Binny Ltd Auditor Reports

To the members of Binny Limited

Report on the Audited Standalone Financial Statements

Qualified Opinion

We have audited the accompanying Standalone Financial Statements of Binny Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss, the Statement of Changes in Equity, and the Statement of Cash Flows for the year then ended, and notes to standalone financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as "the Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the basis of qualified opinion section of our report, the aforesaid standalone financial statements give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024 and the loss, changes in equity and its cash flows for the year ended on that date.

Basis for Qualified Opinion

• We draw attention to Note 2.16 of the standalone financial statements which state that the Company was engaged in arbitration proceedings with one of its Joint Development Partners, subsequent to which both parties have agreed to a settlement supported by an amendment agreement dated 06/08/2025. As per the revised terms the Joint Development Partner will settle a further sum of 30,000 lakhs in addition to 62,351.95 Lakhs already paid by the said partner till March 31, 2024. This settlement is in respect of Phase I of the project including area sold up to 31.03.2024 and further proposed sale until the completion of Phase I. Consequent to this agreement and the change in the methodology of revenue sharing, the company has offered an income of 3,418.68 lakhs during the current financial year as against an income of 11,911.45 lakhs recognisable under the earlier Joint Development agreement.
• During the year, the Company has recognised full impairment provision amounting to 3,456.82 lakhs towards certain receivables, as disclosed in Note 2.22 of the standalone financial statements. The Management has not provided us with sufficient appropriate audit evidence supporting the recoverability of these receivables. Consequently, we are unable to comment on the completeness of the said receivables or ascertain whether the impairment provision recognised is appropriate on the accompanying standalone financial statements.
• The Company has advanced in the earlier years 2,918.05 Lakhs to RRB Energy Limited in respect of which the company has not provided us with sufficient appropriate audit evidence supporting the recoverability of the amount. Further no confirmation of balance has been provided to us. No impairment has been considered in these accompanying standalone financial statements in respect of this receivable.
• We draw attention to note 2.4 of the standalone financial statements that as part of the settlement of advances given to a related party, the Company has received certain parcels of land pursuant to a sale agreement. Of these parcels of land, a portion amounting to 26,765.00 lakhs has not been registered and no sale deed has been executed to evidence the legal transfer of title in respect of this land. The Company has recognised these unregistered lands also as Inventories in its books and hence the accounting treatment adopted by the Company does not comply with the Indian Accounting Standards.
• During the year, the Company has recorded certain expenses amounting to 290.54 lakhs pertaining to earlier financial years. The Management has not provided us with the underlying supporting vouchers for these transactions. In the absence of such primary records, we have been unable to verify the nature, accuracy, period of occurrence, or completeness of these transactions. Accordingly, we are unable to comment on the correctness of the amounts recorded, the appropriateness of recognising these items in the current financial year, or the consequential impact, if any, on the accompanying standalone financial statements.
• During the year, the Company has recorded certain expenses amounting to 325.28 lakhs pertaining to earlier financial years. We are unable to comment on the correctness and appropriateness of recognising these items in the current financial year, or the consequential impact, if any, on the accompanying standalone financial statements.

• The Company has entered into a settlement agreement with a related party whereby certain assets are to be transferred in settlement of advances previously given by the Company. In respect of assets, other than land, transferred for a value of 3,643.66 lakhs under this arrangement, the Company has recognised an impairment loss of 1,819.21 lakhs after providing depreciation of 430.70 lakhs (for the FY 2022-23 and 2023-24). Consequently, we are unable to comment on the appropriateness with respect to the settlement of these advances and the resultant impact on the accompanying standalone financial statements.
• With respect to Sale Agreement between the Company and M/s Sanklecha Infra Projects Private Ltd, the company has not recognised revenue in the earlier financial years in accordance with provisions of Ind AS 115. As per the Sale Agreement between the Company and M/s Sanklecha Infra Projects Private Ltd, possession of the land was handed over to the said party on the basis of registered power of attorney and the latter completed the construction activities whereby a sum of 1,912 lakhs is receivable on account of the same. Further the value of inventory includes the sum relating to the cost of this land, which is not ascertainable. In view of the above, we are unable to comment on the completeness and appropriateness of the recognition of revenue, compliance with provisions of Indian Accounting Standard 115. Further no confirmation of balance has been made available to us, hence we are unable to comment on the correctness and recoverability of the receivable balance in the accompanying standalone financial statements.
• With reference to the Joint Development Agreement with SPR Construction Private Limited, revenue from the operation of school at 40% share ought to have been recognised the Company, however no revenue has been recognised in the accompanying Standalone financial statements. We are unable to comment on the completeness of the revenue and the corresponding receivable thereon on account of this transaction.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Companies Act, 2013 and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Boards Report including Annexures to Boards Report, but does not include Standalone Financial Statements and our auditors report thereon.

Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Managements Responsibility for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance, change in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India including the Indian Accounting Standards specified under Sec 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone

Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Companys Board of Directors are responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Standalone Financial statements, including the disclosures, and whether the Standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

SEBI has passed orders against the company during the period 2013-14 to 2020-21, stating diversion of funds, unapproved and undisclosed related party transactions, non-recognition of income in respect of sale of land etc. imposing penalties amounting to 600 lakhs on the company. The order also mandated individual penalties on the then directors of the

company as well as directing the change in composition of the Board of directors and further directed the return of substantial amounts back to the company together with interest on account of the diversion of funds. The company has informed us that these SEBI orders have been challenged before the Securities Appellate Tribunal (SAT). We are informed that the SAT has stayed this order and that the matter is currently pending adjudication.

The Standalone Financial Statements of the company for the year ended March 31, 2023, were audited by another auditor who expressed a modified opinion on those statements on November 29, 2023.

Our opinion on the standalone financial statements is not modified in respect of the above matters.

Report on Other Legal and Regulatory Requirements

As required by section 143(3) of the Act, based on our audit we report that:

• Subject to the matters specified in the Basis of Qualified Opinion paragraph, We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
• Subject to the matters specified in the Basis of Qualified Opinion paragraph, In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
• The Balance Sheet, the Statement of Profit and Loss, statement of changes in equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.
• Subject to the matters specified in the Basis of Qualified Opinion paragraph, In our opinion, aforesaid Standalone Financial Statements comply with the Indian Accounting Standards specified under section 133 of the Act.
• On the basis of the written representations received from the directors as on March 31, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.
• With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure A". Our report expresses a qualified opinion on the adequacy and operating effectiveness of the companys internal financial controls with reference to the Standalone financial statements.
• With respect to the other matters to be included in the Auditors Report in accordance with the requirements of section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
• With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2021, as amended in our opinion and to the best of our information and according to the explanations given to us:
• The company has disclosed the impact of pending litigations as at March 31, 2024 on its financial position in its Standalone Financial Statements – Refer Note No. 2.25 to the Standalone Financial Statements.
• The company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
• No amounts were required to be transferred, to the Investor Education and Protection Fund by the Company
• (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company 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, whether, 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 Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or

entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, 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;

• Based on the audit procedures that have been considered reasonable and appropriate in the circumstances in respect of the financial year 2023-24, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
• The Company has not declared or paid any dividend during the year. Hence, we do not comment on the compliance with section 123 of the Companies Act, 2013.
• The Company has not maintained its books of accounts using the accounting software that has an audit trail (edit log) feature enabled as prescribed under Rule 3(1) of the Companies (Accounts) rules, 2014. Accordingly, we are unable to comment on the existence, operation or integrity of such audit trail features during the year.
• As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.

for Venkatesh & Co., Chartered Accountants FRN: 004636S

CA Dasaraty V

M No: 026336

Partner

UDIN: 25026336BMINGQ9667

Chennai, 04 December 2025

Annexure A to the Independent Auditors Report

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements section of our report

Report on the Internal Financial Controls with reference to Standalone financial Statements under Clause (i) of sub- section 3 of Section 143 of the Companies Act, 2013 (the "Act")

We have audited the internal financial controls with reference to standalone financial statements of Binny Limited (the "Company") as of March 31, 2024 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibilities for Internal Financial Controls

The Companys Board of Directors are responsible for establishing and maintaining internal financial controls with reference to standalone financial statements based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the "ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the ICAI and the Standards on Auditing prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to standalone financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to standalone financial statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements included obtaining an understanding of internal financial controls with reference to standalone financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls with reference to standalone financial statements.

Meaning of Internal Financial Controls with reference to standalone financial statements

A companys internal financial control with reference to standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference to standalone financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of standalone financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the standalone financial statements.

Inherent Limitations of Internal Financial Controls with reference to standalone financial statements

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to standalone financial statements to future periods are subject to the risk that the internal financial control with reference to standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Qualified Opinion

In our opinion, and to the best of our information and according to the explanations given to us, except for the possible effects of the matters described in the "Basis for Qualified Opinion" paragraph of our Independent Auditors Report on the Standalone Financial Statements, the Company has, in all material respects, adequate internal financial controls with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at March 31, 2024, based on the criteria for internal financial control with reference to financial statements established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

for Venkatesh & Co., Chartered Accountants FRN: 004636S

CA Dasaraty V

M No: 026336

Partner

UDIN: 25026336BMINGQ9667

Chennai., 04 December 2025

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements section of our report to the Members of Binny Limited of even date)

• In respect of the Companys fixed assets:
• A) The Company has maintained proper records showing full particulars of property, plant and equipment; however, the records do not include the location-wise details of these assets.

B) The Company does not have any Intangible assets hence clause (B) is not applicable.

• As explained to us, all the property, plant and equipment has been physically verified by the management during the year, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
• The company does not hold any immovable properties as property, plant and equipment hence we do not comment on the same.
• The Company has not revalued any of its Property, Plant and Equipment and intangible assets during the year.
• We have been informed that no proceedings have been initiated during the year or are pending against the Company as at March 31, 2024 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
• (a) In our opinion and according to information provided to us, the physical verification of inventories was not conducted by the management in respect of inventories transferred from Mohan Breweries and Distilleries Limited during the year and therefore we are unable to determine whether any adjustments are necessary to the inventory balances and related impacts on the statement of profit and loss account.

(b) The Company has not been sanctioned working capital in excess of five crore rupees, in aggregate at any points of time during the year, from banks or financial institutions on the basis of security of current assets and hence reporting under clause 3(ii)(b) is not applicable to the Company.

• The Company has not made investments in, companies, firms, Limited Liability Partnerships, and granted unsecured loans to other parties, during the year, in respect of which
• The Company has not provided any loans or advances in the nature of loans or stood guarantee, or provided security to any other entity during the year, and hence reporting under clause 3(iii)(a) of the Order is not applicable.
• The company has not made investments (or) granted loan during the year and hence reporting under this clause and clause (c) , (d) and (e) is not applicable.

(f) The Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment during the year. Hence, reporting under clause 3(iii)(f) is not applicable.

• In our opinion and according to the information and explanations given to us, the Company has not complied with the provisions of Sections 185 and 186 of the Companies Act, 2013, as applicable, in respect of an advance in the nature of loan granted to a company in which a director is interested. The outstanding balance of such advance was 11,935.35 lakhs as at March 31, 2024.
• The Company has not accepted deposits during the year and does not have any unclaimed deposits as at March 31, 2024 and therefore, the provisions of the clause 3 (v) of the Order are not applicable to the Company.
• The maintenance of Cost Records has not been specified by the Central Government under section 148(1) of the Companies Act, 2013 for the business activities carried out by the Company. Hence reporting under this clause is not applicable.

• In respect of statutory dues:
• According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not been regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Income-tax, Goods and Services Tax and other material statutory dues, as applicable. Further, the following undisputed statutory dues were outstanding as at March 31, 2024 for a period of more than six months from the date they became payable:

Name of the Statute	Nature of the Dues	Amount ()	Period to which the amount relates	Due date	Date of Payment	Remarks if any,
Income Tax	Tax	13,43,884	Mar-24	30-04-2024
Income Tax	Tax, Interest and Penalty	27,244	Mar-20	30-04-2020
Professional Tax	Tax	11,04,326	Mar-24	31-03-2024
Urban Land Tax	Tax	6,15,664	Mar-24	31-03-2024
Value Added Tax	Tax, Interest	5,38,528	May-15	20-06-2015
Provident Fund	Tax	98,812	Mar-24	15-04-2024
Employee State Insurance	Tax	5,265	Mar-24	15-04-2024

• According to the information and explanation given to us, there are no dues of goods and service tax and other material statutory dues which have not been deposited with the appropriate authorities on account of any dispute except those referred below. The outstanding disputes as of March 31, 2024 are given below:

Name of the Statute	Nature of the Dues	Amount ()	Period to which the amount relates	Forum where dispute is pending
Goods and Services Tax	Tax, Interest and Penalty	42,37,71,452	FY 2018-19	Honourable High Court
Goods and Services Tax	Tax, Interest and Penalty	24,83,69,028	FY 2019-20	Honourable High Court
Goods and Services Tax	Tax, Interest and Penalty	24,40,61,985	FY 2020-21	Honourable High Court
Goods and Services Tax	Tax, Interest and Penalty	44,49,56,363	FY 2021-22	Honourable High Court
Goods and Services Tax	Tax, Interest and Penalty	74,70,37,804	FY 2022-23	Honourable High Court
Income Tax	Tax and Interest	3,20,35,365	FY 2014-15	Honourable High Court

 

Name of the Statute	Nature of the Dues	Amount ()	Period to which the amount relates	Forum where dispute is pending
Income Tax	Tax and Interest	3,90,78,559	FY 2015-16	Honourable High Court
Income Tax	Tax and Interest	3,89,36,211	FY 2016-17	Commissioner of Income Tax, Appeals
Income Tax	Tax and Interest	81,05,679	FY 2017-18	Commissioner of Income Tax, Appeals
Income Tax	Tax and Interest	42,03,410	FY 2018-19	Commissioner of Income Tax, Appeals
Income Tax	Tax, Interest and Penalty	10,87,12,891	FY 2013-14	Commissioner of Income Tax, Appeals
Income Tax	Tax, Interest and Penalty	7,10,35,970	FY 2014-15	Commissioner of Income Tax, Appeals
Income Tax	Tax, Interest and Penalty	17,09,81,423	FY 2017-18	Commissioner of Income Tax, Appeals
Income Tax	Tax, Interest and Penalty	2,11,009	FY 2011-12	Commissioner of Income Tax, Appeals
Income Tax	Tax, Interest and Penalty	29,23,46,779	FY 2018-19	Commissioner of Income Tax, Appeals
Income Tax	Tax, Interest and Penalty	31,28,96,136	FY 2019-20	Commissioner of Income Tax, Appeals
Income Tax	Tax, Interest and Penalty	6,58,66,512	FY 2020-21	Commissioner of Income Tax, Appeals
Income Tax	Tax, Interest and Penalty	20,96,42,786	FY 2021-22	Commissioner of Income Tax, Appeals
Wealth Tax	Tax, Interest and Penalty	5,74,73,000	FY 2011-12 to FY 2014-15	Commissioner of Wealth Tax, Appeals
Wealth Tax	Tax, Interest and Penalty	18,23,66,000	FY 1993-94 to FY 2010-11	Commissioner of Wealth Tax, Appeals
Wealth Tax	Tax, Interest and Penalty	7,17,68,000	FY 2001-02 to FY 2004-05	Commissioner of Wealth Tax, Appeals

• As per the information and explanation given to us, there were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
• (a) The Company has not defaulted in repayment of any loans or other borrowings from any lender.
• The Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.
• The Company has not taken any term loan during the year and there are no outstanding term loans at the beginning of the year and hence reporting under this clause is not applicable.
• On an overall examination of the Standalone Financial Statements of the Company, the Company has not taken any funds on short term basis and hence reporting under this clause is not applicable.
• On an overall examination of the Standalone Financial Statements of the Company, the company has not taken any loans from any entity or person on account of or to meet the obligations of its subsidiaries.

• The Company has not raised any loans during the year by way of pledge of securities of subsidiaries and hence reporting on clause 3 (ix)(f) of the Order is not applicable.
• (a) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under clause 3 (x)(a) of the Order is not applicable.

(b) During the year, the Company has not made any preferential allotment or private placement of Preference shares and hence reporting under this clause is not applicable.

• (a) In respect of reporting on frauds, SEBI has passed orders against the company during the period 2013-14 to 2020-21, stating diversion of funds, unapproved and undisclosed related party transactions, non-recognition of income in respect of sale of land etc. imposing penalties amounting to 600 lakhs on the company.

The order also mandated individual penalties on the then directors of the company as well as directing the change in composition of the Board of directors and further directed the return of substantial amounts back to the company together with interest on account of the diversion of funds. The company has informed us that these SEBI orders have been challenged before the Securities Appellate Tribunal (SAT).

We are informed that the SAT has stayed this order and that the matter is currently pending adjudication.

• No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report.
• As per the information provided by the management, the Company has not received any complaints from whistle blower during the year (and up to the date of this report).
• The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of the Order is not applicable
• In our opinion and according to the information and explanations given to us, the provisions of section 177 of the Companies Act are not applicable to the Company. The company has complied with the provisions of section 188 of the Companies Act, 2013 where applicable, and for all transactions with the related parties and the details of related party transactions have been disclosed in the Standalone Financial Statements as required by the applicable Indian accounting standards.
• (a) In our opinion the Company has an adequate internal audit system commensurate with the size of the company and the nature of its business.

(b) We have considered the internal audit reports for the year under audit, issued to the company during the year until date, in determining the nature, timing and extent of our audit procedures.

• In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its Directors or persons connected to its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.
• (a) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi) (a), (b) and (c) of the Order is not applicable.
• In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.
• The company has not incurred cash losses in the current financial year and in the immediately preceding financial year.
• There has been resignation of the statutory auditors during the year and there are no objections raised by the outgoing auditors.

• On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the Standalone Financial Statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.
• (a) The Company has not transferred the remaining amount unspent as under section 135 of the Companies Act, 2013 in respect of other than ongoing projects, to a fund specified in Schedule VII to the Companies Act, 2013 till the date of our report.

(b) According to the information and explanations given to us, the company has no unspent amount with respect to ongoing projects which needs to be transferred to a special account in compliance with sub section (6) of Section 135 of the Act.

for Venkatesh & Co., Chartered Accountants FRN: 004636S

CA Dasaraty V

Partner

M No: 026336

UDIN: 25026336BMINGQ9667

Chennai., 04 December 2025