q) Provisions, Contingent Assets and Contingent Liabilities:
Contingent assets / liabilities:
A possible obligation that arises from past events and the existence of which will be confirmed
only by the occurrence or non-occurrence of one or more uncertain future events not wholly
within the control of the Company or; present obligation that arises from past events where it is
not probable that an outflow of resources embodying economic benefits will be required to settle
the obligation; or the amount of the obligation cannot be measured with sufficient reliability
are disclosed as contingent liability and not provided for. Contingent assets are disclosed
where an inflow of economic benefits is probable. Contingent assets are not recognised in the
financial statements. Provisions, contingent liabilities and contingent assets are reviewed at
each Balance Sheet date. Where the unavoidable costs of meeting the obligations under the
contract exceed the economic benefits expected to be received under such contract, the present
obligation under the contract is recognised and measured as a provision.
A disclosure for a contingent liability is made when there is a possible obligation or a present
obligation that may, but will probably not, require an outflow of resources. When there is a
possible obligation or a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
A contingent asset is not recognised but disclosed in the financial statements where an inflow
of economic benefit is probable.
r) Dividend payable
Interim Dividend declared to equity shareholders, if any, is recognised as liability in the
period in which the said dividend has been declared by the Board of Directors. Final dividend
declared, if any, is recognised in the period in which the said dividend has been approved by the
Shareholders. The dividend payable is recognised as a liability with a corresponding amount
recognised directly in equity.
s) Earnings per share
a) Basic earnings per share
Basic earnings per share is calculated by dividing the net profit for the period (excluding
other comprehensive income) attributable to equity share holders of the Company by the
weighted average number of equity shares outstanding during the financial year, adjusted
for bonus element in equity shares issued during the year.
b) Diluted earnings per share
Diluted earnings per share is computed by dividing the net profit for the period attributable
to equity shareholders by the weighted average number of shares outstanding during the
period as adjusted for the effects of all diluted potential equity shares except where the
results are anti-dilutive.
t) Operating segment
Operating segments are reported in a manner consistent with the internal reporting provided
to the chief operating decision maker (CODM). The CODM’s function is to allocate the resources
of the Company and assess the performance of the operating segments of the Company.
u) Rounding of amounts
All amounts disclosed in the financial statements and notes have been rounded off to the
nearest lakhs as per the requirements, unless otherwise indicated. The amounts reflected as
“0” in the Financial Statements are values with less than rupees one lakh.
v) Events after reporting date
Where events occurring after the balance sheet date provide evidence of conditions that
existed at the end of the reporting period, the impact of such events is adjusted within the
financial statements. Otherwise, events after the balance sheet date of material size or nature
are only disclosed.
w) Recent accounting developments
Ministry of Corporate Affairs (‘MCA’) notifies new standards or amendments to the existing
standards under the Companies (Indian Accounting Standards) Rules, 2015 as amended from
time to time. For the year ended March 31, 2026, the MCA has notified Ind AS 21 - The Effects
of Changes in Foreign Exchange Rates, Ind AS 1 - Presentation of Financial Statements, Ind
AS 7 - Statement of Cash Flows, Ind AS 107 - Financial Instruments and amendments to Ind
AS 12 - Income Taxes , applicable to the Company, w.e.f., April 1, 2025. The Company has
reviewed the new pronouncements and based on its evaluation, has determined that the new
pronouncement is not applicable to the Company.
The amendments had no impact on these standalone financial statements.
x) These financial statements are presented in Indian rupees, which is the
Company’s functional currency.
3. Critical Accounting Judgements & Estimates
Use of Estimates and Judgements
The preparation of financial statements in accordance with Ind AS requires use of estimates,
judgements and assumptions in the application of accounting policies that affect the reported
amounts of assets, liabilities (including contingent liabilities) and disclosures as of the date
of financial statements and the reported amounts of revenue and expenses for the reporting
period. The actual amounts realised may differ from these estimates. Estimates and underlying
assumptions are reviewed on ongoing basis. Appropriate changes in estimates are recognized in
the period in which the Company becomes aware of the changes in circumstances surrounding
the estimates. Any revisions to accounting estimates are recognized prospectively in the period
in which the estimate is revised and future periods.
Estimates and judgements are required in particular for:
Ý Determination of the estimated useful lives of Property Plant and Equipments:
Management reviews the estimated useful lives and residual values of the assets annually
in order to determine the amount of depreciation to be recorded during any reporting
period. Useful lives of Property Plant and Equipments are based on the life prescribed
in Schedule II of the Companies Act, 2013 or are based on the Company’s historical
experience with similar assets and taking into account anticipated technological changes,
whichever is more appropriate. Uncertainties in these estimates relate to technical and
economic obsolescence that may change the utilisation of assets
Ý Recognition and measurement of defined benefit obligations:
The obligation arising from defined benefit plan is determined on the basis of actuarial
assumptions. Key actuarial assumptions include discount rate, trends in salary escalation,
actuarial rates and life expectancy. The discount rate is determined by reference to market
yields at the end of the reporting period on government bonds. The period to maturity
of the underlying bonds correspond to the probable maturity of the post-employment
benefit obligations. Due to the complexities involved in the valuation and its long - term
nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All
assumptions are reviewed at each reporting date.
Ý Recognition of deferred tax assets / liabilities:
Deferred tax assets and liabilities are recognized for the future tax consequences of
temporary differences between the carrying values of assets and liabilities and their
respective tax bases, and unutilized business loss and depreciation carry-forwards and
tax credits. Deferred tax assets are recognized to the extent that it is probable that future
taxable income (supported by reliable evidence) will be available against which the
deductible temporary differences, unused tax losses, depreciation carry-forwards and
unused tax credits could be utilized.
Ý Impairment of financial assets:
The Company recognises loss allowances for expected credit losses on its financial assets
measured at amortised cost. At each balance sheet date, based on historical default
rates observed over expected life, existing market conditions as well as forward looking
estimates, the Company assesses the expected credit losses on outstanding receivables.
Further, management also considers the factors that may influence the credit risk of its
customer base, including the default risk associated with industry and country in which
the customer operates.
Ý Fair valuation of employee share option
The fair valuation of the employee share options is based on the Black-Scholes model
used for valuation of options which requires a number of assumptions to determine the
model inputs. These include the expected volatility of Company’s stock and employee
exercise behaviour which are based on historical data as well as expectations of future
developments over the term of the option. As stock-based compensation expense is based
on awards ultimately expected to vest. Management’s estimate of exercise is based on
historical experience but actual exercise could differ materially as a result of voluntary
employee actions and involuntary actions which would result in significant change in our
stock-based compensation expense amounts in the future.
Ý Determining whether an arrangement contains a 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 judgment. The Company uses
significant judgement in assessing the lease term (including anticipated renewals). The
Company determines the lease term as the non-cancellable period of a lease, together
with both periods covered by an option to extend 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 to not exercise that option. In assessing whether the
Company is reasonably certain to exercise an option to extend a lease it considers all
relevant facts and circumstances that create an economic incentive for the Company to
exercise the option to extend or terminate the lease. The Company revises the lease term
if there is a change in the non-cancellable period of a lease. The discount rate is generally
based on the incremental borrowing rate of the Company, specific to the lease being
evaluated or for a portfolio of leases with similar characteristics.
Ý Fair valuation of unlisted equity shares
Ind AS 109 requires all investment in equity instrument to be measured at FVTPL, the
company at the initial recognition carries a proper assessment to make irrevocable election
for FVTPL or FVTOCI of equity instrument held other than for trading purpose. The fair
valuation of unlisted equity shares is based on the management (respective investee
company) estimates of future earnings or market multiple using prescribed technique
of valuation.
a) . Investment in equity instrument is valued at purchase cost at the time of
initial recognition.
b) . For subsequent measurement the company adopts the following process for valuation
of investments:
i. At any time or at each quarter end if there is any indicator trigger as per para
B5.2.4 of Ind AS,
ii. Availability of sufficient information such as subsequent allotment of shares,
iii. March 31st every year for investments held for more than six months.
Ý Evaluation of indicators for impairment of assets
The evaluation of applicability of indicators of impairment of assets requires assessment
of several external and internal factors which could result in deterioration of recoverable
amount of the assets.
Ý Contingent liabilities
At each balance sheet date, basis the management judgment, changes in facts and legal
aspects, the Company assesses the requirement of provisions against the outstanding
contingent liabilities. However, the actual future outcome may be different from
this judgement.
Ý Provisions
Provisions are recognised when the Company has a present obligation as a result of past
event and it is probable that an outflow of resources will be required to settle the obligation,
in respect of which a reliable estimate can be made. Provisions (excluding defined benefit
plan) are not discounted to their present value and are determined based on best estimate
of the amount required to settle the obligation at the balance sheet date. These are
reviewed at each balance sheet date and adjusted to reflect the current best estimates.
Estimates and judgements are continuously evaluated. They are based on historical
experience and other factors including expectation of future events that may have a financial
impact on the Company and that are believed to be reasonable under the circumstances.
17.lThe Company, and Primesec Investment Limited which has since merged with the company
effective April 1, 2020, have in earlier years paid Minimum Alternate Tax (“”MAT””) which
were appropriated from profits in the years of payment. This treatment was given in the
financial statements based on the uncertainty of timing and amount of the set off available
under the relevant Income Tax Act. The returns of income filed in all years have continued to
show the set off available. In the last 3 years, an actual set off aggregating to Rs. 361 lakhs is
availed by the Company in its tax returns. Based on the near certainty of taxable profits and
iii) Rights and restrictions attached to the shares
Equity shares:
The Company has only one class of equity shares having a par value of Rs. 5/- per share. Each
shareholder is eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting,
except in case of interim dividend. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the Company after distribution of all preferential
amounts, in proportion to their shareholding.
v) Details of shares held by the Promoter in the Company
There are no Promoters in the Company hence these details are not applicable to the Company
as notified by MCA amendments to Schedule III to the Companies Act, 2013 on March 24, 2021.
vi) Details of holding & ultimate holding Company
There are no holding or ultimate holding company hence these details are not applicable to
the Company.
vii) There are 6,97,500 shares reserved for issue under employee stock option
scheme.
viii) Aggregate number and class of shares allotted as fully paid-up pursuant to
contract without payment being received in cash and bonus shares issued and
shares bought back during the period of five years immediately preceding the
current year
The company has neither allotted any class of shares as fully paid-up pursuant to contract
without payment being received in cash nor issued bonus shares and there has not been any
buy back of shares during the five years immediately preceding March 31, 2026.
Exceptional item for the year ended March 31, 2025 represent the net gain on sale of a residential
flat, calculated on the basis of realisation of sale price, net of directly allocatable expenses as
reduced by the cost of flat (was classified as other receivables in the previous year).
31 Earnings per share
Basic earnings per share (“EPS”) is calculated by dividing the profit after tax for the year attributable
to equity shareholders of company by the weighted average number of equity shares outstanding
during the year.
Diluted EPS is calculated by dividing the profit after tax for the year attributable to equity
shareholders 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 the conversion
of all the dilutive potential ordinary shares into ordinary shares.
34 Borrowings:
(A) Secured loans:
a) Term Loan from Bank:
Term loan of Rs. 151 lakhs (March 31, 2025 Rs. Nil) from the Bank is secured against
Vehicle of the Company
b) Term of Repayment
Term Loan from Bank was repayable in equal monthly instalment, the last instalment was
due on April 4, 2030 as per repayment schedule having interest rate of 8.75% p.a.
(B) Unsecured loans:
Loan outstanding from Wholly-owned Subsidiary Rs. 177 (March 31, 2025 Rs. Nil) which is
unsecured, carries interest @10% p.a.
$ The outstanding balance Rs. 453 lakhs includes Goods & Services Tax and net of Tax Deducted
on Sources.
* The outstanding balance Rs. 17 lakhs includes interest receivable of Rs. 10 lakhs (March 31, 2025
Rs. 9 Lakhs)
The related party transactions were made on terms equivalent to those that prevail in arm’s
length transactions.
Note:
As the liabilities for gratuity and leave compensation are provided on an actuarial basis for the
Company as a whole, the amounts pertaining to the key management personnel is not included above.
36 Leases
As a lease the Company classified property lease as operating lease under Ind AS 116. These
include office premises taken on lease. Lease include conditions such as non-cancellable period,
notice period before terminating the lease or escalation of rent upon completion of part tenure of
the lease in line with inflation of price.
The Company has taken various office premises on operating lease for the period which ranges
from 12 months to 60 months with an option to renew the lease by mutual consent on mutually
agreeable terms.
The weighted average incremental borrowing rate applied to lease liabilities as at April 1, 2023 is
10.00 %.
37 Segmental Reporting (ind-AS 108):
The company’s business segment is providing merchant banking and advisory services and it
has no other primarily reportable segments. Accordingly, the segment revenue, segment results,
total carrying amount of segment assets and segment liabilities and total cost incurred to acquire
segment assets, is as reflected in the financial statements as of and for the year ended March
31, 2026. There is no distinguishable component of the company engaged in providing services
in a different economic environment. The company has no offices outside India and there are no
reportable geographical segments.
All assets of the Company are domiciled in India.
Revenue of Rs. 2,200 lakhs (March 31, 2025 : Rs. 4,047 lakhs) is derived from three external
customers (three external customers in Previous Year) and revenue from each such customer
constitutes more than 10% of the Company’s revenue.
38 Corporate Social Responsibility
As required by Section 135 of Companies Act, 2013 and rules therein, a Corporate social
responsibility committee has been formed by the Company. The Company has spent the following
amount during the year towards corporate social responsibility (CSR) for activities listed under
schedule VII of the Companies Act, 2013
(a) Gross amount required to be spent by the Company during the year 2025-26 Rs. 36 lakhs
(Previous year Rs. 26 lakh).
39 Revenue from contracts with customers
The Company determines revenue recognition through the following steps:
(a) Identification of the contract, or contracts, with a customer.
(b) Identification of the performance obligations in the contract.
(c) Determination of the transaction price.
(d) Allocation of the transaction price to the performance obligations in the contract.
(e) Recognition of revenue when, or as, we satisfy a performance obligation.
I. Nature of Services
Merchant Banking and Advisory Services
The Company derives main revenue from corporate advisory services. The company specialize
in providing value added advice and services to our clients on complex strategic and financial
decisions and transactions focused around Fund Raising, Mergers & Acquisitions, Equity & Debt
Private Placements, Initial Public Offerings, Corporate Advisory, and Capital Restructuring.
II. Contract Balances
Trade Receivables. The outstanding balance of Rs. 281 lakhs as on March 31, 2026 (Rs. 189
lakhs as on March 31, 2025). (Refer note 6).
Unbilled revenue. The outstanding balance Rs. 966 lakhs as on March 31, 2026 (Rs. 1,347
lakhs as on March 31, 2025). (Refer note 9)
III. Performance obligations and timing of revenue recognition
Income from corporate advisory services is recognised upon rendering of services.
40 Financial instruments - Fair values and risk management
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction in the principal (or most advantageous) market at the measurement date under
current market conditions, regardless of whether that price is directly observable or estimated
using a valuation technique.
A) Accounting classification and fair values
Carrying amounts and fair values of financial assets and financial liabilities, including their
levels in the fair value hierarchy, are presented below. It does not include the fair value
information for financial assets and financial liabilities not measured at fair value if the
carrying amount is a reasonable approximation of fair value.
B) Fair value hierarchy
Ind AS 107, ‘Financial Instruments - Disclosure’ requires classification of the valuation
method of financial instruments measured at fair value in the Balance sheet using a three-
level fair-value-hierarchy (which reflects the significance of inputs used in the measurements).
The hierarchy gives the highest priority to un -adjusted quoted prices in active markets for
identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable
inputs (Level 3 measurements). The three levels of the fair value-hierarchy under Ind AS 107
are described below:
Ý Level 1:
The fair value of financial instruments traded in active markets (such as publicly traded
derivatives, and equity securities) is based on quoted market prices at the end of the
reporting period. The quoted market price used for financial assets held by the Company
is the current bid price. These instruments are included in level 1
Ý Level 2:
The fair value of financial instruments that are not traded in an active market (for example,
over-the-counter derivatives) is determined using valuation techniques which maximise
the use of observable market data and rely as little as possible on entity-specific estimates.
If all significant inputs required to fair value an instrument are observable, the instrument
is included in level 2. Few unlisted equity instruments are classified as level 2 in the fair
value hierarchy, since there are significant observable inputs available by way of fund
raising transaction during the year. Further no significant adjustments needs to be made
to the prices obtained from recent transactions.
Ý Level 3:
If one or more of the significant inputs is not based on observable market data, the
instrument is included in level 3. This is the case for unlisted equity securities with no
significant observable inputs.
C) Valuation techniques used to determine fair value:
Significant valuation techniques used to value financial instruments include:
The carrying amounts of cash and cash equivalent, trade receivables, other financial assets,
loans, trade payables, other financial liabilities are considered to be approximately equal to
the fair value.
The following tables show the valuation techniques used in measuring fair values.
D) Fair value of financial instrument measured at amortised cost
Fair value of financial asset and liabilities are equal to their carrying amount.
Note: During the periods mentioned above, there have been no transfers amongst the
hierarchy levels.
E) Financial risk management
The Company’s Board of Directors has overall responsibility for the establishment and
oversight of the Company’s Risk Management framework. The Board of Directors have
adopted an Enterprise Risk Management Policy framed by the Company, which identifies
the risk and lays down the risk minimization procedures. The Management reviews the Risk
management policies and systems on a regular basis to reflect changes in market conditions
and the Company’s activities, and the same is reported to the Board of Directors periodically.
Further, the Company, in order to deal with the future risks, has in place various methods /
processes which have been imbibed in its organizational structure and proper internal controls
are in place to keep a check on lapses, and the same are been modified in accordance with the
regular requirements.
The Audit Committee oversees how Management monitors compliance with the Company’s
Risk Management policies and procedures, and reviews the adequacy of the risk management
framework in relation to the risks faced by the Company. The Audit Committee is assisted in
its oversight role by the internal auditors.
The Company has exposure to the following risk arising from financial instruments:
i) Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a
financial instrument fails to meet its contractual obligations, and arises principally from the
Company’s receivables from customers and loans and advances.
The carrying amount of following financial assets represents the maximum credit exposure:
Trade receivables and loans and advances.
The Company’s exposure to credit risk is influenced mainly by the individual characteristics
of each customer in which it operates. Credit risk is managed through credit approvals,
establishing credit limits and continuously monitoring the creditworthiness of customers to
which the Company grants credit terms in the normal course of business.
The Risk Management Committee has established a credit policy under which each new
customer is analysed individually for creditworthiness before the Company’s standard
payment and delivery terms and conditions are offered.
For trade receivables, the company individually monitors outstanding balances. Accordingly,
the Company makes specific provisions against such trade receivables wherever required and
monitors the same at periodic intervals.
The Company monitors each loans and advances given and makes any specific provision
wherever required.
The Company has followed simplified method of ECL in case of Trade receivables and
the Company recognises lifetime expected losses for all trade receivables that do not
constitute a financing transaction. At each reporting date, the Company assesses the
impairment requirements.
Additionaly, the Company uses a provision matrix to compute the trade receivables, as per
which the provision is made at 10% for trade receivable overdue more than 180 days but less
than 270 days, additional 30% for trade receivable overdue more than 270 days but less than
360 days, additional 50% for trade receivable overdue more than 360 days and remaining 10%
will always be retained, until bad debt is recognised.
Cash and cash equivalents and other Bank balances:
The Company held cash and cash equivalents and other bank balances of Rs. 139 lakhs as on
March 31, 2026 (March 31, 2025 Rs. 306 lakhs). The cash and cash equivalents are held with
banks with good credit ratings.
Loans:
The Company has outstanding receivable loan of Rs. 179 lakhs as on March 31, 2026 (March
31, 2025 Rs. Nil) to related party and loan of Rs. 17 lakhs (March 31, 2025 Rs. 28 lakhs) is
the carry forward balance of loan given in previous years to related party. The Loans are
fully recoverable.
Other financial assets:
The Company has given employee advances of Rs. 7 lakhs as on March 31, 2026 (March 31,
2025 Rs. 6 lakhs) and advance against purchase of Vehicle of Rs. Nil as on March 31, 2026
(March 31, 2025 Rs. 38 lakhs) The employee advances are fully recoverable.
ii) 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, under both normal
and stressed conditions, without incurring unacceptable losses or risking damage to the
Company’s reputation.
iii) Market risk
Market risk is the risk of loss of future earnings, fair values or future cash flows related to
financial instrument that may result from adverse changes in market rates and prices (such
as foreign exchange rates, interest rates, other prices). The Company is exposed to market risk
primarily related to currency risk, interest rate risk and price risk.
a) Currency risk
The Company has insignificant amount of foreign currency denominated assets.
Accordingly, the exposure to currency risk is insignificant.
b) Interest rate risk
The Company’s investments are primarily in fixed rate interest instruments. Accordingly,
the exposure to interest rate risk is also insignificant.
c) Price risk
Price risk is the risk that the value of the financial instrument will fluctuate as a result
of changes in market prices and related market variables including interest rate for
investments in debt oriented mutual funds and debt securities, whether caused by factors
specific to an individual investment, its issuer or the market. The Company exposed to
price risk from it’s investment in Mutual Funds, listed and unlisted Equity Shares, Bonds
classified in the balance sheet at fair value through profit and loss or fair value through
other comprehensive income.
41 Capital Management
For the purpose of the Company's capital management, capital includes issued capital and other
equity reserves. The primary objective of the Company’s Capital Management is to maximise
shareholders value. The Company manages its capital structure and makes adjustments in the light
of changes in economic environment and the requirements of the financial covenants.
42 Employee Benefits
The Company contributes to the following post-employment defined benefit plans in India.
(i) Defined Contribution Plans:
The contributions to the Provident Fund and Family Pension Fund of certain employees are
made to a Government administered Provident Fund and there are no further obligations
beyond making such contribution.
The Company recognised Rs. 32 lakhs for year ended March 31, 2026 (Rs. 25 lakhs for year
ended March 31, 2025) provident fund contributions in the Statement of Profit and Loss.
The contributions payable to these plans by the Company are at rates specified in the rules of
the schemes.
(ii) Defined Benefit Plan:
Gratuity
The Company participates in the Employees Gratuity scheme, a funded defined benefit plan for
qualifying employees. Gratuity is payable to all eligible employees on death or on separation /
termination in terms of the provisions of the Payment of Gratuity Act, 1972.
The most recent actuarial valuation of plan assets and the present value of the defined benefit
obligation for gratuity were carried out as at March 31, 2026. The present value of the defined
benefit obligations and the related current service cost and past service cost, were measured
using the Projected Unit Credit Method.
The sensitivity analysis 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.
Expected future cash flows
The expected future cash flows in respect of gratuity as at March 31, 2026 were as follows
# Audit fees for the year ended March 31, 2025 includes Rs. 4 lakhs pertaining to previous auditor
$ Tax Audit fees paid to tax auditor
* Other Services include fees for Certifications
44 Income Tax Expense
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
relate to income taxes levied by the same tax authority.
49 Disclosure under rule 1l(e)of the Companies ( Audit and Auditors)
Rules, 2014
a) . The Company has not received any funds (which are material either individually or in the
aggregate) from any person or entity, including foreign entity (“Funding Parties”), with the
understanding, whether recorded in writing or otherwise, that the Company shall, 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 provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries.
b) . The Company has not advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or other kind of funds) to or in any other person or entity,
including foreign entity (“Intermediaries”), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, 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 provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries, except as stated hereunder:
The Company is in compliance with relevant provisions of the Foreign Exchange Management
Act 1999 (42 of 1999) and Companies Act has been complied with for such transactions and
the transactions are not violative of the prevention of Money-Laundering Act 2002,(15 of 2003).
50 The disclosure on the following matters required under Schedule III amended not being
relevant or applicable in case of the Company for the year ended March 31, 2026, same are not
covered:
a) . The company has not traded or invested in crypto currency or virtual currency during the
financial year.
b) . No proceedings have been initiated or are pending against the Company for holding any
benami property under the Benami Transaction (Prohibition) Act, 1988 (45 of 1988) and rules
made thereunder.
c) . The Company has not been declared wilful defaulter by any bank or financial institution or
government or any government authority.
d) . The Company has not entered into any scheme of arrangement.
e) . No satisfaction of charges are pending to be filed with ROC.
f) . There are no transactions which are not recorded in the books of account which have been
surrendered or disclosed as income during the year in the tax assessment under the Income
Tax Act, 1961.
g) . The Company has not entered into any transaction with Company struck off under section 248
of the Companies Act, 2013.
h) . Disclosure of ratios, is not applicable to the Company as it is in merchant banking business and
not an NBFC registered under Section 45-IA of Reserve Bank of India Act, 1934.
i) . Disclosures of immovable property not in the name of the Company: None
51 Pursuant to the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, as amended
by the Companies (Accounts) Amendment Rules 2021, the Company is in compliance with the
provisions which require that the Company shall use only such accounting software, which has a
feature of recording audit trail of each and every transaction, creating an edit log of each change
made.
52 The Company has conducted an Postal Ballot on April 16, 2026 for re-appointment of Mr. N.
Jayakumar as Managing Director and Group CEO and payment of remuneration. The resolution has
been approved with the requisite majority.
54 Events after reporting date
There have been no events after the reporting date that require disclosure in these
financial statements.
55 The figures for the previous year have been regrouped wherever necessary. The impact of such
regroupings / reclassifications are not material to Financial Statements.
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