Page 92 - Kolte Patil AR 2019-20

d) The Real Estate (Regulation and Development Act) Act, the incidences where, for the purpose of any Board or Committee
2016 (RERA 2016) and Maharashtra Real Estate (Regulation Meeting, notice, agenda or notes to agenda are circulated with
and Development)(Registration of real estate projects, shorter period of less than seven days, all the Directors including
Registration of real estate agents, rates of interest and Independent Directors have consented to the shorter period of
disclosures on website) Rules, 2017, The Karnataka Real circulation of the same.
Estate Regulation and Development Rules, 2017 and All decisions at Board Meetings and Committee Meetings are carried
The Goa Real Estate (Regulation and Development) out unanimously as recorded in the minutes of the meetings of the
(Registration of Real Estate Projects, Registration of Real Board of Directors or Committees of the Board, as the case may be.
estate agents, rates of Interest and Disclosures on Website )
Rules, 2017. We further report that there are adequate systems and processes
We have also examined compliance with the applicable clauses and in the Company commensurate with the size and operations of the
regulations of the following: Company to monitor and ensure compliance with applicable laws,
rules, regulations and guidelines.
(i) Secretarial Standards issued by The Institute of Company
Secretaries of India; and We further report that during the audit period, there were no specific
events / actions having a major bearing on the company’s affairs in
(ii) The Listing Agreements for Equity entered into by the Company pursuance of the above referred laws, rules, regulations, guidelines,
with Stock Exchange(s) pursuant to SEBI (Listing Obligations and standards, etc. except following:
Disclosure Requirements) Regulations, 2015 (LODR) including
any amendments thereof. 1. The Company has purchased 50,00,000 Equity Shares from lDBl
During the period under review the Company has complied with the Trusteeship Services Limited, Trustees of India Advantage Fund
provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. lll and lV (Fund Managers - lClCl Venture Funds Management
mentioned above subject to following observation: Limited) of Kolte-Patil I-Ven Townships (Pune) Limited (‘the
associate company’) and became its holding company with
1.Pursuant to sub section 5 of Section 124 of the Act read with sub 95% equity shareholding.
rule (1) of Rule 5 of Investor Education and Protection Fund Authority 2. The members of the Company have consented to the Board
(Accounting, Audit, Transfer and Refund) Rules, 2016, the transfer of to offer, issue and allot equity shares and/or any type of debt
unpaid or unclaimed dividend amount to IEPF have been made beyond instruments and /or Global Depository Receipts (“GDRs”) and
the time prescribed therefor.
/or American Depository Receipts (“ADRs”) by various modes
We further report that, for an amount not exceeding C500,00,00,000/- (Rupees Five
Hundred Crores only) by passing special resolution in its annual
The Board of Directors of the Company is duly constituted with general meeting held on 21st September, 2019.
proper balance of Executive Directors, Non-Executive Directors and
Independent Directors. There were no changes in the composition 3. The National Company Law Tribunal, Mumbai Bench vide its
of the Board of Directors during the period under review. order dated 04th November, 2019 has approved the scheme of
merger by absorption of Bellflower Properties Private Limited
Adequate notice is given to all directors to schedule the Board (wholly owned subsidiary) with the Company. Further, post
Meetings, agenda and detailed notes on agenda were sent at least approval of scheme of merger, the authorized capital of the
seven days in advance and a system exists for seeking and obtaining Company has been increased by 10,00,000 (Ten Lakhs) equity
further information and clarifications on the agenda items before the shares of C10 each.
meeting and for meaningful participation at the meeting. Further, in

Place: Pune For SVD & Associates
Date: June 23, 2020 Company Secretaries

Sridhar Mudaliar
Partner
FCS No: 6156
C P No: 2664
UDIN: F006156B000363141

Note: This report is to be read with letter of even date by the Secretarial Auditors, which is annexed as Annexure A and forms an integral part
of this report.

90 | Kolte-Patil Developers Limited