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Significant anD material OrDerS By the regulatOrS Or cOurtS Or triBunalS
During the financial year ended March 31, 2020, there were no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the Bank and its operations in future.
auDitOrS
A. Statutory Auditors
Further to the approval of RBI, M/s. MSKA & Associates, Chartered Accountants (ICAI FRN: 105047W) were appointed as the statutory auditors of the Bank for the financial year ended March 31, 2019 vide shareholders’ approval accorded in the extra-ordinary General meeting of the Bank held on September 28, 2018.
The members of the Bank, in the 3rd AGM held on July 12, 2019, reappointed M/s. MSKA & Associates, Chartered Accountants (ICAI FRn: 105047W) as statutory auditors of the Bank for the period of 3 (three) financial year until the conclusion of Sixth AGM of the Bank to be held in financial year 2022-23.
Aforesaid appointment is subject to annual approval of RBI. RBI had accorded its approval for appointment of M/s. MSKA & Associates, Chartered Accountants (ICAI FRn: 105047W) as statutory auditors of the Bank for financial year 2019-20.
The Bank shall make an application to RBI for appointment of M/s. MSKA & Associates, Chartered Accountants (ICAI FRn: 105047W) as statutory auditors for financial year 2020-21.
the Auditor’s Report on the financial statements of the Bank for the financial year ended March 31, 2020 does not contain any qualification, reservation or adverse remark. The Auditor’s Report, enclosed with the financial statements, forms part of the Annual Report.
B. Secretarial auditor
Mr. K. Jayachandran, practicing Company Secretary (ACS no.: 11309 and Certificate of practice no.: 4031) was appointed as the Secretarial Auditor of the Bank in the meeting of Board held on July 30, 2019 to conduct Secretarial Audit of the Bank for the financial year ended March 31, 2020 as required under Section 204 of the Companies Act, 2013 and the rules made thereunder and Regulation 24A of SEBI Listing Regulations. The Bank has provided all assistance and facilities to the Secretarial Auditor for conducting his audit.
the Secretarial Audit Report does not contain any qualification, reservation or adverse remark and is annexed to this Report as Annexure - 3.
eXPlanatiOnS in reSPOnSe tO auDitOr’S qualificatiOnS
the Statutory Auditor’s Report on the financial statements of the Bank for the financial year ended March 31, 2020 and Secretarial Audit Report does not contain any qualification, reservation or adverse remark.
the statutory auditors have highlighted a statement in their report under Emphasis of Matter as under:
quote:
“We draw attention to Note 15 to the financial results, which describes that the extent to which the COVID-19 Pandemic will impact the Bank’s result will depend on future developments, which are incapable of assessment at this point in time.”
Response by the Board:
Keeping in view the current circumstances due to the outbreak of COVID-19 pandemic, the Bank has made total provision of `7,000 Lakhs for COVID-19 as on March 31, 2020 out of which `4,897 Lakhs is in respect of accounts in default but standard against the potential impact of COVID-19. The provision held by the Bank are in excess of the RBI prescribed norms.
eXtract Of annual return
In accordance with Section 134(3)(a) of the Companies Act, 2013, an extract of the annual return in Form MGT-9 is annexed to this Report as Annexure - 4.
annual return
Pursuant to the provisions of Section 134(3)(a) and Section 92(3) of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Bank for the financial year ended March 31, 2020 will be available on the website of the Bank at https://www.ujjivansfb.in/annual-return.
cOmPliance with Secretarial StanDarDS
The Bank has complied with the provisions of Secretarial Standards specified by the Institute of Company Secretaries of India and notified by the Ministry of Corporate Affairs under Section 118(10) of the Companies Act, 2013. The Bank has also complied with the provisions of Secretarial Standard-3 and Secretarial Standard-4 on voluntary basis.
human reSOurceS
The Bank has been ranked & recognised amongst the Best Workplaces consistently for nearly a decade. the Great place to Work® Certification is one of the most prestigious achievements for organisations across the globe. The Bank was Ranked 6th in ‘india’s Best Companies to Work For’ in 2019.
STATUTORY REPORTS
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