Anant Raj Limited

(FormerlyArrant Raj Industries Limited)

CIN : L45400HR1985PLC021622
Head Off: H-65, Connaught Circus, New DelhH 10 001
Tel: 011 -43034400, 23324127, 23323880 Fax: 011 -43582879 Anant Raj Limite
E-mail : [email protected] Website : www.anantrajtimtted.com
Regd. Office : CP-1, Sector-B, IMT Manesar, Haryana-122051
Telefax: (0124) 4265817

ARL/CS/ 13190 June 16, 2022

The Manager The Secretary,
Listing Department The National Stock Exchange of India
The BSE Limited, Limited,
Phiroze Jee Jee Bhoy Towers, "Exchange Plaza", 5th Floor,
I Dalal Street, Mumbai -400001 Plot No. · C/1, G-Block, Bandra -
Complex, Bandra (E), Mumbai-400051
Kurla

Scrip code: 515055 Scrip code: ANANTRAJ

Subject: Annual Report 2021-22 and Notice of 37th Annual General Meeting (AGM)

Dear Sir,

This has further to our communication dated June 7, 2022 intimating the 3yth Annual General
Meeting (AGM) to be held on Monday, July 11, 2022.

In compliance with Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015, we are sending herewith Annual Report for the financial year 2021-2022
along with Notice of 37th Annual General Meeting which has been dispatched/sent to the
shareholders at their registered address by post
"
The Annual Report and AGM notice are also available on the Company's website
www.anantrajlimited.com

We request you to take the above information on record.

Thanking You,

Encl: As above
 ANANT RAJ LIMITED
(CIN: L45400HR1985PLC021622)
Registered office: Plot No. CP-1, Sector-8, IMT Manesar, Gurugram, Haryana-122051 Telefax: (0124) 4265817
Head Office: H-65, Connaught Circus, New Delhi-110001 Tel: 011-43034400, 43034426, Fax: 011-43582879
Email: [email protected] Website: www.anantrajlimited.com

NOTICE OF THIRTY SEVENTH (37TH) ANNUAL GENERAL MEETING

To,
The Member(s)
Anant Raj Limited
NOTICE is hereby given that the Thirty Seventh (37 ) Annual General Mee ng (AGM) of the members of Anant Raj Limited (“the Company”) will
be held on Monday, July 11, 2022 at 09:30 A.M. at the registered office of the Company at Plot No. CP-1, Sector-8, IMT Manesar, Gurugram,
Haryana -122051 to transact the following businesses as set out herein:
ORDINARY BUSINESS:
Item No. 01: To receive, consider and adopt the Audited Financial Statements (Standalone & Consolidated) of the Company for the financial
year ended March 31, 2022 together with the reports of the Board of Directors and Auditors thereon.
To consider and if thought fit, to pass, with or without modifica on(s), the following resolu on as an Ordinary Resolu on:
“RESOLVED THAT the Audited Financial Statements (Standalone & Consolidated) of the Company for the financial year ended March 31, 2022,
together with the reports of the Board of Directors and Auditors thereon be and are hereby received, considered and adopted.”
Item No. 02: To declare final dividend on equity shares for the financial year ended March 31, 2022.
To consider and if thought fit, to pass the following resolu on, with or without modifica on(s), as an Ordinary Resolu on:
“RESOLVED THAT the final dividend at the rate of Re 0.12 per equity share (i.e. 6% on equity share of Rs. 2/- each) fully paid up share capital of
the Company, as recommended by the Board of Directors, be and is hereby declared for the financial year ended March 31, 2022 and the same
be paid out of the profits of the Company for the financial year ended March 31, 2022.”
Item no. 03: To appoint a Director in place of Sh. Amit Sarin (DIN:00015837), who re re by rota on at this Annual General Mee ng and being
eligible offers himself for re-appointment.
To consider and if thought fit, to pass the following resolu on, with or without modifica on(s), as an Ordinary Resolu on:
“RESOLVED THAT pursuant to the provisions of sec on 152 of the Companies Act, 2013, Sh. Amit Sarin (DIN: 00015837), who re res by rota on
and being eligible offers himself for re-appointment, be and is hereby re-appointed as a director of the company.”
Item no. 04: To appoint M/s Ranjana Vandana & Co., Chartered Accountants (Firm’s Registra on No.: 008961C) as the Statutory Auditors of
the Company and fix their remunera on.
To consider and if thought fit, to pass the following resolu on, with or without modifica on(s), as an Ordinary Resolu on:
“RESOLVED THAT pursuant to Sec ons 139, 141, 142 and other applicable provisions, if any, of the Companies Act, 2013 and the Rules made
there under (including any statutory modifica on(s) or re-enactment thereof for the me being in force), M/s. Ranjana Vandana & Co.,
Chartered Accountants, (Firm’s Registra on No. 008961C) be and is hereby appointed as Statutory Auditors of the Company, in place of M/s
Vinod Kumar Bindal & Co., Chartered Accountants, New Delhi (Firm Registra on No.003820N), the re ring statutory auditors whose tenure
expires at this Annual General Mee ng (AGM), to hold office as such from the conclusion of this AGM for a period of five consecu ve years un l
the conclusion of the 42ⁿ AGM of the Company to be held in the calendar year 2027, on such terms and condi ons including remunera on (plus
taxes, as applicable and reimbursement of out-of-pocket expenses, if any,) as may be fixed by the Board of Directors of the Company, based on
the recommenda ons of the Audit Commi ee and/or provided in the explanatory statement.”
SPECIAL BUSINESS:
Item No. 05: To ra fy the remunera on payable to M/s Yogesh Gupta & Associates, Cost Auditors of the Company for the financial year 2022-23.
To consider and if thought fit, to pass, with or without modifica on(s), the following resolu on as an Ordinary Resolu on:
“RESOLVED THAT pursuant to the provisions of Sec on 148 and other applicable provisions, if any, of the Companies Act, 2013 (the Act), read

1
with the rule 14 of the Companies (Audit and Auditors) Rules, 2014 (including any statutory modifica on(s) or re-enactment thereof, for the
me being in force) and based on the recommenda on of Audit Commi ee, the remunera on of Rs. 75,000/- (Rupees Seventy Five Thousand
Only) per annum and approved by the Board of Directors, payable to M/s Yogesh Gupta & Associates, Cost Accountants, Delhi (Firm Registra on
No.000373), appointed by the Board of Directors of the Company as Cost Auditors for the financial year 2022-2023 to conduct an audit of cost
accoun ng records, as prescribed under the Companies (Cost Records & Audit) Rules, 2014 and amendments made thereto be and is hereby
ra fied.
RESOLVED FURTHER THAT Board of Directors of the Company be and is hereby authorized to do all acts, deeds and things and take all steps as
may be necessary, proper and expedient to give effect to this resolu on”.
Item No. 06: To approve and increase in the limit of managerial remunera on payable to Sh. Amit Sarin, Managing Director.
To consider and if thought fit, to pass, with or without modifica on(s), the following resolu on as a Special Resolu on:
"RESOLVED THAT in furtherance to the resolu on passed by the members of the Company dated April 21, 2021, pursuant to the provisions of
sec on 197, 198 and other applicable provisions, if any, of the Companies Act, 2013("the Act") read with schedule V and relevant rules made
thereunder (including any statutory modifica on(s) or re-enactment thereof for the me being in force) and Regula on 17 of SEBI (Lis ng
Obliga ons and Disclosure Requirements) Regula ons, 2015 and the Ar cles of Associa on of the Company and upon the recommenda on of
Nomina on and Remunera on Commi ee & approval of Audit Commi ee and subject to approval of any other statutory authority(ies), if
applicable, the approval of the members be and is hereby accorded for increase in remunera on of Sh. Amit Sarin (DIN:00015837), Managing
Director of the Company from Rs. 7,50,000/- per month to Rs. 10,00,000/- per month w.e.f April 1, 2022 ll the expiry of his tenure i.e.
December 31, 2025, as set out below:
Basic Salary: Rs. 6,00,000/- per month
House Rent Allowance: Rs.3,00,000/-per month (50% of basic salary)
Other benefits as per Company’s rules upto Rs. 1,00,000/- per month
RESOLVED FURTHER THAT Sh. Amit Sarin will not be en tled to any si ng fees for a ending the mee ngs of the Board or Commi ees thereof,
unless otherwise decided by the Board of Directors of the Company.
RESOLVED FURTHER THAT in the event of loss, absence or inadequacy of profits of the Company, during the term of the office of Sh. Amit Sarin
the remunera on as men oned shall be paid to him as minimum remunera on subject to necessary compliances of the provisions of the
Companies Act, 2013 read with Schedule V.
RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorized to alter, enhance, enlarge, widen or vary such
terms & condi ons (including remunera on) as it may deem appropriate in rela on to Sh. Amit Sarin in the capacity of Managing Director of the
Company during his remaining tenure commencing from April 01, 2022 on the recommenda ons of Nomina on & Remunera on Commi ee of
the Company and in compliance with the relevant provisions of the Companies Act, 2013 /Income Tax Act, 1961 and/or the rules and regula ons
made there under and/or such guidelines, as may be announced by the Central Government or regulatory authority, from me to me.
RESOLVED FURTHER THAT any Director or the Key Managerial Personnel of the Company be and is hereby authorized to do all such acts, deeds,
ma ers and take all such steps as may be necessary, proper or expedient to give effect to this resolu on including but not limited to filing of
necessary forms and returns with the concerned Registrar of Companies and other regulatory authori es, if required.
Item No. 07: To approve and increase in the limit of managerial remunera on payable to Sh. Aman Sarin , Whole Time Director and Chief
Execu ve Officer.
To consider and if thought fit, to pass, with or without modifica on(s), the following resolu on as a Special Resolu on:
"RESOLVED THAT in furtherance to the resolu on passed by the members of the Company dated April 21, 2021, pursuant to the provisions of
sec on 197, 198 and other applicable provisions, if any, of the Companies Act, 2013 ("the Act") read with schedule V and relevant rules made
thereunder (including any statutory modifica on(s) or re-enactment thereof for the me being in force) and Regula on 17 of SEBI (Lis ng
Obliga ons and Disclosure Requirements) Regula ons, 2015 and the Ar cles of Associa on of the Company, and upon the recommenda on of
Nomina on and Remunera on Commi ee & approval of Audit Commi ee and subject to approval of any other statutory authority(ies), if
applicable, the approval of the members be and is hereby accorded for increase in remunera on of Sh. Aman Sarin (DIN:00015887), Whole
Time Director & Chief Execu ve Officer of the Company from Rs. 7,50,000/- per month to Rs. 10,00,000/- per month w.e.f April 1, 2022 ll the
expiry of his tenure i.e. December 31, 2025, as set out below:
Basic Salary: Rs. 5,00,000/- per month
House Rent Allowance: Rs. 2,50,000/- per month (50% of Basic Salary)
Special Allowance: Rs. 1,50,000/- per month
Other benefits as per Company’s rules upto Rs. 1,00,000/- per month.
RESOLVED FURTHER THAT Sh. Aman Sarin will not be en tled to any si ng fees for a ending the mee ngs of the Board or Commi ees thereof,

2
unless otherwise decided by the Board of Directors of the Company.
RESOLVED FURTHER THAT in the event of loss, absence or inadequacy of profits of the Company, during the term of the office of Sh. Aman Sarin
the remunera on as men oned shall be paid to him as minimum remunera on subject to necessary compliances of the provisions of the
Companies Act, 2013 read with Schedule V.
RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorized to alter, enhance, enlarge, widen or vary such
terms & condi ons (including remunera on) as it may deem appropriate in rela on to Sh. Aman Sarin in the capacity of Whole Time Director &
Chief Execu ve Officer of the Company during his remaining tenure commencing from April 01, 2022 on the recommenda ons of Nomina on &
Remunera on Commi ee of the Company and in compliance with the relevant provisions of the Companies Act, 2013 /Income Tax Act, 1961
and/or the rules and regula ons made there under and/or such guidelines, as may be announced by the Central Government or regulatory
authority, from me to me.
RESOLVED FURTHER THAT any Director or the Key Managerial Personnel of the Company be and is hereby authorized to do all such acts, deeds,
ma ers and take all such steps as may be necessary, proper or expedient to give effect to this resolu on including but not limited to filing of
necessary forms and returns with the concerned Registrar of Companies and other regulatory authori es, if required.
Item No. 08: To approve and increase in the limit of managerial remunera on payable to Sh. Ashim Sarin, Whole Time Director and Chief
Opera ng Officer.
To consider and if thought fit, to pass, with or without modifica on(s), the following resolu on as a Special Resolu on:
"RESOLVED THAT in furtherance to the resolu on passed by the members of the Company dated April 21, 2021, pursuant to the provisions of
sec on 197, 198 and other applicable provisions, if any, of the Companies Act, 2013 ("the Act") read with schedule V and relevant rules made
thereunder (including any statutory modifica on(s) or re-enactment thereof for the me being in force) and Regula on 17 of SEBI (Lis ng
Obliga ons and Disclosure Requirements) Regula ons, 2015 and the Ar cles of Associa on of the Company, and upon the recommenda on of
Nomina on and Remunera on Commi ee & approval of Audit Commi ee and subject to approval of any other statutory authority(ies), if
applicable, the approval of the members be and is hereby accorded for increase in remunera on of Sh. Ashim Sarin (DIN:00291515), Whole
Time Director & Chief Execu ve Officer of the Company from Rs. 7,50,000/- per month to Rs. 10,00,000/- per month w.e.f April 1, 2022 ll the
expiry of his tenure i.e. December 31, 2025, as set out below:
Basic Salary: Rs. 5,00,000/- per month
House Rent Allowance: Rs. 2,50,000/- per month (50% of Basic Salary)
Special Allowance: Rs. 1,50,000/- per month
Other benefits as per Company’s rules upto Rs. 1,00,000/- per month.
RESOLVED FURTHER THAT Sh. Ashim Sarin will not be en tled to any si ng fees for a ending the mee ngs of the Board or Commi ees thereof,
unless otherwise decided by the Board of Directors of the Company.
RESOLVED FURTHER THAT in the event of loss, absence or inadequacy of profits of the Company, during the term of the office of Sh. Ashim Sarin
the remunera on as men oned shall be paid to him as minimum remunera on subject to necessary compliances of the provisions of the
Companies Act, 2013 read with Schedule V.
RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorized to alter, enhance, enlarge, widen or vary such
terms & condi ons (including remunera on) as it may deem appropriate in rela on to Sh. Ashim Sarin in the capacity of Whole Time Director &
Chief Opera ng Officer of the Company during his remaining tenure commencing from April 01, 2022 on the recommenda ons of Nomina on
& Remunera on Commi ee of the Company and in compliance with the relevant provisions of the Companies Act, 2013 /Income Tax Act, 1961
and/or the rules and regula ons made there under and/or such guidelines, as may be announced by the Central Government or regulatory
authority, from me to me.
RESOLVED FURTHER THAT any Director or the Key Managerial Personnel of the Company be and is hereby authorized to do all such acts, deeds,
ma ers and take all such steps as may be necessary, proper or expedient to give effect to this resolu on including but not limited to filing of
necessary forms and returns with the concerned Registrar of Companies and other regulatory authori es, if required.
By order of the Board of Directors
For Anant Raj Limited

Sd/-
Place: New Delhi Manoj Pahwa
Date: June 7, 2022 Company Secretary
Membership No. A7812

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NOTES:
1. An Explanatory Statement pursuant to Sec on 102 of the Companies Act, 2013 rela ng to Businesses under Item No. 4 to 8 of the
accompanying No ce, to be transacted at the 37 Annual General Mee ng (AGM), is annexed hereto and forms part of this no ce.
2. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE AGM IS ENTITLED TO APPOINT A PROXY/PROXIES TO ATTEND AND VOTE ON A POLL
INSTEAD OF HIMSELF/HERSELF AND THE PROXY/PROXIES NEED NOT BE A MEMBER OF THE COMPANY.
The instrument appoin ng the proxy (Proxy Form), in order to be effec ve, must be lodged/deposited, duly completed and signed, at the
Registered Office of the Company not less than (48) Forty-Eight Hours before the commencement of the AGM. Proxies submi ed on behalf
of the companies, socie es etc., must be supported by an appropriate resolu on/authority, as applicable.
Pursuant to the provisions of Sec on 105 of the Companies Act, 2013, a person can act as proxy on behalf of members not exceeding fi y
(50) and holding in the aggregate not more than 10% (Ten Percent) of the total share capital of the Company carrying vo ng rights. A
member holding more than 10% (Ten Percent) of the total share capital of the Company carrying vo ng rights may appoint a single person
as proxy, who shall not act as a proxy for any other person or shareholder. The appointment of proxy shall be in the Form No. MGT-11, which
is annexed herewith.
During the period beginning 24 hours before the me fixed for the commencement of the mee ng and ending with the conclusion of
mee ng, a member would be en tled to inspect the proxies lodged during the business hours of the Company, provided that not less than
three days’ no ce in wri ng is given to the Company.
3. Corporate Members intending to send their authorized representa ves to a end the AGM pursuant to sec on 113 of the Companies Act,
2013 are requested to submit a Cer fied True Copy of the Board Resolu on/Power of A orney together with their respec ve specimen
signatures authorizing their representa ve(s) to a end and vote on their behalf at the AGM or through email at
[email protected].
4. SEBI vide its Circular dated November 03, 2021 has made it mandatory for the shareholders holding shares in physical form to furnish PAN,
KYC details and Nomina on viz Forms ISR-1, ISR-2, ISR-3, SH-13, SH-14. A copy of such forms can be downloaded from the website of the
Company at www.anantrajlimited.com. In case of failure to provide required documents and details as per the aforesaid Circular, all folios
of such shareholders shall be frozen on or a er April 01, 2023 by the RTA. Further, such frozen securi es shall be referred by the RTA or the
Company to the administering authority under the Benami Transac ons (Prohibi ons) Act, 1988 and/or Preven on of Money Laundering
Act, 2002, if they con nue to remain frozen as of December 31, 2025.
In compliance with the above stated Circular, the Company has sent individual communica on to its shareholders holding shares in the
physical form reques ng them to update their PAN, KYC details and Nomina on. In order to avoid freezing of folios, such members are
requested to furnish details in the prescribed form as men oned in the aforesaid SEBI circular along with the suppor ng documents,
wherever required, to our RTA, Alankit Assignments Limited, for immediate ac on.
In case of any query/assistance, members are requested to contact our RTA, Alankit Assignments Limited, at Alankit House, 4E/2,
Jhandewalan Extension, New Delhi-110055 (Phone No. 011-42541955; Email: [email protected])
5. On and from April 1, 2019, requests for effec ng transfer of securi es shall not be processed unless the securi es are held in the
dematerialised form. In addi on to that, as per the recent amendments to SEBI (Lis ng Obliga ons and Disclosure Requirements)
Regula ons, 2015 effec ve from January 24, 2022 and SEBI’s Circular SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated January 25,
2022, it has been mandated that listed companies shall henceforth issue the securi es in dematerialized form only while processing the
service requests for (a) issue of duplicate securi es cer ficate; (b) claim from Unclaimed Suspense Account; (c) Renewal/Exchange of
securi es cer ficate; (d) Endorsement; (e) Sub-division/Spli ng of securi es cer ficate; (f) Consolida on of securi es cer ficates/folios;
(h) Transmission, and (i) Transposi on.
Accordingly, members are requested to make services request by submi ng a duly filed and signed form ISR-4. A copy of such form can be
downloaded from the website of the Company at www.anantrajlimited.com
In accordance with the said Circular, our RTA shall verify and process the service requests and therea er issue a ‘Le er of confirma on’ in
lieu of physical securi es cer ficate(s), to the securi es holder/claimant. Such ‘Le er of Confirma on’ shall be valid for a period of 120 days
from the date of its issuance, within which the securi es holder/claimant shall make a request to the Depository Par cipant for
dematerializing the said securi es.
6. Pursuant to the changes introduced by the Finance Act, 2020 w.e.f. April 1, 2020, the Company would be required to deduct tax at source
(TDS) at the prescribed rates on the dividend paid to its shareholders. The TDS rate would vary depending on the residen al status of the
shareholder and the documents submi ed by them and accepted by the Company. For the prescribed rates for various categories, the
shareholders are requested to refer the Finance Act, 2020 and amendments thereof. Some of the major features of the latest tax provisions
on dividend distribu on are stated as hereunder for a quick reference.

4
 For Resident Shareholders, tax shall be deducted at source under sec on 194 of the Income tax Act, 1961 at 10% on the amount of
Dividend declared and paid by the Company during financial year 2022-23 provided PAN is provided by the shareholder. If PAN is not
submi ed, TDS would be deducted @20% as per Sec on 206AA of the Income Tax Act, 1961.
However, no TDS shall be deducted on the Dividend Payable to a resident individual if the total dividend to be received by them during
financial year 2022-23 does not exceed Rs. 5000/- Please note that this includes the future dividends, if any, which may be declared by the
Board in the financial year 2022-23.
In cases where the shareholder provides Form 15G (applicable to any person other a Company or a Firm)/ Form 15 H (applicable to an
Individual above the age of 60 years), provided that the eligibility condi ons are being met, no tax at source shall be deducted.
Apart from the above, since the TDS/Withholding rates are different for resident and non-resident shareholders, members are requested
to confirm their residen al status as per the provisions of the Income Tax Act, 1961, by email at [email protected] with carbon copy to
[email protected]
In view of above provisions, the shareholders are requested to update their PAN with the Company/R&T Agent (in case shares held in
physical mode) and with the depositories (in case shares held in demat mode). A Resident Individual shareholder with PAN and who is not
liable to pay income tax can submit a yearly declara on in Form No. 15G/15H as aforesaid, to avail the benefits to non-deduc on of tax at
source, by sending email to [email protected]/[email protected] upto 5:00 p.m. on June21, 2022.
Non-resident shareholders can avail beneficial rates under tax treaty between India and their country of residence, subject to providing
necessary document i.e. No Permanent Establishment and Beneficial Ownership Declara on, Tax Residency Cer ficate, Form 10F, any
other document which may be required to avail the tax treaty benefits under the provisions of Income Tax Act, 1961 by sending an email to
[email protected]/ [email protected] upto 5:00 p.m. on July 4, 2022.
7. In case of joint holders a ending the mee ng, only such joint holder who is higher in the order of their names as men oned in the register
of members will be en tled to vote.
8. In terms of Sec on 72 of the Companies Act, 2013, a member of the Company may nominate a person on whom the shares held by him/her
shall vest in the event of his/her death. Members desirous of availing this facility may submit nomina on in prescribed Form SH-13
(available on the website of the Company i.e www.anantrajlimited.com) to the Company/RTA in case shares are held in physical form and
to their respec ve depository par cipant, if held in electronic form.
9. Pursuant to the provisions of sec on 91 of the Companies Act, 2013, the Register of Members and Share Transfer Books of the Company
shall remain closed during the book closure period i.e. from Tuesday, July 5, 2022 to Monday, July 11, 2022 (both days inclusive).
10. (a) This No ce is being sent to all the members whose name appears as on June 3, 2022 in the Register of Members or beneficial owner as
received from M/s Alankit Assignments Limited, the Registrar and Transfer Agent of the Company or the Depositories, respec vely.
(b) The vo ng rights of shareholders shall be in propor on to their shares of the paid up equity share capital of the Company as on the
closing me of Monday, July 4, 2022, being the cut-off date. Members are eligible to cast vote electronically only if they are holding
shares as on that date. A person who is not a member as on the cut-off date shall treat this no ce for informa on purpose only. All the
members as on the cut-off date as well as date of AGM shall have right to a end the AGM.
11. The dividend as recommended by the Board of Directors, if declared at the Annual General Mee ng will be paid to those members whose name
appear as:
a) Beneficial Owners as at the end of business hours on Monday, July 4, 2022 on the lists of Beneficial Owners to be furnished by Na onal
Securi es Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) in respect of the shares held in electronic
form; and
b) Members in the Register of Members of the Company a er giving effect to valid transmission and transposi on requests lodged with
the Company on or before the closing hours on Monday, July 4, 2022.
The dividend on Equity Shares, if declared at the Annual General Mee ng, shall be paid on and a er Saturday, July 16, 2022 and within
a period of 30 days from the date of Annual General Mee ng.
12. To prevent fraudulent transac ons, the shareholders are advised to exercise due diligence and no fy the Company of any change in
address or demise of any shareholder as soon as possible. Shareholders are also advised to not leave their Demat account(s) dormant for a
long me. Periodic statement of holdings should be obtained from the concerned Depository Par cipant and holdings should be verified
from me to me.
13. Pursuant to the provisions of Sec on 124 of the Companies Act, 2013 (‘the Act’) read with the Investor Educa on and Protec on Fund
Authority (Accoun ng, Audit, Transfer and Refund) Rules, 2016 (‘IEPF Rules’), (including any statutory modifica on(s) / re-enactment(s)
/amendment(s) thereof, for the me being in force), the dividend which remains unpaid / unclaimed for a period of seven years from the
date of transfer to the unpaid / unclaimed dividend account of the Company is required to be transferred to the Investor Educa on and

5
 Protec on Fund (IEPF) established by the Central Government. As per the IEPF Rules, the corresponding shares in respect of which
dividend has not been paid or claimed by the Members for seven (7) consecu ve years or more shall also be transferred to the
dematerialized account created by the IEPF authority. The Company had, accordingly transferred a sum of Rs. 4,18,511 (Rupees Four Lakh
Eighteen Thousand Five Hundred Eleven only) in the unpaid/unclaimed dividend for the year 2013-2014 to the Investor Educa on and
Protec on Fund (‘IEPF’) established by the Central Government.
Further, in compliance with the provisions laid down in IEPF Rules, the Company had sent individual no ces and also adver sed in the
newspapers seeking ac on from the Members who have not claimed their dividends for seven (7) consecu ve years or more. Accordingly,
the Company has transferred all corresponding shares on which dividend remained unclaimed for a period of seven (7) years from 2013-14,
to the Demat Account of the IEPF. It may please be noted that no claim shall lie against the Company in respect of share(s) transferred to
IEPF pursuant to the said Rules.
Members who have not yet encashed their dividend warrant for the financial year ended March 31, 2015 and for any subsequent financial
year are requested to make their claim on or before September 30, 2022 without any delay, to avoid transfer of the dividend / shares to the
fund / IEPF authority.
Details of unclaimed dividend in respect of the financial year ended March 31, 2015 are available on the Company’s website
www.anantrajlimited.com.
Members/claimants whose shares, unclaimed dividends, have been transferred to the IEPF Demat account of the fund, as the case may be,
may claim the shares or apply for refund by making an applica on to IEPF Authority through Web Form IEPF-5. Further details of the same
are available on h p: www.iepf.gov.in.
The statement containing details of Name, Address, Folio number, Demat Account No. and number of shares due for transfer to IEPF demat
account is made available on our website www.anantrajlimited.com.
The shareholders are encouraged to verify their records and claim their dividends of the preceding seven years, if not claimed.
14. Member(s) holding shares in physical form are requested to no fy the Company at its head office or Company’s Registrar and Transfer
Agent (RTA), M/s Alankit Assignments Limited at its office at Alankit House, 4E/2, Jhandewalan Extension, New Delhi-110055; phone 011-
42541955 and Email Id: [email protected] of any change in their addresses/Bank Mandates, Na onal Electronic Clearing Service (NECS),
Electronic Clearing Service (ECS), nomina ons, power of a orney, contact numbers and e-mail ids.
15. Members holding shares in electronic form are requested to in mate all changes pertaining to their bank mandates, Na onal Electronic
Clearing Service (NECS), Electronic Clearing Service (ECS), nomina ons, power of a orney, contact numbers, change in address and e-mail
addresses to their respec ve Depository Par cipants with whom they are maintaining their demat accounts. Changes in mated to the
Depository Par cipants will be automa cally reflected in the Company’s record which will help the Company and RTA to provide efficient
and be er services.
16. Members are hereby informed that Securi es and Exchange Board of India (SEBI) has made it mandatory for all the listed companies to
make cash payments through electronic payment mode to the investors. Members holding shares in electronic form are hereby informed
that bank par culars registered against their respec ve depository accounts will be used by the Company for payment of dividend(s). The
Company or its Registrar and Share Transfer Agent cannot act on any request received directly from the members holding shares in
electronic form for any change of bank par culars or bank mandates. Such changes are to be advised only to the respec ve depository
par cipant of the Members. It is further directed that in case electronic payment is rejected or returned, the Company shall mandatorily
print the bank account details of the investor on payment instrument. Members are requested to provide their updated bank account
par culars allo ed a er implementa on of CBS to enable the Company to electronically credit dividend directly in their respec ve bank
accounts. Members holding shares in physical form and desirous of either registering bank par culars or changing bank par culars already
registered against their respec ve folios for payment of dividend(s) are requested to provide their latest bank account details (core banking
solu ons folio number along with an original cancelled cheque and form ISR-1 to the company's share registrar and transfer agent).
17. The Register of Directors and Key Managerial Personnel and their shareholding maintained under Sec on 170 of the Companies Act, 2013,
the Register of Contracts or Arrangements in which the directors are interested, maintained under Sec on 189 of the Companies Act, 2013,
will be available for inspec on by the members at the AGM.
18. All relevant documents referred to in the accompanying No ce, as well as Annual Reports and Annual Accounts of the Subsidiary
Companies whose Annual Accounts have been consolidated with the Company are open for inspec on at the Registered Office of the
Company, during the office hours, on all working days between 9.30 A.M. to 1.00 P.M. upto the date of AGM as well as at the venue of AGM.
19. Electronic copy of the no ce and the annual report for the year 2021-22 is being sent to members whose email addresses are registered
with the Company/ depository par cipants for communica on purpose unless any member has requested for a hard copy of the same. The
members who have not registered their email addresses, physical copies of the same are being sent in the permi ed mode.

6
20. The Ministry of Corporate Affairs (vide circular nos. 17/2011 and 18/2011 dated April 21, 2011 and April 29, 2011 respec vely), has
undertaken a ‘Green Ini a ve in Corporate Governance’ and allowed companies to share documents with its shareholders through
electronic mode. Members are requested to support this green ini a ve by registering/uploading their email addresses, in respect of
shares held in dematerialized form with their respec ve Depository Par cipant and in respect of shares held in physical form with the
Company’s Registrar and Share Transfer Agents.
21. Members are requested to send their queries concerning the financial statements and opera ons of the Company at least 10 days before
the date of AGM to the Company Secretary at its Registered Office/Head office or by sending an email to [email protected]
so that informa on can be made available at the mee ng.
22. Members holding shares in Physical form, in iden cal order of names, in more than one folio are requested to send to the Company or
Alankit Assignment Limited (RTA), the details of such folio together with the share cer ficates for consolida ng their shareholding in one
folio.
23. Members who have not registered their e-mail addresses with the Company can now register the same by submi ng a request le er in
this respect to the Company/Registrar & Share Transfer Agents, M/s. Alankit Assignments Limited. Members holding shares in demat form
are requested to register their e-mail address with their Depository Par cipant(s) only.
24. Member(s) may also note that in line with the MCA Circulars and SEBI Circular, the No ce of the 37 AGM and the Annual Report for
Financial Year 2021-22 will be available on the website of the Company at www.anantrajlimited.com., on the website of Stock Exchanges i.e
BSE Limited and Na onal Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com respec vely and on the website of
NSDL h ps://www.evo ng.nsdl.com/
25. A endance slip and the route map showing direc ons to reach the venue of the thirty-seventh (37 ) Annual General Mee ng is enclosed
as per the requirements of Secretarial Standard-2 of “General Mee ngs.”
26. Vo ng by Members:
The vo ng for the agenda items as set forth in the No ce shall be done in the following manner:
a) Members may cast their votes through electronic means by using an electronic vo ng system from a place other than the venue of
AGM (Remote E-vo ng) in the manner provided below.
b) At the venue of AGM, vo ng shall be done through Ballot Paper and the members a ending the AGM, who have not casted their vote
by Remote E-vo ng shall be en tled to cast their vote through Ballot Paper.
c) A member may par cipate in the AGM even a er exercising his right to vote through Remote E-vo ng but shall not be allowed to vote
again at the venue of the AGM. If a member casts vote through Remote E-vo ng and also at the AGM, then vo ng done through
Remote E-vo ng shall prevail and vo ng done at the AGM shall be treated as invalid.
(I) Vo ng through Electronic means
In accordance with the provisions of Sec on 108 of the Companies Act, 2013, read with Rule 20 of the Companies (Management &
Administra on) Rules, 2014, as amended from me to me and Regula on 44 of the SEBI (Lis ng Obliga ons and Disclosure
Requirements) Regula ons, 2015 and Secretarial Standard on General Mee ng (SS-2) issued by Ins tute of Company Secretaries of India,
the Company is pleased to provide the facility to members to exercise their right to vote on resolu ons set forth in this no ce by electronic
means from a place other than venue of the Annual General Mee ng (“remote e-vo ng”). The Company has engaged the services of
Na onal Securi es Depository Limited (NSDL) in respect of all the business to be transacted at the aforesaid Annual General Mee ng of the
Company. However, it may be noted that E-vo ng is op onal.
Members holding shares in either physical or dematerialized form as on Monday, July 4, 2022 may cast their votes electronically. The
remote e-vo ng period will commence on Friday, July 8, 2022 (9:00 am) and ends on Sunday, July 10, 2022 (5:00 pm). The remote e-vo ng
module shall be disabled by NSDL for vo ng therea er.
The Members desiring to vote through electronic mode may refer to the detailed procedure on e-vo ng given hereina er:
How do I vote electronically using NSDL e-Vo ng system?
The way to vote electronically on NSDL e-Vo ng system consists of “Two Steps” which are men oned below:
Step 1: Access to NSDL e-Vo ng system
A) Login method for e-Vo ng for Individual shareholders holding securi es in demat mode
In terms of SEBI circular dated December 9, 2020 on e-Vo ng facility provided by Listed Companies, Individual shareholders holding securi es in
demat mode are allowed to vote through their demat account maintained with Depositories and Depository Par cipants. Shareholders are
advised to update their mobile number and email Id in their demat accounts in order to access e-Vo ng facility.

7
Login method for Individual shareholders holding securi es in demat mode is given below:

Type of shareholders Login Method

Individual Shareholders holding 1. Exis ng IDeAS user can visit the e-Services website of NSDL Viz. h ps://eservices.nsdl.com either on a
securi es in demat mode with Personal Computer or on a mobile. On the e-Services home page click on the “Beneficial Owner” icon
NSDL. under “Login” which is available under ‘IDeAS’ sec on, this will prompt you to enter your exis ng User ID
and Password. A er successful authen ca on, you will be able to see e-Vo ng services under Value added
services. Click on “Access to e-Vo ng” under e-Vo ng services and you will be able to see e-Vo ng page.
Click on company name or e-Vo ng service provider i.e. NSDL and you will be re-directed to e-Vo ng
website of NSDL for cas ng your vote during the remote e-Vo ng period.
2. If you are not registered for IDeAS e-Services, op on to register is available at h ps://eservices.nsdl.com.
S e l e c t “ R e g i s t e r O n l i n e f o r I D e A S P o r t a l ” o r c l i c k a t
h ps://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
3. Visit the e-Vo ng website of NSDL. Open web browser by typing the following URL:
h ps://www.evo ng.nsdl.com/ either on a Personal Computer or on a mobile. Once the home page of e-
Vo ng system is launched, click on the icon “Login” which is available under ‘Shareholder/Member’
sec on. A new screen will open. You will have to enter your User ID (i.e. your sixteen digit demat account
number held with NSDL), Password/OTP and a Verifica on Code as shown on the screen. A er successful
authen ca on, you will be redirected to NSDL Depository site wherein you can see e-Vo ng page. Click on
company name or e-Vo ng service provider i.e. NSDL and you will be redirected to e-Vo ng website of
NSDL for cas ng your vote during the remote e-Vo ng period.
4. Shareholders/Members can also download NSDL Mobile App “NSDL Speede” facility by scanning the QR
code men oned below for seamless vo ng experience.

NSDL Mobile App is available on

Individual Shareholders holding 1. Exis ng users who have opted for Easi / Easiest, they can login through their user id and password.
securi es in demat mode with Op on will be made available to reach e-Vo ng page without any further authen ca on. The URL
CDSL for users to login to Easi / Easiest are h ps://web.cdslindia.com/myeasi/home/login or
www.cdslindia.com and click on New System Myeasi.
2. A er successful login of Easi/Easiest the user will be also able to see the E-Vo ng Menu. The Menu
will have links of e-Vo ng service provider i.e. NSDL. Click on NSDL to cast your vote.
3. If the user is not registered for Easi/Easiest, op on to register is available at
h ps://web.cdslindia.com/myeasi/Registra on/EasiRegistra on
4. Alterna vely, the user can directly access e-Vo ng page by providing demat Account Number and
PAN No. from a link in www.cdslindia.com home page. The system will authen cate the user by
sending OTP on registered Mobile & E-mail as recorded in the demat Account. A er successful
authen ca on, user will be provided links for the respec ve ESP i.e. NSDL where the e-Vo ng is in
progress.

Individual Shareholders (holding You can also login using the login creden als of your demat account through your Depository
securi es in demat mode) login Par cipant registered with NSDL/CDSL for e-Vo ng facility. Once login, you will be able to see e-
through their depository Vo ng op on. Click on e-Vo ng op on, you will be redirected to NSDL/CDSL Depository site a er
par cipants successful authen ca on, wherein you can see e-Vo ng feature. Click on company name or e-
Vo ng service provider i.e. NSDL and you will be redirected to e-Vo ng website of NSDL for cas ng
your vote during the remote e-Vo ng period.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password op on available
at abovemen oned website.
Helpdesk for Individual Shareholders holding securi es in demat mode for any technical issues related to login through Depository i.e. NSDL
and CDSL.

8
 Login type Helpdesk details

Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk by sending a request at
securi es in demat mode with NSDL evo [email protected] or call at toll free no.: 1800 1020 990 and 1800 22 44 30

Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk by sending a request at
securi es in demat mode with CDSL helpdesk.evo [email protected] or contact at 022- 23058738 or 022-23058542-43

B) Login Method for e-Vo ng shareholders other than Individual shareholders holding securi es in demat mode and shareholders holding
securi es in physical mode.
How to Log-in to NSDL e-Vo ng website?
1. Visit the e-Vo ng website of NSDL. Open web browser by typing the following URL: h ps://www.evo ng.nsdl.com/ either on a Personal
Computer or on a mobile.
2. Once the home page of e-Vo ng system is launched, click on the icon “Login” which is available under ‘Shareholder/Member’ sec on.
3. A new screen will open. You will have to enter your User ID, your Password/OTP and a Verifica on Code as shown on the screen.
Alterna vely, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at h ps://eservices.nsdl.com/ with your exis ng IDEAS login.
Once you log-in to NSDL eservices a er using your log-in creden als, click on e-Vo ng and you can proceed to Step 2 i.e. Cast your vote
electronically.
4. Your User ID details are given below :

Manner of holding shares i.e. Your User ID is:

Demat (NSDL or CDSL) or Physical

a) For Members who hold shares 8 Character DP ID followed by 8 Digit Client ID

in demat account with NSDL. For example if your DP ID is IN300*** and Client ID is 12****** then your user ID is IN300***12******.

b) For Members who hold shares 16 Digit Beneficiary ID

in demat account with CDSL. For example if your Beneficiary ID is 12************** then your user ID is 12**************

c) For Members holding shares in EVEN Number followed by Folio Number registered with the company
Physical Form. For example if folio number is 001*** and EVEN is 101456 then user ID is 101456001***

5. Password details for shareholders other than Individual shareholders are given below:
a) If you are already registered for e-Vo ng, then you can use your exis ng password to login and cast your vote.
b) If you are using NSDL e-Vo ng system for the first me, you will need to retrieve the ‘ini al password’ which was communicated to you.
Once you retrieve your ‘ini al password’, you need to enter the ‘ini al password’ and the system will force you to change your password.
c) How to retrieve your ‘ini al password’?
(i) If your email ID is registered in your demat account or with the company, your ‘ini al password’ is communicated to you on your email
ID. Trace the email sent to you from NSDL from your mailbox. Open the email and open the a achment i.e. a .pdf file. Open the .pdf file.
The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for
shares held in physical form. The .pdf file contains your ‘User ID’ and your ‘ini al password’.
(ii) If your email ID is not registered, please follow steps men oned below in process for those shareholders whose email ids are not
registered.
6. If you are unable to retrieve or have not received the “Ini al password” or have forgo en your password:
a) Click on “Forgot User Details/Password?” (If you are holding shares in your demat account with NSDL or CDSL) op on available on
www.evo ng.nsdl.com.
b) Physical User Reset Password?” (If you are holding shares in physical mode) op on available on www.evo ng.nsdl.com.
c) If you are s ll unable to get the password by aforesaid two op ons, you can send a request at evo [email protected] men oning your demat
account number/folio number, your PAN, your name and your registered address etc.
d) Members can also use the OTP (One Time Password) based login for cas ng the votes on the e-Vo ng system of NSDL.
7. A er entering your password, ck on Agree to “Terms and Condi ons” by selec ng on the check box.
8. Now, you will have to click on “Login” bu on.
9. A er you click on the “Login” bu on, Home page of e-Vo ng will open.
Step 2: Cast your vote electronically on NSDL e-Vo ng system.

9
 How to cast your vote electronically on NSDL e-Vo ng system?
1. A er successful login at Step 1, you will be able to see all the companies “EVEN” in which you are holding shares and whose vo ng cycle is in
ac ve status.
2. Select “EVEN” of company for which you wish to cast your vote during the remote e-Vo ng period.
3. Now, you are ready for e-Vo ng as the Vo ng page opens.
4. Cast your vote by selec ng appropriate op ons i.e. assent or dissent, verify/modify the number of shares for which you wish to cast your
vote and click on “Submit” and also “Confirm” when prompted.
5. Upon confirma on, the message “Vote cast successfully” will be displayed.
6. You can also take the printout of the votes cast by you by clicking on the print op on on the confirma on page.
7. Once you confirm your vote on the resolu on, you will not be allowed to modify your vote.

Process for those shareholders whose email ids are not registered with the depositories/ company for procuring user id and password and
registra on of e-mail ids for e-vo ng for the resolu ons set out in this no ce:
1. In case shares are held in physical mode please provide Folio No., Name of shareholder, scanned copy of the share cer ficate (front and
back), PAN (self- a ested scanned copy of PAN card), AADHAAR (self-a ested scanned copy of Aadhaar Card) by email to
[email protected].
2. In case shares are held in demat mode, please provide DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary ID), Name, client master or copy
of Consolidated Account statement, PAN (self-a ested scanned copy of PAN card), AADHAAR (self- a ested scanned copy of Aadhaar Card)
to [email protected] you are an Individual shareholders holding securi es in demat mode, you are requested to refer to
the login method explained at step 1 (A) i.e. Login method for e-Vo ng for Individual shareholders holding securi es in demat mode.
3. Alterna vely, shareholder/members may send a request to evo [email protected] for procuring user id and password for e-vo ng by providing
above men oned documents.
4. In terms of SEBI circular dated December 9, 2020 on e-Vo ng facility provided by Listed Companies, Individual shareholders holding
securi es in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Par cipants.
Shareholders are required to update their mobile number and email ID correctly in their demat account in order to access e-Vo ng facility.
Other Important Instruc ons
1. Ins tu onal shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy (PDF/JPG Format) of the relevant
Board Resolu on/ Authority le er etc. with a ested specimen signature of the duly authorized signatory(ies) who are authorized to vote, to
the Scru nizer by e-mail to [email protected] with a copy marked to evo [email protected].
2. It is strongly recommended not to share your password with any other person and take utmost care to keep your password confiden al.
Login to the e-vo ng website will be disabled upon five unsuccessful a empts to key in the correct password. In such an event, you will need
to go through the “Forgot User Details/Password?” or “Physical User Reset Password?” op on available on www.evo ng.nsdl.com to reset
the password.
3. In case of any queries, you may refer the Frequently Asked Ques ons (FAQs) for Shareholders and e-vo ng user manual for Shareholders
available at the download sec on of www.evo ng.nsdl.com or call on toll free no.: 1800 1020 990 and 1800 22 4430 or send a request to
Ms. Soni Singh, Assistant Manager at evo [email protected]
4. If any member has any problem/ query regarding e-vo ng then he/she may contact the following person:
Name: Mr. A.K. Prashar
Designa on: Senior Manager (Secretarial Department)
Address: H-65, Connaught Circus, New Delhi-110001
E-mail id: [email protected]
Phone No.: 011-43034426
5. The member can also update your mobile number and e-mail Id in the user profile details of the folio which may be used for sending future
communica ons(s).
(II) Vo ng Through Ballot Paper
Members who have not exercised the op on of Remote E-vo ng shall be en tled to par cipate and vote at the venue of the AGM on the
date of AGM. The vo ng at the venue of the AGM shall be done through the Ballot Papers and Members a ending the AGM shall be able to
exercise their vo ng right at the mee ng through Ballot Papers. A er the agenda items have been discussed, the Chairman will instruct the
scru nizer to ini ate the process of vo ng on the all resolu ons through Ballot Papers. The Ballot Papers will be issued to the
Shareholders/Proxy holders/ Authorised Representa ves present at the AGM. The shareholder may exercise their right of vote by ck
marking as (√) against ‘FOR’ and ‘AGAINST’ as his/her choice may be, on the agenda item in the Ballot Paper and drop the same in the Ballot
Box(es) kept at the mee ng hall for this purpose.

10
 In such an event, votes cast under Poll taken together with the votes cast through remote e-vo ng shall be counted for the purpose of
passing of resolu on(s).
27. General Instruc ons / informa on for members for vo ng on the Resolu ons:
i. Facility of vo ng through Ballot paper shall be made available at the mee ng. Members a ending the mee ng, who have not already cast
their vote by remote e-vo ng shall be able to exercise their right at the mee ng.
ii. Members who have cast their vote by remote e-vo ng prior to the mee ng may also a end the mee ng, but shall not be en tled to vote again at
the AGM.
iii. The vo ng rights of the shareholders (for vo ng through remote e-vo ng or by Ballot paper at the Mee ng) shall be in propor on to their share of
the paid-up equity share capital of the Company as on cut-off Date. A person whose name is recorded in the Register of Members or in the
Register of Beneficial owners maintained by the Depositories as on the cut-off date only shall be en tled to avail the facility of e-vo ng as well as
vo ng at the AGM.
iv. Any person, who acquires shares and become the member of the Company a er dispatch of the No ce of AGM and holding shares as on the
closing of cut-off date i.e. July 4, 2022, may obtain their login / user ID and password for e-vo ng from Na onal Securi es Depository Limited
(NSDL) by sending a request at evo [email protected]. However, if you are already registered with NSDL for remote e-vo ng then you can use
your exis ng user ID and password for cas ng your vote. If you have forgo en your password, you may reset your password by using “Forgot
user Details / password” op on available on www.evo ng.nsdl.com.
v. Ms. Priya Jindal (Membership No. A52116), the Prac cing Company Secretary, has been appointed by the Board of Directors of the Company to
act as the Scru nizer to scru nize the remote e-vo ng process as well as vo ng at AGM, in a fair and transparent manner.
28. The Scru nizer shall a er the conclusion of vo ng at the AGM, first count the votes cast at the mee ng therea er unblock the votes cast through
remote e-vo ng in the presence of atleast two persons not in the employment of the Company and shall make, not later than 2 working days
of conclusion of the AGM, a consolidated scru nizer’s report of the total votes cast in favour or against, if any, to the chairman or a person so
authorized by him in wri ng who shall countersign the same and declare the results of the vo ng forthwith.
29. The results declared along with the Scru nizer’s Report shall displayed on the No ce Board of the Company at its Registered Office and its Head
Office and same shall be placed on the Company’s website www.anantrajlimited.com and on the website of NSDL
h ps://www.evo ng.nsdl.com/ immediately a er the results are declared by the Chairman or a person authorised by him and the same
shall also be simultaneously communicated to BSE Limited and Na onal Stock Exchange of India Limited, the Stock Exchanges, where the
equity shares of the Company are listed.
30. Subject to receipt of requisite number of votes, the resolu ons shall be deemed to be passed on the date of the Annual General Mee ng i.e.
Monday, July 11, 2022.
31. Members/Proxies/authorised representa ve are requested to bring their duly filled A endance Slip, which is annexed to the proxy form
along with the copy of the Annual Report to the mee ng.
32. Relevant details, in terms of Regula on 36 of the SEBI (Lis ng Obliga ons and Disclosure Requirements) Regula ons, 2015 and Secretarial
Standard-2 on General Mee ngs, in respect of the Director seeking appointment/proposed for re-appointment/revision in remunera on at
this Annual General Mee ng are as follows:

Name of the Director Sh. Amit Sarin Sh. Aman Sarin Sh. Ashim Sarin

DIN 00015837 00015887 00291515

Date of Birth 05/09/1971 24/09/1973 02/01/1976

Date of first 10/07/2009 01/01/2021 01/01/2021

appointment on board

Qualifica on Graduate Graduate MBA

Experience in Specific More than 28 years of experience in Experience of over 2 decades. He is Over 2 decades of experience in
Func onal Area the business of construc on, responsible for se ng up internal construc on and development
Infrastructure, Development, Real system of the Company in Sales and business including opera ons of IT
Estate, Finance and Administra on. Marke ng, Land Acquisi on and Parks, office buildings, hospitality
Opera ons Management. and other development projects.

11
Other Directorship held 1. Pasupa Aluminium Limited 1. Ashok Cloud Private Limited 1. Ashok Cloud Private Limited
in other Companies as 2. ARE Entertainment Limited 2. Monica Sarin Founda on 2. Rolling Construc on Private
on March 31, 2022 (Formerly Gujarat Anant Raj Limited
3. AAA Realty Private Limited
Vidhyanagar Limited) 3. Anant Raj Cons. &
4. Anant Raj Housing Limited
3. Rolling Construc on Private Development Private Limited
5. Anant Raj Property Management
Limited 4. Anant Raj Housing Limited
Private Limited
4. Cool Money Cafe Private Limited 5. Elevator Realtors Private
6. Blue Star Realty Private Limited
5. Ashok Cloud Private Limited Limited
7. CCC Realty Private Limited
6. Woodland Promoters Private
8. ARE Entertainment Limited (Formerly
Limited
Gujarat Anant Raj Vidhyanagar Limited)
7. Echo Proper es Private limited
9. Townsend Promoters Private Limited
10. Cool money Café Private Limited

Terms & Condi ons of Con nue to act as Managing Director Con nue to act as Whole Time Director Con nue to act as Whole Time
re-appointment of the Company and Chief Execu ve Officer of the Director and Chief Opera ng
Company Officer of the Company

Proposed Basic Salary: Basic Salary: Basic Salary:

remunera on Rs. 6,00,000/- per month Rs. 5,00,000/- per month Rs. 5,00,000/- per month
House Rent Allowance: House Rent Allowance: House Rent Allowance:
Rs. 3,00,000/- per month Rs. 2,50,000/- per month Rs. 2,50,000/- per month
(50% of Basic Salary) (50% of Basic Salary) (50% of Basic Salary)
(Other benefits as per Company’s Special Allowance: Special Allowance:
rules upto Rs. 1,00,000/- per Rs. 1,50,000/- per month Rs. 1,50,000/- per month
month)
(Other benefits as per Company’s rules (Other benefits as per
upto Rs. 1,00,000/- per month) Company ’s rules upto Rs.
1,00,000/- per month)

Remunera on last Rs. 90,00,000 Rs. 90,00,000 Rs. 90,00,000

drawn during FY
2021-22

Member/Chairman of Anant Raj Limited: Anant Raj Limited: Nil

Commi ee of the Board Chairman - Finance and Investment Chairman-Share Transfer Commi ee
of other Companies on Commi ee Member - Corporate Social Res-
which he is a Director
Member - Audit Commi ee, Stake- ponsibility Commi ee, Finance and
holder’s Rela onship Commi ee, Invest m e nt C o m m i e e a n d R i s k
Corporate Social Responsibility Management Commi ee
Commi ee, Share Transfer Commi ee He is not member/Chairman of
and Risk Management Commi ee. Commi ee of the Board of other
He is not member/Chairman of Company.
Commi ee of the Board of other
Company.

Number of shares Nil Nil Nil

held in the Company
(as at March 31, 2022)

12
 Number of Board 09 (Nine) 09 (Nine) 08 (Eight)
Mee ngs a ended
during the financial
year 2021-22

Rela on with any other Sh. Amit Sarin is the brother of Sh. Sh. Aman Sarin is the brother of Sh. Amit Sh. Ashim Sarin is the brother of Sh.
Directors and KMPs of Aman Sarin, Director & Chief Sarin, Managing Director and Sh. Ashim Amit Sarin, Managing Director and
the Company Execu ve Officer and Sh. Ashim Sarin, Sarin, Director & Chief Opera ng Officer Sh. Aman Sarin, Director & Chief
Director & Chief Opera ng Officer of of the Company. Execu ve Officer of the Company.
the Company.

Listed en es from TARC Limited (Formerly Anant Raj NIL NIL

which the person has Global Limited)
resigned in the past three
years

EXPLANATORY STATEMENT PURSUANT TO PROVISIONS OF SECTION 102 OF THE COMPANIES ACT, 2013
Item No. 4
The Members of the Company at the 32ⁿ Annual General Mee ng (‘AGM’) held on September 29, 2017 had approved the appointment of M/s.
Vinod Kumar Bindal & Co., Chartered Accountants, New Delhi (Firm Registra on no. 003820N), as the Statutory Auditors of the Company for a
period of 5 (Five) consecu ve years from the conclusion of the 32ndAGM ll the conclusion of 37thAGM of the Company. M/s. Vinod Kumar
Bindal & Co., Chartered Accountants, New Delhi (Firm Registra on no. 003820N), will complete their present term on conclusion of this AGM in
terms of the said approval.
A special no ce has been received in terms of sec on 140(4)(i) of the Companies Act, 2013 from a member proposing the appointment of M/s
Ranjana Vandana & Co., Chartered Accountants (Firm’s Registra on No.: 008961C),in place of M/s. Vinod Kumar Bindal & Co., Chartered
Accountants, New Delhi (Firm Registra on no. 003820N). Accordingly, upon the recommenda on of Audit Commi ee, the Board of Directors of
the Company proposed to appoint M/s Ranjana Vandana & Co., Chartered Accountants (Firm’s Registra on No.: 008961C), as the Statutory
Auditors of the Company for a period of 5 (Five) consecu ve years from the conclusion of the 37 AGM ll the conclusion of 42ⁿ AGM of the
Company, subject to requisite approval of the members of the Company.
The Audit Commi ee and Board of Directors considered various parameters like capability to serve a diverse and complex business landscape as
that of the Company, audit experience in the Company’s opera ng segments, market standing of the firm, clientele served, technical knowledge
etc., and found M/s Ranjana Vandana & Co., Chartered Accountants (Firm’s Registra on No.: 008961C),to be best suited to handle the scale,
diversity and complexity associated with the audit of the financial statements of the Company.
As per the requirement of the Companies Act, 2013, as amended, M/s Ranjana Vandana & Co., Chartered Accountants (Firm’s Registra on No.:
008961C), have given their consent to act as the Statutory Auditors of the Company and confirmed that the appointment, if made, would be
within the limits specified under Sec on 141(3)(g) of the Companies Act, 2013 and it is not disqualified to be appointed as Statutory Auditor in
terms of the provisions of the Sec on 139 and 141 of the Companies Act, 2013 and the rules made thereunder.
Details required to be provided as per Regula on 36(5) in rela on to the appointment of the Statutory Auditors is provided below:

Par culars Details

Proposed fees payable to the statutory auditor(s) Remunera on of Rs.17,50,000/- (Rupees Seventeen Lakh Fi y Thousand only)
plus applicable taxes and reimbursement of out-of pocket expenses incurred be
paid to M/s. Ranjana Vandana & Co., Chartered Accountants as the Auditors of the
Company to conduct the audit for each financial year.
The Board of Directors of the Company subject to the recommenda on of Audit
Commi ee may alter the fee structure of M/s Ranjana Vandana & Co., and take
other permi ed services from them as permi ed under the Companies Act, 2013/
SEBI (Lis ng Obliga ons and Disclosure Requirements) Regula ons, 2015.

Terms of appointment As detailed in resolu on

Any material change in the fee payable to the new There is no such material change.
auditor from that paid to the outgoing auditor along
with the ra onale for such change

13
 Brief Profile of the firm M/s Ranjana Vandana & Co., New Delhi, Chartered Accountants (Firm’s Registra on
No.: 008961C) is a Partnership firm registered with the Ins tute of Chartered
Accountants of India (ICAI).
The firm was founded in the year 1998. The firm has over 24 years of experience in
Taxa on (Direct & Indirect), Statutory and Internal Audits, Tax Audits, Bank Audits,
Financing, MIS Documenta on, Company Law Advisory, Business Advisory and other
Regulatory Services.
The firm also undertakes Management Advisory Services and provide Consultancy in
se ng up and management of business units. The firm has qualified and experienced
partners and staff having diversified knowledge to deliver excellent services to its
clients.

Accordingly, the Board recommends the Ordinary Resolu on as set out at item no.04 of this no ce for approval of the members of the Company.
None of the Directors or the Key Managerial Personnel of the Company, including their rela ves (to the extent of their shareholding in the Company, if any), is in
anyway, concerned or interested, financially or otherwise, in the said resolu on.
Item No. 05
Under Sec on 148 of the Companies Act, 2013 read with Companies (Cost Record & Audit) Rules, 2014, the Company is required to have audit of its cost records
conducted by a Cost Accountant in prac ce. The Board of Directors of the Company, in its mee ng held on June 7, 2022, on the recommenda on of Audit
Commi ee, has approved the appointment of M/s. Yogesh Gupta & Associates, Cost Accountants, Delhi (Firm Registra on No. 000373) as Cost Auditors of the
Company to audit the cost accoun ng records of the Company for the financial year 2022-23 at a remunera on of Rs. 75,000/- p.a. (Rupees Seventy Five
Thousand only) plus applicable tax and reimbursement of out of pocket expenses as may incurred by them for the purpose of audit.
The Remunera on, as recommended by the Audit Commi ee and approved by the Board, is required to be ra fied by the shareholders of the Company, as per
the requirements of the Companies (Audit and Auditors) Rules, 2014, read with Sec on 148 (3) of the Companies Act, 2013.
Accordingly, the Board recommends the Ordinary Resolu on as set out at item no.05 of this no ce for approval of the members of the Company.
None of the Directors or the Key Managerial Personnel of the Company, including their rela ves (to the extent of their shareholding in the Company, if any), is in
anyway, concerned or interested, financially or otherwise, in the said resolu on.
Item No.06, 07 and 08
Based on the recommenda on of Nomina on and Remunera on Commi ee, Audit Commi ee and the Board, the members at its Extra Ordinary General Mee ng
('EGM') held on April 21, 2021, approved the appointments and remunera on payable to Sh. Amit Sarin as Managing Director; Sh. Aman Sarin as Whole Time
Director & Chief Execu ve Officer and Sh. Ashim Sarin as Whole Time Director & Chief Opera ng Officer of the Company w.e.f. January 1, 2021.
Under their leadership, the Company has made tremendous progress and has shown resilience in the face of the second and third wave of the Covid-19 pandemic.
During the FY 2021-2022, the Company, recorded the revenue/total income of Rs. 40177.42 lakhs for the FY 2021-2022 as compared to Rs. 27551.15 lakhs in FY
2020-21 and posted Standalone Net Profit a er tax of Rs. 5588.67 lakhs as compared to Rs. 2011.43 lakhs during the previous year.
Considering the performance, experience, rich knowledge and leadership capabili es of Sh. Amit Sarin as Managing Director; Sh. Aman Sarin as Whole Time
Director & Chief Execu ve Officer and Sh. Ashim Sarin as Whole Time Director & Chief Opera ng Officer and having regard to their immense contribu on to the
recent growth of Company, based on the recommenda on of Nomina on and Remunera on Commi ee, the Board of Directors at their mee ng held on June 7,
2022, has approved the revision in their remunera on, as detailed in respec ve resolu ons subject to the requisite approval of members of the Company.
As per Sec on 197 of the Companies Act, 2013 read with Schedule V thereto, for making revision in remunera on payable of Managing/ Whole- me Director(s)
the approval of members of the Company shall be required.
Further, pursuant to SEBI LODR, the fees or compensa on payable to execu ve directors who are promoters or member of the promoter group, shall be
subjected to the approval of the shareholders by special resolu on in the general mee ng, if the annual remunera on payable to such execu ve director
exceeds Rs.5 crore or 2.5% of the net profits of the Company, whichever is higher; or where there is more than one such director, the aggregate annual
remunera on to such director exceeds 5% of the net profit of the Company.
In our case, the proposed remunera on to Managing/ Whole- me Director(s) may exceed the above limit.
Accordingly, the Board recommends the Special Resolu ons as set out at item no.6, 7 and 8 of this no ce for approval of the members of the Company.
Except Sh. Amit Sarin, Sh. Aman Sarin, Sh. Ashim Sarin and their rela ves(to the extent of shareholding of the Company, if any), no other director(s) and Key
Managerial Personnel(s) or their rela ves, is in any way, concerned or interested, financially or otherwise, in this resolu on.
By order of the Board of Directors
For Anant Raj Limited

Sd/-
Place: New Delhi Manoj Pahwa
Date: June 7, 2022 Company Secretary
Membership No. A7812

14
 ANANT RAJ LIMITED
(CIN: L45400HR1985PLC021622)
Registered Office: Plot No. CP-1, Sector-8, IMT Manesar, Gurugram-122051, Haryana Telefax: (0124) 4265817
Head Office: H-65, Connaught Circus, New Delhi-110001, Tel: 011-43034400, 43034426, Fax: 011-43559111
Email: [email protected] Website: www.anantrajlimited.com

FORM NO. MGT-11

PROXY FORM
[Pursuant to sec on 105(6) of the Companies Act, 2013 and rule 19(3) of the Companies
(Management and Administra on) Rules, 2014]

CIN: L45400HR1985PLC021622

Name of the company Anant Raj Limited

Registered Office: Plot No. CP-1, Sector-8, IMT Manesar, Gurugram, Haryana-122051

Name of the member(s) E-mail id

Registered address Member’s Folio No/DP-ID-Client Id

I/We, being the member(s) of _________________________________ shares of the above named company, hereby appoint:

1. Name:__________________________________________
E-mail Id:___________________________________
Address:________________________________________________________________
Signature:_______________________ or failing him/her
2. Name:___________________________________________
E-mail Id:___________________________________
Address:_________________________________________________________________
Signature:_______________________or failing him/her
3. Name:___________________________________________
E-mail Id:___________________________________
Address:_________________________________________________________________
Signature:_______________________ as my/our proxy

to act as my/our proxy and to a end and vote (on a poll) for me/us and on my/our behalf at the Thirty Seventh (37th) Annual General Mee ng
(AGM) of the Company, to be held on Monday, July 11, 2022 at 09:30 A.M. at the Registered Office of the Company at Plot No. CP-1, Sector-8,
IMT Manesar, Gurugram, Haryana-122051 and at any adjournment thereof in respect of such resolu ons as are indicated below:

Res No. Resolu ons Vote (op onal, see the note)

For Against

Ordinary Business

1. To receive, consider and adopt the Audited Financial Statements (Standalone & Consolidated) of the Company
for the financial year ended March 31, 2022 together with the reports of the Board of Directors and Auditors
thereon.

2. To declare final dividend on equity shares for the financial year ended March 31, 2022.

3. To appoint a Director in place of Sh. Amit Sarin (DIN: 00015837), who re re by rota on at this Annual General
Mee ng and being eligible offers himself for re-appointment.

4. To appoint M/s Ranjana Vandana & Co., Chartered Accountants (Firm’s Registra on No.: 008961C) as the
Statutory Auditors of the Company and fix their remunera on.

15
 Special Business

5. To ra fy the remunera on payable to M/s Yogesh Gupta & Associates, Cost Auditors of the Company for the
financial year 2022-23

6. To approve and increase in the limit of managerial remunera on payable to Sh. Amit Sarin, Managing Director:

7. To approve and increase in the limit of managerial remunera on payable to Sh. Aman Sarin, Whole Time
Director and Chief Execu ve Officer

8. To approve and increase in the limit of managerial remunera on payable to Sh. Ashim Sarin, Whole Time
Director and Chief Opera ng Officer

Signed this ________________ day of________________ of 2022.

Signature of the Shareholder: ____________________________
Signature of the Proxy holder(s)___________________________

Note:
1. This form of proxy in order to be effec ve should be duly completed and deposited at the Registered Office of the Company, not less
than 48 hours before the commencement of the Mee ng.
2. It is op onal to indicate your preference. If you leave the For or Against column blank against any or all resolu ons, your proxy will be
en tled to vote in the manner as He/She may deem appropriate.

HOW TO REACH EGM VENUE

16
 ANANT RAJ LIMITED
(CIN : L45400HR1985PLC021622)
Regd. Ofce : Plot No. CP-1, Sector-8, IMT Manesar, Gurugram-122051, Haryana, Telefax : (0124) 4265817
Anant Raj Limited Head Ofce : H-65, Connaught Circus, New Delhi- 110001, Ph. : 011-43034400, 43034426
E-mail : [email protected] Website : www.anantrajlimited.com

ATTENDANCE SLIP

Registered Folio/
DP ID & Client ID:

Name & Address of

Sole / First Shareholder :

Name(s) of Joint
Shareholder :

No. of Shares held :

I/we hereby record my/our presence at the 37th Annual General Meeting (AGM) of Anant Raj Limited
on Monday, July 11, 2022, at 9.30 a.m. at the Registered Office of the Company at Plot No. CP-1, Sector-8, IMT
Manesar, Gurugram, Haryana -122051.

Signature of the Shareholder(s) _________________________________________________________

Signature of Proxy holder______________________________________________________________

Notes : Shareholders attending meeting in person or by proxy are requested to complete the attendance slip and
hand it over at the entrance of meeting hall.

--------------------------------------------------------- TEAR HERE------------------------------------------------------

ELECTRONIC VOTING PARTICULARS

EVEN
(Electronic Voting USER ID PASSWORD
Event Number)

The remote e-voting facility will be available during the following voting period:

Commencement of e-voting July 8, 2022 at 09:00 a.m.

End of e-voting July 10, 2022 at 05:00 p.m.

Notes :
1) The cut-off date (i.e. the record date) for the purpose of e-voting is July 4, 2022.
2) Please read the note 26(I) to the Notice of the Annual General Meeting carefully before voting
electronically.
ANNUAL
REPORT 2021-22

FORTITUDE
DELIVERS.

FAITH
BUILDS.

FOCUS
GROWS.

Anant Raj Limited

 VISION

Sh. Ashok Sarin, the Founder of Anant Raj Group.

As an Epitome of high integrity and ethical values, it is under
his leadership, hard work and vision, the Company has grown
and prospered and became one of the leading Real Estate
Developers of the Country. We place on record our sincere
gratitude and appreciation for the contribution and valuable
guidance given by him. We pledge to continually grow under
his ethical principles with dedication and hard work.
 BOARD OF
DIRECTORS

Amit Sarin Aman Sarin Ashim Sarin

Managing Director Director & Director &
Chief Executive Officer Chief Operating Officer

Brajindar Mohan Singh Rajesh Tuteja Maneesh Gupta Kulpreet Sond

Director Director Director Director

STRONG LEADERSHIP TEAM

EXCELLENT DOMAIN KNOWLEDGE

Pankaj Kumar Gupta Manoj Pahwa Suraj Parkash Sethi Manoj K Goyal Naveen Khanna
Chief Financial Officer Company Secretary President - Accounts Chief Advisor - Business President -
Project Development

Varun Khullar N. S. Rajpoot Akhil Kumar Gaurav Sharma Ravi Mohan Khurana
President - Senior GM - Operations Senior GM - Land Senior GM - Sales Senior GM - Service
Sales & Marketing

Hemant Varshney Ravinder Kumar Sudhir Solanki

GM-Corporate Leasing GM - Operations GM - CRM
CONTENTS
01-18
04 Highlights of the Year
C O R P O R AT E O V ERV I E W

06 Anant Raj: The Leading and Most Trusted Real Estate Developer in NCR
08 Management’s Message
10 Progressing Towards Capex-Light and Low-Debt Business
11 A Revitalised and Stronger Anant Raj
12 Reinforcing Execution to Monetise Residential Assets
14 Striding Ahead on the Data Center Opportunity
15 Building Competencies to Develop World-Class, Built-to-Suit Warehouses
16 Project Showcase
18 Corporate Information

19-96
19 Directors’ Report
STAT U TO RY R E P O RT S

49 Corporate Governance Report

81 Business Responsibility Report
89 Management Discussion and Analysis Report

97-199
98 Standalone Accounts
F I N A N C I A L STAT E M E NT S

148 Consolidated Accounts

For more details, please visit:

www.anantrajlimited.com
India’s real estate sector is all revived, resurgent and
brimming with new opportunities.
Post a few years of challenges, a confluence of positive developments including
favourable economic outlook, rising aspirations, huge unhoused population and low
home loan rates is unfolding a growth story unlike before. The boom in e-commerce
and supply chain as well as explosion in data consumption and cloud adoption are
adding to the growth juggernaut by opening new opportunities in Data Centers (DCs)
and Warehousing.

At Anant Raj, we are more than ever focussed and have planned our growth levers to
remain at the forefront of these opportunities. We are rapidly deleveraging our balance
sheet and restructuring capital to secure long-term financial stability. We have entered
into strategic partnerships to rapidly develop and monetise our large landholding but
in a capex-light manner. We have entered and created strategic roadmap in newer
areas of affordable housing, DCs and warehousing, where we see growth.

Our faith in self stems from our end-to-end capabilities, a track record of developing
over 20 million sq. ft. (msf) of diverse real estate projects which make us the most
trusted real estate brands in National Capital Region (NCR). From home buyers to
hotel operators and from state governments to supply partners, we stand apart as the
preferred partner of choice.

With our steadfast focus on reinforcing our

business model and unwavering faith in
ourselves, we are confident of delivering.
We are confident of capturing the growth
opportunities that lie ahead to shape a better
and more value accretive future for all
stakeholders.
 ANANT RAJ LIMITED

HIGHLIGHTS OF
THE YEAR

FINANCIAL HIGHLIGHTS (STANDALONE)

401.78 Crore 55.89 Crore

Total income Profit after tax
(Previous year: ` 275.51 Crore) (Previous year: ` 20.12 Crore)
4
A NNUA L R E P O RT 2 0 2 1 - 2 2

1.90 2,611.43 Crore

Earnings Per Share (Basic) Net Worth
(Previous year: ` 0.69) (Previous year: ` 2,468.16 Crore)

1,159.21 Crore
Debt
(Previous year: ` 1,515.93 Crore)
OPERATIONAL HIGHLIGHTS

New Projects
• Approval for development of residential plotted colonies on 20.14 acres in Sector 63A, Gurugram
received. Project is named as “Ashok Estate”. Total development potential -- 2 mn. sq.ft. mix of
residential and commercial.
• 
Approval for development of residential Group Housing on 5.43 acres received. Applied for
TDR for land part of roads under New TDR Policy of Haryana. Total FSI potential of approx.
1 mn. sq.ft.
5

C O R P O R AT E O V ERV I E W
Data Centers
• Commenced Data Center set up work for 3 MW at Manesar. To be operational in Q2 of FY 2022-23.
• TIA 942 approval received for developing 21 MW at Manesar. To be developed in Phases.

Estate Floors at Anant Raj Estate

• Phase-I of Independent floors at Anant Raj Estate near completion.
• Construction & development commenced for Phase-II.

NCDs Issued
• Non-convertible Debentures (NCD) issued for ` 475 Crore for reducing borrowings resulting in lower
cost of debt.

Debt Reduction
• Major reduction in debt by 23% during the year from ` 1,515.93 Crore to ` 1,159.21 Crore.

Avarna Projects LLP (JV with Birla Estates)

• Phase-I of the project at Sector 63A, Gurugram, completely sold out, worth ` 624 Crore.
• Phase-II is being launched. RERA registration already obtained.
 ANANT RAJ LIMITED

ANANT RAJ
THE LEADING AND MOST TRUSTED
REAL ESTATE DEVELOPER IN NCR
With an outstanding track record of over five decades, Anant Raj has been an insignia of excellence
and proficiency, in the field of construction and infrastructure development. Innovation in our
offerings combined with deep expertise in executing projects in prime locations, we stand amongst
the leading and most recognised real estate developers in the National Capital Region (NCR).

Benchmarked against global standards and executed to details, our expertise spans luxurious flats and villas, residential townships,
affordable housing societies, grade A commercial properties, and world-class hotel properties.

6
A NNUA L R E P O RT 2 0 2 1 - 2 2

5 decades 20 msf 6,500 units

Experience in real estate Projects developed Affordable homes
development developed/developing

21 MW 5.5 msf 240 acres

Data Centers upcoming Commercial space Of fully paid, ready-to-
developed develop landbank in
prime NCR
BUSINESS STRENGTHS

NCR focus and expertise Large, premium and low-cost Diverse capabilities and
We work exclusively and have maintained landbank revenue streams
an unflinching focus in the NCR region. We possess one of the biggest, fully- We have development expertise across
Profound understanding of the market paid, and ready-to-develop landbanks in residential, commercial, retail, hospitality,
coupled with a robust supply chain and NCR acquired at low-cost. They offer the and social infrastructure. It gives the
availability of highly skilled workers makes advantage of immediately commencing any advantage of steady cash flows through
us a preferred player in the region. form of real estate development including lease and rental income and property 7
high-end residential homes and affordable sales as well as the advantage of capital
housing to exclusive hospitality projects. appreciation.
Given our impeccable reputation along

C O R P O R AT E O V ERV I E W
with its strategic location, these landbanks
have immense realisation potential.

QUALITY

OUR
VALUES
FAIRNESS EXECUTION

TRANSPARENCY
 ANANT RAJ LIMITED

MANAGEMENT’S
MESSAGE
interventions improved consumer and
market sentiments. Adequate measures
were undertaken which drove ease of doing
business. Interestingly, the government’s
focus on making India self-reliant and
addressing pressing issues like climate
change and energy security have opened
many new opportunities.

Together, these efforts have propelled

economic engine, resulting in a solid 8.7%
GDP growth in FY 2021-22 and has a stage
for multiple years of accelerated growth
8
towards the USD 5 trillion GDP goal.
A NNUA L R E P O RT 2 0 2 1 - 2 2

The impact of economic revitalisation

was broad-based and evident across all
sectors including real estate. The year
saw positive momentum in both
construction and transacting activities.
While the residential segment was up
since the last year, the current fiscal
saw the commercial segment bustling as
companies started returning to office and
economic activities picked.
Dear Shareholders,
Wish you well. Amidst this positivity, an interesting
trend is also shaping India’s construction
With the blessings of Lala Anant Ram landscape. The country’s accelerated focus
Sarin and Smt. Raj Kumari Sarin, we on digitalisation and manufacturing self-
are delighted to present our FY 2021-22 reliance has unleashed mega opportunities
annual report. for world-class Data Centers and
Warehouses. Additionally, the strong
FY 2021-22 has been an extraordinary intent to address climate change has also
year after the initial disruptions due to created demand for Green buildings.
Founder Chairman COVID. There has been immense positivity
and euphoria ever since. Rejuvenating to resurge
We strongly believe that Anant Raj is
The Indian economy in every sense well-positioned to play a catalyst role
FY 2021-22 HAS BEEN exhibited its strong fundamentals and in the new real estate boom, especially
AN EXTRAORDINARY its growing status in the world. A lot of in the NCR where we operate. Few
credit goes to the Indian Government for developments will make this happen.
YEAR AFTER THE INITIAL
the incredible work in keeping the Indian One, we have already extended our
DISRUPTIONS DUE TO economy buoyant alongside effectively capabilities beyond residential, office,
COVID. THERE HAS BEEN handling the social crisis associated commercial and hospitality segments to
with COVID-19. Rapid inoculation of Data Centers and Warehouses where we
IMMENSE POSITIVITY AND majority of India’s eligible population are actively pursuing alliances to scale
EUPHORIA EVER SINCE along with sustained fiscal and policy competencies.
Two, the NCR real estate market has II in Tirupati, Andhra Pradesh involving Our plan is to build Tier III and Tier IV
witnessed consolidation and only a handful 2,000 units will soon be launched. Data Center of 300 MW IT load at our IT
major players are now operational. Anant Additionally, we have got approval for parks. Our ARL Tech Park, Manesar have
Raj with its brand reputation and possessing Deen Dayal Jan Awas Yojana for 20.14 received TIA-942 Tier 3 certificate for 21
one of the largest fully-paid and ready-to- acres of land in Anant Raj Estate which MW and has commenced work for the
develop landbanks is set to grow. will help us to cater the strong demand initial 3 MW. In FY 2022-23, we intend to
for plots and Group Housing Project for start development work of another 5 MW
Three, we have significantly reduced 5.43 acres of land to help us cater the capacity.
our debt, restructured capital and have demand for flats. Birla Navya project,
adopted a capex-light, partnership which is being developed through a JV We also intend to soon commence
model. With partners investing in project with Birla Estates at our iconic Anant Raj construction work for developing
development, we would be able to rapidly Estate Township, has been completely sold world-class warehouses. We already have
monetise our landbank and scale growth for Phase I comprising 300 Independent 83.42 acres of land parcels in possession
all the while ensuring balance sheet Floors. Phase II is being launched soon. located in strategic areas of Delhi and 9
integrity. We are happy to announce that Haryana, which will be developed over the
our debts have reduced by ` 356.72 Crore In the commercial segment, we saw the next five years. It will enable us to cater

C O R P O R AT E O V ERV I E W
i.e. from ` 1,515.93 Crore on 31.03.2021 momentum returning. With companies the demand spurt from e-commerce, food
to ` 1,159.21 Crore on 31.03.2022. beginning to return back to offices, we and bio-pharmaceuticals sector for cold
expect occupancy to increase in our Grade chain network.
Delivering stable and A ready-to-occupy properties which are
sustainable performance amongst the best in Delhi and NCR. Closing comments
Patience and perseverance are traits often As one of NCR’s leading real estate
underrated. Yet, at Anant Raj, we have In the hospitality segment, we have developers having immense expertise
used them rightly. We patiently waited for finalised plans and intend to soon and holding a large landbank, we are
the markets to improve and persevered commence the additional space optimistic of the immense growth that lies
to improve our fundamentals. This helped construction at our existing Stellar ahead. We are sure that with the continued
us bounce back. Our total income for and Bel-la Monde properties following trust of buyers and support of our people,
FY 2021-22 increased by 45.83% to increase FAR rules. We got approval for we will deliver.
` 401.78 Crore. The growth was driven development of 80% area for Service
by increased transactions across both Apartments and remaining for commercial Warm regards,
residential and commercial segments and retail.
through the year. EBITDA grew by
49.94% to ` 104.73 Crore. PAT growth Amit Sarin
Ready for the next big Managing Director
was much sharper at 177.78% to ` 55.89
As we have mentioned earlier, Data Center
Crore, reflecting the impact of our capex-
(DC) and Warehousing are going to be
light and low-debt model.
two mega opportunities, and at Anant Raj,
we have created a long-term roadmap to
Though, we are yet to reach back to our
participate in them in a big way.
historic highs, we are confident that our
focussed strategic intent will enable us to
Just consider the rapid pace at which
surpass those levels.
cloud adoption, smartphone penetration
Coming to the operational performance, and internet consumption is growing, it
this year we saw positivity across all is expected India would need to double
segments. In the residential segment, its third-party DC capacity by FY 2025-
construction activity was at full swing 26 from FY 2020-21 levels. This means
at the Independent Floors project. 1 GW IT load third-party capacity needs
1st Phase is nearing completion and 2nd to be added. This is immense given DC
Phase construction has commenced. Our on an average generate rentals of nearly
affordable housing projects of Aashray ` 8,000 per KW per month.
 ANANT RAJ LIMITED

PROGRESSING TOWARDS
CAPEX-LIGHT AND
LOW-DEBT BUSINESS
In a capital-intensive sector, business growth and financial stability is defined by the ability to rapidly
monetise assets without stressing balance sheet.

At Anant Raj, we stand apart in the industry for having developed the capability of expediting project
executions on our huge land bank without deploying large amount of capital. This has enabled us to
enhance capital efficiency and achieve predictability into our execution, strengthening our viability to
participate in larger growth opportunities. Our sustained focus on deleveraging and improving cashflows
are further improving our competitive moat and positioning us to deliver greater value to stakeholders.
10
A NNUA L R E P O RT 2 0 2 1 - 2 2

Progressing with a Capex-light Restructuring Capital and

Model Lowering Debt Cost
We have huge, fully-paid, and ready- Major debt reduction done during the year
to-develop landbanks. However, with from ` 1,515.93 Crore to ` 1,159.21 Crore.
slower pace of execution due to funds
crunch, cash conversion cycle was high
and mostly landbanks remained idle. We
adopted a partnership-driven, capex-light
development model to secure project
funding for execution. Accordingly,
strategic partnerships were entered with
Birla Estates and Adani Group to develop
large residential projects. This is enabling
us to monetise our landbanks, and thus
kickstarting a cycle of cashflows and also
ensuring higher return on investment as we
save on development cost.

Sustained Focus on Debt

Reduction
We have maintained sharp focus on
reducing our overall debt by effectively
channelling cash flows to discharge debts.
Over the last one year, we have paid off
debts amounting to ` 356.72 Crore,
thereby reducing debt levels by 23%.
A REVITALISED AND
STRONGER ANANT RAJ

With sustained efforts to reduce debt and monetise assets, Anant Raj is today much stronger and
more stable. We have adequate funds to participate in incremental industry opportunities. Lower
interest burden will enable us to generate higher profitability and strengthen net worth.

ANANT RAJ ESTATE FLOORS

11

C O R P O R AT E O V ERV I E W
 ANANT RAJ LIMITED

REINFORCING EXECUTION TO
MONETISE RESIDENTIAL ASSETS
The housing demand has been rapidly growing since the last two years, surpassing the deliveries.
Factors such as lower interest rates, stable prices, and government incentives are further
strengthening demand. At Anant Raj, we are reinforcing our quality and execution expertise alongside
maintaining unwavering focus to ensure rapid and successful project deliveries. This will enable us
to cater to the demand of prospective homebuyers, capture market share and take the organisation
to greater heights.

Taking the iconic Township

Group Housing Project Unlocking Value of Existing
“Anant Raj Estate” to the
The Company is in advanced stage of Landbank
12 next level
commencing another residential Group We have vacant land parcels at our
“Anant Raj Estate” at Sector 63A,
Housing in Sector 80, M-ID, Manesar, township in vicinity of Golf Course
A NNUA L R E P O RT 2 0 2 1 - 2 2

Gurugram, Haryana is our flagship project

Gurugram which was taken through Extension Road having necessary
comprising Luxury Villas, Plots, Flats, and
auction from Bank. Total developable permissions. We have initiated process
Commercial and Office Complexes spread
area of about 1 mn. sq.ft. to develop such land for Residential
across an area of 175 acres. The Ongoing
plotted and Group Housing Projects
Projects have a real estate development
to meet the residential demand and
potential of approx 7 million sq. ft
generate cash flows for following years.
with an estimated revenue potential of
` 6,000 Crore.

Known for numerous sports grounds,

commercial centers, schools, and hospitals
in the vicinity, Sector 63A is one of the
most demanded and premium locations in
NCR. It encompasses a master-designed
community, open wide green spaces, and
unique and brilliant architecture with a
wide range of amenities. With revival in real
estate, our focus is on accelerated execution
of our projects to unleash its potential.
Deepening presence in affordable housing
Affordable Housing is another important focus area of the government to fulfil the homeownership aspirations of millions of Indians.
Favourable policies and lower mortgage rates along with growing housing demand coming from rising urbanisation, increase in working
population and higher income levels are likely to drive growth of the sector.

We have a successful track record in this segment of delivering a 2,600-unit project in an industrial colony in Neemrana, Rajasthan.
Having been one of the pioneers and possessing necessary expertise, we have embarked upon developing another marquee affordable
housing project namely Anant Raj Aashray II at Tirupati, Andhra Pradesh.

13

C O R P O R AT E O V ERV I E W

Anant Raj Aashray II, Tirupati, Andhra Pradesh (Artistic Image)

Developing 2,000 affordable homes across 10.14 acres in APIIC’s (Andhra Pradesh
Industrial Infrastructure Corporation) industrial colony at Tirupati. Plan to launch in
Q2 of FY23.
 ANANT RAJ LIMITED

STRIDING AHEAD ON THE

DATA CENTER OPPORTUNITY

Demand for high quality third-party DC is rapidly growing in India driven by the rising internet
consumption and video streaming, cloud adoption, exploding digital economy and remote working
which are spurting data generation. This has been further accentuated by the Government’s Personal
Data Protection Bill 2019, which necessitates securely storing data.

INDIA THIRD-PARTY DATA CENTER OPPORTUNITY

14

USD 3,966 MN ~125,000

A NNUA L R E P O RT 2 0 2 1 - 2 2

Third-party DC hosting Of additional third-party racks

market size by FY 2025-26 with a capacity of 1GW+ will
be required by FY 2025-26

Anant Raj leading ahead with

early mover advantage Best-in-class DC design and low
Power Usage Efficiency
We have three Tech Parks at Rai, Manesar,
and Panchkula in Haryana with the
necessary infrastructure and permits for High Service
developing DCs. We plan to effectively 24x7 dedicated
Level Agreement
utilise existing building space to develop response team
(SLA) Guarantee
Tier III and Tier IV DCs with 150 MW having highly
with 99.985%
IT Load with minor modifications. trained experts
targeted uptime
Another 150 MW IT Load is planned to Anant
be developed on 20 acres of greenfield Raj leading
24x7 security
Robust ahead with
(having all statutory clearances) available with multi-
early mover
in the existing IT Parks. We are also Cooling advantage layered
looking at entering strategic alliances Delivery access control
with international partners having strong System system
expertise and technical know-how.
State-of-the-art Guaranteed
In FY 2021-22, we have successfully
Infrastructure Savings
received TIA-942 Tier 3 Certificate for
(5G ready)
development of 21 MW DC at Manesar
IT Park. Setup work for 3 MW Load has

8,000 per KW
already commenced.

Estimated rental potential

BUILDING COMPETENCIES TO
DEVELOP WORLD-CLASS,
BUILT-TO-SUIT WAREHOUSES
The Indian warehousing sector is gaining prominence led by the e-commerce boom, growing
need for cold chain network from the food and bio-pharmaceuticals sector, and boost to domestic
manufacturing. Positive government policies, infrastructure status to the sector, international trade
environment, and the potential of India to become a manufacturing hub further enhances prospects.

Anant Raj’s Strategy

OUR WAREHOUSING APPROACH:
With our huge, ready-to-develop land
parcels within NCR along with strong
15
execution capabilities, we are well-
positioned to cater to the demand spurt
in the warehousing sector. This will help

C O R P O R AT E O V ERV I E W
generate steady cashflows through rentals.
We intend to develop large, built-to-suit
warehouses which can be customised to
meet all the operational requirements by
way of tie-ups with international partners.

Built-to-suit,
futureproof
warehouse
which can be customised
to meet any operational
requirements

Tie-ups
for enhancing
competencies

84 acres
of fully-paid, freehold land bank
available at strategic locations
 ANANT RAJ LIMITED

PROJECT
SHOWCASE
RESIDENTIAL VILLA HOSPITALITY

16
Anant Raj Estate, Sector 63A, Gurugram
A NNUA L R E P O RT 2 0 2 1 - 2 2

Bel-La Monde, Chattarpur, New Delhi

INDEPENDENT FLOORS

Anant Raj Estate Floors,

Sector 63A, Gurugram Hotel Stellar Resorts, New Delhi

AFFORDABLE HOUSING

Anant Raj Aashray, Neemrana, Rajasthan Anant Raj Aashray II, Tirupati, Andhra Pradesh (Artistic Image)
COMMERCIAL

17
Office Building, Sector 44, Gurugram

C O R P O R AT E O V ERV I E W
IT PARKS /DATA CENTER

Anant Raj Tech Park, Manesar

Anant Raj Trade Centre, Rai Anant Raj Tech Park, Panchkula
 ANANT RAJ LIMITED

CORPORATE
INFORMATION
Board Of Directors Corporate Identification No. (CIN) Statutory Auditors
Ashok Sarin - Chairman L45400HR1985PLC021622 Vinod Kumar Bindal & Co,
(Cessation due to demise on August 22, 2021) Chartered Accountants
Amit Sarin - Managing Director Audit Committee
Aman Sarin - Director & Chief Executive Maneesh Gupta - Chairman Internal Auditors
Officer Amit Sarin - Member G R A S P & Associates,
Brajindar Mohan Singh - Member Chartered Accountants
Ashim Sarin - Director & Chief Operating
Officer
Stakeholders’ Relationship Cost Auditors
Brajindar Mohan Singh - Independent
Director Committee
Yogesh Gupta & Associates,
Rajesh Tuteja - Independent Director Maneesh Gupta - Chairman Cost Accountants
Amit Sarin - Member
Maneesh Gupta - Independent Director
Brajindar Mohan Singh - Member Secretarial Auditors
18 Kulpreet Sond - Independent Director
Priya Jindal,
Nomination & Remuneration
Chief Financial Officer Practising Company Secretary
A NNUA L R E P O RT 2 0 2 1 - 2 2

Committee
Pankaj Kumar Gupta Maneesh Gupta - Chairman Bankers
Rajesh Tuteja - Member
Company Secretary State Bank of India
Brajindar Mohan Singh - Member
Yes Bank Limited
Manoj Pahwa
Risk Management Committee
Registrar & Share Transfer Agents
Presidents Maneesh Gupta - Chairman
Alankit Assignments Limited
Suraj Parkash Sethi - Accounts Amit Sarin - Member
Alankit House, 4E/2, Jhandewalan Extn.,
Varun Khullar - Sales & Marketing Aman Sarin - Member
New Delhi - 110 055
Naveen Khanna - Project Development
Corporate Social Responsibility Phone: 011-42541955
Committee email: [email protected]
Chief Advisor Business
Manoj K Goyal Brajindar Mohan Singh - Chairman
Registered Office
Amit Sarin - Member
Aman Sarin - Member Plot No. CP-1, Sector - 8, IMT Manesar,
Senior General Manager
Gurugram, Haryana - 122 051
N S Rajpoot - Operations
Share Transfer Committee Telefax: 0124-4265817
Akhil Kumar - Land
Aman Sarin - Chairman www.anantrajlimited.com
Gaurav Sharma - Sales
Ravi Mohan Khurana - Services Amit Sarin - Member
Maneesh Gupta - Member Head Office
Kulbir Singh - Project
H-65, Connaught Circus,
General Managers Finance And Investment New Delhi - 110 001
Committee Phone: 011-43034409
Niranjan Lal Sharma - Electricals
Hemant Varshney - Corporate Leasing Amit Sarin - Chairman
Ravinder Kumar - Operations Aman Sarin - Member
Sudhir Solanki - CRM Maneesh Gupta - Member
Director’s Report
Dear Members,

Your Directors take pleasure in presenting their 37th (Thirty Seventh) Annual Report on the business and operations of your Company
together with the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2022.

1. FINANCIAL SUMMARY/ PERFORMANCE OF THE COMPANY:

(` in lakhs)
Particulars Standalone Consolidated
For the financial For the financial For the financial For the financial
year ended year ended year ended year ended
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Sales and other income 40177.42 27551.15 50124.21 26962.81
Profit before depreciation 8389.53 4541.73 8819.28 2479.15
Depreciation 1455.90 1510.80 1666.65 1717.72
Profit before Tax and after depreciation 6933.63 3030.93 7152.63 761.43
Provision for taxation 1344.96 1019.50 2305.79 738.10 19
Profit after tax 5588.67 2011.43 4846.84 23.33
Share of profit of an associate (net of - - 478.98 827.41

STAT U TO RY R E P O RT S
tax)
Minority interest - - 162.91 213.90
Net Profit available for appropriation 5588.67 2011.43 5488.73 1064.64
Appropriations:
Proposed dividend 354.12 295.10 354.12 295.10
Dividend Tax - - - -
Transfer to debenture redemption Reserve - - - -
Earnings per Share [equity share of ` 2]
-Basic earnings per share (in `) 1.90 0.69 1.92 0.43
-Diluted earnings per share (in `) 1.73 0.69 1.74 0.43
Dividend per share (in `) 0.12 0.10 0.12 0.10
Notes: -
1) The above figures are extracted from the Standalone and Consolidated Financial Statements prepared as per Indian Accounting
Standards (Ind AS).

2. OPERATIONS REVIEW AND THE STATE OF The Company, during the year under review, has posted
COMPANY’S AFFAIRS Consolidated Net Profit after tax of ` 5488.73 lakhs as
compared to ` 1064.64 lakhs during the previous year.
A. Operational and Financial Overview
The Company, its subsidiaries and associates are primarily Rental and Services Receipts
engaged in the business of Construction and Development The consolidated Rental and Services receipts of the Company,
of Residential, Commercial, Hospitality, Affordable Housing, during the period under review were ` 1973.77 lakhs as
IT Parks and Data Centers. compared to ` 1454.28 lakhs during the previous year.

The prime focus of the Company has always been executing B. Future prospects and outlook of the Company
and ensuring timely completion and deliveries of all its Between adapting to the pandemic’s norms, industry woes
projects being developed. and government policies, the Indian real estate players
foresee a robust demand for properties in 2022 and in near
The Company, during the year under review, has posted future. With the steady performance and quick revival, the
Standalone Net Profit after tax of ` 5588.67 lakhs as real estate sector regained the buyer’s and investor’s trust
compared to ` 2011.43 lakhs during the previous year. and further picked up the growth momentum.
 ANANT RAJ LIMITED

Real estate experts have seen 2021 as a period of rapid As per latest report from CREDAI, home prices in Delhi
transformation & growth. Developers too have invested in NCR have increased by 43% since the beginning of the
technology and digital channels to reach out to consumers pandemic in 2020, and year on year, the prices in Delhi NCR
in a more efficient way. The Company is no exception and increased by about 11% as compared to last year.
reached out to the consumers in every way possible, which is
shown by the results. OPERATIONS
The Company has always worked with focus on the execution
As we move into the new financial year, the experts read the and delivery, so as to smoothen the process of moving in
tea leaves and predict another optimistic year for the real by prospective buyers. As a result, “Anant Raj Estate”,
Company’s flagship residential township in Sector 63A,
estate sector. According to the Knight Frank report titled
near Golf Course Extension Road, Gurugram, is witnessing
‘Real Estate Outlook 2022’, India’s realty sector is showing
increase in demand mainly due to shift in thought process
signs of healthy growth in 2022.
where customers prefer ready to move in flats/floors/villas/
developed plots in well planned societies and integrated
India’s real estate sector saw over 1,700 acres of land deals
townships. Haryana Government has allowed higher FAR
in the top 7 cities in one year. Foreign investments in the
resulting in extra Floor space in each residential building.
commercial real estate sector were at US$ 10.3 billion
This has made the flats more affordable.
from 2017-21. As per ICRA estimates, Indian firms are
expected to raise > ` 3.5 trillion (US$ 48 billion) through 
The Company has fully paid additional land parcels
20 infrastructure and real estate investment trusts in 2022, as adjoining to Anant Raj Estate in Sector 63A, Gurugram
compared with raised funds worth US$ 29 billion to date. Haryana, on which it has applied for two licenses to develop
the residential projects i.e. Deen Dayal Jan Awas Yojna on
A NNUA L R E P O RT 2 0 2 1 - 2 2

The residential sector had an unprecedented year of growth 20.14 acres of land and Group Housing Project on 5.43
with sales rising by 51% YoY at 232,903 units across the acres of land. The initial approvals for these two projects
top eight cities of the country. New home launches also saw has already been received and company is planning to start
a significant rise of 58% YoY with the addition of 232,382 monetization of these land parcels in Q1 of the FY-23 for
units in 2021. Low interest rates, improving affordability, Deen Dayal Jan Awas Yojna and in Q4 of the FY-23 for
high savings, and a resurging interest in homeownership due Group Housing Project.
to space constraints imposed by the pandemic have been the
primary drivers of the revival in demand. Govt. of India’s insistence for placing Data of Banks/
Companies/Government offices in Data Centers located in
With the positive estimates for the real estate sector, the India has resulted into spurt in demand for Data Centers in
Company is also poised to grow at a much higher altitude India and this has come as a boon to the Company because
due to presence in diversified asset class. the Company has 5.50 million sq. ft. of ready space in the
buildings already constructed and the available space will
Impact of COVID-19 be converted in to Data Centers. These buildings require
India’s Economy suffered a major setback during the first enhancing of security cover and installing power back-ups
besides strengthening of the structure to convert the ready
and the second wave of the Covid-19 pandemic but now it is
buildings into Data Centers. Initially, the Company has
showing signs of steady recovery.
commenced the development of Phase-1 Hyper-Scale Data
Center at its ready IT building at IMT, Manesar, Gurugram,
During the pandemic, the Real estate sector was hampered
Haryana through its wholly owned subsidiary Anant Raj
in a big way. Now with the cases going down, the vaccination
Cloud Pvt. Ltd.
drives picking up, people returning to offices, preferring to have
a house in organised societies/ townships and organisations
The Company’s Wholly Owned Subsidiary, Anant Raj Cloud
adapting to hybrid working models, the Real-estate sub-sectors Pvt. Ltd., has already received TIA-942 Rated 3 Certificate
are expected to post a healthy growth. from the Telecommunications Industry Association (TIA).
Anant Raj Cloud Pvt. Ltd. will execute the O&M of the Data
The real estate market will continue to move in a fast Center. Our Project is third project and the largest in North
direction amid pent-up demand & preference of houses in India to have this Certificate.
organised societies/ colonies. Interest rates also have a major
impact on the current boom. During these uncertain times, Affordable housing is another segment of the company
homebuyers are scouting for projects that are spacious, which is a growing market. After successfully completing
deploy sustainable materials and are giving preference to and delivering 2,600 affordable units in Neemrana,
self-sustaining societies. Rajasthan (Anant Raj Aashray), under affordable housing,
 the Company has commenced its second project “Anant Raj GH Project in Q4 of FY 23. The Company is expecting
Aashray II” in Tirupati, Andhra Pradesh for construction & revenues of more than ` 1,500 crores from this project
Development of approx. 2,000 affordable units.The company within a span of four years.
is also in process to commence another Housing project in
Sector 36A, Gurugram jointly with Adani Realty. • JOINT VENTURE WITH BIRLA ESTATES
PRIVATE LIMITED
The Company also holds prime land in Delhi and these The Company has formed a joint venture LLP called
land parcels are poised for massive expansions due to “Avarna Projects LLP” (JV) (50:50 Limited Liability
recent changes in development norms for residential and Partnership) with Birla Estates Private Limited for
commercial spaces in coming year. the development of a residential complex at Sector
63A Gurugram, Haryana. The project envisages
A segment wise operational brief is given below: development of 764 luxury floors built on 191 plots,
in part of our integrated township Anantraj Estate,
a) Residential: Sector-63A, Gurugram. The expected revenues of
The Company’s primary focus is on the development LLP would be ` 2,350 crores over a period of 3
of the Company’s prime integrated residential and years. Tremendous response has been received and
commercial development project viz. Anant Raj Estate 100% of the inventory of 1st phase has been sold out,
at Sector 63A, in South Gurugram. Total land owned amounting to ` 624.00 crores. Phase II of Project
by the Company is approximately 175 acres in Sector “Navaya” will be launched in Q1 of FY 23 for which
RERA registration is already obtained. 21
63A with a development potential of 7 million sq.
ft. The Company has planned to acquire additional
land in Sector 63A, Gurugram, to expand the existing • Affordable Housing Projects

STAT U TO RY R E P O RT S
township in coming times. Anant Raj is one of the pioneers in delivering affordable
homes, which is in line with Hon’ble Prime Minister’s
The project is titled as “Anant Raj Estate” and vision of “Housing for all”.
it comprises construction and development of
luxury Villas, Plots, Residential flats, Independent 
The Company on account of its expertise in
floors and a Commercial complex. The Company is affordable homes has recently bagged a project from
receiving positive response from prospective buyers. APIIC (Andhra Pradesh Industrial Infrastructure
This project alone is expected to add total value Corporation) to develop & construct 2,000 affordable
of ` 6,000 crores to the Company’s total revenues homes in the holy city of Tirupati (Andhra Pradesh).
which includes revenues from Joint Venture with The project is spread over an area of 10.14 acres in an
industrial colony developed by APIIC.The Construction
Birla Estates Private Limited. Anant Raj Estate is
of project will commence in Q1 of FY2022-23, with a
one of the ambitious project of the Company, which
completion target by FY2025-26. The company plans
has received one of the fastest partial completion
to develop 2BHK units with a targeted sale price of
certificates for around 70% of the total area.
` 12-15 lakhs only per unit.
The Company recently got approval for development
of another residential colony under Deen Dayal Jan
In the past, the Company has successfully delivered
Awas Yojna (DDJAY) on 20.14 acres of fully paid
2600 affordable homes in the State of Rajasthan in an
& owned land. This new ambitious project will add
industrial colony developed by RIICO (Rajasthan State
more than ` 750 crores of inventory in the form of
Industrial Development and Investment Corporation)
residential & commercial plots. These plots are small
in Neemrana, Rajasthan.
in size & affordable for mid segment buyers and are in
great demand. The Company is expecting to monetize b) Commercial
this inventory in next 18 months to 24 months. (i) IT Park, Manesar, Gurugram
The Company has completed its IT Park situated
The Company has also got approval for development at Manesar, Haryana which is operational and
of Group Housing project on approx. 5.43 acres of generating revenues. This location being nearer to
land at Sector 63A Gurugram, Haryana in addition to Gurugram, is coming up as a major Silicon hub.
company’s entitlement to get Floor Index Ratio (FAR) Proposed connectivity to Manesar by Metro rail
of approx. 1 million sq. ft. on land being part of the services will make it into one of the prominent
planned roads of Sector 63A, Gurugram. The Group locations. UID and NXTRA (Airtel Data Center)
Housing Project will be having approx. 1.00 million Data Centers have already come up in the vicinity
sq. ft. of saleable area and it is proposed to launch of our IT Park.
 ANANT RAJ LIMITED

Total developed area is around 1.8 million square green field project. Power supply from two grids is
feet on 10 acres of land area against which available presently to cater the additional power
leasable area is 1.2 million sq. feet including requirement of the data Center.
40,000 sq. feet of retail space. The Company has
all the necessary approvals such as Environment (iv) Office Building
Clearance, Fire Certificate, CC and other HSIIDC  The Company, through its associate Company
regulatory approvals for the building. Based on has developed an Office Building at Sector 44,
this, TIA approval for Rated 3 has been obtained Gurugram, Haryana. Total developed area on
for setting up a 21 MW Data Center at the facility. 8,400 sq. mts. land is 2,10,000 sq. ft. The building
is fully leased out to various tenants.
The Company has already commenced work
for setting up of the Data Center and 3 MW c) Warehousing Project
is poised to be operational within Q2 of FY The Company is planning to develop fully paid
2022-23 out of proposed Data Center of 21 MW free hold land parcels in Delhi & Haryana, as
capacity, expandable upto 50 MW. The projected Warehousing projects, within a span of five years.
annual rental revenue will be more than ` 200 The development of Warehousing projects will
crores at capacity of 21 MW. The Company be based on international standards and modern
is also planning to get a MeitY empanelment age requirement.
(accreditation) and get listed in a Government
22 Cloud Services Directory. d) Hospitality
The Company is conscious of the increasing demand
(ii) IT Park, Panchkula, Haryana for Hospitality and Convention facilities in the
A NNUA L R E P O RT 2 0 2 1 - 2 2

 The Company is developing an IT Park with National Capital and has decided to develop sizeable
space of 1.6 million sq. feet on land area of 9.23 portfolio of its Hotel and Hospitality land parcels in
acres through its subsidiary Company, Rolling New Delhi. The Company intends to develop these
Construction Private Limited. As against this, Projects for mixed land use development to provide
leasable area would be around 1.1 million square to the community Hotel, Hospitality, Convention and
feet. In Phase-I, the company has developed & Commercial facilities at multiple locations in New
constructed an area of 6 lakhs sq. feet, which is Delhi. The Company’s hotel projects are situated in
leased to reputed commercial clients including premium Hospitality, Banquet and Convention districts
first Call Center of Amazon in North India. of New Delhi admeasuring individually from 5 to 7.5
acres. Some of these projects such as Hotel Stellar,
Now, to achieve maximum benefit from the Hotel Bel-LA monde are presently being operated by
available space in the building, the Company Third party operators on long term leases.
has plans to develop Tier III Data Center by
providing security support, power back-up and As per the current policy guidelines, developable area
strengthening of the structure. Besides this, has been enhanced for these properties by almost 10
additional 5.25 acres of land is available for times. The Company has proposed to transfer these
development into a green field project with FSI destinations into socio-economic hubs with a variety
of 0.6 million sq. feet for a Data Center having of development in diverse areas by availing additional
40 MW capacity. developable area allowed by the concerned authorities.

(iii) IT SEZ RAI, Sonepat, Haryana 3. IND AS STANDARDS

Total developable area in Rai building is 5.10 The Company had adopted IND AS with effect from 1st April,
million sq. feet on 25 acres of the land allotted 2016 pursuant to a notification dated February 15, 2015
to it by HSIIDC (Haryana State Industrial and under section 133 of the Companies Act, 2013 (hereinafter
Infrastructure Development Corporation). referred to as “Act”) issued by the Ministry of Corporate
Affairs, notifying the Companies (Indian Accounting
The Company has completed construction & Standard) Rules, 2015. The Company has published Audited
development of phase-1 of IT SEZ Project Financials based on IND AS for the financial year ended
comprising 2.1 million square feet, against which March 31, 2022 along with comparable financials for the
1.4 million sq. feet is leasable. The Company is year ended March 31, 2021.
also planning to develop a Tier III Data Center in
existing building and a Tier IV Data Center with The Quarterly results published by the Company from time to
100 MW Load capacity on 15 acres of land as a time in accordance with Listing Regulations for the financial
 year ended March 31, 2022 were also based on IND AS. Accordingly, the Company had transferred all corresponding
These have been published in newspapers and also made shares on which dividend remained unclaimed for a period
available on the Company’s Website www.anantrajlimited. of seven (7) years from 2013-14, to the Demat Account
com and website of Stock Exchanges where the shares of of the IEPF. It may please be noted that no claim shall lie
the Company are listed. against the Company in respect of share(s) transferred to
IEPF pursuant to the said Rules.
The estimates and judgements relating to the Financial
Statements are made on a prudent basis, so as to reflect in a Members/claimants whose shares, unclaimed dividends, have
true and fair manner, the form and substance of transactions been transferred to the IEPF Demat account of the fund, as
and reasonably present the Company’s state of affairs, the case may be, may claim the shares or apply for refund by
profits and cash flows for the financial year ended March 31, making an application to IEPF Authority in form IEPF-5
2022. The Notes to the Financial Statements adequately (available on http: www.iepf.gov.in).
cover the Standalone and Consolidated Audited Statements
and form an integral part of this Report. The statement containing details of Name, Address, Folio
number, Demat account No. and number of shares transferred
4. TRANSFER TO RESERVES to IEPF demat account is made available on our website
The Company has transferred a sum of ` 20 crores to the www.anantrajlimited.com.
Reserve for the financial year ended March 31, 2022.
The shareholders are encouraged to verify their records 23
5. TRANSFERS TO THE INVESTOR EDUCATION and claim their dividends of the preceding seven years,
AND PROTECTION FUND if not claimed.

STAT U TO RY R E P O RT S
Pursuant to the provisions of section 124 of the Act read
with the Investor Education and Protection Fund Authority 6. DIVIDEND
(Accounting, Audit, Transfer and Refund) Rules, 2016 The Board of Directors of your Company, subject to approval
(‘IEPF Rules’), (including any statutory modification(s)/ of shareholders at the ensuing Annual General Meeting,
re-enactment(s)/amendments(s) thereof for the time being has recommended final dividend @ 6% (Re. 0.12 per
in force), the dividend which remains unclaimed/unpaid for equity share of ` 2/- each) for the financial year ended
a period of seven years from the date of transfer to the March 31, 2022. The cash outflow on account of dividend
unpaid dividend account of the Company, is required to be will be ` 354.12 lakhs.
transferred to the Investor Education and Protection Fund
(‘IEPF’) established by the Central Government. As per the
Regulation 43A of the SEBI (Listing Obligations and
IEPF Rules, the corresponding shares in respect of which
Disclosure Requirements) Regulations, 2015 (hereinafter
dividend has not been paid or claimed by the Members
referred to as ‘Listing Regulations’), requires top one
for seven (7) consecutive years or more shall also be
thousand listed companies to formulate a dividend
transferred to the dematerialized account created by the
distribution policy. Accordingly, as per the provisions of
IEPF authority.
Listing Regulations, the Company had formulated a Dividend
Distribution Policy.
The said requirement does not apply to shares in respect of
which there is a specific order of Court,Tribunal or Statutory
Authority, restraining any transfer of the shares. The Dividend Distribution Policy is available on the website
of the Company i.e. www.anantrajlimited.com can be
The Company had accordingly transferred a sum of accessed at the weblink
` 4,18,511/- (Rupees Four lakhs Eighteen Thousand
Five Hundred Eleven Only) in the unpaid / unclaimed https://www.primeinfobase.in/z_ANANTRAJ/files/
dividend for the financial year 2013-14 to the Investor Anantraj_Dividend_Distribution_Policy.pdf
Education and Protection Fund (IEPF) established by the
Central Government. 7. SHARE CAPITAL
The paid-up share capital as on March 31, 2022 was
Further, in compliance with the provisions laid down in ` 59,01,92,670 divided into 29,50,96,335 equity
IEPF Rules, the Company had sent individual notices and shares of ` 2/- each. During the year under review, the
also advertised in the newspapers seeking action from the Company has neither issued shares with or without
members who have not claimed their dividends for seven (7) Differential Voting Rights nor granted Stock Options nor
consecutive years or more. issued Sweat Equity.
 ANANT RAJ LIMITED

Preferential Issue of Warrants: The funds raised through the above referred issues, were
The Board at its meeting held on March 3, 2021 approved duly utilized towards the specific purpose(s) for which such
the raising of funds for an amount of ` 163,41,50,000/- by funds were raised.
way of issuing 2,90,00,000 (Two crores Ninety lakhs) Fully
Convertible Warrants at an issue price of ` 56.35/- (Rupees 9. BOARD OF DIRECTORS & KEY
Fifty Six and Paisa Thirty Five Only) on a preferential basis MANAGERIAL PERSONNEL
to identified investors classified under ‘Promoter & Promoter The Company’s Board of Directors as on March 31, 2022
Group’ and ‘Non-Promoter’ Category (“allottees”), in consisted of seven (7) Directors comprising Executive and
accordance with the provisions of the Act read with SEBI Non-Executive Directors. Out of the seven (7) Directors,
four (4) are Non-Executive Independent Directors and three
(Issue of Capital and Disclosure Requirements) Regulations,
(3) are Executive Directors.
2018, which was further approved by the shareholders of
the Company at the Extra-Ordinary General Meeting held on
Sh. Amit Sarin is the Managing Director, Sh. Aman Sarin
April 21, 2021.
is the Whole Time Director and Chief Executive Officer,
and Sh. Ashim Sarin is the Whole Time Director and Chief
Consequently, the Board at its meeting held on May 5, 2021
Operating Officer of the Company. The other four (4)
allotted the aforesaid 2,90,00,000 (Two crores Ninety
Directors i.e., Sh. Brajindar Mohan Singh, Sh. Rajesh Tuteja,
lakhs) Fully Convertible Warrants of face value of
Sh. Maneesh Gupta and Mrs. Kulpreet Sond are the
24 ` 2/-(Rupees Two) each, on receipt of 25% of the issue Non-Executive Independent Directors of the Company.
price from the allottees, carrying a right to subscribe to
one equity share per warrant, for cash at an issue price of During the period under review, none of the Non-Executive
A NNUA L R E P O RT 2 0 2 1 - 2 2

` 56.35/- (including premium of ` 54.35/-) per warrant, on Directors of the Company had any pecuniary transactions
preferential basis to allottees on receipt of 100% of issue with the Company, apart from sitting fees paid to
price from the allottees in accordance with the provisions Non-Executive Directors for attending the meeting of the
of SEBI (Issue of Capital and Disclosure Requirements) Board of Directors, as and when it happens.
Regulations, 2018.
Appointments
8. DEBENTURES Upon the recommendation of Board, the shareholders of
The Board at its meeting held on December 25, 2021 the Company at the Extra-ordinary General Meeting held
approved the raising of funds by issuance of 4,750 (Four on April 21, 2021 appointed (i) Sh. Amit Sarin, who was
Thousand Seven Hundred Fifty), secured, unlisted, holding the position of Whole Time Director and Chief
redeemable, non-convertible debentures (‘Debentures’) Executive Officer as the Managing Director of the Company
for a period of five years w.e.f January 1, 2021 (ii) Sh.
having face value of ` 10,00,000/- (Rupees Ten lakhs Only)
Aman Sarin, the current Chief Operating Officer as the
each, at par aggregating upto ` 475,00,00,000/- (Rupees
Whole-Time Director and Chief Executive Officer of the
Four Hundred and Seventy Five crores Only) in one or
Company for a period of five years w.e.f. January 1, 2021
more tranches on private placement basis to the Eligible
(iii) Sh. Ashim Sarin, the current Chief Operating Officer
Investor(s) i.e. Touchstone Trust Scheme II.
as Whole Time Director and Chief Operating Officer of the
Company for a period of five years w.e.f. January 1, 2021
Thereafter, the Board at its meeting held on January 4,
(iv) Sh. Rajesh Tuteja as Non-Executive-Independent
2022, allotted the aforesaid 4,750 (Four Thousand Seven
Director of the Company for a period of five years w.e.f.
Hundred Fifty) Debentures bearing face value of
January 1, 2021 (iv) Mrs. Kulpreet Sond as Non-Executive
` 10,00,000/- (Rupees Ten lakhs Only) each, aggregating to Independent Woman Director of the Company for a period
` 475,00,00,000 (Rupees Four Hundred and Seventy Five of five years w.e.f. January 25, 2021.
crores Only), partly paid-up (payment in two tranches), on
private placement basis to the Eligible Investor(s) on the None of the Directors of your Company is disqualified under
receipt of Tranche A subscription amount. the provisions of section 164 (2)(a) and (b) of the Act.

Further, the Board at its meeting held on March 28, 2022, Re-appointments
considered and approved the proposal requesting for the In accordance with the provisions of section 152 of the
‘Final Call’ of ` 400,00,00,000 (Rupees Four Hundred Act and Article 120 of Article of Association read with
crores Only) with respect to such debentures, which were Companies (Appointment and Qualifications of Directors)
received on March 31, 2022. Rules, 2014, Sh. Amit Sarin (DIN: 00015837) retires by
 rotation at the ensuing Annual General Meeting and being 13. LISTING OF SHARES
eligible, has offered himself for re-appointment. The Company’s equity shares are listed with BSE Limited
and National Stock Exchange of India Limited. The annual
Cessation listing fee for the financial year 2022-23, for both the Stock
Sh. Ashok Sarin, Founder of the Anant Raj Group and
Exchanges, has been paid.
Executive Chairman of the Company left for his heavenly
abode on August 22, 2021. He was the epitome of high
14. DEPOSITS
integrity and ethical values. Under his leadership, hard
During the year under review, your Company has neither
work and vision, the Company has grown and prospered.
The Company places on record its sincere gratitude and accepted nor renewed any deposits from the public in
appreciation for the contribution, and valuable guidance terms of provisions of section 73 of the Act, read with the
given by him. The Company pledges to continually grow Companies (Acceptance of Deposits) Rules, 2014.
under his ethical principles with dedication and hard work.
15. INSURANCE
Key Managerial Personnel The Company’s properties including building, plant and
Save as otherwise provided above, there was no change in machinery, stocks, stores, etc., have been adequately insured
the Key Managerial Personnel of the Company. against major risks.

As per the requirement under the provisions of section 203 16. PARTICULARS OF LOANS, GUARANTEES
of the Act, the following are the Key Managerial Personnel 25
OR INVESTMENTS
(‘KMP’) of the Company as on the date of this report:
The particulars of Loans, Guarantees or Investments,
I. Sh. Amit Sarin (DIN: 00015837)- Managing Director; covered under the provisions of section 186 of the Act read

STAT U TO RY R E P O RT S
with Companies (Meetings of Board and its Powers) Rules,
II. Sh. Aman Sarin (DIN: 00015887)- Whole Time
Director & Chief Executive Officer; 2014 are given in the Financial Statements of the Company
for the financial year ended March 31, 2022. Please refer
III. Sh. Ashim Sarin (DIN: 00291515)- Whole Time to Note Nos. 4, 6 and 45 of the Standalone Financial
Director & Chief Operating Officer; Statements for the financial year ended March 31, 2022 for
IV. Sh. Pankaj Kumar Gupta -Chief Financial Officer; and further details.

V. Sh. Manoj Pahwa-Company Secretary.

17. SIGNIFICANT & MATERIAL ORDERS
10. CHANGE IN THE NATURE OF BUSINESS, PASSED BY THE REGULATORS
IF ANY There were no significant & material orders passed by
During the period under review, there has been no change in the Regulators against the Company during the financial
the nature of business of the Company. year under review.

11. 
MATERIAL CHANGE AND COMMITMENT IF ANY, 18. RELATED PARTY TRANSACTIONS AND
AFFECTING THE FINANCIAL POSITION OF THE POLICY ON RELATED PARTY
COMPANY WHICH HAVE OCCURRED BETWEEN THE TRANSACTIONS
END OF THE FINANCIAL YEAR OF THE COMPANY During the financial year ended March 31, 2022, all the
TO WHICH THE FINANCIAL STATEMENTS RELATE contracts or arrangements or transactions that were entered
AND THE DATE OF THE REPORT;
into with related party as defined under the Act and regulation
Except the changes specifically described in this report,
23 of Listing Regulations, were on an arm’s length basis
there have been no material changes and commitments
and in the ordinary course of business. However, pursuant
affecting the financial position of the Company, which
have occurred between the end of the financial year of the to Regulation 23(2) of Listing Regulations, prior approval
Company to which the financial statements relate and the of the Audit Committee was sought for entering into related
date of the report. party transactions.

12. CREDIT RATING Further, the Company has not entered into any contract/
The Credit rating agency, Infomerics Ratings had arrangement/ transaction with related parties which could
assigned the credit rating ‘IVR BB+/Positive Outlook be considered material in accordance with the policy of
(IVR Double B Plus with Positive Outlook)’ to the Company the Company on materiality of related party transactions.
for its long term bank facilities. Thus, disclosure in form AOC-2 is not required.
 ANANT RAJ LIMITED

The Board has formulated policy on dealing with Related The Board has formulated policy on Whistle Blower and the
Party Transactions and it may be accessed on the website of same may be accessed at the web-link
the Company at the web link:
https://www.primeinfobase.in/z_ANANTRAJ/files/
https://www.primeinfobase.in/z_ANANTRAJ/files/Policy_ Anantraj_whistle_blower_policy.pdf
on_Related_Party_Transactions.pdf
21. CONSERVATION OF ENERGY,
The Board draws attention of the Members to Note No. TECHNOLOGY ABSORPTION, FOREIGN
45 and 44 of the Standalone and Consolidated Financial EXCHANGE EARNINGS AND OUTGO
Statements, respectively, which sets out the requisite The Information relating to conservation of energy,
disclosures on related parties and transactions entered into technology absorption and foreign exchange earnings and
with/by them etc. outgo, pursuant to section 134(3)(m) of the Act read
with the Companies (Accounts) Rules, 2014 is enclosed as
19. RISK MANAGEMENT POLICY ‘Annexure-I’ and forms part of this Report.
In compliance with the requirement of the Act, your
Company has put in place Risk Minimization and Assessment 22. PARTICULARS OF EMPLOYEES AND
Procedure. In order to effectively and efficiently manage REMUNERATION
risk and address challenges, the Company has formulated Disclosures pertaining to remuneration and other details
26 Risk Management Policy. as required under section 197 (12) of the Act read with
Rules 5(1), (2) & (3) of the Companies (Appointment and
The main objective of the policy is to ensure sustainable Remuneration of Managerial Personnel) Rules, 2014 are
A NNUA L R E P O RT 2 0 2 1 - 2 2

business growth with stability and to promote a pro-active annexed to this Report as ‘Annexure – II and Annexure – III’.
approach in reporting, evaluating and resolving risks
associated with the business. In order to achieve the key 23. COMMITTEES OF BOARD
objective, the policy establishes a structured and disciplined (i) Audit Committee
approach to Risk Management, in order to guide decision In terms of section 177 of the Act and regulation 18 of
on risk related issues. As on the date of this report, there the Listing Regulations, Your Company has in place
is no element of risk, which may threaten the existence Audit Committee of Board of Directors. The meeting was
of the Company. re-constituted on September 20, 2021. Sh. Amit Sarin was
appointed as a member of the Committee in place of Sh.
The Board has formulated policy on Risk Management Ashok Sarin, who passed away on August 22, 2021.
and the same may be accessed at the web-link:
https://www.primeinfobase.in/z_ANANTRAJ/files/Risk_ As on March 31, 2022, its composition is as follows:-
Management_Policy.pdf
S. Name of the Category of Designation
No. Committee Members Directorship
During the financial year ended March 31, 2022, no changes
1 Sh. Maneesh Gupta Non-Executive Chairman
were carried out in the risk management policy.
& Independent
Director
20. VIGIL MECHANISM/ WHISTLE BLOWER
2 Sh. Amit Sarin Executive Member
POLICY Director
In compliance to section 177(9) & (10) of the Act and
3 Sh. Brajindar Mohan Non-Executive Member
regulation 22 of the Listing Regulations, the Company Singh & Independent
has established a “Vigil Mechanism” for its employees and Director
Directors, enabling them to report any concerns of unethical
behaviour, suspected fraud or violation of the Company’s The terms of reference of Audit Committee are confined to
code of conduct. Act & regulation 18 of the Listing Regulations read with
Part-C of Schedule II.
To this effect, the Board has adopted a “Whistle Blower
Policy” (WBP), which is overseen by the Audit Committee. The Audit Committee met five (5) times during the financial
The policy provides safeguards against victimization of the year. The details of meetings with attendance thereof and
whistle blower. Employees and other shareholders have terms of reference of Audit Committee have been provided
direct access to the Chairman of the Audit Committee for in the Corporate Governance Report which forms part
lodging concern if any, for review. of this Report.
 Further, during the financial year, the Board has accepted all encourages the appointment of women at senior executive
the recommendations of the Audit Committee. levels and thereby promoting diversity. The Policy is
designed to attract, recruit, retain and motivate best
For further details, please refer to the Corporate Governance available talent.
Report which forms part of this report.
The said policy is available on the website of the Company at:
(ii) Stakeholder’s Relationship Committee
The Company has also formed Stakeholder’s Relationship https://www.primeinfobase.in/z_ANANTRAJ/files/
Committee in compliance to the Act & Listing Regulations.
Nomination_and_Remuneration_and_Board_
The details about the composition of the said committee of
Diversity_Policy.pdf
the Board of Directors along with attendance thereof have
been provided in the Corporate Governance Report which
There were no changes carried out in the Policy during the
forms part of this Report.
financial year under review.
(iii) Share Transfer Committee
The Company has also formed Share Transfer Committee It is hereby affirmed that the Remuneration paid is as per
in compliance to the Act & Listing Regulations. The details the Remuneration Policy of the Company.
about the composition of the said committee of the Board of
Directors along with attendance thereof have been provided (v) Corporate Social Responsibility (CSR) Committee
in the Corporate Governance Report which forms part In terms of section 135 of the Act and rules framed 27
of this Report. thereunder, the Company has constituted a Corporate
Social Responsibility (CSR) Committee to recommend and
(iv) Nomination and Remuneration Committee monitor expenditure on CSR. The CSR Committee has been

STAT U TO RY R E P O RT S
In terms of section 178 of the Act read with Companies re-constituted on September 20, 2021. Sh. Aman Sarin
(Meetings of Board and its Powers) Rules, 2014 and was appointed as a member of committee in place of Sh.
regulation 19 of the Listing Regulations, your Company Ashok Sarin, who passed away on August 22, 2021.
has in place duly constituted Nomination and Remuneration
Committee of the Board of Directors. The details of the Composition of Corporate Social Responsibility Committee
composition of the committee along with other details are as on March 31, 2022:
available in the Corporate Governance Report which forms
part of this Report. Name of the Category of Designation
Committee Directorship
The Company believes that building a diverse and inclusive Members
culture is integral to its success. A diverse Board, among Sh. Brajindar Mohan Non-Executive & Chairman
others, will enhance the quality of decisions by utilising Singh Independent Director
different skills, qualifications, professional experience and Sh. Amit Sarin Executive Director Member
knowledge of the Board members necessary for achieving Sh. Aman Sarin Executive Director Member
sustainable and balanced development. In terms of Listing
Regulations and Act, the Company has in place Nomination During the financial year, the Board on the recommendation
& Remuneration Policy. of the Corporate Social Responsibility Committee, to
align with the requirements of the Companies (Corporate
The said Policy of the Company, inter alia, provides that the
Social Responsibility Policy) Amendment Rules, 2021
Nomination and Remuneration Committee shall formulate
issued by Ministry of Corporate Affairs, reviewed and
the criteria for appointment of Executive, Non-Executive
adopted the revised Corporate Social Responsibility Policy,
and Independent Directors on the Board of Directors of
the Company and persons in the Senior Management of effective from May 28, 2021, which is available on the
the Company, their remuneration including determination Company’s website at
of qualifications, positive attributes, independence of
directors and other matters as provided under sub-section https://www.primeinfobase.in/z_ANANTRAJ/files/
(3) of Section 178 of the Act (including any statutory Corporate_Social_Responsibility.pdf
modification(s) or re-enactment(s) thereof for the time
being in force). The Policy also lays down broad guidelines The Policy lays emphasis on transparent monitoring
for evaluation of performance of Board as a whole, mechanism for ensuring implementation of the projects
Committees of the Board, individual Directors including undertaken/ proposed to be undertaken by the Company in
the Chairperson and the Independent Directors. The Policy accordance with the overall objective of the CSR policy.
 ANANT RAJ LIMITED

An annual action plan as per Companies (Corporate Social (d) that the directors had prepared annual accounts
Responsibility Policy) Amendment Rules, 2021 notified for the financial year ended March 31, 2022 on a
vide MCA Circular dated January 22, 2021 has also been going concern basis;
recommended by the CSR Committee of the Board.
(e) that proper internal financial controls were in place
The Annual Report on CSR activities containing the requisite and that the financial controls were adequate and were
details including brief outline of the Policy, CSR expenditure operating effectively; and
details, reason for not spending the CSR amount etc. is given
as ‘Annexure- IV’ which forms part of this Report. (f) that the directors had devised proper systems to
ensure compliance with the provisions of all applicable
(vi) Finance and Investment Committee laws and that such systems were adequate and
The Company has constituted the Finance and Investment operating effectively.
Committee to monitor, consider and approve the matters
relating to borrowing of funds from banks, financial 25. MANAGEMENT DISCUSSION & ANALYSIS
institutions etc. The committee is further authorised REPORT
to approve investments of Company. The details of this Management Discussion & Analysis Report for the financial
committee are given in Corporate Governance Report which year under review, as stipulated under the Listing Regulations
forms part of this Report. is annexed and forms part of this Report.

28 (vii) Risk Management Committee: 26. CORPORATE GOVERNANCE REPORT

Regulation 21 of Listing Regulations, requires top 1,000 As per the requirement of regulation 34(3) read with
listed Companies, based on market capitalization as on
A NNUA L R E P O RT 2 0 2 1 - 2 2

Schedule V of Listing Regulations, a Report on Corporate

March 31 of preceding financial year, to constitute Risk
Governance is annexed, which forms part of this Report.
Management Committee of Board.
A certificate from the Statutory Auditors of the Company
Accordingly, your Company has constituted a Risk
regarding compliance of the conditions stipulated for
Management Committee on June 30, 2021 consisting of
Corporate Governance as required under Clause E of
members of Board of your Company and an Independent
Schedule V read with regulation 34 (3) of the Listing
Director to identify and assess business risks and
Regulations is annexed hereto.
opportunities. The details of this committee are given in
Corporate Governance Report which forms part of this report.
A declaration by the Chief Executive Officer addressed
to the members of the Company pursuant to Part D of
24. DIRECTORS’ RESPONSIBILITY STATEMENT Schedule V read with regulation 34 (3), Chapter IV of the
Pursuant to Section 134(3)(c) of the Act, the Board of
Listing Regulations regarding adherence to the Code of
Directors hereby confirms and accepts the responsibility for
Conduct by the members of the Board and by the members
the following in respect of the Audited Financial Statements
of the Senior Management Personnel of the Company is also
for the financial year ended March 31, 2022:
annexed hereto.

(a) that in the preparation of the annual accounts,

27. BUSINESS RESPONSIBILITY REPORTING
the applicable accounting standards had been
Regulation 34 (2) (f) of the Listing Regulations, requires
followed along with proper explanation relating to
top one thousand listed companies to prepare and present a
material departures;
Business Responsibility Report (‘BRR’) to its stakeholders
(b) that the directors had selected such accounting policies in the prescribed format describing the initiatives taken
and applied them consistently and made judgements by the Company on environmental, social and governance
and estimates that are reasonable and prudent so as to perspective. Hence, the Business Responsibility Report of the
give a true and fair view of the state of affairs of the Company for the financial year ended March 31, 2022 has
Company at the end of the financial year and of the been provided separately and forms part of this Report.
profit of the Company for that period;
28. PREVENTION, PROHIBITION AND
(c) that the directors had taken proper and sufficient REDRESSAL OF SEXUAL HARASSMENT
care for the maintenance of adequate accounting AT WORK PLACE
records in accordance with the provisions of this Act The Company has zero tolerance for sexual harassment
for safeguarding the assets of the Company and for at workplace and has formulated a policy on Prevention,
preventing and detecting fraud and other irregularities; Prohibition and Redressal of Sexual Harassment at
 the workplace, in line with the provisions of the Sexual Anant Raj Digital Private Limited and Ashok Cloud
Harassment of Women at Workplace (Prevention, Prohibition Private Limited.
and Redressal) Act, 2013 and rules there under. The Policy
aims to provide protection to employees at the workplace and During the financial year, the Company disposed of 50% of
prevent and redress complaints of sexual harassment and for its stake in wholly owned subsidiary i.e. Romano Projects
matters connected or incidental thereto, with the objective Private Limited. Consequently, it ceased to be the subsidiary
of providing a safe working environment, where employees of Company and became associate of the Company.
feel secure. All the employees of the Company as a part of Consequently, being a wholly owned subsidiary of Romano
induction were/are sensitized about the provisions of the said Projects Private Limited, Saiguru Buildmart Private Limited
Act. The Company believes in providing safe working place for also ceased to be step down subsidiary of Company.
the Women in the Company and adequate protection are given
for them to carry out their duties without fear or favour. The Company has laid down policy on material subsidiary
and the same is placed on the website of the Company.
The Company has also constituted an internal Complaints The said policy may be accessed at the following weblink:
Committee, to inquire into complaints of sexual harassment
and recommend appropriate action. https://www.primeinfobase.in/z_ANANTRAJ/files/
P O L I C Y _ F O R _ D E T ER M I N I N G _ M AT ER I A L _
Disclosures pursuant to the provisions of the Sexual SUBSIDIARIES.PDF
Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and Listing 29
None of the subsidiaries fall within the meaning of “Material
Regulations are as under: Non-Listed Indian Subsidiary” as defined in the policy
adopted by the Company.

STAT U TO RY R E P O RT S
Sr. Particulars No. of
No. Complaints 31. CONSOLIDATED FINANCIAL STATEMENTS
(1) Number of complaints filed during the NIL The Consolidated Financial Statements of your Company
financial year for the financial year ended March 31, 2022 have been
(2) Number of complaints disposed off NIL prepared in accordance with the principles and procedures
during the financial year of Indian Accounting Standards 110 (Ind AS) as notified
(3) Number of complaints pending as on NIL under the Companies (Ind As) Rules, 2015 as specified
the end of the financial year under Section 133 of the Act. In compliance to Section 129
of the Act read with rules made thereunder, Consolidated
29. ANNUAL RETURN Financial Statements prepared on the basis of Audited
Pursuant to the provisions of section 92 (3) read with Financial Statements received from subsidiary/associate
section 134 (3) (a) of the Act and rules framed thereunder, companies as approved by their respective Boards forms
the Annual Return, for the financial year ended March 31, part of this Report.
2022 is available on the website of the Company and can be
accessed through the web link In compliance with section 129 of the Act read with Rule
5 of the Companies (Accounts) Rules, 2014, a statement
h t t p s : / / w w w. p r i m e i n f o b a s e . i n / Pa g e s / R e p o r t s . containing the salient features of the Financial Statements
aspx?value=AENgE/Vn%20%20XM600MSHCcMw== of the Subsidiaries, Joint Ventures and Associate Companies
of the Company in form AOC-1 which forms part of this
30. SUBSIDIARIES AND GROUP COMPANIES Report, is annexed as ‘Annexure-V’.
As on March 31, 2022, your Company has thirty one (31)
wholly owned subsidiaries, three (3) step down subsidiaries Pursuant to the provision of section 136 of the Act,
and three (3) companies in which the Company holds more the Financial Statements and Consolidated Financial
than 50% of the total equity shareholding. Statements along with relevant documents and separate
Audited Accounts in respect of subsidiaries are available on
THE NAMES OF COMPANIES WHICH the website of the Company i.e. www.anantrajlimited.com
HAVE BECOME OR CEASED TO BE ITS
SUBSIDIARIES, JOINT VENTURE OR  ECLARATION FROM INDEPENDENT
32. D
ASSOCIATE COMPANIES DURING THE DIRECTORS ON ANNUAL BASIS
FINANCIAL YEAR All the Independent Directors have given a declaration under
The Company, during the financial year ended March 31, section 149(7) of the Act confirming that they fulfil the
2022, incorporated two wholly owned Subsidiaries namely criteria of independence as provided under section 149(6) of
 ANANT RAJ LIMITED

the Act [including compliance of Rule 5 and 6 of Companies based on questionnaire and feedback from all the directors
(Appointment and Qualification of Directors) Rules, 2014] on the Board as a whole, Committees and self –evaluation.
and regulations 16(1)(b) & 25 of Listing Regulations.
As required under regulation 17(10) of Listing Regulations,
All the Independent Directors of the Company have the Board assessed the performance of the Independent
registered themselves in the data bank maintained with the Directors, individually and collectively as per the criteria
Indian Institute of Corporate Affairs, Manesar (‘IICA’). laid down and on an overall assessment, the performance
In terms of section 150 of the Act read with rule 6(4) of of Independent Directors was found noteworthy. The Board
the Companies (Appointment & Qualification of Directors) has therefore recommended the continuance of Independent
Rules, 2014, the Independent Directors are required to Directors on the Board of the Company. Each of the
undertake online proficiency self-assessment test conducted Directors had evaluated the performance of the individual
by the IICA within a period of two (2) year from the date of Directors on the parameters such as qualification,
inclusion of their names in the data bank. The Independent knowledge, experience, initiative, attendance, concerns for
Directors, whosoever is required, shall undertake the said the stakeholders, leadership, team work attributes, effective
proficiency test. interaction, Independent views and Judgement.

In the opinion of the Board all Independent Directors possess The Board of Directors have assessed performance of
strong sense of integrity and having requisite experience the Board as a whole and committees of the Company
(including proficiency), qualification, skills and expertise as based on the parameters which amongst other included
30 structure of the Board, including qualifications, experience
well as independent of the management. For further details,
please refer Corporate Governance Report. and competency of Directors, diversity of Board and
A NNUA L R E P O RT 2 0 2 1 - 2 2

process of appointment; Meetings of Board, including

There has been no change in the circumstances which may regularity and frequency, agenda, discussion and dissent,
affect their status as Independent Director during the recording of minutes; functions of Board, including
financial year under review. strategy and performance evaluation, corporate culture
and value, evaluation of risks, succession plan, focus on
33. BOARD MEETINGS the shareholders’ value creation, effectiveness of Board
The Company has convened nine (9) meetings of the Board processes, governance and compliance and meaning full
of Directors during the financial year ended March 31, communication, high governance standard, knowledge of
business, openness of discussion/integrity and information
2022. The meetings were held on May 05, 2021, June 30,
and functioning and quality of relationship between the
2021, August 14, 2021, September 20, 2021, November 12,
Board and management.
2021, December 25, 2021, January 04, 2022, February 14,
2022 and March 28, 2022. Details of the Board meetings
The members of the Audit Committee, Nomination &
are given in the Corporate Governance Report annexed
Remuneration Committee, Stakeholder’s Relationship
herewith for the financial year ended March 31, 2022.
Committee and Corporate Social Responsibility Committee
were also assessed on the above parameters and also in the
The Board meeting dates were finalised in consultation with
context of the Committee’s effectiveness vis-à-vis the Act
all directors and agenda papers backed up by comprehensive
and Listing Regulations.
notes and detailed background information is circulated well
in advance before the date of the meeting thereby enabling The Criteria for evaluation of the Committee of Board
the Board to take informed decision. The Board is also included mandate and composition, effectiveness of the
apprised about the important developments in industry, Committee, structure of the Committee, regularity and
segments, business operations, marketing, products etc. frequency of meetings, agenda, discussion and dissent,
recording of minutes and dissemination of information,
34. ANNUAL EVALUATION OF BOARD, independence of committee of the Board, contribution to
COMMITTEES AND DIRECTORS decisions of the Board, and quality of relationship of the
As required under Section 134(3)(p) of the Act and Committee with the Board and Management.
regulation 17 of Listing Regulations, the Board of Directors
had already approved the evaluation criteria for evaluating Further, as required under Schedule IV of the Act and
the performance of the Board of Directors, its Committees Listing Regulations, a separate meeting of the Independent
and the performance of Independent Directors. Directors was convened, whereat Independent Directors
had evaluated the performance of the Non- Independent
The performance evaluation of the Board, its Committees Directors and the Board as a whole as parameters as
and individual directors was conducted and the same was enumerated above.
 The Nomination and Remuneration Committee & Audit The Board, on the recommendation of the Audit
Committee has also reviewed and considered the collective Committee, recommended the appointment of M/s
feedback of the whole of evaluation process. Ranjana Vandana & Co., Chartered Accountants, (Firm
Registration No. 008961C) as the statutory auditors of
Results of all such above referred evaluations were the Company in place of the retiring auditors, M/s Vinod
found satisfactory. Kumar Bindal & Co., for a term of five consecutive
years, from the conclusion of the ensuing 37th Annual
35. INTERNAL FINANCIAL CONTROLS General Meeting of the Company till the conclusion of
The Company has in place an established internal financial the 42nd Annual General Meeting to be held in the year
control system, with reference to the Financial Statements 2027, for the approval of the members of the Company.
and as referred under section 134(5)(e) of the Act, to Requisite resolution regarding their appointment is
ensure the orderly and efficient conduct of its business, included in the Notice of ensuing 37th Annual General
the safeguarding of its assets, the prevention and detection Meeting for approval by the members.
of frauds and errors and proper recording of financial &
operation information, compliance of various internal control M/s Ranjana Vandana & Co., Chartered Accountants,
and other regulatory/statutory compliances. All internal (Firm Registration No. 008961C) have furnished
audit findings and control systems are periodically reviewed a certificate of their eligibility under Section 139
by the Audit committee of the Board of Directors, which and 141 of the Act and the rules framed thereunder
provides strategic guidance on internal control. for the appointment as Auditors of the Company.
Also as required under regulation 33(1)(d) of the 31
The Company has further strengthened its internal financial Listing Regulations, the auditors have confirmed
control policies and procedures to make them commensurate that they hold a valid certificate issued by the

STAT U TO RY R E P O RT S
with the size and nature of operations of the Company. Peer Review Board of the Institute of Chartered
The policies and procedures are also adequate for orderly Accountants of India.
and efficient conduct of business of the Company. During the
financial year under review, these controls were tested and The auditor report given by M/s Vinod Kumar Bindal &
no significant weakness was identified either in the design or Co., Chartered Accountants, Statutory Auditors, on the
operation of the controls. Financial Statements (Standalone and Consolidated)
of the Company for the financial year ended
March 31, 2022, forms part of the Annual Report
36. GREEN INITIATIVE
and self-explanatory. There has been no qualification,
Electronic copies of the Annual Report 2021-22 and the
reservation or adverse remarks or any disclaimer
Notice of the 37th Annual General Meeting are sent to all
in their report.
members whose email addresses are registered with the
Company/RTA.The hard copy of Annual Report 2021-22 will
REPORTING OF FRAUDS:
be sent only to those shareholders who request for the same.
Pursuant to the provision of section 143(12) of the
Act and rules framed thereunder, that there have been
For members who have not registered their email addresses,
no instance of fraud reported by the Auditors either to
physical copies are sent in the permitted mode. In order
the Company or to the Central Government.
to support Green Initiative, the company requests those
members who have yet not registered their e-mail address, to
As such there is nothing to report by the Board under
register the same directly with their Depository Participant, section 134(3)(ca) of the Act.
in case shares are held in electronic form or with the
company, in case shares are held in physical form. ii) COST AUDITORS AND COST AUDIT REPORT
M/s Yogesh Gupta & Associates (Firm Registration
37. AUDITORS No. 000373) were appointed as the Cost Auditor to
i) STATUTORY AUDITORS AND THEIR conduct the cost audit for the financial year ended
REPORT March 31, 2022.
M/s Vinod Kumar Bindal & Co., Chartered Accountants
(Firm Registration No. 003820N), were appointed as Further, pursuant to the provisions of section 148(1)
statutory auditors of the Company for a period of five of the Act read with the Companies (Cost Records
consecutive years to hold office from the conclusion of and Audit) Rules, 2014 as amended and as per the
32nd Annual General Meeting held on 29th September, recommendation of the Audit Committee, the Board
2017 until the conclusion of ensuing 37th Annual at their meeting held on June 7, 2022, re-appointed
General Meeting. M/s Yogesh Gupta & Associates (Firm Registration
 ANANT RAJ LIMITED

No. 000373) as Cost Auditors of the Company for the raising from the Stock Exchanges (BSE Limited
financial year 2022-2023 to audit the cost records & National Stock Exchange of India Limited).
of the Company. A resolution for ratification of the The concerned Stock Exchanges levied the fine/
payment to be made for such cost audit services penalty for the aforesaid delay on the Company.
forms part of the Notice of ensuing 37th Annual The Board took note of the impositions of the
General Meeting. fine/penalty by the Stock Exchanges and made
emphasis as to strengthening the governance
A certificate from M/s Yogesh Gupta & Associates, procedures so as to ensure compliance at all
Cost Accountants, has been received to the effect that times. The Board also noted that the delay was
their appointment as Cost Auditors of the Company, inadvertent and emphasized that going forward
if made, would be in accordance with the limits prescribed timelines should be strictly adhered to
prescribed under Section 141 of the Act and the rules as far as practically possible.
framed thereunder.
Further, pursuant to the Regulation 24A of
The cost audit report issued by the Cost auditor for the Listing Regulations read with SEBI Circular No
financial year ended March 31, 2021 was filed with the CIR/CFD/CMD1/27/2019, dated February 08,
Registrar of Companies vide form CRA-4. 2019, the Annual Secretarial Compliance Report
for the financial year 2021-2022 was filed
The Company has maintained accounts and records as
with Stock Exchanges(s), i.e. BSE Limited and
32 specified under sub-section (1) of section 148 of the Act.
National Stock Exchange of India Limited,
on May 18, 2022.
iii) SECRETARIAL AUDITORS AND
A NNUA L R E P O RT 2 0 2 1 - 2 2

SECRETARIAL REPORT
iv) INTERNAL AUDITORS
Pursuant to the provisions of section 204 of Act read
The Board of Directors of your Company had
with Companies (Appointment and Remuneration of
appointed M/s. Garg Kumar & Associates, Chartered
Managerial Personnel) Rules, 2014, the Company
Accountant, New Delhi as the Internal Auditors of the
had appointed Ms. Priya Jindal, Company Secretary
Company pursuant to the provisions of section 138 of
in practice to undertake the Secretarial Audit of the
the Act for financial year 2021-2022 and the reports
Company for the financial year ended March 31,
on periodical basis submitted were placed before the
2022. The Secretarial Audit Report for the financial
audit committee and Board of Directors.
year ended March 31, 2022, is annexed herewith
as “Annexure-VI”.
38. Following policies are also adopted by the
Explanation to the observations in secretarial Board and are linked with the website of
audit report: company at www.anantrajlimited.com
The Secretarial audit report for the financial year 1. Archival Policy on Preservation of Documents
2021-22 contains following observation: of the Company. URL for the same is:
https://www.primeinfobase.in/z_ANANTRAJ/files/
1. 
Non-compliance/Delayed Compliance under Archive_Policy.pdf
regulation 29(2)/(3) of SEBI (LODR)
Regulations, 2015 for furnishing prior intimation 2. Policy on determination of materiality of the events/
within the period provided under regulation information for making disclosure by the Company.
about the meeting of Board of Directors held on
December 25, 2021. The BSE and NSE (Stock URL for the same is: https://www.primeinfobase.in/z_
Exchanges) had levied the fine for delay in ANANTRAJ/files/Policy_on_Disclosures.pdf
furnishing prior intimation about the meeting of
Board of Directors held on December 25, 2021. 3. Policy on preservation of records. The same may
be assessed at https://www.primeinfobase.in/z_
In this regard, it is submitted that A N A NT R A J / fil e s / Po li c y _ o n _ P r e s e r va t io n _
of_Records.pdf
1. The Company received the notice regarding
the Non-Compliance/Delayed Compliance 4. Policy on determination of material subsidiary.The same
under regulation 29 for delay in furnishing may be assessed at https://www.primeinfobase.in/z_
prior Intimation about the meeting of Board of ANANTRAJ/files/POLICY_FOR_DETERMINING_
Directors held on December 25, 2021 for fund MATERIAL_SUBSIDIARIES.PDF
 5. Policy on code of conduct for the Board of Director (a) Issue of equity shares with differential rights as to
and senior management personnel. The same dividend, voting or otherwise.
may be assessed at
(b) Issue of shares (including sweat equity shares) to
https://www.primeinfobase.in/z_ANANTRAJ/files/ employees of the Company under any scheme.
Code%20of%20Conduc t%20for%20Top%20
management.pdf (c) Neither Managing Director nor the Whole Time
Directors of the Company received any remuneration
6. Policy on code of practices and procedures for fair dis-
or commission from any of its subsidiaries.
closure of insider trading. The same may be assessed
at https://www.primeinfobase.in/z_ANANTRAJ/files/
AnantRaj_CodeofFairDisclosureofUnpublishedPrice- APPRECIATIONS AND ACKNOWLEDGEMENTS
SensitiveInformation.pdf The Directors place on record their appreciation for the
assistance, help and guidance provided to the Company
39. SECRETARIAL STANDARDS by the Bankers, Financial Institution(s) and Authorities
Save as otherwise provided in this Annual Report, the of Central and State Government(s) from time to time.
Company has complied with the Secretarial Standards I & The Directors also place on record their gratitude
II issued by the Institute of Company Secretaries of India to employees and shareholders of the Company for
during the period under review. their continued support and confidence reposed in the
33
management of the Company.
40. DISCLOSURE UNDER INSOLVENCY AND
BANKRUPTCY CODE, 2016
By order of the Board of Directors

STAT U TO RY R E P O RT S
During the financial year under review, no Corporate
Insolvency Resolution Process (CIRP) was initiated against For Anant Raj Limited
your Company, under the Insolvency and Bankruptcy Code,
2016 (IBC) as amended. Sd/- Sd/-
Amit Sarin Aman Sarin
41. GENERAL Managing Director Director & CEO
The Directors state that no disclosure or reporting in DIN: 00015837 DIN: 00015887
respect of the following items is required as there were
no transactions/events relating to these items during the Place: New Delhi
financial year under review: Date: June 7, 2022
 ANANT RAJ LIMITED

ANNEXURE-I
Information as per Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 and forming part
of the Directors’ Report for the year ended March 31, 2022

A. Conservation of Energy
(i) The steps taken or impact on The Company is making continuous efforts on ongoing basis for energy
conservation of energy: conservation by adopting innovative measures to reduce wastage and
optimize consumption.
(ii) The steps taken by the Company for The Company endeavors to ensure optimal use of energy, avoid wastages and
utilizing alternate sources of energy: conserve energy as far as possible.
(iii) The capital investment on energy There was no capital investment on energy conservation equipment during
conservation equipment’s: the year ended March 31, 2022

B. Technology absorption
(i) The efforts made towards technology absorption: NA
(ii) The benefit derived like product improvement, cost reduction, product development or import substitution: NA
34 (iii) In case of imported technology (imported during the last three years reckoned from the beginning of the NA
financial year
A NNUA L R E P O RT 2 0 2 1 - 2 2

a) The details of technology imported;

b) The year of import;
c) Whether the technology been fully absorbed; NA
d) If not fully absorbed, area where absorption has not taken place and the Reasons thereof; and
e) The expenditure incurred on Research and Development

C. Foreign Exchange Earning and outgo

The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange Outgo during the year in terms
of actual outflows.
(` in lakhs)
Particulars Financial Year ended Financial Year ended
March 31, 2022 March 31, 2021
Foreign Exchange Earned 0 0
Foreign Exchange used 17.99 17.03

By order of the Board of Directors

For Anant Raj Limited

Sd/- Sd/-
Amit Sarin Aman Sarin
Place: New Delhi Managing Director Director & CEO
Date: June 7, 2022 DIN: 00015837 DIN: 00015887
ANNEXURE-II
Statement pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(2) and (3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Amendment Rules, 2016 forming part of the Directors’ Report for the year ended March 31, 2022

(A) Name of the top ten employees through the financial year:
Name Designation Remuneration Nature of Qualification Experience Date of Age Previous % of Whether
(`) Employment (in years) Commencement Employment shares related to
of employment held in the any director
Company or manager
Sh. Ashok Sarin Executive Chairman 35,32,259 Permanent Graduate 52 19.10.1992 80 NIL 0.00 Yes^
Sh. Amit Sarin Managing Director 90,00,000 Permanent B.Com 28 10.07.2009 50 NIL 0.00 Yes*
Sh. Aman Sarin Director & Chief 90,00,000 Permanent Graduate 27 27.05.1995 48 NIL 0.00 Yes**
Executive Officer
Sh. Ashim Sarin Director & Chief 90,00,000 Permanent MBA 22 25.05.2007 46 NIL 0.00 Yes***
Operating Officer
Sh. Varun Khullar President-Sales & 38,15,451 Permanent B.E. 21 26.03.2013 45 EMAAR MGF 0.00 No
Marketing Mechanical
Sh. Gaurav Senior General 30,50,451 Permanent B.A 14 06.11.2013 42 CBRE 0.00 No
Sharma Manager-Sales
Sh. Narayan Senior General 22,47,450 Permanent Diploma in 23 03-10-2009 56 Century Tiles Ltd 0.00 No
Singh Rajpoot Manager-Operations Mechanical 35
Engineering
Sh. Pankaj Chief Financial Officer 20,04,000 Permanent Chartered 18 10.04.2008 44 BETA Industrial 0.00 No
Kumar Gupta Accountant Products

STAT U TO RY R E P O RT S
Sh. Sandeep Deputy General 17,28,000 Permanent Diploma in 22 10.02.2010 44 NIL 0.00 No
Bhalla Manager-Construction civil engineer
Sh. Sudhir General Manager-CRM 16,87,500 Permanent MBA, B.Sc. 20 01.08.2019 44 Ansal API, Spaze 0.00 No
Solanki (H) Maths Towers, Evergreen
Infrastructure

(B) Save as otherwise provided above there are no personnel who are;
a) in receipt of remuneration aggregating not less than ` 1,02,00,000 per annum and employed through the financial year; and
b) in receipt of remuneration aggregating not less than ` 8,50,000 per month and employed for part of the financial year.

(C) Personnel if employed throughout the financial year or part thereof, was in receipt of remuneration
in that year which, in the aggregate, or as the case may be, at a rate which, in the aggregate, is in
excess of that drawn by the managing director or whole-time director or manager and holds by
himself or along with his spouse and dependent children, not less than two percent of the equity
shares of the company.: NIL
^ Sh. Ashok Sarin erstwhile Chairman and Executive Director (Promoter) of the Company passed away on August 22, 2021. He was a relative of
Sh. Amit Sarin, Managing Director; Sh. Aman Sarin, Director & Chief Executive Officer and Sh. Ashim Sarin, Director & Chief Operating Officer
of the Company.
*Sh. Amit Sarin is a relative of Sh. Aman Sarin, Director & Chief Executive Officer and Sh. Ashim Sarin, Director & Chief Operating Officer of the Company.
**Sh. Aman Sarin is a relative of Sh. Amit Sarin, Managing Director and Sh. Ashim Sarin, Director & Chief Operating Officer of the Company.
***Sh. Ashim Sarin is a relative of Sh. Amit Sarin, Managing Director and Sh. Aman Sarin, Director & Chief Executive Officer of the Company.
Sh. Amit Sarin, Managing Director, Sh. Aman Sarin, Director & Chief Executive Officer and Sh. Ashim Sarin, Director & Chief Operating Officer of the
Company are sons of Sh. Ashok Sarin erstwhile Chairman and Executive Director (Promoter) of the Company who passed away on August 22, 2021.
Note: Gross Remuneration comprises Salary, Bonus, House Rent Allowance, Special Allowance and Company Contribution to Provident Fund Account.

By order of the Board of Directors

For Anant Raj Limited

Sd/- Sd/-
Amit Sarin Aman Sarin
Place: New Delhi Managing Director Director & CEO
Date: June 7, 2022 DIN: 00015837 DIN: 00015887
 ANANT RAJ LIMITED

ANNEXURE-III
PARTICULARS OF REMUNERATION
The information required under section 197 of the Act and the Rules made there-under, in respect of employees of the
Company, is follows:-
(a) the ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the
financial year;
Non - Executive Directors Ratio of Median Remuneration
Sh. Brajindar Mohan Singh, Independent Director NA
Sh. Maneesh Gupta, Independent Director NA
Sh. Rajesh Tuteja, Independent Director NA
Mrs. Kulpreet Sond, Independent Director NA
Executive Directors
Sh. Ashok Sarin, Executive Chairman * 14.42
Sh. Amit Sarin, Managing Director 36.76
Sh. Aman Sarin, Director & Chief Executive Officer 36.76
Sh. Ashim Sarin, Director & Chief Operating Officer 36.76
36 Note:
All the Non-Executive Independent Directors of the Company were not paid any remuneration and were paid only sitting fee for attending meeting
of the Board of Directors/Committee. Therefore, the said ratio of remuneration of each Director to median remuneration of the employees of the
A NNUA L R E P O RT 2 0 2 1 - 2 2

Company is not applicable.

(b) the percentage increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer, Company
Secretary or Manager, if any, in the financial year;
Name of Person % Increase in remuneration
Sh. Ashok Sarin, Executive Chairman * -60.75%
Sh. Amit Sarin, Managing Director -
Sh. Aman Sarin, Director & Chief Executive Officer 27.91%
Sh. Ashim Sarin, Director & Chief Operating Officer 27.91%
Sh. Brajindar Mohan Singh, Independent Director -
Sh. Maneesh Gupta, Independent Director -
Sh. Rajesh Tuteja, Independent Director -
Mrs. Kulpreet Sond, Independent Director -
Sh. Pankaj Kumar Gupta, Chief Financial officer 10.68%
Sh. Manoj Pahwa, Company Secretary 0.98%
*Sh. Ashok Sarin erstwhile Chairman and Executive Director (Promoter) of the Company passed away on August 22, 2021.
(c) the percentage increase in the median remuneration of employees in the financial year: 8.54%
(d) the number of permanent employees on the rolls of Company: 204
(e) average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial
year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out
if there are any exceptional circumstances for increase in the managerial remuneration
The average Increase in salaries of employees other than managerial personnel in 2021-22 was 1.12%. The rise was insignificant
due to recessionary condition prevalent in the real estate sector. Percentage decrease in the managerial remuneration for
the year was 4.8%.
(f) The Company hereby affirm that the remuneration is as per the remuneration policy of the Company.

By order of the Board of Directors

For Anant Raj Limited

Sd/- Sd/-
Amit Sarin Aman Sarin
Place: New Delhi Managing Director Director & CEO
Date: June 7, 2022 DIN: 00015837 DIN: 00015887
ANNEXURE-IV
THE ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
[Pursuant to Section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy)
Rules, 2014]

1. Brief outline on CSR Policy of the Company

The Board of Directors upon the recommendation of the Corporate Social Responsibility Committee have identified the following
areas listed in Schedule VII of the Companies Act, 2013 for carrying out its CSR Activities and the same is outlined in CSR Policy:

i. Eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation (including contribution to the
Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation) and making available safe drinking
water. Company can undertake programs for educating the peoples.

ii. Promoting education, including special education and employment enhancing vocation skills specially among children,
women, elderly, and differently abled and livelihood enhancement projects;

iii. Promoting gender equality, empowering women, setting up homes and hostels for women and orphans, setting up old age
homes, day care centers and such other facilities for senior citizens and measures for reducing inequalities faced by socially 37
and economically backward groups;

iv. Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry,

STAT U TO RY R E P O RT S
conservation of natural resources and maintaining quality of soil, air and water [including contribution to the Clean Ganga
Fund set-up by the Central Government for rejuvenation of river Ganga];

v. Protection of national heritage, art and culture including restoration of building and sites of historical importance and works
of art; setting up public libraries; promotion and development of traditional arts and handicrafts;

vi. Measures for the benefit of armed forces veterans, war widows and their dependents [Central Armed Police Forces (CAPF)
and Central Para Military Forces (CPMF) veterans, and their dependents including widows];

vii. Training to promote rural sports, nationally recognised sports, paralympic sports and Olympic sports;

viii. Contribution to the Prime Minister’s National Relief Fund [or Prime Minister’s Citizen Assistance and Relief in Emergency
Situations Fund (PM CARES Fund)] or any other fund set up by the Central Government for socio-economic development
and relief and welfare of the Schedule Castes, the scheduled tribes, other backward classes, minorities and women;

ix. Contributions or funds provided to technology incubators located within academic institutions which are approved by the Central
Government and Contributions to public funded Universities; Indian Institute of Technology (IITs); National Laboratories
and autonomous bodies established under Department of Atomic Energy (DAE); Department of Biotechnology (DBT);
Department of Science and Technology (DST); Department of Pharmaceuticals; Ministry of Ayurveda, Yoga and Naturopathy,
Unani, Siddha and Homoeopathy (AYUSH); Ministry of Electronics and Information Technology and other bodies, namely
Defense Research and Development Organisation (DRDO); Indian Council of Agricultural Research (ICAR); Indian Council
of Medical Research (ICMR) and Council of Scientific and Industrial Research (CSIR), engaged in conducting research in
science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs).

x. Rural development projects.

xi. Slum area development.

xii. Disaster management, including relief, rehabilitation and reconstruction activities.

The Projects / Programmes may be undertaken by an Implementation Agency or the Company directly provided that such projects
/ programmes are in line with the activities enumerated in Schedule VII of the Companies Act, 2013.

The Company has been focusing on the project as enumerating in the CSR Policy.
 ANANT RAJ LIMITED

2. Composition of CSR Committee:

Sl. Name of Director Designation/ Nature of Number of meetings Number of meetings of
No. Directorship of CSR Committee CSR Committee attended
held during the year during the year
1. Sh. Brajindar Mohan Singh Chairman (Non –Executive & 3 3
Independent Director)
2. *Sh. Aman Sarin Member (Executive Director) 3 1
3. Sh. Amit Sarin Member (Executive Director) 3 3
*Appointed as a member in place of Sh. Ashok Sarin w.e.f September 20, 2021

3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the
board are disclosed on the website of the company:
Composition of CSR Committee:
https://www.primeinfobase.in/z_ANANTRAJ/companyboardofdir.aspx?value=AENgE/Vn%20%20XM600MSHCcMw==
CSR Policy: https://www.primeinfobase.in/z_ANANTRAJ/files/Corporate_Social_Responsibility.pdf

38 CSR Projects: https://www.primeinfobase.in/Pages/Reports.aspx?value=AENgE/Vn%20%20XM600MSHCcMw==

4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8
A NNUA L R E P O RT 2 0 2 1 - 2 2

of the Companies (Corporate Social Responsibility Policy) Rules, 2014, if applicable (attach the report):
Not Applicable

5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate
Social Responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any:
Sl. Financial Year Amount available for set-off from preceding Amount required to be set- off for the
No. financial years (` in lakhs) financial year, if any (` in lakhs)
- - - -

6. Average net profit of the company as per section 135(5): ` 3752.12 lakhs

7. (a) Two percent of average net profit of the company as per section 135(5) : ` 75.04 lakhs

(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil

(c) Amount required to be set off for the financial year, if any: Nil

(d) Total CSR obligation for the financial year (7a+7b-7c): ` 75.04 lakhs

8. (a) CSR amount spent or unspent for the financial year:

Total Amount Amount Unspent (` in lakhs)
Spent for the Total Amount transferred to Unspent Amount transferred to any fund specified under
Financial Year. CSR Account as per section 135(6). Schedule VII as per second proviso to section 135(5).
(` in lakhs)
Amount Date of transfer Name of the Fund Amount Date of transfer
70.32 4.72 April 26, 2022 Not Applicable Not Applicable Not Applicable
(b) Details of CSR amount spent against ongoing projects for the financial year (` In lakhs):
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Sl. Name of the Item from Local Location of the Project Amount Amount Amount Mode of Mode of Implementation
No. Project the list of area project duration allocated spent transferred to Implementation - Through Implementing
activities in (Yes/ for the in the Unspent CSR - Direct (Yes/ Agency
Schedule No) State District project current Account for No) Name CSR
VII to the financial the project as Registration
Act Year per Section number
135(6)
1. Vocational Skill Schedule VII No Telangana Hyderabad 3 years 25.00 2.25 22.75 No Rainbow CSR00004456
Programme for (ii) and Delhi and Delhi Foundation
Women Enhancing NCR India
vocational
skills
2. Undertaken Schedule VII Yes Delhi Delhi 3 years 25.00 6.75 - No Prayas CSR00010997
education for (ii) Social
orphans, Street Promoting Welfare
Children, extremely Education Society
impoverished 26.78 - Yes NA NA
children
3. COVID relief Schedule VII Yes Delhi Delhi 3 years 15.00 7.23 7.77 Yes NA NA
support to families (xii) Disaster
management 39
4. Undertaking eye Schedule VII Yes Delhi Delhi 3 years 10.00 4.00 5.00 No Monica CSR00024035
centre for operation (i) Sarin
of Poor blind Promoting Foundation

STAT U TO RY R E P O RT S
and conducting health care 1.00 - Yes NA NA
programme to
educate them for
preventive health
care
5. Rural Development Schedule VII Yes Delhi Delhi 3 years 5.00 5.00 - Yes NA NA
Projects (x) Rural
Development
Projects
6. Protection of art Schedule VII Yes Delhi Delhi 3 years 20.00 17.31 2.69 Yes NA NA
and Culture (V)
Protection
of art and
Culture
TOTAL - - - - - 100.00 70.32 38.21 - - -

(c) Details of CSR amount spent against other than ongoing projects for the financial year (` In lakhs): Nil
(1) (2) (3) (4) (5) (6) (7) (8)
Sl. Name Item from the Local Location of the Amount Mode of Mode of implementation -
No. of the list of activities area project spent implementation Through implementing agency
Project in schedule VII (Yes/ State District for the - Direct (Yes/ Name CSR Registration
to the Act No) project No) number
- - - - - - - - - -

(d) Amount spent in Administrative Overheads: Nil

(e) Amount spent on Impact Assessment, if applicable: Not applicable

(f) Total amount spent for the Financial Year (8b+8c+8d+8e): ` 70.32 lakhs
 ANANT RAJ LIMITED

(g) Excess amount for set off, if any:

Sl. Particular Amount
No. (` In lakhs)
(i) Two percent of average net profit of the company as per section 135(5) 75.04
(ii) Total amount spent for the Financial Year 70.32
(iii) Excess amount spent for the financial year [(ii)-(i)] -4.72
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any -
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] -

9. (a) Details of Unspent CSR amount for the preceding three financial years (` In lakhs) :
Sl. Preceding Amount transferred to Amount spent Amount transferred to any fund Amount remaining
No. Financial Year Unspent CSR Account in the Reporting specified under Schedule VII as to be spent
under section 135 (6) Financial Year per section 135(6), if any in succeeding
Name of Amount Date of financial years
the Fund transfer
1 2020-21 64.67 - NA NA NA 64.67

(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial
40 year(s) (` In lakhs):
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Sl. Project ID Name of the Financial Project Total Amount Cumulative Status
A NNUA L R E P O RT 2 0 2 1 - 2 2

No. Project Year in duration amount spent on the amount spent of the
Which the allocated project in at the end project -
project was for the the reporting of reporting Completed
commenced project Financial Year Financial Year /Ongoing
1 FY31.03.2021_1 Vocational Skill 2020-21 3 years 25.00 - 2.75 Ongoing
Programme for
Women
2 FY31.03.2021_2 Undertaken 2020-21 3 years 26.00 - 1.50 Ongoing
education
for orphans,
Street Children,
extremely
impoverished
children
3 FY31.03.2021_3 COVID relief 2020-21 3 years 45.00 - 25.18 Ongoing
support to
families
TOTAL 96.00 29.43

10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or
acquired through CSR spent in the financial year: Not applicable
(asset-wise details).
(a) Date of creation or acquisition of the capital asset(s): NA

(b) Amount of CSR spent for creation or acquisition of capital asset: NA

(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their
address etc.: NA

(d) 
Provide details of the capital asset(s) created or acquired (including complete address and location of the
capital asset): NA
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per
section 135(5):
The Company is committed to Corporate Social Responsibility (“CSR”). As per the approved CSR Annual Action Plan and Budget
thereto, the Company during the year ended March 31, 2022, was required to spend ` 75.04 lakhs (being the 2% of the average
net Profit of the Company for last three financial years. i.e. ` 3752.12 lakhs) towards ongoing projects, out of which ` 70.32
lakhs were spent on such approved ongoing projects in line with the CSR Policy of the Company. The Company could not spend the
prescribed amount as the Company is undertaking ongoing project(s) for such CSR expenditure and the Board ensures that such
ongoing projects shall be completed within the specified time period in accordance with the provisions of Companies Act, 2013
read with the prescribed CSR rules as amended.

For Anant Raj Limited For and on behalf of Corporate Social

Responsibility Committee of Anant Raj Limited

Sd/- Sd/-
Amit Sarin Brajindar Mohan Singh
Managing Director Chairman of Corporate Social
Place: New Delhi DIN: 00015837 Responsibility Committee
Date: June 7, 2022 DIN: 02143830 41

STAT U TO RY R E P O RT S
 A NNUA L R E P O RT 2 0 2 1 - 2 2

42
Annexure-V
FORM -AOC-1
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/ associates companies/ joint ventures
Part-”A” Subsidiaries
(` In lakhs)
S. No. Name of Subsidiary Reporting period Reporting currency Share Reserve & Total Total Investments Turnover Profit Provision Profit Proposed % of
for the subsidiary and exchange rate as Capital Surplus Assets Liabilities before for after Dividend Shareholding
ANANT RAJ LIMITED

concerned, if on the last date of the taxation taxation taxation

different from the relevant financial year
holding company's in the case of foreign
reporting period subsidiaries
1 Adonai Home Private 31.03.2022 N.A 10.00 (5.21) 28.71 23.92 - - (0.19) - (0.19) - 100%
Limited
2 Advance Buildcon Private 31.03.2022 N.A 5.00 (3.86) 1.72 0.58 - - (0.40) - (0.40) - 100%
Limited
3 Anant Raj Cloud Private 31.03.2022 N.A 5.00 (2.75) 167.49 165.24 - - (2.90) (0.64) (2.26) 100%
Limited
4 Anant Raj Cons. & 31.03.2022 N.A 500.00 (126.97) 4,553.04 4,180.01 - - (186.64) 3.96 (190.60) - 100%
Development Private
Limited
5 *Anant Raj Digital 31.03.2022 N.A 5.00 (0.17) 5.20 0.37 - - (0.17) - (0.17) - 100%
Private Limited
6 Anant Raj Estate 31.03.2022 N.A 5.00 (50.76) 214.55 260.31 - 240.21 (10.37) - (10.37) - 100%
Management Services
Limited
7 Anant Raj Housing 31.03.2022 N.A 5.00 (3.99) 1,095.88 1,094.87 5.00 - (0.12) - (0.12) - 100%
Limited
8 AR Login 4 Edu Private 31.03.2022 N.A 5.00 (167.30) 1.32 163.62 - - 4.62 1.20 3.42 - 100%
Limited
9 ARE Entertainment 31.03.2022 N.A 10.00 (0.53) 10.07 0.60 - - (0.21) - (0.21) - 100%
Limited (Formerly
Gujarat Anant Raj
Vidhyanagar Limited)
10 *Ashok Cloud Private 31.03.2022 N.A 5.00 (0.13) 5.00 0.13 - - (0.13) - (0.13) 100%
Limited
11 Century Promoters 31.03.2022 N.A 5.00 309.52 316.31 1.79 - - (0.11) - (0.11) - 100%
Private Limited
12 Echo Properties Private 31.03.2022 N.A 6.17 277.41 284.25 0.67 - - (0.31) - (0.31) - 81.01%
Limited
13 Empire Promoters 31.03.2022 N.A 5.00 4.88 1,312.57 1,302.69 - - (0.31) - (0.31) - 100%
Private Limited
14 Excellent Inframart 31.03.2022 N.A 5.00 (3.48) 4.42 2.90 - - (0.41) - (0.41) - 100%
Private Limited
15 Four Construction Private 31.03.2022 N.A 5.00 (18.48) 0.28 13.76 - - (0.80) - (0.80) - 100%
Limited
16 Glaze Properties Private 31.03.2022 N.A 5.00 (1.74) 32.32 29.06 - - (0.50) - (0.50) - 100%
Limited
17 Grandstar Realty Private 31.03.2022 N.A 5.00 (8.47) 4,250.83 4,254.30 - - (0.53) - (0.53) - 100%
Limited
 (` In lakhs)
S. No. Name of Subsidiary Reporting period Reporting currency Share Reserve & Total Total Investments Turnover Profit Provision Profit Proposed % of
for the subsidiary and exchange rate as Capital Surplus Assets Liabilities before for after Dividend Shareholding
concerned, if on the last date of the taxation taxation taxation
different from the relevant financial year
holding company's in the case of foreign
reporting period subsidiaries
18 Green Valley Builders 31.03.2022 N.A 5.00 (433.00) 0.18 428.18 - - (0.34) - (0.34) - 100%
Private Limited
19 Green way Promoters 31.03.2022 N.A 5.00 (5.18) 182.80 182.98 - - (0.11) - (0.11) - 100%
Private Limited
20 Hamara Realty Private 31.03.2022 N.A 5.00 (13.87) 509.84 518.71 - - (0.20) - (0.20) - 100%
Limited
21 Jai Govinda Ghar Nirman 31.03.2022 N.A 5.00 (1.12) 1,016.17 1,012.29 - - (0.11) - (0.11) - 100%
Limited
22 Jasmine Buildwell Private 31.03.2022 N.A 5.00 (1.60) 10,000.22 9,996.82 - - (0.09) - (0.09) - 100%
Limited
23 North South Properties 31.03.2022 N.A 5.00 (29.08) 0.93 25.01 - - (0.73) - (0.73) - 100%
Private Limited
24 Pasupati Aluminium 31.03.2022 N.A 5.00 130.24 136.15 0.91 - - (0.14) - (0.14) - 100%
Limited
25 Pelikan Estates Private 31.03.2022 N.A 5.00 263.76 394.32 125.56 - - (5.46) - (5.46) - 100%
Limited
26 Pioneer Promoters 31.03.2022 N.A 5.00 1,605.04 7,293.16 5,683.12 - - (3.10) - (3.10) - 100%
Private Limited
27 Rolling Construction 31.03.2022 N.A 106.99 6,816.23 15,284.27 8,361.05 277.67 527.68 (417.12) 87.79 (329.33) - 50.10%
Private Limited
28 Romano Estate 31.03.2022 N.A 5.00 54.50 754.58 695.08 - 175.04 (6.57) 1.66 (4.90) - 100%
Management Services
Limited
29 Romano Estates Private 31.03.2022 N.A 5.00 (2.13) 8,740.31 8737.43 8,590.12 - (0.16) - (0.16) - 100%
Limited
30 Romano Infrastructure 31.03.2022 N.A 5.00 (107.86) 3,407.73 3,510.59 0.35 - (135.77) - (135.77) - 100%
Private Limited
31 Rose Realty Private 31.03.2022 N.A 5.00 (42.45) 89.24 126.69 - - (0.37) - (0.37) - 100%
Limited
32 Sartaj Developers and 31.03.2022 N.A 5.00 (4.05) 75.24 74.29 - - (0.38) - (0.38) - 100%
Promoters Private
Limited
33 Sovereign Buildwell 31.03.2022 N.A 5.00 (4.31) 2,048.92 2,048.23 28.79 - (0.46) (0.46) - 100%
Private Limited
34 Spring View Developers 31.03.2022 N.A 100.00 3.44 5,118.87 5,015.43 5,018.79 - (0.09) - (0.09) - 75%
Private Limited
35 Springview Properties 31.03.2022 N.A 5.00 2.52 363.34 355.82 - - (0.11) - (0.11) - 100%
Private Limited
36 Tumhare Liye Realty 31.03.2022 N.A 5.00 (2.13) 115.16 112.29 - - (0.12) - (0.12) - 100%
Private Limited
37 Woodland Promoters 31.03.2022 N.A 5.00 98.32 5,409.10 5,305.78 - - (0.67) - (0.67) - 100%
Private Limited
* Incorporated during the year

1 Names of subsidiaries which are yet to commence oparations NA

2 Names of subsidiaries which have been liquidated or sold/ceased during the year 1. Romano Projects Private Limited
2. Saiguru Buildmart Private Limited

STAT U TO RY R E P O RT S
43
 A NNUA L R E P O RT 2 0 2 1 - 2 2

44
Part “B”: Associates and Joint Ventures
Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures

Name of Associates/ Joint Ventures Roseland Buildtech Anant Raj Property Romano Projects E2E Solutions Avarna Projects LLP
Private Limited Management Private Private Limited Private Limited
Limited
1 Latest audited Balance Sheet date 31.03.2022 31.03.2022 31.03.2022 31.03.2022 31.03.2022
2 Shares of Associate/Joint Ventures
held by the company on the year end
ANANT RAJ LIMITED

No./ Share Capital 84,38,430 5,000 25,000 86,60,410 -

Amount of Investment in Associate/ 14,799.00 0.50 2.50 3,613.00 5.00
Joint Venture (` In lakhs)
Extent of Holding 50% 50% 50% 49% 50%
3 Description of how there is Holding of 50% of the Holding of 50% of the Holding of 50% of the Holding of 49% of the Holding of 50% of
significant influence paid up share capital paid up share capital paid up share capital paid up share capital capital of the LLP and
of the company and of the company and of the company and of the company and control of business
control of business control of business control of business control of business decision
decision decision decision decision
4 Reason why the Associates/ Joint N. A. N. A. N. A. N. A. N. A.
Ventures is not Consolidated
5 Networth attributable to N. A. N. A. N. A. N. A. N. A.
shareholding as per latest audited
Balance sheet (` In lakhs)
6 Profit/ Loss for the Year
i Considered in Consolidation (0.59) (1.05) (0.15) 477.20 1,644.04
(` In lakhs)
ii Not Considered in Consolidation N. A. N. A. N. A. N. A. N. A.

1 Names of Associates or Joint Ventures which are yet to Commence Operation N. A.

2 Names of Associates or Joint Ventures which have been liquidated or sold during the year N. A.

Amit Sarin Aman Sarin

Managing Director Director & Chief Executive Officer
DIN: 00015837 DIN: 00015887

Pankaj Kumar Gupta Manoj Pahwa

Place : New Delhi Chief Financial Officer Company Secretary
Date: May 14, 2022 Membership No. 505767 Membership No. A7812
ANNEXURE-VI
FORM NO. MR 3
Secretarial Audit Report
For the financial year ended March 31, 2022
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To,
The Members,
ANANT RAJ LIMITED
Plot No. CP-1, Sector-8
IMT Manesar, Gurugram
Haryana-122051

I was appointed by the Board of Directors of Anant Raj Limited (hereinafter called the Company) to conduct Secretarial Audit for the
financial year ended March 31, 2022.
45
I have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate
practices by the Company. Secretarial Audit was conducted in a manner that provided me with a reasonable basis for evaluating the

STAT U TO RY R E P O RT S
corporate conducts/ statutory compliances and expressing my opinion thereon.

Management’s Responsibility for Secretarial Compliances

The Company’s management is responsible for preparation and maintenance of secretarial records and for devising proper systems to
ensure compliance with the provisions of applicable laws and regulations.

Based on my verification of the Anant Raj Limited (“the Company”) books, papers, minute books, forms and returns filed and other
records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives
during the conduct of secretarial audit, I hereby report that in my opinion, the Company has, during the audit period covering the
financial year ended on March 31, 2022 (“Audit Period”) complied with the statutory provisions listed hereunder and also that the
Company has proper Board processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting
made hereinafter:

Opinion
I have examined the books, papers, minute books, forms and returns filed and other statutory records maintained by the Company for
the financial year ended on March 31, 2022 according to the provisions of:

(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct
Investment and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):-
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;
(d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 / Securities and Exchange
Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 – Not applicable to the Company
during the year under review;
 ANANT RAJ LIMITED

(e) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 – Not
applicable to the Company during the year under review;
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding
the Companies Act and dealing with client – Not applicable to the Company during the year under review;
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 – Not applicable to the
Company during the year under review; and
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 – Not applicable to the Company
during the year under review;
(i) The Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 and circulars/guidelines
issued thereunder;
(vi) Other Laws those are applicable specifically to the Company:
1. Land Acquisition Act, 1894
2. Environment (Protection) Act, 1986
3. Air Prevention and Control of Pollution Act, 1981
4. Transfer of Property Act, 1882
46
5. Indian Stamp Act, 1899
A NNUA L R E P O RT 2 0 2 1 - 2 2

6. Consumer Protection Act, 1986

7. Real Estate (Regulation and Development) Act, 2016
8. Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
9. The Employees Provident Funds and Miscellaneous Provisions Act, 1952
10. Employees State Insurance Act, 1948
11. The Maternity Benefit Act, 1961
I have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India.
(ii) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

During the Period under review, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc.
mentioned above subject to following observation:

1. Non-compliance/Delayed Compliance under Regulation 29(2)/(3) of SEBI (LODR) Regulations, 2015 for furnishing prior
intimation within the period provided under regulation about the meeting of Board of Directors held on December 25, 2021.
The BSE and NSE (Stock Exchanges) had levied the fine for delay in furnishing prior intimation about the meeting of Board of
Directors held on December 25, 2021.

Based on information received and records maintained, I further report that:

1. The Board of Directors of the Company is duly constituted with proper composition of Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the financial
year under review were carried out in compliance with the provisions of the Act.

2. Adequate notice is given to all directors to schedule the Board Meetings, Agenda and detailed notes on agenda were sent at least
seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items
before the meeting and for meaningful participation at the meeting.

3. The Company has proper Board processes.

I further report that there are adequate systems and processes in the Company commensurate with the size and operations of the
Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

I further report that during the Audit period there were following Specific events/actions having a major bearing on Company’s affairs
in pursuance of the above referred Laws, Rules, Regulations, Guidelines, Standards, etc. which are :

a) The Board at its meeting held on March 3, 2021 approved the raising of funds for an amount of ` 163,41,50,000/- by way of
issuing 2,90,00,000 (Two crores Ninety lakhs) Fully Convertible Warrants at an issue price of ` 56.35/- (Rupees Fifty Six and
Paisa Thirty Five Only) on a preferential basis to ‘Promoter & Promoter Group’ and ‘Non-Promoter’ Category (“allottees”), in
accordance with the provisions of the Companies Act, 2013 read with SEBI (Issue of Capital and Disclosure Requirements)
Regulations, 2018, which was further approved by the shareholders of the Company at the Extra-Ordinary General Meeting held
on April 21, 2021.

Further, the Board at its meeting held on May 5, 2021 issued and allotted the aforesaid 2,90,00,000 (Two crores Ninety lakhs)
Fully Convertible Warrants of face value of ` 2/-(Rupees Two Only) each, on receipt of 25% of the issue price from the allottees,
carrying a right to subscribe to one equity share per warrant, for cash at an issue price of ` 56.35/- (including premium of
` 54.35/-) per warrant, on preferential basis to allottees on receipt of 100% of issue price from the allottees in accordance with
the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

b) The Board at their meeting held on December 25, 2021 approved the raising of funds by issuance of 4,750, secured, unlisted, 47
redeemable, non- convertible debentures bearing face value of ` 10,00,000/- (Rupees Ten lakhs only) each, at Par aggregating
upto ` 475,00,00,000/- (Rupees Four Hundred and Seventy Five crores only) in one or more tranches on private placement basis
to eligible investor(s).

STAT U TO RY R E P O RT S
Further, the Board at their meeting held on January 04, 2022, approved the allotment of 4,750 (Four Thousand Seven Hundred
and Fifty) secured, unlisted, redeemable, non-convertible debentures of face value of ` 10,00,000/- (Rupees Ten lakhs Only)
aggregating to ` 475,00,00,000/- (Rupees Four Hundred and Seventy Five crores only), partly paid- up (payment in two tranches),
on private placement basis to Touchstone Trust Scheme II on the receipt of Tranche A subscription amount.

Further, the Board of Directors of the Company at their meeting held on March 28, 2022, considered and approved the proposal
for calling the ‘Final Call’ of ` 400,00,00,000 (Rupees Four Hundred crores only) with respect to 4,750, secured, unlisted,
redeemable, non- convertible debentures bearing face value of ` 10,00,000/- (Rupees Ten lakhs only) each, at Par aggregating
upto ` 475,00,00,000/- (Rupees Four Hundred and Seventy Five crores only) allotted by the Company on January 4, 2022.

c) The Members of the Company at the Annual General Meeting held on September 30, 2021 has passed following items under the
special businesses by way of Ordinary resolutions:
• Ratification of remuneration payable to M/s Yogesh Gupta & Associates, Cost Auditors of the Company for the
financial year 2021-22.
• Approval of requests received from Mrs. Chanda Sachdev and Mr. Dhruv Bhasin, part of the Promoter Group for reclassification
from “Promoter and Promoter Group category” to “Public category”.

This Report is to be read with my letter of even date which is annexed as Appendix A and forms an integral part of this report.

Priya Jindal
ACS No. 52116
Place : New Delhi  C P No. 20065
Date : June 7, 2022  UDIN: A052116D000472351
 ANANT RAJ LIMITED

Appendix-A
To,
The Members
ANANT RAJ LIMITED
Plot No. CP-1,
Sector-8, IMT Manesar,
Gurugram, Haryana--122051,
India

My report is to be read along with this letter.

1. Maintenance of Secretarial record is the responsibility of the management of the Company. My responsibility is to express an
opinion on these secretarial records based on my audit.

2. I have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness of the
contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in Secretarial
48 records. I believe that the process and practices, I followed provide a reasonable basis for my opinion.

3. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
A NNUA L R E P O RT 2 0 2 1 - 2 2

4. Wherever required, I have obtained the Management representation about the Compliance of laws, rules and regulations and
happening of events etc.

5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of the
management. My examination was limited to the verification of procedure on test basis.

6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness
with which the management has conducted the affairs of the Company.

Priya Jindal
ACS No. 52116
Place : New Delhi  C P No. 20065
Date : June 7, 2022 UDIN: A052116D000472351
Corporate Governance Report
(In compliance with Regulation 34(3) read with Schedule V of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015)

MANDATORY REQUIREMENTS: (f) Regular update of Anant Raj Limited on

Anant Raj Limited (‘the Company’) is committed to sound website i.e., www.anantrajlimited.com to keep
corporate practices based on conscience, openness, fairness, stakeholders informed.
professionalism and accountability paving the way in building
confidence among all its stakeholders for achieving sustainable 2. BOARD OF DIRECTORS
long-term growth and profitability. The Company firmly believes that an active, well-informed
and independent Board is necessary to ensure the highest
1. COMPANY’S PHILOSOPHY ON THE CODE standards of Corporate Governance and to bring objectivity
OF GOVERNANCE and transparency in the Management. The Board of
Corporate Governance is based on the principles such as Directors is entrusted with the ultimate responsibility of
conducting the business with all integrity and fairness, being the management, general affairs, direction and performance
of the Company and has vested with the requisite powers,
transparent with regard to all transactions, making all the
authorities and duties.
necessary disclosures and decisions, complying with all the
laws of the land, accountability and responsibility towards 49
Selection of the Board
its stakeholders.
In terms of the requirement of the provisions of the
Companies Act, 2013 (hereinafter referred to as the ‘Act’)
The Company’s philosophy on Corporate Governance is

STAT U TO RY R E P O RT S
and SEBI (Listing Obligations and Disclosure Requirements)
to ensure the best possible management team along-with
Regulations, 2015 (hereinafter referred to as ‘Listing
experienced professional people. The Company firmly
Regulations’), the Nomination and Remuneration Committee
believes that sound practices adopted in the governance
has been designated to evaluate the need for change in the
of its affairs based on openness, transparency, capability
composition and size of the Board of the Company and
and accountability are essential elements for long term
to select members to fill Board vacancies and nominating
success, building the confidence of its stakeholders and it’s
candidates for election by the members of the Company.
functioning and conduct of its business.
The Board’s role, functions, responsibilities and
Your Company is committed to and firmly believes in
accountability are clearly defined. In addition to its primary
practicing good Corporate Governance practices as they are
role of monitoring corporate performance, the functions of
critical for meeting its obligations towards all stakeholders.
the Board, inter-alia, include:
The Company’s governance framework is based on the
following principles which adhere to sound Corporate (a) Articulating the corporate philosophy and mission.
Governance practices of transparency and accountability
with an ultimate aim of enhancing shareholder value: (b) The Board provides strategic guidance to the company
ensures effective monitoring of the management and is
(a) Constitution of Board of Directors with an appropriate accountable to the shareholders.
blend of Executive and Non- Executive Directors
committed to discharge their responsibilities and duties. (c) Formulating strategic plans.

(b) Strict compliance with all governance codes, Listing (d) The Board members act on a fully informed basis, in
Agreements, all other applicable laws and regulations. good faith, with due diligence and care, and in the best
interests of the Company and the shareholders.
(c) Timely and balanced disclosure of all material
information relating to the Company to all stakeholders. (e) The Board and senior management facilitate the
Independent Directors to perform their role effectively
(d) Adoption of ‘Code of Conduct’ for Directors and as a Board member and also a member of a committee.
Senior Management and ‘Code of Ethics’ and ‘Policy
on Prohibition of Insider Trading’ and effective (f) Ensuring fair and transparent conduct of business.
implementation thereof.
(g) Reviewing and approving borrowing/lending, investment
(e) Sound system of Risk Management and Internal Control. limits and exposure limits, etc.
 ANANT RAJ LIMITED

(h) Reviewing statutory matters. A. Composition of Board:

The Company’s Board of Directors as on March 31, 2022
(i) Strategic acquisition of companies and critical assets. consist of Seven (7) Directors comprising Executive and
Non - Executive Directors including leading professionals in
(j) Review and adoption of Financial Statements, the fields of finance, law, trade and industry. Out of the Seven
quarterly, half yearly and annual financial results. (7) Directors, Four (4) are Non-Executive Independent
Directors and Three (3) are Executive Directors. As on
(k) Keeping shareholders informed about the plans, March 31, 2022, the Board’s composition is in consonance
strategies and performance and with the Corporate Governance requirements under
Regulation 17 of the Listing Regulations and Section
(l) Ensuring 100% investor satisfaction. 149 of the Act.

The Names, categories and Director’s attendance at the Board meetings held during the financial year 2021-22 and at the last
Annual General Meeting held on September 30, 2021 are given below:

Name of Directors Category of Director No. of shares No. of Board Attendance at

held (as at Meetings last AGM dated
March 31, 2022) Attended 30-09-2021
#Sh. Ashok Sarin Promoter – Executive Chairman Nil 0 NA
50
(DIN: 00016199)
^Sh. Amit Sarin Executive- Managing Director Nil 9 Yes
A NNUA L R E P O RT 2 0 2 1 - 2 2

(DIN: 00015837)
^^Sh. Aman Sarin Executive- Whole-Time Director Nil 9 No
(DIN:00015887) & Chief Executive Officer
^^^Sh. Ashim Sarin Executive- Whole-Time Director Nil 8 No
(DIN: 00291515) & Chief Operating Officer
Sh. Brajindar Mohan Singh Independent, Non-Executive Nil 2 No
(DIN: 02143830) Director
Sh. Maneesh Gupta Independent, Non-Executive 401 9 Yes
(DIN: 00129254) Director
^^^^Sh. Rajesh Tuteja Independent, Non-Executive Nil 3 Yes
(DIN: 08952755) Director
^^^^^Mrs. Kulpreet Sond Independent, Non-Executive Nil 3 No
(DIN: 08952751) Director
# Sh. Ashok Sarin erstwhile Chairman and Executive Director (Promoter) of the Company passed away on August 22, 2021.
^ Appointed as Managing Director w.e.f January 1, 2021.
^^ Appointed as Whole-Time Director & Chief Executive Officer w.e.f January 1, 2021.
^^^ Appointed as Whole-Time Director & Chief Operating Officer w.e.f January 1, 2021.
^^^^ Appointed as Non-Executive Independent Director w.e.f January 1, 2021.
^^^^^ Appointed as Non-Executive Independent Woman Director w.e.f January 25, 2021.
Particulars of their directorship and committee memberships/chairmanship in other companies
Name of Directors Category of Directorship* Name of the Category of Committee Committee
Director in other Listed entities Directorship Chairmanship Membership
Companies where he/she is of other of other
excluding this a Director Boards** Boards**
listed entity excluding this excluding
listed entity this listed
entity
#Sh. Ashok Sarin Promoter Nil Nil N.A Nil Nil
(DIN: 00016199) – Executive
Chairman
^Sh. Amit Sarin Executive- 06 Nil N.A Nil Nil
(DIN: 00015837) Managing
Director
^^Sh. Aman Sarin Executive- 03 Nil NA Nil Nil
(DIN:00015887) Whole-Time
Director & Chief
Executive Officer
51
^^^Sh. Ashim Sarin Executive- 04 Nil NA Nil Nil
(DIN: 00291515) Whole-Time
Director & Chief

STAT U TO RY R E P O RT S
Operating Officer
Sh. Brajindar Mohan Singh Independent, 05 1. Rollatainers Non-Executive- Nil 02
(DIN: 02143830) Non-Executive Limited Independent
Director 2. Metalyst Director
Forgings
Limited
Sh. Maneesh Gupta Independent, Nil Nil N.A NIL NIL
(DIN: 00129254) Non-Executive
Director
^^^^Sh. Rajesh Tuteja Independent, 01 1. Swiss Military Non-Executive- Nil 1
(DIN: 08952755) Non-Executive Consumer Independent
Director Goods Limited Director
^^^^^Mrs. Kulpreet Sond Independent, Nil Nil NA Nil Nil
(DIN: 08952751) Non-Executive
Director
# Sh. Ashok Sarin erstwhile Chairman and Executive Director (Promoter) of the Company passed away on August 22, 2021.
^ Appointed as Managing Director w.e.f January 1, 2021.
^^ Appointed as Whole-Time Director & Chief Executive Officer w.e.f January 1, 2021.
^^^ Appointed as Whole-Time Director & Chief Operating Officer w.e.f January 1, 2021.
^^^^ Appointed as Non-Executive Independent Director w.e.f January 1, 2021.
^^^^^ Appointed as Non-Executive Independent Woman Director w.e.f January 25, 2021.

* Excluded the directorship held in Private Limited Companies, Foreign Companies and Companies incorporated under section 8 of the Act, as per
Regulation 26 of the Listing Regulations.
** Included only the Membership / Chairmanship of Audit Committee and Stakeholders’ Relationship Committee in all Public Limited Companies as
per Regulation 26 of the Listing Regulations.
 ANANT RAJ LIMITED

None of the Directors is a Director in more than 10 Public subsidiaries and associates, which may affect independence
Limited Companies or acts as an Independent Director in more of the Directors.
than 7 Listed Companies. The Managing Director does not serve
as Independent Director in any listed Company. Further, as A formal letter of appointment to Independent Directors
mandated by the Listing Regulations, none of the Directors on the as provided in Act has been issued and the draft of the
Board is a member of more than ten Committees or holds office same is disclosed in Investors section on website of the
as a Chairman of more than five Committees across all the public Company viz. www.anantrajlimited.com and can be accessed
Companies in which he/ she is a Director. at the web link:

DISCLOSURE OF RELATIONSHIP BETWEEN h t t p s : / / w w w. p r i m e i n f o b a s e . i n / z _ A N A N T R A J /

companyboardofdir.aspx?value=AENgE/Vn%20%20
DIRECTORS:
XM600MSHCcMw==
Sh. Amit Sarin, Sh. Aman Sarin and Sh. Ashim Sarin are sons
of Sh. Ashok Sarin erstwhile Chairman and Executive Director
Matrix of skills/ expertise/ competence with
(Promoter) of the Company, who passed away on August 22,
regard to the business of the Company
2021. Except this, there is no, inter-se, relationship between any
The Board has identified the following skill set with
of the Directors.
reference to its Business and Industry which are available
As of March 31, 2022, none of the Non-Executive Independent with the Board:
52 Directors except Sh. Maneesh Gupta (holder of 401 equity shares
(a) Construction and development of real estate;
of the Company), holds any equity shares / convertible instruments
A NNUA L R E P O RT 2 0 2 1 - 2 2

of the Company. (b) Real estate, finance and administration;

Apart from receiving sitting fee for attending the Board/ (c) Business Development, land acquisition and marketing;
Committee meetings, none of the Non- Executive Directors of
(d) Corporate laws and legal matters connected
the Company have any pecuniary relationship or transaction
with civil issues;
with the Company.
(e) Tax & finance;
All the Independent Directors on the Company’s Board:
(a) are Independent as per the criteria stipulated under (f) Economic and corporate legislation;
section 149(6) of the Act read with the rules made
(g) Corporate consultancy and has wide experience in
thereunder Regulation 25 of the Listing Regulations
corporate affairs.
as well as qualified to act as an Independent Director.
The maximum tenure of the Independent Director is in
Considering the above required skills and competence for
compliance with the Act.
running the business of the Company, the Board of Directors
is of the view that all the members of the board are
(b) are not related to promoters or persons occupying
highly competent professionals with varied experience and
management positions at the Board level or at one level
expertise in their niche area. The Board of Directors consists
below the Board.
of seven (7) Directors having experience in real estate
(c) have furnished a declaration before the Board of Directors sector, construction, accounts & finance, taxation, legal
that they satisfy the conditions of their being independent as and compliance related matters. Their contribution to the
laid down under regulation 16 (1)(b) of Listing Regulations above said areas are derived by their extensive participation
and under section 149(6) of the Act and all such declaration in the meetings of the board and its various committees.
were placed before the Board. Based on the declarations Their continuance on the board is based on assessment of
received from the Independent Directors, the Board of their performance based on various parameters such as,
Directors has confirmed that they meet the criteria of relevant experience and skills, ability and willingness to speak
independence as mentioned under Regulation 16(1)(b) of up, focus on shareholder value creation, high governance
the Listing Regulations and that they are independent of standards, knowledge of business, processes and procedures
the management. followed, openness of discussion/ integrity, relationship with
management, impact on key management decisions, positive
(d) apart from receiving sitting fee, they do not have any material contribution to discussions and decisions, ability to carry
pecuniary relationship or transactions with the Company, others, attendance at meetings, ability to disagree, stand his/
its promoters, its directors, its senior management, its her ground etc.
The name of the Directors on the Board of the Company who have such skills/expertise/competence is as given below:
Core skills, expertise and Sh. Amit Sh. Aman Sh. Ashim Sh. Brajindar Sh. Maneesh Sh. Rajesh Mrs. Kulpreet
competencies required Sarin Sarin Sarin Mohan Singh Gupta Tuteja Sond
Construction and √ √ √ √ √ √
development of real estate
Finance and √ √ √ √ √ √
administration
Business Development, √ √ √ √ √
land acquisition and
marketing
Corporate laws and legal √ √ √ √ √
matters connected with
civil issues
Tax & finance √ √ √
Economic and corporate √ √ √ √ √
legislation
Corporate consultancy and √ √ √
corporate affairs
53
Sh. Amit Sarin, Managing Director and other development projects. He has over two decades
Sh. Amit Sarin is Managing Director of the Company. He is of experience in the construction and development business.
a graduate and has more than 28 years of experience in He has been instrumental in overseeing the construction of

STAT U TO RY R E P O RT S
the business of construction & development, real estate various projects and ensure timely completion of the same.
sector, finance and administration. He has effective skills of He was instrumental in setting up of Company’s IT Parks
leadership in relation to Company’s strategy and performance at Panchkula, Manesar (Gurugram) and RAI (Sonepat).
as well as high standard of corporate governance. Under his leadership, the Company has developed hospitality
projects also. Besides construction he is also responsible for
He has been responsible for the overall management of marketing and operations of the projects.
business and the corporate strategies of the Company.
The Company has achieved tremendous growth under his Sh. Brajindar Mohan Singh, Independent Director
leadership and guidance. Sh. Brajindar Mohan Singh is an Independent Director of
the Company is a Post Graduate and a Retired IRS & Ex-
Sh. Aman Sarin, Director & Chief Executive Officer Chairman of CBDT having 50 years of experience in fields
Sh. Aman Sarin is Whole Time Director and Chief Executive of Tax & Finance.
Officer of the Company. He has been associated with the
Company for over 2 decades. Having Bachelor’s Degree in Sh. Maneesh Gupta, Independent Director
Commerce, Sh. Aman Sarin, has been credited for setting Sh. Maneesh Gupta is an Independent Director of the
up internal system of the Company in Sales and Marketing, Company. He is a Fellow Member of the Institute of
Land Acquisition and Operations Management. Company Secretaries of India (FCS). He is having more
than 24 years’ experience in fields of corporate laws and
He is recognized as an Industry Leader and has been actively legal matters connected with civil issues.
involved in land acquisition thereby building a strong pipeline
of projects in the Company. The Company has expanded its Sh. Rajesh Tuteja, Independent Director
portfolio in all verticals of real estate under his stewardship. Sh. Rajesh Tuteja is an IRS officer who retired as Director
He has strong belief that motivated personnel and systems General of Income Tax in the year 2020. He is a qualified
are pivotal to the growth of the Company. He has cultivated Chartered Accountant and Company Secretary. He also
a strong, efficient & ethical work culture in the Organization. holds a degree in Law. He has over 31 years of experience in
administrative capacity for managing Income Tax as well as
Sh. Ashim Sarin, Director & Chief Operating Officer Investigation and Intelligence.
Sh. Ashim Sarin is Whole Time Director and Chief Operating
Officer of the Company. He has been associated with the Mrs. Kulpreet Sond, Independent Woman Director
Company for over 2 decades. He holds a Master’s degree Mrs. Kulpreet Sond is an Independent Woman Director of
in Business Administration (MBA) from Switzerland. the Company. She is a Post Graduate (M.A. Fine Arts),
He manages the construction and development of business, Gold Medallist from Punjab University, Chandigarh 1997.
including operations of IT Parks, office buildings, hospitality She has also cleared the University Grants Commission’s
 ANANT RAJ LIMITED

NET-Visual Arts, 1997. She has over 23 years of Academic The necessary quorum was present at all the
experience and has been the faculty member of Board of meetings. The maximum gap between any two
studies of various universities in Punjab and founder of Board meetings held during the year was not more
Yashkul Creations-Fusion of Imagination & creation. than one hundred and twenty days. During the
financial year under review, no meeting was held
She has also attended National and International Webinars via video conferencing.
on the subjects of Fine Arts and is a designated subject
expert by GNDU. She has received many awards for visual
(ii) Separate Meeting for Independent Directors
arts and has been an adjudicator in many competitions
In order to comply with the requirements of Schedule
involving visual arts.
IV of the Act and Listing Regulations, a separate
Information supplied to the Board meeting of the Independent Directors of the Company
The Board has complete access to all information with the was held on February 14, 2022, inter-alia, to review the
Company. The information(s) as required under Part-A of performance of Non-Independent Directors, the Board
Schedule II and Regulation 17 of the Listing Regulations are as a whole, review the performance of the Chairman
regularly provided to the Board. During the meeting, the senior of the Company, assessed the quality, quantity and
management is invited to present the plans and achievements timelines of flow of information between the Company
relating to their respective areas of responsibility. Management and the Board and its Committees which
is necessary to effectively and reasonably perform and
54 Compliance reports of all applicable laws to the discharge their duties.
Company
A NNUA L R E P O RT 2 0 2 1 - 2 2

The periodical reports submitted by the Internal Auditors

C. Familiarization Programme for Independent
and by the concerned executives of the Company with
Directors
regard to compliance of all laws applicable to the Company
At the time of appointing a Director, a formal letter of
including steps taken by the Company to rectify instances
of non-compliances, if any, are reviewed by the Board at appointment is given to him/her, which inter alia explains
regular intervals. the roles, functions, duties and responsibilities expected of
him/her as a Director of the Company. The Director is also
B. (i) Board Meetings explained in detail the compliances required from him/her
The Board meets at least once in every quarter, in under the Act and Listing Regulations.
compliance with the relevant provisions of the Act and
Listing Regulations, to discuss and decide on inter- alia The Company had adopted a familiarisation programme for
business strategies/policies and review the financial Independent Directors to familiarise them with the Company,
performance and operations of the Company. It also their role, rights, responsibilities in the Company, nature
meets as and when necessary to address specific issues of the industry in which the Company operates, business
relating to the business of the Company. model, management structure, industry overview, internal
control system and processes, risk management framework,
During the financial year 2021-22, the members of the
functioning of various divisions, HR Management, CSR
Board met Nine (9) times to review, discuss and decide
activities etc.
about the business of the Company.

The dates on which the said meetings were held The Company aims to provide its Independent Directors,
are as follows: insight into the Company enabling them to contribute
effectively. The Company arranges site visit for the Directors,
Sl. Quarters Date of Board Meeting
No giving them insight of various projects and Directors are also
1 April, 2021 – May 05, 2021 informed of various developments relating to the industry
June, 2021 June 30, 2021 on regular basis and are provided with specific regulatory
2 July, 2021 – August 14, 2021 updates from time to time.
September, 2021 September 20, 2021
October, 2021 – November 12, 2021 Details of the familiarization programme of the company
3 December, 2021 December 25, 2021 may be accessed at web link:
4 January, 2022 – January 04, 2022
March, 2022 February 14, 2022 https://www.primeinfobase.in/z_ANANTRAJ/files/
March 28, 2022 Familiarisation_Programme_for_Indpendent_Director.pdf
D. Committees of the Board (e) Share Transfer Committee
The Board of Directors, in a view to have more focused (f) Finance and Investment Committee
attention on the business and for better governance, has the
(g) Risk Management Committee
following committees:
(a) Audit Committee The terms of the reference of these committees are
(b) Stakeholders Relationship Committee determined by the Board and their relevance reviewed from
(c) Nomination and Remuneration Committee time to time in line with the requirements of applicable laws.
The minutes of the committees tabled at the Board Meeting
(d) Corporate Social Responsibility Committee
for noting of the Board Members.

3. AUDIT COMMITTEE
A. Composition
Pursuant to the provisions of Section 177 of the Act and Regulation 18 of the Listing Regulations, the Company has constituted
the Audit Committee. The Committee was re-constituted by the Board at its meeting held on September 20, 2021. Sh. Amit Sarin
was appointed as a member of the Committee in place of Sh. Ashok Sarin, who passed away on August 22, 2021. As on March 31,
2022, its composition is as follows:-

S. Name of the Category of Designation Qualification & Experience

No. Committee Directorship
Members 55
1 Sh. Maneesh Gupta Non-Executive & Chairman Fellow Member of the Institute of Company
Independent Director Secretaries of India having more than 24 years’
experience in fields of corporate laws and legal

STAT U TO RY R E P O RT S
matters connected with civil issues
2 Sh. Amit Sarin Executive Director Member He is having more than 28 years of experience
in the business of construction & development,
real estate sector, finance and administration. He
has effective skills of leadership in relation to
Company’s strategy and performance as well as
high standard of corporate governance.
3 Sh. Brajindar Non-Executive & Member Retired IRS & Ex. Chairman of CBDT having 50
Mohan Singh Independent Director years of experience in fields of Tax & Finance.

Two-thirds of the members are independent directors and (b) Recommending to the Board, the appointment,
all the members of Audit Committee are financially literate re-appointment and if required, the replacement or
and having rich experience in the financial/ legal sector. removal of the Statutory Auditor and Internal Auditors
The Company secretary of the Company is secretary to and fixation of audit fees and approval of payment for
the Committee. The quorum for committee meetings is two any other services.
members or one-third of the total strength of the committee,
whichever is higher, but a minimum of two independent (c) Recommending to the Board, the appointment,
directors presence is required to constitute a quorum. re-appointment and if required, the replacement or
removal of the Cost Auditor.
B. Role(s)/Terms of reference of Audit Committee:
The terms of reference of Audit Committee are as per (d) To grant omnibus approval for related party transactions
Regulation 18 of the Listing Regulations read with Section which are in ordinary course of the business and on
177 of the Act and includes such other functions as may an arm’s length price basis and to review and approve
be assigned to it by the Board from time to time, which such transactions subject to the approval of Board.
inter-alia includes;
(e) Scrutinize the Inter-Corporate loan and Investments.
(a) Overseeing the Company’s financial reporting process
and the disclosures of its financial information (f) Reviewing, with the Management, the Annual
to ensure that the financial statement is correct, Financial Statements before submission to the Board
sufficient and credible. for approval, with particular reference to:
 ANANT RAJ LIMITED

(i) Matters required to be included in the Director’s (q) Reviewing the compliances regarding the Company’s
Responsibility Statement to be included Whistle Blower policy.
in the Board’s Report in terms of Section
134(5) of the Act. (r) Approval of appointment of Chief Financial Officer
(CFO) after assessing the qualifications, experience
(ii) Changes, if any, in accounting policies and and background of the candidate.
practices and reasons for the same.
(s) To investigate any activity within terms of reference
(iii) Disclosure of any related party transactions.
and seek information from any employee.
(iv) Compliance with listing agreement and other legal
(t) To obtain outside legal professional advice.
requirements relating to financial statements.

(g) Reviewing, with the Management, the quarterly (u) Reviewing compliance of legal and regulatory
Financial Statements before submission to the requirements.
Board for approval.
(v) Review the adequacy and effectiveness of Company’s
(h) Reviewing, with the Management, the statement of system and internal control.
uses/application of funds raised through an issue
56 (public issue, rights issue, preferential issue etc.), the (w) Reviewing the utilization of loans and/or advances from/
statement of funds utilized for purposes other than investment by the holding company in the subsidiary
those stated in the offer document/prospectus/notice exceeding rupees 100 crores or 10% of the asset size
A NNUA L R E P O RT 2 0 2 1 - 2 2

and the report submitted by the monitoring agency of the subsidiary, whichever is lower including existing
monitoring the utilization of proceeds of a public or loans/advances/investment existing as on the date of
rights issue, and making appropriate recommendations coming into force of this provision.
to the Board to take steps in this matter.
(x) To consider and comment on rationale, cost-benefits
(i) Review the appointment, removal and terms of and impact of schemes involving merger, demerger,
remuneration of Internal Auditors.
amalgamation etc., on the Company and
its shareholders.
(j) Reviewing, with the Management, performance of
the Statutory and Internal auditors, adequacy of the
(y) Such other matters as may be required under the
Internal Control Systems.
Act and Listing Regulations/the Board may, from
(k) Reviewing the adequacy of Internal Audit Functions, time to time, request the committee to examine and
if any, including the structure of the Internal Audit recommend/ approve.
Department, staffing and seniority of the official
heading the department, reporting structure coverage The Committee reviews information as specified in Part-C of
and frequency of Internal Audit. Schedule-II of Listing Regulations.

(l) Discussion with the Internal Auditors any significant C. Meetings of Audit Committee
findings and follow up thereon. During the financial year 2021-22, Five (5) meetings of
Audit Committee were held:
(m) Review the Management Discussion and Analysis of
Financial condition and results of operations. Quarters Date of Number of Number of
Meetings Directors/ Directors/
(n) Discussion with the Statutory Auditors, before the Members Members
Audit commences, about the nature and scope of Present Absent
Audit as well as post audit discussions to ascertain any April, 2021 – May 05, 2021 2 1
area(s) of concern. June, 2021 June 30, 2021
July, 2021 – August 14, 2 1
(o) Reviewing the Internal Audit Reports relating to September, 2021 2021
internal control weaknesses. October, 2021 – November 12, 3 Nil
December, 2021 2021
(p) Carrying out any other function as mentioned in terms January, 2022 – February 14, 3 Nil
of reference of the Audit Committee. March, 2022 2022
 The maximum gap between any two Audit Committee C. Dates & no. of meetings of the Stakeholders’
meetings held during the year was not more than one Relationship Committee held during the year
hundred and twenty days. under review & members attendance thereat
Three (3) meetings of the Committee were held during
The Chief Financial Officer, Internal Auditors, Statutory
the financial year 2021-22.
Auditors and Cost Auditor are permanent invitees to the
Audit Committee Meetings. Mr. Manoj Pahwa, Company Quarters Date of Number of Number of
Secretary, acts as the Secretary to the Audit Committee. Meetings Directors/ Directors/
Members Members
Sh. Maneesh Gupta, Chairman of the Audit Committee was Present Absent
present at the previous Annual General Meeting (AGM) of April, 2021 – April 07, 2 1
the Company held on September 30, 2021 to answer the June, 2021 2021
shareholders queries.
July, 2021 – July 08, 2 1
September, 2021 2021
4. STAKEHOLDERS’ RELATIONSHIP
October, 2021 – - - -
COMMITTEE
December, 2021
In compliance with the provisions of Section 178 of
January, 2022 – January 2 1
the Act and Regulation 20 of the Listing Regulations,
March, 2022 04, 2022
your Company has duly constituted the Stakeholders’
Relationship Committee. 57
D. Complaint Status
Stakeholders Relationship Committee oversees the During the financial year, the Company received 15
performance of the Registrar and Share Transfer Agent and (Fifteen) investor complaints, all of which have been

STAT U TO RY R E P O RT S
recommends measures for overall improvement in quality completely resolved to the satisfaction of the investors.
of investor service. Further, it also looks into redressal of As on March 31, 2022, there is no pending complaint
shareholders’/investors complaints. of any shareholder.

A. Composition of Stakeholders’ Relationship Details of Investor Complaints received during the

Committee as on March 31, 2022: financial year 2021-22
Name of the Category of Designation
Committee Directorship Nature of No. of Received Resolved Pending
Complaint Complaints during to the Complaint
Members
pending the satisfaction
Sh. Maneesh Non-Executive & Chairman at the financial of
Gupta Independent Director beginning of year stakeholder
Sh. Amit Sarin Executive Director Member the financial
Sh. Brajindar Non-Executive & Member year
Mohan Singh Independent Director Non-receipt NIL 2 2 NIL
of Dividend
Sh. Maneesh Gupta, Chairman of the Stakeholders’ Non-receipt NIL 11 11 NIL
Relationship Committee was present at the previous of Annual
Annual General Meeting (AGM) of the Company Report/
held on September 30, 2021 to answer the others
shareholders queries. Non-receipt NIL 2 2 NIL
of Share
The Directors review the position on all major investors’ Certificate
grievances at meetings of the Board of Directors and Total NIL 15 15 NIL
the stakeholder’s relationship committee.
E. Terms of reference of the Stakeholders’
Mr. Manoj Pahwa, Company Secretary, acts as the
Relationship Committee, inter-alia, include:
Compliance Officer and Secretary to the Committee.
The terms of reference of Stakeholders’ Relationship
B. Name, Designation and Address of Compliance Committee are as per Regulation 20 of the Listing
Officer Regulations read with Section 178 of the Act and
Mr. Manoj Pahwa, Company Secretary includes such other functions as may be assigned
Anant Raj Limited to it by the Board from time to time, which
H-65, Connaught Circus, New Delhi-110001 inter-alia includes;
 ANANT RAJ LIMITED

(a) To resolve the grievances of the security holders of the B. Dates & no. of meetings of the Nomination
listed entity including complaints related to transfer/ & Remuneration Committee held during
transmission of shares, non-receipt of annual report, the financial year under review & members
non-receipt of declared dividends, issue of new/ attendance thereat
duplicate certificates, general meetings etc. Two (2) meetings of the Committee were held during
the financial year 2021-22.
(b) To review of measures taken for effective exercise of
voting rights by shareholders. Quarters Date of Number of Number of
Meetings Directors/ Directors/
(c) To review of adherence to the service standards Members Members
adopted in respect of various services being rendered Present Absent
by the Registrar and Share Transfer Agent. April, 2021 – May 05, 2 1
June, 2021 2021
(d) To review of the various measures and initiatives taken July, 2021 – - - -
for reducing the quantum of unclaimed dividends September, 2021
and ensuring timely receipt of dividend warrants / October, 2021 – - - -
annual reports / statutory notices by the shareholders December, 2021
of the company. January, 2022– February 3 Nil
March, 2022 14, 2022
58 (e) Such other matters as may be required under the
Act and Listing Regulations/the Board may, from C. The broad terms of reference of the Committee
A NNUA L R E P O RT 2 0 2 1 - 2 2

time to time, request the committee to examine and includes:

recommend/ approve. The terms of reference of Nomination and Remuneration
Committee is in terms of the Act and Part D of Schedule
5. NOMINATION & REMUNERATION II of the Regulation 19(4) of the Listing Regulations,
COMMITTEE which inter-alia, include the following:
In compliance with the provisions of Section 178 of the Act
read with rules framed thereunder and Regulation 19 of (a) Formulation of the criteria for determining
the Listing Regulations, your Company has constituted the qualifications, positive attributes and
Nomination & Remuneration Committee. independence of a director and recommend to
the board of directors a policy relating to the
The Nomination & Remuneration Committee comprises remuneration of the directors, key managerial
of three (3) Directors (all are Independent Directors). personnel and other employees;
Sh. Maneesh Gupta, Chairman of Nomination and
Remuneration Committee was present at the previous (b) For every appointment of an independent director,
Annual General Meeting of the Company held on the Nomination and Remuneration Committee
September 30, 2021. shall evaluate the balance of skills, knowledge
and experience on the Board and on the basis
Mr. Manoj Pahwa, Company Secretary, acts as the Secretary of such evaluation, prepare a description of the
to the Committee.
role and capabilities required of an independent
director. The person recommended to the Board
A. Composition of Nomination & Remuneration
for appointment as an independent director shall
Committee as on March 31, 2022:
have the capabilities identified in such description.
Name of the Category of Designation For the purpose of identifying suitable candidates,
Committee Directorship the Committee may:
Members
(i) 
use the services of an external agencies,
Sh. Maneesh Non-Executive & Chairman if required;
Gupta Independent Director
(ii) consider candidates from a wide range of
Sh. Rajesh Non-Executive & Member
backgrounds, having due regard to diversity;
Tuteja Independent Director
and
Sh. Brajindar Non-Executive & Member
(iii) 
consider the time commitments of the
Mohan Singh Independent Director
candidates.
 (c) Formulation of criteria for evaluation of Directors including Independent Directors on the basis
performance of independent directors and the of the criteria such as the contribution of the individual
board of directors; Director to the Board and committee meetings like
preparedness on the issues to be discussed, meaningful
(d) Devising a policy on diversity of board of directors; and constructive contribution and inputs in meetings,
etc. In addition, the Chairman was also evaluated on
(e) Identifying persons who are qualified to become the key aspects of his role.
directors and who may be appointed in senior
management in accordance with the criteria laid In a separate meeting of Independent Directors,
down and recommend to the board of directors performance of Non-Independent Directors,
their appointment and removal; performance of the Board as a whole and performance
of the Chairman was evaluated. Performance evaluation
(f) To extend or continue the term of appointment of Independent Directors was done by the entire Board,
of the independent director, on the basis excluding the Independent Director being evaluated.
of the report of performance evaluation of
independent directors; The Directors were satisfied with the evaluation
results, which reflected the overall engagement and
(g) Formulation & review of remuneration policy the effectiveness of the Board and its committees.
of the Company; All the Directors effectively contributed to the
decision-making process by the Board. Further, all the 59
(h) Recommend to the board, all remuneration, in Committees were duly constituted and were functioning
whatever form, payable to senior management. effectively. The Board also expressed its satisfaction

STAT U TO RY R E P O RT S
in relation to the provision of supporting documents
(i) Such other matters as may be required under the to the Board enabling it to assess the policy &
Act and Listing Regulations/the Board may, from procedural requirements for proper functioning of the
time to time, request the committee to examine Company. The Board expressed its satisfaction with the
and recommend/ approve. decision making and decision implementing procedure
followed by it.
D. Evaluation of performance of the Board, its
committees and Individual Directors (Including The Nomination and Remuneration Committee has
Independent Directors) devised the following policies:-
 The Board of Directors has carried out an annual
evaluation of its own performance, Board Committees Policy on Board Diversity
and individual Directors pursuant to the provisions Pursuant to the provisions of Schedule II part (D)
of the Act, the corporate governance requirements of the Regulation 19(4) of the Listing Regulations,
as prescribed in the Listing Regulations and the 2015, the Nomination and Remuneration Committee
policy framed thereunder by the Nomination and has devised a policy on Board Diversity and which was
Remuneration Committee. Each of the Directors had adopted by the Board of Directors.
evaluated the performance of the individual directors
on the parameters such as qualification, knowledge, The Policy is in conformity with the following two
experience, initiative, attendance, concerns for the principles for achieving diversity on its Board:
stakeholders, leadership, team work attributes, effective
interaction, independent views and Judgement. (a) Decisions pertaining to recruitment, promotion
and remuneration of the directors will be based
The performance of the Board was evaluated by the on their performance and competence; and
Board after seeking inputs from all the Directors on (b) For embracing diversity and being inclusive, best
the basis of the criteria such as the Board composition practices to ensure fairness and equality shall
and structure, effectiveness of Board processes, be adopted and there shall be zero tolerance for
information and functioning etc. The performance unlawful discrimination and harassment of any
of the Committees was evaluated by the Board after sort whatsoever.
seeking inputs from the Committee members on
the basis of the criteria such as the composition of As per this policy, in order to ensure a balanced
Committees, effectiveness of Committee meetings, composition of executive, non-executive and independent
etc. The Board and the Nomination and Remuneration directors on the Board, the Company shall consider
Committee reviewed the performance of the individual candidates from a wide variety of backgrounds.
 ANANT RAJ LIMITED

Remuneration Policy: and trends and practices on remuneration

Pursuant to the requirement of the Act read with prevailing in market.
Schedule II part (D) of the Regulation 19(4)
of the Listing Regulations, the Nomination and (c) To provide them reward linked directly to their
Remuneration Committee has devised a Remuneration efforts, performance, dedication and achievement
Policy of the Company and which was adopted by the relating to the Company’s operations.
Board of Directors.
(d) To retain, motivate and promote talent
The broad objectives of the said policy are: and to ensure long term sustainability of
talented managerial persons and create
(a) To lay down criteria and terms and conditions with competitive advantage.
regard to identifying persons who are qualified to
become Directors (Executive and Non-Executive) (e) To formulate the criteria for evaluation
and persons who may be appointed in Senior of the Independent Directors and other
Management and Key Managerial positions and Directors on the Board.
to determine remuneration of Directors, Key
Managerial personnel and Other employees. The said policy is available on the website of the Company at
https://www.primeinfobase.in/z_ANANTRAJ/files/
(b) To determine remuneration based on the Nomination_and_Remuneration_and_Board_
60 Company’s size and financial position Diversity_Policy.pdf

Particulars of Director’s Remuneration during the financial year 2021-2022:

A NNUA L R E P O RT 2 0 2 1 - 2 2

The details of remuneration paid to the Directors (including sitting fees paid for attending the Board Meetings) during the
financial year ended March 31, 2022, are given below:
Directors Salary Perquisites# Sitting Fees Total
(`) (`) (`) (`)
Sh. Ashok Sarin 35,32,259 --- --- 35,32,259
Sh. Amit Sarin 90,00,000 --- --- 90,00,000
Sh. Aman Sarin 84,67,200 5,32,800 --- 90,00,000
Sh. Ashim Sarin 84,67,200 5,32,800 --- 90,00,000
Sh. Brajindar Mohan Singh --- --- 12,500 12,500
Sh. Maneesh Gupta --- --- 30,000 30,000
Sh. Rajesh Tuteja --- --- 7,500 7,500
Mrs. Kulpreet Sond --- --- 7,500 7,500
Total 2,94,66,659 10,65,600 57,500 3,05,89,759
# Perquisites includes House Rent Allowance, Special Allowances, Company’s contribution to Provident and Superannuation Funds and
other allowances.

The remuneration paid to the Directors are as per the Criteria for making payment to Non-Executive
criteria laid down in remuneration policy of the Company. Directors
Non-Executive Directors are paid remuneration by way
Presently, the Company does not have a scheme for grant of of Sitting Fees for each meeting of the Board /Committee
stock options to any director. Further, none of the directors of Directors attended by them. However, the sitting fees
of the Company was in receipt of any remuneration from its are subject to ceiling/limits as provided under the Act and
subsidiary companies during the period. The Company does rules made thereunder or any other enactment for the time
not pay any remuneration to its non-executive independent being in force.
directors except sitting fees. Further, the service contracts
with that of executive directors is kept at the registered Currently, the non- executive independent directors are paid
office and is open to inspection by any member of the sitting fees of ` 2500/- per meeting.
Company without payment of fees.
Further, the Company has laid down the criteria for making
Executive Directors are not eligible for any severance fees payments to the Non-Executive Directors. The details
and their notice period is per agreed terms and conditions. of such criteria are available in the Remuneration Policy.
 The said policy is available on the website of the (b) Monitor the implementation of the frame work of
Company and can accessed at the policy on regular basis and

https://www.primeinfobase.in/z_ANANTRAJ/files/ (c) Recommend the amount of expenditure to be

Nomination_and_Remuneration_and_Board_ spent on CSR activities.
Diversity_Policy.pdf
During the financial year under review, the Company has
spent the money on projects identified under CSR and
6. CORPORATE SOCIAL RESPONSIBILITY
the details of CSR budget and amount spent during the
COMMITTEE financial year 2021-22 is given as an annexure to the
In compliance with the provisions of section 135 of the Director’s Report.
Act, your Company has constituted the Corporate Social
Responsibility Committee. The Committee was reconstituted 7. SHARE TRANSFER COMMITTEE:
by the Board at its meeting held on September 20, 2021. Your Company has constituted Share Transfer Committee to,
Sh. Aman Sarin was appointed as a member of committee inter-alia, consider/approve the;
in place of Sh. Ashok Sarin, who passed away on (a) Permitted transfer of shares;
August 22, 2021. (b) Transmission of shares (in physical as well as demat
form);
A. Composition of Corporate Social
(c) To approve the issuance of Duplicate Share Certificates; 61
Responsibility Committee as on March 31,
and
2022:
(d) Other allied matters
Name of the Category of Designation

STAT U TO RY R E P O RT S
Committee Directorship
The Committee comprises of the following members:
Members
Sh. Brajindar Non-Executive Chairman A. Composition of Share Transfer Committee as
Mohan Singh & Independent on March 31, 2022:
Director
Name of the Category of Designation
Sh. Amit Sarin Executive Director Member
Committee Directorship
Sh. Aman Sarin Executive Director Member
Members
Sh. Aman Sarin Executive Director Chairman
During the financial year ended March 31, 2022, Three
Sh. Amit Sarin Executive Director Member
(3) meetings of the Committee were held.
Sh. Maneesh Non-Executive Member
Gupta & Independent
Quarters Date of Number of Number of
Director
Meetings Directors/ Directors/
Members Members
B. Dates & no. of meetings held during the
Present Absent
financial year under report & members
April, 2021 – June 30, 2 1
attendance thereat:
June, 2021 2021
Two (2) meetings were held of the committee during
July, 2021 – August 2 1
the financial year 2021-22.
September, 2021 14, 2021
October, 2021 – - - - Quarters Date of Number of Number of
December, 2021 Meetings Directors/ Directors/
January, 2022 – February 3 Nil Members Members
March, 2022 14, 2022 Present Absent
April, 2021 – June 28, 3 -
B. Terms of reference of the Committee, inter – June, 2021 2021
alia, include: July, 2021 – July 16, 3 -
(a) Formulate and recommend to the Board, September, 2021 2021
Corporate Social Responsibility Policy of the October, 2021 – - - -
Company, which shall indicate the activities to be December, 2021
undertaken by the Company as per the provisions January, 2022 - - - -
of the Act and rules made thereunder; March, 2022
 ANANT RAJ LIMITED

8. FINANCE AND INVESTMENT COMMITTEE A. Composition of Risk Management

The Company has in place a duly constituted Finance and Committee:
Investment Committee. The Committee Comprises of three
Name of the Category of Designation
(3) members amongst the Board.
Committee Directorship
Members
A. Composition of Finance and Investment
Committee as on March 31, 2022: Sh. Maneesh Non-Executive Chairman
Name of the Category of Designation Gupta & Independent
Committee Directorship Director
Members Sh. Amit Sarin Executive Director Member
Sh. Amit Sarin Executive Director Chairman
Sh. Aman Sarin Executive Director Member
Sh. Aman Sarin Executive Director Member
Sh. Maneesh Non-Executive Member B. Dates & no. of meetings held during the
Gupta & Independent financial year under report & members
Director attendance thereat
Two (2) meetings of the Committee were held during
B. During the financial year ended March 31, the financial year 2021-22.
2022, Five (5) meetings of the Committee
62
were held. Quarters Date of Number Number of
Quarters Date of Number Number Meetings of Directors/
A NNUA L R E P O RT 2 0 2 1 - 2 2

Meetings of of Members Members

Directors/ Directors/ Present Absent
Members Members April, 2021 – - - -
Present Absent June, 2021
April, 2021 – June 03, 3 - July, 2021 – - - -
June, 2021 2021 September, 2021
July, 2021 – July 31, 3 October, 2021 – - - -
September, 2021 December, 2021
2021 August January, 2022 - January 3 -
28, 2021 March, 2022 04, 2022
October, 2021 – December 3 February
December, 2021 25, 2021 14, 2022
January, 2022 – February 3
The brief terms of reference have been approved
March, 2022 01, 2022
by the Board of Directors of the Company. The Risk
Management Committee is inter-alia responsible for:
The brief terms of reference have been approved by the
Board of Directors of the Company. The said committee
(a) Formulation of a detailed risk management policy
has been entrusted with the responsibility to monitor,
which shall include:
consider and approve the matter relating to funds to be
borrowed from Bank(s), Bodies Corporate(s), Financial
(i) A framework for identification of
Institution(s), Mutual Fund(s) and any other Person(s)
internal and external risks specifically
etc. The committee is further authorised to approve the
faced by the listed entity, in particular
investments of the Company.
including financial, operational, sectoral,
The same were duly attended by the all the members sustainability (particularly, ESG related
of the Committee. risks), information, cyber security risks
or any other risk as may be determined
9. RISK MANAGEMENT COMMITTEE by the Committee.
Pursuant to applicability of Regulation 21 of Listing
Regulations, Your Company has constituted a Risk (ii) Measures for risk mitigation including
Management Committee on June 30, 2021 comprising the systems and processes for internal control
following members: of identified risks.
 (iii) Business continuity plan. https://www.primeinfobase.in/z_ANANTRAJ/files/
P O L I C Y _ F O R _ D E T ER M I N I N G _ M AT ER I A L _
(b) Risk identification, evaluation and mitigation and SUBSIDIARIES.PDF
control process for such risks;
However, the following compliances are duly made
(c) Oversight of the Enterprise Risk Management by the Company:
System and internal control process;
(a) The Audit Committee reviews the financial statements
(d) Ensuring that appropriate methodology, made by the Subsidiary Companies.
processes and systems are in place to monitor
and evaluate risks associated with the business (b) The minutes of the Board Meetings of the Subsidiary
Companies are placed at the Board Meetings
of the Company;
of the Company.

(e) Monitoring and overseeing implementation

(c) A statement of all significant transactions and
of the risk management policy/plan,
arrangements made by the Subsidiary Companies are
including evaluating the adequacy of risk
informed to the Board at periodical intervals.
management systems;
63
11. MEANS OF COMMUNICATION
(f) Reviewing periodically the risk management
The Company’s Quarterly/Half-yearly/Annual Financial
policy, at least once in two years, including by
Results, after their approval by the Board of Directors,

STAT U TO RY R E P O RT S
considering the changing industry dynamics
are filed with Stock Exchanges under Regulation 33 of the
and evolving complexity and reviewing the Listing Regulations. The results in prescribed format are
foreseeable trends that could significantly impact normally published in Newspaper viz. Financial Express –
the Company’s overall business objectives and English Edition and Jansatta – Hindi Edition in compliance
mitigants thereof; with Regulation 47(1)(b) of the said regulations.

(g) Keeping the Board of directors informed about The Company’s Annual Report containing, inter-alia,
the nature and content of its discussions, audited annual financial statements, consolidated financial
recommendations and actions to be taken; statements, directors’ report, auditors’ report, management
discussion analysis and other important information is
(h) The appointment, removal and terms of circulated to all the members in compliance with the
remuneration of the Chief Risk Officer (if provisions of the Act and the Listing Regulations.
any) shall be subject to review by the Risk
Management Committee. The Company has its own website viz. www.anantrajlimited.
com. The Quarterly, Half-Yearly and Annual Financial
Results are posted on the company’s website for the
10. SUBSIDIARY COMPANIES
information of the shareholders. Further, shareholding
As on March 31, 2022, your Company has 31 (Thirty one)
pattern, corporate governance report, the composition
wholly owned subsidiaries, 3 (Three) step down subsidiaries
of the Board of Directors/Committee of Directors, the
and 3 (Three) companies in which the Company holds more
various polices on Corporate Social Responsibility,
than 50% of the total equity shareholding.
Related Party Transactions Policy, archival policy, policy
on determination of materiality, Code of Conduct for
None of the subsidiaries is listed on any Stock Exchange. Regulating & Monitoring Trading by Insiders, Code of
None of the subsidiaries falls within the meaning of Conduct for Board Members & Senior Management, and
“Material Non-listed Indian Subsidiary” as defined in other policies as required to be hosted are also available
Regulation 16(1)(c) of the Listing Regulations. on the Company’s website.

The Company has laid down policy on material subsidiary All the material information is promptly sent to the stock
and the same is placed on the website of the Company. exchanges, where the shares of the Company are listed, and
The said policy may be accessed at the web-link simultaneously posted on website of the Company.
 ANANT RAJ LIMITED

12. GENERAL BODY MEETINGS:

The concise details of Annual General Meetings held during the previous three years are as under:

Annual General Meetings:

Financial Year Location and Time Special Resolutions passed
2020-2021 September 30, 2021 at 10:00 A.M. at No special resolutions were passed.
Plot no. CP-1, Sector-8, IMT Manesar,
Gurugram, Haryana- 122051
2019-2020 December 30, 2020 at 10:30 A.M. at No special resolutions were passed.
Plot no. CP-1, Sector-8, IMT Manesar,
Gurugram, Haryana- 122051
2018-2019 September 30, 2019 at 10:30 A.M. at 4 (Four) Special Resolutions were passed:
Plot no. CP-1, Sector-8, IMT Manesar,
Gurugram, Haryana- 122051 (a) Approval for the Appointment and payment of remuneration
of Sh. Ashok Sarin (DIN: 00016199) as an Executive
Chairman of the Company.

64 (b) Approval of Re-appointment and payment of remuneration

of Sh. Amit Sarin (DIN: 00015837) as a Whole Time
Director designated as Director and Chief Executive
A NNUA L R E P O RT 2 0 2 1 - 2 2

Officer-Real Estate Division of the Company.

(c) Approval for the appointment and payment of remuneration

of Sh. Amar Sarin (DIN: 00015937) as a Whole Time
Director & Chief Executive Officer- Project Division of
the company

(d) Approval for the remuneration payable to Sh. Anil Sarin

(DIN: 00016152) as the Managing Director of the
Company

The concise details of Extra-ordinary General Meeting(s) held during the financial year are as under:

Extra-Ordinary General Meetings:

Day, Date & Time Location Special Resolutions passed
Wednesday, April Plot no. CP-1, Sector-8, IMT Manesar, 4 (Four) Special Resolutions were passed:
21, 2021 at 09:30 Gurugram, Haryana- 122051
A.M. (a) Issuance of 2,90,00,000 fully Convertible Warrants on
Preferential basis to the persons belonging to ‘Promoter’
and ‘Non-promoter’ Category.

(b) Appointment of Sh. Amit Sarin (DIN: 00015837), the

Current Whole Time Director and Chief Executive Officer,
as Managing Director of the Company.

(c) Appointment of Sh. Aman Sarin (DIN: 00015887), the

Current Chief Operating Officer, as a Whole Time Director
and Chief Executive Officer of the Company.

(d) Appointment of Sh. Ashim Sarin (DIN: 00291515), the

Current Chief Operating Officer, as a Whole Time Director
and Chief Operating Officer of the Company.
 Postal Ballot: B. Disclosure of Accounting Treatment
During the financial year 2021-22, no resolution was passed There is no change in accounting policies of the
through postal ballot and as on date of this report, the Company during the financial year.
Company does not propose to pass any resolution for the
time being by way of Postal Ballot. C. Risk Management
The Company has adopted a Risk Management Policy.
13. OTHER DISCLOSURES It has laid down the procedures to inform the Board
A. Disclosure of Related Party Transactions members about potential risks, their assessment and
The Board has formulated a policy on Related Party control. These procedures are periodically reviewed to
Transactions and it may be accessed at Weblink: ensure that the executive management controls risks
by means of properly defined framework of policies
https://www.primeinfobase.in/z_ANANTRAJ/files/ and strategies.
Policy_on_Related_Party_Transactions.pdf
The Company also has a system of Internal Audit and
The details of related party disclosures with respect the Internal Auditors report directly and place their
to the loans/advances/investments with the subsidiaries report to the Audit Committee of the Company.
or associates or any other entity in which directors are
interested at the year end and maximum outstanding The Board has formulated a policy on Risk Management
amount thereof during the year, as required under and the same may be accessed at the web-link
Part A of Schedule V of the Listing Regulations have 65
been mentioned in the Note No. 45 of the Standalone https://www.primeinfobase.in/z_ANANTRAJ/files/
Financial Statements for the financial year ended on Risk_Management_Policy.pdf
March 31, 2022.

STAT U TO RY R E P O RT S
D. Details of Compliances/ Non-compliances by the Company with applicable Laws
The Board of Directors periodically reviews compliance reports of the laws applicable to the Company and the Company
initiates requisite action for strengthening of its statutory compliance procedures, as may be suggested by the members of
the Board from time to time.

There have been instances of receiving notice(s) with regard to non – compliances by the Company and imposing
of penalties/strictures on the company by stock exchanges during the last three years, the details of which are
mentioned herein below:

Sr. Details of Non-Compliances Details of action taken E.g. fines, Financial

No. warning letter, debarment, etc. Year

1 Notice for non-compliance with Regulation 29 of Listing The stock exchange(s) had levied the fine 2021-2022
Regulations for late filing of intimation and the same
was paid to Stock Exchanges

2 Non-compliance/Delayed Compliance under Regulation The stock exchange(s) had levied the fine/ 2020-2021
31 of Listing Regulations penalty for the late filing of shareholding
pattern for the quarter ended June 30,
2020 and the same was paid to Stock
Exchanges.

3 Non-compliance/Delayed Compliance under Regulation The stock exchange(s) had levied the fine 2018-2019
33 of Listing Regulations for late submission of Annually/Quarterly &
financial results for the quarter ended 2020-2021
March 31, 2018, June 30, 2018 and
March 31, 2020 and the same was paid
to Stock Exchanges.
 ANANT RAJ LIMITED

Sr. Details of Non-Compliances Details of action taken E.g. fines, Financial

No. warning letter, debarment, etc. Year

4 Non-compliance/Delayed Compliance of two days under None 2020-2021

Regulation 76 of Listing Regulations for submission of
Reconciliation of Share Capital Audit Report for the
quarter ended June 30, 2020.
5 Non-compliance/Delayed Compliance under Regulation None 2020-2021
24A of Listing Regulations read with SEBI circular no.
CIR/CFD/CMD1/27/2019 dated February 8, 2019 for
submission of Annual Secretarial Compliance Report for
the financial year ended March 31, 2020 which was mainly
due to difficulties and challenges faced by Company and
Secretarial Auditor, Practicing Company Secretary due to
the continuing impact of the CoVID-19 pandemic.
6 Non-Compliance for the maintaining of maximum time gap None 2020-2021
of one hundred and twenty days between two Board and
Audit Committee Meetings under Regulation 17(2) and
66 18(2)(a) of Listing Regulations due to following reasons:
(i) 
the management needed time to prepare the
A NNUA L R E P O RT 2 0 2 1 - 2 2

financial statements/results for the financial year

ended March 31, 2020 to give effect to the terms of
the Composite scheme of arrangement approved by
the Hon’ble NCLT on August 24, 2020
(ii) due to continuing impact of the COVID-19 pandemic
and many other reasons like continuing lockdown,
subsidiaries and associates situated in containment
zones making the Board process challenging,
other operational challenges due to the CoVID-19
pandemic.
7 Non-compliance/ Delayed Compliance of one day under None 2019-2020
Regulation 31 of Listing Regulations for submission of
Shareholding Pattern for the quarter ended September
30, 2019.
8 Non-compliance under Regulation 17(1) of Listing The stock exchange(s) had levied the 2018-2019
Regulations regarding Composition of Board of Directors fine for the quarter ended September 30, &
2018, December 31, 2018, March 31, 2019-2020
2019 and June 30, 2019.

The Company had made a delay of two days in Save as otherwise provided above, there were no
the payment of dividend declared at the Annual instances of non – compliances by the Company and
General Meeting held on September 30, 2019 to its imposing of penalties and strictures on the company
Shareholders. Further, No Dividend has been paid to by SEBI or any statutory authority or on any matter
the Promoter Group of the Company for the dividend related to capital markets, during the last three years.
declared at the Annual General Meeting held on
E. Vigil Mechanism/Whistle Blower Policy
September 30, 2019 and December 30, 2020, as
In terms of Section 177(9) of the Act and the Listing
the Promoters of the Company have waived off the Regulations, a Vigil Mechanism/Whistle Blower policy
receipt of Dividend. as recommended by the Audit Committee has been
adopted by the Board of Directors of the Company.
In relation to the above non compliances, the Company The policy provides a mechanism for the employee, to
has paid all the fine, wherever levied by the Stock report concern about the unethical behaviour, actual
Exchanges within the due timeline. & suspected frauds or violation of the Company’s
 Code of conduct. The company hereby affirms that no and advising them not to trade in Company’s
employee of the Company has been denied access to shares, during the closure of trading window period.
the Audit Committee. The Company also obtains a declaration from the
Directors and the Senior Management Personnel
The policy on Whistle Blower may be accessed
with regard to their compliance with the Code of
at the web-link
Conduct under SEBI’s (Prohibition of Insider Trading)
https://www.primeinfobase.in/z_ANANTRAJ/files/ Regulations, 2015.
Anantraj_whistle_blower_policy.pdf
The code of practices, procedure for Fair disclosure of
There are no complaints received during the financial
unpublished price sensitive information and the Code
year 2021-2022.
of Internal procedure and conduct for Regulation,
Monitoring and Reporting of Trading in the securities
F. Adoption of mandatory and discretionary
for the designated employees and the connected
requirements of Corporate Governance as
persons have been adopted and have been posted on
specified in the Listing Regulations 17 to 27
the website of the Company viz
and Regulation 34(3) read with Schedule V
(C) of the Listing Regulations. https://www.primeinfobase.in/z_ANANTRAJ/files/An-
The Company has complied with the requirements of antRaj_CodeofFairDisclosureofUnpublishedPriceSen-
the Schedule V of Listing Regulations. sitiveInformation.pdf
67
Save as otherwise provided in this report, the Company Pursuant to SEBI (Prohibition of Insider Trading)
is also in compliance with corporate governance (Amendment) Regulations, 2018 which was effective
requirements specified in regulation 17 to 27 and from April 1, 2019, the existing Code of Conduct to

STAT U TO RY R E P O RT S
clauses (b) to (i) of sub-regulation (2) of Regulation Regulate, Monitor and Report Trading by Insiders
46 of the Listing Regulations. was amended to align with the SEBI (Prohibition
of Insider Trading) Amendment Regulations, 2018.
In addition to the compliance with mandatory The revised Code of Conduct to Regulate, Monitor and
requirements, the Non mandatory requirements have Report Trading by Designated persons was approved/
been adopted to the extent and in the manner as stated ratified by the Board on 14.02.2019 and the same has
under the appropriate headings detailed elsewhere also been placed on the website.
in this report.
I. Code of Conduct for the Board of Directors
G. Secretarial Auditors and Senior Management Personnel
Ms. Priya Jindal, Practicing Company Secretary, was The Board of Directors have adopted Code of Conduct
appointed as a Secretarial Auditor of the Company applicable to the Board of Directors and the Senior
to conduct the Secretarial Audit of the Company for Management of the Company. The said code has
the financial year 2021-22. The Board of Directors also been displayed on the Company’s website at
at its meeting held on June 7, 2022 has re-appointed www.anantrajlimited.com.
Ms. Priya Jindal, Practicing Company Secretary, as
Secretarial Auditors for the financial year 2022-23. The Company has obtained affirmation from the Board
of Directors and senior managerial personnel, affirming
H. Code for Prevention of Insider Trading compliance with the Company’s Code of Conduct for
Practices the financial year 2021-2022.
In compliance with SEBI’s regulations on Prevention
of Insider Trading, the Company has adopted a The declaration by the Chief Executive Officer, under
comprehensive Code of Conduct for its Directors the Part D of Schedule V read with Regulation 34(3)
and Designated Employees. The code lays down of the Listing Regulations, affirming compliance of the
guidelines which advise them on procedure to be Code of the conduct by all the Board members and
followed and disclosures to be made while dealing senior managerial personnel for financial year ended
with shares of the Company and cautioning them of March 31, 2022, is attached with this Corporate
consequences of violations. Governance Report.

The Company informs the Directors and the designated J. Management & Discussion Analysis Report
employees, about the date of the board meeting to The comprehensive Management & Discussion Analysis
consider any Unpublished Price Sensitive Information Report has been enclosed with the Annual Report.
 ANANT RAJ LIMITED

K. Proceeds from the public issue/rights issue/ for the ‘Final Call’ of ` 400,00,00,000 (Rupees Four
preferential issues etc. Hundred crores Only) with respect to such debentures,
Preferential Issue of Fully Convertible Warrants which were received on March 31, 2022.
The Board at its meeting held on March 3, 2021
approved the raising of funds for an amount of There was no public issue/ right issue made by your
` 163,41,50,000/- by way of issuing 2,90,00,000 (Two Company during the financial year 2021-22.
crores Ninety lakhs) Fully Convertible Warrants at an
issue price of ` 56.35/- (Rupees Fifty Six and Paisa Web links for other policies
Thirty Five Only) on a preferential basis to identified The following policies are linked with the website of the
investors classified under ‘Promoter & Promoter Company i.e. www.anantrajlimited.com.
Group’ and ‘Non-Promoter’ Category (“allottees”), in
(a) Archival Policy on Preservation of Documents of
accordance with the provisions of the Act read with
the Company. URL for the same is:
SEBI (Issue of Capital and Disclosure Requirements)
Regulations, 2018, which was further approved by the https://www.primeinfobase.in/z_ANANTRAJ/
shareholders of the Company at the Extra-Ordinary files/Archive_Policy.pdf
General Meeting held on April 21, 2021.
(b) Policy on determination of materiality of the
Consequently, the Board at its meeting held on May 5, events/information for making disclosure by the
2021 allotted the aforesaid 2,90,00,000 (Two crores Company. URL for the same is:
68
Ninety lakhs) Fully Convertible Warrants of face
https://www.primeinfobase.in/z_ANANTRAJ/files/
value of ` 2/-(Rupees Two) each, on receipt of 25%
Policy_on_Disclosures.pdf
A NNUA L R E P O RT 2 0 2 1 - 2 2

of the issue price from the allottees, carrying a right

to subscribe to one equity share per warrant, for cash (c) Policy on Preservation of Records. The same
at an issue price of ` 56.35/- (including premium may be accessed at
of ` 54.35/-) per warrant, on preferential basis to
allottees on receipt of 100% of issue price from the https://www.primeinfobase.in/z_ANANTRAJ/
allottees in accordance with the provisions of SEBI files/Policy_on_Preservation_of_Records.pdf
(Issue of Capital and Disclosure Requirements)
(d) Policy on determination of material subsidiary.
Regulations, 2018.
The same may be accessed at
Private Placement of Non- Convertible Debentures https://www.primeinfobase.in/z_ANANTRAJ/
The Board at its meeting held on December 25, 2021 fil e s / P O L I C Y _ F O R _ D E T ER M I N I N G _
approved the raising of funds by issuance of 4,750 MATERIAL_SUBSIDIARIES.PDF
(Four Thousand Seven Hundred Fifty), secured,
unlisted, redeemable, non-convertible debentures L. In compliance with the Regulation 46(2) (j) & (k) of
(‘Debentures’) having face value of ` 10,00,000/- Listing Regulations and as required under the listing
(Rupees Ten lakhs Only) each, at par aggregating agreement entered into with the Stock Exchanges, the
upto ` 475,00,00,000/- (Rupees Four Hundred and Company has designated the mail id manojpahwa@
Seventy Five crores Only) in one or more tranches on anantrajlimited.com.This mail id has been posted on the
private placement basis to the Eligible Investor(s) i.e. Company’s website and also on the website of the Stock
Touchstone Trust Scheme II. Exchanges. The investor can send their grievances,
if any, to the designated mail id. i.e manojpahwa@
Thereafter, the Board at its meeting held on January 4, anantrajlimited.com of Mr. Manoj Pahwa, Compliance
2022, allotted the aforesaid 4,750 (Four Thousand officer of the Company.
Seven Hundred Fifty) Debentures bearing face value
of ` 10,00,000/- (Rupees Ten lakhs Only) each, M. The Listing Regulations, vide its Regulation 46
aggregating to ` 475,00,00,000 (Rupees Four (1) stipulated that the company should maintain a
Hundred and Seventy Five crores Only), partly paid-up functional website containing the basic information
(payment in two tranches), on private placement basis about the company and to update the contents of the
to the Eligible Investor(s) on the receipt of Tranche A said website periodically. In pursuance to this clause,
subscription amount. the Company updates its website with all relevant
information as envisaged in the said regulation and
Further, the Board at its meeting held on March 28, as per the provision of the Act. The website of the
2022, considered and approved the proposal requesting company may be accessed at www.anantrajlimited.com
 N. In pursuance to the Regulation 31 of Listing Regulations, 100% of the shareholding of the promoter group has been
dematerialized and all the shares are held in dematerialized mode to allow the shares of the company to be traded in the
Stock Exchanges in the normal segment.

14. GENERAL SHAREHOLDER INFORMATION:

Annual General Monday, July 11, 2022 at 09: 30 A.M. at the Registered Office of the Company at Plot No. CP-I, Sector-8,
Meeting (AGM) IMT Manesar, Gurugram Haryana – 122051
(Date, Time & Venue)
Financial Year April 1, 2021 to March 31, 2022
Dividend Record Financial Year 2018-19 12% (Re. 0.24 per share on the Face Value of `2/- each)
(Last three years) Financial Year 2019-20 4% (Re. 0.08 per share on the Face Value of ` 2/- each)
Financial Year 2020-21 5% (Re. 0.10 per share on the Face Value of ` 2/- each)
Dividend for The Company has recommended dividend Re. 0.12 per share (6% on ` 2/- fully paid share) for the financial
Financial Year year 2021-2022. The dividend, if declared at the Annual General Meeting shall be paid on or after July 16,
2021-2022 2022 and within a period of 30 days from the date of AGM.
Listing on Stock BSE Limited (25th Floor, P.J Towers, Dalal Street, Fort, Mumbai-400001
Exchanges National Stock Exchange of India Limited. (“Exchange Plaza” BKC, Bandra (E), Bandra Complex, Mumbai-400051.
Annual Listing fees for the Financial Year 2021-22 and 2022-23 has been duly paid to the Stock Exchanges.
ISIN/Stock Code ISIN No. of Equity Shares at NSDL/CDSL: INE242C01024 69
Trading Symbol at NSE: ANANTRAJ
Trading Symbol at BSE: 515055

STAT U TO RY R E P O RT S
Financial Calendar 1. First Quarter results – within 45 days from the end of the quarter
2022-23 (Tentative 2. Second Quarter results – within 45 days from the end of the quarter
& Subject to
3. Third Quarter results – within 45 days from the end of the quarter
Change)
4. Audited yearly results for the financial year ended March 31, 2023 - within 60 days from the end of
financial year
Registrar & Transfer Alankit Assignments Ltd., RTA Division,
Agents Alankit House, 4E/2, Jhandewalan Extension, New Delhi-110055,
(both for Electronic Contact Person: Mr. J.K. Singla
& Physical Segment) Phone 011-42541955/1234 and Email Id: [email protected]
Disclosure relating Pursuant to provisions of Sections 124 of the Act, the Company has transferred a sum of ` 4,18,511/-
to Unclaimed/Unpaid (Rupees Four lakhs Eighteen Thousand Five Hundred eleven Only) during the financial year 2021-2022
Dividend and IEPF to the Investor Education and Protection Fund established by the Central Government. The said amount
Demat Account represents unclaimed dividend for the year 2013-14 which was lying with the Company for a period of seven
year from the due date of payment.
As per Section 124(6) of the Act read with Investor Education and Protection Fund Authority (Accounting,
Audit, Transfer and Refund) Rules, 2016 as amended from time to time, all the shares in respect to which
dividend has remained unclaimed/ for a period of seven Consecutive years or more are required to be
transferred in the name of IEPF. During the financial year 2021-2022, the Company transferred 92,558
shares to the IEPF in respect of unclaimed dividend for the year 2013-2014.
The requisite details are reproduce as under:
Particulars Number of Number of
shareholders equity shares
Aggregate number of shareholders and outstanding shares in the IEPF 1,574 8,90,044
Demat Account at the beginning of the financial year 2021-2022
Number of shareholders who approached the Company for transfer of shares (4) (1600)
from IEPF Demat Account during the financial year ended 2021-2022
Transferred to IEPF Demat Account during the financial year ended 228 92,558
2021-2022
Aggregate number of shareholders and outstanding shares at the end of 1,798 9,81,002
the Financial Year 2021-2022
 ANANT RAJ LIMITED

The voting rights in respect of the above 9,81,002 equity shares are frozen until the rightful owner claims
the equity shares.
All corporate benefits on such shares in the nature of Bonus shares, split of shares, Rights etc., shall be
credited to “IEPF Demat Account”, as applicable for a period of seven years and thereafter be transferred
in line with the provisions of the Investor Education and Protection Fund Authority (Accounting, Audit,
Transfer and Refund) Rules, 2016 read with section 124(5) and section 124(6) of the Act.
The shares transferred to the IEPF Authority can be claimed back by the member from IEPF Authority after
complying with the procedure prescribed under the Rules.
Members/claimants whose shares, unclaimed dividends, have been transferred to the IEPF Demat Account
of the fund as the case may be, may claim the shares or apply for refund making an application to the IEPF
authority in Form IEPF-5 along with requisite fee as decided by IEPF authority from time to time. The
member / claimant can file only one consolidated claim in a financial year as per the IEPF rules.
Those members who have not en-cashed/received their Dividend Warrants for the financial years 2014-15,
2015-16, 2016-17, 2017-18, 2018-19, 2019-20 and 2020-21 are advised to approach the Company’s
Registrar and Share Transfer Agent or Head Office of the Company for revalidation of dividend warrants or
for obtaining duplicate Dividend Warrants.

70 Due date of Transferring / Unclaimed Dividend to IEPF (Amount in `)

Financial Year Rate of Dividend Date of Unpaid Amount Due date for
A NNUA L R E P O RT 2 0 2 1 - 2 2

(%) declaration as on 31/03/2022 transfer to IEPF

2014-15 12 30/09/2015 512800.08 30/10/2022
2015-16 12 30/09/2016 514453.20 30/10/2023
2016-17 12 29/09/2017 527389.92 29/10/2024
2017-18 12 29/09/2018 345606.96 29/10/2025
2018-19 12 30/09/2019 421828.56 29/10/2026
2019-20 4 30/12/2020 209160.36 29/01/2028
2020-21 5 30/09/2021 182936.20 29/10/2028
Share Transfer a. The Company has appointed a common Registrar for physical share transfers and dematerialization of
Systems shares. The shares lodged for physical transmission/transposition, if any, are registered within a period of
15 days, subject to the documents being valid and complete in all respects. For this purpose share transfer
committee meets often as required. During the period under review the committee met two (2) times.
Adequate care is taken to ensure that no requests are pending for more than prescribed time in this regard.

b. As per SEBI Notification No. SEBI/LAD-NRO/ GN/2018/24 dated June 08, 2018 and further
amendment vide Notification No. SEBI/LAD-NRO/ GN/2018/49 dated November 30, 2018 requests
for effecting transfer of securities (except in case of transmission or transposition of securities) shall
not be processed from April 01, 2019 unless the securities are held in dematerialized form with the
depositories. All requests for transmission or transposition of securities are handled and disposed off
by Company’s Registrar & Share Transfer Agent within fifteen days from the date of receipt of request,
provided the documents are found to be in order. In case of shares in electronic form, the transfers are
processed by NSDL/CDSL through respective Depository Participants. In compliance with the SEBI
Listing Regulations, a Practicing Company Secretary carries out audit of the System of Transfer and a
certificate to that effect is issued.

c. Share transmission/transposition, etc., if any, are processed and approved, subject to receipt of all
requisite documents.

d. The Company seeks to ensure that all transmission/transposition, etc., if any, are approved for registration
within the stipulated period. Pursuant to Regulation 40 (9) & (10) of Listing Regulations, 2015,
certificate on yearly basis have been issued by a Company Secretary-in-practice for due compliance of
share transfer formalities by the Company.
 e. The Company as required under Regulation 46 (2)(j) of the Listing Regulations, 2015 has designated
one mail id viz. [email protected] for the purpose of registration of complaints, if any,
by the investors and expeditious redressal of their grievances and the same has already been hosted on
the Company’s website.
f. The Securities and Exchange Board of India (SEBI) has mandated the submission of Permanent
Account Number (PAN) by every participant in the securities market. Members holding shares in
electronic form are, therefore, requested to submit their PAN details to their respective Depository
Participant(s) with whom they are maintaining their Demat Accounts. Members holding shares in
physical form are requested to submit their PAN details to the Company or its Share Registrars and
Transfer Agents.
Reconciliation of Reconciliation of Share Capital Audit is conducted on quarterly basis by a Qualified Practicing Company
Share Capital Audit Secretary to reconcile the total admitted capital with National Securities Depository Limited (NSDL) and
Central Depository Service Limited (CDSL) with the total issued and listed Capital. The Reports are placed
before the Board of Directors for its perusal and are submitted to the concerned Stock Exchanges where the
shares of the Company are listed for trading. The said report confirms that the total issued and listed capital
is in agreement with the total number of shares in physical form and the total number of dematerialized
shares held with NSDL and CDSL.
As required under Regulation 7(3) of the Listing Regulations, the company has submitted a compliance
certificate to the Stock Exchanges, duly signed by the Compliance officer of the company and authorised
representative of the RTA i.e M/s Alankit Assignment Ltd certifying compliance that all activities in relation 71
to both physical and electronic share transfer facility are maintained by the Registrar and Share transfer
Agent registered with SEBI.
Dematerialization of

STAT U TO RY R E P O RT S
The Company’s shares are available for dematerialisation on both the depositories viz. National Securties
Shares Depository Limited (NSDL) and Central Depository Service Limited (CDSL).
29,39,56,701 equity shares representing 99.61% of total paid up equity share capital is held in dematerialized
form with NSDL and CDSL, as on March 31, 2022.
There is no unclaimed equity share lying with the Company pursuant to the Initial Public Offer made in 1989
by the Company. Hence, Demat Suspense Account has not been created with the Depository Participant as
required by Regulation 34(3) read with Schedule V of Listing Regulations.
Non-Convertible There are 4,750 (Four Thousand Seven Hundred and Fifty) outstanding secured, unlisted, redeemable,
Debentures (NCDs) non-convertible debentures, as on March 31, 2022.
Registered Office : Plot No. CP-I, Sector-8, IMT Manesar, Gurugram, Haryana– 122051
Project/Business 1. Anant Raj Estate at Sector 63 A, Gurugram, comprising:
Location: i) Independent floors/Luxury Villas
ii) Residential plots
iii) Group Housing
iv) Commercial complex
v) Residential projects in JV
2. Development of affordable homes in the auspicious city of Tirupati (Andhra Pradesh)
3. Development of Data Center currently at Manesar and in future at Rai and Panchkula
4. Development of Hospitality Project near Delhi Airport and IGI Airport
5. Developed affordable homes in Neemrana, Rajasthan.
Address for H-65, Connaught Circus, New Delhi-110001
Correspondence Or
Alankit Assignments Ltd., RTA Division,
Alankit House, 4E/2, Jhandewalan Extension, New Delhi 110055,
Phone 011-42541955/1234 and Email Id: [email protected]
Credit Rating The Credit rating agency, Infomerics Ratings had assigned the credit rating ‘IVR BB+/Positive Outlook (IVR
Double B Plus with Positive Outlook)’ to the Company for its long term bank facilities.
Company Secretary Sh. Manoj Pahwa
Tel : 43034426, E-mail : [email protected]
The Company has designated an e-mail id viz. [email protected] to enable the investors to
register their complaints/ suggestions/queries, if any.
 ANANT RAJ LIMITED

Outstanding GDRs / ADRs / Warrants or any Convertible instruments, conversion date and likely impact on equity:
On May 5, 2021, the Company has issued and allotted 2,90,00,000 Fully Convertible Warrants on preferential basis to ‘Promoter
& Promoter Group’ and ‘Non-Promoter’ Category, in accordance with the provisions of the Act read with SEBI (Issue of Capital
and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and such warrants are convertible into equal
number of equity shares of `2/- each within eighteen months from the date of their allotment. After conversion of all these
warrants, the Promoter shareholding will decrease from existing 64.99% to 63.65% (as on March 31, 2022).

Commodity price risk or foreign exchange risk and hedging activities

The Company is engaged in the business of Real Estate activities in India. The Company is not exposed to the Commodity price
risk or foreign exchange risk and hedging activities.

Green Initiative in the Corporate Governance by the Ministry of Corporate Affairs

The Ministry of Corporate Affairs (“MCA”) has taken a “Green Initiative in the Corporate Governance” by allowing paperless
compliances by companies and has issued circulars stating that the service of official documents by a company to its members can
be made through electronic mode.

To support this green initiative of the Government in full measure, all the members are requested to register/update their email IDs
with their depository participants, in case shares are held in electronic mode, to ensure that Annual Report and other documents
reach them at their preferred email IDs and, where the shares are held in physical mode, members are requested to get their email
72 IDs updated in the records of the Company.

All the official documents including Annual Report of the Company, circulated to the Members of the Company through electronic
A NNUA L R E P O RT 2 0 2 1 - 2 2

mode, will be made available on the Company’s website www.anantrajlimited.com.

Distribution of Shareholdings as on March 31, 2022:

No. of Shares No. of % to Total No. of Shares % to Total
Shareholders
0 – 5000 53,780 97.79 1,67,14,005 5.66
5001 – 10000 528 0.96 41,29,182 1.40
10001 – 20000 254 0.46 37,86,948 1.28
20001 – 30000 120 0.22 30,19,636 1.02
30001 – 40000 46 0.08 16,36,774 0.56
40001 – 50000 64 0.12 29,99,251 1.02
50001 – 100000 84 0.15 59,34,352 2.01
100001 and above 120 0.22 25,68,76,187 87.05
Total 54,996 100 29,50,96,335 100

Shareholding Pattern of the Company as on March 31, 2022:

Category No. of Shares % to Total
Promoters* 19,17,79,393 64.99
Banks, Financial Institutions & FIIs 1,89,43,374 6.42
Bodies Corporate 1,67,78,892 5.69
Trusts/Clearing members 4,47,640 0.15
Public/ individuals 5,86,44,221 19.87
Non Resident Indians 75,21,813 2.55
IEPF account 9,81,002 0.33
Total 29,50,96,335 100
* No pledge has been created on the shares held by promoters or promoter group as on March 31, 2022.
 0.33%

2.55%
Promoters

Banks, Financial Institutions & FIIs

Bodies Corporate

64.99% Trusts/Clearing members

19.87%

Public/ individuals
0.15%
Non Resident Indians

5.69% IEPF account

6.42%

Market Price Data Monthly High and Low quotation of shares traded on BSE / NSE during the financial year 2021-22:
(In ` per share) 73
Month end Sensex BSE Nifty NSE
High Low High Low High Low High Low
April, 2021 50375.77 47204.5 57.2 47.3 15044.35 14151.4 57.05 47.30

STAT U TO RY R E P O RT S
May, 2021 52013.22 48028.07 63.95 49.1 15606.35 14416.25 64.05 49.30
June, 2021 53126.73 51450.58 69.75 54.55 15915.65 15450.9 69.40 54.00
July, 2021 53290.81 51802.73 73.8 57.2 15962.25 15513.45 73.95 57.15
August, 2021 57625.26 52804.08 73 55.45 17153.5 15834.65 73.35 55.50
September, 2021 60412.32 57263.9 80.85 60.35 17947.65 17055.05 81.15 60.75
October, 2021 62245.43 58551.14 80.4 60.1 18604.45 17452.9 80.40 59.50
November, 2021 61036.56 56382.93 77 61.25 18210.15 16782.4 75.10 61.30
December, 2021 59203.37 55132.68 81.45 63.8 17639.5 16410.2 81.45 62.70
January, 2022 61475.15 56409.63 85.95 72.25 18350.95 16836.8 86.00 72.50
February, 2022 59618.51 54383.2 82.4 62.85 17794.6 16203.25 81.90 62.80
March, 2022 58890.92 52260.82 72.45 61.7 17559.8 15671.45 72.45 62.00

The Company’s equity share performance on BSE is as under:

Anant Raj Limited Share Price Vs BSE Sensex
100 70000
90
60000
80
70 50000
60 40000
50
40 30000
30 20000
20
10 10000
0 0
21 21 21 21 2 1 2 1 21 21 21 2 2 22 22
, 20 20 20 20 20 20 20 20 20 20 20 20
ril y, ne
, ly, ust
, er, er, er, er, ary
, ry, rc h,
Ap Ma Ju Ju g b
cto
b b b u bru
a
Ma
Au p tem O vem cem Jan
Fe
Se No De

BSE High Sensex High

 ANANT RAJ LIMITED

The Company’s equity share performance on NSE is as under:

Anant Raj Limited Share Price Vs Nifty
100 20000
90 18000
80 16000
70 14000
60 12000
50 10000
40 8000
30 6000
20 4000
10 2000
0 0
21 21 21 21 02
1 21 21 21 21 22 22 22
l, 20 , 20 , 20 , 20 ,2 20 20 20 20 20 20 20
pri ay ne uly ust ber, er, er, er, ary
,
ary
,
rch
,
A M Ju J
Au
g
tem tob em
b
ce mb nu bru Ma
p Oc v
De Ja Fe
Se No
NSE High Niy High
74
Note: The Share price of the Company & Nifty are assumed at value of 100 and accordingly the price of shares & Nifty are increased
or decreased in each month during the financial year.
A NNUA L R E P O RT 2 0 2 1 - 2 2

15. CERTIFICATE ON CORPORATE 18. OTHER DISCLOSURES

GOVERNANCE
A. Materially Significant Related party
As required by Regulation 34(3) read with Schedule V of Transactions
Listing Regulations, the Statutory Auditor’s Certificate is
During the financial year under review, your Company
annexed in this Report.
has not entered into any significant material related
party transactions that may have potential interests of
16. CEO/CFO CERTIFICATION the Company at large.
The Chief Executive Officer and Chief Financial Officer of
the Company have certified to the Board every quarter, on B. Compliance with mandatory requirements
the matter relating to the Financial Statements and other
matter in accordance with Regulation 33(2)(a) of the The Company has complied with all the mandatory
Listing Regulations and the Compliance officer has also requirements stipulated under the Listing Regulations.
certified on quarterly basis to Audit Committee and Board
of the Directors on statutory compliances to be made under C. Raising of funds through preferential
all laws applicable to the Company. allotment or qualified institutions placement
as specified under Regulation 32 (7A).
Further, a certificate under regulation 17(8) of Listing Preferential issue of warrants
Regulations, the CEO and CFO Certification is annexed and The Board at its meeting held on March 3, 2021
forms part of this Report. approved the raising of funds for an amount of
` 163,41,50,000/- by way of issuing 2,90,00,000 (Two
17. SEBI COMPLAINTS REDRESS SYSTEM crores Ninety lakhs) Fully Convertible Warrants at an
(SCORES) issue price of ` 56.35/- (Rupees Fifty Six and Paisa
The Company processes the investors’ complaints received Thirty Five Only) on a preferential basis to identified
by it through a computerized complaints redressal system. investors classified under ‘Promoter & Promoter
The salient features of this system are computerized Group’ and ‘Non-Promoter’ Category (allottees), to
database of all the inward receipts and action taken on fund the Company’s new vertical of Data Centers to be
them, online submission of Action Taken Reports (ATRs) set-up in the IT Parks built by the Company situated in
along with supporting documents electronically in SCORES. Manesar, Panchkula and Rai in the State of Haryana,
The investors’ can view online the current status of their which was further approved by the shareholders of the
complaints submitted through SEBI Complaints Redress Company at the Extra-Ordinary General Meeting held
System in (SCORES). on April 21, 2021.
 Consequently, the Board at its meeting held on May 5, F. Total fee paid to the Statutory Auditor:
2021 allotted the aforesaid 2,90,00,000 (Two crores The total fees paid to the Statutory Auditors viz Vinod
Ninety lakhs) Fully Convertible Warrants of face value Kumar Bindal & Co., Chartered Accountants for the
of ` 2/- (Rupees Two Only) each, on receipt of 25% of financial year 2021-2022 was ` 21,25,000/- (Rupees
the issue price from the allottees. Twenty One lakhs Twenty Five Thousand Only).
The funds so raised have been utilized in above
stated objects. There is no deviation or variation in The details are as under:
utilization of funds raised as per Regulation 32 of (i) 
Statutory Audit fees: ` 17,50,000/- (Rupees
Listing Regulations. Seventeen lakhs Fifty Thousand Only)

Private Placement of Non- Convertible (ii) Legal, Professional and other fess: ` 3,75,000/-
Debentures
(Rupees Three lakhs Seventy Five Thousand Only)
The Board at its meeting held on December 25, 2021
approved the raising of funds by issuance of 4,750 (Four
G. 
Disclosures in relation to the Sexual Harassment
Thousand Seven Hundred Fifty), secured, unlisted,
redeemable, non-convertible debentures (‘Debentures’)
of Women at Workplace (Prevention, Prohibition
having face value of ` 10,00,000/- (Rupees Ten lakhs and Redressal) Act, 2013
Only) each, at par aggregating upto ` 475,00,00,000/- No. of No. of No. of
(Rupees Four Hundred and Seventy Five crores Only) in Complaints Complaints Complaints
one or more tranches on private placement basis to the filed during disposed of pending as 75
Eligible Investor(s) i.e. Touchstone Trust Scheme II to the financial during the on end of the
refinance the Outgoing Credit Facilities and utilization year financial year financial year
towards general corporate purposes, including the Nil Nil Nil

STAT U TO RY R E P O RT S
payment of transaction expenses, including upfront
Interest applicable on Debentures. 19. DISCRETIONARY REQUIREMENTS
Thereafter, the Board at its meeting held on January 4, As required under Part E of Schedule II the details of
2022, allotted the aforesaid 4,750 (Four Thousand Seven discretionary requirements are given below:
Hundred Fifty) Debentures bearing face value of
` 10,00,000/- (Rupees Ten lakhs Only) each, aggregating A. Shareholders rights
to ` 475,00,00,000 (Rupees Four Hundred and Seventy The quarterly un-audited results of the Company
Five crores Only),partly paid-up (payment in two tranches), after being subjected to a limited review by the
on private placement basis to the Eligible Investor(s) on statutory auditors, are published in newspaper viz.
the receipt of Tranche A subscription amount. Financial Express in English and Jansatta in Hindi and
on the Company’s website www.anantrajlimited.com.
Further, the Board at its meeting held on March 28,
These result are not sent to shareholders individually.
2022, considered and approved the proposal requesting
for the ‘Final Call’ of ` 400,00,00,000 (Rupees Four
B. Audit Report with un-modified opinion:
Hundred crores Only) with respect to such debentures,
M/s Vinod Kumar Bindal & Co., statutory auditors have
which were received on March 31, 2022.
issued an audit report with unmodified opinion in audited
The funds of ` 475,00,00,000/- (Rupees Four financial statement (Standalone & Consolidated) for
Hundred and Seventy Five crores only) so raised the financial year ended March 31, 2022.
have been utilized in above stated objects. There is no
deviation or variation in utilization of funds raised as C. Reporting of Internal Auditor:
per Regulation 32 of Listing Regulations. The Board of Directors of Company had appointed
Garg Kumar & Associates, Chartered Accountants,
D. A certificate from Ms. Priya Jindal, Company
as the Internal Auditors of the Company pursuant to
Secretary in practice stating that none of
the directors on the board of the Company the provisions of Section 138 of the Act for financial
have been debarred or disqualified from year 2021-2022 and the reports on periodical basis
being appointed or continuing as directors submitted were place before the audit committee and
of companies by SEBI/Ministry of Corporate Board of Directors.
Affairs or any other statutory authority is
annexed to this report. The Company has appointed G R A S P & Associates,
Chartered Accountants (Firm Registration No.
E. 
The Board has accepted all the 015552C), as the Internal Auditors for the financial
recommendations made by the Committees. year 2022-2023 and they shall report directly to the
 ANANT RAJ LIMITED

Audit Committee on a quarterly basis on his findings (v) Shareholders who have multiple folios in identical
and corrective actions taken. names, are requested to apply for consolidation of
such folios and send the relevant share certificates
D. Request to investors to the Company.
(i) Investors are requested to communicate change
of address, if any, directly to the registrar and
20. DECLARATION AFFIRMING COMPLIANCE
OF PROVISIONS OF THE CODE OF
share transfer agent of the Company.
CONDUCT
The declaration given by Sh. Aman Sarin, Director & CEO
(ii) As required by SEBI, investors shall furnish
of the Company concerning the Compliance with the Code of
details of their respective bank account number
Conduct for Board Members and the Senior Management
and name & address of the bank for incorporating Personnel is annexed in this Report.
in the dividend warrants to reduce the risk to
them of fraudulent encashment. 21. FOR DETAILS RELATED TO BUSINESS
RESPONSIBILITY REPORT AND DIVIDEND
(iii) Investors holding shares in electronic form are DISTRIBUTION POLICY OF THE COMPANY,
requested to deal only with their respective PLEASE REFER DIRECTOR’S REPORT.
depository participant or change of address, The above report has been placed before the Board at its
76 nomination facility, bank account number etc. meeting held on June 7, 2022 and the same was approved.

(iv) Electronic Clearing Service (ECS) helps in quick By the order of the Board
A NNUA L R E P O RT 2 0 2 1 - 2 2

For Anant Raj Limited

remittance of dividend without possible loss/
delay in postal transit. Shareholders, who have Sd/- Sd/-
not earlier availed this facility, are requested to Amit Sarin Aman Sarin
register their ECS details with the share transfer Place: New Delhi Managing Director Director & CEO
agent or their respective Depository Participants. Date: June 7, 2022 DIN: 00015837 DIN: 00015887
 CERTIFICATE OF COMPLIANCE WITH THE CORPORATE GOVERNANCE
Independent Auditor’s Certificate on Compliance with the Corporate Governance requirements under SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015

To
The Members of
Anant Raj Limited

We, Vinod Kumar Bindal & Co., Chartered Accountants, the Statutory Auditors of Anant Raj Limited (the “Company”), have
examined the compliance of conditions of Corporate Governance by the Company, for the year ended on March 31 2022, as stipulated
in regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C and D of Schedule V of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 as amended (“SEBI Listing Regulations”).

Managements’ Responsibility
The compliance of conditions of Corporate Governance is the responsibility of the Management. This responsibility includes the design,
implementation and maintenance of internal control and procedures to ensure the compliance with the conditions of the Corporate
Governance stipulated in the SEBI Listing Regulations.

Auditor’s Responsibility
Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for ensuring compliance 77
with the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements
of the Company.

STAT U TO RY R E P O RT S
We have examined the books of account and other relevant records and documents maintained by the Company for the purposes of
providing reasonable assurance on the compliance with Corporate Governance requirements by the Company.

We have carried out an examination of the relevant records of the Company in accordance with the Guidance Note on Certification
of Corporate Governance (the “Guidance Note”) issued by the Institute of the Chartered Accountants of India (“ICAI”) and the
Standards on Auditing (“SA”s) specified under Section 143(10) of the Companies Act, 2013, in so far as applicable for the purpose
of this certificate and as per the Guidance Note issued by the ICAI which requires that we comply with the ethical requirements of the
Code of Ethics issued by the ICAI.

We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that
Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

Opinion
Based on our examination of the relevant records and according to the information and explanations provided to us and the representation
provided by the Management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in
regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C and D of Schedule V of the SEBI Listing Regulations during
the year ended March 31, 2022.

We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with
which the Management has conducted the affairs of the Company.

For Vinod Kumar Bindal & Co.

ICAI Firm Registration No. 003820N
Chartered Accountants

Sd/-
Arvind Mittal
Partner
Place: New Delhi  Membership No 509357
Date: June 7, 2022 UDIN: 22509357AKOSBC2790
 ANANT RAJ LIMITED

COMPLIANCE CERTIFICATE TO THE BOARD PURSUANT TO REGULATION 17(8) OF SEBI

(LISTING OBLIGATIONS AND DISCLOUSURE REQUIREMENTS) REGULATIONS, 2015

This is to certify that:

a) We have reviewed financial statements and the cash flow statement for the year ended March 31, 2022 and that to the best of our
knowledge and belief:

(i) These statements do not contain any materially untrue statement or omit any material facts or contain statements that
might be misleading.

(ii) These statements together present a true and fair view of the company’s affairs and are in compliance with existing accounting
standards, applicable laws and regulations.

b) There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which are
fraudulent, illegal or violative of the company’s code of conduct.

c) We accept responsibility for establishing and maintaining internal controls for financial reporting and we have evaluated the
effectiveness of the internal control systems of the company pertaining to financial reporting and we have disclosed to the auditors
78 and the audit committee, deficiencies in the design or operation of internal controls, if any, of which we are aware and the steps we
have taken or propose to take to rectify these deficiencies.
A NNUA L R E P O RT 2 0 2 1 - 2 2

d) We have indicated to the auditors and Audit Committee:

(i) Significant changes in internal control over financial reporting during the year.

(ii) Significant changes in accounting policies during the year and that the same have been disclosed in the notes to
financial statement; and

(iii) That no instances of fraud have came to our notice.

For Anant Raj Limited For Anant Raj Limited

Sd/- Sd/-
Place: New Delhi Aman Sarin Pankaj Kumar Gupta
Date: May 14, 2022 Director & CEO Chief Financial officer
DECLARATION BY DIRECTOR AND CEO UNDER PARA D OF SCHEDULE V OF THE SEBI (LISTING
OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015, REGARDING THE
COMPLIANCE WITH CODE OF CONDUCT
To
The Members of
Anant Raj Limited

I, Aman Sarin, Director and Chief Executive Officer of the Company, hereby certify that the members of the Board of Directors of
the Company and the Management Personnel have affirmed the compliance with the code of conduct adopted by the Company for the
financial year ended March 31, 2022 in terms of para D of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.

For Anant Raj Limited

Sd/-
Place: New Delhi Aman Sarin
Date: June 7, 2022  Director & CEO
79

STAT U TO RY R E P O RT S
 ANANT RAJ LIMITED

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015)

To,
The Members,
ANANT RAJ LIMITED
Plot No. CP-1, Sector-8,
IMT Manesar, Gurugram
Haryana-122051

I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of ANANT RAJ LIMITED
(CIN: L45400HR1985PLC021622) and having registered office at Plot No. CP-1, Sector-8 IMT Manesar Gurugram, Haryana-122051
(hereinafter referred to as ‘the Company’), produced before me by the Company for the purpose of issuing this Certificate, in accordance
with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015.

In my opinion and to the best of my information and according to the verifications (including Directors Identification Number (DIN)
status at the portal www.mca.gov.in) as considered necessary and explanations furnished to me by the Company & its officers, I hereby
80 certify that none of the Directors on the Board of the Company as stated below for the Financial Year ended March 31, 2022 have been
debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India,
A NNUA L R E P O RT 2 0 2 1 - 2 2

Ministry of Corporate Affairs, or any such other Statutory Authority.

S. No. Name of Director DIN Date of appointment

1 Sh. Amit Sarin 00015837 10/07/2009
2 Sh. Aman Sarin 00015887 01/01/2021
3 Sh. Ashim Sarin 00291515 01/01/2021
4 Sh. Maneesh Gupta 00129254 07/06/2005
5 Sh. Rajesh Tuteja 08952755 01/01/2021
6 Mrs. Kulpreet Sond 08952751 25/01/2021
7 Sh. Brajindar Mohan Singh 02143830 29/05/2009

Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management of
the Company. My responsibility is to express an opinion on these based on my verification. This certificate is neither an assurance as
to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs
of the Company.

Sd/-
Priya Jindal
ACS No. 52116
Place : New Delhi C P No. 20065
Date : June 7, 2022 UDIN: A052116D000472349
BUSINESS RESPONSIBILITY REPORT
At Anant Raj Limited (“the Company”), sustainability is viewed as an environmental and social responsibility, which allows the
organization to deliver on stakeholder expectations. Company continues to communicate its obligations and performance to all
stakeholders through its Business Responsibility Report (BRR) which is testament to our accountability towards all our stakeholders.
In line with the nine principles of the Government of India’s ‘National Voluntary Guidelines on Social, Environmental and Economic
Responsibilities of Business’ (“NVGs”) released by Ministry of Corporate Affairs and is in accordance with Regulation 34(2)(f) of
the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with circular
bearing ref. no. CIR/CFD/ CMD/10/2015 dated November 4, 2015, as amended from time to time, issued by the Securities and
Exchange Board of India (“SEBI”), this report summarizes our efforts to conduct business with responsibility.

Lasting value can only be created, if the right balance between the triple bottom lines of economic, environmental and social is achieved.

SECTION A: GENERAL INFORMATION ABOUT THE COMPANY

1. Corporate Identification Number (CIN) L45400HR1985PLC021622
2. Name of the Company Anant Raj Limited
3. Registered Address Plot No. CP-1, Sector-8 IMT Manesar, Gurugram-122051,
Haryana, India 81
4. Website www.anantrajlimited.com
5. Email Id. [email protected]
6. Financial Year Reported April 01, 2021-March 31, 2022

STAT U TO RY R E P O RT S
7. Sector that the Company is engaged in (Industrial Activity Section L: Real Estate Activities
Code Wise) As per National Industrial Classification – The
Industrial Group Description
Ministry of Statistics and Programme Implementation
681 Real estate activities with
own or leased property
8. List three key products/services that the Company The Company is primarily engaged in development and
manufactures/provides (as in balance sheet): construction of information and technology parks, hospitality
projects, residential townships, data centers, affordable housing,
office complexes and shopping malls in the States of Delhi,
Haryana, Andhra Pradesh, Rajasthan and the National Capital
Region.
9. Total number of locations where business activity is
undertaken by the Company:
(a) Number of International Locations NIL
(b) Number of National Locations 1. Anant Raj Estate at Sector 63 A, Gurugram, comprising:
i) Independent floors/Luxury Villas
ii) Residential plots
iii) Group Housing
iv) Commercial complex
v) Residential projects in JV
2. Development of affordable homes in the auspicious city of
Tirupati (Andhra Pradesh)
3. Development of Data Center currently at Manesar and in
future at Rai and Panchkula
4. Development of Hospitality Project near Delhi Airport
and IGI Airport
5. Developed affordable homes in Neemrana, Rajasthan.
10. Markets served by the Company National
Local/State/National/International:
 ANANT RAJ LIMITED

SECTION B: FINANCIAL DETAILS OF THE COMPANY

1. Paid up Capital (INR) ` 59,01,92,670

2. Total Turnover (INR) (Standalone) ` 40,177.42 lakhs

3. Total profit after taxes (INR) (Standalone) ` 5588.70 lakhs

4. Total Spending on Corporate Social Responsibility The Company considers social responsibility is an integral part of
(CSR) as percentage of profit after tax (%) its business activities and endeavours to utilize allocable CSR for
the benefit of the society. The Company has spent ` 70.32 lakhs
i.e 93.71% of the prescribed CSR expenditure of ` 75.04 lakhs
(being the 2% of the average net profit of the Company for the
last three years as mandated in the Companies Act, 2013.)

5. List of activities in which expenditure in 4 above has Please refer Annexure-IV of Director’s Report.
been incurred

SECTION C: OTHER DETAILS

1. Does the Company have any Subsidiary Company/ Companies:
Yes, as on March 31, 2022, the company has 31 wholly owned subsidiaries, 3 step down subsidiaries and 3 companies in which the
82 Company holds more than 50% of the total equity shareholding. For further details, please refer annual return of the Company
via following link:
A NNUA L R E P O RT 2 0 2 1 - 2 2

https://www.primeinfobase.in/Pages/Reports.aspx?value=AENgE/Vn%20%20XM600MSHCcMw==

2. Do the Subsidiary Company/Companies participate in the BR Initiatives of the parent company? If yes,
then indicate the number of such subsidiary company(s):
This is the third year for the Company to publish Business Responsibility Report. The Company would encourage its
subsidiaries to participate in the business responsibility initiatives and conduct their business in an ethical, transparent
and accountable manner.

3. Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company does business with,
participate in the BR initiatives of the Company? If yes, then indicate the percentage of such entity/
entities? [Less than 30%, 30-60%, More than 60%]:
No, but the Company encourages its suppliers, distributors and other stakeholders to adopt best practices and follow the concept
of being a responsible business.

SECTION D: BR INFORMATION
1. Details of Director/Directors responsible for BR
a) Details of the Director/Directors responsible for implementation of the BR policy/policies:
1. DIN: 00015837
2. Name: Sh. Amit Sarin
3. Designation: Managing Director

b) Details of the BR head

No. Particulars Details
1. DIN Number 00015837
2. Name Sh. Amit Sarin
3. Designation Managing Director
4. Telephone Number 011-41540070
5. E mail ID [email protected]
2. Principle-wise (as per NVGs) BR Policy/policies
The nine principles as per BRR are as given below:

P 1: Business should conduct and govern themselves with Ethics, Transparency and Accountability.

P 2: Business should provide goods and services that are safe and contribute to sustainability throughout their life cycle.

P 3: Business should promote the wellbeing of all employees

P 4: Business should respect the interest of and be responsive towards all stakeholders, especially those who are disadvantaged,
vulnerable and marginalized.

P 5: Business should respect and promote human rights.

P 6: Business should respect, protect and make efforts to restore the environment.

P 7: Business, when engaged in influencing public and regulatory policy, should do so in a responsible manner.

P 8: Business should support inclusive growth and equitable development.

P 9: Business should engage with and provide value to their customers and consumers in a responsible manner.

(a) Details of compliance (Reply in Y/N)

83
S. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No.
1 Do you have a policy/policies for : Y Y Y Y Y Y Y Y Y

STAT U TO RY R E P O RT S
2 Has the policy being formulated in consultation The Company has formulated the policies and adopted best
with the relevant stakeholders practices in its own volition. However, while formulating the policies
and adopting the same, the Company has been sensitive to the
stakeholders’ interest.
3 Does the policy conform to any national / The Company policies are aligned with Anant Raj Group policies
international standards? if yes specify incorporating the best global practices.
4 Has the policy being approved by the Board? As per company practice, all the policies are approved by the
If yes, has it been signed by MD / Owner / CEO/ concerned authority depending upon the nature of policy. The
appropriate Board Director? concerned authority could be Board, MD, CEO / Functional Head
etc.
5 Does the Company have a specified committee Mr. Amit Sarin, Managing Director along with the Senior Leadership
of the Board / Director / official to oversee the Team/Functional Heads are responsible for implementation of the
implementation of the policy? policy.
6 Indicate the link for the policy to be viewed https://www.primeinfobase.in/Pages/NewCompanyCorporate.
online? aspx?value=AENgE/Vn%20%20XM600MSHCcMw==
7 Has the policy been formally communicated Internal stakeholders are made aware of the policies. External
to all the relevant internal and external stakeholder are communicated to the extent applicable.
stakeholders?
8 Does the Company have in house structure to Y Y Y Y Y Y Y Y Y
implement the policy/ policies
9 Does the company have a grievance redressal Y Y Y Y Y Y Y Y Y
mechanism related to the policy / policies to
address stakeholders’ grievances related to the
policy/ policies
10 Has the company carried out independent All the policies have been formulated in consultation with various
audit / evaluation of the working of this policy stakeholders and the Company evaluates the working of the policy
by an internal or external agency? mostly through internal audits and external consultations.
 ANANT RAJ LIMITED

(b) If answer to the question at serial number 1 against any principle, is ‘No’, please explain why: (Tick up to 2
options) - Not Applicable
No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 The company has not understood the Principles
2 The company is not at a stage where it finds itself in a position
to formulate and implement the policies on specified principles
3 The company does not have financial or manpower resources
available for the task
4 It is planned to be done within next 6 months
5 It is planned to be done within the next 1 year
6 Any other reason (please specify)

3. Governance related to BR
a) Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess the BR
performance of the Company. Within 3 months, 3-6 months, Annually, More than 1 year :
The BR performance of the company shall be assessed annually.

b) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report? How
84 frequently it is published?
Business Responsibility Report is part of this Annual Report and will also be available on the website of the Company at
www.anantrajlimited.com. The report is published annually.
A NNUA L R E P O RT 2 0 2 1 - 2 2

SECTION E: PRINCIPLE-WISE PERFORMANCE

Principle 1: Businesses should conduct and govern themselves with Ethics, Transparency and Accountability
1. Does the policy relating to ethics, bribery and corruption cover only the company? Yes/ No. Does it extend to the
Group/Joint Ventures/ Suppliers/Contractors/NGOs /Others?
Good governance is the common underlying principle for all successful organizations. To ensure transparent communication and
ethical conduct at all levels of the value chain, the Company has a dedicated Code, which is applicable to all its employees,
subsidiaries and joint ventures. The Company also encourages its business partners to follow the code.

2. How many stakeholder complaints have been received in the past financial year and what percentage was satisfactorily
resolved by the management? If so, provide details thereof, in about 50 words or so.
The Company has a dedicated mail id through which the stakeholders may address their queries/complaints. The Secretarial
Department caters to the needs of the investors. A summary of the complaints received and resolved during the year is provided in
a separate section of the Corporate Governance Report attached to the Directors Report. As at the end of the financial year there
were no queries pending which needed to be addressed.

Principle 2: Business should provide goods and services that are safe and contribute to sustainability
throughout their life cycle
1. List up to 3 of your products or services whose design has incorporated social or environmental concerns, risks and/or
opportunities.
a. Independent floors/Luxury Villas
b. Group Housing/Affordable Housing
c. Data Centers

2. For each such product, provide the following details in respect of resource use (energy, water, raw material etc.) per
unit of product(optional):
(a) Reduction during sourcing/production/ distribution achieved since the previous year throughout the value chain?
For the ‘products’; in order to conserve water resources, usage of ground water and potable water from corporation supply
has been stopped for construction activities in Gurugram. Alternatively, treated STP water is being sourced.
 (b) Reduction during usage by consumers (energy, water) has been achieved since the previous year?
It is difficult to quantify the exact quantity in terms of reduction achieved in energy and water by the consumers. However, there
are STPs installed in all our project locations and the STP water is used for landscaping, flushing and cooling in DG sets, thus
reducing the use of fresh water. With respect to energy, various initiatives and use of high efficiency equipment for lighting
(LED fixtures), electrical and Heating, Ventilation and Air Conditioning (HVAC) systems have resulted in huge savings.
For Glazing, Double Glazed Units are used which reduce the HVAC load and electricity consumption further. As a responsible
organization, Solar Photovoltaic systems have and are being installed on rooftops to meet the renewable energy requirements.

3. Does the Company have procedures in place for sustainable sourcing (including transportation)?
Yes

If yes, what percentage of your inputs was sourced sustainably? Also, provide details thereof, in about 50 words or so.
The below mentioned strategies have been used across projects for ensuring sustainable source:
- 60-70% of the raw materials are obtained locally, i.e., within a distance of 400-500 kms.
- Materials with high recycles content are given preference to avoid stress on virgin materials.

4. Has the Company taken any steps to procure goods and services from local & small producers, including communities
surrounding their place of work?
Yes 85

(a) If yes, what steps have been taken to improve their capacity and capability of local and small vendors?

STAT U TO RY R E P O RT S
- Local vendors are preferred for raw materials and equipment needed during the construction.
- Selection is done based on quality and preference is given to the local vendors.

5. Does the Company have a mechanism to recycle products and waste?

Yes

If yes what is the percentage of recycling of products and waste (separately as <5%, 5-10%, >10%). Also, provide details
thereof, in about 50 words or so.
- Construction waste in the form of debris is segregated based on its utility and reused on site for backfiling or levelling purpose.
- Construction waste in the form of rebars is reused on site in boundary wall or other non-load-bearing areas.
- We treat 5-10% of the organic waste during operation.

Principle 3: Business should promote the wellbeing of all employees:

The Company acknowledges the immense potential of its human capital. The Company believes that its success depends on its ability to
develop knowledge, skills and expertise of its employees.The Company comprises of highly committed employees from diverse backgrounds.

1. Please indicate the Total number of employees

The Company’s workforce comprised of total of 204 employees.

2. Please indicate the Total number of permanent Women employees.

24

3. Please indicate the Total number of employees hired on temporary/contractual/casual basis.

No employees are hired on temporary/contractual/casual basis during the FY 2021-22. The Company provides equal employment
opportunities to all the employees and applicants for employment.

4. Please indicate the Number of permanent employees with disabilities

Presently, no employee with disabilities is employed with the Company as on March 31, 2022.
 ANANT RAJ LIMITED

5. Do you have an employee association that is recognized by management?

There is no employee association in the Company.

6. What percentage of your permanent employees is members of this recognized employee association?
Not Applicable.

7. Please indicate the Number of complaints relating to child labour, forced labour, involuntary labour, sexual harassment
in the last financial year and pending, as on the end of the financial year.
The Company doesn’t employ child labour, forced labour or involuntary labour. There were no complaints relating to child labour,
forced labour, involuntary labour and/ or sexual harassment filed during the financial year 2021-22 as well as no compliant was
pending as on the end of the financial year.

8. What percentage of your under mentioned employees were given safety & skill up-gradation training in the last year?
• Permanent Employees : 30%
• Permanent Women Employees : 20%
• Casual/Temporary/Contractual Employees : NIL
• Employees with Disabilities: NIL
86
Principle 4: Business should respect the interest of and be responsive towards all stakeholders, especially those
A NNUA L R E P O RT 2 0 2 1 - 2 2

who are disadvantaged, vulnerable and marginalized.

1. Has the Company mapped its internal and external stakeholders? Yes/No
Yes, The Company has mapped its internal and external stakeholders. The key stakeholders of the Company includes its Customers,
Regulatory Authorities including the Government, Employees, Vendors, Contractors, Bankers, Investors and Shareholders.
The Company believes that the stakeholder engagement is the greatest source of input for its development activities and it also
broadens the horizon for improving the Company’s sustainability performance.

2. Out of the above, has the Company identified the disadvantaged, vulnerable & marginalized stakeholders?
Yes, all the stakeholders are equally important for the Company and none of the stakeholders are considered as disadvantaged,
vulnerable and marginalized.

3. Are there any special initiatives taken by the company to engage with the disadvantaged, vulnerable and marginalized
stakeholders. If so, provide details thereof, in about 50 words or so.
Not Applicable

Principle 5: Business should respect and promote human rights.

1. Does the policy of the Company on human rights cover only the company or extend to the Group / Joint Ventures/
Suppliers / Contractors /NGOs/Others?
The Company recognizes and respects the human rights of all relevant stakeholders, including that of its employees, viewers,
shareholders, investors and the public at large. Further, the Company strives to abide with the aforesaid principle and discourage
violating practices by any third party to the extent possible. The Company shall also not be complicit with human rights abuses by a
third party. The Company’s commitment to follow the basic principles of human rights is reflected in the checks and balances within
the HR processes. The Company does not hire child labour, forced labour or involuntary labour. The Company never discriminates
between its employees. This practice extends to the Anant Raj Group as a whole. Our ‘Prevention of Sexual Harassment’ Policy has
been adopted on the Company-wide level to ensure the respect and dignity of all its employees.

2. How many stakeholder complaints have been received in the past financial year and what percent was satisfactorily
resolved by the management?
The Company has not received any complaints from any stakeholders.
Principle 6: Business should respect, protect and make efforts to restore the environment.
1. Does the policy related to Principle 6 cover only the Company or extends to the Group/Joint Ventures / Suppliers /
Contractors / NGOs/others.
The Company understands its responsibility towards minimizing the negative impact of its businesses and operations on the
environment. The Company strongly believes that a green and clean environment is foremost important for a heathier future
generation. The Company has no specific written policy on environment protection but as a responsible business, the Company
continuously take measures like energy efficiency & conservation, procurement of green products, optimum utilization of fuel,
reduction in wastage of paper etc. to reduce carbon footprint & global warming. Further, the Company encourage its various
stakeholders such as Group Companies, Suppliers, Contractors and others for protecting the environment. The Company promotes
and encourage the viewers through its advertisement to adopt environmentally friendly goods and services.

2. Does the Company have strategies/ initiatives to address global environmental issues such as climate change, global
warming, etc? Y/N. If yes, please give hyperlink for webpage etc.
The Company is studying the various global environmental issues such as climate change, global warming etc and will prepare a
comprehensive strategy/ initiative to address the same.

3. Does the Company identify and assess potential environmental risks? Y/N
Yes
87
- Environment impact assessment is carried out for large projects which can have a major impact on the surrounding environment.
- Strategies to minimize or negate the impact are worked out for every specific project.

STAT U TO RY R E P O RT S
4. Does the Company have any project related to Clean Development Mechanism? If so, provide details thereof, in about
50 words or so. Also, if Yes, whether any environmental compliance report is filed?
No.

5. Has the Company undertaken any other initiatives on – clean technology, energy efficiency, renewable energy, etc. Y/N.
If yes, please give hyperlink for web page etc.
Not as yet.

6. Are the Emissions/Waste generated by the Company within the permissible limits given by CPCB/SPCB for the
financial year being reported?
Not applicable.

7. Number of show cause/ legal notices received from CPCB/SPCB which are pending (i.e. not resolved to satisfaction) as
on end of Financial Year.
None.

Principle 7: Business, when engaged in influencing public and regulatory policy, should do so in a responsible
manner.
1. Is your Company a member of any trade and chamber or association? If Yes, Name only those major ones that your
business deals with:
Yes, the Company, being in the business of Real Estate, strives to be a part of various chambers and associations and make
recommendations/ representations before regulators and associations for advancement and improvement of Real Estate sector in
India. Presently, the Company is the member of the Confederation of Indian Industry (CII).

2. Have you advocated/lobbied through above associations for the advancement or improvement of public good? Yes/No;
if yes specify the broad areas (drop box: Governance and Administration, Economic Reforms, Inclusive Development
Policies, Energy security, Water, Food Security, Sustainable Business Principles, Others)
Yes, the Company make various representation, recommendations and opinion before the CII for making regulatory changes
pertaining to the growth of Industry.
 ANANT RAJ LIMITED

Principle 8: Business should support inclusive growth and equitable development.

1. Does the Company have specified programmes/initiatives/ projects in pursuit of the policy related to Principle 8? If yes
details thereof.
Yes, the CSR Committee of the Board sets the direction and focus areas for CSR Policies, Strategies, Programmes and initiatives.
It also outlines the detail CSR budget and the CSR plan. This is presented and approved by the Board of Directors. The CSR
Committee monitors the implementation of the initiatives that are approved by the Board.

Such details are provided in Annual CSR Report attached to the Director’s Report as Annexure-IV

2. Are the programmes/projects undertaken through in-house team/own foundation/external NGO/government structures
/any other organization?
The Company undertakes its social welfare activities through the following:
1. National Thallesemia Welfare Society
2. Milaap Social venture India Pvt. Ltd
3. Dev ki Devi Foundation
4. Prayas Social welfare Society
5. Annamrita Foundation
88
6. Rainbow Foundation India
7. Divya Chaya Trust
A NNUA L R E P O RT 2 0 2 1 - 2 2

8. Anant Raj Education Society

9. Monica Sarin Foundation

3. Have you done any impact assessment of your initiative?

 Yes, the expenditure made on CSR activities and the impact of such expenditure is periodically monitored by the CSR
Committee of the Board.

4. What is your Company’s direct contribution to community development projects- Amount in INR and the details of the
projects undertaken
For CSR contributions, please refer to Annual report on CSR forming part of the Annual Report 2021-22.

5. Have you taken steps to ensure that this community development initiative is successfully adopted by the community?
Please explain in 50 words, or so.
All our CSR ongoing projects such as undertaking education for orphans, street children, extremely impoverished children;Vocational
skill programme for Women; providing Covid relief support to the effected families have been well-received by the beneficiaries.

Principle 9: Business should engage with and provide value to their customers and consumers in a responsible
manner.
1. What percentage of customer complaints/consumer cases are pending as on the end of financial year.
As at the end of financial year, no customer complaints are outstanding.

2. Does the Company display product information on the product label, over and above what is mandated as per local
laws? Yes/No/N.A. /Remarks (additional information)
Not applicable.

3. Is there any case filed by any stakeholder against the company regarding unfair trade practices, irresponsible
advertising and/or anti-competitive behaviour during the last five years and pending as on end of financial year. If so,
provide details thereof, in about 50 words or so.
No.

4. Did your Company carry out any consumer survey/ consumer satisfaction trends?
No.
Management Discussion and Analysis
ECONOMY OVERVIEW on the fronts like promoting technology-enabled development,
energy transition, and climate action taken by the government
GLOBAL ECONOMY in the Union Budget 2022-23, the Indian economy is prepared
The global economy was seen recovering in 2021 after the high to grow at the fastest rate among the league of large nations.
market volatility and deep recession in 2020. This comes just However, supply-side bottlenecks persist with rising international
as the threat from the Omicron variant appeared to be fading, crude oil prices and growing raw material costs. On the monetary
with major economies of the world moving past the acute side, the Reserve Bank of India (RBI) increased the key repo rate
phase of the pandemic. At the end of 2021, inflation in several by 40 basis points (bps) to 4.40% to trigger economic growth
regions surged to multi-decadal highs. A key driver of inflation amidst rising inflation. The availability of budgetary space to ramp
across the world has been the rapid surge in energy, food, and up capital spending, advantages from supply-side reforms, and
commodity prices. The risk of newer variants in China has continued export growth will stimulate growth in FY 2022-23.
led to mobility restrictions and localised lockdowns, which (Source: IMF World Economic Outlook, April 2022)
has slowed private consumption. Central banks across the
world have started tightening their stances and others are
expected to follow in response to domestic macroeconomic
INDUSTRY OVERVIEW
conditions, including rising inflationary pressures. After a 89
strong rebound in 2021, the economic indicators suggest that
INDIAN REAL ESTATE SECTOR
The real estate industry contributes a major share to the
global activity has slowed owing to the Russia-Ukraine war.
country’s GDP as well as is the highest employment generator
Global growth is projected to decline from 6.1% in 2021 to

STAT U TO RY R E P O RT S
after the agriculture sector. India’s real estate sector, specifically
3.6% in 2022 and 2023.
the residential segment, has shown a quick recovery from the
Global Economic Growth: Actual and Projections (%) pandemic-induced crisis. A number of factors like low interest
rates, fall in house prices, and state governments’ stimulus
has supported the housing market revival in 2021. During the
6.8
6.1 pandemic, people felt the need for bigger and better houses.
5.2
4.4 As a result, despite the uncertain times, households chose to
3.6 3.3 3.8 3.6 channelise their savings to create a real estate asset. Once the
2.4
unlocking process was initiated, both the residential and office
markets started showing promising signs of revival. With the
impact of the second and third waves of the pandemic receding,
an improving business environment, increased understanding of
2021 2022(P) 2023(E) the pandemic and focus on vaccinations supported the recovery in
World Output the real estate market.
Advanced Economies
Government reforms for India’s real estate sector
Emerging Markets and Developing Economies (EMDEs)
• Tax deductions on interest on housing loans up to ` 1.5 Lakh
P-Projections, E-Estimates and tax holidays for affordable housing developments have
(Source: IMF World Economic Outlook, April 2022) been announced for the housing sector.

• Income tax relief measures for real estate developers and

INDIAN ECONOMY homebuyers for primary purchase/sale of residential units of
The Indian economy was well on its recovery path following the value up to ` 2 Crore from November 12, 2020 to June 30,
second wave of the COVID-19 pandemic, with both industry 2021 were included in the Atmanirbhar Bharat 3.0 package
and service sectors showing steady development. However, the announced in November 2020.
emergence of newer variants of COVID, supply-chain disruptions,
and, more lately, inflation has been posing fresh challenges to • The Union Cabinet has approved the establishment of a
economic development. India’s Gross Domestic Product (GDP) ` 25,000 Crore (USD 3.58 billion) alternative investment
has grown by 8.7% in FY 2021-22, and growth is expected at fund (AIF) to revive about 1,600 stalled housing projects
8.2% in FY 2022-23. The government expanded infrastructure across the country. By 2025, the Government of India’s
spending in order to restore medium-term demand thereby assisting ‘Housing for All’ initiative is estimated to bring about USD
in overall economic growth. On the strength of several efforts 1.3 trillion in housing investment.
 ANANT RAJ LIMITED

• The government has established an Affordable Housing Fund All-India Residential Market
(AHF) at the National Housing Bank (NHB) with an initial Particulars 2021 2021 H2 H2 2021 Q1
corpus of ` 10,000 Crore (USD 1.43 billion) to use priority Change 2021 Change 2022
sector lending shortfalls of banks and financial institutions (YoY) (YoY)
for HFC microfinance.
Launches 232,382 58% 129,144 50% 78,627
• Allocation of ` 48,000 Crore under Pradhan Mantri Awas (housing units)
Yojana (PMAY) for urban and rural houses in FY 2022-23. Sales 232,903 51% 133,487 41% 78,171
(housing units)
Key industry trends (Source: Knight Frank Report)

The industry continues to consolidate with residential

developments steadily shifting into the hands of stronger
Shift in product Plotted Villas and
developers who have been able to weather the economic storm
mix from ready to move
caused by the pandemic. Sentiments remain strong and should
affordable in schemes to
continue to aid market volumes in the near term. Low interest
to mid and gain prominence
rates, healthy affordability levels, and a waning pandemic with
high end segments
lower risk of further disruptions have created a favourable
environment for the homebuyer who has rediscovered the need
90
for new and better housing. While buyer preferences were skewed
towards ready inventory, established developers with a robust
A NNUA L R E P O RT 2 0 2 1 - 2 2

execution record are increasingly finding a market for their

Decline Work from Home under-construction inventory.
in unsold (WFH) culture to
inventory due to increase housing NCR (NATIONAL CAPITAL REGION)
strong housing demand in Tier 1 RESIDENTIAL REAL ESTATE
demand and Tier II cities In 2021, National Capital Region’s (NCR) residential market
witnessed huge pent-up demand being unleashed into the
residential market.The trend of end-user appetite for bigger homes
continued in 2021 as buyers took advantage of a low mortgage
regime to buy homes. The pandemic has also made people realise
INDIAN RESIDENTIAL REAL ESTATE MARKET that prices have bottomed out, hence they did not postpone their
While the operational hurdles triggered by the first and second home buying decisions. The devastating second wave of COVID-19
waves of the pandemic had caused sales volumes to falter during in the first half of the year further reaffirmed the importance of
2020 and the first half of 2021, the Omicron variant in Q1 homeownership from a safety and security perspective.
2022 had little impact on the residential market which achieved
record sales and launch volumes during the period. The pandemic Led by the demand surge, 35,073 units were sold in NCR’s
had imposed severe restrictions on human mobility and people primary market. Residential sales recorded a 65% YoY growth
were compelled to stay indoors for a significant part of the compared to 2020. Strong economic recovery and resilience
past two years. in the real estate sector in the second half of 2021 supported
the growth momentum. Compared to 2020, when new unit
The residential sector had an unprecedented year of growth with launches had nosedived, 2021 saw increased activity on this
sales rising by 51% YoY at 232,903 units across the top eight front. The year saw 20,585 new units being launched in NCR.
cities of the country. New home launches also saw a significant Whilst new launches are yet to match the pre-pandemic levels,
rise of 58% YoY with the addition of 232,382 units in 2021. return of high sales volume during 2021 and Q1 2022 has
Low interest rates, improving affordability, high savings, and a reinstated developer confidence to launch new products to meet
resurging interest in homeownership due to space constraints different requirements of end-users. Developing sectors of New
imposed by the pandemic have been the primary drivers of the Gurugram, Noida, and Greater Noida remained the preferred
revival in demand. locations for new launches during the year.
NCR Residential Market Performance buildings in NCR remained physically complete but awaited the
Particulars 2021 2021 H2 H2 2021 Q1 occupancy certificate (OC).
Change 2021 Change 2022
(YoY) (YoY) Of the total office spaces transacted in H2 2021, Gurugram
comprised a 64% share. This was followed by Noida (27%) and
Launches 20,585 110% 17,642 110% 12,880
Secondary Business District of Delhi (SBD Delhi) at 7%, Central
(housing units)
Business District of Delhi (CBD Delhi) at 1% and Faridabad at
Sales 35,073 65% 23,599 49% 15,019
1%. Gurugram re-emerged as NCR’s market leader for office
(housing units)
space consumption garnering the highest percentage share in
(Source: Knight Frank Report) leasing volume. Gurugram, along with Noida, remain preferred
destinations for occupiers with well-developed micro-markets and
INDIAN COMMERCIAL REAL ESTATE MARKET infrastructure development.
2021 began on a positive note with the first quarter of the
year showing encouraging signs of recovery and growth, but the NCR Office Market Performance
intense second wave of the pandemic curtailed market traction Particulars 2021 2021 H2 H2 2021 Q1
in Q2 2021. However, improving economic fundamentals and Change 2021 Change 2022
business environment coupled with a better understanding of (YoY) (YoY)
the pandemic encouraged corporate India to gradually return to Completions 5.1 76% 2.1 0% 1
office in the second half of the year. 2.4 mn sq m (25.9 mn sq ft) (mn sq ft)
of office space was transacted during H2 2021. Six of the eight 91
Transactions 6.4 38% 4.0 56% 2.3
markets saw transaction volumes grow in YoY terms during H2 (mn sq ft)
2021. The share of transactions in the co-working/managed
workspace sector was the highest amongst all sectors as the (Source: Knight Frank Report)

STAT U TO RY R E P O RT S
need for flexibility and a hybrid working environment has been a
growing phenomenon. INDIAN DATA CENTER INDUSTRY
India is witnessing robust growth in the Data Center (DC)
With labour shortages and other supply chain bottlenecks having market, driven by an unprecedented surge in virtualisation, cloud
been overcome to a large extent in H2 2021, office completions computing, and public data generation. India is the second-fastest-
also picked up significantly with 2.2 mn sq m (23.7 mn sq ft) growing digital economy in the world. Demand momentum that
getting delivered during the period. had picked up during 2020 has gained pace, with an estimated
absorption of 116 MW during 2021, making a 14% YoY growth.
All-India Office Market Cloud, DC, and telecom players are seen adopting various
Particulars 2021 2021 H2 H2 2021 Q1 strategies to capture a pie of India’s digital growth. DC operators
Change 2021 Change 2022 are acquiring land parcels at key DC hubs to provide scalable
(YoY) (YoY) options for cloud players.
Completions 38.7 9% 23.7 38% 11.9
The imminent rollout of 5G, ever-rising digital usage, and increasing
(mn sq ft)
footprint of global DC operators and cloud players would usher
Transactions 38.1 (3%) 25.9 17% 10.8
in another high growth year for the Indian DC sector in 2022.
(mn sq ft) According to industry estimates, the average data consumption
(Source: Knight Frank Report) will rise by over three times to 50 gigabytes (GB) per month by
2027. Resultantly, the Indian DC industry is expected to add a
NCR COMMERCIAL REAL ESTATE capacity of 804 MW during 2022-24. This huge capacity addition
2021 has been the year of resilience and resurgence for NCR’s would entail demand for 9.7 million sq. ft. of real estate space
office market. The annual transaction volume of 0.6 mn sq m with an estimated investment outlay of USD 5.5 billion in setting
(6.4 mn sq ft) not only surpassed the low recorded in 2020 but up data center facilities.
brought leasing volume back to near pre-pandemic levels. In H2 (Source: JLL Research, Data Centers in India)
2021, occupiers steered ahead cautiously with managing office
space footprint amidst the pandemic. Going forward, bulk hiring Key Growth Drivers of the Industry
by companies in some sectors such as Information Technology •  rowing internet penetration and data usage: Internet
G
will influence demand for large-format quality spaces while office penetration in India witnessed a significant increase in
space demand from a diverse pool of sectors will continue to 2020 with the number of active users growing threefold
prevail. NCR witnessed completion of 0.5 mn sq m (5.1 mn sq ft) over 2015, and this is expected to cross 1 billion by 2025.
of office spaces, a 76% YoY growth over 2020. Due to the first This has led to an increase in the amount of data generated
wave of the pandemic and lockdown in early 2020, many office and consumed. Indians consumed the highest amount
 ANANT RAJ LIMITED

of data per month at 12GB in 2019, globally, which is • Government’s push towards manufacturing in India and
expected to double over the next five years, thus driving the the launch of GST have driven institutional investment
demand for data centers. in warehousing.

Cloud adoption and data localisation: According to

•  • India’s growing prominence as a manufacturing destination
NASSCOM, India’s public cloud services is expected to due to global supply chain constraints and several companies
reach USD 5 billion by 2023. Growing internet penetration, moving their manufacturing facilities out of China will
increasing adoption of cloud, rising use of big data analytics benefit logistics and warehousing segment.
and IoT, and increased thrust on data localisation are
driving the demand for DCs. The COVID-19 pandemic has COMPANY OVERVIEW
further accelerated the market growth as the demand for Anant Raj Limited (herein referred to as ‘the Company’) is a
data traffic, cloud, and digital technologies is seen increasing leading real estate operator in the NCR (National Capital Region).
with more businesses moving online. Established in 1969, the Company is engaged in the business of
construction and infrastructure development. The Company has
Favourable government policies: The government has
•  a proven track record of delivering projects including, IT Parks,
released a comprehensive Data Center policy enabling the
Hotels, Commercial Complexes, Malls, Data Centers, Residential /
private sector to establish data center parks in the country.
Service Apartment and other infrastructure projects.
Objectives of the policy include providing incentives and ease
the approval process for data center industry; setting up data
The Company has a strong track record spanning five decades in
92 center SEZs; promoting R&D and indigenous technology
handling complex and prestigious projects efficiently.The Company
development, among others. Many state governments are
has successfully developed more than 20 mn sq ft of real estate
already offering several incentive schemes for setting up
A NNUA L R E P O RT 2 0 2 1 - 2 2

projects and the most well-known landmarks in the NCR.

data center parks in their states.
(Source: NASSCOM Research) Built on the core values of quality, fairness, transparency, and
integrity, the Company is the most trusted and recognised real
Key Growth Drivers of the Indian Warehousing Industry estate developer in the NCR region. Deep understanding of the
• Growing demand for cold chain, pharmaceutical warehouses
NCR market, strong relations with local supply chains coupled
as well as growth in e-commerce and 3PL sector, and
with a robust execution cycle and faster approval process
organised retail are likely to drive warehousing demand.
has made the Company a preferred player. The Company has
• The government’s announcement of infrastructural status strategically built a large ready to develop, low-cost land bank
to logistics sector will result in increased investments in in high growth potential areas in and around NCR to commence
warehousing domain. any form of real estate development.

PROJECT UPDATES
Residential
Project Name Details Present Status
Anant Raj Estate Amongst the Company’s most prestigious projects, Anant The Company has delivered Villas, Independent
Raj Estate is spread across 175 acres. Commenced in floors, and plots to buyers in Phase I. Upcoming new
2012, the project is modelled as an international standard projects in Township are 20.14 acre “Ashok Estate”
gated community with residential plots, built-up luxury under Deen Dayal Jan Awas Yojana, wherein plots
villas and floors, commercial spaces and other social of 150 sq. yards to 180 sq. yards will be developed
infrastructure like school, nursing homes, community for sale. Approval for 5.40 acre Group Housing
centres, office complexes, etc. Project is received and is proposed to be launched in
Q4 of FY 2022-23.
Birla Navya - The project, in JV with Birla Estates Private Limited, 1st phase of the project comprising 300 flats is sold
JV with involves construction of 764 Independent Floors across completely. 2nd phase comprising 168 flats is proposed
BIrla Estates 191 plots in sector 63 A Township. to be launched in Q2 of FY2022-23.
Affordable / low cost housing
Project Name Details Present Status
Anant Raj The project involves developing 2,000 affordable homes Anant Raj Ashray II at Tirupati will be launched in
Aashray II, Tirupati across 10.14 acres of land in the industrial colony of Q2 of FY2022-23.
APIIC (Andhra Pradesh Industrial Infrastructure
Corporation) on land allotted/purchased from them.
With each unit 644 sq. ft., the project will have a total
saleable area of 1.2 mn sq ft.

Hospitality
Project Name Details Present Status
Hotel Stellar Developed across 7.61 acres land on NH-8 These property has been leased to third party and the
(constructed area 1 Lakh sq. ft.). It is operational and hotel is in operations.
generating revenues.
Hotel Bel-La Developed over a land area of 5.75 acres
Monde, (constructed area 1 Lakh sq. ft.). It is operational and
Shahoorpur generating revenues.

Commercial Projects 93

Project Name Details Present Status

Office Building, A LEED Certified Grade A building with robust This commercial property is generating revenues

STAT U TO RY R E P O RT S
Sector 44 infrastructure. It is built on a land area of 8,400 sq. of ` 18 Crore per annum from rentals and is fully
Gurugram mts. and has a total area of 2,10,000 sq. ft. leased to Corporates.
Anant Raj Trade Spread across 25 acres, it is a world-class IT destination The Company plans to develop the building as Tier
Centre, Rai having a total development area of 5.1 mn sq ft of IV Data Center.
which 3.4 mn sq ft is leasable. Being situated on NH 1,
5 km from Delhi border, it has robust connectivity and
proximity to key destinations, including North India
which offers huge potential for business hubs.
Anant Raj Tech Spread across 9.23 acres, the project has a developable Lease rentals are being generated to the extent of
Park, Panchkula area of 1.6 mn sq ft of which leasable area is 1.2 mn sq ft. ` 5.51 Crore per annum. Here, also, vacant space is
proposed for conversion into a Data Center.
Anant Raj Spread across 10 acres, the project has a total Two towers of building already constructed are being
Tech Park, Manesar constructed area of 1.8 mn sq ft of which 1.2 mn sq ft converted into a Data Center. 1st phase of 3 MW will
(including 40,000 sq. ft. of retail space) is leasable. It is be ready for commercial use in Q2 of FY 2022-23.
located in the vicinity to Gurugram, a hub of IT / ITeS and TIA certification received for 21 MW.
BPO companies, and is expected to have strong demand.

Competitive Strengths Data Center, Warehousing, hospitality, townships, and malls.

•  arge premium land bank: The Company holds one of
L Portfolio diversification helps in steady cash flow generation
the largest land banks at premium and strategic locations through lease and rental income and property sales along
in and around NCR. Acquired at low-cost, these fully paid with the advantage of capital appreciation.
and ready-to-develop land banks offer the advantage
of commencing any form of real estate development. • obust execution capabilities: The Company has
R
Being located in prime locations, these land banks have high established a strong brand reputation over five decades
realisation potential. The possession of the land bank has with an enviable track record. The Company has developed
facilitated the Company to significantly reduce its capex and robust expertise in the NCR region to assist the entire
majorly focus on working capital requirements and project value chain from land procurement to asset maintenance.
execution costs. The Company’s execution capability is further supported by
a skilled in-house construction team of engineers, architects,
• Diverse portfolio: The Company has a well-diversified designers, and other associated employees and modern and
portfolio spread across residential, commercial, IT/logistics, sophisticated technologies.
 ANANT RAJ LIMITED

Business Strategies Focus on Development of Township Projects

Developing world-class Data Centers (DC): Increasing
•  The Company focusses on development of its largest project in
data generation and huge requirement for local storage is Sector 63A, Gurugram over 175 acres. The project is located in
creating massive opportunities for data storage in India. the most premium area of Gurugram and most expensive real
The Company aims to develop world-class facilities that estate market. The Company has recently got additional approval
provide cost-effective data storage, with added advantage for two more projects in townships and has planned to add more
of zero maintenance, high-end protection, and risk lands to the townships due to high traction and saleability.
management. The Company plans to utilise its existing
building space to develop Tier III and Tier IV Data Centers OUTLOOK
(DCs). The Company is also looking at a strategic alliance After two years of severe disruptions to lives and livelihoods, 2022
with an international partner having strong expertise and began with the hope that the worst of the pandemic is over and that
technical know-how in developing data centers.The Company growth of the real estate sector will resume. A slew of indications
proposes to develop the Data Center up to 300 MW on the point to the economic recovery, including rebound in employment,
existing land and building. higher wage growth, recovery in consumer confidence, increased
vaccination availability, etc. Meanwhile, property prices in major
Modern and integrated warehousing: India is emerging
•  cities are projected to rise in the near future as realtors pass on
as an attractive manufacturing and warehousing destination the impact of rising labour and material costs, as well as improved
due to demand for high-quality warehousing and cold chain demand-supply dynamics.
space with significant growth in e-commerce, global supply
94 chain and logistical constraints along with favourable A combination of increasing income levels over the past decade and
government policies. The Company is well-positioned to lower mortgage rates have boosted house affordability significantly.
A NNUA L R E P O RT 2 0 2 1 - 2 2

capitalise on growing warehousing rental opportunity due to Demand for commercial and retail office space is expected to rise
its experience of developing a large warehouse and having a as the pandemic has led to deferment of leasing decisions and
fully-paid freehold land in Delhi and Haryana in proximity to employees return back to their offices. Growing usage of smart
major trade corridors. devices, coupled with increasing amounts of data consumption
Strategic alliances and partnerships: The Company
•  has led to a surge in data storage requirements in India, thereby
focusses on entering into strategic partnerships for developing strengthening the role of data centers. Due to a greater internet
prestigious projects on its land bank to further drive income penetration across India, e-commerce companies are also betting
growth. It has entered a 50:50 joint venture agreement (JV) big on growth on City Center Warehousing, which are becoming
named as Avarna Projects LLP with Birla Estates Private the biggest growth driver of warehousing space in India.
Limited for developing 764 independent luxury floors built
across 191 plots in its sector 63 A Township. The project FINANCIAL OVERVIEW
is expected to generate ` 2,350 Crore in revenues. Consolidated Profit & Loss analysis
The Company has also entered a JV with Adani Group to Financial Snapshot
develop a Housing project in Sector 36 A, Gurugram. (` in Crore)

Focus on the affordable housing segment: The Company,

•  Year FY 2021-22 FY 2020-21 YoY Change
with its vast expertise, has been one of the pioneers in Net Sales 461.86 249.66 85%
delivering affordable houses aligned with the government’s
Other Income 39.38 19.97 97.20%
vision of “Housing for all”. It has successfully delivered a
2,600 units affordable housing project in an industrial colony Total Income 501.24 269.63 85.90%
in Neemrana, Rajasthan. Further, the Company has also
EBITDA 115.26 55.34 108.28%
secured a project from APIIC (Andhra Pradesh Industrial
Infrastructure Corporation) to develop 2,000 affordable Depreciation 16.67 17.18 -2.97%
homes in the divine city of Tirupati, Andhra Pradesh. Interest 27.07 30.55 -11.39%
Profit Before Tax (PBT) 71.52 7.61 839.82%
Focus on Development of Township Projects:
• 
The Company focusses on development of its largest project Profit After Tax (PAT) 54.89 10.64 415.88%
in Sector 63A, Gurugram over 175 acres. The project is
located in the most premium area of Gurugram and most Revenues
expensive real estate market. The Company has recently got The Company’s revenues increased by 85% from ` 249.66 Crore
additional approval for two more projects in townships and in FY 2020-21 to ` 461.86 Crore in FY 2021-22. In the review
has planned to add more lands to the townships due to high period, 95.73% of the total revenues came from residential sales
traction and saleability. while the remaining 4.27% came from rentals and services.
Profitability and margins The repayment of Debts has led to lowering of lower interest cost
The EBITDA increased by 108.28% from ` 55.34 Crore in which has resulted in improvement in Operating and Net Profit
FY 2020- 21 to ` 115.26 Crore in FY 2021-22 and PAT Margins and Return on Net Worth.
increased by 415.88% from ` 10.64 Crore in FY 2020-21 to
` 54.89 Crore in FY 2021- 22. The EBITDA and PAT margins CORPORATE SOCIAL RESPONSIBILITY
during FY 2021-22 were 24.96% and 11.88% respectively. The Company’s CSR goal is focussed on giving back to the
communities in which it operates by focussing on healthcare and
Other Income sanitation, education, environment protection, rural developmental
Other income stood at ` 39.38 Crore in FY 2021-22 as compared projects, animal welfare, protection of natural heritage, promoting
to ` 19.97 Crore in the corresponding previous year. sports and vocational skill programmes for women. The Company
has a Corporate Social Responsibility (“CSR”) Committee in
Consolidated Balance Sheet analysis place to formulate and recommend CSR Policy to the Board.
Shareholders’ Fund / Net Worth The Company aims to meet the demands of its clients and partners
The Shareholders’ fund comprising Share Capital, Reserves and by providing innovative solutions and helping in the creation of a
Surplus and Non-controlling interest increased by 5.44% from more sustainable, environmentally conscious, and collaborative
` 2,536.46 Crore as on March 31, 2021 to ` 2,674.42 Crore as
society. During the year under review, the Company spent an
on March 31, 2022. Share capital as on March 31, 2022 stood at
amount of ` 70.32 lakhs towards CSR activities on the various
` 59.02 Crore comprising 2,95,096,335 equity shares of ` 2 each.
projects covered under its CSR Policy.
Reserves and Surplus were ` 2,580.08 Crore as on March 31,
2022 as compared to ` 2,440.49 Crore as on March 31, 2021. 95
HUMAN RESOURCES
Sundry Debtors People are the most important asset and crucial for the

F I SNTAANTCUITAOLR S
Debtors decreased from ` 62.64 Crore as on March 31, 2021 to organisation’s success and growth. Throughout the year, the
` 41.82 Crore as on March 31, 2022. Company continued to focus on strengthening its HR policies
and processes in order to attract and retain the best talent in
The Company’s Net Worth stood at ` 2,611.43 Crore as on the business. The Company provides its talent pool with an
March 31, 2022 as against ` 2,468.16 Crore as on March 31, 2021. ever-changing learning environment. To enrich and upskill its
Total debt (including current maturities) decreased to ` 1,159.21

Y TR
existing talent pool, the Company implements a variety of learning
Crore as on March 31, 2022 as compared to ` 1,515.93 Crore as

AE
and development programmes. The Company is committed to

TP
on March 31, 2021.

EO
fostering an inclusive culture in which varied viewpoints can

MRETNST S
The Company continues to maintain its track record of consistently strengthen strategic insights. The Company draws on a wide range
declaring dividends for the last 5 years. For the year ending of information, qualifications, skills, professional experience,
March 2022, it has declared an equity dividend of 6% amounting culture, geography, and industry understanding.
to Re. 0.12 per share, subject to the approval of shareholders.
The Company continues to take a sensible approach towards health
Details of Key Consolidated Financial Ratios that registered more and safety management and keeps conducting training and drills
than 25% change during FY 2020-21 on regular basis to ensure preparedness. It has adopted the best
international standards and ensures that all safety instructions
Ratios FY FY YoY Reason for
2021-22 2020-21 Change Change, if change are followed as well as adopts additional measures in line with the
is more than 25% regulatory requirements for the pandemic. As on March 31, 2022,
Debt Equity 0.34 0.56 -39% Please refer Note the Company had a total of 204 employees.
Ratio1 below
Return on 0.021 0.004 400% Please refer Note INTERNAL CONTROL
Net Worth2 below
The internal control systems are adequate for the scale and type of
Operating 0.15 0.03 408% Please refer Note
Profit below the Company’s operations. Well-documented policies, guidelines,
Margin3 and procedures are put in place for monitoring business and
Net Profit 0.12 0.04 200% Please refer Note operational performance and ensuring safeguarding of assets
Margin4 below and proper reporting of financial transactions. Periodic audits
(Long term borrowings / Total equity)
1 are conducted by an independent internal audit firm hired by the
(Profit after tax / Average total equity)
2 Company to ensure the adequacy of internal control systems and
{(Profit before tax - Exceptional income) / Turnover}
3 compliance with laws and regulations. The Company’s robust MIS
system assists in rigorous monitoring of data to confirm that all
(Net profit after NCI and associate share / Turnover)
4

major expenses are within the budgeted limits.

Note: The improvement in Debt Equity ratio is due to repayment
of Debts.
 ANANT RAJ LIMITED

RISKS AND MITIGATION Input Risk: High cost of raw materials and labour issues may
Economic Risk: Economic slowdown, geopolitical tensions, rising raise construction prices and impact the Company’s margins
interest rates and inflation, and adverse market developments may and profitability.
cause demand fluctuations in the real estate market. Due to the
COVID-19 crisis, both World output and India’s GDP dropped Mitigation: The Company has long-term healthy relationships
dramatically. Even though the economy is predicted to improve with major suppliers for timely supply of quality raw materials at
in the future in both India and the rest of the world, the epidemic competitive prices.
continues to create uncertainty and obstacles. These can have a
direct impact on the real estate sector and, as a result, on the Secondly, the Company is doing large residential township and
Company’s performance. have pool of ready assets which will generate the rental yields.
Hence, the Company don’t perceive major risk because of the
Mitigation: The Company has diversified its business portfolio same. However, the Company have enough margin to absorb the
through presence across all major real estate segments. short term increase in input prices.
The Company has further entered into Data Center and
Warehousing segments and focusses on affordable housing Quality Risk: Failure of the Company to maintain high-quality
segment, where demand is less volatile. The Company’s key standards may damage its reputation and lead to inventory pile-up.
strengths of its people, processes, and technology optimise
business performance and lead to higher sustainable growth. Mitigation: The Company is committed towards deploying
best-in-class quality control processes and systems to achieve
Liquidity Risk: Huge capital requirements in the real estate
96 maximum customer satisfaction. The Company is well known
sector may hamper smooth continuity of business and pose
financial risks for the Company. for the highest quality and timely delivery of projects. It has an
A NNUA L R E P O RT 2 0 2 1 - 2 2

efficient and skilled team of engineers, architects, designers, and

Mitigation: The Company’s massive investment in the land bank other associated employees along with a strong IT platform.
forms a major part of the project cost. The Company has fully It continues to strengthen its quality system and invest in
paid, ready for development land bank at its disposal which was cutting-edge technologies to improve operational efficiencies.
acquired at low cost. This ensures that it is now required to incur
only the project development cost. The current market value of CAUTIONARY STATEMENT
the land bank is significantly higher than Capital Investment. The Management Discussion and Analysis contains statements
In addition, lease and rental income from commercial properties for describing the Company’s objectives, projections, estimates,
meet the working capital requirements. The Company has also expectation or predictions. These statements are ‘forward-looking’
adopted the strategy of partnership model of project development in nature and are within the meaning of applicable securities laws
which ensures development cost split and lower capital and regulations.The Company has undertaken various assessments
commitment for the Company. and analysis to make assumptions on future expectations on
business development. However, various risks and unknown factors
Execution Risk: The real estate industry is heavily regulated and
could cause differences in the actual developments from our
requires huge approvals and compliances. Consequently, any delay
expectations. Important factors that could make a difference to
in regulatory approval, clearances, and labour unavailability may
the Company’s operations include macro-economic developments
lead to cost and time overruns and delay project launches.
in the country and improvement in the state of capital markets,
Mitigation: The Company considers efficient and timely execution changes in the Governmental regulations, taxes, laws and other
of projects as its key strategic and operational priority. With quality statutes and other incidental factors. The Company undertakes
management, the Company has proven track record to deliver no obligation to publicly revise any forward-looking statements to
projects in a timely manner ensuring high customer satisfaction. reflect future/likely events or circumstances.
FINANCIAL HIGHLIGHTS
(STANDALONE)
` In Lakhs
Operating Results 2021-2022 2020-2021 2019-2020 2018-2019 2017-2018
*Revised
Revenue from operations and Other income 40,177.42 27,551.15 41,760.23 33,924.67 45,596.94
Cost of sales 26,349.65 17,580.00 31,631.29 22,411.54 29,331.71
Selling and Administrative expenses 3,355.00 2,986.84 3,456.18 3,701.69 4,985.33
Finance costs 2083.24 2442.58 1,039.89 1,878.56 3,290.67
Depreciation and amortisation 1,455.90 1,510.80 1,594.65 1,745.65 1,896.35
Operating Profit 6,933.63 3,030.93 4,038.22 4,187.23 6,092.88
Exceptional Items - - - - -
Profit before tax 6,933.63 3,030.93 4,038.22 4,187.23 6,092.88
Taxation 1,344.96 1,019.50 1,305.04 940.85 1,806.03
Profit after tax 5,588.67 2,011.43 2,733.18 3,246.38 4,286.84 97
Other comprehensive income 15.67 18.43 8.20 11.86 8.41
Total comprehensive income for the year, net of tax 5,604.34 2,029.86 2,741.38 3,258.24 4,295.25

F I N A N C I A L STAT E M E NT S
Earnings per equity share:- Basic (`) 1.90 0.69 0.93 1.10 1.46
- Diluted (`) 1.73 0.69 0.93 1.10 1.46
Dividends 354.12 295.10 236.08 708.23 708.23
Dividends Distribution Tax - - - 145.58 145.58
Dividend per share (in `) 0.12 0.10 0.08 0.24 0.24
Retained Earnings 5,604.34 2,029.86 2,741.38 3,258.24 4,295.25
Financial Position 2021-2022 2020-2021 2019-2020 2018-2019 2017-2018
* Revised
Sources of Funds
Capital 5,901.93 5,901.93 5,901.93 5,901.93 5,901.93
Reserves 2,55,240.88 2,40,914.20 2,38,562.82 2,40,068.61 4,08,548.56
Net Worth 2,61,142.81 2,46,816.13 2,44,464.75 2,45,970.54 4,14,450.48
Borrowings 86,557.59 1,37,296.85 1,16,488.53 1,16,998.68 1,71,362.84
Deferred tax liabilities 3,465.91 2,977.14 2,244.17 1,991.50 1,675.25
Total 3,51,166.31 3,87,090.12 3,63,197.45 3,64,960.72 5,87,488.57
Application of Funds
Fixed Assets 1,18,517.29 1,24,388.72 1,30,648.57 1,32,876.86 2,18,643.19
Investments 33,972.00 29,021.36 29,017.92 29,012.93 81,121.30
Non-current assets/ Long Term Loans and Advances 67,570.39 61,846.25 67,633.14 49,309.50 1,37,607.41
Current Assets 1,92,892.34 2,20,542.62 2,10,177.71 2,33,256.23 2,58,597.67
Non-current liabilities (10,498.42) (9,869.45) (135.48) (137.62) (9,105.05)
Current liabilities and Provisions (51,287.29) (38,839.38) (74,144.41) (79,357.18) (99,375.95)
Total 3,51,166.31 3,87,090.12 3,63,197.45 3,64,960.72 5,87,488.57
Number of Employees 204 211 214 274 355
*Pursuant to the Order dated August 24, 2020 of Hon’ble National Company Law Tribunal (NCLT), Chandigarh Bench, sanctioning the Composite
Scheme of Arrangement for Amalgamation and Demerger among Anant Raj Agencies Private Limited (“Amalgamating Company”), Anant Raj
Limited (“Amalgamated Company/ Demerged Company”), and TARC Limited (Formerly Anant Raj Global Limited ) (“Resulting Company”), the
Company has prepared the financial statements for FY. 2018-2019 and onwards only for the remaining business of the Company after demerger of
Project Division into TARC Limited ( Formerly Anant Raj Global Limited).
 ANANT RAJ LIMITED

Independent Auditor’s Report

To the Members of Anant Raj Limited financial statements for the financial year ended March 31, 2022.
These matters were addressed in the context of our audit of
Report on the Audit of the Standalone Financial the standalone financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion
Statements
on these matters.
Opinion
We have audited the accompanying standalone financial Information Other than the Standalone Financial
statements of Anant Raj Limited (“the Company”), which
Statements and Auditor’s Report Thereon
comprises the Balance Sheet as at March 31, 2022, the Statement
The Company’s Board of Directors is responsible for the other
of Profit and Loss (including Other Comprehensive Income), the
information. The other information comprises the information
Statement of Changes in Equity and the Statement of Cash Flows
included in the Management Discussion and Analysis, Board’s
for the year then ended and notes to the standalone financial
Report including Annexures to Board’s Report, Business
statements, including a summary of significant accounting policies
Responsibility Report, Corporate Governance and Shareholders’
and other explanatory information (hereinafter referred to as “the
Information (Annual Report), but does not include the standalone
standalone financial statements”).
financial statements and our auditor’s report thereon.
In our opinion and to the best of our information and according
98 Our opinion on the standalone financial statements does not
to the explanations given to us, the aforesaid standalone financial
statements give the information required by the Companies Act, cover the other information and we do not express any form of
assurance conclusion thereon.
A NNUA L R E P O RT 2 0 2 1 - 2 2

2013, as amended (“the Act”) in the manner so required and

give a true and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act read with In connection with our audit of the standalone financial
the Companies (Indian Accounting Standards) Rules, 2015, as statements, our responsibility is to read the other information and,
amended (Ind AS) and other accounting principles generally in doing so, consider whether such other information is materially
accepted in India, of the state of affairs of the Company as at inconsistent with the standalone financial statements or our
March 31, 2022, and its profit, other comprehensive income, knowledge obtained during the course of our audit or otherwise
changes in equity and its cash flows for the year ended on that date. appears to be materially misstated.

Basis for Opinion Based on the work we have performed, if we conclude that there is
We conducted our audit of the standalone financial statements a material misstatement of this other information; we are required
in accordance with the Standards on Auditing (SAs) as specified to report that fact. We have nothing to report in this regard.
under section 143 (10) of the Act. Our responsibilities under those
Standards are further described in the ‘Auditor’s Responsibilities Management’s Responsibility for the Standalone
for the Audit of the Standalone Financial Statements’ section of Financial Statements
our report. We are independent of the Company in accordance The Company’s Board of Directors is responsible for the matters
with the ‘Code of Ethics ‘(CoE) issued by the Institute of stated in section 134(5) of the Act with respect to the preparation
Chartered Accountants of India (ICAI) together with the ethical of these standalone financial statements that give a true and fair
requirements that are relevant to our audit of the standalone view of the financial position, financial performance including
financial statements under the provisions of the Act and the other comprehensive income, changes in equity and cash flows
Rules made thereunder, and we have fulfilled our other ethical of the Company in accordance with the accounting principles
responsibilities in accordance with these requirements and the generally accepted in India including the Indian Accounting
ICAI’s CoE. We believe that the audit evidence we have obtained Standards (Ind AS) specified under section 133 of the Act read
is sufficient and appropriate to provide a basis for our audit with the Companies (Indian Accounting Standards) rules, 2015,
opinion on the standalone financial statements. as amended. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions
Emphasis of matter of the Act for safeguarding of the assets of the Company and for
We draw attention to Note 47 to the standalone financial preventing and detecting frauds and other irregularities, selection
statements for the financial year ended March 31, 2022, with and application of appropriate accounting policies, making
regard to management’s evaluation of uncertainty due to outbreak judgments and estimates that are reasonable and prudent; and
of Covid-19 and its impact on future operations of the Company. the design, implementation and maintenance of adequate internal
Our opinion is not modified in respect this matter. financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant
Key Audit Matters to the preparation and presentation of the standalone financial
Key audit matters are those matters that, in our professional statements that give a true and fair view and are free from
judgment, were of most significance in our audit of the standalone material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is to the date of our auditor’s report. However, future events or
responsible for assessing the Company’s ability to continue as a conditions may cause the Company to cease to continue as
going concern, disclosing, as applicable, matters related to going a going concern.
concern and using the going concern basis of accounting unless
• Evaluate the overall presentation, structure and content
management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so. of the standalone financial statements, including the
disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a manner
The Company’s Board of Directors are responsible for overseeing
the Company’s financial reporting process. that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone

Auditor’s Responsibility for the Audit of the financial statements that, individually or in aggregate, makes
Standalone Financial Statements it probable that the economic decisions of a reasonably
Our objectives are to obtain reasonable assurance about whether knowledgeable user of the standalone financial statements may
the standalone financial statements as a whole are free from be influenced. We consider quantitative materiality and qualitative
material misstatement, whether due to fraud or error, and to issue factors in (i) planning the scope of our audit work and in evaluating
an auditor’s report that includes our opinion. Reasonable assurance the results of our work; and (ii) to evaluate the effect of any
is a high level of assurance, but is not a guarantee that an audit identified misstatements in the standalone financial statements.
conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud We communicate with those charged with governance regarding,
or error and are considered material if, individually or in the among other matters, the planned scope and timing of the audit
aggregate, they could reasonably be expected to influence the and significant audit findings, including any significant deficiencies 99
economic decisions of users taken on the basis of these standalone in internal control that we identify during our audit.
financial statements.

F I N A N C I A L STAT E M E NT S
We also provide those charged with governance with a statement
As part of an audit in accordance with SAs, we exercise
that we have complied with relevant ethical requirements regarding
professional judgment and maintain professional skepticism
independence, and to communicate with them all relationships
throughout the audit. We also:
and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
• Identify and assess the risks of material misstatement of
the standalone financial statements, whether due to fraud
From the matters communicated with those charged with
or error, design and perform audit procedures responsive to
governance, we determine those matters that were of most
those risks, and obtain audit evidence that is sufficient and
significance in the audit of the standalone financial statements
appropriate to provide a basis for our opinion. The risk of not
for the financial year ended March 31, 2022 and is therefore the
detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve key audit matters. We describe this matter in our auditor’s report
collusion, forgery, intentional omissions, misrepresentations, unless law or regulation precludes public disclosure about the
or the override of internal control. matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because
Obtain an understanding of internal financial controls the adverse consequences of doing so would reasonably be expected
relevant to the audit in order to design audit procedures to outweigh the public interest benefits of such communication.
that are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for expressing
Report on Other Legal and Regulatory
our opinion on whether the Company has adequate internal
financial controls with reference to standalone financial Requirements
statements in place and the operative effectiveness As required by the Companies (Auditor’s Report) Order, 2020
of such controls. (“the Order”), issued by the Central Government of India in terms
of sub-section (11) of Section 143 of the Act, we give in the
• Evaluate the appropriateness of accounting policies used Annexure-‘A’ a statement on the matters specified in paragraphs
and the reasonableness of accounting estimates and related 3 and 4 of the Order, to the extent applicable.
disclosures made by management.
• Conclude on the appropriateness of management’s use of the As required by Section 143(3) of the Act, based on our audit
going concern basis of accounting and, based on the audit report we report that:
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant (a) We have sought and obtained all the information and
doubt on the Company’s ability to continue as a going explanations which to the best of our knowledge and belief
concern. If we conclude that a material uncertainty exists, were necessary for the purposes of our audit;
we are required to draw attention in our auditor’s report to
the related disclosures in the standalone financial statements (b) In our opinion, proper books of account as required by law
or, if such disclosures are inadequate, to modify our opinion. have been kept by the Company so far as it appears from our
Our conclusions are based on the audit evidence obtained up examination of those books;
 ANANT RAJ LIMITED

(c) The Standalone Balance Sheet, the Standalone Statement been advanced or loaned or invested (either from
of Profit and Loss including Other Comprehensive Income, borrowed funds or share premium or any other
the Standalone Statement of Changes in Equity and the sources or kind of funds) by the Company to or
Standalone Statement of Cash Flows dealt with by this in any other person or entity, including foreign
Report are in agreement with the books of account; entities (Intermediaries), with the understanding,
whether recorded in writing or otherwise, that , the
(d) In our opinion, the aforesaid standalone financial statements Intermediary shall, whether directly or indirectly,
comply with the Ind AS specified under section 133 of the lend or invest in other persons or entities identified
Act, read with the Companies (Indian Accounting Standards) in any manner whatsoever by or on behalf of the
Rules, 2015, as amended; Company (Ultimate Beneficiaries) or provide any
guarantee, security or the like on behalf of the
(e) On the basis of the written representations received from Ultimate Beneficiaries;
the directors as on March 31, 2022, taken on record by the
Board of Directors, none of the directors is disqualified as b) The Management has represented that, to the
on March 31, 2022, from being appointed as a director in best of its knowledge and belief, no funds have
terms of Section 164 (2) of the Act. been received by the Company from any person or
entity, including foreign entity (Funding Parties),
(f) With respect to the adequacy of the internal financial with the understanding, whether recorded in
controls over financial reporting of the Company and writing or otherwise, that the Company shall,
the operating effectiveness of such controls, refer to our whether directly or indirectly, lend or invest in
separate Report in “Annexure B”. Our report expresses other persons or entities identified in any manner
100 an unmodified opinion on the adequacy and operating whatsoever by or on behalf of the Funding
effectiveness of the Company’s internal financial controls Party (Ultimate Beneficiaries) or provide any
over financial reporting. guarantee, security or the like on behalf of the
A NNUA L R E P O RT 2 0 2 1 - 2 2

Ultimate Beneficiaries; and

(g) With respect to the other matters to be included in the
Auditor’s Report in accordance with the requirements of c) Based on the audit procedures that have been
section 197(16) of the Act, as amended: considered reasonable and appropriate in
the circumstances, nothing has come to our
In our opinion and to the best of our information and notice that has caused us to believe that the
according to the explanations given to us, the managerial representations under sub-clause (i) and (ii) of
remuneration for the year ended March 31, 2022, has Rule 11(e), as provided under (a) and (b), contain
been paid/provided by the Company to its directors in any material misstatement.
accordance with the provisions of section 197 read with
Schedule V of the Act. v. a) The dividend proposed in the previous year,
declared and paid by the Company during the
(h) With respect to the other matters to be included in the year is in accordance with Section 123 of the
Auditor’s Report in accordance with Rule 11 of the Act, as applicable.
Companies (Audit and Auditors) Rules, 2014, as amended, in
our opinion and to the best of our information and according b) The Board of Directors of the Company have
to the explanations given to us: proposed dividend for the year which is subject
to the approval of the members at the ensuing
i. The Company has disclosed the impact of pending Annual General Meeting. The amount of dividend
litigations on its financial position in its standalone proposed is in accordance with section 123 of the
financial statements-Refer Note No. 28, and 37 to the Act, as applicable.
standalone financial statements;
for Vinod Kumar Bindal & Co.
ii. The Company did not have any long-term contracts Chartered Accountants
including derivative contracts for which there were any Firm Registration No. 003820N
material foreseeable losses;
Arvind Mittal
iii. There has been no delay in transferring amounts,  Partner
required to be transferred, to the Investor Education Dated: May 14, 2022  Membership No.509357
and Protection Fund by the Company. Place: New Delhi. UDIN: 22509357AJOIVR9796

iv. a) 
The Management has represented that, to the
best of its knowledge and belief, no funds have
Annexure ‘A’ to the Independent Auditor’s Report
(Referred to in paragraph under ‘Report on Other Legal and (b) 
The Company has been sanctioned working capital
Regulatory Requirements’ section of our report to the Members limits in excess of ` 5 crores, in aggregate, from Banks
of Anant Raj Limited of even date) during the year on the basis of security of current assets
of the Company. The quarterly returns/statements filed
i. In respect of the Company’s Property, Plant and Equipment: by the Company with such banks are in agreement with
the books of account of the Company.
(a) The Company has maintained proper records showing
full particulars, including quantitative details and iii. The Company has granted loans, made investments,
situation of property, plant and equipment. provided guarantee(s) or security(ies) to companies, firms,
limited liability partnerships, and granted unsecured loans
The Company does not have any intangible assets. to its subsidiaries and associates, covered in the register
maintained under section 189 of the Act, in respect of which:
(b) The Company has a program of verification to cover all
the items of property, plant and equipment in a (a) During the year, the Company has provided loans to and
phased manner which, in our opinion, is reasonable made investments in companies, firms, limited liability
having regard to the size of the Company and the partnerships or any other parties during the year, in 101
nature of its assets. Pursuant to the program, property, respect of which:
plant and equipment were physically verified by
Particulars Loans (`) Investments (`)

F I N A N C I A L STAT E M E NT S
the management during the year. According to the
Aggregate amount 13,482.43 lakhs 20,45.78 lakhs
information and explanations given to us, no material
granted/ provided/
discrepancies were noticed on such verification.
invested during the
year
(c) According to the information and explanations given
to us and as per the records examined by us, we report Amount outstanding
that the title deeds, comprising all the immovable as at the year end
properties are held in the name of the Company. - Subsidiaries 3,36,27.60 lakhs 56,05.17 lakhs
- Associates 28,15.48 lakhs 1,84,14.69 lakhs
In respect of immovable properties that have been - LLPs (Associates) 1,70,51.21 lakhs 20,38.27 lakhs
taken on lease, the lease agreements are in the name of
the Company except one lease agreement which is not The Company has not provided any guarantee or security
registered in the name of the Company. to companies, firms, limited liability partnerships or
other parties during the year.
(d) The Company has not revalued any of its property,
plant and equipment (including Right of Use assets) (b) In our opinion, the terms and conditions of the grant
during the year ended March 31, 2022. of such loans to companies, firms, limited liability
partnerships or other parties provided during
(e) According to the information and explanations given to the year are, prima facie, not prejudicial to the
us, there are no proceedings initiated during the year or Company’s interest.
pending against the Company as at March 31, 2022,
for holding any benami property under the Prohibition (c) The schedule of repayment of principal and payment of
of Benami Property Transactions Act, 1988 (as interest has been stipulated and repayment or receipts
amended in 2016) and rules made thereunder. of principal amounts and interest have been regular as
per stipulations.
ii. (a) 
The inventory includes land, buildings, construction,
work in progress, construction and development (d) There are no overdue amounts of loans and advances
material, development rights, spares which were in the nature of loans granted, which are overdue for
physically verified by the management at reasonable more than 90 days.
intervals during the year. The discrepancies noticed on
physical verification of inventory as compared to book (e) There were no loans which was fallen due during the
records were not material and have been properly dealt year, that have been renewed or extended or fresh loans
with in the books of account. granted to settle the overdues of existing loans given to
the same parties.
 ANANT RAJ LIMITED

(f) The Company has not granted any loans or advances been made and maintained. However, we have not made
in the nature of loans either repayable on demand or a detailed examination of the cost records with a view to
without specifying any terms or period of repayment determine whether they are accurate or complete.
during the year.
vii. According to the information and explanations given to us, in
iv. In our opinion and according to the information and respect of statutory dues:
explanations given to us, the Company has complied with
the provisions of sections 185 and 186 of the Act in respect (a) The Company has generally been regular in depositing
of loans granted, investments made and guarantees and the undisputed statutory dues including goods and
securities provided, as applicable. service tax, provident fund, employees’ state insurance,
income tax, duty of customs, duty of excise, cess
v. According to the information and explanations given to us, the and other statutory dues applicable to it with the
Company has neither accepted any deposits from the public appropriate authorities except for a few instances of
nor any amounts which are deemed to be deposits within delay in deposits.
the meaning of Section 73 to 76 of the Act and the rules
made thereunder, to the extent applicable. Accordingly, the According to the information and explanations given,
requirement to report on clause 3(v) of the Order is not no undisputed amounts payable in respect of above
applicable to the Company. statutory dues were outstanding as at March 31, 2022,
for a period of more than six months from the date they
102 vi. We have broadly reviewed the cost records maintained by become payable.
the Company pursuant to the Rules made by the Central
Government for the maintenance of cost records under (b) The dues in respect of service tax, value added tax,
A NNUA L R E P O RT 2 0 2 1 - 2 2

sub-section (1) of Section 148 of the Act in respect of income tax and excise duty which have not been
activities carried on by the Company and are of the opinion deposited as at March 31, 2022, on account of dispute
that, prima facie, the prescribed accounts and records have are given below:

Name of the Nature Amount (`) Period to which Forum where Present status as on the date of this
Statute of dues the amount dispute is pending Report
relates
Haryana Sales 85.51 lakhs * FY 2002-03 Hon’ble High Writ petition filed by the Company is
General Sales tax Court of Punjab & pending before the Hon’ble High Court
tax Act, 1973 Haryana, Chandigarh of Punjab & Haryana, Chandigarh
Haryana Value 131.65 lakhs* FY 2003-04 Hon’ble High Writ petition filed by the Company is
Value Added added Court of Punjab & pending before the Hon’ble High Court
tax Act, 2003 tax Haryana, Chandigarh of Punjab & Haryana, Chandigarh
Income tax Income 279.12 lakhs# AY 1997-98, Hon’ble High Court Appeal filed by the Company is pending
Act, 1961 tax 1998-99, of Delhi, Delhi before Hon’ble High Court of Delhi,
1999-2000 New Delhi
Income tax Income 37.48 lakhs A.Y. 2017-18 The CIT, Mumbai Appeal filed by the Company is pending
Act, 1961 tax before CIT (Appeals)-54, Mumbai.
Income tax Income 93.84 lakhs A.Y. 2018-19 The CIT, New Delhi Appeal filed by the Company is pending
Act, 1961 tax before CIT (Appeals)-NFAC, New
Delhi.
Income tax Income 290.65 lakhs A.Y. 2018-19 The CIT, Mumbai Appeal filed by the Company is pending
Act, 1961 tax before CIT (Appeals)-54, Mumbai
* Amounts are net of payments made and without considering interest for the overdue period, if any, as may be levied if demand as raised is upheld.
# Excluding interest and additional tax
viii. According to the information and explanations given to c. According to the records of the Company examined by
us, the Company has not surrendered or disclosed any us and as per the information and explanations given
transactions, previously unrecorded in the books of account, to us, the term loans were applied for the purpose for
in the tax assessments under the Income tax Act, 1961 as which the loans were obtained.
income during the year.
d. On an overall examination of the financial statements
ix. a. 
In our opinion and according to the information of the Company, funds raised on short-term basis
and explanations given to us, the Company has not have, prima facie, not been used during the year for
defaulted in repayment of loans or other borrowings long-term purposes by the Company.
or in the payment of interest thereon to any lender
during the year. e. On an overall examination of the financial statements
of the Company, the Company has not taken any funds
b. 
The Company has not been declared as a willful from any entity or person on account of or to meet
defaulter by any bank or financial institution or the obligations of its subsidiaries, associates or joint
government or any government authority. ventures during the year.

f. According to the information and explanations given to us and procedures performed by us, we report that the Company has
raised loans during the year on the pledge of securities held in the subsidiaries as per detail below.

Nature of loan Name of lender Amount of Relation Detail of security pledged

taken loan (`) 103
Non convertible Alternative Investment 47,500 lakhs Subsidiaries Pledged 100% equity shares of 7 (seven)
debentures Fund -Touchstone subsidiaries and 95% equity shares of 1

F I N A N C I A L STAT E M E NT S
Trust Scheme (one) subsidiary

Further, the Company has not defaulted in repayment as prescribed under Rule 13 of Companies (Audit and
of such loans raised. Auditors) Rules, 2014, with the Central Government.

x. a. The Company has not raised any money by way of initial c. According to the information and explanations given to
public offer or further public offer (including debt us, there are no whistle blower complaints received by
instruments) during the year. Hence, the requirement to the Company during the year.
report on clause 3 (x) (a) of the Order is not applicable
to the Company. xii. The Company is not a nidhi company as per the provisions
of the Act. Therefore, the requirement to report on clauses
b. The Company has issued and allotted fully convertible 3(xii) (a), (b) and (c) of the Order is not applicable
warrants on preferential basis to ‘Promoter and to the Company.
Promoter Group’ and ‘Non-Promoter’ in accordance
with provisions the Act read with relevant rules made xiii. According to the information and explanations given to us
thereunder and the guidelines, rules and regulations and based on our examination of the records of the Company,
of the Securities and Exchanges Board of India, transactions with the related parties are in compliance
as amended including SEBI (Issue of Capital and with sections 177 and 188 of the Act where applicable
Disclosure Requirements) Regulations, 2018. and details of such transactions have been disclosed in the
Ind AS financial statements as required by the applicable
The Company has not made any preferential allotment accounting standards.
or private placement of fully or partially or optionally
convertible debentures during the year under audit. xiv. a. In our opinion, the Company has an adequate internal
audit system commensurate with the size and the
xi. a. To the best of our knowledge and according to the nature of its business.
information and explanations given to us, no fraud by
the Company or any fraud on the Company has been b. We have considered the internal audit reports of the
noticed or reported during the year. Company issued till the date of the audit report, for the
period under audit.
b. According to the information and explanations given
to us, no report under section 143(12) of the Act has xv. In our opinion, the Company has not entered into any non-cash
been filed by secretarial auditor or by us in Form ADT-4 transactions with its directors or persons connected with its
 ANANT RAJ LIMITED

directors and hence, requirement to report on clause 3(xv) liabilities existing at the date of balance sheet as and when
of the Order is not applicable to the Company. they fall due within a period of one year from the balance
sheet date. We, however, state that this is not an assurance as
xvi. a. The Company is not required to be registered under to the future viability of the Company. We further state that
section 45-IA of the Reserve Bank of India Act, 1934. our reporting is based on the facts up to the date of the audit
Hence, reporting under clause 3(xvi) (a), (b) and (c) of report and we neither give any guarantee nor any assurance
the Order is not applicable. that all liabilities falling due within a period of one year from
the balance sheet date, will get discharged by the Company
b. In our opinion, there is no core investment company as and when they fall due.
within the Group (as defined in the Core Investment
Companies (Reserve Bank) Directions, 2016) and xx. a. There are no unspent amounts towards Corporate Social
accordingly, reporting under clause 3(xvi) (d) of the Responsibility (CSR) or other than ongoing projects
Order is not applicable. requiring a transfer to a Fund specified in Schedule
VII to the Act in compliance with second proviso to
xvii. The Company has not incurred cash losses during the sub-section 135 of the said Act. Accordingly, reporting
financial year under our audit and in the immediately under clause 3(xx) (a) is not applicable for the year.
preceding financial year.
b. There are no unspent amounts in respect of ongoing
xviii. There has been no resignation by the statutory auditors projects that are required to be transferred to a
104 during the year and accordingly, requirement to report on special account in compliance of provision of Section
clause 3(xviii) of the Order is not applicable to the Company. 135(6) of the Act.
A NNUA L R E P O RT 2 0 2 1 - 2 2

xix. On the basis of the financial ratios, ageing and expected dates for Vinod Kumar Bindal & Co.
of realisation of financial assets and payment of financial Chartered Accountants
liabilities, other information accompanying the financial Firm Registration No. 003820N
statements and our knowledge of the Board of Directors
and Management plans and based on our examination Arvind Mittal
of the evidence supporting the assumptions, nothing has  Partner
come to our attention, which causes us to believe that Dated: May 14, 2022  Membership No.509357
any material uncertainty exists as on the date of the audit Place: New Delhi. UDIN: 22509357AJOIVR9796
report indicating that Company is not capable of meeting its
Annexure “B” to the Independent Auditor’s Report
(Referred to in paragraph (f) under ‘Report on Other Legal and the internal financial controls system over financial reporting
Regulatory Requirements’ section of our report to the Members of the Company.
of Anant Raj Limited of even date)
Meaning of Internal Financial Controls Over
Report on the Internal Financial Controls Over Financial Reporting
Financial Reporting under Clause (i) of Sub- A Company’s internal financial control over financial reporting is
section 3 of Section 143 of the Companies Act, a process designed to provide reasonable assurance regarding the
2013 (“the Act”) reliability of financial reporting and the preparation of financial
We have audited the internal financial controls over financial statements for external purposes in accordance with generally
reporting of Anant Raj Limited (“the Company”) as of March 31, accepted accounting principles. A Company’s internal financial
2022, in conjunction with our audit of the standalone financial control over financial reporting includes those policies and
statements of the Company for the year ended on that date. procedures that (1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect the transactions
Management’s Responsibility for Internal and dispositions of the assets of the company; (2) provide
Financial Controls reasonable assurance that transactions are recorded as necessary
The Board of Directors of the Company is responsible for to permit preparation of financial statements in accordance with
establishing and maintaining internal financial controls based on generally accepted accounting principles, and that receipts and
the internal control over financial reporting criteria established expenditures of the company are being made only in accordance 105
by the Company considering the essential components of internal with authorisations of management and directors of the company;
control stated in the Guidance Note on Audit of Internal Financial and (3) provide reasonable assurance regarding prevention or

F I N A N C I A L STAT E M E NT S
Controls Over Financial Reporting (the “Guidance Note) issued timely detection of unauthorised acquisition, use, or disposition
by the Institute of Chartered Accountants of India (ICAI). of the company’s assets that could have a material effect on the
These responsibilities include the design, implementation and financial statements.
maintenance of adequate internal financial controls that were
operating effectively for ensuring the orderly and efficient conduct Limitations of Internal Financial Controls Over
of its business, including adherence to respective company’s Financial Reporting
policies, the safeguarding of its assets, the prevention and Because of the inherent limitations of internal financial controls
detection of frauds and errors, the accuracy and completeness over financial reporting, including the possibility of collusion
of the accounting records, and the timely preparation of reliable or improper management override of controls, material
financial information, as required under the Act. misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal
Auditor’s Responsibility financial controls over financial reporting to future periods
Our responsibility is to express an opinion on the internal financial are subject to the risk that the internal financial control over
controls over financial reporting of the Company based on our financial reporting may become inadequate because of changes in
audit. We conducted our audit in accordance with the Guidance conditions, or that the degree of compliance with the policies or
Note issued by the ICAI and the Standards on auditing prescribed procedures may deteriorate.
under Section 143(10) of the Act, to the extent applicable to
an audit of internal financial controls. Those Standards and the Opinion
Guidance Note require that we comply with ethical requirements In our opinion, to the best of our information and according to the
and plan and perform the audit to obtain reasonable assurance explanations given to us, the Company has, in all material respects,
about whether adequate internal financial controls over financial an adequate internal financial controls system over financial
reporting was established and maintained and if such controls reporting and such internal financial controls over financial
operated effectively in all material respects. reporting were operating effectively as at March 31, 2022, based
Our audit involves performing procedures to obtain audit evidence on the internal control over financial reporting criteria established
about the adequacy of the internal financial controls system over by the Company considering the essential components of internal
financial reporting and their operating effectiveness. Our audit control stated in the Guidance Note issued by the ICAI.
of internal financial controls over financial reporting included for Vinod Kumar Bindal & Co.
obtaining an understanding of internal financial controls over Chartered Accountants
financial reporting, assessing the risk that a material weakness
Firm Registration No. 003820N
exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk.
The procedures selected depend on the auditor’s judgement, Arvind Mittal
including the assessment of the risks of material misstatement of  Partner
the financial statements, whether due to fraud or error. Dated: May 14, 2022  Membership No.509357
We believe that the audit evidence we have obtained, is sufficient Place: New Delhi. UDIN: 22509357AJOIVR9796
and appropriate to provide a basis for our audit opinion on
 ANANT RAJ LIMITED

Standalone Balance Sheet

as at March 31, 2022

(` in Lakhs)
Notes March 31, 2022 March 31, 2021
ASSETS
Non-current assets
Property, plant and equipment 3 1,311.10 1,441.39
Capital work-in-progress 3 4,134.23 8,647.08
Investment property 3 113,071.96 114,300.25
Financial assets
Investments 4 33,972.00 29,021.36
Trade receivables 5 1,610.36 1,756.74
Loans 6 53,551.29 48,797.09
Other financial assets 7 6,285.30 5,082.82
Other non-current assets 8 6,123.44 6,209.60
Total non-current assets 220,059.68 215,256.33
Current assets
Inventories 9 97,891.18 126,586.28
Financial assets
Trade receivables 5 2,104.72 5,368.02
Cash and cash equivalents 10 818.54 89.13
106 Other bank balances 11 986.57 1,032.15
Loans 6 - 504.77
Other financial assets 7 84,877.14 77,648.19
A NNUA L R E P O RT 2 0 2 1 - 2 2

Other current assets 12 6,214.19 9,314.08

Total current assets 192,892.34 220,542.62
TOTAL ASSETS 412,952.02 435,798.95
EQUITY AND LIABILITIES
Equity
Equity share capital 13 5,901.93 5,901.93
Other equity 255,240.88 240,914.20
Total equity 261,142.81 246,816.13
LIABILITIES
Non-current liabilities
Financial liabilities
Borrowings 14 86,557.59 137,296.85
Other non current liabilities 15 10,310.57 9,696.86
Provisions 16 187.85 172.59
Deferred tax liabilities (Net) 17 3,465.91 2,977.14
Total non-current liabilities 100,521.92 150,143.44
Current liabilities
Financial liabilities
Borrowings 14 6,060.60 7,841.49
Trade payables 18 255.29 390.98
Other financial liabilities 19 455.47 991.60
Other current liabilities 20 43,896.28 29,148.66
Provisions 16 75.10 63.59
Current tax liabilities 21 544.55 403.06
Total current liabilities 51,287.29 38,839.38
TOTAL EQUITY LIABILITIES 412,952.02 435,798.95
The accompanying notes 1 to 55 form an integral part of the standalone financial statements.
As per our report of even date attached.

Vinod Kumar Bindal & Co. Amit Sarin Aman Sarin

Chartered Accountants Managing Director Director & Chief Executive Officer
Firm Registration No. 003820N DIN: 00015837 DIN: 00015887
By the hand of

Arvind Mittal Pankaj Kumar Gupta Manoj Pahwa

Partner Chief Financial Officer Company Secretary
Membership No. 509357 Membership No. 505767 Membership No.A7812

New Delhi
May 14, 2022
Statement of Standalone Profit and Loss
For the Year Ended March 31, 2022

(` in Lakhs)
Notes March 31, 2022 March 31, 2021
INCOME
Revenue from operations 22 35,307.79 25,648.32
Other income 23 4,869.63 1,902.83
Total income 40,177.42 27,551.15
EXPENSES
Cost of sales 24 26,349.65 17,580.00
Employees benefit expense 25 1,200.02 1,130.44
Finance costs 26 2,083.24 2,442.58
Depreciation and amortisation 3 1,455.90 1,510.80
Other expenses 27 2,154.98 1,856.40 107

Total expenses 33,243.79 24,520.22

F I N A N C I A L STAT E M E NT S
Profit before tax 6,933.63 3,030.93
Less: Tax expense
Current income tax 856.19 529.56
Deferred tax 488.77 489.94
Profit for the year (a) 5,588.67 2,011.43
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Re-measurement of net defined benefit liabilities/asset 24.08 28.33
Deferred tax 8.41 9.90
Other comprehensive income for the year, net of tax (b) 15.67 18.43
Total comprehensive income for the year (a+b) 5,604.34 2,029.86
Earnings per equity share 43
Equity shares of par value of ` 2 (` 2)
Basic 1.90 0.69
Diluted 1.73 0.69
The accompanying notes 1 to 55 form an integral part of the standalone financial statements.
As per our report of even date attached.

Vinod Kumar Bindal & Co. Amit Sarin Aman Sarin

Chartered Accountants Managing Director Director & Chief Executive Officer
Firm Registration No. 003820N DIN: 00015837 DIN: 00015887
By the hand of

Arvind Mittal Pankaj Kumar Gupta Manoj Pahwa

Partner Chief Financial Officer Company Secretary
Membership No. 509357 Membership No. 505767 Membership No.A7812

New Delhi
May 14, 2022
 ANANT RAJ LIMITED

Standalone Cash Flow Statement

for the year ended March 31, 2022

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
A. CASH FLOWS FROM OPERATING ACTIVITIES
Net profit before tax 6,933.63 3,030.93
Adjustment for:
Depreciation and amortisation 1,455.90 1,510.80
Actuarial gain/loss (OCI) 24.08 28.33
Interest paid 1,990.75 2,207.48
Interest receipts (2,830.80) (1,891.63)
Operating profit before working capital changes 7,573.56 4,885.91
Adjustment for:
Increase/(decrease) in current borrowings (1,780.89) (5,029.55)
108 Increase/(decrease) in trade payables (135.69) 254.31
Increase/(decrease) in other financial liabilities (536.13) (12,625.16)
A NNUA L R E P O RT 2 0 2 1 - 2 2

Increase/(decrease) in other current liabilities 14,747.61 (7,825.03)

Increase/(decrease) in other non current liabilities 613.72 -
Increase/(decrease) in provisions 947.81 781.50
(Increase)/decrease in inventories 28,695.10 (4,222.10)
(Increase)/decrease in trade receivables 3,409.68 2,657.99
(Increase)/decrease in other assets 3,186.06 5,319.59
(Increase)/decrease in loans and advances (4,249.43) 6,865.40
(Increase)/decrease in other financial assets (8,431.43) (13,745.98)
Cash generated from operations 44,039.97 (22,683.12)
Income tax paid (1,344.96) (1,019.50)
NET CASH GENERATED FROM OPERATING ACTIVITIES 42,695.01 (23,702.62)

B. CASH FLOWS FROM INVESTING ACTIVITIES

(Increase)/decrease in non-current investments (4,950.65) (3.42)
Acquisition of property, plant and equipment (92.91) (197.60)
Acquisition of investment property (5.67) (8.61)
Proceeds from disposal of property, plant and equipment 1.26 1.36
Decrease in capital work-in-progress 4,512.85 3,558.53
Interest receipts 2,830.80 1,891.63
Movement in fixed deposits (net) 45.58 (78.79)
NET CASH INFLOW FROM INVESTING ACTIVITIES 2,341.26 5,163.10
Standalone Cash Flow Statement (contd.)
for the year ended March 31, 2022

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
C. CASH FLOWS FROM FINANCE ACTIVITIES
Proceeds/(repayment) from/of borrowings (50,739.25) 20,808.32
Share warrants money receipts 12,085.40 -
Dividend paid and tax thereon (295.10) (82.54)
Measurement of financial instrument at amortised cost (3,367.16) -
Interest paid (1,990.75) (2,207.48)
NET CASH OUTFLOW FROM FINANCE ACTIVITIES (44,306.86) 18,518.30
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C) 729.41 (21.22)
Cash and cash equivalents at the beginning of year 89.13 110.35
Cash and cash equivalents at the end of year 818.54 89.13
The accompanying notes 1 to 55 form an integral part of the standalone financial statements. 109
As per our report of even date attached.

F I N A N C I A L STAT E M E NT S
Vinod Kumar Bindal & Co. Amit Sarin Aman Sarin
Chartered Accountants Managing Director Director & Chief Executive Officer
Firm Registration No. 003820N DIN: 00015837 DIN: 00015887
By the hand of

Arvind Mittal Pankaj Kumar Gupta Manoj Pahwa

Partner Chief Financial Officer Company Secretary
Membership No. 509357 Membership No. 505767 Membership No.A7812

New Delhi
May 14, 2022
 ANANT RAJ LIMITED

Standalone Statement of Changes in Other Equity

A Equity share capital
(i) Current reporting period
Statement of changes in equity share capital as on March 31, 2022
(` in Lakhs)
Particulars Balance Changes in Restated Changes Balance at
at the equity share at the in equity the end of
beginning of capital due beginning of share capital the current
the current to prior the current during the reporting
reporting period reporting current year period
period errors period
Authorised 8,290.00 - - - 8,290.00
Issued and subscribed 5,902.95 - - - 5,902.95
Paid up 5,901.93 - - - 5,901.93

(ii) Previous reporting period

110 Statement of changes in equity share capital as on March 31, 2021
(` in Lakhs)
A NNUA L R E P O RT 2 0 2 1 - 2 2

Particulars Balance Changes in Restated Changes Balance at

at the equity share at the in equity the end of
beginning of capital due beginning of share capital the current
the current to prior the current during the reporting
reporting period reporting current year period
period errors period
Authorised 8,290.00 - - - 8,290.00
Issued and subscribed 5,902.95 - - - 5,902.95
Paid up 5,901.93 - - - 5,901.93
Standalone Statement of Changes in Other Equity (contd.)
B Other equity
(i) Current reporting period
Statement of changes in other equity as on March 31, 2022
(` in Lakhs)
Particulars Equity Capital Securities General Retained Other Total equity
component of reserve premium reserve earnings comprehensive attributable
other financial reserve Surplus income to equity
instruments holders of
(share Company
warrants)

Balance as at the beginning of - 58,985.87 56,781.99 (1,936.80) 127,023.69 59.45 240,914.20

the year
Add: Net profit for the year - - - - 5,588.67 - 5,588.67
Money received against share 12,085.40 - - - - - 12,085.40
warrants
Transfer from retained earnings - - - 2,000.00 - - 2,000.00
Prior period adjustments - - - - 290.79 - 290.79
Less: Dividend - - - - (295.10) - (295.10) 111
Transfer to general reserve - - - - (2,000.00) - (2,000.00)
Remeasurement of net defined - - - - - 24.08 24.08

F I N A N C I A L STAT E M E NT S
benefits liability/ asset, net of tax
Measurement of financial - - - - (3,367.16) - (3,367.16)
instrument at amortised cost
Balance as at the end of the year 12,085.40 58,985.87 56,781.99 63.20 127,240.89 83.53 255,240.88

(ii) Previous reporting period

Statement of changes in other equity as on March 31, 2021
(` in Lakhs)
Particulars Equity Capital Securities General Retained Other Total equity
component of reserve premium reserve earnings comprehensive attributable to
other financial reserve Surplus income equity holders
instruments of Company
(share
warrants)

Balance as at the - 58,985.87 56,781.99 (1,936.80) 124,700.64 31.12 238,562.82

beginning of the year
Add: Net profit for the year - - - - 2,011.43 - 2,011.43
Prior period - - - - 637.18 - 637.18
adjustments
Less: Dividend - - - - (82.54) - (82.54)
Remeasurement of - - - - - 28.33 28.33
net defined benefits
liability/ asset, net
of tax
Adjustment of - - - - (243.02) - (243.02)
deferred tax
Balance as at the - 58,985.87 56,781.99 (1,936.80) 127,023.69 59.45 240,914.20
end of the year
 ANANT RAJ LIMITED

Standalone Statement of Changes in Other Equity (contd.)

Nature and purpose of Reserves
Capital Reserve
Capital reserve represents amount transferred from the transferor companies pursuant to various schemes of amalgamations
and demerger. It is utilised in accordance with the provisions of Companies Act, 2013.

General Reserve
Under the erstwhile Indian Companies Act,1956, a general reserve was created through an annual transfer of net profit
at a specified percentage in accordance with applicable regulations. Consequent to introduction of Companies Act, 2013,
the requirement of mandatory transfer of a specified percentage of the net profit to general reserve has been withdrawn
though the Company may transfer such percentage of its profits for the financial year as it may consider appropriate.
Declaration of dividend out of such reserve shall not be made except in accordance with rules prescribed in this behalf under
the Companies Act, 2013.

Securities Premium Reserve

Securities premium reserve is created due to premium on issue of shares. These reserves shall be utilised in accordance with
112 the provisions of the Companies Act, 2013.

Retained Earnings
A NNUA L R E P O RT 2 0 2 1 - 2 2

Retained earnings are the profits and gains that the Company has earned till date, less any transfers to generate reserve,
dividends or other distributions paid to shareholders. It also includes remeasurement gains and losses on defined benefit plans
recognised in other comprehensive income (net of taxes).

Share warrants
Share warrant is a warrant option issued by the Company that gives the warrant holder a right to subscribe equity shares at
a pre determined price on or after a pre determined time period.

The accompanying notes 1 to 55 form an integral part of the standalone financial statements.
As per our report of even date attached.

Vinod Kumar Bindal & Co. Amit Sarin Aman Sarin

Chartered Accountants Managing Director Director & Chief Executive Officer
Firm Registration No. 003820N DIN: 00015837 DIN: 00015887
By the hand of

Arvind Mittal Pankaj Kumar Gupta Manoj Pahwa

Partner Chief Financial Officer Company Secretary
Membership No. 509357 Membership No. 505767 Membership No.A7812

New Delhi
May 14, 2022
Notes forming part of the standalone financial statements
1 Company overview All amounts have been rounded off to the nearest
The Company is a public Company domiciled in India and ` lakh, unless otherwise indicated.
incorporated under the provisions of the Companies Act,
1956. The Company has its primary listings on the BSE (b) Use of estimates
Limited and National Stock Exchange of India Limited. The preparation of standalone financial statements in
conformity with Ind AS requires management to make
The Company is primarily engaged in development and estimates, judgments and assumptions.These estimates,
construction of information and technology parks, data judgments and assumptions affect the application of
centers, hospitality projects, special economic zones, office accounting policies and the reported amounts of assets
complexes, shopping malls and residential projects primarly and liabilities, the disclosures of contingent assets and
in the State of Delhi, Haryana, Rajasthan and the National liabilities at the date of the financial statements and
Capital Region. reported amounts of revenues and expenses during the
period. Application of accounting policies that require
The Board of Directors approved the standalone critical accounting estimates involving complex and
financial statements for the year ended March 31, 2022, subjective judgments and the use of assumptions in
on May 14, 2022. these financial statements have been disclosed in 113
Note C. Accounting estimates could change from
2 Significant Accounting policies period to period. Actual results could differ from

F I N A N C I A L STAT E M E NT S
(a) Basis of preparation and presentation of those estimates. Appropriate changes in estimates are
financial statements made as management becomes aware of changes in
These standalone financial statements are prepared circumstances surrounding the estimates. Changes in
in accordance with Indian Accounting Standard estimates are reflected in the financial statements in
(Ind AS), under the historical cost convention on the the period in which changes are made and, if material,
accrual basis except for certain financial instruments their effects are disclosed in the notes to the standalone
which are measured at fair values, the provisions of financial statements.
the Companies Act, 2013 (‘the Act’) and guidelines
issued by the Securities and Exchange Board of India Estimation of uncertainties relating to pandemic
(SEBI). The standalone financial statements have from COVID-19
been prepared on a going concern basis in accordance The Company has considered the possible effects
with accounting principles generally accepted in India. that may result from the pandemic, COVID-19, in the
The Ind AS are prescribed under Section 133 of preparation of these standalone financial statements
the Act read with Rule 3 of the Companies (Indian including the recoverability of carrying amounts
Accounting Standards) Rules, 2015, and relevant of financial and non financial assets. In developing
amendment rules issued there after. the assumptions relating to the possible future
uncertainties in the global economic conditions
Accounting policies have been consistently applied because of this pandemic, the Company has, at the
except where a newly issued Accounting Standard is date of approval of these financial statements, used
initially adopted or a revision to an existing Accounting internal and external sources of information including
Standard requires a change in the Accounting policies credit reports and related information and economic
hitherto in use. forecasts and expects that the carrying amount of these
assets will be recovered. The impact of COVID-19 on
The standalone Balance Sheet, the Statement of the Company’s financial statements may differ from
Changes in Equity, the Statement of Profit and Loss and that estimated as at the date of approval of these
disclosures are presented in the format prescribed under standalone financial statements.
Division II of Schedule III of the Act, as amended from
time to time that are required to comply with Ind AS. (c) Critical accounting estimates
The Statement of Cash Flows has been presented as per (i) Revenue recognition
the requirements of Ind AS 7 ‘Statement of Cash Flows’. The Company’s contracts with customers include
promises to transfer multiple products and services
The standalone financial statements are presented in to a customer. Revenues from customer contracts
Indian Rupees, which is also its functional currency. are considered for recognition and measurement
 ANANT RAJ LIMITED

Notes forming part of the standalone financial statements

when the contract has been approved, in writing, by 
Capital work-in-progress represents expenditure
the parties to the contract, the parties to contract incurred in respect of capital projects which are carried
are committed to perform their respective at cost. Cost includes land, related acquisition expenses,
obligations under the contract, and the contract development and construction costs, borrowing costs
is legally enforceable. The Company assesses the and other direct expenditure.
services promised in a contract and identifies
distinct performance obligations in the contract. Advances paid towards acquisition of property, plant
Identification of distinct performance obligations and equipment outstanding at each Balance Sheet
to determine the deliverables and the ability of date are disclosed as Capital Advances under ‘Other
the customer to benefit independently from such Non-Current Assets’ and cost of fixed assets not
deliverables, and allocation of transaction price yet ready for their intended use as at the reporting
to these distinct performance obligations involves
date are disclosed under ‘Capital Work in Progress’.
significant judgement.
Subsequent expenditures relating to property, plant
and equipment is capitalized only when it is probable
The Company uses the percentage-of-completion
that future economic benefits associated with these
114 method in accounting for other fixed-price
contracts. Use of the percentage-of-completion will flow to the Company and the cost of the item
method requires the Company to determine the can be measured reliably. Repairs and maintenance
A NNUA L R E P O RT 2 0 2 1 - 2 2

actual efforts or costs expended to date as a costs are recognized in the Statement of Profit and
proportion of the estimated expended have been Loss when incurred. The cost and related accumulated
used to measure progress towards completion depreciation are eliminated from the financial
total efforts or costs to be incurred. Efforts or statements upon sale or retirement of the asset and
costs as there is a direct relationship between the resultant gains or losses are recognized in the
input and productivity. The estimation of total Statement of Profit and Loss. Assets to be disposed off
efforts or costs involves significant judgement are reported at the lower of the carrying value or the
and is assessed throughout the period of the fair value less cost to sell.
contract to reflect any changes based on the
latest available information. Depreciation on fixed assets is charged in accordance
with estimate of useful life of the assets on written
(ii) Allowance for credit losses on receivables down value method, at rates specified in Schedule II of
and unbilled revenue the Act. Depreciation on assets purchased/sold during
 The Company determines the allowance for a period is proportionately charged.
credit losses based on historical loss experience
adjusted to reflect current and estimated future 
Depreciation methods, useful lives and residual
economic conditions. The Company considered values are reviewed periodically, including at each
current and anticipated future economic
financial year end.
conditions relating to industries the Company
deals with. In calculating expected credit loss, the
(e) Investment property
Company has also considered credit reports and
Property that is held for long-term rental yields or for
other related credit information for its customers
capital appreciation or both, and that is not occupied
to estimate the probability of default in future
by the Company, is classified as investment property.
and has taken into account estimates of possible
Investment property is measured initially at its cost,
effect from the pandemic relating to COVID-19.
including related transaction costs. Subsequent to
(d) Property, plant and equipment initial recognition, investment properties are stated at
Property, plant and equipment are stated at their cost less accumulated depreciation and accumulated
cost of acquisition/construction, net of accumulated impairment loss, if any. Subsequent expenditure is
depreciation and impairment losses, if any. Costs directly capitalised to the asset’s carrying amount only when
attributable to acquisition are capitalized until the it is probable that future economic benefits associated
property, plant and equipment are ready for use, as with the expenditure will flow to the Company and the
intended by management. cost of the item can be measured reliably.
Notes forming part of the standalone financial statements
The Company discloses the fair value of investment period, recoverable amount equals or exceeds the
properties in notes to the financial statements. carrying amount, the impairment loss recognised
Fair values are determined based on annual evaluation is reversed accordingly.
performed by the management.
Investments in equity instruments of subsidiaries,
Investment properties are derecognized either when joint ventures and associates are accounted for
they have been disposed off or when they have been at cost in accordance with Ind AS-27 ‘Separate
permanently withdrawn from use and no future Financial Instruments’.
economic benefit is expected from their disposal.
The difference between net disposal proceeds and (iii) Financial liabilities
the carrying amount of the asset is recognised in  Financial liabilities are carried at amortized
the Statement of Profit and Loss in the period cost using the effective interest method, except
of derecognition. for contingent consideration recognized in a
business combination which is measured at
(f) Financial instruments fair value through profit or loss. For trade and
(i) Initial recognition other payables maturing within one year from 115
 The Company recognizes financial assets and the Balance Sheet date, the carrying amounts
financial liabilities when it becomes a party to approximate fair value due to the short maturity

F I N A N C I A L STAT E M E NT S
the contractual provisions of the instrument. of these instruments.
All financial assets and liabilities are recognized
at fair value on initial recognition, except for (iv) Derecognition of financial instruments
trade receivables which are initially measured The Company derecognizes a financial asset when
at transaction price. Transaction costs that are the contractual rights to the cash flows from the
directly attributable to the acquisition or issue financial asset expire or it transfers the financial
of financial assets and financial liabilities, that asset and the transfer qualifies for derecognition
are not at fair value through profit or loss, are in accordance with Ind AS 109 “Financial
added to the fair value on initial recognition. Instruments” issued by the Ministry of Corporate
Regular way purchase and sale of financial assets Affairs, Government of India. A financial liability
are accounted for at trade date. (or a part of a financial liability) is derecognized
from the Company’s Balance Sheet when the
(ii) Subsequent measurement obligation specified in the contract is discharged
Financial assets carried at amortised cost or cancelled or expires.
 A financial asset is subsequently measured at
amortised cost if it is held within a business (g) Impairment
model whose objective is to hold the asset in (i) Financial assets
order to collect contractual cash flows and the The Company recognizes loss allowances using the
contractual terms of the financial asset give expected credit loss (ECL) model for the financial
rise on specified dates to cash flows that are assets which are not fair valued through profit or
solely payments of principal and interest on the loss. Loss allowance for trade receivables with
principal amount outstanding. no significant financing component is measured
at an amount equal to lifetime ECL. For all
Investments in equity instruments of other financial assets, expected credit losses are
subsidiaries, joint ventures and associates measured at an amount equal to the 12-month
Investments in subsidiaries,’ are stated at cost ECL, unless there has been a significant increase
less provision for impairment losses, if any. in credit risk from initial recognition in which
Investments are tested for impairment whenever case those are measured at lifetime ECL.The
an event or changes in circumstances indicate amount of expected credit losses (or reversal)
that the carrying amount may not be recoverable. that is required to adjust the loss allowance at
An impairment loss is recognised for the amount the reporting date to the amount that is required
by which the carrying amount of investments to be recognised is recognized as an impairment
exceeds its recoverable amount. If, in a subsequent gain or loss in profit or loss.
 ANANT RAJ LIMITED

Notes forming part of the standalone financial statements

(ii) Non-financial assets is a liability that cannot be recognised because it cannot
 Property, plant and equipment are evaluated be measured reliably. The Company does not recognise
for recoverability whenever events or changes a contingent liability but discloses its existence in the
in circumstances indicate that their carrying financial statements. Contingent assets are neither
amounts may not be recoverable. For the purpose recognised nor disclosed in the financial statements.
of impairment testing, the recoverable amount
(i.e. the higher of the fair value less cost to (i) Inventories
sell and the value-in-use) is determined on an Real Estate: Lower of cost or net market value; Cost

individual asset basis unless the asset does not includes cost of acquisition and other related expenses
generate cash flows that are largely independent incurred in bringing the inventories to their present
of those from other assets. In such cases, the location and condition. Net market value is the estimated
recoverable amount is determined for the cash selling price in the ordinary course of business.
generating unit (CGU) to which the asset belongs.
Constructed/Under Construction Properties: Lower

If such assets are considered to be impaired, the of cost or net realisable value. Cost includes the cost of
116 impairment to be recognized in the Statement of land, internal development cost, external development
Profit and Loss is measured by the amount by charges, construction costs, overheads, borrowing costs
which the carrying value of the assets exceeds and development/ construction material.
A NNUA L R E P O RT 2 0 2 1 - 2 2

the estimated recoverable amount of the asset.

An impairment loss is reversed in the Statement Development Rights: At cost of acquisition, including
of Profit and Loss, if there has been a change in cost of acquiring rights of any interested party.
the estimates used to determine the recoverable Development rights are considered to have been
amount. The carrying amount of the asset is acquired on execution of a Development Agreement
increased to its revised recoverable amount, upon vesting of irrevocable rights in the Company to
provided that this amount does not exceed construct, market, and sell the development over land
the carrying amount that would have been and realize and retain the economic and other benefits.
determined (net of any accumulated amortization
or depreciation) had no impairment loss been (j) Unbilled receivables
recognized for the asset in prior years. Unbilled receivables represent revenue recognized
based on Percentage of Completion of Construction
(h) Provisions and contingent liabilities Method [Para (k) below], to the extent the work
Provisions completed exceeds billed receivables.
A provision is recognized if, as a result of a past event,
the Company has a present legal or constructive (k) Revenue recognition
obligation that is reasonably estimable, and it is (i) Revenue from contracts from customers
probable that an outflow of economic benefits will Pursuant to the application of Ind AS-115, the
be required to settle the obligation. Provisions are Company has applied following accounting policy
determined by discounting the expected future cash for revenue recognition:
flows at a pre-tax rate that reflects current market
assessments of the time value of money and the risks The Company satisfies a performance obligation
specific to the liability. and recognises revenue over time, if one of the
following criteria is met:
Contingent liabilities
A contingent liability is a possible obligation that arises (a) 
The customer simultaneously receives
from past events whose existence will be confirmed and consumes the benefits provided
by the occurrence or non-occurrence of one or more by the Company’s performance as the
uncertain future events beyond the control of the entity performs; or
Company or a present obligation that is not recognised
because it is not probable that an outflow of resources (b) 
The Company’s performance creates or
will be required to settle the obligation. A contingent enhances an asset that the customer controls
liability also arises in extremely rare cases where there as the asset is created or enhanced; or
Notes forming part of the standalone financial statements
(c) The Company’s performance does not create (iii) 
Revenue from fixed-price, fixed-time
an asset with an alternative use to the frame contracts, where the performance
Company and the entity has an enforceable obligations are satisfied over time and where
right to payment for performance there is no uncertainty as to measurement or
completed to date. collectability of consideration, is recognized
as per the percentage-of-completion
For performance obligations, where one of method. When there is uncertainty as to
the above conditions are not met, revenue is measurement or ultimate collectability,
recognised at the point in time at which the revenue recognition is postponed until
performance obligation is satisfied. such uncertainty is resolved. Efforts or
costs expended have been used to measure
Revenue is recognised either at point of time and progress towards completion as there is
over a period to time based on various conditions a direct relationship between input and
as included in the contracts with customers. productivity. Maintenance revenue is
recognized rateably over the term of the
(ii) Others underlying maintenance arrangement. 117
(a) Revenues from sale of investment properties
and assets to the extent of sale consideration (l) Claims

F I N A N C I A L STAT E M E NT S
reduced by the respective costs thereof Claims lodged by and lodged against the Company are
in each case, being value inclusive of accounted in the year of payment or settlement thereof.
cost of acquisition, and construction and
development cost thereof. (m) Borrowing costs
Borrowing costs directly attributable to the acquisition
(b) 
Forfeiture due to non fulfilment of and/or construction/production of qualifying assets
obligations by counter parties is accounted which are assets that necessarily take a substantial
as Revenue on unconditional appropriation. period of time to get ready for their intended use, are
added to the cost of those assets, until such time as the
(c) 
Revenues from rentals are recognised on assets are substantially ready for their intended use.
accrual basis in accordance with terms of All other borrowing costs are charged to Statement
agreements executed with respective tenants. of Profit and Loss as incurred. Borrowing consist of
interest and other costs that the Company incurs in
(d) Service receipts and interest from customers connection with the borrowings of funds.
is accounted for on accrual basis.
(n) Employee benefits
(e) 
Divided income is recognised when the (i) Benefits such as salaries, wages and short term
shareholder or unit holder’s right to receive compensations etc. and the expected cost of
payment is established, which is generally ex-gratia is recognized in the period in which the
when shareholder approve the dividend. employee renders the related service.

(f) 
Share of profit/loss from firm in which (ii) The Company’s Gratuity and Leave encashment
the Company is a partner is accounted for schemes are defined benefit plans. The Company
in the financial year ending on the date of provides for gratuity covering eligible employees
the Balance Sheet. on the basis of actuarial valuation as carried out
by an independent actuary using the Projected
(g) Interest income is recognized using effective Unit Credit method, which recognizes each period
interest method. of service as giving rise to additional unit of
employee benefit entitlement and measures each
(h) Interest on arrears of allotment money is unit separately to build up the final obligation.
accounted in the year of receipt. The obligation is measured at the present value
of the estimated future cash flows. The discount
rates used for determining the present value of
 ANANT RAJ LIMITED

Notes forming part of the standalone financial statements

obligation under defined benefit plans is based on Income tax expense comprises current and deferred
the market yields on Government securities as at income tax. Income tax expense is recognized in the
the Balance Sheet date. Statement of Profit and Loss except to the extent that
it relates to items recognized directly in equity, in which
(iii) 
The liability is un-funded. Actuarial gains and case it is recognized in ‘Other Comprehensive Income’.
losses arising through re-measurement of net Current income tax for current and prior periods is
defined benefit liability/(assets) are recognised in recognized at the amount expected to be paid to or
‘Other Comprehensive Income.’ recovered from the tax authorities, using the tax rates
and tax laws that have been enacted or substantively
The employees of the Company are entitled enacted by the balance sheet date. Deferred income tax
to compensated absences as per the policy of assets and liabilities are recognized for all temporary
the Company. The Company recognises the differences arising between the tax bases of assets and
charge to the Statement of Profit and Loss liabilities and their carrying amounts in the financial
and corresponding liability on account of such statements. Deferred tax assets are reviewed at each
non-vesting accumulated leave entitlement reporting date and are reduced to the extent that it
118 based on a valuation by an independent actuary. is no longer probable that the related tax benefit
The cost of providing compensated absences will be realized.
are determined using the projected unit credit
A NNUA L R E P O RT 2 0 2 1 - 2 2

method. Remeasurements as a result of Deferred tax is recorded on temporary differences

experience adjustments and changes in actuarial between the tax bases of assets and liabilities and
assumptions are recognised in Statement of their carrying amounts, at the rates that have been
Profit and Loss. enacted or substantively enacted at the reporting
date. The ultimate realization of deferred tax assets is
(iv) 
Contributions payable by the Company to the dependent upon the generation of future taxable profits
concerned government authorities in respect of during the periods in which those temporary differences
provident fund, family pension fund and employees and tax loss carry-forwards become deductible.
state insurance are defined contribution plans. The Company considers expected reversal of deferred
The contributions are recognized as an expense tax liabilities and projected future taxable income in
in the Statement of Profit and Loss during making this assessment. The amount of deferred tax
the period in which the employee renders the assets considered realisable, however, could reduce in
related service. The Company does not have the near term if estimates of future taxable income
any further obligation in this respect, beyond during the carry-forward period are reduced.
such contribution. Other employee benefits are
accounted for on accrual basis. (q) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank,
(o) Foreign currency translation cash in hand and short-term deposits with an
On initial recognition, all foreign currency transactions original maturity of three months or less, which are
are translated in to the functional currency using subject to an insignificant risk of changes in value.
the exchange rates prevailing on the date of the Short-term deposits are made for varying periods of
transaction. As at the reporting date, foreign currency between one day and three months, depending on the
monetary assets and liabilities are translated at the immediate cash requirements of the Company, and
exchange rate prevailing on the Balance Sheet date earn interest at the respective short-term deposit rates.
and the exchange gains or losses are recognised in the
Standalone Statement of Profit and Loss. (r) Cash flow statement
Cash flows are reported using the indirect method,
(p) Income taxes whereby profit for the period is adjusted for the effects
Income tax expense comprises current and deferred of transactions of a non-cash nature, any deferrals or
tax. It is recognised in Statement of Profit and Loss accruals of past or future operating cash receipts or
except to the extent that it relates to items recognised payments and item of income or expenses associated
directly in equity or in other comprehensive income. with investing or financing cash flows. The cash flows
from operating, investing and financing activities of the
Notes forming part of the standalone financial statements
Company are segregated. The Company considers all whether the Company is reasonably certain to exercise
highly liquid investments that are readily convertible to an option to extend a lease, or not to exercise an option
known amounts of cash to be cash equivalents. to terminate a lease, it considers all relevant facts
and circumstances that create an economic incentive
(s) Dividends for the Company to exercise the option to extend the
Dividend on equity shares are recorded as a liability on lease, or not to exercise the option to terminate the
the date of approval by the shareholders and interim lease. The Company revises the lease term if there
dividends are recorded as a liability on the date of is a change in the non-cancellable period of a lease.
declaration by the Company’s Board of Directors. The discount rate is generally based on the incremental
borrowing rate specific to the lease being evaluated or
(t) Earnings per share for a portfolio of leases with similar characteristics.
Basic earnings per equity share is computed by dividing
the net profit attributable to the equity holders of the (v) Segment reporting
Company by the weighted average number of equity Operating segments are reported in the manner
shares outstanding during the period. Diluted earnings consistent with the internal reporting provided to the
per equity share is computed by dividing the net profit chief operating decision maker (CODM). The Managing 119
attributable to the equity holders of the Company Director of the Company has been identified as CODM
by the weighted average number of equity shares and he is responsible for allocating the resources,

F I N A N C I A L STAT E M E NT S
considered for deriving basic earnings per equity assess the financial performance and position of the
share and also the weighted average number of equity Company and makes strategic decisions.
shares that could have been issued upon conversion
of all dilutive potential equity shares. The dilutive The Company has identified one reportable segment
potential equity shares are adjusted for the proceeds “Real Estate” based on the information reviewed
receivable had the equity shares been actually issued by the CODM. Refer Note no. 48 for the Segment
at fair value (i.e. the average market value of the information presented.”
outstanding equity shares). Dilutive potential equity
shares are deemed converted as of the beginning of the (w) Current versus non-current classification
period, unless issued at a later date. Dilutive potential The Company presents assets and liabilities in
equity shares are determined independently for each the balance sheet based on current/ non-current
period presented. classification. An asset is treated as current when it is:

The number of equity shares and potentially dilutive (a) Expected to be realised or intended to be sold or
equity shares are adjusted retrospectively for all periods consumed in normal operating cycle;
presented for any share splits and bonus shares issues
including for changes effected prior to the approval of (b) Held primarily for the purpose of trading;
the financial statements by the Board of Directors.
(c) 
Expected to be realised within twelve months
(u) Leases after the reporting period; or
The Company evaluates if an arrangement qualifies
to be a lease as per the requirements of Ind AS 116. (d) Cash or cash equivalents unless restricted from
Identification of a lease requires significant judgment. being exchanged or used to settle a liability for at
The Company uses significant judgement in assessing least twelve months after the reporting period.
the lease term (including anticipated renewals) and
the applicable discount rate. The Company determines All other assets are classified as non-current.
the lease term as the non-cancellable period of a lease,
together with both periods covered by an option to A liability is current when:
extend the lease if the Company is reasonably certain to (a) It is expected to be settled in normal
exercise that option; and periods covered by an option operating cycle;
to terminate the lease if the Company is reasonably
certain not to exercise that option. In assessing (b) It is held primarily for the purpose of trading;
 ANANT RAJ LIMITED

Notes forming part of the standalone financial statements

(c) It is due to be settled within twelve months after Ind AS 16- Property, plant and equipment:
the reporting period; or The amendment clarifies that excess of net sale proceeds
of items produced over the cost of testing, if any, shall
(d) 
There is no unconditional right to defer the not be recognised in the profit or loss but deducted
settlement of the liability for at least twelve from the directly attributable costs considered as part
months after the reporting period. of cost of an item of property, plant and equipment.
The effective date for adoption of this amendment is

The Company classifies all other liabilities annual periods beginning on or after April 1, 2022.
as non-current. The Company has evaluated the amendment and there
is no impact on its financial statements.
Deferred tax assets and liabilities are classified as
non-current assets and liabilities. Ind AS 37- Provisions, Contingent liabilities and
Contingent assets:
x) Goods and service tax paid on acquiring of The amendment specifies that the ‘cost of fulfilling’ a
assets or on incurring expenses contract comprises the ‘costs that related directly to the
120 Expenses and assets are recognised net of the goods contract’. Costs that related directly to a contract can
and service tax paid, except when the tax incurred on a either be incremental costs of fulfilling that contract
purchases of assets or services is not recoverable from (examples would be direct labour, materials) or an
A NNUA L R E P O RT 2 0 2 1 - 2 2

the tax authority, in which case, tax paid is recognised allocation of other costs that relate directly to fulfilling
as part of the cost of acquisition of the asset or as part contracts (an example would be the allocation of
of the expense item as applicable. The net amount of depreciation charge for an item of property, plant and
tax recoverable from, or payable to, the tax authority is equipment used in fulfilling the contract). The effective
included as part of receivables or payables, respectively, date for adoption of this amendment is annual periods
in the balance sheet. beginning on or after April 1, 2022, although early
adoption is permitted.
y) Recent Pronouncements
On March 23, 2022, the Ministry of Corporate Affairs The amendments are extensive and the Company will
(“MCA”) notified new standards or amendments evaluate the same to give effect to them as required by law.
to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time
to time as below:
Notes forming part of the standalone financial statements
Notes 3: “Property, Plant and Equipment, Capital Work- in- Progress and Investment Property”
(` in Lakhs)
Particulars Property, plant and equipment Capital work-in- Investment property
Plant and Furniture and Office Computer Vehicles Total progress Land and Building and site Total
machinery fixtures equipments equipments site development development
Gross carrying value
As at April 1, 2021 2,825.99 841.43 1,417.00 157.96 2,030.33 7,272.71 8,647.08 38,503.80 87,796.30 126,300.10
Additions - 68.61 14.13 6.21 3.96 92.91 17.22 5.67 - 5.67
Disposals - - - - 25.17 25.17 4,530.07 - - -
As at March 31, 2022 2,825.99 910.04 1,431.13 164.17 2,009.12 7,340.45 4,134.23 38,509.47 87,796.30 126,305.77
Depreciation
As at April 1, 2021 2,176.99 733.15 1,274.61 140.62 1,505.95 5,831.32 - - 11,999.85 11,999.85
Depreciation during the year - 30.25 27.31 4.38 160.00 221.94 - - 1,233.96 1,233.96
Written back - - - - 23.91 23.91 - - - -
As at March 31, 2022 2,176.99 763.40 1,301.92 145.00 1,642.04 6,029.35 - - 13,233.81 13,233.81
Net book value
As at March 31, 2022 649.00 146.64 129.21 19.17 367.08 1,311.10 4,134.23 38,509.47 74,562.49 113,071.96
As at March 31, 2021 649.00 108.28 142.39 17.34 524.38 1,441.39 8,647.08 38,503.80 75,796.45 114,300.25

(i) Amounts recognised in Statement of Profit and Loss for investment properties
(` In Lakhs)
March 31, 2022 March 31, 2021
Rental income 832.55 653.91
Depreciation 1,233.96 1,254.39
Profit from investment properties (401.41) (600.48)

(ii) Capital work-in-progress ageing schedule

(` In Lakhs)
Amount in 'Capital Work in Progress' for a period of
Particulars Less than 1 year 1-2 years 2-3 years More than 3 years Total
Projects in progress 17.22 107.71 31.38 3,977.92 4,134.23
(107.71) (31.39) (23.86) (8,484.12) (8,647.08)
Projects temporarily suspended - - - - -
- - - - -

(iii) Estimation of fair value

The fair value of ‘Investment Property’ is ` 2,39,500 Lakhs (` 2,36,486 lakhs). These valuations are based on best evidence of fair value is current prices in the active
market of similar properties. The fair valuation of investment property has been determined by the management.

F I N A N C I A L STAT E M E NT S
121
 ANANT RAJ LIMITED

Notes forming part of the standalone financial statements

4 Investments
(` in Lakhs)
March 31, 2022 March 31, 2021
Non-current
Equity instruments-Unquoted^
Subsidiaries 5,605.17 5,600.17
Associates 18,414.69 18,412.19
Others 5,004.00 5,004.00
Joint ventures
Limited liability partnerships^ 2,038.27 5.00
Compulsorily convertible debentures- Unquoted* 2,909.87 -
Aggregate value of unquoted investments 33,972.00 29,021.36
^ Refer to Note-4.1
* Pursuant to Ind AS-109 “Financial Instruments” issued by the Ministry of Corporate Affairs, Government of India, investment in debentures
is carried at amortised cost. The unquoted debentures are discounted at 8% per annum. The Company determines the discount rate basis its
122
weighted average cost of capital.
A NNUA L R E P O RT 2 0 2 1 - 2 2

4.1 Investments-Non Current

Sr. Name of the body corporate Country of Paid up Extent of holding March 31, 2022 March 31, 2021
No. incorporation value per 2021-22 2020-21 Shares Amount Shares Amount
share
` % % Nos. ` in lakhs Nos. ` in lakhs
Equity instruments (measured at cost)
(Unquoted, fully paid up)
(a) Subsidiaries
1 Adonai Home Pvt. Ltd. India 10 100% 100% 100,000 11.00 100,000 11.00
2 Advance Buildcon Pvt. Ltd. India 10 100% 100% 50,000 5.00 50,000 5.00
3 Anant Raj Cons. & Development India 10 100% 100% 5,000,000 500.00 5,000,000 500.00
Pvt. Ltd.
4 Anant Raj Cloud Private Limited India 10 100% 100% 50,000 5.00 50,000 5.00
5 Ashok Cloud Private Limited India 10 100% - 50,000 5.00 - -
6 Anant Raj Digital Private Limited India 10 100% - 50,000 5.00 - -
7 Anant Raj Estate Management India 10 100% 100% 50,000 5.00 50,000 5.00
Services Ltd.
8 Anant Raj Housing Ltd. India 10 100% 100% 50,000 5.00 50,000 5.00
9 AR Login 4 Edu Pvt. Ltd. India 10 100% 100% 50,000 5.00 50,000 5.00
10 Century Promoters Pvt. Ltd. India 10 100% 100% 50,000 5.00 50,000 5.00
11 Echo Properties Pvt. Ltd. India 100 81.01% 81.01% 5,000 5.00 5,000 5.00
12 Empire Promoters Pvt. Ltd. India 100 100% 100% 5,000 5.00 5,000 5.00
13 Four Construction Pvt. Ltd. India 10 100% 100% 50,000 5.00 50,000 5.00
14 Glaze Properties Pvt. Ltd. India 10 100% 100% 50,000 5.00 50,000 5.00
15 Grandstar Realty Pvt. Ltd. India 10 100% 100% 50,000 5.00 50,000 5.00
16 Green Valley Builders Pvt. Ltd. India 10 100% 100% 50,000 5.00 50,000 5.00
17 Green Way Promoters Pvt. Ltd. India 10 100% 100% 50,000 5.00 50,000 5.00
18 Gujrat Anant Raj Vidhyanagar Ltd. India 10 100% 100% 100,000 10.00 100,000 10.00
19 Hamara Realty Pvt. Ltd. India 10 100% 100% 50,000 5.00 50,000 5.00
20 Jasmine Buildwell Pvt. Ltd. India 10 100% 100% 50,000 5.00 50,000 5.00
21 North South Properties Pvt. Ltd. India 10 100% 100% 50,000 5.00 50,000 5.00
22 Pasupati Aluminium Ltd. India 10 100% 100% 50,000 5.02 50,000 5.02
23 Pelikan Estates Pvt. Ltd. India 100 100% 100% 5,000 5.01 5,000 5.01
24 Pioneer Promoters Pvt. Ltd. India 100 100% 100% 5,000 5.00 5,000 5.00
25 Rolling Construction Pvt. Ltd. India 10 50.1% 50.1% 536,009 4,864.11 536,009 4,864.11
Notes forming part of the standalone financial statements
Sr. Name of the body corporate Country of Paid up Extent of holding March 31, 2022 March 31, 2021
No. incorporation value per 2021-22 2020-21 Shares Amount Shares Amount
share
` % % Nos. ` in lakhs Nos. ` in lakhs
26 Romano Estate Management India 10 100% 100% 50,000 5.00 50,000 5.00
Services Ltd.
27 Romano Estates Pvt. Ltd. India 10 100% 100% 50,000 5.00 50,000 5.00
28 Romano Infrastructure Pvt. Ltd. India 10 100% 100% 50,000 5.00 50,000 5.00
29 Romano Projects Pvt. Ltd. India 10 - 100% - - 50,000 5.00
30 Rose Realty Pvt. Ltd. India 10 100% 100% 50,000 5.00 50,000 5.00
31 Sovereign Buildwell Pvt. Ltd. India 10 100% 100% 50,000 5.00 50,000 5.00
32 Spring View Developers Pvt. Ltd. India 10 75% 75% 750,000 75.01 750,000 75.01
33 Springview Properties Pvt. Ltd. India 100 100% 100% 5,000 5.00 5,000 5.00
34 Tumhare Liye Realty Pvt. Ltd. India 10 100% 100% 50,000 5.01 50,000 5.01
35 Woodland Promoters Pvt. Ltd. India 100 100% 100% 5,000 5.01 5,000 5.01
Total (i) 7,666,009 5,605.17 7,616,009 5,600.17
(b) Associates 123
1 Roseland Buildtech Pvt. Ltd. India 10 50% 50% 8,438,430 14,798.68 8,438,430 14,798.68
2 E2E Solutions Pvt. Ltd. India 10 49% 49% 8,660,410 3,613.01 8,660,410 3,613.01

F I N A N C I A L STAT E M E NT S
3 Anant Raj Property Management India 10 50% 50% 5,000 0.50 5,000 0.50
Pvt. Ltd.
4 Romano Projects Pvt. Ltd. India 10 50% - 25,000 2.50 - -
Total (ii) 17,128,840 18,414.69 17,103,840 18,412.19
(c) Others
1 Anant Raj Estates Pvt. Ltd. India 10 16.67% 16.67% 2,000 5,000.00 2,000 5,000.00
2 Artistaan Pvt. Ltd. India 10 15.20% 15.20% 40,000 4.00 40,000 4.00
Total (iii) 42,000 5,004.00 42,000 5,004.00
(d) Limited liability partnerships
1 Avarna Projects LLP India 50% 50% - 2,038.27 - 5.00
Total (iv) - 2,038.27 - 5.00
(e) Compulsorily convertible debentures
1 Vibrant Buildmart Pvt. Ltd.* India 100 - - 5,103,570 2,367.57 - -
2 Blossom Buildtech Pvt. Ltd.* India 100 - - 1,169,000 542.30 - -
Total (v) 6,272,570 2,909.87 - -
Total ( i+ii+iii+iv+v ) 31,109,419 33,972.00 24,761,849 29,021.36

*Unquoted 0% compulsory convertible unsecured debentures. The said debentures are convertible at such price as may be determined by the Board
of Directors of the respective company at any time within 120 months from the date of allotment of the debentures, at issue price to be decided
by the Board of Directors of the respective company based on prevailing fair market value of equity shares of the company.
 ANANT RAJ LIMITED

Notes forming part of the standalone financial statements

5 Trade receivables
(` in Lakhs)
March 31, 2022 March 31, 2021
Non-current
Unsecured, considered good 1,610.36 1,756.74
1,610.36 1,756.74
Current
Unsecured, considered good 2,104.72 5,368.02
2,104.72 5,368.02
Notes:
(a) Above balances of trade receivables include balances with related parties Nil Nil

(b) No trade or other receivables are due from directors or other officers of the Company either severally or jointly with any
other person.

124 (c) Trade receivables are non-interest bearing.

(d) Ageing for trade receivables-Billed-non current outstanding as at March 31, 2022, is as follows:
A NNUA L R E P O RT 2 0 2 1 - 2 2

(` In Lakhs)
Sr. Particulars Outstanding for following periods from due date of payment
No.
Less than 6 months- 1-2 2-3 More than Total
6 months 1 year years years 3 years
(i) Undisputed trade receivables – considered good - - 11.01 - 1,599.35 1,610.36
- - (110.73) - (1,646.01) (1,756.74)
(ii) Undisputed trade receivables – which have - - - - - -
significant increase in credit risk
- - - - - -
(iii) Undisputed trade receivables – credit impaired - - - - - -
- - - - - -
(iv) Disputed trade receivables – considered good - - - - - -
- - - - - -
(v) Disputed trade receivables–which have - - - - - -
significant increase in credit risk
- - - - - -
(vi) Disputed trade receivables – credit impaired - - - - - -
- - - - -
Notes forming part of the standalone financial statements
(e) Ageing for trade receivables-Billed- current outstanding as at March 31, 2022, is as follows:
(` In Lakhs)
Sr. Particulars Outstanding for following periods from due date of payment
No.
Less than 6 6 months- 1-2 2-3 More than Total
months 1 year years years 3 years
(i) Undisputed trade receivables – considered 573.13 1,531.59 - - - 2,104.72
good
(2,597.39) (2,770.63) - - - (5,368.02)
(ii) Undisputed trade receivables – which have - - - - - -
significant increase in credit risk
- - - - - -
(iii) Undisputed trade receivables – credit - - - - - -
impaired
- - - - - -
(iv) Disputed trade receivables – considered - - - - - - 125
good
- - - - - -

F I N A N C I A L STAT E M E NT S
(v) Disputed trade receivables–which have - - - - - -
significant increase in credit risk
- - - - - -
(vi) Disputed trade receivables – credit impaired - - - - - -
- - - - - -

6 Loans
(` in Lakhs)
March 31, 2022 March 31, 2021
Non-current
Unsecured, considered good
Loans to related parties
Subsidiaries 33,627.60 31,947.60
Limited liability partnership 17,051.21 15,091.80
Associates 2,815.48 1,700.69
Other loans 57.00 57.00
53,551.29 48,797.09
Long term loans to subsidiaries include amounts due from private companies 1,390.69 1,036.15
in which director is a director or member

Current
Unsecured, considered good
Loans to related parties
Subsidiaries - 504.77
- 504.77
Note:
(a) Detail of loans or advances are granted to promoters, directors, KMPs and the related parties along with their percentages:
Type of borrower Loans or advances in the % to the total loans and
nature of loan outstanding advances in the nature of loans
` in lakhs %
Related parties 53,494.29 99.89
Note: There are no loans or advances granted to promoters, directors and KMPs.
 ANANT RAJ LIMITED

Notes forming part of the standalone financial statements

7 Other financial assets
(` in Lakhs)
March 31, 2022 March 31, 2021
Non-current
Unbilled receivables 5,418.59 4,210.81
Security deposits 215.28 209.82
Margin money deposits^ 126.43 137.19
Deposits held as security against borrowings^^ 525.00 525.00
6,285.30 5,082.82
Current
Unbilled receivables 74,511.20 61,527.51
Advances recoverable 4,872.94 12,978.88
Recoverable from related parties
Interest receivable 4,819.09 2,501.14
Advances recoverable ^^^ 534.61 539.48
126
Staff advances and imprest 134.50 95.55
Interest accrued but not due 4.80 5.63
A NNUA L R E P O RT 2 0 2 1 - 2 2

84,877.14 77,648.19
^Pledged with Banks against issuance of bank guarantees.
^^Represents deposits equivalent to 3 (three) months interest held by Banks under Debt Service Reserve Account.
^^^Advances recoverable from related parties are short-term in nature and receivable on demand.

8 Other non-current assets

(` in Lakhs)
March 31, 2022 March 31, 2021
Capital advances 4,722.42 4,772.71
Advances to contractors 1,146.25 1,182.12
Other advances
Deposits with Government Authorities ^ 254.77 254.77
6,123.44 6,209.60
^ Includes deposits with Banks aggregating to ` 7.41 Lakhs (` 7.41 Lakhs) pledged with Government Authorities.

9 Inventories
(` in Lakhs)
March 31, 2022 March 31, 2021
Projects under development 97,804.18 126,499.28
Others 87.00 87.00
97,891.18 126,586.28

10 Cash and cash equivalents

(` in Lakhs)
March 31, 2022 March 31, 2021
Balances with Banks
In current accounts 804.68 59.26
Cash on hand 13.86 29.87
818.54 89.13
Notes forming part of the standalone financial statements
11 Other bank balances
(` in Lakhs)
March 31, 2022 March 31, 2021
Earmarked balances with Banks
Unpaid dividend accounts 27.14 28.29
Others
Margin money deposits^ 809.16 798.51
Deposits with maturity period of more than 3 months^^ 150.27 205.35
986.57 1,032.15
^ Pledged with Banks against issuance of bank guarantees.
^^ Include deposits pledged in favour of buyer of former subsidiary against property tax liability.

12 Other current assets

(` in Lakhs)
March 31, 2022 March 31, 2021
127
Advances recoverable * 4,374.83 7,560.68
Balances with Government Authorities^ 1,709.80 1,647.26

F I N A N C I A L STAT E M E NT S
Advances to contractors 97.24 72.52
Prepaid expenses 32.32 33.62
6,214.19 9,314.08
*Includes ` 3,20.14 Lakhs (` 3,70.14 Lakhs) recoverable from related parties
^The unutilised GST input credits on purchases to be utilised against future GST liabilities. These are generally realised within one year and hence,
this balance has been classified as current assets.

13 Share capital
(` in Lakhs)
March 31, 2022 March 31, 2021
Authorised
41,45,00,000 (41,45,00,000) equity shares of ` 2 (` 2) each 8,290.00 8,290.00
Issued and subscribed
29,51,47,335 (29,51,47,335 ) equity shares of ` 2 (` 2) each fully paid up 5,902.95 5,902.95
Paid up
29,50,96,335 (29,50,96,335) equity shares of ` 2 (` 2) each fully paid up 5,901.93 5,901.93
Notes:
(a) Reconciliation of the equity shares outstanding at the beginning and at the end of the reporting period:
Particulars March 31, 2022 March 31, 2021
Number of shares ` in lakhs Number of shares ` in lakhs
Outstanding as at the beginning of the year 295,096,335 5,901.93 295,096,335 5,901.93
Outstanding as at the end of the year 295,096,335 5,901.93 295,096,335 5,901.93

(b) Right, preference and restrictions attached to shares

The Company has only one class of equity shares having a par value of ` 2 each. Each shareholder is eligible for one vote per
share held and carry a right of dividend. The dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their shareholding.
 ANANT RAJ LIMITED

Notes forming part of the standalone financial statements

(c) Dividend
The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividend is
recorded as a liability on the date of declaration by the Company’s Board of Directors. Income tax consequences of dividends
on financial instruments classified as equity will be recognized according to where the entity originally recognized those past
transactions or events that generated distributable profits.
The Company declares and pays dividends in Indian rupees. The Finance Act 2020, has repealed the Dividend Distribution
Tax (DDT). Companies are now required to pay/distribute dividend after deducting applicable taxes. The remittance of
dividends outside India is also subject to withholding tax at applicable rates.
The Board of Directors in their meeting on May 14, 2022, recommended a final dividend of ` 0.12 per equity share (i.e.
6% on ` 2/- fully paid up share) for the financial year ended March 31, 2022. This payment is subject to the approval of
shareholders in the ensuing Annual General Meeting of the Company and if approved would result in a net cash outflow of
approximately ` 3.54 crores.

(d) Details of equity shares held by shareholders holding more than 5% of the aggregate shares in the Company

128 S.No. Name of shareholder March 3 1, 2022 March 31, 2021

Number of shares % Number of shares %
(i) Ashok Sarin - 189,089,513 64.08%
A NNUA L R E P O RT 2 0 2 1 - 2 2

(ii) Roma Sarin 189,089,513 64.08% - -

As per the records of the Company, including its register of shareholders/members and other declarations received from
shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
(e) Disclosure of shareholding of promoters as at March 31, 2022, is as follows:
Promoter name March 31, 2022 March 31, 2021 % change
Number of % of total Number of % of total during the
shares shares shares shares year
(i) Ashok Sarin - - 189,089,513 64.077 100%
(ii) Roma Sarin 189,089,513 64.077 - - 100%
(iii) Raghunath Rai Gandhi 3,500 0.001 3,500 0.001 0%
(iv) Arvinda Gandhi 3,000 0.001 3,000 0.001 0%
(v) Chanda Sachdev 2,518,500 0.853 2,518,500 0.853 0%
(vi) Dhruv Bhasin - - 140,615 0.048 100%
(vii) Pankaj Nakra 87,880 0.030 87,880 0.030 0%
(viii) Nutan Nakra 77,000 0.026 77,000 0.026 0%

(f) Disclosure of shareholding of promoters as at March 31, 2021, is as follows:

Promoter name March 31, 2021 March 31, 2020 % change
Number of % of total Number of % of total during the
shares shares shares shares year
(i) Ashok Sarin 189,089,513 64.077 32,659,282 11.067 479%
(ii) Anil Sarin - - 32,337,742 10.958 100%
(iii) Amit Sarin - - 4,324,430 1.465 100%
(iv) Aman Sarin - - 3,836,825 1.300 100%
(v) Ashim Sarin - - 183,710 0.062 100%
(vi) Amar Sarin - - 1,955,407 0.663 100%
(vii) Roma Sarin - - 894,345 0.303 100%
(viii) Sharda Sarin - - 5,718,905 1.938 100%
(ix) Sunaini Sarin - - 180,500 0.061 100%
(x) Saloni Sarin - - 177,000 0.060 100%
(xi) Anant Raj Agencies Pvt. Ltd. - - 106,032,745 35.932 100%
(xii) Ashok Sarin (HUF) - - 163,900 0.056 100%
Notes forming part of the standalone financial statements
Promoter name March 31, 2021 March 31, 2020 % change
Number of % of total Number of % of total during the
shares shares shares shares year
(xiii) Anil Sarin (HUF) - - 163,900 0.056 100%
(xiv) Rajkumari (HUF) - - 163,900 0.056 100%
(xv) Raghunath Rai Gandhi 3,500 0.001 3,500 0.001 0%
(xvi) Arvinda Gandhi 3,000 0.001 3,000 0.001 0%
(xvii) Chanda Sachdev 2,518,500 0.853 2,518,500 0.853 0%
(xviii) Dhruv Bhasin 140,615 0.048 140,615 0.048 0%
(xix) Pankaj Nakra 87,880 0.030 87,880 0.030 0%
(xx) Nutan Nakra 77,000 0.026 77,000 0.026 0%

14 Borrowings
(` in Lakhs)
March 31, 2022 March 31, 2021
Non-current 129
Secured
Debentures

F I N A N C I A L STAT E M E NT S
Redeemable non-convertible debentures (RNCDs)
4,750 (Nil) RNCDs of face value of ` 10,00,000 (Nil) each 27,500.00 -
Term loans from Banks
Yes Bank Ltd. 5,475.30 15,150.24
State Bank of India 6,533.32 9,005.11
Term loans from body corporates
Indiabulls Housing Finance Ltd. - 63,861.40
LIC Housing Finance Ltd. 37,574.10 39,016.17
Capital India Finance Ltd. 2,500.00 2,500.00
ART Housing Finance (India) Ltd. 35.60 522.94
From vehicle financing companies and banks
Vehicle loans 132.62 256.95
(a) 79,750.94 130,312.81
Unsecured
Loans from related parties
Subsidiaries 1,474.34 1,594.15
Associates 1,819.57 1,924.57
Security deposits 3,512.74 3,465.32
(b) 6,806.65 6,984.04
(a)+(b) 86,557.59 137,296.85

Current borrowings
Secured
Loans repayable on demand from Banks
Working capital facilities from State Bank of India 4,896.45 4,990.14
(a) 4,896.45 4,990.14
Unsecured
Loans from related parties
Directors - 1,513.57
Subsidiaries 238.21 238.21
Associates 668.82 730.00
Security deposits from contractors 257.12 369.57
(b) 1,164.15 2,851.35
(a)+(b) 6,060.60 7,841.49
 ANANT RAJ LIMITED

Notes forming part of the standalone financial statements

Notes to secured borrowings:
Term loans from Banks/ Terms of Loans Repayment period
Body Corporates
Yes Bank Ltd. Secured against extension of exclusive charge by way of equitable mortgage Repayable in 2 years and
on land and building along with its receivables. Additionally, secured by way 3 months in quarterly
of unconditional and irrevocable personal guarantee of 2 (two) directors/ installments.
promoters of the Company.
State Bank of India Secured against first charge on land and lease rentals of hotel property. Repayable in 4 years and 6
Also, collaterally secured by way of first charge on hotel property, negative months in monthly installments.
lien and first charge on receivables/cash flow/revenues (including booking
amounts) to the extent mortgaged with Bank, and pledge of 100% shares
of 2 land owning companies. Additionally, secured by way of personal
guarantees of 3 (three) directors/promoters of the Company and corporate
guarantees of land owing companies. Securities are cross collateralized with
all loans of bank.
130 LIC Housing Finance Ltd. Secured against equitable mortgage of land and building, a hotel property, Repayable in 11 years and 7
assignment/hypothecation of present and all the future rentals or any months in monthly installments.
A NNUA L R E P O RT 2 0 2 1 - 2 2

other receivables from the said properties and charge on the present and
future receivables from aforesaid properties. Additionally secured by way of
personal guarantees of 2 (two) directors/promoters of the Company.
Capital India Finance Secured against equitable mortgage of land. Also, collaterally secured by Repayable in 3 years and
Ltd. way of personal guarantee of 1 (one) director/promoter of the Company. 10 months in quarterly
installments.
ART Housing Finance Secured against equitable mortgage of Aashrya Project. The aforesaid term Repayable in 1 years in monthly
(India) Ltd. loan is also additionally secured by way of personal guarantees of 2 (two) installments.
directors/promoters of the Company.
Redeemable Secured against equitable mortgage of various parcels of land, first and Redeemable in 3 years
non-convertible exclusive charge on the receivables arising from abovesaid land parcels and and 3 months in quarterly
debentures-Touchstone pledge of 100% shares of 7 land owing companies and 95% shares of 1 installments.
Trust Scheme land owning company. The aforesaid term loans are cross collateralised with
availed by the Company. Also, secured by way of personal guarantees of
3 (three) directors and 1 (one) promoter of the Company and corporate
guarantees of land owing companies.
Vehicle loans from Secured against hypothecation of respective vehicles. Repayable in equated monthly
various vehicle finance installments over different
companies & banks periods till February 2024.
Working Capital Secured against first charge on land, first pari pasu charge on inventory and receivables (present and future).
State Bank of India The aforesaid facilities are collaterally secured by way of negative lien and first charge on receivables/cash
flow/ revenues (including booking amount) arising out of or in connection with land, to the extent property
mortgaged and additionally secured way of personal guarantees of 3 (three) directors/promoters of the
Company. Securities are cross collateralized with all loans of bank.

The Company has been generally regular in repayment as at the reporting date in respect of aforesaid loans.
Loans from related parties represents non-interest bearing unsecured loans, which loans are repayable, wherever stipulated or as
mutually agreed. There is no repayment of principal or payment of interest due by the Company as at the year end.
The Company has utilised the borrowings from lenders for the specific purpose for which it was taken. The quarterly returns filed
by the Company with the banks in respect of working capital loan are in agreement with the books of account.
Notes forming part of the standalone financial statements
15 Other non current liabilities
(` in Lakhs)
March 31, 2022 March 31, 2021
Other liabilities and payables* 7,738.61 7,941.22
Advance received from customers 2,571.96 1,755.64
10,310.57 9,696.86
*Includes ` 11,11.02 Lakhs (` 11,17.86 Lakhs) payable to related parties

16 Provisions
(` in Lakhs)
Provisions March 31, 2022 March 31, 2021
Non-current
Provision for employee benefits
Gratuity (unfunded) 151.29 138.51
Leave encashment (unfunded) 36.56 34.08
131
187.85 172.59
Current

F I N A N C I A L STAT E M E NT S
Provision for employee benefits
Gratuity (unfunded) 61.27 52.86
Leave encashment (unfunded) 13.83 10.73
75.10 63.59

17 Deferred tax assets/liabilities (Net)

(` in Lakhs)
Balance as at Balance as at Recognised Recognised Recognised to
March 31, 2022 March 31, 2021 Other to Statement Statement of
compreh-ensive of Profit and Profit and Loss
income for the Loss for the for the year
year year ended ended
March 31, 2022 March 31, 2022 March 31, 2021
(i) Deferred tax assets
Unabsorbed long term capital loss 229.92 229.92 - - (80.92)
Gratuity 73.56 66.23 - 7.33 (17.35)
Leave encashment 17.44 15.51 - 1.93 (9.30)
Actuarial deferred tax 22.72 14.30 8.41 8.42 9.90
Total deferred tax assets 343.64 325.96 8.41 17.68 (97.67)

(ii)
Deferred tax liabilities
Depreciation and amortisation 3,652.54 3,146.09 - 506.45 392.27
Amortisation of upfront fees 128.12 128.12 - - -
Others 28.89 28.89 - - -
Total deferred tax liabilities 3,809.55 3,303.10 - 506.45 392.27
Net deferred tax assets/ (3,465.91) (2,977.14) 8.41 (488.77) (489.94)
(liability); (i)-(ii)
 ANANT RAJ LIMITED

Notes forming part of the standalone financial statements

18 Trade payables
(` in Lakhs)
March 31, 2022 March 31, 2021
Current
For construction and goods
Total outstanding dues of micro enterprises and small enterprises 7.69 4.03
Total outstanding dues of creditors other than above 247.60 386.95
255.29 390.98
Notes:
(i) The Company has received the required information from suppliers regarding their status under the Micro, Small and
Medium Enterprises Development Act, 2006, hence, disclosures, if any, relating to amounts unpaid as at the year end together
with interest paid/ payable as required under the said Act have been made.
(ii) Trade payables ageing schedule:
(` In Lakhs)
132 Particulars Outstanding for following periods from due date of payment
Less than 1 year 1-2 years 2-3 years More than 3 years Total
(a) Micro, small and medium
A NNUA L R E P O RT 2 0 2 1 - 2 2

enterprises (MSME) 3.42 0.20 - 4.07 7.69

- - - (4.03) (4.03)
(b) Others 185.32 - 6.32 55.96 247.60
(313.99) (8.08) (0.29) (64.59) (386.95)
(c) Disputed dues-MSME - - - - -
- - - - -
(d) Disputed dues-Others - - - - -
- - - - -

19 Other financial liabilities

(` in Lakhs)
March 31, 2022 March 31, 2021
Current
Employees salary and other benefits 151.08 160.02
Expenses payable 274.01 290.30
Unpaid dividends* 27.14 28.29
Book overdraft 3.24 512.99
455.47 991.60
* There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund under section 125
of the Companies Act, 2013.

20 Other current liabilities

(` in Lakhs)
March 31, 2022 March 31, 2021
Current maturities of long term debts 31,273.89 16,289.86
Interest accrued on borrowings 1,142.20 2,462.32
Interest accrued but not due on borrowings 527.08 41.63
Advance received from customers^ 9,386.80 5,637.55
Other liabilities and payables* 612.46 2,978.57
Duties and taxes 953.85 1,738.73
43,896.28 29,148.66
^ Includes ` 10,00 Lakhs (Nil) payable to related party.
*Includes ` 5,72.75 Lakhs (` 28,20.50 Lakhs) payable to related parties.
Notes forming part of the standalone financial statements
21 Current tax liabilities
(` in Lakhs)
March 31, 2022 March 31, 2021
Income tax (net off taxes paid) 544.55 403.06
544.55 403.06

22 Revenue from operations

(` in Lakhs)
March 31, 2022 March 31, 2021
Sales revenues and receipts 34,276.95 24,965.40
Rental and services receipts 1,030.84 682.92
35,307.79 25,648.32

23 Other income
(` in Lakhs)
133
March 31, 2022 March 31, 2021
Interest receipts from

F I N A N C I A L STAT E M E NT S
Related parties 2,705.14 1,779.48
Banks deposits 91.12 96.71
Customers 32.92 15.44
Security deposits 1.62 -
Share of profit from limited liability partnership 2,033.28 -
Income from investment measured at amortised cost 4.46 9.25
Other non operating income 1.09 1.95
4,869.63 1,902.83

24 Cost of sales
(` in Lakhs)
March 31, 2022 March 31, 2021
Construction and development expenses of real estate projects 26,349.65 17,580.00
26,349.65 17,580.00

25 Employees benefit expense

(` in Lakhs)
March 31, 2022 March 31, 2021
Salary, wages, bonus and allowances 968.74 936.12
Staff welfare 134.18 105.83
Contribution to provident and other funds 50.87 46.30
Gratuity 34.46 31.56
Leave encashment 11.77 10.63
1,200.02 1,130.44
 ANANT RAJ LIMITED

Notes forming part of the standalone financial statements

26 Finance costs
(` in Lakhs)
March 31, 2022 March 31, 2021
Interest paid on
Borrowings 1,902.15 2,078.18
Vehicle finance 29.77 37.86
Customers 2.71 43.39
Others 56.12 48.05
Unwinding of discount on deposits 47.79 52.41
Other borrowing costs
Processing and advisory fees 36.84 173.33
Bank guarantee charges 6.03 6.23
Bank charges 1.83 3.13
2,083.24 2,442.58
134
27 Other expenses
(` in Lakhs)
A NNUA L R E P O RT 2 0 2 1 - 2 2

March 31, 2022 March 31, 2021

Advertisement and promotion 442.57 338.69
Legal and professional 372.03 236.08
Electricity and water 220.36 283.08
Fees and taxes 57.65 99.31
Security 81.51 92.84
Rent 87.05 88.16
Travelling and conveyance 95.41 46.04
Repair and maintenance
Buildings 252.75 199.64
Let out property 63.58 55.71
Vehicles 75.64 63.15
Others 32.23 24.00
Insurance 53.79 45.85
Communication 24.51 26.19
Printing and stationery 14.46 15.66
Membership and subscription 6.06 4.40
CSR expenses 70.32 29.43
Payment to auditors
Audit fees 17.50 17.50
Others 187.56 190.67
2,154.98 1,856.40
Notes forming part of the standalone financial statements
28 CONTINGENT LIABILITIES
(to the extent not provided for)
(` in Lakhs)
March 31, 2022 March 31, 2021
(i) (a) Claims against the Company not acknowledged as debts* 489.50 116.41
(b) Income tax demands disputed in appellate proceedings 701.10 880.18
(c) Disputed demands in respect of indirect taxes 217.16 217.16
*[Amounts are net of payments made and without considering interest
for the overdue period and penalty, if any, as may be levied if the
demand so raised is upheld]
(ii) Bonds/Guarantee given to custom authorities for custom duty saved on
import of capital goods under EPCG scheme 331.08 341.84
Deposits, inclusive of accrued interest Nil (` 13.85 lakhs) held by bank
as margin shown under the head "Other bank balances".
[Unfulfilled export obligation of ` 1,218.46 lakhs (` 1,163.10 lakhs)
135
under EPCG license for import of capital goods.]*
*The Company has sought extension of time from concerned

F I N A N C I A L STAT E M E NT S
Department regarding fulfilling its export obligations
(iii) Guarantees given by Banks
Guarantees given to Town and Country Planning, Haryana, towards 1,992.89 1,992.89
external development work.
Deposits, inclusive of accrued interest, of ` 795.73 lakhs (` 800.51
lakhs) held by bank as margin, shown under the head 'Other bank
Balances'
(iv) Borrowings by affiliate companies whose loans have been guaranteed 4,274.36 4,389.46
by the Company as at close of the year

29 Capital and other commitments

(` in Lakhs)
March 31, 2022 March 31, 2021
Estimated amount of contracts remaining to be executed on capital account 2,336.23 2,344.18
and not provided for

30 Inventory includes, Development Rights acquired for ` 95,899.58 lakhs (` 1,24,452.24 lakhs), being payments made to subsidiary
companies under Development Agreements to acquire irrevocable rights over land whereby the Company is entitled to construct,
market and sell the development on the same.

31 In the opinion of the Board, all assets other than fixed assets and non current investments, have a value on realisation in the
ordinary course of business at least equal to the amount at which they are stated.

32 The Board of Directors at its meeting held on March 3, 2021, approved the raising of funds for an amount of ` 163,41.50
Lakhs by way of issuing 2,90,00,000 fully Convertible Warrants at an issue price of ` 56.35 (Rupees Fifty Six and Paisa
Thirty Five Only) on a preferential basis to ‘Promoter & Promoter Group’ and ‘Non-Promoter’ Category, to fund the Company’s
new vertical-’Data Centers’ to be set-up in the IT Parks built by the Company in the Manesar, Panchkula and Rai in the State
of Haryana, in accordance with the provisions of the Companies Act, 2013, read with SEBI (Issue of Capital and Disclosure
Requirements) Regulations, 2018, (SEBI ICDR Regulations), which was further approved by the shareholders of the Company at
the Extra-Ordinary general meeting held on April 21, 2021.
 ANANT RAJ LIMITED

Notes forming part of the standalone financial statements

Further, the Board of Directors at its meeting held on May 5, 2021, issued and allotted the aforesaid 2,90,00,000 fully Convertible
Warrants of face value of ` 2 (Rupees Two ) each on receipt of 25% of the issue price from the allottees,carrying a right to
subscribe to one equity share per warrant, for cash at an issue price of ` 56.35, including premium of ` 54,35 per warrant on
preferential basis to ‘Promoter & Promoter Group’ and ‘Non-Promoter’ (Allottees) on receipt of 100% of issue price from the
allottees in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

33 The Board of Directors of the Company at their meeting held on December 25, 2021, approved the raising of funds by issuance
of 4,750, secured, unlisted, redeemable, non- convertible debentures (‘Debentures’) bearing face value of ` 10 Lakhs (Rupees Ten
Lakhs Only) each, at par aggregating upto ` 475,00 Lakhs (Rupees Forty Seven Thousand and Five Hundred Lakhs only) in one
or more tranches on private placement basis to eligible investor(s) to refinance the outgoing credit facilities and utilization towards
general corporate purposes, including the payment of transaction expenses, including upfront Interest applicable on Debentures.
The Board of Directors of the Company at their meeting held on January 4, 2022, approved the allotment of 4,750 (Four
Thousand Seven Hundred and Fifty) Debentures of face value of ` 10 Lakhs (Rupees Ten Lakhs Only) aggregating to ` 475,00
Lakhs (Rupees Forty Seven Thousand and Five Hundred Lakhs Only), partly paid-up (payment in two tranches), on private
placement basis to Touchstone Trust Scheme II on the receipt of Tranche A subscription amount.
136
Further, the Board of Directors of the Company at their meeting held on March 28, 2022, considered and approved to issue the
‘Final Call’ of ` 400,00 Lakhs (Rupees Forty Thousand Lakhs only) with respect to 4,750 ‘Debentures’ bearing face value of ` 10
A NNUA L R E P O RT 2 0 2 1 - 2 2

Lakhs (Rupees Ten lakhs Only) each, at Par aggregating upto ` 475,00 Lakhs (Rupees Forty Seven Thousand and Five Hundred
Lakhs Only) allotted by the Company on January 4, 2022.
The funds of ` 475,00 Lakhs (Rupees Forty Seven Thousand and Five Hundred Lakhs Only) so raised have been utilized in above
stated objects. There is no deviation or variation in utilization of funds raised as per Regulation 32 of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015.

34 As per Indian Accounting Standard-110 on “Consolidated Financial Statements” issued by the “Ministry of Corporate Affairs,
Government of India, the Company has presented consolidated financial statements separately in this annual report.

35 All creation, modification and satisfaction of charges are registered/filed with Registrar of Companies within the period prescribed
under the Companies Act, 2013, and the relavant rules made thereunder.

36 The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013, read
with the Companies (Restriction on number of layers) Rules, 2017.

37 The State Government of Haryana, did not fulfil its obligations in the matter of grant of sales tax exemption. The Company had
filed a writ petition before the Hon’ble High Court of Punjab and Haryana, situated at Chandigarh, which was admitted and is yet
to be fully disposed. The Company has been advised that no liability is likely to arise on account of sales tax, and accordingly, no
provision has been made by the Company in its books of account.
Notes forming part of the standalone financial statements
38 Retirement Benefit Plans
(i) In accordance with the Ind AS-19 on “Employee Benefits” issued by the Ministry of Corporate Affairs, Government of India,
the Company has recognised its liability towards defined benefit plans being gratuity liability of ` 212.55 lakhs (` 201.12
lakhs) and leave encashment liability of ` 50.39 lakhs (` 46.53 lakhs).
(ii) The disclosures as per Ind-AS-19 on “Employee Benefits” are as follows:
(a) Change in defined benefit obligations
(` in Lakhs)
Particulars Gratuity Leave encashment
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Projected benefit obligation at the beginning 201.12 202.46 46.53 41.82
of the year
Current service cost 20.91 20.14 8.64 8.36
Interest cost 13.55 13.19 3.14 2.72
Past service cost - - - -
Actuarial (gain)/loss on obligations (12.71) (27.35) (6.89) (4.32) 137
Benefits paid (10.32) (7.32) (1.03) (2.05)
Projected benefit obligation at the end of the 212.55 201.12 50.39 46.53

F I N A N C I A L STAT E M E NT S
year

(b) The fair value of plan assets is Nil since employee benefit plans are wholly unfunded as on March 31, 2022.
(c) Net periodic gratuity cost
(` in Lakhs)
Particulars Gratuity Leave encashment
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Current service cost 20.91 20.14 8.64 8.36
Interest cost 13.55 13.19 3.14 2.72
Past service cost - - - -
Expected return on plan assets - - - -
Cumulative unrecognized actuarial (gain)/ (52.58) (25.23) (11.35) (7.03)
loss opening B/F
Net actuarial (gain)/loss recognised (12.71) (27.35) (6.89) (4.32)
Expenses recognised in the statement of (30.83) (19.25) (6.46) (0.27)
Profit and Loss

(d) Principal actuarial assumptions

Particulars Gratuity and leave encashment
Discount rates 6.75% (6.50%) per annum
Rate of increase in compensation levels 8.00% (8.00%) per annum

(e) The discount rate is based upon the market yields available on Government bonds at the accounting date with a term that
matches that of the liabilities.
(f) The estimates of future salary increase considered in the actuarial valuation takes into account factors like inflation, seniority,
promotion and other relevant factors.
(g) The employees are assumed to retire at the age of 58 years.
(h) The mortality rates considered are as per the published rates under Indian Lives Mortality (2012-2014) ultimate table.
 ANANT RAJ LIMITED

Notes forming part of the standalone financial statements

39 Balances grouped under trade receivables, trade payables and loans and advances recoverable in cash or in kind are subject to
confirmation from subjective parties.

40 Detail of borrowing costs capitalised during the year:

(` in Lakhs)
S.No. Particulars March 31, 2022 March 31, 2021
(i) Borrowing costs added as part of inventory in respect of development 10,376.38 20,149.84
projects

41 Expenditure in foreign exchange (on accrual basis)

(` in Lakhs)
S.No. Particulars March 31, 2022 March 31, 2021
(i) Dividend 0.29 0.24
(ii) Travelling and others 17.70 16.79
138
42 Amount remitted by the Company in foreign currency on account of dividends
A NNUA L R E P O RT 2 0 2 1 - 2 2

(` in Lakhs)
S.No. Particulars March 31, 2022 March 31, 2021
(i) Number of non-resident shareholders 59 67
(ii) Number of equity shares held by them 362,800 370,805
(iii) Financial year to which the dividend related 2020-21 2019-20
(iv) Gross amount of dividends (`) in Lakhs 0.29 0.24

43 Earnings per share (EPS)

EPS is calculated by dividing the profit attributable to the equity shareholders by the weighted average of the number of equity
shares outstanding during the year. Numbers used for calculating basic and diluted earnings per equity share are as stated below:
S.No. Particulars March 31, 2022 March 31, 2021
(i) Net profit available for equity shareholders (` in Lakhs) 5,604.34 2,029.86
(ii) Weighted average number of equity shares outstanding
for calculation of
- Basic EPS (numbers) 295,096,335 295,096,335
- Diluted EPS (numbers) 324,096,335 295,096,335
(iii) Nominal value of per equity share (`) 2 2
(iv) Earning per share (i)/(ii)
- Basic EPS (`) 1.90 0.69
- Diluted EPS (`) 1.73 0.69
Notes forming part of the standalone financial statements
44 Disclosure in respect of operating leases entered into by the Company in accordance with Ind AS- 116 on “Leases” issued by
Ministry of Corporate Affairs, Government of India:
(i) Description of assets on lease
Gross carrying amount of the assets under lease as on March 31, 2022, is ` 74,562.49 lakhs, (` 75,796.45 lakhs) as on
March 31, 2021).

Details of depreciation and impairment loss are as under:

(` in Lakhs)
Class of asset Impairment loss Depreciation
Recognised Reversed
March March March March March March
31,2022 31,2021 31,2022 31,2021 31,2022 31,2021
Buildings
Accumulated Nil Nil Nil Nil 13,233.81 11,999.85
For the period Nil Nil Nil Nil 1,233.96 1,254.39
139
(ii) Non cancellable operating lease

F I N A N C I A L STAT E M E NT S
All the operating leases entered into by the Company are cancellable on serving a notice of one to three months, hence, no
further disclosure is required.

(iii) Contingent rent recognised

Total contingent rent recognised as income in the Statement of Profit and Loss for the period is Nil.

(iv) General description of lessor’s significant leasing policy

All lease agreements entered into by the Company have an initial lock-in-period, thereafter, which the agreement is extendable
or cancellable. Further, some of lessees are required to deposit some amount as security which is non-interest bearing and
refundable at the time on termination of lease.

45 Related Party Disclosures:

Pursuant to Ind AS-24 “Related Party Disclosures”, following parties are to be treated as related parties:
(a) Name of related parties and description of relationship
Key management personnel (KMP)
Related party Designation
Ashok Sarin* Executive Chairman
Amit Sarin Managing Director
Aman Sarin Whole Time Director & Chief Executive Officer
Ashim Sarin Whole Time Director & Chief Operating Officer
Brajindar Mohan Singh Director
Maneesh Gupta Director
Rajesh Tuteja Director
Kulpreet Sond Director
Manoj Pahwa Company Secretary
Pankaj Kumar Gupta Chief Financial Officer
* Cessation due to demise on August 22, 2021
 ANANT RAJ LIMITED

Notes forming part of the standalone financial statements

Subsidiaries
1 Adonai Home Private Limited 21 Jai Govinda Ghar Nirman Limited @
2 Advance Buildcon Private Limited 22 Jasmine Buildwell Private Limited
3 Anant Raj Cons. & Development Private Limited 23 North South Properties Private Limited
4 Anant Raj Cloud Private Limited 24 Pasupati Aluminium Limited
5 Anant Raj Digital Private Limited # 25 Pelikan Estates Private Limited
6 Ashok Cloud Private Limited # 26 Pioneer Promoters Private Limited
7 Anant Raj Estate Management Services Limited 27 Rolling Construction Private Limited
8 Anant Raj Housing Limited 28 Romano Estates Private Limited
9 AR Login 4 Edu Private Limited 29 Romano Estate Management Services Limited
10 Century Promoters Private Limited 30 Romano Infrastructure Private Limited
11 Echo Properties Private Limited 31 Romano Projects Private Limited*
12 Empire Promoters Private Limited 32 Rose Realty Private Limited
13 Excellent Inframart Private Limited @ 33 Saiguru Buildmart Private Limited @*
14 Four Construction Private Limited 34 Sartaj Developers & Promoters Private Limited @
140
15 Glaze Properties Private Limited 35 Sovereign Buildwell Private Limited
16 Green Valley Builders Private Limited 36 Spring View Developers Private Limited
A NNUA L R E P O RT 2 0 2 1 - 2 2

17 Green Way Promoters Private Limited 37 Springview Properties Private Limited

18 ARE Entertainment Limited (Formerly Gujarat Anant Raj 38 Tumhare Liye Realty Private Limited
Vidhyanagar Limited)
19 Grandstar Realty Private Limited 39 Woodland Promoters Private Limited
20 Hamara Realty Private Limited
@ The Company holds through its subsidiaries more than one-half in nominal value of their equity share capital.
* Ceased to be subsidiary/step down subsidiary during the year.
# Incorporated/acquired during the year.

Associate companies Joint controlled entity

1 Anant Raj Property Management Pvt. Ltd. Avarna Projects LLP
2 Roseland Buildtech Pvt. Ltd.
3 E2E Solutions Pvt. Ltd.
4 Romano Projects Private Limited^
^ Became associate during the year.

Enterprise over which key management personnel and their relatives exercise control
1 AAA Realty Private Limited 23 Goodwill Meadows Limited
2 Alps Buildcon Private Limited 24 Indiawyn Gaming Private Limited
3 Alps Infratech Private Limited 25 Journey Home Buildcon Private Limited
4 Alps Propmart Private Limited 26 Lily Buildwell Private Limited
5 Anant Raj Farms Private Limited 27 Moments Realtors Private Limited
6 Anant Raj Estates Private Limited 28 Monica Sarin Foundation
7 Anant Raj Power Limited 29 Olympia Buildtech Private Limited
8 Anekvarna Estate LLP 30 One Star Construction Private Limited
9 Aravali Propmart Private Limited 31 Oriental Buildtech Private Limited
10 Big Town Promoters & Developers Private Limited 32 Rock Field Developers Private Limited
11 Bigtown Properties Private Limited 33 Saiguru Buildmart Private Limited
12 Blue Star Realty Private Limited 34 Silvertown Inn and Resorts Private Limited
13 Carnation Promoters Private Limited 35 Sanna Capital Private Limited
14 CCC Realty Private Limited 36 Shri Ashok Sarin Anant Raj LLP
15 Consortium Holdings Private Limited 37 Townmaster Promoters & Developers Private Limited
Notes forming part of the standalone financial statements
16 Cool Money Café Private Limited 38 Townmaster Properties Private Limited
17 Corn Flower Buildcon Private Limited 39 Townsend Promoters Private Limited
18 Corn Flower Developers Private Limited 40 Towntop Buildtech Private Limited
19 DEL15 Hospitality Private Limited 41 Towntop Properties Private Limited
20 Eastman Properties Private Limited 42 Trident Romano Realty LLP
21 Elevator Realtors Private Limited 43 White Diamond Propmart Private Limited
22 Equinox Promoters Private Limited 44 White Diamond Real Estates Private Limited
Note: Related parties relationship is as identified by the Company and relied upon by the Auditors.

(b) Transactions with related parties during the year (excluding reimbursements)
(` in Lakhs)
Nature of transaction Related party March 31, 2022 March 31, 2021
Services as Executive Chairman Ashok Sarin 35.32 90.00
Services as Managing Director Amit Sarin 90.00 90.00
Services as Director & CEO Aman Sarin 90.00 70.36 141
Services as Director & COO Ashim Sarin 90.00 70.36
Services as Company Secretary Manoj Pahwa 16.45 16.30

F I N A N C I A L STAT E M E NT S
Services as Chief Financial Officer Pankaj Kumar Gupta 20.04 18.11
Sitting fees paid Maneesh Gupta 0.30 0.25
Sitting fees paid Brajindar Mohan Singh 0.13 0.23
Sitting fees paid Rajesh Tuteja 0.07 0.03
Sitting fees paid Kulpreet Sond 0.07 0.05
Sitting fees paid Ambarish Chatterjee - 0.03
Sitting fees paid Sushmaa Chhabra - 0.03
Loan taken during the year Amit Sarin 1,010.00 272.50
Loan repaid during the year Amit Sarin 2,463.57 316.85
Loan taken during the year Aman Sarin 288.00 85.00
Loan repaid during the year Aman Sarin 348.00 25.00
Investments in associate companies 2.50 -
Investments in subsidiaries 10.00 16.00
Investments in subsidiaries disposed off 5.00 12.58
Loans given to subsidiaries 10,185.67 16,270.09
Loans received from subsidiaries 8,890.63 19,336.83
Loans given to associate companies 1,337.35 140.25
Loans received from associate companies 56.38 105.18
Loans to limited liability partnership 1,959.41 1,410.78
Share of profit from limited liability partnership 2,033.28 -
Interest receipts from limited liability partnership 2,321.19 1,779.48
Interest receipts from subsidiaries 383.95 -
Outstanding corporate guarantee given on behalf of subsidiaries 4,274.36 4,389.46
Outstanding corporate guarantee given on our behalf by subsidiaries 76,516.58 107,979.64
Personal guarantees given by directors & relatives in respect of:
- Term loans 110,772.05 146,200.26
- Working capital facilities 4,896.45 4,990.14
 ANANT RAJ LIMITED

Notes forming part of the standalone financial statements

(c) Amount outstanding as at March 31, 2022
(` in Lakhs)
Account head Related party March 31, 2022 March 31, 2021
Investments-Non current Subsidiaries, associates and LLP 26,058.13 24,017.36
Loans-Non current Subsidiaries 33,627.60 31,947.60
Loans-Non current Associates 2,815.48 1,700.69
Loans-Non current Limited liability partnership 17,051.21 15,091.80
Loans - Current Subsidiaries - 504.77
Other financial assets -current
Interest receivable Subsidiaries 4.57 7.81
Interest receivable Limited liability partnership 4,814.52 2,493.33
Other Non current assets
Advance to Contractors Subsidiaries - 0.11
Non-current liabilities
Unsecured Loans Subsidiaries 1,474.34 1,594.15
142
Unsecured Loans Associates 1,819.57 1,924.57
Current liabilities
A NNUA L R E P O RT 2 0 2 1 - 2 2

Unsecured Loans Amit Sarin - 1,453.57

Unsecured Loans Aman Sarin - 60.00
Unsecured Loans Subsidiaries 238.21 238.21
Unsecured Loans Associates 668.82 730.00
Trade payables Subsidiaries - 0.78
Other financial liabilities-current
Salary payable Key management personnel 22.93 55.93

(d) The transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions.
The above related party transactions have been approved by the Board of Directors.

46 Corporate Social Responsibility

(a) Gross amount required to be spent by the Company during the year is ` 75.04 lakhs.
(b) Amount spent during the year on
(` in lakhs)
S.No. Particulars In cash Yet to be Total
paid in cash amount
(i) Rural development 12.23 - 12.23
(ii) On purposes other than (i) above 58.09 - 58.09
Total 70.32 - 70.32

(c) Shortfall at the end of the year is ` 4.72 lakhs

(d) Previous year’s shortfall is ` 64.67 lakhs
(e) The Company could not spend the unspent prescribed amount as the Company is undertaking ongoing project(s) for CSR
expenditure and the Board of the Company ensures that such ongoing project(s) shall be completed within the specified time
period in accordance with the provisions of the Act read with the prescribed CSR rules as amended.
Notes forming part of the standalone financial statements
47 Impact of Covid-19
The outbreak of Covid-19 pandemic globally and in India had an adverse impact disrupting life and businesses leading to a
slowdown of economic activity. In preparation of these results, the Company has taken into account internal and external source
of information to assess possible impact of the pandemic, including but not limited to assessment of liquidity and going concern,
recoverable values of its financial and non-financial assets, impact on revenues and estimates of residual costs to complete ongoing
projects. Based on current indicators of future economic conditions, the Company expects to fully recover the carrying amount of
its assets. Considering the evolving nature of the pandemic, its actual impact in future could be different from that estimated as
at the date of approval of these financial results. The Company will continue to closely observe the evolving scenario and take into
account any future developments arising out of the same.

48 Segment reporting
An operating segment is one whose operating results are regularly reviewed by the entity’s chief operating decision maker to
make decisions about resources to be allocated to the segment and assess its performance. The Company has identified the chief
operating decision maker as its Managing Director. The Chief Operating Decision Maker reviews performance of real estate
business on an overall business.
143
As the Company has a single reportable segment, the segment wise disclosure requirements of Ind AS 108 on ‘Operating Segment’
is not applicable. In compliance to the said standard, Entity-Wise disclosures are as under:

F I N A N C I A L STAT E M E NT S
(a) Revenues from external customers attributed to the country of domicile and attributed to all foreign countries from which
the company derives revenues
(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Revenue from the Country of domicile; India 35,307.79 25,648.32
Total 35,307.79 25,648.32

(b) Details of non current assets

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Non-current asset from the Country of Domicile; India 124,640.73 130,598.32
Total 124,640.73 130,598.32

(c) Information about major customers

The Company did not have any external revenue from a particular customer which exceeded 10% of total revenue.

49 Financial Instruments
Capital Management
For the purpose of the Company’s capital management, capital includes issued equity capital, share premium and all other equity
reserves attributable to the equity holders of the Company. The primary objective of the Company’s capital management is to
maximise the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment
to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is
net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade
and other payables, less cash and cash equivalents.
 ANANT RAJ LIMITED

Notes forming part of the standalone financial statements

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Borrowings (long-term and short-term, including current maturities of long 123,892.08 161,428.20
term borrowings
Trade payables (Note 18) 255.29 390.98
Other payables (Note 19 & 20) 13,077.86 13,850.40
Less: Cash and cash equivalents (Note no. 10 & 11) (1,805.11) (1,121.28)
Net debt 135,420.12 174,548.30
Equity share capital 5,901.93 5,901.93
Other equity 255,240.88 240,914.20
Total capital 261,142.81 246,816.13
Capital and net debt 396,562.93 421,364.43
Gearing ratio (Net debt/Capital and Net debt) 34.15% 41.42%

In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets
144 financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in
meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in
A NNUA L R E P O RT 2 0 2 1 - 2 2

the financial covenants of any interest-bearing loans and borrowing in the current period.

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Categories of financial instruments
Financial assets
Financial assets at amortised cost
Non-current
Investments 33,972.00 29,021.36
Loans 53,551.29 48,797.09
Trade receivables 1,610.36 1,756.74
Others financial assets 6,285.30 5,082.82
95,418.95 84,658.01
Current
Trade receivables 2,104.72 5,368.02
Cash and cash equivalents 818.54 89.13
Other bank balances 986.57 1,032.15
Loans and advances - 504.77
Other financial assets 84,877.14 77,648.19
88,786.97 84,642.26
Financial liabilities at amortised cost
Non-current
Borrowings 86,557.59 137,296.85
86,557.59 137,296.85
Current
Borrowings 6,060.60 7,841.49
Trade payables 255.29 390.98
Other financial liabilities 455.47 991.60
6,771.36 9,224.07
Notes forming part of the standalone financial statements
50 Fair value measurements
he Company uses the following hierarchy for determining and/or disclosing the fair value of financial instruments by
T
valuation techniques:
The following is the basis of categorising the financial instruments measured at fair value into Level 1 to Level 3:
i) Level 1: This level includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets
for identical assets or liabilities.
ii) Level 2: This level includes financial assets and liabilities, measured using inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
iii) Level 3: This level includes financial assets and liabilities measured using inputs that are not based on observable market data
(unobservable inputs).

Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices
from observable current market transactions in the same instrument nor are they based on available market data.
145
Trade receivables, cash and cash equivalents, other bank balances, loans, other current financial assets, trade payables and other
current financial liabilities: Approximate their carrying amounts largely due to short-term maturities of these instruments.

F I N A N C I A L STAT E M E NT S
Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations
in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not
necessarily indicative of all the amounts that the Company could have realized or paid in sale transactions as of respective dates.
As such, the fair value of the financial instruments subsequent to the respective reporting dates may be different from the amounts
reported at each year end.

51 Financial risk management objectives

The Company’s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance and support Company’s operations. The Company’s principal financial assets include inventory,
trade and other receivables, cash and cash equivalents and land advances that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management
of these risks. The Company’s senior management provides assurance that the Company’s financial risk activities are governed
by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the
Company’s policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks, which
are summarised below:

(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 two types of risk: interest rate risk and other price risk, such as equity price risk and
commodity/ real-estate risk. Financial instruments affected by market risk include loans and borrowings.

(b) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables)
and from its financing activities, including refundable joint development deposits, security deposits, loans to employees and
other financial instruments. To manage this, the Company periodically assesses financial reliability of customers and other
counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and
ageing of financial assets.

Trade receivables
(i) Receivables resulting from sale of properties: Customer credit risk is managed by requiring customers to pay advances before
transfer of ownership, therefore, substantially eliminating the Company’s credit risk in this respect.
 ANANT RAJ LIMITED

Notes forming part of the standalone financial statements

(ii) Receivables resulting from other than sale of properties: Credit risk is managed by each business unit subject to the
Company’s established policy, procedures and control relating to customer credit risk management. Outstanding customer
receivables are regularly monitored. The impairment analysis is performed at each reporting date on an individual basis
for major clients. In addition, a large number of minor receivables are grouped into homogeneous groups and assessed for
impairment collectively.

(c) Financial Instrument and cash deposits

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of
funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market
positions. Due to the dynamic nature of the underlying businesses, the Company’s treasury maintains flexibility in funding by
maintaining availability under committed credit lines. The management monitors rolling forecasts of the Company’s liquidity
position and cash and cash equivalents on the basis of expected cash flows.

52 The Code on Social Security, 2020, (Code) relating to employees benefits during employment and post-employment benefits
received President assent in September, 2020. The Code has been published in the Gazette of India. However, the data on which the
146 Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess
the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
A NNUA L R E P O RT 2 0 2 1 - 2 2

53 Financial ratios:
S. No. Ratio Numerator Denominator March 31, 2022 March 31, 2021
a) Current ratio Total current assets Total current liabilities 3.76 5.68
b) Debt-equity ratio Long term borrowings Total equity 0.33 0.56
c) Return on equity Profit after tax Total equity 2.14% 0.81%
d) Return on capital employed Earnings before Capital employed = Equity + 0.02 0.01
interest & tax Non current liabilities
e) Trade receivables turnover ratio Credit sales Average trade receivables 6.51 3.03
f) Net capital turnover ratio Revenue from Working capital = Total current 0.25 0.14
operations assets- total current liabilities
g) Net profit ratio Profit for the year Revenue from operations 0.16 0.08
h) Inventory turnover ratio Cost of goods sold Average inventory 0.23 0.14
i) Debt service coverage ratio Net operating income Total debt service = Principal 0.05 0.03
= Revenue- certain repayment + Interest payment
operating expenses

54 Figures have been rounded off to the nearest ` in Lakh.

55 Figures in brackets pertain to previous year, unless otherwise indicated.

The accompanying notes 1 to 55 form an integral part of the standalone financial statements.

As per our report of even date attached.

Vinod Kumar Bindal & Co. Amit Sarin Aman Sarin

Chartered Accountants Managing Director Director & Chief Executive Officer
Firm Registration No. 003820N DIN: 00015837 DIN: 00015887
By the hand of

Arvind Mittal Pankaj Kumar Gupta Manoj Pahwa

Partner Chief Financial Officer Company Secretary
Membership No. 509357 Membership No. 505767 Membership No.A7812

New Delhi
May 14, 2022
 Disclosure Under Regulation 34(3) of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirrments Regulations, 2015)
(` in Lakhs)
Loans and advances in the nature of loans to Subsidiaries/ Balance as on Maximum balance Balance as on Maximum balance
Associates/Joint ventures/Partnership Firms/ others March 31 during the year March 31 during the year
Name of the entity Status 2022 2022 2021 2021
A Loans-Non-current financial asstes
1 Adonai Home Private Limited Subsidiary 7.50 7.50 5.00 5.00
2 Anant Raj Cloud Private Limited Subsidiary 152.20 152.20 - -
3 Anant Raj Digital Private Limited Subsidiary 0.21 0.21 - -
4 AR Login 4 Edu Private Limited Subsidiary 129.96 129.96 129.96 129.96
5 Anant Raj Housing Limited Subsidiary 1,079.25 1,079.25 1,036.15 1,036.15
6 Anant Raj Cons. & Development Private Limited Subsidiary 1,734.44 1,734.44 1,181.36 3,263.62
7 Anant Raj Estate Management Services Limited Subsidiary - 20.26 11.26 51.26
8 Empire Promoters Private Limited Subsidiary - - - 2,510.66
9 Four Construction Private Limited Subsidiary 6.16 6.16 5.81 5.81
10 Glaze Properties Private Limited Subsidiary 24.37 24.37 23.97 23.97
11 Grandstar Realty Private Limited Subsidiary 4,203.70 4,203.70 4,176.65 4,176.65
12 Green Valley Builders Private Limited Subsidiary 419.70 459.60 459.60 459.60
13 Green Way Promoters Private Limited Subsidiary 182.26 182.26 182.26 182.26
147
14 Hamara Realty Private Limited Subsidiary 517.18 517.18 517.18 517.18
15 Jasmine Buildwell Private Limited Subsidiary 9,996.50 9,998.40 7,656.40 7,656.40
16 North South Properties Private Limited Subsidiary 23.83 23.83 23.58 23.58

F I N A N C I A L STAT E M E NT S
17 Pasupati Aluminium Limited Subsidiary - - - 10.86
18 Pelikan Estates Private Limited Subsidiary 1.59 401.59 401.59 401.59
19 Pioneer Promoters Private Limited Subsidiary 292.69 1,341.44 1,338.99 1,588.29
20 Rolling Construction Private Limited Subsidiary 311.44 311.44 - -
21 Romano Estate Management Services Limited Subsidiary 102.65 102.65 202.65 209.95
22 Romano Estates Private Limited Subsidiary 8,736.95 8,736.95 8,736.95 8,736.95
23 Romano Infrastructure Private Limited Subsidiary 3,471.56 3,471.56 3,523.43 3,736.93
24 Sovereign Buildwell Private Limited Subsidiary 1,961.88 2,077.88 2,077.88 2,167.58
25 Spring View Developers Pvt. Ltd. Subsidiary 14.55 14.55 - -
26 Springview Properties Private Limited Subsidiary 145.36 145.36 145.26 145.26
27 Tumhare Liye Realty Private Limited Subsidiary 111.67 111.67 111.67 111.67
Total (A) 33,627.60 35,254.41 31,947.60 37,151.18

B Loans-Current financial asstes

1 Echo Properties Private Limited Subsidiary - - - 8.75
2 Romano Projects Private Limited Subsidiary - - 504.77 554.77
Total (B) - - 504.77 563.52

C Loans-Non-current financial asstes

1 Anant Raj Property Management Pvt. Ltd. Associates 1,706.60 1,706.60 1,693.60 1,693.60
2 Roseland Buildtech Pvt.Ltd. Associates 7.09 7.09 7.09 7.09
3 Romano Projects Private Limited Associates 1,101.79 1,157.79 - -
Total (C) 2,815.48 2,871.48 1,700.69 1,700.69

D Loans-Non-current financial asstes

1 Avarna Projects LLP LLP 17,051.21 17,051.21 15,091.80 15,091.80
Total (D) 17,051.21 17,051.21 15,091.80 15,091.80
Amit Sarin Aman Sarin
Managing Director Director & Chief Executive Officer
DIN: 00015837 DIN: 00015887

Pankaj Kumar Gupta Manoj Pahwa

Place: New Delhi Chief Financial Officer Company Secretary
Date : May 14, 2022 Membership No. 505767 Membership No. A7812
 ANANT RAJ LIMITED

Independent Auditor’s Report

To the Members of Anant Raj Limited these requirements. We believe that the audit evidence obtained by
us and the audit evidence obtained by the other auditors in terms
Report on the Audit of Consolidated Financial of their reports referred to in the Other Matters section below, is
Statements sufficient and appropriate to provide a basis for our audit opinion
on the consolidated financial statements.
Opinion
We have audited the accompanying consolidated financial
statements of Anant Raj Limited (hereinafter referred to as the
Emphasis of matter
‘Holding Company”) and its subsidiaries (Holding Company and We draw attention to Note 43 to the consolidated financial
its subsidiaries together referred to as “the Group”), its associates statements for the financial year ended March 31, 2022, with
and jointly controlled entities, which comprise the Consolidated regard to management’s evaluation of uncertainty due to outbreak
Balance Sheet as at March 31, 2022, and the Consolidated of Covid-19 and its impact on future operations of the Company.
Statement of Profit and Loss (including Other Comprehensive Our opinion is not modified in respect this matter.
Income), the Consolidated Statement of Changes in Equity and
the Consolidated Statement of Cash Flows for the year then ended, Key Audit Matters
and notes to the consolidated financial statements, including a Key audit matters are those matters that, in our professional
148
summary of significant accounting policies and other explanatory judgment, were of most significance in our audit of the consolidated
information prepared based on the relevant records (hereinafter financial statements for the financial year ended March 31, 2022.
A NNUA L R E P O RT 2 0 2 1 - 2 2

referred to as “the consolidated financial statements”). These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming
In our opinion and to the best of our information and according our opinion thereon, and we do not provide a separate opinion
to the explanations given to us, and based on the consideration on these matters.
of reports of other auditors on separate financial statements of
such subsidiaries, associates and jointly controlled entities as were Information Other than the consolidated
audited by the other auditors referred to in the Other Matters Financial Statements and Auditor’s Report
section below, the aforesaid consolidated financial statements,
Thereon
give the information required by the Companies Act, 2013, as
The Holding Company’s Board of Directors is responsible for
amended (“the Act”) in the manner so required and give a true
the preparation of the other information. The other information
and fair view in conformity with the Indian Accounting Standards
comprises the information included in the Management Discussion
prescribed under section 133 of the Act read with the Companies
and Analysis, Board’s Report including Annexures to Board’s
(Indian Accounting Standards) Rules, 2015, as amended (Ind
AS) and other accounting principles generally accepted in India, Report, Business Responsibility Report, Corporate Governance
of the consolidated state of affairs of the Group, its associates and Shareholder’s Information (Annual Report), but does not
and its jointly controlled entities as at March 31, 2022, and include the consolidated financial statements, standalone financial
their consolidated profit, their consolidated other comprehensive statements and our auditor’s report thereon.
income, their consolidated changes in equity and their consolidated
cash flows for the year ended on that date Our opinion on the consolidated financial statements does not
cover the other information and we do not express any form of
Basis for Opinion assurance conclusion thereon.
We conducted our audit of consolidated financial statements in
accordance with the Standards on Auditing (SAs) specified under In connection with our audit of the consolidated financial
section 143 (10) of the Act. Our responsibilities under those statements, our responsibility is to read the other information and,
Standards are further described in the ‘Auditor’s Responsibilities in doing so, consider whether the other information is materially
for the Audit of the Consolidated Financial Statements’ section inconsistent with the consolidated financial statements or our
of our report. We are independent of the Group, its associates knowledge obtained during the course of our audit or otherwise
and its jointly controlled entities in accordance with the ethical appears to be materially misstated.
requirements that are relevant to our audit of the consolidated
financial statements in terms of Code of Ethics issued by the If, based on the work we have performed and based on the work
Institute of Chartered Accountants of India (ICAI) and the done/ audit report of other auditors, we conclude that there is a
relevant provisions of the Act and Rules made thereunder, and we material misstatement of this other information, we are required
have fulfilled our other ethical responsibilities in accordance with to report that fact. We have nothing to report in this regard.
Management’s Responsibilities for the misstatement when it exists. Misstatements can arise from
Consolidated Financial Statements fraud or error and are considered material if, individually or in
The Holding Company’s Board of Directors is responsible for the aggregate, they could reasonably be expected to influence
the matters stated in section 134(5) of the Act with respect to the economic decisions of users taken on the basis of these
the preparation and presentation of these consolidated financial consolidated financial statements.
statements that give a true and fair view of the consolidated
financial position, consolidated financial performance including As part of an audit in accordance with SAs, we exercise
other comprehensive income, consolidated changes in equity professional judgment and maintain professional skepticism
and consolidated cash flows of the Group in accordance with the throughout the audit. We also:
accounting principles generally accepted in India, including the
Accounting Standards specified under section 133 of the Act • Identify and assess the risks of material misstatement of
read with the Companies (Indian Accounting Standards) Rules, the consolidated financial statements, whether due to fraud
2015, as amended. or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and
The respective Board of Directors of the companies/entities appropriate to provide a basis for our opinion. The risk of not
included in the Group and of its associates and jointly controlled detecting a material misstatement resulting from fraud is
entities are responsible for maintenance of adequate accounting higher than for one resulting from error, as fraud may involve
records in accordance with the provisions of the Act for collusion, forgery, intentional omissions, misrepresentations,
safeguarding the assets of each company and for preventing or the override of internal control. 149
and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments • Obtain an understanding of internal financial controls
relevant to the audit in order to design audit procedures

F I N A N C I A L STAT E M E NT S
and estimates that are reasonable and prudent; and the design,
implementation and maintenance of adequate internal financial that are appropriate in the circumstances. Under section
controls, that were operating effectively for ensuring accuracy and 143(3)(i) of the Act, we are also responsible for expressing
completeness of the accounting records, relevant to the preparation our opinion on whether the Holding company has adequate
and presentation of the consolidated financial statements that internal financial controls system in place with reference
give a true and fair view and are free from material misstatement, to financial statements and the operating effectiveness
whether due to fraud or error, which have been used for the of such controls.
purpose of preparation of the consolidated financial statements
• Evaluate the appropriateness of accounting policies used
by the Directors of the Holding Company, as aforesaid.
and the reasonableness of accounting estimates and related
disclosures made by the management.
In preparing the consolidated financial statements, the respective
Board of Directors of the companies included in the Group and • Conclude on the appropriateness of management’s use of
of its associates and jointly controlled entities are responsible for the going concern basis of accounting in preparation of
assessing the ability of the respective entities to continue as a consolidated financial statements and, based on the audit
going concern, disclosing, as applicable, matters related to going evidence obtained, whether a material uncertainty exists
concern and using the going concern basis of accounting unless related to events or conditions that may cast significant
the respective Board of Directors either intend to liquidate their doubt on the ability of the Group and of its associates and
respective entities or to cease operations, or has no realistic its jointly controlled entity to continue as a going concern.
alternative but to do so. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the
The respective Board of Directors of the companies included in related disclosures in the consolidated financial statements
the Group and of its associates and jointly controlled entities or, if such disclosures are inadequate, to modify our opinion.
is responsible for overseeing the financial reporting process Our conclusions are based on the audit evidence obtained up
of each company.
to the date of our auditor’s report. However, future events
or conditions may cause the Group and of its associates
Auditor’s Responsibilities for the Audit of the and jointly controlled entities to cease to continue as
Consolidated Financial Statements a going concern.
Our objectives are to obtain reasonable assurance about whether
the consolidated financial statements as a whole are free from • Evaluate the overall presentation, structure and content
material misstatement, whether due to fraud or error, and to issue of the consolidated Financial Statements, including the
an auditor’s report that includes our opinion. Reasonable assurance disclosures, and whether the consolidated Financial
is a high level of assurance, but is not a guarantee that an audit Statements represent the underlying transactions and events
conducted in accordance with SAs will always detect a material in a manner that achieves fair presentation.
 ANANT RAJ LIMITED

Obtain sufficient appropriate audit evidence regarding the net profit after tax of ` 9.94 Crores, total comprehensive
financial information of its associates and jointly controlled income of ` 10.04 Crores, and cash flows (net) of ` -7.44
entities to express an opinion on the consolidated financial Crores for the year ended on that date, as considered in the
statements. We are responsible for the direction, supervision and Statement. The Statement also includes the Group’s share
performance of the audit of financial statements of such entities of net profit after tax of ` 0.01 Crores, for the year ended
or business activities included in the financial consolidated 31 March 2022, in respect of 2 associates, based on its
financial statements of which we are the independent auditors. financial statements and other financial information, which
For the other entities or business activities included in the has not been audited by us. These financial statements have
consolidated financial statements, which have been audited by been audited by other auditors whose reports have been
other auditors, such other auditors remain responsible for the furnished to us by the Management of the Company and our
direction, supervision and performance of the audits carried out opinion on the consolidated financial statements, in so far as
by them. We remain solely responsible for our audit opinion. it relates to the amounts and disclosures included in respect
Our responsibilities in this regard are further described in para of these subsidiaries, associate and joint venture and our
(b) of the section titled ‘Other Matters’ in this audit report. report in terms of sub-section (3) of section 143 of the Act,
in so far as it relates to the aforesaid subsidiaries, associate
Materiality is the magnitude of misstatements in the consolidated and joint venture is based solely on the audit reports of the
financial statements that, individually or in aggregate, makes other auditors.
it probable that the economic decisions of a reasonably
knowledgeable user of the consolidated financial statements may (b) The accompanying consolidated financial statements
150 be influenced. We consider quantitative materiality and qualitative include unaudited financial statements and other unaudited
factors in (i) planning the scope of our audit work and in evaluating financial information in respect of 2 associates which reflect
A NNUA L R E P O RT 2 0 2 1 - 2 2

the results of our work; and (ii) to evaluate the effect of any profit of ` 4.77 Crores for the year ended March 31, 2022.
identified misstatements in the consolidated financial statements. These unaudited financial statements and other unaudited
financial information have been furnished to us by the
We communicate with those charged with governance of the Management. Our opinion, in so far as it relates to the affairs
Holding Company and such other entities included in the of these associates is based solely on such unaudited financial
consolidated financial statements of which we are the independent statements and other unaudited financial information. In our
auditors regarding, among other matters, the planned scope opinion and according to the information and explanations
and timing of the audit and significant audit findings, including given to us by the management, these financial statements
any significant deficiencies in internal control that we identify and other financial information are not material to the
during our audit. group. Our opinion is not modified in respect of this matter.

We also provide those charged with governance with a statement Our opinion above on the consolidated financial statements, and
that we have complied with relevant ethical requirements regarding our report on Other Legal and Regulatory Requirements below, is
independence, and to communicate with them all relationships not modified in respect of the above matters with respect to our
and other matters that may reasonably be thought to bear on our reliance on the work done and the reports of the other auditors
independence, and where applicable, related safeguards. and the financial statements and other financial information
certified by the Management.
From the matters communicated with those charged with
governance, we determine those matters that were of most Report on Other Legal and Regulatory
significance in the audit of the consolidated financial statements Requirements
for the financial year ended March 31, 2022 and are therefore 1. As required by the Companies (Auditor’s Report) Order,
the key audit matters. We describe these matters in our auditor’s 2020 (“the Order”), issued by the Central Government of
report unless law or regulation precludes public disclosure about India in terms of sub-section (11) of section 143 of the Act,
the matter or when, in extremely rare circumstances, we determine based on our audit and on the consideration of report of
that a matter should not be communicated in our report because the other auditors on separate financial statements and the
the adverse consequences of doing so would reasonably be expected other financial information of the subsidiaries, associate and
to outweigh the public interest benefits of such communication joint venture, incorporated in India, as noted in the ‘Other
Matter’ paragraph we give in the “Annexure-1” a statement
Other Matters on the matters specified in paragraph 3(xxi) of the Order.
(a) These consolidated financial statements include the
annual financial statements of 37 subsidiaries and 1 joint 2. As required by section 143(3) of the Act, based on our audit
controlled entity included in the Statement, whose financial and on the consideration of reports of the other auditors
statements reflects total assets of ` 1030.68 Crores as at on separate financial statements and the other financial
March 31, 2022, total revenues of ` 120.06 Crores, total
information of such subsidiaries, associates and jointly (g) With respect to the matter to be included in the
controlled entities as were audited by other auditors, as Auditor’s report under section 197(16) of the Act:
noted in the ‘Other Matters’ paragraph, we report, to the
extent applicable, that: • With respect to the other matters to be included
in the Auditor’s report in accordance with the
(a) We/the other auditors whose report we have relied requirements of section 197(16) of the Act, as
upon have sought and obtained all the information and amended, in our opinion and to the best of our
explanations which to the best of our knowledge and information and according to the explanations
belief were necessary for the purposes of our audit of given to us, the remuneration paid / provided by
the aforesaid consolidated financial statements. the Parent Company to its directors during year
is in accordance with the provisions of Section
(b) In our opinion, proper books of account as required 197 of the Act.
by law relating to preparation of the aforesaid
consolidated financial statements have been kept so far h) With respect to the other matters to be included in
as it appears from our examination of those books and the Auditor’s Report in accordance with Rule 11 of
the reports of the other auditors. the Companies (Audit and Auditor’s) Rules, 2014, in
our opinion and to the best of our information and
(c) The Consolidated Balance Sheet, the Consolidated according to the explanations given to us and based on
Statement of Profit and Loss (including Other the consideration of the reports of the other auditors
Comprehensive Income), Consolidated Statement of on separate financial statements of the subsidiaries, 151
Changes in Equity and the Consolidated Cash Flow associates and jointly controlled companies, as noted
Statement dealt with by this Report are in agreement in the ‘Other Matters’ paragraph:

F I N A N C I A L STAT E M E NT S
with the relevant books of account maintained
for the purpose of preparation of the consolidated i. The consolidated financial statements disclose the
financial statements. impact of pending litigations on the consolidated
financial position of the Group, its associates and
(d) In our opinion, the aforesaid consolidated financial jointly controlled entities– Refer Note 28 and 35
statements comply with the Ind AS specified under to the consolidated financial statements.
Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended. ii. The Group, its associates and jointly controlled
entities did not have any material foreseeable
(e) On the basis of the written representations received losses on long-term contracts including
from the directors of the Holding Company as on derivative contracts.
March 31, 2022, taken on record by the Board of
Directors of the Holding Company and the reports iii. There has been no delay in transferring amounts,
of the statutory auditors of its subsidiary Companies, required to be transferred, to the Investor
associate Companies and jointly controlled Companies Education and Protection Fund by the Holding
incorporated in India, none of the directors of the Company and its subsidiary companies, associate
Group companies, its associate companies and companies and jointly controlled companies
jointly controlled companies incorporated in India incorporated in India.
is disqualified as on March 31, 2022, from being
appointed as a director in terms of Section 164 iv. a) The respective managements of the Holding
(2) of the Act. Company and its subsidiary companies,
which are incorporated in India, whose
(f) With respect to the adequacy of the internal financial financial statements have been audited
controls over financial reporting and the operating under the Act, have represented to us and
effectiveness of such controls with reference to to the other auditors of such subsidiaries
these consolidated financial statements, refer to our respectively, that, to the best of their
separate Report in “Annexure B” which is based knowledge and belief, no funds (which
on the auditors’ reports of the Holding, subsidiary are material either individually or in the
companies, associate companies and jointly controlled aggregate) have been advanced or loaned
companies incorporated in India. Our report expresses or invested (either from borrowed funds
an unmodified opinion on the adequacy and operating or share premium or any other sources
effectiveness of internal financial controls over or in kind of funds) by the Company or
financial reporting of those companies. any of such subsidiaries to or in any other
 ANANT RAJ LIMITED

person or entity, including foreign entity c. Based on the audit procedures that have
(Intermediaries), with the understanding, been considered reasonable and appropriate
whether recorded in writing or otherwise, in the circumstances, nothing has come to
that the Intermediary shall, directly or our notice that has caused us to believe that
indirectly lend or invest in other persons or the representations under sub-clause (i) and
entities identified in any manner whatsoever (ii) of Rule 11(e), as provided under (a) and
by or on behalf of the Company or any of (b), contain any material misstatement.
such subsidiaries (Ultimate Beneficiaries)
or provide any guarantee, security or the like v) a) The dividend proposed in the previous year,
on behalf of the Ultimate Beneficiaries. declared and paid by the Company during
the year is in accordance with Section 123
b) The respective managements of the Holding of the Act, as applicable.
Company and its subsidiary companies, which
are incorporated in India, whose financial b) 
The Board of Directors of the Company
statements have been audited under the have proposed dividend for the year which
Act, have represented to us and to the other is subject to the approval of the members
auditors of such subsidiaries respectively, at the ensuing Annual General Meeting.
that, to the best of their knowledge and The amount of dividend proposed is
belief, no funds (which are material either in accordance with section 123 of the
152 individually or in the aggregate) have been Act, as applicable.
received by the Holding Company or any
for Vinod Kumar Bindal & Co.
A NNUA L R E P O RT 2 0 2 1 - 2 2

of such subsidiaries from any other person

or entity, including foreign entity (Funding Chartered Accountants
Firm Registration No. 003820N
Parties), with the understanding, whether
recorded in writing or otherwise, that the
Arvind Mittal
Company or any of such subsidiaries shall,  Partner
directly or indirectly, lend or invest in other Dated: May 14, 2022  Membership No.509357
persons or entities identified in any manner Place: New Delhi. UDIN: 22509357AJOIDG2333
whatsoever by or on behalf of the Funding
Party (Ultimate Beneficiaries) or provide
any guarantee, security or the like on behalf
of the Ultimate Beneficiaries.
Annexure 1 to the Independent Auditor’s Report of even date on the Consolidated Ind AS Financial
Statements of Anant Raj Limited
(Referred to in paragraph 1, under ‘Report on Other Legal and Regulatory Requirements’ section of our Report of even date)

In Terms of the information and explanations sought by us and given by the company and the books of accounts and records examined
by us in the normal course of audit and to the best of our knowledge and belief, we state that:

xxi) There has been no such qualifications or adverse remarks by any auditor in their respective reports, hence the aforesaid clause
3(xxi) is not applicable in the case of the Company

for Vinod Kumar Bindal & Co.

Chartered Accountants
Firm Registration No. 003820N

Arvind Mittal
 Partner 153
Dated: May 14, 2022  Membership No.509357
Place: New Delhi. UDIN: 22509357AJOIDG2333

F I N A N C I A L STAT E M E NT S
 ANANT RAJ LIMITED

Annexure “B” to the Independent Auditor’s Report

(Referred to in paragraph 1(f) under ‘Report on Other on our audit. We conducted our audit in accordance with the
Legal and Regulatory Requirements’ section of our Guidance Note and the Standards on Auditing, prescribed under
report of even date) section 143(10) of the Act, to the extent applicable to an audit of
internal financial controls with reference to consolidated financial
Report on the Internal Financial Controls under Clause (i) statements. Those Standards and the Guidance Note require that
of sub-section 3 of the section 143 of the Companies Act, we comply with ethical requirements and plan and perform the
2013 (“the Act) audit to obtain reasonable assurance about whether adequate
internal financial controls with reference to consolidated financial
Opinion statements were established and maintained and if such controls
In conjunction with our audit of the consolidated financial operated effectively in all material respects.
statements of Anant Raj Ltd. (hereinafter referred to as “the
Holding Company”) as of and for the year ended March 31, 2022, Our audit involves performing procedures to obtain audit
we have audited the internal financial controls with reference to evidence about the adequacy of the internal financial controls
consolidated financial statements of the Holding Company and with reference to consolidated financial statements and their
such companies incorporated in India under the Act which are operating effectiveness. Our audit of internal financial controls
154 its subsidiary companies, its associate companies and its jointly with reference to consolidated financial statements included
controlled entity, as of that date. obtaining an understanding of internal financial controls with
reference to consolidated financial statements, assessing the
A NNUA L R E P O RT 2 0 2 1 - 2 2

In our opinion, the Holding Company and such companies risk that a material weakness exists, and testing and evaluating
incorporated in India which are its subsidiary companies, its the design and operating effectiveness of the internal controls
associate companies and jointly controlled entity , have, in all based on the assessed risk. The procedures selected depend on
material respects, adequate internal financial controls with the auditor’s judgment, including the assessment of the risks of
reference to consolidated financial statements and such internal material misstatement of the consolidated financial statements,
financial controls were operating effectively as at March 31, whether due to fraud or error.
2022, based on the internal financial controls with reference to
consolidated financial statements criteria established by such We believe that the audit evidence we have obtained and the audit
companies considering the essential components of such internal evidence obtained by the other auditors of the relevant subsidiary
controls stated in the Guidance Note on Audit of Internal Financial companies, associate companies and jointly controlled entity in
Controls Over Financial Reporting issued by the Institute of terms of their reports referred to in the Other Matters paragraph
Chartered Accountants of India (the “Guidance Note”). below, is sufficient and appropriate to provide a basis for our
audit opinion on the internal financial controls with reference to
Management’s Responsibility for Internal consolidated financial statements.
Financial Controls
The respective Board of Directors of the Company, its subsidiary Meaning of Internal Financial Controls over
companies, its associate companies and its jointly controlled entity Financial Reporting
are responsible for establishing and maintaining internal financial A Company’s internal financial controls with reference to
controls with reference to consolidated financial statements based consolidated financial statements are a process designed to
on the criteria established by the respective company considering provide reasonable assurance regarding the reliability of financial
the essential components of internal control stated in the Guidance reporting and the preparation of financial statements for external
Note. These responsibilities include the design, implementation purposes in accordance with generally accepted accounting
and maintenance of adequate internal financial controls that principles. A company’s internal financial controls with reference
were operating effectively for ensuring the orderly and efficient to consolidated financial statements includes those policies and
conduct of its business, including adherence to the respective procedures that (1) pertain to the maintenance of records that,
company’s policies, the safeguarding of its assets, the prevention in reasonable detail, accurately and fairly reflect the transactions
and detection of frauds and errors, the accuracy and completeness and dispositions of the assets of the company; (2) provide
of the accounting records, and the timely preparation of reliable reasonable assurance that transactions are recorded as necessary
financial information, as required under the Act. to permit preparation of consolidated financial statements in
accordance with generally accepted accounting principles, and
Auditor’s Responsibility that receipts and expenditures of the company are being made only
Our responsibility is to express an opinion on the internal financial in accordance with authorisations of management and directors
controls with reference to consolidated financial statements based of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use, incorporated in India, is based solely on the corresponding reports
or disposition of the company’s assets that could have a material of the auditors of such companies incorporated in India.
effect on the consolidated financial statements.
Opinion
Inherent Limitations of Internal Financial In our opinion, to the best of our information and according to
Controls over Financial Reporting the explanations given to us, the Company and its subsidiary
Because of the inherent limitations of internal financial controls companies, associate companies and jointly controlled entity,
with reference to consolidated financial statements, including which are companies incorporated in India, have, in all material
the possibility of collusion or improper management override respects, an adequate internal financial controls system over
of controls, material misstatements due to error or fraud may financial reporting and such internal financial controls over
occur and not be detected. Also, projections of any evaluation financial reporting were operating effectively as at March 31,
of the internal financial controls with reference to consolidated
2022, based on the internal control over financial reporting
financial statements to future periods are subject to the risk that
criteria established by the respective Companies considering the
the internal financial controls with reference to consolidated
essential components of internal control stated in the Guidance
financial statements may become inadequate because of changes
Note issued by the ICAI.
in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
for Vinod Kumar Bindal & Co.
Chartered Accountants
Other Matters Firm Registration No. 003820N 155
Our aforesaid report under Section 143(3) (i) of the Act on the
adequacy and operating effectiveness of the internal financial Arvind Mittal

F I N A N C I A L STAT E M E NT S
controls over financial reporting insofar as it relates to 37  Partner
(Thirty Seven) subsidiary companies, 1 (One) Jointly Controlled Dated: May 14, 2022  Membership No.509357
Entity and 4 (Four) associate companies, which are companies Place: New Delhi. UDIN: 22509357AJOIDG2333
 ANANT RAJ LIMITED

Consolidated Balance Sheet

as at March 31, 2022

(` in Lakhs)
Notes March 31, 2022 March 31, 2021
ASSETS
Non-current assets
Property, plant and equipment 3 4,042.33 4,300.05
Capital work-in-progress 3 4,756.02 9,036.74
Investment property 3 126,962.58 128,311.00
Financial assets
Investments 4 46,024.98 42,254.22
Trade receivables 5 2,003.91 1,906.89
Loans 6 6,846.97 5,833.60
Other financial assets 7 6,316.59 5,113.66
Other non-current assets 8 24,201.67 26,228.96
Total non-current assets 221,155.05 222,985.12
Current assets
Inventories 9 113,491.48 145,663.94
Financial assets
Trade receivables 5 2,177.84 4,356.95
Cash and cash equivalents 10 1,943.07 2,686.82
156 Other bank balances 11 1,138.59 1,049.31
Other financial assets 7 79,800.28 74,885.88
Other current assets 12 18,793.93 9,428.95
A NNUA L R E P O RT 2 0 2 1 - 2 2

Total current assets 217,345.19 238,071.85

TOTAL ASSETS 438,500.24 461,056.97
EQUITY AND LIABILITIES
Equity
Equity share capital 13 5,901.93 5,901.93
Other equity 258,008.09 244,048.76
Total equity 263,910.02 249,950.69
Non controlling interest (NCI) 3,532.46 3,695.37
LIABILITIES
Non-current liabilities
Financial liabilities
Borrowings 14 91,007.68 141,083.56
Other non current liabilities 15 15,746.35 10,375.39
Deferred tax liabilities (Net) 16 2,511.39 1,900.33
Provisions 17 215.60 183.80
Total non-current liabilities 109,481.02 153,543.08
Current liabilities
Financial liabilities
Borrowings 14 6,803.50 8,782.31
Trade payables 18 596.94 693.02
Other financial liabilities 19 729.21 6,491.38
Other current liabilities 20 52,112.94 37,469.13
Provisions 17 98.78 81.25
Current tax liabilities 21 1,235.37 350.74
Total current liabilities 61,576.74 53,867.83
TOTAL EQUITY LIABILITIES 438,500.24 461,056.97

The accompanying notes 1 to 53 form an integral part of the consolidated financial statements.
As per our report of even date attached.

Vinod Kumar Bindal & Co. Amit Sarin Aman Sarin

Chartered Accountants Managing Director Director & Chief Executive Officer
Firm Registration No. 003820N DIN: 00015837 DIN: 00015887
By the hand of

Arvind Mittal Pankaj Kumar Gupta Manoj Pahwa

Partner Chief Financial Officer Company Secretary
Membership No. 509357 Membership No. 505767 Membership No.A7812

New Delhi
May 14, 2022
Statement of Consolidated Profit and Loss
For the Year Ended March 31, 2022

(` in Lakhs)
Notes March 31, 2022 March 31, 2021
INCOME
Revenue from operations 22 46,186.28 24,966.34
Other income 23 3,937.93 1,996.47
Total income 50,124.21 26,962.81
EXPENSES
Cost of sales 24 34,698.02 17,839.87
Employees benefit expense 25 1,418.25 1,298.15
Finance costs 26 2,707.32 3,055.01
Depreciation and amortisation 3 1,666.65 1,717.72
Other expenses 27 2,481.34 2,290.63
Total expenses 42,971.58 26,201.38
Profit before tax 7,152.63 761.43
Less: Tax expense
Current income tax 1,707.49 520.58
MAT credit entitlement - 9.61
Deferred tax 598.30 207.91
Profit for the year before share of profit of associates & NCI 4,846.84 23.33
Add: Non-controlling interests 162.91 213.90 157
Share of profit of associates (net of tax) 478.98 827.41
Profit for the year (a) 5,488.73 1,064.64

F I N A N C I A L STAT E M E NT S
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Re-measurement of net defined benefit liabilities/asset 37.39 30.13
Deferred tax 5.01 9.60
Other comprehensive income for the year, net of tax (b) 32.38 20.53
Total comprehensive income for the year (a+b) 5,521.11 1,085.17
Total comprehensive income for the year attributable to:
Owners of parent (i+iii) 5,684.02 1,299.07
Non-controlling interests (ii+iv) (162.91) (213.90)
5,521.11 1,085.17
of the total comprehensive income above,
Profit/(loss) for the year attributable to:
Owners of parent (i) 5,651.64 1,278.54
Non-controlling interests (ii) (162.91) (213.90)
5,488.73 1,064.64
of the Total comprehensive income above,
Other Comprehensive income attributable to:
Owners of parent (iii) 32.38 20.53
Non-controlling interests (iv) - -
32.38 20.53
Earnings per equity share 41
Equity shares of par value of ` 2 (` 2)
Basic 1.92 0.43
Diluted 1.74 0.43

The accompanying notes 1 to 53 form an integral part of the consolidated financial statements.
As per our report of even date attached.

Vinod Kumar Bindal & Co. Amit Sarin Aman Sarin

Chartered Accountants Managing Director Director & Chief Executive Officer
Firm Registration No. 003820N DIN: 00015837 DIN: 00015887
By the hand of

Arvind Mittal Pankaj Kumar Gupta Manoj Pahwa

Partner Chief Financial Officer Company Secretary
Membership No. 509357 Membership No. 505767 Membership No.A7812

New Delhi
May 14, 2022
 ANANT RAJ LIMITED

Consolidated Cash Flow Statement

for the year ended March 31, 2022

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
A. CASH FLOWS FROM OPERATING ACTIVITIES
Net profit before tax 7,152.63 761.43
Adjustment for:
Depreciation and amortisation 1,666.65 1,717.72
Actuarial gain/loss (OCI) 37.39 30.13
Gain/(loss) on Disposal of subsidiary (34.28) -
Interest paid 2,609.70 2,769.68
Interest receipts (124.48) (1,905.14)
Share of profit associates and NCI 641.89 1,041.31
Operating profit before working capital changes 11,949.50 4,415.13
158 Adjustment for:
Increase/(decrease) in trade payables (96.07) 512.05
A NNUA L R E P O RT 2 0 2 1 - 2 2

Increase/(decrease) in other financial liabilities (391.20) (7,244.55)

Increase/(decrease) in other current liabilities 14,643.80 (3,649.51)
Increase/(decrease) in provisions 1,545.01 503.36
Prior period adjustment (237.32) -
(Increase)/decrease in trade receivables 2,082.08 2,527.05
(Increase)/decrease in inventories 32,172.45 (6,884.58)
(Increase)/decrease other bank balances (89.29) (78.85)
(Increase)/decrease in other current assets (7,337.67) 7,696.05
(Increase)/decrease in other financial assets (6,117.33) (12,045.59)
Cash generated from operations 48,123.96 (14,249.44)
Income tax paid (2,305.79) (738.10)
NET CASH GENERATED FROM OPERATING ACTIVITIES 45,818.17 (14,987.54)
B. CASH FLOWS FROM INVESTING ACTIVITIES
(Increase)/decrease in non-current investments (3,770.75) 3,885.74
Decrease in capital work-in-progress 4,280.72 3,568.94
Decrease/increase in intangible assets - 5.44
Payment for purchase of investment property (39.14) (99.18)
Proceeds from disposal of investment property - 267.63
Acquisition of property, plant and equipment (107.22) (426.05)
Proceeds from sale of property, plant and equipment 85.86 86.79
(Decrease)/increase in loans and advances (1,013.38) (660.17)
Interest receipts 124.48 1,905.14
NET CASH USED IN INVESTING ACTIVITIES (439.43) 8,534.28
Consolidated Cash Flow Statement (contd.)
for the year ended March 31, 2022

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
C. CASH FLOWS FROM FINANCE ACTIVITIES
Proceeds/(repayment) from/of long term borrowings (50,075.88) 16,120.75
Proceeds/(repayment) from/of short term borrowings (1,978.81) (4,753.89)
Change in minority's interest (162.91) (213.90)
Equity component of optionally convertible debentures 281.67 -
Share warrants received 12,085.40 -
Deferred income (3,367.16) -
Dividend paid and tax thereon (295.10) (82.54)
Interest paid (2,609.70) (2,769.68)
NET CASH OUTFLOW FROM FINANCE ACTIVITIES (46,122.49) 8,300.74
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C) (743.75) 1,847.48 159
Cash and cash equivalents at the beginning of year 2,686.82 839.34
Cash and cash equivalents at the end of year 1,943.07 2,686.82

F I N A N C I A L STAT E M E NT S
Note: Figures in brackets indicate cash outflow.

The accompanying notes 1 to 53 form an integral part of the consolidated financial statements.
As per our report of even date attached.

Vinod Kumar Bindal & Co. Amit Sarin Aman Sarin

Chartered Accountants Managing Director Director & Chief Executive Officer
Firm Registration No. 003820N DIN: 00015837 DIN: 00015887
By the hand of

Arvind Mittal Pankaj Kumar Gupta Manoj Pahwa

Partner Chief Financial Officer Company Secretary
Membership No. 509357 Membership No. 505767 Membership No.A7812

New Delhi
May 14, 2022
 ANANT RAJ LIMITED

Consolidated Statement of Changes in Other Equity

A Equity share capital
(i) Current reporting period
Statement of changes in equity share capital as on March 31, 2022
(` in Lakhs)
Particulars Balance Changes in Restated Changes Balance at
at the equity share at the in equity the end of
beginning of capital due beginning of share capital the current
the current to prior the current during the reporting
reporting period reporting current year period
period errors period
Authorised 8,290.00 - - - 8,290.00
Issued and subscribed 5,902.95 - - - 5,902.95
Paid up 5,901.93 - - - 5,901.93

(ii) Previous reporting period

160 Statement of changes in equity share capital as on March 31, 2021
(` in Lakhs)
A NNUA L R E P O RT 2 0 2 1 - 2 2

Particulars Balance Changes in Restated Changes Balance at

at the equity share at the in equity the end of
beginning of capital due beginning of share capital the current
the current to prior the current during the reporting
reporting period reporting current year period
period errors period
Authorised 8,290.00 - - - 8,290.00
Issued and subscribed 5,902.95 - - - 5,902.95
Paid up 5,901.93 - - - 5,901.93
Consolidated Statement of Changes in Other Equity (contd.)
B Other equity
(i) Current reporting period
Statement of changes in other equity as on March 31, 2022
(` in Lakhs)
Particulars Equity Capital Securities General Retained Other Total equity
component of reserve premium reserve earnings comprehensive attributable
other financial reserve Surplus income to equity
instruments holders of
(share Company
warrants)
Balance as at the beginning of - 60,553.36 58,379.99 (1,936.80) 126,992.24 59.97 244,048.76
the year
Add: Net profit for the year 5,488.73 5,488.73
Money received against share 12,085.40 - - - - - 12,085.40
warrants
Transfer from retained earnings - - - 2,000.00 - - 2,000.00
Equity component of optionally 281.67 - - - - - 281.67
convertible debentures
Prior period adjustments - - - - (237.32) - (237.32) 161
Less: Dividend - - - - (295.10) - (295.10)
Transfer to general reserve - - - - (2,000.00) - (2,000.00)

F I N A N C I A L STAT E M E NT S
Remeasurement of net defined - - - - - 37.39 37.39
benefits liability/ asset, net of tax
Measurement of financial - - - - (3,367.16) - (3,367.16)
instrument at amortised cost
Loss on disposal of subsidiary - (34.28) - - - - (34.28)
Balance as at the end of the year 12,367.07 60,519.08 58,379.99 63.20 126,581.39 97.36 258,008.09

(ii) Previous reporting period

Statement of changes in other equity as on March 31, 2021
(` in Lakhs)
Particulars Equity Capital Securities General Retained Other Total equity
component of reserve premium reserve earnings comprehensive attributable
other financial reserve Surplus income to equity
instruments holders of
(share Company
warrants)
Balance as at the beginning of - 60,553.36 58,379.99 (1,936.80) 125,610.71 29.84 242,637.10
the year
Add: Net profit for the year - - - - 1,064.64 - 1,064.64
Prior period adjustments - - - - 642.49 - 642.49
Less: Dividend - - - - (82.54) - (82.54)
Remeasurement of net defined - - - - -
benefits liability/ asset, net of tax - 30.13 30.13
Adjustment of deferred tax - - - - (243.06) - (243.06)
Balance as at the end of the year - 60,553.36 58,379.99 (1,936.80) 126,992.24 59.97 244,048.76
 ANANT RAJ LIMITED

Consolidated Statement of Changes in Other Equity (contd.)

Nature and purpose of Reserves
Capital Reserve
Capital reserve represents amount transferred from the transferor companies pursuant to various schemes of amalgamations and
demerger. It is utilised in accordance with the provisions of Companies Act, 2013.

General Reserve
Under the erstwhile Indian Companies Act,1956, a general reserve was created through an annual transfer of net profit at a specified
percentage in accordance with applicable regulations. Consequent to introduction of Companies Act, 2013, the requirement of
mandatory transfer of a specified percentage of the net profit to general reserve has been withdrawn though the Company may transfer
such percentage of its profits for the financial year as it may consider appropriate. Declaration of dividend out of such reserve shall not
be made except in accordance with rules prescribed in this behalf under the Companies Act, 2013.

Securities Premium Reserve

Securities premium reserve is created due to premium on issue of shares. These reserves shall be utilised in accordance with the
provisions of the Companies Act, 2013.
162
Retained Earnings
Retained earnings are the profits and gains that the Company has earned till date, less any transfers to generate reserve, dividends or
A NNUA L R E P O RT 2 0 2 1 - 2 2

other distributions paid to shareholders. It also includes remeasurement gains and losses on defined benefit plans recognised in other
comprehensive income (net of taxes).

Share warrants
Share warrant is a warrant option issued by the Company that gives the warrant holder a right to subscribe equity shares at a pre
determined price on or after a pre determined time period.

The accompanying notes 1 to 53 form an integral part of the consolidated financial statements.

As per our report of even date attached.

Vinod Kumar Bindal & Co. Amit Sarin Aman Sarin

Chartered Accountants Managing Director Director & Chief Executive Officer
Firm Registration No. 003820N DIN: 00015837 DIN: 00015887
By the hand of

Arvind Mittal Pankaj Kumar Gupta Manoj Pahwa

Partner Chief Financial Officer Company Secretary
Membership No. 509357 Membership No. 505767 Membership No.A7812

New Delhi
May 14, 2022
Notes forming part of the consolidated financial statements
1 Company overview Act, as amended from time to time that are required
The Company is a public Company domiciled in India and to comply with Ind AS. The Statement of Cash Flows
incorporated under the provisions of the Companies Act, has been presented as per the requirements of Ind AS
1956. The Company has its primary listings on the BSE 7 ‘Statement of Cash Flows’.
Limited and National Stock Exchange of India Limited.
The consolidated financial statements are presented in
The Company is primarily engaged in development and Indian Rupees, which is also its functional currency.
construction of information and technology parks, data All amounts have been rounded off to the nearest
centers, hospitality projects, special economic zones, office ` lakh, unless otherwise indicated.
complexes, shopping malls and residential projects primarly
in the State of Delhi, Haryana, Rajasthan and the National (b) Basis of consolidation
Capital Region. The CFS comprise the financial statements of the
Company and its subsidiaries as at March 31, 2022.
The Board of Directors approved the consolidated Control is achieved when the Group is exposed, or has
financial statements for the year ended March 31, 2022, rights, to variable returns from its involvement with
on May 14, 2022. the investee and has the ability to affect those returns 163
through its power over the investee. Specifically, the
2 Significant Accounting policies Group controls an investee if and only if the Group has:

F I N A N C I A L STAT E M E NT S
(a) Basis of preparation and presentation of
financial statements (i) Power over the investee (i.e. existing rights that
The financial statements of the subsidiaries, associates give it the current ability to direct the relevant
and jointly controlled entities used in the consolidation activities of the investee).
are upto the same reporting date as that of the
Company i.e. March 31, 2022. (ii) Exposure, or rights, to variable returns from its
involvement with the investee, and
These consolidated financial statements (CFS) of the
Company are prepared in accordance with the Indian (iii) The ability to use its power over the investee to
Accounting Standards (Ind AS), under historical cost affect its returns
convention on the accrual basis except for certain
financial instruments which are measured at fair Generally, there is a presumption that a majority
values, the provisions of the Companies Act, 2013 of voting rights result in control. To support this
(Act), (to the extent notified) and guidelines issued by presumption and when the Group has less than
the Securities and Exchange Board of India (SEBI). a majority of the voting or similar rights of an
The consolidated financial statements have been investee, the Group considers all relevant facts and
prepared on a going concern basis in accordance with circumstances in assessing whether it has power over
accounting principles generally accepted in India. an investee, including:
The Ind AS are prescribed under section 133 of the Act
read with Rule 3 of the Companies (Indian Accounting (i) The contractual arrangement with the other vote
Standards) Rules, 2015, and relevant amendment holders of the investee.
rules issued thereunder.
(ii) Rights arising from other contractual arrangements.
Accounting policies have been consistently applied
(iii) 
The Group’s voting rights and potential
except where a newly issued Accounting Standard is
voting rights.
initially adopted or a revision to an existing Accounting
Standard requires a change in the Accounting policies
(iv) The size of the group’s holding of voting rights
hitherto in use.
relative to the size and dispersion of the holdings
of the other voting rights holders.
The consolidated Balance Sheet, the Statement
of Changes in Equity, the Statement of Profit and
The Group re-assesses whether or not it controls an
Loss and disclosures are presented in the format
investee, if facts and circumstances, indicate that there
prescribed under Division III of Schedule III of the
 ANANT RAJ LIMITED

Notes forming part of the consolidated financial statements

are changes to one or more of the three elements of (iv) 
Profit or loss and each component of ‘Other
control. Consolidation of a subsidiary begins when Comprehensive Income’ (OCI) are attributed to
the Group obtains control over the subsidiary and the equity holders of the parent of the Group
ceases when the Group loses control of the subsidiary. and to the non-controlling interests, even if, this
Assets, liabilities, income and expenses of a subsidiary results in the non-controlling interests having a
acquired or disposed of during the year are included in deficit balance. When necessary, adjustments are
the CFS from the date the Group gains control until the made to the financial statements of subsidiaries
date the Group ceases to control the subsidiary. to bring their accounting policies into line with
the Group’s accounting policies. All intra-group
CFS are prepared using uniform accounting policies assets and liabilities, equity, income, expenses
for like transactions and other events in similar and cash flows relating to transactions between
circumstances. If a member of the group uses accounting members of the Group are eliminated in full
policies other than those adopted in the CFS for like on consolidation.
transactions and events in similar circumstances,
appropriate adjustments are made to that group (v) The Company consolidates the entities which it
164 member’s financial statements in preparing the CFS to owns or controls. The CFS of the Company, its
ensure conformity with the group’s accounting policies. controlled subsidiaries are disclosed in Note No.
A NNUA L R E P O RT 2 0 2 1 - 2 2

The financial statements of all entities used for 34. Control exists when the parent has power over
the purpose of consolidation are drawn up to same the entity, is exposed, or has rights, to variable
reporting date as that of the parent company, i.e., year returns from its involvement with the investee and
ended on March 31. When end of the reporting period has the ability to affect those returns through its
of the parent is different from that of a subsidiary, power over the investee. Power is demonstrated
the subsidiary prepares, for consolidation purposes, through existing rights that give the ability to
additional financial information as of the same date direct relevant activities, those which significantly
as the financial statements of the parent to enable the affect the investee’s returns. Subsidiaries are
parent to consolidate the financial information of the consolidated from the date control commences
subsidiary, unless it is impracticable to do so. until the date control ceases.

(i) Combine like items of assets, liabilities, equity, (vi) The financial statements of the Group companies
income, expenses and cash flows of the parent are consolidated on a line-by-line basis and
with those of its subsidiaries. For this purpose, intra-group balances and transaction including
income and expenses of the subsidiary are based unrealized gain/ loss from such transaction are
on the amounts of the assets and liabilities eliminated upon consolidation. These financial
recognised in the CFS at the acquisition date. statements are prepared by applying uniform
accounting policies in use at the Group.
(ii) 
Offset (eliminate) the carrying amount of the Non-controlling interests which represent part of
parent’s investment in each subsidiary and the the net profit or loss and net asset of subsidiaries
parent’s portion of equity of each subsidiary. that are not, directly or indirectly, owned or
controlled by the company, are excluded.
(iii) Eliminate in full intragroup assets and liabilities,
equity, income, expenses and cash flows relating (vii) 
Associates are entities over which the Group
to transactions between entities of the group has significant influence but not control.
(profits or losses resulting from intragroup Investment in associates are accounted for using
transactions that are recognised in assets, such as the equity method of accounting. The investment
inventory and fixed assets, are eliminated in full). is initially recognized at cost, and the carrying
Intragroup losses may indicate an impairment amount is increased or decreased to recognize
that requires recognition in the CFS. Ind AS12 the investor’s share of profit or loss of the
‘Income Taxes’ applies to temporary differences investee after the acquisition date. The Group’s
that arise from the elimination of profits and investment in associates includes goodwill
losses resulting from intragroup transactions. identified on acquisition.
Notes forming part of the consolidated financial statements
(c) Use of estimates assesses the services promised in a contract and
The preparation of the CFS in conformity with Ind AS identifies distinct performance obligations in the
requires management to make estimates, judgments contract. Identification of distinct performance
and assumptions. These estimates, judgments and obligations to determine the deliverables and the
assumptions affect the application of accounting ability of the customer to benefit independently
policies and the reported amounts of assets and from such deliverables, and allocation of
liabilities, the disclosures of contingent assets and transaction price to these distinct performance
liabilities at the date of the CFS and reported obligations involves significant judgement.
amounts of revenues and expenses during the period.
Application of accounting policies that require critical The Group uses the percentage-of-completion
accounting estimates involving complex and subjective method in accounting for other fixed-price
judgments and the use of assumptions in these CFS contracts. Use of the percentage-of-completion
have been disclosed in Note ‘D’. Accounting estimates method requires the Group to determine the
could change from period to period. Actual results actual efforts or costs expended to date as a
could differ from those estimates. Appropriate changes proportion of the estimated expended have been
in estimates are made as management becomes aware used to measure progress towards completion 165
of changes in circumstances surrounding the estimates. total efforts or costs to be incurred. Efforts or
Changes in estimates are reflected in the CFS in the costs as there is a direct relationship between

F I N A N C I A L STAT E M E NT S
period in which changes are made and, if material, input and productivity. The estimation of total
their effects are disclosed in the notes to the CFS. efforts or costs involves significant judgement
and is assessed throughout the period of the
Estimation of uncertainties relating to pandemic contract to reflect any changes based on the
from COVID-19 latest available information.
The Group has considered the possible effects that may
result from the pandemic relating to COVID-19 in the (ii) Allowance for credit losses on receivables
preparation of these consolidated financial statements and unbilled revenue
including the recoverability of carrying amounts of The Group determines the allowance for credit
financial and non financial assets. In developing the losses based on historical loss experience adjusted
assumptions relating to the possible future uncertainties to reflect current and estimated future economic
in the global economic conditions because of this conditions. The Group considered current
pandemic, the group has, at the date of approval of and anticipated future economic conditions
these financial statements, used internal and external relating to industries the Group deals with.
sources of information including credit reports and In calculating expected credit loss, the Group has
related information and economic forecasts and also considered credit reports and other related
expects that the carrying amount of these assets will credit information for its customers to estimate
be recovered. The impact of COVID-19 on the Group’s the probability of default in future and has taken
financial statements may differ from that estimated into account estimates of possible effect from the
as at the date of approval of these consolidated pandemic relating to COVID-19.
financial statements.
(e) Property, plant and equipment
(d) Critical accounting estimates 
Property, plant and equipment are stated at

(i) Revenue recognition their cost of acquisition/construction, net of
 The Group’s contracts with customers include accumulated depreciation and impairment losses,
promises to transfer multiple products and if any. Costs directly attributable to acquisition are
services to a customer. Revenues from customer capitalized until the property, plant and equipment
contracts are considered for recognition and are ready for use, as intended by management.
measurement when the contract has been Capital work-in-progress represents expenditure
approved, in writing, by the parties to the contract, incurred in respect of capital projects which are carried
the parties to contract are committed to perform at cost. Cost includes land, related acquisition expenses,
their respective obligations under the contract, development and construction costs, borrowing costs
and the contract is legally enforceable. The Group and other direct expenditure.
 ANANT RAJ LIMITED

Notes forming part of the consolidated financial statements

Advances paid towards acquisition of property, plant economic benefit is expected from their disposal.
and equipment outstanding at each Balance Sheet The difference between net disposal proceeds and
date are disclosed as Capital Advances under ‘Other the carrying amount of the asset is recognised in
Non-Current Assets’ and cost of fixed assets not the Statement of Profit and Loss in the period
yet ready for their intended use as at the reporting of derecognition.
date are disclosed under ‘Capital Work in Progress’.
Subsequent expenditures relating to property, plant and (g) Financial instruments
equipment is capitalized only when it is probable that (i) Initial recognition
future economic benefits associated with these will flow  The Group recognizes financial assets and
to the Group and the cost of the item can be measured financial liabilities when it becomes a party to
reliably. Repairs and maintenance costs are recognized the contractual provisions of the instrument.
in the Statement of Profit and Loss when incurred. All financial assets and liabilities are recognized
The cost and related accumulated depreciation are at fair value on initial recognition, except for
eliminated from the financial statements upon sale or trade receivables which are initially measured
retirement of the asset and the resultant gains or losses at transaction price. Transaction costs that are
166 are recognized in the Statement of Profit and Loss. directly attributable to the acquisition or issue
Assets to be disposed off are reported at the lower of of financial assets and financial liabilities, that
the carrying value or the fair value less cost to sell. are not at fair value through profit or loss, are
A NNUA L R E P O RT 2 0 2 1 - 2 2

added to the fair value on initial recognition.

Depreciation on fixed assets is charged in accordance Regular way purchase and sale of financial assets
with estimate of useful life of the assets on written are accounted for at trade date.
down value method, at rates specified in Schedule II of
the Act. Depreciation on assets purchased/sold during (ii) Subsequent measurement
a period is proportionately charged. Financial assets carried at amortised cost
 A financial asset is subsequently measured at

Depreciation methods, useful lives and residual amortised cost if it is held within a business
values are reviewed periodically, including at each model whose objective is to hold the asset in
financial year end. order to collect contractual cash flows and the
contractual terms of the financial asset give
(f) Investment property rise on specified dates to cash flows that are
 Property that is held for long-term rental yields solely payments of principal and interest on the
or for capital appreciation or both, and that is principal amount outstanding.
not occupied, is classified as investment property.
Investment property is measured initially at its cost, Investments in equity instruments of

including related transaction costs. Subsequent to subsidiaries, joint ventures and associates
initial recognition, investment properties are stated at
cost less accumulated depreciation and accumulated Investments in subsidiaries,’ are stated at cost
impairment loss, if any. Subsequent expenditure is less provision for impairment losses, if any.
capitalised to the asset’s carrying amount only when Investments are tested for impairment whenever
it is probable that future economic benefits associated an event or changes in circumstances indicate
with the expenditure will flow to the Company and the that the carrying amount may not be recoverable.
cost of the item can be measured reliably. An impairment loss is recognised for the amount
by which the carrying amount of investments
The Group discloses the fair value of investment exceeds its recoverable amount. If, in a subsequent
properties in notes to the consolidated financial period, recoverable amount equals or exceeds the
statements. Fair values are determined based on carrying amount, the impairment loss recognised
annual evaluation performed by the management. is reversed accordingly.

Investment properties are derecognized either when Investments in equity instruments of subsidiaries,
they have been disposed off or when they have been joint ventures and associates are accounted for
permanently withdrawn from use and no future
Notes forming part of the consolidated financial statements
at cost in accordance with Ind AS-27 ‘Separate of impairment testing, the recoverable amount
Financial Instruments’. (i.e. the higher of the fair value less cost to
sell and the value-in-use) is determined on an
(iii) Financial liabilities individual asset basis unless the asset does not
 Financial liabilities are carried at amortized generate cash flows that are largely independent
cost using the effective interest method, except of those from other assets. In such cases, the
for contingent consideration recognized in a recoverable amount is determined for the cash
business combination which is measured at generating unit (CGU) to which the asset belongs.
fair value through profit or loss. For trade and
other payables maturing within one year from If such assets are considered to be impaired, the
the Balance Sheet date, the carrying amounts impairment to be recognized in the Statement of
approximate fair value due to the short maturity Profit and Loss is measured by the amount by
of these instruments. which the carrying value of the assets exceeds
the estimated recoverable amount of the asset.
(iv) Derecognition of financial instruments An impairment loss is reversed in the Statement
The Group derecognizes a financial asset when of Profit and Loss, if there has been a change in 167
the contractual rights to the cash flows from the the estimates used to determine the recoverable
financial asset expire or it transfers the financial amount. The carrying amount of the asset is

F I N A N C I A L STAT E M E NT S
asset and the transfer qualifies for derecognition increased to its revised recoverable amount,
in accordance with Ind AS 109 “Financial provided that this amount does not exceed
Instruments” issued by the Ministry of Corporate the carrying amount that would have been
Affairs, Government of India. A financial liability determined (net of any accumulated amortization
(or a part of a financial liability) is derecognized or depreciation) had no impairment loss been
from the Company’s Balance Sheet when the recognized for the asset in prior years.
obligation specified in the contract is discharged
or cancelled or expires. (i) Provisions and contingent liabilities
Provisions
(h) Impairment A provision is recognized if, as a result of a past event,
(i) Financial assets it has a present legal or constructive obligation that is
The Group recognizes loss allowances using the reasonably estimable, and it is probable that an outflow
expected credit loss (ECL) model for the financial of economic benefits will be required to settle the
assets which are not fair valued through profit or obligation. Provisions are determined by discounting
loss. Loss allowance for trade receivables with the expected future cash flows at a pre-tax rate that
no significant financing component is measured reflects current market assessments of the time value
at an amount equal to lifetime ECL. For all of money and the risks specific to the liability.
other financial assets, expected credit losses are
measured at an amount equal to the 12-month Contingent liabilities
ECL, unless there has been a significant increase A contingent liability is a possible obligation that arises
in credit risk from initial recognition in which from past events whose existence will be confirmed
case those are measured at lifetime ECL.The by the occurrence or non-occurrence of one or more
amount of expected credit losses (or reversal) uncertain future events beyond the control or a present
that is required to adjust the loss allowance at obligation that is not recognised because it is not
the reporting date to the amount that is required probable that an outflow of resources will be required
to be recognised is recognized as an impairment to settle the obligation. A contingent liability also arises
gain or loss in profit or loss. in extremely rare cases where there is a liability that
cannot be recognised because it cannot be measured
(ii) Non-financial assets reliably. The Group does not recognise a contingent
 Property, plant and equipment are evaluated liability but discloses its existence in the financial
for recoverability whenever events or changes statements. Contingent assets are neither recognised
in circumstances indicate that their carrying nor disclosed in the financial statements.
amounts may not be recoverable. For the purpose
 ANANT RAJ LIMITED

Notes forming part of the consolidated financial statements

(j) Inventories For performance obligations, where one of the above
Real Estate: Lower of cost or net market value; Cost conditions are not met, revenue is recognised at the point
includes cost of acquisition and other related expenses in time at which the performance obligation is satisfied.
incurred in bringing the inventories to their present
location and condition. Net market value is the estimated Revenue is recognised either at point of time and over a
selling price in the ordinary course of business. period to time based on various conditions as included
in the contracts with customers.
Constructed/Under Construction Properties: Lower
of cost or net realisable value. Cost includes the cost of (ii) Others
land, internal development cost, external development (a) Revenues from sale of investment properties
charges, construction costs, overheads, borrowing costs and assets to the extent of sale consideration
and development/ construction material. reduced by the respective costs thereof
in each case, being value inclusive of

Development Rights: At cost of acquisition, including cost of acquisition, and construction and
cost of acquiring rights of any interested party. development cost thereof.
168 Development rights are considered to have been
acquired on execution of a Development Agreement (b) 
Forfeiture due to non fulfilment of
upon vesting of irrevocable rights in the Company to obligations by counter parties is accounted
A NNUA L R E P O RT 2 0 2 1 - 2 2

construct, market, and sell the development over land as Revenue on unconditional appropriation.
and realize and retain the economic and other benefits.
(c) 
Revenues from rentals are recognised on
(k) Unbilled receivables accrual basis in accordance with terms of
Unbilled receivables represent revenue recognized agreements executed with respective tenants.
based on Percentage of Completion of Construction
Method [Para (l) below], to the extent the work (d) Service receipts and interest from customers
completed exceeds billed receivables. is accounted for on accrual basis.

(l) Revenue recognition (e) 

Divided income is recognised when the
(i) Revenue from contracts from customers shareholder or unit holder’s right to receive
Pursuant to the application of Ind AS-115, the payment is established, which is generally
Company has applied following accounting policy when shareholder approve the dividend.
for revenue recognition:
(f) 
Share of profit/loss from firm in which
The Company satisfies a performance obligation the Company is a partner is accounted for
and recognises revenue over time, if one of the in the financial year ending on the date of
following criteria is met: the Balance Sheet.

(a) 
The customer simultaneously receives (g) Interest income is recognized using effective
and consumes the benefits provided interest method.
by the Company’s performance as the
entity performs; or (h) Interest on arrears of allotment money is
accounted in the year of receipt.
(b) 
The Company’s performance creates or
enhances an asset that the customer controls (iii) 
Revenue from fixed-price, fixed-time frame
as the asset is created or enhanced; or contracts, where the performance obligations
are satisfied over time and where there
(c) The Company’s performance does not create is no uncertainty as to measurement or
an asset with an alternative use to the collectability of consideration, is recognized
Company and the entity has an enforceable as per the percentage-of-completion method.
right to payment for performance When there is uncertainty as to measurement
completed to date. or ultimate collectability, revenue recognition
Notes forming part of the consolidated financial statements
is postponed until such uncertainty is resolved. The employees of the Company are entitled
Efforts or costs expended have been used to to compensated absences as per the policy of
measure progress towards completion as there the Company. The Company recognises the
is a direct relationship between input and charge to the Statement of Profit and Loss
productivity. Maintenance revenue is recognized and corresponding liability on account of such
rateably over the term of the underlying non-vesting accumulated leave entitlement
maintenance arrangement. based on a valuation by an independent actuary.
The cost of providing compensated absences
(m) Claims are determined using the projected unit credit
Claims lodged by and lodged against are accounted in method. Remeasurements as a result of
the year of payment or settlement thereof.. experience adjustments and changes in actuarial
assumptions are recognised in Statement of
(n) Borrowing costs Profit and Loss.
Borrowing costs directly attributable to the acquisition
and/or construction/production of qualifying assets (iv) 
Contributions payable to the concerned
which are assets that necessarily take a substantial government authorities in respect of provident 169
period of time to get ready for their intended use, are fund, family pension fund and employees state
added to the cost of those assets, until such time as the insurance are defined contribution plans.

F I N A N C I A L STAT E M E NT S
assets are substantially ready for their intended use. The contributions are recognized as an expense
All other borrowing costs are charged to Statement in the Statement of Profit and Loss during the
of Profit and Loss as incurred. Borrowing consist of period in which the employee renders the related
interest and other costs that is incurred in connection service. There is no further obligation in this
with the borrowings of funds. respect, beyond such contribution. Other employee
benefits are accounted for on accrual basis.
(o) Employee benefits
(i) Benefits such as salaries, wages and short term (p) Foreign currency translation
compensations etc. and the expected cost of On initial recognition, all foreign currency transactions
ex-gratia is recognized in the period in which the are translated in to the functional currency using
employee renders the related service. the exchange rates prevailing on the date of the
transaction. As at the reporting date, foreign currency
(ii) 
The Gratuity and Leave encashment schemes monetary assets and liabilities are translated at the
are defined benefit plans. Gratuity is provided exchange rate prevailing on the Balance Sheet date
by covering eligible employees on the basis and the exchange gains or losses are recognised in the
of actuarial valuation as carried out by an Consolidated Statement of Profit and Loss.
independent actuary using the Projected Unit
Credit method, which recognizes each period (q) Cash and cash equivalents
of service as giving rise to additional unit of Cash and cash equivalents comprise cash at bank,
employee benefit entitlement and measures each cash in hand and short-term deposits with an
unit separately to build up the final obligation. original maturity of three months or less, which are
The obligation is measured at the present value subject to an insignificant risk of changes in value.
of the estimated future cash flows. The discount Short-term deposits are made for varying periods of
rates used for determining the present value of between one day and three months, depending on the
obligation under defined benefit plans is based on immediate cash requirements, and earn interest at the
the market yields on Government securities as at respective short-term deposit rates.
the Balance Sheet date.
(r) Cash flow statement
(iii) 
The liability is un-funded. Actuarial gains Cash flows are reported using the indirect method,
and losses arising through re-measurement whereby profit for the period is adjusted for the effects
of net defined benefit liability/(assets) are of transactions of a non-cash nature, any deferrals or
recognised in ‘Other Comprehensive Income’. accruals of past or future operating cash receipts or
 ANANT RAJ LIMITED

Notes forming part of the consolidated financial statements

payments and item of income or expenses associated (u) Earnings per share
with investing or financing cash flows. The cash flows Basic earnings per equity share is computed by dividing
from operating, investing and financing activities are the net profit attributable to the equity holders of
segregated. All highly liquid investments are considered the Group by the weighted average number of equity
that are readily convertible to known amounts of cash shares outstanding during the period. Diluted earnings
to be cash equivalents. per equity share is computed by dividing the net profit
attributable to the equity holders of the Group by the
(s) Dividends weighted average number of equity shares considered
Dividend on equity shares are recorded as a liability on for deriving basic earnings per equity share and also
the date of approval by the shareholders and interim the weighted average number of equity shares that
dividends are recorded as a liability on the date of could have been issued upon conversion of all dilutive
declaration by the Company’s Board of Directors. potential equity shares. The dilutive potential equity
shares are adjusted for the proceeds receivable had
(t) Income taxes the equity shares been actually issued at fair value (i.e.
Income tax expense comprises current and deferred the average market value of the outstanding equity
170 tax. It is recognised in Statement of Profit and Loss shares). Dilutive potential equity shares are deemed
except to the extent that it relates to items recognised converted as of the beginning of the period, unless
directly in equity or in other comprehensive income. issued at a later date. Dilutive potential equity shares
A NNUA L R E P O RT 2 0 2 1 - 2 2

are determined independently for each period presented.

Income tax expense comprises current and deferred
income tax. Income tax expense is recognized in the The number of equity shares and potentially dilutive
Statement of Profit and Loss except to the extent that equity shares are adjusted retrospectively for all periods
it relates to items recognized directly in equity, in which presented for any share splits and bonus shares issues
case it is recognized in ‘Other Comprehensive Income’. including for changes effected prior to the approval of
Current income tax for current and prior periods is the financial statements by the Board of Directors.
recognized at the amount expected to be paid to or
recovered from the tax authorities, using the tax rates (v) Leases
and tax laws that have been enacted or substantively The Group evaluates if an arrangement qualifies to
enacted by the balance sheet date. Deferred income tax be a lease as per the requirements of Ind AS 116.
assets and liabilities are recognized for all temporary Identification of a lease requires significant judgment.
differences arising between the tax bases of assets and The Group uses significant judgement in assessing the
liabilities and their carrying amounts in the financial lease term (including anticipated renewals) and the
statements. Deferred tax assets are reviewed at each applicable discount rate. The Group determines the
reporting date and are reduced to the extent that it lease term as the non-cancellable period of a lease,
is no longer probable that the related tax benefit together with both periods covered by an option to
will be realized. extend the lease if the Company is reasonably certain to
exercise that option; and periods covered by an option
Deferred tax is recorded on temporary differences to terminate the lease if the Company is reasonably
between the tax bases of assets and liabilities and certain not to exercise that option. In assessing
their carrying amounts, at the rates that have been whether the Company is reasonably certain to exercise
enacted or substantively enacted at the reporting an option to extend a lease, or not to exercise an option
date. The ultimate realization of deferred tax assets is to terminate a lease, it considers all relevant facts and
dependent upon the generation of future taxable profits circumstances that create an economic incentive for
during the periods in which those temporary differences the Company to exercise the option to extend the lease,
and tax loss carry-forwards become deductible. or not to exercise the option to terminate the lease.
The Company considers expected reversal of deferred The Group revises the lease term if there is a change in
tax liabilities and projected future taxable income in the non-cancellable period of a lease. The discount rate
making this assessment. The amount of deferred tax is generally based on the incremental borrowing rate
assets considered realisable, however, could reduce in specific to the lease being evaluated or for a portfolio
the near term if estimates of future taxable income of leases with similar characteristics.
during the carry-forward period are reduced.
Notes forming part of the consolidated financial statements
(w) Segment reporting (y) Goods and service tax paid on acquiring of
Operating segments are reported in the manner assets or on incurring expenses
consistent with the internal reporting provided Expenses and assets are recognised net of the goods
to the chief operating decision maker (CODM). and service tax paid, except when the tax incurred on a
The Managing Director of the Company has been purchases of assets or services is not recoverable from
identified as CODM and he is responsible for allocating the tax authority, in which case, tax paid is recognised
the resources, assess the financial performance and as part of the cost of acquisition of the asset or as part
position of the Company and makes strategic decisions. of the expense item as applicable. The net amount of
The Company has identified one reportable segment tax recoverable from, or payable to, the tax authority is
“”Real Estate”” based on the information reviewed included as part of receivables or payables, respectively,
by the CODM. Refer Note no. 45 for the Segment in the balance sheet.
information presented.
(z) Recent Pronouncements
(x) Current versus non-current classification On March 23, 2022, the Ministry of Corporate Affairs
The assets and liabilities are presented in the balance (“MCA”) notified new standards or amendments
sheet based on current/ non-current classification. to the existing standards under Companies (Indian 171
An asset is treated as current when it is: Accounting Standards) Rules as issued from time
to time as below:

F I N A N C I A L STAT E M E NT S
(a) Expected to be realised or intended to be sold or
consumed in normal operating cycle; Ind AS 16- Property, plant and equipment:

(b) Held primarily for the purpose of trading; The amendment clarifies that excess of net sale proceeds
of items produced over the cost of testing, if any, shall
(c) 
Expected to be realised within twelve months not be recognised in the profit or loss but deducted
after the reporting period; or from the directly attributable costs considered as part
of cost of an item of property, plant and equipment.
(d) Cash or cash equivalents unless restricted from The effective date for adoption of this amendment is
being exchanged or used to settle a liability for at annual periods beginning on or after April 1, 2022.
least twelve months after the reporting period. The Company has evaluated the amendment and there
is no impact on its financial statements.
All other assets are classified as non-current.
Ind AS 37- Provisions, Contingent liabilities and
A liability is current when: Contingent assets:

(a) 
It is expected to be settled in normal The amendment specifies that the ‘cost of fulfilling’ a
operating cycle; contract comprises the ‘costs that related directly to the
contract’. Costs that related directly to a contract can
(b) It is held primarily for the purpose of trading; either be incremental costs of fulfilling that contract
(examples would be direct labour, materials) or an
(c) It is due to be settled within twelve months after allocation of other costs that relate directly to fulfilling
the reporting period; or contracts (an example would be the allocation of
depreciation charge for an item of property, plant and
(d) 
There is no unconditional right to defer the equipment used in fulfilling the contract). The effective
settlement of the liability for at least twelve date for adoption of this amendment is annual periods
months after the reporting period. beginning on or after April 1, 2022, although early
adoption is permitted.
All other liabilities are classified as non-current.

The amendments are extensive and the Group
Deferred tax assets and liabilities are classified as
will evaluate the same to give effect to them as
non-current assets and liabilities.
required by law.
 A NNUA L R E P O RT 2 0 2 1 - 2 2

172
Notes forming part of the consolidated financial statements
Notes 3: “Property, Plant and Equipment, Capital Work- in- Progress and Investment Property”
(` in Lakhs)
Particulars Property, plant and equipment Capital work-in- Investment property
Land Building Plant and Furniture Office Vehicles Total progress Land Building Total
and site machinery and equipments and site and site
development fixtures development development
Gross carrying value
ANANT RAJ LIMITED

As at April 1, 2021 2,534.97 109.34 3,249.34 881.97 1,606.23 2,062.90 10,444.75 9,036.74 43,680.80 97,663.69 141,344.49
Additions - - 7.35 69.16 26.75 3.96 107.22 243.41 5.67 33.47 39.14
Disposals 84.60 - - - - 25.16 109.76 4,524.13 - - -
As at March 31, 2022 2,450.37 109.34 3,256.69 951.13 1,632.98 2,041.70 10,442.21 4,756.02 43,686.47 97,697.16 141,383.63
Depreciation
As at April 1, 2021 - 25.97 2,399.51 750.63 1,461.07 1,507.52 6,144.70 - - 13,033.49 13,033.49
Depreciation during the year - 25.97 23.55 32.74 34.10 162.73 279.09 - - 1,387.56 1,387.56
Written back - - - - - 23.91 23.91 - - - -
As at March 31, 2022 - 51.94 2,423.06 783.37 1,495.17 1,646.34 6,399.88 - - 14,421.05 14,421.05
Net book value
As at March 31, 2022 2,450.37 57.40 833.63 167.76 137.81 395.36 4,042.33 4,756.02 43,686.47 83,276.11 126,962.58
As at March 31, 2021 2,534.97 83.37 849.83 131.34 145.16 555.38 4,300.05 9,036.74 43,680.80 84,630.20 128,311.00

(i) Amounts recognised in Statement of Profit and Loss for investment properties
(` In Lakhs)
March 31, 2022 March 31, 2021
Rental income 1,775.48 1,425.27
Depreciation 1,387.56 1,406.75
Profit from investment properties 387.92 18.52

(ii) Capital work-in-progress ageing schedule

(` In Lakhs)
Amount in 'Capital Work in Progress' for a period of
Particulars Less than 1 year 1-2 years 2-3 years More than 3 years Total
Projects in progress 244.13 177.69 91.28 4,242.92 4,756.02
(107.71) (101.36) (83.76) (8,743.91) (9,036.74)
Projects temporarily suspended - - - - -
- - - - -

(iii) Estimation of fair value

The fair value of Investment property is ` 2,60,500 lakhs (` 2,54,486 lakhs). These valuations are based on best evidence of fair value is current prices in the active market
of similar properties. The fair valuation of investment property has been determined by the management.
Notes forming part of the consolidated financial statements
4 Investments

(` in Lakhs)
March 31, 2022 March 31, 2021
Non-current
In equity instruments-Unquoted
Roseland Buildtech Pvt. Ltd.
84,38,430 (84,38,430) equity shares of face value ` 10 (`10) each 14,798.67 14,798.67
Add: Proportionate share in Reserves 1,333.07 1,333.66
E2E Solutions Pvt. Ltd.
86,60,410 (86,60,410) equity shares of face value of ` 10 (` 10) each 3,613.01 3,613.01
Add: Proportionate share in Reserves 3,474.11 2,861.28
Anant Raj Property Management Pvt. Ltd.
5,000 (5,000) equity shares of face value of `10 (`10) each 0.50 0.50
Add: Proportionate share in Reserves 783.68 784.72 173
Romano Projects Private Limited
25,000 (Nil) equity shares of face value of `10 (Nil) each 2.50 -

F I N A N C I A L STAT E M E NT S
Add: Proportionate share in Reserves (0.15) -
Oriental Buildtech Pvt. Ltd.
4,709 (4,709) equity shares of face value ` 10 (` 10) each 13,827.69 13,590.12
Anant Raj Estates Pvt. Ltd.
2,000 (2,000) equity shares of face value ` 10 (` 10) each 5,000.00 5,000.00
Artistaan Pvt. Ltd.
40,000 (40,000) equity shares of face value ` 10 ( ` 10) each 4.00 4.00
In limited liability partnerships
Trident Romano Realty, LLP 0.35 2.10
In mutual funds
Aditya Birla Sun Life Savings Fund-Growth (Direct Plan) 277.68 266.16
[Number of units 62,355.096 (62,355.096) NAV ` 445.31 (` 426.84)]
Compulsorily convertible debentures- Unquoted* 2,909.87 -
46,024.98 42,254.22

* Pursuant to Ind AS-109 “Financial Instruments” issued by the Ministry of Corporate Affairs, Government of India, investment in debentures is
carried at amortised cost. The unquoted debentures are discounted at 8% per annum. The Company determines the discount rate basis its weighted
average cost of capital.
*Unquoted 0% compulsory convertible unsecured debentures. The said debentures are convertible at such price as may be determined by the Board
of Directors of the respective company at any time within 120 months from the date of allotment of the debentures, at issue price to be decided
by the Board of Directors of the respective company based on prevailing fair market value of equity shares of the company.
 ANANT RAJ LIMITED

Notes forming part of the consolidated financial statements

5 Trade receivables
(` in Lakhs)
March 31, 2022 March 31, 2021
Non-current
Unsecured, considered good 2,003.91 1,906.89
2,003.91 1,906.89
Current
Unsecured, considered good 2,177.84 4,356.95
2,177.84 4,356.95
Notes:
(a) Above balances of trade receivables include balances with related parties Nil Nil

(b) No trade or other receivables are due from directors or other officers of the Company either severally or jointly with any
other person.

174 (c) Trade receivables are non-interest bearing.

(d) Ageing for trade receivables-Billed-non current outstanding as at March 31, 2022, is as follows:
A NNUA L R E P O RT 2 0 2 1 - 2 2

(` In Lakhs)
Sr. Particulars Outstanding for following periods from due date of payment
No.
Less than 6 months- 1-2 2-3 More than Total
6 months 1 year years years 3 years
(i) Undisputed trade receivables – considered good - - 323.30 33.27 1,647.34 2,003.91
- - (435.25) (25.86) (1,445.78) (1,906.89)
(ii) Undisputed trade receivables – which have - - - - - -
significant increase in credit risk
- - - - - -
(iii) Undisputed trade receivables – credit impaired - - - - - -
- - - - - -
(iv) Disputed trade receivables – considered good - - - - - -
- - - - - -
(v) Disputed trade receivables–which have - - - - - -
significant increase in credit risk
- - - - - -
(vi) Disputed trade receivables – credit impaired - - - - - -
- - - - - -
Notes forming part of the consolidated financial statements
(e) Ageing for trade receivables-Billed- current outstanding as at March 31, 2022, is as follows:
(` In Lakhs)
Sr. Particulars Outstanding for following periods from due date of payment
No.
Less than 6 6 months- 1-2 2-3 More than Total
months 1 year years years 3 years
(i) Undisputed trade receivables – considered 582.09 1,595.75 - - - 2,177.84
good
(2,685.78) (1,671.17) - - - (4,356.95)
(ii) Undisputed trade receivables – which have - - - - - -
significant increase in credit risk
- - - - - -
(iii) Undisputed trade receivables – credit - - - - - -
impaired
- - - - - -
(iv) Disputed trade receivables – considered - - - - - - 175
good
- - - - - -

F I N A N C I A L STAT E M E NT S
(v) Disputed trade receivables–which have - - - - - -
significant increase in credit risk
- - - - - -
(vi) Disputed trade receivables – credit impaired - - - - - -
- - - - - -

6 Loans
(` in Lakhs)
March 31, 2022 March 31, 2021
Non-current
Unsecured, considered good
Loans to related parties
Associates 6,184.28 5,176.59
Other loans 662.69 657.01
6,846.97 5,833.60

Note:
(a) Detail of loans or advances are granted to promoters, directors, KMPs and the related parties along with their percentages:
Type of borrower Loans or advances in the % to the total loans and
nature of loan outstanding advances in the nature of loans
` in lakhs %
Related parties 6,184.28 90.32
Note: There are no loans or advances granted to promoters, directors and KMPs.
 ANANT RAJ LIMITED

Notes forming part of the consolidated financial statements

7 Other financial assets
(` in Lakhs)
March 31, 2022 March 31, 2021
Non-current
Unbilled receivables 5,418.58 4,210.81
Security deposits 246.58 240.66
Margin money deposits^ 126.43 137.19
Deposits held as security against borrowings^^ 525.00 525.00
6,316.59 5,113.66
Current
Unbilled receivables 74,511.20 61,527.51
Advances recoverable 4,878.93 13,252.66
Staff advances and imprest 403.58 95.65
Interest accrued but not due 6.57 10.06
79,800.28 74,885.88
176
^Pledged with Banks against issuance of bank guarantees.
^^Represents deposits equivalent to 3 (three) months interest held by Banks under Debt Service Reserve Account.t.
A NNUA L R E P O RT 2 0 2 1 - 2 2

8 Other non-current assets

(` in Lakhs)
March 31, 2022 March 31, 2021
Capital advances 12,178.93 13,566.02
Advance other than capital advances
Advances recoverable in cash or in kind 10,495.87 10,490.43
Advances to contractors 1,214.01 1,905.77
Other advances
Deposits with Government Authorities ^ 254.77 254.77
Income tax refund 58.09 11.97
24,201.67 26,228.96
^Includes deposits with Banks aggregating to ` 7.41 Lakhs (` 7.41 lakhs) pledged with Government Authorities.

9 Inventories
(` in Lakhs)
March 31, 2022 March 31, 2021
Projects under development 113,373.63 145,546.09
Others 117.85 117.85
113,491.48 145,663.94

10 Cash and cash equivalents

(` in Lakhs)
March 31, 2022 March 31, 2021
Balances with Banks
In current accounts 1,092.61 1,271.32
Cash on hand 16.49 93.69
Cheques on hand 9.90 -
Deposits with maturity period of less than 3 months 824.07 1,321.81
1,943.07 2,686.82
Notes forming part of the consolidated financial statements
11 Other bank balances
(` in Lakhs)
March 31, 2022 March 31, 2021
Earmarked balances with Banks
Unpaid dividend accounts 27.14 28.29
Others
Margin money deposits^ 961.18 815.66
Deposits with maturity period of more than 3 months^^ 150.27 205.36
1,138.59 1,049.31
^Pledged with Banks against issuance of bank guarantees.
^^Include deposits pledged in favour of buyer of former subsidiary against property tax liability.

12 Other current assets

(` in Lakhs)
March 31, 2022 March 31, 2021
Advances recoverable * 12,594.89 7,581.55 177
Balances with Government Authorities^ 1,777.31 1,694.50
Advances to contractors 1,048.10 74.52

F I N A N C I A L STAT E M E NT S
Prepaid expenses 36.34 41.87
Others 3,337.29 36.51
18,793.93 9,428.95
*Includes ` 3,20.34 lakhs (` 3,70.14 lakhs) recoverable from related parties
^The unutilised GST input credits on purchases to be utilised against future GST liabilities. These are generally realised within one year and hence,
this balance has been classified as current assets.

13 Share capital
(` in Lakhs)
March 31, 2022 March 31, 2021
Authorised
41,45,00,000 (41,45,00,000) equity shares of ` 2 (` 2) each 8,290.00 8,290.00
Issued and subscribed
29,51,47,335 (29,51,47,335 ) equity shares of ` 2 (` 2) each fully paid up 5,902.95 5,902.95
Paid up
29,50,96,335 (29,50,96,335) equity shares of ` 2 (` 2) each fully paid up 5,901.93 5,901.93

Notes:
(a) Reconciliation of the equity shares outstanding at the beginning and at the end of the reporting period:
Particulars March 31, 2022 March 31, 2021
Number of shares Amount Number of shares Amount
` in Lakhs ` in Lakhs
Outstanding as at the beginning of the year 295,096,335 5,901.93 295,096,335 5,901.93
Outstanding as at the end of the year 295,096,335 5,901.93 295,096,335 5,901.93
 ANANT RAJ LIMITED

Notes forming part of the consolidated financial statements

(b) Right, preference and restrictions attached to shares
The Company has only one class of equity shares having a par value of ` 2 each. Each shareholder is eligible for one vote per
share held and carry a right of dividend. The dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their shareholding.

(c) Dividend
The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividend is
recorded as a liability on the date of declaration by the Company’s Board of Directors. Income tax consequences of dividends
on financial instruments classified as equity will be recognized according to where the entity originally recognized those past
transactions or events that generated distributable profits.
The Company declares and pays dividends in Indian rupees. The Finance Act 2020, has repealed the Dividend Distribution
Tax (DDT). Companies are now required to pay/distribute dividend after deducting applicable taxes. The remittance of
178 dividends outside India is also subject to withholding tax at applicable rates.
The Board of Directors in their meeting on May 14, 2022, recommended a final dividend of ` 0.12 per equity share (i.e.
6% on ` 2/- fully paid up share) for the financial year ended March 31, 2022. This payment is subject to the approval of
A NNUA L R E P O RT 2 0 2 1 - 2 2

shareholders in the ensuing Annual General Meeting of the Company and if approved would result in a net cash outflow of
approximately ` 3.54 crores.

(d) Details of equity shares held by shareholders holding more than 5% of the aggregate shares in the Company
S.No. Name of shareholder March 3 1, 2022 March 31, 2021
Number of shares % Number of shares %
(i) Ashok Sarin - - 189,089,513 64.08%
(ii) Roma Sarin 189,089,513 64.08% - -

As per the records of the Company, including its register of shareholders/members and other declarations received from
shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
(e) Disclosure of shareholding of promoters as at March 31, 2022, is as follows:
Promoter name March 31, 2022 March 31, 2021 % change
Number of % of total Number of % of total during the
shares shares shares shares year
(i) Ashok Sarin - - 189,089,513 64.077 100%
(ii) Roma Sarin 189,089,513 64.077 - - 100%
(iii) Raghunath Rai Gandhi 3,500 0.001 3,500 0.001 0%
(iv) Arvinda Gandhi 3,000 0.001 3,000 0.001 0%
(v) Chanda Sachdev 2,518,500 0.853 2,518,500 0.853 0%
(vi) Dhruv Bhasin - - 140,615 0.048 100%
(vii) Pankaj Nakra 87,880 0.030 87,880 0.030 0%
(viii) Nutan Nakra 77,000 0.026 77,000 0.026 0%
Notes forming part of the consolidated financial statements
(f) Disclosure of shareholding of promoters as at March 31, 2021, is as follows:
Promoter name March 31, 2021 March 31, 2020 % change
Number of % of total Number of % of total during the
shares shares shares shares year
(i) Ashok Sarin 189,089,513 64.077 32,659,282 11.067 479%
(ii) Anil Sarin - - 32,337,742 10.958 100%
(iii) Amit Sarin - - 4,324,430 1.465 100%
(iv) Aman Sarin - - 3,836,825 1.300 100%
(v) Ashim Sarin - - 183,710 0.062 100%
(vi) Amar Sarin - - 1,955,407 0.663 100%
(vii) Roma Sarin - - 894,345 0.303 100%
(viii) Sharda Sarin - - 5,718,905 1.938 100%
(ix) Sunaini Sarin - - 180,500 0.061 100%
(x) Saloni Sarin - - 177,000 0.060 100%
(xi) Anant Raj Agencies Pvt. Ltd. - - 106,032,745 35.932 100%
(xii) Ashok Sarin (HUF) - - 163,900 0.056 100%
179
(xiii) Anil Sarin (HUF) - - 163,900 0.056 100%
(xiv) Rajkumari (HUF) - - 163,900 0.056 100%
(xv) Raghunath Rai Gandhi 3,500 0.001 3,500 0.001 0%

F I N A N C I A L STAT E M E NT S
(xvi) Arvinda Gandhi 3,000 0.001 3,000 0.001 0%
(xvii) Chanda Sachdev 2,518,500 0.853 2,518,500 0.853 0%
(xviii) Dhruv Bhasin 140,615 0.048 140,615 0.048 0%
(xix) Pankaj Nakra 87,880 0.030 87,880 0.030 0%
(xx) Nutan Nakra 77,000 0.026 77,000 0.026 0%
 ANANT RAJ LIMITED

Notes forming part of the consolidated financial statements

14 Borrowings
(` in Lakhs)
March 31, 2022 March 31, 2021
Non-current
Secured
Debentures
Redeemable non-convertible debentures (RNCDs)
4,750 (Nil) RNCDs of face value of ` 10,00,000 (Nil) each 27,500.00 -
Term loans from Banks
Yes Bank Ltd. 5,475.30 15,150.24
State Bank of India 6,533.32 9,005.11
Term loans from body corporates
Indiabulls Housing Finance Ltd. - 63,861.40
LIC Housing Finance Ltd. 37,574.10 39,016.17
Capital India Finance Ltd. 4,000.00 4,000.00
180 Aditya Birla Finance Ltd. 4,041.52 4,252.78
ART Housing Finance (India) Ltd. 35.60 522.94
From vehicle financing companies and banks
A NNUA L R E P O RT 2 0 2 1 - 2 2

Vehicle loans 132.62 256.95

(a) 85,292.46 136,065.59
Unsecured
0.5% Optionally convertable debentures*
40 (Nil) OCDs of face value of ` 10,00,000 (Nil) each 123.46 -
Security deposits 3,517.98 2,344.80
Loans from related parties
Associates and LLP 1,820.28 1,925.20
Others 253.50 747.97
(b) 5,715.22 5,017.97
(a)+(b) 91,007.68 141,083.56
 Pursuant to Ind AS-109 “Financial Instruments” issued by the Ministry of Corporate Affairs, Government of India, issuance of
*
debentures is carried at amortised cost. The unquoted debentures are discounted at 14% per annum. The Company determines the
discount rate basis its weighted average cost of capital.

Current borrowings
Secured
Loans repayable on demand from Banks
Working capital facilities from State Bank of India 4,896.45 4,990.14
(a) 4,896.45 4,990.14
Unsecured
Loans from related parties
Directors - 1,513.57
Associates 668.82 730.25
In limited liability partnerships 977.51 1,175.34
Security deposits from contractors 260.72 373.01
(b) 1,907.05 3,792.17
(a)+(b) 6,803.50 8,782.31
Notes forming part of the consolidated financial statements
Notes to secured borrowings:
Term loans from Banks/ Terms of Loans Repayment period
Body Corporates
Yes Bank Ltd. Secured against extension of exclusive charge by way of equitable mortgage Repayable in 2 years and
on land and building along with its receivables. Additionally, secured by way 3 months in quarterly
of unconditional and irrevocable personal guarantee of 2 (two) directors/ installments.
promoters of the Company.
State Bank of India Secured against first charge on land and lease rentals of hotel property. Repayable in 4 years and 6
Also, collaterally secured by way of first charge on hotel property, negative months in monthly installments.
lien and first charge on receivables/cash flow/revenues (including booking
amounts) to the extent mortgaged with Bank, and pledge of 100% shares
of 2 land owning companies. Additionally, secured by way of personal
guarantees of 3 (three) directors/promoters of the Company and corporate
guarantees of land owing companies. Securities are cross collateralized with
all loans of bank.
181
LIC Housing Finance Ltd. Secured against equitable mortgage of land and building, a hotel property, Repayable in 11 years and 7
assignment/hypothecation of present and all the future rentals or any months in monthly installments.

F I N A N C I A L STAT E M E NT S
other receivables from the said properties and charge on the present and
future receivables from aforesaid properties. Additionally secured by way of
personal guarantees of 2 (two) directors/promoters of the Company.
Capital India Finance Ltd. Secured against equitable mortgage of land. Also, collaterally secured by Repayable in 3 years and
way of personal guarantee of 1 (one) director/promoter of the Company. 10 months in quarterly
installments.
Capital India Finance Secured against equitable mortgage of land. Also, collaterally secured by Repayable in 3 years and
Ltd.(Term loan availed by way of personal guarantee of 1 (one) director/promoter of the Company. 10 months in quarterly
subsidiary, Anant Raj Con. installments.
& Development Pvt. Ltd.)
ART Housing Finance Secured against equitable mortgage of Aashrya Project. The aforesaid term Repayable in 1 years in monthly
(India) Ltd. loan is also additionally secured by way of personal guarantees of 2 (two) installments.
directors/promoters of the Company.
Aditya Birla Finance Secured by way of exclusive charge on equitable mortgage of land and Repayable in 15 years in
Ltd.(Term Loan availed building/construction thereon (both present and future) and exclusive charge monthly installments.
by subsidiary,Rolling over entire moveable assets related to the project. Additionally, collaterally
Construction Pvt. Ltd.) secured by way of personal guarantees of 2 (two) directors/promoters of the
Company and corporate guarantee of the Company.
Redeemable Secured against equitable mortgage of various parcels of land, first and Redeemable in 3 years
non-convertible exclusive charge on the receivables arising from abovesaid land parcels and and 3 months in quarterly
debentures-Touchstone pledge of 100% shares of 7 land owing companies and 95% shares of 1 installments.
Trust Scheme land owning company. The aforesaid term loans are cross collateralised with
availed by the Company. Also, secured by way of personal guarantees of
3 (three) directors and 1 (one) promoter of the Company and corporate
guarantees of land owing companies.
Vehicle loans from various Secured against hypothecation of respective vehicles. Repayable in equated monthly
vehicle finance companies installments over different
& banks periods till February 2024.
Working Capital Secured against first charge on land, first pari pasu charge on inventory and receivables (present and future).
State Bank of India The aforesaid facilities are collaterally secured by way of negative lien and first charge on receivables/cash
flow/ revenues (including booking amount) arising out of or in connection with land, to the extent property
mortgaged and additionally secured way of personal guarantees of 3 (three) directors/promoters of the
Company. Securities are cross collateralized with all loans of bank.
 ANANT RAJ LIMITED

Notes forming part of the consolidated financial statements

The Company has been generally regular in repayment as at the reporting date in respect of aforesaid loans.
Loans from related parties represents non-interest bearing unsecured loans, which loans are repayable, wherever stipulated or as
mutually agreed. There is no repayment of principal or payment of interest due by the Company as at the year end.
The Company has utilised the borrowings from lenders for the specific purpose for which it was taken. The quarterly returns filed
by the Company with the banks in respect of working capital loan are in agreement with the books of account.

15 Other non current liabilities

(` in Lakhs)
March 31, 2022 March 31, 2021
Other liabilities and payables* 7,738.61 7,941.22
Advance received from customers 8,007.74 2,434.17
15,746.35 10,375.39
*Includes ` 11,11.02 Lakhs (` 11,17.86 Lakhs) payable to related parties

182 16 Deferred tax assets/liabilities (Net)

(` in Lakhs)
Balance as at Balance as at Recognised Recognised Recognised to
A NNUA L R E P O RT 2 0 2 1 - 2 2

March 31, 2022 March 31, 2021 Other to Statement Statement of

compreh-ensive of Profit and Profit and Loss
income for the Loss for the for the year
year year ended ended
March 31, 2022 March 31, 2022 March 31, 2021
(i)
Deferred tax assets
Unabsorbed long term capital loss 229.92 229.92 - - (80.92)
Unabsorbed loss from house 852.13 961.74 - (109.61) 292.95
property
Gratuity 78.48 71.33 - 7.15 (17.35)
Leave encashment 18.54 16.66 - 1.88 (9.30)
Actuarial deferred tax 23.00 14.56 8.44 8.44 9.98
Others 0.08 0.08 - - -
1,202.15 1,294.29 8.44 (92.14) 195.36
(ii) Deferred tax liabilities
Depreciation and amortisation 3,654.79 3,148.63 - 506.16 392.15
Amortisation of upfront fees 130.50 130.50 - - 128.11
Acturial deferred tax 3.82 0.38 3.44 - -
Others 29.72 29.72 - - (116.99)
3,818.83 3,309.23 3.44 506.16 403.27
(iii) MAT credit entitlement 105.29 114.61 - - -
 et deferred tax assets/(liability);
N (2,511.39) (1,900.33) 5.00 (598.30) (207.91)
(i)-(ii)+(iii)
Notes forming part of the consolidated financial statements
17 Provisions
(` in Lakhs)
March 31, 2022 March 31, 2021
Non-current
Provision for employee benefits
Gratuity (unfunded) 173.90 148.00
Leave encashment (unfunded) 41.70 35.80
215.60 183.80
Current
Provision for employee benefits
Gratuity (unfunded) 79.30 66.76
Leave encashment (unfunded) 19.48 14.49
98.78 81.25
18 Trade payables
(` in Lakhs) 183
March 31, 2022 March 31, 2021
Current

F I N A N C I A L STAT E M E NT S
For construction and goods
Total outstanding dues of micro enterprises and small enterprises 7.72 12.68
Total outstanding dues of creditors other than above 589.22 680.34
596.94 693.02
Notes:
(i) The Company has received the required information from suppliers regarding their status under the Micro, Small and
Medium Enterprises Development Act, 2006, hence, disclosures, if any, relating to amounts unpaid as at the year end together
with interest paid/ payable as required under the said Act have been made.
(ii) Trade payables ageing schedule:
(` In Lakhs)
Particulars Outstanding for following periods from due date of payment
Less than 1 year 1-2 years 2-3 years More than 3 years Total
(a) Micro, small and medium
enterprises (MSME) 3.45 0.20 - 4.07 7.72
(8.64) - - (4.03) (12.68)
(b) Others 496.91 - 6.32 85.99 589.22
(579.50) (8.08) (2.43) (90.33) (680.34)
(c) Disputed dues-MSME - - - - -
(d) Disputed dues-Others - - - - -

19 Other financial liabilities

(` in Lakhs)
March 31, 2022 March 31, 2021
Current
Employees salary and other benefits 197.81 172.29
Expenses payable 491.57 453.46
Unpaid dividends* 27.14 28.29
Book overdraft 12.69 5,837.34
729.21 6,491.38
* There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund under section 125
of the Companies Act, 2013.
 ANANT RAJ LIMITED

Notes forming part of the consolidated financial statements

20 Other current liabilities
(` in Lakhs)
March 31, 2022 March 31, 2021
Current maturities of long term debts 31,485.15 16,426.53
Interest accrued on borrowings 1,189.99 2,589.14
Interest accrued but not due on borrowings 527.08 41.63
Advance received from customers 15,331.08 10,819.19
Other liabilities and payables* 683.01 4,026.19
Duties and taxes 1,220.34 1,865.11
Other payables
Capital goods 1,393.09 1,401.34
Advance for which value has to be given 283.20 300.00
52,112.94 37,469.13
*Includes ` 5,72.75 lakhs (` 28,20.50 lakhs) payable to related parties.

184
21 Current tax liabilities
(` in Lakhs)
A NNUA L R E P O RT 2 0 2 1 - 2 2

March 31, 2022 March 31, 2021

Income tax (net off taxes paid) 1,235.37 350.74
1,235.37 350.74

22 Revenue from operations

(` in Lakhs)
March 31, 2022 March 31, 2021
Sales revenues and receipts 44,212.51 23,512.06
Rental and services receipts 1,973.77 1,454.28
46,186.28 24,966.34

23 Other income
(` in Lakhs)
March 31, 2022 March 31, 2021
Interest receipts from
Related parties 3,489.09 1,779.47
Banks deposits 91.56 109.85
Customers 32.92 15.44
Security deposits 1.62 0.38
Gain on fair valuation of mutual fund 11.52 10.55
Income from investment measured at amortised cost 92.54 9.25
Other non operating income 218.68 71.53
3,937.93 1,996.47

24 Cost of sales
(` in Lakhs)
March 31, 2022 March 31, 2021
Construction and development expenses of real estate projects 26,470.51 17,661.77
Cost of services rendered 8,227.51 178.10
34,698.02 17,839.87
Notes forming part of the consolidated financial statements
25 Employees benefit expense
(` in Lakhs)
March 31, 2022 March 31, 2021
Salary, wages, bonus and allowances 1,167.63 1,086.25
Staff welfare 136.47 106.88
Contribution to provident and other funds 60.89 57.74
Gratuity 40.39 35.88
Leave encashment 12.87 11.40
1,418.25 1,298.15

26 Finance costs
(` in Lakhs)
March 31, 2022 March 31, 2021
Interest paid on
Borrowings 2,461.39 2,635.76
185
Vehicle finance 29.77 37.86
Customers 2.71 43.39

F I N A N C I A L STAT E M E NT S
Others 115.83 52.67
Notional interest on debentures 5.13 -
Unwinding of discount on deposits 47.79 102.64
Other borrowing costs
Processing and advisory fees 36.84 173.32
Bank guarantee charges 6.03 6.23
Bank charges 1.83 3.14
2,707.32 3,055.01

27 Other expenses
(` in Lakhs)
March 31, 2022 March 31, 2021
Advertisement and promotion 465.68 410.32
Electricity and water 308.44 370.12
Legal and professional 379.45 250.24
Fees and taxes 66.18 100.63
Security 109.60 120.55
Rent 87.05 114.63
Insurance 60.21 52.44
Travelling and conveyance 97.55 48.20
Repair and maintenance
Buildings 272.76 222.11
Let out property 97.23 114.13
Vehicles 75.64 63.60
Others 32.22 24.01
Communication 25.00 26.43
Printing and stationery 16.07 16.21
Membership and subscription 6.06 4.40
CSR expenses 70.32 29.43
Payment to auditors
Audit fees 24.20 24.02
Others 287.68 299.16
2,481.34 2,290.63
 ANANT RAJ LIMITED

Notes forming part of the consolidated financial statements

28 CONTINGENT LIABILITIES
(to the extent not provided for)
(` in Lakhs)
March 31, 2022 March 31, 2021
(i) (a) Claims against the Company not acknowledged as debts* 489.50 116.41
(b) Income tax demands disputed in appellate proceedings 701.95 881.11
(c) Disputed demands in respect of indirect taxes 217.16 217.16
*[Amounts are net of payments made and without considering interest
for the overdue period and penalty, if any, as may be levied if the
demand so raised is upheld]
(ii) Bonds/Guarantee given to custom authorities for custom duty saved on
import of capital goods under EPCG scheme 331.08 341.84
Deposits, inclusive of accrued interest Nil (` 13.85 lakhs) held by bank
as margin shown under the head "Other bank balances".
[Unfulfilled export obligation of ` 1,218.46 lakhs (` 1,163.10 lakhs)
186
under EPCG license for import of capital goods.]*
* The Company has sought extension of time from concerned
A NNUA L R E P O RT 2 0 2 1 - 2 2

Department regarding fulfilling its export obligations

(iii) Guarantees given by Banks
(a) Guarantees given to Town and Country Planning, Haryana, towards 1,992.89 1,992.89
external development work.
Deposits, inclusive of accrued interest, of ` 795.73 lakhs (` 800.51
lakhs) held by bank as margin, shown under the head ‘Other bank
Balances’
(b) Deposits given to VAT authorities 1.00 12.74
[Deposits, inclusive of accrued interest, of ` 2.63 lakhs (` 17.17 lakhs)
held by bank as margin, shown under the head 'Other Current Assets']
(iv) Borrowings by affiliate companies whose loans have been guaranteed 4,274.36 4,389.46
by the Company as at close of the year

29 Capital and other commitments

(` in Lakhs)
March 31, 2022 March 31, 2021
Estimated amount of contracts remaining to be executed on capital account 2,349.53 2,357.48
and not provided for

30 Inventory includes, Development Rights acquired for ` 95,899.58 lakhs (` 1,24,452.24 lakhs), being payments made to subsidiary
companies under Development Agreements to acquire irrevocable rights over land whereby the Company is entitled to construct,
market and sell the development on the same.

31 In the opinion of the Board, all assets other than fixed assets and non current investments, have a value on realisation in the
ordinary course of business at least equal to the amount at which they are stated.
Notes forming part of the consolidated financial statements
32 The Board of Directors at its meeting held on March 3, 2021, approved the raising of funds for an amount of ` 163,41.50 lakhs by
way of issuing 2,90,00,000 fully Convertible Warrants at an issue price of ` 56.35 (Rupees Fifty Six and Paisa Thirty Five Only)
on a preferential basis to ‘Promoter & Promoter Group’ and ‘Non-Promoter’ Category, to fund the Company’s new vertical-’Data
centers’ to be set-up in the IT Parks built by the Company in the Manesar, Panchkula and Rai in the State of Haryana, in accordance
with the provisions of the Companies Act, 2013, read with SEBI (Issue of Capital and Disclosure Requirements) Regulations,
2018, (SEBI ICDR Regulations), which was further approved by the shareholders of the Company at the Extra-Ordinary general
meeting held on April 21, 2021.
Further, the Board of Directors at its meeting held on May 5, 2021, issued and allotted the aforesaid 2,90,00,000 fully Convertible
Warrants of face value of ` 2 (Rupees Two ) each on receipt of 25% of the issue price from the allottees,carrying a right to
subscribe to one equity share per warrant, for cash at an issue price of ` 56.35, including premium of ` 54,35 per warrant on
preferential basis to ‘Promoter & Promoter Group’ and ‘Non-Promoter’ (Allottees) on receipt of 100% of issue price from the
allottees in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
33 The Board of Directors of the Company at their meeting held on December 25, 2021, approved the raising of funds by issuance
of 4,750, secured, unlisted, redeemable, non- convertible debentures (‘Debentures’) bearing face value of ` 10 lakhs (Rupees Ten
Lakhs Only) each, at par aggregating upto ` 475,00lakhs (Rupees Forty Seven Thousand and Five Hundred Lakhs only) in one or 187
more tranches on private placement basis to eligible investor(s) to refinance the outgoing credit facilities and utilization towards
general corporate purposes, including the payment of transaction expenses, including upfront Interest applicable on Debentures.

F I N A N C I A L STAT E M E NT S
The Board of Directors of the Company at their meeting held on January 4, 2022, approved the allotment of 4,750 (Four
Thousand Seven Hundred and Fifty) Debentures of face value of ` 10 (Rupees Ten Lakhs Only) aggregating to ` 475,00 lakhs
(Rupees Forty Seven Thousand and Five Hundred Lakhs Only), partly paid-up (payment in two tranches), on private placement
basis to Touchstone Trust Scheme II on the receipt of Tranche A subscription amount.
Further, the Board of Directors of the Company at their meeting held on March 28, 2022, considered and approved to issue the
‘Final Call’ of ` 400,00 lakhs (Rupees Forty Thousand Lakhs only) with respect to 4,750 ‘Debentures’ bearing face value of
` 10 lakhs (Rupees Ten lakhs Only) each, at Par aggregating upto ` 475,00 lakhs (Rupees Forty Seven Thousand and Five
Hundred Lakhs Only) allotted by the Company on January 4, 2022.
The funds of ` 475,00 lakhs (Rupees Forty Seven Thousand and Five Hundred Lakhs Only) so raised have been utilized in above
stated objects. There is no deviation or variation in utilization of funds raised as per Regulation 32 of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015.
34 (a) The CFS include the accounts of the parent Company and the subsidiaries (as listed below). The subsidiaries of the Company
have been defined as those entities in which the Company owns directly or indirectly more than one half of the voting power
or otherwise has power to exercise control over the composition of the Board of Directors of such entities. The financial
statements of subsidiaries are consolidated from the date on which effective control is acquired and are excluded from
consolidation from the date such control ceases.
 ANANT RAJ LIMITED

Notes forming part of the consolidated financial statements

Detail of subsidiaries are as follows:

S.No. Name of subsidiaries Country of Proportion of ownership interest

incorporation March 31, 2022 March 31, 2021
1 Adonai Home Private Limited India 100% 100%
2 Advance Buildcon Private Limited India 100% 100%
3 Anant Raj Cons. & Development Private Limited India 100% 100%
4 Anant Raj Cloud Private Limited India 100% 100%
5 # Anant Raj Digital Private Limited India 100% -
6 # Ashok Cloud Private Limited India 100% -
7 Anant Raj Estate Management Services Limited India 100% 100%
8 Anant Raj Housing Limited India 100% 100%
9 AR Login 4 Edu Private Limited India 100% 100%
10 Century Promoters Private Limited India 100% 100%
11 Echo Properties Private Limited India 81.01% 81.01%
12 Empire Promoters Private Limited India 100% 100%
13 @ Excellent Inframart Private Limited India 100% 100%
14 Four Construction Private Limited India 100% 100%
15 Glaze Properties Private Limited India 100% 100%
188 16 Green Valley Builders Private Limited India 100% 100%
17 Green Way Promoters Private Limited India 100% 100%
18 ARE Entertainment Limited (Formerly Gujarat India 100% 100%
A NNUA L R E P O RT 2 0 2 1 - 2 2

Anant Raj Vidhyanagar Limited)

19 Grandstar Realty Private Limited India 100% 100%
20 Hamara Realty Private Limited India 100% 100%
21 @ Jai Govinda Ghar Nirman Limited India 100% 100%
22 Jasmine Buildwell Private Limited India 100% 100%
23 North South Properties Private Limited India 100% 100%
24 Pasupati Aluminium Limited India 100% 100%
25 Pelikan Estates Private Limited India 100% 100%
26 Pioneer Promoters Private Limited India 100% 100%
27 Rolling Construction Private Limited India 50.10% 50.10%
28 Romano Estates Private Limited India 100% 100%
29 Romano Estate Management Services Limited India 100% 100%
30 Romano Infrastructure Private Limited India 100% 100%
31 Romano Projects Private Limited* India - 100%
32 Rose Realty Private Limited India 100% 100%
33 @ Saiguru Buildmart Private Limited* India - 100%
34 @ Sartaj Developers & Promoters Private Limited India 100% 100%
35 Sovereign Buildwell Private Limited India 100% 100%
36 Spring View Developers Private Limited India 75% 75%
37 Springview Properties Private Limited India 100% 100%
38 Tumhare Liye Realty Private Limited India 100% 100%
39 Woodland Promoters Private Limited India 100% 100%
@The Company holds through its subsidiaries more than one-half in nominal value of their equity share capital.
*Ceased to be subsidiary/step down subsidiary during the year.
#Incorporated/acquired during the year.
(b) In accordance with the Indian Accounting Standard-110 ‘Consolidated Financial Statements’ issued by the Ministry of Corporate Affairs,
Government of India, the difference between the proceeds from the disposal of investments in subsidiaries and the carrying amount of its
assets less liabilities as of the date of disposal is recognised in the CFS, the profit on disposal of the investments in the subsidiaries.
(c) The CFS for the current year are not comparable with that of previous year on account of inclusion of acquired subsidiaries and exclusion
of subsidiaries.
(d) The CFS are prepared using uniform accounting policies for the transactions and other events in similar circumstances.
(e) Figures pertaining to the subsidiaries have been reclassified wherever necessary to bring them in line with the Company’s financial statements.

35 The State Government of Haryana, did not fulfil its obligations in the matter of grant of sales tax exemption. The Company had
filed a writ petition before the Hon’ble High Court of Punjab and Haryana, situated at Chandigarh, which was admitted and is yet
to be fully disposed. The Company has been advised that no liability is likely to arise on account of sales tax, and accordingly, no
provision has been made by the Company in its books of account.
Notes forming part of the consolidated financial statements
36 All creation, modification and satisfaction of charges are registered/filed with Registrar of Companies within the period prescribed
under the Companies Act, 2013, and the relavant rules made thereunder.

37 The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013, read
with the Companies (Restriction on number of layers) Rules, 2017.

38 Balances grouped under trade receivables, trade payables and loans and advances recoverable in cash or in kind are subject to
confirmation from subjective parties.

39 Expenditure in foreign exchange (on accrual basis)

(` in Lakhs)
S.No. Particulars March 31, 2022 March 31, 2021
(i) Dividend 0.29 0.24
(ii) Travelling and others 17.70 16.79
189
40 Amount remitted by the Company in foreign currency on account of dividends
(` in Lakhs)

F I N A N C I A L STAT E M E NT S
S.No. Particulars March 31, 2022 March 31, 2021
(i) Number of non-resident shareholders 59 67
(ii) Number of equity shares held by them 362,800 370,805
(iii) Financial year to which the dividend related 2020-21 2019-20
(iv) Gross amount of dividends (`) in Lakhs 0.29 0.24

41 Earnings per share (EPS)

EPS is calculated by dividing the profit attributable to the equity shareholders by the weighted average of the number of equity
shares outstanding during the year. Numbers used for calculating basic and diluted earnings per equity share are as stated below:
S.No. Particulars March 31, 2022 March 31, 2021
(i) Net profit available for equity shareholders (` in Lakhs) 5,651.64 1,278.54
(ii) Weighted average number of equity shares outstanding
for calculation of
- Basic EPS (numbers) 295,096,335 295,096,335
- Diluted EPS (numbers) 324,096,335 295,096,335
(iii) Nominal value of per equity share (`) 2 2
(iv) Earning per share (i)/(ii)
- Basic EPS (`) 1.92 0.43
- Diluted EPS (`) 1.74 0.43
 ANANT RAJ LIMITED

Notes forming part of the consolidated financial statements

42 Corporate Social Responsibility
(a) Gross amount required to be spent by the Company during the year is ` 75.04 lakhs.
(b) Amount spent during the year on
S.No. Particulars In cash Yet to be paid Total amount
in cash
(i) Rural development 12.23 - 12.23
(ii) On purposes other than (i) above 58.09 - 58.09
Total 70.32 - 70.32

(c) Shortfall at the end of the year is ` 4.72 lakhs

(d) Previous year’s shortfall is ` 64.67 lakhs
(e) The Company could not spend the unspent prescribed amount as the Company is undertaking ongoing project(s) for CSR
expenditure and the Board of the Company ensures that such ongoing project(s) shall be completed within the specified time
period in accordance with the provisions of the Act read with the prescribed CSR rules as amended.
190 43 Impact of Covid-19
The outbreak of Covid-19 pandemic globally and in India had an adverse impact disrupting life and businesses leading to a
A NNUA L R E P O RT 2 0 2 1 - 2 2

slowdown of economic activity. In preparation of these results, the Company has taken into account internal and external source
of information to assess possible impact of the pandemic, including but not limited to assessment of liquidity and going concern,
recoverable values of its financial and non-financial assets, impact on revenues and estimates of residual costs to complete ongoing
projects. Based on current indicators of future economic conditions, the Company expects to fully recover the carrying amount of
its assets. Considering the evolving nature of the pandemic, its actual impact in future could be different from that estimated as
at the date of approval of these financial results. The Company will continue to closely observe the evolving scenario and take into
account any future developments arising out of the same.
44 Related Party Disclosures:
Pursuant to Ind AS-24 “Related Party Disclosures”, following parties are to be treated as related parties:
(a) Name of related parties and description of relationship
Key management personnel (KMP)
Related party Designation
Ashok Sarin* Executive Chairman
Amit Sarin Managing Director
Aman Sarin Whole Time Director & Chief Executive Officer
Ashim Sarin Whole Time Director & Chief Operating Officer
Brajindar Mohan Singh Director
Maneesh Gupta Director
Rajesh Tuteja Director
Kulpreet Sond Director
Manoj Pahwa Company Secretary
Pankaj Kumar Gupta Chief Financial Officer
* Cessation due to demise on August 22, 2021
Notes forming part of the consolidated financial statements
Subsidiaries
1 Adonai Home Private Limited 21 Jai Govinda Ghar Nirman Limited @
2 Advance Buildcon Private Limited 22 Jasmine Buildwell Private Limited
3 Anant Raj Cons. & Development Private Limited 23 North South Properties Private Limited
4 Anant Raj Cloud Private Limited 24 Pasupati Aluminium Limited
5 Anant Raj Digital Private Limited # 25 Pelikan Estates Private Limited
6 Ashok Cloud Private Limited # 26 Pioneer Promoters Private Limited
7 Anant Raj Estate Management Services Limited 27 Rolling Construction Private Limited
8 Anant Raj Housing Limited 28 Romano Estates Private Limited
9 AR Login 4 Edu Private Limited 29 Romano Estate Management Services Limited
10 Century Promoters Private Limited 30 Romano Infrastructure Private Limited
11 Echo Properties Private Limited 31 Romano Projects Private Limited*
12 Empire Promoters Private Limited 32 Rose Realty Private Limited
13 Excellent Inframart Private Limited @ 33 Saiguru Buildmart Private Limited @*
14 Four Construction Private Limited 34 Sartaj Developers & Promoters Private Limited @
191
15 Glaze Properties Private Limited 35 Sovereign Buildwell Private Limited
16 Green Valley Builders Private Limited 36 Spring View Developers Private Limited

F I N A N C I A L STAT E M E NT S
17 Green Way Promoters Private Limited 37 Springview Properties Private Limited
18 ARE Entertainment Limited (Formerly Gujarat Anant Raj 38 Tumhare Liye Realty Private Limited
Vidhyanagar Limited)
19 Grandstar Realty Private Limited 39 Woodland Promoters Private Limited
20 Hamara Realty Private Limited
@ The Company holds through its subsidiaries more than one-half in nominal value of their equity share capital.
* Ceased to be subsidiary/step down subsidiary during the year.
# Incorporated/acquired during the year.

Associate companies Joint controlled entity

1 Anant Raj Property Management Pvt. Ltd. Avarna Projects LLP
2 Roseland Buildtech Pvt. Ltd.
3 E2E Solutions Pvt. Ltd.
4 Romano Projects Private Limited^
^ Became associate during the year.
 ANANT RAJ LIMITED

Notes forming part of the consolidated financial statements

Enterprise over which key management personnel and their relatives exercise control
1 AAA Realty Private Limited 23 Goodwill Meadows Limited
2 Alps Buildcon Private Limited 24 Indiawyn Gaming Private Limited
3 Alps Infratech Private Limited 25 Journey Home Buildcon Private Limited
4 Alps Propmart Private Limited 26 Lily Buildwell Private Limited
5 Anant Raj Farms Private Limited 27 Moments Realtors Private Limited
6 Anant Raj Estates Private Limited 28 Monica Sarin Foundation
7 Anant Raj Power Limited 29 Olympia Buildtech Private Limited
8 Anekvarna Estate LLP 30 One Star Construction Private Limited
9 Aravali Propmart Private Limited 31 Oriental Buildtech Private Limited
10 Big Town Promoters & Developers Private Limited 32 Rock Field Developers Private Limited
11 Bigtown Properties Private Limited 33 Saiguru Buildmart Private Limited
12 Blue Star Realty Private Limited 34 Silvertown Inn and Resorts Private Limited
13 Carnation Promoters Private Limited 35 Sanna Capital Private Limited
192 14 CCC Realty Private Limited 36 Shri Ashok Sarin Anant Raj LLP
15 Consortium Holdings Private Limited 37 Townmaster Promoters & Developers Private Limited
16 Cool Money Café Private Limited 38 Townmaster Properties Private Limited
A NNUA L R E P O RT 2 0 2 1 - 2 2

17 Corn Flower Buildcon Private Limited 39 Townsend Promoters Private Limited

18 Corn Flower Developers Private Limited 40 Towntop Buildtech Private Limited
19 DEL15 Hospitality Private Limited 41 Towntop Properties Private Limited
20 Eastman Properties Private Limited 42 Trident Romano Realty LLP
21 Elevator Realtors Private Limited 43 White Diamond Propmart Private Limited
22 Equinox Promoters Private Limited 44 White Diamond Real Estates Private Limited
Note: Related parties relationship is as identified by the Company and relied upon by the Auditors.

(b) Transactions with related parties during the year (excluding reimbursements)
(` in Lakhs)
Nature of transaction Related party March 31, 2022 March 31, 2021
Services as Executive Chairman Ashok Sarin 35.32 90.00
Services as Managing Director Amit Sarin 90.00 90.00
Services as Director & CEO Aman Sarin 90.00 70.36
Services as Director & COO Ashim Sarin 90.00 70.36
Services as Company Secretary Manoj Pahwa 16.45 16.30
Services as chief financial officer Pankaj Kumar Gupta 20.04 18.11
Sitting fees paid Maneesh Gupta 0.30 0.25
Sitting fees paid Brajindar Mohan Singh 0.13 0.23
Sitting fees paid Rajesh Tuteja 0.07 0.03
Sitting fees paid Kulpreet Sond 0.07 0.05
Sitting fees paid Ambarish Chatterjee - 0.03
Sitting fees paid Sushmaa Chhabra - 0.03
Loan taken during the year Amit Sarin 1,010.00 272.50
Loan repaid during the year Amit Sarin 2,463.57 316.85
Loan taken during the year Aman Sarin 288.00 85.00
Loan repaid during the year Aman Sarin 348.00 25.00
Loans given to associate companies 1,337.35 140.25
Loans received from associate companies 56.38 105.18
Personal guarantees given by directors & relatives in respect of:
- Term loans 116,524.83 152,089.72
- Working capital facilities 4,896.45 4,990.14
Notes forming part of the consolidated financial statements
(c) Amount outstanding as at March 31, 2022
(` in Lakhs)
Account head Related party March 31, 2022 March 31, 2021
Investments-Non current Associates & LLP 18,415.03 32,004.40
Loans-Non current Associates 6,184.28 5,176.59
Non-current liabilities
Unsecured Loans Associates 1,820.28 1,925.20
Current liabilities
Unsecured Loans Amit Sarin - 1,453.57
Unsecured Loans Aman Sarin - 60.00
Unsecured Loans Associates 668.82 730.25
Unsecured Loans Limited liability partnership 977.51 1,175.34
Other financial liabilities-current
Salary payable Key management personnel 22.93 55.93
193
(d) The transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions.
The above related party transactions have been approved by the Board of Directors.

F I N A N C I A L STAT E M E NT S
45 Segment reporting
An operating segment is one whose operating results are regularly reviewed by the entity’s chief operating decision maker to make
decisions about resources to be allocated to the segment and assess its performance. The Group has identified the chief operating
decision maker as its Managing Director. The Chief Operating Decision Maker reviews performance of Real Estate business on an
overall business.
As the Group has a single reportable segment, the segment wise disclosure requirements of Ind AS 108 on Operating Segment is
not applicable. In compliance to the said standard, Entity-Wide disclosures are as under :
(a) Revenues from external customers attributed to the country of domicile and attributed to all foreign countries from which
the company derives revenues
(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Revenue from the Country of domicile; India 46,186.28 24,966.34
Total 46,186.28 24,966.34

(b) Details of non current assets

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Non-current asset from the Country of Domicile; India 159,962.60 167,876.75
Total 159,962.60 167,876.75

(c) Information about major customers

The Company did not have any external revenue from a particular customer which exceeded 10% of total revenue.
 ANANT RAJ LIMITED

Notes forming part of the consolidated financial statements

46 Financial Instruments
Capital Management
For the purpose of the Company’s capital management, capital includes issued equity capital, share premium and all other equity
reserves attributable to the equity holders of the Company. The primary objective of the Company’s capital management is to
maximise the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment
to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is
net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade
and other payables, less cash and cash equivalents.

(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Borrowings (long-term and short-term, including current maturities of long 129,296.33 166,292.40
term borrowings
194
Trade payables (Note 18) 596.94 693.02
Other payables (Note 19 & 20) 21,357.00 27,533.98
A NNUA L R E P O RT 2 0 2 1 - 2 2

Less: Cash and cash equivalents (Note no. 10 & 11) (3,081.66) (3,736.13)
Net debt 148,168.61 190,783.27
Equity share capital 5,901.93 5,901.93
Other equity 258,008.09 244,048.76
Total capital 263,910.02 249,950.69
Capital and net debt 412,078.63 440,733.96
Gearing ratio (Net debt/Capital and Net debt) 35.96% 43.29%

In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in
meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in
the financial covenants of any interest-bearing loans and borrowing in the current period.
Notes forming part of the consolidated financial statements
(` in Lakhs)
Particulars March 31, 2022 March 31, 2021
Categories of financial instruments
Financial assets
Financial assets at amortised cost
Non-current
Investments 46,024.98 42,254.22
Loans 6,846.97 5,833.60
Trade receivables 2,003.91 1,906.89
Others financial assets 6,316.59 5,113.66
61,192.45 55,108.37
Current
Trade receivables 2,177.84 4,356.95
Cash and cash equivalents 1,943.07 2,686.82
Other bank balances 1,138.59 1,049.31
195
Other financial assets 79,800.28 74,885.88
85,059.78 82,978.96

F I N A N C I A L STAT E M E NT S
Financial liabilities at amortised cost
Non-current
Borrowings 91,007.68 141,083.56
91,007.68 141,083.56
Current
Borrowings 6,803.50 8,782.31
Trade payables 596.94 693.02
Other financial liabilities 729.21 6,491.38
8,129.65 15,966.71

47 Fair value measurements


The Company uses the following hierarchy for determining and/or disclosing the fair value of financial instruments by
valuation techniques:
The following is the basis of categorising the financial instruments measured at fair value into Level 1 to Level 3:
i) Level 1: This level includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets
for identical assets or liabilities.
ii) Level 2: This level includes financial assets and liabilities, measured using inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
iii) Level 3: This level includes financial assets and liabilities measured using inputs that are not based on observable market data
(unobservable inputs).

Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices
from observable current market transactions in the same instrument nor are they based on available market data.

Trade receivables, cash and cash equivalents, other bank balances, loans, other current financial assets, trade payables and other
current financial liabilities: Approximate their carrying amounts largely due to short-term maturities of these instruments.

Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations
in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not
necessarily indicative of all the amounts that the Company could have realized or paid in sale transactions as of respective dates.
As such, the fair value of the financial instruments subsequent to the respective reporting dates may be different from the amounts
reported at each year end.
 ANANT RAJ LIMITED

Notes forming part of the consolidated financial statements

48 Financial risk management objectives
The Company’s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance and support Company’s operations. The Company’s principal financial assets include inventory,
trade and other receivables, cash and cash equivalents and land advances that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management
of these risks. The Company’s senior management provides assurance that the Company’s financial risk activities are governed
by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the
Company’s policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks, which
are summarised below:

(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 two types of risk: interest rate risk and other price risk, such as equity price risk and
commodity/ real-estate risk. Financial instruments affected by market risk include loans and borrowings.
196
(b) Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
A NNUA L R E P O RT 2 0 2 1 - 2 2

leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables)
and from its financing activities, including refundable joint development deposits, security deposits, loans to employees and
other financial instruments. To manage this, the Company periodically assesses financial reliability of customers and other
counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and
ageing of financial assets.

Trade receivables
(i) Receivables resulting from sale of properties: Customer credit risk is managed by requiring customers to pay advances before
transfer of ownership, therefore, substantially eliminating the Company’s credit risk in this respect.

(ii) Receivables resulting from other than sale of properties: Credit risk is managed by each business unit subject to the Company’s
established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables
are regularly monitored. The impairment analysis is performed at each reporting date on an individual basis for major
clients. In addition, a large number of minor receivables are grouped into homogeneous groups and assessed for impairment
collectively.for major clients. In addition, a large number of minor receivables are grouped into homogeneous groups and
assessed for impairment collectively.

(c) Financial Instrument and cash deposits

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of
funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market
positions. Due to the dynamic nature of the underlying businesses, the Company’s treasury maintains flexibility in funding by
maintaining availability under committed credit lines. The management monitors rolling forecasts of the Company’s liquidity
position and cash and cash equivalents on the basis of expected cash flows.

49 The Code on Social Security, 2020, (Code) relating to employees benefits during employment and post-employment benefits
received President assent in September, 2020. The Code has been published in the Gazette of India. However, the data on which the
Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess
the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
Notes forming part of the consolidated financial statements
50 Financial ratios:
S. No. Ratio Numerator Denominator March 31, 2022 March 31, 2021
a) Current ratio Total current assets Total current liabilities 3.53 4.42
b) Debt-equity ratio Long term borrowings Total equity 0.34 0.56
c) Return on equity Profit after tax Total equity 2.08% 0.43%
d) Return on capital employed Earnings before Capital employed = Equity + 0.03 0.01
interest & tax Non current liabilities
e) Trade receivables turnover ratio Credit sales Average trade receivables 8.84 3.32
f) Net capital turnover ratio Revenue from Working capital = Total current 0.30 0.14
operations assets- total current liabilities
g) Net profit ratio Profit for the year Revenue from operations 0.12 0.04
h) Inventory turnover ratio Cost of goods sold Average inventory 0.27 0.13
i) Debt service coverage ratio Net operating income Total debt service = Principal 0.06 0.02
= Revenue- certain repayment + Interest payment
operating expenses
197
51 A
 dditional information pursuant to para 2 of general instructions for the preparation of
Consolidated Financial Statements

F I N A N C I A L STAT E M E NT S
(` in Lakhs)
Sr. Name of entity Total assets minus total Share in profit or loss Share in other Share in total
No. liabilities comprehensive income comprehensive income
As percentage Amount As percentage Amount As percentage Amount As percentage Amount
of consolidated of consolidated of consolidated of consolidated
net assets net profit/loss net profit/loss net profit/loss
Parent
Anant Raj Limited 102.96% 261,142.81 108.39% 5,588.67 61.27% 15.67 108.15% 5,604.34

Subsidiaries
Indian
1 Adonai Homes 0.00% 4.79 0.00% (0.19) 0.00% - 0.00% (0.19)
Private Limited
2 Advance Buildcon 0.00% 1.14 -0.01% (0.40) 0.00% - -0.01% (0.40)
Private Limited
3 Anant Raj Cloud 0.00% 2.25 -0.04% (2.26) 0.00% - -0.04% (2.26)
Private Limited
4 Anant Raj Cons. 0.15% 373.03 -3.70% (190.60) 38.20% 9.77 -3.49% (180.84)
& Development
Private Limited
5 Anant Raj Digital 0.00% 4.83 0.00% (0.17) 0.00% - 0.00% (0.17)
Private Limited
6 Anant Raj Estate -0.02% (45.76) -0.20% (10.37) 0.00% - -0.20% (10.37)
Management Services
Limited
7 Anant Raj Housing 0.00% 1.01 0.00% (0.12) 0.00% - 0.00% (0.12)
Limited
8 AR Login 4 Edu -0.06% (162.30) 0.07% 3.42 0.00% - 0.07% 3.42
Private Limited
9 ARE Entertainment 0.00% 9.47 0.00% (0.21) 0.00% - 0.00% (0.21)
Private Limited
10 Ashok Cloud Private 0.00% 4.87 (0.13) 0.00% - 0.00% (0.13)
Limited
11 Century Promoters 0.12% 314.52 0.00% (0.11) 0.00% - 0.00% (0.11)
Private Limited
12 Echo Properties 0.11% 283.59 -0.01% (0.31) 0.00% - -0.01% (0.31)
Private Limited
 ANANT RAJ LIMITED

Notes forming part of the consolidated financial statements

(` in Lakhs)
Sr. Name of entity Total assets minus total Share in profit or loss Share in other Share in total
No. liabilities comprehensive income comprehensive income
As percentage Amount As percentage Amount As percentage Amount As percentage Amount
of consolidated of consolidated of consolidated of consolidated
net assets net profit/loss net profit/loss net profit/loss
13 Empire Promoters 0.00% 9.88 -0.01% (0.31) 0.00% - -0.01% (0.31)
Private Limited
14 Excellent Inframart 0.00% 1.52 -0.01% (0.41) 0.00% - -0.01% (0.41)
Private Limited
15 Four Construction -0.01% (13.48) -0.02% (0.80) 0.00% - -0.02% (0.80)
Private Limited
16 Glaze Properties 0.00% 3.26 -0.01% (0.50) 0.00% - -0.01% (0.50)
Private Limited
17 Grandstar Realty 0.00% (3.47) -0.01% (0.53) 0.00% - -0.01% (0.53)
Private Limited
198 18 Green Valley Builders -0.17% (428.00) -0.01% (0.34) 0.00% - -0.01% (0.34)
Private Limited
19 Green way 0.00% (0.18) 0.00% (0.11) 0.00% - 0.00% (0.11)
A NNUA L R E P O RT 2 0 2 1 - 2 2

Promoters Private
Limited
20 Hamara Realty 0.00% (8.87) 0.00% (0.20) 0.00% - 0.00% (0.20)
Private Limited
21 Jai Govinda Ghar 0.00% 3.88 0.00% (0.11) 0.00% - 0.00% (0.11)
Nirman Limited
22 Jasmine Buildwell 0.00% 3.40 0.00% (0.09) 0.00% - 0.00% (0.09)
Private Limited
23 North South -0.01% (24.08) -0.01% (0.73) 0.00% - -0.01% (0.73)
Properties Private
Limited
24 Pasupati Aluminium 0.05% 135.24 0.00% (0.14) 0.00% - 0.00% (0.14)
Limited
25 Pelikan Estates 0.11% 268.76 -0.11% (5.46) 0.00% - -0.11% (5.46)
Private Limited
26 Pioneer Promoters 0.63% 1,610.04 -0.06% (3.10) 0.00% - -0.06% (3.10)
Private Limited
27 Rolling Construction 2.73% 6,923.22 -6.39% (329.33) 0.53% 0.14 -6.35% (329.20)
Private Limited
28 Romano Estate 0.02% 59.50 -0.10% (4.90) 0.00% - -0.09% (4.90)
Management Services
Limited
29 Romano Estates 0.00% 2.87 0.00% (0.16) 0.00% - 0.00% (0.16)
Private Limited
30 Romano -0.03% (67.57) -2.63% (135.77) 0.00% - -2.62% (135.77)
Infrastructure Private
Limited
31 Rose Realty Private -0.01% (37.45) -0.01% (0.37) 0.00% - -0.01% (0.37)
Limited
32 Sartaj Developers and 0.00% 0.95 -0.01% (0.38) 0.00% - -0.01% (0.38)
Promoters Private
Limited
33 Sovereign Buildwell 0.00% 0.69 -0.01% (0.46) 0.00% - -0.01% (0.46)
Private Limited
34 Spring View 0.04% 103.44 0.00% (0.09) 0.00% - 0.00% (0.09)
Developers Private
Limited
35 Springview Properties 0.00% 7.52 0.00% (0.11) 0.00% - 0.00% (0.11)
Private Limited
Notes forming part of the consolidated financial statements
(` in Lakhs)
Sr. Name of entity Total assets minus total Share in profit or loss Share in other Share in total
No. liabilities comprehensive income comprehensive income
As percentage Amount As percentage Amount As percentage Amount As percentage Amount
of consolidated of consolidated of consolidated of consolidated
net assets net profit/loss net profit/loss net profit/loss
36 Tumhare Liye Realty 0.00% 2.87 0.00% (0.12) 0.00% - 0.00% (0.12)
Private Limited
37 Woodland Promoters 0.04% 103.32 -0.01% (0.67) 0.00% - -0.01% (0.67)
Private Limited
Jointly controlled
entity
1 Avarna Projects LLP 0.34% 851.73 31.88% 1,644.04 0.00% - 31.73% 1,644.04

Sub total 107.02% 271,443.24 126.96% 6,546.06 100.00% 25.57 126.82% 6,571.63
Adjustment -8.41% (21,328.81) -41.96% (2,163.76) 0.00% - -41.76% (2,163.76)
arising out of 199
consolidated
Minority interests 1.39% 3,532.47 3.16% 162.90 0.00% - 3.14% 162.90

F I N A N C I A L STAT E M E NT S
in all subsidiaries
Total 100.00% 253,646.06 88.15% 4,545.21 100.00% 25.57 88.21% 4,570.77
Associates
1 Anant Raj Property - - -0.02% (1.04) 0.00% - -0.02% (1.04)
Management Private
Limited
2 Roseland Buildtech - - -0.01% (0.59) 0.00% - -0.01% (0.59)
Private Limited
3 Romano Projects - - 0.00% (0.15) 0.00% - 0.00% (0.15)
Private Limited
4 E2E Solutions - - 11.89% 612.82 0.00% - 11.83% 612.82
Private Limited

Total 100.00% 253,646.06 100.00% 5,156.25 100.00% 25.57 100.00% 5,181.81

52 Figures have been rounded off to the nearest ` in Lakh.

53 Figures in brackets pertain to previous year, unless otherwise indicated.
The accompanying notes 1 to 53 form an integral part of the consolidated financial statements.
As per our report of even date attached.

Vinod Kumar Bindal & Co. Amit Sarin Aman Sarin

Chartered Accountants Managing Director Director & Chief Executive Officer
Firm Registration No. 003820N DIN: 00015837 DIN: 00015887
By the hand of

Arvind Mittal Pankaj Kumar Gupta Manoj Pahwa

Partner Chief Financial Officer Company Secretary
Membership No. 509357 Membership No. 505767 Membership No.A7812

New Delhi
May 14, 2022
Notes
Anant Raj Limited
Registered Office:
Plot No. CP-1, Sector 8, IMT Manesar, Gurugram, Haryana - 122 051.
Tel.: (0124) 4265 817
Website: www.anantrajlimited.com
Email: [email protected]