(d) During the year ended 31st March, 2022 the company has allotted equity shares of '10/- each on preferential issue and private placement basic of 40,32,200 (31st March, 2021 : Nil) equity shares to HDFC Capital Affordable Real Estate Fund - 1, 16,00,000 (31st March, 2021 : Nil) equity shares to Aura Business ventures LLP and 12,22,500 (31st March, 2021 : Nil) equity shares to Aura Merchandise Private Limited in accordance with provisions of the companies Act, 2013 read with rules made there under an other applicable laws for the time being in force.

(e) Terms / rights attached to the equity shares

The company has only one class of shares referred to as equity shares having a par value of '10/-. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of director is subject to the approval of the shareholders in the ensuing Annual General meeting.

In the event of liquidation of the company the holders of the equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by shareholders.

(f) During the year ended 31st March, 2022 the Company has allotted 53,729 (31st March, 2021:Nil) equity shares of '10/- each to the eligible employee's pursuant to the exercise of stock options granted to them under Employees Stock Option Scheme - 2013 (AIL ESOP 2013) for shares reserved for issue under ESOP scheme

(g) For details of shares reserved for issue under the share based payment plan of the company, Please refer note 31.

Securities premium

Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for limited purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

Share based payment reserve

The share options based payment reserve is used to recognise the grant date fair value of options issued to employees under Employee stock option plan.

Nature of Securities on above Loans:

1. The line of credit facility amounting to ' 23.17 lacs (March 31, 2021 : ' 1,283.92 lacs) from HDFC Limited is secured by first mortgage of unsold units of project "Arvind Aavishkaar" together with hypothecation of receivables from the same project

2. Vehicle loans amounting to ' 173.70 lacs (March 31, 2021 : ' 101.53 lacs) are secured by respective vehicles.

3. Term loan taken and outstanding of 'NIL (March 31, 2021 : ' 738.13 lacs) is secured against residential land owned by Ahmedabad East infrastructure LLP (Subsidiary company) which is repayable in financial year 2020-21.

4. Non current term loan taken and outstanding of ' NIL (March 31, 2021 : ' 5,956.57 lacs) is secured against security owned by Ahmedabad East infrastructure LLP (Subsidiary company) and hypothecation of recievables, of project under the said entity.

5. Non current term loan taken and outstanding of 'NIL (March 31, 2021 : ' 3,831.46 lacs) is secured by way of mortgage of NA land at project Uplands situated at Nasmed village, Gandhinagar owned by Ahmedabad East Infrastructure LLP (Subsidiary Company) and recievables of Elan project owned by Yogita Shelters LLP (subsidiary company).

As at March 31, 2022 the company has given net advance of ' 1,587.01 lacs (31st March, 2021: ' 687.01 lacs) for purchase of land. Under the agreements executed with the land owners, the company is required to make further payments based on the agreed terms.

Notes:

The Company has not recognized and acknowledged the claims as liability in the books of account amounting to '528.80 Lacs (31st March, 2021: ' 494.56 lacs) which have been made against the company by Department of Income Tax since such claims have been disputed and pending before the appropriate authorities for final adjudication and accordingly sub-judice. The company has been advised by its legal counsel that it is only possible, but not probable, that the action will succeed. Accordingly, no provision for any liability has been made in these financial statements.

The Company has not recognized and acknowledged the claims as liability in the books of account amounting to ' 249.66 Lacs (31st March, 2021: ' 225.02 Lacs ) which have been made against the company by Department of Goods and service tax & Karnataka VAT, since such claims have been disputed and pending before the appropriate authorities for final adjudication and accordingly sub-judice. The claim of TDR of ' 207.44 lacs is paid under protest while Rs 42.22 have been paid in cash and by furnishing Bank guarantee. The company has been advised by its legal counsel that it is only possible, but not probable, that the action will succeed. Accordingly, no provision for any liability has been made in these financial statements..

29. Segment Reporting

The Company's primary business is development of real estate comprising of residential, commercial and industrial projects. Company's performance for operation as defined in Ind AS 108 is evaluated as a whole by chief operating decision maker ('CODM') of the Company based on which development of real estate activities are considered as a single operating segment. The Company reports geographical segment which is based on the areas in which major operating divisions of the Company operate and the entire operations are based only in India and hence no further disclosures are made in this regards. During the year 2020-21 and 2021-22 , no single external customer has generated revenue of 10% or more of the Company's total revenue.

30. Disclosure pursuant to employee benefits

A. Defined contribution plans : Provident fund and employee state insurance

The company makes contribution towards employees' provident fund and employees' state insurance plan scheme. Under the rules of these schemes, the Company is required to contribute a specified percentage of payroll costs. The Company during the year recognized ' 100.30 lacs (31st March,2021: ' 84.08 lacs ) as expense towards contributions to these plans.

B. Defined benefit plans (a) Gratuity

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement / termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a non funded plan.

The company provides share-based payment schemes to its employees. During the year ended 31st March, 2022, an employee stock option plan (ESOP) was in existence. The relevant details of the scheme and the grant are as below:

Employee Stock Option (ESOP) Scheme (2013)

The Company instituted an Employees Stock Option Scheme ('ESOP 2013') pursuant to the approval of the shareholders of the company at their Extraordinary General Meeting held on March 8, 2013. As per ESOP 2013, the company granted 10,32,972 options comprising equal number of equity shares in one or more tranches to the eligible employees of the company. The options under this grant would vest to the employees over a minimum period of 1 year and maximum 5 years based on continued service and certain performance parameters, with an exercise period of maximum five years from the date of respective vesting. As per the plan, holders of vested options are entitled to purchase one equity shares for every option at an exercise price of ' 41.25. There were no grants made during the year. All the remaining grant ESOPs have been exercised during the year and no ESOPs are outstanding under ESOP 2013 scheme as on 31 st March,2022.

Employee Stock Option (ESOP) Scheme (2016)

The Company instituted an Employees Stock Option Scheme ('ESOP 2016') pursuant to the approval of the shareholders of the company at their Annual General Meeting held on 23rd September, 2016.

(a) During the year the company granted 4,50,000 options comprising equal number of equity shares in one or more tranches to the eligible employees of the company. The options under this grant would vest to the employees with 40% i.e. 1,80,000 ESOPs within 2 years and rest within 3 years , with an exercise period of maximum five years from the date of respective vesting. As per the plan, holders of vested options are entitled to purchase one equity shares for every option at an exercise price of ' 194.05.

(b) In earlier years, the company granted 3,70,000 options under ESOP 2016 scheme, comprising equal number of equity shares in one or more tranches to the eligible employees of the company.As per the plan, holders of vested options are entitled to purchase one equity shares for every option at an exercise price of ' 158.30.

The aggregated options under ESOP 2016 scheme as on 31st March'2022 is 8,20,000 that would vest to the employees over a minimum period of 1 year and maximum 5 years based on continued service and certain performance parameters, with an exercise period of maximum five years from the date of respective vesting.

35. Financial risk management objectives and policies

The Company's principal financial liabilities, comprise of borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company's operations. The Company's principal financial assets include loans, Investments , trade and other receivables and cash and cash equivalents that are derived directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's management oversees the management of these risks and ensures that the Company's financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company's policies and risk objectives..

1. 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. Market risk comprises two types of risk: interest rate risk and other price risk, such as commodity/ real-estate risk.

The sensitivity analysis in the following sections relate to the position as at 31st March, 2022 and 31st March, 2021. The sensitivity analysis has been prepared on the basis that the amount of net debt and the ratio of fixed to floating interest rates of the debt. The analysis excludes the impact of movements in market variables on the carrying values of gratuity and other post retirement obligations/provisions.

The below assumption has been made in calculating the sensitivity analysis:

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at 31st March, 2022 and 31st March, 2021.

Interest rate risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in Interest rate. The entity's exposure to the risk of changes in Interest rates relates primarily to the entity's operating activities (when receivables or payables are subject to different interest rates) and the entity's net receivables or payables.

The company is affected by the price volatility of certain commodities/ real estate. Its operating activities require the ongoing development of real estate. The company's management has developed and enacted a risk management strategy regarding commodity/ real estate price risk and its mitigation. The company is subject to the price risk variables, which are expected to vary in line with the prevailing market conditions.

Financial Instrument and cash deposits

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. Counterparty credit limits are reviewed by the company's Board of Directors on an annual basis. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through a counterparty's potential failure to make payments. The company's maximum exposure to credit risk for the components of the statement of financial position at 31st March, 2022 and 31st March, 2021 is the carrying amounts.

D. Terms and conditions of transactions with related parties :

(1) Transaction entered into with related party are made on terms equivalent to those that prevail in arm's length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. The company has not recorded any provision/ write-off of receivables relating to amounts owed by related parties.

(2) In respect of the transactions with the related parties, the Company has complied with the provisions of Section 177 and 188 of the Companies Act, 2013 where applicable, and the details have been disclosed above, as required by the applicable accounting standards.

(3) Refer note 31 for ESOPs granted as per ESOP schemes

39. The company has operating lease for office premises for 11 months which is renewable on periodic basis as per mutually agreed terms and is cancellable by giving one month notice by either parties. The company has availed the exemption of short term lease. Amount charged to profit and loss account in this regards amounts to Rs 11.04 lacs (31st March, 2021: ' 11.04 Lacs)

40. Other statutory Information:

a The Company has availed loans from banks on the basis of security of current assets. The Company files statement of current assets

with the bank on periodical basis. There are no material discrepancies between the statements filed by the Company and the books of

accounts of the Company.

b The company has not been declared a wilful Defaulters by any bank or financial institution or consortium thereof in accordance with the guidelines on wilful defaulters issued by the RBI.

c There are no proceedings initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

d The company has not traded or invested in Crypto currency or Virtual Currency during the reporting periods.

e The company has neither advanced, loaned or invested funds nor received any fund to/from any person or entity for lending or investing or providing guarantee to/on behalf of the ultimate beneficiary during the reporting periods.

f There is no immovable property whose title deed is not held in the name of the company.

g There is no charge or satisfaction of charge which is yet to be registered with ROC beyond the statutory period.

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

i The company has not entered into any scheme of arrangement in terms of sections 230 to 237 of the Companies Act, 2013.

j The company does not have any transaction not recorded in the books of accounts that has been surrendered or not disclosed as

income during the year in the tax assessments under the Income Tax Act, 1961.

41. The COVID-19 pandemic had disrupted various business operations during last year due to various emergency measures and directives imposed by the governments. The operations of the Company were impacted briefly during the previous year. The Company continued with its operations in a phased manner in line with directives from the authorities. As this is a continuing process, the company will continue to evaluate impact, if any in this regards on the financial results.

42. The figu res for the previous year have been regrouped/reclassified wherever necessary to conform with the current year's classification.