M. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provisions involving substantial degree of estimation in measurement are recognized when there is a legal or
constructive obligation as a result of past events and it is probable that there will be an outflow of resources and a
reliable estimate can be made of the amount of obligation. Provisions are not recognised for future operating
losses. The amount recognized as a provision is the best estimate of the consideration required to settle the present
obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the
obligation.

Contingent liabilities are not recognised and disclosed by way of notes to the financial statements when there is a
possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non¬
occurrence of one or more uncertain future events not wholly within the control of the Company or when there is a
present obligation that arises from past events where it is either not probable that an outflow of resources will be
required to settle the same or a reliable estimate of the amount in this respect cannot be made.

When there is a possible obligation or a present obligation and the likelihood of outflow of resources is remote, no
provision or disclosure for contingent liability is made.

Contingent Assets are not recognized but disclosed in the financial statement by way of notes when inflow of
economic benefit is probable.

N. EMPLOYEE BENEFITS

Employee benefits are accrued in the year in which services are rendered by the employee.

Short-term Employee Benefits

Short term employee benefit obligations are measured on an undiscounted basis and are expensed as the related
services are provided. Liabilities for wages and salaries, including non-monetary benefits that are expected to be
settled wholly within twelve months after the end of the period in which the employees render the related service
are recognized in respect of employees' services up to the end of the reporting period.

Bonus

The Company recognizes a liability and an expense for bonuses. The Company recognizes a provision where
contractually obliged or where there is a past practice that has created a constructive obligation.

Post Employment Benefits

The Company operates the following post employment schemes:

- Defined Benefit Plans

In case of Defined Benefit Plans, the cost of providing the benefit is determined using the Projected Unit
Credit Method with actuarial valuation being carried out at each Balance Sheet date. Actuarial gains and
losses are recognised in Other Comprehensive Income for the period in which they occur. Past service cost
is recognised immediately to the extent that the benefits are already vested, and otherwise is amortised
on a straight-line basis over the average period until the benefits become vested. The retirement benefit
obligation recognised in the Balance Sheet represents the present value of the defined benefit
obligation as adjusted for unrecognised past service cost, if any, and as reduced by the fair value of plan
assets, where funded. Any asset resulting on account of this is limited to the present value of any
economic benefit available in the form of refunds from the plan or reductions in future contributions to
the plan.

- Defined Contribution Plan

Defined contribution plans such as provident fund etc. are charged to the statement of profit and loss as
and when incurred. Contribution to Superannuation fund and Provident Fund, a defined contribution
plan is made in accordance with the company's policy and is recognised in the Statement of Profit and
Loss.

O. OPERATING AND OTHER INCOME

i. REVENUE FROM SALE OF PRODUCT

Revenue from contracts with customers is accounted for only when it has commercial substance, and all the
following criteria are met:

(i) parties to the contract have approved the contract and are committed to perform their respective
obligations;

(ii) each party's rights regarding the goods or services to be transferred and payment terms there against can
be identified; and

(iii) consideration in exchange for the goods or service to be transferred is collectible and determinable.

Revenue from contract with customers is recognized on satisfaction of performance obligation, when control
over the goods or services has been transferred and/or goods/ services are delivered/ provided to the customer.
Delivery occurs when the goods have been sold or shipped or delivered to a specific location, and the customer
has either accepted the goods under the contract or the company has sufficient evidence that all the criteria
for acceptance have been satisfied.

Revenue is measured at the amount of transaction price (consideration specified with the customers)
allocated to that performance obligation. The transaction price of goods sold is net of variable consideration
on account of rebates, claims and discounts, returns, Goods and Service Tax (GST) and such other taxes
collected on behalf of third party not being economic benefits flowing to the company are excluded from
revenue. Accumulated experience is used to estimate and provide for the discounts/ right of return, using the
expected value method.

A refund liability is recognized for expected returns in relation to sales made and corresponding assets are
recognized for the products expected to be returned.

The company recognises as an asset, the incremental costs of obtaining a contract with a customer, if the
company expects to recover those costs. The said asset is amortised on a systematic basis consistent with the
transfer of goods or services to the customer.

ii. INTEREST, DIVIDEND AND CLAIMS

Dividend income is recognized when the right to receive payment is established. Interest has been accounted
using effective interest rate method. Insurance claims/ other claims are accounted as and when admitted /
settled.

iii. EXPORT BENEFITS

Export incentives are accounted for in the year of export if the entitlements and realisability thereof can be
estimated with reasonable accuracy and conditions precedent to claim is fulfilled.

P. BORROWING COST

Borrowing cost comprises of interest and other costs incurred in connection with the borrowing of the funds. All
borrowing costs general or specific are recognized in the Statement of Profit and Loss using the effective interest
method except to the extent attributable to qualifying Property Plant Equipment (PPE) which are capitalized to the
cost of the related assets. A qualifying PPE is an asset, that necessarily takes a substantial period of time to get ready
for its intended use or sale. Borrowing cost also includes exchange differences to the extent considered as an
adjustment to the borrowing costs.

Q. RESEARCH AND DEVELOPMENT

Research and development cost (other than cost of PPE and Intangible Assets acquired) are charged as an expense
in the year in which they are incurred.

R. GOVERNMENT GRANTS

Government grants are recognized on systematic basis when there is reasonable certainty of realization of the
same. Revenue grants including subsidy/rebates are credited to Statement of Profit and Loss Account under "Other
Operating Income" or deducted from the related expenses for the period to which these are related. Grants which
are meant for purchase, construction or otherwise to acquire non current assets are recognized as Deferred Income
and disclosed under Non Current Liabilities and transferred to Statement of Profit and Loss on a systematic basis
over the useful life of the respective asset. Grants relating to non-depreciable assets is transferred to Statement of
Profit and Loss over the periods as specified for meeting the obligations related to such grants.

S. TAXES ON INCOME

Income tax expense representing the sum of current tax expenses and the net charge of the deferred taxes is
recognized in the statement of profit and loss except to the extent that it relates to items recognized directly in
equity or other comprehensive income.

Current income tax is provided on the taxable income and recognized at the amount expected to be paid to or
recovered from the tax authorities, using the tax rates and tax laws that have been enacted by the end of the
reporting period.

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the
Financial Statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax
liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized
for all deductible temporary differences with respect to carry forward of unused tax credits and any unused tax
losses/depreciation to the extent that it is probable that taxable profits will be available against which these
temporary differences can be utilized.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the
liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively
enacted by the end of the reporting period.

Deferred tax assets include Minimum Alternative Tax (MAT) measured in accordance with the tax laws in India,
which is likely to give future economic benefits in the form of availability of set off against future income tax liability
and such benefits can be measured reliably and it is probable that such benefit will be utilised.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
liabilities and when these relate to the same taxation authority. Current tax assets and tax liabilities are offset where
the Company has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset
and settle the liability simultaneously.

Deferred tax items in correlation to the underlying transaction relating to Other comprehensive income and Equity
are recognised in Other comprehensive income and Equity, respectively

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and adjusted to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred
tax asset to be utilized.

T. EARNINGS PER SHARE

Basic earnings per share are computed by dividing the net profit/(loss) attributable to the equity holders of the
company by the weighted average number of equity shares outstanding during the period. Diluted earnings per
share is computed by dividing the net profit/(loss) attributable to the equity shareholders of the company by the
weighted average number of equity shares considered for deriving basic earnings per share and also the weighted
average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares.

U. SEGMENT REPORTING

Operating segments are identified and reported taking into account the different risk and return, organisation
structure and in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker
(CODM). CODM is responsible for allocating resources and assessing performance of the operating segments,
financial results, forecasts, or plans for the segment and accordingly is identified as the chief operating decission
maker.

4 CRITICAL ACCOUNTING JUDGMENTS, ASSUMPTIONS AND KEY SOURCES OF ESTIMATION AND UNCERTAINTY

The preparation of the financial statements in conformity with the measurement principle of Ind AS requires
management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the
application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets
and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period.
Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate
changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates.
Differences between the actual results and estimates are recognized in the year in which the results are known /
materialized and, if material, their effects are disclosed in the notes to the financial statements.

Application of accounting policies that require significant areas of estimation, uncertainty and critical judgments and the
use of assumptions in the financial statements that have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities within the next financial year are discussed below. The notes dealt with in para 4(a) to 4(j)
below provide an overview of the areas that involved a high degree of judgement or complexity and of items which are
likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally
assessed.

a) Depreciation / amortisation and impairment on Property, Plant and Equipment / ROU/ Intangible
Assets.

Property, Plant and Equipment and Intangible Assets are depreciated/amortized on straight-line basis over the
estimated useful lives in accordance with Internal assessment and Independent evaluation carried out by technical
expert/ Schedule II of the Companies Act, 2013, taking into account the estimated residual value, wherever
applicable. ROU are depreciated on a straight line basis over the shorter of the lease term and useful life of the
underlying asset. The Company reviews the estimated useful lives of the assets regularly in order to determine the
amount of depreciation/ amortization and amount of impairment if any to be recorded during any reporting
period. This reassessment may result in variation in the amount of depreciation and amortisation in future period.

The company reviews its carrying value of its Tangible and Intangible Assets whenever there is objective evidence
that the assets are impaired. In such situation Assets' recoverable amount is estimated which is higher of asset's or
cash generating units (CGU) fair value less cost of disposal and its value in use. In assessing value in use the
estimated future cash flows are discounted using pre-tax discount rate which reflect the current assessment of time
value of money. In determining fair value less cost of disposal, recent market realisations are considered or
otherwise in absence of such transactions appropriate valuations are adopted. The assumptions for cash flows and
fair valuation as required in this respect are dependent on resolution of company's debt as dealt in Note no. 4(c)
below read with Note no. 58 or otherwise which may have significant impact in the subsequent period.

b) Right of Use Assets and Lease liabilities

Ind AS 116 requires lessee to determine the lease term as the non-cancellable period of a lease adjusted with any
option to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes an
assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably
certain that any option to extend or terminate the contract will be exercised. In evaluating the lease term, the
Company considers factors such as any significant leasehold improvements undertaken over the lease term, costs
relating to the termination of the lease and the importance of the underlying asset to the company's operations
taking into account among other things, the location of the underlying asset and the availability of suitable
alternatives. The lease terms and impact thereof are reassessed in each year to ensure that the lease term reflects the
current economic circumstances.

c) Going Concern assumption

As stated in Note no. 58, the financial statements of the company have been prepared on going concern
assumption based on managements assessment of the expected successful outcome of steps and measures taken
by the company and on resolution with respect to company's borrowing currently under evaluation. In the event of
the managements expectation and estimate in this respect, not turing out to be feasible in future, validity of
assumption for going concern and possible impact thereof, even though presently not determinable are expected
to be material.

d) Fair valuation and Impairment of Loans

All financial instruments are required to be fair valued as at the balance sheet date, as provided in Ind AS 109-
Financial Instruments and Ind AS 113- Fair Value Measurement. In this respect, judgement is exercised to determine
the value at which such assets are to be recognised. This requires critical evaluation of the realisable value of assets
based on estimation and judgements which may not turn out to be true and may lead to significant adjustments in
value.

The above includes various loans and advances to companies which have been considered good and recoverable.
Recoverability of these and interest thereagainst and/or adjustments required as stated in Note no. 56 will be
determined based on the Resolution Plan as approved by Hon'ble NCLT currently under implementation in case of
one of the promoter group company which was under CIRP or otherwise on completion of the resolution with
respect to company's borrowing.

e) Impairment of Investments in Subsidiaries and Associates

The company reviews its carrying value of investments in Subsidiaries and Associates carried at cost/ deemed cost
(net of impairment if any) annually or more frequently when there is an indication for impairment. If the recoverable
amount is less than its carrying amount the impairment loss is accounted for in the standalone statement of profit
and loss. As stated in Note no. 59, one of the step down subsidiary has been incurring cash losses and it's current
liabilities are in excess of current assets and certain loans in respect of the said step down subsidiary has been
restructured. Financial position of the step down subsidiary even though improving subsequent to the
restructuring, status thereof are dependent on future uncertain event which may have a significant impact in the
carrying value of investments.

f) Fair Value of Biological Assets

The fair value of Biological Assets is determined based on recent transactions entered into with third parties or
available market price.

Estimates and judgements are continually evaluated. They are based on historical experience and other factors,
including expectations of future events that may have a financial impact on the Company.

g) Impairment Allowances on trade receivables

The Company evaluates whether there is any objective evidence that trade receivables are impaired and determines
the amount of impairment allowance as a result of the inability of the customer to make required payments. The
Company bases the estimates on the ageing of the trade receivable, their credit-worthiness and historical write-off
experience. In case of variation in financial condition the amount of impairment as recognised may vary having a
significant impact on the Financial Statement.

h) Taxes on Income

Significant judgment is required in determination of taxability of certain income and deductibility of certain
expenses for estimation of the provision for income taxes including agricultural income. These are based on
assumption and inferences and are subject to final assessment by the taxation authorities. Also there are matters
pending before various judicial authorities outcome whereof are uncertain. Further, material judgement and
assumptions are involved for arriving at timing differences and consequential adjustments on account of deferred
taxation are given effect to wherever there are uncertainties leading to the variations in earlier assumptions

The Company has unused tax tax credits, unrecognised deferred tax assets and entitled to tax holiday in Assam and
West Bengal for which management judgement is required to determine the amount of deferred tax assets that can
be recognised, based upon the likely timing and the level of future taxable profit together with future tax planning
strategies. The management has reviewed the rationale for recognition of Deferred Tax Assets and based on the likely
timing and level of profitability in future and expected utilisation of deferred tax thereagainst such recognition of
deferred tax assets has been carried out. The amount of deferred tax is dependent upon the resolution with respect to
company's borrowing as referred to in Note no. 58 and therefore assumption for reversal/adjustment of deferred tax
is expected to be materially different upon completion of resolution with respect to company's borrowings for which
required steps are being taken and effect will then be given on determination of amount thereof.

i) Provisions and Contingencies

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow
of funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The
recognition and quantification of the liability requires the application of judgement to existing facts and
circumstances, which are subject to change in future.

Management uses in-house and external legal professional to make judgments for estimating the possible outflow
of resources, if any, in respect of contingencies/claim/litigations/ against the Company as it is not possible to predict
the outcome of pending matters with accuracy.

The carrying amounts of provisions and liabilities and estimation for contingencies are reviewed regularly and
revised to consider changing facts and circumstances.

j) Defined benefit obligation (DBO)

The present value of the defined benefit obligations and long term employee benefits depends on a number of
factors that are determined on an actuarial basis using a number of assumptions. An actuarial valuation critical
estimate of the DBO involves a number of critical underlying assumptions such as standard rates of inflation,
mortality, discount rate, anticipation of future salary increases etc. as estimated by Independent Actuary appointed
for this purpose by the Management. Due to the complexities involved in the valuation and being long-term in
nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are
reviewed at every financial year end.

Nature and Purpose of Reserves

21.1 Capital Reserve

Represents the amount transferred from the transferor company pursuant to Scheme of Arrangement effected in earlier years.

21.2 Securities Premium

Securities Premium represents the amount received in excess of par value of securities and is available for utilisation as specified
under Section 52 of Companies Act, 2013.

21.3 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 transfer from one component to another and is not an item of Other Comprehensive Income, items included in the general
reserve is generally not reclassified subsequently to Statement of Profit and Loss.

21.4 Other Reserves

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

21.5 Retained Earnings

Retained earnings generally represents amount of accumulated surplus/deficit of the company. This includes Other
Comprehensive Income of (Rs. 7,402.90 lakhs) (31st March 2024: (Rs. 8,220.09 lakhs)) relating to remeasurement of defined
benefit plans (net of tax) which cannot be reclassified to Statement of Profit and Loss.

21.6 Revaluation Surplus

Represents differential arising on revaluation of Property, Plant and Equipment by the erstwhile Bulk Tea Division of Everready
Industries Limited demerged to the company with effect from 1st April 2004 pursuant to the Scheme of Arrangement. The said
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 of depreciation attributable to the said revaluation is transferred from the said reserve to
general reserve as per the practice followed in this respect.

21.7 Other Comprehensive Income (OCI)

The company has elected to recognise changes in the fair value of non-current investments in Equity Instruments (other than
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 re-measurement of defined benefit obligations which is transferred to
retained earnings as stated in Note 21.5 above.

22.4 As stated in Note no. 58 before assignment of the loan, the lenders have invited expression of interest for sale/assignment of the debts
aggregating to Rs. 1,10,469.00 lakhs representing the principal amount thereof following the Swiss Challenge Bid Process. Accordingly,
the differential amount of Rs. 4,276.11 lakhs as disclosed in the EOI and those being carried forward in the financial statement have
been adjusted against the finance cost for the year ended 31st March 2025.

22.5 The Security as disclosed above have been based on the charge documents filed with ROC. In respect of loans assigned as per Note no.
57, the charges have however been modifies as filed or yet to be filed in line with EOI for such assignment as stated in Note no. 58. These
loans being classified as Secured, Subservient or Unsecured has also been based on the said EOI. Therefore in certain cases where
charges or personal guarantee of managing director etc. in terms of original sanction letter pending execution as such have not been
further disclosed. Further certain security which has been disposed off by the lenders for recovering their dues and accordingly such
securities have not been disclosed herein above. As stated in the said note, resolution with respect to company's borrowing is under
consideration and thereby terms and conditions including the period and amount of repayment etc. thereof and the security as given
herein above will accordingly be modified on completion of the said resolution.

22.6 The disclosure given herein above has been made on the basis mentioned in Note no. 60(a). The default and amount due are therefore
subject to confirmation and reconciliation with respective parties and on resolution of the company's borrowing under consideration by
an ARC as stated in Note no. 58.

22.7 The company as agreed upon in various lenders meeting had been paying cut-back based on percentage of sales realisation as specified
and are being adjusted against the cash credit/ other facilities as advised from time to time leading to debit balances which has therefore
been netted off against Interest accrued and due as disclosed in Note no. 27.3.

22.8 Also Refer Note no. 57, 58, 60, 61 and 36.

25.3 The Board of Directors had in earlier years as well as in the current year has ratified the payment made by Individuals
amounting to Rs. 3,500.00 lakhs, from body corporates amounting to Rs. 4,100.00 lakhs and from related parties
amounting to Rs. 15,815.19 lakhs against settlements directly made 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. 25.2 above.

25.4 During the year ended 31st March 2024, one of the unsecured lender (erstwhile lender) had assigned a part of its loan
amounting to Rs. 1,500.00 lakhs to one of the related party which had been taken on record and approved by the Board
of Directors along with the terms and conditions as applicable for erstwhile lender. The said amount has been shown as
unsecured loan from related party in these financial statements.

25.5 Borelli Tea Holdings Limited ('BTHL'), a wholly subsidiary of the company had entered into a capital contribution
agreement with TLK Agriculture Joint Stock Company ('TLK'), taking Phu Ben Tea Company Limited ('PBTCL') (a Step
Down subsidiary of the company) as a party to the said agreement whereby BTHL had sold 100% of Capital Contribution
in PBTCL to TLK at a net consideration of USD 2,15,00,00. Consideration against these shares which were pledged to one
of the lender banks who assigned it's loan to an ARC in earlier year, amounting to Rs. 1,920.66 lakhs as received in this
respect has been adjusted by them against their outstanding dues on May 03, 2024. Such amount as stated in Note 60(a)
has been adjusted against principal outstanding and an equivalent amount has been recognised as ICD from BTHL.

25.6 Pending completion of resolution with respect to company's borrowings as stated in Note no. 58 any further charge or
satisfaction as such could not be filed with Registrar of Companies (ROC) and details of charges herein above are based
on filings done earlier.

25.7 Refer Note no. 22.5 for basis of the disclosure of securities against the borrowings as mentioned herein above.

25.8 Also refer Note no. 36, 57, 58 and 60.

29.1 Hon'ble Supreme Court vide its judgement dated 20th September 2017 held that the provisions of Rule 8 of Income Tax
Act, 1961 is not applicable while making payment of dividend distribution tax as per section 115-O 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.

29.2 Shortfall in value of investments held by Employee Provident Fund Trust covered under defined benefit plan, as
estimated and provided for in earlier years has been carried forward in these financial statements.

29.3 Provision for others include Rs. 105.00 lakhs (31st March 2024: Rs. 105.00 lakhs) which relates to various demands
raised by the buyer's of Specified Assets of Tea Estates in respect of expenditure incurred by them in relation to period
prior to hand over of such tea estates, pending reconciliation and finalisation of the same with the books of accounts.
Further, provision of Rs. 1,500.00 lakhs (31st March 2024: Rs. 1,500.00 lakhs ) made in earlier year, being the estimated
cost to be incurred in relation to Sale of Specified Assets of Tea Estates as reviewed during the year has been carried
forward in these financial statements.

32.1 The company received request in earlier years as well as in current year from various bodies corporate to whom Loans were given and
outstanding as on 31st March 2025 for waiver of Interest. Interest on unsecured loan given to various companies as given in Note no.
56(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 specified in earlier years works out to be Rs.
2,02,122.24 lakhs (including Rs. 33,131.52 lakhs for the year). As stated in Note no. 56(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 of the CIRP proceeding currently under implementation in case of one of the Group company where these loans have
mainly been advanced to provide financial support and the legal proceedings initiated by the company against the borrowing
companies or otherwise and/or on completion of the resolution of the company's borrowing as stated in Note no. 58. Further, in
respect of interest accrued in earlier years and outstanding as on 31st March 2025, provision of Rs. 9,941.50 lakhs has been made and
adjustments if any needed in this respect will be given effect to on completion of the resolution as stated in the said note.

36.1 Pending resolution with respect to company's borrowings, Interest on borrowings have been provided for as stated in Note no. 60(a).

36.2 Short term borrowings include unsecured loans of Rs. 30,500.06 lakhs taken/recognised by the company against which interest to the
extent of Rs. 12,453.63 Lakhs (including Rs. 222.37 Lakhs for the year) has not been recognised pending final settlement/ completion of
resolution of the company's debt as stated in Note no. 58. Interest in this respect as stated in Note no. 36.1 above have been determined
on simple basis at stipulated rate or otherwise advised/considered for similar arrangements from time to time. This includes interest on
Rs. 7,084.86 lakhs (including Rs. 4,975.66 lakhs pertaining to the current year) against payment made by certain parties on behalf of
the company towards settlement of company' debt and advances taken in earlier year, whereby pending finalisation of terms and
conditions, amount of interest thereagainst has been computed based on similar rate as considered in earlier years in other such cases.
This however does not include interest if any on outstanding advances of Rs. 3,600.00 lakhs (net of Rs. 1,400.00 lakhs repayment made
by third parties) from customers as stated in Note no. 28.2, pending recognition as Inter Corporate Deposits and finalisation of terms
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 herein above.

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

Pending completion of the relevant formalities of transfer of certain assets and liabilities acquired pursuant to the Schemes,
such assets and liabilities remain included in the books of the Company under the name of the transferor companies (including
other companies which were amalgamated with the transferor companies from time to time). This is as per the practice
currently being followed and impacts if any arising in this respect will be recognised as and when determined.

40: 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 contribute a specified percentage / fixed amount of the payroll costs to fund 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 the employees and the Company make
monthly contributions to the Funds at specified percentage of the employee's salary and aggregate contributions along with
interest thereon are paid to the employees/nominees at retirement, death or cessation of employment. The Trusts invest funds
following a pattern of investments prescribed by the 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 Funds and Miscellaneous
Provisions Act, 1952 and shortfall, if any, on account of interest is to be made good by the Company.

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 AS 19 issued by Ministry of corporate affairs and guidelines GN26 issued by the Institute
of Actuaries of India. Based on such valuation, there is no future anticipated shortfall with regard to interest rate obligation of the
Company as at the balance sheet date. The Company's contribution of Rs. 164.46 lakhs (31st March 2024: Rs.170.90 lakhs) to
the Provident Fund Trust 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 present value of obligation 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 separately to build up the final obligation. Details of such fund are as follows:

a) Gratuity (Funded)

The Company's gratuity scheme, a defined benefit plan is as per the Payment of Gratuity Act, 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 or their nominees upon
retirement, death, incapacitation or cessation of employment, of an amount based on the respective employee's salary
and tenure of employment subject to a maximum limit of Rs. 20.00 lakhs. Vesting occurs upon completion of five years of
service. The amount of gratuity payable is the employees last drawn basic salary per month computed proportionately for
15 days salary multiplied for the number of years of service.

b) Superannuation (Funded)

The Company's Superannuation scheme, a Defined Benefit plan, is administered through trust funds and covers certain
categories of employees. Investments of the funds are managed by insurance companies /trustees themselves. Benefits
under these plans had been frozen in earlier years with regard to salary levels then prevailing. Upon retirement, death or
cessation of employment, 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 of employment 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 of employment subject to a limit on the period of payment in
case of nominee. Vesting occurs upon completion of twenty years of service.

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. Sensitivity Analysis

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 of the assumptions may be correlated. When calculating the sensitivity of the
defined benefit obligation to significant actuarial assumptions, the same method (present value of the 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.

Note:

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

2. All transactions from related parties are made in ordinary course of business. For the year ended 31st March 2025, the
Company has 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 respect of above parties, there is no provision for doubtful debts as on 31st March 2025 and no amount has been written
back or written off during the year.

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

5. Also refer Note no. 56(b).

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
resolution with respect to company's debt and determination of terms and conditions of borrowings and amount given
as loans to various parties as stated in note no. 58 and 56 respectively:

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 dealt with hereunder approximate their fair values.

b) The Company's long-term debt from Banks and financial institutions were originally contracted at floating rates of
interest. Fair value of variable interest rate borrowings approximates their carrying value subject to adjustments made
for transaction cost. Terms and conditions of the borrowings are pending resolution as stated in Note no. 58 and there is
a uncertainty in this respect as on this date. Further, there are other unsecured borrowing as stated in note no. 25.2
terms and conditions whereof have not been decided.

c) The fair value of Inter-Corporate deposits given by the company and outstanding (net of provision) as on 31st March
2025 are based on management evaluation related to the credit and non-performance risks associated with the
counterparties which is dependent on the outcome of the CIRP proceeding currently under implementation in case of
one of the Group company where these loans have mainly been advanced to provide financial support and the legal
proceedings initiated by the company against the borrowing companies as stated in Note no. 56 or otherwise on
completion of the resolution of the company's borrowing as stated in Note no. 58 and there is a uncertainty to the extent
as stated in the said note.

d) Interest on borrowings both Short term and Long term has been provided as stated in Note no. 60(a) which is subject to
confirmation and/or on resolution of company's borrowing as stated in Note no. 58 and as such there is uncertainity in
this respect as on this date and amount finally payable in this respect as such is currently not determinable.

(a) Financial Instruments

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a)
recognised and measured at fair value (b) measured at amortised cost and for which fair value are disclosed in the financial
statements. To provide an indication about the reliability of the 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. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing
price as at the reporting date.

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

Level 3: If one or more of the significant inputs is not based on observable market data, the instruments is included in level 3.

During the year ended 31st March 2025 and 31st March 2024, there were no transfers between level 1, level 2 and level 3.

46. FINANCIAL RISK MANAGEMENT

The company's activities exposes it to a variety of financial risks. The key financial risks include Market risk, Credit risk and
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 policy for managing these risks. The risks are
governed by appropriate policies and procedures and accordingly financial risks are identified, measured and managed in
accordance with the Company's policies and risk objectives. As stated in Note no. 58, the company has defaulted in repayment
of borrowings including interest accrued thereon due to non recovery of the amount outstanding in respect of ICD's given by
the company and pending completion of the resolution with respect to company's borrowing currently under consideration of
ARC. The company expects to restructure it's borrowings and mitigate the related financial risk. Financial risk management as
stated below has been considered based on the assumption of successful outcome of the resolution of borrowing which is
under consideration of the ARC as stated in the said note. The risk envisaged can materially be different depending upon terms
and conditions specified in this respect.

(A) Credit risk

Credit risk refers to the risk of financial loss arising from default / failure by the counterparty to meet financial obligations as per
the terms of contract. The Company is exposed to credit risk for receivables, cash and cash equivalents and financial
guarantees. 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 after judging credit worthiness of the customers, advance payment, deposit from customers or
against letter of credit by banks. The history of defaults has been marginal and outstanding receivables are regularly monitored.
Credit risk on the loans to parties is significant since recoverability thereagainst has been a matter of concern due to non¬
payment by promoter group and other entities to whom amounts have been lent and in case of one of the promoter group
company which was under CIRP as given in Note no. 56 and implementation of resolution plan as approved by Hon'ble NCLT is
in process. The Company has initiated legal proceedings against one of the promoter group company and is in the process
against other entities. Further, the company in case of a promoter group company against which CIRP proceeding is under
implementation is expected to address the risk involved therein in due course of time on resolution with respect to the
company's borrowing.

Credit risk with respect to the balances with banks and financial institutions is managed by the Company's treasury department in
accordance with the Company's policy. The company currently does not have surplus fund as such to make investments. However, in
the event of fund being so available, Investments will be made only with approved counterparties and within credit limits assigned to
each counterparty. The limits are set to minimise the concentration of risks and therefore to mitigate financial loss due to
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 risk at the reporting date is the carrying value of each class of financial assets disclosed in Note no. 45.

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 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. In case of Inter-Corporate Loans due to the reasons given in Note no. 56,
such losses are currently not being determinable and as such will be dealt with on determination thereof as stated in the said note.

(B) Liquidity risk

Liquidity risk refers to the risk that the Company fails 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 of funding through an
adequate amount of committed 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 Company had in earlier years granted loans to Promoter Group and other entities which
created a mismatch in servicing its debt and other obligations. Further, the cash losses incurred and cut-back payment made in earlier
years as stated in Note no. 22.7 and Note no. 60(a) has further widened the gap of Current Assets vis-a-vis Current Liabilities leading
to insufficient resources for meeting company's obligations including those related to Employees, statutory and other liabilities
causing accumulation of the amount lying unpaid against these liabilities to a significant extent at the end of the period. In this
regards resolution with respect to company's borrowing is under consideration as detailed in Note no. 58 to improve the overall
liquidity over a period of time. Pending this, the company as stated in said note is passing through prolonged financial distress over a
considerable period of time.

Maturities of financial 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 the timing of
the cash flows.

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying
balances as the impact of discounting is not significant. The amount of borrowings and interest thereon has been computed on the
basis stated in Note no. 60(a) and amount finally payable and terms of repayment thereof will be determinable on resolution with
respect to company's borrowing.

(i) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes 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, EURO 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 of the 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.

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 fair value 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 of said borrowings was considered to be at fair
value. During 31st March 2025 and 31st March 2024, the Company's borrowings at variable rate were mainly denominated in INR.

The Company's fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind
AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

Increase of 50 basis points (holding all other variables constant) in interest rates at the balance sheet date would result in increase in
finance cost by Rs. 730.53 lakhs resulting in increase in loss (having an impact on the financial statements) for the year ended 31st
March 2025 and Rs. 761.59 for the year ended 31st March 2024. 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 risk on financial assets and liabilities as stated above has been considered based on the accounting followed in this respect as
stated in Note no. 56 and 60(a). The rate of interest and amount payable in this respect will finally be determinable on completion of
resolution of company's borrowing which as stated in Note no. 58 is under consideration of ARC. The risk envisaged can materially be
different on completion of resolution and terms and conditions being specified in this respect.

(iii) Price risk

The Company is not an active investor in equity markets; it continues to hold certain investments in equity for 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 2025 is Rs. 5,834.72 lakhs (31st March 2024: Rs. 6,239.29 lakhs). Accordingly, fair value fluctuations
arising from market volatility is recognised in Other Comprehensive Income.

(D) Agricultural Risk

Cultivation of tea being an agricultural activity and highly labour intensive industry, where there are certain specific financial risks.
These financial risks arise mainly due to adverse weather conditions, salaries, wages and other benefits payable to workers, 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 Managing inventory levels of agro chemicals, fertilizers and other inputs to take care of adverse weather conditions.

ii Maintaining level of consumable stores viz packing materials, coal and HSD in order to mitigate financial risk arising from
logistics problems.

iii Forward contracts are made with overseas customers as well as domestic private customers, in order to mitigate the financial
risk in fluctuation of selling price of tea.

iv Measures for rationalising the labour costs especially with possible variations of deployment thereof on casual basis.

v Day to day monitoring of the required liquidity in the system given the constraints currently faced by the company in this
respect. Resolution of company's borrowing as stated in Note no. 58 is under consideration and outcome thereof as expected is
for ensuring sustainability of core agricultural operations of the company.

47. CAPITAL MANAGEMENT
(a) Risk Management

The primary objective of the Company's capital management is to ensure that it maintains a healthy capital ratio in order to support its
business and maximize shareholder value. The Company's objective when managing capital is to safeguard its ability to continue as a
going 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 of the Company.

In order to maintain or adjust the capital structure, the company depending upon the outcome of the resolution of the borrowing as
stated in Note no. 58 may issue new shares or sell assets to reduce debt.

Consistent with others in the industry, the Company intends to monitors capital on the basis of net debt to equity ratio and maturity
profile of overall debt portfolio of the Company.

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

The following table summarises the Net Debt to Equity Ratio which is subject to final determination of amount thereof on resolution
with respect to company's borrowing as stated in Note no. 58:

Notes:

(i) The tax rate is derived based on the corporate tax rate payable on taxable profits under the Income Tax Act'1961 and tax rate as
applicable to Agriculture Income under The Assam Agricultural Income Tax Act' 1939 and The Bengal Agricultural Income Tax
Act' 1944.

(ii) The Company's agriculture income is subject to 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 excluded
while 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 under Section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws
(Amendment) Ordinance, 2019 as there are unutilised MAT Credit and other entitlement including 33AB and also resolution
with respect to company's debt is under consideration as stated in Note no. 58 and impact thereof are presently not
ascertainable.

(v) Further to above, the Company has certain operating lease arrangements for office, transit houses, etc. on short-term leases.
Expenditure incurred on account of rental payments under such leases during the year and recognized in the Statement of
Profit and Loss amounts to Rs. 12.29 lakhs (31st March 2024: Rs.114.91 lakhs). Also refer note no. (vi) below.

(vi) Lease Agreement in respect of premises having registered and corporate office of the company had expired on 31st August,
2022 and terms thereof are yet to be finalised by the lessor. Pending this, the amount of rent payable by the company including
the adjustments towards the cost of maintenance etc. of the premises currently being undertaken by the company being non¬
determinable as such has not been recognised. Adjustments, if any required in this respect will be recognised on determination
thereof and will then be given effect to in the financial statement of the subsequent periods.

52. Sale of Specified Assets of certain Tea Estates

On 9th 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 earlier years:

a) The specified assets of one tea estate had been identified and approved for sale. Memorandum of Understanding/ 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 received from the proposed buyer against
sale consideration has been shown under 'Other Current Liabilities'.

b) The Company had altogether 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). Due to reason given in (c) below, the sale of these specified
assets have not been given effect to and these have been continued to be included under Property, Plant and Equipment
(PPE) and have been depreciated in accordance with other items of PPE.

c) The Hon'ble High Court of Delhi vide it's ad-interim ex-partie order of injunction dated 13th December 2019 has
restrained the company from selling, transferring, alienating, disposing, assigning, encumbering or creating third party
rights on any of its assets and carrying out any changes in its capital structure or any corporate or debt restructuring and
the matter is pending before Arbitral Tribunal.

55. IL&FS Infrastructure Debt Fund ('ILFS-IDF')

The company had given undertaking to IL&FS Infrastructure Debt Fund ('ILFS-IDF') and Aditya Birla Finance Limited
('ABFL') in connection with borrowings and other facilities availed by group entities. Pursuant to the agreements entered
with ILFS-IDF and ABFL, the claim made by them have been settled during the year ended 31st March 2024 for a
consideration of Rs. 4,967.00 lakhs and Rs. 3,200.00 lakhs respectively by Dufflaghur Investment Limited (DIL). Over
and above, a land owned by an another company were also provided as a security by the said company which is pending
monetisation as on this date. In terms of the agreement, no claim lies against the company in respect of the settlement
pursuant to the said agreement and as confirmed, the company's obligation have fully been absolved

56. 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. 48(B), the amount outstanding aggregates to Rs. 2,76,108.95 Lakhs as at 31st March
2025 (31st March 2024: Rs. 2,76,108.95 Lakhs). Further, interest of Rs. 9,941.50 lakhs on these amounts were accrued
upto 31st March 2019 are also outstanding as on this date. Interest on such ICDs considering the waiver sought by
borrower companies and uncertainties involved with respect to recovery and determination of amount thereof, have
not been accrued since 01st April 2019. These borrowing companies in turn advanced the amount so taken by them to
Promoter Group and other entities mainly to provide financial support to one of the promoter group company against
which Corporate Insolvency and Resolution Process (CIRP) as per the Insolvency and Bankruptcy Code, 2016 ('IBC') was
subsequently initiated and the Resolution Plan as approved by the Hon'ble National Company Law Tribunal ('NCLT'),
Kolkata is currently under implementation. The company has filed legal suit before Hon'ble Calcutta High Court for
recovery of ICD from one of the promoter group entity and is in the process of initiating such proceedings against other
entities as well for recovery of the amounts being overdue from them. Provision of Rs. 1,01,039.50 lakhs (including
interest of Rs. 9,941.50 lakhs accrued upto 31st March 2019) made in earlier years on lumpsum basis without prejudice
to the company's legal right to recover the amounts given by it has been carried forward during the period and
adjustments considering the amount finally recoverable against outstanding amounts of ICDs is pending determination
as on this date. Pending this and the resolution with respect to the company's borrowing as dealt with in Note no. 58
below, impact with respect to the shortfall in this respect have not been ascertained and given effect to in these financial
statements for the year ended 31st March 2025.

b) In respect of the Inter-Corporate Deposits to companies as dealt herein above in Note no. 56(a), the predecessor
auditors' had issued an adverse opinion on the audited financial statement for the year ended 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 companies whereby applicability of Section 185 of the
Companies Act, 2013 and related non-compliances, if any could not be ascertained and commented upon by them.
Loan of Rs. 1,85,010.95 Lakhs (net of provision) given to various parties as given in Note no. 56(a) above are
outstanding as on 31st March 2025. The issues raised including utilisation of amount of these 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 and final outcome and/or directions if any are awaited as on this date.

57. Assignment of Borrowings

The company's borrowings from banks aggregating to Rs. 1,03,302.80 lakhs representing principle amount thereof,
as informed by the lead banker of the consortium of the lender banks vide it's letter dated 15th March 2025 and by
National Asset Reconstruction Company Limited ('NARCL') vide it's letter dated 17th March 2025 has been assigned in
favour of NARCL, pursuant to an Assignment Agreement dated 12 th March 2025 ('Assignment Agreement') executed
under Section 5 of the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security
Interest Act of 2002 ('SARFAESI Act'). Accordingly, NARCL has taken over the Secured, Subservient and Unsecured
amount pertaining to the said borrowings and all related rights, title and interest as available to the original lenders
(Assignors') stand vested to NARCL. The remaining amount of Rs. 42,804.00 lakhs in respect of company's borrowing
continue to remain with the existing lenders including one lender bank which was not part of consortium arrangement
as stated hereinabove and these along with those assigned as above have been dealt with as stated in Note 60(a)
below.

58. Going Concern

The Company's financial position is continued to be under stress and it is passing through prolonged financial distress
over a considerable period of time. The realisation against tea even though has improved to certain extent, there was
loss of crop owing to weather conditions having impact on the volume of operations and the company's performance
on an overall basis. The Inter-Corporate Deposits ('ICDs') given to various Promoter group and certain other entities in
earlier years along with interest to the extent accrued earlier are lying outstanding as on this date. The operational
performance as stated above added to the financial constraints being faced by the company resulting in hardship in
servicing of the short term and long-term debts and meeting it's statutory and other liabilities. Certain repayments
were however, made to lenders against borrowings apart from by invocation of securities etc. by them, through cut¬
back against sale proceeds of tea in earlier periods, inspite of there being operating losses and inadequate amount
being available for the purpose and thereby fund generated through the operations have turned out to be highly
insufficient for meeting company's obligations including those relating to Employees', statutory and other liabilities
causing accumulation of the amounts lying unpaid against these liabilities to a significant extent at the end of the
period.

The Resolution process of the company in terms of the circular dated 07th June 2019 issued by Reserve Bank of India
('RBI') was initiated long back in earlier years. Inter-Creditor Agreement ('ICA') for arriving at and implementing the
resolution plan was signed by all the lenders ('bankers'). Moreover, the forensic audit for the utilisation of funds
borrowed in the past conducted on behest of the lenders, Techno Economic Viability (TEV) study, Valuation of tea
estates and other assets and credit rating for draft Resolution Plan prepared by SBI Capital Markets Limited, one of the
leading investment banker was completed. Even offer for One Time Settlement ('OTS') of the entire amount outstanding
against their loans including interest thereon was made at the behest of the lenders by the company. Subsequently, in
absence of the consensus among the lenders with respect to OTS, the company on the request of the lenders had
submitted a fresh resolution plan in the month of January 2024. Meanwhile, certain lenders and other creditors have
filed petitions before Debt Recovery Tribunal ('DRT') and under Insolvency and Bankruptcy Code, 2016 (IBC) with
Hon'ble National Company Law Tribunal, Kolkata ('NCLT'), which are pending as on this date.

The lenders in terms of the master direction on transfer of loan exposure dated 24th September 2021 and other
directions issued by the RBI from time to time, vide public notification dated 06th December 2024 have invited
expression of interest ('EOI') for sale/assignment of the debts aggregating to Rs.1,1 0,469.00 lakhs representing the
principal amount thereof following Swiss Challenge Bid Process ('the Bid' or 'the Bid process') based on the existing
offer ('Anchor Bid') by NARCL. The bidding process assisted by PNB Investment Services Limited ('PNBISL' or 'process
advisor') following the valuation of the company carried out by three independent valuers as mandated by the lenders
for the purpose has been completed and the borrowings to the extent stated in Note no. 57 above has been assigned
to NARCL.

The company on assignment being completed as above has started pursuing NARCL for resolution with respect to
company's borrowing and a resolution plan specifying inter-alia the amount, term and resources of repayment over a
specified period has been submitted for their consideration and on acceptance thereof, the company intends to work
out appropriate resolution with respect to the amount repayable in respect of the borrowings as per Note no. 57 above
to the remaining lenders. The management is confident that on completion of the resolution with respect to the
company's borrowings from ARCs/bank aggregating to Rs. 1,46,106.80 lakhs to a sustainable amount along with
related costs thereto and the period of repayment etc. in this respect, will be agreed upon and arrived at in the due
course of time.

Considering the resolution with respect to the company's debt as dealt with herein above and expected outcome
thereof along with management's continuous effort for rationalising operational costs as well and additional fund to be
made available in the system on arriving at the expected resolution with respect to the entire debt including as stated
above or otherwise and other ameliorative measures taken and/or proposed to be taken, it is envisaged that the
company will be able to strengthen its financial position over a period of time and will have sufficient fund for carrying
out it's operations and meeting it's obligations on an ongoing basis.

In view of the measures dealt herein above being under active consideration as on this date, these financial statements
have continued to be prepared on a going concern basis.

59. Impairment of Assets

As stated in Note no. 58 above, the Company has been incurring significant amount of losses and it's current liabilities
are in excess of the current assets. Considering these indicators and circumstances stated herein above in Note no. 58,
fair Value of Property, Plant and Equipment and Capital Work in progress ('CGU') are required to be assessed for testing
of Impairment thereagainst. Further, the company has investment of Rs. 15,967.00 lakhs in Borelli Tea Holdings Limited
('BTHL') which are also required to be tested for impairment as on 31st March 2025. BTHL has substantial investment in
it's wholly owned subsidiary Mcleod Russel Uganda Limited ('MRUL') which has been incurring cash losses and it's
current liabilities are in excess of current assets. Certain loans taken by MRUL has currently been restructured so that to
rebuild the value of business on completion of the tenure as specified for the restructuring. Pending resolution with
respect to company's borrowing as stated in Note no. 58, impairment if any in the value of CGU and Investments as
such, have not been determined and recognised in these financial statement.

60. Interest on Borrowings/Statutory dues and Lease Agreement

a) Pending resolution by the lenders with respect to the borrowings of the company as dealt with in Note no. 58 above and
consequential adjustment in this respect, Interest on borrowings from ARCs and a bank 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 if any has not been considered. Further, amount repaid to lenders and/or recovered
by them including by invoking securities and cut back payments from the sale proceeds of the tea etc., in earlier years
have been adjusted against principal amount outstanding. The amount of borrowings on availability of individual
details from bid documents for assignment thereof have been recognised thereagainst during the year as stated in Note
no. 22.4 or otherwise these borrowings as agreed upon with respective lenders are reconciled from time to time.
Consequential effect thereof have been recognised in the finance cost of the relevant period. The amount payable to the
lenders in respect of outstanding amounts of borrowing including interest thereagainst is subject to confirmation and
determination and consequential reconciliation and resolution to be arrived at as dealt with in Note no. 58 and will
accordingly be dealt with on determination thereof.

b) Further, Interest of Rs. 12,453.63 Lakhs (including Rs. 222.37 Lakhs for the year) on Inter Corporate Deposits/ Short¬
Term Borrowings of Rs. 30,500.06 lakhs outstanding as on 31st March 2025 has not been recognised. Interest in this
respect in line with Note no. 60(a) above have been determined on simple basis at stipulated rates or otherwise advised/
considered for similar arrangements from time to time. This includes payments made by certain parties on behalf of the
company towards settlement of company's debts and advances taken in earlier years and in certain cases terms and
conditions with respect to these amounts as stated in Note no. 25.2 are yet to be finalised. This however does not
include interest if any on outstanding advances aggregating to Rs. 3,600.00 lakhs from customers, pending recognition
as Inter Corporate Deposits and finalisation of terms 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 herein above.

c) Lease Agreement in respect of premises having registered and corporate office of the company has expired on 31st
August 2022 and terms thereof are yet to be finalised with the lessor. Pending this, the amount of rent payable by the
company including the adjustments towards the cost of maintenance etc. of the premises currently being undertaken by
the company being non-determinable as such has not been recognised in these financial statements.

d) The company has statutory liabilities lying unpaid as on 31st March 2025 (refer note no. 28) and in certain cases
demands have been received from the authorities. Necessary representations including for settling the arrear amounts
over a period of time have been made to the Provident Fund Authorities explaining the financial stringencies currently
being faced by it and the resolution plan under consideration of NARCL (as stated in Note no. 58) and the amount of
interest etc. thereagainst has not been recognised in these financial statements. The amounts as demanded are also
subject to reconciliation with the books of accounts of the respective tea estates and adjustments/ impact in this respect
are therefore currently not ascertainable.

e) Adjustments, if any required with respect to (a) to (d) above will be recognised on determination thereof and will then be
given effect to in the financial statements of subsequent periods.

61. Certain debit and credit balances including borrowings and interest thereupon dealt with in Note no. 60, statutory
liabilities including as dealt with in Note 60(d), clearing accounts (other than inter-unit balances), trade and other
payables, advances from customers, loans and advances, trade and other receivables, other current assets and certain
other liabilities are subject to reconciliation with individual details and balances and confirmation thereof. Adjustments/
Impact and related disclosures including those related to MSME and interest etc. if any payable in this respect are
currently not ascertainable.

62. The Company has used two accounting software, viz Oracle Financials ('Oracle') and Navision for maintaining its books
of account. While both these softwares have the feature of recording audit trail (edit log) facility, in case of Oracle the
said features except for certain specified applications was enabled at application level and was operational throughout
the year for all relevant transactions recorded in the said software. However, in case of Navision, the same was not
enabled during the year pending necessary updation of the system and upgradation of the storage capacity. Further, the
feature of audit trail at database was not enabled throughout the year to log any direct data changes. The Company is
in the process of evaluating the possible technical upgradation of the software and has appointed a consultant for
implementation of audit trail requirement to ensure necessary compliances in this respect.

63. Additional Information pursuant to ammendments (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
behalf of the Funding Party (Ultimate Beneficiaries) or

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

The Company does not have any transactions not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or
any other relevant provisions of the Income Tax Act, 1961).

(D) Compliance with number of layers of companies

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

64. These financial statements have been approved by the Board of Directors of the Company on 29th May 2025, for issue
to the shareholders for their adoption.

65. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's
classification/disclosure.

As per our report of even date

For Lodha & Co LLP, For and on behalf of the Board of Directors

Chartered Accountants

Vikram Matta Aditya Khaitan - Chairman and Managing Director

Partner (DIN No: 00023788)

Place: Kolkata Pradip Bhar - Chief Financial Officer

Dated: 29th May 2025 Alok Kumar Samant - Company Secretary