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MphasiS Ltd.

BSE:526299  |  NSE:MPHASISEQ  |  58888:bfl  |  IND:IT Consulting & Software - Mid Cap  |  ISIN code:INE356A01018  |  SECT:IT Software






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MphasiS Ltd.


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MphasiS Ltd.





You can view full text of the Director's Report for MphasiS Ltd.
Director Report
Mar2017   Mar 2018

Dear Shareholders,

The have pleasure in presenting you the twenty seventh Annual Report of your Company for the year ended 31 March 2018.


Key aspects of the financial performance of the Company are as follows :

(Rs. million)




Year ended 31 March 2018

Year ended 31 March 2017

Year ended 31 March 2018

Year ended 31 March 2017











Profit before taxation





Net Profit





Transfer to General Reserve





Note: The figures are rounded off to the nearest integer.

A detailed analysis of the performance is available in the section titled Management Discussion and Analysis of Financial Condition and Results of Operations, in this Annual Report.


As digital technologies have become synonymous with business transformation and dominate boardroom conversations, organizations are metamorphosing into cognitive enterprises. Artificial Intelligence (AI) and Machine Learning (ML) are contributing to the steady build-up of the ‘Intelligent Digital Mesh’ as described in Gartner’s Top 10 Strategic Technology Trends for the year 2018 and are expected to be the game changers of the coming decade. The ability to use AI to augment decision making, reinvent business models and ecosystems, and re-create customer experience will drive the payoff for digital initiatives in the years leading to 2025. A recent Gartner survey showed that 59% of the organizations are still gathering information to build their AI strategies, while others have already made progress in piloting or adopting AI solutions.

Today, there are over 5,000 cognitive engines, and in the next five years, they are expected to be well over a million engines. The ‘intelligent digital organizations’ are poised to grow further beyond 2018. As enterprises leverage the potential of these cognitive platforms, they will experience disruptive and creative revolution at an unprecedented level. CIOs view making progress with AI initiatives as one of their top five priorities for the year 2018. By 2020, 85% of CIOs will be piloting AI programmes through a combination of buy, build and outsource models.

Mphasis is focused on architecting these new business models as the Company continually develops and adapts to the changing marketplace realities. We have architected our Front2BackTM transformation strategy to empower our clients so that they can reimagine their digital future. Customers (C) are at the core of our ‘Inverted T’ strategy, an integrated domain-technology play that ensures focus on industry expertise and technology. Our expertise to leverage the exponential power of cloud and cognitive (X2C2TM) technologies helps to provide hyper personalised (n=1) experience. Thus, C=X2C2TM=1 aims to deliver high-impact business outcomes of speed, innovation, and cost-effectiveness along with Service Transformation.

DeepInsightsTM was developed by Next Labs, the research and innovation hub of Mphasis, a part of Mphasis’ commitment to the leverage cutting-edge technology for its clients. DeepInsights™ is a cognitive intelligence platform that enables enterprises to harness insights from data. State-of-the-art algorithms in machine learning, neural networks, deep learning, semantics, image analytics, graph theory, predictive analytics, and natural language processing power the platform. DeepInsights™ allows enterprises to engage with their customers through personalised experiences and explore newer business models that leverage the potential of anywhere, anytime on any device computing capabilities.

Mphasis launched Sparkles, an innovation lab, which offers startups a platform to showcase innovative solutions to large enterprises and incorporate such products into Mphasis solutions. Sparkles Lab is fostering a unique partnership between global enterprises and promising technology start-ups. It aims to co-create new, disruptive solutions that can have a positive impact on enterprise clients’ business addressing their challenges. Mphasis’ vast technology experience helps tie together integration services, domain capabilities, and disruptive technologies from startups. The collaboration will not only lead to new insights into the impact of these disruptive technologies but also offer go-to-market solutions for our enterprise clients.

As a part of Sparkles, Mphasis partnered with Plug and Play Tech Center, a global startup ecosystem and venture fund specializing in the development of technology startups. Mphasis will offer mentoring support to the emerging technology startups, develop domain-focused solutions, extend access to its enterprise clients, and help them scale. We identify and nurture promising technology startups and help them to succeed.

Mphasis is geared up to achieve greater success through its C= X2C2TM=1 framework integrated with consumer-centric Front2BackTM and Service Transformation approach to drive a growth that is profitable, responsible, competitive, and consistent, thus re-defining the strategic direction of the Company.


Your directors are pleased to recommend a final dividend of Rs.20/- per equity share of Rs.10 each for the financial year ended 31 March 2018, subject to your approval at the ensuing Annual General Meeting.


During the year under review, the Company had completed a buyback of 17,370,078 equity shares of the Company, representing 8.26% of the total paid up equity share capital of the Company, at a price of Rs.635 per share, for an aggregate amount of Rs.11,030 million from the existing shareholders of the Company, on a proportionate basis under the Tender Offer method in accordance with the provisions of Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998, the Companies Act, 2013 and rules made thereunder, and all compliances have been duly completed. Consequently, the paid up equity share capital of the Company is reduced to the extent of the shares bought back by the Company.


Enterprise risk management at Mphasis encompasses practices relating to identification, assessment, monitoring, mitigation and reporting of strategic, operations, financial, compliance and information risks. The program is aligned with the business strategy of the Company and has the following objectives:

1. Make risk-informed decisions - no big mistakes;

2. Find the unexpected before it finds you - no big surprises; and

3. Improve readiness to tackle uncertainty - bring clarity

The program is bench marked to COSO guidelines and ISO 31000 and the risk assessments are reviewed by the Audit Committee on a quarterly basis.

A detailed analysis of monitored risks and their mitigation plans are available in the section titled Management Discussion and Analysis of Risks and Concerns of this Annual Report.


Mphasis recognizes Intellectual Property to be a key business enabler in augmenting both linear and non-linear revenues while increasing customer confidence and enterprise valuations. Mphasis has launched the service transformation initiative for the development of intellectual property assets to enable execution of projects for its Customers by way of providing seamless customer experience and faster time to market. Mphasis NEXT Labs continues to focus on research and innovation on emergent and future paradigms related to Mphasis’ focus areas through disruptive world-class innovations, thought leadership, and industry relevant solutions.


A report on corporate governance along with a certificate from the Auditors confirming the compliance for the year ended 31 March 2018 as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed and forms part of this report.


In FY18, Mphasis continued to maintain the focus on attracting, hiring, training, and inducting top talent of the Industry. On the hiring front, we recruited exceptional talent from the top-run engineering and management colleges across the country. To train the fresh talent, we focused on optimised training duration, exhaustive coverage of all foundation skills, greater emphasis and stress on knowledge application, continuous monitoring of trainee performance, and exposure to project environment through a real-life lab.

Mphasis continually enables and encourages its employees to be empowered, happy, and enthused about work. Our total rewards program is based on principles of equality and is designed to support the Company’s culture of high performance and innovation. We introduced a variety of flexi-benefit choices including meal benefits for Indian employees and commuter benefits for onsite employees. We continued to base our pay philosophy and variability in compensation on ‘Pay for Performance’ ideology for all employees

We introduced TalentNext with the aim to transform our culture into one that values and rewards learning. TalentNext is tightly linked to our strategy of C=X2C2TM =1, cutting across all our lines of businesses and geographies where each employee will be actively engaged and benefitted. As our first milestone on the TalentNext journey, we are implementing Oracle Cloud HCM, which will help us to achieve seamless integration of HR processes, real-time data, better decision making, and best-in-class employee experience.

We celebrated diversity within Mphasis by hosting an array of activities from financial awareness for women employees to talks with successful industry leaders to honor the achievements and contributions of women.

To propagate fun, bonding, and celebration at work, we hosted our flagship events such as Bring Your Child to Work, Bring your Parents to Work, and Mphiesta. We organised yoga, health talks, and awareness sessions to promote it as a crucial element of engagement at work. We also maintain active communities for photography and sports to provide employees a platform to express their creativity.



The Mphasis F1 Foundation has been working to promote equity, inclusion and empowerment of the under-represented and underserved communities much before the CSR regulation came into force. It invests in the areas of Education, Inclusion and Livelihood through non-profits and social enterprises. Its constant endeavor has been to support initiatives in the chosen focus areas of CSR, including certain unique initiatives. It has attempted to look into the solutions to disrupt the status quo and bring in fresh thinking to the existing problems of exclusion, deprivation and poverty. Mphasis F1 Foundation focuses on supporting and experimenting with initiatives that leverage technology and has supported disability inclusion and advocacy related causes since its inception. It follows an “inch wide - mile deep” approach in all its initiatives and goes beyond focusing just on service delivery programs.

During the year, the Company spent Rs.129.12 million on the CSR expenditure as against the mandated spend of Rs.168.56 million. The Company could not spend the mandated CSR expenditure owing to delays in obtaining statutory approvals from the Government agencies for two of the flagship programmes in the areas of Education and Inclusion, which had resulted in non-disbursement of the allocated funds.


One of our flagship programs in education is Arivu-Disha, in partnership with Headstreams. One of the central tenets of the program is to integrate play into learning for better learning outcomes. Among others, this includes developing play-based content, setting up play based learning environments in schools and motivating teachers to take ownership to integrate play in teaching. Over the last three years, the program has evolved continuously and has generated exceptional results. The program has reached out to more than 3000 students in Bengaluru, Hosakote and Kolar districts in Karnataka.

We also realized the need to support social entrepreneurs who are working on innovative technology-based solutions in education and accessibility. Towards this, the F1 Foundation has partnered with NASSCOM Foundation to provide seed funding and mentoring to the top ICT based solutions in the space of primary and secondary education and accessibility, allowing us to scale sustainable models for social enterprises.


Mphasis has partnered with the National Centre for Promotion of Employment for Disabled People (NCPEDP) on the program ‘Make India Accessible’. The focus of the program is on promoting awareness and striving for policy changes to improve accessibility for persons with disabilities. This program has been a stellar success with a lot of positive legislative changes regarding accessibility, the most significant of which is the passage of the Rights of Persons with Disabilities Act.

In keeping with our focus on promoting accessibility, we launched a program in partnership with Uber to address the acute need for accessible cabs for people with reduced mobility. Two of Uber’s new services - uberASSIST and uberACCESS - were launched in October 2017.

UberASSIST- Care-Giver Trained Driver Partners: uberASSIST is designed to provide for additional assistance for senior citizens and the disabled. Drivers are specially trained to assist riders into the vehicles and they can accommodate folding wheelchairs, walkers and scooters. Since its launch, the service has completed more than 97,000 rides in Bengaluru.

Uber ACCESS : This wheel-chair accessible vehicle service, along with specially trained drivers, will have wheel-chair accessible vehicles with a hydraulic lift for transportation. The uber ACCESS service is expected to become functional in FY19.


Through digital empowerment and vocational training, Mphasis strengthens local communities with digital and technological literacy and specific skills that enable youth to improve their lifetime earning potential. By scaling global technologies to the local level, we tailor-make our efforts to meet specific needs on the ground.

Mphasis-Nudge Gurukul is a program under Livelihood, which was started with the objective to alleviate poverty by providing vocational skills as well as foundational skills training to underprivileged youth in the age group of 18-25 years and place them in jobs in an urban setting along with a life-long support system. So far, in the last two years, the program has trained around 400 students from under-privileged background.

Another program under Livelihood is integrated digital clusters in partnership with DEF. The program is intended to transform the lives of artisans and the weavers’ community in Musiri, Trichy in Tamilnadu by training them on new age digital design techniques, reducing information asymmetries, fostering entrepreneurship and establishing direct market linkages. The program had an impact on more than 1,500 weaver families so far.


Your Company’s Code of Business Conduct (COBC) provides broad directions as well as specific guidelines for all business transactions. The emphasis is on human rights, prevention of fraudulent and corrupt practices, avoidance of conflict of interest, prevention of sexual harassment and unyielding integrity at all times. Mphasis is committed to the provision of a workplace, free of Sexual Harassment (“SH”) and to provide a redressal mechanism for all complaints of SH without fear or threat of reprisals in any form or manner whatsoever. The work place in context of SH is not restricted to the office but includes extended work areas such as Client’s place, work related travel, cafeterias and Company sponsored events, to name a few.

In compliance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company has established Internal Complaints Committees at all its locations. During FY 2018, 41 complaints were received, out of which 38 complaints were disposed of in terms of the aforesaid Act as on 31 March 2018. Outstanding complaints have since been investigated and disposed within the prescribed time limits.


Mphasis Code of Conduct requires directors, officers and employees to observe high standards of business and personal ethics in the conduct of their duties and responsibilities. As employees and representatives of the Company, they must practice honesty and integrity in fulfilling their responsibilities and comply with all applicable laws and regulations. The Company has a Whistleblower Policy to enable persons who observe unethical practices (whether or not a violation of law), to approach the Whistleblower Custodian without revealing their identity, if they choose to do so. This Policy governs reporting and investigation of allegations that are a breach of Code of Business Conduct. This Policy covers all Mphasis group companies and its affiliates and further extends to all Mphasis suppliers and contractors engaged in rendering the services.

There are various channels to report actual or suspected fraud or violation of the Company’s Code of Conduct or Ethics policy i.e. through e-mail to the Whistle Blower office at, a written complaint can be dropped into the whistle blower drop box at the respective Company’s location or through the Tele-Hotline. The Chairman of the Audit Committee is the Ombudsperson under Whistleblower Policy. A complaint can be reported to the Ombudsperson ( where the complainant feels that the complaint has not been addressed or actioned in a timely and appropriate manner or if the complaint is against any member of the Whistleblower Committee or the Executive Council.

The Whistleblower policy is published on the Mphasis website making it accessible to all. Mphasis will keep the whistleblower’s identity confidential and prohibits retaliation against a whistleblower with the intent or effect of adversely affecting the terms or conditions of employment (including but not limited to, threats of physical harm, loss of job, punitive work assignments, or impact on salary or wages).


The members have, at the 24th Annual General Meeting held on 9 September 2015, appointed Mr. Narayanan Kumar as an Independent Director of the Company to hold office for a term of 5 (five) consecutive years with effect from 1 April 2014. Accordingly, the current term of Mr. Kumar expires on 31 March 2019. In terms of Section 149 of the Companies Act, 2013, Mr. Kumar is eligible for being appointed as an Independent Director for another term of 5 consecutive years effective 1 April 2019. The Company has received a Notice in writing from a member proposing his re-appointment as an Independent Director of the Company for another term of five consecutive years effective 1 April 2019.Pursuant to the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company at its meeting held on 10 May 2018, approved, subject to the approval of the members at the ensuing Annual General Meeting, the re-appointment of Mr. Kumar as an Independent Director for another term of five consecutive years commencing from 1 April 2019.

In accordance with Section 152 of the Companies Act, 2013, Mr. Amit Dalmia and Mr. David Lawrence Johnson will retire by rotation at this Annual General Meeting and are eligible for re-election.

The profiles of the present directors including the directors seeking re-appointment at the ensuing Annual General Meeting are provided in the Annual Report.

The Board recommends the re-appointment of the above directors for approval of the members.

During the year, Mr. A Sivaram Nair, EVP, Company Secretary, General Counsel and Ethics Officer of the Company resigned from the services of the Company with effect from 31 October 2017. The Board of Directors places on record its appreciation for the services rendered by Mr. Nair during his tenure with the Company.

Consequent to the resignation of Mr. Nair, the Board on the recommendation of the Nomination and Remuneration Committee, appointed Mr. Subramanian Narayan as Company Secretary and Compliance Officer of the Company effective 1 November 2017.


In terms of the Companies Act, 2013, M/s. S R Batliboi & Associates LLP, Chartered Accountants, were appointed as the Statutory Auditors of the Company for a term of three years, from the conclusion of twenty fourth Annual General Meeting till the conclusion of twenty seventh annual general meeting. Accordingly, the term of M/s. S R Batliboi & Associates LLP would be completed upon the conclusion of this Annual General Meeting. As per the provisions of the Companies Act, 2013, M/s. S R Batliboi & Associates LLP, are not eligible for re-appointment. The Board places on record its appreciation for the services rendered by M/s. S R Batliboi & Associates LLP during their tenure as the Statutory Auditors of the Company.

The Board of Directors, after considering the recommendations of the Audit Committee, at its meeting held on 10 May 2018 has recommended the appointment of M/s. B S R & Co. LLP, Chartered Accountants, as the Statutory Auditors of the Company for a period commencing from the conclusion of this Annual General Meeting till the conclusion of the thirty second Annual General Meeting.

The Company has received a certificate from M/s. B S R & Co. LLP, Chartered Accountants to the effect that the appointment, if made, would be in accordance with limits specified under the Companies Act, 2013. As required under SEBI Regulations, they have confirmed that they hold valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

A resolution proposing their appointment, from the conclusion of this Annual General Meeting till the conclusion of the thirty second Annual General Meeting of the Company, at a remuneration to be fixed by the Audit Committee and/or Board of Directors and billed progressively, is submitted at the Annual General Meeting for approval of the members. The Board recommends the appointment of M/s. B S R & Co. LLP, Chartered Accountants as the Statutory Auditors, for approval of the members.


The Board had in its meeting held on 24 January 2018 appointed Mr. S P Nagarajan, Practicing Company Secretary, as the Secretarial Auditor of the Company for the financial year ended 31 March 2018. As required under the Section 204 of the Companies Act, 2013, the secretarial audit for the financial year 2018 has been concluded and the Secretarial Audit Report in Form No. MR-3 is annexed and forms part of the Report. The audit report does not contain any qualification, reservation or adverse remarks.


Information as per Section 134(5) of the Companies Act, 2013, is annexed and forms part of the Report.

Further, based on the confirmation and certificates received, the Board of Directors confirms that the Company has complied with the Secretarial Standards on the Board Meetings issued by the Institute of Company Secretaries of India, as applicable to the Company, during the financial year ended 31 March 2018.


Your Company’s business responsibility ingrains the spectrum of nine principles of National Voluntary Guidelines issued by the Ministry of Corporate Affairs, Government of India, along with their key elements. This is enabled by a suite of frameworks, governance, social objectives, codified culture, charters, policies, code of conduct and management systems integrated with the business process. Your Company reported its performance for the financial year 2018 as per the BRR framework, describing initiatives taken from an environmental, social and governance perspective. A report detailing the business responsibility practices for the financial year ended 31 March 2018 is uploaded on the website of the Company at and forms part of the Annual Report.



As on 31 March 2018, your Company has subsidiaries in Australia, Belgium, Canada, France, Germany, India, Ireland, Mauritius,Netherlands, People’s Republic of China, Philippines, Poland, Singapore, the United Kingdom and the United States of America.

In accordance with Section 129 (3) of the Companies Act, 2013 the consolidated financial statements are attached to this Annual Report. Further, a statement containing salient features of the financial statements of subsidiaries in the prescribed Form AOC-1 is annexed to this Report. The statements provide the performance and financial position of each of the subsidiaries.

The latest financial statements of the subsidiaries including the audited financial statements, wherever such accounts are audited, are available for inspection of the members at the Registered Office of the Company and are also being uploaded on the website of the Company, A translated copy of the financial statements which are not in English language have been provided where such accounts are in the foreign language.

A copy of the above financial statements shall be sent to the members upon request.


Your Company’s Employee Stock Option Plans (ESOP) are administered through the Mphasis Employees Equity Reward Trust and the Restricted Stock Unit Plans (RSUs) are administered through the Mphasis Employees Benefit Trust. Further, all the plans are administered by the ESOP Compensation Committee of the Board.

Your Company currently has two stock option plans in operation, namely, Mphasis Employees Stock Option Plan - 1998 (ESOP 1998) (Version I and II) and Mphasis Employees Stock Option Plan - 2016 (ESOP 2016), in addition to the Mphasis Restricted Stock Unit Plan - 2014 (RSU 2014) and Mphasis Restricted Stock Unit Plan - 2015 (RSU 2015). During the year the Company has allotted 213,180 shares pursuant to the exercise of stock options and RSUs under ESOP 1998, ESOP 2016, RSU 2014 and RSU 2015 Plans.

The information to be disclosed as per Securities and Exchange Board of India (Share based Employee Benefits) Regulations 2014, for the financial year ended 31 March 2018 is annexed to the Board’s report and also uploaded on the website of the Company at


No director was interested in any contracts or arrangements existing during or at the end of the year that was significant in relation to the business of the Company. No director holds any shares or stock option in the Company as on 31 March 2018 except Mr. Nitin Rakesh, Chief Executive Officer and Executive Director, who holds 909,000 stock options. None of the directors had any other interest in the share capital of the Company as at 31 March 2018. All the transaction entered into with Related Parties as defined under Section 2(76) of the Companies Act, 2013 and Regulation 23 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, during the financial year were in the ordinary course of business and are at an arm’s length basis. The Company has a policy for dealing with Related Party Transactions which has been uploaded on the Company’s website at particulars of the contract or arrangements with the Related Parties in form AOC-2 is annexed and forms part of this report.


The Issued Share Capital of the Company as on 31 March 2018 stood at Rs.1932.60 million and Reserves and Surplus stood at Rs.52,885 million (consolidated basis) and Rs.37,141 million (standalone basis) respectively.


The statement containing particulars of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,is given in an annexure and forms part of this report.

However, in terms of Section 136(1) of the Companies Act, 2013, the report is being sent to the members excluding the aforesaid Annexure and shall be available for inspection of the members, till the date of the ensuing Annual General Meeting, at the registered office of the Company during working hours. Any Member interested in obtaining a copy of the Annexure may write to the Company Secretary at the Registered Office of the Company.

In terms of proviso to Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, particulars of the employees posted and working in a country outside India is not circulated to the members, but the same shall be filed with the Registrar of Companies while filing the Financial Statements and Board’s Report.


The extract of the Annual Return as at 31 March 2018 in Form MGT-9 is annexed and forms part of this Report.


The particulars of loans, guarantees and investments under Section 186 of the Companies Act, 2013 are disclosed in the Financial Statements of the Company.


Your Company has not accepted any deposits from the public and as such no principal or interest was outstanding as on the date of the Balance Sheet.



Your Company’s operations involve low energy consumption. Mphasis is committed to conserving energy and efficient use of energy. The key facilities have been awarded a 5 star, 4 star or 3 star rating by the Bureau of Energy Efficiency, Government of India (BEE) in the last five years. The rating is a nationally accepted industry benchmark and Mphasis in India is certified by BEE. Your Company has been awarded by the Confederation of Indian Industry, an Environment Health and Safety (EHS) award with a rating 3 for one of its facilities in Bengaluru for its sustainable initiatives.

The Company has installed lighting energy savers and LED light fixtures, occupancy sensors, enthalpy system, automatic operation of AC system at data center to minimize power consumption and solar inverters at certain facilities to promote sustainable energy usage. The carbon foot-print is monitored every month. One of the Company’s facilities in Bengaluru has been certified LEED (Leadership in Energy and Environmental Design) Gold by United States Green Building Council (USGBC).

The Company has also installed energy consumption monitoring tools to monitor the energy consumption and the carbon foot-print at each location. The data collected by the tool helps the management in monitoring and optimizing the energy consumption at the locations. Your Company is one of the few IT companies in India who have implemented captive renewable energy generation in multi-locations as part of its sustainability initiatives.


Particulars relating to technology absorption are not applicable.


There were no significant material orders passed by the Regulators or the Courts, Tribunals impacting the going concern status and the Company’s operations in future.


Your Directors acknowledge the continued support and valuable co-operation extended by the business constituents, investors, vendors, bankers and shareholders of the Company. The directors place on record their appreciation for the support from the Software Technology Parks of India, the Department of Communication and Information Technology, the Government of India, Government of Karnataka, Telangana, Maharashtra, Tamil Nadu, Reserve Bank of India, other governmental agencies, trade associations and NASSCOM. We also thank the government agencies of various other countries where we have our operations.

Your Directors would like to place on record their appreciation for the employees of the Company and its subsidiaries, at all levels, for their hard work and commitment. Their dedication and competence have ensured that the Company continues to be a significant and leading player in the industry.

For and on behalf of the Board of Directors

Bengaluru Davinder Singh Brar

10 May 2018 Chairman

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