9. Contingent Liabilities
Contingent liabilities may arise from the ordinary course of business in relation to claims against the Company, including legal and other claims. By their nature, contingencies will be resolved only when one or more uncertain future events occur or fail to occur. The assessment of the existence, and potential quantum, of contingencies inherently involves the exercise of significant judgment and the use of estimates regarding the outcome of future events.
Contingent liabilities as on the Balance Sheet date are highlighted below: Nil
10. Employees Retirement Benefits
The Company has made the provision for the Employee Retirement Benefits on an adhoc basis for the financial year ended March 31, 2024. The provisions for retirement benefits on March 31, 2024 are made as under:
12.1. Additional disclosures pursuant amendments under the Companies Act, 2013 vide Notification dated 24 March 2021.
12.2. The Company does not hold and own any immovable property. The shares in the society are in the name of the Directors:
12.3. The Immovable Property has not been revalued during the year.
12.4. The Company has not made any loans or advances in the nature of loans to promoters, directors, Key Managerial Personnel and the related parties. Therefore, the disclosure relating to loans and advances given to the above referred persons along with the amounts outstanding, is not furnished.
12.5. There are no proceedings initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
12.6. The Company has no borrowings from Banks or Financial Institutions on the basis of security of current assets. Hence, the relevant disclosure is not furnished.
12.7. The Company has not been declared a willful defaulter by any Bank or Financial Institution or other lender. Hence the disclosures under this clause are not applicable to the Company.
12.8. The Company has no relationship with struck off companies under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956. Hence the disclosures under this clause are not applicable.
12.9. There are no charges or satisfaction of charges pending beyond the statutory period defined under the Companies Act, 2013. Hence the disclosures under this clause are not applicable to the Company.
12.10. The Company does not have any subsidiary companies or associates or joint ventures. Hence, there are no layers of Companies. Therefore, the relevant disclosures under this clause are not applicable to the Company.
12.11 Ratios are disclosed as under:
a. Current Ratio = current assets divided by current liabilities
k. Return on Investment = Income from investment divided by the closing balance of the investment - Not Applicable
12.12. There is no scheme of Arrangement approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013. Therefore, the disclosures under this clause are not applicable to the Company.
12.13. The Company has raised funds by way issuing right issues shares at a premium. The said securities premium is accounted for under the head Reserves and Surplus in the Financial Statements. The said securities premium has been utilized to issue Bonus Shares to the shareholders.
12.14. The Company has not received any funding from any foreign person, entity or parties. Hence the disclosures required under this clause are not applicable to the Company.
12.15. There are no transactions which are not recorded in the books of accounts that have been surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961. Hence, the disclosures required under this clause are not applicable to the Company.
The Company is not covered under section 135 of the Companies Act, 2013 with relation to Corporate Social Responsibility. Hence, the relevant disclosures required under the Companies Act 2013 are not applicable to the Company.
The Company has not traded or invested in crypto currency or virtual currencies during the financial year. Hence the disclosures required under the clause are not applicable to the Company.
For K S Sanghvi and Co. For and on behalf of Board of Directors of AccelerateBS India Limited
Chartered Accountants (formerly known as AccelerateBS India Private Limited)
Firm Registration Number: 116714W
Sd/- Sd/- Sd/- Sd/-
Tapan Kirit Sanghvi Kunal Arvind Shah Keyur Dipakkumar Shah Ami Keyur Shah
Partner Chairman & Managing Whole-time Director Executive Director and Chief
Director Financial Officer
Membership No.: 122244 DIN: 06982652 DIN: 06982704 DIN: 09812195
Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai
Date: May 16, 2024 Date: May 16, 2024 Date: May 16, 2024 Date: May 16, 2024
Sd/-
Bhavika Mehta
Whole-time Company Secretary and Compliance Officer Membership no.: A64173 Place: Mumbai Date: May 16, 2024
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