(d) The Company has only one class of equity shares. The Company declares and pays dividend in Indian rupees. The holders of equity shares are entitled to receive dividend as declared from time to time and are entitled to one vote per share.

(e) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential dues. The distribution will be in proportion to the number of equity shares held by the shareholders.

1 Special Reserve is created in terms of section 36(1)(viii) of the Income Tax Act, 1961.

2 General Reserve represents the reserve created through annual transfer of net profit at a specified percentage in

accordance with the provisions of the erstwhile Companies Act, 1956. Consequent to the introduction of the Companies Act, 2013 ('the Act'), the requirement to mandatory transfer a specified percentage of its profit to General Reserve has been withdrawn, though the Company may voluntarily transfer such percentage of its profits for the financial year, as it may consider appropriate. This reserve can be utilised in accordance with the provisions of the Act.

3 Debenture Redemption Reserve is created in accordance with section 71 of the Act in respect of Non-Convertible Debentures issued in F.Y 2016-17. This reserve shall be utilised in accordance with the provisions of the Act.

4 Retained Earnings represents the undistributed profit / amount of accumulated earnings of the Company.

5 Remeasurement of defined benefit plans comprises actuarial gains and losses which are recognised in other

comprehensive income and then immediately transferred to retained earnings.

i) Non-Convertible Debentures (NCD)

a. It is secured by first pari passu charge on Land at Guawahati ( Assam ) in favor of Debenture Trustee such that minimum asset cover of 1.5 times is maintained at all times during the Tenor of the NCD.

b. The rate of interest is 10% p.a. payable on 30^th November every year.

c. The principal amount is to be repaid at the time of maturity on 30^th November, 2026.

ii) Term loan from Union Bank of India

a. i. It is secured by way of 1^st charge over the 28.31 acres of Shristinagar Guwahati Phase 1 project land and all moveable and immoveable fixed assets both present and future.

a. ii. There is exclusive charge by way of hypothecation on the receivables arising out of the sales of the project.

b. The rate of interest is fixed as 1 year MCLR 3.25%.

c. Repayment of term loan shall be in 12 quaterly installment of Rs. 326.50 lakhs per quater commencing from 30-06-2022. Deferred interest as per Covid-19 guidelines of Rs. 189.00 lakhs is to be repaid as on 30-03-2025.

iii) Term loan from DBS Bank (previously Lakshmi Vilas Bank)

Pursuant to One Time Settlement (OTS) with DBS Bank India Limited, the company has fully paid an amount of Rs. 4153.64 lakhs to the bank. Refer note 31(25).

iv) Term loan from bank for vehicles

a. It is secured by way of hypothecation of vehicles.

b. The loan is to be repaid through 60 EMI of Rs. 0.21 lakhs starting from 7.11.2020.

v) Term loan from Indian bank under IND GECLS 2.0

a. Sanction amount is Rs. 100 Lakhs.

b. Rate of interest is 1 year MCLR 1%.

c. Purpose is to meet working capital requirement.

d. Tenure is maximum 60 months including moratorium period of 12 months.

e. Interest during moratoriom period to be serviced monthly and Rs.2.46 Lakhs repayable in 48 EMIs after initial moratorium period of 12 months.

f. The loans are secured by way of-

a) Primary: First pari-passu charge on current assets of the company.

b) Collateral: First pari-passu charge on pledge over 30,80,000 shares of SIDCL.

c) First pari-passu charge on all the fixed assets, movable and immovable of the company.

d) First pari-passu charge over three (3) residential apartments - Flat no. 3B, Flat no. 4A-1 and Flat no. 5C-1 & C-2 at project 'V'

New Town, North 24 Parganas, West Bengal.

e) Personal gurantees of Mr. Hari Prasad Kanoria and Mr. Sujit Kanoria.

f) Corporate guarantee of M/s Pranja Vidya Bharti Pvt. Ltd.

vi) Term loan from Srei Equipment Finance Limited (SREI)

a) There are two loans outstanding from SREI amounting to Rs. 20,000 lakhs and Rs. 5,000 lakhs.

b) The loans are secured by way of-

i) Residual charge on all assets present and future of the company.

ii) Residual charge by way of assignment or creation of security interest on all the right, title, interest, benefits, claims and demands

whatsoever of the company.

iii) Exclusive charge on land admeasuring 10912.80 sq mts out of total land of 32374.60 sq mts situated at Premises AA II/CBD/ 2(Erstwhile Plot No. CBD 2 in action area II) in street no. M.A.R. situated at New Town P.S. Rajarhat .

iv) Pledge of all investments of the company except Bengal Shristi Infrastructure Development Limited.

c) For the loan of Rs. 20,000 lakhs the effective interest rate is 10% p.a. compounded monthly and payable quarterly and for the loan of Rs. 5,000 lakhs the effective interest rate is 12% p.a. compounded monthly and payable quarterly.

d) The loans are to be repaid in 10 half yearly installments commencing at the end of 10th year from the date of first disbursement.

Nature of Securities :

Working capital loan from bank is secured by way of

(i) Primary: First pari-passu charge on current assets of the company.

(ii) Collateral: First pari-passu charge on pledge over 30,80,000 shares of SIDCL.

(iii) First pari-passu charge on all the fixed assets, movable and immovable of the company.

(iv) First pari-passu charge over three (3) residential apartments - Flat no. 3B, Flat no. 4A-1 and Flat no. 5C-1 & C-2 at project 'V' New Town, North 24 Parganas, West Bengal.

(v) Personal gurantees of Mr. Hari Prasad Kanoria and Mr. Sujit Kanoria.

(vi) Corporate guarantee of M/s Pranja Vidya Bharti Pvt. Ltd.

Funded Interest Term Loan

Refer Note 17(i)(a)(iii) for nature of securities.

Current maturities of long term debt

Refer Note 17(i)(a) for nature of security and terms of repayment.

Period and amount of Default

The company has restructured the working capital facilities from consortium of banks by paying off the past liabilities, persuance to which all the members of said consortium have issued revised sanction letters enumerating therewithin the approved repayment plan.

(B) The amounts shown in (i) above represent the best possible estimates arrived at on the basis of available information. The uncertainties and timing of the cash flows are dependent on the outcome of different legal processes which have been invoked by the Company or the claimants, as the case may be and, therefore, cannot be estimated accurately. The Company does not expect any reimbursement in respect of above contingent liabilities.

(C) Corporate guarantee of Rs. 72,522.05 lakhs (previous year Rs. 72,522.05 lakhs) was given by the Company for loan granted by the lenders to its erstwhile Subsidiary, Sarga Hotel Private Limited and Rs. 25,355.63 lakhs (previous year Rs. 25,355.63 lakhs) for its erstwhile associate, Suasth Health Care Foundation. The lenders have filed an application under Section 7 of IBC for the corporate guarantee extended by the Company for the debt of Sarga Hotel Private Ltd which is being contested and pending before Hon'ble NCLT, Kolkata. Subsequent to such application the Resolution Plan in respect of Sarga Hotel Private Limited has already been approved by Hon'ble NCLT, Kolkata. Hon'ble NCLT, Kolkata has further approved Resolution Plan in respect of Suasth Health Care Foundation vide Order dated 18.12.2023.

In the opinion of the management, no provision is considered necessary for the disputes mentioned above on the ground that there are fair chances of successful outcome of the appeals.

2. On the basis of available information and memorandum received from its suppliers (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as on 31^st March, 2024 as micro, small and medium enterprises, the amount due to micro and small enterprises as per requirement of Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 is Rs. 10.51 lakhs (31^st March 2023 - Rs. 12.51 lakhs). ₍ * _in |_akhc)

4. Employee Benefits :

As per Indian Accounting Standard - 19 "Employee Benefits", the disclosures of Employee Benefits are as follows:

a) Defined Contribution Plan :

Employee benefits in the form of Provident Fund and Employee State Insurance Corporation (ESIC) are considered as defined contribution plan.

The contributions to the respective fund are made in accordance with the relevant statute and are recognised as expense when employees have rendered service entitling them to the contribution. The contributions to defined contribution plan, recognised as expense in the Statement of Profit and Loss are as under :

b) Defined Benefit Plans/Long Term Compensated Absences :Description of Plans

The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the said Act, an employee who has completed five years of service is entitled to specific benefit. The Gratuity plan provides a lumpsum payment to employees at retirement, death, incapacitation or termination of employment. The level of benefits provided depends on the member's length of service and salary at retirement age etc.

Gratuity Benefits and Leave Encashment Benefits are unfunded in nature. The liabilities arising in the Defined Benefit Schemes are determined in accordance with the advice of independent, professionally qualified actuaries, using the projected unit credit method at the year end.

The following tables summarise the components of net benefit expense recognised in the Statement of Profit and Loss and amounts recognised in the Balance Sheet for the said plan:

The sensitivity analyses above has been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring as at the balance sheet date.

All sensitivities are calculated using the same actuarial method as for the disclosed present value of the defined benefits obligation at year end.

c) Risks related to defined benefit plans:

The main risks to which the Company is exposed in relation to operating defined benefit plans are :

i) Mortality risk: The assumptions adopted by the Company make allowances for future improvements in life expectancy. However, if life expectancy improves at a faster rate than assumed, this would result in greater payments from the plans and consequently increases in the plan's liabilities. In order to minimise this risk, mortality assumptions are reviewed on a regular basis.

ii) Interest Rate Risk: The present value of Defined Benefit Plans liability is determined using the discount rate based on the market yields prevailing at the end of reporting period on Government bonds. A decrease in yields will increase the fund liabilities and vice-versa.

iii) Salary cost inflation risk: The present value of the defined benefit plan liability is calculated with reference to the future salaries of participants under the Plan. Increase in salary due to adverse inflationary pressures might lead to higher liabilities.

d) Other disclosures :

i) The following are the assumptions used to determine the benefit obligation:

a) Discount rate: The yield of government bonds are considered as the discount rate. The tenure has been considered taking into account the past long term trend of employees' average remaining service life which reflects the average estimated term of the post - employment benefit obligations.

b) Rate of escalation in salary : The estimates of rate of escalation in salary, considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

c) Rate of return on plan assets: Not applicable as plans are not funded.

d) Attrition rate : Attrition rate considered is the management's estimate based on the past long- term trend of employee turnover in the Company.

ii) The Gratuity and Provident Fund expenses have been recognised under " Contribution to Provident and Other Funds" and Leave Encashment under "Salaries and Wages" under Note No. 26.

5. Details of Loan, guarantee and Investments covered under Section 186 (4) of the Companies Act, 2013 :

1) The details of the loans given by the company are mentioned in Note 12.

2) The details of the Investments made by the company are mentioned in Note 5.

3) The details of the corporate guarantee given by the company are mentioned in Note 31(1).

The loans, investments and guarantees given/made by the company are for business purposes only.

6. Operating Segment :

The Company's business activity primarily falls within a single business segment i.e. Construction and Infrastructure development, in term of Ind AS 108 on Operating Segment. All the activities of the Company revolve around the main business. As such there are no separate reportable segments as per requirements of Accounting Standard (Ind AS- 108) on operating segment. Further, the Company operates only in India, hence additional information under geographical segments is also not applicable. The Managing Director of the Company has been identified as the Chief Operating Decision Maker (CODM). The Chief Operating Decision Maker also monitors the operating results as one single segment for the purpose of making decisions about resource allocation and performance assessment and hence, there are no additional disclosures to be provided other than those already provided in the financial statements. The Company operated only in India during the year ended 31^st March, 2024 and 31^st March, 2023. Revenue from one customer amounted to more than 10% of the total revenue amounting to Rs.Nil (31^st March 2023 - Nil).

B. Fair value hierarchy

The fair value of the financial assets and financial liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

Fair value of cash and cash equivalents, other bank balances, trade receivables, loans and other current financial assets, short term borrowings from body corporates, trade payables and other current financial liabilities is considered to be equal to the carrying amounts of these items due to their short-term nature.

Where such items are non-current in nature, the same has been classified as Level 3 and fair value determined using adjusted net asset value method. Similarly, unquoted equity instruments where most recent information to measure fair value is insufficient, or if there is a wide range of possible fair value measurements, cost has been considered as the best estimate of fair value.

There has been no change in the valuation methodology for Level 3 inputs during the year. The Company has not classified any material financial instruments under Level 3 of the fair value hierarchy. There were no transfers between Level 1 and Level 2.

The following tables provide the fair value hierarchy of the Company's assets and liabilities measured at fair value on a recurring basis:

11. Financial risk management objectives and policies :

The Company's activities expose it to market risk, liquidity risk and credit risk. The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.

(a) Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under financial instrument or a customer contract leading to a financial loss. The Company is exposed to credit risk from its operating activities primarily trade receivables and security deposit and from its financing activities including deposits placed with banks. Credit risk from balances with bank and other financial instrument is managed in accordance with company's policies. Surplus funds are parked only in approved invesment categories with well defined limits. Investment category is periodically reviewed by the Board of Directors of the Company.

Credit risk arising from balances with banks and other cash equivalents is limited and no collaterals are held against these because the counterparties are banks and recognised financial institutions with high credit ratings assigned by credit rating agencies.

Loans and other financial assets measured at amortized cost includes loans to related parties, security deposits and others. Credit risk related to these financial assets are managed by monitoring the recoverability of such amounts continuously, while at the same time internal control system is in place to ensure that the amounts are within defined limits.

Customer credit risk is managed as per company's established policy, procedure and control related to credit risk management. Credit quality of the customer is assessed based on his previous track record. Outstanding customer receivables are regularly monitored. An impairment analysis is performed at each balance sheet date on an individual basis for major customers. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. Assets are written off when there is no reasonable expectation of recovery. The Company continues to engage with parties whose balances are written off and attempts to enforce repayment. Recoveries made are recognized in statement of profit and loss. The maximum exposure to credit risk at the balance sheet date is the carrying value of each class of financial assets.

The Company assesses and manages credit risk of financial assets on the basis of assumptions, inputs and factors specific to the class of financial assets. The Company provides for expected credit loss on Cash and cash equivalents, other bank balances, investments, loans, trade receivables and other financial assets based on 12 months expected credit loss/life time expected credit loss/ fully provided for. Life time expected credit loss is provided for trade receivables.

Expected credit loss for trade receivables under simplified approach

In respect of trade receivables, the Company considers provision for lifetime expected credit loss. Given the nature of business operations, the Company's trade receivables has low credit risk. Further, historical trends indicate any shortfall between such deposits held by the Company and amounts due from customers have been negligible. Hence, no loss allowances using life time expected credit loss model is required other than as disclosed in Note 6.

(b) Liquidity risk

Liquidity risk is defined as the risk that the company will not be able to settle or meet its obligation on time or at reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability under committed facilities. Management monitors rolling forecasts of the Company's liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates.

(c) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of change in market prices. Market rate risk comprises of currency risk, interest rate risk and other price risk such as equity price risk and commodity risk.

Foreign currency risk

Foreign currency risk is the risk of impact related to fair value of future cash flows if an exposure in foreign currency, which fluctuate due to change in foreign currency rate. The Company has no international transactions and is not exposed to foreign exchange risk.

Interest rate risk

Interest rate risk is the risk that an upward movement in the interest rate would adversely effect the borrowing cost of the company. The company manages its interest rate risk by regular monitoring and taking necessary actions as are necessary to maintain an appropriate balance.

i) Liabilities

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.

ii) Assets

The company's fixed deposits, interest bearing security deposits and loans are carried at fixed rate. 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.

Price risk

Price risk is the risk that the fair value of financial instrument will fluctuate due to change in market traded price. The Company has no exposure to price risk arises from investments held and classified as FVTPL.

12. Capital Management (a) Risk management

For the purpose of the Company's capital management, capital includes issued equity capital and all other equity reserves attributable to the equity shareholders of the Company. The Company's objective when managing capital is to safeguard its ability to continue as a going concern so that it can continue to provide returns to shareholders and other stake holders and maintain an optimal capital structure to reduce the cost of Capital.

The Company manages its capital structure and makes adjustments in light of changes in the financial condition and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders (buy back its shares) or issue new shares.

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 interest-bearing loans and borrowings that define capital structure requirements. The Company has complied with these covenants.

14. Additional Regulatory Information:

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

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

(c) 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.

(d) 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.

(e) 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.

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

(g) The Company has been maintaining its books of accounts in the Farvision which has feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled, throughout the year as required by proviso to sub rule (1) of rule 3 of The Companies (Accounts) Rules, 2014 known as the Companies (Accounts) Amendment Rules, 2021. However, the audit trail feature is not enabled for direct changes to data in the underlying database and in the application when using certain privileged access rights. The Company as per its policy has not granted privilege access for change to data in the underlying database as evident from the manual log being maintained in this regard and further privilege access rights to application are restricted only to specific authorised users for which audit trail exists except in certain debugging cases.

(h) Disclosure of quarterly statements submitted to banks for borrowings against security of current assets:

The company has borrowings against security of current assets (Refer Note 17). The company has restructured the working capital facilities from consortium of banks by paying off the past liabilities, persuance to which all the members of said consortium have issued revised sanction letters enumerating therewithin the approved repayment plan. As the repayment plan has been approved by bank, there is no requirement of submission of Quarterly statement of current assets to the Banks for the current financial year ended 31^st March, 2024.

(i) Details of transactions with companies struck off u/s 248 of the Companies Act, 2013:

There were no transactions made with any struck off company during the current financial year ended 31^st March 2024 (31^st March, 2023: Nil)

(j) Registration of charges or satisfaction with Registrar of Companies (ROC):

There is no creation of charge or satisfaction pending to be registered with ROC beyond 31^st March, 2024:

Notes:

* Reason for variances have been given only for the variances ( /-) 25%

# There is no Return on Investment made in subsidiaries, associate and joint venture.

(n) Disclosure required under Additional regulatory information as prescribed under paragraph WB to general instructions for preparation of Balance Sheet under Schedule III to the Companies Act, 2013 are not applicable to the Company except as disclosed in Para 14(a) to (m) above.

15. In an arbitration dispute between Rishima SA Investments LLC, Mauritius ("Claimant") and the Company, the Arbitration Tribunal (constituted by ICC, Singapore) issued a Partial Award ("Partial Award") dated 30^th April, 2019 and Final Award ("Final Award") dated 12^th July, 2020 in favour of the Claimant for payment of an amount of Rs. 76,100 Lakhs together with interest calculated till 30^th April, 2019 amounting to Rs. 1,390 Lakhs. The Award further states that in case the aforesaid amount is declared unenforceable in whole or in part by any Court or Tribunal the Company shall make payment of Rs. 16,020 Lakhs to the Claimant together with interest calculated till 30^th April, 2019 amounting to Rs. 2,621 Lakhs in lieu of shares so held in Sarga Hotel Pvt. Ltd., an earstwhile subsidiary of the Company. The Arbitration Tribunal has further awarded aggregate costs, damages, etc. of Rs. 1,808 Lakhs in favour of the Claimant.

The Claimant has in the meantime already approached Hon'ble High Court of Delhi for enforcement of the Partial Award which is pending. The Company has filed objection to the enforcement of the awards. Based on a legal opinion, no provision has been considered necessary in the accounts.

16. In the matter of Sarga Hotel Private Limited, an earstwhile material subsidiary of the company, Corporate Insolvency Resolution Process ('CIRP') was initiated w.e.f. 11^th February 2022 on a petition u/s 7 of the Insolvency and Bankruptcy Code, 2016 ('Code') by Yes Bank Limited, one of the financial creditors of the Company before Hon'ble NCLT, Kolkata. Mr. Avishek Gupta (IP Registration No. IBBI/IPA-003/IP -N000135/2017-2018/11499) was appointed as Resolution Professional ("RP") to manage the affairs of the Company in accordance with the provisions of the Code. Subsequently, the order from Hon'ble NCLT Kolkata bench was pronounced, wherein the resolution plan was approved and the company's petition stood disposed off.

Further, against the above order, an appeal was filed with Hon'ble NCLAT, New Delhi which on 4^th of January 2024 passed an order upholding the aforesaid Hon'ble NCLT-Kolkata order and disposed off the appeal.

To the above Hon'ble NCLAT-New Delhi order, the company has filed Civil Appeals in the Hon'ble Supreme Court of India, which is presently in admission stage.

17. In the matter of Sarga Udaipur Hotels & Resorts Private Limited, a subsidiary of the company, CIRP is initiated w.e.f. 29^th April 2022 on the application under Section 10 of the Insolvency and Bankruptcy Code, 2016 and Mr. Rajesh Lihala (IP Registration No. IBBI/IPA-001/IP-P00525/2017-18/10950) was appointed as Resolution Professional ("RP") to manage affairs of the Company in accordance with the provisions of the Code.

Subsequently, on 14^th of March 2024 Mr. Vikram Kumar bearing IP Registration No.IBBI/IPA-001/IP-P00082/2017-2018/10178 was appointed as RP.

In veiw of above interest income on loan given to Shristi Urban Infrastructure Development Limited, a subsidiary of the Company which is holding company of Sarga Udaipur Hotels and Resorts Private Limited has not been recognised with effect from 1^st of July 2023 as a matter of prudence.

18. The company has defaulted in payment of interest on term loan from Srei Equipment Finance Limited amounting to Rs. 4707.94 Lakhs till 31^st March 2024. Further, Interest amounting to Rs. 2579.28 Lakhs for the year ended 31^st March 2024 have not been provided on above term loan considering the matter mentioned in point no. 21 below.

19. Certain balances of Trade Receivables, Trade payables etc. are subject to confirmation/reconciliation.

20. Corporate guarantee of Rs. 72,522.05 lakhs was given by the Company for loan granted by the lenders to its earstwhile Subsidiary, Sarga Hotel Private Limited and Rs. 25,355.63 lakhs for its erstwhile associate, Suasth Health Care Foundation. The lenders have filed an application under Section 7 of IBC for the corporate guarantee extended by the Company for the debt of Sarga Hotel Private Ltd which is being contested and pending before Hon'ble NCLT, Kolkata. Subsequent to such application the Resolution Plan in respect of Sarga Hotel Private Limited has already been approved by Hon'ble NCLT, Kolkata. Hon'ble NCLT, Kolkata has further approved Resolution Plan in respect of Suasth Health Care Foundation vide Order dated 18.12.2023.

21. An application is filed by Srei Equipment Finance Limited ('the Lender") through its Administrator Mr. Rajneesh Sharma against the Company and others before the Hon'ble National Company Law Tribunal("NCLT"), Kolkata Bench under Section 60(5) and Section 66 of the Insolvency & Bankruptcy Code, 2016 ("Code") vide LA. NO. OF 2022 IN C.P. IB/294/KB/ 2021 intimation of which is given in terms of Regulations 30 & 51 of SEBI (Listing and Disclosure Requirements) Regulations 2015 ("SEBI Regulations") (as amended) vide our letter no. SIDCI/Sect/2022-23/041 dated August 2,2022 which is pending and being contested.

22. Asset cover in respect of non-convertible debenture (NCD) is more than hundred and fifty percent of principal outstanding. It is secured by way of First Pari Passu charge on Land at Guawahati ( Assam ) in favor of Debenture Trustee.

23. Pursuant to One Time Settlement with DBS Bank India Limited, the company has fully paid an amount of Rs. 4153.64 lakhs till 15^th February 2024.

24. The company has incurred losses during consecutive last three years and net worth as on 31^st March, 2024 has been fully eroded. The same happened due to impact of COVID in last few years on operations of the Company. The Company has restructured its debt and the effect of the same will be reflected in future. The management is confident of generating operational profits from current financial year onwards, in view of the robust economic activities and traction in real estate segment and hence the financial statements of the company has been prepared on the Going-Concern Basis.

25. Exceptional Item as appearing in the statement of profit and loss for the year ended 31^st March 2024 represents an income amounting to Rs. 3710.13 lakhs towards One Time Settlement with DBS Bank India Limited.

26. Other income includes Rs.764.69 lakhs on account of liability no longer required written back during the year ended 31^st March, 2024.

27. The previous year's figures have been regrouped, rearranged and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.