2.13 Provisions and contingent liabilities
A provision is recognized when the Company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
If the effect of the time value of money is material, provisions are discounted using a current pretax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made. Contingent assets are neither recognized nor disclosed in the standalone financial statements.
A contingent liability recognized in a business combination is initially measured at its fair value. Subsequently, it is measured at the higher of the amount that would be recognized in accordance with the requirements for provisions above or the amount initially recognized less, when appropriate, cumulative amortisation recognized in accordance with the requirements for revenue recognition.
2.14 Cash and cash equivalents
The Company considers all highly liquid financial instruments, which are readily convertible into known amounts of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be cash equivalents. Cash and cash equivalents consist of balances with banks which are unrestricted for withdrawal and usage.
2.15 Financial instruments
All financial instruments are recognized initially at fair value. Transaction costs that are attributable to the acquisition of the financial asset (other than financial assets recorded at fair value through profit or loss) are included in the fair value of the financial assets. Purchase or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trade) are recognized on trade date. While, loans and borrowings and payables are recognized net of directly attributable transaction costs.
For the purpose of subsequent measurement, financial instruments of the Company are classified
in the following categories: non derivative financial assets comprising amortized cost, debt instruments at fair value through other comprehensive income (FVTOCI), equity instruments at FVTOCI or fair value through profit and loss account (FVTPL) and non derivative financial liabilities at amortized cost or FVTPL.
The classification of financial instruments depends on the objective of the business model for which it is held. Management determines the classification of its financial instruments at initial recognition.
a) Non-derivative financial asset
(i) Financial assets at amortized cost A financial asset is measured at amortized cost if both of the following conditions are met:
(a) the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and
(b) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding
They are presented as current assets, except for those maturing later than 12 months after the reporting date which are presented as noncurrent assets. Financial assets are measured initially at fair value plus transaction costs and subsequently carried at amortized cost using the effective interest method, less any impairment loss.
Amortized cost are represented by trade receivables, security deposits, cash and cash equivalents, employee and other advances and eligible current and non-current assets.
(ii) Debt instruments at FVTOC
A debt instrument is measured at fair value through other comprehensive income if both of the following conditions are met:
(a) the objective of the business model is achieved by both collecting contractual
cash flows and selling financial assets and (b) the asset's contractual cash flow represent SPPI”
Debt instruments included within FVTOCI category are measured initially as well as at each reporting period at fair value plus transaction costs. Fair value movements are recognized in other comprehensive income (OCI). However, the Company recognises interest income, impairment losses & reversals and foreign exchange gain/(loss) in statement of profit and loss. On derecognition of the asset, cumulative gain or loss previously recognized in OCI is reclassified from equity to profit and loss. Interest earned is recognized under the effective interest rate (EIR) model.
(iii) Equity instruments at FVTOCI
All equity instruments are measured at fair value. Equity instruments held for trading is classified as FVTPL. For all other equity instruments, the Company may make an irrevocable election to present subsequent changes in the fair value in OCI. The Company makes such election on an instrument-by-instrument basis. If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividend are recognized in OCI which is not subsequently recycled to statement of profit and loss.
(iv) Financial assets at FVTPL
FVTPL is a residual category for financial assets. Any financial asset which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as FVTPL. In addition the Company may elect to designate the financial asset, which otherwise meets amortized cost or FVTOCI criteria, as FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency. The Company has not designated any financial asset as FVTPL. Financial assets included within the FVTPL category are measured at fair values with all changes in the statement of profit and loss.
b) Non-derivative financial liabilities
(i) Financial liabilities at amortized cost
Financial liabilities at amortized cost represented by borrowings, trade and other payables are initially recognized at fair value, and subsequently carried at amortized cost using the effective interest rate method.
(ii) Financial liabilities at FVTPL
Financial liabilities at FVTPL represented by contingent consideration are measured at fair value with all changes recognized in the statement of profit and loss.
c) Investment in subsidiaries
I nvestment in subsidiaries are carried at cost plus additional fair value of ESOP granted to employees of subsidiaries net of impairment, if any.
2.16 Contributed equity
Equity shares are classified as equity share capital
Incremental costs directly attributable to the issue of new shares are shown in other equity under securities premium as a deduction, net of tax, from the proceeds.
2.17 Earnings per share
Basic earnings per share (EPS) are calculated by dividing the net profit / (loss) after tax for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by adjusting the number of shares used for basic EPS with the weighted average number of shares that could have been issued on the conversion of all dilutive potential equity shares. Dilutive potential equity shares are deemed converted as of the beginning of the year, unless they have been issued at a later date. The diluted potential equity shares have been adjusted for the proceeds receivable had the shares been actually issued at fair value i.e. average market value of outstanding shares.
The number of shares and potentially dilutive shares are adjusted for share splits and bonus shares, as
appropriate. In calculating diluted earnings per share, the effects of anti dilutive potential equity shares are ignored. Potential equity shares are anti-dilutive when their conversion to equity shares would increase earnings per share or decrease loss per share.
3 Changes in accounting policies and disclosures
The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Amendment Rules, 2023 dated 31 March 2023 to amend the following Ind AS which are effective for annual periods beginning on or after 1 April 2023. The Company has applied these amendments for the first-time in these Standalone financial statements
a) Amendments to Ind AS 8 - definition of accounting estimates
The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. It has also been clarified how entities use measurement techniques and inputs to develop accounting estimates. The amendments had no impact on these financial statements.
b) Amendments to Ind AS 1 - disclosure of accounting policies
The amendments aim to help entities provide accounting policy disclosures that are more useful
by replacing the requirement for entities to disclose their ‘significant' accounting policies with a requirement to disclose their ‘material' accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures
The amendments have had an impact on the disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Standalone financial statements.
c) Amendments to Ind AS 12 - deferred tax related to assets and liabilities arising from a single transaction The amendments narrow the scope of the initial recognition exception under Ind AS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases.
The Company previously recognized for deferred tax on leases on a net basis. As a result of these amendments, the copmany has recognized a separate deferred tax asset in relation to its lease liabilities and a deferred tax liability in relation to its right-of-use assets. Since, these balances qualify for offset as per the requirements of paragraph 74 of Ind AS 12, there is no impact in the balance sheet. There was also no impact on the opening retained earnings as at 1 April 2022.
d) New standards and amendments issued but not effective.
39 EMPLOYEE STOCK OPTION SCHEME
(a) Nature and extent of employee stock option scheme that existed during the year:
Plan I
During the previous year, on approval by the Nomination and Remuneration Committee (“Committee”) and subsequently by the Board of the directors of the Company on October 30, 2021, the Company introduced the Employee Stock Option Plan “ Majesco Employee Stock Option Plan 2021” (ESOP 2021) for granting 77,00,000 stock options to the employees, each option representing one equity share of the Company. The exercise price is determined by the Committee and such price may be the face value of the share from time to time or may be the market price or any other price as may be decided by the Committee and will be governed by the Securities and Exchange Board of India (SEBI) (Share Based Employee Benefits) and accounted in accordance with Ind AS 102 “Share Based Payments”.
During the previous year, the Company has received Inprinciple approval from BSE Limited and National Stock Exchange of India Limited for listing of upto a maximum of 77,00,000 equity shares of ' 5/- each of Aurum PropTech Limited to be allotted pursuant to Aurum PropTech Employee Stock Option Plan 2021.
The Nomination and Remuneration Committee of the Board of the Company vide circular resolutions passed on December 13, 2022 has approved the grants 23,01,292 stock options to Directors and employees of Company and its subsidiaries under the “Aurum PropTech Employee Stock Option Plan 2021”. The first vesting of the stock option shall happen only on completion of one year from the date of grant and the option are excersiable within three years from the date of vesting. Options granted to the employees are carried over at a fair value. Fair value of these options as on the date of grant is determined using Black - Scholes valuation technique by an independent third-party valuer.
For the year ended March 31, 2024 and March 31, 2023 the fair value of the options both vested and unvested options granted to the employees of the Company was determined and the incremental amount of ' 483 Lakhs and ' 92 Lakhs respectively were charged to the “Employee benefits expenses” with a corresponding credit to “Employee stock options outstanding account”.
43 SEGMENT REPORTING
The Company operations predominantly relate to providing software solutions in the real estate sector. The organisational and reporting structure of the Company is based on Strategic Business Units (SBU) concept. The SBU's are primarily cost center segments. SBU's are the operating segments for which separate financial information is available and for which operating results are evaluated regularly by management in deciding how to allocate resources and in assessing performance. These SBU's provide end-to-end information technology solutions to customers. The Chief Operating Decision Maker (CODM) reviews the operations of the group as one operating segment on the basis of SBUs.
The Company's primary reportable segments consist of the following SBUs, which are based on the risks and returns in different areas of the operations: Software as a Service ( SAAS ), Real Estate as a Service ( RAAS) and Others. ‘SAAS' operations comprise of activities where the Company derives revenue from customers for the use of the IT products it owns. ‘RAAS' operations comprise of activities where the Company derives revenue from customers on use of real estate related services it provides. ‘Others' include operations of the Group not forming part of reportable segments.
44 FAIR VALUES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The Company's financial instruments consist primarily of cash and cash equivalents, short term investments in time deposits and mutual funds, restricted cash, trade payable, and accrued liabilities. The carrying amount of cash and cash equivalents, short term investments in time deposits and mutual funds, restricted cash, trade payable and accrued liabilities as of the reporting date approximates their fair market value due to the relatively short period of time of original maturity tenure of these instruments. Classification of the financial assets and financial liabilities is given below:
45 FAIR VALUE HIERARCHY
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of the following three levels:
Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:
46 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Company is exposed to various financial risks. These risks are categorized into market risk, credit risk and liquidity risk. The Company's risk management is coordinated by the Board of Directors and focuses on securing long term and short term cash flows. The Company does not engage in trading of financial assets for speculative purposes.
(A) Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Such changes in the values of financial instruments may result from changes in the foreign currency exchange rates, interest rates and other market changes.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's operating activities (when revenue or expense is denominated in a different currency from the Company's functional currency).
47 CAPITAL MANAGEMENT
For the purpose of the Company's capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders. The primary objective of the Company's capital management is to maximize the shareholder value and to ensure the Company's ability to continue as a going concern.
The Company monitors gearing ratio i.e. total debt in proportion to its overall financing structure, i.e. equity and debt. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets.
(B) Credit risk
Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual terms or obligations. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analysing credit limits and credit worthiness of customers on a continuous basis to whom the credit has been granted after obtaining necessary approvals for credit.
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, time deposits and investment in mutual fund. The Company maintains its cash and cash equivalents, time deposits and investment in mutual fund, with banks and mutual fund houses having good reputation, good past track record, and who meet the minimum threshold requirements under the counterparty risk assessment process, and reviews their credit-worthiness on a periodic basis.
(C) Liquidity risk
Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company consistently generated sufficient cash flows from operations to meet its financial obligations as and when they fall due.
The Company's current assets aggregate to ' 9,192 Lakhs (March 31, 2023 - ' 7,323 Lakhs) including current investments, Loans, cash and cash equivalents and bank balances against aggregate current liability of ' 6,337 Lakhs (March 31, 2023 - ' 1,635 Lakhs) and non current liabilities ' 9,817 Lakhs (March 31, 2023 - ' 1,214 Lakhs) including borrowings on the reporting date. While the Company's total equity stands at ' 23,877 Lakhs (March 31, 2023 - ' 24,108 Lakhs). Hence liquidity risk or risk that the Company may not be able to settle or meet its obligations as they become due does not exist.
48 CORPORATE SOCIAL RESPONSIBILITY EXPENDITURE
As per Section 135 of the Companies Act, 2013 (“the Act”), a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on Corporate Social Responsibility (CSR) activities. A CSR committee has been formed by the Company as per the Act. The funds were primarily allocated to a corpus and utilized through the year on these activities which are specified in Schedule VII of the Companies Act, 2013.
50 The Board of Directors of the Company in its meeting held on March 23, 2022, approved the acquisition of 100% equity share capital of Helloworld Technologies India Private Limited (‘HWT'), for an aggregate cash consideration of up to ' 4,200 Lakhs and investment of ' 1,800 Lakhs towards subscription of further equity shares or convertible notes of HWT and, or, advancing loan and, or, line of credit to HWT. During the quarter ended June 30, 2022 the Company had completed the equity investment by paying ' 3,811 Lakhs on June 23, 2022 to Nestaway Technologies Private Limited, who were holding 100% shares of HWT. The Company has acquired control over HWT w.e.f. June 17, 2022 and as required under IND AS 110 HWT has been accounted as a subsidiary of the Company and the assets and liabilities have been recorded at fair values based on the purchase price allocation conducted by an independent valuer. In the consolidated financial statements the Company has recorded intangible assets of ' 1,319 Lakhs and resultant goodwill of ' 4,387 Lakhs based on these valuation. The intangible assets have been amortized over a period of 5 years.
51 The Board of Directors of the Company in its meeting held on October 30, 2021, approved the acquisition of 49% of equity shares (on a fully diluted basis) of Integrow Asset Management Private Limited (‘Integrow'), for an aggregate cash consideration of about ' 1,000 Lakhs and subscription of Optionally Convertible Debentures for ' 1,500 Lakhs. The Company had completed equity investment by paying requisite amount on January 31, 2022 and had kept the right to exercise majority control in the Board of Integrow in abeyance until August 31, 2022. Basis the terms of the agreement with respect to the Company's rights over control of the Board composition, this was accounted as an ‘Investment in Associate', at cost until August 31, 2022.
Further during the previous year, on September 01, 2022, the Company has reinstated its right to exercise majority control in the board of Integrow, and accordingly based on Company's rights over the control of Board composition it now exercises control over Integrow in accordance with IND AS 110. Intergrow has been accounted as a Subsidiary of the Company and the assets and liabilities have been recorded at fair values based on the purchase price allocation conducted by an independent valuer. In the consolidated financial statements the Company has recorded resultant goodwill of ' 606 Lakhs based on these valuation.
52 The Board of Directors of the Company in its meeting held on May 26, 2022, has approved the acquisition of 100% of equity shares of Blink Advisory Services Private Limited (‘Blink Advisory'), for an aggregate cash consideration of up to ' 2,350 Lakhs and investment of ' 2,100 Lakhs as per the requirements of the business.
Subsequently the purchase consideration was finalised at ' 1,850 Lakhs. On October 15, 2022, the Company has completed the equity investment and paid ' 1,850 Lakhs, out of which ' 1,700 Lakhs has been paid directly to the equity shareholders and balance ' 150 Lakhs to Blink Advisory to repay the identified liabilities of Blink Advisory.
The Company has acquired control over Blink Advisory w.e.f. October 15, 2022 and as required under IND AS 110, Blink Advisory has been accounted as a subsidiary of the Company and the assets and liabilities have been recorded at fair values based on the purchase price allocation conducted by an independent valuer. In the consolidated financial statements the Company has recorded resultant goodwill of ' 1,566 Lakhs based on these valuation.
Post the investment the name of Blink Advisory has changed to Aurum Analytica Private Limited “’’AAPL’’’’ w.e.f. December 22, 2022 on approval of the same by the Ministry of Corporate Affairs.
53 The Board of Directors of the Company in its meeting held on April 27, 2023, considered the acquisition of NestAway Technologies Private Limited (‘Nestaway') and delegated the power to the Executive Investment Committee to invest up to ' 9,000 Lakhs. The Executive Investment Committee of the Company in its meeting held on June 01, 2023, approved the acquisition of upto 100% equity share capital of Nestaway for a cash consideration of up to ' 9,000 Lakhs. The Share Purchase Agreement has been executed on June 28, 2023.
During the quarter ended September 30, 2023, the Company has acquired 93.64% of the equity shares of Nestaway by paying ' 7,791 lakhs. The Company has acquired control over Nestaway w.e.f. July 13, 2023 and as required under IND AS 110 Nestaway has been accounted as a subsidiary of the Company and the assets and liabilities have been recorded at fair values based on the purchase price allocation conducted by an independent valuer. The Company in its consolidated Financial Statement has recorded fair values and resultant goodwill and intangible assets as per Ind AS 103.
54 The Board of Directors of the Company in its meeting held on April 27, 2023, approved the acquisition of 100% equity share capital of Vartaman Consultants Private Limited (‘Vartaman'), for an aggregate cash consideration of ' 13 Lakhs and investment of ' 999 Lakhs towards subscription of further equity shares and, or, advancing loan and, or, line of credit to Vartaman. During the previous quarter ended June 30, 2023 the Company had completed the equity investment on April 29, 2023 by paying ' 13 Lakhs to the shareholders who were holding 100% of Vartaman. The Company has acquired control over Vartaman w.e.f. April 29, 2023 and as required under IND AS 110 Vartaman has been accounted as a subsidiary of the Company. The Company has further invested ' 950 Lakhs in Vartaman till March 31, 2024. Post the investment the name of Vartaman Consultants Private Limited has changed to YieldWisex Technologies Private Limited
55 The Company is in the process of developing new products whose feasibility has been established and enhancing and increasing functionality of existing technology / softwares with a clear objective of deriving future economic benefit from the same. In the process the Company during the year ended March 31, 2024, has capitalised ' 427 Lakhs mainly on account of cost incurred on its own product team and management team directly involved in the process of development.
56 During the quarter ended June 30, 2023, the Company has received incorporation approval for two subsidiaries viz.1) Monk Tech Venture Private Limited and Cuneate Services Private Limited with authorized capital of ' 10 Lakhs and ' 100 Lakhs respectively. The Company has invested ' 5 Lakhs and ' 1 Lakh respectively in the two subsidiaries till the end of March 31, 2024.
During the quarter ended September 30, 2023, the Company had received incorporation approval for a wholly owned subsidiary viz. Aurum PropTech Mena L.L.C, U.A.E with authorized capital of AED 3 Lakhs.
During the quarter ended March 31, 2024, the Company had received incorporation approval for a wholly owned subsidiary viz. Bonds Brain Technologies Private Limited with authorized capital of ' 1 lakhs
57 During the quarter ended March 31, 2024, the Company has incorporated two entities viz. 1) Imogentechno Delta Park Private Limited and 2) Wisetechno Private Limited which are wholly owned subsidiaries of the Company, with an objective operating as a Special Purpose Vehicle. The Securities and Exchange Board of India (“SEBI”), vide notification dated on 8 March 2024, introduced regulatory framework for facilitation of Small and Medium Real Estate Investment Trusts (“SM REITs”) by amending the SEBI (Real Estate Investment Trusts) Regulations, 2014 (“REIT Regulations”), through SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2024 (“Amended REIT Regulations”), thereby, paving the way to make real estate investment more accessible to wider set of investors and to regulate and foster growth in Fractional Ownership investment. The framework has given time period of total one year for the existing businesses under the model of fractional ownership to comply with the regulation. The management has obtained independent legal opinion on the business model of the two subsidiaries and is compliant since the same was commenced before notification of the regulation. Also, the management has initiated the process of migration to Amended REIT Regulations to comply with the said regulations.
Further, as on March 31, 2024 , the above-mentioned subsidiaries have been consolidated in the Consolidated Financial Statement of Aurum PropTech Limited as wholly owned subsidiaries since the Company controls both the subsidiaries
58 During the previous year ended March 31, 2022, the Company had received incorporation approval for two wholly owned subsidiaries viz. 1) Aurum Softwares and Solutions Private Limited and 2) Liv Real Solutions Private Limited (Formerly known as Aurum RealTech Services Private Limited) with authorized capital of ' 1000 Lakhs each. The Company has invested ' 600 Lakhs and ' 400 Lakhs respectively in the two wholly owns subsidiaries till the end of March 31, 2023.
59 Change in Objects Clause of Memorandum of Association:
The Board of Directors of the Company in its meeting held on July 23, 2021 has approved to include in the main objects clause of Memorandum of Association of the Company - the business of Information Technology enabled services, software and technology model related to property management platform, customer digital experience, enterprise digital transformation, to be a PropTech ecosystem by using tech enabled innovations like internet of things, artificial intelligence chatbots, machine learning, cloud support, blockchain, augmented and virtual reality, UI/UX design, data analytics, predictive analytics, robotic process automation, business intelligence, data science management, digital wallets, smart building technologies, fractional ownership, providing PropTech solutions and all other related activities to PropTech, in order to create an integrated digital ecosystem focused on complete value chain of real estate.
incorporation from Ministry of Corporate Affairs on October 01, 2021. Subsequently, the stock exchanges BSE and NSE where the shares of the Company are listed has also changed the name w.e.f. October 22,2021.
In BSE, the new scrip code is 539289 for fully paid up shares and 890168 for partly paid up shares, Scrip ID is AURUM and AURUMPP respectively, and new name is Aurum PropTech Limited.
In NSE, the symbol is AURUM for fully paid up shares and AURUMPP1 for partly paid up shares, and new name is Aurum PropTech Limited
62 DETAILS OF BENAMI PROPERTY HELD
The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
63 WILFUL DEFAULTER
The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
64 RELATIONSHIP WITH STRUCK OFF COMPANIES UNDER SECTION 248 OF THE COMPANIES ACT, 2013 OR SECTION 560 OF COMPANIES ACT, 1956,
The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
65 REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES
The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
66 COMPLIANCE WITH NUMBER OF LAYERS OF COMPANIES
The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.
67 COMPLIANCE WITH APPROVED SCHEME(S) OF ARRANGEMENTS
The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.
68 UTILISATION OF BORROWED FUNDS AND SHARE PREMIUM:
The 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 the Company (ultimate beneficiaries) or
b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
The Company has 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 the 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 to or on behalf of the ultimate beneficiaries.
69 UNDISCLOSED INCOME
The Company does not have any transactions not recorded in the books of accounts that has been surrendered or disclosed as income during the year in tax assessments under the Income-tax Act, 1961.
70 DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY
The Company has not traded or invested in Crypto currency or Virtual Currency during the current or previous year.
71 EVENTS AFTER THE REPORTING PERIOD
The Rights Issue Committee of the Company in its meeting held on March 05, 2024, has approved the first call of ' 30/- per share on the partly paid-up equity shares issued on Rights basis and the call period commenced from April 01, 2024 till April 15, 2024, pursuant to which a total of ' 121,19,78,100 has been received on valid applications of the partly paid-up shares
72 The Company does not hold any immovable property whose lease deed is not in the name of Company
73 The Company has not revalued any of its property, plant and equipment or intangible assets.
74 The Company does not have any borrowings on the basis of security of current assets.
75 THE CODE ON SOCIAL SECURITY, 2020
The Code on Social Security, 2020 (‘Code') relating to employee benefits during employment and post employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Group will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
76 Previous year figures have been regrouped/ reclassified to confirm presentation as per Ind AS as required by Schedule III of the Act.
77 0“ denotes amount less than ' 0.5 Lakhs.
As per our report of even date For and on behalf of the Board of Directors
Aurum PropTech Limited
CIN No: L72300MH2013PLC244874
For M S K A & Associates Onkar Shetye Vasant Gujarathi
Chartered Accountants Executive Director Non-Executive and Independent Director
ICAI Firm Registration No.: 105047W DIN - 06372831 DIN: 06863505
Udit Brijesh Parikh Kunal Karan Sonia Jain
Partner Chief Financial Officer Company Secretary
Membership No.: 151016 M No - A52138
Place: Mumbai Place: Navi Mumbai
Date: April 29, 2024 Date: April 29, 2024
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