Page 63 - Arvind 2024

11. PARTICULARSOFLOANS,GUARANTEES,
OR INVESTMENTS UNDER SECTION 186:
Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 read with the Companies (Meetings of Board and its Powers) Rules, 2014 are given in the notes to the Financial Statements.
12. CONSOLIDATED FINANCIAL STATEMENTS:
The Consolidated Financial Statements of the Company are prepared in accordance with relevant provisions of the Companies Act, 2013 including Indian Accounting Standards specified under Section 133 of the Companies Act, 2013 and form part of this Annual Report.
13. CORPORATE SOCIAL RESPONSIBILITY
INITIATIVES:
Your Company undertakes “Corporate Social Responsibility’’ (CSR) initiatives through Strategic Help Alliance for Relief to Distressed Area (SHARDA) Trust and Arvind Foundation (AF).
As a part of CSR, during the year under review, your Company has undertaken Rural Advancement and Educational Advancement programme which are broadly covered under schedule VII of the Companies Act, 2013. The brief details of CSR Policy and the amount spent during the FY23-24 on the said activity is enclosed as Annexure - B.
14. HUMAN RESOURCES:
At Arvind Smartspaces, Human Resources as a function is dedicated to more than just product creation; we are committed to nurturing careers. As an Equal opportunity employer, our team comprises of a diversified array of talents collaborating harmoniously to re-define industries and envision new horizons.
Our HR policy is to inculcate and encourage our employees and business partners performance and bring out ASL’s positive working culture and commitment to mutual respect and continuous improvement.
We are working on individual’s strengths and expanding his / her role over the period of time as a part of job enlargement and providing them job enrichment. We can easily witness or exhibit this in our current and for future leadership pipeline used as a part of potential assessment for building successive leaders.
Chat with M.D., Employee Engagement Programs, Sports Events, CLAP (Compliment, Laud, Appreciate, Praise) Cards are some of the few initiatives to bring out the best, motivate and recognize employees’ strengths. The Leadership Enclave / Town Hall Meets are few platforms where
Corporate Overview
Statutory Reports
Financial Statements
individual / team’s contribution to organizational success, has been recognized and rewarded.
Our employee recruitment and selection policy describe our process for attracting and selecting external job candidates. We are committed to our equal opportunity policy at every selection stage. This policy applies to all employees who are involved in hiring for our company. It refers to all potential job candidates.
15. RISK MANAGEMENT:
The Real Estate market is inherently a cyclical market and is affected by macroeconomic conditions, changes in governmental schemes, changes in supply and demand for products, availability of consumer finance and liquidity. These factors can affect the demand for both our forthcoming and ongoing projects.
The Company has developed and implemented Risk Management Policy. The policy identifies the threat of adverse events which may affect shareholder’s value, ability of Company to achieve objectives or implement business strategies. Further, such risks are categorized into Strategic Risks, Operating Risks and Regulatory Risks.
Under the framework, the Company has laid down a Risk Management Policy which defines the process for identification of risks, its assessment, mitigation measures, monitoring and reporting. While the Company, through its employees and Executive Management, continuously assess the identified Risks, the Risk Management Committee and the Audit Committee reviews the identified Risks and its mitigation measures annually.
16.INTERNAL CONTROL SYSTEMS AND
THEIR ADEQUACY:
The Company has an Internal Audit team and an Internal Control System, which is further supported by external audit firm and group assurance team, commensurate with the size, scale and complexity of its operations. Moreover, the Company’s Internal Audit team alongwith external reviewers possess adequate experience and expertise in internal controls, operating system and standard operating procedures.
The system is supported by approved documented policies, guidelines and procedures in line with best industrial practices to monitor business and operational performance which are aimed at ensuring business integrity and promoting operational efficiency.
The Internal Audit team regularly reviews the adequacy of internal control systems in the Company, its compliance with operating systems and laid down policies and procedures. Based on the report of the internal audit function, process
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