Under Articles of Association of our Company, the number of directors shall not be less than 3 (three) and not be more than 15 (Fifteen), subject to the applicable provisions of the Companies Act, 2013.
As of the date of this Draft Red Herring Prospectus, our Company has 6 (Six) Directors on the Board, 1 (One) as Chairman & Managing Director, 1 (One) as Whole Time Director, 1 (One) as Executive Director and 3 (Three) as Non-Executive Independent Directors. There are 2 (Two) Woman Directors in our Board.
The details of the Directors are as mentioned in the below table:
Name, Father's Name, Age, DOB, Designation, Address, Occupation, Nationality, Term and DIN
Name: Mr. Manish Dhariwal
Nil
Father's Name: Mr. Gautam Chand Dhariwal
Age: 42 years
Date of Birth: August 30, 1981
and Managing Director for a period of 5 (five) years with effect from May 08, 2024.
Designation: Chairman & Managing Director
Address: Sadarpura, 37 KH, Suder Niwas, 8th E Road, Shastri Nagar, Jodhpur 342003, India
Occupation: Business
Nationality: Indian
Term: Redesignated as Chairman and Managing Director for a period of 5 (five) years with effect from May 08, 2024.
DIN: 08762566
Name: Ms. Shakshi Dhariwal
Father's Name: Mr. Anil Palracha
Age: 41 years
Company on May 08, 2024.
Date of Birth: November 25, 1982
Designation: Whole Time Director
Address: Shobhawaton ki Dhani, Plot No. 12, Khushal Nagar, Jodhpur 342001, Rajasthan, India
Term: Liable to retire by Rotation
DIN: 08762567
Name, Father's Name, Age, DOB, Designation,
Address, Occupation, Nationality, Term and DIN
appointment
Name: Mr. Dilip Dhariwal
Age: 35 years
Date of Birth: November 12, 1987
Address: 37 Kha Sunder Niwas, 8th E Road, Sadarpura, Jodhpur 342001, Rajasthan, India
Term: Liable to retire by rotation
DIN: 10425723
Appointed as Executive Director of the Company on April 01, 2024.
Name: Ms. Monu Rathi
Father's Name: Mr. Om Prakash Kothari
Age: 30 years
Date of Birth: November 14, 1993
Designation: Non-Executive Independent Director
Address: 236 A, Shiv Shakti Azad Hind Market, Opp. Barktullah khan stadium, Pal Road, Jodhpur 342003, Rajasthan, India
Occupation: Professional
Term: Appointed as Non-Executive Independent Director with effect from May 08, 2024 for a period of 5 years
DIN: 10600873
DIN: 09709107
Name: Mr. Amit Sankhla
Father's Name: Mr. Govind Ram Sankhla
Age: 41 Years
Date of Birth: February 12, 1955
Address: 249, Parihar Nagar, Magra Marg, Bhadwasiya, K.U.M Mandore Road, Jodhpur 342007, Rajasthan, India
DIN: 07056661
Appointed as Non- Executive Independent Director of the Company on May 08, 2024.
BRIEF PROFILE OF OUR DIRECTORS
Mr. Manish Dhariwal, aged 42 years, is the Promoter, Chairman and Managing Director of our Company. He has completed Bachelor of Commerce from Jai Narain Vyas University, Jodhpur, in the year 2001. He is responsible for crafting and implementing the overall strategy of the company. He has been instrumental in managing & leading the operations of the company. He is responsible for the entire management and administration of the Company and brings about innovation through development of products, exploring and evaluating ways of penetrating existing markets and developing new markets in India and abroad. He has over 17 years of experience in Dhariwal Corporation and more than 3 years of experience in our same company.
Ms. Shakshi Dhariwal, aged 41 years, is the Promoter and Whole Time Director of our Company. She has completed her Masters of Commerce from Jai Narain Vyas University, Jodhpur in the year 2005. She has over 16 years of experience in Dhariwal Corporation and more than 3 years of experience in our same company. Her proficiency in sales management and administration has been instrumental in driving our firm towards success.
Mr. Dilip Dhariwal, aged 35 years, is the Executive Director of our Company. He holds a Master Degree in Master of Business Administration from Jain Narain Vyas University, Jodhpur, in the year 2013. He has an experience of around 9 years in Dhariwal Marketing as proprietor-Export expert.
Ms. Monu Rathi, aged 30 years, is the Non-Executive Independent Director of our Company. She has passed the professional competence examination conducted by The Institute of Chartered Accounts of India in year 2015 and has passed final examination of Institute of Cost Accountants of India in the year 2017. Further, She has also passed the Level 1 CFA Exam on January 22, 2018. She is an Associate member of the Institute of Chartered Accounts of India from the year 2016. She has an experience of more than 7 years in the field of finance and accountancy.
Mr. Ashish Mathur, aged 48 years, is the Non-Executive Independent Director of our Company. He has completed his Post Graduate Diploma in Business Management Course with specialization in Marketing from Indian Institute of Rural Management, Jaipur in the year 1998. He is having 15 years of experience in the Marudhar Paints and Polymers.
Mr. Amit Sankhla, aged 41 years, is the Non-Executive Independent Director of our Company. He has completed his Bachelor of Architecture from the Jai Narayan Vyas University Jodhpur in the year 2005. Further, He holds Master's Degree of Architecture from Yashwantrao Chavan Maharashtra Open University, Nashik in the year 2009. He has more than 9 years of experience as an architect.
CONFIRMATIONS
As on the date of this Draft Red Herring Prospectus:
DETAILS OF BORROWING POWERS
Pursuant to a Special Resolution passed at an Annual General Meeting of our Company held on May 08, 2024 and pursuant to provisions of Section 180(1)(c) and other applicable provisions, if any, of the Companies Act, 2013 and rules made thereunder, the Board of Directors of the Company are authorized to borrow monies from time to time, with or without security, any sum or sums of money, on such security and on such terms and conditions as the Board may deem fit, notwithstanding that the money to be borrowed together with the money already borrowed by our Company may exceed in the aggregate, its paid up capital and free reserves and security premium (apart from temporary loans obtained
/ to be obtained from bankers in the ordinary course of business), provided that the outstanding principal amount of such borrowing at any point of time shall not exceed in the aggregate of ? 20,000.00 Lakhs.
REMUNERATION OF OUR EXECUTIVE DIRECTORS
Mr. Manish Dhariwal
Mr. Manish Dhariwal, has been director of the Company since June 14, 2020. Further, at the Board Meeting of the Company dated May 06, 2024 and Shareholder's Resolution dated May 08, 2024, he was Re-designated as the Chairman & Managing Director of our Company for a period of five years with effect from May 08, 2024. The details of his remuneration as revised by our Board on May 08, 2024, for a period of five years, are as stated below:
Particulars
Remuneration
Other benefits
and conditions of his employment be decided from time to time.
Ms. Shakshi Dhariwal
Ms. Shakshi Dhariwal has been a Director on the Board of our Company since June 14, 2020. She was appointed as Whole time Director of the Company pursuant to a Board resolution dated May 06, 2024 and Shareholder's resolution dated May 08, 2024 with effect from May 08, 2024. The details of her remuneration as revised by our Board on May 06, 2024, for a period of five years, are as stated below:
The compensation payable to our Directors will be governed as per the terms of their appointment and shall be subject to the provisions of Section 2(54), Section 2(94), Section 188, Section 196, Section 197, Section 198 and Section 203 and any other applicable provisions, if any of the Companies Act, 2013 read with Schedule V to the Companies Act, 2013 and the rules made there under (including any statutory modification(s) or re-enactment thereof or any of the provisions of the Companies Act, for the time being in force). The Remuneration / Sitting Fees paid to the Directors during the last F.Y. 2023 - 24 is as follows:
(? in Lakhs)
Sr. No.
1.
2.
3.
SITTING FEES
Pursuant to the Resolution passed by the Board of Directors of our Company on May 06, 2024, the Non-Executive Independent Directors of our Company would be entitled to a sitting fee of ? 3,000 /- with effect from May 06, 2024 for attending every meeting of Board and committees thereof.
REMUNERATION PAID OR PAYABLE TO OUR DIRECTORS BY OUR SUBSIDIARIES OR ASSOCIATES
As on the date of this Draft Red Herring Prospectus, we do not have any subsidiaries or associates.
PAYMENT OF BENEFITS (NON-SALARY RELATED)
Except as disclosed above, no amount or benefit has been paid or given within the two (2) years preceding the date of filing of this Draft Red Herring Prospectus or is intended to be paid or given to any of our directors except the remuneration for services rendered and/or sitting fees as Directors.
CONTINGENT AND DEFERRED COMPENSATION PAYABLE TO DIRECTORS
There is no contingent or deferred compensation payable to our directors, which does not form part of their remuneration.
BONUS OR PROFIT-SHARING PLAN FOR THE DIRECTORS
None of the Directors are party to any bonus or profit-sharing plan of our Company.
SHAREHOLDING OF OUR DIRECTORS
Our Articles of Association do not require our directors to hold any qualification shares.
The details of the shareholding of our directors as on the date of this Draft Red Herring Prospectus are as follows:
Sr.
No.
INTEREST OF OUR DIRECTORS
All our directors may be deemed to be interested to the extent of remuneration and reimbursement of expenses, if any, payable to them by our Company as well as sitting fees, if any, payable to them for attending meetings of our Board or Committees thereof payable to them.
Further our directors may be deemed to be interested to the extent of shareholding held by them in our Company or held by the entities in which they are associated as directors or partners, or that may be subscribed by or allotted to the companies, firms, ventures, trusts in which they are interested as promoters, directors, partners, proprietors, members or trustees, pursuant to the Issue and any dividend and other distributions payable in respect of such Equity Shares. For the shareholding of the Directors, please refer chapter titled "Our Management Shareholding of our Directors" on page 146 of this Draft Red Herring Prospectus.
Further, relatives of certain of our directors are also shareholders and / or employees of our Company and may be deemed to be interested to the extent of the payment of remuneration made by our Company and dividends declared on the Equity Shares held by them, if any. For the payments that are made by our Company to such relatives of the Directors, see "Restated Financial Statements Annexure XXX - Related Party Transactions" on page 166 of this Draft Red Herring Prospectus.
Except mentioned in the Restated Financial Statements, no loans have been availed or extended by our directors from or to, our Company.
No sum has been paid or agreed to be paid to our directors or to firms or companies in which they may be members, in cash or shares or otherwise by any person either to induce them to become, or to qualify them as, a director, or otherwise for services rendered by them by such firm or company, in connection with the promotion or formation of our Company.
Except as stated in the heading titled "Properties" under the chapter titled "Our Business", beginning on page 91 of this Draft Red Herring Prospectus, none of our directors have interest in any property acquired or proposed to be acquired by our Company, or in any transaction by our Company for acquisition of land, construction of building or supply of machinery.
Except as stated in the chapter titled "Our Business" and "Restated Financial Statements" beginning on page 91 and 166 respectively and to the extent of shareholding in our Company, if any, our directors do not have any other business interest in our Company.
Except Mr. Manish Dhariwal, Ms. Shakshi Dhariwal and Mr. Dilip Dhariwal, who are the Promoters of our Company, none of the other Directors are interested in the promotion of our Company.
CHANGES IN OUR BOARD OF DIRECTORS DURING THE LAST THREE YEARS
4.
5.
6.
7.
Change in designation
8.
9.
Officer
CORPORATE GOVERNANCE
We are in compliance with the requirements of the Companies Act in respect of corporate governance including constitution of the Board and committees thereof. Further, conditions of corporate governance as stipulated in Regulation 17 to 27 of the SEBI LODR Regulations is not applicable to our company in terms of the Regulation 15(2)(b) of the SEBI LODR Regulations. Our Board has been constituted in compliance with the Companies Act. The Board functions either as a full board or through various committees constituted to oversee specific functions.
Our Company stands committed to good corporate governance practices based on the principles such as accountability, transparency in dealing with our stakeholders, emphasis on communication and transparent report.
Our Board functions either as a full Board or through the various committees constituted to oversee specific operational areas. As on the date of this Draft Red Herring Prospectus, our Company has Six (6) Directors, 1 (One) as Chairman & Managing Director, 1 (One) as Whole time Director, 1 (One) as Executive Director and 3 (Three) as Non-Executive Non- Independent Director. There is 1 (One) Woman Director in our Board.
COMMITTEES OF THE BOARD OF DIRECTORS
Our Board of Directors presently has four (4) committees which have been constituted in accordance with the relevant provisions of the Companies Act: (i) Audit Committee, (ii) Stakeholders' Relationship Committee, (iii) Nomination and Remuneration Committee, and
Audit Committee: Our Board has constituted the Audit Committee vide Board Resolution dated May 06, 2024 which was in accordance with Section 177 of the Companies Act, 2013. The audit committee comprises of:
Name of the Directors
Ms. Monu Rathi
Mr. Ashish Mathur
The Company Secretary & Compliance Officer of the Company will act as the Secretary of the Committee. The role of Audit Committee shall include but shall not be restricted to the following:
Explanation (i): The term "related party transactions" shall have the same meaning as contained in the Ind AS 24, Related Party Transactions, issued by The Institute of Chartered Accountants of India.
Explanation (ii): If the issuer has set up an audit committee pursuant to provision of the Companies Act, the said audit committee shall have such additional functions / features as is contained in this clause.
The Audit Committee enjoys following powers:
The Audit Committee shall mandatorily review the following information:
The recommendations of the Audit Committee on any matter relating to financial management, including the audit report, are binding on the Board. If the Board is not in agreement with the recommendations of the Committee, reasons for disagreement shall have to be incorporated in the minutes of the Board Meeting and the same has to be communicated to the shareholders. The Chairman of the committee has to attend the Annual General Meetings of the Company to provide clarifications on matters relating to the audit.
Meeting of Audit Committee and Relevant Quorum
The Audit Committee shall meet at least four times in a year and not more than one hundred and twenty days shall elapse between two meetings. The quorum for audit committee meeting shall either be two members or one third of the members of the audit committee, whichever is greater, with at least two independent directors.
Stakeholders' Relationship Committee
Our Board has constituted the Stakeholders' Relationship Committee vide Board Resolution dated May 06, 2024 pursuant to Section 178 of the Companies Act, 2013. The Stakeholder's Relationship Committee comprises of:
The Company Secretary of the Company will act as the Secretary of the Committee.
This committee will address all grievances of Shareholders/Investors and its terms of reference include the following:
Meeting of Stakeholders' Relationship Committee and Relevant Quorum
The stakeholders' Relationship committee shall meet at least four times in a year and shall report to the Board of Directors on a quarterly basis regarding the status of redressal of complaints received from the shareholders of the Company. The quorum for a meeting of the Stakeholder's Relationship Committee shall be two members present.
Nomination and Remuneration Committee
Our Board has constituted the Nomination and Remuneration Committee vide Board Resolution dated May 06 2024 pursuant to section 178 of the Companies Act, 2013.
The Nomination and Remuneration Committee comprises of:
Mr. Amit Sankhla
The Company Secretary of our Company acts as the Secretary to the Committee.
The scope of Nomination and Remuneration Committee shall include but shall not be restricted to the following:
Meeting of Nomination and Remuneration Committee and Relevant Quorum
The quorum necessary for a meeting of the Nomination and Remuneration Committee shall be two members. The Committee shall meet as and when required.
POLICY ON DISCLOSURES AND INTERNAL PROCEDURE FOR PREVENTION OF INSIDER TRADING
The provisions of Regulation 9(1) of the SEBI PIT Regulations will be applicable to our Company immediately upon the listing of its Equity Shares on the NSE Emerge. We shall comply with the requirements of the SEBI PIT Regulations on listing of Equity Shares on stock exchange. Further, Board of Directors have formulated and adopted the code of conduct to regulate, monitor and report trading by its employees and other connected persons. The Company Secretary & Compliance Officer will be responsible for setting forth policies, procedures, monitoring and adherence to the rules for the preservation of price sensitive information and the implementation of the Code of Conduct under the overall supervision of the board.
ORGANIZATIONAL STRUCTURE
KEY MANAGERIAL PERSONNEL AND SENIOR MANAGEMENT
Our Company is managed by our Board of Directors, assisted by qualified and experienced professionals, who are permanent employees of our Company. Below are the details of the Key Managerial Personnel and senior management of our Company:
Key Managerial Personnel of our Company:
Mr. Manish Dhariwal is the Promoter, Chairman & Managing Director of the Company and Ms. Shakshi Dhariwal is the Promoter, Whole Time Director of the company. For detailed profile, see para, "Brief Profile of our Directors" on page 146 of this Draft Red Herring Prospectus.
Mr. Jinesh Jain, aged 31 years, is the Chief Financial Officer of our Company with effect from May 06, 2024. He has completed his Bachelor of Commerce from Jai Narayan Vyas University, Jodhpur in the year 2014 and has also passed Integrated Professional Competence Examination Certificate from the Institute of Chartered Accountants of India in the year 2016. He has around 5 years of experience in field of accounting, taxation and finance. He previously worked with Harism Motors Private Limited. He was paid ? 5.82 Lakhs as salary in the Fiscal Year 2023-24.
Ms. Saloni Kachhawaha, aged 25 years, is the Company Secretary and Compliance Officer of our Company with effect from May 06, 2024. She is an Associate member of the Institute of Company Secretaries of India from 2021. She is responsible for the Secretarial and Compliance division of our Company. She was not paid any remuneration in the Fiscal Year 2023-24.
Senior Management Personnel of our Company:
In addition to the above, the details of our other Senior Management Personnel in terms of the SEBI ICDR Regulations, as of the date of this Draft Red Herring Prospectus are set forth below:
Mr. Vikash Jain, aged 38 years, is the Administrative Officer of our company. He has completed Masters of He holds degree of Doctor of Philosophy in Commerce from Singhania University in the year 2016. He has more than 4 years of experience in Dhariwal Corporation. He was paid ? 4.80 Lakhs as salary in the Fiscal Year 2023-24.
STATUS OF OUR KEY MANAGERIAL PERSONNEL AND SENIOR MANAGEMENT
All our Key Managerial Personnel and senior management are permanent employees of our Company.
RELATIONSHIP BETWEEN OUR DIRECTORS, KEY MANAGERIAL PERSONNEL AND SENIOR MANAGEMENT
None of our directors are related to each other or to our Key Managerial Personnel and Senior Management. Except as mentioned below:
SHAREHOLDING OF THE KEY MANAGEMENT PERSONNEL AND SENIOR MANAGEMENT
Except for the following, none of our KMPs or senior management hold any shares of our Company as on the date of this Draft Red Herring Prospectus.
SERVICE CONTRACTS WITH KEY MANAGERIAL PERSONNEL AND SENIOR MANAGEMENT
Our Key Managerial Personnel or Senior Management have not entered into any service contracts with our Company which provide for any benefits upon termination of their employment in our Company.
INTEREST OF KEY MANAGERIAL PERSONNEL AND SENIOR MANAGEMENT
None of our Key Management Personnel or Senior Management has any interest in our Company except to the extent of their remuneration, benefits, reimbursement of expenses incurred by them in the ordinary course of business. Our Key Managerial Personnel or Senior Management may also be interested to the extent of Equity Shares, if any, held by them and any dividend payable to them and other distributions in respect of such Equity Shares in future.
ARRANGEMENT OR UNDERSTANDING WITH MAJOR SHAREHOLDERS/ CUSTOMERS/ SUPPLIERS
There is no arrangement or understanding with major shareholders, customers, suppliers or others, pursuant to which any of our Key Managerial Personnel or senior management have been selected as the Key Managerial Personnel or senior management of our Company.
BONUS OR PROFIT-SHARING PLAN OF THE KEY MANAGEMENT PERSONNEL AND SENIOR MANAGEMENT
There is no profit-sharing plan for the Key Managerial Personnel or senior management. However, our Company provides performance linked bonus payments, in accordance with their terms of appointment.
CONTINGENT AND DEFERRED COMPENSATION PAYABLE TO OUR KEY MANAGERIAL PERSONNEL AND SENIOR MANAGEMENT
There is no contingent or deferred compensation payable to our Key Managerial Personnel and senior management, which form part of their remuneration.
EMPLOYEE SHARE PURCHASE AND EMPLOYEE STOCK OPTION PLAN
Our Company does not have an employee stock option scheme as on the date of this Draft Red Herring Prospectus.
PAYMENT OR BENEFIT TO OUR KEY MANAGERIAL PERSONNEL AND SENIOR MANAGEMENT
No non salary related amount or benefit has been paid or given to any officer of our Company within the two years preceding the date of filing of this Draft Red Herring Prospectus or is intended to be paid or given, other than in the ordinary course of their employment.
CHANGES IN OUR KEY MANAGERIAL PERSONNEL AND SENIOR MANAGEMENT IN THE LAST THREE YEARS FROM THE DATE OF FILING OF THIS DRAFT RED HERRING PROSPECTUS
The changes in our Key Managerial Personnel and Senior Management during the three years immediately preceding the date of filing of this Draft Red Herring Prospectus are set forth below:
Name
Mr. Jinesh Jain
Ms. Saloni
Kachhawaha
ATTRITION OF KEY MANAGERIAL PERSONNEL AND SENIOR MANAGEMENT
The attrition of Key Managerial Personnel and senior management is not high in our Company compared to the industry.