Estimation of fair value
The fair value of investment property have been determined by an independent registered valuer, who has professional experience as well as adequate expertise in the location and category of the investment property. The value is determined based on the rate prescribed by government authorities for commercial property. The resultant fair value estimates for investment property is included in level 2.
#Commercial Paper
Rate of interest is ranging from 7.99% to 9.24% for commercial paper outstanding.
Terms of repayment:
The aforesaid commercial papers are repayable on maturity and the tenure is 85 days to 365 days.
**Market Linked Debenture (mld)
Series M-1/ F.Y.22/ F.Y.24 - 1,580 Lakhs, Redemption date - 14th March 2024, XIRR - 7.25% PA (Above MLD were redeemed during the Current Year.)
Series M-1/ F.Y.23/ F.Y.25 - 2,840 Lakhs, Redemption date - 07th February 2025, XIRR - 7.50% PA Coupon rate is linked to performance of underlying/reference index (NIFTY 50 Index)
Assets Cover available in case of Market Linked Debenture :
The Debentures will be secured by first pari - passu charge on all present and future Margin trading facility receivables of the Company with a minimum cover of 1.00 times of the MLD outstanding and Interest/ coupon due on the MLDs
* Term loans from financials institutions are secured against loans(Margin trading facility) of the Company, repayable on maturity dated 05 April 2025. Demand loans from banks are secured against the property, plant and equipment, investments, fixed deposits, loans(Margin trading facility) and trade receivables of the Company. Rate of interest is ranging from 8.30 % to 9.90%
# Rate of interest is ranging from 11.00 % to 13.00 %.
Note:
i) During the year, the Company had made quarterly submissions to banks or financial institutions or debenture trustees; however, there were no material discrepancies noted between the quarterly statements / revised returns filed and the financial statements of the respective quarter.(Refer Note 60)
ii) During the year under audit, the company has not defaulted in repayment of principal and interest.
23.1 Terms/rights attached to shares Equity shares :
The Company has one class of equity shares having a par value of Re. 1 each (previous year: having a par value of Re. 1 each). Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of the equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all the preferential amounts. However, no such preferential amounts exists currently. The distribution will be in proportion to the number of equity shares held by the shareholders. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.
During the year ended 31 March 2024, dividend recognized as distribution to equity shareholders was H17.00 per share consisting of final dividend of H3.00 per share for previous year ended 31 March 2023 and interim dividend of H14 per share for year ended 31 March 2024. The total dividend appropriated amounts to H25,233 lakhs (Previous Year: H14,823 lakhs).
23.5 i) In the financial year 2022-23 the Company has bought back 14,54,545 fully paid-up shares by capitalisation of securities premium.
ii) In the financial year 2020-21 the Company has bought back 19,09,144 fully paid-up shares by capitalisation of securities premium. Further, 18,68,445 shares were alloted for consideration other than cash and also 8,63,74,063 shares were reissued pursuant to the Scheme of Arrangement.
Capital Redemption reserve
The capital redemption reserve is created to be utilised towards redemption of preference shares and it also includes addition arising on account of buyback of shares. The reserve will be utilised in accordance with provision of the Companies Act, 2013.
Capital reserve
Capital reserve is created by capital profits of the company which is not kept for distribution to the shareholders in the form of dividened. It has been created during the Business Combinations in earlier periods.
Securities Premium
Security premium account is use to record the premium received on issue of shares and it also includes transfer from ESOS reserve when the options are exercised . The reserve will be utilised in accordance with the provisions of the Companies Act, 2013.
Share based payment reserve
Share based payment expense pertains to outstanding portion of the option not yet exercised.
(All amounts are in INR Lakhs, unless otherwise stated)
General reserve
The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to statement of profit and loss. General reserve is used to transfer to debenture redemption reserve.
Retained earnings
Retained earnings represents surplus/accumulated earnings of the Company and are available for distribution to shareholders.
Other comprehensive income
Other comprehensive income consist of gain /(loss) of equity instruments carried through FVTOCI.
(a) Guarantees and securities given
The Company has provided bank guarantees aggregating to Rs 2,80,003 lakhs (Previous year :Rs 3,23,380 lakhs) as on 31 March 2024 for the following purposes to:
i) National Stock exchange - H2,24,143 lakhs (Previous year : Rs.2,87,375 lakhs) for meeting margin requirements.
ii) NCDEX -H2,500 lakhs (Previous year: Rs.4,500 lakhs) for meeting margin requirements.
iii) MCX - H51,800 lakhs (Previous year: H30,000 lakhs) for meeting margin requirements.
iv) Hindalco Industries Limited - Rs.1,500 lakhs (Previous year: H1,500 lakhs) for margin deposit.
v) Municipal Corporation of Greater Mumbai - H5 lakhs (Previous year: Rs.5 lakhs) for security deposit.
vi) Bombay High Court - Rs.55 lakhs (Previous year: Nil) for security deposit.
(b) Demand in respect of income tax matters for which appeal is pending is Rs.1,919 lakhs (Previous year: Rs.1,920 lakhs).This is disputed by the Company and hence not provided for in the books of accounts. The Company has paid demand by way of deposit (It doesn't include Income Tax refund adjusted against demand raised) of Rs.192 lakhs (Previous year H451 lakhs) till date. Above liability does not include interest u/s 234B and 234C as the same depends on the outcome of the demand.
The Company is contesting the demands and the management believes that its position will likely be upheld in the appellant process. No tax expenses has been accrued in the financial statement for the tax demand raised. The management believes that ultimate outcome of this proceeding will not have a material adverse effect on the Company's financial position and results of operations.
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Note 43: Lease
The Company has taken various office premises on operating lease for the period which ranges from 12 months to 108 months with an option to renew the lease by mutual consent on mutually agreeable terms.
Note 45: Due to Micro and Small Enterprises
The Company has sent letters to vendors to confirm whether they are covered under Micro, Small and Medium Enterprise Development Act 2006 as well as they have filed required memorandum with prescribed authority. Based on and to the extent of the information received by the Company from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) and relied upon by the auditors, the relevant particulars as at the year end are furnished below:
Note 49: Subsequent events:
There were no significant events after the end of the reporting period which require any adjustment or disclosure in the financial statements other than as stated below:
The Board of Directors at its meeting held on 26 April 2024 have recommended Issuance of 3 Bonus Shares on 1 fully paid-up Equity Share having face value of ssH 1/- each, subject to approval of the Shareholders of the Company.
Defined benefit plan:
The Company provides for gratuity benefit which is a defined benefit plan covering all its eligible employees. This plan is unfunded. The gratuity benefits are subject to a maximum limit of up to H20,00,000.
The following table set out the status of the gratuity plan as specified under section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules 2014 (as amended) under Ind AS 19 "Employee benefits "and the reconciliation of opening and closing balances of the present value of the defined benefit obligation.
Note 52 : Disclosure relating to Employee Stock Option Purchase Plan
Details of stock options : The Company has five employees stock option schemes Motilal Oswal Financial Services Limited -Employees Stock Option Scheme -V (ESOS-V)
The Scheme was approved by Board of Directors on 18 October 2007 and by the shareholders on 4 December
2007 by postal ballot and is for issue of 2,500,000 options representing 2,500,000 Equity shares of Re. 1 each
Motilal Oswal Financial Services Limited -Employees Stock Option Scheme -VI (ESOS-VI)
The Scheme was approved by Board of Directors on 21 April 2008 and by the shareholders in AGM dated 08 July
2008 and is for issue of 5,000,000 options representing 5,000,000 Equity shares of Re. 1 each
Motilal Oswal Financial Services Limited -Employees Stock Option Scheme -VII (ESOS-VII)
The Scheme was approved by Board of Directors on 19 July 2014 and by the shareholders in AGM dated 22 August 2014 and is for issue of 2,500,000 options representing 2,500,000 Equity shares of Re. 1 each
Motilal Oswal Financial Services Limited -Employees Stock Option Scheme -VIII (ESOS-VIII)
The Scheme was approved by Board of Directors on 27 April 2017 and by the shareholders in AGM dated 27 July 2017 and is for issue of 30,00,000 options representing 30,00,000 Equity shares of Re. 1 each
Motilal Oswal Financial Services Limited -Employees Stock Option Scheme -IX (ESOS-IX)
The Scheme was approved by Board of Directors on 29 April 2021 and by the shareholders in AGM dated 09 August 2021 and is for issue of 30,00,000 options representing 30,00,000 Equity shares of Re. 1 each
Exercise Pricing Formula Scheme V
Exercise price shall be the closing price of the Company's equity shares quoted on the BSE immediately preceding the date of Grant of the Stock Options, which for this purpose shall be the date on which the Committee grant the Stock Options, discounted by such percentage as may be determined by the Committee in the best interest of the various stakeholders in the prevailing market conditions
Scheme VI
Exercise price shall be the closing price of the Company's Equity Shares, prior to the date of grant of the Options, on the Stock Exchanges where the highest trading volume is recorded, discounted/increased by such percentage as may be determined by the Committee.
(All amounts are in INR Lakhs, unless otherwise stated)
Scheme VII
Exercise price shall be the closing price of the Company's Equity Shares, prior to the date of grant of the Options, on the Stock Exchanges where the highest trading volume is recorded, discounted/increased by such percentage as may be determined by the Committee.
Scheme VIII
Exercise price shall be the closing price of the Company's Equity Shares, prior to the date of grant of the Options, on the Stock Exchanges where the highest trading volume is recorded, discounted/increased by such percentage as may be determined by the Committee.
Scheme IX
Exercise price shall be the closing price of the Company's Equity Shares, prior to the date of grant of the Options, on the Stock Exchanges where the highest trading volume is recorded, discounted/increased by such percentage as may be determined by the Committee.
Note 53: Tax Expense
The Company pays taxes according to the rates applicable in India. Most taxes are recorded in the income statement and relate to taxes payable for the reporting period (current tax), but there is also a charge or credit relating to tax payable for future periods due to income or expenses being recognised in a different period for tax and accounting purposes (deferred tax). Tax is charged to equity when the tax benefit exceeds the cumulative income statement expense on share plans. The Company provides for current tax according to the tax laws of India using tax rates that have been enacted or substantively enacted by the balance sheet date. Management periodically evaluates positions taken in tax returns in respect of situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. Deferred tax is provided, using the liability method, on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax is recognised in respect of all temporary differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. A deferred tax asset is recognised when it is considered recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as probable that there will be suitable taxable profits against which to recover carried forward tax losses and from which the future reversal of underlying temporary differences can be deducted. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the temporary differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities and investment in private equity funds, real estate funds.
II. Valuation techniques used to determine fair value
Specific valuation techniques used to value financial instruments include :
> Quoted equity investments - Quoted closing price on stock exchange
> Mutual fund - net asset value of the scheme
> Alternative investment funds - net asset value of the scheme
> Unquoted equity investments - price multiples of comparable companies.
> Private equity investment fund - Net Asset Value of the audited financials of the funds.
> Real estate fund - Net Asset Value, based on the independent valuation report or financial statements of the company.
III. Financial instruments not measured at fair value
Financial assets not measured at fair value includes cash and cash equivalents, trade receivables, loans and other financial assets. These are financial assets whose carrying amounts approximate fair value, due to their short-term nature.
Additionally, financial liabilities such as trade payables and other financial liabilities are not measured at FVTPL, whose carrying amounts approximate fair value, because of their short-term nature.
Fair value measurements using significant unobservable inputs (level 3)
Note 55:Financial Risk Management
Company has operations in India. Whilst risk is inherent in the Company's activities, it is managed through an integrated risk management framework, including on-going identification, measurement and monitoring, subject to risk limits and other controls. This process of risk management is critical to the Company's continuing profitability and each individual within the Company is accountable for the risk exposures relating to his or her responsibilities. The Company is exposed to credit risk, liquidity risk and market risk. It is also subject to various operating and business risks.
A. Credit risk
Credit risk is the risk that the Company will incur a loss because its customers or counterparties fail to discharge their contractual obligation. The Company manages and controls credit risk by setting limits on the amount of risk it is willing to accept for individual counterparties, and by monitoring exposures in relations to such limits. The maximum exposure to credit risk for each class of financial instruments is the carrying amount of that class of financial instruments presented in the financial statements. The Company's major classes of financial assets are cash and cash equivalents, loans, investment in mutual fund units, term deposits, trade receivables and security deposits.
Deposits with banks are considered to have negligible risk or nil risk, as they are maintained with high rated banks/financial institutions as approved by the Board of directors.
Investments primarily include investment in liquid mutual fund units that are marketable securities of eligible financial institutions for a specified time period with high credit rating given by domestic credit rating agencies. The management has established accounts receivable policy under which customer accounts are regularly monitored. The Company has a dedicated risk management team, which monitors the positions, exposures and margins on a continuous basis.
Trade Receivables :
The loss allowance has been measured using lifetime ECL except for financial assets on which there has been no significant increase in credit risk since initial recognition. At each reporting date, the Company assesses whether financial assets carried at amortised cost is credit-impaired. A financial asset is credit- impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred since initial recognition.
A simplified approach has been considered for measuring expected credit losses (ECLs) of trade receivables at an amount equal to lifetime ECLs. The ECLs on trade receivables are calculated based on actual historic credit loss experience over the preceding three to five years on the total balance of trade receivables. For the purpose of computation of ECL, the term default implies an event where amount due towards margin requirement and / or mark to market losses for which the client was unable to provide funds / collaterals to bridge the shortfall, the same is termed as margin call triggered.
Based on the Industry practices and business environment in which the entity operates, Management considers unsecured receivables as default if the payment is overdue for more than 90 days for direct customer. For franchisee customers, Aggregate of unsecured receivables as reduced by Franchisee deposit/ future brokerages are considered as default. Management would also consider balance in client's family accounts and collaterals in form other than the securities while considering the secured position of the client. Management would also consider impairment on client balance which are unsecured and overdue for less than 90 days on case to case basis, based on their scope of recoverability. For litigation cases, management could provide enhanced provision if the probability of outflow of economic resource is higher. If there are specific cases which are overdue for more than 90 days and the management is very confident of its recovery in near future, impairment loss would not be provided for such cases based on the approval of business head for each reporting period. Probability of default (pd) on these receivables is considered at 100% and treated as credit impaired.
Loans:
Loans includes Margin Trading Facility(MTF), Loans to staff and loans to subsidiaries for which staged approach is taken into consideration for determination of ECL.
Stage 1.
All positions in the MTF loan book are considered as stage 1 asset for computation of expected credit loss. For exposures where there has not been a significant increase in credit risk since initial recognition and that is not credit impaired upon origination. Margin trading facility, Loans to subsidiaries and loans to staff are considered in stage 1 for determination of ECL. Exposure to credit risk in stage 1 is computed considering historical probability of default, market movements and macro-economic environment.
Stage 2.
Exposures under stage 2 include overdues up to 90 days pertaining to principal amount, interest and any other charges on the MTF loan book which are unsecured. While arriving at the secured position of the client, management would also consider balance in client's family accounts, securities in other segment and collaterals in form other than the securities while considering the secured position of the client. At each reporting date, the Company assesses whether there has been a significant increase in credit risk for financial assets since initial recognition. In determining whether credit risk has increased significantly since initial recognition, the Company uses days past due information and other qualitative factors to assess deterioration in credit quality of a financial asset. For credit exposures where there has been a significant increase in credit risk since initial recognition but that are not credit impaired, a lifetime ECL is recognised.
Stage 3.
Exposures under stage 3 include overdues past 90 days pertaining to principal amount, interest and any other charges on MTF loan book which are unsecured.
Financial assets are assessed as credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of the asset have occurred. For financial assets that have become credit impaired, a lifetime ECL is recognised.
B. Liquidity risk
Liquidity risk is the risk that the entity will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The entity's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the entity's reputation.
Prudent liquidity risk management requires sufficient cash and marketable securities and availability of funds through adequate committed credit facilities to meet obligations when due and to close out market positions.
The Company has a view of maintaining liquidity with minimal risks while making investments. The Company invests its surplus funds in short term liquid assets in bank deposits and liquid mutual funds. The Company monitors its cash and bank balances periodically in view of its short term obligations associated with its financial liabilities.
Refer Note 57 For analysis of maturities of financial assets and financial liabilities.
C. 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. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.
(i) Foreign 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.
Foreign currency risk management
In respect of the foreign currency transactions, the company does not hedge the exposures since the management believes that the same is insignificant in nature and will not have a material impact on the Company.
The company's exposure to foreign currency risk at the end of reporting period is shown in note 48
(ii) Interest rate risk
The Company is exposed to Interest risk if the fair value or future cash flows of its financial instruments will fluctuate as a result of changes in market interest rates. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates.
The Company's interest rate risk arises from interest bearing deposits with bank and loans given to customers. Such instruments exposes the Company to fair value interest rate risk. Management believe that the interest rate risk attached to this financial assets are not significant due to the nature of this financial assets.
Note 58: Revenue from Contract with Customers
The Company derives revenue primarily from the share broking business. Its other major revenue sources are the Portfolio management fees and commission income and Interest income.
Disaggregate revenue information
The table below presents disaggregate revenues from contracts with customers for the year ended 31 March 2024 and 31 March 2023. The Company believes that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by market and other economic factors.
1. Nature of Services
(a) Broking Income - Income from services rendered as a broker is recognised upon rendering of the services, in accordance with the terms of contract.
(b) Portfolio management fees and commission income - Fees for subscription based services are received periodically but are recognised as earned on a pro-rata basis over the term of the contract.
Commissions from distribution of financial products are recognised upon allotment of the securities to the applicant or as the case may be. Commissions and fees recognised as aforesaid are exclusive of goods and service tax, securities transaction tax, stamp duties and other levies by SEBI and stock exchanges.
(c) Interest Income - Interest is earned on delayed payments from clients and amounts funded to them as well as term deposits with banks..Interest income is recognised on a time proportion basis taking into account the amount outstanding from customers or on the financial instrument and the rate applicable.
(d) Depository Income-Income from services rendered on behalf of depository is recognised upon rendering of the services, in accordance with the terms of contract.
Nature, timing of satisfaction of the performance obligation and significant payment term:
(i) Income from services rendered as a broker is recognised upon rendering of the services.
(ii) Fees for subscription based services are received periodically but are recognised as earned on a prorata basis over the term of the contract.
(iii) Commissions from distribution of financial products are recognised upon allotment of the securities to the applicant or as the case may be, on issue of the insurance policy to the applicant.
(iv) I nterest is earned on delayed payments from clients and amounts funded to them as well as term deposits with banks.
(v) Interest income is recognised on a time proportion basis taking into account the amount outstanding from customers or on the financial instrument and the rate applicable.
(vi) Income from services rendered on behalf of depository is recognised upon rendering of the services, in accordance with the terms of contract.
The above services are point in time in nature, and no performance obligation remains once the transaction is executed.
Fees for subscription based services are received periodically but are recognised as earned on a prorata basis over the term of the contract, and are over the period in nature.
Note 60 : Disclosure pertaining to quartely statement filed with Banks or Financial Institutions
The Company has availed of the facility (Secured Borrowings) from the lenders interalia on the condition that, the company shall provide or create or arrange to provide or have created, security interest by way of a first pari passu charge of the receivables and loans.
1. The Company undertakes the following activities in the nature of Corporate social responsibility (CSR):
a. Promoting education, including special education and employment enhancing vocational skills, especially among children, women, and elderly, contribution to COVID relief program, PM cares fund;
b. Promotion of health care, including preventive health care and sanitation;
c. Measures for the benefit of armed forces veterans, war widows, and their dependents;
d. Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources.
2. Contribution of Rs.552 lakhs (Previous year H881 lakhs ) to Motilal Oswal Foundation which is classified as related party under Ind AS 24- " Related Party Disclosures"
3. As represented by Motilal Oswal foundation, Amount of H311 lakhs (Previous Year : H853 lakhs) has been spent by the Company for the construction/ acquisition of a new asset.
Note 62.
No proceedings have been initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder, as at 31 March 2024 and 31 March 2023.
Note 63.
The Company has not been declared wilful defaulter by any bank or financial Institution or other lender, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India, during the year ended 31 March 2024 and 31 March 2023.
Note 64:
The Company does not have any transactions with the companies struck on under section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956 during the year ended 31 March 2024 and 31 March 2023.
Note 65:
Additional regulatory information required under (wb) (xvi) of Division III of Schedule III amendment, disclosure of ratios, is not applicable to the Company as it is in broking business and not an NBFC registered under Section 45-IA of Reserve Bank of India Act, 1934.
Note 66:
The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources or other kind of funds) to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
The Company has not received any funds (which are material either individually or in the aggregate) from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
Note 67:
The Company has no satisfaction of charges which are pending to be filed with ROC.
Note 68:
The Company has filed Prospectus dated 09 April 2024 for Public Issuance of Secured, Rated, Listed, Redeemable Non-Convertible Debentures of face value of E 1,000 each ("NCDs") for an amount aggregating up to E 500 Crore ("Base Issue Size") with an option to retain oversubscription up to E 500 Crore ("Green Shoe Option") aggregating up to 1,00,00,000 NCDs for an amount up to E 1,000 Crore ("Issue Size" or "Issue Limit") (hereinafter referred to as the "Issue"). The Issue is open for subscription on 23 April 2024 ("Issue Opening date") and is scheduled to close on 07 May 2024 ("Issue Closing date").
Note 69:
The Board of Directors of the Company at their Meeting held on July 27, 2023 has, inter-alia, subject to approval of Shareholders of the Company and other applicable statutory & regulatory approvals including the approval of the Hon'ble National Company Law Tribunal ("NCLT"), Mumbai Bench, approved the Scheme of Arrangement between Motilal Oswal Financial Services Limited ("the Transferor Company " or "the Resulting Company" or "MOFSL") and Motilal Oswal Broking and Distribution Limited (formerly Glide Tech Investment Advisory Private Limited & converted into Public Limited Company) ("the Transferee Company " or "MOBDL") and Motilal Oswal Wealth Limited ("the Demerged Company" or "MOWL") and their respective Shareholders ("the Scheme"), under Sections 230-232 of the Companies Act, 2013. The appointed date subject to approval of the NCLT is April 01, 2023.
Further, pursuant to the provisions of Regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has filed the Scheme along with necessary documents with Stock Exchange(s). Post receipt of shareholder's approval, this event will be considered as highly probable for the purposes of disclosure requirement under IND AS 105 "Non-Current Assets held for sale in discontinued operations.
Note 70:
Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.
Note 71:
The amounts reflected as "0" in the financial information are values with less than rupees fifty thousands.
Note 72:
Previous year figures have been regrouped/reclassified wherever necessary.
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