India Glycols : Transcript of 37th Annual General Meeting

member will be asked to speak and the former speaker member will be given

one more opportunity once

all

other

registered

speaker members have

may

completed their turn.

Members attending

this meeting as non-speakers

if any, in the

chat

box facility

also express their

views and raise questions,

the

to

suitably by

provided through

NSDL. The same shall

be

responded

through the VC/OAVM

Company after the

meeting.

Members participating

the quorum under

facility shall

be counted for the

purpose

of

reckoning

Section 103

of the Act and

relevant circulars issued by MCA. Members are

the notice

of

AGM for

requested to refer

to

the instructions provided in

seamless participation

in the

AGM through

VC/OAVM and e-voting du r ing

may reach out to

the

the AGM. In case

members face any difficulty,

they

notice of AGM. Now,

I confirm

helpline numbers

of

NSDL

provided in

the

that based on the members who have already joined, the requisite

quorum

of minimum 30 members for this AGM is present and accordingly, handover

the proceedings of

the AGM

to our Chairman, Shri.

U.S.

Bhartia. Over

to

Chairman Sir.

Shri U.S. Bhartia (Chairman and Managing Director):

Good Morning dear

shareholders. On

behalf of

the

Board of Directors,

it

to this 37th

AGM

of

India

gives me immense

pleasure

to

welcome you all

Glycols. I was hoping

to meet

many

of

you

in

person

but

the continued

impact of Covid 19

has made

this difficult.

I

hope

that

all of you and

your

Thank you for joining us today.

fami lies are doing well and taking care.

Given the required protocols in these

times, this AGM,

has been

convened

of India.

through VC

in compliance

with the guidelines by the Government

Now, as the requisite quorum is present,

I call the meeting to Order.

Firstly, I would like AGM through Video

to introduce conference:

the

Board

members

who

have joined

the

Shri and

Pradip Kumar Nomination &

Khaitan, Independent Director and Chairman	of the Audit
Relationship Committee
Remuneration and Stakeholders'

Shri Jitender Balakrishnan, Independent Director and
Stakeholders'Re lationship	Committee

member

of

Shri	Ravi	Jhunjhunwala,	Independent Director
Nomination & Remuneration Committee

and

member

of

Audit

and

Page

2of15

adjustment. This, however, will ultimately be tax beneficial in the future. The
company'soperations were also impacted due to lockdown in the first
quarter of the	last financial year. The Company, however, largely made up
for the impact during the balance period.
Your Directors are pleased to recommend a dividend of Rs. 6/-	per equity
share of face value of Rs. 10/- each for the financial year ended	31st March,
2021 and as per the provisions of Income Tax Act, 1961, the same would be
paid after deduction of tax at source .
Covid-19 Pandemic:
The business	and	the	economic activities	remained	under pressure
throughout the year	as	the pandemic impacted supply chains across the
globe.
Post resumption of operations at all the plants (in the early April, 2020) due
to lockdown, the Company has ensured that	all regulations and protocols
are followed across all sites. The company has taken sufficient measures to
ensure that safety is	provided to all the employees. Due to such efforts and
adaptability to the very uncertain and dynamic situations,	we continued to
carry out operations	smoothly during the last year including during the big
resurgence in	the second wave. During the second wave, we quickly
converted the	entire industrial grade Liquid Oxygen to Medical Oxygen and
provided Medical Oxygen to the Governments of Uttarakhand as well as to
the neighbouring states. We also provided 5 Oxygen Plants in 5 different
districts in the state of Uttar Pradesh, as a CSR	activity.

Transfer	of	business undertaking and execution
agreement with Clariant International:

of

a

joint-venture

As you are aware, the Board of Directors in its meeting held on 11th March,
2021 approved the transfer of Company's BioEO (Speciality Chemical)
Business to Clariant IGL Specialty Chemicals Private Limited ("or the JV Co.	11
)
whose former name was IGL Green Chemicals Private Limited, for a lump
sum consideration of Rs. 646 Crore subject to adjustment in accordance with
the business transfer agreement executed on 11th March, 2021.

Simultaneously, the Board	has approved
Clariant International Ltd.	("Clariant"),
investment of Rs. 587 Crore by Clariant in

entering into a joint venture	with
in	connection	with,	inter	alia,
the joint venture and issuance :$0-cOLs<

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