13.2Terms/ rightattachedtoEquityShares
Thecompanyhasonlyoneclassofequityshares having aparvalueof Re.lpershare.Eachshareholderiseligibleforone votepershare.Thedividendproposed bythe BoardofDirectorsissubject totheapprovalofshareholdersinensuingAnnualGeneralMeeting,exceptincaseofinterimdividend.Intheeventof liquidationtheequity shareholderswill be entitled to receive theremaining assetsof theCompany afterdistribution ofall preferential amounts,in proportionoftheirshareholding.
13.5For the period offive yearsimmediatelypreceding the dateat which theBalanceSheet isprepared i.e.March 31, 2026:
(i) TheCompany has notboughtback any shares/ classof shares.
(ii) Duringthefinancialyear 2024-25, theCompanyhas allotted 13,25,309 Lakh bonusshares totheexistingpublic shareholders of the Company. The Promoter(s)/Promoter Groupshareholdershas to forgo theirentitlementtoequitysharesthat mayarisefromsuch issuefor achieving Minimum Public Shareholding (MPS) requirement.
(iii) Duringthefinancialyear 2025-26, theCompanyhasallotted 2,67,71,233 bonus shares tothe existingpublicshareholdersofthe Company. The Promoter(s)/PromoterGroupshareholders has to forgotheirentitlementto equitysharesthat mayarise from suchissueforachieving MinimumPublic Shareholding(MPS) requirement.
(iv) TheCompanyhasnot alloted sharesasfullypaidup pursuant tocontract(s)withoutpaymentbeingreceivedincash.
A. Securities premium
Securities premium is used to record the premium received on issue of shares. The reserve will be utilised in accordance with the provisions of the Companies Act, 2013.
B. General Reserve
The General Reserve is created from time to time on transfer of profit from retain earnings and from business re-organisation reserve as per the order of NCLT, General Reserve is created by transfer from one component of equity to another of equity and is not an item of other comprehensive income, items included in General Reserve will not be reclassified subsequently to profit and loss.
C. Retained Earnings
Retained earnings are created out of profits over the years and shall be utilised as per the provisions of companies Act, 2013
Un Secured Loan
1. (a) The short term borrowings aggregating to Rs. 2,400.00 lakhs ( Previous year Rs. 2,400.00 lakhs) are unsecured loan from the
entity in which directors are interested with interest rate of 0% p.a. (Previous year 0%), Borrowers have the right option to convert all or part of unsecured loan into equity shares of the Company on the effective date (20th October, 2023) or at any time as and when right is excised by the lender.
During the year the lender has exercised the option. The Board has also approved an issue 2,400 Lakhs equity shares of Re. 1 per equity share to SVA Family Welfare Trust, the Resolution Applicant (RA), against the convertible RA loan as per the approved resolution plan and the undertaking provided to the stock exchanges, subject to successful completion of the preferential allotment.
Disclosure Required Under Section 22 Of The Micro, Small And Medium Enterprises Development Act, 2006.
a. Principal amount outstanding due to Micro & Small Enterprises as at the year end Rs. 23.92 La k hs ( P revi o us ye ar Rs. 2.9 7 La k hs ), t h e re is no overdue amount of principal and interest due to Micro and small enterprises. During the year, no interest has been paid to such parties. This information has been determined to the extent such parties have been identified on the basis of information available with the Company.
29.
Contingent liabilities and commitments (to the extent not provided for)
Particulars
2025-26
2024-25
A. Contingent liabilities for
Income Tax Disputed Demand
Nil
Employee Provident Fund
{Amount deposited against demand Nil (Previous year Nil)}
B. Commitments
In accordance with resolution plan, the Contingent liabilities and commitments extinguished and accordingly no outflow of economic benefits is expected in respect thereof. According to resolution plan upon the approval by NCLT and settlement and receipt of payment towards the IRP costs and by the creditors in terms of this plan, all liabilities, demand, penalties, loss claim of any nature whatsoever (disputed or undisputed present or future, due or contingent, admitted / verified / submitted, known or unknown) including any liabilities, losses, penalties, arising out of non-compliance to which company is or may be subject to and which pertains to the period on or before the effective date i.e (20th October, 2023) and are remaining as on that date shall stand extinguished abated and settled in perpetuity without any further act or deed.
There is no contingent liabilities and commitments as at March 31, 2026 and Previous Year (Nil).
C. The liability in respect of leave encashment is determined using actuarial valuation carried out as at balance sheet date. Actuarial gain or loss are recognized in full in the statement of profit and loss for the year in which they occur. Leave encashment liability as at the year end Rs. 19.82 Lakhs (previous year Rs. 16.65 Lakhs)
Transaction Price - Remaining Performance Obligation
The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognised as at the end of the reporting period and an explanation as to when the Company expects to recognise these amounts in revenue. Applying the practical expedient as given in Ind AS 115, the Company has not disclosed the remaining performance obligation related disclosures for contracts as the revenue recognized corresponds directly with the value to the customer of the entity's performance completed to date.
32. Segment Reporting
A. General Information
Factors used to identify the entity's reportable segments, including the basis of organisaiton Based on the criteria as mentioned in IND AS 108 "Operating Segment", the Company has identified its reportable segments as under:
Segment - 1 Solar Power Generation and Maintenance
Segment - 2 Manufacturing and Sale of Solar Power Plant
Segment - 3 Electric Vehicle (EV)
The Company's operating segments are established on the basis of those components of the Company that are evaluated regularly by the Chief Operating Decision Maker in deciding how to allocate resources and in assessing performance. These have been identified taking into account nature of products and services, the differing risks and returns and the internal reporting system.
B. Segment revenue, results, segment assets and liability include respective amounts directly identified with the segment and also an allocation on reasonable basis of amounts not directly identified. The expenses which are not directly relatable to the business segment are shown as un-allocable corporate cost. Assets and Liabilities that cannot be allocated between segment are shown as un allocable corporate assets and liabilities respectively.
34. Leases- Where company i s lessee
The Company has adopted IND AS 116 "Leases" effective April, 201.?) and elect not to apply the requirements of IND AS 116 since leases are short term leases.
Amount not; included in measurement of lease liability and recdgnised as expenses in the statement of prof it and loss during the year is Rs. 5.9€> Lakhs (Previous Year Rs. 4.652 Lakhs) .
Pursuant to the approval of the shareholders, the company has issued 45,06,049 equity shares as bonus share of Re 1 in the ration 17:25 on 02nd June, 2025 and 2,22,65,184 equity shares of Re 1 in the ratio 2:1 on 13th October, 2025 as bonus shares. Accordingly earning per share (EPS) (basic and diluted) of FY 202425 has been adjusted on account of bonus issue.
The above loans given are unsecured and classified under Financial assets under Loans and are charged interest at the rate of 8.25% (Previous Year 7.00%). The same are utilised by the recipient for general corporate purpose.
38. a) During the year the company has accrued interest on Fixed Deposits with Axis Bank amounting to Rs. 17.49 Lakhs (Previous Year Rs. 25.81 Lakhs), however the bank has not credited the same. Therefore, there exists a difference of Rs. 80.21 lakhs with regards to aforesaid amount as per balance confirmation provided by the banks and books of accounts.
b) The Company has trade receivables as at March 31, 2026, aggregating to Rs. 2,855.62 Lakhs, for which external confirmations have been sent. However, confirmations have not been received from trade receivable amounting to Rs.2,855.44 Lakhs and possible adjustments required in the carrying amount of trade receivable will be given when confirmation received or account settled with the customer.
c) During the year company has exercise the option given under section 115BAA of Income Tax Act, 1961 for calculating the Income Tax Liability at concessional rate of 25.168% thus current tax and deferred tax calculated accordingly.
In its ordinary operations, the companies activities expose it to the various types of risks, which are associated with the financial instruments and markets in which it operates. The company has a risk management policy which covers the foreign exchanges risks and other risks associated with the financial assets and liabilities such as interest rate risks and credit risks. The risk management policy is approved by the board of directors. The following is the summary of the main risks:
Market risk is the risk that changes in market prices, such as foreign exchange rates (currency risk) and interest rates (interest rate risk), will affect the companies income or value of it's holding of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
Interest rate risk is the risk the fair value or future cash flow of a financial instrument will fluctuate because of changes in market interest rate. Fair value interest rate risk is the risk of changes in fair value of fixed interest bearing financial instrument because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing financial instrument will fluctuate because of fluctuations in the interest rates.
The Company's exposure to the risk of changes in market interest rates relates primarily to the borrowing from banks and other interest bearing borrowing. Currently company is not using any mitigating factor to cover the interest rate risk.
The Company has no exposure to interest bearing borrowings hence interest rate sensitivity is Nil (Previous Year Nil) ii) Foreign currency risk
The Company enters into transactions in currency other than its functional currency and is therefore exposed to foreign currency risk. The Company analyses currency risk as to which balances outstanding in currency other than the functional currency of that Company. The company enters in to derivative financial instrument such foreign currency forward contract and option contracts to mitigate the risk of changes in exchange rate on foreign currency exposure.
The company has no exposure to foreign currency as at the year end (Previous Year Rs. Nil)
Credit risk is the risk that arises from the possibility that the counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.
Financial assets that are subject to such risk, principally consist of trade receivables, Investments and loans and advances. None of the financial insturments of the company results in material concentration of credit risk.
Financial assets are written off when there is no reasonable expectation of recovery, however, the Company continues to attempt to recover the receivables. Where recoveries are made, these are recognised in the Statement of Profit and Loss.
The impairment for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Company's past history, existing market conditions as well as forward looking estimates at the end of each balance sheet date.
To Manage trade and other receivables, the company periodically assesses the financial reliability of customers, taking in to account the financial conditions, economic trends, analysis to historical bad debts and ageing of such receivables.
The Company limits its exposure to credit risk by generally investing in liquid securities and only with counter-parties that have a good credit rating. The Company does not expect any losses from non-performance by these counter-parties apart from those already given in financials, and does not have any significant concentration of exposures to specific industry sectors or specific country risks.
The Company holds cash and cash equivalents with credit worthy banks of Rs. 57.74 lakhs as at March 31, 2026 (Rs. 30.81 lakhs as at March 31, 2025).The credit worthiness of such banks is evaluated by the management on an ongoing basis and is considered to be good.
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due.
The Company has been taking measures to ensure that the Company's cash flow from business borrowing is sufficient to meet the cash requirements for the Company's operations. The Company managing its liquidity need by monitoring forcasted cash flows in day today business, Net cash requirement are compared with available working capital facilities in order to determine any shortfall. The main objective is to maintain sufficient cash to meet its operational liquidity requirements.
For the purpose of the Company's capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders of the Company. The Company's objective when managing capital is to safeguard its ability to continue as a going concern so that it can continue to provide returns to shareholders and other stake holders.
The Company manages its capital structure and makes adjustments in light of changes in the financial condition and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders (buy back its shares) or issue new shares.
Note 40 Financial Instruments by Category and fair value heirarchy A. Accounting classification and fair values
Set out below, is a comparison by class of the carrying amounts and fair value of the Company's financial instruments, other than those with carrying amounts that are reasonable approximations of fair values.
The fair values of the financial assets and financial liabilities included in the level 2 and level 3 categories above have been determined in accordance with generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counterparties.
42. The National Company Law Tribunal ('NCLT'), Indore Bench, vide order no. IA/190 (MP) 2021 IN CP (IB)
9 of 2020 dated on 13th October 2023 approved, the Resolution Plan submitted by SVA Family Welfare Trust and M&B Switchgears ("Resolution Applicant") for the Company.
As directed by Hon'ble NCLT the implementation of the plan will be monitored by a 3 member Implementation and Monitoring Committee to give effect and impact of Order of National Company Law Tribunal (NCLT) in the financial statement till the completion of implementation.
Further the Implementation and Monitoring Committee has been disolved with effect from 04th June, 2025.
43. Pursuant to the Resolution Plan as approved by the Hon'ble National Company Law Tribunal, Indore Bench the following consequential impacts have been given :
a. The National Company Law Tribunal ('NCLT'), Indore Bench, vide order no. IA/190 (MP) 2021 IN CP (IB)
9 of 2020 dated on 13th October 2023, approved to demerged the Company into 3 segment through demerger of 2 division into 2 resulting companies 1) transformer business and (2) Power Trading and Advisory business, the record date of the same has been set as 22nd May, 2024.
b. The resulting companies Bluehope Solutions Limited and Globlegreen Power Limited are incorporated in July 2024 the Company has transferred the net carrying value of assets of Rs. 800 Lakhs and Rs. 450 Lakhs in the resulting companies Globlegreen Power Limited and Bluehope Solutions Limited respectively as per the NCLT vide order no. IA/190 (MP) 2021 IN CP (IB) 9 of 2020 dated on 13th October 2023.
The provisions relating to Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013, read with theCompanies (CorporateSocial ResponsibilityPolicy) Ru les, 2014,are applicabletothe Company. However,the Company did not haveany CSR spendingonigationforthefinancial yearended 31 March2026inaccordance with theprovisions ofSection 135of theCompaniesAct, 2013. Forthe previousfinancialyear ended31March 2025,the provisions of Section 135 of the Companies Act, 2013, relating to Corporate Social Responsibility (CSR), were not
applicable to the Company.
i. The company has not granted Loans or Advances in the nature of loans to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person, that are: (a) repayable on demand or (b) without specifying any terms or period of repayment.
ii. The company neither have any Benami property nor any proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
iii. The company is not declared wilful defaulter by any bank or financial Institution or other lender.
iv. The company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
v. The company has not made any investments in subsidiary company hence compliance with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017 is not applicable.
vi. (A) The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall
(i) 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
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;
(B) The company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall
(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
vii. The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year 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).
viii. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
ix. During the year there has been no borrowings from banks on the basis of security of current assets.
x. There is no creation or satisfaction of charge pending for filling with the Registrar of Companies (ROC)
46. (a) In the board meeting held on November 03, 2025. The Board has approved a proposal for a preferential issue and allotment of 1,275.70 Lakhs equity shares of Re. 1 per equity share (face value) at a price of Rs. 11 per equity share (including a premium of Rs. 10 per equity share to nonpromoter (“Proposed Investors") for cash consideration, aggregating up to Rs. 14,032.70 Lakhs, same has been approved by the shareholders in there meeting held on December 01, 2025, and the Company has filled in-principal approval before the stock exchanges and
(b) The Board has also approved an issue 2,400 Lakhs equity shares of Re. 1 per equity share to SVA Family Welfare Trust, the Resolution Applicant (RA), against the convertible RA loan as per the approved resolution plan and the undertaking provided to the stock exchanges, subject to successful completion of the above preferential allotment.
47. On November 21, 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The labour code amongst other things introduces changes, including a uniform definition of wages and enhanced benefit relating to Gratuity / leave (Employee benefits). The company has assessed the financial implication of these changes in increase in gratuity liabilities arising out of past service costs which is not material. The company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and will provide appropriate accounting effect on the basis of such developments as needed.