The Policy for selection of Directors and determining Directors'' independence sets out the guiding principles for the HRNR Committee for identifying persons who are qualified to become Directors and to determine the independence of Directors, while considering their appointment as Independent Directors of the Company. There is no proceeding pending under the Insolvency and Bankruptcy Code, 2016. However, options granted under ESOS-2006, but pending to be exercised, continued to be governed by ESOS-2006. This was supplied free to several State Governments. The particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under the Act, are provided in, The Annual Return of the Company as on March 31, 2022 is available on the Company''s website and can be accessed at, Having regard to the provisions of the second proviso to Section 136(1) of the Act and as advised, the Annual Report excluding the aforesaid information is being sent to the members of the Company. Reliance Jio Infocomm Limited (RJIL) has now also become the largest fiber broadband provider with over 5 million connected homes with an average data usage of almost 300 GB per home per month. f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively. Indian Tech giant Tata Consultancy Services (TCS) and Reliance Industries have topped the list ofIndia's most valuable brands, according to a. the Shareholders and Creditors of the Company on March 9, 2022; and. The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer. com/DownloadFiles/lRStatutory/ ESOS-2006-Disclosure-2021-22. To report compliance concerns: Email: research.compliance@uc.edu or Call - 513-558-5034. Fullscreen. financial system by analyz-ing vulnerabilities related to valuation pressures, borrowing by businesses and households, financial-sector leverage, and funding risks . Management Discussion and Analysis Report. ril.com/DownloadFiles/lRStatutory/ Vigil-Mechanism-and-Whistle-Blower-Policy.pdf, Prevention of Sexual Harassment at Workplace. The Company supported initiatives on healthcare, medical oxygen supply, emergency meal distribution, supply of free fuel, masks and awareness creation. to this Report. O2C business reported revenue of '' 5,00,900 crore and EBITDA of '' 52,722 crore. The Second and Final call of '' 628.50 per partly paid-up equity share was payable from November 15, 2021 to November 29, 2021. Nita M. Ambani, Founder and Chairperson, Reliance Foundation, have touched the lives of more than 5.75 crore people covering more than 50,600 villages and several urban locations across India. Certificate from the Auditors of the Company confirming compliance with the conditions of Corporate Governance is attached to the report on Corporate Governance. Assurance to the Board on the effectiveness of internal financial controls is obtained through 3 Lines of Defence which include: a) Management reviews and self-assessment; b) Continuous controls monitoring by functional experts; and. The details as required to be disclosed under the SBEB Regulations can be accessed at https://www.ril. Digital services segment achieved revenue of '' 1,00,161 crore, an increase of 10.9% Y-o-Y and EBITDA of '' 40,268 crore, a growth of 18.3% Y-o-Y. The Board has recommended the appointment of Deloitte Haskins &. Particulars of loans given, investments made, guarantees given and securities provided. The key internal financial controls have been documented, automated wherever possible and embedded in the respective business processes. Composite Solution -Kiran J. Mehta & Co. Shome & Banerjee, Cost Accountants, have been nominated as the Company''s Lead Cost Auditors. Salient Features of Financial Statements of Subsidiaries/Associates/Joint Ventures. The Board of Directors of the Company had on November 19, 2021, approved withdrawal of the Scheme of Arrangement between the Company and Reliance O2C Limited (O2C Scheme) from Hon''ble National Company Law Tribunal (NCLT). a Refer Note 32 of the Standalone Financial Statement and Note 31 of the Consolidated Financial Statement. July 19, 2021 and the shareholders have approved the appointment for a period upto July 18, 2024. The segment performance. 813 crore (around 2.21% of the average net profits of last three financial years) on CSR activities. Figures in brackets represent deductions. a Refer Note 32 of the Standalone Financial Statement and Note 31 of the Consolidated Financial Statement. The Company is committed to maintain the highest standards of Corporate Governance and adheres to the Corporate Governance requirements set out by the Securities and Exchange Board of India (SEBI). The Board had appointed Dr. K.R. Shri Yogendra P. Trivedi demitted office as a Director of the Company and consequently ceased to be the chairman and member of the Audit Committee. Talati & Co., Suresh D. Shenoy, Shome & Banerjee and Dilip. Goyal & Associates, V.J. Reliance Foundation Annual Report 2020-21. However, options granted under ESOS-2006, but pending to be exercised, continued to be governed by ESOS-2006. The policy can be accessed at, During the year under review, the Company spent. All the recommendations made by the Audit Committee were accepted by the Board. Download. RF4 - Protocol Deviation Summary Sheet. A statement providing details of performance and salient features of the financial statements of Subsidiary / Associate / Joint Venture companies, as per Section 129(3) of the Act, is provided as Annexure A to the consolidated financial statement and therefore not repeated in this Report to avoid duplication. Our products and services are essential to building and maintaining a sustainable built environment. Ethics & Compliance Task Force (ECTF) comprising an Executive Director, General Counsel, Group Controller and Group Corporate Secretarial and Governance has been established which oversees and monitors the implementation of ethical business practices in the Company. Jio''s in-house R&D team, with over 9,000 technical and research professionals, has innovated and developed leading technology platforms spanning 5G stack, Cloud and Edge Compute, Devices & Operating Systems. administers and monitors Reliance Industries Limited Employees'' Stock Option Scheme 2017 (ESOS-2017). Such genuine concerns (termed Reportable Matter) disclosed as per Policy are called Protected Disclosures and can be raised by a Whistle-blower through an e-mail or dedicated telephone line or a letter to the ECTF or to the Chairman of the Audit Committee. The Company''s financial performance (standalone and consolidated) for the year ended March 31, 2022 is summarised below: Profit Before Tax (Before Exceptional Items), Profit For The Year (Before Exceptional Items), Net Profit attributable to Non-Controlling Interest, Net Profit Attributable to Owners of the Company, Transferred (to)/from Debenture Redemption Reserve, Transferred (to)/from Special Economic Zone Reinvestment Reserve. In accordance with the provisions of Section 148(1) of the Act, read with the Companies (Cost Records and Audit) Rules, 2014, the Company has maintained cost records. The above Schemes are in line with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (SBEB Regulations). The details as required to be disclosed under the SBEB Regulations can be accessed at, The Board had appointed Dr. K.R. Reliance Jio Infocomm Limited (RJIL) has now also become the largest fiber broadband provider with over 5 million connected homes with an average data usage of almost 300 GB per home per month. It is an opportunity for the board to report to signatories on the PRI's strategy and its implementation; the work undertaken by the board and its committees; forthcoming board elections; formal consultations and any other business. With this transaction, the Company has divested all its shale gas assets and exited from the shale gas business in the US. Shri Yogendra P. Trivedi demitted office as a Director of the Company and consequently ceased to be the chairman and member of the CSR&G Committee. The policy can be accessed at https:// www.ril.com/DownloadFiles/ IRStatutory/CSR-Policy.pdf. Textiles Business -Kiran J. Mehta & Co; ii. Discover the right bonds meeting your investment amount & investment horizon, Fundamental, Stock Ideas, Multibaggers & Insights, Stock & Index F&O Trading Calls & Market Analysis, Commodity Trading Calls & Market Analysis, Currency Derivatives Trading Calls & Insights, Options Trading Advice and Market Analysis, Model portfolios, Investment Ideas, Guru Screens and Much More, Proprietary system driven Rule Based Trading calls, Curated markets data, exclusive trading recommendations, Independent equity analysis & actionable investment ideas, Details stock report and investment recommendation, 15-20 High Growth Stocks primed for price jumps, +46.35 (+0.25%) Reclassification of Reliance Industrial Infrastructure Limited. The Company''s remuneration policy is directed towards rewarding performance based on review of achievements. The aforesaid policies are available on the Company''s website and can. During the year under review, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions or which is required to be reported in Form No. A statement providing details of performance and salient features of the financial statements of Subsidiary / Associate / Joint Venture companies, as per Section 129(3) of the Act, is provided as Annexure A to the consolidated financial statement and therefore not repeated in this Report to avoid duplication. As per the CSR policy of the Company, Rural Transformation, Health, Education, Environment, Arts, Heritage & Culture and Disaster Response, are the focus areas for CSR engagement. Shri Yogendra P. Trivedi demitted office as a Director of the Company and consequently ceased to be the chairman and member of the SR Committee. The report on Corporate Governance as stipulated under the Listing Regulations forms part of the Annual Report. The audited financial statement including the consolidated financial statement of the Company and all other documents required to be attached thereto is available on the Company''s website and can be accessed at https://www.ril.com/ ar2021-22/pdf/RIL-Integrated-Annual-Report-2021-22.pdf. The Employee Stock Option Scheme-2006 (ESOS-2006) was withdrawn during FY 2017-18. Coal India OFS gets strong institutional support; is it worth a bet for retail investors? Filing of the Board's Report 52 16. There was no instance of onetime settlement with any Bank or Financial Institution. a) in the preparation of the annual accounts for the year ended March 31, 2022, the applicable accounting standards read with requirements set out under Schedule III to the Act have been followed and there are no material departures from the same; b) the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2022 and of the profit of the Company for the year ended on that date; c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) the Directors have prepared the annual accounts on a going concern basis; e) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and. : a) Policy for selection of Directors and determining Directors'' independence; and. Jio''s network carried almost 10% of the global mobile data traffic in 2021, and Jio continues to remain the broadband network of choice with over 50% share of India''s data traffic, thereby underlining the ''Jio effect'' on the digital ecosystem in India. For and on behalf of the Board of Directors, Chairman and Managing Director May 06, 2022. An amount of '' 81 crore, towards call money, is yet to be received as on March 31, 2022. The Notes on financial statement referred to in the Auditors'' Report are selfexplanatory and do not call for any further comments. Audit Committee, Corporate Social Responsibility and Governance Committee and Stakeholders'' Relationship Committee and was also a member of Human Resources, Nomination and Remuneration Committee. The. The three core commitments of Scale, Impact and Sustainability form the bed-rock of the Company''s philosophy on CSR initiatives. Arundhati Bhattacharya, Shri Nikhil R. Meswani and Shri Hital R. Meswani. The Policy is available on the Company''s website and can be accessed at https://www.ril.com/ DownloadFiles/IRStatutory/Material-Subsidiaries.pdf. Withdrawal of the Scheme of Arrangement between the Company and Reliance O2C Limited, During the year under review, the Company and Saudi Aramco mutual! Put very simply, a board report (sometimes known as board papers) is a document you send to the members of the board before a board meeting, detailing the important information they need to know. 2021 (SBEB Regulations). Digital services segment achieved revenue of '' 1,00,161 crore, an increase of 10.9% Y-o-Y and EBITDA of '' 40,268 crore, a growth of 18.3% Y-o-Y. Your Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions on these matters during the year under review: Details relating to deposits covered under Chapter V of the Act. Jio''s consumer platforms include apps and services in Media, Commerce, Education, Financial Services, IoT offering personalized content in easily discoverable format with intuitive UI. In accordance with the provisions of Section 148(1) of the Act, read with the Companies (Cost Records and Audit) Rules, 2014, the Company has maintained cost records. determined that it would be beneficia for both the parties to re-evaluate the, Results of operations and the state of Companys affairs. With this transaction, the Company has divested all its shale gas assets and exited from the shale gas business in the US. Vigil Mechanism and Whistle-blower Policy, The Company has established a robust Vigil Mechanism and a Whistle-blower policy in accordance with the provisions of the Act and the Listing Regulations. During the year under review, the Company spent '' 813 crore (around 2.21% of the average net profits of last three financial years) on CSR activities. Shri Yogendra P. Trivedi joined the Board of the Company in 1992 and the Board has benefitted from his sage counsel for nearly 30 years. In FY 2021-22, the Company remained among the largest producers of transportation fuels, exporting 34.7 MMT of products across the globe to meet most stringent US specifications. All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in its ordinary course of business and on an arm''s length basis. Goyal & Associates; iv. Polyester Business - V.J. Smt. f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively. The boards' report or the directors' report ensures greater corporate transparency. Details of composition of other committees are given in the Corporate Governance Report. Zoom In. Scheme of Arrangement between the Company and Reliance Syngas Limited. Reproduction of news articles, photos, videos or any other content in whole or in part in any form Jio was the digital lifeline during the continuing pandemic and over 130 million new users joined the network on a gross basis during FY 2021-22. Chandratre, Practising Company Secretary, to conduct Secretarial Audit. The Company has a policy for performance evaluation of the Board, Committees and other individual Directors (including Independent Directors) which includes criteria for performance evaluation of Non-Executive Directors and Executive Directors. There has been no change in the policy during the current year. vii. ICICI Prudential India Opportunities Fund-IDCW. Reliance on Third Parties Subject to paragraph 3 of Article 4, regardless of whether an election is made under paragraph E of section I of this Annex I, either Party may permit Reporting Financial Institutions to rely on due diligence procedures performed by third parties to the extent provided in the U.S. Treasury Regulations. A board's excessive reliance on benchmark financial statistics rather than on comprehensive financial analysis suggests that the directors may fall short in their oversight of the credit union's affairs. Better to install, better to use, better for our planet. Sells LLP, Chartered Accountants and Chaturvedi & Shah LLP, Chartered Accountants, as Auditors of the Company, for a period from the conclusion of forty-fifth Annual General Meeting till the conclusion of fiftieth Annual General Meeting of the Company. Collective Responsibility of the Board 51 15. The Appointed Date of the Gasificatior Scheme is March 31, 2022 and the Gasification Scheme became effective from April 4, 2022. In accordance with the Listing Regulations, the Business Responsibility Report (BRR) describing the initiatives taken by the Company from an environmental, social and governance perspective is available on the Company''s website and can be accessed at https://www.ril.com/ DownloadFiles/BRR2021-22.pdf, Contracts or arrangements with Related Parties. Receipt of fourth tranche on partly paid listed unsecured redeemable non-convertible debentures (PPD Series-IA). During the year under review, the Company has issued fixed rate senior unsecured notes for an aggregate amount of US$ 4 billion across three tranches. from zero to 11% of India''s treatment needs for meeting the requirement of over one lakh patients every day. The key internal financial controls have been documented, automated wherever possible and embedded in the respective business processes. Approval of the Board's Report 50 13. our reliance on traditional, environmentally damaging high-carbon fuels with unpredictable costs. The dividend recommended is in accordance with the Company''s Dividend Distribution Policy. 1. Quorum Review Institutional Review Board; Reliance on Non-Commercial IRB. The Company''s financial performance (standalone and consolidated) for the year ended March 31, 2022 is summarised below: Profit Before Tax (Before Exceptional Items), Profit For The Year (Before Exceptional Items), Net Profit attributable to Non-Controlling Interest, Net Profit Attributable to Owners of the Company, Transferred (to)/from Debenture Redemption Reserve, Transferred (to)/from Special Economic Zone Reinvestment Reserve. Highlights of the Companys financial performance for the year ended March 31, 2022 are as under: Value of sales and services was '' 4,66,425 crore (US$ 61.5 billion), Exports for the year was '' 2,54,970 crore (US$ 33.6 billion), EBITDA for the year was '' 66,185 crore (US$ 8.7 billion), Cash Profit for the year was '' 56,275 crore (US$ 7.4 billion), Net Profit for the year was at '' 39,084 crore (US$ 5.2 billion), Value of sales and services was '' 7,92,756 crore (US$ 104.6 billion), EBITDA for the year was '' 1,25,687 crore (US$ 16.6 billion), Cash Profit for the year was '' 1,10,778 crore (US$ 14.6 billion), Net Profit for the year was at '' 67,845 crore (US$ 9.0 billion), The Board of Directors has recommended a dividend of '' 8/-(Rupees eight only) per equity share of '' 10/- (Ten rupees) each fully paid-up of the Company (last year '' 7 per equity share of '' 10/- each). As required by Section143(3) of the Act, we report, to the extent applicable, that:(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid Consolidated Financial Statements. Together, the R Cluster and Satellite Cluster fields are currently producing 18.9 MMSCMD and contributing 20% of India''s domestic gas production. This was despite the challenging business environment at the beginning and end of the year due to the pandemic wave and global macro events, respectively. Board's Report Dear Members, The Board of Directors present the Company's Forty-fourth Annual Report (Post- IPO) and the Company's audited financial statements for the financial year ended March 31, 2021. 3. Further details on the Risk Management activities including the implementation of risk management policy, key risks identified and their mitigations are covered in Management Discussion and Analysis section, which forms part of the Annual Report. Training / awareness programs are conducted throughout the year to create sensitivity towards ensuring respectable workplace. Shri Yogendra P. Trivedi demitted office as a Director of the Company and consequently ceased to be the chairman and member of the Audit Committee. Share. Dividend is subject to approval of members at the ensuing Annual General Meeting. The remuneration policy is in consonance with existing industry practice. Problem/Event Report Form. iii. Shri K. Sethuraman has demitted his office as Group Company Secretary and Chief Compliance Officer of the Company with effect from close of business hours of October 22, 2021. .a{fill:#6db41e;stroke:#637733;}.b,.d{fill:none;}.b{stroke:#fff;}.c{stroke:none;}, +118.57 (+0.19%) Human Resources, Nomination and Remuneration (HRNR) Committee, Shri Yogendra P. Trivedi demitted office as a Director of the Company and consequently ceased to be a. The audited financial statement including the consolidated financial statement of the Company and all other documents required to be attached thereto is available on the Company''s website and can be accessed, The financial statements of the subsidiaries, as required, are available on the Company''s website and can be accessed at, The Company has formulated a Policy for determining Material Subsidiaries. The Independent Directors carried out annual performance evaluation of the Chairman, the non-independent directors and the Board as a whole. Audit Committee, Corporate Social Responsibility and Governance Committee and Stakeholders'' Relationship Committee and was also a member of Human Resources, Nomination and Remuneration Committee. During the year under review, the Company has issued fixed rate senior unsecured notes for an aggregate amount of US$ 4 billion across three tranches. Scheme of Arrangement between the Company and Reliance Syngas Limited. During the FY 2020-21, the Company had issued and allotted 42,26,26,894 partly paid-up equity shares of '' 10/-each, on rights basis, at an issue price of '' 1,257/- per fully paid-up equity share (including a premium of '' 1,247/- per equity share). The business posted highest ever consolidated operating profit and margins with continued improvement in news business profitability and strong margins in entertainment business. During the FY 2020-21, the Company had issued and allotted 42,26,26,894 partly paid-up equity shares of '' 10/-each, on rights basis, at an issue price of '' 1,257/- per fully paid-up equity share (including a premium of '' 1,247/- per equity share). Highlights of the Companys financial performance for the year ended March 31, 2022 are as under: Value of sales and services was '' 4,66,425 crore (US$ 61.5 billion), Exports for the year was '' 2,54,970 crore (US$ 33.6 billion), EBITDA for the year was '' 66,185 crore (US$ 8.7 billion), Cash Profit for the year was '' 56,275 crore (US$ 7.4 billion), Net Profit for the year was at '' 39,084 crore (US$ 5.2 billion), Value of sales and services was '' 7,92,756 crore (US$ 104.6 billion), EBITDA for the year was '' 1,25,687 crore (US$ 16.6 billion), Cash Profit for the year was '' 1,10,778 crore (US$ 14.6 billion), Net Profit for the year was at '' 67,845 crore (US$ 9.0 billion), The Board of Directors has recommended a dividend of '' 8/-(Rupees eight only) per equity share of '' 10/- (Ten rupees) each fully paid-up of the Company (last year '' 7 per equity share of '' 10/- each). administers and monitors Reliance Industries Limited Employees'' Stock Option Scheme 2017 (ESOS-2017). The details as required to be disclosed under the SBEB Regulations can be accessed at, The Board had appointed Dr. K.R. Particulars of loans given, investments made, guarantees given and securities provided along with the purpose for which the loan or guarantee or security provided is proposed to be utilised by the recipient are provided in the Standalone Financial Statement (Please refer Note 2, 3, 7, 10, 34 and 40 to the Standalone Financial Statement). There has been no change in the nature of business of the Company. (a) Clarifications and award without discussions. Subsidiaries, Joint Ventures and Associate Companies. Reliance Retail Limited, Jio Platforms Limited, Reliance Jio Infocomm Limited and Reliance Retail Ventures Limited are material subsidiaries of the Company, as per the Listing Regulations. Any member interested in obtaining such information may address their email to rilagm@ril.com. Material events during the year under review Receipt of First call and Second and Final call on partly paid-up equity shares issued on Rights Basis. ICICI Prudential Large & Mid Cap Fund Direct Pla.. You can view full text of the Director's Report for Reliance Industries Ltd. Figures in brackets represent deductions. The Chairman of the respective Committees shared the report on evaluation with the respective Committee members. 12. Chandratre, Practising Company Secretary, to conduct Secretarial Audit. Together, the R Cluster and Satellite Cluster fields are currently producing 18.9 MMSCMD and contributing 20% of India''s domestic gas production. Any member interested in obtaining such information may address their email to, Unlocking opportunities in Metal and Mining. Shri Yogendra P. Trivedi demitted office as a Director of the Company and consequently ceased to be the chairman and member of the CSR&G Committee. Such genuine concerns (termed Reportable Matter) disclosed as per Policy are called Protected Disclosures and can be raised by a Whistle-blower through an e-mail or dedicated telephone line or a letter to the ECTF or to the Chairman of the Audit Committee. Satellite Cluster Field was commissioned in April 2021, two months ahead of schedule despite COVID-19 challenges. During the year, Reliance Eagleford Upstream Holding, LP (REUHLP) a wholly owned step-down subsidiary of the Company, signed an agreement with Ensign Operating III, LLC to divest its interest in certain upstream assets in the Eagleford shale play of Texas, USA. Over the past decade, the Company has focused on several corporate social responsibility programs. Financial Results The Company''s financial performance (standalone and consolidated) for the year ended March 31, 2022 is summarised below: We make it better. The Board of Directors of the Company had approved the Scheme of Arrangement between (i) the Company & its shareholders and creditors and (ii) Reliance Syngas Limited & its shareholders and creditors (Gasification Scheme). NSE Quotes and Nifty are also real time and licenced from National Stock Exchange.
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