@ All the investment in equity shares of subsidiaries, associates and joint ventures are stated at cost as per Ind AS 27 'Separate Financial statements.

* These shares are pledged for Pooled Minicipal Debt Obligation loan taken by Ansal API Infrastructure Limited (One of the wholly owned subsidiary of the company).

# Includes 80,000 shares of White Marlin Buildcon Limited, 62,930 shares of Ansal Township & Infrastructure Limited & 6622 shares of New Look Builders and Developers Private Limited pledged with Xander Finance Private Limited (refer note no.19)

** The CIRP process has been initiated against the joint venture company i.e., M/s. Ansal Urban Condominium Private Limited by the Financial Creditors.

*** The Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 was initiated [IB-85(ND)/2021] against one of the joint venture company i.e. M/s Ansal Lotus Melange Projects Private Limited by its Operational Creditor on 07.04.2021. The Resolution Plan was approved by the Adjudicating Authority through its order dated the 20.11.2023 (the Effective Date). As a result of this Order, the shareholding of the Company mandatorily transferred to the Resolution Applicant and hence the Company i.e. Ansal Properties & Infrastructure Limited has Written off value of its investment of Rs 50,000.00 (Rupees Fifty Thousand only) in the JV Company to nil.

Note II : W.e.f. 1st April, 2018 ,the Company has adopted Ind AS 115 'Revenue from contracts with customer's for the purpose of revenue recognition which has impacted the revenue recognition principles in respect of certain contracts where revenue was recognition based on percentage of completion method ('PoCM') till 31 March 2018 . However, for the purpose of tax computation under normal provisions, company has continued to follow percentage of completion method ('PoCM') basis of revenue recognition.

Terms/rights attached to equity shares

(a) The Company has only one class of equity shares having nominal value of Rs. 5/- each. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company , the holders of equity shares will be entitled to receive remaining assets of the Company , after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

During the last 5 years, the company has not issued any bonus shares nor are there any shares bought back and issued for consideration other than cash.

(b) The Board of Directors at its meeting held on the 23^rd March, 2024 had approved the forfeiture of the 25% of Exercise Price amount received from all the Allottees except M/s. ICP Investments (Mauritius) Limited (ICP) and Shri Sandeep Kohli. Shri Sandeep Kohli and ICP had filed a joint petition before the Hon'ble National Company Law Tribunal (NCLT), for recovery of 25% of Exercise Price paid along with interest u/s 73(4) of the Companies Act, 2013 as deemed deposits. The said matter was already settled by the Company with ICP and Shri Sandeep Kohli and the withdrawal application was filed by them before the NCLT. The NCLT has reserved the Order in this regard.

Capital reserve represents forfeiture of warrants.

Securities premium reserve the amount received in excess of face value of the equity shares is recognised in securities premium reserve.

General reserve represents the statutory reserve, this is in accordance with Indian Corporate law wherein a portion of profit is apportioned to general reserve. Under erstwhile Companies Act, 1956 it was mandatory to transfer amount before a company can declare dividend, however under Companies Act, 2013 transfer of any amount to General reserve is at the discretion of the Company.

A Nature of security and terms of repayment for secured borrowings

a. Term loans It includes:

(i) The outstanding balance of Indian Bank of Rs. 9,935.27 Lakh as on March 31,2024 (March 31,2023 - Rs. 10,360.27 Lakh), out of sanctioned loan of Rs. 15,000 Lakh is secured by way of mortgage of land measuring 13.05 acre of ETA II Project at Greater Noida and construction thereon and by personal guarantee of two promoter directors. The above Term Loan is repayable in sixteen quarterly installment of Rs. 937.50 Lakh each commencing from March 2016.

(ii) The interest on above term loans from banks are linked to the respective banks/ institutions base rates which are floating in nature. Interest rates during the year varied from 12.00 % to 13.8 % per annum.

b. Loans from corporate bodies /financial Institutions

It includes:

(i) The outstanding balance of Housing Development Finance Corporation of Rs. Nil as on March 31,2024 (March 31,2023 - Rs. 599.88 Lakh) these loans are secured by way of first mortgage / charge on the immovable property located at Ansal Plaza (Khel gaon New Delhi, Gurgaon and Greater Noida), In addition, secured by exclusive charge on project assets and receivables and by personal guarantee of two promoter directors.

(ii) In respect of Financial Facilities availed from IL&FS Financial Services (IFIN), a revised payment schedule for OTS has been approved by IFIN for payment of Rs 11136 lakhs (including interest for the intervening period) vide their letter dated 22.11.2023. The Company has paid an amount of Rs 2836 lakhs till 31st March 2024. The Company has approached IFIN for revision in payment terms of balance agreed OTS amounts.

(iii) The outstanding balance Xander Finance Pvt. Ltd. as on March 31,2024 Rs. 2502.40 Lakh (March 31,2023 - Rs. 2502.40 Lakh) out of sanctioned amount of Rs 9,600 Lakh, is secured by exclusive charge on assets, receivables and amount lying in Escrow account of Versalia project. It is further secured by way of Equitable mortgage of project land in village Badshahpur. The above term loan is repayable in 16 quarterly instalments of Rs. 419.68 Lakh commencing from December 2019.

(iv) The interest on above loans from corporate bodies/financial Institutions are linked to the respective banks/ institutions base rates which are floating in nature. Interest rates during the year varied from 13.00 % to 18.50 % per annum.

c. Deposits

It includes :

(i) Deposits from public carry interest rate from 11.50 % to 12.50 % and are repayable in accordance with scheme approved by National Company Law Tribunal (NCLT) & order issued by NCLT thereafter. (Read with note no. 58)

d. There are delay in repayment of borrowings and interest thereon. The Company has given details of all such default in note no 48 &

details of non performing assets in note no 45. .

Secured borrowings

1 The outstanding balance of Jammu & Kashmir Bank Limited for Cash Credit facility is Rs. Nil & interest amount to Rs Nil as on March 31,2024 (March 31,2023 Cash Credit facility is Rs. 310 Lakh & interest amount to Rs. 666.61 Lakh), out of sanctioned limit of Rs. 1550 lakh is primary secured by way of hypothecation of construction material lying at different project sites and other construction in progress, finished goods and book debts on pari passu basis with Punjab National Bank. The total outstanding balance of Rs. 310 Lakh along with Interest has been paid during the year ended March 31,2024.

2 The outstanding balance of Jammu & Kashmir Bank Limited Overdraft facility of Rs. Nil as on March 31,2024 & interest amounting to Rs. Nil (March 31,2023 Overdraft facility of Rs. 1,192.81 Lakh & interest amounting to Rs. 647.30 Lakh), out of sanctioned loan of Rs. 1,550 lakh is primary secured by way of hypothecation of construction material lying at different project sites and other construction in progress, finished goods and book debts. In addition, secured by equitable mortgage of properties in the name of the company/ associate companies' exclusively mortgaged with Jammu & Kashmir Bank, corporate guarantee of mortgagers, counter guarantee of the Company for BG facility and personal guarantee of the two promoter director of the Company. The total outstanding balance of Rs. 1,192.81 Lakh along with Interest has been paid during the year ended March 31,2024.

3 The outstanding balance of Punjab National Bank Overdraft facility of Rs. 266.47 Lakh and interest amount to Rs. 25.43 Lakh as on March 31,2024 (March 31,2023 Overdraft facility of Rs. 266.47 Lakh) against fixed deposit held with bank.

# Interest on certain claims may be payable as and when the outcome of the related claims is finally determined and has not been included in above.

@ It does not include interest amount.

Notes:

i. The management is of the view that in majority of the cases, claims will be successfully resisted or settled out of court on payment of nominal compensation.

ii. As regards income tax demands of Rs. 10,159.05 lakh (March 31,2023: Rs. 10,124.61 lakh) disputed by the Company are concerned, similar demands have been set aside by the Appellate Authorities in most of the cases in the past.

iii. In respect of block assessment for the year 1st April, 1989 to 12th February, 2000, wherein cross appeals have been filed by the Company and the Tax department, Income Tax Appellate Tribunal (ITAT) has given full relief to the Company and rejected the department's grounds of appeal and tax claim of Rs. 4,409 lakh. The Tax Department has gone for further reference to the High Court. The Company, based on an arbitration award, had accounted for income of Rs. 4,200 lakh in the year 2002-03 and paid/provided income tax accordingly. The contingent liability not provided in the accounts in respect of block assessments is estimated at Rs. 1,884 lakh. The Company has been filed appeal in supreme court and appeal proceedings are undergoing.

iv. The Hon'ble Supreme Court, has passed a decision on 28th February, 2019 in relation to inclusion of certain allowances within the scope of “Basic wages” for the purpose of determining contribution to provident fund under the Employees' Provident Funds & Miscellaneous Provisions Act, 1952. The Company, based on legal advice, is awaiting further clarifications in this matter in order to reasonably assess the impact on its financial statements, if any. Accordingly, the applicability of the judgement to the Company, with respect to the period and the nature of allowances to be covered, and resultant impact on the past provident fund liability, cannot be reasonably ascertained, at present.

v. The Company is subject to various claims and exposures related with RERA Disputes with the customers, which arise in the ordinary course of conducting its business. These claims and exposures are majorly related with refund of advance taken from customers and interest thereon. The value of these claims are unascertainable. The Company considers that it can take steps such that the risks can be mitigated.

vi. Includes claimed filed by one of the ex-director of one of the related company against that related company and APIL of Rs. 6,100 lakh and interest thereon.

40. During the period under review the Ansal Properties and Infrastructure Limited (“Company”) has not claimed any exemption under section 80 IA(4)(iii) of the Income Tax Act, 1961. The Company had claimed the exemption u/s 80IA(4) (iii) of the Income Tax Act, in respect of its Industrial Park Project at Pathredi, Gurgaon, amounting to Rs. 3,408 lakhs in the Assessment Year 2010-11. The Competent Authority has not approved the claim of the company. The company has filed Review Petition. Since the Review Petition of the company has been pending for long time, the company has filed Writ Petition before the Hon'ble Delhi High Court. The same has been admitted by the Hon'ble Delhi High Court in W.P. (C) 3848/2021 & CM No.15443/2021 and notice issued to the department. Next date of hearing is 14th August, 2024.

41. During the quarter ended 30th September 2018, the Award in the matter of arbitration with Landmark group was pronounced. The Award contemplates joint and several liability of four companies of Ansal Group, including the Company, amounting to Rs. 5,578 lakhs along with interest amounting to Rs. 10,508 lakhs. Petition filed by Ansal Group has been disposed of by Hon'ble High Court vide order dt. 5th January 2022 with direction to deposit with the Registry of the Court an amount of Rs, 20,000 Lakhs approx. (Rs. 3,099.91 Lakhs earlier deposited with the Hon'ble Court, released to Landmark Group through Order dated 08.08.2023). Pursuant to a settlement arrived between the parties, nothing remains payable to Dalmia Group, and in respect of this, an application has been filed with the Hon'ble Delhi High Court.

42. The Company has purchased properties aggregating to Rs. 16,078 lakhs from one of its subsidiaries (holding 70.57% equity shares) Ansal Townships Infrastructure Limited (ATIL) in the financial year 2011-12. The Company has not paid Rs. 14,374 lakhs out of the above consideration to ATIL till date. ATIL is demanding interest on delayed payment of the outstanding amount @18% per annum. Further, ATIL has not made provision for interest receivable on advance of Rs. 1,140 lakhs, outstanding on 31.03.2019, given to the Company. One of the minority investor shareholders of the ATIL,

“IIRF India Realty Ltd” has objected to granting interest free advance and has demanded that the ATIL recover interest @ 18% per annum on the amount so advanced.

However, the Company has denied such demand on the basis that there is no such clause in the agreement entered into with ATIL and has not provided for any interest in its books of account.

43. In relation to UP RERA projects (1) UPRERAPRJ9594 (2) UPRERAPRJ7090 (3) UPRERAPRJ7122, located at Lucknow, has been deregistered by UPRERA. The Company has filed an appeal with the RERA Appellate Tribunal on various grounds. The next hearing before the Appellate Tribunal is awaited due to the vacation of the Court.

(4) In respect of the project bearing RERA No UPRERAPRJ10009 - completion has been applied to Lucknow Development Authority and information has been given to RERA authorities.

(5) UPRERAPRJ10150 - as per the direction of RERA Authority, the project audit has been completed by the M/s. Asija Associates and the report has been submitted to RERA..

44. Velford Ventures Ltd and New Dimensions Holdings Limited as equity investors along with Grainwell Ventures Ltd and Clear Horizon Investment PTE Ltd as debenture investors (“investors”) which have invested in New Look Builders & Developers Private Limited) had referred the matter to an Arbitrator on their dispute with APIL. In the meanwhile, both the parties, (i.e., the company and the Investors) had entered into master settlement agreement, which was jointly submitted to the arbitrator. Based on master settlement agreement filed with the arbitrator, interim arbitration award was pronounced. A second addendum of master settlement has been executed and as per agreement, a final settlement amount of Rs 16,870 lakhs shall be payable along with interest @1.5% pm from 1st August 2022. The company is in the process to execute the terms of the agreement and no further liability is expected in books of account. However, any adjustment in books will be made at the time of final completion of terms of agreement.

45. As per prescribed norms issued by Reserve Bank of India (RBI) and exercise of powers conferred on the Bank under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SREAFAESI), Bank accounts of the company which has been classified as Non-Performing Assets(NPA), Bank wise details are as under:-

a) In respect of Financial Facilities availed from IL&FS Financial Services (IFIN), a revised payment schedule for OTS has been approved by IFIN for payment of Rs. 11,136 lakhs (including interest for the intervening period) vide their letter dated 22.11.2023. The company has paid an amount of Rs 2,836 Lakhs till 31st March 2024. The Company has approached IFIN for revision in payment terms of balance agreed OTS amounts.

b) The The Company had availed a loan of Rs. 15,000 Lakhs from Indian Bank (earlier Allahabad Bank), for its project Sushant Serene Residency, located at Greater Noida against which the outstanding principal loan amount is Rs. 10,360 Lakhs, and the company had paid Rs. 425 Lakhs as upfront fee against OTS. An insolvency application filled under section 7 of the IBC Act 2016 against the Company vide order dated 20.10.2023 and Hon'ble National Company Law Tribunal [“NCLT”] New Delhi admitted the same and ordered for appointing Mr. Navneet Kumar Gupta, as IRP having Registration No. IBBI/IPA-001/IPP00001/2016-2017/10009.

c) The Company had availed Working Capital, Fund Based Limits of Rs. 3002 lakhs, and a Bank Guaranty facility from Jammu & Kashmir Bank Limited, New Delhi. During Sep'23 Jammu & Kashmir Bank approved an OTS offer submitted by the Company for full repayment of the bank's approved OTS amounts by 15th Dec'23 which the company repaid in full and final and obtained No-Dues Certificates dated 13th Dec'23. All securities have been released by the Bank.

46. IIRF India Realty Limited - II fund “Foreign Investor” and IL & FS Trust Company Limited (acting as Trustee of IFIN Realty Trust) through its manager IL&FS Investment Managers Limited “Indian Investor” had Invested an amount of Rs. 7,934 lakhs in Equity Shares and Compulsorily Convertible Preference Shares (CCPS) of Ansal Townships Infrastructure Limited (ATIL), a subsidiary of the Company. The Company has purchased part of the investment i.e., 40.66% and the remaining part is still pending. The investor(s) has invoked the Arbitration Clause against the Company. Further, ATIL is discussion for settling with the Investor.

47. The Corporate Guarantees given by Ansal Properties and Infrastructure Limited (“the Company”) in terms of the applicable provisions of the Companies Act, 2013 and rules made thereunder (“the Act”) has been reduced by Rs. 11,152.08 lakhs i.e., from Rs. 38,180.50 lakhs as on the 31st March 2023 to Rs. 27,028.50 lakhs as on the 31st March 2024.

48. The Company has made defaults in repayments of dues to bank and financial institutions. Delays existing as on March 31, 2024 are as under:

49. Ansal Properties and Infrastructure Limited [“APIL” or “Company”] was admitted into the Corporate Insolvency Resolution Process [“CIRP”] vide Order dated 16.11.2022 passed by the Hon'ble National Company Law Tribunal [“NCLT”], New Delhi Bench, Court-II in the matter of “Bibhuti Bhushan Biswas & Ors. Versus M/s Ansal Properties and Infrastructure Limited. Thereafter, Mr. Ashwani Kumar Singla was appointed as the Interim Resolution Professional [‘IRP’]. Subsequently, a Company Appeal (AT) (Ins.) No. 41 of 2023 was filed before the Hon'ble National Company Law Appellate Tribunal [“NCLAT”] against the admission order. The Hon'ble NCLAT vide Order dated 13.01.2023 held that the CIRP under the Insolvency and Bankruptcy Code, 2016 [“IBC”] shall only be confined to the “Fernhill Project” situated at District Gurgaon. The IRP filed a Clarification Application dated 17.01.2023 with NCLAT about the Hon'ble NCLAT Order dated 13.01.2023, the same has been disposed of along with other appeals/applications in this regard vide order dated 04.03.2024. Further, the Hon'ble NCLT, New Delhi vide order dated 10.01.2024 has appointed Mr. Jalesh Kumar Grover (IBBI Regn No. (IBBI/IPA001/IPP00200/2017-2018/10390) to act as Resolution Professional qua Fernhill project.

The Company's Serene Residency Group Housing Project at Sector ETA II, Greater Noida has been admitted into the Corporate Insolvency Resolution Process [“CIRP”] vide Order dated 20.10.2023 passed by the Hon'ble National Company Law Tribunal [“NCLT”], New Delhi Bench, Court-II in the matter of “Indian Bank Versus M/s Ansal Properties and Infrastructure Limited. Thereafter, Mr. Navneet Kumar Gupta, as IRP having Registration No. IBBI/IPA-001/ IPP00001/2016-2017/10009 was appointed as IRP and directed to take charge of the CIRP in respect of “Serene Residency Group Housing Project at Sector ETA II, Greater Noida. Currently designated as Resolution Professional.

The CIRP process of the above said projects are underway as on date of financials and consequently, the effect on the financial statements (if any) will be given once the process is complete.

50. Leases

The Ministry of Corporate Affairs (MCA) has issued the Companies (Indian Accounting Standards) Amendment Rules, 2017 and Companies (Indian Accounting Standards) Amendment Rules, 2018 amending the following standard:

Ind AS 116 Leases was notified by MCA on 30 March 2019, replaces Ind AS 17 Leases, including appendices thereto. Ind AS 116 is effective for annual periods beginning on or after 1 April 2019. Ind AS 116 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under Ind AS 17. The standard includes two recognition exemptions for lessees - leases of 'low-value' assets (e.g., Photocopy Machines, Vehicles etc.) and shortterm leases (i.e. leases with a lease term of 12 months or less).

Company as lessor:-

The Company has leased out office and mall premises under non-cancellable operating leases. These leases have terms of between 3 - 30 years. All leases include a clause to enable upward revision of the rental charge on an annual basis according to prevailing market conditions. The total lease rentals recognized as income during the year is Rs. 29.58 lakh (March 31, 2023 Rs. 44.43 lakh).

During the year ended March 31, 2024, the Company recognized in the statement of profit and loss:

a. Depreciation expense from right-of-use assets of Rs. 29.59 Lakh (Refer to Note 34)

b. Interest expenses on lease liabilities of Rs. 2.51 Lakh (Refer to Note 33)

c. Rent expense amounting to Rs. 32.97 lakh pertaining to leases of low-value assets, leases with less than twelve months of lease term and others on which IND AS 116 not applicable has been shown under rent expenses (refer note 35).

Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditor.

52. Gratuity and leave encashment -

Gratuity (being partly administered by a Trust) is computed as 15 days salary, for every recognized retirement/termi-nation/resignation. The Gratuity plan for the company is a defined benefit scheme where annual contributions as per actuarial valuation are charged to the statement of profit and loss.

The Provident Fund is a defined contribution scheme whereby the Company deposits an amount determined as a fixed percentage of basic pay with the Regional Provident Fund Commissioner.

The Company also has a leave encashment scheme with defined benefits for its employees. The Company makes provision for such liability in the books of accounts on the basis of year-end actuarial valuation. No fund has been created for this scheme.

For summarizing the components of net benefit expense recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet for the respective plans, the details are as under:

The estimates of future salary increases considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market. The above information is certified by Actuary.

54. Cost of construction includes sales cancelled/surrenders of Nil during the year (previous year Rs.NIL Lakh) related to sale made in the earlier years. The cost of sales amounting to Nil during the year (previous year Rs. Nil Lakh) has been included in the closing stock. The net impact is profit/(loss) Nil during the year (previous year Rs. Nil lakh) which is charged to the statement of profit and loss account.

56. As per regulation 34(3) and 53(f) read with Schedule of SEBI (LODR), No loans and advances made during the year to subsidiaries and joint venture companies, which are in the nature of loans.

Note: Advances given to subsidiaries and joint venture companies for purchase of land and other purposes are not considered as advances in the nature of loans and have not been considered for the disclosure.

57. In the opinion of the Management, there is no reduction in the value of any assets, hence no provisions is required in terms of Ind AS -36 “Impairment of Assets” except as otherwise stated in the financial statements.

58. The company has filed a petition before the Hon'ble National Company Law Tribunal, New Delhi Bench for relief in the scheme of repayment of public deposits sanctioned by the Company Law Board.The next date of hearing is the 28.05.2024.

60. Details of Revenue as per IND AS 115 :-60.1 Revenue from Contracts

Ind AS 115 supersedes Ind AS 11 Construction contracts and Ind AS 18 Revenue and it applies, with limited exceptions, to all revenue arising from the contracts with customers. Ind AS 115 establishes a five-step model to account for revenue arising from contracts with customers and requires that revenue be recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer.

The application of Ind AS 115 has impacted the Company's accounting for recognition of revenue from real estate projects. For certain real estate contracts where the Company was following Percentage of Completion method (POCM) as per the “Guidance Note on Real Estate Transactions”, issued by Institute of Chartered Accountants of India, revenue has been recognized at a point in time in accordance with and pursuant to conditions specified in Ind AS 115 “Revenue from Contracts with Customers”. The Company has applied the modified retrospective approach to contracts that were not completed as of 1 April 2018. The Company elected to apply the standard to all contracts as at April 1, 2018.

The cumulative effect of adoption of Ind AS 115 of amount aggregating to Rs. 1,17,518.87 Lakh was recognized at the date of initial application as an adjustment to the opening balance of retained earnings i.e. April 1 2018.

Contract assets includes amount receivable from customer where revenue is recognized on successful completion of performance obligations as per contract. These trade receivables are non-interest bearing. Credit period depends on the nature of payment plan opted by the customers.

Contract liabilities includes amount received from customers as per the instalments stipulated in the buyer agreement to deliver properties once the properties are completed and control is transferred to customers.

60.6 Performance obligation

Information about the Company's performance obligations for material contracts are summarised below:

Obligation of the company is to provide properties (Built-up, Plots and FSI) to its customers and recognizes revenue once the project is completed and control is transferred to the customers.

The customer makes the payment for contracted price as per the instalment stipulated in the builder's buyer's agreement.

61. The Company has not made any contribution to political party during the year. (Previous year Rs. Nil).