Housing Development & Infrastructure Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2022

1. "The Company was admitted under the Insolvency and Bankruptcy Code, 2016 (IBC) on 20.08.19 vide the order of Hon’ble NCLT (Mumbai Bench) and the Interim Resolution Professional (“IRP”) took charge of the Corporate Debtor on 26.08.19. The Committee of Creditors (CoC) confirmed the appointment of Shri. Abhay Narayan Manudhane as the Resolution Professional (RP) in their meeting held on 08.01.20. 2.The CoC of the Company approved the Resolution Plans submitted by the three Resolution Applicants for six Verticals/Projects with requisite majority of the voting share as per the IBC and Regulations framed thereunder. The RP has filed necessary Applications before Hon'ble NCLT, Mumbai Bench for approval of the six Verticals/Projects. The company has not received compliant plan(s) for four Verticals/Projects. As required under the Code, application is filed with Hon'ble NCLT, Mumbai Bench, regarding the initiation of liquidation of said four Verticals for which no compliant resolution plan is received. 3.Due to absence of information including the backup papers and calculations as also due to non-availability of the erstwhile management and key managerial staff, prior period’s closing balances i.e., opening balances as on 01.04.19 could not be reconciled with the audited financial statements of the earlier year, thus are likely to have continuing impact on the financial results of the subsequent years.4. As reported by the transaction cum forensic auditors, there were numerous misstatements and errors in the classification and presentation of information in the financial statements of the prior years. However, due to non-availability of complete information, the said misstatements and errors could not be rectified. 5. In the absence of information, Interest Received Ind AS adjustment and Finance Expenses Ind AS adjustment are not made in the quarter. 6.In absence of vital information such as cost of acquisition and useful life, Intangible assets are not amortize.7.Due to absence of information Investments are not valued at Fair Value as per the requirements of the Indian Accounting Standards. 8.Due to the non-availability of audited financial statements of the subsidiaries and associates of the Company, the Company has been unable to prepare the consolidated financial statements of the group for the quarter and nine month ended 31.12.22.9.Due to absence of sufficient information, investments in partnership firm are not assessed for impairment, if any.10.Physical cash balance when compared to the books of accounts does not match. The reason for the discrepancies could not be ascertained and therefore, no effect of the same has been given in the accounts. 11.All bank accounts could not be reconciled with the bank statements due to non-availability of details.12.Due to non availability of information Ind AS adjustments relating to unwinding of finance cost is not made during the quarter.13.The Company has not made any adjustments for IND AS recognition of Lease revenue for quarter and nine month ending 31st December, 2022. 14.The Company is faced with certain on-going investigations initiated by governmental authorities such as Enforcement Directorate (ED), Economic Offences Wing (EOW), Serious Fraud Investigation Office (SFIO) and Central Bureau of Investigation (CBI). However, the outcome of such investigations and its effect on the financial statements cannot be ascertained. 15.As per the requirements of Ind AS-108, no disclosure is required as the Company is operating in single business segment.16.Previous year/period figures have been regrouped/reclassified, where necessary to conform to current period classification.17.The figures for the quarter ended December 31, 2022 are the balancing figures between the unaudited figures in respect of nine month ended on December 31, 2022 and the published September 30, 2022 figures. 18.The results for Third Quarter were approved on 09th February, 2023.