Arohan Financial Services Limited | Annual Report 2021-22

99 Annual Report | 2021-2022 Board of Directors’ Report in the ordinary course of business and at an arm’s length pricing basis and do not attract the provisions of Section 188 of the Companies Act 2013. The details of the transactions with related parties, if any, are placed before the Audit Committee from time to time. Details of the related party transactions, which are exempted according to a proviso to Section 188 of the Companies Act 2013, during FY 2021-22 are disclosed in note of the financial statements. There were no materially significant related party transactions entered into by the Company which may have potential conflict with the interest of the Company. All contracts/ arrangements/ transactions entered by the Company during the Financial Year 2021-22, with its related parties, were in the ordinary course of business and on an arm’s length basis and were reviewed and approved by the Audit Committee of the Board. Further, during the Financial Year, the Company has not entered into any contract/ arrangement/ transaction with related parties which could be considered material in accordance with the Company’s policy of Materiality of Related Party Transactions except those provided in Form AOC-2, annexed hereto, marked as Annexure – II Further, suitable disclosure as required by the Accounting Standards has beenmade in the Notes to the Financial Statements. The policy on Related Party Transaction, as approved by the Board, is displayed on the website of the Company at: https://www.arohan. in/wp-content/themes/arohan/resources/2021- 11 - 29 - 08 - 11 - 44 - Re l a t ed%20Pa r t y%20 Transactions%20Policy.pdf AMOUNT TRANSFERRED TO STATUTORY RESERVES During the year under review the Company had profit and accordingly during the year the Company has transferred an amount of INR 12.19 Cr to Statutory Reserve as required (20% of Profit after Tax) under Section 45-IC of RBI Act, 1934. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY There are no material changes and commitments affecting the financial position of the Company, which has occurred between the end of the financial year of the Company i.e. March 31, 2022 and the date of the Directors’ Report. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO UNDER SECTION 134(3)(m) OF THE COMPANIES ACT, 2013 The provisions of Section 134(3) (m) of the CompaniesAct2013relating toconservationof energy and technology absorption do not apply to the Company. The Company has, however, used information technology extensively in its operations. During the year under review, the Company’s earning in foreign exchange was INR 12.74 Lakhs. The details of foreign earnings have also been captured in note of the Financial Statements. ANNUAL EVALUATIONOF THE BOARD The Board pursuant to the provisions of Section 178 of the Companies Act 2013, the Nomination and Remuneration Committee (“ NRC ”) has carried out evaluation of individual Director’s performance. In this regard the NRC had met on May 11, 2022 to carry out the above mentioned evaluation. The director’s evaluation was carried out electronically through Diligent Software in a secured environment. The directors were allowed to carry out the evaluation in diligent software with their respective secured log in. A detail report on the director’s performance evaluation as generated fromdiligent software, was placed before the Board and Committee in their meeting dated May 11, 2022.