1.1.16 Provisions and Contingent Liabilities
Provisions are recognised when the Company has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation and the
amount can be reliably estimated. Provisions are not recognised for future operating losses.
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.
1.1.17 Financial Instruments
A). Financial Assets
Financial assets are recognised when the Company becomes a party to the contractual provisions of the
instrument. On initial recognition, a financial asset is recognised at fair value, in case of financial assets
which are recognised at fair value through profit and loss (FVTPL), its transaction cost are recognised in
the statement of profit and loss. In other cases, the transaction cost are attributed to the acquisition value
of the financial asset. Financial assets are subsequently classified and measured at
• amortised cost
• Fair value through profit and loss (FVTPL).
Investments in subsidiaries
The Company has accounted for its investments in subsidiaries at cost.
Other equity investments
All other equity investments are measured at fair value, with value changes recognised in Statement of
Profit and Loss, except for those equity investments for which the Company has elected to present the
value changes in 'Other Comprehensive Income'.
Impairment of financial assets
In accordance with Ind AS 109, the Company uses 'Expected Credit Loss' (ECL) model, for evaluating
impairment of financial assets other than those measured at fair value through profit and loss (FVTPL).
The Company measures the expected credit loss associated with its assets based on historical trend,
industry practices and the business environment in which the entity operates or any other appropriate
basis. The impairment methodology applied depends on whether there has been a significant increase in
credit risk.
B). Financial Liabilities
Financial liabilities are recognised when the Company becomes a party to the contractual provisions of
the instrument. Financial liabilities are initially measured at the amortised cost unless at initial recognition,
they are classified as fair value through profit and loss.
Financial liabilities are subsequently measured at amortised cost using the Effective Interest Rate (EIR)
method. Financial liabilities carried at fair value through profit or loss are measured at fair value with all
changes in fair value recognised in the Statement of Profit and Loss.
A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled
or expires.
1.1.18 Derivative financial instruments
Derivative financial instruments such as forward contracts, option contracts and cross currency swaps, to
hedge its foreign currency risks are initially recognised at fair value on the date a derivative contract is
entered into and are subsequently re-measured at their fair value with changes in fair value recognised in
the Statement of Profit and Loss in the period when they arise.
31. Contingent Liabilities not provided for:
a. Guarantees given to BSE in compliance of IPO
by the company Rs. 55.10 Lacs (Pr. Year 55.10 Lacs)
b. SEBI has imposed the penalty
Against the company Rs. 600 Lacs (Pr. Year 600 Lacs)
Not acknowledge as debts (Matter is prejudice)
c. Non provision of late fee imposed Rs. 6.68 Lacs (Pr. Year 6.68 Lacs)
U/s 234E of Income Tax Act 1961
• Income tax department has raised the demand of Rs. 238.26 Lakhs for the A.Y 2012-13, Rs. 193.68
Lakhs for A.Y. 2017-18. Appeals have been filed against the demand with supporting documents
and company is fully confident to get the order in favour of company as department concern is
only one-sided decision without considering the company submission.
• Further Income Tax department has issued the notice u/s 148 for the A.Y. 2019-20 in relates to
some transaction. Company has submitted the required information with submission of grounds
to issue the notice u/s 148 is not valid. However order is pending to receive.
• GST Mumbai has issued the show cause notice for incorrect ITC claim of Rs. 268.32 Lakhs.
Company has submitted the required document up to satisfaction of concern authorities.
However company has not received any order till date.
32. In the absence of Balance confirmations, Sundry Debtors, Sundry Creditors, Deposits and the
parties to whom the advances are given are subject to reconciliation and such are as per books of
accounts only. Adjustment thereto having an impact of revenue nature, if any, will be made during
the period in which the same are fully reconciled.
33. In the opinion of the Board, the value of Current assets, Loans & Advances if realised in the
ordinary course of the business shall not be less than the amount at which those are stated in the
Balance Sheet.
The Adjudicating officer of SEBI has passed its final order No. EAD-2/DSR/RG/99-102/2014 dated
17th April 2014 and imposed a total penalty of Rs. 6 Crores (Rs. 5 Crores u/s 15HA and Rs. 1 Crore
u/s 15 HB of the SEBI Act) on the company. The Company has appealed before the Hon'ble
Securities Appellate Tribunal against these Orders. The review application has been filed in the
supreme court of India pursuance to judgment and order dated 22.03.2021 passed by the
Securities Appellate Tribunal, Mumbai in misc. application no. 674/2019 and review application
no. 32 of 2019 in the appeal no. 481 of 2016. The board also discussed the imposition of penalties
on its CMD, Ex-Director and one of the Ex- KMP and have decided subject to the approval of the
shareholders of the company to be borne by the company in case the aforesaid penalties continue
in future too.
35. The Company has initiated legal proceedings for the recovery of inter-corporate deposits
amounting to Rs. 5.40 crores and interest of Rs 11.10 Lacs and are hopeful of recovery of same.
However, no provision has been made in the books of account.
44. Interest accrued on Bank Cash Credit Account as at the end of the year was debited by Bank and
was credited to the said account as on 31st March 2024. Thus, the balance in secured Loans is shown
inclusive of interest Accrued thereon.
46. All known liabilities have been accounted for in books of account.
47. Previous year figures have been regrouped/ rearranged wherever considered necessary to make
them comparable with the current year figures.
48. Information in respect of appointment of CFO has not been submitted to the Registrar of
Companies, New Delhi.
As per our report of even date
For Singh Ray Mishra & Co. for And on Behalf of the Board of Directors of
Chartered Accountants Bharatiya Global Infomedia Ltd.
(Firm No. 318121E)
Sd/- Sd/- Sd/-
CA Vinay Kumar Rakesh Bhatia San jay Kapoor
Partner Chairman cum Mg Director Director
Membership No. 402996 DIN: 00046983 DIN: 00047651
Sd/-
Place: New Delhi Kumar Pushkar
Date: 30.05.2024 Company Secretary
Membership No.: A25246
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