Notes to Accounts of MAC Hotels Ltd.

Mar 31, 2025

(b) Rights, preferences and restrictions attached to equity shares

The Company has only one class of equity shares having par value of Rs. 10 per share. Each shareholder is entitled to one vote per share held. Dividend if any declared is payable in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend.

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

31 Earnings/ Loss per share

Basic earnings /(loss) per share amounts are calculated by dividing the profit/loss for the year attributable to equity holders by the weighted average number of equity shares outstanding during the year.

Diluted earnings /(loss) per share amounts are calculated by dividing the profit/loss attributable to equity holders (after adjusting for interest on the convertible preference shares) by the weighted average number of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on conversion of all the dilutive potential equity shares into equity shares.

(D) Terms and conditions of transactions with related parties

The transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. For the year ended 31 March 2025, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (31 March 2024: Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

34 Segment reporting

a) Operating segment

The Company''s operations predominantly relate to Room Services and Restaurant Services. The Chief Operating Decision Maker (CODM) reviews the operations of the Company as one operating segment. Hence no separate segment information has been furnished herewith.

b) Geographical segment

No Geographical segment for a company being a Hotel Industry providing services within India and hence no information has been furnished herewith.

35 Fair values of financial assets and financial liabilities

The fair value of other current financial assets, cash and cash equivalents,bank balances other than cash and cash equivalents, trade receivables ,loans and advances, investments, trade payables, short-term borrowings and other financial liabilities approximate the carrying amounts because of the short term nature of these financial instruments.

The amortized cost using effective interest rate (EIR) of non-current financial assets and liabilities are not significantly different from the carrying amount.

36 Fair value hierarchy

The following is the hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

• Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,

• Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). No financial assets/liabilities have been valued using level 1 fair value measurements.

The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:

37 Financial risk management objectives and policies

The Company is exposed to various financial risks. These risks are categorized into market risk, credit risk and liquidity risk. The Company''s risk management is coordinated by the Board of Directors and focuses on securing long term and short term cash flows. The Company does not engage in trading of financial assets for speculative purposes.

(A) Market risk

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

(i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company exposure to the risk of changes in market interest rates relates primarily to the Company’s long-term debt obligations with floating interest rates.

The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings. With all other variables held constant, the Company’s profit before tax is affected through the impact on floating rate borrowings, as follows:

(ii) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the Company’s operating activities (when revenue or expense is denominated in a different currency from the Company’s functional currency). No Foreign Currency sensitivity risk as Company generated revenue in INR only.

(B) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk arises principally from the Company’s receivables from customers and also arises from cash held with banks and financial institutions. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors.

The Company limits its exposure to credit risk of cash held with banks by dealing with highly rated banks and institutions and retaining sufficient balances in bank accounts required to meet a month’s operational costs.

The Management reviews the bank accounts on regular basis and fund drawdowns are planned to ensure that there is minimal surplus cash in bank accounts. The Company does a proper financial and credibility check on the customers.

The Company’s maximum exposure to credit risk for the components of the balance sheet at 31 March 2025 and 31 March 2024 is the carrying amounts as mentioned in Note 9 to 12.

38 Capital management

For the purpose of the Company’s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders. The primary objective of the Company’s capital management is to maximize the shareholder value and to ensure the Company''s ability to continue as a going concern.

The Company has not declared dividend to its shareholders during the year. The Company monitors gearing ratio i.e. total debt in proportion to its overall financing structure, i.e. equity and debt. Total debt comprises of current borrowng. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets.

No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2025 and 31 March 2024.

40 As the Company being a Hotel and Providing Room Services, the company do not have a warranty period, hence provision for warranty as specified in Indian Accounting Standard (Ind AS) 37 on "Provisions, Contingent Liabilities and Contingent Assets" is not required to be made.

41 During the year the Company has not capitalised any borrowing costs as per Ind AS 23 - “Borrowing costs”.

42 Company has carry out transaction with Associate enterprises/ related parties with respect to purchase of room nights.

43 Unclaimed dividend: Rs. 11,850 (Eleven thousand Eight Hunderd Fifty Only) unclaimed dividend outstanding in Balance Sheet as on 31.03.2025

44 In the opinion of the Board, the Current assets and loans and advances are approximately of the value stated, if realized in the ordinary course or business, except otherwise stated. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.

45 As per Ind AS 36 “Impairment of Assets”, the Company has reviewed potential generation of economic benefits from fixed assets. Accordingly, no impairment loss has been provided for the year ended 31 March 2025 (31 March 2024: ? Nil) in the books.

46 Previous year figures have been regrouped/ reclassified to confirm presentation as per Ind AS as required by Schedule III of the Act.

(C) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due.

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Mar 31, 2024

2.10 Provisions, contingent liabilities, Contingent assets and Commitments

Provisions are recognized when there is a present obligation as a result of a past event, it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and there is a
reliable estimate of the amount of the obligation. Provisions are measured at the best estimate of the
expenditure required to settle the present obligation at the Balance sheet date.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in
the provision due to the passage of time is recognized as a finance cost.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence
of which will be confirmed only by the occurrence or non occurrence of one or more uncertain future events
not wholly within the control of the Company or a present obligation that arises from past events where it is
either not probable that an outflow of resources will be required to settle or a reliable estimate of the
amount cannot be made.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in
the provision due to the passage of time is recognized as a finance cost.

Reimbursement by another party, expected in respect of expenditure required to settle a provision, is
recognised when it is virtually certain that reimbursement will be received if the obligation is settled.

Contingent assets are neither recognised nor disclosed.

Commitments include the amount of purchase order (net of advance) issued to parties for completion of
assets.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet
date.

2.11 Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks, cash on hand and short-term deposits
net of bank overdraft with an original maturity of three months or less, which are subject to an insignificant
risk of changes in value.

For the purposes of the cash flow statement, cash and cash equivalents include cash on hand, cash in banks
and short-term deposits net of bank overdraft.

2.12 Employee Benefits
Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly
within 12 months after the end of the year in which the employees render the related service are recognized
in respect of employees’ services up to the end of the year and are measured at the amounts expected to be
paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in
the balance sheet.

Defined contribution plan

Provident Fund: Contribution towards provident fund is made to the regulatory authorities, where the
Company has no further obligations. Such benefits are classified as Defined Contribution Schemes as the
Company does not carry any further obligations, apart from the contributions made on a monthly basis which
are charged to the Statement of Profit and Loss.

Employee''s State Insurance Scheme: Contribution towards employees'' state insurance scheme is made to the
regulatory authorities, where the Company has no further obligations. Such benefits are classified as Defined
Contribution Schemes as the Company does not carry any further obligations, apart from the contributions
made on a monthly basis which are charged to the Statement of Profit and Loss.

Superannuation: Contributions to the superannuation fund, which is administered by Life Insurance
Corporation of India, are charged to the Statement of Profit and Loss.

Defined benefit plans

Gratuity:

The Company''s contribution towards gratuity made under Group Gratuity Scheme with Life Insurance
Corporation of India ( LIC ) is determined based on the amount recommended by LIC as per Actuarial
valuation. The whole time Directors of the Company are not covered by the gratuity trust created under
Group Gratuity Fund. Provision for their gratuity liability has been provided for according to the actuarial
valuation carried out by the independent Actuary.

Compensated

The employees of the company are entitled to encashment of un-availed leave. The employees can carry
forward a portion of the unutilised leave and receive cash compensation at retirement or termination of
employment. The Company records an obligation for encashment of un-availed leave in the period in which
the employee renders the services, based on an actuarial valuation at the balance sheet date, carried out by
an independent actuary.

2.13 Contributed equity

Equity shares are classified as equity share capital.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.

2.14 Earnings Per Share

Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the year. Earnings
considered in ascertaining the Company''s earnings per share is the net profit or loss for the year after
deducting any attributable tax thereto for the year. The weighted average number of equity shares
outstanding during the year and for all the years presented is adjusted for events, such as bonus shares, other
than the conversion of potential equity shares, that have changed the number of equity shares outstanding,
without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to
equity shareholders and the weighted average number of shares outstanding during the year is adjusted for
the effects of all dilutive potential equity shares.

2.15 Borrowing Costs

Borrowing costs that are attributable to the acquisition, construction or Production of a Qualifying asset are
capitalised as part of cost of such Asset till such time as the asset is ready for its intended use or sale.

A Qualifying Asset is an Asset that necessarily requires a substantial period of time to get ready for its
intended use or sale.

All other borrowing costs are recognised as an expense in the period in which they are incurred.

2.16 Statement of cash flows

Cash flows are reported using the indirect method, whereby profit/ (loss) before extraordinary items and tax
is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future
receipts or payments. The cash flows from operating, investing and financing activities of the Company are
segregated based on the available information.

2.17 Exceptional items

On certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary
activities of the company is such that its disclosure improves the understanding of the performance of the
company, such income or expense is classified as an exceptional item and accordingly, disclosed in the notes
accompanying to the financial statements.

2.18 Segment accounting

The Company operates in one primary segment i.e. Room Revenue, the organisation structure, the internal
reporting systems and review by chief operating decision maker. Secondary segments are identified on the
basis of geography in which sales have been effected.

2.19 Fair value measurement

The Company measures certain financial instruments at fair value at each balance sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based on
the presumption that the transaction to sell the asset or transfer the liability takes place either:

? In the principal market for the asset or liability, or

? In the absence of a principal market, in the most advantageous market for the asset or liability accessible
to the Company.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the
use of unobservable inputs. The Company''s management determines the policies and procedures for fair value
measurement such as derivative instrument.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorized within the fair value hierarchy, described as follows, based on the lowest level input that is
significant to the fair value measurement as a whole:

? Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

? Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable

? Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable

2.20 Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.

(a) Financial assets

(i) Initial recognition and measurement

At initial recognition, financial asset is measured at its fair value plus, in the case of a financial asset not
recorded at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of
the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in
profit or loss.

(ii) Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in following categories:

a) at amortized cost; or

b) at fair value through other comprehensive income; or

c) at fair value through profit or loss.

The classification depends on the entity’s business model for managing the financial assets and the contractual
terms of the cash flows.

Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent
solely payments of principal and interest are measured at amortized cost. Interest income from these financial
assets is included in finance income using the effective interest rate method (EIR).

Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cash
flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and
interest, are measured at fair value through other comprehensive income (FVOCI). Movements in the carrying
amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and
foreign exchange gains and losses which are recognized in Statement of Profit and Loss. When the financial asset
is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to Statement
of Profit and Loss and recognized in other gains/ (losses). Interest income from these financial assets is included
in other income using the effective interest rate method.

Fair value through profit or loss (FVTPL): Assets that do not meet the criteria for amortized cost or FVOCI are
measured at fair value through profit or loss. Interest income from these financial assets is included in other
income.

Equity instruments: All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments
which are held for trading and contingent consideration recognised by an acquirer in a business combination to
which Ind AS103 applies are classified as at FVTPL. For all other equity instruments, the Company may make an
irrevocable election to present in other comprehensive income subsequent changes in the fair value. The
Company makes such election on an instrument- by-instrument basis. The classification is made on initial
recognition and is irrevocable.

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the
instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to P&L,
even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in
the profit and loss.

(iii) Impairment of financial assets

In accordance with Ind AS 109, Financial Instruments, the Company applies expected credit loss (ECL) model for
measurement and recognition of impairment loss on financial assets that are measured at amortized cost and
FVOCI.

For recognition of impairment loss on financial assets and risk exposure, the Company determines that whether
there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased
significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased
significantly, lifetime ECL is used. If in subsequent years, credit quality of the instrument improves such that
there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to
recognizing impairment loss allowance based on 12 month ECL.

Life time ECLs are the expected credit losses resulting from all possible default events over the expected life of a
financial instrument. The 12 month ECL is a portion of the lifetime ECL which results from default events that are
possible within 12 months after the year end.

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the
contract and all the cash flows that the entity expects to receive (i.e. all shortfalls), discounted at the original
EIR. When estimating the cash flows, an entity is required to consider all contractual terms of the financial
instrument (including prepayment, extension etc.) over the expected life of the financial instrument. However, in
rare cases when the expected life of the financial instrument cannot be estimated reliably, then the entity is
required to use the remaining contractual term of the financial instrument.

In general, it is presumed that credit risk has significantly increased since initial recognition if the payment is
more than 30 days past due.

ECL impairment loss allowance (or reversal) recognized during the year is recognized as income/expense in the
statement of profit and loss. In balance sheet ECL for financial assets measured at amortized cost is presented as
an allowance, i.e. as an integral part of the measurement of those assets in the balance sheet. The allowance
reduces the net carrying amount. Until the asset meets write off criteria, the Company does not reduce
impairment allowance from the gross carrying amount.

(iv) Derecognition of financial assets

A financial asset is derecognized only when

a) the rights to receive cash flows from the financial asset is transferred or

b) retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual
obligation to pay the cash flows to one or more recipients.

Where the financial asset is transferred then in that case financial asset is derecognized only if substantially all
risks and rewards of ownership of the financial asset is transferred. Where the entity has not transferred
substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognized.

(v) Investment in associates and subsidiaries

The Company has accounted for its invetsment in subsidiaries at cost.

(b) Financial liabilities

(i) Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss
and at amortized cost, as appropriate.

All financial liabilities are recognized initially at fair value and, in the case of Loans & borrowings and payables,
net of directly attributable transaction costs.

(ii) Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are
classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category
also includes derivative financial instruments entered into by the Company that are not designated as hedging
instruments in hedge relationships as defined by Ind AS 109. Separated embedded derivatives are also classified
as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held
for trading are recognized in the Statement of Profit and Loss.

Financial liabilities designated upon initial recognition at fair value through profit and loss are designated at the
initial date of recognition, and only if the criteria in Ind AS 109 are satisfied.

Loans and borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using
the Effective Interest Rate (EIR) method. Gains and losses are recognized in Statement of Profit and Loss when
the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by
taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR.
The EIR amortization is included as finance costs in the Statement of Profit and Loss.

(c) Derecognition

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognized in the Statement of Profit and Loss as finance costs.

(d) Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet if there is a legally
enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the
asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future
events and must be enforceable in the normal course of business and in the event of default, insolvency or
bankruptcy of the Company or the counterparty.

2.21 Rounding off amounts

All amounts disclosed in financial statements and notes have been rounded off to the nearest rupee as per
requirement of Schedule III of the Act, unless otherwise stated.

3 SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS

The preparation of financial statements requires management to make judgments, estimates and assumptions that affect
the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure
of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a
material adjustment to the carrying amount of assets or liabilities affected in future years.

3.1 Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the year end date,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities
within the next financial year, are described below. The Company based its assumptions and estimates on
parameters available when the financial statements were prepared. Existing circumstances and assumptions
about future developments, however, may change due to market changes or circumstances arising that are
beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

(a) Taxes

Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will
be available against which the losses can be utilized. Significant management judgment is required to determine
the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future
taxable profits together with future tax planning strategies.

(b) Defined benefit plans (gratuity benefits and leave encashment)

The cost of the defined benefit plans such as gratuity and leave encashment are determined using actuarial
valuations. An actuarial valuation involves making various assumptions that may differ from actual developments
in the future. These include the determination of the discount rate, future salary increases and mortality rates.
Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly
sensitive to changes in these assumptions. All assumptions are reviewed at each year end.

The principal assumptions are the discount and salary growth rate. The discount rate is based upon the market
yields available on government bonds at the accounting date with a term that matches that of liabilities. Salary
increase rate takes into account of inflation, seniority, promotion and other relevant factors on long term basis.
For details refer Note 37.

(c) Impairment of non-financial assets and goodwill

In assessing impairment, management estimates the recoverable amount of each asset or cash-generating units
based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainty relates to
assumptions about future operating results and the determination of a suitable discount rate.

4 STANDARDS (INCLUDING AMENDMENTS) ISSUED BUT NOT YET EFFECTIVE

The standards and interpretations that are issued, but not yet effective up to the date of issuance of the financial
statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become
effective.

5 Ind AS 116- Leases

On March 30, 2019, Ministry of Corporate Affairs ("MCA") has notified the Ind AS 116, Leases. This Standard sets out the
principles for the recognition, measurement, presentation and disclosure of leases. The objective of the standard is to
ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions. The
effective date for adoption of Ind AS 116 is financial periods beginning on or after April 01, 2019.The Company is
currently evaluating the requirements of amendments. The Company believe that the adoption of this amendment will
not have a material effect on its financial statements.

The above statement of changes in equity should be read in conjunction with the accompanying notes

As per our report attached of even date For and on behalf of the Board

For Singhi Bikash & Associates

Chartered Accountants
Firm Registration No. 020937N

EDWIN E. R. COTTA EDGAR M. R. COTTA
(Chairman) (Managing Director)

CA Neeru Agnihotri

Partner

Membership No. 098657

Place: Panaji, Goa JOSE SCHUBERT DE COTTA PRIYANKA SEN

Date: 30th May 2024 (Chief Finanacial Officer) (Company Secretary)

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Mar 31, 2023

CONTIGENT LIABILITY

1. A member desiring to exercise vote by Assent/Dissent should complete this Form (no other
form or photocopy thereof is permitted) and send it to the Scrutinizer, at their cost to reach the
Scrutinizer at the registered office of the Company on or before the close of working hours i.e.
5.00 pm on 29^th September 2023. All Forms received after this date will be strictly treated as if
the reply from such Member has not been received.

2. This Form should be completed and signed by the Shareholder (as per the specimen signature
registered with the Company/ Depository Participants). In case of joint holding, this Form
should be completed and signed by the first named Share holder and in his absence, by the next
named Shareholder.

3. In respect of shares held by corporate and institutional shareholders (companies, trusts,
societies etc.) the completed Assent/ Dissent Form should be accompanied by a certified copy of
the relevant Board Resolution/ appropriate authorization, with the specimen signature(s) of the
authorized signatory (ies) duly attested.

4. The consent must be accorded by recording the assent in the column “FOR” or dissent in the
column “AGAINST” by placing a tick mark (V) in the appropriate column in the Form. The assent
or dissent received in any other form shall not be considered valid.

5. Members are requested to fill the Form in indelible ink and avoid filling it by using erasable
writing medium(s) like pencil.

6. There will be one Assent/ Dissent Form for every folio / Client id irrespective of the number of
joint holders.

7. A member may request for a duplicate Assent/ Dissent Form, if so required and the same
duly completed should reach the Scrutinizer not later than the specified under instruction No.1
above.

8. Members are requested not to send any other paper along with the Assent / Dissent Form.
They are also requested not to write anything in the Assent/ Dissent form except giving their
assent or dissent and putting their signature. If any such other paper is sent the same will be
destroyed by the Scrutinizer.

9. The Scrutinizers decision on the validity of the Assent/ Dissent Form will be final and
binding. Incomplete, unsigned or incorrectly ticked Assent/ Dissent Forms will be rejected.