27) Investment in Associate Enterprise:
The Company has entered into an agreement with Zen Education and Learning ("ZEAL”) dated 24th October, 2024 to acquire 51.00% stake which has been approved in the board dated 19th October, 2024 for H 867 Lakhs (Indian Rupees Eight Crores Sixty Seven Lakhs only). The company has acquired 25.50% stake, profit sharing and voting rights in Zen Education and Learning ("ZEAL”) for H 433.50 Lakhs (Indian Rupees Four Crores Thirty Three Lakhs Fifty Thousand only) (comprising of H 83.50 Lakhs towards contribution amount and H 350 Lakhs towards goodwill amount) with effect from 24th October, 2024 and the remaining 25.50% stake, profit sharing and voting rights will be acquired upon fulfilment of prescribed conditions mentioned in the agreement on or before 30th October, 2025.
28) Slump Sale by Team Arihant Carmel Academy LLP:
On 21st January, 2025 Arihant Academy Limited incorporated a Business Transfer Agreement with Team Carmel Academy LLP to acquire its undertaking which is Education Services on a slump sale basis. The appointed date for the said agreement is 01st January, 2025.
The company valued the asset taken over including student contract/relationship, goodwill valued by the registered valuer. Aggregate consideration paid for acquiring the above stated assets and liabilities have been determined based on the independent valuer report as per the detailed below: 29) On 27th February, 2025 (the appointed date) Arihant Academy Limited incorporated a Business Transfer Agreement with Carmel Tuitions and Carmel Classes to acquire its undertaking which is Education Services on a slump sale basis. The appointed date for the said agreement is 01st April, 2025.
The company has paid advance amounting to H 50 Lakhs (Indian Rupees Fifty Lakhs only) each to Carmel Tutions and Carmel Classes.
34) In the opinion of the Board of Directors the current assets, loan and advances are approximately of the value stated, if realised in the ordinary course of business. The provisions for all known liabilities is adequate and not in excess of the amount reasonably necessary.
37) Events occurring after the balance sheet date Proposed Dividend
The Board of Directors at their meeting held on 29th May 2025 has recommended final dividend of H 1.00/- per equity share for the financial year ended 31st March, 2025 which is subject to the approval of the members at the annual general meeting. Cash outflow will be H 60.55 Lakhs.
38) The Company does not have any earnings in foreign currency.
39) The company operates only in one business segment which is coaching services. Further, the company operates and controls its business activities within India. Hence disclosure of segment wise information is not applicable under Accounting Standard-17 "Segment Reporting” (AS-17).
40) During the year, the company has not executed any transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.
41) There are no transactions which were not recorded in books of accounts and have been surrendered or disclosed as income during the year in the tax assessments under Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
42) 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.
43) The Company has neither traded nor invested in crypo currency or virtual currency during the year.
44) Previous year's figures have been regrouped, rearranged or recast to make them comparable wherever necessary.