i) Provision and contingent liability
A provision is recognized when the Company has a present
obligation as a result of past event, and it is probable that
an outflow of resources embodying economic benefits
will be required to settle the obligation that can be reliably
estimated. Provisions are not discounted to its present value
and are determined based on best estimate required to settle
the obligation at the balance sheet date. These estimates are
reviewed at each balance sheet date and adjusted to reflect
the current best estimates.
A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain
future events beyond the control of the Company or a present
obligation that is not recognized because it is not probable
that an outflow of resources will be required to settle the
obligation. A contingent liability also arises in extremely rare
cases where there is a liability that cannot be recognized
because it cannot be measured reliably. The Company does
not recognize a contingent liability but discloses its existence
in the financial statements.
j) Financial instruments
A financial instrument is a contract that gives rise to a financial
asset of one entity and a financial liability or equity instrument
of another entity.
I. Financial assets
All financial assets are recognized initially at fair value.
Transaction costs that are directly attributable to the
acquisition of financial assets (other than financial
assets at fair value through profit or loss) are added
to the fair value measured on initial recognition of
financial asset. Purchase and sale of financial assets are
accounted for at trade date.
(i) Financial instruments at amortized cost
A financial instrument is measured at the amortized
cost if both the following conditions are met:
a) the asset is held within a business model
whose objective is to hold assets for
collecting contractual cash flows, and
b) contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on
the principal amount outstanding.
After initial measurement, such financial assets are
subsequently measured at amortized cost using
the effective interest rate (EIR) method. Amortized
cost is calculated by taking into account any
discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR
amortization is included in other income in the
statement of profit and loss. The losses arising
from impairment are recognized in the statement
of profit and loss.
(ii) Financial instrument at Fair Value through
Other Comprehensive Income (OCI)
A financial instrument is classified and measured
at fair value through OCI if both of the following
criteria are met:
a) The objective of the business model is
achieved both by collecting contractual cash
flows and selling the financial assets, and
b) The asset's contractual cash flows represent
solely payments of principal and interest.
Financial instruments included within the OCI
category are measured initially as well as at each
reporting date at fair value. Fair value movements
are recognized in OCI. On derecognition of the asset,
cumulative gain or loss previously recognized in OCI
is reclassified from OCI to statement of profit and loss.
(iii) Financial instrument at Fair Value through
Profit and Loss
Any financial instrument, which does not meet the
criteria for categorization at amortized cost or at
fair value through other comprehensive income,
is classified at fair value through profit and loss.
Financial instruments included in the fair value
through profit and loss category are measured
at fair value with all changes recognized in the
statement of profit and loss.
(iv) De-recognition of financial assets
A financial asset is primarily derecognized when
the rights to receive cash flows from the asset
have expired, or the Company has transferred its
rights to receive cash flows from the asset.
II. Financial liabilities
All financial liabilities are recognized initially at fair value
and, in the case of loans and borrowings and payables,
net of directly attributable transaction costs.
The subsequent measurement of financial liabilities
depends on their classification, as described below:
(i) Financial liabilities at fair value through profit
or loss
Financial liabilities at fair value through profit or loss
include financial liabilities designated upon initial
recognition as at fair value through profit or loss.
(ii) Financial liabilities at amortised cost
After initial recognition, interest-bearing loans
and borrowings are subsequently measured at
amortised cost using the Effective Interest Rate
[EIR] method. Gains and losses are recognised in
the statement of profit and loss when the liabilities
are derecognised as well as through the EIR
amortisation process.
Amortised cost is calculated by taking into
account any discount or premium on acquisition
and fees or costs that are an integral part of the
EIR. The EIR amortisation is included as finance
costs in the statement of profit and loss.
(iii) De-recognition of financial liabilities
A financial liability is derecognised when the
obligation under the liability is discharged or
cancelled or expires. When an existing financial
liability is replaced by another from the same
lender on substantially different terms, or the terms
of an existing liability are substantially modified,
such an exchange or modification is treated as
the derecognition of the original liability and the
recognition of a new liability. The difference in the
respective carrying amounts is recognised in the
statement of profit and loss.
Financial assets and financial liabilities are offset
and the net amount is reported in the balance
sheet if there is a currently enforceable legal right
to offset the recognized amounts and there is an
intention to settle on a net basis, to realize the
assets and settle the liabilities simultaneously.
k) Impairment
(i) Financial assets
The Company recognizes loss allowances using the
expected credit loss (ECL) model for the financial
assets which are not fair valued through profit or loss.
Loss allowance for trade receivables with no significant
financing component is measured at an amount equal
to lifetime ECL. For all other financial assets, expected
credit losses are measured at an amount equal to the
twelve month ECL, unless there has been a significant
increase in credit risk from initial recognition in which
case those are measured at lifetime ECL. The amount of
expected credit losses (or reversal) is recognized as an
impairment loss (or gain) in statement of profit and loss.
(ii) Non-financial assets
At the end of each reporting period, the Company reviews
the carrying amounts of its tangible and intangible
assets to determine whether there is any indication
that those assets have suffered an impairment loss. If
any such indication exists, the recoverable amount of
the asset is estimated in order to determine the extent
of the impairment loss (if any). Where it is not possible
to estimate the recoverable amount of an individual
asset, the Company estimates the recoverable amount
of the cash-generating unit to which the asset belongs.
Where a reasonable and consistent basis of allocation
can be identified, corporate assets are also allocated to
individual cash-generating units, or otherwise they are
allocated to the smallest Company of cash-generating
units for which a reasonable and consistent allocation
basis can be identified. Recoverable amount is the
higher of fair value less costs to sell and value in use. In
assessing value in use, the estimated future cash flows
are discounted to their present value using a pre-tax
discount rate that reflects current market assessments
of the time value of money and the risks specific to the
asset for which the estimates of future cash flows have
not been adjusted. If the recoverable amount of an asset
(or cash-generating unit) is estimated to be less than
its carrying amount, the carrying amount of the asset
(or cash-generating unit) is reduced to its recoverable
amount. An impairment loss is recognized immediately
in the statement of profit and loss.
An impairment loss is reversed in the statement of profit
and loss if there has been a change in the estimates
used to determine the recoverable amount. The
carrying amount of the asset is increased to its revised
recoverable, amount provided that this amount does
not exceed the carrying amount that would have been
determined (net of any accumulated amortisation
or depreciation) had no impairment loss has been
recognised for the asset in prior years.
l) Segment reporting
An operating segment is a component of the Company that
engages in business activities from which it may earn revenues
and incur expenses, including revenues and expenses
that relate to transactions with any of the Company's other
components, and for which discrete financial information
is available. Operating segments are reported in a manner
consistent with the internal reporting provided to the chief
operating decision maker ('CODM'). The Company's Board of
Director's has been identified as the CODM who is responsible
for financial decision making and assessing performance.
m) Earnings per share ('EPS')
Basic earnings per share are calculated by dividing the net
profit or loss for the period attributable to equity shareholders
by the weighted average number of equity shares outstanding
during the period including equity shares that will be issued
upon the conversion of a mandatorily convertible instrument.
Diluted EPS amounts are computed by dividing the net profit
attributable to the equity holders of the Company by the
weighted average number of equity shares considered for
deriving basic earnings per share and also the weighted average
number of equity shares that could have been issued upon
conversion of all dilutive potential equity shares. The diluted
potential equity shares are adjusted for the proceeds receivable
had the shares been actually issued at fair value (i.e. the average
market value of the outstanding shares). Dilutive potential equity
shares are deemed converted as at the beginning of the year,
unless issued at a later date. Dilutive potential equity shares are
determined independently for each year presented.
n) Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise
cash at banks and on hand, short-term deposits with an
original maturity of three months or less, which are subject to
an insignificant risk of changes in value.
o) Use of estimates and judgments
The preparation of financial statements in conformity with the
recognition and measurement principles of Ind AS requires
management of the Company to make estimates and
judgements that affect the reported balances of assets and
liabilities, disclosures of contingent liabilities as at the date of
standalone financial statements and the reported amounts of
income and expenses for the periods presented.
Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimates are revised
and future periods are affected.
The Company uses the following critical accounting
judgements, estimates and assumptions in preparation of its
financial statements:
i. Leases
The Company evaluates if an arrangement qualifies
to be a lease as per the requirements of Ind AS 116.
Identification of a lease requires significant judgement.
The Company uses significant judgement in assessing
the lease term (including anticipated renewals) and the
applicable discount rate.
The Company determines the lease term as the non¬
cancellable period of a lease, together with both periods
covered by an option to extend the lease if the Company
is reasonably certain to exercise that option; and periods
covered by an option to terminate the lease if the
Company is reasonably certain not to exercise that option.
In assessing whether the Company is reasonably certain
to exercise an option to extend a lease, or not to exercise
an option to terminate a lease, it considers all relevant facts
and circumstances that create an economic incentive for
the Company to exercise the option to extend the lease,
or not to exercise the option to terminate the lease. The
Company revises the lease term if there is a change in
the non-cancellable period of a lease.
The discount rate is generally based on the
incremental borrowing rate specific to the lease
being evaluated or for a portfolio of leases with similar
characteristics.
ii. Useful lives of property, plant and equipment
The Company reviews the useful life of property, plant
and equipment at the end of each reporting period.
This reassessment may result in change in depreciation
expense in future periods.
iii. Impairment of investments in subsidiaries
The Company reviews its carrying value of investments
carried at cost (net of impairment, if any) annually, or
more frequently when there is indication for impairment.
If the recoverable amount is less than its carrying
amount, the impairment loss is accounted for in the
statement of profit and loss.
iv. Fair value measurement of financial instruments
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.
v. Impairment of financial assets (other than at fair value)
Measurement of impairment of financial assets require use
of estimates, which have been explained in the note on
financial assets, financial liabilities and equity instruments,
under impairment of financial assets (other than at fair value).
vi. 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.
vii. Provisions and contingent liabilities
The Company estimates the provisions that have
present obligations as a result of past events and it is
probable that outflow of resources will be required to
settle the obligations. These provisions are reviewed
at the end of each reporting period and are adjusted to
reflect the current best estimates.
The Company uses significant judgements to assess
contingent liabilities. Contingent liabilities are disclosed
when there is a possible obligation arising from past
events, the existence of which will be confirmed only
by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control
of the Company or a present obligation that arises
from past events where it is either not probable that
an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount cannot
be made. Contingent assets are neither recognised nor
disclosed in the standalone financial statements.
viii. Employee benefits
The accounting of employee benefit plans in the
nature of defined benefit requires the Company to use
assumptions. These assumptions have been explained
under employee benefits note.
p) Recent accounting pronouncement
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. For the year ended 31 March 2025, MCA has notified
Ind AS - 117 Insurance Contracts and amendments to Ind
AS 116 - Leases, relating to sale and leaseback transactions,
applicable to the Company w.e.f.1 April 2024. The Company
has reviewed the new pronouncements and based on
its evaluation has determined that it does not have any
significant impact in its financial statements.
q) New and amended standards issued but not effective
On 7 May 2025, MCA notifies the amendments to Ind AS
21 - Effects of Changes in Foreign Exchange Rates. These
amendments aim to provide clearer guidance on assessing
currency exchangeability and estimating exchange
rates when currencies are not readily exchangeable. The
amendments are effective for annual periods beginning
on or after 1 April 2025. The Company is currently
assessing the probable impact of these amendments on its
financial statements.
B. Rights, preferences and restrictions attached to equity shares
The Company has only single class of Equity Shares having a par value of H 2. Accordingly, all equity shares rank equally with regard
to dividends and share in the Company's residual assets. Each holder of equity shares is entitled to one vote per share. On winding up
of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution
of all preferential amounts in proportion to the number of equity shares held.
C. Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought
back during the period of five years immediately preceding the reporting date.
The Company has issued bonus shares in the ratio of 1:1to all eligible shareholders as of the record date, February 11, 2025. A total
of 4,97,76,688 fully paid-up equity shares of INR 2 each have been allotted pursuant to the bonus issue
Nature and purpose of reserves:-
Securities premium account
Where the Company issues shares at a premium, whether for cash or otherwise, a sum equal to the aggregate amount of the premium
received on those shares shall be transferred to "Securities Premium". The Company may issue fully paid-up bonus shares to its
members of out of the securities premium.
Capital Reserve
The Company has created this reserve by transferring certain amount out of the profit at the time of distribution of dividend in the past.
Retained earnings
Amount of retained earnings represents accumulated profit and losses of the Company as on reporting date. Such profits and losses
are after adjustment of payment of dividend, transfer to any reserves as statutorily required and adjustment for realised gain/loss
on derecognition of equity instruments measured at FVTOCI. Actuarial Gain/ Loss arising out of Actuarial valuation is immediately
transferred to Retained Earning.
Item of other Comprehensive Income (Re-Measurement of defined benefit plans):
Re-measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return
on plan assets (excluding net interest), is reflected immediately in the Balance Sheet with a charge or credit recognised in Other
Comprehensive Income (OCI) in the period in which they occur. Re-measurement recognised in OCI will not be reclassified to
Statement of Profit and Loss.
34 Fair value measurements
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale.
Fair value hierarchy
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or
unobservable and consists of following:
Measurement of Fair Value
Level 1: Category includes financial assets and liabilities, that are measured in whole or in significant part by reference to published quoted
price (unadjusted) in an active market.
Level 2: Category includes financial assets and liabilities measured using a valuation technique based on assumptions that are supported
by prices from observable current market transactions.
Level 3: Category includes financial assets and liabilities measured using valuation techniques based on non market observable inputs.
This means that fair values are determined in whole or in part using a valuation model based on assumptions that are neither supported by
prices from observable current market transactions in the same instrument nor are they based on available market data.
The fair values of non-current loans/borrowings are based on discounted cash flows using a current rate. They are classified as level
3 fair values in the fair value hierarchy due to the use of unobservable inputs, including counterparty/own credit risk.
Fair value of cash and cash equivalent, bank balance other than cash and cash equivalents, trade receivables, trade payables,
and other current financial assets and liabilities approximate their carrying amounts largely due to the short-term maturities of
these instruments.
There are no transfers between levels 1 and 2 during the year.
35 Financial risk management
The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company's primary focus is to
foresee the unpredictability of financial markets and seek to minimise potential adverse effects on its financial performance.
The Company's financial liabilities comprise of borrowings, trade payable and other liabilities to manage its operation and financial assets
include trade receivables, security deposits, loans and advances, etc, arises from its operation.
The Company's senior management oversees the management of these risks. The Company's senior management ensures that the
Company's financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured
and managed in accordance with the Company's policies and risk objectives. The Board of Directors reviews and agrees policies for
managing each of these risks, which are summarised below.
A. Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligation.
The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities,
including deposits with banks and financial institutions and other financial instruments.
34 Fair value measurements (Contd..)
Credit risk is managed on an entity level basis. The Company has adopted a policy of dealing only with creditworthy counterparties and
obtaining sufficient collateral, where appropriate, as a means of mitigating risk of financial loss from defaults. The Company invests only
in those instruments issued by high rated banks/ institutions and government agencies. The Company assesses the credit quality of the
customer, taking into account its financial position, past experience and other factors. The Company's loans are considered to have
low credit risk.
The Company periodically monitors the recoverability and credit risks of its other financials assets including security deposits and
other receivables. The Company evaluates 12 month expected credit losses for all the financial assets for which credit risk has not
increased. In case credit risk has increased significantly, the Company considers life time expected credit losses for the purpose of
impairment provisioning.
The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision
matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward looking information. The expected
credit loss allowance is based on the ageing of the days for which the receivables are due and the expected loss rates as given in the
provision matrix.
There is one customers that individually represented 13.32% of the Company's revenue for the year ended 31 March 2025 and one
customers that individually represented 1.61% of the Company's accounts receivable balance as at 31 March 2025.
There was one customers that individually represented 21.69 % of the Company's revenue for the year ended 31 March 2024 and
one customers that individually represented 15.06% of the Company's accounts receivable balance as at 31 March 2024.
35 Financial risk management (Contd..)
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, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to the Company's reputation.
C. Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risk comprises three types of risk: interest rate risk, currency risk and other price risk. The above risks may affect the Company's
income and expenses, or the value of its financial instruments. The Company's exposure to and management of these risks are
explained below.
Interest rate risk
Interest rate risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate because of changes in
market interest rate risks. The Company does not have any interest rate risk as it has no variable rate borrowings as at any of the
reporting date.
Currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign
exchange rates. There are no material currency risk affecting the financial position of the Company as there are no material transactions
in currency other than functional currency of the Company.
Price risk
The Company's exposure to price risk arises from investments held and classified in the balance sheet at fair value through profit or
loss. The Company does not have any material price risk as at any of the reporting date.
36 Capital management
The Company's capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company.
The Company objectives when managing capital are to:
- Safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and for other
stakeholders, and
- Maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to
shareholders or issue new shares.
The Company monitors capital using a gearing ratio, which is net debt divided by total equity. Net debt comprises of long term and short
term borrowings less cash and bank balances, equity includes equity share capital and reserves that are managed as capital. The gearing
at the end of the reporting period was as follows.
40 Employee benefits
Employee benefit expense of the Company includes various short term employee expenses, defined benefits expenses, expenses toward
defined contribution on plans and other long-term employee benefits.
(a) Defined contribution plans
The Company makes provident fund contributions to defined benefit plan for qualifying employees. Under the Schemes, the
Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions payable to these
plans by the Company are at rates specified in the rules of the schemes.
40 Employee benefits (Contd..)
(b) Defined Benefit Plans
The Company has unfunded defined benefit plan for payment of gratuity to all eligible employees calculated at specified number of
days of last drawn salary depending upon the tenure of service for each year of completed service subject to minimum service of five
years payable at the time of separation upon superannuation or on exit otherwise. These defined benefit gratuity plans are governed
by Payment of Gratuity Act, 1972.
Interest rates risk: While calculating the defined benefit obligation a discount rate based on government bonds yields of matching
tenure is used to arrive at the present value of future obligations. If the bond yield falls, the defined benefit obligation will tend to
increase and plan assets will decrease.
Salary risk: Higher than expected increases in salary will increase the defined benefit obligation
Demographic risks: Demographic assumptions are required to assess the timing and probability of a payment taking place. The
effects of this decrement on the DBO depend upon the combination salary increase, discount rate, and vesting criteria and therefore
not very straight forward.
42 Corporate social responsibility (CSR)
During the year, section 135 regarding Corporate Social Responsibility of the Act is not applicable to the company.
43 The Parliament has approved the Code on Social Security, 2020 which may impact the contribution by the Company towards
Provident Fund and Gratuity. The effective date from which the Code and its provisions would be applicable is yet to be notified
and the rules which would provide the details based on which financial impact can be determined are yet to be notified after which
the financial impact can be ascertained. The Company will complete its evaluation and will give appropriate impact in the financial
statements following the Code becoming effective and the related rules to determine the financial impact being notified.
44 Additional disclosure with respect to amendments to Schedule III
a. The Company has not been declared as Wilful defaulter by any lenders.
b. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
c. The provision related to number of layers as prescribed under section 2(87) of the Companies Act read with Companies (Restriction
on number of Layers) Rules, 2017 is not applicable to Company.
d. The Company has not entered into any scheme of arrangement which has an accounting impact on the current or previous financial year.
44 Additional disclosure with respect to amendments to Schedule III (Contd..)
e. The Company have not any such transaction which is not recorded in the books of accounts 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).
f. The Company has not traded or invested in Crypto currency or Virtual Currency during the current financial year and any of the
previous financial years.
g. The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for
holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.
h. The Company did not enter into any transaction with Companies struck off from ROC records for the period ended 31 March 2025
and 31 March 2024.
i. 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, 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
j. No funds have been received by the Company from or in any other person(s) or entity(is) 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;
45 Merger
The Board of Directors of EFC Limited (a wholly-owned subsidiary), in its meeting held on 24th December 2024, have approved a
Scheme of Arrangement ("the Scheme”) u/s 233 of the Companies Act, 2013 for Demerger of Single Tenant Managed / Serviced Office
Business with Owned Property (Demerged Undertaking 1), Multiple Tenants Managed Office Business with Owned Property (Demerged
Undertaking 2) and Straight Lease Business with Owned Property (Demerged Undertaking 3) into EFC Estate Marisoft 14 Private Limited
(Resulting Company 1), EFC Estate Marisoft 23 Private Limited (Resulting Company 2) and EFC Estate Wakadewadi Private Limited
(Resulting Company 3) respectively. The Resulting Companies shall pre and post demerger remain part of the Group. It will be subject to
approvals from the applicable regulatory authorities, no adjustments have been recorded in the financial statements for the year ended
31st March 2025.
46 Demerger
The Board of Directors, in its meeting held on 24th December 2024, have approved a Scheme of Arrangement ("the Scheme”) u/s
233 of the Companies Act, 2013 for Demerger of Single Tenant Managed / Serviced Office Business with Owned Property (Demerged
Undertaking 1), Multiple Tenants Managed Office Business with Owned Property (Demerged Undertaking 2) and Straight Lease Business
with Owned Property (Demerged Undertaking 3) into EFC Estate Marisoft 14 Private Limited (Resulting Company 1), EFC Estate Marisoft
23 Private Limited (Resulting Company 2) and EFC Estate Wakadewadi Private Limited (Resulting Company 3) respectively. The Resulting
Companies shall pre and post demerger remain part of the Group. Pending regulatory and other approvals, no adjustments have been
recorded in the financial statements of the Group for the year ended 31st March 2025.
As per our report of even date For and on behalf of the Board of Directors
For Mehra Goel & Co. of EFC (I) Limited
Chartered Accountants
Firm Registration Number: 000517N
Roshan Daultani Umesh Kumar Sahay Nikhil Dilipbhai Bhuta
Partner Chairman and Managing Director Whole-time Director
Membership number: 137405 DIN: 01733060 DIN: 02111646
Place: Pune
Date: 29 May 2025
Uday Tushar Vora Aman Gupta
Chief Financial Officer Company Secretary
Membership number : F10931
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