4.20. Provision, Contingent Liabilities and Contingent Assets
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
Contingent liabilities are disclosed in the Standalone Financial Statements by way of notes to accounts, unless possibility of an outflow of resources embodying economic benefit is remote.
Contingent assets are disclosed in the Standalone Financial Statements by way of notes to accounts when an inflow of economic benefits is probable.
Warranty Provisions
Provision for warranty-related costs are recognized when the product is sold or service is provided to the customer. Initial recognition is based on historical experience. the Company periodically reviews the adequacy of product warranties and adjust warranty percentage and warranty provisions for actual experience, if necessary. The timing of outflow is expected to be within one to three years.
9 Intangible Assets under Development (Contd..)
Significant estimate: Useful life of intangible assets under development
As per Ind AS 38-Intangible Assets, Development costs are capitalised as an intangible asset if it can be demonstrated that the project is expected to generate future economic benefits, it is probable that those future economic benefits will flow to the entity and the costs of the asset can be measured reliably. The company has inhouse research and development unit for development of the new products. The research and development units are duly approved and registered with DSIR (Department of Scientific and Industrial Research). During the year ended March 31, 2024 the Company has spent Total H 1,887.59 Lakhs (year ended March 31, 2023; H 1,932.14 Lakhs) on research and development of product out of this total expenditure the company has spent H 310.31 Lakhs (year ended March 31, 2023; H 1,062.57 Lakhs) on the eligible development expenses on projects which can demonstrate that these project will generate future economic benefits in the future and cost can be measured reliably. So the eligible amount has been capitalised under Intangible assets and Intangible assets under developement and the balance amount of H 1,577.28 Lakhs (Continuing operations H 1,577.28 Lakhs, Discontinued operations H Nil) {March 31,2023; H 869.57 Lakhs (Continuing operations H 497.39 Lakhs, Discontinued operations H 372.18 Lakhs)} is charged to profit and loss account as revenue expenditure.”
During the year ended March 31, 2024, the Company converted 4,69,484 (Four Lakhs Sixty-Nine Thousand Four Hundred and Eighty-Four Only) 6% Compulsorily Convertible Debentures (CCDs) of H 1,065/- each allotted to NextWave Communications Private Limited into 4,69,484 (Four Lakhs Sixty-Nine Thousand Four Hundred and Eighty-Four Only) equity shares of H10/- each of the Company issued at a premium of H 1,055/- per share, which is equivalent to H 5,000 Lakhs of the total CCD amount of H 7,500 Lakhs.
Further, 2,34,741 (Two Lakhs Thirty-Four Thousand Seven Hundred and Forty-One Only) CCDs of the Company having face value of H 1,065 (Rupees One Thousand and Sixty-Five Only) each converted and allotted to NextWave Communications Private Limited into 2,34,741 (Two Lakhs Thirty-Four Thousand Seven Hundred and Forty-One Only) 6% unsecured Non-Convertible Debentures (“NCDs”) of the Company having face value of H 1,065 (Rupees One Thousand and Sixty-Five Only) each, which is equivalent to H 2,499.99 Lakhs.
“** Bonus Share Issue:
Board of Directors in its meeting held on September 15 2023 issued bonus shares at the ratio of 11:1 [i.e. 11 (Eleven) fully paid up equity shares for every 1 (One) equity share held] to the shareholders appearing in the Register of Members as on the Record Date i.e. September 15 2023.
The Description of the nature and purpose of each reserve within equity is as follows:
a) Securities Premium
Securities premium is used to record the premium on issue of shares. The reserve is utilised in accordance with the provision of the Companies Act 2013”
b) Retained Earnings
Retained earnings are the profits that the Company has earned till date less any transfers to dividends or other distributions paid to shareholders.
The Company recognises change on account of remeasurement of the net defined benefit liability (asset) as part of retained earnings with separate disclosure which comprises of:
(a) actuarial gains and losses; and
(b) return on plan assets excluding amounts included in net interest on the net defined benefit liability (asset).”
26.1 Term Loans and Vehicle loans Secured by:
a) PNB loan secured by, entire present and future current assets of the Company, Equitable Mortgage of Land & Built up 5 storied Building at Mauja Bassi Patti Kather in Industrial Area, Chambaghat Solan (HP) and further covered under Guarantee coverage from NCGTC.
PNB loan has been repaid and closed as on March 31, 2024 and charge satisfaction form filed on May 03, 2024.”
b) SBI loan is secured by, Second Charge on all present, future stocks and receivables, plants & machinery of the Company on pari-passu basis. Hypothecation of Stocks & Receivables. Second Charge on five storied RCC Industrial Structure on Plot No. 1-8 situated at Khata No. 666/1455 Khasra No. 386/1 in Mauja Bassi Patti Kather in Industrial Area, Chambaghat Solan (HP)-173211.
Second Charge on 25,66,585 nos. equity shares of Exicom Tele-systems Ltd. held by Nextwave Communications Private Limited.
Second Charge on Lien on fixed deposit (total value H 569 Lakhs under consortium) current values as on 31.03.2023 is H 716.16 Lakhs.
Further, Personal Guarantee of Mr. Anant Nahata, Mr. Mahendra Nahata and Corporate Guarantee of HFCL Limited and covered under Guarantee coverage from NCGTC.
SBI loan has been repaid and closed as on March 31,2024 and charge satisfaction form filed on May 03, 2024.”
c) IDBI loan is secured by, Second pari-passu Charge on all the present and current assets of the Company located at all its units or any other location along with other working capital lenders. Second Pari-passu charge on the entire fixed assets of the Company and immovable leasehold property (land & building) located at Plot No. 1-8, Electronics Complex Ind. Area, Chambaghat, Solan with other Working Capital lenders.
Second pari-passu Charge on 25,66,585 nos. equity shares of Exicom Tele-systems Ltd held by Nextwave Communications Private Limited with other Consortium.
Second Charge on Lien on fixed deposit (total value H 569 Lakhs under consortium) value as on 31.03.2023 is H 716.16 Lakhs. Further, the facility is covered under Guarantee coverage from NCGTC.
IDBI loan has been repaid and closed as on March 31,2024 and charge satisfaction form filed on May 03, 2024.”
d) Vehicle Loan are secured by way of hypothecation of respective vehicles.
During the FY 2020-21 the Company has issued 6% Compulsorily convertible debentures for H 7500 Lakhs (704,225 debentures having face value of H 1065 each) on a private placement offer for cash to Nextwave Communication Private Limited. The CCD instrument carry the below terms and conditions.
(i) CCD Shall be Unsecured;
(ii) CCD shall have tenor of 8 Years;
(iii) CCD Shall carry fixed coupon rate of 6% per annum.
(iv) the holder shall have the right to convert all or part of the CCD held by it into equity shares at any point of time after the completion of 12 months from the date of allotment of CCD till expiry of 8 years from date of allotment at a conversion rate of 1:1 i.e. each CCD shall convert into each equity share.”
As per Ind AS, Convertible Instruments into fixed number of equity shares with mandatory interest payment is classified as compound financial instrument from the issuer’s perspective. Such compound financial instrument is required to be separated into two components i.e. financial liability and equity. When allocating the initial carrying amount of the compound instrument into financial liability and equity, an entity first determines the fair value of the liability component. The fair value of the financial liability is determined with reference to the fair value of a similar stand-alone debt instrument. The amount allocated to the equity
component is residual amount after deducting the fair value of the financial liability component from the fair value of the entire compound instruments.
26.4 6% Non-Convertible Debentures:
During the year ended March 31,2024, the Company converted 4,69,484 (Four Lakhs Sixty-Nine Thousand Four Hundred and Eighty-Four Only) 6% Compulsorily Convertible Debentures (CCDs) of H 1,065/- each allotted to NextWave Communications Private Limited into 4,69,484 (Four Lakhs Sixty-Nine Thousand Four Hundred and Eighty-Four Only) equity shares of H10/-each of the Company issued at a premium of H 1,055/- per share, which is equivalent to H 5000 Lakhs of the total CCD amount of H 7,500 Lakhs.
Further, 2,34,741 (Two Lakhs Thirty-Four Thousand Seven Hundred and Forty-One Only) CCDs of the Company having face value of H 1,065 (Rupees One Thousand and Sixty-Five Only) each converted and allotted to NextWave Communications Private Limited into 2,34,741 (Two Lakhs Thirty-Four Thousand Seven Hundred and Forty-One Only) 6% unsecured Non-Convertible Debentures (“NCDs”) of the Company having face value of H 1,065 (Rupees One Thousand and Sixty-Five Only) each, which is equivalent to H 2,499.99 Lakhs.”
A) pursuant to the request letter dated December 1, 2023, received from NextWave Communications Private Limited, to redeem 94,000 NCDs aggregating to H1,001.10 Lakhs, Board had approved the redemption by way of its resolution dated December 4, 2023.
B) pursuant to the request letter dated March 22, 2024, received from NextWave Communications Private Limited, to redeem 63,936 NCDs aggregating to H680.92 Lakhs, Board had approved the redemption by way of its resolution dated March 27, 2024.
As on March 31,2024, 76,805 NCDs issued to NextWave Communications Private Limited are outstanding.
Note:
A. The working capital limit from Punjab National Bank, State Bank of India and IDBI bank Ltd are secured by way of hypothecation of first charge on pari passu basis on entire current assets of the company i.e., hypothecation of stocks of raw materials, finished goods and semi finished goods, stores and spares, book debts etc., both present and future. Further the limit are also secured by way of first charge on pari passu basis on all the movable and immovable properties, both present and future and by pledge of 25,66,585 equity shares of the company held by Nextwave Communications Private Limited and personal guarantee of Shri Anant Nahata. Further the limit from Punjab National Bank, SBI & IDBI are secured by corporate guarantee of HFCL Limited to the extent of H 650 Lakhs and personal guarantee of Shri Mahendra Nahata on pari passu basis.
Primary Security- Pari-passu first charge of hypothecation of stock and receivables of the company with consortium members (PNB, SBI and IDBI)
Immovable Property-
i) First pari passu charge on immovable property situated at plot no 1-8 situated at khata no 386/1 in mauja bassi patti kather, industrial area, chambaghat, solan, himachal pradesh, 173211. (semi-urban), admeasuring total area: 1488 sq. mtr. in the name of M/s Exicom Tele-systems Limited
ii) First Pari Passu charge on Plant and Machinery of the company (excluding assets charged against term loan)
iii) Lien 1st charge over fixed deposit (total value H 569 Lakhs under consortium) current values as on 31.03.2024 is H 780.10 Lakhs.
iv) Pledge of 25,66,585 nos. equity shares of Exicom Tele-systems Ltd. held by Nextwave Communications Private Limited on pari passu basis.
29 Current Financial Liabilities - Borrowings (Contd..)
v) Negative lien of property situated at Plot No. S-105, S-106, S-107, S-108, S-109, S-110, S-111, S-112 measuring an extent of 74475.40 sq mts at EHMC- Non-SEZ Area, Raviryala Village, Maheshwaram Mandal, Randa Reddy District, Telangana to be created and original sale agreement to be held with bank.
Third Party Guarantee-
Personal Guarantee of Mr. Anant Nahata, Mr. Mahendra Nahata. Corporate Guarantee of HFCL Limited (Amount restricted up to H 650 Lakhs as per consortium agreement.)”
B) The working capital limit has been sanctioned by the banks at the interest rate: PNB @11.15%, IDBI @12.90%, SBI @10.55%.
C) Pari passu charge on Fixed/Block Assets present and future limited to H 1,097.59 Lakhs but not limited to Plant and Machinery together with accessories electronic spares machinery spares tools and accessories wherever situated inter alia pertaining to the guarantor i.e. Exicom Energy Services Private Limited anywhere and elsewhere. Corporate Guarantee of Fellow subsidiary Company i.e. Exicom Energy Services Private Limited aggregating to H 1,097.59 Lakhs
D) Unsecured Loan from Director is interest free and repayable on demand. Fully repaid during the FY 2023-24 and Nil balance as on March 31,2024.
i) During the FY2023-24, Unsecured Loan of INR-500 Lakhs fom Parmesh Finlease Limited - NBFC @10% and fully repaid.
ii) During the FY2023-24, Unsecured Loan of INR-500 Lakhs fom Adventz Finance Private Ltd. - NBFC @12% and fully repaid.
iii) During the FY2023-24, Unsecured Loan of INR-1,500 Lakhs fom Dhwaja Commodity Services Pvt Ltd.- NBFC @10% and fully repaid.
47 Critical accounting estimates and judgments
The estimates and judgements used in the preparation of the said standalone financial statements are continuously evaluated by the Company, and are based on historical experience and various other assumptions and factors (including expectations of future events), that the Company believes to be reasonable under the existing circumstances. The said estimates and judgements are based on the facts and events, that existed as at the reporting date, or that occurred after that date but provide additional evidence about conditions existing as at the reporting date.
Although the Company regularly assesses these estimates, actual results could differ materially from these estimates - even if the assumptions under-lying such estimates were reasonable when made, if these results differ from historical experience or other
assumptions do not turn out to be substantially accurate. The changes in estimates are recognised in the financial statements in the
period in which they become known.
The areas involving critical estimates or judgments are:
1. Estimation of useful life of tangible asset Note No. 4.2 & 5.
2. Estimation of useful life of intangible asset Note No. 4.3 & 8.
3. Estimation of defined benefit obligation Note No. 4.12 & 48.
4. Impairment of Assets and Investments in subsidiaries Note No. 4.8 & 10.
5. Judgement required for ascertainment of contracts in the nature of lease, lease term and fair value of lease as per Ind AS 116 Note No. 4.13 & 7.
6. Measurement of Fair Values and Expected Credit Loss (ECL) Note No. 4.4 & 12 and 17.
7. Estimation of contingent liabilities refer Note No. 4.19 & 50.
57 Financial Risk Management Objectives and Policies
The Company’s principal financial liabilities comprise loans and borrowings, trade and other payables, and financial guarantee contracts. The main purpose of these financial liabilities is to finance the Company’s operations and to provide guarantees to support its operations. The Company’s principal financial assets include loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations.
The Company’s business activities expose it to a variety of financial risks, namely liquidity risk, market risks and credit risk. The Company’s senior management has the overall responsibility for the establishment and oversight of the Company’s risk management framework. The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s activities.
Management of Liquidity Risk
“Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. The Company’s approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions.
The following table shows the maturity analysis of the Company’s financial liabilities based on contractually agreed undiscounted cash flows as at the Balance Sheet date.”
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, such as equity price risk. Financial instruments affected by market risk include loans and borrowings, deposits, FVTPL investments.
The sensitivity analyses in the following sections relate to the position as at March 31,2024 and March 31,2023.”
Credit Risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. 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.
Trade Receivables
Customer credit risk is managed by each business unit subject to the Company established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored. At March 31, 2024, the Company had top 10 customers that owed the Company more than H 15,019.45 Lakhs (March 31, 2023: H 8,590.88 Lakhs) and accounted for approximately 77.19% (March 31,2023: 65.25%) of all the receivables outstanding.
An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 12 & 17. The Company does not hold collateral as security. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets.
Financial Instruments and Cash Deposits
“Credit risk from balances with banks and financial institutions is managed by the management in accordance with the Company’s policy. Counterparty credit limits are reviewed by the management on an annual basis, and may be updated throughout the year. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty’s potential failure to make payments.
The Company’s maximum exposure to credit risk for the components of the balance sheet at March 31,2024 and March 31, 2023 is the carrying amounts as illustrated in Note 11,13,19,20 and 21.”
Capital Management
Capital includes issued equity capital and share premium and all other equity reserves attributable to the equity holders The primary objective of the Company’s capital management is to maximize the shareholder value.
Fair Value measurement
Fair Value Hierarchy and valuation technique used to determine fair value :
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 are categorized into Level 1 , Level 2 and Level 3 inputs. (Refer note no.3.5)
There have been no transfers among Level 1, Level 2 and Level 3 during the year.
Significant estimates
The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The Company uses its judgement to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting year. For details of the key assumptions used and the impact of the changes to these assumptions.”
59 Modified Special Incentive Scheme (M-SIPS) has been notified on 27th July’2012, with approval of Union Budget, for providing special incentive package to offset the disability and attract investment in electronics System Design and Manufacturing Sector. There is a provision in M-SIPS for reimbursement of 25% of capex investment in Non-SEZ area.
Exicom Tele-System Limited had filed Application with Project cost of H 4500 Lakhs in two phases (Phase I H 3,885 Lakhs and Phase II H 645 Lakhs) at Industry Plot no 2A Sector -18 for manufacturing of battery controller for lithium ion batteries, Power system and SMR, application was acknowledged on 13.05.2016. Application was accorded approval on 25.01.2018 under the project type “Expansion”.
During FY18-19, application for incentive/reimbursement for capex investment done in Phase I (Claim period 13.05.2016 to
30.06.2017) was filed on 31.07.2018 for H 1,825 Lakhs (out of H 3,885 Lakhs of the project cost for Phase I, H 1,905 Lakhs was eligible). On verification of the assets by the agency appointed by Ministry of Electronics & Information Technology (MEITY), capex investment amounting to H 1,506.71 Lakhs was considered Eligible for disbursement.
Sanction letter for disbursement of MSIPS incentive/reimbursement amounting to H 376.67 Lakhs (25 % of the Eligible capex of H 1,506.71 Lakhs) dated 28.01.2019 was received from Ministry of Electronics & Information Technology and Incentive was received on 11.02.2019
During FY23-24, application for incentive/reimbursement for capex investment done in Phase II (Claim period 04.11.2017 to
17.08.2018) was filed on 17.01.2018 for H 578 Lakhs (out of H 614 Lakhs of the project cost for Phase II, H 588 Lakhs was eligible). On verification of the assets by the agency appointed by Ministry of Electronics & Information Technology (MEITY), capex investment amounting to H 412.13 Lakhs was considered Eligible for disbursement.
Sanction letter for disbursement of MSIPS incentive/reimbursement amounting to H 103.03 Lakhs (25 % of the Eligible capex of H 412.13 Lakhs) dated 12.06.2023 was received from Ministry of Electronics & Information Technology and Incentive was received from 26.06.2023 to 05.07.2023. “
66 The Company has established a comprehensive system of maintenance of information and documents as required by the transfer pricing legislation under section 92 - 92F of the Income Tax Act, 1961. Since the law requires existence of such information and documentation to be contemporaneous in nature, the Company is in the process of updating the documentation for the international transactions entered into with the associated enterprises during the financial year and expects such records to be in existence latest by such date as required under law. The management is of the opinion that its international transactions are at arm’s length so that the aforesaid legislation will not have any impact on the financial statements, particularly on the amount of tax expense and that of the provision for taxation.
67 Balance Confirmation
The Company has a system of obtaining periodic confirmation of balances from banks, trade receivables/payables, advance to vendor and other parties. The balance confirmation letters as referred in the Standard on Auditing (SA) 505 (Revised) ‘External Confirmations’, were sent to banks and parties and certain parties’ balances are subject to confirmation/reconciliation. Adjustments, if any will be accounted for on confirmation/reconciliation of the same, which in the opinion of the management will not have a material impact.
70 Other Statutory Information
i) The title deeds of all the immovable properties, (other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the Standalone financial statements included in property, plant and equipment and Right of Use Assets are held in the name of the Company as at the balance sheet date
ii) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current year or previous year.
iii) There are no investment in properties
iv) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
v) The Company has not advanced any loans or advances in the nature of loans to specified persons viz. promoters, directors, KMPs, related parties; which are repayable on demand or where the agreement does not specify any terms or period of repayment except loan given to wholly owned subsidiary which is repayable on demand as disclosed in Note No. 55.
vi) The Company has utilised funds raised from issue of securities or borrowings from banks for the specific purposes for which they were issued/taken.
vii) The Company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security of current assets and the quarterly returns or statements filed by the company with such banks or financial institutions are in agreement with the books of account of the Company except as mentioned hereunder:
70 Other Statutory Information (Contd..)
x) The Company does not have any transaction which is not recorded in the books of accounts but has been surrendered or disclosed as income during the financial 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).
xi) The Company has not traded or invested in Crypto currency or Virtual Currency during the year.
xii) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.
xiii) The Company does not have any charges or satisfaction which is yet to be registered with the Registrar of Companies (ROC) beyond the statutory period.
xiv) The Company has not filed any scheme of arrangements in terms of section 230 to 237 of the Companies Act 2013 during the year.
xv) The Company has 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:
(a) 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
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
xvi) The Company has 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:
(a) 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
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
71 (i) Previous year figures have been regrouped and reclassified wherever necessary to confirm current year classification
/ presentation.
(ii) Figures representing 0.00 Lakhs are below H 500
The accompanying explanatory notes form an integral part of these Standalone financial statements.
As per our report of even date
For Khandelwal Jain & Co. For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration No. 105049W Anant Nahata Subhash Chander Rustgi
Managing Director Cum CEO Director
DIN:02216037 DIN:06922968
Place: Gurugram Place: Gurugram
Date: May 28, 2024 Date: May 28, 2024
Ravi Dakliya Sangeeta Karnatak Shiraz Khanna
Partner Company Secretary Chief Financial Officer
Membership No. 304534 M.No. 25216 PAN: AEZPK3682F
Place: Gurugram Place: Gurugram Place: Gurugram
Date: May 28, 2024 Date: May 28, 2024 Date: May 28, 2024
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