Terms/Rights attached to equity shares
The Company has only one class of equity shares having parvalue of ?. 10/ each. Each holder of the equity share is entitled to one vote per share. In the event of liquidation ofthe Company, the equity shareholders will be entitled to receive the remaining assets ofthe Company, after distribution ofall preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Description of nature and purpose of each reserve within equity
(a) Capital Reserve
The excess offair value of net assets acquired over consideration paid in a common control transaction is recognised as capital reserve.
(b) Security Premium
Securities premium is used to record premium received on issue of shares. The reserve is utilised in accordancewith the provisions ofthe Indian Companies Act, 2013 (the"Companies Act").
(c) Retained Earnings
Retained Earnings represents surplus/Deficit .
(d) Other Comprehensive Income
The Company bas elected to recognise remeasurement of defined employee benefit plans in other comprehensive income.
These changes are accumulated within this reserve under the head other equity.
*The Company had borrowed Secured Loans from Mr. A. N. Radhakrishnan, formerly Promoter, Chairman & Managing Director of the Company overall sum of Rs. 10,62,63,826/- (Rupees Ten Crore Sixty Two Lakhs Sixty Three Thousand Eight Hundred Twenty Six Only). Mr. A. N. Radhakrishnan expired on 03rd December, 2022 leaving behind his spouse, two sons, one daughter and one predeceased daughter as legal heirs. The Company was informed by the legal heirs that partition suitwas filed in respect ofvarious properties of Late Mr. A.N. Radhakrishnan at Hon'ble High Court ofMadras and a settlement has been arrived atwithout any objection or appeal. The Hon'ble High Court of Madrasvide Decree dated 08.08.2024 confirmed the family settlement i.e. Memorandum of Settlement executed between the legal heirs on apportionment ofvarious properties of (Late) Mr. A.N. Radhakrishnan. However, said order is silenton apportionment of secured loan given by Late Mr. A.N. Radhakrishnan to the Company.
Accordingly, the Legal Heirs are in the process of appropriate course of action wrt. compliance and other legal formalities on the partition of the Secured Loan.
*The Terms of interest on loan from Director is not stipulated and hence, in the opinion of the management, the said interest is considered as accrued but not due. Rate of interest on the above loans are accounted at 7% per annum.
** The company has not defaulted in the repayment of bank loan and the rate of interest is 8.05% per annum.
Details ofsecurity
Loan from director is secured by registered equitable mortgage oftitie deed ofBuiiding bearing Door No: 149, Luz Church Road, Myiapore, Chennai-600 004
No funds 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 lend or invest in party identified by or on behalfofthe Company (Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries."
*The Company had borrowed Secured Loans from Mr. A. N. Radhakrishnan, formerly Promoter, Chairman & Managing Director of the Company overall sum of Rs. 10,62,63,826/- (Rupees Ten Crore Sixty Two Lakhs Sixty Three Thousand Eight Hundred Twenty Six Only). Mr. A. N. Radhakrishnan expired on 03rd December, 2022 leaving behind his spouse, two sons, one daughter and one predeceased daughter as legal heirs. The Company was informed by the legal heirs that partition suit was filed in respect of various properties of Late Mr. A.N. Radhakrishnan at Hon'ble High Court of Madras and a settlement has been arrived at without any objection or appeal. The Hon'ble High Court of Madras vide Decree dated 08.08.2024 confirmed the family settlement i.e. Memorandum of Settlement executed between the legal heirs on apportionment of various properties of (Late) Mr. A.N. Radhakrishnan. However, said order is silent on apportionment of secured loan given by Late Mr. A.N. Radhakrishnan to the Company.
Accordingly, the Legal Heirs are in the process of appropriate course of action wrt. compliance and other legal formalities on the partition of the Secured Loan.
35 Additional information to the financial statements Other Regulatory Information
i. No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
ii. The Company is not a declared wilful defaulter by any bank or financial institution or other lender.
iii. The Company has not entered into any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
iv. The Company has done registration of charges or satisfaction with ROC within the statutory period during the year.
v. The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of layers) Rules, 2017.
vi. The Company has not entered into any Scheme of Arrangements which requires the approval of the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 for the financial years ended March 31, 2025 and March 31, 2024.
vii. The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial years ended March 31, 2025 and March 31, 2024.
viii. The Company does not have any transaction which is not recorded in the books of account but has been surrendered or disclosed as income during the year in tax assessments under the Income tax Act, 1961.
ix. The company has no loans or Advances in the nature of loans are granted to promoters, Directors, KMPs and the related parties either severally or jointly with any other person, that are repayable on demand or without specifying any terms or period of repayment, during the period.
x. Figures in brackets denote negative figures.
xi. Previous year figures have been regrouped and classified wherever necessary to conform to the current year presentation.
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