b) Rights, preferences and restrictions attached to the equity shareholders:

The Company has only one class of equity shares having par value of Re. 1 per share (Previous year Re. 1 per share). Each shareholder is eligible for one vote per equity share held. In the event of liquidation of the Company, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding. The Company declares and pays dividend in Indian Rupees.The dividend proposed by the Board of directors is subject to the approval of the shareholders in the ensuing Annual general meeting.

a) Non convertible debentures

*During the previous year, the Company had issued NCD amounting to Rs. 250.0 million and these were secured against pledge of receipt of bank deposit of Rs. 275.0 million. During the current year, the Company has fully prepaid the Non-Convertible Debentures on March 29, 2024 along with interest applicable. (refer note 5,11 and note 42-I(B)).

b) Term loans

Term loans from banks are secured by way of equitable mortgage created or to be created on all the present and future immovable properties including land, buildings, structures, all plant and equipment attached thereon of the Company related to the specific capital project completed/in progress and hypothecation of all the movable properties including movable machinery, spares, tools and accessories, etc., present and future, subject to prior charges created and / or to be created in favour of the Company's bankers on stocks of raw materials, semi finished and finished goods, consumable stores and other movable assets, as may be required for working capital requirements in the ordinary course of business. The mortgages and charges referred to above are pari-passu among the lenders. (refer note 42-I(A) and 42-II (A)). The amount disclosed as above is net of Current maturities of long-term debts - secured of Rs. 856.2 million (Previous year Rs. 179.4 million).

The interest rates range from 7.70% to 9.70% per annum (Previous year 6.25% to 9.80% per annum) before Interest subsidy under Technology Upgradation Fund Scheme from State Government of Madhya Pradesh.

For the current maturities of long-term borrowings, refer note 18 short term borrowings.

Cash credit/export packing credit/working capital loans from banks

Cash credit/export packing credit/working capital loans from banks are secured by hypothecation of raw materials, semi finished and finished goods and consumable stores.

The interest rates for cash credit/export packing credit/working capital loans from banks range from 4.90% to 8.65% per annum (Previous year 4.95% to 8.50% per annum).

The Company has been sanctioned working capital limits from banks during the year on the basis of security of current assets of the Company. The revised quarterly returns/statements filed by the Company for each quarter with such banks are in agreement with the books of accounts of the Company.

Corporate Overview Statutory Reports Financial Statements

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2024

(All amounts in Rs. Million, unless otherwise stated)

NOTE 30 - FINANCE COSTS

* After adjusting reversal of interest on income tax of Rs. 1.0 million (Previous year interest on income tax of Rs. 3.1 million]

NOTE 31 - OTHER EXPENSES

* Net of Rs. 107.2 million (Previous year Rs. 107.2 million] subsidy received from Government. **Donated through electrol bonds to President of India(previous year donated to Bhartiya Janta Party].

A. Contingent Liabilities under service tax of Rs. 66.7 million (Previous year Rs. 67.0 million) represents:

i) Demand and penalty of Rs. 66.7 million (Previous year Rs. 66.7 million) for service tax under reverse charge basis on commission paid to non-executive Directors for the financial year 2014-15 to 2016-17. During the previous year, the Company had filed an appeal before CESTAT Ludhiana.

ii) Demand and penalty of Rs. Nil (Previous year Rs 0.3 million) for service tax under reverse charge basis on notice pay recovery for the financial year 2017-2018. During the current year, Order has been passed in favour of the company and case has been closed.

B. Contingent liabilities under Income Tax Act, 1961 of Rs. 97.3 million (Previous year Rs. 34.4 million) include:

(i) Rs. 6.1 million (Previous year Rs. 6.1 million) being penalties under Section 271(1)(c) of Income Tax Act, 1961 levied for assessment years 2004-2005 and 2006-2007.

(ii) Other disputed demands of Rs. 91.2 million pertaining to assessment year 2015-2016, 2016-2017, 2017-18 , 2019-2020, 2020-21 , 2021-22, 2022-23 & 2023-24 (Previous year Rs. 28.3 million pertaining to assessment year , 2015-16, 2016-17, and 2019-2020).

*These matters are subject to legal proceedings in the ordinary course of business. The Company has assessed that it is only possible, but not probable, that

outflow of economic resources will be required.

C. There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated 28th February, 2019. As a matter of caution, the Company has applied the judgement on a prospective basis from the date of the SC order. The Company will update its provision for the period prior to the Supreme Court judgement, on receiving further clarity on the subject.

NOTE 33 - COMMITMENTS

# The Company has other commitments for purchase/sale orders which are issued after considering requirements as per the operating cycle for purchase/sale of goods and services, and employee benefits. The Company does not have any long term commitment or material non cancellable contractual commitments/ contracts which might have a material impact on the standalone Ind AS financial statements of the Company.

NOTE 35 - EMPLOYEE BENEFITS

a) Defined contribution plans

The Company makes contribution towards employees' provident fund scheme. Under the scheme, the Company is required to contribute a specified percentage of salary, as specified in the rules of the scheme. The Company has recognised Rs. 343.6 million during the year (Previous year Rs. 264.8 million) as expense towards contribution to this plan. An amount of Rs. 6.8 million (Previous year Rs. 9.1 million) has been included under property, plant and equipment / capital work in progress. Further amount of Rs. 0.2 million (Previous year Rs. 0.3 million) and Rs. Nil (Previous year Rs. 0.1 million) has been reimbursed under Deen Dayal Upadhay Gramin Kaushal Yojna and Scheme for Capacity Building in Textile Sector (Samarth Scheme) respectively.

b) Defined benefit plans

Gratuity scheme

The Company has a defined gratuity plan (funded) and the gratuity plan is governed by The Payment of Gratuity Act 1972 (“Act"). Under the Act, employees who have completed five years of service are entitled for gratuity benefit of 15 days salary for each completed year of service or part thereof in excess of six months. The amount of benefit depends on respective employee's salary, the years of employment and retirement age of the employee and the gratuity benefit is payable on termination/retirement of the employee. There is no maximum limit for the payment of gratuity benefit. The present value of obligation is determined based on an actuarial valuation as at the reporting date using the Projected Unit Credit Method.

The fund has the form of an irrevocable trust and it is governed by Board of Trustees. The Board of trustees is responsible for the administration of the plan assets and for the definition of investment strategy. The scheme is funded with qualifying insurance policies. The Company is contributing to trust towards the payment of premium of such gratuity schemes.

(VII) Actuarial risks

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below:

Interest rate risk

The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

Salary Inflation risk

Higher than expected increases in salary will increase the defined benefit obligation.

Demographic risk

This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.

The sensitivity analysis presented above may not be representative of the actual changes in the defined benefit obligations as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumption may be correlated.

Furthermore, in presenting the above sensitivity analysis the present value of the defined benefit obligations has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the standalone Ind AS financial statements.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

The sensitivity analysis above have been determined based on reasonably possible changes of the respective assumption occurring at the end of the reporting period, while holding all other assumptions constant.

NOTE 40 - SEGMENT INFORMATION

I Segment accounting policies:

a. Product and Services from which reportable segment derive their revenues (Primary Business Segments)

Based on the nature and class of product and services , their customers and assessment of differential risks and returns and financial reporting results reviewed by Chief Operating Decision Maker (CODM) , the Company has identified the following business segments which comprises of.

- Yarn

- Towel

- Bedsheets

- Paper and Chemicals

b. Geographical segments (secondary business segments)

The geographical segments considered and reviewed by Chief Operating Decision Maker for disclosure are based on markets, broadly as under:

Ind ia USA

Rest of the world

c. Segment accounting policies

Segment accounting policies: In addition to the significant accounting policies applicable to the business segment as set out in note 2, the accounting policies in relation to segment accounting are as under:

i. Segment assets and liabilities:

Segment assets include all operating assets used by a segment and consist principally of cash, debtors, inventories, right of use assets and property, plant and equipment including capital work in progress, net of allowances and provisions, which are reported as direct offset in the balance sheet. Segment liabilities include all operating liabilities and consist principally of creditors and accrued liabilities.

ii Segment revenue and expenses:

Joint revenue and expenses of segments are allocated amongst them on reasonable basis. All other segment revenue and expenses are directly attributable to the segments.

iii Inter segment sales:

Inter segment sales are accounted for at cost plus appropriate margin (transfer price) and are eliminated in consolidation.

iv Segment results :

Segment results represent the profit before tax earned by each segment without allocation of central administration costs, other non operating income as well as finance costs. Operating profit amounts are evaluated regularly by the Chief Operating Decision Maker in deciding how to allocate resources and in assessing performance.

NOTE 41 - LEASES

The Company has Lease contracts for Land, office premises, guest houses and factory premises (including plant and equipment). Leases of office premises, guest houses and factory premises (including plant and equipment) generally have lease terms ranging from 11 months to 20 years and leases of lands generally have lease terms between 30-99 years. The Company's obligations under its leases are secured by the lessor's title to the leased assets. Generally, the Company is restricted from assigning and subleasing the leased assets. There are several lease contracts that include extension and termination options.

The Company also has certain leases of office premises and guest houses with lease terms of 12 months or less. The Company applies the 'short-term lease' recognition exemptions for these leases.

For maturity analysis of lease liability, refer note 45 Financial risk management framework and policies under maturities of financial liabilities.

The Company had total cash outflows for leases of Rs. 84.3 million (previous year: Rs. 65.1 million). There are no future cash outflows relating to leases that have not yet commenced.

There are no leases having variable lease payments. The Company has not entered into any residual value contracts during the year. There are no sale and leaseback transactions during the year.

Extension and termination options are included in a number of leases. These are used to maximise operational flexibility in terms of managing the assets used in the Company's operations. The majority of extension and termination options held are exercisable only by the Company and not by the respective lessor.

Payments associated with short-term leases are recognised on a straight-line basis as an expense in the Statement of Profit and Loss. Short-term leases are leases with a lease term of 12 months or less. The Company did not have any leases impacted by Covid-19 related rent concession amendment.

NOTE 43 -EMPLOYEES' STOCK OPTION PLANS

The Board of Directors and the Shareholders of the Company had approved a Scheme called as “Trident Limited Employee Stock Options Scheme - 2020 (“ ESOS Scheme”) and “Trident Limited Employee Stock Purchase Scheme - 2020“ (“ ESPS Scheme”) in their meeting held on July 9, 2020 and May 16, 2020 respectively. Pursuant to the ESOS Scheme, the Company has constituted Trident Limited Employees Welfare Trust ('Trust') to acquire, hold and allocate/transfer equity shares of the Company to eligible employees (as defined in the ESOS and ESPS scheme) from time to time on the terms and conditions specified under the ESOS Scheme and ESPS Scheme.

The said trust had purchased, during the financial year 2020-21, Company's equity shares aggregated to 100,000,000 equity shares from the secondary open market at cost of Rs. 7.50 per share for which the Company had given loan to trust amounting to Rs. 751.0 million. The financial statements of the Trust have been included in the standalone Ind AS financial statements of the Company in accordance with the requirements of Ind AS and cost of such treasury shares has been presented as a deduction in other equity. Such number of equity shares (which are lying with trust) have been reduced while computing basic and diluted earnings per share.

(A) Trident Employees Stock Options Scheme, 2020

The Company had granted 66,00,000 stock options under the ESOS Scheme on November 12, 2022. Each option granted and vested under the Scheme shall entitle to the holder to acquire 1 equity share of Re. 1 each.

Based on various judicial prouncements and opinion obtained by the Company from experts, the Company has taken allowance of share based payment expense while computing income tax provision for the current year.

During the previous year, nomination and remuneration committee (“NRC") has approved the winding-up of Trident Limited Employee Stock Purchase Scheme - 2020 and approved the excess monies or shares remaining with the Trust after meeting all the obligations, if any, to be utilised for repayment of loan to Trident Limited. Accordingly, during the previous year, Trust has sold 18,293,707 shares and proceeds from transfer of shares has been utilised for the repayment of loan to the Company.

During the current year, the Company has obtained approval of shareholders of the Company for implementation of (I) Trident Limited General Employee Benefits Scheme - 2023 and (ii) utilisation of proceeds from sale of unappropriated 62,328,640 Equity Shares from Trident Limited Employee Stock Purchase Scheme - 2020, utilisation of excess funds lying with the Trust and funds which Trust may receive from various sources in future for Trident Limited General Employee Benefits Scheme - 2023.

NOTE 45 - FINANCIAL INSTRUMENTS

Capital management

For the purpose of Company's capital management, capital includes issued equity capital and alt reserves attributable to equity holders of the Company.

The Company's capital management objectives are:

- to ensure the Company's ability to continue as a going concern

- to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk.

The Company manages capital risk in order to maximise shareholders' profit by maintaining sound/optimal capital structure through monitoring of financial ratios, such as net debt-to-equity ratio on a monthly basis and implements capital structure improvement plan when necessary. There is no change in the overall capital risk management strategy of the Company compared to last year.

Refer note 56 for 'Debt-to-equity ratio as of March 31,2024 and March 31, 2023

Fair values and its categories:

The management assessed that fair value of trade receivables, cash and cash equivalents, other bank balances, loans, other current financial assets (except derivative financial assets), short term borrowings (excluding current maturities of long term borrowings), trade payables and other current financial liabilities (except derivative financial liabilities) approximate their carrying amounts largely due to short-term maturities of these instruments.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level 1 to Level 3, as described below

Level 1: 'Quoted prices in an active market: This level of hierarchy includes financial instruments that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: 'Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. This level of hierarchy include Company's over-the-counter (OTC) derivative contracts and mutual funds.

Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

Financial Risk Management Framework

The Company's principal financial liabilities, other than derivatives, comprise loans and borrowings, lease liabilities, trade and other payables. The main purpose of these financial liabilities is to finance the Company's operations. The Company's principal financial assets include trade and other receivables, receivables from government authorities, security deposits and cash and cash equivalents that derive directly from its operations. The Company also holds investments and enters in to derivative transactions.

The Company's corporate treasury function provides services to the business, co-ordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The Company seeks to minimise the effects of these risks by using derivative financial instruments to hedge risk exposures. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.

The Chief financial officer reports quarterly to the Board of Directors of the Company for monitoring risks and reviewing policies implemented to mitigate risk exposures.

Credit risk

Credit risk arises when a counterparty defaults on its contractual obligations to pay resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Company has also taken export credit insurance for mitigation of export credit risk for certain parties.

The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to Rs. 4,137.2 million and Rs. 2,720.2 million as of March 31,2024 and March 31,2023, respectively. Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. Credit risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Company grants credit terms in the normal course of business and by way of taking letter of credit, credit insurance against export receivables.

Credit Risk Exposure

The Company has used a practical expedient by computing the expected loss allowance for trade receivables based on historical credit loss experience and adjustments for forward looking information

Liquidity risk

(i) Liquidity risk management

The Company's objective is to maintain optimum levels of liquidity to meet its cash and collateral requirements at all times.

The Chief Financial Officer of the Company is responsible for liquidity risk management and the Company has established an appropriate liquidity risk management framework for the management of the Company's short, medium and long-term funding and liquidity management requirements. Liquidity risk is managed by adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Chief Financial Officer reports the same to the Board of Directors on quarterly basis.

(ii) Maturities of financial liabilities

The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The amount disclosed in the tables have been drawn up based on the undiscounted contractual cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows.

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. Market risk comprises two types of risk: currency risk and interest rate risk. Financial instruments affected by market risk includes loan and borrowings, lease liabilities and derivative financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Company uses derivatives to manage market risks. Derivatives are only used for economic hedging purposes and not as speculative investments. All such transactions are carried out within the guidelines set by the Board of Directors and Risk Management Committee.

There has been no significant changes to the Company's exposure to market risk or the methods in which they are managed or measured.

Currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The Company's exposure to currency risk relates primarily to the Company's operating activities when transactions are denominated in a different currency from the Company's functional currency.

The Company manages its foreign currency risk by hedging transactions that are expected to occur within a maximum 12 month period for hedges of forecasted sales.

For the year ended March 31, 2024, every 1 percent depreciation/appreciation in the exchange rate against USD, might have affected the Company's incremental margins (profit as a percentage to revenue) approximately by 0.50%. The Company's exposure to foreign currency changes for all other currencies is not material.

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 the risk of changes in market interest rates relates primarily to the Company's debt obligations with floating interest rates. The borrowings (excluding non convertible debentures) as at March 31,2024 is Rs. 20,608.1 million (previous year Rs. 13,491.1 million) which are interest bearing and interest rates are variable.

Interest rate sensitivity

For the year ended March 31, 2024, every 1 percentage increase/decrease in weighted average bank interest rate might have affected the Company's incremental margins (profit as a percentage to revenue) approximately by 0.25% (previous year 0.23%).

Price risk

The Company's investments in other funds are susceptible to market price risk arising from uncertainties about future values of the investment securities. The Company manages the price risk through diversification and by placing limits on individual and total equity instruments. Reports on the portfolio are submitted to the Company's senior management on a regular basis.

At the reporting date, the exposure in other funds is Rs. 487.9 million (previous year Rs. 3.7 million). A decrease or increase in NAV of 5% could have an impact of approximately of Rs. 24.4 million (previous year Rs. 0.2 million) on the profit or loss.

Derivatives not designated as hedging instruments

The Company uses forward currency contracts to hedge its foreign currency risks. Derivative contracts not designated by management as hedging instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value on each reporting date. Such contracts are entered into for periods consistent with exposure of the underlying transactions.

Derivatives designated as hedging instruments

The Company enters into hedging instruments in accordance with policies as approved by the Board of Directors with written principles which is consistent with the risk management strategy of the Company.

Cash flow hedges

Foreign currency risk

Foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of forecasted hedged items in US dollar. These forecast transactions are highly probable.

The foreign exchange forward contract balances vary with the level of expected foreign currency sales and changes in foreign exchange forward rates.

The critical terms of the foreign currency forward contracts match the terms of the expected highly probable forecast sale transactions. As a result, no hedge ineffectiveness arises requiring recognition through profit or loss.

The cash flow hedges of the forecasted sale transactions during the year ended 31 March 2024 were assessed to be highly effective and unrealised gain of Rs. 49.2 million (previous year Rs: 13.9 million) with a deferred tax charge of Rs. 12.4 million (previous year Rs. 3.5 million) relating to the hedging instruments, is included in OCI.

Valuation Technique

The Parent Company enters into derivative financial instruments with various counterparties, principally banks and financial institutions with investment grade credit ratings. Foreign exchange forward contracts are valued using valuation techniques, which employs the use of market observable inputs. The most frequently applied valuation techniques include forward pricing models, using present value calculations. Where quoted market prices are not available, fair values are based on management's best estimates, which are arrived at by the reference to market prices.

*During the current year, TGCL had converted its 28,18,500 Compulsorily Convertible Debentures ('CCD') having face value of Rs. 60/- per CCD into equity shares of Re. 1/- at a premium of Rs. 59/- per equity share based on approval by the Board of Directors in the meeting held on June 6, 2023 which had resulted in change of shareholding of the Company in TGCL from 100% to 63.95%.

Further during the current year, the Company had sold its entire stake of 63.95% in TGCL on September 14, 2023.

During the previous year, the equity shares of the TGCL had been sub-divided from existing face value of Rs 10 per equity share to face value of Re 1 per equity share based on approval of shareholders of TGCL in its Extra ordinary General Meeting held on November 2, 2022.

**During the previous year, the Company had acquired THTL on December 1, 2022 which holds 12,250 (24.5%) equity shares of TGI. Pursuant to the acquisition of THTL, the Company holds 73.5% equity shares of TGI (directly and indirectly) and accordingly, TGI had become a subsidiary of the Company w.e.f. December 1, 2022.

During the current year, THTL has incorporated a wholly owned subsidiary Trident Global B.V. in Netherlands on June 15, 2023.

***During the current year, name of the subsidiaries of the Company, Trident Innovations Limited and Trident Home Decor Limited have been removed by the Register of Companies based on application under Section 248 (2) of the Companies Act, 2013 . The removal of name of these subsidiaries by the Register of Companies does not have any major implication or material impact on the operations of the Company.

On account of above, the Company has written off the investments in the said subsidiaries.

NOTE 50 - (a) During the year ended March 31,2022, Company had accrued the benefits under the aforesaid schemes amounting to Rs. 2,844.1 million (net of discount of Rs. 579.3 million). Due to Lower realization of e-Scrips (received/receivable under RoSCTL and RoDTEP schemes), the Company had reduced the value of such export benefits by the amount of prevailing discount on e-Scrips amounting to Rs. 392.5 million on outstanding e-Scrips as at March 31,2022.

However, due to favourable realization of e-Scrips (received/receivable under RoSCTL and RoDTEP schemes) during the previous year, revenue from operations for the year ended March 31, 2023 includes Rs. 228.6 million, being the amount of additional realisation of e-Scrips outstanding as on March 31, 2022.

*During the current year, one of the erstwhile subsidiary of the Company, TGCL had converted its 28,18,500 Compulsorily Convertible Debentures ('CCD') having face value of Rs. 60/- per CCD into equity shares of Re. 1/- at a premium of Rs. 59/- per equity share based on approval by the Board of Directors in the meeting held on June 6, 2023 which had resulted in change of shareholding of the Company in TGCL from 100% to 63.95%.

Further during the current year, the Company had sold its entire stake of 63.95% in TGCL on September 14, 2023.

During the previous year, the equity shares of the TGCL had been sub-divided from existing face value of Rs 10 per equity share to face value of Re 1 per equity share based on approval of shareholders of TGCL in its Extra ordinary General Meeting held on November 2, 2022.

**During the current year, name of the subsidiaries of the Company, Trident Innovations Limited and Trident Home Decor Limited have been removed by the Register of Companies based on application under Section 248 (2) of the Companies Act, 2013 . The removal of name of these subsidiaries by the Register of Companies does not have any major implication or material impact on the operations of the Company.

***During the previous year, the Company had acquired THTL on December 1, 2022 which holds 12,250 (24.5%) equity shares of TGI. Pursuant to the acquisition of THTL, the Company holds 73.5% equity shares of TGI (directly and indirectly) and accordingly, TGI had become a subsidiary of the Company w.e.f. December 1, 2022.

NOTE 52 - The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software, except that audit trail feature is not enabled at the database level insofar as it relates to SAP accounting software. Further no instance of audit trail feature being tampered with was noted in respect of accounting software.

NOTE 53- 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. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period when the Code becomes effective.

NOTE 54- D uring the financial years 2003-04 and 2004-05, the Company had granted loans to one of its overseas subsidiary company namely Trident Global Inc (“TGI") for business purposes. Keeping in view the financial condition of TGI and as a matter of prudence, the Company, during the financial year 2005-06, had written-off these loans amounting to USD$ 183,000 (INR Rs 8.1 million) During the current financial year, with the improvement in performance of TGI, the Company has reinstated the earlier written-off loan amount alongwith accrued interest aggregating to USD 2,38,018 (INR Rs 16.5 million). The Company has further accrued the interest on above loans till the year end and based on agreement the Company will realise the loan amount alongwith interest by June 30, 2024.

NOTE 55 - Other Statutory Information

(i) The Company does not have any benami property, where any proceeding has been initiated or pending against the Company for holding any benami property.

(ii) The Company does not have any transactions with companies struck off.

(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period,

(iv) The Company has not traded or invested in crypto currency or virtual currency during the financial year.

(v) 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

(vi) 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 on behalf of the Ultimate Beneficiaries,

(vii) The Company does not have any such transaction which is not recorded in the books of account that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961

NOTE 56 - In the month of October 2023, the Income Tax Department ('the department') conducted a search under Section 132 of the Income Tax Act, 1961 at certain locations of Company including its manufacturing and Indian subsidiaries and residence of few of its employees/key managerial personnel. During the search proceedings, the Company provided necessary information and responses to the depart-ment. Also, the department has taken certain documents, few laptops and data backups for further in-vestigation. The business and operations of the Company continued without any disruptions and no demands have been raised on the Company and its Indian subsidiaries as of date. Based on the fore-going and having regard to the matters of inquiry during the search proceedings stated above, man-agement is of the view that no material adjustments are required to these Standalone Ind AS Financial Statements.

Note 60- One of the erstwhile subsidiary of the Company, Trident Global Corp Limited (TGCL), had converted its 28,18,500 Compulsorily Convertible Debentures ('CCD') having face value of INR 60/- per CCD into equity shares of INR 1/- at a premium of INR 59/- per equity share based on approval by the Board of Directors in the meeting held on June 6, 2023 which had resulted in change of shareholding of the Company in TGCL from 100% to 63.95%.

Further, during the current year, the Company had sold its entire stake of 63.95% in TGCL on September 14, 2023. The Company had recognised gain of Rs 360.5 million. The Company has presented above profit or loss on the sale of said investment, as an exceptional item in the Standalone Ind AS Financial Statements as at and for the year ended March 31, 2024.