reporting date and adjusted to reflect the current best estimates. Provisions are discounted to their present values, where the time value of money is material.

Contingent liability is disclosed for:

• Possible obligations which will be confirmed only by future events not wholly within the control of the Company or

• Present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

Contingent assets are neither recognized nor disclosed. However, when realization of income is virtually certain, related asset is recognized.

4.13 Significant management judgement in applying accounting policies and estimation uncertainty

The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the related disclosures.

Significant management judgements Recognition of deferred tax assets - The extent to which deferr ed tax assets can be recognized is based on an assessment of the probability of the Company’s future taxable income against which the deferred tax assets can be utilized.

Evaluation of indicators for impairment of assets -

The evaluation of applicability of indicators of impairment of assets requires assessment of several external and internal factors which could result in deterioration of recoverable amount of the assets.

Recoverability of advances/receivables - At each balance sheet date, based on historical default rates observed over expected life, the management assesses the expected credit losses on outstanding receivables and advances.

Provisions - At each balance sheet date basis the management judgment, changes in facts and legal aspects, the Company assesses the requirement of provisions against the outstanding contingent liabilities. However, the actual future outcome may be different from this judgement.

Significant estimates

Useful lives of depreciable/amortisable assets -

Management reviews its estimate of the useful lives of depreciable/amortisable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technical and economic obsolescence that may change the utilisation of assets.

Defined benefit obligation (DBO) - Management’s estimate of the DBO is based on a number of underlying assumptions such as standard rates of inflation, mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may significantly impact the DBO amount and the annual defined benefit expenses.

Fair value measurements - Management applies valuation techniques to determine the fair value of financial instruments (where active market quotes are not available). This involves developing estimates and assumptions consistent with how market participants would price the instrument.

4.12 Provisions, contingent liabilities and contingent assets

Provisions are recognized only when there is a present obligation, as a result of past events, and when a reliable estimate of the amount of obligation can be made at the reporting date. These estimates are reviewed at each

Limited, which collectively own the land parcel admeasuring approximately 35 acres, at Sector 104, Dwarka Expressway, Gurugram, Haryana. With this, Juventus Estate Limited, Mabon Properties Limited and Milkyway Buildcon Limited (which is a 100% subsidiary of Juventus Estate Limited) ceased to be the subsidiaries of the Company w.e.f. December 23, 2022, for an aggregate consideration of '2,400.00 million. Pursuant to the transaction, the Company has incurred a loss of '3,849.30 million and such loss has been disclosed under other expenses in the standalone financial statements.

(b) During the year ended March 31, 2022, the Company had entered into a term sheet with a third party relating to a disposal (“Disposal”) of it’s interest in a land parcel at Sector 106, Gurgaon. Subsequently, during the year ended March 31,2023, the Company had entered into a share purchase agreement (“SPA”) with the relevant party relating to the aforementioned Disposal, subject to the satisfaction of certain conditions precedent. Further to the SPA, during the year ended March 31, 2023 the Company’s 100% stake in its subsidiaries namely Airmid Developers Limited, Mariana Developers Limited, Albina Properties Limited and Flora Land Development Limited (which owns the land parcel at Village Pawala Khusrupur, Sector 106, Tehsil and District Gurugram, Haryana) was sold to an independent third party buyer ‘Elan Limited’ at an aggregate sale consideration of '5,840.00 million, with satisfactory completion of closing conditions and transfer of Company’s 100% shareholding/stake in said subsidiaries. With this, Airmid Developers Limited, Mariana Developers Limited, Albina Properties Limited & Flora Land Development Limited ceased to be subsidiaries of the Company since financial year 2022-23. Pursuant to the transaction, the Company had booked profit of '27.80 million in financial year 2022-23 and such profit had been disclosed under revenue from operation in the standalone financial statements of financial year 2022-23.

*All the investment in subsidiaries and joint ventures are measured at cost as per Ind AS 27 ‘Separate Financial Statements’

**Face value of '10 each unless otherwise stated.

#This investment (being strategic in nature) is measured at fair value through other comprehensive income (‘FVOCI’). The above values represents the fair values as at the end of the respective reporting period. No dividends have been received from such investments during the year.

## Face value of '1,000 each unless otherwise stated

~ Face value of '1,000 each and coupon rate is 0.0001%, unless otherwise stated ~~Face value of '10,000,000 each unless otherwise stated

~ ~ ~ The investments include the investment booked for subsidiaries on account of stock options issued to

employees of those subsidiaries

### including interest accrued on bonds

$ During the financial year 2023-24, four of the subsidiaries of the company has made application for voluntary strike-off with the MCA.

$$ During the financial year 2023-24, the company has acquired investments in these companies, resulting in these companies becoming direct subsidiaries of the Company.

$$$ During the financial year the company got voluntarily dissolve on 21st July 2023.

vii Aggregate number of shares issued for consideration other than cash

No Shares have been issued for other than cash during the period of five years immediately preceding the financials year March 31,2024.

viii During the year ended March 31,2021, the Company, through its established trust “Indiabulls Real Estate Limited -Employees Welfare Trust” (the “Trust”) had in compliance with SEBI (Share Based Employee Benefits) Regulations, 2014 purchased its 3,125,164 Equity shares from the open market, for the implementation and administration of its employees benefit schemes. During the financial year 2022-23 the trust had sold 2,525,164 equity shares, in the open market and passed on the benefit to the Company which in turn passed on the benefit to the eligible employees. The trust still holds 600,000 equity shares of the Company as at the year ended March 31,2024.The face value of these shares have been deducted from the paid-up share capital of the Company, and the excess of amount paid over face value for their acquisition have been adjusted in the other equity.

ix Aggregate number of shares bought back

During the year ended March 31,2019, 26,000,000 equity shares were bought back at an average price of '170.85 per share from the open market through stock exchanges using electronic trading facilities of BSE Limited (‘BSE’) and National Stock Exchange of India Limited (‘NSE’) in accordance with section 68, 69 and 70 and all other applicable provisions, if any, of the Companies Act, 2013 and SEBI Regulation 1998.

NOTE-35: FAiR VALUE MEASUREMENTS

(i) Fair value hierarchy

Financial assets and financial liabilities measured at fair value in the financial statements are grouped into three Levels of a fair value hierarchy. The three Levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: quoted prices (unadjusted) in active markets for financial instruments.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

Level 3: unobservable inputs for the asset or liability.

The above disclosures is presented for non-current financial assets and non-current financial liabilities. Carrying value of current financial assets and current financial liabilities (investments, trade receivables, cash and cash equivalents, other bank balances, loans, other financial assets, borrowings, lease liabilities and other current financial liabilities) represents the best estimate of fair value.

iii) Risk Management

The Company’s activities expose it to market risk, liquidity risk and credit risk. The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.

(A) Credit risk

Credit risk is the risk that a counterparty fails to discharge its obligation to the Company. The Company’s exposure to credit risk is influenced mainly by cash and cash equivalents, trade receivables and financial assets measured at amortised cost. The Company continuously monitors defaults of customers and other counterparties and incorporates this information into its credit risk controls.

Based on business environment in which the Company operates, a default on a financial asset is considered when the counter party fails to make payments within the agreed time period as per contract. Loss rates reflecting defaults are based on actual credit loss experience and considering differences between current and historical economic conditions.

Assets are written off when there is no reasonable expectation of recovery, such as a debtor declaring bankruptcy or a litigation decided against the Company. The Company continues to engage with parties whose balances are written off and attempts to enforce repayment. Recoveries made are recognised in statement of profit and loss.

NOTE-37: LEASE RELATED DiSCLOSURES AS PER iND AS 116

The Company has leases for office building. With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. Variable lease payments which do not depend on an index or a rate are excluded from the initial measurement of the lease liability and right of use assets. The Company has presented its right-of-use assets in in the balance sheet separately from other assets.

Each lease generally imposes a restriction that, unless there is a contractual right for the Company to sublease the asset to another party, the right-of-use asset can only be used by the Company. Some leases contain an option to extend the lease for a further term. The Company is prohibited from selling or pledging the underlying leased assets as security. For leases over office buildings, the Company must keep those properties in a good state of repair and return the properties in their original condition at the end of the lease. Further, the Company is required to pay maintenance fees in accordance with the lease contracts.

NOTE-45: REGiSTRATiON OF CHARGES OR SATiSFACTiON WiTH REGiSTRAR OF COMPANiES:

All applicable cases where registration of charges or satisfaction is required with Registrar of Companies have been done. No registration or satisfaction is pending for the year ended March 31,2024 and March 31,2023.

NOTE-46: 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 and no layers of companies has been established beyond the limit prescribed as per above said section / rules, during the year ended March 31,2024 and March 31,2023.

NOTE-47: CApITAL Management

The Company’s objectives when managing capital are:

• To ensure Company’s ability to continue as a going concern, and

• To provide adequate return to shareholders

Management assesses the capital requirements in order to maintain an efficient overall financing structure. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. The Company manages its capital requirements by overseeing the following ratios -

* Out of this, ' 4.40 million (March 31, 2023: '4.40 million) pertains to Mariana Infrastructure Limited (erstwhile wholly owned subsidiary) which has been sold during the financial year 2019-20 and as per definitive agreement, any tax demands relating to periods prior to the date of definitive agreement shall be borne by the Company.

B. Legal Case :

The Company is subject to legal proceedings and claims, which have arisen in the ordinary course of business. The Company’s Management reasonably expects that these legal actions, when ultimately concluded and determined, will not have a material and adverse effect on the Company’s results of operations or financial condition.

a. In the light of recent interim order issued by Hon’ble High Court of Delhi and Punjab & Haryana wherein deeming provisions of taxability w.r.t corporate guarantee along with amended valuation provisions providing valuation @ 1% has been challenged and Hon’ble High Courts has stayed the proceedings. In view of the stay granted to concerned petitioners, the matter is sub-judice and management is of the opinion that no provisioning is required w.r.t this matter.”

b. Certain buyers of residential projects being developed by the subsidiary companies (“Developer”) of Indiabulls Real Estate Limited (“IBREAL’ / “the Company”) have filed their grievances against the respective Developer(s) before different Courts / Forums/ Authorities etc, wherein though they have made IBREL, as a party to the complaint, without seeking any specific relief against the Company. The Company has responded to the complaints, stating that there are no allegations against the Company and has no role in the alleged transaction, as the Company is neither a developer of the project nor any payment made by any Allottee to the Company. As such the name of the Company is to be deleted from the array of the Parties.

Based on the above facts and defence taken in these matters and the independent legal advice from the Counsels, the management believes that there is a reasonable likelihood that there is no liability that will devolve on the Company in respect of these matters.

Based on the above, as of March 31,2024, and March 31,2023, there are no contingent liabilities and commitments to be reported.

C. Commitments:

The Company has undertaken to provide Continued financials supports to certain subsidiaries as and when required.

NOTE-53: SHARE BASED PAYMENTS

Indiabulls Real Estate Limited Employees Stock Options Plan 2010 (III)

During the year ended March 31, 2011, the board of directors and shareholders of the Company have given their consent to create, issue, offer and allot to the eligible employees of the Company and its subsidiary companies, stock options not exceeding 30,000,000 in number, representing 30,000,000 equity shares of face value of '2 each of the Company, accordingly the Employee Stock Option Plan - 2010 (“IBREL ESOP 2010” or “Plan-IM”)) has been formed.

The ESOP 2010 comprises of:

i. Indiabulls Real Estate Limited Employees Stock Option Scheme - 2010 (“Stock Option Scheme”);

ii. Indiabulls Real Estate Limited Employees Stock Purchase Plan 2010 (“Stock Purchase Plan”); and

iii. Indiabulls Real Estate Limited Stock Appreciation Rights Plan 2010 (“Stock Appreciation Rights Plan”).

The board of directors of the Company at its meeting held on 26 June 2015, re-granted (original grant was of date 14 November 2015) under the “Indiabulls Real Estate Limited Employees Stock Options Plan - 2010”, 10,500,000 stock options to eligible employees of the Company and its subsidiary companies representing an equal number of equity shares of face value of ' 2 each in the Company, at an exercise price of ' 54.50, being the closing market price of previous day on the National Stock Exchange of India Limited. The vesting of stock options granted thereunder the Stock Option Scheme commenced from June 26, 2016. However, all options granted under the Stock Option Scheme are either fully exercised or lapsed and there are no stock options outstanding as on March 31,2024.

The ESOP 2010 was modified pursuant to the resolution of the Compensation Committee of our Company on April 19, 2021, through which the stock appreciation rights (“SARs”) were included as part of the ESOP 2010.

In terms of the Stock Purchase Plan an offer of Equity Shares of the Company or appreciation in the price of Equity Share over and above the exercise price shall be made to the eligible employees based on the performance of the participant or such other criteria as decided by the compensation committee. The offer of Equity Shares is required to specify the number of Equity Shares offered under the Stock Purchase Plan, the share price at which the Equity Shares will be transferred from the Indiabulls Employee Welfare Trust (‘Trust’) to the employee, fulfilment of the performance and other conditions, if any, subject to which Equity Shares shall be transferred and the other terms and conditions thereof.

In terms of the Stock Appreciation Rights Plan, the SARs shall be awarded by the Trust to the eligible employees of our Company and/or Subsidiaries, which shall include recurring awards to the same employee, based upon the performance of the participant or such other criteria as may be decided by the compensation committee. Under the Stock Appreciation Rights Plan, the vesting period cannot be for a period less than one year from the date of awarding the SARs.

The Trust had acquired 3,125,164 Equity Shares from the secondary market during financial year 2021, which had been and are currently held by the Trust, and these have been appropriated/granted to the employees of our Company and/or our Subsidiaries, in pursuance and in compliance with applicable SEBI Employee Benefit Regulations. As per the vesting schedule, 100% SARs shall vest at the expiry of one year from the date of its grant and the rights can be exercised within a period of five years from such vesting date.

During the year ended March 31,2023, some of the eligible employees holding Share appreciation rights (‘SARs’) exercised their SARs to receive the appreciation against such SARs. The employee welfare trust (“trust”) which held 3,125,164 equity shares of the Company, at the beginning of the year, sold 2,525,164 equity shares, in the open market and passed on the benefit to the Company which in turn passed on the benefit to the eligible employees. The trust still holds 600,000 equity shares of the Company as at the year ended March 31,2024.

Indiabulls Real Estate Limited Employees Stock Options Plan 2011 (IV)

During the year ended March 31, 2012, the board of directors and shareholders of the Company have given their consent to create, issue, offer and allot, to the eligible employees of the Company and its subsidiary companies, stock options not exceeding 15,000,000 in number, representing 15,000,000 equity shares of face value of '2 each, and accordingly the Employee Stock Option Scheme 2011 (“IBREL ESOS 2011”) has been formed. As per the scheme exercise price will be the market price of the equity shares of the Company, being the latest available closing price, prior to the date of grant or as may be decided by the board or compensation committee. However, compensation committee of the board has not yet granted any options under IBREL ESOP 2011 Scheme.

NOTE-54:

Reconciliation of liabilities arising from financing activities pursuant to Ind AS 7 - Cash flows. The changes in the Company’s liabilities arising from financing activities can be classified as follows:

NOTE-55: SEGMENT REPORTiNG

The Company’s primary business segment is reflected based on principal business activities carried on by the Company i.e. real estate project advisory and all other related activities which as per Ind AS 108 on ‘Operating Segments” is considered to be the only reportable business segment. The Company derives its major revenues from real estate properties advisory business (largely from related parties). The Company is operating in India which is considered as a single geographical segment.

NOTE-56:

As at March 31, 2024, the Company’s financial assets are more than 50 per cent of its total assets (netted of by intangible assets), however income from financial assets is less than 50 per cent of the gross income of the Company. Accordingly, the Management believes that the principal business of the Company is not that of Non-Banking Financial Company and hence it is not required to obtain certificate of registration as a Non-Banking Financial Company under section 45IA of the Reserve Bank of India Act, 1934. Based on the legal opinion obtained by the company, since the company is not a Non-Banking Financial Company, it is also not a Core Investment Company under the CIC Master Directions.

NOTE-57:

During the financial year 2023-24, the Company had filed an Appeal before the Hon’ble National Company Law Appellate Tribunal (“NCLAT”) against the Order dated May 9, 2023, pronounced by Hon’ble National Company Law Tribunal (“NCLT”), Chandigarh Bench, pursuant to which the sanction to the Merger of NAM Estates Private Limited (“NAM Estates”) and Embassy One Commercial Property Developments Private Limited (Embassy One”), both Embassy group entities, with the Company, has been withheld. Hon’ble NCLAT heard the arguments, in part in certain hearing, however, due to paucity of time, the arguments could not get completed and the matter is listed for next date of hearing i.e. May 22, 2024. The proposed Merger will be achieved through a cashless composite scheme of amalgamation of NAM Estates and Embassy One into the Company, in accordance with Section 230-232 of the Companies Act, 2013 read with the rules framed thereunder, as amended, and all applicable regulations and provisions, subject to necessary statutory and other approvals (“Scheme”). Upon effectiveness of the Merger, IBREL will issue its equity shares, in accordance with the approved share swap ratios, to the shareholders of NAM Estates and NAM Opco, which will include Embassy promoter and promoter entities, Embassy institutional investors and other shareholders.

NOTE-58:

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stake holders which are under active consideration by the Ministry. Based on an initial assessment by the Company, the additional impact on Provident Fund contributions by the Company is not expected to be material, whereas, the likely additional impact on Gratuity liability/ contributions by the Company could be material. The Company will complete their evaluation once the subject rules are notified and will give appropriate impact in the financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.

NOTE-60:

Exceptional items for tthe year ended March 31,2024 is on account of the Company recognising an impairment provision of ' 8,927.50 million, in accordance with the provision of Ind AS 36 - ‘Impairment of Assets’, and an impairment provision of ' 26,901.90 million, against inter- corporate deposits as per Ind AS 109- Financial Instruments, in the financial statement of the Company.

The Company has long-term investments in subsidiaries which are measured at cost less impairment through profit or loss and also certain loans granted to the subsidiaries. The management assesses the performance of these entities including the future projections, relevant economic and market conditions in which they operate to identify if there is any indicator of impairment in the carrying value of the investments and loans.

During the year ended 31st March, 2024, the performance of subsidiaries along with capital allocation decisions, resulted in indicators of impairment in respect of certain entities. Accordingly, the Company determined the recoverable amounts of other exposures related to these entities, recorded a provision of '35,829.40 million for the year ended March 31,2024.

NOTE-61:

During the year ended March 31, 2024 and March 31, 2023 the company has not been recognised any revenue as per Ind AS 115.

NOTE-62:

Audit trail

As per the Ministry of Corporate Affairs (MCA) notification, proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, for the financial year commencing 01 April 2023, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled. The interpretation and guidance on what level edit log and audit trail needs to be maintained evolved during the year and continues to evolve.

During the current year, the audit trail (edit logs) feature for any direct changes made at the database level was not enabled for the accounting softwares used for maintenance of books of account. However, the audit trail (edit log) at the application level for the accounting softwares was operating for all relevant transactions recorded in the softwares.

NOTE-63:

Previous year numbers have been regrouped/reclassified wherever considered necessary.

For Agarwal Prakash & Co. For and on behalf of the board of directors

Chartered Accountants Firm's Registration No.: 005975N

Vikas Aggarwal Sachin Shah Shyamm Mariwala

Partner Whole-time director Director

Membership No.: 097848 [DIN: 00387166] [DIN: 00350235]

Place: Mumbai Manish Kumar Sinha Chandra Shekher Joshi

Date: 26 April 2024 Chief Financial Officer Company Secretary

Place: Mumbai Place: Mumbai

Date: 26 April 2024 Date: 26 April 2024