(xiii) Provisions, contingent assets and contingent liabilities
A provision is recognized when:
• the Company has a present obligation as a result of
a past event;
• it is probable that an outflow of resources embodying
economic benefits will be required to settle the
obligation; and
• a reliable estimate can be made of the amount of the
obligation.
A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may,
but probably will not, require an outflow of resources.
Where there is a possible obligation or a present
obligation that the likelihood of outflow of resources is
remote, no provision or disclosure is made.
(xiv) Earnings per share
Basic earnings per share are calculated by dividing the
net profit for the year attributable to equity shareholders
by the weighted average number of equity shares
outstanding during the year.
For the purpose of calculating diluted earnings per
share, the net profit for the year attributable to equity
shareholders and the weighted average number of
shares outstanding during the year are adjusted for the
effects of all dilutive potential equity shares.
(xv) Leases
The company follows IND AS 116. In accordance with
IND AS 116, the company recognises right of use assets
representing its right to use the underlying asset for
the lease term at the lease commencement date. The
cost of right of use asset measured at inception shall
comprise of the amount of the initial measurement
of the lease liability adjusted for any lease payments
made at or before commencement date less any lease
incentive received plus any initial direct cost incurred
and an estimate of cost to be incurred by lessee in
dismantling and removing underlying asset or restoring
the underlying asset or site on which it is located. The
right of use asset is subsequently measured at cost less
accumulated depreciation, accumulated impairment
losses, if any, and adjusted for any re-measurement of
lease liability. The right of use assets is depreciated using
the Straight Line Method from the commencement date
over the charter of lease term or useful life of right of
use asset. The estimated useful life of right of use assets
are determined on the same basis as those of Property,
Plant and Equipment. Right of use asset are tested for
impairment whenever there is any indication that their
carrying amounts may not be recoverable. Impairment
loss, if any, is recognised in Statement of Profit and Loss.
The company measures the lease liability at the present
value of the lease payments that are not paid at the
commencement date of lease. The lease payments are
discounted using the interest rate implicit in the lease,
if that rate can be readily determined. If that rate cannot
be readily determined, the company uses incremental
borrowing rate.
The lease liability is subsequently re-measured by
increasing the carrying amount to reflect interest on
lease liability, reducing the carrying amount to reflect
the lease payments made and re-measuring the carrying
amount to reflect any reassessment or lease modification
or to reflect revised-in-substance fixed lease payments.
The company recognises amount of re-measurement
of lease liability due to modification as an adjustment
to write off use asset and statement of profit and loss
depending upon the nature of modification. Where the
carrying amount of right of use assets is reduced to zero
and there is further reduction in measurement of lease
liability, the company recognises any remaining amount
of the re-measurement in Statement of Profit and Loss.
The company has elected not to apply the requirements
of IND AS 116 to short term leases of all assets that have
a lease term of 12 months or less unless renewable on
long term basis and leases for which the underlying
asset is of low value. The lease payments associated with
these leases are recognised as an expense over lease
term.
Company as a lessor leases in which the Company does
not transfer substantially all the risks and rewards of
ownership of an asset are classified as operating leases.
Rental income from operating lease is recognised on a
straight-line basis over the term of the relevant lease.
Initial direct costs incurred in negotiating and arranging
an operating lease are added to the carrying amount of
the leased asset and recognised over the lease term
on the same basis as rental income. Contingent rents
are recognised as revenue in the period in which they
are earned. Fit-out rental income is recognised in the
statement of profit and loss on accrual basis.
Leases are classified as finance leases when
substantially all of the risks and rewards of ownership
transfer from the Company to the lessee. Amounts due
from lessees under finance leases are recorded
as receivables at the Company's net investment in the
leases. Finance lease income is allocated to
accounting periods so as to reflect a constant periodic
rate of return on the net investment outstanding
in respect of the lease.
(xvi) Income Tax
i. Provision for current tax is made based on the tax
payable under the Income Tax Act, 1961. Current
income tax relating to items recognised outside
profit and loss is recognised outside profit and loss
(either in other comprehensive income or in equity).
ii. Deferred tax is recognised on temporary differences
between the carrying amounts of assets and
liabilities in the financial statements and the
corresponding tax bases used in the computation of
taxable profit.
Deferred tax liabilities and assets are measured at the
tax rates that are expected to apply in the period in
which the liability is settled or the asset realised, based
on tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period.
The carrying amount of deferred tax liabilities and assets
are reviewed at the end of each reporting period.
(xvii) Cash and Cash Equivalent
Cash and Cash equivalent in the balance sheet comprises
cash at bank and cash on hand, demand deposits and
short term deposits which are subject to an insignificant
change in value. The amendment to IND AS-7 requires
entities to provide disclosure of change in the liabilities
arising from financing activities, including both changes
arising from cash flows and non cash changes (such
as foreign exchange gain or loss). The Company has
provided information for both current and comparative
period in cash flow statement.
(xviii) Significant management judgement in applying
accounting policies and estimation of uncertainty
(a) Significant management judgements
When preparing the financial statements, management
undertakes a number of judgements, estimates and
assumptions about the recognition and measurement
of assets, liabilities, income and expenses.
(b) Recognition of deferred tax assets
The extent to which deferred tax assets can
be recognized is based on an assessment of
the probability of the Company's future taxable
income against which the deferred tax assets can
be utilized.
(c) Recoverability of advances/receivables
At each balance sheet date, based on historical
default rates observed over expected life, the
management assesses the expected credit loss
on outstanding receivables and advances.
(d) Defined benefit obligation (DBO)
Management's estimate of the DBO is based on a
number of critical underlying assumptions such
as standard rates of inflation, medical cost trends,
mortality, discount rate and anticipation of future
salary increases. Variation in these assumptions
may significantly impact the DBO amount and the
annual defined benefit expenses.
(e) Provisions
At each balance sheet date based on management
judgment, changes in facts and legal aspects, the
Company assesses the requirement of provisions
against the outstanding warranties and
guarantees. However the actual future outcome
may be different from this judgement.
(f) Inventories
Inventory is stated at the lower of cost or net
realisable value (NRV).
NRV for completed inventory is assessed
including but not limited to market conditions
and prices existing at the reporting date and is
determined by the Company based on net amount
that it expects to realise from the sale of inventory
in the ordinary course of business.
NRV in respect of inventories under construction
is assessed with reference to market prices (by
referring to expected or recent selling price)
at the reporting date less estimated costs to
complete the construction, and estimated cost
necessary to make the sale. The costs to complete
the construction are estimated by management.
(g) Revenue from contracts with customers
The Company has applied judgements that
significantly affect the determination of the
amount and timing of revenue from contracts
with customers.
(h) Lease
The Company evaluates if an arrangement
qualifies to be a lease as per the requirements
of IND AS 116. Identification of a lease requires
significant judgement. The company uses
significant judgement in assessing the lease
term (including anticipated renewals) and the
applicable discount rate.
The company determines the lease term as the
non-cancellable period of lease, together with
both periods covered by an option to extend the
lease if the company is reasonably certain to
exercise that option and periods covered by an
option to terminate the lease if the company is
reasonably certain not to exercise that option.
In exercise whether the company is reasonably
certain to exercise an option to extend a lease
or to exercise an option to terminate the lease,
it considers all relevant facts and circumstances
that create an economic incentive for the company
to exercise the option to extend the lease or to
exercise the option to terminate the lease. The
company revises lease term, if there is change
in non-cancellable period of lease. The discount
rate used is generally based on incremental
borrowing rate.
(i) Fair value measurements
Management applies valuation techniques to
determine the fair value of financial instruments
(where active market quotes are not available)
and non-financial assets. This involves developing
estimates and assumptions consistent with how
market participants would price the instrument
/ assets. Management bases its assumptions on
observable date as far as possible but this may
not always be available. In that case Management
uses the best relevant information available.
Estimated fair values may vary from the actual
prices that would be achieved in an arm's length
transaction at the reporting date.
(j) Classification of assets and liabilities into
current and non-current
The Management classifies assets and liabilities
into current and non-current categories based on
its operating cycle.
change in intended use of such land for development and sale in the ordinary course of the Company's real estate business.
Accordingly, the said transfer has been considered as disposal/de-recognition from PPE and recognition under inventories in
accordance with the applicable accounting principles and the Company's business model.
The transfer does not represent an external sale of land but an internal reclassification based on management's assessment
of future economic benefits and intended utilisation of the land. The land is proposed to be utilized for real estate development
activities/projects of the Company.
Note 1.3
The company do not have any immovable properties being land classified as Properties, Plant and Equipment as at 31st March,
2026, hence reporting requirement regarding title deed of the immovable property in the name of Company are not applicable
to the company.
Note 4.2:
Investment held by the Company in wholly owned subsidiary company namely M/s Omaxe Forest Spa and Hills Developers
Limited pledged as security for obtaining loan by subsidiary company- Rs. Nil (PY Rs. 3.99 Crore)
Note 4.3:
Investment held by the Company in wholly owned subsidiary company namely M/s Omaxe Heritage Private Limited pledged as
security for obtaining loan by subsidiary company- Rs. Nil (PY Rs. 0.02 Crore)
Note 4.4:
The fair value of investments carried at fair value through OCI has been determined by registered valuer as defined in Rule 2
of Companies (Registered Valuers and Valuation) Rules, 2017.
Note 4.5:
During the financial year 2022-23, the Company invested 3,60,00,000 Unsecured 0% Compulsorily Convertible Debentures
(CCDs) of Rs. 10/- each of its subsidiary company i.e. Omaxe World Street Private Limited for Rs. 32.40 crore (90% of the
subscription amount) at following major terms and conditions:-
Note - 16.2 Terms/rights attached to shares
Equity
The company has only one class of equity shares having a face value of Rs. 10 per share. Each holder of equity shares is
entitled to one vote. The company declares and pays dividend in Indian Rupees. The dividend proposed by board of directors is
subject to the approval of the shareholders in the ensuing Annual General Meeting. 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. The distribution will be in proportion to the number of equity shares held by the respective shareholders.
Note - 16.5
The Company has not allotted any other fully paid equity shares except as above pursuant to contract(s) without payment being
received in cash and has neither allotted any fully paid up equity shares by way of bonus shares nor has bought back any class
of shares during the period of five years immediately preceding the balance sheet date.
Nature and Purposes of Reserve forming part of Other Equity
a) Equity component of compound financial instruments- represents equity component of 0.10% Non-Cumulative, Non¬
convertible, Redeemable Preference Share
b) Securities Premium- Securities premium represents amount received in excess of face value of shares and can be utilized
for the purpose and in the matter as mentioned as mentioned in Section 52 of Companies Act, 2013.
c) Retained Earnings/(Deficit)- This reserve represents accumulated earnings/(Deficit) of the Company as on the balance
sheet date.
d) General Reserve- The General Reserve is a free reserve which is used from time to time to transfer profit from / to
retained earnings for appropriation purpose. As the general reserve is created by transfer from one component of equity
to another and is not an item of other comprehensive income, item included in general reserve will not be reclassified
subsequently to statement of Profit & Loss.
e) Other comprehensive income- The Company has elected to recognize changes in the fair value of investment in equity
securities and remeasurement of defined benefit obligation in other comprehensive income that will not be reclassified to
statement of Profit & Loss.
Note 18.3: The Company is regular in repayment of principal and interest to Bank, Non- Banking Financial Companies,
Housing Finance Companies as per stipulation and there are no defaults in repayment of principal and interest to any lender
as at the balance sheet date.
Note 18.4: The Company has not been declared as willful defaulter by any Bank or any Government Authorities.
Note 18.5: The loans taken by the Company during the year have been utilized for the purpose for which they were obtained.
Note 18.6: Funds raised by the Company on short term loan have not been used for long term purposes.
Note 18.7: The Company has not raised any funds from Banks / Non-Banking Financial Companies / Housing Finance Company
and from any other entity or person on account of or to meet the obligations of Subsidiaries / Joint Venture or Associates
except the terms of the sanction.
Note 18.8: No funds were raised during the year on pledge of securities held in its Subsidiaries, Joint Venture or Associates.
Note 18.9: There are no charges or satisfaction of charges which are yet to be registered or satisfied beyond statutory period.
Note 20.1
The non-current trade payables are payable after 31st March, 2027, hence not due for payment as at 31st March, 2026, therefore
ageing of non-current trade payables has not been given.
Note 20.2
Deferred Payment Liabilities in respect of development and other charges payable to various authorities are to be settled in
accordance with terms of payment.
Note 41: Some of the balances of trade receivables, trade payables, advances given to others are subject to reconciliation and
confirmation from respective parties. The balances of said trade receivables, trade payables and advances given to others are
taken as shown by the books of accounts. The ultimate outcome of such reconciliation and confirmation cannot presently be
determined, therefore, no provision for any liability that may result out of such reconciliation and confirmation has been made
in the financial statement, the financial impact of which is unascertainable due to the reasons as stated above.
Note 42: The Income Tax Department has filed writ petition before Hon'ble Supreme Court against the order of Income tax
settlement commission in earlier years for assessment year 2000-01 to 2006-07, which is pending for hearing. Pending final
outcome of such petition filed, no provision of any potential liability has been made in the books of accounts, the amount of
which cannot presently be ascertained.
During the earlier year, the Company has filed a petition before the Hon'ble Supreme Court against a demand of Rs. 0.76
Crores raised for A.Y. 2015-16. During the earlier years, the company has filed petition before the Hon'ble High Court against
demand of Rs. 23.06 Crores for A.Y. 2007-08 and equal amount has been deposited by the company against this demand under
dispute. Further the Income Tax Department has also filed necessary appeals/writ petitions/ SLP with appropriate authority
against the relief given by various appellate authorities of Rs. 116.47 Crores to the Company.
A further demand of Rs. 7.29 Crores has been raised against the company for A.Y. 2012-13 to A.Y. 16-17 on various accounts
and the company has filed appeals before the CIT(A) against these demands.
Further to this appeal to be filed before the ITAT against the demand of Rs. 12.12 Crores for the A.Y. 2017-18. Income Tax
Department has also filed appeal with ITAT against the relief given of Rs. 0.93 Crores to the Company for A.Y. 16-17. Amount
of Rs 1.31 Cr has already been deposited against this demand.
Based on the decision of various appellate authorities and the interpretations of relevant provisions of Income Tax Act, 1961,
the Company has been advised by the experts that the demand so raised is likely to be deleted.
Note 43: In the financial year ended 31st March 2022, search was initiated against the Company under section 132 of the
Income Tax Act, 1961 and pursuant to that the Company had received Income Tax Demand(s) pertaining to Assessment Years
from 2014-15 to 2022-23 under section 147/143(3) of Income Tax Act, 1961. The Company have filed Appeals before Appellate
Authority (CIT-A) within the timelines as allowed under the Act.
The Company also filed writ petition before Hon'ble High Court challenging re-opening / opening of cases u/s 147/143(3) on
the ground that same should have been done in faceless mechanism. The Hon'ble High Court disposed such petitions and
has issued clear direction(s) to appellate authority {(CIT)(A)} to decide the pending appeals based on its previous judgements,
where all such cases were dismissed in favour of assessee and all such notices under section 148 of Income Tax Act, 1961
were quashed.
Accordingly, in the opinion of the management, such order against the Company will also be dismissed in due course of time
and therefore, no provision of any potential liability has been made in the Financial Statements, however demand raised have
been disclosed as contingent liability in Note No. 40 of standalone financial statements.
Note 44: The Company had received an Award dated 31.05.2024 with respect to its Township Project situated in Patiala, Punjab
namely "Omaxe City, Patiala”, whereby the Majority Bench of the Arbitral Tribunal directed the Company to surrender the 60
Acre land earmarked for development of IT & Bio Tech Park and declared that PUDA was entitled to forfeit 20% of the revenue
share. i.e. 53 Crore (kept in Escrow Account) alongwith interest accrued thereon w.e.f. 08.08.2018 among other directions. The
Management of the Company offered to surrender the 60 Acre land earmarked for development of IT & Bio Tech Park back to
PUDA as its development was not viable at its current location. Accordingly, provision for impairment of inventory of 60 acres
land amounting to Rs. 28.55 crore has been made in the financial statements during the previous year ended March 31, 2025.
However, regarding forfeiture of 20% of revenue share amounting to Rs. 53 crore and interest thereon, the Company has filed
an appeal against the Award. Based on the opinion of an independent expert on this matter, the management of the company
is of the opinion that the forfeiture of revenue share will not be sustained in the court. Accordingly, pending decision by the
appellate authorities, no provision of any potential liability towards forfeiture of revenue share has been made in the financial
statements. Further, PUDA vide its letter bearing Memo No. PDA/ CA/ 2025/ 35556 dated 04.11. 2025 has granted extension
of three years from the date of RERA registration for development of balance land and completion of the Project and the
Company is in process of applying RERA registration of development of the balance land in the Project.
Note 45:The Company had received an Order dated July 30, 2024 from SEBI under section 11, 11B of SEBI Act, 1992 covering
the period from 2018-19, 2019-20 and 2020-21, against which company had filed an appeal with the Securities Appellate
Tribunal (SAT) and SAT vide Order dated October 01, 2024 had granted stay on directions at para 41 (i) of SEBI order dated
July 30, 2024 relating to restricting company and others from accessing securities market and to deal in securities, enabling
the company to raise capital and continue all business activities as usual without any restriction. The proceeding with SAT is
undergoing and in the opinion of the management of the Company, the said Order has no impact on the financial results of the
Company .
Note 46: LEASES
(a) Company as a leasee
Lease Contracts entered by the company majorly pertains to building taken on lease to conduct the business activities in
ordinary course.
(b) Company as a lessor
Lease arrangements where the Company is lessor, lease rentals are recognized on straight line basis over the non¬
cancellable period.
Note 47: CORPORATE SOCIAL RESPONSIBILITY (CSR)
Average net profit of the Company for the purpose of determining spending on CSR activities computed in accordance with
provision of Section 135 excluding item given under rule 2 (1) (h) of Companies (CSR) Policy Rules 2014 read with Section 198
of Companies Act, 2013 is Rs. Nil. Therefore, the gross amount required to be spent by the Company on CSR during the year
Rs. Nil (PY Nil).
Note 47.1
In accordance with Circular No. 14/2021 date 25th August, 2021 in respect of Section 135 of Companies Act, 2013 the excess
amount of CSR expenditure incurred by the Company during the Financial year are to be set off against the required 2% CSR
expenditure up to immediately succeeding three financial years subject to compliance of conditions as stipulated under rule
7(3) of Companies (CSR Policy) Rule, 2014.
Note 48: EMPLOYEE BENEFIT OBLIGATIONS1) Post-Employment Obligations - Gratuity
The Company provides gratuity for employees in India 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 by the number of years of service. For the funded plan the Company makes contributions to
recognised funds in India. The Company does not fully fund the liability and maintains a target level of funding to be
maintained over a period of time based on estimations of expected gratuity payments.
The amounts recognised in the Financial Statement and the movements in the net defined benefit obligation over the year
are as follows:
o. Description of Risk Exposures:
Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such company is
exposed to various risks as follow-
A. Salary Increases- Actual salary increases will increase the Plan's liability. Increase in salary increase rate
assumption in future valuations will also increase the liability.
B. Investment Risk - If Plan is funded then assets liabilities mismatch & actual investment return on assets lower
than the discount rate assumed at the last valuation date can impact the liability.
C. Discount Rate: Reduction in discount rate in subsequent valuations can increase the plan's liability.
D. Mortality & disability - Actual deaths & disability cases proving lower or higher than assumed in the valuation
can impact the liabilities.
E. Withdrawals - Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal
rates at subsequent valuations can impact Plan's liability.
2) Leave Encashment
Provision for leave encashment in respect of un-availed leaves standing to the credit of employees is made on actuarial
basis. The Company does not maintain any fund to pay for leave encashment. The total leave encashment liability of Rs.
2.85 Crore (PY Rs. 2.95 Crore) is classified as non-current and Rs. 1.06 Crore (PY 0.96 Crore) as current and does not
require disclosure as mentioned in para 158 of IND AS 19.
3) Defined Contribution Plans
The Company also has defined contribution plan i.e. contributions to provident fund in India for employees. The Company
makes contribution to statutory fund in accordance with Employees Provident Fund and Misc. Provision Act, 1952. This
is post-employment benefit and is in the nature of defined contribution plan. The contributions are made to registered
provident fund administered by the government. The provident fund contribution charged to statement of profit & loss for
the year ended 31 March, 2026 amount to Rs. 1.18 Crore (PY Rs. 1.18 Crore).
Note 52: RISK MANAGEMENT
'The Company's activities expose it to market risk, liquidity risk and credit risk. The management has the overall responsibility
for the establishment and oversight of the Company's risk management framework. This note explains the sources of risk
which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.
Credit risk
Credit risk is the risk that counterparty fails to discharge its obligation to the Company. The Company's exposure to credit
risk is influenced mainly by cash and cash equivalents, trade receivables and financial assets measured at amortised cost.
The Company continuously monitors defaults of customers and other counterparties and incorporates this information into
its credit risk controls.
Credit risk management
Credit risk rating
The Company assesses and manages credit risk of financial assets based on following categories arrived on the basis of
assumptions, inputs and factors specific to the class of financial assets.
A: Low credit risk on financial reporting date
B: Moderate credit risk
C: High credit risk
Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to
ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due.
Management monitors rolling forecasts of the liquidity position and cash and cash equivalents on the basis of expected cash
flows. The Company takes into account the liquidity of the market in which the entity operates.
Market risk
Interest Rate risk
The Company's policy is to minimise interest rate cash flow risk exposures on long-term financing. As at 31st March the
Company is exposed to changes in market interest rates through bank borrowings at variable interest rates. Other borrowings
are at fixed interest rates.
Note 53: CAPITAL MANAGEMENT POLICIES
(a) Capital Management
The Company's capital management objectives are to ensure the Company's ability to continue as a going concern as well
as to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk.
'The Company monitors capital on the basis of the carrying amount of equity plus its subordinated loan, less cash and
cash equivalents as presented on the face of the statement of financial position and cash flow hedges recognised in other
comprehensive income.
'The Company manages its capital structure and makes adjustments to it in the light of changes in economic conditions
and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may
adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares. The amounts
managed as capital by the Company are summarised as follows:
This matter has been decided by adjudicating authority in the favour of the company vide order dated 24.12.2024 and the
attachment has been revoked.
However, the department has moved an appeal before appellate tribunal against the order of adjudicating authority and the
same is pending as on date.
Note 55.2: During the year, the Company do not have any relationship with companies struck off under section 248 of Companies
Act, 2013.
Note 55.3: The Company has complied with the number of layers prescribed under Companies Act 2013.
Note 55.4: The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.
Note 55.5: There is no income surrendered or disclosed as income during current or previous year in the tax assessment under
the Income Tax Act 1961 that has not been recorded in books of accounts.
Note 55.6: The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.
Note 55.7: The Company has not revalued its Property, Plant and Equipment or intangible assets or both during the current or
previous year.
Note 56: Advances given to others includes advances given against Land acquisition, goods / services / acquisition of development
right to Vendors related parties and security deposits takes substantial period of time to conclude. These advances / securities
deposits given in the opinion of management are in accordance with normal trade practices in Real Estate Business and are not
loans or advances in the nature of loans, hence classified accordingly.
Note 57: Standards issued and amended but not effective
The Ministry of Corporate Affairs (MCA) notifies new standards or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. MCA has notified amendments to the existing standards applicable
to the Company for the financial year ended 31st March 2026 and do not have any impact on financial statement of the Company.
Note 58:
(a) No funds have been advanced/loaned/invested (from borrowed fund or from share premium or from any other sources/kind of
fund) by the company 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 person
or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or (ii) provide any
guarantee, security or like to or on behalf of the Ultimate Beneficiaries.
(b) No funds have been received by the company from any person(s) or entity (ies), including foreign entities (funding Parties),
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.
Note 59: On November 21, 2025, the Government of India notified four new Labour Code (the Code on Wages, 2019, the Code on
Social Security, 2020, the Industrial Relations Code, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020)
consolidating 29 existing Labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable
assessment of the financial impact due to changes in regulations. The Company has assessed that there is no impact on provision
for Gratuity & Leave Encashment on account of new Labour Code on the financial statement. The Company continues to monitor
the finalization of Central / State Rules and clarifications from the Government on other aspects of the Labour Codes and would
provide appropriate accounting effect as and when such clarifications are issued / rules are notified.
Note 60: The Company is using accounting software for maintaining its books of account which has a feature of recording audit
trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software and
the audit trail has not been tempered with. Further audit trail feature has been preserved by the company as per the statutory
requirements for record retention.
Note 61: The previous year figures have been regrouped/reclassified, wherever necessary, to make them comparable with
current year figures.
|