Investor Presentaiton
ended 31st March, 2023. The Secretarial Audit Report (in Form MR-3) is
attached as Annexure-III, to this Report. The Secretarial Auditor's Report
to the shareholders does not contain any qualification.
Annual Return
The Annual Return as required under Section 92 and Section 134
of the Companies Act, 2013 read with Rule 12 of the Companies
(Management and Administration) Rules, 2014 is available on the
Company's website: www.mrftyres.com. Weblink:https://www.
mrftyres.com/investor-relations/annual-return
Other Matters
There are no material changes and commitments affecting the financial
position of the Company between the financial year ended 31st March,
2023 and the date of this report.
During the year under review, there were no material and significant
orders passed by the regulators or courts or tribunals impacting the going
concern status and the Company's operations in future.
The Competition Commission of India ('CCI') had on 2nd February, 2022
released its order dated 31st August, 2018, imposing penalty on certain
tyre manufacturers including the Company and also the Automotive Tyre
Manufacturers' Association, concerning the breach of the provisions of the
Competition Act, 2002, during the year 2011-12. A penalty of *622.09
Crores was imposed on the Company. The appeal filed by the company before
National Company Law Appellate Tribunal (NCLAT) has been disposed
of by remanding the matter to CCI for review after hearing the parties. In
February 2023 CCI has filed an appeal against the order of NCLAT before
the Hon'ble Supreme Court and the same is pending disposal.
Details of investments as required under section 134 of the Companies
Act, 2013 is given in note 3 to the financial statements.
During the year under review, the Board confirms that the Company has
complied with the applicable Secretarial Standards issued by the Institute
of Company Secretaries of India.
During the year under review, no fraud has been reported by the auditors
to the audit committee or the board.
During the year under review, there is no change in the nature of business
of your Company.
During the year under review, the Company has allotted 15,000 listed,
unsecured, rated, redeemable, taxable, non-convertible debentures
aggregating to 150 Crores on a private placement basis.
As regards Cost Audit Records, it is confirmed that the Company is covered
by Cost Audit Records Rules under section 148(1) of the Companies
Act, 2013 and accordingly, such accounts and all relevant records are
maintained by the Company.
Appreciation
Your Directors place on record their appreciation of the invaluable
contribution made by the Company's employees which made it possible
for the Company to achieve these results. They would also like to take
this opportunity to thank customers, dealers, suppliers, bankers, financial
institutions, business associates and valued shareholders for their
continued support and encouragement.
Chennai
03rd May, 2023
On behalf of the Board of Directors
KM MAMMEN
Chairman & Managing Director
DIN: 00020202
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