As mentioned earlier, I spoke with Minesh Doshi (MD) on Wednesday to inquire about the annual report and dividend payment.
He said that they don’t have any soft copies of the report and the BSE needs to scan each page and upload it on their site which is why it’s not been uploaded on their site yet. I have received a physical copy of the AR yesterday and I’m sharing the relevant sections here.
Regarding dividend payment – He mentioned that this is the first time they are doing an electronic transfer (ECS) of the dividends which is taking time. (Although he sounded apologetic of the same but this is no excuse and I’m not sure whether they’re liable to pay interest as of this day)
Certain highlights of the annual report :-
1. 15% growth in live contracts
2. 0% remuneration to directors (this is really surprising for me. Are they already too rich and this business doesn’t matter to them or do they have another business running in parallel? They definitely can’t sustain themselves on dividends – amounting to 30 odd lakh for 20+ family members.
3. They haven’t done any CSR activity in the FY based on their profit. Would be great if someone can share the implications of that?
4. SEBI has initiated penalty proceedings against late filing of certain documents. This is under investigation – how serious is this?
Disc – Invested
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