that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by the best estimate of the likely future outflow of economic benefits required to settle the obligation at the reporting date.
Where no reliable estimate can be made, a disclosure is made as contingent liability. A disclosure for a contingent liability is also made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.
13. CASH & CASH EQUIVALENTS
Cash and cash equivalents comprise cash and cash on deposit with banks. The Company considers all highly liquid investments with a remaining maturity at the date of purchase of three months or less and that are readily convertible to known amounts of cash to be cash equivalents.
14. SEGMENT REPORTING
Company is operating under a single segment
12. PROVISIONS AND CONTINGENT LIABILITIES
A provision is recognized if, as a result of a past event, the Company has a present legal obligation
b) Terms/ rights attached to shares
- The company has only one class of equity shares having a par value of H 10/- each. Each holder of equity shares is entitled to one vote per share.
- During the year, the Company, pursuant to the provisions of section 26 and 32 of the Companies Act 2013 read with rules made thereunder, including the SEBI (ICDR) Regulation 2009 (as amended) and in terms of Prospectus Dated May 15, 2023 offered 56,99,200 equity shares of face value H 10 each at a price of H 82 per share including premium of H 72, comprising of fresh issue of 28,49,600 equity shares, in the capital of the Company, and offer for sale of 28,49,600 equity shares through fixed price issue,in the Initial Public Offering (IPO).
- During the year, The company had also Issued 13,85,600 equity share having a face value of H10 at preferential allotment price of H 267.50 per share (including premium of H 257.50 per share) aggregating to H 3,706.48 Lakhs- to Non Promoter Investors
Note - 31: Share Based Payment Arrangements
The Company has 'Veefin Solutions Private Limited - Employee Stock Option Plan, 2022' for Equity Settled Share Based Payment Transaction, under which option has been granted to eligible employees which are to be vested from time to time.
The Company has established share options plans that entitle employees of the company and its subsidiary companies to purchase the shares of the company. Under these plans, holders of the vested options are entitled to purchase shares at the exercise price of the shares determined at the respective date of grant of options.
The key terms and conditions related to vesting of grants under these plans are continued employment with the company and in some cases non market performance condition to be satisfied from date of grant of options till the date of vesting; all options are to be settled by delivery of shares.
Measurement of Fair Values
Accounting is done as per Fair Value Method. Fair Value disclosures are given as required under Guidance Note on Accounting for Share Based Payments. The Fair value of the employee options has been measured using Black-Scholes Option pricing model.
Compliance with approved Scheme(s) of Arrangements
There are no Schemes of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.
Discrepancy in utilization of borrowings
The company has used the borrowings from banks and financial institutions for the specific purpose for which it was taken at the balance sheet date. There are no discrepancy in utilisation of borrowings.
Utilisation of Borrowed funds and share premium:
(A) The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries).
(B) the company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party).
The company have 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;
The Company have 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.
Note-34: Additional Regulatory Information (Contd..)
Undisclosed income
The Company has no transaction that is not recorded in the books of accounts 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).
Details of Crypto Currency or Virtual Currency
The company has not traded or invested in Crypto currency or Virtual Currency.
The figures for the corresponding previous year have been regrouped / reclassified wherever necessary, to make them comparable.
For ADV & Associates For VEEFIN SOLUTIONS LIMITED
Chartered Accountant FRN: 128045W
CA Pratik Kabra Raja Debnath Gautam Vijay Udani
Partner Managing Director Whole Time Director
M.No.: 611401 DIN: 07658567 DIN: 03081749
Date : 29th April, 2024 Urja Thakkar Payal Maisheri
Place : Mumbai Company Secretary Chief Financial Officer
Date : 29th April, 2024 Place : Mumbai
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