Annual Report: 2022
The document is the Annual Report for 2021-22 of the Indian Commodity Exchange Limited (ICEX). It covers various aspects of the company, including its financial performance, operations, governance, and future outlook.
Notice of AGM: The 14th Annual General Meeting of ICEX will be held on November 21, 2022, via video conferencing. The agenda includes adopting the audited financial statements for the year ended March 31, 2022, appointing a director, and appointing Mr. Ranjit Kumar Samantaray as a Director of the Company. Instructions for e-voting and participation in the AGM are provided.
Directors' Report: ICEX's trading operation re-commenced on August 28, 2017, with the launch of Diamond Derivatives contract. ICEX launched Steel Long contracts on August 28, 2018. The Board of directors meeting decided to keep the Trading Operations of the Exchange and Mutual Fund transactions under suspension for a temporary period with immediate effect. SEBI withdrew the permanent recognition granted to ICEX with effect from May 18, 2022. An appeal was filed with the Securities Appellate Tribunal (SAT), which allowed the Exchange one year for revival. The company's authorized share capital was ₹368 Crore. The operating income for FY 2021-22 was ₹1.22 Crore, and the net loss after tax was ₹21.73 Crore. The Investor Protection Fund stood at Rs. 13,56,39,687.25.
Management Discussion and Analysis Report: The management requested SEBI to permit the Exchange to have a single investor to hold up to 51% for a period of five years from date of investment. Trading Operations of the Exchange and Mutual Fund transactions were suspended for a temporary period wef 01.04.2022 and 14.04.2022 respectively. The net-worth of the Exchange as on March 31, 2022 was ₹81.96 crores.
Corporate Governance Report: The Board consisted of 6 directors, including 3 Shareholder Directors and 3 Public Interest Directors. The company had committees of the Board. The report covers details of director attendance, remuneration, and various aspects of corporate governance.
Financial Statements: The balance sheet shows total assets of ₹1,447,251.14 thousand. The equity share capital is ₹2,667,537.38 thousand and total equity is ₹823,490.10 thousand. The statement of profit and loss indicates a loss before tax of (₹217,369.61) thousand and a loss for the year of the same amount. The auditor has given a qualified opinion due to a lack of sufficient audit evidence about the recoverable amount of certain assets because of non-impairment testing. The auditor draws attention to material uncertainty related to the company's ability to continue as a going concern. The statements also detail significant accounting policies.
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