ALLEGATION BY AN ID AGAINST COMPANY AND COMPANY’S COUNTER ALLEGATION AGA...

Mr. Arvind Gupta was an independent director in AKSH OPTIFIBRE LIMITED,
New Delhi.

He resigned from the position of Independent
Director of the Company vide resignation letter dated September 5, 2020 with
immediate effect.

In his resignation letter , he alleged that
promoters were guilty of non-disclosure of RTP dealings thereby siphoning of
public funds. Board / Committee members , KMPs and Auditors involved in
financial fraud by writing off Rs 339 crores from the books of accounts thereby
committing serious frauds.

He alleged that that there were distressing
governance lapses and mischievous secretarial practices shielding promotors
which constituted a major reason for his resignation as ID.

He alleged that there were non-disclosure of RTPs
benefiting promotors . Non-transparent RTP transactions with overseas
subsidiaries namely the AOL FZE (UAE) , Aksh Optifibre Ltd , UAE and overseas
stepdown subsidiaries of Aksh Optifibre conducting businesses with the
promotors.

He further alleged that Promotors RTPs with Africa
One Telecom Ltd and Electrum Telecom group of companies were prejudicial to the
interests of the Shareholders of the Indian company.

In response to the complaint by the ID , it was
submitted by the management that as per the directions of the Stakeholders
Relationship Committee , an independent External Auditor was appointed to check
the records and provide its report on the allegation RTPs by ID.

Pursuant to the extensive audit conducted by
Independent External Auditors , they submitted their report before Stakeholders
Committee Meetings on 3^rd July 2020.

Stakeholders Relationship Committee consisting of 4
IDs on the Board of the company adopted the report of the Independent External
Auditor and concluded that none of the alleged purported related company (total
13)is related to company and or its Directors. Company and its earlier /
current Directors / KMPs are in compliance of law and allegations of related
party allegations are baseless.

It was alleged by the Company that resigned ID
Aravind Gupta entered a consultancy agreement on 13 May 2019 with the Company
to help the Company to recover the dues of Rs 73 Crores from BSNL. As no
payment was received from BSNL as assured by Aravind Gupta , no commission was
paid to him and the abovesaid agreement expired on 31^st May 2019.

Company also alleged that Aravind Gupta had purchased
10,000 shares of Company during 3^rd week of June 2019.

Company also alleged that a proposals was moved in
the Nomination and Remuneration Committed to appoint Mr. Aravind Gupta as
Director and professional consultant at a fee of Rs 10 lac per month.
Fortunately , the proposed resolution was not passed by the Committee.

Aravind Gupta was holding 80000 equity shares of
the company when he was appointed as a ID in the company and in March 2020 , he
bought 110000 shares of the company and as of March 2020 , he held 190000
equity shares of the company.

Members discussed about insider trading regulations
and provisions and expressed concerns on purchase of shares after becoming ID.

Company has noticed that post
the meeting of Stakeholders Relations ship committee which happened on 3 July
2020 , for adoption of External Auditor Report and Expressing concern about
other independent directors of the company by Aravind Gupta , on 4^th
July 2020 , the alleged complaints of Mr Aravind Gupta has been released by media
for the reasons best known to Mr Aravind Gupta and media.

FROM 1^st OCTOBER 2020 ONWARDS , RETIRING
EMPLOYEES WILL GET PENSION FROM EPFO ON THE DAY OF THEIR RETIREMENT

EPFO gives big relief to private employees, will
get benefit of this new facility from 30th September

This is good news for employees working in the
private sector. Now EPFO ​​(Employees Provident Fund Organization) has taken
better initiative to protect the future of these employees. In this scheme,
whichever employee retires on that day, his pension will be ready from the same
day and will be started. This arrangement is considered to be a big change for
employees as it usually takes months for a government or private employee to
get an arranged pension after retiring.

The paperwork goes on for a long time and after the
complicated exercise, the pension order is formed. But now this will not
happen. Now the employee will get the benefit immediately. Employees who retire
on September 30, They will receive all the documents related to their pension
on the same day. 30 is going to be a grand event at the Employees Provident Fund
Organization office in Varanasi, Uttar Pradesh. Employees retiring this month
in 10 districts have been called under this office.

The private sector often retires at 58 years.
However, after this, the salary is received in the next month and other process
is also done later. Due to this, it used to take more than one to two months to
start pension. For this, the employees had to run after the retirement. Now
after this new initiative, all their problems will be eradicated.

This would not require employees working in private
companies to wait for pension.