50
th
ANNUAL REPORT 2015-2016 THE GEM & JEWELLERY EXPORT PROMOTION COUNCIL
87
23
Shri Vijay Kedia
27.10.2015
24
Shri Shailesh Sangani
27.10.2015
25
Shri Jitendra Kumar Rakyan
27.10.2015
26
Shri Ram Babu Gupta
27.10.2015
27
Shri Anil Sankhwal
27.10.2015
28
Shri Ashok Gajera
27.10.2015
29
Shri Prakash Chandra Pincha
27.10.2015
30
Shri Mahendra Kumar Tayal
27.10.2015
31
Shri Dineshbhai Navadiya
27.10.2015
32
Shri Pramod Agarwal
27.10.2015
The Council being a company limited by Guarantee and not
having Share Capital, the provisions of section 203 of the
Companies Act, 2013 are not applicable.
Note: * The tenure of the directors for the term 2012-
2014 had come to an end on 16.10.2015 after the election
results were declared by the office of DGFT whereas the
first meeting of the COA members for the term 2015-2017
was held on 27th October 2015.
5.
STATEMENT ON DECLARATION GIVEN BY THE
INDEPENDENT DIRECTORS UNDER SECTION 149 (6) OF
THE COMPANIES ACT, 2013:
Your company is not required to appoint any Independent
Directors as the company is exempted from complying with
the said provision as per the MCA circular dated 5th June,
2015.
6.
RATIFICATION OF APPOINTMENT OF STATUTORY
AUDITORS:
Pursuant to the provisions of Section 139 of the Act and
the Rules framed thereunder, M/s AMJ & Co., Chartered
Accountants, were appointed as Statutory Auditors of the
Company from the conclusion of the Forty Eighth Annual
General Meeting (AGM) of the Council till the conclusion of
the Fifty Third AGM, subject to ratification of their appointment
at every AGM.
Your Directors propose ratification of appointment of M/s AMJ
& Co., Chartered Accountants, as Statutory auditors for the
year ended 31st March 2017. Further, it is proposed to ratify
appointment of following Branch auditors for the year ended
31st March, 2017;
S r .
No
Details of Branch
Name of Auditor
1
Jaipur Regional Office M/s B Khosla & Co
2
Delhi Regional Office M/s Sanjay Bhalla & Co
3
Kolkata Regional Office M/s Agrawal Himatsingka & Co
4
Surat Regional Office M/s Natvarlal Vepari & Co
5
Chennai Regional Of-
fice
M/s G V N Shankar & Co
7.
EXPLANATION TO AUDITOR’S REMARKS:
The Report of the Auditor’s does not contain any qualification,
reservation or adverse remark, hence, does not require any
explanation of the Committee of Administration thereon.
8.
STATEMENT IN RESPECT OF ADEQUACY OF
INTERNAL FINANCIAL CONTROLS WITH REFERENCE
TO FINANCIAL STATEMENTS:
The internal financial control system in the Council is
designed, implemented and maintained properly. The
operation of the internal financial control system ensures
effectiveness, accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the
financial statements giving true and fair view with free from
material misstatement, whether due to error or fraud. For risk
assessments, the auditor considers internal financial control
relevant to the Council preparation of the financial statements
that give true and fair view in order to design audit procedures
that are appropriate in the circumstances.
9.
CORPORATE SOCIAL RESPONSIBILITY (CSR):
In accordance with Section 135 of the Companies Act, 2013,
your company has made an expenditure amounting to INR
1,07,14,781 under CSR during the financial year 2015-2016.
Further, the Committee of Administration shall consider the
formation of CSR committee in the near future as may be
deemed appropriate.
10.
TRANSFER TO RESERVES:
The Council has not proposed any transfer to General
Reserve
11.
CHANGE IN THE NATURE OF BUSINESS:
There has been no change in the nature of business of the
Council during the year under review.
12.
DIRECTOR RESPONSIBILITY STATEMENT:
As required under section 134(5) of the Companies Act, 2013,
the Directors confirm that:-
