1. Borrowing costs capitalised during the year I Nil (Previous Year: I 0.15 Crore).

2. Refer Note No. 19.1 for information on property, plant and equipment charged as security against the borrowings.

3. Consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rule, 2021 ("the Rules"), the Company has transferred all the movable CSR capital assets created in earlier years to its social development arm i.e. Bansidhar and Ila Panda Foundation (BIPF), a Charitable Trust for carrying out CSR activities. Approval from the Government of Odisha for transfer of land in favour of BIPF at Therubali obtained on 16^th February, 2023. Consequently, during the current year the company has transferred the immovable assets at Therubali to BIPF. Gross carrying amount of CSR assets transferred to trust this year is I 0.19 Crore. (Previous Year: I 11.26 Crore).

4. The title deeds of freehold land amounting to I 0.02 Crore recorded as 'property, plant & equipment' in the books of account of the Company are held in the name of an erstwhile subsidiary of the company, which has amalgamated with the company. (Refer Note 50).

5. Refer Note No. 60 for the change in accounting estimate during the year

Brief description of the valuation technique and inputs used to value Investment Property:

The Companies investment property consists of a commercial property situated in Kolkata. The fair values as aforesaid are based on a valuation performed by a registered valuer as defined under rule 2 of Companies (Registered valuer and valuation) Rules, 2017.The fair value has been derived using the market comparable approach based on recent market prices without any significant adjustments being made to the market observable data.

There is a restriction on the realisability of the investment property regarding the transfer of title as it is taken on lease. There are no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements.

6.1 Indmet Mining Pte Ltd ('Indmet'), a wholly-owned subsidiary incorporated in Singapore, has an Indonesian subsidiary company, PT Sumber Rahayu Indah ('PT Sumber'). PT Sumber is holding a coal mining concession in Indonesia but due to overlapping boundary issues, the mining concession could not be operationalised. Consequently, the Company initiated arbitration proceedings against the Government of the Republic of Indonesia on 24^th July, 2015 pursuant to Article 3 of the United Nations Commission on International Trade Law (UNCITRAL) Arbitration Rules and invoked Article 9 of the Agreement between the Governments of the Republic of Indonesia and the Republic of India for the Promotion and Protection of Investments (the "Treaty"), raising claims of breach of the protections granted under the Treaty. The Arbitral Tribunal, vide its award dated 29^th March, 2019 rejected the claim filed by the Company and also awarded costs to the opposite party.

I n view of the above, as on 31^st March, 2019, the Company has fully impaired the carrying value of its investment in Indmet amounting to I 53.13 Crore.

6.2 Investment in equity shares of Ferro Chrome Producers Association amounts to I 25,000 (31^st March, 2023: I 25,000).

Equity shares movement during the five years preceding 31^st March,2024:

Equity share capital issued as Bonus

During the Financial Year 2021-22, pursuant to the approval of the shareholders through postal ballot and e-voting on 30^th December, 2021, the Allotment Committee of the Directors at its meeting held on 11^th January, 2022, issued and allotted 2,69,77,053 fully paid up Bonus equity shares of I 10 each in the ratio of 1:1 (i.e. 1 Bonus equity share for every 1 existing equity share of the Company) to the shareholders who held equity shares on the record date i.e. 10^th January, 2022.Post the issuance of bonus equity shares, the total paid up equity share capital of the Company is increased from I 26.98 Crore to I 53.96 Crore. Security premium of I 26.78 Crore and capital redemption reserve of I 0.20 Crore have been utilised towards issuance of bonus shares.

Rights, preferences & restrictions in respect of each class of shares

The Company's authorised share capital consists of two classes of shares, referred to as Equity Shares and Preference Shares, having par value of I 10/- and I 100/- each respectively.

Each holder of Equity Share is entitled to one vote per share. The preferential shareholders have preferential right over equity shareholders in respect of repayment of capital and payment of dividend. In the event of liquidation of the Company, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Nature and Purpose of Reserves Securities Premium Reserve

Securities Premium is used to record the premium on issue of shares. The reserve can be utilised only for limited purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

General Reserve

General reserve is created by the Company by appropriating the balance of Retained Earnings. It is a free reserve which can be used for meeting future contingencies, creating working capital for business operations, strengthening the financial position of the company.

Retained Earnings

Retained earning are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. (Refer statement of changes in equity.)

Investment Revaluation Reserve

Investment revaluation reserve is the cumulative gains and losses arising on the revaluation of debt instruments on the balance sheet date measured at fair value through other comprehensive income. The reserves accumulated will be reclassified to retained earnings and profit and loss respectively, when such instruments are disposed.

19.1 Details of securities provided (including for current maturities as stated under "Short term Borrowings"

in Note No. 22) and their repayment terms:

Amounts carried in Note No. 19 and 22 represent Amortised Cost whereas amounts mentioned herein below

represent the payables as on the dates mentioned.

(EMI - Equated Monthly Instalment; EQI - Equated Quarterly Instalment; UQI - Unequated Quarterly Instalment)

Term Loans from Banks:

(a) Vehicle Loan of I 0.41 Crore (31^st March, 2023: I 0.82 Crore) secured by charge on the Vehicles. Repayment in EMI as per the repayment schedules of respective vehicles.

(b) Loan of I 0.78 Crore (31^st March, 2023: I 3.01 Crore) purchase of 6 no of Volvo- tipper vehicles and secured by charge on the Vehicle financed. Repayment by 41 EMI from March 2021 as per the repayment schedules of respective vehicles.

(c) Loan of I 0.38 Crore (31^st March, 2023: I 0.54 Crore) purchase of BMW vehicle and secured by charge on the Vehicle. Repayment by 60 EMI from May '2021 as per the repayment schedule of vehicle.

(d) Loan of I Nil (31^st March, 2023: I 5.30 Crore) for maintenance capex for replacement of worn out assets and addition of new assets for uninterrupted plant operation, secured by exclusive charge over the residential housing project including land admeasuring about 10.92 acres at Choudwar, Cuttack and 30 MVA furnace at Choudwar, Cuttack Odisha. Repayment by 2 EQI of I 0.11 Crore from December 2021 and 20 EQI of I 0.33 Crore from June 2022.

(b) Other money for which the Company is

contingently liable:

(i) Demand notices in respect of six mines had been raised by the respective Deputy Director of Mines and Mining Officers of Government of Odisha amounting to I 225.14 Crore for the alleged excess extraction of minerals over the quantity permitted under the mining plan/scheme, environmental clearance or consent to operate and other statutory permissions during the period from 1993 to 2010 under Section 21(5) of Mines & Minerals (Development and Regulation) Act, 1957 ('Act'). The Company filed Revision Applications before Mines Tribunal, New Delhi against all such demands. Vide Common Order dated 11.10.2017, Revisionary Authority of Mines Tribunal has set aside the impugned demands in respect of all six mines and remanded back to Government of Odisha for taking necessary action in light of Supreme Court Judgment dated 02.08.2017 in Common Cause-vs-Union of India. Subsequently, demand notices in respect of four mines viz., Sukinda Chromite Mines, Chingudipal Chromite Mines, Bangur Chromite Mines and Nuasahi Chromite Mines have been raised by the respective Deputy Director of Mines and Mining Officers of Government of Odisha amounting to I 122.90 Crore for alleged excess extraction of minerals over the quantity permitted under environment clearance only during 2000-01 to 2010-11 under Section 21(5) of the Act. Aggrieved by the said notices, the Company had filed Revision Applications before the Mines Tribunal, New Delhi challenging the said demand notices. The Revision Applications were dismissed vide Order dtd. 14.09.2021. The Company has filed writ petitions before Hon'ble High Court of Orissa challenging the Final Order dated 14.09.2021 passed by the Revisionary Authority, Ministry of Mines, Government of India and the demand notices. Hon'ble Court vide its Orders dated 24.05.2022 stayed the impugned demand notices subject to deposit of I 30 Crore before the appropriate State Authorities in respect Sukinda Chromite Mines and such Orders have been complied with by the Company.

(ii) Consequent upon revision in mining plan enhancing the annual production capacity to 6.00 Lakh MT in the year 2019-20 & 3.71 Lakh MT in the year 2016-17 in respect of Mahagiri and Sukinda Chromite Mines respectively, the District Sub-Register, Jajpur has raised demand notices amounting to I 45.20 Crore towards differential stamp duty & registration fee in respect of both the Mining Lease Deeds pursuant to Notification no. 312-SM-REM-3/2011-SM dated 13.01.2012 of Commissioner -cum-secretary to the Government

of Odisha, Department of Steel and Mines, as published in the Odisha Gazette on 18.01.2012. The Company has filed writ petitions before the Hon'ble High Court of Orissa challenging the legality and validity of such demand notices. The Hon'ble High Court vide its interim orders dated

17.03.2021 has given direction to the authorities that no coercive action shall be taken against the Company for such demand notices till the next date of hearing & the matters are pending.

(iii) The Company had entered into a contract dated

12.02.2021 with M/s. Purva Infra Services, a partnership firm, for trial Open Cast Mining by Grab. The contractor delayed the work significantly and ultimately terminated the Agreement dated

12.02.2021 by unilateral & arbitrary abandonment of work even after reduction of scope of work. The Company filed Application for pre-litigation mediation under Sec. 12A of Commercial Courts Act, 2015 against Purva Infra Services claiming I 14.36 Crore towards refund of advances and business loss. Similarly, Purva Infra Services has also filed Application for pre-litigation mediation under Sec. 12A of Commercial Courts Act, 2015 against the Company claiming I 20.20 Crore on various heads. On 28.08.2023 the Mediation Proceeding has been disposed of and treated to be a non-starter as per Rule 3 Sub Rule (4) of Commercial Courts (P I M & S) Rules, 2018. Settlement discussion is going on.

37. Financial risk management

37.1 Financial risk factors

The Company's principal financial liabilities comprise of borrowings, 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 loans and advances, investment in equity instruments and mutual funds, trade receivables and cash and bank balances that arise directly from its operations. The Company also enters into derivative transactions to hedge foreign currency and interest rate risks and not for speculative purposes. The Company is exposed to market risk, credit risk and liquidity risk and the Company's senior management oversees

(i) Market risk

Market risk is the risk that the fair value of future cash flows of a financial asset will fluctuate because of changes in market prices. The Company's activities expose it to a variety of financial risks, including the effects of changes in foreign currency exchange rates and interest rates.

(a) Currency risk

Foreign currency risk is the risk that fair value of future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's operating activities. The Company has obtained foreign currency loans and has foreign currency trade payables and receivables and is therefore, exposed to a foreign exchange risk. For mitigating exposure to foreign exchange risk, the Company adopts a policy of selective hedging based on the risk perception of the management. The Company has entered into foreign currency derivative contracts.

The following table demonstrates the sensitivity in the USD to the Indian Rupee and the resulting impact on the Company's Profit before tax, due to changes in the fair value of monetary assets and liabilities:

(a) Trade 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.

(b) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of an exposure will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's short-term debt obligations with floating interest rates. Any changes in the interest rates environment may impact future cost of borrowings. As the Company does not have exposure to any floating-interest bearing assets, or any significant long-term fixed-interest bearing assets, its interest income and related cash inflows are not affected by changes in market interest rates. Moreover, the short-term borrowings of the Company do not have a significant fair value or cash flow interest rate risk due to their short tenure.

(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 from its financing activities, including deposits with banks and other financial instruments.

The Company is exposed to credit risk in relation to financial guarantee given by the Company on behalf of a related party. The Company's maximum exposure in this regard is the maximum amount the Company could have to pay if the guarantee is called on 31^st March, 2024 is I Nil (PY: I 3.99 Crore). This financial guarantee has been issued to a bank on behalf of the related party. Based on the expectation at the end of the reporting period, the Company considers the likelihood of any claim under guarantee is remote. Company has provided impairment loss allowance of I Nil as on 31^st March, 2024 (PY: I 0.05 Crore) based on fair value of the Corporate guarantee given.

(b) Deposits with banks and other financial instruments

The Company considers factors such as track record, market reputation and service standards to select the mutual funds for investments and banks with which balances and deposits are maintained. Generally, the balances are maintained with the banks with which the Company has also availed borrowings. The Company does not maintain significant cash balances other than those required for its day to day operations.

iii) Liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses. The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, letters of credit and working capital limits. The Company ensures it has sufficient cash to meet operational needs while maintaining sufficient margin on its undrawn fund based borrowing facilities at all times.

The table below provides details regarding remaining contractual maturities of financial liabilities at the reporting date based on contractual undiscounted payments.

38 (b). Fair valuation techniques

The Company maintains policies and procedures to value financial assets and financial liabilities using the best and most relevant data available. The fair values of the financial 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 quoted equity instrument is based on its quoted market price at the reporting date. The fair values of investment in unquoted equity instrument approximates its carrying amount which is the most appropriate estimate of fair value in the absence of recent information to measure fair value.

ii) The fair values of the mutual funds are based on their published Net Asset Values at the reporting date.

iii) The fair value of cash and deposits, 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.

iv) The fair values of derivatives are based on marked to market valuation statements received from banks with whom the Company has entered into the relevant contracts.

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 traded in active markets 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) I nputs 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 (for example, over-the-counter derivatives) 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.

(b) Defined Benefit Plan:

The Company provides for gratuity for employees as per the Payment of Gratuity Act, 1972. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service.

The Employees Gratuity Fund Scheme, which is a defined benefit plan, is managed by a trust maintained with Insurance Companies.

The present value of the obligation is determined based on actuarial valuation using Projected Units Credit Method, which recognises each period of service as giving rise to additional units of employees benefit entitlement and measures each unit separately to buildup the final obligation.

The Company provides for gratuity for employees from the date of joining.

The following table sets out the details of amount recognised in the financial statements in respect of employee benefit schemes:

The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (projected unit credit method) has been applied as when calculating the defined benefit obligation recognised within the Balance Sheet. The methods and type of assumptions used in preparing the sensitivity analysis did not change compared to prior year.

Presentation in the Statement of Profit and Loss, Other Comprehensive Income and Balance Sheet

Gratuity is in the nature of defined benefit plans and re-measurement gains/(losses) on defined benefit plans are shown under OCI as 'Items that will not be reclassified to profit or loss', including the income tax effect on the same.

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

Transactions during the year (i.e. more than 10%

of the respective category):

1 Dividend Paid to B Panda Trust 176.55 Crore (Previous Year: 1 34.80 Crore).

2 Dividend received from IMFA Alloys Finlease Limited 1 1.27 Crore (Previous Year: 1 1.84 Crore).

3 Services Received includes services from UMSL Ltd. 1 30.76 Crore. (Previous Year: 1 63.31 Crore).

4 Services Rendered includes services to UMSL Ltd. 1 0.15 Crore.(Previous Year: 1 0.15 Crore).

5 Remuneration includes amount paid to Mr. Baijayant Panda 1 20.36 Crore (Previous Year: 1 13.62 Crore), Mr. Subhrakant Panda 1 21.20 Crore (Previous Year: 1 14.47 Crore), Mr. Chitta Ranjan Ray 1 0.85 Crore (Previous Year: 1 0.82 Crore), Mr. Prem Khandelwal 1 1.49 Crore (Previous Year: 1 1.77 Crore) and Mr. Bijayananda Mohapatra 1 1.47 Crore (Previous Year: 1 1.57 Crore).

6 Donations includes amount given to Bansidhar & Ila Panda Foundation 1 5.83 Crore (Previous year: 1 5.11 Crore) and Indian Metals and Public Charitable Trust 1 0.60 Crore (Previous Year: 1 0.64 Crore).

7 Corporate Social Responsibility Expenses include amount given to Bansidhar & Ila Panda Foundation of 1 15.34 Crore.(Previous year: 1 16.24 Crore).

8 Lease rentals paid to IMFA Alloys Finlease Limited amounted 1 3.96 Crore.(Previous year: 1 3.96 Crore).

9 Other Income from UMSL Ltd. 1 Nil (Previous Year: 1 2.10 Crore).

10 I nterest Income from Utkal Coal Ltd. 1220.45 Crore (Previous Year: 1 Nil).

11 Sale of Property, Plant and Equipment includes sale of land and building to Esquire Realtors Pvt. Ltd 1 Nil (Previous Year: 1 2.78 Crore) and sale of land to Bansidhar & Ila Panda Foundation 1 Nil (Previous Year: 11.33 Crore).

12 Loan given includes amount paid to Utkal Coal Limited 1 21.73 Crore (Previous Year: 1 0.16 Crore).

13 Loan repayment received includes amount from Utkal Coal Limited 1 153.72 Crore (Previous Year: 1 20.69 Crore).

14 Guarantee provided to Bank for loan availed by Bansidhar & Ila Panda Foundation for Loan availed 1 Nil (Previous Year: 1 3.99 Crore).

15 Reimbursement of expenses paid to Nuvion Consulting 1 0.09 Crore (Previous Year: 1 Nil)

42. "The Company holds 79.2% equity in Utkal Coal Ltd (UCL), an SPV which was allotted the Utkal 'C' coal block that was subsequently cancelled by virtue of an Order of the Hon'ble Supreme Court and the same has been reallocated to M/s Jindal Steel and Power Limited (JSPL). UCL has received compensation of 1 20.69 Crore towards reimbursement of statutory expenses from Ministry of Coal on 14^th December, 2022. The Nominated Authority, Ministry of Coal, Government of India vide its Provisional Compensation Order dated 22^nd September, 2023, had determined the Valuation of compensation towards Land (Leasehold & Freehold Land) at 1 416.71 Crore payable to UCL in respect of Utkal 'C' coal block. Subsequently, the Nominated Authority vide its Final Compensation Order dated 5^th December, 2023, has revised the compensation towards leasehold land and determined the compensation towards Land (Leasehold & Freehold Land) at 1 352.90 Crore payable to UCL. M/S JSPL, the successful allottee filed an Application in the Court of the Additional District & Sessions Judge-Cum-Coal Tribunal CBA (A & D) Act, 1957, Talcher, challenging the Final Compensation order dated 5^th December, 2023 along with a stay application with a prayer for stay of operation of the final order dated 5^th December, 2023 pending final disposal of the Application. However, the Hon'ble Tribunal vide its order dated 16^th January, 2024, declined to pass any stay order. On 16^th January, 2024, UCL has filed application before the Additional District & Sessions Judge-Cum-Coal Tribunal CBA (A & D) Act, 1957, Talcher, challenging the Final Compensation Order dated 5^th December, 2023 passed by the Nominated Authority, only to the extent it disallowed the compensation amount payable to UCL on account of (i) lapsed period of leasehold land; (ii) registration and stamp duty and (iii) payment of administrative charges and

annual license fee in respect of Permissive Possession land; to the tune of 1 63.81 Crore including interest. UCL has received compensation of 1 131.52 Crore towards fixed cost for land from the Nominated Authority on 19^th March, 2024 and the same amount has been remitted to IMFA. The balance amount is under process of recovery."

43. Consequent upon final order of Nominated Authority, Ministry of Coal, Government of India dated 5^th December, 2023 and legal opinion dated 31^st January, 2024 the Company has recognised 1 220.45 Crore as income from interest on unsecured loan given to UCL. However, as the amount of compensation receivable as per the above final order is lower than interest income, the Company has written off 1 110.61 Crore against the interest income from UCL from it's books and created a provision for impairment of 1111.42 Crore on the carrying value of its equity investment in UCL. The Company's net exposure in UCL as on 31^st March, 2024 stands at 1 221.37 Crore (after writing off 1110.61 Crore).

44. The Board of Directors of the Company and Utkal Coal Ltd (UCL) at their meeting held on 2^nd November, 2023 and 31^st October, 2023 respectively approved a Scheme of Amalgamation ("The Scheme") for the merger of UCL into the Company under section 230 to 232 and other applicable provisions of the Companies Act, 2013. The proposal was filed with BSE limited and National Stock Exchange of India Limited on 21^st November, 2023 seeking their approval. However, since the amalgamation process of wholly owned subsidiary is much simpler, the Board of Directors of the Company has approved the acquisition of 52,00,000 (20.80%) shares from the remaining shareholders of UCL to make it a wholly owned subsidiary. The Company and UCL, in their respective Board Meetings held on 29^th March, 2024 have given their consent to withdraw the scheme and resubmit the scheme with Stock Exchanges.

45. Disputes between the Company and Grid Corporation of Orissa Ltd. ("GRIDCO") relating to the methodology for billing of power drawn during period of grid

disturbance etc. were settled in favour of the Company vide a unanimous award of an Arbitral Tribunal dated 23^rd March, 2008, by virtue of which GRIDCO was directed to pay 1 57.07 Lakh along with interest and 1 30 Lakh towards costs. Subsequently, GRIDCO filed a petition before the District Judge, Bhubaneswar objecting the award and obtained an interim stay on the operation of the said award. The Company filed it's objection thereto on 19^th February, 2009 and the Court of the District Judge, Bhubaneswar pronounced judgement dated 8^th January, 2018 in favour of the Company dismissing the petition filed by GRIDCO. Subsequently, GRIDCO filed an appeal before Hon'ble High Court of Orissa challenging the judgment of the learned District Judge, which is pending for final adjudication.

46. The Company had filed a petition before the Hon'ble Orissa High Court under Section 392 of the Companies Act, 1956 to modify the Scheme of Arrangement & Amalgamation and to confirm the reduction of share capital by cancellation of 3,49,466 equity shares of 1 10/- each held by erstwhile 'ICCL Shareholders Trust'. The petition was approved by the Hon'ble High Court vide its order dated 16^th March, 2011 and registered with the Registrar of Companies (ROC), Orissa on 1^st April, 2011. Accordingly, the paid up equity share capital reduced from 1 26,32,65,190/-divided into 2,63,26,519 equity shares of 1 10/- each to 1 25,97,70,530/- divided into 2,59,77,053 equity shares of 1 10/- each. Subsequently, several shareholders challenged the reduction of share capital before a Division Bench of the Hon'ble High Court which, vide its judgment dated 19^th July, 2011, directed the Company, inter alia, to restore the aforesaid shares to the Trust and allot it to interested shareholders. The Company then moved the Hon'ble Supreme Court which issued notice in the matter and granted interim stay on the subscription or cancellation of the said 3,49,466 shares.

47. As per Ind AS 108 on "Operating Segments", segment information has been provided under the Notes to Consolidated Financial Statements as Note No. 35.

(ii) Trade receivables and Contract Balances

The company classifies the right to consideration in exchange for deliverables as receivable.

The balances of trade receivables and advance from customers at the beginning and end of the reporting period have been disclosed at note no 11 & 25 respectively.

The revenue recognised during the year ended 31^st March, 2024 includes revenue against advances from customers amounting to I 3.03 Crore at the beginning of the year. (Previous Year: I 0.24 Crore)

(iii) Performance obligations and remaining performance obligations

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognised as at the end of the reporting period and the explanation as to when the Company expects to recognise these amounts in revenue.

The aggregate value of performance obligations that are completely or partially unsatisfied as at 31^st March, 2024 is Nil.

57. The Parliament of India has approved the Code of Social Security, 2020 (the Code) which may impact the contributions by the company towards provident fund, gratuity and ESIC. The Code has been published in the Gazette of India however, the effective date has not yet been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective, if any.

58. The Board of Directors of the Company has declared interim dividend of I 7.50 per share and special dividend of I 15/- per share (face value of I 10/- each) for the financial year 2023-24 in its meeting held on 2^nd November, 2023 & 29^th March, 2024 respectively.

The Board of Directors of the Company had declared interim dividend of I 5/- per share (face value of I 10/-each) for the financial year 2022-23 in its meeting held on 27^th October, 2022. The Board of Directors of the Company had proposed final dividend of I 5/-per share (face value of I 10/- each) for the financial year 2022-23 in its meeting held on 30^th May, 2023. The Board of Directors of the Company have proposed final dividend of I 7.50 per share (face value of I 10/-each) for the financial year 2023-24 in its meeting held on 23^rd May, 2024.

59. Other Statutory Information:

(i) The Company does not have Benami Property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(ii) The Company has not traded or invested in crypto currency or virtual currency during the financial year.

(iii) The Company has not advanced or loaned or invested funds in 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 person(s) or entity(ies) 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

(iv) The Company has not received any funds from any person(s) or entity(ies), including foreign entities(Funding Party) with the understanding(whether recorded in writing or otherwise) the Company shall:

(a) Directly or indirectly lend or invest in other person(s) or entity(ies) identified in any manner whatsoever by or on behalf of the Funding Party Company (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

(v) The Company does not have 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, survey or any other relevant provisions of the Income Tax Act, 1961.

(vi) The Company has filed all the required quarterly return statements of Current assets with the bank as per covenants of the Sanction of Workings Capital Limit which are in agreement with the books of accounts.

60. With effect from 1^st October, 2023 the Company has revised the method of depreciation on Property, Plant and Equipment (PPE) from Written Down Value (WDV) method to Straight Line Method (SLM), based on technical assessment done by independent technical consultant with regards to estimated useful lives of the assets and pattern of economic benefits expected to be generated from use of these assets. The prospective change in depreciation method has resulted in lower depreciation expense in the Statement of Profit and Loss by I 30.46 Crore during the year ended 31^st March, 2024. Consequently, the depreciation and amortisation expense is not comparable with previous year to that extent.

61. Subsequent Events

There are no other material adjusting or non-adjusting subsequent events, except as already disclosed.