PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

15 Annual Report 2020-21 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS INVESTOR EDUCATION AND PROTECTION FUND (IEPF): In accordance with the applicable provisions of the Act, read with Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016 (“IEPF Rules”), all unclaimed dividends are required to be transferred by the Company to the IEPF, after completion of seven (7) years. Further, according to IEPF Rules, the shares on which dividend has not been claimed by the shareholders for seven (7) consecutive years or more shall be transferred to the demat account of the IEPF Authority. The details relating to amount of dividend transferred to the IEPF and corresponding shares on which dividends were unclaimed for seven (7) consecutive years, are provided in the General Shareholders Information Section of this Annual Report. During the year, an amount of ` 1,77,202/-, being unclaimed dividend for F.Y. 2012-13 was transferred to IEPF. TECHNICAL ACHIEVEMENT: The Company keeps on exploring the possibility of technical improvement and process optimization for better yields / product mix / energy efficiency. DIRECTORS: During the year under review and pursuant to the order dated 30.06.2020 passed by National Company Law Tribunal (NCLT) approving the Composite Scheme of Arrangement and Amalgamation amongst Fairchem Speciality Limited (FSL), Fairchem Organics Limited (FOL) and Privi Organics India Limited (POIL) and their respective Shareholders, POIL has been merged/amalgamated into FSL and the business of FSL has been demerged/transferred to FOL. Subsequently, the name of FSL has been changed to Privi Speciality Chemicals Limited (“PSCL”) and the following changes in the Board was affected: a) Resignations of 4 (Four) Independent Directors, effective from close of business hours of August 12, 2020: i. Mr. Darius Pandole (DIN: 00727320) ii. Mr. Hemang Gandhi (DIN: 00008770) iii. Mr. Viren Joshi (DIN: 01331107) iv. Ms. Radhika Pareira (DIN: 00016712) b) Resignation of Mr. Nahoosh Jariwala (DIN: 00012412), as the Managing Director of the Company effective from close of business hours of August 12, 2020. c) Resignation of Mr. Utkarsh Shah (DIN: 00101663), as the Chairman & Director of the Company effective from close of business hours of August 12, 2020. d) Appointment of Mr. Anurag Surana (DIN: 00006665), as an Independent Director to fill casual vacancy arising from the resignation of Mr. Darius Pandole (DIN: 00727320). e) Appointment of Mr. Dwarko Topan Khilnani (DIN: 01824655), as an Independent Director to fill casual vacancy arising from the resignation of Mr. Viren Joshi (DIN: 01331107). f) Appointment of Ms. Anuradha Thakur (DIN: 06702919), as an Independent Woman Director to fill casual vacancy arising from the resignation of Ms. Radhika Pareira (DIN: 00016712). g) Appointment of Mr. Mahesh Babani (DIN: 00051162), Managing Director as Chairman of the Board effective from close of business hours of August 12, 2020, thereby making him Chairman & Managing Director of the Company. h) Appointment of Mr. Bhaktvatsala Rao Doppalapudi (DIN: 00356218), Non-Executive Director as Executive Director. The Appointment of Directors to fill the Casual Vacancies as well as the appointment of the Executive Director was ratified at the 35 th Annual General Meeting of the Company held on November 02, 2020. KEY MANAGEMENT PERSONNEL (KMP): In terms of Provisions of Section 251 and Section 203 of the Act, the followings are the KMP’s of the Company: 1. Mr. Narayan S. Iyer – Chief Financial Officer 2. Mr. Ramesh Kathuria – Company Secretary