2.15 Provisions and Contingencies
A Provision is recognised when the Company has a present legal or constructive obligation as a result
of past events, it is probable that an outflow of resources will be required to settle the obligation and the
amount can be reliably estimated.
Provisions are measured at the present value of management's best estimate of the expenditure required
to settle the present obligation at the end of the reporting period.
A disclosure for contingent liabilities is made 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 embodying economic benefits will be
required to settle or a reliable estimate of the amount cannot be made.
2.16 Earnings per share
Basic earnings per share are calculated by dividing the profit or loss for the period attributable to equity
shareholders (after deducting preference dividends, if any, and attributable taxes) by the weighted average
number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the 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 effect of all dilutive potential equity shares.
2.17 Cash and Cash Equivalents
Cash and cash equivalents comprise of cash on hand, balances with banks, cheques on hand, remittances
in transit and short-term investments with an original maturity of three months or less that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
2.18 Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief
Operating Decision Maker (CODM). The CODM assesses the financial performance and position of the
Company and makes strategic decisions.
The Company has identified two broad reportable segments viz. “Warehousing” and “Investment and
Treasury”.
Activities related to Joint Development Agreements (JDAs) are not considered part of the Company's
regular business operations. Accordingly, the assets, liabilities, income, and expenditures associated with
JDAs are not reported as a separate segment and are instead classified under “Unallocable.”
2.19 Key accounting judgements, estimates and assumptions
The preparation of financial statements in conformity with the Ind AS requires the management to make
judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets
and liabilities and the accompanying disclosure and the disclosure of contingent liabilities, at the end of
the reporting period. 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. Although these estimates are based on the management's best knowledge of current events
and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a
significant adjustment to the carrying amounts of assets or liabilities in future periods.
In particular, information about key areas of estimation, uncertainty and critical judgments in applying
accounting policies that have the most significant effect on the amounts recognised in the financial
statements is included in the following notes:
a. Fair value measurement
When the fair values of financial assets/other 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
various valuation techniques. The inputs to these models are taken from observable markets where
possible, but where this is not feasible, a degree of judgment is required in establishing fair values.
Judgments 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.
b. Identification of Related Parties
Related Parties for the purpose of Companies Act, 2013 and relevant Ind AS, is identified by the
Company, for necessary compliance/reporting/disclosures etc, as per the Board approved Related
Party Transactions (RPT) Policy.
c. Business Model Assessment
Classification and measurement of financial assets depends on the results of the SPPI and the
business model test. The Company determines the business model at a level that reflects how groups
of financial assets are managed together to achieve a particular business objective. The Company
monitors financial assets measured at amortised cost or at FVTOCI that are derecognised prior to their
maturity to understand the reason for their disposal and whether the reasons are consistent with the
objective of the business for which the asset was held. Monitoring is part of the Company's continuous
assessment of whether the business model for which the remaining financial assets are held continues
to be appropriate and if it is not appropriate whether there has been a change in business model and so
a prospective change to the classification of those assets.
d. Impairment Loss Allowance
The Company recognises loss allowances, if any, using the expected credit loss ('ECL') model for
the financial assets which are not fair valued. Loss allowance for trade receivables with no significant
financing component is measured at an amount equal to lifetime ECL. For all other financial assets, ECL
is measured at an amount equal to the 12-month ECL, unless there has been a significant increase in
credit risk from initial recognition, in which case, those are measured at lifetime ECL.
e. Provisions other than ECL
Provisions are held in respect of a range of future obligations such as employee entitlements, litigation
provisions, etc. Some of the provisions involve significant judgement about the likely outcome of various
events and estimated future cash flows. The measurement of these provisions involves the exercise of
management judgements about the ultimate outcomes of the transactions.
f. Retirement benefit Obligations
The Company's retirement benefit obligations are subject to number of assumptions including discount
rates, inflation and salary growth. Significant assumptions are required when setting these criteria and a
change in these assumptions would have a significant impact on the amount recorded in the Company's
balance sheet and the statement of profit and loss. The Company sets these assumptions based on
previous experience and third party actuarial advice. Further details on the Company's retirement
benefit obligations, including key assumptions are set out in Note No. 43.
g. Reclassification of Freehold land
The Company is engaged in the businesses of 'Warehousing' and 'Investment and Treasury', which
involve leasing out warehousing space and investing in bank deposits, equity instruments, bonds, and
mutual funds, Hence the Company has classified properties intended for the aforesaid activities as
owner-occupied properties. And accordingly, properties for which the Company has entered into a Joint
Development Agreement (refer to Note No. 4 and 50) have been accounted for as Investment Property.
2.20 Recent pronouncements
The Ministry of Corporate Affairs vide notification dated 9 September 2024 and 28 September 2024 notified
the Companies (Indian Accounting Standards) Second Amendment Rules, 2024 and Companies (Indian
Accounting Standards) Third Amendment Rules, 2024, respectively, which amended/ notified certain
accounting standards (see below), and are effective for annual reporting periods beginning on or after 1
April 2024:
a. Insurance contracts - Ind AS 117; and
b. Lease Liability in Sale and Leaseback - Amendments to Ind AS 116
The Company has reviewed the new pronouncements and based on its evaluation has determined that, it
is not likely to have any material impact in its financial statements.
i. The Company's investment property consists of contiguous non-agricultural land and buildings situated at village Kanjur,
Bhandup West, Mumbai, in respect of which the Company has entered into a Joint Development Agreement with
Anthurium Developers Limited, which is a wholly owned subsidiary of Mahindra Lifespace Limited, for the purpose of
construction and development of a mixed use residential and commercial/retail project (Refer Note No. 50).
ii. Subject to Note No. 50, the Company has no restrictions on the realisability of its investment property and no contractual
obligations to purchase, construct or develop investment properties or for repair, maintenance and enhancements.
iii. As at March 31,2025, Investment Property consists of Freehold land, and Buildings thereon, at village Kanjur, Bhandup
West, Mumbai. The Company, has approached an independent registered valuer with regard to the fair valuation of the
said land. However, the valuer has concluded that he was unable to reliably measure the fair value of the Investment
Property as on the reporting date, as the Company is unable to estimate the free cashflows that would accrue to it, on
account of realization of sale proceeds which shall form part of its share of revenue as per the JDA. which is due to the
absence of the indicative plan for utilizing the Development Potential for construction of the Joint Development Project
including the activities such as design, construction, sales and marketing, which all are the responsibility of the Developer
as per the JDA. Further, in the absence of the aforesaid information, the Company is also unable to estimate the range
within which the fair value is highly likely to lie.
Nature and purposes of reserves
a. General Reserve
General Reserve represents appropriation of retained earnings and are available for distribution to shareholders.
b. Retained Earnings
Retained Earnings (excluding accumulated balance of remeasurements of defined benefit plans (net of tax)) represents
surplus /accumulated earnings of the Company and are available for distribution to shareholders.
c. Equity Instruments through Other Comprehensive Income
It represents the cumulative gains/(losses) arising on the fair valuation of Equity Shares measured at fair value through
OCI, net of amounts reclassified to Retained Earnings on disposal of such instruments.
d. Revaluation Surplus
The Company has elected to remeasure the value of its freehold land and the gain arising on revaluation has been
recognised as a Revaluation Surplus in the Other Comprehensive Income. The said reserve can not be utilised for
distribution to shareholders.
39.1 Financial risk factors
The Company's principal financial liabilities comprise of lease liabilities, security deposits, trade and other payables. The
main purpose of these financial liabilities is to manage finances for the Company's operations. The Company's principal
financial assets include investment in equity instruments, investment in mutual funds, investment in bonds, security deposits,
trade receivables and cash and bank balances that arise directly from its operations. The Company is exposed to market
risk, credit risk and liquidity risk and the Company's senior management oversees the management of these risks.
i) 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 and commodity risk. Financial instruments affected by market risk include Equity investments, Fixed
Deposits and investment in Mutual Funds.
a) Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company's exposure to risk of changes in market interest rates relates primarily
to the Company's investment in fixed deposits. However, as the Company's fixed rate investments comprising Deposits
with Banks are carried at amortised cost. They are, therefore, not subject to interest rate risk as defined in Ind AS 107,
since neither the carrying amount nor the future cash flows will fluctuate because of changes in market interest.
b) Foreign Currency Risk
Foreign currency risk is the risk that the fair value of the future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rates. The Company transacts its business entirely in local currency hence the Company
is not exposed to any foreign currency risk.
c) Securities Price Risk
Securities price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded
prices. The Company's investments in Equity Instruments and Mutual Funds are susceptible to market price risk, mainly
arising from changes in the quoted share price of Equity Instruments and Net Asset Value (NAV) of Mutual Funds which
may impact the return and value of such investments. However, as the Company is not an active investor in equity
markets and continue to hold certain investment in equity instruments for long term value accretion, they are measured
at fair value through other comprehensive income.
ii) Credit risk
Credit risk is the risk that a counter party 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 other receivables, deposits with banks and investment in equity instruments and mutual funds. Company's
deployment in fixed deposits are primarily with highly rated banks and financial institutions and mutual fund schemes
of leading fund houses. With respect to the Company's investing activities, mutual fund schemes and counter parties
are shortlisted and exposure limits determined on the basis of their credit rating (by independent agencies), financial
statements and other relevant information. As these counter parties are having investment grade/ sovereign credit ratings
and taking into account the experience of the Company over time, the credit risk attached to such assets is considered
to be insignificant. However, the Company has made an expected credit allowance of Rs. 17.76 lakhs during the year.
Further the Company has determined that an allowance for expected credit losses on loans given to employees is not
required as there is no credit risk involved owing to the fact that the Company can recover the entire loan amount from
employee's dues like salary, gratuity, etc.
(a) Trade receivables and other receivables
The Company extends credit to customers in the normal course of business. Outstanding customer receivables
are regularly monitored. The Company has also taken advances and security deposits from its customers, which
mitigate the credit risk to an extent. An impairment analysis is performed at each reporting date on an individual basis
for major customers.
* Rs.6.00 in absolute value
** Rs.15.92 in absolute value”
Considering the inherent nature of business of the Company, Customer credit risk is minimal. The Company generally
does not part away with its assets unless trade receivables are fully realised.
Based on prior experience and an assessment of the current economic environment, management believes there is
no credit risk provision required, other than those made in the accounts. Further, the Company does not have any
significant concentration of credit risk.
In determining the allowances for expected credit losses on trade receivables, the Company has used a practical
expedient by computing the allowance for expected credit loss on trade receivables based on a provision matrix. The
provision matrix takes into account historical credit loss experience and is adjusted for forward looking information.
The allowance for expected credit loss is based on the ageing of the receivables that are due and rates used in the
provision matrix.
(b) Investments and deposits with Banks
The Company considers factors such as track record, market reputation and service standards to select mutual
funds and banks with which balances and deposits are maintained. The Company does not maintain significant cash
balances other than those required for its day to day operations. In determining the allowances for expected credit
losses on financial assets (other than those measured at fair value through profit and loss and fair value through
other comprehensive income) and deposits with banks, and with other parties the Company has considered the
credit ratings of those banks/ financial institutions.
(c) Loan given to Employees
The company extends loans to its employees in the ordinary course of business. These loans are a part of our
comprehensive employee benefits program designed to support the financial well-being of our workforce. We
regularly monitor the prepayment of these loans to ensure timely and efficient repayment. In addition, we have
implemented robust controls and continuous tracking of outstanding loan balances. These measures ensure the
sustainability and integrity of our loan program while safeguarding the company's financial interests.
(d) Receivables under Joint Development Agreement (JDA)
Under the Joint Development Agreement, the developer has agreed to reimburse the cost and expenses borne
by the Company in relation to the handing over of the DP Road Reservation including LBS Road Reservation, as
stated in the JDA, to Municipal Corporation of Greater Mumbai (MCMG) and procuring the FSI/TDR in lieu of such
handover. The said FSI/TDR will form part of the Development Potential, as per the JDA. Accordingly, the Company
has recognised receivables towards all such expenditure incurred towards handing over the aforesaid reservation.
As a result there exists a credit risk associated with the recoverability of this amount, given the dependency on the
Developer's ability and willingness to fulfill its contractual obligations. Consecutively, The Company has assessed
the expected credit loss (ECL) on the receivable, taking into account the credit rating and financial standing of the
Developer, and has recognized a expected credit loss allowance in accordance with the requirements of Ind AS 109 .
iii) 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 in managing liquidity is to ensure that it will have sufficient funds and marketable securities to
meet its liabilities when due without incurring unacceptable losses. The company closely monitors its liquidity position
through forecasts on the basis of expected cash flows.
Maturities of Financial Liabilities
The table below analyse the Company's financial liabilities into relevant maturity groupings based on their contractual
maturities. The amounts disclosed in the table are the contractual undiscounted cash flows of financial liabilities.
39.2. Capital management
For the purpose of the Company's capital management, capital includes issued equity share capital and all other
equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company's capital
management is to safeguard continuity, maintain healthy capital ratios in order to support its business and maximize
shareholder value. The Company manages its capital structure and makes adjustments in light of changes in economic
conditions. The funding requirement is met through equity and internal accruals.
41. Fair valuation techniques
The Company maintains policies and procedures to value financial assets/other assets or financial liabilities using the
best and most relevant data available. The fair values of the financial assets/other assets and liabilities are included
at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The following methods and assumptions were used to estimate certain
fair values:
(i) The fair values of investment in equity instruments are based on their quoted market prices at the reporting date.
(ii) The fair values of the mutual funds are based on their published Net Asset Values at the reporting date.
(iii) Fair value of cash and deposits, trade receivables, trade payables and other current financial assets and liabilities
approximate to their carrying amounts largely due to the short-term maturities of these instruments. Lease liabilities and
Security Deposits received have fair values that approximate to their carrying amounts as it is based on the net present
value of the anticipated future cash flows.
(iv) Fair value of Freehold Land is based on Sales Comparison method under Market Approach as carried out by an
independent registered valuer.
Fair Value hierarchy
The following table provides the fair value measurement hierarchy of Company's asset and liabilities, grouped into Level
1 to Level 3 as described below:
(i) Quoted prices/published NAV (unadjusted) in active markets for identical assets or liabilities (Level 1). It includes fair
value of financial instruments such as investment in equity shares and are based on quoted market prices at the balance
sheet date and financial instruments like mutual funds for which net assets value (NAV) is published by mutual fund
operators at the balance sheet date.
(ii) Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that
is, as prices) or indirectly (that is, derived from prices) (Level 2). It includes fair value of the financial instruments that are
not traded in an active market and are determined by using valuation techniques. These valuation techniques maximise
the use of observable market data where it is available and rely as little as possible on the company specific estimates.
If all significant inputs required to fair value an instrument are observable, then the instrument is included in Level 2.
iii) Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
43. Disclosure pursuant to Indian Accounting Standard 19 - Employee Benefits (Cont’d)
(vi) Risk exposure
These plans are exposed to the actuarial risks such as interest rate risk, salary inflation risk, demographic risk and
change in leave balances.
Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If bond
yields fall, the defined benefit obligation will tend to increase.
Salary inflation risk: Higher than expected increase in salary will increase the defined benefit obligation.
Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include
mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not
straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important
not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically
costs less per year as compared to a long service employee.
Change in Leave Balances : This is the risk of variability of results due to a significant variation from expected
accumulation of leave balances. All other aspects remaining same, higher than expected increase in the leave balances
will increase the defined benefit obligation.
(vii) Sensitivity Analysis
Sensitivity analysis on effect on Defined Benefit Obligations on changes in significant assumptions as per Note No. 43(b)
(v) are as follows:
Presentation in the Statement of Profit and Loss, Other Comprehensive Income (OCI) and Balance Sheet
Gratuity, pension and provident fund are in the nature of post-employment benefits and re-measurement gains/(losses) on
it are shown under OCI as ‘Items that will not be reclassified to profit or loss', including the income tax effect on the same.
Leave encashment benefits is an Other long term employee benefit and re-measurement gains/(losses) on it are shown
under Employee Benefits Expense.
Expense for service cost, net interest on net defined benefit liability/(asset) is recognised in the Statement of Profit and Loss.
Ind AS 19 does not require segregation of net defined liability/(asset) into current and non-current, however net defined
liability/(asset) is bifurcated into current and non-current portions in the balance sheet, as per Ind AS 1 on “Presentation
of Financial Statements”.
(c) Disclosure in respect of Material Related Party Transaction with KMP and Post Employment Benefit Plans
during the year (excluding reimbursement):
1. Remuneration includes amount paid to Mr. Amitabha Chakrabarti Rs 61.62 lakhs (Previous year Rs 57.20 lakhs).
2. Sitting fees includes amount paid to Mr. Krishna Kumar Bangur Rs. 1.05 Lakh (Previous Year - Rs. 0.75 Lakh), Kishor
Shah Rs. 1.65 Lakhs (Previous Year - Rs. 1.35 Lakhs), Mr. Mohit Bhuteria Rs. 1.65 Lakhs (Previous Year - Rs. 1.35
Lakhs) , Mr. Shiva Balan Rs. 1.20 Lakhs (Previous Year - Rs. 1.05 Lakhs) , Mrs. Rusha Mitra Rs. 1.05 lakhs (Previous
Year: Rs. 0.45 lakh).
3. Contributions made include amount paid to GKW Limited Management Staff Provident Fund Rs. 7.16 lakhs (Previous
Year: Rs. 6.07 lakhs), GKW Limited Gratuity Fund Rs. 2.37 Lakhs (Previous Year: Rs 4.95 Lakhs) and GKW Limited
Management Staff Pension Fund Rs. 11.57 Lakhs (Previous Year: Rs. 5.55 Lakhs).
The amounts disclosed in the table are the amounts recognised as an expense during the reporting period.
All Related Party Transactions entered during the year were in ordinary course of business and on arm's length basis.
45. Segment Information
The Company has identified two broad reportable segments viz. “Warehousing” and “Investment and Treasury''.
Segments have been identified and reported upon taking into account the nature of activities, the different risks and
returns and the internal business reporting systems. These business segments are reviewed by the Chief Operating
Decision Maker of the Company. The following are the additional policies for Segment Reporting:
- Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the
segment. Revenue and expenses which relate to the Company as a whole and are not allocable to a segment on a
reasonable basis have been disclosed as “Unallocable”.
- Segment Assets and Segment Liabilities represent assets and liabilities in respective segments. Tax related assets
and other assets and liabilities that cannot be allocated to a segment on a reasonable basis have been disclosed as
“Unallocable”.
47. Additional Regulatory Information
(i) Revaluation of Property, Plant and Equipment /Investment Property -
As per the requirements of Indian Accounting Standard (Ind AS) 16, “Property, Plant and Equipment”, the Company
has revalued its freehold land, situated at Howrah, West Bengal, as at March 31,2025 based on a valuation report of
an independent registered valuer. As a result of this revaluation, value of the aforesaid freehold land has increased
by Rs 7,074.42 lakhs, which has been recognised in Other Comprehensive Income and credited to Revaluation
Surplus in Other Equity and the related deferred tax liability of Rs 1,030.04 lakhs has been accordingly recognised.
(ii) The title deeds of all the immovable properties are held in the name of the Company.
(iii) 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 during the year ended
March 31st, 2025 and March 31st, 2024.
(iv) The Company has not been declared as wilful defaulter by any bank or financial Institution or other lender during the
year ended March 31st, 2025 and March 31st, 2024.
(v) The company has no transactions with the companies struck off under Companies Act, 2013.
(vi) The Company does not have any subsidiary as at March 31st, 2025 and March 31st, 2024 and accordingly clause
(87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017 is not applicable.
(vii) Undisclosed Income
There are no transactions not recorded in the books of accounts during the year ended March 31st, 2025 and March
31st, 2024 that has been surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961.
There are no previously unrecorded income and related assets to be recorded in the books of account during the
year ended March 31st, 2025 and March 31st, 2024.
(viii) Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual Currency during the year ended March 31st,
2025 and March 31st, 2024.
(ix) Utilisation of Borrowed funds and share premium:
(A) During the year ended and as at March 31st, 2025 and March 31st, 2024, the Company has not advanced or
loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to
any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether
recorded in writing or otherwise) 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.
47. Additional Regulatory Information (Cont’d)
(B) During the year ended and as at March 31st, 2025 and March 31st, 2024, 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 :
(i) 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
(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(x) As at March 31st, 2025 and as at March 31st, 2024, the Company does not have any Scheme of Arrangement that has
been filed or approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.
48. Registration of charges or satisfaction with Registrar of Companies (ROC)
The Company has pending satisfaction of charge with Registrar of Companies (ROC), Kolkata relating to working
capital facilities extended by a bank to erstwhile demerged undertaking of the Company in accordance with scheme of
arrangement in 2009. The Company had settled all its dues in full and final relating to fund based and non-fund based
facilities of the bank as per books of account in 2008.
However, satisfaction of charges will be made with Registrar of Companies (ROC), Kolkata on receipt of “No-Objection
Certificate” from the bank and compliance of certain formalities.
50. The Board of Directors of the Company in its meeting held on 8th November, 2024 has approved and entered into a Joint
Development Agreement (JDA) with Anthurium Developers Limited, which is a wholly owned subsidiary of Mahindra
Lifespace Developers Limited, for development of its contiguous, non-agricultural land admeasuring 36.87 acres (i.e
1,49,239.70 square meters) situated at village Kanjur, Bhandup West, in the Registration District of Mumbai Suburban,
for the purpose of construction and development of a mixed-use residential and commercial/retail project in the manner
set out in the JDA. Under the JDA, the company has granted unto the Developer exclusive development rights and
entitlements in respect of the aforesaid Land, for development, in consideration of the Developer providing the Owner's
Revenue share to the Owner, in the manner set out in the JDA. Additionally, the Owner has agreed to not deal with,
dispose or encumber the aforesaid Land except for certain reservation as mentioned in the JDA.
Consequently, the Company has transferred the said land including the buildings thereon, from owner-occupied property
to Investment Property, as per Ind AS 40 “Investment Property”, at the carrying amount in the books of account on the
date of such transfer i.e. November 08, 2024.
Further, the Company has received a sum of Rs. 20,000.00 lakhs as non-interest bearing refundable security deposit,
and Rs. 1,500.00 lakhs as non-interest bearing non-refundable security deposit to secure the due performance of the
Developers obligations under this JDA.
51. Other expenses includes Rs. 1,630.25 lakhs paid during the year ended March 31,2025 (previous year - Rs. 793.75
lakhs) being amount paid (including consultancy charges) for obtaining confirmation in order to avoid future litigation/
disputes towards certain parcels of land of the Company and resolution of certain disputes.
Further, it also includes Rs. 1,612.45 lakhs (inclusive of GST) paid during the year ended March 31, 2025 (Previous
year - Rs. Nil) towards Brokerage/Legal/Professional charges in connection with Joint Development Agreement.
52. During the year ended March 31,2025, the Company has sold a parcel of land admeasuring 1.4011 acres, situated at
Andul Road, Howrah to a Public Charitable trust for a consideration of Rs. 1,335.13 lakhs. In relation to the aforesaid
sale, Rs. 901.22 lakhs (net of tax) has been transferred from Revaluation Surplus to Retained Earnings.
53. Pursuant to change in tax rate on Long Term Capital Gains on enactment of the Finance Act, 2024, the Company has
reassessed deferred tax assets/liabilities considering effective tax rate as applicable on Capital Gains for the full year.
This has resulted in reversal of deferred tax liability of Rs 22,127.41 Lakhs during the year.
54. Previous year's figures have been rearranged/regrouped, wherever necessary, to make them comparable with those of
the current year.
For Haribhakti & Co. LLP For and on behalf of the Board of Directors
Chartered Accountants
ICAI Firm Registration No. 103523W / W100048
Mahesh Agarwal K. K. Bangur
Partner (Chairman)
Membership No. 067806 DIN:00029427
Place: Kolkata Raju Shaw A Chakrabarti
Date: May 15, 2025 (Company Secretary) (Executive Director & CFO)
DIN : 00137451
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