FOR THE YEAR ENDED 31st March, 2025 To, The Members,
Your Directors have pleasure in presenting their Twenty Fifth Annual
Report on the business and operations of the Company together with Audited Statement of
Accounts for the year ended March 31, 2025.
1 . FINANCIAL PERFORMANCE
| Particulars |
Standalone |
Consolidated |
|
Year ended |
Year ended |
Year ended |
Year ended |
|
March 31, 2025 |
March 31, 2024 |
March 31, 2025 |
March 31, 2024 |
| Total Income |
416.82 |
355.88 |
8,616.96 |
9,885.34 |
| Total Expenditure |
201.78 |
219.03 |
4,008.48 |
5,965.98 |
| Profit / (Loss)for the year before taxation |
215.03 |
136.86 |
4,608.48 |
3,919.36 |
| Provision for tax (including Deferred Tax) |
55.20 |
35.99 |
1,230.00 |
884.28 |
| Profit / (Loss) for the year after taxation |
159.83 |
100.87 |
3,378.47 |
3,035.08 |
| Items of other comprehensive income (net of Tax) |
0.16 |
1.01 |
(7.49) |
(5.61) |
| Total |
159.99 |
101.88 |
3,370.98 |
3,029.47 |
| Balance of profit / (Loss) from previous year |
1294.55 |
1,192.67 |
6,080.76 |
3,112.23 |
| Adjustments in other equity |
- |
- |
(82.30) |
(60.94) |
| Balance available for appropriation |
1,454.57 |
1,294.55 |
9,369.44 |
6,080.76 |
| Appropriations |
- |
- |
- |
- |
| Surplus retained in statement of profit and loss |
1,454.57 |
1,294.55 |
9,369.44 |
6,080.76 |
2 . SHARE CAPITAL
The paid-up Equity Share Capital as on March 31, 2025 stood at
Rs.188.34 Million. During the year under review, the Company has not issued shares with
differential voting rights nor has granted any stock options or sweat equity. As on March
31, 2025, none of the Directors of the Company hold instruments convertible into equity
shares of the Company.
3 . DIVIDEND & RESERVES
Your Directors do not recommend any dividend on the equity shares for
the year ended March 31, 2025. Particulars of the amounts proposed to be carried to
reserves have been covered as part of the financial performance of the Company.
4 . MANAGEMENT DISCUSSION AND ANALYSIS a . Industry structure and
developments and outlook: International Scenario:
The global cumulative installed wind capacity surpassed 1 terawatt (TW)
and is projected to reach 2 TW before 2030, according to Saur Energy International.
Key Highlights of Global Wind Report 2025:
3 Wind energy is a major contributor to the increasing share of
renewables in the electricity sector, which is forecast to expand from 30% in 2023 to 46%
in 2030
3 Onshore wind capacity additions will almost double by 2030 compared
to the 2017-2023 period, while offshore wind capacity growth is expected to nearly
quadruple
Domestic Scenario:
Wind power generation capacity in India has significantly increased in
recent years. As of March 31, 2025, the total installed wind power capacity was 50.00
gigawatts (GW). India has the fourth largest installed wind power capacity in the world.
Wind power accounts for nearly 10% of India's total installed utility
power generation capacity and generated 80.27 TWh in the fiscal year 2024-25, which is
nearly 4.43% of total electricity generation.
b. Opportunities/Threats/Risks/Concerns in the Wind Energy Sector
3 Supply Chain Constraints: Global supply chain disruptions have
impacted the availability and cost of wind turbine components, especially from dominant
producers like China.
3 Permitting and Regulatory Hurdles: Slow and complex permitting
processes delay project deployments, significantly hindering growth in the wind sector.
3 Technological Limitations: Existing wind turbine technologies face
limitations in efficiency, especially in lower wind speed regions.
3 Market and Financial Challenges: The wind sector often experiences
financial instability due to fluctuating policy support, market volatility, and
competitive pricing pressures.
3 Environmental and Social Impact Concerns: Wind projects can face
opposition due to their environmental impact on wildlife and the local community concerns
about noise and aesthetic disruption.
3 Interconnection and Grid Integration Issues: Integrating large-scale
wind power into the existing grid poses technical challenges due to the variability and
location-specific nature of wind energy.
3 Although the wind energy sector faces challenges, it also presents
significant opportunities for growth and contributes substantially to the global
transition towards a more sustainable energy future.
c. Company's Performance:
The Company ensures maximum capacity utilization by reducing machine
downtimes. Preventive and regular maintenance of turbines is done to ensure machine
availability. The Company is putting maximum efforts to reduce operating costs.
d. Segment-wise or product-wise performance: It is given in the Segment
Report section of Annual accounts
e . Key Financial Ratios
Details of changes in key financial ratios including significant
changes i.e. change of 25% or more as compared to the immediately previous financial year
along with detailed explanations:
| Particulars |
FY 2024-25 |
FY 2023-24 |
Explanation for significant change |
| Debtors Turnover |
N A |
NA |
NA |
| Inventory Turnover |
N A |
NA |
NA |
| Interest Coverage Ratio |
N A |
NA |
NA |
| Current Ratio |
1.65% |
1.64% |
NA |
| Debt Equity Ratio |
0.06% |
0.09% |
NA |
| Operating Profit Margin (%) |
13.59% |
6.63% |
NA |
| Net profit Margin (%) |
38.35% |
28.34% |
NA |
Details of any change in Return on Net Worth as compared to the
immediately previous financial year:
| Particulars |
Standalone |
Consolidated |
|
2024-25 |
2023-24 |
2024-25 |
2023-24 |
| Return on Net Worth (%) |
9.73% |
6.80% |
77.76% |
48.41% |
Return on net worth is computed as net profit by average net worth. The
details for change, if any, in return on net worth are explained in relevant sections
above.
5 . COMPANY PERFORMANCE
During the Financial Year under review, on a standalone basis, your
Company earned total income of Rs. 416.82 Mln. (previous year's Rs. 355.88 Mln.). The net
profit / (Loss) after tax is Rs 159.83 Mln. (previous year's Rs. 100.87 Mln).
During the Financial Year under review, on a consolidated basis, your
Company earned total income of Rs. 8,616.96 Mln. (previous year's Rs. 9,885.34 Mln.). The
net profit / (Loss) after tax is Rs. 3,378.47 Mlns. (previous year's Rs. 3,035.08 Mlns).
6 . BUSINESS OVERVIEW AND OPERATIONS OF THE COMPANY
The working conditions for wind mill continue to be difficult. Despite
such problems, the Company was able to generate Rs. 20.98 Million (Net) Units of power.
The Company is making all efforts to maximize power generation and reduce costs.
7 . FINANCE AND CREDIT RATING
During the year under review, the liquidity and cash positions were
comfortable and were monitored with reinforced focus and utmost importance was given to
ensure the safety and liquidity of surplus cash. Your Company has not done any Credit
Rating.
8 . HUMAN RESOURCES
As on March 31, 2025, the Company has 7 employees. The relations with
Company's employees are cordial.
9 . CONCERNS AND THREATS
3 The Company operates in a highly regulated environment. Any change in
Government Policies will adversely affect the operations of the Company.
3 The Company depends on the service provider for operations and
maintenance of Wind Turbines. Certain litigations against the earlier service providers
are pending before the judicial / quasi-judicial authorities. Unfavorable outcome of these
litigations will adversely affect our operations.
3 The Company has only one customer for sale of power.
10. PROSPECTS FOR THE CURRENT YEAR
The Company is taking all efforts to improve wind power generation,
reduce cost and improve realization.
11. BUSINESS RESPONSIBILITY AND SUSTANABILITY REPORT
Pursuant to Regulation 34(2)(f) of the SEBI Listing Regulations, the
Business Responsibility and Sustainability Report initiatives taken from an environmental,
social and governance perspective in the prescribed format annexed as "Annexure
X" to this report. The same is also available on the Company's website at https://
www.bfutilities.com/annual-report.html
12. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has adequate internal control systems to ensure operational
efficiency and accuracy in financial reporting and compliance of various laws and
regulations.
The internal control system is supported by the internal audit process.
The internal audit is conducted by a Chartered Accountant in practice. The Audit Committee
of the Board reviews the Internal Audit process and the adequacy and effectiveness of
internal audit and controls periodically.
13. SAFETY, HEALTH AND ENVIRONMENT
The Company ensures safety of all its employees working at different
places. Necessary safety gadgets are provided to the employees requiring the same.
14. CAUTIONARY STATEMENT
Statements in this Report, particularly those which relate to
Management Discussion and Analysis, describing the Company's objectives, projections,
estimates and expectations may constitute "forward looking statements" within
the meaning of applicable laws and regulations. Actual results might differ materially
from those either expressed or implied.
15. SUBSIDIARY COMPANIES, JOINT VENTURES & ASSOCIATES
The Company has four subsidiary companies as on March 31, 2025. The
Company does not have any Joint Venture or Associate as on March 31, 2025
There has been no material change in the business of subsidiaries
except as disclosed elsewhere in the Annual Report and accounts of Subsidiaries.
The Company's Policy on determining material subsidiaries, as approved
by the Board, is uploaded on the Company's website at
https://bfutilities.com/pdf/Policies%20and%20Terms/
Policy%20on%20Material%20Subsidiary.pdf
According to this policy, there are three material subsidiaries of the
Company viz. Nandi Infrastructure Corridor Enterprise Limited, Nandi Economic Corridor
Enterprises Ltd and Nandi Highway Developers Limited.
A report on the financial position of each of the Subsidiaries as per
the Act is provided in Form No. AOC-1 attached hereto as "Annexure III" and also
given in the Financial Statements.
16. PARTICULARS OF INFORMATION FORMING PART OF THE BOARD'S REPORT
PURSUANT TO SECTION
197 (12) OF THE COMPANIES ACT, 2013, READ WITH RULE 5 OF THE COMPANIES
(APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
In terms of Section 136 of the Act, the Reports and Accounts are being
sent to the shareholders excluding the information required under Rule 5(2) and 5 (3) of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Any
shareholder interested in obtaining the same may write to the Company Secretary at
secretarial@bfulilities.com.
The information required pursuant to section 197(12) of the Companies
Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, as amended, has been provided in Annexure 'IV'
17. NUMBER OF MEETINGS OF THE BOARD
During the year under review, eight Board Meetings were convened and
held. The details of which are given in the Corporate Governance Report which forms a part
of this Integrated Annual Report. The intervening gap between the Meetings was within the
period prescribed under the Companies Act, 2013.
18. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirements of Section 134 (3) and (5) of the
Companies Act, 2013, in respect of Directors' Responsibility Statement, your Directors' to
the best of their knowledge and ability state that:
a) in the preparation of the Annual Financial Statements for the year
ended 31st March 2025, the applicable accounting standards have been followed
along with the proper explanation relating to material departures;
b) accounting policies as mentioned in Notes to the Financial
Statements have been selected and applied consistently. Further judgments and estimates
have been made that are reasonable and prudent so as to give a true and fair view of the
state of affairs of the Company as at March 31, 2025 and of the profit of the Company for
the year ended on that date;
c) proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 2013,
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
d) the Annual Financial Statements have been prepared on a going
concern basis;
e) proper internal financial controls were in place and that the
financial controls were adequate and were operating effectively; and
f) proper systems to ensure compliance with the provisions of all
applicable laws were in place and were adequate and operating effectively.
19. A STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS
All Independent Directors have given declarations that they meet the
criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 read
with Rule (6) of The Companies (Appointment and Qualifications) Rules, 2014 and Regulation
16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and
also confirmed that they have complied with the Code of Independent Directors prescribed
in Schedule IV of The Companies Act, 2013.
The Company has laid down a Code for the Board of Directors and Senior
Management of the Company. The said Code is available on the website of the Company viz.
https://bfutilities.com/code-of-conduct.html
All the Board Members and Senior Management Personnel of the Company
have affirmed compliance with the Code of Conduct.
20. COMPANY'S POLICY ON DIRECTORS' AND KMP'S APPOINTMENT AND
REMUNERATION
Director's appointment and remuneration is done as per the policy for
selection and appointment of Directors, Key Managerial Personnel (KMP) and Senior
Management Personnel (SMP) and their remuneration. The Nomination & Remuneration
Policy is available on Company's website:https://bfutilities.com/pdf/
Policies%20and%20Terms/Nomination_Renumeration_Policy.pdf
21. ACCOUNTS AND AUDIT
a . Statutory Auditors and Audit Report
M/s. G. D. Apte & Co. Chartered Accountant (Firm Registration
No.100515W), are the Statutory Auditors of the Company and will continue the audit for
Financial year 2025-26. The Audit report of M/s. G. D. Apte & Co. on the Financial
Statements of the Company for the Financial Year 2024-25 is a part of the Annual Report.
b. Secretarial Auditor
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Company has appointed M/s. SVD & Associates, Company Secretaries, Pune to undertake
the Secretarial Audit of the Company for the year 2024-25.
The Report of the Secretarial Audit is annexed herewith as Annexure 'V'
to this Report. The Secretarial Audit Reports of material subsidiaries viz. Nandi
Infrastructure Corridor Enterprise Limited, Nandi Economic Corridor Enterprises Ltd. and
Nandi Highway Developers Limited are enclosed in Annexure 'VI'
Further in compliance with Regulation 24A of SEBI Listing Regulations
and Section 204 of the Act and rules thereunder, the Board at its meeting held on May 29,
2025 based on the recommendation of Audit Committee, has approved the appointment of M/s.
SVD & Associates, Practicing Company Secretaries, Peer Reviewed Firm (UIN:
P2013MH031900) as Secretarial auditors of the Company for a term of 5 (five) consecutive
years commencing from FY 2025-26 to FY2029-30, subject to approval of members at the
ensuing AGM.
c. Cost Auditor
The maintenance of Cost records and Cost Audit as prescribed under the
provisions of Section 148(1) of the Act are not applicable to the Company.
d. Consolidated Accounts
The Consolidated Accounts for the year ended 31st March,
2025 are enclosed. Further, a statement containing the salient features of the financial
statements of subsidiaries in the prescribed Form AOC-1 is appended as Annexure to Note
No. 38 which forms part of this Report.
The Company will make the said financial statements and related
detailed information available upon the request by any Member of the Company. These
financial statements will also be kept open for inspection at the Registered Office of the
Company. Pursuant to the provisions of Section 136 of the Companies Act, 2013, the
financial statements of the Company, consolidated financial statements along with relevant
documents and the financial statements of subsidiaries are available on the website of the
Company at https://bfutilities.com/financial-results.html &
https://bfutilities.com/annual-report.html
The Company has adopted a Policy for determining Material Subsidiaries
in terms of Regulation 16(1)(c) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("SEBI Listing Regulations''). The Policy, as
approved by the Board, is uploaded on the Company's website at
https://bfutilities.com/pdf/
Policies%20and%20Terms/Policy%20on%20Material%20Subsidiary.pdf
e . Reporting of Fraud by auditors
During the year under review, the Statutory Auditors and Secretarial
Auditors of the Company have not reported any instances of frauds committed in the Company
by its officers or employees, to the Audit Committee under Section 143(12) of the Act.
22. EXPLANATION ON COMMENTS ON STATUTORY AUDITORS' AND SECRETARIAL
AUDITORS' REPORTS
a) M/s. G. D. Apte & Co., Statutory Auditors have given an adverse
opinion in their Audit Report on Financial Statements. The Statutory Auditors' qualified
and adverse opinions and Board's explanation thereto are summarized as under:
| Statutory Auditors' adverse opinion on |
Boards' explanation |
| Financial Statements |
|
| A ) Financial Audit -Standalone Financial Statements |
Boards' Explanation on the adverse opinion in the Standalone
Audit report: |
| Basis of qualified opinion As described in the accompanying
Standalone financial statements, the interest free advance of Rs. 3,700 lacs given by the
Company to its step- down subsidiary viz. Nandi Economic Corridor Enterprises Ltd (NECE),
for acquisition of land Statutory Auditors' adverse opinion on Consolidated Financial
Statements parcels is outstanding for more than fourteen years. In view of substantial
delay in identification and allotment of the land parcels, we are unable to ascertain the
nature and present status of utilisation of the advance by NECE. Further, the Company has
not recognised provision for impairment in its financial statements in accordance with Ind
AS 36, 'Impairment of Assets.' |
The Company has given Rs 370 Millions to NECE, a step- down
subsidiary, as Advance towards acquisition of land parcels, which NECE Confirms on
quarterly basis during the Audit / Limited Review of Financial Statements / Results. These
have been considered as good and recoverable based on the balance confirmation Boards'
explanation received from NECE. |
| Consolidated Financial Statements |
|
| Basis of adverse opinions |
|
| 1. As described in the note 39 to the accompanying
consolidated financial statements, the Step-down subsidiary viz. Nandi Economic Corridor
Enterprises Limited (NECE), had recorded equity of INR 3,113.00 million in earlier years
which includes securities premium of INR 2,772.54 million against original subscription
amount of INR 4,999.85 million paid by AIRRO (Mauritius) Holdings V ("the Investor/
AIRRO"). NECE has continued to classify all equity shares, including such
subscription, as equity instruments basis re-evaluation performed by the Management of
NECE during financial year 2023-24. However, in our opinion and based on the adverse
opinion on the standalone financial statements of NECE for financial year 2024-25
expressed by their statutory auditors, basis the buyback option contained in the
Shareholders Agreement, the buyback obligation should have been classified and measured as
liability in accordance with the principles enunciated under the Indian Accounting
Standard (Ind AS) specified under Section 133 of the Companies Act, 2013 read with the
Companies (Indian Accounting Standard) Rule, 2015. Had the buy-back obligation been
classified as liability and measured according to applicable accounting standards, there
would have been a material and pervasive impact on total equity and non-current
liabilities as at April 1, 2023, March 31, 2024 and March 31, 2025 and profit for the
years ended March 31, 2024 and March 31, 2025 along with consequential effects thereof on
the Standalone Financial Statements of NECE and on the accompanying Consolidated Financial
Statements, which we are unable to quantify due to absence of valuation of aforesaid
financial liability as at the respective reporting period ends. Our audit report on the
consolidated financial statements of the Group for the year ended March 31, 2024, also
included an adverse opinion in respect of this matter. |
During the year ended 31 March 2011, NECE Ltd. had issued
Compulsory Convertible Preference Shares ("CCPS") to one of the shareholders
(i.e. the Investor) amounting to Rs. 49,998.53 lakhs. These CCPS were recorded as a
financial liability on First-time Adoption of Indian Accounting Standards i.e. the Ind AS
(i.e. AS 101) transition date being 1 April 2016 at Rs. 31,130.00 lakhs with the
difference of Rs. 18,868.53 lakhs recorded as adjustment to retained earnings of NECE Ltd.
These CCPS were later converted into 3,40,45,692 (Three Crore, forty lakh, forty five
thousand six hundred ninety two) equity shares during the year ended 31 March 2017 and
consequently, Rs. 3,404.57 lakhs was recorded as equity share capital and Rs. 27,725.43
lakhs was recorded as securities premium by NECE Ltd. Between June 2024- August 2024, the
Investor notified the sale of its shareholding of 3,40,00,000 equity shares, to Soinfra
Enterprises Private Limited.During the FY 23-24, the management of NECE Ltd. had
re-evaluated the provisions of the shareholders' agreement dated 24th December, 2010
between NECE Ltd., the Promoters, the Sponsors and the Investor ("SHA"). Under
the SHA, the Investor has several Exit Options, with Buy Back being one such option. NECE
Ltd., in FY 2023-24 concluded that with respect to the buy-back option under the SHA, NECE
Ltd. had not recognized any financial liability as the Investor had not exercised the Buy
Back option which could trigger only upon issuance of a valid Buy Back notice containing a
clear intention to exercise the buy- back along with prescribed details including, amongst
other things, the number of securities offered for Buy- Back following the due procedure
outlined under the SHA and applicable laws. Therefore, the management of NECE Ltd.
continues to believe even for FY 2024-25 that none of the equity shares issued by NECE
Ltd. needed to be classified as a financial liability. |
| 2. As stated in Note 40 to the accompanying consolidated
financial statements, one of the Investors (i.e. AIRRO Mauritius Holdings V) of Nandi
Economic Corridor Enterprises Limited (NECE), a step-down subsidiary of the Company and
Soinfra Enterprise Private Limited ("Claimants") have filed a notice of
arbitration before Singapore International Arbitration Centre ("SIAC"), based on
Clause 24.2 (Arbitration Clause) of the Shareholders Agreement (SHA) against Sponsors and
Promotors (named in the SHA) and NECE. The Company being one of the Promoters in relation
to NECE under the SHA received the said notice of Arbitration on March 27, 2025. In this
notice of arbitration, the Company has named as the 4th respondent along with other
respondents. The Claimants claim that the promoters and sponsors have allegedly failed to
provide an exit. The Company along with Sponsors and Promoters have denied the alleged
breaches of SHA and /or the alleged failure to provide an exit, by filing an appropriate
response to the said notice of arbitration with SIAC. As of date, the arbitral tribunal
has been duly constituted in the matter and the Claimants have submitted their statement
of claim on September 26, 2025, claiming damages and other reliefs for alleged breach of
SHA and failure to provide exit options such as share swap and default put option under
the SHA. The Claimants have claimed damages for an amount equal to investment of Rs. 500
Crores along with 18% IRR thereon from the date of investment. Further, the Claimants have
sought damages in respect of NECE's shares subsequently acquired by AIRRO Mauritius
Holdings V for a sum of Rs 70.90 Crores under a separate transaction with one of the other
Respondents by way of a separate Share Purchase Agreement. It is the position of the
Company and other Promoters and Sponsors that since these shares form part of a separate
agreement, no claim in respect of the same can form subject matter of arbitration under
the SHA. The Claimants have also sought pre-award and post-award interest at the rate of
18% p.a. on any monetary amount that may be awarded to the Claimants by the arbitral
tribunal. Sponsors and Promoters including the Company have been legally advised that the
claim filed by the Claimants lack merits on several counts and that they have strong
defences and a good case on merits to contest the Claimants' claim. Company along with
other Promoters and Sponsors (named in the SHA) will file a statement of defence to the
statement of claim in due course in accordance with timelines prescribed by arbitral
tribunal. In our opinion, the impact of above claims on the Group if awarded by arbitral
tribunal could be material and pervasive. Since the matter is disputed, it cannot be
ascertained whether any provision for the aforesaid claim is required to be recognized in
the consolidated financial statements for the year ended March 31, 2025. |
One of the Investors (i.e. AIRRO Mauritius Holdings V) of
Nandi Economic Corridor Enterprises Limited (NECE), a step-down subsidiary of the Company,
and the aforesaid transferee Soinfra Enterprises Private Limited ("Claimants")
have filed a notice of arbitration before the Singapore International Arbitration Centre
("SIAC"), based on Clause 24.2 (Arbitration Clause) of the SHA against Sponsors
and Promoters (named in the SHA) and NECE. The Company being one of the Promoters in
relation to NECE under the SHA received the said notice of arbitration on 27th March 2025.
In this notice of arbitration, the Company has been named as the 4th respondent along with
other respondents. The Claimants claim that the promoters and sponsors have allegedly
failed to provide an exit. The Company along with Sponsors and Promoters have denied the
alleged breaches of SHA and /or the alleged failure to provide an exit, by filing an
appropriate response to the said notice of arbitration with SIAC. As of date, the arbitral
tribunal has been duly constituted in the matter, and the Claimants have submitted their
statement of claim on 26th September 2025 claiming damages and other reliefs for alleged
breach of SHA and failure to provide exit options such as share swap and default put
option under the SHA. The Claimants have claimed damages for an amount equal to investment
of Rs. 500 Crore along with 18% IRR thereon from the date of investment. Further, the
Claimants have sought damages in respect of NECE's shares subsequently acquired by AIRRO
Mauritius Holdings V for a sum of INR 70.90 Crores under a separate transaction with one
of the other Respondents by way of a separate Share Purchase Agreement. It is the position
of the Company and other Promoters and Sponsors that since these shares form part of a
separate agreement, no claim in respect of the same can form subject matter of arbitration
under the SHA. The Claimants have also sought pre-award and post-award interest @ 18% p.a.
on any monetary amount that may be awarded to the Claimants by the arbitral tribunal.
Sponsors and Promoters including the Company have been legally advised that the claim
filed by the Claimants lack merits on several counts and that they have strong defences
and a good case on merits to contest the Claimants' claim. Company along with other
Promoters and Sponsors (named in the SHA) will file a statement of defence to the
statement of claim in due course in accordance with timetable prescribed by arbitral
tribunal. |
| 3. As stated in note 42 to the accompanying consolidated
financial statements, the interest free advance of Rs. 370 million given by the Holding
Company to its step-down subsidiary viz. Nandi Economic Corridor Enterprises Ltd (NECE),
for acquisition of land parcels is outstanding for more than fourteen years. The aforesaid
advance in the books of Holding Company and the liability in the books of NECE is
eliminated in the consolidated financial statements. However, in view of substantial delay
in identification and allotment of the land parcels, we are unable to ascertain the nature
and present status of utilisation of the advance by NECE and the consequential impact on
the consolidated financial statements.Our audit report on the standalone financial
statements of the Holding Company for the year ended March 31, 2025, included a qualified
opinion in respect of this matter. |
The Company has given Rs 370 Millions to NECE, a step- down
subsidiary, as Advance towards acquisition of land parcels, which NECE Confirms on
quarterly basis during the Audit / Limited Review of Financial Statements / Results. The
Company is of the opinion that the advance is good and recoverable. Further, the aforesaid
advance is eliminated in the group financial results. |
| 4. As stated in note 41 to the accompanying consolidated
financial statements, the toll operations of one of the Material Subsidiaries viz. Nandi
Highway Developers Limited (NHDL) have been successfully concluded w.e.f. September 07,
2024, due to end of term of Concession agreement dated February 05, 1998, and
Supplementary agreement dated June 21, 2024, between NHDL, Government of India and
Government of Karnataka. Considering the positive net worth of NHDL, the management of
NHDL is of the view that the assets in the said subsidiary be considered good. However, we
are unable to ascertain whether any provision for impairment and expected credit losses is
required to be recognised in the Consolidated Financial Statements as per 'IND AS 36
Impairment of Assets' and 'IND AS 109 Financial Instruments'. |
The toll operations of one of our Material Subsidiaries viz.
Nandi Highway Developers Limited (NHDL) have successfully concluded w.e.f. September 07,
2024, due to end of term of Concession agreement dated February 05, 1998 and Supplementary
agreement dated June 21, 2024 between NHDL, Government of India and Government of
Karnataka. Considering the positive net worth of NHDL the management of NHDL is of the
view that the assets in the said subsidiary be considered as good, not warranting any
provisioning or impairment in the company's books. |
| 5. We were unable to obtain sufficient appropriate audit
evidence regarding the audit procedures performed by the auditors of three subsidiaries
viz. Nandi Highway Developers Limited (NHDL), Nandi Infrastructure Corridor Enterprise
Limited (NICE) and Nandi Economic Corridor Enterprises Limited (NECE) in accordance with
SA 600, 'Using the Work of Another Auditor' issued by ICAI, whose financial statements
reflect total assets of Rs. 25,671.91 million as at March 31, 2025, total revenues of Rs.
8,394.64 million, profit after tax of Rs. 3,394.45 million, total comprehensive income of
Rs. 3,386.79 million for year ended March 31, 2025, respectively and cash inflows of Rs.
94.56 million for the year ended March 31, 2025, included in the consolidated financial
statements, as the other auditors have not responded to certain group audit communication
requirements. Further, we were unable to carry out alternate audit procedures and
accordingly, we were unable to determine whether any adjustments might have been necessary
to the financial statements of the said subsidiaries and consequently, to the consolidated
financial statements. |
The audited financial statements of the above subsidiaries
are available on record. The management has requested the component auditors to respond to
the group audit communication requirements promptly. |
b) M/s. SVD & Associates, Practicing Company Secretary, in their
Secretarial Audit Report have made certain qualifications. The auditor's qualifications
and Board's explanation thereto are summarized as under:
| Secretarial Auditors' Qualifications |
Boards' explanation |
| 1. There has been delay in submission of consolidated
financial results under Regulation 33 of the SEBI (LODR) Regulations, 2015 for the quarter
and year ended March 31, 2024, quarter ended June 30, 2024, September 30, 2024 and
December 31, 2024. Consequently, the Company received notices from the Recognized Stock
Exchanges i.e BSE Limited and National Stock Exchange of India Limited (BSE and NSE)
levying fine of INR 9,32,200/- (inclusive of GST) each which listed entity has paid to BSE
and NSE in full. Additionally, the listed entity has paid a fine of INR. 11,80,000/-
(inclusive of GST) by voluntarily calculating the fine amount for period of delay, to
avoid any further action, as per SEBI Master Circular no. SEBI/HO/CFD/PoD2/CIR/P/2023/120
dated July 11, 2023 and SEBI/HO/CFD/ PoD2/ CIR/P/0155 dated November 11, 2024. |
The delay in compliance with Regulation 33 of SEBI LODR was
caused due to delay in submission of audited/ unaudited, yearly/ quarterly financial
results to the listed entity by its subsidiaries i.e Nandi Infrastructure Corridor
Enterprises Ltd., Nandi Economic Corridor Enterprises Ltd. and Nandi Highway Developers
Limited. On receipt of the results of subsidiaries, the listed entity had subsequently
filed the consolidated results for quarter ended March 31, 2024, June 30, 2024, September
30, 2024 and December 31, 2024 on November 11, 2024, November 23, 2024, December 26, 2024
and April 09, 2025 respectively. |
| 2. The Demat account of the Promoter of the listed entity was
suspended for debits from July 26, 2024 up to November 26, 2024 by the concerned
depository on direction of the recognized Stock Exchanges due to non-compliances under
Regulation 33 of SEBI LODR Regulations, 2015. |
same as above |
| 3. The scrip of the listed entity was shifted to
"Z" category by BSE and NSE for the period commenced on October 25, 2024 till
January 27, 2025 due to non-compliance under Regulation 33 of SEBI (LODR), 2015. |
same as above |
23. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENT UNDER SECTION 186
During the year, the Company has not made any investments, other than
the Current Investments. The closing balances of investments which would be covered under
Section 186 of the Companies Act, 2013, are disclosed in the Schedule of Non-Current
Investments in the Financial Statements. The details of loans and guarantees, if any, are
disclosed in the financial statement of 2024-25.
24. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
REFERRED TO IN
SUB-SECTION (1) OF SECTION 188 OF THE COMPANIES ACT, 2013
Pursuant to the provisions of Section 134 of the Companies Act, 2013,
read with Rule 8 (2) of the Companies (Accounts) Rules, 2014, the particulars of contracts
or arrangements entered into by the Company with Related Parties have been done at arm's
length and are in the ordinary course of business. Particulars are being provided in Form
AOC - 2 in Annexure 'VII'. Related Party Disclosures as per AS -18 have been provided in
to Note No.29 to the Standalone Financial Statements.
The Company has formulated a Policy on Related Party Transactions which
is available on the Company's website at
https://bfutilities.com/pdf/Policies%20and%20Terms/Related%20Party%20Transaction%20Policy.pdf
. All related party transactions entered into during FY 2024-25 were on arm's length basis
and in the ordinary course of business.
All transactions with related parties were reviewed and approved by the
Audit Committee. Omnibus approval was obtained for related party transactions which are of
repetitive nature and entered in the ordinary course of business and on an arm's length
basis. A statement giving details of all related party transactions entered pursuant to
omnibus approval so granted is placed before the Audit Committee on a quarterly basis for
its review. The related party transactions entered into pursuant to the omnibus approval
so granted are also reviewed by the internal audit team on a half-yearly basis.
The details of the transactions with related parties are also provided
in the accompanying Financial Statements.
25. STATE OF COMPANY'S AFFAIRS
Discussion on state of Company's affairs has been covered in the
Management Discussion and Analysis above
26. MATERIAL CHANGES AND COMMITMENTS BETWEEN THE DATE OF THE BALANCE
SHEET AND
THE DATE OF REPORT
There have been no material changes and commitments affecting the
financial position of the Company which have occurred between the end of the Financial
Year of the Company to which the Financial Statements relate and the date of the report,
except as disclosed in the Financial Statements for the year ended March 31, 2025 and
elsewhere in this report.
Further, following are the changes in Directorships/KMP after March 31,
2025:
3 Mr. B. S. Mitkari (DIN: 03632549) was reappointed as a Whole-time
Director ("WTD") and Chief Executive Officer (CEO) of the Company for a further
period of 23 months with effect from April 1, 2025 upto February 28, 2027 pursuant to
shareholders approval via Postal ballot on June 05, 2025.
3 Mr. B.S. Mitkari resigned as a Company Secretary of the Company w.e.f
the close of business hours on March 31, 2025
3 Ms. Pragati. S. Rai, Compliance Officer was appointed as the Company
Secretary of the Company w.e.f April 01, 2025
3 Mr. B. N. Kalyani (DIN: 00089380) resigned from the post of
Non-Executive, Non-Independent Director and Chairperson of the Company due to other
business exigencies w.e.f close of business hours on May 29, 2025. There was no material
reason for the resignation.
3 Mr. A. B. Kalyani, Non-Executive, Non-Independent Director (DIN:
00089430) of the Company was designated as the Chairperson of the Company w.e.f May 30,
2025
3 Mr. M.U. Takale (DIN: 01291287) was appointed as an Additional, Non-
Executive, Non-Independent Director of the Company w.e.f May 29, 2025 and later appointed
as Non- Executive, Non-Independent Director of the Company pursuant to shareholders
approval via Postal ballot on August 02, 2025
3 Ms. A.A. Sathe resigned from the position of Non-Executive,
Independent Director of the Company w.e.f close of business hours on August 14, 2025 due
to the fact that she was elevated as Additional Judge of the Hon'ble Bombay High court by
way of notification No. K-13014/06/2021-US-I dated 13th August, 2025 issued by Government
of India, Ministry of Law & Justice, Department of Justice (Appointments Division).
There was no material reason for the resignation.
27. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND
OUTGO
Conservation of Energy and Technology Absorption
The particulars relating to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required to be disclosed under Section
134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules,
2014 are annexed herewith as Annexure 'VIII' to this report.
28. DIVIDEND DISTRIBUTION POLICY :
In term of Regulations 43A of SEBI Listing Regulations, the Board of
Directors of the Company has adopted a Dividend Distribution Policy which can be accessed
on the website of the Company:https://bfutilities.com/pdf/
Policies%20and%20Terms/Dividend%20Distribution%20Policy.pdf
29. RISK MANAGEMENT POLICY
Risk Management at BF Utilities Ltd. forms an integral part of
Management focus.
The Risk Management Committee (RMC) oversees the risk management
process in the Company. The RMC is chaired by an Independent Director and the Chairperson
of the Audit Committee is also a member of the RMC.
Some of the risks identified are set out in the Management Discussion
and Analysis and this report which forms part of this Integrated Annual Report.
The Company has in place a mechanism to identify, assess, monitor and
mitigate various risks to key business objectives. Major risks identified are
systematically addressed through mitigating actions on a continuing basis. These are
discussed at the meetings of the Audit Committee and the Board of Directors of the
Company. The Risk Management Policy is available on Company's website:
https://www.bfutilities.com/pdf/
Policies%20and%20Terms/Risk%20Management%20Policy%2001042019.pdf
30. CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Corporate Social Responsibility ('CSR') activities of the Company
are governed through the Corporate Social Responsibility Policy ('CSR Policy') approved by
the Board. The CSR Policy guides in designing CSR activities for improving quality of life
of society and conserving the environment and biodiversity in a sustainable manner. The
CSR Committee of the Board oversees the implementation of CSR Projects in line with the
Company's CSR
Policy. The CSR Policy is available on Company's website
https://bfutilities.com/pdf/Policies%20and%20Terms/
Corporate%20Social%20Responsibility%20Policy.pdf
The Annual Report on CSR activities for FY 2024-25 is enclosed as
'Annexure I' to this Report.
31. PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES,
ASSOCIATES AND
JOINT VENTURE COMPANIES:
The details in prescribed format of 'Form AOC-1' are given in Annexure
'III' and at the relevant places in the Financial Statements
32. CHANGE IN THE NATURE OF BUSINESS, IF ANY
There has been no change in the nature of business during the Financial
Year under review.
33. DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL WHO WERE APPOINTED
OR HAVE
RESIGNED DURING THE YEAR
Directors/KMP appointed during the year
| Name of Director/KMP |
Designation |
Term of appointment |
| Mr. A. B. Kalyani |
Non-Executive, Non-Independent Director |
Mr. A.B. Kalyani, due to retire by rotation, being eligible,
offered himself for re-appointment in Annual General Meeting held on December 24, 2024, |
| Mr. B. S. Mitkari |
Executive Director |
The member, vide Postal Ballot, approved the re-appointment
of Mr. B. S. Mitkari as a Whole-time Director ("WTD") and Chief Executive
Officer (CEO) of the Company upon period of completion of his term, for a further 23
(Twenty-three) months with effect from April 1, 2025 upto February 28, 2027 (both
inclusive) |
| Mr. B. S. Mitkari |
Company Secretary & Compliance Officer |
Resigned as Compliance Officer w.e.f. November 1, 2024 and
resigned as Company Secretary w.e.f April 01, 2025 |
| Ms. Pragati S. Rai |
Company Secretary and Compliance Officer |
Appointed as Compliance Officer and Company Secretary w.e.f
November 01, 2024 and April 01, 2025 respectively. |
None of the Directors of the Company resigned during the year.
Independent Directors
The Company has received declarations from all the Independent
Directors confirming that they meet the criteria of independence as prescribed under
Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI Listing Regulations and are
independent of the management. In terms of Regulation 25(8) of the SEBI Listing
Regulations, they have confirmed that they are not aware of any circumstance or situation,
which exist or may be reasonably anticipated, that could impair or impact their ability to
discharge their duties with an objective independent judgment and without any external
influence. The Board of Directors of the Company has taken on record the declaration and
confirmation submitted by the Independent Directors after undertaking due assessment of
the veracity of the same. They are not liable to retire by rotation in terms of Section
149(13) of the Act.
The Board is of the opinion that the Independent Directors of the
Company possess requisite qualifications, experience and expertise in the fields of
technology, strategy, finance, engineering and Law, etc. and that they hold highest
standards of integrity.
The Independent Directors of the Company have confirmed that they have
enrolled themselves in the Independent Directors' Databank maintained with the Indian
Institute of Corporate Affairs ('IICA') in terms of Section 150 of the Act read with Rule
6 of the Companies (Appointment & Qualification of Directors) Rules, 2014. They are
exempt from the requirement to undertake the online proficiency self-assessment test
conducted by IICA.
Details of Familiarisation Programme for the Independent Directors are
provided separately in the Corporate Governance Report which forms a part of this
Integrated Annual Report.
During the Financial Year 2024-25, a separate meeting, exclusively of
the Independent Directors was held on February 14, 2025.
Key Managerial Personnel ('KMP')
In terms of the provisions of Section 2(51) and Section 203 of the Act,
the following is the KMP of the Company as on date:
3 Mr. B. S. Mitkari - CEO / CFO
3 Ms. Pragati S. Rai- Company Secretary & Compliance Officer
Employees designated as Key Managerial Personnel (KMP) during the year
Ms. Pragati S. Rai was appointed as Compliance Officer and Company
Secretary of the Company w.e.f November 01, 2024 and April 01, 2025 respectively.
Directors and KMP's resigned during the year
None of the Directors resigned during the year ended March 31, 2025.
Mr. B. S. Mitkari resigned from the position of Company Secretary w.e.f
April 01, 2025. He is associated with the Company as WTD, CEO & CFO
Procedure for Nomination and Appointment of Directors.
The NRC is responsible for developing competency requirements for the
Board based on the industry and strategy of the Company. The Board composition analysis
reflects in-depth understanding of the Company, including its strategies, environment,
operations, financial condition and compliance requirements.
The NRC conducts a gap analysis to refresh the Board on a periodic
basis, including each time a Director's appointment or re-appointment is required. The
Committee is also responsible for reviewing the profiles of potential candidates vis-a-vis
the required competencies and meeting the potential candidates, prior to making
recommendations of their nomination to the Board. At the time of appointment, specific
requirements for the position including expert knowledge expected is communicated to the
appointee.
The list of core skills, expertise and competencies of the Board of
Directors as are required in the context of the businesses and sectors applicable to the
Company are identified by the Board and are available with the Board. The Company has also
mapped each of the skills, expertise and competencies against the names of the Board
Members possessing the same. The same is disclosed in the Corporate Governance Report
forming part of this Integrated Annual Report.
Criteria for determining Qualifications, Positive Attributes and
Independence of a Director
The NRC has formulated the criteria for determining qualifications,
positive attributes and independence of Directors in terms of provisions of Section 178(3)
of the Act and the SEBI Listing Regulations. The relevant information has been given in
'Annexure II' which forms part of this Report. The Policy on Nomination & Remuneration
Policy is available on the website of the Company https://bfutilities.com/pdf/
Policies%20and%20Terms/Nomination_Renumeration_Policy.pdf
Board Evaluation
The Board has carried out the annual evaluation of its own performance
and that of its Committees and individual Directors for the year pursuant to the
provisions of the Act and the SEBI Listing Regulations.
The performance of the Board and individual Directors was evaluated by
the Board after seeking inputs from all the Directors. The criteria for performance
evaluation of the Board included aspects such as Board composition and structure,
effectiveness of Board processes, contribution in the long-term strategic planning, etc.
The performance of the Committees was evaluated by the Board after seeking inputs from the
Committee Members. The criteria for performance evaluation are broadly based on the
Guidance Note issued by SEBI on Board Evaluation which included aspects such as structure
and composition of Committees, effectiveness of Committee Meetings, etc.
The Chairman of the Board had one-on-one meetings with each Independent
Director and the Chairman of the NRC had one-on-one meetings with each Executive and
Non-Executive, Non-Independent Directors.
In a separate meeting, the Independent Directors evaluated the
performance of Non-Independent Directors and performance of the Board as a whole including
the Chairman of the Board. The NRC reviewed the performance of the Board, its Committees
and of the Individual Directors. The same was discussed in the Board Meeting that followed
the meeting of the Independent Directors and the NRC, at which the feedback received from
the Directors on the performance of the Board and its Committees was also discussed.
The Company follows a practice of addressing each of the observations
and suggestions by drawing up an action plan and monitoring its implementation through the
Action Taken Report which is reviewed by the Board of Directors from time to time.
34. Directors proposed to be appointed and re-appointed at the ensuing
Annual General Meeting
1) Mr. A.B. Kalyani (DIN: 00089430), retires by rotation at the ensuing
Annual General Meeting and being eligible, offers himself for re-appointment.
The brief resumes and other details relating to Directors who are
proposed to be appointed / re-appointed, as required to be disclosed under 'Regulations
2015', form part of the Notes setting out material facts annexed to the Notice of the
Annual General Meeting.
35. NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS
SUBSIDIARIES, JOINT
VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR
There were no new companies which have become or ceased to be its
subsidiaries, joint ventures or associate companies during the year
36. DETAILS OF DEPOSITS WHICH ARE NOT IN COMPLIANCE WITH THE
REQUIREMENTS OF CHAPTER
V OF THE COMPANIES ACT, 2013
The Company has not accepted Public Deposits under chapter V of The
Companies Act, 2013.
37. 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
The Company has neither received nor is aware of any such order from
Regulators, Courts or Tribunals during the financial year.
There are no application made or proceeding pending under the
Insolvency and Bankruptcy Code, 2016 as at the end of the financial year, nor has the
Company done any one time settlement with any Bank or Financial Institutions.
38. DISCLOSURE REGARDING MAINTENANCE OF COST RECORDS AS SPECIFIED BY
THE CENTRAL
GOVERNMENT UNDER SUB-SECTION (1) OF SECTION 148 OF THE COMPANIES ACT,
2013
The Company is not required to comply with the provisions of Section
148 (1) of the Companies Act, 2013 with respect to maintenance of cost records.
39. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO
THE FINANCIAL STATEMENTS
The Company has suitable internal control system comprising of proper
checks and balances, policies and procedures. This includes code of conduct, whistle
blower policy, MIS and internal audit mechanism.
The Audit Committee along with Management review the internal audit and
internal controls on a regular basis. The internal audit is conducted by an Independent
Chartered Accountant.
The Audit Committee deliberated with the members of the management,
considered the systems as laid down and met the internal audit team and statutory auditors
to ascertain, their views on the internal financial control systems. The Audit Committee
satisfied itself as to the adequacy and effectiveness of the internal financial control
system as laid down and kept the Board of Directors informed. However, the Company
recognizes that no matter how the internal control framework is, it has inherent
limitations and accordingly, periodic audits and reviews ensure that such systems are
updated on regular intervals.
40. COMPOSITION OF BOARD AND AUDIT COMMITTEE
The composition of the Board and Audit Committee has been mentioned in
the Corporate Governance Report forming part of this Report.
41. COMPOSITION OF CSR COMMITTEE
The CSR Committee comprises 3 Members out of which 1 is Independent
Director. During the year under review, 1 meeting of the CSR Committee was held, details
of which are provided in the Corporate Governance Report. The CSR Policy is available on
the website of the Company at https://bfutilities.com/pdf/Policies%20and%20Terms/
Corporate%20Social%20Responsibility%20Policy.pdf
During the year under review, there were no instances when the
recommendations of the CSR Committee were not accepted by the Board.
Since the Company is not satisfying any of the conditions of Section
135 (1) of the Companies Act, 2013, there is no CSR obligation on the Company for the FY
2024-25.
42. WHISTLEBLOWER POLICY AND VIGIL MECHANISM
The Company has formulated and implemented the Whistle Blower Policy /
Vigil Mechanism. This has provided a mechanism for directors and employees of the Company
and other persons dealing with the Company to report to the Chairman of the Audit
Committee; any instance of unethical behavior, actual or suspected fraud or violation of
the Company's Code of Conduct. The aforesaid policy has also been uploaded on the
Company's website
https://bfutilities.com/pdf/Policies%20and%20Terms/Whisle%20Blower%20Policy.pdf
43. CASH FLOW
A Cash Flow Statement for the year ended 31st March 2025 is
attached to the Balance Sheet.
44. CORPORATE GOVERNANCE
A report on the Corporate Governance, along with the certificate of
compliance from the Auditors, forms part of the Annual Report. The Chief Executive Officer
& the Chief Financial Officer of the Company have certified to the Board on financial
statements and other matters in accordance with the Regulation 17 (8) of the Listing
Regulations pertaining to CEO/CFO certification for the financial year ended March 31,
2025.
45. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
In terms of provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013, the Company has formulated a Policy to
prevent Sexual Harassment of Women at Workplace. During the year under review, there were
no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013. No cases were pending at the beginning of the year
and no complaint was pending at the end of the financial year.
The Company has constituted Internal Complaints Committee under the
POSH Act and during the year under review, no complaints were received by the Committee
46. DISCLOSURE UNDER THE MATERNITY BENEFIT ACT, 1961
Your Company affirms its full compliance with the Maternity Benefit
Act, 1961. During the year, there were no reported cases of employees availing maternity
leave benefits.
47. SECRETARIAL STANDARDS
During the year under review, the Company has complied with Secretarial
Standards issued by The Institute of Company Secretaries of India and approved by the
Central Government under Section 118(10) of the Companies Act, 2013, to the extent
applicable.
48. CERTIFICATE FROM PRACTICING COMPANY SECRETARY:
The Company has received a certificate from M/s. Paritosh Khandelwal
& Associates, Company Secretaries confirming that none of the Directors on the Board
of the Company have been debarred or disqualified by MCA or SEBI or any such statutory
authority from being appointed / continuing as Director and the same is appended as
'Annexure 'IX' to the Directors' Report.
49. ANNUAL RETURN:
Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the
Annual Return as on March 31, 2025 is available on the Company's website at
https://bfutilities.com/annual-return.html and the Annual Return for the financial year
ending March 31, 2025 will be available on website once the filing with MCA is completed.
50. ACKNOWLEDGMENT:
Your Directors wish to place on record, their appreciation for the
contribution made and support provided to the Company by the shareholders, employees and
bankers, during the year under the report.
|
For and on behalf |
of the Board of Directors |
|
|
For BF Utilities Limited |
|
M. U. Takale |
B.S. Mitkari |
| Pune |
Director |
Whole-time Director |
| October 31, 2025 |
DIN: 01291287 |
DIN:03632549 |