s) Provision and Contingent Liability

i. A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

Contingent liabilities, if material, are disclosed by way of notes and contingent assets, if any, is disclosed in the notes to financial statements.

ii. A provision is recognized, when Company has a present obligation (legal or constructive) as a result of past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, in respect of which a reliable estimate can be made for the amount of obligation. The expense relating to the provision is presented in the profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pretax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

iii. A contingent asset isnot recognized but disclosed in the financial statements when an inflow of economic benefits is probable.

(B) Other Accounting policies

t) Earnings Per Share

Basic earnings per share is computed using the net

profit for the year attributable to the shareholders' and

weighted average number of shares outstanding during

Note 19.2 - The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital

(i) Equity Share Capital

The Company has issued only one class of equity shares having a par value of Rs. 10/- per share which rank pari-passu in all respects including voting rights and entitlement to dividend.

In the event of liquidation, each share carry equal rights and will be entitled to receive equal amount per share out of the remaining amount available with the Company after making preferential payments.

(ii) Preference Share Capital

The Authorised Share Capital provides for Preference Shares at a par value of Rs. 10/- , Rs. 100/-, Rs. 1,000/-, Rs. 1,00,000/- and Rs. 10,00,000/-.

(A) 100 nos. (previous year 125 nos.) 9.5% Cumulative Redeemable Preference Shares Face Value Rs. 10,00,000/- each

(i) These CRPS shall carry dividend @ 9.5% per annum (cumulative).The CRPS shall be non-participating in surplus and in surplus assets and profit, on winding up which may remain after the entire capital has been repaid. The CRPS shall carry a preferencial vis-a-vis equity shares with respect to payment of dividend or repayment of capital. The CRPS shall have a voting right as per the provision of section 47(2) of the Companies Act, 2013. The CRPS shall be redeemed by the Company at par in nine equal annual instalments of Rs. 250 Lakhs started from 26th March, 2020 and last instalment of redemption will be on or before 26th March, 2028, (ii) On account of the carried forward losses no dividend on these CRPS have been provided for in financial statements.

(B) 1,202 nos. 9.5% Cumulative Redeemable Preference Shares Face Value Rs. 1,00,000/- each

(i) These CRPS shall carry dividend @ 9.5% per annum (cumulative). The CRPS shall be non-participating in surplus and in surplus assets and profit, on winding up which may remain after the entire capital has been repaid. The CRPS shall carry a preferencial vis-a-vis equity shares with respect to payment of dividend or repayment of capital. The CRPS shall have a voting right as per the provision of section 47(2) of the Companies Act, 2013. The CRPS shall be redeemed as per the provision of the Bilateral Agreement dated 18th April, 2019 (between Company and Canara Bank ) subject to the provisions of the Companies act, 2013 and any other applicable law for the time being in force,(ii) Scheduled date of redemption (subject to bilateral agreement) :16th December, 2048, (iii) On account of the carried forward losses no dividend on these CRPS have been provided for in financial statements.

(C) 63 and 38,049 nos. 0.01% Cumulative Compulsory Convertible Preference Shares(CCPS) Face Value Rs. 1,00,000/- and 10,00,000/- each respectively

(i) These CCPS carry cumulative dividend @ 0.01% per annum. The CCPS shall be non-participating in surplus and in surplus assets and profit, on winding up which may remain after the entire capital has been repaid. The CCPS shall carry a preferencial vis-a-vis equity shares with respect to payment of dividend or repayment of capital. The CCPS shall have a voting right as per the provision of section 47(2) of the Companies Act, 2013.

(ii) The CCPS shall be Converted into such number of Equity Shares as may be determined at the time of conversion as per prevalling provision of Companies Act/ SEBI/RBI Rules and Regulations and Such equity shares so converted shall be listed on the stock exchanges where existing equity shares are listed and shall rank pari passu.

(iii) The CCPS shall have a maturity period of 29 years from the date of allotment and have right to be converted, at the option of CCPS holders after 20 years or earliers, as per the provision of the Companies act, 2013/SEBI Guidelines as prevalling at that time in to equity shares of the Company.

(iv) On account of the carried forward losses no dividend on these have been provided for in financial statements

21.1 400 MW Jaypee Vishnuprayag HEP :

21.1(a) Rupee Term Loans (after conversion of Debt into Equity under SDR scheme in earlier years) aggregating to Rs.48,398 Lakhs (Previous Year-Rs. 55,332 Lakhs) outstanding out of sanctioned amount of Rs. 2,15,000 Lakhs, from Banks, together with all interest, guarantee commission, cost, expenses and other charges are secured ranking pari passu among all the participating Banks viz. State Bank of India [Including loan assigned by Bank of India and Andhra Bank (merged with Union Bank) during the earlier year], Oriental Bank of Commerce (merged with Punjab National Bank), Allahabad Bank (merged with Indian Bank), Dena Bank (merged with Bank of Baroda) and IDBI Bank Ltd. by way of :

(i) First charge on 400 MW Vishnuprayag HEP’s present and future book debts, operating cash hows, receivables, commissions, revenue of whatsoever nature ; and

(ii) First charge on 400 MW Vishnuprayag HEP’s all the bank accounts including the Trust & Retention Account, Escrow Account of Uttar

Pradesh Power Corporation Limited and Debt Service Reserve Account and each of the other accounts required to be created by the Company under any 400 MW Vishnuprayag HEP financing document or any contract.

The loans are inter-alia also secured by way of:

(iii) First charge on 400 MW Vishnuprayag HEP’s all intangible assets, hypothecation of all the movable assets, assignment of Project Agreements and Escrow Agreement, all present and future rights, titles, interests, benefits, claims and demands whatsoever with respect to the Insurance Policies, claims and benefits to all monies receivable there under and all other claims there under in respect of all the insured assets of the Plant;

(iv) First ranking equitable mortgage on all rights, titles, interests and benefits in respect of immovable properties and assets of the 400 MW Vishnuprayag HEP ;

(v) Pledge of 6,291 Lakhs (Previous Year - 6,291 Lakhs) equity shares of the

Company held by Jaiprakash Associates Ltd. (JAL) the party to whom the company is associate, on pari-passu basis with lenders of Nigrie Super Thermal Power Plant (except for term loan of Rs. 50,000 Lakhs (Previous Year - Rs.50,000 Lakhs) disbursed by State Bank of India); and

Repayments :

21.1(b) Rupee term loan outstanding Rs.48,398 Lakhs (Previous year

Rs. 55,332 Lakhs) are repayable in 31 structured quarterly installments, as detailed as % age of principal outstanding as on 31st March, 2024 ;

10.87 % in FY 2024-25, 13.32 % in FY 2025-26, 13.38 % in FY 202627,14.80 % in FY 2027-28,13.97 % in FY 2028-29 and balance 33.66 % from FY 2030 to 2032 .

21.2 500 MW Jaypee Bina Thermal Power Plant:

21.2(a) Rupee Term Loans outstanding (after conversion of Debt into Equity under SDR scheme in earlier years) of Rs.95,965 Lakhs (Previous Year Rs.1,09,169 Lakhs) outstanding out of sanctioned amount of Rs.

2,25,800 Lakhs (original Rs.1,92,800 Lakhs and additional Rs.33,000 Lakhs) from consortium of Banks, together with all interest, guarantee

commission, cost, expenses and other charges are secured ranking pari-passu among all the participating Banks viz. Punjab National Bank,

Union Bank of India, Allahabad Bank (merged with Indian Bank), Canara Bank, Central Bank of India, State Bank of India, IDBI Bank Ltd., ICICI

Bank Ltd. and The Jammu and Kashmir Bank Ltd., are secured by ;

(i) First ranking pari-passu mortgage and hypothecation of all immovable and movables assets both present and future, all intangible assets, and all revenues and receivables pertaining to Jaypee Bina Thermal Power Plant and

(ii) First ranking pari-passu charge on, assignment of Project Agreements, Trust & Retention account. Debt & Service Reserve Account and Escrow Agreement, all present and future rights, titles, interests, benefits, claims and demands whatsoever with respect to the Insurance Contracts/ loss proceeds, claims and benefits to all monies receivable there underand all other claims there under in respect of all the insured assets of the Plant ;

(iii) Pledge of 648 Lakhs equity shares (Previous Year 648 Lakhs equity shares) of the Company held by JAL, the party to whom the company is associate, on pari passu basis among the lenders of JBTPP.

Repayments :

21.2(b) Rupee term loan outstanding Rs.95,965 Lakhs (Previous year Rs.1,09,169 Lakhs) are repayable in 36 structured quarterly installments, as detailed as % age of principal outstanding as on 31st March, 2024 ; 6.65 % in FY 2024-25, 10.99 % in FY 2025-26, 11.05% in FY 2026-27, 12.22 % in FY 2027-28,11.54 % in FY 2028-29 and balance 47.55% from FY 2030 to 2034.

21.2(c) The aforesaid security ranks pari-passu with working capital lenders (i.e. IDBI Bank Limited, State Bank of India and Jammu & Kashmir Bank Ltd.) having outstanding balance (fund based) of Rs. 14,383 Lakhs (Previous Year - Rs. 14,116 Lakhs). Bank Guarantees/ LCs outstanding of Rs.1,964 Lakhs (Previous Year - Rs.1,663 Lakhs) (margin money of Rs. 903 Lakhs against Bank Guarantees/ LCs outstanding) (previous year Rs.627 Lakhs)

21.3 1320 MW Jaypee Nigrie Super Thermal Power Plant:

21.3(a) Rupee Term Loans (after conversion of part of Debt into Equity under SDR scheme and conversion of part of Debt into CCPS & CRPS under restructuring as per Framework Agreement in earlier years) outstanding of Rs.1,65,168 Lakhs (Previous Year 1,88,336 Lakhs) out of sanctioned amount of Rs. 7,31,500 Lakhs and out of short term financial assistance sanctioned amount of Rs, 4,600 Lakhs from consortium Banks and of Financial Institutions, together with all interest, guarantee commission, cost, expenses and other charges are secured ranking pari-passu among all the participating Banks and financial Institutions viz. Punjab National Bank (PNB), Canara Bank, Central Bank of India, Oriental Bank of Commerce (merged with PNB), Bank of Baroda, Bank of Maharashtra, Indian Overseas Bank, Syndicate Bank (merged with Canara Bank) , UCO Bank, United Bank of India (merged with PNB), State Bank of India, Corporation Bank (merged with Union Bank of India) , IDBI Bank Ltd., ICICI Bank Ltd., Edelweiss Assets Reconstruction Company Limited and LIC of India, are secured by way of :

(i) First ranking pari-passu mortgage and hypothecation of all immovable and movables assets both present and future, all intangible assets, and all revenues and receivables pertaining to the Jaypee Nigrie Super Thermal Power Plant ;

(ii) First ranking pari-passu charge on, assignment of Project Agreements, Trust & Retention account., all present and future rights, titles, interests, benefits, claims and demands whatsoever with respect to the Insurance Contracts, claims and benefits to all monies receivable there under and all other claims there under in respect of all the insured assets of the Plant ;

(iii) Pledge of 6,291 Lakhs equity shares (Previous Year - 6,291 Lakhs equity shares) of the Company held by JAL, the party to whom the company is associate, on pari-passu basis with lenders of Jaypee Vishnuprayag HEP and

(iv) Letter of Comfort from Jaiprakash Associates Limited, the party to whom the company is associate, for the additional loan of Rs.1,64,500 Lakhs (Previous Year- Rs.1,64,500 Lakhs) Outstanding Rs. 98,705 Lakhs (Previous Year Outstanding Rs.98,705 Lakhs) {pre-restructuring balance merged with loan mentioned above in note no. 21.3(a)} in addition to above securities.

(v) There is a vacant land parcel admeasuring 64.741 Ha. which was acquired for the purpose of submergence as and when barrage level went up at Nigrie TPP on which security was to be created in favour of Lenders. However the same could not be created, as NOC from Govt. of Madhya Pradesh (GoMP) is yet to be received. In order to give requisite comfort to the lenders, a valuation exercise was conducted and as per valuation report, the fair market value of the said land is Rs. 453 Lakhs . Accordingly in lieu of Creation of Security in favour of the lenders, JPVL has provided cash collateral of INR 453 Lakhs(previous year Rs. 453 Lakhs) in the form of FD and ICICI Bank has kept lien mark over the said FD. Further JPVL has also executed undertaking for negative lien on said parcel of land and given undertaking that the same will not be disposed-off without approval of the lenders.

Repayments :

21.3(b) Rupee term loan outstanding Rs. 1,65,168 Lakhs (Previous year Rs. 1,88,336 Lakhs) are repayable in 42 structured quarterly installments , as detailed as % age of principal outstanding as on 31st March, 2024 ;

1.49 % in FY 2024-25, 8.62 % in FY 2025-26, 8.62% in FY 2026-27, 9.77% in FY 2027-28, 9.77 % in FY 2028-29 and balance 61.73% from FY 2030 to 2035.

21.3(c) The working Capital facilities sanctioned by ICICI Bank Ltd, Punjab

National bank and IDBI Bank Ltd. are secured by pari-passu charge on the assets as per note no. 21.3 (a)(i)(ii) and note no. 21.5(a)(i) and outstanding balance (fund based) of Rs 26,810 Lakhs (Previous Year-Rs.27,447 Lakhs). Bank Guarantees outstanding of Rs. 6,246 Lakhs (margin money paid against above Bank Guarantees/Lcs is of Rs.1,120 Lakhs) (Previous Year-Rs.7,008 Lakhs (margin money paid against above Bank Guarantees is of Rs1,439 Lakhs).

21.4 Jaypee Nigrie Cement Grinding Unit:

21.4(a) Rupee Term Loan outstanding of Rs. 3,405 Lakhs (Previous Year Rs. 3,885 Lakhs) out of sanctioned/disbursed amount of Rs. 5,000 Lakhs by Canara Bank are secured by way of; first ranking pari-passu mortgage and hypothecation of all immovable and movables assets both present and future, all intangible assets, and all revenues, receivables and assignment of clinker supply and cement off take agreement pertaining to the Jaypee Nigrie Cement Grinding Unit.

Repayments :

21.4(b) Rupee term loan outstanding Rs. 3,405 Lakhs (Previous year Rs. 3,885 Lakhs ) are repayable in in 42 structured quarterly installments, as detailed as % age of principal outtanding as on 31st March, 2024 ;

2.72 % in FY 2024-25, 8.33% in FY 2025-26, 8.33% in FY 2026-27, 9.44% in FY 2027-28, 9.44% in FY 2028-29 and balance 61.74% from FY 2030 to 2035.

21.5 Amelia (North) coal mine:

21.5(a) Financial assistance (after conversion of part of Debt into Equity under SDR scheme and conversion of part of Debt into CCPS under restructuring as per Framework Agreement in earlier years) of Rs.3,437 Lakhs (Previous Year - Rs. 3,830 Lakhs) availed from consortium of Banks viz Bank of Baroda, ICICI Bank Limited, Oriental Bank of Commerce (merged with PNB) and State Bank of India, out of sanctioned amount of Rs.15,700 Lakhs are secured by way of :

(i) First charge on the assets of Amelia (North) Coal Mine ranking pari passu with the term and working capital Lenders of Jaypee Nigrie Super Thermal Power Plant as per Note 21.3 (c) above (except assets which were specifically financed under equipment finance facility by SREI Equipment Finance Company Ltd., which shall be excluded from security package for lenders) on reciprocal basis.

Repayments :

21.5(b) Rupee term loan outstanding Rs. 3,437 Lakhs (Previous year Rs. 3,830 Lakhs ) are repayable in in 42 structured quarterly installments, as detailed as % age of principal outstanding as on 31st March, 2024 ;

4.75 % in FY 2024-25, 8.34 % in FY 2025-26, 8.34 % in FY 2026-27, 9.45 % in FY 2027-28, 9.45 % in FY 2028-29 and balance 59.67 % from FY 2030 to 2035.

21.6 (a) Rupee Term Loan/Corporate Loan:

(i) Rupee Term Loan of Rs. 2,659 Lakhs ( Previous Year - Rs. 2,843 Lakhs) (after conversion of Debt into Equity under SDR scheme in earlier year) outstanding out of sanctioned amount of Rs. 1,00,000 Lakhs by State Bank of India, is secured by way of residual charge on all movable and immovable assets of the Company on pari-passu basis with, Corporate Loan of Rs.1,20,000 Lakhs & Rs. 15,000 Lakhs by ICICI bank & IDBI Bank respectively and also secured by way of pledge of 1,500 Lakhs equity shares of the Company held by JPVL Trust (Previous Year-1,500 Lakhs equity shares) .

(ii) Rupee Term Loan of Rs. 54,383 Lakhs ( Previous Year - 60,113 Lakhs) (after conversion of Debt into Equity under SDR scheme in earlier years) outstanding out of sanctioned amount of Rs. 1,20,000 Lakhs by ICICI Bank, is secured by way of residual charge on all movable and immovable assets of the Company on pari-passu basis with Corporate Loan of Rs.1,00,000 Lakhs by State Bank of india, Corporate Loan of Rs.15,000 Lakhs by IDBI Bank and also secured by way of pledge of

3.860 Lakhs equity shares of the Company held by JAL (Previous Year-

3.860 Lakhs equity shares) and pledge of 192.11 Lakhs equity shares of the Company held by JPVL Trust (Previous Year-192.11 Lakhs) and Non Disposal Undertaking for 1,021.89 Lakhs equity shares of the Company held by JAL (Previous Year-1021.89 Lakhs)

(iii) Rupee Term Loan of Rs. 7,476 Lakhs ( Previous year - Rs.8,240 Lakhs) outstanding out of sanctioned amount of Rs. 15,000 Lakhs by IDBI Bank,

is secured by residual charge on all movable and immovable assets of the Company on pari-passu basis with Corporate Loan of Rs.1,00,000 Lakhs by State Bank of india, Corporate Loan of Rs.1,20,000 Lakhs by ICICI bank and also secured by way of pledge of 315 Lakhs equity shares (Previous Year 315 Lakhs) of the Company held by JPVL Trust , pleadge of 1,206 Lakhs shares( Previous Year 1206 Lakhs shares) of the company held by JAL, the party to whom the company is associate and personal guarantee of Shri Manoj Gaur, Chairman of the Company.

Repayments :

(iv) Corporate loan - Rupee Term Loan outstanding of Rs.64,518 Lakhs (Previous year Rs. 71,196 Lakhs) is repayable in 44 structured quarterly installments, as detailed as % age of principal outstanding as on 31st March, 2024 ;

5.03 % in FY 2024-25, 7.89 % in FY 2025-26, 7.89 % in FY 2026-27, 8.70% in FY 2027-28, 8.70% in FY 2028-29 and balance 61.79 % from FY 2030 to 2035.

21.6(b) The outstanding loans balances are excluding Ind AS adjustment of Rs.1,223 Lakhs (previous year Rs. 1,421 Lakhs).

21.7 All above term loans/debts and working capital facilities mentioned in note no. 21.1,21.2, 21.3, 21.4,21.5 & 21.6 are also additionaly secured by personal guarantee of Shri Manoj Gaur, Chairman of the Company.

21.8 Resolution/ Revival plan

(i) The financial performance and cash hows of the Company have been adversely impacted by the overall stress in the power sector and also due to specific challenges faced by the Company in the previous year(s) in its Thermal Power Plants, viz. Nigrie Super Thermal Power Plant (Nigrie STPP) and Bina Thermal Power Plant (Bina TPP), prominent of which are de-allocation of coal mines by the Hon’ble Supreme Court of India in September 2014, delay in new PPAs in Nigrie STPP abnormally low merchant tariffs and insufficient availability of coal, lower PLF in Bina TPP due to dispatch schedule of very low off take by State loan Dispatch Centre (SLDC), which is technically not feasible to run the plant optimally and forcing Company to sell balance power on power exchanges at market driven tariff resulting unremunerative prices and insufficient availability of coal etc. These factors have put significant strain on the Company’s ability to service the dues of lenders.

(ii) Lenders had invoked SDR during financial year 2016-17 as per RBI guidelines for stressed assets. Consequent to that the Company had allotted 30,580 lakhs equity shares at Rs.3,05,800 lakhs on 18.02.2017 to Banks and Financial Institutions upon conversion of part of their outstanding loans/ interest. The lenders shareholding stood at 51% as on 18.02.2017, which stands reduced to 18.30 % as on 31.03.2024 of paid up capital of the Company. The lenders who are holding equity share capital of the Company, had to offload the shareholding as per RBI guidelines. The lenders had invited bids for divestment of part of their equity in the Company in earlier year. Since the response was not satisfactory, lenders closed the process.

(iii) The Company had signed a ‘Framework Agreement’ (the Agreement) dated 18th April 2019 with the Banks and Financial Institutions for restructuring of the outstanding Loans (in respect of its units JNSTPR JBTPP VHEP JNCGU including Corporate Loans) & interest accrued thereon as of 31st July 2018 with the revised terms & conditions.

In terms of ‘the Agreement’ and as agreed upon, the Company had allotted (i) Fully paid 0.01% Cumulative Compulsory Convertible Preference Shares (CCPS) for an aggregate amount of Rs.3,80,553 lakhs on 23.12.2019 and (ii) Fully paid up 9.50% Cumulative Redeemable Preference Shares (CRPS) for aggregate amount of Rs.3,452 lakhs (CRPS of Rs.1,202 lakhs and Rs.2,250 lakhs allotted on 16.12.2019 and 23.12.2019 respectively), to its lenders on private placement basis. In view of the above ‘Framework Agreement’ and post filing of withdrawal pursis by ICICI bank before the Ahmedabad Branch of National Company Law Tribunal (the NCLT), the NCLT had allowed ICICI bank to withdraw its Insolvency and bankruptcy petition (earlier hied u/s 7) vide Order dated 10th January 2020. On the signing of ‘the Agreement’, Corporation Bank, which had initiated recovery proceedings against the Company in Debts Recovery Tribunal-Ill (DRT), New Delhi, had hied an application for the withdrawal of original application, which had been allowed by DRTIII, New Delhi in the hearing held on 03 rd February, 2020. In view of implementation of Debt Resolution Plan as stated above, some of the lenders who had earlier initiated action under the SARFAESI Act, were withdrawn all such legal proceedings against the Company during earlier years.

(iv) (a) Repayment schedules and interest rates of secured lenders

mentioned herein the note no. 21 is in accordance with Framework Agreement dated 18th April 2019 (the agreement)

(b) As per the terms of the agreement, if in the opinion of the Lenders, the profitability and cash hows of the Company improves, the Lenders shall have the right to receive recompense for the sacrifices made by them in accordance with the IRAC Norms. Provided that the maximum amount of recompense should be limited to the sum of waivers provided by the Lenders and the present value of future economic loss on account of reduction in interest rate and/or on account of any changes to the repayment schedule.

21.9 Unsecured Loans

(i) Unsecured loan outstanding of Rs.1,000 Lakhs (interest free)(Previous Year Rs.1,000 Lakhs) is repayable to Government of Uttarakhand/ Uttar Pradesh against sanctioned amount of Rs. 2,500 Lakhs, which would be paid after having decision arrived between Government of Uttar Pradesh and Government of Uttarakhand for receipt of said payment.

21.10 Impact of the above stated Agreement’ (the Agreement as stated in note no. 21.8(iii)) had been given in earlier year to the extent information/ confirmation received from the lenders. Further, balances of certain lenders, banks and other liabilities are subject to confirmation/ reconciliations. In the opinion of the management, there will not be any material impacton confirmation/reconciliations.

21.11 Interest rates (excluding penal interest) on above loans are as follows:

(i) Vishnuprayag HEP Loans: Interest rate at 9.50% p.a.

(ii) Bina TPP Loans (including working capital facility): Interest rate at 9.50% p.a.

Note 48 Entry Tax

(i) The Company has not made provision against Entry Tax in respect of Nigrie STPP (including Nigrie Cement Grinding Unit) of amounting to Rs.10,713 Lakhs (Previous year Rs.10,871 Lakhs) and interest thereon (Interest impact unascertainable). In respect of Unit- Nigrie STPP (including Nigrie Cement Grinding Unit) receipt of approval for extension of the time for eligibility of exemption from payment of Entry Tax is pending from concerned authority, for which the company has made representations before the concerned authority and management is confident for favourable outcome. Against the above entry tax demand, till date Rs.6,656 Lakhs (Previous year Rs. 6,085 Lakhs) has been deposited (and shown as part of other non-current assets) which is in the opinion of the management good and recoverable.

(ii) In respect Bina TPP Company has received letter dated 20.03.2020 of Entry Tax Exemption from Madhya Pradesh Industrial Development Corporation Limited (Govt of Madhya Pradesh Undertaking) for the period commencing from 02.04.2012 and ending on 30.06.2017 for UNIT-1 and 12.03.2013 and ending on 30.06.2017 for UNIT-2. The Company had hied necessary application/appeals with appropriate authority for getting quashed all demands raised by commercial tax department till date and during the current year, Hon'ble High Court of Madhya Pradesh vide its Orders dated 26th April 2023 have directed the competent authority under the Revenue to reassess the demand raised by it with regard to payment of Entry Tax for the financial year 201415 and 2015-16 taking into consideration the restoration of exemption certificate . Accordingly, Company has received Orders of the competent authority(s) quashing the entry tax demands raised in earlier years of Rs. 12,206 lakhs (previous year Rs. 12.206 lakhs) for FY 2012-13 to 201617 considering entry tax exemption certificates and has allowed for refund of amount deposited of Rs. 2078 lakhs (previous year Rs. 2078 lakhs). Basis Orders of the comptent authority(s), Company has hied letter with Joint Commissioner , State GST Department, Sagar, Madhya Pradesh for giving effect of the above stated Orders which is pending and in opinion of the management good and recoverable.

Note 49 - Disputed Green Energy Cess & Water Tax (Vishnuprayag HEP) The Company has not made provision of amounting to Rs. 13,844 Lakhs (Previous year Rs.12,431Lakhs) and Rs. 5,808 Lakhs (Previous year Rs. 5,808Lakhs) of Green Energy Cess and Water Tax respectively against the demand and an appeal had been hied before The Hon’ble High Court of Uttarakhand at Nainital which had granted stay in January, 2017. Subsequently in February'2021, in case of water cess, Hon'ble High Court of Uttarakhand at Nainital passed a common Order against the Company throught a common judgement for all petitioners against which a special appeal had been hied in March,2021 before division bench headed by Hon'ble Chief Justice of Hon'ble High Court of Uttarakhand at Nainital and stay has been granted against the Order passed in February,2021 for Water cess.Currently matters are pending in the Hon’ble High Court of Uttarakhand at Nainital. However High Court vide its order dated 12.07.2022, in respect of the appellants / writ petitioner who

Note 51

Joshimath (where the residential colony of Unit -Vishnuprayag (hydroelectric plant) is situated) and nearby areas have, in Dec'22 and Jan'23 month experienced cracks in some of the residential buildings due to land subsidence. The management of the Company have carried out independent assessment with the help of an expert during previous year 2022-23. As per further evaluation at residential colony is in process and management believes that impact will not be material of above. There is no impact of the land subsidence on the power house, barrage or any other assets/component of the generating unit, in the opinion of management and an expert. Accordingly, these financial statements do not carry any adjustment during current year 2023-24 as well previous year 2022-23.

Note 52

In respect of JBTPP billings amounting to Rs 17,706 lakhs (till 31st March 2023 Rs. 17,706 lakhs including claims on account of non-scheduling of power of Rs.10,459 lakhs) raised on MPPMCL (excluding receipts of Rs.

6,249 lakhs in this period as stated below) for capacity charges for five (5) months of year 2020 has been disputed by MPPMCL as notice of invoking force majeure clause as stated in note 58 (b) below had been served and/ or non-scheduling of power by MPPMCL. In the Opinion of the Management, considering the prevailing Madhya Pradesh Electricity Grid Code (revision -ii), 2019 (MPEGC, 2019) and based on opinion of an expert (legal opinion taken by the Association of Private Electricity Generating Stations of MP), the MPPMCL is liable to make payment of capacity charges for declared availability of Contracted Capacity under PPA and for which invoices had been raised in terms of PPA signed between company and MPPMCL (also delayed payment surcharge of Rs. 3795 lakhs till Oct’2021, in addition to above stated amount). The Company had hied petitions with Madhya Pradesh Electricity Regulatory Commission (MPERC) in earlier year for the recovery of capacity charges and MPERC had allowed the petition hied by the Company for recovery of unpaid scheduled capacity charges on accont of force majeure and did not allow for recovery of unpaid capacity charges of non-scheduling of power by MPPMCL(RSD). Accordingly, the Company had hied an appeal with APTEL against the Order of MPERC for not allowing the petition hied for recovery of unpaid capacity charges of Rs.10,459 lakhs (on account of nonscheduling of power by MPPMCL/RSD) and also MPPMCL had hied an appeal with APTEL against the Order of MPERC, During the current year 2023-24, the APTEL had granted stay on the Order of MPERC on the appeal of MPPMCL in the matter of Force Majeure issue on payment by MPPMCL to the Company of 80% of amount payable (Rs. 6,249 lakhs), which has been paid by MPPMCL to the Company. Management believes that, considering stated facts, the above amount, which is overdue for payment, is good and fully recoverable by the management and no provision there against is necessary at this stage.

Note 53

(a) During the current year ended, based on Management assessment, fair valuation of long-term investment in Trust has been carried out. Accordingly, fair valuation gain of amounting to Rs. 33,376 lakhs (previous year Loss of Rs. 4,301 lakhs) has been charged to statement of profit and loss and included in other Income (previous year in other Expenses).

(b) (i) Other expenses for the current year includes Nil Previous year 711 Lakhs amount provision for diminution in value of investment in Jaypee Meghalaya Power Limited (Subsidiary Company) .

(ii) Other income for the current year includes Nil previous year Rs.10,724 lakhs , amount written back on settlement with suppliers on claims/compensation hied in earlier years Note 54

The Company had been carrying out sand mining activities in the State of Andhra Pradesh (AP) in terms of and as per the main contract(s) (three nos.) dated 3rd May 2021 signed with Director Mines & Geology (DMG), Government of Andhra Pradesh for a period of two years and the said contract(s) were sub -contracted on back-to-back basis. The said contract(s) were over in May

2023, however the Company was allowed by DMG, to sale sand from the stock till November 2023.

During the current year in the last quarter, the balance unsold stock (including sand stock handed over by APDMC, Prakasam) has been taken over by DMG with dues payable to APMDC for the Assets handed over by them, advance outstanding of Andhra Pradesh State Housing Corporation Limited (APSHCL) and balance dues of DMG has been adjusted there against as per letters / statements of DMG. Based on ‘No due certificate’ of DMG and as per the statement received DMG, no amount are /were remaining to be payable by the Company to DMG.

As stated above all contracts were sub-contracted on back-to-back basis, and purchases, sale and inventory during the year has been accounted for based on details/statement as made available by the sub-contractor/ DMG. The company is in process of reconciling accounts with sub-contractor and in opinion of the management, there will not be any material adjustments on reconciliation/ confirmation. Further in view of the facts stated above, in the opinion of management, there will not be any material impact on the financial statements for the year and state of affairs of the Company.

Note 55

In view of fair value for all property, plant & equipment of power plants (Jaypee Nigrie Super Thermal Power Plant and Jaypee Bina Thermal Power Plant) (including Land, Building, Plant & Machinery capitalized or under CWIP) being excess as compared to the carrying value, as estimated by a technical valuer, management does not anticipate any impairment amount which is to be provided at this stage in the financial statement in the value of property, plant and equipment (including capital work-in-progress) based on the condition of plant, market demand and supply, economic and regulatory environment and other factors.

Note 56 Jaypee Nigrie Cement Grinding Unit

2.0 MTPA cement grinding unit of the Company namely Jaypee Nigrie Cement Grinding Unit (JNCGU) which commenced commercial operation in June, 2015.However, there is nil production during the current year.

Fair value of JNCGU being excess as compared to the carrying value of Rs. 19,467 Lakhs (previous year Rs. 20,291 Lakhs) as assessed by the management considering the expected future cash hows, Also management is of the view that no impairment provision in the carrying amount of property, plant & equipment (including capital work in progress) is necessary at this stage considering above stated reason.

The Board of Directors in its meeting held on 10th October, 2022 had resolved for restructuring (including to divest) it’s 2 MTPA Jaypee Nigire Cement Griding Unit (JNCGU) being a non-core asset and as a part of its debt reduction plan and subsequently on 12th December 2022 a non-binding framework agreement has been signed between the Company and buyer (party) for a consideration of Rs. 250 crores (subject to due diligence and necessary statutory, regulatory approval, lenders approval etc.).On 13th February, 2023 Board of Directors as per offer received from the buyer and with the mutual understanding (between the Company and the buyer), have approved to enter into a Tolling / Lease agreement (on mutually agreed terms) for a period of upto Seven (7) YEARS, with the buyer having right to purchase the JNCGU, on or before the 7th year at an Enterprise Value of Rs. 250.00 Crore. The definitive agreement in this respect is yet to be executed.

Note 57

(a) Exceptional items include for the year ended 31st March, 2024: (A) Amount provided for Rs. 55,896 lakhs against investment made in subsidiary companies {note no. 46(a) and 46 (c) above}; (B) Escalation amount of additional bid premium related to Amelia Coal mine 23,809 lakhs (note no. 57(b) below).

(b) As per Coal Mine Development and Production Agreement (CMDPA) in respect of Amelia (North) Coal mine signed with Government of India (GOI) - the fixed rate and additional premium payable on coal quantity extracted was to be subject to escalation on yearly basis based on

escalation formula for Design, Build, Finance Own and Operate (DBFOO) to be finalised by Gol. The Nominated Authority, Ministry of Coal, GOI vide its letter dated 25th October, 2023 finalised the escalation price for the first year of production and also for the subsequent years i.e. the escalated reserve price for the FY 2015-2016 to FY 2023-2024. Accordingly, escalation amount for the earlier years/period Rs. 23,809 lakhs (including GST) (till 2022-23) is payable by the Company to the state government in equal four quarterly instalments. During the current F.Y 2023-24, the Company has make provision Rs. 23,809 Lakhs (Previous Year Nil) and charged the same to statement of profit and loss (shown as part of exceptional item).

Note 58

(a) During the previous year 2022-23, Company had been declared successful bidder by Nominated Authority, Ministry of Coal, Government of India for Bandha North Coal Block located in Madhya Pradesh state. The Company is in the process of complying with necessary/ applicable conditions of Coal Block Development and Production Agreement/ allocation order/tender documents. Initial outlays, as estimated by the management, for coal block would be Rs.8,000 lakhs (including fixed amount deposited of Rs. 3,868 lakhs and amount of bank guarantee of Rs. 1,560 lakhs given in this regard). Till March 31,2024 Rs 4,532 Lakhs (inclusive of fixed amount deposited of Rs.3,868 lakhs ) Expenses with reagrd to Bandha Coal Mine and the same is shown as part of intangible assets underdevelopment. For coming financial years estimated outlays would be Rs. 1,941 lakhs .

(b) On account of outbreak of Coronavirus (Covid-19), during the period from March,2020 to 31st March,2021 there was lockdown/frequent-partial across the country/part of the country for a significant period and there were disruption in business activities and the Company had continued to generate and supply electricity to its customers, which was declared as an essential service by the Government of India. However the Company had received notice, in earlier year for invoking force majeure clause provided in the power purchase agreement (PPA) from M.P Power Management Company Limited (MPPMCL) and UPPCL in respect of units JNSTPP & JBTPP and VHEP respectively and also from PTC with whom Company has short term PPA, which had been suitably replied by the Company /clarified that the said situation is not covered under force majeure clause, considering generation and distribution of electricity falls under essential services vide notification dated March 25, 2020, issued by Ministry of Home Affairs, Government of India. Also, the Power Ministry had clarified on April 6, 2020 that the parties to the contract to comply with the obligation to pay fixed capacity charges as per PPA to the Power Producers.

Note 59

(a) Pending confirmations/reconciliation of balances (this is to be read with note no.54) of certain secured and unsecured borrowings (current & non-current), trade receivables/payables (including of MSME) and others current liability (financial/Other) (including capital creditors and of Sub-contractors, CHAs and receivables/payables from/to related parties), loans & advances and inventory lying with third parties/in transit balances as per the books has been considered. The management is in the process of reconciliation /confirmation of the same and is confident that there will not be any material impact on the profit for the year and the state of affairs of the Company on such reconciliation / confirmation (this is to be read with note no. 21.10).

(b) In view of the financial constrains and to get longer credit period the company is procuring Coal for power generation by making arrangement with coal handling agents (CHAs) (who engaged for lifting and transportation of Coal from different collieries). Sometimes there have been delays in supply of Coal by CHA(s) as they had to procure coal from mines located at distance places and having substantial value and volume and also quality variance. The management is in process

to further strengthen its internal control over handling /transportation, receipt, consumption etc of coal through process automation. Also, the Company has regular system of physical verification which is carried out by independent third party

(c) Overdue receivables of amounting to Rs.55,583 Lakhs (including delayed payment surcharges of Rs. 11,743 lakhs on delayed payment/overdue receivables) (net off amount received as per APTEL order during the year, refer to note no. 52) {Previous year Rs. 53,045 Lakhs (including delayed payment surcharges of Rs. 11,743 lakhs on delayed payment/overdue receivables)} (including of matters for which management has initiated legal and other persuasive action for the recovery and is confident about the recovery/realisation of the same. Accordingly these been considered good and realisable by the management. (This is to be read with note no. 43(h)).

(d) In earlier year, the Company had claimed Additional Coal levy of Rs. 295 per metric tonne (levied in view of the Hon'ble Supreme Court judgment of 2014 on cancellation of nos. of mines) from MPPMCL amounting to Rs. 2245 lakhs (approx.) (included in overdue receivables in (c) above) in respect of Nigire STPP in Tariff. however the same was disallowed by MPERC. An appeal was hid with APTEL against the Order of MPERC, during the current year, APTEL has not accepted the appeal and confirmed that additional levy of Rs. 295 per metric tonne imposed on original allottees of the captive coal block does not entitled to be included in the determination of the generation tariff to be passed on to the end consumers. In view of the order of APTEL,Company has made provision of Rs. 2,245 lakhs during the current year against the amount shown as recoverable. Company is in process of filing an appeal in Hon'ble Supreme Court against the above stated order of APTEL.

(e) In earlier years, one of the Capital supplier, having outstanding balance of Rs.11,742 Lakhs as on 31.03.2024 (previous year Rs.11,742 Lakhs), had initiated arbitration proceedings against the Company and had hied claims of Rs. 465,46 Lakhs, Company had also filed counter claim of Rs. 162,613 Lakhs. During the current year, Arbitral Tribunal has pronounced its award(s) on 4th October 2023 and awarded a sum of Rs. 9,154 lakhs in favour of capital supplier (net off Rs. 2,394 lakhs awarded in favour of the Company) along with interest and also as per awards company to release the bank guarantee(BG) provided by the capital supplier and bear the expenses incurred by the capital supplier for extending BG and Company to bear the 50% of the arbitral fee paid by the Capital supplier. Company has hied appeals with Delhi High Court against the Order of Arbitral Tribunal and which is pending. Accordingly considering the above stated facts and appeals hied, no additional provision has been considered necessary by the management at this stage.

Note 60

The annual return of GST for F.Y 2023-24 is under process of filing with statutory authorities. The Management believe that there will not be any material impact over financial statement/filing. The date of filing of GST return are 31st Dec. 2024 company is yet to hie the annual return.

Note 61 Tariff/ Billing/ True up:

(a) Jaypee Bina Thermal, Power Plant (JBTPP):

Capacity charges of JBTPP for control period FY 2019-20 to 2023-24 are determined by MPERC vide Multi Year Tariff (MYT) Order dated 30.04.2021. Capacity charges determined for each year are subject to be trued up on the basis of audited financial statements. During FY 202324, invoices for Capacity Charges have been raised on MPPMCL on the basis of Tariff approved for same year as determined vide Multi Year Tariff (MYT) Order dated 30.04.2021. True Up Orders for FY 2022-23 have been received during the year and accordingly Rs 63 lakhs (Previous year 58 Lakhs) payable (net) to MPPMCL on account of true up has been adjusted in revenue.

JBTPP has hied the following petitions and proceedings for the same are in progress:

(i) Appeals with APTEL against True up Orders for Tariff of financial years from 2017-18 to 2022-23 and MYT Order for 2019-24 for certain disallowances in tariff. Further appeals regarding recovery of bills disputed by MPPMCL on account of invoking force majeure clause and/or non-scheduling of power due to RSD are also pending before APTEL. Petition with MPERC is hied in respect of recovery of Tariff, allowed by APTEL in respect of FY2014-15, 2015-16 and 2016-17which is under progress.

(b) Jaypee Nigrie Super Thermal Power Plant (JNSTPP):

Capacity charges of JNSTPP for control period FY 2019-20 to 202324 are determined by MPERC vide Multi Year Tairff (MYT) Order dated 03.05.2021. Capacity charges determined for each year are subject to be trued up on the basis of audited financial statements. During FY 2023-24, invoices in respect of Capacity charges have been raised on on MPPMCL on the basis of Capacity charges determined for FY 2023-24 as determined by MPERC vide Multi Year Tairff (MYT) Order dated 03.05.2021.True Up Orders for FY 2022-23 have been received during the year and accordingly Rs 182 lakhs(Previous Year 526 Lakhs) payable(net) to MPPCL on account of true up has been adjusted in revenue.

JNSTPP has filed the following petitions and proceedings for the same are in progress:

(i) Appeals with APTEL against Trueup Orders for Tariff of financial years from 2014-15 to 2022-23 for certain disallowances in tarrif.

(ii) Appeal with APTEL for disallowance in Tariff by MPERC in MYT

Order for the period FY2016-17 to FY 2018-19 and for the period FY2019-20 to FY 2023-24.

(iii) Appeal with APTEL for disallowance of capital cost by MPERC in determination of capital cost vide Order dated 24.05.2017 for FY 14-15 and FY 15-16.

(iv) On the auction of certain coal mines by the Central Government in earlier year, as per the provisions of rules framed thereunder, the Amelia (North) Coal Mines was allotted to JPVL for the end use of power generation at JNSTPP with payment of additional premium of Rs 612/- per MT.

Additional premium is in the nature of charge payable for getting the right to mine coal from the captive coal mine allocated to the Company, and accordingly has been treated as captial cost for calculation of capacity charges. The same is not accepted by Regulatory Commission and appeal is pending with APTEL. In the opinion of the management, the company has credible case in its favour. Accordingly, the payment made for Additional Premium has been reflected as Expenditure in the books of accounts of the company as a matter of principal of prudence. The treatment of amount paid towards Additional Premium will be revised accordingly for the purposes of Capacity Charge Calculation on final settlement /decision of the APTEL.

(c) Vishnuprayag Hydro Electric power plant (VHEP)

(i) In respect of Vishnuprayag HEP Company has accounted for revenue for the year ended 31st March, 2024 based on provisional tariff computed in accordance with Power Purchase Agreement (PPA) and various orders of UPERC and the same is subject to true up.

(ii) Design energy of Vishnuprayag HEP (1774.42 MU) has been revised considering release of minimum average water flow from river as per Hon'ble NGT Order dated June 05, 2018 from 03.10.2018 to 14th December 2019 (1695.54 MU) and w.e.f 15th December 2019 (1432.28MU) as per Central Government

notification no SO 5195(E) dated 09.10.2018 and further amended vide notification no SO 3286(E) dated 14.09.2019 through Barrage for aquatic life, which is more than the release of water how as mentioned in the PPA. The revision of design energy has been approved by CEA.

A petition was hied with Hon'ble UPERC for amendment in PPA in respect of Design Energy and Tariff. UPERC vide its Order dated 22.02.2021 had not accepted the change in design energy and Ordered that in case actual saleable generation is less than design energy then full primary energy charges will be paid. UPPCL has objected the revision in design energy and submitted a representation with CEA for review of approved design energy on the grounds that current generation is more than/ equal to original design generation. An appeal was hied against by the Company the above Order of UPERC.

APTEL has allowed the appeal vide its Order dated 15.12.2022 and directed UPERC for revision of design energy. Accordingly, application for revision of Design Energy is hied with UPERC. UPPCL has hied an appeal with Hon'ble Supreme Court against the order of APTEL. Hon'ble Supreme Court has granted stay on the Order passed by APTEL, hence application filed with UPERC is also stayed.

Currently, Tariff is claimed considering Saleable Design Eenrgy at 1545.87 MU (against revised saleable design energy approved by CEA at 1247.80 MU after increase in e how as per directions/ notifications of NGT / MoEF). Tariff will be revised and arrears alongwith carrying cost will be claimed on account of change in Saleable Design Energy at 1247.80 MU after decision of pending Appeal.

Further as per Order in Petition no 1376/2018, UPERC has directed in para 45 of the Order that in any Tariff Year if actual generation is less than design energy as mentioned in PPA, the actual generation will be treated as design energy for computation of primary energy charges to sacegenerator from any economic loss.

(d) W.e.f. 01.04.2019, for the purpose of Tariff determination rate of interest is considered @ 9.50% by MPERC vide MYT Orders for control period 2019-2024 for JBTPP and JNSTPP In view of Framework Agreement [note no. 21.8(iii) &(iv)] interest cost charged to P&L of year 201920 and subsequent year is @ 9.50% p.a. [on implementation of debt restructuring (scheme)] however the lenders have the right of recompense. Whenever lenders exercise this right and recompense is received to them, the same will be claimed in tariff rate calculation.

In case of VHEP for the purpose of interest on Working capital in Tariff calculations, Interest rate of 12.40% has been considered, which is based on State Bank of India confirmation for 01.04.2019 (pre - debt restructuring) however post - debt restructuring, the actual rate charged by the bank is 9.5% (lenders have the right of recompense for the sacrifices made by them under the scheme).

Note 62

Related Party Disclosures, as required in terms of Indian Accounting

Standard [Ind AS] 24' are given below:

(A) Relationships (Related party relationships are as identified by the Company and relied upon by the Auditors)

(a) Subsidiary Companies (direct or indirect through investment in subsidiaries)

(1) Jaypee Arunachal Power Limited (JV Subsidiary)

(2) Sangam Power Generation Company Limited

(3) Jaypee Meghalaya Power Limited

(4) Bina Mines and Supply Limited (formerly known as Bina Power Supply Limited)

(iii) Valuation techniques used to determine Fair value

The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most relevant data available. The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Note 65 (2): FINANCIAL RISK MANAGEMENT

The Company’s principal financial liabilities, comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets include trade and other receivables and cash and cash equivalents that are derived directly from its operations.

The Company’s financial risk management is an integral part of how to plan and execute its business strategies. The Company is exposed to 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.

The Company's activities are exposed to market risk, credit risk and liquidity risk. i Market risk

Market risk is the risk that the fair value or future cashflows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: currency rate risk, interest rate risk and other price risks, such as equity price risk and commodity price risk. Financial instruments affected by market risk include loans and borrowings, deposits and investments.

The sensitivity of the relevant protit or loss item is the effect of the assumed changes in respective market risks.

(a) Interest rate risk

Interest rate risk is the risk that the fairvalue or future cash hows of a financial instrument will fluctuate because of changes in market interest rates. In orderto optimize the Company's position with regard to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of the fixed rate and floating rate financial instruments in its total portfolio .

(i) The exposure of Company's borrowings to interest rate changes at the end of reporting period are as follows:

(c) Commodity Risk

Commodity Price Risk of the Company will fluctuate on account of changes in market price of key raw materials. The Company is exposed to the movement in price of key raw materials in domestic market The Company has in place policies to manage exposure to fluctuations in the prices of the key raw materials used in operations.

ii Credit risk:

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company’s credit risk arises from accounts receivable balances on sale of electricity is based on tariff rate approved by electricity regulator. The credit risk is very low as the sale of electricity is based on the terms of the PPA which has been approved by the Regulator. The concentration of credit risk is very limited due to the fact that the large customers are mainly government entities.

In general the average credit period on sales of energy (PPAs) is 21 to 30 days

No interest is charged on trade receivables (PPAs) for the first 30 days from the date of the invoice. Thereafter, Company is having the option to charge interest at 15% to 18% per annum on the outstanding balance, based on the terms of agreement/contract.

Expected Credit Loss:

Where management resonably feel that recovery may be made in due course of time or where the chances of non-recovery is lessor considering contractual right to receive, the expected credit loss allowance is not calculated on trade receivables (including on trade receivables on account of dispute).

For the age of trade receivables , refer note no. 13

iii Liquidity Risk

Liquidity risk is defined as the risk that company will not be able to settle or meet its obligation on time or at a reasonable price. The Company’s objective is to at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company's management is responsible for liquidity, funding as well as settlement. In addition, processes the policies related to such risks. Senior management monitors the company's net liquidity position through rolling, forecast on the basis of expected cash hows.

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date based on contractual undiscounted payments:

(a) As there is no taxable profit/ book protit during the year ended 31st March, 2024, no income tax amount/ MAT has been provided for.

(b) In the opinion of management, assets stated in the financial statements have a realizable value (at which these are stated), in the ordinary course of business at least equal to the amount at which they are stated.

Note 67

M/s Tecpro Systems Ltd. (Tecpro), was awarded the contracts for supply, erection, testing, commissioning and performance of the coal and ash handling system, (ACFA system), coal crusher system by Bina Power Supply Company Ltd. which had been merged with JPVL(Company) in earlier year for its 500 MW Thermal Power Plant located at Bina Distt. Sagar, M.P However, Tecpro did not complete the entire work as per the terms & conditions of contracts, and the Company got completed the balance work itself, by procuring the balance materials from other suppliers and made the systems operational. An amount of Rs. 535.40 lakhs was recoverable on account of mobilization advance paid to Tecpro. As Tecpro had left the work incomplete, the company had in earlier year encashed the Bank Guarantee provided by Techpro of amounting to Rs. 2,013.20 Lakhs on account of dispute and loss incurred by the company for not completing the work as per award causing delay in the project. The Company had to incur an expenditure of Rs.6,093 lakhs towards procurement of remaining plant and machinery for completing the plant. The Company had claimed liquidated damages of Rs.2,235 Lakhs and amount of Rs.6,093 Lakhs which it had incurred on additional cost, expenditure on procurement of various materials to complete the Plant. Creditors of Tecpro has referred Tecpro to NCLT and IRP/RP had rejected the claim of the Company. During the previous year, Company had received a legal notice from Official Liquidator (OL)

of M/s Techpro demanding refund of encashed bank guarantee along with interest, Company had replied the same and had declined the claim made by OL for the reasons

stated above.

Note 68- Other Information in terms of the amendment in Schedule-Ill of the Companies Act,2013 by Ministry of Corporate Affairs (MCA) vide notification G.S.R. 207 (E) dated 24th March,2021:

(i) The Company does not have any benami property, and no proceeding has been initiated or pending against the Company for holding any benami property.

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

(iii) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (ultimate beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

(iv) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (funding party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

(v) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act,1961.

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

(vii) The Company is not declared wilful defaulter by and bank or financial institution or lender during the year.

(viii) The Company has filed quarterly returns or statements with the banks in lieu of the sanctioned working capital facilities.which are generally in agreement with the books of account other than those as set out below :

(a) As per SEBI (Listing Obligations and Disclosure Requirements) Regulations, Consolidated financial statements (CFS) is being presented separately and Segment disclousers in being made in CFS.

(b) The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies, which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled and the same has operated throughout the year for all transaction recorded in the software except (a) the audit trail feature was not enabled throughout the year for the relevant table at application level. There is no mapping performed to ensure completeness of audit trail on all applicable tables at application level; and (ii) for privileged access to specific users to make direct changes to audit trail setting.

Note 71

Previous Year’s figures have been regrouped/ re-arranged, wherever considered necessary to make them conform to the figures for the current year.

For and on behalf of Board of Directors

FOR LODHA & CO. LLP Manoj Gaur

CHARTERED ACCOUNTANTS Chairman

Firm Registration No. 301051E/E300284 DIN 00008480

(N. K. Lodha) Suren Jain

Partner Managing Director & CEO

M.No. 085155 DIN 00011026

Place: New Delhi R.K. Porwal Mahesh Chaturvedi

Dated: 27 April, 2024 President (F&A) & CFO G.M. & Company Secretary M.No. FCS 3188