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So, I started recording, right?


I said, are we good to go live go live. Okay now you can start.

So many members are there.

Yeah, but is is present I will update you the latest column. We already had forty two people joined sometime back when I checked. Okay so Corum is present. Okay.

Okay. What do we do?

you can hear us. yes. yes

Yes, we can.

Document overview welcome the members of challenge in the limited to be forty of the annual general meeting of the company.

Going to the extraordinary and unprecedented in circumstances of zero. Twenty, twenty, this meeting is being held through video conference in accordance with the circular issued by the ministry of defense and semi.

For safety reasons, each of us is in a different location.

Before we start the main proceedings of the meeting, I will request my colleagues on the video conference and the board to introduce themselves.

Good afternoon when we will right?

Popular opens up the Betsy group for this meeting.

Good afternoon everyone I am Tanya. John independent director feel company. Welcome to the of matches. Thank you.

Good afternoon everybody my name is so the last one, I'm an independent director of your company and welcome to the fort. Thank you.

Mpr provocation on behalf of embassy group from my home. I welcome all to the forty eight. The company.

Good afternoon everyone I'm a, from the MC group a director make Charles limited and welcome to the fortieth.


And then I do complete security and compliance officer of your company, make Charles India, limited a warm welcome to the shareholders to the fortieth annual meeting.

Thank you also being present, thank you also to all the members for being present and joining us on this conference.

Apart from my colleagues on the board and the other participants, we also have the stature associates. I am, the secretary will also join this meeting.

i'm informed that we have the requisite courtroom presence video conference to conduct the proceedings on this meeting

The participation of members to video conference has been relative to the purpose of photo master decentralization, administrative property phase and section one zero three of the companies active thousand thirty.

At this moment are forty two participants and counting the number of participants on this video conference. The requisite present. I declare this meeting open portal, being present. I call this meeting for.

I know request the companies to provide the general instructions to the members regarding participation this meeting.

Hi share windows a very good evening to everybody.

Members may note that this annual general meeting is being held to videoconference in accordance with the companies act. Two thousand, thirty and circulars issued by the ministry of corporate affairs and.

Facilitate a, joining this meeting to a video conference or other audiovisual means is made available for the members. When the first come first serve basis.

The company has also provided facility to view the live proceedings of this. A GM on.

The city is similar to the register of directors and police, and the register contracts arrangement has been as being made available electronically for inspection. By the members.

During the members, seeking to invest such documents can send their requests to investor relations that make Charles in general.

It may be noted that the company reserves the right to limit the number of members asking questions, depending on the availability of time at this agent.

The company had provided the facility to cause the war electronically when all the resolutions set forth in this in the notice.

Members who have not cost there yet electronically and who are participating in this meeting will have an opportunity to cause during the meeting the system provided by CDs.

Members can click on what tab on the video conference screen to avail this feature.

Members requested to refer to the instructions providing the notice,

or appearing on the video conference page so the seamless participation through videoconference in case member space any difficulty they may reach out on the helpline numbers provided.

Thank you very much. Thank you Jonathan. Now.

The company has taken all feasible efforts under the current circumstances to enable the members to participate through video conferencing work at the AGM all the members. My colleagues in the board, the auditors and the management team of the company.

So, joining this meeting with the video conference.

Hope all of you are safe and retired since it's probably the first time or large number of members and especially for us said Johns, when I video conference.

Excuse us if there are any unforeseen technically logistical and not very much that will be,

but if there are mechanically excuse the same during the financial year two thousand nineteen twenty,

we discontinued the operations of the Marina.

Your company decided upon the closure its main business is the spacing, huge pressure from, and its vicinity, and required substantial expand expenditure to renovate and compete with the other workers and on certain prospects.

As a result, the overall revenue decline is four hundred and fifty five million against the previous revenue would be a hundred and eighty million, which includes revenues from the operation.

So part of the year electricity, office, space and income from others, including excluding exceptional income.

As a result of the closure of the hotel, the median and associated costs of settlement, stop bills and payments the company and code and also hundred and twenty five point one, five million for the financial year. Two thousand and twenty.

I shared with you at last your company secured shareholders approval to amend the main objects clause of the memorandum of association of the company reoriented strategy and diversify into the real estate property business.

Your companies,

their portal,

the process of demolishing the no ten and as implementing the project to build an angry commercial office tower at the same location,

which will allow your company to benefit from the rentals in this premium location and build a robust to revenue stream for the future,

the project is expected opponents instruction in December,

twenty,

twenty,

and as a three year timeframe for completion,

the project will also leverage the expertise in more compliments.

What competencies of the promoter empathy group, which is want to be India's largest developers of office space.

The income streams for the and rental businesses remain steady. The operations of the forty two has been impacted by the corporate banking tandem.

Based on the companies performance, the directors are coming recommended a mill dividend for the financially oriented thirty plus much twenty twenty in conclusion.

I would like to thank all the shareholders the members of their board around potential support and guidance the management. Thanks to the members of the socket bowling beverage.

And articles, companies that continue to provide a summary of the audit. Thank you sir this territory auditors associates and secretarial auditor. Mr.

has expressed unqualified opinion in the respective audit reports. But the financial year two thousand nineteen twenty no qualifications observations or it was commandment financial statements. And matters, which have any material betting on the functions of the company.

This time to report on standalone financial statements and consolidated financial statement, but available on page number fifteen and ninety nine of the annual report.

Secretarial audit report is enclosed as report as part of the report on page number twenty six of your annual report. Thank you. Thank you John, as a notice of the gem has already been circulated to all the vendors.

I think your permission to take the notice convening the evening is right.

Before we proceed, I'm pleased to bring your notice that as required the company back the company, and we're waiting on you all the facility to pass to chronically and all the resolutions set forth.

Then those will not cost, they will telecom this meeting will have an opportunity pass through the voting system provided by CDs.

Members may please note there will be no voting by show of hands.

We now take up the resolutions as set forth in the notice we open the flow for any questions after all the resolutions.

Once tied to the notice is the adoption of the financial statement.

The financial statements of the company, including the consolidated financial statements with the financial they are in the thirty plus March twenty, including the report of the board of directors auditors have already been provided to them.

Item number two notice the point was the triple zero, Dublin, five, four, one, six retirement rotation, and being eligible offers himself reappointment as a direct.

The detail of the same is part of the annual report and provided to the members.

The third item of promoters proclaim Mrs Walker John you can pull it as a.

Efficient pertaining to item number resolve the problem section one, thirty, nine, eight of the company's act thirteen.

When will the companies audit and auditors rules, two thousand, fourteen and other applicable progressions of any, including any statutory modifications. gratifications exemptions and reenactments of the time being enforced.

This is what the W, zero one, zero, seven, six ensco and five zero one three. B.

and out here by appointed, maybe the first August twenty, twenty, the casual vacancy caused by the resignation of Mrs. via service associates and then be charted accountants registration number number one.

Sixteen two one one W, slash zero point four to the conclusion of the central general meeting and reimbursement of expenses by the board of directors.

If any member desires to ask any question pertaining to any item he may do. So she may do.

So now, members are requested to please keep the questions specific regularly, facilitate the questions on the video feature to avoid repetition.

The answers to all the questions will be provided to the members. We also know that the company reserves the right to limit the number of members asking questions, depending on the availability time.

Thank you,

sir there share Windows Thank you for joining courtesy and agenda meeting today input taking time to participate in today's before we go live with the question and answer session here are some points to note for your

convenience finally turn on and your projected on the broadcast finally and mute yourself and proceed to us.

The question please mentioned your name for your number and the location from there. You are joining.

Each shareholder will have two minutes for the questions, provide reputation. The board will respond to all questions. At the end. Once you have, as your question, you can logo and continue to watch the proceedings.

The board will be taking questions from shareholders, two or three sets, depending on the number of questions on. We do.

Yes, can you just mute the speaker for today?

We should appreciate counter.

Yes, sir.

So, we can hear you said, we can hear you said yeah. Yeah please hold one, three, five, nine one, five.

When I went on the web meetings that are having a lot of expectations from the company, just all is well with you and your family in this challenging situation.

Our company deserves much more respect than the current market cap after completing more than a decade of successful operations in history and become the one of the respective. We said, we are long term shareholders since the inception.

My family is a shareholder of your company. We need a qualification. What's the real impact of moving nineteen and a half?

We are not at any hotel rooms for our patients, during the pandemic situation, where you see the light and then what would be the growth because it was covered second up a, any cut in percentage. If any, what is the view of the management going forward?

Sustainable profit on growth will remain challenged in the coming quarters. So, after we add a open offer, we are disappointed that the share price from the database. We are open operator dropped like anything and around seventy five percent was also there was there and share.

Has come down and subsequently again, the company has improved and more than a year's time, our stock was not being created and it is being suspended due to penalty reason why we have. We not wait a or listing fees at that particular time.

And now I can see this job is listed as it is being created more than one or two databases. So then what are the management efforts to improve working capital and interest of this ratio? What are our efforts to arrange a call calls? Quarterly presentation and meeting global investor?

This investor realistic surveys will really help the company in the coming future. Then what is the policy related to dividends? Are we a really good company for giving a very good dividend year on year US companies performing or not we can see that.

A very good dividend is being coming to us each and every and I will request the management to give us a better discount coupons.

For several Dutch will use teller quarters for that, a marriage or any other purposes, or for historians also you may give us a very good discount. Please send us the discount coupon. Sir.

Then I will nothing much to us. Sir, I wish the company and the board of directors, a great success and prosperity in the coming future. Thank you for giving the opportunity. Hope that we will be meeting and physical annual meetings next year.

Okay.

Not answer all questions at the end of the Q, a session as we've already mentioned before.

The next speaker may post, can you please find out Mr has joined the meeting and if he's joined, can you please unmute him? So that he can ask the question?

Mr. is registered as a speaker shareholder is not presented present in.

Can you just more the attendee list and you can unmute him?

Given, he's not present in the meeting, so.

Okay, can you just find out remind me to interim updating the meeting for him to speak.

He's not presented. Okay.

Can you find yes, is present in the meeting?

They are also represent.

So, the, except for speaker, we don't have any other speakers. Shareholders was registered, it presented the attendee.

Because Thank you for the rather comprehensive list of questions that you put forward,

I think answering your question will also answer the questions of a number of members will probably have the same thoughts in mind.

Through your questions one by one, we made an accurate note of them.

The real impact of over nineteen, and in percentage terms, all the change was affected and I think a follow up to that was whether or not hotel had located any rooms with carrier as we already mentioned.

We had stopped the hotel business in the month of October. Two thousand, nineteen and seven with the time to make was declared only on the fourteen th of March. By that time, the hotel discontinued the operations closed.

It's doors for businesses. Therefore, the question of any rooms being allocated for over ten is not the rights.

In so far as the impact of over ninety of the business of the company,

as you are aware,

the principal secondary revenue streams of economy apart from business was when you,

when you build the rental business,

we're happy to inform you that neither of these businesses were impacted during the program.

and the quality of tenants that the company had. none of them were the kind of. production. there was no impact on the revenue. from the rental business

As part of seeing the light at the end of the tunnel and what would be the triggers in the first and the second half.

We have to frankly admit that to the first and second half the business will be the same as usual, primarily with windmill and rental.

And we really cannot tell you that the first and second half that the, any other revenue stream of companies want to see a substantial model improvement increase.

Because, as we already mentioned, we hope to start the construction of the office building, and the meridian location on the December twenty and that's a three year project.

So you will in fact, be seeing rather large sums of money, going out and not coming in. It is for the foreseeable future.

On the cost cutting initiatives of the management when you foresee that there will be no substantial costing in God at all since the company's hotel operations completely close.

So the company would probably be encouraging, only statutory costs at least in the next to the next fiscal year, as part of the salary got taken by the management. There was no necessity for any salary management.

Because, as I mentioned from a large number of employees, Julia should already be accepted on a permanent basis.

The time of departure from the company leaving very few essential employees to to run the administration and management media.

As far as the going forward, the sustainability profitable growth would remain.

We may be able to report a profit in the coming year.

Let us see how things work the income from the revenue from the windows and rental should continue to remain at steady pace.

And with the reduction,

on the one time boss,

as we've already mentioned in the report this year,

there was a one time charge of hundred,

twenty five million to be on the settlement of the employees for that one time challenge will no longer see a place in twenty twenty one,

so we hope to return to profitability in that time.

As far as the factory wizard, ten discount coupon so to speak concerned, as you're now, your way there is no hotel there.

So, unfortunately, so this was a request made by shareholders in the, when you break that and for the Saturday unlikely that there would be an opportunity either to visit the site.

Definitely not to visit the site because construction activities are going on there.

As far as the management efforts to reduce government expenses, legal professional audit charges, as I mentioned, most of the costs related to the business will not be involved.

And the feasibility study of the construction of the new building was already completed in ninety nine, two thousand, nineteen twenty already accounted for last June.

And therefore, in the current period, the costs of legal and professional piece will be much less compared to previous years.

And also, because of the change of the secretary already told them this year onwards and maybe a slight reduction in the cost, a modern piece as well.

Thank you very much for reporting the board of directors.

The existing directors are the same directors who continue from the last year,

and we hope to bring on the table,

the requisite expertise and potentials to take the company to the next phase of the business.

And we can show you that the appointment of all the directors is done after checking all the amendments and across forty nine, San Diego to the guidelines.

As far as the dividend is concerned,

as we mentioned,

because of the one time charge of the employee second,

for during the year two thousand nineteen twenty we had,

as we have already announced at the time would be my report that we are not the we are hopeful that we will be able to give you some news on the question of at the next stage.

And then we all assembled for.

And we also hope as you will, your celebrates suggested them hopefully the next year's Adrian can be a physical Adrian.

I think you would also ask to query on the website you wanted a list of the top three hundred share orders. The company secretary says that the same will be made through separately.

Establishing that we have been able to satisfy fiance's question as I mentioned before getting started onstream. Thank you for also asking all the questions that I'm sure the large number of the other shareholders will have also wanted to ask.

So, I'm sure that the answers that we've given, you will also satisfy the ways of the large number of shareholders will participate in GMC.

Questions, I mean, maybe and thank you, sir I think all the questions are answered by the chairman.

No time the chairman, so, question and answers members platform will continue to be available for the next thirty minutes.

The members who have not because they will yet requested to do. So, the board of directors has appointed Mr. curry practicing company, secretary as a supervisor to supervise the voting process.

Well, the results will be declared after the, the resolutions I put in the notice shall be deemed to be passed. Today's objective receipt of the number of votes.

We have forty two members participating today, and this fortieth annual general meeting. So we are grateful to all the shareholders from all over the places were coming by attended this conference. Thank you all for attending this meeting.

And I hereby declared the proceedings as I do. Very much see you next to you. Thank you. Overview.

Thank you for doing the until is closed.

Shall we close? The meeting is.

Thank you host can you just to close the meeting? Please.