We have audited the accompanying Standalone Financial Statements
of the Company which comprise the Balance Sheet as at 31st March,
2026, the Statement of Profit and Loss (including Other Comprehensive
Income), Statement of Changes in Equity and Statement of Cash
Flows, and a summary of Material accounting policies and other
explanatory information, in which are incorporated the financial
information for the year ended on that date of the Company's branch
office at Libya which are not yet audited by the branch auditor.
As at 31st March 2026, the Company has made provision for non¬
recoverability of assets and provision for write-back of trade liabilities
in respect of the Libya branch office.
Our audit indicates that, because of the substantive nature and
significance of the matter described below, we have not been
able to obtain sufficient appropriate evidence to provide a basis
for expressing an opinion on the statement as to whether these
Standalone Financial Statements are prepared in accordance with the
recognition and measurement principles laid down in the aforesaid
Indian Accounting Standard and other recognized accounting
practices and policies generally accepted in India and has disclosed
the information required to be disclosed under the Companies Act,
2013 including the manner in which it is to be disclosed, or that it
does not contain any material misstatement.
Basis for Disclaimer of Opinion
We conducted our audit of the Standalone Financial Statements
in accordance with standard on auditing specified under section
143(10) of the Act. Our responsibilities under those standards
are further described in the Auditor's Responsibility for the audit
of the Standalone financial statements section of our report. We
are independent of the company in accordance with the Code of
Ethics issued by the institute of Chartered Accountant of India (ICAI)
together with the ethical requirements that are relevant to our audit
of the Standalone financial statements under the provisions of the
Act and the Rules made thereunder, and we have fulfilled our ethical
responsibilities in accordance with these requirements and the ICAI's
Code of Ethics. Because of the significance of the matters described
below we have not been able to obtain sufficient appropriate audit
evidence to provide a basis for an audit opinion.
We draw your attention to the following matters:
(i) We draw attention to Note no. 51 of the Audited Standalone
Financial Statements, which have made references to the
Resolution Framework (RF) for Unitech group. The company
has requested the Hon'ble Supreme Court to grant some
concessions and reliefs so that the company is able to fulfil its
obligations towards the construction of the projects and meet
other liabilities. Resolution framework of Unitech group filed by
New Management before the Hon'ble Supreme Court on 10th
September 2020, Revised Version on 28th October, 2020 and
Revised Version on 27th April, 2022 has not yet been approved
by the Hon'ble Supreme Court. Accordingly, the impact of the
proposed reliefs, concessions etc. have not been considered in
the books of accounts
(ii) Material uncertainty related to going concern
We draw attention to Note no. 37 of the Audited Standalone
Financial Statements wherein the management has represented
that the Audited Standalone Financial Statements have been
prepared on a going concern basis, notwithstanding the fact that
the Company has eroded its net worth and has incurred losses,
both in the current and previous year, and has challenges in
meeting its obligations, servicing its current liabilities including
bank loans and public deposits. The Company also has various
litigation matters which are pending before different forums.
Further, the New Management has inherited various projects of
the Company, which are pending for considerable construction
and residual works to be completed.
In compliance of the directions of the Hon'ble Supreme Court,
as contained in Court's order dated 20th January 2020, the
Government appointed Board of Directors has requested the
Hon'ble Supreme Court to grant certain concessions and reliefs
so that the Company is able to fulfil its obligations towards the
construction and completion of in-complete projects and meet
other liabilities.
These conditions indicate the existence of material uncertainty
that may cast significant doubt about Company's ability
to continue as a going concern. The appropriateness of
assumption of going concern is critically dependent upon the
Company's ability to raise finance and generate cash flows in
future to meet its obligations, and also on the final decision
of the Hon'ble Supreme Court on the Resolution Framework.
Also, the Board of Directors are exploring various possible
options for completion of ongoing projects and are trying to
generate additional possible revenues by construction of new
flats.
Considering the above, we are unable to express an opinion on
this matter.
(iii) The Management of the Company has not conducted any
impairment assessment for the investments made by the
erstwhile management in subsidiary companies of Rs.
428,54.75 Lakhs, joint ventures of Rs. 540,58.48 lakhs and
associates of Rs. 299.25 lakhs having aggregate carrying value
of Rs. 972,12.48 lakhs, despite of strong indicators existing for
impairment assessment, as required by Ind AS 36, 'Impairment
of Assets'. In view of non-existence of any impairment study,
we are unable to conclude upon the adjustments, if any, that
may be required to the carrying value of these investments and
its consequential impact on the Audited Standalone Financial
Statements. (refer Note 5 of the Audited Standalone Financial
Statements)
(iv) Due to legacy issues inherited from erstwhile management,
the company is not having sufficient evidence about the
recognition of fair value of the estimated loss allowance
on loans and advances given by erstwhile management
to subsidiary companies, joint ventures and associates
amounting to Rs. 4508,42.92 lakhs and trade receivables from
subsidiary companies, joint ventures and associates amounting
to Rs. 45,55.06 lakhs as required by Ind AS 109, 'Financial
Instruments'. Further, in case of loans and advances given
by erstwhile management to unrelated companies / entities
amounting to Rs. 373,72.76 lakhs, trade receivables amounting
Rs. 324,41.39 lakhs, inter corporate deposit amounting to Rs.
138,53.66 lakhs and security deposits given amounting Rs.
529,85.19 lakhs is also exposed to estimated loss allowance.
(refer Note 6,7,10,13,16 and 43(v) of the Audited Standalone
Financial Statements)
We are therefore unable to express an opinion on the
recoverability of the loans and trade receivables from
subsidiary, joint ventures and associates, fair value of estimated
loss allowance on loans and trade receivables given and the
consequential impact on the Audited Standalone Financial
Statements.
(v) We draw attention to note 47(viii) of Audited Standalone
Financial Statements which contains details of corporate
guarantees issued by the erstwhile management for its
subsidiaries and joint ventures. Due to legacy issues inherited
from erstwhile management, the company is not having
sufficient evidence regarding recognition of fair value of the
estimated loss allowance on corporate and bank guarantee
given by erstwhile management on behalf of its subsidiary,
joint ventures and associates amounting Rs. 1765,60.27 lakhs
as required by Ind AS 109, 'Financial Instruments'. We are
therefore unable to express an opinion on the fair value of
estimated loss allowance on corporate and bank guarantee.
(vi) The Management of the Company has not conducted any
impairment assessment for the investments made by the
erstwhile management in unrelated companies / entities
having aggregate carrying value of Rs. 612,47.17 lakhs, despite
of strong indicators existing for impairment assessment, as
required by Ind AS 36, 'Impairment of Assets'. In view of non¬
existence of any impairment study, we are unable to express
an opinion upon the adjustments, if any, that may be required
to the carrying value of these investments and its consequential
impact on the Standalone Financial Statements. (refer Note 5 of
the Audited Standalone Financial Statements)
(vii) Amount recoverable from GNIDA amounting Rs. 183,39.80
lakhs is subject to confirmation/ reconciliation. In view of
absence of the reconciliation, we are unable to conclude on
the consequential impact of same on standalone financial
Statements. (refer Note 57 of the Audited Standalone Financial
Statements)
(viii) Variation has been observed between balance lying with
Supreme Court registry and books of accounts and the same
is under reconciliation. In view of absence of the reconciliation,
we are unable to express an opinion on the consequential
impact of same on standalone financial statements. (refer Note
64 of the Audited Standalone Financial Statements)
(ix) Balance of amounts due to / from trade receivables, trade
payables (including MSME Vendors), bank balances,
borrowings, advance received from customers, advance
to suppliers, security deposits, other loans and advances,
advance for purchase of land, inter corporate deposits and
other assets are pending for reconciliation / confirmation. The
overall impact of the above and the consequential impact of
same on Standalone Financial Statements are not ascertainable
and hence, we are unable to express an opinion on the same.
(refer Note 49 of the Audited Standalone Financial Statements)
(x) Refer note 47 and 53 of standalone financial Statements for
matters related to the period of erstwhile Management
A) Statutory dues related to Income-tax Act, 1962 amounting
Rs. 79,29.00 lakhs, Professional Tax amounting Rs. 0.59
Lakhs, Employees Provident Funds and Miscellaneous
Provisions Act, 1952 amounting to Rs. 5,00.33 Lakhs
pertaining to the period of erstwhile management, are
unpaid since long. In view of non-payment of statutory
dues, possibility of levies, some penalties by the
respective departments cannot be ruled out. On account
of the above, we are unable to express an opinion on the
consequential impact of same on standalone financial
statements. (refer Note 47 of the Audited Standalone
Financial Statements)
B) Old Input credit receivable (GST) as appearing in the
financial books during the erstwhile period is subject
to reconciliation with the balance of input credit
claimable from GST department (in GST portal). In
view of absence of the reconciliation, we are unable to
express a conclusion on the consequential impact of
same on Audited Standalone Financial Result- Amount
indeterminable.
C) We draw attention to Note no. 53 of the Audited Financial
Statements in respect of default in repayment of public
deposits accepted by erstwhile management. As per the
financial books, principal amount of deposit accepted
for Rs. 529,12.98 lakhs is overdue for repayment. The
Company has not created any provision for interest
payable during the period ended 31st March 2026
amounting Rs. 64,56.39 lakhs (accumulated unaccounted
interest is Rs. 612,34.92 lakhs) taking a clue from the
directions of the Hon'ble Supreme Court from time
to time issued for payment of the Principal Amount to
the HD holders, as explained by the management. In
our opinion, losses of the Company and value of public
deposits are understated to extent of Rs. 612,34.92 lakhs
subject to a final decision of the Hon'ble supreme Court
in the matter.
D) Pursuant to the instances of non-compliance with
certain debt covenants, including defaults in interest
and principal repayments, we are unable to express a
conclusion on the correctness of such amounts reflected
in the Audited Standalone Financial Statements and
on their consequential impact, including potential tax
liabilities.
Further, as at 31st March 2026 , the Company has
obtained loan statements from the banks and financial
institutions to the tune of Rs. 9008,42.32 lakhs (including
accrued interest of Rs. 6189,00.49 lakhs) out of total
loan outstanding Rs.10954,53.01 lakhs (including non¬
convertible debenture Rs. 208,50.14 lakhs and accrued
interest of Rs. 7536,47.23 lakhs). (refer Note 50 of the
Audited Standalone Financial Results).
(xi) Non-compliance of provisions of Indian Accounting Standards
"IND AS" as prescribed under Section 133 of the Companies
Act, 2013: -
Revenue from real estate projects (IND AS 115)
We draw attention to Note no. 1.2(l)(i) of the Audited Standalone
Financial Statements, stating that the Company is accounting
for revenue under real estate projects using percentage of
completion method (POCM) with an understanding that
performance obligations are satisfied over time whereas, the
terms of the agreements entered by the Company with buyers
of the property does not satisfy the conditions specified in
paragraph 35 of Indian Accounting Standard 115 "revenue
from contracts with customers" in all the cases.
(xii) Further, we report that
A. Inventory and project in progress.
1. Other current assets include "Amount incurred in project in
progress (on which revenue is not recognised)" amounting
Rs. 9402,89.80 lakhs. No provision has been for onerous
project, if any. As explained to us the Company is in the
process of identifying onerous project and provision
shall be created after identification of such contracts. As
explained to us, due to legacy issues, as inherited from
erstwhile management, the company is not having details
with regard to project wise cost incurred during the tenure
of erstwhile management. (refer Note 16 of the Audited
Standalone Financial Statements)
2. There are certain projects wherein physical possession of
the units has already been handed over to the homebuyers
but the projects are still appearing under Project in Progress.
Due to aforesaid, project in progress and Advance received
from customers is overstated. The management is in the
process of estimating the impact of the same. Due to the
absence of the details, we are unable to express an opinion
on the accuracy of project in progress and Advance
received from customers and its consequential impact
on standalone financial Statements.. (refer Note 16 of the
Audited Standalone Financial Statements)
B. Reconciliation of Sub ledger records for advance received
from homebuyers and trade receivables is in progress.
In view of absence of the reconciliation, we are unable to
express an opinion on the consequential impact of same
on Audited Standalone Financial Statements.(refer Note 16
of the Audited Standalone Financial Statements)
Due to the above mentioned reasons, we are unable to
express an opinion on its consequential impact on the
standalone financial Statements.
(xiii) We draw attention to note 2 ,9 and 16 of the Audited Standalone
Financial Statements, the physical verification of property
plant and equipment, unsold flats & land is pending therefore
discrepancy between book records and physical counts,
if any and its consequential impact of the audited financial
Statements.
Majority of the items mentioned in this para, we had given a
disclaimer of opinion on the standalone financial statements
for the year ended 31st March 2024, 2023, 2022 and 2021 in
respect of these matters.
(xiv) We draw attention to note 80 of standalone financial Statements
which states that the Company has 2,431 litigations pending
in Hon'ble Supreme Court of India. Based on the explanation
provided by the Company, considering the number of litigations
pending, it is not possible for the Company to compute the
possible impact of the same. In view of above, we are unable
to express an opinion on the accounting of potential liability
on account of pending case and completeness of disclosure
of contingent liability made by the company in the standalone
financial statements.
Majority of the items mentioned in this para, we had given a
disclaimer of opinion on the standalone financial statements
for the year ended 31st March 2021 to 31st March 2025 in
respect of these matters.
Non compliance of disclosures required under Schedule III of
Companies Act, 2013
The Company is not able to provide / substantiate details of
following disclosures required under the provisions of Schedule III of
Companies Act, 2013 :-
a) Complete details of title deeds of immovable properties
not held in the name of the Company
b) Details of benami property held and any proceeding
has been initiated or pending against the company,
if any(refer Note no 76 of the Standalone Financial
Statements)
c) Utilization of borrowed funds
d) Ageing for trade receivables
e) Ageing for trade payables
f) Details related to creation / satisfaction of charges
KEY AUDIT MATTER
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
standalone financial statements of the current year. These
matters were addressed in the context of our audit of the
Standalone Financial Statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion
on these matters. As all material items are already described
as a matter in the "Basis of Disclaimer of Opinion" para, there
are no items which can be reported as key audit matters to be
communicated separately.
INFORMATION OTHER THAN THE STANDALONE FINANCIAL
STATEMENTS AND AUDITOR'S REPORT THEREON
The company's management and board of directors are
responsible for the other information. The other information
comprises the information included in Annual Report but
does not include the Standalone Financial Statements and our
auditor's report thereon. The Annual Report is expected to be
made available to us after the date of this auditor's report.
Our opinion on the Standalone Financial Statements does not
cover the other information and we will not express any form
of assurance conclusion thereon.
In connection with our audit report of the Standalone financial
statements, our responsibility is to read the other information
identified above when it becomes available and, in doing
so, consider whether the other information is materially
inconsistent with the Standalone financial statements or our
knowledge obtained in the audit or otherwise appears to be
materially misstated.
When we read the Annual Report, if we conclude that
there is material misstatement therein, we are required to
communicate the matter to those charged with governance
and if required issue a revised Audit report on Standalone
Financial Statements.
RESPONSIBILITY OF MANAGEMENT FOR STANDALONE
FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the
matters stated in sub-section 5 of Section 134 of the Companies
Act, 2013 ("the Act") with respect to the preparation of these
Standalone Financial Statements that give a true and fair view
of the financial position, financial performance including other
comprehensive income, changes in equity and cash flows of
the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting
Standards specified under Section 133 of the Act read with
relevant rules issued thereunder.
This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring
the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the Standalone
financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.
In preparing the Standalone financial statements, management
is responsible for assessing the company's ability to continue
as a going concern, disclosing as applicable, matters related to
going concern and using the going concern basis of accounting
unless management either intend to liquidate the company or
to cease operation, or has no realistic alternative but to do so.
The board of directors are also responsible for overseeing the
Company's financial reporting process.
AUDITORS' RESPONSIBILITY FOR THE AUDIT OF THE
STANDALONE FINANICAL STATEMENTS
Our objectives are to obtain reasonable assurance about
whether the Standalone financial statements as a whole
are free from material misstatement, whether due to fraud
or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance
with Standards on Auditing will always detect a material
misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these
Standalone Financial Statements.
As part of an audit in accordance with Standards on Auditing,
we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement
of the Standalone financial statements, whether due
to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or
the override of internal control;
• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances. Under Section 143(3)
(i) of the Act, we are also responsible for explaining our
opinion on whether the company has adequate internal
financial controls system in place and the operating
effectiveness of such controls;
• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management;
• Conclude on the appropriateness of management's use
of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that
may cast significant doubt on the Company's ability
to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw
attention in our auditor's report to the related disclosures
in the Standalone financial statements or, if such
disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained
up to the date of our auditor's report. However, future
events or conditions may cause the Company to cease
to continue as a going concern; and
• Evaluate the overall presentation, structure and content
of the Standalone financial statements, including the
disclosures, and whether the Standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial statements
may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work
and in evaluating the statements of our work; and (ii) to evaluate
the effect of any identified misstatements in the standalone
financial statements.
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify
during our audit.
We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.
Other Matter:
We draw attention to Note no. 52 of the Standalone Financial
Statements, A forensic audit of the Company was conducted
as per directions of the Hon'ble Supreme Court. We have been
informed that the report on the forensic audit is not available
with the Company or its Board of Directors; hence impact of
observations in the forensic audit report can be ascertained
only after the same is obtained.
Our opinion is not modified in respect of this matter.
REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS
1. As required by the Companies (Auditor's Report) Order,
2020 ('the Order'), issued by the Central Government of
India in exercise of powers conferred by sub-section 11
of section 143 of the Act, we enclose in the "Annexure A"
a statement on the matters specified in paragraphs 3 and
4 of the Order.
2. As required by sub-section 3 of Section 143 of the Act,
we report that:
a) We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit,
except as stated in Basis of Disclaimer of Opinion section.
b) Except for the possible effects of the matters described
in the Basis of Disclaimer of Opinion section above and
in clause j (vi) below on reporting under Rule 11(g), in
our opinion, proper books of account as required by law
have been kept by the Company so far as it appears from
our examination of those books.
c) The accounts of the branch office of the company
auditable under section 143(8) of the Act by the branch
auditor have not yet been audited by the branch auditor
due to the adverse political situation prevailing in Libya,
and hence we are unable to comment on whether the
financial information provided by the management in
this regard has been properly dealt with.
d) The standalone balance sheet, the standalone statement
of profit and loss (including other comprehensive
income), the standalone statement of changes in equity
and the standalone statement of cash flows dealt with by
this Report are in agreement with the books of account.
e) Except for Indian Accounting Standard "IND AS" 109
(Financial Instruments), 36 (Impairment of Assets), 2
(Inventories), 115 (Revenue Contract with Customers), as
mentioned in the Basis of Disclaimer of Opinion section
above, in our opinion, the aforesaid Standalone financial
statements are complied with the Indian Accounting
Standards specified under Section 133 of the Act, as
applicable, read with relevant rules issued thereunder.
f) The matters described in the Basis of Disclaimer of
Opinion section above, in our opinion, may have an
adverse effect on the functioning of the company.
g) On the basis of the written representation received from
the Directors as on March 31, 2026, taken on record
by the Board of Directors, none of the Directors is
disqualified as on 31st March 2026 from being appointed
as a Directors in terms of section 164(2) of the Act.
h) The qualifications relating to the maintenance of
accounts and other matters connected therewith are
as stated in the Basis for Disclaimer of Opinion section
above and in clause j(vi) below on reporting under Rule
11(g).
i) With respect to the adequacy of the internal financial
controls over financial reporting of the Company and
the operating effectiveness of such controls, refer to our
separate report in "Annexure B". Our report expresses a
Disclaimer of Opinion on the existence of the Company's
internal financial control over financial reporting.
j) With respect to the other matters to be included in
the Auditors' Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our
opinion and to the best of our information and according
to the explanations given to us:
i) Since, the company has not provided the full
details of pending litigations, as mentioned in
the Disclaimer of Opinion para, we are unable to
comment on whether the company has correctly
disclosed the impact of pending litigations on
its financial position in the Standalone Financial
Statements in accordance with the generally
accepted accounting practice. Refer Note 47 of the
Standalone financial statements.
ii) The company has not provided the details and
relevant supporting of any long term contracts
entered into by the company and hence we are
unable to comment on whether the company has
made provisions, as required under the applicable
law or accounting standards, for all material
foreseeable losses on long term contracts.
iii) There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection Fund by the Company. With regard
to unclaimed and unpaid amounts pertaining to
matured deposits and interest accrued thereon,
the Company has informed us that a number of
deposit holders have put in claims which are
pending before various judicial forums for the
matured deposit and interest accrued thereon, and
hence ascertaining the unclaimed amounts for the
purpose of transfer to the Investor Education and
Protection Fund was indeterminate.
iv) Due to non-availability of adequate and relevant
supporting documents, we are unable to comment
on whether: (refer Note no 76 (v) of the Standalone
Financial Statements)
a) any funds (which are material either individually
or in the aggregate) have been advanced or
loaned or invested (either from borrowed funds
or share premium or any other sources or kind
of funds) by the company to or in any other
person(s) or entity(ies), including foreign entities
("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the
company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the
Ultimate Beneficiaries;
b any funds (which are material either individually
or in the aggregate) have been received by
the company from any person(s) or entity(ies),
including foreign entities ("Funding Parties"), with
the understanding, whether recorded in writing
or otherwise, that the company shall, whether,
directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever
by or on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries;
and
c) Based on such audit procedures that have
been considered reasonable and appropriate
in the circumstances, nothing has come to our
notice that has caused them to believe that the
representations under sub-clause (i) and (ii) of Rule
11(e), as provided under (a) and (b) above does
not contain any material misstatement. (refer note
no. 76 (v) of Standalone Financial Statements)
v) The company has not declared or paid any
dividend during the year. Hence, reporting under
section 123 of the Companies Act, 2013 is not
applicable.
vi) Based on our examination, which included test
checks, the Company has used accounting
software for maintaining its books of account,
which have a feature of recording audit trail (edit
log) facility, and the same has operated throughout
the year for all relevant transactions recorded in
the software. Further, during the course of our
audit we did not come across any instance of an
audit trail feature being tampered with,
Further the Maintenance Department software
used by the company was operating on an
outdated version that did not have an audit trail
(edit log) feature enabled for the period from 1st
April 2025 to 10 June 2025. The Audit trial feature
was enabled in the software with effect from 10
June 2025. Accordingly, for transactions recorded
in such software durin g the aforesaid period, the
audit trial requirements prescribed under under
Rule 3(1) of the Companies (Accounts) Rules ,
2014 were not complied with. Further, during the
course of our audit, we did not across any instance
of the audit trial feature being tampered with after
it was enabled.
Further the Maintenance Department software
used by the company uses an outdated version
did not have an audit trail feature, consequently,
there was no audit trail maintained for transactions
recorded within this particular software for the
whole year.
k) As required by section 197(16) of the Act, we report
that the company has paid remuneration to its directors
during the year in accordance with the order no. Legal
-10/01/2020-O/o DGCoA-MCA dated 25/10/2023 of the
Central Government, Ministry of Corporate Affairs.
For GSA & Associates LLP
Chartered Accountants
Firm Registration No.: 000257N/ N500339
(Anshu Gupta)
Partner
Place: Gurugram Membership No. 077891
Date: 28th May, 2026 UDIN - 26077891ZGUZAJ7959
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