n Provisions, contingent liabilities and contingent
assets

The Company recognizes provisions when a present
obligation (legal or constructive) as a result of a
past event exists and it is probable that an outflow
of resources embodying economic benefits will be
required to settle such obligation and the amount
of such obligation can be reliably estimated.
A disclosure for a contingent liability is made when
there is a possible obligation or a present obligation
that may, but probably will not require an outflow
of resources embodying economic benefits or the
amount of such obligation cannot be measured
reliably. When there is a possible obligation or a
present obligation in respect of which likelihood of
outflow of resources embodying economic benefits is
remote, no provision or disclosure is made.

Contingent assets are not recognised in the standalone
financial statements, however they are disclosed
where the inflow of economic benefits is probable.
When the realisation of income is virtually certain,
then the related asset is no longer a contingent asset
and is recognised as an asset.

o Revenue recognition

A. Revenue from contract with customers

Revenue from contract with customers is
recognised when control of the goods or services
is transferred to the customer at an amount that
reflects the consideration to which the Company
expects to be entitled in exchange for those

goods or services. When the Company acts in the
capacity of an agent rather than as the principal
in a transaction, the revenue recognised is the net
amount of commission earned by the Company.

(i) Revenue from sale of goods - Sale of Educational
goods and equipments/content is recognised
upfront at the point in time when the goods/
equipment/ content is delivered to the customer
via online/offline delivery, wherever applicable,
while the Company retains neither managerial
involvement nor the effective control.

(ii) Services

a) Course fees and Royalty income are
recognized over the duration of the course
and as per agreed terms.

b) Franchisee fees/Management fees are
recognized as per the agreed terms
of the agreement.

c) Revenue from other services is
recognised as and when such services are
completed/performed.

(iii) Interest income from financial asset is
recognised when it is probable that the
economic benefits will flow to the Company and
the amount of income can be measured reliably.
Interest income is accrued on a time basis, by
reference to the principal outstanding and at
the effective interest rate applicable, which is the
rate that exactly discounts estimated future cash
receipts through the expected life of the financial
asset to that asset's net carrying amount on
initial recognition.

(iv) Dividend income is recognised when
the Company's right to receive dividend
is established.

(v) Other income including financial guarantee
commission and premium on redeemable
preference shares is recognised as per
terms of agreement.

B. Arrangements with Multiple Performance
Obligations

The Company's contracts with customers may
include multiple performance obligations. For
such arrangements, the Company allocates
revenue to each performance obligation based
on its relative standalone selling price, which

is generally determined based on the price
charged to customers.

C. Variable consideration

If the consideration promised in a contract
includes a variable amount, the Company
estimates the amount of consideration to which
the Company will be entitled in exchange for
transferring the promised goods or services to
the customer. Where customers are provided
with discounts, rebates etc., such discounts and
rebates will give rise to variable consideration.
The Company follows the 'most likely
amount' method in estimating the amount of
variable consideration.

D. Contract balances
Contract assets

Contract assets is recognised where there is
excess of revenue earned over billing done.
Contract assets are classified as unbilled revenue
where there is unconditional right to receive
cash and only passage of time is required as per
contractual terms.

Contract liabilities

A contract liability is the obligation to transfer
goods or services to a customer for which the
Company has received consideration from the
customer. If a customer pays consideration
before the Company transfers goods or services
to the customer, a contract liability is recognised.
Contract liabilities are recognised as revenue
when the Company performs under the contract.

Trade receivables

A receivable represents the Companie's right to
an amount of consideration under the contract
with a customer that is unconditional and
realizable on the due date.

p Retirement and other employee benefits

(i) Short-term benefits

Short-term employee benefits are recognized as
an expense at the undiscounted amount in the
standalone statement of profit and loss for the
year in which the related services are rendered.
Expenses on non-accumulating compensated
absences is recognised in the period in which the
absences occur.

(ii) Defined benefit plans

a) Post-employment and other long-term
employee benefits are recognized as an
expense in the standalone statement of
profit and loss for the year in which the
employee has rendered services. The
expense is recognized at the present value
of the amount payable determined using
actuarial valuation techniques.

b) Re-measurement of the net defined benefit
liability, which comprises of actuarial gains
and losses, the return on plan assets
(excluding interest) and the effect of the
asset ceiling (if any, excluding interest) are
recognised in other comprehensive income
in the period in which they occur.

(iii) Defined contribution plans

Payments to defined contribution retirement
benefit schemes are charged to the standalone
statement of profit and loss of the year when
the contribution to the respective funds are due.
There are no other obligations other than the
contribution payable to the fund.

(iv) Leave entitlement and compensated absences

Accumulated leave which is expected to be
utilised within next twelve months, is treated
as short-term employee benefit. Leave
entitlement, other than short term compensated
absences, are provided based on a actuarial
valuation, similar to that of gratuity benefit.
Re-measurement, comprising of actuarial gains
and losses, in respect of leave entitlement are
recognised in the standalone statement of profit
and loss in the period in which they occur.

q Transactions in foreign currency

(i) The functional currency of the Company is Indian
Rupees (" H ").

Foreign currency transactions are accounted
at the exchange rate prevailing on the date of
such transactions.

(ii) Foreign currency monetary items are translated
using the exchange rate prevailing at the
reporting date. Exchange differences arising on
settlement of monetary items or on reporting
such monetary items at rates different from
those at which they were initially recorded

during the period, or reported in previous
financial statements are recognised as income
or as expenses in the period in which they arise.

(iii) Non-monetary foreign currency items are carried
at historical cost and translated at the exchange
rate prevalent at the date of the transaction.

r Income taxes

Tax expense comprises of current tax and deferred tax.

(i) Current tax

Current tax is the amount of income taxes
payable in respect of taxable profit for a period.
Current tax for current and prior periods is
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 at the balance sheet date.
Management periodically evaluates positions
taken in the tax returns with respect to situations
in which applicable tax regulations are subject
to interpretation and establishes provisions
where appropriate.

(ii) Deferred tax

Deferred tax assets and liabilities are
recognised on all temporary differences arising
between the tax bases of assets and liabilities
and their carrying amounts in the financial
statements. However, deferred tax liabilities
are not recognised if they arise from the initial
recognition of goodwill. Deferred tax is also not
accounted for if it arises from initial recognition
of an asset or liability in a transaction other than
a business combination that at the time of the
transaction affects neither accounting profit
nor taxable profit (tax loss). Deferred tax is
determined using tax rates (and laws) that have
been enacted or substantively enacted by the
end of the reporting period and are expected
to apply when the related deferred tax asset is
realised or the deferred tax liability is settled.

Deferred tax assets are recognised for all
deductible temporary differences and unused
tax losses only if it is probable that future
taxable amounts will be available to utilise those
temporary differences and losses.

Deferred tax assets and liabilities are offset
when there is a legally enforceable right to
offset current tax assets and liabilities and when

the deferred tax balances relate to the same
taxation authority. Current tax assets and tax
liabilities are offset where the entity has a legally
enforceable right to offset and intends either to
settle on a net basis, or to realise the asset and
settle the liability simultaneously.

Presentation of current and deferred tax

Current and deferred tax are recognized
as income or an expense in the standalone
statement of profit and loss, except to the
extent they relate to items recognized in other
comprehensive income, in which case, the
current and deferred tax income / expense are
recognised in other comprehensive income.

s Impairment of non-financial assets

The carrying amounts of non financial assets are
reviewed at each balance sheet date if there is any
indication of impairment based on internal/external
factors. An asset is treated as impaired when the
carrying amount exceeds its recoverable value. The
recoverable amount is the greater of an asset's or
cash generating unit's, net selling price and value in
use. In assessing value in use, the estimated future
cash flows are discounted to the present value using
a pre-tax discount rate that reflects current market
assessment of the time value of money and risks
specific to the assets. An impairment loss is charged
to the standalone statement of profit and loss in the
year in which an asset is identified as impaired. After
impairment, depreciation is provided on the revised
carrying amount of the asset over its remaining
useful life. The impairment loss recognized in prior
accounting periods is reversed by crediting the
standalone statement of profit and loss if there has
been a change in the estimate of recoverable amount.

t Impairment of investments

The Company reviews its carrying value of investments
carried at cost (net of impairment, if any) annually.
If the recoverable amount is less than its carrying
amount, the impairment loss is accounted for in the
statement of profit and loss.

u Earnings per share

Basic earnings per share is computed and disclosed
using the weighted average number of equity shares
outstanding during the period. Dilutive earnings per
share is computed and disclosed using the weighted
average number of equity and dilutive equity
equivalent shares outstanding during the period,
except when the results would be anti-dilutive.

v Share based payments

Equity settled share based compensation benefits are
provided to employees under the various Employee
Stock Option Schemes. The fair value of options
granted under the Employee Stock Option Scheme
is recognised as an employee benefits expense
with a corresponding increase in equity as ""Share
options outstanding account"". The total amount to
be recognised is determined by reference to the fair
value of the options granted:

• including any market performance conditions
(e.g., the entity's share price)

• excluding the impact of any service and non¬
market performance vesting conditions (e.g.
profitability, sales growth targets and remaining
an employee of the entity over a specified
time period), and

• including the impact of any non-vesting
conditions (e.g. the requirement for employees
holdings shares for a specific period of time).

The total expenses are amortised over the vesting
period, which is the period over which all of the
specified vesting conditions are to be satisfied.

At the end of each period, the entity revises its estimates
of the number of options that are expected to vest
based on the service and non-market performance
vesting conditions. It recognises the impact of the
revision to original estimates, if any, in the standalone
statement of profit and loss, with a corresponding
adjustment to equity. In case vested options forfeited
or expires unexercised, the related balance standing
to the credit of the "Share options outstanding
account" is transferred to "Retained earnings".

w Exceptional items

Certain occasions, the size, type, or incidences of the
item of income or expenses pertaining to the ordinary
activities of the Company is such that its disclosure
improves the understanding of the performance of
the Company, such income or expenses is classified
as an exceptional item and accordingly, disclosed in
the standalone financial statements.

2 B Critical accounting judgment and
estimates

The preparation of standalone financial statements
requires management to exercise judgment in applying
the Company's accounting policies. It also requires
the use of estimates and assumptions that affect
the reported amounts of assets, liabilities, income
and expenses and the accompanying disclosures
including disclosure of contingent liabilities. Actual
results may differ from these estimates. Estimates
and underlying assumptions are reviewed on an
ongoing basis, with revisions recognised in the period
in which the estimates are revised and in any future
periods affected.

a Provisions and Contingent liabilities

The Company exercises judgement in determining if
a particular matter is possible, probable or remote.
The Company also exercises judgement in measuring
and recognising provisions and the exposures to
contingent liabilities related to pending litigation
or other outstanding claims subject to negotiated
settlement, mediation, government regulation, as well
as other contingent liabilities. Judgement is necessary
in assessing the likelihood that a pending claim will
succeed, or a liability will arise, and to quantify the
possible range of the financial settlement. Because
of the inherent uncertainty in this evaluation process,
actual losses may be different from the originally
estimated provision. Provisions are reviewed at each
balance sheet date and adjusted to reflect the current
best estimate. If it is no longer probable that the
outflow of resources would be required to settle the
obligation, the provision is reversed.

b Useful lives and residual values

The Company reviews the useful lives and residual
values of property, plant and equipment, right of use
assets and intangible assets at each financial year end.

c Impairment testing

(i) Impairment of financial assets

The impairment provisions for financial assets
disclosed are based on assumptions about risk
of default and expected loss rates. The Company
uses judgement in making these assumptions
and selecting the inputs to the impairment
calculation, based on the Company's past
history, existing market conditions as well as
forward looking estimates at the end of each
reporting period.

(ii) Impairment of non-financial assets

Impairment exists when the carrying value of an
asset or cash generating unit (CGU) exceeds its
recoverable amount, which is the higher of its fair
value less costs of disposal and its value in use.
The fair value less costs of disposal calculation
is based on available data from binding sales
transactions, conducted at arm's length, for
similar assets or observable market prices less
incremental costs for disposing of the asset. The
value in use calculation is based on a DCF model.
The cash flows are derived from the budget for
the future years and do not include restructuring
activities that the Company is not yet committed
to or significant future investments that will
enhance the asset's performance of the CGU
being tested. The recoverable amount is sensitive
to the discount rate used for the DCF model as
well as the expected future cash-inflows and
the growth rate.

d Income Taxes

(i) The Company's tax charge is the sum of the total
current and deferred tax charges. The calculation
of the Company's total tax charge necessarily
involves a degree of estimation and judgment
in respect of certain items whose tax treatment
cannot be finally determined until resolution has
been reached with the relevant tax authority or,
as appropriate, through a formal legal process.

(ii) Accruals for tax contingencies require
management to make judgments and estimates
in relation to tax related issues and exposures.

(iii) The recognition of deferred tax assets is based
upon whether it is more likely than not that
sufficient and suitable taxable profits will be
available in the future against which the reversal
of temporary differences can be deducted.
Where the temporary differences are related
to losses, the availability of the losses to offset
against forecast taxable profits is also considered.
Recognition therefore involves judgment
regarding the future financial performance of the
particular legal entity or tax Company in which
the deferred tax asset has been recognized.

e Defined benefit obligation

The cost of post-employment and other long term

benefits is determined using actuarial valuations.

An actuarial valuation involves making various

assumptions that may differ from actual developments
in the future. These include determination of discount
rates, expected rate of return on assets, future salary
increases and mortality rates. Due to the complexities
involved in the valuation and its long term nature,
a defined benefit obligation is highly sensitive to
changes in these assumptions. All assumptions are
reviewed at each reporting date. The assumptions
used are disclosed in note 48.

f Fair value of financial instruments

The fair value of financial instruments that are not
traded in an active market is determined using
valuation techniques. In applying the valuation
techniques, management makes maximum use of
market inputs and uses estimates and assumptions
that are, as far as possible, consistent with observable
data that market participants would use in pricing the
instrument. Where applicable data is not observable,
management uses its best estimate about the
assumptions that market participants would make.
These estimates may vary from the actual prices that
would be achieved in an arm's length transaction at
the reporting date.

g Share-based payments

Estimating fair value for share-based payment requires
determination of the most appropriate valuation
model. The estimate also requires determination of
the most appropriate inputs to the valuation model
including the expected life of the option, volatility and
dividend yield and making assumptions about them.

h Leases

Ind AS 116 requires lessees to determine the lease
term as the non-cancellable period of a lease adjusted
with any option to extend or terminate the lease, if the
use of such option is reasonably certain. The Company
makes an assessment on the expected lease term on
a lease-by-lease basis and thereby assesses whether
it is reasonably certain that any options to extend or
terminate the contract will be exercised. In evaluating
the lease term, the Company considers factors such as
any significant leasehold improvements undertaken
over the lease term, costs relating to the termination
of the lease and the importance of the underlying
asset to the Company's operations and the availability
of suitable alternatives. The lease term in future
periods is reassessed to ensure that the lease term
reflects the current economic circumstances.

2 C Recent Indian Accounting Standards
(Ind AS)

Ministry of Corporate Affairs ("MCA") notifies new
standard or amendments to the existing standards
under Companies (Indian Accounting Standards)
Rules as issued from time to time. For the year
ended 31 March 2025, MCA has notified Ind AS-117
Insurance Contracts and amendments to Ind AS-116
Leases, relating to sale and leaseback transactions
w.e.f. April 1, 2024. The Company has reviewed the
new pronouncements and based on its evaluation
has determined that it does not have any significant
impact in its financial statements.

1. Non disposal undertaking given to lenders for 51% (31 March 2024: 51%) shares held by the Company for loan taken by subsidiary
Company viz Digital Ventures Private Limited.

2. 11,324,025, 0.01 % Compulsorily Convertible Debentures (CCDs) of H 100 each fully paid up are compulsorily convertible into
equity shares at a conversion rate to be decided based on fair value of equity shares any time from the date of allotment but
not later than 10 years from the date of allotment. During the year, Company has converted these CCDs into 11,324,025, 0.01%
Unsecured Unrated Unlisted Optionally Convertible Debentures (OCDs) of H 100 each at par value amounting to H/lakhs 11,324.03
for non cash consideration, with maturity on 31 March 2034 at the Option of the OCDs holder, to be exercised at any time till
Maturity date, OCDs shall be convertible into Equity Shares of H 10 each at issue price of H 20 per Equity Share. Thus 1 OCDs of H
100 shall be convertible into 5 Equity shares of H 10 each at a Premium of H 10 per share. Further, OCDs not converted into Equity
Shares till maturity date shall be redeemed at par value.

3. 115,788,924, 0.01 % Unsecured Unrated Unlisted Optionally Convertible Debentures (OCDs) of H 10 each is convertible within
a period of 10 years at the option of the issuer or OCD holder to be exercised any time during the tenure and are convertible
into Equity shares of H 10 each fully paid up at issue price of H 17.36 per Equity shares. Thus 1,000 OCDs of H 10 each shall be
convertible into 576 Equity shares of H 10 each at a premium of H 7.36 per share. Further any OCDs not converted into Equity
shares at the end of the tenure shall be redeemed at par value.

7 Non-current investments (Contd..)

4. Investments in MT Educare Limited (MTEL) was fully impaired in financial year 2022-23 on account of commencement of Corporate
Insolvency Resolution Process (CIRP) of MTEL. MTEL ceased to be subsidiary due to loss of control for the reasons fully explained
in note 58 of the standalone financial statements and accordingly the said investment has been classified as carried at fair value
through profit and loss. As the said investment is fully impaired due to CIRP, the fair value adjustment is not required.

Pledge over 30% shares and Non disposal undertaking given over 22.98% shares (of total paid up capital) of MT Educare Limited
held by Zee Learn Limited, for loan taken by Taleem Research Foundation.

b) Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of H 1 each. The Company declares and pays dividend in
Indian Rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the
Company, after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by
the shareholders.

c) The Company has not issued any bonus shares or shares issued for consideration other than cash or bought back equity shares
during the five years preceding 31 March 2025.

f) Employees Stock Option Scheme (ESOP)

During the year, the members of the Company through Special Resolution passed at the Annual General Meeting of the
Company held on September 26, 2024, approved modification to the ESOP Scheme of the Company. The modification consisted
of enhancement of ESOP Pool from 1,60,07,451 Stock Options to 2,28,26,490 Stock Options exercisable into not more than
2,28,26,490 equity shares of face value of H 1 each, constituting 7% of the issued and paid up capital of the Company as on
8 August, 2024, (i.e 32,60,92,725 Equity Shares of H 1 each) to the employees of the Company and its subsidiaries. The Scheme was
further amended to enable issuance of Options at exercise price equivalent to nominal/face value or such other value as may be
determined by the Board of Directors or its Committees.. The said Scheme is administered by the Nomination and Remuneration
Committee of the Board.

(i) Debentures

650 (650) 10.40% Rated, Unlisted, Secured, Redeemable Non- Convertible Debentures (NCDs) of H/lakhs 10.00 each fully paid up
aggregating to H/lakhs 3244.55 (H/lakhs 2,960.92) [including interest of H/lakhs 693.44 (H/lakhs 409.82)], are issued for a period of
5 years and 3 months from the date of allotment as per original terms. The terms of the NCDs were revised w.e.f. 14 July 2020.
As per the revised terms 650, 10.02% (revised coupon rate) NCDs of H/lakhs 6.85 (revised face value) were redeemable by 13
July 2022 in three instalments starting from 13 January 2021. Further, the terms of NCDs were revised again and accordingly
were redeemable till 13 March 2023. During the previous year, the terms of NCDs were revised again and accordingly were now
redeemable till 13 August 2023. However, the Company defaulted in redemption of NCDs and payment of interest on such NCDs
during the previous year and current year. During the year, the Company has received letter from the debenture holder calling
upon the Company to pay the complete outstanding amount of NCDs alongwith interest accrued immediately. The overdue
amount of NCDs as at 31 March 2025 is H/lakhs 3,244.55 ( H/lakhs 2,949.00) (including interest accrued), the details whereof are
given in note vii(a) and vii(b) below. The NCDs are secured by first pari passu charge on all the fixed and current assets, all the
rights, titles and interest to provide security cover of 1.1 times on outstanding amount.

19 Borrowings (Contd..)

(ii) Intercorporate deposits (ICD) - Unsecured

The ICD carries interest @ 12.5% p.a. and is repayable on or before 05 April 2029.

(iii) The Company had taken term loan of H 3,500.00 lakhs and overdraft facility of H 1,900.00 lakhs vide credit facility sanction letter
dated 18 July 2017 (together referred as credit facilities) from Abu Dhabi Commercial Bank (ADCB). Further, ADCB assigned the
said credit facilities to DCB Bank Limited (DCB) as per the Deed of Assignment and Subrogation Agreement both dated 31 March
2020 with same terms and conditions as per the original sanction letter. Furthermore, during earlier years, the Company had
defaulted in repayment of the said credit facilities including interest to DCB. However, DCB had issued No Dues Certificate to the
Company and also satisfied the charges on the said outstanding credit facilities. In view of above, the said credit facilities were
classified as unsecured as at 31 March 2023 and the Company had provided interest (including penal interest) on outstanding
term loan and overdraft facility till 31 March 2023. During the previous year, the Company had taken an expert opinion on the
above matter and considering the same the Company was of the view that no interest provision on the said credit facilities
is required to be made till the time the Company can ascertain any liability arising out of the said Deed of Assignment and
Subrogation Agreement. In view of above, the Company has not provided any interest on the said credit facilities w.e.f. 01 April
2023 till 31 March 2025 and continued to show the outstanding amounts in respect of said credit facilities as at 31 March 2025 as
unsecured current borrowings.

(iv) a) Overdraft facility from banks of H/lakhs Nil (H/lakhs 1,377.83) is secured by way of first pari passu charge on all the movable

assets (including current assets, loans and advances) of the Holding Company and cross collateralization of pledge of shares
given for term loan. The facility carries interest 6 months MCLR plus 4% spread.

b) Overdraft facility from banks of H/lakhs 0.01 (H/lakhs 0.90) is secured by way of Fixed Deposit for one year upon time to time
renewal. The facility carries interest @ FD rate plus 2% over the FD plus applicable interest tax or other statutory levy, if any
on the principal amount of the loan remains outstanding each day.

(v) Satisfaction of charge is yet to be registered with Registrar of Companies (ROC) in respect of loan of H/lakhs 3,500.00 (H/lakhs
1,000.00) sanctioned by Yes Bank Limited as the Company has not received No Objection Certificate from bank.

(vi) The Company is not required to submit quarterly returns or statements of current assets to banks.

E Management expect that 100 % of the transaction price allocated to the unsatisfied contracts as of 31 March 2025 H/lakhs 6,443.41
will be recognised as revenue during the year ended 31 March 2026.

43 The Company has investments in its wholly owned subsidiary viz Digital Ventures Private Limited (DVPL) in the form of Equity
shares, Convertible Debentures and Preference shares (including redemption premium) of H/lakhs 45,078.10, loan and receivables of
H/lakhs 11,377.05 aggregating to H/lakhs 56,455.15 as at 31 March 2025. Considering ongoing proceedings against DVPL w.r.t Corporate
Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the Hon'ble National
Company Law Tribunal (NCLT) Mumbai, the Company, out of abundant caution and prudent accounting practices, had provided H/
lakhs 21,927.05 towards impairment of its loan and investments (including redemption premium) in DVPL till 31 March 2024. Further
on 19 November 2024, the Hon'ble NCLT, Mumbai admitted the application filed by Axis Bank Limited against DVPL and ordered the
commencement of CIRP of DVPL and appointed an Interim Resolution Professional (IRP). However, an appeal was filed before the
Hon'ble National Company Law Appellate Tribunal ("NCLAT") by DVPL and the Hon'ble NCLAT vide its order dated 02 December 2024
has directed that no further steps shall be taken by the IRP in pursuance of the impugned order dated 19 November 2024 passed by
the Hon'ble NCLT (Refer note 52 of standalone financial statements). The Company has provided H/lakhs 140 towards impairment of
its investment for the year ended 31 March 2025, and the management believes that no additional provision/impairment is required
to be made as on 31 March 2025 and accordingly considers the net outstanding amount of H/lakhs 34,388.10, as at 31 March 2025 as
good and recoverable.

45 Segment information

The Company has presented Segment information on the basis of the consolidated financial statements as permitted by Ind AS 108 -
Operating Segments.

46 Going Concern

The Company and one of the subsidiary company viz. Digital Ventures Private Limited (DVPL) had received notices from three lenders
for invocation of corporate guarantees and two of the lenders had also initiated Corporate Insolvency Resolution Process (CIRP) against
the Company (Corporate guarantor) and DVPL (Corporate guarantor/Corporate debtor) (Refer note 52 and 57 of standalone financial
statements). Further, the settlement agreement, which was entered by the Company, DVPL along with four trusts/entity with J.C.
Flowers during the previous year to settle the corporate guarantee obligation of the Company and DVPL, was terminated during the
year ended 31 March 2025 and accordingly the amount payable against the said corporate guarantee obligation as at 31 March 2025
is H 63,436.19 lakhs (Refer note 57 of standalone financial statements). The Company and DVPL alongwith four trusts/entity entered
into Supplemental Facilities Agreement with ACRE to pay the above amount of H 63,436.19 lakhs through various steps including
monetization of assets of DVPL along with four trusts/entity (Refer note 57 of standalone financial statements). Further, during the
quarter ended 31 March 2025, Axis Bank Limited entered into an assignment agreement dated 28 March 2025 with Assets Care &
Reconstruction Enterprise Limited (ACRE) assigning the total credit facility of H 13,008 lakhs (including interest) outstanding as at 20
March 2025 (H 13,021.19 lakhs as at 31 March 2025) in respect of financial facility granted by Axis Bank Limited to DVPL from time to

46 Going Concern (Contd..)

time along with all rights, benefit and obligations thereunder to ACRE (Refer note 52 of standalone financial statements). Also, the
current liabilities of the Company exceeded its current assets as at 31 March 2025 resulting in negative working capital. However, the
Company strongly believes that the total amounts payable to ACRE under the Supplemental Facilities Agreement will be settled through
various steps including monetisation of assets of DVPL alongwith four trusts/entity. Further, the Company's business plan for the next
financial year, as approved by the Board of Directors, exhibits higher growth in revenues and profits thereby increasing operational
cash flows. Considering that the total amounts payable to ACRE under the Supplemental Facilities Agreement will be settled through
various steps including monetization of assets of DVPL along with four trusts/entity and also considering the Company's business plan
for the next financial year, these standalone financial statements have been prepared on a going concern basis.

48 Employee Benefits

Disclosures as per Ind AS 19 - Employee Benefits are as follows:

A Defined Contribution Plans

Contribution to provident and other funds" is recognized as an expense in Note 28 "Employee benefit expenses" of the Standalone
Statement of Profit and Loss.

B Defined Benefit Plans

The present value of gratuity obligation is determined based on actuarial valuation using the Projected Unit Credit Method,
which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit
separately to build up the final obligation. The obligation for leave benefits (non funded) is also recognised using the projected

11nit* rrprJif mpfhnrJ

Notes:

(a) The current service cost recognized as an expense is included in Note 28 'Employee benefits expense' as gratuity and
interest cost recognized as an expense is included in Note 29 'Finance costs'. The remeasurement of the net defined
benefit liability is included in other comprehensive income.

(b) The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority,
promotion and other relevant factors including supply and demand in the employment market. The above information
is certified by the Actuary.

Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary
increase and mortality. The sensitivity analysis above have been determined based on reasonably possible changes of
the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

48 Earnings per share (EPS)

VIII. The Company is exposed to various actuarial risks which are as follows:

(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 defined benefit and will thus result in an increase in the
value of the liability.

(b) Liquidity risk - This is the risk that the Company is not able to meet the short-term benefit payouts. This may arise
due to non availability of enough cash / cash equivalent to meet the liabilities or holding of illiquid assets not
being sold in time.

(c) Salary escalation risk - The present value of the defined benefit plan is calculated with the assumption of salary
increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants
from the rate of increase in salary used to determine the present value of obligation will have a bearing on the
plan's liability.

(d) Demographic risk - The Company has used certain mortality and attrition assumptions in valuation of the liability.
The Company is exposed to the risk of actual experience turning out to be worse as compared to the assumptions.

C Other long term benefits

The obligation for leave benefits (non funded) is also recognised using the projected unit credit method and accordingly the long
term paid absences have been valued. The leave encashment expense is included in Note 28 'Employee benefits expense'.

v) Sprit Infrapower & Multiventures Private Limited has pledged its total investment in equity shares of Greatway Estates Private
Limited and further, Greatway Estates Private Limited has mortgaged its immovable property towards amount payable to Assets
Care & Reconstruction Enterprise Limited (ACRE) under the Supplemental Facilities Agreement referred in note 57(a) of the
standalone financial statements.

vi) For details of Corporate guarantees given by the Company on behalf of its wholly owned subsidiary viz Digital Ventures Private
Limited (DVPL), refer note 40(II)(iii) of the standalone financial statements.

51 Financial instruments

(I) Financial risk management objective and policies

The Company's principal financial liabilities, comprise borrowings, trade and other payables, lease liabilities and other financial
liabilities. The main purpose of these financial liabilities is to finance the Company's operations. The Company's principal financial
assets include investments, loans, trade receivables, other receivables, cash and cash equivalents, other bank balances and other
financial assets that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's management oversees the management
of these risks.

a) Market risk

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

1) Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk
is the risk of changes in fair value of fixed interest bearing investments because of fluctuations in the interest rates.
Cash flow interest rate risk is the risk that future cash flows of floating interest bearing investments will vary because
of fluctuations in interest rates.

2) Foreign currency risk

The Company enters into transactions in currency other than its functional currency and is therefore exposed to
foreign currency risk. The Company analyses currency risk as to which balances outstanding in currency other than the
functional currency of that Company. The management has taken a position not to hedge this currency risk.

The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate
fluctuations arise. Exchange rate exposures are not hedged considering the insignificant impact and period involved
on such exposure.

Foreign Currency sensitivity analysis

There are no foreign currency monetary assets and liabilities at balance sheet date.

3) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company's receivables from customers, deposits and
loans given, investments and balances at bank.

The Company measures the expected credit loss of trade receivables and loans based on historical trend, industry
practices and the business environment in which the entity operates. Expected Credit Loss (ECL) is based on actual
credit loss experienced and past trends based on the historical data.

52 During the financial year 2021-22, one of the subsidiary company viz Digital Ventures Private Limited (DVPL) had defaulted in
repayment of loans taken from two Lenders. In this regard, one of the Lenders i.e Axis Bank Limited vide its notice dated 14 February
2022 issued to the Company had invoked the Corporate Guarantee issued by the Company on behalf of DVPL and called upon the
Company to make payment of an amount of H/lakhs 9,162.00 outstanding as at 30 June 2021 with further interest w.e.f. 01 July 2021 as
per the terms of the sanction letters. Further, during the financial year 2022-23, the Company had also received notice from the other
lender invoking Corporate Guarantee issued by the Company on behalf of DVPL and called upon the Company to make payment of
an amount of H/lakhs 2,299.59 outstanding as at 30 June 2021. Further, during the previous year, the Company (Corporate Guarantor)
and DVPL (Corporate Debtor) had received notices dated 21 December 2023 and 28 November 2023 respectively from Axis Bank
Limited, regarding filing of petitions under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency
Resolution Process (CIRP) of the Company and DVPL before the Hon'ble National Company Law Tribunal (NCLT), Mumbai, which was
pending for admission. Further on 19 November 2024, the Hon'ble NCLT, Mumbai admitted the application filed by Axis Bank Limited
against DVPL and ordered the commencement of CIRP of DVPL and appointed an Interim Resolution Professional (IRP). However, an
appeal was filed before the Hon'ble National Company Law Appellate Tribunal ("NCLAT") by DVPL and the Hon'ble NCLAT vide its order
dated 02 December 2024 directed that no further steps shall be taken by the IRP in pursuance of impugned order dated 19 November
2024 passed by the Hon'ble NCLT and that agreed cut back arrangement of 20% to continue with Axis Bank Limited. Further, Axis Bank
Limited entered into an assignment agreement dated 28 March 2025 with Assets Care & Reconstruction Enterprise Limited (ACRE)
assigning its total credit facility of H/lakhs 13,008 (including interest) outstanding as at 20 March 2025 (H/lakhs 13,021.19 as at 31 March
2025) in respect of financial facility granted by Axis Bank Limited to the Corporate Debtor from time to time along with all rights, benefit
and obligations thereunder to ACRE.

Pursuant to the Supplemental Facilities Agreement (Refer note 57 of the standalone financial statement above), entered by the
Company, DVPL along with four trusts/entity with ACRE, the management of the Company strongly believes that the above outstanding
credit facility of DVPL will be paid to ACRE through various steps including monetization of assets of DVPL along with four trusts/entity.
In view of above, management is of the opinion that no liability is required to be provided by the Company as at 31 March 2025.

55 The Company has not been declared wilful defaulter by any bank or financial institution or other lender.

56 No proceeding has been initiated or pending against the Company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

57 a) Yes Bank Limited (YBL) vide its notices dated 2 August 2021 and 9 August 2021 addressed to the Company and its subsidiary,

viz Digital Ventures Private Limited (DVPL) respectively, had invoked their respective Corporate Guarantee upon non¬
repayment of credit facilities (during COVID-19 pandemic) availed by four trusts/entity, and called upon the Company and
DVPL to make payment of an amount of H 44,962.56 lakhs (including interest and other charges upto 31 July 2021). Also, the

Company and DVPL received notices dated 22 April 2022 and 01 December 2022 respectively, regarding filing of petitions by
YBL under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process
(CIRP) of the Company and DVPL (as corporate guarantors) before the Hon'ble National Company Law Tribunal (NCLT),
Mumbai. Further, YBL vide its letters dated 30 December 2022 informed the Company and DVPL that it had assigned and
transferred the above credit facilities to J.C. Flowers Asset Reconstructions Private Limited (J.C. Flowers) and the amount
outstanding therein as at 30 November 2022 was H 52,254.63 lakhs (including interest and penal charges). Thereafter on
10 February 2023, the Hon'ble NCLT, Mumbai admitted the application filed by YBL against the Company and ordered
the commencement of the CIRP under the IBC. However, an appeal was filed before the Hon'ble National Company Law
Appellate Tribunal ("NCLAT") by the Company and the Hon'ble NCLAT vide its order dated 16 February 2023 set aside the
impugned order dated 10 February 2023 passed by the Hon'ble NCLT and disposed off the appeal in accordance with law.
Subsequently, J.C. Flowers filed Special Leave Petition (SLP) in the Hon'ble Supreme Court for setting aside of the final order
dated 16 February 2023 passed by the Hon'ble NCLAT. On 29 March 2023, the Hon'ble Supreme Court allowed the SLP
and stayed the further proceedings of the Hon'ble NCLT. The matter is currently pending for hearing before the Hon'ble
Supreme Court. However, in respect of petition filed by J.C. Flowers under Section 7 of the IBC to initiate CIRP proceedings
against DVPL, the same was dismissed as withdrawn by the Hon'ble NCLT. Further, on August 7, 2023, the Company, DVPL
along with four trusts/entity entered into settlement agreement with J.C. Flowers to settle the above Corporate Guarantee
obligations with respect to loans borrowed by the said four trusts/entity. As per the terms of the settlement agreement,
Company, DVPL along with four trusts/entity had agreed to settle the above obligation for H 28,500 lakhs (to be paid jointly
and severally by Company, DVPL along with four trusts/entity) pursuant to which Corporate Guarantee obligations and other
securities created by Company and DVPL will be released by J.C. Flowers on receipt of the said settlement amount. The said
settlement agreement became effective during the quarter ended 31 March 2024 and accordingly, during the quarter ended
31 March 2024, the Company had provided H 28,573.12 lakhs including interest (net of H 400 lakhs paid by said trusts/entity)
towards Corporate Guarantee obligation as per the said settlement agreement and the same was shown as recoverable
from four trusts/entity as at 31 March 2024 under "other current financial assets". The timelines for payment of the said
settlement amount had time to time been extended by J.C. Flowers along with payment of applicable interest till 30 May
2024 and the Company/DVPL along with four trusts/entity further requested J.C. Flowers for extension of time till 30 June
2024 and 15 August 2024 for which confirmation from J.C. Flowers was awaited. However, the Company received letter
dated 11 October 2024 from J.C. Flowers intimating termination of the said settlement agreement and further informing
that all terms set out in the Financing document shall continue in full force and effect and all amounts paid under settlement
agreement shall be adjusted towards repayment of the outstanding credit facilities of four trusts/entity as if the settlement
agreement had never been executed.

Thereafter, J.C.Flowers and Assets Care & Reconstruction Enterprise Limited (ACRE) vide their respective communications
dated 31 October 2024 informed the Company that such outstanding credit facilities of four trusts/entity of H 62,481.28 lakhs
(as on 11 October 2024) have been assigned and transferred by J.C. Flowers to ACRE. In view of above, during the quarter/
half year ended 30 September 2024, the Company had provided further liability of H 36,712.34 lakhs (in addition to liability
already provided till 30 June 2024 of H 25,768.94 lakhs) and the corresponding amount was recoverable from four trusts/entity
and the total amount recoverable from four trusts/entity was H 66,303.83 lakhs (including amount recoverable of H 29,591.49
lakhs as at 30 June 2024) as at 30 September 2024. Further, vide Supplemental Facilities Agreement dated 15 November
2024, the Company, DVPL along with four trusts/entity and other entities forming part of the promoter and promoter group
have agreed upon certain additional conditions with ACRE in respect of the outstanding credit facilities availed by four
trusts/entity, the outstanding amount (including interest) of which is H 63,436.19 lakhs (net of H 2550 lakhs paid during the
year by the Company and four trusts/entity) as at 31 March 2025 and the total amount recoverable (including interest) from
four trusts/entity is H 69,458.74 lakhs (including amounts paid by the Company till 31 March 2025) as at 31 March 2025 and
the same is disclosed under "other current financial assets". In furtherance to the said Supplemental Facilities Agreement,
a few entities forming part of the promoter and promoter group have also created and extended security on their assets
(in addition to their security arrangement for their existing indebtedness with ACRE and existing security provided by the
Company, DVPL along with four trusts/entity) to the satisfaction of ACRE for abovementioned outstanding credit facilities.
Pursuant to the execution of the said Supplemental Facilities Agreement, the management strongly believes that the above
outstanding credit facilities of four trusts/entity will be paid to ACRE through various steps including monetization of assets

57 (Contd..)

of DVPL along with four trusts/entity and other security providers. In view of the above, management is of the opinion that
amount of H 69,458.74 lakhs receivable from four trusts/entity as at 31 March 2025 is good and recoverable.

b) The above amount payable to ACRE under the Supplemental Facilities Agreement is against pledge of Company's investments
in MT Educare Limited and mortgage of land/ leasehold rights and structures built thereon of the schools located at Mumbai,
Patiala, Karnal, Bhatinda, Nagpur and Goa. It is further secured against all movable assets and current assets of all the
schools held by DVPL and four trusts/entity.

58 During the financial year 2022-23, the Hon'ble National Company Law Tribunal (NCLT) Mumbai, had admitted the application filed
by an Operational Creditor and ordered the commencement of Corporate Insolvency Resolution Process (CIRP) of Company's
subsidiary viz. MT Educare Limited (MTEL) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Hon'ble NCLT
also appointed an Interim Resolution Professional (IRP) for the Corporate Debtor. An appeal was filed before the Hon'ble National
Company Law Appellate Tribunal ("NCLAT") and the Hon'ble NCLAT vide its order dated 6 January 2023 had stayed the constitution
of Committee of Creditors ("CoC"). There was continuation of stay on constitution of CoC by the Hon'ble NCLAT from time to time
till 2 June 2023 and final hearing was concluded on 2 June 2023 and the matter was reserved to order. Finally, the Hon'ble NCLAT
order was pronounced on 18 August 2023 whereby Appeal filed by Director Mr. Vipin Choudhry was dismissed. The said order
dated 18 August 2023 was served upon IRP on 21 August 2023 and IRP immediately constituted CoC. CoC at its meeting held on 29
December 2023, in terms of Section 22(2) of the IBC, resolved with the requisite voting share, to replace the IRP with Mr. Arihant
Nenawati as Resolution Professional (RP) which was confirmed by the Hon'ble NCLT in its order dated 22 January 2024. Further,
during the previous year ended 31 March 2024, the RP received intimation of interest from nine Resolution Applicants and finally
Resolution Plans were received from two of the Applicants and negotiations took place between CoC members and the applicants
on 06 May 2024. Until 31 December 2023, the Management's intent was to revive MTEL by exercising the options available under
the IBC but considering appointment of CoC/RP and receipt of resolution plans from two applicants, the management decided not
to exercise options available under the IBC to revive MTEL and the Board of Directors of the Company in its meeting held on 28
May 2024 passed necessary resolution in this regard. In view of above, the Company can no longer exercise any right to control
the activities of MTEL and accordingly MTEL ceased to be a subsidiary w.e.f. 01January 2024.

59 a) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources

or kind of funds) to any other person or entities, including foreign entities (Intermediaries) with the understanding (whether
recorded in writing or otherwise) that the Intermediary shall (I) directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or (ii) provide any guarantee,
security or the like to or on behalf of the Ultimate Beneficiaries.

b) The Company has not received any fund from any person(s) or entity(is), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the company shall (I) directly or indirectly lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries)
or (ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

60 There are no transactions related to previously unrecorded income that have been surrendered or disclosed as income during
the year in the tax assessments under the Income Tax Act, 1961.

61 The Company has not traded or invested in Crypto currency or virtual currency during the financial year.

62 The Company has used accounting softwares for maintaining its books of account which have a feature of recording audit trail
(edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in the software.
Further, there is no instance of audit trail feature being tampered with. Additionally, the audit trail has been preserved as per the
statutory requirements for record retention.

63 Prior year comparatives

Previous year's figures have been regrouped / rearranged, wherever considered necessary to correspond with the current year's
classifications / disclosures. Figures in brackets pertain to previous year. The impact of such reclassification / regrouping is not
material to the standalone financial statements.