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TORRENT-PO-2016-2017.Pdf INDEX Corporate Information ........................................................................................................................................................ 2 Notice ................................................................................................................................................................................ 3 Board’s Report ................................................................................................................................................................. 12 Management Discussion and Analysis ............................................................................................................................ 49 Business Responsibility Report ....................................................................................................................................... 58 Report on Corporate Governance ................................................................................................................................... 68 Independent Auditors’ Report on Standalone Financial Statements ................................................................................ 85 Standalone Financial Statements .................................................................................................................................... 92 Independent Auditors’ Report on Consolidated Financial Statements ........................................................................... 162 Consolidated Financial Statements ............................................................................................................................... 166 5 Years’ Highlights - Consolidated .................................................................................................................................. 236 CORPORATE INFORMATION Board of Directors Statutory Auditors Sudhir Mehta Deloitte Haskins & Sells, Ahmedabad Chairman Chartered Accountants Pankaj Patel Samir Barua Registered Office Kiran Karnik “Samanvay”, 600, Keki Mistry Tapovan, Ambawadi, R. Ravichandran Ahmedabad-380009, Bhavna Doshi Gujarat, India. Dharmishta Raval Phone: +91 79 2662 8300 / 2662 8000 Pankaj Joshi, IAS Fax: +91 79 2676 4159 Samir Mehta Vice Chairman GENERATION Markand Bhatt SUGEN, UNOSUGEN & GENSU Whole-time Director Off National Highway No. 8, Taluka Kamrej, Jinal Mehta District Surat-394155 (Gujarat) Whole-time Director AMGEN Audit and Risk Management Committee Ahmedabad-380005 (Gujarat) Keki Mistry Chairman DGEN Samir Barua Plot No. Z-9, Dahej SEZ, Taluka Vagra, Kiran Karnik Dist. Bharuch - 392130 (Gujarat) Bhavna Doshi Dharmishta Raval CABLES Yoginagar, Mission Road, Stakeholders Relationship Committee Nadiad-387002 (Gujarat) Pankaj Patel Chairman DISTRIBUTION Samir Mehta Torrent House, Station Road, Markand Bhatt Surat-395003 (Gujarat) Nomination and Remuneration Committee Old Agra Road, Anjur Phata, Kiran Karnik Bhiwandi-421302 (Maharashtra) Chairman Sudhir Mehta 6, Raghunath Nagar, Suresh Plaza Market, Pankaj Patel M. G. Road, Agra-282002 (Uttar Pradesh) Dharmishta Raval Website Corporate Social Responsibility Committee www.torrentpower.com Bhavna Doshi Chairperson Registrar and Share Transfer Agent Samir Barua Link Intime India Pvt. Ltd. Jinal Mehta Unit : Torrent Power Limited 506-508, Amarnath Business Centre-1 (ABC–1), Committee of Directors Besides Gala Business Centre, Near ST. Xavier’s Samir Mehta College Corner, Off. C. G. Road, Chairman Ellisbridge, Ahmedabad - 380006 (Gujarat) Markand Bhatt Phone : +91 79 2646 5179 / 86 / 87 Jinal Mehta E-mail : [email protected] Website : www.linkintime.co.in Executive Director (Corporate Affairs) & Chief Financial Officer Investor Services Email Id T. P. Vijayasarathy [email protected] Company Secretary Corporate Identity Number Darshan Soni L31200GJ2004PLC044068 2 Annual Report 2016-17 NOTICE NOTICE is hereby given that the Thirteenth Annual General Meeting of the Members of TORRENT POWER LIMITED will be held on Tuesday, 1st August, 2017 at 2.30 p.m. at J. B. Auditorium, Torrent - AMA Centre, Ahmedabad Management Association, Vastrapur, Ahmedabad - 380015* to transact the following business: ORDINARY BUSINESS 1. Adoption of the Financial Statements To receive, consider and adopt the Financial Statements (including Consolidated Financial Statements) of the Company for the financial year ended 31st March, 2017, including Audited Balance Sheet as at 31st March, 2017 and the Statement of Profit and Loss for the year ended on that date and reports of the Auditors and the Directors thereon. 2. Declaration of dividend To declare dividend of `2.20 per share on equity shares of the Company for the financial year ended 31st March, 2017. 3. Director retiring by rotation To consider and if thought fit, to pass, with or without modification(s), the following resolution as anOrdinary Resolution: “RESOLVED THAT the vacancy caused by retirement of Shri R. Ravichandran (holding DIN: 06737497) at the 13th Annual General Meeting be not filled up.” 4. Appointment of Statutory Auditors To consider and if thought fit, to pass, with or without modification(s), the following resolution as anOrdinary Resolution: “RESOLVED THAT pursuant to the provisions of Section 139, 141, 142 and other applicable provisions, if any, of the Companies Act, 2013 and rules made thereunder, M/s. Price Waterhouse Chartered Accountants LLP, Chartered Accountants, (FRN: 012754N/N500016) be and are hereby appointed as Statutory Auditors of the Company to hold office from conclusion of this Annual General Meeting of the Company till conclusion of the 18th Annual General Meeting at a remuneration to be fixed by the Board of Directors of the Company, subject to ratification of such appointment by the shareholders at every Annual General Meeting.” SPECIAL BUSINESS 5. Appointment of Shri Pankaj Joshi, IAS as Director of the Company To consider and if thought fit, to pass with or without modification(s), the following resolution as anOrdinary Resolution: “RESOLVED THAT Shri Pankaj Joshi, IAS (holding DIN: 01532892), who was appointed as an Additional Director of the Company pursuant to the provisions of Section 161(1) of the Companies Act, 2013, Article 114 of the Articles of Association of the Company and any other provisions if applicable and who holds office till commencement of this Annual General Meeting and in respect of whom the Company has received a notice from a member proposing his candidature for the office of Director, be and is hereby appointed as a Director of the Company liable to retire by rotation.” 6. Ratification of Remuneration of Cost Auditors To consider and if thought fit, to pass with or without modification(s), the following resolution as anOrdinary Resolution: “RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014 including any statutory modification(s) or re-enactment thereof, for the time being in force (“Act”), M/s. Kirit Mehta & Co., Cost Accountants, Mumbai, the Cost Auditors appointed by the Board of Directors of the Company (except for Dahej Distribution and DGEN as both are in SEZ and exempt from * Please refer to page no. 238 for route map to the AGM venue. 3 the provisions of Cost Audit), to conduct the audit of the cost records of the Company for the financial year ending 31st March, 2018 be paid the remuneration of `12,00,000 /- plus applicable taxes and out of pocket expenses incurred by them during the course of the Audit. RESOLVED FURTHER THAT the Board of Directors of the Company (including any Committee thereof) be and is hereby authorised to take such actions as may be necessary for implementing the above resolution.” By Order of the Board For Torrent Power Limited Ahmedabad T. P. Vijayasarathy 23rd May, 2017 Executive Director (Corporate Affairs) & CFO Registered Office: “Samanvay”, 600, Tapovan, Ambawadi, Ahmedabad-380015 CIN: L31200GJ2004PLC044068 Tel. No. +91 79 26628300 Website: www.torrentpower.com Email: [email protected] 4 Annual Report 2016-17 NOTES 1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE 13TH ANNUAL GENERAL MEETING (“AGM” or “meeting”) OF THE COMPANY IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF. A PROXY NEED NOT BE A MEMBER OF THE COMPANY. A person can act as proxy on behalf of members not exceeding 50 Notice (fifty) and holding in aggregate not more than 10 (ten) percent of the total share capital of the Company. However, a member holding more than 10% (ten percent) of the total share capital of the Company may appoint a single person as proxy and such person shall not act as proxy for any other member. 2. A proxy form is sent herewith. In case a member wants to appoint a proxy, duly completed and stamped proxy form, must reach the Registered Office of the Company not later than 48 hours before the time for holding the aforesaid meeting. 3. Corporate members intending to send their authorised representatives to attend the meeting are requested to send a certified copy of the Board resolution to the Company, authorising their representative to attend and vote on their behalf at the meeting. 4. Members / proxies / authorised representatives are requested to bring the Attendance Slip sent herewith, duly filled in, for attending the meeting. 5. In case of joint holders attending the Meeting, only such joint holder who is higher in the order of names will be entitled to vote. 6. The Register of Members and Share Transfer Books
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