HDFC Securities Annual Report 11-12.pmd - HDFC Bank

CORPORATE SOCIAL RESPONSIBILITY
As a responsible Corporate Citizen the Company
strives for community empowerment through
socio-economic development of underprivileged
and marginalized sections of society. It’s been the
Company’s endeavour to put more value on bringing
social good, which is beneficial to the society and
thus making a difference in the livelihood of the
people. The Company has partnered with NGOs
to promote educational and social initiatives
including providing resources for a project entitled
“E-Teaching Aid Projects for Vernacular schools
in Maharashtra.
During the year under review, the Company supported a
variety of social causes ranging from promoting education for
underprivileged children, participating in blood donation
camps etc. The effort of the Company on social initiatives
is on an ongoing basis.
PARTICULARS REGARDING CONSERVATION
OF ENERGY, TECHNOLOGY ABSORPTION
AND FOREIGN EXCHANGE EARNINGS &
OUTGO
A. Since the Company does not carry out any
manufacturing activities, particulars to be
disclosed with respect to conservation of energy
and technology absorption under Section 217 (1)
(e) of the Companies Act, 1956, read with the
Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 are not
applicable.
B. Details of earnings and expenses in foreign currency
are reflected at Note no. 23.3 of the Financial
statements.
DIRECTORS:
Mr. Bharat Shah and Mr. S.S. Thakur retire by rotation at
the ensuing Annual General meeting and are eligible for
re-appointment.
EMPLOYEE STOCK OPTION
The Company had granted 5,42,750 stock options to
its employees entitling them to receive an equivalent
number of Equity shares of face value of Rs. 10/- each
in the Company at an exercise price of Rs. 135/-
per share.
During the year under review 1,49,325 stock options
further vested on 17 February 2012. A total of 61,050
stock options were exercised and allotted by the Company
during the year. The money realised due to exercise of the
said options was Rs. 82,41,750/-. A detailed note on this
subject is placed in the notes forming part of the financial
statements at Note no. 25
PUBLIC DEPOSIT:
During the year under review, the Company has not
accepted any deposit pursuant to Section 58A of the
Companies Act, 1956.
INFORMATION PURSUANT TO SECTION 217 (2A)
OF THE COMPANIES ACT, 1956:
The information required to be given under the provisions
of Section 217(2A) of the Companies Act, 1956 read
with the Companies (Particulars of Employees) Rules,
1975, is given in the Annexure enclosed.
AUDITORS:
M/s. Deloitte Haskins & Sells, Chartered Accountants,
Statutory Auditors of the Company will retire at the
conclusion of the forthcoming Annual General Meeting.
Members are requested to consider their re-appointment
on a remuneration, to be decided by the Board of Directors
in mutual consultation with the Auditors.
DIRECTORS’ RESPONSIBILITY STATEMENT:
The Board of Directors hereby state that:
1. in the preparation of annual accounts, the applicable
accounting standards have been followed along with
proper explanation relating to material departures;
2. they 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 31 March, 2012 and of the profit of the
Company for the year ended on that date;
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