Jaiprakash Associates Ltd Auditor Reports

TO THE MEMBERS OF JAIPRAKASH ASSOCIATES LIMITED

Report on the Audit of the Standalone Financial Statements

Qualified opinion

We have audited the accompanying Standalone Financial Statements of Jaiprakash Associates Limited (“the Company”), which comprise the Balance Sheet as at March 31st, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and Notes to the 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 for Qualified Opinion paragraph, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, the loss and total comprehensive loss, changes in equity and its cash flows for the year ended on that date.

Basis of Qualified Opinion Attention is drawn to:

(i) Note No. 43 to the Standalone Financial Statements which provides the status of insolvency proceedings of Jaypee Infratech Limited (‘JIL) which has been undergoing Corporate Insolvency Resolution Process (“CIRP”) since 09.08.2017 in terms of the provisions of the Insolvency & Bankruptcy Code, 2016 (“IBC”) vide orders dated 09.08.2017 and 14.08.2018 passed by the Honble National Company Law Tribunal (“NCLT”) Allahabad and orders dated 06.08.2020 and 24.03.2021 passed by Honble Supreme Court of India. In compliances with the said order dated 24.03.2021, bids were invited, and resolution plan submitted by Suraksha Realty Limited along with Lakshdeep Investments and Finance Private Limited (Suraksha) was approved by Committee of Creditors (“CoC”) and submitted to Honble NCLT Principal Bench Delhi. Principal Bench Honble NCLT, New Delhi vide its Order dated 07.03.2023 approved the resolution plan of Suraksha. Yamuna Expressway Industrial Development Authority (YEIDA), Income Tax Department and the company have since then filed their objections on the Plan with Honble National Company Law Appellate Tribunal. The matter of YEIDA and the company is still pending for adjudication with Honble NCLAT Honble NCLAT has disposed the appeal filed by the Income Tax Department and the Company. Interim Monitoring Committee, JIL and Suraksha has filed appeal against the order relating to Income Tax Department with Honble Supreme Court which is pending for adjudication. The Company has also filed appeal with Honble Supreme Court against the order by Honble NCLAT.

The company has not made provision of Rs. 849.26 Crores as diminution in value of the Investment in equity of JIL. Had this provision was made, the Loss would have been increased to that extent and Value of investment would have been decreased to that extent.

The matter stated above has also been qualified in our report in preceding year ended 31st March 2023.

(ii) Note No. 13.4 to Standalone Financial Statements which provides that the Company has not made provision for interest payable on Foreign Currency Convertible Bonds (FCCB) for the financial year ended 31st March 2024 amounting to Rs. 63.08 crores. Further, the company has also not made provision for Interest on FCCB till 31.03.2023 amounting to Rs. 248.47 crores.

Had this provision was made and interest not been reversed, the loss would have been increased to that extent and the outstanding amount of interest payable on FCCB would have been increased to that extent.

The matter stated above has also been qualified in our report in preceding year ended 31st March 2023.

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. 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 Act and the Rules made thereunder, 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 on the Standalone Financial Statements.

Emphasis of matter:

We invite attention to:

1. Note no. 31 [d] (i) and (ii) to Standalone Financial Statements which describes details of demands raised by Competition Commission of India (‘CCI) and consequential appeals filed by the company.

2. Note no. 37 and Note No. 38 to Standalone Financial Statements which describes the status of Comprehensive Re-organisation and Restructuring Plan (CRRP) of the company and insolvency application filed by ICICI Bank Ltd with Honble NCLT, Allahabad Bench.

3. Note no. 39 to Standalone Financial Statements regarding status of invocation of Corporate Guarantee and pledged shares of Bhilai Jaypee Cement Limited (BJCL) by Yes Bank Limited against the term loan facilities granted to Jaypee Cement Corporation Limited (subsidiary of the company).

4. Note no. 45 to Standalone Financial Statements which describes status of lease deeds and pending litigation of the land admeasuring 1085 hectares located at Special Development Zone (SDZ).

5. Note no. 47 to Standalone Financial Statements regarding status of Bank Guarantee invocation due to termination notice for Mandla North Coal Mine.

6. Note no. 49 to Standalone Financial Statements regarding recoverability of trade receivables on the basis of contractual tenability, progress of negotiations/ discussions/ arbitration/ litigations/ legal opinions.

7. Note no. 50 to Standalone Financial Statements which describes status of Entry Tax matters pending under appeals pertaining to the State of Madhya Pradesh and Himachal Pradesh.

8. Note no. 13.11 to Standalone Financial Statements which describes the status of less than hundred percent availability of security cover of Principal & Interest amount outstanding of Secured Non-Convertible Debentures in accordance with Regulation 54 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.

9. Note no. 53[I](a) to Standalone Financial Statements which describes the divestment of the Cement, Clinker and Power Plants by the Company and Definitive Agreements executed by the company in this regard.

Our opinion on the Standalone Financial Statements is not modified in respect of the above-stated matters.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matters	How the matter was addressed in our audit
1. Revenue recognition from Construction Contracts
The Company recognises revenue on the basis of percentage of completion based on the proportion of contract costs incurred, relating to the total costs of the contract at completion. Thus, the recognition of revenue is based on estimates in relation to total estimated costs of each contract and cost incurred.	Our audit included but was not limited to the following procedures:
There are significant accounting judgments which includes estimates of cost of completion of the Contract, the stages of completion and timing of revenue recognition. Estimates also takes into account various contingencies in the contracts & uncertain risks, disputed claims against the company relating to different contract which are reviewed by the management on a regular basis over the contract life and adjusted appropriately.	• Assessing the appropriateness of the Companys revenue recognition accounting policies in line with Ind AS 115 and testing thereof.
The revenue on contracts may also include variable consideration (variations and claims). Variable consideration is recognised when the recovery of such consideration is probable.	• Assessed the appropriateness of the estimates used as well as their operating effectiveness.
Refer to Note No. 1 Material Accounting Policies of the Standalone Financial Statements- ‘Revenue from contracts with customers- Revenue from construction and other contracts.	• Selection of sample contracts for appropriate identification of performance obligations.
	• Obtaining and review of the approved estimates of costs to complete for contracts on sample basis, determination of milestones & reasonableness of revenue disclosures

 

2. Provisions and Contingent Liabilities
The company is involved in various disputes for which final outcomes cannot be easily predicted and which could potentially result in significant liabilities. The assessment of the risks associated with the litigations is based on complex assumptions, which require the use of judgment and such judgment relates, primarily, to the assessment of the uncertainties connected to the prediction of the outcome of the proceedings and to the adequacy of the disclosures in the Standalone Financial Statements. Because of the judgment required, the materiality of such litigations and the complexity of the assessment process, the area is a key matter for our audit.	Our audit included but was not limited to the following procedures:
Refer Note No. 31 to the Standalone Financial Statement.	• Assessment of the process and relevant controls implemented to identify legal and tax litigations and pending administrative proceedings.
	• Assessment of assumptions used in the evaluation of potential legal and tax risks performed by the legal and tax department of the company considering the legal precedence and other rulings in similar cases.
	• Inquiry with legal and tax departments of the company regarding the status of the most significant disputes and inspection of the key relevant documentation.
	• Analysis of opinion received from the experts as per requirement.
	• Review of the adequacy of the disclosures in the notes to the Standalone Financial Statements.

 

3. Assessment and Recoverability of Trade Receivables
Trade Receivables are significant to the Companys Standalone Financial Statements. The collectability of trade receivables is a key element of the companys working capital management, which is managed on an ongoing basis by its management. Due to the nature of the Business and the requirements of customers, various contract terms are in place which impacts the timing of revenue recognition. There is a significant element of judgment. Given the magnitude and judgment involved in the impairment assessment of trade receivables, we have identified this as a key audit matter.	We performed audit procedures on existence of trade receivables, which included substantive testing of revenue transactions, trade receivable external confirmations / reconciliations on sample basis and testing the subsequent payments received, if any. Assessing the recoverability of trade receivables requires judgment and we evaluated managements assumptions in determining the provision for expected credit loss on trade receivables, by analyzing the enforceability, ageing of receivables, assessing significant overdue individual trade receivables and specific local risks, combined with the legal documentations, where applicable.
	We tested the timing of revenue and trade receivables recognition based on the terms agreed with the customers. We also reviewed, on a sample basis, terms of the contract with the customers, invoices raised, etc., as a part of our audit procedures.
	Furthermore, we assessed the appropriateness of the disclosures made in notes to the Standalone Financial Statements.

 

4. Impairment of Investment
The Company has significant investments in its subsidiaries, associates, joint ventures, and others. As of March 31, 2024, the carrying value of Companys investment in its subsidiaries, associates, joint ventures, and other amounts to Rs. 6,31,860 lakhs. Management reviews regularly whether there are any indicators of impairment of the investments by reference to the requirements under Ind AS 36 “Impairment of Assets”.	Our audit included but was not limited to the following procedures:
For investments where impairment indicators exist, significant judgments are required to determine the key assumptions used in the valuation model and methodology, such as revenue growth, discount rates etc.	• Assessed the Companys valuation methodology applied in determining the recoverable amount of the investments.
Considering, the impairment assessment involves significant assumptions and judgement the same has been considered of key audit matter.	• Obtained and reviewed the valuation report used by the management for determining the fair value (‘recoverable amount) of its investments.
	• Considered the independence, competence and objectivity of the management specialist involved in determination of valuation.
	• Tested the fair value of the investment as mentioned in the valuation report to the carrying value in books.
	• Made inquiries with management to evaluate relevance and reasonableness of significant assumptions and methods etc.

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Directors Report including Annexures of Directors Report, Corporate Governance Report, Management Discussion and Analysis, Business Responsibility Report, Secretarial Audit Report & Certificate of Non-disqualification of directors and Declarations but does not include the Standalone Financial Statements and our auditors report thereon, which we obtained prior to the date of this audit report.

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 identified above and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements, or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we have obtained prior to the date of this audit report, 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.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“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, total comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. 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. The managements responsibility also includes compliance with the requirements of proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 and designing and implementing specific internal controls that audit trail feature was designed and operating effectively throughout the period of reporting.

In preparing the Standalone Financial Statements, management and Board of Directors are 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 Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibility 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 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 an 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.

Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the Standalone Financial Statements.

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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. Further to our comments in the “Annexure A”, as required by Section 143(3) of the Act, based on our audit we report that:

a) We have sought and except for the effects of the matter described in the ‘Basis of Qualified Opinion paragraph above, obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) Except for the effects of the matter described in the ‘Basis of Qualified Opinion paragraph above and for the matters stated in the paragraph i(vi) below, on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014, in our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

c) The Balance Sheet and the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account.

d) Except for the effects of the matter described in the ‘Basis of Qualified Opinion paragraph above, in our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors as on 31st March 2024, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2024 from being appointed as a director in terms of Section 164 (2) of the Act.

f) The modifications relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph (b) above on reporting under section 143(3)(b) of the Act and paragraph i(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

g) 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 B”. Our report expresses a qualified opinion on the adequacy and operating effectiveness of the Companys Internal Financial Controls over financial reporting.

h) 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 read with Schedule V of the Act.

i) With respect to the other matters included in the Auditors Report in accordance with Rule 11 of the companies (Audit and Auditors) Rule, 2014, in our opinion and to the best of our information and according to the explanation given to us:

i. The company has disclosed the impact of pending litigation as on 31st March 2024, on its financial position in its Standalone Financial Statements

- Refer Note No. 31 to the Standalone Financial Statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended on March 31,2024.

iv. (a) The management has represented to us that, to the best of managements knowledge and belief, other than as disclosed in the notes to the accounts, no funds 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 entities (“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;

(b) The management has represented to us that, to the best of managements knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been received by the company from any person or entity, including foreign entities (“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; and

(c) According to the information and explanations given to us and based on our examination of the records of the company, nothing has come to our notice that has caused us to believe that the representations made above in Point no. iv(a) and iv(b) contain any material misstatement.

v. The company has not declared or paid any dividend during the year.

vi. Based on our examination which included test checks, except for the instances mentioned below, the company has used an accounting software 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 respective software:

• The audit trail feature was not enabled throughout the year for the relevant table at application level and there is no mapping performed to ensure completeness of audit trail on all applicable tables at application level for the software used for maintaining the books of accounts of the Company except Hotel Division of the Company;

• Privileged access to specific users to make direct changes to audit trail setting have been given for the software used for maintaining the books of accounts of the Company except Hotel Division of the Company; and

• The feature of recording audit trail (edit log) facility was not enabled for the software used for maintaining the books of accounts of Hotel Division of the Company. Consequently, there was no audit trail maintained for transactions recorded in the software used for maintaining the books of accounts of the Hotel Division of the Company for the whole year.

Further, for the software where audit trail (edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not come across any instance of the audit trail feature being tampered with.

As the proviso to Rule 3(1) of the Companies (Accounts) Rules 2014 is applicable from 1st April 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules 2014 on preservation of audit trail as per statutory requirements for record retention is not applicable for the financial year ended 31st March 2024.

	For DASS GUPTA & ASSOCIATES
	CHARTERED ACCOUNTANTS
	Firm Registration No. 000112N
	CA PANKAJ MANGAL
	PARTNER
Place: Noida	Membership No. 097890
Date: 11th May 2024	UDIN: 24097890BKGTWV5798

ANNEXURE “A” TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements section of our report on Standalone Financial Statements to the Members of Jaiprakash Associates Limited of even date)

i. In respect of the Companys Property, Plant and Equipment and Intangible Assets:

(a) (A) According to the information and explanations given to us and the records examined by us. the Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment. The situation of the moveable assets used in the construction activities keeps on changing from works sites depending upon requirements for a particular contract.

(B) According to the information and explanations given to us and the records examined by us, the Company has maintained proper records showing full particulars of Intangible Assets.

(b) A substantial portion of Property, Plant and Equipment has been physically verified by the management during the year and in our opinion the frequency of verification is reasonable having regard to the size of the company, the nature of its assets. According to the information given to us and to the best of our knowledge, no material discrepancies were noticed on such physical verification.

(c) According to the information and explanations given to us and the records examined by us, we report that, other than the immovable properties acquired on amalgamations with the Company as per schemes approved by the Honble High Courts in earlier years as reported below, the title deeds, comprising the immovable property of Land, are held in the name of company as at the balance sheet date.

Description of property	Gross carrying value (Rs. in Lakhs)	Held in the name of	Whether promoter, director or their relative or employee	Period held (i.e., dates of capitalisation provided in range)	Reason for not being held in the name of company
Freehold Land	3.16	Jaiprakash Associates Pvt. Ltd.	No	March 2004
Freehold Land	279.76	Jaiprakash Enterprises Ltd.	No	May 2009
Freehold Land	155.59	Jaiprakash Industries Ltd.	No	March 2004
Freehold Land	58.43	Jaypee Hotels Ltd.	No	May 2009
Freehold Land	550.66	Jaypee Rewa Cement Ltd.	No	Feb 2001
Leasehold Land	251.58	Jaiprakash Associates Pvt. Ltd.	No	March 2004
Leasehold Land	121.81	Jaiprakash Enterprises Ltd.	No	May 2009
Leasehold Land	424.10	Jaiprakash Industries Ltd.	No	March 2004
Leasehold Land	4,029.69	Jaypee Greens Ltd.	No	August 2006
Leasehold Land	58.13	Jaypee Rewa Cement Ltd.	No	Feb 2001	For certain properties acquired through amalgamation / merger, the change in the name of the Company is pending.
Leasehold Land	139,321.63	JPSK Sports Pvt. Ltd.	No	September 2015
Leasehold Land	16,696.65	Mussoorie Hotels Ltd.	No	August 2006
Leasehold Land	222.81	Siddharth Inter -Continental Hotels (India) Ltd.	No	May 2009
Building	2,071.78	Jaiprakash Associates Pvt. Ltd.	No	March 2004
Building	2,203.77	Jaiprakash Enterprises Ltd.	No	May 2009
Building	782.90	Jaiprakash Industries Ltd.	No	March 2004
Building	2,904.02	Jaypee Greens Ltd.	No	August 2006
Building	69.06	Jaypee Hotels Ltd.	No	May 2009
Building	59,370.39	JPSK Sports Pvt. Ltd.	No	September 2015
Building	43,601.27	Mussoorie Hotels Ltd.	No	August 2006
Building	2,764.45	Siddharth Inter -Continental Hotels (India) Ltd.	No	May 2009

(d) According to the information and explanations given to us and the records examined by us, the company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets during the year.

(e) According to the information and explanations given to us and the records examined by us, there are no proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

ii. In respect of the Companys Inventory:

(a) According to the information and explanations given to us, the Inventory, except for goods-in-transit, has been physically verified by the management at reasonable intervals during the year. In our opinion, the coverage and procedure of such verification by the management is appropriate. According to the information and explanations given to us and the records examined by us, no discrepancies of 10% or more in the aggregate for each class of inventory were noticed on physical verification.

(b) According to the information and explanations given to us and the records examined by us, the accounts of the company with the lenders are Non-Performing Assets (NPA) and no working capital limit is sanctioned or renewed during the year on the basis of security of current assets. Accordingly, the reporting under paragraph 3(ii)(b) of the Order is not applicable to the company.

iii. According to the information and explanations given to us and the records examined by us, during the year the company has not made any investments in, provided any guarantee or security, or granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships, or any other parties. Therefore, the reporting under paragraph 3(iii) of the Order is not applicable to the company.

iv. According to the information and explanations given to us and the records examined by us, the Company has generally complied with the provisions of Sections 185 and 186 of the Act, with respect to the loans given, investments made, guarantees given and security provided except interest free unsecured loan given to Himalayan Expressway Limited (a wholly owned subsidiary) before commencement of Companies Act, 2013.

v. In our opinion and according to the information and explanations given to us and the records examined by us, the company has not accepted deposits or amounts which are deemed to be deposits during the year. The company generally complied with the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013.

vi. We have broadly reviewed the books of account maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148 of the Act, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

vii. (a) In our opinion and according to the information and explanations given to us and the records examined by us, undisputed statutory dues including Goods and Services Tax, Provident Fund, Employees State Insurance, Income- tax, Sales tax, Service tax, Customs Duty, Excise Duty, Value Added Tax, Cess, and any other statutory dues, as applicable have not been regularly deposited with the appropriate authorities and there have been significant delays in a large number of cases. Undisputed amounts payable in respect thereof, which were outstanding on the last day of the financial year for a period of more than six months from the date they became payable as follows:

Name of the Statue	Nature of the statue	Arrears overdue for more than six months (Rs. in Lakhs)	Period to which the amount relates (In years)	Due date for making the payment to the appropriate authority (In years)	Date of Payment	Remarks, if any
Finance Act 1994 (Service Tax)	Interest on Service tax	571.96	2017-18 to 2023-24	2017-18 to 2023-24	-	-
Finance Act 1994 (Service Tax)	Service tax	340.45	2017-18	2017-18	-	-
BOCW Act, 1996	BOCW Cess	351.76	2018-19	2018-19	-	-
CHATTISGARH VAT ACT 2005	CHATTISGARH VAT	391.33	2004-05, 2005-06, 2006-07, 2007-08	2019-20	-	-
Goods & Service Tax Act India 2017	GST	364.57	2023-24	2023-24	-	-

 

Name of the Statue	Nature of the statue	Arrears overdue for more than six months (Rs. in Lakhs)	Period to which the amount relates (In years)	Due date for making the payment to the appropriate authority (In years)	Date of Payment	Remarks, if any
Goods & Service Tax Act India 2017	Interest on GST	1,727.80	2017-18, 2018-19, 2019-20, 2020-21, 2021-22, 2022-23, 2023-24	2017-18, 2018-19, 2019-20, 2020-21, 2021-22, 2022-23, 2023-24
HP VAT ACT 2005	HP VAT	983.17	2016-17, 2017-18	2021-22, 2022-23	-	-
Madhya Pradesh VAT Act, 2002	CST@ 10%	49.04	2023-24	2023-24	-	-
Income Tax Act, 1961	TDS& TCS	228.06	2023-24	2023-24	-	-
Professional Tax & Health Tax	PROFESSIONAL TAX	0.01	2023-24	2023-24	-	-
Provident Fund Act,1925 & ESI Act, 1948	PF & ESI	1,061.18	2021-22, 2022-23, 2023-24	2021-22, 2022-23, 2023-24
Provident Fund Act,1925 & ESI Act, 1948	Interest on PF	1,049.54	2021-22, 2022-23, 2023-24	2021-22, 2022-23, 2023-24
The Electricity Act, 2003	Electricity Duty	7,782.19	2014-15, 2015-16, 2 016-17, 2017-18, 2018-19, 2019-20	2014-15, 2015-16, 2016-17, 2017-18, 2018-19, 2019-20, 2020-21
The Electricity Act, 2003	Interest on Electricity Duty	6,698.72	2014-15, 2015-16, 2016-17, 2017-18, 2018-19, 2019-20, 2020-21,2021-22, 2022-23, 2023-24	2014-15, 2015-16, 2016-17, 2017-18, 2018-19, 2019-20, 2020-21,2021-22, 2022-23, 2023-24
Mines and Mineral (Development and Regulation) Act, 1957	Royalty	2,005.24	2019-20, 2020-21, 2021-22, 2022-23, 2023-24	2019-20, 2020-21, 2021-22, 2022-23, 2023-24
Mines and Mineral (Development and Regulation) Act, 1957	Interest on Royalty	1,764.35	2018-19, 2019-20, 2020-21,2021-22,2 022-23, 2023-24	2018-19, 2019-20, 2020-21,2021-22, 2022-23,2023-24
Mines and Mineral (Development and Regulation) Act, 1957	DMF	1,938.10	2017-18, 2018-19, 2019-20, 2020-21, 2021-22, 2022-23, 2023-24	2017-18, 2018-19, 2019-20, 2020-21, 2021-22, 2022-23, 2023-24
Mines and Mineral (Development and Regulation) Act, 1957	Interest on DMF	976.50	2019-20, 2020-21, 2021-22, 2022-23, 2023-24	2019-20, 2020-21, 2021-22, 2022-23, 2023-24
Mines and Mineral (Development and Regulation) Act, 1957	NMET	63.50	2018-19, 2019-20, 2020-21,2021-22, 2022-23, 2023-24	2018-19, 2019-20, 2020-21,2021-22, 2022-23, 2023-24
Mines and Mineral (Development and Regulation) Act, 1957	Interest on NMET	44.58	2017-18, 2018-19, 2019-20, 2020-21, 2021-22, 2022-23, 2023-24	2017-18, 2018-19, 2019-20, 2020-21, 2021-22, 2022-23, 2023-24
The Uttar Pradesh Tax on Entry of Goods Act, 2000	Interest on Entry Tax	601.30	2003-04 to 2011-12	2003-04 to 2011-12
UP VAT Act, 2008	VAT	20.72	2012-13, 2013-14	2012-13, 2013-14
Total		29,014.07

Further, the company has not reversed the GST input tax credit as required under Rule 37(2) of CGST Rules, 2017 in GST returns. Consequently, there will be financial liability on account of such non-reversal of GST Input tax credit. However, the amount and period for the same is not ascertainable.

(b) According to the information and explanations given to us and the records examined by us, the Company has following dues in respect of Central Excise, Income Tax, Entry Tax, Custom Duty, TDS, Service Tax and Value Added Tax and any other statutory dues which has not been deposited on account of any dispute:

Name of Statute	Nature of dues	Forum where dispute is pending	Period to which amount relates	Amount (Rs. in Lakhs)
Demands under Central Excise Act, 1944	Excise duty, Interest & Penalty	Commission rate	1987-1992, 1994-1995, 1997-2003, 2008-2018	2,775.45
		Appellate Authorities Tribunal	1996-1997, 2008-2017	1,339.15
		High court	1997-2002, 2004-05, 2005-2009,	783.73
		Supreme Court	2007-2017	904.37
Demands under Sales Tax/ Value Added Tax (VAT)	Sales Tax, VAT, Interest and Penalty	Commission rate	2010-2018	2,095.25
		Appellate Authorities Tribunal	1999-2000, 2001-02, 2004-05, 2006-14, 2015-18	773.23
		High court	2001-2008, 2009-2019	4,289.95
		Supreme Court	2001-2008	9,029.24
Demands under Entry Tax	Entry Tax and Interest	Commission rate	2000-2001,2014-2018	489.92
		Appellate Authorities Tribunal	2006-08, 2010-13, 2014-15	418.70
		High court	2001-2002, 2003-2018	21,302.74
Demands Under Finance Act 1994 (Service Tax) Demands under Customs Act, 1962	Service Tax and Interest Custom duty &penalty	Commissione rate	1997-99	26.60
		Appellate Authorities Tribunal	2010-2011 to 2017-2018	941.44
		Appellate Authorities Tribunal	2005-2008, 2012-13	85.87
		Commissione rate	2003-2009	13,104.64
Demands under Goods & Service tax Act, 2017	GST, Interest &Penalty	Commissione rate	2017-20	5,932.34
		Appellate Authorities Tribunal	2017-2023	2,349.08
Demands under Income Tax Act, 1961	Tax & Interest	NFAC	AY 2012-14, 2017-2023	18,736.24
Demands under Delhi Municipal Corporation Act, 1957	Tax, TDS, & Interest	High court	2004-2022	352.12
Demands under Indian Stamp Act, 1899	Stamp Duty	High court	2005-2006, 2008	5,879.29
Demands under Madhya Pradesh Rural Infrastructure and Road Development. Act, 2005	Rural Infrastructure Tax	Supreme Court	2005-2022	679.58
Demands under Madhya Pradesh Electricity Duty Act, 1949	Electricity Duty	High court	2006-2012	25,518.05
Demands under Madhya Pradesh Electricity Duty Act, 1949 - JRP	Electricity Duty	High court	1991-2002	1,844.71
Demands under Madhya Pradesh Irrigation Act, 1931	Water Cess	Commissione rate	1986-2016	1,119.37
Demands under Himachal Pradesh Taxation (on Certain Goods Carried by Road) Act, 1999	CGCR Tax	Supreme Court	2009-2017	7,221.33
Total				1,27,992.39

Note: Above figures are net of amount deposited under protest. However, the above amounts are without reducing Bank Guarantees.

viii. According to the information and explanations given to us and the records examined by us, there are no such transactions which are not recorded in the books of account and have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

ix. (a) In our opinion and according to the information and explanations given to us and the records examined by us, the company has defaulted in repayment of principal and interest to banks, financial institutions& privately placed debenture holders wherein the period of delay ranges from 1 to 2799 days.

Details of overdue principal repayments and overdue interest on borrowings from banks, financial institutions & privately placed debenture holders amounting to Rs. 2,73,932 Lakhs and Rs. 2,75,267 lakhs respectively reflected in Note no. 13 and Note no. 16 to the Standalone Financial Statements which were outstanding as of 31st March 2024 are given below:

Nature of borrowing including debt securities	Name of lender	Amount not paid on due date (Rs. in Lakhs)	Whether principal or interest	No. of days delay or unpaid	Remarks, if any
FCCB		63,120	Principal	1 to 2008	-
Term Loan	Allahabad Bank (Now merged with Indian Bank)	357	Principal	1 to 2008	-
Term Loan	Andhra Bank (Now merged with Union Bank of India)	1,516	Principal	1 to 2008	-
Term Loan	Axis Bank Limited	1,460	Principal	1 to 2008	-
Term Loan	Bank of Baroda	1,216	Principal	1 to 2008	-
Term Loan	Bank of India	297	Principal	1 to 2008	-
Term Loan	Bank of Maharashtra	1,844	Principal	1 to 2008	-
Term Loan	Canara Bank	1,747	Principal	1 to 2008	-
Term Loan	Central Bank of India	94	Principal	1 to 2008	-
Term Loan	Corporation Bank (Now merged with Union Bank of India)	142	Principal	1 to 2008	-
Term Loan	Dena Bank (Now merged with Bank of Baroda)	16	Principal	1 to 2100	-
Term Loan	Export-Import Bank of India	3,473	Principal	1 to 2008	-
Term Loan	ICICI Bank Limited	7,531	Principal	1 to 912	-
Term Loan	IDBI Bank Limited	6,170	Principal	1 to 1826	-
Term Loan	IFCI Limited	1,780	Principal	1 to 2008	-
Term Loan	Indian Bank	1,449	Principal	1 to 2008	-
Term Loan	The Jammu and Kashmir Bank	1,844	Principal	1 to 2008	-
Term Loan	Asset Care & Reconstruction Enterprise Ltd	1,679	Principal	1 to 2008	-
Term Loan	Karur Vysya Bank	137	Principal		To be settled in DAS therefore no due date
Term Loan	Lakshmi Vilas Bank	73	Principal	1 to 2008	-
Term Loan	Life Insurance of Corporation	4,914	Principal	1 to 2008	-
Term Loan	Oriental Bank of Commerce (Now merged with Punjab National Bank)	345	Principal	1 to 2008
Term Loan	Punjab National Bank	1,766	Principal	1 to 2008	-
Term Loan	Punjab and Sind Bank	3,005	Principal	1 to 2100	-
Term Loan	State Bank of India	1,751	Principal		-
Term Loan	Syndicate Bank (Now merged with Canara Bank)	1,324	Principal	1 to 2008	-
Term Loan	UCO Bank	2,407	Principal	1 to 2008	-
Term Loan	United Bank of India (Now merged with Punjab National Bank)	569	Principal	1 to 2008	-
Term Loan	Vijaya Bank (Now merged with Bank of Baroda)	886	Principal	1 to 2008	-
Term Loan	Yes Bank Limited	2,255	Principal	1 to 2008	-

 

Nature of borrowing including debt securities	Name of lender	Amount not paid on due date (Rs. in Lakhs)	Whether principal or interest	No. of days delay or unpaid	Remarks, if any
Term Loan	ECB- USD 250 Mn - Bank of Baroda	86	Principal	1 to 2008	-
Working Capital Demand Loan	Axis Bank Limited	2,500	Principal	1 to 1735	-
Working Capital Demand Loan	IFCI Limited	3,333	Principal	1 to 1735	-
Working Capital Demand Loan	IndusInd Bank Limited	3,333	Principal	1 to 1735	-
Working Capital Demand Loan	Yes Bank Limited	6,667	Principal	1 to 1735	-
Funded Interest Term Loan	Allahabad Bank (Now merged with Indian Bank)	134	Principal	1 to 2008	-
Funded Interest Term Loan	Andhra Bank (Now merged with Union Bank of India)	573	Principal	1 to 2008	-
Funded Interest Term Loan	Axis Bank Limited	623	Principal	1 to 2008	-
Funded Interest Term Loan	Bank Of Baroda	509	Principal	1 to 2008	-
Funded Interest Term Loan	Bank Of India	113	Principal	1 to 2008	-
Funded Interest Term Loan	Bank Of Maharashtra	698	Principal	1 to 2008	-
Funded Interest Term Loan	Canara Bank	669	Principal	1 to 2008	-
Funded Interest Term Loan	Central Bank of India	35	Principal	1 to 2008	-
Funded Interest Term Loan	Corporation Bank (Now merged with Union Bank of India)	53	Principal	1 to 2008	-
Funded Interest Term Loan	Dena Bank (Now merged with Bank of Baroda)	6	Principal	1 to 2008	-
Funded Interest Term Loan	Export-Import Bank of India	1,312	Principal	1 to 2008	-
Funded Interest Term Loan	ICICI Bank Limited	7,261	Principal	1 to 2008	-
Funded Interest Term Loan	IDBI Bank Limited	2,276	Principal	1 to 2008	-
Funded Interest Term Loan	IFCI Limited	730	Principal	1 to 2008	-
Funded Interest Term Loan	Indian Bank	548	Principal	1 to 2008	-
Funded Interest Term Loan	The Jammu and Kashmir Bank	694	Principal	1 to 2008	-
Funded Interest Term Loan	Asset Care & Reconstruction Enterprise Ltd	635	Principal	1 to 2008	-
Funded Interest Term Loan	Karur Vysya Bank	505	Principal		To be settled in DAS therefore no due date
Funded Interest Term Loan	Lakshmi Vilas Bank	32	Principal	1 to 2008	-
Funded Interest Term Loan	Life Insurance of Corporation	1,856	Principal	1 to 2008	-
Funded Interest Term Loan	Oriental Bank of Commerce (Now merged with Punjab National Bank)	129	Principal	1 to 2008	-
Funded Interest Term Loan	Punjab National Bank	668	Principal	1 to 2008	-
Funded Interest Term Loan	Punjab And Sind Bank	1,133	Principal	1 to 2008	-
Funded Interest Term Loan	State Bank of India	5,001	Principal	1 to 2008	-
Funded Interest Term Loan	Syndicate Bank (Now merged with Canara Bank)	496	Principal	1 to 2008	-
Funded Interest Term Loan	UCO Bank	908	Principal	1 to 2008	-
Funded Interest Term Loan	United Bank of India (Now merged with Punjab National Bank)	213	Principal	1 to 2008	-
Funded Interest Term Loan	Vijaya Bank (Now merged with Bank of Baroda)	332	Principal	1 to 2008	-
Funded Interest Term Loan	Yes Bank Limited	1,147	Principal	1 to 2008	-
Funded Interest Term Loan	ECB- USD 250 Mn - Bank of Baroda	34	Principal	1 to 2008	-
Working Capital Loan	Standard Chartered Bank	-	Principal	1 to 1992	-
Term Loan	SREI Equipment Finance Limited	417	Principal	1 to 876	-
Overdraft	Canara Bank	722	Principal	1 to 1802	-
BG Devolved	Canara Bank	2,695	Principal	1 to 1855	-

 

Nature of borrowing including debt securities	Name of lender	Amount not paid on due date (Rs. in Lakhs)	Whether principal or interest	No. of days delay or unpaid	Remarks, if any
BG Devolved	Oriental Bank of Commerce (Now merged with Punjab National Bank)	473	Principal	1 to 1704	-
BG Devolved	State Bank of India	2,472	Principal	1 to 2486	-
Overdraft	State Bank of Bikaner and Jaipur (Now merged with State Bank of India)		Principal	1 to 2222
Overdraft	State Bank of Travancore (Now merged with State Bank of India)	45	Principal	1 to 2495	-
Overdraft	ICICI Bank Limited	616	Principal	1 to 1399	-
Overdraft	Syndicate Bank (Now merged with Canara Bank)	135	Principal	1 to 1305	-
Overdraft	Indian Overseas Bank	282	Principal	1 to 771	-
Cash Credit	SIDBI	11,484	Principal	1 to 2008	-
Overdraft	Canara Bank	3,310	Principal	1 to 2284	-
Overdraft	Oriental Bank of Commerce (Now merged with Punjab National Bank)	1,862	Principal	1 to 2150	-
Bills Payable	Karur Vysya Bank	805	Principal	1 to 2434	-
Land deferred payment	YEIDA	66,537	Principal	1 to 2008	-
BG Devolved	Punjab & Sind Bank	10,000	Principal	1 to 1732	-
CP1	Allahabad Bank	23	Principal	1 to 547	-
CP1	Axis Bank Limited	726	Principal	1 to 547	-
CP1	Bank of India	87	Principal	1 to 547	-
CP1	Bank of Maharashtra	442	Principal	1 to 547	-
CP1	Canara Bank	337	Principal	1 to 547	-
CP1	Central Bank of India	6	Principal	1 to 547	-
CP1	Corporation Bank	83	Principal	1 to 547	-
CP1	ICICI Bank Limited	2,896	Principal	1 to 547	-
CP1	IDBI Bank Limited	1,218	Principal	1 to 547	-
CP1	IFCI Limited	269	Principal	1 to 547	-
CP1	IndusInd Bank Limited	396	Principal	1 to 547	-
CP1	The Jammu and Kashmir Bank	27	Principal	1 to 547	-
CP1	Asset Care & Reconstruction Enterprise Ltd (Karnataka Bank Ltd)	41	Principal	1 to 547	-
CP1	Karur Vysya Bank	19	Principal	1 to 547	-
CP1	L & T Infrastructure Fin Co Limited	52	Principal	1 to 547	-
CP1	Lakshmi Vilas Bank	102	Principal	1 to 547	-
CP1	Life Insurance of Corporation	317	Principal	1 to 547	-
CP1	Oriental Bank of Commerce	84	Principal	1 to 547	-
CP1	Punjab and Sind Bank	4	Principal	1 to 547	-
CP1	South Indian Bank	67	Principal	1 to 547	-
CP1	Standard Chartered Bank	385	Principal	1 to 547	-
CP1	State Bank of India	3,087	Principal	1 to 547	-
CP1	Syndicate Bank	1	Principal	1 to 547	-
CP1	UCO Bank	86	Principal	1 to 547	-
CP1	United Bank of India	37	Principal	1 to 547	-
CP1	Yes Bank Limited	870	Principal	1 to 547	-
CP1	ECB- USD 250 Mn - Bank of Baroda	6	Principal	1 to 547	-
Total (A)	2,73,932

 

Nature of borrowing including debt securities	Name of lender	Amount not paid on due date (Rs. in Lakhs)	Whether principal or interest	No. of days delay or unpaid	Remarks, if any
FCCB			Interest	1 to 1643	Refer Our Audit Qualification
Term Loan	Allahabad Bank (Now merged with Indian Bank)	639	Interest	1 to 1885	-
Term Loan	Andhra Bank (Now merged with Union Bank of India)	2,747	Interest	1 to 1885	-
Term Loan	Axis Bank Limited	3,267	Interest	1 to 1492	-
Term Loan	Bank Of Baroda	2,481	Interest	1 to 2008	-
Term Loan	Bank Of India	546	Interest	1 to 1885	-
Term Loan	Bank Of Maharashtra	3,047	Interest	1 to 1765	-
Term Loan	Canara Bank	3,279	Interest	1 to 1885	-
Term Loan	Central Bank of India	142	Interest	1 to 1885	-
Term Loan	Corporation Bank (Now merged with Union Bank of India)	251	Interest	1 to 1885	-
Term Loan	Dena Bank (Now merged with Bank of Baroda)	29	Interest	1 to 1916	-
Term Loan	Export-Import Bank of India	6,742	Interest	1 to 1916	-
Term Loan	ICICI Bank Limited	34,813	Interest	1 to 1857	-
Term Loan	IDBI Bank Limited	11,486	Interest	1 to 1857	-
Term Loan	IFCI Limited	3,882	Interest	1 to 1885	-
Term Loan	Indian Bank	2,650	Interest	1 to 1885	-
Term Loan	The Jammu and Kashmir Bank	3,063	Interest	1 to 1916	-
Term Loan	Karnataka Bank Ltd	3,286	Interest	1 to 2281	-
Term Loan	Karur Vysya Bank	488	Interest	1 to 1916	-
Term Loan	Lakshmi Vilas Bank	157	Interest	1 to 1885	-
Term Loan	Life Insurance of Corporation	9,235	Interest	1 to 1885	-
Term Loan	Oriental Bank of Commerce (Now merged with Punjab National Bank)	580	Interest	1 to 1885	-
Term Loan	Punjab National Bank	3,289	Interest	1 to 1916	-
Term Loan	Punjab And Sind Bank	5,680	Interest	1 to 1885	-
Term Loan	State Bank of India	16,802	Interest	1 to 1916	-
Term Loan	Syndicate Bank (Now merged with Canara Bank)	2,410	Interest	1 to 1885	-
Term Loan	UCO Bank	4,448	Interest	1 to 1916	-
Term Loan	United Bank of India (Now merged with Punjab National Bank)	992	Interest	1 to 1885	-
Term Loan	Vijaya Bank (Now merged with Bank of Baroda)	1,601	Interest	1 to 1885	-
Term Loan	Asset Care & Reconstruction Enterprise Ltd	4,543	Interest	1 to 1916	-
Working Capital Demand Loan	Axis Bank Limited	1,918	Interest	1 to 1551	-
Working Capital Demand Loan	IndusInd Bank Limited	3,190	Interest	1 to 1885	-
Working Capital Demand Loan	IFCI LIMITED	2,922	Interest	1 to 1885	-
Working Capital Demand Loan	Yes Bank Limited	6,053	Interest	1 to 1947	-
Funded Interest Term Loan	Allahabad Bank (Now merged with Indian Bank)	71	Interest	1 to 1885	-
Funded Interest Term Loan	Andhra Bank (Now merged with Union Bank of India)	317	Interest	1 to 1885	-
Funded Interest Term Loan	Axis Bank Limited	636	Interest	1 to 1492	-

 

Nature of borrowing including debt securities	Name of lender	Amount not paid on due date (Rs. in Lakhs)	Whether principal or interest	No. of days delay or unpaid	Remarks, if any
Funded Interest Term Loan	Bank of Baroda	290	Interest	1 to 1885	-
Funded Interest Term Loan	Bank of India	62	Interest	1 to 1885	-
Funded Interest Term Loan	Bank of Maharashtra	353	Interest	1 to 1916	-
Funded Interest Term Loan	Canara Bank	363	Interest	1 to 1885	-
Funded Interest Term Loan	Central Bank of India	16	Interest	1 to 1885	-
Funded Interest Term Loan	Corporation Bank (Now merged with Union Bank of India)	26	Interest	1 to 1885	-
Funded Interest Term Loan	Dena Bank (Now merged with Bank of Baroda)	3	Interest	1 to 1916	-
Funded Interest Term Loan	Export-Import Bank of India	750	Interest	1 to 1916	-
Funded Interest Term Loan	ICICI Bank Limited	3,943	Interest	1 to 1857	-
Funded Interest Term Loan	IDBI Bank Limited	1,297	Interest	1 to 1916	-
Funded Interest Term Loan	IFCI Limited	464	Interest	1 to 1885	-
Funded Interest Term Loan	Indian Bank	306	Interest	1 to 1885	-
Funded Interest Term Loan	The Jammu and Kashmir Bank	366	Interest	1 to 1885	-
Funded Interest Term Loan	Karnataka Bank Ltd	400	Interest	1 to 2281	-
Funded Interest Term Loan	Karur Vysya Bank	289	Interest	1 to 1916	-
Funded Interest Term Loan	Lakshmi Vilas Bank	15	Interest	1 to 1885	-
Funded Interest Term Loan	Life Insurance of Corporation	1,020	Interest	1 to 1885	-
Funded Interest Term Loan	Oriental Bank of Commerce (Now merged with Punjab National Bank)	32	Interest	1 to 1885	-
Funded Interest Term Loan	Punjab National Bank	379	Interest	1 to 1916	-
Funded Interest Term Loan	Punjab and Sind Bank	695	Interest	1 to 1885	-
Funded Interest Term Loan	State Bank of India	2,664	Interest	1 to 1885	-
Funded Interest Term Loan	Syndicate Bank (Now merged with Canara Bank)	303	Interest	1 to 1885	-
Funded Interest Term Loan	UCO Bank	534	Interest	1 to 1916	-
Funded Interest Term Loan	United Bank of India (Now merged with Punjab National Bank)	110	Interest	1 to 1885	-
Funded Interest Term Loan	Vijaya Bank (Now merged with Bank of Baroda)	185	Interest	1 to 1885	-
Funded Interest Term Loan	Asset Care & Reconstruction Enterprise Ltd	710	Interest	1 to 1916	-
Working Capital Loan	Standard Chartered Bank	-	Interest	-	-
Term Loan	SREI Equipment Finance Limited	307	Interest	1 to 1638	-
Term Loan CP 1	Allahabad Bank (Now merged with Indian Bank)	101	Interest	1 to 2038	-
Term Loan CP 1	Axis Bank Limited	3,218	Interest	1 to 1977	-
Term Loan CP 1	Bank of India	384	Interest	1 to 2038	-
Term Loan CP 1	Bank of Maharashtra	1,903	Interest	1 to 2038	-
Term Loan CP 1	Canara Bank	1,502	Interest	1 to 2038	-
Term Loan CP 1	Central Bank of India	27	Interest	1 to 2038	-
Term Loan CP 1	Corporation Bank (Now merged with Union Bank of India)	355	Interest	1 to 2038	-
Term Loan CP 1	ICICI Bank Limited	12,955	Interest	1 to 912	-
Term Loan CP 1	IDBI Bank Limited	5,437	Interest	1 to 2038	-
Term Loan CP 1	IFCI Limited	1,368	Interest	1 to 2038	-
Term Loan CP 1	IndusInd Bank Limited	1,894	Interest	1 to 2038	-
Term Loan CP 1	The Jammu and Kashmir Bank	118	Interest	1 to 2038	-
Term Loan CP 1	Karnataka Bank Ltd	190	Interest	1 to 2403	-

 

Nature of borrowing including debt securities	Name of lender	Amount not paid on due date (Rs. in Lakhs)	Whether principal or interest	No. of days delay or unpaid	Remarks, if any
Term Loan CP 1	Karur Vysya Bank	88	Interest	1 to 2038	-
Term Loan CP 1	Assets Reconstruction Co India Ltd	236	Interest	1 to 2038	-
Term Loan CP 1	Lakshmi Vilas Bank	483	Interest	1 to 2038	-
Term Loan CP 1	Life Insurance of Corporation	1,433	Interest	1 to 2038	-
Term Loan CP 1	Oriental Bank of Commerce (Now merged with Punjab National Bank)	366	Interest	1 to 2038	-
Term Loan CP 1	Punjab and Sind Bank	19	Interest	1 to 2038	-
Term Loan CP 1	South Indian Bank	298	Interest	1 to 2038	-
Term Loan CP 1	Standard Chartered Bank	-	Interest	-	-
Term Loan CP 1	State Bank of India	14,068	Interest	1 to 2038	-
Term Loan CP 1	Syndicate Bank (Now merged with Canara Bank)	5	Interest	1 to 2038	-
Term Loan CP 1	UCO Bank	377	Interest	1 to 2038	-
Term Loan CP 1	United Bank of India (Now merged with Punjab National Bank)	156	Interest	1 to 2038	-
Term Loan CP 1	Asset Care & Reconstruction Enterprise Ltd	4,208	Interest	1 to 2038	-
BG Devolved	Canara Bank	3,601	Interest	1 to 1826	-
Cash Credit	Bank of Baroda	263	Interest	1 to 1612	-
Cash Credit	State Bank of India	3,589	Interest	1 to 2615	-
Cash Credit	State Bank of Hyderabad (Now merged with State Bank of India)	602	Interest	1 to 2707	-
Cash Credit	State Bank of Bikaner and Jaipur (Now merged with State Bank of India)	294	Interest	1 to 2587
Cash Credit	State Bank of Mysore (Now merged with State Bank of India)	426	Interest	1 to 2799	-
Cash Credit	State Bank of Travancore (Now merged with State Bank of India)	488	Interest	1 to 2434
Cash Credit	Bank of Maharashtra	104	Interest	1 to 1307	-
Cash Credit	SIDBI	6,010	Interest	1 to 1916	-
Bills Discounting	Karur Vysya Bank	634	Interest	1 to 2434	-
Cash Credit Interest and Bills discounting	State Bank of India	921	Interest	1 to 2465	-
Cash Credit Interest and Bills discounting	IDBI bank limited	1	Interest	1 to 395	-
Cash Credit Interest and Bills discounting	Bank of Baroda	40	Interest	1 to 1884	-
Cash Credit Interest and Bills discounting	Bank of Maharashtra	29	Interest	1 to 2555	-
Cash Credit Interest and Bills discounting	Asset Care & Reconstruction Enterprise Ltd	265	Interest	1 to 1735	-
Land deferred payment	YEIDA	34,087	Interest	1 to 1277	-
BG Devolved	Punjab & Sind Bank	9,138	Interest	1 to 1732	-
Cash Credit	ICICI Bank Ltd	22	Interest	1 to 395	-
Total (B)	2,75,267
Grand Total (C) = (A) + (B)	5,49,199

*The amount and period of default has been computed in accordance with the Comprehensive Re-organization and Restructuring Plan (CRRP) duly approved by the Joint Lenders Forum on 22.06.2017 and Master Restructuring Agreement dated 31.10.2017 signed with lenders, wherever applicable.

(b) In our opinion and according to the information and explanations given to us, the company has not been declared a willful defaulter by any bank or financial institution or government or any government authority.

(c) According to the information and explanations given to us and the records examined by us, the company has not taken any term loan during the year and there are no unutilised term loans at the beginning of the year and hence, reporting under clause reporting under clause 3(ix)(c) of the order is not applicable to the company.

(d) According to the information and explanations given to us, and the procedures performed by us, and on an overall examination of the Standalone Financial Statements of the company, no funds raised on short term basis have been used for long-term purposes by the company.

(e) According to the information and explanations given to us and on an overall examination of the Standalone Financial Statements of the company, the company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates, or joint ventures.

(f) According to the information and explanations given to us and procedures performed by us, the company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures, or associate companies.

x. (a) The company has not raised money by way of an initial public offer or further public offer (including debt instruments) during the year.

(b) According to the information and explanations give to us and the records examined by us, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partially or optionally convertible) during the year and hence reporting under clause 3(x)(b)is not applicable to the company.

xi. (a) According to the information and explanations given to us and the records examined by us, no fraud by the company and no material fraud on the company has been noticed or reported during the year.

(b) According to the information and explanations given to us and the records examined by us, during the year no report under sub-section (12) of section 143 of the Companies Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) As represented to us by the management, there are no whistle blower complaints received by the company during the year.

xii. In our opinion and according to the information and explanations given to us, the company is not a Nidhi Company. Therefore, the reporting under paragraph 3(xii) of the Order is not applicable to the company.

xiii. In our opinion and according to the information and explanations given to us and the records examined by us, all transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the Standalone Financial Statements as required by the applicable accounting standards.

xiv. (a) In our opinion and according to the information and explanations given to us, the company has an internal audit system commensurate with the size and nature of its business.

(b) We have considered the internal audit reports of the company issued till date, for the period under audit.

xv. 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 with its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the company.

xvi. (a) In our opinion and according to the information and explanations given to us, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

(b) In our opinion and according to the information and explanations given to us, the company has not conducted any Non-Banking Financial or Housing Finance activities.

(c) In our opinion and according to the information and explanations given to us, the company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India.

(d) In our opinion and according to the information and explanations given to us, the Group has noCIC as part of the Group.

xvii. In our opinion and according to the information and explanations given to us and the records examined by us, the company has incurred following cash losses in the financial year and in the immediately preceding financial year:

Financial Year	Amount (Rs. in lakhs)
2023-24	2,44,479
2022-23	1,60,506

xviii. There has been no resignation of the statutory auditors during the year and accordingly this clause is not applicable.

xix. According to the information and explanations given to us and 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, 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 that company is not 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.

xx. In our opinion and according to the information and explanations given to us and the records examined by us, no amount was required to be spent by the company on the activities of CSR, as per provisions of Companies Act, 2013. Accordingly, the reporting under paragraph 3(xx) of the Order isnot applicable to the company.

xxi. The reporting under clause 3(xxi) of the order is not applicable in respect of the audit of the Standalone Financial Statements. Accordingly, no comment in respect of the said clause has been included in this report.

	For DASS GUPTA & ASSOCIATES
	CHARTERED ACCOUNTANTS
	Firm Registration No. 000112N
	CA PANKAJ MANGAL
	PARTNER
Place: Noida	Membership No. 097890
Date: 11th May 2024	UDIN: 24097890BKGTWV5798

ANNEXURE “B” TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory Requirements section of our report on Standalone Financial Statements to the Members of Jaiprakash Associates Limited of even date)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of JAIPRAKASH ASSOCIATES 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 Responsibility for Internal Financial Controls

The Management of the company is responsible for establishing and maintaining internal financial controls 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 (“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 Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting 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 Institute of Chartered Accountants of India and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both issued by the Institute of Chartered Accountants of India. 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 Over Financial Reporting 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 system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, 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 judgment, 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 qualified audit opinion on the Companys Internal Financial Controls System Over Financial Reporting

Meaning of Internal Financial Controls Over Financial Reporting

A companys Internal Financial Control Over Financial Reporting 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 Controls Over Financial Reporting 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 Over Financial Reporting

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 Over Financial Reporting to future periods are subject to the risk that the internal financial controls over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Qualified Opinion

According to the information and explanations given to us and based on our audit, the following material weaknesses have been identified as of 31st March 2024:

1. The Company does not have an appropriate internal controls system in respect of supervisory and review controls over process of determining of carrying value of the Companys non-current investments in its subsidiary Jaypee Infratech Limited (JIL) which has been undergoing Corporate Insolvency Resolution Process (“CIRP”) since 09.08.2017 in terms of the provisions of the Insolvency & Bankruptcy Code, 2016 (“IBC”). The matter is currently pending for adjudication and the company has not made provision for diminution in value of the investment in equity of JIL.

2. The Company does not have an appropriate internal controls system in respect of supervisory and review controls over process of recognition of liabilities relating to interest Payable on Foreign Currency Convertible Bonds (FCCB) in books of accounts which result in non recognition of such interest liability.

3. The Company does not have an appropriate internal controls system with respect to determination of reversal of GST Input Tax Credit as required under Rule 37(2) of CGST Rules, 2017 and reporting of reversal of GST Input Tax Credit in GST Returns which will result in financial liability.

A ‘material weakness is a deficiency, or a combination of deficiencies in internal financial controls over financial reporting, such that there is a reasonable possibility that a material misstatement of the companys annual or interim financial statements will not be prevented or detected on a timely basis.

In our opinion, except for the effects/possible effects of the material weakness described above, the Company has, in all material respects, an adequate Internal Financial Controls Over

Financial Reporting and such Internal Financial Controls Over Financial Reporting were operating effectively as at 31st March 2024, 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.

We have considered the material weaknesses identified and reported above in determining the nature, timing, and extent of audit tests applied in our audit of the standalone financial statements of the Company for the year ended on 31st March 2024, and these material weaknesses has affected our opinion on the standalone financial statements of the Company, and we have issued a qualified opinion on the standalone financial statements.

	For DASS GUPTA & ASSOCIATES
	CHARTERED ACCOUNTANTS
	Firm Registration No. 000112N
	CA PANKAJ MANGAL
	PARTNER
Place: Noida	Membership No. 097890
Date: 11th May 2024	UDIN: 24097890BKGTWV5798