Nature of Security

Secured by a hypothecation of all current assets, loans and advances, including standard gold loan receivables, and other unencumbered assets of the Company excluding fixed assets, both present and future and with a minimum security cover of 110% of outstanding balance of Debentures and accrued interest thereon. The Company has executed a separate deed of hypothecation in favour of Trustees for creation of this security.

Debentures are offered for a period of 13 months to 68 months.

20.2 Rights, preferences and restrictions in respect of each class of shares

The Company's authorised capital consists of classes of shares, referred to as Equity Shares and H 1/- each . Each holder of equity shares is entitled to one vote per share.

The Company declares and pays dividend in Indian rupees. The dividend, if any, proposed by the Board of Directors is subject to the 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 any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(i) Statutory Reserve:

Transfer of 20% of the profit after tax before re-measurement adjustments on transition to Ind AS, if any, to the statutory reserves in accordance with the provision of Section 45-IC of the RBI Act, 1934. Since there is a loss during the year, no amount is transferred to statutory reserve.

The conditions and restrictions for distribution attached to Special Reserve is as follows:

No appropriation of any sum from the reserve fund shall be made by the Company except for the purpose as may be specified by the RBI from time to time and every such appropriation shall be reported to the RBI within twenty-one days from the date of such withdrawal. RBI may, in any particular case and for sufficient cause being shown, extend the period of twenty one days by such further period as it thinks fit or condone any delay in making such report.

(ii) Capital Reserve:

This reserve represents capital investment subsidy received and amount forefeited towards warrant subscription.

(iii) Impairment Reserve:

Where impairment allowance under Ind As 109 is lower than the provisioning required under IRACP (including standard asset provisioning), the differential amount is transferred to impairment reserve. The balance in the impairment reserve shall not be reckoned for regulatory capital.

(iv) General Reserve:

This reserve include amount transferred from net profit as per provisions of erstwhile Companies Act, 1956 and Reserves created on Amalgamation.

(v) Retained Earnings:

This reserve represents the cumulative profits of the Company. This can be utilised in accordance with the provisions of the Companies Act, 2013.

(vi) Other comprehensive income:

Other items of other comprehensive income consist of remeasurement of net defined benefit liability/asset.

*The Income Tax department raised demand of H46,800/- on account of TDS default for the financial year 2022-23. This happens due to clerical error in quarterly TDS return and the company proposes to revise the return to abolish errors. Since the company does'nt expect any liability after revising the return, no provision has been made in the books of accounts of the company.

# Balance amount payable to Albert Pattiala as per the Agreement for purchase of land executed on 18th November 2022.

The Company has received intimation order u/s 143(1) of Income Tax Act, 1961 for the A.Y. 2008-2009 whereby demand to tune of Rs.14,24,730 had been raised. The department has adjusted the refund amount related to several years with demand and case is till date is pending with the department. At present the outstanding demand is Rs. Nil (Previous year: Rs.8,39,146/-). The Company has filed an appeal with The Income Tax Appellate Tribunal, Kolkata Benches, Kolkata for the refund of adjusted amount. Company is expecting a favourable order in this regard.

32 Income Tax

The Company has received intimation order u/s 143(1) of Income Tax Act, 1961 for the A.Y. 2008-2009 whereby demand to tune of Rs.14,24,730 had been raised. The department has adjusted the refund amount related to several years with demand and case is till date is pending with the department. At present the outstanding demand is Rs. Nil (Previous year: Rs.8,39,146/-). The Company has filed an appeal with The Income Tax Appellate Tribunal, Kolkata Benches, Kolkata for the refund of adjusted amount. Company is expecting a favourable order in this regard.

33 Retirement Benefit Plan

Defined Contribution Plan

The Company makes Provident Fund and Employee State Insurance Scheme contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized H2,43,439/- (Previous Year: H1,63,486/-) for Employee State Insurance Scheme contributions and H9,43,525/-(Previous Year: H4,60,803/-) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the Schemes.

Defined Benefit Plan

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service.The components of income tax expense for the year ended 31 March 2024 and year ended 31 March 2023 are:

37 Additional Disclosures

b) Additional Regulatory Information

Loans or advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as defined under the Companies Act, 2013), either severally or jointly with any other person that are a) Repayable on demand or b) Without specifying any terms or period of repayment

38 Segment information

As the Company has no activities other than those of an investment company, the segment reporting under Indian Accounting Standard Ind AS 108 - 'Operating Segments' is not applicable. The Company does not have any reportable geographical segment.

39 Capital Management

The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.

The Company has adequate cash and cash equivalents. The company monitors its capital by a careful scrutiny of the cash and cash equivalents, and a regular assessment of any debt requirements.

40 Events after Reporting date

There have been no events after the reporting date that require disclosure in these financial statements.

41 Utilisation of Proceeds

During the period, the Company has raised H 13,45,05,000/- (Previous Year: H2,15,00,000/-) by way of secured non-convertible debenture and same has been utilised to meet the working capital requirements of the Company.

42 Disclosure on the following matters required under schedule III as amended not being applicable in case of the company, same are not covered such as :

a) No proceedings have been initiated or pending against the company under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder;

b) The company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

c) No registeration or satisfaction of charges are pending to be filed with ROC.

d) The company has not entered into any scheme of arragement.

e) There are no transactions which have not been recorded in the books.

f) The company has not traded or invested in crypto currency or virtual currency during the financial year.

g) The company does not have any transaction with companies struck off under section 248 or the Companies Act 2013.

h) Utilisation of Borrowed funds or share premium :

No funds have been advanced or loaned or invested (either borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall 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 provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

No funds have been received by the company 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, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

43 Fraud

During the period the company has reported a fraud case, where gold loan related misappropriations have occurred for amounts aggregating Rs. 14,00,000 and the company has created provision for the same in the books of accounts.

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