A corporate insolvency resolution process (“CIRP”) and the appointment of resolution professional were admitted in the case of Appu Hotels Private Limited (“investee”) by the Hon'ble National Company Law Tribunal (“NCLT”), Chennai Bench. The carrying amount of the investments as at March 31,2025 is 1,455.39 INR Lakhs.

The Hon'ble National Company Law Tribunal (“NCLT”) has passed an order approving the resolution plan submitted by one of the resolution applicants. Aggrieved by this Order, the investee has filed an application before the Hon'ble National Company Law Appellate Tribunal ("NCLAT") praying for quashing the order of the Hon'ble NCLT. The Hon'ble NCLAT has set aside the resolution plan approved and ordered to recommence the CIRP process, including the consideration of 12A application filed by the promoters of the investee. On an appeal against the order of the Hon'ble NCLAT, the Hon'ble Supreme Court has redirected the matter to the Hon'ble NCLT in dealing with settlement proposal as approved by the CoC in its nineteenth meeting dated 12th October 2022. The Hon'ble NCLT vide its order dated 20th December 2023 has allowed the 12A application submitted by the Promoters, thereby the CIRP which was initiated on the investee, stood withdrawn.

Inventories are valued at the lower of cost and net realizable value, in accordance with Ind AS 2 - Inventories. Cost comprises all costs of purchase, conversion costs, and other costs incurred in bringing the inventories to their present location and condition.

The cost of raw materials, stores and spares is determined on the First-In First-Out (FIFO) basis. Work-in-progress and finished goods include an appropriate proportion of overheads based on normal operating capacity. Finished goods and work-in-progress are valued at cost or net realizable value, whichever is lower.

Scrap and by-products, if any, are valued at net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. Provisions are made for obsolete and slow-moving inventories based on management’s assessment.

Trade receivables are neither due from directors or other officers of the Company either severally or jointly with any other person, nor any trade or other receivables are due from firms or private companies respectively in which any director is a partner, a director or a member. The credit impaired trade receivables of the pre-CIRP period have been fully provided for, except a portion of receivable from the state government undertakings, which is are expected to be realised by the Company.

During the year, 83,14,328 equity shares of ?10 each were issued for consideration other than cash pursuant to a debt resolution agreement with National Asset Reconstruction Company Limited (NARCL), as detailed in note (b). But as on 31st March 2025, the same has not been issued in dematerialised form as stipulated by the said agreement and also pending for inprinciple approval from stock exchanges. Consequently the share capital issued against debt is not dematerialised or listed as on 31st March 2025.

(b) Shares issued for consideration other than cash during the last five years:

(i) Aggregate number and class of shares allotted as fully paid-up pursuant to contract(s) without payment being received in cash

During the year, the Company issued 83,14,328 fully paid-up equity shares of ?10 each, aggregating to ?8,31,43,280, for consideration other than cash. These shares were issued pursuant to a Master Restructuring Agreement (“MRA”) dated 22nd May 2024, was executed between the Company and India Debt Resolution Company Limited (“IDRCL”) acting as trustee of National Asset Reconstruction Company Limited (NARCL), under which a portion of the unsustainable debt was converted into equity.

Key details of the issuance are as follows:

Number of shares issued: 83,14,328

Face value per share: ?10

Date of allotment: 11th September 2024

Nature of consideration: Settlement of outstanding debt

Basis of allotment: Allotment made pursuant to a resolution passed by the Board of Directors and approved by shareholders under Section 62(1)(c) of the Companies Act, 2013 This allotment was made in compliance with applicable provisions of the Companies Act, 2013. Subject to the in-princeple approval from stock exchanges.

(ii) Aggregate number and class of shares allotted as fully paid-up by way of bonus shares.

(iii) Aggregate number and class of shares bought back.

(c) The Company does not have any holding, Subsidiary or Associate Company.

(f) Rights, preferences and restrictions in respect of equity shares issued by the Company

The Company has only one class of equity shares having face value of Rs. 10 each. The holder of the equity share is entitled to dividend right and voting rights in the same proportion as the capital paid-up on such equity share bears to the total paid-up equity share capital of the Company. The dividend proposed by Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company in the same proportion as the capital paid-up on the equity shares held by them bears to the total paid-up equity share capital of the Company.

35 Exceptional Items - Substantial Modification of Financial Liability

Under Ind AS 109, "Financial Instruments," a substantial modification in the terms of a financial liability is treated as an extinguishment of the original liability and recognition of a new one. The difference between the carrying amount of the extinguished liability and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss. Any costs or fees incurred during this process are included in the gain or loss on extinguishment if the modification is substantial, or they adjust the carrying amount of the liability if it is not substantial, and are amortized over the remaining term of the modified liability.Thereby, during the year, the assignment of Debt by the Consoritum of Banks via Joint Assignment agreement and the One Time Settlement Agreement entered into with SDF, ICICI & Bank of India has been considered respectively as an existinguishment of financial liability and the difference between the carrying value and liabilities assumed and the consideration paid has been recognised as an exceptional item in the statement of profit or loss amounting to INR 875.57 Lakhs. These amounts have been disclosed as exceptional items in the Statement of Profit and Loss in accordance with Ind AS 1 - Presentation of Financial Statements, considering their nature, size, and incidence outside the ordinary course of business.

Note : Contingent liabilities in respect of show cause notices are considered only when converted into demand. Applicable Interest is not included in the contingent liability portion w.r.t. GST demand.Note : Based on professional advice, the amount shown above represents to the best extent possible estimate made by the Company. The Company believes the outcome of these litigations would be favourable and hence no provision is considered necessary in the financial statements. The uncertainties and possible reimbursements are dependent on the outcome of various case proceedings which have been initiated by the Company or by the claimants, as the case may be, and therefore cannot be predicted accrurately.

42 Operating Segments

The Company’s operations predominantly relate to manufacture of Sugar, Co-generation of Power and production of Industrial Alcohol. Other business segments reported are Distillery and Power. Sugar segment includes molasses and other by-products. Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segment as also amounts allocated on a reasonable basis.

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost. Assets and Liabilities that cannot be allocated between the segments are shown as part of unallocated corporate assets and liabilities respectively.

Inter Segment Transfer Pricing Policy - (i) The molasses supplied to Distillery segment is based on average market price. (ii) Power used by other segments is based on 90% of the market price.

43 Terms and conditions of long term borrowings *

The company was admitted into CIRP process dated 29th July 2021. The major secured and unsecured borrowings at the time of admission of CIRP were owed to the following:

1) Consortium of Banks - Indian Bank, State Bank of India, Central Bank of India, ICICI Bank, Bank of India, IDBI Banks Limited, Union Bank of India, The South Indian Bank Limited, Indian Overseas Bank, The Federal Bank.

2) Indian Renewable Energy Development Agency Limited (“IREDA”)

3) Sugar Development Fund (“SDF”)

The Company was out of CIRP Process vide the order passed by the Hon’ble National Company Law Tribunal (“NCLT”) on 9th May 2024 and the outcome of the CIRP Process with respect to the Borrowings are provided hereunder.

Consortium of Banks:

A debt to the extent of INR 61,904 Lakhs was acknowledged at the time of admission of CIRP Process. During the CIRP Process, the Consortium of Banks have assigned their respective portion of Debt to National Asset Reconstruction Company Limited (“NARCL”) vide an agreement dated 30th September 2023. As a result of such joint assignment agreement, the debts owed by the Company to the Consortium of Banks were assigned in favour of National Asset Reconstruction Company Limited and a Master Restructuring Agreement (“MRA”) was executed between the Company and India Debt Resolution Company Limited (“IDRCL”) acting as trustee of NARCL on 22nd May 2024. As a result of such agreement, the amount owed by the company has been bifurcated into Sustainable Debt of INR 23,500 Lakhs with detailed repayment schedule annexed as part of the MRA with an interest rate of 12% per annum compounded quarterly and an Unsustainable Debt of INR 38,404 Lakhs. As per the MRA, out of the Unsustainable Debt the company is required to allot Non-Convertible Debentures (“NCD”) of INR 1,708 Lakhs which is to be repaid with a maturity of 5 years from the Issuance date at a coupon rate of 12% and further an allotment of Equity Shares for 20% paid up share capital of the company (approx. INR 831 Lakhs) on non-diluted basis.Equity shares under preferential allotment were alloted to NARCL on 11th of September 2024 for Rs 831.43 Lakhs (8314328 shares of Rs.10/- each), but awaiting inprinciple approval from stock exchanges for dematerialisation and listing.The allotment of NCD was made on 11th September 2024 to NARCL after getting necessary approval from shareholders in the general meeting .The company is also required to repay an amount of INR 2,400 Lakhs for the release of exclusive security of the office property owned by the promoters. Except for the above mentioned unsustainable debt, the balance unsustainable debt of INR 33,465 Lakhs has been disclosed as contingent liability (which is contingent upon fulfilment terms of repayment as per MRA).

IREDA:

A debt amounting to INR 10,598 Lakhs was acknowledged by the Resolution Professional (“RP”) at the time of admission into the CIRP process. Subsequently, the Company entered into a One Time Settlement (“OTS”) with IREDA, under which the debt was agreed to be settled at INR 4,200 Lakhs, payable within 90 days from the date of execution of the Modified Restructuring Agreement (MRA). The said amount has been fully paid off during the year in accordance with the agreed terms.

SDF:

Based on the application made by the Company for OTS settlement of the SDF loan, the Government has approved the OTS settlement vide its letter dated 26/09/2024. As per the approval, the entire amount of Rs.5553.55 lakhs has to be paid by 26.03.2025.

However, the Company has applied for extension of time for settlement. Meanwhile, the Government has extended the time for OTS application and the Company has been advised to make new application for OTS.

44 Financial Instruments

Capital management

The Company manages its capital to ensure that the Company will be able to continue as going concern, while maximising the return to stakeholders through the optimisation of the debt and equity balance.

The Company determines the amount of capital required on the basis of annual operating plans and long-term product and other strategic investment plans. The funding requirements are met through equity and other long-term/short-term borrowings.

For the purposes of Company's capital management, capital includes consists of net debt (borrowings as detailed in Note 43 offset by cash and bank balances) and total equity of the Company. The Company monitors the capital structure on the basis of total debt to equity ratio and maturity profile of the overall debt portfolio of the Company

Financial risk management objectives

The treasury function provides services to the business, co-ordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations through internal risk reports which analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The Company seeks to minimise the effects of these risks by using derivative financial instruments to hedge risk exposures. The use of financial derivatives is governed by the Company's policies approved by the board of directors, which provide written principles on foreign exchange risk, the use of financial derivatives, and the investment of excess liquidity. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.

Market risk

Market risk is the risk of any loss in future earnings, in realizable fair values or in future cash flows that may result from a change in the price of a financial instrument. The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Company actively manages its currency and interest rate exposures through a centralized treasury division. The use of derivative instruments is subject to limits and regular monitoring by appropriate levels of management.

Foreign currency risk management

The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The Company actively manages its currency rate exposures through a centralised treasury division and uses natural hedging principles to mitigate the risks from such exposures. The use of derivative instruments, if any, is subject to limits and regular monitoring by appropriate levels of management.

Disclosure of hedged and unhedged foreign currency exposure

The carrying amounts of the Company's foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows:

Foreign currency sensitivity analysis

Movement in the functional currencies of the various operations of the Company against major foreign currencies may impact the Company's revenues from its operations. Any weakening of the functional currency may impact the cost of borrowings and consequently may increase the cost of financing the Company's capital expenditures.

The following table details the Company's sensitivity movement in the foreign currencies. The foreign exchange rate sensitivity is calculated for each currency by aggregation of the net foreign exchange rate exposure of a currency and a simultaneous parallel foreign exchange rates shift in the foreign exchange rates of each currency by 2%. 2% represents management's assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 2% change in foreign currency rates. The sensitivity analysis includes external loans as well as loans to foreign operations within the Company where the denomination of the loan is in a currency other than the functional currency of the lender or the borrower.

Interest rate risk management

The Company is exposed to interest rate risk because it borrows funds at both fixed and floating interest rates. The risk is managed by the Company by maintaining an appropriate mix between fixed and floating rate borrowings and by the use of interest rate swap contracts. Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite, ensuring the most cost-effective hedging strategies are applied. Further, in appropriate cases, the Company also effects changes in the borrowing arrangements to convert floating interest rates to fixed interest rates.

Interest rate sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 25 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management's assessment of the reasonably possible change in interest rates.

If interest rates had been 25 basis points higher/lower and all other variables were held constant, the Company's profit for the year ended March 31,2025 would decrease/ increase by Rs.0 (March 31,2024 : decrease/ increase by Rs.0). This is mainly attributable to the Company's exposure to interest rates on its variable rate borrowings.

Equity price risk

Equity price risk is related to the change in market reference price of the investments in equity securities. The fair value of some of the Company’s investments in equity instruments exposes the Company to equity price risks. In general, these securities are not held for trading purposes.

Equity price sensitivity analysis.

The fair value of equity instruments as at March 31,2025 and March 31,2024 was Rs.1,471.21 lakhs and Rs.1,463.12 lakhs respectively. A 5% change in prices of equity instruments held as at March 31, 2025 and March 31,2024, would result in an impact of Rs.73.24 lakhs and Rs.73.15 lakhs Cash on equity, respectively.

Credit risk management

Credit risk arises when a customer or counterparty does not meet its obligations under a customer contract or financial instrument, leading to a financial loss. The Company is exposed to credit risk from its operating activities primarily trade receivables and from its financing/ investing activities, including deposits with banks, mutual fund investments and foreign exchange transactions. The Company has no significant concentration of credit risk with any counterparty.

Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure is the total of the carrying amount of balances with banks, short term deposits with banks, trade receivables, margin money and other financial assets excluding equity investments.

(a) Trade Receivables

Trade receivables are consisting of a large number of customers. The Company has credit evaluation policy for each customer and, based on the evaluation, credit limit of each customer is defined. Wherever the Company assesses the credit risk as high, the exposure is backed by either bank, guarantee/letter of credit or security deposits.

The Company does not have higher concentration of credit risks to a single customer. As per simplified approach, the Company makes provision of expected credit losses on trade receivables using a provision matrix to mitigate the risk of default in payments and makes appropriate provision at each reporting date wherever outstanding is for longer period and involves higher risk. In respective dues from the Government, the Company has considered them as fully recoverable and no allowance for expected credit loss is required.

(b) Investments, Derivative Instruments, Cash and Cash Equivalents and Bank Deposits

Credit Risk on cash and cash equivalents, deposits with the banks/financial institutions is generally low as the said deposits have been made with the banks/financial institutions, who have been assigned high credit rating by international and domestic rating agencies.

Credit Risk on Derivative Instruments is generally low as the Company enters into the Derivative Contracts with the reputed Banks.

Investments of surplus funds are made only with approved financial institutions/ counterparty. Investments primarily include bank deposits, investment in units of quoted mutual funds issued by high investment grade funds etc. These bank deposits, mutual funds and counterparties have low credit risk. The Company has standard operating procedures and investment policy for deployment of surplus liquidity, which allows investment in bank deposits, debt securities and mutual fund schemes of debt and arbitrage categories and restricts the exposure in equity markets.

Offsetting related disclosures

Offsetting of cash and cash equivalents to borrowings as per the consortium agreement is available only to the bank in the event of a default. Company does not have the right to offset in case of the counter party's bankruptcy, therefore, these disclosures are not required.

Liquidity risk management

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company invests its surplus funds in bank fixed deposit and mutual funds, which carry minimal mark to market risks. The Company also constantly monitors funding options available in the debt and capital markets with a view to maintaining financial flexibility.

Liquidity tables

The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay.

45 Trade Receivables from TANGEDCO

Trade receivables includes Rs.2,800.78 Lakhs due from TANGEDCO is outstanding for more than 3 year. The Company is following up for recovery of the same and initiated the required steps. The Company has also initiated steps through South Indian Sugar Mills Association (SISMA) to represent to the Government of Tamilnadu for instructing TANGEDCO to pay the dues.

Since these are due from Government Undertakings and are arising from contractual obligation of those undertakings, in the opinion of the management, no further allowance for expected credit loss is considered necessary.

46 Operating lease

The Company has entered into operating lease arrangements for certain facilities with lease term ranging from 2 years to 3 years. The leases are cancellable at the option of either party to lease and may be renewed based on mutual agreement of the parties. Accordingly, these leases will not qualify for recognising right of use assets and related lease liability as per Ind AS 116. The amount recognised in the statement of profit and loss as expenses for the year is Rs. 49.82 Lakhs (Previous year Rs.20.27 Lakhs).

48 Retirement benefit plans

Defined contribution plans

In accordance with Indian law, eligible employees of the Company are entitled to receive benefits in respect of provident fund, a defined contribution plan, in which both employees and the Company make monthly contributions at a specified percentage of the covered employees’ salary. The contributions, as specified under the law, are made to the provident fund and pension fund of Government of India. The Company also has superannuation plan and contributions are funded with LIC.

The total expense recognised in profit or loss of Rs. 74.36 lakhs (for the year ended March 31,2024: Rs. 2.79 lakhs) represents contribution payable to these plans by the Company at rates specified in the rules of the plan.

Defined benefit plans

(a) Gratuity

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides for a lump-sum payment to vested employees at retirement, death, while in employment or on termination of employment of an amount equivalent to 15 days salary payable for each completed year of service. Vesting occurs upon completion of five years of service. This liability has been provided for based on the actual valuation.

(b) Compensated absence

The leave scheme is a final salary defined benefit plan, that provides for a lumpsum payment at the time of separation based on scheme rules the benefits are calculated on the basis of last drawn salary and the leave count at the time of separation and paid as lumpsum. This liability has been provided for based on the actual valuation.

Significant actuarial assumptions for the determination of the defined obligation are discount rate and expected salary increase. The sensitivity analyses below have been determined based on reasonably possible changes of the respective assumption occurring at the end of the reporting period, while holding all other assumptions constant.

(vii) Sensitivity analysis

There was no change in the methods and assumptions used in preparing the sensitivity analysis from previous year.

(viii) Reason for non-disclosure of current year information

Ind AS 19 “Employee Benefits” requires provision towards gratuity and compensated absences should be made based on actuarial valuation. However, the Company could not obtain actuarial report and the provision for the current year was made only on an estimated basis. Accordingly, disclosures required by Ind AS 19, in respect of defined benefit fund and long term employee benefits could not be made.

(iii) Borrowings from banks

(a) The Company has not been sanctioned working capital limit in excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security of current assets. However, the since the account became NPA, the Company has not filed any quarterly returns or statements with such banks or financial institutions. All Bank Loans in the name of the company (except SDF, ICICI & ECB) has been assigned to NARCL under CIRP process vide NCLT order dated 9th May 2024. But the security charges against the assets is yet to filed with ROC for satisfaction of the same in the name of Banks.

Formula adopted for above Ratios:

Current Ratio = Current Assets /(Total Current Liabilities - Security Deposits payable on Demand - Current maturities of Long Term Debt).

Debt-Equity Ratio = Total Debt / Total Equity.

Debt Service Coverage Ratio = (EBITDA - Current Tax) / (Principal Repayment Gross Interest on term loans) Return on Equity Ratio = Total Comprehensive Income / Average Total Equity

Inventory Turnover Ratio (Average Inventory days) = 365 / (Net Revenue / Average Inventories)

Trade receivables Turnover Ratio (Average Receivables days) = 365 / (Net Revenue / Average Trade receivables)

T rade Payables Turnover Ratio (Average Payable days) = 365 / (Net Revenue / Average T rade payables)

Net Capital Turnover Ratio = (Inventory Turnover Ratio Trade receivables turnover ratio - Trade payables turnover ratio)

Net Profit Ratio = Net Profit / Net Revenue

Return on Capital employed = (Total Comprehensive Income Interest) / (Average of (Equity Total Debt)) Return on Investment (Assets) = Total Comprehensive Income / Average Total Assets

Reasons for Variation if more than 25%Current Ratio

The current liabilities have increased significantly during the year, since the Company could not repay them due to cash crunch and very minimal operations. This resulted in the decrease of current ratio.

Inventory Turnover ratio

During the year, there was very minimal production and the sales were effected using the previous year stock as well. Further the Company has made provision for work in progress and finished goods for slow moving and non moving inventory. This resulted in significant decease in inventory turnover ratio.

Trade Receivables Turnover ratio

The company has made additional provisions for expected credit losses, which resulted in decrease of trade receivables. Since the ratio is calculated on a net basis, it looks like there is a significant decrease in the trade receivables turnover ratio.

(v) Scheme of arrangements

There are no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during the year.

50 The Hon'ble National Company Law Tribunal ("NCLT") has approved the 12A Application and consequently the company has come out from the rigors of CIRP with effect from 9th May 2024. As part of the same, the powers of board of directors has been restored and thereby the Resolution Professional has been discharges from his Duties. The Company has also enetered into Master Restructuring Agreement with India Debt Resolution Limited (Acting as a Trustee of NARCL Trust - 0006) vide agreement dated 22nd May 2024 enacting the restructured terms between the company and the financial creditors.

The impact of such restructuring has been provided for in the financial statements and except as has been provided for in the notes of accounts, there are no other significant subsequent events that would require adjustments or disclosures in the financial statements as on the balance sheet date.

51 Comparative figures

Previous year's figures have been reclassified/ regrouped wherever necessary to conform to the current year’s classification.

52 Corporate Social Responsibility

The Company in view of losses incurred in the past years is not required to spend any amount towards Corporate Social Responsibility for the year ended March 31,2025.

53 Other statutory information

(I) The Company does not have any benami property, where any proceeding has been initiated or pending against the Company for holding any benami property.

(ii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year

(iii) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), 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

(iv) The Company has not received any fund from any person(s) or entity(ies), 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.

(v) The Company does not have any such transaction which is 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).

(vi) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.

(vii) The Company was not declared as a wilful defaulter by any lenders.

(viii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(ix) Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts.

(x) The Company has used the borrowings from banks and financial institutions for the specific purpose for which it was obtained.

(xi) The title deeds of all the immovable properties, (other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the financial statements included in property, plant and equipment and capital work-in progress are held in the name of the Company as at the balance sheet date.

(xii) The Company does not have any transactions with companies which are struck off.