Letter of Transmittal

To the Government of India

It is my privilege to forward this Annual Report of the
Government EMarketplace (“GeM”) for the Financial Year 2022-23
to be laid before both the Houses of Parliament. This report contains the
information required to be forwarded to the Government of India
under the provisions of Section 394 of Companies Act, 2013.
This report includes an overview of business affairs and working of GeM and the
functionalities assigned to it. The audited Annual Statement of Accounts of GeM is
also part of this report.

P.K. Singh
Chief Executive Officer & Director

1
 AN INTRODUCTION TO THIS REPORT

Reporting Period
This is the sixth Annual Report of GeM for the period between 1 April 2022 and 31 March 2023, and is
released annually. The last Report was released for FY 2021-22. The Report provides a comprehensive
overview of the company’s performance and progress over the past year. It includes quantitative and
qualitative disclosures on material topics, such as statutory disclosures, financial performance, social
responsibility, and our relationship with the stakeholders. It also describes our strategy, leadership
commitment and culture that celebrates people, performance and purpose.

The financial and statutory data disclosed in the statutory sections of this report meet the requirements of
the Companies Act, 2013 (including the rules made thereunder) and all other applicable Standards and
Regulations as may be applicable.

Auditors’ Report
The Auditors’ Report for fiscal 2023 from Chandiwala Virmani & Associates, Chartered Accountants (ICAI
Firm Registration Number 000082N) does not contain any qualification, reservation or adverse remark.
The Report is enclosed with the financial statements to this Annual Report.

Management Review
This Annual Report has been reviewed and approved, for publication, by the Management of the
Company.

Feedback
Share your feedback about the report to cs01-gem@gov.in .

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 CORPORATE INFORMATION

BOARD OF DIRECTORS

1. Sh. Sunil Barthwal - Nominee Director - Secretary, Department of Commerce, Ministry of

Commerce & Industry
2. Sh. Alkesh Kumar Sharma - Nominee Director - Secretary, Ministry of Electronics &
Information Technology
3. Sh. Prashant Kumar Singh - Chief Executive Officer & Director
4. Sh. Sanjay Prasad - Nominee Director - Additional Secretary, Department of Expenditure,
Ministry of Finance
5. Sh. Anant Swarup - Nominee Director - Joint Secretary, Department of Commerce, Ministry of
Commerce & Industry
6. Sh. Sanjeev Bikhchandani - Independent Director
7. Sh. Vidit Aatrey - Independent Director

WORKS:
Registered Office:
3rd Floor, Jeevan Bharti Building, Tower 2, Connaught Circus, New Delhi -110001, India

Other:
2nd Floor, Jeevan Tara Building, 5, Sansad Marg, New Delhi-110001, India

KEY MANAGERIAL PERSONNELS (KMP’s):

Chief Executive Officer: Prashant Kumar Singh
Company Secretary: Ankita Gupta (appointed w.e.f 13 June 2023)
Chief Financial Officer: Yogendra Kumar Pathak (resigned w.e.f 16 May 2023)
Satya Narayan Meena (appointed w.e.f 13 June 2023)

STATUTORY AUDITORS:
M/s Chandiwala & Virmani, Chartered Accountants, New Delhi

INTERNAL AUDITORS:
M/s Rustagi & Associates, Chartered Accountants, Kolkata

3
 VISION
To effect an evolution in public procurement
promoting a transparent, efficient and
inclusive marketplace.

MISSION
Institute a unified procurement policy to
encourage behavioural change and
drive reform

VALUES

Innovate to Simplify,
Ownership and Accountability,
Be Bold and Think Big,
Responsiveness,
Commitment,
Transparency and Integrity
Social Inclusion
4
 BOARD OF DIRECTORS

Sh. Sunil Barthwal Sh. Alkesh Kumar Sharma

Nominee Director - Secretary, Nominee Director - Secretary, Ministry
Department of Commerce, Ministry of of Electronics & Information
Commerce & Industry Technology

Sh. Sanjay Prasad Sh. Anant Swarup

Nominee Director - Additional Nominee Director - Joint Secretary,
Secretary, Department of Expenditure, Sh. Prashant Kumar Singh Department of Commerce, Ministry of
Ministry of Finance CEO & Director Commerce & Industry

Sh. Vidit Aatrey Sh. Sanjeev Bikhchandani

Independent Director Independent Director

5
 PROFILE OF DIRECTORS

SUNIL BARTHWAL
Sh. Sunil Barthwal, an Indian Administrative Service (IAS) Officer of Bihar Cadre is a Post Graduate in
Economics. He did his B.A. (Hons) Economics from St. Stephens College, Delhi and his M.A. Economics
from J.N.U, Delhi. He has a P.G. Diploma in Economics of Competition Law from King’s College, London.

During his rich and varied experience as an IAS Officer, he has held various administrative positions in
the areas of finance, social security, investment, infrastructure, mines, steel, energy, transport etc in the
government at Central and State level. He has also worked in the Competition Commission of India. He
has been on the Boards of SAIL, NMDC, Mecon, MSTC and NIIF. He was the CEO of Employees’
Provident Fund Organisation, which is the largest social security organisation of India. He has been
instrumental in many reforms in EPFO resulting in making it more efficient, transparent and delivery
oriented organisation.

He has published articles in journals and other publications. He has represented India in many
international forums.

Sh. Barthwal held the post of Secretary, Ministry of Labour and Employment, Government of India before
joining Department of Commerce.

He has taken charge as Commerce Secretary with effect from 30 September 2022.

ALKESH KUMAR SHARMA

Sh. Alkesh Kumar Sharma Served as Secretary in the Ministry of Electronics and Information Technology,
Government of India. He has earlier served as Additional Secretary and Secretary in the Cabinet
Secretariat, Government of India. In addition to other responsibilities given to him, Sh. Sharma was
looking after the cabinet proposals of all infrastructure, economic, finance, industry, agriculture and allied
ministries of the Central Government. He was Member of the Project Monitoring Group set up in the Prime
Minister’s Office, Government of India.

He worked as the Managing Director of Kochi Metro Rail Ltd., Kochi with full additional charges of
Additional Chief Secretary (Special Projects-Infrastructure) and Industries in Kerala State, India from
September 2019 to March 2021.

Besides Kochi Metro, he was also executing other important projects like Kochi Water Metro Project,
Reconstruction and Rejuvenation of Canal Systems in Kochi and Development of Bliss City, an
entertainment, wellness and hospitality city in Kochi, Kerala State, India.

As Additional Chief Secretary in the State of Kerala, he was monitoring the implementation of mega
infrastructure projects like Semi-High Speed Rail, Airport, Ports, Smart Cities, Multi-modal Transport Hub,
Waste to Energy Projects, Kochi-Bangalore Industrial Corridor and Development of Industrial Townships
and Integrated Smart Manufacturing Clusters.

6
Sh. Sharma worked as Chief Executive Officer & Managing Director of the National Industrial
Corridor Development Corporation Limited (NICDC) from October 2015 to September 2019. He
was also CEO of National Industrial Corridor Development and Implementation Trust (NICDIT).
The Industrial Corridors are being developed by the Government of India as global
manufacturing and investment destinations by setting up investment regions supported by the
world-class infrastructure and enabling policy framework. The projects are aimed at the
development of futuristic, smart industrial cities in India which will converge and integrate eco-
friendly and sustainable technologies across sectors. He was also member of the Task Force on
Programme/Project management set up by NITI Aayog, Government of India.

As Joint Secretary, Ministry of Road Transport and Highways, Government of India for three
years (2012-2015), he handled matters relating to National Highways Planning, land acquisition,
forest and environment clearances, review and monitoring of National Highways Projects,
coordination with Railways, Defence and other agencies and all matters related to toll and toll
policy on the national highways. He was also Chairman of the Indian Highways Management
Company Ltd. and implemented FASTAG system of toll collection.

Sh. Sharma worked with the United Nations Development Programme (UNDP) for three years
(2006-09) as National Project Director, Urban Development and Poverty Alleviation.

In the State of Kerala, He worked as the Managing Director of Kerala Tourism Development
Corporation; Kerala State Industrial Development Corporation; Kerala Minerals and Metals
Limited; Malabar Cement Limited and Kerala State Electronics Development Corporation. He
also held directorships on the Board of BPCL, Apollo Tyres, Nitta Gelatin India Ltd and Geojit
BNP Paribas Ltd.

Sh. Sharma played a key role in branding and promoting Kerala Tourism as ‘God’s Own Country’
during his two tenures spanning over seven years. During his tenure, Kerala won the Best
Tourism State Awards from Government of India as well as various Awards from PATA and other
International Agencies. He was part of the core team of the Jawaharlal Nehru National Urban
Renewal Mission (JNNURM) launched by the Prime Minister of India in December 2005.

Sh. Sharma received the Best CEO Award twice from the Kerala State, the President’s Medal for
the Best District Census Officer and the Best Performance Award from the Kerala State. He has
also been awarded the Global CEO of the Year award in 2018 by CSR Global Foundation. He is
an Honorary Fellow at the Centre for Excellence in Project Management, New Delhi.

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PRASHANT KUMAR SINGH
Sh. Prashant Kumar Singh is a 1993 batch Indian Administrative Service (IAS) officer of Manipur
cadre. In his last role, Sh. Singh was Principal Secretary & CEO, Election Deptt, Imphal and also
held charge of the Departments of Urban Development and PHED. He has handled diverse
departments in the State Government, including Personnel, GAD, Health & Family Welfare,
Education & Tourism.
He served as Deputy Secretary, Ministry of Steel from 2002-06 where he was instrumental in
framing the National Steel Policy and was part of the negotiating team from India for the
development of a “Steel Specific” agreement for the WTO’s “Agreement on Subsidies &
Countervailing Measures”. In the second deputation, Sh. Singh was Director and then Joint
Secretary at the Ministry of Petroleum & Natural Gas during 2010-14. He handled refineries,
pricing & supply as Director and later handled the Gas Division & International Cooperation
Division as Joint Secretary. For a brief period, he was Managing Director of NCCF as well.

He holds a Bachelor’s degree in Electrical Engineering from IIT Delhi and a gold medal in his
Master's Degree in Public Policy & Sustainable Development from TERI University, New Delhi.

SANJAY PRASAD
Sh. Sanjay Prasad is an officer of Indian Revenue Service of 1990 batch. He is currently posted
as Additional Secretary, Department of Expenditure, Ministry of Finance, (Public Finance Central-
II and Public Procurement Division), Government of India.
He is currently handling the appraisal and approval of public funded schemes and projects
alongwith regulatory issues relating to General Financial Rules 2017. As the Commissioner of
Income Tax, Ranchi, he handled the adjudication of tax disputes relating to corporates and other
categories and managed various income tax litigations. Sh. Prasad, as the Director, Fourth
Finance Commission, New Delhi has dealt in matters relating to analysis of the finances of
Central and State Government and issues relating to Fiscal Responsibility and Budget
Management Act, 2003 (FRBM Act 2003). Sh. Prasad, as the Director, Ministry of Health &
Family Welfare, New Delhi has handled the responsibilities of drug regulation and food safety
issues, National Rural Health Mission and matters relating to international cooperation which
included the United Nations Organization, World Health Organization and other United Nations
Agencies like UNICEF, UNDP. Organisations like SAARC, ASEAN, European Union, World Bank
and all bi-laterals in health between India and other countries. Sh. Prasad is a Graduate in
Sociology from Patna College.
He is also holding the Directorship in Indian Post Payments Bank Limited.

8
ANANT SWARUP
Sh. Anant Swarup is an officer of Indian Railway Personnel Service (IRPS) of 1992 batch. He is
currently posted as Joint Secretary, Department of Commerce, Ministry of Commerce and
Industry, Government of India. Sh. Swarup, has over 25 years of experience of working in one of
the world’s largest logistics organization, the Indian Railway. He has rich experience in handling
trade issues, trade remedies, intellectual property rights apart from human resource
management, logistics & supply chain. He has served on important assignments like the
Executive Director in the Railway Minister’s office and the Permanent Mission of India to the
World Trade Organization (WTO) in Geneva. Sh. Swarup has also handled important trade
issues like North America Free Trade Agreement (NAFTA), India’s trade relations with Latin
America and ASEAN.

He has been involved in the multilateral negotiations in the WTO and the plurilateral agreements
like India-ASEAN FTA, India-MERCOSUR etc.

He holds Master’s degree in Science and Business Administration and a Bachelor’s degree in
Law. Sh. Anant Swarup was born on 28 September 1967 at Allahabad, Uttar Pradesh.

SANJEEV BIKHCHANDANI
Sh. Sanjeev Bikhchandani, aged 60, schooled at St. Columba’s School in New Delhi. He
graduated in Economics from St. Stephen’s College, Delhi University and began his career
working in advertising with Lintas. After working for three years he did his postgraduation from
IIM Ahmedabad in 1989 and joined the consumer marketing firm HMM Ltd.(now called Glaxo
SmithKline Consumer Healthcare Ltd.). He is a seasoned Entrepreneur having rich experience in
business development, strategic and financial planning. He is active in various industry forums
and is a contributor to the entrepreneurship ecosystem. He has served as the President of the
Delhi chapter of TiE (The Indus Entrepreneurs). He has also served as a member of the Global
Board of Trustees of TiE. He serves as a Member of the Council of Management of All India
Management Association. He has been Chair of the Internet Council of NASSCOM. He has also
served on the Venture Capital Investment Committee for the SIDBI Fund of Funds for startups.
Shri Sanjeev is a member of the Board of the CIIE Initiatives at IIM Ahmedabad. He is also a
member of the National Startup Advisory Council.

VIDIT AATREY
Sh.Vidit Aatrey is Co-Founder and CEO of Meesho (Fashnear Technologies Private Limited). He
is an IIT-Delhi alumnus and has earlier worked at ITC and InMobi before founding Meesho in late
2015. Shri Vidit has featured in Forbes Asia’s 30 Under 30 list, in Forbes India 30 Under 30 list in
2018, and in Entrepreneur magazines' 35 under 35 list. Under his leadership Meesho has also
featured in FastCompany's 50 Most Innovative Companies in 2020 and was adjudged the Start-
up of the Year 2020 by CNBC Young Turks awards.

9
Message from CEO & Director -----------------------------11-11

Statutory Report-----------------------------------------------12-32

Board Report----------------------------------------------12-27
CSR Report------------------------------------------------28-32

Financial Statements-----------------------------------------33-82

Independent Auditors’ Report-------------------------33-41

Balance Sheet---------------------------------------------42-42
Income & Expenditure Account-----------------------43-43
Statement of Changes in Equity----------------------44-44
Cashflow Statement-------------------------------------45-46
Significant Accounting Policies-----------------------47-56
Notes to Financial Statements------------------------57-82

Notice of AGM--------------------------------------------------83-91

10
MESSAGE FROM THE CHIEF EXECUTIVE OFFICER
& DIRECTOR

Dear Stakeholders,

The year 2023 marks the completion of 6 glorious/splendid years of the

Company and has indeed set a tone for all the stakeholders to mobilize
online procurement of Goods & Services required by various Government
Departments / Organizations / PSUs while enhancing transparency,
efficiency, and speed in public procurement.

At this point, it is my privilege to apprise you of the achievements of your company for the financial Year
2022-23. GeM continues to leverage technology and the existing database with domain Ministries to
ensure ease and convenience in the processes of registration, procurement transaction and contracting
while constantly endeavoring to enhance transparency and efficiency in the public procurement process.
The Company delivered healthy operational and financial metrics enabled by new deeper engagements
with buyers including those in states and local governments.

The efforts made by your Company bore the fruits in the form of the highest ever Gross
Merchandise Value (GMV) of Rs. 2 Lakh Crore during FY 2023. Cumulatively, GeM has surpassed
the Rs 4.29 Lakh Crore GMV since its inception.

To meet the ever-evolving requirement of the nation, your Company has been continuously taking several
initiatives for the development of newer products & services, newer markets and newer buyer seller
engagements.
Automation & Technology continued to remain at forefront in all spheres of organisation. We ensured
superior service quality experiences through use of automation and enhanced technology and having
trained service personnel with technical knowledge and soft skills.

During my tenure in this Financial Year, I stressed upon taking new initiatives in the system, identifying
the problems & issues which the organisation was facing and solving them collectively in a time bound
manner. I have also tried to inculcate a culture of open talks and idea sharing within different domains.

Financial details and statements of accounts of the Company for the year under review are included in
this Annual Report. The Report also shares insights into the functioning of the GeM ecosystem, significant
accomplishments and new initiatives taken, and provides an update of the activities we have carried out
throughout the year.
On behalf of the Board of Directors of Government EMarketplace, I wish to thank you for your continued
trust, confidence, and support.

Regards,
P.K. Singh
Chief Executive Officer & Director

11
 BOARDS’ REPORT

To,
The Members

Your Directors takes pleasure in presenting the 6th Board Report on the business and operations of the
Company along with the audited financial statements and auditors’ report thereon for the Financial Year
ended 31 March 2023.

1. Financial Summary or Highlights

The Board’s Report is prepared based on the standalone financial statements of the Company. The
Company’s financial performance for the year under review along with previous year’s figures are given
hereunder:
(Rupees in Lakhs)

Year wise Financial Performance

Particulars
2022-23 2021-22

Revenue from operations 67,301.55 38,281.12

Other income 2,739.24 1,358.47

Total income 70,040.79 39,639.59

Total expenses 31,544.34 25,400.38

Surplus before tax 38,496.45 14,239.21

Total tax expense 10,502.36 3,745.60

Surplus for the period 27,994.09 10,493.61

Total comprehensive income for the year 28,002.72 10,495.91

Earnings per equity share (face value of INR 10 each)

(1) Basic (in INR) 2,79,940.87 1,04,936.11

(2) Diluted (in INR) 2,79,940.87 1,04,936.11

(Financial Results for the year ended 31 March 2023 are in compliance with Indian Accounting Standards (Ind AS) prescribed
under Section 133 of The Companies Act, 2013, and previous year figures for the year ended 31 March 2022, have been restated
to make them comparable.)

This was the first year post COVID-19 disruptions with a stable business environment. We recorded
revenue for FY 2022-23 at INR 67,301.55 lakhs, higher by 75.81% over the previous year’s revenue of
INR 38,281.12 lakhs.

Surplus for the period was registered at INR 27,994.09 lakhs as against INR 10,493.61 lakhs in FY 2021-
22 leading to the exponential growth by 166.77%.

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2. State of Company’s Affairs

2.1 A growing force

Given the sheer scale and complexities involved in realigning
the procurement processes of the entire spectrum of Central
and State Government departments, the switchover to GeM,
has likely been one of the largest change management
exercises undertaken by any agency globally. Despite the
challenges, the portal has witnessed a significant year-on-
year growth in terms of the numbers of sellers registered, total
procurement made, and cumulative order value transacted
through the platform.
Figure 1: The graph depicts the increasing trend in total Gross
Merchandise Value transacted through the GeM portal since 2018.

In the first year, GeM recorded a total Gross Merchandise

Value (GMV) of INR 420 Crore (51.2 mn [Ma1] USD). The
business conducted through GeM (in terms of order value),
grew from around INR 38,000 crore (4.6 bn USD) in FY 2020-
21 to INR 1 lakh crore (12.2 bn USD) in FY 2021-22. In FY
2022-23, GeM’s GMV registered an 88% growth, surpassing
a historic milestone of INR 2 lakh crore (24.3 bn USD).

In FY 2022-23 alone, the portal witnessed more than 50 lakh

transactions while the cumulative number of transactions Figure 2: The graphs showcase the increase in number of products and
(order volume) since inception crossed 1.47 crore on GeM. It services offerings on the portal, as well as the increase in number of
orders for products and services since FY 19.
catered to more than 1.5 lakh primary and secondary buyers
and is home to more than 6 million sellers and service
providers to showcase their products and services. In FY
2022-23, the portal displayed a vast catalogue of more than
11,000 product categories as well as over 300 service
categories. The total Product GMV also saw a substantial
increase from ~ INR crore 81,000 (9.8 bn USD) in FY 2021-22
to more than INR 1,34,000 crore (16.3 bn USD) in FY 2022-
23. The total number of orders placed for procurement of Figure 3: The graphs shows the upward trend in Order Volume for
Products since FY 21
Products increased by approximately 51%.

While the platform initially developed a wide range of product

categories, GeM rapidly expanded its portfolio to include
Services as well. In FY 2022-23 alone, YoY growth of
Services was 158% from FY 2021-22 (INR 24,606 crore) (3
bn USD) to FY 2022-23 (INR 66,128 crore) (8 bn USD) and
the number of orders increased by 58% from 1,00,392 to
1,64,099. Specialized service categories like Drone Hiring,
Figure 4: The graphs highlights the rise in Order Volume for Services on
Hiring of Electric Vehicles, Cash Management, Hiring of GeM since FY 21

Chartered Aircrafts, Insurance, Coal Overburden and

Extraction were also introduced during this period.

13
2.2 Landmark Achievements of FY 2022-23

GeM registered an 88 percent growth in its GMV or order value in the Financial Year 2022-23.

The total GMV surpassed INR 2 lakh crore (24.3 bn USD) crore in Financial Year 2022-23.

More than 50 lakh orders were placed in a single year through the platform.

Over 70 bids valued at over INR 100 crore have been awarded by central buyers, including CPSEs and
affiliated bodies, through GeM in a single Financial Year.

Some significant bids awarded through GeM in FY 2022-23 are listed below:
Procurement of important vaccines under Universal Immunization Program of Ministry of Health and
Family

Procurement of smart meter initiated through GeM (estimated value of more than INR 15,000 crore
(1.8 bn USD))

Mine Development and Operations bid awarded by NTPC for approximately ₹ 20,400 crore (2.4 bn
USD), making it the highest single value bid ever awarded on GeM till now.

Engagement of States increased with order value of INR 42,000 crore (5.1 bn USD) transacted by federal
units in a single year. This is a substantial increase from order value of INR 31,000 crore (3.78 bn USD)
transacted through GeM in FY 2021-22.

Growth of nearly 60% in terms of number of orders placed on GeM by State Governments from 10 lakh in
FY 21-22 to 16 lakh orders (by volume) in FY 2022-23.

More than 8.6 lakh MSEs registered as sellers/service providers on GeM as on 31 March, 2023.

More than 58% of contracts by volume (29 lakh+) were awarded to MSEs through GeM in FY 2022-23
amounting to a whopping INR 97,370 crore (11.8 bn USD).

Almost INR 6,400 crore (0.7 bn USD) worth of orders were fulfilled by women entrepreneurs registered on
GeM in FY 2022-23 alone.

More than INR 1,160 crore (0.1 bn USD) worth of orders were fulfilled by SC/ST entrepreneurs through
GeM in FY 2022-23.

14
2.3 Notable Integrations
GeM has also recently made an inroad into the fabric of local administrative system by integrating with e-
Gram Swaraj to enable procurement at Panchayat level. This integration encourages Panchayats to adopt
digital procurement and payment platforms and intends to benefit local sellers by opening new markets for
them. The pilot of this program was launched on FY 2022-23 in Gurugram district of Haryana and
Ayodhya in Uttar Pradesh.

Last year, the portal partnered with 5.2 lakh Common Service Centers and nearly 1.5 lakh India Post
offices to train and assist last-mile Government buyers, sellers and service providers so that they may
effortlessly navigate the platform. This move is particularly focused on maximizing outreach at grassroots
level through facilitation of registration of Panchayats and Cooperatives.
In FY 2022-23, GeM inked MoU’s with more than 15 industry associations to provide affiliated local MSEs
and small industries greater avenues of conducting large-scale business with the government.

2.4 Social Inclusion

Figure 5: Over 200 ODOP product categories have been rolled out on GeM to promote their
sales and procurement.

15
In August 2022, GeM portal launched registration of Cooperatives as buyers onto the platform, thus
making inroads into the local administration set up. This enabled Cooperatives to get direct access to
more than 60 lakh vendors through a single platform. It further empowered local sellers to participate in
public procurement markets, thereby giving a huge boost to hyper-local economies across the nation. In
this period, GeM authorities provided dedicated technical infrastructure and support via partnered contact
centers, in-field training, and other support services for seamless integration of local government bodies
onto the platform.

In the same month, One District One Product (ODOP) GeM Bazaar was launched on the platform. ODOP
program, launched by Ministry of Commerce and Industries, selects, brands and promotes one unique
product from each district. The objective is to showcase the diverse range of indigenous products,
encompassing various sectors, handlooms and handicrafts. The launch of ODOP GeM Bazaar was
envisaged as a transformational step towards fueling hyper-local economies, generating employment and
harnessing rural entrepreneurship. Over 200 product categories were created on the platform to promote
sales and procurement of ODOP products across the country, furthering PM’s vision of a self-reliant India.

In February 2023, GeM extended major relief to MSMEs under the ‘Vivaad Se Vishwas’ scheme
announced in the budget by the Department of Expenditure. Under this scheme, GeM provided a refund
of performance security, bid security and liquidated damaged, charged to the MSMEs, in case of failure of
execution of contracts and delivery of goods and services between February 2021- March 2022.

GeM celebrated the success of two of its key social inclusion initiatives, Womaniya and SWAYATT,
through a press conference held in January and March 2023, respectively:

Figure 6: As of 31 March, 2023, more than 1.5 lakh Udyam-verified women-led MSEs, including
Gitanjali, have fulfilled orders worth more than INR 20,000 crore through GeM portal.

16
WOMANIYA

Womaniya seeks to encourage participation of women entrepreneurs and self-help groups from the
informal sector onto the GeM portal. It facilitates the sale of their products directly to various government
buyers, sans intermediaries. Separate product categories have been created under this initiative for listing
handicrafts, handlooms, accessories, jute products, organic foods, spices, bamboo products, home décor
and stationery. The scheme is focused at advocacy, outreach, mobilization and capacity building of
women entrepreneurs and self-help groups.

SWAYATT

SWAYATT was conceptualized to promote Start-ups, Women and Youth through e-Transactions on GeM
Under this initiative, GeM portal has taken proactive steps to facilitate registration and training of these
specific categories of manufacturers and sellers. It encourages participation of MSEs and Start-ups in
public procurement with an intent to harness the nation’s entrepreneurial spirit.

To commemorate the International Year of Millets 2023, GeM launched a dedicated marketplace on the
portal to showcase all the millet-based products in a single-window. More than 34 related product
categories have been created under this marketplace. This move has empowered Farmers Producer
Organizations by enabling direct procurement of millet-based products at competitive rates.

2.5 Outreach
GeM has institutionalized an expansive network of training pan-India to better equip Government buyers
and sellers with the platform, its features and its functionalities. These trainings are being conducted by
expert GeM facilitators. They serve as an exceptional platform for redressal of queries and grievances of
active stakeholders. Further, the workshops facilitate direct communication between participating
government buyers, sellers and GeM officials.

Figure 7: In collaboration with women-led associations, GeM has facilitated onboarding and
conducted comprehensive training workshops for small-scale women entrepreneurs.

17
The entire spectrum of training activities witnessed a major surge in FY 2022-23. The key
achievements are listed below:

The total number of training sessions held increased considerably. A hike of 22% was acknowledged in
terms of number of trainings held in FY 2022-23 versus FY 2021-22.

The number of trainees reached 1,44,828; a remarkable surge of nearly 76% in comparison with the
previous financial year.

A total of 360 workshops, covering more than 18,000 State Buyers, were conducted in a single year.

In tandem with leading Industry Association, almost 224 workshops were organized to train and
provide adequate support to pan-India MSEs, artisans, weavers and start-ups. More than 9,700 such
entrepreneurs were covered during these sessions.

More than 5,900 support meetings have been held to provide end-to-end handholding support to
government buyers in execution of bids.

To keep the stakeholders abreast with all the latest changes and amendments in functionalities of the
platform, 26 new training modules were appended.

75 workflow videos were created in English and Hindi, respectively, to provide step-by-step guidance to
users.

The process of development of SCORM-compliant LMS and interactive e-learning content was
initiated.

18
2.6 Promoting ‘Sustainable Public Procurement’
In order to assist various Government Organisations to
reduce their carbon footprint, GeM has introduced
services such as Hiring of Consulting Agency for
Achieving Climate Action Targets, Leasing of Electric
Vehicles, Energy Efficiency Services etc. Further, the
Government of India’s mission to achieve 30% of
Electric Vehicles by 2025 has led to a rise in
procurement of Leasing of Electric Vehicles, with a
notable order of INR 228 crore (27.8 mn USD) by
Gujarat Government for O&M of Electrical Buses
procured through GeM.

The roll out of ‘Forward Auction’ feature is another key

tool in bolstering the growth of sustainable disposal
through GeM. The portal envisions garnering larger Figure 8: Through GeM’s Forward Auction functionality,
government buyers have cumulatively earned more than INR 200
public earnings by heavily leveraging its ‘Forward crore in Gross Merchandise Value.
Auction’ functionality to help Government entities
secure competitive pricing for their unused or scrap
materials.

This facility is being extended to cover a wide range of product categories including, e-waste of electronic
and electrical equipment, land and buildings, machinery, scrap, disposal of lube/waste oil, metallic/non-
metallic scrap, usable and scrap vehicles and other items of monetary value for reuse.
By leveraging, GeM’s Forward Auction functionality, government buyers have cumulatively earned more
than INR 200 crore (24.4 mn USD) in Gross Merchandise Value. The Forward Auction feature intends to
maximise commercial advantages and open new avenues of public savings across categories of goods,
materials and immovable assets.

3. Declaration of Dividend
The company cannot declare any Dividend, being a Non-Profit Company incorporated under Section 8 of
the Companies Act, 2013 and Clause V(ii) of the MOA of the company prohibits the payment of any
dividend to its members. Therefore, provisions regarding declaration of dividend as per Section 123 of the
Companies Act 2013 are not applicable on the Company.

4. Adoption of Indian Accounting Standards (Ind AS)

In February 2015, Ministry of Corporate Affairs (MCA) notified the final roadmap on Ind AS with
implementation in a phased manner to be complied by the specified class of companies effective from 1st
April 2016. Post above notification Ind AS has replaced existing Indian GAAP prescribed under Section
133 of The Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 according
to applicability on specified entities.

Accordingly, this is first year when the Company’s financial statements for the year ended 31 March 2023
have been prepared in accordance with Ind AS and the financial statements for the year ended 31 March
2022 and opening balance sheet as at 1 April 2021 (the Company’s date of transition) earlier reported in
previous IGAAP, have been restated in accordance with Ind-AS to make them comparable.

19
5. Audit Committee
As on 31 March 2023, the Audit Committee of the Company comprised of eight (8) Members, namely:

1. Sanjeev Bikhchandani, Additional Director (Independent Category)

2. Prashant Kumar Singh, CEO & Director
3. Sanjay Aggarwal, Advisor (PPD), Department of Expenditure
4. Anant Swarup, Joint Secretary, Department of Commerce, Ministry of Commerce & Industry,
Government of India
5. Deepak Anurag, External Expert Advisor
6. Vidit Aatrey, Additional Director (Independent Category)
7. Yogendra Kumar Pathak Chief Financial Officer
8. Swatantra Kumar Rustagi, Representative of Internal Auditor

Sanjeev Bikhchandani, an Additional Director (Independent Category), is the Chairman of the Audit
Committee. The recommendations of the Audit Committee, wherever applicable, were put up to the Board
for consideration and were accepted (with or without modifications) by the Board during the year.

6. Corporate Social Responsibility (CSR)

In accordance with Section 135 of the Companies Act, 2013 and as per Rule 8 of Companies (Corporate
Social Responsibility Policy) Rules, 2014 the Company has in place CSR Committee and Policy. The
stipulated disclosures on the same as are annexed herewith as ANNEXURE –1 to this Report in the
prescribed format.

7. Number of Meetings of the Board of Directors

During the Financial Year 2022-23, the Board of Directors of the Company, met 4 (Four) times on 8 June
2022, 30 August 2022, 23 November 2022, 28 December 2022.

8. Details of Directors or Key Managerial Personnel (KMP’s) including those who were appointed
or have resigned during the year
During the financial year 2022-23, following changes took place among the Directors and KMP’s :

20
A. Directors Appointments
1. Alkesh Kumar Sharma (Secretary, of Ministry of Electronics and Information Technology) - In
accordance with the provisions of Section 152 and 161 of the Companies Act, 2013, Articles of
Association of the Company and based on nomination of Ministry of Electronics and Information
Technology, Shri Alkesh Kumar Sharma (DIN: 02724743) was appointed as Nominee Director of the
Company with effect from 8 June 2022.

2. Sunil Barthwal (Secretary, Department of Commerce- Ministry of Commerce and Industry) - In

accordance with the provisions of Section 152 and 161 of the Companies Act, 2013, Articles of
Association of the Company and based on nomination of Ministry of Commerce and Industry, Shri Sunil
Barthwal (DIN: 07066759) was appointed as Nominee Director of the Company with effect from 19
October 2022 by way of Circular Resolution.

3. Sanjeev Bikhchandani - In accordance with the provisions of Section 149, 150, 152 read with
Schedule IV and Section 161(1) read with Companies (Appointment and Qualification of Directors) Rules,
2014, Shri Sanjeev Bikhchandani was appointed as Additional Director (Non-Executive and Independent
Category) with effect from 13 January 2023 by way of Circular Resolution. This appointment shall be valid
upto forthcoming Annual General Meeting and thereafter subject to approval of Shareholders he shall be
appointed as Independent Director for a term of 5 years from the date of Annual General Meeting.

4. Vidit Aatrey - In accordance with the provisions of Section 149, 150,152 read with Schedule IV and
Section 161(1) read with Companies (Appointment and Qualification of Directors) Rules, 2014, Shri Vidit
Aatrey was appointed as Additional Director (Non-Executive and Independent Category) with effect from
13 January 2023 by way of Circular Resolution. This appointment shall be valid upto forthcoming Annual
General Meeting and thereafter subject to approval of Shareholders he shall be appointed as Independent
Director for a term of 5 years from the date of Annual General Meeting.

The details of Directors being recommended for appointment as required under Secretarial Standard 2
issued by ICSI are contained in the accompanying Notice convening the ensuing Annual General Meeting
of the Company. Appropriate Resolution(s) seeking your approval to the appointment of Directors are also
included in the Notice.

Cessations:
1.BVR Subrahmanyam (Former Secretary, Department of Commerce- Ministry of Commerce and
Industry) - In accordance with the provisions of Section 167(I)(h) of the Companies Act, 2013, the Board
took note of cessation of Shri BVR Subrahmanyam (DIN: 07535801) from the directorship i.e. Nominee
Director and of the Company with effect from 30 September 2022.

The Board of Directors of the Company placed on record their appreciation for the valuable contribution
made by Shri BVR Subrahmanyam during his tenure as Nominee Director of the Company.

21
B. KMP’s
Appointments
1.Yogendra Kumar Pathak (Addl CEO & CFO, GeM) - In accordance with the provisions of Section
203(1) of Companies Act, 2013 read with Rule 8 of Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 Shri Yogendra Kumar Pathak was appointed as Chief Financial
Officer and was designated as Key Managerial Personnel with effect from 23 November 2022.

Cessations:
1.Samta Kumari Simmy - Ms Samta Kumari Simmy, Whole Time Company Secretary of the Company
(Membership No: A23237), conveyed her resignation from the position of Company Secretary and
expressed her inability to continue w.e.f. 10 February 2023. The Board took note of same.

C. Further following appointments/cessations took place after 31 March 2023 till the date of this
report, hence are being stated as a part of this Report:

1. Satya Narayan Meena (Addl CEO & CFO, GeM) - In accordance with the provisions of Section 203(1)
of Companies Act, 2013 read with Rule 8 of Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 Shri Satya Narayan Meena was appointed as Chief Financial Officer and was
designated as Key Managerial Personnel with effect from 13 June 2023.

2. Ankita Gupta (Company Secretary, GeM) - In accordance with the provisions of Section 203(1) of
Companies Act, 2013 read with Rule 8 of Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 Ms Ankita Gupta was appointed as Company Secretary and was designated as
Key Managerial Personnel with effect from 13 June 2023.

3. Yogendra Kumar Pathak (Addl CEO & CFO, GeM) - In view of certain restructuring and distribution of
work, Shri Yogendra Kumar Pathak intimated his resignation from the position of Chief Financial Officer of
the Company vide letter dated 16 May 2023, additionally he also ceased to be Key Managerial Personnel
of the Company in terms of Section 203 of Companies Act, 2013. It is to be noted that Shri Yogendra
Kumar Pathak shall continue to remain associated with the Company as Additional CEO, Chief Buyer
Officer, States of the Company and discharge functions in this capacity as such.

9. Declaration by Independent Director(s) and re-appointment, if any

All the Independent Directors have submitted their disclosures to the Board that they fulfil all the
requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to
be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant
rules thereof.
In the opinion of the Board, they fulfil the condition for appointment as Independent Directors on the
Board. Further, in the opinion of the Board, the Independent Directors also possess the attributes of
integrity, expertise and experience as required to be disclosed under Rule 8(5)(iiia) of the Companies
(Accounts) Rules, 2014.

10. Directors’ Responsibility Statement

Pursuant to Section 134(3)(c) of the Companies Act, 2013, the Directors to the best of their knowledge
hereby state and confirm that:

22
a) in the preparation of the annual accounts, the applicable accounting standards had 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 Income & Expenditure 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 this Act for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;

d) the Directors had prepared the annual accounts on a going concern basis;

e) the Directors, had laid down internal financial controls to be followed by the Company and that such
internal financial controls are adequate and were operating effectively; and

f) the Directors had devised proper systems to ensure compliance with the provisions of all applicable
laws and that such systems were adequate and operating effectively.

11. Auditors

A. Statutory Auditors

The Auditor of your Company is appointed by the Comptroller and Auditor General of India (CAG).
Chandiwala Virmani & Associates, Chartered Accountants, New Delhi (FRN: 000082N) were appointed as
Statutory Auditors of the Company for the FY 2022-23 by the CAG. The Statutory Auditors have audited
the accounts of the Company for the FY 2022-23 and have given their report.

Further, in accordance with Section 139(5) of the Companies Act, 2013 CAG has power to appoint or re-
appoint Statutory Auditors of the Company for the FY 2023-24 and in terms Section 142 of the Companies
Act, 2013, the remuneration of the Statutory Auditors of the Company must be fixed by the Company in
the General Meeting or in such manner as the Company in General Meeting may determine. The CAG
vide their Letter Ref. No. No./CA. V/ COY/Central Government, GEM(1)/255 dated 13/09/2023 has
appointed M/s. Chandiwala Virmani & Associates, Chartered Accountant (FRN: 000082N) as Statutory
Auditors of the Company for the FY 2023-24. The Members in the ensuing Annual General Meeting will fix
the remuneration of Statutory Auditors for the FY 2023-24 as recommended by the Board. The
appropriate resolution seeking the aforesaid appointment is contained in the Notice to Annual General
Meeting.

B.Details in respect of frauds reported by Auditors

There were no instances of fraud reported by the Auditors.

C.Comments of Comptroller and Auditor General of India

There are no adverse Comments of Comptroller and Auditor General of India (CAG).
23
12. Details in respect of adequacy of Internal Financial Controls with reference to the Financial
Statements

The Company has robust Internal Financial Controls (IFC) systems, which is in line with requirement of
the Companies Act 2013, which is intended to increase transparency & accountability in an organization’s
process of designing and implementing a system of internal control. The Company has a clearly identified
Governance, Risk & Compliance Framework, Policies, Standard Operating Procedures (SOP), Financial &
Operational Delegation of Authority (DOA) which facilitates mapping with role-based authority to business
& functional team to ensure smooth conduct of their operations across the organization.

The company’s internal control systems are commensurate with the nature & size of its’ business
considering both financial & non-financial controls.

The company has well established Internal audit function appointed by external internal auditor. Risk
based audit are performed for all businesses, functions and the outcome of same is presented before
Audit Committee and Board Members.

Your Company’s internal control systems are adequate and commensurate with the nature and size of the
Company and it ensures:

Timely and accurate financial reporting in accordance with applicable accounting standards.
Optimum utilization, efficient monitoring, timely maintenance, and safety of its assets.
Compliance with applicable laws, regulations, and management policies.

13. Risk Management Framework

Your Company has adequate risk management plans and processes in place that commensurate with the
size of its business operations. The Management of your Company has devised proper strategies to
apprehend risks, take timely actions to mitigate them and convert them to opportunities for the Company.

14. Particulars of contracts or arrangements with Related Parties

The particulars of every contract and arrangement if entered into by the Company with related parties
referred to in sub-section (1) of Section 188 of the Companies Act, 2013 which are required to be reported
are as follows:

1. Details of contracts or arrangements or transactions not at arm’s length basis – NIL

2. Details of material contracts or arrangement or transactions at arm’s length basis – None; during the
reporting period, there was no material contract or arrangement

24
15. Employee Relations and Reporting under Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 (the POSH Act)

At GeM, we ensure that there is full adherence to ethics and fair business practices. GeM is an equal
opportunity employer and employees are evaluated solely on the basis of their contribution and
performance. We provide equal opportunity in all aspects of employment, including retirement, training,
work conditions, career progression etc. Further, GeM is committed to maintaining a workplace where
each employee’s privacy and personal dignity is respected and protected.

As a responsible employer, GeM has always been conscious of its duty towards prevention and control of
sexual harassment at workplace. The Company has complied with provisions relating to the constitution of
Internal Complaints Committee (ICC) under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 (the POSH Act) and has in place a policy for women employees.
The Committee conducts interactive sessions, from time to time, to sensitize female employees about the
provisions of the POSH Act. The Committee submits an Annual Report to the Deputy Commissioner, New
Delhi District on the complaints received and action taken by it during the relevant financial year.

During the Financial Year 2022-23, no complaint was lodged with the Internal Complaints Committee
(ICC).

16. Right to Information Act

The Company has acted in accordance with the Right to Information Act, 2005. The compliances of the
provisions of the RTI Act, 2005 are ensured, the requests for information are attended to and all
applications are timely disposed off. GeM has submitted all the quarterly returns during the financial year
2022-23 to the CIC. Your Company has also hosted the Disclosure under Section 4(1)(b) of the Right to
Information Act 2005 on its website:

Receipt & Disposal of RTI applications & appeals FY 2022-23

Received: 326
Details of applications received and disposed
Disposed:326

Details of appeals received, and orders issued Appeals Received: 25 Orders

issued: 25

Number of applications made under second appeal before the

Nil
Central Information Commission against the order of FAA (if any)

25
17. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
The information pertaining to conservation of energy, technology absorption, foreign exchange earnings
and outgo as required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the
Companies (Accounts) Rules, 2014 is furnished below:

a. Conservation of Energy- NA
b. Technology Absorption- NA
c. Foreign Exchange Earnings and Outgo- Nil

18. Details relating to deposits covered under Chapter V of the Companies Act, 2013
The Company has not accepted any deposits during the year under review, hence no information is
reportable under this head.

19. Particulars of Loans, Guarantees or Investments under Section 186

The Company has neither given any loans nor made investments and guarantees as prescribed under
Section 186 of the Companies Act, 2013, accordingly the same is not reportable.

20. Annual Return

Pursuant to Section 134(3)(a) read with Section 92(3) of the Companies Act, 2013, the Annual Return of
the Company is available on the website of the Company at https://gem.gov.in/.

21. Material changes and commitments, if any, affecting the financial position of the Company
which have occurred between the end of the financial year of the Company to which the financial
statements relate and the date of the Report
No material changes and commitments affecting the financial position of the Company occurred between
the end of the financial year to which these financial statements relate and the date of this Report.

22. Change in the nature of business, if any

There was no change in the nature of business of the Company during the financial year ended 31 March,
2023.

23. Details of significant and material orders passed by the regulators or courts or tribunals
impacting the going concern status and Company’s operations in future
There was no significant and material order passed by the regulators or courts or tribunals impacting the
going concern status and Company’s operations in future.

24. Acknowledgements
The Board of Directors of your Company place on record their appreciation for the continued support,
guidance, co-operation and encouragement extended to the Company by Government of India, State
Governments including UTs from time to time. The Board also conveys its gratitude to all the stakeholders
including Shareholders, Banks, Financial Institutions, Vendors, Suppliers, Buyers for the continued trust
and confidence reposed by them in GeM throughout the year.

26
The Company also extends its appreciation to the Comptroller & Auditor General of India (CAG) for their
constructive suggestions and co-operation. Our employees at all levels, have been core to our existence
and their hard work, cooperation and support is helping us as a Company face all challenges.

For & On Behalf of the Board of Directors,

Government EMarketplace

Name: P.K. Singh Anant Swarup

Designation: Director & CEO Nominee Director
DIN: 03266262 08404527

Date: 30 November 2023

Place: New Delhi

27
 ANNEXURE – 1

ANNUAL REPORT ON CSR PURSUANT TO RULE 8 OF THE COMPANIES

(CORPORATE SOCIAL RESPONSIBILITY POLICY) RULES, 2014

1. Brief outline on CSR Policy of the Company

In adherence to Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social
Responsibility Policy) Rules, 2014, the Board of Directors upon the recommendation of CSR Committee,
in its Meeting held on 13 June 2023, approved a CSR Policy of the Company.
In accordance with the primary CSR philosophy of the Company and the specified activities under
Schedule VII to the Companies Act, 2013, the CSR activities of the Company cover certain thrust areas
such as Contribution to Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund.

2. Composition of CSR Committee

As on 31 March, 2023, the Corporate Social Responsibility Committee comprised of 5 (Five) Members
which have been mentioned below. The Chairman of the Committee is an Independent Director:

S. Names of Members Designations Number of meetings Number of meetings

No. of CSR Committee of CSR Committee
held during the year attended during the
year

Additional Director, Independent Category

1. Vidit Aatrey Present
(Chairman of CSR Committee)

Sanjeev
2. Additional Director, Independent Category Present
Bikhchandani

One meeting was

Nominee Director (Joint Secretary,
held on 17 March
3. Anant Swarup Department of Commerce, Ministry of Absent
2023
Commerce & Industry, Government of India)

Prashant Kumar
4. CEO & Director Present
Singh

5. Deepak Anurag External Expert of CSR Committee Present

28
3. Provide the web-link where Composition of CSR Committee, CSR Policy and CSR projects
approved by the Board are disclosed on the website of the Company- https://gem.gov.in/

4. Provide the executive summary along with weblink(s) of Impact Assessment of CSR Projects
carried out in pursuance of sub-rule (3) of Rule 8, if applicable- NA

5. (a) Average net profit of the Company as per sub-section (5) of Section 135: Rs. 44,11,42,403

(b) Two percent of average net profit of the company as per sub-section (5) of Section 135: Rs. 88,22,848

(c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: NA

(d) Amount required to be set off for the financial year, if any: Nil

(e)Total CSR obligation for the financial year [(b)+(c)-(d)]: Rs. 88,22,848

6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project): NA

(b) Amount spent in Administrative Overheads: Nil

(c) Amount spent on Impact Assessment, if applicable: NA

(d) Total amount spent for the Financial Year [(a)+(b)+(c)]:Nil

(e) CSR amount spent or unspent for the financial year:

Amount Unspent (In Rs.)

Total
Amount
Total Amount
Spent for
transferred to
the
Unspent CSR Amount transferred to any fund specified under Schedule VII as per
Financial
Account as per second proviso to sub-section (5) of section 135
Year
subsection (6) of
(In Rs.)
section 135

Date of Date of
Amount Name of the Fund Amount
transfer transfer

Prime Minister's Citizen Assistance and

Nil Nil NA Relief in Emergency Situations Fund 88,22,848 20-Jul-23
(PM CARES Fund)

(f) Excess amount for set-off, if any: Nil

29
7. Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years:

1 2 3 4 5 6 7 8

S. Preceding Amount Balance Amount Amount transferred Amount

No. Financial transferred to Amount in Spent in to a Fund as remaining to
Year(s) Unspent CSR Unspent CSR the specified under be spent in Deficiency,
Account Account Financial Schedule VII as per succeeding if any
under under Year (in second proviso to Financial
subsection subsection (6) Rs) subsection (5) of Years (in Rs)
(6) of section
of section 135 section 135, if any
135 (in Rs.)
(in Rs.)

Amount Date of
(in Rs) Transfer

1 2020-21

Not Applicable

2 2021-22

20 July
2022-23 Nil Nil Nil 88,22,848 Nil Nil
3 2023

8. Whether any capital assets have been created or acquired through Corporate Social
Responsibility amount spent in the financial year: No

If Yes, enter the No. (amount) of Capital assets created/ acquired: Nil

Furnish the details relating to such asset(s) so created or acquired through Corporate Social
Responsibility amount spent in the Financial Year: Nil

30
9. Specify the reason(s), if the Company has failed to spend two per cent of the average net profit
as per sub-section (5) of Section 135 –

The Financial Year 2022-23 was the first year wherein the Company had fallen under the purview of
Section 135 of the Companies Act, 2013 with respect to the “Corporate Social Responsibility”. The first
Meeting of CSR Committee Members was held on 17 March 2023 and discussion on various proposals
were held regarding spending of stipulated amount as CSR Expenditure. However, being a 100% Union
Government Company the Committee Members opined that care should be taken to follow all prudent
norms for public spending. The Committee held that the allocation of CSR funds towards a particular
program or a particular state may appear as an exercise of discretion by the Committee and the Board
and could be questioned for lack of transparency. It was decided that the matter should be put up before
Board for its advice and a prudent decision should be taken towards this spending after considering the
prevalent practices across the similar companies.

In view of the above, the Company evaluated various opportunities for CSR Funds utilization and the
matter was put up before the Board in its Meeting held on 13 June 2023. By this time the Financial Year
2022-23 had ended and as per Section second Proviso to Section 135 (5) of Companies Act, 2013 ‘if the
company fails to spend such amount, the Board shall, in its report made under clause (o) of sub-section
(3) of section 134, specify the reasons for not spending the amount and, unless the unspent amount
relates to any ongoing project referred to in sub-section (6), transfer such unspent amount to a Fund
specified in Schedule VII, within a period of six months of the expiry of the financial year.’

As per Schedule VII there are 3 funds eligible for contribution/transfer of CSR amount i.e.
1.Clean Ganga Fund set-up by the Central Government for rejuvenation of river Ganga
2. Prime Minister’s National Relief Fund
3.Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)

The above provisions were discussed among the Board Members, and it was decided that the Company
should utilize CSR Funds by depositing the same with the Prime Minister National Relief Fund or the PM
CARES Fund, depending on the eligibility of the Company. The Board also opined that the Company
should refrain from any other form of utilization of CSR Fund as it does not have core competence in
monitoring and execution of projects by third parties. The Board suggested presenting the final proposal in
the subsequent Board Meeting.

Thereafter, the Company evaluated its eligibility criteria to transfer in aforesaid Funds as per the terms
and conditions of respective Funds. The Company considered transferring the mandated amount of Rs.
88,22,848 in PM CARES Fund and the matter was presented for approval of Board of Directors in their
Meeting held on 30 June 2023. The Board discussed, considered, and approved the transfer of Rs.
88,22,848 in PM CARES Fund.

31
The Company endeavored to meet the budgeted expenditure towards its CSR activities and was
committed to incur expenditure for CSR initiatives in a time bound manner. However, the matter of
spending the CSR Funds was subject to several discussions and deliberations and the Company
approached this compliance with abundant precaution.
Nonetheless, as on the date of this Report the Company has complied with the requirement of Section
135(5) and the transfer to PM CARES Fund was completed on 20 July 2023.

P.K. Singh Vidit Aatrey

CEO & Director Chairman of CSR Committee

Delhi, 30 November 2023

32
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 NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the Sixth Annual General Meeting (‘AGM’) of Government EMarketplace (‘the
Company’) will be held on 30th day of November 2023 at 6:00 p.m. at Jeevan Tara Building, 2nd Floor, 5-
Sansad Marg, Near Patel Chowk, New Delhi-110001New Delhi to transact the following business:

Ordinary Business:
Item No.1 Adoption of Financial Statements
To consider and adopt the audited Financial Statements of the Company for the Financial Year ended
March 31, 2023 and the reports of the Board of Directors and Auditors thereon.

Item No.2 To fix remuneration/fees of the Statutory Auditors of the Company appointed by the
Comptroller & Auditor General of India for the Financial Year 2023-24 pursuant to the provisions of
section 142 of the Companies Act, 2013
To consider and, if thought fit, to pass the following resolution as an Ordinary Resolution:

“RESOLVED THAT in terms of the provisions of Section 139(5) read with Section 142(1) of the
Companies Act, 2013 and rules made thereunder, and the recommendations of the Board, the
remuneration of M/s Chandiwala Virmani & Associates, Chartered Accountant (Firm Registration No:
000082N) the Statutory Auditors of the Company appointed by Comptroller and Auditor General of India
for the Financial Year 2023-24, be fixed at Rs. 3,00,000 excluding any applicable taxes thereon be paid to
the Statutory Auditors for the Statutory Audit for the Financial Year 2023-24.”

Special Business:
Item No.3. Appointment of Shri Sanjeev Bikhchandani as an Independent Director of the Company
To consider and if thought fit, to pass the following resolution as a Special Resolution:
RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152, 161, Schedule IV and other
applicable provisions of the Companies Act, 2013 (“the Act”) read with the Rules framed thereunder,
[including any statutory modification(s) or re-enactment(s) thereof, for the time being in force], and Articles
of Association of the Company, approval and recommendation of Board of Directors, Shri Sanjeev
Bikhchandani (DIN: 00065640), who was appointed as an Additional Director in the capacity of an
Independent Director with effect from 13 January 2023, who meets the criteria for independence under
Section 149(6) of the Act and the Rules made thereunder, be and is hereby appointed as an Independent
Director of the Company for a period of 5 (five) years till 12 January 2028, and that he shall not be liable
to retire by rotation.

RESOLVED FURTHER THAT the Board be and is hereby authorized to delegate all or any of the powers
to any committee of directors with power to further delegate to any other Officer(s) / Authorized
Representative(s) of the Company to do all acts, deeds and things and take all such steps as may be
necessary, proper or expedient to give effect to this resolution.

83
Item No.4. Appointment of Shri Vidit Aatrey as an Independent Director of the Company

To consider and if thought fit, to pass the following resolution as a Special Resolution:

RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152, 161, Schedule IV and other
applicable provisions of the Companies Act, 2013 (“the Act”) read with the Rules framed thereunder,
[including any statutory modification(s) or re-enactment(s) thereof, for the time being in force], and Articles
of Association of the Company, approval and recommendation of Board of Directors, Shri Vidit Aatrey
(DIN: 07248661), who was appointed as an Additional Director in the capacity of an Independent Director
with effect from 13 January 2023, who meets the criteria for independence under Section 149(6) of the
Act and the Rules made thereunder be and is hereby appointed as an Independent Director of the
Company for a period of 5 (five) years till 12 January 2028, and that he shall not be liable to retire by
rotation.

RESOLVED FURTHER THAT the Board be and is hereby authorized to delegate all or any of the powers
to any committee of directors with power to further delegate to any other Officer(s) / Authorized
Representative(s) of the Company to do all acts, deeds and things and take all such steps as may be
necessary, proper or expedient to give effect to this resolution.

By Order of the Board of Directors

Ankita Gupta
Company Secretary
Membership No: A50166
IIIrd Floor, Jeevan Bharti Building, Tower-2 Connaught Circus, New Delhi -110001, India

To,
1. All Shareholders of Government EMarketplace
2. All Directors of Government EMarketplace
3. Statutory Auditors of Government EMarketplace
4. The Office of Principal Director of Audit, Industry & Corporate Affairs, AGCR Building I P Estate, New
Delhi-110002

84
NOTES:
1. An Explanatory Statement pursuant to Section 102 of the Companies Act, 2013 in respect of the
Special Businesses specified above is annexed hereto.

2. Pursuant to the Circular Nos. 14/2020, 17/2020, 20/2020, 02/2021, 19/2021, 21/2021, 02/2022 dated
8th April, 2020, 13th April, 2020, 5th May, 2020, 13th January, 2021, 8th December, 2021, 14th
December, 2021, 5th May, 2022 followed by Circular Nos. 10/2022 and 11/2022 dated 28th December,
2022 issued by the Ministry of Corporate Affairs (hereinafter collectively referred to as “MCA Circulars”)
physical attendance of the Members to the AGM venue is not required and Annual General Meeting
(AGM) be held through Video Conferencing (VC) or Other Audio Visual Means (OAVM). Hence, Members
can attend and participate in the ensuing AGM through VC/ OAVM. In accordance with the afore-
mentioned MCA Circulars, the entire set of Notice of the AGM, as well as the Annual Report, shall be
delivered to all Members of the Company by electronic means. The email addresses of all the Members
are registered with the Company. A physical copy of these documents will also be provided to all
Members of the Company. Further, Members may note that the Notice and Annual Report will also be
posted on the Company’s website https://www.gem.gov.in/investor.

3. Explanatory Statement, pursuant to Section 102 of the Companies Act, 2013 (‘the Act’), relating to the
Business to be transacted at this Annual General Meeting (‘AGM’), is annexed with the Notice.

4. The Company was statutorily required to hold its 6th AGM on or before 30 September 2023. For the
purpose of convening the AGM, Audited Financial Statements along with the Comptroller and Auditor
General of India (‘CAG’) Comments on the Company's Audited Financial Statements was the pre-requisite
and required to be circulated along with the Notice of AGM and placed before the Members for approval in
the AGM. The Company did not receive the CAG Comments in time and was unable to hold its 6th AGM.
In light of the foregoing, the Board approved filing an application with the Registrar of Companies, NCT of
Delhi and Haryana, for an extension of time to hold the Company's 6th AGM for the Financial Year 2022-
23 in its 26th Board Meeting held on 28th August 2023. On 31 August 2023, the Company submitted a
request for an extension of its 6th AGM vide SRN F63719884. The Registrar of Companies, NCT of Delhi
and Haryana granted a three-month extension, requiring Company to hold its AGM on or before 30
December 2023. Now, the Company has received final comments on the audited accounts of the
Company for the Financial Year 2022-23 from the Office of CAG.

5. All documents referred to in the accompanying Notice and the Explanatory Statement can be obtained
for inspection by writing to the Company at its email id cs01-gem@gem.gov.in till the date of AGM.
Further, Shareholders may also write to the Company at its mailing id cs01-gem@gem.gov.in for
inspection of any statutory register/ documents required to be placed at the time of AGM of the Company.

6. Shareholders seeking any information with regard to accounts are requested to write to the Company at
least 10 days before the Meeting so that the information is made available by the management at the day
of the Meeting.

85
7. The Members may be informed that pursuant to Section 139(5) of the Companies Act, 2013 the
Comptroller and Auditor General of India (CAG) has power to appoint or re-appoint Statutory Auditors of
the Company for the FY 2023-24 and in terms Section 142 of the Companies Act, 2013, the remuneration
of the Statutory Auditors of the Company has to be fixed by the Company in the General Meeting or in
such manner as the Company in General Meeting may determine.

8. The CAG vide their Letter Ref. No CA. V/ COY/CENTRAL GOVERNMENT, GEM(1)/255 dated
13.09.2023 has appointed Chandiwala Virmani & Associates, Chartered Accountant (Firm Registration
No: 000082N) as Statutory Auditors of the Company for the Financial Year 2023-24 under Section 139 of
the Companies Act, 2013. The Members in the ensuing AGM may authorize the Board of Directors to fix
an appropriate remuneration of Statutory Auditors for the Financial Year 2023-24 as may be deemed fit by
the Board.

9. Attendance Slip pursuant to the Secretarial Standard on General Meetings, is annexed with the Notice.
Members should fill the Attendance slip enclosed herewith and submit the duly filled Attendance slip at the
time of AGM.

10. Route map of the AGM venue, pursuant to the Secretarial Standard on General Meetings, is annexed
with the Notice.

86
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013

Item no 3 & 4

The Board of Directors had, by way of Circular Resolution dated 13 January 2023 approved appointment
of Shri Sanjeev Bikhchandani and Shri Vidit Aatrey as Additional Directors (Non- Executive and
Independent Category) of the Company with immediate effect. The aforesaid appointment(s) was placed
for noting and recording in the Board Meeting held on 13 June 2023. The said appointment was approved
for a period of 5 years and is subject to the approval of Members of the Company.

Shri Sanjeev Bikhchandani and Shri Vidit Aatrey (‘The Directors’), pursuant to Section 152 of the
Companies Act, 2013 (‘the Act’), have given their consent to act as a Director of the Company. The
respective Declarations have also been received that they meet the criteria of independence as
prescribed under Section 149 of the Companies Act, 2013 read with the Companies (Appointment and
Qualification of Directors) Rules, 2014,

The Directors possesses appropriate skills, experience, knowledge and capabilities required for the role of
an Independent Director of the Company. They also possess appropriate skills, expertise and
competencies in the context of the Company’s businesses, particularly in the areas of corporate
governance, e-procurement and industry knowledge. Considering their diverse experience, professional
competence and extensive knowledge, their induction on the Board will be in the overall interest of the
Company. Their candidature is in conformity with the requirements of the Act. Further, in the opinion of
the Board, the Directors fulfil the conditions specified in the Act & the Rules thereunder for appointment as
an Independent Director, and they are independent of the management of the Company.

87
 PURSUANT TO SECRETARIAL STANDARD 2 ISSUED BY ICSI, INFORMATION
ABOUT THE DIRECTORS PROPOSED TO BE APPOINTED IS FURNISHED BELOW:

Particulars Shri Sanjeev Bikhchandani

Directors Identification Number 00065640

Original date of appointment 13 January 2023

Shri Sanjeev Bikhchandani, aged 60, schooled

at St. Columba’s School in New Delhi. He
graduated in Economics from St. Stephen’s
College, Delhi University and began his career
Brief Resume of the Director
working in advertising with Lintas. After working
(Including age and qualifications)
for three years he did his post-graduation from
IIM Ahmedabad in 1989 and joined the
consumer marketing firm HMM Ltd.(now called
Glaxo SmithKline Consumer Healthcare Ltd.).

He is a seasoned Entrepreneur having rich

experience in business development, strategic
and financial planning. He is active in various
industry forums and is a contributor to the
entrepreneurship ecosystem. He has served as
the President of the Delhi chapter of TiE (The
Indus Entrepreneurs). He has also served as a
member of the Global Board of Trustees of TiE.
He serves as a Member of the Council of
Experience and Expertise
Management of All India Management
Association. He has been Chair of the Internet
Council of NASSCOM. He has also served on
the Venture Capital Investment Committee for
the SIDBI Fund of Funds for startups. Shri
Sanjeev is a member of the Board of the CIIE
Initiatives at IIM Ahmedabad. He is also a
member of the National Startup Advisory
Council.

88
 Shri Sanjeev has been appointed for a period of
Terms and conditions of appointment & Details 5 years with effect from 13 January 2023 and
of Remuneration the Company shall not pay any remuneration or
sitting fees to him.

Shareholding in the Company Nil

Relationship with Other Director/ Manager and Not related to any Director/Manager/ KMP of the
KMP of the Company Company

1. Info Edge India Limited

2. Make Sense Technologies Limited
3. Naukri Internet Services Limited
4. Startup Investment (Holdings) Limited
5. Startup Internet Services Limited
6. Redstart Labs (India) Limited
Directorships, Memberships / Chairmanship of
7. Zomato Limited
Committees of other Boards
8. Smartweb Internet Services Limited
9. Allcheckdeals India Private Limited
10. Jeevansathi Internet Services Private
Limited
Membership/ Chairmanship of committees of
other companies: None

89
Particulars Shri Vidit Aatrey

Directors Identification Number 07248661

Original date of appointment 13 January 2023

Shri Vidit Aatrey, aged 33, is Co-Founder and

CEO of Meesho (Fashnear Technologies Private
Brief Resume of the Director
Limited). He is an IIT-Delhi alumnus and has
(Including age and qualifications)
earlier worked at ITC and InMobi before
founding Meesho in late 2015.

Shri Vidit has featured in Forbes Asia’s 30 Under

30 list, in Forbes India 30 Under 30 list in 2018,
and in Entrepreneur magazines' 35 under 35 list.
Under his leadership Meesho has also featured
Experience and Expertise
in FastCompany's 50 Most Innovative
Companies in 2020 and was adjudged the Start-
up of the Year 2020 by CNBC Young Turks
awards.

Shri Vidit has been appointed for a period of 5

years with effect from 13 January 2023 and
Terms and conditions of appointment & Details sitting fees is payable to him in following
of Remuneration manner:
1. Board Meeting- INR 25,000 per Meeting
2. Committee Meetings- 20,000 per Meeting

Shareholding in the Company Nil

Relationship with Other Director/ Manager and Not related to any Director/Manager/ KMP of the
KMP of the Company Company

90
 1. Meesho Payments Private Limited
2. Fashnear Technologies Private Limited
3. Popshop Commerce Private Limited
4. Meesho Inc
5. Fashnear Shenzhen Trading Co Limited
6. Navi Technologies Limited
Directorships, Memberships / Chairmanship of Membership/ Chairmanship of committees of
Committees of other Boards other companies:
1. Fashnear Technologies Private Limited-
Chairperson of CSR Committee
2. Navi Technologies Limited- CSR Committee
Member
3. Navi Technologies Limited- Stakeholder
Relationship Committee Member

91