MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2022-23

79 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS O. POLICIES The details of the Key Policies adopted by the Company are mentioned at Annexure VIII to the Board’s Report. P. PROCEEDINGS UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) There were two proceedings initiated / pending against your Company under the Insolvency and Bankruptcy Code, 2016 which do not materially impact the business of the Company. While in one case the Company has filed its detailed reply and the matter is pending for final hearing, the other matter is still under objection. Q. GENERAL Neither the Managing Director nor the Executive Director received any remuneration or commission from any of the subsidiaries of your Company. Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions / events on these items during the year under review: 1. Issue of equity shares with differential rights as to dividend, voting or otherwise. 2. Issue of Shares (including Sweat Equity Shares) to employees of the Company under any Scheme save and except Employees Stock Option Schemes (ESOS) referred to in this Report. 3. Signi cant or material orders passed by the Regulators or Courts or Tribunals which impact the going concern status and the Company’s operation in future. 4. Voting rights which are not directly exercised by the employees in respect of shares for the subscription / purchase of which loan was given by the Company (as there is no scheme pursuant to which such persons can bene cially hold shares as envisaged under section 67(3)(c) of the Companies Act, 2013). 5. There has been no change in the nature of business of your Company. 6. The Company has not made any one-time settlement for loans taken from the Banks or Financial Institutions, and hence the details of difference between amount of the valuation done at the time of one time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof is not applicable. 7. There was no revision of financial statements and Board’s Report of the Company during the year under review. For and on behalf of the Board ANAND G. MAHINDRA Chairman DIN: 00004695 Mumbai, 26 th May, 2023