4.6 ) Provisions and contingent liabilities
The Company creates a provision when there is present obligation as a result of a past event that
probably requires an outflow of resources and are liable estimate can be made of the amount of the
obligation.
A disclosure for a contingent liability is made when there is a possible obligation or a present obligation
that may, but probably will not, require an outflow of resources. The Company also discloses present
obligations for which a reliable estimate cannot be made. When there is a possible obligation or a
present obligation in respect of which the likelihood of outflow of resources is remote, no provision or
disclosure is made.
4.7 ) Foreign currency translation
No Foreign currency transaction during the relevant financial year.
4.8 ) Segment Reporting
The Company operates in a single reporting segment i.e. financing. Since, it does not meet the
quantitative thresholds laid down under the Ind AS 108 - Operating Segments for reportable segments,
it has not been considered for segment reporting.
4.9 ) Title deeds of Immovable Properties not held in name of the Company
The Company does not possess any immovable property (other than properties where the Company is
the lessee and the lease agreements are duly executed in favor of the lessee) whose title deeds are not
held in the name of the Company in the financial statements of financial year ended March 31, 2024.
4.10) Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual currency during the financial years
ended March 31, 2024 and March 31, 2023.
4.11) Details of Benami Property Held
No proceedings have been initiated or pending against the Company for holding any benami property
under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made there under in the
financial years ended March 31, 2024 and March 31, 2023.
4.12) Willful Defaulter
The Company has not been declared as a willful defaulter by any bank or financial institution or other
lender in the financial years ended March 31, 2024 and March 31, 2023.
4.13) Relationship with Struck off Companies
The Company does not have any transactions with the companies struck off under section 248 of
Companies Act, 2013 or section 560 of Companies Act, 1956.
4.14) Registration of Charges or Satisfaction with Registrar of Companies (ROC)
There are no charges or satisfactions which are yet to be registered with Registrar of Companies beyond
the statutory period.
4.15) 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 Companies (Restriction on number of Layers) Rules, 2017 for the financial years ended
March 31, 2024 and March 31, 2023.
4.16) Compliance with approved Scheme(s) of Arrangements
No scheme of Arrangements has been approved by the Competent Authority in terms of sections 230
to 237 of the Companies Act, 2013.
4.17) Utilization of Borrowed funds and share premium
No funds have been advanced or loaned or invested (either from borrowed funds or share premium or
any other sources or kind of funds) by the Company to or in any other persons or entities, including
foreign entities ("Intermediaries") with the understanding, whether recorded in writing or otherwise,
that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate
Beneficiaries). The Company has also not received any fund from any parties (Funding Party) with the
understanding that the Company shall whether, directly or indirectly lend or invest in other persons or
entities identified by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.
4.18) Investment Property
The company does not hold any investment property.
4.19) Undisclosed income
There are no transactions not recorded in the books of accounts.
4.20) CSR Expenses
The provisions of Section 135 of the Companies Act, 2013 are not applicable to the Company.
4.21) Previous year Comparatives
Previous year's figures have been regrouped/reclassified wherever necessary, to conform to current
year's classification.
4.24) Disclosure as per Annex VII of Master Direction - Reserve Bank of India (Non-Banking Financial
Company -Scale Based Regulation) Directions, 2023 (Updated as on March 21, 2024)
A. Exposure
1. Exposure to real estate sector:
There is no Real Estate exposure during the financial year ended on March 31, 2024 and March 31,
2023.
3. Sectoral exposure
The Company has given loans in the nature of Unsecured Business Loans, therefore,
guidelines as to Sectoral Exposure is not applicable to the Company.
4. Intra-group exposures:
There is no intra group exposure during the financial years ended March 31, 2024 and March 31,
2023 except Related Party Transactions as mentioned at Sl. No. 4.23 above.
5. Unhedged foreign currency:
There is no unhedged foreign currency transaction during the financial year ended March 31, 2024
and March 31, 2023.
6. Related Party Disclosure
Related party disclosures are shown in Point no. 4.23 of this report.
7. Disclosure of complaints
The Company is involved in the business of investing Shares, Securities, Futures and Options for its
own account and as such has no customer base/interface at all. Therefore, it is not applicable.
4.26) The Reserve Bank of India has issued Scale Based Regulations (SBR): A Revised Regulatory Framework
for NBFCs ("the framework") vide circular No. RBI/2021-22/112DOR.CRE.REC. No.60/03.10.001/2021-22 on
October 22, 2021. The Framework categories NBFCs in Base Layer (NBFC- BL), Middle Layer (NBFC- ML),
Upper Layer (NBFC- UL) and Top Layer (NBFC- TL). The company is classified under "Base Layer" pursuant to
the framework.
4.27) The Company does not fall under the ambit of Large Corporate (LC) category as per the criteria given
under SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018.
4.28) DISCLOSURE REGARDING NON-COMPLIANCE WITH SEBI LODR SECURITIES AND EXCHANGE BOARD
OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
1. Disclosure made with respect to the penalty levied by adjudicating officer, SEBI (AO SEBI) under
SEBI (Prohibition of Fraudulent and Unfair Trade Practices Regulations") read with Companies Act,
2013 and ICDR regulations LODR Regulations read with SCRA.
Compliance requirements:
a. Regulations 3(a), (b), (c), (d) and Regulations 4(1) and 4(2)(f) of PFUTP regulations read with
section 12A(a), (b), (c) of SEBI Act read with section 67(2) read with section 24(1) of chapter III
of companies Ac, 2013.
b. Regulations 73(1) (e) of ICDR Regulations.
c. Regulation 31 (1), 31A (3) (a) and 31A (8) of LODR Regulations read with section 21 of SCRA
Details of Violation/Deviations and Action Taken/Penalty Levied, if any on the Listed Entity
a. The Listed Entity has allegedly reclassified a promoter group entity as public share holder
without obtaining prior approval of BSE and without duly complying with the stipulations made
for seeking such approval and failed to disclose such reclassification within 24 hours of the
happening of event to BSE thereby violating provisions of Regulation 31(1), 31A(3)(a) and 31A
(8) of LODR regulations read with Section 21 of SCRA.
b. The Listed Entity during the FY 2016-17, allegedly provided funds indirectly to subscribe to its
own shares to the proposed allottees through two of its own promoters group entities
namely Baid Finserv Limited (erstwhile Baid Leasing and Finance Co. LTD.) and Jaisukh
Developers Pvt. Ltd., thereby giving misleading impression of successful subscription to the
preferential allotment when there was actually no infusion of funds and hence violating
Regulations 3(a), (b), (c), (d) and regulations 4(1) and 4(2)(f) of PFUTP regulations read with
Section 12A(a), (b), (c) of SEBI Act read with Section 67(2) read with Section 24(1) of chapter III
of Companies Act, 2013.
c. The Listed Entity, while seeking approval of shareholders for allotment of shares on preferential
basis during FY 2016-17, allegedly made false disclosure with respect to ultimate beneficial
owner of a proposed allottee namely Skyview Tie Up Pvt. Ltd. and thereby denied the
shareholder an opportunity of making informed decision regarding the approval of said
preferential allotment and hence violating Regulations 3(A), (B), (C), (D) And Regulations 4(1)
And 4(2)(F) Of PFUTP Regulations read with Section 12A(a), (b), (c) of SEBI Act and Regulation
73(1)( e) of ICDR Regulations
d. Penalty imposed: Rs 25,00,000/- (Rupees Twenty-five lakh only) on 27th February, 2023 jointly
and severally on 3 Companies i.e. listed entity, Baid Finserv Limited (Erstwhile Baid Leasing and
Finance Co. Ltd.) and Dream Finhold Private Limited.
Remedial action taken by the listed entity: Baid Finserv Limited (Erstwhile Baid Leasing and
Finance Co. Ltd.) has paid the penalty amount of Rs.25,00,000/ on 06th June, 2023 to the SEBI
on behalf of the listed entity which was reimbursed by the Listed Entity subsequently to the
Baid Finserv Limited.
As per audit report of even date attached For and on behalf of the Board
For Khilnani & Associates BFL Asset Finvest Limited
Chartered Accountants
FRN.005776C
Sd/- Sd/- Sd/-
K.K. Khilnani Mahendra Kumar Baid Aditya Baid
(Partner) (Managing Director) (Director)
M. No.072736 (DIN:00009828) (DIN:03100584)
Date: 10.05.2024 Sd/- Sd/-
Place: Jaipur Ilma Suza Ravi Bohra
(Company Secretary) (Chief Financial Officer)
M. No. : A70063
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