xvi. Provisions, contingent liabilities and contingent assets
Provisions are recognized 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. These are reviewed at each reporting period and reflect the best current estimate. Provisions are not recognized for future operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flow estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
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 not recognized in the financial statements unless it is virtually certain that the future event will confirm the asset’s existence and the asset will be realized.
xvii. Employee benefits
(a) Short-term employee benefits
Liabilities for wages and salaries, including
non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.
(b) Other Long-term employee benefits
The liabilities for earned leave is not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in the Standalone Statement of Profit and Loss.
The obligations are presented as current liabilities in the Standalone Balance Sheet if the entity does not have an unconditional right to defer settlement for at least 12 months after the reporting period, regardless of when the actual settlement is expected to occur.
(c) Post-employment obligations
Defined benefit plans
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on Government bonds that have terms approximating to the terms of the related obligation.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Standalone Statement of Profit and Loss.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in the
period in which they occur directly in Other Comprehensive Income. They are included in retained earnings in the Standalone Statement of Changes in Equity and in the Standalone Balance Sheet.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized immediately in profit or loss as past service cost.
Defined Contribution plan
The Company has no further payment obligations once the contributions have been paid. The contributions are accounted for as defined contribution plans and the contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.
(d) Share based payments
The fair value of options granted under the Employee Option Plan is recognized as an employee benefits expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:
• including any market performance conditions (e.g. the entity’s share price)
• excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the entity over a specified time period), and
• including the impact of any non-vesting conditions (e.g. the requirement for employees to save or holdings shares for a specific period of time).
The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.
Where shares are forfeited due to a failure by the employee to satisfy the service conditions, any expenses previously recognized in relation to such shares are reversed effective from the date of the forfeiture.
Refer Note 2A(xiii) for the material accounting policies above relevant to Employee benefits.
xviii. Earnings per share
(a) Basic earnings per share
Basic earnings per share is calculated by dividing:
• the profit attributable to owners of the Company
• by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year.
(b) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:
• the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and
• the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.
xix. Cash flow statement
Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
xx. Contributed equity
Equity shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
xxi. Operating cycle
Based on the nature of products / activities of the Company and the normal time between acquisition of assets and their realization in cash or cash equivalents, the Company has determined its
operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current.
xxii. Exceptional Items
Exceptional items include income or expense that are considered to be part of ordinary activities, however, are of such significance and nature that separate disclosure enables the user of the financial statements to understand the impact in a more meaningful manner. Exceptional items are
identified by virtue of either their size or nature so as to facilitate comparison with prior periods and to assess underlying trends in the financial performance of the Company.
xxiii. Rounding of amounts
All amounts disclosed in the financial statements and notes have been rounded off to the nearest Crores as per the requirement of Schedule III, unless otherwise stated.
Note 38 - Share Based Payments
(a) Employee option plan
(i) The Mafatlal Employee Stock Option Scheme 2017 ('ESOS 2017') of Mafatlal Industries Limited was approved by the Board of Directors of the Company at their meeting held on May 05, 2017 and finalised on August 10, 2017. At the Annual General Meeting held on August 02, 2017, the shareholders approved the creation of employee stock option pool of 6,95,000 equity shares of face value of ' 10/- each fully paid up (before giving effect of sub-division) on such terms and such manner as the Board may decide in accordance with the provisions of applicable law and ESOS 2017.
The Company has implemented ESOS 2017 with a view to attract and retain key talents working with the Company by way of rewarding their performance and motivate them to contribute to the overall corporate growth and profitability. The Nomination and Remuneration Committee ('NRC') administers ESOS 2017, in compliance with the provisions of Securities and Exchange Board of India (share based benefits) regulations, 2014 and amendments thereof from time to time.
(ii) During the financial year 2017-18, the NRC in its meeting held on November 10, 2017 has granted 1,38,000 options (before giving effect of sub-division) with a progressive vesting to certain senior management employees under the ESOS 2017 and the vesting of options will be @15% on 1st anniversary, 20% on 2nd anniversary, 30% on 3rd anniversary and remaining 35% on 4th anniversary of the grant date. Once vested, the options remain excerisable for a period of four years.
(iii) During the financial year 2019-20, the NRC in its meeting held on August 01,2019 has granted 3,18,000 options (before giving effect of sub-division) to certain management cadre employees of the Company under the ESOS 2017. The options granted vest after completion of one year from the date of grant i.e. August 01,2020 and the vested options are excercisable for a period of four years after vesting.
(iv) During the financial year 2022-23, the NRC in its meeting held on May 28, 2022 has granted 3,20,000 options (before giving effect of sub-division) to certain management cadre employees of the Company under the ESOS 2017. The options granted vest after completion of one year from the date of grant i.e. May 28, 2023 and the vested options are excercisable for a period of four years after vesting.
(v) Options are granted under the plan for no consideration and carry no dividend or voting rights until they are exercised. When exercisable, each option is convertible into one equity share. The exercise price of the options is fair market price of the share as on date of grant of options.
(vi) The options granted and number of shares mentioned are proportionately increased in accordance with sub-division of equity shares effective from November 25, 2022. Disclosures have been made after giving effect to the sub-division of equity shares. [Refer Note 17(8)].
(e) Fair Value of options granted
The model inputs for options granted on November 10, 2017 included [see note (a)(vi) above]:
(a) options are granted for no consideration and vest upon completions of service for a period of 1-4 years. Vested options are excercisable for a period of four years after vesting.
(b) exercise price: ' 64.54 per option
(c) grant date: November 10, 2017
(d) expiry date: November 10, 2022 - November 10, 2025
(e) share price at grant date: ' 62.82 per share
(f) expected price volatility of the Company’s shares: 48.32%-51.99%
(g) expected dividend yield: 1.69%
(h) risk free interest rate: 6.51% - 6.91%
The expected price volatility is based on the historic volatility (based on the remaining life of the options) adjusted for any expected changes to future volatility due to publicly available information.
The model inputs for options granted on August 01, 2019 included [see note (a)(vi) above]:
(a) options are granted for no consideration and vest upon completion of service for a period of one year. Vested options are excercisable for a period of four years after vesting.
(b) exercise price: ' 15.73 per option
(c) grant date: August 01,2019
(d) expiry date: August 01,2024
(e) share price at grant date: ' 15.73 per share
(f) expected price volatility of the Company’s shares: 42.29%
(g) expected dividend yield: 0%
(h) risk free interest rate: 5.97%
The expected price volatility is based on the historic volatility (based on the remaining life of the options) adjusted for any expected changes to future volatility due to publicly available information.
Note 39 - Financial risk management
The Company’s business activities exposes it to a variety of financial risks, namely liquidity risk, market risks and credit risk. The Company’s senior management and key management personnel have the ultimate responsibility for managing these risks. The Company has a mechanism to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s activities.
The Company’s senior management and key management personnel are supported by the finance team and respective business divisions that provides assurance that the Company’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies and risk objectives. The activities are designed to protect the Company’s financial results and position from financial risks; and maintain market risks within acceptable parameters, while optimising returns.
(A) Management of liquidity risk
The principal sources of liquidity of the Company are cash and cash equivalents, borrowings and the cash flow that is generated from operations. The Company believes that current cash and cash equivalents, tied up borrowing lines and cash flow that is generated from operations is sufficient to meet requirements. The Company is cognizant of reputational risk that are associated with the liquidity risk and such risk is factored into the overall business strategy. Due to the dynamic nature of the underlying businesses, finance department maintains flexibility in funding by having availability under commited credit lines.
Management monitors rolling forecasts of the Company’s liquidity position (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows.
(B) Management of market risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument.
The size and operations of the Company result in it being exposed to the price risk, interest rate risk and foreign exchange risk that arise from its use of financial instruments.
The above risks may affect income and expenses, or the value of the financial instruments of the Company. The objective of the Management of the Company for market risk is to maintain this risk within acceptable parameters, while optimising returns. The Company’s exposure to and the management of these risks is explained below:
i) Price risk
The Company is mainly exposed to the price risk due to its investments in equity instruments. The price risk arises due to uncertainties about the future market values of these investments.
Equity price risk is related to the change in market reference price of the investments in equity securities. In general, these securities are not held for trading purposes. These investments are subject to changes in the market price of securities Any new investment or divestment must be approved by the Board of Directors and Chief Financial Officer.
ii) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to risk of changes in market interest rate is limited to borrowings which bear floating interest rate.
The Company’s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in I nd AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates
The Company manages interest rate risk by having a balanced portfolio of fixed and variable rate borrowings. As at March 31, 2024, approximately 54.23% of the Company’s borrowings is at variable rate of interest (March 31,2023: 73.54%).
The exposure of the Company’s borrowing to interest rate changes at the end of the reporting period is as follows:
I n to root rata avnacura
iii) Foreign exchange risk
The Company has international operations and is exposed to foreign exchange risk arising from foreign currency transactions. Foreign exchange risk arises from future commercial transactions and recognized financial assets and liabilities denominated in a currency that is not the functional currency (?) of the Company. The risk also includes highly probable foreign currency cash flows.
The Company is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to USD and AED.
(C) Management of credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty fails to meet its contractual obligations. The Company is exposed to credit risk from its operating activities which primarily includes trade receivables, security deposits, cash and cash equivalent, deposit with banks and other bank balances. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis.
Cash and cash equivalent, deposit with banks and other bank balances
Credit risk related to cash and cash equivalent, deposit with banks and other bank balances is managed by accepting highly rated banks. Management does not expect any losses from non-performance by these counterparties and the risk of default is negligible or nil.
Other financial assets
Other financial assets measured at amortised cost includes security deposits and other receivables. Credit risk related to these assets are managed by monitoring the recoverability of such amounts continuously, while at the same time the internal control system in place ensures that amounts are within defined limits. The Company evaluates 12 months expected credit losses for all the financial assets (other than trade receivable) for which credit risk has not increased. In case credit risk has increased significantly, the Company considers lifetime expected credit losses for the purpose of provisioning (loss allowance).
Financial assets are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the Standalone Statement of Profit and Loss.
Trade receivables
Concentrations of credit risk with respect to trade receivables are limited, due to the customer base being large, diverse and across sectors and countries. All trade receivables are reviewed and assessed for default on a quarterly basis.
(ii) Post employment obligations
(a) Defined Contribution Plans
The Company contributes towards Employees State Insurance Scheme, Family Pension Fund, Superannuation Fund and Provident Fund for certain employees. The contributions are normally based on a certain proportion of the employee's salary. During the year, the Company has recognized contribution to these funds aggregating to ' 4.43 (March 31,2023: ' 3.90) (Refer Note 31).
(b) Defined Benefit Plans Gratuity
The Company provides for gratuity for employees as per the Company’s scheme or Payment of Gratuity Act, 1972 (last drawn basic salary per month computed proportionately for 15 days multiplied by number of years of service) whichever is more beneficial to the employees. As per the Company's scheme, the amount of gratuity payable on retirement/termination is payable to the employees based on last drawn basic salary per month computed proportionately for 30 / 15 / 30 days (for number of years of service tenure of less than 15 years, more than 15 years but less than 30 years and more than 30 years, respectively). The benefits vest after five years of continuous service. The Company has established Fund to which the Company makes contribution for the employees. The Company does not fully fund the liability and maintains a target level of funding to be maintained over a period of time based on estimations of expected gratuity payments.
The charge on account of provision for gratuity has been included in 'Employee Benefits Expense' in the Standalone Statement of Profit and Loss except remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability which are recognized in other comprehensive income.
Provident fund
In respect of certain employees, provident fund contributions are made to a separately administered trust. Such contribution to the provident fund are charged to the Standalone Statement of Profit and Loss. In case of any liability arising due to shortfall between the return from its investments and the guaranteed specified interest rate, the same is provided for by the Company. The actuary has provided an actuarial valuation and the interest shortfall liability, if any, has been provided in the books of accounts after considering the assets available with the provident fund trust.
(a) The Company is a lessee in respect of the land on which Mafatlal Centre and Mafatlal Chambers is erected. In this regard:
In case of Mafatlal Centre:
A demand for ' 26.97 (March 31, 2023: ' 26.97) for the period 2008-10 was raised by Brihanmumbai Mahanagarpalika ('BMC') towards property taxes in respect of the properties owned by various owners for the respective floors with respect to increase in ratable value of Municipal taxes. The demand had been challenged by owners of various floors and during the current financial year ended March 31, 2024, the concerned adjudicating authority set aside the aforesaid demand which was challenged and revised the demand to ' 11.20, which was subsequently paid by the owners of the respective floors. The Company is awaiting the final No Objection Certificate from BMC.
In case of Mafatlal Chambers:
A demand for ' 7.93 (March 31,2023: ' 7.93) for the period 2000-05 has been raised by BMC towards property taxes in respect of the properties owned by the Company at the relevant time. The said demand has been disputed by the Company. As per the directions given by the Honourable Bombay High Court, the BMC has granted hearing to the Company and the final outcome is awaited.
(b) It is not practicable for the Company to estimate the timing of cash flows, if any, in respect of the above pending resolution of the respective proceedings. The aforementioned amounts under disputes are as per the demands from various authorities for the respective periods and has not been adjusted to include further interest and penalty leviable, if any.
(c) The Company does not expect any reimbursement in respect of the above contingent liabilities.
(d) The Company believes that the ultimate outcome of these proceedings will not have a material adverse effect on the Company's financial position and results of operations.
(e) Contingent liability relating to determination of provident fund liability, based on judgement from Hon'ble Supreme Court, is not determinable at present for the period prior to March, 2019, due to uncertainty of the impact of the judgement in the absence of further clarification relating to applicability. The Company has paid Provident Fund to employees as applicable with effect from March 2019. The Company will continue to assess any further developments in this matter for its implication on the financial statements, if any.
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker ("CODM") of the Company. The CODM consists of Chairman and Managing Director who are responsible for allocating resources and assessing performance of the operating segments.
The Company has identified and reported the following business segments:
a) Textile and related products
b) Digital Infrastructure*
c) Consumer Durables and others (from the current year ended March 31,2024)
* Erstwhile known as technology and related products.
Segment revenue and results:
The expenses and income which are not directly attributable to any business segment are shown as unallocable expenditure (net of unallocable income, including income from investments and investment properties).
Segment Assets and Liabilities:
Segment assets include all operating assets used by the operating segment and mainly consist of property, plant and equipment, trade receivables, inventories and other operating assets. Segment liabilities primarily includes trade payable and other liabilities. Common assets and liabilities which can not be allocated to any of the business segment are shown as unallocable assets / liabilities.
(a) During the previous year ended March, 31 2023, the Board of Directors of the Company approved the divestment of its investment in Vrata Tech Solutions Private Limited (VTS), a Subsidiary company representing 77.78% of the paid-up share capital of VTS. As a result, a Share Purchase Agreement was entered on June 20, 2022 with a promoter group company (Sumil Trading Private Limited) for the total consideration of ' 4.07 (based on fair value of equity share of VTS carried-out by the independent valuer) which was concluded on June 30, 2022. Subsequent to this transaction, VTS ceased to be a subsidiary of the Company with effect from June 30, 2022.
(b) The Board of Directors of the Company at its meeting held on November 14, 2022 approved the scheme of reduction and reorganization of capital ('Scheme') pursuant to the provisions of Section 230 and other applicable provisions of the Companies Act, 2013 which was also subsequently approved by the shareholders and creditors of the Company with Appointed Date as mentioned in the Scheme as April 01,2022. The National Company Law Tribunal, Ahmedabad ('NCLT'), vide its order dated April 29, 2024 (the 'NCLT order’) has approved the Scheme with the Appointed Date / Effective Date as March 31,2024, against which the Company has filed an interlocutory application on May 06, 2024 seeking modification with a plea to reinstate the Appointed date of April 01,2022 in the NCLT order, in accordance with the Scheme filed on October 10, 2023. The NCLT order with respect to the interlocutory application is awaited. The Company proposes to give the accounting effect prescribed in the Scheme on receiving the approval for the aforesaid interlocutory application from the NCLT which is supported by a legal opinion obtained by the Company.
Note 50
(i) As legally advised, the Company has not recognized as income recovery of rent and other charges of ' 0.84 upto March 31, 2024 (' 0.84 upto March 31, 2023) pending final resolution of legal dispute with certain ex-tenants of a property in South Mumbai. At present, the legal dispute is pending with the Hon'ble Bombay High Court. A sum of ' 5.78 and ' 2.84 was (towards interest accured) withdrawn by the Company in accordance with the Orders passed by the Hon'ble High Court of Bombay on the Civil Revision Applications filed by the ex-tenants and the said amount of ' 5.78 and ' 2.84 has been included in other non-current liabilities (Refer Note 20).
(ii) I n an earlier year, the Company had sold part of its leasehold land at its Mazgaon unit. During prior years, the Company has surrendered the remaining leasehold land (reserved portion admeasuring about 27,287.82 square meters) to Municipal Corporation of Greater Mumbai for the purpose of extension of VJ.B. Udyan. The Company is also required to recommence the spinning unit which can accommodate 10,000 spindles. By virtue of the agreement, the developer will construct a structure and hand it over to the Company.
(iii) Pursuant to the demerger of the Real Estate and Investment Business to Sulakshana Securities Limited (SSL) in 2002, the shareholders of the Company are to be issued one equity share of ' 10/- each (before giving effect of sub-division), fully paid-up, in SSL for every 500 shares of ' 100/- each, fully paid-up, held in the Company as consideration for the demerger, aggregating to ' 0.01. As the shareholders of the Company would be entitled to receive only fractional shares of SSL, the rehabilitation scheme sanctioned by BIFR envisages that these shares would be acquired by Navin Fluorine International Limited (NFIL) and the shareholders of the Company would receive proportionate payment in consideration thereof. The Company has received the said amount of ' 0.01 from NFIL on behalf of the shareholders, which is pending disbursement upon completion of formalities.
Note 53 - Additional regulatory information required by Schedule III
(i) Details of benami property held
No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
(ii) Wilful defaulter
The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
(iii) Relationship with struck off companies
The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.
(iv) Compliance with approved scheme(s) of arrangements
Refer Note 49(b)
(v) Valuation of Property, plant and equipment, intangible asset and investment property
The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets during the current or previous year.
(vi) Utilization of borrowed funds and share premium
The Company has not advanced or loaned or invested funds to any person or entity, 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 or entity, 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 on behalf of the ultimate beneficiaries
(vii) Undisclosed income
There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.
(viii) 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.
(ix) Utilization of borrowings availed from banks and financial institutions
The borrowings obtained by the Company from banks and financial institutions have been applied for the purposes for which such loans were taken.
(x) Compliance with number of layers of companies
The Company has complied with the number of layers prescribed under the Companies Act, 2013, read with the Companies (Restriction on number of layers) Rules, 2017.
(xi) Registration of charges or satisfaction with Registrar of Companies
There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory period.
(xii) Borrowing secured against current assets
The Company has borrowings from banks on the basis of security of current assets. The quarterly returns or statements of current assets filed by the Company with banks and financial institutions are in agreement with the books of accounts.
Note 54 - The Standalone Financial Statements were authorised for issue by the Board of Directors on May 27, 2024.
The accompanying notes are an integral part of these standalone financial statements.
In terms of our report attached
For Price Waterhouse Chartered Accountants LLP For and on behalf of the Board of Directors
Firm Registration No. 012754N / N500016
Pankaj Khandelia H. A. Mafatlal P. H. Mafatlal M. P. Shah A. P. Shah
Partner Chairman Managing Director Chief Financial Officer Company Secretary
Membership Number: 102022 (DIN: 00009872) (DIN: 02433237)
Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai
Date: May 27, 2024 Date: May 27, 2024 Date: May 27, 2024 Date: May 27, 2024 Date: May 27, 2024
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