(B) As per the Framework Agreement (‘the Agreement’) dated 18th April, 2019 and agreements with banks post issuance of RBI circular for resolution of stressed assets part of loans amount outstanding of lenders (Bank & FI) of Rs. 384,005 lakhs converted into Preference Share Capital (including redeemable preference shares of Rs. 3,452 lakhs) during earlier year. In the year 2025-26, out of redeemable preference shares of Rs. 2.5 crore issued to a Bank (a lender) has been redeemed on 20.03.2026 as per the terms of agreement with a lender (a nationalised bank) (previous year redeemable preference shares of Rs. 2.5 crore redeemed).

Further, as envisaged in the above Agreement loan amount outstanding of JSW Energy Limited and FCCB having of Rs. 35,177 lakhs and Rs. 59,121 lakhs converted into Equity Share Capital in the Jan’2020. Company believes that above redemption of Redeemable Preference Shares ( as stated above) post issue of equity under the stated circumstances and also as per the opinion of an expert, is in compliance of the Provisions of Section 55 of the Companies Act,2013.

Note 19.2 - The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital

(i) Equity Share Capital

The Company has issued only one class of equity shares having a par value of Rs. 10/- per share which rank pari-passu in all respects including voting rights and entitlement to dividend.

In the event of liquidation, each share carry equal rights and will be entitled to receive equal amount per share out of the remaining amount available with the Company after making preferential payments.

(ii) Preference Share Capital

The Authorised Share Capital provides for Preference Shares at a par value of Rs. 10/- , Rs. 100/-, Rs. 1,000/-, Rs. 1,00,000/- and Rs. 10,00,000/-.

(A) 50 nos. (previous year 75 nos.) 9.5% Cumulative Redeemable Preference Shares Face Value Rs. 10,00,000/- each

(i) These CRPS shall carry dividend @ 9.5% per annum (cumulative).The CRPS shall be non-participating in surplus and in surplus assets and profit, on winding up which may remain after the entire capital has been repaid. The CRPS shall carry a preferential vis-a-vis equity shares with respect to payment of dividend or repayment of capital. The CRPS shall have a voting right as per the provision of section 47(2) of the Companies Act, 2013. The CRPS shall be redeemed by the Company at par in nine equal annual installments of Rs. 250 Lakhs started from 26th March, 2020 and last installment of redemption will be on or before 26th March, 2028, (ii) On account of the carried forward losses no dividend on these CRPS have been provided for in financial statements.

(B) 1,202 nos. 9.5% Cumulative Redeemable Preference Shares Face Value Rs. 1,00,000/- each

(i) These CRPS shall carry dividend @ 9.5% per annum (cumulative). The CRPS shall be non-participating in surplus and in surplus assets and profit, on winding up which may remain after the entire capital has been repaid. The CRPS shall carry a preferential vis-a-vis equity shares with respect to payment of dividend or repayment of capital. The CRPS shall have a voting right as per the provision of section 47(2) of the Companies Act, 2013. The CRPS shall be redeemed as per the provision of the Bilateral Agreement dated 18th April, 2019 (between Company and Canara Bank ) subject to the provisions of the Companies act, 2013 and any other applicable law for the time being in force,(ii) Scheduled date of redemption (subject to bilateral agreement) :16th December, 2048, (iii) On account of the carried forward losses no dividend on these CRPS have been provided for in financial statements.

(C) 63 and 38,049 nos. 0.01% Cumulative Compulsory Convertible Preference Shares(CCPS) Face Value Rs. 1,00,000/- and 10,00,000/- each respectively

(i) These CCPS carry cumulative dividend @ 0.01% per annum. The CCPS shall be non-participating in surplus and in surplus assets and profit, on winding up which may remain after the entire capital has been repaid. The CCPS shall carry a preferential vis-a-vis equity shares with respect to payment of dividend or repayment of capital. The CCPS shall have a voting right as per the provision of section 47(2) of the Companies Act, 2013.

(ii) The CCPS shall be Converted into such number of Equity Shares as may be determined at the time of conversion as per prevailing provision of Companies Act/SEBI/ RBI Rules and Regulations and Such equity shares so converted shall be listed on the stock exchanges where existing equity shares are listed and shall rank pari passu.

(iii) The CCPS shall have a maturity period of 29 years from the date of allotment and have right to be converted, at the option of CCPS holders after 20 years or earliers, as per the provision of the Companies Act, 2013/SEBI Guidelines as prevailing at that time in to equity shares of the Company.

(iv) On account of the carried forward losses no dividend on these have been provided for in financial statements.

Security and Repayments for Term Loans and Working Capital limits

21.1 400 MW Jaypee Vishnuprayag HEP :

21.1(a) Rupee Term Loans (after conversion of Debt into Equity under SDR scheme in earlier years) aggregating to Rs. 33,214 Lakhs (Previous Year-Rs. 40,863 Lakhs) outstanding out of sanctioned amount of Rs. 2,15,000 Lakhs, from Banks, together with all interest, guarantee commission, cost, expenses and other charges are secured ranking pari passu among all the participating Banks viz. State Bank of India [Including loan assigned by Bank of India and Andhra Bank (merged with Union Bank) during the earlier year], Oriental Bank of Commerce (merged with Punjab National Bank), Allahabad Bank (merged with Indian Bank), Dena Bank (merged with Bank of Baroda) and IDBI Bank Ltd. by way of :

(i) First charge on 400 MW Vishnuprayag HEP’s present and future book debts, operating cash flows, receivables, commissions, revenue of whatsoever nature ; and

(ii) First charge on 400 MW Vishnuprayag HEP’s all the bank accounts including the Trust & Retention Account, Escrow Account of Uttar Pradesh Power Corporation Limited and Debt Service Reserve Account and each of the other accounts required to be created by the Company under any 400 MW Vishnuprayag HEP financing document or any contract.

The loans are inter-alia also secured by way of:

(iii) First charge on 400 MW Vishnuprayag HEP’s all intangible assets, hypothecation of all the movable assets, assignment of Project Agreements and Escrow Agreement, all present and future rights, titles, interests, benefits, claims and demands whatsoever with respect to the Insurance Policies, claims and benefits to all monies receivable there under and all other claims there under in respect of all the insured assets of the Plant ;

(iv) First ranking equitable mortgage on all rights, titles, interests and benefits in respect of immovable properties and assets of the 400 MW Vishnuprayag HEP ;

(v) Pledge of 6,291 Lakhs (Previous Year - 6,291 Lakhs) equity shares of the Company held by Jaiprakash Associates Ltd. (JAL) the party to whom the company is associate, on pari-passu basis with lenders of Nigrie Super Thermal Power Plant (except for term loan of Rs. 50,000 Lakhs (Previous Year - Rs.50,000 Lakhs) disbursed by State Bank of India); and

Repayments :

21.1(b) Rupee term loan outstanding Rs.33,214 Lakhs (Previous year Rs..40,863 Lakhs) are repayable in 21 structured quarterly installments, as detailed as % age of principal outstanding as on 31st March, 2026 ;

9.04 % in FY 2026-27, 21.57 % in FY 2027-28,20.35 % in FY 202829,17.83 % in FY 2029-30, 16.66% in 2030-31 and balance 14.55 % during FY 2032 .

21.2 500 MW Jaypee Bina Thermal Power Plant:

21.2(a) Rupee Term Loans outstanding (after conversion of Debt into Equity under SDR scheme in earlier years) of Rs. 73,601 Lakhs (Previous Year Rs.81,568 Lakhs) outstanding out of sanctioned amount of Rs. 2,25,800 Lakhs (original Rs.1,92,800 Lakhs and additional Rs. 33,000 Lakhs) from consortium of Banks, together with all interest, guarantee

commission, cost, expenses and other charges are secured ranking pari-passu among all the participating Banks viz. Punjab National Bank, Union Bank of India, Allahabad Bank (merged with Indian Bank), Canara Bank, Central Bank of India, State Bank of India, IDBI Bank Ltd., ICICI Bank Ltd. and The Jammu and Kashmir Bank Ltd., are secured by ;

(i) First ranking pari-passu mortgage and hypothecation of all immovable and movables assets both present and future, all intangible assets, and all revenues and receivables pertaining to Jaypee Bina Thermal Power Plant and

(ii) First ranking pari-passu charge on, assignment of Project Agreements, Trust & Retention account. Debt & Service Reserve Account and Escrow Agreement, all present and future rights, titles, interests, benefits, claims and demands whatsoever with respect to the Insurance Contracts/ loss proceeds, claims and benefits to all monies receivable there under and all other claims there under in respect of all the insured assets of the Plant ;

(iii) Pledge of 648 Lakhs equity shares (Previous Year 648 Lakhs equity shares) of the Company held by JAL, the party to whom the company is associate , on pari passu basis among the lenders of JBTPP Repayments :

21.2(b) Rupee term loan outstanding Rs.73,601 Lakhs (Previous Year Rs. 81,568 Lakhs) are repayable in 27 structured quarterly installments, as detailed as % age of principal outstanding as on 31st March, 2026 ;

7.04 % in FY 2026-27, 15.93 % in FY 2027-28, 15.04 % in FY 202829,13.16 % in FY 2029-30, 12.33 % in FY 2030-31 and balance 36.50 % from FY 2032 to 2034.

21.2(c) The aforesaid security ranks pari-passu with working capital lenders (i.e. IDBI Bank Limited, State Bank of India and Jammu & Kashmir Bank Ltd.) having outstanding balance (fund based) of Rs. 12,409 Lakhs (Previous Year - Rs.14,841 Lakhs). Bank Guarantees/ LCs outstanding of Rs.2,383 Lakhs (Previous Year - Rs.2,039 Lakhs) (margin money of Rs. 1,154 Lakhs against Bank Guarantees/ LCs outstanding) (previous year Rs.1,044 Lakhs)

21.3 1320 MW Jaypee Nigrie Super Thermal Power Plant:

21.3(a) Rupee Term Loans (after conversion of part of Debt into Equity under SDR scheme and conversion of part of Debt into CCPS & CRPS under restructuring as per Framework Agreement in earlier years) outstanding of Rs. 1,34,941 Lakhs (Previous Year 1,46,843 Lakhs) out of sanctioned amount of Rs. 7,31,500 Lakhs and out of short term financial assistance sanctioned amount of Rs, 4,600 Lakhs from consortium Banks and of Financial Institutions, together with all interest, guarantee commission, cost, expenses and other charges are secured ranking pari-passu among all the participating Banks and financial Institutions viz. Punjab National Bank (PNB), Canara Bank, Central Bank of India, Oriental Bank of Commerce (merged with PNB), Bank of Baroda, Bank of Maharashtra, Indian Overseas Bank, Syndicate Bank (merged with Canara Bank) , UCO Bank, United Bank of India (merged with PNB), State Bank of India, Corporation Bank (merged with Union Bank of India) , IDBI Bank Ltd., ICICI Bank Ltd.,India SME Asset Reconstruction Company Limited and LIC of India, are secured by way of :

(i) First ranking pari-passu mortgage and hypothecation of all immovable and movables assets both present and future, all intangible assets, and all revenues and receivables pertaining to the Jaypee Nigrie Super Thermal Power Plant ;

(ii) First ranking pari-passu charge on, assignment of Project Agreements, Trust & Retention account., all present and future rights, titles, interests, benefits, claims and demands whatsoever with respect to the Insurance Contracts, claims and benefits to all monies receivable there under and all other claims there under in respect of all the insured assets of the Plant ;

(iii) Pledge of 6,291 Lakhs equity shares (Previous Year - 6,291 Lakhs equity shares) of the Company held by JAL, the party to whom the company is associate, on pari-passu basis with lenders of Jaypee Vishnuprayag HEP and

(iv) Letter of Comfort from Jaiprakash Associates Limited, the party to whom the company is associate, for the additional loan of Rs. 1,64,500 Lakhs (Previous Year- Rs. 1,64,500 Lakhs) Outstanding Rs. 98,705 Lakhs (Previous Year Outstanding Rs. 98,705 Lakhs) {pre-restructuring balance merged with loan mentioned above in note no. 21.3(a)} in addition to above securities.

(v) There is a vacant land parcel admeasuring 64.741 Ha. which was acquired for the purpose of submergence as and when barrage level went up at Nigrie TPP on which security was to be created in favour of Lenders. However the same could not be created, as NOC from Govt. of Madhya Pradesh (GoMP) is yet to be received. In order to give requisite comfort to the lenders, a valuation exercise was conducted and as per valuation report, the fair market value of the said land is Rs. 453 Lakhs . Accordingly in lieu of Creation of Security in favour of the lenders, JPVL has provided cash collateral of INR 453 Lakhs (previous year Rs. 453 Lakhs) in the form of FD and ICICI Bank has kept lien mark over the said FD. Further JPVL has also executed undertaking for negative lien on said parcel of land and given undertaking that the same will not be disposed-off without approval of the lenders.

Repayments :

21.3(b) Rupee term loan outstanding Rs. 1,34,941 Lakhs (Previous year Rs. 1,46,843 Lakhs) are repayable in 32 structured quarterly installments, as detailed as % age of principal outstanding as on 31st March, 2026; 0.55 % in FY 2026-27,11.96 % in FY 2027-28,11.96 % in FY 2028-29,11.96 % in FY 2029-30 ,11.96 % in FY 2030-31 and balance 51.61 % from FY 2032 to 2035.

21.3(c) The working Capital facilities sanctioned by ICICI Bank Ltd, Punjab National bank and IDBI Bank Ltd. are secured by pari-passu charge on the assets as per note no. 21.3 (a)(i)(ii) and note no. 21.5(a)(i) and outstanding balance (fund based) of Rs 22,663 Lakhs (Previous Year Rs. 26,759 Lakhs). Bank Guarantees outstanding of Rs. 7,295 Lakhs (margin money paid against above Bank Guarantees is of Rs. 1,417 Lakhs) (Previous Year Rs. 6,246 Lakhs (margin money paid against above Bank Guarantees previous Year Rs 1,340 Lakhs).

21.4 Jaypee Nigrie Cement Grinding Unit:

21.4(a) Rupee Term Loan outstanding of Rs. 2,681 Lakhs (Previous Year Rs.

3,005 Lakhs) out of sanctioned/disbursed amount of Rs. 5,000 Lakhs by Canara Bank are secured by way of; first ranking pari-passu mortgage and hypothecation of all immovable and movables assets both present and future, all intangible assets, and all revenues, receivables and assignment of clinker supply and cement off take agreement pertaining to the Jaypee Nigrie Cement Grinding Unit.

Repayments :

21.4(b) Rupee term loan outstanding Rs. 2,681 Lakhs (Previous year Rs. 3,005 Lakhs ) are repayable in 31 structured quarterly installments, as detailed as % age of principal outstanding as on 31st March, 2026 ; 9.68 % in FY 2026-27, 11.97 % in FY 2027-28, 11.97 % in FY 2028-29, 11.97 % in FY 2029-30. 11.97 % in FY 2030-31 and balance 42.44 % from FY 2032 to 2035.

21.5 Amelia (North) coal mine:

21.5(a) Financial assistance (after conversion of part of Debt into Equity under SDR scheme and conversion of part of Debt into CCPS under restructuring as per Framework Agreement in earlier years) of Rs. 2,909 Lakhs (Previous Year - Rs. 3,089 Lakhs) availed from consortium of Banks viz Bank of Baroda, ICICI Bank Limited, Oriental Bank of Commerce (merged with PNB) and State Bank of India, out of sanctioned amount of Rs. 15,700 Lakhs are secured by way of :

(i) First charge on the assets of Amelia (North) Coal Mine ranking pari passu with the term and working capital Lenders of Jaypee Nigrie Super Thermal Power Plant as per Note 21.3 (c) above (except assets which were specifically financed under equipment finance facility by SREI Equipment Finance Company Ltd., which shall be excluded from security package for lenders) on reciprocal basis.

Repayments :

21.5(b) Rupee term loan outstanding Rs. 2,909 Lakhs (Previous year Rs. 3,089 Lakhs) are repayable in in 35 structured quarterly installments, as detailed as % age of principal outstanding as on 31st March, 2026; 7.16 % in FY 2026-27, 11.16 % in FY 2027-28, 11.16 % in FY 2028-29, 11.16 % in FY 2029-30 ,11.16 % in FY 2030-31 and balance 48.20 % from FY 2032 to 2035.

21.6 (a) Rupee Term Loan/Corporate Loan:

(i) Rupee Term Loan of Rs. 2,168 Lakhs ( Previous Year - Rs. 2,426 Lakhs) (after conversion of Debt into Equity under SDR scheme in earlier year) outstanding out of sanctioned amount of Rs. 1,00,000 Lakhs by State Bank of India, is secured by way of residual charge on all movable and immovable assets of the Company on pari-passu basis with, Corporate Loan of Rs. 1,20,000 Lakhs & Rs. 15,000 Lakhs by ICICI bank & IDBI Bank respectively and also secured by way of pledge of 1,500 Lakhs equity shares of the Company held by JPVL Trust (Previous Year-1,500 Lakhs equity shares) .

(ii) Rupee Term Loan of Rs. 45,152 Lakhs ( Previous Year - 48,364 Lakhs) (after conversion of Debt into Equity under SDR scheme in earlier years) outstanding out of sanctioned amount of Rs. 1,20,000 Lakhs by ICICI Bank, is secured by way of residual charge on all movable and immovable assets of the Company on pari-passu basis with Corporate Loan of Rs. 1,00,000 Lakhs by State Bank of India, Corporate Loan of Rs. 15,000 Lakhs by IDBI Bank and also secured by way of pledge of

3.860 Lakhs equity shares of the Company held by JAL (Previous Year-

3.860 Lakhs equity shares) and pledge of 192.11 Lakhs equity shares of the Company held by JPVL Trust (Previous Year-192.11 Lakhs) and Non Disposal Undertaking for 1,021.89 Lakhs equity shares of the Company held by JAL (Previous Year-1021.89 Lakhs)

(iii) Rupee Term Loan of Rs. 6,306 Lakhs ( Previous year - Rs.6,760 Lakhs) outstanding out of sanctioned amount of Rs. 15,000 Lakhs by IDBI Bank, is secured by residual charge on all movable and immovable assets of the Company on pari-passu basis with Corporate Loan of Rs.1,00,000 Lakhs by State Bank of india, Corporate Loan of Rs. 1,20,000 Lakhs by ICICI bank and also secured by way of pledge of 315 Lakhs equity shares (Previous Year 315 Lakhs) of the Company held by JPVL Trust , pledge of 1,206 Lakhs shares( Previous Year 1206 Lakhs shares) of the company held by JAL, the party to whom the company is associate and personal guarantee of Shri Manoj Gaur, Chairman of the Company.

Repayments :

(iv) Corporate loan - Rupee Term Loan outstanding of Rs. 53,626 Lakhs (Previous year Rs. 57,550 Lakhs) is repayable in 34 structured quarterly installments, as detailed as % age of principal outstanding as on 31st March, 2026; 4.71 % in FY 2026-27, 10.47 % in FY 2027-28, 10.47 % in FY 2028-29, 10.47 % in FY 2029-30 ,10.47 % in FY 2030-31 and balance 53.41 % from FY 2032 to 2035.

21.6(b) The outstanding loans balances are excluding Ind AS adjustment of Rs. 861 Lakhs (previous year Rs. 1,036 Lakhs).

21.7 All above term loans/debts and working capital facilities mentioned in note no. 21.1,21.2, 21.3, 21.4,21.5 & 21.6 are also additionally secured by personal guarantee of Shri Manoj Gaur, Chairman of the Company.

21.8 Resolution/ Revival plan

(i) The financial performance and cash flows of the Company had been adversely impacted by the overall stress in the power sector and also due to specific challenges faced by the Company in the previous year(s) in its Thermal Power Plants, viz. Nigrie Super Thermal Power Plant (Nigrie STPP) and Bina Thermal Power Plant (Bina TPP), prominent of which are de-allocation of coal mines by the Hon’ble Supreme Court of India in September 2014, delay in new PPAs in Nigrie STPP abnormally low merchant tariffs and insufficient availability of coal, lower PLF in Bina TPP due to dispatch schedule of very low off take by State loan Dispatch Centre (SLDC), which is technically not feasible to run the plant optimally and forcing Company to sell balance power on power exchanges at market driven tariff resulting unremunerative prices and insufficient availability of coal etc. These factors have put significant strain on the Company’s ability to service the dues of lenders

(ii) Lenders had invoked SDR during financial year 2016-17 as per RBI guidelines for stressed assets. Consequent to that the Company had allotted 30,580 lakhs equity shares at Rs. 3,05,800 lakhs on 18.02.2017 to Banks and Financial Institutions upon conversion of part of their outstanding loans/ interest. The lenders share holding stood at 51% as on 18.02.2017, which stands reduced to 16.16 % as on 31.03.2026 of paid up capital of the Company. The lenders who are holding equity share capital of the Company, had to off load the share holding as per RBI guidelines. The lenders had invited bids for divestment of part of their equity in the Company in earlier year. Since the response was not satisfactory, lenders closed the process.

(iii) The Company had signed a ‘Framework Agreement’ (the Agreement) dated 18th April 2019 with the Banks and Financial Institutions for restructuring of the outstanding Loans (in respect of its units JNSTPR

JBTPP VHER JNCGU including Corporate Loans) & interest accrued thereon as of 31st July 2018 with the revised terms & conditions. In terms of ‘the Agreement’ and as agreed upon, the Company had allotted (i) Fully paid 0.01% Cumulative Compulsory Convertible Preference Shares (CCPS) for an aggregate amount of Rs. 3,80,553 lakhs on 23.12.2019 and (ii) Fully paid up 9.50% Cumulative Redeemable Preference Shares (CRPS) for aggregate amount of Rs.3,452 lakhs (CRPS of Rs.1,202 lakhs and Rs.2,250 lakhs allotted on 16.12.2019 and 23.12.2019 respectively), to its lenders on private placement basis. In view of the above ‘Framework Agreement’ and post filing of withdrawal pursis by ICICI bank before the Ahmedabad Branch of National Company Law Tribunal (the NCLT), the NCLT had allowed ICICI bank to withdraw its Insolvency and bankruptcy petition (earlier filed u/s 7) vide Order dated 10th January 2020. On the signing of ‘the Agreement’, Corporation Bank, which had initiated recovery proceedings against the Company in Debts Recovery Tribunal-Ill (DRT), New Delhi, had filed an application for the withdrawal of original application, which had been allowed by DRTIII, New Delhi in the hearing held on 03 rd February, 2020. In view of implementation of Debt Resolution Plan as stated above, some of the lenders who had earlier initiated action under the SARFAESI Act, were withdrawn all such legal proceedings against the Company during earlier years.

(iv) (a) Repayment schedules and interest rates of secured lenders

mentioned herein the note no. 21 is in accordance with Framework Agreement dated 18th April 2019 (the agreement).

(b) As per the terms of the agreement, if in the opinion of the Lenders, the profitability and cash flows of the Company improves, the Lenders shall have the right to receive recompense for the sacrifices made by them in accordance with the IRAC Norms. Provided that the maximum amount of recompense should be limited to the sum of waivers provided by the Lenders and the present value of future economic loss on account of reduction in interest rate and/or on account of any changes to the repayment schedule. Presently as assessed by the management, no recompense is payable to lenders. [Read with note no. 59(f)]

21.9 Unsecured Loans

(i) Unsecured loan outstanding of Rs.1,000 Lakhs (interest free)(Previous Year Rs.1,000 Lakhs) is repayable to Government of Uttarakhand/ Uttar Pradesh against sanctioned amount of Rs. 2,500 Lakhs, which would be paid after having decision arrived between Government of Uttar Pradesh and Government of Uttarakhand for receipt of said payment.

21.10 Impact of the above stated ‘Agreement’ (the Agreement as stated in note no. 21.8(iii)) had been given in earlier year to the extent information/ confirmation received from the lenders. Further, balances of certain lenders, banks and other liabilities are subject to confirmation/ reconciliations. In the opinion of the management, there will not be any material impact on confirmation/reconciliations.

21.11 Interest rates (excluding penal interest) on above loans are as follows:

(i) Vishnuprayag HEP Loans: Interest rate at 10.00% till 17.04.2025 thereafter at 10.25% p.a.

(ii) Bina TPP Loans (including working capital facility): Interest rate at 10.00% till 17.04.2025 thereafter at 10.25% p.a.

(iii) Nigrie STPP Loans (including working capital facility): Interest rate at 10.00% till 17.04.2025 thereafter at 10.25% p.a.

(iv) Amelia Coal Mine Loans: Interest rate at 10.00% till 17.04.2025 thereafter at 10.25% p.a.

(v) Nigrie Cement Grinding Unit Loan: Interest rate at 10.00% till 17.04.2025 thereafter at 10.25% p.a.

(vi) Corporate Loans: Interest rate at 10.00% till 17.04.2025 thereafter at 10.25% p.a.

(e) (i) On tiling of petition by the ICICI Bank Ltd. during the previous year,

under the Insolvency and Bankruptcy Code, 2016 (Code) the Hon’ble National Company Law Tribunal bench at Allahabad (NCLT) vide its Order dated 3rd June 2024, admitted Jaiprakash Associates Limited (JAL) (the party to whom the company is an associate) into Corporate Insolvency Resolution Process (CIRP). In earlier year, the Company had given the corporate guarantee (CG) to State Bank of India (SBI) of USD 1,500 lakhs (31st March, 2025 USD 1,500 Lakhs) against loans granted by SBI to JAL. Further in this regard, SBI had filed a case in DRT-III at Delhi, in earlier year, against JAL along with other parties for recovery of dues where Company was also made a party being a corporate guarantor. In previous year, the Company has written to SBI that in view of CIRP process against JAL has been commenced the DRT proceedings against the borrowers (JAL) will be on hold and also the Company has filed its replies with the DRT. Further, also the company has filed its claim for amounting to USD 1,500 lakhs (equivalent to Rs. 123,915 lakhs converted at the exchange rate of Rs. 82.61 per USD as on 3rd June 2024) with RP of JAL against the said corporate guarantee (CG), which was considered/taken on record to the extent of Rs. 51,173 lakhs [as provisional contingent amount by the RP basis the amount which has been directly claimed by the lender (lender of JAL) in the capacity of financial creditor] and same has been admitted by the RP In this regard, the actual settlement of dues, claims and crystalisation of the contingency will depend on the future outcome of legal recourse, if any. As noted, SBI has assigned its fund-based outstanding dues of JAL (including claim against CG) to the National Asset Reconstruction Company Limited (NARCL) and Hon’ble DRT Delhi, vide its Order date 25th September 2025 has permitted NARCL to be substituted in place of SBI. As per the information available the Resolution Plan submitted by Adani Enterprises Limited has been approved by the Committee of Creditors on 18 November 2025 and subsequently approved by the Hon’ble NCLT on 17 March 2026.

Further during the year ended 31st March 2026 an application has been filed before the Hon'ble National Company Law Tribunal (NCLT) Allahabad Bench at Prayagraj (Allahabad) for the initiation of Corporate Insolvency Resolution Process (CIRP) under the provisions of section

7 of the Insolvency and Bankruptcy Code, 2016, against the Company by National Asset Reconstruction Company Limited, Trustee of NARCL Trust, through its Power of Attorney Holder, India Debt Resolution Company Limited, alleging a default for CG extended by the Company to M/s Jaiprkash Associates Limited (the Promoter Company -under IBC).The matter is yet to be admitted by the Hon'ble nClT The Company is in process of contesting the above claims and presently in discussion with legal expert.

(e) (ii) In the financial year 2019-20, the Company had accounted for impact

of the ‘Framework Agreement’ with its lenders for debt restructuring and subsequent to the accounting of ‘Framework Agreement’, the Company had initiated process for the release of above stated corporate guarantee (CG) provided to SBI. During the year ended 31st March 2024, the SBI had sent a legal demand cum recall notice to the Company, however, the Company has disputed the same. Also, as stated above below for recovery of additional amount (advance payment), the Company has filed claims (which is presently pending) with the RR Considering the facts stated above and status as on date, in the opinion of the management, presently amount is unascertainable and the company has considered, it is not necessary to make provisions against the above stated CG.

(f) JPVL had executed Bulk Power Transmission Agreement for long term open access (LTOA) with Power Grid Corporation of India Ltd. (PGCIL) now known as Central Transmission Utility of India Limited (CTUIL) for transmission of power from Nigrie STPP (JNSTPP) and Bina TPP (JBTPP). Due to cancelation of coal mines & after re bidding of coal mines which allowed usage of 85% of coal for Long term PPAs only in respect of JNSTPP. As per change in coal policy, FSAs were entered for the quantity of coal to the extent required for generation of power for supplying to DISCOMs under long term PPA in respect of Bina TPP. There was no assured supply of coal for the capacities of Plants and these events have resulted in material change in sale of power of the Nigrie STPP and Bina TPPJPVL had requested CTUIL/PGCIL for relinquishing of LTOA in respect of Bina TPP and Nigrie STPP for the part of sale of power without any payments because of force majeure events i.e cancelation of coal mines and change in coal policy.

As per the regulations, if LTOA is surrendered/relinquished, relinquishment charges has to be paid. Petitions was filed with CERC that LTA granted to JNSTPP and JBTPP may be kept in abeyance / surrender/relinquished without any payment. CERC had not accepted company application.

CTUIL (PGCIL) has raised bills / sent intimation for recovery of dues of Rs 10,112 lakhs (previous year Rs. 10,112 lakhs) & Rs 1,037 lakhs (Rs. 1,037 lakhs) for JNSTPP & JBTPP including transmission charges of Rs. 8,139 lakhs (previous year Rs. 8,139 lakhs) & Rs 169 lakhs (Rs. 169 lakhs) respectively for from the date of effectiveness to date of relinquishment.

Appeals filed against the Order of CERC with ARTEL, which are under process. An appeal against the said demand had also been filed by the Association of Power Producers (JPVL as member) against the above said demand with APTEL. The Demand is stayed by APTEL.

Interest recompense {Refer As at March As at March

(g) note no. 21.8 (iv)(b) and 31,2026 31,2025

59(f) }_ - -

(h) In the earlier years, Uttar Pradesh Power Corporation Ltd. (UPPCL) had sent notice/recovery plan in respect of unit VHEP for recovery of Rs. 47,148 lakhs (including carrying cost of Rs. 1,122 lakhs for the year ended 31st March,2026 and Rs. 17,165 lakhs for the financial years from 2018-19 to 2024-25) (as at 31st March,2025 Rs. 46,026 lakhs) being amount excess paid to the Company as assessed and estimated by the UPPCL including carrying cost (excess payment made to the Company towards income tax and secondary energy charges for financial years 2007-08 to 2019-20 and 2014-15 to 2019-20 respectively) and hold back Rs. 39,183 Lakhs till 31st March,2026(up to 31st March, 2025 Rs. 34,063 Lakhs) including recovery for carrying cost of Rs. 18,287 lakhs (up to 31st March 2025 Rs. 17,165 Lakhs) as stated above. Based on the legal opinion obtained by the Company, the action of UPPCL for denying income tax and secondary charges and holding / deducting amount, is not as per the terms of the power purchase agreement (RRA). The Company had filed a petition with Uttar Pradesh Electricity Regulatory Commission (UPERC) against UPPCL for the aforesaid recovery and UPERC vide its order dated 12th June,2020 had disallowed the claims of the Company and upheld the recovery/ proposed recovery of excess payment made. Against the Order of UPERC, the Company has preferred an appeal before APTEL. Meanwhile in 2020-21, UPPCL and Company both have agreed that recovery of amount paid in excess (subject to ongoing reconciliations and final outcome of appeal filed with ARTEL for revision in design energy) to be made from monthly power sale invoices raised/to be raised for 7 years starting from FY 2021-22 till FY 2027-28, with carrying cost charges on outstanding amount @SBI MCLR plus 350 basis points. In view of the above and considering prudence, from 2020-21 onwards, revenue from UPPCL has been accounted for net of the component of income tax till 31st March 2024 and excess secondary energy charges. However,from the FY 24-25 onwards there is change in taxable situation of the Company,hence Tax on Income is being claimed in the tariff billed to URRCL. Rending the final decision on Company’s appeal filed with ARTEL, as stated above, no provision in these financial results has been considered necessary by the management against the disallowances of income tax and secondary energy charges of Rs. 46,863 lakhs (including carrying cost of Rs. 18,287 lakhs till 31st March,2026). Further the management believes that it has credible case in its favour and accordingly, amount which has been deducted by UPPCL of Rs. 39,183 lakhs (shown as part of trade receivables) is considered good and fully recoverable from UPPCL as per the PPA terms.

(i) The constitution Bench of Nine Judges of the Hon'ble Supreme Court vide its judgement dated 25th July 2024 and Order dated 14th August 2024 has ruled that the Mines and Minerals (Development & Regulation) Act does not prevent the States from levying tax on mineral rights. In the opinion of the management, pending clarity on the various issues involved, the impact of aforementioned matter on the Company is currently unascertainable.

Note:

1 Includes amount of Rs. 7,185 lakhs (previous year Rs. 7,185 lakhs ) pertaining to Building and Other Construction Workers Welfare Cess for the period upto financial year 2016-17,related to JNSTPP unit,Currently the matter is pending before Hon’ble High Court, Jabalpur, Madhya Pradesh.

2 As stated in the note no. 54 the Company had been allotted and carrying out sand mining activities (Contracts were awarded by DMG, Govt. Of Andhra Pradesh (AP Govt.). PIL and cases has been filed in courts against AP Govt. /the Company where the Company has also been made one of the respondent. As stated in the said note contracts were also been subcontracted on back to back basis. Penalty / damages if any, presently unascertainable in the view of management.

3 Include Rs 8,55,704 lakhs related to Sand Mining operations, for details refer note no. 54

4 Includes Rs 11,829 lakhs paid by MPPMCL on account of revision of tariff

for financial year 2014-15,2015-16 and 2016-17 pursuant to order of APTEL in favour of company. However MPPMCL has filed and appeal in Hon'ble supreme court against order of APTEL.(refer note no. 61(a))

5 Include Rs 14 lakhs on account of penalty imposed by SEBI, for details refer note no.47

6 Include Rs 13,167 lakhs on account of matter referred in note no. 59(e).

7 Include Rs 17,470 lakhs on account of demand of stamp duty and registation fees at Amelia Mine

Note 45 - Capital and other Commitments: (Rs. in Lakhs)

Financial Financial

_^Particulars_ Year 2025-26 Year2024-25

Estimated amount of contracts remaining 6,105 139,723

to be executed on Capital Account and not

provided for (net of advances) (read with

note no. 45.1)

(read with note no. 58(a))

Note 45.1

Till 31.03.2025 The commitment includes Rs 1,32,279 lakhs (net of advances paid of Rs 10,800 lakhs) related to Fuel Gas Desulfurization (FGD) projects at Bina and Nigire site.

During the current year Ministry of Environment, Forest and Climate Change have issued notification no. CG-DLE-11072025-264545 dated July 11, 2025 amending the Environment (Protection) Rules 1986, thereby making Sulphur dioxide emission standards not applicable to all Power Plants falling under Category - C.Bina TPP & JNSTPP Nigrie (Thermal power plants of JPVL) fall in category ‘C’ and therefore company is exempt from installation of FGD.On Foreclosure/Termination of agreement with vendors compensation/termination charges amounting to Rs 41.54 Crores has been paid as final settlement to capital supplier (including spares/material supplied as part of agreement Rs 14.75 cr)

Note 46 - Investment in Subsidiaries:

(a) Jaypee Arunachal Power Limited (JAPL), the wholly-owned subsidiary company of JPVL was in the process of setting up 9x300 = 2700 MW Lower Siang H.E. Project and 4x125=500 MW Hirong HE Project in the State of Arunachal Pradesh and the Company has equity investment of Rs. 22,872 lakhs (project was initiated in the year 2008-09 and material amount of investment in the subsidiary company was made prior to 2012-13). There was considerable delay in the obtaining different approvals etc. and also to get final DPR, the Government of India had proposed that this project to be implemented by central PSUs in the FY 21-22. While one of the PSU had been engaged with the company for takeover of the project and even appointed agency for carrying out due diligence in FY 2022-23, subsequent to the Government of Arunachal Pradesh’s review meetings (were held in the month of November’23 and January’24) on the status of the

project, it was communicated to the JAPL that existing DPR may not be useful to the PSU.

During the previous year 2023-24,In view of facts stated above, and continuous reluctance of PSUs to engage on these projects and the possibility of the above referred projects coming into effect has diminished and also JAPL has written off expenses incurred on the project of Rs. 22,299 lakhs, therefore, during year ended 31st March, 2024, based on the report of an expert and as assessed by the management, the Company has provided for Rs 22,871 lakhs against its equity investment in the JAPL and charged off to standalone statement of profit and loss, and shown as part of exceptional item in FY 2023-24 . As on 31.03.2026 company has shown investment in JAPL at nominal value of Rs 1 Lakhs.

(b) In the earlier year, State Government of Meghalaya had advised that the 270 MW Umngot HEP will not be operationalised till further Orders and during the financial year 2020-21 State Government of Meghalaya had forfeited the up front fees paid amounting to Rs. 135 Lakhs in pursuance of the termination of Agreement for 270 MW Umngot HEP Accordingly,Company had provided for amounting to Rs. 135 Lakhs as diminution in value against investment of Rs. 846 Lakhs in FY 2020-21. During the year 2022-23, Company had made further provision for diminution in value of investment in Jaypee Meghalaya Power Limited (Subsidiary Company) amounting to Rs. 711 Lakhs.

(c) Sangam Power Generation Company Limited (SPGCL, a Subsidiary Company) was acquired by JPVL (the Company) from Uttar Pradesh Power Corporation Ltd (UPPCL) for implementation of 1320 MW Power Project (Karchana STPP) in Uttar Pradesh in which the Company has investment of Rs. 55,212 lakhs (31st March, 2025 Rs.55,212 lakhs). In the books of SPGCL, amount aggregating to Rs. 16,055 lakhs (excluding value of land parcel) is shown as expenditure incurred during the construction and incidental to setting up of the project, capital advances etc. and same been carried over since long and the Net Worth of SPGCL has been eroded significantly as on 31st March, 2026. In view of abnormal delay in handing over the physical possession of parcel of land by UPPCL, SPGCL had written to UPPCL and to all procurers of power that the Power Purchase Agreement (PPA) be rendered void and cannot be enforced. As advised, SPGCL had sent draft Share Purchase Agreement (SPA) to UPPCL / UPRVUNL for their approval but there was abnormal delay in resolving the matter by UPPCL, therefore SPGCL had withdrawn all its undertakings given to UPPCL and also filed a petition before Hon'ble UPERC (State Commission) for release of performance bank guarantee (PBG of Rs. 99 crores) and also for payment against claim lodged of Rs 1,15,722 lakhs. UPERC vide its Order dated 28.06.2019 had allowed claim (of SPGCL) for Rs.25,137 Lakhs along with interest @ 9% p.a. on Rs.14,925 lakhs for the period from 11.04.2014 to 31.03.2019 and also directed UPPCL to immediately release PBG to SPGCL and SPGCL to transfer the entire land parcel to UPPCL. Against the above order, UPPCL appealed in APTEL and SPGCL had also filed counter appeal. APTEL vide its order dated 14th July, 2021, upheld the State Commissions Order dated 28.06.2019 and directed State Commission to complete the verification of relevant documents of the claim filed by SPGCL within a period of three months from the date of pronouncement of the judgment and to crystallize the total amount to be paid to SPGCL. SPGCL had filed an application with Hon'ble UPERC for verification of expenditure and payment thereof and for release of PBG. Meanwhile, UPPCL has filed an appeal with Hon’ble Supreme Court against above mentioned order of APTEL

and Company has also filed an appeal with Hon'ble Supreme Court against the order of APTEL. Hon'ble Supreme Court has stayed the Order of APTEL. Further pursuant to the Order of Hon'ble Supreme Court dated 14th December 2021, application filed with Hon'ble UPERC by the Company-SPGCL, as stated above, has been kept in abeyance. Currently as on 31.03.2026, matter is pending before Hon'ble Supreme Court.

Pending final decision as stated above, considering the facts stated above regarding settlement of claims (claims and counter claims), the management after taking into consideration the present state of affairs and based on the report of an expert, during the previous year ended 31st March,2024 has considered it necessary and provided for Rs.33,025 lakhs against above stated investment and charged off in the standalone statement of profit and loss, and same is shown as part of exceptional item in FY 2023-24.There is no change during the F.Y. 2025-26.

(d) In FY 2023-24, the Company advanced a loan of Rs. 530 Lakhs to its wholly owned subsidiary ,Bina Mines and Power Supply Limited (BMPSL), for purchasing capital assets. The loan had a 5-year moratorium, a 10-year repayment schedule, and interest @ 10% p.a. accrued from April 1, 2024 (payable upon commencement of commercial operations).

BMPSL advanced this amount to a vendor; however, due to regulatory delays and uncertainties, the capital asset order was cancelled.

In FY 2025-26 BMPSL repaid Rs. 500 Lakhs to the Company. Consequently, during the current year, the Company has made a provision of Rs. 30 Lakhs against the remaining loan balance and waived off the total accrued interest of Rs. 72 Lakhs.

Further ,during the FY 2025-26, the Company recognized a full diminution in the value of its investment in BMPSL and an amount of Rs. 990 Lakhs has been provided for and charged off to the Standalone Statement of Profit and Loss.

Note 47

In respect of investigation conducted by the Securities and Exchange Board of India (SEBI), the Company and its four Directors (which includes one erstwhile Whole Time Director), MD and CEO, and CFO had been served Show Cause Notice (SCN) in earlier year under Rule 4(1) of SEBI (Procedure for holding inquiry and imposing penalties), Rules, 1995 on issues related with non-compliances of certain accounting standards/ Ind AS etc. during period from financial years 2012-13 to 2021-22 and SEBIVide its Order dated 27th December 2024 has imposed a penalty of Rs. 14 lakhs on the Company (excluding penalty of Rs.40 lakhs imposed on MD & CEO, CFO and four directors).The management believes that there was no non-compliances in past as full disclosers were made for the basis of then decision taken. Further the Company has preferred an appeal before SEBI Appellate Tribunal (SAT) against the above referred SEBI Order and SAT vide its order dated 6th March, 2025 has granted stay on deposit of 50% of penalty amount imposed by SEBI and Order in this regard is awaited.

Note 48 Entry Tax

(i) (i) The Company has not made provision against Entry Tax in

respect of Nigrie STPP (including Nigrie Cement Grinding Unit) of amounting to Rs.10,871 Lakhs (Previous year Rs.10,871 Lakhs) and interest thereon (Interest impact unascertainable). In respect of Unit- Nigrie STPP (including Nigrie Cement Grinding Unit) receipt of approval for extension of the time for eligibility of exemption from payment of Entry Tax is pending from concerned authority. The Company had filed representation with concerned authority based on judgment of Hon'ble High Court whereby it was directed to the Company to file representation with the State Government

and State Government was directed to finalise the representation by 1st May, 2024. However, State Government has not decided the representation of the Company against which Company has filed contempt petition with the Hon'ble High Court, Jabalpur which is pending to be disposed off as State Government has taken the ground that since similar matter is pending before Hon'ble Supreme Court, they will decide about the petition of the Company as and when matter is decided by Hon'ble Supreme Court in case of M/s MB Power Company Limited (SLP No.27159/2023). Against the above entry tax demand, till date Rs.6,685 Lakhs (Previous year Rs. 6,685 Lakhs) has been deposited (and shown as part of other noncurrent assets) which is in the opinion of the management amount is good and recoverable.

(ii) In respect of Bina TPP Company has received letter dated 20.03.2020 of Entry Tax Exemption from Madhya Pradesh Industrial Development Corporation Limited (Govt of Madhya Pradesh Undertaking) for the period commencing from 02.04.2012 and ending on 30.06.2017 for UNIT-1 and 12.03.2013 and ending on 30.06.2017 for UNIT-2. The Company had filed necessary application/appeals with appropriate authority for getting quashed all demands raised by commercial tax department and Hon'ble High Court of Madhya Pradesh vide its Orders dated 26th April 2023 have directed the competent authority under the Revenue to reassess the demand raised by it with regard to payment of Entry Tax for the financial year 2014-15 and 2015-16 taking into consideration the restoration of exemption certificate . Accordingly, during the year 2023-24, Company has received Orders of the competent authority(s) quashing the entry tax demands raised in earlier years of Rs. 12,206 lakhs for FY 2012-13 to 2016-17 considering entry tax exemption certificates and has allowed for refund of amount deposited of Rs. 2078 lakhs (previous year Rs. 2078 lakhs). Basis Orders of the competent authority(s), Company has filed letter with Joint Commissioner, State GST Department, Sagar, Madhya Pradesh for giving effect of the above stated Orders which is pending and in opinion of the management amount is good and recoverable.

Note 49 - Disputed Green Energy Cess & Water Tax (Vishnuprayag HEP)

The Company has not made provision of amounting to Rs.16,950 Lakhs (Previous year Rs.15,433 Lakhs) and Rs. 5,808 Lakhs (Previous year Rs. 5,808 Lakhs) of Green Energy Cess and Water Tax respectively against the demand and an appeal had been filed before The Hon'ble High Court of Uttarakhand at Nainital which had granted stay in January, 2017. Subsequently in February'2021, in case of water cess, Hon'ble High Court of Uttarakhand at Nainital passed a common Order against the Company throughout a common judgement for all petitioners against which a special appeal had been filed in March,2021 before division bench headed by Hon'ble Chief Justice of Hon'ble High Court of Uttarakhand at Nainital and stay has been granted against the Order passed in February,2021 for Water cess. Currently matters are pending in the Hon'ble High Court of Uttarakhand at Nainital. However High Court vide its order dated 12.07.2022, in respect of the appellants / writ petitioner who had established by filing their affidavits, that they have not, in fact, collected water tax, and not passed on the said liability to their customers, there shall be stay of recovery of water tax till 31st of July, 2022 but they shall commence paying the water tax dues levied under the impugned legislation from 1st of August 2022, onwards subject to final orders. As per direction, the Company is is paying water tax from August 2022. The Management is confident that no demand will be crystallized due to the amended implementation agreement dated 22nd March, 2003 in which it has mentioned that Vishnuprayag HEP being a run of the river

Note 51

The JAL has been engaged by the Company to carry out construction, repairs & maintenance work under different contracts and total advance (net) amounting to Rs. 578 lakhs (balance as per books as on 31st March,2026) (Rs. 3,434 lakhs (net) balance as per books as on 31st March,2025) was paid to the JAL.As stated the JAL had been admitted under CIRP process [under the Insolvency and Bankruptcy Code, 2016] and in terms of the public announcement for inviting claims of operational creditors and financial creditors, the Company has also filed its claims of Rs. 128,756 lakhs (net) with the RP [including claim against CG provided as stated above] as of 3rd June 2024 above}.Considering above stated

facts and status, the Company has considered, not necessary to make any provision against the outstanding advance amount (net) of Rs. 578 lakhs and same is considered good and fully recoverable by the management basis the facts that outstanding is on account of on going work.

Note 52

In respect of JBTPP, billings amounting to Rs. 17,706 lakhs {till 31st March 2025 Rs. 17,706 lakhs including claims on account of non-scheduling of power (RSD) of Rs. 10,459 lakhs} raised on MPPMCL (Madhya Pradesh Power Management Company Limited) for capacity charges for five (5) months of year 2020 has been disputed by MPPMCL as notice of invoking force majeure clause had been served and/or non-scheduling of power by MPPMCL. In the Opinion of the Management, considering the prevailing Madhya Pradesh Electricity Grid Code (revision -ii), 2019 (MPEGC, 2019) and based on opinion of an expert (legal opinion taken by the Association of Private Electricity Generating Stations of MP), the MPPMCL is liable to make payment of capacity charges for declared availability of Contracted Capacity under PPA and for which invoices had been raised in terms of PPA signed between company and MPPMCL (also invoice of delayed payment surcharge of Rs. 3,795 lakhs raised for the period till Oct'2021, in addition to above stated amount). In earlier year, the Company had filed an appeal with APTEL against the Order of MPERC for not allowing the petition filed by the Company for recovery of unpaid capacity charges on account of non-scheduling of power (RSD) by MPPMCL and also MPPMCL had filed an appeal with APTEL against the Order of MPERC allowing recovery of unscheduled capacity charges (force majure) in favour of the Company. During the FY 23-24, the APTEL had granted stay on the Order of MPERC on the appeal of MPPMCL in the matter of Force Majeure issue on payment by MPPMCL to the Company of 80% of amount payable (Rs. 6,249 lakhs), which had been then paid by MPPMCL to the Company in FY 23-24. During the previous year, the Hon'ble APTEL has ordered MPPMCL for the release of amount related with non-scheduling of power (RSD) by MPPMCL (with late payment surcharge to the Company). Accordingly, Company has claimed (taking into consideration impact of true-up/MYT orders) of capacity charges (RSD) of Rs. 20,002 lakhs (including delayed payment surcharge of Rs.9110 lakhs till October 2024) and MPPCL has paid the said amount. Considering above stated facts, stated above, balance amount of Rs. 4,807 lakhs ( related to Force Majure and delayed payment surcharge thereon),which is overdue for payment, is good and fully recoverable, in the opinion of the management.

Note 53

During the current year ended, based on Management assessment, fair valuation of long-term investment in Trust has been carried out. Accordingly, fair valuation loss of amounting to Rs. 723 lakhs (previous year loss of Rs.3,441 lakh ) has been charged to statement of profit and loss and included in other Expenses .

Note 54

(a) The Company had been carrying out sand mining activities in the State of Andhra Pradesh (AP) in terms of and as per the main contract(s) (three nos.) dated 3rd May 2021 signed with Director Mines & Geology (DMG), Govt of Andhra Pradesh for a period of two years and the said contract(s) were sub -contracted on back-to-back basis and DMG was informed/intimated in this regard (however the escrow account was pending to be opened in terms of the contracts with DMG).Further as required under the contract terms, Performance Bank Guarantees of Rs. 12,000 lakhs was provided by the sub-contractor to the DMG. The contract period of said contract(s) was over in May 2023, however the Company was allowed by the DMG, to continue sale of sand from the sand stock till November 2023.

During the year ended 31st March, 2024, the balance unsold stock (including sand stock which was handed over by APMDC, Prakasam) had been taken over by the DMG with dues payable to APMDC for the Assets handed over by them, advance outstanding of Andhra Pradesh State Housing Corporation Limited (APSHCL) and balance dues of DMG then had been adjusted there against as per letters / statements of DMG. On basis of ‘No due certificate' of DMG and as per the statement received from DMG, no amount is /were remaining to be payable by the Company to DMG.

(b)(i) Subsequently in the year 2024-25 as well as during the year ended 31st March,2026,the Company has received nos. of show cause notices(SCN) /demand notices (‘notices') and till 31st March 2026 notices ofamountingto Rs. 8,55,704 lakhs (including amount estimated based on show cause notices of Rs. 6,34,050 lakhs) [including Rs. 1,79,083 lakhs till 31st March, 2025, this includes amount estimated based on show cause notices of Rs. 10,468 lakhs] from various district office(s) of DM Galleging illegal extraction, storing,transportation and selling of sand and the Company has suitably replied. The Company has disputed the notices, as notices which DMG has issued, basis inspection/survey carried out by the offices of DMG after gap of considerable period when above all contracts of the Company with DMG were got expired and also during the intervening period another agency was engaged by the DMG for carrying out sand mining activities, for period over six months. In this regard summons and notices also have been received by the Company from GST Authority which were replied suitably[for above, DMG has also filed FIRs with police authority against the Company and its officials].The management believes that liability in this regard has duly been discharged by the subcontractor (party who was carrying out the sand mining activities as sub-contractor) as DMG has provided ‘No due certificate' and also DMG had released the Bank Guarantees provided by the subcontractor to the DMG for the above stated contracts. On filing of Appeals, the Hon'ble High Court of Andhra Pradesh has granted interim stay in respect of above stated demand notices of DMG,to the extent of Rs. 2,21,654 lakhs and for balance amount (estimated) based on show cause notices, the Company has filed its replies with the concerned officials (DMG).The Company has been legally advised that it has creditable case in its favour as per above stated facts that all the contracts were sub-contracted on back-to-back basis, Sub-contractor was/is responsible/liable under the Contracts terms and hence in the opinion of management, it is not necessary to make any provision in this regard. Subsequent to the 31st March 2026 of above show cause notices of Rs 6,34,050 lakhs, DMG has issued the demand notices of Rs 1,23,405 lakhs (till date demand notices served of Rs 3,45,059 lakhs).

(b)(ii) As stated above all contracts were sub-contracted on back-to-back basis and in earlier year/period, purchases, sale and inventory were accounted for based on details/statement as made available by the sub-contractor/ DMG. Balance in the account of sub-contractor is pending for the confirmation and reconciliation as on 31st March, 2026. In the opinion of the management on final reconciliation/ confirmation there will be no material impact.

The management believes that action initiated by the DMG as stated in para (a) above is/will have no impact on state of affairs of the Company as contracts were sub-contracted on back-to-back basis and DMG was informed in this regard, and (b) on/after expiry of contract period(s) new party had been engaged by DMG to carry out sand mining operations. Further in the opinion of the management and as advised,there will be no impact of the matter as stated in para

(a) above on the profit/(loss) for the year ended 31st March 2026 and Company has creditable case in its favour.

Note 55

In view of fair value for all property, plant & equipment of power plants (Jaypee Nigrie Super Thermal Power Plant and Jaypee Bina Thermal Power Plant) (including Land, Building, Plant & Machinery capitalized or under CWIP) being excess as compared to the carrying value, as estimated by a technical valuer, management does not anticipate any impairment amount which is to be provided at this stage in the financial statement in the value of property, plant and equipment (including capital work-in-progress) based on the condition of plant, market demand and supply, economic and regulatory environment and other factors.

Note 56 Jaypee Nigrie Cement Grinding Unit

2.0 MTPA cement grinding unit of the Company namely Jaypee Nigrie Cement Grinding Unit (JNCGU) which commenced commercial operation in June, 2015. However, there was negligible/substantially low production during the past over 3 years.

Fair value of JNCGU being excess as compared to the carrying value of Rs. 17,828 Lakhs (previous year Rs. 18,644 Lakhs) as assessed by the management considering the report of valuer after taking and/or into expected future cash flows, Also management is of the view that no impairment provision in the carrying amount of property, plant & equipment (including capital work in progress) is necessary at this stage considering above stated reason.

Note 57

As per Coal Mine Development and Production Agreement (CMDPA) in respect of Amelia (North) Coal mine signed with Government of India (GOI) - the fixed rate and additional premium payable on coal quantity extracted was to be subject to escalation on yearly basis based on escalation formula for Design, Build, Finance Own and Operate (DBFOO) to be finalised by GoI. The Nominated Authority, Ministry of Coal, GOI vide its letter dated 25th October, 2023 finalised the escalation price for the first year of production and also for the subsequent years i.e. the escalated reserve price for the FY 2015-2016 to FY 2023-2024. Accordingly, escalation amount for the earlier years of Rs. 23,809 lakhs (including GST) (till 2022-23) was payable by the Company to the state government in equal four quarterly installments. During the F.Y. 2023-24 , the Company had made provision Rs. 23,809 Lakhs and charged the same to statement of profit and loss (shown as part of exceptional item in the year 2023-24) and the same has paid as per directions of the government. In F.Y. 2025-26 this corresponding amount was Rs. 585 Lakhs which was duly paid in due course.

Note 58

(a) During the FY 2022-23, Company had been declared successful bidder by Nominated Authority, Ministry of Coal, Government of India for Bandha North Coal Block located in Madhya Pradesh state. The Company is in the process of complying with necessary/ applicable conditions of Coal Block Development and Production Agreement/allocation order/tender documents. Initial outlays, as estimated by the management, for coal block would be Rs. 8,000 lakhs (including fixed amount deposited of Rs. 3,868 lakhs and amount of bank guarantee of Rs. 1,560 lakhs given in this regard). Till March 31,2026 Rs. 9,932 lakhs (Till March 31,2025 Rs 6,627 Lakhs (inclusive of fixed amount deposited of Rs.3,868 lakhs) expenses has been incurred with regard to Bandha Coal Mine and the same is shown as part of intangible assets under development.

(b) On account of outbreak of Coronavirus (Covid-19), during the period from March,2020 to 31st March,2021 there was lockdown/

frequent-partial across the country/part of the country for a significant period and there were disruption in business activities and the Company had continued to generate and supply electricity to its customers, which was declared as an essential service by the Government of India. However the Company had received notice, in earlier year for invoking force majeure clause provided in the power purchase agreement (PPA) from M.P. Power Management Company Limited (MPPMCL) and UPPCL in respect of units JNSTPP & JBTPP and VHEP respectively and also from PTC with whom Company has short term PPA, which had been suitably replied by the Company / clarified that the said situation is not covered under force majeure clause, considering generation and distribution of electricity falls under essential services vide notification dated March 25, 2020, issued by Ministry of Home Affairs, Government of India. Also, the Power Ministry had clarified on April 6, 2020 that the parties to the contract to comply with the obligation to pay fixed capacity charges as per PPA to the Power Producers.

Note 59

(a) (i) Pending confirmations/reconciliation of balances of certain

secured [including interest recompense, note no 44 (g)] and unsecured borrowings, trade receivables and trade payables (including MSME parties, CHAs and of Sub-contractor [read with note no. 54]) and others current financial liabilities (including capital creditors), receivables/payables from/to related parties, loans & advances and inventory lying with third parties/in transit balances as per the books has been considered. The management is in the process of reconciliation /confirmation of the same and is confident that there will not be any material impact on the profit for the year and the state of affairs of the Company on such reconciliation /confirmation (this is to be read with note no. 21.10).

(ii) During the financial year, the company has incurred certain expenditure considering business exigencies and operational challenges at its mining sites / plants (i) for construction of temporary road for removal of mining debris and handling coal transportation etc. of Rs. 4019.28 lacs, (ii) coal loading / unloading expenses Rs. 3001.40 lacs,(iii) consultancy expenses for coal procurement of Rs. 1737.76 lacs and (iv) fly ash removal expenses of Rs. 6498.27 lacs to maintain continuity of operations and environmental safety.

(b) In view of the financial constrains and to get longer credit period the company is procuring Coal for power generation by making arrangement with coal handling agents (CHAs) (who engaged for lifting and transportation of Coal from different collieries). Sometimes there have been delays in supply of Coal by CHA(s) as they had to procure coal from mines located at distance places and having substantial value and volume and also quality variance. The management is in process to further strengthen its internal control over handling /transportation, receipt, consumption etc of coal through process automation. Also, the Company has regular system of physical verification which is carried out by independent third party.

(c) Overdue receivables of amounting to Rs. 63,998 Lakhs (including delayed payment surcharges of Rs. 11,743 lakhs on delayed payment/overdue receivables) (net off amount received as per APTEL order during the year, refer to note no. 52) {Previous year Rs. 52,499 Lakhs (including delayed payment surcharges of Rs. 11,743 lakhs on delayed payment/overdue receivables)} [including of matters mentioned in note no. 44(h) and 52] for which management has initiated legal and other persuasive action for the recovery and is confident about the recovery/realisation of the same. Accordingly these been considered good and realisable by the management.

(d) In earlier year, the Company had claimed Additional Coal levy of Rs. 295 per metric tonne (levied in view of the Hon'ble Supreme Court judgment of 2014 on cancellation of nos. of mines) from MPPMCL amounting to Rs. 2245 lakhs (approx.) in respect of Nigire STPP in Tariff. however the same was disallowed by MPERC. An appeal was filed with APTEL against the Order of MPERC, APTEL has not accepted the appeal and confirmed that additional levy of Rs. 295 per metric tonne imposed on original allottees of the captive coal block is not entitled to be included in the determination of the generation tariff to be passed on to the end consumers. In view of the order of APTEL,Company has made provision of Rs. 2,245 lakhs during the earlier year against the amount shown as recoverable. Company has filed an appeal in Hon'ble Supreme Court against the above stated order which is pending.

(e) The Company has dispute with a capital good supplier and Arbitral Tribunal pronounced its awards partly against the Company on 4th October, 2023. Later on, the Company has filed appeals before the Hon'ble Delhi High Court (also the capital good supplier filed appeals for seeking deposit as per award/before modification of award, of above Arbitral Tribunal awards before Hon'ble Delhi High Court) against the Order of Arbitral Tribunal. During the current year, on 23rd January 2026, Hon'ble Delhi High Court has ordered the Company to deposit Rs. 24,909 lakhs and company has deposited the same on 23rd April 2026. The management believes that in this regard no additional amount is required to be provided for as carry over provision of Rs. 11,742 lakhs, in books,on account of due liability has been reasonably assessed and on final decision will have no material impact on the state of affairs of the Company. Further, presently the Company is in process of evaluating and in discussion with experts including for other available legal options.

(f) In terms of the Framework Agreement (FA) signed by the lenders in the year 2019-20 with the Company for debt restructuring, the lenders have right of recompense subject to availability of free cash flow and other conditions as stated in FA. During the current year, ICICI bank has claimed [demand letter dated 9th January, 2026, as lead banker] Rs. 5,69,651 lakhs on account of recompense amount. The Company has challenged the amount so demanded and advised ICICI bank to explain the basis for amount so demanded. The Management of the Company believes that based on present free cash flow situation and taking into consideration the extent RBI guidelines, nothing is payable/due as on 31st March, 2026. As assessed by the management part payment/cost in this regard, if any, will be recovered under PPAs hence, will have no significant material impact on state of affairs of the Company.

Note 60

The annual return of GST for F.Y. 2025-26 is under process of filing with statutory authorities. The Management believe that there will not be any material impact over financial statement/filing. The date of filing of GST return are 31st Dec. 2026 company is yet to file the annual return.

Note 61 Tariff/ Billing/ True up:

(a) Jaypee Bina Thermal, Power Plant (JBTPP):

Capacity charges of JBTPP for control period FY 2024-25 to 2028-29 are determined by MPERC vide Multi Year Tairff (MYT) Order dated 28.02.2025. Capacity charges determined for each year are subject to be trued up on the basis of audited financial statements. During FY 2025-26, invoices for Capacity Charges have been raised on MPPMCL on the basis of Tariff approved for same year as determined

vide Multi Year Tairff (MYT) Order dated 28.02.2025. Order for revision of Tariff of FY2019-20 and true up of FY 2023-24 & 202425 have been accounted during the year and accordingly Rs 2307 Lakh and Rs 395 lakhs and Rs 2015 lakhs [Previous year 11,899 Lakhs (Including delayed payment surcharge of Rs. 5,603 Lakhs)] on account of revision of tariff for FY15 to FY17) received / recoverable from MPPMCL has been adjusted in revenue/other income.

JBTPP has filed the following petitions and proceedings for the same are in progress:

(i) Appeals with APTEL against True up Orders for Tariff of financial

years from 2017-18 to 2024-25 and MYT Order for 2019-24& for 2024-29 for certain disallowances in tariff. Further appeals regarding recovery of bills disputed by MPPMCL on account of invoking force majeure clause is also pending before APTEL. Also, appeals by MPPMCL against the APTEL order for revision of Tariff of FY 2014-15 FY 2015-16 and FY2016-17 & FY 2019-20 is pending before Supreme Court of India.

(b) Jaypee Nigrie Super Thermal Power Plant (JNSTPP):

Capacity charges of JNSTPP for control period FY 2024-25 to 2028-29 are determined by MPERC vide Multi Year Tairff (MYT) Order dated 28.02.2025. Capacity charges determined for each year are subject to be trued up on the basis of audited financial statements. During FY 2025-26, invoices for Capacity Charges have been raised on MPPMCL on the basis of Tariff approved for same year as determined vide Multi Year Tariff (MYT) Order dated 28.02.2025. True up Orders for FY 2023-24 & 2024-25 has been received during the current year, accordingly Rs 252 lakhs & Rs 2470 Lakhs is accounted in Revenue ( No true up Order during the previous year).

JNSTPP has filed the following petitions and proceedings for the same are in progress:

(i) Appeals with APTEL against Trueup Orders for Tariff of financial years from 2014-15 to 2023-24 for certain disallowances in tariff.

(ii) Appeal with APTEL for disallowance in Tariff by MPERC in MYT Order for the period FY2016-17 to FY 2018-19, for the period FY 2019-20 to FY 2023-24 and for the period 2024-25 to 2028-29.

(iii) On the auction of certain coal mines by the Central Government in earlier year, as per the provisions of rules framed thereunder, the Amelia (North) Coal Mines was allotted to JPVL for the end use of power generation at JNSTPP with payment of additional premium of Rs 612/- per MT.

Additional premium is in the nature of charge payable for getting the right to mine coal from the captive coal mine allocated to the Company, and accordingly has been treated as capital cost for calculation of capacity charges. The same is not accepted by Regulatory Commission and appeal is pending with APTEL. In the opinion of the management, the company has credible case in its favour. Accordingly, the payment made for Additional Premium has been reflected as

Expenditure in the books of accounts of the company as a matter of principal of prudence. The treatment of amount paid towards Additional Premium will be revised accordingly for the purposes of Capacity Charge Calculation on final settlement / decision of the APTEL.

(c) Vishnuprayag Hydro Electric power plant (VHEP)

(i) In respect of Vishnuprayag HEP Company has accounted for revenue for the year ended 31st March, 2026 based on provisional tariff computed in accordance with Power Purchase Agreement (PPA) and various orders of UPERC and the same is subject to true up.

(ii) Design energy of Vishnuprayag HEP (1774.42 MU) has been revised considering release of minimum average water flow from river as per Hon'ble NGT Order dated June 05, 2018 from 03.10.2018 to 14th December 2019 (1695.54 MU) and w.e.f 15th December 2019 (1432.28 MU) as per Central Government notification no SO 5195(E) dated 09.10.2018 and further amended vide notification no SO 3286(E) dated 14.09.2019 through Barrage for aquatic life, which is more than the release of water flow as mentioned in the PPA. The revision of design energy has been approved by CEA.

A petition was filed with Hon'ble UPERC for amendment in PPA in respect of Design Energy and Tariff. UPERC vide its Order dated 22.02.2021 had not accepted the change in design energy and Ordered that in case actual saleable generation is less than design energy then full primary energy charges will be paid. UPPCL has objected the revision in design energy and submitted a representation with CEA for review of approved design energy on the grounds that current generation is more than/ equal to original design generation. An appeal was filed against by the Company the above Order of UPERC.

APTEL has allowed the appeal vide its Order dated 15.12.2022 and directed UPERC for revision of design energy. Accordingly, application for revision of Design Energy is filed with UPERC. UPPCL has filed an appeal with Hon'ble Supreme Court against the order of APTEL. Hon'ble Supreme Court has granted stay on the Order passed by APTEL, hence application filed with UPERC is also stayed.

Currently, Tariff is claimed considering Saleable Design Energy at 1545.87 MU (against revised saleable design energy approved by CEA at 1247.80 MU after increase in e flow as per directions/ notifications of NGT / MoEF). Tariff will be revised and arrears along with carrying cost will be claimed on account of change in Saleable Design Energy at 1247.80 MU after decision of pending Appeal.

Further as per Order in Petition no 1376/2018, UPERC has directed in para 45 of the Order that in any Tariff Year if actual generation is less than design energy as mentioned in PPA, the actual generation will be treated as design energy for computation of primary energy charges to save generator from any economic loss.

$ These CCPS shall be Converted into such number of Equity Shares as may be determined at the time of conversion as per then prevailing provision of Companies Act/SEBI/ RBI Rules and Regulations. For the Purpose of calculation of EPS for the current year, conversion price of Rs. 16.86 each has been assumed. Which has been calculated in accordance with 'SEBI's guideline for preferential issue (previous year Rs. 16.89/- each being the value at which shares had been issued during the earlier year to Nonpromoter Indian entity)

Note 64

(a) Provident Fund - Defined Contribution Plan

Employees are entitled to Provident Fund benefits. Amount debited to Profit and Loss account including Administrative and Employees Deposit Linked Insurance charges Rs. 834 Lakhs during the period (Previous Year - Rs.843 Lakhs).

(b) (i) Gratuity - The liability for Gratuity is provided on the basis of Actuarial Valuation made at the end of each financial year. The Actuarial Valuation is made on Projected

Unit Credit method as per Ind AS 19. Jaiprakash Associates Limited (JAL) (the Company’s associate company) has constituted a Gratuity Fund Trust under the name Jaiprakash Associates Employees Gratuity Fund Trust vide Trust Deed dated 30th March, 2009 for JAL and its subsidiaries/ associates and appointed SBI Life Insurance Co. Ltd. for the management of the Trust Funds for the benefits of employees. As an associate of JAL, the Company is participating in the Trust Fund by contributing its liability accrued up to the close of each financial year to the Trust Fund.

(b) (ii) The Company has been providing Gratuity liability on the basis of Actuarial Valuation at the end of each financial year. The Actuarial valuation is made on projected

unit credit method as per Ind AS 19. Jaiprakash Associates Limited (an associate company who is presently under CIRP) had constituted a Gratuity Fund Trust under the name Jaiprakash Associates Limited Employees Gratuity Fund Trust (the Trust) for employees of JAL and its subsidiaries/associates and the Trust been managed by SBI Life Insurance Co. Ltd. As Trust is responsible for the management and payment of Gratuity liability of different Companies as stated above (including of JAL and the Company), hence the Company has advised/requested JAL and the Trust to share company wise fund availability, (w.r.t the Company’s Gratuity liability) which is awaited. JAL is under CIRP as per the provisions of IBC, 2016 and in the absence of full funding details of Gratuity amount of the employees of the Company and considering the prudence, during the previous financial year 2024-2025 the Company has provided an amount of Rs 481 lakhs additionally to make equivalent to Gratuity Liability of the Company.

(c) Leave Encashment - Defined Benefit Plans - Provision has been made as per Actuarial Valuation certificate as per Ind AS.

The fair values of current debtors, cash & bank balances, security deposit to government department, current creditors and current borrowings and other financial liability are assumed to approximate their carrying amounts due to the short-term maturities of these assets and liabilities.(read with note no 44(e)) .

(iii) 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 65 (2): FINANCIAL RISK MANAGEMENT

The Company’s principal financial liabilities, 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 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 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 and investments

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 Company's borrowings to interest rate changes at the end of reporting period are as follows:

(b) Foreign currency risk

The Company has no foreign currency trade payables and receivable outstanding as on 31st March, 2026 and is therefore, not exposed to foreign exchange risk.

(c) Commodity Risk

Commodity Price Risk of the Company will fluctuate on account of changes in market price of key raw materials. The Company is exposed to the movement in price of key raw materials in domestic market The Company has in place policies to manage exposure to fluctuations in the prices of the key raw materials used in operations.

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’s credit risk arises from accounts receivable balances on sale of electricity is based on tariff rate approved by electricity regulator. The credit risk is very low as the sale of electricity is based on the terms of the PPA which has been approved by the Regulator. The concentration of credit risk is very limited due to the fact that the large customers are mainly government entities.

In general the average credit period on sales of energy (PPAs) is 21 to 30 days

No interest is charged on trade receivables (PPAs) for the first 30 days from the date of the invoice. Thereafter, Company is having the option to charge interest at 15% to 18% per annum on the outstanding balance, based on the terms of agreement/contract.

"The Company is supplying majority of its generation State Utilities owned by State Government and the payment security mechanism in the form of Letter of Credit. Balance generation is also being sold on Power exchanges and the state owned Traders with payment guarantee. The Company in general is not exposed to the credit risk arising from the possibility that procurers fail to comply with contractual obligations.

There is no default in recovery of Trade receivables except the amount unpaid on account of dispute on the said amounts with beneficiaries. The disputes are pending with respective regulatory authorities & Courts (mainly Regulatory Commission, Appellate Tribunal & Supreme Court of India).

Based on the matter decided by APTEL the provision is made for the non recovery of receivables after considering although the matter is contested before the higher authorities / courts. The beneficiaries of the company for purchase of generation are mainly state owned entities and there is no concentration of credit risk.

(1) Credit risk management

Credit risk is being managed and accordance with the nature of transaction and the financial & / legal status of the Procurer/ beneficiary. Long term & short term contract are being done with the state own Discoms which are backed by the State Government, Sound Financials and large consumer base for the procurement. The short term contracts are being done mainly on Power exchanges, which operate under the regulations & have payment security mechanism. Company has defined the criteria for the financial exposure to the beneficiaries. The credit risk is limited due to the fact that the customer base is not very large. A limited no of customers which are state owned entities / being operated under regulations accounted for more than 95% of the receivables and revenue for the year ended March 31,2026 and March 31, 2025. The Company’s credit policies to limit credit exposure is by having payment security mechanism according to applicable regulatory requirements. In respect to generation business, Company generally has letter of credits /guarantees to limit its credit exposure.

2) Other credit enhancements

The Company collects the letter of credits /guarantees and give credit to state owned procurers, considering the relevant electricity regulations to cover credit risks associated with trade receivables.

(3) Age of receivables and expected credit loss

The Company has used a methodology for computing the provisions of nor recoverable trade receivables. The provision is based on the decision of particular authorities against the company for the receivables under dispute. Trade receivable balances mainly comprise of outstanding from beneficiaries and the policy of the Company is to make provisions for credit loss takes into consideration of factors that the dispute is decided against us by a respective authority.

For the age of trade receivables , refer note no. 13

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. In addition, processes the policies related to such risks. Senior 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 payments:

(a) The Management is in the process of assessing/reassessing the Company’s long term business projections in light of recent developments in the energy generation sector, the long term business plans and the ongoing restructuring at the level of a promoter group Company. Considering these factors and the statutory 15 year window available for utilisation of Minimum Alternative Tax (MAT) credits, the Management has decided and recognised and continues to carry forward MAT Credit Entitlement amounting to Rs. 26,596 lacs as at 31 March 2026 (Previous Year Rs. 12,518 lacs).

Considering the above stated reasons, the Management is confident about recoverability and that the recognition and continued carrying value of the MAT Credit Entitlement is appropriate and is in compliance with the recognition principles. Accordingly, the company has continued to recognised Deferred Tax Assets/ Liability using the tax rates applicable under the old regime.

(b) In the opinion of management, assets stated in the financial statements have a realizable value (at which these are stated), in the ordinary course of business at least equal to the amount at which they are stated.

Note 67

M/s Tecpro Systems Ltd. (Tecpro), was awarded the contracts for supply, erection, testing, commissioning and performance of the coal and ash handling system, (ACFA system), coal crusher system by Bina Power Supply Company Ltd. which had been merged with JPVL(Company) in earlier year for its 500 MW Thermal Power Plant located at Bina Distt. Sagar, M.P However, Tecpro did not complete the entire work as per the terms & conditions of contracts, and the Company got completed the balance work itself, by procuring the balance materials from other suppliers and made the systems operational. An amount of Rs. 535.40 lakhs was recoverable on account of mobilization advance paid to Tecpro. As Tecpro had left the work incomplete, hence the company had in earlier year encashed the Bank Guarantee provided by Techpro of amounting to Rs. 2,013.20 Lakhs on account of dispute and loss incurred by the company for not completing the work as per work order awarded causing delay in the project. The Company had to incur an expenditure of Rs.6,093 lakhs towards procurement of remaining plant and machinery for completing the plant. The Company had claimed liquidated damages of Rs. 2,235 Lakhs and amount of Rs. 6,093 Lakhs which it had incurred on additional cost, expenditure on procurement of various materials to complete the Plant. Creditors of Tecpro has referred Tecpro to NCLT and IRP/RP had rejected the claim of the Company. During the earlier year, the company had received a legal notice from Official Liquidator (OL) of M/s Techpro demanding refund of encashed bank guarantee along with interest, Company had replied the same and had declined the claim made by OL for the reasons stated above.

Note 68- Other Information in terms of the amendment in Schedule-III of the Companies Act,2013 by Ministry of Corporate Affairs (MCA) vide notification G.S.R. 207 (E) dated 24th March,2021:

(i) The Company does not have any benami property, and no proceeding has been initiated or pending against the Company for holding any benami property.

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

(iii) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) 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

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

(iv) 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:

(a) 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

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

(v) The Company does not have any such 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.

(vi) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.

(vii) The Company is not declared wilful defaulter by and bank or financials institution or lender during the year.

(viii) The Company has filed quarterly returns or statements with the banks in lieu of the sanctioned working capital facilities,which are generally in agreement with the books of account other than those as set out below :

Note 70

(a) As per IND 108 Operating Segment, segment information has been provided on consolidated financial statement basis.

(b) The Company is using an ERP as its accounting software for maintaining its books of account during the year ended 31st March,2026. The ERP software is having an

audit trail feature for maintaining its books of account. The Company enabled audit trail throughout the year except: (a) the audit trail feature was not enabled throughout the year for some of the relevant tables at application level.; and (b) privileged access including debug access was not restricted to authorized users. The audit trail

is enabled at the database level however it was not enabled throughout the audit period. Further, the audit trail, to the extent maintained in the prior year, has been

preserved by the Company as per the statutory requirements for record retention.

Note 71

Previous Year’s figures have been regrouped/ re-arranged, wherever considered necessary to make them conform to the figures for the current year.