2.17 Provisions and Contingent Liabilities
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows to net present value using an appropriate pre-tax discount rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.
A present obligation that arises from past events, where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made, is disclosed as a contingent liability. Contingent liabilities are also disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-
occurrence of one or more uncertain future events not wholly within the control of the Company. Claims against the Company, where the possibility of any outflow of resources in settlement is remote, are not disclosed as contingent liabilities.
Contingent assets are not recognised in the financial statements since this may result in the recognition of income that may never be realised. However, when the realisation of income is virtually certain, then the related asset is not a contingent asset and is recognised.
2.18 Statement of Cash Flows
Statement of Cash Flows are reported using the indirect method, whereby the 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 expenses associated with investing or financing cash flows. The Statement of Cash Flows from operating, investing and financing activities of the Company are segregated.
2.19 Earnings Per Share (EPS)
The basic EPS is computed by dividing the profit after tax for the year attributable to the equity shareholders by the weighted-average number of equity shares outstanding during the year.
For the purpose of calculating diluted EPS, profit after tax for the year attributable to the equity shareholders and the weighted-average number of equity shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
2.20 Significant Accounting Judgements, Estimates and Assumptions
The preparation of financial statements, in conformity, with the Ind AS, requires judgements, estimates and assumptions to be made, that affect the reported amounts of assets and liabilities on the date of the financial statements, the reported amounts of revenues and expenses during the reporting period and the disclosures relating to contingent liabilities as of the date of the financial statements. Although, these estimates are based on the Management's best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in outcomes different from the estimates. Difference between actual results and estimated is recognised in the period in which the results
are known or materialised. Estimates and underlying assumptions are reviewed on an ongoing basis. Any revision to accounting estimates is recognised prospectively in the current and future periods.
Judgements
Aditya Birla Capital Limited holds, either directly or through its subsidiaries, more than half of the equity shareholding in the following entities. However, as per the shareholders' agreement/statute, the Company needs to jointly decide with other shareholders of the respective entity on certain relevant activities.
Hence, the same are being accounted as per equity method of accounting.
a) Aditya Birla Sun Life AMC Limited
b) Aditya Birla Sun Life Trustee Company Private Limited
c) Aditya Birla Wellness Private Limited
Estimates and Assumptions
The key assumptions, concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.
Useful Lives of Property, Plant and Equipment
The Company uses its technical expertise along with historical and industry trends for determining the economic life of an asset/component of an asset. The useful lives are reviewed by the Management periodically and revised, if appropriate. In case of a revision, the unamortised depreciable amount is charged over the remaining useful life of the assets.
Measurement of Defined Benefits Obligations
The cost of the defined benefits gratuity plan and the present value of the gratuity obligation are determined
using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefits obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
Recognition of Deferred Tax Assets
Availability of future taxable profit against which the tax losses carried forward can be used.
Recognition and Measurement of Provisions and Contingencies
Key assumptions about the likelihood and magnitude of an outflow of resources.
Fair Value Measurement of Financial Instruments
When the fair value of financial assets and financial liabilities recorded in the Balance Sheet cannot be measured based on quoted prices in active markets, their fair values are measured using valuation techniques including the Discounted Cash Flow (DCF) model. The inputs to these models are taken from observable market, where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include consideration of input such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments.
Share-Based Payments
The Company measures the cost of equity-settled transactions with employees using Black-Scholes Model to determine the fair value of the liability incurred on the grant date. Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which is dependent on the terms and conditions of the grant.
This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield, and making assumptions about them.
Impairment of Financial Assets
The measurement of impairment losses across all categories of financial assets requires judgement, in particular, the estimation of the amount and timing of future cash flows and collateral values when determining impairment losses and the assessment of a significant increase in credit risk. These estimates are driven by a number of factors, changes in which can result in different levels of allowances.
The Company's ECL calculations are outputs of complex models with a number of underlying assumptions regarding the choice of variable inputs and their inter-dependencies. Elements of the ECL models that are considered accounting judgements and estimates include:
a. The Company's internal credit grading model, which assigns PDs to the individual grades.
b. The Company's criteria for assessing, if there has been a significant increase in credit risk, and so,
allowances for financial assets, should be measured on a LTECL basis and the qualitative assessment.
c. The segmentation of financial assets when their ECL is assessed on a collective basis.
d. Development of ECL models, including the various formulas and the choice of inputs.
e. Determination of associations between macroeconomic scenarios and economic inputs, such as unemployment levels and collateral values, and the effect on PDs, EADs and LGDs.
f. Selection of forward-looking macro-economic scenarios and their probability weightings, to derive the economic inputs into the ECL models.
It has been the Company's policy to regularly review its
models in the context of actual loss experience and adjust,
when necessary.
a) Contingent Liabilities
The Company has issued Corporate Guarantees to National Housing Bank on behalf of its subsidiary Aditya Birla Housing Finance Limited (ABHFL) of ' 3,500 Crore upto 31st March 2024 (Previous Year ' 3,500 Crore) for ABHFL borrowing, against which the outstanding borrowing in the books of ABHFL as at 31st March 2024 is ' 1,607.52 Crore (Previous Year ' 2,057.71 Crore). As per the terms of the Guarantee, the Company's liability is capped at the outstanding amount on invocation.
b) Capital Commitments
i) The Company has ' Nil as commitments towards Property, Plant and Equipment as at 31st March 2024 (Previous Year ' 0.37 Crore).
ii) Pursuant to the Shareholders' Agreement entered into with Sun Life Financial (India) Insurance Investments Inc. and its holding Company Sun Life Assurance Company of Canada by Aditya Birla Capital Limited, in respect of Aditya Birla Sun Life Insurance Company Limited (ABSLI), the Company will infuse its share of capital in ABSLI from time to time to meet the solvency requirement, prescribed by the regulatory authority. Transfer of investments in ABSLI is restricted by the terms contained in Shareholders' Agreements entered into by the Aditya Birla Capital Limited.
iii) Pursuant to the Shareholders' Agreement entered into with Momentum Metropolitian Strategic Investments (Proprietary) Limited and Platinum Jasmine A 2018 Trust by Aditya Birla Capital Limited, in respect of Aditya Birla Health Insurance Co. Limited (ABHI), the Company will infuse its share of capital in ABHI from time to time to meet the solvency requirement, prescribed by the regulatory authority.
a) Stock Options Scheme 2017
At the Annual General Meeting held on 19th July 2017, the shareholders of the Company approved the grant of not more than 3,22,86,062 Equity Shares by way of grant of Stock Options ("ESOPs") and Restricted Stock Units ("RSUs"). Out of these, the Nomination, Remuneration and Compensation Committee has granted 2,40,62,864 ESOPs and 57,42,636 RSUs under the Scheme titled "Aditya Birla Capital Limited Employee Stock Options Scheme 2017" in 3 categories of Long-Term Incentive Plans ("LTIP"), identified as LTIP 1, LTIP 2, and LTIP 3. The Scheme allows the Grant of Stock Options to employees of the Company (whether in India or abroad) that meet the eligibility criteria. Each option comprises one underlying Equity Share.
b) Stock Options and Performance Stock Unit Scheme 2022
The shareholders of the Company, vide a special resolution passed through Postal Ballot on 16th October 2022, approved the Scheme titled "Aditya Birla Capital Limited Employee Stock Options and Performance Stock Unit Scheme 2022" ("ABCL Scheme 2022") for granting Employee Stock Options ("Options") and Employee Performance Stock Units ("PSUs") (collectively referred to as, "the Stock Options") exercisable into not more than 4,10,71,270 Equity Shares. ABCL Scheme 2022 allows the grant of Stock Options to employees of the Company, and its group company(ies) including its Holding Company and Subsidiary Company(ies) and Associate Company(ies) (whether working in India or outside India) that meet the eligibility criteria. Each Stock Option confers a right upon the Grantee to apply for 1 (one) Equity Share. Out of these, the Nomination, Remuneration and Compensation Committee has granted 1,39,54,991 Options and 63,60,714 PSUs under ABCL Scheme 2022.
NOTE: 36 ABCL INCENTIVE PLAN 2017
The Scheme titled as "ABCL Incentive Scheme for Stock Options and Restricted Stock Units - 2017 (ABCL Incentive Scheme)" was approved by the shareholders through postal ballot on 10th April 2017. The Nomination, Remuneration and Compensation Committee of the Company at its meeting held on 15th January 2018, granted 14,65,927 ESOPs and 2,52,310 Restricted Stock Units (RSUs) (collectively called as "Stock Options") to the eligible grantees pursuant to the Composite Scheme of Arrangement between erstwhile Aditya Birla Nuvo Limited (now merged with Grasim Industries Limited), Grasim Industries Limited and Aditya Birla Capital Limited. The Stock Options allotted under the Scheme are convertible into equal number of Equity Shares.
The vesting conditions and the vesting dates under the ABCL Incentive Scheme shall follow the same vesting conditions, as applicable, to the Grantees under the corresponding Grasim Employee Benefit Schemes 2006 and 2013.
iii) Funding Arrangement and Policy
The money contributed by the Company to the fund to finance the liabilities of the plan has to be invested.
The trustees of the plan are required to invest the funds as per the prescribed pattern of investments laid out in the Income Tax Rules for such approved schemes. Due to the restrictions in the type of investments, that can be held by the fund, it is not possible to explicitly follow an asset-liability matching strategy to manage risk actively.
Estimated amount of contribution expected to be paid to the fund during the annual period after the Balance Sheet date is ' 0.87 Crore (Previous Year ' 0.76 Crore).
NOTE: 40 FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
Principles for Estimating Fair Value
The following summarises the major methods and assumptions used in estimating the fair values of financial instruments reflected in the table.
Fair Value Hierarchy
The table below analyses financial instruments carried at fair value, by valuation method at 31st March 2024. The different levels have been defined as follows:
Level 1: Category includes financial assets and liabilities that are measured in whole or in significant part by reference to published quotes in an active market.
Level 2: Category includes financial assets and liabilities measured using a valuation technique based on assumptions that are supported by prices from observable current market transactions. These include assets and liabilities for which pricing is obtained via pricing services, but where prices have not been determined in an active market, financial assets with fair values based on broker quotes and assets that are valued using the Company's own valuation models whereby the material assumptions are market observable.
Level 3: Category includes financial assets and liabilities measured using valuation techniques based on non-market observable inputs. This means that fair values are determined in whole or in part using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data. However, the fair value measurement objective remains the same, that is, to estimate an exit price from the perspective of the Company. The main asset classes in this category are unlisted equity investments as well as unlisted funds.
NOTES: 41 FINANCIAL RISK MANAGEMENT
The Company, being a Core Investment Company as per Master Directions - Core Investment Companies (Reserve Bank) Directions, 2016, is required to invest or lend majority of its funds to its Subsidiaries, Joint Ventures and Associates. The Company's principal financial liabilities comprise trade and other payables. The main purpose of these financial liabilities is to support the Company's operations. The Company's principal financial assets include Investments, inter-corporate deposits, cash and cash equivalents, bank deposits, and other receivables.
The Company is exposed to certain financial risks, such as equity investment risk, market risk, credit risk and liquidity risk. The Company's Senior Management oversees the management of these risks. The Company's Senior Management is supported by a Risk Management Committee that advises on financial risks and the appropriate risk management - framework for the Company. The Risk Management Committee provides assurance to the Company's Board that the Company's financial risk activities are governed by appropriate policies, and procedures and that Material risks are identified, measured and managed in accordance with the Company's policies and risk objectives. The Material financial risks are summarised below:
Capital Management
For the purpose of the Company's capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company's capital management is to maximise the shareholder value.
The Company manages its capital structure, and makes adjustments in light of changes in economic conditions. The Company monitors that as per CIC guidelines, Adjusted Net Worth shall at no point of time be less than 30% of its aggregate risk weighted assets on Balance Sheet and risk adjusted value of off-Balance Sheet items as on the date of the last audited Balance Sheet as at the end of the financial year. Refer Note No. 59 for the disclosures.
Equity Investment Risk
The Company's investments in listed and non-listed equity securities are accounted at cost in the financial statements net of impairment. The expected cash flows from these entities are regularly monitored internally and also independently by third party valuer, wherever necessary, to identify impairment indicators.
Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. In the case of the Company, market risk primarily impacts financial instruments measured at fair value through profit or loss. These are primarily unquoted Compulsorily Convertible Preference Shares of subsidiaries and investments in mutual funds, where investments are not significant in relation to the size of its total investments. The fair value change of these investments, if any, are regularly monitored.
Credit Risk
Credit risk is the risk that the counterparty will not meet its obligations under a financial instrument or a customer contract, leading to a financial loss. The Company is exposed to credit risk from its financing activities towards inter-corporate deposits to subsidiaries and loans to employees, where no significant impact on credit risk has been identified.
Liquidity Risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company's corporate treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by the Senior Management.
The Company manages its liquidity requirement by analysing the maturity pattern of the Company's cash flows of financial assets and financial liabilities. The Company invests its surplus funds in debt schemes of mutual funds, which carry low mark-to-market risks and fixed deposits which does not carry mark-to-market risks. Also refer Note No. 42 for maturity analysis of assets and liabilities.
Under Aditya Birla Capital Limited Stock Appreciation Rights Scheme 2019, the Company has approved a grant of Nil (Previous Year Nil) Options SARs to the employees of the Company and its subsidiaries.
NOTE: 45
The Company, during the current year, has allotted 63,16,154 (Previous Year 16,82,056) Equity Shares of ' 10 each, fully paid-up, on exercise of options by eligible grantees, in accordance with the Employee Stock Options Schemes approved by the Company.
NOTE: 46
With effect from 11th October 2017, 6,44,22,405 Global Depositary Shares (GDSs) representing 6,44,22,405 Equity Shares of ' 10 each have been admitted for trading on the Luxembourg Stock Exchange.
As on 31st March 2024, 5,64,96,331 (GDS) representing 5,64,96,331 Equity Shares are outstanding (Previous Year 5,47,05,589).
NOTE: 47
During the year, the Company issued Equity Share Capital through Qualified Institutional Placement of 10,00,00,000 shares to Qualified Institutional Buyers and through Preferential Issuance of 7,57,11,688 shares to its Promoter and a member of Promoter Group entity, both aggregating to ' 3,000 Crore. In accordance with Ind AS 32, the costs that are attributable directly to the above transaction have been adjusted against securities premium reserve.
The Board of Directors of the Company, at its Meeting held on 11th March 2024, approved the Scheme of Amalgamation between Aditya Birla Finance Limited ("Amalgamating Company") (a wholly owned subsidiary of the Company) and the Company, their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013, and other applicable provisions of the Companies Act, 2013, read with rules made thereunder ("Scheme"). The Scheme is subject to the sanction of National Company Law Tribunal (NCLT), Ahmedabad Bench, and receipt of necessary approvals from the Reserve Bank of India, Stock Exchanges and Securities and Exchange Board of India, shareholders/creditors, as may be directed by the NCLT and such other regulatory/ statutory authorities, as may be required.
NOTE: 49
During the year, Scheme of Amalgamation of Aditya Birla Money Insurance Advisory Services Limited ("ABMIASL"), Aditya Birla Money Mart Limited ("ABMML") and Aditya Birla Capital Technology Services Limited ("ABCTSL") with Aditya Birla Financial Shared Services Limited ("ABFSSL"), all wholly owned subsidiaries of the Company was filed with Hon'ble National Company Law Tribunal ("NCLT"), Ahmedabad Bench, and the approval from Hon'ble NCLT is awaited.
NOTE: 50
During the year, Aditya Birla Capital Limited had sold 1,39,94,199 Equity Shares of Aditya Birla Sun Life AMC Limited ("ABSLAMC") representing 4.86% of the issued and paid-up Equity Share Capital of the ABSLAMC, by way of an offer for sale through stock exchange mechanism, in order to achieve minimum public shareholding of the ABSLAMC, as required under the applicable laws. Post-completion of offer for sale, the shareholding percentage of Aditya Birla Capital Limited in ABSLAMC stands at 45.14%. The Company has recognised gain amounting to ' 635.77 Crore (Net of tax, gain is ' 566.17 Crore). To achieve the minimum public shareholding in ABSLAMC, the Company is required to further dilute stake of 3,94,463 Equity Shares and has accounted the same as "Assets Held for Sale"
NOTE: 51
The Board of Directors of the Company, at its meeting held on 27th March 2023, had approved the sale of its entire stake of 50.002% of the issued and paid-up share capital of Aditya Birla Insurance Brokers Limited ("ABIBL") to Edme Services Private Limited, part of the Samara Capital Group and an affiliate of Samara Alternate Investment Fund.
The Proposed Transaction is subject to receipt of the approval of Insurance Regulatory and Development Authority of India ("IRDAI") and other regulatory/statutory approvals and satisfactory compliance of other conditions under the Share Purchase Agreement. Upon completion of the Proposed Transaction, ABIBL shall cease to be a subsidiary of the Company.
NOTE: 52
During the previous year, Aditya Birla Health Insurance Co. Limited ("ABHI") has made a preferential allotment of 5,07,07,454 Equity Shares of ' 10 each to Platinum Jasmine A 2018 Trust, acting through its trustee, Platinum Owl C 2018 RSC Limited, being a wholly owned subsidiary of Abu Dhabi Investment Authority ("ADIA"), on 21st October 2022 for an aggregate consideration of ' 664.27 Crore. Pursuant to such issuance of the Equity Shares, ADIA owns 9.99% stake in ABHI. W.e.f. 21st October 2022, ABHI ceased to be a subsidiary, and has been accounted as a Joint Venture.
NOTE: 53
The Company has made an assessment of its value of investments in Equity Shares and 0.001% Compulsory Convertible Cumulative Preference Shares ("CCPS") of Aditya Birla Capital Technology Services Limited ("ABCTSL"). Based on such assessments, an impairment loss on Equity Shares of ' 9.27 Crore and fair value loss on CCPS of ' 14.98 Crore have been provided as on 31st March 2024.
The Company has a Long-Term Incentive Plan for selective employees. Long-term Incentive Plan is payable to employees on fulfilment of certain criteria laid down by the Company in the plan. On the basis of the plan, the Company has made provision of ' 14.04 Crore (Previous Year ' 4.61 Crore) basis actuarial valuation report obtained.
NOTE: 55
The Company has short-term rating of "[ICRA]A1 " and "CRISIL A1 " and "[ICRA]AAA(stable)" long-term rating from ICRA. During the year, the Company has not borrowed any funds.
NOTE: 56 INVESTMENT PROPERTY FAIR VALUE
The Company has carried out the valuation through Registered Valuer in terms of Companies Act, 2013, to determine the fair value of its Investment Property. As per report provided by Registered Valuer in terms of Companies Act, 2013, the fair value is ' 19.02 Crore as on 31st March 2024 (Previous Year ' 18.07 Crore).
The fair value of Investment Property has been derived using the Direct Comparison Method based on the recent market prices without any significant adjustments being made to the observable data. Accordingly, fair value estimates for Investment Property is classified as Level 3.
The Company has no restrictions on the realisability of its Investment Property, and has no contractual obligations to purchase, construct or develop Investment Property.
Information regarding Income and Expenditure of Investment Property
NOTE: 60 DISCLOSURE REQUIRED AS PER RBI GUIDELINES/CIRCULARS
(1) Disclosure as Required by RBI Circular RBI/DOR/2023-24/106 DOR.FIN.REC.NO.45/03.10.119/ 2023-24 dated 19th October 2023 (NBFC-Scale Base Regulation)
a) Group entities that are not consolidated in the CFS - All the entities required by Ind AS are consolidated in ABCL Consolidated Financials as on 31st March 2024 and 31st March 2023
b) Refer Annexure 2 to Annexure 10 for disclosure those are applicable and relevant as per above circular.
(2) Disclosure as required under Annexure V of Master Direction - Core Investment Companies (Reserve Bank) Direction, 2016
Annexure V
a) Refer Annexure 11 to Annexure 14 for disclosure applicable as per CIC Master Guidelines and not specifically covered under
RBI CIRCULAR RBI/DOR/2023-24/106 D0R.FIN.REC.N0.45/03.10.119/2023-24 dated 19th October 2023.
(3) Other Disclosures as per RBI Circulars
a) RBI/DOR/2021-22/86 D0R.STR.REC.51/21.04.048/2021-22 Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021 dated 24th September 2021
b) RBI circular 2020-21/17 D0R.No.BP.BC/4/21.04.048/2020-21
c) RBI circular 2020-21/16 D0R.No.BP.BC/3/21.04.048/2020-21
Being a Core Investment Company, there are no transaction to be reported for the above circulars.
NOTE: 61
The Letter of Comfort and awareness were issued in earlier years for availing credit facilities/credit rating by subsidiaries of ' 410 Crore and ' 200 Crore, respectively, with an explicit clause that it is not in nature of financial guarantee.
NOTE: 62
Amount required to be spent by the Company on Corporate Social Responsibility (CSR) related activities during the year is ' Nil (Previous Year ' Nil) in accordance with the Companies Act, 2013.
NOTE: 63
The Indian Parliament has approved the Code on Social Security, 2020, which subsumes the Provident Fund and the Gratuity Act and rules thereunder. The Ministry of Labour and Employment has also released draft rules thereunder on 13th November 2020, and has invited suggestions from stakeholders. The Company will evaluate the rules, assess the impact, if any, and account for the same once the rules are notified and become effective.
NOTE: 64 OTHER NOTES
(a) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entities ("Intermediaries") with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in parties identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any parties (Funding Party) with the understanding that the Company shall whether, directly or indirectly, lend or invest in other persons or entities identified by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(b) Additional regulatory information pursuant to the requirement of Schedule III of the Companies Act, 2013
(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
(ii) The Company does not have any transactions with companies struck off.
(iii) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.
(iv) The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.
(v) The Company has not any such transaction which is not recorded in the books of account 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) None of the entities in the Company has been declared wilful defaulter by any bank or financial institution or government or any government authority.
(vii) The Company has complied with the number of layers prescribed under the Companies Act, 2013.
NOTE: 65 SEGMENT REPORTING
The main business of the Company is Investment activity. Hence, there are no separate reportable segments as per Ind AS 108 on 'Operating Segment'.
In terms of our report attached For and on behalf of the Board of Directors of
For B S R & Co. LLP Aditya Birla Capital Limited
Chartered Accountants
Firm’s Registration No.: 101248W/W-100022
Ashwin Suvarna Vishakha Mulye Arun Kumar Adhikari S. C. Bhargava
Partner Chief Executive Officer Director Director
Membership No.: 109503 (DIN: 00591057) (DIN: 00020021)
Pinky Mehta Amber Gupta
Chief Financial Officer Company Secretary
Mumbai, 13th May 2024 Mumbai, 13th May 2024
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