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Atul Ltd |
Annual Report 2009-10
Mr V S Rangan joined the Board as a Non-executive
Independent Director with effect from July 19, 2010. His
term as Additional Director ceases in the ensuing AGM.
Accordingly, his reappointment as a Director is proposed
in the AGM Notice.
Corporate Governance
A Report on Corporate Governance along with a certificate
from the Auditors of the Company regarding compliance
of the conditions of Corporate Governance pursuant to
Clause 49 of the Listing Agreement is annexed.
Listing
As approved by the Board of Directors and pursuant to
the Securities and Exchange Board of India (Delisting of
Equity Shares) Regulations, 2009 the Company has got its
equity shares de-listed from Ahmedabad Stock Exchange
Ltd, Ahmedabad effective March 31, 2010. The equity
shares will continue to remain listed on the Bombay Stock
Exchange (BSE) and the National Stock Exchange (NSE).
Fixed Deposits
As on March 31, 2010, fixed deposits amounting to
Rs 0.19 crores were not claimed by the depositors from the
Company. The fixed deposits which matured on or before
March 31, 2003, but remained outstanding since then were
transferred to the Investor Education and Protection Fund as
required under Section 205 C of the Companies Act, 1956.
Information regarding conservation
of energy, technology absorption,
foreign exchange earnings and outgo,
employees and subsidiary companies
Information required under Section 217(1)(e) of the
Companies Act, 1956, read with Rule 2 of the Companies
(Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988 and information as per Section
217(2A) of the Companies Act, 1956, read with the
Companies (Particulars Employees) Rules, 1975, as
amended from time to time, forms a part of this Report.
However, as per the provisions Section 219(1)(b)(iv), the
Report and Accounts are being sent to all the Members
of the Company excluding the information relating to
conservation of energy, technology absorption, foreign
exchange earnings and outgo and the statement of
particulars of employees. Any Member interested in
obtaining such particulars may inspect the same at the
registered office of the Company or write to the Company
Secretary for a copy.
Subsidiary Companies
The Company has six wholly-owned subsidiary companies
namely, Ameer Trading Corporation Ltd, Atul Americas
Inc, Atul Deutschland GmbH, Atul Europe Ltd, Atul
Rajasthan Date Palms Ltd and Atul International Trading
(Shanghai) Co Ltd. The Company has got exemption from
attaching the details as provided under Section 212(1)
of the Companies Act, 1956 in respect of the subsidiary
companies.
However, the investors may seek the copies of the Annual
Reports and related detailed information of the subsidiary
companies by writing to the Company Secretary at the
registered office of the Company.
Responsibility Statement
Pursuant to Section 217(2AA) of the Companies Act,
1956, the Directors confirm that to the best of their
knowledge and belief;
i) In the preparation of the annual accounts, the
applicable accounting standards were followed
ii) Such accounting policies were selected and applied
consistently and such judgments and estimates were
made that were reasonable and prudent so as to
give a true and fair view of the state of affairs of the
Company as on March 31, 2010 and of the profit of
the Company for the year ended on that date
iii) Proper and sufficient care was taken to maintain
adequate accounting records in accordance with the
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