BRIGADE Directors Report

Dear Members


We have pleasure in presenting the Twenty Second Annual Report on business and operations of the Company together with the Audited Statement of Accounts for the financial year ended March 31, 2017.


FINANCIAL HIGHLIGHTS:


(Rs, in Lakhs)


































































































































Particulars



Standalone



Consolidated



2016-17



2015-16



2016-17



2015-16



Total Revenue



1,74,774



1,66,811



2,05,838



2,07,067



Operating Expenditure



1,20,444



1,20,771



1,44,978



1,54,776



Earnings before Interest, Depreciation & Amortization



54,330



46,040



60,860



52,291



Depreciation & Amortization



10,871



9,798



122,55



10,592



Finance Costs



20,050



15,040



24,648



19,901



Profit Before share in profit of associate and Tax



23,408



21,202



23,957



21,798



Share of profit from associate



-



-



120



129



Profit Before Tax



23,408



21,202



24,077



21,927



Tax Expense



Current Tax



6,099



6,436



9,267



8,348



Deferred tax charge/(credit)



797



34



(1,910)



(329)



Profit for the year



16,512



14,732



16,720



13,908



Other Comprehensive income (net of tax)



32



(74)



31



(85)



Total Comprehensive income for the year



16,544



14,658



16,751



13,823



Profit/(loss) attributable to:



Equity holders of the Parent



-



-



15,339



12,309



Non-Controlling Interests



-



-



1,412



1,514



Details oF Appropriations:


(Rs, in Lakhs)








































































































Particulars



Standalone



Consolidated



2016-17



2015-16



2016-17



2015-16



Surplus in the retained earnings as per last financial statements



62,582



53,634



56,707



50,885



Total Comprehensive income for the year (net of Non-controlling interest) Less: Cash dividends declared and paid



16,544



14,658



15,339



12,309



Final Dividend for FY 2014-15



-



2,255



-



2,255



Interim Dividend for FY 2015-16



-



2,263



-



2,263



Less: Tax on dividends paid



On Final Dividend



-



451



-



451



On Interim Dividend



-



468



-



468



Add: Dividend Tax Credit availed



546



-



-



Less: Other adjustments (Net)



579



819



853



1,050



Net Surplus in the statement of profit and loss carried forward



78,547



62,582



71,193



56,707



FINANCIAL OVERVIEW:


During the financial year 2016-17, the Company has on a standalone basis, clocked a total income of Rs, 1,74,774 Lakhs as compared to Rs, 166,811 Lakhs for the previous year ended 31st March, 2016, an increase of 5% on a year-on-year basis. EBITDA has increased from Rs, 46,040 Lakhs to Rs, 54,330 Lakhs an increase of 18%. Total Comprehensive income was at Rs, 16,544 Lakhs for the financial year ended March 31, 2017 as compared to Rs, 14,658 Lakhs for the previous year, an increase by 13%.


The consolidated revenue for the Company for the financial year 2016-17 was Rs, 2,05,838 Lakhs as compared to Rs, 2,07,067 Lakhs in the previous year, a decline of 0.6% on year-on-year basis. EBITDA increased from Rs, 52,291 Lakhs in the previous year to Rs, 60,860 Lakhs, for the financial year 2016-17, an increase of 16%. Total Comprehensive income was at Rs, 16,751 Lakhs for the financial year ended 31st March, 2017 as compared to Rs, 13,823 Lakhs for the previous year, an increase by 21%.


SUBSIDIARIES/ JOINT VENTURES AND ASSOCIATES:


The Company had a total of 15 subsidiaries, 2 limited liability partnerships and 1 associate company as on March 31, 2017.


During the year under review, two wholly owned subsidiaries namely "Brigade Hotel Ventures Limited” and "Augusta Club Private Limited” were incorporated to facilitate a Scheme of Arrangement for hiving-off of the hotels business, integrated clubs and convention centres business of the Company.


Further investment in Mysore Projects Private Limited (MPPL) was made by way of subscription to shares and acquiring shares from the existing shareholders thereby making MPPL a wholly owned subsidiary of the Company.


The Company has incorporated Brigade Innovations LLP, a wholly owned subsidiary for undertaking real estate accelerator programme.


SCHEME OF ARRANGEMENT:


During the Year under review, the Board of Directors of the Company approved the hiving off of the Hospitality business in to wholly owned subsidiaries. The Scheme of arrangement was filed with both Stock Exchanges i.e. National Stock Exchange of India Limited on January 25, 2017 and BSE Limited on January 24, 2017 pursuant to Regulation 37 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Company has received the observation letters from the stock exchanges. The implementation of the Scheme will be completed in the next financial year.


FINANCIAL STATEMENTS OF SUBSIDIARIES AND ASSOCIATE COMPANIES:


In accordance with the provisions of Section 129 (3) of the Companies Act, 2013 read with SEBI (Listing Obligation and Disclosure Requirements), Regulations, 2015, the consolidated financial statements have been prepared by the Company which forms part of this Annual Report. A statement containing the salient features of the financial statements of subsidiaries/ associates as required in Form AOC 1 is enclosed as Annexure-1 to this Report.


TRANSFER TO RESERVES:


An amount of Rs, 579 Lakhs has been transferred out of the current year''''s profits to General Reserves towards future capital expansion.


DIVIDEND:


The Board of Directors of the Company have recommended a dividend of Rs, 2.50 (Rupees Two and fifty paisa only) (25%) per Equity Share (including special Dividend of Rs, 0.50 per Equity Share) of Rs, 10 each which is subject to the approval of the Shareholders in the ensuing Annual General Meeting of the Company.


FIXED DEPOSITS:


The Company has not accepted any deposits in terms of Chapter V of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014, during the year under review. Accordingly, no amount is outstanding as on the balance sheet date.


DEBENTURES:


During the year under review, the Company has not issued any Debentures. As on date, the Company does not have any outstanding Debentures.


DEPOSITORY SYSTEM:


Company''''s equity shares are tradable only in electronic form. As on March 31, 2017, 97.23% of the Company''''s total paid up equity share capital representing 11,05,19,927 shares are in dematerialized form.


TRANSFER TO INVESTOR PROTECTION FUND:


The Company and the Registrar & Transfer Agents of the Company have sent letters to all members whose dividend were unclaimed so as to ensure that they receive their rightful dues. During the year, the Company transferred '''' 1,62,534/- to the Investor Education and Protection Fund, the amount in unpaid Dividend Account opened in 2008-09 which was due & payable and remained unclaimed and unpaid for a period of seven years as provided under Section 124(5) of the Companies Act, 2013.


SHARE CAPITAL:


The authorized share capital of the Company is Rs, 1,50,00,00,000/divided into 15,00,00,000 equity shares of Rs, 10/- each. During the year, the Company had issued and allotted 4,86,125 equity shares of the Company to the eligible employees on exercise of options granted under the Brigade Enterprises Limited Employee Stock Option Scheme, 2011. Consequently, the issued, subscribed and paid-up equity share capital of the Company has increased from 11,31,78,615 equity shares of Rs, 10/each to 11,36,64,740 equity shares of Rs, 10/- each.


RAISING OF CAPITAL:


During the year, The Board of Directors of the Company approved raising of capital of upto Rs, 500 Crores on private placement basis through various means viz. Qualified Institutional Placement, Rights Issue, Preferential Issue etc. in its meeting held on May 16, 2016 and the same was approved by the Shareholders in the 21st Annual General Meeting held on August 31, 2016.


EMPLOYEE STOCK OPTION SCHEME:


The Employee Stock Option Scheme titled "Brigade Employee Stock Option Plan 2011” was rolled out in the financial year 2014-15. Statement giving detailed information on the plan in accordance with SEBI Regulations is contained in Annexure-2 to this Report.


OPERATIONAL REVIEW:


The operations of the Company can be classified into three main Segments:


1. Income from Construction and development of Real Estate Projects


2. Revenue from Hospitality Assets


3. Lease Rental Income from Commercial and Retail Assets


The Real Estate segment specialises in development of residential and commercial Real Estates projects on Sale basis. The revenues of this segment is recognized either on percentage of completion method during construction or unit sale method after the completion of the projects.


The Hospitality segment develops hospitality assets and specialises in identifying Hotel operators and monitoring the operation of the hotel assets.


The Commercial and Retail segment concentrates on developing commercial and retail assets and identifying suitable tenants on long term lease for the Assets owned by the Company.


A detailed information of ongoing projects as on March 31, 2017 has been given in the Management Discussion and Analysis Report which is forming part of the Annual Report.


PROPOSED PROJECTS


The Company proposes to launch 11.53 mn. sq, ft. of new launches in the financial year 2017-18. This will comprise of 5.02 mn. sq. ft. of residential space, 5.76 Million sq. ft. of commercial space and 0.13 mn sq. ft. of hospitality space.


COMPLETED PROJECTS


During the year under review, the equivalent area constructed was 4.52 mn. sq. ft.


ONGOING PROJECTS


The Group currently has 22 ongoing real estate projects aggregating to 15.68 mn. sq, ft. of saleable area. 10 office and retail projects aggregating to 2.65 mn. sq. ft. of developable area and 5 hospitality projects of 0.81 mn. sq, ft of developable area.


BOARD OF DIRECTORS:


The Board of Directors of the Company comprises of 9 Directors of which 2 are Executive Directors, 5 Non-Executive Independent Directors and 2 Non-Executive Directors. The composition of the Board of Directors is in due compliance of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.


BOARD MEETINGS


During the year under review, the Board of Directors of the Company met 7 times on the following dates:


- May 16, 2016


- June 17, 2016


- August 4, 2016


- November 14, 2016


- December 15, 2016


- February 3, 2017


- March 16, 2017


In accordance with the provisions of the Companies Act, 2013, a separate meetings of the Independent Directors and other Directors of the Company was held on March 16, 2017.


A detailed note on the composition of various Committees of the Board and their meetings including the terms of reference were given in the Corporate Governance Report forming part of the Annual Report.


POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION


The Directors of the Company are appointed by the members at annual general meetings in accordance with the provisions of the Companies Act, 2013 and the rules made thereunder.


The Company has adopted the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015 relating to the appointment and tenure of Independent Directors.


The Company''''s Remuneration Policy for Directors, Key Managerial Personnel and Senior Management Personnel is contained in Annexure-3.


APPOINTMENT/ RE-APPOINTMENT OF DIRECTORS


In accordance with the Articles of Association of the Company and the provisions of Section 152(6)(e) of the Companies Act, 2013, Mr. M. R. Jaishankar (DIN: 00191267), Chairman & Managing Director of the Company will retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for reappointment.


Mr. M. R. Jaishankar (DIN: 00191267), Chairman & Managing Director and Ms. Githa Shankar (DIN 01612882) Whlole-time Director have been reappointed to their respective position for further period of five years with effect from April 1, 2017.


The Notice convening the Annual General Meeting includes the proposals for the re-appointment of the Directors Brief resume of the Directors proposed to be appointed/ re-appointed, nature of their expertise in specific functional areas and names of the Companies in which they hold directorship/ membership/ chairmanship of the Board or Committees, as stipulated under SEBI (LODR) Regulations, 2015 have been provided as an annexure to the Notice convening the Twenty Second Annual General Meeting.


None of the Directors of the Company are disqualified under Section 164(2) of the Companies Act, 2013.


DECLARATION BY INDEPENDENT DIRECTORS


The Independent Directors of the Company have provided the declaration of Independence as required under Section 149 (7) of the Companies Act, confirming that they meet the criteria of independence under Section 149 (6) of the Companies Act and SEBI (LODR) Regulations, 2015.


ANNUAL PERFORMANCE EVALUATION OF THE BOARD:


The Board conducted an evaluation of itself & its Committees based on identified criteria and framework pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board evaluated and assessed the performance and potential of each Director.


In a separate meeting of independent directors, performance of no independent directors, performance of the board as a whole and the performance of the Chairman was evaluated, taking into account the views of executive directors and non-executive directors. The same was discussed in the board meeting that followed the meeting of independent directors, at which the performance of the board, its committees and individual directors was also discussed. Performance evaluation of the independent directors done by the entire board excluding the independent director being evaluated.


The SEBI has issued the guidance note on January 5, 2017 on Board Evaluation, based on guidelines Independent Directors also reviewed the quality, content and timelines of the flow of information between the management and the Board and its Committees which is necessary to effectively and reasonably perform and discharge their duties.


DIRECTORS'''' RESPONSIBILITY STATEMENT:


The Board of Directors hereby confirms that:


a) in the preparation of the annual financial statements for the year ended March 31, 2017, the applicable accounting standards have been followed along with proper explanation relating to material departures;


b) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;


c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;


d) the annual financial statements have been prepared on a going concern basis;


e) proper internal financial controls were in place and that the financial controls were adequate and were operating effectively;


f) there are proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.


KEY MANAGERIAL PERSONNEL:


Mr. M. R. Jaishankar, Chairman & Managing Director, Mr. Suresh K, Chief Financial Officer and Mr. P. Om Prakash, Company Secretary & Compliance Officer are the Key Managerial Personnel in accordance with the provisions of Section 203 of the Companies Act, 2013. There has been no change in the key managerial personnel during the year.


REMUNERATION DETAILS OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND EMPLOYEES:


The particulars as required under Section 197 of the Companies Act, 2013 read with Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is contained in Annexure-4.


The details of employees who are in receipt of remuneration exceeding the limits prescribed under Section 134 of the Companies Act, 2013 read with Rule 5 (2) & 5 (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is appended as Annexure- 5. In terms of Section 136 (1) of the Companies Act, 2013 and the Rules made there under, the Annual Report is being sent to the shareholders and others entitled thereto excluding the aforesaid annexure. Any shareholder interested in obtaining the same may write to the Company Secretary.


STATUTORY AUDITORS:


The members of the Company at the Nineteenth Annual General Meeting held on August 5, 2014 approved the appointment of Messers S. R. Batliboi & Associates LLP, Chartered Accountants (Firm Registration Number 101049W) as the Statutory Auditors of the Company for a period of 5 years till the conclusion of Twenty Fourth Annual General Meeting, which is subject to annual ratification by the members of the Company in terms of Section 139 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014.


The resolution relating to annual ratification of statutory auditors appointment is part of the notice of the Twenty Second Annual General Meeting. Members may ratify the appointment of Messers S. R. Batliboi & Associates LLP, Chartered Accountants as the Statutory Auditors of the Company for the financial year 2017-18.


There are no qualifications or adverse remarks in the Statutory Auditors'''' Report for the financial statements for the year ended March 31, 2017 which require any explanation from the Board of Directors.


SECRETARIAL STANDARDS:


The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India relating to Board Meetings and Annual General Meetings.


SECRETARIAL AUDIT REPORT:


Pursuant to provisions of the Companies Act, 2013, the Board of Directors of the Company have appointed Mr. K Rajshekar, Practicing Company Secretary (CP No.2468) to conduct the Secretarial Audit for the financial year 2016-17 and his Report on Company''''s Secretarial Audit is appended as Annexure-6 to this Report.


Secretarial Auditors Observation and Directors explanation thereto:


-In respect of prior intimation under Regulation 29(D(d),(2) & intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the Board Meeting held on May 16, 2016.


The Board of Directors of the Company in their meeting held on May 16, 2016 passed an enabling resolution subject to approval of shareholders in a general meeting for raising of capital up to Rs, 500 Crores through various means including preferential issue, qualified institutional placement, rights issue etc. at an appropriate time. The shareholders of the Company in the twenty first annual general meeting approved the passing of this enabling resolution to raise equity at the appropriate time by the Company. The same was communicated to the Stock exchanges as part of the proceedings of the annual general meeting and uploaded on the website of the Company The Board of Directors of the Company in their meeting held April 25, 2017 approved specifically the raising of funds up to Rs. 500 Crores through qualified institutional placement based on the authorization provided by the shareholders. The Company had provided advance intimation under Regulation 29(1)(d) (2) and outcome of the meeting within the time limits stipulated under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements] Regulations, 2015. Hence there was no intention on the part of the Company to deviate from SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015


COST AUDITORS:


The Board of Directors of the Company have appointed M/s GNV & Associates, Cost Accountants (Firm Regn No. 000150) as Cost Auditors of the Company for the financial year 2016-17 at a fee of Rs, 1.25 Lakhs plus applicable taxes and out of pocket expenses subject to the ratification of the said fees by the Shareholders at the Annual General Meeting of the Company pursuant to provisions of Section 148 of the Companies Act, 2013.


MANAGEMENT DISCUSSION AND ANALYSIS REPORT:


The Management''''s Discussion and Analysis Report for the year under review, as stipulated under SEBI (LODR) Regulations, 2015 is forming part of the Report.


CORPORATE GOVERNANCE REPORT:


The Company is committed to maintaining the highest standards of Corporate Governance. A detailed report on Corporate Governance pursuant to Schedule V(C) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 forms part of the Annual Report.


The certificate issued by Ms. Aarthi G. Krishna, Practicing Company Secretary (CP No.5645) affirming compliance with the various conditions of Corporate Governance is attached to the report on Corporate Governance.


PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:


The details of loans given, investments made, securities provided and guarantees given are provided in note 6 and 7 forming part of the standalone financial statements.


PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:


All transactions entered into during the financial year 2016-2017 with related parties were in the ordinary course of business and on arm''''s length basis and with the prior approval of the Audit Committee.


The Company has formulated a policy on Related Party Transactions which is available on the website of the Company at http:// www.brigadegroup.com/investor/images/policy-related-party-transactions.pdf.


During the year, the Company has not entered in to 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.


Transactions with related parties during the year are listed out in note 33 forming part of the standalone financial statements.


INTERNAL FINANCIAL CONTROL SYSTEM:


The Company has adequate internal financial control systems in place with reference to the financial statements.


During the year under review, these controls were evaluated and no significant weakness was identified either in the design or operation of the controls.


RISK MANAGEMENT COMMITTEE:


As required under Regulation 21 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has constituted a Risk Management Committee consisting of Executive Director, Non Executive Director and an Independent Directors to identify and assess business risks and opportunities. The Risk Management Committee identifies the risks at both enterprise level as well as at the project level.


The business risks identified are reviewed by the Risk Management Committee and a detailed action plan to mitigate identified risks is drawn up and its implementation monitored. The key risks and mitigation actions will also be placed before the Audit Committee of the Company.


CORPORATE SOCIAL RESPONSIBILITY:


A Corporate Social Responsibility (CSR) Committee has been constituted in accordance with the provisions of Section 135 of the Companies Act, 2013. The details of the constitution of the Committee, scope and functions are listed out in the Corporate Governance Report annexed to this Report.


The disclosures as required under Section 135 of the Companies Act, 2013 read with Rule 8(1) of the Companies (Corporate Social Responsibility Policy) Rules, 2014 is appended as Annexure 7 to this Report.


WHISTLE BLOWER POLICY/VIGIL MECHANISM:


The Company has established a vigil mechanism for Directors and Employees to report their genuine concerns, illegal, unethical behavior, suspected fraud or violation of laws, rules and regulation or conduct to the Ethics Committee members and the Chairman of the Audit Committee. The details of which have been given in the Corporate Governance Report forming part of this Annual Report.


EXTRACT OF ANNUAL RETURN:


In terms of Section 92 (3) of the Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014, the extract of the Annual Return of the Company for the financial year 2016-17 in Form No. MGT-9 is appended as Annexure-8 to this Report.


CODE OF CONDUCT:


Pursuant to SEBI (Listing Obligations and Disclosure Requirements] Regulations, 2015, the declaration signed by the Chairman and Managing Director affirming compliance of the Code of Conduct by the Directors and senior management personnel of the Company for the financial year 201617 is annexed and forms part of the Corporate Governance Report.


CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:


The particulars in respect of conservation of energy, technology absorption and foreign exchange earnings & outgo, as required under Section 134(3)(m) of the Companies Act, 2013 read with Companies (Accounts] Rules, 2014 is appended as an Annexure-9 to this report.


HUMAN RESOURCES:


The Company has a total workforce of 658 as on March 31, 2017. The Company believes that only way it can excel is by empowering its people and consistently providing opportunities to learn and grow. Our Learning & Development process for employees is focused on supporting high performance through various approaches driven comprehensively by HR, Business Excellence, QA/QC, Safety & Technical training teams. The Company aims to contribute to the overall development of its employees through extensive training & motivational programmes. The Board of Directors would like to express their appreciation to employees for their sincerity, hard work, dedication and commitment.


As part of the policy for Prevention of Sexual Harassment in the organization, the Company has in place a Committee called "Complaints Redressal Committee'''''''' for prevention and redressal of complaints on sexual harassment of women at work place in accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal] Act, 2013 and relevant rules there under. During the period under review, no complaints were received by the Committee.


AWARDS AND RECOGNITIONS:


Among the significant awards Brigade Group has received in 2016-17 are:


- Brigade Cosmo polis won the Best Residential Project in Bangalore in the Luxury segment at the 11th CNBC Awaaz Awards 2016.


- Brigade at No. 7 won the Best Residential Project in Hyderabad in the Ultra Luxury segment at the 11th CNBC Awaaz Awards 2016.


- Brigade Group won the Integrated Township of the Year - South and Developer of the Year- Mixed Use at the Estate Awards 2017.


- Brigade Group has been Ranked No. 1 in the Real Estate Industry and No. 39 across all Industries in India as India''''s Great Companies to Work for 2016 by Great Place to work Institute and the Economic Times.


- Orion East Mall won "Retail Property of the Year-South” at the 5th Indian Retail & e-Retail Awards 2016.


- Brigade Exotica received the ''''Best Design Apartment Project of the Year - East Bangalore'''' award at the Silicon I ndia Bangalore Real Estate Awards 2016.


- Brigade Group received India''''s Top Builders 2016 Award at CWAB Awards.


- Brigade Group won the 1st Runner Up for the South Region in the CII-National Excellence Practice Competition-2016.


- Brigade Group scored a Hat-Trick at the 6th Annual Construction Week India Awards 2016 - Mr. M.R. Jaishankar won the Real Estate Person of the Year Award, Ms. Nirupa Shankar Won the - Young Entrepreneur of the year Award and Brigade Exotica won the Runners Up Award in the High Rise Building Category.


- Orion Mall won 3 Awards at the Times Retail Icon Awards -Bangalore 2016 - Emerging Mall - Orion East, Best Marketing & Promotion - Orion Mall @ Brigade Gateway and Best CSR Activities


- Orion Mall @ Brigade Gateway.


- Aspen @ Brigade Orchards, Won the ICI (BC) - Birla Super Jury Appreciation Award for Outstanding Concrete Structure of Karnataka 2016 in the Building Category.


- Mr. M.R Jaishankar was recognized as a Professional Developer par Excellence by Association of Consulting Civil Engineers (India), Bangalore Centre for his Contributions to the Society at REDECON 2016.


- Brigade won 2 Awards at the Realty Plus Excellence Awards (South) 2016 - Developer of the year - Commercial for Nalapad Brigade Centre & CSR Initiatives of the Year for the Redevelopment of Sitharampalya Lake.


- Mr. M.R. Jaishankar has been recognized as one of India''''s Best CEO''''s and ranked in the Top 100 CEO''''s by Business Today - PwC in the Annual ranking of India''''s Best CEO''''s 2016.


- Brigade Orchards won the Order of Merit Award at the Businessworld Smart Cities Conclave & Awards.


- Orion Mall won the Retail Property of the Year - South at the Estate Awards 2017.


- Nirupa Shankar, Director - Brigade Hospitality won the ''''Restaurant owner of the Year'''' award and Saurabh Bakshi, General Manager -Sheraton Grande Bangalore won the ''''General Manager of the Year'''' award at the Hospitality Leaders'''' Industry Choice Awards (HLICA) at the 7th edition of the Hotelier Summit India.


- Mr. Vishal Mirchandani, CEO - Retail & Commercial won the IMAGES Most Admired Shopping Centre Professional of the year Award.


ADDITIONAL INFORMATION TO SHAREHOLDERS:


All important information such as financial results, investor presentations, press releases, new launches and project updates are made available on the Company''''s website www.BrigadeGroup.com on a regular basis.


DISCLOSURES:


There were no significant or material orders passed by the regulators or courts or tribunals impacting the going concern status and Company''''s operations in future.


There are no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year till the date of this report.


There is no change in the nature of the business of the Company.


There are no differential voting rights shares issued by the Company.


Neither the Managing Director nor the Whole time Director have received any remuneration or commission from any of the subsidiaries, joint ventures or associates.


There were no sweat equity shares issued by the Company.


ACKNOWLEDGEMENTS:


The Directors wish to place on record their appreciation and sincere thanks to all the stakeholders for the continued support and patronage. We look forward to your continued support and co-operation in the way forward.


By order of the Board For Brigade Enterprises Limited


Place: Bangalore M. R. Jaishankar


Date: May 22, 2017 Chairman and Managing Director

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