1. "ROU Buildings" relates to building premises taken on lease and recognised as "Right of Use" in terms of Ind AS 116 on implementation with effect from 1 st April 2019 (Refer Note no. 53).

2. "ROU Building" includes Tea Factory taken on lease. In absence of break-up value of lease rental against different items of Property, Plant and Equipment, so acquired on lease, the rental capitalised in terms of Ind AS 116 had been categorised and depreciated

over the tenure of lease. The cost of upgradation of the said Tea Factory including installation of new Plant and Equipment had been classified under respective items of PPE and has been transferred to lessor during the year at the residual value as agreed in terms of the agreement on expiry of lease term.

3. The Company has 31 tea estate land in State of Assam for which lease(patta) has been granted for carrying out the plantation activity against payment of Land Revenue. The company has 2 tea estates land taken on lease for 30 years on renewal basis from Government of West Bengal which have been recognised and disclosed as ROU leasehold land. The Company's right for plantation in the State of Assam is not for a specified lease term against lease payments (other than land revenue) and not expected to be withdrawn or discontinued in foreseeable future and as such perpetual in nature. Capitalisation of costs thereof as required in terms of Ind AS 116 and amortisation over the lease terms had therefore not been considered in this respect.

4. The Company doesn't hold any Benami Property and there is no proceedings initiated or pending against the Company for holding any Benami Property under the Benami Transaction (Prohibition) Act, 1988 and rules made there under.

5. Refer note. no. 21 and 25 in respect of charge created against borrowings and note no. 54 referring restriction imposed by Hon'ble High Court of Delhi relating to disposal of assets.

6. During the year, BTHL has fully impaired it's investment in Step down subsidiary i.e. Phu Ben Tea Company Limited (Vietnam) considering the operating losses incurred during the current and previous reporting years resulting in erosion of it's entire net worth. Keeping in view thesame,an exercise to assess the impairment in respect of Investment in BTHL has been undertaken bythe management and no adjustment in carryingvalueofinvestments in BTHL has been considered necessary.The saidvaluation has been carried out byan Independent valuer appointed in this respect and as per the report received no provision for impairment is required against the carrying value of Investment in BTHL.

8.5 In connection withaTerm Loan from ICICI Bank Limited ofRs.5,000.00 lakhs (31st March, 2022: Rs.5,000.00 lakhs) taken byMcNally Bharat Engineering Company Limited (MBECL), the Company has furnished a Non-Disposal Undertaking of its present and future holding of shares in MBECL, which will remain valid as long as the said amount remains due and unpaid by MBECL (Also Refer Note no. 8.10).

7. Amount is below the rounding off norm adopted by the Company.

8. Shares of Eveready Industries India Limited were pledged to Housing Development Finance Corporation Limited against short-term loan of Rs. 7,500.00 lakhs (Balance Outstanding as on 31st March 2023: Nil) pending release of security by the lenders.

9. Shares of The Standard Batteries Limited are pledged to Aditya Birla Finance Limited against short-term loan of Rs. 1,000.00 lakhs (Balance Outstanding as on31st March 2023: Nil) pending release ofsecuritybythe lenders.

10. Trading of Kilburn Office Automation Limited Shares have been suspended on the stock exchange. Accordingly, for the purpose offair valuation ofthese shares have been derived based on the latest audited financial statement.

11. Consequenttothe initiation ofCorporate Insolvencyand Resolution Process (CIRP) andappointmentofResolution Professional in case ofMBECL,the company hasfairvalued it's investment to nominal value of Re. 1 pending finalisation and approval ofresolution plan ofMBECLby the comittee of creditors.

8.11 In respect of Company's investment in Suryachakra Seafood limited (SSL), purusant to the Scheme ofArrangment approved by Hon'ble High Court in earlieryears, thesaid companywas transferred to Arunodaya Green Fuels Limited (AGFL) and Shareholders ofSSL were alloted 1 equityshareofAGFLagainst3equitysharesofSSL.

9.1 Loans to employees included remuneration to the extent of Rs. 900.40 lakhs as on 31st March 2022 paid to Managing Director and Wholetime Director as decided by the Shareholders vide their special resolution in the Annual General Meeting (AGM) dated 30th December 2020. Pursuantto thecompany'sapplication forobtaining approval ofsuch paymentsfrom banksandfinancial institutions, as stated by the management in principle approval had since been granted by majority of the lenders in the previous year. These amounts were approved by the lender in the meeting dated 10th May 2022 of the banks and financial institutions received by the management in the month ofJune 2022 supported by legal advice in this respect have been charged to the Statement of Profit and Loss duringtheyear ended 31st March, 2023.

10.1 Margin money and Fixed deposits with banks represents the amount lying against bank guarantee issued by them under Non-Fund based facilities granted.

10.2 Receivable against Sale ofspecified assets of Tea Estates represents the amount receivable from buyers subject to fulfilment ofconditions in terms of Sales Agreement.

10.3 Interest subsidy receivable represent the amount receivable under Interest Subsidy 1997 Scheme for the period from 2007-08 to 200810 against which the claims has been recommended by DIC district to DIC Guwahati but the subsidy has not released due to letter dated 18th June 2014 from DIPP, New Delhi stating that the said Scheme is available for incremental borrowing. The company had preferred an appeal before Hon'ble High Courtat Delhi and thejudgement has been delivered in favourofthecompanyand therefore theamount has been considered good and recoverable. Pendingfinalisation ofthe matterand determination oftheamount thereof, claim for interest thereagainst for the subsequent period has not been recognised.

10.4 Includes Rs.1,051.99 lakhs, being the amount of tax deducted by the Bodies Corporate to whom Loans were granted and were not deposited by them. Such amounts remain provided for in the financial statement.

11.1 In connection with an overseasacquisition ofasubsidiaryin 2005,the IncomeTaxauthorityhad raised a demand ofRs.5,278.00 lakhs during theyear2009-10on theCompanyon account ofalleged non-deduction oftax at sourceand interest thereon pertaining to the transaction.TheCompanychallenged thesaid demand before theappropriate authorities and has obtained a stayagainst the same from the Hon'ble High Court ofCalcutta.The Companydeposited Rs. 700.00 lakhsduring theyear2011-12with Income Tax Authority under protest. In terms ofthe Share Purchase Agreement,Capital Gain orothertaxes, if any, relating to sale ofshares etc. is to be borne by the seller and not the Company. Under the Taxation Laws (Amendment) Act 2021 and the notification issued under Income-tax (31stAmendment) Rules 2021,theCompanyasdirected by IncomeTaxauthorities has withdrawn theappeal and the writ petition filed as mentioned above.Consequenttothis,theCommisionerofIncomeTax (IT&TP) has issued an orderon 14th February2022granting the relief in terms of the said amendment enabling the Company to claim the said amount of Rs. 700.00 lakhs deposited by it.

14.3 Trade Receivable secured represents amount secured against value of building available as security from a customer. Such building had been disposed off by the Liquidator of the said customer in earlier years. The sale proceeds thereof had been withheld by the liquidator and is expected to be realised on resolution of various cases concerning legal ownership of said building.

16.1 Amount is not duefortransferto Investor Education and Protection Fund.

16.2 The Company has entered into a Memorandum of Understanding with certain Tea Auction Brokers whereby the company receives advance againstfuture sales which is repaidfrom the said bankaccount on realisation ofsale proceed of Tea directly credited to the said account.

16.3 Refer Note no. 25 to thefinancial statements in respectofchargecreated against borrowings.

18.2 The proceedings initiated in the earlier year under “Insolvency and Bankruptcy Code, 2016" (IBC) pursuant to a petition filed by a corporate lender having an outstanding balance of Rs. 10,000.00 lakhs had been closed following a settlement arrived at towards the amount payable in this respect. Rs. 12,000.00 lakhs had been paid to said corporate lenderbycertain partieson behalfofthe company and differential of Rs. 2,000.00 lakhs pending paymentofentire amount and finalisation ofnecessaryterms etc. and non-recognition of interest as stated in Note no. 36.2 had been carried forward in the financial statement. During the year, as stated in Note no 36.3, consequent to the ratification of such payment by the Board of Directors, the amount paid over and above has been recognised as finance cost, pending discharge of the balance obligations and finalisation of the related terms and conditions of such settlement.

18.3 Includes Rs. 1,400.00 lakhs outstanding from a party against advance given in earlier years and lying outstanding for a considerable period of time, recoverability whereof in absence of required details and confirmations etc., being considered remote, has been fully provided for and shown as exceptional item in these financial statement.

18.4 Refer Note no. 25 to thefinancial statements in respectofchargecreated against borrowings.

19.2 Rights, preferences and restrictions attached to Shares

The Company has one class of shares referred to as Equity Shares having a par value of Rs. 5.00 each. Each Holder of Equity Shares is entitled to onevote per share. In theeventofliquidation ofthe Company,the equityshareholders will be entitled to receiveassets of the Company remaining after distribution of all preferential amounts, in proportion of their shareholding.

19.3 Buy Back of Shares

During the year ended 31st March, 2019, pursuant to the approval of the Board of Directors the Company had bought back 5,000,000 equity shares at an aggregate consideration of Rs. 6,901.28 Lakhs.

Nature and Purpose of Reserves20.1 Capital Reserve

Represents the amount transferred from the transferorcompany pursuant to Scheme ofArrangement effected in earlieryears.

20.2 Securities Premium Reserve

Securities Premium represents the amount received in excess ofparvalue ofsecurities and is available for utilisation as specified under Section 52ofCompanies Act, 2013.

20.3 General Reserve

General reserve is a free reserve which is created by transfer of profits from retained earnings. As the general reserve is created by a transferfrom one componentto anotherand is not an item ofOther Comprehensive Income, items included in the general reserve is generally not reclassified subsequently to Statement of Profit and Loss.

20.4 Other Reserves

Represents the balance amount of reserve which had arisen on transfer of BulkTea Division of Eveready Industries India Limited pursuant to Scheme of Arrangement.

20.5 Retained Earnings

Retained earnings generally represents amount of accumulated surplus/deficit of the company. This includes Other Comprehensive Income of (Rs. 7,136.01 lakhs) (31st March 2022: (Rs. 5,596.60 lakhs)) relating to remeasurement of defined benefit plans (net of tax) which cannot be reclassified to Statement of Profit and Loss.

20.6 Revaluation Surplus

Represents differential arising on revaluation of Property, Plant and Equipment by the erstwhile BulkTea Division of Everready Industries Limited demerged tothecompanywith effectfrom 1st April 2004pursuantto theSchemeofArrangement.Thesaid reserve has been carried over being part of PPE, recognised at carrying value as per previous GAAP as deemed cost on the date of transition to Ind AS. The amount ofdepreciation attributable to the said revaluation is transferred from the said reserve to general reserve as perthe practice followed in this respect.

20.7 Other Comprehensive Income

Thecompanyhas elected to recognise changes in thefairvalue ofnon-current investments in Equity Instruments (otherthan Subsidiary and Associates) through OCI. This reserve represents the cumulative gains and losses arising on equity instruments measured at fair value. The company transfers amounts from this reserve to retained earnings when the relevant equity securities are disposed. This also includes gain/losses on defined benefit obligations which is transferred to retained earnings as stated in Note 20.5 above.

21.2 During the year ended 31st March, 2020, Yes Bank Limited had recalled its entire loan outstanding including interest thereon. Accordingly, such loans had been considered as due for payment. Further during the year, Yes Bank Limited as informed to the company has assigned theentire loan facilities granted bythem tothe companyin favorofJ C Flowers Asset Reconstruction Private Limited and accordingly the same has been taken on the record by the company. Though the loans have been assigned, the charges/ security, amount, terms and conditions etc. are yet to be confirmed/ modified pending completion of the Resolution Process as stated in Note no. 59(a).

21.3 In terms ofagreement with lenders the above mentioned loans in certain cases were also required to be secured as stated in Note 25.2.

21.4 The Security as disclosed above have been based on the charge documents filed with ROC. Further certain security has been disposed off by the lenders for recovering their dues and accordingly such securities have not been disclosed herein above. As stated in Note no. 59, Resolution process is under consideration of lender and thereby terms and conditions including the period and amount of repayment etc. thereofand thesecurityasgiven herein above will accordingly be modified on completion ofthe Resolution Process.

21.5 Thedisclosuregiven herein above has been madeon the basis mentioned in note no.59(b).Thedefaultand amountduearetherefore subject to confirmation and reconciliation with respective parties and completion of resolution process under consideration by lenders as stated in Note no. 59(a).

21.6 Pending completion of resolution process as stated in Note no. 59(a) any further charge or satisfaction as such could not be filed with Registrar ofCompanies (ROC) and details ofcharges herein above are based on filings done earlier.

21.7 Also Refer Note no. 59 and 36.

23.1 The ultimate realisation of deferred tax assets, unused tax credit is dependent upon the future taxable income ofthe company. Deferred Tax Assets including MAT Credit entitlement has been recognised on management's assessment of reasonable certainty for reversal/utilisation thereof against future taxable income.

Deferred tax assets in respect of MAT Credit Entitlement amounting to Rs. 2,834.61 lakhs and on provision of Rs. 13,046.99 lakhs created during the year against intercorporate deposits and other as detailed in Note no. 39 pending determination ofthe amount thereof considering the principle of prudence has not been recognised.

25.1 Refer Note no. 21.1 in respect ofdefault in borrowings

25.2 In terms of agreement with lenders the above mentioned loans in certain cases were also required to be secured against equitable mortgageofspecific tea estates ofthe companyalong with other lendersand pledgeofentireequityshares ofMcleod Russel Uganda Limited (MRUL). However, in viewofpending resolution process,such loan could not befullysecuritised as required in term ofagreement with lenders.

25.3 The Security as disclosed above has been based on the charge documents filed with ROC. Further certain security has been disposed offbythe lenders against repayments oftheirdues and accordinglysuch securities have not been disclosed herein above. Further, in certain cases Personal guaranteeofMr.Aditya Khaitan, Managing Directorwas pendingexecution.As stated in Note no. 59, Resolution process for restructuring the borrowing are under consideration of lenders and thereby terms and conditions thereof including the security as given herein above will accordingly be modified on sanction ofthe said plan.

25.4 Certain payments made by body corporates on behalf of the company amounting to Rs. 1,105.00 lakhs against settlements directly made by them for repayment of ICDs taken by the company in earlier year have been disclosed as short term borrowings. Pending finalisation of terms and conditions with respect to these loans, necessary disclosures in this respect have not been made in these financial statements.

25.5 During the year, the Board of Directors have ratified the payment made by Individuals amounting to Rs. 3,500.00 lakhs, from body corporatesamountingto Rs. 2,000.00 lakhsandfrom related partiesamountingto Rs. 10,520.19lakhsagainstsettlementsdirectlymade by them for repayment of ICDs taken by the company in earlier years and invocation of third party securities provided to one of the lender against borrowing made by the company. Accordingly, disclosures in this respect have been made based on the terms and conditions as ratified and approved by the Board of Directors. This however does not include the payments made as per Note no. 25.4 above.

25.6 In respect of unsecured loans as mentioned in Note no. 25.5, the company had requested to extend the date of payment/ settlement ofoutstanding amount to31st December 2023 which has been accepted bythe parties and approved bythe Board of Directors ofthe companyand thereforethereare no defaultas on 31st March 2023.

25.7 Pending completion of resolution process as stated in Note no. 59(a) any further charge or satisfaction as such could not be filed with Registrar ofCompanies (ROC) and details ofcharges herein above are based on filings done earlier.

25.8 Also refer Note no. 59 and 36.

27.1 There are no amounts due for payment to the Investor Education and Protection Fund as at the year end.

27.2 The liability in relation to borrowings have been stated based on the provisions and appropriations stated in Note no. 36.1 and 36.2, pending completion of resolution process and confirmation/reconciliation of balances etc. by the lenders (Refer Note no. 59(b)).

27.3 Interest accrued and due is net of Rs. 3,225.63 lakhs (31st March 2022: Rs. 2,893.59 lakhs) pertaining to certain debit balances lying with banks which had been appropriated against their outstanding dues pending confirmation and reconciliation as detailed in Note no. 59(b)

28.1 The company had received advance of Rs. 1,413.87 lakhs related toSale ofSpecified Assets of Boroi Tea Estates and Assam Valley School (Net book Value: Rs. 3,236.96 lakhs). However pursuant to the injunction imposed vide the order of Hon'ble High Court of Delhi as stated in Note no. 54(b), such transaction could not materialise and as such have been disclosed under Advance against Sale of Fixed Assets. Pending this, the related assets remain included and have been disclosed under respective heads of Property, Plant and Equipment. The possibilities ofsale etc, in this respectwill be reviewed and considered based on completion ofresolution process and consequential withdrawal ofinjunction.

28.2 Includes advance of Rs. 5,000.00 lakhs (31st March 2022: Rs. 5,000.00 lakhs) received in earlier years against sale of tea, pending finalisation of terms and conditions thereof (Also Refer Note no. 36.2).

29.1 The Hon'bleSupreme Courtvide itsjudgement dated 20th September 2017 held that the provisions ofRule 8 oflncomeTax Act, 1961 is not applicable while making payment of dividend distribution tax as per section 115-0 of the Income Tax Act, 1961. No fresh proceedings/ demands has been made by the tax authorities in response to the aforesaid judgement passed by the Hon'ble Court. However, the Company has made full provision for tax in the financial statements in earlier years. In earlier years, the tax authorities had appropriated the amount demanded against the refund order for Assessment year 2007-2008 against which the company has preferred an appeal. In the event of the said demand being quashed by taxation authorities following the order of Supreme court, Rs. 343.37 lakhs adjusted in this respect will be refunded to the company.

29.2 Shortfall in value of investments held by Employee Provident Fund Trust covered under defined benefit plan, as estimated by the management has been provided for in the financial statements.

29.3 Provision for others include Rs. 105.00 lakhs (31st March 2022: Rs. 105.00 lakhs) which relates to various demands raised by the buyer's ofSpecified Assets of Tea Estates in respectofexpenditure incurred bythem in relation to period priorto hand overofsuch tea estates, pending reconciliation andfinalisation ofthesame with the books ofaccounts. Further, provision ofRs. 1,500.00 lakhs (31st March 2022: Rs. 1,915.36 lakhs) made in earlieryear, being the estimated cost to be incurred in relation to Sale ofSpecified Assets of Tea Estates as reviewed during the year has been carried forward in these financial statements.

30.1 Provision for taxation and advance payment thereagainst are reviewed and adjusted on assessment by the tax authorities. Unresolved matterscontested unprovidedforaredisclosed as contingent liabilities depending upon thepast trend,judicial pronouncements and amount involved therein.

31.1 Government grant relates to incentives and assistances provided against replantation, production of orthodox tea, duty exemption, transportation and otherexport benefits made availabletoTea IndustryundervariousTea Development and promotion Schemes by Government of India. There are no unfulfilled conditions or other contingencies attached to these grants.

32.1 Thecompanyreceived request in earlieryears aswell as in currentyearfrom various bodies corporatetowhom Loansweregiven and outstanding as on 31st March 2023 forwaiverof Interest. Intereston unsecured loan given tovariouscompanies asgiven in Note no. 58(a), considering the uncertainty with respect to recoverability thereof and also that companies have requested to waive the interest pending finalisation of terms thereof has not been accrued. Such interest at the rate applicable for the previous period works out to be Rs. 135,728.41 lakhs (including Rs. 33,101.76 lakhs for the year). As stated in Note no. 58(a), terms and conditions for repayment of loans including interest thereon shall be specified and outstanding amount shall be recovered/adjusted and/or restructured depending upon the outcome ofthe recovery proceedings ofthose companies pursuant to CIRP or otherwise and completion ofthe resolution process ofthecompany. Further, in respectofinterest accrued in earlieryears and outstanding as on31st March 2023, provision ofRs. 9,941.50 lakhs (including Rs. 1,942.16 lakhs created during theyear) has been madeand adjustments ifanyneeded in this respect will be given effect to on completion ofthe resolution process ofthe company.

35.1 "Employee Benefit Expensesfortheyearended 31st March 2023 include:

a) Rs.735.60lakhs pertaining totheperiodfrom01stApril 2021 to31stMarch 2022and Rs.78.42 Lakhsfortheperiodfrom 1stJanuary 2022 to 31st March 2022 provided (since paid) pursuant to revision madeduring theyearin respect ofremuneration payableto Staff in tea estates ofAssam and Workers in tea estate of West Bengal respectively.

b) Rs. 900.40 lakhsforthe periodfrom 1st April 2020 to31st March 2022 beingtheamount paid to Managing Directorand Wholetime Director on account of their remuneration and carried forward earlier as advance. These amounts on being approved in the meeting dated 10th May 2022 of the banks and financial institutions based on legal advice have been charged during the year to the Statement of Profit and Loss."

36.1 Pending completion ofdebt restructuring process, Interest on borrowings have been providedforasstated in Note no. 59(b).

36.2 Short term borrowings includes unsecured loans ofRs 21,375.19 lakhs taken by the company against which interest to the extent of Rs. 9,185.82 Lakhs (including Rs. 2,469.03 Lakhs (net of provision) for the year) has not been recognised pending final settlement/ completion ofresolution processas stated in Note no.59(b).This includes Rs. 1,105.00 lakhs in respectofwhich, pendingfinalisation of terms and conditions, amount of interest thereagainst has been computed based on similar rate as ratified by the Board of Directors during the year in other such cases. Interest in this respect as stated in Note no. 36.1 above have been determined on simple basis at stipulated rate orotherwise advised from time to time. This however does not include interest ifany on outstanding advances of Rs. 5,000.00 lakhs from customers as stated in Note no. 28.2, pending acceptance as InterCorporate Deposits and finalisation ofterms and conditions thereof. Further, Interest including compound/ penal interest if any payable with respect to these are currently not determinable and as such the amount in this respect have not been disclosed and included in the above amount

36.3 Finance Cost includes Rs. 2,000.00 lakhs being the amount paid by a third party on behalf of the company in settlement of the dues ofacorporatelenderin earlieryearas stated in Noteno. 18.2.This representsdifferential amountoverandabovethe principleamount so farpaidin terms of the said settlement. Pending discharge of balance obligations and finalisation of related terms and conditions, further adjustments required ifany in this respect are presently not ascertainable.

39.1 Exceptional Item includes:

a) Provision of Rs. 91,942.16 lakhs made against Inter-Corporate Deposits (ICDs) including interest thereon given to Promotergroup and certain other companies as stated in Note no. 58(a) and

b) Provision ofRs. 1,400.00 lakhs madeagainst advancegiven to a bodycorporateasstated in Note no. 18.3

NOTE: 40: SCHEMES OF AMALGAMATION/SCHEME OF ARRANGEMENT GIVEN EFFECT TO IN EARLIER YEARS

Pending completion ofthe relevantformalities oftransferofcertain assets and liabilities acquired pursuant to the Schemes, such assets and liabilities remain included in the books ofthe Company under the name ofthe transferor companies (including othercompanies which were amalgamated with the transferor companies from time to time).

NOTE 41: EMPLOYEE BENEFITS

I. Defined Contribution Plan Provident Fund:

The Company makes contributions to Provident Fund and Pension Scheme for eligible employees. Under the schemes, the Company is required to contributeaspecified percentage/fixed amountofthe payroll costs tofund the benefits.The contributions as specified under the law are paid to the respective fund set up by the government authority. Contributions towards provident funds are recognised as an expense for the year. Further, the Company has also set up Provident Fund Trusts in respect of certain categories of employees which is administered by Trustees. Both theemployees and theCompany make monthly contributions to the Funds at specified percentage ofthe employee's salary and aggregate contributions along with interest thereon are paid to the employees/nominees at retirement, death or cessation ofemployment. The Trusts investfundsfollowing a pattern ofinvestments prescribed bythe Government. The interest rate payable to the members of the Trusts is not lower than the rate of interest declared annually by the Government under The Employees' Provident Fundsand Miscellaneous ProvisionsAct, 1952 and shortfall, ifany,on accountofinterest is to be made good bytheCompany.

The Actuary has carried out actuarial valuation of plan's liabilities and interest rate guarantee obligations as at the balance sheet date as per the principle laid down in Ind AS19 issued by Ministry of corporate affairs and guidelines GN26 issued bythe Institute of Actuaries of India. Based on suchvaluation, there is nofutureanticipatedshortfall with regardto interestrateobligation ofthe Companyas atthebalance sheet date.The Company's contribution of Rs. 184.11 lakhs (31st March 2022: Rs. 172.87 lakhs) to the Provident FundTrust in this respect has been expensed under the'Contribution to Provident and Other Funds'.

II. Post Employment Defined Benefit Plans:

The Post Employment defined benefit scheme are managed by Life Insurance Corporation of India Limited/Trust is a defined benefit plan.The presentvalue ofobligation is determined based on independent actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separatelyto build up the final obligation. Details ofsuch fund areasfollows:

a) Gratuity (Funded)

The Company'sgratuityscheme,adefined benefit plan is as perthe PaymentofGratuityAct, 1972, covers the eligible employees and is administered through certain gratuity fund trusts. Such gratuity funds, whose investments are managed by insurance companies/trustees themselves, make payments to vested employees ortheir nominees upon retirement, death, incapacitation orcessation ofemployment, ofan amount based on the respective employee's salaryand tenure ofemployment subject to a maximum limit of Rs. 20.00 lakhs. Vesting occurs upon completion offiveyears ofservice.The amount ofgratuity payable is the employees last drawn basic salary per month computed proportionatelyfor 15 days salarymultiplied forthe numberofyears of service.

b) Superannuation (Funded)

The Company's Superannuation scheme, a Defined Benefit plan, is administered through trust funds and covers certain categories ofemployees. Investments ofthe funds are managed by insurance companies /trustees themselves. Benefits under these plans had been frozen in earlieryearswith regard to salarylevelsthen prevailing. Upon retirement,death orcessation ofemployment, Superannuation Funds purchase annuity policies in favour of vested employees or their spouses to secure periodic pension. Such superannuation benefits are based on respective employee's tenure ofemployment and salary.

c) Staff Pension - (Unfunded)

The Company's Staff Pension Scheme, a Defined Benefit plan, covers certain categories of employees. Pursuant to the scheme, monthly pension is paid to the vested employee or his/her nominee upon retirement, death or cessation of service based on the respective employee's salary and tenure ofemployment subject to a limit on the period of payment in case of nominee. Vesting occurs upon completion oftwentyyears ofservice.

d) Medical Insurance Premium Re-imbursement (Unfunded)

The Company has a scheme of re-imbursement of medical insurance premium to certain categories of employees and their surviving spouses, upon retirement, subject toa monetarylimit.Thescheme is in the natureofDefined Benefit plan.

e) Expatriate Pension (Unfunded)

The Company has an informal practice of paying pension to certain categories of retired expatriate employees and in certain cases to theirsurviving spouses. Thescheme is in the natureof Defined Benefit plan.

Plan assets represent investment in various categories. The return on amounts invested with LIC is declared annually by them. Return on amounts invested with Insurance companies, other than LIC, is mostly by way of Net Asset Value declared on units purchased, with some schemes declaring returns annually. Investment in Bonds and Special Deposit carry a fixed rate of interest. The expected return on plan assets is determined after taking into consideration composition of the plan assets held, assessed risk of asset management and other relevant factors.

VIII. SensitivityAnalysis

The sensitivity analysis below is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur,and changes in some oftheassumptions may be correlated. When calculating thesensitivityofthedefined benefitobligation to significant actuarial assumptions, the same method (present value ofthe defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognised in the balance sheet.

The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.

IX Risk Exposure

Through its defined benefit plans, theCompany isexposed to a numberofrisks, the mostsignificant ofwhich aredetailed below:

Asset volatility: The plan liabilities are calculated using a discount rate set with reference to bond yield: If plan assets underperform

this yield, it will create a deficit. The plan asset investments is in bonds, special deposit, LIC and other insurance companies. The Company has a risk management strategy where the aggregate amount of risk exposure ona portfolio is maintained at a fixed range. Any deviation from the range are corrected by rebalancing the portfolio. The Company intends to maintain the above investment mix in the continuing years.

Changes in yields: A decrease in yields will increase plan liabilities.

Life Expectancy: The pension and medical plan obligations areto provide benefitsforthe life ofthe member,so increases in life

expectancy will result in the increase in the plans liabilities. This is particularly significant where inflationary increases result in higher sensitivity to changes in life expectancy.

The Company actively monitors how the duration and the expected yield of the investments are matching the expected cash outflows

arising from the employee benefit obligations. The Company has not changed the processes used to manage its risks from previous periods.

Investmentsarewell diversified, such that thefailureofanysingle investmentwould not haveamaterial impacton theoverall level ofassets.

43. CONTINGENT LIABILITIES (to the extent not provided for) in respect of:

b) TheCompanyhas issued various“LetterofComfort" to lenders against loanstaken bypromotergroup and certain othercompanies. The aggregate amount of Comfort Letter issued and outstanding ason31st March 2023 is Rs. 1,13,599.78 Lakhs (31st March, 2022: Rs. 1,13,599.78 Lakhs).Theaggregateamountofborrowings bythese companies (otherthan oneofthegroup-companies in respect ofwhich pending CIRP proceedingsamountofborrowings pertaining to theyearended 31st March 2023 is not determinable) ason 31st March 2023 is Rs.52,477.53 Lakhs (31st March, 2022: Rs. 69,139.34 Lakhs).

c) The Company's pending litigations comprises of claim against the company and proceedings pending with Taxation/ Statutory/ Government Authorities. This includes income tax matter pending before Appellate Authorities where issues involved are similar in natureand in viewofthe managementthere is remote possibilityforcrystalisation ofsuch liabilities.The Company has reviewed all its pending litigations and proceedings and has made adequate provisions, and disclosed contingent liabilities, where applicable, in itsfinancial statements. Thecompanydoes notexpect theoutcomeofthese proceedings to havea material impact on itsfinancial position. Future cash outflows, if any is dependent upon the outcome of judgments / decisions which is not practicable to be determined pending resolution ofthe same.

Note:

1. The above related party information is as identified by the management and relied upon by the auditor.

2. All transactionsfrom related parties are made in ordinarycourseofbusiness. Fortheyearended 31st March 2023,theCompanyhas not recorded any impairment of receivables relating to amounts owed by related parties. This assessment is undertaken each financial year by reviewing the financial position of the related party and the market in which the related party operates.

3. In respectofabove parties,there is no provision fordoubtful debts as on31st March 2023 and no amount has been written backor written offduring theyearother than those disclosed above in respect ofdebts duefrom/to them.

4. Post-Employee benefits and other long-term employee benefits have been disclosed/paid on retirement/resignation ofservices but does not include provision made on actuarial basis as the same is available for all the employees together.

46. SEGMENT INFORMATION

(a) TheCompany is primarilyengaged in the business ofcultivation, manufactureand saleoftea acrossvarious geographical location. In term of Ind AS 108 "Operating Segment", the Company has one business segment i.e. Manufacturing and Selling of Tea. Further, in terms of Indian Accounting Standard (Ind AS) 108 on 'Operating Segment' notified in the Act, segment information has been presented in theConsolidated Financial Statements, prepared pursuantto Ind AS110on 'Consolidated Financial Statements'and Ind AS 28 on 'Investments in Associates andJoint Ventures' notified in theAct, included in theAnnual Reportfortheyear.

(i) FAIR VALUATION TECHNIQUES:

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The following methods and assumptions were used to estimate the fair values. These assumptions are subject to finalisation of resolution plan and determination of terms and conditions of borrowings and amount given as loans to various parties as stated in note no.59and58:

a) The fair value of cash and cash equivalents, current trade receivables and payables, current financial liabilities and assets and short term borrowings approximate their carrying amount largely due to the short-term nature of these instruments. The management considers that the carrying amounts of financial assets and financial liabilities recognised at cost in the financial statements other than dealtwith hereunderapproximate theirfairvalues.

b) TheCompany's long-term debtfrom Banks andfinancial institutionswereoriginallycontracted atfloating ratesofinterest. Fairvalue of variable interest rate borrowings approximates their carrying value subject to adjustments made for transaction cost. Terms and conditions ofthese loan pending completion ofresolution process areyet to befinalised (Note no. 59(a)) and there is a uncertainty inthis respect as on this date. Further, there are other unsecured borrowing as stated in note no. 25.4 terms and conditions whereof have not been decided.

c) The fair value of derivative financial instruments is determined based on observable market inputs including currency spot and forward rates, yield curves, currencyvolatilityetc.The said valuation are carried out bythe counter party with whom the contract has been entered with. Management has evaluated the credit and non-performance risks associated with the counterparties and found them to be insignificant and not requiring any credit adjustments.

d) The fairvalue of Inter-Corporate deposits based on management evaluation related to the credit and non-performance risks associated with the counterparties is dependent on the outcome of the recovery proceedings pursuant to CIRP as stated in Note no. 58(a) or otherwise on completion ofthe resolution process ofthe companyas stated in Note no. 59(a) and there is a uncertainty to the extent as stated in the said note.

(ii) FAIR VALUEHIERARCHY(a) Financial Instruments

This section explains the judgements and estimates made in determining the fair values ofthe financial instruments that are (a) recognised and measured atfair value (b) measured at amortised cost andforwhichfairvalueare disclosed in the financial statements. To provide an indication about the reliability ofthe inputs used in determining fair value. The Company has classified its financial instruments into the three levels prescribed under the Indian Accounting Standard.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments that have quoted price. Thefairvalueofall equity instruments which aretraded in thestockexchanges isvalued using theclosing price as at the reporting date.

Level 2: The fairvalue of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use ofobservable market data and rely as little as possible on entity-specific estimates. If all significant inputs required tofairvaluean instrumentareobservable,the instrument is included in level 2.

Level 3: Ifoneormoreofthesignificant inputs is not based on observable market data,the instruments is included in level 3.

During the previous year, the company had changed its valuation technique in respect of Kilburn Office Automation Limited for reasons stated in Note no. 8.9 ofthe financial statements. Accordingly such shares had been valued as per Level 3 Technique whereby the said valuation had been arrived at based on the latest audited financial statements.This however did not have any material impact on thefinancial statement.Otherthan this,therearenotransfers between level 1, level 2and level 3 during thecurrentand previous year.

(b) Biological assets other than bearer plants

This section explains the judgements and estimates made in determining the fair values of the biological assets other than bearer plants that are recognised and measured atfairvalue in thefinancial statements. To providean indication aboutthe reliability of the inputs used in determining fair value, the Company has classified its biological assets other than bearer plants into level 2 in the fair value hierarchy, since no significant adjustments need to be made to the prices obtained from the local markets.

48. FINANCIAL RISK MANAGEMENT

The company's activitiesexposed it toavarietyoffinancial risks. The keyfinancial risks include Market risk, Credit riskand liquidity risk. The company's focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The Board of Directors reviews and approves policyfor managing these risks.The risks aregoverned byappropriate policies and procedures and accordinglyfinancial risks are identified, measured and managed in accordance with the Company's policies and risk objectives. As stated in Note no. 59(a), the company has defaulted in repayment of borrowings including interest accrued thereon due to low recovery of the amount outstanding in respect of ICD's given by the company and restructuring/ other proposals/ settlement of loans etc.are under consideration oflenders.The companyexpects to restructure it's borrowings and mitigate the relatedfinancial risk. Financial risk management as stated below has been considered based on the assumption of successful outcome of the restructuring/ other proposals which is under consideration ofthe lendersas stated in thesaid note.The riskenvisaged can materially bedifferenton approval ofthe said plan and terms and conditions specified in this respect.

(A) Credit risk

Credit riskrefers to the riskoffinancial loss arisingfrom default/failure bythecounterpartyto meetfinancial obligationsas perthe terms ofcontract. The Company is exposed to credit riskfor receivables, cash and cash equivalents, financial guarantees and derivative financial instruments. Loans to group companies given has lead to material concentration of credit risks due to non-recoverability of amount thereagainst including accrued interest.

Credit risk on trade receivables is minimum since sales through different mode (i.e. auction, consignment, private - both domestic and export) are made afterjudging credit worthiness ofthe customers, advance payment, deposit from customers oragainst letter ofcredit by banks. The historyofdefaults has been minimal and outstanding receivables are regularlymonitored. For credit riskon the loans to parties since recoverability thereagainst has been a matter of concern due to non-payment by group and other companies to whom amounts have been lentand wherein oneofthe caseCIRPasgiven in Note no.58(a) has been initiated. The Company isexpecting to recover/adjust/restructure theoutstanding amounts and address the riskinvolved therein in due course oftime on outcomeoftheCIRP proceedings initiated against oneofcompanyto whom loan have been advanced bytheseGroupcompanies and on completion ofresolution process ofthecompany.

For derivative and financial instruments, the Company manage its credit risks by dealing with reputable banks and financial institutions.

Credit risk from balances with banks and financial institutions is managed by the Company's treasury department in accordance with the Company's policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. The limitsareset to minimise theconcentration ofrisksand therefore mitigatefinancial loss through counterparty's potential failure to make payments.

The Company establishes an allowance for impairment that represents its estimate of losses in respect of trade and other receivables. Receivables are reviewed/evaluated periodically by the management and appropriate provisions are made to the extent recovery there against has been considered to be remote.

The carrying value of the financial assets (net of impairment losses) represent the maximum credit exposure. The maximum exposure to credit riskatthe reporting date isthe carryingvalue ofeach class offinancial assetsdisclosed in Note no. 47.

Financial assets that are neither past due nor impaired.

Cash and cash equivalents, investment and deposits with banks are neither past due nor impaired. Cash and cash equivalents with banks are held with reputed and credit worthy banking institutions.

Financial assets that are past due but not impaired.

Certain Trade receivables and Inter-Corporate Loans which are past due at the end of the reporting period, no credit losses there against are expected to arise considering the steps being taken for realisation thereof.

(B) Liquidity risk

Liquidity risk refers to the risk that the Companyfails to honour its financial obligations in accordance with terms of contract. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability offunding through an adequate amount ofcommitted credit facilities to meet obligations when due and to close out market positions.

Management monitors rolling forecasts of the company's liquidity position and cash and cash equivalents on the basis of expected cash flows. In addition, the Company's liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.The Companyhad in earlieryears granted loans to Group Companies which created a mismatch in servicing its debt obligations. In this regards necessary restructuring and other proposals are under consideration as detailed in Note no. 59(a) to make these debt sustainable so that the liquidity required in the system does not get affected materially.

Maturities offinancial liabilities

The tables below analyse the Company's financial liabilities into relevant maturity groupings based on their contractual maturities for:

i all non-derivative financial liabilities, and

ii derivative financial instruments for which the contractual maturities are essential for an understanding of thetiming of the cash flows.

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal theircarrying balances as the impact ofdiscounting is not significant. The amount of borrowings and interest thereon has been computed on the basis stated in Note no.59(b) and amountfinally payableand terms ofrepayment thereofwill be determinableon completion ofresolution process.

(i) Foreign currency risk

Foreign currency risk is the riskthatthefairvalueorfuturecash flows of a financial instrumentwill fluctuate because ofchanges in foreign exchange rates. The Company operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the USD, EUR and GBP. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the Company's functional currency (INR). The risk is measured through a forecast of highly probable foreign currency cash flows. The objective of the hedges is to minimise the volatility ofthe INR cash flows of highly probable forecast transactions.

The Company as per the risk management policy, hedges foreign currency transactions to mitigate the risk exposure and reviews periodically to ensure that the results from fluctuating currency exchange rates are appropriately managed.

10% appreciation ofthe respective foreign currencies with respect to functional currency (holding all other variables constant) ofthe Company would result in increase in the Company's profit before tax (having an impact on the financial statements) by approximately Rs. 75.89 lakhsforfinancial assets. 10%depreciation ofINR would havean equal and oppositeeffecton theCompany'sfinancial statements.

10% appreciation ofthe respective foreign currencies with respect to functional currency (holding all other variables constant) ofthe Company would result in increase in the Company's profit before tax (having an impact on the financial statements) by approximately Rs. 137.58 lakhsforfinancial assets. 10%depreciation ofINRwould have an equal and oppositeeffect on theCompany'sfinancial statements.

"Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Financial Instruments at fixed rates of interest exposes the company to fairvalue interest rate risk as there is no risk of interest rate volatility.

The Company's main interest rate risk arises from short term and long-term borrowings with variable rates, which expose the Company to cash flow interest rate risk. Considering the same, the carrying amount ofsaid borrowings was considered to be atfairvalue. During 31st March 2023 and 31st March 2022, theCompany's borrowings atvariable ratewere mainlydenominated in INR.

The Company'sfixed rate borrowings arecarried at amortised cost.Theyaretherefore not subject to interest rate riskas defined in Ind AS 107, since neither the carrying amount northefuturecash flows will fluctuate because ofachange in market interest rates.

Increase of50 basis points (holding all othervariables constant) in interest rates at the balance sheet date would result in decrease in net income of Rs. 787.39 lakhs on profit before tax (having an impact on the financial statements) for the year ended 31st March 2023 and Rs. 834.94 for the year ended 31st March 2022. A decrease in 50 basis point would have an equal and opposite effect on the Company's financial statements. This should be read with Note no. 36.2 regarding non-recognition of interest in Inter Corporate Deposits.

Interest riskon financial liabilities as stated above has been considered based on theaccounting followed in this respect as stated in Note no.58(a) and 59(b). The rateofinterestand amount payable in this respect will finally be determinableon completion ofresolution process which as stated in Note no. 59(a) is underconsideration oflenders.Theriskenvisaged can materially bedifferent on completion ofresolution process and terms and conditions being specified in this respect.

(iii) Pricerisk

The Company is not an active investor in equity markets; it continues to hold certain investments in equityfor long term strategic purpose which are accordingly measured at fair value through Other Comprehensive Income. The value of investments in such equity instruments as at 31st March 2023 is Rs 5,212.91 lakhs (31st March 2022: Rs. 6,189.19 lakhs).Accordingly, fairvalue fluctuations arising from market volatility is recognised in Other Comprehensive Income.

(D) Agricultural Risk

Cultivation of tea being an agricultural activity, there are certain specific financial risks. These financial risks arise mainly due to adverse weather conditions, logistic problems inherent to remote areas, and fluctuation of selling price of finished goods (tea) due to increase in supply/availability.

The Company manages the above financial risks in the following manner:

i) Sufficient inventorylevelsofagro chemicals,fertilizersand other inputsare maintained so thattimelycorrectiveaction can betaken in case of adverse weather conditions.

ii) Slightlyhigherlevel ofconsumablestoresvizpacking materials,coal and HSDaremaintained in orderto mitigatefinancial riskarising from logistics problems.

iiii Forward contracts are made with overseas customers as well as domestic private customers, in order to mitigate the financial risk in fluctuation ofselling price oftea.

iv Sufficient liquidity kept in the system through fund arrangements from banks etc. in such a way that cultivation, manufacture and sale oftea is not adverselyaffected even in times ofadverse conditions. Restructuring and other proposals as stated in Note no. 59(a) is under consideration and outcome thereofasexpected isforensuring sustainabilityofcoreagricultural operations ofthe company.

49. CAPITALMANAGEMENT

(a) RiskManagement

The primary objective of the Company's capital management is to ensure that it maintains a healthy capital ratio in order to support its businessand maximizeshareholdervalue.TheCompany's objectivewhen managingcapital is to safeguard itsabilityto continueasagoing concern so that they can continue to provide returns for shareholders and benefits for other stakeholders. The Company is focused on keeping strong total equity base to ensure independence, security, as well as a high financial flexibility for potential future borrowings, if required without impacting the risk profile ofthe Company.

In orderto maintain oradjust the capital structure, the companymayadjust theamount ofdividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

Consistentwith others in the industry,theCompany monitorscapital on the basis ofnet debt to equityratioand maturityprofileofoverall debt portfolio ofthe Company.

Net debt implies total borrowings ofthe Company as reduced by Cash and Cash Equivalent and Equity comprises all components attributable to the owners of the Company.

Under the terms of the major borrowing facilities, the Company has not complied with some of the financial covenants as imposed by the bankandfinancial institutions.

No changes were made in the objectives, policies or processes for managing capital during the year ended 31st March 2023 considering pending outcome of the restructuring and other proposals under consideration of lenders (Refer Note no. 59(a)).

(i) The tax rate used in the corporate tax payable on taxable profits under the Income Tax Act'1961.

(ii) The Company's agriculture income is subject to lower tax rates @ 30% under the respective state tax laws. Further, considering the tax holiday granted by the State Government, effect of Deferred Tax reversal during the said tax holiday period has been considered for computing Deferred Tax Assets.

(iii) The Company has not exercised the option for paying income tax at concessional rates in accordance with the provisions/conditions as specified underSection 115BAAofthe Income-taxAct, 1961 as introduced bytheTaxation Laws (Amendment) Ordinance, 2019as there are unutilised MAT Credit and other entitlement including 33AB and also the resolution process is under active consideration and impactthereofare presentlynot ascertainable. Necessarydecision in this respect will be taken in subsequent period.

(v) Further to above, the Company has certain operating lease arrangements foroffice, transit houses, etc. on short-term leases. Expenditure incurred on account of rental payments under such leases during the year and recognized in the Profit and Loss account amounts to Rs. 253.76 lakhs (31st March 2022: Rs. 5.11 lakhs).

54. SALE OF SPECIFIED ASSETS OF CERTAIN TEA ESTATES

On 09th August, 2018, the shareholders of the Company approved to sell specified assets of certain tea estates. In continuation of the steps

initiated in this respect in earlieryears:

a) Thespecified assets ofone tea estate had been identified and approvedforsale. Memorandum ofUnderstanding/Term sheet with the proposed buyer for an aggregate consideration of Rs. 2,815.00 Lakhs, subject to due diligence and necessary approvals, etc. had also been entered by the company. Pending final binding agreement and completion of the transaction, such sales has not been recognised. Advance of Rs 550.00 Lakhs receivedfrom the proposed buyeragainst sale consideration has been shown under'Other Financial Liabilities'.

b) The Company has received advances against sale of estates and certain other assets amounting to Rs. 1,413.87 lakhs (including Rs. 550.00 lakhs dealt in (a) above). There is a stay imposed by Hon'ble High Court of Delhi vide it's order dated 19th December 2019 and thereby these assets cannot be disposed of by the company. Accordingly, such assets pending final decision of Hon'ble High CourtofDelhi has been continued to be included under Property, Plantand Equipment (PPE) ratherthan as “Assets heldforSale"and have been depreciated in accordance with other items of PPE.

56.1 Amount is below the rounding off norm adopted by the Company.

Note 57 : IL&FS Infrastructure Debt Fund ('ILFS-IDF')

(a) Subsequenttothebalancesheetdate,theorderdated 10th February2023 passed byHon'ble National Company LawTribunal ('NCLT') on the petition filed by IL&FS Infrastructure Debt Fund ('ILFS-IDF') under “Insolvencyand BankruptcyCode, 2016" (IBC) pursuant to the shortfall undertaking ('undertaking') executed between ILFS-IDF and the company in connection with Debt Service Reserve Account ('DSRA') obligations pertaining to the secured debentures of Rs. 15,000.00 lakhs and Rs. 9,950.00 lakhs issued respectively by Babcock Borsig Limited ('BBL') and Williamson Magor&Company Limited ('WMCL') to ILFS-IDF has been set-aside pursuanttothe OrderofHon'ble National Company Law Appellate Tribunal, Principal Bench, New Delhi ('NCLAT') ('theOrder') dated 15th May 2023 ('the Order'). The Order has been passed by the NCLAT following a settlement agreement taken on record. Consequent to the said order,powersofthe BoardofDirectorswhich wassuspended with effectfrom 10th February2023 on initiation ofCorporate Insolvency Resolution Process (CIRP) has since been restored. IRPhas been discharged with effectfrom thedateofthe orderfrom thefunctioning and responsibilities entrusted upon pursuant to CIRP and necessary powers for managing the affairs ofthe company have been vested back with the Board of Directors ofthe company.

(b) Thecompanyas stated above had given shortfall undertaking ('undertaking') to IL&FS Infrastructure Debt Fund ('ILFS-IDF') in connection with Debt Service Reserve Account ('DSRA') obligations pertaining to the secured debentures of Rs. 15,000.00 lakhs and Rs. 9,950.00 lakhs issued respectively by Babcock Borsig Limited ('BBL') and Williamson Magor&Company Limited ('WMCL').Theclaims made by ILFS-IDF pursuant to an agreement entered with the party have been settled by Dufflaghur Investment Limited for Rs. 4,967.00 lakhs andCIRP proceedings against the company as stated above have since been set-aside. The company's obligations inthis respect and related terms and condition thereofand consequential impact ifany in this respect have presentlynot been determined and therefore has not been given effect to in these financial statements.

Note58: Inter-corporate loans given

a) In respect of Inter-Corporate Deposits (ICDs) given to Promoter group and certain other companies ('borrowing companies') as given in Note no.50(B),theamountoutstandingaggregatesto Rs. 2,76,173.95 Lakhsasat31stMarch 2023 (31stMarch 2022: Rs.2,76,258.95 Lakhs). Further, interestofRs. 9,941.50 lakhs on theseamounts wereaccrued upto31st March 2019and are remaining unpaid in this respect as on31st March 2023. Interest on such ICDsconsideringthewaiversoughtbyborrowercompaniesand uncertainties involved with respect to recoveryand determination ofamount thereof, has not been accrued since01st April 2019.These borrowing companies which in turn advanced theamount so taken bythem to otherentities includingone ofthepromotergroupcompanywhich is under Corporate Insolvency and Resolution Process ('CIRP') as per the Insolvency and Bankruptcy Code, 2016 (IBC) are in the process of recovering these amounts. The claims made bythese borrowing companies pursuant to CIRP have not been fully acknowledged and amount as admitted by Resolution Professional ('RP') are stated to be substantially lower than those being claimed by these companies. Whilst CIRP proceeding is yet to be concluded and amount finally recoverable pursuant to the same is yet to be determined, considering theamount sofaraccepted bythe RP in respect oftheclaims made bythecompanies,valuation indications,eventualityofrecovery in this respect and resultant net worth ofthese companies, provision of Rs. 1,01,039.50 lakhs (including Rs. 9,097.34 lakhs provided in earlier years) on lumpsum basis without prejudice to company's legal right to recover the amounts given by it, has been made in thesefinancial statements.This includes provision ofRs. 9,941.50 lakhs (including Rs. 7,999.34 lakhs provided in earlieryears) provided against interest accrued upto31st March 2019 which has been fully provided for in the financial statements. The management believes that the outstanding dues, net of provision thereagainst, as mentioned above, shall be recovered/adjusted and/or restructured depending upon theoutcomeofthe recoveryproceedings pursuantto CIRPorotherwiseand completion ofthe resolution process ofthe company. Impacts ifany in this respect will be given effect to on determination oftheamount in this respect and nofurther provision/adjustment is required at this stage.

b) In respect ofthe Inter-Corporate Deposits to companies as dealt herein above in Note no. 58(a), the predecessor auditors' had issued an adverse opinion on theaudited financial statementfortheyearended 31st March 2019. Inter-Corporate Deposits to companies as dealt herein above include amounts reported upon by predecessor auditor being in the nature of book entries. This includes amounts given to group companieswherebyapplicabilityofSection 185 oftheCompaniesAct, 2013 and related non-compliances, ifanycould not beascertained and commented upon bythem. Loan ofRs. 1,85,075.95 Lakhs (netofprovision) given tovariousparties as given in Note no. 58(a) above are outstanding as on 31st March 2023. The issues raised including utilisation ofamount ofthese loans etc. are also being examined by relevant authorities. Replies to the queries sought and information and details required by the authorities have been provided andfinal outcomeand/ordirections ifanyareawaited ason this date.

Note59: Going Concern and Default in Borrowings

a) The Company's financial position irrespective of its consistent performance is continued to be under stress. The Inter-Corporate Deposits (ICDs) given tovariousgroupand othercompanies in earlieryears alongwith interest to theextent accrued earlierare lying substantially outstanding as on this date. The ICDs given by the company were inturn advanced by them to other entities including one of the promoter group company whichisunderCIRPas on this date. Non-repayment of such ICDs have caused financial constraints resulting in hardship in servicing oftheshort term and long-term debts and meeting otherliabilities.

The CIRP proceeding initiated against the company as stated in Note no. 57(a) above has since been withdrawn. Consequently, the lenders (bankers) have since reinitiated the Resolution process ofthe company in terms ofcirculardated 07th June 2019issued by the Reserve Bank of India. Inter-Creditor Agreement (ICA) for arriving at and implementing the resolution plan was signed byall the lenders (bankers). In terms ofthe resolution process undertaken prior to CIRP,theforensicauditfor utilisation offunds borrowed in the past conducted on behest oflenders, Techno Economic Viability (TEV), Valuation oftea estates and otherassetsand credit rating fordraft Resolution Plan prepared bySBI Capital Markets Limited, oneofthe leading investment bankerpursuantto thesaid process were completed. Meanwhile, lenders in addition to the above also requested for submission of the proposal for one time settlement ('OTS proposal') of their dues and thereby exclusivity agreement with an another company to discuss, negotiate and evaluate a mutually agreeable mechanism to offer the OTS proposal was entered into by the company which during CIRP proceedings has expired on 28th February 2023. The resolution process reinitiated as stated above is under active consideration of the lenders and related plans and proposals are expected to be finalised after due consideration of all the related aspects and once finalised will be placed for necessary approval for implementation.

The management is confident that with the bankers support in restructuring/ settlement of their debt to a sustainable level and resultant rationalisation ofcost ofborrowing and othercosts, induction ofadditional fund in the system bysaleofassets orotherwise etc. and other ameliorative measures taken and/or proposed to be taken, the company will be able to generate sufficient cashflow to meet its obligationsand strengthen its financial position overa period oftime. Considering thatthe required measuresare under implementation and/orunderactiveconsideration forarriving at a resolution in duecourse oftime, thesefinancial statements have been prepared on going concern basis.

b) Pending completion of resolution process as per Note No. 59(a) above and consequential adjustment in this respect, Interest on borrowings from banks and financial institutions have been continued to be provided on simple interest basis based on the rates specified in term sheet or otherwise stipulated/advised from time to time and penal/compound interest ifany has not been considered. Further, amount repaid to lenders and/or recovered by them including by invoking securities etc., have been adjusted against principal amountoutstanding.Theamount payableto the lenders in respect ofoutstandingamount including interest thereagainst is subject to confirmation and determination and consequential reconciliation thereofin terms ofthe resolution to bearrived at and approved by the lenders as on this date.

c) Further, Interest of Rs. 9,185.82 Lakhs (including Rs. 2,469.03 Lakhs (net of provision) for the period) on InterCorporate Deposits/ Short-Term Borrowings (Rs. 21,375.19 lakhs outstanding as on March 31,2023) taken bythe companyhas not been recognised. Interest inthis respect inline with (a) above have been determined on simple basis at stipulated rate or otherwise advised from time to time. This however does not include interest if any on outstanding advances of Rs. 5,000.00 lakhs from customers, pending recognition as InterCorporate Deposits and finalisation ofterms and conditions thereof. Further, Interest including compound/ penal interest if any payable with respect to these are currently not determinable and as such the amount in this respect have not been disclosed and included in the above amount.

d) Adjustments, if any required with respect to (b) and (c) above will be recognised on determination thereof and will then be given effect to in thefinancial statements ofsubsequent periods.

Note60:

Certain debit and credit balances including borrowings and interest thereupon dealt with in Note no. 58(b), clearing accounts (other than inter-unit balances), trade and other payables, advances from customers, loans and advances (other than as dealt with in Note no. 58(b) above), other current assets and certain other liabilities are subject to reconciliation with individual details and balances and confirmation thereof. Adjustments/ Impact and related disclosures in this respect are currently not ascertainable. However, during the period certain account balances which were under reconciliation have been reconciled and required adjustments thereof have been given effect to in these financial statements.

Note61 :

Additional Information pursuant to amendments (effective 1st April, 2021) made in Schedule III to the extent applicable to the company (Other than those that have been disclosed under the respective Notes to the financial statements:

A) Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds to any other persons or entities, including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

(ii) The Company has not received any fund from any persons or entities, including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalfofthe Funding Party (Ultimate Beneficiaries) or

b. provideanyguarantee, securityorthe like on behalfofthe ultimate beneficiaries.

(B) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(C) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income TaxAct, 1961, that has not been recorded in the books ofaccount.

(D) Compliance with number of layers of companies

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

Note62. Thesefinandal statements have been approved bythe Boardof DirectorsoftheCompanyon30th May2023,forissuetotheshareholdersfortheiradoption. Note63. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification/disclosure.