1.2.19 Provisions and contingent liabilities
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a
past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a
reliable estimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle the present
obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the
obligation.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a
third party, the receivable is recognized as an asset, if it is virtually certain that reimbursement will be received
and the amount of the receivable can be measured reliably.
Contingent liabilities are possible obligations that arise from past events and whose existence will only be
confirmed by the occurrence or non-occurrence of one or more future events not wholly within the control of
the Company. Where it is not probable that an outflow of economic benefits will be required, or the amount
cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of
outflow of economic benefits is remote. Contingent liabilities are disclosed on the basis of judgment of the
management/independent experts. These are reviewed at each balance sheet date and are adjusted to reflect
the current management estimate.
1.2.20 Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short-term deposits
with a maturity of three months or less, which are subject to an insignificant risk of changes in value. For the
purposes of the cash flow statement, cash and cash equivalents include cash on hand, in banks and demand
deposits with banks are considered part of the Company's cash management system.
1.2.21 Foreign currency transactions
The Company's financial statements are presented in INR which is also the functional currency of the Company.
Foreign currency transactions are recorded on initial recognition in the functional currency using the exchange
rate at the date of the transaction. At each balance sheet date, foreign currency monetary items are reported
using the closing exchange rate. Exchange differences that arise on settlement of monetary items or on
reporting at each balance sheet date of the Company's monetary items at the closing rate are recognized as
income or expenses in the period in which they arise.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are
retranslated to the functional currency at the exchange rate at the date that the fair value was determined.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using
the exchange rate at the date of the transaction.
1.2.22 Borrowing cost
Borrowing costs that are directly attributable to the acquisition, construction or erection of qualifying assets
are capitalized as part of cost of such asset until such time that the assets are substantially ready for their
intended use. Qualifying assets are assets which take a substantial period of time to get ready for their intended
use or sale.
When the Company borrows funds specifically for the purpose of obtaining a qualifying asset, the borrowing
costs incurred are capitalized. When Company borrows funds generally and uses them for the purpose of
obtaining a qualifying asset, the capitalization of the borrowing costs is computed based on the weighted
average cost of general borrowing that are outstanding during the period and used for the acquisition of the
qualifying asset.
Capitalization of borrowing costs ceases when substantially all the activities necessary to prepare the
qualifying assets for their intended uses are complete. Borrowing costs consist of interest and other costs
that an entity incurs in connection with the borrowing of funds. Borrowing costs include exchange differences
arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest
costs.
All other borrowing costs are recognized as an expense in the year in which they are incurred.
1.2.23 Advance Stripping Cost
The Company distributes stripping (waste removal) costs incurred during the production phase of its mining
operations on equitable basis over estimated minable reserves. This calculation requires the use of judgments
and estimates relating to the expected tons of waste to be removed over the life of the mining area and
the expected economically recoverable reserves to be extracted as a result. This information is reviewed
periodically to calculate the average life of mine strip ratio (expected waste to expected mineral reserves
ratio). Changes in a mine's life and design will usually result in changes to the average life of mine strip ratio.
These changes are accounted for prospectively.
1.2.24 Segment Reporting
i) Identification of Segments
The Company's operating businesses are organized and managed separately according to the nature of
products and services provided, with each segment representing a strategic business unit that offers
different products and serves different markets.
ii) Segment Accounting Policies
The Company prepares its segment information in conformity with the accounting policies adopted for
preparing and presenting the financial statements of the Company as a whole.
iii) Inter-Segment Transfers
The Company generally accounts for inter-segment transfers at an agreed transaction value.
iv) Unallocated Items
Unallocated items include general corporate income and expense items which are not allocated to any
business segment.
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision maker. Refer note 34 for details on segment information presented.
1.2.25 Onerous Contracts
Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company
from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. The
provision is measured at lower of the expected cost of terminating/exiting the contract and the expected net
cost of fulfilling the contract.
1.2.26 Cash Flow Statement
Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effects
of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or
payments and item of income or expense associated with investing or financing cash flow. The cash flows from
operating, investing and financing activities of the Company are segregated.
1.2.27 New and amended standards
The Company has not early adopted any standards, amendments that have been issued but are not yet effective
/ notified.
The Ministry of Corporate Affairs has notified¬
- The Companies (Indian Accounting Standard) Amendment Rules 2024 dated 14th August 2024,
introducing Ind AS 117, "Insurance Contracts”.
- The Companies (Indian Accounting Standard) Second Amendment Rules 2024 dated 9th September
2024, amending the existing Ind AS 116- Leases.
- The Companies (Indian Accounting Standard) Third Amendment Rules 2024 dated 28th September
2024,allowing insurers to use Ind AS 104 for consolidated financial statements until the IRDAI notifies
Ind AS 117, and introduces a schedule outlining the financial reporting requirements for insurance
contracts.
There is no such impact of amendments which would have been applicable from 1st April 2024.
1) Nature of security :
a) Term Loans from Bank (For Siltara and Mandhar Complex) are secured by first pari-passu charge by way
of hypothecation of entire movable assets of the Company situated at Industrial Growth Centre, Siltara,
Raipur subject to prior charge on current assets in favour of Working Capital Bankers and by way of
joint equitable mortgage of immovable properties of the Company situated at Industrial Growth Centre,
Siltara, Raipur and Urkura, Raipur.
b) Term Loans from Bank (For IPP Division, Binjkot, Raigarh) are secured by first pari-passu charge by way
of hypothecation of entire movable assets of the Company situated at IPP Division, Binjkot, Raigarh and
by way of joint equitable mortgage of immovable properties of the Company situated at IPP Division,
Binjkot, Raigarh.
c) Term Loan from Banks (For Siltara and Mandhar Complex) are also secured by unconditional and
irrevocable personal guarantees of Mr. K. K. Sarda, Mr. Manish Sarda & Mr. Pankaj Sarda.
d) Term Loan of ' 675 Crore from Axis Bank Limited (For IPP Division, Binjkot, Raigarh) is secured by
unconditional and irrevocable personal guarantees of Mr. K. K. Sarda & Mr. Pankaj Sarda.
2) Repayment terms :
a) Rupee term loan of ' 91.35 crore (Present Outstanding ' 24.33 crore) from HDFC Bank is payable in 20
quarterly installments starting from June 2021.
b) Rupee term loan of ' 50 crore (Present Outstanding ' 10.50 crore) from Axis Bank Limited is payable in
16 equal quarterly installments starting from June 2022.
c) Rupee term loan of ' 700 crore (Present Outstanding ' 693 crore) from HDFC Bank is payable in 120
equal quarterly installments starting from November 2024.
d) Rupee term loan of ' 675 crore (Present Outstanding ' 675 crore) from Axis Bank Limited is payable on
19.05.2025 (Bullet repayment). Further this loan shall be convertible into term loan on agreed terms on
the date of bullet repayment.
Security
Working Capital loans from banks are secured by first pari-passu charge on stocks & book debts and second pari-
passu charge on all present and future movable Plant & Machinery and second pari-passu charge by way of joint
equitable mortgage of immovable properties located at Industrial Growth Centre, Siltara, Raipur and at Urkura Raipur.
These facilities are also secured by irrevocable personal guarantees of Mr. K.K. Sarda, Mr. Pankaj Sarda and Mr. Manish
Sarda. FDOD loans are secured by fixed deposits.
Other Note:
The Company has working capital facilities from banks on the basis of security of current assets and submitting
quarterly financial follow up report as per the terms and conditions of sanction letters. There are no material
discrepancies in the amount of current assets between financial follow up reports and books of accounts.
None of the banks, financial institutions or other landers from whom the company has borrowed funds has declared
the company as a wilful defaulter at any time during the current year or in previous year.
Notes:
(1) There is no customer having 10% of total revenue.
(2) No operating segments have been aggregated to from the above reportable operating segments.
35 BUSINESS COMBINATION
On August 21, 2024, the Company completed acquisition of SKS Power Generation (Chhattisgarh) Limited
('SKS Power') pursuant to the Resolution Plan ('RP') approved by the National Company Law Tribunal vide its
order dated August 13, 2024, under Corporate Insolvency and Resolution Process ('CIRP') of the Insolvency and
Bankruptcy Code, 2016 ('IBC'). Approval of our Resolution Plan is challenged by unsuccessfull applicants in the
Hon'ble Supreme Court, following rejection of their appeal in the NCLAT.
With effect from August 21, 2024, being the Transfer Date, in terms of the Resolution Plan, the existing issued,
subscribed and paid-up share capital of SKS Power stood cancelled fully, without requiring any further act
or deed. Subsequent to the reconstitution of the Board of Directors, taking over management control and
subscribing to the equity share capital, SKS Power became a wholly owned subsidiary of the Company (100%
voting interest).
Further, pursuant to the resolution plan, the Company amalgamated the whole of the undertaking of SKS
Power along with all the properties, assets, liabilities, permits, licenses, investments etc. with the Company
as a going concern w.e.f. appointed date of September 1, 2024. The Company has taken over the assets and
liabilities at their acquisition date fair values. No additional consideration has been paid on the amalgamation.
The business combination has been initially accounted for on a provisional basis under Ind AS103 "Business
Combination". During the quarter ended March 31, 2025, the Company has finalized purchase price accounting
(PPA) for the acquisition of SKS Power basis final fair valuation of assets and liabilities acquired, within one year
from the date of acquisition as per Ind AS 103 "Business Combination". The Company has paid consideration of
'1,783.98 Crore against the acquisition and accounted for Capital Reserve of ' 1,732.19 Crore after fair valuation
of net idnetifiable assets due to the Business Combination.
The fair value of the identified assets acquired, and liabilities assumed as adjusted for measurement period
adjustments as on the acquisition date are as follows:
As on acquisition date, the gross carrying amount of Trade Receivables and Other Financial Assets acquired was
amounting to ' 55.94 Crore against which no additional provision had been considered since the fair value of acquired
Receivables were equal to carrying value as on the date of acquisition.
Acquisition costs of ' 6.98 Crore related to SKS Power acquisition have been charged to statement of profit and loss
under the head "Legal & Professional Expenses".
Since the date of acquisition, SKS Power has contributed ' 1,077.62 Crore to the group revenue and it is impracticable
to determine the profit and loss contributed by SKS Power due to substantial inter-segment transactions taken place
after the date of acquisition.
If the acquisition had taken place at the beginning of the period, management estimates that consolidated revenue of
the combined entity would be ' 4,559.16 Crore and it is impracticable to determine the profit and loss of the combined
entity due to substantial inter-segment transactions taken place after the date of acquisition. In determining these
amounts, management has assumed that the fair vaue adjustments, that arose on the date of acquisition would have
been same if the acquisition had occurred on 1st April 2024.
Due to business combination, the current year figures are not strictly comparable to those of the previous year.
(1) Disputed Tax matters and claims:
As at 31st March, 2025, there are pending litigations concerning various matters related to excise, customs,
service tax, VAT, GST and Income Tax, involving demands of ' 28.95 crore (PY: ' 37.98 crore). The details of
significant demands are as follows:
(a) Excise duty cases includes disputes related to the availment of CENVAT Credit, which have been
contested by the Company at different forums. As at 31st March, 2025, the total amount under dispute
is ' 0.28 crore (PY: ' 0.51 crore).
(b) The Principal ADG of DRI, Ahmedabad, issued a SCN alleging that the Company acquired MEIS scrips
(and utilized for payment of custom duty) from an exporter who obtained them through deliberate
misclassification of exported goods to gain undue benefits. The matter has been adjudicated by the
Pr. Comm. of Customs, Mumbai, and confirmed a demand of ' 0.20 Crore. Aggrieved by the order, the
Company has filed an appeal before CESTAT Mumbai.
(c) Service tax demand of ' 0.09 crore (PY: ' 0.69 crore) has been raised by the department across various
disputed matters on the ground of Taxability. The Company has contested these demands and preferred
an appeal before the Central Excise and Service Tax Appellate Tribunal (CESTAT) Delhi.
(d) Various matters has been adjudicated by the GST authorities by raising a demand of ' 3.48 Crore
including interest and penalty. The Company appealed to the first appellate authority, who partially
allowed the appeal and re-affirmed the remaining demands. Aggrieved by the appellate order, the
Company has submitted a letter of intent to the department, expressing its intention to file an appeal
before the appellate tribunal once it becomes operational. As at 31st March, 2025, the total amount
under dispute is ' 1.08 Crore.
(e) Value Added Tax/Central Sales Tax/ Entry Tax demands of ' 8.49 Crore (P.Y : ' 8.49 Crore) are pending
in appeal against assessment of various years.
(f) The Company has ongoing disputes with income tax authorities relating to tax treatment of certain
items. These mainly include disallowance of expenses, tax treatment of certain expenses claimed
by the Company as deduction and the computation of or eligibility of the Company's use of certain
allowances. Most of these disputes and/or disallowances are repetitive in nature and have been raised
by the income tax authorities consistently in most of the years.
As at March 31, 2025, there are matters and/or disputes, pending in appeal amounting to '17.6 crore
(31st March, 2024: '17.6 crore). The Company expects to sustain its position on ultimate resolution of
the said appeals.
(g) It is not practicable to predict the outcome and timing of cashflow (if any) of the pending litigations
with accuracy. However, basis experts opinions and/or internal assessment, the Company believes that
it has meritorious defences to the claims and pending actions will not require outflow of resources
embodying economic benefits and will not have a material adverse effect upon the results of the
operations, cash flows or financial condition of the Company.
(2) Others Taxes, claims and Litigations:
(a) Relinquishment charges of '97.20 Crore have been demanded for 156 MW LTA of Kolam Power Plant, as
per CERC order dated 08.03.2019 in Petition No. 92/MP/2015, read with corrigendum dated 10.05.2019.
The Company has filed a petition before the Hon'ble Tribunal for Electricity, New Delhi, challenging the
said order. The matter is decided in favour of Company with no cost. As at 31st March, 2025, the total
amount under dispute is 'NIL crore (PY: ' 97.20 crore).
(b) Chief Electrical Inspector, Govt. of Chhattisgarh has issued a demand for recovery of Energy Development
Cess for the period May 2006 to December 2024 in the light Chhattisgarh Upkar Sansodhan Adhiniyam
2004.
The Company challenged the constitutional validity of Section 3 (1-a) of the act before Hon'ble HC of
Chhattisgarh, wherein the court held the levy of Energy Development Cess as unconstitutional vide its
Order dated 20th June 2008. The State Govt. has filed a Special Leave Petition before the Honourable
Supreme Court.
As at 31st March, 2025, the total amount under dispute is ' 93.33 crore (PY: ' 88.70 crore) which is
pending for resolution.
38. CONTINGENT ASSETS
(I) The Company has various pending insurance claims amounting ' 0.30 Crore (PY: ' 0.50 crore) against Machine
Break Down (MBD).
(II) The Company has claimed refund of ' 6.30 Crore (PY: ' 6.30) Vikas Upkar and Paryavaran Upkar in respect of its
coal mines at Gare Palma IV/7.
(III) IPP unit of Company filed a claim of ' 13.57 Crore (PY: ' NIL) towards reimbursement of taxes and duties arises
from change in Law in persuant to directions passed by Central Electricity Regulatory Commission (CERC) in
the matter of long-term Power Purchase Agreement entered into between M/s Powerica Limited and Solar
Energy Corporation of India Limited.
(IV) Other claims by the Company not recognized as asset is '0.45 Crore (PY: ' 0.91 Crore)
39 CORPORATE SOCIAL RESPONSIBILITY
As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to
spend at least 2% of its average net profit for the immediately preceding three financial years on corporate
social responsibility (CSR) activities. The areas for CSR activities are eradication of hunger and malnutrition,
promoting education, art and culture, healthcare, destitute care and rehabilitation, environment sustainability,
disaster relief and rural development projects. A CSR committee has been formed by the Company as per the
Act. The funds were primarily allocated to a corpus and utilized through the year on these activities which are
specified in Schedule VII of the Companies Act, 2013
a) Gross amount required to be spent by the company during the year is '15.08 Crore
b) Amount spent during the year on:
41 FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES
The Company's principal financial liabilities comprise of loans and borrowings in foreign as well as domestic
currency, trade payables and other payables. The main purpose of these financial liabilities is to finance the
Company's operations. The Company's principal financial assets include investments, loans, trade and other
receivables, and cash and short-term deposits that derive directly from its operations. The Company also
enters into derivative contracts.
The Company is exposed to the following risks from its use of financial instruments:
- Credit risk
- Liquidity risk
Market Risk:
- Interest rate risk
- Currency risk
- Price risk
The Company's board of directors has overall responsibility for the establishment and oversight of the Group's
risk management framework.This note presents information about the risks associated with its financial
instruments, the Company's objectives, policies and processes for measuring and managing risk, and the
Company's management of capital.
Credit Risk
The Company is exposed to credit risk as a result of the risk of counterparties non performance or default on
their obligations. The Company's exposure to credit risk primarily relates to investments, accounts receivable
and cash and cash equivalents. The Company monitors and limits its exposure to credit risk on a continuous
basis. The Company's credit risk associated with accounts receivable is primarily related to party not able to
settle their obligation as agreed. To manage this the Company periodically reviews the financial reliability of its
customers, taking into account the financial condition, current economic trends and analysis of historical bad
debts and ageing of accounts receivables.
Trade receivables
Trade receivables represent the most significant exposure to credit risk and are stated after an allowance for
impairment and expected credit loss.
Loans and Advances
Financial assets in the form of loans and advances are written off when there is no reasonable expectations
of recovery. Where recoveries are made, these are recognize as income in the statement of profit and loss.
The Company measures the expected credit loss of dues based on historical trend, industry practices and the
business environment in which the entity operates. Loss rates are based on actual credit loss experience and
past trends. Based on historical data, loss on collection of dues is not material hence no additional provisions
considered.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and deposits which are readily convertible to cash. These
are subject to insignificant risk of change in value or credit risk.
Liquidity risk
The Company is exposed to liquidity risk related to its ability to fund its obligations as they become due. The Company
monitors and manages its liquidity risk to ensure access to sufficient funds to meet operational and financial
requirements. The Company has access to credit facilities and debt capital markets and monitors cash balances daily.
In relation to the Company's liquidity risk, the Company's policy is to ensure, as far as possible, that it will always have
sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions as they fall due while
minimizing finance costs, without incurring unacceptable losses or risking damage to the Company's reputation.
Financing arrangements
The Company has access to following undrawn borrowing facilities and liquid investments at the end of the reporting
period:
PRICE RISK
The entity is exposed to equity price risk, which arised out from FVTPL quoted equity shares & mutual funds and
FVTOCI unquoted equity shares. The management monitors the proportion of equity securities in its investment
portfolio based on market indices. Material investments within the portfolio are managed on an individual basis and
all buy and sell decisions are approved by the management. The primary goal of the entity's investment strategy is to
maximize investments returns.
Sensitivity Analysis for Price Risk
Equity Investments carried at FVTOCI are not listed on the stock exchange. For equity investments and mutual funds
classified as at FVTPL, the impact of a 2 % in the index at the reporting date on profit & loss would have been an
increase of ' 7.09 Crore (2023-24: '8.28 Crore ); an equal change in the opposite direction would have decreased
profit and loss. For equity investments classified as at FVTOCI, the impact of a 2 % in the index at the reporting
date on profit & loss would have been an increase of ' 0.029 Crore (2023-24:' 0.029 Crore); an equal change in the
opposite direction would have decreased profit and loss.
42 CAPITAL MANAGEMENT
The Company's main objectives when managing capital are to:
- ensure sufficient liquidity is available (either through cash and cash equivalents, investments or committed
credit facilities) to meet the needs of the business;
- ensure compliance with covenants related to its credit facilities and secured debentures; and
- minimize finance costs while taking into consideration current and future industry, market and economic
risks and conditions;
- safeguard its ability to continue as a going concern;
- to maintain an efficient mix of debt and equity funding thus achieving an optimal capital structure and cost
of capital.
The Board of Directors has the primary responsibility to maintain a strong capital base and reduce the cost
of capital through prudent management of deployed funds and leveraging opportunities in domestic and
international financial markets so as to maintain investor, creditor and market confidence and to sustain
future development of the business.
For the purpose of Company's capital management, capital includes issued capital and all other equity reserves.
The Company manages its capital structure in light of changes in the economic and regulatory environment
and the requirements of the financial covenants.
The Company manages its capital on the basis of net debt to equity ratio which is net debt (total borrowings net
of cash and cash equivalents) divided by total equity
B. Measurement of fair values
The table shown above analyses financial instruments carried at fair value, by valuation method.The different
levels have been defined below:
- 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 (i.e., as prices) or indirectly (i.e., derived from prices)
- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs)
C. Valuation techniques
The following methods and assumptions were used to estimate the fair values
1) Fair value of the cash and short term deposits, current loans and advances and other current financial
liabilities, short term borrowing from banks and other financial institutions and other similar items
approximate their carrying value largely due to short term maturities of these instruments.
2) Long-term receivables/borrowings are evaluated by the Company based on parameters such as
interest rates, specific country risk factors, individual credit worthiness of the customer and the risk
characteristics of the financed project. Based on this evaluation, allowances are taken into account for
the expected credit losses of these receivables.
3) The fair values of the quoted instruments and mutual funds are based on price quotations at the
reporting date. The fair value of unquoted instruments, loans from banks and other financial liabilities,
obligations under finance leases, as well as other non-current financial liabilities is estimated by
discounting future cash flows using rates currently available for debt of similar terms, credit risk and
remaining maturities.
4) The fair values of the unquoted equity shares designated at FVTOCI has been estimated by using the
most recent purchase price of such shares (level 2)
45 The Company has not undertaken any transactions with companies struck off under section 248 of the
Companies Act 2013 or section 560 of Companies Act 1956 during the current year or in previous year.
46 All the transactions are recorded in the books of accounts and there was no income that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961. Also there was
no previously unrecorded income and related assets which has been recorded in the books of account during
the year.
47 No proceedings have been initiated or pending against the Company for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
48 The Company has not advanced or loaned or invested funds to any other persons or entities, 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. Further, the Company has not received any fund from any
persons or entities, including foreign entities (Funding Party) with the understanding , whether recorded in
writing or otherwise, that the Company shall 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.
49 The Company has complied with the number of layers of companies prescribed under clause (87) of section 2
of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.
50 The Company has neither traded nor invested in Crypto Currency or Virtual Currency during the financial year.
51 No scheme of compromise or arrangement has been proposed between the Company & its members or the
Company & its creditors under section 230 of the Companies Act 2013 (”The Act”) and accordingly the disclosure
as to whether the scheme of compromise or arrangement has been approved or not by the competent authority
in terms of provisions of sections 230 to 237 of the Act is not applicable.
52 The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post¬
employment benefits received Presidential assent in September 2020. The Code has been published in the
Gazette of India. However, the date on which the Code will come into effect has not been notified and the final
rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes
into effect and will record any related impact in the period the Code becomes effective. Based on a preliminary
assessment, the entity believes the impact of the change will not be significant.
Note * Represents net amount of loan given and repaid during the year ended 31st March 2025
57. Previous year figures have been regrouped/rearranged wherever necessary.
As per our report of even date attached
For SINGHI & CO.
(ICAI FRN 302049E) For and on behalf of the Board
Chartered Accountants
SANJAY KUMAR DEWANGAN K. K. SARDA P. K. JAIN MANISH SETHI
Partner Chairman Wholetime Director & CFO Company Secretary
Membership No. 409524 DIN: 00008170 DIN: 00008379 ACS 18069
Raipur
Dated :May 24, 2025
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