Atul Ltd 2020-21

153 Statutory Report 22 - 87 Financial Statements 88 - 229 Corporate Overview 01 - 21 Note 28.15 Expenditure on Corporate Social Responsibility initiatives a) Gross amount required to be spent by the Company during the year is ` 12.40 cr (2019-20: ` 9.60 cr) b) Amount spent during the year on: ( ` cr) Particulars 2020-21 2019-20 Paid Payable Total Paid Payable Total i) Construction | Acquisition of any asset - - - - - - ii) On purposes other than (i) above 12.41 - 12.41 9.60 - 9.60 Note 28.16 Offsetting financial assets and liabilities The Company has not offset any financial asset and financial liability. It offsets a financial asset and a financial liability when it currently has a legal enforceable right to set-off the recognised amounts and it intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. a) Master netting arrangements – not currently enforceable Agreements with derivative counterparties are based on an ISDA Master Agreement. Under the terms of these arrangements, only where certain credit events occur (such as default ), the net position owing | receivable to a single counterparty in the same currency will be taken as owing and all the relevant arrangements are considered as terminated. As the Company does not presently have a legally enforceable right of set-off, these amounts have not been offset in the Standalone Balance Sheet. b) Collateral against borrowings The Company has hypothecated | mortgaged assets as collateral against a number of its sanctioned line of credit (Refer Note 17(b) for further information on assets hypothecated | mortgaged as security). In case of default as per borrowing arrangement, such collateral can be adjusted against the amounts due. Note 28.17 Dividend on equity shares Dividend on equity shares declared and paid during the year: ( ` cr) Particulars As at March 31, 2021 As at March 31, 2020 Final dividend of ` nil for the year 2019-20 (2018-19: ` 15.00 per share) - 44.49 Dividend distribution tax on final dividend 1 - 8.95 Interim dividend of ` nil for the year 2020-21 (2019-20: ` 27.50 per share) - 81.57 Dividend distribution tax on interim dividend 1 - 16.32 - 151.33 1 Dividend distribution tax (net) pertaining to the current year include credit in respect of tax paid under Section 115(O) of the Income Tax Act, 1961 by the Company on dividend received from its subsidiary companies. Note 28.18 Buy-back of shares In accordance with the provisions contained in the SEBI (Buy-back of Securities) Regulations, 2018 and the Companies Act, 2013 and rules made thereunder, the Board in its meeting held on January 29, 2021 approved a proposal to buy-back fully paid- up equity shares of face value of ` 10 each of the Company, at a price not exceeding ` 7,250 per equity share (maximum buy-back price) and for an amount not exceeding ` 50 cr (maximum buy-back size) from the open market through stock exchange mechanism. The buy-back of equity shares through the stock exchange commenced on February 10, 2021, and was completed on February 19, 2021. The Company bought back and extinguished a total of 74,682 equity shares at an average buy-back price of ` 6,678.58 per equity share comprising 0.25% of the pre buy-back paid-up equity share capital of the Company. The buy-back resulted in a cash outflow of ` 49.88 cr (excluding transaction costs). The Company funded the buy-back from its free reserves.