Annual Report: 2022
Bharat Nidhi Limited 79th Annual Report Summary:
Overview: This document is the 79th Annual Report of Bharat Nidhi Limited for the financial year 2021-22. It includes the notice for the Annual General Meeting (AGM), Director's Report, Auditor's Report, and the standalone and consolidated financial statements.
Notice of 79th Annual General Meeting: The AGM was held on September 27, 2022, via video conferencing. The Ordinary Businesses included adopting the audited financial statements for FY 2021-22 and declaring a dividend on equity shares. Mr. Nityanand Singh, retiring by rotation, offered himself for reappointment. M/s. A.K. Gutgutia & Co. were re-appointed as Statutory Auditors for another five years (until the 84th AGM). For Special Business, Mr. Bhagat Ram Goyal was re-appointed as a Non-Executive Non-Independent Director, and Mr. Bhagavatula Chintamani Rao was re-designated as a Non-Executive Non-Independent Director. The company provided remote e-voting facilities to its members through Central Depository Services (India) Limited (CDSL). The Register of Members and Share Transfer Register remained closed from September 21, 2022, to September 27, 2022, for dividend payment. Dividend income is taxable to shareholders. Unclaimed dividends up to March 31, 2014, had already been transferred to the Investor Education & Protection Fund (IEPF). The unclaimed dividend for the financial year ended March 31, 2015, was due for transfer to IEPF by November 5, 2022. Shareholders can avail of the Nomination Facility.
Directors’ Report: Bharat Nidhi Limited is engaged in the distribution of newspapers in Delhi & NCR and invests surplus funds in debt-based mutual funds, bank deposits, and other avenues. Key Financial Results (in Lakhs):
Board and Committees: The Board composition included Mr. Bhagat Ram Goyal, Mr. Bhagavatula Chintamani Rao, and Mr. Nityanand Singh. Mr. Piyush Garg was appointed as the Chief Financial Officer (CFO). The board had three committees: the Audit Committee, the Stakeholders Relationship Committee, and the Corporate Social Responsibility Committee.
Corporate Social Responsibility (CSR): The Company made a CSR contribution of Rs. 65.65 Lacs to Bennett University.
Related Party Transactions: All related party transactions were at arm's length. Details of related party transactions have been provided in Form AOC-2.
Significant Orders: The company received three Show Cause Notices (SCNs) from SEBI for non-compliances, and settlement applications are pending.
Directors' Responsibility Statement: The directors confirmed adherence to accounting standards, prudent judgments, maintained adequate accounting records, and prepared the accounts on a going concern basis.
Other Points:
Auditor’s Report: The auditor, A.K. Gutgutia & Co., provided an unmodified opinion on the standalone and consolidated financial statements. The auditor drew attention to the pending SEBI SCNs. The auditor also reported on internal financial controls.
Statutory Auditor: M/s A.K. Gutgutia & Co. were recommended for reappointment as Statutory Auditors for another five years to hold office from the conclusion of this AGM till the conclusion of 84th AGM to be held in the year 2027.
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