We have audited the accompanying Standalone Financial
Statements of Parsvnath Developers Limited ('the
Company'), which comprise the Balance Sheet as at March
31,2025, the statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity
and Statement of Cash Flows for the year ended on that date,
and notes to the financial statements, including a summary
of material accounting policies and other explanatory
information.

In our opinion and to the best of our information and
according to the explanations given to us, except for the
indeterminate effects/possible effects of the matters
referred in Basis for Qualified Opinion paragraph below,

the aforesaid Standalone Financial Statements give the
information required by the Companies Act, 2013 ("the
Act") in the manner so required give a true and fair view in
conformity with the Indian Accounting Standards prescribed
under Section 133 of the Act read with the Companies
(Indian Accounting Standards) Rule, 2015, as amended, ("Ind
AS") and other the accounting principles generally accepted
in India, of the state of affairs of the Company as at March 31,
2025 and its Losses, total comprehensive income (comprising
of loss and other comprehensive income), changes in equity
and its cash flows for the year ended on that date.

2. Basis for Qualified Opinion

We draw your attention to following notes of the Standalone
Financial Statements:

(a) Note No 41 (d) which states that:

Delhi Metro Rail Corporation (DMRC) had terminated
the contract of BOT project due to delays in payments
as per concession agreement by the Company. The
Company had sent a notice invoking arbitration
and accordingly DMRC called upon the Company to
nominate an Arbitrator from the panel maintained by it
and the Arbitrator has been nominated by the Company.
The Arbitrator Tribunal is formed and the company has

filed the claims of Rs. 31444.00 lakhs for project and
interest expenses before the Arbitration Tribunal and
DMRC has also preferred Counter Claims to the tune
of INR 8295.00 lakhs on account of the contractual
dues as per the 2nd Supplementary Agreement and
interest thereon along with GST on interest. Next date
of hearing is fixed on 29.10.2025. Based on the legal
opinion obtained, the management is of the opinion
that company has a favourable case against DMRC due
to various defaults on the part of DMRC and therefore
Intangible assets under development of Rs. 8097.89
Lakhs and unamortised upfront fee Rs. 664.88 Lakhs
is recoverable and hence no impairment is required
against the 'Intangible Assets under development" and
unamortised upfront fee related with this project.

Considering the fact that DMRC had terminated the
contract, Arbitration Tribunal has been formed, the
company has filed the claims of Rs. 31444.00 lakhs for
project and interest expenses before the Arbitration
Tribunal and DMRC has also preferred Counter
Claims to the tune of INR 8295.00 lakhs on account of
the contractual dues as per the 2nd Supplementary
Agreement and interest thereon along with GST on
interest, there are various uncertainty involved in the
outcome of the matter and recoverability of the amount
lying as 'Intangible Assets under development' and
unamortised upfront fee related with this project in the
books of the company. Due to above uncertainties, we
are unable to comment on the impairment required in
the value of Intangible assets under development of
Rs. 8097.89 Lakhs and unamortised upfront fee of Rs.
664.88 Lakhs as reflected in the Standalone Financial
Statements.

(b) Note No 41(c) which states that:

In case of another concession agreement with DMRC
for development of the land, the company had raised
dispute and approached DMRC to waive the recurring
payment liability for the disputed period. The Company
invoked "Arbitration Clause" under the concession
agreement for settlement of the matter. The Arbitral
Tribunal had announced its award in favour of DMRC
and directed the company to make payment of
recurring fee amounting to Rs. 861 lakhs alongwith
interest of Rs. 656 lakhs upto 27 January, 2017. The

Arbitral Tribunal has also granted pendent-lite and
future interest at the rate of 8.30% p.a. till 30 days from
the date of award i.e. 22 March, 2021 and at 10.30% p.a.
thereafter. No provision has been made for the same
by the company as the Company has filed an appeal in
the Delhi High Court against this award. Further, DMRC
has filed a Petition before High Court under Section
36 of the Arbitration and Conciliation Act, seeking
enforcement of the Award. On 04.03.2022, the High
Court directed the Company to deposit the awarded
amount. The Company has challenged the impugned
order passed by the High Court before the Supreme
Court. The Supreme Court has dismissed the SLP. The
Objections are pending consideration before the High
Court of Delhi wherein Company has raised issues with
respect to independency of the Arbitral Tribunal. Delhi
High Court has order the Company to comply the order
of Hon'ble Supreme court regarding deposition of
award amount with cost which is yet to be deposited.
On 20.09.2024, Company gave a proposal that amounts
required to be deposited in present case be adjusted
from the amount required to be deposited by DMRC in
arbitration award under section 34 issued in favour of
subsidiary company (Khyber pass section 34). Further
Company was restrained from alienating its assets.
DMRC vide its application filed in Khyber Pass Section
34 accepted the proposal and accordingly. Company
has filed an Application seeking vacation of stay order.
Vide Order dated 11.12.2024, DMRC sought time to
file reply to the Application. On 29.07.2025 parties
suggested that the Objections of Khyber Pass may be
heard and decided, which would ultimately resolve
all the issues including release of amount and bank
guarantee etc. The matter is now listed on 12.09.2025
for arguments. On the basis of legal advice received, the
management is of the opinion that the company has a
favourable case and has considered Intangible assets
under development of Rs. 4000.55 lakhs as on 31st
March 2025 as fully recoverable as well as considered
that no liability shall be payable as per the Order given
by the Tribunal/Court.

Considering that Arbitral Tribunal has announced its
award in favour of DMRC and directed the company to
make payment of recurring fee along with interest and
matter is pending with Hon'ble Delhi High Court, we

are unable to comment on the impairment required in
the intangible Assets under development recognised
against this project and the liability required to be
recognised toward unpaid recurring fee and interest
thereon and other resultant impact on these Standalone
Financial Statements.

(c) Note No. 41(b) which states that:

In case of another BOT project, construction activities
were suspended as per the instructions of the DMRC.
The Company had invoked the Arbitration clause
under the concession agreement and the Order has
been pronounced on October 08, 2023. As per the said
Arbitration Award, the Ld. Arbitrator has partly allowed
the Claims sought by the Company and as such the
time period of lease between 21.01.2011 till 07.02.2019
has been declared zero period and the company is
required to make the rental payment alongwith interest
from February 8, 2019 onwards as per the concession
agreement. DMRC has filed an application under
section 33 of the Arbitration and Conciliation Act, 1996
(as amended) seeking correction / interpretation of the
Award dated 08.10.2023 which has been confirmed
by the Arbitrator. DMRC has filed a Petition under
section 34 of the Arbitration and Conciliation Act, 1996
for setting aside the Arbitral Award dated 08.10.2023
corrected on 23.03.2024 passed by the Arbitral Tribunal.
The petition is now listed for hearing on 09.09.2025.
Meanwhile, DMRC vide letter dated 30.09.2024 issued a
cure-cum-termination notice to deposit the outstanding
dues alongwith interest and also calling upon us to
submit escalated security deposit of Rs. 408.96 lakhs.
The Company has filed a petition under section 9 of
the Arbitration & Conciliation Act, 1996 before the
Delhi High Court seeking interim reliefs which has been
dismissed by High court as withdrawn. The Company
has approached DMRC vide letter dated 03.07.2025 for
levying the recurring dues from 08.10.2023 i.e date of
award and for extension for further 30 years from the
year 2023. Management is of the view that project will be
restated and the intangible assets under development
of Rs. 14196.48 lakhs and unamortised upfront fee of Rs.
967.95 Lakhs is recoverable.

Considering the fact that DMRC had issued cure cum
termination notice for deposition of outstanding dues

& petition has been withdrawn by the company and
now matter is under discussion with DMRC for settling
the dues, there are various uncertainty involved in
the outcome of the matter and recoverability of the
amount Rs. 14196.48 lakhs and unamortised upfront
fee of Rs. 967.95 Lakhs lying as 'Intangible Assets under
development' related with this project in the books
of the company. Due to above uncertainties, we are
unable to comment the amount of impairment required
against the same and the resultant impact of the same
on the Standalone Financial Statements.

(d) Note No 42 which states that:

The Company had entered into an 'Assignment of
Development Rights Agreement' dated 28 December,
2010 with a wholly owned subsidiary company (WOS)
and Collaborators (land owners) in terms of which the
Company had assigned Development Rights of one of
its project to WOS on terms and conditions contained
therein. The project has been delayed and disputes
arose with the collaborators (land owners) who sought
cancellation of the Development Agreement and
other related agreements and have taken legal steps
in this regard. The Ld. Sole Arbitrator pronounced the
Arbitral Award and restored the physical possession of
the Project Land in favour of the land owners, subject
to payment of Rs. 1,570.91 lakhs along with interest
as awarded under the Arbitral Award to WOS. The
WOS has filed an appeal before the Commercial Court
challenging the Arbitration Award on 19th August,
2023 under Section 34 of the Act. The Ld. Commercial
Court vide its order dated 8 July, 2024 allowed the
objections filed by the WOS thereby setting aside the
Impugned Award dated 18 April, 2023. Collaborator
(land owners) has filed petition u/s 37 of the Act before
Allahabad High Court challenging the order dated
08.07.204 passed by the commercial court. The matter
last heard on 09.01.2025. The Bench, after recording the
submission of parties, observed that the matter requires
consideration and accordingly issued Notice and
directed that during pendency of the Appeal, status quo
pertaining to the land in question shall be maintained
by the parties and none of the parties would deal with
the property in question. The Appeal will be listed in
due course and next date of hearing is yet to be fixed.
On the basis of legal opinion and considering the

favourable judgement from the commercial court, the
management is of the view that there is no impairment
is required in the value of loan of Rs.5180.25 lakhs given
to WOS and investment of Rs. 21076.47 lakhs in WOS
are considered as good and recoverable.

Considering various uncertainties, we are unable to
comment on the adjustment required in the value of
Loan of Rs. 5180.25 lakhs and Investment of Rs. 21076.47
lakhs in WOS.

(e) Note No 53 which states that:

A subsidiary of the company, Parsvnath HB Projects
Private Limited (PHBPPL) was allotted a land by Punjab
Small Industrial & Exports Corporation Limited (PSIEC).
On account of non-payment of instalments due,
PSIEC cancelled the allotment of land. PHBPPL filed an
arbitration petition against the same and as in their
view, there were certain lapses on the part of PSIEC.
The first sitting of the Arbitral Tribunal held on 1st June,
2022 wherein he has advised the parties for an amicable
resolution of dispute and directed the Claimant to give
a proposal for payment of outstanding dues of PSIEC.
During the year ended 31.03.2025 and subsequently, the
company has submitted proposals to PSIEC which were
rejected by PSIEC. The matter was listed on 20.08.2025
wherein PSIEC sought time to seek instructions
which was allowed by the Tribunal. The next date of
hearing is fixed on 10.09.2025. Pending the arbitration
proceedings, the management is on the opinion that no
impairment is required in the value of loan of Rs. 6636.45
lakhs given to PHBPPL and investment of Rs. 2.50 lakhs
in PHBPPL and is considered as good and recoverable.

Considering that the allotment of land has been
cancelled by PSIEC, there is no subsisting right in
favour of PHBPPL as well as proposal submitted by the
company has been rejected, given that the outcome of
the proceedings cannot be determined at this stage, we
are unable to comment on the adjustment required in
the value of loan of Rs. 6636.45 lakhs given to PHBPPL
and investment of Rs. 2.50 lakhs in PHBPPL.

(f) The Real Estate Regulatory Authority (RERA) has issued
multiple recovery certificates in response to complaints
filed by various customers of the Company which are
yet to be compiled by the Company. The company has

not made specific provision for compensation payable
to these customers, as it believes that compensation will
not be required following mutual settlements with the
customers.

Pending the compilation of recovery certificates by the
Company and determination of additional provision
may be required against the same, we are unable to
assess the potential impact of these matters on the
Standalone Financial Statements at this time.

g) There are long-outstanding advances to vendors
and trade receivables aggregating Rs. 9,196.53 lakhs
that are pending confirmation and reconciliation.
Management has not recognised any loss allowance/
provision against these balances on the assertion
that they are recoverable/adjustable. Owing to the
absence of external confirmations/reconciliations
and the limited alternative procedures available to us,
we were unable to obtain sufficient appropriate audit
evidence regarding the existence, accuracy, rights and
recoverability of these balances. Accordingly, we are
unable to determine whether any adjustments are
required to the carrying amounts of these balances and
the consequential impact, if any, on the accompanying
Standalone Financial Statements, including the
Statement of Profit and Loss (and Other Comprehensive
Income), the Statement of Changes in Equity and the
related disclosures.

We conducted our audit in accordance with the
Standards on Auditing (SAs) specified under Section
143(10) of the Act. Our responsibilities under those
standards on auditing are further described in
the 'Auditor's Responsibilities for the Audit of the
Standalone Financial Statements' section of our report.
We are independent of the Company in accordance
with the Code of Ethics issued by the Institute of
Chartered Accountants of India ('the ICAI) together
with the ethical requirements that are relevant to our
audit of the Standalone Financial Statements under
the provisions of the Act and the Rules thereunder, and
we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of
Ethics. We believe that the audit evidence obtained by
us is sufficient and appropriate to provide a basis for our
qualified opinion.

3. Emphasis of Matter

(a) Note No 44 which states that:

The Company had entered into a Development
Agreement (DA) with Chandigarh Housing Board (CHB).
Owing to disputes, the Company had invoked the
arbitration and the arbitral award was issued. Due to
computational error in the award, the awarded amount
was deficient by approximately Rs. 14,602 lakhs. The
matter was decided against the company by Hon'ble
Sole Arbitrator and Additional District Judge cum
MACT, Chandigarh. The matter is now pending before
the Hon'ble Punjab & Haryana High Court at Chandigarh
and the proceedings are going on and matter is listed
on 03.12.2025. Pending decision of the High Court, the
management is hopeful for recovery and Rs. 14,046.91
lakhs has been shown as recoverable and included
under 'Other Non-Current financial assets' in the
Standalone Financial Statements.

(b) Note No 49 which states that:

The company has recognised the exceptional gain
of Rs. 10,054.55 Lakhs towards waiver of interest and
other dues on settlement of loans with one of the
lender of Rs. 12,065.33 Lakhs and Impairment loss of
Rs. 2,010.78 lakhs due to reclassification of Assets held
for sale to Intangible assets which has been disclosed
as exceptional items in the Standalone Financial
Statements.

(c) Note No 85 which states that:

The Company Secretary of the Company resigned in
July 2025 and, as on the date of this report, the position
remains vacant. The Company has represented that it is
in the process of appointing a new Company Secretary
in compliance with Section 203 of the Companies Act,
2013 and Regulation 6 of SEBI (LODR) Regulations, 2015.

(d) Note No 86 which states that:

Due to non-filing of GST return for various states
during the period from May'22 to March'25 as the GST
registration has been suspended by the GST Department
due to non-payment of GST dues. The company has
provided GST Liability in the books of account and has
not provided interest and penalty on non-payment of

GST which in the opinion of the management is not
material and does not have any material impact on the
Standalone Financial Statements.

Our opinion is not modified in respect of these matters

4. Material uncertainty related to going concern

We draw your attention to note 47 of the Standalone Financial
Statements which states that the Company has incurred cash
losses during the current year and during the previous year.
Due to recession in the past in the real estate sector owing to
slowdown in demand, the Company faced lack of adequate
sources of finance to fund execution and completion of its
ongoing projects resulting in delayed realisation from its
customers. The Company is facing tight liquidity situation as
a result of which there have been delays/defaults in payment
of principal and interest on borrowings, statutory liabilities,
salaries to employees and other dues. However, considering
the substantial improvement in real estate sector recently,
the management is of the view that all above issues will be

resolved in due course by arrangement of required finance
through alternate sources, including sale of non-core assets
to overcome this liquidity crunch.

Considering the indeterminate impact of the matters under
litigation, uncertainty exist that may cast significant doubt
on the Company's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

5. Key Audit Matter

Key Audit Matters are those matters that, in our professional
judgement, were of most significance in our audit of
Standalone Financial Statements of the current period.
These matters were addressed in the context of our audit
of Standalone Financial Statements as a whole, and in
forming our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the
matters described below to be the key audit matters to be
communicated in our report.

The matters described in the Basis for Qualified Opinion
section and the Emphasis of Matter paragraph of our report
were also considered to be among the significant matters in
our audit of the Standalone Financial Statements. As such,
these matters have not been separately described in the
Key Audit Matters section in order to avoid duplication of
information.

6. Information other than the Financial Statements and
Auditor's Report thereon

The Company's Board of Directors is responsible for the
other information. The other information comprises the
information included in the Directors report, but does
not include the Standalone Financial Statements and our
auditor's report thereon. These Reports are expected to be
made available to us after the date of this auditor's report.

Our opinion on the Standalone Financial Statements does
not cover the other information and we will not express any
form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other information
identified above when it becomes available and, in doing
so, consider whether the other information is materially
inconsistent with the Standalone Financial Statements or
our knowledge obtained in the audit, or otherwise appears
to be materially misstated.

When we read the Directors report, Management Discussion
and Analysis Report and Corporate Governance Report, if we
conclude that there is a material misstatement therein, we
are required to communicate the matter to those charged
with governance as required and take appropriate action as
applicable under the relevant laws and regulations.

7. Responsibilities of management and those charged with
governance for the Standalone Financial Statements

These Standalone Financial Statements have been approved
by the Company's Board of Directors. The Company's Board
of Directors is responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these
Standalone Financial Statements that give a true and fair
view of the financial position, financial performance, changes
in equity and cash flows of the Company in accordance
with the accounting principles generally accepted in India,

including the Indian Accounting Standards (Ind AS) specified
under section 133 of the Act. This responsibility also includes
maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets
of the Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the
preparation and presentation of the Standalone Financial
Statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements,
management is responsible for assessing the Company's
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the
going concern basis of accounting unless management
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing
the Company's financial reporting process.

8. Auditor's Responsibilities for the Audit of the Standalone
Financial Statements

Our objectives are to obtain reasonable assurance about
whether the Standalone Financial Statements as a whole
are free from material misstatement, whether due to fraud
or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance
but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these Standalone
Financial Statements.

As a part of an audit in accordance with Standards on
Auditing, we exercise professional judgement and maintain
professional skepticism throughout the audit. We also:

• I dentify and assess the risks of material misstatement

of the Standalone Financial Statements, whether due

to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or
the override of internal control.

• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances. Under Section 143(3)
(i) of the Act, we are also responsible for expressing our
opinion on whether the company has in place adequate
internal financial controls with reference to Standalone
Financial Statements and the operating effectiveness of
such controls.

• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of
Directors use of the going concern basis of accounting
and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or
conditions that may cast significant doubt on the
ability of the Company to continue as a going concern.
If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor's report
to the related disclosures in the Standalone Financial
Statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor's
report. However, future events or conditions may cause
the Company to cease to continue as a going concern as
disclosed in para 4 of our report.

• Evaluate the overall presentation, structure and content
of the standalone financial statement, including the
disclosures, and whether the Standalone Financial
Statements represent the underlying transactions and
events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the
Standalone financial statement that, individually or in
aggregate, makes it probable that the economic decisions
of a reasonably knowledgeable user of the Standalone

Financial Statements may be influenced. We consider the
quantitative and qualitative factor in (i) planning the scope
of our audit work and in evaluating the results of our work;
and (ii) to evaluate the effect of any identified misstatements
in the Standalone Financial Statements.

We communicate with those charged with governance of
the Company regarding, among other matters, the planned
scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that
we identify during our audit.

We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.

From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the Standalone Financial
Statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor's
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated
in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public
interest benefits of such communication.

9. Report on other legal and regulatory requirements

(1) As required by the Companies (Auditor's Report) Order,
2020 ("the Order"), issued by the Central Government
of India in terms of sub-section (11) of section 143 of
the Act, subject to the matters described in the Basis for
Qualified Opinion Section of our Report, we give in the
"Annexure A" a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

(2) As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information
and explanations except for the matters referred
in Basis of Qualification opinion paragraph above
which to the best of our knowledge and belief were
necessary for the purposes of our audit.

(b) In our opinion, except for the indeterminate effects
of the matters referred to in Basis for Qualified
opinion paragraph above and our observation
related to maintenance & preservance of edit logs
as mentioned in paragraph 9 (2)(j)(vi) of this report,
proper books of account as required by law relating
to preparation of the aforesaid Standalone Financial
Statements have been kept so far as it appears from
our examination of those books.

(c) The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss (including other
comprehensive income), the Standalone Statement
of Changes in Equity and Standalone Statement
of Cash Flows dealt with by this report are in
agreement with the books of account.

(d) Except for the indeterminate effects of the matters
referred to in Basis for Qualified opinion paragraph
above, in our opinion, the aforesaid Standalone
Financial Statements comply with the Indian
Accounting Standards specified under Section 133
of the Act read with Companies (India Accounting
Standard) Rules, 2015 as amended.

(e) The matters described in the Basis for Qualified
opinion Section, 'Emphasis of Matter' paragraph
and Material Uncertainty Related to Going Concern
Section above, in our opinion, may have an adverse
effect on the functioning of the company.

(f) On the basis of the written representations received
from the directors as on March 31, 2025 taken
on record by the Board of Directors, none of the
directors is disqualified as on March 31,2025 from
being appointed as a director in terms of Section
164 (2) of the Act.

(g) The reservation relating to the maintenance of
accounts and other matters connected therewith
are as stated paragraph (b) above on reporting
u/s 143(3)(b) and paragraph 9(2)(j)(vi) below on
reporting under Rule 11(g).

(h) With respect to the other matters to be included
in Auditor's Report in accordance with the
requirements of section 197 (16) of the Act, as
amended, to the best of our information and

according to the explanations given to us, the
remuneration paid by the company to its directors
during the year is within the limits prescribed under
section 197.

(i) With respect to the adequacy of the internal
financial controls with reference to Standalone
Financial Statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in "Annexure B". Our report
express a qualified opinion on the adequacy and
operating effectiveness of the company's internal
financial controls with reference to Standalone
Financial Statements.

(j) With respect to the other matters to be included in
the Auditor's Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and
according to the explanations given to us:

i. The Company has disclosed the impact of
pending litigations on its financial position in
its Standalone Financial Statements - Refer
Note 37, 41 to 46, 51,53, 54, 56 and 58 to the
Standalone Financial Statements;

ii. The Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses - Refer Note 39 to the Standalone
Financial Statements;

iii. There were no amounts which were required
to be transferred to the Investor Education and
Protection Fund by the Company during the
year ended March 31, 2025 - Refer Note 40 to
the Standalone Financial Statements;

iv. (a) The Management has represented to us

and as disclosed in note no. 80 to the
Standalone Financial Statements, that,
to the best of its knowledge and belief,
no funds (which are material either
individually or in the aggregate) have
been advanced or loaned or invested
(either from borrowed funds or share
premium or any other sources or kind

vi. Based on our examination which included
test check, the company has used accounting
software for maintaining its books of accounts
which has a feature of recording audit trail (edit
log) facility except (a) for CRM software which is
used for recording sales and other transactions
with the customers, wherein the feature of
edit logs have been enabled throughout the
year for all relevant transaction recorded in
the software, however in certain cases the edit
log does not capture all changes and contains
only the modified values and (b) The audit trail
feature is not enabled at database level to log
any direct data changes, used for maintenance
of all accounting record by the Company.
Further, during the course of our audit we did
not come across any instance of audit trail
feature being tempered with during the year.

The audit trail has not been preserved by the company as per
the statutory requirements for record retention.

Our examination of the audit trail was in the context of an
audit of Standalone Financial Statements carried out in
accordance with the Standard of Auditing and only to the
extent required by Rule 11(g) of the Companies (Audit and
Auditors) Rules,2014. We have not carried out any audit or
examination of the audit trail beyond the matters required
by the aforesaid Rule 11(g) nor have we carried out any
standalone audit or examination of the audit trail.

For T R Chadha & Co LLP

Chartered Accountants

Firm Registration No. 006711N/N500028

Aashish Gupta
(Partner)

Membership No. 097343
UDIN: 25097343BMOGER5819

Date: 2nd September 2025
Place: Delhi