16 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

A provision is recognised when the Company has a present obligation as a result of past event and it is probable that
an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made
Contingent liabilities are disclosed on the basis of information available with the Company. Contingent assets are not
recognized in the financial statement.

(ii) Rights, preferences and restrictions attached to shares_

Equity Shares: The Company has one class of equity shares. Each shareholder is eligible for one vote per share
held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential
amounts, in proportion to their shareholding.

There was no Fresh issue or buyback of shares during the year.

During the Financial Year 2022-23, the Company had completed its Initial Public Offering (“IPO”) of 5,39,200
equity shares of Rs. 10/- each for cash at a premium of Rs. 71/- per share aggregating to Rs. 436.75 Lakhs. Pursu¬
ant to the IPO, the equity shares of the Company have got listed on the SME Platform of NSE.