2.18 Provisions and Contingencies
Provisions: A provision is recognized when the Company has a present obligation as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. The expense relating to a provision is presented in the statement of profit and loss.
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability may also arise in extremely rare cases where a liability that cannot be recognized because it cannot be measured reliably. M/s. Thaicom Public company limited has filed an application under section 8 of Insolvency and Bankruptcy code, 2016 for the enforcement of a Foreign Arbitration award, including accrued interest, amounting to US$ 11,34,885.21. The matter is currently sub-judice. The Company discloses existence said contingent liability in the financial statements in the reporting period.
Note- 36: Contingent Liabilities
M/s. Thaicom Public company limited (Thailand based company) has received award from Foreign Arbitration for US$ 11,34,885.21 including interest accrued thereon has filed petition under section 8 of Insolvency and Bankruptcy code 2016 and the matter currently being sub-judice.
Note- 37: All Amounts mentioned in financial statement represents for the year ended 31.03.2024 Note- 38: Previous year figures have been properly carry forward to this year as comparative figures.
Note- 39: All amounts in the financial statements have been rounded off to thousands.
Note- 40: Based on the information and explanation given by the company there were no dues to Micro, Small and Medium Scale|
industries.
Notes Forming Part of the Financial Statements
The accompanying notes form an integral part of the financial statements.
As per our report of even date attached
For N.Naresh& Co For and on behalf of the Board of directors
Chartered Accountants
Firm.Reg.No.011293S
E Kumar Raajhendhran.M M. Ravindran
Partner Managing Director Director
Membership Number:217549 DIN: 00821144 DIN: 00662830
S.Jeyaseelan K.Namratha
Company
Place: Chennai CFO Secretary
Date: 23rd May 2024 M No: A67271
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