BOARD’S REPORT 111 Your Company has committed to Science Based Target, an initiative to restrict average global temperature rise in alignment of Paris Climate Change Agreement. The Group is committed to become Carbon Neutral by 2040. The Sustainability performance of your Company for the Financial Year 2023-24 will be elaborated in detail in the GRI Report which is under preparation and will be ready for release shortly. Your Company was recognized for its leadership position on the ESG dimensions during the year under review, by way of: ● Winner of Best ESG Company 2024 in the Automobile Category (Passenger & Commercial Vehicles), given by Dun & Bradstreet India. ● Only automobile company globally disclosing Core & Expanded metrics as per WEF’s Stakeholder Capitalism Metrics during the year 2023. ● Part of Dow Jones Sustainability world & emerging market Indices, for the 3rd consecutive year, only Indian automobile company to do so. ● Felicitated by CDP as a part of Supplier Engagement Rating Leadership Board for the year 2023. ● Inclusion in S&P Global Sustainability Yearbook 2024. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo The information pertaining to conservation of energy, technology absorption, foreign exchange earnings and outgo as required under section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is attached as Annexure VII and forms part of this Report. N. SECRETARIAL Share Capital During the year under review, the Authorised Share Capital of the Company stood at Rs. 12,681.5 crores divided into 2231,30,00,000 Ordinary (Equity) Shares of Rs. 5 each and 25,00,000 Unclassified shares of Rs. 100 each and 150,00,00,000 Preference Shares of Rs. 10 each. There was no change in the Authorised Share Capital of the Company during the year under review. The issued, subscribed and paid-up Share Capital of the Company stood at Rs. 621.76 crores divided into 124,35,28,831 Ordinary (Equity) shares of Rs. 5 each. There was no change in the issued, subscribed and paid-up Share Capital of the Company during the year under review. Compliance with the provisions of Secretarial Standard 1 and Secretarial Standard 2 The applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to ‘Meetings of the Board of Directors’ and ‘General Meetings’ respectively, have been duly complied by your Company. Annual Return Pursuant to section 134(3)(a) and section 92(3) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014, a copy of the Annual Return is placed on the website of the Company and can be accessed at the Web-link: https://www.mahindra.com/ resources/FY24/ AnnualReport.zip. O. POLICIES The details of the Key Policies adopted by the Company are mentioned at Annexure VIII to the Board’s Report. P. P ROCEEDINGS UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) There is one proceeding initiated / pending against your Company under the Insolvency and Bankruptcy Code, 2016 which does not materially impact the business of the Company. The Company would contest the matter based on its Merits. Q. GENERAL Neither the Managing Director nor the Executive Director received any remuneration or commission from any of the subsidiaries of your Company.
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