j) Provisions, contingent assets and contingent
liabilities
Provisions are recognised only when there is a
present obligation, as a result of past events, and
measured at the estimated expenditure required
to settle the present obligation, based on the most
reliable evidence available at the reporting date,
including the risks and uncertainties associated
with the present obligations as a whole.
Provisions are discounted to their present values,
where the time value of money is material. When
discounting is used, the increase in the provision
due to the passage of time is recognised as
a finance cost. The expense relating to any
provision is presented in the Statement of Profit
and Loss net of any reimbursement.
Any reimbursement that the Company is virtually
certain to collect from a third party with respect
to the obligation is recognised as a separate
asset. However, this asset may not exceed the
amount of the related provision.
No liability is recognised if an outflow of economic
resources as a result of present obligations is
not probable. Such situations are disclosed
as contingent liabilities unless the outflow of
resource is remote.
Contingent liabilities are disclosed by way of
note unless the possibility of outflow is remote.
Contingent assets are neither recognised nor
disclosed. However, when realisation of income is
virtually certain, related asset is recognised
k) Employee benefits
Short-term employee benefits
Liabilities for salaries and wages, including
nonmonetary benefits that are expected to be
settled wholly within 12 months after the end of the
period in which the employees render the related
service are classified as short-term employee
benefits. These benefits include salaries and
wages, short-term bonus, pension, incentives etc.
These are measured at the amounts expected
to be paid when the liabilities are settled. The
liabilities are presented as current employee
benefit obligations in the balance sheet.
Post-employment benefits plans
The Company provides post-employment
benefits through various defined contribution
and defined benefit plans.
Defined contribution plans
The Company pays fixed contribution into
independent entities in relation to several state
plans and insurances for individual employees.
The Company has no legal or constructive
obligations to pay contributions in addition to
its fixed contributions, which are recognised as
an expense in the period that related employee
services are received.
Defined benefit plans
Under the Company's defined benefit plans, the
amount of pension benefit that an employee will
receive on retirement is defined by reference to
the employee's length of service and final salary.
The legal obligation for any benefits remains with
the Company, even if plan assets for funding
the defined benefit plan have been set aside.
Plan assets may include assets specifically
designated to a long-term benefit fund as well as
qualifying insurance policies.
The liability recognised in the balance sheet for
defined benefit plans is the present value of the
defined benefit obligation (DBO) at the reporting
date less the fair value of plan assets.
Management estimates the DBO annually
with the assistance of independent actuaries.
Actuarial gains/losses resulting from
re-measurements of the liability/asset are
included in other comprehensive income.
Service cost of the Company's defined benefit
plan is included in employee benefits expense.
Employee contributions, all of which are
independent of the number of years of service,
are treated as a reduction of service cost. Net
interest expense on the net defined benefit
liability is included in the statement of profit
and loss. Gains and losses resulting from re¬
measurements of the net defined benefit liability
are included in other comprehensive income.
Accumulated leave, which is expected to be
utilised within the next 12 months, is treated as
short-term employee benefit. The Company
measures the expected cost of such absences
as the additional amount that it expects to
pay as a result of the unused entitlement that
has accumulated at the reporting date. The
Company recognises expected cost of short¬
term employee benefit as an expense, when an
employee renders the related service.
The Company treats accumulated leave expected
to be carried forward beyond twelve months, as
long-term employee benefit for measurement
purposes. Such long-term compensated
absences are provided for based on the actuarial
valuation using the projected unit credit method
at the reporting date. Actuarial gains/losses are
immediately taken to the statement of profit and
loss and are not deferred. The obligations are
presented as current liabilities in the balance
sheet if the entity does not have an unconditional
right to defer the settlement for at least twelve
months after the reporting date.
Share Based Payments
The company has granted employee stock
options to the eligible employees of the company.
As per the scheme, on fulfilling of the vesting
condition, the Company will issue its equity
shares to the eligible employees.
The cost of equity-settled transactions is
determined by the fair value of company's
share at the date when the grant is made
using an appropriate valuation model. That
cost is recognised over the period in which
the performance and/or service conditions
are fulfilled in employee benefits expense. The
cumulative expense recognised for equity-
settled transactions at each reporting date until
the vesting date reflects the extent to which the
vesting period has expired and the companies
best estimate of the number of equity instruments
that will ultimately vest. The expense or credit
in the statement of profit and loss for a period
represents the movement in cumulative expense
recognised as at the beginning and end of that
period and is recognised in employee benefits
expense. Service and non-market performance
conditions are not taken into account when
determining the grant date fair value of awards,
but the likelihood of the conditions being met is
assessed as part of the company's best estimate
of the number of equity instruments that will
ultimately vest. Non-vesting conditions are
reflected in the fair value of an award and lead to
an immediate expensing of an award unless there
are also service and/or performance conditions.
No expense is recognised for awards that
do not ultimately vest because non-market
performance and/or service conditions have not
been met. Where awards include a market or non¬
vesting condition, the transactions are treated
as vested irrespective of whether the market or
non-vesting condition is satisfied, provided that
all other performance and/or service conditions
are satisfied.
When the terms of an equity-settled award are
modified, the minimum expense recognised is
the grant date fair value of the unmodified award,
provided the original vesting terms of the award
are met. An additional expense, measured as at
the date of modification, is recognised for any
modification that increases the total fair value
of the share-based payment transaction, or is
otherwise beneficial to the employee.
Where an award is cancelled by the entity or
by the counterparty, the value of the award
recognised till date will get reversed from reserve
and adjusted through statement of profit or loss.
l) Earnings per share
Basic earnings per share are calculated by dividing
the net profit or loss for the period attributable to
equity shareholders (after deducting attributable
taxes) by the weighted average number of equity
shares outstanding during the period. Partly paid
equity shares are treated as a fraction of an
equity share to the extent that they are entitled
to participate in dividends relative to a fully
paid equity share during the reporting period.
The weighted average number of equity shares
outstanding during the period is adjusted for
events such as bonus issue, bonus element in
a rights issue, share split and reverse share split
(consolidation of shares) that have changed the
number of equity shares outstanding, without a
corresponding change in resources.
For the purpose of calculating diluted earnings
per share, the net profit or loss for the period
attributable to equity shareholders and the
weighted average number of shares outstanding
during the period are adjusted for the effects of
all dilutive potential equity shares.
m) Investment in subsidiaries
The Company has elected to recognise its
investments in subsidiaries at cost in accordance
with the option available in Ind AS 27, 'Separate
Financial Statements', less accumulated
impairment loss, if any. Cost represents amount
paid for acquisition of the said investments.
The Company has elected to continue with
the carrying value for all of its investments
in subsidiaries as recognised in the financial
statements. On disposal of an investment, the
difference between the net disposal proceeds
and the carrying amount is charged or credited
to profit or loss. Investment in equity shares of
subsidiaries and in CCD's which are entirely in the
nature of equity, are carried at cost.
n) Investment Properties
I nvestment properties are measured initially at
cost, including transaction costs. Subsequent
to initial recognition, investment properties are
stated at cost less accumulated depreciation
and accumulated impairment loss, if any.
The cost includes the cost of replacing parts
and borrowing costs for long-term construction
projects if the recognition criteria are met. When
significant parts of the investment properties
are required to be replaced at intervals, the
Company depreciates them separately based
on their specific useful lives. All other repair and
maintenance costs are recognised in profit or
loss as incurred.
I nvestment properties are derecognised either
when they have been disposed of or when they are
permanently withdrawn from use and no future
economic benefit is expected from their disposal.
The difference between the net disposal proceeds
and the carrying amount of the asset is recognised
in profit or loss in the period of derecognition. In
determining the amount of consideration from
the derecognition of investment properties
the Company considers the effects of variable
consideration, existence of a significant
financing component, non-cash consideration,
and consideration payable to the buyer (if any).
Transfers are made to (or from) investment
properties only when there is a change in use.
Transfers between investment property, owner-
occupied property and inventories do not change
the carrying amount of the property transferred
and they do not change the cost of that property
for measurement or disclosure purposes.
o) Inventories
I nventories are stated at the lower of cost and
net realisable value. The cost of inventories
comprises of all costs of purchase, costs of
conversion and other costs incurred in bringing
the inventories to their present location and
condition. Costs of ordinarily interchangeable
items are assigned using the first in, first out cost
formula. Net realisable value is the estimated
selling price in the ordinary course of business
less any applicable selling expenses.
p) Assets held for sale
Non-current assets are classified as held for
sale if their carrying amount will be recovered
principally through a sale transaction rather
than through continuing use. This condition is
regarded as met only when the asset is available
for immediate sale in its present condition subject
only to terms that are usual and customary
for sale of such asset and its sale is highly
probable. Management must be committed to
the sale, which should be expected to qualify
for recognition as a completed sale within one
year from the date of classification. As at each
balance sheet date, the management reviews
the appropriateness of such classification.
Non-current assets classified as held for sale are
measured at the lower of their carrying amount
and fair value less costs to sell. The Company
treats sale/distribution of the asset or disposal
group to be highly probable when:
• the appropriate level of management is
committed to a plan to sell the asset (or
disposal group),
• an active programme to locate a buyer and
complete the plan has been initiated (if
applicable),
• the asset (or disposal group) is being actively
marketed for sale at a price that is reasonable
in relation to its current fair value,
• the sale is expected to qualify for recognition
as a completed sale within one year from the
date of classification, and
• actions required to complete the plan indicate
that it is unlikely that significant changes to
the plan will be made or that the plan will be
withdrawn. Property, plant and equipment and
intangible assets once classified as held for
sale/distribution to owners are not depreciated
or amortised.
For these purposes, sale transactions include
exchanges of non-current assets for other
non-current assets when the exchange has
commercial substance. The criteria for held for
sale classification is regarded met only when
the assets or disposal group is available for
immediate sale in its present condition, subject
only to terms that are usual and customary for
sales/ distribution of such assets (or disposal
groups), its sale is highly probable; and it will
genuinely be sold, not abandoned.
q) Recent accounting pronouncements
Ministry of Corporate Affairs ("MCA") notifies
new standards or amendments to the existing
standards under Companies (Indian Accounting
Standards) Rules as issued from time to time. MCA
has notified below new standards/amendments
which were effective from 1st April, 2024.
Amendments to Ind AS 116 -Lease liability in a
sale and leaseback
The amendments require an entity to recognise
lease liability including variable lease payments
which are not linked to index or a rate in a way
it does not result into gain on Right of use asset
it retains.
Introduction of Ind AS 117
MCA notified Ind AS 117, a comprehensive standard
that prescribe, recognition, measurement and
disclosure requirements, to avoid diversities in
practice for accounting insurance contracts and
it applies to all companies i.e., to all "insurance
contracts" regardless of the issuer. However, Ind
AS 117 is not applicable to the entities which are
insurance companies registered with IRDAI.
The Company has reviewed the new
pronouncements and based on its evaluation
has determined that these amendments do not
have a significant impact on these Standalone
Financial Statements.
2.2 Significant management judgement
in applying accounting policies and
estimation uncertainty
When preparing the financial statement,
management makes a number of judgements,
estimates and assumptions about the recognition
and measurement of assets, liabilities, income
and expenses.
Deferred tax assets
A deferred tax asset is recognised to the extent
that it is probable that future taxable profit
will be available against which the deductible
temporary differences and tax losses can be
utilised. Accordingly, the Company exercises
its judgement to reassess the carrying amount
of deferred tax assets at the end of each
reporting period.
Impairment of non-financial assets
In assessing impairment, management
estimates the recoverable amount of each asset
or cash-generating units based on expected
future cash flows and uses an interest rate to
discount them. Estimation uncertainty relates to
assumptions about future operating results and
the determination of a suitable discount rate.
Fair value measurement
When the fair value of financial assets and
financial liabilities recorded in the balance
sheet cannot be measured based on quoted
prices in active markets, their fair value is
measured using valuation techniques including
the Discounted Cash Flow model. The inputs to
these models are taken from observable markets
where possible, but where this is not feasible, a
degree of judgement is required in establishing
fair values. Judgements include considerations
of inputs such as liquidity risk, credit risk and
volatility. Changes in assumptions about these
factors could affect the reported fair value of
financial instruments.
Revenue recognition
For performance obligation satisfied over time,
the revenue recognition is done by measuring
the progress towards complete satisfaction
of performance obligation. The progress is
measured in terms of a proportion of actual
cost incurred to-date, to the total estimated cost
attributable to the performance obligation.
e) Transaction price - remaining performance obligation
The remaining performance obligation disclosure provides the aggregate amount of the transaction price
yet to be recognised as at the end of the reporting period and an explanation as to when the Company
expects to recognise these amounts in revenue. Applying the practical expedient as given in Ind AS 115, the
Company has not disclosed the remaining performance obligation related disclosures for contracts as
the revenue recognised corresponds directly with the value to the customer of the entity's performance
completed till the reporting period.
Credit risk is the risk that a counterparty fails to discharge its obligation to the Company. The Company's
exposure to credit risk is influenced mainly by cash and cash equivalents, trade receivables and
financial assets measured at amortised cost. The Company continuously monitors defaults of
customers and other counterparties and incorporates this information into its credit risk controls.
a) Credit risk management
i) Credit risk rating
The Company assesses and manages credit risk of financial assets based on following
categories arrived on the basis of assumptions, inputs and factors specific to the class of
financial assets.
A: Low credit risk on financial reporting date
B: Moderate credit risk
C: High credit risk
Based on business environment in which the Company operates, there have been no defaults
on financial assets of the Company by the counterparty. Loss rates reflecting defaults are
based on actual credit loss experience and considering differences between current and
historical economic conditions.
Assets are written off when there is no reasonable expectation of recovery, such as a debtor
declaring bankruptcy or a litigation decided against the Company. The Company continues
to engage with parties whose balances are written off and attempts to enforce repayment.
There have been no cases of write off with the Company.
The credit risk for cash and cash equivalents and other bank balances is considered
negligible, since the counterparties are reputable banks with high quality external credit
ratings. Loan is given to related parties within the Group. Accordingly, credit risk for loan is
considered negligible.
(b) Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated
with its financial liabilities that are settled by delivering cash or another financial asset. The Company's
approach to managing liquidity is to ensure as far as possible, that it will have sufficient liquidity to
meet its liabilities when they are due.
Management monitors rolling forecasts of the Company's liquidity position and cash and cash
equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the
market in which the Company operates.
Maturities of financial liabilities
The following are the remaining contractual maturities of financial liabilities at the reporting date. The
amounts are gross and undiscounted, and include estimated interest payments, where applicable.
The Company does not have any other price risk than interest rate risk and foreign currency risk
as disclosed above.
Capital management
For the purpose of the Company's capital management, capital includes issued equity capital,
share premium and all other equity reserves attributable to the equity holders of the parent. The
primary objective of the Company's capital management is to maximise the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in
economic conditions and the requirements of the financial covenants. To maintain or adjust the
capital structure, the Company may adjust the dividend payment to shareholders, return capital
to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which
a. Disputed demand for income tax includes a dispute of INR 4.54 million (31st March 2024: INR 4.54 million) for
assessment year 2018-19 between Athena Karnal Solar Power Private Limited and income tax department
in relation to addition in interest income. The Company had sold Athena Karnal Solar Power Private Limited
to private equity in FY 2021 and had provided indemnity for any tax demands arising for years upto sale
date. Athena Karnal Solar Power Private Limited has filed an appeal before Commissioner of Income-tax
(Appeals) against the order of assessing officer which is currently pending for disposal. Based on the
evaluation of the case, the management is of the view that it is more likely than not that matter will be
decided in favor of Athena Karnal Solar Power Private Limited and accordingly, no provision is required.
The Company had deposited INR 0.91 million (31st March 2024: INR 0.91 million) under protest while filing the
said appeal.
b. The Company had entered into an agreement with ACME Chittorgarh Solar Power Pvt. Ltd. for supplying
Photovoltaic modules, inverters and other parts for setting up of Solar Power Generating System and the said
goods were covered by the entry no. 234 of notification no. 01/2017- CT (Rate) and the company discharged
5% GST rate on the supplies made. On 16th November 2021, Anti-evasion team visited the premises of the
Company. Subsequent to visit, department issued a notice dated 31th January 2022, wherein it has been
alleged that the goods have been wrongly classified as parts of Solar Power Generating System and
differential GST of INR 18.08 million need to be paid by the Company. During the year, the order has been
issued by Officer of Commissioner, CGST and Central Excise Jodhpur, for dropping of demand and related
interest and penalty.
c. The Company has filed a Petition under Section 79(l)(c) and 79(l)(f) of the Electricity Act, 2003 challenging
CTUIL email and letter dated 25th June 2024 and 20th August 2024, respectively whereunder the one-time
GNA charges of INR 120 million (31st March 2024: Nil) (on the basis of calculation @ INR One Lakh per MW for 3
x 400 MW solar projects) for the 1200 MW solar projects in Fatehgarh, Rajasthan being set up by Company's
subsidiaries i.e., ACME Raisar Solar Energy Private Limited, ACME Phalodi Solar Energy Private Limited, ACME
Deoghar Solar Power Private Limited and ACME Dhaulpur Powertech Private Limited, has been demanded
from the Company under Regulation 22.2(d) and Regulation 40.2 of the CERC (Connectivity and General
Network Access to the inter-State Transmission System) Regulations, 2022. Based on the evaluation of the
matter, the management is of the view that it is more likely then not that the matter will be decided in the
favour of the Company.
d. The Company has filed a Petition under Section 79(1)(c) and 79(1)(f) of the Electricity Act, 2003 challenging
CTUIL email and letter dated 7th May 2024 and 20th August 2024, respectively whereunder the one-time
GNA charges of INR 30 million (31st March 2024: Nil) (on the basis of calculation @ INR One Lakh per MW) for
the Connectivity at Bikaner-II has been demanded from ASHL for the 300 MW Solar Project being set up by
Company's subsidiary i.e., ACME Sikar Solar Private Limited under Regulation 22.2(d) and Regulation 40.2 of
the CERC (Connectivity and General Network Access to the inter- State Transmission System) Regulations,
2022. Based on the evaluation of the matter, the management is of the view that it is more likely then not
that the matter will be decided in the favour of the Company.
Note 44 Employee benefits
Defined contribution
Contributions are made to the recognised provident and family pension fund, cover all eligible employees under
applicable Acts. Both the employees and the Company make pre-determined contributions to the provident
fund. The contributions are normally based upon a proportion of the employee's salary. The Company has
recognised an amount of INR 55.01 million (31st March 2024: INR 23.77 million) towards employer's contribution in
provident fund and other funds in the statement of profit and loss.
Defined benefit obligation
Provision for gratuity, payable to eligible employees on retirement/separation, is based upon an actuarial
valuation as at the balance sheet date. Major drivers in actuarial assumptions, typically, are years of service
and employee compensation. The obligations are actuarially determined using the 'Projected Unit Credit
Method' as at the balance sheet date. Gains/ losses on changes in actuarial assumptions are accounted in
Other Comprehensive Income as identified by the management of the Company.
Other long term employee benefits
Provision for compensated absences, payable to eligible employees on ailment/ retirement/ separation,
is based upon an actuarial valuation as at the balance sheet date. Major drivers in actuarial assumptions,
typically, are years of service and employee compensation. The obligation are actuarially determined
using the 'Projected Unit Credit Method' as at the balance sheet date. Gains/ losses on changes in actuarial
assumptions are accounted in Other Comprehensive Income.
Reasons for variance
♦Increase in current assets lead to increase in the ratio. Current assets has increased as loan to subsidiaries which are repayable
on demand has increased against IPO proceeds.
$ Increase in debt service due to fresh issue of shares at premium during IPO resulting into decrease in ratio.
% Increase in equity due to fresh issue of shares at premium during IPO resulting into decrease in ratio.
A Due to increase in sale, the ratio has been increased.
** Profit during the current year decreased resulting into decrease in the ratio.
Other explanatory points
(a) Earning for Debt Service = Net Profit after taxes Non-cash operating expenses like depreciation and other
amortisations Interest other adjustments like loss on sale of Fixed assets etc.
Debt service = Interest & Lease Payments Principal Repayments
Net Profit after tax" means reported amount of "Profit/(loss) for the period" and it does not include items of
other comprehensive income.
(b) Capital Employed = Tangible Net Worth Total Debt Deferred Tax Liability
b) The Company has not been declared as wilful defaulter by any bank or financial institution or any other
lender.
c) The Company does not have any charges or satisfaction, which is yet to be registered with Registrar
of Companies, beyond the statutory period prescribed under the Companies Act, 2013 and the rules
made thereunder.
d) The Company has not entered into any transaction which has not been recorded in the books of account,
that has been surrendered or disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
e) The Company has not traded or invested in crypto currency or virtual currency during the year.
f) The Company does not have any Benami property and further, no proceedings have been initiated or are
pending against the Company, in this regard.
g) The Company has not entered into any transactions with struck off companies, as defined under the
Companies Act, 2013 and rules made thereunder.
h) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies),
including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(i) 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
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
i) The Company have not received any fund from any person(s) or entity(ies), including foreign entities
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
During the previous year, on 28th December 2023, Company had signed a Binding offer with Acme Solar
Energy Pvt. Ltd. (""Purchaser"") to sell its 100% investments in Equity shares and Debentures in its 5 subsidiaries
companies naming Aarohi Solar Pvt. Ltd., Dayanidhi Solar Power Pvt. Ltd., Acme Jaisalmer Solar Power Pvt.
Ltd., Niranjana Solar Energy Pvt. Ltd., Vishwatma Solar Energy Pvt. Ltd. Purchaser paid INR 3895.44 million to
Company as advance towards consideration, which would have been decided later based on Net Asset Value
provided by chartered accountant/registered valuer/ merchant banker.
During the previous year, on 29 March 2024, both the parties agreed to decline this binding offer due to non
agreement on the valuation of shares to be sold, due to which Company had to return the advance received
towards consideration to Purchaser within 60 days of declining of offer. Company has repaid INR 631.40 million
upto 31st March 2024 and balance amount of INR 3,264.04 million has been repaid in current year.
During the earlier year, investment in equity instruments of the subsidiary company have been classified as
assets held for sale pursuant to management's intention to sell. The Company has entered into sale purchase
agreement ("SPA") with a private equity fund for sale of its 100% investment in equity share of above mentioned
subsidiary company.
The assets classified as held for sale have been accounted at lower of carrying amount and fair value less
costs to sell. The fair value of investment classified as assets held for sale has been determined based on the
SPA entered with the private equity fund.
The carrying value and fair value less cost to sell of investment in above mentioned subsidiary company
classified as assets held for sale is detailed below:
Note 50 Share based payment
(i) Description of share based payment arrangements
Share based payment reserve
The ESOP 2024 authorise the maximum number of options that can be granted under this Scheme shall
not exceed 15,666,237 Options to the Employees in one or more tranches, from time to time, which in
aggregate shall be, exercisable into not more than 15,666,237 Shares, with each such Option conferring
a right upon the Employees to apply for one share in the Company to be transferred by the Trust upon
Exercise thereof, in accordance with the terms and conditions as may be decided under the Scheme.
Trust" means 'ACME Employees Welfare Trust, to be set up by the Company for the benefit of the Employees
and which may from time to time administer ESOP 2024 and hold cash, purchase/hold/sell/transfer Shares
or other securities of the Company for the purposes of the ESOP 2024.
The options granted under the Scheme shall vest not earlier than minimum period of 1 year and not later
than maximum period of 4 years from the Grant Date. The Committee at its discretion may grant Option
specifying Vesting Period ranging from minimum and maximum period as aforestated.
The Exercise Period in respect of the Vested Option shall be subject to a maximum period of 5 years from
the date of Vesting of Options. The Grantees can exercise all or part of the Vested Options within the
Exercise Period.
The Exercise Price per Option shall be as determined by the Committee and as set out in the grant Letter
and shall not be less than the face value of the Shares and may be up to the Market Price of the Shares, as
on the grant date."
(iii) During the previous year ended 31st March 2024, the Company has sold investment in 11,544 Optionally
Convertible redeemable Preference Shares of ACME Hisar Solar Power Private Limited, ACME Bhiwadi Solar
Power Private Limited and ACME Karnal Solar Power Private Limited each , 3,339 Optionally Convertible
redeemable Preference Shares of ACME Jaipur Solar Power Private Limited and 215,335 Optionally
convertible debentures of ACME Jaipur Solar Power Private Limited to private equity.
(vi) Deferred consideration
During the earlier year, 100% investment in equity instruments and compulsory convertible debentures of
subsidiary company, namely ACME Chittorgarh Private Limited were sold to the private equity funds.
Deferred consideration on above investment was dependent on conditions precedent as agreed in the
respective share purchase agreement. The Company is confident to meet all the conditions precedent
as mentioned in the said agreement and is confident that the balance amount of INR 236.25 million (31st
March 2024: INR 235.91 million) is fully recoverable.
Note 52 Segment information
The Company is engaged in the business of engineering, procurement and construction of solar plants and
related activities. Chief Operating Decision Maker (CODM) reviews the financial information of the Company
as a whole for decision-making and accordingly the Company has a single reportable segment. Further,
the operations of the Company are limited within one geographical segment. Hence, no further disclosure
is required to be made. The details relating to revenue from customers exceeding 10% of total revenue from
operation, if any is shown under note 29.
The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to
Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules
2021 requiring companies, which uses accounting software for maintaining its books of account, shall use only
such accounting software which has a feature of recording audit trail of each and every transaction, creating
an edit log of each change made in the books of account along with the date when such changes were made
and ensuring that the audit trail cannot be disabled.
The Company uses an accounting software (SAP HANA) for maintaining its books of account which has a
feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the accounting software. However, the audit trail feature is not enabled at database
level for accounting software SAP HANA to log any direct data changes for users with certain privileged access
rights. Further there is no instance of audit trail feature being tampered with in respect of the accounting
software where such feature is enabled. Additionally, the audit trail has been preserved by the company as per
statutory requirement for record retention.
Presently, the log is enabled at the application level and the privileged access to HANA database continues to
be restricted to limited set of users who necessarily require this access for maintenance and administration
of the database.
Note 54 Other notes
(i) During the previous year, the Board of Directors of Company at their meeting held on 15th June 2023, had
approved composite scheme of arrangement (""the Scheme"") pursuant to the provisions of Sections
230 to 232 of the Companies Act, 2013 ("Act") read with other applicable provisions of the Act and rules as
applicable, with appointed date of 1st April 2023, proposed:
a) Demerger of Solar and Wind Business (hereinafter referred to as "Demerged Undertaking" or "Solar and
Wind Business") belonging to M/s ACME Solar Holdings Limited ("Demerged Company" or "Transferor
Company") with and into M/s ACME Cleantech Solutions Private Limited ("Resulting Company") on a
going concern basis.
b) Amalgamation of M/s ACME Solar Holdings Limited ("Demerged Company" or "Transferor Company")
with its Remaining Business, with and into M/s MKU Holdings Private Limited ("Transferee Company").
Upon the Scheme becoming effective, the Transferor Company/ the Company shall after giving effect
to the Scheme stand dissolved, without further process of winding-up. Consequently, the Company
had filed an application with the Hon'ble National Company Law Tribunal (Hon'ble Tribunal), post
shareholders' approval. The applicability of the Scheme was subject to regulatory and other approvals.
The Board of Director of the Company at their meeting held on 27th May 2024, has approved the
resolution to withdraw the Scheme amongst M/s MKU Holding Private Limited, M/s ACME Cleantech
Solutions Private Limited and M/s ACME Solar Holdings Limited, filed before the Hon'ble Tribunal. On 29th
May 2024, the Company has filed an applicable before the Hon'ble Tribunal to withdraw the Scheme
which was accepted by the Hon'ble Tribunal and post hearing the Scheme stand disposed off.
(ii) The Company in its board meeting held on 22nd June 2024 has approved the "Initial Public Offering (IPO)"
of its equity shares of face value of INR 2 each which may include primary infusion through fresh issue
of equity shares and an offer for sale of equity shares by certain existing shareholders of the Company.
Further, the Company has increased its authorised equity shares from 1,000,000,000 equity shares of INR
10 each to 5,000,000,000 equity shares of INR 2 each.
During the year, the Company has completed an IPO. The equity shares of the Company were listed on BSE
Limited ('BSE') and National Stock Exchange of India Limited ('NSE') on 13th November 2024. Refer note 18 for
further details.
Note 55 Subsequent event-Declaration of Interim Dividend
On 25th April 2025, the Board of Directors of the Company declared an interim dividend of INR 0.20 per
share, amounting to a total of INR 121.02 million, in respect of the ended 31st March 2025. This dividend was
declared subsequent to the reporting period and has not been recognised as a liability in these standalone
financial statements.
Certain amounts (currency value or percentages) shown in the various tables and paragraphs included in the
financial statements have been rounded off or truncated as deemed appropriate by company.
For Walker Chandiok & Co LLP For S. Tekriwal & Associates For and on behalf of the Board of Directors
Chartered Accountants Chartered Accountants Manoj Kumar Upadhyay Nikhil Dhingra
Firm's Registration No.: 001076N/ Firm Registration No.: 009612N Chairman and Managing Director Whole Time Director and
N500013 DIN No. 01282332 Chief Executive Officer
DIN No. 07835556
Anamitra Das Shishir Tekriwal Purushottam Kejriwal Rajesh Sodhi
Partner Partner Chief Financial Officer Company Secretary
Membership No. 062191 Membership No. 088262
Place: Gurugram Place: New Delhi Place: Gurugram
Date: 19th May 2025 Date: 19th May 2025 Date: 19 May 2025
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