Description of valuation method

These valuations are based on valuations performed by Siddharth S. Thite & Associates for the year ended March 31, 2025 and March 31, 2024, accredited independent and registered valuers as defined under Rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. The valuations were conducted through a market rate approach. Under this approach the market value of land has been obtained by considering the sale consideration of the similar properties. Under this method average rate has been obtained from various sale instances for similar properties after adjusting various positive and negative factors associated with the property under valuation. For constructed properties depreciated market rate is taken for valuation.

Note A

(i) The Company acquired 100% equity share capital of EHIPL vide Shareholders Agreement dated August 06, 2024 entered into between the Company, Atul I. Chordia, Meena Chordia, Yashika Shah, Yash Chordia, Sagar I. Chordia, Premsagar Infra Realty Private Limited and EHIPL. EHIPL is in business of hospitality (Courtyard by Marriott, Pune) and Commercial leasing (Panchshil Tech Park, Pune).

(ii) The Company acquired 100% equity share capital of KHRPL vide Shareholders Agreement dated August 06, 2024 entered into between the Company, Panchshil Trade and Techpark Private Limited, Premsagar Infra Realty Private Limited and KHRPL. KHRPL is in business of hospitality (Varanasi Hotel under a non-binding MOU with Marriott).

(iii) The Company acquired 100% equity share capital of NTPPL vide two Shareholders Agreements dated August 06, 2024 and August 08, 2024 respectively entered into between the Company, NTPPL and its various erstwhile shareholders. NTPPL is in business of hospitality (Aloft in Outer Ring Road, Bengaluru) which was acquired by NTPPL from Cessna Garden Developers Private Limited ("CGDPL”) vide business transfer agreement dated August 6, 2024 between NTPPL and Cessna Garden Developers Private Limited.

(iv) The Company acquired 100% equity share capital of RHPL which has acquired 100% equity share capital of SS & L Beach Private Limited (SS & L) vide Shareholders Agreement dated August 07, 2024 entered into between the SS & L, RHPL, Lagoon Holding Company and S&S Holding Company and 100% equity share capital of Maldives Property Holdings Private Limited ("MPHPL”) vide Shareholders Agreement dated August 07, 2024 entered into between MPHPL, RHPL, Maldives Hotel Holdings II Ltd., BREP Asia II Maldives Hotel SBS Limited and BREP VIII Maldives Hotel SBS Limited. Both SS&L and MPHPL operate in hospitality business located in Maldives.

(v) The Company acquired 100% equity share capital of WIPL vide Shareholders Agreement dated August 06, 2024 entered into between the Company, Prateek Chordia, Priyanka Chordia, and WIPL. WIPL is in business of hospitality (DoubleTree by Hilton, Pune).

(vi) The Company acquired 98.69% of the equity share capital of UHPL vide Shareholders Agreement dated August 07, 2024 and September 07, 2024 entered into between the Company, Balewadi Techpark Private Limited and UHPL. UHPL is in business of hospitality (Marriott Aloft Whitefield, Bengaluru).

(vii) The Company incorporated Nagenahira Resorts Private Limited in Sri Lanka as a wholly owned subsidiary of the Company on September 01, 2024. The Company is in the process of constructing a hotel in Sri Lanka (Sri Lanka hotel under a nonbinding MOU with Marriott).

(viii) The Company acquired 50.28% stake in Kudakurathu Island Resort Private Limited (KIRPL) with effect from August 12,

2024 involved in hospitality industry. The shareholders of KIRPL entered into an amendment agreement dated March 31,

2025 to the Investment Agreements (entered into with initial investors) which is effective from January 1, 2025 resulting in changes in rights and obligations of the shareholder. Accordingly, KIRPL has been considered it as a subsidiary with effect from January 1, 2025.

(ix) The Company via its newly incorporated subsidiary RHPL acquired 100% equity share capital of SS & L vide Shareholders Agreement dated August 07, 2024 entered into between the SS & L, RHPL, Lagoon Holding Company and S&S Holding Company.

(x) The Company via its newly incorporated subsidiary RHPL acquired 100% equity share capital of MPHPL vide Shareholders Agreement dated August 07, 2024 entered into between MPHPL, RHPL, Maldives Hotel Holdings II Ltd., BREP Asia II Maldives Hotel SBS Limited and BREP VIII Maldives Hotel SBS Limited.

Note B

The Company has given loans in the form of inter-corporate deposits to some of its subsidiaries at nil rate of interest. The net

proceeds received from issue of these deposits have been split between the equity and loan component in accordance with

Ind AS 109.

I. During the year ended March 31, 2025, the loan of INR 5.00 million has been utilised by Panchshil Trade and Techpark Private Limited for general corporate purpose.

II. During the year ended March 31, 2025, the loan of INR 650.00 million has been utilised by Live Park Realty Private Limited for acquisition of land.

III. During the year ended March 31, 2025, the loan of INR 3,608.40 million has been utilised by EON-Hinjewadi Infrastructure Private Limited for acquisition of shares. The amount of INR 136.20 million has been utilised for the purpose of repayment of Intercorporate deposit. The loan of INR 543.00 million has been utilised for general corporate purpose.

IV. During the year ended March 31, 2025, the loan of INR 133.94 million has been utilised by Kudakurathu Island Resort Private Limited for general corporate purpose.

V. During the year ended March 31, 2025, the loan of INR 520.00 million has been utilised by Wellcraft Infraprojects Private Limited for acquisition of hotels. The loan of INR 11.00 million has been utilised for general corporate purpose.

VI. During the year ended March 31, 2025, the loan of INR 366.85 million has been utilised by KBJ Hotel & Restaurants Private Limited for repayment of ICD of Panchshil Trade and Techpark Private Limited. The loan of INR 80.00 million has been utilised for general corporate purpose.

VII. During the year ended March 31, 2025, the loan of INR 17,357.00 million has been utilised by Restocraft Hospitality Private Limited for the acquisition of shares or advancing of inter-corporate deposits to step- down subsidiaries. For details, refer note 47. Remaining loan of INR 172.50 million has been utilised for general corporate purpose.

VIII. During the year ended March 31, 2025, the loan of INR 257.25 million has been utilised by Novo Themes Properties Private Limited for repayment of ICD. The amount of loan of ?60.00 million has been used for the purpose of acquisition of Hotels from Cessna Garden Developers Private Limited. The loan of INR 51.75 million has been utilised by Novo Themes Properties Private Limited for general corporate purpose.

* The classification of loans given is on the basis of management's expectation of its realisation.

Management believes that for the purpose of the compliance with Section 186 of the Companies Act, 2013, the Company is

considered as infrastructure company as per Schedule VI of the Companies Act, 2013 as the Company is engaged in real estate

development and tourism. Accordingly, the provisions of section 186 (2) to section 186 (11) are not applicable to the Company.

* On and from the Record Date of July 12, 2024, the equity shares of the Company have been sub- divided, such that 1 (one) equity share having face value of INR 10/- each, fully paid-up, stands sub-divided into 10 (ten) equity shares having face value of INR 1/- each, fully paid-up, ranking pari-passu in all respects.”

# (1) During the year ended March 31, 2025, the Company has completed its Initial Public Offering (IPO) of 2,48,83,778

fresh equity shares of face value of Re. 1 each at an issue price of ?643 per share except for 8,993 shares issued to eligible employees under the "Employee Reservation Portion” of the IPO for which a discount of ?30 per share was provided. The Company's equity shares were listed on the National Stock Exchange of India Limited and BSE Limited on December 30, 2024. The total proceeds on account of the IPO amounted to '15,331.52 million (net of issue expenses). Refer Note 45 for details.

(2) During the year ended March 31, 2025, the Company issued 8,07,53,110 equity shares of INR 1 each as part of a rights issue on August 12, 2024 and 2,34,65,150 shares of INR 1 each through preferential allotment on August 27, 2024.

(b) Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of INR 1 per share (March 31, 2024: INR 10 per share). Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends 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.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of preferential amounts, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.

- The Board of Directors of the Company at its meeting held on November 16, 2022 and the shareholders by way of Special Resolution on November 17, 2022, approved the buy back of the fully paid equity shares of the face value of INR 10 each of the Company from its shareholder including promoters and promoter group of the Company as on the record date, on a proportionate basis at a price of INR 2,520 per share for an aggregate amount not exceeding INR 680.51 million. The Company completed the buy back process on November 21, 2022 and has complied with all the requisite formalities with Registrar of Companies and other regulatory authorities.

- In accordance with section 69 of the Companies Act, 2013, the Company has created 'Capital Redemption Reserve' of INR 2.70 million equal to the nominal value of the shares bought back as an appropriation from Securities Premium Account.

As at March 31, 2020

- The Board of Directors of the Company at its meeting held on July 17, 2019 and the shareholders by way of Special Resolution on July 18, 2019, approved the buy back of the fully paid equity shares of the face value of INR 10 each of the Company from its shareholder including promoters and promoter group of the Company as on the record date, on a proportionate basis at a price of INR 1,507 per share for an aggregate amount not exceeding INR 1,169.43 million. The Company completed the buy back process on July 22, 2019 and has complied with all the requisite formalities with Registrar of Companies and other regulatory authorities.

- In accordance with section 69 of the Companies Act, 2013, the Company has created 'Capital Redemption Reserve' of INR 7.76 million equal to the nominal value of the shares bought back as an appropriation from Securities Premium Account. "

Capital redemption reserve

During financial year ended March 31, 2013, March 31, 2014, March 31, 2020 and March 31, 2023 the Company bought back its shares and in order to comply with the requirements of the Company law, the Company has created capital redemption reserve.

# Share issue expenses adjusted against securities premium comprises of expenses of INR 52.40 million pertaining to preferential and rights issue and expenses of INR 607.39 million pertaining to Initial Public Offering (IPO) completed by the Company during the year ended March 31, 2025.

Nature and purpose of reserves Securities premium

Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for limited purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

Retained earnings

Retained earnings are the profits/(loss) that the Company has earned/incurred till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained earnings include re-measurement loss / (gain) on defined benefit plans, net of taxes that will not be reclassified to Statement of Profit and Loss.

The Maturity analysis of borrowings is disclosed in note 40.

All term loans have been utilised for the purpose for which they were raised.

Note 1: Indian rupee loan 1 of 3,345.85 million

The Company has availed loan from bank, secured by first charge over land and building of the project, receivables from all tenants pertaining to ICC Tech Park, first charge over collection generated from ICC Tech Park. The loan carries interest at the rate of 7.93%-9.33% ( March 31, 2024 : 8.18% - 8.95% p.a) payable monthly. The loan is repayable in 120 months from September 2022. The Company has satisfied all debt covenants prescribed in the terms of bank loan. The Company has not defaulted on any loans payable.

Note 2: Indian rupee loan 2 of INR 1,397.63 million

The Company has availed loan from bank, which carries the rate of interest of 8.03% - 9.23% (March 31, 2024: 8.69% - 9.17% p.a.) payable monthly. The entire loan shall be repayable in 120 monthly instalments, starting from September 2022. The term loan is secured by first charge over land, building & receivable pertaining to ICC Trade Tower, first charge over collections generated from ICC Trade Tower. The Company has satisfied all debt covenants prescribed in the terms of bank loan. The Company has not defaulted on any loans payable.

Note 3: Indian rupee loan 3 of INR 3,608.54 million

The Company has availed loan from bank, which carries the rate of interest of 7.93% - 8.29% (March 31, 2024: Nil) payable monthly. The entire loan shall be repayable in 97 monthly instalments, starting from August 2024. The term loan is secured by first charge over land & building pertaining to 'The Pavillion' and 'J.W. Marriott Hotel', receivables from mortgaged properties except 'J.W. Marriott Hotel', borrower's share of profits in relation to 'JW Marriott Hotel'. The Company has satisfied all debt covenants prescribed in the terms of bank loan. The Company has not defaulted on any loan payable.

Note 4: Bank Overdraft of INR 103.73 million

The bank overdrafts are secured by a portion of the Company's short-term deposits.

* Advance from customers is recognized when payment is received before the related performance obligation is satisfied. This includes advances received from the customer towards Rooms/food & beverage/banquets/other services. Revenue is recognized once the performance obligation is met i.e. on room stay / sale of food and beverage / provision of other hospitality Services. Performance obligations are satisfied within a period of 12 months. Revenue recognised during the year includes INR 35.24 million (March 31, 2024: INR 38.70 million) from amounts included in contract liabilities at the beginning of the year.

** Includes membership fee received in advance from customers / members as part of membership program offered from time to time. Performance obligations are satisfied within a period of 12 months. Revenue recognised during the year includes INR 23.81 million (March 31, 2024: INR 21.02 million) from amounts included in contract liabilities at the beginning of the year.

~ Deferred revenue pertains to the difference between the discounted value of security deposits in accordance with Ind AS 109 and the agreement value. This deferred revenue is recognised as revenue on straight line basis over the lease term.

Earnings per share (EPS)

Basic and diluted EPS amounts are calculated by dividing the profit for the year attributable to owners of the Company by the weighted average number of equity shares outstanding during the year.

On and from the record date of July 12, 2024, the equity shares of the Company have been sub- divided, such that 1 (one) equity share having face value of INR 10/- each, fully paid-up, stands sub-divided into 10 (ten) equity shares having face value of INR 1/- each, fully paid-up, ranking pari-passu in all respects. The earnings per share for prior year have been restated considering the face value of INR 1/- each in accordance with Ind AS 33 -”Earnings per share”.

# During the year ended March 31, 2024, deferred tax asset is recognised to the extent of Deferred tax liability based on assessment carried out by management and in view of there being no reasonable certainty for availability of sufficient future taxable income against which the deferred tax assets can be realised, the same has not been recognised. Accordingly, tax asset has been recognised only to the extent of deferred tax liability in previous year.

The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.

Note 34Segment Information

The Board of Directors is the Chief Operating Decision Maker (CODM) and monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the Financial Statements. The Company's financing (including finance costs and finance income) is managed on a Company basis and is not allocated to operating segments.

As permitted by paragraph 4 of Ind AS- 108 'Operating Segments', if a single financial report contains both consolidated financial statements and the separate financial statements of the parent, segment information need be presented only on the basis of the consolidated financial statements.

Note 35Disclosure pursuant to Employee benefits

A. Defined benefit plans:

The Company operates a defined benefit gratuity plan. Under the gratuity plan, every employee who has completed at least five years of service gets a gratuity on departure at 15 days of last drawn salary for each completed year of service. The scheme is non-funded. There are no plan amendments or curtailments during the years presented.

The sensitivity analysis above have been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity analysis are based on a change in a significant assumption, keeping all other assumptions constant. The sensitivity analysis may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another.

The management assessed that cash and cash equivalents (including bank balances), trade receivables, loans, trade payables and other current financial assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair values of the financial assets and liabilities are 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. The following methods and assumptions were used to estimate the fair values :

Current investments

The Company's current investments consist of investment in units of mutual funds. The fair value of investments in mutual funds is derived from the NAV of the respective units at the measurement date. The Company has realised all of its current investments during the year.

Fair value hierarchy

The following table provides the fair value measurement hierarchy of the Company's financial instruments measured at fair value after initial recognition:

There were no transfers between level 1, level 2 and level 3 during the years ended March 31, 2025 and March 31, 2024.

Note 40Financial risk management objectives and policies

The Company's principal financial liabilities comprise trade payables, borrowings and security deposits. The main purpose of these financial liabilities is to finance the Company's operations and to support its operations. The Company's principal financial assets includes investments, trade receivables and cash and cash equivalents that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below:

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: interest rate risk, currency risk and other price risk such as equity price risk and commodity price risk. Financial instruments affected by market risk include borrowings and investments.

The sensitivity analyses in the following sections relate to the position as at March 31, 2025 and March 31, 2024.

The sensitivity analysis have been prepared on the basis that the amount of net debt and the ratio of fixed-to floating interest rates of the debt are all constant as at March 31, 2025 and March 31, 2024.

Commodity Price risk

The Company does not carry any significant commodity price risk.

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 long-term debt obligations with floating interest rates. The Company has not hedged its exposure to fluctuations in the interest rates on account of the insignificant impact of any changes in the interest rate to its operations.

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks, if any, investment in mutual fund and other financial instruments.

Trade receivables

Customer credit risk is managed by the Company's established policy, procedures and control relating to customer credit risk management. For the fixed lease income, the billing is done in advance i.e. at the beginning of the month and for variable lease rent and other maintenance charges, the credit period provided is of 7 to 10 days. Thus there are no major trade receivable balances outstanding at the year end.

In case of hospitality business, credit risk is managed by each business unit subject to the Company's established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in note 39.

The Company assesses at each reporting date whether a trade receivable or a group of trade receivables is impaired. The Company recognises lifetime expected credit losses for all trade receivables that do not constitute a financing transaction and which are due for more than six months. The expected credit losses are measured at an amount equal to 12 month expected credit losses or at an amount equal to the lifetime expected credit losses if the credit risk on the trade receivables has increased significantly since initial recognition. The Company uses a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix.

* Provision is made for receivables where recovery is considered doubtful irrespective of due date. Where an amount is outstanding for more than 365 days the Company usually provides for the same unless there is clear visibility of recovery.

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. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's operating activities (when revenue or expense is denominated in a foreign currency). The Company has not hedged its exposure to fluctuations in the foreign exchange rates on considering that the Company will settle the entire exposure within a period of 12 months and the insignificant impact of any fluctuations in the rate to its operations.

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company's finance department is responsible for liquidity, funding as well as settlement management. In addition, processes and polices related to such risk are overseen by Senior management. Management monitors the Company's net liquidity position on a monthly and quarterly basis through its Senior management meeting and board meetings. They use rolling forecasts on the basis of expected cash flows.

The Senior management ensures that the future cash flow needs are met through cash flow from the operating activities and short term borrowings from banks.

The table below summarises the maturity profile of the Company's financial liabilities based on contractual undiscounted payments:

Capital management

For the purpose of the Company's capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.

The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors the capital using gearing ratio. The Company includes within net debt, lease liabilities, interest bearing loans and borrowings, less cash and cash equivalents.

D. Details of acquisition

The Company acquired the business undertaking of PIHPL comprising Marriott Suites, Pune and Oakwood Residences, Pune vide Shareholders Agreement dated August 06, 2024 read with amendment agreement dated September 7, 2024 entered into between the Company and PIHPL. This acquisition has been accounted as common control transaction in accordance with Appendix 'C' of Ind AS 103 'Business Combinations'. The difference between purchase consideration and the carrying amount of net assets acquired has been adjusted in retained earnings.

From the date of acquisition, hotel business of PIHPL has contributed INR 576.68 million of revenue and INR 228.41 million to the profit before tax from continuing operations of the Company. If the combination had taken place at the beginning of the year, revenue from continuing operations would have been INR 853.64 million and the profit before tax from continuing operations for the Company would have been INR 269.68 million.

Note 43Social Security Code

The Code on Social Security 2020 ('the Code') relating to employee benefits, during the employment and post-employment, has received Presidential assent on September 28, 2020. The Code has been published in the Gazette of India. Certain sections of the Code came into effect on 3 May 2024. However, the final rules/interpretation have not yet been issued. Based on a preliminary assessment, the Company believes the impact of change will not be significant.

Note 44Exceptional Item

Exceptional item represents expenses incurred by the Company in relation to the Initial Public Offering which is charged to the statement of profit and loss.

Note 45Utilisation of IPO Funds

During the year ended March 31, 2025, the Company has completed its Initial Public Offering (IPO) of 2,48,83,778 fresh equity shares of face value of Re. 1 each at an issue price of ?643 per share except for 8,993 shares issued to eligible employees under the "’’Employee Reservation Portion”” of the IPO for which a discount of ?30 per share was provided. The Company's equity shares were listed on the National Stock Exchange of India Limited and BSE Limited on December 30, 2024 The utilisation of the IPO proceeds of '15,331.52 million (net of issue expenses) is summarised below:

Note 46 Other note

The Company has used two accounting software (in case of Opera and SAP S4 HANA) 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 for certain changes made, if any, using privileged/ administrative access rights.

The Company has used an accounting software (in case of Yardi) for maintaining its books of account for mall operation 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 for direct changes to data when using certain access rights for the period April 01, 2024 to August 29, 2024,

The Company has used accounting software (in case of WINHMS) for maintaining its books of account for one hotel software which has a feature of recording audit trail (edit log) facility except that, audit trail feature is not enabled for changes made in the masters and for direct changes made, if any, using privileged/ administrative access rights,

Further, the Company did not come across any instance of audit trail feature being tampered with, in respect of accounting software(s) where the audit trail has been enabled.

Additionally, the audit trail of prior year has been preserved by the Company as per the statutory requirements for record retention to the extent it was enabled and recorded in the respective year except the audit trail for one software used in the hotel business in respect of the year ended March 31, 2024 has not been preserved by the Company as per the statutory requirements for record retention.

Further, the Company has used three accounting software (Peoplesoft, Infrasys and Birchstreet) in the hotel business which are operated by third-party software service providers. In the absence of any observations on audit trail feature in the respective Service Organisation Controls (SOC) reports, the Company is unable to comment on whether audit trail feature of these software was enabled and operated throughout the year for all relevant transactions recorded in this software or whether there were any instances of the audit trail feature being tampered with.

Note 47

i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Group for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

ii) The Company has borrowings from banks and details of charge are mentioned in Note 18.

iii) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

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

v) There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

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 has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.

viii) The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

Note 48

The Board of Directors of the Company at its meeting dated May 12, 2025 has approved the draft scheme of amalgamation of the wholly owned subsidiaries viz. Eon-Hinjewadi Infrastructure Private Limited, Restocraft Hospitality Private Limited and Wellcraft Infraprojects Private Limited with Ventive Hospitality Limited under Section 230-232 of the Companies Act, 2013 ('Act') along with other applicable provisions and the rules subject to the requisite approvals under the Act and sanction of the scheme by the National Company Law Tribunal ("NCLT”) or any other competent authority. The appointed date of the said scheme is April 01, 2025 or any other date as may be approved by NCLT or any other competent authority.

Note 49

Previous year figures have been regrouped/ reclassified wherever necessary to conform to this year's classification.