Arohan Financial Services Limited | Annual Report 2022-23

75 | Annual Report | 2022-2023 motivate directors of the quality required to run the Company successfully; b) Relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and c) Remuneration to executive directors, key managerial personnel and senior management involves a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the Company and its goals. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS The details of themeetings of the Board of Directors of the Company held during the year are mentioned in the Corporate Governance Report which is provided separately in this Annual Report. AUDITORS i) Statutory Auditors – MSKA & Associates, (Firm Registration Number – 105047W), Chartered Accountants were appointed as statutory auditors of the Company in the Extra Ordinary General Meeting held on December 30, 2021 for a term up to three years, i.e. till the FY 2023-24 to fill casual vacancy which has occurred w.r.t RBI Guidelines. They have confirmed their eligibility under section 141 of the Companies Act, 2013 to carry out the audit for the FY 22-23. ii) Secretarial Auditors – M/s S. Basu & Associates, Practicing Company Secretary (Certificate of Practice No 14347) were reappointed as Secretarial Auditor of the Company to conduct Secretarial Audit of the Company for the Financial Year 2022- 23 as required under Section 204 of the Companies Act, 2013 and the rule made thereunder. The Secretarial Audit Report for FY 22-23 is appended as Annexure I to the Directors’ Report. iii) Cost Auditors – The Company is not required to maintain cost records as specified by the Central Government under Section 148(1) of the Companies Act, 2013 and accordingly such records are not made and maintained. There are no qualifications, reservation or adverse remark made by the Statutory Auditor and Secretarial Auditor in their reports, save and except usual disclaimer made by them in discharge of their professional obligation. DETAILS OF FRAUDS REPORTED BY THE AUDITORS During the year under review, the Auditors of the Company have not reported any fraud as required under Section 143(12) of the Companies Act, 2013. COMPLIANCEWITH SECRETARIAL STANDARDS The Company has in place proper systems to ensure compliance with the provisions of the applicable secretarial standards issued by The Institute of Company Secretaries of India and such systems are adequate and operating effectively. CORPORATE INSOLVENCY RESOLUTION PROCESS INITIATED UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (IBC) During the year, no applications were filed against the Company by any financial or operational creditors. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS Details of Loans and Investments covered under the provisions of the Section 186 of the Companies Act, 2013 are provided in Note to the Financial Statements, and further the Company has not provided any guarantee under Section 186. RELATED PARTY TRANSACTIONS All transactions entered into with Related Parties as defined under the Companies Act, 2013 and during the year under review were 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