Embassy Developments Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2024

The standalone financial results of Indiabulls Real Estate Limited ('IBREL' or 'the Company') for the quarter and year ended 31 March 2024 have been reviewed by the Audit Committee and approved by the Board of Directors ('the Board') at its meeting held on 26 April 2024. The full year results have been subjected to audit by the Statutory Auditors.



The standalone financial results are prepared in accordance with the recognition and measurement principles of Indian Accounting Standards as notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) as specified in Section 133 of the Companies Act, 2013.



Figures for the quarters ended 31 March 2024 and 31 March 2023 represent the balancing figures between the audited figures for the full financial year and published reviewed year to date figures up to third quarter of the respective financial year.



During the year, the Company had filed an Appeal before the Hon’ble National Company Law Appellate Tribunal (“NCLAT”) against the Order dated May 9, 2023, pronounced by Hon’ble National Company Law Tribunal (“NCLT”), Chandigarh Bench, pursuant to which the sanction to the Merger of NAM Estates Private Limited (“NAM Estates”) and Embassy One Commercial Property Developments Private Limited (Embassy One”), both Embassy group entities, with the Company, has been withheld. Hon’ble NCLAT heard the arguments, in part in certain hearing, however, due to paucity of time, the arguments could not get completed and the matter is listed for next date of hearing i.e. May 22, 2024. The proposed Merger will be achieved through a cashless composite scheme of amalgamation of NAM Estates and Embassy One into the Company, in accordance with Section 230-232 of the Companies Act, 2013 read with the rules framed thereunder, as amended, and all applicable regulations and provisions, subject to necessary statutory and other approvals ("Scheme"). Upon effectiveness of the Merger, IBREL will issue its equity shares, in accordance with the approved share swap ratios, to the shareholders of NAM Estates and NAM Opco, which will include Embassy promoter and promoter entities, Embassy institutional investors and other shareholders.



During the quarter, the Company has acquired thirty wholly owned subsidiaries from certain step down subsidiaries of the Company.



Pursuant to voluntary application(s) made by (i) Aurora Builders and Developers Limited (“ABDL”), (ii) Hermes Builders and Developers Limited (“HBDL”), (iii) Indiabulls Housing and Land Development Limited (“IHLDL”) and (iv) Indiabulls Housing Developers Limited (“IHDL”), wholly owned subsidiaries of the Company, under Section 248 of the Companies Act, 2013, with the jurisdictional Registrar of Companies (“ROC”), to strike-off their names from the register of companies, the name of above four wholly owned subsidiaries have been struck off, subsequent to the year end, from the register of companies by ROC. Consequently, ABDL, HBDL, IHLDL and IHDL have been dissolved and ceased to be wholly owned subsidiaries of the Company. There have been no operations in these wholly owned subsidiaries for the past few years and it is found no longer feasible to continue them.



Previous period/year numbers have been regrouped/reclassified wherever considered necessary.