud and mismanagement,
if any.
The Company had established a mechanism for directors and employees to report concerns
about unethical behavior, actual or suspected fraud, or violation of our Code of Conduct
and Ethics. The mechanism also provides for adequate safeguards against victimization of
directors and employeeswho avail of the mechanism and also provide for direct access to
the Chairman of the Audit Committee in the exceptional cases.
We affirm that during the financial year 2024-25, no employee or director was denied
access to the Audit Committee.
The Vigil mechanism / Whistle Blower Policy is available on the website of the Company
at https://www.maksgenerators.com/corporate-governance.php
26. RISK MANAGEMENT POLICY
The Company has laid down a well-defined Risk Management Policy to identify the risk,
analyze and to undertake risk mitigation actions. The Board of Directors regularly
undertakes the detailed exercise for identification and steps to control them through a
well-defined procedure. The Board periodically reviews the risks and suggests steps to be
taken to control and mitigate the same through properly defined framework.
The Risk Management Policy is available on the website of the Company at
https://www.maksgenerators.com/corporate-governance.php
27. HUMAN RESOURCES:
The Company regards its human resources as one of its most valuable assets and
continues to invest in attracting, retaining, and developing talent on an ongoing basis. A
range of initiatives and programs focused on employee engagement, professional growth, and
overall well-being are actively implemented to foster a positive work environment. The
Company places strong emphasis on nurturing internal talent by offering opportunities
through job rotation, job enlargement, and career development programs. These efforts
promote a culture of continuous learning, innovation, and growth, thereby strengthening
organizational capability and long-term sustainability.
28. MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis comprising an overview of the financial results,
operations / performance and the future prospects of the Company form part of this Annual
Report. Annexure I.
29. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE
There are no significant or material order passed by any regulator, court, or tribunal,
which impacts the going concern status of the Company or will have bearing on company's
operations infuture.
30.STATUTORY AUDITOR AND AUDIT REPORT:
The appointment of M/s. R.K. Jagetiya & Co., Chartered Accountants (Firm
Registration No. 146264W), as the Statutory Auditors of the Company, was approved by the
Members at the Annual General Meeting held on December 12, 2020, to hold office from the
conclusion of the 10th Annual General Meeting of the Company until the conclusion of the
15th Annual General Meeting of the Company, in accordance with the provisions of Section
139 of the Companies Act, 2013.
The term of M/s. R.K. Jagetiya & Co., Chartered Accountants, as Statutory Auditors
of the Company, comes to an end at the conclusion of this Annual General Meeting.
Accordingly, based on the recommendation of the Audit Committee, the Board of Directors,
at its meeting held on September 3, 2025, approved the appointment of M/s. BDSP and
Associates, Chartered Accountants (Firm Registration No. 138198W), as the Statutory
Auditors of the Company, to hold office from the conclusion of the 15th Annual General
Meeting until the conclusion of the 20th Annual General Meeting of the Company, subject to
the approval of the Members.
The Statutory Auditors have issued their report on the financial statements of the
Company for the financial year ended March 31, 2025. The said Auditor's Report contains
the following qualification(s):
Qualification I
There are few parties having outstanding balance aggregating to Rs 470.67 Lakhs which
are aged more than 1 to 3 years, and in our view provision for Bad and Doubtful debts is
required against such parties, but no provision for bad and doubtful debts provided by the
Company, therefore Profit for the Half year and year ended is overstated to that extent
and accordingly Net worth of the Company also overstated to that extent.
Reply
Management's views to Audit Qualification I
The outstanding balances amounting to Rs. 470.67 lakhs, aged between 1 to 3 years,
primarily relate to certain major customer accounts. The Company has taken the following
steps towards recovery and assessment of collectability:
1. Legal Proceedings Initiated One customer, with dues amounting to approximately Rs.
290 lakhs, is currently under legal proceedings initiated by the Company. Based on legal
advice received, the Company has a strong and enforceable case, and the outcome is likely
to be in the Company's favor.
2. Disputed Receivable A second customer, with dues of Rs. 32 lakhs, has refused to
make payment post-shipment. The Company is exploring alternative resolution mechanisms,
including negotiation and legal options, to recover the dues.
3. Remaining Accounts Under Discussion For the remaining balance, the Company is in
active dialogue with the respective parties, and meaningful progress has been observed in
reducing the aging profile of such receivables during Q4 FY25. Given the varying stages of
recovery efforts, including active legal processes and negotiations, the management is
currently unable to reliably estimate the amount of provision, if any, required against
these specific receivables.
A definitive evaluation will depend on the outcomes of the ongoing legal and commercial
recovery processes. Accordingly, while the Company acknowledges the auditors observation,
management believes that creating a provision at this stage without a reasonable basis
could lead to incorrect representation. The matter will continue to be closely monitored,
and appropriate provision shall be recognized in future periods as and when more clarity
emerges on the recoverability of specific dues.
Qualification II
There are few vendor parties having advances subsisting for more than one year,
aggregating Advances balance is Rs 80.62 Lakhs which are aged more than 1 to 3 years, and
in our view since these suppliers are not a regular supplier and material transaction took
place during the year, such balances required to be written off in Statement of Profit and
Loss account for the half year and year ended March 31, 2025, therefore Profit for the
Half year and year ended March 31, 2025 is overstated to that extent and accordingly Net
worth of the Company also overstated to that extent.
Reply
Management's views to Audit Qualification II
With respect to the observation regarding vendor advances amounting to Rs.80.62 Lakhs
outstanding for more than one year the management would like to clarify that the said
advances were made to vendors against procurement of materials However due to unforeseen
and uncontrollable circumstances the materials could not be delivered within the
anticipated timeframe Despite the delay the vendors have not been categorized as inactive
or non-operational The management maintains regular communication with these vendors and
there is a clear understanding that the said advances will be adjusted against future
orders The vendors have confirmed their willingness to honour the obligations and supply
materials in due course Accordingly the management believes that these advances are
recoverable and will be utilized against subsequent procurement transactions Therefore at
present the management is unable to estimate any potential impact of write-off as it
expects no loss on realization or utilization of these advances The management remains
committed to closely monitoring these balances and will take necessary steps to evaluate
and provide for any impairment if such a situation arises in future
31.REPORTING OF FRAUD BY AUDITORS
During the year under review, statutory auditor has not reported any instances of Fraud
committed against the Company by its officers or employee, the details of which needs to
be reported to the Board under Section 143(12) of the Companies Act, 2013.
32.INTERNAL AUDITOR
For the financial year 2025-26, the Company at the Board Meeting held on 29th May 2025
appointed M/s. MGW & Associates, Chartered Accountants (FRN No: 145659W) as Internal
Auditors of the Company for the financial year 2024-25 and the report of Internal Auditor
was issued and the same has been reviewed by audit committee.
33.SECRETARIAL AUDITOR
The Board appointed M/s. Riteek Baheti Practicing Company Secretaries as
Secretarial Auditor to conduct the Secretarial Audit of the Company for the financial year
ended March 31, 2025. As per the provisions of Section 204 of the Act read with Rules
framed thereunder.The Secretarial Audit Report in Form MR-3 is given as Annexure II and
forms part of this Report. The Secretarial Audit Report contains following observations
and remarks as following:
Sr. Relevant Provision No. for Compliance Requirement |
Observation |
1. Companies Act, 2013 read with Rules made thereunder |
During the financial year under review, the Company has duly filed all
the requisite forms with the payment of additional fees. |
Management comments: These errors were inadvertent, and the
Company will take necessary measures to ensure they are not repeated in the future. |
2. Regulation 30 read with Para A of Part A of Schedule
III of SEBI (Listing Obligations and Disclosure Requirements) Regultions, 2015 |
During the financial year under review, it was noted that the Company
had submitted the intimation relating to change in management under Regulation 30 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with a delay,
resulting in nonadherence to the prescribed timeline. |
Management comments: This was an inadvertent oversight, and the
Company will ensure compliance with this requirement in the future. |
34. COST AUDITOR
For the financial year 2024-25, the Company is not required to appoint any Cost
Auditor.
35. LOANS, GUARANTEES AND INVESTMENTS
During the Financial year under review, the Company has not made any investments and
has not provided any Guarantee to any of the Companies.
36. RELATED PARTY TRANSACTIONS
In line with the requirements of the Companies Act, 2013 and SEBI (Listing Obligations
and Disclosure Requirements), 2015, the Company has formulateda Policy on Materiality of
Related Party Transactions which is also available on the Company's website at
https://www.maksgenerators.com/corporate- governance.php. The Policy intends to ensure
that proper reporting; approvaland disclosure processes are in place for all transactions
between the Company and its Related Parties. All related party transactions are placed
before the Audit Committee for review and approval.
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, with respect to omnibus approval, prior
omnibus approval is obtained for related party transactions on a yearly basis for
transactions which are of repetitive nature and entered in the ordinary course of business
and are at arm's length. Transactions entered into pursuant to omnibus approval are
verified by the FinanceDepartment and a statement giving details of all related party
transactions are placed before the Audit Committee and the Board for review and approval
on a quarterly basis.
Further, there are no material related party transactions during the year under review
with the Promoters, Directors or Key Managerial Personnel, which may have a potential
conflict with the interest of the Company at large.
The details of Related Party Transactions entered by the company for the Financial Year
ended 31st March 2025 are mentioned in Form AOC -2 is mentioned in a separate Annexure
IV.
37.CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS
&OUTGO
As required under Section 134(2)(m) of the Companies Act, 2013, read with the Companies
(Accounts) Rules, 2014, The details on Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings and Outgo are mentioned in a separate Annexure V which is
a part of this report.
38.STATEMENT ON DISCLOSURE OF REMUNERATION UNDER SECTION 197 OF THE COMPANIES ACT, 2013
AND RULE 5 OF THE COMPANIES (APPOINTMEMT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES,
2014.
Statement on Disclosure of Remuneration under Section 197 of the Companies Act, 2013
and Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
is mentioned separately as Annexure III to this report.
39. CORPORATE GOVERNANCE REPORT
Maks Energy Solutions India Limited, strives to incorporate the appropriate standards
for Corporate Governance. However, pursuant to Regulation 15(2) of SEBI (Listing
Obligation & Disclosure Requirements) Regulations, 2015 the company is not required to
mandatorily comply with the provisions of corporate governance report to be annexed with
the board report, therefore companyhas not provided a separate report on Corporate
Governance.
40. COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has devised proper systems to ensure compliance with the applicable
Secretarial Standards issued by the Institute of Company Secretaries of India and the
Company complies withall the applicable provisions of the same during the year under
review.
41.INSIDER TRADING
The Company has adopted an 'Internal Code of Conduct for Regulating, Monitoring and
Reportingof Trades by Designated Persons' ("the Code") in accordance with the
SEBI (Prohibition of Insider Trading) Regulations, 2015 ("PIT Regulations"). The
Code is applicable to promoters, member of promoter group, all Directors and such
designated employees who are expected to have access tounpublished price sensitive
information relating to the Company. The Company Secretary is the Compliance Officer for
monitoring adherence to the said PIT Regulations. The Company has also Information (UPSI)'
in compliance with the PIT Regulations. This Code is displayed on the Company's website,
https://www.maksgenerators.com/corporate-governance.php.
42. AFFIRMATIONS AND DISCLOSURES
a. Details of non-compliance by the Company, penalties, and strictures imposed on the
Company by Stock Exchanges or SEBI or any statutory authority, on any matter related to
capital markets, during last three financial years
There are no instances of non-compliances by the Company necessitating imposition of
penalties, strictures on the Company by Stock Exchanges or SEBI or any statutory
authority, on any matter related to capital markets.
b. Where the Board had not accepted any recommendation of any committee of the Board
which is mandatorily required, in the relevant financial year:
No such instance found during the year under review.
43. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHI BITION
& REDRESSAL) ACT, 2013
The company has in place a policy for prevention of sexual harassment in accordance
with the requirements of the Sexual Harassment of women at workplace (Prevention,
Prohibition & Redressal) Act, 2013. Internal Complaints Committee has been set up to
redress complaints received regarding sexual harassment. All employees (permanent,
contractual, temporary, trainees) are covered under this policy and no such action is
reported.
44. APPLICATIONS MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVANCY AND BANKRUPCY CODE
(2016) DURING THE YEAR ALONG WITH THE STATUS AS AT THE END OF FINANCIAL YEAR
During the year under review, there were no instances of any applications made or any
proceedings pending under the Insolvency and Bankruptcy Code (2016).
45. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE -TIME
SETTLEMENT AND VALUATION DONE WHILE TAKING LOAN FROM BANKS OR FINANCIAL INSTIUTIONS
During the year under review, there arises no instances for difference between amount
of the valuation done at the time of one-time settlement and the valuation done while
taking loan from the banks or financial institutions.
46.INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an effective and reliable internal control system commensurate with the
size of its operations. At the same time, it adheres to local statutory requirements for
orderly and efficient conduct of business, safeguarding of assets, the detection and
prevention of frauds and errors, adequacy and completeness of accounting records and
timely preparation of reliable financial information. The efficacy of the internal checks
and control systems is validated by self-audits and internal as well as statutory
auditors.
47. CAUTIONARY STATEMENT
This report contains forward-looking statements based on the perceptions of the Company
and the data and information available with the company. The company does not and cannot
guarantee the accuracy of various assumptions underlying such statements and they reflect
Company's current views of the future events and are subject to risks and uncertainties.
Many factors like change in general economic conditions, amongst others, could cause
actual results to be materially different.
48. ACKNOWLEDGEMENT
The Board of Directors greatly appreciates the commitment and dedication of employees
at all levels who have contributed to the growth and success of the Company. We also thank
all our clients, vendors, investors, bankers and other business associates for their
continued support and encouragement during the year.
We also thank the Government of India, Government of Maharashtra, Ministry of Commerce
and Industry, Ministry of Finance, Customs and Excise Departments, Income Tax Department
and all other Government Agencies for their support during the year and look forward to
their continued support in future.
BY THE ORDER OF BOARD OF DIRECTORS FOR MAKS ENERGY SOLUTIONS INDIA LIMITED
SOURABH MAHENDRA SHAW |
MAHENDRA MADHAIRAM SHAW |
MANAGING DIRECTOR |
WHOLE TIME DIRECTOR |
DIN:03159240 |
DIN:03142749 |
DATE: 03-09-2025 |
|
PLACE: PUNE |
|