Max India Limited in the earlier years had entered into an agreement wherein it has taken a freehold property on lease. The said agreement was renewed in FY 2022-23 for a period of 3 years. Addition in ROU in the FY 2023-24 represents the Lease obligation on account of new Lease agreement for Gurugram office. This is being classified as finance lease in terms of Ind AS 116. Accordingly, the Company recognised Right -of-use Assets and lease liability at the lease commencement date.

(i) Investment property consists of two independent floors (L19 and L20) at Max Tower (Commercial building), Noida, U.P. The investment properties are being depreciated equally over its estimated useful life considered as 60 years.

ii) Additions in Investment property during FY 2023-24 include furnishing, renovation pertaining to L-20 property amounting to Rs. 61.68 lakhs for the purpose of letting out to other entities.

iii) During the year, Company has reclassified Investment property to "Non current asset classified as held for sale" after approval of Board of directors pursuant to resolution dated December 23, 2024 . (Refer note -12)

(iv) Restriction on realisability, remittance of income and proceed of disposal of investment property:

There is no restriction on realisability, remittance of income and proceed of disposal of recognised investment property.

(v) Fair Value:

The Company has not carried out a fair valuation of its investment properties as at March 31, 2025, since these properties have been reclassified as "Non current assets classified as held for sale" in the FY 2024-25 pursuant to the Board Resolution dated December 23, 2024.

However, the Company has considered the valuation report dated May 23, 2024, issued by an external, independent valuer possessing appropriate recognised professional qualifications and relevant experience in the location and category of the properties. As per the said valuation report, the fair value of the investment properties was assessed at Rs. 6,550.00 lakhs, determined using discounted cash flow projections based on reliable estimates of future cash flows, factoring in rental growth assumptions of 15% every three years.

a) Terms of Compulsorily Convertible Preference Shares ('CCPS') - 1 CCPS to be converted into 10 equity shares at any time within the tenor of 10 years from the date of issue at the option of the shareholder at par value. In case, the Investee Company decides to go for an IPO or any corporate action including issuance of equity on preferential basis, rights or a bonus issue, the shareholder shall have the right for early/prior conversion.

During the financial year 2024-25, the Company's investment in 5,65,000 Zero Coupon Compulsory Convertible Preference Shares (CCPS) of face value Rs. 100 each in Antara Senior Living Limited was converted into 56,50,000 equity shares of face value Rs. 10 each.In the previous financial year 2023-24, 92,20,000 Zero Coupon CCPS of Rs. 100 each held in Antara Senior Living Limited were converted into 9,22,00,000 equity shares of Rs. 10 each.

b) During the financial year 2020-21, the Company adopted 'Max India Limited - Employee Stock Option Plan 2020 (ESOP Plan)'.Pursuant to which stock options have been granted to the employees of the company and its subsidiaries Antara Senior Living Ltd. and Antara Purukul Senior Living Ltd. The accounting treatment of stock options provided to employees of subsidiary company has been treated as Additional Investment in the Subsidiary Company as per 'Ind AS 102 Share based payment.'

c) During the year 2024-25, Company entered into a Share Sale and Purchase Agreement dated June 01, 2024, with Antara Senior Living Limited, a wholly owned subsidiary company w.r.t divestment of its entire stake in Antara Bangalore Senior Living Limited (Formerly "Max Ateev Limited") for consideration of Rs. 109.06 lakhs effective from June 1,2024.

d) (i) Investment in Subsidiaries of Rs.75,861.38 Lakhs (FY 2023-24 : Rs.58,373.00) is recorded at cost net of provision

for impairment as at 31st March 2025. The Company has evaluated the carrying value/fair value calculations of investment in subsidiaries, where applicable, to determine whether the valuations performed by the Company were within an acceptable range determined by us.

(ii) In terms of Ind AS 36, Impairment of Assets, during the FY 2023-24, the Company has impaired the investment in equity shares held in Antara Bangalore Senior Living Limited (Formerly Max Ateev Limited) and provided for impairment of Rs.790.59 lakhs to bring down the investment equivalent to carrying value of Antara Bangalore Senior Living Limited (Formerly Max Ateev Limited).

Note :During the financial year 2024-25, the Board of Directors of the Company, based on the recommendation of the Audit Committee on December 23, 2024, approved the sale of three floors—Level 19, Level 20, and Level 20M—owned by the Company in Max Towers, Sector 16-B, Noida. The total area of the said properties, including associated car parking spaces and embedded fixtures and fittings, aggregates to 60,561 square feet. The sale was proposed to be made to Max Towers Private Limited (MTPL), a subsidiary of Max Estates Limited, a listed company forming part of the same promoter group after seeking necessary approvals. The total consideration for the transaction is Rs 10,508.00 lakhs. An advance of Rs 525.40 lakhs was received from MTPL on March 18, 2025. The sale agreement was executed on May 9, 2025, and all necessary sale-related compliances were completed in the subsequent financial year 2025-26.

Pursuant to this approval, the relevant assets were reclassified from Property, Plant and Equipment and Investment Property to "Non current assets classified as held for sale" in accordance with Ind AS 105 - Non-current Assets Held for Sale and Discontinued Operations, as the conditions for classification under Ind AS 105 were met as of December 31, 2024.

The reclassified assets are measured at the lower of their carrying amount and fair value less costs to sell. No impairment loss was recognized on reclassification.

*During the FY 2024-25, the Company, with the approval of the Nomination and Remuneration Committee, allotted 4,18,565 (FY 2023-24 : 1,41,759)equity shares of Rs.10 each, fully paid-up, to eligible employees of the Company and its Subsidiary Companies. The allotment was made pursuant to the exercise of vested stock options under the Company's ESOP Plan.

(ii) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The Company has not declared any dividend. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, in proportion to their shareholding. The distribution will be in proportion to the number of equity shares held by the shareholders.

(v) Shares reserved for issue under options

For details of shares reserved for issue under the employee stock option plan (ESOP) of the Company, please refer Note No. 31.

(vi) Aggregate number of share issued for consideration other than cash during the period of five years immediately preceding the reporting date

The Company issued and allotted 5,37,86,261 equity shares of Rs 10 each on June 22, 2020 to the shareholders of erstwhile Max India Limited as on the record date i.e. June 15, 2020 in exchange of 26,89,31,305 shares of Rs. 2 each being held by them in the erstwhile Max India.

The Company recognizes profit or loss on purchase, sale, issue or cancellation of the Company's own equity instruments, transfer on account of scheme of demerger and Fair valuation of ESOP to capital reserve. It can be utilised in accordance with the provisions of the Companies Act, 2013, as amended from time to time.

Securities premium

Securities premium is used to record premium received on issue of shares. The reserve is utilised in accordance with the provisions of the Companies Act, 2013.

Employee stock options outstanding

The employee stock options outstanding is used to recognise the grant date fair value of options issued to employees under Employee stock option plan.

Other Comprehensive Income

The remeasurement gains/loss on defined benefit plans and income tax effect thereon is recognised in of Other Comprehensive Income.

Terms and conditions of the above financial liabilities:

- Other financial liabilities are non-interest bearing and are settled as per the terms agreed in the contract.

- The transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions.

- For explanations on the company's credit risk management processes, Refer Note No. 38B(b).

a) Ageing of Trade payables is given in Note no. 43.

b) Amount due to micro and small enterprises as defined in the "The Micro, Small and Medium Enterprises Development Act, 2006" has been determined to the extent such parties have been identified on the basis of information available with the Company.

c) There is no Micro, Small and Medium Enterprise to which the Company owes dues, which are outstanding for more than 45 days during the period April 1, 2024 to March 31, 2025. This information as required to be disclosed under Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

(i) The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities related to income taxes levied by the same tax authority

(ii) Basis the Income Tax return filed by the Company upto FY 2023-24 and the self assessed business Loss for the FY 202425, (after taking into account the carried forward Business losses of erstwhile Max India limited pursuant to the Composite Scheme) , the carried forward business losses stand at Rs 1633.79 (FY 2023-24 : Rs 578.75 lakhs ). The Company believes that it cannot reasonably determine the future tax liability against which these carried forward business losses can be set off and accordingly, no deferred tax asset has been recorded in current financial year.

(iii) Basis the Income Tax return filed by the Company upto FY 2023-24 and the self-assessed Long-Term Capital Gains adjusted with Long-Term Capital Losses for the Financial Year 2024-25, (after taking into account the carried forward Long Term Capital Losses of erstwhile Max India Limited pursuant to the Composite Scheme) , the carried forward LongTerm Capital Losses stand at Rs 22,847.39 lakhs (FY 2023-24 : Rs 23,518.59) pertaining to FY 2016-17 and FY 2019-20 . The Company believes that it cannot reasonably determine the future tax liability against which these carried forward Long-Term Capital Losses can be set off and accordingly, no deferred tax asset has been recorded in current financial year and preceeding financial year.

(iv) The aggregate amount of impairment in value of investment in subsidiaries as on March 31, 2025 is Rs.16,235.87 lakhs (March 31, 2024-Rs. 20,170.82 lakhs). The amount of impairment is not taken into account for the purposes of creating deferred tax asset due to uncertainty over recovery in the value of investments.

The Company has made contribution of Rs. 5.00 lakhs in FY 2024-25 and NIL in FY 2023-24, which is made to an enterprise owned or significantly influenced by key managerial personnel or their relatives i.e. Max India Foundation, a trust registered under Indian Trust Act, 1882, with the main objective of empowering children in need, with quality and value based education.

29. EARNINGS PER SHARE (EPS)

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on conversion of all the dilutive potential equity shares into equity shares.

30. EMPLOYEE BENEFIT PLANS

A) Defined Benefit Plans

a) Gratuity (Non-funded):

The Company has a defined benefit gratuity plan (unfunded) for its employees and it is governed by the Payment of Gratuity Act, 1972. Under the plan, employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the member's length of service and salary at retirement age.

The following tables summarise the components of net benefit expense recognised in the statement of profit or loss and the funded status and amounts recognised in the balance sheet for the defined benefit plans:

- Changes in Defined benefit obligation due to 1% Increase/Decrease in Mortality Rate, if all other assumptions remain constant is negligible.

- The estimates of rate of escalation in salary considered in actuarial valuation are after taking into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is as certified by the Actuary.

- Discount rate is based on the prevailing market yields of Indian Government securities as at the balance sheet date for the estimated term of the obligations.

- The sensitivity analyses above have been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.

The average duration of the defined benefit plan obligation for gratuity at the end of the reporting period is 8.00 years (March 31, 2024: 10.20 years).

b) Leave Encashment

Provision for leave encashment benefits payable to its regular employees with respect to accumulated earned leaves and sick leaves outstanding at the year end is made by the Company on basis of actuarial valuation and is non funded.

c) Provident Fund:

The Company is contributing in a provident fund trust "Max Financial Services Limited (MFSL) Employees Provident Fund Trust" which is a common fund for certain Max Group companies. The provident fund trust requires that interest shortfall shall be met by the employer, accordingly it has been considered as a defined benefit plan.

The interest rate payable to the members of the Trust shall not be lower than the statutory rate of interest declared by the Central Government under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, and shortfall, if any, shall be made good by respective group companies. The actuary has accordingly provided a valuation for "Max Financial Services Limited Employees Provident Fund Trust " which is a common fund for MFSL, its subsidiaries and other participating companies.

31 EMPLOYEE SHARE BASED PAYMENTS

Max India Employee Stock Plan - 2020 ("ESOP Plan")

The Company had instituted Max India Limited - Employee Stock Option Plan 2020 (ESOP Plan), which was approved by the Board of Directors in its meeting held on October 28, 2020 and by the shareholders through Postal Ballot process on December 28, 2020. The Total number of options to be granted under the ESOP Plan to the eligible employees of the Company its subsidiary company shall not exceed 26,89,313 options. Each option when exercised would be converted into one equity share of Rs 10/- each fully paid -up. The ESOP Plan is administered by the Nomination and Remuneration Committee. The employees of the Company and its subsidiary shall receive shares of the Company upon completion of vesting conditions

32. COMMITMENTS AND CONTINGENCIESA. Commitments

i) The Company has capital commitment of Rs.NIL ( Rs. 66.26 lakhs in FY 2023-24) towards acquisition of Capital assets.

ii) The Company may provide financial support to Antara Senior Living Limited and Antara Assisted Care Services Limited which are wholly owned subsidiaries of the Company in order to meet their future financial obligations.

B. Contingent liabilitiesa) Corporate guarantee :

The Company has not provided any corporate gurantees to banks, financial institutions, or any third parties during the year or outstanding as at the reporting date.

The Company is contesting these demands and the management, based on advise of its legal/tax consultants believes that its position will likely be upheld in the appellate process. No expense has been accrued in the standalone Ind AS financial statements for these demands raised. The management believes that the ultimate outcome of these proceedings will not have a material adverse effect on the Company's financial position and results of operations. The Company does not expect any payment in respect of these contingent liabilities.

* During the FY 2021-22, the Company has received an income tax demand of ~ Rs. 2,716.00 lakhs on account of disallowance of the loss claimed on sale of shares of Neeman Medical International BV (an erstwhile wholly owned subsidiary) by erstwhile Max India Limited during the financial year 2014-15. The Company has filed an appeal/writ with Hon'ble High Court of Punjab & Haryana and is strong on merits. The matter has been stayed & pending before court.

33. Leases

Effective April 1, 2019, the Company has adopted Ind AS 116 "Leases", applied to all lease contracts existing on April 1, 2019 using the modified retrospective method along with the transition option to recognise Right-of-Use asset (ROU) at an amount equal to the lease liability.

Consequently, the nature of expenses in respect of operating lease has changed from lease rent in previous periods to depreciation cost for the ROU asset and finance cost for the interest accrued on lease liability. The effect of this adoption is not material on the profit and earnings per share for the current year.

The Company has entered into short term lease arrangements for certain facilities and office premises. Rent expense of Rs. 1.80 lakhs (previous year: Rs. 2.43 Lakhs) in respect of obligation under cancellable operating leases has been charged to the statement of profit and loss for these short term lease arrangements.

35 SEGMENT INFORMATION

Being a parent company, the Company, which is having investments in various subsidiaries, is primarily engaged in growing and nurturing these business investments and providing shared services to its group companies. Accordingly, the Company views these activities as one business segment, therefore there are no separate reportable segments in accordance with the requirements of Indian Accounting Standard 108 - 'Operating Segment Reporting' notified under the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time.

1 The management assessed that inter corporate deposits, cash and cash equivalents, trade receivables and trade payables approximate their carrying amounts.

2 The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

3 The following methods and assumptions were used to estimate the fair values:

The fair values for investments in quoted securities like mutual funds are based on price quotations available in the market at each reporting date.

The fair values for investments in unquoted equity shares are estimated by valuer following valuation techniques.

The carrying amounts of trade receivables, cash and cash equivalents, other bank balances, trade payables, other financial liabilities and other financial assets are considered to be the same as their fair values, due to their short-term nature. . Loans repayable on demand have same carrying value and fair value as it is repayable on demand. The carrying values for finance lease receivables approximates the fair value as these are periodically evaluated based on credit worthiness of customer and allowance for estimated losses is recorded based on this evaluation. The fair values for lease obligation were calculated based on cash flows discounted using a lending rate. The carrying amount of finance lease obligations approximate its fair value.

38. FAIR VALUE HIERARCHY

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2: other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly

Level 3: techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data

The following table provides the fair value measurement hierarchy of the Company's assets and liabilities.

39. FINANCIAL RISK MANAGEMENT

The company's principal financial liabilities comprise Lease liabilities, Trade payables and Security Deposits. The main purpose of these financial liabilities is to finance the Company's operations. The Company's principal financial assets include Investments in Mutual Funds and equity shares, Fixed Deposits, Corporate Deposits to Subsidiary, trade and other receivables, bank balances and security deposits. The Company is exposed to market risk, credit risk and liquidity risk. The Company's Audit Committee oversees compliance with the management of these risks/company's Risk Management Policy, and reviews the adequacy of the risk management framework in relation to the risk faced by the company. The Audit Committee is assisted in its overall role by Internal Audit. Internal Audit undertakes both regular and ad-hoc reviews of risk management controls and procedure, the results of which are reported to the Audit Committee.

The Company's activities expose it to the following risks arising from the financial instruments:

- Market risk

- Liquidity risk

- Credit risk

A) 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 investment in mutual funds. The objective of market risk is to optimize the return by managing and controlling the market risk exposures within acceptable parameters.

The sensitivity analysis in the following sections relate to the position as at March 31, 2025. The following assumptions have been made in calculating the sensitivity analysis:

- The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at March 31, 2025.

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. In order to balance the Company's position with regards to interest income and interest expense and to manage the interest rate risk, treasury performs comprehensive interest rate risk management. The Company does not have any borrowings, as at March 31, 2025 and March 31, 2024 and hence it is not exposed to any interest rate risk

b) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's operating activities (when revenue or expense is denominated in a foreign currency) and investments in foreign currency. The foreign currency risk is on account of balances outstanding with Max UK Limited. Company has fully impaired investment in Max UK Limited.

c) Price risk

The Company's exposure to price risk arises from investments held and classified as FVTPL. To manage the price risk arising from investments in mutual funds, the Company diversifies its portfolio of assets.

B) Credit risk

Financial loss to the Company, arising, if a customer or counterparty to a financial instrument fails to meet its contractual obligations principally from the Company's receivables from customers and investments in debt securities.

a) Credit risk management

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of account receivables. Individual risk limits are also set accordingly.

Based on business environment in which the Company operates, a default on a financial asset is considered when the counter party fails to make payments within the agreed time period. Loss rates reflecting defaults are based on actual credit loss experience and considering differences between current and historical economic conditions.

The description of significant financial assets is given below:

(i) Trade Receivables

The activities of the Company primarily include providing functional support services to related parties and earning rental income from buildings and investment property. Effective December 31, 2024, the building and investment property have been classified as 'Assets Held for Sale'. The credit risk relating to outstanding amounts from related parties and tenants is considered to be insignificant. Refer Note 36 for disclosures on related party transactions, including outstanding balances as at the reporting date.

The Company creates allowances for impairment that represents its expected credit losses in respect of trade receivables. The management uses a simplified approach for the purpose of computation of expected credit loss for trade receivables.

(ii) Cash and cash equivalents

The Company held cash and cash equivalents of Rs. 20.79 lakhs as on March 31, 2025 (March 31, 2024: Rs. 20.09 lakhs) The cash and cash equivalents that are held with scheduled banks as on 31.3.2025 are of Rs. 20.43 lakhs (March 31, 2024: Rs. 19.73 lakhs).

(iii) Deposits with banks

The company held fixed deposits and interest on same with banks and financial institutions of Rs. NIL (March 31, 2024: Rs. 11,001.43 lakhs). In order to manage the risk, the Company invests only with scheduled banks.

(iv) Investment in Mutual Funds

The company has made Investments in Mutual Funds of Rs. 2,049.46 Lakhs (March 31, 2024: Rs. 3,920.16 lakhs). In order to manage the credit risk, Company maintains a list of approved Asset Management Companies with an annual review. The investment is within prescribed parameters as per Treasury Policy.

(v) Loans and Advances

The Company had granted loan to its subsidiaries amounting to Rs. 3,300.00 lakhs (net of provision for impairment) during the financial year 2023-24 and the said loan was fully recovered during the financial year 2024-25, and no fresh loans were disbursed during the financial year 2024-25. The Loans' approval are on a case to case basis by Audit Committee and Board.The credit risk with respect to amount of loans advanced to the subsidiaries is considered to be insignificant as the amount which is not recoverable as per the Management estimate has been fully provided for as provision for impairment in the preceeding years. Refer Note 36 on disclosure on related party transactions with respect to amount outstanding as at reporting date.

Trade Receivables and Loans and Advances are written-off when there is no reasonable expectation of recovery by the Management. The Company continues to engage with parties whose balances have been provided for or are written-off and attempts to enforce repayment. Recoveries made are recognised in statement of profit and loss.

The Company creates allowances for impairment that represents its expected credit losses in respect of Loans and Advances

C) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

The Company employs prudent liquidity risk management practices which inter alia means maintaining sufficient cash and marketable securities. Given the nature of the underlying business of company and its subsidiaries, the corporate finance maintains flexibility in funding by maintaining availability under committed credit lines and this way liquidity risk is mitigated by the availability of funds to cover future commitments. Cash flow forecasts are prepared basis the funding requirement of the subsidiaries in the near future. The Company manages liquidity risk by maintaining adequate cash reserves by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.

The company aims to maintain the level of its cash and cash equivalents and other highly marketable debt investments at an amount in excess of expected cash flows on financial liabilities. The Company also monitors the level of expected cash inflows on trade receivables with the expected cash outflows on trade payables and other financial liabilities.

40. CAPITAL MANAGEMENT

For the purpose of the Company's capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of the company. The primary objective of the Company's capital management is to maximise the shareholder value.

The Company does not have any borrowings as at March 31, 2025 and March 31, 2024

No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2025 and March 31, 2024.

* During the Financial Year 2024-25, the investment in 5,65,000 (Previous year 92,20,000) Zero Coupon Compulsory Convertible Preference Shares (CCPS) of Rs. 100/- each of Antara Senior Living Limited were converted into 56,65,000 (Previous year 9,22,00,000) equity shares of Rs. 10/- each.

d) During the financial year 2024-25, the Company received a sum of Rs. 50.00 lakhs from Max Skill First Limited, a wholly owned subsidiary of the Company against the advance given between FY 2008-09 to FY 2014-15. (Refer Note No. 42 for details)

e) During the financial year 2024-25,the Company entered into a Share Sale and Purchase Agreement dated June 01, 2024, with Antara Senior Living Limited, a wholly owned subsidiary company w.r.t divestment of its entire stake in Antara Bangalore Senior Living Limited (earlier known as "Max Ateev Limited") for consideration of Rs. 109.06 lakhs. (Refer Note No. 42 for details)

For FY 2024-25

During the year 2024-25, Company entered into a Share Sale and Purchase Agreement dated June 01, 2024, with Antara

Senior Living Limited, a wholly owned subsidiary company w.r.t divestment of its entire stake in Antara Bangalore Senior Living

Limited (earlier known as "Max Ateev Limited") for consideration of Rs. 109.06 lakhs effective June 1,2024. Profit of Rs. 4.65

lakhs on sale of said transaction has been recorded under exceptional item.

For FY 2023-24

i. During FY 2003-04 to FY 2021-22, Max India Limited had provided for diminution in the value of advances given to Antara Bangalore Senior Living Limited (Formerly Max Ateev Limited) aggregating to Rs. 728.25 lakhs. As the said advance has been received back by the Company, the Company reversed the provision for impairment by Rs. 728.25 lakhs in FY 202324 and recorded under Exceptional item.

ii. During the year ended March 31, 2024, the Company has impaired the carrying value of investment in equity shares of Antara Bangalore Senior Living Limited (earlier known as "Max Ateev Limited") by Rs. 790.59 lakhs and recorded under Exceptional item.

ii. During FY 2008-09 to FY 2014-15, erstwhile Max India Limited had provided for diminution in the value of loans given to Max Healthstaff International Limited (now Max Skill First Limited) aggregating to Rs. 1,916.34 lakhs. Out of the said loans, Rs.450.00 lakhs were received by the Company during FY 2022-23 and Rs. 50.00 lakhs received in May 2024. Accordingly, the Company reversed the provision for impairment by Rs. 450.00 lakhs in FY 2022-23 and Rs. 50.00 lakhs in FY 2023-24 and recorded under Exceptional item.

1) . The decrease in the Current Ratio as of March 31, 2025, compared to March 31, 2024, is primarily due to an increase

in current liabilities resulting from advances received against a Non-Current Asset Held for Sale (as detailed in Note No. 12), and a simultaneous decrease in current assets. The reduction in current assets is attributed to lower bank balances, investments, loans, and other financial assets, the proceeds of which have been largely utilised for investment in compulsorily convertible preference shares (classified as equity) of AACSL. This reallocation of funds from short-term assets to long-term strategic investments has impacted the company's temporary short-term liquidity position, thereby reducing the Current Ratio.

2) The decrease in the Ratio of Return on Equity as at March 31, 2025 as compared to March 31, 2024 is primarily due to decrease in Revenue from operations during the year.

3) The decrease in Trade Receivables Turnover Ratio as at March 31, 2025 as compared to March 31, 2024 is primarily due to decrease in Revenue from operations from rendering of shared services and increase in average Trade receivables.

4) The decrease in Trade Payables Turnover Ratio is on account of decrease in total other expenses during the FY 2024-25 in comparison to FY 2023-24.

5) The increase in Net Capital Turnover Ratio as at March 31, 2025 as compared to March 31, 2024 is primarily due to decrease in Working Capital.

6) The decrease in Net Profit Ratio as at March 31, 2025 as compared to March 31, 2024 is primarily due to decreased Revenue from Operations during the year.

7) The decrease in Return on capital employed Ratio as at March 31, 2025 as compared to March 31, 2024 is primarily due to loss during the year.

47a. ADDITIONAL REGULATORY INFORMATION

i) The title deeds of immovable properties (other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the standalone financial statements are held in the name of the Company.

ii) The Company does not have any benami property, where any proceeding has been initiated or pending against the Company for holding any benami property.

iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

iv) The Company has not advanced or loaned or invested funds to any 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

v) 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.

vi) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.

vii) The Company is not declared wilful defaulter any bank or financial institutions or lender during the year.

viii) The Company has not created any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

ix) The Company does not have any borrowings. Therefore, no returns or statements of current assets are filed by the Company.

x) The Company has not revalued any of its Property, Plant and Equipment (including Right-of-Use Assets) during the year.

xi) 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 or survey or any other relevant provisions of the Income Tax Act, 1961).

47b. OTHERS

i) The Company has not entered into any derivative instrument during the period. The Company does not have any foreign currency exposures towards receivables, payables or any other derivative instrument that have not been hedged.

ii) In respect of amounts as mentioned under Section 125 of the Companies Act, 2013, there were no dues required to be credited to the Investor Education and Protection Fund as at March 31, 2025.

iii) In the opinion of the Board of Directors, all current assets and long term loans & advances, appearing in the balance sheet as at 31 March 2025 have a value on realization, in the ordinary course of the Company's business, at least equal to the amount at which they are stated in the financial statements. In the opinion of the board of directors, no provision is required to be made against the recoverability of these balances.

49. The Rights Issue Committee of the Board of Directors of Max India Limited ("the Company"), at its meeting held on May 23,2025, approved the allotment of 82,81,973 equity shares of face value Rs.10/-each at an issue price of Rs.150/-per share, including a premium of Rs.140/-per share, aggregating Rs.124.23 crores, on a rights basis, pursuant to the terms and conditions specified in the Letter of Offer dated April 25, 2025.

Rs. 124.23 crores towards the above subscribed shares by eligible shareholders has been fully received by the Company in the month of May 2025.