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LIMITEDMain BoardEquity2024-04-012025-03-312025-05-292025-05-23INRLakhsQuarterlyFourth quarterMulti segment2025-05-2914:30:002025-05-2915:20:00trueCash Flow IndirectStatement on impact of audit qualification2025-01-012025-03-31AuditedConsolidated10081220002753740001283496000154972000079038000170600011370524000-8226000-69743900004623624000-33401280000-3340128000163890000138289500015467850000-48869130000000-4886913000-15803000-4902716000-3099558000-1787354000-3115550000-178735400052326020002-1.18-1.1800-1.18-1.182024-04-012025-03-31AuditedConsolidated3216894000751154000396804800049955140000874700002937610002672148500039559000212373700034261526000-302934780000-30293478000175078000131314600014882240000-317817020000000-31781702000-14092000-31795794000-25934715000-5846987000-25948996000-584698700052326020002-74063778000-9.91-9.9100-9.91-9.91Other Expenses-6974390000Other Expenses2123737000631442000200651300011219000038380790005739000650600000205934220000059200700021185429000-10520002746300027812309000281436620001153800060127560003131816000277104900016008900004954554000184826030000189920580000236546845000002643591540005232602000-73409201000-68176599000-13508253000-81684852000409768000000429310004526990004560104000001034302000604710500072800410000011464141000114641410008703327000017129782100016902225200019053000-342225000033999690100000346044006000264359154000Real Estate & Related Activities747586000Property Management308351000Hospitality94903000Transmission Tower0Investment & Other Activities132656000Real Estate & Related Activities1894156000Property Management1597976000Hospitality342914000Transmission Tower0Investment & Other Activities133002000128349600039680480000012834960003968048000Real Estate & Related Activities7888821000Property Management-7552000Hospitality17117000Transmission Tower0Investment & Other Activities132010000Real Estate & Related Activities-3946762000Property Management187910000Hospitality56510000Transmission Tower0Investment & Other Activities1302030008030396000-357213900011370524000267214850000-146000-3340128000-30293478000Real Estate & Related Activities254578376000Property Management4048420000Hospitality1946706000Transmission Tower0Investment & Other Activities37856520002643591540000264359154000Real Estate & Related Activities337350129000Property Management5130363000Hospitality3243825000Transmission Tower0Investment & Other Activities319690000346044007000034604400700026707204000-14693000794404000000-106977100000155506600000039559000000009185000357000442474000000-8646800003401000027495056000-2798422000000-206438500047000-733990000000000001014500040067000508900000199971000000000000000000357000460298000007396620000000000005747700000000-57477000-518050000-5180500031836230003131818000Items that will not be reclassified to profit and loss-15803000-15803000Items that will not be reclassified to profit and loss-14092000-140920000000-15803000-14092000AuditedDisclaimer of opinionGSA & ASSOCIATES LLPtrue2027-02-28396804800039680480003426152600034261526000-31781702000-31781702000-9.91-9.91264359154000264359154000346044006000346044006000-81684852000-81684852000A) Audited Consolidated Financial Results, which include audited results in respect of 53 Indian subsidiaries and unaudited results of 164 subsidiaries (including 32 foreign subsidiaries). The details are as under: <br></br> Further, in case of 32 foreign subsidiaries, the management has incorporated the last available financial information. <br></br> Pursuant to regulation 33(3)(h) of the Listing Obligations and Disclosure Requirements of Securities and Exchange Board of India, the holding company shall ensure that, for the purposes of quarterly consolidated financial results, at least 80% of each of the consolidated revenue, assets and profits, respectively, shall have been subject to audit. The consolidated financial results of the holding company and audited subsidiary companies consist of 85.95% of the consolidated revenue, 67.64% of the consolidated assets and 59.11% of the consolidated loss that have been audited by auditors of holding company. Accordingly, the holding company is in non-compliance of the requirements of Listing Obligations and Disclosure Requirements of Securities and Exchange Board of India. <br></br> B) No details are available with the Holding Company for 17 joint ventures and 4 associates for year ended 31st March 2025 and accordingly the same have not been considered for consolidation. In accordance with the provisions of Indian Accounting Standard 110 Consolidated Financial Results, the same are required to be Audited Consolidated in the financial results. <br></br> In view of the above, we are unable to express an opinion on this matter.Disclaimer of opinionRepetitiveNANAUnitech Limited has 185 Indian Subsidiary Companies out of which 08 subsidiary Companies had been struck off by the Registrar of Companies, NCT Delhi and Haryana. The Management moved the National Company Law Tribunal (NCLT) for revival of the struck off subsidiaries. As on date, all the subsidiaries have been ordered to be revived. <br></br> M/s Unitech Power Transmission Limited, ceases to be the subsidiary company of M/s Unitech Limited wef 13th March, 2025 in terms of Share Purchase Agreement executed on 11th March, 2025 amongst M/s Unitech Ltd, six subsidiary companies (holding 10 shares each jointly with M/s Unitech Ltd.), M/s Unitech Power Transmission Limited and M/s Auro Infra Private Limited. The Share Purchase Agreement was executed pursuant to the approval of Honble Supreme Court vide its orders dated 11.12.2024 at a price of Rs 5089.00 lakh on as-is-where-is-whatever-is basis. <br></br> The progress in audit of accounts of these 185 subsidiaries is as under: <br></br> (a) Statutory Auditors appointed in respect of 162 Indian subsidiary companies so far and statutory audit in respect of 53 subsidiaries is up to date; <br></br> (b) Appointment of Statutory auditors under progress in case of 10 subsidiaries; <br></br> (c) For the remaining 13 Subsidiaries, wherein there is a substantial foreign investment, necessary steps are being taken by the Company in this regard <br></br> <br></br> As regards 32 foreign subsidiaries along with Libya Division and 03 foreign JVs, the management has listed down their available details. These are as under: <br></br> (a) Audited Balance Sheets of 04 foreign subsidiaries, 02 foreign JVs, and that of Libya Division are not available with the Company. <br></br> (b) For rest of the Companies, the last audited available Balance Sheets are those of 31.03.2017 except for two Companies whose available Balance Sheets are those of 31.03.2010 and 31.03.2016. Moreover, it is pertinent to mention that, as per information available to the new management, the Central Investigating Agencies are believed to be engaged with the issues pertaining to these entities. <br></br> In the FY 2025-26, the Management has plans to complete the statutory audit of most of the Indian subsidiaries to make compliance of the regulations 33(h) of Listing Obligations and Disclosure Requirements of SEBI.Can not be quantified as on the date of our report due to details not availableWe draw attention of the audited Consolidated Financial Results, which have made references to the Resolution Framework (RF) for Unitech group. The company has requested the Honble Supreme Court to grant some concessions and reliefs so that the company is able to fulfil its obligations towards the construction of the projects and meet other liabilities. Resolution framework of Unitech group filed by New Management before the Honble Supreme Court on 15th July, 2020, Revised Version on 5th February, 2021 and Revised Version on 8th August, 2022 has not yet been approved by the Honble Supreme Court. Accordingly, the impact of the proposed reliefs, concessions etc. have not been considered in the books of accountsDisclaimer of opinionRepetitiveNANAThe points mentioned herein are informatory in nature and the Management has no further comments to offer on the sameCan not be quantified as on the date of our report due to details not availableThe management has represented that the audited Consolidated Financial Results have been prepared on a going concern basis, notwithstanding the fact that the Holding Company has eroded its net worth and has incurred losses, both in the current and previous year, and has challenges in meeting its obligations, servicing its current liabilities including bank loans and public deposits. The Holding Company also has various litigation matters which are pending before different forums. Further, the New Management has inherited various projects of the Company, which are pending for considerable construction and residual works to be completed. <br></br> In compliance of the directions of the Honble Supreme Court, as contained in courts order dated 20th January 2020, the appointed Board of Directors has requested the Honble Supreme Court to grant certain concessions and reliefs so that the Holding Company is able to fulfil its obligations towards the construction and completion of in-complete projects and meet other liabilities. <br></br> These conditions indicate the existence of material uncertainty that may cast significant doubt about Companys ability to continue as a going concern. The appropriateness of assumption of going concern is critically dependent upon the Companys ability to raise finance and generate cash flows in future to meet its obligations, and also on the final decision of the Honble Supreme Court on the Resolution Framework. Also, the Board of Directors are exploring various possible options for completion of ongoing projects and are trying to generate additional possible revenues by construction of new flats. <br></br> Considering the above, we are unable to express an opinion on this matter. Disclaimer of opinionRepetitiveNANAThe Management has already stated its position in the Resolution Framework submitted in the Honble Supreme Court on 15.07.2020, followed by updated versions submitted on 05.02.2021 and on 08.08.2022, wherein the Honble Supreme Court has been prayed to grant certain concessions and reliefs so that the Company is able to fulfill its obligations towards the construction and completion of projects and meet other liabilities. The reasons for opting against winding up the Company or its reference under IBC have fully been explained in the application filed for submission of the Resolution Framework. The Management is hopeful that as per mandate given by Honble Supreme Court, the company would be able to generate sufficient funds to complete the projects as per timelines notified in the award of contracts and, accordingly, no material uncertainty exists in the Company continuing as a going concern. As such, expressing doubts about the Company as an ongoing concern is rather pre-mature at this stage.Can not be quantified as on the date of our report due to details not availableThe Management of the Company has not conducted any impairment assessment for the investments made by the erstwhile management in joint ventures and associates having aggregate carrying value of Rs. 458,79.43 lakhs, despite of strong indicators existing for impairment assessment, as required by Ind AS 36, Impairment of Assets. In view of non-existence of any impairment study, we are unable to conclude upon the adjustments, if any, that may be required to the carrying value of these investments and its consequential impact on the audited Consolidated Financial Results.Disclaimer of opinionRepetitiveNANAThe matter regarding investment in Carnoustie Management Pvt Ltd (CMPL) and CIG is under investigations by the Investigating Agencies and the Enforcement Directorate (ED) has issued various attachment orders. The Management has included the transactions with CMPL and CIG as avoidable in the Resolution Framework submitted before the Honble Supreme Court. It is pertinent to mention here that Unitech Limited has also filed an IA in the Honble Supreme Court for the recovery of the investments made in CMPL, which has been heard but the order is awaited. <br></br> However, keeping in view the investigations being carried out by the ED, approval of the Provisional Attachment Orders (PAOs) by the Adjudicating Authority and the ED having filed Prosecution Complaints before the Special Court under the PMLA, the Company is left with no option but to await the final outcome in these matters. <br></br> In view of the position explained above, it is neither possible nor feasible at this stage to undertake any impairment assessment. The impairment assessment can be got conducted by the company through some expert in accordance with applicable Accounting Standards (Ind As 36), only after having in possession the complete details / documents / reports etc.Can not be quantified as on the date of our report due to details not availableDue to legacy issues inherited from erstwhile management, the company is not having evidence about the recognition of fair value of the estimated loss allowance on loans given by erstwhile management to joint ventures and associates amounting to Rs. 83,81.00 lakhs and trade receivables from joint ventures and associates amounting to Rs. 18,68.59 lakhs as required by Ind AS 109, Financial Instruments. Also, loans and advances given to unrelated entities by erstwhile management amounting to Rs. 861,74.52 lakhs, trade receivables amounting Rs 582,58.97 lakhs, inter corporate deposit amounting to Rs. 248,69.74 lakhs and security deposits given amounting Rs. 531,03.42 lakhs is also exposed to estimated loss allowance.Disclaimer of opinionRepetitiveNANAAll available information /details/ documents in possession of the Management stand provided to the Statutory Auditors. However, the fair estimation w.r.t. the recognition of fair value of the estimated loss allowance on loans given by the erstwhile management to subsidiary companies, joint ventures and associates and trade receivables from subsidiary companies, joint ventures and associates, is not feasible as of now, because of the ongoing investigations by the ED, and the ED having filed charge-sheets before the Adjudicating Authority under PMLA and the matter being sub-judice. This job will be completed by engagement of experts only after the final verdicts are available from the Honble Court(s).Can not be quantified as on the date of our report due to details not availableWe draw attention to the details of corporate bank guarantees Rs. 124530.73 lakhs issued by the erstwhile management for its joint ventures. Due to legacy issues inherited from erstwhile management, the company is not having sufficient evidence regarding recognition of fair value of the estimated loss allowance on corporate guarantee given by erstwhile management on behalf of its subsidiary, joint ventures and associates amounting unable to express an opinion on the fair value of estimated loss allowance on corporate and bank guarantee.Disclaimer of opinionRepetitiveNANAThere are a number of secured, unsecured and operational creditors qua the company and its subsidiaries, JVs and other affiliates. Further, the Company and promoters have also given various kinds of Guarantees, including Bank Guarantees and Corporate Guarantees, the lists whereof (to the extent of availability of records), surviving or matured, have been shared with Statutory Auditors. However, it may not be possible to vouchsafe at this stage that these are the only Guarantees given by the Company. <br></br> The issues pertaining to secured, unsecured and operational creditors have been covered in Chapter -3 of the Resolution Framework (RF). Apart from seeking various reliefs and concessions qua such creditors, the RF also contains a provision on invitation of Claims and settlement thereof (3.2). These issues have yet not been adjudicated by the Honble Supreme Court. Hence, it is neither possible nor feasible at this stage to undertake any impairment assessment of secured creditors, and/or Corporate Guarantees till these related issues are crystallized and settled by the Honble Supreme Court. Likewise, some of the investments/ advances made by the company are a subject matter of investigations being conducted by various Central Investigating Agencies.Can not be quantified as on the date of our report due to details not availableThe Management of the Company has not conducted any impairment assessment for the investments made by the erstwhile management in unrelated companies/ entities having aggregate carrying value of Rs. 1600,54.80 lakhs, despite of strong indicators existing for impairment assessment, as required by Ind AS 36, Impairment of Assets. In view of non-existence of any impairment study, we are unable to conclude upon the adjustments, if any, that may be required to the carrying value of these investments and its consequential impact on the audited Consolidated Financial Results.Disclaimer of opinionRepetitiveNANAAs already stated, various issues (including the investments made and advances given for purchase of land by the erstwhile management in unrelated companies/ entities) as mentioned in Resolution Framework have yet not been adjudicated by the Honble Supreme Court. Hence, it is neither possible nor feasible at this stage to undertake any impairment assessment of investments made and advances given for purchase of land by the erstwhile management till these related issues are crystallized and settled by the Honble Supreme Court. Likewise, some of the investments/ advances made by the company are a subject matter of investigations being conducted by various Central Investigating Agencies.Can not be quantified as on the date of our report due to details not availableThe group has goodwill amounting to Rs. 383,80.79 Lakhs appearing in the audited Consolidated Financial Results as on 31st March 2025 on account of acquisition of subsidiary companies. The management has not conducted any impairment assessment for said goodwill which is required pursuant to the provisions of Indian Accounting Standard 36 Impairment of Assets. In absence thereof, we are unable to comment upon the appropriateness of the carrying value of goodwill and its consequential impact on the audited Consolidated Financial Results.Disclaimer of opinionRepetitiveNANAThe company is in the process of conducting impairment study of this Goodwill which has emerged over the years on account of acquisition of companies. The management had initiated the Impairment Process and, accordingly, impaired Goodwill to the tune of Rs. 1,878.75 lakhs during the F.Y. 2020-21.Can not be quantified as on the date of our report due to details not availableBalance of amounts due to/ from trade receivables, trade payables (including MSME Vendors), bank balances, borrowings, advance received from customers, advance to suppliers, security deposits, other loans and advances, advance for purchase of land, inter corporate deposits and other assets are pending for reconciliation / confirmation. The overall impact of the above and the consequential impact of same on audited Consolidated financial results are not ascertainable and cannot be concluded upon.Disclaimer of opinionRepetitiveNANAIt is stated that as per Standards on Auditing (SA)-505 prescribed by the Institute of Chartered Accountants of India (ICAI), the process of external confirmation is to be initiated by the Statutory Auditors for directly obtaining the evidence from the confirming parties at their level. However, the Management would initiate and follow-up on this exercise keeping the Statutory Auditors in loop with respect to the outstanding balances as on 31.03.2025. It would therefore be appropriate that the Statutory Auditors take up external confirmations based on random sampling basis since obtaining confirmation from all the parties would be a time-consuming exercise.Can not be quantified as on the date of our report due to details not availableAmount recoverable from GNIDA amounting Rs.1,83,39.80 lakhs is subject to confirmation / reconciliation. In view of absence of the reconciliation, we are unable to conclude on the consequential impact of same on audited Consolidated financial resultsDisclaimer of opinionRepetitiveNANAIt is a statement of fact that the said balance is subject to confirmation/ reconciliation. Attention in this behalf is invited to the Orders dated 01.02.2023 of the Honble Supreme Court wherein it has been held that the determination of dues of Noida, (including those of GNIDA) would be taken up separately after hearing the Government appointed Board and the Authorities. <br></br> The latest progress with regard to the issues pending between Noida and Greater Noida Authorities and Unitech Group, is that the Honble Supreme Court, vide its order dated 18.12.2024, requested Honble Justice (Retd.) Abhay Manohar Sapre, a former Judge of the Supreme Court, to make an attempt to amicably resolve the issues of outstanding dues and possession of allotted land between Noida/ Greater Noida Authorities and the Unitech. Pursuant thereto, meetings have been held at the level of Justice (Retd.) A.M. Sapre wherein some of the issues have been partially resolved. However, there has been no progress on the issue of outstanding dues. The Honble Supreme Court, vide its latest orders dated 21.05.2025, has directed NOIDA to submit its claims before the Court within four weeks. The Unitech Ltd. may submit its counter reply within two weeks thereafter. Post this application on 21.08.2025 for final determination and quantification of dues payable by Unitech Ltd. to NOIDACan not be quantified as on the date of our report due to details not availableVariation of Rs. 934.15 lakhs has been observed between balance lying with Supreme Court registry and books of accounts and the same is under reconciliation. In view of absence of the reconciliation, we are unable to conclude on the consequential impact of same on audited Consolidated financial results.Disclaimer of opinionRepetitiveNANAThe variations amounting to Rs 934.15 lakhs were observed between the Balance as per books of Accounts vis--vis as per Supreme Courts Registry in Financial Year 2022-23. It has been taken up with the Supreme Court Registry repeatedly and will be reconciled as soon as the relevant information is received from the Registry.Can not be quantified as on the date of our report due to details not availableA) Statutory dues, in the books of holding company, related to Income-tax Act, 1962 amounting Rs. 79,29.00 lakhs, Professional Tax amounting to Rs. 0.59 Lakhs, Employees Provident Funds and Miscellaneous Provisions Act, 1952 amounting to Rs. 24,42.87 lakhs pertaining to the period of erstwhile management, are unpaid since long. In view of non-payment of statutory dues, possibility of levies, some penalties by the respective departments cannot be ruled out. On account of the above, we are unable to conclude on the consequential impact of same on audited Consolidated financial results. <br></br> <br></br> B) in respect of default in repayment of public deposits accepted by erstwhile management of Holding Company. As per the financial books, principal amount of deposit accepted for Rs. 529,12.98 lakhs is overdue for repayment. The Holding Company has not created any provision for interest payable during the period ended amounting Rs. 64,56.39 lakhs (accumulated unaccounted interest is Rs. 547,78.53 lakhs) taking a cue from the directions of the Honble Supreme Court from time to time issued for payment of the Principal Amount to the FD holders, as explained by the management. In our opinion, losses of the Holding Company and value of public deposits may be understated to extent of Rs. 547,78.53 lakhs, subject to a final decision of the Honble supreme Court in the matter. <br></br> <br></br> C) Input credit receivable (GST), in the books of holding company, of Rs. 63,26.91 lakhs is subject to reconciliation with the balance of input credit claimable from GST department (in GST portal). In view of absence of the reconciliation, we are unable to conclude on the consequential impact of same on audited Consolidated financial results.Disclaimer of opinionRepetitiveNANA(a) The Government appointed Board of Directors has already submitted its Resolution Framework (RF) before the Honble Supreme Court on 16.07.2020, followed by updated versions dated 02.05.2021 and 08.08.2022, wherein the Company has sought various reliefs on account of penalties, interest liabilities etc., among others, due to be paid by the company to the Statutory Authorities, Banks, Financial Institutions etc <br></br> <br></br> (b) Since a definitive view on various reliefs sought in the RF is yet to be taken by the Honble Supreme Court, it is not feasible at this stage to assess the overall impact of its outstanding statutory liabilities. <br></br> <br></br> (c) However, the New Management is committed to make the company compliant in terms of various provisions contained in the Companies Act 2013 and other related Acts, Rules, Regulations etc. In the latest progress, it is intimated that Honble Supreme Court vide its orders dated 5th March,2025/ 17th March,2025 directed the Registry to release the amount of Rs.23,04,97,766/- towards deposit of TDS in respect of ex-employees/ other employees for five Financial Years (2015-16 to 2019-20) under section 192 of Income Tax Act, 1961. The company has deposited the amount in 05 different challans, filed correction statements and complied with the directions issued by the Honble Court by 31st March, 2025. <br></br> <br></br> Due to various litigations, notices from GST Department, non-availability of old data/ records and non-compliances during the period of erstwhile management, cancellations and restorations of various GST Numbers and other complex issues, there are serious difficulties in completing the reconciliation process. <br></br> Despite various challenges, the Reconciliation Process has been initiated during FY 2024-25. The Input Tax Credit is being claimed in GSTR-3B on monthly basis as per GSTR -2B and the reconciliation will be completed at the time of filing of Annual Return.Can not be quantified as on the date of our report due to details not availableIn view of the instances of non-compliance by the holding company with certain debt covenants including interest & principal repayment defaults, we would like to draw attention to the fact that the Holding Company has not obtained the balance confirmations on loans from lenders (including non-convertible debentures) amounting to Rs. 100,88,38.71 lakhs (including interest accrued of Rs 66,45,97.71 lakhs. In the absence of adequate and sufficient audit evidence to establish the amounts payable to the lenders, we are unable to provide our opinion on the correctness of these amounts reflected in the audited Consolidated financial Results and also on their consequential impact including potential tax liabilities.Disclaimer of opinionRepetitiveNANAThe total financial liability of Unitech Group has been captured in Annexure C of the Resolution Framework (RF) submitted before the Honble Supreme Court. <br></br> A total of 19 lenders, including Banks and ARCs have filed 65 cases in various DRTs, namely, New Delhi (DRT-1), Chandigarh, Chennai, Kolkata, Mumbai, Lucknow and Allahabad. In view of the moratorium granted by the Honble Supreme Court, all these cases have been ordered to be adjourned sine die. <br></br> Various lenders have also filed IAs in the Honble Supreme Court, which are pending consideration. Since the matter has already been covered in the Resolution Framework, the determination and final payment of principal amount and/ or interest thereon shall be made only in accordance with the decision of the Honble Supreme Court in this behalf. <br></br> The company is providing for interest payable to Banks/ Financial Institutions based on the loan statements to the extent available and the balances are matching with statements. As far as process of confirmation of balances is concerned, it is stated that as per Standards on Auditing (SA)-505, prescribed by the Institute of Chartered Accountants of India (ICAI), the process of external confirmation is to be initiated by the Statutory Auditors for directly obtaining the evidence from the confirming parties at their level.Can not be quantified as on the date of our report due to details not availableNon-compliance of provisions of Indian Accounting Standards IND AS as prescribed under Section 133 of the Companies Act, 2013:- <br></br> A) Revenue from real estate projects (IND AS 115) <br></br> the Holding Company is accounting for revenue under real estate projects using percentage of completion method (POCM) with an understanding that performance obligations are satisfied over time whereas, the terms of the agreements entered by the Holding Company with buyers of the property does not satisfy the conditions specified in paragraph 35 of Indian Accounting Standard 115 Revenue from contracts with customers in all the cases. <br></br> <br></br> B) Inventory and project in progress. <br></br> 1. Reconciliation of sub-ledger records for advance received from homebuyers and trade receivables is in progress. In view of absence of the reconciliation, we are unable to express an opinion on the consequential impact of same on audited Standalone Financial Results <br></br> <br></br> 2. Other current assets includes Amount incurred in project in progress (on which revenue is not recognised) amounting Rs.19616,14.54 lakhs. No provision has been for onerous project, if any. As explained to us the Company is in the process of identifying onerous project and provision shall be created after identification of such contracts. As explained to us, due to legacy issues, as inherited from erstwhile management, the company is not having details with regard to project wise cost incurred during the tenure of erstwhile management. <br></br> <br></br> 3. There are certain projects wherein physical possession of the units has already been handed over to the homebuyers but the projects are still appearing under Project in Progress. Due to aforesaid project in progress and Advance received from customers is overstated. The management is in the process of estimating the impact of the same. Due to the absence of the details, we are unable to express an opinion on the accuracy of project in progress and Advance received from customers and its consequential impact on standalone financial resultsDisclaimer of opinionRepetitiveNANAa)The Company recognizes revenue over time if one of the following criteria of Paragraph 35 of Ind AS 115 is met, particularly 35 (c), 36 and 37, as given below: <br></br> (i) Paragraph 35(c): the entitys performance does not create an asset with an alternative use to the entity (paragraph 36) and the entity has an enforceable right to payment for performance completed to date (paragraph 37). <br></br> (ii) Paragraph 36: An asset created by an entitys performance does not have an alternative use to an entity if the entity is either restricted contractually from readily directing the asset for another use during the creation or enhancement of that asset or limited practically from readily directing the asset in its completed state for another use. The assessment of whether an asset has an alternative use to the entity is made at contract inception. <br></br> After contract inception, an entity shall not update the assessment of the alternative use of an asset unless the parties to the contract the contract approve a contract modification that substantively changes the performance obligation. <br></br> <br></br> (iii) Paragraph 37: - An entity shall consider the terms of the contract, as well as any laws that apply to the contract, when evaluating whether it has an enforceable right to payment for performance completed to date in accordance with paragraph 35(c). The right to payment for performance completed to date does not need to be for a fixed amount. However, at all times throughout the duration of the contract, the entity must be entitled to an amount that at least compensates the entity for performance completed to date if the contract is terminated by the customer or another party for reasons other than the entitys failure to perform as promised. <br></br> (b) Following points are also considered by the company at the time of Revenue Recognition of revenue under POCM: <br></br> (i) The company has an enforceable right to claim the payment from Customer for performance completed which has been agreed by customers in the Agreements to Sell (Builders-Buyer Agreements). <br></br> <br></br> (iv) In certain cases, buyers of the property have availed bank finance against the property purchased by them and the Company has entered into the Tripartite Agreement. Under this arrangement, the Company has given all original documents to the Bank. It indicates that the Company is not having any alternate use of the property sold to the buyer and the buyers have full right over the property purchased from the Company till the time, the buyers commit any breach towards the bank and /or do not repay the dues to the Bank in full or in part and/or the buyers commit breach of agreement with the Company. <br></br> (c) Customer i.e. buyer of the unit is the beneficial owner of the unit purchased from the Company and is entitled to avail the loan from Banks. In the event of defaults by Customer in repayment of any installment, the Company has the right to cancel the allotment and forfeit the entire amount of Earnest Money deposited by the Allottees and the allottee shall be left with no right or lien on said property and the developer i.e. Company shall be free to sell the same to any other person in its sole discretion as it may deem fit. <br></br> In the opinion of the Company, customer i.e. buyer of the unit is the beneficial owner of the unit purchased till the time of cancellation of the allotment of the unit on account of defaults in payment schedule of the installments agreed in Builder Buyers agreement. <br></br> <br></br> (d) We have relied on the clarification issued by ICAI on 20th July 2018 w.r.t. Revenue from Contracts in context of Real Estate Sector wherein it was clarified that Ind AS 115 does allow recognition of revenue using Percentage of Completion Method (POCM). <br></br> (e) Prior to FY 2020-21, there was no qualification on revenue recognition under POCM by the earlier statutory auditor. <br></br> The Commercial Division and IT Division have complete data available on the amount received from the customers and the balance receivables from them in respect of each of the units sold. As a matter of fact, the customers are also being allowed access to their individual Accounts Ledgers in a phased manner as the management raises demands for balance payments on an ongoing basis as per the Revised Payment Plan approved by the Honble Supreme Court. <br></br> <br></br> As a step towards Reconciliation, the Management is getting about all the 16,000 odd files audited and the assignment has already been given to a professional firm. Once the scrutiny of files is completed, the issue of reconciliation can be addressed. It is a time-consuming exercise and the reconciliation process will be initiated in a phased manner as soon as the audited details are completed and made available. As a matter of fact, the exercise has already been completed in respect of three Projects and the required corrections have been simultaneously made in the customer database. <br></br> There are about 17,700 homebuyers across 74 residential and 10 commercial projects where construction was lying stalled at various stages of construction. These units/ projects are to be completed and handed over to the homebuyers. The entire exercise is being carried out under the overall guidance and supervision of the Honble Supreme Court. As such, the Management will be in a position to assess the impact thereof only in due course of time after the Projects are completed and handed over. <br></br> <br></br> Moreover, the Company is in the process of identification of onerous projects, based on the Lease Deeds/ Licenses of the various projects covered under One Particular License/ Lease Deed. The company is hopeful to sell unsold properties at current market value, which would cover substantial portion of the deficit of onerous projects by the surplus generating sub-projects covered under one Lease Deed/ License. <br></br> There are about 17,700 homebuyers across 74 residential and 10 commercial projects where construction had been lying stalled/ at various stages of constructions. These units are to be completed and handed over to the homebuyers. The entire exercise is being carried out under the overall guidance and supervision of the Honble Supreme Court. As such, the Management will be in a position to assess the impact thereof only in due course of time after the Projects are completed and handed overCan not be quantified as on the date of our report due to details not availablePresent status of the CWIP aggregating to Rs. 200,65.13 lakhs is not known as there are disputes going on in the said projects. On account of this, we are unable to express an opinion on the accuracy of CWIP in the consolidated financial results.Disclaimer of opinionWhether appeared first timeNANAThe details, mentioned in the audit observation include: (a) the expenditure/ provision of interest etc to the tune of Rs 136,43.02 Lakhs towards the Project of construction of Shopping Area, Office Space, Commercial Outlets on land at Phase III, Udyog Vihar, Gurgaon. (b) expenditure of Rs 4221.75 Lakhs for the Project of IT-SEZ which was to come up on 75 Acre land, allotted by GNOIDA. The said Lease was unilaterally cancelled by GNOIDA vide cancellation notice dated 09.01.2017. Writ Petition seeking quashing of cancellation of allotment of land/ Lease is pending before the Lucknow Bench of the Honble Allahabad High Court and the matter is sub-judice as such. (c) expenditure of Rs 4236.05 Lakhs towards construction/ acquisition of built-up space/ bare-shell super structure in Garden Galleira Complex, Commercial Centre in NOIDA and (d) the provision on CWIP to the extent of Rs 2035.69 Lakhs by the erstwhile management in the Financial Year 2014-15. <br></br> <br></br> The Management has already stated its position in the Resolution Framework submitted in the Honble Supreme Court on 15.07.2020, followed by updated versions submitted on 05.02.2021 and on 08.08.2022, wherein the Honble Supreme Court has been prayed to grant certain concessions and reliefs so that the Company is able to fulfill its obligations towards the construction and completion of projects and meet other liabilities. Can not be quantified as on the date of our report due to details not availableThe Company has conducted physical verification in March 2024 of its property plant and equipment, land & unsold flats and the reconciliation of the same with books of accounts is in progress. In absence of the reconciliation, we are unable to comment upon the discrepancy between book records and physical counts, if any and its consequential impact of the financial results.Disclaimer of opinionRepetitiveNANAThe Company has initiated a series of steps for getting the physical verification done through the Companys existing staff. Although a substantial portion of physical verification has been covered, the reconciliation part, however, remains pending, which is likely to be completed in the next about 6 months time. It is submitted that after the reconciliation part is completed, the physical verification on year-end basis in future would be conducted regularly to have proper control and to address the observations of the Statutory Auditors.Can not be quantified as on the date of our report due to details not availableThe Holding Company has not provided the underlying documents of the pending litigations cases against the Holding Company. In view of above, we are unable to express an opinion on the accounting of potential liability on account of pending case and completeness of disclosure of contingent liability made by the group in the consolidated financial statements.Disclaimer of opinionRepetitiveNANAThe financial impact of litigations can be ascertained only after the final verdict is pronounced by the Honble Supreme Court/ various forums on all the litigations.Can not be quantified as on the date of our report due to details not availableSh. Yudhvir Singh MalikSh. Tajinder Pal Singh MadanDr. Girish Kumar AhujaMs. Anshu GuptaSh. Jitendra Mohandas Virwani, Director, Sh.Prabhakar Singh, Director, Ms. Uma Shankar, Director, Sh. A. K Yadav, Chief Executive Officer and Ms. Anuradha Mishra, Company SecretaryGurgaon2025-05-29