Notes to Accounts of Unitech Ltd.

Mar 31, 2025

(xiv) Provisions, contingent liabilities and contingent
assets

Provisions: Provisions are recognized in respect of
liabilities, which can be measured only by using a
substantial degree of estimates when:

(i) the Company has a present obligation as a result
of a past event;

(ii) a probable outflow of resources embodying
economic benefits will be required to settle the
obligation; and

(iii) the amount of the obligation can be reliably
estimated.

Reimbursement expected in respect of expenditure
required to settle a provision is recognized only when
it is virtually certain that the reimbursement will be
received.

Contingent Liability: Contingent liability is disclosed in
the case of:

(i) a present obligation arising from a past event,
when it is not probable that an outflow of
resources embodying economic benefits will be
required to settle the obligation; and

(ii) a possible obligation, that arises out of past events
and the existence of which will be confirmed only
by one or more uncertain future events unless the
probability of outflow of resources is remote.

Contingent Assets: Contingent assets are neither
recognized nor disclosed. However, when realization of
income is virtually certain, related asset is recognized.

(xv) Cash & cash equivalents

Cash and cash equivalents for the purposes of cash
flow statement comprise cash at bank and in hand and
short-term investments with an original maturity of
twelve months or less. Cash flow statement is prepared
using the indirect method.

(xvi) Earnings per share

Basic earnings per share is calculated by dividing the
net profit or loss for the period attributable to equity
shareholders by the weighted average number of equity
shares outstanding during the period. The weighted
average numbers of equity shares outstanding during

the period are adjusted for events of bonus issue, a
share split and share warrants conversion.

Diluted earnings per share is calculated by adjusting
net profit or loss for the period attributable to equity
shareholders and the weighted number of shares
outstanding during the period for the effect of all
dilutive potential equity shares.

Further, where the statement of profit and loss includes
extraordinary items, the Company discloses basic and
diluted earnings per share computed on the basis of
earnings excluding extraordinary items (net of tax
expenses).

(xvii) Fair value measurement

The Company is required to measure the 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 ordinary
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:

(i) In the principal market for the asset or liability, or

(ii) In the absence of a principal market, in the most
advantageous market for the asset or liability.

A fair value measurement of a non-financial asset
takes into account a market participant''s ability to
generate economic benefits by using the asset in its
highest and best use or by selling it to another market
participant that would use the asset in its highest and
best use. 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. 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.

For the purpose of fair value disclosures, the Company
has determined classes of assets & liabilities on the
basis of the nature, characteristics and the risks of the
asset or liability and the level of the fair value hierarchy
as explained above.

(xviii) Financial instrument

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. Financial assets
includes trade receivable, loan to body corporate, loan
to employees, security deposits and other eligible
current and non-current assets. Financial liabilities
include Loans, trade payables and eligible current and
non-current liabilities.

(1) Classification

The Company classifies financial assets as
subsequently measured at amortized cost, fair
value through other comprehensive income or
fair value through profit or loss on the basis of
both:

(i) the entity''s business model for managing
the financial assets; and

(ii) the contractual cash flow characteristics of
the financial asset.

A financial asset is measured at amortized cost if
both of the following conditions are met:

(i) the financial asset is held within a business
model whose objective is to hold financial
assets in order to collect contractual cash
flows; and

(ii) the contractual terms of the financial asset
give rise on specified dates to cash flows that
are solely payments of principal and interest
on the principal amount outstanding.

A financial asset is measured at fair value through
other comprehensive income if both of the
following conditions are met:

(i) the financial asset is held within a business
model whose objective is achieved by both
collecting contractual cash flows and selling
financial assets; and

(ii) the contractual terms of the financial asset
give rise on specified dates to cash flows that
are solely payments of principal and interest
on the principal amount outstanding.

A financial asset is measured at fair value through
profit or loss unless it is measured at amortized
cost or at fair value through other comprehensive
income.

All financial liabilities are subsequently measured
at amortized cost using the effective interest
method or fair value through profit or loss.

(2) Initial recognition and measurement

The Company recognizes financial assets and

financial liabilities when it becomes a party to
the contractual provisions of the instrument. All
financial assets and liabilities are recognized at
fair value at initial recognition, plus or minus,
any transaction costs that are directly attributable
to the acquisition or issue of financial assets
and financial liabilities that are not at fair value
through profit or loss.

(3) Financial assets subsequent measurement

Financial assets are subsequently measured
at amortized cost, fair value through other
comprehensive income (FVOCI) or fair value
through profit or loss (FVTPL), as the case
may be, except for the investments where no
information is available with the Company. Such
investments are subsequently measured at cost.
Financial liabilities are subsequently measured at
amortized cost or fair value through profit or loss.

(4) Effective interest method

The effective interest method is a method of
calculating the amortized cost of a debt instrument
and allocating interest income over the relevant
period. The effective interest rate is the rate that
exactly discounts estimated future cash receipts
through the expected life of the debt instrument,
or, where appropriate, a shorter period, to the net
carrying amount on initial recognition. Income
is recognized on an effective interest basis for
debt instruments other than those financial
assets classified as at FVTPL. Interest income is
recognized in profit or loss and is included in the
"Other income" line item.

(5) Trade receivables

Trade receivables are the contractual right
to receive cash or other financial assets and
recognized initially at fair value. These are
subsequently measured at amortized cost (Initial
fair value less expected credit loss). Expected
credit loss is the difference between all contractual
cash flows that are due to the Company and all
that the Company expects to receive (i.e. all cash
shortfall), discounted at the effective interest rate.

(6) Equity investments

All equity investments in the scope of IND AS 109
are measured at fair value other than investments
in subsidiary, associate & Joint Venture which are
stated at cost as per IND AS 27 ''separate financial
statement''. 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. For other equity instrument
due to non-availability of sufficient and recent
information, cost is taken as appropriate estimate
of fair value with reference to IND AS 109 ''financial
instrument''.

(7) Cash and cash equivalents

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

(8) Financial liabilities

Financial liabilities are recognized initially at fair
value less any directly attributable transaction
costs. These are subsequently carried at
amortized cost using the effective interest method
or fair value through profit or loss. For trade and
other payables maturing within one year from
the balance sheet date, the carrying amounts
approximate fair value due to the short maturity
of these instruments.

(9) Trade payables

Trade payables represent liabilities for goods
and services provided to the Company prior to
the end of financial year and which are unpaid.
Trade payables are presented as current liabilities
unless payment is not due within 12 months after
the reporting period or not paid/ payable within
operating cycle. They are recognized initially
at their fair value and subsequently measured
at amortized cost using the effective interest
method.

(10) Borrowings

Borrowings are initially recognized at fair value,
net of transaction costs incurred. Borrowings
are subsequently measured at amortized cost.
Any difference between the proceeds (net of
transaction costs) and the redemption amount is
recognized in profit or loss over the period of the
borrowings using the effective interest method.
Fees paid on the establishment of loan facilities
are recognized as transaction costs of the loan.

Borrowings are classified as current liabilities
unless the Company has an unconditional right
to defer settlement of the liability for at least 12
months after the reporting period. Where there
is a breach of a material provision of a long-term
loan arrangement on or before the end of the
reporting period with the effect that the liability

becomes payable on demand on the reporting
date, the Company does not classify the liability
as current, if the lender agreed, after the reporting
period and before the approval of the financial
statements for issue, not to demand payment as
a consequence of the breach.

(11) Equity Instruments

An equity instrument is any contract that evidences
a residual interest in the assets of Company after
deducting all of its liabilities. Equity instruments
are recognized at the proceeds received, net of
direct issue costs.

(12) Derecognition of financial instrument

The Company de-recognizes a financial asset
when the contractual rights to the cash flows
from the financial asset expire or it transfers the
financial asset and the transfer qualifies for de¬
recognition under IND AS 109. A financial liability
(or a part of a financial liability) is de-recognized
from the Company''s balance sheet when the
obligation specified in the contract is discharged
or cancelled or expires.

(13) Offsetting of financial instruments

Financial assets and financial liabilities are offset
and the net amount is reported in the balance
sheet if there is a currently enforceable legal right
to offset the recognized amounts and there is an
intention to settle on a net basis, to realize the
assets and settle the liabilities simultaneously.

(14) Financial guarantee

Financial guarantee contracts issued by the
entities are those contracts that require a
payment to be made to reimburse the holder
for a loss it incurs because the specified debtor
fails to make a payment when due in accordance
with the terms of a debt instrument. Financial
guarantee contracts are recognized initially as a
liability at fair value, adjusted for transaction costs
that are directly attributable to the issuance of the
guarantee. Subsequently, the liability is measured
at the higher of the amount of loss allowance
determined as per impairment requirements
of IND AS 109 and the amount recognized less
cumulative amortization.

(xix) Non-current assets held for sale/ distribution to
owners and discontinued operations

The Company classifies non-current assets (or disposal
groups) as held for sale if their carrying amounts will
be recovered principally through a sale rather than
through continuing use. Held for sale is classified only if

the asset (or disposal group) is available for immediate
sale in its present condition subject only to the terms
that are usual and customary for sale for such assets
(or disposal group) and its sale is highly probable i.e.
management is committed to sale, which is expected
to be completed within the period of contract, as
may have been extended by the term of the contract
or otherwise. Sale transactions include exchanges of
non-current assets for other non-current assets when
the exchange has commercial substance. Non-current
assets (or disposal group) that is to be abandoned are
not classified as held for sale. Non-current assets held
for sale and disposal groups are measured at cost as
the fair value is not available with the Company the
lower of their carrying amount and the fair value less
costs to sell. Assets and liabilities classified as held for
sale are presented separately in the balance sheet.

Interest and other expenses attributable to the liabilities
of a disposal group classified as ''held for sale'' will
continue to be recognized.

Non-current asset (or disposal group) is reclassified
from ''held to sale'' if the criteria are no longer met and
measured at lower of:

(i) Its carrying amount before the asset (or Disposal
group) was classified as held for sale, adjusted
for any depreciation, amortization or revaluations
that would have been recognized had the asset
(or disposal group) not been classified as held for
sale; and

(ii) Its recoverable amount at the date of the
subsequent decision not to sell.

Any adjustment to the carrying amount of a non-current
asset that ceases to be classified as held for sale is
charged to profit or loss from continuing operations in
the period in which criteria are no longer met.

A disposal group qualifies as discontinued operation
if it is a component of an entity that either has been
disposed-off, or is classified as held for sale, and:

(i) represents a separate major line of business or
geographical area of operations;

(ii) is part of a single coordinated plan to dispose of
a separate major line of business or geographical
area of operations; or

(iii) is a subsidiary acquired exclusively with a view to
re-sell.

37. GOING CONCERN

The Company has incurred losses in the current and previous years. The Company has huge challenges in meeting its operational obligations,
current liabilities including outstanding dues to the statutory authorities, Bank Loans and Public Deposits. The Board of Directors of the
Company, as appointed by the Union of India with the approval of Hon''ble Supreme Court, is in the process of estimating the contractual
liabilities and the final outcome of contingent liabilities from the realizable value of available assets at the contracted value in the current
form, which is an on-going activity.

In compliance of the directions of the Hon''ble Supreme Court, as contained in its order dated 20th January 2020, the newly appointed Board
of Directors has already stated its position in the Resolution Framework submitted in the Hon''ble Supreme Court on 15.07.2020, followed by
updated versions submitted before the Hon''ble Supreme Court on 05.02.2021 and 08.08.2022, vide which the Hon''ble Supreme Court has
been requested to grant certain concessions and reliefs so that the Company is able to fulfill its obligations towards the construction and
completion of in-complete projects and meet other liabilities. Apart from the mandate of completion of various projects and handing over
the completed units to the Homebuyers, the Government appointed Board of Directors has taken a comprehensive view of all pending and
other projects and made proposals qua other issues which have a bearing on the Company operating as a going concern. These include
various other liabilities and suggested a road map for addressing the same. Though the Hon''ble Supreme Court has yet to take decisions in
principle on these issues, clear messages have been given on issues like treatment of refunds to Homebuyers and resultant units becoming
a part of the unsold inventory of Unitech, the FD holders being released only the principal amounts of their FDs, and so on and so forth.
Even in the case of Noida and Greater Noida Authorities, the Hon''ble Court has deferred the issue of determination of their outstanding
dues after hearing the new management and the authorities. As regards the dues of secured creditors, it is important to keep in view that
they are having rights over land assets mortgaged to them, the monetization of which in due course should help in meeting a considerable
part of their dues. The reasons for opting against the winding up of the Company or its reference under IBC have also been explained in
the application filed with the Resolution Framework. Pending a final decision of the Hon''ble Supreme Court, the Financial Statements have,
accordingly, been drawn on an on-going basis.

(b) Valuation techniques used to determine Fair value

The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most relevant data
available. The fair values of the financial assets and liabilities are included at the amount 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.

Note 38 (ii) Financial Risk Management

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company is exposed
to market risk, credit risk and liquidity risk. The company''s focus is to foresee the unpredictability of financial markets and seek to minimize
potential adverse effects on its financial performance.

The Company''s principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables. The main
purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include loans, trade
and other receivables and cash and cash equivalents that are derived directly from its operations

The Company''s activities are exposed to market risk, credit risk and liquidity risk.

(I) Market risk

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

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks.

(a) 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. In order to optimize the Company''s position with regard to interest income and interest expenses and to
manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the
proportion of the fixed rate and floating rate financial instruments in its total portfolio.

(b) 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 has no foreign currency loans in current year end and previous year. Therefore no
sensitivity is provided.

(c) Price Risk

The company exposure to equity securities price risk arises from the investments held by company and classified in the
balance sheet at fair value through profit and loss.

II. Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company.
The company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appro¬
priate, as a means of mitigating the risk of financial loss from defaults. The company''s credit risk exposure towards its counterparties
are continuously monitored . Credit exposure of any party is controlled, reviewed and approved by the appointed company official
in this regard.

(ix) Commitments

(a) Estimated value of contracts in capital account remaining to be executed amounting to Rs. 10,670.92 Crore. - It includes the
cost of tenders already awarded, processed & to be processed for Lot -1 (15 tenders), Lot -2 (34 tenders), Lot -3 (38 tenders),
Lot -4 (45 tenders) and Retrofitting (25 &7 tenders).

(b) Investment in 1,000,000 equity shares of Rs. 10/- each at a premium of Rs. 9,990/- per share aggregating Rs. 1,00,000.00 Lakh
has been made in Joint Venture Company, Shivalik Ventures Pvt. Ltd. An amount of Rs. 49,162.00 Lakh has been paid against
the allotment of fully paid-up shares. The balance securities premium of Rs. 50,838.00 Lakh will be accounted for as and when
payment will be made.

(c) Investment in shares of subsidiaries amounting to Rs. 1,559.75 Lakh (Previous year Rs. 1,559.75 Lakh) is pledged as securities
against loans taken by the Company and subsidiary. Investment in shares of Joint Ventures (including unreleased pledged
shares) amounting to Rs. 51.75 Lakh (Previous year Rs. 51.75 Lakh) are pledged as securities against loan taken by the
Company and its Joint Venture. Investment of subsidiaries in the shares of its associates amounting to Rs. 2.45 Lakh (Previous
year Rs. 2.45 Lakh) is pledged as securities against loan taken by the Company.

48. Accounting of projects with co-developer

The Company is developing certain projects jointly with Pioneer Urban Land & Infrastructure Limited and its other Group companies.
All the development expenses and sale proceeds booked during the year under audit are transferred to the co-developer at the year-
end as per the agreement with the co-developers.

49. Trade payables (due to Micro, Small and Medium scale Enterprises)

The Company is in the process of seeking balance confirmations along with MSME registration confirmations from Vendors, for which,
the Company has sent 2,264 letters through couriers to Vendors for confirmation of the details till March 2025.

Further, remaining vendors from whom no response was received was sent another letter giving final opportunity to confirm their
MSME status. Company have received response from 159 Vendors which have been taken on record.

50. There have been delays in the payment of dues of non-convertible debentures, term loans & working capital loans (including principal,
interest and/or other charges as the case may be) to the lenders of the Company who have taken/ initiated action against the Company,
and the total of such outstanding amounts runs into Rs. 10,08,838.71 Lakh as on 31.03.2025 (Previous Year Rs. 9,33,702.50 Lakh). Some
of the lenders have initiated action under the SARFAESI Act to take over the respective properties provided as security to the lenders.
The Company has challenged the action of the lenders before the Debt Recovery Tribunals (DRTs). The matter has also been captured
in the Resolution Framework, as submitted to the Hon''ble Supreme Court.

51. The Hon''ble Supreme Court, vide its order dated 20th January 2020, has, inter alia, issued directions that the Board of Directors of
Unitech Limited, as existing on that date, be superseded with immediate effect in order to facilitate the taking over of management
by the new Board of Directors constituted in terms of the proposal submitted by Government of India. In these Financial Statements,
references have been made hereunder to the Resolution Framework (RF) for Unitech Group, which has been prepared and approved
by the Board of Directors in their meeting held on 17.06.2020, followed by updations of the RF approved by the Board of Directors in
their subsequent meetings held on 10.09.2020 and 28.10.2020 and 27.04.2022.

The updated Resolution Framework has been placed before the Hon''ble Supreme Court on 05.02.2021 and 08.08.2022 respectively.
The RF contains various proposals like determining admitted liabilities & claims, proposing non-payment of penalty, interest, default
interest or damages to creditors, stakeholders, homebuyers, landowners, leaseholders or any Authority, detailing the Resolution
Framework for Company''s projects, detailing the Resolution Framework for non-project assets etc. The RF seeks various reliefs and
concessions, like, (a) Homebuyers'' Credit Lines, (b) Immunity for the Board, their appointed Key Management Personnel, employees,
advisors and consultants for any action taken by them in good faith, (c) Grant of benefits to the Company, its subsidiaries and joint
ventures and Project Entities of protections similar to section 32A of the Insolvency and Bankruptcy Code, 2016, (d) Priority Finance
and other borrowings for implementation of the Framework, and (e) Tax related reliefs and concessions. Besides, the RF also seeks
some specific directions like imposition of moratorium, consolidation of Unitech Group, temporary exemption from compliances under
RERA, amongst others. As the RF is still pending consideration of the Hon''ble Supreme Court, the impact of the proposed reliefs,
concessions etc. has not been considered in the Books of Accounts.

52. A Forensic Audit of the Company was conducted as per directions of the Hon''ble Supreme Court, and the report on the Forensic Audit
was submitted in a sealed cover to the Hon''ble Supreme Court. The report on the Forensic Audit is not available with the Company or
its Board of Directors. However, the said report was made available to the Enforcement Directorate, which is seized of investigations
into the related matters. Hence, the impact of observations of the Forensic Audit Report can be ascertained only after these processes
reach some finality.

53. Pursuant to section 74 (2) of the Companies Act, 2013, the Company had filed an application before the National Company Law
Tribunal (NCLT) for seeking, inter-alia, re-scheduling of repayment of the outstanding Public Deposits, including interest thereon as is
considered reasonable, in March 2015. The Hon''ble NCLT dismissed the said application. The appeal against the said order was also
dismissed by the Hon''ble NCLAT vide its order dated 31st January, 2017.

Subsequent to the new Board of Directors taking over the management, a Resolution Framework has been submitted to the Hon''ble
Supreme Court by the Company for addressing the issues of homebuyers, Fixed Deposit Holders and others. This issue has duly been
recognized in Chapter 8 of the Resolution Framework and the Company shall take action as per the directions of the Hon''ble Court in
this behalf.

Some Depositors filed intervention applications (IAs) before the Hon''ble Supreme Court. Considering their applications, the Hon''ble
Supreme Court directed the Amicus Curiae to create a web-portal where the Depositors could provide their requisite information.
Accordingly, in compliance of the ibid directions, the Ld. Amicus Curiae created a web-portal for the purpose.

Hon''ble Supreme Court vide its order dated 12th December, 2019, allowed part refunds to FD Holders who were senior citizens,
aged 60 years and above. Ten per cent of the amount deposited with the Registry at that time i.e. Rs. 17.4 crore was allocated for
the purpose. Having regard to the huge number of FD Holders, who had registered themselves on the web-portal, the Hon''ble Court
allocated a further sum of Rs. 30 Crore for distribution amongst them. The additional amount of Rs. 30 Crore was also to be disbursed
to FD Holders of the age group of 60 years and above, in terms of the earlier direction/s. Out of the allocated sum of Rs. 47.40 Crore,
an amount of Rs. 31.23 Crore has been disbursed till 31.03.2023 as per the report of Ld. Amicus Curiae. Further, we have received
Rs. 19.02 Crores from Supreme Court Registry on ground of medical exigency, out of which Rs. 18.07 Crores has been disbursed till
31.03.2025. The new Management neither processes any case nor is it authorized to do so till the Hon''ble Supreme Court takes a final
decision in this matter.

The matter being sub-judice, the Company has, therefore, not provided for the interest payable on Public Deposits since 1st April, 2017,
which works out to Rs. 54,778.53 Lakh upto year ended 31st March, 2025. The issue of payment of Public Deposits to the FD Holders,
limited to the principal amount, is a part of the Resolution Framework, which is pending consideration of the Hon''ble Supreme Court.
It may, however, also be noted that the Hon''ble Supreme Court has been approving the payment of Principal amount only in various
cases considered on grounds of medical exigencies.

54. The Company was awarded a project for development of amusement-cum-theme Park in Chandigarh by the UT Administration of
Chandigarh. The Chandigarh Administration unilaterally and illegally terminated the said Development Agreement. The Company filed
a Writ Petition before the Hon''ble High Court of Punjab & Haryana challenging the termination of Development Agreement. The matter

was finally referred for Arbitration and the Company received an Arbitral Award dated 29th June 2021 passed by the Arbitral Tribunal.
The Company has also filed the objection petition before the Sessions Court in Chandigarh in respect of the Arbitral Award qua non¬
payment of interest. Further, the Company has a good case and, accordingly, no provision has been considered necessary.

55. The Company has non-current investments (long term investments/ loans/ advances) in some subsidiaries (including advance for
purchase of shares for proposed subsidiaries) which have accumulated losses. Some of these subsidiaries have incurred loss during
the current and previous year(s) and the current liabilities of these subsidiaries also exceed their current assets as at the respective
Balance Sheet dates. Management has evaluated this matter and keeping the overall financial position of the Company in view, where it
is expected to have substantial erosion in the value of assets held by the subsidiaries, the provision for diminution of such investment,
and loans and advances to the subsidiaries has been made by the Company in the Standalone Financial Statements.

56. Advances amounting to Rs. 31,290.99 Lakh (net of provision for doubtful advances) (previous year ended 31st March, 2024 -
Rs. 31,290.99 Lakh (net of provision for doubtful advances) are outstanding in respect of advances for purchase of land, projects
pending commencement, joint ventures and collaborators which, as represented by the management, have been given in the normal
course of business to land-owning companies, collaborators, projects and for purchase of land. An amount of Rs. 30,000.00 Lakh has
been provided for doubtful advances during the preceding years. The new Management has already initiated the recovery proceedings
qua the outstanding amounts.

57. The Company had received a ''cancellation of lease deed'' notice from Greater Noida Industrial Development Authority ("GNIDA")
dated 18th November 2015. The said land is also mortgaged and the Company has registered such mortgage to a third party on
behalf of lender for the Non-Convertible Debenture (NCD) facility extended to the Company and, due to default in repayment of these
NCDs, the debenture holders have served a notice to the Company under section 13(4) of the SARFAESI Act and have also taken
notional possession of this land. The Company had contractually entered into agreements with 352 homebuyers and had also received
advances from such buyers amounting to Rs. 6,682.10 Lakh (net of repayment). No contract revenue has been recognized on this
project.

GNIDA, in the meanwhile, deposited an amount of Rs. 7,436.35 Lakh (Rs. 6,682.10 Lakh and interest @ 6% on the principal amount
of Rs. 6,682.10 Lakh), in terms of the Order of the Hon''ble Supreme Court dated 18.09.2018 with the Registry of the Hon''ble Supreme
Court on behalf of the Company, out of the monies paid by the Company. This amount stands refunded to about 352 homebuyers on
the directions of the Hon''ble Supreme Court.

The matter in respect of the land is still pending before the Hon''ble High Court of Allahabad for final disposal. The Company has,
subsequently, shown the amount of Rs. 18,339.80 Lakh as recoverable from GNIDA in its books of accounts.

As regards the issues pending between Noida and Greater Noida Authorities and Unitech Group, the Hon''ble Supreme Court, vide
its order dated 18.12.2024, has requested Hon''ble 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 all the
mutual issues are being deliberated. 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 Hon''ble
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 NOIDA".

58. The Company was accounting for its investment in one of its subsidiaries, namely, M/s Unitech Power Transmission Limited, as non¬
current assets held for sale. The Board of Directors of the Company, in its meeting held on 17th January, 2025, approved the proposal
for 100% equity disinvestment of M/s Unitech Power Transmission Limited (UPTL), a wholly-owned subsidiary of M/s Unitech Limited,
at a price of Rs. 5,089.00 lakh on "as-is-where-is-whatever-is" basis, in favour of M/s Auro Infra Private Limited, pursuant to the approval
of the Hon''ble Supreme Court vide its order dated 11.12.2024. In furtherance thereto, Share Purchase Agreement was 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 due consideration for the transaction has been received
by M/s Unitech Ltd. and the entire shareholding has been transferred in favour of M/s Auro Infra Private Limited. As such, M/s Unitech
Power Transmission Limited ceases to be the subsidiary company of M/s Unitech Ltd.

The Company has a property of Property situated at Plot no 14, Echelon Institutional Area, Sector-32, Gurgaon, Haryana, which has
been rented to independent parties on operating lease. Carrying value of Land is Rs. 271.61 Lakh and Building is Rs. 1,236.43 Lakh and
total for the property is X 1,508.03 Lakh as at 31 March 2025. Fair value of the property is X 11,871.72 Lakh. The valuation is performed
by Mr. Varun Sharma, an independent Chartered Engineer & Govt. Regd. valuer on the basis of market value approach.

60. A new Section 115BAA was inserted in Income Tax, Act, 1961, by Government of India on 20th September, 2019 vide Taxation Laws
(Amendment) Ordinance, 2019, which provides an option to the Companies for paying income tax at reduced rates in accordance with
the provisions/ conditions defined in the said section. The Company has decided to continue with the existing tax structure for the year
ended March 31, 2025.

On 30th March, 2019, MCA has issued amendment regarding the income tax uncertainty over Income Tax treatment. As per the
Company''s assessment, there are no material income tax uncertainties over income tax during the current financial year.

The Company has not created any kind of deferred tax assets on account of lack of reasonable certainty of having taxable profits and
in foreseeable future against which such tax assets can be adjusted.

61. As regards trade payables (including MSME vendors), which primarily relate to the unpaid bills of Contractors and Vendors, and which
prima facie may not be payable to the extent shown in the books, the management is in the process of ascertaining the genuineness
of all the operational liabilities, which are being carried forward as a legacy from the erstwhile management in the accounts. The exact
liability towards trade payables can be ascertained only after the process of invitation and settlement of claims, as provided in the
Resolution Framework, is taken up and completed.

Further, as regards trade receivables, which primarily relate to the part/ full amount receivable from customers and other receivables/
advances, the Management has already started a recovery process by sending recovery notices for the advances and has also
established the process of recovering the dues from the customers, which is pending due to stoppage of projects.

Consequent to voluminous transactions with large number of parties, the management is in the process of preparing of ageing
schedule for receivables and payables, from the available data in multiple software for different periods. As regards all other opening
balances which are outstanding for a long period of time and which are also being carried forward as a legacy balance, the Company
is in the process of collecting the supporting documents to take an appropriate decision in the matter. With consistent efforts made in
this behalf, significant progress has been made in this behalf. The process of compiling banks statements from most of the concerned
banks of the Group are now available, with a few exceptions. The Company has various statutory liabilities outstanding since long
and the same are unpaid due to the pendency of matters before various Adjudicating Authorities and liquidity constraints with the
Company.

62. The erstwhile management had invested in Telangana State through a Collaboration Agreement with M/s Dandamundi Estate and Mr.
D.A. Kumar and deposited an amount of Rs. 48,131.00 Lakh (out of which an amount of Rs. 600.00 Lakh got adjusted on account of
some dues of M/s Dandamundi Estate). The Company had also obtained bank loans to the tune of Rs. 33,500.00 Lakh against security
of these lands, legal titles of which were never transferred in the name of the Company. However, the Company had already settled
the said loan account and nothing remains outstanding against the same. The new Management has filed an Intervention Application
before Hon''ble Supreme Court for the recovery of the amounts deposited with M/s Dandamundi Estate and Mr. D.A. Kumar along with
interest @ 18% p.a. and the Company has not created any provision against the said deposit in the Books of Accounts on account of
the matter being sub-judice.

Notwithstanding the IA pending before the Hon''ble Supreme Court, the management has held meetings at the level of Board''s Directors
and Justice A.M. Sapre with Mr. D.A. Kumar and visited the land sites twice on 24.06.2022 and 02.01.2023.

It was agreed in the last meeting held at the level of Justice Sapre and the Chief Secretary to Government, Telangana that the District
Administration would complete the site survey and identify the areas, which have been encroached. It was also inter-alia directed by
the Chief Secretary that no further sale deeds may be allowed to be executed on the land parcels owned by Unitech Limited and its
collaborator. Notwithstanding the above, however, efforts to find an amicable resolution of the issues have not succeeded so far.

63. The Company had a branch office in Libya, whose Financial Statements/ information reflect total assets of Rs. 1,328.47 Lakh (Previous
year - Rs. 1,328.47 Lakh) as on 31st March, 2025 and total revenues of Rs. NIL (Previous year - NIL) for the year ended on that date, as
considered in the Standalone Financial Statements as described above. The Company has also made provision against all assets of Rs.
1,328.47 Lakh (Previous year - Rs. 1,328.47 Lakh). The Financial Statements/ information of this Branch have not been audited by the
Branch Auditor due to the adverse political situation prevailing in Libya.

64. As per Books of Account, an amount of Rs. 311,91.85 Lakh stands deposited with the Hon''ble Supreme Court Registry as at 31st
March, 2025, which is based on the information flow from the Registry till 22.11.2022. The Company received a detailed statement of
accounts from the Supreme Court''s Registry in the month of November, 2022. After reconciliation of the accounts, entries pertaining
to (a) interest income of Rs. 4,980.00 Lakh upto 22.11.2022, (b) disbursement of Rs. 2,734.11 Lakh, out of 4,000 Lakh deposited
in the Supreme Court''s Registry by M/s Pioneer Urban Land & Infrastructure Limited, and (c) disbursement of Rs. 4498.16 Lakh to
homebuyers, FD holders and other stakeholders, have been duly entered in the books of accounts for the period ending 31.03.2025.

65. The Company has income from maintenance charges amounting to Rs. 3,540.45 Lakh during the year ended 31st March, 2025 (Previous
Year Rs. 3,246.83 Lakh).

As far as the mapping of monies received from the residents (with customer codes) towards maintenance charges are concerned,
it is clarified that a mixed bag of arrangements, which has been continuing since long. This observation relates to a total of ten
projects comprising 06 Residential and 04 JV Commercial projects. This comprises of (i) where the RWAs are collecting the money
and spending from out of a joint account, (ii) where the RWA are collecting and spending on their own, and (iii) Where Unitech and
its JV are collecting the Maintenance Charges and spending the same. The main problem is that the RWAs have not maintained the
customer-wise accounts with their customer codes. This has been taken up with the concerned RWAs for reconciliation thereof.

66. The Company had received an Arbitral Award dated 6th July, 2012 passed by the London Court of International Arbitration (LCIA)
wherein the Arbitration Tribunal has directed the Company to purchase the investment of Cruz City 1 (a Company owned by Lehman
Bros.) in Kerrush Investment Ltd. (Mauritius) at the overall value of USD 298,382,949.34 (Previous year USD 298,382,949.34) in Kerrush
Investments Ltd. (Mauritius). The High Court of Justice, Queen''s Bench Division, Commercial Court London had confirmed the said
Award.

Further, consequent to the order passed by the Hon''ble Delhi High Court in the instant case, the Company is required to make the
aforesaid investment into Kerrush Investments Ltd. (Mauritius). The decree of the aforesaid amount against the Company is pending
for execution. However, the Management is exploring the possibilities of filing an Intervention Application in the Hon''ble Supreme
Court on this subject.

67. Except in the cases of the following two subsidiary companies, the Immovable properties and Investment properties held by all other
subsidiary companies are included in their respective Books of Accounts whereas, the following properties/ investment properties
owned by (i) Sankoo Builders Private Limited, and (ii) Broomfield Developers Private Limited have been accounted for in the Books of
Accounts of Holding Company i.e. Unitech Limited:

70. In compliance of its earlier judgment dated 02.12.2021, the Hon''ble Supreme Court vide its subsequent Order dated 05.03.2022 further
directed M/s Priadarshini Foundations Private Limited to reconvey the land admeasuring 30.71 acres to Unitech Limited within three
weeks. The refund of Rs 25 crores shall take place simultaneously with reconveyance of the land or, in any event, within a period of
one week from the date of re-conveyance.

The said reconveyance has been duly executed on 03.08.2023 and the complete land holding of 30.71 acres has duly been transferred
in favour of M/s Dhaulagiri Builders Private Limited and M/s Amaro Developers Private Limited.

71. The Company has not created any kind of Deferred Tax Assets on account of lack of reasonable certainty of having taxable profits and
in foreseeable future against which such tax assets can be adjusted.

72. The Company has created provision for onerous contracts amounting to Rs. 44,942.99 Lakhs after making assessment of estimated
project costs vis-a-vis estimated project revenues.

73. As per approval of Board of M/s Unitech Limited in its meeting held on 28th May, 2024, the Company has invested Rs 1,500 Lakh in the
Rights Issue of Equity Shares of M/s Unitech Holding Limited, a wholly owned subsidiary of M/s Unitech Limited. The Company has
subscribed to 9,37,500 Equity Shares of M/s Unitech Holding Limited, having face value of Rs 10/- each at a premium of Rs 150/- per
share.

74. The Company is providing unpaid interest in its books of accounts in order to remain compliant with the requirements of the Accounting
Standards, as prescribed by Companies Act and not deducting TDS on the provision of interest because interest on NPA accounts is
not falling in the definition of income and income tax is not payable on such amounts.

The Management has taken an independent opinion on Tax Deduction at Source (TDS) on estimated liability created by the Company
based on memorandum statement of accounts received from lenders other than banks. The opinion given by the Expert is on the
following lines:

Query

Whether TDS under section 194 A of Income Tax Act, 1961 (TDS deduction on Interest payments to residents), should be deducted or
not on interest on Inter Corporate Deposits/ Additional Term Loan facilities availed by Unitech Limited from Financial Institutions/ ARCs
which are Non-Performing Assets as declared by Financial Institutions/ ARCs as per the RBI Guidelines.

Reply

It is opined that the interest on NPA accounts are not falling in the definition of income and income tax is not payable on such amounts
and no constructive credit can be said to be payable to NBFCs and ARCs as the realization of the interest and principal component will
depend upon the restructuring or settlement of loan accounts. The company is providing unpaid interest in its books of account to
satisfy the requirements of accounting standards as prescribed by the Companies Act, 2013. Thus, TDS under section 194 A of Income
Tax Act, 1961, in respect of aforesaid amounts, should not be deducted.

As such the Company is providing unpaid interest in its books of accounts in order to remain compliant with the requirements of the
Accounting Standards, as prescribed by Companies Act.

75. The Enforcement Directorate, New Delhi vide F. No.: ECIR/04/DLZO-II/2018 dated 06.06.2018 is currently investigating the affairs
of promoters of Unitech Limited. Vide the ongoing investigations, the ED has provisionally attached various assets of the erstwhile
Management including 40% equity holding of M/s Unitech Hotels Private Limited wherein Unitech Limited holds the balance 60%
equity.

M/s Unitech Hotels Private Limited is involved in developing a 13,005 sq.mt. hotel at Plot No. A-2, Sector -38 A, Noida. The value of the
provisional attachment of 40% equity held by M/s Ranchero Services Limited is valued at USD 8 Million.

76. Additional Regulatory Information:

(i) The Company under the control of new Management does not have any benami property where any proceedings have been
initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and rules made thereunder but, however, litigation under Benami Transactions (Prohibition) Act, 1988 has been
initiated against the erstwhile promoters/ Management.

(ii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year under audit.

(iii) The Company does not have any charge or satisfaction, which is yet to be registered with the Registrar of Companies beyond the
statutory period.

(iv) Following banks has categorized the Company in the list of Wilful Defaulters till the period ending 31.03.2025:

(vii) The Company has complied with the number of layers prescribed under Clause (87) of Section 2 of the Companies Act, 2013,
read with the Companies (Restriction on number of Layers) Rules, 2017, from the date of their implementation in terms of Indian
subsidiaries, however, the Management is still in the process of evaluation of the compliance in respect of foreign subsidiaries.

77. Vide PAO no 16/2022 dated 16th June 2022, the Directorate of Enforcement has attached Unitech Group''s share in 777 units and
211.41 acres of land. The Management has requested the ED to grant its no objection to the entrustment of above stated properties
to the current Management subject to the approval of Hon''ble Supreme Court of India. Monetization of these assets would go a long
way in mobilizing funds for completion of its various pending projects.

78. With regard to litigations of Unitech Group, it is stated that there is total no. of 4177 court cases which were pending against and for
the Company and Its'' subsidiaries, out of which 1728 cases have been disposed-off. As such, there are total no. of 2499 cases which
are pending before various courts, except those cases, which have been filed by the Company, all the cases have been adjourned
sine-die by virtue of moratorium order granted by Hon''ble Supreme Court, vide its order daled 20.01.2020. The financial implications
of litigations cannot be quantified.

79. The Audited Financial Statements were approved for issue by the Board of Directors in their meeting held on 29th May, 2025.

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

attached to the financial statements

For GSA & Associates LLP Yudhvir Singh Malik Dr. Girish Kumar Ahuja Jitendra Mohandas Virwani Prabhakar Singh

Chartered Accountants Chairman & Managing Director Director Director Director

Firm Registration No. 000257N/ N500339 DIN : 00000555 DIN : 00446339 DIN : 00027674 DIN : 08696229

CA Anshu Gupta Uma Shankar A. K. Yadav Tajinder Pal Singh Madan Anuradha Mishra

Partner Director Chief Executive Officer Chief Financial Officer Company Secretary

Membership No. 077891 DIN : 07165728

Place: Gurugram

Date: 29.05.2025

---

Mar 31, 2024

39. GOING CONCERN

The Company has incurred losses in the current and previous years. The Company has huge challenges in meeting its operational obligations, current liabilities including outstanding dues to the statutory authorities, Bank Loans and Public Deposits. The Board of Directors of the Company, as appointed by the Union of India with the approval of Hon''ble Supreme Court, is in the process of estimating the contractual liabilities and the final outcome of contingent liabilities from the realizable value of available assets at the contracted value in the current form, which is an on-going activity.

In compliance of the directions of the Hon''ble Supreme Court as contained in its order dated 20th January 2020, the newly appointed Board of Directors has already stated its position in the Resolution Framework submitted in the Hon''ble Supreme Court on 15.07.2020, followed by updated versions submitted before the Hon''ble Supreme Court on 05.02.2021 and 08.08.2022, vide which the Hon''ble Supreme Court has been requested to grant certain concessions and reliefs so that the Company is able to fulfill its obligations towards the construction and completion of in-complete projects and meet other liabilities. The reasons for opting against the winding up of the Company or its reference under IBC have also been explained in the application filed with the Resolution Framework. Pending a final decision of the Hon''ble Supreme Court, the Financial Statements have, accordingly, been drawn on an on-going basis.

(b) Valuation techniques used to determine Fair value

The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most relevant data available. The fair values of the financial assets and liabilities are included at the amount 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..

Note 40(ii) Financial Risk Management

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company is exposed to market risk, credit risk and liquidity risk. The company''s focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance.

The Company''s principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include loans, trade and other receivables and cash and cash equivalents that are derived directly from its operations

The Company''s activities are exposed to market risk, credit risk and liquidity risk.

(I) Market risk

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

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks.

(a) 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. In order to optimize the Company''s position with regard to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of the fixed rate and floating rate financial instruments in its total portfolio.

(b) 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 has no foreign currency loans in current year end and previous year . Therefore no sensitivity is provided.

(c) Price Risk

The company exposure to equity securities price risk arises from the investments held by company and classified in the balance sheet at fair value through profit and loss.

II. Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The company''s credit risk exposure towards its counterparties are continuously monitored . Credit exposure of any party is controlled , reviewed and approved by the appointed company official in this regard.

The average credit period is 30 days.

III. Liquidity Risk

Liquidity risk is defined as the risk that company will not be able to settle or meet its obligation on time or at a reasonable price. The Company''s objective is to at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company''s management is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risk are overseen by senior management. Management monitors the company''s net liquidity position through rolling, forecast on the basis of expected cash flows.

Note 40 (iii) Capital Management (A) Risk Management

The Company manages its capital to ensure that the company will be able to continue as going concerns while maximizing the return to stakeholders through the optimization of the debt and equity balance.

The Company''s risk management committee reviews the capital structure of the Company on a semi-annual basis. As part of this review, the committee considers the cost of capital and the risks associated with each class of capital. The Company monitors capital on the basis of following gearing ratio, which is net debt divided by total capital plus debt

45. SEGMENT REPORTING:

The Company is primarily in the business of Real Estate Development and related activities, including construction, consultancy and rentals, among others. Further, most of the business conducted is within the geographical boundaries of India.

In view of the above, in the opinion of the Management and based on the organizational and internal reporting structure, the Company''s business activities as described above are subject to risks and returns. Further, since the business activities undertaken by the Company are subsisting within India, in the opinion of the Management, the business environment in India is considered to have similar risks and returns. Consequently, the Company''s business activities primarily represent a single business segment and the Company''s operations in India represent a single geographical segment.

46. RELATED PARTY DISCLOSURES

(i) Names of Unitech''s wholly-owned subsidiaries (172 Indian subsidiaries 30 foreign subsidiaries = 202) and other than wholly-owned subsidiaries (14 Indian subsidiaries 2 foreign subsidiaries = 16) which are "Related Parties" vis-a-vis Unitech Limited in terms of clause 76 of section 2 of the Companies Act, 2013, are as mentioned herein below, meaning thereby that in all 186 Indian subsidiaries and 32 foreign subsidiaries are Related Party entities:

48. LEASED ASSETS:

i) Operating lease taken:

Operating lease obligations: The Company has taken buildings and office equipments on operating lease basis. The lease rentals are payable by the Company on a monthly/ quarterly basis as per terms of the Lease Agreements. Future minimum lease rentals payable as at 31st March, 2023 as per the lease agreements are tabulated as under:

Interest expense on lease liability as per IND AS 116 recognized in the statement of Profit & Loss was Rs. 33.70 Lakhs (Previous Year Rs. 12.93 Lakhs), depreciation on "Right To Use Asset" was Rs 137.14 Lakhs (Previous Year Rs. 143.79 Lakhs) and expenses relating to short-term lease was Rs. 26.35 Lakhs (Previous Year Rs. 24.67 Lakhs).

The Company had total cash outflows for lease during the year under audit was Rs. 165.85 lakhs (Previous Year Rs. 171.94 lakhs). The effective interest rate for lease liabilities is 12% per annum (Previous Year 12% per annum).

The Company has several lease contracts that include extension and termination options. These options are negotiated by the Management to provide flexibility in managing and aligning with the Company''s business needs. Management exercises significant judgement in determining whether these extension and termination options are reasonably certain to be exercised.

The Company has leased out office and Mall premises under non-cancellable operating leases. These leases have terms of between 03 to 10 years. All leases include a clause to enable upward revision of the rental charge on a periodical basis according to prevailing market conditions. Lease income recognized in the statement of profit and loss is Rs. 1,247.78 Lakhs (previous year Rs. 1,214.91 Lakhs)

50. Contingent liabilities and commitments (to the extent not provided for)

The Management has already submitted the Resolution Framework before the Hon''ble Supreme Court wherein the Company has sought various reliefs on account of penalties, interest liabilities etc. due to be paid to Statutory Authorities, Banks, Financial Institutions, Fixed Deposit Holders etc. Since a view on various reliefs claimed in the Resolution Framework is yet to be taken by the Hon''ble Supreme Court, it is not feasible at this stage to assess the overall impact of its contingent liabilities.

(i) Interest on delayed payment by customers and expenditure on account of compensation/ penalty for project delays accounted for at the time of acceptance/ settlement with the customers due to uncertainties with regard to determination of amount receivable/ payable have not been considered. The amount of contract revenue may decrease as a result of penalties arising from delays caused by the contractor in the completion of the contract, where such penalties are reasonably certain.

Legal challenges have been filed against the Company at various judicial forums including various Consumer Forums and Courts (besides those pending in the Hon''ble Supreme Court) by homebuyers, Fixed Deposit Holders and others. Ascertaining the liability on this account that may devolve on the Company is presently indeterminate.

The Hon''ble Supreme Court had vide its Order dated 08.09.2017 appointed an Amicus Curiae with directions to create a web portal where the homebuyers could indicate their option of (i) refund of money they have paid to the Company/ Companies in the Group for purchasing Residential Units, or (ii) Possession of House. The Hon''ble Supreme Court also started the process of giving Refunds out of the amounts deposited by the Company with the Court''s Registry and has ordered to issue partial refunds to those customers who have obtained a decree for refund from any judicial forum.

Faced with a large number of IAs filed in the Supreme Court by different stakeholders and upon going through the report of Forensic Auditors, the Hon''ble Supreme Court directed the Union of India vide its order dated 18.12.2019 to propose appointment of an independent Board of Directors for Unitech Limited. The proposal submitted by the Ministry of Corporate Affairs was approved by the Hon''ble Supreme Court vide its order dated 20th January 2020, with simultaneous supersession of the erstwhile management. The Ministry of Corporate Affairs, accordingly, issued appointment orders of the CMD on 21.01.2020, six other Directors on 22.01.2020 and one Director on 03.02.2020, thereby constituting a new Board of Directors of the Company. Complying with the directions contained in the said order of the Hon''ble Supreme Court, the newly appointed Board of Directors has submitted the Resolution Framework, addressing the matters of homebuyers, Fixed Deposit Holders and other stakeholders. The homebuyers, Fixed Deposit Holders and others, as directed by the Hon''ble Supreme Court, have made their comments/ suggestions on the Resolution Framework submitted by the Company on the web portal maintained by the learned Amicus Curiae, appointed by the Hon''ble Supreme Court in this regard. At present, the Resolution Framework is under the consideration of the Hon''ble Supreme Court. The final quantum of liabilities of these cases can be ascertained only upon the final decision by the Hon''ble Supreme Court. The amount involved for delayed penalties for the properties for which customers have already been offered possession is already accounted for in the books of account. Legal challenges have been filed by homebuyers and others against the Company at various judicial forums and it is estimated that the total value of such claims would be Rs. 42,859.79 Lakhs, which the Company does not acknowledge as debts.

The Company has many residential and commercial projects in the state of Haryana. The Company has already accounted for the principal outstanding amount of EDC, IDC and License Fee. However, claims of delayed interest and penal interest amounting to Rs. 51,503.05 Lakhs, as claimed by the respective authorities, have not been considered in the Standalone Financial Statements. The Company has also filed an IA before the Supreme Court qua the demands of Government of Haryana. The Company is hopeful that the demands for interest and penal interest may be waived off at the time of decision on the said IA and the Resolution Framework.

The Company has many residential and commercial projects in the state of Uttar Pradesh in Noida and Greater Noida region. The demands on account of time extension fees, farmers'' compensation, interest and penal interest have not been considered in the Standalone Financial Statement. The Company believes that these are exorbitant demands and has accordingly filed an IA in the Supreme Court challenging the demands raised by Noida and is hopeful that such exorbitant demands are not likely to stand the scrutiny of law and may be substantially waived of in the course of decision on the said IA and the Resolution Framework.

(v) Regional Provident Commissioner has raised a claim of Rs. 2,671.96 Lakhs (previous year Rs. 2,671.96 Lakhs) u/s 7 Q and 14B of EPF & MP Act. The Company has challenged the demand and the matter is pending before the Hon''ble Delhi High Court. The Company has also challenged the demand of Rs. 913.74 Lakhs before the Hon''ble Tribunal for the period May 2016 to March 2017 raised by EPFO under section 7A of EPF & MP Act, 1952 vide their order dated 23.01.2019.

(vi) An amount of Provident Fund dues as on 31.03.2023 aggregating to Rs. 2,929.85 Lakhs (previous year Rs. 2,946.03 Lakhs) pertaining to Provident Fund and Pension Scheme is pending for deposit for the period from May 2015 to February 2019. The Hon''ble Supreme Court has allowed the ex-employees to withdraw their Provident Fund amount out of the funds lying in the Supreme Court Registry. The final reconciliation of amount disbursed to the ex-employees and amount payable for Provident Fund and interest thereon, as mentioned above, shall be made once the final reconciliation of the funds disbursed through the Supreme Court Registry is made. The Company intends to deposit the due liability on account of Provident Fund in due course of time, subject to reconciliation of accounts, availability of funds, waiver of penalty, interest except the amount which is payable to the accounts of the ex-employees and outcome of the IA which is shortly being filed in the Hon''ble Supreme Court.

(viii) Commitments

(a) Capital Commitments - Nil (previous Year - Nil)

(b) Investment in 1,000,000 equity shares of Rs. 10/- each at a premium of Rs. 9,990/- per share aggregating Rs. 1,00,000.00 Lakhs has been made in joint venture Company, Shivalik Ventures Pvt. Ltd. An amount of Rs. 49,162.00 Lakhs has been paid against the allotment of fully paid-up shares. The balance securities premium of Rs. 50,838.00 Lakhs will be accounted for as and when payment will be made.

(c) Investment in shares of subsidiaries amounting to Rs. 1,559.75 Lakhs (Previous year Rs. 1,559.75 Lakhs) is pledged as securities against loans taken by the Company and subsidiary. Investment in shares of Joint Ventures (including unreleased pledged shares) amounting to Rs. 51.75 Lakhs (Previous year Rs. 51.75 Lakhs) are pledged as securities against loan taken by the Company and its Joint Venture. Investment of subsidiaries in the shares of its associates amounting to Rs. 2.45 Lakh (Previous year Rs. 2.45 Lakhs) is pledged as securities against loan taken by the Company.

51. Accounting of projects with co-developer

The Company is developing certain projects jointly with Pioneer Urban Land & Infrastructure Limited and its other Group companies. All the development expenses and sale proceeds booked during the year under audit are transferred to the co-developer at the year-end as per the agreement with the co-developers.

52. Payables (due to Micro, Small and Medium scale Enterprises)

The Company is in the process of collating and identifying the Suppliers registered under MSME and, therefore, the Company is not in a position to specify the amounts including interest due to the Suppliers registered under MSME.

53. The Annual General Meeting (AGM) for the year ended 31st March, 2022 was due to be held latest by 30th September, 2022. The new management did not have access to complete records of various transactions of the Company. It caused delay in the finalization of accounts and convening of Annual General Meeting which was held on 30th March 2023. The new Management has inherited several legacies under various provisions of law, including non-compliances related to non-holding of Annual General Meeting of Unitech Limited on or before the due dates. Ever since the new Management took control of Unitech Group as whole, it has been endeavoring to make the Group fully compliant in accordance with the provisions of the Companies Act, 2013 and rules made thereunder and other laws applicable.

The Company has scheduled its Annual General Meeting for the FY 2022-23 on 29th September 2023, which is well within the prescribed time-lines.

The Management had taken up the issue of seeking exemptions and waiver of penalties from MCA as well as SEBI vide its letters dated 11.06.2020, 29.07.2020 and 27.08.2020 and had also sought the intervention of Secretary MCA to take up the matter with SEBI. The Secretary MCA also took up the matter with Chairman SEBI vide his letter dated 05.08.2020. SEBI responded vide its letter dated 09.09.2020 informing that the BSE and NSE had examined the issue in view of moratorium granted by the Hon''ble Supreme Court and the notice for suspension of trading of securities had been withdrawn. Finding that there was no positive response on waiver of penalties, the Management filed an IA No. 81660 of 2021 and 81663 of 2021 on 16.07.2021 in the Supreme Court seeking requisite reliefs, which is still pending. The above defaults on the part of the Company were also placed before the Hon''ble Supreme Court in the Action Taken Report-III filed on 28.03.2022.

54. There have been delays in the payment of dues of non-convertible debentures, term loans & working capital loans (including principal, interest and/or other charges as the case may be) to the lenders of the Company who have taken/ initiated action against the Company, and the total of such outstanding amounts to Rs. 7,95,499.75 Lakhs as on 31.03.2023 (Previous Year Rs. 5,97,532.88 Lakhs). Some of the lenders have initiated action under the SARFAESI Act to take over the respective properties provided as security to the lenders. The Company has challenged the action of the lenders before the Debt Recovery Tribunals (DRTs). The matter has also been captured in the Resolution Framework, as submitted to the Hon''ble Supreme Court.

55. The Hon''ble Supreme Court, vide its order dated 20th January 2020, has, inter alia, issued directions that the Board of Directors of Unitech Limited, as existing on that date, be superseded with immediate effect in order to facilitate the taking over of management

by the new Board of Directors constituted in terms of the proposal submitted by Government of India. In these Financial Statements, references have been made hereunder to the Resolution Framework (RF) for Unitech Group, which has been prepared and approved by the Board of Directors in their meeting held on 17.06.2020, followed by updations of the RF approved by the Board of Directors in their subsequent meetings held on 10.09.2020 and 28.10.2020 and 27.04.2022.

The updated Resolution Framework has been placed before the Hon''ble Supreme Court on 05.02.2021 and 08.08.2022 respectively. The RF contains various proposals like determining admitted liabilities & claims, proposing non-payment of penalty, interest, default interest or damages to creditors, stakeholders, homebuyers, landowners, leaseholders or any Authority, detailing the Resolution Framework for Company''s projects, detailing the Resolution Framework for non-project assets etc. The RF seeks various reliefs and concessions, like, (a) Homebuyers'' Credit Lines, (b) Immunity for the Board, their appointed Key Management Personnel, employees, advisors and consultants for any action taken by them in good faith, (c) Grant of benefits to the Company, its subsidiaries and joint ventures and Project Entities of protections similar to section 32A of the Insolvency and Bankruptcy Code, 2016, (d) Priority Finance and other borrowings for implementation of the Framework, and (e) Tax related reliefs and concessions. Besides, the RF also seeks some specific directions like imposition of moratorium, consolidation of Unitech Group, temporary exemption from compliances under RERA, amongst others. As the RF is still pending consideration of the Hon''ble Supreme Court, the impact of the proposed reliefs, concessions etc. has not been considered in the Books of Accounts.

56. A Forensic Audit of the Company was conducted as per directions of the Hon''ble Supreme Court, and the report on Forensic Audit was submitted in a sealed cover to the Hon''ble Supreme Court. The report on the Forensic Audit is not available with the Company or its Board of Directors.

57. Pursuant to section 74 (2) of the Companies Act, 2013, the Company had filed an application before the National Company Law Tribunal (NCLT) for seeking, inter-alia, re-scheduling of repayment of the outstanding Public Deposits, including interest thereon as is considered reasonable, in March 2015. The Hon''ble NCLT dismissed the said application. The appeal against the said order was also dismissed by the Hon''ble NCLAT vide its order dated 31st January, 2017.

Subsequent to the new Board of Directors taking over the management, a Resolution Framework has been submitted to the Hon''ble Supreme Court by the Company for addressing the issues of homebuyers, Fixed Deposit Holders and others. This issue has duly been recognized in Chapter 8 of the Resolution Framework and the Company shall take action as per the directions of the Hon''ble Court in this behalf.

Some Depositors filed intervention applications (IAs) before the Hon''ble Supreme Court. Considering their applications, the Hon''ble Supreme Court directed the Amicus Curiae to create a web-portal where the Depositors could provide their requisite information. Accordingly, in compliance of the ibid directions, the Ld. Amicus Curiae created a web-portal for the purpose.

Hon''ble Supreme Court vide its order dated 12th December, 2019, allowed part refunds to FD Holders who were senior citizens, aged 60 years and above. Ten per cent of the amount deposited with the Registry at that time i.e. Rs. 17.4 crore was allocated for the purpose. Having regard to the huge number of FD Holders, who had registered themselves on the web-portal, the Hon''ble Court allocated a further sum of Rs. 30 Crore for distribution amongst them. The additional amount of Rs. 30 Crore was also to be disbursed to FD Holders of the age group of 60 years and above, in terms of the earlier direction/s. Out of the allocated sum of Rs. 47.40 Crore, an amount of Rs. 31.23 Crore has been disbursed till 31.03.2023 as per the report of Ld. Amicus Curiae. Further, we have received Rs. 13.19 Crores from Supreme Court Registry on ground of medical exigency, out of which Rs. 10.98 Crores has been disbursed till 31.03.2023. The new Management neither processes any case nor is it authorized to do so till the Hon''ble Supreme Court takes a final decision in this matter.

The matter being sub-judice, the Company has, therefore, not provided for the interest payable on Public Deposits since 1st April, 2017, which works out to Rs. 41,795.45 Lakhs upto year ended 31st March, 2023.

58. The Company was awarded a project for development of amusement-cum-theme Park in Chandigarh by the UT Administration of Chandigarh. The Chandigarh Administration unilaterally and illegally terminated the said Development Agreement. The Company filed a Writ Petition before the Hon''ble High Court of Punjab & Haryana challenging the termination of Development Agreement. The matter was finally referred for Arbitration and the Company received an Arbitral Award dated 29th June 2021 passed by the Arbitral Tribunal. The Company has also filed the objection petition before the Sessions Court in Chandigarh in respect of the Arbitral Award qua nonpayment of interest. Further, the Company has a good case and, accordingly, no provision has been considered necessary.

59. The Company has non-current investments (long term investments/ loans/ advances) in some subsidiaries (including advance for purchase of shares for proposed subsidiaries) which have accumulated losses. Some of these subsidiaries have incurred loss during the current and previous year(s) and the current liabilities of these subsidiaries also exceed their current assets as at the respective Balance Sheet dates. Management has evaluated this matter and keeping the overall financial position of the Company in view, where it is expected to have substantial erosion in the value of assets held by the subsidiaries, the provision for diminution of such investment, and loans and advances to the subsidiaries has been made by the Company in the Standalone Financial Statements.

60. Advances amounting to Rs. 31,290.98 Lakhs (net of provision for doubtful advances) (previous year ended 31st March, 2022 - Rs. 31,287.37 Lakhs (net of provision for doubtful advances) are outstanding in respect of advances for purchase of land, projects pending commencement, joint ventures and collaborators which, as represented by the management, have been given in the normal course of business to land-owning companies, collaborators, projects and for purchase of land. An amount of Rs. 30,000.00 Lakhs has been provided for doubtful advances during the preceding years. The new Management has already initiated the recovery proceedings qua the outstanding amounts.

61. The Company had received a notice dated 18th November 2015 for ''cancellation of lease deed'' from Greater Noida Industrial Development Authority ("GNIDA"). As per the Notice, GNIDA cancelled the lease deed in respect of Residential/ Group Housing Plots on account of non-implementation of the project and non-payment of various dues amounting to Rs. 105,483.26 Lakhs. The Company had contractually entered into agreements with 352 homebuyers and had also received advances from such buyers amounting to Rs. 6,682.10 Lakhs (net of repayment). No contract revenue has been recognized on this project.

GNIDA, in the meanwhile, deposited an amount of Rs. 7,436.35 Lakhs (Rs. 6,682.10 Lakhs and interest @ 6% on the principal amount of Rs. 6,682.10 Lakhs), in terms of the Order of the Hon''ble Supreme Court dated 18.09.2018 with the Registry of the Hon''ble Supreme Court on behalf of the Company, out of the monies paid by the Company. This amount stands refunded to about 352 homebuyers on the directions of the Hon''ble Supreme Court.

The matter in respect of the land is still pending before the Hon''ble High Court of Allahabad for final disposal. The Company has, subsequently, shown the amount of Rs. 18,339.80 Lakhs as recoverable from GNIDA in its books of accounts. Further, the Company is also carrying other construction costs amounting to Rs. 80,650.70 Lakhs in respect of the projects to come up on the said parcel of land.

Further, the Management is also in the process of filing a comprehensive IA before the Hon''ble Supreme Court qua GNIDA demands from Unitech, including seeking appropriate directions on the instant issue.

62. The Company has accounted for its investment in its wholly-owned material subsidiary, M/s Unitech Power Transmission Limited (UPTL), as non-current assets held for sale. The Company is carrying the said investment at cost. Cost of investment as on 31st March, 2023 is Rs. 4,226.26 lakhs. The Board of Directors of Unitech Limited in its meeting held on 14.02.2023 decided to appoint M/s E&Y as the Transaction Advisor for the sale/ divestment of UPTL on as-is-where-is basis, for which exclusivity period of 09 months was approved.

Subsequent thereto, the notice of divestment was uploaded on e-Tendering portal of Unitech Limited on 06.04.2023, inviting Expressions of Interest (EoIs) from interested parties alongside individual mailers to 37 potential investors on or before 19.04.2023. A total of 10 parties submitted their EOIs by the Due date, with whom NDAs were signed. Another notice was uploaded on the Unitech website and e-tendering portal on 26.04.2023 inviting non-binding offers up to 01.05.2023. Four non-binding offers were received, which were opened on 02.05.2023, for amounts of Rs. 65 Crore (Jakson Limited). Rs. 25.00 Crore (M/s JSC OGCC), Rs. 20.00 Crore (Shilpa Steel) and Rs. 10.00 Crore (Shree Metals). The highest bidder thereafter submitted his Binding offer on 27.07.2023. The highest bidder subsequently revised his offer to Rs. 67.00 Crore. The binding Term Sheet submitted by the highest bidder was considered by the Board of Directors by circulation of an agenda on 11.08.2023. The said binding term sheet has been approved by the Board of Directors of Unitech Limited on 14.08.2023. After the decision of the Board, the transaction advisor has been requested to submit the final version of the binding term sheet.

A fair valuation report as per the provisions prescribed under section 56 of Income Tax Act, 1961, read with Rule 11UA of Income Tax Rules, 1962, has been obtained from a registered Merchant Banker. However, the statutory auditor has asked for getting the fair valuation report from an IBBI registered valuer as required under the provision of Indian Accounting Standard 105 - "Non-current assets held for sale and discontinued operations".

The Company has a property of Property situated at Plot no 14, Echelon Institutional Area, Sector-32, Gurgaon, Haryana, which has been rented to independent parties on operating lease. Carrying value of Land is X271.61 Lakhs and Building is X 889.27 Lakhs and total for the property is X 1,160.88 Lakhs as at 31 March 2023. Fair value of the property is X 11,871.72 Lakhs. The valuation is performed by Mr. Varun Sharma, an independent Chartered Engineer & Govt. Regd. valuer on the basis of market value approach.

64. A new Section 115BAA was inserted in Income Tax, Act, 1961, by Government of India on 20th September, 2019 vide Taxation Laws (Amendment) Ordinance, 2019, which provides an option to the Companies for paying income tax at reduced rates in accordance with the provisions/ conditions defined in the said section. The Company has decided to continue with the existing tax structure for the year ended March 31, 2023.

On 30th March, 2019, MCA has issued amendment regarding the income tax uncertainty over Income Tax treatment. As per the Company''s assessment, there are no material income tax uncertainties over income tax during the current financial year.

The Company has not created any kind of deferred tax assets on account of lack of reasonable certainty of having taxable profits and in foreseeable future against which such tax assets can be adjusted.

65. As regards trade payables, which primarily relate to the unpaid bills of Contractors and Vendors, and which prima facie may not be payable to the extent shown in the books, the management is in the process of ascertaining the genuineness of all the operational liabilities, which are being carried forward as a legacy from the erstwhile management in the accounts. The exact liability towards trade payables can be ascertained only after the process of invitation and settlement of claims, as provided in the Resolution Framework, is taken up and completed.

Further, as regards trade receivables, which primarily relate to the part/ full amount receivable from customers and other receivables/ advances, the Management has already started a recovery process by sending recovery notices for the advances and has also established the process of recovering the dues from the customers, which is pending due to stoppage of projects.

Consequent to voluminous transactions with large number of parties, the management is in the process of preparing of ageing schedule for receivables and payables, from the available data in multiple software for different periods. As regards all other opening balances which are outstanding for a long period of time and which are also being carried forward as a legacy balance, the Company is in the process of collecting the supporting documents to take an appropriate decision in the matter. Though some progress has been made in this behalf, the process of compiling banks statements/ bank balance confirmations from all the concerned banks of the Company is likely to take some time as some of the banks are not cooperating. The Company has various statutory liabilities outstanding since long and the same are unpaid due to the pendency of matters before various Adjudicating Authorities and liquidity constraints with the Company.

66. The Internal Auditor appointed by the Company had resigned on 14th February, 2020 without conducting/ submitting any Internal Audit Report. The Management is in the process of appointing a new Internal Auditor for the Company as a replacement.

The Chief Financial Officer of the Company resigned from the Company on 30th June, 2021. As per sub section 4 of section 203 of the Companies Act, 2013, the Company is required to fill the vacancy within a period of six months from the date of such vacancy. The Company has been trying to fill-up the position of Chief Financial Officer (CFO) for which some candidates have also been interviewed but the Company is unable to meet their financial expectations. Further, the Company has also requested the ICAI to suggest suitable candidates for the position of CFO. It is looking for candidates with experience in the real estate industry.

67. The erstwhile management had invested in Telangana State through a Collaboration Agreement with M/s Dandamundi Estate and Mr. D.A. Kumar and deposited an amount of Rs. 48,131.00 Lakhs (out of which an amount of Rs. 600.00 Lakhs got adjusted on account of some dues of M/s Dandamundi Estate). The Company had also obtained bank loans to the tune of Rs. 33,500.00 Lakhs against security of these lands, legal titles of which were never transferred in the name of the Company. However, the Company had already settled the said loan account and nothing remains outstanding against the same. The new Management has filed an Intervention Application before Hon''ble Supreme Court for the recovery of the amounts deposited with M/s Dandamundi Estate and Mr. D.A. Kumar along with interest @ 18% p.a. and the Company has not created any provision against the said deposit in the Books of Accounts on account of the matter being sub-judice.

Notwithstanding the IA pending before the Hon''ble Supreme Court, the management has held meetings at the level of Board''s Directors and Justice A.M. Sapre with Mr. D.A. Kumar and visited the land sites twice on 24.06.2022 and 02.01.2023.

It was agreed in the last meeting held at the level of Justice Sapre and the Chief Secretary, Telangana that the District Administration would complete the site survey and identify the areas, which have been encroached. It was also inter-alia directed by the Chief Secretary that no further sale deeds may be allow to be executed on the land parcels owned by Unitech Limited and its collaborator.

On follow-up with the District Collector of Medchal Malkajgiri, Hyderabad, it has been learnt that a Surveyor has been appointed to complete the process of site demarcation, which is expected to be completed in about next two months'' time.

68. The Company had a branch office in Libya, whose Financial Statements/ information reflect total assets of Rs. 1,328.47 Lakhs (Previous year - Rs. 1,328.47 Lakhs) as on 31st March, 2023 and total revenues of Rs. NIL (Previous year - NIL) for the year ended on that date, as considered in the Standalone Financial Statements as described above. The Company has also made provision against all assets of Rs. 1,328.47 Lakhs (Previous year - Rs. 1,328.47 Lakhs). The Financial Statements/ information of this Branch have not been audited by the Branch Auditor due to the adverse political situation prevailing in Libya.

69. As per Books of Account, an amount of Rs. 311,91.85 lakhs stands deposited with the Hon''ble Supreme Court Registry as at 31st March, 2023, which is based on the information flow from the Registry till 22.11.2022. The Company received a detailed statement of accounts from the Supreme Court''s Registry in the month of November, 2022. After reconciliation of the accounts, entries pertaining to (a) interest income of Rs. 4,980.00 lakhs upto 22.11.2022, (b) disbursement of Rs. 2,734.11 lakhs, out of 4,000 lakhs deposited in the Supreme Court''s Registry by M/s Pioneer Urban Land & Infrastructure Limited, and (c) disbursement of Rs. 2,183.45 lakhs to homebuyers, FD holders and other stakeholders, have been duly entered in the books of accounts for the period ending 31.03.2023.

70. The Company has income from maintenance charges amounting to Rs. 3,531.58 Lakhs during the year ended 31st March, 2023 (Previous Year Rs. 3,032.80 Lakhs). The requisite MSAs of all the concerned projects have already been shared with the statutory auditors.

As far as the mapping of monies received from the residents (with customer codes) towards maintenance charges are concerned, it is clarified that a mixed bag of arrangements, which has been continuing since long. This observation relates to a total of ten projects comprising 06 Residential and 04 JV Commercial projects. This comprises of (i) where the RWAs are collecting the money and spending from out of a joint account, (ii) where the RWA are collecting and spending on their own, and (iii) Where Unitech and its JV are collecting the Maintenance Charges and spending the same. The main problem is that the RWAs have not maintained the customer-wise accounts with their customer codes. This has been taken up with the concerned RWAs for reconciliation thereof.

71. The Company had received an Arbitral Award dated 6th July, 2012 passed by the London Court of International Arbitration (LCIA) wherein the Arbitration Tribunal has directed the Company to purchase the investment of Cruz City 1 (a Company owned by Lehman Bros.) in Kerrush Investment Ltd. (Mauritius) at the overall value of USD 298,382,949.34 (Previous year USD 298,382,949.34) in Kerrush Investments Ltd (Mauritius). The High Court of Justice, Queen''s Bench Division, Commercial Court London had confirmed the said Award.

Further, consequent to the order passed by the Hon''ble Delhi High Court in the instant case, the Company is required to make the aforesaid investment into Kerrush Investments Ltd. (Mauritius). The decree of the aforesaid amount against the Company is pending for execution. However, the Management is exploring the possibilities of filing an Intervention Application in the Hon''ble Supreme Court on this subject.

72. Except in the cases of the following two subsidiary companies, the Immovable properties and Investment properties held by all other subsidiary companies are included in their respective Books of Accounts whereas, the following properties/ investment properties owned by (i) Sankoo Builders Private Limited, and (ii) Broomfield Developers Private Limited have been accounted for in the Books of Accounts of Holding Company i.e. Unitech Limited:

75. The Company was allotted 350 acres of land in Nadergul village, Saroornagar Mandal, RR District, Hyderabad (Andhra Pradesh) by Andhra Pradesh Industrial Infrastructure Corporation Limited (APIIC) vide Letter of Award dated 28th November 2007. In terms of the Letter of Award, the entire purchase consideration of Rs. 16,500.00 Lakhs including EMD have already been paid to APIIC and a Development Agreement dated 19th August 2008 was signed with APIIC to develop the said land through Unitech Hyderabad Township Ltd., a wholly-owned subsidiary of the Company.

The Company came to know that the Hon''ble Supreme Court, vide its order 9th October 2015, had quashed the acquisition of the aforesaid land by the Government of Andhra Pradesh from the landowners and transfer of the same to Telangana State Industrial Infrastructure Corporation (TSIIC) (erstwhile APIIC). The Company accordingly approached the Hon''ble High Court of Hyderabad for the refund of the principal amount and the due interest thereon. The Hon''ble High Court of Hyderabad awarded a total sum of Rs. 66,055.00 Lakhs to the Company. TSIIC challenged the said order of the Hon''ble High Court by way of a writ petition before the Division Bench, which was allowed partially and the period for calculating the interest was changed from September 2007 to October 2015. Aggrieved by this order of the Hon''ble High Court of Hyderabad, reducing the period of interest payable, Unitech preferred an SLP with a request to restore the original order of the Hon''ble High Court of Hyderabad.

The Hon''ble Supreme Court vide order dated 17.02.2021 allowed the appeal filed by the Company, in part, setting aside the directions of the Division Bench of High Court which confined the liability to pay interest only with effect from 14th October, 2015. Accordingly, the Company received a refund of Rs. 165 Crore together with simple interest @ SBI-PLR rate commencing from the respective dates of payment through the Registry of the Hon''ble Supreme Court during the year.

76. In compliance of its earlier judgment dated 02.12.2021, the Hon''ble Supreme Court vide its subsequent Order dated 05.03.2022 further directed M/s Priadarshini Foundations Private Limited to reconvey the land admeasuring 30.71 acres to Unitech Limited within three weeks. The refund of Rs 25 crores shall take place simultaneously with reconveyance of the land or, in any event, within a period of one week from the date of reconveyance.

The said reconveyance has been duly executed on 03.08.2023 and the complete land holding of 30.71 acres has duly been transferred in favour of M/s Dhaulagiri Builders Private Limited and M/s Amaro Developers Private Limited.

77. The Enforcement Directorate, New Delhi vide F. No.: ECIR/04/DLZO-II/2018 dated 06.06.2018 is currently investigating the affairs of promoters of Unitech Limited. Vide the ongoing investigations, the ED has provisionally attached various assets of the erstwhile Management including 40% equity holding of M/s Unitech Hotels Private Limited wherein Unitech Limited holds the balance 60% equity.

M/s Unitech Hotels Private Limited is involved in developing a 13,005 sq.mt. hotel at Plot No. A-2, Sector -38 A, Noida. The value of the provisional attachment of 40% equity held by M/s Ranchero Services Limited is valued at USD 8 Million.

78. Additional Regulatory Information:

(i) The Company under the control of new Management does not have any benami property where any proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder but, however, litigation under Benami Transactions (Prohibition) Act, 1988 has been initiated against the erstwhile promoters/ Management.

(ii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year under audit.

(iii) The Company does not have any charge or satisfaction, which is yet to be registered with the Registrar of Companies beyond the statutory period.

(iv) Unitech Limited, in order to develop a Commercial Complex at Sector 26, Gurgaon under the name and style of "Global Gateway", obtained a loan of Rs. 33.14 Crore in the year 2012 from Bank of Maharashtra, New Delhi. An amount of Rs. 26.35 Crore has already been paid towards the principal dues. The Bank had created encumbrance over a commercial land parcel admeasuring 2.443 acre situated at Naurangpur, Gurgaon held by the Company.

As on 31.03.2023, the total principal loan outstanding is Rs. 6.79 Crores. Bank of Maharashtra has categorized the Company in the list of Wilful Defaulters for an outstanding amount of Rs. 7.50 Crores during the year.

(v) During the year ending 31st March 2023, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other source 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 other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. Also, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(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 other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(vi) Company does not have any such transaction which is not recorded in the Books of Accounts that has been surrendered or disclosed as income in the Tax Assessments under the Income Tax Act, 1961, such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

(vii) The Company has complied with the number of layers prescribed under Clause (87) of Section 2 of the Companies Act, 2013, read with the Companies (Restriction on number of Layers) Rules, 2017, from the date of their implementation in terms of Indian subsidiaries, however, the Management is still in the process of evaluation of the compliance in respect of foreign subsidiaries.

As regards the status of third parties comprising of transactions in the nature of receivables, payables and shares held by struck off Companies, Unitech Limited is in process of ascertaining the status regarding outstanding balances.

79. The Financial Statements were approved for issue by the Board of Directors in their meeting held on 29th August, 2023..

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Mar 31, 2023

Provisions, contingent liabilities and contingent assets

Provisions: Provisions are recognized in respect of
liabilities, which can be measured only by using a
substantial degree of estimates when:

(i) the Company has a present obligation as a result
of a past event;

(ii) a probable outflow of resources embodying
economic benefits will be required to settle the
obligation; and

(iii) the amount of the obligation can be reliably
estimated.

Reimbursement expected in respect of expenditure
required to settle a provision is recognized only when
it is virtually certain that the reimbursement will be
received.

Contingent Liability: Contingent liability is disclosed in
the case of:

(i) a present obligation arising from a past event,
when it is not probable that an outflow of
resources embodying economic benefits will be
required to settle the obligation; and

(ii) a possible obligation, that arises out of past events
and the existence of which will be confirmed only
by one or more uncertain future events unless the
probability of outflow of resources is remote.

Contingent Assets: Contingent assets are neither
recognized nor disclosed. However, when realization of
income is virtually certain, related asset is recognized.

XVIII. Cash & cash equivalents

Cash and cash equivalents for the purposes of cash
flow statement comprise cash at bank and in hand and
short-term investments with an original maturity of
twelve months or less. Cash flow statement is prepared
using the indirect method.

XIX. Earnings per share

Basic earnings per share is calculated by dividing the

net profit or loss for the period attributable to equity
shareholders by the weighted average number of equity
shares outstanding during the period. The weighted
average numbers of equity shares outstanding during
the period are adjusted for events of bonus issue, a
share split and share warrants conversion.

Diluted earnings per share is calculated by adjusting
net profit or loss for the period attributable to equity
shareholders and the weighted number of shares
outstanding during the period for the effect of all
dilutive potential equity shares.

Further, where the statement of profit and loss includes
extraordinary items, the Company discloses basic and
diluted earnings per share computed on the basis of
earnings excluding extraordinary items (net of tax
expenses).

XX. Fair value measurement

The Company is required to measure the 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 ordinary
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:

(i) In the principal market for the asset or liability, or

(ii) In the absence of a principal market, in the most
advantageous market for the asset or liability.

A fair value measurement of a non-financial asset
takes into account a market participant''s ability to
generate economic benefits by using the asset in its
highest and best use or by selling it to another market
participant that would use the asset in its highest and
best use. 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. 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.

For the purpose of fair value disclosures, the Company
has determined classes of assets & liabilities on the
basis of the nature, characteristics and the risks of the
asset or liability and the level of the fair value hierarchy
as explained above.

XXI. Financial instrument

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. Financial assets
includes trade receivable, loan to body corporate, loan
to employees, security deposits and other eligible
current and non-current assets. Financial liabilities
include Loans, trade payables and eligible current and
non-current liabilities.

(1) Classification

The Company classifies financial assets as
subsequently measured at amortized cost, fair
value through other comprehensive income or fair
value through profit or loss on the basis of both:

(i) the entity''s business model for managing
the financial assets; and

(ii) the contractual cash flow characteristics of
the financial asset.

A financial asset is measured at amortized cost if
both of the following conditions are met:

(i) the financial asset is held within a business
model whose objective is to hold financial
assets in order to collect contractual cash
flows; and

(ii) the contractual terms of the financial asset
give rise on specified dates to cash flows that
are solely payments of principal and interest
on the principal amount outstanding.

A financial asset is measured at fair value through
other comprehensive income if both of the
following conditions are met:

(i) the financial asset is held within a business
model whose objective is achieved by both
collecting contractual cash flows and selling
financial assets; and

(ii) the contractual terms of the financial asset
give rise on specified dates to cash flows that
are solely payments of principal and interest
on the principal amount outstanding.

A financial asset is measured at fair value through
profit or loss unless it is measured at amortized
cost or at fair value through other comprehensive
income.

All financial liabilities are subsequently measured
at amortized cost using the effective interest
method or fair value through profit or loss.

(2) Initial recognition and measurement

The Company recognizes financial assets and
financial liabilities when it becomes a party to
the contractual provisions of the instrument. All
financial assets and liabilities are recognized at
fair value at initial recognition, plus or minus,
any transaction costs that are directly attributable
to the acquisition or issue of financial assets
and financial liabilities that are not at fair value
through profit or loss.

(3) Financial assets subsequent measurement

Financial assets are subsequently measured
at amortized cost, fair value through other
comprehensive income (FVOCI) or fair value
through profit or loss (FVTPL), as the case
may be, except for the investments where no
information is available with the Company. Such
investments are subsequently measured at cost.
Financial liabilities are subsequently measured at
amortized cost or fair value through profit or loss.

(4) Effective interest method

The effective interest method is a method of
calculating the amortized cost of a debt instrument
and allocating interest income over the relevant
period. The effective interest rate is the rate that
exactly discounts estimated future cash receipts
through the expected life of the debt instrument,
or, where appropriate, a shorter period, to the net
carrying amount on initial recognition. Income
is recognized on an effective interest basis for
debt instruments other than those financial
assets classified as at FVTPL. Interest income is
recognized in profit or loss and is included in the
"Other income" line item.

(5) Trade receivables

Trade receivables are the contractual right
to receive cash or other financial assets and
recognized initially at fair value. These are
subsequently measured at amortized cost (Initial
fair value less expected credit loss). Expected
credit loss is the difference between all contractual
cash flows that are due to the Company and all
that the Company expects to receive (i.e. all cash
shortfall), discounted at the effective interest rate.

(6) Equity investments

All equity investments in the scope of IND AS 109
are measured at fair value other than investments

in subsidiary, associate & Joint Venture which are
stated at cost as per IND AS 27 ''separate financial
statement''. 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. For other equity instrument
due to non-availability of sufficient and recent
information, cost is taken as appropriate estimate
of fair value with reference to IND AS 109 ''financial
instrument''.

(7) Cash and cash equivalents

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

(8) Financial liabilities

Financial liabilities are recognized initially at fair
value less any directly attributable transaction
costs. These are subsequently carried at
amortized cost using the effective interest method
or fair value through profit or loss. For trade and
other payables maturing within one year from
the balance sheet date, the carrying amounts
approximate fair value due to the short maturity
of these instruments.

(9) Trade payables

Trade payables represent liabilities for goods
and services provided to the Company prior to
the end of financial year and which are unpaid.
Trade payables are presented as current liabilities
unless payment is not due within 12 months after
the reporting period or not paid/ payable within
operating cycle. They are recognized initially at
their fair value and subsequently measured at
amortized cost using the effective interest method.

(10) Borrowings

Borrowings are initially recognized at fair value,
net of transaction costs incurred. Borrowings
are subsequently measured at amortized cost.
Any difference between the proceeds (net of
transaction costs) and the redemption amount is
recognized in profit or loss over the period of the
borrowings using the effective interest method.
Fees paid on the establishment of loan facilities
are recognized as transaction costs of the loan.

Borrowings are classified as current liabilities
unless the Company has an unconditional right
to defer settlement of the liability for at least 12
months after the reporting period. Where there

is a breach of a material provision of a long-term
loan arrangement on or before the end of the
reporting period with the effect that the liability
becomes payable on demand on the reporting
date, the Company does not classify the liability
as current, if the lender agreed, after the reporting
period and before the approval of the financial
statements for issue, not to demand payment as
a consequence of the breach.

(11) Equity Instruments

An equity instrument is any contract that evidences
a residual interest in the assets of Company after
deducting all of its liabilities. Equity instruments
are recognized at the proceeds received, net of
direct issue costs.

(12) Derecognition of financial instrument

The Company de-recognizes a financial asset
when the contractual rights to the cash flows
from the financial asset expire or it transfers the
financial asset and the transfer qualifies for de¬
recognition under IND AS 109. A financial liability
(or a part of a financial liability) is de-recognized
from the Company''s balance sheet when the
obligation specified in the contract is discharged
or cancelled or expires.

(13) Offsetting of financial instruments

Financial assets and financial liabilities are offset
and the net amount is reported in the balance
sheet if there is a currently enforceable legal right
to offset the recognized amounts and there is an
intention to settle on a net basis, to realize the
assets and settle the liabilities simultaneously.

(14) Financial guarantee

Financial guarantee contracts issued by the
entities are those contracts that require a
payment to be made to reimburse the holder
for a loss it incurs because the specified debtor
fails to make a payment when due in accordance
with the terms of a debt instrument. Financial
guarantee contracts are recognized initially as a
liability at fair value, adjusted for transaction costs
that are directly attributable to the issuance of the
guarantee. Subsequently, the liability is measured
at the higher of the amount of loss allowance
determined as per impairment requirements
of IND AS 109 and the amount recognized less
cumulative amortization.

XXII. Non-current assets held for sale/ distribution to

owners and discontinued operations

The Company classifies non-current assets (or disposal

groups) as held for sale if their carrying amounts will
be recovered principally through a sale rather than
through continuing use. Held for sale is classified only if
the asset (or disposal group) is available for immediate
sale in its present condition subject only to the terms
that are usual and customary for sale for such assets
(or disposal group) and its sale is highly probable i.e.
management is committed to sale, which is expected
to be completed within the period of contract, as
may have been extended by the term of the contract
or otherwise. Sale transactions include exchanges of
non-current assets for other non-current assets when
the exchange has commercial substance. Non-current
assets (or disposal group) that is to be abandoned are
not classified as held for sale. Non-current assets held
for sale and disposal groups are measured at cost as
the fair value is not available with the Company the
lower of their carrying amount and the fair value less
costs to sell. Assets and liabilities classified as held for
sale are presented separately in the balance sheet.

Interest and other expenses attributable to the liabilities
of a disposal group classified as ''held for sale'' will
continue to be recognized.

Non-current asset (or disposal group) is reclassified
from ''held to sale'' if the criteria are no longer met and
measured at lower of:

(i) Its carrying amount before the asset (or Disposal
group) was classified as held for sale, adjusted
for any depreciation, amortization or revaluations
that would have been recognized had the asset
(or disposal group) not been classified as held for
sale; and

(ii) Its recoverable amount at the date of the
subsequent decision not to sell.

Any adjustment to the carrying amount of a non-current
asset that ceases to be classified as held for sale is
charged to profit or loss from continuing operations in
the period in which criteria are no longer met.

A disposal group qualifies as discontinued operation
if it is a component of an entity that either has been
disposed-off, or is classified as held for sale, and:

(i) represents a separate major line of business or
geographical area of operations;

(ii) is part of a single coordinated plan to dispose of
a separate major line of business or geographical
area of operations; or

(iii) is a subsidiary acquired exclusively with a view to
re-sell.

---

Mar 31, 2017

As explained and represented by management, the Company has earmarked six unencumbered land parcels including those in subsidiary Companies for sale and utilization of sale proceeds thereof for repayment of deposits. Further, as informed, the management is committed to repay all the deposits along with interest thereon and is making all efforts to arrange the necessary resources required for this purpose.

1. First Time Adoption of Ind AS

These financial statements, for the year ended 31 March 2017, are the first, the company has prepared in accordance with Ind AS. For periods up to and including the year ended 31 March 2016, the company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP).

Accordingly, the company has prepared financial statements which comply with Ind AS applicable for periods ending on 31 March 2017, together with the comparative period data as at and for the year ended 31 March 2016, as described in the summary of significant accounting policies. In preparing these financial statements, the company’s opening balance sheet was prepared as at 1 April 2015, the company’s date of transition to Ind AS. This note explains the principal adjustments made by the company in restating its Indian GAAP financial statements, including the balance sheet as at 1 April 2015 and the financial statements as at and for the year ended 31 March 2016 and 31 March 2017.

Exemptions applied:-

Deemed cost- Fair value of property, plant and equipment

The Company has elected to continue with the carrying value of all of its plant and equipment, and intangible assets recognised as of April 1, 2015 (transition date) measured as per the previous GAAP and use that carrying value as its deemed cost as of the transition date.

Estimates

The estimates at 1 April 2015 and at 31 March 2016 are consistent with those made for the same dates in accordance with Indian GAAP (after adjustments to reflect any differences in accounting policies) apart from the following items where application of Indian GAAP did not require estimation:

Impairment of financial assets based on expected credit loss model

The estimates used by the company to present these amounts in accordance with Ind AS reflect conditions at 1 April 2015, the date of transition to Ind AS, as of 31 March 2016.

Classification and measurement of financial assets

The company has classified the financial assets in accordance with Ind AS 109 on the basis of facts and circumstances that exist at the date of transition to Ind AS.

Impairment of financial assets: (Trade receivables and other financial assets)

At the date of transition to Ind AS, the Company has determined that there significant increase in credit risk since the initial recognition of a financial instrument would require undue cost or effort, the Company has recognised a loss allowance at an amount equal to lifetime expected credit losses at each reporting date until that financial instrument is derecognised (unless that financial instrument is low credit risk at a reporting date).

2 (ii) FINANCIAL RISK MANAGEMENT

The Company’s principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets include loans, trade and other receivables and cash and cash equivalents that are derived directly from its operations

The Company’s financial risk management is an integral part of how to plan and execute its business strategies. The Company is exposed to market risk, credit risk and liquidity risk. The company’s focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance.

The Company’s principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these financial liabilities is to manage finances for the Company’s operations. The Company principal financial asset includes loan , trade and other receivables, and cash and short-term deposits that arise directly from its operations.

The Company’s activities are exposed to market risk, credit risk and liquidity risk.

I. Market risk

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

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks.

(a) 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. In order to optimize the Company’s position with regard to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of the fixed rate and floating rate financial instruments in its total portfolio.

(i) The exposure of group borrowings to interest rate changes at the end of reporting period are as follows:__

(ii) As at the end of reporting period, the company had the following variable rate borrowings and interest rate swap contracts outstanding:

(iii) Sensitivity

Profit/loss is sensitive to higher/lower interest expense from borrowings as a result of changes in interest rates._

(b) 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 has no foreign currency loans in current year end and previous year . Therefore no sensitivity is provided.

(c) price Risk

The company exposure to equity securities price risk arises from the investments held by company and classified in the balance sheet at fair value through profit and loss. The company does not have any investments at the current year end and previous year which are held for trading. Therefore no sensitivity is provided.

II. Credit Risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The company’s credit risk exposure towards its counterparties are continuously monitored . Credit exposure of any party is controlled , reviewed and approved by the appointed company official in this regard The average credit period is 30 days.

No interest is charged on trade receivables for the first 30 days from the date of the invoice. Thereafter, interest is charged on case to case basis

III. Liquidity Risk

Liquidity risk is defined as the risk that company will not be able to settle or meet its obligation on time or at a reasonable price. The Company’s objective is to at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company’s management is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risk are overseen by senior management. Management monitors the company’s net liquidity position through rolling, forecast on the basis of expected cash flows.

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date based on contractual undiscounted payments:

(iii) (A) Risk Management

The Company manages its capital to ensure that the company will be able to continue as going concerns while maximising the return to stakeholders through the optimization of the debt and equity balance.

The Company’s risk management committee reviews the capital structure of the Company on a semi-annual basis. As part of this review, the committee considers the cost of capital and the risks associated with each class of capital. The Company monitors capital on the basis of following gearing ratio, which is net debt divided by total capital plus debt

(B) Geraring ratio

The gearing ratio at end of the reporting period was as follows.

3 a) ACCOUNTING OF REAL ESTATE PROJECTS UNDERTAKEN UP TO 31st March, 2004

The actual receipts and installments due of Rs.38,272,964 (previous year Rs.38,640,728) for the year from booking of plots/constructed properties in ongoing real estate projects has been credited to revenue from operations. Against this, after ascertaining profits on estimate basis as per accounting policy no. 1(XII)(A)(a) the balance of eighty percent is adjusted in real estate project expenditure. The final adjustment of profit/loss is being made on completion of respective project(s).

b) CONSTRUCTION CONTRACTS

c) The construction material includes mild steel, cement, sand and other construction material. During the year the company dealt in mild steel only (refer Note No. 30 & 32).

d) Disclosure in respect of projects which is covered under the Revised Guidance Note issued by the Institute of Chartered Accountants of India on “Accounting for Real Estate Transactions (Revised 2012)” and where revenue recognition has been stated as per accounting policy no.1(XII)(A)(b)&(c).

e) Deferred tax assets are recognised for carried forward business loss and unabsorbed depreciation during the year where there are foreseeable profits in future based on the agreement to sell already entered with buyers, which in the opinion of management indicates virtual certainity supported by convincing evidence that sufficient future taxable income will be available as the construction progresses against which such deferred tax assets can be realaised.

f) The Company had earlier sold some of its investments and recognized sale based on the consideration amount received against such sale as well as contractual arrangement thereof. However, during the financial year ending 31^st March 2016, the Company reversed this sale transaction in its books due to revised contractual understanding and accordingly, the consideration received from the purchaser had been shown as amount payable by the Company

4. BENEFITS TO EMPLOYEES:

As per Ind AS 19, ‘Employee benefits’, the disclosures of employee benefits are as given below:

a) Defined contribution plan

Contributions recognized as expense for the year are as under:

b) Defined benefit plan

The cost of providing gratuity and long term leave encashment are determined using the projected unit credit method on the base of actuarial valuation techniques conducted at the end of the financial year.

The following tables summarize the component of net benefit expense in respect of gratuity and leave encashment recognized in the statement of profit and loss and balance sheet as per actuarial valuation as on 31^st March 2017.

5. SEGMENT REPORTING

Segment wise revenue, results & other information

The company is primarily in the business of real estate development and related activities including construction, consultancy and rentals etc. Further most of the business conducted is within the geographical boundaries of India.

In view of the above, in the opinion of the management and based on the organizational and internal reporting structure, the company’s business activities as described above are subject to similar risks and returns. Further, since the business activities undertaken by the company are substantiating within India, in the opinion of the management, the business environment in India is considered to have similar risks and returns. Consequently, the company’s business activities primarily represent a single business segment and the company’s operations in India represent a single geographical segment.

6. LEASED ASSETS:

a) Operating lease taken:

Operating lease obligations: The company has taken cars/ office equipments on operating lease basis. The lease rentals are payable by the company on a monthly basis. Future minimum lease rentals payable as at 31 ^st March, 2017 as per the lease agreements are as under:

b) Operating lease given:

i) Details of assets given on operating lease:

ii) The company has given buildings on operating lease basis. The lease rentals are receivable by the company on a monthly basis. Future minimum lease rentals receivable as at 31^st March, 2017 as per the lease agreements are as under:

Lease income recognized in the statement of profit and loss is Rs.142,839,000 (previous year Rs.3,374,000)

c) Finance lease :

The company has acquired plant and machinery and vehicles under finance lease with the respective underlying assets as security. Minimum lease payments (MLP) outstanding in respect of these assets are as follows :

7. Details of Specified Bank Notes (“SBNs”) held and transacted during the period from 08th November 2016 to 31st December 2016 as defined in MCA notification G.S.R. 308 (E) dated March 31, 2017 provided in the table below:

8. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

I. Claims against company not acknowledged as debt

Refer Accounting policy No. XII, according to which the contract revenue on account of interest on delayed payment by customers and expenditure on account of compensation/ penalty for project delays are accounted for at the time of acceptance/ settlement with the customers due to uncertainties with regard to determination of amount receivable/ payable. As per Guidance Note on Real Estate Accounting read with paragraph 11(c) of Accounting Standard 7 - Construction Contracts, the amount of contract revenue may decrease as a result of penalties arising from delays caused by the contractor in the completion of the contract. Company is of the firm opinion that no significant liability has devolved upon them on account of such delays/ penalties and even in some cases where such penalties may contractually have arisen, the corresponding interest on delayed payment by customers is sufficient to nullify the impact. Further, in certain cases, penalty towards confirmed delays are adjusted with customer dues receivable, against excess area sold to customers.

c) Income tax matter in dispute (financial year 2004-05) pending in appeal: Rs.7,363,246 (previous year Rs.7,363,246), (financial year 2006-07) pending in appeal: Rs.222,484,964 (previous year Rs.222,484,964) (Amount paid under protest by the company : Rs.169,379,967), (financial year 2009-10) pending in appeal: Rs.3,025,191,760 (previous year Rs.3,025,191,760) (Amount paid under protest by the company : Rs.897,324,472), (financial year 2010-11) pending in appeal: Rs.1,188,242,280 (previous year Rs.1,188,242,280) (Amount paid under protest by the company : Rs.222,575,821), (financial year 2011-12) pending in appeal: Rs.824,043,190 (previous year Rs.824,043,190) (Amount paid under protest by the company : Rs.68,522,620), (financial year 201213) pending in appeal: Rs.1,137,095,370 (previous year Rs.1,137,095,370) Vide notice u/s 281B of the Income tax Act, 1961 dated 06/02/2013, 2,237,030 equity shares of Carnoustie Management Pvt. Ltd. having value of Rs.3,100,545,000 and 1,000,000 equity shares of Shivalik Ventures Pvt. Ltd. having value of Rs.10,000,000,000 held by the company have been attached.

Income Tax (TDS) matter in dispute (financial year 2007-08) pending in appeal: Rs.16,219,162 (previous year Rs.16,219,162), (financial year 2011-12) pending in appeal: Rs.116,196,935 (previous year Rs.116,196,935), (financial year 2012-13) pending in appeal: Rs.168,599,180 (previous year Rs.168,599,180), (financial year 2013-14) pending in appeal: Rs.200,077,281 (previous year Rs. NIL).

d) Sales tax matter in dispute: (financial year 2005-06) pending in appeal : Rs.7,300,428 (previous year Rs.7,300,428) (Amount paid under protest by the company : Rs.7,300,428); (financial year 2011 -12) pending in appeal : Rs.281,988,670 (previous year Rs.281,988,670); (financial year 2012-13) pending in appeal : Rs.163,802,119 (previous year Rs.163,802,119)

e) Service tax matter in dispute: (for the period 01/12/2005-31/07/2007): Rs.7,260,129 (previous year Rs.7,260,129), (financial year 2012-13) pending in appeal: Rs.93,494,668 (previous year Rs.93,494,668)

II. Guarantees

III. Commitments

b) Investment in 1,000,000 equity shares of Rs.10 each at a premium of Rs.9,990 per share aggregating of Rs.10,000,000,000 has been made in joint venture company, Shivalik Ventures Pvt. Ltd. An amount of Rs.4,916,200,000 has been paid against the allotment of fully paid-up shares. The balance securities premium of Rs.5,083,800,000 will be accounted for on payment.

e) The Company had received an Arbitral award dated 6th July 2012 passed by the London Court of International Arbitration (LCIA) wherein the arbitration tribunal had directed the company to invest USD 298,382,949.34 (Previous year USD 298,382,949.34) equivalent to Rs.19,346,732,699 (Previous year Rs.19,792,606,340) in Kerrush Investments Ltd. (Mauritius). The High Court of Justice, Queen’s Bench Division, Commercial Court London had confirmed the said Award.

Though the Company believed, on the basis of legal advice, that the said award is not enforceable in India on various grounds, including, but not limited to lack of jurisdiction by the LCIA appointed Arbitral tribunal to pass the said award, the aggrieved party filed a petition with Hon’ble High Court of Delhi for enforceability of the said Award. The Hon’ble High Court of Delhi has passed an order in the case instant.

Based on its own assessment and legal advice received, the Company is sanguine & strongly believes that its stand taken in this matter will be vindicated in the Hon’ble Supreme Court. The Company is preparing for filing the SLP in the Hon’ble Supreme Court against the said Order of the Hon’ble High Court of Delhi.

Moreover, in case the Company is required to make the aforesaid investment into Kerrush Investments Ltd. (Mauritius), its economic interest in the SRA project in Santacruz Mumbai shall stand increased proportionately thereby creating a substantial asset for the Company with an immense development potential.

f) Investment in shares of subsidiaries amounting to Rs.174,146,060 (Previous year Rs.181,696,060) are pledged as securities against loan taken by the company. Investment in shares of joint ventures amounting to Rs.77,675,000 (Previous year Rs.77,500,000) are pledged as securities against loan taken by the company and its joint venture. Investment of subsidiary in the shares of joint ventures of the subsidiary amounting to Rs. NIL (Previous year Rs. NIL) pledged as securities against loan taken by the company. Investment of subsidiaries in the shares of its associates amounting to Rs.245,000 (Previous year Rs.245,000) pledged as securities against loan taken by the company.

9. ACCOUNTING OF PROJECTS WITH CO-DEVELOPER

The company is developing certain projects jointly with Pioneer Urban Infrastructure Limited and its other group companies. All the development expenses and sale proceeds booked during the year are transferred to the co-developer at the year end in proportion to share of actual land pooled by each developer.

10. The company had availed rupee term loan facility from a public financial institution which was inter alia secured by the land allotted to the company’s subsidiary. Subsequently, as per the terms of allotment, correction in the lease deed was carried out to allot land to a special purpose company, however, no action has been taken for consequent modifications in the mortgage deed. During the financial year 2013-14, the company received a notice under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) from the financial institution for taking notional possession of the said land provided as security, by alleging default in repayment of the said loan facility. The detail of loans and overdue amount is given in Note 21 to the standalone Ind AS financial statements. The company has been legally advised that this notice is not tenable in terms of the provision of SARFAESI Act and therefore, the Company has challenged the same by filing an application before the Hon’able Debt Recovery Tribunal, Lucknow (DRT). Pending the matter before DRT for final decision, the financial institution issued e-auction sale notice dated 05.04.2016 for sale of the aforesaid land, and consequent to this sale notice, concerned authority, which has allotted this land to the company’s subsidiary, also issued show cause notice dated 11.04.2016 for cancellation of allotment thereof. On the request of the company, DRT has stayed the auction of land and cancellation of allotment thereof, with a direction to all the parties to maintain status quo in respect of said land.

11. The company had issued the secured non-convertible debentures on private placement basis disclosed under note 27 to the financial statement to a lending financial institution and these debentures are inter alia secured by the charge on immovable properties of the company and its subsidiaries. However, as on 31^st March 2017, these non-convertible debentures (including interest accrued thereon) was pending for redemption for a period of more than one year from their respective due date. The lending financial institution has initiated action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) for recovery of amount pending against these debentures. The company has been legally advised and has also obtained an opinion that default in redemption of privately placed debentures subscribed by the financial institutions which are lenders of money or default in payment of interest thereon, will not attract the provisions of Section 164(2)(b) of the Companies Act, 2013 or Section 274(1)(g) of the erstwhile Companies Act, 1956.

12. Pursuant to Section 74(2) of the Companies Act, 2013, the Company had made an application to the Hon’ble Company Law Board (subsequently replaced by the Hon’ble National Company Law Tribunal, New Delhi) seeking extension of time for repayment of the outstanding public deposits (including interest thereon) as is considered reasonable. The Company had also identified and earmarked 6 (six) unencumbered land parcels for sale and utilization of the sale proceeds thereof for repayment of the aforesaid outstanding deposits. However, during the financial year under review, the Hon’ble National Company Law Tribunal, New Delhi (NCLT) vide its order dated 04.07.2016 dismissed the said application. On appeal against the said order, the Hon’ble National Company Law Appellate Tribunal, New Delhi (NCLT) vide its order dated 03.11.2016 extended the date of repayment of deposits upto 31.12.2016. Subsequently, the said appeal was also disposed off by the Hon’ble NCLT vide its order dated 31.01.2017 without granting any further extension of time.

As explained and represented by management, the Company is making best possible efforts for sale of the land parcels earmarked for repayment of the deposits but such sale process is taking time due to global economic recession and liquidity crisis, particularly, in the real estate sector of India. However, regardless of these adverse circumstances and difficulties, the management has represented that they are committed to repay all the public deposits along with interest thereon.

Considering that the management has not been able to comply with the directions given by the Hon’ble CLB, NCLT and NCLT to repay the deposits within prescribed time-period, the Registrar of Companies, New Delhi has filed prosecution against the Company and its executive directors and key managerial personnel before the Ld. Special Court, Dwarka District Court, New Delhi. However, the Hon’ble High Court of Delhi has stayed the said prosecution. The company is of the firm belief that there shall be no additional penalties in this matter. However the company is unable to evaluate the likelihood of penalties/ strictures or further liabilities, if any on the Company. Accordingly, impact, if any, of the above, on the stand alone financials is currently not ascertainable.

13. a) The Company through its subsidiary, viz. Unitech Vizag Projects Limited (“UVPL”), successfully submitted bid to Andhra Pradesh Industrial Infrastructure Corporation Limited (“APIIC”) for development of an Integrated Vizag Knowledge City at Vizag for which Rs.2,750,000,000 including EMD and project development expenses has been paid by the Company on prorata of the acreage measurement basis and a development agreement was also signed with APIIC. The Company vide Letter of Award dated 24th Sept, 2007 was allotted 1750 acres of land in Vizag. Subsequently, UVPL got the letter from APIIC for rescinding the development agreement against which application has been filed under section 9 of the Arbitration and Conciliation Act, 1996 (“the Act”) before the ld. court of XI Additional Chief Judge, City Civil Court at Hyderabad to stay the operation of the letter. In riApril 2014, the Company and UVPL have already invoked the arbitration clause and also filed an application under Section 11 of the Act for appointment of arbitrator before the Hon’ble High Court of Andhra Pradesh at Hyderabad and the same is pending for adjudication. The said application is pending for filing of reply by APIIC. The Company also filed an interlocutory application in continuation to pending Section 9 application before the ld. City Civil Court, Hyderabad to restrain APIIC from creating any third party rights with regard to the aforesaid project. Arguments have been concluded in this matter and order has been reserved by the ld. Court. After considering the circumstances and legal advice obtained by the management, the company is confident that the letter issued by APIIC is not legally tenable and it will not adversely affect the company’s investment, and accordingly no provision has been made in the books of account. The Company is also taking appropriate action for refund of the amount already paid by the Company to APIIC with interest and damages.

b) The Company, vide Letter of Award dated 28th November 2007, was allotted 350 acres of land in Nadergul Village, Saroornagar Mandal, RR District, Hyderabad (Andhra Pradesh) by Andhra Pradesh Industrial Infrastructure Corporation Limited (“APIIC”). In terms of the Letter of Award, the entire purchase consideration of Rs.1,600,000,000 including EMD has already been paid to APIIC and a development agreement dated 19th August 2008 has been signed with APIIC to develop the said land through Unitech Hyderabad Township Ltd., a wholly-owned subsidiary of the Company. Recently, the Company came to know that the Hon’ble Supreme Court vide its order 9th October 2015 has quashed the acquisition of the aforesaid land by the Government of Andhra Pradesh from the landowners and transfer of the same to TSIIC(erstwhile APIIC). The Company is taking appropriate action for refund of the amount already paid by the Company to TSIIC(erstwhile APIIC)with interest and damages as per development agreement terms and conditions.

c) The company was awarded a project for development of amusement cum theme park in Chandigarh by Chandigarh administration. The said development agreement was unilaterally and illegally terminated by the Chandigarh administration. The company filed a writ petition before Hon’ble High Court of Punjab & Haryana challenging the termination of development agreement. The matter was referred for arbitration and the matter is pending adjudication before the panel of three arbitrators. The company has concluded its evidence. The company has a good case and accordingly no provision has been considered necessary.

14. The company has non-current investments (long term investments) in, and loans and advances given to, some subsidiaries (including advance for purchase of shares for proposed subsidiaries) which have accumulated losses. These subsidiaries have incurred loss during the current and previous year(s) and that current liabilities of these subsidiaries also exceed their current assets as at the respective balance sheet dates. Management has evaluated this matter and is of the firm view that the diminution, if any, even if it exists is only temporary and that sufficient efforts are being undertaken to revive the said subsidiaries in the foreseeable future so as to recover carrying value of the investment. Further, management believes that the loans and advances given to these companies are considered good and recoverable based on the future projects in these subsidiaries and accordingly no provision other than those already accounted for, has been considered necessary.

15. Advances for purchase of land, projects pending commencement and to joint ventures and collaborators amounting to Rs.6,491,240,803 (previous year Rs.6,508,764,168) included under the head “Advances for purchase of land and project pending commencement” in Note 18 have been given in the normal course of business to land owning companies, collaborators, projects or for purchase of land. Further Rs.454,023,365 (previous year Rs.476,179,157) has been recovered / adjusted during the current financial year. The management has been putting a constructive and sincere effort to recover / adjust the said advances and has been successful in recovering / adjusting a significant amount out of the total advances, so no provision is necessary to be created for the outstanding advances as at the balance sheet date. Further, the management is confident to recover / adjust the balance outstanding amount in the foreseeable future.

16. The Company was allotted land parcel admeasuring 100 acres, bearing plot no. GH-01 in Sector MU of Greater Noida for construction and development of residential/ group housing project, and a lease deed dated 22.01.2007 was signed in this regard with Greater Noida Industrial Development Authority (“GNIDA”).

Due to downward trend in the real estate market and liquidity crisis, the Company made several requests to GNIDA for re-schedulement of the dues payable against the aforesaid land. However, GNIDA issued a cancellation letter bearing no. Greno/Builders/2015/1516 dated 18.11.2015 to the Company cancelling allotment of the aforesaid land. The Company submitted a representation letter dated 01.12.2015 to GNIDA against this cancellation letter. Considering the amount already invested and significant efforts already made by the Company for development of this project including amounts paid to GNIDA from time to time and the plots already allotted to the customers in this project resulting in creation of third party interest, the Company has requested GNIDA in its representation letter dated 01.12.2015 to allow the Company to retain 25 acres of land parcel out of total 100 acres and to adjust the amount already paid by the Company against the land price of 25 acres and the remaining surplus amount against other dues payable by the Company to GNIDA. The said request is still under consideration with GNIDA.

Further, the customers’ association in the aforesaid project has filed a complaint before the Hon’ble National Consumer Dispute Redressal Commission, New Delhi. The Company brought this fact to the notice of GNIDA vide its letter dated 12.05.2016. The customers’ association has also filed a writ before the Hon’ble High Court at Allahabad wherein GNIDA and the Company have been made parties. Considering the fact that matter pertaining to cancellation of allotment of the aforesaid land is sub-judice, as per the legal advice obtained by the management, the Company believes that cancellation order of the entire land parcel of 100 acres issued by GNIDA will not hold good.

17. The Company, in the year 1979, was granted certain relaxations under the Employees’ Provident Fund Scheme by the office of Regional Provident Fund Commissioner Nehru Place New Delhi . However, with effect from 31.10.2014, these relaxations have been withdrawn by the Regional Provident Fund Commissioner, Delhi (South) vide an order dated 01.12.2014, with a direction to transfer the entire past accumulated funds with the PF Trust, viz. United Technical Consultants Provident Fund, to the Office of the Employees’ Provident Fund Organisation (EPFO).

As on 31.10.2014, total dues towards the amount payable to its members by the PF Trust were calculated to Rs.986,117,427 vide order dated 22.04.2016 passed by the Regional Provident Fund Commissioner which were required to be transferred to the office of EPFO. The Company has deposited the said amount .

Further a sum of Rs.225,630,283 pertaining to provident fund and pension scheme is pending for deposit from May 2015 till March 2017. The Company intends to deposit the same in course of time.

18. PREVIOUS YEAR FIGURES

Previous year figures have been regrouped, rearranged and reclassified wherever considered necessary.

---

Mar 31, 2016

1. a) ACCOUNTING OF REAL ESTATE PROJECTS UNDERTAKEN UP TO 31st March, 2004

The actual receipts and installments due of Rs, 38,640,728 (previous year Rs, 3,253,917) for the year from booking of plots/constructed properties in ongoing real estate projects has been credited to revenue from operations. Against this, after ascertaining profits on estimate basis as per accounting policy no. 1(XII)(A)(a) the balance of eighty percent is adjusted in real estate project expenditure. The final adjustment of profit / loss is being made on completion of respective project(s).

c) The construction material includes mild steel, cement, sand and other construction material. During the year the company dealt in mild steel only (refer Note No. 21 & 25).

d) Disclosure in respect of projects which is covered under the Revised Guidance Note issued by the Institute of Chartered Accountants of India on "Accounting for Real Estate Transactions (Revised 2012)" and where revenue recognition has been stated as per accounting policy no.1(XII) (A)(b)&(c).

e) Deferred tax assets are recognized for carried forward business loss and unabsorbed depreciation during the year where there are foreseeable profits in future based on the agreement to sell already entered with buyers, which in the opinion of management indicates virtual certainty supported by convincing evidence that sufficient future taxable income will be available as the construction progresses against which such deferred tax assets can be realized.

f) The Company was allotted, in 2011, a land parcel by the Noida Authority but due to land acquisition issues, possession thereof was offered in 2014 subject to payment of balance consideration. Considering its liquidity position and to avoid cancellation of land allotment and forfeiture of advance payment made to the Noida Authority, the Company decided to dispose off part of the said land to a third party. In 2015, the Company has signed sub-lease deeds for part of the land in favour of third party and utilized consideration for part payment of outstanding dues of the Noida Authority against this land. Accordingly, during the year under review, land advance has been shown as payment made for land acquisition and this transaction has resulted in profit to the Company.

g) The Company had earlier sold some of its investments and recognized sale based on the consideration amount received against such sale as well as contractual arrangement there. However, during the year under review, the Company reversed this sale transaction in its books due to revised contractual understanding and accordingly, the consideration received from the purchaser has been shown as amount payable by the Company.

b) Defined benefit plan

The cost of providing gratuity and long term leave encashment are determined using the projected unit credit method on the base of actuarial valuation techniques conducted at the end of the financial year.

The following tables summarize the component of net benefit expense in respect of gratuity and leave encashment recognized in the statement of profit and loss and balance sheet as per actuarial valuation as on 31st March'' 2016.

2. SEGMENT REPORTING :

Segment wise revenue, results & other information

The company is primarily in the business of real estate development and related activities including construction, consultancy and rentals etc. Further most of the business conducted is within the geographical boundaries of India.

In view of the above, in the opinion of the management and based on the organizational and internal reporting structure, the company''s business activities as described above are subject to similar risks and returns. Further, since the business activities undertaken by the company are substantiating within India, in the opinion of the management, the business environment in India is considered to have similar risks and returns. Consequently, the company''s business activities primarily represent a single business segment and the company''s operations in India represent a single geographical segment.

3. RELATED PARTY DISCLOSURES

A) Name of related parties and nature of relationship where control exists:

Wholly Owned Subsidiaries:

Abohar Builders Pvt. Ltd.*_

Aditya Properties Pvt. Ltd.*

Agmon Builders Pvt. Ltd.* (up to 14.10.2014) Agmon Projects Pvt. Ltd.*

Akola Properties Ltd.

Algoa Properties Pvt. Ltd.*

Alice Builders Pvt. Ltd.

Alkosi Ltd.

Aller Properties Pvt. Ltd.

Alor Golf Course Pvt. Ltd.*

Alor Maintenance Pvt. Ltd.*

Alor Projects Pvt. Ltd.*

Alor Recreation Pvt. Ltd.*

Amaro Developers Pvt. Ltd.

Amarprem Estates Pvt. Ltd.

Amur Developers Pvt. Ltd.*

Andes Estates Pvt. Ltd.

Angul Properties Pvt. Ltd.

Arahan Properties Pvt. Ltd.

Arcadia Build- Tech Ltd.

Arcadia Projects Pvt. Ltd.*

Ardent Build-Tech Ltd.*

Askot Builders Pvt. Ltd.

Avril Properties Pvt. Ltd. (up to 03.11.2015) Azores Properties Ltd.

Bageris Ltd.

Bengal Unitech Universal Siliguri Projects Ltd.* Bengal Unitech Universal Townscape Ltd.* Bolemat Ltd.

Boracim Ltd.

Broomfield Builders Pvt. Ltd.*

Broomfield Developers Pvt. Ltd.*

Brucosa Ltd.

Burley Holdings Ltd.

Bynar Properties Pvt. Ltd.

Cape Developers Pvt. Ltd.

Cardus Projects Pvt. Ltd.*

Chintpurni Constructions Pvt. Ltd. (from 27.05.2015)

Wholly Owned Subsidiaries:

Clarence Projects Pvt. Ltd.

Clover Projects Pvt. Ltd.

Coleus Developers Pvt.Ltd.

Colossal Infra-Developers Pvt. Ltd.* (up to

14.10.2014)_

Colossal Projects Pvt. Ltd.*

Comegenic Ltd.

Comfrey Developers Pvt. Ltd.

Cordia Projects Pvt. Ltd.

Crimson Developers Pvt. Ltd.

Croton Developers Pvt. Ltd.

Crowbel Ltd.

Dantas Properties Pvt. Ltd.*

Deoria Properties Ltd.*

Deoria Realty Pvt. Ltd.*

Devoke Developers Pvt. Ltd*

Devon Builders Pvt. Ltd.*

Dhaulagiri Builders Pvt. Ltd.

Dhruva Realty Projects Ltd.*

Dibang Properties Pvt. Ltd.*

Drass Projects Pvt. Ltd.*

Elbe Builders Pvt. Ltd.*

Elbrus Builders Pvt. Ltd.

Elbrus Developers Pvt. Ltd.

Elbrus Properties Pvt. Ltd.

Elixir Hospitality Management Ltd. *

Empecom Corporation Erebus Projects Pvt. Ltd.

Erica Projects Pvt. Ltd.

Erode Projects Pvt. Ltd.* (up to 15.03.2015) Falcon Projects Pvt. Ltd. (up to 14.10.2014)

Firisa Holdings Ltd.

Flores Projects Pvt. Ltd.*

Flores Properties Ltd.*

Flores Unitech Wireless Pvt. Ltd.

(up to 14.10.2014)

Girnar Infrastructures Pvt. Ltd.*

Global Perspectives Ltd.*

Glenmore Builders Pvt. Ltd. (from 27.05.2015)

Wholly Owned Subsidiaries:

Gramhuge Holdings Ltd.

Grandeur Real tech Developers Pvt. Ltd.* Greenwood Projects Pvt. Ltd.*

Gretemia Holdings Ltd.*

Halley Developers Pvt. Ltd.

Halley Projects Pvt. Ltd.

Harsil Builders Pvt. Ltd.

Harsil Properties Pvt. Ltd.*_

Hassan Properties Pvt. Ltd.

Hatsar Estates Pvt. Ltd.*

Havelock Estates Pvt. Ltd.*

Havelock Investments Ltd.*

Havelock Realtors Ltd.

Havelock Schools Ltd.* (up to 09.09.15)

High Strength Infra-Developers Pvt. Ltd. (up to

14.10.2014)

High Strength Projects Pvt. Ltd.

High Vision Healthcare Pvt. Ltd. (up to

14.10.2014_)_

ILam Developers Pvt. Ltd.* (up to 14.10.2014) Impactlan Ltd.

Insecond Ltd.

Jalore Properties Pvt Ltd.*

Jorhat Properties Pvt. Ltd.

Kerria Projects Pvt. Ltd.

Khatu Shyamji Infraventures Pvt. Ltd.*

Khatu Shyamji Infratech Pvt. Ltd.* (from

26.06.2014)

Kolkata International Convention Center Ltd. (from 29.09.2015)

Konar Developers Pvt. Ltd.*

Kortel Ltd.

Koshi Builders Pvt. Ltd.

Landscape Builders Ltd.*

Lavender Developers Pvt. Ltd.

Lavender Projects Pvt. Ltd.*

Madison Builders Pvt. Ltd.*

Mahoba Builders Ltd.*

Mahoba Schools Ltd.*

Wholly Owned Subsidiaries:

Manas Realty Projects Pvt. Ltd.*

Mandarin Developers Pvt. Ltd.

Mandarin Projects Pvt. Ltd. (up to 14.10.2014) Mansar Properties Pvt. Ltd.

Marine Builders Pvt. Ltd.

Masla Builders Pvt. Ltd.

Mayurdhwaj Projects Pvt. Ltd.*

Medlar Developers Pvt. Ltd.

Medwyn Builders Pvt. Ltd. *

MHW Hospitality Ltd. (up to 30.03.2015) Moonstone Projects Pvt. Ltd.*

Moore Builders Pvt. Ltd.*

Mount Everest Projects Pvt. Ltd.* (up to 25.10.15)

Munros Projects Pvt. Ltd.

Nectrus Ltd.

New India Construction Co. Ltd.*

Nirvana Real Estate Projects Ltd.

Nuwell Ltd.

Ojos Developers Pvt. Ltd.* (up to 09.03.2015) Onega Properties Pvt. Ltd.

Panchganga Projects Ltd.*

Panicum Projects Pvt. Ltd. (up to 14.10.2014) Pinnacle Holdings Ltd.

Plassey Builders Pvt. Ltd.

Prasunder Estates Pvt. Ltd. (up to 30.03.2015) Primrose Developers Pvt. Ltd.*

Purus Projects Pvt. Ltd.*

Purus Properties Pvt. Ltd.

QnS Facility Management Pvt. Ltd.*

Quadrangle Estates Pvt. Ltd.*

Reglina Holdings Ltd.

Rhine Infrastructures Pvt. Ltd.

Risster Holdings Ltd.

Robinia Developers Pvt. Ltd.*

Ruhi Construction Co. Ltd.*

Sabarmati Projects Pvt. Ltd.

Samay Properties Pvt. Ltd.

Sandwood Builders & Developers Pvt. Ltd. Sangla Properties Pvt. Ltd.*

Sankoo Builders Pvt. Ltd.*

Sankoo Developers Pvt. Ltd.* (up to

14.10.2014)

Sanyog Builders Ltd.*

Sanyog Properties Pvt. Ltd.

Sarnath Realtors Ltd.*

Serveia Holdings Ltd.

Seyram Ltd.

Shri Khatu Shyamji Infra Promoters Pvt. Ltd.*

Shrishti Buildwell Pvt. Ltd.*_

Simpson Estates Pvt. Ltd.

Sirur Developers Pvt. Ltd.* (up to 22.02.2015) Somerville Developers Ltd.*

Spanwave Services Ltd.

Sublime Developers Pvt. Ltd.

Wholly Owned Subsidiaries:

Sublime Properties Pvt. Ltd.*

Supernal Corrugation India Ltd.*

Surfware Consultants Ltd.

Tabas Estates Pvt. Ltd.

Technosolid Ltd.

Transdula Ltd.

Uni Homes Pvt. Ltd.*

Unitech Acorus Projects Pvt. Ltd. (up to

14.10.2014)

Unitech Agra Hi-Tech Township Ltd.*

Unitech Alice Projects Pvt. Ltd.

Unitech Ardent Projects Pvt. Ltd.*

Unitech Builders & Projects Ltd.*

Unitech Builders Ltd.*

Unitech Buildwell Pvt. Ltd.*

Unitech Business Parks Ltd.*

Unitech Capital Pvt. Ltd.*

Unitech Chandra Foundation*

Unitech Colossal Projects Pvt. Ltd.*

Unitech Commercial & Residential Projects

Pvt. Ltd._

Unitech Country Club Ltd.*

Unitech Cynara Projects Pvt. Ltd.

Unitech Developers & Hotels Pvt. Ltd.*

Unitech Global Ltd.

Unitech High Vision Projects Ltd.*

Unitech Hi-Tech Builders Pvt. Ltd.

Unitech Hi-Tech Projects Pvt. Ltd.*(up to

27.01.2015 )_

Unitech Holdings Ltd.*

Unitech Hotel Services Pvt. Ltd.*

Unitech Hotels & Projects Ltd.

Unitech Hotels Ltd.

Unitech Hyderabad Projects Ltd.*

Unitech Hyderabad Township Ltd.*

Unitech Industries & Estates Pvt. Ltd.*

Unitech Industries Ltd.*

Unitech Infra Ltd.*

Unitech Infra-Developers Ltd.

Unitech Infra-Projects Pvt. Ltd. (unto

14.10.2014 )_

Unitech Infra-Properties Ltd.

Unitech International Services JLT (from

17.11.2013 to 30.03.2015)_

Unitech Kochi-SEZ Ltd.*

Unitech Konar Projects Pvt. Ltd.

Unitech Landscape Projects Pvt. Ltd. (up to

15.03.2015 )_

Unitech Malls Ltd.

Unitech Manas Projects Pvt. Ltd.

Unitech Miraj Projects Pvt. Ltd.

Unitech Nelson Projects Pvt. Ltd.

Unitech Overseas Ltd.

Unitech Power Distribution Pvt. Ltd. (up to

14.10.2014)

Wholly Owned Subsidiaries:

Unitech Power Projects Pvt. Ltd.* (up to

14.10.2014 )_

Unitech Power Pvt. Ltd. (up to 14.10.2014) Unitech Power Transmission Ltd.*

Unitech Real Estate Builders Ltd.*

Unitech Real Estate Developers Ltd. (up to

30.03.2015 )_

Unitech Real Estate Management Pvt. Ltd.* Unitech Real-Tech Properties Ltd.

Unitech Realty Builders Pvt. Ltd.*

Unitech Realty Developers Ltd.*

Unitech Realty Estates Pvt. Ltd. (up to

08.03.2015 )_

Unitech Realty Pvt. Ltd.*

Unitech Realty Ventures Ltd Unitech Reliable Projects Pvt. Ltd.*

Unitech Residential Resorts Ltd.*

Unitech Samus Projects Pvt. Ltd.

Unitech Universal Developers Pvt. Ltd. (up to

14.10.2014 )_

Unitech Universal Hotels Pvt. Ltd. (up to

14.10.2014)

Unitech Universal Simpson Hotels Pvt. Ltd.

(up to 14.10.2014)_

Unitech Valdel Hotels Pvt. Ltd.*

Unitech Varanasi Hi-Tech Township Ltd. (up to

14.10.2014 )_

Unitech Vizag Projects Ltd.*

Volga Realtors Pvt Ltd. (up to 14.10.2014) Zanskar Builders Pvt. Ltd.* ~

Zanskar Projects Pvt. Ltd. (up to 14.10.2014) Zanskar Realtors Pvt. Ltd.*

Zanskar Realty Pvt. Ltd.

Zimuret Ltd.

Other Subsidiaries:

Bengal Unitech Hospitality Pvt. Ltd.

Bengal Unitech Universal Infrastructures (P)

Ltd.*_

Bengal Universal Consultants Pvt. Ltd.*

Gurgaon Recreation Park Ltd.*

Havelock Properties Ltd.* (up to 06.05.2015) Ojos Developers Pvt. Ltd.* (from 10.03.2015) Unitech Acacia Projects Pvt. Ltd.*

Unitech Build-Con Pvt. Ltd.*

Unitech Infra-Con Ltd.* (from 07.05.2015) Unitech Hi-Tech Developers Ltd.*

Unitech Hospitality Services Ltd.*

Unitech Hotels Pvt. Ltd.*

Unitech Pioneer Nirvana Recreation Pvt. Ltd.* Unitech - Pioneer Recreation Ltd.*

Vectex Ltd.

Unitech Infopark Ltd.

Unitech Libya for General Contracting and Real Estate Investment

B) Name and relationship of related parties where transaction exists:

i) Subsidiaries : in the table mentioned in (A) above with

ii) Joint ventures :

Arihant Unitech Realty Projects Ltd. Shivalik Ventures Pvt. Ltd.

International Recreation Parks Pvt. Ltd. Uni-Chand Builders Pvt. Ltd. (up to 30.12.2015)

MNT Buildcon Pvt. Ltd. Unitech Amusement Parks Ltd.

North Town Estates Pvt. Ltd. Unitech Sai Pvt. Ltd. (up to 25.08.2015)

Sarvmangalam Builders & Developers Pvt. Ltd. Shivalik Ventures City Developers Pvt. Ltd.

S.B. Developers Ltd. Unitech Valdel Valmark Pvt. Ltd.

Shantiniketan Properties Ltd. (up to 06.05.2015)

iii) Directors, Key Managerial Personnel (KMP) & their relatives:

Name Designation

Mr. Ramesh Chandra__Chairman_

Mr. Sanjay Chandra Managing Director

Mr. Ajay Chandra Managing Director

Mrs. Pushpa Chandra Relative of KMP

Mrs. Preeti Chandra Relative of KMP

Ms. Minoti Bahri Non Executive Director

Mr. Rahul Bahri Relative of Director

Mr. Sunil Keswani Chief Financial Officer

Mr. Deepak Jain Company Secretary

iv) Enterprises owned or significantly influenced by Directors & Key Managerial Personnel:

Bodhisattva Estates Pvt. Ltd. R.V. Techno Investments Pvt. Ltd.

Indrus Countertrade Pvt. Ltd. Unitech Advisors (India) Pvt. Ltd.

Mayfair Capital Pvt. Ltd.

In accordance with the requirement of para 26 of AS(18) ''related party disclosures'', items of similar nature have been disclosed in aggregate the type of related parties described in B above. There are no transactions, which in the opinion of the management warrants a special disclosure which effect the understanding of related party transactions on the financial statement.

5. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

I. Claims against company not acknowledged as debt

a) Liquidated damages and other claims by clients / customers Rs, 3,153,379,316 (previous year Rs, 1,241,610,299).

b) Compensation for delayed possession to customers: Rs, 3,928,522,000 (previous year Rs, 3,839,000,000)

Refer Accounting policy No. XII, according to which the contract revenue on account of interest on delayed payment by customers and expenditure on account of compensation/ penalty for project delays are accounted for at the time of acceptance/ settlement with the customers due to uncertainties with regard to determination of amount receivable/ payable. As per Guidance Note on Real Estate

Accounting read with paragraph 11(c) of Accounting Standard 7 - Construction Contracts, the amount of contract revenue may decrease as a result of penalties arising from delays caused by the contractor in the completion of the contract. Company is of the firm opinion that no significant liability has devolved upon them on account of such delays/ penalties and even in some cases where such penalties may contractually have arisen, the corresponding interest on delayed payment by customers is sufficient to nullify the impact. Further, in certain cases, penalty towards confirmed delays are adjusted with customer dues receivable, against excess area sold to customers.

c) Income tax matter in dispute (financial year 2004—15) pending in appeal: Rs, 7,363,246 (previous year Rs, 7,363,246), (financial year 2006—37) pending in appeal: Rs, 222,484,964 (previous year Rs, 222,484,964), (financial year 2009-10) pending in appeal: Rs, 3,025,191,760 (previous year Rs, NIL), (financial year 2010-11) pending in appeal: Rs, 1,188,242,280 (previous year Rs, NIL), (financial year 2011-12) pending in appeal: Rs, 824,043,190 (previous year Rs, 824,043,190), (financial year 2012-13) pending in appeal: Rs,1,137,095,370 (previous year Rs, NIL)

Income tax matter in dispute (financial year 2008-09): Rs, 8,729,809,740 (previous year Rs, 8,729,809,740). (Amount paid under protest by the company : Rs, 237,500,000). The Company already received the tribunal order in its favour but the appeal effect is pending. Vide notice u/s 281B of the Income tax Act, 1961 dated 06/02/2013, 2,237,030 equity shares of Carnoustie Management Pvt. Ltd. having value of Rs, 3,100,545,000 and 1,000,000 equity shares of Shivalik Ventures Pvt. Ltd. having value of Rs, 10,000,000,000 held by the company have been attached.

Income Tax (TDS) matter in dispute (financial year 2007—18) pending in appeal: Rs, 16,219,162 (previous year Rs, 16,219,162), (financial year 2011-12) pending in appeal: Rs, 116,196,935 (previous year Rs, 116,196,935), (financial year 2012-13) pending in appeal: Rs, 168,599,180 (previous year Rs, 168,599,180).

d) Sales tax matter in dispute: (financial year 2005-06) pending in appeal : Rs, 7,300,428 (previous year Rs, 7,300,428) (Amount paid under protest by the company : Rs, 7,300,428); (financial year 2011-12) pending in appeal : Rs, 281,988,670 (previous year Rs, NIL); (financial year 2012-13) pending in appeal : Rs, 163,802,119 (previous year Rs, NIL)

e) Service tax matter in dispute: (for the period 01/12/2005-31/07/2007): Rs, 7,260,129 (previous year Rs, 7,260,129), (financial year 2012-13) pending in appeal: Rs, 93,494,668 (previous year Rs, NIL)

II. Guarantees

a) In respect of bank guarantees: Rs, 2,277,603,391 (previous year Rs, 2,396,506,672) - It includes guarantees of Rs, 176,716,364 (previous year Rs, 329,767,346) in respect of subsidiaries & other companies.

b) The company has given corporate guarantees of Rs, 21,292,305,327 (previous year Rs, 36,755,725,099) for raising loans from financial institutions and banks by its subsidiaries and joint ventures.

III. Commitments

a) Capital commitments : Rs, 11,837,636 (previous year Rs, 6,958,783)

b) Investment in 1,000,000 equity shares of Rs, 10 each at a premium of Rs, 9,990 per share aggregating of Rs, 10,000,000,000 has been made in joint venture company, Shivalik Ventures Pvt. Ltd. An amount of Rs, 4,916,200,000 has been paid against the allotment of fully paid-up shares. The balance securities premium of Rs, 5,083,800,000 will be accounted for on payment.

c) The estimated amount of real estate contracts, net of advances remaining to be executed is Rs, 14,853,405,723 (Previous year Rs, 15,938,003,000)

d) Other commitments : Rs, 76,548,167 (previous year Rs, 72,331,335)

e) The company received an arbitral award dated 6th July 2012 passed by the London Court of International Arbitration (LCIA) wherein the arbitration tribunal has directed the company to invest USD 298,382,949.34 (Previous year USD 298,382,949.34) equivalent to Rs, 19,792,606,340 (Previous year Rs, 18,702,285,205) in Kerrush Investments Ltd. (Mauritius). The High Court of Justice, QueenRs,s Bench Division, Commercial Court London has confirmed the said award.

Based on the legal advice received by it, the company believes that the said award is not enforceable in India on various grounds including but not limited to lack of jurisdiction by the LCIA appointed arbitral tribunal to pass the said award. Nevertheless, in case the company is required to make the aforesaid investment into Kerrush Investments Ltd. (Mauritius), its economic interest in the SRA project in Santacruz Mumbai shall stand increased proportionately thereby creating a substantial asset for the company with an immense development potential.

f) Investment in shares of subsidiaries amounting to Rs, 181,696,060 (Previous year Rs, 33,270,600) are pledged as securities against loan taken by the company. Investment in shares of joint ventures amounting to Rs, 77,500,000 (Previous year Rs, 72,800,000) are pledged as securities against loan taken by the company and its joint venture. Investment of subsidiary in the shares of joint ventures of the subsidiary amounting to Rs, NIL (Previous year Rs, 147,925,460) pledged as securities against loan taken by the company. Investment of subsidiaries in the shares of its associates amounting to Rs, 245,000 (Previous year Rs, 245,000) pledged as securities against loan taken by the company.

6. ACCOUNTING OF PROJECTS WITH CO-DEVELOPER

The company is developing certain projects jointly with Pioneer Urban Infrastructure Limited and its other group companies. All the development expenses and sale proceeds booked during the year are transferred to the co-developer at the yearend in proportion to share of actual land pooled by each developer.

(b) Dividend remitted in foreign currency to the shareholders of the company - Rs, NIL (previous year - Rs, NIL).

7. EARNINGS IN FOREIGN CURRENCY

Receipts in respect of overseas projects Rs, NIL (previous year Rs, NIL).

8. The company had availed rupee term loan facility from a public financial institution which was inter alia secured by the land allotted to the company''s subsidiary. Subsequently, as per the terms of allotment, correction in the lease deed was carried out to allot land to a special purpose company, however, no action has been taken for consequent modifications in the mortgage deed. During the financial year 2013-14, the company received a notice under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) from the financial institution for taking notional possession of the said land provided as security, by alleging default in repayment of the said loan facility. The detail of loans and overdue amount is given in Note 4(iv) to the financial statement. The company has been legally advised that this notice is not tenable in terms of the provision of SARFAESI Act and therefore, the Company has challenged the same by filing an application before the Hon''able Debt Recovery Tribunal, Luck now (DRT). Pending the matter before DRT for final decision, the financial institution issued e-auction sale notice dated 05.04.2016 for sale of the aforesaid land, and consequent to this sale notice, concerned authority, which has allotted this land to the company''s subsidiary, also issued show cause notice dated 11.04.2016 for cancellation of allotment thereof. On the request of the company, DRT has stayed the auction of land and cancellation of allotment thereof, with a direction to all the parties to maintain status quo in respect of said land.

9. The company had issued the secured non-convertible debentures on private placement basis disclosed under note 9 to the financial statement to a lending financial institution and these debentures are inter alia secured by the charge on immovable properties of the company and its subsidiaries. However, as on 31st March 2016, part of these non-convertible debentures (including interest accrued thereon) was pending for redemption for a period of more than one year from their respective due date. The lending financial institution has initiated action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) for recovery of amount pending against these debentures. The company has been legally advised and has also obtained an opinion that default in redemption of privately placed debentures subscribed by the financial institutions which are lenders of money or default in payment of interest thereon, will not attract the provisions of Section 164(2)(b) of the Companies Act, 2013 or Section 274(1)(g) of the erstwhile Companies Act, 1956.

10. In March 2015, the company filed an application before the Hon''ble Company Law Board (CLB) under Section 74(2) of the Companies Act 2013 seeking extension of time for repayment of the deposits accepted by the company. The said petition is pending before CLB. The company has earmarked 6 (six) unencumbered land parcels which shall be sold and the entire sale proceeds thereof shall be utilized for repayment of the said deposits. The company is fully committed to repay all the deposits along with interest thereon and it is making all efforts to arrange the necessary resources required for this purpose. The outstanding amount pertaining to such deposits is disclosed under note 9 to the financial statement.

11. a) The Company through its subsidiary, viz. Unitech Vizag Projects Limited ("UVPL"), successfully submitted bid to Andhra Pradesh Industrial

Infrastructure Corporation Limited ("APIIC") for development of an Integrated Vizag Knowledge City at Vizag for which money has been advanced by the Company and a development agreement was also signed with APIIC. Subsequently, UVPL got the letter from APIIC for rescinding the development agreement against which application has been filed under section 9 of the Arbitration and Conciliation Act, 1996 ("the Act") before the ld. court of XI Additional Chief Judge, City Civil Court at Hyderabad to stay the operation of the letter. In April 2014, the Company and UVPL have already invoked the arbitration clause and also filed an application under Section 11 of the Act for appointment of Arbitrator before the Hon''ble High Court of Andhra Pradesh at Hyderabad and the same is pending for adjudication. The said application is pending for filing of reply by APIIC. The Company also filed an interlocutory application in continuation to pending Section 9 application before the ld. City Civil Court, Hyderabad to restrain APIIC from creating any third party rights with regard to the aforesaid project. Arguments have been concluded in this matter and order has been reserved by the ld. Court. After considering the circumstances and legal advice obtained by the management, the company is confident that the letter issued by APIIC is not legally tenable and it will not adversely affect the company''s investment, and accordingly no provision has been made in the books of account.

b) The Company, vide Letter of Award dated 28th November 2007, was allotted 350 acres of land in Nadergul Village, Saroornagar Mandal, RR District, Hyderabad (Andhra Pradesh) by Andhra Pradesh Industrial Infrastructure Corporation Limited ("APIIC"). In terms of the Letter of Award, the entire purchase consideration of Rs, 1,400,000,000 has already been paid to APIIC and a development agreement dated 19th August 2008 has been signed with APIIC to develop the said land through Unitech Hyderabad Township Ltd., a wholly-owned subsidiary of the Company. Recently, the Company came to know that the Hon''ble Supreme Court vide its order 9th October 2015 has quashed the acquisition of the aforesaid land by the Government of Andhra Pradesh from the landowners and transfer of the same to APIIC. The Company is taking appropriate action for refund of the amount already paid by the Company to APIIC with interest and damages.

c) The company was awarded a project for development of amusement cum theme park in Chandigarh by Chandigarh administration. The said development agreement was unilaterally and illegally terminated by the Chandigarh administration. The company filed a writ petition before Hon''ble High Court of Punjab & Haryana challenging the termination of development agreement. The matter was referred for arbitration and the matter is pending adjudication before the panel of three arbitrators. The company has concluded its evidence. The matter is next posted for 6th Aug, 2016. The company has a good case and accordingly no provision has been considered necessary.

d) The Company has received a notice under Section 19 of Recovery of Debts Due to Banks and Financial Instructions Act, 1993, filed by Financial Institution against Unitech Limited & Others. The said application has been filed before the Ld. Debts Recovery Tribunal-1, Kolkata and the next date of hearing is 2nd September 2016.

12. The company has non-current investments (long term investments) in, and loans and advances given to, some subsidiaries (including advance for purchase of shares for proposed subsidiaries) which have accumulated losses. These subsidiaries have incurred loss during the current and previous year(s) and that current liabilities of these subsidiaries also exceed their current assets as at the respective balance sheet dates. Management has evaluated this matter and is of the firm view that the diminution, if any, even if it exists is only temporary and that sufficient efforts are being undertaken to revive the said subsidiaries in the foreseeable future so as to recover carrying value of the investment. Further, management believes that the loans and advances given to these companies are considered good and recoverable based on the future projects in these subsidiaries and accordingly no provision other than those already accounted for, has been considered necessary.

13. Advances for purchase of land, projects pending commencement and to joint ventures and collaborators amounting to Rs, 6,945,264,168 (previous year - Rs, 7,242,711,244) included under the head "short term loans and advances" in Note 19 have been given in the normal course of business to land owning companies, collaborators, projects or for purchase of land. Further Rs, 297,447,076 (previous year Rs, 476,179,157) has been recovered / adjusted during the current financial year. The management has been putting a constructive and sincere effort to recover / adjust the said advances and has been successful in recovering / adjusting a significant amount out of the total advances, so no provision is necessary to be created for the outstanding advances as at the balance sheet date. Further, the management is confident to recover / adjust the balance outstanding amount in the foreseeable future.

14. The Company was allotted land parcel admeasuring 100 acres, bearing plot no. GH-01 in Sector MU of Greater Noida for construction and development of residential/ group housing project, and a lease deed dated 22.01.2007 was signed in this regard with Greater Noida Industrial Development Authority ("GNIDA").

Due to downward trend in the real estate market and liquidity crisis, the Company made several requests to GNIDA for re-schedulement of the dues payable against the aforesaid land. However, GNIDA issued a cancellation letter bearing no. Greno/Builders/2015/1516 dated 18.11.2015 to the Company cancelling allotment of the aforesaid land. The Company submitted a representation letter dated 01.12.2015 to GNIDA against this cancellation letter. Considering the amount already invested and significant efforts already made by the Company for development of this project including amounts paid to GNIDA from time to time and the plots already allotted to the customers in this project resulting in creation of third party interest, the Company has requested GNIDA in its representation letter dated 01.12.2015 to allow the Company to retain 25 acres of land parcel out of total 100 acres and to adjust the amount already paid by the Company against the land price of 25 acres and the remaining surplus amount against other dues payable by the Company to GNIDA. The said request is still under consideration with GNIDA.

Further, the customers'' association in the aforesaid project has filed a complaint before the Hon''ble National Consumer Dispute Redressal Commission, New Delhi. The Company brought this fact to the notice of GNIDA vide its letter dated 12.05.2016. The customers'' association has also filed a writ before the Hon''ble High Court at Allahabad wherein GNIDA and the Company have been made parties. Considering the fact that matter pertaining to cancellation of allotment of the aforesaid land is sub-judice, as per the legal advice obtained by the management, the Company believes that cancellation order of the entire land parcel of 100 acres issued by GNIDA will not hold good.

15. The Company, in the year 1979, was granted certain relaxations under the Employees'' Provident Fund Scheme by the office of Regional Provident Fund Commissioner Nehru Place New Delhi . However, with effect from 31.10.2014, these relaxations have been withdrawn by the Regional Provident Fund Commissioner, Delhi (South) vide an order dated 01.12.2014, with a direction to transfer the entire past accumulated funds with the PF Trust, viz. United Technical Consultants Provident Fund, to the Office of the Employees'' Provident Fund Organization (EPFO).

As on 31.10.2014, total dues towards the amount payable to its members by the PF Trust were calculated to '' 986,117,427 vide order dated 22.04.2016 passed by the Regional Provident Fund Commissioner which were required to be transferred to the office of EPFO. The Company has deposited the said amount.

Further, in addition to the aforesaid amount, the Company has deposited provident fund contributions till April 2015 with the office of EPFO and sum of '' 125,392,273 pertaining to provident fund and pension scheme is pending for deposit from May 2015 till March 2016. The Company will deposit the same in due course.

16. PREVIOUS YEAR FIGURES

Previous year figures have been regrouped, rearranged and reclassified wherever considered necessary.

---

Mar 31, 2015

1. a) ACCOUNTING OF REAL ESTATE PROJECTS UNDERTAKEN UP TO 31st March, 2004

The actual receipts and installments due of Rs. 3,253,917 (previous year Rs. 65,512,192) for the year from booking of plots/constructed properties in ongoing real estate projects has been credited to revenue from operations. Against this, after ascertaining profits on estimate basis as per accounting policy No. XII (A)(a) the balance of eighty percent is adjusted in real estate project expenditure. The final adjustment of profit/loss is being made on completion of respective project(s).

b) The construction material includes mild steel, cement, sand and other construction material. During the year the Company dealt in mild steel only (refer Note No. 21 & 25).

c) Defined benefit plan

The cost of providing gratuity and long term leave encashment are determined using the projected unit credit method on the base of actuarial valuation techniques conducted at the end of the financial year.

The following tables summarize the component of net benefit expense in respect of gratuity and leave encashment recognized in the statement of profit and loss and balance sheet as per actuarial valuation as on 31st March' 2015

2. SEGMENT REPORTING:

Segment wise revenue, results & other information

The Company is primarily in the business of real estate development and related activities including construction, consultancy and rentals etc. Further most of the business conducted is within the geographical boundaries of India.

In view of the above, in the opinion of the management and based on the organizational and internal reporting structure, the Company's business activities as described above are subject to similar risks and returns. Further, since the business activities undertaken by the Company are substantiating within India, in the opinion of the management, the business environment in India is considered to have similar risks and returns. Consequently, the Company's business activities primarily represent a single business segment and the Company's operations in India represent a single geographical segment.

3. RELATED pARTY DISCLOSURES

A) Name of related parties and nature of relationship where control exists:

Wholly owned Subsidiaries:

Abohar Builders Pvt. Ltd.*

Aditya Properties Pvt. Ltd.* Agmon Builders Pvt. Ltd.* (upto 14.10.2014)

Agmon Projects Pvt. Ltd.*

Akola Properties Ltd.*

Algoa Properties Pvt. Ltd.*

Alice Builders Pvt. Ltd.*

Alkosi Ltd.

Aller Properties Pvt. Ltd.*

Alor Golf Course Pvt. Ltd.*

Alor Maintenance Pvt. Ltd.*

Alor Projects Pvt. Ltd.*

Alor Recreation Pvt. Ltd.*

Amaro Developers Pvt. Ltd. *

Amarprem Estates Pvt. Ltd.*

Amur Developers Pvt. Ltd.*

Andes Estates Pvt. Ltd.*

Angul Properties Pvt. Ltd.*

Arahan Properties Pvt. Ltd.*

Wholly owned Subsidiaries:

Arcadia Build- Tech Ltd.

Arcadia Projects Pvt. Ltd.*

Ardent Build-Tech Ltd.*

Askot Builders Pvt. Ltd.*

Avril Properties Pvt. Ltd.*

Azores Properties Ltd.

Bageris Ltd.

Bengal Unitech Universal Siliguri Projects Ltd.

Bengal Unitech Universal Townscape Ltd.*

Bolemat Ltd.

Boracim Ltd.

Broomfield Builders Pvt. Ltd.*

Broomfield Developers Pvt. Ltd.*

Brucosa Ltd.

Burley Holdings Ltd.

Bynar Properties Pvt. Ltd. *

Cape Developers Pvt. Ltd.*

Cardus Projects Pvt. Ltd.*

Clarence Projects Pvt. Ltd.*

Clover Projects Pvt. Ltd.*

Coleus Developers Pvt.Ltd.

Colossal Infra-Developers Pvt. Ltd.* (upto 14.10.2014)

Wholly owned Subsidiaries:

Colossal Projects Pvt. Ltd.*

Comegenic Ltd.

Comfrey Developers Pvt. Ltd.

Cordia Projects Pvt. Ltd.*

Crimson Developers Pvt. Ltd.*

Croton Developers Pvt. Ltd.*

Crowbel Ltd.

Dantas Properties Pvt. Ltd.*

Deoria Properties Ltd.*

Deoria Realty Pvt. Ltd.*

Devoke Developers Pvt. Ltd*

Devon Builders Pvt. Ltd.*

Dhaulagiri Builders Pvt. Ltd. *

Dhruva Realty Projects Ltd.*

Dibang Properties Pvt. Ltd.*

Drass Projects Pvt. Ltd.*

Elbe Builders Pvt. Ltd.*

Elbrus Builders Pvt. Ltd.

Elbrus Developers Pvt. Ltd.*

Elbrus Properties Pvt. Ltd.*

Elixir Hospitality Management Ltd. (formerly known as Unitech Hospitality Ltd.)*

Empecom Corporation

Wholly owned Subsidiaries:

Erebus Projects Pvt. Ltd.

Erica Projects Pvt. Ltd.*

Erode Projects Pvt. Ltd.* (upto 15.03.2015)

Falcon Projects Pvt. Ltd. (upto 14.10.2014)

Firisa Holdings Ltd.

Flores Projects Pvt. Ltd.*

Flores Properties Ltd.*

Flores Unitech Wireless Pvt. Ltd. (upto 14.10.2014)

Girnar Infrastructures Pvt. Ltd.*

Global Perspectives Ltd.*

Gramhuge Holdings Ltd.

Grandeur Real tech Developers Pvt. Ltd.* (from 27.03.2014)

Greenwood Projects Pvt. Ltd.*

Gretemia Holdings Ltd.*

Halley Developers Pvt. Ltd.*

Halley Projects Pvt. Ltd.*

Harsil Builders Pvt. Ltd.*

Harsil Properties Pvt. Ltd.*

Hassan Properties Pvt. Ltd.*

Hatsar Estates Pvt. Ltd.*

Havelock Estates Pvt. Ltd.*

Havelock Investments Ltd.*

Havelock Realtors Ltd.*

Havelock Schools Ltd.*

High Strength Infra-Developers Pvt. Ltd. (upto 14.10.2014)

High Strength Projects Pvt. Ltd.*

High Vision Healthcare Pvt. Ltd. (upto 14.10.2014)

ILam Developers Pvt. Ltd. * (upto 14.10.2014)

Impactlan Ltd.

Insecond Ltd.

Jalore Properties Pvt Ltd.*

Jorhat Properties Pvt. Ltd.*

Kerria Projects Pvt. Ltd. *

Khatu Shyamji Infraventures Pvt. Ltd.* (from 31.03.2014)

Khatu Shyamji Infratech Pvt. Ltd.* (from 26.06.2014)

Konar Developers Pvt. Ltd.*

Kortel Ltd.

Koshi Builders Pvt. Ltd.*

Landscape Builders Ltd.*

Lavender Developers Pvt. Ltd.*

Lavender Projects Pvt. Ltd.*

Madison Builders Pvt. Ltd. *

Mahoba Builders Ltd.*

Mahoba Schools Ltd.*

Manas Realty Projects Pvt. Ltd.*

Wholly owned Subsidiaries:

Mandarin Developers Pvt. Ltd.

Mandarin Projects Pvt. Ltd. (upto 14.10.2014)

Mansar Properties Pvt. Ltd.*

Marine Builders Pvt. Ltd.*

Masla Builders Pvt. Ltd.*

Mayurdhwaj Projects Pvt. Ltd.

Medlar Developers Pvt. Ltd.*

Medwyn Builders Pvt. Ltd. *

MHW Hospitality Ltd.* (upto 30.03.2015)

Moonstone Projects Pvt. Ltd.* (from 27.03.2014)

Moore Builders Pvt. Ltd.*

Mount Everest Projects Pvt. Ltd.*

Munros Projects Pvt. Ltd.

Nectrus Ltd.

New India Construction Co. Ltd.*

Nirvana Real Estate Projects Ltd.*

Nuwell Ltd.

Ojos Developers Pvt. Ltd.* (upto 09.03.2015)

Onega Properties Pvt. Ltd.*

Panchganga Projects Ltd.

Panicum Projects Pvt. Ltd. (upto 14.10.2014)

Pinnacle Holdings Ltd.* (from 07.10.2013)

Plassey Builders Pvt. Ltd.*

Prasunder Estates Pvt. Ltd.* (upto 30.03.2015)

Primrose Developers Pvt. Ltd.*

Purus Projects Pvt. Ltd.*

Purus Properties Pvt. Ltd.*

QnS Facility Management Pvt. Ltd. (Formerly known as Unitech Property Management Pvt. Ltd.)*

Quadrangle Estates Pvt. Ltd.*

Reglina Holdings Ltd.

Rhine Infrastructures Pvt. Ltd.*

Risster Holdings Ltd.

Robinia Developers Pvt. Ltd.*

Ruhi Construction Co. Ltd.*

Sabarmati Projects Pvt. Ltd.*

Samay Properties Pvt. Ltd.*

Sandwood Builders & Developers Pvt. Ltd. *

Sangla Properties Pvt. Ltd.

Sankoo Builders Pvt. Ltd.*

Sankoo Developers Pvt. Ltd.* (upto 14.10.2014)

Sanyog Builders Ltd.*

Sanyog Properties Pvt. Ltd.*

Sarnath Realtors Ltd.*

Wholly owned Subsidiaries:

Serveia Holdings Ltd.

Seyram Ltd.

Shri Khatu Shyamji Infra Promoters Pvt. Ltd.* (from 31.03.2014)

Shrishti Buildwell Pvt. Ltd.*

Simpson Estates Pvt. Ltd.*

Sirur Developers Pvt. Ltd.* (upto 22.02.2015)

Somerville Developers Ltd.* Spanwave Services Ltd.

Sublime Developers Pvt. Ltd.

Sublime Properties Pvt. Ltd.*

Supernal Corrugation India Ltd.*

Surfware Consultants Ltd.

Tabas Estates Pvt. Ltd.*

Technosolid Ltd.

Transdula Ltd.

Uni Homes Pvt. Ltd.*

Unitech Acorus Projects Pvt. Ltd. (upto 14.10.2014)

Unitech Agra Hi-Tech Township Ltd.*

Unitech Alice Projects Pvt. Ltd.*

Unitech Ardent Projects Pvt. Ltd.*

Unitech Builders & Projects Ltd.*

Unitech Builders Ltd.*

Unitech Buildwell Pvt. Ltd*

Unitech Business Parks Ltd.*

Unitech Capital Pvt. Ltd.*

Unitech Chandra Foundation* (from 20.03.2014)

Unitech Colossal Projects Pvt. Ltd.*

Unitech Commercial & Residential Projects Pvt. Ltd.

Unitech Country Club Ltd.*

Unitech Cynara Projects Pvt. Ltd.*

Unitech Developers & Hotels Pvt. Ltd.*

Unitech Global Ltd.

Unitech High Vision Projects Ltd.*

Unitech Hi-Tech Builders Pvt. Ltd.

Unitech Hi-Tech Projects Pvt. Ltd.* (upto 27.01.2015)

Unitech Holdings Ltd.*

Unitech Hotel Services Pvt. Ltd.

Unitech Hotels & Projects Ltd.

Unitech Hotels Ltd.

Unitech Hyderabad Projects Ltd.* (from 01.07.2013)

Unitech Hyderabad Township Ltd.*

Unitech Industries & Estates Pvt. Ltd.*

Unitech Industries Ltd.*

Unitech Infra Ltd.*

Unitech Infra-Developers Ltd.*

Wholly owned Subsidiaries:

Unitech Infra-Projects Pvt. Ltd. (upto 14.10.2014)

Unitech Infra-Properties Ltd.*

Unitech International Services JLT (from 17.11.2013 to 30.03.2015)

Unitech Kochi-SEZ Ltd.*

Unitech Konar Projects Pvt. Ltd.*

Unitech Landscape Projects Pvt. Ltd. (upto 15.03.2015)

Unitech Malls Ltd.

Unitech Manas Projects Pvt. Ltd.

Unitech Miraj Projects Pvt. Ltd.*

Unitech Nelson Projects Pvt. Ltd.

Unitech Overseas Ltd.

Unitech Power Distribution Pvt. Ltd. (upto 14.10.2014)

Unitech Power Projects Pvt. Ltd.* (upto 14.10.2014)

Unitech Power Pvt. Ltd. (upto 14.10.2014)

Unitech Power Transmission Ltd.*

Unitech Real Estate Builders Ltd.*

Unitech Real Estate Developers Ltd.* (upto 30.03.2015)

Unitech Real Estate Management Pvt. Ltd.*

Unitech Real-Tech Properties Ltd.*

Wholly owned Subsidiaries:

Unitech Realty Builders Pvt. Ltd.*

Unitech Realty Developers Ltd.*

Unitech Realty Estates Pvt. Ltd. (upto 08.03.2015)

Unitech Realty Pvt. Ltd.*

Unitech Realty Ventures Ltd Unitech Reliable Projects Pvt. Ltd.*

Unitech Residential Resorts Ltd.* Unitech Samus Projects Pvt. Ltd.*

Unitech Universal Developers Pvt. Ltd. (upto 14.10.2014)

Unitech Universal Hotels Pvt. Ltd. (upto 14.10.2014)

Unitech Universal Simpson Hotels Pvt. Ltd. (upto 14.10.2014)

Unitech Valdel Hotels Pvt. Ltd.*

Unitech Varanasi Hi-Tech Township Ltd. (upto 14.10.2014)

Unitech Vizag Projects Ltd.* (from 01.07.2013)

Volga Realtors Pvt Ltd.* (upto 14.10.2014)

Zanskar Builders Pvt. Ltd.*

Zanskar Projects Pvt. Ltd. (upto 14.10.2014)

Zanskar Realtors Pvt. Ltd.*

Zanskar Realty Pvt. Ltd.*

Wholly owned Subsidiaries:

Zimuret Ltd.

Other Subsidiaries :

Bengal Unitech Hospitality Pvt. Ltd.

Bengal Unitech Universal Infrastructures Pvt. Ltd.*

Bengal Universal Consultants Pvt. Ltd.*

Gurgaon Recreation Park Ltd.* Havelock Properties Ltd.*

Ojos Developers Pvt. Ltd.* (from 10.03.2015)

Unitech Acacia Projects Pvt. Ltd.*

Unitech Build-Con Pvt. Ltd.

Unitech Hi-Tech Developers Ltd.*

Unitech Hospitality Services Ltd.*

Unitech Hotels Pvt. Ltd.*

Unitech Pioneer Nirvana Recreation Pvt. Ltd.*

Unitech-Pioneer Recreation Ltd.* Vectex Ltd.

Unitech Infopark Ltd.*

Unitech Libya for General Contracting and Real Estate Investment

*Entities with which transactions exist

B) Name and relationship of related parties where transaction exists:

i) Subsidiaries: in the table mentioned in (A) above with *

ii) Joint ventures:

Arihant Unitech Realty Projects S.B. Developers Ltd. Ltd.

International Recreation Parks Uni-Chand Builders Pvt. Ltd. Pvt. Ltd.

MNT Buildcon Pvt. Ltd. Unitech Developers and Projects Ltd. (upto 13.05.2014)

North Town Estates Pvt. Ltd. Unitech Hi-Tech Structures Ltd. (upto 13.05.2014)

Sarvmangalam Builders & Developers Unitech Realty Projects Ltd. Pvt. Ltd. (upto 13.05.2014)

Seaview Developers Ltd. (upto Unitech Amusement Parks Ltd. 13.05.2014)

Shantiniketan Properties Ltd. Unitech Sai Pvt. Ltd.

Shivalik Ventures Pvt. Ltd. Shivalik Ventures City Developers Pvt. Ltd.

SVS Buildcon Pvt. Ltd. Unitech Valdel Valmark Pvt. Ltd.

iii) Key Managerial Personnel (KMP) & their relatives:

Name Designation

Mr. Ramesh Chandra Chairman

Mr. Sanjay Chandra Managing Director

Mr. Ajay Chandra Managing Director

Mrs. Pushpa Chandra Relative of KMP

Mrs. Preeti Chandra Relative of KMP

Mr. Sunil Keswani Chief Financial Officer

Mr. Deepak Jain Company Secretary

iv) Enterprises owned or significantly influenced by Key Managerial Personnel:

Bodhisattva Estates Pvt. Ltd. Mayfair Investments Pvt. Ltd. (upto 28.06.2013)

Mayfair Capital Pvt. Ltd. Unitech Advisors (India) Pvt. Ltd.

In accordance with the requirement of para 26 of AS(18) 'Related Party Disclosures', items of similar nature have been disclosed in aggregate the type of related parties described in B above. There are no transactions, which in the opinion of the management warrants a special disclosure which effect the understanding of related party transactions on the financial statement.

4. Consequent to the enactment of the Companies Act 2013 ('the Act') being effective from April 1 2014, the Company has reviewed and revised the estimated useful lives of its fixed assets in accordance with the provisions of the Schedule II of the Act. In respect of the assets whose useful life is exhausted prior to April 1, 2014, depreciation of Rs. 18,606,689 (net of deferred tax Rs. 8,936,334) has been adjusted against the retained earnings as at 1st April, 2014. Had there been no change in the estimated useful life as described above, depreciation charged for the year ended March 31, 2015 would have been lower by Rs. 19,320,442 and loss would have been lower by Rs. 19,320,442 for the year.

5. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

I. Claims against Company not acknowledged as debt

a) Liquidated damages and other claims by clients / customers : Rs. 1,241,610,299 (previous year Rs. 275,432,912).

b) Compensation for delayed possession to customers : Rs. 3,839,000,000 (previous year Rs. 2,732,300,000)

c) Income tax matter in dispute (financial year 2004-05) pending in appeal: Rs. 7,363,246 (previous year Rs. 7,363,246), (financial year 2006-07) pending in appeal: Rs. 222,484,964 (previous year Rs. NIL), (financial year 2011-12) pending in appeal: Rs. 824,043,190 (previous year Rs. NIL)

Income tax matter in dispute (financial year 2008-09) pending in appeal: Rs. 8,729,809,740 (previous year Rs. 8,729,809,740). (Amount paid under protest by the Company : Rs. 237,500,000). Vide notice u/s 281B of the Income tax Act, 1961 dated 06/02/2013, 2237030 equity shares of Carnoustie Management Pvt. Ltd. having value of Rs. 3,100,545,000 and 1000000 equity shares of Shivalik Ventures Pvt. Ltd. having value of Rs. 10,000,000,000 held by the Company have been attached.

Income Tax (TDS) matter in dispute (financial year 2007-08) pending in appeal: Rs. 16,219,162 (previous year Rs. 16,219,162), (financial year 2011-12) pending in appeal: Rs. 116,196,935 (previous year Rs. 115,954,908), (financial year 2012-13) pending in appeal: Rs. 168,599,180 (previous year Rs. NIL).

d) Sales tax matter in dispute: (financial year 2005-06) pending in appeal : Rs. 7,300,428 (previous year Rs. 7,300,428) (Amount paid under protest by the Company : Rs. 7,300,428); (financial year 2006-07) pending in appeal : Rs. 7,930,793 (previous year Rs. 7,930,793) (Amount paid under protest by the Company : Rs. 7,930,793); (financial year 2010-11) pending in appeal : Rs. NIL (previous year Rs. 590,403,812)

e) Service tax matter in dispute: (for the period 01/12/2005-31/07/2007): Rs. 7,260,129 (previous year Rs. 7,260,129)

II. Guarantees

a) In respect of bank guarantees: Rs. 2,151,476,772 (previous year Rs. 2,126,506,466) - It includes guarantees of Rs. 329,767,346 (previous year Rs. 83,748,572) in respect of subsidiaries & other companies.

b) The Company has given corporate guarantees of Rs. 36,755,725,099 (previous year Rs. 33,662,030,027) for raising loans from financial institutions and banks by its subsidiaries and joint ventures.

III. Commitments

a) Capital commitments : Rs. 6,958,783 (previous year Rs. 123,968,863)

b) Investment in 1,000,000 equity shares of Rs. 10 each at a premium of Rs. 9,990 per share aggregating of Rs. 10,000,000,000 has been made in joint venture Company, Shivalik Ventures Pvt. Ltd. An amount of Rs. 4,916,200,000 has been paid against the allotment of fully paid-up shares. The balance securities premium of Rs. 5,083,800,000 will be accounted for on payment.

c) The estimated amount of real estate contracts, net of advances remaining to be executed is Rs. 15,938,003,000 (Previous year Rs. 13,277,769,000)

d) Other commitments : Rs. 72,331,335 (previous year Rs. 68,960,732)

e) The Company received an arbitral award dated 6th July 2012 passed by the London Court of International Arbitration (LCIA) wherein the arbitration tribunal has directed the Company to invest USD 298,382,949.34 (Previous year USD 298,382,949.34) equivalent to Rs. 18,702,285,205 (Previous year Rs. 17,830,768,286) in Kerrush Investments Ltd. (Mauritius). The High Court of Justice, Queen's Bench Division, Commercial Court London has confirmed the said award.

Based on the legal advice received by it, the Company believes that the said award is not enforceable in India on various grounds including but not limited to lack of jurisdiction by the LCIA appointed arbitral tribunal to pass the said award. Nevertheless, in case the Company is required to make the aforesaid investment into Kerrush Investments Ltd. (Mauritius), its economic interest in the SRA project in Santacruz Mumbai shall stand increased proportionately thereby creating a substantial asset for the Company with an immense development potential.

f) Investment in shares of subsidiaries amounting to Rs. 33,270,600 (Previous year Rs. 33,270,600) are pledged as securities against loan taken by the company and its subsidiaries. Investment in shares of joint ventures amounting to Rs. 72,800,000 (Previous year Rs. 72,750,000) are pledged as securities against loan taken by the company and its joint venture. Investment of subsidiaries in the shares of joint ventures of the Company and its subsidiaries amounting to Rs. 147,925,460 (Previous year Rs. 780,737,810) pledged as securities against loan taken by the Company. Investment of subsidiaries in the shares of its associates amounting to Rs. 245,000 (Previous year Rs. 245,000) pledged as securities against loan taken by the Company.

6. ACCOUNTING OF PROJECTS WITH CO-DEVELOPER

The Company is developing certain projects jointly with Pioneer Urban Infrastructure Limited and its other group companies. All the development expenses and sale proceeds booked during the year are transferred to the co-developer at the year end in proportion to share of actual land pooled by each developer.

7. EARNINGS IN FOREIGN CURRENCY

Receipts in respect of overseas projects Rs. NIL (previous year Rs. NIL).

8. The Company had issued the secured non-convertible debentures on private placement basis disclosed under note 9 to the financial statement to a lending financial institution and these debentures are inter alia secured by the charge on immovable properties of the Company and its subsidiaries. However, as on 31st March 2015, part of these non-convertible debentures (including interest accrued thereon) was pending for redemption for a period of more than one year from their respective due date. The lending financial institution has initiated action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) for recovery of amount pending against these debentures. The Company has been legally advised and has also obtained an opinion that default in redemption of privately placed debentures subscribed by the financial institutions which are lenders of money or default in payment of interest thereon, will not attract the provisions of Section 164(2)(b) of the Companies Act, 2013 or Section 274(1)(g) of the erstwhile Companies Act, 1956.

9. The Company had availed rupee term loan facility from a public financial institution which was inter alia secured by the land allotted to the Company's subsidiary. However, during the financial year 2013-14, the Company received a notice under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) from the financial institution for taking notional possession of the said land provided as security, by alleging default in repayment of the said loan facility. The detail of loans and overdue amount is given in Note 52 to the financial statement. Based on the legal advice obtained by the management, the Company believes that this notice is not legally tenable in terms of the provision of SARFAESI Act and therefore, challenged the same by filing an application before the Hon'able Debt Recovery Tribunal, Lucknow (DRT). The matter is still pending before DRT for final decision.

10. During the year under review, the Company filed an application before the Hon'ble Company Law Board (CLB) under Section 74(2) of the Companies Act 2013 seeking extension of time for repayment of the deposits accepted by the Company. The CLB vide its order pronounced on 14th May 2015 granted 30 days' time period from the date of its order for repayment of the matured deposits alongwith interest thereon. The Company is fully committed to repay all the deposits along with interest thereon, within the permissible time period and it is making all efforts to arrange the necessary resources required for this purpose. The outstanding amount pertaining to such deposits is disclosed under note 9 to the financial statement. However, the management is evaluating all the recourses available to it to seek further time for payment of the deposits.

11. The Company, in 1979, was granted certain relaxations under the Employees' Provident Fund Scheme (PF Scheme). However, these relaxations have been withdrawn by the Regional Provident Fund Commissioner, Delhi (South) with effect from 31st October 2014 vide an order dated 1st December 2014, with a direction to transfer the entire past accumulation with the PF Trust of the Company, viz. United Technical Consultants Provident Fund, to the Office of the Employees' Provident Fund Organisation (EPFO). As on 31st March 2015, an amount of Rs. 109.78 crores, which represents the assets of the PF Trust on that date, was required to be transferred to the EPFO Office. The PF Trust has initiated the process of transferring the said amount (including investments of past accumulation in the government and other securities) to the EPFO Office and shortfall, if any, in this regard shall be met in accordance with the trust deed.

12. (a) Unitech Vizag Projects Limited (UVPL), a subsidiary of Unitech Limited, is undertaking an Integrated Vizag Knowledge City with APIIC at Vizag for which money has been advanced by the holding Company i.e. Unitech Limited. UVPL got the letter from APIIC for rescinding the development agreement against which application has been filed under section 9 of The Arbitration and Conciliation Act 1996 in The court of the Hon'ble XI Additional Chief Judge, City Civil Court at Hyderabad to stay the operation of the letter. The Company and UVPL have already invoked the arbitration clause and filed an application u/s 11 of The Arbitration and Conciliation Act 1996 in April 2014 for appointment of arbitrator before Hon'ble High Court of Hyderabad and the same is pending for adjudication. APIIC has yet to file its reply. The Company also filed an interlocutory application in continuation to pending Section 9 application before City Civil Court, Hyderabad to restrain the APIIC from creating any third party rights with regard to project or project land. After considering the circumstances and legal advice obtained by the management, the Company is confident that this will not adversely affect the Company's investment and accordingly no provision has been considered necessary.

(b) The Company was awarded a project for development of amusement cum theme park in chandigarh by Chandigarh administration. The said development agreement was unilaterally and illegally terminated by the Chandigarh administration. The Company filed a writ petition before Hon'ble High Court of Punjab & Haryana challenging the termination of development agreement. The matter was referred for arbitration and the matter is pending adjudication before the arbitration tribunal. The Company is confident that it will recover the amount invested in the project and accordingly no provision has been considered necessary.

13. Advances for purchase of land, projects pending commencement and to joint ventures and collaborators amounting to Rs. 7,242,711,244 (previous year - Rs. 7,718,890,401) included under the head "short term loans and advances" in Note 19 have been given in the normal course of business to land owning companies, collaborators, projects or for purchase of land. Further Rs. 476,179,157 (previous year Rs. 1,529,898,595) has been recovered / adjusted during the current financial year. The management has been putting a constructive and sincere effort to recover / adjust the said advances and has been successful in recovering / adjusting a significant amount out of the total advances, so no provision is necessary to be created for the outstanding advances as at the balance sheet date. Further, the management is confident to recover / adjust the balance outstanding amount in the foreseeable future.

14. The Company has non-current investments (long term investments) in, and loans and advances given to, some subsidiaries which have accumulated losses. These subsidiaries have incurred loss during the current and previous year(s) and that current liabilities of these subsidiaries also exceed their current assets as at the respective balance sheet dates. Management has evaluated this matter and is of the firm view that the diminution, if any, even if it exists is only temporary and that sufficient efforts are being undertaken to revive the said subsidiaries in the foreseeable future so as to recover carrying value of the investment. Further, management believes that the loans and advances given to these companies are considered good and recoverable based on the future projects in these subsidiaries and accordingly no provision other than those already accounted for, has been considered necessary.

15. (a) The Company has certain outstanding delays as at balance sheet date with respect of long term loans from banks and term loans from financial institutions which are as follows:

The amount with respect to loan from banks of principal and interest respectively for the period 1-90 days is Rs. 195,699,439 (previous year - Rs. 187,500,000) and Rs. 44,863,343 (previous year - Rs. 62,475,098). Further in respect of term loans from financial institutions with respect to principal and interest respectively are Rs. 610,378,395 (previous year - Rs. 353,009,814) and Rs. 443,075,909 (previous year - Rs. 311,307,525) for 1-90 days, Rs. 130,068,520 (previous year - Rs. 231,250,000) and Rs. 127,266,588 (previous year - Rs. 295,633,937) for 91-180 days, Rs. 218,550,158 (previous year - Rs. 146,000,000) and Rs. 180,635,802 (previous year - Rs. 21,086,430) for the period 181-364 days and for 365 days and above being Rs. 949,000,000 (previous year - Rs. 657,000,000) and Rs. 90,842,840 (previous year - Rs. NIL).

(b) The Company has certain outstanding delays as at balance sheet date with respect of short term loans from banks & short term loans from financial institutions which are as follows:

The amount with respect to loan from banks of principal and interest respectively for the period 1-90 days is Rs. NIL (previous year - Rs. NIL) and Rs. 101,415,565 (previous year - Rs. 83,055,107). Further in respect of term loans from financial institutions with respect to principal and interest respectively are Rs. NIL (previous year - Rs. NIL) and Rs. 49,817,002 (previous year - Rs. 46,758,083) for 1-90 days, Rs. NIL (previous year - Rs. NIL) and Rs. 48,284,877 (previous year - Rs. 46,150,578) for 91-180 days, Rs. NIL (previous year - Rs. NIL) and Rs. 94,380,288 (previous year - Rs. NIL) for 181-364 days and for 365 days and above being Rs. NIL (previous year - Rs. NIL) and Rs. 47,892,576 (previous year - Rs. NIL).

16. PREVIOUS YEAR FIGURES

Previous year figures have been regrouped, rearranged and reclassified wherever considered necessary.

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Mar 31, 2014

1. a) ACCOUNTING OF REAL ESTATE PROJECTS UNDERTAKEN UP TO 31st march, 2004

The actual receipts and installments due of Rs. 65,512,192 (previous year Rs. 211,346,698) for the year from booking of plots/constructed properties in ongoing real estate projects has been credited to revenue from operations. Against this, after ascertaining profits on estimate basis as per accounting policy No. XII(A)(a) the balance of eighty percent is adjusted in real estate project expenditure. The final adjustment of profit/loss is being made on completion of respective project(s).

BENEFITS TO THE EMLOYEES

As per Accounting Standard (AS)15 revised, ''employee benefits'', the disclosures of employee benefits are as given below:

a) Defined contribution plans

b) Defined benefit plan

The cost of providing gratuity and long term leave encashment are determined using the projected unit credit method on the base of actuarial valuation techniques conducted at the end of the financial year.

The following tables summarize the component of net benefit expense in respect of gratuity and leave encashment recognized in the statement of profit and loss and balance sheet as per actuarial valuation as on 31st March'' 2014 The estimates of future salary growth rates have taken into account the inflation, seniority, promotion and other relevant factors on long term basis.

Provident fund contributions are made to a trust administered by the company. Pursuant to the Guidance Note issued by the Institute of Actuaries of India, estimated obligation at year end based on actuarial valuation has indicated that there is no deficit in this regard as at balance sheet date.

3. SEGMENT REPORTING:

Segment wise revenue, results & other information The company is primarily in the business of real estate development and related activities including construction, consultancy and rentals etc. Further most of the business conducted is within the geographical boundaries of India.

In view of the above, in the opinion of the management and based on the organizational and internal reporting structure, the company''s business activities as described above are subject to similar risks and returns. Further, since the business activities undertaken by the company are substantiating within India, in the opinion of the management, the business environment in India is considered to have similar risks and returns. Consequently, the company''s business activities primarily represent a single business segment and the company''s operations in India represent a single geographical segment.

4. RELATED PARTY DISCLOSURES

A) Name of related parties and nature of relationship where control exists:

B) Name and relationship of related parties where transaction exists:

i) Subsidiaries : As per * in the table mentioned in (A) above

ii) Joint ventures :

iii) Key management personnel (KMP) & their relatives :

iv) Enterprises owned or significantly influenced by Key Management Personnel:

*Refer explanatory note under Note 2.

In accordance with the requirement of para 26 of AS(18) ''related party disclosures'', items of similar nature have been disclosed in aggregate the type of related parties described in B above. There are no transactions, which in the opinion of the management warrants a special disclosure which effect the understanding of related party transactions on the financial statement.

5. Pursuant to clause 32 of the Listing Agreement of the disclosures of amounts at the year end and the maximum amount of loans/ advances/ investments outstanding during the year are as follows:

6. LEASED ASSETS:

a) Operating lease taken:

Operating lease obligations: The company has taken cars/ office equipments on operating lease basis. The lease rentals are payable by the company on a monthly basis. Future minimum lease rentals payable as at 31st March, 2014 as per the lease agreements are as under:

b) Operating lease given:

c) Finance lease :

The company has acquired plant and machinery and vehicles under finance lease with the respective underlying assets as security. Minimum lease payments (MLP) outstanding in respect of these assets are as follows :

7. INTEREST IN JOINT VENTURE

8. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT pROVIDED FOR)

I. Claims against Company not acknowledged as debt:

a) Liquidated damages and other claims by clients / customers : Rs. 275,432,912 (previous year - Rs. 296,224,221).

b) Income tax matter in dispute (financial year 2004-05) pending in appeal: Rs. 7,363,246 (previous year - Rs. 7,363,246).

Income tax matter in dispute (financial year 2007-08) pending in appeal: '' NIL (previous year - Rs. 210,069,833) Income tax matter in dispute (financial year 2008-09) pending in appeal: Rs. 8,729,809,740 (previous year - Rs. 10,305,410,334). (Amount paid under protest by the company: Rs. 200,000,000). Vide notice u/s 281B of the Income tax Act, 1961 dated 06/02/2013, 2,237,030 equity shares of Carnoustie Management Pvt. Ltd. having value of Rs. 3,100,545,000 and 1,000,000 equity shares of Shivalik Ventures Pvt. Ltd. having value of Rs. 10,000,000,000 held by the company have been attached.

Income Tax (TDS) matter in dispute (financial year 2007-08) pending in appeal: Rs. 16,219,162 (previous year NIL), (financial year 2011-12) pending in appeal: Rs. 115,954,908 (previous year - '' NIL).

c) Sales tax matter in dispute: (financial year 2005-06) pending in appeal: Rs. 7,300,428 (previous year - Rs. 7,300,428) (Amount paid under protest by the company: Rs. 7,300,428); (financial year 2006-07) pending in appeal : Rs. 7,930,793 (previous year - Rs. 7,930,793) (Amount paid under protest by the company: Rs. 7,930,793); (financial year 2010-11) pending in appeal: Rs. 590,403,812 (previous year - '' NIL)

d) Service tax matter in dispute: (for the period 01/12/2005-31/07/2007): Rs. 8,554,085 (previous year - Rs. 8,554,085)

II. Guarantees

a) In respect of bank guarantees: Rs. 2,126,506,466 (previous year - Rs. 2,248,402,349) - It includes guarantees of Rs. 83,748,572 (previous year - Rs. 26,157,842) in respect of subsidiary companies.

b) The company has given corporate guarantees of Rs. 33,662,030,027 (previous year - Rs. 29,362,310,649) for raising loans from financial institutions and banks by its subsidiaries and joint ventures.

III. Commitments

a) Capital commitments : Rs. 123,968,863 (previous year - Rs. 29,547,274)

b) Investment in 1,000,000 equity shares of '' 10 each at a premium of Rs. 9,990 per share aggregating of Rs. 10,000,000,000 has been made in joint venture company, Shivalik Ventures Pvt. Ltd. An amount of Rs. 4,916,200,000 has been paid against the allotment of fully paid-up shares. The balance securities premium of Rs. 5,083,800,000 will be accounted for on payment.

c) The estimated amount of real estate contracts, net of advances remaining to be executed is Rs. 13,277,769,000 (Previous year - Rs. 11,773,681,000)

d) Other commitments : Rs. 68,960,732 (previous year - Rs. 62,725,670)

IV. The Company received an arbitral award dated 6th July 2012 passed by the London Court of International Arbitration (LCIA) wherein the arbitration tribunal has directed the Company to invest USD 298,382,949.34 (Previous year - USD 298,382,949.34) equivalent to Rs. 17,830,768,286 (Previous year - Rs. 16,218,605,211) in Burley Holdings Ltd. (Mauritius) so as to enable it to purchase the investments of Cruz City 1 Mauritius Holdings (Mauritius) in the joint-venture company, Kerrush Investments Ltd (Mauritius). The High Court of Justice, Queen''s Bench Division, Commercial Court London has confirmed the said award.

Based on the legal advice received by it, the Company believes that the said award is not enforceable in India on various grounds including but not limited to lack of jurisdiction by the LCIA appointed arbitral tribunal to pass the said award. Nevertheless, in case the Company is required to make the aforesaid investment into Burley Holdings Limited, its economic interest in the SRA project in Santacruz Mumbai shall stand increased proportionately thereby creating a substantial asset for the Company with an immense development potential.

V. Investment in shares of subsidiaries amounting to Rs. 33,270,600 (Previous year - Rs. 33,270,600) are pledged as securities against loan taken by the company and its subsidiary. Investment in shares of joint ventures amounting to Rs. 72,750,000 (Previous year - Rs. 72,750,000) are pledged as securities against loan taken by the Company and its joint venture. Investment of subsidiaries in the shares of joint ventures of the Company and its subsidiary amounting to Rs. 780,737,810 (Previous year - Rs. 780,737,810) pledged as securities against loan taken by the company. Investment of subsidiaries in the shares of its associates amounting to Rs. 245,000 (Previous year - Rs. 245,000) pledged as securities against loan taken by the company.

9. ACCOUNTING OF PROJECTS WITH CO-DEVELOPER

The company is developing certain projects jointly with Pioneer Urban Infrastructure Limited and its other group companies. All the development expenses and sale proceeds booked during the year are transferred to the co-developer at the year end in proportion to share of actual land pooled by each developer.

10. (a) ExpENDITURE IN FOREIGN CURRENCY

12. EARNINGS IN FOREIGN CURRENCY

Receipts in respect of overseas projects Rs. NIL (previous year Rs. 207,338,600).

13. (a) Unitech Vizag Projects Limited (UVPL), a subsidiary of Unitech Limited, is undertaking an Integrated Vizag Knowledge City with APIIC at Vizag for which money has been advanced by the holding company i.e. Unitech Limited. UVPL got the letter from APIIC for rescinding the development agreement against which petition has been filed under Section 9 of The Arbitration and Conciliation Act, 1996 in the Court of the Hon’ble XI Additional Chief Judge, City Civil Court at Hyderabad to stay the operation of the said letter and restraining the APIIC from creating any third party rights with regard to project or project land. The Company and UVPL have already invoked the arbitration clause and appointed an arbitrator by their letters dated 27th May, 2011. APIIC is yet to nominate its arbitrator. After considering the circumstances and legal advice obtained by the management, the company is confident that this will not adversely affect the company’s investment and accordingly no provision has been considered necessary.

(b) The company was awarded a project for development of amusement cum theme park in chandigarh by Chandigarh administration. The said development agreement was unilaterally and illegally terminated by the Chandigarh administration. The company filed a writ petition before Hon’ble High Court of Punjab & Haryana challenging the termination of development agreement. The matter was referred for arbitration and the matter is pending adjudication before the arbitration tribunal. The company is confident that it will recover the amount invested in the project and accordingly no provision has been considered necessary.

14. Advances for purchase of land, projects pending commencement and to joint ventures and collaborators amounting to Rs. 7,718,890,401 (previous year - Rs. 9,248,788,996) included under the head ''short term loans and advances'' in Note 19 have been given in the normal course of business to land owning companies, collaborators, projects or for purchase of land. Further Rs. 1,529,898,595 (previous year Rs. 6,825,516,966) has been recovered / adjusted during the current financial year. The management has been putting a constructive and sincere efforts to recover / adjust the said advances and has been successful in recovering / adjusting a significant amount out of the total advances, so no provision is necessary to be created for the outstanding advances as at the balance sheet date. Further, the management is confident to recover / adjust the balance outstanding amount in the foreseeable future.

15.(a) The company has certain outstanding delays as at balance sheet date with respect of long term loans from banks and term loans from financial institutions which are as follows: The amount with respect to loan from banks of principal and interest respectively for the period 1-90 days is Rs. 187,500,000 (previous year - Rs. 288,587,688) and Rs. 62,475,098 (previous year - Rs. 37,109,131). Further in respect of term loans from financial institutions with respect to principal and interest respectively are Rs. 353,009,814 (previous year - Rs. 440,495,819) and Rs. 311,307,525 (previous year - Rs. 330,022,148) for 1-90 days, Rs. 231,250,000 (previous year - Rs. 125,073,170) and Rs. 295,633,937 (previous year - Rs. 45,175,108) for 91-180 days, Rs. 146,000,000 (previous year - Rs. 146,000,000) and Rs. 21,086,430 (previous year - Rs. 95,929,579) for the period 181-364 days and for 365 days and above being Rs. 657,000,000 (previous year - Rs. 365,000,000) and Rs.NIL(previous year - Rs. 122,023,463).

(b) The company has certain outstanding delays as at balance sheet date with respect of short term loans from banks which are as follows: The amount with respect to loan from banks of principal and interest respectively for the period 1-90 days is Rs. NIL (previous year - Rs. NIL) and Rs. 83,055,107 (previous year - Rs. 21,502,154). Further in respect of term loans from financial institutions with respect to principal and interest respectively are Rs. NIL (previous year - Rs. NIL) and Rs. 46,758,083 (previous year - Rs. NIL) for 1-90 days and Rs. NIL (previous year - Rs. NIL) and Rs. 46,150,578 (previous year - Rs. NIL) for 91-180 days.

16. PREVIOUS YEAR FIGURES Prior year figures have been regrouped, rearranged and reclassified wherever considered necessary.

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Mar 31, 2013

1. a) ACCOUNTING OF REAL ESTATE PROJECTS UNDERTAKEN UP TO 31st MARCH, 2004

The actual receipts and installments due of Rs.211,346,698 (previous year Rs.216,348,823) for the year from booking of plots/constructed properties in ongoing real estate projects has been credited to revenue from operations. Against this, after ascertaining profits on estimate basis as per accounting policy No. XII(A)(a) the balance of eighty percent is adjusted in real estate project expenditure. The final adjustment of profit/loss is being made on completion of respective project(s).

b) CONSTRUCTION CONTRACTS

2. BENEFITS TO EMPLOYEES

As per Accounting Standard (AS)15 revised, ''Employee Benefits'', the disclosures of employee benefits are as given below:

a) Defined contribution plans

Contributions recognized as expense for the year are as under:

b) Defined benefit plan

The cost of providing gratuity and long term leave encashment are determined using the projected unit credit method on the base of actuarial valuation techniques conducted at the end of the financial year.

The following tables summarize the component of net benefit expense in respect of gratuity and leave encashment recognized in the Statement of Profit and Loss and Balance Sheet as per actuarial valuation as on 31st March, 2013

3. SEGMENT REPORTING

Segment wise revenue, results & other information

The Company is primarily in the business of real estate development and related activities including construction, consultancy and rentals etc. Further most of the business conducted is within the geographical boundaries of India.

In view of the above, in the opinion of the management and based on the organizational and internal reporting structure, the Company''s business activities as described above are subject to similar risks and returns. Further, since the business activities undertaken by the Company are substantiating within India, in the opinion of the management, the business environment in India is considered to have similar risks and returns. Consequently, the Company''s business activities primarily represent a single business segment and the Company''s operations in India represent a single geographical segment.

4. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

I. Claims against Company not acknowledged as debt

a) Liquidated damages and other claims by clients / customers : Rs. 296,224,221 (previous year Rs.294,081,303).

b) Following cancellation of 122 UAS licenses granted to the private companies [including 22 UAS licenses issued to Unitech Wireless (Tamilnadu) Pvt. Ltd., Unitech Wireless (Mumbai) Pvt. Ltd., Unitech Wireless (Kolkata) Pvt. Ltd., Unitech Wireless (Delhi) Pvt. Ltd., Unitech Wireless (North) Pvt. Ltd., Unitech Wireless (South) Pvt. Ltd., Unitech Wireless (East) Pvt. Ltd. and Unitech Wireless (West) Pvt. Ltd. ("Unitech Wireless Companies")] on or after 10th January 2008 by the Hon''ble Supreme Court of India vide its judgment dated 2nd February 2012, Telenor Asia Pte Ltd and Telenor Mobile Communications AS (collectively referred as "Telenor") issued a notice of misrepresentation and fraud by the Company, Cestos Unitech Wireless Pvt. Ltd., Simpson Unitech Wireless Pvt. Ltd., Acorus Unitech Wireless Pvt. Ltd. and Unitech Wireless (Tamilnadu) Pvt. Ltd. and sought indemnification of its equity investment in Unitech Wireless Companies amounting to Rs.61,356,253,283 (previous year Rs.61,356,253,283) along with interest of 18% p.a. which is equal to Rs.38,745,814,0 66 (previous year Rs.27,701,688,475) as on 31st March 2013. Telenor has filed its claim with the Singapore International Arbitration Centre. The Hon''ble Supreme Court cancelled the UAS licenses issued to all the companies in 2008 by questioning the government policy and Telenor also did a detailed due diligence prior to investment in Unitech Wireless Companies. Based on the legal advice obtained by the management, the Company is confident that the indemnity claims of Telenor are not maintainable.

Further post cancellation of telecom licences issued to Unitech Wireless companies, the Company has executed the settlement and mutual release agreement with Telenor on 10th October, 2012 which provides for transfer of entire 32.75% stake in Unitech Wireless Companies to Telenor nominated entity for a nominal amount and withdrawal of all disputes between the parties, on fulfillment of certain conditions which are yet to be fulfilled on the reporting date. Accordingly, Telenor will withdraw the aforesaid indemnity claim on fulfillment of these conditions, and in case these conditions are not met, the settlement and mutual release agreement will get terminated and all rights & obligations of the parties will be restored to the situation before the said agreement.

c) Income tax matter in dispute (Financial year 2004-05) pending in appeal: Rs.7,363,246 (previous year Rs.7,363,246).

Income tax matter in dispute (financial year 2007-08) pending in appeal: Rs. 210,069,833 (previous year Rs. 210,069,833) (Amount paid under protest by the Company : Rs. 70,000,000).

Income tax matter in dispute (financial year 2008-09) pending in appeal: Rs.10,305,410,334 (previous year Rs. NIL). (Amount paid under protest by the Company : Rs.430,000,000). Vide notice u/s 226(3) of the Income tax Act, 1961 dated 06/02/2013, 2,237,030 equity shares of Carnoustie Management Pvt. Ltd. having value of Rs.3,100,545,000 and 1,000,000 equity shares of Shivalik Ventures Pvt. Ltd. having value of Rs.10,000,000,000 held by the Company are attached.

d) Sales tax matter in dispute: (financial year 2006-07) pending in appeal : Rs. 7,300,428 (previous year Rs. 7,300,428) (Amount paid under protest by the Company : Rs.7,300,428); (financial year 2007-08) pending in appeal : Rs.7,930,793 (previous year Rs.7,930,793) (Amount paid under protest by the Company : Rs. 7,930,793); (financial year 2009-10): Rs. 2,446,904 (previous year Rs.NIL)

e) Service tax matter in dispute: (for the period 01/12/2005-31/07/2007): Rs. 8,554,085 (previous year Rs. 8,554,085)

II. Guarantees

a) In respect of bank guarantees: Rs. 2,248,402,349 (previous year Rs.2,249,212,017) - It includes guarantees of Rs.26,157,842 (previous year Rs.33,122,510) in respect of subsidiary companies.

b) The Company has given corporate guarantees of Rs.29,362,310,649 (previous year Rs.22,178,737,135) for raising loans from financial institutions and banks by its subsidiaries, joint ventures and erstwhile subsidiaries.

III. Commitments

a) Capital commitments : Rs.29,547,274 (previous year Rs.27,551,749)

b) Investment in 1,000,000 equity shares of Rs.10 each at a premium of Rs.9,990 per share aggregating of Rs.10,000,000,000 has been made in joint venture Company, Shivalik Ventures Pvt. Ltd. An amount of Rs.4,910,200,000 has been paid against the allotment of fully paid-up shares. The balance securities premium of Rs. 5,089,800,000 will be accounted for on payment.

c) The estimated amount of real estate contracts, net of advances remaining to be executed is Rs.11,773,681,000 (Previous year Rs.8,443,707,000)

d) The Company received an arbitral award dated 6th July 2012 passed by the London Court of International Arbitration (LCIA) wherein the arbitration tribunal has directed the Company to invest USD 298,382,949.34 equivalent to Rs.16,218,605,211 in Burley Holdings Ltd. (Mauritius) so as to enable it to purchase the investments of Cruz City 1 Mauritius Holdings (Mauritius) in the joint-venture Company, Kerrush Investments Ltd ("Mauritius"). The High Court of Justice, Queen''s Bench Division, Commercial Court London has confirmed the said award.

Based on the legal advice received by it, the Company believes that the said award is not enforceable in India on various grounds including but not limited to lack of jurisdiction by the LCIA appointed arbitration tribunal to pass the said award. Nevertheless, in case the Company is required to make the aforesaid investment into Burley Holdings Limited, its economic interest in the SRA project in Santacruz Mumbai shall stand increased proportionately thereby creating a substantial asset for the Company with an immense development potential.

e) Other commitments : Rs.62,725,670 (previous year Rs. 64,397,700)

5. Investment in shares of subsidiaries amounting to Rs.33,270,600 (Previous year Rs.33,270,600 ) are pledged as securities against loan taken by the Company and its subsidiary. Investment in shares of joint ventures amounting to Rs.72,750,000 (Previous year Rs.72,750,000) are pledged as securities against loan taken by the Company and its joint venture.

6. ACCOUNTING OF PROJECTS WITH CO-DEVELOPER

The Company is developing certain projects jointly with Pioneer Urban Infrastructure Limited and its other group companies. All the development expenses and sale proceeds booked during the year are transferred to the co-developer at the year end in proportion to share of actual land pooled by each developer.

7. EARNINGS IN FOREIGN CURRENCY

Receipts in respect of overseas projects Rs.207,338,600 (previous year Rs.45,981,188).

8. (a) Unitech Vizag Projects Limited (UVPL), a subsidiary of Unitech Limited, is undertaking an Integrated Vizag Knowledge City with APIIC at Vizag for

which money has been advanced by the holding Company i.e. Unitech Limited. UVPL got the letter from APIIC for rescinding the development agreement against which petition has been filed under section 9 of The Arbitration and Conciliation Act, 1996 in The Court of the Hon''ble XI Additional Chief Judge, City Civil Court at Hyderabad to stay the operation of the said letter and restraining the APIIC from creating any third party rights with regard to project or project land. The Company and UVPL have already invoked the arbitration clause and appointed an arbitrator by their letters dated 27th May''2011. APIIC is yet to nominate its arbitrator. After considering the circumstances and legal advice obtained by the management, the Company is confident that this will not adversely affect the Company''s investment and accordingly no provision has been considered necessary.

(b) The Company was awarded a project for development of amusement cum theme park in Chandigarh by Chandigarh administration. The said development agreement was unilaterally and illegally terminated by the Chandigarh administration. The Company filed a writ petition before Hon''ble High Court of Punjab & Haryana challenging the termination of development agreement. The matter was referred for arbitration and the matter is pending adjudication before the arbitration tribunal. The Company is confident that it will recover the amount invested in the project and accordingly no provision has been considered necessary.

9. Advances for purchase of land, projects pending commencement and to joint ventures and collaborators amounting to Rs.9,248,788,996 (previous year-Rs. 16,074,30 5,96 2) included under the head "short term loans and advances" in Note 19 have been given in the normal course of business to land owning companies, collaborators, projects or for purchase of land. The management of the Company based on the internal assessment and evaluations considers that these advances, which are in the normal course of business recoverable/ adjustable and that no provision is necessary as at Balance Sheet date. Further significant portion has been adjusted/ recovered during the current financial year and the management is confident of recovering/ appropriately adjusting the balance.

10. The Company and its affiliates have invested Rs. 6,382,586,848 for 32.75% equity stake in Unitech Wireless Companies (i.e. direct equity holding of 6.76% and indirect equity holding through economic interest of 25.99% financed by way of compulsorily convertible debentures which entitles right to acquire the equity shares of affiliate companies) by undertaking the long-term debts/obligations. Further, the Company (including its subsidiaries/ affiliates/nominees) has a contractual investment obligation in future of Rs.9,239,467,835 in an affiliate Company holding stake in Unitech Wireless Companies.

As on the reporting date, Unitech Wireless Companies are not carrying any telecom operation business pursuant to the cancellation of their telecom licenses by the Hon''ble Supreme Court of India and non-participation by these companies in the recent spectrum auctions of the Department of Telecommunications (DoT). Further, post cancellation of telecom licences issued to Unitech Wireless companies, the Company has executed the settlement and mutual release agreement with Telenor Asia Pte Ltd. on 10th October, 2012 which provides for transfer of entire 32.75% stake in Unitech Wireless Companies to Telenor nominated entity for a nominal amount and withdrawal of all disputes between the parties, on fulfillment of certain conditions which are yet to be fulfilled on the reporting date. Accordingly, Telenor will withdraw the aforesaid indemnity claim on fulfillment of these conditions, and in case these conditions are not met, the settlement and mutual release agreement will get terminated and all rights & obligations of the parties will be restored to the situation before the said agreement.

In view of the above fact, the Company has accounted for Rs.345,000,000 with respect to diminution in the value of its investments in Unitech Wireless Companies and related losses on account of cessation of telecom operations of Unitech Wireless Companies post-cancellation of their telecom licenses and non-participation in recent spectrum auctions of DoT.

The management is not currently in a position to ascertain how and in which group Company the aforesaid obligation if at all, is likely to devolve.

11. (a) The Company has certain outstanding delays as at Balance Sheet date with respect to long term loans from banks and term loans from financial institutions which are as follows:

The amount with respect to loan from banks of principal and interest respectively for the period 1-90 days is Rs.288,587,688 (previous year- Rs. 1,063,721,408) and Rs.37,109,131(previous year-Rs. 218,117,923). Further in respect of term loans from financial institutions with respect to principal and interest respectively are Rs.440,495,819 (previous year-Rs. 515,894,201)and Rs.330,022,148 (previous year-Rs.104,270,982) for 1-90 days, Rs. 125,073,170 (previous year-Rs.303,000,000)and Rs.45,175,108 (previous year-Rs. 140,028,329) for 91-180 days, Rs.146,000,000 (previous year-Rs. 146,000,000)and Rs.95,929,579 (previous year-Rs. 91,003,756) for the period 181-364 days and for 365 to 756 days being Rs.365,000,000 (previous year-Rs. NIL) and Rs. 122,023,463 (previous year-Rs. NIL).

(b) The Company has certain outstanding delays as at Balance Sheet date with respect to short term loans from banks which are as follows:

The amount with respect to loan from banks of principal and interest respectively for the period 1-90 days is Rs. NIL (previous year - Rs. NIL) and Rs. 21,502,154 (previous year - Rs. NIL).

12. PREVIOUS YEAR FIGURES

Prior year figures have been regrouped, rearranged and reclassified wherever considered necessary.

---

Mar 31, 2012

1. a) ACCOUNTING OF REAL ESTATE PROJECTS UNDERTAKEN UP TO 31st MARCH, 2004

The actual receipts and installments due of Rs. 216,348,823 (previous year Rs. 179,150,564) for the year from booking of plots/constructed properties in ongoing real estate projects has been credited to revenue from operations. Against this, after ascertaining profits on estimate basis as per accounting policy No. XII(A)(a) the balance of eighty percent is adjusted in real estate project expenditure. The final adjustment of profit/loss is being made on completion of respective project(s).

2. BENEFITS TO EMPLOYEES:

As per Accounting Standard (AS)15 revised, 'employee benefits', the disclosures of employee benefits are as given below:

(b) Defined benefit plan

The Cost of providing gratuity and long term leave encashment are determined using the projected unit credit method on the base of actuarial valuation techniques conducted at the end of the financial year.

The following tables summarize the component of net benefit expense in respect of gratuity and leave encashment recognized in the profit and loss account and balance sheet as per actuarial valuation as on 31st March, 2012.

3. SEGMENT REPORTING:

Segment wise revenue, results & other information

The company is primarily in the business of real estate development and related activities including construction, consultancy and rentals etc. Further majority of the business conducted is within the geographical boundaries of India.

In view of the above, in the opinion of the management and based on the organizational and internal reporting structure, the company's business activities as described above are subject to similar risks and returns. Further, since the business activities undertaken by the company are within India, in the opinion of the management, the environment in India is considered to have similar risks and returns. Consequently, the company's business activities primarily represent a single business segment. Similarly this company's operations in India represent a single geographical segment.

4. RELATED PARTY DISCLOSURES

A) Name of related parties and nature of relationship where control exists:

Wholly owned Subsidiaries:

Abohar Builders Pvt. Ltd. Aditya Properties Pvt. Ltd. Agmon Builders Pvt. Ltd. Agmon Projects Pvt. Ltd. Akola Properties Ltd. Algoa Properties Pvt. Ltd. Alice Builders Pvt. Ltd. Alkosi Ltd.

Aller Properties Pvt. Ltd. Alor Golf Course Pvt. Ltd. Alor Maintenance Pvt. Ltd. Alor Projects Pvt. Ltd. Alor Recreation Pvt. Ltd. Amaro Developers Pvt. Ltd. (from 16.03.2012) Amarprem Estates Pvt. Ltd. Amur Developers Pvt. Ltd. Andes Estates Pvt. Ltd. Andros Properties Pvt. Ltd. Angers Properties Ltd. Angul Properties Pvt. Ltd. Arahan Properties Pvt. Ltd.

Arcadia Build- Tech Ltd.

Arcadia Projects Pvt. Ltd.

Ardent Build-Tech Ltd.

Askot Builders Pvt. Ltd.

Avens Properties Pvt. Ltd.

(upto 08.08.2011)

Avril Properties Pvt. Ltd.

Azores Properties Ltd.

Bageris Ltd.

Bengal Unitech Universal Siliguri

Projects Ltd.

Bengal Unitech Universal Townscape Ltd.

Bolemat Ltd.

Boracim Ltd.

Broomf eld Builders Pvt. Ltd.

Broomf eld Developers Pvt. Ltd.

Brucosa Ltd.

Burley Holding Ltd.

Camphor Properties Pvt. Ltd. (from 27.10.2011)

Cape Developers Pvt. Ltd.

Cardus Projects Pvt. Ltd.

Cardus Properties Pvt. Ltd.

Clarence Projects Pvt. Ltd.

Clover Projects Pvt. Ltd.

Coleus Developers Pvt.Ltd. Colossal Infra-Developers Pvt. Ltd. Colossal Projects Pvt. Ltd. Comegenic Ltd. Comfrey Developers Pvt. Ltd. Cordia Projects Pvt. Ltd. Crimson Developers Pvt. Ltd. Croton Developers Pvt. ltd. Crowbel Ltd. Cynara Airlines Pvt. Ltd. Dantas Properties Pvt. Ltd. Deoria Estates Pvt. Ltd. Deoria Properties Ltd. Deoria Realty Pvt. Ltd. Devoke Developers Pvt. Ltd Devon Builders Pvt. Ltd. (from 14.03.2012) Dhauladhar Projects Pvt. Ltd. Dhauladhar Properties Pvt. Ltd. Dhaulagiri Builders Pvt. Ltd. (from 14.03.2012) Dhruva Realty Projects Ltd. Dibang Properties Pvt. Ltd. Drass Projects Pvt. Ltd. Edward Developers Pvt. Ltd. (upto 05.03.2012)

Edward Properties Pvt. Ltd. Elbe Builders Pvt. Ltd. Elbrus Builders Pvt. Ltd. (from 28.03.2012)

Elbrus Developers Pvt. Ltd. Elbrus Properties Pvt. Ltd. Empecom Corporation Erebus Projects Pvt. Ltd. Erica Projects Pvt. Ltd. Erode Projects Pvt. Ltd. Falcon Projects Pvt. Ltd. Fastnet Holdings Ltd. (upto 21.09.2011) Ficus Projects Pvt. Ltd. Firisa Holdings Ltd. Flores Projects Pvt. Ltd. Flores Properties Ltd. Gibson Developers Pvt. Ltd. Girnar Infrastructures Pvt. Ltd. Global Perspectives Ltd. Gordon Developers Pvt. Ltd. Gordon Projects Pvt. Ltd. Gramhuge Holdings Ltd. Greenwood Projects Pvt. Ltd. Gretemia Holdings Ltd. Halley Developers Pvt. Ltd. Halley Projects Pvt. Ltd.

Hanak Developers Pvt. Ltd. (upto 05.03.2012) Harsil Builders Pvt. Ltd. Harsil Properties Pvt. Ltd. Hassan Properties Pvt. Ltd. Hatsar Estates Pvt. Ltd. Havelock Estates Pvt. Ltd. Havelock Investments Ltd. Havelock Realtors Ltd. Havelock Schools Ltd. Helmand Projects Pvt. Ltd. (upto 08.08.2011)

High Strength Infra-Developers Pvt. Ltd.

High Strength Projects Pvt. Ltd.

High Vision Healthcare Pvt. Ltd.

ILam Developers Pvt. Ltd. (from 26.03.2012) Impactlan Ltd. Insecond Ltd. Jalore Properties Pvt Ltd Jorhat Properties Pvt. Ltd.

Kerria Projects Pvt. Ltd. (from

16.03.2012)

Kolkata International Convention

Centre Ltd. (upto 05.09.2011)

Konar Developers Pvt. Ltd.

Kortel Ltd.

Koshi Builders Pvt. Ltd.

Landscape Builders Ltd.

Lavender Builders Pvt. Ltd.

Lavender Developers Pvt. Ltd.

Lavender Infra-Developers Pvt. Ltd.

Lavender Projects Pvt. Ltd.

Mahoba Builders Pvt. Ltd.

Mahoba Schools Ltd.

Malva Realtors Pvt. Ltd. (upto

05.03.2012)

Manas Realty Projects Pvt. Ltd.

Mandarin Developers Pvt. Ltd.

Mandarin Projects Pvt. Ltd.

Mangrove Builders Pvt. Ltd. (from

18.10.2011)

Mangrove Projects Pvt. Ltd. (upto

05.03.2012)

Mansar Properties Pvt. Ltd.

Marine Builders Pvt. Ltd.

Masla Builders Pvt. Ltd.

Mayurdhwaj Projects Pvt. Ltd.

Medlar Developers Pvt. Ltd.

Medwyn Builders Pvt. Ltd. (from

16.03.2012)

MHW Hospitality Ltd.

Miraj Builders Pvt. Ltd. (upto

05.03.2012)

Moore Builders Pvt. Ltd.

Moore Developers Pvt. Ltd.

Mount Everest Projects Pvt. Ltd.

Munros Projects Pvt. Ltd.

Nectrus Ltd.

Neil Schools Ltd. (upto 05.03.2012)

Nene Properties Pvt. Ltd.

New India Construction Co. Ltd.

Niger Projects Pvt. Ltd.

(upto 05.03.2012)

Nirvana Real Estate Projects Ltd.

Nuwell Ltd.

Ojos Developers Pvt. Ltd.

Onega Properties Pvt. Ltd.

Panchganga Projects Ltd.

Panicum Projects Pvt. Ltd.

Parsley Developers Pvt. Ltd.

(upto 05.03.2012)

Plassey Builders Pvt. Ltd.

Plassey Developers Pvt. Ltd. (upto

28.04.2011)

Prasunder Estates Pvt. Ltd.

Primrose Developers Pvt. Ltd.

Privet Developers Pvt. Ltd. (upto

05.03.2012)

Puma Developers Pvt. Ltd. (upto

05.03.2012)

Purus Projects Pvt. Ltd.

Purus Properties Pvt. Ltd.

Quadrangle Estates Pvt. Ltd.

Reglina Holdings Ltd.

Rhine Infrastructures Pvt. Ltd.

Richmond Infrastructures Pvt. Ltd.

Risster Holdings Ltd.

Robinia Developers Pvt. Ltd.

Ruhi Construction Co. Ltd.

Sabarmati Projects Pvt. Ltd.

Samay Properties Pvt. Ltd.

Samus Properties Pvt. Ltd.

Sandwood Builders & Developers Pvt.

Ltd. (from 16.03.2012)

Sangla Properties Pvt. Ltd.

Sankoo Builders Pvt. Ltd.

Sankoo Developers Pvt. Ltd.

Sanyog Builders Ltd.

Sanyog Properties Pvt. Ltd.

Sarnath Realtors Ltd.

Serveia Holdings Ltd.

Seyram Ltd.

Shrishti Buildwell Pvt. Ltd.

Sibia Builders Pvt. Ltd.

Simpson Estates Pvt. Ltd.

Sironi Properties Pvt. Ltd.

Sirur Developers Pvt. Ltd.

Somerville Developers Ltd.

Spanwave Services Ltd.

Speciality Builders & Exporters Pvt.

Ltd. (upto 05.03.2012)

Sublime Developers Pvt. Ltd.

Sublime Properties Pvt. Ltd.

Supernal Corrugation India Ltd.

Surfware Consultants Ltd.

Suru Properties Pvt. Ltd.

Tabas Estates Pvt. Ltd.

Technosolid Ltd.

Transdula Ltd.

Uni Homes Pvt. Ltd.

Unitech Acorus Projects Pvt. Ltd.

Unitech Agra Hi-Tech Township Ltd.

Unitech Alice Projects Pvt. Ltd.

Unitech Ardent Projects Pvt. Ltd.

Unitech Broadband Ltd.

(upto 05.03.2012)

Unitech Broadcast Ltd. (upto

05.03.2012)

Unitech Builders & Projects Ltd.

Unitech Builders Ltd.

Unitech Buildwell Pvt. Ltd

Unitech Business Parks Ltd.

Unitech Capital Pvt. Ltd.

Unitech Colossal Projects Pvt. Ltd.

Unitech Commercial & Residential

Developers Pvt. Ltd. (upto 05.03.2012)

Unitech Commercial & Residential

Projects Pvt. Ltd.

Unitech Country Club Ltd.

Unitech Cynara Projects Pvt. Ltd.

Unitech Developers & Hotels Pvt. Ltd.

Unitech Entertainment Pvt. Ltd.

(upto 05.03.2012)

Unitech Global Ltd.

Unitech Haryana SEZ Ltd. (upto

05.03.2012)

Unitech Hi-Tech Builders Pvt. Ltd.

Unitech Hi-Tech Infrastructures Pvt.

Ltd.

Unitech Hi-Tech Projects Pvt. Ltd.

Unitech Hi-Tech Realtors Pvt. Ltd.

Unitech High Vision Projects Ltd.

Unitech Holdings Ltd.

Unitech Hospitality Ltd.

Unitech Hotel Services Pvt. Ltd.

Unitech Hotels & Projects Ltd.

Unitech Hotels Ltd.

Unitech Hotels Pvt. Ltd.

Unitech Hyderabad Projects Ltd.

Unitech Hyderabad Township Ltd.

(from 01.04.2011)

Unitech Industries & Estates Pvt. Ltd.

Unitech Industries Ltd.

Unitech Infopark Ltd.

Unitech Infra Ltd.

Unitech Infra-Developers Ltd.

Unitech Infra-Projects Pvt. Ltd.

Unitech Infra-Properties Ltd.

Unitech Karma Hotels Pvt. Ltd. (upto

05.03.2012)

Unitech Kochi-SEZ Ltd.

Unitech Konar Projects Pvt. Ltd.

Unitech Landmark Builders Pvt. Ltd.

Unitech Landscape Projects Pvt. Ltd.

Unitech Libya for General Contracting

and Real Estate Investment

Unitech Malls Ltd.

Unitech Manas Projects Pvt. Ltd.

Unitech Miraj Projects Pvt. Ltd.

Unitech Nelson Projects Pvt. Ltd.

Unitech Office Fund Trustee Pte. Ltd.

Unitech Overseas Ltd.

Unitech Overseas Projects Ltd.

Unitech Pioneer Nirvana Recreation

Pvt. Ltd.

Unitech Power Distribution Pvt. Ltd.

Unitech Power Projects Pvt. Ltd.

Unitech Power Pvt. Ltd.

Unitech Power Transmission Ltd.

Unitech Property Management Pvt.

Ltd.

Unitech Real Estate Builders Ltd.

Unitech Real Estate Developers Ltd.

Unitech Real Estate Management Pvt.

Ltd.

Unitech Real Tech Developers Pvt. Ltd.

Unitech Real-Tech Properties Ltd.

Unitech Realty Builders Pvt. Ltd.

Unitech Realty Constructions Pvt. Ltd.

(upto 05.03.2012)

Unitech Realty Developers Ltd.

Unitech Realty Estates Pvt. Ltd.

Unitech Realty Pvt. Ltd.

Unitech Realty Solutions Pvt. Ltd.

(upto 05.03.2012)

Unitech Realty Ventures Ltd.

Unitech Reliable Projects Pvt. Ltd

Unitech Residential Resorts Ltd.

Unitech Samus Projects Pvt. Ltd.

Unitech Scotia Realtors Pvt. Ltd.

Unitech Simpson Projects Pvt. Ltd.

Unitech Telecom Holdings Ltd (upto 05.03.2012)

Unitech Universal Developers Pvt. Ltd.

Unitech Universal Falcon Hotels Pvt.

Ltd. (upto 05.03.2012)

Unitech Universal Hotels Pvt. Ltd.

Unitech Universal Simpson Hotels Pvt.

Ltd.

Unitech Valdel Hotels Pvt. Ltd

Unitech Varanasi Hi-Tech Township Ltd.

Unitech Wireless Ltd. (upto 05.03.2012)

Unitech-Pioneer Recreation Ltd.

United Techno-Con Pvt. Ltd. (upto

05.03.2012)

Vitex Properties Pvt. Ltd. (upto

05.03.2012)

Volga Realtors Pvt. Ltd.

Vostok Builders Pvt. Ltd.

Zanskar Builders Pvt. Ltd.

Zanskar Estates Pvt. Ltd.

Zanskar Projects Pvt. Ltd.

Zanskar Realtors Pvt. Ltd.

Zanskar Realty Pvt. Ltd.

Zimuret Ltd.

Other Subsidiaries :

Bengal Unitech Hospitality Pvt. Ltd.

Bengal Unitech Universal Infrastructures Pvt. Ltd.

Bengal Universal Consultants Pvt. Ltd.

Gurgaon Recreation Parks Ltd.

Havelock Properties Ltd.

Unitech Acacia Projects Pvt. Ltd.

Unitech Build-Con Pvt. Ltd. (from 02.01.2012)

Unitech Hi-Tech Developers Ltd.

Unitech Hospitality Services Ltd.

Unitech Vizag Projects Ltd.

Vectex Ltd.

B) Name and relationship of related parties where transaction exists:

i) Subsidiaries : As per table mentioned in (A) above

ii) Joint Ventures :

Arihant Unitech Realty Projects Ltd. Unitech Amusement Parks Ltd.

International Recreation Parks Pvt. Ltd. Uni-Chand Builders Pvt. Ltd.

North Town Estates Pvt. Ltd. Unitech Developers and Projects Ltd.

S. B. Developers Ltd. Unitech Hi-Tech Structures Ltd.

Seaview Developers Ltd. Unitech Infra-Con Ltd.

Shantiniketan Properties Ltd Unitech Realty Projects Ltd.

Shivalik Ventures Pvt. Ltd. Unival Willows Estate Pvt. Ltd.

iii) Associates :

Millennium Plaza Ltd. New Kolkata International Development Pvt. Ltd.

Greenwoods Hospitality Pvt. Ltd. Unitech Shivalik Realty Ltd.

(Formerly known as Rainview Properties Pvt. Ltd.)

Simpson Unitech Wireless Pvt. Ltd. Viviana Infra Developers Pvt. Ltd.

iv) Key Management Personnel & their relatives :

Name Designation

Mr. Ramesh Chandra Chairman

Mr. Sanjay Chandra Managing Director

Mr. Ajay Chandra Managing Director

v) Group of Individuals having control or significant influence over the Company & relatives of such individual(s) :

Name Designation Relatives Relation

Ms. Minoti Bahri Non Executive Director Mr. Rahul Bahri Brother

vi) Enterprises owned or significantly influenced by Key Management Personnel or their relatives :

Anshil Estates Pvt. Ltd. Mayfair Investments Pvt. Ltd.

Prakausali Investments (India) Pvt. Ltd. Simpson Unitech Wireless Pvt. Ltd.

Unitech Advisors (India) Pvt. Ltd. Harsil Projects Pvt. Ltd.

vii) Enterprises owned or significantly influenced by group of individuals or their relatives who have control or significant inf -luence over the Company :

R. V. Techno Investments Pvt. Ltd.

In accordance with the requirement of para 26 of AS(18) 'Related Party Disclosures', items of similar nature have been disclosed in aggregate the type of related parties described in B above. There are no transactions, which in the opinion of the management warrants a special disclosure which effect the understanding of related party transactions on the financial statement.

5. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

I. Claims against company not acknowledged as debt

a) Liquidated damages and other claims by clients / customers : Rs. 294,081,303 (previous year Rs. 507,409,961).

b) Following cancellation of 122 UAS licenses granted to the private companies [including 22 UAS licenses issued to Unitech Wireless (Tamilnadu) Pvt. Ltd., Unitech Wireless (Mumbai) Pvt. Ltd., Unitech Wireless (Kolkata) Pvt. Ltd., Unitech Wireless (Delhi) Pvt. Ltd., Unitech Wireless (North) Pvt. Ltd., Unitech Wireless (South) Pvt. Ltd., Unitech Wireless (East) Pvt. Ltd. and Unitech Wireless (West) Pvt. Ltd. (“Unitech Wireless Companies”)] on or after 10th January 2008 by the Hon'ble Supreme Court of India vide its judgment dated 2nd February, 2012, Telenor Asia Pte Ltd and Telenor Mobile Communications AS (collectively referred as “Telenor”) issued a notice of misrepresentation and fraud by the Company, Cestos Unitech Wireless Pvt. Ltd., Simpson Unitech Wireless Pvt. Ltd., Acorus Unitech Wireless Pvt. Ltd. and Unitech Wireless (Tamilnadu) Pvt. Ltd. and sought indemnif cation of its equity investment in Unitech Wireless Companies amounting to Rs. 61,356,253,283 (previous year Rs. NIL) along with interest of 18% p.a. which is equal to Rs. 27,701,688,475 (previous year Rs. NIL) as on 31st March, 2012. Telenor has filed its claim with the Singapore International Arbitration Centre. The Hon'ble Supreme Court cancelled the UAS licenses issued to all the companies in 2008 by questioning the government policy and Telenor also did a detailed due diligence prior to investment in Unitech Wireless Companies. Based on the legal advice obtained by the management, the Company is conf dent that the indemnity claims of Telenor are not maintainable.

c) Income tax matter in dispute (financial year 2007-08) pending in appeal: Rs. 210,069,833 (previous year Rs. NIL) (Amount paid under protest by the company : Rs. 70,000,000)

d) The company subsequent to the balance sheet date, on 01.08.2012, has received a demand pertaining to financial year 2008-09 from income tax department amounting to Rs. 10,305,410,334. The last date for depositing the same as per demand note is 31.08.2012. However, management based on its evaluation has decided to contest the basis of such demand and accordingly does not intent to deposit the amount demanded.

II. Guarantees

a) In respect of bank guarantees: Rs. 2,249,212,017 (previous year Rs. 2,164,697,908) - It includes guarantees of Rs. 33,122,510 (previous year Rs. 15,408,803) in respect of subsidiary companies.

b) The company has given corporate guarantees of Rs. 22,178,737,135 (previous year Rs. 12,812,768,267) for raising loans from financial institutions and banks by its subsidiaries, joint ventures and erstwhile subsidiaries.

III. Commitments

a) Capital commitments : Rs. 27,551,749 (previous year Rs. 22,250,663)

b) Investment in 1,000,000 equity shares of Rs. 10 each at a premium of Rs. 9,990 per share aggregating of Rs. 10,000,000,000 has been made in joint venture company, Shivalik Ventures Pvt. Ltd. An amount of Rs. 4,910,200,000 has been paid against the allotment of fully paid-up shares. The balance securities premium of Rs. 5,089,800,000 will be accounted for on payment.

c) The estimated amount of real estate contracts, net of advances remaining to be executed is Rs. 8,443,707,000 (Previous year Rs. 8,850,491,000)

d) Other commitments : Rs. 64,397,700 (previous year Rs. 78,400,000)

6. Investment in shares of subsidiaries amounting to Rs. 32,520,600 (Previous year Rs. 32,520,600) are pledged as securities against loan taken by the company. Further investment of subsidiaries in the shares of their subsidiaries amounting to Rs. 1,000,000 (Previous year Rs. 1,000,000) are pledged as securities against loan taken by the company. Investment in shares of joint ventures amounting to Rs. 72,500,000 (Previous year Rs. 72,500,000) are pledged as securities against loan taken by the joint ventures.

7. ACCOUNTING OF PROJECTS WITH CO-DEVELOPER

The company is developing certain projects jointly with Pioneer Urban Infrastructure Limited and its other group companies. All the development expenses and sale proceeds booked during the year are transferred to the co-developer at the year end in proportion to share of actual land pooled by each developer.

8. EARNINGS IN FOREIGN CURRENCY

Receipts in respect of overseas projects Rs. 45,981,188 (Previous year Rs. 51,570,732).

9. (a) Unitech Vizag Projects Limited, a subsidiary of Unitech Limited, is undertaking an Integrated Vizag Knowledge City with APIIC at Vizag for which money has been advanced by the holding company i.e. Unitech Limited. The company got the letter from APIIC for rescinding the development agreement against which petition has been filed under section 9 of The Arbitration and Conciliation Act 1996 in The court of the Hon'ble II Additional Chief Judge, City Civil Court at Hyderabad to stay the operation of the said letter and restraining the APIIC from creating any third party rights with regard to project or project land. After considering the circumstances and legal advice obtained by the management, the company is conf dent that this will not adversely af ect the company's investment and accordingly no provision has been considered necessary.

(b) The company was awarded a project for development of amusement cum theme park in Chandigarh by Chandigarh administration. The said development agreement was unilaterally and illegally terminated by the Chandigarh administration. The company filed a writ petition before Hon'ble High Court of Punjab & Haryana challenging the termination of development agreement. The matter was referred for arbitration and the hearing is going on. The company is conf dent that it will recover the amount invested in the project and accordingly no provision has been considered necessary.

10. Advances for purchase of land and projects pending commencement amounting to Rs. 16,074,305,962 disclosed under head short term loans have been given in the normal course of business to land owning companies/ collaborators/ projects/ purchase of land. Pending details of land purchased and financial position of the parties, these advances are given in respect of ongoing business transactions and are regarded as being in the normal course of business.

11. The Company has direct and indirect investments and investment obligation aggregating Rs. 9,020,510,728 in telecom business presently being carried on by Unitech Wireless Companies. The impact, if any, on the realizable value of these investments / investment obligation, on account of the license cancellation order passed by the Hon'ble Supreme Court of India on 2nd February, 2012, is dependent upon the steps to be taken by DoT in respect of cancelled licenses, forthcoming auction of 2G spectrum and outcome of pending litigations / appeals. Considering that the UAS licenses of Unitech Wireless Companies are operative till 7th September 2012 and DoT has again applied to the Hon'ble Supreme Court for extension of time till December 2012 for auction of 2G spectrum, the investments have been shown at book value in the f nancial statements for the year ended 31st March, 2012.

12. The Company has received an award dated 6th July, 2012 passed by the London Court of International Arbitration (LCIA) wherein Tribunal has directed to invest Rs. 16,399,216,411 (previous year Rs. NIL) in Burley Holdings Ltd. (Mauritius) so as to enable it to purchase the investments of Cruz City 1 Mauritius Holdings (Mauritius) in the joint-venture company, Kerrush Investments Ltd. In case we are required to make this investment, our economic interest in the project shall stand increased. Based on the legal advice obtained by the management, the Company believes that this award is not enforceable and therefore, an appeal has been filed on 3rd August, 2012 in the Hon'ble High Court of Justice, Commercial Court, London.

13. PREVIOUS YEAR FIGURES

Prior year figures have been regrouped, rearranged and reclassified wherever considered necessary.

14. PRIOR YEAR COMPARATIVES

Till the year ended 31st March, 2011, the company was using pre-revised Schedule VI to the Companies Act 1956, for preparation and presentation of its financial statements. During the year ended 31st March, 2012 , the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company. The company has reclassified previous year figures to conform to this year's classification as per revised schedule VI. The adoption of revised Schedule VI does not impact recognition and measurement principles followed by the Company for preparation of financial statements. However, it significantly impacts presentation and disclosures made in the financial statements. Consequently prior year figures are not comparable to those as per pre-revised schedule VI requirements.

---

Mar 31, 2011

1. CONTINGENT LIABILITIES NOT PROVIDED FOR

1. In respect of Bank Guarantees Rs. 356.78 Crores (Rs. 347.61Crores)

It includes guarantees of Rs. 6.63 Crores (Rs. 11.00 Crores) in respect of following Subsidiary Companies:

a. Unitech Business Parks Ltd.

b. Unitech Developers & Hotels Pvt. Ltd.

c. Unitech Realty Pvt. Ltd.

d. Unitech Reliable Projects Pvt. Ltd.

e. Unitech Real Estate Builders Ltd.

II. The company has given Corporate Guarantees of Rs. 1,281.36 Crores (Rs. 1,649.94 Crores) for raising loans from Financial Institutions and Banks by its subsidiaries, joint ventures and erstwhile subsidiaries.

III. In respect of liquidated damages and other claims by clients/customers not acknowledged as debts Rs. 50.74 Crores (Rs. 17.28 Crores).

IV. Capital Commitment -

a. Investment in 1,000,000 equity shares of Rs. 10 each at a premium of Rs. 9,990/- per share aggregating to Rs. 1,000 Crores has been made in joint venture company, Shivalik Ventures Pvt. Ltd. An Amount of Rs. 483.52 Crores has been paid against the allotment of fully paid-up shares. The balance securities premium of Rs. 516.48 Crores will be accounted for on payment.

b. Other Commitments: Rs. 7.84 Crores

2. OVERSEAS OPERATIONS

During the year under review, Company had to abandon its branch situated in Libya due to civil war and on-going internal conflicts. All employees of the Company were safely evacuated on or before 28.02.2011 and therefore, the returns remained unaudited as on 31.03.2011. We have been officially informed by our contractors situated in Europe that they have activated the due procedure under International Trade Law for "Force Majeure" and any compensation/ estimation of amounts due by the Libyan government would materialize in due course of time.

In view therefore, no provision has been considered towards assets belonging to the Company lying unattended at the branch in Libya. The Management is of the view that it is premature to ascertain or quantify loss, if any, at this stage. The Net Investment of Rs. 46.00 Crore at the branch in Libya is unaudited and unconfirmed.

3. AMALGAMATION AND DEMERGER

(i) A Scheme of arrangement under Section 391-394 of the Companies Act, 1956 for the amalgamation of two wholly owned subsidiaries of the Company i.e. Aditya Properties Private Limited and Unitech Holdings Limited with the Company and for the demerger of infrastructure undertaking (post-merger) of Unitech Limited into its wholly owned subsidiary viz. Unitech Infra Limited, filed with Hon'ble High Court of Delhi is pending for its approval. Hence, no effect thereto has been given in the financial statements.

(ii) Unitech Wireless Companies have entered into a scheme of amalgamation pursuant to which Unitech Wireless (North) Pvt. Ltd., Unitech Wireless (South) Pvt. Ltd., Unitech Wireless (Kolkata) Pvt. Ltd., Unitech Wireless (Delhi) Pvt. Ltd., Unitech Wireless (East) Pvt. Ltd., Unitech Wireless (Mumbai) Pvt. Ltd., Unitech Wireless (West) Pvt. Ltd. and Unitech Long Distance Communication Services Pvt. Ltd. have merged with Unitech Wireless (Tamilnadu) Pvt. Ltd. The said Scheme of Amalgamation has been approved by Hon'ble High Court of Delhi vide order dated 27th September, 2010 and has also been filed with the Registrar of Companies on 1st October, 2010. Accordingly, there is now only one entity i.e Unitech Wireless (Tamilnadu) Private Limited.

4. SHARE CAPITAL & SHARE WARRANTS

(i) Out of the total share capital, 1,581,587,500 fully paid Equity Shares of Rs. 2/- each had been issued as Bonus Shares by capitalization of securities premium account, general reserve and Profit & Loss Account.

(ii) During the year, 177,500,000 Warrants were converted into equal number of equity shares of Rs 2/- each at a premium of Rs. 48.75 per share in compliance with the SEBI (Issue of Capital and Disclosure) Regulations, 2009 which resulted in increase in paid up capital of the Company by Rs. 35.50 Crores. Hence, at the end of the year, the Company had no warrants outstanding for conversion.

5. SECURED LOANS

Nature of Security I. Debentures

- 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/- each are redeemable, at par on 15th December, 2010 (Partly redeemed and balance outstanding is Rs.4.76 Crores)

- 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/- each are redeemable, at par on 15th December, 2010.

- 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/- each are redeemable, at par on 15th March, 2011.

- 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/- each are redeemable, at par on 15th June, 2011.

- 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/- each are redeemable, at par on 15th February, 2011.

- 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/- each are redeemable, at par on 16th May, 2011.

- 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/-each are redeemable, at par on 16th November, 2011.

- 5,000,000, 11.00% Secured Redeemable Non-convertible Debentures of Rs.100/- each are redeemable, at par on 15th September, 2011.

- 5,000,000, 11.00% Secured Redeemable Non-convertible Debentures of Rs.100/- each are redeemable, at par on 15th December, 2011.

- 5,000,000, 11.00% Secured Redeemable Non-convertible Debentures of Rs.100/- each are redeemable, at par on 15th March, 2012.

- 72, 14% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/- each are redeemable, at par on 4th April, 2011.

- 74, 14% Secured Redeemable Non-convertible Debentures of Rs.1,000,000/- each are redeemable, at par on or before 30th April, 2011.

The aforesaid Debentures are secured by equitable mortgage on certain lands of the company, its subsidiaries and promoter group companies and personal guarantee of Managing Director.

II. Advances against Construction Contracts of Rs. 10,085,343/- (Rs. 10,085,343/-) are secured by Hypothecation/Mortgage of vehicles, machineries, material at sites and bank guarantees

III. Term Loan of Rs. 2,057,916,665/- (Rs. 2,496,666,666/-) from LIC Housing Finance Ltd. and Rs. 1,957,014,402/- (Rs. 2,574,369,976/-) from Housing Development Finance Corporation Ltd. is secured by equitable mortgage of certain lands of the Company and its subsidiaries & further secured by pledge of shares of the Company held by promoters.

IV. Term Loan of Rs. 300,000,000/- (Rs. NIL) from PNB Housing Finance Limited is secured by equitable mortgage of certain lands of the subsidiaries of the Company.

V. Term Loan of Rs. NIL (Rs. 604,451,033/-) from HDFC Asset Management Company Ltd. is secured by equitable mortgage of certain lands of the Company and its subsidiaries.

VI. Term Loan of Rs. 500,000,000/- (Rs. NIL) and other facilities in the form of Bill Discounting of Rs. 239,687,724/- (Rs. NIL) from SICOM Limited are secured by equitable mortgage of certain lands of the Company and its subsidiaries.

VII. Term Loan of Rs. 744,868,000/- (Rs. 1,730,000,000/-) from Infrastructure Development Finance Company Limited is secured by equitable mortgage of certain lands of the company and its subsidiaries and pledge of Shares of the Company held by Prakusali Investment India Pvt. Ltd, R. V. Techno Investments Pvt Ltd and Indus Counter trade Pvt. Ltd. (Promoter Companies) and Rs. 1,364,119,878/- (Rs.1,527,000,000/-) from Life Insurance Corporation of India is secured by equitable mortgage of certain lands of the Company and its subsidiaries.

VIII. Term Loan of Rs. 953,407,107/- (Rs. 1,000,000,000) from Industrial Finance Corporation Limited is secured by equitable mortgage of certain lands of the company.

IX. Term Loan of Rs. 492,896,788/- (Rs. NIL) from Religare Finvest Limited is secured by first charge on certain lands of the subsidiaries of the Company.

X. Loans from Banks are secured by hypothecation of all present and future book debts and equitable mortgage of certain lands of the company and its subsidiaries.

The aforesaid loans are further secured by personal guarantees of Executive Chairman and/or the Managing Directors.

XI. Deferred Liability against land of Rs. 1,108.66 Crores (Rs. 903.27 Crores) represents the amount payable against land acquired from Government Development Authorities on installment basis and is secured by way of first charge on the related project land.

6. ADVANCES TO SUBSIDIARY COMPANIES FOR PURCHASE OF LAND

In pursuance of real estate activities undertaken, the company has given advances to its wholly owned subsidiaries for purchase of land. The said lands are being developed by the company as per Memorandum of Understanding executed between the parties.

7. ACCOUNTING OF REAL ESTATE PROJECTS UNDERTAKEN UP TO 31st MARCH, 2004

The actual receipts and installments due of Rs. 179,150,564/- (Rs. 231,148,045/-) for the year from booking of plots/constructed properties in real estate on projects has been credited to revenue as sales. Against this after ascertaining profits on estimate basis as per accounting policy No. 10(a)(i) the balance of 80% is adjusted in revenue accounts. The final adjustment of Profit/ Loss is being made on completion of respective project(s).

8. ACCOUNTING OF PROJECTS WITH CO-DEVELOPER

The Company is developing certain projects jointly with Pioneer Urban Infrastructure Limited and its other group companies. All the development expenses and sale proceeds booked during the year are transferred to the co-developer at the year end in proportion to share of actual land pooled by each developer.

9. PAYMENT TO AUDITORS

Statutory audit fee includes payment of Rs. 432,720/- (Rs. 370,920/-) to Foreign Branch Auditors.

10. INVESTMENTS

a) In line with Accounting Policy No.7, no provision has been made towards diminution in value of long term investments where the decline is temporary in nature.

c) Investments in Shares of subsidiary companies amounting to Rs. 4,418,460,051/- (Rs. 5,335,000,000/-) have been pledged as collateral security for raising loans by the Company, subsidiaries and its joint ventures.

11. PROJECT IN PROGRESS

Advances against projects pending commencement amounting to Rs. 724.00 Crores (Rs. 494.47 Crores) under the head project in progress includes advances for land though unsecured are considered good as the advances have been given based on arrangements/ memorandum of understanding executed by the Company with the seller or intermediary for obtaining clear and marketable title.

12. ADVANCES RECOVERABLE

Balances grouped under Advances Recoverable in cash or in kind or value to be received Rs 1,586.07 Crores (Rs.1,721.95 Crores) are subject to confirmation from respective parties, though unsecured are considered good by the management.

13. SUNDRY CREDITORS (DUE TO MICRO, SMALL AND MEDIUM SCALE ENTERPRISES)

As per information available with the company, the sundry creditors do not include any amount due to Micro, Small and Medium Enterprises registered under 'The Micro, Small and Medium Enterprises Development Act' as at 31st March, 2011.

c) In accordance with "Accounting Standard 22", the Company has recognised in its Profit & Loss Account a sum of Rs. 19,080,238/- as Deferred Tax Assets (Net) for the Year.

(ii) The Company had entered in earlier years into a Joint Venture with L. G. Construction Co. Limited for executing the World Bank aided project in the State of Haryana in terms of a Joint Venture Agreement of 8th December, 1994 sharing profit/loss in the ratio of 51:49. The Income & expenditure of 51% of the Joint Venture has been taken in the accounts of the Company.

14. LEASED ASSETS:

(a) The Company has taken cars/ office equipments on operating lease basis. The lease rentals are payable by the Company on a monthly basis.

15. BENEFITS TO EMPLOYEES:

As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee benefits as defined in the Accounting Standard are given below:

B. Deferred Benefit Plans

The Cost of providing gratuity and long term leave encashment are determined using the projected unit credit method on the base of Actuarial valuation techniques.

The following tables summarize the component of net benefit expense in respect of gratuity recognized in the Profit and Loss Account as per actuarial valuation as on 31st March, 2011.

16. RELATED PARTY DISCLOSURES

(i) Related parties are classified as:

Wholly owned Subsidiaries:

Abohar Builders Pvt. Ltd.

Aditya Properties Pvt. Ltd.

Agmon Builders Pvt. Ltd.

Agmon Projects Pvt. Ltd.

Akola Properties Ltd.

Algoa Properties Pvt. Ltd.

Alice Builders Pvt. Ltd.

Alkosi Ltd.

Aller Properties Pvt. Ltd.

Alor Golf Course Pvt. Ltd.

Alor Maintenance Pvt. Ltd.

Alor Projects Pvt. Ltd.

Alor Recreation Pvt. Ltd.

Amarprem Estates Pvt. Ltd.

Amur Developers Pvt. Ltd.

Andes Estates Pvt. Ltd.

Andros Properties Pvt. Ltd.

Angers Properties Ltd.

Angul Properties Pvt. Ltd.

Arahan Properties Pvt. Ltd.

Arcadia Build- Tech Limited

Arcadia Projects Pvt. Ltd.

Ardent Build-Tech Limited

Askot Builders Pvt. Ltd.

Avens Properties Pvt. Ltd.

Avril Properties Pvt. Ltd.

Azores Properties Ltd.

Bageris Ltd.

Bengal Unitech Universal Siliguri Projects Ltd.

Bengal Unitech Universal Townscape Ltd.

Bolemat Ltd.

Boracim Limited

Broomfield Builders Pvt. Ltd.

Broomfield Developers Pvt. Ltd.

Brucosa Ltd.

Burley Holding Ltd.

Cape Developers Pvt. Ltd.

Cardus Projects Pvt. Ltd.

Cardus Properties Pvt. Ltd.

Clarence Projects Pvt. Ltd.

Clover Projects Pvt. Ltd.

Coleus Developers Pvt.Ltd.

Colossal Infra-Developers Pvt. Ltd.

Colossal Projects Pvt. Ltd.

Comegenic Ltd.

Comfrey Developers Pvt. Ltd.

Cordia Projects Pvt. Ltd.

Crimson Developers Pvt. Ltd.

Croton Developers Pvt. ltd.

Crowbel Limited

Cynara Airlines Pvt. Ltd.

Dantas Properties Pvt. Ltd.

Deoria Estates Pvt. Ltd.

Deoria Properties Limited

Deoria Realty Pvt. Ltd.

Devoke Developers Pvt. Ltd

Dhauladhar Projects Pvt. Ltd.

Dhauladhar Properties Pvt. Ltd.

Dhruva Realty Projects Ltd.

Dibang Properties Pvt. Ltd.

Drass Projects Pvt. Ltd.

Edward Developers Pvt Ltd.

Edward Properties Pvt. Ltd.

Elbe Builders Pvt. Ltd.

Elbrus Developers Pvt. Ltd.

Elbrus Properties Pvt. Ltd.

Empecom Corporation

Erebus Projects Pvt. Ltd.

Erica Projects Pvt. Ltd.

Erode Projects Pvt. Ltd.

Falcon Projects Pvt. Ltd.

Fastnet Holdings Ltd.

Ficus Projects Pvt. Ltd.

Firisa Holdings Ltd.

Flores Projects Pvt. Ltd.

Flores Properties Ltd.

Gibson Developers Pvt. Ltd.

Girnar Infrastructures Pvt. Ltd.

Global Perspectives Ltd.

Gordon Developers Pvt. Ltd.

Gordon Projects Pvt. Ltd.

Gramhuge Holdings Ltd.

Greenwood Projects Pvt. Ltd.

Gretemia Holdings Ltd.

Halley Developers Pvt. Ltd.

Halley Projects Pvt. Ltd.

Hanak Developers Pvt Ltd

Harsil Builders Pvt. Ltd.

Harsil Properties Pvt. Ltd.

Hassan Properties Pvt. Ltd.

Hatsar Estates Pvt. Ltd.

Havelock Estates Pvt. Ltd.

Havelock Investments Ltd.

Havelock Realtors Ltd.

Havelock Schools Ltd.

Helmand Projects Pvt. Ltd.

High Strength Infra-Developers Pvt. Ltd.

High Strength Projects Pvt. Ltd.

High Vision Healthcare Pvt. Ltd.

Impactlan Ltd.

Insecond Limited

Jalore Properties Pvt Ltd

Jorhat Properties Pvt. Ltd.

Konar Developers Pvt. Ltd.

Kortel Ltd.

Koshi Builders Pvt. Ltd.

Landscape Builders Ltd.

Lavender Builders Pvt. Ltd.

Lavender Developers Pvt. Ltd.

Lavender Infra-Developers Pvt. Ltd.

Lavender Projects Pvt. Ltd.

Mahoba Builders Pvt. Ltd.

Mahoba Schools Ltd.

Malva Realtors Pvt. Ltd.

Manas Realty Projects Pvt. Ltd.

Mandarin Developers Pvt. Ltd.

Mandarin Projects Pvt. Ltd.

Mangrove Projects Private Limited

Mansar Properties Pvt. Ltd.

Marine Builders Pvt. Ltd.

Masla Builders Pvt. Ltd.

Mayurdhwaj Projects Pvt. Ltd.

Medlar Developers Pvt. Ltd.

MHW Hospitality Limited

Miraj Builders Pvt Ltd

Moore Builders Pvt. Ltd.

Moore Developers Pvt. Ltd.

Mount Everest Projects Pvt. Ltd.

Munros Projects Pvt. Ltd.

Nectrus Ltd.

Neil Schools Ltd.

Nene Properties Pvt. Ltd.

New India Construction Co. Ltd.

Niger Projects Pvt. Ltd.

Nirvana Real Estate Projects Ltd.

Nuwell Ltd.

Ojos Developers Pvt. Ltd.

Onega Properties Pvt. Ltd.

Panchganga Projects Ltd.

Panicum Projects Pvt. Ltd.

Parsley Developers Pvt. Ltd.

Plassey Builders Pvt. Ltd.

Plassey Developers Pvt. Ltd.

Prasunder Estates Pvt. Ltd.

Primrose Developers Pvt. Ltd.

Privet Developers Pvt. Ltd.

Puma Developers Pvt. Ltd.

Purus Projects Pvt. Ltd.

Purus Properties Pvt. Ltd.

Quadrangle Estates Pvt. Ltd.

Reglina Holdings Ltd.

Rhine Infrastructures Pvt. Ltd.

Richmond Infrastructures Pvt. Ltd.

Risster Holdings Ltd.

Robinia Developers Pvt. Ltd.

Ruhi Construction Co. Ltd.

Sabarmati Projects Pvt. Ltd.

Samay Properties Pvt. Ltd.

Samus Properties Pvt. Ltd.

Sangla Properties Pvt. Ltd.

Sankoo Builders Pvt. Ltd.

Sankoo Developers Pvt. Ltd.

Sanyog Builders Ltd.

Sanyog Properties Pvt. Ltd.

Sarnath Realtors Ltd.

Serveia Holdings Ltd.

Seyram Ltd.

Shrishti Buildwell Pvt. Ltd.

Sibia Builders Pvt. Ltd.

Simpson Estates Pvt. Ltd.

Sironi Properties Pvt. Ltd.

Sirur Developers Pvt. Ltd.

Somerville Developers Ltd.

Spanwave Services Ltd.

Speciality Builders & Exporters Pvt. Ltd.

Sublime Developers Pvt. Ltd.

Sublime Properties Pvt. Ltd.

Supernal Corrugation (India) Ltd.

Surfware Consultants Ltd.

Suru Properties Pvt. Ltd.

Tabas Estates Pvt. Ltd.

Technosolid Limited

Transdula Limited

Uni Homes Pvt. Ltd.

Unitech Acorus Projects Pvt. Ltd.

Unitech Agra Hi-Tech Township Ltd.

Unitech Alice Projects Pvt. Ltd.

Unitech Ardent Projects Pvt. Ltd.

Unitech Broadband Ltd.

Unitech Broadcast Ltd.

Unitech Build-Con Pvt. Ltd.

Unitech Builders & Projects Limited

Unitech Builders Ltd.

Unitech Buildwell Pvt. Ltd

Unitech Business Parks Ltd.

Unitech Capital Pvt. Ltd.

Unitech Colossal Projects Pvt. Ltd.

Unitech Commercial & Residential

Developers Pvt. Ltd.

Unitech Commercial & Residential

Projects Pvt. Ltd.

Unitech Country Club Ltd.

Unitech Cynara Projects Pvt. Ltd.

Unitech Developers & Hotels Pvt. Ltd.

Unitech Entertainment Pvt. Ltd.

Unitech Global Ltd.

Unitech Haryana SEZ Ltd.

Unitech Hi- Tech Builders Pvt. Ltd.

Unitech Hi-Tech Infrastructures Pvt. Ltd.

Unitech Hi-Tech Projects Pvt. Ltd.

Unitech Hi-Tech Realtors Pvt. Ltd.

Unitech High Vision Projects Ltd.

Unitech Holdings Ltd.

Unitech Hospitality Ltd.

Unitech Hotel Services Pvt. Ltd.

Unitech Hotels & Projects Ltd.

Unitech Hotels Ltd.

Unitech Industries & Estates Pvt. Ltd.

Unitech Industries Ltd.

Unitech Infra Ltd.

Unitech Infra-Developers Ltd.

Unitech Infra-Projects Pvt. Ltd.

Unitech Infra-Properties Ltd.

Unitech Karma Hotels Pvt Ltd

Unitech Kochi SEZ Ltd.

Unitech Konar Projects Pvt. Ltd.

Unitech Landmark Builders Pvt. Ltd.

Unitech Landscape Projects Pvt. Ltd.

Unitech Malls Ltd.

Unitech Manas Projects Pvt. Ltd.

Unitech Miraj Projects Pvt. Ltd.

Unitech Nelson Projects Pvt. Ltd.

Unitech Office Fund Trustee Pte. Ltd.

Unitech Overseas Ltd.

Unitech Overseas Projects Ltd.

Unitech Power Distribution Pvt. Ltd.

Unitech Power Projects Private Limited

Unitech Power Pvt. Ltd.

Unitech Power Transmission Ltd.

Unitech Property Management Pvt. Ltd.

Unitech Real Estate Builders Ltd.

Unitech Real Estate Developers Limited

Unitech Real Estate Management Pvt. Ltd.

Unitech Real Tech Developers Pvt. Ltd.

Unitech Real-Tech Properties Ltd.

Unitech Realty Builders Pvt. Ltd.

Unitech Realty Constructions Pvt. Ltd.

Unitech Realty Developers Ltd.

Unitech Realty Estates Pvt. Ltd.

Unitech Realty Pvt. Ltd.

Unitech Realty Solutions Pvt. Ltd.

Unitech Realty Ventures Ltd

Unitech Reliable Projects Pvt. Ltd

Unitech Residential Resorts Ltd.

Unitech Samus Projects Pvt. Ltd.

Unitech Scotia Realtors Pvt. Ltd.

Unitech Simpson Projects Pvt. Ltd.

Unitech Telecom Holdings Ltd.

Unitech Universal Developers Pvt. Ltd.

Unitech Universal Falcon Hotels Pvt. Ltd.

Unitech Universal Hotels Pvt. Ltd.

Unitech Universal Simpson Hotels Pvt. Ltd.

Unitech Valdel Hotels Pvt. Ltd.

Unitech Varanasi Hi-Tech Township Ltd.

Unitech Wireless Ltd.

United Techno-Con Pvt. Ltd.

Vitex Properties Pvt. Ltd.

Volga Realtors Pvt. Ltd.

Vostok Builders Pvt. Ltd.

Zanskar Builders Pvt. Ltd.

Zanskar Estates Pvt. Ltd.

Zanskar Projects Pvt. Ltd.

Zanskar Realtors Pvt. Ltd.

Zanskar Realty Pvt. Ltd.

Zimuret Ltd.

Other Subsidiaries :

Bengal Unitech Hospitality Pvt. Ltd.

Bengal Unitech Universal Infrastructure Pvt. Ltd.

Bengal Universal Consultants Pvt. Ltd.

Elbrus Builders Pvt. Ltd.

Gurgaon Recreations Park Ltd.

Havelock Properties Ltd.

ILam Developers Pvt. Ltd.

Kolkata International Convention Centre Ltd.

Unitech Acacia Projects Pvt. Ltd.

Unitech Hi-Tech Developers Ltd.

Unitech Hospitality Services Ltd.

Unitech Hotels Pvt. Ltd.

Unitech Hyderabad Projects Ltd.

Unitech Hyderabad Township Ltd.

Unitech Infopark Ltd.

Unitech Libya for General Contracting and Real Estate Investment

Unitech Pioneer Nirvana Recreation Pvt. Ltd.

Unitech Pioneer Recreation Ltd.

Unitech Vizag Projects Ltd.

Vectex Limited

Joint Ventures :

Arihant Unitech Realty Projects Ltd.

Arsanovia Ltd.

Elmvale Holdings Ltd.

International Recreation Parks Pvt. Ltd.

Kerrush Investments Ltd.

MNT Buildcon Private Limited

North Town Estates Pvt. Ltd.

S. B. Developers Ltd.

Sarvmangalam Builders & Developers Pvt. Ltd.

Seaview Developers Ltd.

Shantiniketan Properties Ltd.

Shivalik Ventures Pvt. Ltd.

SVS Buildcon Pvt. Ltd.

Uni-Chand Builders Pvt. Ltd.

Unitech Amusement Parks Ltd.

Unitech Developers and Projects Ltd.

Unitech Hi-Tech Structures Ltd.

Unitech Infra-Con Ltd.

Unitech LG Construction Co. Ltd. (AOP)

Unitech Realty Projects Ltd.

Unitech SAI Private Limited

Unitech Valdel Valmark Pvt. Ltd.

Unival Estates India LLP

Unival Willows Estate Pvt. Ltd.

Associates :

Millennium Plaza Ltd.

New Kolkata International Development Pvt. Ltd.

Rainview Properties Pvt. Ltd.

Simpson Unitech Wireless Pvt. Ltd.

Unitech Shivalik Realty Ltd.

Viviana Infra Developers Pvt. Ltd.

Key Management Personnel & their relatives

Name Designation Relatives Relation

Mr. Ramesh Chandra Chairman Dr. (Mrs.) Pushpa Chandra Wife

Mr. Sanjay Chandra Managing Director Mrs. Preeti Chandra Wife

Mr. Ajay Chandra Managing Director Mrs. Upma Chandra Wife

Group of individuals having control or significant influence over the Company & relatives of such individual(s)

Name Designation Relatives Relation

Mrs. Varsha Bahri Mother

Ms. Minoti Bahri Non-Executive Director

Mr. Rahul Bahri Brother

Enterprises owned or significantly influenced by Key Management Personnel or their relatives

Acorus Unitech Wireless Pvt. Ltd.

Anshil Estates Pvt. Ltd.

Cestos Unitech Wireless Pvt. Ltd.

Colossal Properties Pvt. Ltd.

Girnar Asthetics Exports Pvt. Ltd.

Harsil Projects Pvt. Ltd.

Mayfair Capital Pvt. Ltd.

Mayfair Investments Pvt. Ltd.

Prakusali Investments (India) Pvt. Ltd.

Simpson Unitech Wireless Pvt. Ltd.

Tulip Investments Ltd.

Unitech Advisors (India) Pvt. Ltd.

Unitech Energy Ventures Pvt. Ltd.

Unitech Power Ventures Private Limited

Enterprises owned or significantly influenced by Group of individuals or their relatives who have control or significance influence over the Company

Indrus Countertrade Pvt. Ltd.

R. V. Techno Investments Pvt. Ltd.

a. BUSINESS SEGMENTS : The business operations of the company comprise of Construction, Development of Real Estate, Consultancy and Management Fee.

(i) The construction activities include construction of Highways, Roads, Powerhouses, Transmission Lines, Refineries, Hotels, Hospitals and various types of other buildings/ structures, in India and abroad.

(ii) Real Estate development includes development of Mini Cities/ Townships, construction of residential and commercial complexes including shopping malls and various types of dwelling units.

(iii) Consultancy and Management Fee include overseeing of project execution, marketing of real estate Ventures for Associate and Joint Ventures.

b. GEOGRAPHICAL SEGMENTS : For the purposes of geographical segmentation the consolidated sales and other figures are divided into two segments - India & Overseas (Libya). Since the conditions prevailing in India are uniform, the Company's business does not fall under different geographical segments as defined by AS-17 "Segment Reporting".

17. UNCLAIMED DIVIDEND:

No amount is due and outstanding as unclaimed dividend for more than seven year to be transferred to Investor Education & Protection Fund.

18. QUANTITATIVE INFORMATION

As per the legal opinion obtained by the management, the provisions of clause 3(ii) of Schedule VI of Part II of Companies Act, 1956 are not applicable to the company and as such no quantitative details are given.

19. EARNINGS IN FOREIGN CURRENCY

Receipts in respect of overseas projects Rs.51,570,732/- (Rs. 253,431,083/-).

Note: The figures in serial no. 28 and 29 do not include the transactions/ expenses incurred at foreign Sites/Branch.

20. PREVIOUS YEAR FIGURES

Figures in brackets are in respect of the previous year, which have been regrouped and rearranged wherever considered necessary.

21. SCHEDULES TO ACCOUNTS

Schedules 1 to 16 forms an integral part of the Balance Sheet and Profit and Loss Account and are duly authenticated.

---

Mar 31, 2010

1. CONTINGENT LIABILITIES NOT PROVIDED FOR

(I) In respect of Bank Guarantees Rs. 347.61Crores (Rs. 330.18 Crores) It includes, guarantees of Rs. 11.00 Crores (Rs. 6.72 Crores) in respect of following Subsidiary Companies:

(a) Quadrangle Estates Pvt. Ltd.

(b) Unitech Business Parks Ltd.

(c) Unitech Developers & Hotels Pvt. Ltd.

(d) Unitech Realty Pvt. Ltd.

(e) Unitech Reliable Projects Pvt. Ltd.

(f) Unitech Real Estate Builders Ltd.

(II) The company has given Corporate Guarantees of Rs. 1649.94 Crores (Rs. 4227.29 Crores) for raising Loans from Financial Institutions and Banks by its subsidiaries, joint ventures and erstwhile subsidiaries.

(III) In respect of Liquidated damages and other claims by clients / customers not acknowledged as debts Rs 17.28 Crores (Rs. 20.60 Crores).

(IV) Capital Commitment

Investment in 10,00,000 equity shares of Rs. 10 each at a premium of Rs. 9990/-per share aggregating of Rs. 1000 crore has been made in joint venture company, Shivalik Ventures Pvt. Ltd. An Amount of Rs. 442.77 crore has been paid against the allotment of fully paid-up shares. The balance securities premium of Rs.557.23 crores will be accounted for on payment.

2. SHARE CAPITAL & SHARE WARRANTS

(i) Out of the total share capital, 1,581,587,500 fully paid Equity Shares of Rs. 2/- each have been issued as Bonus Shares by capitalization of securities premium account, general reserve and Profit & Loss Account.

(ii) Out of the total share capital, 421,064,935 Equity Shares of Rs. 2/- each have been allotted at a premium of Rs. 36.50 per share on 22.04.2009 and 344,361,112 equity shares of Rs. 2/- each have been allotted at a premium of Rs. 79/- per share on 03.07.2009 to Qualified Institutional Buyers (QIBs) pursuant to Chapter XIII-A of erstwhile Securities and Exchange Board of India (Disclosure & Investor Protection) Guidelines, 2000.

(iii) 227,500,000 Share Warrants have been allotted on June 29, 2009, convertible into equal number of Equity Shares of face value of Rs. 2/- each at a premium of Rs. 48.75 per Equity Share to Harsil Projects Pvt. Ltd., one of the promoter group company. For these warrants, the allottee has already paid Rs. 12.69 per warrant aggregating to Rs. 288.64 Crores (25%). Out of the said warrants, 5,00,00,000 Warrants were converted into equal number of equity Shares of Rs. 2/- each on March 29, 2010 upon receipt of Rs. 190.31 Crores (75%) against these warrants and 25% of the issue value has been adjusted in the amount already received from the allottee. The said issue of shares resulted into increase in Promoters holding from 43.84% to 45%. Earning per share has been adjusted on account of increase in Equity Share capital due to issue of above said shares during the financial year. For the balance of Warrants, right to exercise conversion option is available upto 28th December, 2010.

Pursuant to the transactions referred in (ii) & (iii) above, the paid up share capital of the Company is increased by Rs. 163.08 Crores.

3. SECURED LOANS Nature of Security I. Debentures

250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th June 2010. 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th September 2010. 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th December 2010 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th September 2010. 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th December 2010. 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th March 2011. 250, 11.000% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th June 2011. 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th November 2010. 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th February 2011. 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 16th May 2011. 250, 11.00% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 16th November 2011. 50,00,000,11.00% Secured Redeemable Non-convertible Debentures of Rs.100/-each are redeemable, at par on 15th September 2011. 50,00,000,11.00% Secured Redeemable Non-convertible Debentures of Rs.100/-each are redeemable, at par on 15th December 2011. 50,00,000,11.00% Secured Redeemable Non-convertible Debentures of Rs.100/-each are redeemable, at par on 15th March 2012. 100, 14% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th April 2010. 72, 14% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th May 2010. 72, 14% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th June 2010. 72, 14% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th July 2010. 72, 14% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th August 2010. 72, 14% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th September 2010. 72, 14% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th October 2010. 72, 14% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th November 2010. 72, 14% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th December 2010. 74, 14% Secured Redeemable Non-convertible Debentures of Rs.10,00,000/-each are redeemable, at par on 15th January 2011. 16456, 14% Secured Redeemable Non-convertible Debentures of Rs. 67,000/-each are redeemable, at par on 12th April 2010. 7463, 14% Secured Redeemable Non-convertible Debentures of Rs. 67,000/-each are redeemable, at par on 30th June 2010. 7467, 14% Secured Redeemable Non-convertible Debentures of Rs. 67,000/-each are redeemable, at par on 24th September 2010. 150, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 21st March 2010. 150, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 21st April 2010. 150, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 21st May 2010. 250, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 21st June 2010. 250, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 21st July 2010. 250, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 21st August 2010. 199, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 21st September 2010. 150, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 25th March 2010. 180, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 26th April 2010. 180, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 25th May 2010. 180, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 25th June 2010. 180, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 26th July 2010. 180, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 25th August 2010. 125, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 27th September 2010. 138, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 25th March 2010.

200, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 26th April 2010. 200, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 25th May 2010. 200, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 25th June 2010. 200, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 26th July 2010. 250, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 25th August 2010. 250, 14.00% Secured Redeemable Non-convertible Debentures of Rs.5,00,000/-each are redeemable, at par on 27th September 2010.

The aforesaid Debentures are secured by equitable mortgage on certain lands of the company, its subsidiaries and promoter group companies and personal guarantee of Executive Chairman and/or Managing Director(s).

II. Advances against Construction Contracts Rs. 10,085,343/- (Rs. 18,972,068/-) are secured by Hypothecation/Mortgage of Vehicles, machineries, material at sites and bank guarantees

III. Term Loan of Rs. 2,496,666,666/- (Rs. 2,031,000,000/-) from LIC Housing Finance Ltd. and Rs. 2,574,369,976/- (Rs. 2,534,429,237/-) from Housing Development Finance Corporation Ltd. and Term Loan from Housing Development Finance Corporation Ltd is secured by equitable mortgage of certain lands of the Company and its subsidiaries & further secured by pledge of shares of the Company held by promoters.

IV. Term Loan of Rs. 604,451,033/- (Rs. 2,234,522,355/-) from HDFC Asset Management Company Ltd. are secured by equitable mortgage of certain lands of the Company and its subsidiaries.

V. Term Loan of Rs. NIL (Rs. 557,829,512/-) from KUL Loan Trust, Rs. NIL (Rs. 297,868,249/-) from KUT Loan Trust and Rs.NIL (Rs. 500,000,000/-) from Receivable Securitisation Trust – Series VIII were secured by equitable mortgage of certain lands of the company and its subsidiaries.

VI. Term Loan of Rs.1,730,000,000/- (Rs.1,978,359,695/-) from Infrastructure Development Finance Company Limited is secured by equitable mortgage of certain lands of the company and its subsidiaries and pledge of Shares of the Company held by Prakusali Investment India Pvt. Ltd, R. V. Techno Investments Pvt Ltd and Indus Counter trade Pvt. Ltd. (Promoter Companies) and Rs. 1,527,000,000/- ( Rs. 2,000,000,000) from Life Insurance Corporation of India is secured by equitable mortgage of certain lands of the Company and its subsidiaries.

VII. Term Loan of Rs.1,000,000,000/- (Rs.NIL) from Industrial Finance Corporation Limited is secured by equitable mortgage of certain lands of the company

VIII.Term Loan of Rs. NIL (Rs. 1,019,556,272/-) from Cumulative Investment & Trading Co. Pvt. Ltd. was secured by pledge of shares of certain subsidiaries and secured against the Hypothecation of Machinery and vehicles.

IX. Loans from Banks are secured by hypothecation of all present and future book debts and equitable mortgage of certain lands of the company and its subsidiaries.

The aforesaid loans are further secured by personal guarantees of Executive Chairman and/or the Managing Director(s).

4. ADVANCES TO SUBSIDIARY COMPANIES FOR PURCHASE OF LAND

In pursuance of real estate activities undertaken, the company has given advances to its wholly Owned subsidiaries for purchase of land. The said lands are being developed by the company as per Memorandum of Understanding executed between the parties.

5. ACCOUNTING OF REAL ESTATE PROJECTS UNDERTAKEN UP TO 31st March, 2004

The actual receipts and installments due of Rs. 231,148,045/- (Rs. 457,615,788/-) for the year from booking of plots/constructed properties in real estate on projects has been credited to revenue as sales. Against this after ascertaining profits on estimate basis as per accounting policy No. 10(a)(i) the balance of 80% is adjusted in revenue accounts. The final adjustment of Profit/Loss is being made on completion of respective project(s).

6. ACCOUNTING OF PROJECTS WITH CO-DEVELOPER

The Company is developing certain projects jointly with Pioneer Urban Infrastructure Limited and its other group companies. All the development expenses and sale proceeds booked during the year are transferred to the co-developer at the year end in proportion to share of actual land pooled by each developer.

7. PAYMENT TO AUDITORS

Statutory audit fee includes payment of Rs. 307,920/- (Rs. 370,900/-) to Foreign Branch Auditors.

8. INVESTMENTS

(a) In line with Accounting Policy No.6, no provision has been made towards diminution in value of long term investments where the decline is temporary in nature. However, no provision for diminution in value of its Investments in Unitech Power Transmission Limited has been made as the management believes that the losses are not permanent in nature as its total shareholding has been bought back by the Company and it is being now continuously supported for its reconstructing process.

9. SUNDRY CREDITORS (DUE TO MICRO, SMALL AND MEDIUM SCALE ENTERPRISES)

As per information available with the company, the sundry creditors do not include any amount due to Micro, Small and Medium Enterprises registered under “The Micro, Small and Medium Enterprises Development Act as at 31st March 2010.

10. LEASED ASSETS:

(a) The Company has taken cars/ office equipment on operating lease basis. The lease rental are payable by the Company on a monthly basis.

11. BENEFITS TO EMPLOYEES:

As per Accounting Standard 15 “Employee Benefits”, the disclosures of Employee benefits as defined in the Accounting Standard are given below:

Deferred Benefit Plan

The Cost of providing gratuity and Long term leave encashment are determined using the projected unit credit method on the base of Actuarial valuation techniques.

The following tables summarize the component of net benefit expense in respect of gratuity recognized in the Profit and Loss Account as per actuarial valuation as on 31st March 2010

12. RELATED PARTY DISCLOSURES Related parties are classified as:

Wholly owned Subsidiaries:

Abrus Properties Pvt. Ltd. Abohar Builders Pvt. Ltd. Acorus Builders Pvt. Ltd. Acorus Projects Pvt. Ltd. Acorus Unitech Wireless Pvt. Ltd.

Wholly owned Subsidiaries:

Aditya Properties Pvt. Ltd. Agmon Builders Pvt. Ltd. Agmon Projects Pvt. Ltd. Akola Properties Ltd. Algoa Properties Pvt. Ltd.

Wholly owned Subsidiaries:

Alice Builders Pvt. Ltd.

Aller Properties Pvt. Ltd.

Allium Developers Pvt. Ltd.

Alor Golf Course Pvt. Ltd.

Alor Maintenance Pvt. Ltd.

Alor Projects Pvt. Ltd.

Alor Recreation Pvt. Ltd.

Anise Projects Pvt. Ltd.

Amarprem Estates Pvt. Ltd.

Amur Developers Pvt. Ltd.

Andes Estates Pvt. Ltd.

Andros Properties Pvt. Ltd.

Angers Properties Ltd.

Angul Properties Pvt. Ltd.

Arahan Properties Pvt. Ltd.

Aral Properties Ltd.

Arcadia Build- Tech Limited

Arcadia Projects Pvt. Ltd.

Askot Builders Pvt. Ltd.

Aster Developers & Estates Pvt. Ltd.

Aswan Properties Pvt. Ltd.

Avena Projects Pvt. Ltd.

Avens Properties Pvt. Ltd.

Avril Properties Pvt. Ltd.

Azores Properties Ltd.

Bengal Unitech Universal Siliguri Projects Ltd.

Bengal Unitech Universal Townscape Ltd.

Broomfield Builders Pvt. Ltd.

Broomfield Developers Pvt. Ltd.

Calamus Developers Pvt. Ltd.

Calamus Projects Private Limited

Cape Developers Pvt. Ltd.

Cardus Projects Pvt. Ltd.

Cardus Properties Pvt. Ltd.

Cestos Projects Private Limited

Cestos Unitech Wireless Pvt. Ltd.

Chintpurni Construction Pvt. Ltd.

Cistus Properties Pvt. Ltd.

Clarence Projects Pvt. Ltd.

Clivia Developers Pvt. Ltd.

Clover Projects Pvt. Ltd.

Coleus Developers Pvt.Ltd.

Colossal Infra-Developers Pvt. Ltd.

Colossal Projects Pvt. Ltd.

Comfrey Developers Pvt. Ltd.

Cordia Projects Pvt. Ltd.

Costus Developers Pvt Ltd

Crimson Developers Pvt. Ltd.

Croton Developers Pvt. ltd.

Cynara Airlines Pvt. Ltd. Danea Properties Pvt. Ltd. Dantas Properties Pvt. Ltd. Dausa Builders Pvt. Ltd. New India Construction Co. Ltd. Deoria Estates Pvt. Ltd. Deoria Properties Limited Deoria Realty Pvt. Ltd. Devoke Developers Pvt. Ltd Dhauladhar Projects Pvt. Ltd. Dhauladhar Properties Pvt. Ltd. Dhruva Realty Projects Ltd. Dibang Properties Pvt. Ltd. Drass Projects Pvt. Ltd. Drass Properties Pvt. Ltd. Edward Developers Pvt Ltd Edward Properties Pvt. Ltd. Egmont Properties Pvt. Ltd. Elbe Builders Pvt. Ltd. Elbrus Developers Pvt. Ltd. Elbrus Properties Pvt. Ltd. Erebus Projects Pvt. Ltd. Erica Projects Pvt. Ltd. Erode Projects Pvt. Ltd. Ficus Builders Pvt. Ltd. Falcon Projects Pvt. Ltd. Ficus Projects Pvt. Ltd. Flores Projects Pvt. Ltd. Flores Properties Ltd. Gibson Developers Pvt. Ltd. Girnar Infrastructures Pvt. Ltd. Glen Developers & Estates Pvt. Ltd. Global Perspectives Ltd. Gordon Developers Pvt. Ltd. Quadrangle Estates Pvt. Ltd. Rainview Properties Pvt. Ltd. Rhine Infrastructures Pvt. Ltd. Richmond Infrastructures Pvt. Ltd. Robinia Developers Pvt. Ltd. Rosemary developers Pvt. Ltd. Ruhi Construction Co. Ltd. Sabarmati Projects Pvt. Ltd. Samay Properties Pvt. Ltd. Samus Properties Pvt. Ltd. Sangla Properties Pvt. Ltd. Sankoo Builders Pvt. Ltd. Sankoo Developers Pvt. Ltd. Sanyog Builders Ltd. Sanyog Properties Pvt. Ltd.

Sarnath Builders Ltd.

Sarnath Realtors Ltd.

Shrishti Buildwell Pvt. Ltd.

Sibia Builders Pvt. Ltd.

Simpson Estates Pvt. Ltd.

Sironi Properties Pvt. Ltd.

Sirur Developers Pvt. Ltd.

Somerville Developers Ltd.

Sublime Developers Pvt. Ltd.

Sublime Properties Pvt. Ltd.

Supernal Corrugation India Ltd.

Suru Properties Pvt. Ltd.

Tabas Estates Pvt. Ltd.

Uni Homes Pvt. Ltd.

Unitech Aster Projects Pvt Ltd

Unitech Agra Hi-Tech Township Ltd.

Unitech Alice Projects Pvt. Ltd.

Unitech Ardent Projects Pvt. Ltd.

Unitech Broadband Ltd.

Unitech Broadcast Ltd.

Unitech Build-Con Pvt. Ltd.

Unitech Builders Ltd.

Unitech Buildwell Pvt. Ltd

Unitech Business Parks Ltd.

Unitech Capital Pvt. Ltd

Unitech Colossal Projects Pvt. Ltd.

Unitech Comm. & Res. Developers Pvt. Ltd.

Unitech Commercial & Residential Projects

Pvt. Ltd.

Unitech Country Club Ltd.

Unitech Cynara Projects Pvt. Ltd.

Unitech Developers & Hotels Pvt. Ltd

Unitech Develop Well Pvt. Ltd.

Unitech Entertainment Pvt. Ltd

Unitech Haryana SEZ Ltd.

Unitech High Vision Projects Ltd.

Unitech Realty Ventures Ltd.

Alkosi Ltd.

Bageris Ltd.

Bolemat Ltd.

Boracim Limited

Brucosa Ltd.

Burley Holding Ltd.

Comegenic Ltd.

Crowbel Limited

Empecom Corporation

Fastnet Holdings Ltd.

Firisa Holdings Ltd.

Gramhuge Holdings Ltd.

Gretemia Holdings Ltd.

Impactlan Ltd.

Insecond Limited

Kortel Ltd.

Gordon Projects Pvt. Ltd.

Greenline Builders Ltd.

Greenwood Projects Pvt. Ltd.

Halley Developers Pvt. Ltd.

Halley Projects Pvt. Ltd.

Hallet Properties Pvt Limited

Hanak Developers Pvt Ltd

Harsil Builders Pvt. Ltd.

Harsil Properties Pvt. Ltd.

Hassan Properties Pvt. Ltd.

Hatsar Estates Pvt. Ltd.

Hatsar Projects Pvt Ltd.

Havelock Estates Pvt. Ltd.

Havelock Infra- Developers Pvt. Ltd.

(Formerly Carex Developers Pvt. Ltd.

Havelock Investments Ltd.

Havelock Realtors Ltd.

Havelock Schools Ltd.

Helmand Projects Pvt. Ltd.

Helmand Properties Pvt. Ltd.

High Strength Infra-Developers Pvt. Ltd.

High Strength Projects Pvt. Ltd.

High Vision Healthcare Pvt. Ltd.

Hosta Properties Pvt. Ltd.

Jalore Properties Pvt Ltd

Jorhat Properties Pvt. Ltd.

Justicia Builders Pvt. Ltd.

Kolar Developers Pvt. Ltd.

Konar Developers Pvt. Ltd.

Konar Estates Pvt. Ltd.

Koshi Builders Pvt. Ltd.

Laksar Projects Pvt. Ltd.

Landscape Builders Ltd.

Lavender Builders Pvt. Ltd.

Lavender Developers Pvt. Ltd.

Lavender Infra-Developers Pvt. Ltd.

Lavender Projects Pvt. Ltd.

Macaw Properties Pvt. Ltd.

Mahoba Builders Pvt. Ltd.

Mahoba Schools Ltd.

Malva Realtors Pvt. Ltd.

Manas Realty Projects Pvt. Ltd.

Mandarin Developers Pvt. Ltd.

Mandarin Projects Pvt. Ltd.

Mangrove Projects Private Limited

Mansar Properties Pvt. Ltd.

Marine Builders Pvt. Ltd.

Marine Developers & Projects Pvt. Ltd.

Masla Builders Pvt. Ltd.

Mayurdhwaj Projects Pvt. Ltd.

Medlar Developers Pvt. Ltd.

MHW Hospitality Limited

Miraj Builders Pvt Ltd

Mirik Realtors Pvt. Ltd.

Moore Builders Pvt. Ltd.

Moore Developers Pvt. Ltd.

Mount Everest Projects Pvt. Ltd.

Munros Projects Pvt. Ltd.

Neil School Limited

Nene Properties Pvt. Ltd.

Niger Projects Pvt ltd

Nirvana Real Estate Projects Ltd.

Ojos Developers Pvt. Ltd.

Onega Properties Pvt. Ltd.

Panchganga Projects Ltd.

Panicum Developers Pvt. Ltd.

Panicum Projects Pvt. Ltd.

Parsley Developers Pvt. Ltd.

Plassey Builders Pvt. Ltd.

Plassey Developers Pvt. Ltd.

Prasunder Estates Pvt. Ltd.

Primrose Developers Pvt. Ltd.

Privet Developers Pvt. Ltd.

Puma Developers Pvt. Ltd.

Purus Projects Pvt. Ltd.

Purus Properties Pvt. Ltd.

Unitech Hi- Tech Builders Pvt. Ltd.

Unitech Hi-Tech Infrastructures Pvt. Ltd.

Unitech Hi-Tech Projects Pvt. Ltd.

Unitech Hi-Tech Realtors Pvt. Ltd.

Unitech Holdings Ltd.

Unitech Hospitality Ltd.

Unitech Hotel Services Pvt Ltd

Unitech Hotels & Projects Ltd.

Unitech Industries & Estates Pvt. Ltd.

Unitech Industries Ltd.

Unitech Infra-Developers Ltd.

Unitech Infra-Projects Pvt. Ltd.

Unitech Infra-Properties Ltd.

Unitech Karma Hotels Pvt Ltd

Unitech Kochi-SEZ Ltd.

Unitech Konar Projects Pvt. Ltd.

Unitech Landmark Builders Pvt. Ltd.

Unitech Landscape Projects Pvt. Ltd.

Unitech Manas Projects Pvt. Ltd.

Unitech Miraj Projects Pvt. Ltd. Unitech Nelson Projects Pvt. Ltd. Unitech Pioneer Recreation Ltd. Unitech Power Distribution Pvt. Ltd. Unitech Power Pvt. Ltd. Unitech Power Transmission Ltd. Unitech Property Management Pvt. Ltd. (Formerly Unising Projects Pvt. Ltd.) Unitech Real Estate Builders Ltd. Unitech Real Estate Developers Limited Unitech Real Estate Management Pvt. Ltd. Unitech Real Tech Developers Pvt. Ltd. Unitech Real-Tech Properties Ltd. Unitech Realty Builders Pvt. Ltd. Unitech Realty Conglomerate Ltd. Unitech Realty Constructions Pvt. Ltd. Unitech Realty Developers Ltd. Unitech Realty Estates Pvt. Ltd. Unitech Realty Pvt. Ltd. Unitech Realty Solutions Pvt. Ltd. Unitech Reliable Projects Pvt. Ltd Unitech Residential Resorts Ltd. Unitech Samus Projects Pvt. Ltd. Unitech Scotia Realtors Pvt. Ltd. Unitech Service Apartments Ltd. Unitech Simpson Projects Pvt. Ltd. Unitech Sublime Projects Pvt Ltd Unitech Telecom Holdings Ltd. Unitech Universal Agmon Hotels Pvt. Ltd. Unitech Universal Developers Pvt Ltd Unitech Universal Falcon Hotels Pvt. Ltd. Unitech Universal Hospitality Pvt Ltd. Unitech Universal Hotels Pvt Ltd. Unitech Universal Scotia Hotels Pvt. Ltd. Unitech Universal Simpson Hotels Pvt. Ltd. Unitech Urbane Projects Pvt. Ltd. Unitech Urbane Realty Pvt. Ltd Unitech Valdel Hotels Pvt Ltd Unitech Varanasi Hi-Tech Township Ltd. Unitech Wireless Ltd. United Techno-Con Pvt. Ltd. Urbane Land Renewal Company Pvt Ltd. Vitex Properties Pvt. Ltd. Volga Realtors Pvt ltd Vostok Builders Pvt. Ltd. Zanskar Builders Pvt. Ltd. Zanskar Estates Pvt. Ltd. Zanskar Projects Pt. ltd. Zanskar Realtors Pvt. Ltd.

Zanskar Realty Pvt. Ltd.

Nectrus Ltd.

Nuwell Ltd.

Risster Holdings Ltd.

Serveia Holdings Ltd.

Seyram Ltd.

Spanwave Services Ltd.

Surfware Consultants Ltd.

Technosolid Limited

Transdula Limited

Unitech Global Ltd.

Unitech Hotels Ltd.

Unitech Malls Ltd.

Unitech Office Fund Trustee Pte. Ltd.

Unitech Overseas Ltd.

Vectex Limited

Zimuret Ltd.

Other Subsidiaries:

Bengal Unitech Universal Infrastructure Pvt. Ltd.

Bengal Universal Consultants Pvt. Ltd.

Elbrus Builders Pvt. Ltd.

Havelock Properties Ltd.

ILam Developers Pvt. Ltd.

Kolkata International Convention Centre Ltd.

Unitech Hotels Pvt. Ltd.

Unitech Infopark Ltd.

Unitech Hi-Tech Developers Ltd.

Unitech Hyderabad Projects Ltd.

Unitech Hyderabad Township Ltd.

Unitech Pioneer Nirvana Recreation Pvt. Ltd. (Formerly Colossal

Developers Pvt. Ltd.)

Unitech Vizag Projects Ltd.

Unitech Hospitality Services Ltd.

Gurgaon Recreations Park Ltd.

Unitech Acacia Projects Pvt. Ltd.

Joint Ventures:

Arihant Unitech Realty Projects Ltd.

Shivalik Ventures Pvt. Ltd.

Seaview Developers Ltd.

International Recreation Parks Pvt. Ltd.

MNT Buildcon Private Limited

SVS Buildcon Private Limited

North Town Estates Pvt. Ltd.

Shantiniketan Properties Ltd

Unitech Ltd.-L.G. Construction Co. Ltd. (Association of Person)

Unitech Amusement Parks Ltd.

Unitech Hi-Tech Structures Ltd.

Unitech Developers and Projects Ltd.

Unitech Realty Projects Ltd.

Unitech Infra-Con Ltd.

Unitech SAI Private Limited

Unitech Valdel Valmark Pvt. Ltd.

Unival Estates India LLP

Associates:

Millennium Plaza Ltd. S. B. Developers Ltd. Uni-Chand Builders Pvt. Ltd. Unitech Wireless (East) Pvt. Ltd. Unitech Wireless (Mumbai) Pvt. Ltd. Unitech Wireless (South) Pvt. Ltd. Unitech Wireless (Tamilnadu) Pvt. Ltd. Sarvmangalam Builders & Developers Pvt. Ltd. New Kolkata International Development Pvt ltd Unitech Wireless (Delhi) Pvt. Ltd Unitech Wireless (Kolkata) Pvt. Ltd. Unitech Wireless (North) Pvt. Ltd. Unitech Wireless (West) Pvt. Ltd.

Key management personnel:

Mr. Ramesh Chandra Mr. Ajay Chandra Mr. Sanjay Chandra

Enterprises over which Key management personnel / individual owning directly or indirectly, an interest in the voting power of the reporting enterprise that give them control or significant influence over the enterprise:

Mayfair Investments Pvt. Ltd. Mayfair Capital Pvt. Ltd.

Prakusali Investments (India) Pvt. Ltd. R. V. Techno Investments Pvt. Ltd.

Tulip Investments Ltd. Indrus Countertrade Pvt. Ltd. Harsil Projects Pvt. Ltd.

Individuals owning directly or indirectly, an interest in the voting power of the reporting enterprise and relatives of any such individual:

Mr. Ramesh Chandra Ms. Minoti Bahri

Mr. Ajay Chandra Mrs. Varsha Bahri

Mr. Sanjay Chandra Mr. Rahul Bahri

Enterprises over which Key Managerial personnel / individual exercise significant influences:

Anshil Estates Pvt. Ltd Unitech Energy Ventures Pvt. Ltd. (formerly known as CIG Unitech Properties Pvt. Ltd.) Unitech Realty Investor India Pvt. Ltd. Simpson Unitech Wireless Pvt. Ltd.

13. UNCLAIMED DIVIDEND: No amount is due and outstanding as unclaimed dividend for more than seven years to be transferred to Investor Education & Protection Fund.

14. QUANTITATIVE INFORMATION

As per the legal opinion obtained by the management, the provisions of clause 3(ii) of Schedule VI of Part II of Companies Act, 1956 are not applicable to the company and as such no quantitative details are given.

15. EARNINGS IN FOREIGN CURRENCY

Receipts in respect of overseas projects Rs.253,431,083/- (Rs.16,813,350/-).

Note: The figures in serial 26 and 27 do not include the transactions/ expenses incurred at foreign Sites / branch.

16. LIABILITIES AND ASSETS

Balances grouped under Sundry Debtors, Sundry Creditors, and Advances from Customers and Advances Recoverable in cash or in kind are subject to confirmation from respective parties.

17. PREVIOUS YEAR FIGURES

Figures in brackets are in respect of the previous year, which have been regrouped and rearranged wherever considered necessary.

18. SCHEDULES TO ACCOUNTS

Schedules 1 to 16 forms an integral part of the Balance Sheet and Profit and Loss Account and are duly authenticated.