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PROJECTS INTERNATIONAL LIMITED2024-04-012025-03-31Yearly2025-03-31EquitytruetruefalseNot Applicable for this quarter.truetruetruetrueTop 500 listed entitiestruek00024OriginaltruefalseMrMofatraj Pukhraj Munot00046905Non-Executive - Non Independent DirectorChairperson related to Promoter1944-10-04falseActiveYes2022-05-022022-05-021021MrParag Mofatraj MunotAADPM8911H00136337Non-Executive - Non Independent DirectorNot Applicable1969-06-02falseActiveNA1991-09-301020MrDhananjay Mungale00007563Non-Executive - Independent DirectorNot Applicable1953-06-01falseActiveNA2024-04-012024-04-01123343MrBimal Manu TannaABWPT0711C06767157Non-Executive - Independent DirectorNot Applicable1962-04-07falseActiveNA2024-04-012024-04-01124474MsAnjali Karamnarayan Seth05234352Non-Executive - Independent DirectorNot Applicable1958-10-25falseActiveNA2017-05-192020-05-19944484MrShailendra Raj MehtaADZPM3099F02132246Non-Executive - Independent DirectorNot Applicable1959-07-09falseActiveNA2021-08-032021-08-03431100MrManish Dashrathmal Mohnot01229696Executive DirectorNot ApplicableCEO-MD1972-05-15falseActiveNA2006-11-011010MrShailendra Kumar TripathiACTPT3996R03156123Executive DirectorNot ApplicableMD1964-05-02falseActiveNA2023-01-041000truetruetruetruetrueAudit Committee00007563Dhananjay MungaleNon-Executive - Independent DirectorChairperson2024-04-01Audit Committee00046905Mofatraj Pukhraj MunotNon-Executive - Non Independent DirectorMember2022-05-14Audit Committee06767157Bimal Manu TannaNon-Executive - Independent DirectorMember2024-04-01Audit Committee05234352Anjali Karamnarayan SethNon-Executive - Independent DirectorMember2024-04-01Nomination and remuneration committee00007563Dhananjay MungaleNon-Executive - Independent DirectorChairperson2024-04-01Nomination and remuneration committee00136337Parag Mofatraj MunotNon-Executive - Non Independent DirectorMember2022-04-01Nomination and remuneration committee05234352Anjali Karamnarayan SethNon-Executive - Independent DirectorMember2024-04-01Stakeholders Relationship Committee05234352Anjali Karamnarayan SethNon-Executive - Independent DirectorChairperson2021-02-13Stakeholders Relationship Committee01229696Manish Dashrathmal MohnotExecutive DirectorMember2014-05-29Stakeholders Relationship Committee00136337Parag Mofatraj MunotNon-Executive - Non Independent DirectorMember2015-05-30Risk Management Committee06767157Bimal Manu TannaNon-Executive - Independent DirectorChairperson2024-04-01Risk Management Committee02132246Shailendra Raj MehtaNon-Executive - Independent DirectorMember2024-03-29Risk Management Committee01229696Manish Dashrathmal MohnotExecutive DirectorMember2019-02-01Risk Management Committee03156123Shailendra Kumar TripathiExecutive DirectorMember2023-05-08Risk Management Committee99999999Sanjay Shivratan DalmiaExecutive Director (Non-board position)Member2024-03-29Mr. Sanjay Shivratan Dalmia is not a Director of the Company but is acting as member of the Committee in his capacity as Executive Director (non-board position) of the Company.Risk Management Committee99999999Amit UplenchwarDirector - Strategy Business GroupMember2023-05-08Mr. Amit Uplenchwar is not a Director of the Company but is acting as member of the Committee in his capacity as Director - Strategy Business Group of the Company.Risk Management Committee99999999Ram PatodiaChief Financial OfficerMember2019-02-01Mr. Ram Patodia is not Director of the Company but acting as member of the Committee in his capacity as Chief Financial Officer of the CompanyCorporate Social Responsibility Committee02132246Shailendra Raj MehtaNon-Executive - Independent DirectorChairperson2024-04-01Corporate Social Responsibility Committee00046905Mofatraj Pukhraj MunotNon-Executive - Non Independent DirectorMember2022-05-14Corporate Social Responsibility Committee00136337Parag Mofatraj MunotNon-Executive - Non Independent DirectorMember2015-05-30Corporate Social Responsibility Committee01229696Manish Dashrathmal MohnotExecutive DirectorMember2014-05-292024-10-28true8842025-02-13107true8842025-03-0519true884Audit Committee2024-10-28true4430Audit Committee2025-01-0972true4430Audit Committee2025-02-1334true4430Audit Committee2025-03-0519true4430Nomination and remuneration committee2024-10-28true3320Nomination and remuneration committee2025-02-13107true3320Corporate Social Responsibility Committee2024-10-28true4410Corporate Social Responsibility Committee2025-02-13107true4410Risk Management Committee2025-03-0519true4422truetruetruetrueYestruetruetrueShweta GirotraCompany Secretary and Compliance OfficerYeshttps://kalpataruprojects.com/business-landing.htmlYeshttps://kalpataruprojects.com/api/view-file/Memorandum&ArticlesofAssociation.pdfYeshttps://kalpataruprojects.com/board_of_directors.htmlYeshttps://kalpataruprojects.com/api/view-file/Terms%20and%20conditions%20for%20Appointment%20of%20ID%20(1).pdfYeshttps://kalpataruprojects.com/api/view-file/Composition-of-various-committees-of-Board-2021.pdfYeshttps://kalpataruprojects.com/api/view-file/Code-of-Conduct-August.pdfYeshttps://kalpataruprojects.com/api/view-file/Whistle-Blower-Policy-November-2021.pdfYeshttps://kalpataruprojects.com/api/view-file/Policy-on-Remuneration-for-Directors-KMPs-and-Other-Employees.pdfYeshttps://kalpataruprojects.com/api/view-file/RPT-Policy_Amendment-01042022_Final.pdfYeshttps://kalpataruprojects.com/api/view-file/Policy-for-Material-Subsidiary-April.pdfYeshttps://kalpataruprojects.com/investors/investor-information/investor-informationYeshttps://kalpataruprojects.com/investors/shareholder-services/contact-details-for-investor-grievancesYeshttps://kalpataruprojects.com/investors/shareholder-services/contact-details-for-investor-grievancesYeshttps://kalpataruprojects.com/investors/financials/quarterly-result/resultsYeshttps://kalpataruprojects.com/investors/corporate-governance/shareholding-patternNAYeshttps://kalpataruprojects.com/investors/investor-information/communications/schedule-of-analyst-or-institutional-investors-meet 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https://kalpataruprojects.com/quarterly-financial-results-published-in-newspaper.htmlYeshttps://kalpataruprojects.com/investors/investor-information/credit-ratingYeshttps://kalpataruprojects.com/investors/financials/annual-reports/financials-of-subsidiariesYeshttps://kalpataruprojects.com/investors/investor-information/secretarial-compliance-reportYeshttps://kalpataruprojects.com/api/view-file/Policy-on-disclosure-of-Material-events-Final.pdfYeshttps://kalpataruprojects.com/api/view-file/1.-SEIntimationupdatedContactInfo_.pdfYeshttps://kalpataruprojects.com/investors/investor-information/communications/company-announcementYeshttps://kalpataruprojects.com/investors/investor-information/statement-of-deviationYeshttps://kalpataruprojects.com/api/view-file/Dividend-Distribution-Policy.pdfYeshttps://kalpataruprojects.com/investors/investor-information/annual-returnNAYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesNAYesNAYesNAYesYesYesYesYesYesNAYesYesYesNANAShweta GirotraCompany Secretary and Compliance OfficerYesShweta GirotraCompany Secretary and Compliance OfficerfalseShweta GirotraCompany Secretary and Compliance OfficerMUMBAI2025-04-1701100Telangana State Municipal Administration DepartmentThe Authority has levied a penalty of INR 5 lakhs in connection with project site related activities, which was paid by the Company.2025-01-10Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe authority had detained the vehicle carrying certain goods to the project site arbitrarily alleging discrepancy in documents. The goods were accompanied with all valid necessary documents. The authority vide order of detention had demanded to pay penalty of INR 1.39 lakhs. The amount of penalty has been paid through electronic cash ledger. The goods and vehicle have been released, the Company will file an appeal before appellate authority for refund.2025-01-16Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe authority vide its Order has demanded penalty for the financial year 2017-18 to 2019-20 on the ground of supply of goods to non-existent firm. The Authority under the said Order has demanded to pay penalty of INR 4.37 lakhs. The Company has a strong case to defend the matter before the Authorities and filed an appeal before Appellate Authority on 20.03.2025 against the said Order.2025-01-20Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe authority vide its Order has demanded tax along with penalty for the financial year 2017-18 and 2018-19 on grounds of disallowance of ITC availed and reversed. The authority has demanded to pay penalty of INR 0.87 lakhs which has been paid through electronic cash ledger. 2025-01-23Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe Authority had detained the vehicles moving for weighment, at the project site alleging that goods are found without documents. The authority has recovered the penalty amount of INR 4.97 lakhs from electronic cash ledger. The Company will file appeal before appellate authority for refund.2025-01-25Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe authority vide its Order has demanded tax, interest and penalty pertaining to erstwhile JMC Projects (India) Limited (since amalgamated with the Company) for the F.Y. 2017-18 on grounds of availment of ineligible Input Tax Credit. The authority has demanded to pay penalty of INR 0.03 lakhs, which has been paid through electronic cash ledger.2025-01-27Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe authority vide its Order has demanded tax, interest and penalty pertaining to erstwhile JMC Projects (India) Limited (since amalgamated with the Company) for the F.Y. 2017-18 on the grounds of availment of ineligible Input Tax Credit. The Authority under the said Order has demanded to pay penalty of INR 8.99 lakhs. The Company has a strong case to defend the matter before the Authorities since the order is issued without considering the documentary evidences submitted by the Company. Further, the Company will file an Appeal before Appellate Authority against the said Order within prescribed timelines.2025-01-27Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe authority vide its Order has demanded tax, interest and penalty pertaining to erstwhile JMC Projects (India) Limited (since amalgamated with the Company) for the F.Y. 2017-18 on the grounds of availment of ineligible Input Tax Credit. The authority has demanded to pay penalty of INR 3.19 lakhs. The Company has a strong case to defend the matter before the Authorities and will prefer an appeal before Appellate Authority against the said Order within prescribed timelines.2025-01-29Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe authority vide its Order has demanded tax, interest and penalty pertaining to a consortium wherein the Company is a member for the F.Y. 2022-23 on alleged grounds of wrong availment of Input Tax Credit. The authority has demanded to pay penalty of INR 939/- which has been paid through electronic cash ledger.2025-01-31Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe authority vide its Order has demanded interest and penalty for the financial year 2017-18 on the ground of excess availment of Input Tax Credit. The Authority under the said Order has demanded to pay penalty of INR 5.70 lakhs. The Company has a strong case to defend the matter before the Authorities since the order is issued without considering the reply submitted by the Company. Further, the Company will prefer an appeal before Appellate Authority against the said Order within prescribed timelines.2025-01-31Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe authority vide its Order has demanded interest and penalty for the financial year 2017-18 on the ground of short payment of GST. The Authority under the said Order has demanded to pay penalty of INR 4.76 lakhs. The Company has a strong case to defend the matter before the Authorities since the order is issued without considering the reply submitted by the Company. Further, the Company will prefer an appeal before Appellate Authority against the said Order within prescribed timelines.2025-01-31Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.The Federal Democratic Republic of Ethiopia, Ministry of Revenues Medium Tax Payers No-2 Branch OfficeThe Authority vide its Order has demanded tax along with interest and penalty for F.Y. 2022-23 and 2023-24 on account of expenses disallowed. The Authority under the said order has demanded penalty of ETB 6,17,688 (~INR 4.3 lakhs). However, on filing of the application for waiver, penalty was waived off immediately.2025-02-07Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe Authority vide its Order has demanded tax along with interest and penalty for the financial year 2020-21 on alleged grounds of reversal of ineligible claim of input tax credit. The authority demanded penalty of INR 0.20 lakhs, which has been paid by the Company.2025-02-16Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.Direction Generale Des Impots, NigerThe branch office of the Company situated in Niger had received the tax assessment order on 18.01.2025 with demand of tax and penalty which was subsequently revised twice. As per latest assessment order, the authority has demanded to pay penalty of XOF 1,001,686 (~INR 1.5 lakhs) on account of disallowance of expenses, VAT under reverse charge mechanism and higher withholding tax for the financial year(s) 2022 and 2023. The penalty amount has been paid by the branch office.2025-02-17Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe Authority vide its Order has demanded tax along with interest and penalty pertaining to erstwhile JMC Projects (India) Limited (since amalgamated with the Company) for the financial year 2020-21 on grounds of reversal of ineligible claim of input tax credit. The authority demanded penalty of INR 0.30 lakhs, which has been paid by the Company. 2025-02-21Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.Registrar of Companies, IraqThe branch office of the Company situated in Iraq has received Notice from Registrar of Companies imposing fine for delay in submission of audit report for CY 2023. The Authority under the said Notice demanded fine of IQD 51,54,000 (~INR 3.43 lakhs), which was paid by the branch office.2025-02-25Covered under point Nature and details of the action(s) taken or order(s) passed.The fine levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe authority vide its Order has demanded tax, interest and penalty for the F.Y. 2020-21 to F.Y. 2022-23 on alleged grounds of excess availment of Input Tax Credit. The Authority under the said Orders has demanded to pay penalty of INR 6.89 lakhs. The Company has a strong case to defend the matter before the Authorities since the Order is issued without considering the reply and documentary evidences submitted by the Company. Further, the Company will prefer an appeal before the Appellate Authority against the said Order within prescribed timelines.2025-02-27Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe authority vide its Order has demanded tax along with interest and penalty for the financial year 2020-21 on grounds of excess ITC availed under RCM. The authority has demanded to pay penalty of INR 8.83 lakhs. The authority has not considered our submission and issued the Order. The Company has apprised the same to the authority with its contention to rectify the order.2025-02-28Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe authority vide its Order has demanded penalty pertaining to a consortium wherein the Company is a member for the F.Y. 2022-23 (Tax Period March 2023) on alleged grounds of non-maintenance of Books of Accounts and non-display of GST Certificate at the Registered Place of Business. The Authority under the said Order has demanded to pay penalty of INR 0.20 lakh, which has been paid by the Company.2025-03-24Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.GST AuthorityThe Authority had detained the vehicle carrying certain goods to another location arbitrarily alleging that the Company has delivered goods at the location of Custom House Agent, which is not registered with GST Authority. The same need not required to be registered in Company registration certificate. The goods were accompanied with all valid necessary documents. The penalty amount of INR 2.79 lakhs has been recovered by the authority from electronic cash ledger. The Company will file appeal before appellate authority for refund. 2025-03-25Covered under point Nature and details of the action(s) taken or order(s) passed.The penalty levied is covered under point Nature and details of the action(s) taken or order(s) passed. The same does not have any significant impact on the Company.Income Tax authority (Assessment Year: 2021-22)2024-10-24The Income Tax authority vide an Assessment Order under the provisions of Section 143(3) r.w.s 144C(13) of the Income Tax Act, 1961 (the “Act”) had demanded tax and interest (u/s 156 of the Act) for the A.Y. 2021-22 on the grounds of classification of carbon credit as revenue receipt as against capital receipt, disallowances of certain expenses, transfer pricing adjustment(s). Further, the authorities had not granted credit of taxes paid on buy back of shares (which the Company had already paid as and when due) and had not allowed deduction of claim of dividend u/s 80M which are mistake apparent from records. The authority under the said Order had raised tax demand of INR 64.07 Crores along with interest of INR 9.84 Crores.The Company had filed a rectification application before the authorities to rectify the mistake apparent from records. The Income Tax Authority issued a rectification order on January 13, 2025, granting the relief requested in the application. However, the authority made the same errors when applying the relief in computing the demand. Consequently, the Company filed another rectification application on January 28, 2025 and the same is pending for disposal as on date. The Company had also filed an appeal before Hon'ble Income Tax Appellate Tribunal. The same is pending for hearing.Income Tax authority (Assessment Year: 2018-19)2021-10-13Various appeals filed or under process of filing, by the Company, for various assessment year(s), due to disallowance u/s. 80-IA, 14(A), disallowance of various expenses, erroneous estimation of net profit under Block assessment, other disallowances, addition of income, Treating of carbon credit as revenue receipt etc. Total consolidated amount for various assessment years involved in the pending material litigations was ~ INR 80.70 Crores as per the disclosure dated 29th September, 2023 filed by the Company with the stock exchanges.For the Assessment Year 2018-19, the Company had filed detailed written submission. A Hearing was done before CIT(A) and the Company is awaiting Order.Income Tax authority (Assessment Year: 2018-19)2022-11-21Various appeals filed or under process of filing, by the Company, for various assessment year(s), due to disallowance u/s. 80-IA, 14(A), disallowance of various expenses, erroneous estimation of net profit under Block assessment, other disallowances, addition of income, Treating of carbon credit as revenue receipt etc. Total consolidated amount for various assessment years involved in the pending material litigations was ~ INR 80.70 Crores as per the disclosure dated 29th September, 2023 filed by the Company with the stock exchanges.For the Assessment Year 2018-19, the consortium in which the Company is a member has filed written submission before CIT(A) and is awaiting notice of hearing.VAT Authority (Assessment for the period June 2014 to June 2017)2023-06-27Various appeals filed or under process of filing, by the Company under VAT, CST, Entry Tax - Due to disallowance of Input Tax Credit (on account of disallowance of labour & like charges, alleged non-submission of requisite forms etc.), Works contract Tax credit, enhancing taxable turnover, reduction in refund, levy of Entry Tax etc. Total consolidated amount for various assessment years involved in the pending material litigations was ~ INR 142.86 Crores as per the disclosure dated 29th September, 2023 filed by the Company with the stock exchanges.For Assessment period June 2014 to June 2017, writ petition was filed before High court. The matter is at hearing stage.Income Tax Authority (Assessment Year: 2013-14 to 2020-21)2025-03-31The Deputy Commissioner of Income Tax, Central Circle- 3(3), Mumbai (“DCIT”) has reassessed the income pursuant to the search conducted in August, 2023 and has passed the re-assessment orders for eight years i.e. from AY 2013-14 to AY 2020-21 as per the applicable provisions of the Income Tax Act, 1961 (the “Act”). The DCIT vide its orders of reassessment, raised demand of tax and interest u/s 156 of the Act for eight years i.e. from A.Y. 2013-14 to 2020-21, by making certain additions / disallowances and initiated penalty proceedings. The aggregate impact of demand / reduced refund for the A.Y. 2013-14 to A.Y. 2020-21 (except for A.Y. 2016-17) is INR 141.31 Crores. Based on the external legal advisers’ view and its own assessment, the Company is of the view that it has strong case (including favorable precedents in its own case in respect of certain addition(s)) to defend the matters before the appellate authorities. Accordingly, the Company will contest the same and shall take appropriate legal remedies against the said orders. Therefore, the said orders does not have significant financial implications on the Company. The Company will file appeal against the said Orders within prescribed timelines. Further, prima facie there are certain mistakes apparent from the records, in aforesaid demand computed by the tax authorities, for which the Company is in the process of filing rectification application(s). Apart from the above, for A.Y. 2016-17, while there are no additions made to the total income of the Company, the tax authorities have erroneously raised a demand of INR 95.83 crores, apparently due to certain system issues. The Company has already filed an application for rectification of the same, which will nullify the said demand for AY 2016-17. No update during the quarter as the Orders were received on March 31, 2025. Further, an update disclosure was submitted to the stock exchanges on 03rd April, 2025 informing about receipt of rectification order, through which the demand of Rs. 95.83 Crores for the AY 2016-17 has been rectified and reduced to Nil.00000000Nil00Nil00Nil00Nil00Nil00Nil00Nil00Nil00All loans (or other form of debt), guarantees, comfort letters (by whatever name called) or securities in connection with any loan(s) (or other form of debt) given directly or indirectly by the listed entity to promoter(s), promoter group, director(s) (including their relatives), key managerial personnel (including their relatives) or any entity controlled by them are in the economic interest of the company.trueRAM PATODIACFOMumbai2025-04-17