(xx) Provisions
A provision is recognised when an enterprise has
a present obligation as a result of past event; 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.
If the effect of time value of money is material,
provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to
the liability. When discounting is used the increase in
the provision due to the passage of time is recognised
as a finance cost.
(xxi) Contingent liabilities and contingent assets
Contingent liability is disclosed in case of:
(i) a possible obligation arising from past events
and whose existence will be confirmed only by
the occurrence or non-occurrence of one or more
uncertain future events not wholly within the
control of the entity; or
(ii) a present obligation arising 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.
Contingent assets are disclosed where an inflow
of economic benefits is probable.
Provisions, contingent liabilities and contingent
assets are reviewed at each Balance Sheet date.
(xxii) Earnings Per Share
Basic Earnings per share is calculated by dividing the
net profit or loss before OCI for the year by the weighted
average number of equity shares outstanding during
the year. Partly paid equity shares are treated as a
fraction of an equity share to the extent that they are
entitled to participate in dividends relative to a fully
paid equity share during the reporting period.
For the purpose of calculating diluted earnings per
share, the net profit or loss 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.
(xxiii) Accounting for Interests in Joint Operations
As per Ind AS 111 - Joint Arrangements, investment in
Joint Arrangement is classified as either Joint Operation
or Joint Venture. The classification depends on the
contractual rights and obligations of each investor
rather than legal structure of the Joint Arrangement.
In case of Interests in joint operations, the Company
as a joint operator recognises in relation to its interest
in a joint operation, its share in the assets/liabilities
held/ incurred jointly with the other parties of the joint
arrangement. Revenue is recognised for its share of
revenue from the sale of output by the joint operation.
Expenses are recognised for its share of expenses
incurred jointly with other parties as part of the
joint arrangement.
(xxiv) Cash Flow Statement
Cash flows are reported using indirect method as set
out in Ind AS -7 “Statement of Cash Flows”, whereby
profit / (loss) before tax is adjusted for the effects of
transactions of non-cash nature and any deferrals or
accruals of past or future cash receipts or payments.
The cash flows from operating, investing and financing
activities of the Company are segregated based on the
available information.
(xxv) Exceptional Items
Exceptional Items include income/expenses that are
considered to be part of ordinary activities, however
of such significance and nature that separate
disclosure enables the users of financial statements
to understand the impact in more meaningful manner.
Exceptional Items are identified by virtue of their size,
nature and incidence.
(xxvi) Commitments
Commitments are future liabilities for contractual
expenditure, classified and disclosed as follows:
(i) estimated amount of contracts remaining to be
executed on capital account and not provided for;
(ii) uncalled liability on shares and other investments
partly paid;
(iii) funding related commitment to subsidiary,
associate and joint venture companies; and
(iv) other non-cancellable commitments, if any, to the
extent they are considered material and relevant
in the opinion of management.
7.1 An application for initiation of Corporate Insolvency Resolution Process (‘CIRP'), under Section 7 of the Insolvency and Bankruptcy
Code, 2016 has been admitted against Luni Power Company Pvt. Ltd. (‘Luni'), a subsidiary of the Company, on December 23,
2019 by the Hon'ble NCLT, Chandigarh Bench has already been resolved and the same has been transferred to the Resolution
Applicant vide NCLT Order dated 19.04.2022 in respect of IA No.134/2021.Since the entire investment value had already been
impaired in the books of accounts, no financial impact is there in the current financial year 2025-26.
7.2 On Pledge of Investments as held by SPML Infra Ltd. in other Group Companies:
Investments of SPML Infra Ltd. i.e. 19,99,99,700 Equity Shares in SPML Utilities Limited (Subsidiary); 9,999 Equity Shares in
Bhagalpur Electricity Distribution Company Private Limited (Subsidiary); 29,48,340 Equity Shares in Binwa Power Company Private
Limited (Associate); 2,24,700 Equity Shares in SPML Bhiwandi Water Supply Infra Limited (Associate); 2,49,700 Equity Shares
in SPML Bhiwandi Water Supply Management Limited (Associate); 1,22,29,425 Equity Shares in Add Realty Limited; 74,44,485
Equity Shares in SPML Infrastructure Limited, are pledged as on 31-03-2026 in favour of the SBICAP Trustee Company Ltd.
on behalf of the National Assets Recontruction Company Limited (NARCL) for securing the due repayment of the Debts as per
requirement of terms of sanction mentioned in the MRA executed on 17-05-2024.
Pursuant to the Order dated 07-05-2026 of Regional Director, ER, Ministry of Corporate Affairs, Kolkata, Delhi Waste Management
Limited merged with Add Realty Limited w.e.f. the Appointed Date of 01-04-2025. However, the shares of Delhi Waste Management
Limited continues to be reflected in the demat account of the Company as on 31-03-2026 as the said Order of the Regional
Director was passed subsequent to the year end. Consequently the company received 1,22,29,425 Equity Shares of Add Realty
Limited in exchange of 2,92,500 Equity Shares of Delhi Waste Management Limited held by the Company till 31-03-2025.
Pursuant to the Order dated 07-04-2026 of Regional Director, South Western Region, Ministry of Corporate Affairs, Bengaluru,
Allahabad Waste Processing Company Limited, Madurai Municipal Waste Processing Company Private Limited and Mathura Nagar
Waste Processing Company Limited merged with SPML Infrastructure Limited w.e.f. the Appointed Date 01-04-2025. However,
the shares of the transferor Companies continues to be reflected in the demat account of the Company as on 31-03-2026
as the said Order of the Regional Director was passed subsequent to the year end. Consequently the Company received 255
Equity Shares of SPML Infrastructure Limited (SPML IL) in exchange of 2,55,000 Equity Shares held by the Company in Mathura
Nagar Waste Processing Company Limited till 31-03-2025, Consequently the Company received 5,255 Equity Shares of SPML
Infrastructure Limited (SPML IL) in exchange of 2,55,000 Equity Shares and 50,000 Preference Shares held by the Company
in Allahabad Waste Processing Company Limited till 31-03-2025, Consequently the Company received 5,878 Equity Shares of
SPML Infrastructure Limited (SPML IL) in exchange of 58,78,000 Equity Shares held by the Company in Madurai Municipal Waste
Processing Company Private Limited till 31-03-2025.
c. During the year ended 31st March, 2026, the following equity shares have been issued and allotted by the Company by way of
conversion of warrants on preferential basis: (i) 37,67,431 warrants allotted during the F.Y. 2024-25 to promoter group companies
have been converted into 37,67,431 equity shares at a face value of ' 2/- each at an issue price of ' 118.56/- per equity share
(including a premium of ' 116.56/- per equity share) aggregating to ' 4,466.67 lakhs after receiving the balance amount due of
' 3350.00 lakhs during the FY 2025-26 ; (ii) 22,20,000 warrants allotted during the F.Y. 2024-25 to promoter group company have
been converted into 22,20,000 equity shares at a face value of ' 2/- each at an issue price of ' 215/- per equity share (including
a premium of ' 213/- per equity share) aggregating to ' 4,773.00 lakhs after receiving the balance amount of ' 3579.75 Lakhs
during the F.Y. 2025-26
d. Terms and rights attached to Equity Shares:
The Company has only one class of equity shares having par value of ' 2/- per share. Each holder of equity shares is entitled
one vote per share. The Company declares and pays dividends in Indian Rupees. In the event of liquidation of the Company,
the holders of the 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 shareholders.
g. In terms of the Master Restructuring Agreement (“MRA”) executed on 17-05-2024 in respect of the sanctioned Resolution Plan,
there is a requirement of maintenance of adequate Pledge of a total 13.50% of total paid up equity share capital of the Borrower
in favour of the Lender which has been complied by the Company through pledge of shares held by Promoters & their relatives
. NARCL has been allotted 11,44,436 equity shares in compliance of the requirement of maintaining minimum 12.50% of the
total paid up share capital as per the terms of Master Restructuring Agreement (""MRA"") dated 17.05.2024.
h. Shares alloted as fully paid-up pursuant to conversion of Loans into shares without payment received in cash during the period
of 5 years immediately preceeding
17.1 Sustainable Debt assigned to National Asset
Reconstruction Company Limited (NARCL)
Pursuant to the Master Restructuring Agreement (MRA)
executed on 17 May 2024, National Asset Reconstruction
Company Limited (NARCL) has become the sole lender
of the Company following the assignment of loans by the
erstwhile lenders of the Company vide Deed of Assignment
dated 29th August, 2023.
Under the MRA, two options were offered for the repayment
of the sustainable debt (inclusive of interest):
• Option 1: Payment of ' 96,700.00 lakhs within 10 years, or
• Option 2: Early repayment of ' 70,000.00 lakhs within 8
years from the effective assignment date of 29 August 2023.
The Company had elected the early repayment option.
As at 31 March 2026, the Company has repaid a
cumulative amount of ' 32,001.19 lakhs to NARCL,
primarily from proceeds of arbitration awards and sale of
specified assets. This repayment exceeds the scheduled
commitment of ' 27,100.00 lakhs under the resolution
plan by ' 4,901.19 lakhs.
In accordance with the applicable provisions of Indian
Accounting Standards (Ind AS), the Sustainable Debt
assigned to NARCL has been recognised at its fair value.
Accordingly, the carrying amount of the sustainable debt as
at 31 March 2026 is ' 26,756.72 lakhs. Out of the same an
amount of ' 400.00 lakhs has been reclassified to current
maturities of long-term debt under Note 8, representing
repayments due on or before 31st March 2027.
Out of the unsustainable debt the company has retained
NCD worth of ' 3,768.17 lakhs for redemption into equity
shares, if required, to maintain NARCL's holding of 12.50%
of the paid up equity share capital at any point of time,
till the payment of the sustainable debt as required in
MRA. Further, a gain of ' 26,700.00 lakhs, representing
the difference between Option 1 and Option 2 repayment
amounts, has been recognised as "Deferred Income"
as at 31st March 2024 and credited to Deferred Income
Sustainable Debt under Other Financial Liabilities. This
income is being recognised in the Statement of Profit and
Loss over the repayment period, in accordance with the
applicable accounting standards. The current outstanding
in Deferred Income Sustainable Debt as per Note-21
is ' 11,614.58 lakhs including current maturities of
' 4,106.28 lakhs
During the year, the Company recognised Deferred Income
of ' 3,967.74 lakhs and Finance Cost of ' 3,808.21 lakhs.
The net credit of ' 159.52 lakhs has been presented under
Other Income in the Statement of Profit and Loss after
offsetting the following:- (a) "Unwinding of deferred income"
arising from the gain on adoption of the early repayment
option of sustainable debt under debt restructuring, and
(b) the accretion of interest cost over the term of the
sustainable debt using the effective interest rate method,
towards "amortisation of discounting on fair valuation of
sustainable debt" under debt restructuring.
The impact of fair valuation and amortisation of deferred
income will continue to be recognised over the remaining
tenure of the facility until the sustainable debt is
fully discharged.
17.2 Security for Sustainable Debt and Zero Coupon Non¬
Convertible Debentures
The Sustainable Debt and Zero Coupon Non-Convertible
Debentures referred to above are secured by:
1. Existing security interests created in favour of the
Security Trustee acting on behalf of NARCL;
2. First-ranking hypothecation over all present and
future movable current and non-current assets of
the Company;
3. Exclusive mortgage over two immovable properties
situated at Sarita Vihar, New Delhi, owned by relatives
of the Promoters;
4. Pledge of equity shares held by the Promoters, their
relatives and associates representing 13.50% of the
paid-up equity share capital of the Company;
5. Pledge of shares held by the Company in its subsidiary
and associate companies (Refer Note 7.2);
6. First-ranking charge over all present and future
receivables, including arbitration awards and claims;
7. First-ranking charge over all present and future
assets relating to the Battery Energy Storage System
(BESS) project;
8. Undertakings provided by the Promoters.
The facilities are further secured by personal guarantees of
certain Directors and/or their relatives, limited to the value
of the mortgaged properties, together with a corporate
guarantee provided by a related group company.
17.3 Repayment Terms - Sustainable Debt
The Company has opted for repayment of the Sustainable
Debt of ' 70,000.00 lakhs under the early repayment
option over 8 years from the effective assignment date of
29 August 2023, in accordance with the provisions of the
Master Restructuring Agreement.
The management expects to meet the repayment
obligations through operational cash flows, recovery of
arbitration awards, monetisation of identified assets and
future business growth.
However, in the unlikely event of default, wherein the
Company is unable to repay the amount within the maximum
period of 10 years, the entire outstanding dues, amounting
to ' 2,60,451.65 lakhs as on the cut-off date of 31st January
2024, shall become immediately due and payable.
17.4 Repayment Terms - Zero Coupon Non-Convertible
Debentures (Unsustainable Debt)
Zero Coupon Non-Convertible Debentures amounting to
' 3,768.17 lakhs have been retained for possible conversion
into equity shares, if required, to maintain NARCL's
shareholding at 12.50% of the Company's paid-up equity
share capital during the tenure of the Sustainable Debt, in
accordance with the Master Restructuring Agreement.
The principal terms are as follows:
a) The Debentures shall be utilised only to the extent
required for maintaining the agreed shareholding
of NARCL.
b) Any balance remaining unutilised upon full repayment
of the Sustainable Debt of ' 70,000.00 lakhs shall
stand extinguished and written back in accordance
with the terms of the MRA.
c) In the event that the value of equity shares required
to be issued exceeds the outstanding value of the
Debentures, the excess shall be adjusted against the
Deferred Income Liability recognised pursuant to the
early repayment option.
17.5 Working Capital Facilities -
A) Indian Overseas Bank
During the year, Indian Overseas Bank (IOB)
sanctioned Cash Credit facility of ' 500.00 lakhs,
against hypothecation of stocks and book debts upto
90 days vide sanction letter dated 28 October 2025.
The facilities are primarily secured by:
i) Margin in the form of FDR, held for NFB (LC/
LG limits), where the monthly interest will be
credited to the Escrow Account or TRA account.
ii) Priority Charge on the entire Assets of the Project
against which the Bank will open NFB facility
(BG/LC).
iii) In case any shortfall on the realization of BG/LC,
if any, the same will be paid from the Company's
main TRA Account on priority basis from
the additional infusion by promoters
(already infused) over whatever envisaged in
Resolution Plan.
iv) The Company will open the Project specific
Escrow account with the Bank for all the
inflow and outflow of the project, for which the
required aforesaid Bank Guarantee shall be
used, aforesaid BG shall be opened in favour of
the Govt. customers for the requisite tenure.
v) Collateral Security- Fixed Deposit Receipts of
' 2,500.00 lakhs
The facility is additionally secured by personal
guarantees of 2 directors
The applicable rate of interest is 1Y MCLR
(8.85%) 0.40% i.e. 9.25%
vi) The company has been sanctioned working
capital limits in excess of ' 500.00 lakhs in
aggregate from a bank on 28th October, 2025
on the basis of security of current assets. Since
the limits were sanctioned after 30th September,
2025, the quarterly returns or statements are
filed by the Company with the bank for the quarter
ended 31st December, 2025 and quarter ended
31st March, 2026 which are in agreement with
the books of account of the company.
B) Yes Bank
During the year, Yes Bank sanctioned Overdraft Limit
of ' 3,550.00 lakhs, vide sanction letter dated 23
September, 2025.
The facility is secured by Fixed Deposits (FD). (Margin :
110% of the facility amount in the form of Fixed Deposit
(FD booked under any mode). Margin/FD in case of
Domestic Transaction) in the name of the borrower/
third party duly lien marked in favour of the Bank. The
Company shall furnish cash collateral equivalent to
the amount of facility to be utilized from time to time.
The Company shall, upon demand by the Bank, furnish
additional amounts of cash collateral.
Interest rate is 1% (Spread) over and above FD Rate
17.6 Loans from Related Parties
Loans received from related parties and other bodies
corporate carry interest ranging from 8.60% to 18.00%
per annum and are generally repayable within a maximum
period of 10 years, unless otherwise agreed between
the parties.
17.7 Short-term Loans from Banks
During the year ended 31 March 2026, the Company availed
short-term loans from Indian Overseas Bank and Yes Bank
against the pledge of its free Fixed Deposit Receipts (FDRs).
These facilities were sanctioned up to 90% of the value of
the pledged FDRs and carry interest at 1% per annum over
the applicable FDR interest rate. The loans are secured by
an exclusive lien on the respective Fixed Deposit Receipts
and are repayable in accordance with the respective
sanction terms. This short term loan has been fully repaid
in the current year.
The Weighted Average duration of the defined benefit obligation as at March 31, 2026 is 60 years
Valuations are performed on certain basic set of pre-determined assumptions and other regulatory frame work which may vary
over time. Thus, the Company is exposed to various risks in providing the above gratuity benefit which are as follows:
Interest Rate Risk: The plan exposes the Company to the risk off all in interest rates. A fall in interest rates will result in an
increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability
(as shown in financial statements).
Liquidity Risk: This is the risk that the Company is not able to meet the short-term gratuity pay outs. This may arise due to non¬
availability of enough cash/cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.
Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption of salary increase rate
of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase
in salary used to determine the present value of obligation will have a bearing on the plan's liability.
Regulatory Risk: Gratuity benefit is paid in accordance with the requirements of the Payment of Gratuity Act, 1972 (as amended
from time to time). There is a risk of change in regulations requiring higher gratuity payouts.
Asset Liability Mismatching or Market Risk: The duration of the liability is longer compared to duration of assets, exposing the
Company to market risk for volatilities/fall in interest rate.
Investment Risk: The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.
NOTE 35: SHARE BASED PAYMENT
The ESOP 2021 has been approved by the shareholders of the company on March 25, 2021 for grant aggregating 1,950,698 Employees
stock options of the company. The Scheme shall be called 'Employee Stock Option Plan 2021' (ESOP 2021). The following are the
salient details of the ESOP 2021.
a) The ESOP 2021 is designed to provide equity-based compensation to the employees and directors of the Company. It aims to
align the interests of the employees with those of the Company by allowing them to share in the wealth they help to create.
b) Only employees (including directors) of the Company are eligible to receive stock options under the ESOP 2021. The specific eligibility
criteria and selection of employees for the grant of options are determined by the Nomination and Remuneration Committee.
c) Options granted under the ESOP 2021 have a vesting period ranging from a minimum of one year to a maximum of five years
from the date of grant.
NOTE 39.2 FAIR VALUE HIERARCHY
The table shown below analyses financial instruments carried at fair value. The different levels have been defined below:-
Level 1: Quoted Prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as
prices) or indirectly (i.e., derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
(b) Financial instruments at amortised cost
The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are
a reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would be
significantly different from the values that would eventually be received or settled.
(c) During the year there has been no transfer from one level to another.
NOTE 40: FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Company's principal financial liabilities, comprise of Borrowings and Trade Payables. The main purpose of these financial liabilities
is to finance the Company's working capital requirements. The Company has various financial assets such as Trade Receivables, Loans,
Investments, Short-term Deposits and Cash & Cash Equivalents which arise directly from its operations.
The Company is exposed to market risk, credit risk and liquidity risk. The Company's Board of Directors oversees the management of
these risks and advises on financial risks and the appropriate financial risk governance framework for the Company. The Company's
Board of Directors assures that the Company's financial risk activities are governed by appropriate policies and procedures and that
financial risks are identified, measured and managed in accordance with the Company's policies and risk objectives.
The Board of Directors reviews and agrees policies for managing each of these risks, which are summarized below.
A. Credit Risk
Credit risk is the risk that a 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 related to cash and cash equivalents and bank deposits is managed by only accepting highly
rated banks and diversifying bank deposits. Other financial assets measured at amortized cost includes Security deposits, Loans
given and others. Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts
continuously, while at the same time internal control system in place ensure the amounts are within defined limits.
B. 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 Company's 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.
For the purpose of the Company's capital management, capital includes issued Equity Capital, Share Premium 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's objectives when managing capital is to safeguard continuity, maintain a strong credit rating and healthy capital ratios in
order to support its business and provide adequate return to shareholders through continuing growth and maximise the shareholders
value . The Company's overall strategy remains unchanged from previous year.The Company sets the amount of capital required
on the basis of annual business and long-term operating plans which include capital and other strategic investments. The funding
requirements are met through a mixture of equity ,internal fund generation and borrowed funds. The Company's policy is to use short
term and longterm borrowings to meet anticipated funding requirements. The Company monitors capital on the basis of the Net Debt
to Equity Ratio. The Company is not subject to any externally imposed capital requirements. Net debt are long term and short term
debts as reduced by Cash and Cash Equivalents (including restricted Cash and Cash Equivalents). Equity comprises share capital and
free reserves (total reserves excluding OCI). The following table summarizes the capital of the Company:
The Company has certain Trade and Other Receivables of ' 51,140.40 lakhs as on March 31, 2026 (' 49,927.50 lakhs as on March
31, 2025) backed by arbitration awards pronounced in its favour over the years. Further, the Company has recognised interest income
of ' 3,581.02 lakhs during year ended March 31, 2026 (' 3,332.82 lakhs during the year ended March 31, 2025) on such arbitration
awards. Against these awards, the customers have preferred appeals in the jurisdictional courts and the legal proceedings are going
on. Pending the outcome of the said legal proceedings, the above amounts are being treated as fully realisable as based on the facts
of the respective case, the management is confident that the final outcome of the legal proceedings would be in its favour.
NOTE 45:
Trade Receivables aggregating to ' 19,432.30 lakhs (March 31, 2025'20,260.94 lakhs) are under arbitration and litigation
proceedings. The management is confident that based on the facts of the respective cases; there is no uncertainty as regards
their realisation.
The Company has given unsecured loans to its subsidiary, Bhagalpur Electricity Distribution Company Private Limited, for developing
various projects. Based on an assessment of the subsidiary's financials position and as per the provisions of Ind AS, and considering
the uncertainty over collection of interest, the Company has with effect from 1st April, 2021, discontinued recognition of interest income.
The amount not recognized for the year ended 31st March, 2026 is ' 446.37 lakhs ( P.Y. ' 503.71 lakhs), which will be recognized as
revenue in the period there is certainty of its collection/it is ultimately collected. Notwithstanding the above, the Company retains the
right to recover the entire outstanding loan along with interest accrued thereon.
NOTE 50: SEGMENT REPORTING
The Company is operating in a single segment viz. EPC in accordance with IND AS -108 "Operating Segments" notified pursuant to
Companies (Indian Accounting Standards) Rules, 2015 , (as amended). The Company is primarily operating in India which is considered
as single geographical segment.
NOTE 51:
During the quarter ended 31st March 2025, the Board approved the phased development of a 5 GW Battery Energy Storage System
(BESS) facility. The Company has entered into an exclusive agreement with Energy Vault, USA (NYSE: NRGV)—a global leader in
sustainable energy storage solutions, for Energy Vault's advanced B-VAULT BESS technology and Vault OS Energy Management System
(EMS) software, for the localized production and development of the country's green energy sector and enhancIng India's energy
infrastructure to improve grid stability and support the seamless integration of renewable energy.
NOTE 52:
The Company does not have any undisclosed income which is not recorded in the books of account that has been surrendered or
disclosed as income during the reporting period 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). Further, there is no previously unrecorded income and related assets that
have been recorded in the books of account during the reporting period.
NOTE 53:
The Company does not have any benami property, where any proceedings have been initiated or pending against the company for
holding any benami property under Benami Transactions (Prohibitions) Act, 1988 (45 of 1988) and the rules made there under.
NOTE 54:
The Company has not been declared as wilful defaulter by any bank or financial institution or other lender.
NOTE 55:
There has not been any transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560 of
Companies Act, 1956.
NOTE 56:
The Company has not traded or invested in crypto currency or virtual currency during the reporting period.
NOTE 57:
The Company during the current year has not made any Loans or Advances in the nature of loans granted to promoters, directors,
KMPs and the related parties (as defined under Companies Act, 2013), either severally or jointly with any other person.
NOTE 58:
Previous year's figures have been regrouped/rearranged wherever considered necessary to confirm to the figures presented in the
current year.
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