3.11 Provisions, Contingent Liabilities and Contingent
Assets

Provisions involving substantial degree of estimation in
measurement are recognized when there is a legal or
constructive obligation as a result of past events and it
is probable that there will be an outflow of resources
and a reliable estimate can be made of the amount
of obligation. Provisions are not recognised for future
operating losses. The amount recognized as a provision
is the best estimate of the consideration required to
settle the present obligation at the end of the reporting
period, taking into account the risks and uncertainties
surrounding the obligation.

Contingent liabilities are not recognized and are disclosed
by way of notes to the standalone financial statements
when there is a possible obligation arising from past
events, the existence of which will be confirmed only
by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of
the Company or when there is a present obligation that
arises from past events where it is either not probable
that an outflow of resources will be required to settle the

same or a reliable estimate of the amount in this respect
cannot be made.

Contingent assets are not recognised but disclosed in
the Standalone Financial Statements by way of notes
to accounts when an inflow of economic benefits is
probable.

3.12 Employee Benefits

Employee benefits are accrued in the year in which
services are rendered by the employees. Short term
employee benefits are recognized as an expense in the
statement of profit and loss for the year in which the
related service is rendered.

(i) Gratuity (Defined Benefit Plan) : The Company
has a Gratuity Fund administered by the Trustees,
which is independent of the Company's finance. The
liability in respect of Gratuity has been determined
by actuarial valuation following Projected Unit Credit
Method.

(ii) Leave Encashment : According to the prevailing
practice of the Company, the employees are allowed to
enjoy the leave within the year. No encashment of leave
is allowed.

iii) Provident Fund (Defined Contribution Scheme) :
Accounted for on accrual basis based on the monthly
contribution made to the appropriate authorities.

3.13 Recognition of Dividend and Interest Income

"Revenue is recognised to the extent it is probable
that the economic benefits will flow to the
Company and the revenue can be reliably measured.
Dividend Income is recognised when the Company's
right to receive the payment is established.
Under Ind AS 109, interest income is recorded using
the Effective Interest Rate (EIR) method for all financial
instruments measured at amortised cost. The EIR is
the rate that exactly discounts estimated future cash
receipts through the expected life of the financial
instrument or, when appropriate, a shorter period,
to the net carrying amount of the financial asset.
The EIR (and therefore the amortised cost of the asset)
is calculated by taking into account any discount or
premium on acquisition, fees and costs that are an
integral part of the EIR."

3.14 Leases
As a lessee

"A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified
asset for a period of time in exchange for consideration.
The Company's lease asset class primarily consist of leases
for Land. At the inception of the contract, Company
assess whether a contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys
the right to control the use of an identified asset for a
period of time in exchange for consideration. To assess
whether a contract conveys the right to control the use
of an identified asset, the Company assesses whether:

(i) the contract involves the use of an identified asset

(ii) Company has substantially all of the economic benefits
from the use of the asset through the period of the lease and

(iii) Company has the right to direct the use of the asset.

At the date of commencement of the lease, Company
recognizes a right-of-use asset (""ROU"") and a
corresponding lease liability for all lease arrangements
in which it is a lessee, except for leases with a term of
twelve months or less (short-term leases) and low-value
leases. For these short-term or low-value leases, the
Company recognizes the lease payments as an operating
expense on a straight-line basis over the term of the lease.
The right-of-use assets are initially recognized at
cost, which comprises the initial amount of the
lease liability adjusted for any lease payments made
at or before the commencement date of the lease
plus any initial direct cost less any lease incentives.
They are subsequently measured at cost less
accumulated depreciation and impairment losses.
Certain lease arrangements includes the options to extend
or terminate the lease before the end of the lease term.
ROU assets and lease liabilities include these options
when it is reasonably certain that they will be exercised.
The lease liability is initially measured at amortized
cost at the present value of the future lease payments.
The lease payments are discounted using the
interest rate implicit in the lease or, if not readily
determinable, using the incremental borrowing rates.
Lease liabilities are remeasured with a corresponding
adjustment to the related right of use asset if the
Company changes its assessment if whether it
will exercise an extension or a termination option.
On the Balance Sheet, ROU assets have been included in
property, plant and equipment and lease liabilities have
been presented separately."

3.15 Taxes on Income

Income tax expense representing the sum of current
tax expense and the net charge of the deferred taxes is
recognized in the income statement except to the extent
that it relates to items recognized directly in equity or
other comprehensive income.

Current tax is provided on the taxable income and
recognized at the amount expected to be paid to or
recovered from the tax authorities, using the tax rates

and tax laws that have been enacted or substantively
enacted by the end of the reporting period.

Deferred tax is recognized on temporary differences
between the carrying amounts of assets and liabilities
in the Standalone Financial Statements and the
corresponding tax bases used in the computation of
taxable profit. Deferred tax liabilities are generally
recognized for all taxable temporary differences. Deferred
tax assets are generally recognized for all deductible
temporary differences to the extent that it is probable
that taxable profits will be available against which those
deductible temporary differences can be utilized.

Deferred tax liabilities and assets are measured at the
tax rates that are expected to apply in the period in
which the liability is settled or the asset realized, based
on tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period.

The carrying amount of deferred tax assets is reviewed
at the end of each reporting period and reduced to
the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the
deferred tax asset to be utilized.

3.16 Earnings Per Share

Basic earnings per share are computed by dividing
the net profit attributable to the equity shareholders
of the company by the weighted average number of
equity shares outstanding during the period. Diluted
earnings per share is computed by dividing the net profit
attributable to the equity shareholders of the company
by the weighted average number of equity shares
considered for deriving basic earnings per share and
also the weighted average number of equity shares that
could have been issued upon conversion of all dilutive
potential equity shares.

[ Critical accounting judgments, assumptions and key
sources of estimation and uncertainty

The preparation of the standalone financial statements
in conformity with the measurement principle of Ind AS
requires management to make estimates, judgments
and assumptions. These estimates, judgments and
assumptions affect the application of accounting policies
and the reported amounts of assets and liabilities,
the disclosures of contingent assets and liabilities at
the date of the standalone financial statements and
reported amounts of revenues and expenses during
the period. Accounting estimates could change from
period to period. Actual results could differ from
those estimates. Appropriate changes in estimates are
made as management becomes aware of changes in
circumstances surrounding the estimates. Differences

between the actual results and estimates are recognized
in the year in which the results are known / materialized
and, if material, their effects are disclosed in the notes to
the financial statements.

Application of accounting policies that require significant
areas of estimation, uncertainty and critical judgments
and the use of assumptions in the financial statements
have been disclosed below. The key assumptions
concerning the future and other key sources of
estimation uncertainty at the balance sheet date, that
have a significant risk of causing a material adjustment
to the carrying amount of assets and liabilities within the
next financial year are discussed below:

4.1 Depreciation and impairment on property, plant
and equipment and investment property

Property, plant and equipment are depreciated on
straight-line basis over the estimated useful lives in
accordance with Schedule II of the Companies Act,
2013, taking into account the estimated residual value,
wherever applicable.

The company reviews its carrying value of its Tangible
Assets and Investment Property whenever there is
objective evidence that the assets are impaired. In
such situation Asset's recoverable amount is estimated
which is higher of asset's or cash generating units (CGU)
fair value less cost of disposal and its value in use. In
assessing value in use the estimated future cash flows
are discounted using pre-tax discount rate which reflect
the current assessment of time value of money. In
determining fair value less cost of disposal, recent market
realisations are considered or otherwise in absence of
such transactions appropriate valuations are adopted.
The Company reviews the estimated useful lives of the
assets regularly in order to determine the amount of
depreciation and amount of impairment expense to be
recorded during any reporting period. This reassessment
may result in change estimated in future periods.

4.2 Current Tax and Deferred Tax

"Significant judgment is required in determination of

taxability of certain income and deductibility of certain
expenses during the estimation of the provision for
income taxes.

Deferred tax assets are recognised for unused losses
(carry forward of prior years' losses) and unused tax
credit to the extent that it is probable that taxable profit
would be available against which the losses could be
utilised. Significant management judgment is required
to determine the amount of deferred tax assets that
can be recognised, based upon the likely timing and the
level of future taxable profits together with future tax
planning strategies."

4.3 Defined Benefit Obligations (DBO)

Critical estimate of DBO involves a number of critical
underlying assumptions such as standard rates of
inflation, mortality, discount rate, anticipation of future
salary increases, etc as estimated by Independent Actuary
appointed for this purpose by the Management. Variation
in these assumptions may significantly impact the DBO
amount and the annual defined benefit expenses.

4.4 Provisions and Contingencies

"Provisions and liabilities are recognized in the period
when it becomes probable that there will be a future
outflow of funds resulting from past operations or
events and the amount of cash outflow can be reliably
estimated. The timing of recognition and quantification
of the liability requires the application of judgement to
existing facts and circumstances, which can be subject to
change.

Management judgment is required for estimating
the possible outflow of resources, if any, in respect of
contingencies/claim/litigations/ against the Company
as it is not possible to predict the outcome of pending
matters with accuracy.

The carrying amounts of provisions and liabilities and
estimation for contingencies are reviewed regularly
and revised to take account of changing facts and
circumstances."

e) The Company has elected an irrevocable option to designate its investment in equity instruments (other than investment in
subsidiary companies) through FVTOCI, as these investments are not held for trading and the Company continues to invest
in these securities on long-term basis. This includes investments made in equity of the companies which are leaders in their
respective sectors and the Company believes that these investments have potential to remain accretive over the long-term.

f) The Company's investments in unquoted equity shares have been valued based on latest available audited financial
statements.

g) Out of the total dividend recognised during the year from investment in equity instruments designated at FVTOCI, Nil
(March 31,2024- Nil) is relating to investments derecognised during the period and ? 39.70 Lakhs (March 31, 2024- ? 35.13
Lakhs) pertains to investments held at the end of the reporting period (Also refer note no. 22).

h) During the year, pursuant to issue of bonus shares in the ratio of 1:1, the Company has received 1,18,667 equity shares of
Rs. 10 each of Reliance Industries Limited, taking the total shareholding of the Company to 2,37,334 equity shares of Rs.
10 each as on March 31,2025.

i) During the year, pursuant to demerger of the hotels business of ITC Limited, the Company has been allotted, in the ratio
of 1:10, 9,000 equity shares of Re. 1 each of ITC Hotels Limited for 90,000 fully paid-up equity shares of Re. 1 each held by
the Company in ITC Limited.

j) The other disclosures regarding fair value and risk arising from financial instruments are explained in note no. 42 & 43.

20.1 Refer Standalone Statement of Changes in Equity for movement in balances of reserves

Nature and purpose of reserves:

20.2 Capital Reserve

Capital reserve is a reserve which is not free for distribution. The balance in this reserve represents the amount of share
forfeited by the Company.

20.3 Capital Revaluation Reserve

This represents revaluation of Land at Kolkata and Bangalore and Building at Bangalore.

20.4 Statutory Reserve

Statutory reserve represents the reserve created pursuant to the Reserve Bank of India Act, 1934 (hereinafter referred to as
"the RBI Act") and related regulations applicable to those companies. Under the RBI Act, a Non Banking Financial Company
is required to transfer an amount not less than 20% of its net profit to a reserve fund before declaring any dividend.
Appropriation from this reserve fund is permitted only for the purposes specified by the Reserve Bank of India.

20.5 General Reserve

The general reserve is created from time to time by appropriating profits from retained earnings. The general reserve is
created by a transfer from one component of equity to another. Accordingly, it is not reclassified to the statement of profit
and loss.

34. Contingent Liabilities and Commitments (to the extent not provided for)

(a) Contingent Liabilities
As at March 31, 2025

In respect of an ongoing litigation concerning the Company's tenancy for one of the premises at Ballard Estate, Mumbai,
pending final decision on the matter and determination of the amount, the interim compensation as directed by the
Bombay High Court pursuant a petition filed by the Company, amounting to ? 80.68 Lakhs pertaining to the period from
the date of impugned decree till March 31, 2025 and ? 2.31 Lakhs per month thereafter has since been deposited by the
Company.

The contentions made by the Landlord in the matter not being based on facts and circumstantial evidences, as advised
legally, are not valid and an appeal has therefore been filed before the Small Causes [Appellate] Court, Mumbai. Pending
this, considering the merit involved, amount of the rent for the said premises as applied consistently has been continued
to be recognized in the books of accounts and no further provision in this respect has been considered necessary.

As at March 31, 2024

The Company has since received a demand towards increase in rent (including applicable duties and taxes) aggregating to
? 49.47 Lakhs from Syama Prasad Mookerjee Port Kolkata- Estate Division in respect of one of its premises taken on lease
from them. The liability towards rent as invoiced as per the lease agreement has been recognised and paid by the Company.
The matter has been taken up with the Port Trust Authorities and pending final resolution of the matter, no further liability
in this respect is expected to materialise.

(b) Commitments

(i) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance)- Nil
(March 31,2024- Nil)

(ii) Other commitments- Nil (March 31,2024- Nil)

35. Disclosures as required by Indian Accounting Standard 37 "Provisions, Contingent liabilities and Contingent
assets"

Contingent asset

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. During
the normal course of business, unresolved claims remain outstanding. The inflow of economic benefits, in respect of such
claims cannot be measured due to uncertainties that surround the related events and circumstances.

38 Segment reporting

(a) The Company operates mainly in one business segment, viz., investing in immovable properties, fixed deposits,
securities including equity, bonds, mutual funds, and carrying out other non-banking financial activities, and as such
there are no other reportable segments as identified by the Chief Operating Decision Maker of the Company in terms
of requirements under Ind AS 108 "Operating Segments".

(b) Geographical information

The Company operates entirely within India and as such, separate geographical information has not been
disclosed.

39. Disclosures for leasing arrangements- Company as a Lessee

(i) Nature of lease:

The Company's significant leasing arrangements are in respect of the following assets:

Premises obtained on lease for administrative offices.

(ii) Amount recognised in the Standalone Statement of Profit and Loss in respect of lease of low value assets have been
disclosed in note no. 31.1.

(ii) Risks related to defined benefit plans:

The major risks to which the Company is exposed in relation to defined benefit plans are:

(a) Interest rate risk

The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the
ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability.

(b) Salary risk

Higher than expected increases in salary will increase the defined benefit obligation.

Footnote:

Figures in brackets pertain to previous year
(B) Fair value hierarchy

The fair value of the financial assets and financial liabilities are included at an amount at which the instrument could be

exchanged in an orderly transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

(i) Fair value of cash and cash equivalents, other bank balances, other financial assets and other financial liabilities
approximate their carrying amounts due to the short-term maturities of these instruments.

(ii) Investments (other than investments in subsidiary companies) which are quoted in active market are fair valued at
the reporting date based on the prevailing quote. Investment in unquoted equity shares have been valued based on
the latest available audited financial statements. Investment in mutual fund are measured using NAV at the reporting
date.

The Company uses the following fair value hierarchy for determining and disclosing the fair value of financial

instruments:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly

or indirectly.

Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

43 Financial risk management- objectives and policies

The Company's principal financial liabilities includes lease liabilities and other financial liabilities and principal financial
assets include investments, cash and cash equivalents, other bank balances and other financial assets.

The Company is exposed to credit risk, liquidity risk and market risk. The Company's senior management under the
supervision of Board of Directors oversees the management of these risks. The Company's financial risks are governed by
appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the
Company's policies and risk objectives.

(a) Market risk

Market risk is the risk or uncertainty arising from possible market fluctuations resulting in variation in the fair value
or future cash flows of a financial instrument. The major components of market risks are currency risk, interest rate
risk and other price risk. Financial instruments affected by market risk includes investments, other receivables and
payables.

(i) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes
in foreign exchange rates. The Company does not have any foreign currency and accordingly, is not subjected to such
risk.

(ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. Since the Company does not have any financial assets or financial liabilities bearing
floating interest rates, any change in the interest rates at the reporting date would not have any significant impact on
the standalone financial statements of the Company.

(iii) Other price risk

The Company is exposed to equity price risk arising from investments held by the Company and classified in the
Balance Sheet at fair value through other comprehensive income.

To manage its price risk arising from investment in equity securities, the Company diversifies its portfolio. Diversification
of the portfolio is done in accordance with the limits set by the Company.

The majority of the Company's equity investments are listed on the Bombay Stock Exchange (BSE) or the National
Stock Exchange (NSE) in India.

Sensitivity analysis- equity price risk

The table below summarises the impact of increase/ decrease of the index on the Company's equity and total
comprehensive income for the year. The analysis is based on the assumption that the equity/ index had increased by
2% or decreased by 2% with all other variables held constant, and that all the Company's equity investments moved
in line with the index.

Other components of equity would increase/ decrease as a result of gain/ losses on equity securities classified as fair
value through other comprehensive income.

The Company's exposure in subsidiary companies are carried at cost and these are subject to impairment testing as
per the policy followed in this respect.

(b) Credit Risk

Credit risk is the risk that a customer or counterparty will not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities
(primarily loans). The management has a credit policy in place and the exposure to credit risk is monitored on an
ongoing basis. The Company periodically assesses the financial reliability of amounts outstanding, taking into account
the financial conditions, current economic trends.

The carrying amount of respective financial assets recognised in the standalone financial statements represents the
Company's maximum exposure to credit risk.

The Company establishes an allowance for impairment that represents its estimate of incurred losses in respect of
doubtful loans. Receivables are reviewed/ evaluated periodically by the management and appropriate provisions are
made to the extent recovery there against has been considered to be remote.

The credit risk on cash and cash equivalents are insignificant as counterparties are banks with high credit ratings.

(c) Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at
a reasonable price. The Company's objective is to maintain optimum level of liquidity to meet its cash and collateral
requirements at all times. The Company relies on internal accruals to meet its fund requirement.

Liquidity Risk Tables

The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities
with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial
liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest
and principal cash flows as at balance sheet date:

The Company has financial assets which will be realised in ordinary course of business. Further it has significant
retained surplus lying invested in realisable securities and the Company ensures that it has sufficient cash on demand
to meet expected operational expenses and obligations.

4 Capital Management
(a) Risk management

The primary objective of the Company's capital management is to ensure that it maintains a healthy capital ratio in
order to support its business and maximise shareholder value. The Company's objective when managing capital is to
safeguard their ability to continue as a going concern so that they can continue to provide returns for shareholders and
benefits for other stake holders. The Company is focused on keeping strong total equity base to ensure independence,
security, as well as a high financial flexibility for potential future borrowings.

Footnote:

The value of investments as disclosed hereinabove is without considering the impact of impairment allowance

49A.The Company, neither had any transactions during the years ended March 31, 2025 and March 31,2024 with companies,
which have been struck off by the Registrar of Companies nor any balance is outstanding from such companies as at the
end of respective reporting period.

49B. No funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources
or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries") with
the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly,
lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received
any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly

lend or invest in other persons or entities identified by or on behalf of the Funding Party ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

50A. I n respect of the year ended March 31, 2025, the Board of Directors has proposed a final dividend of ? 5 (50%) per share to
be paid on fully paid equity shares. The said dividend is subject to approval by shareholders at the Annual General Meeting
and accordingly, has not been included as a liability in these standalone financial statements. The proposed equity dividend
is payable to all holders of fully paid equity shares.

50B. The Company's land at Whitefield, Bengaluru has since been sold pursuant to the deed of conveyance executed on May
8, 2025 for an agreed consideration of ? 48,590.00 Lakhs. The transaction being entered into subsequent to the balance
sheet date, necessary adjustment in this respect will be given effect to in the subsequent period.

51. The standalone financial statements have been approved by the Board of Directors of the Company on May 23, 2025 for
issue to the shareholders for their adoption.

As per our report of even date attached

For A L P S & CO. For and on behalf of the Board of Directors

Chartered Accountants

Firm's Registration No.: 313132E

A. K. Khetawat H. V. Lodha

Partner Director

Membership No. 052751 DIN- 00394094

Partha Pratim Das P. K. Madappa

Place: Kolkata Chief Executive Officer Director

Date: May 23, 2025 PAN- ADEPD0664L DIN- 00058822