Clean Max Enviro Energy Solutions Ltd. के अकाउंट के लिये नोट

Mar 31, 2026

5 (c) Refer note 47(ix) for investment in subsidiaries pledged by the Company against borrowings.

5 (d) Each debenture shall be convertible at the option of the issuer into such number of Equity shares of the issuer at any time as determined based on the Fair Market Value of the equity shares of the issuer on the date of such conversion. In the event the issuer chooses not to exercise the conversion option within a period of 10 years, then the same shall be redeemed at the end of 10 years.

5 (e) Equity investments in subsidiaries and joint venture are strategic and long-term in nature, with recoverability linked to the operational and financial performance of the underlying entities. Impairment is assessed based on the long-term economic viability of each investment, using a discounted cash flow model based on internal projections of future revenues and operating costs applying discount rates of 8%-11%. The Company has also performed sensitivity analysis around the base assumptions and has concluded that there are no reasonably possible changes to key assumptions that would cause the carrying amount of the aforesaid assets to materially exceed their fair values. Accordingly, no impairment has been recognised during the reporting years.Note 6: Loans

6 (a) Loans to related parties constitutes unsecured loan to subsidiaries and a joint venture having rate of interest ranges from 9% to 14% and tenure ranges from 15 to 25 years.

6 (b) For the year ended 31^st March, 2026, loans to related parties amounting to 1232.99 Million constitutes unsecured loan to subsidiaries which has no repayments schedule and interest has been charged on the same with effect from 1^st January, 2026. For the year ended 31^st March, 2025, loans to related parties constitutes unsecured loan to subsidiaries which has no repayments schedule and no interest has been charged on the same. These loans are given for business purpose.

6 (c) Balance is inclusive of accrued interest amounting to Rs 1,182.91 Million (31^st March 2025: 1790.21 Million) on account of effective interest rate adjustments as per Ind AS 109.

6 (d) During the year, with a view to refining the presentation of “Loans”, the Company has reclassed Interest accrued pertaining to loans from “Other financial assets” in Note 7 to “Loans“ in above note. The Company has not reclassified comparative figures of Interest accrued pertaining to loans from “Other financial assets” amounting to 1731.90 Million as these are not considered material.

6 (e) Refer Note 47(iv) for the details of loans pledged against debentures.

6 (f) Loans to related parties are strategic and long-term in nature, with settlement dependent on the entity’s ability to generate sustainable cash flows. Accordingly, impairment is assessed under Ind AS, with recoverability evaluated based on the longterm economic viability of the respective entities. Based on such assessment, no impairment has been recognised during the year.

6 (g) Loans to employees carries interest rate of 5% with no stipulated repayment schedule agreed between the parties.

7 (a) Includes Debt Service Reserve Account (DSRA) deposits against non current borrowings which are expected to roll over after maturity till tenure of respective borrowings and margin money.

7 (b)Interest accrued includes interest on fixed deposits amounting to 161.38 Million (31^st March, 2025: 28.20 Million).

7 (c) Allowance created against subsidy receivable has been adjusted against trade payables and hence not charged in the Standalone Statement of Profit and Loss.

7 (d)This pertains to amount receivable on account of reimbursements of LC charges paid on behalf of subsidiaries.

7 (e) Includes 1397.49 Million pertaining to amount recoverable from selling shareholders towards the IPO expenses for the year ended 31^st March, 2026.

7 (f) During the year, the Company has reclassed Interest accrued pertaining to Balance with bank held as margin money from “Other financial assets (non-current)” in to “Other financial assets (current)”. The Company has not reclassified comparative figures of Interest accrued pertaining to Balance with bank held as margin money amounting to 1212.77 Million as these are not considered material.

The Company undertook a pre-IPO private placement of 2,819,548 equity shares of face value 1 1 each at a price of 11,053 per Equity Share (including a premium of 11,052 per Equity Share), aggregating to 12,968.98 Million.

Subsequently, the Company has completed its Initial Public Offer (IPO) of 2,92,50,277 equity shares having face value of 1 1 each at an issue price of 11,053 per share (including a share premium of 11,052 per share). The issue comprised of a fresh issue of 1,14,25,906 equity shares aggregating to 112,029.78 Million and offer for sale of 1,78,24,371 equity shares by the selling shareholders aggregating to 118,769.06 Million. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on 02^nd March 2026.

13 (a) Details of rights, preferences and restrictions attached to the equity shareholders:

The Company has only one class of equity shares having at par value of 1 1/- per share (31^st March, 2025: 110/- per share). Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets on winding up. Members of the Company holding equity share therein have a right to vote, on every resolution placed before the Company and right to receive dividend. The voting rights on a poll is in proportion to the share of the paid-up equity capital of the Company held by the shareholders. 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 and are subject to the preferential rights of the preference shares.

13 (b) Details of rights, preferences and restrictions attached to the preference shareholders:

The term Series K of Compulsorily Convertible Preference Shares (“CCPS”) shall be for a period of 20 years from the date of their issuance. Each CCPS, having a dividend rate of 0.001% payable at the discretion of the Company, shall be participating preference share denominated in Indian Rupees and shall be fully and compulsorily convertible into Equity Shares in future date anytime during the tenure of CCPS in accordance with terms of issuance. Each holder of CCPS shall be entitled to receive notice of, and to attend, General Meetings of the Parent Company. Except as provided under applicable laws, Series K CCPS shall not carry any voting rights.

As at 31^st March, 2026, Kuldeep Jain and KEMPINC LLP (“Pledger”) have pledged in aggregate, 11,597,866 Equity Shares (“Pledged Shares”) held by them in favour of 360 One Prime Limited, in accordance with the terms of the pledge agreement dated July 22, 2025 entered into by the Pledgers with 360 One Prime Limited, in relation to certain borrowings availed by KEMPINC LLP.

As at 31^st March, 2025, Kuldeep Jain and KEMPINC LLP have pledged in aggregate, 205,404 Equity Shares against the issue of non-convertible debentures.

13(h) Shares reserved for issuance under options:

Shares reserved for issuance under employee stock option plans are disclosed in note no. 36

13(i) During the period of five years immediately preceding the date as at which the Balance Sheet is prepared:

- No class of shares were allotted as fully paid up pursuant to contract without payment being received in cash except for issuance of bonus shares to the equity shareholders in the ratio of 1:1 pursuant to a resolution passed in extra-ordinary general meeting dated 08^th August, 2025. Accordingly, the Company has issued 5,07,20,910 bonus shares during the year ended 31^st March, 2026.

No class of shares were bought back by the Company.

13 (j) There are no calls unpaid.

13 (k) There are no forfeited shares.

Nature and purpose of reserves:

(a) Securities premium is used to record the premium on issue of shares. The reserve shall be utilised in accordance with the provisions of section 52 of the Companies Act, 2013.

(b) Share options outstanding: The Company has employee share option schemes under which options to subscribe for the Company’s shares have been granted to the key employees and directors. The share option outstanding account is used to recognise the fair value of equity settled share based payments provided to the key employees and directors.

(c) Retained earnings represent the amount of accumulated earnings of the Company less any transfers to dividends or other distributions to shareholders. Retained earnings represents free reserve available to the Company.

(d) Capital reserve on business combination mainly represents the amount of net assets acquired over and above consideration paid consequent to the business combination.

(e) Debenture redemption reserve is created out of profits of the Company for the purpose of redemption of Debentures issued by the Company. On completion of redemption, the reserve will be transferred to retained earnings.

15(a)(i) Pursuant to the amended and restated debenture trust deed dated 12^th January, 2026, the debentures shall not be considered as secured debentures for the purposes of the Companies Act, 2013 and the rules made thereunder, and the SEBI regulations and circulars amended from time to time. The charge has been created by the Company on certain assets, and the debentures are considered as “secured financial debt” for the purpose of the Insolvency and Bankruptcy Code, 2016, in line with the requirements set out in the debenture documents.

15(a)(ii) Refer note 54 for repayment terms of borrowings.

15(a)(iii) During the year, with a view to refining the presentation of “Borrowings - Current”, the Company has reclassed Interest accrued on borrowings from “Other financial liabilities - Current” in Note 19 to “Borrowings - Current" in above note. The Company has not reclassified comparative figures of Interest accrued on borrowings from “Other financial liabilities - Current” amounting to 10.38 Million as these are not considered material.

15(b)(ii) Supplier finance arrangements

The Company has entered into supplier finance arrangements with certain banks and financial institutions (“the finance providers”) to facilitate the early payment of dues on its behalf to the Company’s vendors who may elect to factor their invoice from the Company. The finance providers shall pay the amounts to a participating vendor in respect of invoices owed by the Company and receive settlement from the Company at a later date.

By virtue of commercial agreement with the finance providers, the Company gets additional credit period of 60-180 days to settle the payment with the finance providers which does not significantly extend payment terms beyond the normal terms agreed with other suppliers that are not participating; however, the arrangement does provide participating suppliers with the benefit of early payment.

The Company has derecognised the original trade payables and disclosed the related supplier financial liabilities towards the finance providers separately on the face of the Balance Sheet as “Acceptances against creditors”.

The carrying value of liabilities related to supplier finance arrangement being presented as “Acceptances against creditors” are considered to be reasonable approximation of fair value, largely due to the short-term nature of the arrangement.

There were no significant non-cash changes in the carrying amount of financial liabilities subject to supplier finance arrangements.

The payments to the bank are included within operating cash flows because they continue to be part of the normal operating cycle of the Company and their principal nature remains operating i.e. payments for the purchase of goods and services. The payments to supplier by the bank of 111,972.16 Million are considered noncash transactions.

For additional information about how these arrangements affect the Company’s exposure to liquidity risk, see note 32.4.2.

*The Company has applied transitional relief available under Supplier Finance Arrangements (Amendments to Ind AS 7 and Ind AS 107) and has not provided comparative information in the first year of adoption.

(ii) Other Commitments

In respect of few subsidiaries of the Company, the Company has put option obligations in respect of 26% shareholding held by the other non-controlling interest shareholders of those subsidiaries which are exercisable at the termination of the contract, completion of the power purchase agreement or the breach of performance obligation by the Company, as applicable. These put options are exercisable at fair market value of the underlying shares of such subsidiaries at the time of the exercise of the option by the non-controlling interest shareholder of those respective subsidiaries.

Other matters

(a) Pending resolution of the respective proceedings, it is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above as it is determinable only on receipt of judgements/decisions pending with various forums/authorities.

The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its Standalone Financial Statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial position. The Company does not expect any reimbursements in respect of the above.”

(b) The Company is involved in certain civil litigations and regulatory proceedings related to land acquisition, environmental approvals, and contractual obligations with vendors and statutory authorities, which have arisen in the normal course of its business. These matters are currently under various stages of legal review and adjudication. Based on internal evaluation, the management is of the view that it is

not possible to reliably estimate the financial impact of these proceedings at this stage. However, the Company does not expect any material adverse effect on its Standalone Financial Statements.

Note 30: Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

(i) The amount due to Micro and Small Enterprises as defined in the “The Micro, Small and Medium Enterprises Development Act, 2006” has been determined to the extent such parties have been identified on the basis of information available with the Company.

(i) Total debt is defined as sum of current & non-current borrowings (including current maturities)

(ii) Capital is defined as Equity share capital and other equity.

No changes were made in the objectives, policies or processes for managing capital during the years ended 31^st March, 2026 and 31^st March, 2025.In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the lender to immediately call loans and borrowings. The financial covenant for any interest-bearing loans and borrowings is tested as per the contractual agreements with lenders.

As at March 31, 2026, the Company has outstanding term loan classified as non current borrowings. In accordance with the terms of the agreement, the Company is required to make principle and interest payments on specified due dates subsequent to the reporting date and to comply with certain quantitative and qualitative covenants. The Company has complied with all principle and interest payments and covenants as at March 31, 2026, and based on its current cash flow forecasts, expects to continue to comply with these requirements going forward.

¦"Investments in subsidiaries and joint ventures which are accounted as per cost are not required to be disclosed as per Ind AS 107 “Financial Instruments Disclosures”. Hence, the same have been excluded from the above table.

The management assessed that the fair value of the cash and cash equivalents, bank balances other than cash and cash equivalents, loans, trade receivables, trade payables, lease liabilities, current borrowings, other financial liabilities and other financial assets carried at amortised cost reasonably approximate their carrying amounts.

The fair value of non-current financial assets, non current borrowings and other non-current financial liabilities is estimated by discounting future cash flows using current rates applicable to instruments with similar terms, currency, credit risk and remaining maturities which reasonably approximate their carrying amounts.

b) Transfer between Level 1, Level 2 and Level 3

There are no transfers between Level 1, Level 2 and Level 3 during the years.

32.4 Financial risk management objectives

The Management of the Company monitors and manages the financial risks relating to the operations of the Company on a continuous basis. These risks include credit risk, liquidity risk and market risk (including currency risk, interest rate risk and other price risk).

32.4.1 Credit risk management

Credit risk refers to the risk that the counter party will default on its contractual obligations resulting in financial loss to the Company. Credit risk arises primarily from financial assets such as trade receivable, bank balances other than cash and cash equivalents, mutual funds and other receivables.

Credit is extended only after due approvals and evaluation in terms of the Credit Policy applicable for such sale. The process of extending credit approval, takes into account various factors such as publicly available financial information, market feedback, and past business patterns etc. Many of the Company’s customers have been transacting since inception and the incidence of bad debts has been very low. Such credit limits extended to trade receivables are monitored by the Management and protective action are initiated to avoid a default. In view of the short nature of its trade receivables, the Company makes provision for credit risk on an individual basis, if any. Individual customer credit limits are imposed based on relevant factors such as market feedback, business potential and past records on selective basis. In addition, the Company uses practical expedient for computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward-looking information with a single-factor macroeconomic adjustment. The expected credit loss allowance is based on the ageing of the days (which is invoice date) the receivables are due and the rates as given in the provision matrix.

Further, the Company has given loan to its joint venture for which credit risk has not increased significantly during the year.

All the financial assets other than mentioned above i.e. security deposits, unbilled revenue, amount due from customer under construction contract and other receivables are considered to have low credit risk as the counter parties have strong capacity to meet its cash flow obligations as and when due.

Credit risk arising from other balance with bank is limited and there is no collateral held against these because the counter parties are bank and recognised financial institutions with high credit ratings.

Credit risk arising from mutual fund is limited because the counter parties are recognised fund houses with high credit ratings. Refer note 26(b) for reconciliation and note 44B for ageing of impairment losses on financial assets.

32.4.2 Liquidity risk management

Liquidity risk is the risk that the Company may encounter difficulty in meeting its obligations associated with financial liabilities as they fall due and are settled by delivering cash or another financial asset. The Company’s objective in managing liquidity is to ensure that it maintains sufficient liquidity at all times to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses. Management monitors the Company’s liquidity position through rolling cash flow forecasts prepared on a regular basis. This monitoring includes an assessment of upcoming debt servicing obligations, other contractual commitments, and expected cash inflows from operations and financing activities, along with the availability and accessibility of cash and cash equivalents. The Company has access to diversified sources of funding, including capital and debt markets, through bank borrowings, non-convertible debenture, and other debt and equity instruments. Surplus funds are invested in bank fixed deposits and debt-based mutual funds, ensuring an optimal balance between liquidity, safety, and return. As described in note 15(b), the Company also participates in a supplier finance arrangement with the principal purpose of facilitating efficient payment processing of supplier invoices and providing the willing suppliers early payment terms compared with the related invoice payment due date. The arrangement allows the Company to centralise payments of trade payables to the bank rather than paying each supplier individually. From the Company’s perspective, the arrangement does not significantly extend payment terms beyond the normal terms agreed with other suppliers that are not participating, however certain arrangements extend the payment period beyond terms applicable to non-participating suppliers

As at 31^st March, 2026, the Company’s current liabilities exceeded its current assets by 16,231.31 Million. Given the nature of its and based on current overall business which includes projected cash flows from operations, and sanctioned but undrawn credit facilities from lenders and the roll forward and refinance options available to optimize working capital limits, the Board of Directors is of the view that Company has adequate resources to meet its obligations as and when they fall due and does not anticipate any material uncertainty related to going concern.

Maturities of financial liabilities:

The following tables detail the Company’s remaining contractual maturity for its financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay.

32.4.3 Market risk management

The Company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Company uses forwards to manage foreign currency exchange risk.

A. Foreign currency risk

The functional currency of the Company is Indian Rupees. The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts.

The following table details the Company’s sensitivity to a 5% increase and decrease in the Rupee against USD, AED and Euro.

5% is a sensitivity rate used when reporting foreign currency internally to the key management personnel and represents management’s assessment of the reasonably possible changes in the foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 5% change in the foreign currency rates. A positive number below indicates an increase in profit or equity where the Rupee strengthens 5% against the relevant currency. For a 5% weakening of the Rupee against the relevant currency, there would be a comparable impact on the profit or equity, and the balances below would be negative.

B. Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s non current debt obligations with floating interest rates.

No information is provided about remaining performance obligations at 31^st March, 2026 and 31^st March, 2025 that have an original expected duration of one year or less, as allowed by Ind AS 115.

For remaining performance obligations where original expected duration is more than 12 months, the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the year amounts to 1506.03 Million (31^st March, 2025: 1347.07 Million). The Company expects to recognise this revenue over the period of PPA on straight line basis.

Note 34: Employee benefits

In accordance with Ind AS - 19 Employee Benefits, specified under Section 133 of the Companies Act, 2013 the following disclosures are made:

34.1The Company has recognised 126.80 Million (31^st March, 2025: 119.94 Million) for Provident Fund contributions in the Standalone Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

34.2 Defined benefit plans:

The Company has an unfunded gratuity plan for qualifying employees. The benefit payable is calculated as per provisions of the Code on Social Security, 2020. The benefit vests upon completion of five years of continuous service and once vested it is payable to employees on retirement or on termination of employment. In case of death while in service, the gratuity is payable irrespective of vesting.

Gratuity amount is derived as 15/26 * Last drawn qualifying wages * Number of completed years.

Refer note 34.3 on impact of new Labour codes.

Actuarial gains and losses in respect of defined benefit plans are recognised in the financial statements through other comprehensive income.

Interest risk

A decrease in the bond interest rate will increase the plan liability.

Longevity risk

The present value of defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan’s liability.

Salary risk

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.

Gratuity is a lump sum plan and the cost of providing these benefits is typically less sensitive to small changes in demographic assumptions. The key actuarial assumptions to which the benefit obligation results are particularly sensitive to are discount rate and future salary escalation rate. The following tables summarizes the impact on the reported defined benefit obligation at the end of the reporting period arising on account of an increase or decrease in the reported assumption by 100 basis points. These sensitivities have been calculated to show the movement in defined benefit obligation in isolation and assuming there are no other changes in market conditions at the accounting date. There have been no changes from the previous periods in the methods and assumptions used in preparing the sensitivity analysis.

34.3 On 21^st November, 2025, the Ministry of Labour and Employment has enacted the Code on Wages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the “Labour Codes”). The Labour Codes consolidated various existing labour laws and introduced changes, including a harmonised definition of wages, which impacts the computation of employee benefit obligations such as gratuity. Pursuant to this notification, the gratuity expenses are 151.29 Million which is not material to the overall operations of the Company for the year ended 31^st March, 2026. The Company continues to monitor developments relating to the Labour Codes and will assess the impact, if any, on the measurement of employee benefit obligations in future periods.

Note 36: Equity settled share based payments

i) Pursuant to the approval of “CMEEPSL ESOP Scheme 2015” by the shareholders in the Extra-Ordinary General Meeting held on 5^th August, 2015 and subsequent ammendment in the scheme in the Annual General Meeting held on 22^nd October, 2021, 69,853 and 63,458 (Scheme 1 and Scheme 2 respectively) options were approved by the shareholders respectively. In FY 2023-24, there was further ammendment to the ESOP scheme which was approved by the shareholders in the Extra-Ordinary General Meeting held on 26^th October, 2023, thereby introducing ‘New Category A Primary ESOP Pool’ with 63,805 options & ‘New Category B Secondary ESOP Pool’ with 46,404 options (Scheme 3).

Further, the shareholders through the special resolution dated 14^th August, 2025 approved (a) amendment of the Clean Max Enviro Energy Solutions Limited Employee Stock Option Scheme 2015 - Amended 2023 for creation of a pool of 22,64,872 Options (“ESOP Pool 2025”), under Clean Max Enviro Energy Solutions Limited Employee Stock Option Scheme 2015 or the modification thereof (Clean Max Enviro Energy Solutions Limited Employee Stock Option Scheme 2015 - Amended 2025) (Scheme 4).

ii) The vesting period of these options range over a period of 1 year to 5 years from the date of grant. The options may be exercised within a period of 15 years from the date of grant.

iii) As on 31^st March, 2026, the Company has vested options of 4,46,460¹ (31^st March, 2025: 6,47,360¹).

iv) The fair value of the share options granted during the year is expensed over the vesting period.

(ii) Non cash transactions: Nil

Note 43: Events occurring after reporting date

i. Subsequent to 31^st March, 2026, the Company prepaid its 11.50% Listed, Rated, Redeemable, Non-Convertible Debentures and 11.50% Unlisted, Rated, Redeemable, Non-Convertible Debentures, which were originally due on 08^th June, 2027. On 2^nd April, 2026, the outstanding principal amount aggregating to 15,990 Million was prepaid in full out of the IPO proceeds. The utilisation of IPO proceeds towards repayment / redemption of loans and debentures had already been specified in the offer document filed in connection with the IPO.

Pursuant to Ind AS 10 - Events after the Reporting Period, since the underlying conditions existed as at the reporting date, these debentures have been classified under current borrowings in the Standalone Financial Statements as at 31^st March, 2026.

Reason for change more than 25%:

The ratio has increased on account of increase in net profit after tax and corresponding increase in EBIT during the year.

k) Return on Investment = Income from investment divided by the closing balance of the investment

The above ratio is not applicable as the Company has no projects/investments other than the current business operations

Footnote:

The above Non-GAAP measures presented may not be comparable to similarly titled measures reported by other companies. Further, it should be noted that these are not a measure of operating performance or liquidity defined by generally accepted accounting principles and may not be comparable to similarly titled measures presented by other companies.

Note: 46

The Company has undertaken certain business combination/asset acquisition during the reporting years. The details of the same are as below:

For the year ended 31st March, 2026

There are no business combination/asset acquisition during the year period ended 31^st March, 2026.

(c) No funds have been received by the Company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), 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.

Note 50

i. The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

ii. The Company has not entered in any scheme of arrangement under section 230 to 237 of Companies Act 2013.

iii. The Company does not have any 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 Income Tax Act, 1961).

iv. The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Companies Act, 2013 read with the companies (Restriction on number of layer) Rules, 2017.

v. The comapny has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

Note 51

Initial public offer proceeds utilization

The Company has completed its Initial Public Offer (IPO) of 2,92,50,277 equity shares of face value of 1 1 each at an issue price of 11,053 per share (including a share premium of 1,052 per share).The issue comprised of a fresh issue of 1,14,25,906 equity shares aggregating to 112,029.78 Million and offer for sale of 1,78,24,371 equity shares by the selling shareholders aggregating to 118,769.06 Million. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE limited (BSE) on 02^nd March, 2026.

Note 52

(i) Pursuant to the agreement dated 07^th May, 2025 with Toyota Tsusho India Private Limited, the Company has diluted 49% of its total investments in Clean Max Toyotsu Green Energy Private Limited (formerly known as Clean Max Polar Private Limited). The said transaction is completed on 21^st November, 2025. Subsequent and pursuant to the above, the Company has divested its stake in Clean Max Moraine Private Limited and Clean Max Laguna Private Limited to the extent of 74% of its investments to Clean Max Toyotsu Green Energy Private Limited (formerly known as Clean Max Polar Private Limited) and the impact is immaterial for the Standalone Financial Statements.

(ii) The Board of Directors in its meeting held on 04^th March, 2025 approved the resolution for sale of investments in certain subsidiaries to Clean Max Osaka Gas Renewable Energy Private Limited (formerly known as Clean Max Yamuna Private Limited). During the year ended 31^st March, 2026, the Company entered into various agreements with Clean Max Osaka Gas Renewable Energy Private Limited (formerly known as Clean Max Yamuna Private Limited) for sale of 100% stake in certain entities. Consequently, the Company has accounted for net loss of 179.03 Million on sale of investment in subsidiaries.

Note 53: Going concern

As at 31^st March, 2026, the Company’s current liabilities exceeded its current assets by 16,231.31 Million. Given the nature of its and based on current overall business which includes projected cash flows from operations, and sanctioned but undrawn credit facilities from lenders and the roll forward and refinance options available to optimize working capital limits, the Board of Directors is of the view that Company has adequate resources to meet its obligations as and when they fall due and does not anticipate any material uncertainty related to going concern. Accordingly, the audited Standalone Financial Results have been prepared on a going concern basis.

Note 54

The Standalone Financial Statements of the Company for the year ended 31^st March, 2025 were audited by a firm of chartered accountants other than B S R & Co. LLP who expressed an unmodified opinion on 27^th May, 2025.

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Mar 31, 2024

(r) Provisions and contingencies

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 a reliable estimate can be made. The
amount recognised 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.

(s) Earnings per share:

Basic earnings per share is computed by dividing the profit /
(loss) after tax (including the post tax effect of extraordinary
items, if any) by the weighted average number of equity
shares outstanding during the year. Diluted earnings per
share is computed by dividing the profit / (loss) after tax
(including the post tax effect of extraordinary items, if any) as
adjusted for dividend, interest and other charges to expense
or income (net of any attributable taxes) relating to the
dilutive potential equity shares, by the weighted average
number of equity shares considered for deriving basic
earnings per share and the weighted average number of
equity shares which could have been issued on the
conversion of all dilutive potential equity shares. Potential
equity shares are deemed to be dilutive only if their
conversion to equity shares would decrease the net profit per
share from continuing ordinary operations. Employee share
options with fixed or determinable terms and non-vested
ordinary shares are treated as options in the calculation of
diluted earnings per share, even though they may be
contingent on vesting. They are treated as outstanding on the
grant date.

(t) Business Combination:

In determining whether a particular set of activities and
assets is a business, the Company assesses whether the set
of assets and activities acquired includes, at a minimum, an
input and substantive process and whether the acquired set
has the ability to produce outputs. The Company has an
option to apply a ''concentration test'' that permits a simplified
assessment of whether an acquired set of activities and
assets is not a business. The optional concentration test is
met if substantially all of the fair value of the gross assets
acquired is concentrated in a single identifiable asset or
company of similar identifiable assets.

Acquisitions of businesses are accounted for using the
acquisition method. The consideration transferred in a
business combination is measured at fair value, which is
calculated as the sum of the acquisition date fair value of
assets transferred by the Company, liabilities incurred by the
Company to the former owners of the acquiree and the equity
interest issued by the Company in exchange of the controlof
the acquiree. Acquisition related costs are recognised in
Statement of Profit and Loss as incurred.

Business combination involving entities or businesses under

common control are accounted for using the pooling of
interest method. Under pooling of interest method, the assets
and liabilities of the combining entities / business are
reflected at their carrying value.

Purchase consideration paid in excess / shortfall of the fair
value of identifiable assets and liabilities including contingent
liabilities and contingent assets, is recognised as goodwill /
capital reserve respectively.

Deferred tax assets and liabilities and assets or liabilities
related to employee benefits arrangements are recognized
and measured in accordance with Ind AS 12 "Income Taxes"
and Ind AS 19 "Employee Benefits" respectively.

Potential tax effects of temporary differences and carry
forwards of an acquiree that exist at the acquisition date or
arise as a result of the acquisition are accounted in
accordance with Ind AS 12.

Goodwill arising on an acquisition of a business is carried at
cost as established at the date of acquisition of the business
less accumulated impairment losses, if any. For the purposes
of impairment testing, goodwill is tested at the independent
cash generating unit. A cash-generating unit to which
goodwill has been allocated is tested for impairment
annually, or more frequently when there is an indication that
the unit may be impaired. If the recoverable amount of the
cash-generating unit is less than its carrying amount, the
impairment loss is allocated first to reduce the carrying
amount of any goodwill allocated to the unit and then to the
other assets of the unit pro rata based on the carrying amount
of each asset in the unit. Any impairment loss for goodwill is
recognised directly in profit or loss. An impairment loss
recognised for goodwill is not reversed in subsequent
periods.

(u) Operating cycle:

Based on the nature of products / activities of the Company
and the normal time between acquisition of assets and their
realization in cash or cash equivalents, the Company has
determined its operating cycle as 12 months for the purpose
of classification of its assets and liabilities as current and
non-current.

(v) Other borrowing costs:

Borrowing costs directly attributable to the acquisition or
construction of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for
their intended use or sale, are added to the cost of those
assets, until such time as the assets are substantially ready
for their intended use or sale.

All other borrowing costs are recognised in statement of
profit and loss in the period in which they are incurred.

The entity suspends capitalisation of borrowing costs during
extended periods in which it suspends active development of

a qualifying asset.

The entity determines the amount of borrowing costs
eligible for capitalisation as the actual borrowing costs
incurred on that borrowing during the period less any
interest income earned on temporary investment of
specific borrowings pending their expenditure on
qualifying assets, to the extent that an entity borrows
funds specifically for the purpose of obtaining a
qualifying asset. If any specific borrowing remains
outstanding after the related asset is ready for its
intended use or sale, that borrowing becomes part of the
funds that an entity borrows generally when calculating
the capitalisation rate on general borrowings. In case if
the entity borrows generally and uses the funds for
obtaining a qualifying asset, borrowing costs eligible for
capitalisation are determined by applying a capitalisation
rate to the expenditure on that asset.

2 Recent Indian Accounting Standards (Ind AS)

Ministry of Corporate Affairs ("MCA") notifies new
standard or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as
issued from time to time. For the year ended 31st March,
2024, MCA has not notified any new standards or
amendments to the existing standards applicable to the
Company.

Footnotes:

i) For details of pledged assets, refer note 49

ii) Salaries, wages and overheads of Rs. 12.58 millions (Previous year : Rs. 11.55 millions) being directly attributable to construction of property, plant and equipment have been capitalised.

iii) Interest of Rs.38.88 millions (Previous year : Rs. Nil) capitalised during the year ended 31st March, 2024.

iv) The Company is not holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988).

v) The Company makes an assessment for impairment of Property, Plant and Equipment when facts and circumstances indicate that carrying values of such assets may not be recoverable. When
evaluating for impairment, the carrying value of the asset is compared to the asset''s estimated future undiscounted cash flows. The trigger for impairment occurs if the estimated undiscounted
future cash flows are less than the carrying value of the asset. The value of impairment is determined by comparing the carrying value of the asset to the asset''s recoverable value and recognize
an impairment charge when the asset''s carrying value exceeds its estimated recoverable value. The recoverable value of the asset is estimated using a discounted cash flow model based on
forecasted future revenues and operating costs, using internal projections. The impairment test is performed at the independent cash generating unit (CGU) level. Depreciation for the year includes
impairment of Rs. 1.27 millions (Previousyear Nil).

Footnotes:

(i) Interest of Rs.10.62 millions capitalised during the year ended 31st March, 2024 (Previous year : Rs. 17.18 millions).

(ii) Salaries, wages and overheads of Rs. 54.66 millions (Previous year : Rs. 144.36 millions) being directly attributable to
construction of capital work in progress have been capitalised.

(iii) There are no cost overrun/ timeline delay in any of the Projects as at 31st March, 2024 and 31st March, 2023.

Note 3(c): Goodwill :

Goodwill represents the cost of acquired business as established at the date of acquisition of the business in excess of the
acquirer''s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities less accumulated
impairment losses, if any. Goodwill is tested for impairment annually or when events or circumstances indicate that the
implied fair value of goodwill is less than its carrying amount.

13 (a): Details of rights, preferences and restrictions attached to the equity shareholders:

The Company has only one class of equity shares having at par value of Rs.10/- per share. Members of the Company holding
equity share capital therein have a right to vote, on every resolution placed before the Company and right to receive dividend.
The voting rights on a poll is in proportion to the share of the paid-up equity capital of the Company held by the shareholders.
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 and are subject to the preferential rights of the Preference
shares.

13 (b) Details of rights, preferences and restrictions attached to the preference shareholders:

The term Series K of Compulsorily Convertible Preference Shares ("CCPS¹'') shall be for a period of 20 years from the date of
their issuance. Each CCPS, having a dividend rate of 0.001% payable at the discretion of the Company, shall be participating
preference share denominated in Indian Rupees and shall be fully and compulsorily convertible into Equity Shares in future date
anytime during the tenure of CCPS in accordance with terms of issuance. Each holder of CCPS shall be entitled to receive
notice of, and to attend, General Meetings of the Company. Except as provided under applicable laws, Series K CCPS shall not
carry any voting rights. During the current year, the Board of Directors have not declared any dividend on the preference shares.
The Company will issue variable number of shares, based on the terms as defined in the shareholder''s agreement. During the
year the company has converted CCPS into equity shares.

Nature and purpose of reserves:

(a) Securities premium is used to record the premium on issue of shares. The reserve shall be utilised in accordance with the
provisions of section 52 of the Companies Act, 2013.

(b) Share options outstanding account: The Company has an employee share option scheme under which options to
subscribe for the Company''s shares have been granted to the key employees and directors. The share option outstanding
account is used to recognise the value of equity settled share based payments provided to the key employees and directors.
Refer to Note: 38 for further details of the scheme.

(c) Retained earnings represent the amount of accumulated earnings of the Company.

(d) Capital reserve on business acquisition mainly represents the amount of net assets acquired over and above consideration
paid consequent to the business acquisitions during the year.

(e) Debenture redemption reserve is created out of profits of the Company for the purpose of redemption of debentures issued
by the Company. On completion of redemption, the reserve is transferred to retained earnings.

ii) Other Commitments

(a) The Company''s Subsidiaries have undertaken projects that have been duly appraised by various Lenders for their credit
eligibility and secured disbursements as per terms agreed by said subsidiaries with respective Lenders. As the
borrower-cum-principal obligor, each Subsidiary has also undertaken to repay those loan arrangements promptly and in
accordance with terms thereof. Further, as the Holding Company (of said Subsidiary(ies)) the Company is required not to move,
pass and adopt any resolution or other decision in derogation of such undertaking given by said Subsidiary(ies) to respective
Lenders. There is a contingency associated with this assurance extended to the extent of Rs.90.90 million (Previous year : Rs.
90.90 million)

(b) In respect of few subsidiaries of the Company, the Company has put option obligations in respect of 26% shareholding held
by the other non-controlling interest shareholders of those subsidiaries which are exercisable at the termination of the
contract, completion of the power purchase agreement or the breach of performance obligation by the Company, as applicable.
These put options are exercisable at fair market value of the underlying shares of such subsidiaries at the time of the exercise
of the option by the non-controlling interest shareholder of those respective subsidiaries.

Note 34: Financial Instruments
34.1 Capital Management

The Company''s objectives for managing capital comprise safeguarding the business as a going concern, creating value for
stakeholders and supporting the development of the Company. The Company also has obtained borrowings which are secured
against the assets owned by the Company and unsecured borrowings from parent company.

The management reviews the capital structure on a quarterly basis. As part of this review, the management considers risks
associated with the Company that could result in erosion of its total equity.

Gearing Ratio

The Capital structure of the Company consists of net debt and total equity.

The gearing ratio at the end of the year is as follows:

c) Sensitivity analysis of items measured using unobservable inputs (Level 3):

A one percentage point change in the unobservable inputs used in fair valuation of Level 3 assets and liabilities does not have
a significant impact in its value.

34.4 Financial Risk Management objectives

The management of the Company monitors and manages the financial risks relating to the operations of the Company on a
continuous basis. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and
liquidity risk.

Compliance with policies and exposure limits is reviewed internally on a continuous basis.

34.5 Market Risk

The Company''s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest
rates. The Company enters into forward contracts to hedge their foreign currency exposure

Foreign Currency Sensitivity Analysis

The Company is exposed to US Dollar. Transactions in other foreign currency is with subsidiary companies and does not have
any significant exposure.

The following table details the Company''s sensitivity to a 5% increase and decrease in the Rupee against USD. 5% is a sensitivity
rate used when reporting foreign currency internally to the key management personnel and represents management''s
assessment of the reasonably possible changes in the foreign exchange rates. The sensitivity analysis includes only
outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 5% change in
the foreign currency rates. A positive number below indicates an increase in profit or equity where the Rupee strengthens 5%
against the relevant currency. For a 5% weakening of the Rupee against the relevant currency, there would be a comparable
impact on the profit or equity, and the balances below would be negative.

The line-items in the balance sheet that include the above hedging instruments are "Other financial assets" and "Other financial
liabilities.

As at 31st March, 2024, the aggregate amount of mark to market losses/(profit) under forward foreign exchange contracts
relating to the exposure on these anticipated future transactions is Rs. 5.42 millions {Previous year : Rs. (24.16) millions}.

The Company has entered into contracts to purchase raw materials from overseas suppliers. The Company mainly enters into
forward foreign exchange contracts (for terms not exceeding 6 months) to hedge the exchange rate risk arising from these
purchases.

34.7 Interest rate risk management

The Company is exposed to interest rate risk because Company borrows fund at prevailing interest rates.

34.8 Credit risk management

Credit risk refers to the risk that the counter party will default on its contractual obligations resulting in financial loss to the
Company. Credit risk arises primarily from financial assets such as trade receivable, other balances with bank and other
receivables.

Credit is extended only after due approvals and evaluation in terms of the Credit Policy applicable for such sale. The process of
extending credit approval, takes into account various factors such as publicly available financial information, market feedback,
and past business patterns etc. Many of the Company''s customers have been transacting since inception and the incidence of
bad debts has been very low. Such credit limits extended to trade receivables are monitored by the Board of Directors and
protective action are initiated to avoid a default. In view of the short nature of its trade receivables, the Company makes
provision for credit risk on an individual basis, if any. Individual customer credit limits are imposed based on relevant factors
such as market feedback, business potential and past records on selective basis. All Customer balances which are overdue for
more than 180 days are evaluated for provision and considered for impairment on an individual basis.

Credit risk arising from other balance with bank is limited and there is no collateral held against these because the counter
parties are bank and recognised financial institutions with high credit ratings.

34.9 Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate
liquidity risk management framework for the management of the Company''s short-term, medium-term and long-term funding
and liquidity management requirements. The Company manages its funds from internal accruals, borrowings and fund raising
through equity. The liquidity risk is managed by utilising banking facilities and by matching the maturity profiles of financial
assets and liabilities.

Maturities of financial liabilities:

The following tables detail the Company''s remaining contractual maturity for its financial liabilities with agreed repayment
periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date
on which the Company can be required to pay.

34.10 Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s
non current debt obligations with floating interest rates. The Company''s external borrowings are at variable floating interest rate
of interest and for which the sensitivity analysis have been carried out based on the exposure to interest rates for such
borrowings at the end of the reporting periods. The said analysis has been carried on the amount of floating rate non - current
borrowings outstanding at the end of the reporting period. A 50 basis point increase or decrease represents the management''s
assessment of the reasonably possible change in interest rates.

In accordance with Ind AS - 19 Employee Benefits, specified
under Section 133 of the Companies Act, 2013 the following
disclosures are made:

36.1:

The Company recognised in FY 23-24 Rs. 15.28 millions (FY
22-23: Rs. 11.59 millions) for Provident Fund contributions in
the Statement of Profit and Loss. The contributions payable
to these plans by the Company are at rates specified in the
rules of the schemes.

36.2: Defined benefit plans:

The Company has an unfunded gratuity plan for qualifying
employees. The benefit payable is calculated as per the
Payment of Gratuity Act. The benefit vests upon completion
of five years of continuous service and once vested it is
payable to employees on retirement or on termination of
employment. In case of death while in service, the gratuity is
payable irrespective of vesting.

Actuarial gains and losses in respect of defined benefit plans
are recognised in the financial statements through other
comprehensive income.

Interest risk

A decrease in the bond interest rate will increase the plan
liability.

Longevity risk

The present value of defined benefit plan liability is calculated
by reference to the best estimate of the mortality of plan
participants both during and after their employment. An
increase in the life expectancy of the plan participants will
increase the plan''s liability.

Salary risk

The present value of the defined benefit plan liability is
calculated by reference to the future salaries of plan
participants. As such, an increase in the salary of the plan
participants will increase the plan''s liability.

The following table set out the unfunded status of the defined
benefit schemes and the amount recognised in financial
statements.

Sensitivity Analysis

Gratuity is a lump sum plan and the cost of providing these
benefits is typically less sensitive to small changes in
demographic assumptions. The key actuarial assumptions to
which the benefit obligation results are particularly sensitive
to are discount rate and future salary escalation rate. The
following tables summarizes the impact on the reported
defined benefit obligation at the end of the reporting period
arising on account of an increase or decrease in the reported

assumption by 100 basis points. These sensitivities have
been calculated to show the movement in defined benefit
obligation in isolation and assuming there are no other
changes in market conditions at the accounting date. There
have been no changes from the previous periods in the
methods and assumptions used in preparing the sensitivity
analysis.

i) Pursuant to the approval of "CMEEPSL ESOP Scheme 2015"
by the shareholders in the Extra-Ordinary General Meeting
held on 5th August, 2015 and subsequent ammendment in
the scheme in the Annual General Meeting held on 22nd
October, 2021, 69,853 and 63,458 options were approved by
the shareholders respectively. In the current year, there was
further ammendment to the ESOP scheme which was
approved by the shareholders in the Extra-Ordinary General
Meeting held on 26th October, 2023, thereby introducing ''New
Category A Primary ESOP Pool'' with 63,805 options & ''New
Category B Secondary ESOP Pool'' with 46,404 options.

ii) The ESOPs Scheme allows the issue of options to
employees of the Company. Each option comprises one
underlying equity share.

iii) The vesting period of these options range over a period of
1 year to 5 years from the date of grant. The options may be
exercised within a period of 10 years from the date of vesting.

iv) The Company has granted 75,947 options (net-off options
issued and lapsed, represented by equal number of equity
shares) under ESOPs scheme in current year to eligible
employees of the Company.

v) The fair value of the share options granted during the year
is expensed over the vesting period.

The following share based payment arrangements were in
existence as on 31 st March, 2024

Modification to ESOP Scheme:

The Management modified the ESOP scheme, wherein the employees were given one time option to cash settle the ESOP''s.
The terms of share based payments are modified for vested options and consequently as per Ind AS 102, the excess of the fair
value on modification over the fair value of the option on grant date of Rs. 100.27 million is accounted in the retained earnings.
22,396 ESOPs were encashed by employees at fair value determined based on equity raised by the Company.

The share options outstanding at the end of the year had a weighted average remaining contractual life of 8.65 years (Previous
year : 7.77 years)

Note 40: Segment information

The Company prepares and disclose the standalone financial statements of the Company along with the consolidated financial
statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the
consolidated financial statements.

Information about major customers:-

The details of the customers from where the Company has earned more than 10% of its total revenue are as under:-

k) Return on Investment = Income from investment divided by the Opening balance of the investment

The above ratio is not applicable as the Company has no projects/investments other than the current business operations

Footnote:

The above Non-GAAP measures presented may not be comparable to similarly titled measures reported by other companies.
Further, it should be noted that these are not a measure of operating performance or liquidity defined by generally accepted
accounting principles and may not be comparable to similarly titled measures presented by other companies

(b) 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(s) or entity(ies), 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 on behalf of the Ultimate Beneficiaries.

(c) No funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding
Parties"), 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.

Note 52

As at the year ended 31st March 2024, the Company''s current liabilities have exceeded the current assets by Rs. 1,031.76
million. Having regard to, non-current lien marked fixed deposits and mutual funds of Rs. 366.50 million and Rs. 206.73 million
respectively which can be used to repay current maturities of borrowings, predicated cash flows from operations (including
incremental cash flows to be generated upon completion of certain under construction projects) in the financial year 2024-25
and the sanctioned undrawn loan facilities from various lenders, the Board of Directors have concluded on the ability of the
Company to generate sufficient future cash flows to be able to meet its obligations, as and when due, in the foreseeable future
and accordingly, the standalone financial statement have been prepared on a going concern basis.

Note 53

i. The Company has no relationship and transactions with struck off companies.

ii. The Company has not any entered in scheme of arrangement under section 230 to 237 of Companies Act 2013.

iii. The Company does not have any 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.

iv. The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Companies Act, 2013
read with the companies (Restriction on number of layer) Rules, 2017.

Note 54

(a) Previous years figures have been regrouped / reclassified wherever necessary to correspond with the current year''s
classification / disclosure.

(b) Wherever the figures are less than the denominated disclosed, the figures do not appear.

For and on behalf of the Board of Directors of
Clean Max Enviro Energy Solutions Private Limited

CIN : U93090MH2010PTC208425

Kuldeep Jain Pratap R Jain Nikunj Ghodawat Ratika Gandhi

Director Director Chief Financial Officer Company Secretary

DIN:02683041 DIN:00101829

Memership No. : 29732

Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai

Date: 27th May, 2024 Date: 27th May, 2024 Date: 27th May, 2024 Date: 27th May, 2024