Caparo Holdings (US) Limited - Statement by the Directors in performance of their statutory duties in accordance with s172(1) of the Companies Act 2006
The Board of directors of the Company consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole in the decisions taken during the year ended 31 December 2019.
The Company is the UK holding company of the investments in North America ultimately owned by the Sedik Trust, of which Lord Paul of Marylebone and members of his family are the sole beneficiaries. All of the subsidiaries in which the Company are invested have extensive engagement with their own unique stakeholders, as well as other businesses.
The Board are not involved in the day-to-day management of the businesses in which the Company’s subsidiaries are invested. The governance structure of the group is such that authority for relevant decision making is set at subsidiary level. This allows individual management teams to engage in transparent and open dialogue with their own key stakeholders.
The long-term strategy of the Board is for the Company to support continuing investment by its’s wholly-owned US and Canadian holding companies in businesses that are expected to be profitable over the longer term. In considering investments which the Company’s North American subsidiaries are contemplating, the Board will take note of the environmental, social and governance factors affecting these businesses. No material new investments were considered during 2019.
The directors periodically review the performance of the existing portfolio of businesses in which the Company’s subsidiaries are invested, and enquire of their management teams as to their performance against expectations, the future prospects for those businesses and the markets in which they operate, the impact of their businesses on their communities and the environment, and the status of relations with employees, customers and suppliers. These reviews include consideration of monthly reports and annual business plans, through video meetings with senior operating management, and bi-annual visits to North American operational sites.
Shareholder
The directors ensure that any long-term decisions are consistent with the objectives of the ultimate shareholder, the Sedik Trust, and it Trustees, through engagement with the Trustees around any such proposals.
Employees
The Company does not have any employees of its own. The directors are employed by companies outside of the Group owned by the interests of Lord Paul and his family.
Customers and suppliers
The Company does not have any customers. The Company’s suppliers are limited to the provision of professional services to the Company, and substantially all of the administrative operations of the company are outsourced to third parties. The directors seek to foster high standards at economic cost in the Company’s suppliers, and work to maintain relationships with a number of alternative service providers in order to continue to obtain high quality services on the most favourable terms for the Company.
Caparo India Limited - Statement by the Directors in performance of their statutory duties in accordance with s172(1) of the Companies Act 2006
The Board of directors of the Company consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole in the decisions taken during the year ended 31 December 2019.
The Company’s sole activity is as the UK intermediate holding company of 75% of the share capital of the Indian company Caparo Maruti Limited. Caparo Maruti Limited is a joint venture between the Company and the Indian car manufacturer Maruti Suzuki India Limited.
The Board are not involved in the day-to-day management of the business of Caparo Maruti Limited. The directors do not consider that the operations of the Company impact significantly on the community or the environment.
The Company is a wholly owned subsidiary of Caparo Industries Plc (in administration). The strategy of the Board is for the Company to restructure the group such that Caparo Maruti Limited will no longer be owned by the Company. It is expected that the Company will cease to trade at that point. The directors do not consider that the decision, or any other decision made, will impact significantly on any key stakeholders or their interests.
The Company has no employees, customers, or suppliers. The Company’s creditors are solely it’s immediate parent company, Caparo Industries Plc, and companies within the Caparo Group.