6.1.1. Machinery spare-parts which can be used only in connection with an item of fixed assets and whose use, as per technical assessment, is expected to be irregular are capitalized and depreciated over the residual life of the respective assets

6.1.2. Leasehold Properties (land) has been shown as carrying cost for the balance amount as on 31.03.2025. Depreciation has been charged over the Lease period i.e. 99 years on SIP Leased Land.

6.1.3. Total Free Hold Land of 206.865 Acres has been included under Land out of which 3.023 Acres are in the name of OMDC, 3.910 Acres in the Name of Bird & Co., 3.393 Acres has been occupied by OMDC by virtue of adverse possession as mentioned in Record of Right and 196.539 Acres in the name of BPMEL.

6.1.4. Adjustment of residual value of assets of previous years to 5%

6.2.1. Capital work-in-progress includes other fixed assets to be installed and unfinished construction and erection materials

6.2.2. Balance shown as Rs. 11,107.87 Lakhs after considering capitalisation of Rs. 91.32 lakhs Stripping Cost during the year.

6.2.3. Building , Road, Rly. Siding and other permanent structure constructed on mining lease have been depreciated as per the rate prescribed in Schedule - II of the Companies Act, 2013 and not ammortised over the mining lease period.

6.2.4. Payment towards NPV, IBM processing fees and interest on inter corporate loan availed from RINL for the above purposes are considered as expenses towards Mining Rights and kept as capital work in progress in FY 2024-25.

7.1. Tree felling cost at Bagiaburu mines within virgin forest area capitalised during the year as mining rights.

7.2. Stripping cost Over Burden Removal (OBR) cost wrt. Bagiaburu Mines capitalised during the year as mining rights.

7.3. Prospecting and development expenses incurred to prepare the mines ready for commercial exploration (i.e. in the nature of preliminary and preoperative expenses) are capitalized.

7.4. Expenditure incurred for obtaining required clearance to operate the mines subsequent to the allotment of their lease is treated as intangible assets under the heads Mining Rights.

7.5. Based on changes on Accounting Policy w.r.t. amortisation of Intangible Asset(Mining Rights), amortisation amount with respect to running Bagiaburu Mines is recalculated based on the unit of production basis. At the same time, amortisation of capital expenses for in-opearative two mines (Belkundi & Bhadrasai) is not done for current year 2024-25.

7.6. Considering the verdict of Hon'ble Supreme Court of India on 16.05.2024, net intangible asset (Mining Rights) w.r.t. the three BPMEL mines is considered asset impaired in the current FY 2024-25 and charged to revenue accordingly.

8.4- The Company had entered into a joint venture with M/s Usha (India) Ltd. for managing the assets of M/s East India Minerals Ltd. (EIML). The matter is under dispute and present status of the company and loss if any on account of diminution in value has been provided for. As the JV agreement expired on 04.10.2013, investment on JV has been shown as Other Investment. Investment in Woodland Multi-speciality Hospital Limited and The Sijua (Jherriah) Electric Supply Company Ltd. has also been provided for {Refer 8.2(b)

9.1. Trade Receivables

The sale of goods is made against advances received from customer. The advance received from customer is adjusted on supply of material. There is no credit period allowed for such sales and accordingly no interest is to be charged. The trade receivable appearing in the books includes amount receivable recognized against the debtors towards the debit notes raised on the customers due to changes in Government levies (Royalty on ad-voleram basis by IBM). The Company has raised such debit notes on the basis of retrospective computation of the sales made in the past period from which the retrospective levies have been made applicable by the Government.

12.1. Other Advances of Rs.3017.82 Lakhs includes Royalty Advance of Rs.152.54 Lakhs, Advance to others of Rs. 149.10 Lakhs, payment of advance with protest amounting Rs. 2,715.14 Lacs to DDM, Joda against compensation of excess mining for BPMEL Leases as per the Order of Supreme Court dated 02.08.2017. OMDC was operating the BPMEL Mines upto 2010 and extracted the minerals under the Power of Attorney. OMDC is the beneficial owner of the leases. The right of the leases in the name of OMDC is continuously being contested. The issue of BPMEL Leases is subjudice. Pending finality of the case in the Court of Law of BPMEL Mines (which is a liquidated company), in the Court of Law, the payment made under protest on behalf of BPMEL Mines of Rs.2715 Lac is shown under advance and provision was created for an equivalent amount in the books of account.

12.3. Prepaid expenses towards employee loans represents difference amount between actual interest charge from employee and notional interest at a Standard Rate of 9.25% for Motor Vehicle Loan and 8.55% for House Building Advances. The said amount would be amortised over the period of loan amount.

14.1.a) OMDC was operating the BPMEL Mines upto 2010 and extracted the minerals under the Power of Attorney. OMDC is the beneficial owner of the leases. The right of the leases in the name of OMDC is continuously being contested. The case of BPMEL with OMDC is subjudice. Hence,the stock lying in the area of Kolha Roida, Thakurani and Dalki of BPMEL (which is under liquidation) have been valued at Re.1.00 by OMDC and taken into its books of accounts.

b) Similarly, in case of Thakurani and Belkund mines the book stock of Iron ore is 1,77,337.33 Mt whereas the corresponding i3MS ( Govt Portal) record the quantity is 1,64,818.30 MT. Difference is due to sudden stoppage of mining activity in the both mines resulting non-updation of i3MS portal .

c) At Bhadrasai mines, iron ore of 65,188.03 Mt was reported by independent physical verifier with Fe content of below 58% which is not reflected in the Govt. portal i.e. i3MS. Further, since the above mentioned material can not be sold by OMDC the valuation for the same is taken as nil.

d) Physical verification of Iron Ore at Thakurani mines and Railway Siding-1 was conducted by an external verifier and found to be 122670.45Mt against book stock 122083.72 Mt with difference of 586.73ML Physical stock of Iron Ore at Railway siding-2 could not be verified as materials are lying scattered and burried under platform and tracks. The book balance of such material at Railway siding-2 was brought forward from earlier years at 16998.14ML The entire book stock of 139081.86Mt (Thakurani mines Railway Siding-1&2)was valued at Rs.1,39,081.86 (i.e. Re1/Mt). The difference in book stock of 139081.86Mt (Thakurani mines Railway Siding-1&2) against i3MS stock of 142828.62Mt by 3746.76Mt which was lost due to spillage and wastage at non-operational mines since Dec'2009 and same was also not considered for valuation.

14.2. Valuation of Inventory has been made based on Average Sales Price published by IBM and cost price which ever is lower on book stock.

14.3. Raw material stock (coal & dolomite) located at Sponge Iron Plant (closed since the year 2010) has been valued at cost amounting to 47.41 Lakhs. Quantity of coal & dolomite is 2764.768Mt and 8.790Mt respectively with correspondig value of Rs. 47.18 lakhs and Rs. 0.23 Lakhs. Physical verification of these raw material has been done by an independent verifier (both quality & quantity) and no difference was observed.

(a) The Company has only one class of equity shares having a par value of Re. 1/- each. Each shareholder is eligible for one vote per share. The dividend proposed by the board of directors is subject to the approval of shareholders, 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 of their shareholding.

16.2. Details of shares held by each shareholder holding more than 5% of shares

Shares in the Company held by each shareholder holding more than 5 % shares specifying the number of shares held.

17.1 The General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to profit or loss.

17.2 The amount in the General Reserve that can be distributed by the Company as dividends to its equity shareholders is determined based upon the Company's financial statements and also considering the requirements of the Companies Act, 2013.

17.3 In view of the company incurred loss in the Financial Year 2017-18, 2018-19, 201920,2020-21 and 2021-22,2022-23 no dividend was declared by the company. For the year 202324, though there was a marginal profit after tax of Rs. 281.91 Lakhs dividend was not paid due to negative net worth and inadequate funds.

18.1. There are no dues payable to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 which have been determined to the extent such parties have been identified on the basis of information available with the Company.

19.1. Unpaid dividend includes Rs. 32.34 lakhs for disputed dividend as on March 31, 2025. The Unpaid Dividend pertains to 15-16 - Rs. 4.07 Lakhs & 16-17 - Rs. 3.07 Lakhs. Unpaid dividend of 7.14 Lakhs couldn’t be transferred to IEPF due to frequent changes in signatories to the bank (effecting KYC formalities) where unclaimed dividend account is maintened. The process of trnasfer has been initiated with new signatories as per Board Resolution Dt. 22nd May'2025.

19.2. Other current liabilities amounting Rs. 2157.15 Lakhs includes Inoperative Account(Rs.i97.5i Lakhs), Liability toward General Mines Expenses (Rs.1352.99 Lakhs), Liability toward Contractor & Sundry Creditors (Rs.1.27 Lakhs) and Liabilities toward Hospital, General(SIP), Railway (DC&Punitive), Stores for Mines & SIP etc (Rs.14.80 Lakhs), SAF, Law Charges etc & Pending Salary (590.58 Lakhs).

19.3. Inoperative Payable Accounts amounting to Rs.197.51 Lakhs are being reviewed on regular basis.

19.4. There are no dues payable to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 which have been determined to the extent such parties have been identified on the basis of information available with the Company.

(i) Pay Revision of Employees:

The provision is recognised with respect to the pay revision of the employees of Central Public Sector Enterprises, the same is provided for in the books of accounts with effect from 1st April, 2010 on basis of the difference in Basic Pay and Industrial Dearness Allowance between 1997 and 2007 Pay Scale. Calculation made on basis of the present basic pay and IDA component of the existing employees.”

(ii) Provision for site Reclamation & Restoration:

Provision for site reclamation is made with respect to the restoration of the mines and are made against the demand raised by the various mining related departments of Government for site reclamation and restoration as required under the Mining laws. Balance amount for site reclamation based on revised calculation is provided in contingent liability.”

(iii) Provision for Legal obligation: -Provision available for Legal Obligation is Rs. 1167.66 Lakhs

24.1 OMDC was operating the BPMEL Mines upto 2010 and extracted the minerals under the Power of Attorney. OMDC is the beneficial owner of the leases. The right of the leases in the name of OMDC is continuously being contested. The issue of lease right in the Court of Law is pending to be decided, since the case of BPMEL with OMDC is subjudice. Hence,the stock lying in the area of Kolha Roida, Thakurani and Dalki of BPMEL (which is a liquidated company) have been valued by OMDC and taken into its books of accounts.

(i) Expenditure incurred for obtaining required clearances to operate the mines subsequent to the allotment of their lease is capitalised as Intangible Assets.

(ii) Considering the verdict of Hon'ble Supreme Court of India on 16.05.2024, net intangible asset (Mining Rights) w.r.t. the three BPMEL mines is considered asset impaired in the current FY 2024-25 and charged to revenue accordingly.

Compensation against Excess Mining:-Pursuant to the Judgement of Hon'ble Supreme Court dated 02.08.2017, Dy. Director of Mines, Odisha had issued different demand notices dated 02.09.2017, 23.10.2017 & 23.12.2017 to BPMEL towards compensation. The amount of Demand for BPMEL Leases is Rs. 86157.12 Lacs towards EC, FC and MP/CTO. OMDC had been operating BPMEL Leases backed by Power of Attorney to sign and execute all mining leases and other mineral concessions from time to time.

OMDC paid a sum of Rs. 2715.14 Lakhs (Rs. 2515.14 Lakhs on 29.12.2017 and Rs. 200.00 Lakhs on 16.11.2018) towards compensation for BPMEL Leases as an advance under protest. The

remaining amount of compensation including interest upto 31.03.2025 against BPMEL Leases amounting Rs.192938.00 Lakh are shown under Contingent Liability. A provision is created in current financial year against the advance of Rs. 2715.14 Lakhs by charging off to revenue.

Note: 2

Leasehold Properties has been reclassified as operating lease. Amortisation of prepayment of Leasehold Properties has been shown under Amortisation of Prepayment Leasehold Properties.

The Company has identified Iron Ore, Manganese Ore and Sponge Iron as their Business Segment. Though Iron Ore and Manganese Ore Mines as well as Sponge Iron Plant are closed since Sept., 2010 for Bhadrasai and Belkundi mines, however Bagiaburu mines reopened in Dec’2023 and started commercial production. Presently Company’s source of revenue is Sale of old stocks ( Iron ore) from Bhadrasai mines and sale of fresh stock (Iron ore) from Bagiaburu mines. Companies other sources of incomes includes interest on Fixed deposits kept in Lien against Bank Guarantee and rental income. The Assets have been allocated directly which are identifiable to the respective segment and the balance is put in the un-allocated segment. The total liabilities have been allocated to un-allocated segment.

Earning per share has further fallen down this year mainly because of losses incurred for payment & provision of Compensation for excess mining as per Supreme Court decision.

32. EMPLOYEE BENEFIT PLAN

32.1. Defined contribution plan

Provident fund: Company pays fixed contribution to Provident Fund at the rate of 12% on Basic & IDA.

32.2. Defined benefit plans

a) Gratuity: Payable on separation @ 15 days pay for each completed year of service to eligible employees who render continuous service of 5 years or more and maximum payable amount is calculated as per Gratuity Act. The gratuity amount is covered under “the Gratuity cum Life Insurance Scheme” with LIC of India and the provision on account of gratuity is being made as per the actuarial valuation.

These plans typically expose the group to risks such as actuarial risk, investment risk, interest risk, longevity risk and salary risk.

i. Actuarial risk: It is the risk that benefits will cost more than expected. This can arise due to one of the following reasons:

Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary escalation will result into an increase in Obligation at a rate that is higher than expected.

Variability in mortality rates: If actual mortality rates are higher than assumed mortality rate assumption than the Gratuity benefits will be paid earlier than expected. Since there is no condition of vesting on the death benefit, the acceleration of cashflow will lead to an actuarial loss or gain depending on the relative values of the assumed salary growth and discount rate.

Variability in withdrawal rates: If actual withdrawal rates are higher than assumed withdrawal rate assumption than the Gratuity benefits will be paid earlier than expected. The impact of this will depend on whether the benefits are vested as at the resignation date.”

ii. Investment risk: For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the fair value of instruments backing the liability. In such cases, the present value of the assets is independent of the future discount rate. This can result in wide fluctuations in the net liability or the funded status if there are significant changes in the discount rate during the inter-valuation period.

iii. Interest risk: A decrease in interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan assets.

iv. Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan's liability.

v. Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan's liability.

"No other post-retirement benefits are provided to these employees.

The most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried out as at March 31, 2025 by M/s. Kapadia Actuaries and Consultants, a firm with fellow of the Institute of Actuaries of India. The present value of defined benefit obligation and the related current service cost were measured using the projected unit credit method."

The current service cost and the net interest expense for the year are included in the "Employee benefits expense" line item in the statement of profit and loss

The remeasurement of the net defined liability is included in other comprehensive income.

The amount included in the balance sheet arising from the entity's obligation in respect of its defined benefit plans are as follows

32.3. Sensitivity analysis of defined benefit plans

32.3.1 Significant acturial assumption for determination of defined benefit plan are discount rate, expected salary growth, attrition rate and mortality rate. The sensitivity analysis below has been based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period while holding all other assumptions constant.

"The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of defined benefit obligation has been calculated using projected unit credit method at the end of the reporting period, which is same as that applied in calculating the defined benefit obligation liability recognized in the balance sheet.

There is no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.”

33.2. Financial risk management objectives

”The Company’s principal financial instruments comprise financial liabilities and financial assets. The Company’s principal financial liabilities comprise trade payable and other financial liabilities. The main purpose of these financial instruments is to manage short-term cash flow and raise finance for the Company’s capital expenditure program. The Company has various financial assets such as trade receivable and cash and short-term deposits, which arise directly from its operations.

Risk exposures and responses

The Company manages its exposure to key financial risks in accordance with the Company’s financial risk management policy. The objective of the policy is to support the delivery of the Company’s financial targets while protecting future financial security. The main risks that could adversely affect the Company’s financial assets, liabilities or future cash flows are market risks, comprising commodity price risk, cash flow interest rate risk and foreign currency risk and liquidity risk and credit risk. Management reviews and agrees policies for managing each of these risks which are summarized below.

The Board of Directors reviews and agrees policies for managing each of these risks which are summarized below.”

33.3. Market risk

"Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The Company's financial instrument Market prices comprise three types of risk: currency risk, interest rate risk and other price risk which include equity price risk and commodity price risk. Financial instruments affected by market risk include loans, trade receivables, other financial assets, trade payables and other financial liabilities.

The sensitivity analyses have not been prepared as there is no amount outstanding as debt, having either fixed or floating interest rates, no derivatives financial instruments and no financial instruments in foreign currencies."

33.4. Foreign currency risk management

"The Company does not undertake any transaction in foreign currency, consequently, exposures to exchange rate fluctuation does not arise. The Company has all entered all the transaction in currency which is the functional currency and accordingly the foreign currency risk has been minimized to a very low level.

Foreign currency sensitivity analysis has not been performed considering the fact that there will not be any impact on the profit or loss of the Company, as there are no foreign currency monetary items."

33.5. Interest rate risk management

"Interest rate risk is the risk that the fair value or future cashflows of a financial instrument will fluctuate because of changes in market interest rates. As the Company does not have any borrowings there is not a significant exposure to the interest rate risk but only to the extent of recognition interest portion of financial instrument classified at amortised cost. The Company manages it interest risk exposure relating to the financial instrument classified at amortised cost by using the market interest rate as the effective interest rate and the changes in the assets liabilities is accounted for as interest income/expenses with respect to financial assets/financial liabilities respectively.

However, as there is no primary exposure to the interest rate risk the sensitivity analysis has not been performed by the Company.

33.6. Other price risks

The Company is exposed to other price risks which include equity price risk and commodity price risks. The Company holds investment for strategic rather than trading purposes. The sensitivity analysis on the profit due changes in equity prices has been performed below

33.7. Equity price sensitivity analysis

"The Company’s listed and non-listed equity securities are susceptible to market price risk arising from uncertainties about future values of the investment securities. The Company manages the equity price risk by placing limits on individual and total equity instruments which is made subject to the approval of Board of Directors. Reports on the equity portfolio are submitted to the Company’s senior management on a regular basis. The Company’s Board of Directors reviews and approves all equity investment decisions.

At the reporting date, the exposure to unlisted equity securities was Rs. 2.42 lakhs. The sensitivity analysis based on the equity price risk at the end of the reporting period has been provided for the investment these equity securities other than investment in joint venture is given below:

33.8. Credit risk management

"The Company trades only with recognized, creditworthy third parties and only on advance payment basis. It is the Company’s policy that all customers who wish to trade are required to pay the entire amount in advance. The Company does not perceive any risk of default as there is no instance of credit sale. In addition, receivable balances are monitored on an ongoing basis, with the result that the Company’s exposure to bad debts is not significant.

With respect to credit risk arising from the other financial assets of the Company, which comprise cash, bank balances, short-term investments and other receivables, the Company’s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. Refer to Note 9 for analysis of trade receivables ageing."

33.9. Liquidity risk management

The Company has huge investment in term deposits with banks and has sufficient owned funds to finance its existing and continuing commitments. New investments and advances are likely to be funded similarly. Major capital investments, if any, would be funded by through the terms deposits and further requirement if any will be addressed through the use of bank overdrafts and bank loans. The Company have deposited significant amount in terms deposits and have sufficient funds required to meet the liquidity requirements of the Company. The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments.

33.9.1. Liquidity and interest risk tables

The following table details the Company's expected maturity for its non-derivative financial assets. with agreed repayment periods. The table has been drawn based on the undiscounted contractual maturities of financial assets including interest that will be earned on those assets. the inclusion of information on non-derivative financial assets is necessary in order to understand the Company's liquidity risk management as the liquidity is managed on a net asset and liability basis.

The following table details the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The table has been drawn based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The table include both interest and principal cash flows. The contractual maturity is based on the earliest date on which the Company may be required to pay.

33.9.2. Financing facilities

The Company has access to financing facilities as described below which has been remaining unused in its entirety at the end of the reporting period. The Company expects to meet its other obligation from operating cash flows and proceeds of maturity of financial asset.

34. Fair value measurements

34.1. Fair value of the Company's financial assets and liabilities that are measured at fair value on a recurring basis

The Company's investment in its holding company is considered as the only financial assets that is mandatorily measured at fair value through profit or loss at the end of each reporting period. The following table gives information about how the fair value of the financial assets are determined (in particular, the valuation technique(s) and inputs used).

34.2. The disclosure relating to the fair value of Financial Assets and Liabilities that are measured at other than fair value is not required as the management of the company determined that the carrying amounts of such assets and liabilities approximates their fair values.

35. Related party transactions

a. Ultimate holding company: Rashtriya Ispat Nigam Limited

b. Parent company: Eastern Investments Limited

c. Fellow subsidiary company: The Bisra Stone Lime Company Limited

d. Key Managerial Personnel:

• Shri Arun Kanti Bagchi, Managing Director/ CEO (01.04.2024 to 21.02.2025)

• Shri Vasudha Chandra Suratkal, Managing Director (Addl. Charge w.e.f. 22.02.2025)

• Shri Ramakant Behera, Chief Financial Officer (01.04.2024 to 06.01.2025)

• Shri Arindam Maitra, Chief Financial Officer (w.e.f. 10.02.2025)

• Shri S Raja Babu, Company Secretary (01.04.2024 to 25.03.2025)

• Shri Pintu Kumar Biswal, Company Secretary (w.e.f. 26.03.2025)

Claims against the Company not acknowledged as debt includes:

a. Legal Cases constitute Rs. 3997,88.82Lakhs from sl. no. A(a) to (j). Claims of contractors for supply of materials/services are pending with arbitration/courts which have arisen in the ordinary course of business. It is expected that the ultimate outcome of these proceedings will be in favour of the Company and will not have any material adverse effect on theCompany's financial position and results of operation. The amount shown above are approximate and not crystallized on the date of reporting of accounts.

b. OMDC has challenged the two orders of NCLT dated 10.3.20 before NCLAT, New Delhi in the matter of M/s Jai Balaji Industries Ltd against petition filed u/s 9 of IBC, 2016. The judgement is in OMDC Favour and the case is in force in Kolkata High Court.

c. Out of the total claim of Odisha Govt. towards demand for BPMEL Leases alongwith with interest amounting Rs. 1929,38.00 Lakhs have been shown in Sl No (B) as the cases are pending in different courts of law.

d. Bank Guarantee is given to Indian Bureau of Mines, OSPCB & Baitarani Irrigation Division Rs.3327.90 Lakhs (Sl No C)

e. Site Reclamation charges of Rs. 3299.36 Lakh is shown in Sl. No. (D). For Demand from various statutory authorities towards Regional wildlife management and income tax, sales tax, excise duty, custom duty, service tax, entry tax and Rs.130.27 lakhs respectively as per sl. no. (E) & (F). The Company is contesting the demand with appellate authorities. It is expected that the ultimate outcome of these proceedings will be in favour of the Company and will not have any material adverse effect on the Company's financial position and results of operation.

f. Stamp Duty, Registration Charges & other Statutory Payment will be made at the time of executing supplementary Lease Deed after having all statutory clearances of around Rs.6555.12 Lac for all three OMDC Leases as shown in (G) and (H).

g. Pursuant to the amendments of the Orissa Land Reforms Act, the Sub-Collector, Champua had served a Notice against the Company for alleged unauthorized possession of 10.79 acres of leasehold land on the ground that the said land belongs to Adivasis and based on that, the Revenue Inspector asked OMDC to vacate the land. The Company filed an appeal before the Addl. District Magistrate but the appeal was not allowed. During April, 1999 the Company filed a writ application and obtained Stay Order from the Hon’ble High Court of Orissa to maintain the status quo about the possession of the land until further order. No specific liability could be ascertained.

37.

37.1. Disclosure of additional information as required by the Schedule III:

The Bagiaburu Iron mines started operating from 14.12.2023. The Company is constantly

following up for renewal of mining leases for remaining two mines i.e Belkund & Bhadrasahi.

37.2. Other Information:

a. There are no dues payable to Micro and Small Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 which have been determined to the extent such parties have been identified on the basis of information available with the Company.

b. Un-authorized occupation of some of the quarters has been made by contractor’s employees in mines. Company is considering to take necessary action including legal course wherever necessary to take the ownership of the quarters.

c. The registration of the Building of the company at Kolkata and in Scope Complex, New delhi is yet to be completed. The provision of Rs.84.03 lakhs has been made for registration of building. However, further payment will be made at the time of Registration as per actual.

d. As per the understanding with the employees, electricity consumed by them in the accommodation provided to them would be free of cost, hence any recovery is not made from employees.

A DETAILED NOTE ON BPMEL CASES BFORE SUPREME COURT OF INDIA

1. Challenging the order dated 03.03.2020 passed by the Division Bench, High Court, Calcutta to form a High Power Committee to take a decision for resumption of mining operation, the Chief Secretary, Govt. of Odisha (on behalf of Steel & Mines Dept.) had filed SLP (Civil) No. 007315 - 7316/2021 before the Hon’ble Supreme Court of India challenging the order passed on 03.03.2020 in ACO No. 24/2019 & APO No. 196/2019 by the division bench of the High Court, Calcutta . OMDC is made a party to the above SLP(C) being respondent no. 4 along with other respondents viz. Bharat Process & Mechanical Engineers Limited (BPMEL), TPG Equity Management Pvt. Ltd. (TPGEMPL), Official Liquidator (BPMEL), and Union of India (Ministry of Heavy Industries).

JUDGMENT PASSED BY SUPREME COURT OF INDIA:

The Hon'ble Supreme Court of India hearing the parties to the proceeding, pronounced the judgment on 17.05.2024 in the above noted SLP (Civil) No. 007315 - 7316/2021.

a. The apex court allowed the appeal filed by Chief Secretary, Govt. of Odisha and set-aside the order dated 03.03.2020 passed by the division bench of the High Court at Calcutta in which direction was made to constitute a High Powered Committee to consider the issue of revival of three mines of BPMEL and to hear the prayer of TPGEMPL.

b. The Hon'ble Apex Court in the said judgment also upheld the judgment & order of the High Court of Orissa passed in writ petition no. 1852 of 2010 rejecting the request of OMDC & TPG

for renewal of Kolha-Roida lease, ignoring the fact that the Review petitions filed by OMDC before High Court, Orissa are still pending for adjudication.

c. The Hon'ble Supreme Court by the said judgment also clarified that the applications filed and IMPLICATION OF THE JUDGMENT OF HON’BLE SUPREME COURT DTD. 17.05.2024 3 The effect of the Judgment of Supreme Court is that,

a. The OMDC is deprived of all its rights on BPMEL mines and the entire infrastructure created by OMDC in the leasehold area of the three mines under the nominal ownership of the BPMEL will be at stake.

b. Govt. of Odisha will be well within its rights to take coercive steps to evict The OMDC Ltd. as it will be treated as unauthorized occupant in the eye of Law.

4. The contention of OMDC is that, the orders of the Supreme Court of India under reference has been passed without taking into account the historical rights of The OMDC Ltd. over the Mines and has erroneously concluded that the Mines are owned by the BPMEL which is under liquidation. But the fact is that since inception, the OMDC was operating these mines and the Bird & Co. Ltd., the Govt. of India etc were only trustees / Benamidars. The liquidation of a trustee normally should not affect the rights of the original owner.

STEPS TAKEN FOLLOWED BY SC JUDGMENT

5. Considering the impact the judgment will have on OMDC, a Review Petition being Diary No. -29806/2014 filed by OMDC before the Supreme Court on 08.07.2024, for review of the Judgment dated 17.05.2024. It is informed by the shareholder of OMDC that, a Review Petition being Diary No. - 29537/2014 is also filed on 08.07.2024 by one shareholder before the Supreme Court for review f the Judgment dated 17.05.2024. Both the review petitions are pending for hearing.

39. The accounts have been prepared on Going Concern Basis. The Bagiaburu Iron Mines started operating from 14.12.2023. The Company is constantly following up for renewal of mining leases for remaining two mines i.e. Belhundi and Bhadrasai Mines.

40. Confirmation of balances in respect of advances, receivables etc. are sent on quarterly basis and annually. The effect of any adjustment, as may be required, on reconciliation with the confirmation of the parties will be done in future years, after receipt of confirmation.

41. The effective date for adoption of Ind-AS 116 is annual period beginning on or after April, 1, 2019. From the classification of applicability, in respect of OMDC, Ind-AS 116 cannot be made applicable.

42. Previous year’s figures have been re-grouped and rearranged wherever necessary to conform