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(k) Provisions and contingent liabilities:
Provisions are recognized when the Company has a
present legal or constructive obligation as a result
of past events, it is probable that an outflow of
resources will be required to settle the obligation
and the amount can be reliably estimated.
Provisions are not recognized for future operating
losses.
Provisions are measured at the present value of
management''s best estimate of the expenditure
required to settle the present obligation at the end
of the reporting period. The discount rate used to
determine the present value is a pre-tax rate that
reflects current market assessments of the time
value of money and the risks specific to the liability.
The increase in the provision due to the passage of
time is recognized as interest expense.
Contingent Liabilities are disclosed in respect of
possible obligations that arise from past events but
their existence will be confirmed by the occurrence
or non-occurrence of one or more uncertain
future events not wholly within the control of the
Company or where any present obligation cannot
be measured in terms of future outflow of resources
or where a reliable estimate of the obligation cannot
be made. The Company does not recognize a
contingent liability but discloses its existence in the
Standalone Financial Statements.
(l) Employee Benefits:Short-term obligations:
Liabilities for wages and salaries, including non¬
monetary benefits that are expected to be settled
wholly within 12 months after the end of the period
in which the employees render the related service
are recognized in respect of employees'' services up
to the end of the reporting period and are measured
at the amounts expected to be paid when the
liabilities are settled.
Other long-term employee benefit obligations
The liabilities for earned leave and sick leave that
are not expected to be settled wholly within 12
months are measured as the present value of
expected future payments to be made in respect
of services provided by employees up to the end of
the reporting period using the projected unit credit
method.
The Company operates the following post¬
employment schemes:
(a) defined contribution plans such as provident
fund, employee state insurance scheme,
(b) defined benefits plan such as gratuity.
Defined Benefit Plan - Gratuity
The liability or asset recognized in the balance
sheet in respect of defined benefit gratuity plan is
the present value of the defined benefit obligation
at the end of the reporting period less the fair value
of plan assets. The defined benefit obligation is
calculated annually by actuaries using the projected
unit credit method.
The present value of the defined benefit obligation
is determined by discounting the estimated future
cash outflows by reference to market yields at the
end of the reporting period on government bonds
that have terms approximating to the terms of the
related obligation.
The net interest cost is calculated by applying the
discount rate to the net balance of the defined
benefit obligation and the fair value of plan assets.
This cost is included in employee benefit expense
in the Statement of Profit and Loss.
Remeasurement gains and losses arising from
experience adjustments and changes in actuarial
assumptions are recognized in the period in which
they occur, directly in other comprehensive income.
They are included in retained earnings in the
statement of changes in equity and in the balance
sheet.
The Company pays provident fund, employee state
insurance for all employees to publicly administered
funds as per local regulations. The Company has no
further payment obligations once the contributions
have been paid. The contributions are accounted for
as defined contribution plans and the contributions
are recognized as employee benefit expense when
they are due.
(m) Foreign Currency Transactions and balances:
(i) Functional and presentation currency:
The Standalone Financial Statements are
presented in Indian rupee (INR), which is
Company''s functional and presentation
currency.
(ii) Transactions and balances:
Transactions in currencies other than the
Company''s functional currency (foreign
currencies) are recognized at the rates
of exchange prevailing at the dates of the
transactions. At the end of each reporting
period, monetary items denominated in
foreign currencies are retranslated at the rates
prevailing at that date. Non-monetary items
that are measured in terms of historical cost in
a foreign currency are not retranslated.
Exchange differences on monetary items are
recognized in Standalone Statement of Profit
and Loss in the period in which they arise.
(n) Earnings per Share:
Basic earnings per share is computed by dividing
the profit / (loss) attributable to the shareholders
of the Company by the weighted average number
of equity shares outstanding during the period.
Equity shares which are issuable upon the
satisfaction of certain conditions resulting from
contractual arrangements / shareholder agreement
are considered outstanding and included in the
computation of basic earnings per share from
the date when all necessary conditions under the
contract have been satisfied as on the Balance
Sheet date.
Diluted earnings per share is computed by adjusting,
the profit/ (loss) for the period attributable to the
shareholders and the weighted average number of
shares considered for deriving basic earnings per
share, for the effects of all the shares that could
have been issued upon conversion of all dilutive
potential shares. The dilutive potential shares
are adjusted for the proceeds receivable had the
shares been actually issued at fair value. Further,
the dilutive potential shares are deemed converted
as at beginning of the period, unless issued at a
later date during the period.
(o) Leases:Company as a Lessee
At inception of a contract, the Company assesses
whether a contract is, or contains, a lease. A contract
is or contains, a lease if the contract conveys the
right to control the use of an identified asset for a
period of time in exchange for consideration.
At the date of commencement of the lease, the
Company recognizes a right-of-use asset ("ROU")
and a corresponding lease liability for all lease
arrangements in which it is a lessee, except for
leases with a term of twelve months or less (short¬
term leases) and low value leases. For these short¬
term and low value leases, the Company recognizes
the lease payments as an operating expense over
the term of the lease.
The right-of-use assets are initially recognized at
cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or
prior to the commencement date of the lease plus
any initial direct costs less any lease incentives.
They are subsequently measured at cost less
accumulated depreciation and impairment losses.
Depreciation is computed using the straight-line
method from the commencement date to the end
of the useful life of the underlying asset or the end
of the lease term, whichever is shorter. If ownership
of the leased asset transfers to the Company at
the end of the lease term or the cost reflects the
exercise of a purchase option, depreciation is
calculated using the estimated useful life of the
asset.
The lease liability is initially measured at amortized
cost at the present value of the future lease
payments. The lease payments are discounted
using the interest rate implicit in the lease or, if
not readily determinable, using the Incremental
borrowing rates that commensurate with the lease
term. Subsequently, lease liabilities are measured at
amortized cost using the effective interest method
and remeasured to reflect any reassessment of
options or lease modifications, or to reflect changes
in lease payments, with a corresponding adjustment
to the ROU asset or Statement of Profit and Loss if
the ROU asset has been reduced to zero.
Asset retirement obligation is determined at the
present value of expected costs to settle the
obligation using estimated cash flows and are
recognized as part of the cost of the particular
right-of-use asset on initial recognition.
Income tax expense comprises current tax expense
and the net change in the deferred tax asset or
liability during the year. Current and deferred taxes
are recognized in statement of profit and loss, except
when they relate to items that are recognized in
other comprehensive income or directly in equity,
in which case, the current and deferred tax are
also recognized in other comprehensive income or
directly in equity, respectively.
(i) Current Tax
The current tax is based on taxable profit for the
year. Taxable profit differs from ''Profit Before
Tax'' as reported in the Standalone Statement
of Profit and Loss because of items of income
or expense that are taxable or deductible in
other years and items that are never taxable
or deductible. The Company''s current tax is
calculated using tax rates applicable for the
respective year.
(ii) Deferred tax
Deferred tax is recognized on temporary
differences between the carrying amounts
of assets and liabilities in the Standalone
Financial Statements and their tax bases.
Deferred tax liabilities are recognized for
all taxable temporary differences. Deferred
tax assets are recognized for all deductible
temporary differences and incurred tax losses
to the extent that it is probable that taxable
profits will be available against which those
deductible temporary differences can be
utilised. Such deferred tax assets and liabilities
are not recognized if the temporary difference
arises from the initial recognition of assets and
liabilities in a transaction that affects neither
the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets
is reviewed at the end of each reporting year
and reduced to the extent that it is no longer
probable that sufficient taxable profits will be
available to allow all or part of the asset to be
recovered.
Deferred tax liabilities and assets are measured
at the tax rates that are expected to apply in
the year in which the liability is settled or the
asset realised, based on tax rates (and tax
laws) that have been enacted or substantively
enacted by the end of the reporting year.
The measurement of deferred tax liabilities
and assets reflects the tax consequences that
would follow from the manner in which the
Company expects, at the end of the reporting
period, to recover or settle the carrying amount
of its assets and liabilities.
The Cash Flow statement is prepared by the
"Indirect method" set out in Ind AS-7 on "Cash
Flow Statement" and presents the cash flows by
operating, investing and financing activities of the
Company. Cash and cash Equivalent presented in
the cash flow statement consist of cash on hand
and demand deposits with banks.
The amendment to Ind AS 7 requires the entities to
provide disclosures that enable users of Standalone
Financial Statements to evaluate changes in
Liabilities arising from financing activities, inducing
both changes arising from cash flows and non-cash
changes, suggesting inclusion of a reconciliation
between the opening and closing balances in the
Balance Sheet for liabilities arising from financing
activities, to meet the disclosure requirement.
(r) Impairment of Non-Financial Assets:
The Company assesses at each reporting date
whether there is an indication that a non-financial
asset may be impaired based on internal/external
factors. An asset is treated as impaired when the
carrying cost of asset exceeds its recoverable
Value. An impairment loss is charged to the
statement of Profit and Loss in the year in which an
asset is identified as impaired. The impairment loss
recognized in earlier accounting period is reversed
if there has been a change in the estimate of
recoverable amount. After impairment, depreciation
is provided on the revised carrying amount of the
asset over its remaining useful life.
The Company recognizes a liability to make cash
distributions to equity holders of the Company when
the distribution is authorized, and the distribution is
no longer at the discretion of the Company. Final
dividends on shares are recorded as a liability on
the date of approval by the shareholders and interim
dividends are recorded as a liability on the date of
declaration by the Company''s Board of Directors.
(t) Exceptional items:
Exceptional items are disclosed separately in
the Standalone Financial Statements where it is
necessary to do so to provide further understanding
of the financial performance of the company. These
are material items of income or expense that have
to be shown separately due to their nature or
incidence.
(u) Events occurring after the balance sheet date:
Assets and liabilities are adjusted for events
occurring after the reporting period that provides
additional evidence to assist the estimation of
amounts relating to conditions existing at the end
of the reporting period. Dividends declared by
the Company after the reporting period are not
recognized as liability at the end of the reporting
period. Dividends declared after the reporting
period but before the issue of Standalone Financial
Statements are not recognized as liability since no
obligation exists at that time. Such dividends are
disclosed in the notes to the Standalone Financial
Statements.
1C RECENT ACCOUNTING PRONOUNCEMENTS
The below amendments to the existing standard
which are notified by Ministry of Corporate affairs
but are not yet effective:
Amendment to Ind AS 1 ''Presentation of Financial
Statements''- Classification of Liabilities as current
or non-current and non-current liabilities with
covenants. The amendment includes specific
provisions that will take effect for reporting periods
beginning on or after 1 April 2026, retrospectively,
as outlined below:
a) Breach of material covenant for long-term loan
arrangement on or before end of reporting
period with effect that liability becomes
payable on demand as on reporting date,
then it shall be classified as current liability,
if lender agreed after reporting period and
before approval of financial statements to not
demand payment as a consequence of breach.
b) Classify as non-current liability, if lender
agreed by end of reporting period to provide
grace period ending at least 12 months after
reporting period within which entity can rectify
the breach provided lender does not demand
immediate repayment.
c) Disclose information about the timing of
settlement to understand the impact of the
liability on the financial statements.
The Company does not expect this amendment
to have an impact on its operations or financial
statements.
4.1 During the year ended March 31, 2026, our Company incorporated a new associate entity, Eezily Network Private
Limited, on November 06, 2025. The entity did not have any paid-up share capital as at March 31, 2025. Subsequently,
on November 06, 2025, Eezily Network Private Limited allotted 3,500 equity shares of face value '' 10/- each for
consideration of '' 35,000 to our Company.
4.2 During the year ended March 31, 2026, our Company recorded a diminution in the value of investments aggregating
to '' 34.56 Lacs, comprising '' 13.09 Lacs in Redicine Medsol Private Limited and '' 21.47 Lacs in Growfitter Private
Limited.
4.3 During the year ended March 31, 2026, our Company ceased to hold associate status in respect of two entities.
Our Company sold its entire stake in Fractoprop LLP on May 05, 2025. Further, on February 18, 2026, our Company
diluted its 38% stake in Scaleax Advisory Private Limited, pursuant to which the entity ceased to be an associate of
our Company.
17.2 Our Company has issued only one class of equity shares having a par value of '' 2 per share. Each holder of Equity
Shares are entitled to one vote per share. Our Company declares and pays dividend in Indian rupees. The dividend
proposed by the Board of Directors is subject to the approval of the shareholders at the Annual General Meeting,
except in case of interim dividend. In the event of liquidation of our Company, the holders of equity shares will be
entitled to receive the realised value of the assets of our Company, remaining after the payment of all preferential
dues. The distribution will be in proportion to the number of equity shares held by the shareholders.
Description of nature and purpose of each reserve :
Securities Premium Reserve: The amount received in excess of face value of the equity shares is recognised in
Securities Premium Reserve. The reserve is utilised in accordance with the specific provision of the Companies Act,
2013.
Retained Earnings: Retained earnings are the profits that our Company has earned till date, less any transfers to
general reserve, dividends or other distributions paid to shareholders. Retained Earnings is a free reserve available
to our Company.
Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate,
expected salary increase and employee turnover. The sensitivity analysis below, have been determined
based on reasonably possible changes of the assumptions occurring at the end of the reporting period,
while holding all other assumptions constant. The result of sensitivity analysis on defined benefit obligation
is given below :
38.1 The Government of India has notified the implementation of the four new Labour Codes, consolidating and
rationalising 29 existing labour laws, with effect from November 21, 2025. Pursuant to the said implementation, our
Company has restructured and realigned its wage structure, including modification and redistribution of various
wage components, to align with the provisions of the new Labour Codes. Our Company continues to monitor the
finalisation of Central and State Rules and further clarifications from the Government on various aspects of the
Labour Codes. Appropriate accounting impact, if any, arising from such developments shall be recognised as and
when required.
Our Company''s primary business segment involves developing and licensing fully serviced office spaces in
business centres. The Board of Directors of our Company, which has been identified as being the Chief Operating
Decision Maker (CODM), evaluates our Company performance, allocate resources based on the analysis of the
various performance indicator of our Company as a single unit of coworking spaces. Therefore there are no separate
reportable business segments as per Ind AS 108- "Operating Segments".
40.1 Related party transactions reported are excluding GST for which our Company is eligible for credit. However,
outstanding balances reported at the year end is inclusive of GST component wherever applicable.
40.2 Transaction entered into with related party are made on terms equivalent to those that prevail in arm''s length
transactions and normal credit terms except where contractually agreed. Our Company has not recorded any
loss allowances for trade and other receivables from related parties. Outstanding balances at the year end are
unsecured and their settlement occurs in cash
40.3 The names and the nature of relationships is disclosed only when the transactions are entered into by our Company
with the related parties during the existence of the related party relationship.
During the year ended 31 March 2026. our Company recognised net exceptional income of '' 18.09 Lacs in the
Statement of Profit and Loss.
42 FINANCIAL INSTRUMENTS - FAIR VALUES & RISK MANAGEMENT:Accounting Classifications & Fair Value Measurements:
The fair values of the financial assets and liabilities are measured 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.
All financial instruments are initially recognised and subsequently re-measured at fair value as described below :
1. The fair value of investment in quoted equity shares and mutual funds is measured at quoted price or NAV.
2. Fair values of cash and short term deposits, trade and other short term receivables, trade payables, other
current liabilities, short term loans from banks and other financial institutions approximate their carrying
amounts largely due to short-term maturities of these instruments.
3. Financial instruments with fixed and variable interest rates are evaluated by our Company based on parameters
such as interest rates and individual credit worthiness of the counterparty. Based on the evaluation, allowances
are taken to account for the expected losses of these receivables.
Our company uses the following hierarchy for determining and disclosing the fair values of financial instruments
by valuation technique:
Level 1 : Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 : Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability,
either directly or indirectly.
Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.
* Exclude Group company investments measured at cost (Refer Note 4)
All financial instruments are initially recognised and subsequently re-measured at fair value as described
below:
(a) The fair value of investment in quoted Mutual Funds is measured at quoted price or NAV.
(b) The fair value for level 3 instruments is valued using independently valuer report.
The company''s Board of Directors has overall responsibility for the establishment and oversight of our Company''s
risk management framework. The company''s risk management policies are established to identify and analyse
the risks faced by our Company, to set appropriate risk limits and controls and to monitor risks. Risk management
policies and systems are reviewed regularly to reflect changes in market conditions and our Company''s activities.
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The carrying amount of following financial assets represents the maximum
credit exposure.
Our Company periodically assesses the financial reliability of customers, taking into account the financial condition,
current economic trends and ageing of accounts receivable. Individual risk limits are set accordingly. Our Company
performs impairment analysis at each reporting date using expected credit loss model. Our Company does not hold
collateral as security.
Accounts Receivable includes receivables aggregating to '' 278.85 Lakhs (previous year '' 609.68 Lakhs) from
one (previous year one) major customers who accounted for more than 10% of the accounts receivables as at
31st march 2026.
The provision for allowance for credit loss for non-collection of receivables and delay in collection, on a combined
basis, was '' 159.64 Lakhs as at March 31, 2026 and '' 82.62 lakhs as at March 31, 2025. The movement in allowances
for doubtful accounts comprising provision for both non-collection of receivables and delay in collection is as
follows:
Security deposits primarily represent amounts placed with landlords, vendors against lease arrangements and
other contractual obligations. Credit risk on these deposits is considered low, as the counterparties are largely
established lessors and vendors with whom our Company has long-standing relationships, and the amounts are
generally recoverable on termination/completion of the respective arrangements.
The exposure to our Company arising out of this category consists of balances with banks, investments in liquid
mutual funds, and loans which do not pose any material credit risk. Such exposure is also controlled, reviewed and
approved by the management of our Company on routine basis. There are no indications that defaults in payment
obligations would occur in respect of these financial assets.
Liquidity Risk is defined as the risk that our Company will not be able to settle or meet its obligations on time or
at reasonable price. The company''s treasury department is responsible for liquidity, funding as well as settlement
management. In addition, processes and policies related to such risks are overseen by senior management.
Management monitors our Company''s net liquidity position through rolling forecast on the basis of expected cash
flows.
Maturity profile of financial liabilities:
The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting
date based on contractual undiscounted payments.
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the
price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest
rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive
instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and
deposits, foreign currency receivables, payables and loan borrowings.
Our Company manages market risk through a treasury department, which evaluates and exercises independent
control over the entire process of market risk management. The treasury department recommends risk management
objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of
this department include management of cash resources, implementing hedging strategies for foreign currency
exposures, borrowing strategies, and ensuring compliance with market risk limits and policies.
Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. In order to optimise our Company''s position with regards to the interest income
and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest
rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in it total
portfolio.
With all other variables held constant, the following table demonstrates the impact of the borrowing cost on floating
rate portion of loans and borrowings and excluding loans on which interest rate swaps are taken.
43.5 PRICE RISK:Investment Price Risk:
The company''s exposure to price risk arises from investments in equity and mutual fund held by our Company and
classified in the balance sheet at fair value through profit or loss. To manage its price risk arising from investments,
our Company diversifies its portfolio.
For the purposes of our Company''s capital management, capital includes issued capital and all other equity
reserves. The primary objective of our Company''s Capital Management is to maximise shareholder value. The
company manages its capital structure and makes adjustments in the light of changes in economic environment
and the requirement of the financial covenants.
44 In accordance with Ind AS 36 - Impairment of Assets, as specified in the Annexure to the Companies (Indian
Accounting Standards) Rules, 2015, notified by the Ministry of Corporate Affairs under Section 133 read with Section
469 of the Companies Act, 2013, the management has reviewed the carrying amounts of its fixed assets for any
indication of impairment. Based on such assessment, management has concluded that the recoverable amounts
of the assets are not materially lower than their respective carrying amounts. Accordingly, no material impairment
loss is required to be recognised in the financial statements.
47.1 Our Company has reviewed all its pending claims, litigations and proceedings and has adequately provided for
where provisions are required and disclosed as contingent liabilities where applicable, in its financial statements.
The company does not expect the outcome of these claims, litigations and proceedings to have a materially adverse
effect on its financial position.
47.2 Apart from the commitments disclosed above, our Company has no financial commitments other than those in the
nature of regular business operations.
47.3 Various GST demands, including interest and penalties, aggregating to '' 141.87 Lacs have been raised against our
Company for different assessment years. Our Company has filed appeals against these demands before the
appropriate appellate authorities and the matters are pending adjudication.
Out of the above amount, a litigation matter amounting to '' 28.65 Lacs pertains to the FY 2018-19 when the business
was operating as a Limited Liability Partnership (LLP), prior to its conversion into a listed public company. Our Company
has filed appeals against these demands before the appropriate appellate authorities and the matters are pending
adjudication.
Against the aforesaid demands, our Company has deposited '' 1.37 Lacs under protest. Based on legal advice and
management''s assessment of the merits of the cases, our Company believes that no material liability is likely to
arise and, accordingly, no provision has been considered necessary in the financial statements.
47.4 During the year, Dev Accelerator Limited extended a corporate guarantee of '' 490 Lacs on behalf of its subsidiary,
Neddle and Thread LLP.
Note- ''Reason for material discrepancies''
The difference between the trade receivables as per the books of account and the amount reported in the
statements submitted to the bank is primarily attributable to reconciliation adjustments and timing differences
arising during the process of bank reconciliation and closure of the books of account for the relevant reporting
period. The statements submitted to the bank were prepared based on the information available at the respective
reporting date, whereas certain reconciliation entries and adjustments were subsequently identified and accounted
for at the time of finalisation and closure of the books of account. Accordingly, the difference represents timing/
reconciliation-related differences and does not arise from any material misstatement of the underlying trade
receivables.
50 The Company evaluates events and transactions that occur subsequent to the Balance Sheet date prior to the
approval of the financial statements to determine the necessity for recognition and/or reporting of any of these
events and transactions in the Financial Statements.There was no subsequent event to be recognised or reported
that are not already disclosed elsewhere in these Financial Statements.
51 The Board of Directors of our Company, at its meeting held on March 24, 2026, has approved the allotment of
33,33,330 Convertible Warrants, each convertible into one Equity Share of face value '' 2/- each, at an issue price
of '' 45/- per warrant, aggregating to '' 1,500 Lacs, by way of Preferential Allotment on a Private Placement basis to
Mr. Shah Parth Naimeshbhai, Mr. Uttamchandani Umesh Satishkumar and Mr. Rushit Shardulkumar Shah, Promoters
of our Company (11,11,110 Convertible Warrants each) and Issuance of upto 44,44,440 fully paid-up Equity Shares of
our Company having face value of '' 2 each, at a price of '' 45 per Equity Share, payable in cash, aggregating up to
'' 2,000 Lacs on a preferential basis, to Infibeam Projects Management Private Limited, a Non-Promoter Entity.
The aforesaid issuance was approved by the shareholders of Dev Accelerator Limited ("our Company") through
a Postal Ballot on April 23, 2026. The approval of the preferential issue of convertible warrants and equity shares
constitutes a non-adjusting event occurring after the reporting period, as the in-principle approvals from the
stock exchanges had not been obtained prior to the date of approval of the financial statements. Accordingly, no
adjustments have been made to the standalone financial statements as at March 31, 2026. The event has been
disclosed as a material non-adjusting event in accordance with Ind AS 10, Events after the Reporting Period.
Further, the proposed issuance of convertible warrants does not result in dilution of Earnings Per Share (EPS) as at
March 31, 2026 since the warrants were not outstanding with all requisite approvals completed as of the reporting
date and no shares had been issued thereunder. Accordingly, no diluted EPS has been computed in respect of
these warrants for the year ended March 31, 2026.
52 During the year ended March 31, 2026, our Company has extended 35,77,518 0.01% Non - Convertible,
Non - Cumulative and Non - Participating Redeemable Preference Shares having face value '' 10/- each for a further
5 (five) years beyond the maturity date of March 26, 2026., issued at a price of '' 10/- per Non - Convertible,
Non - Cumulative and Non - Participating Preference Shares Redeemable.
53 Our Company has completed the Initial Public Offer (''IPO'') of 2,35,00,000 equity shares of face value of '' 2 each at
an issue price of '' 61 per equity share (including share premium of '' 59 per equity share), The equity shares of our
Company were listed on the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on September
17, 2025. The utilisation of IPO proceeds from fresh issue of '' 12,737.90 Lacs (net off Issue expenses of '' 1597.10 Lacs
in relation to fresh issue of shares) is summarised below:
54 The company does not hold any benami property as defined under the Benami Transactions (Prohibition) Act, 1988
(45 of 1988) and the rules made thereunder. No proceeding has been initiated or pending against our Company for
holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made
thereunder.
55 Our Company does not have any transactions with companies struck off.
56 The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory
period.
57 Our Company has not traded or invested in crypto currency or virtual currency during the financial year.
58 As on March 31, 2026, there is no unutilised amounts in respect of long term borrowings from banks and the
borrowed funds have been utilised for the specific purpose for which the funds were raised.
59 Our Company does not have any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (Such
as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
60 Our Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of our Company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
61 Our Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that our Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
62 The company has used accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions
recorded in the software. Further, there are no instances of audit trail being tampered with. Additionally, the audit
trail of prior year(s) has been preserved by the company as per the statutory requirements for record retention.
63 Previous year''s figures have been regrouped/re-arranged/recasted, wherever necessary, so as to make them
comparable with current year''s figures.
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