| 78 Annual Report | 2023-2024 Further, M/s. B S R & Co. LLP, Chartered Accountants, (Firm Registration No. 101248W/W-100022), were approved for appointment as statutory auditors of the Company in the Meeting of the Board of Directors held on May 24, 2024 for a continuous period of 3 (three) years, viz. FY 2024-25, FY 2025-26 and FY 2026-27, to hold office from the conclusion of the Annual General Meeting for the FY 2023-24 till the conclusion of the Annual General Meeting to be held for the FY 202627 subject to the approval of the shareholders in the ensuing Annual General Meeting. They have confirmed their eligibility under Section 141 of the Companies Act, 2013 and RBI Guidelines to carry out the Statutory Audit of the Company. (ii) Secretarial Auditors – M/s S. Basu & Associates, Company Secretaries, (Firm Registration No. : S2017WB456500) were reappointed as Secretarial Auditor of the Company to conduct Secretarial Audit of the Company for the Financial Year 2023-24 as required under Section 204 of the Companies Act, 2013 and the rules made thereunder. The Secretarial Audit Report for the FY 2023-24 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. COMPLIANCE WITH 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 as per Section 118(10) of the Companies Act, 2013 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 There are no loans, investments, guarantees and securities in respect of which provisions of Section 186 of the Companies Act, 2013 are applicable. 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 with related parties, if any, were 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 the Financial Year 2023-24 are disclosed in Notes to 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 except as disclosed in Notes to the Financial Statements. All contracts/ arrangements/ transactions entered by the Company during the Financial Year 2023-24, 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 been made 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: www. arohan.in. Director’s Report
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