Atul Ltd 2020-21

24 Atul Ltd | Annual Report 2020-21 08. Fixed deposits During 2020-21, the Company did not accept any fixed deposits. 09. Loans, guarantees, investments and security Particulars of loans, guarantees, investments and security provided are given at page numbers 116 and 118. 10. Subsidiary, associate and joint venture entities During 2020-21, Atul Lifescience Ltd, Atul Natural Dyes Ltd, Atul Natural Foods Ltd, Atul Products Ltd and Atul Renewable Energy Ltd were incorporated as wholly-owned subsidiary companies of the Company and Amal Speciality Chemicals Ltd, was incorporated as its wholly-owned subsidiary by Amal Ltd, an associate company of the Company. There were no other changes in the subsidiary, associate and joint venture entities, which were reported earlier. 11. Related party transactions All the transactions entered into with the related parties were in ordinary course of business and on arm’s length basis. Details of such transactions are given at page number 128. No transactions were entered into by the Company that required disclosure in Form AOC-2. 12. Corporate social responsibility Composition of the Corporate Social Responsibility (CSR) Committee, the CSR Policy and the CSR Report are given at page number 32. 13. Annual return Annual return for 2020-21 is available on the website of the Company at: www.atul.co.in/investors/annual-general-meetings/ 14. Auditors Statutory Auditors Deloitte Haskins & Sells LLP, Chartered Accountants were appointed as the Statutory Auditors of the Company at the 40 th Annual General Meeting (AGM) held on July 28, 2017, until the conclusion of the 45 th AGM. The Auditor’s Report for the financial year ended March 31, 2021, does not contain any qualification, reservation or adverse remark. The report is enclosed with the financial statements in this annual report. Cost Auditors The Company has maintained cost records as required under the Act. The shareholders ratified the appointment of R Nanabhoy & Co as the Cost Auditors for 2020-21 on July 31, 2020. Secretarial Auditors The Board appointed SPANJ & Associates, Company Secretaries, as the Secretarial Auditors for 2020-21 on March 23, 2018, and their report is given at page number 37. 15. Directors’ responsibility statement Pursuant to Section 134(5) of the Act, the Directors confirm that, to the best of their knowledge and belief: 15.1 In preparation of the annual accounts for the financial year endedMarch 31, 2021, the applicable accounting standards have been followed and there are no material departures. 15.2 The accounting policies were selected and applied consistently and judgements and estimates thus made were 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 and loss of the Company for that period. 15.3 Proper and sufficient care was taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. 15.4 The attached annual accounts for the year ended March 31, 2021, were prepared on a going concern basis. 15.5 Adequate internal financial controls to be followed by the Company were laid down and they were adequate and operating effectively. 15.6 Proper systems were devised to ensure compliance with the provisions of all applicable laws and the same were adequate and operating effectively. 16. Directors 16.1 Appointments | Reappointments | Cessations i) Subject to the approval of the Members in the AGM, Mr S A Lalbhai was reappointed as a Managing Director effective December 15, 2021, for a period of five years. ii) According to Article 86 of the Articles of Association of the Company, Mr B N Mohanan retires by rotation and being eligible, offers himself for reappointment at theAGMscheduled on July 30, 2021. iii) In the opinion of the Board, the Independent Directors reappointed during the year possess integrity, rich experience and expertise relevant to the Company.