8.1 Trade Receivable ageing schedule for the year ended as on March 31, 2024 and March 31, 2023 is given below

The trade receivables are recognised on project basis in accordance with the revenue recognition policy of the Company which states recognition of revenue only when the underlying project is substancially complete. Therefore, it is not rational to break the entire trade receivable agewise.

8.2 The average credit period is 21 to 45 days. For payments, beyond credit period, interest is charged as per contractual rate on outstanding balances which has been accounted for as per the policy of the company.

8.3 The Trade Receivables are considered good as the possession is given to the customers and subsequently registry is executed only when complete payment is received against unit booked by the customers and accordingly there is no credit risk. Some customers have demanded interest on delayed delivery and the same is disputed by the company.

8.4 Trade Receivables includes amounting Rs.310.89 (Previous Year: Rs. 207.40 Lakh) from subsidiary companies.

14.1 Terms/ Rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of the equity shares held by the shareholders.

15.1 Nature and purpose of reserves:

- Capital Reserve - The Company has transferred the amount received on forfeiture of partly paid share/warrant in Capital reserve.

- Capital Redemption Reserve - The Company has transferred a part of the net profit of the company to the Capital Redemption Reserve in previous years on buy back of equity shares.

- Securities Premium - The amount received in excess of the face value of the equity share issued by the company is recognised in securities premium reserve.

- General Reserve - The Company has transferred a part of the net profit of the company to the general reserve in previous years.

- Retained earnings - Retained earnings are profits of the company earned till date less transferred to general reserve.

15.2 The Company had revalued building on March 31, 1996 on the basis of approved valuer report and had balance of Rs. 67.20 Lakh (Previous Year: Rs. 67.20 Lakh). This revaluation reserve has been clubbed into General Reserve due to adoption of deemed cost option under Ind AS.

16.1 Term Loan from Corporate Bodies referred above to the extent of:

- Rs. 15,565.89 Lakh (Previous Year: Rs. 15,525.89 Lakh) are secured by way of mortgage of project land owned by the Company and its subsidiaries/associate situated at Agra, Indore, Meerut and certain Gurgaon projects, mortgage of Leasehold building/ few unsold area and building situated at Noida , assignment of receivables of Agra, Indore, Meerut and certain Gurgaon projects and guaranteed by promoter director.

- Rs. 5,659.11 (Previous Year: Rs. 5,659.11 Lakh) are secured by way of mortgage of land owned by the Company and its subsidiaries situated at Yamunanagar and Amritsar, hypothecation of finished goods and assignment of receivables of these projects, corporate guarantee of Anjuman, Wrangler and Maestro and guaranteed by promoter director.

- Rs. 2,809.32 Lakh (Previous Year: Rs. 2,915.00 Lakh) are secured by way of mortgage(second charge) of land owned by the Company and its subsidiaries situated at Gurgaon project: Highland Park(15 units only), assignment of finished goods and balance receivables of above projects, corporate guarantee of Identity Buildtech Pvt. Ltd.and guaranteed by promoter director.

- The rate of interest are as per the sanction letter/agreement.

16.2 Vehicle/ Equipment Loan from Bank/ Corporate Bodies referred above are secured by way of hypothecation of respective vehicle/ construction equipment.

16.3 Term Loan from Corporate Bodies referred above to the extent of:

Rs. 24,034.33 Lakh have been guaranteed by the promoter director (previous year- 24,100.00 Lakh )

Rs. 2,809.32 Lakh have been guaranteed by the subsidiary companies.(previous year- 8574.11 Lakh )

16.4 Public Deposits:

In respect of overdue deposits accepted by the Company/holding company, an appeal before the NCLAT against order dated September 21,2022 of NCLT was filed and the NCLAT Vide order dated 14.12.2022 rejected the appeal of the Company for seeking time extension for repayment of overdue deposits and remitted back the matter to the NCLT to take consequential steps in terms of section 74 (3) of the Act.

Further, during the earlier year and previous year the company had entered into full and final settlement of the balance payment of the maturity amount and is duly honouring its commitment w.r.t the full and final settlement terms agreed with the respective deposit holders.

In due compliance with the Act, holistically, the company has settled substantial depositors. The PDC's as issued is being duly encashed/ honoured as per the agreed terms and conditions of the settlement.

The Company has taken legal opinion to substantiate/ corroborate its acts. As per the legal opinion, the process of repayment adopted by the Company meets the requirement of the applicable provision of the Companies Act, 2013.

16.5 Loan Recall Notice: (IFCI)

The company had received a letter dated 28/01/2021 on "Revocation of settlement of outstanding dues approved vide letter dated 17/11/2017” from IFCI Limited("Lender”) and consequently received "Notice for payment of Dues” showing an outstanding balance of Rs. 5,757.45 Lakh & Rs7,226.68 Lakh as principal and interest respectively till 08.04.2022. Due to the revocation of restructuring, interest liability has been enhanced due to default interest.

During the previous year, the company received notice dated 08.04.2022 under Sec 13(2) of the Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 from IFCI Ltd. ("Lender”) demanding full repayment.

Further, the company had received notice u/s 13(4) of the SARFASAI Act, 2002 where IFCI Limited had taken over the symbolic possession on 5th August 2022 & 10th August, 2022 of mortgaged properties situated at Amritsar and Yamuna Nagar respectively. The company has also received summon under sub-section (4) of section 19 of the Recovery of Debts and Bankruptcy Act, 1993, read with sub-rule (2A) of rule 5 of the Debt Recovery Tribunal (Procedure) rules, 1993 from Debts Recovery Tribunal Delhi (DRT-1) dated 01/04/2022. The company submitted the written statement cum Counter claim dated May 17, 2022 before the Debts Recovery Tribunal Delhi (DRT-1) and the matter is pending before DRT -1. The company is in appeal before the Hon'ble Debts Recovery Appellate Tribunal, Delhi against the Interim Order of DRT-1.

Further, IFCI moved an insolvency application against the company under Corporate Insolvency Resolution Process ('CIRP') on February 8, 2023 vide case number C.P (IB)- 86/2023 in NCLT-Delhi and same has been dismissed for want of prosecution vide order dated September 6, 2023.

Subsequently, the company has received notice under Rule8(6) r/w Rule 6(1) & 6(2) of Securities Interest (Enforcement) Rules, 2002 bearing IFCI/M&R/AHL/2023 dated 24.04.2023, stating that owing to consistent default to clear outstanding dues on part of the company IFCI shall be putting the secured assets under possession to auction as per Rule 9 of the Securities Interest (Enforcement) Rules, 2002 after the expiry of 30 days from receipt of said notice by any method as mentioned in Rule 8, in case the company failed to clear the outstanding dues amounting to Rs.15,204.53 Lakhs (as on 15.04.2023).

The company filed stay application for stay order against the aforesaid notice issued by IFCI in Hon'ble DRT and the same been listed & as per the order of the Hon'ble DRT dated June 2, 2023, the lender has submitted that they are not going to take action pursuant to the sale notice dated April 24, 2023.

The said portfolio was assigned to Suraksha ARC vide assignment agreement dated September 6, 2023, executed between the lender and Suraksha ARC.

The outstanding liability as per books of accounts as on March 31, 2024, is Rs 15,104.04 lakh (including interest) (Previous Year -Rs.13,258.28 Lakh) and default interest is shown under contingent liability amounting to Rs 2,684.33 Lakhs (Previous Year - Rs 1852.47 Lakh) which is pending confirmation from Suraksha ARC. Now, the company/holding company post assignment of the portfolio is in discussion with Suraksha ARC to resolve the matter in the best possible manner.

20.1 Working Capital Loans from Scheduled Banks are secured by charge over stocks of materials, unsold finished stock, construction work-in-progress, book-debts of the Company, Office premises at Indra Prakash Building (Lease hold building), Commercial Plot at Rewari, Unsold residential units at Lucknow, Unsold area and Corporate office at Ghaziabad (Freehold Building) and have been guaranteed by promoter director and Corporate Guarantee of Geo Connect Ltd. The rate of interest are as per the respective sanction letters.

20.2 Working Capital Loan from Bank referred above to the extent of:

Rs. 1,780.55 Lakh have been guaranteed by the promoter director (previous year- 1,429.41 Lakh)

Rs. 1,780.55 Lakh have been guaranteed by the subsidiary company. (previous year- 1429.41 Lakh)

20.3 Unsecured Loans referred above to the extent of:

Rs. 180.00 Lakh have been guaranteed by the promoter director (previous year- 200 Lakh)

21.2 Refer Note 46 for Trade payables which are going to be settled within 12 months from the reporting date & for information about liquidity risk and market risk.

21.3 Trade payables includes Rs. 1,892.22 Lakh (Previous year : Rs. 1,864.68 Lakh) payable to related parties.

22.1 The Other payables referred above includes Brokerage Provision, Customer Refund, payable to Associates Co. and Staff Imprest. Further Other Payable Includes Rs. 11.50 Lakh (Previous Year: Rs. 291.61 Lakh) payable to subsidiary company and Rs. 788.83 Lakh (Previous Year: Rs. 1020.74 Lakh) payable to other related parties.

22.2 Further Security Deposit includes Rs. 125.00 Lakh (Previous Year Rs.125.00 Lakh) payable to subsidiary Company.

22.3 Refer Note 46 for other financial liabilities which are going to be settled within 12 months from the reporting date & for information about liquidity risk and market risk.

24.1 The Advances from Customers referred above includes Rs 1427.21.(Previous Year: Rs.200.51 Lakh) received from subsidiary Companies and Rs.55.04 Lakh (Previous Year: Rs. 395.70 Lakh ) from other related parties.

24.2 Advances from customers are against sale of real estate projects and generally are not refundable except in the case of cancellation of bookings.

Disaggregate Revenue Information

The table below represents disaggregated revenues from contracts with customers for the year ended March 31,2024 & March 31, 2023 by offering and contract type. The company believes that this disaggregation best depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by industry, market and economic factors.

Contract assets are initially recognized for revenue earned on account of contracts where revenue is recognized over the period of time as receipt of consideration is conditional on successful completion of performance obligations as per contract. Once the performance obligation is fulfilled and milestones for invoicing are achieved, contract assets are classified to trade receivables.

Contract liabilities include amount received from customers as per the instalments stipulated in the buyer agreement to deliver properties once the properties are completed and control is transferred to customers.

NOTE 32 : EXCEPTIONAL ITEM

The company ("Borrower/ Developer”) received notice under Sec 13(2) of the Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 from India bulls Asset Reconstruction Company Limited ("Lender”) demanding full repayment of Rs. 17,508 Lakh (including interest till 05.04.2019). Further, the company had received notice u/s 13(4) of the SARFASAI Act, 2002 where India bulls Asset Reconstruction Company Limited (IBARC) had taken over the symbolic possession on August 5, 2019 of certain mortgaged properties. Additionally, the company received letter dated May 26, 2021 from Assets Care and Reconstruction Enterprise Limited ("ACRE/Lender”) (Acting in its capacity as Trustee of ACRE-102-Trust) regarding the assignment of the entire debt/facility from IBARC to ACRE.

Subsequently during the previous quarter ended September 2022, upon the request of the borrower, the lender is agreeable to accept

payment from the borrower of the following cash flows towards full and final settlement against all the outstanding dues in the lender's

books of accounts pertaining to the loan agreements executed between the parties vide letter dated September 13, 2022.

(i) An amount of Rs. 6,500.00 Lakh, which is to be paid on or before the execution of the sale deed with the proposed buyer in connection with the sale of the immovable property of project named Ansal Amantre (hereinafter referred to as Project).

(ii) Expected estimated cash flow of Rs.1,384.00 Lakh from the sale of 15 units in the Ansal Highland Project on which the lender has an exclusive charge.

(iii) Any remaining surplus from Ansal Highland Park Project, post-debt servicing and exit of SWAMIH Loan which as on today is estimated to be approximate Rs. 1,531.00 Lakh.

In order to comply with the terms of the letter, the following agreements/action has been taken:

- An extinguishment agreement dated October 14, 2022 was entered between the Oriane Developers Pvt. Ltd. (Landowner) and Ansal Housing Limited (Developer) to invoke and extinguish all the rights of the developer under the Joint Development Agreement dated November 27, 2013 (JDA) for consideration of Rs.9,800.00 Lakh.

- An agreement to sell dated September 17, 2022 read with the addendum was executed for total sale consideration of Rs.11,332.44 Lakh against the sale and transfer of all legal rights and obligations relating to the said project. The stipulations/ conditions as mentioned in all the above agreements/letters have been duly complied with (as applicable) and subsequently, sale deed has been executed on October 20, 2022.

The company has taken the impact of the above agreement/settlement/letter in the financial statements for the year ended March 31, 2023

as an exceptional item as explained hereunder:

(a) The outstanding liability as appearing in books on the letter date amounts to Rs. 20,937.31 Lakh (including interest). Based on the aforesaid letter, the outstanding loan is settled at Rs 9,415.00 Lakh and accordingly the remaining amount of Rs. 11,175.91 Lakh (net of interest reversal amounting to Rs.346.40 Lakh) for the year ended March 31, 2023, had been written back in the books of the company and recognized as exceptional gain.

(b) With regard to aforesaid terms, Development rights in relation to the Inventory (WIP) having a book value of Rs.26,141.79 Lakh have been transferred for a consideration amounting Rs.9,800.00 Lakh. This transaction resulted into an exceptional loss on the transfer of rights amounting to Rs.16,341.79 Lakh for the year ended March 31, 2023, in the Standalone Financial Statements.

(c) After the aforesaid events, the subsidiary company (Oriane Developer Private Limited) does not have enough assets to redeem the investment. Accordingly, impairment loss on investment has been recognized amounting Rs. 500.25 Lakh for the year ended March 31, 2023, in the Standalone Financial Results.

(d) During the year ended March 31, 2024, the company has obtained a benefit of Rs. 235.21 Lakhs on adoption of 'Haryana One Time Settlement' scheme issued by the Government of Haryana and on adoption of 'Punjab One Time Settlement' scheme issued by the Government of Punjab.Additionally, the company has written back the excess provision of Rs. 314.04 Lakhs on account of litigation being settled in favour of the company.

(e) The company has done an investment of Rs. 501.59 Lakhs (including an advance of Rs. 9.92 Lakhs) in Housing Construction & Lanka Private Limited (a wholly-owned subsidiary company in Sri Lanka referred to as 'subsidiary company') by way of equity shares. The BOI has terminated the agreements for the development of an integrated township in Sri Lanka between the subsidiary and the BOI. The subsidiary company had filed an arbitration claim against the Board of Investment of Sri Lanka (BOI). The said arbitration case has been settled. Consequently, the subsidiary company does not have enough assets to redeem the investment made by the company. Accordingly, an impairment loss on investment has been recognized amounting to Rs. 501.59 Lakhs.

a) In respect of certain assessment years upto 2006-07, the Delhi High Court has allowed the appeal of the Income Tax Department filed against the order of the Income Tax Appellate Tribunal, New Delhi, holding that the Notional Annual Letting Value of Flats/Commercial spaces etc. lying unsold in the closing stock is liable to tax under the head 'Income from House Property'. Based on the High Court Order, the tax department has created a demand of Rs.1261.59 Lakh (Previous Year: Rs. 1261.59 Lakh) against the Company. The Company has filed special leave petition before the Supreme Court against the addition of Rs. 1080.77 Lakhs (Previous Year Rs 1080.77 Lakh) by virtue of the order of the Delhi High Court which has been admitted by the Supreme Court and for the balance Rs 180.82 Lakhs (Previous Year Rs 180.82 Lakhs) the company has moved appeals which are pending before the ITAT/CIT. A further liability of Rs.360.42 Lakh (Previous Year: Rs.360.42 Lakh) is estimated in respect of cases where the department has gone into appeal which are pending before the ITAT/High Court. Further in respect of certain assessment years the company/department has gone into appeals on various matters at different forums for an amount of Rs.750.31 Lakhs (Previous Year Rs. 831.51 Lakhs).

b) In respect of certain assessment years, Sales tax authorities have held that construction of properties by developer/ builder is liable to sales tax / VAT and have raised a demand of Rs.340.10 Lakh (Previous Year: Rs.1189.24 Lakh) against the Company which are being disputed by the Company before the appellate authorities. Against these demands, the Company has paid Rs.160.12 Lakh (Previous Year: Rs.160.12 Lakh) under protest and the balance demand has been stayed by the authorities. The management is of the view that in case the Company becomes liable to pay sales tax /VAT, the same will be recovered from the customers to whom these properties have been sold and there is no contingent liability in this respect. The Company has started collecting VAT from Customers on provisional basis.

c) The Revenue Authorities of different states have raised demands of Rs.586.51 Lakh (Previous Year: Rs586.51 Lakh) towards deficiency in Stamp Duty on purchase of land / registration of agreements. Against these demands, the Company has paid Rs.251.53 Lakh (Previous Year: Rs.251.53 Lakh) under protest and the balance demand has been stayed by the appellate authorities. Pending final decision in the matter, no provision has been considered necessary.

In respect of various claims against the Company disclosed above, it has been advised that it has a reasonably good case to succeed at various appellate authorities and hence does not expect any material liability when the cases are finally decided.

d) Commissioner of income tax has issued a notice to the company for TDS demand amounting to Rs 215.59 Lakhs (Previous Year - Rs.70.40 Lakhs) in respect of non deduction of TDS on expenses incurred by the company like external development charges ,brokerage etc. The same has been disputed by the company against the commissioner of income tax at CIT(Appeals). Pending final decision in the matter, management is of the view that the company has good chances of getting the matter decided in its favour and hence no provisioning in respect of the said matter has been done in the books of accounts.

iii) In respect of block assessment for the period 01 April 1989 to 10 February 2000, Income Tax Appealet Tribunal (ITAT) has given full relief to the company and rejected departments ground of appeal for tax claim of Rs. 127.07 Lakhs (Previous Year: Rs.127.07 Lakh). Further, in respect of assessment of certain years, demands had been raised by the Income Tax Department against the Company amounting to Rs.564.64 Lakh (Previous Year: Rs.564.64 Lakh) approx. by disallowing deduction under section 80(IB) of the Income Tax Act, 1961 and other matters. The appeal filed by the Company have been decided in its favour by CIT (Appeals) / ITAT / High Court. The tax department has gone for further reference in the above matters to ITAT/High Court/Supreme Court. The Management has been advised that it has a good case to succeed and no tax liability is likely to be arise in these cases.

iv) Due to depressed market conditions, in some of the cases sale consideration received on sale of plots / flats/ apartments is lower than the value adopted or assessed by the regulatory authorities for the purpose of payment of stamp duty (circle rate) and could attract the provisions of section 43CA of the Income Tax Act, 1961. For the year Assessment Year 2014-15, 2015-16, 2016-17 & 2017-18 the assessing officer has added the difference between sale consideration and circle rates to the income of the Company and created additional demand of Rs.1268.55 Lakh (Previous Year: Rs.1268.55 Lakh), out of the mentioned demand, demand of Rs 981.07 (Previous year Rs 981.07 Lakhs) has been contested by the company and Rs 287.48 Lakhs (Previous Year Rs 287.48 Lakhs) has been contested by department. The Company has opted to refer the matter to Valuation Cell of the Income Tax Department for assessing the fair value of the properties sold. The final tax liability under section 43CA can not be ascertained at this stage as the Income Tax Department has not completed the valuation exercise. Such dispute is likely to arise for the subsequent financial years also.

v) During the financial year 2021-22, the assessment for assessment year 2013-14 was reopened by issue of notice u/s 148 of Income Tax Act. The assessment in this case was completed u/s 143(3) read with section 147 and a demand of Rs.2,643.39 Llakh (including interest) (Previous year 2852.55 Lakh) has been raised by the Income Tax Department. The assessee company preferred an appeal before Hon'ble CIT (A) against additions made by order u/s 143(3)/ 147. The assessee raised several grounds of appeal and is very hopeful of getting full relief under appeal.

vi) There has been a Supreme Court (SC) judgement dated February 28, 2019, relating to components of salary structure that need to be taken into account while computing the contribution to provident fund under the EPF Act. There are interpretative aspects related to the Judgement including the effective date of application. Pending decision on the subject review petition and directions from the EPFO, the impact for the past period, if any, was not ascertainable and consequently no effect was given in the books of accounts.

33.2 Due to unascertainable outcome for pending litigation matters with Court/Appellate Authorities, the company's management expects no material adjustments on the standalone financial statements. Further, the company may be liable to pay damages/ interest for specific non- performance of certain real estate agreements, civil cases preferred against the Company for specific performance of the land agreement. The actual liability on account of these may differ from the provisions already created in the books of accounts and disclosed as contingent liability.

33.3 Capital and Other Commitments

i) Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for Rs. NIL (Previous year Rs NIL)

ii) The Company has entered into joint development agreements with owners of land for its construction and development. As stipulated under the agreements, the Company is required to share in area/ revenue from such development in exchange of undivided share in land as stipulated under the agreements. As on March 31,2024 the Company has paid Rs. 5,723.37 Lakh (Previous Year: Rs. 6,542.95 Lakh) as deposits/ advances against the joint development agreements. Further, the Company has given advances for purchase of land. Under the agreements executed with the land owners, the Company is required to make further payments based on terms/ milestones stipulated in the agreement.

34 The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on Long term contracts. Further the company did not have any derivative contracts.

35 There have been no delays in transferring amounts required to be transferred to the Investor Education and Protection Fund.

36 The Company has no outstanding derivative or foreign currency exposure as at the end of the current year and previous year.

37 Inventory of Land includes Rs.652.34 Lakh (Previous Year: Rs 652.34 Lakh) acquired by subsidiary companies/ others. The land is registered in the name of the subsidiary companies/ others but is under the possession and control of the Company for development and sale of Real Estate Projects in terms of collaboration agreement with these companies.

38 Based on the guiding principles given in Ind AS -108 "Operating Segment”, the Company is mainly engaged in the business of real estate development viz. construction of residential/commercial properties. As the Company's business actually falls within a single segment, the disclosure requirement of Ind AS - 108 in this regard is not applicable.

41 The Company has opted for 'composition scheme' notified by the State of Haryana with effect from 1st April, 2014 under which VAT is payable at compounded lumpsum rate of 1% plus surcharge of 5%. Under the scheme, the Company is debarred from recovering the VAT paid from the customers. During the year ended March 31, 2024, the company has adopted 'Haryana One Time Settlement' scheme issued by the Government of Haryana as a result of which the company is no longer required to repay the outstanding balance of VAT payable under the composition scheme for the period April 1, 2014 to June 30, 2017 amounting to Rs 235.02 lakhs (Previous year Rs.235.02 Lakh)

44 The disclosures of Employee Benefits as defined in Indian Accounting Standard 19 are given below:

A. Defined Benefit Plan

i) Gratuity: The employees' gratuity fund scheme is a defined benefit plan. The Company provides gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. the amount of gratuity payable on retirement/termination is the employees' last drawn basic salary per month computed proportionately for 15 days salary multiplied by the number of years of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy through the trustees of the trust. The present value of the obligation is determined on the basis of year end actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

ii) Leave Encashment: The company also has a leave encashment scheme with defined benefits for its employees. The company makes provision for such liability in the books of accounts on the basis of year end actuarial valuation. No fund has been created for this scheme.

X Risk Exposure

These plans typically expose the Company to actuarial risks such as

- Interest Rate Risk : the defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

- Salary Inflation risk : higher than expected increases in salary will increase the defined benefit obligation.

- Demographic risks : this is the risk of volatility of results due to unexpected nature of decrements that include mortality attrition, disability and retirement. The effects of these decrement on the DBO depends upon the combination salary increase, discount rate, and vesting criteria and therefore not very straight forward. It is important not to overstate withdrawal rate because the cost of retirement benefit of a short caring employees will be less compared to long service employees.

- Asset Liability Mismatch : This will come into play unless the funds are invested with a term of the assets replicating the term of the liability.

- Investment Risk : For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the fair value of instruments backing the liability. In such cases, the present value of the assets is independent of the future discount rate. This can result in wide fluctuations in the net liability or the funded status if there are significant changes in the discount rate during the inter-valuation period.

- Liquidity Risk : Employees with high salaries and long durations or those higher in hierarchy, accumulate significant level of benefits. If some of such employees resign / retire from the company there can be strain on the cash flows.

- Legislative Risk/Regulatory Risk : Legislative risk is the risk of increase in the plan liabilities or reduction in the plan assets due to change in the legislation / regulation. The government may amend the Payment of Gratuity Act thus requiring the companies to pay higher benefits to the employees. This will directly affect the present value of the Defined Benefit Obligation and the same will have to be recognized immediately in the year when any such amendment is effective.

XI Leave Encashment

The leave obligations cover the Company's liability for earned leaves. The amount of provision of Rs.24.15 Lakh (Previous Year: Rs.14.44 Lakh) is presented as current, since the Company does not have an unconditional right to defer settlement for any of these obligations. However, based on past experience, the Company does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months, therefore based on the independent actuarial report, only a certain amount of provision has been presented as current and remaining as non-current. The amount debited/ (recognized) for the year is:

44.1 The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in employment market.

B. Defined Contribution Plan

The Company makes provident fund contribution to defined contribution retirement benefit plan for its employees. Under the scheme, the company deposits an amount determined as a specified percentage of basic pay with the regional provident fund commissioner. Contribution to defined contribution plan recognized as expense for the year is Rs.57.00 Lakh (Previous Year: Rs.49.51 Lakh).

Note: For details of securities owned by the related parties which have been mortgaged by the company, refer Note 16 of the financial statements.

Note: All transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions. Outstanding balances at the year end are unsecured. For the year ended March 31, 2024, the Company has recorded a provision of impairment of receivables of Rs. 501.59 lakhs from related parties (March 31, 2023- Rs.500.25 lakhs).

(ii) Fair value hierarchy

The fair value of financial instruments have been classified into three categories depending on the input used in the valuation technique. The categories used are as follow:

Level 1: Quoted prices for identical instruments in an active market

Level 2: Directly or indirectly observable market input, other than Level 1 inputs

Level 3: Inputs which are not based on observable market date

(iii) Valuation techniques used to determine fair value.

Specific valuation technique used to value financial instruments includes:

(a) the use of net asset value(NAV) for mutual funds on the basis of the statement received from investee party.

(b) the use of adjusted net asset value method for certain equity investments because the amount of investment is not material and management is not expected significant changes in fair value of investment.

B Financial Risk Management

The Company's business operations are exposed to various financial risks such as liquidity risk, market risks, credit risk, interest rate risk, funding risk etc. The Company's financial liabilities mainly includes borrowings taken for the purpose of financing company's operations, trade payable and other financial liabilities. Financial assets mainly includes trade receivables, unbilled revenue, investment in subsidiaries/associates, loans, security deposit etc. the company is not exposed to foreign currency risk and the company have not obtained entered in forward contracts and derivative transactions.

The Company has a system based approach to financial risk management. The Company has internally instituted an integrated financial risk management framework comprising identification of financial risks and creation of risk management structure. The financial risks are identified, measured and managed in accordance with the Company's policies on risk management. Key financial risks and mitigation plans are reviewed by the board of directors of the Company.

I Liquidity Risk

Liquidity risk is the risk that the Company may face to meet its obligations for financial liabilities. The objective of liquidity risk management is that the Company has sufficient funds to meet its liabilities when due. However, presently the Company is under stressed conditions, which has resulted in delays in meeting its liabilities. The Company, regularly monitors the cash outflow projections and arrange funds to meet its liabilities.

II Market risk

Market risk is the risk that future cash flows will fluctuate due to changes in market prices i.e. interest rate risk and price risk. a. Interest rate risk

Interest rate risk is the risk that the future cash flows will fluctuate due to changes in market interest rates. The Company is mainly exposed to the interest rate risk due to its borrowings. The Company manages its interest rate risk by having balanced portfolio of fixed and variable rate borrowings. The Company does not enter into any interest rate swaps.

b. Price risk

The Company has very limited exposure to price sensitive securities, hence price risk is not material.

III Credit Risk

Credit risk is the risk that customer or counter-party will not meet its obligation under the contract, leading to financial loss. The Company is exposed to credit risk for receivables from its real estate customers and refundable security deposits.

Customers credit risk is managed, generally by receipt of sale consideration before handing over of possession and/or transfer of legal ownership rights. The Company credit risk with respect to customers is diversified due to large number of real estate projects with different customers spread over different geographies.

Based on prior experience and an assessment of the current receivables and unbilled revenue, the management believes that there is no credit risk and accordingly no provision is required. The ageing of trade receivables and unbilled revenue is as below:

Loans to related parties and project deposits

The company has loans to related parties and project deposits. The settlements of such instruments is linked to the completion of the respective underlying projects. Such financial assets are not impaired as on the reporting date.

Cash and Bank Balances

Credit risk from cash and bank balances is managed by the company's finance department in accordance with the company's policy 47 Capital Management

For the purpose of capital management, capital includes equity capital, share premium and all other equity reserves attributable to equity shareholders of the company.

The company's capital management objectives are:

(a) to ensure the company's ability to continue as a going concern

(b) to provide an adequate return to shareholdersby controlling the prices in relation to the level of risk

The company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirement of financial covenants. The Company maintains balance between debt and equity. The Company monitors its capital management by using a debt-equity ratio, which is total debt divided by total capital.

iii The company has recognised deferred tax assets on its unabsorbed depreciation and business losses carried forward. The Company has executed flat/plot sale agreements with the customers against which advances have been received and the same are disclosed as part of Note 24 of the financial statements. Revenue not offered under Income Tax Act in respect of such executed sale agreements will get recognised in future years as per the accounting policy of the company. Based on this, the company has reasonable certainty as on the date of the balance sheet, that there will be sufficient taxable income available to realize such assets in the near future.

iv The company recognises deferred tax asset on margins in respect of projects where revenue recognition has been reversed/ deferred on account of adoption of Ind AS 115 (refer note 51). Out of reversal/ deferrment till date, during financial year 202324, there is reversal of deferred tax asset on booking of margin of Rs 7,595.60 Lakh (Previous Year: Rs 1,068.38 Lakh ) under Income Tax Act,1961. The net deferred asset as on March 31, 2024 on the same is Rs 3,036.26 Lakh (Previous Year Rs 5,149.36 Lakh). The deferred tax asset will be recovered as and when such margin will be recycled to statement of profit and loss. The Company believes there is reasonable certainty of recovery of such deferred tax asset as margin reversed will be recognised in subsequent periods as and when revenue will be recorded based on transfer of control.

Further on the application of Ind AS-115 on April 1, 2018 the company had reversed net profits of Rs. 17,801.78 Lakhs and accordingly deferred tax assets on Rs. 4,952.44 Lakhs was recognised (refer note 51). Out of this, till March 31,2024, the company has recognised net profits of Rs. 7,543.19 Lakh (Previous Year Rs. 2,185.83 Lakh) and deferred tax asset of Rs.2,098.52 Lakh (Previous Year Rs. 608.10 Lakh) has been reversed .

Further, in addition to the above the company has recognised deferred tax asset of Rs. 385.55 Lakh (Previous Year Rs. 805.02 Lakh) on the net profits of such projects which have not been recognised since they haven't fulfilled the revenue recognition criteria of the company as on March 31,2024 but the net profits on such projects have been offered to tax under Income Tax Act, 1961.

v Provision for tax for the year ended March 31, 2024 is only provisional and it is subject to change at the time of filing Income Tax Return based on actual addtion/dedcution as per provisions of Income Tax Act, 1961.

50.1 The company made an Investment in Shamiya Automobiles Pvt. Ltd.. During the F.Y. 2018-19, the company passed a resolution in the Board meeting dated 29th May 2018 to sold out the investment. In previous year 2022-23, the intent of the company to sale the investment has been changed so it has been reclassified in investment in subsidiaries.

51 Impact of application of Ind AS 115 Revenue from Contracts with Customers

The Ministry of Corporate Affairs vide notification dated 28th March 2018 has made Ind AS 115 "Revenue from Contracts with Customers” (Ind AS 115) w.e.f. 1 st April, 2018. The Company has applied the modified retrospective approach as per para C3(b) of Ind AS 115 to contracts that were not completed as on 1st April 2018 and the cumulative effect of applying this standard is recognised at the date of initial application i.e.1 st April, 2018 in accordance with para C7 of Ind AS 115 as an adjustment to the opening balance of General Reserve, only to contracts that were not completed as at 1st April, 2018. The transitional adjustment of Rs. 12,849.33 lakh (net of deferred tax) has been adjusted against opening General Reserve based on the requirements of the Ind AS 115 pertaining to recognition of revenue based on satisfaction of performance obligation.

52 Balance Confirmation of certain outstanding balances

The Company has a system of obtaining periodic confirmation of balances from banks, trade receivables/payables and other parties (other than disputed parties). The balance confirmation letters as referred in the Standard on Auditing (SA) 505 (Revised) 'External Confirmations', were sent to banks and parties and certain party's balances are subject to confirmation/reconciliation. Adjustments, if

any will be accounted for on confirmation/reconciliation of the same, which in the opinion of the management will not have a material impact.

53 The company is in collaboration with Samyak Projects Private Limited ("Samyak'') for developing a project at Ansal Hub 83—II (Ansal Boulevard), Gurugram. Samyak took an Inter Corporate Deposit of Rs 2,500 Lakh from the company to make the payment related to the project under a collaboration and failed to discharge its obligations for the repayment. The company has approached the NCLT for initiation of the Corporate Insolvency Resolution Process (CIRP) which has been dismissed by the Hon'ble NCLT vide order dated February 28, 2023. Against the said order the company has filed an appeal in Hon'ble National Company Law Appellate Tribunal (NCLAT) which was disposed off stating that the company has the liberty to exhaust other remedies before any other appropriate forum. Consequently, the company, knocked the door of the Hon'ble Supreme Court wherein, vide order dated 12th March,2024, the Hon'ble Supreme Court also upheld the order of the NCLAT. Presently the company is in the process of filing civil suit for recovery and the management is of the view that the full amount of Rs. 5,795.20 Lakhs (including accrued interest till 31.03.2020) is recoverable from the party and hence no provision for the same has been made in the books of accounts. Further company has not recognized the interest income amounting to Rs. 3,942.71 Lakhs and Rs. 3,011.68 Lakhs for the year ended March 31, 2024 and March 31, 2023 respectively due to the uncertainty of the realization of income as per Ind AS 115, "Revenue from Contract with Customer”.

Also, the Company is in collaboration with Samyak Projects Private Limited ("Samyak”) for developing a project at Ansal Hub 83-II (Ansal Boulevard), Gurugram.The said project is subject to execution as per terms and condition of Interim Arbitration award dated August 31 ,2021 . The project is having book value as on March 31, 2024 Rs. 13,776.39 Lakh (Previous year Rs13,709.14 Lakh).

54 The company is in due compliance with the provisions of the Real Estate Regulation Act ("act”) and there is no material financial impact of the provisions of the said act on the financial statements of the company.

56 OTHER STATUTORY INFORMATION:

i. No proceedings have been initiated on or are pending against the company for holding Benami property under the Prohibition of Benami Property Transaction Act 1988 (as amended in 2016) (formally the Benami Transactions (Prohibition) Act 1988 (45 of 1988) and Rules made thereunder during the year ended March 31, 2024, and March 31 2023.

iv During the year ended March 31, 2024 and March 31, 2023, the company has not advanced or loaned or invested funds (either borrowed funds or the share premium or kind of funds) to any other person or entities, including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the intermediary shall:

a. directly or indirectly land 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.

v During the year ended March 31,2024 and March 31, 2023, the company has not received any funds from any persons or entities 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.

vi During the year ended March 31, 2024 and March 31,2023, the Company have no 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).

vii The company complies with the number of layers of companies in accordance with clause 87 of Section 2 of the Act read with the Companies (Restriction on number of layers) rules 2017 during the year ended March 31, 2024 and March 31, 2023.

viii The company has not been declared a wilful defaulter by any bank or financial institution or government or any government authorities during the year ended March 31, 2024 and March 31, 2023.

ix The company has not entered into any scheme of arrangement approved by the competent authority in terms of sections 232 to 237 of the Companies Act 2013 during the year ended March 31, 2024 and March 31, 2023.

x The Company has filed all the required quarterly return statements of currents assets with the bank as per covenants of the Sanction of Working Capital Limit which are in agreement with the books of accounts and there are no material discrepancies in the same.

57 The company has a comprehensive system of maintenance of information and documents as required by the Goods and Services Act("GST Act”). Since the GST Act requires existence of such information and documentation to be contemporaneous in nature, books of accounts of the company are also subject to filing of GST Annual Return as per applicable provisions of GST Act to determine whether the all transactions have been duly recorded and reconcile with the GST Portal. Adjustments, if any, arising while filing the GST Annual Return shall be accounted for as and when the return is filed for the current financial year. However, the management is of the opinion that the aforesaid annual return will not have any material impact on the financial statements.

58 The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits has received Presidential assent on September 28, 2020. The Code has been published in the Gazette of India. However, the effective date of the Code is yet to be notified and final rules for quantifying the financial impact are also yet to be issued. In view of this, the Company will assess the impact of the Code when relevant provisions are notified and will record related impact, if any, in the period the Code becomes effective.

61 The net recoverable value of advances/security deposits paid by company for acquisition of land/project development is based on the management's estimates and internal documentation, which include, among other things, the likelihood when the land acquisition would be completed, the expected date of plan approvals for commencement of project, expected date of completion of project and the estimation of sale prices and construction costs. Due to the significance of the balance to the financial statements as a whole and the involvement of estimates and judgement in the assessment which is being technical in nature, the management is of the opinion that entire amount is recoverable/adjustable against the land procurement/amount payable to collaborator under collaboration agreement and hence no provision is required at this stage.

62 The Company is not expecting to complete the project within the operating cycle for the project land situated at Panchkula and accordingly all associated assets and liabilities has been classified as non current.

63 Approval of the financial statements

The financial statements were approved for issue by Board of Directors on May 29, 2024.

64 Notes 1 to 64 form an integral part of the standalone financial statements as at March 31, 2024.