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Your Directors have the pleasure in presenting the Sixteenth Annual Report on business and operations, together with the audited financial statement of the Company for the financial year ended March 31, 2015.
During the financial year under review, your Company's revenue from operations has been Rs. 476.56 Crores compared to Rs. 389.44 Crores last year, an increase of 22.37%. Profit before tax has been Rs.122.88 Crores compared to Rs. 93.20 Crores last year, an increase of 31.84% over the last year. Profit after tax has been Rs.81.03 Crores compared to Rs. 61.32 Crores last year, registering an increase of 32.14 % over the last year.
Your Company's business model is such that it mainly depends on revenues from advertisements. Your Company, due to its impeccable reputation, leadership position of the flagship channel "AAJ TAK", and confidence reposed by its viewers and clients, managed to achieve a highly satisfactory performance. In recognition of its qualitative coverage and mass appeal, your Company's Channels have been conferred with the following prestigious awards:
ENBA – 2014
Best Channel Marketing –Sach on Karo Best Channel or Programme Promo – Election Express
Prime Time Awards– 2014
Best Programme launch promo – Sach On Karo Best programme promotion – Sach On Karo
Best News Channel – Aaj Tak Best News Anchor – Anjana Om Kashyap
Sach on Karo – Gold
Aaj Tak continued to maintain its leadership position for the 14th consecutive year. Aaj Tak market share has increased from 17.1 % in July–Sept'14 to 18.4 % in Jan–Mar'15. Aaj Tak continues to dominate by being the channel of choice during key events. Whether it's a national or an international event, the credibility of Aaj Tak is unmatched. Aaj Tak has been the number 1 Hindi News channels for Nonstop 100 weeks.(wk19'13–14'15). I
Source– TAM, Market– HSM, TG– CS 15+, Market Share %, Period– As mentioned, Channel shares % calculated among 12 Hindi News channels)
Headlines Today's share % has gone up from 13.4 % (FY–2013–14) to 14.4 % ( FY–2014–15).
(Source– TAM, Market– All India, TG– CS 25+ M AB, Market Share %, Period– As Mentioned, Channel shares % calculated among 5 English News Channels)
Dilli Aaj Tak
Dilli Aaj Tak maintains a solid monopoly in Delhi and maintains its viewership. Dilli Aaj Tak's Universe share increased from 0.20 (April–Jun14) to 0.30 (Jan–Mar'15) in Delhi market.
TEZ share has gone up from 3.0 % in April–June'14 to 4.2 % Jan–Mar'15. In WK 12'15 TEZ share % was ahead of NDTV India and IBN 7 whereas in WK 13'15 it's ahead of NDTV India and was equal to IBN 7.
Your Directors are pleased to recommend for your consideration and approval payment of dividend @ 30% amounting to Rs. 1.50 per equity share of Rs. 5/–each, for the financial year 2014–15. Total amount of dividend outgo for the financial year shall be Rs.10.74 Crores (including Corporate Dividend Tax amounting to Rs. 1.79 Crores).
The dividend will be paid to members whose names appear in the Register of Members as on August 7, 2015; in respect of shares held in dematerialised form, it will be paid to members whose names are furnished by National Securities Depository Limited and Central Depository Services (India) Limited, as beneficial owners as on that date. The Annual General Meeting is scheduled to be held on August 20, 2015.
4. Transfer to Reserve
There is no transfer of any amount to the General Reserve. An amount of Rs. 291.94 Crores is proposed to retained in the Surplus.
During the year, your Company has not accepted/ renewed deposits from the public within the meaning of Section 73, 74 and other relevant provisions of the Companies Act, 2013 read with rules made there under.
6. directors and Key Managerial Personnel
In accordance with the provisions of Section 152(6) of the Companies Act, 2013, and the Articles of Association of your Company, not less than two–third of the total number of directors shall be liable to retire by rotation. Further at least one–third of those liable to retire by rotation shall retire at every Annual General Meeting. It also provides that the total number of directors for the purpose of this section shall not include Independent Directors. Therefore, based on the present Board structure, Mr. Rajeev Thakore, Mr. Anil Vig and Mr. Ashok Kapur, Independent Directors shall not be liable to retire by rotation. Out of remaining three directors, Mr. Aroon
Purie, Chairman & Managing Director is non–rotational
Director. The other two directors, being two third shall be liable to retirement by rotation. Accordingly, Mr. Devajyoti Bhattacharya, retires at the ensuing Annual General Meeting and being eligible offers himself for reappointment. We seek your support in confirming his re–appointment as Director.
Re–appointment and Resignations
The Companies Act, 2013, provides for the appointment of Independent directors. Sub–section (10) of Section 149 of the Companies Act, 2013 provides that Independent directors shall hold office for a term of up to five consecutive years on the Board of the Company.
On recommendation of the Nomination and Remuneration committee, the Board appointed Mr. Ashok Kapur, Mr. Rajeev Thakore and Mr. Anil Vig as Independent Directors w.e.f. April 1, 2014 for a period of 5 years. We thank shareholders for their support in confirming their appointments in the Annual General Meeting held on August 20, 2014.
On recommendation of Nomination and Remuneration Committee, the Board also appointed Mr. Ashish kumar Bagga and Mr. Dinesh Bhatia as Chief Executive Officer and Chief Financial Officer respectively with effect from May 14, 2014.
Ms. Koel Purie Rinchet resigned as Whole–Time Director with effect from June 27, 2015 and shall continue as a Non–Executive Director on the Board of the Company. The Board places its appreciation for the services rendered by Ms. Koel Purie Rinchet during her tenure as whole–time director of the Company.
7. Director's Responsibility Statement
Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, with respect to Directors' Responsibility Statement, it is confirmed that:
– in the preparation of the annual accounts for the year ended March 31, 2015, the applicable accounting standards have been followed and there are no material departures from the same;
– the Directors have 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 as at March 31, 2015 and of the profit of the Company for the year ended on that date;
– the Directors have 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;
– the Directors have prepared the annual accounts of the Company on a going concern basis;
– the Directors, have laid down internal financial
controls to be followed by the company and that such internal financial controls are adequate and
were operating effectively;
– the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
8. Committees of the Board
The Board of Directors of the Company has constituted four committees namely, the Audit Committee, Nomination and Remuneration Committee, Corporate Social Responsibility Committee and Stakeholder's Relationship Committee.
A detailed note on the Board and its committees (Audit Committee, Nomination and Remuneration Committee and Stakeholders' Relationship Committee) is provided in the 'Report on Corporate Governance' section in the Annual Report. The composition of the committees and compliances, are as per the applicable provisions of the Companies Act, 2013 & revised clause 49 of the listing agreement and Rules, are as follows:
10. Extract of Annual return
In accordance with Section 134(3)(a) of the Companies Act, 2013, an extract of the annual return in the prescribed format is appended as Annexure–1 to the Board Report.
11. Number of Meetings of Board
The Board met four times during the financial year, the details of which are given in the Corporate Governance Report that forms part of this Annual report. The intervening gap between any two meetings was within the period prescribed by the Companies Act, 2013 and Listing Agreement entered into with stock exchanges.
12. Declaration by Independent Directors
The Company has received the necessary declaration from each Independent Director under Section 149(7) of the Companies Act, 2013, that they meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and clause 49 of the Listing Agreement entered into with stock exchanges.
13. Training of independent directors
The Familiarization Programme for Independent Directors aims to familiarize them with the Company, their roles, rights, and responsibilities in the Company, nature of industry, and business model of the Company etc., to enable to take sound decisions and contribute towards the overall growth of the company. The Independent Directors have complete access to the information within the Company. The Company regularly conducts training sessions for the Independent Directors where specific presentations were provided to them about the Company's strategy, business model, operations, markets, organization structure, product offerings, finance, risk management framework, competitor's analysis and various other factors affecting the company's business. Moreover interactive meets are organized from time to time where they get opportunity to interact with Senior Management, Head of departments and other key personnel of the organization. All important corporate communications/announcements are forwarded to all the Independent Directors on regular basis to keep them abreast with what is happening in the company. Independent Directors have the freedom to interact with the Company's management as and when required. The Appointment letters issued to Independent Directors also includes the roles, duties and responsibilities in the Company.
The details of such familiarization programmes for Independent Directors are posted on the website of the Company and can be accessed at:– <http://media2.intoday.in/aajtak/investors/Familiarization%25> 20Programme%20for%20Independent%20Directors.pdf
14. Criteria for Appointment of Directors
The Company has made Nomination and Remuneration Policy ("Policy") for appointment and remuneration of Directors, key managerial personnel and other employees. Currently, the Board consist of 6 members, out of which one is Managing Director, two of which are Non–executive Directors and three are Independent Directors to maintain the Independence of the Board and separate its functions of governance and management. The Board periodically evaluates the need for change in its composition and size.
The Policy, includes criteria for determining qualifications, positive attributes, independence of director and other matters provided under Sub–section (3) of the Section 178 of the Companies Act, 2013, is included in the Nomination and Remuneration Policy adopted by the Board, forms part of this Annual Report. We affirm that the remuneration paid to directors is as per the terms laid out in the Nomination and Remuneration Policy of the Company.
15. Risk Management
The Company has formulated the Risk Management Policy through which the Company has identified various risks like strategy risk, industry and competition risk, operation risk, liability risks, resource risk, technological risk, financial risk. The Company faces constant pressure from the evolving marketplace that impacts important issues in risk management and threatens profit margins. The Company emphasizes on those risks that threaten the achievement of business objectives of the Group over the short to medium term. Your Company has adopted the mechanism for periodic assessment to identify, analyze, and mitigation of the risk.
The appropriate risk identification method will depend
on the application area (i.e. nature of activities and the hazard groups), the nature of the project, the project phase, resources available, regulatory requirements and client requirements as to objectives, desired outcome and the required level of detail.
The trend line assessment of risks, analysis of exposure and potential impact shall be carried out. Mitigation plans shall be finalized, owners identified, and progress of mitigation actions shall be regularly and periodically monitored and reviewed.
Treatment options which are not necessarily mutually exclusive or appropriate in all circumstances shall be driven by outcomes that include:
> Avoiding the risk,
> Reducing (mitigating) the risk,
> Transferring (sharing) the risk, and
> Retaining (accepting) the risk.
16. Corporate social responsibility
Corporate Social Responsibility ("CSR") is the Companies intent to make a positive difference to the society; Companies have realized that the Government alone will not be able to get success in its endeavor to uplift the Society so therefore the concept of CSR has gained its prominence in recent years and has been made mandatory as per Companies Act, 2013, which requires Companies to contribute some part of its profits towards the CSR activities. With the rapidly changing corporate environment, more functional autonomy and operational freedom we have adopted Corporate Social Responsibility as a strategic tool for sustainable growth. We are committed to operate our business with emphasis on CSR in all areas of our operation. We will integrate our business values and operations to meet the expectations of our shareholders, customers, employees, regulators, investors, suppliers, community and to take care of environment with best interest.
1. Build a Powerful Partnership with Society for 'Sustainable Development';
2. To improve the quality of life of the communities we serve through long term stakeholder value creation.
As per the Companies Act, 2013, all companies having net worth of Rs. 500 Crore or more, or turnover of Rs. 1,000 Crore or more or a net profit of Rs. 5 Crore or more during any financial year are required to constitute a corporate social responsibility (CSR) committee of the Board of Directors comprising three or more directors, at least one of whom should be an independent director and such Company shall spend at least 2% of the average net profits of the Company's three immediately preceding financial year. Accordingly, your Company has spent Rs. 9,325,944 through Care today fund towards CSR activities.
Care Today Fund part of India Today Group was setup to focus on CSR initiatives of the group and your Company had contributed in the past in CSR activities through Care Today Fund long before the provisions related to CSR under the Companies Act, 2013 were applicable.
The Board of Directors on the basis of recommendations received from CSR Committee had approved Swatch Bharat Abhiyan activities which shall be carried out through Care Today Fund and monitored by CSR Committee as CSR project/programs for contribution towards Corporate Social Responsibility activities.
The details relating to the Company's CSR Activities for the financial year 2014–15 as required to be disclosed under the provisions of the Companies Act 2013 is provided in the Annexure–2 to the Board's Report.
17. Board Evaluation
In terms of Companies Act, 2013 and Listing Agreement entered into with stock exchanges, there is requirement of formal evaluation by the Board of its own performance and that of its committees and individual directors.
The evaluation of individual directors and the Board as a whole was conducted based on the criteria and framework adopted by the Board. The evaluation criteria has been explained in the Nomination and Remuneration Policy adopted by the Board and forms part of this Annual report.
18. Vigil Mechanism
The Company promotes ethical behavior in all its business activities and has put in place a mechanism for reporting illegal or unethical behavior. The Company has a Vigil mechanism and Whistle blower policy under which the persons covered under the policy are free to report misuse or abuse of authority, fraud or suspected fraud, violation of company rules, manipulations, negligence causing danger to public health and safety, misappropriation of monies, and other matters or activity on account of which the interest of the Company is affected.. The reportable matters may be disclosed to the vigilance officer which operates under the supervision of the Audit Committee. Persons covered under the Policy may also report to the Chairman of the Audit Committee.
During the year under review, no employee was denied access to the Audit Committee.
The Policy on vigil mechanism or whistle blower policy may be accessed on the Company's website at the link: <http://specials.indiatoday.com/aajtaknew/download/> Vigil_Mechanism_Whistle_Blower_Policy.pdf
19. details of Loans Given, Investments Made and Guarantee Given Covered U/s 186 (4) of the Companies Act, 2013
During the Financial Year 2014–15 the Company, has not made any loan, given any guarantee or provided security in connection with the loan to any other body corporate or person and has not made any investment by way of subscription or purchase, the securities of any other body corporate.
Further, the Company had during its previous years made a strategic investment in Mail Today Newspapers Private Limited (Mail Today), a differentiated newspaper with respect to content as well as value to its advertisers, in earlier years, it has acquired stake amounting to Rs. 45.52 Crore. During the year, the Company has received a guarantee from its holding company, Living Media India Limited, for indemnifying any loss to the Company arising from the sale of the said investment. The same has been further elaborated in Note no. 40 of the Financial Statement which is self explanatory.
20. Particulars of contracts or arrangements with related parties
All contracts/arrangements/transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arm's length basis. During the year, 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.
The policy on materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed on the Company's website at the link <http://specials.indiatoday.com/aajtaknew/> download/Related_Party_Transaction_Policy.pdf
Your Directors draw attention of the members to Note 36 to the financial statement which sets out related party disclosures and thus, no disclosure is annexed in Form AOC 2 to this Board's Report.
21. disclosure of Remuneration
As per the provisions of Section 197 read with rule 5(1) of the Companies (Appointment and Managerial Personnel) Rules, 2014 is annexed hereto and forms part of the Board Report as Annexure–3.
As per the provisions of Section 136 of the Companies Act, 2013 read with amended Clause 32 of the Listing Agreement with the Stock Exchanges, the Annual report is being sent to all shareholders of the Company excluding Particulars of employees as required under Section 197 of the Companies Act, 2013 read with 5(2) & (3) of the Companies (Appointment and Managerial Personnel) Rules, 2014. Any shareholder interested in obtaining such particulars may inspect the aforesaid particulars at the registered office of the company during business hours for a period starting twenty days before the date of the annual general meeting or may also write to the Company Secretary at the Company's Corporate office at India Today Mediaplex, FC–8, Sector 16A, Filmcity, Noida–201301, Uttar Pradesh for obtaining a copy of the same.
No Director, of the Company who is receiving commission from the Company is in receipt of any remuneration or commission from any holding company or subsidiary company of the Company.
22. Subsidiary Company
The audited financial Statement of Accounts, along with the report of the Board of Directors and the Auditor's Report pursuant to Section 129(3) of the Companies Act, 2013 of the wholly owned subsidiary Company, TV Today Network (Business) Limited, for the year ended on March 31, 2015 is annexed as Annexure–4 to this Board's Report.
23. Consolidated Accounts
In accordance with the requirements of Companies Act, 2013 and rules made thereunder, your Company has prepared the Consolidated Accounts of itself and its subsidiary, as a single entity, which is annexed herewith.
24. statutory Auditors
The Statutory auditors of your Company M/s Price Waterhouse, Chartered Accountants hold office up to the conclusion of the forthcoming Annual General Meeting and are eligible for re–appointment.
The Company has received letters from Auditors to the effect that their re–appointment, if made, would be within the prescribed limits under Section 141(3)(g) of the Companies Act, 2013 and that they are not disqualified for re–appointment. Further, the Board of directors of the Company recommend to the shareholders for their approval, re–appointment of M/s Price Waterhouse, Chartered Accountants till the conclusion of Eighteenth Annual General Meeting.
In terms of the requirement of section 148 of the Companies Act 2013, your Board of Directors has appointed M/s. SKG & Co., Cost Accountants, as the Cost Auditor for the financial year ending March 31, 2016. Further, the board of Directors of the Company recommend to the shareholders for their approval, remuneration to be paid to the Cost Auditors Rs. 1,00,000/– (exclusive service tax & out of pocket expenses)
25. secretarial Auditors
PI & Associates, Practicing Company Secretaries was appointed to conduct the secretarial audit of the Company for the financial year 2014–15 as required under Section 204 of the Companies Act, 2013 and Rules thereunder. The Secretarial Audit report for Financial Year 2014–15 forms part of the Annual Report as Annexure–5 to the Board's Report.
Also, the Board had appointed PI & Associates, Practicing Company Secretaries as Secretarial Auditor of the Company for the financial year 2015–16.
26. Auditor's Report
There are no qualifications of Auditors on the Accounts of the Company for the financial year ended March 31, 2015 requiring further comment from the Board of Directors.
There are no qualifications of Secretarial Auditors on the Secretarial Audit Report to the Company for the financial year ended March 31, 2015 requiring further comment from the Board of Directors.
27. Internal Financial Control
The Board has adopted the policies and procedures for ensuring the orderly and efficient conduct of business, including adherence to the Company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and timely preparation of reliable financial disclosures.
28. Corporate Governance
In accordance with Clause 49 of the Listing Agreement, your Company has ensured continued compliance of Corporate Governance requirements during the financial year. Your Company lays strong emphasis on transparency, disclosure and independent supervision to increase various stakeholders' value.
The report on Corporate Governance for the financial year 2014–15 is given in a separate section titled "Report on Corporate Governance" and Certificate of
Company Secretary in Practice as required under the revised Clause 49 of the Listing Agreement is appended herewith which forms part of this Annual Report as Annexure–7.
29. Employees Stock Option Plan
Human Resource is the key to the success of any organization. The Company has always valued its human resources and has tried to adopt the best HR practices. To retain and nurture well–performing employees who are contributing to the growth of the Company. The Board of Directors of your Company has approved an Employees' Stock Option Scheme during the Year 2006 in accordance with SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 (hereinafter referred to as "SEBI Regulations") with the objective of strengthening employee bonds with the Company and creating a sense of ownership. Your Board felt it appropriate to extend ESOPs to permanent employees in the management staff, including Managing Director and Whole–time Director(s) in order to motivate and retain the best talent. Further, during the year the Company has not amended the scheme as per the new regulations i.e. SEBI (Share Based Employee Benefit) regulations, 2014. The details pursuant to SEBI (Share Based Employee Benefit) regulations, 2014 has been placed on the website and weblink of the same is <http://> aajtak.intoday.in/investor
A certificate from Statutory Auditors, with regard to the implementation of the Company Employees' Stock Option Scheme, would be placed before the shareholders in the next Annual General Meeting and a copy of the same shall be available for inspection at the registered office of the Company.
30. Proposed Sale of FM Radio Business
The Board on February 6, 2015 approved the sale of Radio FM Business (seven radio stations) of the Company subject to regulatory approvals, and authorised a Committee of Senior Officials consisting of Mr. Aroon Purie, Mr. Ashish Kumar Bagga and Mr. Dinesh Bhatia ("Committee') to negotiate and execute requisite documents with potential buyers.
In furtherance to the aforesaid, a non–binding memorandum of understanding ("MoU") was signed with Entertainment Network (India) Limited ("ENIL").
On February 16, 2015, an application was filed with the Ministry of Information and Broadcasting ("MIB") seeking its approval for the sale of Radio FM Business to ENIL. Since there was no response from the MIB on the application filed by the Company, the Company filed a writ petition in the Delhi High Court to expedite the matter. On April 20, 2015, the Court directed the MIB to decide the Company's application within two weeks. MIB by its order dated May 1, 2015 denied approval to the sale of Radio FM Business on the ground that the proposed sale is not in conformity with the FM Radio Guidelines.
In Committee's meeting on May 8, 2015,the Committee took note of the MIB order dated May 1, 2015, approved the amendment of the MoU and agreed to consider other possible options along with ENIL.
The Committee has further decided to challenge the above referred MIB order with the Delhi High Court.
31. Management Discussion and Analysis
Separate report on Management Discussion & Analysis is appended herewith.
32. Conservation of Energy, Technology Absorption and foreign exchange earnings and outgo.
In terms of the requirement of clause (m) of sub–section (3) of Section 134 of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014, the particulars
with respect to "Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo" are given as under: a) Conservation of energy: Your Company have already worked out and developed a plan to replace the existing conventional light fixtures with LED lights and developed customized LED lighting fixtures which will be suitable and appropriate to replace the existing lighting system. It has been processed with Commercial Wing to finalize the terms with the vendors, as per the company's policy.
1. the steps taken or impact on conservation of energy : Replaced the existing conventional lighting fixtures with LED lighting fixtures which will be saving electrical energy by 60% to 70%.
2. the steps taken by company for utilizing alternate sources of energy : During the year, Company carried out initial survey for feasibility for installation of solar power utilization but there is space constraints in the building to develop this alternate source.
3. the capital investment on energy conservation equipment's : Your Company would be investing approx Rs. 20 lakhs in financial year 2015 – 16 and another Rs. 20 lakhs in the subsequent financial year. Once implemented fully (expected date of completion June 2016), there would be a saving of approx Rs. 60 lakhs p.a.
(b) Technology Absorption
1. The efforts made towards Technology Absorption: Technology is ever changing and employees of the Company are made aware of the latest working techniques and technologies through workshops and discussion sessions for optimum utilization of available resources and to improve operational/ production efficiency. The Company uses the latest High Definition (HD) – Standard Definition Television (SD) digital technology in broadcasting its programs.
The Company is aware of implementation of latest technologies in key working areas and outdated technologies are constantly identified and updated with latest/new innovations.
2. The benefits derived like product improvement, cost reduction, product development or import substitution
Product improvement and cost reduction is always the Company's priority while we choose new equipment. At the same time we do not change technology every year as major changes can only be made at the time of launch of new channel or revamp of existing format to new format. But whatever equipment we add, to meet our growing requirement we follow a process and cost benefits are captured.
3. In case of imported technology (imported during the last three years reckoned from the beginning of the financial year) :
4. The expenditure incurred on Research and Development:
Your Company is doing research to explore new technology available and to meet this requirement various conferences and workshops are attended as well keep constant engagement with vendors to understand the new products that were launched.
33. statement under sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
Your Directors further state that during the year under review, there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
Your Directors place on record their deep appreciation of the contribution made by all section of employees with dedication, commitment and team effort which helped your Company in achieving the performance during the year despite stiff competition from the existing as well as new players in the news and current affairs genre.
Your Directors also acknowledge with thanks the support given by the Central Government, bankers, shareholders and investors at large and look forward to their continued support
For and on behalf of the Board of Directors
Chairman & Managing Director
Address : 6, Palam Marg, Vasant Vihar, New Delhi, 110057
Place: New Delhi
Date: 20th July, 2015