a. Due to the continued liquidity crunch being faced by Gujarat Akruti TCG Biotech Limited (GATCGBL), a subsidiary of the Company, the tenure of the Compulsorily Convertible Debentures was extended by a further period of 1 (one) year upto March 30, 2025 and Non-Convertible Debentures issued by GATCGBL was extended by a further period of 2 (two) year upto March 30, 2026, the other terms and conditions of issue thereof remaining unchanged.

b. During the year, the Company has received an amount of ? Nil ( As at 31st March, 2023 : ? 64.48 lakhs) toward its investment in debentures redeemed out of the sale proceeds of the security against debentures.

c. In earlier years, the Company had written off the capital amount given for project development amounting to ? 775 lakhs to a partnership firm Shreenath Realtors for development and exploitation of areas at Nirmal Nagar, Sion, Mumbai. Since the approval from the Government has not been received till date nor there is any scope of it being approved in the near future, operation cost has been mounting year on year in the said firm. However, the firm has not been dissolved as on date.

d. The company had invested an amount of ? 1.60 lakhs in the capital of Primeria JV, which had been written off in the earlier years. However, the JV has not been dissolved as on date.

e. The Company has investments in certain subsidiaries, jointly controlled entities and associates and loans and advances outstanding as at March 31, 2024. While some of entities have incurred losses and have negative net worth as at the year end, the underlying projects in such entities are at various stages of real estate development and are expected to achieve adequate profitability on substantial completion and/ or have current market values of certain properties which are in excess of the carrying values. The Company considers its investments in such entities as long term and strategic in nature. Accordingly, no provision is considered necessary towards diminution in the value of the Company's investments in such entities or in respect of loans and advances advanced to such entities, which are considered good and fully recoverable.

f. Investment in Deep Discount Bonds of Sunstream City Private Ltd of the amount of Rs.97,412.85 Lakhs were redeemed during the year and were inclusive of Interest accrued of ? 56,421.89 Lakhs on the Investment amount of ? 40,990.11 lakhs. The Principal amount of ? 40,990.11 lakhs has been transferred as Loan to Sunstream City Private Ltd.

g. During the year the Company has purchased all the class A equity shares of Vinca Developer Private Ltd held by Nederlandse Financierings -Maatschhapij Voor Ontwikkelingslanden N.V. (FMO) for an aggregate consideration of ? 22,115.00 lakhs including the amount of ? 8,215.00 lakhs lying in the Vinca Bank account.

h. During the current financial year, the Company increased its equity stake in Class A Share of Rare Townships Private Limited from 40.00% to 67.53%. Accordingly, Rare Townships Private Ltd has become a subsidiary of the Company w.e.f 12th March, 2024.

Terms / rights attached to equity shares

The Company has a single class of equity shares having a par value of ? 10 per share. Each shareholder of equity share is entitled to one vote per share. Dividend, as and when declared by the company is paid in Indian Rupees.

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 proportion to the number of equity shares held by each shareholder, after settlement of all preferential obligations.

UCO Bank has transferred the Loan amount including interest thereon amounting to ? 18,287.94 lakhs as on 31.03.2017 to the third party "Invent Asset Securitisation & Reconstruction Private Limited (Company)" vide letter dated 11.04.17. The said loan has been settled at ? 15,500 lakhs via letter dated 27.11.2017 from Invent Asset Securitisation & Reconstruction Private Limited (company). The loan carries 0% interest rate and repayable within 5 years and have been measured at fair value. The loan is secured against Property located at Mulund, Thane and Andheri (East) and also first charge on lease rent receivable from said Premises

a. Working capital loan from bank carries interest rate of 19.65% (31st March, 2023: 19.50%). The loan is secured against mortgage of premises located at MIDC, Andheri (East), Mumbai and further secured by personal guarantee of one or more promoters. The said account of the Company has been attached by the Maharashtra State CID in connection with ongoing case with regards to a commercial transaction with an erstwhile associate company.

b. Secured loans from the companies carry interest rate of 15.00% and is repayable on demand. However, loan from a company amounting to ? 2757.37 lakhs (As at 31st March, 2023: ? 2757.37 lakhs) is interest free. These Loans are secured against mortgage of unsold area of the commercial project at Andheri (East) and Jogeshwari (East) and secured against pledge of equity shares in the Company held by the promoters.

c. Secured loan of Dena Bank has become NPA and has assigned the loan amount including interest thereon amounting to ? 2,100 lakhs as on 28th November, 2018 to a third party "International Asset Reconstruction Company Private Limited (IARC)" vide letter dated 24th December, 2018. The said loan has been fully repaid during the current financial year.

d. Unsecured loans from companies and others carry interest rates within a range of 9% to 21% and are repayable on demand. (Refer footnote a to Note 29)

Loan from others include certain deposits inherited by the company in earlier years due to merger of its erstwhile partnership firms Akruti Jay Developer and Akruti Kailash Constructions with the company. The Management is of the opinion that since these deposits were not received directly by the Company, they do not attract any of the provisions relating to the Companies (Acceptance of Deposits) Rules 2014 as amended. The Company is in the process of repaying the same

The average credit period on purchases is 3 to 6 months.

Details of dues to Micro, Small and Medium Enterprises as defined under Micro Small Medium Enterprises Development Act, 2006 :

The above information has been provided as available with the Company to the extent such parties could be identified on the basis of the information available with the Company regarding the status of suppliers under the MSMED Act. The overdue principal amounts outstanding to the extent INR 956.35 (As at 31st March 2023: INR 1038.43 Lakhs ) are payable to such vendors at the Balance Sheet date. The interest on overdue amount has not been provided/paid since the differences in supplier account balances is under reconciliation.

a. Other payable include INR 368.79 (As at 31st March 2023: ? 1,795.68 lakhs ) due to related parties. Further, attention is invited to Note 34.

b. Retention Money liability to the contractors which are not due for payment as at 31st March, 2024 have been shown under the head "Other

Financial Liabilities” as per Ind AS 32. As per the management, the retention liability is in the nature of holding the amount as guarantee towards

performance and does not relate to credit period given by the contractor. Further, in the opinion of the management, there has not been any

authoritative clarification / interpretation with regard to measurement of fair value in respect of above item and hence retention liability has not been discounted as on 31st March, 2024.

c. Other payable include an amount of ? Nil (as at 31st March 2023: ? 48,171.95 lakhs) due to Ashok Commercial Enterprises. During the current financial year, the Company has written back the amount of ? 48,171.95 lakhs standing to the credit of Ashok Commercial Enterprises. The matter is pending in the High Court Judicature at Bombay (Commercial Summary Suit No. 1532 of 2018).

d. Other Payable includes INR 1,448.47 Lakhs (As at 31st March 2023: ? 1,448.47 lakhs) being the Bank Overdraft facilities utilised by joint ventures -Hubtown Bus Terminal (Adajan) Private Limited and Hubtown Bus Terminal (Mehsana) Private Limited.

a. The Company has not provided for interest amounting to INR 7637.86 Lakhs ( As at 31 March 2023: INR 56,729.53 lakhs) on certain corporate deposits as the Company is in the process of re-negotiating the terms / waiver of interest by respective lenders. In this regard, the Company has held various meetings with the respective lenders and is hopeful of amicable settlement in the near future. There is also a litigation pending in court in respect of amount payable to one of the lenders..

b. In line with IND AS-23 'Borrowing Costs' issued by The Institute of Chartered Accountants of India, borrowing costs of INR 2400.19 (As at 31 March 2023: ? 2,411.40 lakhs) have been capitalised to inventory.

a. Advances and other debit balances written off include an amount of ? 307.45 lakhs being the net impact of the amount of ? 48,171.94 lakhs standing to the credit of Ashok Commercial Enterprises written back ? 7,942.48, being the amount received from Vinca Developer Private Limited towards payment of share purchase consideration to FMO and ? 56,421.89 written off, being the amount of Interest accrued on Investment in deep discount bonds of Sunstream City Private Ltd as the same is considered irrecoverable as in the immediate future.

b. CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof by the Company during the year is ? Nil ( As at 31st March 2023 : ? Nil Lakhs ) & the actual amount spent during the year is ? Nil ( As at 31st March 2023 : ? Nil Lakhs ) for the purpose other than construction/acquisition of an asset.

Narrations:

1 Analysis of Defined Benefit Obligation

The number of members under the scheme have decreased by 5.97 %. Similarly the total salary Decreased by 1.32 % during the accounting period.

The resultant liability at the end of the period over the beginning of the period has Decreased by 52.70%.

2 Expected rate of return basis:

EROA is the discount rate as at previous discount valuation date as per the accounting standard.

3 Description of Plan Assets and Reimbursement Conditions

100% of the Plan Asset is entrusted to LIC of India under their Group Gratuity Scheme. The reimbursement is subject to Insurer's Surrender Policy.

4 Investment / Interest Risk

The Company is exposed to Investment / Interest risk if the return on the invested fund falls below the discount rate used to arrive at present value of the benefit.

5 Longevity Risk

The Company is not exposed to risk of the employees living longer as the benefit under the scheme ceases on the employee separating from the employer for any reason.

6 Risk of Salary Increase

The Company is exposed to higher liability if the future salaries rise more than the assumption of salary escalation.

7 Discount Rate

The discount rate has increased from 7.29% to 7.09% and hence there is an increase in liability leading to actuarial loss due to change in discount rate.

Footnotes:

a. Interest / penalty that may accrue on original demands are not ascertainable, at present. The Company has taken necessary steps to protect its position with respect to the above referred claims, which in its opinion, based on professional / legal advice are not sustainable.

b. Contingent liabilities include corporate guarantees issued by the Company and are relied upon by the Auditors.

c "The management is of the view that it was necessary to provide the corporate guarantees to further the business interest of the Company in the

entities on whose behalf such guarantees have been provided and the management is of the view that there would be no sustainable claims on . the Company in respect of these corporate guarantees.

The rate of interest, processing fees, any other charges levied by the lenders on the entities availing loans are based on internal guidelines of the lenders depending on the merits of the underlying projects and their estimated cash flows. Majority of the corporate guarantees issued by the Company are basically to provide comfort by the Company as a shareholder of the Borrower entity to the Lenders. These corporate guarantees, in any case, do not result in any additional benefits to the borrowers. Accordingly, the financial liability on account of financial guarantee contracts have not been fair valued as these are expected to be immaterial.

The Company's activities expose it to a variety of financial risks: 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.

1) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument which fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity/real estate risk. Financial instruments affected by market risk include loans and borrowings.

a) Interest rate risk

Majority of the long—term borrowings of the Company bear fixed interest rate. Thus the interest rate risk is limited for the Company.

b) Foreign currency risk

The Company is engaged in real estate business and only imports certain material against Letter of Credit for which hedging instruments are not required.

c) Equity price risk

The Company's equity securities are not majorly susceptible to market price risk. However, the Company's Board of Directors reviews and approves all equity investment decisions after exercising due diligence which may minimise the market related risk.

2) Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure of the financial assets are contributed by trade receivables, cash and cash equivalents and receivables from group companies.

a) Receivables resulting from sale of properties: Customer credit risk is managed by requiring customers to pay advances before transfer of ownership, thereby, substantially eliminating the Company's credit risk in this respect.

b) Receivables resulting from other than sale of properties: Credit risk related to such receivables is managed as per the Company's established policy, procedures and control. Outstanding customer receivables are regularly monitored. The impairment analysis is performed at each reporting date on an individual basis for major receivables. The Company does not hold collateral as security. The Company's credit period generally ranges from 30 to 90 days.

c) Credit risk on cash and cash equivalents is limited as the Company generally invests deposit with banks which have high credit ratings.

3) Liquidity risk

The Company's treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. The Management monitors the Company's net liquidity position through rolling forecasts on the basis of expected cash flow

NOTE 40. CAPITAL MANAGEMENT

For the purpose of the Company's capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company's management is to maximise shareholders value.

The Company manages its capital structure and makes adjustments in the light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may issue new shares. Consistent with others in the industry, the Company monitors its capital using the gearing ratio which is total net debt (borrowings offset by cash and cash equivalents) divided by total capital of the Company.

Gearing Ratio

In order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure that it meets financial covenants attached to the borrowings that define the capital structure requirements. Breaches in meeting the financial covenants would permit the lenders to immediately call loans and borrowings.

Note 42

Loans and advances, other receivables, debtors and creditors are subject to confirmations and are considered payable / realisable, as the case may be. Note 43

Previous year figures have been regrouped / reclassified wherever necessary, to make them comparable with current year figures in the Financial Statements.

NOTE 46. OTHER STATUTORY INFORMATION FOR THE YEAR ENDED 31 MARCH 2024 :

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 under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

ii) The Company does not have any transaction during the current financial year with companies struck off under Section 248 of the Companies Act, 2013.

iii) The Company does not have any charge or satisfaction which is yet to be registered with Registrar of Companies beyond the statutory period.

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

v) 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.

vi) 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.

vii) The Company do not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income in the tax assessments under the Income-tax Act, 1961.

viii) The Company has not been declared wilful defaulter by any bank or financial institution or Government or any Government authority or other lender in current financial year, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India.

ix) 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 from the date of their implementation.