e) The Company has elected an irrevocable option to designate its investment in equity instruments (other than investment in subsidiary companies) through FVTOCI, as these investments are not held for trading and the Company continues to invest in these securities on long-term basis. This includes investments made in equity of the companies which are leaders in their respective sectors and the Company believes that these investments have potential to remain accretive over the long-term.
f) The Company's investments in unquoted equity shares have been valued based on latest available audited financial statements.
g) Out of the total dividend recognised during the year from investment in equity instruments designated at FVTOCI, Nil (March 31, 2025- Nil) is relating to investments derecognised during the period and ? 53.22 Lakhs (March 31, 2025- ? 39.70 Lakhs) pertains to investments held at the end of the reporting period (Also refer note no. 23).
h) During the year, pursuant to issue of bonus shares in the ratio of 1:1, the Company has received 10,900 equity shares of ? 1 each of HDFC Bank Limited.
i) During the year, pursuant to issue of bonus shares in the ratio of 1:1, the Company has received 5,400 equity shares of ? 1 each of Nestle Limited, taking the total shareholding of the Company to 10,800 equity shares of ? 1 each as on March 31, 2026.
j) The other disclosures regarding fair value and risk arising from financial instruments are explained in note no. 43 & 44.
(b) The fair value of the investment property is ? 8,542.01 Lakhs (March 31,2025- ? 13,097.92 Lakhs) as on March 31, 2026. The fair value has been determined on the basis of valuation carried out at the reporting date by registered valuer as defined under Rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017, as amended from time to time. The main inputs considered by the valuer are government rates, property location, market research and trends, contracted rentals, terminal yields, discount rates and comparable values, as appropriate.
10.2 The title deeds of the immovable properties are held in the name of the Company.
20.2 Rights, preferences and restrictions attached to each class of equity shares
The Company has only one class of equity shares having a face value of ? 10 per share. Each holder of equity share is entitled to one vote per share. The Company may declare and pay dividends. The dividend, if any proposed by the Board of Directors of the Company is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to the number of equity shares held by equity shareholders.
21.1 Refer Standalone Statement of Changes in Equity for movement in balances of reserves.
Nature and purpose of reserves:
21.2 Capital Reserve
Capital reserve is a reserve which is not free for distribution. The balance in this reserve represents the amount of share forfeited by the Company.
21.3 Capital Revaluation Reserve
This represents revaluation of Land at Kolkata.
21.4 Statutory Reserve
Statutory reserve represents the reserve created pursuant to the Reserve Bank of India Act, 1934 (hereinafter referred to as "the RBI Act") and related regulations applicable to those companies. Under the RBI Act, a Non Banking Financial Company is required to transfer an amount not less than 20% of its net profit to a reserve fund before declaring any dividend. Appropriation from this reserve fund is permitted only for the purposes specified by the Reserve Bank of India.
21.5 General Reserve
The general reserve is created from time to time by appropriating profits from retained earnings. The general reserve is created by a transfer from one component of equity to another. Accordingly, it is not reclassified to the statement of profit and loss.
21.6 Retained Earnings
Retained earnings represent the undistributed profit or accumulated earnings of the Company, and includes remeasurement gains/ (losses) resulting from experience adjustments and changes in actuarial assumptions recognised in other comprehensive income.
21.7 Other comprehensive income ("OCI") represents the balance with respect to:
(a) Re-measurement gains/ (losses) resulting from experience adjustments and changes in actuarial assumptions. These gains/ (losses) are recognised directly in OCI during the period in which they occur and are subsequently transferred to Retained earnings.
(b) Cumulative gains/ (losses) arising from the fair valuation of equity investments at fair value through other comprehensive income, net of amounts reclassified to Retained earnings when those instruments are disposed of.
Other non-financial assets (note no. 14) include ? 108.34 Lakhs deposited as interim compensation in terms of the Court Order against the demand of ? 216.67 Lakhs for the Company's leasehold property at Ballard Estate pending adjudication before the Court of Small Causes, Mumbai.
An equivalent amount, as a matter of abundant caution, pending final decision on the matter, has been provided for and included under "Provisions (note no. 17)". The matter currently being sub-judice, and pending before the Court of Small Causes, Mumbai, the consequential adjustments will be given effect to on final decision in this respect.
(b) Contingent asset
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. During the normal course of business, unresolved claims remain outstanding. The inflow of economic benefits, in respect of such claims cannot be measured due to uncertainties that surround the related events and circumstances.
39. Segment reporting
(a) The Company operates mainly in one business segment, viz., investing in immovable properties, fixed deposits, securities including equity, bonds, mutual funds, and carrying out other non-banking financial activities, and as such there are no other reportable segments as identified by the Chief Executive Officer of the Company in terms of requirements under Ind AS 108 "Operating Segments".
(b) Geographical information
The Company operates entirely within India and as such, separate geographical information has not been disclosed.
40. Disclosures for leasing arrangements- Company as a Lessee
(i) Nature of lease:
The Company's significant leasing arrangements are in respect of the following assets:
Premises obtained on lease for administrative offices.
(ii) Amount recognised in the Standalone Statement of Profit and Loss in respect of lease of low value assets have been disclosed in note no. 31.1.
Defined benefit plan
The Company has a defined benefit gratuity plan. Every employee who has completed prescribed period of continuous service is entitled to gratuity. The Company makes contribution to the gratuity fund for future payment of gratuity to its employees.
The present value of obligation is determined based on actuarial valuation using the projected unit credit method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.
(ii) Risks related to defined benefit plans:
The major risks to which the Company is exposed in relation to defined benefit plans are:
(a) Interest rate risk
The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability.
(b) Salary risk
Higher than expected increases in salary will increase the defined benefit obligation.
(iii) The Government of India has notified the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the "Labour Codes"). These Codes have been made effective from November 21, 2025, replacing and consolidating the multiple labour laws then prevailing in the country. In accordance with the requirements of the Indian Accounting Standard 19 "Employee Benefits", changes to employee benefit plans resulting from legislative amendments constitute a plan amendment, necessitating the immediate recognition of any variation in the cost upon such notification.
The potential impact on the employee benefit expenses with respect to the past service costs has been determined actuarially, and impact thereof were not material with respect to the standalone financial statements for the year ended March 31,2026.
The Company continues to monitor the provisions of the Labour Codes and development thereof, including related Central and State rules as and when notified, and implications as relevant to the Company are given effect to in the respective period.
(B) Fair value hierarchy
The fair value of the financial assets and financial liabilities are included at an amount at which the instrument could be exchanged in an orderly transaction between willing parties, other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
(i) Fair value of cash and cash equivalents, other bank balances, trade receivables, other financial assets and other financial liabilities approximate their carrying amounts due to the short-term maturities of these instruments.
(ii) Investments (other than investments in subsidiary companies) which are quoted in active market are fair valued at the reporting date based on the prevailing quote. Investment in unquoted equity shares have been valued based on the latest available audited financial statements. Investment in mutual funds are measured using NAV at the reporting date.
The Company uses the following fair value hierarchy for determining and disclosing the fair value of financial instruments:
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, either directly or indirectly.
Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
The following table provides the fair value hierarchy of the Company's assets and liabilities measured at fair value on a recurring basis:
44. Financial risk management- objectives and policies
The Company's principal financial liabilities includes lease liabilities and other financial liabilities and principal financial assets include investments, cash and cash equivalents, other bank balances and other financial assets.
The Company is exposed to credit risk, liquidity risk and market risk. The Company's senior management under the supervision of Board of Directors oversees the management of these risks. The Company's financial risks are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company's policies and risk objectives.
Market risk is the risk or uncertainty arising from possible market fluctuations resulting in variation in the fair value or future cash flows of a financial instrument. The major components of market risks are currency risk, interest rate risk and other price risk. Financial instruments affected by market risk includes investments, other receivables and payables.
(i) Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company does not have any exposure in foreign currency and accordingly, is not subjected to such risk.
(ii) 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. Since the Company does not have any financial assets or financial liabilities bearing floating interest rates, any change in the interest rates at the reporting date would not have any significant impact on the standalone financial statements of the Company.
(iii) Other price risk
The Company is exposed to equity price risk arising from investments held by the Company and classified in the Balance Sheet at fair value.
To manage its price risk arising from investment in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.
The majority of the Company's equity investments are listed on the Bombay Stock Exchange (BSE) or the National Stock Exchange (NSE) in India.
Sensitivity analysis- equity price risk
The table below summarises the impact of increase/ decrease of the index on the Company's equity and total comprehensive income for the year. The analysis is based on the assumption that the equity/ index had increased by 2% or decreased by 2% with all other variables held constant, and that all the Company's equity investments moved in line with the index.
Other components of equity would increase/ decrease as a result of gain/ losses on equity securities.
The Company's exposure in subsidiary companies are carried at cost and these are subject to impairment testing as per the policy followed in this respect.
(b) Credit Risk
Credit risk is the risk that a customer or counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily loans). The management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. The Company periodically assesses the financial reliability of amounts outstanding, taking into account the financial conditions, current economic trends.
The carrying amount of respective financial assets recognised in the standalone financial statements represents the Company's maximum exposure to credit risk.
The Company establishes an allowance for impairment that represents its estimate of incurred losses in respect of doubtful loans. Receivables are reviewed/ evaluated periodically by the management and appropriate provisions are made to the extent recovery thereagainst has been considered to be remote.
The credit risk on cash and cash equivalents and fixed deposits are insignificant as counterparties are banks with high credit ratings.
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company's objective is to maintain optimum level of liquidity to meet its cash and collateral requirements at all times. The Company relies on internal accruals to meet its fund requirement.
Liquidity Risk Tables
The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the earliest date on which the Company can be required to pay the undiscounted cash flows of financial liabilities. The tables include both interest and principal cash flows as at balance sheet date:
45. Capital Management (a) Risk management
The primary objective of the Company's capital management is to ensure that it maintains a healthy capital ratio in order to support its business and maximise shareholder value. The Company's objective when managing capital is to safeguard their ability to continue as a going concern so that they can continue to provide returns for shareholders and benefits for other stakeholders. The Company is focused on keeping strong total equity base to ensure independence, security, as well as a high financial flexibility for potential future borrowings.
50(a).The Company, neither had any transactions during the years ended March 31,2026 and March 31,2025 with companies, which have been struck off by the Registrar of Companies nor any balance is outstanding from such companies as at the end of respective reporting period.
50(b). No funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), 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 party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly, lend or invest in other persons or entities identified by or on behalf of the Funding Party ("Ultimate Beneficiaries"), or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
51. In respect of the year ended March 31, 2026, the Board of Directors has proposed a final dividend of ? 20 (200%) per share to be paid on fully paid equity shares. The said dividend is subject to approval by shareholders at the Annual General Meeting and accordingly, has not been included as a liability in these standalone financial statements. The proposed equity dividend is payable to all holders of fully paid equity shares.
52. The standalone financial statements have been approved by the Board of Directors of the Company on May 27, 2026 for issue to the shareholders for their adoption.
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