Annual Report: 2021
The 2021 Annual Report of Chennai Super Kings Cricket Limited covers the financial year ended March 31, 2021. The 7th Annual General Meeting was scheduled for September 18, 2021, to be held via video conferencing.
Company Information and Directors:
The Board of Directors includes Sri R. Srinivasan (Chairman), Sri K.S. Viswanathan (Wholetime Director & CEO), Sri L. Sabaretnam (Till 24.04.2021), Sri Rakesh Singh, Sri PL. Subramanian, Sri B. Kalyanasundaram, Sri K. Ramgopal, and Smt. E. Jayashree. The auditors are Messrs Brahmayya & Co.
Notice to Shareholders and AGM Agenda:
The notice to shareholders announces the Seventh Annual General Meeting to transact both ordinary and special business. Ordinary business includes adopting the audited financial statements for the year ended March 31, 2021, and re-appointing Sri Rakesh Singh as a Director. Special business includes re-appointing Sri K. Ramgopal as an Independent Director for a second term (February 5, 2021 to February 4, 2024) and re-appointing Sri K.S. Viswanathan as Wholetime Director & CEO for two years effective January 19, 2021, along with setting his remuneration.
The remuneration for Sri K.S. Viswanathan includes a consolidated salary of ₹6,75,000 per month, ₹44,000 for house rent allowance, and ₹1,44,500 for other allowances, plus reimbursement of medical expenses up to ₹1,80,000 per annum. Even in case of inadequate profits, he will receive the specified remuneration as minimum remuneration. The Board can enhance his remuneration, not exceeding 10% per annum.
The meeting is conducted virtually, and the notice details procedures for e-voting and participation, providing instructions for shareholders holding shares in physical and dematerialized form, including necessary website links and contact information for assistance. The register of members will be closed from September 12, 2021, to September 18, 2021.
Directors' Report and Financial Performance:
The Directors' Report presents the audited accounts for the year ended March 31, 2021. Due to the COVID-19 pandemic, the IPL season XIII was held in the UAE during September-November 2020. Season XIV, which commenced on April 9, 2021, was suspended on May 2, 2021, and is rescheduled to resume in the UAE from September 19, 2021. The drop in revenue and profit is attributed to the pandemic.
Key financial results (₹ in Lakhs) are:
No dividend was declared to conserve resources, and no amounts were transferred to reserves. The company maintains adequate internal financial controls and has a risk management policy. The report confirms compliance with Section 188 of the Companies Act, 2013 regarding related party transactions, with the exception of the remuneration paid to the Wholetime Director, and notes that the company does not have any subsidiaries, associates or joint ventures.
Sri Rakesh Singh is retiring by rotation and is eligible for re-appointment. Sri K.S. Viswanathan's re-appointment as Wholetime Director for a further two years was approved, subject to shareholder approval. Sri K. Ramgopal's re-appointment as an Independent Director is also subject to shareholder approval. The Board condoled the death of Sri L. Sabaretnam, former Chairman of the Company.
The Directors' Responsibility Statement confirms adherence to accounting standards and proper maintenance of records. There was no employee remuneration exceeding prescribed limits. The company has complied with the Sexual Harassment of Women at Workplace Act, 2013. Six Board meetings were held during the year.
Other Key Points:
Financial Statements & Auditor's Report
The balance sheet as of March 31, 2021, shows total equity and liabilities of ₹31,622.11 Lakhs. Key items include Share Capital of ₹308.15 Lakhs and Reserves and Surplus of ₹21,303.38 Lakhs. The auditor's report, included, contains an unmodified opinion on the financial statements. They also express an unmodified opinion on the company's internal controls.
Additional Information The annual report also mentions the steps to be taken by the shareholders for e-voting, and instructions for joining virtual meetings. The voting rights of shareholders shall be in proportion to their shares of the paid-up equity share capital as of the cut-off date i.e. 11.09.2021. The instructions to shareholders for e-voting and joining virtual meetings are clearly elaborated.
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