Professional Documents
Culture Documents
Corporate Law
SUBMITTED BY:
Hardika Gupta 20215207
Shefali Tailor 20215221
Syed Abbas Khursheed 20215223
Department of Commerce, Christ University, Delhi NCR
COP 435N: Corporate Law
Prof. Jerush John Joseph
SHIKSHARTHI PRIVATE LIMITED
Vision: To become a trustworthy learning platform making it easy to understand each step and
to make our platform available to students from all sections of the society by 2030.
Logo:
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SHIKSHARTHI PRIVATE LIMITED
UxxxxxDL2020PTCxxxxxx
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Your directors take great pride in presenting this Annual Report, as well as the audited financial
accounts for the fiscal year ending March 31, 2022.
1. FINANCIAL RESULTS
The following table summarizes the company's financial performance for the fiscal year ended
March 31, 2022.
Income
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Expenditure
Due to the nationwide lockdown, there has been a substantial increase in EdTech users in India,
giving the sector a significant boost. Hence, starting an EdTech company during a pandemic has
benefited our company a lot.
The employees were working from home during the entire lockdown period and will continue to
do so till the time situation becomes a lot better and everyone gets vaccination done
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3. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS
UNDER SUB SECTION (12) OF SECTION 143 OTHER THAN THOSE
REPORTABLE TO THE CENTRAL GOVERNMENT
During the course of the audit, no serious fraud by the company or on the firm by its officials or
employees was seen or reported.
4. TRANSFER TO RESERVES
The firm earned a profit of Rs. 1,50,00,000 during the fiscal year under review. To ensure its
protection, the funds have been transferred to the Reserves and Surplus account.
5. FINANCE
As of March 31, 2022, cash and cash equivalents totaled Rs. 1,20,00,000.
6. DEPOSITS
The company received no deposits during the fiscal year under review. At the end of the fiscal
year, no Amount remained unpaid or unclaimed. There were no instances of non-return of the
deposit or non-payment of interest throughout the year.
The corporation has a website at shiksharthi.com, where you may see its annual report.
Between the conclusion of the fiscal year and the date of this report, there were no material changes
or commitments that impacted the Company's financial position.
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9. DIRECTORS & KEY MANAGERIAL PERSONNEL
The Board of Directors has been legally created in line with company rules. No Director is
prohibited from functioning in such a role under the Companies Act of 2013, Section 164.
In fiscal year 2021-22, no member of the company's board of directors will change roles.
Five Board meetings were held during the fiscal year ending March 31, 2022. Held on : 4 April,
2021
16 June, 2021
10 October, 2021
6 December, 2021
2 March, 2022
The shortest period of time between Board Meetings was less than one hundred twenty days.
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The following table summarizes the Board members' names and attendance at Board meetings:
Mr. Syed Abbas Khursheed: 5/5
Ms. Shefali Tailor: 5/5
Ms. Hardika Gupta 5/5
Ms. Aastha Sharma 4/5
The absence of risks to the company's existence necessitates the absence of a risk management policy.
The corporation does not have any subsidiaries, joint ventures, or affiliated companies as of March 31st,
2022. As a result, the business is not required to consolidate its accounts with those of another business.
The undersigned, AHS & Associates, hereby appoint themselves to serve as the Company's Statutory
Auditors until the conclusion of the Company's Annual General Meeting in 2025.
The Company has gotten a letter from them affirming that their reappointment as auditors would fulfill the
prerequisites set out in Section 141 of the Act and the Rule
As a consequence, there is no need for further commentary or explanation in the Auditor's Reports' Notes
on Accounts. Yes, there are no unfavorable findings in the Statutory Auditor's Report.
Explanation of the Statutory Auditors' conclusions is superfluous when read in combination with
the pertinent notes to the accounts and accounting standards.
The following tables describe energy savings, technological adoption, and foreign currency
inflows and outflows:
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A) Energy conservation: The business obtains power from the local utility.
B) Technology absorption: The corporation develops its own knowledge and technology and does
not rely on other sources of technology.
C) Foreign Currency Earnings and Expenses There were no international inflows or outflows
during the fiscal year under review.
A comprehensive internal control system safeguards the company's assets, ensuring they are not
lost, abused, or misappropriated. All transactions have been authorized, recorded, and reported to
Management on a timely basis in accordance with established procedures.
The company's primary goal is to maintain and report Financial Statements in line with applicable
accounting standards.
Corporate Social Responsibility (CSR) is presently not included under the Act's Section 135 provisions.
But, as our company’s mission talks about “fully literate India “therefore we will be contributing 5% of our
profit towards the education of marginalized sections.
An annexure in the necessary Form AOC-2 is included in this report and provides information on
contracts or agreements entered into by the Company with related parties for the fiscal year ending
March 31, 2022.
The Board's structure remained unchanged throughout the fiscal year under review, implying that
the Board's membership remained unchanged.
The Companies Act, 2013, provides that the corporation is not required to designate any full-time
KMPs.
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The following information will be made public if any Directors/KMPs were appointed or resigned
during the fiscal year under review
The Company is immune from Section 148's expense audit requirement. Section 148 of the
Companies Act requires a cost audit, and the company has maintained accurate records and
accounts in accordance with the act's requirements.
Regulators, courts, and tribunals have made no significant rulings affecting the company's future
activities or its status as a "going concern."
Annexures provide information on a significant judgment issued by the Hon'ble High Court that
may have an impact on the company's capacity to continue as a going concern.
The Company is not required to divulge information about any of its workers under the terms of
Section 197 of the Act.
In line with Section 134(3) (c) of the Act, your Directors make the following declarations about
their knowledge and belief, as well as the information and explanations they have acquired:
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a. Annual financial statements were produced in compliance with applicable accounting
standards for the fiscal year ended March 31, 2022, and significant variations were appropriately
explained.
b. As a consequence, at the end of the Financial Year 2021-22, the Company's financial
statements will be consistent with those of the Company as a whole and will offer a true and fair
portrayal of the Company's financial position and results of operations.
c. The Directors have taken necessary and sufficient care to ensure that proper accounting
records are kept in order to safeguard the company's assets and to prevent and detect fraud, in
accordance with the provisions of the Companies Act.
d. The annual accounts have been prepared on a going concern basis by the Directors;
e. The Directors established internal financial controls for the Company and ensured that
they were sufficient and working efficiently
f. The Directors established suitable and effective processes to guarantee compliance with
the requirements of all relevant legislation.
26. ACKNOWLEDGEMENT
We would like to express our deepest thanks to our employees, customers, investors, and academic
collaborators.
It is true that we appreciate the help of governments from across the world, the governments of
various Indian states, and the necessary government ministries and agencies.
Each person who has put their life or safety on the line to combat this pandemic has earned our
profound thanks and respect, and we are deeply sorry for the loss of life caused by the COVID-19
outbreak.
Everyone on the SHIKSHARTHI team has something to be proud of, and this includes the board
of directors.
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By the order of the Board of Directors
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