06 07. Internal financial controls TheManagement assessed the effectiveness of the internal financial controls over financial reporting as of March 31, 2021, and the Board believes that the controls are adequate. 08. Fixed deposits During 2020-21, the Company did not accept any fixed deposits. 09. Loans, guarantees, investments and security Particulars of loans, guarantees, investments and security provided are given at page number 53. 10. Subsidiary, associate and joint venture company The Company does not have any subsidiary, associate or joint venture company. 11. Related party transactions All the transactions entered into with the related parties were in ordinary course of business and on arm’s length basis. Details of such transactions are given at page number 60. No transactions that required disclosure in Form AOC-2 were entered into by the Company. 12. Corporate social responsibility Composition of the Corporate Social Responsibility (CSR) Committee, the CSR Policy and the CSR Report are given at page number 10. 13. Annual return Annual return for 2020-21 is available on the website of the Company at www.racl.net.in/investors.html 14. Auditors DeloitteHaskins&Sells LLP, CharteredAccountants were appointed as the Statutory Auditors of the Company at the 14th Annual General Meeting (AGM) held on August 03, 2018, until the conclusion of the 19th AGM. The Auditors’ Report for the financial year ended March 31, 2021, does not contain any qualification, reservation or adverse remark. The report is enclosed with the financial statements in this annual report. 15. Directors’ responsibility statement Pursuant to Section 134(5) of the Companies Act, 2013, the Directors confirm that to the best of their knowledge and belief: 15.1 In preparation of the annual accounts for the financial year endedMarch 31, 2021, the applicable accounting standards have been followed and there are no material departures. 15.2 The accounting policies were selected and applied consistently and judgements and estimates were made that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period. 15.3 Proper and sufficient care was taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. 15.4 The attached annual accounts for the year ended March 31, 2021, were prepared on a going concern basis. 15.5 Adequate internal financial controls to be followed by the Company were laid down and the same were adequate and operating effectively. 15.6 Proper systems were devised to ensure compliance with the provisions of all applicable laws and the same were adequate and operating effectively. 16. Directors 16.1 Appointments | Reappointments | Cessations 16.1.1 Subject to the approval of the Members in the Annual General Meeting, Dr G Venugopala Rao was reappointed as the Managing Director from August 18, 2021, to March 13, 2023. 16.1.2 According to Article 88 of the Articles of Association of the Company, Mr Gopi Kannan Thirukonda retires by rotation and being eligible offers himself for
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