iii) Terms and rights attached to equity shares :
Equity Shares : The Company has only one class of equity shares having a par value of ' 10 per share. Each shareholder is eligible for one vote per share held. The shareholders have rights in proportion to their shareholding for dividend as well as for assets, in case of liquidation.
i) General reserve: Part of retained earnings was earlier utilised for declaration of dividends as per the erstwhile Companies Act, 1956. This is available for distribution to share holders.
ii) Retained earnings: Company's cumulative earnings since its formation minus the dividends/capitalisation and earnings transferred to general reserve
iii) Securities Premium: Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the Companies Act 2013.
iv) Capital Reserve: Companies of amount forfeited on lapse of share warrants, the same is not available for
distribution .
v) Fair Value Reserve : Fair value reserve is credited when property, plant and equipment's are revalued at fair value and debited on retirement or Impairment or disposal of assets. The reserve is utilised in accordance with the requirements of Ind AS 16.
i) Gratuity
The company extends defined benefit plans in the form of gratuity to employees. The Company has formed "RSCL Gratuity Trust" with Life Insurance Corporation of India (LIC) and HDFC Life Insurance Company Ltd. Contribution to gratuity is made to LIC in accordance with the scheme framed by the corporation.The Company has made contribution towards Gratuity based on the actuarial valuation.
ii) Defined contribution plans
Contribution to provident fund is in the nature of defined contribution plan and are made to provident fund account maintained by the Government on its account.
The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
The sensitivity analysis presented above may not be representative of the actual change in the Defined Benefit Obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the Defined Benefit Obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the Defined Benefit Obligation as recognised in the balance sheet.
There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
Notes
Gratuity is payable as per entity's scheme as detailed in the report.
"Actuarial gains/losses are recognized in the period of occurrence under Other Comprehensive Income (OCI). All above reported figures of OCI are gross of taxation."
Salary escalation & attrition rate are considered as advised by the entity; they appear to be in line with the industry practice considering promotion and demand & supply of the employees.
Maturity Analysis of Benefit Payments is undiscounted cashflows considering future salary, attrition & death in respective year for members as mentioned above.
Average Expected Future Service represents Estimated Term of Post - Employment Benefit Obligation.
Weighted Average Duration of the Defined Benefit Obligation is the weighted average of cash flow timing, where weights are derived from the present value of each cash flow to the total present value.
Any benefit payment and contribution to plan assets is considered to occur end of the year to depict liability and fund movement in the disclosures.
Value of asset provided by the entity is not audited by us and the same is considered as unaudited fair value of plan asset as on the reporting date.
In absence of specific communication as regards contribution by the entity, Expected Contribution in the Next Year is considered as the sum of net liability/assets at the end of the current year and current service cost for next year, subject to maximum allowable contribution to the Plan Assets over the next year as per the Income Tax Rules.
Qualitative DisclosuresPara 139 (a) Characteristics of defined benefit plan
"The entity has a defined benefit gratuity plan in India (funded). The entity's defined benefit gratuity plan is a final salary plan for employees, which requires contributions to be made to a separately administered fund. The fund is managed by a trust which is governed by the Board of Trustees. The Board of Trustees are responsible for the administration of the plan assets and for the definition of the investment strategy."
Para 139 (b) Risks associated with defined benefit plan
"Gratuity is a defined benefit plan and entity is exposed to the Following Risks:
Interest rate risk: A fall in the discount rate which is linked to the Government Securities Rate will increase the present value of the liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of the assets depending on the duration of asset.
Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase in the salary of the members more than assumed level will increase the plan's liability.
Investment Risk: The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. If the return on plan asset is below this rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively balanced mix of investments in government securities, and other debt instruments.
Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. Since the plan is invested in lines of Rule 101 of Income Tax Rules, 1962, this generally reduces ALM risk.
Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.
Concentration Risk: Plan is having a concentration risk as all the assets are invested with the insurance company and a default will wipe out all the assets. Although probability of this is very low as insurance companies have to follow stringent regulatory guidelines which mitigate risk.
Para 139 (c) Characteristics of defined benefit plans
During the year, there were no plan amendments, curtailments and settlements.
Para 147 (a)
A separate trust fund is created to manage the Gratuity plan and the contributions towards the trust fund is done as guided by rule 103 of Income Tax Rules, 1962.
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 and (b) measured at amortised cost and for which fair values 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 accounting standard. An explanation of each level follows underneath the table.
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments, traded bonds and mutual funds that have quoted price. The fair value of all equity instruments (including bonds) which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing NAV.
Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the-counter derivatives) 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 instrument is included in level 3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3.
There are no transfers between levels 1 and 2 during the year. The company's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.
The carrying amounts of trade receivables, trade payables, loans, deposits, advances, borrowings, cash and cash equivalents and other current financial liabilities are considered to be the same as their fair values, due to their short-term nature.
34 Financial risk management
The company's activities expose it to market risk, liquidity risk and credit risk.
This note explains the sources of risk which the entity is exposed to and how the entity manages the risk.
(A) Credit risk
Credit risk on deposit is mitigated by depositing the funds in reputed private sector bank.
For trade receivables, the primary source of credit risk is that these are unsecured. The Company sells the products to customers only when the collection of trade receivables is certain and whether there has been a significant increase in the credit risk on an on-going basis is monitored throughout each reporting period. As at the balance sheet date, based on the credit assessment the historical trend of low default is expected to continue. An impairment analysis is performed at each reporting date on an individual basis for major clients. Any recoverability of receivables is provided for based on the impairment assessment. Historical trends showed as at the transition date, 31st March 2017 and 31st March 2018 company had no significant credit risk.
(B) Liquidity risk
Objective of liquidity risk management is to maintain sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Management monitors rolling forecasts of the company's liquidity position (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows. The company's liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal requirements.
Maturities of financial liabilities
The tables below analyse the company's financial liabilities into relevant maturity groupings based on their contractual maturities for:
a) all non-derivative financial liabilities, and
b) net and gross settled 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.
35 Capital management (a) Risk management
The company's objectives when managing capital are to :
• safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and
• maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Consistent with others in the industry, the company monitors capital on the basis of the following gearing ratio:
Net debt (total borrowings net of cash and cash equivalents) divided by
Total ‘equity' (as shown in the balance sheet).
37 OTHER ADDITIONAL INFORMATION 1. Details of Borrowings :
a) Loans from Lenders
During the year, the company has been regular in repayment of principal and payment of interest to Lenders as per the schedule provided in the FRA.
b) Loans from Sugar Development Fund (SDF)
After the closure of restructuring approval of SDF Loans, the Government has issued guidelines for One Time Settlement (OTS) and pursuant to company's application for the same, the Government has approved the company's application for settling the outstanding through OTS vide Administrative Approval (AA) dated 26.09.2024 with underlying terms and conditions. The company has settled the dues with internal funds. The closure formalities with the Government are under progress.
3. Security Details for the Borrowings :
i) Rupee Term Loan (RTL), Tranche A Non-Convertible Debentures (NCDs), Tranche A Optionally Convertible Debentures (OCDs) and Funded Interest Term Loan (FITL) for State Bank of India is secured by:
a. First pari passu charge over all fixed assets of the Borrower ('the Company") (except the fixed assets over which an exclusive charge is created in favour of Sugar Development Fund, ICICI Bank Limited and State Bank of India).
b. First pari passu charge over the cogeneration Receivables of Unit II and Unit III.
c. Second pari passu charge over all current assets of the Borrower (except the current assets set out in Section (b) above)
d. First pari passu pledge over the Pledged Shares.
"Pledged Shares" means, at the date of the Framework Restructuring Agreement (FRA) i.e. 12th July 2021, 1,34,73,621 Equity Shares of the Borrower held by the Pledgors (Promoter and Promoter Group) which are pledged to secure the Outstanding Obligations in accordance with the terms of the Share Pledge Agreement,
and such additional Equity Shares such that the Pledged Shares shall at all times constitute 100% of the total Equity Shares of the Borrower held by the Promoters at any time.
e. Unconditional and Irrevocable Personal Guarantee of the Personal Guarantor (Ms.Rajshree Pathy, Promoter / Chairperson of the Company)
f. Irrevocable Corporate Guarantee provided by RSCL Properties Private Limited (RPPL), to the extent of the Value of the Pledged Shares held by RPPL. It is further clarified that the Secured Parties shall have no independent rights under the Corporate Guarantee in the event that they are able to enforce their rights and recover the Value of the Pledged Shares under the Share Pledge Agreement.
g. First pari passu charge over the Fixed Deposit amount of '108 lakhs.
h. First pari passu charge on the land and building (Bio Control Unit at Unit 1) situated at Gullapuram Village, Periyakulam Taluk, Theni District, Tamil Nadu;
i. First ranking exclusive charge on fixed assets of the Borrower situated at the co-generation plant of Unit II situated at Mundiyampakkam, Tamil Nadu.
j. First pari passu charge on all the fixed assets of the Borrower situated at Unit III, which fixed assets shall be charged to State Bank of India and Sugar Development Fund on a pari passu basis.
k. First pari passu charge on non-agricultural land admeasuring 1 acre and cents 15-1/6 in Udhagamandalam, Tamil Nadu (including the building with a built-up area of 300 sq. ft.), belonging to Ms. Rajshree Pathy, Chairperson / Promoter of the Company.
ii) Working Capital Term Loans (WCTL) for State Bank of India is secured by:
a. Second pari passu charge over all fixed assets of the Borrower (except the fixed assets over which an exclusive charge is created in favour of Sugar Development Fund, ICICI Bank Limited and State Bank of India).
b. First pari passu charge over the cogeneration Receivables of Unit II and Unit III.
c. First pari passu charge over all current assets of the Borrower (except the current assets set out in Section (b) above).
d. First pari passu pledge over the Pledged Shares.
e. Unconditional and irrevocable Personal Guarantee provided by the Personal Guarantor.
f. Irrevocable Corporate Guarantee provided by RPPL, limited to the extent of the value of the Pledged Shares held by RPPL. It is further clarified that the Secured Parties shall have no independent rights under the Corporate Guarantee in the event that they are able to enforce their rights and recover the value of the Pledged Shares under the Share Pledge Agreement.
g. First pari passu charge over the Fixed Deposit amount of '108 lakhs.
h. Second pari passu charge on the land and building (Bio Control Unit at Unit 1) situated at Gullapuram Village, Periyakulam Taluk, Theni District, Tamil Nadu;
i. First ranking exclusive charge on fixed assets of the Borrower situated at the co-generation plant of Unit II situated at Mundiyampakkam, Tamil Nadu.
j. First pari passu charge on all the fixed assets of the Borrower situated at Unit III, which fixed assets shall be charged to State Bank of India and Sugar Development Fund on a pari passu basis.
k. First pari passu charge on non-agricultural land admeasuring 1 acre and cents 15-1/6 in Udhagamandalam, Tamil Nadu (including the building with a built-up area of 300 sq. ft.), belonging to Ms.Rajshree Pathy, Chairperson / Promoter of the Company.
iii) RTL, Tranche D NCDs, Tranche D OCDs and FITL for Bank of India, UCO Bank and Federal Bank Limited is
secured by:
a. First pari passu charge over all fixed assets of the Borrower (except the fixed assets over which an exclusive charge is created in favour of Sugar Development Fund, ICICI Bank Limited and State Bank of India).
b. First pari passu charge over the cogeneration Receivables of Unit II and Unit III.
c. Second pari passu charge over all current assets of the Borrower (except the current assets set out in Section(b) above).
d. First pari passu pledge over the Pledged Shares.
e. Unconditional and irrevocable Personal Guarantee provided by the Personal Guarantor.
f. Irrevocable Corporate Guarantee provided by RPPL, limited to the extent of the value of the Pledged Shares held by RPPL. It is further clarified that the Secured Parties shall have no independent rights under the Corporate Guarantee in the event that they are able to enforce their rights and recover the value of the Pledged Shares under the Share Pledge Agreement.
g. First pari passu charge over the Fixed Deposit amount of '108 lakhs
h. First pari passu charge on the land and building (Bio Control Unit at Unit 1) situated at Gullapuram Village, Periyakulam Taluk, Theni District, Tamil Nadu;
i. First pari passu charge on non-agricultural land admeasuring 1 acre and cents 15-1/6 in Udhagamandalam, Tamil Nadu (including the building with a built-up area of 300 sq. ft.), belonging to Ms.Rajshree Pathy, Chairperson / Promoter of the Company.
j. Second pari passu charge on all fixed assets of the Borrower situated at Unit III.
iv) WCTL for Bank of India and UCO Bank is secured by:
a. Second pari passu charge over all fixed assets of the Borrower (except the fixed assets over which an exclusive charge is created in favour of Sugar Development Fund, ICICI Bank Limited and State Bank of India).
b. First pari passu charge over the cogeneration Receivables of Unit II and Unit III.
c. First pari passu charge over all current assets of the Borrower (except the current assets set out in Section (b) above).
d. First pari passu pledge over the Pledged Shares.
e. Unconditional and irrevocable Personal Guarantee provided by the Personal Guarantor.
f. Irrevocable Corporate Guarantee provided by RPPL, limited to the extent of the Value of the Pledged Shares held by RPPL. It is further clarified that the Secured Parties shall have no independent rights under the Corporate Guarantee in the event that they are able to enforce their rights and recover the Value of the Pledged Shares under the Share Pledge Agreement.
g. First pari passu charge over the fixed deposit amount of '108 lakhs.
h. Second pari passu charge on the land and building (Bio Control Unit at Unit 1) situated at Gullapuram Village, Periyakulam Taluk, Theni District, Tamil Nadu; and
i First pari passu charge on non-agricultural land admeasuring 1 acre and cents 15-1/6 in Udhagamandalam, Tamil Nadu (including the building with a built-up area of 300 sq. ft.), belonging to Ms.Rajshree Pathy, Chairperson / Promoter of the Company
j. Second pari passu charge on all fixed assets of the Borrower situated at Unit III.
v) RTL, Tranche B OCDs, Tranche B NCDs and FITL for ICICI Bank Limited is secured by:
a. First pari passu charge over all fixed assets of the Borrower (except the fixed assets over which an exclusive charge is created in favour of Sugar Development Fund, ICICI Bank Limited and State Bank of India).
b. First pari passu charge over the cogeneration Receivables of Unit II and Unit III.
c. Second pari passu charge over all current assets of the Borrower (except the current assets set out in Section (b) above).
d. First pari passu pledge over the Pledged Shares.
e. Unconditional and irrevocable Personal Guarantee provided by the Personal Guarantor.
f. Irrevocable Corporate Guarantee provided by RPPL, limited to the extent of the Value of the Pledged Shares held by RPPL. It is further clarified that the Secured Parties shall have no independent rights under the Corporate Guarantee in the event that they are able to enforce their rights and recover the Value of the Pledged Shares under the Share Pledge Agreement.
g. First pari passu charge over the fixed deposit amount of '108 lakhs
h. First pari passu charge on the land and building (Bio Control Unit at Unit 1) situated at Gullapuram Village, Periyakulam Taluk, Theni District, Tamil Nadu;
i. First ranking exclusive charge on the following immoveable properties:
A. 7.295 Acres Land at Pallipuram Village, Allepey District, Kerala; and
B. Registered Office (Uffizi) of the Borrower in Coimbatore, Tamil Nadu.
j. First pari passu charge on non-agricultural land admeasuring 1 acre and cents 15-1/6 in Udhagamandalam, Tamil Nadu (including the building with a built-up area of 300 sq. ft.), belonging to Ms.Rajshree Pathy, Chairperson / Promoter of the Company.
k. Second pari passu charge on all fixed assets of the Borrower situated at Unit III.
vi) RTL, Tranche C NCDs, Tranche C OCDs and FITL from Axis Bank Limited.
All the loans / facilities availed from the Axis Bank Limited have been repaid during the financial year 2022-23, subject to Right of Recompense as per Axis Bank Sanction Letter dated 30-06-2021.
4. Excess Provision of earlier year written back includes:
a. '373.18 Lakhs claims received towards pursuant to favourable order from State Electricity Regulatory Commission.
b. '528.21 Lakhs - Credit back of penal interest charged in the earlier year pursuant to the waiver of the same as per administrative approval from SDF under, the One Time Settlement Scheme.
10) Contingent Liabilities not provided for
a) Claims against the company not acknowledged as debt:
i. In the case of eligibility of exemption on molasses captively consumed and eligibility of cenvat credit availed on molasses procured from other Units in Unit III for the period from April 2014 to June 2017. The Commissioner of GST and Central Excise, Chennai has raised a demand of ' 62.84 Crores (Principal -' 21.67 Crores and Penalty/Interest - ' 41.17 Crores). The Company has filed a writ petition before Madras High Court challenging the demand and the case is pending for disposal. With regard to show cause notice for a sum of '80.38 lacs relating to April 2012 to June 2012,the Additional Commissioner of GST & Central Excise has issued an order dated 29.09.2023 with a demand of ' 161 lacs (Principal - ' 80.38 lacs and Penalty - ' 80.38 lacs) in addition to appropriate interest on the same. The company has filed an appeal before the Commissioner - Appeal and the appeal is pending.
ii. Superintending Engineer (Theni) had issued demand letters to Unit 1 dated 23/05/2019 and 3/08/2019 for '1,86,92,570/- claiming parallel operation charges for the period from May 2014 to May 2019.
a. The Company filed an appeal for all three units ie ,Appeal No 328/2019 before Appellate Tribunal for Electricity, Delhi against any claim of parallel operation charges . On 23/09/2019 the Tribunal by way of interim order directed TANGEDCO not to precipitate the matter any further. The case is heard and judgment reserved..
b. The Company got two demand notices dated 14.02.2020 levying parallel operation charges for its Unit 2 (Mundiampakkam Village, Villupuram) & Unit 3 (Semmedu Village, Villupuram) of '1,34,61,669/- and '1,76,61,215/- respectively. As in the aforesaid appeal before APTEL interim order is in force, The Company moved applications in the said appeal bringing to the knowledge of the Tribunal the precipitative actions being contemplated by the TANGEDCO. The case is heard and judgement reserved.
iii. IFCI Limited, nodal agency of Sugar Development Fund (SDF) has filed an application before Debt Recovery Tribunal (DRT)-1, Chennai against the company claiming '4,080.44/- lakhs being the loan granted by SDF. The Company filed an application stating the IFCI has no locus standi to file the said application and also that DRT lacks jurisdiction to entertain the said application as the Loan was granted by Govt of India and not by any Bank/Financial Institution. The application was dismissed on 31.01.2024 with applicant was given a period of 3 weeks to file a reply statement. On request, the company was given another opportunity to file its reply statement on 27.02.2024. The Tribunal has issued its ex parte order on 05.03.2024. The company has filed its application, on 04.04.2024, to set aside the ex parte order along with reply statement. The same was taken on record by the registry and posted for hearing on various dates in the past and now reposted on 23.06.2025. As the entire dues have been settled, on the date of hearing, the tribunal would be updated of the status with a pleading to issue the closure order.
iv. Recompense amount payable as per Debt Restructuring Scheme as at the close of the year ending 31.03.2025 is '190.75 Crores.
11) Income Tax assessments have been completed up to Assessment Year (AY) 2018-19.
Disallowances made in the order of assessment for the AY 2017-18, purely technical in nature, have been disputed in appeal before the appellate authorities.
A Demand of '20.21 lakhs has been raised for the AY 2017-18 and the entire amount has been paid as Appeal Deposit / adjusted against refund due of subsequent years. Disputed taxes are appealed before concerned appellate authorities. It is advised that the cases are likely to be disposed of in favour of the Company and hence no provision is considered necessary therefor.
12) In terms of Ind AS-36, the company had carried out an exercise to ascertain the impairment, if any, in the carrying values of its Fixed assets. The exercise has not revealed any impairment of assets.
13) Non-Convertible Debentures
The redemption amount payable, as per Framework Restructuring Agreement, as on 31st March 2025 has been at '8,886 lakhs.
14) Optionally Convertible Debentures
The redemption amount payable as per aforesaid agreement as on 31st March 2025 has been at '12,429 lakhs.
15) Equity Shares
As per terms of the Debt Restructuring plan approved by the lenders and in terms of provision in Framework Restructuring Agreement (FRA) executed on 12th July 2021, the company has allotted 49,67,926 equity shares to lenders. The promoters issued NOCs to State Bank of India, Bank of India, Axis Bank Limited and Federal Bank Limited for selling the shares allotted to them in the open market. As on 31st March 2025, the lender banks sold (12.13%) shares in the open market out of the aforesaid allotted shares.
16) CSR Activities
Gross amount required to be spent by the company during the year - NIL Amount spent by the company during the year - NIL
18. ADDITIONAL REGULATORY INFORMATION:
a) The title deeds in respect of self-constructed buildings and title deeds of all other immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee), disclosed in the financial statements included under Property, Plant and Equipment are held in the name of the Company as at the balance sheet date.
b) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
c) The Company has not revalued any of its Property, Plant and Equipment (including Right-of-Use Assets) and Intangible assets during the year.
d) The Company has not given any Loans or advances in the nature of Loans to promoters directors, KMPs and the related parties (as defined under Companies Act, 2013), either severally or jointly with any other person.
e) The Company does not have any intangible assets under development as at 31/03/2025 and as at 31/03/2024.
f) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
g) As per the information available with the Company, the Company has no transactions with the companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
h) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies),including foreign entities (Intermediaries).
i) The Company has not received any fund from any person(s) or entity(is), 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.
j) The Company does not have any 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).
k) The Company is not declared as willful defaulter by any bank or financial institution (as defined under the Companies Act, 2013) or consortium thereof or other lender in accordance with the guidelines on willful defaulters issued by the Reserve Bank of India.
l) The Company does not have any downstream investments in the form of subsidiary, joint venture and associate companies.
m) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
The Company operates wholly within the geographical limits of India. Revenue from sales to customers outside India is / was nil in the current and previous years. Hence, disclosures on geographical segments are not applicable.
22) Previous year figures have been regrouped wherever necessary to confirm to current year's classification.
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